| Fri 23 Dec 2011, 10:37 | | BIPS40 - Bips Top 40 - Abridged audited results for the year ended 30 June 2011 |
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JSE BIPS40
BIPS
BIPS40 - Bips Top 40 - Abridged audited results for the year ended 30 June 2011
Bips Top 40
A portfolio in the Bips Collective Investment Scheme ("the portfolio")
registered in terms of the Collective Investment Schemes Control Act, 45
of 2002
Share Code: BIPS40
ISIN: ZAE000127767
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2011
The BIPS Collective Investment Scheme ("the Scheme") was established in
accordance with the provisions of the Collective Investment Schemes Control Act
(CISCA) with effect from 12 April 2008. The BIPS FTSE/JSE TOP 40 Index Fund
("the Fund") was established as a portfolio of the Scheme in accordance with
paragraph A of the Deed of the Scheme on 12 April 2008.
The investment objective of the Fund is to track the price and performance yield
of the FTSE/JSE Top 40 Companies Index ("Top 40 Index") on the JSE Limited.
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2011
2011 2010
Rand Rand
Assets
Non-current assets
Listed investments held at fair 523 471 060 403 794 348
value through profit and loss
Current assets 2 672 445 2 137 166
Trade and other receivables 234 009 115 040
Cash and cash equivalents 2 438 436 2 022 126
Total assets 526 143 505 405 931 514
Equity and liabilities
Equity
Net assets attributable to 523 471 060 403 794 348
investors
Current liabilities
Trade and other payables 2 672 445 2 137 166
Total equity and liabilities 526 143 505 405 931 514
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2011
2011 2010
Rand Rand
Revenue 11 792 729 6 729 707
Dividend income 11 351 214 6 067 520
Income from creations of Fund 126 825 421 637
securities
Interest income 314 690 240 550
Other operating income 92 393 432 38 458 081
Fair value adjustment on 92 355 306 38 560 908
financial instruments designated
at fair value through profit or
loss
Rebalancing profit/(loss) 38 126 (102 827)
Expenses
Management and administrative (918 432) (797 943)
expenses
Profit before taxation 103 267 729 44 389 845
Taxation - -
Profit for the year 103 267 729 44 389 845
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2011
2011 2010
Rand Rand
Profit for the year 103 267 729 44 389 845
Other comprehensive income for - -
the year
Total comprehensive income for 103 267 729 44 389 845
the year
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
FOR THE YEAR ENDED 30 JUNE 2011
Capital Income Total
attributable attributable
to investors to investors
Rand Rand Rand
Balance as at 1 July 2009 342 437 223 20 935 397 363 372
620
Creation of BIPS FTSE/JSE 195 818 020 - 195 818
Top 40 securities ("Fund 020
securities")
Cancellation of Fund (193 957 200) - (193 957
securities 200)
Comprehensive income for - 44 389 845 44 389 845
the year
Income distributions - (5 828 937) (5 828
937)
Balance as at 30 June 2010 344 298 043 59 496 305 403 794
348
Creation of Fund 27 321 406 - 27 321 406
securities
Cancellation of Fund - - -
securities
Comprehensive income for - 103 267 729 103 267
the year 729
Income distributions - (10 912 423) (10 912
423)
Balance as at 30 June 2011 371 619 449 151 851 611 523 471
060
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2011
Not 2011 2010
e
Rand Rand
Cash flow from operating 11 328 733 7 039 252
activities
Cash (utilised in)/generated by 9 (502 122) 412 372
operations
Dividend income 11 351 214 6 067 520
Income from creations of Fund 126 825 421 637
securities
Rebalancing profit/(loss) 38 126 (102 827)
Interest income 314 690 240 550
Cash flow from investing (27 321 406) (1 860 820)
activities
Investment in listed investments (27 321 406) (195 818
020)
Disposal of listed investments - 193 957 200
Cash flow from financing 16 408 983 (3 968 117)
activities
Creation of Fund securities 27 321 406 195 818 020
Cancellation of Fund securities - (193 957
200)
Distributions to participatory (10 912 423) (5 828 937)
interest holders
Net increase in cash and cash 416 310 1 210 315
equivalents
Cash and cash equivalents at the 2 022 126 811 811
beginning of the year
Cash and cash equivalents at the 2 438 436 2 022 126
end of the year
SUMMARISED ACCOUNTING POLICIES
FOR THE YEAR ENDED 30 JUNE 2011
The financial statements incorporate the principal policies set out below, which
have been consistently applied to all years presented, unless otherwise stated.
