Abridged audited results for the year ended 31 December 2014 - 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 2014 STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2014 2014 2013 R R Income Dividend income 3 892 965 3 583 331 Interest income 34 448 22 152 Total income 3 927 413 3 605 483 Fair value adjustment Realised net gains on financial instruments designated at fair value through profit or loss 8 006 090 12 776 542 Unrealised net (loss)/gains on financial instruments designated at fair value through profit or loss 16 909 (6 256 418) Total fair value adjustment 8 022 999 6 520 124 Expenses Management fee (237 692) (155 768) Trustee fees (72 086) (70 262) Investment fee (313 387) (166 163) Other 5 714 4 906 Total operating expenses (628 879) (387 287) Increase in net assets attributable to investors before distributions 11 321 533 9 738 320 Income distributions (2 895 816) (2 556 767) Increase in net assets attributable to investors after distributions 8 425 717 7 181 553 STATEMENT OF FINANCIAL POSITION at 31 December 2014 2014 2013 R R ASSETS Listed equities designated at fair value through profit or loss 138 709 239 130 668 137 Cash and cash equivalents 2 368 223 779 035 Trade and other receivables - 830 386 Total assets 141 077 462 132 277 558 LIABILITIES Other payables 1 440 139 1 065 952 Total liabilities (excluding net assets attributable to investors) 1 440 139 1 065 952 Net assets attributable to investors 139 637 323 131 211 606 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS for the year ended 31 December 2014 Capital Income Net assets attributable attributable attributable to investors to investors to investors R R R Balance at 1 January 2013 124 122 901 (92 848) 124 030 053 Increase/(decrease) in net assets attributable to investors 6 912 461 269 092 7 181 553 Balance at 31 December 2013 131 035 362 176 244 131 211 606 Increase in net assets attributable to investors 8 022 999 402 718 8 425 717 Balance at 31 December 2014 139 058 361 578 962 139 637 323 STATEMENT OF CASH FLOWS for the year ended 31 December 2014 2014 2013 R R Net cash generated from operating activities Cash utilised by operations 575 694 (323 481) Dividends received 3 892 965 3 583 331 Interest received 34 448 22 152 Investment in listed investments (53 393 794) (61 226 693) Disposal of listed investments 53 375 691 61 069 509 Net cash inflow from operating activities 4 485 004 3 124 818 Distributions paid to fund security holders (2 895 816) (2 556 767) Net movement in cash and cash equivalents 1 589 188 568 051 Cash and cash equivalents at the beginning of the year 779 035 210 984 Cash and cash equivalents at the end of the year 2 368 223 779 035 Distributions The Portfolio declares dividends quarterly. Distributions are made from the income of the BGreen Portfolio. 2014 2013 R R Distributions declared during the period were as follows: 7.45683 cents per share declared on 4 December 2013 and paid on 27 January 2014 (2013: 2.36 cents per share) 554 267 175 316 10.17468 cents per share declared on 8 March 2014 and paid on 12 May 2014 (2013: 10.06 cents per share) 756 285 747 832 11.87474 cents per share declared on 11 June 2014 and paid on 5 August 2014 (2013: 10.71 cents per 882 651 795 733 share) 9.4526 cents per share declared on 4 September 2014 and paid on 27 October 2014 (2013: 11.27 cents per share) 702 613 837 886 Total Expense Ratio ('TER') 45.25bps 64.68bps 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, bank charges, custodian fees, costs related to securities lending and taxes. The BGreen Portfolio had a TER of 45.25bps (2013: 64.68 bps) basis points (annualised) for the period 1 January to 31 December 2014. 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), the SAICA Financial Reporting Pronouncements as issued by Financial Reporting Standards Council and in the manner required by the Collective Investment Schemes Control Act and the Principal Deed. Functional and presentation currency Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The financial statements are presented in South African Rand, which is the Scheme’s functional and presentation currency. Accounting policies The accounting policies applied in the preparation of the financial statements are consistent with those adopted in the previous financial year and are in accordance with IFRS. The trust adopted the following new standards and amendments to standards, including any consequential amendments to other standards, with a date of initial application of 1 January 2014. a) IFRS 10: Consolidated Financial Statements b) IFRS 12: Disclosure of Interest in Other Entities c) IAS27: Separate Financial Statements Forthcoming requirements The following standards, amendments to standards, and interpretations, effective for the first time in the future accounting period, and which are relevant to the Portfolio, have not been adopted for the year ended 31 December 2014: IFRS 9: Financial Instruments - IFRS 9 deals with classification and measurement of financial assets and financial liabilities. The effective date of IFRS 9 is yet to be decided. The impact of the above standards will be assessed once the standards become effective, and applied only at that stage. 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. 31 March 2015 Sponsor Nedbank Capital Trustee FirstRand Bank Limited Manager Nedgroup Beta Solutions(Proprietary) Limited Date: 31/03/2015 09:30:00 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. 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