(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 5 July 2004 (as amended))
MAPLETREE LOGISTICS TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FIRST QUARTER ENDED 30 JUNE 2023
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 | - 6 |
Distribution Statement | |||
1(a)(ii) | Condensed Interim Consolidated Statement of Comprehensive Income | 7 | |
1(b)(i) | Condensed Interim Statements of Financial Position | 8 | - 11 |
1(b)(ii) | Aggregate Amount of Borrowings and Debt Securities | 12 | |
1(c) | Condensed Interim Consolidated Statement of Cash Flows | 13 - 14 | |
1(d)(i) | Condensed Interim Statements of Movements in Unitholders' Funds | 15 - 16 | |
1(d)(ii) | Details of Any Change in the Units | 16 | |
1(e) | Notes to the Unaudited Condensed Interim Financial Statements | 17 - 22 | |
2 & 3 | Audit Statement | 22 | |
4 & 5 | Changes in Accounting Policies | 22 | |
6 | Earnings Per Unit ("EPU") and Distribution Per Unit ("DPU") | 23 | |
7 | Net Asset Value ("NAV") and Net Tangible Asset ("NTA") Per Unit | 23 | |
8 | Review of Performance | 24 - 25 | |
9 | Variance from Previous Forecast / Prospect Statement | 26 | |
10 | Outlook & Prospects | 26 | |
11 & 12 | Distributions | 27 - 29 | |
13 | General Mandate on Interested Person Transactions | 29 | |
14 | Confirmation Pursuant to Rule 720(1) of the Listing Manual | 29 | |
15 | Confirmation by Board | 29 | |
Page 1 of 29
MAPLETREE LOGISTICS TRUST
UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FIRST QUARTER ENDED 30 JUNE 2023
Summary of Mapletree Logistics Trust Group Results
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) Available DPU for 3 months ended 30 June 2023 comprising:
3 mths ended | |
30 Jun 2023 1 | |
182,194 | |
158,143 | |
118,024 | 2 |
6,052 | |
111,972 | |
2.271 |
3 mths ended | |
30 Jun 2022 1 | |
187,674 | |
163,238 | |
113,962 | 3 |
5,353 | |
108,609 | |
2.268 | 4 |
- Advanced distribution for the period 1 April 2023 to 10 April 2023 (paid on 22 May 2023)
- Balance distribution for the period 11 April 2023 to 30 June 2023 (payable on 19 September 2023)
cents 0.234 2.037
Footnotes:
- Quarter ended 30 June 2023 ("1Q FY23/24") started with 185 properties and ended with 193 properties. Quarter ended 30 June 2022 ("1Q FY22/23") started with 183 properties and ended with 185 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) and full distribution of written back provision of capital gain tax for 7 Tai Seng Drive of S$4,729,000, 4 Toh Tuck Link of S$528,000 and 531 Bukit Batok Street 23 of S$310,000.
- 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 amount of income support for 1Q FY22/23 was S$610,000. Excluding the income support, 1Q FY22/23 DPU would be at 2.255 cents.
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 30 June 2023, the Group's portfolio had grown to a portfolio of 193 properties, comprising 52 properties in Singapore, 9 in Hong Kong SAR, 43 in China, 25 in Japan, 21 in South Korea, 14 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$13.5 billion.
MLT's distribution policy is to distribute at least 90% of its distributable income and such distributions are typically paid on a quarterly basis, with the amount calculated for the quarter ended as at 31 March, 30 June, 30 September and 31 December. Distributions are paid in Singapore Dollar.
Page 2 of 29
MAPLETREE LOGISTICS TRUST
UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FIRST QUARTER ENDED 30 JUNE 2023
1(a)(i) Condensed Interim Consolidated Statement of Profit or Loss and Distribution Statement
Note | |
Gross revenue | 1 |
Property expenses | 2 |
Net property income | |
Interest income | |
Manager's management fees | 3 |
Trustee's fee | |
Other trust income/(expenses), net | 4 |
Borrowing costs | 5 |
Net investment income | |
Net change in fair value of financial derivatives | 6 |
Net income/Profit before income tax | |
Income tax | 7 |
Profit for the period | |
Profit attributable to: | |
Unitholders of MLT | |
Perpetual securities holders | |
Non-controlling interests | |
Profit for the period | |
Distribution Statement | |
Profit attributable to Unitholders of MLT | |
Adjustment for net effect of non-tax | |
deductible items and other adjustments | 8 |
Total amount distributable to Unitholders | 9 |
Earnings per unit (cents)
- Basic
- Diluted
GROUP
3 mths ended | 3 mths ended | Increase/ |
30 Jun 2023 | 30 Jun 2022 | (Decrease) |
S$'000 | S$'000 | % |
182,194 | 187,674 | (2.9) |
(24,051) | (24,436) | (1.6) |
158,143 | 163,238 | (3.1) |
687 | 572 | 20.1 |
