News Detail

Date/Time
31 Aug 2020 20:02:00
Headline
Clarification the decrease changing of Net Asset Value from the operation exceeding 20%
Symbol
LUXF
Source
LUXF
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                Operating result


TT/IM 226/2020
                            31 August 2020

RE:    Clarification the decrease changing of Net Asset Value from the operation 
exceeding 20%
Attn:    President
    The Stock Exchange of Thailand
    TMB Asset Management Company, Limited (the "Management Company") on behalf of 
the Management Company of Luxury Real Estate Investment Fund ("LUXF") would like
to clarify the financial statement of the Year 2020 has the decreasing change
of the net asset value from the operation exceeding 20% in comparison with the
same period of the previous year.
    In consideration comparing the financial statement for the period of 12 months 
ending 30 June 2020, of LUXF has shown the decrease of net assets from operation
in the total of THB 434.888 million which decreased Baht 573.177 million from
the same period in 2019.
    The main factor of such change is the net profit (loss) from unrealized loss on
the investment, which is resulted from the changing of Asset Value as the
immovable property by LUXF's recently appraised Asset Value at the same period
of the recent year and the previous year. CB Richard Ellis (Thailand) Co., Ltd.
has appraised the value of immovable property invested by LUXF as of 25 June
2020, the adjusted market value of the appraised asset which is adjusted
according to the new appraisal criteria (Bringing the existing lease agreement
to be the conditions of profit providing of the asset) at the value of THB 1728
million. As of 25 June 2019, CB Richard Ellis (Thailand) Co., Ltd. has appraised
the value of the asset equivalent to THB 2,240 million, according to the same
term and conditions of the appraisal. The appraised market value of LUXF has to
continue decreasing from   the pandemic of Corona Virus 2019 (Covid-19) which
has continuously affected LUXF performance of asset invested which is the hotel
business, such negative effect has begun since March 2020 until now.
LUXF had been recorded an unrealized loss from the investment in immovable asset
which resulted in a decrease of asset value in the amount of THB 434.883
million in the profit and loss statement ending 30 June 2020 affected in the
decrease changing in the net asset from operations exceeding 20% from the same
period of the previous year.
Please notify accordingly
Regards


Phiphat Phisanuwongrak
Authorized Signatory
______________________________________________________________________
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