Wrap Text
Abridged Results as at 31 December 2017 -PTXTEN
CORESHAREAS INDEX TRACKER COLLECTIVE INVESTMENT SCHEME
INSTRUMENT: CORESHARES PROPTRAX TEN
ABBREVIATED NAME: PROPTRAX TEN
SHARE CODE: PTXTEN
ISIN CODE: ZAE000155362
ABRIDGED RESULTS FOR CORESHARES INDEX TRACKER COLLECTIVE INVESTMENT
SCHEME
(“CORESHARES PROPERTY TOP TEN EXCHANGE TRADED FUND”)
AS AT 31 DECEMBER 2017
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2017
31 December 30 September
2017 2016
R R
ASSETS
CURRENT ASSETS
Listed investments held at fair value through profit or 303 994 191 281 378 827
loss
Distributions receivable 15 601 2 334 755
Cash and cash equivalents 3 410 727 2 418 760
TOTAL ASSETS 307 420 519 286 132 342
LIABILITIES
Net assets attributable to investors 307 254 234 285 748 430
CURRENT LIABILITIES
Trade and other payables 166 285 383 912
TOTAL LIABILITIES 307 420 519 286 132 342
STATEMENT OF PROFIT OR LOSS OR OTHER COMPREHENSIVE INCOME
FOR THE 15 MONTHS ENDED 31 DECEMBER 2017
15 months 12 months
31 December 30 September
2017 2016
R R
Distribution income 20 327 723 12 461 258
Interest income 199 286 59 391
Investment income 20 527 009 12 520 649
Other income - -
Total Revenue 20 527 009 12 520 649
Management and administration expenses (1 989 117) (1 403 137)
Income before taxation 18 537 892 11 117 512
Taxation - -
Income before distributions 18 537 892 11 117 512
Distributions paid (16 056 450) (10 469 121)
Income after distributions 2 481 442 648 391
Realised gains on financial instruments designated at fair 19 783 192 12 653 103
value through profit or loss
Unrealised gains/(losses) on financial instruments 2 589 795 (2 923 858)
designated at fair value through profit or loss
Total fair value adjustments - gains 22 372 987 9 729 245
Other comprehensive income
Increase in net assets attributable to investors 24 854 429 10 377 636
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
FOR THE 15 MONTHS ENDED 31 DECEMBER 2017
Accumulated
Capital Profit Total
R R R
Balance at 30 September 2015 238 814 402 3 561 552 242 375 955
Creation of 200 000 units on 05 October 2015 3 992 374 3 992 374
Creation of 150 000 units on 20 October 2015 3 044 601 3 044 601
Creation of 100 000 units on 27 October 2015 2 050 220 2 050 220
Creation of 150 000 units on 06 November 3 075 531 3 075 531
2015
Creation of 150 000 units on 20 November 3 061 473 3 061 473
2015
Creation of 150 000 units on 25 April 2016 3 300 123 3 300 123
Creation of 150 000 units on 07 June 2016 3 270 576 3 270 576
Creation of 200 000 units on 28 June 2016 4 087 014 4 087 014
Creation of 150 000 units on 18 July 2016 3 227 143 3 227 143
Creation of 150 000 units on 29 July 2016 3 321 716 3 321 716
Creation of 150 000 units on 15 August 2016 3 314 562 3 314 562
Creation of 200 000 units on 13 September 4 121 968 4 121 968
2016
Creation of 150 000 units on 22 September 3 092 113 3 092 113
2016
Creation of 150 000 units on 27 September 3 110 408 3 110 408
2016
Liquidation of 150 000 units on 25 January (2 698 514) (2 698 514)
2016
Liquidation of 250 000 units on 28 January (4 578 771) (4 578 771)
2016
Liquidation of 75 000 units on 26 May 2016 (1 589 773) (1 589 773)
Liquidation of 200 000 units on 01 September (4 207 927) (4 207 927)
2016
Change in net assets attributable to investors 9 729 245 648 391 10 377 636
Balance at 30 September 2016 281 538 484 4 209 941 285 748 430
Creation of 100 000 units on 24 October 2016 2 111 922 2 111 922
Creation of 150 000 units on 07 November 3 076 781 3 076 781
2016
Creation of 150 000 units on 07 December 2 984 180 2 984 180
2016
Creation of 100 000 units on 05 January 2017 2 084 620 2 084 620
Creation of 150 000 units on 11 January 2017 3 173 925 3 173 925
Creation of 100 000 units on 22 Febuary 2017 2 151 031 2 151 031