Statement of compliance
The financial statements are prepared in accordance with IFRS issued by the
International Accounting Standards Board ("IASB"), and in accordance with the
requirements of the trust deed of the Fund ("the Trust Deed") and the Collective
Investment Schemes Control Act No 45 of 2002.
Financial instruments
Measurement
Financial instruments, being securities and futures, are recognised when, and
only when, the Fund 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 and 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 listed bid prices at the end of the
reporting period, as published in the financial press at the end of the
reporting period.
Trade and other receivables
Trade and other receivables originated by the Fund are measured at amortised
cost, using the effective interest rate method, less impairments 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 and
loss, are measured using the effective interest rate method.
Fair value gains and losses on subsequent measurement
Gains and losses arising from a change in the fair value on financial
instruments are included in net profit or loss in the year in which the change
arises.
Offset
Financial assets and financial liabilities are offset and the net amount
reported in the statement of financial position when the Fund 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 Fund derecognises financial assets when and only when -
* The contractual right to the cash flows arising from the financial assets
have expired or have been forfeited by the Fund; 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 reward of ownership of the asset, but no
longer retains control of the assets.
Financial liabilities are derecognised when and only when the liability is
extinguished. This is when the obligation specified in the contract is
discharged, cancelled or has expired. The difference between the carrying
amount of a financial liability (or part thereof) extinguished or transferred to
another party and consideration paid, including any non-cash assets transferred
or liabilities assumed, is recognised in profit or loss.
Revenue
Revenue comprises income from securities lending activities and investment
income.
Securities lending fee income
The fees earned for the administration of securities lending activities are
accounted for on an accrual basis in the year in which the services are
rendered.
Investment income
Interest income is recognised in profit or loss, using the effective interest
rate method, taking into account the expected timing and amount of cash flows.
The effective interest rate method is a method of calculating the amortised cost
of a financial asset or financial liability and of allocating the interest
income or interest expense over the average expected life of the financial
instruments or portfolios of financial instruments. Dividends in respect of
scrip out on loan are recognised when the right to receive payment is
established. This is on the "last day to trade" for listed shares and on the
"date of declaration" for unlisted shares.
Taxation
Under the current system of taxation in South Africa, the Fund is exempt from
paying taxation on income or capital gains. Both income and capital gains are
taxed in the hands of the investors.
Securities lending
The Fund is authorised to engage in securities lending activities up to 50% of
the assets under management. Collateral is held by the relevant lending units.
Expenses
Expenses are recognised as incurred.
Impairment
Financial assets that are stated at cost or amortised cost are reviewed at the
end of the reporting period to determine whether there is objective evidence of
impairment. If any such indication exists, an impairment loss is recognised in
profit or loss 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 year 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 that occurred
after the write down, the write down is reversed through the statement of
comprehensive income.
Finance costs
Distributions payable on redeemable units are recognised in profit or loss as
finance costs under distributions.
Redeemable securities
All redeemable securities issued by the Fund provide investors with the right to
require redemption for the cash or in specie at the value proportionate to the
investors` share. Such instruments give rise to equity instruments for the net
asset value of the redemption amount in the statement of financial position. In
accordance with the Trust Deed of the Fund and the Collective Investment Schemes
Control Act, the Fund is contractually obliged to redeem securities at the net
asset value.
