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Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance
with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s (i) preparation of the financial statements of HBT Group that give a true
and fair view; and (ii) preparation and fair presentation of the H-REIT Group and the Stapled Group; in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by the HBT Trustee-Manager and the H-REIT Manager, as well as evaluating
the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion:
(a)
the financial statements of the HBT Group are properly drawn up in accordance with the provisions of the Act and
Singapore Financial Reporting Standards so as to give a true and fair view of the financial position of the HBT Group as
at 31 December 2015 and the financial performance, movements in unitholders’ funds and cash flows of the HBT Group
for the year then ended; and
(b)
the financial statements of the H-REIT Group and the Stapled Group present fairly, in all material respects,
the consolidated financial positions of the H-REIT Group and the Stapled Group as at 31 December 2015 and the total
return, movements in unitholders’ funds, distributable income and cash flows of the H-REIT Group and of the Stapled
Group for the year then ended in accordance with the recommendations of Statement of Recommended Accounting
Practice 7 "Reporting Framework for Unit Trusts" issued by the Institute of Singapore Chartered Accountants.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In our opinion, the accounting and other records required by the Act to be kept by HBT Trustee-Manager on behalf of HBT
and by those subsidiary corporations incorporated in Singapore of which we are the auditors have been properly kept in
accordance with the provisions of the Act.
KPMG LLP
Public Accountants and
Chartered Accountants
Singapore
8 March 2016
INDEPENDENT AUDITORS’ REPORT
