frasers property (thailand) public company limited and its...
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Frasers Property (Thailand) Public Company Limited
and its Subsidiaries
Condensed Interim financial statements
for the three-month and six-month periods ended
31 March 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 (Thailand) Public Company Limited
I have reviewed the accompanying consolidated and separate statements of financial position of Frasers
Property (Thailand) Public Company Limited and its subsidiaries, and of Frasers Property (Thailand) Public
Company Limited, respectively, as at 31 March 2020; the consolidated and separate statements of income and
comprehensive income for the three-month and six-month periods ended 31 March 2020, changes in equity
and cash flows for the six-month period ended 31 March 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”.
2
Emphasis of Matter
I draw attention to note 4 to the interim financial statements, the Company acquired shares of Golden Land
Property Development Public Company Limited “GOLD” in August 2019 which was under common control
of the ultimate shareholders of the Company. The consolidated statements of income, comprehensive income
for the three-month and six-month periods ended 31 March 2019, changes in equity and cash flows for the
six-month period ended 31 March 2019 which are included as comparative information, have also been
adjusted as described in note 4 of the interim financial statements. My conclusion is not modified in respect
of this matter.
(Wilai Buranakittisopon)
Certified Public Accountant
Registration No. 3920
KPMG Phoomchai Audit Ltd.
Bangkok
12 May 2020
Frasers Property (Thailand) Public Company Limited and its Subsidiaries
Statement of financial position
31 March 30 September 31 March 30 September
Assets Note 2020 2019 2020 2019
(Unaudited) (Unaudited)
Current assets
Cash and cash equivalents 5 7,696,004 4,495,092 2,056,783 2,351,652
Current investments 73,840 8,830 64,968 -
Trade accounts receivable 5, 6, 23 255,794 178,540 59,441 37,568
Other receivables 5, 23 303,815 250,179 36,201 30,529
Short-term loan for project investment 9 655,224 - - -
Short-term loan and amount due from related party 5 146,106 135,270 - -
Current portion of financial lease receivables 17,483 17,473 - -
Real estate projects under development 7 35,746,681 31,078,189 - -
Deposit paid for land 212,875 774,841 - -
Other current assets 278,918 245,892 15,709 617
Total current assets 45,386,740 37,184,306 2,233,102 2,420,366
Non-current assets
Restricted deposits at financial institution 1,488 1,488 - -
Investments in associates 8 10,104,851 9,547,429 4,441,553 4,343,619
Investments in subsidiaries 9 - - 40,679,820 38,329,419
Investments in joint ventures 8 2,632,507 2,663,909 261,885 261,885
Investment in related party 257 257 257 257
Other investment 669,271 669,271 - -
Financial lease receivables 257,252 266,127 - -
Unbilled operating leases receivables 198,893 199,614 20,070 21,072
Long-term loans and accrued interests to related parties 5 232,583 232,583 10,488,722 10,109,644
Goodwill 1,626 1,626 - -
Investment properties 10 35,268,239 35,690,101 6,033,894 6,377,995
Property, plant and equipment 12 2,582,550 2,625,985 19,734 9,687
Intangible assets 110,587 118,323 30,757 30,124
Deferred tax assets 701,132 645,660 - -
Withholding tax deducted at source 674,302 767,951 140,958 140,958
Prepaid land rental 11 1,855,118 1,667,567 - -
Other non-current assets 5 197,123 104,252 28,006 25,471
Total non-current assets 55,487,779 55,202,143 62,145,656 59,650,131
Total assets 100,874,519 92,386,449 64,378,758 62,070,497
Consolidated Separate
financial statements financial statements
(in thousand Baht)
The accompanying notes are an integral part of the interim financial statements.
3
Frasers Property (Thailand) Public Company Limited and its Subsidiaries
Statement of financial position
31 March 30 September 31 March 30 September
Liabilities and equity Note 2020 2019 2020 2019
(Unaudited) (Unaudited)
Current liabilities
Trade accounts payable 5 2,437,678 2,899,519 8,846 9,649
Other payables 5 1,556,444 1,633,091 353,317 369,027
Short-term loans from financial institutions 13, 23 11,087,314 8,088,718 998,240 2,996,671
Current portion of long term loan from
financial institution 13 1,716,792 1,029,949 - -
Current portion of long-term note payable 13 253,647 250,899 - -
Current portion of debentures 13, 14 6,700,000 6,820,000 4,700,000 1,820,000
Income tax payable 185,883 267,912 - -
Current portion of unearned rental income 5 366,726 360,941 8,180 8,180
Short-term provisions 5 4,115 12,860 - 1,645
Other current liabilities 446,660 446,568 13,271 10,669
Total current liabilities 24,755,259 21,810,457 6,081,854 5,215,841
Non-current liabilities
Long-term loans from financial institutions 13 2,177,466 2,518,947 - -
Long-term loans and accrued interest from
shareholder of subsidiary 5, 13 547,755 540,336 - -
Debentures 13, 14 36,770,745 30,775,562 27,279,347 25,780,789
Deferred tax liabilities 491,921 499,789 123,435 122,903
Non-current provisions for employee benefit 199,902 187,914 29,924 35,741
Unearned rental income 5 7,318,831 7,500,484 187,926 192,016
Long-term provisions 84,998 85,442 - -
Other non-current liabilities 601,163 597,069 154,911 145,027
Total non-current liabilities 48,192,781 42,705,543 27,775,543 26,276,476
Total liabilities 72,948,040 64,516,000 33,857,397 31,492,317
financial statements
(in thousand Baht)
financial statements
SeparateConsolidated
The accompanying notes are an integral part of the interim financial statements.
4
Frasers Property (Thailand) Public Company Limited and its Subsidiaries
Statement of financial position
31 March 30 September 31 March 30 September
Liabilities and equity Note 2020 2019 2020 2019
(Unaudited) (Unaudited)
Equity
Share capital
Authorised share capital 15 3,226,821 2,934,628 3,226,821 2,934,628
Issued and paid-up share capital 2,016,763 2,016,763 2,016,763 2,016,763
Premium on ordinary shares 22,914,919 22,914,919 22,914,919 22,914,919
Retained earnings
Appropriated
Legal reserve 302,593 300,828 293,463 293,463
Unappropriated 4,894,228 4,702,616 5,296,216 5,353,035
Other components of equity (473,859) (495,068) - -
Difference arising from business combinations
under common control 4 (2,255,622) (2,255,622) - -
Equity attributable to owners of the parent 27,399,022 27,184,436 30,521,361 30,578,180
Non-controlling interests 527,457 686,013 - -
Total equity 27,926,479 27,870,449 30,521,361 30,578,180
Total liabilities and equity 100,874,519 92,386,449 64,378,758 62,070,497
(in thousand Baht)
financial statements financial statements
SeparateConsolidated
The accompanying notes are an integral part of the interim financial statements.
5
Frasers Property (Thailand) Public Company Limited and its SubsidiariesStatement of income (Unaudited)
Note 2020 2019 2020 2019
(Restated)
Revenue
Revenue from sales of real estate 3,557,358 4,395,963 - -
Rental and related service revenue 5, 23 690,950 678,428 112,684 110,210
Revenue from hotel business 5 112,671 152,910 - -
Revenue from golf course operation 7,986 11,105 - -
Management fee income 5, 23 142,288 125,568 32,511 26,918
Investment income 5, 23 21,389 43,894 1,212,034 191,233
Reversal of provision against future support - 66,175 - -
Gain on sales of investment in associate 8 384,055 - - -
Gain on sales of investment in subsidiary 9 215 10,322 3,345 -
Gain (loss) on sales of investment properties 5, 23 30,085 (1,239) 48,823 8
Other income 5, 23 143,010 25,598 11,596 9,670
Total revenue 5,090,007 5,508,724 1,420,993 338,039
Expenses
Cost of sales of real estate 2,502,125 3,033,783 - -
Cost of rental and related services 23 332,862 316,906 39,806 37,739
Cost of hotel business 87,308 100,193 - -
Cost of golf course operation 2,746 3,237 - -
Cost of management income 23 87,143 78,060 23,995 22,344
Distribution costs 23 312,475 385,935 14,644 17,353
Administrative expenses 5, 23 566,507 556,670 85,354 67,934
Finance costs 5 288,434 168,334 252,853 143,730
Total expenses 4,179,600 4,643,118 416,652 289,100
Share of profits of associates and
joint ventures net of unrealised gains on sales of
properties to associates and joint ventures 50,702 73,121 - -
Profit before income tax expense 961,109 938,727 1,004,341 48,939
Income tax expenses (109,848) (160,747) (102) (9,336)
Profit for the period 851,261 777,980 1,004,239 39,603
Profit attributable to:
Owners of the Company 838,493 75,575 1,004,239 39,603
Former shereholder before business restructuring - 554,691 - -
Non-controlling interests 12,768 147,714 - -
Profit for the period 851,261 777,980 1,004,239 39,603
Basic earnings per share (in Baht)
Attributable to owner of the Company 0.42 0.04 0.50 0.02
(in thousand Baht)
Consolidated financial statements Separate financial statements
Three-month period ended Three-month period ended
31 March 31 March
The accompanying notes are an integral part of the interim financial statements.
6
Frasers Property (Thailand) Public Company Limited and its SubsidiariesStatement of comprehensive income (Unaudited)
2020 2019 2020 2019
(Restated)
Profit for the period 851,261 777,980 1,004,239 39,603
Other comprehensive income
Item that will be reclassified
subsequently to profit or loss
Exchange differences on translating
foreign operations 40,403 (6,659) - -
Total item that will be reclassified
subsequently to profit or loss 40,403 (6,659) - -
Other comprehensive income for
the period, net of income tax 40,403 (6,659) - -
Total comprehensive income for the period 891,664 771,321 1,004,239 39,603
Total comprehensive income attributable to:
Owners of the parent 878,896 68,916 1,004,239 39,603
Former shareholder before business restructuring - 554,691 - -
Non-controlling interests 12,768 147,714 - -
Total comprehensive income for the period 891,664 771,321 1,004,239 39,603
(in thousand Baht)
Consolidated financial statements Separate financial statements
31 March 31 March
Three-month period ended Three-month period ended
The accompanying notes are an integral part of the interim financial statements.
7
Frasers Property (Thailand) Public Company Limited and its SubsidiariesStatement of income (Unaudited)
Note 2020 2019 2020 2019
(Restated)
Revenue
Revenue from sales of real estate 23 7,102,887 8,151,501 - -
Rental and related service revenue 5, 23 1,386,555 1,341,744 223,293 226,659
Revenue from hotel business 5 256,639 297,325 - -
Revenue from golf course operation 15,858 20,271 - -
Management fee income 5, 23 317,276 256,224 64,217 54,197
Investment income 5, 23 39,271 75,715 1,325,010 337,612
Reversal of provision against future support - 66,175 - -
Gain on sales of investment in associate 8 384,055 - - -
Gain on sales of investment in subsidiary 9 215 10,322 3,345 -
Gain on sales of investment properties 5, 23 30,085 887,977 48,823 653,283
Other income 5, 23 140,109 72,534 18,080 15,383
Total revenue 9,672,950 11,179,788 1,682,768 1,287,134
Expenses
Cost of sales of real estate 23 4,924,472 5,686,851 - -
Cost of rental and related services 23 650,666 625,923 74,893 71,152
Cost of hotel business 183,878 198,094 - -
Cost of golf course operation 5,939 6,104 - -
Cost of management income 23 175,823 156,084 49,505 44,095
Distribution costs 23 621,147 725,685 27,061 30,758
Administrative expenses 5, 23 1,214,411 1,105,299 174,827 135,092
Finance costs 5 550,642 321,149 485,059 269,280
Total expenses 8,326,978 8,825,189 811,345 550,377
Share of profits (loss) of associates and
joint ventures net of unrealised gains on sales of
properties to associates and joint ventures 8 55,742 (41,237) - -
Profit before income tax expense 1,401,714 2,313,362 871,423 736,757
Income tax expenses 17 (242,873) (400,284) (532) (122,132)
Profit for the period 1,158,841 1,913,078 870,891 614,625
Profit attributable to:
Owners of the Company 1,121,087 754,819 870,891 614,625
Former shereholder before business restructuring - 914,344 - -
Non-controlling interests 37,754 243,915 - -
Profit for the period 1,158,841 1,913,078 870,891 614,625
Basic earnings per share (in Baht)
Attributable to owner of the Company 0.56 0.41 0.43 0.34
Consolidated financial statements Separate financial statements
Six-month period ended Six-month period ended
31 March 31 March
(in thousand Baht)
The accompanying notes are an integral part of the interim financial statements.
