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JSE DBXUK
DBX
DBXUK - db x-trackers FTSE 100 ETF - Abridged Audited Results For The Year Ended
31 December 2008
db x-trackers FTSE 100 ETF
Share code: DBXUK
ISIN: ZAE000115929
("DBXUK")
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 2007
R R
Assets
Listed investments held at fair 331 832 486 645
value through profit or loss 114 510
Trade and other receivables 1 576 984 1 529 445
Cash and cash equivalents 8 206 112 6 430 741
Total assets 341 615 494 605
210 696
Liabilities
Net assets attributable to investors 333 457 487 758
390 626
Trade and other payables 8 157 820 6 847 070
Total liabilities 341 615 494 605
210 696
Income statement
for the year ended 31 December 2008
2008 2007
R R
Revenue
Dividend income 19 871 582 19 366 674
Interest received 139 395 216 805
Fair value adjustments 170 431 143 17 251 524
Foreign exchange gains 15 658 605 9 332 046
Realised foreign exchange gain on 87 705 -
dividends
206 188 430 46 167 049
Expenses
Fair value adjustment (170 431 143) (17 251 524)
Management and administrative (4 367 965) (4 621 719)
expenses
Foreign exchange losses (15 658 605) (9 332 046)
Realised foreign exchange loss on - (15 944)
dividends
(190 457 713) (31 221 233)
Income available for distribution 15 730 717 14 945 816
Distributions (15 259 415) (11 849 355)
Change in net assets attributable to 471 302 3 096 461
investors before tax
Withholding tax - (1 982 448)
Change in net assets attributable to 471 302 1 114 013
investors
Statement of changes in net assets attributable to investors
for the year ended 31 December 2008
Capital Income Total
attributable attributabl
to investors e to
investors
R R R
Balance at 1 January 2007 478 448 324 276 811 478 725 135
Change in net assets - 1 114 013 1 114 013
attributable to investors
Unrealised exchange rate (9 332 046) - (9 332 046)
fluctuations
Revaluation of securities 17 251 524 - 17 251 524
Balance at 31 December 2007 486 367 802 1 390 824 487 758 626
Change in net assets - 471 302 471 302
attributable to investors
Unrealised exchange rate 15 658 605 - 15 658 605
fluctuations
Revaluation of securities (170 431 143) - (170 431 143)
Balance at 31 December 2008 331 595 264 1 862 126 333 457 390
Cash flow statement
for the year ended 31 December 2008
2008 2007
R R
Cash generated/ (utilised) by 46 038 (1 268 268)
operations
Dividends received 19 824 043 19 191 085
Management fees paid (4 317 740) (4 389 921)
Net cash inflow from operating 15 552 341 13 532 896
activities
Cash outflow from investing (40 858) (1 766 056)
activities
Cash outflow from financing (9 910 500) (7 942 027)
activities
Distributions to investors (9 910 500) (7 942 027)
Net increase in cash and cash 5 600 983 3 824 813
equivalents
Cash and cash equivalents at the 6 430 741 7 337 109
beginning of year
Foreign exchange effects thereon (3 825 612) (4 731 181)
Cash and cash equivalents at the end 8 206 112 6 430 741
of year
Notes to the financial statements
for the year 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, which are consistent with
those adopted in the previous financial year.
1.1 Financial instruments
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.
1.2 Revenue
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.
1.3 Foreign currency transactions
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 semi-annually 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 17:36:02 Produced by the JSE SENS Department.
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