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Abridged audited results for the year ended 31 December 2012 - 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 2012
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2012
2012 2011
R R
Income
Dividend income 4 124 351 149 672
Interest income 90 820 516
Total income 4 215 171 150 188
Fair value adjustment
Realised gains on financial
instruments designated at fair
value through profit or loss 8 157 163 619 858
Unrealised gains on financial
instruments designated at fair
value through profit or loss 13 331 367 1 711 261
Total fair value adjustment 21 488 530 2 331 119
Expenses
Investment fee 162 181 8 129
Trustee fees 70 753 5 753
Other 96 238 574
Management fee 642 000 -
Total operating expenses 971 172 14 456
Increase in net assets attributable
to investors before distributions 24 732 529 2 466 851
Income distributions (3 058 115) -
Increase in net assets attributable
to investors after distributions 21 674 414 2 466 851
STATEMENT OF FINANCIAL POSITION
at 31 December 2012
2012 2011
R R
ASSETS
Listed equities designated at fair
value through profit or loss 123 990 829 102 271 819
Cash and cash equivalents 210 984 97 702
Total assets 124 201 813 102 369 521
LIABILITIES
Other payables 171 760 13 882
Total liabilities (excluding net
assets attributable to investors)
171 760 13 882
Net assets attributable to
investors 124 030 053 102 355 639
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
New creation of securities 99 888 788 - 99 888 788
Increase in net assets
attributable to investors 2 331 119 135 732 2 466 851
Balance at 31 December 2011 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
STATEMENT OF CASH FLOWS
for the year ended 31 December 2012
2012 2011
R R
Net cash generated from operating
activities
Cash utilised by operations (813 294) (574)
Interest received 90 820 516
Dividends received 4 124 351 149 672
Investment in listed investments (46 105 331) (27 387 701)
Disposal of listed investments 45 874 851 27 335 789
Net cash inflow from operating
activities 3 171 397 97 702
Distributions paid to fund security
holders (3 058 115) -
Net movement in cash and cash
equivalents 113 282 97 702
Cash and cash equivalents at the
beginning of the year 97 702 -
Cash and cash equivalents at the end
of the year 210 984
Distributions
The Portfolio declares dividends quarterly. Distributions are made from the
income of the BGreen Portfolio.
2012 2011
R R
Distributions declared during the
period were as follows:
1.12 cents per security declared on
30 December 2011 distribution paid
on 23 January 2012 83 250 -
7.72 cents per security
Declared 8 March 2012 and paid 30
April 2012 573 828 -
17.40 cents per security Declared 15
June 2012 and paid 23 July 2012 1 293 434 -
14.90 cents per security Declared 6
September 2012 and paid 22 October
2012 1 107 603 224 461
Total Expense Ratio ('TER') 69.5bps -
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 BGreen Portfolio had a TER of 69.5bps 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 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.
28 March 2013
Sponsor
Nedbank Capital
Trustee
FirstRand Bank Limited
Manager
Nedgroup Beta Solutions (Proprietary) Limited
Date: 28/03/2013 03:32:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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