8
Frasers Property (Thailand) Public Company Limited and its SubsidiariesStatement of comprehensive income (Unaudited)
2020 2019 2020 2019
(Restated)
Profit for the period 1,158,841 1,913,078 870,891 614,625
Other comprehensive income
Item that will be reclassified
subsequently to profit or loss
Exchange differences on translating
foreign operations 42,536 (3,337) - -
Total item that will be reclassified
subsequently to profit or loss 42,536 (3,337) - -
Other comprehensive income for
the period, net of income tax 42,536 (3,337) - -
Total comprehensive income for the period 1,201,377 1,909,741 870,891 614,625
Total comprehensive income attributable to:
Owners of the parent 1,163,623 751,482 870,891 614,625
Former shareholder before business restructuring - 914,344 - -
Non-controlling interests 37,754 243,915 - -
Total comprehensive income for the period 1,201,377 1,909,741 870,891 614,625
(in thousand Baht)
Consolidated financial statements Separate financial statements
Six-month period ended Six-month period ended
31 March 31 March
The accompanying notes are an integral part of the interim financial statements.
9
Frasers Property (Thailand) Public Company Limited and its Subsidiaries
Statement of changes in equity (Unaudited)
Difference arising
Surplus Total from business Equity
Issued and Translating from change in other combination attributable to Former shareholder
paid-up Share Legal foreign ownership interests components under common owners of before business Non-controlling Total
Note share capital premium reserve Unappropriated operations in subsidiaries of equity control the parent restructuring interests equity
Six-month period ended 31 March 2019
Balance at 1 October 2018 - as reported 1,834,142 19,838,380 275,121 3,441,884 (71,723) 48,522 (23,201) - 25,366,326 - 13,958 25,380,284
Impact of business restructuring - - - - - - - - - 12,921,195 3,095,150 16,016,345
Balance at 1 October 2018 - restated 1,834,142 19,838,380 275,121 3,441,884 (71,723) 48,522 (23,201) - 25,366,326 12,921,195 3,109,108 41,396,629
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners of the parent
Dividends 18 - - - (495,218) - - - - (495,218) (846,578) (231,668) (1,573,464)
Total contributions by and distributions to
owners of the parent - - - (495,218) - - - - (495,218) (846,578) (231,668) (1,573,464)
Changes in ownership interests in subsidiary
Increase share capital in subsidiary - - - - - - - - - - 30,000 30,000
Total changes in ownership interests in subsidiary - - - - - - - - - - 30,000 30,000
Total transactions with owners, recorded directly in equity - - - (495,218) - - - - (495,218) (846,578) (201,668) (1,543,464)
Comprehensive income for the period
Profit - - - 754,819 - - - - 754,819 914,344 243,915 1,913,078
Other comprehensive income - - - - (3,337) - (3,337) - (3,337) - - (3,337)
Total comprehensive income for the period - - - 754,819 (3,337) - (3,337) - 751,482 914,344 243,915 1,909,741
Transfer of legal reserve - - 47 (47) - - - - - - - -
Balance at 31 March 2019 1,834,142 19,838,380 275,168 3,701,438 (75,060) 48,522 (26,538) - 25,622,590 12,988,961 3,151,355 41,762,906
Consolidated financial statements
Retained earnings Other components of equity
(in thousand Baht)
The accompanying notes are an integral part of the interim financial statements.
10
Frasers Property (Thailand) Public Company Limited and its SubsidiariesStatement of changes in equity (Unaudited)
Difference arising
Deficit Total from business Equity
Issued and Translating from change in other combination attributable to
paid-up Share Legal foreign ownership interests components under common owners of Non-controlling Total
Note share capital premium reserve Unappropriated operations in subsidiaries of equity control the parent interests equity
Six-month period ended 31 March 2020
Balance at 1 October 2019 2,016,763 22,914,919 300,828 4,702,616 (99,104) (395,964) (495,068) (2,255,622) 27,184,436 686,013 27,870,449
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners of the parent
Dividends 18 - - - (927,710) - - - - (927,710) (61,074) (988,784)
Total contributions by and distributions to
owners of the parent - - - (927,710) - - - - (927,710) (61,074) (988,784)
Change in ownership interest in subsidiaries
Acquisition of non-controlling interests without a change in control 4 (a) - - - - - (21,327) (21,327) - (21,327) (135,236) (156,563)
Total change in ownership interest in subsidiaries - - - - - (21,327) (21,327) - (21,327) (135,236) (156,563)
Total transactions with owners, recorded directly in equity - - - (927,710) - (21,327) (21,327) - (949,037) (196,310) (1,145,347)
Comprehensive income for the period
Profit - - - 1,121,087 - - - - 1,121,087 37,754 1,158,841
Other comprehensive income - - - - 42,536 - 42,536 - 42,536 - 42,536
Total comprehensive income for the period - - - 1,121,087 42,536 - 42,536 - 1,163,623 37,754 1,201,377
Transfer of legal reserve - - 1,765 (1,765) - - - - - - -
Balance at 31 March 2020 2,016,763 22,914,919 302,593 4,894,228 (56,568) (417,291) (473,859) (2,255,622) 27,399,022 527,457 27,926,479
Other components of equity
Consolidated financial statements
(in thousand Baht)
Retained earnings
The accompanying notes are an integral part of the interim financial statements.
11
Issued and
paid-up Share Total
Note share capital premium Legal reserve Unappropriated equity
Six-month period ended 31 March 2019Balance at 1 October 2018 1,834,142 19,838,380 275,121 5,341,619 27,289,262
Transactions with owners, recorded directly in equity Contributions by and distributions to owners of the parent Dividends 18 - - - (495,218) (495,218) Total contributions by and distributions to owners of the parent - - - (495,218) (495,218) Total transactions with owners, recorded directly in equity - - - (495,218) (495,218)
Comprehensive income for the period Profit 614,625 614,625 Total comprehensive income for the period - - - 614,625 614,625
Balance at 31 March 2019 1,834,142 19,838,380 275,121 5,461,026 27,408,669
Six-month period ended 31 March 2020Balance at 1 October 2019 2,016,763 22,914,919 293,463 5,353,035 30,578,180
Transactions with owners, recorded directly in equity Contributions by and distributions to owners of the parent Dividends 18 - - - (927,710) (927,710) Total contributions by and distributions to owners of the parent - - - (927,710) (927,710) Total transactions with owners, recorded directly in equity - - - (927,710) (927,710)
Comprehensive income for the period Profit 870,891 870,891 Total comprehensive income for the period - - - 870,891 870,891
Balance at 31 March 2020 2,016,763 22,914,919 293,463 5,296,216 30,521,361
Frasers Property (Thailand) Public Company Limited and its SubsidiariesStatement of changes in equity (Unaudited)
Separate financial statements
Retained earnings
(in thousand Baht)
The accompanying notes are an integral part of the interim financial statements.
12
Frasers Property (Thailand) Public Company Limited and its Subsidiaries
Statement of cash flows (Unaudited)
2020 2019 2020 2019
(Restated)
Cash flows from operating activities
Profit for the period 1,158,841 1,913,078 870,891 614,625
Adjustments to reconcile profit (loss) to cash receipts (payments)
Tax expense 242,873 400,284 532 122,132
Finance costs 550,642 321,149 485,059 269,280
Depreciation and amortisation 533,354 506,701 53,811 50,780
(Reversal of) impairment loss on real estate projects
under deverlopment (802) 25 - -
Non-current provisions for employee benefit 20,223 17,141 2,223 2,475
Reversal of provision for litigation (444) (99,153) - -
Provision related to sales of investment properties - 13,042 - 8,530
Gain on sales of investment properties (30,085) (887,977) (48,823) (653,283)
Recognition of unearned rental income (189,231) (306,247) (4,090) (123,263)
Recognition of prepaid land rental 42,739 40,494 - -
Share of (profit) loss of associates and joint ventures net of
unrealised gains on sales of investment properties to
associates and joint ventures (55,742) 41,237 - -
Bad and doubtful debts expense 8,332 10,403 - -
Loss on write-off intangible assets - 2,010 - -
(Gain) loss on disposal of building and equipment 252 (1,016) (85) (974)
Loss on write-off assets 6,655 99 - -
Gain on disposal of investments in associate (384,055) - - -
Gain on disposal of investments in subsidiary (215) (10,323) (3,345) -
Translation adjustments from subsidiary dissolved 2,487 - - -
Interest income (39,271) (75,715) (221,633) (300,029)
Dividends income - - (1,103,377) (37,583)
1,866,553 1,885,232 31,163 (47,310)
Changes in operating assets and liabilities
Trade accounts receivables and unbilled operating
leases receivables (77,833) (86,315) (20,871) (23,797)
Other receivables (54,613) 8,809 (6,434) (9,185)
Financial lease receivables 8,351 8,377 - -
Real estate project under development (4,374,964) (4,404,664) - -
Deposit for land 561,966 64,788 - -
Other current assets (3,705) (30,655) 414 96
Other non-current assets (92,871) 3,348 (2,535) (134)
Trade accounts payable (451,891) 274,608 - -
Other payables (94,377) 121,836 (40,713) (27,365)
Consolidated financial statements Separate financial statements
Six-month period ended Six-month period ended
31 March 31 March
(in thousand Baht)
The accompanying notes are an integral part of the interim financial statements.
13
Frasers Property (Thailand) Public Company Limited and its Subsidiaries
Statement of cash flows (Unaudited)
2020 2019 2020 2019
(Restated)
Changes in asset and operating liabilities
Provisions (8,745) (16,301) (1,645) (3,060)
Other current liabilities 91 43,986 2,602 4,229
Cash paid for litigation - (10,882) - -
Other non-current liabilities 4,456 (5,564) 9,884 (12,479)
Employee benefit paid (8,235) (1,597) (8,040) (618)
Unearned land rental income 13,363 61,484 - -
Exchange differences on translating foreign operations 56,193 (8,274) - -
Net cash used in operating (2,656,261) (2,091,784) (36,175) (119,623)
Taxes paid (323,916) (432,221) (15,506) (25,230)
Net cash used in operating activities (2,980,177) (2,524,005) (51,681) (144,853)
Cash flows from investing activities
Increase in current investments (65,010) (2,050,079) (64,968) (2,115,000)
Decrease in restricted deposit at financial institution - 4,000 - -
Proceeds from disposal of investments in associates - net expenses 942,811 - - -
Increase in investments in associates (1,214,834) (2,300,760) (97,934) (2,300,760)
Proceeds from disposal of investments in subsidiaries 215 23,850 62,703 -
Acquistion of non-controlling interest (156,563) - (156,563) -
Increase in investment in subsidiary - - (2,253,196) (255,000)
Increase in investment in joint ventures (149,130) (162,638) - -
Proceed from repayment of short-term loan to related party - 2,260,250 - 2,260,250
Payment for short-term loan to related party - (2,260,250) - (2,260,250)
Payment for short-term loan (655,224) - - -
Proceed from repayment of long-term loans to related parties - - 341,000 940,000
Payment for long-term loans to related parties - - (720,000) (1,348,000)
Acquisition of investment properties (444,340) (853,818) (37,126) (51,580)
Proceed from sales of plant and equipment 297 6,699 195 1,189
Proceed from sales of investment properties - net expenses 427,324 1,910,088 393,936 1,264,475
Acquisition of property, plant and equipment (14,351) (71,845) (13,418) (4,546)
Acquisition of intangible assets (3,199) (6,574) (3,151) (3,564)
Interest received from subsidiaries - - 207,056 239,467
Interest received 33,890 63,241 15,260 51,014
Dividends received 307,952 289,315 1,103,377 28,583
Prepaid land rental (234,035) - - -
Net cash used in investing activities (1,224,197) (3,148,521) (1,222,829) (3,553,722)
(in thousand Baht)
Consolidated financial statements Separate financial statements
Six-month period ended Six-month period ended
31 March 31 March
The accompanying notes are an integral part of the interim financial statements.
