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JSE BBET40
BBET
BBET40 - BettaBeta Equally Weighted Top40 Exchange Traded Fund Collective
Investment Scheme - Abridged audited results for the year ended 31 December
2011
BettaBeta Equally Weighted Top40 Exchange Traded Fund Collective Investment
Scheme
A portfolio in the BettaBeta Equally Weighted Top40 Exchange Traded Fund
Collective Investment Scheme (BBET40) registered as such in terms of the
Collective Investment Schemes Control Act, 45 of 2002 (the "Act") (the
"portfolio")
JSE code:BBET40
ISIN: ZAE000144507
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2011
2011 2010
R R
Income
Dividend income 2 360 084 666 254
Interest income 121 981 85 505
Total income 2 482 065 751 759
Fair value adjustment
Realised gains on financial 795 168 360 128
instruments designated at fair
value through profit or loss
Unrealised (losses)/ gains on 407 011 3 105 833
financial instruments designated at
fair value through profit or loss
Total fair value adjustment 1 202 179 3 465 961
Expenses
Management fee 274 473 65 045
Other 20 889 7 700
Trustee and custodian fees 62 922 50 268
Investment fee 89 765 32 538
Audit fee 123 288 24 340
Total operating expenses 571 337 179 891
Increase in net assets attributable 3 112 907 4 037 829
to investors before distributions
Income distributions (1 572 017) (455 262)
(Decrease)/Increase in net assets 1 540 890 3 582 567
attributable to investors after
distributions
STATEMENT OF FINANCIAL POSITION
at 31 December 2011
2011 2010
R R
ASSETS
Listed equities designated held at 81 514 404 36 509 978
fair value through profit or loss
Cash and cash equivalents 658 049 166 141
Total assets 82 172 453 36 676 119
LIABILITIES
Other payables 398 509 80 552
Total liabilities (excluding net 398 509 80 552
assets attributable to investors)
Net assets attributable to 81 773 944 36 595 567
investors
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2011
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Balance at 1 January 2010 - - -
Creation of BBET40 33 013 000 - 33 013 000
Securities
Increase in net assets 3 484 336 98 231 3 582 567
attributable to investors
Balance at 31 December 2010 36 497 336 98 231 36 595 567
Creation of BBET40 43 637 487 - 43 637 487
Securities
Increase in net assets 1 730 580 (189 690) 1 540 890
attributable to investors
Balance at 31 December 2011 81 865 403 (91 459) 81 773 944
STATEMENT OF CASH FLOWS
for the year ended 31 December 2011
2011 2010
R R
Cash flow operating activities
Cash utilised by operations (253 380) (99 339)
Interest received 121 981 85 505
Dividends received 2 360 084 666 254
Investment in Listed Investments (58 383 420) (38 098 399)
Disposal of Listed Investments 14 581 173 5 054 382
(41 573 562) (32 391 597)
Cash outflow from operating
activities
Cash flow from financing activities
Creation of fund Securities 43 637 487 33 013 000
Distributions paid to fund security (1 572 017) (455 262)
holders
Net cash generated from financing 42 065 470 32 557 738
activities
Net movement in cash and cash 491 908 166 141
equivalents
Cash and cash equivalents at the 166 141 -
beginning of the year
Cash and cash equivalents at the end 658 049 166 141
of the year
During the year, 1 300 000 (2010: 1 085 509) BBET40 securities were created
at a value of R43 637 487 (2010: R33 013 000)
Distributions
The Portfolio declares dividends quarterly. Distributions that are made out
of income of the BBET40 Portfolio. The record dates are 31 March 2011, 30
June 2011, 30 September 2011 and 31 December 2011 respectively.
During the year under review the following distributions were effected per
BBET40 Security.
