Condensed Interim Financial Statements for the Three-Month Period Ended 31 December 2020 and Independent Auditor’S Review Report
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Frasers Property Thailand Industrial Freehold & Leasehold REIT Condensed Interim financial statements for the three-month period ended 31 December 2020 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 31 December 2020, the related statement of comprehensive income, the statement of changes in net assets and cash flows for the three-month period ended 31 December 2020, 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 February 2021 2 Frasers Property Thailand Industrial Freehold & Leasehold REIT Statement of financial position 31 December 30 September Note 2020 2020 (Unaudited) (in thousand Baht) Assets Investments measured at fair value to profit and loss 200,000 926,022 Investments in freehold and leasehold properties at fair value 6 43,763,297 41,143,608 Cash and cash equivalents 7, 18 1,231,240 554,219 Accrued interest income 18 286 995 Rental and service receivables 5, 18 192,587 176,471 Other receivables 18 6,964 4,864 Deferred expenses 8 24,484 29,200 Other assets 33,095 34,390 Total assets 45,451,953 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 31 December 30 September Note 2020 2020 (Unaudited) (in thousand Baht) Liabilities Investments in freehold and leasehold properties payable 6, 18 2,061,880 - Short-term loans 10, 18 3,499,790 2,856,154 Accrued expenses 18 89,334 96,699 Accrued interest expenses 18 33,027 90,140 Withholding taxes payable 33,511 30,617 Deposits from rental and services 18 1,035,838 1,033,336 Lease liabilities 188,474 - Debentures 12, 18 8,338,333 8,638,266 Provision for return 84,555 84,023 Other liabilities 6 50,300 65,885 Total liabilities 15,415,042 12,895,120 Net assets 30,036,911 29,974,649 Net assets Trust registered capital 26,915,129 26,915,129 Capital from unitholders 13 28,313,422 28,313,422 Retained earnings 9 1,723,489 1,661,227 Net assets 30,036,911 29,974,649 Net asset value per unit 10.6423 10.6203 Number of units issued at the end of period / year (thousand units) 2,822,387 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 31 December 2020 30 September 2020 Type of Percentage Percentage investments Locations Area Cost Fair value of investments Area Cost Fair value of investments (Unaudited) (Rai-Ngan-Sq. Wah) (in Thousand Baht) (Rai-Ngan-Sq. Wah) (in Thousand Baht) Investments in freehold and leasehold properties (Note 6) Freehold on land and factories Amata City Industrial Estate Rayong, 135-2-51.4 1,980,491 2,147,562 4.88 135-2-51.4 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, 54-2-39.3 917,000 917,763 2.09 54-2-39.3 917,000 917,763 2.18 Sai Nong Kho-Laem Chabang Road, Nong Kham Sub-district, Si Racha District, Chonburi Province Pinthong Industrial Estate 2, 22-3-36.5 299,180 292,800 0.67 22-3-36.5 299,180 292,800 0.70 Sai Nong Kho-Laem Chabang Road, Nong Kham Sub-district, Si Racha District, Chonburi Province Pinthong Industrial Estate 3, 66-2-28.60 859,035 789,257 1.80 66-2-28.60 859,035 789,257 1.88 Sai Nong Kho-Laem Chabang Road, Bowin and Bueng Sub-district, Si Racha District, Chonburi Province Hi-Tech Industrial Estate, 152-2-36 2,068,782 2,190,945 4.98 152-2-36 2,068,782 2,190,945 5.21 Sai Asia Road, Banlane Sub-district, Bangpa-In District, Ayutthaya Province Rojana Industrial Park, 179-3-99.7 2,524,744 2,664,911 6.06 179-3-99.7 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, 15-1-22 184,376 177,872 0.40 15-1-22 184,376 177,872 0.42 Sai Chachoengsao-Sattahip Road, Bo Win Sub-district, Si Racha District, Chonburi Province Amata City Chonburi Industrial Estate, 386-3-23.5 6,288,020 7,097,154 16.14 386-3-23.5 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. 5 Frasers Property Thailand Industrial Freehold & Leasehold REIT Detail of investments 31 December 2020 30 September 2020 Type of Percentage Percentage investments Locations Area Cost Fair value of investments Area Cost Fair value of investments (Unaudited) (Rai-Ngan-Sq. Wah) (in Thousand Baht) (Rai-Ngan-Sq. Wah) (in Thousand Baht) Freehold on land and factories (cont') Bangpa-In Industrial Estate, 46-1-35.1 730,912 753,211 1.71 46-1-35.1 730,912 753,211 1.79 Udomsorayut Road, Klongjig Sub-district, Bangpa-In District, Ayutthaya Province Bangpu Industrial Estate, 57-2-74.9 919,216 998,635 2.27 57-2-74.9 919,216 998,635 2.37 Sukhumvit road, Phraek Sa Sub-district, Muang Samut Prakan District, Samut Prakan Province Nava Nakorn Industrial Promotion Zone, 80-2-32.5 1,113,107 1,138,067 2.59 80-2-32.5 1,113,107 1,138,067 2.71 Phahon Yothin Road, Khlong Nueng Sub-district, Khlong Luang District, Patum Thani Province 17,884,863 19,168,177 43.59 17,884,863 19,168,177 45.56 Freehold on land and warehouses Fraser Property Logistics Center project (Amata City Chonburi), 19-3-88.7 485,500 486,094 1.11 19-3-88.7 485,500 486,094 1.16 Bankao Sub-district, Phan Thong District, Chonburi Province Fraser Property Eastern Seaboard 2A project, 16-0-48.4 298,479 275,800 0.63 16-0-48.40 298,479 275,800 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, 81-1-0 1,452,300 1,655,798 3.77 81-1-0 1,452,300 1,655,798 3.94 Phahon Yothin Road, Payom Sub-district, Wang Noi District, Ayutthaya Province Fraser Property Wangnoi 2 project, 26-2-42 380,399 361,266 0.82 26-2-42 380,399 361,266 0.86 Phahon Yothin Road, Payom Sub-district, Wang Noi District, Ayutthaya Province Fraser Property Eastern Seaboard 1A project, 41-2-60.8 602,080 635,989 1.45 41-2-60.8 602,080 635,989 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, 36-1-16.6 565,870 505,205 1.15 36-1-16.6 565,870 505,205 1.20 Sai Pluak Daen-Wang Ta Phin Road, Pluak Daeng Sub-district, Pluak Daeng District, Rayong Province Fraser Property Sriracha project, 140-1-59.50 1,845,353 1,689,942 3.85 111-3-46.70 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. 6 Frasers Property Thailand Industrial Freehold & Leasehold REIT Detail of investments 31 December 2020 30 September 2020 Type of Percentage Percentage investments Locations Area Cost Fair value of investments Area Cost Fair value of investments (Unaudited) (Rai-Ngan-Sq. Wah) (in Thousand Baht) (Rai-Ngan-Sq.