TICON Freehold and Leasehold Real Estate Investment Trust Review
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TICON Freehold and Leasehold Real Estate Investment Trust Review report and interim financial statements For the three-month and nine-month periods ended 30 September 2016 Independent Auditor’s Report on Review of Interim Financial Information To the Unitholders of TICON Freehold and Leasehold Real Estate Investment Trust I have reviewed the accompanying balance sheet, including the details of investments of TICON Freehold and Leasehold Real Estate Investment Trust as at 30 September 2016, the related statements of income for the three-month and nine-month periods ended 30 September 2016, changes in net assets, cash flows and significant financial information for the nine-month period then ended, as well as the condensed notes to the financial statements. The Trust Manager is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard 34 Interim Financial Reporting. 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 Thai Accounting Standard 34 Interim Financial Reporting. Chayapol Suppasedtanon Certified Public Accountant (Thailand) No. 3972 EY Office Limited Bangkok: 8 November 2016 TICON Freehold and Leasehold Real Estate Investment Trust Balance sheet As at 30 September 2016 (Unit: Thousand Baht) Note 30 September 2016 31 December 2015 (Unaudited (Audited) but reviewed) Assets Investments Investments in properties at fair value (at cost 30 September 2016: Baht 7,387.3 million and 31 December 2015: Baht 7,387.3 million) 6 7,351,650 7,260,760 Investments in securities at fair value (at cost 30 September 2016: Baht 270.5 million and 31 December 2015: Baht 310.3 million) 270,526 310,271 Cash and cash at banks 7 17,253 3,296 Accounts receivable From rental and service 8, 15 57,108 45,560 From interest 15 887 368 Other 3,613 2,983 Deferred expenses 9 55,779 61,759 Other assets 15 7,895 2,440 Total assets 7,764,711 7,687,437 Liabilities Accrued expenses 15 42,422 39,875 Withholding taxes payable 6,488 53,243 Deposits from rental and service 155,881 169,698 Long-term loans 10, 15 1,819,000 1,819,000 Other liabilities 2,761 4,306 Total liabilities 2,026,552 2,086,122 Net assets 5,738,159 5,601,315 Net assets: Trust registered and capital from the unitholders 5,542,063 5,542,063 Retained earnings 11 196,096 59,252 Net assets 5,738,159 5,601,315 - - Net asset value per unit (Baht) 10.1237 9.8823 Number of units issued - end of period (Thousand units) 566,800 566,800 The accompanying notes are an integral part of the financial statements. (Mr.Peerapat Srisukont) Managing Director TICON Freehold and Leasehold Real Estate Investment Trust Details of investments As at 30 September 2016 Details of investments classified by asset type 30 September 2016 31 December 2015 (Unaudited but reviewed) (Audited) Type of investments/ Factory / warehouse Percentage Percentage Land title deed Area Locations building no. Fair value of investments Fair value of investments (Rai-Ngan-Sq. Wah) (Thousand Baht) (%) (Thousand Baht) (%) Investments in properties Leasehold on land and freehold on warehouses 29466 7-0-46 TICON Logistics Park Bangna DG1/1 111,590 1.46 109,290 1.44 Bang Wua Sub-district, Bang Pakong District, DG1/2 Chachoengsao Province DG1/3 DG1/4 28339 12-0-68 TICON Logistics Park Bangna M2/1 60,050 0.79 59,359 0.78 Bangsamak Sub-district, Bang Pakong District M2/2 Chachoengsao Province M2/3 22,330 0.29 23,764 0.31 M2/4 29,120 0.38 28,745 0.38 M2/5 28,400 0.37 28,123 0.37 M2/6 29,360 0.39 28,849 0.38 Leasehold (portion) on land and warehouses 23638, 23793 3-0-17.5 TICON Logistics Park Bangplee 1 W5 24,640 0.32 28,918 0.38 Bang Sao Thong Sub-district, Bangplee District Samutprokan Province Leasehold on land and warehouses 2806, 18808, 98-3-7.6 TICON Logistics Park Bangplee 1 W1/1 244,620 3.21 253,830 3.35 