Frasers Hospitality Trust
(Constituted in the Republic of Singapore pursuant to a stapling deed dated 20 June 2014)
Condensed Interim Financial Statements For the six months ended 31 March 2022
Frasers Hospitality Trust
Condensed Interim Financial Statements For the six months ended 31 March 2022
CONDENSED INTERIM STATEMENTS OF TOTAL RETURN OF FHT AND FH-REIT GROUP AND CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS OF FH-BT GROUP
Six months ended 31 March 2022
FHT
FH-REIT Group
FH-BT Group
6 months | 6 months | 6 months | 6 months | ||||
ended | ended | ended | ended | ||||
31 Mar 2022 | 31 Mar 2021 | 31 Mar 2022 | 31 Mar 2021 | ||||
Note | S$'000 | S$'000 | S$'000 | S$'000 | |||
Master lease rental | 8 | 35,700 | 31,085 | 39,263 | 35,616 | - | - |
Room revenue | 2,248 | 1,615 | - | - | 2,248 | 1,615 | |
Food & beverage revenue | 974 | 1,236 | - | - | 974 | 1,236 | |
Other income | 5,181 | 5,995 | - | 479 | 5,181 | 5,516 | |
Revenue | 44,103 | 39,931 | 39,263 | 36,095 | 8,403 | 8,367 | |
Property tax | (3,177) | (4,113) | (3,177) | (4,113) | - | - | |
Property insurance | (804) | (904) | (752) | (854) | (52) | (50) | |
Property management fees | (1,733) | (991) | (1,733) | (991) | - | - | |
Other property expenses | (1,159) | (1,320) | (1,159) | (1,320) | - | - | |
Impairment loss on trade receivables | (1,071) | (2,486) | (1,071) | (2,486) | - | - | |
Operations and maintenance expenses | (1,482) | (1,317) | (59) | (30) | (1,515) | (1,287) | |
Energy and utilities expenses | (261) | (261) | - | - | (261) | (261) | |
Hotel management fee | (249) | (316) | - | - | (249) | (316) | |
Rental expense | - | - | - | - | (666) | (1,578) | |
Staff costs | (2,022) | (1,244) | - | - | (2,022) | (1,244) | |
Marketing expenses | (297) | (91) | - | - | (297) | (91) | |
Administrative expenses | (186) | (156) | - | - | (186) | (156) | |
Property operating expenses | (12,441) | (13,199) | (7,951) | (9,794) | (5,248) | (4,983) | |
Net property income | 31,662 | 26,732 | 31,312 | 26,301 | 3,155 | 3,384 | |
Depreciation | (2,137) | (1,966) | - | - | (2,225) | (2,289) | |
REIT Manager's management fees | 4 | (2,466) | (2,275) | (2,466) | (2,275) | - | - |
Trustee-Manager's management fees | 4 | (30) | (35) | - | - | (30) | (35) |
Other management fees | 4 | (1,834) | (1,724) | (1,834) | (1,724) | - | - |
Trustees' fees | (244) | (247) | (244) | (247) | - | - | |
Other trust expenses | 5 | (1,017) | (1,463) | (976) | (1,430) | (41) | (33) |
Finance income | 43 | 173 | 43 | 173 | - | - | |
Amortisation of debt upfront costs | (545) | (442) | (545) | (442) | - | - | |
Finance costs | (10,000) | (9,384) | (10,000) | (9,384) | (1,165) | (1,248) | |
Net income/(Loss) before foreign exchange differences, fair | |||||||
value changes and tax | 13,432 | 9,369 | 15,290 | 10,972 | (306) | (221) | |
Foreign exchange gain/(loss), net | 347 | 544 | 317 | 510 | 30 | 34 | |
Net change in fair value of derivative financial instruments | (3,012) | (63) | (3,012) | (63) | - | - | |
Realised gain/(loss) on derivative financial instruments, net | 3 | (10) | 3 | (10) | - | - | |
Total return/(Loss) for the period before tax | 10,770 | 9,840 | 12,598 | 11,409 | (276) | (187) | |
Taxation | 6 | (1,390) | (1,290) | (1,458) | (1,256) | 68 | (34) |
Total return/(Loss) for the period after tax | 9,380 | 8,550 | 11,140 | 10,153 | (208) | (221) | |
Total return/(Loss) for the period after tax attributable to: | |||||||
- Stapled Securityholders | 9,380 | 6,331 | 11,140 | 7,934 | (208) | (221) | |
- Perpetual Securities holders | - | 2,219 | - | 2,219 | - | - | |
9,380 | 8,550 | 11,140 | 10,153 | (208) | (221) | ||
Earnings per Stapled Security (cents) | |||||||
Basic | |||||||
7 | 0.48 | 0.32 | |||||
Diluted | |||||||
7 | 0.48 | 0.32 |
6 months | 6 months |
ended | ended |
31 Mar 2022 | 31 Mar 2021 |
S$'000 | S$'000 |
The accompanying notes form an integral part of these condensed interim financial statements.
