Banyan Tree : LRH’s Q1/2016 Financial Statements

506e1072-1e00-4e39-90f5-2b0349cd9a95.pdf

I,aguna Resorts Hotels Public Company Limited and its subsidiaries

Review report and interi m consol idated financial statements For the three-month period ended 3 1. 2016

Independent Auditor's Report on Review of Interim Financial Information

To the Shareholders of Laguna Resorts & Hotels Public Company Limited

I have reviewed the accompanying consolidated statement of financial position of Laguna Resorts & Hotels Public Company Limited and its subsidiaries as at 31 March 2016, the related consolidated statements of income and comprehensive income, changes in shareholders' equity, and cash flows for the three-month period then ended, as well as the condensed notes to the consolidated financial statements. I have also reviewed the separate financial information of Laguna Resorts & Hotels Public Company Limited for the same period. Management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard 34 Interim Financial Reporting. My responsibility is to express a conclusion on this interim financial information based on my review.

Scope of Review

I conducted my review in accordance with Thai Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on

Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion.

Conclusion

Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with Thai Accounting Standard 34 Interim Financial Reporting.

Rosaporn Decharkom

Certified Public Accountant (Thailand) No. 5659

EY Office Limited Bangkok: 11 May 2016

tirm of

Laguna Resorts & Hotels Public Company Limited and its subsidiaries Statement of financial position

As at 31 March 2016

(Unit: Thousand Bahl) Consolidated financial statements Separate financial statements

Note 31 March 2016 31 December 2015 31 March 2016 31 December 2015 (Unaudited (Audited) (Unaudited (Audited)

but reviewed) but reviewed)

Assets Current assets Cash and cash equivalents	3	721,713	859,881	30,270	25,641
Current investment - short-term fixed deposit	10,720	10,720
Short-term restricted deposit at financial institution	68,491	75,930
Trade and other receivables	4	728,762	635,439	189,253	169,472
Inventories	120,018	129,485
Property development cost	6	3,625,255	3,787,142	131,560	185,502
Other current assets	197,265	200,791	35,021	25,906
Total current assets	5,472,224	5,699,388	386,104	406,521
Non-current assets
Long-term restricted deposit at financial institution	41	41
Long-term fixed deposit	2,178	2,178	2,178	2,178
Long-term trade accounts receivable	7	447,360	457,995	5,048
Investments in subsidiaries	8	4,269,026	4,269,026
Investments in associates	9	362,833	383,087
Other long-term investments	10	1,178,585	1,132,189	572,220	525,824
Long-term loans to subsidiaries	5	1,286,801	1,142,801
Long-term loan to related company	5	2,251
Investment properties	11	1,120,768	1,120,761	198,217	198,210
Property, plant and equipment	12	10,699,794	10,687,451	48,578	48,931
Deferred tax assets	92,768	113,539
Goodwill	407,904	407,904
Leasehold rights	14,942	17,279
Other non-current assets	76,853	69,460	1,305	1,352
Total non-current assets	14,406,277	14,391,884	6,383,373	6,188,322
Total assets	19,878,501	20,091,272	6,769,477	6,594,843

The accompanying notes are an integral part of the financial statements.

Laguna Resorts & Hotels Public Company Limited and its subsidiaries Statement of financial position (continued)

As at 31 March 2016

Note	31 March 2016	31 December 2015	31 March 2016	31 December 2015
(Unaudited	(Audited)	(Unaudited	{Audited)
but reviewed)	but reviewed)
Liabilities and shareholders' equity
Current liabilities
Bank overdraft and short-term loans
from financial institutions	13	360,000	554,804	260,000	260,000
Trade and other payables	14	853,458	959,253	33,616	34,893
Current portion of long-term loans from financial
institutions	16	440,750	469,750	17,500	35,000
Income tax payable	98,215	62,548
Advance received from customers	384,543	546,545	3,733	405
Other current liabilities	15	186,413	140,483	9,916	4,492
Total current liabilities	2,323,379	2,733,383	324,765	334,790
Non-current liabilities
Long-term loans from subsidiaries Long-term loans from financial institutions	5	763,280	648,280
- net of current portion	16	2,766,805	2,819,389
Unsecured debenture	17	494,356	493,846
Provision for long-term employee benefits	62,730	63,605	15,453	15,353
Long-term provision - provision for legal case	25	40,243	40,133
Deferred tax liabilities	2,178,226	2, 166,335	222,117	208,255
Other non-current liabilities	107,906	99,409	5,696	5,696
Total non-current liabilities	5,650,266	5,682,717	1,006,546	877,584
Total liabilities	7,973,645	8,416,100	1,331,311	1,212,374
Shareholders' equity
Share capital

(Unit: Thousand Bahl) Consolidated financial statements Separate financial statements

Registered

166,682,701 ordinary shares of Baht 1o each	1,666,827	1,666,827	1,666,827	1,666,827
Share premium	2,062,461	2,062,461	2,062,461	2,062,461
Capital reserve	568, 131	568,131
Retained earnings
Appropriated - statutory reserve	211,675	211,675	211,675	211,675
Unappropriated	2,833,258	2,642,748	927,370	908,790
Other components of shareholders' equity	4,271,353	4,239,617	569,833	532,716
Equity attributable to owner of the Company	11,613,705	11,391,459	5,438, 166	5,382,469
Equity attributable to non-controlling interests of the subsidiaries	291,151	283,713
Total shareholders' equity	11,904,856	11,675,172	5,438,166	5,382,469
Total liabilities and shareholders' equity	19,878,501	20,091,272	6,769,477	6,594,843
The accompanying notes are an integral part of the financial statements.

211,675,358 ordinary shares of Baht 10 each 2,116,754 2,116,754 2,116,754 2,116,754 Issued and fully paid-up

Directors