(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 5 July 2004 (as amended))
MAPLETREE LOGISTICS TRUST 2022/2023 FULL YEAR UNAUDITED CONDENSED INTERIM 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)(i) | Condensed Interim Consolidated Statement of Profit or Loss and | 3 - 12 |
Distribution Statement | ||
1(a)(ii) | Condensed Interim Consolidated Statement of Comprehensive Income | 3 - 12 |
1(b)(i) | Condensed Interim Statements of Financial Position | 13 - 17 |
1(b)(ii) | Aggregate Amount of Borrowings and Debt Securities | 18 |
1(c) | Condensed Interim Consolidated Statement of Cash Flows | 19 - 21 |
1(d)(i) | Condensed Interim Statements of Movements in Unitholders' Funds | 22 - 26 |
1(d)(ii) | Details of Any Change in the Units | 22 - 26 |
1(e) | Notes to the Unaudited Condensed Interim Financial Statements | 26 - 32 |
2 & 3 | Audit Statement | 32 |
4 & 5 | Changes in Accounting Policies | 32 |
6 | Earnings Per Unit ("EPU") and Distribution Per Unit ("DPU") | 33 |
7 | Net Asset Value ("NAV") and Net Tangible Asset ("NTA") Per Unit | 33 |
8 | Review of Performance | 34 - 37 |
9 | Variance from Previous Forecast / Prospect Statement | 37 |
10 | Outlook & Prospects | 37 |
11 & 12 | Distributions | 38 - 40 |
13 | General Mandate on Interested Person Transactions | 40 |
14 | Confirmation Pursuant to Rule 720(1) of the Listing Manual | 40 |
15 | Confirmation Pursuant to Rule 704(13) of the Listing Manual | 40 |
16 | Additional Information Required Pursuant to Rule 706A of the Listing Manual | 40 |
Page 1 of 41
MAPLETREE LOGISTICS TRUST
2022/23 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT
Summary of Mapletree Logistics Trust Group Results
GROUP
GROUP
Gross Revenue (S$'000)
Net Property Income (S$'000)
Amount Distributable (S$'000)
- to Perpetual securities holders
- to Unitholders of MLT
Available Distribution per Unit ("DPU") (cents)
3 mths ended 31 Mar 2023
178,901 154,345 114,560 5,326 109,234
2.268
1
3
5
3 mths ended 31 Mar 2022
182,871 157,096 113,304 5,294 108,010
2.268
1
4
6
12 mths ended 31 Mar 2023
730,646 634,783 454,430 21,501 432,929
9.011
2
3, 4
5
12 mths ended 31 Mar 2022
678,550 592,138 410,234 19,507 390,727
8.787
2
4
6
Footnotes:
- Quarter ended 31 March 2023 ("4Q FY22/23") started with 186 properties and ended with 185 properties. Quarter ended 31 March 2022 ("4Q FY21/22") started with 167 properties and ended with 183 properties.
- 12 months ended 31 March 2023 ("12M FY22/23") started with 183 properties and ended with 185 properties. 12 months ended 31 March 2022 ("12M FY21/22") started with 163 properties and ended with 183 properties.
- This includes partial distribution of the gain from the divestment of 3 Changi South Lane of S$2,868,000 per quarter (for 2 quarters from 4Q FY22/23).
- This includes partial distribution of the gain from the divestment of MapletreeLog Integrated (Shanghai) (HKSAR) Limited and its wholly-owned subsidiary, MapletreeLog Integrated (Shanghai) Co., Ltd., which owns Mapletree Waigaoqiao Logistics Park ("Mapletree Integrated") of S$1,799,000 per quarter (for 12 quarters from 3Q FY19/20). The gain was fully distributed in 2Q FY22/23.
- The total income support recognised in 12M FY22/23 amounted to S$2,181,000. Excluding the income support, 4Q FY22/23 DPU would remain at 2.268 cents and 12M FY22/23 DPU would be at 8.965 cents.
