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'). 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.