Creation of 100 000 units on 28 Febuary 2017 2 125 738 2 125 738
Creation of 100 000 units on 06 March 2017 2 124 988 2 124 988
Creation of 100 000 units on 29 March 2017 2 084 341 2 084 341
Creation of 150 000 units on 04 April 2017 3 076 711 3 076 711
Creation of 150 000 units on 06 April 2017 3 020 928 3 020 928
Creation of 100 000 units on 15 May 2017 2 113 821 2 113 821
Creation of 100 000 units on 19 May 2017 2 066 592 2 066 592
Creation of 125 000 units on 02 June 2017 2 625 854 2 625 854
Creation of 150 000 units on 27 June 2017 3 160 035 3 160 035
Creation of 100 000 units on 15 August 2017 2 191 700 2 191 700
Creation of 150 000 units on 04 October 2017 3 225 983 3 225 983
Creation of 150 000 units on 09 October 2017 3 235 277 3 235 277
Creation of 100 000 units on 05 December 2 177 890 2 177 890
2017
Liquidation of 550 000 units on 16 March 2017 (11 767 450) (11 767 450)
Liquidation of 736 500 units on 20 June 2017 (15 351 890) (15 351 890)
Liquidation of 50 000 units on 06 September (1 089 496) (1 089 496)
2017
Liquidation of 800 000 units on 25 October (17 424 699) (17 424 699)
2017
Liquidation of 200 000 units on 03 November (4 388 002) (4 388 002)
2017
Liquidation of 100 000 units on 21 November (2 139 405) (2 139 405)
2017
Change in net assets attributable to investors 22 372 987 2 481 442 24 854 429
Balance at 31 December 2017 300 562 844 6 691 380 307 254 234
STATEMENT OF CASH FLOWS
FOR THE 15 MONTHS ENDED 31 DECEMBER 2017
15 months 12 months
31 December 30 September
2017 2016
R R
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 20 639 419 6 327 497
Distributions paid (16 056 450) (10 469 121)
Net cash inflow/(outflow) from operating activities 4 582 969 (4 141 624)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments (455 650 587) (117 056 850)
Proceeds from sale of investments 455 688 222 84 838 546
Net cash inflow/(outflow) from investing activities 37 635 (32 218 304)
CASH FLOWS FROM FINANCING ACTIVITIES
Contributions received for new units created 48 947 978 46 123 361
Contributions repaid for units liquidated (52 576 615) (13 067 204)
Net cash (outflow)/inflow from financing activities (3 628 637) 33 056 157
NET INCREASE/(DECREASE) IN CASH AND CASH 991 967 (3 303 771)
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE 2 418 760 5 722 531
PERIOD
CASH AND CASH EQUIVALENTS AT END OF THE YEAR 3 410 727 2 418 760
ACCOUNTING POLICIES
FOR THE 15 MONTHS ENDED 31 DECEMBER 2017
The financial statements have been prepared consistently based on the following principal accounting policies
which are consistent with those applied in the previous period:
1. Basis of Preparation
The financial statements are prepared on a historic cost basis, except for certain financial instruments, which are
accounted for at fair value.
The financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS’’),
its interpretations adopted by the International Accounting Standards Board (“IASB”), the South African Institute
of Chartered Accountants Financial Reporting Guides as issued by the Accounting Practices Committee and
Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the JSE Listings
Requirements, the requirements of the Coreshares Index Tracker Collective Investment Scheme Deed and the
Collective Investment Schemes Control Act, 45 of 2002 ("the Act").
At the date of approval of the annual financial statements, the following new standards and amendments that
apply to the Scheme were in issue but not yet effective:
New standards and amendments to standards and interpretations not
yet adopted
IFRS 9 - Financial Instruments: Finalised version, incorporating requirements for classification and measurement,
impairment, general hedge accounting and derecognition - Applies to annual periods beginning on or after 1
January 2018.