(22,377) | (22,797) | (1.8) |
(451) | (464) | (2.8) |
2,762 | (8,200) | NM |
(35,137) | (30,997) | 13.4 |
103,627 | 101,352 | 2.2 |
(579) | 14,626 | NM |
103,048 | 115,978 | (11.1) |
(9,661) | (15,965) | (39.5) |
93,387 | 100,013 | (6.6) |
87,067 | 94,409 | (7.8) |
6,052 | 5,353 | 13.1 |
268 | 251 | 6.8 |
93,387 | 100,013 | (6.6) |
87,067 | 94,409 | (7.8) |
24,905 | 14,200 | 75.4 |
111,972 | 108,609 | 3.1 |
1.77 | 1.97 | |
1.77 | 1.97 |
NM: Not meaningful
Page 3 of 29
MAPLETREE LOGISTICS TRUST
UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FIRST QUARTER ENDED 30 JUNE 2023
1(a)(i) Condensed Interim Consolidated Statement of Profit or Loss and Distribution Statement (continued)
1. Gross revenue comprises the following:
GROUP | |||
3 mths ended | 3 mths ended | Increase/ | |
30 Jun 2023 | 30 Jun 2022 | (Decrease) | |
S$'000 | S$'000 | % | |
Rental income | 155,291 | 161,913 | (4.1) |
Service charges | 23,154 | 22,202 | 4.3 |
Other operating income | 3,749 | 3,559 | 5.3 |
182,194 | 187,674 | (2.9) | |
2. Property expenses comprise the following: | |||
GROUP | |||
3 mths ended | 3 mths ended | Increase/ | |
30 Jun 2023 | 30 Jun 2022 | (Decrease) | |
S$'000 | S$'000 | % | |
Operation and maintenance | 5,848 | 5,432 | 7.7 |
Property and other taxes | 10,832 | 11,277 | (3.9) |
Property and lease management fees | 4,212 | 4,484 | (6.1) |
Loss allowances | 124 | 454 | (72.7) |
Others | 3,035 | 2,789 | 8.8 |
24,051 | 24,436 | (1.6) |
3. Manager's management fees comprise the following:
GROUP | |||
3 mths ended | 3 mths ended | Increase/ | |
30 Jun 2023 | 30 Jun 2022 | (Decrease) | |
S$'000 | S$'000 | % | |
Base fees | 17,108 | 17,211 | (0.6) |
Performance fees | 5,269 | 5,586 | (5.7) |
22,377 | 22,797 | (1.8) |
4. Other trust income/(expenses) includes the following:
GROUP | |||
3 mths ended | 3 mths ended | Increase/ | |
30 Jun 2023 | 30 Jun 2022 | (Decrease) | |
S$'000 | S$'000 | % | |
Net foreign exchange gain/(loss) | 5,914 | (5,759) | NM |
Other trust expenses, net | (3,152) | (2,441) | 29.1 |
2,762 | (8,200) | NM |
For 1Q FY23/24, the net foreign exchange gain arose mainly from USD and AUD denominated borrowings and settlement of JPY and CNH currency forwards.
For 1Q FY22/23, the net foreign exchange loss arose mainly from CNH denominated receivables and USD denominated borrowings.
Other trust expenses include legal and professional fees, audit and tax consultancy fees, non-property related miscellaneous expenses. In 1Q FY22/23, it included an income support in relation to the acquisition of China properties completed in FY21/22 and FY22/23.
Page 4 of 29
MAPLETREE LOGISTICS TRUST
UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FIRST QUARTER ENDED 30 JUNE 2023
1(a)(i) Condensed Interim Consolidated Statement of Profit or Loss and Distribution Statement (continued)
5. Borrowing costs include the following:
GROUP | |||
3 mths ended | 3 mths ended | Increase/ | |
30 Jun 2023 | 30 Jun 2022 | (Decrease) | |
S$'000 | S$'000 | % | |
Interest expenses: | |||
- Bank and other borrowings | 31,833 | 28,855 | 10.3 |
- Lease liabilities | 911 | 960 | (5.1) |
Financing fees | 2,393 | 1,182 | >100 |
35,137 | 30,997 | 13.4 |
- Net change in fair value of financial derivatives comprises net change in fair value of interest-rate swaps, cross currency swaps and currency forwards which were entered into to hedge the Group's interest rate and foreign currency risks. This has no impact on total amount distributable to Unitholders.
- Income tax comprises current income tax, withholding tax and deferred tax. The decrease is mainly due to written back provision of prior years' capital gain tax provided on divestments of properties in Singapore.
GROUP | |||
3 mths ended | 3 mths ended | Increase/ | |
30 Jun 2023 | 30 Jun 2022 | (Decrease) | |
S$'000 | S$'000 | % | |
Current income tax - current year | 3,003 | 3,174 | (5.4) |
Current income tax - prior years | (5,570) | 38 | NM |
Withholding tax | 2,899 | 4,015 | (27.8) |
Deferred tax | 9,329 | 8,738 | 6.8 |
9,661 | 15,965 | (39.5) |
8. Adjustment for net effect of non-tax deductible items and other adjustments include trustee fee, financing fees incurred on bank facilities, foreign exchange difference, net change in the fair value of financial derivatives, management fees paid/payable in units and other adjustments.
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Mapletree Logistics Trust published this content on 25 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 July 2023 10:41:23 UTC.