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Audited Results for the Period 1 April 2017 to 31 December 2017 - AMIB50
Cloud Atlas (RF) Proprietary Limited
The Cloud Atlas Collective Investment Scheme in Securities
AMI Big50 ex-SA ETF
JSE code: AMIB50
ISIN: ZAE000242582
(“AMI Big50 ex-SA”)
A portfolio in the Cloud Atlas Collective Investment Scheme in
Securities, registered as such in terms of the Collective Investment
Schemes Control Act, 45 of 2002.
AUDITED SUMMARISED RESULTS FOR THE PERIOD 1 APRIL 2017 TO 31 DECEMBER 2017
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2017
2017
R
Assets
Cash and cash equivalents 215,300
Accrued income and other assets 4,042
Subscription receivable 243,310
Financial assets at fair value through profit or loss 12,639,962
Total assets 13,102,614
Liabilities
Related party payable 35,309
Listing fees payable 235,068
Audit fees payable 138,000
Distributions payable 108,819
Total liabilities 517,196
Equity
Net assets attributable to participatory interest 12,585,418
holders
Total equities and liabilities 13,102,614
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD 1 APRIL 2017 TO 31 DECEMBER 2017
2017
R
Income
Dividend income 177,540
Interest income 670
Net changes in fair value on financial assets at fair (391,223)
value through profit or loss
Net loss (213,013)
Expenses
Service fees (35,309)
Custody fees (533,566)
Audit fees (138,000)
Transaction costs (182,568)
Listing fees (469,228)
Other expenses (5,883)
Total expenses (1,364,554)
Net loss attributable to participatory holders (1,577,566)
STATEMENT OF CHANGES IN EQUITY ATTRIBUTABLE TO PARTICIPATORY INTEREST
HOLDERS FOR THE PERIOD 1 APRIL 2017 31 DECEMBER 2017
2017
R
Balance at the beginning of the -
period
Participatory interest created 14,342,562
during the period
Participatory interest redeemed -
during the period
Net loss attributable to (1,577,566)
participatory holders
Distributions paid to participatory (179,578)
holders
Balance at the end of the period 12,585,418
STATEMENT OF CASH FLOWS FOR THE PERIOD 1 APRIL 2017 TO 31 DECEMBER 2017
2017
R
Cash flows from operating activities
Net loss attributable to participatory holders (1,577,566)
Adjusted for:
Dividend income (177,540)
Interest income (670)
Realised losses on financial assets at fair value 135,295
through profit or loss
Change in unrealised losses on financial assets at 255,928
fair value through profit or loss
(1,364,553)
Increase in related party payable
35,309
Increase in listing fees payable 235,068
Increase in audit payable 138,000
Dividend income received 173,498
Interest income received 670
Net cash used in operating activities (782,008)
Cash flows from investment activities
Purchases of financial assets through profit or loss (16,200,892)
Proceeds from disposal of financial assets through 3,169,707
profit or loss
Net cash used in investment activities (13,031,185)
Cash flows from financing activities
Creation of participatory interests 14,099,252
Distributions paid to participatory holders (70,758)
Net cash inflow from financing activities 14,028,494
Total movement in cash and cash equivalents
215,300
Cash and cash equivalents at the beginning of the -
period Cash and cash equivalents at the end of the 215,300
period
CREATION AND CANCELLATIONS OF UNITS
Class A
Value Units
Opening balance - -
Creations 14,342,562 1,086,917
Cancellations - -
Net loss attributable (1,577,566) -
to participatory
holders
Distributions (179,578)
Closing net asset 12,585,418 1,086,917
value as at 31
December 2017
DISTRIBUTIONS
Income distributions to participatory interest holders
During the period ended 31 December the Fund paid the following
quarterly net distributions.
Quarter ended: Cents per unit Rand value
31 March 2017 Fund not active yet Fund not active yet
30 June 2017 7.932 28,099
30 September 2017 4.100 42,660
31 December 2017 8.100 108,819
STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS"). This is the Scheme
and Fund’s first financial statements prepared in accordance with IFRS,
the Supplemental Trust Deed of the Fund and CISCA.
TOTAL EXPENSE RATIO ('TER')
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, taxes and
underlying fund costs.