IFRS 15 - Revenue from contracts with customers - Applies to annual periods beginning on or after 1 January
2018.
IFRS16 – Leases - Applicable to annual reporting periods beginning on or after 1 January 2019.
IFRS17 – Insurance contracts - Applicable to annual reporting periods beginning on or after 1 January 2021.
IFRIC 23 Uncertainty over Income Tax Treatments. Effective for annual periods beginning on or after 1 January
2019.
Prepayment Features with Negative Compensation (Amendments to IFRS 9). Effective for annual periods
beginning on or after 1 January 2019.
Annual Improvements to IFRS Standards 2015–2017 Cycle. Effective for annual periods beginning on or after 1
January 2019.
The entity plans to adopt these standards when they become effective.
The manager anticipates that the adoption of applicable standards and interpretations in future periods will have
the following impact on the financial statements of the Scheme.
IFRS 9 - Financial Instruments: - under the current business model investments are held at fair value through
profit or loss, receivables are measured at amortised cost and cash and cash equivalents are measured at fair
value. Financial liabilities are held at fair value through profit or loss. No change is anticipated for initial
recognition of either financial assets or financial liabilities.
IFRS 15 - Revenue from contracts with customers - due to the nature of the Scheme's revenue, being income
from investments, no change is anticipated for recognition and measurement of revenue.
IFRS16 – Leases - is not applicable to the Scheme as no items are leased.
IFRS17 – Insurance contracts - is not applicable to the manager and the Scheme
The manager anticipates that the adoption of amendments to existing standards in future periods will have no
material impact on the financial statements of the Scheme.
Amendments to existing standards that became effective during the period
IAS 12 - Recognition of Deferred Tax Assets for Unrealised Losses. Effective for annual periods beginning on or
after 1 January 2017
IAS 7 - Disclosure Initiative. Effective for annual periods beginning on or after 1 January 2017
Annual Improvements to IFRS Standards 2014–2016 Cycle. The amendments to IFRS 1 and IAS 28 are
effective for annual periods beginning on or after 1 January 2018, the amendment to IFRS 12 for annual periods
beginning on or after 1 January 2017
The standards and amendments adopted in the current period have had no material impact on the financial
statements of the Scheme.
2. Functional and reporting currency
The annual financial statements are presented in South African Rands which is the functional currency of the
Scheme.
3. Use of estimates and judgements
The preparation of financial statements in conformity with IFRS requires the use of certain critical estimates,
judgements and assumptions that affect the reported amounts. It also requires management to exercise its
judgement in the Scheme’s process of applying the accounting policies. Actual results may vary from these
estimates. There are no areas involving a higher degree of judgement complexities or areas where assumptions
or estimates are significant.
4. Financial Instruments
Measurement
Financial instruments are recognised when the Scheme becomes a party to the contractual provisions of that
particular instrument. Financial instruments are initially measured at fair value, which except for financial
instruments at fair value through profit and loss, includes direct attributable transaction costs. Subsequent to
initial recognition, these instruments are measured as set out below.
Investments
Listed investments are designated as held at fair value through profit or loss. Fair value is determined with
reference to quoted market prices at the reporting date, as published in the financial press at the reporting date.
Receivables
Receivables comprise of contributions receivable and distributions receivable, and are measured at amortised
cost using the effective interest rate method.
Cash and cash equivalents
Cash and cash equivalents comprises of bank balances and are measured at fair value.
Financial liabilities
Financial liabilities, trade payable, distributions payable and securities purchases payable are initially measured
at fair value through profit or loss and are subsequently measured at amortised cost using the effective interest
rate method. Financial liabilities arising from the securities issued by the Scheme are carried at fair value
representing the investor’s right to a residual interest in the Scheme’s net assets, i.e. the net asset value of the
Scheme. Changes in the fair value are included in profit or loss in the period in which the change arises.