New standards and interpretations adopted in the current financial period
The following standard is effective for annual periods on or after 1 January
2011 and adopted by the Fund in the current financial period:
* IAS 24 Related Party Disclosures amendment (effective for periods
commencing 1 Jan 2011). The amendment removes certain of the disclosure
requirements for government related entities, clarifies the definition of a
related party and introduces a requirement for entities to disclose
commitments to related parties. This amendment addresses disclosure in the
annual financial statements and will not affect recognition and
measurement. The impact of the revised disclosure is not expected to be
significant.
* As part of its annual improvements projects, the IASB has issued its 2010
annual improvement project. The annual improvement projects aim is to
clarify and improve the accounting standards. The improvements include
those involving terminology or editorial changes with minimal effect on
recognition and measurement.
* The annual improvements project for 2010 is effective for annual periods
commencing on or after 1 January 2011. The Fund has adopted the amendments
made as a result of the annual improvements project for 2010 during the
current financial year. These amendments have not had a significant impact
on the Fund`s results nor has it resulted in the restatement of prior year
numbers.
Critical accounting estimates and judgements in applying accounting policies
Assumptions and estimates form an integral part of financial reporting and have
an impact on the amounts reported. Assumptions are based on historical
experience and expectations of future outcomes and anticipated changes in the
environment. No significant accounting estimates and judgements have been
applied in the financial statements of the Fund.
SUMMARISED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
Listed investments held at fair value through profit and loss
The following principle methods and assumptions are used to determine the fair
value of the financial instruments that are carried at fair value:
Listed equities
The fair value of listed equities is determined using unadjusted quoted prices.
The Fund therefore classifies the fair value measurement of the listed equities
in the Level 1 category on the basis that the fair value of the listed equities
is determined using unadjusted quoted prices.
IFRS 7 Fair value hierarchy
30 June 2011 30 June 2010
Type Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Listed 523 471 060 - - 403 794 - -
investments 348
held at fair
value through
profit and
loss
Creation and cancellation of BIPS FTSE/JSE TOP 40 securities
A total of 1 000 000 (2010: 8 000 000) Fund securities were issued during the
year at a value of R27 321 406 (2010: R195 818 020). A total of Nil (2010: 9
000 000) Fund securities were cancelled during the year at a value of RNil
(2010: R193 957 200). As at 30 June 2011, an aggregate of 18 334 067 (2010: 17
334 067) Fund securities were issued by the Fund, with net assets attributable
to the investors in an amount of R523 471 060 (2010: R403 794 348)
Management and administration expenses
The Manager is entitled to a service charge for the administration of the
Scheme, as determined by the Manager from time to time, based on the market
value of the investments of the Fund. A service fee of 10 (ten) basis points of
the market value of the investments of the Fund has been applied.
Distributions
The Fund effects quarterly distributions made out of income received by the
Fund.
2011 2010
Rand Rand
23.20 cents per security (2010: 15.70 cents
per security)
Declared 01 Oct 2010 and paid 04 Oct 2010 4 021 504 1 473 451
(2010: Declared 02 Oct 2009 and paid 05 Oct
2009)
8.24 cents per security (2010: 6.10 cents
per security)
Declared 24 Dec 2010 and paid 28 Dec 2010 1 428 327 996 606
(2010: Declared 31 Dec 2009 and paid 05 Jan
2010)
17.33 cents per security (2010: 9.58 cents
per security)
Declared 01 Apr 2011 and paid 05 Apr 2011 3 003 994 1 564 804
(2010: Declared 01 Apr 2010 and paid 07 Apr
2010)
13.41 cents per security (2010: 10.35 cents
per security)
Declared 01 Jul 2011 and paid 05 Jul 2011 2 458 598 1 794 076
(2010: Declared 02 Jul 2010 and paid 05 Jul
2010)
Total distributions 10 912 423 5 828 937
Taxation
Any taxable income realised during the year, whether of a capital or revenue
nature, has been distributed to the holders of the Fund securities. As a
result, both income and capital gains are taxed in the hands of the investors.