14
Frasers Property (Thailand) Public Company Limited and its Subsidiaries
Statement of cash flows (Unaudited)
2020 2019 2020 2019
(Restated)
Cash flows from financing activities
Proceed from increase in share capital in subsidiary - 30,000 - -
Repayment in short-term loans from financial institutions (7,000,000) - (7,000,000) -
Proceeds from short-term loan from financial institutions 10,196,656 893,000 5,000,000 -
Proceeds from long-term loan from financial institutions 1,003,805 1,733,750 - -
Repayment of long-term loans from financial institutions (872,036) (1,645,525) - -
Proceeds from debentures 9,500,000 8,000,000 5,000,000 5,000,000
Redemptions of debentures (3,620,000) (600,000) (620,000) (600,000)
Dividends paid to owner of the Company (988,774) (1,573,464) (927,701) (495,218)
Interest paid (814,365) (486,688) (472,658) (258,425)
Net cash from financing activities 7,405,286 6,351,073 979,641 3,646,357
Net increase (decrease) in cash and cash equivalents 3,200,912 678,547 (294,869) (52,218)
Cash and cash equivalents at the beginning of the period 4,495,092 6,951,410 2,351,652 5,741,098
Cash and cash equivalents at the ending of the period 7,696,004 7,629,957 2,056,783 5,688,880
Non-cash transactions
Payables for purchase of investment properties,
and property, plant and equipment 287,059 306,124 21,566 26,798
Dividend receivables - - - 9,000
(in thousand Baht)
Consolidated financial statements Separate financial statements
Six-month period ended Six-month period ended
31 March 31 March
The accompanying notes are an integral part of the interim financial statements.
15
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
16
Note Contents
1 General information 2 Basis of preparation of the interim financial statements
3 Impact of COVID-19 outbreak
4 Business combination under common control and acquisition of non-controlling interests
5 Related parties
6 Trade accounts receivable
7 Real estate projects under development
8 Investments in associates and joint ventures
9 Investments in subsidiaries
10 Investment properties
11 Prepaid land rental
12 Property, plant and equipment
13 Interest-bearing liabilities
14 Debentures
15 Share capital
16 Segment information and disaggregation of revenue
17 Income tax expense
18 Dividends
19 Financial instruments
20 Commitments with non-related parties
21 Events after the reporting period
22 Thai Financial Reporting Standard (TFRS) not yet adopted
23 Reclassification of accounts
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
17
These notes form an integral part of the interim financial statements.
The interim financial statements issued for Thai regulatory reporting purposes are prepared in the Thai
language. These English language financial statements have been prepared from the Thai language
financial statements, and were approved and authorised for issue by the Board of Directors on
12 May 2020.
1 General information
Frasers Property (Thailand) Public Company Limited, the “Company” is incorporated in Thailand and
was listed on the stock Exchange of Thailand on 13 June 2002 and has its registered office at No. 175,
13/1th Floor, Sathorn City Tower, South Sathorn Road, Bangkok. On 2 January 2020, the Company
changed its registered office to No. 944 Mitrtown Office Tower, 22nd-23rd Floor, Rama 4 Road,
Wangmai Subdistrict, Pathumwan District, Bangkok.
The principal activities of the Company and its subsidiaries, the “Group”, are industrial real estate
development business, which comprises the development of factories and warehouses, mainly for rent
and occasionally for sale, residential real-estate development, including rental and related service of
commercial buildings and hotel business. Details of the Company’s associates and joint ventures and
subsidiaries as at 31 March 2020 and 30 September 2019 are given in notes 8 and 9.
2 Basis of preparation of the interim financial statements
(a) Statement of compliance
The condensed interim financial statements are presented in the same format as the annual financial
statements and prepared its notes to the financial statements on condensed basis (“interim financial
statements”) in accordance with Thai Accounting Standard (TAS) No.34 Interim Financial Reporting;
guidelines promulgated by the Federation of Accounting Professions and applicable rules and
regulations of the Thai Securities and Exchange Commission.
The interim financial statements are prepared to provide an update on the financial statements for the
year ended 30 September 2019. They do not include all of the financial information required for full
annual financial statements but focus on new activities, events and circumstances to avoid repetition
of information previously reported. Accordingly, these interim financial statements should be read in
conjunction with the financial statements of the Company and its subsidiaries for year ended
30 September 2019.
(b) Use of judgements, estimates and accounting policies
In preparation these interim financial statements, judgement and estimates are made by management in
applying the Group’s accounting policies. Actual result may differ from these estimates. The accounting
policies, methods of computation and the key sources of estimation uncertainty were the same as those
that applied to the financial statements for the year ended 30 September 2019, except for revenue
recognition which requires additional judgement in determining the timing of the transfer of
control - at a point in time or over time - according to the requirements of TFRS 15 Revenue from
Contracts with Customers (“TFRS 15”) which the Group has initially adopted to replace TAS 18
Revenue (“TAS 18”), TAS 11 Construction Contracts (“TAS11”), related interpretations and COVID-19
outbreak as described in note 3
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
18
Under TFRS 15, the Group recognises revenue when a customer obtains control of the goods or
services in an amount that reflects the consideration to which the Group expects to be entitled to. In
addition, judgement is required in determining the timing of the transfer of control for revenue
recognition - at a point in time or over time. Whereas, under TAS 18, the Group recognises revenue
from sale of goods when the significant risks and rewards of ownership of the goods have been
transferred to the buyer, and recognises revenue from rendering of services by reference to the stage
of completion of the transaction at the end of the reporting period. No revenue is recognised if there
is continuing management involvement with the goods or there are significant uncertainties regarding
recovery of the consideration due. Such change in accounting policies have no material impacts on
the financial statements.
In addition, the Group has not early adopted a number of new and revised TFRSs which are not yet
effective for the current period in preparing these interim financial statements. Those new and revised
TFRS that are relevant to the Group’s operations are disclosed in note 22.
3 Impact of COVID-19 outbreak
Due to the COVID-19 outbreak at the beginning of 2020, Thailand and many other countries have
enacted several protective measures against the outbreak, e.g. the order to temporarily shut down
operating facilities or reduce operating hours, social distancing, etc. This has significantly affected
world economy, production, supply chain of goods and business operation of many entities in wide
areas. The management is closely monitoring the situation to manage the negative impact on the
business as much as possible. At 31 March 2020, the situation of COVID-19 outbreak is still ongoing,
resulting in estimation uncertainty on the potential impact, therefore, these financial statements
exclude the factors from the situation in estimating impairment losses on financial assets and non-
financial assets.
4 Business combination under common control and acquisition of non-controlling interests
On 14 August 2019, the Company paid for ordinary shares capital as the result of the tender offer for
securities of Golden Land Property Development PLC. (“GOLD”) for 2,195.90 million shares at Baht
8.50 per share totalling Baht 18,665.14 million, which was 94.50% of the total ordinary shares offered
to be purchased of 2,323.72 million shares from two former major shareholders of GOLD, which was
79.20% of the total ordinary shares offered to be purchased amounting to Baht 15,644.02 million,
which comprised Univentures Public Company Limited (“UV”) which held 912.83 million shares,
or 39.28% of the total ordinary shares offered amounting to Baht 7,759.05 million, and Frasers
Property Holdings (Thailand) Co., Ltd. (“FPHT”), which held 927.64 million shares, or 39.92% of
the total ordinary shares offered amounting to Baht 7,884.97 million. These two major shareholders
and the Company are under common control of the ultimate controlling shareholder before and after
the acquisition date and that control was not transitory. Consequently, the Group obtained control over
investment in GOLD as at the acquisition date and the consolidated financial statement was prepared
under the business combination of entities under common control principle (see note 4 (a)). The rest
of acquired shares are acquisition from third parties totalling 355.43 million shares or 15.30% of the
total ordinary shares offered amounting to Baht 3,021.12 million (see note 4 (b)).
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
19
(a) Acquisition of interest which is a business combination under common control
The acquired shares totalling of 79.20% of the total ordinary shares offered from UV and FPHT has
been accounted for the carrying amount in a manner similar to a pooling of interest method. Such
presentation reflects the economic substances for the Company and GOLD as one economic unit from
1 October 2018 for the benefit comparing, although the legal form of the relationship believes the
Company and GOLD was effective after 1 October 2018. The Company has also presented the
consolidated statements of income, statement of comprehensive income for the three-month and six-
month periods ended 31 March 2019, statement of changes in equity and cash flow for the six-month
period ended 31 March 2019, including notes to consolidated financial statements after business
restructuring for the information of users in comparing.
The major classes of the carrying amounts of assets acquired and liabilities from GOLD Group, which
was the date of the business combination under common control are as follow:
Golden Land Property
Development PLC.
