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BETTABETA CIS - Abridged audited results for the year ended 31 December 2012 - BGREEN

Release Date: 28/03/2013 15:32
Code(s): BGREEN     PDF:  
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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

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