Risk analysis
Exposure to investment, index, credit, secondary trading, market and operational
risks arise in the normal course of investment activities in listed securities.
The Fund`s acceptance of risk is directly attributable to the risks associated
with any investment in equities.
The objectives for managing the risks associated with financial instruments held
for investment purposes, as well as a brief description of the relevant risks
and methods adopted to mitigate these risks are outlined in more detail below.
The Fund is regulated in terms of the Collective Investment Schemes Control Act
("CISCA"). In terms of the Act, the Manager must appoint a Trustee. The assets
of the portfolio are held under the control of the Trustee.
Management monitors compliance in terms of the CISCA requirements and reports
are submitted to the Financial Services Board ("FSB") on a monthly basis. Daily
pricing of the Fund is publicly available.
The Manager`s Audit Committee oversees management`s compliance with the Fund`s
risk management framework in relation to the risks faced by the portfolio.
The investment policy of the Fund is to track the FTSE/JSE Top40 Index ("the
Index") as closely as possible, by buying only FTSE/JSE Top40 securities in the
weighting in which they are included in the Index, and selling only securities
which are excluded from the Index from time to time as a result of quarterly
Index reviews or corporate actions, or which are required to be sold to ensure
that the portfolio holds FTSE/JSE Top40 securities in the same weighting as they
are included in the Index. However, the Fund is also entitled, at its
discretion and only on a temporary basis; to employ such other investment
techniques and instruments as will most effectively give effect to the object or
the investment policies of the Fund. The Fund`s portfolio will not be managed
according to traditional methods of active management, which involve buying and
selling of securities based on economic, financial and market analysis and
investing judgement. The Fund will not buy or sell securities for trading
purposes or for any purpose other than to track the Index as closely as
possible. As a further objective, the securities held by the Fund will be
managed to generate income for the benefit of investors, for instance, income is
generated from scrip lending, which is applied to reduce expenses and the
related tracking error.
The Fund`s portfolio will be adjusted as determined by the stipulations of the
JSE`s Index calculation methodology to conform to changes in the basket of
securities comprising the Fund`s portfolio so as to substantially reflect the
composition and weighting of the securities comprising the Index at all times.
It is recorded that the Fund`s ability to replicate the price and yield
performance of the Index will be affected by the costs and expenses incurred by
the Fund. Costs and expenses may result in the Index not being replicated
perfectly by the Fund`s portfolio.
The Fund is exposed to the following risks from its use of financial
instruments:
* Credit risk;
* Investment risk;
* Index risk;
* Secondary trading risk;
* Operational risk;
* Liquidity risk; and
* Market risk.
The abovementioned risks are addressed below in more detail.
Credit risk
Credit risk is the risk of loss due to non-performance of a counterparty in
respect of any financial or performance obligation. For fair value portfolios
the definition of credit risk is expanded to include the risk of losses through
fair value changes arising from changes in credit spreads.
The Fund`s exposure to credit risk could be as a result of a counterparty
transaction failing to meet its contractual obligations. This could arise
primarily from the Fund`s investment and securities lending activities.
In terms of CISCA, the Manager may, subject to the requirements of section 95,
lend or offer to lend assets included in the Fund`s portfolio within the limits
or on the conditions determined by the Trust Deed. The trustee of the Fund
gives authority to the Manager to lend or offer to lend securities with a value
not exceeding 50% of the market value of all securities included in the Fund`s
portfolio. The Manager has proceeded to engage in securities lending in respect
of the securities held by the Fund on this basis.
In terms of the Trust Deed, the Manager may engage in securities lending under
section 85 of CISCA, subject to the following limits and conditions:
* The securities lending must be beneficial to all investors;
* The Manager may lend or offer to lend securities with a value not exceeding
50 per cent of the market value of all securities included in the Fund`s
portfolio;
* The securities that may be lent to one borrower are limited in accordance
with the limits determined by the Registrar for the inclusion of the money
market instruments in a portfolio;
* Collateral security for the securities loaned must have an aggregate value
that exceeds the market value of the securities loaned by not less than
five per cent at all times and may only consist of -
* Cash; or
* Other securities; or
* A combination of cash and other securities
* Securities may not be lent for a period longer than 12 months;
and
* Securities may not be lent unless subject to a right of recall.
