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CORESHARES INDEX TRACKER MANAGERS (RF) PROPRIETARY LIMITED - Preliminary Financial Statements for the year ended 31 December 2018

Release Date: 29/03/2019 17:40
Code(s): GLPROP     PDF:  
Wrap Text
Preliminary Financial Statements for the year ended 31 December 2018

CORESHARES INDEX TRACKER COLLECTIVE INVESTMENT SCHEME
INSTRUMENT: CORESHARES S&P GLOBAL PROPERTY ETF
ABBREVIATED NAME: CoreGProp
SHARE CODE: GLPROP
ISIN CODE: ZAE000268660

PRELIMINARY FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED
31 DECEMBER 2018

                                                                            2018                2017
                                                                            USD                 USD


REVENUE
Unrealised gain on financial assets at fair value through profit or loss               -          1 272 178

Other income                                                                   178 499                     18
Gain on exchange                                                                       -               266 719
Dividend income                                                              1 135 437                 630 352
                                                                             1 313 936            2 169 267



EXPENDITURE
Custodian fees                                                                     29 589               21 105
Brokerage fees                                                                     26 144               30 632
Management fees                                                                124 100                  73 141
Audit fees                                                                         11 270                  -
Bank charges                                                                         298                   -
Unrealised loss on financial assets at fair value through profit or loss     1 500 012                     -


Loss on exchange                                                                   86 494                  -
Loss on disposal of financial assets at fair value through profit or loss      793 721                 297 047


                                                                             2 571 628                 421 925



(Loss)/profit before tax                                                    (1 257 692)     #     1 747 342


Tax expense                                                                   (157 385)                (88 476)


(Loss)/profit for the year                                                  (1 415 077)           1 658 866


Other comprehensive income for the year                                                -                   -
(Decrease)/increase in net assets attributable to the holders of       (1 415 077)           1 658 866
participating shares


(Loss)/earnings per share                                                     (0.14)                0.99




STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018


                                                                       2018                2017
                                                                       USD                 USD


ASSETS
Financial assets at fair value through profit or loss                  26 082 996           23 394 637
Other receivables                                                             94 096              76 779
Cash and cash equivalents                                                 374 811             153 992


Total assets                                                           26 551 903           23 625 408


LIABILITIES
Other payables                                                            171 326                 81 191
Tax payable                                                                    5 834               4 997
Total liabilities                                                         177 160      #          86 188




NET   ASSETS   ATTRIBUTABLE                TO     THE   HOLDERS   OF   26 374 743           23 539 220
PARTICIPATING SHARES



NAV per share                                                                   2.39               2.60
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO THE HOLDERS OF
PARTICIPATING SHARES FOR YEAR ENDED 31 DECEMBER 2018


                                                                             Net       Asset
                                                                             Attributable to
                                                                             Unit Holders


                                                                             USD


At 1 January 2017                                                               11 097 610


Increase in net assets attributable to the holders of participating shares         1 658 866


Contributions and redemptions by holders of participating shares:


Issue of participating shares during the year                                   12 753 797


Redemption of participating shares during the year                              (1 296 469)


Refund during the year                                                               (4 608)


Dividends paid                                                                      (669 976)

At 31 December 2017                                                             23 539 220



At 1 January 2018                                                              23 539 220


Decrease in net assets attributable to the holders of participating shares     (1 415 077)


Contributions and redemptions by holders of participating shares:


Issue of participating shares during the year                                   6 248 663


Redemption of participating shares during the year                             (1 273 417)


Dividends paid                                                                     (724 646)

At 31 December 2018                                                            26 374 743
STATEMENT OF CASH FLOWS FOR YEAR ENDED 31 DECEMBER 2018


                                                                                  2018              2017
                                                                                  USD               USD
Cash flows from operating activities
(Loss)/profit before tax                                                           (1 257 692)         1 747 342
Adjustment for:
Unrealised loss/(gain) on financial assets at fair value through profit or loss     1 500 012         (1 272 178)


Dividend income                                                                    (1 135 437)             (630 352)
Unrealised foreign exchange loss/(gain) on retranslation of financial assets            122 372            (286 669)
at fair value through profit or loss

Loss on disposal of financial assets at fair value through profit or loss               793 721             297 047
Income from spin off transaction                                                     (178 465)                 (18)
                                                                                     (155 489)             (144 828)
Working capital movements
Increase in other payables                                                                90 134            81 191
(Increase)/decrease in other receivables                                                 (13 748)            1 304
                                                                                          76 386            82 495


Tax paid                                                                             (156 548)              (83 479)
Net cash used in operating activities                                                (235 651)             (145 794)


Cash flows from investing activities
Acquisition of investments                                                        (13 574 022)        (16 272 587)
Proceeds from disposal of investments                                               8 648 023          4 579 980
Dividend received                                                                   1 131 869               590 219
Net cash used in investing activities                                              (3 794 130)        (11 102 388)


Cash flows from financing activities
Proceeds from issue of participating shares                                         6 248 663         12 753 797
Redemption of participating shares                                                 (1 273 417)        (1 296 469)
Refund of proceeds of participating shares                                                    -              (4 608)
Dividend paid                                                                        (724 646)             (669 976)
Net cash generated from financing activities                                        4 250 600         10 782 744


Net increase/(decrease) in cash and cash equivalents                                    220 819            (465 456)
Cash and cash equivalents at beginning of the year                                      153 992             619 448
Cash and cash equivalents at end of the year                                            374 811             153 992
The above preliminary Financial Statements for the year ended 31 December 2018 have been prepared in
compliance with International Financial Reporting Standards.

The Board of Directors of CoreShares Global Investments PCC accepts full responsibility for the accuracy of the
information contained in these Abridged Financial Statements.



29 March 2019
Sponsor: Grindrod Bank Limited

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