28 Feb 2018 12:57:00
Management Discussion and Analysis Yearly Ending 31 Dec 2017
Management Discussion and Analysis Company name : ERAWAN HOTEL GROWTH PROPERTY FUND Year : 2017 Quarter : Yearly Ending : 31-Dec-2017 Note : JorTor. 11- 610046 February 28, 2018 To: The President The Stock Exchange of Thailand Re: Clarification of the change in net assets from operations in excess of 20% of Erawan Hotel Growth Property Fund (ERWPF) SCB Asset Management Co., Ltd., the Management Company of Erawan Hotel Growth Property Fund ("The Fund"), would like to clarify the change in the net decrease in net assets from operations for the year ended December 31, 2017 which decreased in excess of 20%, compared to that of the same period in 2016. The Fund has the net decrease in net assets from operations for the year ended December 31, 2017 amounted to Baht 122.36 million, compared to the net increase in net assets from operations of Baht 72.96 million for the same period in 2016, or a decrease of Baht 195.32 million (267.70%) from last year. This is mainly a result of a net unrealized loss from investment of Baht 156.77 million (the year ended December 31, 2017: Baht -188.38 million; the year ended December 31, 2016: Baht -31.61 million. An increase in such net unrealized loss stems mainly from a change in fair value of the assets resulting from asset re-appraisal by the independent appraiser. Another result is a reduction of rental income totaled Baht 39.00 million (the year ended December 31, 2017: Baht 72.50 million; the year ended June 30, 2016: Baht 111.50 million). A reduction in rental income stems mainly from the guaranteed rental agreement has expired on Mar 31,2017. Please be informed accordingly. Yours faithfully, Erawan Hotel Growth Property Fund By SCB Asset Management Company Limited (Mrs.Tipaphan Puttarawigorm) Executive Vice President, Property and Infrastructure Investment Group 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.