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DBXWD - db x-trackers MSCI World Trust - Abridged audited

Release Date: 29/03/2012 16:18
Code(s): JSE DBXWD
Wrap Text

DBXWD - db x-trackers MSCI World Trust - Abridged audited results for the year ended 31 December 2011 db x-trackers MSCI World 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: DBXWD ISIN: ZAE000115184 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 15 398 126 37 957 175 Investment income 15 216 397 7 163 118 Foreign exchange gains on dividends 181 729 - Fair value gain on the investment - 30 794 057
Expenses (57 333 685) (2 635 970) Foreign exchange loss on dividends - (4 173) Fair value loss on the investment (52 264 045) - Management and administrative expenses (5 065 864) (2 629 972) Finance costs (3 776) (1 825)
Operating (loss)/profit before (41 935 559) 35 321 205 distribution Comprising: Income available for distribution before 10 328 486 4 527 148 tax Capital (loss)/profit retained (52 264 045) 30 794 057 Distributions (7 945 510) (3 670 575)
Change in net assets attributable to (49 881 069) 31 650 630 investors before tax Withholding tax (2 078 085) (890 424) Change in net assets attributable to (51 959 154) 30 760 206 investors STATEMENT OF FINANCIAL POSITION as at 31 December 2011 2011 2010
R R Assets Listed investments held at fair value 658 085 570 331 022 893 through profit or loss Trade and other receivables 986 574 385 227 Cash and cash equivalents 6 916 848 2 762 015 Total assets 665 988 992 334 170 135 Liabilities Net assets attributable to investors 658 851 891 331 292 155 Trade and other payables 7 137 101 2 877 980 Total liabilities 665 988 992 334 170 135 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS for the year ended 31 December 2011 Total R
Balance at 1 January 2010 180 161 474 Change in net assets attributable to 30 760 206 investors Effect of foreign currency translation (34 963 551) Creation of securities 155 334 026 Balance at 31 December 2010 331 292 155
Change in net assets attributable to (51 959 154) investors Effect of foreign currency translation 99 404 093 Creation of securities 280 114 797 Balance at 31 December 2011 658 851 891 STATEMENT OF CASH FLOWS for the year ended 31 December 2011 2011 2010
R R Cash utilised by operations (1 432 550) (248 868) Dividends received 14 530 343 6 564 325 Management fees paid (3 259 569) (2 172 059) Finance costs (3 776) (1 825) Net cash inflow from operating 9 834 448 4 141 573 activities Cash outflow from investing (279 922 629) (155 161 800) activities Purchase of listed investments (279 922 629) (155 161 800) Net cash inflow from financing 274 243 014 152 226 814 activities Proceeds on creation of securities 280 114 797 155 334 026 Distributions paid to investors (5 871 783) (3 107 212) Net increase in cash and cash 4 154 833 1 206 587 equivalents Cash and cash equivalents at the 2 762 015 1 555 428 beginning of year Cash and cash equivalents at the end 6 916 848 2 762 015 of year NOTES TO THE FINANCIAL STATEMENT for the year ended 31 December 2011 db x-Trackers MSCI World Securities 2011 2010
Number Number db x-Trackers MSCI World 69 000 000 39 000 000 securities in 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 World securities creations and liquidations There were 30 000 000 (2010: 18 000 000) Index Securities created during the year for a value of R280 114 797 (2010: R155 334 026). 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 World Trust. During the period under review the following distributions were effected per db x- trackers MSCI World Index Security - 2011 2010
R R Declared distributions (6 849 628) (3 238 279) 0.06518 Rand per security Declared June 2011 and paid July (3 715 137) 2011 0.05996 rand per security Declared June 2010 and paid July (1 978 2010 591) 0.04543 Rand per security Declared December 2011 and paid (3 134 491) January 2012 0.0323 rand per security Declared December 2010 and paid (1 259 January 2011 688) Management fees refunded during (1 095 882) (432 296) the year as a rebate distribution Total distribution expense for (7 945 510) (3 670 the year 575) 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 World 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 World 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 16:18:04 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.

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