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JSE DBXUS
DBX
DBXUS - dbx USA - Abridged Audited Results For The Year Ended 31 December
2008
db x-trackers MSCI USA Index ETF
Share code: DBXUS
ISIN: ZAE000115192
("dbx USA")
A portfolio in the db x-trackers Collective Investment Scheme in Securities
(formerly the Itrix Collective Investment Scheme in Securities) registered as
such in terms of the Collective Investment Schemes Control Act, 45 of 2002
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2008
Balance sheet
at 31 December 2008
2008
R
Assets
Listed investments held at fair 95 730
value through profit or loss 464
Trade and other receivables 292 914
Cash and cash equivalents 1 175 506
Total assets 97 198
884
Liabilities
Net assets attributable to 95 979
investors 183
Trade and other payables 1 219 701
Total liabilities 97 198
884
Income statement
for the period ended 31 December 2008
2008
R
Revenue
Dividends 1 373 865
Interest received 1 030
Fair value adjustments 36 465 081
Foreign exchange gains 15 353 732
53 193 708
Expenses
Fair value adjustment (36 465
081)
Management and administrative (500 865)
expenses
Foreign exchange losses (15 353
732)
(52 319
678)
Income available for 874 030
distribution
Distributions (706 593)
Change in net assets 167 437
attributable to investors
before tax
Withholding tax (190 889)
Change in net assets (23 452)
attributable to investors
Statement of changes in net assets attributable to investors
for the period ended 31 December 2008
Capital Loss Total
attributab attributab
le to le to
investors investors
R R R
Balance at 1 April 2008 - - -
Net creation of securities 117 113 - 117 113 984
984
Change in net assets - (23 452) (23 452)
attributable to investors
Unrealised exchange rate 15 353 732 - 15 353 732
fluctuations
Revaluation of securities (36 465 - (36 465
081) 081)
Balance at 31 December 2008 96 002 635 (23 452) 95 979 183
Cash flow statement
for the period ended 31 December 2008
2008
R
Cash generated by operations 128 419
Dividends received 1 158 523
Management fees paid (362 577)
Net cash inflow from operating 924 365
activities
Cash outflow from investing (116 841 813)
activities
Cash inflow from financing 117 092 954
activities
In specie creations 117 113 984
Distributions to investors (21 030)
Net increase in cash and cash 1 175 506
equivalents
Cash and cash equivalents at the -
beginning of period
Cash and cash equivalents at the end 1 175 506
of period
Notes to the financial statements
for the period ended 31 December 2008
Basis of preparation
The financial statements are prepared on a historic cost
basis, except for financial instruments which are accounted
for as set out in note 1.1.
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 in
accordance with the requirements of the Standard ETF Trust
Deed approved by the Financial Services Board ("FSB") and
Collective Investment Schemes Control Act No 45 of 2002
("CISCA").
1. Accounting policies
The financial statements incorporate the principal accounting
policies set out below.
1. Financial instruments
1
Measurement
Financial instruments are recognised when, and only when, the
Portfolio becomes a party to the contractual provisions of
that particular instrument. Financial instruments are
initially measured at fair value, and for instruments not at
fair value through profit or loss, any directly attributable
transaction costs.
Subsequent to initial recognition these instruments are
measured as set out below.
Investments
Listed investments are measured at fair value through profit
and loss. Fair value is determined with reference to quoted
market prices at the balance sheet date, as published in the
financial press at reporting date.
Trade and other receivables
Trade and other receivables are measured at amortised cost
using the effective interest rate method, less impairment
losses. Trade and other receivables are short term in nature
and are not discounted.
Cash and cash equivalents
Cash and cash equivalents are measured at amortised cost.
Financial liabilities
Financial liabilities, other than those held at fair value
through profit or loss, are measured at amortised cost.
Financial liabilities arising from the securities issued by
the Portfolio are measured at the fair value representing the
investor`s right to a interest in the Portfolio`s net assets,
i.e the Net Asset Value ("NAV") of the Portfolio.
Changes in the fair value are included in net profit or loss
in the period in which the change arises and is designated as
at fair value through profit or loss.