Derecognition of financial instruments
The Scheme derecognises financial assets when:
- The contractual rights to the cash flows arising from the financial assets have expired or have been
forfeited by the Scheme; or
- It transfers the financial assets including substantially all the risks and rewards of ownership of the
assets; or
- It transfers the financial assets, neither retaining nor transferring substantially all the risks and rewards
of the ownership of the asset, but no longer retains control of the asset.
The difference between the carrying value of financial assets derecognised at the date of derecognition, and
proceeds, is recorded as a realised gain or loss in profit or loss.
A financial liability is derecognised when the liability is extinguished. This is, when the obligation specified in the
contract is discharged, cancelled or has expired. The difference between the carrying amount of a financial
liability (or part thereof) extinguished or transferred to another party and consideration paid, including any non-
cash assets transferred or liabilities assumed, is recognised in profit or loss.
5. Revenue
Revenue comprises distribution income and interest income.
Interest income
Interest income is recognised in profit or loss, using the effective interest method taking into account the
expected timing and amount of cash flows.
Distribution income
Distribution income in the form of cash is recognised when the right to receive payment is established.
6. Income tax
Under the current system of taxation in South Africa, the Scheme is exempt from paying tax on income if
distributed within twelve months and exempt from paying tax on capital gains. Both income and capital gains are
taxed in the hands of investors.
7. Expenses
Expenses are recognised on the accrual basis.
8. Distributions
Distributions payable on redeemable securities are recognised in profit or loss as distributions.
In accordance with the CoreShares Index Tracker Collective Investment Scheme Deed, the Scheme distributes
its distributable income and any other amounts determined by the Manager, to security investors in cash. The
distributions are payable shortly after the end of each quarter and recognised in profit or loss as distributions.
9. Creations and redemptions
Investors can acquire the Scheme's securities by trading on the JSE. These purchases will be made at the
current market price of the securities plus a brokerage fee that is negotiable with the broker and any additional
transaction costs applicable to such a trade.
Investors can also acquire the Scheme's securities by subscribing for them directly from the Scheme. The cash
subscription price and number of the Scheme's securities to be issued to an investor for cash will be determined
by the amount which the investor invests (net of transaction costs) and will be a function of the pro rata cost to
the portfolio of acquiring the underlying basket of securities.
Investors subscribing for the Scheme's securities, by the delivery of one or more full baskets of constituent
securities, are obliged to deliver securities with a perfect match to the index.
Investors may sell securities by trading on the JSE, at the current market price quoted on the JSE. Investors may
also redeem securities directly with the Scheme.
Securities prices are determined by reference to the net assets of the Scheme divided by the number of
securities in issue. For unit pricing purposes, net assets are determined using the last reported trade price for
securities. These prices may differ from the market price quoted on the JSE.
10. Redeemable securities
All redeemable securities issued by the Scheme provide investors with the right to require redemption for cash or
in specie at the value proportionate to the investors’ share. Such instruments give rise to a financial liability for
the net asset value of the redemption amount in the Scheme’s net assets at redemption date. In accordance
with the CoreShares Index Tracker Collective Investment Scheme Deed and the Act, the Scheme is contractually
obliged to redeem securities at the net asset value. A redemption fee, depending on the size of the recall, would
be payable by the investor making the redemption.
Net assets attributable to security
11. investors
Securities are redeemable at the security investor’s option and are therefore classified as financial liabilities. The
securities may be sold back to the Scheme at anytime. The fair value of redeemable securities is measured at
the redemption amount that is payable (in cash and securities representing each investor’s equal, undivided and
vested interest in the assets as a whole, subject to liabilities, as defined by the CoreShares Index Tracker
Collective Investment Scheme Deed) at the reporting date if security investors exercise their right to put the
securities back to the Scheme.
12. Increase/decrease in net assets attributable to security investors.
Income not distributed is included in net assets attributable to security investors.
The financial information set out in this announcement is based on the financial statements which have been
audited by the auditors Deloitte & Touche. Their unmodified audit report is available for inspection at the
Manager’s registered address.
The directors take full responsibility for the preparation of the abridged financial information which have been
extracted correctly from the underlying audited annual financial statements.
The full financial statements are available on www.coreshares.co.za
03 April 2018
Date: 03/04/2018 04:05:00 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. 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.
Sharenet Sites 
