Central Pattana Public Company Limited and Its Subsidiaries
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Central Pattana Public Company Limited and its Subsidiaries Condensed interim financial statements for the three-month and nine-month periods ended 30 September 2020 and Independent auditor’s review report Independent Auditor’s Report on Review of Interim Financial Information To the Board of Directors of Central Pattana Public Company Limited I have reviewed the accompanying consolidated and separate statements of financial position of Central Pattana Public Company Limited and its subsidiaries, and of Central Pattana Public Company Limited, respectively, as at 30 September 2020; the consolidated and separate statements of comprehensive income for the three-month and nine-month periods ended 30 September 2020, the consolidated and separate statement of changes in equity and cash flows for the nine-month period ended 30 September 2020; and condensed notes (“interim financial information”). Management 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”. Emphasis of Matter I draw attention to note 3 to the interim financial statements which describe the impact of the adoption of certain new accounting policies from 1 January 2020 on the Group. My conclusion is not modified in respect of this matter. (Vannaporn Jongperadechanon) Certified Public Accountant Registration No. 4098 KPMG Phoomchai Audit Ltd. Bangkok 5 November 2020 2 Central Pattana Public Company Limited and its Subsidiaries Statement of financial position Consolidated financial Separate financial statements statements 30 September 31 December 30 September 31 December Assets Note 2020 2019 2020 2019 (Unaudited) (Unaudited) (in thousand Baht) Current assets Cash and cash equivalents 6,449,522 2,053,237 5,183,876 649,671 Other current financial assets - investments in equity and debt instruments (2019: Current investments) 17 2,027,994 1,001,375 668,275 537,300 Trade accounts receivable 5, 17 4,643,995 1,355,706 2,930,796 997,822 Other receivables 5 1,822,993 3,606,334 916,533 1,520,065 Real estate projects under development 9,672,688 8,361,608 - - Short-term loans to related parties 5 - - 51,358 32,176 Total current assets 24,617,192 16,378,260 9,750,838 3,737,034 Non-current assets Restricted bank deposits 10 1,000 1,000 - - Investments in subsidiaries and funds 6 - - 30,653,089 28,022,904 Investments in associates 7 5,688,448 7,357,463 7,963,674 7,886,681 Investments in joint ventures 6, 7 2,469,047 4,809,159 311,040 287,325 Other non-current financial assets - investments in equity and debt instruments (2019: Long-term investments in related parties and other long-term investments) 5, 17 1,340,576 1,756,376 1,077,894 1,494,029 Advance payment for shares 6 - 2,309,616 - 2,309,616 Finance lease receivable 5 16,077,188 - - - Long-term loans to related parties 5 853,599 5,166,690 31,544,298 23,014,715 Investment properties 8 161,715,880 104,503,447 83,194,826 35,146,876 Property, plant and equipment 1,720,419 1,596,512 497,481 464,353 Goodwill 1,036,492 1,036,492 - - Leasehold rights - 20,782,536 - 11,135,837 Guarantees for sublease property agreement 5 - - - 9,000,000 Deferred tax assets 3,549,359 2,226,344 2,051,627 993,043 Other non-current assets 5 2,688,495 2,009,139 668,561 521,023 Total non-current assets 197,140,503 153,554,774 157,962,490 120,276,402 Total assets 221,757,695 169,933,034 167,713,328 124,013,436 The accompanying notes form an integral part of the interim financial statements. 3 Central Pattana Public Company Limited and its Subsidiaries Statement of financial position Consolidated financial Separate financial statements statements 30 September 31 December 30 September 31 December Liabilities and equity Note 2020 2019 2020 2019 (Unaudited) (Unaudited) (in thousand Baht) Current liabilities Short-term loans from financial institutions 10 15,632,000 4,970,000 15,382,000 3,600,000 Trade accounts payable 5 802,987 1,694,325 250,462 865,741 Other payables 5, 9 4,879,394 5,563,849 2,145,948 2,441,619 Current portion of lease liabilities 5 2,648,293 - 1,958,813 - Short-term loans from related parties 5 215,609 125,761 9,689,705 9,861,746 Current portion of long-term loans 10 5,942,612 3,769,203 4,479,612 2,369,203 Current portion of advance received from rental income 5 1,846,874 1,842,399 237,809 232,756 Income tax payable 341,413 921,155 110,982 304,364 Contractor payables 2,104,400 