Offset
Financial assets and financial liabilities are offset and the
net amount reported in the balance sheet when the Portfolio
has a legally enforceable right to set off the recognised
amounts, and intends either to settle on a net basis, or to
realise the asset and settle the liability simultaneously.
Derecognition of financial instruments
The Portfolio derecognises financial assets when and only
when:
The contractual rights to the cash flows arising from the
financial assets have expired or have been forfeited by the
Portfolio; or
It transfers the financial assets including substantially all
the risks and rewards of ownership of the assets; or
It transfers the financial assets, neither retaining nor
transferring substantially all the risks and rewards of
ownership of the asset, but no longer retains control of the
assets.
A financial liability is derecognised when and only when the
liability is extinguished, that is, when the obligation
specified in the contract is discharged, cancelled or has
expired.
On derecognition of a financial instrument in its entirety (or
part thereof), the difference between the carrying amount and
the sum of the consideration received (including any new asset
obtained less any new liability assumed) is recognised in
profit or loss.
Fair value gains and losses on subsequent measurement
Unrealised gains and losses arising from a change in the fair
value of financial instruments are included in net profit or
loss in the period in which the change arises.
1. Revenue
2
Revenue comprises interest income and dividends from
investments.
Interest is recognised on a time proportion basis, taking
account of the principal outstanding and the effective rate
over the period to maturity, when it is probable that such
income will accrue to the Trust. The effective interest rate
is established on initial recognition of the financial
instrument and is not revised subsequently.
Dividends are recognised when the right to receive payment is
established.
1. Foreign currency transactions
3
Transactions in foreign currencies are translated at the
foreign exchange rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign
currencies at the balance sheet date are translated to Rand at
the foreign exchange rate ruling at that date. Foreign
exchange differences arising on translation are recognised in
the income statement. Non-monetary assets and liabilities
that are measured in terms of historical cost in a foreign
currency are translated using the exchange rate at the date of
the transaction. Non-monetary assets and liabilities
denominated in foreign currencies that are stated at fair
value are translated to Rand at foreign exchange rates ruling
at the dates the fair value was determined. Foreign currency
differences arising on translation are recognised in profit
and loss. Where the average exchange rate approximates the
exchange rate used at the date of the transaction, the
average exchange rate has been applied.
1.4 Trade and other payables
Trade payables and other accounts payable are recognised when
the Portfolio becomes obligated to make future payments
resulting from the purchase of goods and services. Trade and
other payables are short term in nature and are not
discounted.
1.5 Cash and cash equivalents
Cash and cash equivalents comprise bank balances.
1.6 Taxation
Under the current system of taxation in South Africa, the
Trust is exempt from paying tax on income or capital gains.
Both income and capital gains are taxed in the hands of the
investors.
Foreign dividend income is reflected gross of withholding tax
("WHT"). The income is passed on to the investors, net of WHT
so that they can claim this tax as a rebate in accordance with
section 6 quat (1)(d) of the Income Tax Act No. 58 of 1962.
1.7 Expenses
Expenses are recognised as incurred.
1.8 Impairment
Financial assets that are measured at amortised cost are
reviewed at each balance sheet date to determine whether there
is objective evidence of impairment. An impairment loss is
recognised in the income statement as the difference between
the asset`s carrying amount and the present value of estimated
future cash flows discounted at the financial asset`s original
effective interest rate. If in a subsequent period the amount
of an impairment loss recognised on a financial asset carried
at amortised cost decreases and the decrease can be linked
objectively to an event occurring after the write down, the
write down is reversed through the income statement.
1.9 Distributions
Distributions payable on redeemable securities are recognised
in the income statement as distributions.
In accordance with the Portfolio`s Trust Deed, the Portfolio
distributes its distributable income and any other amounts
determined by the Management Company, to unit holders in cash.
The distributions are payable at the end of each quarter and
recognised in the income statement as distributions.
These financial statements have been audited by the independent auditors,
KPMG Inc, and their unqualified audit opinion is available for inspection at
the company`s registered office.
A copy of these financial statements is also available on the website
www.dbxtrackers.co.za
31 March 2009
Sponsor
Java Capital (Proprietary) Limited
Trustee
The Standard Bank of South Africa Limited
Date: 01/04/2009 17:35:02 Produced by the JSE SENS Department.
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