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JSE BBET40
BBET40
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 Produced by the JSE SENS Department.
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