In terms of the securities lending agreements, it is the duty of the agent to
take delivery of the collateral assets, any appropriate instruments of transfer
or instrument of title in respect of a service level agreement. Collateral
assets and instruments of transfer of title are held on behalf of, and for the
benefit of, the principal as represented by the Fund.
The portfolio could be exposed to credit risk to the extent that inadequate
collateral is held on the underlying assets. If a borrower fails to perform its
obligations, the Fund may be unable to recover the loaned securities. However,
the Manager only engages in securities lending with A-rated financial
institutions.
Credit risk is only applicable to the financial assets of the Fund. The credit
risk is considered to be low. The carrying amounts of financial assets
represent the maximum credit exposure. None of the Fund`s financial assets are
considered past due or impaired.
The maximum exposure to credit risk at the reporting date was as follows:
2011 2010
Rand Rand
Trade and other receivables 234 009 115 040
Cash and cash equivalents 2 438 436 2 022 126
Investment risk
There can be no assurance that the Fund will achieve its investment objectives
of replicating the price and yield performance of the Index.
The following factors could impact negatively on the investment performance of
the Fund:
* Certain costs and expenses incurred by the Fund could cause the underlying
portfolio to mis-track against the Index;
* Temporary unavailability of securities in the secondary market or other
extraordinary circumstances could cause deviations from the extract
weightings of the Index;
* In circumstances where securities comprising of the Index are suspended
from trading or other market disruptions occur, it may be impossible to
rebalance the portfolio of securities held by the Fund and this may lead to
a tracking error; and
* Misinterpretation of information on the calculation of the Index could
result in mis-tracking of the Index.
Index risk
There is no assurance that the Index will continue to be calculated and
published on the same or similar basis indefinitely. The Index was created by
the JSE Limited as a measure of market performance and not for the purposes of
trading fund index securities. The past performance of the Index is not
necessarily a guide to its future performance.
The Index may be adjusted from time to time as a result of mergers, re-
organisations, schemes or arrangement or other corporate activity involving
constituent companies. Any adjustments to the Index will be implemented as
determined from time to time in terms of the relevant Index stipulations, for
example, if a constituent company pays a special dividend.
The adjustments may require the removal of a constituent company from the Index
and the substitution thereof with a new constituent company while at the same
time, if necessary, adjusting the base level. The adjustments to the portfolio
will be made in such a way that the portfolio will remain substantially aligned
with the Index level at all times.
Tracking risk
The risk that the Index may not be appropriately tracked is managed in the
following manner:
* Check announcements made on the JSE website for any events that may change
the Index and rebalance, if necessary;
* Check corporate actions schedule for any events that may change the Index
and rebalance, if necessary;
* Check the positions report versus what theoretically should be held with
the ETF trading application and rebalance, if necessary; and
* During daily net asset value ("NAV") calculation process, check if the
BIPS40 ex-closing price = 1/1000 of the Top40 Index closing level, i.e. do
a reasonability check.
Secondary trading risk
There can be no guarantee that the Fund securities will remain listed on the JSE
Limited. Despite the presence of market makers, the liquidity of the Fund
securities cannot be guaranteed.
The participatory interests may trade at a discount or premium to their NAV.
There is no guarantee that the Fund participatory interests will remain listed
on the JSE Limited. Any termination of a listing would be subject to the JSE
listing requirements.