2,188,285 696,858 689,210 Total current liabilities 34,413,582 21,074,977 34,952,189 20,364,639 Non-current liabilities Long-term loans from related parties 5 721,082 692,724 7,453,096 8,105,328 Long-term loans 10 26,359,663 24,470,814 22,791,817 19,480,968 Lease liabilities 5 42,939,369 - 30,269,609 - Deferred tax liabilities 2,635,278 1,974,786 - - Advance received from rental income 5 31,034,993 32,292,676 3,878,455 3,946,069 Deposits received from customers 5 7,932,719 8,027,662 4,700,647 3,760,455 Non-current provisions for employee benefits 708,777 649,367 565,411 517,840 Provision for decommissioning and restoration 379,692 287,058 275,818 287,058 Guarantees received for leasehold rights 5 707 707 - - Total non-current liabilities 112,712,280 68,395,794 69,934,853 36,097,718 Total liabilities 147,125,862 89,470,771 104,887,042 56,462,357 The accompanying notes form an integral part of the interim financial statements. 4 Central Pattana Public Company Limited and its Subsidiaries Statement of financial position Consolidated financial Separate financial statements statements 30 September 31 December 30 September 31 December Liabilities and equity Note 2020 2019 2020 2019 (Unaudited) (Unaudited) (in thousand Baht) Equity Share capital Authorised share capital (4,488,000,000 ordinary shares, par value at Baht 0.5 per share) 2,244,000 2,244,000 2,244,000 2,244,000 Issued and paid-up share capital (4,488,000,000 ordinary shares, par value at Baht 0.5 per share) 2,244,000 2,244,000 2,244,000 2,244,000 Premium on ordinary shares 8,558,558 8,558,558 8,558,558 8,558,558 Retained earnings Appropriated to legal reserve 224,400 224,400 224,400 224,400 Unappropriated 56,733,733 61,457,082 53,038,421 56,666,056 Treasury shares 11 (761,216) - (761,216) - Other components of equity (656,869) (355,632) (477,877) (141,935) Equity attributable to owners of the Company 66,342,606 72,128,408 62,826,286 67,551,079 Non-controlling interests 8,289,227 8,333,855 - - Total equity 74,631,833 80,462,263 62,826,286 67,551,079 Total liabilities and equity 221,757,695 169,933,034 167,713,328 124,013,436 The accompanying notes form an integral part of the interim financial statements. 5 Central Pattana Public Company Limited and its Subsidiaries Statement of comprehensive income (Unaudited) Consolidated financial Separate financial statements statements Three-month period ended Three-month period ended 30 September 30 September Note 2020 2019 2020 2019 (in thousand Baht) Revenue Revenue from rental and services 5, 12 6,791,672 8,004,970 3,848,152 4,070,611 Revenue from food center services 5, 12 121,833 208,997 47,154 82,672 Revenue from hotel operation 12 30,565 273,553 - - Revenue from sale of real estate 12 373,855 601,789 - - Investment income 5 350,751 41,095 441,832 12,268,193 Other income 5, 14 281,334 323,957 309,383 409,584 Total revenue 7,950,010 9,454,361 4,646,521 16,831,060 Expenses Cost of rental and services 5 3,353,736 4,018,842 2,178,218 2,214,897 Cost of food center services 5 75,687 100,059 24,674 37,470 Cost of hotel operation 22,878 94,453 - - Cost of sale of real estate 256,148 345,018 - - Administrative expenses 5 1,043,915 1,636,736 803,171 1,105,629 Finance costs 5 436,457 223,905 513,129 321,512 Total expenses 5,188,821 6,419,013 3,519,192 3,679,508 Share of profit (loss) Associates 7 207,472 379,358 - - Joint ventures 7 (20,648) (19,921) - - Total 186,824 359,437 - - Profit before income tax expense 2,948,013 3,394,785 1,127,329 13,151,552 Tax expense 15 (447,801) (608,061) (164,537) (219,919) Profit for the period 2,500,212 2,786,724 962,792 12,931,633 Other comprehensive income Items that will be reclassified subsequently to profit or loss Exchange differences on translating financial statements 23,586 (215) - - Gain on measurement of financial assets - 15,723 - 15,453 Total items that will be reclassified subsequently to profit or loss 23,586 15,508 - 15,453 Items that will not be reclassified to profit or loss Loss on investments in equity instruments designated at fair value through other comprehensive income (76,467) - (79,097) - Total items that will not be reclassified to profit or loss (76,467) - (79,097) - Other comprehensive income (expense) for the period, net of tax (52,881) 15,508 (79,097) 15,453 Total comprehensive income for the period 2,447,331 2,802,232 883,695 12,947,086 The accompanying notes form an integral part of the interim financial statements.