- The amount of income support for the period from initial completion date to 31 March 2022 was S$1,092,000. Excluding the income support, 4Q FY21/22 DPU would be at 2.245 cents and 12M FY21/22 DPU would be at 8.764 cents respectively.
INTRODUCTION
Mapletree Logistics Trust ("MLT") is a Singapore-domiciled Real Estate Investment Trust constituted pursuant to the Trust Deed dated 5 July 2004 (as amended) between Mapletree Investments Pte Ltd and Mapletree Trustee Pte. Ltd.. The Trust Deed is governed by the laws of the Republic of Singapore. Mapletree Logistics Trust Management Ltd. ("the Manager") replaced Mapletree Investments Pte Ltd as manager of MLT on 14 June 2005 and HSBC Institutional Trust Services (Singapore) Limited replaced Mapletree Trustee Pte. Ltd. as trustee of MLT on 24 June 2005.
MLT was formally admitted to the Official List of the Singapore Exchange Securities Trading Limited on 28 July 2005. MLT's initial IPO portfolio comprised 15 Singapore-based properties with a total book value of S$422 million as at 28 July 2005.
The principal activity of MLT and its subsidiaries (the "Group") is to invest in a diversified portfolio of quality income-producing logistics real estate and real estate-related assets in Asia Pacific that would provide its Unitholders with a stable distribution stream.
As at 31 March 2023, the Group's portfolio had grown to a portfolio of 185 properties, comprising 52 properties in Singapore, 9 in Hong Kong SAR, 43 in China, 19 in Japan, 20 in South Korea, 13 in Australia, 17 in Malaysia, 10 in Vietnam and 2 in India. The total value of assets under management, including investment properties held for sale in Malaysia, is S$12.8 billion.
MLT's distribution policy is to distribute at least 90% of its distributable income and such distributions are typically paid on a quarterly basis, with the amount calculated for the quarter ended as at 31 March, 30 June, 30 September and 31 December. Distributions are paid in Singapore Dollar.
Page 2 of 41
MAPLETREE LOGISTICS TRUST
2022/23 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT
1(a)(i) Condensed Interim Consolidated Statement of Profit or Loss and Distribution Statement
GROUP | ||||
3 mths ended | 3 mths ended | Increase/ | ||
31 Mar 2023 | 31 Mar 2022 | (Decrease) | ||
Note | S$'000 | S$'000 | % | |
Gross revenue | 1 | 178,901 | 182,871 | (2.2) |
Property expenses | 2 | (24,556) | (25,775) | (4.7) |
Net property income | 154,345 | 157,096 | (1.8) | |
Interest income | 505 | 446 | 13.2 | |
Manager's management fees | 3 | (21,689) | (21,296) | 1.8 |
Trustee's fee | (424) | (417) | 1.7 | |
Other trust income/(expenses), net | 4 | 972 | (2,516) | NM |
Borrowing costs | 5 | (34,824) | (27,752) | 25.5 |
Net investment income | 98,885 | 105,561 | (6.3) | |
Net change in fair value of financial derivatives | 6 | 15,492 | 10,438 | 48.4 |
Net income | 114,377 | 115,999 | (1.4) | |
Net movement in the value of investment | ||||
properties | 7 | 219,160 | 565,033 | (61.2) |
Profit before income tax | 333,537 | 681,032 | (51.0) | |
Income tax | 8 | (40,217) | (178,542) | (77.5) |
Profit for the period | 293,320 | 502,490 | (41.6) | |
Profit attributable to: | ||||
Unitholders of MLT | 286,181 | 496,811 | (42.4) | |
Perpetual securities holders | 5,326 | 5,294 | 0.6 | |
Non-controlling interests | 1,813 | 385 | >100 | |
Profit for the period | 293,320 | 502,490 | (41.6) | |
Distribution Statement | ||||
Profit attributable to Unitholders of MLT | 286,181 | 496,811 | (42.4) | |
Adjustment for net effect of non-tax | ||||
