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.