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Abridged Audited Results for The Year Ended 31 December 2013
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 2013
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2013
2013 2012
R R
Income
Dividend income 3 722 238 2 117 976
Interest income 18 327 101 525
Total income 3 740 565 2 219 501
Fair value adjustment
Realised net gains on financial
instruments designated at fair
value through profit or loss
1 879 137 5 386 889
Unrealised net gains on financial
instruments designated at fair
value through profit or loss
8 071 272 9 285 549
Total fair value adjustment 9 950 409 14 672 438
Management fee written off - 369 292
Expenses
Management fee (35 405) (66 177)
Other (7 366) (50 349)
Trustee and custodian fees (70 470) (66 348)
Investment fee (160 044) (86 005)
Total operating expenses (273 285) (268 879)
Increase in net assets attributable
to investors before distributions 13 417 689 16 992 352
Income distributions (2 920 775) (2 354 774)
Increase in net assets attributable
to investors after distributions 10 496 914 14 637 578
STATEMENT OF FINANCIAL POSITION
at 31 December 2013
2013 2012
R R
ASSETS
Listed equities designated at fair
value through profit or loss 139 447 722 59 706 265
Cash and cash equivalents 620 613 283 383
Trade and other receivables 955 757 -
Total assets 140 024 092 59 989 648
LIABILITIES
Other payables 923 916 301 755
Total liabilities (excluding net
assets attributable to investors)
923 916 301 755
Net assets attributable to
investors 140 100 176 59 687 893
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 81 865 403 (91 459) 81 773 944
Redemption of BBET40
Securities (36 723 629) - (36 723 629)
Increase/(decrease) in
net assets attributable
14 910 994 (273 416) 14 637 578
to investors
Balance at 31 December 2012 60 052 768 (364 875) 59 687 893
Creation of BBET40
Securities 69 915 369 - 69 915 369
Increase in net assets
attributable to investors
10 414 501 82 413 10 496 914
Balance at 31 December 2013 140 382 638 (282 462) 140 100 176
STATEMENT OF CASH FLOWS
for the year ended 31 December 2013
2013 2012
R R
Cash flow from operating activities
Cash utilised by operations (606 881) (272 849)
Dividends received 3 722 238 2 117 976
Interest incurred on creation of
units (16 516) -
Interest received 18 327 101 525
Investment in listed investments (76 525 766) (12 925 825)
Disposal of listed investments 30 067 516 49 406 402
Cash (outflow)/inflow from operating
activities (43 341 082) 38 427 229
Cash flow from financing activities
Creation of fund
Securities 46 599 087 (36 723 629)
Distributions paid to
fund security holders (2 920 775) (2 078 266)
Net cash generated from financing
activities 43 678 312 (38 801 895)
Net movement in cash and cash
equivalents 337 230 (374 666)
Cash and cash equivalents at the
beginning of the year 283 383 658 049
Cash and cash equivalents at the end
of the year 620 613 283 383
During the year, 1 050 000 BettaBeta Equally Weighted Top 40 securities were
created at a value of R46 599 087. 564 491 BettaBeta Equally Weighted Top 40
securities were created in specie to the value of R23 316 282. The total
securities created during the period was 1 614 491 at a value of R69 915 369
(2012: nil). Zero BettaBeta Equally Weighted Top 40 securities were redeemed
during the period (2012: R36 723 629). The total number of securities in
issue at year end 3 000 000 (2012: 1 385 509).
Distributions
The Portfolio declares dividends quarterly. Distributions are made from the
income of the BBET40 Portfolio.
2013 2012
R R
Distributions declared during the
period were as follows:
23.33585 cents per share declared on
4 December 2012 and paid on the
21 January 2013 (2012: 10.82 cents
per share)
275 092 84 270
Botswana: 23.33585 cents per share
declared on 4 December 2012 and paid
on 21 January 2013 (2012: 10.82
cents per share)
48 216 173 755
30.17122 cents per share declared on
8 March 2013 and paid on
22 April 2013 (2012: 17.21 cents per
share)
672 468 134 038
Botswana: 30.17122 cents per share
declared on 8 March 2013 and paid on
22 April 2013 (2012: 17.21 cents per
share)
62 081 276 508
23.97465 cents per share declared on
11 June 2013 and paid on
29 July 2013 (2012: 63.02 cents per
share)
534 356 743 018
Botswana: 23.97465 cents per share
declared on 11 June 2013 and paid on
29 July 2013 (2012: 63.02 cents per
share)
49 549 130 263
42.63404 cents per share declared on
12 September 2013 and paid on
14 October 2013 (2012: 58.67cents
per share)
1 190 909 691 662
Botswana: 42.63404 cents per share
declared on 12 September 2013 and
paid on 21 October 2013 (2012:
58.67 cents per share) 88 104 121 260
Total Expense Ratio ('TER') 29.84bps 39.17bps
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 BBET40 Portfolio had a TER of 29.84bps (2012: 39.17bps) basis points
(annualised) for the period 1 January 2013 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 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 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 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 2014
Sponsor
Nedbank Capital
Trustee
FirstRand Bank Limited
Manager
Nedgroup Beta Solutions (Proprietary) Limited
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