Group
(in million Baht) Cash and cash equivalents 470
Trade accounts receivable 132
Real estate projects under development 30,530
Investment properties 6,326
Prepaid land rental 1,049
Property, plant and equipment 2,421
Short term loans from financial institutions (4,921)
Trade accounts payable (2,395)
Debentures (9,994)
Long term loans from financial institutions (1,694)
Unearned rental income (6,327)
Other assets - net 1,307
Identified net assets 16,904
Ownership interest under common control (%)
- Purchased from UV 39.28
- Purchased from FPHT 39.92 79.20
Identifiable net assets - according to shareholding 13,388
Consideration paid (15,644)
Differences arising from business combination under
common control
(2,256)
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
20
The impact of the restatement on the Group’s consolidated financial statements are as follows:
Statement of income
for the three-month
period ended
31 March 2019
Consolidated financial statements
As previously
reported
Reclassi -
fication
After
Reclassi -
fication Adjustments As restated
(in million Baht)
Revenue from sales of
real estate - - - 4,396 4,396
Rental and related
service revenue 401 41 442 236 678
Revenue from hotel
business - - - 153 153
Cost of sales of
properties (1) 1 - (3,034) (3,034)
Cost of rental and related
services (118) (59) (177) (140) (317)
Cost of hotel business - - - (100) (100)
Distribution costs (15) (11) (26) (360) (386)
Administrative expenses (197) 51 (146) (410) (556)
Share of profits (losses) of associates and joint
ventures net of
unrealised gains on
sales of investment
properties to associates
and joint ventures 61 (1) 60 13 73
Others (53) (22) (75) (54) (129)
Profit for the period 78 - 78 700 778
Profit attributable to:
Owners of the Company 75 - 75 - 75
Former shareholder
before business
restructuring - - - 555 555
Non-controlling interests 3 - 3 145 148
Profit for the period 78 - 78 700 778
Basic earnings per
share (Baht) 0.04 - 0.04 - 0.04
Profit for the period 78 - 78 700 778
Other comprehensive
income for the period (6) - (6) - (6)
Total comprehensive
income for the
period 72 - 72 700 772
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
21
Statement of income
for the three-month
period ended
31 March 2019
Consolidated financial statements
As previously
reported
Reclassi -
fication
After
Reclassi -
fication Adjustments As restated
(in million Baht)
Owners of the Company 69 - 69 - 69
Former shareholder
before business
restructuring - - - 555 555
Non-controlling interests 3 - 3 145 148
Total comprehensive
income for the period 72 - 72 700 772
Statement of income
for the six-month
period ended
31 March 2019
Consolidated financial statements
As previously
reported
Reclassi -
fication
After
Reclassi -
fication Adjustments As restated
(in million Baht)
Revenue from sales of
real estate 2,025 (2,025) - 8,152 8,152
Rental and related
service revenue 791 74 865 477 1,342
Revenue from hotel
business - - - 297 297
Cost of sales of
properties (1,134) 1,134 - (5,687) (5,687)
Cost of rental and related
services (235) (110) (345) (281) (626)
Cost of hotel business - - - (198) (198)
Distribution costs (23) (23) (46) (680) (726)
Administrative expenses (381) 88 (293) (812) (1,105)
Share of profits (losses) of associates and joint
ventures net of
unrealised gains on
sales of investment
properties to associates
and joint ventures 126 (199) (73) 32 (41)
Others (406) 1,061 655 (150) 505
Profit for the period 763 - 763 1,150 1,913
Profit attributable to:
Owners of the Company 755 - 755 - 755
Former shareholder
before business
restructuring - - - 914 914
Non-controlling interests 7 - 7 237 244
Profit for period 762 - 762 1,151 1,913
Basic earnings per
share (Baht) 0.41 - 0.41 - 0.41
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
22
Statement of income
for the six-month
period ended
31 March 2019
Consolidated financial statements
As previously
reported
Reclassi -
fication
After
Reclassi -
fication Adjustments As restated
(in million Baht)
Profit for the period 762 - 762 1,151 1,913
Other comprehensive
income for the period (3) - (3) - (3)
Total comprehensive
income for the
period 759 - 759 1,151 1,910
Owners of the Company 752 - 752 - 752
Former shareholder
before business
restructuring - - - 914 914
Non-controlling interests 7 - 7 237 244
Total comprehensive
income for the period 759 - 759 1,151 1,910
Statement of cash flows for the six-month period ended 31 March 2019
Consolidated financial statements
As previously
reported
Reclassi -
fication
After
Reclassi -
fication Adjustments As restated
(in million Baht)
Net cash from (used in)
operating activities 2,249 (1,910) 339 (2,863) (2,524)
Net cash from (used in)
investing activities (5,116) 1,910 (3,206) 58 (3,148)
Net cash from
investing activities 3,132 - 3,132 3,219 6,351
Net increase in cash and
cash equivalents 265 - 265 414 679
(b) Acquisition of interests from third parties, which is acquisition of non-controlling interests
In October and November 2019, the Company acquired additional interests of GOLD for 18.53 million
shares or 0.80% of the total ordinary shares, totalling Baht 156.56 million from non-controlling interest.
31 March 2020
(in million Baht)
Carrying amount of non-controlling interests acquired 135
Consideration paid (156)
Deficit from change in ownership interests in a subsidiary (21)
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
23
5 Related parties
Relationships with associates, joint ventures and subsidiaries are described in notes 8 and 9. Other
related parties which have material changes in relationships and that the Group had significant
transactions during the period with were as follows:
Name of entities Country of
incorporation/
nationality
Nature of relationships
Paksong Capital Company Limited Thailand Common directors with a
subsidiary
N.C.C.International Events Company Limited Thailand Common directors
Univentures REIT Management Company Limited Thailand Common directors
Oishi Ramen Company Limited Thailand Common directors
Thai Beverage Recycle Company Limited Thailand Common directors
Frasers Hospitality Loyalty Service Pte. Ltd. Singapore Common directors
Frasers Hospitality China Square Trustee Pte. Ltd. Singapore Common directors
Key management personnel Thailand Persons having authority and
responsibility for planning,
directing and controlling the
activities of the entity, directly
or indirectly including any
director (whether executive or
otherwise) of the Group.
Significant transactions for the three-month and six-month periods ended 31 March with related parties were
as follows:
Consolidated
financial statements
Separate
financial statements
Three-month period ended 31 March 2020 2019 2020 2019
(Restated)
(in million Baht) Subsidiaries
Property management fee income - - 33 27
Other income - - 6 5
Dividend income - - 1,096 31
Interest income - - 104 121
Associates
Rental and related service income 94 91 1 1
Loss from sales of investment properties - 1 - -
Land rental income 15 15 2 2
Management fee income 122 101 - -
Common area service fee 7 6 - -
Dividend income - - 4 4
Interest income 3 15 - 12
Other income 2 - 2 -
Rental expenses 11 25 - -
Provision related to sales of investment
properties - 1 - -
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
24
Consolidated
financial statements
Separate
financial statements
Three-month period ended 31 March 2020 2019 2020 2019
(Restated)
(in million Baht) Joint ventures
Management fee income 19 25 - -
Other income 31 1 1 -
Rental and service expenses 31 - 9 -
Other expenses - 1 - -
Other related parties
Rental and related service revenue 8 8 - -
Revenue from hotel business 1 1 - -
Management fee income 2 1 - -
Other income 1 2 - -
Rental and related service expenses 3 6 3 6
Utilities expenses 2 4 1 4
Rental expenses 7 11 - -
Property management fee expenses 19 18 - -
Management fee expenses 2 3 - -
Central charge expenses 1 2 - -
Interest expenses 3 3 - -
Other expenses 17 22 8 11
Key management personnel
Key management personnel compensation
Short-term employee benefit 58 48 37 24
Post-employment benefit 2 4 - 2
Total key management personnel compensation 60 52 37 26
Consolidated
financial statements
Separate
financial statements
Six-month period ended 31 March 2020 2019 2020 2019
(Restated)
(in million Baht) Subsidiaries
Property management fee income - - 65 55 Other income - - 12 11
Dividend income - - 1,096 31
Interest income - - 207 242 Associates
Rental and related service income 188 185 2 2
Gain on the sale of investment properties - 888 - 653
Land rental income 30 31 4 5
Management fee income 237 207 - -
Sales commission income 34 - - -
Common area service fee 14 12 - -
Dividend income - - 7 7
Interest income 6 19 - 14
Other income 4 - 2 -
Rental expenses 31 51 - -
Provision related to sales of investment
properties - 13 - 9
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
25
Consolidated
financial statements
Separate
financial statements
Six-month period ended 31 March 2020 2019 2020 2019
(Restated)
(in million Baht) Joint ventures
Management fee income 38 50 - -
Other income 32 1 2 -
Rental and service expenses 44 - 11 -
Other expenses 2 1 - -
Other related parties
Rental and related service revenue 20 19 - 1
Revenue from hotel business 2 2 - -
Management fee income 5 1 - -
Other income 2 4 - -
Interest income 1 1 - 1
Rental and related service expenses 9 11 9 11
Utilities expenses 3 4 2 4
Purchase of equipment 2 1 - -
Rental expenses 16 23 - -
Property management fee expenses 41 38 - -
Management fee expenses 5 6 - -
Central charge expenses 3 4 - -
Interest expenses 7 7 - -
Other expenses 35 40 12 14
Key management personnel
Key management personnel compensation
Short-term employee benefit 158 109 104 60
Post-employment benefit 7 7 2 3
Total key management personnel compensation 165 116 106 63
Balances as at 31 March 2020 and 30 September 2019 with related parties were as follows:
Cash and cash equivalents
Consolidated
financial statements
Separate
financial statements
31
March
2020
30
September
2019
31
March
2020
30
September
2019
(in million Baht)
Other related party 177 317 37 23
Trade accounts receivable - related parties
Consolidated
financial statements
Separate
financial statements
31
March
2020
30
September
2019
31
March
2020
30
September
2019
(in million Baht)
Subsidiaries - - 20 8
Associates 66 28 - -
Joint ventures 40 - - -
Other related parties 2 9 - -
Total 108 37 20 8
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
26
Other receivables - related parties
Consolidated
financial statements
Separate
financial statements
31
March
2020
30
September
2019
31
March
2020
30
September
2019
(in million Baht)
Subsidiaries - - 6 1
Associates 18 20 2 -
Joint ventures 32 2 1 1
Other related parties 7 4 1 1
Total 57 26 10 3
Short-term loan and amount due from Consolidated Separate
related party financial statements financial statements
31
March
2020
30
September
2019
31
March
2020
30
September
2019
(in million Baht)
Other related party 146 135 - -
Short-term loan and amount due from related party
On 31 March 2020, a subsidiary and a related party had entered into Memorandum of Understanding
to convert such short-term loan and amount due from related party to equity, which will be finalised by
May 2020.
Movements during the six-month periods ended 31 March 2020 of loans and accrued interest to related
parties were as follows:
Interest rate Consolidated financial statements
30
September
2019
31
March
2020
30
September
2019 Increase Decrease
31
March
2020
(% per annum) (in million Baht)
Long-term loans and
accrued interest
Associate
Long-term loan 4.42 4.42-5.02 242 - - 242
Accrued interest 30 6 - 36
Total 272 278
Less allowance for
doubtful accounts (39) (6) - (45)
Net 233 233
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
27
Interest rate Separate financial statements
30
September
2019
31
March
2020
30
September
2019 Increase Decrease
31
March
2020
(% per annum) (in million Baht)
Long-term loans and
accrued interest
Subsidiaries
Long-term loan 4.16-4.50 3.89-4.03 10,110 720 (341) 10,489
Accrued interest - 207 (207) -
Total 10,110 10,489
Consolidated financial
statements
Separate financial
statements
2020 2019 2020 2019
(in million Baht)
Bad and doubtful debts expense of loan
and accrued interest to related parties
Three-month period ended 31 March 3 3 - -
Six-month period ended 31 March 6 6 - -
Other non-current assets - related parties
Consolidated
financial statements
Separate
financial statements
31
March
2020
30
September
2019
31
March
2020
30
September
2019
(in million Baht)
Associates 8 8 - -
Joint ventures 27 26 9 8
Other related parties 12 12 8 8
Total 47 46 17 16
Trade account payable - related parties
Consolidated
financial statements
Separate
financial statements
31
March
2020
30
September
2019
31
March
2020
30
September
2019
(in million Baht)
Associates 3 4 - -
Other related parties 3 5 - -
Total 6 9 - -
Rental and service deposit-related parties Consolidated
financial statements
Separate
financial statements
31
March
2020
30
September
2019
31
March
2020
30
September
2019
(in million Baht)
Other related parties
1
1
-
-
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
28
Other payables - related parties
Consolidated
financial statements
Separate
financial statements
31
March
2020
30
September
2019
31
March
2020
30
September
2019
(in million Baht)
Subsidiaries - - 1 1
Associates 8 37 - -
Joint ventures 10 - 5 -
Other related parties 17 36 3 15
Total 35 73 9 16
Provision related to sales of properties -
related party
Consolidated
financial statements
Separate
financial statements
31
March
2020
30
September
2019
31
March
2020
30
September
2019
(in million Baht)
Associate 4 13 - 2
Movements of loans and accrued interest to related parties during the six-month periods ended 31
March 2020 were as follows:
Interest rate Consolidated financial statements
30
September
2019
31
March
2020
30
September
2019 Increase Decrease
31
March
2020
(% per annum) (in million Baht)
Subsidiaries - shareholder
Long-term loans 6.50 6.50 273 - - 273
Accrued interest 267 8 - 275
Total 540 548
Unearned land rental income
Consolidated
financial statements
Separate
financial statements
31
March
2020
30
September
2019
31
March
2020
30
September
2019
(in million Baht)
Associate
Current portion 364 358 8 8
Non-Current portion 7,177 7,456 188 192
Total 7,541 7,814 196 200
Commitments with related parties
Consolidated
financial statements
Separate
financial statements
31
March
2020
30
September
2019
31
March
2020
30
September
2019
(in million Baht)
Capital commitments
Contracted but not provided for:
Agreements for consultants 14 - 13 -
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
29
Commitments with related parties
Consolidated
financial statements
Separate
financial statements
31
March
2020
30
September
2019
31
March
2020
30
September
2019
(in million Baht)
Future minimum lease and services
payments under non-cancellable
operating leases and services
Within one year 115 110 34 30
After one year but within five years 206 261 57 64
Total 321 371 91 94
6 Trade accounts receivable
Aging analysises for trade accounts receivable were as follows:
Consolidated
financial statements
Separate
financial statements
31
March
30
September
31
March
30
September
2020 2019 2020 2019
(in million Baht)
Related parties
Within credit terms 95 30 20 8
Overdue:
Less than 3 months 13 5 - -
3 - 6 months - 2 - -
108 37 20 8
Other parties
Within credit terms 40 48 3 5
Overdue:
Less than 3 months 43 42 19 13
3 - 6 months 13 8 11 7
6 - 12 moths 4 4 1 -
Over 12 months 22 18 13 13
122 120 47 38
Unbilled operating leases receivables 48 41 5 5
Total 278 198 72 51
Less allowance for doubtful accounts (22) (19) (13) (13)
Net 256 179 59 38
The normal credit term granted by the Group is 30 days to 45 days.
