Frasers Property Thailand Industrial Freehold & Leasehold REIT (FTREIT)
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Frasers Property Thailand Industrial Freehold & Leasehold REIT Condensed Interim financial statements for the three-month and nine-month periods ended 30 June 2021 and Independent auditor’s review report Independent Auditor’s Report on Review of Interim Financial Information To the Board of Directors of Frasers Property Industrial REIT Management (Thailand) Company Limited (the REIT manager) I have reviewed the accompanying statement of financial position, including detail of investments as at 30 June 2021, the related statement of comprehensive income for the three-month and nine-month periods ended 30 June 2021, the statement of changes in net assets and cash flows for the nine-month period ended 30 June 2021, as well as the condensed notes to the financial statements (interim financial information) of Frasers Property Thailand Industrial Freehold & Leasehold REIT (“Trust”). The REIT manager is responsible for the preparation and presentation of this interim financial information in accordance with the accounting guidance for Property Fund, Real Estate Investment Trust, Infrastructure Fund and Infrastructure Trust issued by the Association of Investment Management Companies (“AIMC”). My responsibility is to express a conclusion on this interim financial information based on my review. Scope of Review I conducted my review in accordance with Thai Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion. Conclusion Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with the accounting guidance for Property Fund, Real Estate Investment Trust, Infrastructure Fund and Infrastructure Trust issued by the Association of Investment Management Companies (“AIMC”). (Wilai Buranakittisopon) Certified Public Accountant Registration No. 3920 KPMG Phoomchai Audit Ltd. Bangkok 2 August 2021 2 Frasers Property Thailand Industrial Freehold & Leasehold REIT Statement of financial position 30 June 30 September Note 2021 2020 (Unaudited) (in thousand Baht) Assets Investments measured at fair value to profit and loss 300,000 926,022 Investments in freehold and leasehold properties at fair value 6 43,893,396 41,143,608 Cash and cash equivalents 7, 18 598,905 554,219 Rental and service receivables 5, 18 160,847 176,471 Accrued interest income 18 160 995 Other receivables 18 7,220 4,864 Deferred expenses 8 18,312 29,200 Other assets 45,370 34,390 Total assets 45,024,210 42,869,769 The accompanying notes form an integral part of the interim financial statements. 3 Frasers Property Thailand Industrial Freehold & Leasehold REIT Statement of financial position 30 June 30 September Note 2021 2020 (Unaudited) (in thousand Baht) Liabilities Short-term loans 10, 18 - 2,856,154 Accrued expenses 18 115,391 96,699 Accrued interest expenses 18 33,709 90,140 Withholding taxes payable 27,758 30,617 Deposits from rental and services 18 1,065,885 1,033,336 Lease liabilities 182,464 - Long-term loan 10 1,737,290 - Debentures 10, 12, 18 9,037,470 8,638,266 Provision for return 37,242 84,023 Other liabilities 6 17,070 65,885 Total liabilities 12,254,279 12,895,120 Net assets 32,769,931 29,974,649 Net assets Trust registered capital 29,213,377 26,915,129 Capital from unitholders 13 31,118,590 28,313,422 Retained earnings 9 1,651,341 1,661,227 Net assets 32,769,931 29,974,649 Net asset value per unit 10.6972 10.6203 Number of units issued at the end of period / year (thousand units) 3,063,387 2,822,387 The accompanying notes form an integral part of the interim financial statements. 4 Frasers Property Thailand Industrial Freehold & Leasehold REIT Detail of investments Fair Value by asset type 22,683 21,210 20,856 20,287 Factory Warehouse Fair Value as at 30 June 2021 Fair Value as at 30 September 2020 The accompanying notes form an integral part of the interim financial statements. 