The Cloud Atlas AMI Big50 ex-SA Portfolio was launched on 20 April
2017. As the fund is not older than 1 year, the annualised TER cannot
be calculated.
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.
PUBLISHED STANDARDS, AMENDMENTS AND INTERPRETATIONS EFFECTIVE FOR
ACCOUNTING PERIOD ENDED 31 DECEMBER 2017.
a. Standards and amendments to existing standards effective 1 January 2017
There are no new or revised IFRS statements and interpretations that
are applicable to the Fund and have effective dates applicable to the
Fund’s 2017 financial year.
b. New standards, amendments and interpretations effective after 1 January
2017 and have not been early adopted
Certain new standards, interpretations and amendments to existing
standards have been published that are mandatory for the Fund’s future
accounting periods, but which the Fund has not early adopted, as
detailed below. Effective dates refer to financial years starting on or
after the specified date.
IFRS 9 - Financial Instruments (effective date is 1 January 2018)
IFRS 15 - Revenue from contracts with customers ( effective date is 1
January 2018)
The assessment of IFRS 9 indicates that this standard is not expected
to have a material impact on the Fund, as the financial instruments are
currently designated and measured at fair value through profit and loss
and will continue to be measured at fair value through profit or loss
under IFRS 9. The initial classification and measurement, including
subsequent measurement of the Fund’s financial instruments are expected
to remain unchanged.
c. New standards, amendments and interpretations effective after 1 January
2017 and have not been early adopted (continued)
IFRS 15 – Revenue from contracts with customers
The assessment of IFRS 15 indicates that this standard is not expected
to have a material impact on the Fund, as the revenue streams of the
Fund does not relate to contracts with customers.
All other standards, amendments and interpretations which are issued
but not yet effective are not expected to have a material impact on the
Fund.
FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
201 7
R
Designated at fair value through profit or loss
at inception: 12,639,962
Listed equities
Total designated at fair value through profit 12,639,962
or loss at inception
Total financial assets at fair value through 12,639,962
profit or loss
Financial assets at fair value through profit
or loss
Realised losses (135,295)
Change in unrealized losses (255,928)
Total designated at fair value through profit (391,223)
or loss at inception
Total net changes in fair value on financial
assets or liabilities at fair value (391,223)
Through profit or loss
The following table presents the financial instruments carried on the
statement of financial position by caption and by level within the
valuation hierarchy as of 31 December 2017.
Assets at Fair Value as of 31
December 2017
Level 1 Level Level Total
2 3
R R R R
Assets
Financial assets at fair value
through profit or loss at inception
Listed equities 12,639,962 - - 12,639,962
Total financial assets at fair value 12,639,962 - - 12,639,962
through profit or loss
The Management Company considers the carrying value of the Fund’s other
financial assets and financial liabilities to be a reasonable
approximation of fair value.
There were no transfers between the levels of the fair value hierarchy
during the period ended 31 December 2017.
RELATED PARTIES
2017
Cloud Atlas (RF) Proprietary Limited R
Related party balances
Accrued expenses owed to related parties 35,309
Service fees
Related party transactions
Fees paid to Management Company
Service fees (35,309)
FUNCTIONAL AND PRESENTATION CURRENCY
These financial statements are presented in South African Rand, which is the
Fund’s functional currency.
PREPARER OF AUDITED SUMMARISED RESULTS FOR THE PERIOD 1 APRIL 2017 TO 31
DECEMBER 2017
These summarized results have been prepared by M Madiba. The financial
information has been correctly extracted from the underlying annual financial
statements. The directors take full responsibility for the preparation of
the annual financial statements.
These summarised results are not reviewed or audited but is extracted from
the underlying audited information. The audited annual financial statements
for the period 1 April 2017 to 31 December 2017 from which these summarised
results has been extracted were audited by Ernst & Young Inc who expressed
an unmodified opinion thereon. The audited annual financial statements and
the audit report are available for inspection at the registered office of
Cloud Atlas (RF) (Pty) Limited, Ground Floor, Cradock Heights, 21 Cradock
Avenue Rosebank, 2196.
A full copy of these financial statements is available on the Manager’s
website www.cloudatlasinvesting.com.
2 July 2018
Sponsor
Vunani Corporate Finance
Manager
Satrix Managers (RF) Proprietary Limited
Date: 02/07/2018 07:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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