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
30
7 Real estate projects under development
Consolidated
financial statements
Separate
financial statements
31
March
30
September
31
March
30
September
2020 2019 2020 2019
(in million Baht)
Land 25,279 21,633 - -
Prepaid land rental 9 9 - -
Land improvement 4,661 4,168 - -
Construction cost 5,117 4,720 - -
Capitalised interest 731 599 - -
Total 35,797 31,129 - -
Less allowance for project devaluation (50) (51) - -
Net 35,747 31,078 - -
Six-month period ended Six-month period ended
31 March 31 March
2020 2019 2020 2019
(in million Baht)
Finance costs capitalised during the period 293 201 - -
Rate of interest capitalized (% per annum) 1.90 - 4.525 2.78 - 4.525 - -
Real estate projects under development
recognised as an expense in ‘cost of
sales of real estate project’:
Cost 4,925 5,684 - -
Reversal of write-down (1) - - -
Net total 4,924 5,684 - -
Real estate projects under development comprise single-detached houses, semi-detached houses,
two - storey townhouses, three-storey townhouses, commercial buildings and condominium, which
are operating and ready for sale housing projects totalling 61 projects and a portion are projects under
development.
Collateral
The subsidiary has mortgaged land, including present and future structures thereon, with financial
institutions to secure subsidiaries’s bank overdrafts, bank loans and aval note payable for purchasing
land. (see note 13).
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
31
8 Investments in associates and joint ventures
Consolidated
financial statements
Separate
financial statements
Six-month period ended 31 March 2020 2019 2020 2019
(Restated)
(in million Baht)
Associates
At 1 October 2019 / 2018 9,547 5,796 4,344 205
Share of net profits (losses) of associates
net of unrealised gains on sale
of properties to associates 237 (2) - -
Increases in investment 1,215 2,301 98 2,301
Disposals of investment (559) - - -
Dividend income (308) (289) - -
Exchange differences on translation (27) 8 - -
At 31 March 10,105 7,814 4,442 2,506
Joint ventures
At 1 October 2019 / 2018 2,664 1,763 262 109
Share of net losses of joint ventures net of
unrealised gains on sale of investment
properties to joint ventures (181) (40) - -
Increases in investment 149 163 - -
At 31 March 2,632 1,886 262 109
Total
At 1 October 2019 / 2018 12,211 7,559 4,606 314
Share of net profits (loss) of associates and
joint ventures net of unrealised gains on
sales of investment properties to
associates and joint ventures 56 (42) - -
Increases in investment 1,364 2,464 98 2,301
Disposals of investments (559) - - -
Dividend income (308) (289) - -
Exchange differences on translation (27) 8 - -
At 31 March 12,737 9,700 4,704 2,615
The transactions for establish, increase and disposal in investments in associates and joint ventures during
the six-month period ended 31 March 2020 and 2019, were as follows:
Consolidated
financial statements
Separate
financial statements
Six-month period ended 31 March 2020 2019 2020 2019
(Restated)
(in million Baht)
Associates
TRA Land Development Company Limited 73 2,301 73 2,301
FTREIT - Increases 1,142 - 25 -
FTREIT - Disposals (559) - - -
656 2,301 98 2,301
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
32
Consolidated
financial statements
Separate
financial statements
Six-month period ended 31 March 2020 2019 2020 2019
(Restated)
(in million Baht)
Joint ventures
STT GDC (Thailand) Company Limited * 127 163 - -
Frasers Property BFTZ Company Limited ** 22 - - -
149 163 - -
Total 805 2,464 98 2,301
* Held by Frasers Property Technology (Thailand) Company Limited and Frasers Property Industrial
(Thailand) Company Limited established in December 2018
** Held by Frasers Property Industrial (Thailand) Company Limited
In January 2020, the Company and a subsidiary had purchased unit trust of FTREIT totalling 79.86 million
units amounting to Baht 1,142.03 million.
In February 2020, a subsidiary had sold unit trust of FTREIT totalling 61.20 million units amounting to
Baht 942.81 million. The Group had recognised gain on sale of Baht 384.06 million.
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
33
The investments in associates and joint ventures as at 31 March 2020 and 30 September 2019, and dividend income from those investments for the
six-month periods ended 31 March were as follows:
Consolidated financial statements
Ownership
interest
Paid-up capital
Cost Equity
Dividend income for the
six-month periods ended
Type of
business
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
31
March
2019
(Restated)
(%) (in million Baht)
Associates
FTREIT * Investing in properties 22.26 23.43 28,313 25,174 6,539 6,034 3,715 3,172 215 199
PT SLP Surya TICON Real estate
Internusa ** development 25.00 25.00 1,657 1,657 414 414 335 361 - -
TRA Land Development Real estate
Company Limited development 50.00 50.00 8,424 8,279 4,212 4,139 4,206 4,126 - -
North Sathorn Hotel
Company Limited *** Hotel business 20.00 20.00 1,450 1,450 290 290 70 70 - -
GVREIT *** Investing in property
leasehold rights and
related equipment 22.64 22.64 8,046 8,046 1,822 1,822 1,579 1,616 80 77
Gold Property Fund Investing in property
(Leasehold) *** (GOLDPF) leasehold rights and related equipment 33.00 33.00 1,983 1,983 655 655 200 202 13 13
13,932 13,354 10,105 9,547 308 289
* Held by Frasers Property Thailand (International) Pte. Ltd. and Frasers Property (Thailand) Public Company Limited
** Held by Frasers Property Thailand (Hong Kong) Limited
*** Held by Golden Land Property Development Public Company Limited
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
34
Consolidated financial statements
Ownership
interest
Paid-up capital
Cost Equity
Dividend income for the
six-month periods ended
Type of
business
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
31
March
2019
(Restated)
(%) (in million Baht)
Joint ventures
Frasers Property Demco Power 6 Electricity generator
Company Limited *** and seller 51.00 51.00 5 5 2 2 3 3 - -
Frasers Property Demco Power 11 Electricity generator
Company Limited *** and seller 51.00 51.00 4 4 2 2 3 2 - -
Frasers Property BFTZ Real estate
Company Limited *** development 59.99 59.99 631 595 379 357 385 361 - -
JustCo (Thailand) Co-office/
Company Limited working space 51.00 51.00 514 514 262 262 224 238 - -
STT GDC (Thailand)
Company Limited **** Data center 51.00 51.00 973 723 496 369 469 354 - -
Wangnoi Logistics Park Real estate
Company Limited*** development 51.00 51.00 397 397 202 202 68 68 - -
Bangpakong Logistics Park Real estate
Company Limited *** development 51.00 51.00 840 840 449 449 325 325 - -
PBA Robotics (Thailand) Automations
Company Limited***** solutions services 51.00 51.00 31 31 16 16 9 14 - -
Kasemsubbhakdi Co.,Ltd. ****** Property
development 49.00 49.00 3,000 3,000 1,470 1,470 1,146 1,299 - -
3,278 3,129 2,632 2,664 - -
Total 17,210 16,483 12,737 12,211 308 289
*** Held by Frasers Property Industrial (Thailand) Company Limited
**** Held by Frasers Property Technology (Thailand) Company Limited and Frasers Property Industrial (Thailand) Company Limited
***** Held by Automation Asset Company Limited
****** Held by GOLD
All associates and joint ventures were incorporated in Thailand, except PT SLP Surya TICON Internusa which was incorporated in Indonesia.
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
35
Separate financial statements
Ownership
interest
Paid-up capital
Cost At cost - net
Dividend income for the
six-month periods ended
Type of
business
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
31
March
2019
(Restated)
(%) (in million Baht)
Associates
FTREIT Investing in
properties
0.80
0.80
28,313
25,174
230
205
230
205
7
7
TRA Land Development Real estate
Company Limited development 50.00 50.00 8,424 8,279 4,212 4,139 4,212 4,139 - -
4,442 4,344 4,442 4,344 7 7
Joint venture
JustCo (Thailand) Co-office/
Company Limited working 51.00 51.00 514 514 262 262 262 262 - -
space 262 262 262 262 - -
Total 4,704 4,606 4,704 4,606 7 7
All associates and joint venture were incorporated in Thailand.
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
36
None of the Group’s associates and joint ventures are publicly listed and consequently do not have
published price quotations, except for
1. FTREIT which is listed on the Stock Exchange of Thailand. As at 31 March 2020, the closing
was Baht 13.50 (30 September 2019: Baht 17.90). The fair value of investment in FTREIT was
Baht 8,482.32 million (30 September 2019: Baht 10,912.87 million).
2. GOLDPF which is listed on the Stock Exchange of Thailand. As at 31 March 2020, the closing
price per unit was Baht 6.40 (30 September 2019: Baht 7.50). The fair value of investment in
GOLDPF was Baht 435.20 million (30 September 2019: Baht 510 million).
3. GVREIT which is listed on the Stock Exchange of Thailand. As at 31 March 2020, the closing
price per unit was Baht 13.70 (30 September 2019: Baht 16.80). The fair value of investment in
GVREIT was Baht 2,527.65 million (30 September 2019: Baht 3,099.60 million).
9 Investments in subsidiaries
Separate
financial statement
Six-month period ended 31 March Note 2020 2019
(in million Baht)
At 1 October 2019 / 2018 38,329 17,916
Increases 2,253 255
Acquisition 4 157 -
Disposals (85) -
Reversal of impairment 26 -
At 31 March 40,680 18,171
The transactions for establish, increase in investments and disposal of investments in subsidiaries during
the six-month period ended 31 March 2020 and 2019, were as follows:
Separate
financial statement
Six-month period ended 31 March 2020 2019
(in million Baht)
Frasers Property Technology (Thailand) Company Limited 181 165
Bangkok Logistics Park Company Limited - 90
Frasers Property Thailand (International) Pte.Ltd. 2,070 -
Frasers Property Treasury Center (Thailand)
Company Limited
2
-
GOLD 157 -
Shanghai TICON Investment Management
Company Limited
(59)
-
Total 2,351 255
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
37
Investments in subsidiaries as at 31 March 2020 and 30 September 2019, and dividend income from those investments for the six-month periods ended 31 March were as follows:
Separate financial statements
Ownership
interest
Paid-up capital
Cost
Impairment
At cost - net
Dividend income for
the six-month periods ended
Type of
business
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
31
March
2019 (%) (in million Baht)
Subsidiaries
ECO Industrial
Services Company Real estate
Limited development 99.99 99.99 13 13 13 13 - - 13 13 - 9
Frasers Property
Industrial (Thailand) Real estate
Company Limited development 99.99 99.99 11,500 11,500 11,515 11,515 - - 11,515 11,515 - -
Frasers Property Industrial
REIT Management REIT
(Thailand) Company Limited management 69.99 69.99 10 10 7 7 - - 7 7 29 22
Frasers Property
Technology (Thailand)
Company Limited Data center 99.99 99.99 553 372 553 372 - - 553 372 - -
Bangkok Logistics Park Real estate
Company Limited development 75.00 75.00 300 300 225 225 - - 225 225 - -
Shanghai TICON
Investment Management Investment
Company Limited * management - 100.00 - 85 - 85 - 26 - 59 - -
Frasers Property Thailand Investment
(Hong kong) Limited management 100.00 100.00 575 575 575 575 - - 575 575 - -
Frasers Property Thailand Investment
(International) Pte. Ltd. management 100.00 100.00 8,499 6,429 8,499 6,429 - - 8,499 6,429 - -
System Assets Real estate
Company Limited development 100.00 100.00 400 400 400 400 - - 400 400 - -
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
38
Separate financial statements
Ownership
interest
Paid-up capital
Cost
Impairment
At cost - net
Dividend income for
the six-month periods ended
Type of
business
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
31
March
2019 (%) (in million Baht)
GOLD Real estate
development 95.65 94.85 11,038 11,038 18,891 18,734 - - 18,891 18,734 1,067 -
Frasers Property Treasury Treasury center
Center (Thailand) Co., Ltd development 100.00 - 2 - 2 - - - 2 - - -
Total 40,680 38,355 - 26 40,680 38,329 1,096 31
Indirect subsidiary
Held by Fraser Property
Industrial (Thailand)
Company Limited
Automation Asset Co., Ltd. Automations
solutions
services 100.00 100.00 17 17 - - - - - - - -
Held by Fraser Property
Thailand (International) Pte.
