DBXEU - Abridged audited results for the year ended 31 December 2012 db x-trackers Eurostoxx 50 Trust JSE code: DBXEU ISIN: ZAE000115937 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 89 525 343 15 480 981 Investment income 17 707 803 15 480 065 Fair value gain on the investments 71 817 540 - Foreign exchange gains on dividends - 916 Expenses (4 407 400) (67 663 824) Fair value loss on the investments - (64 658 015) Management and administrative expenses (4 336 415) (3 002 983) Finance costs (70 985) (2 826) Operating gain/(loss) before distribution 85 117 943 (52 182 843) Comprising: Income available for distribution before tax 13 300 403 12 475 172 Capital gain/(loss) retained 71 817 540 (64 658 015) Distributions (11 178 433) (7 952 904) Change in net assets attributable to investors before tax 73 939 510 (60 135 747) Withholding tax (4 361 096) (3 724 009) Change in net assets attributable to investors 69 578 414 (63 859 756) STATEMENT OF FINANCIAL POSITION as at 31 December 2012 2012 2011 R R Assets Listed investments held at fair value through profit or loss 650 194 886 388 975 781 Trade and other receivables 119 609 - Cash and cash equivalents 5 335 570 3 549 353 Total assets 655 650 065 392 525 134 Liabilities Net assets attributable to investors 650 890 302 389 264 675 Trade and other payables 4 759 763 3 260 459 Total liabilities 655 650 065 392 525 134 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS for the year ended 31 December 2012 Total R Balance at 1 January 2011 303 289 859 Change in net assets attributable to investors (63 859 756) Creation of securities 93 443 700 Effect of foreign currency translation 56 390 872 Balance at 31 December 2011 389 264 675 Change in net assets attributable to investors 69 578 414 Creation of securities 146 727 037 Effect of foreign currency translation 45 320 176 Balance at 31 December 2012 650 890 302 STATEMENT OF CASH FLOWS for the year ended 31 December 2012 2012 2011 R R Cash utilised by operations (3 829 490) (3 630 675) Dividends received 17 398 249 15 479 065 Management fees paid (3 487 176) (3 195 512) Interest paid (70 985) (2 826) Net cash inflow from operating activities 10 010 598 8 650 052 Cash outflow from investing activities (144 081 389) (93 675 693) Purchase of listed investments (144 081 389) (93 675 693) Cash inflow from financing activities 135 857 008 86 179 718 Proceeds on creation of securities 146 727 037 93 443 700 Distributions paid to investors (10 870 029) (7 263 982) Net increase in cash and cash equivalents 1 786 217 1 154 077 Cash and cash equivalents at the beginning of year 3 549 353 2 395 276 Cash and cash equivalents at the end of year 5 335 570 3 549 353 2012 2011 Number Number db x-trackers DJ EuroStoxx 50 securities in issue 22 000 000 16 000 000 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 DJ Eurostoxx 50 securities. db x-trackers DJ EuroStoxx 50 securities creations and liquidations There were no liquidations during the current or prior year. There were 6 000 000 (2011 3 700 000) creations during the year amounting to a rand value of R146 727 037 (2011 R93 443 700). Distributions The Trust effects semiannual distributions. All distributions are made out of the income of the db x-trackers DJ Eurostoxx 50 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 DJ Eurostoxx 50 Index Security: 2012 2011 R R Declared distributions (10 122 373) (7 503 085) 0.54335 Rand per security Declared June 2012 and paid July 2012 (8 693 589) 0.52675 Rand per security Declared June 2011 and paid July 2011 (6 478 988) 0.06493 Rand per security Declared December 2012 and paid January 2013 (1 428 784) 0.06402 Rand per security Declared December 2011 and paid January 2012 (1 024 097) Management fees refunded during the year as a rebate distribution (1 056 060) (449 819) Total distribution expense for the year (11 178 433) (7 952 904) 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 DJ Eurostoxx 50 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 Trust, 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; - cash equalisation component on creations; and - dividends from listed equities designated as held at fair value through profit or loss. Interest income Interest income is recognised in the 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 Eurostoxx 50 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 09:04:00 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. 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