| Tue 1 Apr 2014, 14:46 | | BETTABETA CIS - Abridged Audited Results for The Year Ended 31 December 2013 |
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BGREEN 201404010059A
Abridged Audited Results for The Year Ended 31 December 2013
BettaBeta Be Green Exchange Traded Fund Collective Investment Scheme
A portfolio in the BettaBeta Be Green Exchange Traded Fund Collective
Investment Scheme (BGREEN) registered as such in terms of the Collective
Investment Schemes Control Act, 45 of 2002 (the “Act”) (the “portfolio”)
JSE code: BGREEN
ISIN: ZAE000162277
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2013
2013 2012
R R
Income
Dividend income 3 583 331 4 124 351
Interest income 22 152 90 820
Total income 3 605 483 4 215 171
Fair value adjustment
Realised net gains on financial
instruments designated at fair
value through profit or loss
12 776 542 8 157 163
Unrealised net (loss)/gains on
financial instruments designated at
fair value through profit or loss (6 256 418) 13 331 367
Total fair value adjustment 6 520 124 21 488 530
Expenses
Management fee (155 768) (642 000)
Trustee fees (70 262) (70 753)
Investment fee (166 163) (162 181)
Other 4 906 (96 238)
Total operating expenses (387 287) (971 172)
Increase in net assets attributable
to investors before distributions 9 738 320 24 732 529
Income distributions (2 556 767) (3 058 115)
Increase in net assets attributable
to investors after distributions 7 181 553 21 674 414
STATEMENT OF FINANCIAL POSITION
at 31 December 2013
2013 2012
R R
ASSETS
Listed equities designated at fair
value through profit or loss 130 668 137 123 990 829
Cash and cash equivalents 779 035 210 984
Trade and other receivables 830 386 -
Total assets 132 277 558 124 201 813
LIABILITIES
Other payables 1 065 952 171 760
Total liabilities (excluding net
assets attributable to investors)
1 065 952 171 760
Net assets attributable to
investors 131 211 606 124 030 053
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2013
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Balance at 1 January 2012 102 219 907 135 732 102 355 639
Increase/(decrease) in
net assets attributable
to investors 21 902 994 (228 580) 21 674 414
Balance at 31 December 2012 124 122 901 (92 848) 124 030 053
Increase in net assets
attributable to investors 6 912 461 269 092 7 181 553
Balance at 31 December 2013 131 035 362 176 244 131 211 606
STATEMENT OF CASH FLOWS
for the year ended 31 December 2013
2013 2012
R R
Net cash generated from operating
activities
Cash utilised by operations (323 481) (813 294)
Dividends received 3 583 331 4 124 351
Interest received 22 152 90 820
Investment in listed investments (61 226 693) (46 105 331)
Disposal of listed investments 61 069 509 45 874 851
Net cash inflow from operating
activities 3 124 818 3 171 397
Distributions paid to fund security
holders (2 556 767) (3 058 115)
Net movement in cash and cash
equivalents 568 051 113 282
Cash and cash equivalents at the
beginning of the year 210 984 97 702
Cash and cash equivalents at the end
of the year 779 035 210 984
Distributions
The Portfolio declares dividends quarterly. Distributions are made from the
income of the BGreen Portfolio.
2013 2012
R R
Distributions declared during the
period were as follows:
2.35861 cents per share declared on
4 December 2012 and paid on
21 January 2013 (2012: 1.12 cents
per share) 175 316 83 250
10.06095 cents per share declared on
8 March 2013 and paid on
22 April 2013 (2012: 7.72 cents per
share) 747 832 573 828
10.70540 cents per share declared on
11 June 2013 and paid on
29 July 2013 (2012: 17.40 cents per 795 733 1 293 434
share)
11.27250 cents per share declared on
12 September 2013 and paid on
14 October 2013 (2012: 14.90 cents
per share) 837 886 1 107 603
Total Expense Ratio ('TER') 64.68bps 69.50bps
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, bank charges, custodian fees, costs
related to securities lending and taxes.
The BGreen Portfolio had a TER of 64.68bps (2012: 69.50 bps) basis points
(annualised) for the period 1 January to 31 December 2013. 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), the SAICA Financial Reporting
Pronouncements as issued by Financial Reporting Standards Council and in
the manner required by the Collective Investment Schemes Control Act and
the Principal Deed.
Functional and presentation currency
Items included in the financial statements are measured using the currency
of the primary economic environment in which the entity operates (the
functional currency). The financial statements are presented in South
African Rand, which is the Scheme’s functional and presentation currency.
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.
The Fund adopted the following new standards and amendments to standards,
including any consequential amendments to other standards, with a date of
initial application of 1 January 2013.
a) IFRS 13: Fair Value Measurement
b) IFRS 7: Amendment Disclosures – Offsetting Financial Assets and
Financial Liabilities.
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 Portfolio, have not been adopted for the year ended 31
December 2013:
IFRS 9: Financial Instruments - IFRS 9 deals with classification and
measurement of financial assets and financial liabilities. The effective
date of IFRS 9 is yet to be decided.
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.
The impact of the above standards will be assessed once the standards become
effective, and applied only at that stage.
Audit report
KPMG Inc, the entity’s independent auditors, has audited the annual financial
statements of the BGREEN 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.
31 March 2014
Sponsor
Nedbank Capital
Trustee
FirstRand Bank Limited
Manager
Nedgroup Beta Solutions (Proprietary) Limited
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