Ltd.
Frasers Property Thailand Investment
(Vietnam) Pte. Ltd. management 100.00 - 24 - - - - - - - - -
Held by Frasers Property
Thailand (Vietnam) Pte. Ltd.
Amigos An Phu Holding Investment
Pte. Ltd. management 100.00 - 22 - - - - - - - - -
Held by Amigos An Phu
Holding Pte. Ltd.
Amigos An Phu (Singapore) Investment
Pte. Ltd. management 100.00 - 21 - - - - - - - - -
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
39
Separate financial statements
Ownership
interest
Paid-up capital
Cost
Impairment
At cost - net
Dividend income for
the six-month periods ended
Type of
business
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
31
March
2019 (%) (in million Baht)
Held by GOLD
Narayana Pavilion Co., Ltd. Office building 100.00 100.00 475 475 - - - - - - - -
United Homes Co., Ltd. Property
development 100.00 100.00 550 550 - - - - - - - -
Golden Land (Mayfair) Co., Ltd. Residential
building 100.00 100.00 11 11 - - - - - - - -
North Sathorn Realty Co., Ltd. Office building 100.00 100.00 639 639 - - - - - - - -
Ritz Village Co., Ltd. Property
development 100.00 100.00 100 100 - - - - - - - -
Golder Land Polo Limited Provide contract
workers services 100.00 100.00 4 4 - - - - - - - -
Grand Paradise Property Co., Ltd. Property
development 100.00 100.00 42 42 - - - - - - - -
Golden Property Service Co., Ltd. Property
management 100.00 100.00 1,480 1,480 - - - - - - - -
Golden Habitation Co., Ltd. Property
development 100.00 100.00 38 38 - - - - - - - -
Sathorn Thong Co., Ltd. Property
development 100.00 100.00 154 154 - - - - - - - -
Sathorn Supsin Co., Ltd. Residential
building 60.00 60.00 245 245 - - - - - - - -
Krungthep Land Public Co., Ltd. Property
development 100.00 100.00 1,780 1,780 - - - - - - - -
Held by Narayana Pavilion
Co., Ltd.
Walker Homes Co., Ltd. Property
development 50.00 50.00 1 1 - - - - - - - -
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
40
Separate financial statements
Ownership
interest
Paid-up capital
Cost
Impairment
At cost - net
Dividend income for
the six-month periods ended
Type of
business
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
31
March
2019 (%) (in million Baht)
25% Held by Narayana
Pavillio Co., Ltd.and 25%
held by Ritz Village Co., Ltd.
Golden Land Residence Co., Ltd. Property
development 50.00 50.00 50 50 - - - - - - - -
Held by Golden Land
(Mayfair) Co., Ltd.
Grand Mayfair Co., Ltd. Residential
building 100.00 100.00 12 12 - - - - - - - -
Held by Golden Land Polo Ltd.
MSGL Property Co.,Ltd. Property
development 100.00 100.00 11 11 - - - - - - - -
Held by Krungthep Land
Public Co., Ltd.
Sidewalk Land Co., Ltd. Property
development 100.00 100.00 41 41 - - - - - - - -
Prime Plus Asset Co., Ltd. Property
development 100.00 100.00 20 20 - - - - - - - -
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
41
Separate financial statements
Ownership
interest
Paid-up capital
Cost
Impairment
At cost - net
Dividend income for
the six-month periods ended
Type of
business
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
31
March
2019 (%) (in million Baht)
First Square Co., Ltd. Property
development 100.00 100.00 20 20 - - - - - - - -
Regal Region Co., Ltd. Property
development 100.00 100.00 21 21 - - - - - - - -
* On 4 March 2020, Shanghai TICON Investment Management Company Limited, the subsidiary was dissolved and liquidated.
All subsidiaries were incorporated in Thailand, except Shanghai TICON Investment Management Company Limited which was incorporated in China,
Frasers Property Thailand Investment (Hong Kong) Limited which was incorporated in Hong Kong and Frasers Property Thailand Investment (International) Pte. Ltd., Frasers Property Thailand (Vietnam) Pte. Ltd., Amigos An Phu Holding Pte. Ltd. and Amigos An Phu (Singapore) Pte. Ltd. which were incorporated in Singapore.
Short-term loan for project investment
As at 31 March 2020, an indirect subsidiary of the Company had short term loan to a foreign company amounting to Baht 655.22 million which may be a part of
investment in real estate development project in foreign country. However, the party have to repay the loan with interest to the Group if the agreed term and conditions
specified in the agreement cannot be complied.
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
42
10 Investment properties
Movements during the six-month periods ended 31 March were as follows:
Consolidated Separate
financial statements financial statements
2020 2019 2020 2019 (Restated)
(in million Baht)
Net book value at 1 October
2019 / 2018
35,690 35,622 6,378 6,479
Acquisitions during the period 406 817 49 54
Disposals during the period -
net book value (397) (26) (345) (21)
Sales investment in subsidiary
- net book value - (45) - -
Transfer in:
Real estate projects under
development
- 31 - -
Depreciation for the period (413) (410) (48) (47)
Cost of management fee (5) - - -
Impairment loss (13) (18) - -
Net book value at 31 March 35,268 35,971 6,034 6,465
Consolidated Separate
financial statements financial statements
2020 2019 2020 2019
(Restated)
(in million Baht)
Depreciation expenses included in:
Cost of rental and related service 361 337 26 22
Administrative expense 52 73 22 25
413 410 48 47
Investment properties of the Group comprise investment properties for industrial and investment
properties for commercial.
Investment properties for industrial comprise land and land improvements, construction in progress,
common properties, factory and warehouse buildings.
Investment properties for commercial comprise office buildings for rent which are part of assets located
on leasehold land for which GOLD made prepayment for land rental. The ownership of the office
buildings for rent will be vested in the lessor upon conditions stipulated in various lease agreements
(see note 11).
Collaterals
The Group and the Company have collaterals in investment properties for industrial as detail in note 13.
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
43
11 Prepaid land rental
Movements during the six-month periods ended 31 March were as follows:
Consolidated
financial statements
Separate
financial statements
2020 2019 2020 2019
(Restated)
(in million Baht)
Cost
At 1 October 2019 / 2018 2,134 2,134 - -
Increase 234 - - -
At 31 March 2,368 2,134 - -
Amortisation
At 1 October 2019 / 2018 479 384 - -
Amortisation for the period 43 41 - -
Accrued long - term rental expenses 6 3 - -
At 31 March 528 428 - -
Net book value
At 1 October 2019 / 2018 1,655 1,750 - -
At 31 March 1,840 1,706 - -
Net book value consists of
At 1 October 2019 / 2018
Prepaid land rental 1,668 1,756 - -
Accrued long-term rental expenses (13) (6) - -
1,655 1,750 - -
At 31 March
Prepaid land rental 1,855 1,712 - -
Accrued long-term rental expenses (15) (6) - -
1,840 1,706 - -
12 Property, plant and equipment
Movements during the six-month periods ended 31 March were as follows:
Consolidated Separate
financial statements financial statements
2020 2019 2020 2019 (Restated) (in million Baht)
Net book value at 1 October
2019 / 2018
2,626
2,558
10
10
Acquisitions during the period 51 55 13 4
Disposals during the period
- net book value (2) (1) - -
Depreciation for period (92) (75) (3) (2)
Net book value at 31 March 2,583 2,537 20 12
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
44
Collaterals
The Group and the Company have collaterals in land and land improvements and buildings as note 13.
13 Interest-bearing liabilities
Consolidated
financial statements
Separate
financial statements
31 30 31 30
March September March September
Note 2020 2019 2020 2019
(in million Baht)
Current
Short-term loans from financial
institution
- Secured 2,040 497 - -
- Unsecured 9,047 7,592 998 2,997
Current portion of long-term
loan from financial institution
- Secured 1,717 1,030 - -
Current portion of long-term
note payable
- Secured 254 251 - -
Current portion of debentures
- Unsecured 14 6,700 6,820 4,700 1,820
Total current interest-
bearing liabilities 19,758 16,190 5,698 4,817
Non-current
Long-term loan from financial institution
- Secured 2,177 2,519 - -
Long-term loans from shareholder of
subsidiary (exclude accrued interest)
- Unsecured 273 273 - -
Debentures
- Unsecured 14 36,771 30,776 27,279 25,781
Total non-current interest-
bearing liabilities 39,221 33,568 27,279 25,781
The periods to maturity of interest-bearing liabilities, excluding finance lease liabilities, as at
31 March 2020 and 30 September 2019 were as follows:
Consolidated
financial statements
Separate
financial statements
31 30 31 30
March September March September
2020 2019 2020 2019
(in million Baht)
Within one year 19,758 16,190 5,698 4,817
After one year but within five years 36,324 32,368 24,382 24,581
After five years 2,897 1,200 2,897 1,200
Total 58,979 49,758 32,977 30,598
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
45
Secured interest-bearing liabilities as at 31 March 2020 and 30 September 2019 have secure on the
following assets as follows:
Consolidated
financial statements
Separate
financial statements
Note
31
March
30
September
31
March
30
September
2020 2019 2020 2019
(in million Baht)
Real estate projects under
development
7
11,735
9,117
-
-
Investment properties for industrial 10 968 2,587 - -
Property, plant and equipment 12 786 797 - -
Total 13,489 12,501 - -
(a) As at 31 March 2020, the Group and the Company had unutilised credit facilities totalling Baht
7,819.66 million and Baht 2,983.49 million, respectively (30 September 2019: Baht 7,476.96 million
and Baht 2,620 million, respectively).
(b) As at 31 March 2020, the Company had short- term loan from financial institution with interest of
1.13% per annum (30 September 2019: 1.70% -1.81% per annum).
