SEO Version
Unitholders of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust
(Constituted in the Republic of Singapore pursuant to a trust deed dated 29 October 2010 (as amended))
Report on the financial statements
We have audited the accompanying fnancial statements of Sabana Shari’ah Compliant Industrial Real Estate Investment
Trust (the “Trust”) and its subsidiary (the “Group”), which comprise the statements of fnancial position of the Group
and the Trust and portfolio statement of the Group as at 31 December 2012, the statements of total return, distribution
statements and statements of movements in Unitholders’ funds of the Group and the Trust and statement of cash
fows of the Group for the year then ended, and a summary of signifcant accounting policies and other explanatory
information, as set out on pages 81 to 128.
Manager’s responsibility for the fnancial statements
The Manager of the Trust is responsible for the preparation and fair presentation of these fnancial statements in
accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework
for Unit Trusts” issued by the Institute of Certifed Public Accountants of Singapore, and for such internal control
as the Manager of the Trust determines is necessary to enable the preparation of fnancial statements that are free
from material misstatement, whether due to fraud or error.
Auditors’ responsibility
Our responsibility is to express an opinion on these fnancial 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 fnancial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fnancial
statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of
material misstatement of the fnancial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the Trust’s preparation and fair presentation of the fnancial
statements 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 Trust’s internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Manager of
the Trust, as well as evaluating the overall presentation of the fnancial statements.
We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis for our
audit opinion.
Opinion
In our opinion, the consolidated fnancial statements of the Group and the statement of fnancial position of the Trust
present fairly, in all material respects, the fnancial position of the Group and the Trust as at 31 December 2012 and the
total return, distributable income, movements in Unitholders’ funds of the Group and the Trust and cash fows of the
Group for the year then ended in accordance with the recommendations of Statement of Recommended Accounting
Practice 7 “Reporting Framework for Unit Trust” issued by the Institute of Certifed Public Accountants of Singapore.
KPMG LLP
Public Accountants and
Certifed Public Accountants
Singapore
25 February 2013
Independent
auditors’ report
Year ended 31 December 2012
80
SABANA REIT
Annual Report 2012
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