chargeable items and other adjustments | 9 | (176,947) | (388,801) | (54.5) |
Total amount distributable to Unitholders | 10 | 109,234 | 108,010 | 1.1 |
Earnings per unit (cents) | ||||
- Basic | 5.95 | 10.45 | ||
- Diluted | 5.95 | 10.45 |
NM: Not meaningful
Page 3 of 41
MAPLETREE LOGISTICS TRUST
2022/23 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT
1(a)(i) Condensed Interim Consolidated Statement of Profit or Loss and Distribution Statement (continued)
1. Gross revenue comprises the following:
GROUP | |||
3 mths ended | 3 mths ended | Increase/ | |
31 Mar 2023 | 31 Mar 2022 | (Decrease) | |
S$'000 | S$'000 | % | |
Rental income | 152,929 | 158,942 | (3.8) |
Service charges | 23,349 | 21,103 | 10.6 |
Other operating income | 2,623 | 2,826 | (7.2) |
178,901 | 182,871 | (2.2) | |
2. Property expenses comprise the following: | |||
GROUP | |||
3 mths ended | 3 mths ended | Increase/ | |
31 Mar 2023 | 31 Mar 2022 | (Decrease) | |
S$'000 | S$'000 | % | |
Operation and maintenance | 6,276 | 6,705 | (6.4) |
Property and other taxes | 10,856 | 11,700 | (7.2) |
Property and lease management fees | 4,442 | 4,387 | 1.3 |
Loss allowances | 12 | 344 | (96.5) |
Others | 2,970 | 2,639 | 12.5 |
24,556 | 25,775 | (4.7) |
3. Manager's management fees comprise the following:
GROUP | |||
3 mths ended | 3 mths ended | Increase/ | |
31 Mar 2023 | 31 Mar 2022 | (Decrease) | |
S$'000 | S$'000 | % | |
Base fees | 16,184 | 15,690 | 3.1 |
Performance fees | 5,505 | 5,606 | (1.8) |
21,689 | 21,296 | 1.8 |
The increase is in line with the growth of the Group's portfolio from acquisitions completed in FY22/23 and 4Q FY21/22.
Page 4 of 41
MAPLETREE LOGISTICS TRUST
2022/23 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT
1(a)(i) Condensed Interim Consolidated Statement of Profit or Loss and Distribution Statement (continued)
4. Other trust (income)/expenses includes the following:
GROUP | |||
3 mths ended | 3 mths ended | Increase/ | |
31 Mar 2023 | 31 Mar 2022 | (Decrease) | |
S$'000 | S$'000 | % | |
Net foreign exchange gain | (3,847) | (976) | >100 |
Other trust expenses, net | 2,875 | 3,492 | (17.7) |
(972) | 2,516 | NM |
For 4Q FY22/23, the net foreign exchange gain arose mainly from USD denominated borrowings.
For 4Q FY21/22, the net foreign exchange gain arose mainly from CNH denominated receivables, partly offset by foreign exchange loss from settlement of JPY and USD denominated borrowings.
Other trust expenses include legal and professional fees, audit and tax consultancy fees, non-property related miscellaneous expenses and income support in relation to the acquisition of China properties completed in FY21/22 and FY22/23.
5. Borrowing costs include the following:
GROUP | ||
3 mths ended | 3 mths ended | Increase/ |
31 Mar 2023 | 31 Mar 2022 | (Decrease) |
S$'000 | S$'000 | % |
Interest expenses: | |||
- Bank and other borrowings | 32,261 | 25,862 | 24.7 |
- Lease liabilities | 1,013 | 974 | 4.0 |
Financing fees | 1,550 | 916 | 69.2 |
34,824 | 27,752 | 25.5 |
- Net change in fair value of financial derivatives comprises net change in fair value of interest-rate swaps, cross currency swaps and currency forwards which were entered into to hedge the Group's interest rate and foreign currency risks. This has no impact on total amount distributable to Unitholders.
- Net movement in value of investment properties includes fair value gain of investment properties and investment properties held for sale.
Page 5 of 41
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Mapletree Logistics Trust published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 May 2023 07:47:09 UTC.