Abridged audited results for the year ended 31 December 2012 db x-trackers MSCI USA Trust JSE code: DBXUS ISIN: ZAE000115192 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 2012 STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2012 2012 2011 R R Revenue 42 522 713 4 581 006 Investment income 6 914 692 4 581 006 Fair value gain on the investments 35 608 021 - Expenses (2 988 070) (5 689 033) Management and administrative expenses (2 987 642) (2 269 187) Fair value loss on the investments - (3 419 492) Finance cost (428) (354) Operating profit/(loss)before distribution 39 534 643 (1 108 027) Comprising: Income available for distribution before tax 3 926 622 2 311 465 Capital profit/(loss)retained 35 608 021 (3 419 492) Distributions (2 930 416) (1 617 021) Change in net assets attributable to investors before tax 36 604 227 (2 725 048) Withholding tax (1 034 242) (712 846) Change in net assets attributable to investors 35 569 985 (3 437 894) STATEMENT OF FINANCIAL POSITION as at 31 December 2012 2012 2011 R R Assets Listed investments held at fair value through profit or loss 311 040 029 261 493 435 Trade and other receivables 301 306 346 698 Cash and cash equivalents 3 318 884 2 498 764 Total assets 314 660 219 264 338 897 Liabilities Net assets attributable to investors 311 255 789 261 757 182 Trade and other payables 3 404 430 2 581 715 Total liabilities 314 660 219 264 338 897 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS for the year ended 31 December 2012 Total R Balance at 1 January 2011 167 642 335 Change in net assets attributable to investors (3 437 894) Creation of securities 51 281 227 Effect of foreign currency translation 46 271 514 Balance at 31 December 2011 261 757 182 Change in net assets attributable to investors Creation of securities 35 569 985 Effect of foreign currency translation 13 928 622 Balance at 31 December 2012 311 255 789 STATEMENT OF CASH FLOWS for the year ended 31 December 2012 2012 2011 R R Cash utilised by operations (926 678) (645 044) Dividends received 6 909 965 4 400 836 Management fees paid (2 778 795) (1 667 587) Finance costs paid (428) (354) Net cash inflow from operating activities 3 204 064 2 087 851 Cash outflow from investing activities (9 951) (51 068 796) Purchase of listed investments (9 951) (51 068 796) Net cash (outflow)/inflow from financing (2 373 993) 50 098 972 activities Proceeds on creation of securities - 51 281 227 Distributions paid to investors (2 373 993) (1 182 255) Net increase in cash and cash equivalents 820 120 1 118 027 Cash and cash equivalents at the beginning of year 2 498 764 1 380 737 Cash and cash equivalents at the end of year 3 318 884 2 498 764 2012 2011 Number Number db x-trackers MSCI USA securities in issue 27 000 000 27 000 000 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 USA securities. db x-trackers MSCI USA securities creations and liquidations There were no (2011: 6 000 000 at a value of R51 281 227) Index Securities created during the year. 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 USA 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 USA Index Security 2012 2011 R R Declared distributions (2 600 337) (1 446 528) 0.03582 Rand per security Declared June 2012 and paid July 2012 (967 234) 0.02016 Rand per security Declared June 2011 and paid July 2011 (483 924) 0.06049 Rand per security Declared December 2012 and paid January (1 633 103) 2013 0.03566 Rand per security Declared December 2011 and paid January (962 604) 2012 Management fees refunded during the year as (330 079) (170 493) a rebate distribution Total distribution expense for the year (2 930 416) (1 617 021) 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 (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 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. Sponsor Vunani Corporate Finance Trustee Standard Bank of SA Limited Manager db x-trackers (Pty) Ltd 28 March 2013 Date: 28/03/2013 09:01:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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