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Abridged audited results for the year ended 31 December 2012 - BBET40
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 2012
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2012
2012 2011
R R
Income
Dividend income 2 117 976 2 360 084
Interest income 101 525 121 981
Total income 2 219 501 2 482 065
Fair value adjustment
Realised gains on financial
instruments designated at fair
value through profit or loss
5 386 889 795 168
Unrealised (losses)/ gains on
financial instruments designated at
fair value through profit or loss
9 285 549 407 011
Total fair value adjustment 14 672 438 1 202 179
Management fee written off 369 292 -
Expenses
Management fee 66 177 274 473
Other 50 349 20 889
Trustee and custodian fees 66 348 562 922
Investment fee 86 005 89 765
Audit fee - 123 288
Total operating expenses 268 879 571 337
Increase in net assets attributable
to investors before distributions 16 992 352 3 112 907
Income distributions (2 354 774) (1 572 017)
Increase in net assets attributable
to investors after distributions 14 637 578 1 540 890
STATEMENT OF FINANCIAL POSITION
at 31 December 2012
2012 2011
R R
ASSETS
Listed equities designated at fair
value through profit or loss 59 706 265 81 514 404
Cash and cash equivalents 283 383 658 049
Total assets 59 989 648 82 172 453
LIABILITIES
Other payables 301 755 398 509
Total liabilities (excluding net
assets attributable to investors) 301 755 398 509
Net assets attributable to
investors 59 687 893 81 773 944
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2012
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Balance at 1 January 2011 36 497 336 98 231 36 595 567
Creation of BBET40
Securities 43 637 487 - 43 637 487
Increase in net assets
attributable to investors 1 730 580 (189 690) 1 540 890
Balance at 31 December 2011 81 865 403 (91 459) 81 773 944
Redemption of BBET40
Securities (36 723 629) - (36 723 629)
Increase in net assets
attributable to investors 14 910 994 (273 416) 14 637 578
Balance at 31 December 2012 60 052 768 (364 875) 59 687 893
STATEMENT OF CASH FLOWS
for the year ended 31 December 2012
2012 2011
R R
Cash flow operating activities
Cash utilised by operations (272 849) (253 380)
Interest received 101 525 121 981
Dividends received 2 117 976 2 360 084
Investment in listed investments (12 925 825) (58 383 420)
Disposal of listed investments 49 406 402 14 581 173
Cash outflow from operating
activities 38 427 229 (41 573 562)
Cash flow from financing activities
Creation of fund
Securities (36 723 629) 43 637 487
Distributions paid to
fund security holders (2 078 266) (1 572 017)
Net cash generated from financing
activities (38 801 895) 42 065 470
Net movement in cash and cash
equivalents (374 666) 491 908
Cash and cash equivalents at the
beginning of the year 658 049 166 141
Cash and cash equivalents at the end
of the year 283 383 658 049
During the year, 1 000 000 BBET40 securities were redeemed at a value of R36
723 629 (2011:nil).
Distributions
The Portfolio declares dividends quarterly. Distributions are made from the
income of the BBET40 Portfolio.
2012 2011
R R
Distributions declared during the
period were as follows:
10.82 cents per security declared on
30 December 2011 distribution paid
on 23 January 2012 84 270 85 538
Botswana: 10.82 cents per share
declared on 30 December 2011
distribution paid on 23 January 2012 173 755 -
17.21 cents per security
Declared 8 March 2012 and paid 30
April 2012 134 038 162 392
Botswana:17.20 cents per security
Declared 8 March 2012 and paid 30
April 2012 276 508 -
63.02 cents per security Declared 15
June 2012 and paid 23 July 2012 743 018 207 794
Botswana: 63.02 cents per share
Declared 15 June 2012 and paid 23
July 2012 130 263 428 660
58.67 cents per security Declared 6
September 2012 and paid 22 October
2012 691 662 224 461
Botswana: 58.67 cents per security
Declared 6 September 2012 and paid
29 October 2012 121 260 463 172
Total Expense Ratio ('TER') 39.71bps 39.8bps
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 39.71bps (2011: 39.8bps) basis points
(annualised) for the period 1 January to 31 December 2012. 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 2012, and have not been applied
in preparing these financial statements. All standards and interpretations
issued but not effective for the year ended 31 December 2012 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
IAS 1 amendment Presentation of Annual periods beginning on or
Financial Statements: after 1 July 2012
Presentation of Items of
Other Comprehensive
Income
IFRS 13 Fair Value Measurement Annual periods beginning on or
after 1 January 2013
IFRS 7 Financial Annual periods beginning on or
Instruments:Disclosures: after 1 January 2013
Offsetting Financial
Assets and Financial
Liabilities
IAS 32 Financial Instruments: Annual periods beginning on or
Presentation: Offsetting after 1 January 2014
Financial Assets and
Financial Liabilities
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.
28 March 2013
Sponsor
Nedbank Capital
Trustee
FirstRand Bank Limited
Manager
Nedgroup Beta Solutions(Proprietary) Limited
Date: 28/03/2013 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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