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BBET40 - Bettabeta Equally Weighted Top 40 Exchange Traded Fund Collective Investment Scheme - Abridged audited results for the 10 months ended 31 December 2010 Bettabeta Equally Weighted Top 40 Exchange Traded Fund Collective Investment Scheme Registered as such in terms of the Collective Investment Schemes Control Act, 45 of 2002 JSE code: BBET40 ISIN: ZAE000144507 ("BettaBeta" or "the Fund") Abridged audited results for the 10 months ended 31 December 2010 BettaBeta was established in accordance with the provisions of the Collective Investment Schemes Control Act, 45 of 2002 with effect from 25 March 2010. The investment objective of the Fund is to track the price and performance yield of the Equally Weighted FTSE/JSE Top 40 Companies Index on the JSE Limited ("JSE"). The Fund`s securities are securities listed and traded on the JSE in much the same was as any listed share. By owning Fund securities an investor will obtain market exposure to the constituent companies included in the Top 40 Index. The Manager of the Fund is Nedgroup Beta Solutions (Proprietary) Limited. STATEMENT OF COMPREHENSIVE INCOME for the 10 months ended 31 December 2010 10 months ended
31 December 2010 R
Revenue Dividend income 666 254 Capital distributions received 18 375 Income distributions received 647 879 Interest income 85 505 Other operating income 3 465 961 Realised gains on financial instruments 360 128 designated at fair value through profit or loss Unrealised gains on financial instruments 3 105 833 designated at fair value through profit or loss Operating expenses Management and administrative expenses (179 891) Profit before taxation 4 037 829 Taxation - Profit for the year 4 037 829 Income distribution (455 262) Increase in net assets attributable to 3 582 567 investors Capital attributable to investors 3 484 336 Income attributable to investors 98 231 3 582 567 Statement of Financial Position as at 31 December 2010 2010 R Assets Non-current assets Investments 36 509 978
Current assets Cash and cash equivalents 166 141 Total assets 36 676 119 Liabilities Trade and other payables 80 552 NET ASSETS ATTRIBUTABLE TO INVESTORS 36 595 567
Represented by: Net assets attributable to investors Valued in accordance with the prospectus 36 502 628 Adjustment to the statement of financial position relating to the subsequent accrual of expenses and the difference between the bid price and the last trade price of assets 92 939 Valued in accordance with IFRS requirements 36 595 567 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS for the 10 months ended 31 December 2010 Capital Income Net assets attributable attributable attributable
to investors to investors to investors R R R New creation of 33 013 000 - 33 013 000 securities Increase in net assets 3 484 336 98 231 3 582 567 attributable to investors Balance at 31 December 36 497 336 98 231 36 595 567 2010 STATEMENT OF CASH FLOWS for the 10 months ended 31 December 2010 R Cash flow from operating activities
Cash utilised by operations (99 339) Dividends received 666 254 Interest received 85 505 Investment in listed investments (38 098 399) Disposal of listed investments 5 054 382 Net cash outflow from operating activities (32 391 597) Cash flow from financing activities Creation of fund securities 33 013 000 Distributions paid to fund security holders (455 262) Net cash inflow from financing activities 32 557 738 Net movement in cash and cash equivalents 166 141 Cash and cash equivalents at the beginning of the - period Cash and cash equivalents at the end of the period 166 141 Number of BettaBeta Securities in issue as at 31 1 085 509 December 2010 Value of the BettaBeta Securities 36 595 567 Net asset value per BettaBeta Security, excluding 33.63 distributable amounts Net asset value per BettaBeta Security, including 33.71 distributable amounts Creation and cancellation of BettaBeta securities A total of 1 085 509 BettaBeta securities were issued during the period at a value of R33 013 000. Distributions BettaBeta effects quarterly distributions after paying all the accrued expenses. All distributions are made out of income received by the Fund. Distributions declared during the period R were as follows:
17.6 cents per share declared on 14 June 2010 and 191 050 paid on 19 July 2010 24.34 cents per share declared on 3 September 2010 264 212 and paid on 18 October 2010 455 262 Total Expense Ratio for the 10 months ended 31 December 2010 The Association of Collective Investment Scheme`s Guidelines on Total Expense Ratio`s require that a Fund must be in existence for more than 6 months before expense ratios can be calculated and published. The expense ratio for BettaBeta for the 10 months ended 31 December 2010 was 39.9 basis points. Statement of compliance The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and in the manner required by the Collective Investment Schemes Control Act and the Principal Deed of BettaBeta. The financial statements were authorised for issue by the Manager on 11 February 2011. New standards and interpretations not yet adopted A number of new standards, amendments to standards and interpretations issued are not yet effective for the 10 months ended 31 December 2010 and have not been applied in preparing these financial statements: IFRS 9 Financial Instruments This IFRS is the first phase in the IASB`s three part project to replace the current IAS 39 Financial Instruments: Recognition and Measurement. This phase deals with the classification and measurement of financial assets. Financial assets can be classified as financial assets at amortised costs or fair value. The classification is based on the entity`s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. Amendments are effective for periods commencing 1 January 2013. Audit report These financial statements have been audited by the independent auditors, KPMG Inc., and their unqualified audit opinion is available for inspection at the Fund`s registered office. A full copy of the financial statements is available on the BettaBeta website www.bettabeta.co.za. 11 February 2011 Sponsor Nedbank Capital Manager Nedgroup Beta Solutions (Proprietary) Limited Trustee FirstRand Bank Limited Date: 11/02/2011 12:00:02 Supplied by www.sharenet.co.za 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.
