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BBET40 - BettaBeta Equally Weighted Top40 Exchange Traded Fund Collective Investment Scheme - Abridged audited results for the year ended 31 December 2011 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 2011 STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2011 2011 2010 R R
Income Dividend income 2 360 084 666 254 Interest income 121 981 85 505 Total income 2 482 065 751 759 Fair value adjustment Realised gains on financial 795 168 360 128 instruments designated at fair value through profit or loss Unrealised (losses)/ gains on 407 011 3 105 833 financial instruments designated at fair value through profit or loss Total fair value adjustment 1 202 179 3 465 961 Expenses Management fee 274 473 65 045 Other 20 889 7 700 Trustee and custodian fees 62 922 50 268 Investment fee 89 765 32 538 Audit fee 123 288 24 340 Total operating expenses 571 337 179 891 Increase in net assets attributable 3 112 907 4 037 829 to investors before distributions Income distributions (1 572 017) (455 262)
(Decrease)/Increase in net assets 1 540 890 3 582 567 attributable to investors after distributions
STATEMENT OF FINANCIAL POSITION at 31 December 2011 2011 2010
R R ASSETS Listed equities designated held at 81 514 404 36 509 978 fair value through profit or loss Cash and cash equivalents 658 049 166 141 Total assets 82 172 453 36 676 119
LIABILITIES Other payables 398 509 80 552 Total liabilities (excluding net 398 509 80 552 assets attributable to investors) Net assets attributable to 81 773 944 36 595 567 investors
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS for the year ended 31 December 2011 Capital Income Net assets
attributable attributable attributable to investors to investors to investors R R R Balance at 1 January 2010 - - - Creation of BBET40 33 013 000 - 33 013 000 Securities Increase in net assets 3 484 336 98 231 3 582 567 attributable to investors Balance at 31 December 2010 36 497 336 98 231 36 595 567 Creation of BBET40 43 637 487 - 43 637 487 Securities Increase in net assets 1 730 580 (189 690) 1 540 890 attributable to investors Balance at 31 December 2011 81 865 403 (91 459) 81 773 944 STATEMENT OF CASH FLOWS for the year ended 31 December 2011 2011 2010 R R
Cash flow operating activities Cash utilised by operations (253 380) (99 339) Interest received 121 981 85 505 Dividends received 2 360 084 666 254 Investment in Listed Investments (58 383 420) (38 098 399) Disposal of Listed Investments 14 581 173 5 054 382 (41 573 562) (32 391 597) Cash outflow from operating activities Cash flow from financing activities Creation of fund Securities 43 637 487 33 013 000 Distributions paid to fund security (1 572 017) (455 262) holders Net cash generated from financing 42 065 470 32 557 738 activities Net movement in cash and cash 491 908 166 141 equivalents
Cash and cash equivalents at the 166 141 - beginning of the year Cash and cash equivalents at the end 658 049 166 141 of the year During the year, 1 300 000 (2010: 1 085 509) BBET40 securities were created at a value of R43 637 487 (2010: R33 013 000) Distributions The Portfolio declares dividends quarterly. Distributions that are made out of income of the BBET40 Portfolio. The record dates are 31 March 2011, 30 June 2011, 30 September 2011 and 31 December 2011 respectively. During the year under review the following distributions were effected per BBET40 Security. 2011 2010 R R Distributions declared during the period were as follows December 2010 distribution paid on 85 538 20 January 2011 14.96 cents per security 162 392 Declared 18 March 2011 and paid 14 April 2011 26.68 cents per security 207 794 191 050 Declared 20 June 2011 and paid 18 July 2011 Botswana: 26.68 cents per security 428 660 Declared 01 July 2011 and paid 10 August 2011 28.82 cents per security 224 461 264 212 Declared 26 September 2011 and paid 24 October 2011 Botswana: 28.82 cents per security 463 172 Declared 30 September 2011 and paid 10 November 2011 Total Expense Ratio (`TER`) 39.8bps 39.9bps 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 39.8bps (2010: 39.9bps) basis points (annualised) for the period 1 January to 31 December 2011. 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 2011, and have not been applied in preparing these financial statements. All standards and interpretations issued but not effective for the year ended 31 December 2011 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 IFRS 7 Disclosures - Transfers Annual periods amendment of Financial Assets beginning on or after 1 July 2011
IFRS 1 Severe Hyperinflation Annual periods amendment and Removal of Fixed beginning on or Dates for First-time after 1 July Adopters 2011
IAS 12 Deferred tax: Recovery Annual periods amendment of Underlying Assets beginning on or after 1 January 2012
IAS 1 amendment Presentation of Annual periods Financial Statements: beginning on or Presentation of Items of after 1 July Other Comprehensive 2012
Income IAS 19 Employee Benefits: Annual periods amendment Defined benefit plans beginning on or after 1 January
2013 IAS 27 Separate Financial Annual periods Statements (2011) beginning on or after 1 January
2013 IAS 28 Investments in Annual periods Associates and Joint beginning on or Ventures (2011) after 1 January
2013 IFRS 10 Consolidated Financial Annual periods Statements beginning on or after 1 January
2013 IFRS 11 Joint Arrangements Annual periods beginning on or after 1 January
2013 IFRS 12 Disclosure of Interests Annual periods in Other Entities beginning on or after 1 January
2013 IFRS 13 Fair Value Measurement Annual periods beginning on or after 1 January
2013 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. 26 March 2012 Sponsor Nedbank Capital Trustee FirstRand Bank Limited Manager Nedgroup Beta Solutions(Proprietary) Limited Date: 26/03/2012 11:45:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