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
46
14 Debentures
Significant detail of the debentures as at 31 March 2020 and 30 September 2019 were as follows:
Consolidated Separate
financial statements financial statements
31 30 31 30
March September March September
No. Issue date Maturity date Age Interest rate 2020 2019 2020 2019
(Year) (% per annum) (in million Baht)
Issued by Company
6/2012 26 September 2012 26 September 2022 10 4 .90 1,000 1,000 1,000 1,000
2/2013 15 May 2013 15 May 2020 7 4 .30 500 500 500 500
5/2013 18 October 2013 18 October 2019 6 4 .85 - 620 - 620
2/2014 18 July 2014 18 July 2021 7 4 .80 800 800 800 800
2/2015 15 May 2015 15 May 2022 7 3 .69 1,000 1,000 1,000 1,000
3/2015 14 August 2015 14 August 2020 5 3 .22 600 600 600 600
3/2015 14 August 2015 14 August 2023 8 4 .03 700 700 700 700
1/2016 18 May 2016 18 May 2020 4 2 .29 100 100 100 100
1/2016 18 May 2016 18 May 2023 7 3 .35 2,300 2,300 2,300 2,300
1/2018 14 March 2018 14 March 2021 3 2 .20 1,500 1,500 1,500 1,500
1/2018 14 March 2018 14 March 2023 5 2 .75 2,500 2,500 2,500 2,500
1/2018 14 March 2018 14 March 2028 10 3 .58 1,000 1,000 1,000 1,000
1/2019 15 February 2019 15 February 2021 2 2 .61 2,000 2,000 2,000 2,000
1/2019 15 February 2019 15 February 2022 3 2 .91 2,300 2,300 2,300 2,300
1/2019 15 February 2019 15 February 2024 5 3 .36 500 500 500 500
1/2019 15 February 2019 15 February 2029 10 3 .80 200 200 200 200
2/2019 9 May 2019 9 May 2021 2 2 .80 4,000 4,000 4,000 4,000
2/2019 9 May 2019 9 May 2022 3 3 .00 6,000 6,000 6,000 6,000
1/2020 14 January 2020 14 January 2023 3 2.00 500 - 500 -
2/2020 14 January 2020 14 July 2023 3.5 2.10 1,000 - 1,000 -
3/2020 14 January 2020 14 January 2025 5 2.36 1,800 - 1,800 -
4/2020 14 January 2020 14 January 2027 7 2.85 500 - 500 -
5/2020 14 January 2020 14 January 2030 10 3.20 1,200 - 1,200 -
32,000 27,620 32,000 27,620
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
47
Consolidated Separate
financial statements financial statements
31 30 31 30
March September March September
No. Issue date Maturity date Age Interest rate 2020 2019 2020 2019
(Year) (% per annum) (in million Baht)
Issued by subsidiary
1/2016 23 November 2016 23 November 2019 3 3 .35 - 3,000 - -
1/2017 30 May 2017 30 May 2020 3 3 .30 1,000 1,000 - -
2/2017 4 August 2017 8 August 2020 3 3 .09 1,000 1,000 - -
1/2018 22 February 2018 22 February 2023 5 3 .35 2,000 2,000 - -
2/2018 19 December 2018 19 December 2021 3 3.64 3,000 3,000 - -
1/2019 08 November 2019 08 November 2022 3 2.47 3,000 - - -
1/2020 24 February 2020 24 February 2025 5 2.28 1,500 - - -
11,500 10,000 - -
Total 43,500 37,620 32,000 27,620
Less unamortised cost relating to the issuance of debentures (29) (24) (21) (19)
Debentures - net 43,471 37,596 31,979 27,601
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
48
The outstanding balance of debentures classified by the period to maturity as at 31 March 2020 and
30 September 2019 were as follows:
Consolidated financial statements
Separate financial statements
31 30 31 30
March September March September
Note 2020 2019 2020 2019
(in million Baht)
Debentures matured within one year 13 6,700 6,820 4,700 1,820
Debentures matured after one year 13 36,771 30,776 27,279 25,781
Total 43,471 37,596 31,979 27,601
As at 31 March 2020, the debentures of the Group are name specified, unsubordinated, and unsecured,
without debenture holder nominee. The debentures’ offer price was Baht 1,000 per unit and had a face
value of Baht 1,000 each. The interest will be repaid every 6 months throughout the term of the
debentures. In addition, the Group must comply with certain conditions and maintain its debt-to-equity
ratio according to the specified conditions over the term of the debentures.
15 Share capital
Par value 2020 2019 per share Number Amount Number Amount (in Baht) (million shares / in million Baht)
Authorised
At 1 October 2019 / 2018
- ordinary shares 1 2,935 2,935 2,751 2,751
Reduction of ordinary shares 1 (918) (918) (917) (917)
Increase of new shares 1 1,210 1,210 1,101 1,101
At 31 March
- ordinary shares 1 3,227 3,227 2,935 2,935
Issued and paid-up
At 1 October 2019 / 2018
- ordinary shares 1 2,017 2,017 1,834 1,834
At 31 March
- ordinary shares 1 2,017 2,017 1,834 1,834
The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are
entitled to one vote per share at meetings of the Company.
On 24 January 2020, the annual general meeting of shareholders approved the reduction of the registered
capital from Baht 2,934.63 million to Baht 2,016.76 million by cancelling 917.87 million unissued
ordinary shares, at par value of Baht 1 per share. On the same day, the meeting of shareholders approved
the increase of the registered capital from Baht 2,016.76 million to Baht 3,226.82 million by issuing
ordinary shares totaling 1,210.06 million shares, at par value of Baht 1 per share. The Company
registered the reduction and the increase in registered share capital with the Ministry of Commerce on
3 February 2020 and 4 February 2020, respectively.
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
49
16 Segment information
The Group has 5 reportable segments, as described below, which are the Group’s strategic divisions. The
strategic divisions offer different services, and are managed separately because they require different
technology and marketing strategies. For each of the strategic divisions, the chief operating decision maker
(CODM) reviews internal management reports on at least a quarterly basis. The following summary describes
the operations in each of the Group’s reportable segments.
• Segment 1 Real estate business
• Segment 2 Rental and commercial building business
• Segment 3 Hotel business
• Segment 4 The development of investment properties - factories
• Segment 5 The development of investment properties - warehouses
Other operations include the non-operating business units and others which do not meet the quantitative
thresholds for determining reportable segments in 2020 or 2019.
There are some inter-segment transactions in the Group. Inter-segment pricing is determined on an arm’s
length basis.
Information regarding the results of each reportable segment is included below. Performance is measured
based on segment profit before tax, as included in the internal management reports that are reviewed by
the Group’s CODM. Segment profit before tax is used to measure performance as management believes
that such information is the most relevant in evaluating the results of certain segments relative to other
entities that operate within these industries.
Geographical segments
The Group is managed and operates principally in Thailand. There are no material revenues derived
from foreign countries.
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
50
Information about reportable segments
Three-month period Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Others Eliminations Total
ended 31 March 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
(Restated) (Restated) (Restated) (Restated) (Restated) (Restated) (Restated) (Restated)
(in million Baht)
External revenue 3,557 4,396 299 285 113 153 174 122 296 319 102 88 - - 4,541 5,363
Inter - segment revenue - - 2 1 1 - - - 2 - 63 52 (68) (53) - -
Total 3,557 4,396 301 286 114 153 174 122 298 319 165 140 (68) (53) 4,541 5,363
Other income 549 146
Total income 5,090 5,509
Gain (loss) on sale of
investment properties - - - - - - 49 - (19) (1) - - - - 30 (1)
Total profit (loss)
for reportable
segments before
finance cost
and income tax 454 692 85 81 (8) 7 71 57 139 146 75 51 (1) (1) 815 1,033
Finance cost (289) (168)
Gain on sales of
investment in
associate 384 -
Share of profit of
investments in
associates and joint
venture net of
unrealised gains on
sale of properties to
associate and joint
ventures 51 73
Profit before
income tax 961 938
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
51
Six-month period Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Others Eliminations Total
ended 31 March 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
(Restated) (Restated) (Restated) (Restated) (Restated) (Restated) (Restated) (Restated)
(in million Baht)
External revenue 7,103 8,152 605 573 257 297 297 901 615 852 232 180 - - 9,109 10,955
Inter - segment revenue - - 3 3 1 - 1 - 3 - 122 107 (130) (110) - -
Total 7,103 8,152 608 576 258 297 298 901 618 852 354 287 (130) (110) 9,109 10,955
Other income 564 225
Total income 9,673 11,180
Gain (loss) on sale of
investment properties - - - - - - 49 653 (19) 235 - - - - 30 888
Total profit (loss)
for reportable
segments before
finance cost
and income tax 938 1,183 165 149 (8) 8 34 715 267 484 121 127 (4) 9 1,513 2,675
Finance cost (551) (321)
Gain on sales of
investment in
associate 384 -
Share of profit (loss) of
investments in
associates and joint
venture net of
unrealised gains on
sale of properties to
associate and joint
ventures 56 (41)
Profit before
income tax 1,402 2,313
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
52
Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Others Eliminations Total
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
31
March
2020
30
September
2019
(in million Baht)
Segment assets
Reportable segment
assets 39,059 33,508 7,525 7,616 1,748 1,809 19,275 19,401 24,582 24,252 6,686 3,326 (11,379)
(10,320) 87,496 79,592
Investments in
associates 10,105 9,547
Investments in joint
venture 2,632
2,664
Other assets 642 583
Total assets 100,875 92,386
Segment liabilities
Reportable segment
liabilities 23,538 18,131 6,791 6,974 913 939 18,901 16,533 12,287 12,008 6,435 4,775 (11,187) (10,121) 57,678
49,239
Long-term loan 15,000 15,000
Other liabilities 270 277
Total liabilities 72,948 64,516
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
53
17 Income tax expense
Income tax expense is recognised based on management’s best estimate of weighted average rate annual
income tax rate expected for the full financial year multiplied to the pre-tax income of the interim period.
The Group’s and the Company’s effective tax rate in respect of continuing operations for the six-month
period ended 31 March 2020 were 17.33% and 0.06%, respectively.
The total income tax expense in the separate statement of income is less than the amount calculated by
applying tax rate multiplied by net profit for the period because caused mainly from dividend income
which is a non-taxable income.
18 Dividend
At the annual general meeting of the shareholders of the Company held on 24 January 2020,
the shareholders approved the appropriation of profit as a legal reserve of Baht 18.34 million and
the dividend payment of Baht 0.46 per share for 2,016.76 million ordinary shares, amounting to Baht
927.71 million. The dividend was paid to shareholders on 7 February 2020.
At the annual general meeting of the shareholders of the Company held on 25 January 2019,
the shareholders approved the appropriation of profit as a legal reserve of Baht 1.38 million and
the dividend payment of Baht 0.27 per share for 1,834.15 million ordinary shares, amounting to Baht
495.22 million. The dividend was paid to shareholders on 7 February 2019.
19 Financial instruments
Carrying amount and fair values
The following table shows the carrying amounts and fair values of financial assets and financial
liabilities, including their levels in the fair value hierarchy. It does not include fair value information for
financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable
approximation of fair value.
Consolidated financial statements
Carrying Fair value
amount Level 1 Level 2 Level 3 Total
(in million Baht)
31 March 2020
Financial liabilities not
measured at fair value
Long-term loans and accrued
interest expenses from
shareholder of subsidiary 548 - - 402 402
Debentures (Face value) 43,500 - 44,287 - 44,287
Customer deposits 585 - - 538 538
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
54
Consolidated financial statements
Carrying Fair value
amount Level 1 Level 2 Level 3 Total
(in million Baht)
30 September 2019
Financial liabilities not
measured at fair value
Long-term loans and accrued
interest expenses from
shareholder of subsidiary 540 - - 424 424
Debentures (Face value) 37,620 - 38,215 - 38,215
Customer deposits 584 - - 529 529
Separated financial statements
Carrying Fair value
amount Level 1 Level 2 Level 3 Total
(in million Baht)
31 March 2020
Financial assets and financial
liabilities not measured at
fair value
Long-term loans to related parties 10,489 - - 11,156 11,156
Debentures (Face value) 32,000 - 32,689 - 32,689
Customer deposits 155 - - 145 145
30 September 2019
Financial assets and financial
liabilities not measured at
fair value
Long-term loans to related parties 10,110 - - 10,617 10,617
Debentures (Face value) 27,620 - 28,199 - 28,199
Customer deposits 145 - - 137 137
Fair value of other current finance assets and liabilities are taken to approximate the carrying value due
to most of those financial instruments will be matured in short time.
Fair value of other non-current finance assets and liabilities other than those presented in the table above
is taken to approximate the carrying value because most of those financial instruments bear interest at
market rates.
