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DBXJP - db x-trackers MSCI Japan Trust - ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011 db x-trackers MSCI Japan 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: DBXJP ISIN: ZAE000115176 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 4 595 114 3 786 837 Investment income 4 595 165 3 786 616 Foreign exchange (loss)/gain on dividends (51) 221 Expenses (45 139 730) (5 013 716) Fair value loss on the investment (43 118 340) (2 952 168) Management and administrative expenses (2 013 565) (2 054 919) Finance cost (7 825) (6 629) Operating loss before distribution (40 544 616) (1 226 879) Comprising: Income available for distribution before tax 2 573 724 1 725 289 Capital loss retained (43 118 340) (2 952 168) Distributions (2 300 741) (1 194 881) Change in net assets attributable to (42 845 357) (2 421 760) investors before tax Withholding tax (295 041) (265 416) Change in net assets attributable to (43 140 398) (2 687 176) investors STATEMENT OF FINANCIAL POSITION as at 31 December 2011 2011 2010 R R Assets Listed investments held at fair value 209 434 065 150 462 534 through profit or loss Trade and other receivables 235 455 373 391 Cash and cash equivalents 2 543 295 1 483 972 Total assets 212 212 815 152 319 897 Liabilities Net assets attributable to investors 209 811 931 150 635 990 Trade and other payables 2 400 884 1 683 907 Total liabilities 212 212 815 152 319 897 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS for the year ended 31 December 2011 Total R
Balance at 1 January 2010 136 746 433 Change in net assets attributable to investors (2 687 176) Creation of securities 14 730 716 Effect of foreign currency translation 1 846 017 Balance at 31 December 2010 150 635 990 Change in net assets attributable to investors (43 140 398) Creation of securities 49 188 084 Effect of foreign currency translation 53 128 255 209 811 931 Balance at 31 December 2011 STATEMENT OF CASH FLOWS for the year ended 31 December 2011 2011 2010 R R Cash (utilised)/generated by operations (428 163) 204 124 Dividends received 4 120 136 3 760 152 Management fees paid (1 168 228) (2 334 029) Interest paid (7 825) (6 629) Net cash inflow from operating activities 2 515 920 1 623 618 Cash outflow from investing activities (48 961 616) (15 039 913) Purchase of listed investments (48 961 616) (15 039 913) Net cash inflow from financing activities 47 505 019 13 773 321 Distributions paid to investors (1 683 065) (957 395) Proceeds on creation of securities 49 188 084 14 730 716 Net increase in cash and cash equivalents 1 059 323 357 026 Cash and cash equivalents at the beginning of 1 483 972 1 126 946 year 2 543 295 1 483 972
Cash and cash equivalents at the end of year NOTES TO THE FINANCIAL STATEMENT for the year ended 31 December 2011 db x-trackers MSCI Japan Securities 2011 2010 Number Number db x-trackers MSCI Japan securities in 45 000 000 33 000 000 issue 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 MSCI Japan securities creations and liquidations There were 12 000 000 (2010: 3 000 000) Index Securities created during the year at a value of R49 188 081 (2010: R14 730 716). There were no liquidations during the current and prior year. Distributions The Trust effects semi-annual distributions. All distributions are made out of the income of the db x-trackers MSCI Japan Trust. During the period under review the following distributions were effected per db x- trackers MSCI Japan Index Security - 2011 2010
R R Declared distributions (2 147 115) (1 096 226) 0.02565 Rand per security Declared June 2011 and paid July 2011 (1 154 409) 0.01989 Rand per security Declared June 2010 and paid July 2010 (656 282) 0.02206 Rand per security Declared December 2011 and paid January (992 706) 2012 0.0133 Rand per security Declared December 2010 and paid January (439 944) 2011 Management fees refunded during the year as (153 626) (98 655) a rebate distribution Total distribution expense for the year (2 300 741) (1 194 881) 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 MSCI Japan Trust 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 * dividend income 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 MSCI Japan 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 16:14:59 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
