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Abridged audited results for the year ended 31 December 2012
db x-trackers MSCI World Trust
JSE code: DBXWD
ISIN: ZAE000115184
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")
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2012
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2012
2012 2011
R R
Revenue 111 797 707 15 398 126
Investment income 22 648 457 15 216 397
Foreign exchange gains on dividends - 181 729
Fair value gain on the investments 89 149 250 -
Expenses (6 984 064) (57 333 685)
Foreign exchange loss on dividends (242 871) -
Fair value loss on the investments - (52 264 045)
Management and administrative expenses (6 741 193) (5 065 864)
Finance costs - (3 776)
Operating profit/(loss)before distribution 104 813 643 (41 935 559)
Comprising:
Income available for distribution before tax 15 664 393 10 328 486
Capital profit/(loss) retained 89 149 250 (52 264 045)
Distributions (13 334 710) (7 945 510)
Change in net assets attributable to
investors before tax 91 478 933 (49 881 069)
Withholding tax (3 056 944) (2 078 085)
Change in net assets attributable to
investors 88 421 989 (51 959 154)
STATEMENT OF FINANCIAL POSITION
as at 31 December 2012
2012 2011
R R
Assets
Listed investments held at fair value through
profit or loss 847 509 110 658 085 570
Trade and other receivables 929 631 986 574
Cash and cash equivalents 9 719 837 6 916 848
Total assets 858 158 578 665 988 992
Liabilities
Net assets attributable to investors 848 848 160 658 851 891
Trade and other payables 9 310 418 7 137 101
Total liabilities 858 158 578 665 988 992
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2012
Total
R
Balance at 1 January 2011 331 292 155
Creation of securities 280 114 797
Change in net assets attributable to investors (51 959 154)
Effect of foreign currency translation 99 404 093
Balance at 31 December 2011 658 851 891
Creation of securities 60 279 320
Change in net assets attributable to investors 88 421 989
Effect of foreign currency translation 41 294 960
Balance at 31 December 2012 848 848 160
STATEMENT OF CASH FLOWS
for the year ended 31 December 2012
2012 2011
R R
Cash utilised by operations (2 764 920) (1 432 550)
Dividends received 22 571 105 14 530 343
Management fees paid (6 134 926) (3 259 569)
Interest income 11 471 -
Finance costs - (3 776)
Net cash inflow from operating activities 13 682 730 9 834 448
Cash outflow from investing activities (58 979 330) (279 922 629)
Purchase of listed investments (58 979 330) (279 922 629)
Net cash inflow from financing activities 48 099 589 274 243 014
Proceeds on creation of securities 60 279 320 280 114 797
Distributions paid to investors (12 179 731) (5 871 783)
Net increase in cash and cash equivalents 2 802 989 4 154 833
Cash and cash equivalents at the beginning
of year 6 916 848 2 762 015
Cash and cash equivalents at the end of
year 9 719 837 6 916 848
2012 2011
Number Number
db x-trackers MSCI World securities in
issue 75 000 000 69 000 000
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.
Vested income beneficiaries include all holders of db x-trackers MSCI
World securities.
db x-trackers MSCI World securities creations and liquidations
There were 6 000 000 (2011: 30 000 000) Index Securities created during
the year for a value of R60 279 320 (2011: R280 114 797).
There were no liquidations during the current and prior year.
Distributions
The Trust effects semiannual distributions. All distributions are made
out of the income of the db x-trackers MSCI World Trust. The rebates
represent an investors partial reduction of the 114 basis point management
fee charged. The rebate is calculated using a sliding scale depending on
the size of the investors investment. During the period under review the
following distributions were effected per db x-trackers MSCI World Index
Security
2012 2011
R R
Declared distributions (11 345 180) (6 849 628)
0.08976 Rand per security
Declared June 2012 and paid July 2012 (6 732 095)
0.06518 rand per security
Declared June 2011 and paid July 2011 (3 715 137)
0.06151 Rand per security
Declared December 2012 and paid January 2013 (4 613 085)
0.04543 rand per security
Declared December 2011 and paid January 2012 (3 134 491)
Management fees refunded during the year
as a rebate distribution (1 989 530) (1 095 882)
Total distribution expense for the year (13 334 710) (7 945 510)
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
(2011: 114 bps) for the period 1 January to 31 December 2012.
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 have been prepared in accordance with
International Financial Reporting Standards, the SAICA Financial
Reporting Guides as issued by the Accounting Practices Committee, the JSE
Listing Requirements 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 Portfolio, have not been adopted for the year ended
31 December 2012:
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.
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.
IAS 32: Financial Instruments: Presentation: Offsetting Financial Assets
and Financial Liabilities. The amendments clarify when an entity can
offset financial assets and financial liabilities. This amendment is
effective in the 2014 financial year.
IFRS 7: Amendment Disclosures Offsetting Financial Assets and Financial
Liabilities. This amendment contains new disclosure requirements for
financial assets and financial liabilities that are offset in the
statement of financial position; or are subject to enforceable master
netting arrangements or similar agreements. This amendment is effective
in the 2013 financial year.
The impact of the above standards will be assessed once the standards
become effective, and applied only at that stage.
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. This is usually the ex-dividend date for quoted
equities.
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.
Sponsor
Vunani Corporate Finance
Trustee
Standard Bank of SA Limited
Manager
db x-trackers (Pty) Ltd
28 March 2013
Date: 28/03/2013 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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