2011 2010
R R
Distributions declared during the
period were as follows
December 2010 distribution paid on 85 538
20 January 2011
14.96 cents per security 162 392
Declared 18 March 2011 and paid 14
April 2011
26.68 cents per security 207 794 191 050
Declared 20 June 2011 and paid 18
July 2011
Botswana: 26.68 cents per security 428 660
Declared 01 July 2011 and paid 10
August 2011
28.82 cents per security 224 461 264 212
Declared 26 September 2011 and paid
24 October 2011
Botswana: 28.82 cents per security 463 172
Declared 30 September 2011 and paid
10 November 2011
Total Expense Ratio (`TER`) 39.8bps 39.9bps
The TER is a standard measure used by the Collective Investment Scheme
(`CIS`) industry to illustrate costs of portfolios on a comparable basis.
The TER includes the management fee, audit fees, bank charges, custodian
fees, costs related to securities lending and taxes.
The BBET40 Portfolio had a TER of 39.8bps (2010: 39.9bps) basis points
(annualised) for the period 1 January to 31 December 2011. The ratio is
calculated based on the Association for Savings and Investments South
Africa (`ASISA`) standard and does not include the cost of acquiring
assets.
Increased consumer demand for greater transparency in financial services
and the recognition thereof by the collective investment industry requires
managers to calculate and publish a total expense ratio for each Portfolio
under their management. This is a requirement in terms of the ASISA
standard on the calculation and publication of total expense ratios.
Statement of compliance
The financial statements are prepared in accordance with International
Financial Reporting Standards (`IFRS`) issued by the International
Accounting Standards Board (`IASB`), the AC500 Standards issued by the
Accounting Practices Board and in accordance with the requirements of the
Collective Investment Schemes Control Act of South Africa (`CISCA`), in
order to meet the requirements of the Trust Deed approved by the Financial
Services Board.
Functional and presentation currency
These financial statements are presented in South African Rand, which is
the Portfolio`s functional currency.
Accounting policies
The financial statements incorporate the principal accounting policies that
are consistent with those adopted in the previous financial year.
Forthcoming requirements
New standards and interpretations not yet adopted
A number of standards, amendments to the standards and interpretations are
not effective for the year ended 31 December 2011, and have not been applied
in preparing these financial statements. All standards and interpretations
issued but not effective for the year ended 31 December 2011 have been
considered. Except for the IFRS3 and IFRS10, none of these are expected to
have a significant effect on the measurement of the amounts recognized in the
financial statements of the Portfolio.
Standard/Interpretation Effective date
IFRS 7 Disclosures - Transfers Annual periods
amendment of Financial Assets beginning on or
after 1 July
2011
IFRS 1 Severe Hyperinflation Annual periods
amendment and Removal of Fixed beginning on or
Dates for First-time after 1 July
Adopters 2011
IAS 12 Deferred tax: Recovery Annual periods
amendment of Underlying Assets beginning on or
after 1 January
2012
IAS 1 amendment Presentation of Annual periods
Financial Statements: beginning on or
Presentation of Items of after 1 July
Other Comprehensive 2012
Income
IAS 19 Employee Benefits: Annual periods
amendment Defined benefit plans beginning on or
after 1 January
2013
IAS 27 Separate Financial Annual periods
Statements (2011) beginning on or
after 1 January
2013
IAS 28 Investments in Annual periods
Associates and Joint beginning on or
Ventures (2011) after 1 January
2013
IFRS 10 Consolidated Financial Annual periods
Statements beginning on or
after 1 January
2013
IFRS 11 Joint Arrangements Annual periods
beginning on or
after 1 January
2013
IFRS 12 Disclosure of Interests Annual periods
in Other Entities beginning on or
after 1 January
2013
IFRS 13 Fair Value Measurement Annual periods
beginning on or
after 1 January
2013
IFRS 9 (2009) Financial Instruments Annual periods
beginning on or
after 1 January
2015
IFRS 9 (2010) Financial Instruments Annual periods
beginning on or
after 1 January
2015
Audit report
KPMG Inc, the entity`s independent auditors, has audited the annual financial
statements of the BBET40 Portfolio 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 registered office of Nedbank Limited
A full copy of these financial statements is available on the BettaBeta
website www.bettabeta.co.za.
26 March 2012
Sponsor
Nedbank Capital
Trustee
FirstRand Bank Limited
Manager
Nedgroup Beta Solutions(Proprietary) Limited
Date: 26/03/2012 11:45:01 Produced by the JSE SENS Department.
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