Sharenet Sites 
Sharenet Sites
DBXUS - db x-trackers MSCI USA Trust - Abridged audited results for the year ended 31 December 2011 db x-trackers MSCI USA 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: DBXUS ISIN: ZAE000115192 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 4 581 006 25 467 307 Investment income 4 581 006 3 483 852 Fair value gain on the investment - 21 983 234 Foreign exchange gains on dividends - 221 Expenses (5 689 033) (1 712 629) Management and administrative (2 269 187) (1 712 530) expenses Fair value loss on the investment (3 419 492) - Finance cost (354) (99) Operating (loss)/profit before (1 108 027) 23 754 678 distribution Comprising: Income available for distribution 2 311 465 1 771 444 before tax Capital (loss)/profit retained (3 419 492) 21 983 234 Distributions (1 617 021) (1 276 028) Change in net assets attributable to (2 725 048) 22 478 650 investors before tax Withholding tax (712 846) (514 775) Change in net assets attributable to (3 437 894) investors 21 963 875 STATEMENT OF FINANCIAL POSITION as at 31 December 2011 2011 2010
R R Assets Listed investments held at fair 261 493 435 167 572 617 value through profit or loss Trade and other receivables 346 698 199 640 Cash and cash equivalents 2 498 764 1 380 737 Total assets 264 338 897 169 152 994 Liabilities Net assets attributable to investors 261 757 182 167 642 335 Trade and other payables 2 581 715 1 510 659
Total liabilities 264 338 897 169 152 994 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS for the year ended 31 December 2011 Total
R Balance at 1 January 2010 117 204 920 Creation of securities 47 346 987 Change in net assets attributable to 21 963 875 investors Effect of foreign currency translation (18 873 447) Balance at 31 December 2010 167 642 335 Change in net assets attributable to (3 437 894) investors Creation of securities 51 281 227 Effect of foreign currency translation 46 271 514 Balance at 31 December 2011 261 757 182 STATEMENT OF CASH FLOWS for the year ended 31 December 2011 2011 2010 R R Cash utilised by operations (645 044) (366 500) Dividends received 4 400 836 3 366 240 Management fees paid (1 667 587) (1 444 299) Finance costs paid (354) (99) Net cash inflow from operating 2 087 851 1 555 342 activities Cash outflow from investing (51 068 796) (47 479 483) activities Purchase of listed investments (51 068 796) (47 479 483) Net cash inflow from financing 50 098 972 46 315 910 activities Proceeds on creation of securities 51 281 227 47 346 987 Distributions paid to investors (1 182 255) (1 031 077) Net increase in cash and cash 1 118 027 391 769 equivalents Cash and cash equivalents at the 1 380 737 988 968 beginning of year
Cash and cash equivalents at the end 2 498 764 1 380 737 of year NOTES TO THE FINANCIAL STATEMENT for the year ended 31 December 2011 db x-Trackers MSCI USA Securities 2011 2010 Number Number db x-Trackers MSCI USA securities in issue 27 000 000 21 000 000 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 MSCI USA securities creations and liquidations There were 6 000 000 (2010: 6 000 000) Index Securities created during the year at a total value of R51 281 227 (2010: R47 346 987). 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 USA Trust. During the period under review the following distributions were effected per db x-trackers MSCI USA Index Security - 2011 2010 R R Declared distributions (1 446 528) (1 127 792) 0.02016 Rand per security Declared June 2011 and paid July 2011 (483 924) 0.0289 Rand per security Declared June 2010 and paid July 2010 (520 754) 0.03566 Rand per security Declared December 2011 and paid January (962 604) 2012 0.02480 Rand per security Declared December 2010 and paid January (607 038) 2011 Management fees refunded during the year as (170 493) (148 236) a rebate distribution Total distribution expense for the year (1 617 021) (1 276 028) 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 USA 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 equivalent and * 4divident 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 USA 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 16:25:01 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.