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME OF FH-BT GROUP Six months ended 31 March 2022
6 months | 6 months | |
ended | ended | |
31 Mar 2022 | 31 Mar 2021 | |
S$'000 | S$'000 | |
Loss for the period after tax | (208) | (221) |
Other comprehensive income | ||
Items that may be reclassified subsequently to statement of profit or loss: | ||
Foreign currency translation differences | 66 | 108 |
Other comprehensive income for the period, net of tax | 66 | 108 |
Total comprehensive income for the period, net of tax | (142) | (113) |
Total comprehensive income for the period attributable to Stapled Securityholders | (142) | (113) |
The accompanying notes form an integral part of these condensed interim financial statements. |
CONDENSED INTERIM DISTRIBUTION STATEMENTS Six months ended 31 March 2022
Reconciliation of Total return/(Loss) to income available for distribution
Total return/(Loss) for the period after tax, attributable to Stapled
Securityholders and Perpetual Securities holders
Non-tax deductible/(non-taxable) items and other adjustments:
Amortisation of debt upfront costs
Amortisation of other assets Depreciation
Foreign exchange gain, net
Net change in fair value of derivative financial instruments Trustee's fees in relation to FH-REIT
Interest expense on lease liabilities Lease payments
Other adjustments
Net effect of non-tax deductible/(non-taxable) items and other adjustments
Income available for distribution
Income available for distribution attributable to:
- Stapled Securityholders
- Perpetual Securities holders
Amount available for distribution to Stapled Securityholders at the beginning of the period
Income available for distribution attributable to Stapled Securityholders
Distribution to Stapled Securityholders during the period
Distribution of 1.0695 cents per Stapled Security for the period from
1 April 2020 to 30 September 2020
Distribution of 0.8041 cents per Stapled Security for the period from
1 April 2021 to 30 September 2021
Amount retained for working capital purposes
Amount available for distribution to Stapled Securityholders at the end of the period
Distribution per Stapled Security (cents)
6 months | 6 months | 6 months | 6 months | |
ended | ended | ended | ended | |
31 Mar 2022 | 31 Mar 2021 | 31 Mar 2022 | 31 Mar 2021 | |
Note | S$'000 | S$'000 | S$'000 | S$'000 |
9,380 | 8,550 | 11,140 | 10,153 | |
545 | 442 | 545 | 442 | |
- | 4 | - | 4 | |
2,137 | 1,966 | - | ||
(347) | (549) | (316) | ||
3,012 | 63 | 3,012 | ||
142 | 143 | 142 | ||
63 | 61 | 63 | ||
- | - | |||
132 | 146 | |||
5,684 | 2,276 | |||
15,064 | 10,826 | |||
15,064 | 8,607 | |||
- | 2,219 | |||
15,064 | 10,826 |
The accompanying notes form an integral part of these condensed interim financial statements.
