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Abridged audited results for the year ended 31 December 2014 - BGREEN
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 2014
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2014
2014 2013
R R
Income
Dividend income 3 892 965 3 583 331
Interest income 34 448 22 152
Total income 3 927 413 3 605 483
Fair value adjustment
Realised net gains on financial
instruments designated at fair
value through profit or loss
8 006 090 12 776 542
Unrealised net (loss)/gains on
financial instruments designated at
fair value through profit or loss 16 909 (6 256 418)
Total fair value adjustment 8 022 999 6 520 124
Expenses
Management fee (237 692) (155 768)
Trustee fees (72 086) (70 262)
Investment fee (313 387) (166 163)
Other 5 714 4 906
Total operating expenses (628 879) (387 287)
Increase in net assets attributable
to investors before distributions 11 321 533 9 738 320
Income distributions (2 895 816) (2 556 767)
Increase in net assets attributable
to investors after distributions 8 425 717 7 181 553
STATEMENT OF FINANCIAL POSITION
at 31 December 2014
2014 2013
R R
ASSETS
Listed equities designated at fair
value through profit or loss 138 709 239 130 668 137
Cash and cash equivalents 2 368 223 779 035
Trade and other receivables - 830 386
Total assets 141 077 462 132 277 558
LIABILITIES
Other payables 1 440 139 1 065 952
Total liabilities (excluding net
assets attributable to investors)
1 440 139 1 065 952
Net assets attributable to
investors 139 637 323 131 211 606
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2014
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Balance at 1 January 2013 124 122 901 (92 848) 124 030 053
Increase/(decrease) 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
Increase in net assets
attributable to investors 8 022 999 402 718 8 425 717
Balance at 31 December 2014 139 058 361 578 962 139 637 323
STATEMENT OF CASH FLOWS
for the year ended 31 December 2014
2014 2013
R R
Net cash generated from operating
activities
Cash utilised by operations 575 694 (323 481)
Dividends received 3 892 965 3 583 331
Interest received 34 448 22 152
Investment in listed investments (53 393 794) (61 226 693)
Disposal of listed investments 53 375 691 61 069 509
Net cash inflow from operating
activities 4 485 004 3 124 818
Distributions paid to fund security
holders (2 895 816) (2 556 767)
Net movement in cash and cash
equivalents 1 589 188 568 051
Cash and cash equivalents at the
beginning of the year 779 035 210 984
Cash and cash equivalents at the end
of the year 2 368 223 779 035
Distributions
The Portfolio declares dividends quarterly. Distributions are made from the
income of the BGreen Portfolio.
2014 2013
R R
Distributions declared during the
period were as follows:
7.45683 cents per share declared on
4 December 2013 and paid on
27 January 2014 (2013: 2.36 cents
per share) 554 267 175 316
10.17468 cents per share declared on
8 March 2014 and paid on
12 May 2014 (2013: 10.06 cents per
share) 756 285 747 832
11.87474 cents per share declared on
11 June 2014 and paid on
5 August 2014 (2013: 10.71 cents per 882 651 795 733
share)
9.4526 cents per share declared on 4
September 2014 and paid on
27 October 2014 (2013: 11.27 cents
per share) 702 613 837 886
Total Expense Ratio ('TER') 45.25bps 64.68bps
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 45.25bps (2013: 64.68 bps) basis points
(annualised) for the period 1 January to 31 December 2014. 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 trust 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 2014.
a) IFRS 10: Consolidated Financial Statements
b) IFRS 12: Disclosure of Interest in Other Entities
c) IAS27: Separate Financial Statements
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 2014:
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.
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 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.
31 March 2015
Sponsor
Nedbank Capital
Trustee
FirstRand Bank Limited
Manager
Nedgroup Beta Solutions(Proprietary) Limited
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