Mapletree Logistics : 3Q FY15/16 Financial Results - Financial Statement

Microsoft Word - 3QFY15 SGX Announcement v13 _ change on para 10 after board meeting dated 25 Jan16

(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 5 July 2004 (as amended))

2015/16 THIRD QUARTER FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

TABLE OF CONTENTS

Item No.	Description	Page No.
-	Summary of Mapletree Logistics Trust Group Results	2
-	Introduction	2
1(a)	Statement of Total Return	3 - 6
1(b)(i)	Statement of Financial Position	7 - 10
1(b)(ii)	Aggregate Amount of Borrowings and Debt Securities	7 - 10
1(c)	Statement of Cash Flows	11 - 12
1d(i)	Statements of Movements in Unitholders' Funds	13 - 16
1d(ii)	Details of Any Change in the Units	17
2 & 3	Audit Statement	17
4 & 5	Changes in Accounting Policies	17
6	Earnings Per Unit ("EPU") and Distribution Per Unit ("DPU")	18
7	Net Asset Value ("NAV") Per Unit	18
8	Review of Performance	19 - 22
9	Variance from Previous Forecast / Prospect Statement	22
10	Outlook & Prospects	22
11 &12	Distributions	23 - 25
13	General Mandate on Interested Person Transactions	25
14	Segmented revenue and results	25 - 26
15	Confirmation by the Board	27

2015/16 THIRD QUARTER FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

Summary of Mapletree Logistics Trust Group Results

GROUP
3 mths ended 31 Dec 2015 1		3 mths ended 31 Dec 2014 1
Gross Revenue (S$'000)	88,934		82,919
Net Property Income (S$'000)	74,145		69,477
Amount Distributable (S$'000)	51,223	2	50,927	3
- to Perpetual Securities holders	4,742	4,742
- to Unitholders	46,481	46,185
Available Distribution per Unit ("DPU") (cents)	1.87		1.87

Footnotes:

1. Quarter ended 31 December 2015 started with 119 properties and ended with 118 properties. Quarter ended 31 December 2014 started with 113 properties and ended with 117 properties.

2. This includes partial distribution of the gains from the divestment of 20 Tampines Street 92 of S$1,000,000 per quarter (for 8 quarters from 3Q FY15/16) and 134 Joo Seng Road of S$505,000 per quarter (for 4 quarters from 3Q FY15/16) respectively.

3. This includes partial distribution of the gain from the divestment of 30 Woodlands Loop amounting to S$620,000 per quarter (for 8 quarters from 1Q FY13/14).

   
   

   INTRODUCTION

   
   

   Mapletree Logistics Trust's ("MLT") focus is to invest in a diversified portfolio of quality income-producing logistics real estate and real estate-related assets in Asia that would provide its Unitholders with a stable distribution stream.

   
   

   MLT's initial IPO portfolio comprised 15 Singapore-based properties with a total book value of S$422 million as at 28 July 2005. As at 31 December 2015, this had grown to a portfolio of 118 properties with a book value of about S$5.0 billion spread across 8 geographic markets, namely Singapore, Malaysia, Hong Kong, China, Japan, South Korea, Vietnam and Australia.

   
   

   The global macroeconomic outlook remains subdued and uncertain. While the U.S. economy has reported signs of nascent growth, this is outweighed by concerns of a deepening slowdown in the Chinese economy. The growing macroeconomic uncertainties have contributed to a challenging leasing environment in MLT's markets, with delayed decision making over the renewal of leases and take-up of new space.

   2015/16 THIRD QUARTER FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

   
   

   1(a) Statement of Total Return

   
   

   
   

   GROUP
   3 mths ended 31 Dec 2015 1 (S$'000)	3 mths ended 31 Dec 2014 1 (S$'000)	Increase/ (Decrease) %
   88,934 (14,789)		82,919 (13,442)	7.3 10.0
   74,145		69,477	6.7
   51		196	(74.0)
   (9,090)		(8,278)	9.8
   (210)		(165)	27.3
   (3,661)		6,692	NM
   (12,082)		(8,350)	44.7
   49,153		59,572	(17.5)
   3,440		(1,163)	NM
   52,593		58,409	(10.0)
   7,409	3	-	100.0
   60,002		58,409	2.7
   (6,014)		(3,149)	91.0
   53,988		55,260	(2.3)
   49,093		50,355	(2.5)
   4,742		4,742	-
   153		163	(6.1)
   53,988		55,260	(2.3)

   Gross revenue

   Property expenses

   
   

   Net property income

   Interest income

   Manager's management fees (Note A)

   Trustee's fee

   Other trust (expense)/income (Note B) Borrowing costs (Note C)

   Net investment income

   Net change in fair value of financial derivatives 2

   Net income

   Gain on divestment of investment property

   Total return for the period before income tax

   Income tax

   
   

   Total return for the period

   Attributable to: Unitholders

   Perpetual securities holders Non-controlling interests

   Total return for the period

   
   

   
   

   49,093	50,355	(2.5)
   (2,612)	(4,170)	(37.4)
   46,481	46,185	0.6

   Total return for the period attributable to Unitholders

   Adjustment for net effect of non-tax deductible/(chargeable) items and other adjustments 4

   Total amount distributable to Unitholders (Note D) 2015/16 THIRD QUARTER FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

   
   

   1(a) Statement of Total Return

   
   

   GROUP
   3 mths ended 31 Dec 2015 1 (S$'000)		3 mths ended 31 Dec 2014 1 (S$'000)		Increase/ (Decrease) %
   (6,414)		(5,754)		11.5
   (2,676)		(2,524)		6.0
   (2,714)	5	7,662	5	NM
   (11,753)		(8,060)		45.8
   37,408	39,107	(4.3)
   1,505	6	620	7	>100
   7,568	6,458	17.2

   Note A

   Management fees comprise:

   • base fees

   • performance fees

   
   

   Note B

   Other trust (expense)/income include: Net foreign exchange (loss)/gain

   
   

   Note C

   Borrowing costs include: Interest on borrowings

   
   

   Note D

   Distribution comprises:

   • from operations

   • from other gains

   • from capital returns

   
   

   NM: Not meaningful

   
   

   Footnotes:

4. Quarter ended 31 December 2015 started with 119 properties and ended with 118 properties. Quarter ended 31 December 2014 started with 113 properties and ended with 117 properties.

5. Comprises mainly net change in fair value of interest-rate swaps, cross currency swaps and currency forwards which were entered into to hedge certain financial risk exposures. Under FRS39, any change in fair value of these derivative financial instruments has to be taken to the statement of total return if no hedge accounting is practised but this has no impact on Amount Distributable.

6. Net gain from the divestment of 20 Tampines Street 92 not previously included in revaluation gain on the investment property.

7. Non-tax deductible/chargeable items include fees paid to Trustee, financing fees incurred on bank facilities, unrealised foreign exchange difference, foreign exchange difference on capital items, net movement in the value of investment properties and net change in the fair value of financial derivatives.

8. This arose mainly from the revaluation of JPY and USD denominated borrowings as well as settlement of SGD/JPY forward contracts.

9. This refers to the partial distribution of the gain from the divestments of 20 Tampines Street 92 amounting to S$1,000,000 per quarter (for 8 quarters from 3Q FY15/16) and 134 Joo Seng Road amounting to S$505,000 per quarter (for 4 quarters from 3Q FY15/16).

10. This refers to the partial distribution of the gain from the divestment of 30 Woodlands Loop amounting to S$620,000 per quarter (for 8 quarters from 1Q FY13/14). The accounting gain on the sale had been recognised in previous financial years as revaluation gain on the investment property.