5 Frasers Property Thailand Industrial Freehold & Leasehold REIT Detail of investments 30 June 2021 30 September 2020 Type of Percentage Percentage investments Locations Lease Area Cost Fair value of investments Lease Area Cost Fair value of investments (Unaudited) (square metre) (in thousand Baht) (square metre) (in thousand Baht) Investments in freehold and leasehold properties (Note 6) Freehold on land and factories Amata City Industrial Estate Rayong, 81,750 1,980,491 2,147,562 4.86 81,750 1,980,491 2,147,562 5.10 Sai Chachoengsao-Sattahip Road, Map Yang Phon Sub-district, Pluak Daeng District, Rayong Province Pinthong Industrial Estate 1, 39,250 917,000 917,763 2.08 39,250 917,000 917,763 2.18 Sai Nong Kho-Laem Chabang Road, Nong Kham Sub-district, Si Racha District, Chonburi Province Pinthong Industrial Estate 2, 12,300 299,180 292,800 0.66 12,300 299,180 292,800 0.70 Sai Nong Kho-Laem Chabang Road, Nong Kham Sub-district, Si Racha District, Chonburi Province Pinthong Industrial Estate 3, 33,225 859,035 789,257 1.79 33,225 859,035 789,257 1.88 Sai Nong Kho-Laem Chabang Road, Bowin and Bueng Sub-district, Si Racha District, Chonburi Province Hi-Tech Industrial Estate, 100,128 2,135,870 2,258,033 5.11 97,378 2,068,782 2,190,945 5.21 Sai Asia Road, Banlane Sub-district, Bangpa-In District, Ayutthaya Province Rojana Industrial Park, 134,832 2,839,515 2,979,681 6.74 120,932 2,524,744 2,664,911 6.33 Rojana-Wangnoi Road, Ban Chang and Uthai Sub-district, Uthai District, Ayutthaya Province WHA Industrial Development Chonburi 1, 7,200 184,376 177,872 0.40 7,200 184,376 177,872 0.42 Sai Chachoengsao-Sattahip Road, Bo Win Sub-district, Si Racha District, Chonburi Province Amata City Chonburi Industrial Estate, 246,975 6,288,020 7,058,596 15.97 246,975 6,288,020 7,097,154 16.87 Debaratna Road, Bankao, Panthong and Nongkhaka Sub-district, Panthong District and Don Huaro Sub-district, Mueang Chon Buri District, Chonburi Province The accompanying notes form an integral part of the interim financial statements. 6 Frasers Property Thailand Industrial Freehold & Leasehold REIT Detail of investments 30 June 2021 30 September 2020 Type of Percentage Percentage investments Locations Lease Area Cost Fair value of investments Lease Area Cost Fair value of investments (Unaudited) (square metre) (in thousand Baht) (square metre) (in thousand Baht) Freehold on land and factories (cont') Bangpa-In Industrial Estate, 32,300 730,912 753,211 1.70 32,300 730,912 753,211 1.79 Udomsorayut Road, Klongjig Sub-district, Bangpa-In District, Ayutthaya Province Bangpu Industrial Estate, 40,325 919,217 1,058,173 2.39 40,325 919,216 998,635 2.37 Sukhumvit road, Phraek Sa Sub-district, Muang Samut Prakan District, Samut Prakan Province Nava Nakorn Industrial Promotion Zone, 51,500 1,113,107 1,138,067 2.58 51,500 1,113,107 1,138,067 2.71 Phahon Yothin Road, Khlong Nueng Sub-district, Khlong Luang District, Patum Thani Province 779,785 18,266,723 19,571,015 44.28 763,135 17,884,863 19,168,177 45.56 Freehold on land and warehouses Fraser Property Logistics Center project (Amata City Chonburi), 19,650 485,500 534,848 1.21 19,650 485,500 486,094 1.16 Bankao Sub-district, Phan Thong District, Chonburi Province Fraser Property Eastern Seaboard 2A project, 15,800 298,479 275,800 0.62 15,800 298,479 275,800 0.66 Sai Chachoengsao-Sattahip and Sai Nong kho-Phan Sadej Nok Road, Bo Win Sub-district, Si Racha District, Chonburi Province Fraser Property Wangnoi 1 project, 67,306 1,452,300 1,655,798 3.75 67,306 1,452,300 1,655,798 3.94 Phahon Yothin Road, Payom Sub-district, Wang Noi District, Ayutthaya Province Fraser Property Wangnoi 2 project, 19,600 380,400 361,266 0.82 19,600 380,399 361,266 0.86 Phahon Yothin Road, Payom Sub-district, Wang Noi District, Ayutthaya Province Fraser Property Eastern Seaboard 1A project, 35,430 602,080 635,989 1.44 35,430 602,080 635,989 1.51 Sai Chachoengsao-Sattahip and Sai Nong kho-Phan Sadejnok Road, Bo Win Sub-district, Si Racha District, Chonburi Province Fraser Property Eastern Seaboard 1B project, 28,968 565,870 505,205 1.14 28,968 565,870 505,205 1.20 Sai Pluak Daen-Wang Ta Phin Road, Pluak Daeng Sub-district, Pluak Daeng District, Rayong Province Fraser Property Sriracha project, 99,768 1,845,352 1,689,941 3.82 81,668 1,501,647 1,346,236 3.20 Bangpra and Surasak Sub-district, Si Racha District, Chonburi Province The accompanying notes form an integral part of the interim financial statements. 7 Frasers Property Thailand Industrial Freehold & Leasehold REIT Detail of investments 30 June 2021 30 September 2020 Type of Percentage Percentage investments Locations Lease Area Cost Fair value of investments Lease Area Cost Fair value of investments (Unaudited) (square metre) (in thousand Baht) (square metre) (in thousand Baht) Freehold on land and warehouses (cont') Fraser Property Laemchabang 1 project, 69,404 1,229,400 1,333,751 3.02 69,404 1,229,400 1,333,751 3.17 Nong Kham Sub-district, Si Racha District, Chonburi Province Fraser Property Laemchabang 2 project, 81,700 1,916,036 1,738,026 3.93 81,700