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BETTABETA CIS - Abridged audited results for the year ended 31 December 2014 - BBET40

Release Date: 31/03/2015 09:30
Code(s): BBET40     PDF:  
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Abridged audited results for the year ended 31 December 2014 - BBET40

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 2014

STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2014
                                           2014                2013
                                             R                   R

Income
Dividend income                              6 523 408           3 722 238
Interest income                                 50 069              18 327
Total income                                 6 573 477           3 740 565

Fair value adjustment
Realised net gains on financial
instruments designated at fair
value through profit or loss
                                               676 839           1 879 137
Unrealised net gains on financial
instruments designated at fair
value through profit or loss
                                             6 123 177           8 071 272
Total fair value adjustment                  6 800 016           9 950 409
Management fee written off                           -                   -

Expenses
Management fee                               (157 842)            (35 405)
Other                                          (7 539)             (7 366)
Trustee and custodian fees                    (88 943)            (70 470)
Investment fee                               (384 058)           (160 044)
Total operating expenses                     (638 382)           (273 285)



Increase in net assets attributable
to investors before distributions           12 735 111          13 417 689

Income distributions                       (4 671 272)         (2 920 775)



Increase in net assets attributable
to investors after distributions             8 063 839          10 496 914
STATEMENT OF FINANCIAL POSITION
at 31 December 2014
                                             2014                2013
                                               R                   R
ASSETS

Listed equities designated at fair
value through profit or loss               298 682 164         139 447 722
Cash and cash equivalents                    2 347 492             620 613
Trade and other receivables                          -             955 757
Total assets                               301 029 656         140 024 092

LIABILITIES

Other payables                                  386 594            923 916
Total liabilities (excluding net
assets attributable to investors)
                                                386 594            923 916
Net assets attributable to
investors                                   300 643 062        140 100 176


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            60 052 768      (364 875)      59 687 893
Creation of BBET40
Securities                           69 915 369              -    (69 915 369)

Increase/(decrease)  in
net assets attributable
                                     10 414 501         82 413      10 496 914
to investors
Balance at 31 December 2013         140 382 638      (282 462)     140 100 176

Creation of BBET40
Securities                          152 479 047              -     152 479 047
Increase in net assets
attributable to investors
                                      6 800 016      1 263 823       8 063 839

Balance at 31 December 2014         299 661 701        981 361     300 643 062
STATEMENT OF CASH FLOWS
for the year ended 31 December 2014
                                             2014               2013
                                               R                  R

Cash flow from operating activities


Cash utilised by operations                    (219 947)          (606 881)
Dividends received                            6 523 408           3 722 238
Interest incurred on creation of
units                                               (24)           (16 516)
Interest received                                50 069              18 327
Investment in listed investments            (59 659 285)       (76 525 766)
Disposal of listed investments               59 498 631          30 067 516

Cash (outflow)/inflow from operating
activities                                     6 192 852       (43 341 082)

Cash flow from financing activities
Creation      of      fund
Securities                                       205 299         46 599 087
Distributions    paid   to
fund security holders                        (4 671 272)        (2 920 775)
Net cash generated from financing
activities                                   (4 465 973)         43 678 312
Net movement in cash and cash
equivalents                                    1 726 879            337 230

Cash and cash equivalents at the
beginning of the year                            620 613            283 383
Cash and cash equivalents at the end
of the year                                    2 347 492            620 613


During the year, 3 000 000 BBET40 securities were created at a value of
R152 479 047 (2013: 1 614 491 at a value of R69 915 369). Zero BBET40
securities were redeemed during the period (2013: Zero)
Distributions



The Portfolio declares dividends quarterly. Distributions are made from the
income of the BBET40 Portfolio.

                                                   2014                2013
                                                      R                   R
Distributions declared during the
period were as follows:
21.92505 cents per share declared on
4 December 2013 and paid on the
27 January 2014 (2013: 23.33585
cents per share)
                                                612 439             275 092
Botswana: 21.92505 cents per share
declared on 4 December 2013 and paid
on 27 January 2014 (2013: 23.33585
cents per share)
                                                 45 302              48 216
30.05061 cents per share declared on
8 March 2014 and paid on
22 May 2014 (2013: 30.17122 cents
per share)
                                                839 412             672 468
Botswana: 30.05061 cents per share
declared on 8 March 2014 and paid on
22 May 2014 (2013: 30.17122 cents
per share)
                                                 62 106              62 081
44.44826 cents per share declared on
11 June 2014 and paid on 5 August
2014 (2013: 23.97465 cents per
share)
                                              1 185 720             534 356
Botswana: 42.44826 cents per share
declared on 11 June 2014 and paid on
5 August 2014 (2013: 23.97465 cents
per share)
                                                 87 728              49 549
30.64258 cents per share declared on
4 September 2014 and paid on
27 October 2014 (2013: 42.63404
cents per share)
                                                781 386           1 190 909
Botswana: 30.64258 cents per share
declared on 4 September 2014 and
paid on 27 October 2014 (2013:
42.63404 cents per share)                     1 057 169              88 104
Total Expense Ratio ('TER')                     29.89bps            29.84bps

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 29.89bps (2013 29.84bps) basis points
(annualised) for the period    1 January 2014 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'). 
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