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BETTABETA CIS - Abridged audited results for the year ended 31 December 2014 - BGREEN

Release Date: 31/03/2015 09:30
Code(s): BGREEN     PDF:  
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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

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