FHT
FH-REIT Group
6 months | 6 months | ||
ended | ended | ||
31 Mar 2022 | 31 Mar 2021 | ||
S$'000 | S$'000 | ||
(208) | (221) | ||
- | - | ||
- | - | ||
- | 2,225 | 2,289 | |
(515) | (30) | (34) | |
63 | - | - | |
143 | - | - | |
61 | 1,165 | 1,248 | |
- | - | (2,897) | (2,953) |
223 | 146 | - | - |
3,669 | 344 | 463 | 550 |
14,809 | 10,497 | 255 | 329 |
14,809 | 8,278 | 255 | 329 |
- | 2,219 | - | - |
14,809 | 10,497 | 255 | 329 |
FH-REIT Group |
Note | |||||||
Investment properties | 8 | 1,740,583 | 2,024,826 | 1,973,297 | 2,250,126 | - | |
Property, plant and equipment | 9 | 232,014 | 226,703 | - | - | 63,479 | |
Derivative financial instruments | 16,827 | 3,568 | 16,827 | 3,568 | - | ||
Rental deposits | - | - | - | - | 2,093 | ||
Deferred expense | - | - | - | - | 1,713 | ||
Deferred tax assets | 1,675 | 1,621 | 941 | 911 | 2,094 | ||
1,991,099 | 2,256,718 | 1,991,065 | 2,254,605 | 69,379 | |||
Current assets | |||||||
Investment property held for divestment | 8 | 284,365 | - | 284,365 | - | - | |
Inventories | 19 | 12 | - | - | 19 | ||
Prepayments | 4,046 | 2,000 | 3,300 | 1,810 | 746 | ||
Trade and other receivables | 5,199 | 12,266 | 6,807 | 13,769 | 1,233 | ||
Derivative financial instruments | 1,105 | - | 1,105 | - | - | ||
Cash and cash equivalents | 66,524 | 78,187 | 63,533 | 73,715 | 2,991 | ||
361,258 | 92,465 | 359,110 | 89,294 | 4,989 | |||
Total assets | 2,352,357 | 2,349,183 | 2,350,175 | 2,343,899 | 74,368 | ||
Current liabilities | |||||||
Trade and other payables | 17,414 | 18,395 | 15,499 | 15,630 | 5,428 | ||
Lease liabilities | - | - | - | - | 3,658 | ||
Derivative financial instruments | 4,634 | 2,310 | 4,634 | 2,310 | - | ||
Borrowings | 10 | 280,903 | 202,507 | 280,903 | 202,507 | - | |
Income tax payables | 1,243 | 1,408 | 1,212 | 1,379 | 31 | 29 | |
304,194 | 224,620 | 302,248 | 221,826 | 9,117 | 10,650 | ||
Net current (liabilities)/assets | 57,064 | (132,155) | 56,862 | (132,532) | (4,128) | (3,801) | |
Non-current liabilities | |||||||
Rental deposits | 23,213 | 23,698 | 25,306 | 25,725 | - | - | |
Other payables | 271 | 302 | - | - | 271 | 302 | |
Lease liabilities | 3,250 | 3,085 | 3,250 | 3,085 | 64,113 | 63,862 | |
Deferred income | 7,015 | 6,959 | 8,728 | 8,618 | - | - | |
Derivative financial instruments | - | 9,519 | - | 9,519 | - | - | |
Borrowings | 10 | 710,242 | 786,000 | 710,242 | 786,000 | - | - |
Deferred tax liabilities | 45,602 | 46,506 | 45,602 | 46,506 | - | - | |
789,593 | 876,069 | 793,128 | 879,453 | 64,384 | 64,164 | ||
Total liabilities | 1,093,787 | 1,100,689 | 1,095,376 | 1,101,279 | 73,501 | 74,814 | |
Net assets | 1,258,570 | 1,248,494 | 1,254,799 | 1,242,620 | 867 | 1,427 | |
Represented by: | |||||||
Stapled Securityholders' funds | |||||||
Stapled Securities in issue | 11 | 1,539,879 | 1,539,879 | 1,530,288 | 1,530,288 | 9,591 | 9,591 |
Issue costs | (25,764) | (25,764) | (25,759) | (25,759) | (5) | (5) | |
Revenue reserves | (130,358) | (124,250) | (124,125) | (120,195) | (8,253) | (7,627) | |
Hedging reserve | 5,642 | (9,509) | 5,642 | (9,509) | - | - | |
Foreign currency translation reserve | (130,829) | (131,862) | (131,247) | (132,205) | (466) | (532) | |
1,258,570 | 1,248,494 | 1,254,799 | 1,242,620 | 867 | 1,427 | ||
Number of Stapled Securities in issue ('000) | 1,926,074 | 1,926,074 | 1,926,074 | 1,926,074 | 1,926,074 | 1,926,074 | |
Net asset value per Stapled Security (cents) | 65.34 | 64.82 | 65.15 | 64.52 | 0.05 | 0.07 | |
Net tangible assets attributable to Stapled Securityholders | 1,258,570 | 1,248,494 | 1,254,799 | 1,242,620 | 867 | 1,427 | |
Net tangible asset per Stapled Security (cents) | 65.34 | 64.82 | 65.15 | 64.52 | 0.05 | 0.07 |
Non-current assets
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION As at 31 March 2022
-
FHT | FH-REIT Group | FH-BT Group |
31 Mar 2022 30 Sep 2021 | 31 Mar 2022 30 Sep 2021 | 31 Mar 2022 30 Sep 2021 |
S$'000 S$'000 | S$'000 S$'000 | S$'000 S$'000 |
The accompanying notes form an integral part of these condensed interim financial statements.
63,679 -
2,027
1,659
2,027
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Frasers Hospitality Trust published this content on 29 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 00:51:03 UTC.