18811, 18812 Srisa Chorakhe Yai Sub-district, W1/2 124,230 1.63 122,180 1.61 23638, 23793 Bang Sao Thong District, W1/3 160,120 2.10 162,280 2.15 Samutprakan Province 2806 W2 42,840 0.56 44,770 0.59 2805, 23638, 23793, 60713, 60714 W3 159,960 2.10 171,200 2.26 18789, 18790, 18791, 18792, 2806 W4 387,520 5.08 399,400 5.28 2806, 23638, 23793, 60713 DG1/1 46,450 0.61 50,950 0.67 DG1/2 DG1/3 86159, 86160, 35-0-71.1 TICON Logistics Park Bangplee 3 W4/1 516,680 6.78 518,239 6.85 86161,105253, Bangpla Sub-district, Bangplee District W4/2 105254, 105255, Samutprokan Province W4/3 105256, 105257, 105258, W4/4 105259, 105260, 118032 W4/5 W4/6 W4/7 8486, 86155, 27-0-87.3 TICON Logistics Park Bangplee 3 W5/1 188,580 2.47 283,211 3.74 86156, 86157, Bangpla Sub-district, Bangplee District W5/2 86158, 86162, Samutprokan Province W5/3 79,990 1.05 86163, 86164, W5/4 38,450 0.50 125,356 1.66 105259, 118032 W5/5 79,400 1.04 W5/6 Freehold on land and warehouses 195065 6-1-71.4 TICON Logistics Park Eastern Seaboard 2 W2/1 120,860 1.59 112,200 1.48 Bo Win Sub-district, Si Racha District, W2/2 Chonburi Province 195062 9-2-77 TICON Logistics Park Eastern Seaboard 2 W5/1 201,140 2.64 173,320 2.29 Bo Win Sub-district, Si Racha District, W5/2 Chonburi Province The accompanying notes are integral part of the financial statements. TICON Freehold and Leasehold Real Estate Investment Trust Details of investments (continued) As at 30 September 2016 Details of investments classified by asset type 30 September 2016 31 December 2015 (Unaudited but reviewed) (Audited) Type of investments/ Factory / warehouse Percentage Percentage Land title deed Area Locations building no. Fair value of investments Fair value of investments (Rai-Ngan-Sq. Wah) (Thousand Baht) (%) (Thousand Baht) (%) 177126 24-0-56 TICON Logistics Park Sriracha W5/1 422,960 5.55 389,920 5.15 Surasak Sub-district, Si Racha District, W5/2 Chonburi Province W5/3 173839, 11303 8-1-22 TICON Logistics Park Sriracha W16 84,030 1.10 83,040 1.10 Surasak Sub-district, Si Racha District, Chonburi Province 194794 24-0-37.9 TICON Logistics Park Sriracha W20 347,130 4.55 310,960 4.11 Surasak Sub-district, Si Racha District, Chonburi Province 178448 7-0-21.4 TICON Logistics Park Laemchabang 2 W2 123,440 1.62 115,050 1.52 Nong Kham Sub-district, Si Racha District, Chonburi Province 177198 6-2-4.8 TICON Logistics Park Laemchabang 2 FZ4 92,520 1.21 88,010 1.16 Nong Kham Sub-district, Si Racha District, Chonburi Province 47950 13-0-8 Rojana Industrial Park (Prachinburi) W1 180,570 2.37 174,210 2.30 Huawa Sub-district, Si Maha Phot District, Prachinburi Province 44200 11-3-59 TICON Logistics Park Wangnoi 2 W11/1 203,930 2.68 188,580 2.49 Payom Sug-district, Wang Noi District, W11/2 Phra Nakhon Si Ayutthaya Province W11/3 W11/4 38797 12-3-64.5 TICON Logistics Park Eastern Seaboard 1(B) W2/1 81,480 1.07 82,023 1.08 Pluakdaeng Sub-district, Pluakdaeng District, W2/2 48,870 0.64 49,317 0.65 Rayong Province W2/3 102,050 1.34 49,214 0.65 W2/4 49,626 0.66 177199 13-1-54.1 TICON Logistics Park Laemchabang 2 W1/1 50,490 0.66 54,520 0.72 Nong Kham Sub-district, Si Racha District, W1/2 51,560 0.68 54,404 0.72 Chonburi Province W1/3 106,430 1.40 124,816 1.65 W1/4 173846 16-2-35.9 TICON Logistics Park Laemchabang 2 FZ1/1 207,600 2.72 217,500 2.87 Nong Kham Sub-district, Si Racha District, FZ1/2 Chonburi Province FZ1/3 FZ1/4 56,440 0.74 59,508 0.79 FZ1/5 56,540 0.74 59,740 0.79 177200 11-2-37 TICON Logistics Park Laemchabang 2 FZ3/1 104,650 1.37 118,088 1.56 Nong Kham Sub-district, Si Racha District, FZ3/2 Chonburi Province FZ3/3 56,670 0.74 59,508 0.79 FZ3/4 51,810 0.68 59,044 0.78 45789 13-2-11 TICON Logistics Park Panthong 1 W2/1 222,330 2.92 241,280 3.19 Panthong Sub-district, Panthong District, W2/2 Chonburi Province W2/3 W2/4 W2/5 The accompanying notes are integral part of the financial statements.