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DBXUK - db x-trackers FTSE 100 Trust - Abridged audited results for the year ended 31 december 2011 db x-trackers FTSE 100 Trust A portfolio in the db x-trackers Collective Investment Scheme ("db x-trackers"), registered as such in terms of the Collective Investment Schemes Control Act, 45 of 2002 (the "Act") JSE code: DBXUK ISIN: ZAE000115929 ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011 STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2011 2011 2010
R R Revenue 14 068 893 39 234 621 Investment income 14 037 231 11 364 894 Fair value gain on the investment - 27 854 071 Foreign exchange gain on dividends 31 662 15 656 Expenses (22 841 995) (3 038 901) Fair value loss on the investment (20 083 356) - Management and administrative expenses (2 758 639) (3 038 901) Operating (loss)/profit before (8 773 102) 36 195 720 distribution Comprising: Income available for distribution before 11 310 254 8 341 649 tax Capital (loss)/profit retained (20 083 356) 27 854 071 Distributions (9 238 894) (7 183 929) Change in net assets attributable to (18 011 996) 29 011 791 investors before tax Withholding tax (1 457 314) (1 181 134) Change in net assets attributable to (19 469 310) 27 830 657 investors STATEMENT OF FINANCIAL POSITION as at 31 December 2011 2011 2010 R R
Assets Listed investments held at fair value 352 300 820 306 469 468 through profit or loss Trade and other receivables 1 685 200 912 844 Cash and cash equivalents 5 976 266 4 046 968 Total assets 359 962 286 311 429 280 Liabilities Net assets attributable to investors 353 704 859 307 133 289 Trade and other payables 6 257 427 4 295 991 Total liabilities 359 962 286 311 429 280 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS for the year ended 31 December 2011 Total R Balance at 1 January 2010 326 636 756 Change in net assets attributable to 27 830 657 investors Effect of foreign currency translation (47 334 124) Balance at 31 December 2010 307 133 289 Change in net assets attributable to (19 469 310) investors Effect of foreign currency translation 66 040 880 Balance at 31 December 2011 353 704 859 STATEMENT OF CASH FLOWS for the year ended 31 December 2011 2011 2010 R R
Cash utilised by operations (1 407 914) (1 138 474) Dividends received 13 264 786 11 443 099 Interest income 89 20 780 Management fees paid (2 790 329) (3 250 217) Net cash inflow from operating activities 9 066 632 7 075 188 Cash inflow /(outflow) from investing 126 172 (238 818) activities Proceeds /(purchase) on sale/(acquisition) of 126 172 (238 818) listed investments Cash outflow from financing activities (7 263 506) (8 071 977) Distributions paid to investors (7 263 506) (8 071 977) Net increase/(decrease) in cash and cash 1 929 298 (1 235 607) equivalents Cash and cash equivalents at the beginning of 4 046 968 5 282 575 year Cash and cash equivalents at the end of year 5 976 266 4 046 968 NOTES TO THE FINANCIAL STATEMENT for the year ended 31 December 2011 db x-trackers FTSE 100 Securities 2011 2010
Number Number db x-trackers FTSE 100 securities in issue 5 100 000 5 100 000 In terms of the Trust Deed and CISCA, the Trust would be required to pay the net asset value attributable to investors on redemption of securities. db x-trackers FTSE 100 securities creations and liquidations There were no Index Securities created or liquidiated during the current or prior year. Distribution The Trust effects semi-annual distributions. All distributions are made out of the income of the db x-trackers FTSE 100 Trust During the period under review the following distributions were effected per db x-trackers FTSE 100 Index Security: 2011 2010 R R Declared distributions (8 650 905) (6 645 362) 0.90477 Rand per security Declared June 2011 and paid July 2011 (4 614 315) 0.84307 Rand per security declared June 2010 and paid July 2010 (4 299 666) 0.79149 Rand per security Declared December 2011 and paid January (4 036 590) 2012 0.4599 Rand per security declared December 2010 and paid January (2 345 696) 2011 Management fees refunded during the year as (587 989) (538 567) a rebate distribution Total distribution expense for the year (9 238 894) (7 183 929) Total Expense Ratio ("TER") The TER represents the total expense to the Trust. The only expense to the Trust is the management fee payable to db x-trackers (Pty) Ltd which is calculated at 1.14% of the assets under management on a daily basis. The db x- trackers FTSE 100 portfolio had a TER of 114 basis points (2010:114 bps) for the period 1 January to 31 December 2011. Increased consumer demand for greater transparency in financial services and the recognition thereof by the collective investment industry requires Collective Investment Scheme (`CIS`) managers to calculate and publish a total expense ratio for each Portfolio under their management. This is a requirement in terms of the Association for Savings and Investments SA ("ASISA") standard on the calculation and publication of total expense ratios. Statement of compliance The financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB"), and the AC500 series as issued by the Accounting Practices Board, and the requirements of the Collective Investment Schemes Control Act No 45 of 2002 ("CISCA"), in order to meet the requirements of the Trust Deed approved by the Financial Services Board. Accounting policies The accounting policies applied in the preparation of the financial statements are consistent with those adopted in the previous financial year and are in accordance with IFRS. Forthcoming requirements The following standards, amendments to standards, and interpretations, effective for the first time in the future accounting period, and which are relevant to the Trust, have not been adopted for the year ended 31 December 2011: IFRS 9: Financial Instruments - IFRS 9 deals with classification and measurement of financial assets and financial liabilities. IFRS 9 is effective in the 2015 financial year and the impact of this standard will be assessed once the standard becomes effective. IFRS 13 Fair Value Measurement - IFRS 13 deals with the measurement and disclosure of fair value assets and liabilities. IFRS 13 is effective in the 2013 financial year and the impact of this standard will be assessed once the standard becomes effective. Investment income Investment income comprises: * interest income earned on cash and cash equivalents; and * dividends from listed equities designated as held at fair value through profit or loss. Interest income Interest income is recognised in profit or loss, using the effective interest method taking into account the expected timing and amount of cash flows. Dividend income Dividend income is recognised when the right to receive the expected payment is established. Audit report KPMG Inc, the entity`s independent auditors, has audited the financial statements of the db x-trackers FTSE 100 Trust from which the abridged results contained in this announcement have been derived, and has expressed an unmodified audit opinion on the annual financial statements. Their audit report is available for inspection at the CIS`s registered office A full copy of these financial statements is available on the db x-trackers website www.dbxtrackers.co.za. 29 March 2012 Sponsor Vunani Corporate Finance Trustee Standard Bank of SA Limited Manager db x-trackers (Pty) Ltd Date: 29/03/2012 15:52:02 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. 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