Measurement of fair values
Valuation techniques and significant unobservable inputs
Financial instruments not measured at fair value
Type Valuation technique Significant unobservable inputs
Long-term loan from
shareholder of subsidiary
and long-term loans
to related parties
Discounted cash flows Discount rate
Customer deposits Discounted cash flows Discount rate
Debentures Market price Discount rate
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
55
20 Commitments with non-related parties
Consolidated
financial statements
Separate
financial statements
31 March 30 September 31 March 30 September
2020 2019 2020 2019
(in million Baht)
Capital commitments
Contracted but not provided for:
Agreements with contractors 898 23 - -
Agreements for consultants 36 27 4 -
Software licenses - 8 - -
Total 934 58 4 -
Future minimum lease payments
under non-cancellable
operating leases
Within one year 167 149 15 14
After one year but within five years 550 488 64 54
After five years 2,935 2,290 257 124
Total 3,652 2,927 336 192
Other commitments
Land sales and purchase agreement 1,089 1,245 - -
Bank guarantees 3,390 3,036 27 28
Contracts for residential projects
under development 985 1,324 - -
Total 5,464 5,605 27 28
As at 31 March 2020, significant agreements entered into with non-related parties are as follows:
(a) Land lease agreements
The subsidiary entered to land lease agreements. The term of the agreements are 30 years with the rental
rate of Baht 7.77 million per annum for the first year. The rental fee will be increased as stated in the
agreements.
The Group entered into land various lease agreement in order to real estate projects under
development, investment properties for industrial and investment properties for commercial.
The terms of the agreements are generally between 27 years to 34 years which will end in 2049. The
Group have to comply with the rules and conditions stated in the agreements.
At 31 March 2020, GOLD and GOLD’s subsidiaries for land lease are as follows:
Sathorn
Square Project
and W hotel
Bangkok
FYI Center
Project
Golden Land
Building
Project
Total
(in million Baht)
Within one year 50 23 5 78
After one year but within five years 200 101 5 306
After five years 763 804 - 1,567
Total 1,013 928 10 1,951
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
56
(b) Office equipment lease agreement
As 31 March 2020, the Group has various office equipment lease agreement for periods of
1-5 years. Under the term of agreements, the Group has committed to pay a monthly fixed rental
fee as stated in the agreement. The agreements will be expired in various months up to December
2022.
(c) Management agreements
GOLD has entered into an agreement for management of commercial projects for a period of
3 years ending 31 October 2021. This company will provide management service for commercial
projects and GOLD has to pay service fee as specified in the agreements.
GOLD’s subsidiary has entered into an agreement for management of two commercial projects
for a period of 3 years ending 31 July 2022 and 28 February 2023, with an option to extend for
another period of 3 years. This company will provide management service for commercial projects
and GOLD’s subsidiary has to pay service fee as stated in the agreements.
(d) Contractor agreement
The subsidiary entered into a contractor agreement with a company for the construction of
warehouse totalling Baht 1,032.98 million.
(e) Service agreement
The subsidiary entered into a service agreement with a company to receive the consulting service
for the construction of standard warehouses for rent. The subsidiary agreed to pay a service fee
totalling Baht 40 million for the period of 10 years as stated in the agreement.
21 Events after the reporting period
Issuance of debentures
In May 2020, the Company issuance and allotment of debenture totaling 2 series amounting to Baht 1,000
million and terms are 7 years and 10 years.
Increase in investment in associate
In May 2020, associate has increased share capital as follow:
Associate
Held by
Share
holding
Additional
share capital
Additional
Paid-up by the
Company
(%) (in million Baht)
TRA Land Development
Company Limited
Frasers Property (Thailand)
Public Company Limited
50.00
1,398
699
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
57
Delisting of GOLD
At the Board of Directors’ meeting of the Company held on 12 May 2020, the Board approved the
tender offer for the delisting of Golden Land Property Development Public Company Limited
“GOLD” from the Stock Exchange of Thailand at the price of Baht 8.50 per share.
Allotment of newly-issued ordinary shares
At the Board of Directors’ meeting of the Company held on 12 May 2020, the Board approved the
allotment of newly-issued ordinary shares in the amount not exceeding 302.51 million shares, at the
par value of Baht 1 per share, offering price at Baht 10.60 per share, to be offered to the existing
shareholders of the Company according to their shareholding proportion under the General Mandate.
The subscription and payment period is during 29 June 2020 to 3 July 2020.
22 Thai Financial Reporting Standards (TFRS) not yet adopted
A number of new and revised TFRS which relevant to the Group’s operations are expected to have
significant impact on the consolidated and separate financial statements on the date of initial
application. Those TFRS become effective for annual financial reporting periods beginning on or after
1 January of the following years.
TFRS Topic Effective
TFRS 7* Financial Instruments: Disclosures 2020
TFRS 9* Financial Instruments 2020
TFRS 16 Leases 2020
TAS 32* Financial Instruments: Presentation 2020
TFRIC 16* Hedges of a Net Investment in a Foreign Operation 2020
TFRIC 19* Extinguishing Financial Liabilities with Equity Instruments 2020
* TFRS - Financial instruments standards
(a) TFRS - Financial instruments standards
These TFRS - Financial instruments standards establish requirements related to definition,
recognition, measurement, impairment and derecognition of financial assets and financial
liabilities, including accounting for derivatives and hedge accounting. When these TFRS become
effective, some accounting standards, interpretations and guidance which are currently effective
will be cancelled.
The impact on the financial statements
Management is currently considering the potential impact from TFRS-Financial instruments
standards on the financial statements in the initial period adopted.
(b) TFRS 16 Leases
TFRS 16 introduces a single lessee accounting model for lessees. A lessee recognises a right-of-
use asset and a lease liability, with recognition exemptions for short-term leases and leases of low-
value items. Lease accounting for lessor remains similar to the current standard, i.e. lessors
continue to classify leases as finance or operating leases. When this TFRS is effective, some
accounting standards and interpretations which are currently effective will be cancelled.
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
58
Currently, the Group recognises payments made under operating leases and relevant lease
incentives in profit or loss on a straight-line basis over the term of the lease, and recognised assets
and liabilities only to the extent that there was a timing difference between actual lease payments
and the expense recognised. Under TFRS 16, the Group will recognise right-of-use assets and
lease liabilities for its operating leases as disclosed in Note 20. As a result, the nature of expenses
related to those leases will be changed because the Group will recognise depreciation of right-of-
use assets and interest expense on lease liabilities.
The Group sub-leases some of its properties as disclosed in Note 5. Currently, the head lease and
sub-lease contracts were classified as operating leases and recognised lease income and payment
in profit or loss on a straight-line basis over the term of the leases. Under TFRS 16, the right-of-
use assets recognised from the head leases are presented in investment property and measured at
cost method. The Group reassess the classification of sub-leases and expects that they will
reclassify as finance leases, resulting in recognition of finance lease receivables.
Transition
The Group plans to apply TFRS 16 initially on 1 October 2020, using the modified retrospective
approach. Therefore, the cumulative effect of adopting TFRS 16 will be recognised as an
adjustment to the retained earnings at 1 October 2020, with no restatement of comparative
information.
The Group plans to apply the practical expedient to grandfather the definition of a lease on
transition. This means that it will apply TFRS 16 to all contracts entered into before 1 October
2020 and identified as leases in accordance with TAS 17.
The preliminary impact assessment of initially applying TFRS 16 on the financial statements is as
follows:
Statement of financial position
Consolidated
financial statements
Separate
financial statements
1 October 2020 1 October 2020
(in million Baht)
Increase in finance lease receivables 785 -
Increase in right-of-use property, plant and equipment 439 62
Increase in right-of-use investment properties 2,638 194
Decrease in investment properties (2,835) - Decrease in investment in associate and joint venture (437) - Increase in deferred tax assets 804 - Decrease in prepaid land rental (2,053) (4)
Increase (decrease) in other assets (16) 4
Increase in lease liabilities (2,450) (256) Decrease in unearned rental income 6,329 - Increase in deferred tax liabilities (1,316) -
Decrease in other liabilities 20 - Increase in retained earnings (1,908) -
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
59
23 Reclassification of accounts
Certain account in the 2019 financial statements have been reclassified to conform to the presentation
in the 2020 financial statements.
2019
Consolidated
financial statements
Separate
financial statements
Before
Reclassi-
fication
Reclassi-
fication
After
Reclassi-
fication
Before
Reclassi-
fication
Reclassi-
fication
After
Reclassi-
fication
(in million Baht)
Statement of financial position
as at 30 September 2019
Trade accounts receivable 176 3 179 36 2 38
Other receivables 256 (6) 250 35 (5) 30
Short term loans from
financial institutions (8,092) 3 (8,089) (3,000) 3 (2,997)
- -
Statement of income
for three-month period
ended 31 March 2019
Rental and related service revenue (401) (41) (442) (91) (19) (110)
Utilities revenue (7) 7 - (1) 1 -
Revenue from rendering
of services (16) 16 - (6) 6 -
Management fee income
from associate (76) 76 - - - -
Management fee income - (76) (76) - (27) (27)
Dividend income - - - (35) 35 -
Interest income (41) 41 - (157) 157 -
Investment income - (41) (41) - (192) (192)
Gain on sales of
investment properties - 1 1 - - -
Other income (23) 18 (5) (48) 39 (9)
Cost of rental and related services 118 59 177 17 20 37
Cost of sales of properties 1 (1) - - - -
Utilities costs 5 (5) - 2 (2) -
Distribution costs 15 11 26 9 9 18
Cost of management income - 37 37 - 22 22
Cost of rendering of services 11 (11) - 3 (3) -
Administrative expenses 197 (51) 146 101 (33) 68
Depreciation 40 (40) - 13 (13) -
Share of profits (loss) of
associates and joint
ventures net of unrealised
gains (losses) on sales of
properties to associates
and joint ventures
-
(61)
(61)
-
-
-
Share of profits of associates
and joint ventures
(61)
61
-
-
-
-
- -
Frasers Property (Thailand) Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements
For the three-month and six-month periods ended 31 March 2020 (Unaudited)
60
2019
Consolidated
financial statements
Separate
financial statements
Before
Reclassi-
fication
Reclassi-
fication
After
Reclassi-
fication
Before
Reclassi-
fication
Reclassi-
fication
After
Reclassi-
fication
(in million Baht)
Statement of income
for six-month period
ended 31 March 2019
Rental and related service revenue (791) (74) (865) (196) (30) (226)
Revenue from sales of properties (2,025) 2,025 - (1,347) 1,347 -
Utilities revenue (13) 13 - (3) 3 -
Revenue from rendering
of services (32) 32 - (9) 9 -
Management fee income
from associate (159) 159 - - - -
Management fee income - (159) (159) - (54) (54)
Dividend income - - - (38) 38 -
Interest income (69) 69 - (300) 300 -
Investment income - (69) (69) - (338) (338)
Gain on sales of
investment properties - (888) (888) - (653) (653)
Realised gain on sales of properties (8) 8 - - - -
Other income (45) 29 (16) (87) 72 (15)
Cost of rental and related services 235 110 345 35 36 71
Cost of sales of properties 1,134 (1,134) - 694 (694) -
Utilities costs 10 (10) - 3 (3) -
Distribution costs 23 23 46 15 16 31
Cost of management income - 70 70 - 44 44
Cost of rendering of services 21 (21) - 6 (6) -
Administrative expenses 381 (88) 293 195 (60) 135
Depreciation 84 (84) - 27 (27) -
Share of profits of associates
and joint ventures net of
unrealised gains on sales of
properties to associates and
joint ventures
-
73
73
-
-
-
Share of profits of associates
and joint ventures
(126)
126
-
-
-
-
Unrealised gains on sales of
properties to associates
210
(210)
-
-
-
-
- -
The reclassifications have been made because, in the opinion of management, the new classification is
more appropriate to the Group’s business.