Operational risk
If shares in the underlying companies are suspended or cease trading for any
reason, the suspended shares will not be delivered to a holder exercising its
right to take delivery of the underlying shares until the suspension on the
trading in respect of those shares is lifted. If the computer facilities or
other facilities of the JSE malfunction, calculation and trading in the Fund
securities may be suspended for a period of time. Issuers, redemptions and
adjustments to rebalance the underlying portfolio of shares in the Fund could
affect the value of the underlying shares constituting the Index and thereby
also impact on the value of the Fund securities.
Liquidity risk
Liquidity risk is the risk that the Fund will not be able to meet its financial
obligations towards investors when they fall due. The approach to managing
liquidity risk is to ensure that the Fund would be able to pay suitable
distributions to investors on a quarterly basis. All distributions are
calculated and approved by the Manager. The Fund could also be exposed to
liquidity risk in cases where insufficient funds are available to effect the
necessary changes in Index constituents. The need to employ alternative
investment techniques would only arise in the event of a liquidity problem, for
example, if it is not possible to acquire certain securities comprising the
Index due to there being no sellers of such securities. The Fund securities are
listed instruments; that are bought and sold on the JSE Limited through a JSE
member. The participatory interests can be sold to the Manager, which is
obligated to buy them from the investor. Market makers will attempt to maintain
a high degree of liquidity through continuously offering to buy and sell the
Fund participatory interests at prices around NAV of the participatory interest,
thereby ensuring tight buy and sell spreads. Under normal circumstances and
conditions, the investor will be able to buy or sell the Fund securities from
market makers.
Market risk
Market risk exists where significant changes in equity prices will affect the
value of the Fund`s financial instruments. The investment mandates indicate
that the Fund`s portfolio is passively managed and as a result the management of
the market risk is not possible. There is no guarantee that the Fund`s
portfolio will achieve its investment objective of perfectly tracking the Index.
The value of participatory interests and distributions payable by the Fund`s
portfolio will rise and fall as the capital values of the underlying securities
housed in the Fund and the income flowing there-from fluctuates. Prospective
investors should be prepared for the possibility that they may sustain a loss.
The Fund`s portfolio may not be able to perfectly replicate the performance of
the Index because -
* The Fund is liable for certain costs and expenses not taken into account in
the calculation of the Index; or
* Certain Index constituents may become temporarily unavailable; or
* Other extraordinary circumstances may result in a deviation from precise
Index weightings
Sensitivity analysis
All the Fund`s underlying investments are listed on the JSE Limited. The price
of the Fund securities is closely correlated to the movements in the Index. Any
movement or adjustment in the Index, or the underlying constituents of the
Index, will have an impact on the price of the securities.
At any point in time, the market value of a Fund security is expected to reflect
1/1000th of the Index level, plus an amount which reflects a pro-rata portion of
any accrued distribution amount within the Fund`s portfolio. Therefore, a 100
point movement in the Index would result in a R0,10 movement in the NAV per unit
of the Fund. Actual market values may be affected by supply and demand and
other market factors, but the ability of a holder to switch out of the Fund
securities by redeeming them in specie for one or more baskets of constituent
securities, subject to a minimum of 1 million participatory interests being
delivered, should operate to substantially avoid or minimise any differential
which may otherwise arise between the relevant basket and/or Index level and the
value at which the Fund securities trade from time to time.
Investment in derivatives
The Manager may invest in derivatives from time to time. While an investment in
derivatives will only be employed within the investment restrictions stipulated
in the Trust Deed and CISCA, some risks may be associated with investments in
these instruments. No significant investments in derivatives were used for the
financial period under review.
These financial statements have been audited by the independent auditors,
PricewaterhouseCoopers Incorporated, and their unqualified audit opinion is
available for inspection at the company`s registered head office. A full copy
of the financial statements is available on the BIPS website www.bipsetf.co.za.
23 December 2011
Sponsor
Bridge Capital Advisors (Pty) Limited
Trustee
ABSA Bank Limited
Managers
BIPS Investment Managers (Pty) Limited
Auditors
PricewaterhouseCoopers Incorporated
Date: 23/12/2011 10:37:50 Produced by the JSE SENS Department.
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