01 Sep 2020 12:58:00
Clarification the decrease changing of Net Asset Value from the operation exceeding 20% (amend template)
Management Discussion and Analysis Company name : LUXURY REAL ESTATE INVESTMENT FUND Year : 2020 Quarter : Yearly Ending : 30-Jun-2020 Note : 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 This announcement was prepared and disseminated by listed company or issuer through the electronic system which is provided for the purpose of dissemination of the information and related documents of listed company or issuer to the Stock Exchange of Thailand only. The Stock Exchange of Thailand has no responsibility for the correctness and completeness of any statements, figures, reports or opinions contained in this announcement, and has no liability for any losses and damages in any cases. In case you have any inquiries or clarification regarding this announcement, please directly contact listed company or issuer who made this announcement.