(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 5 July 2004 (as amended))
MAPLETREE LOGISTICS TRUST 2023/2024 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 | 13 - 17 |
1(c) | Condensed Interim Consolidated Statement of Cash Flows | 18 - 20 |
1(d)(i) | Condensed Interim Statements of Movements in Unitholders' Funds | 21 - 24 |
1(d)(ii) | Details of Any Change in the Units | 21 - 24 |
1(e) | Notes to the Unaudited Condensed Interim Financial Statements | 25 - 31 |
2 & 3 | Audit Statement | 31 |
4 & 5 | Changes in Accounting Policies | 31 - 32 |
6 | Earnings Per Unit ("EPU") and Distribution Per Unit ("DPU") | 32 |
7 | Net Asset Value ("NAV") and Net Tangible Asset ("NTA") Per Unit | 32 |
8 | Review of Performance | 33 - 36 |
9 | Variance from Previous Forecast / Prospect Statement | 36 |
10 | Outlook & Prospects | 36 |
11 & 12 | Distributions | 37 - 39 |
13 | General Mandate on Interested Person Transactions | 39 |
14 | Confirmation Pursuant to Rule 720(1) of the Listing Manual | 39 |
15 | Confirmation Pursuant to Rule 704(13) of the Listing Manual | 39 |
Page 1 of 39
MAPLETREE LOGISTICS TRUST
2023/24 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT
Summary of Mapletree Logistics Trust Group Results
GROUP | GROUP | |||||||
3 mths ended | 3 mths ended | 12 mths ended | 12 mths ended | |||||
31 Mar 2024 1 | 31 Mar 2023 1 | 31 Mar 2024 2 | 31 Mar 2023 2 | |||||
Gross Revenue (S$'000) | 180,981 | 178,901 | 733,889 | 730,646 | ||||
Net Property Income (S$'000) | 155,313 | 154,345 | 634,944 | 634,783 | ||||
Amount Distributable (S$'000) | 116,472 | 3 | 114,560 | 4 | 471,489 | 5 | 454,430 | 6 |
- to Perpetual securities holders | 6,052 | 5,326 | 24,340 | 21,501 | ||||
- to Unitholders of MLT | 110,420 | 109,234 | 447,149 | 432,929 | ||||
Available Distribution per Unit ("DPU") (cents) | 2.211 | 2.268 | 9.003 | 9.011 | 7 | |||
Footnotes:
- Quarter ended 31 March 2024 ("4Q FY23/24") started with 187 properties and ended with 187 properties. Quarter ended 31 March 2023 ("4Q FY22/23") started with 186 properties and ended with 185 properties.
- 12 months ended 31 March 2024 ("12M FY23/24") started with 185 properties and ended with 187 properties. 12 months ended 31 March 2023 ("12M FY22/23") started with 183 properties and ended with 185 properties.
- This includes distribution of divestment gain of S$12,009,000.
- This includes distribution of divestment gain of S$2,868,000.
- This includes distribution of divestment gain of S$41,594,000.
- This includes distribution of divestment gain of S$6,467,000.
- The total income support recognised in 12M FY22/23 was S$2,181,000. Excluding the income support, 12M FY22/23 DPU would be at 8.965 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 31 March 2024, the Group's portfolio had grown to a portfolio of 187 properties, comprising 49 properties in Singapore, 9 in Hong Kong SAR, 43 in China, 24 in Japan, 21 in South Korea, 14 in Australia, 14 in Malaysia, 10 in Vietnam and 3 in India. The total value of assets under management, including investment properties held for sale in Malaysia, is S$13.2 billion.
MLT's distribution policy is to distribute at least 90% of its distributable income and such distributions are typically paid on a quarterly basis, with the amount calculated for the quarter ended as at 31 March, 30 June, 30 September and 31 December. Distributions are paid in Singapore Dollar.
Page 2 of 39
MAPLETREE LOGISTICS TRUST
2023/24 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT
1(a)(i) Condensed Interim Consolidated Statement of Profit or Loss and Distribution Statement
Note | |
Gross revenue | 1 |
Property expenses | 2 |
Net property income | |
Interest income | |
Manager's management fees | 3 |
Trustee's fee | |
Other trust (expenses)/income, net | 4 |
Borrowing costs | 5 |
Net investment income | |
Net change in fair value of financial derivatives | 6 |
Net income | |
Net movement in the value of investment | |
properties | 7 |
Profit before income tax | |
Income tax | 8 |
Profit for the period | |
Profit attributable to: | |
Unitholders of MLT | |
Perpetual securities holders | |
Non-controlling interests | |
Profit for the period | |
Distribution Statement | |
Profit attributable to Unitholders of MLT | |
Adjustment for net effect of non-tax | |
deductible/(chargeable) items and other | |
adjustments | 9 |
Total amount distributable to Unitholders | 10 |
Earnings per unit (cents)
- Basic
- Diluted
GROUP
3 mths ended | 3 mths ended | Increase/ |
31 Mar 2024 | 31 Mar 2023 | (Decrease) |
S$'000 | S$'000 | % |
180,981 | 178,901 | 1.2 |
(25,668) | (24,556) | 4.5 |
155,313 | 154,345 | 0.6 |
745 | 505 | 47.5 |
(22,574) | (21,689) | 4.1 |
(447) | (424) | 5.4 |
(9,469) | 972 | NM |
(37,217) | (34,824) | 6.9 |
86,351 | 98,885 | (12.7) |
7,846 | 15,492 | (49.4) |
94,197 | 114,377 | (17.6) |
(17,202) | 219,160 | NM |
76,995 | 333,537 | (76.9) |
(11,855) | (40,217) | (70.5) |
65,140 | 293,320 | (77.8) |
57,782 | 286,181 | (79.8) |
6,052 | 5,326 | 13.6 |
1,306 | 1,813 | (28.0) |
65,140 | 293,320 | (77.8) |
57,782 | 286,181 | (79.8) |
52,638 | (176,947) | NM |
110,420 | 109,234 | 1.1 |
1.165.95
1.165.95
NM: Not meaningful
Page 3 of 39
MAPLETREE LOGISTICS TRUST
2023/24 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT
1(a)(i) Condensed Interim Consolidated Statement of Profit or Loss and Distribution Statement (continued)
1. Gross revenue comprises the following:
GROUP | |||
3 mths ended | 3 mths ended | Increase/ | |
31 Mar 2024 | 31 Mar 2023 | (Decrease) | |
S$'000 | S$'000 | % | |
Rental income | 154,574 | 152,929 | 1.1 |
Service charges | 23,617 | 23,349 | 1.1 |
Other operating income | 2,790 | 2,623 | 6.4 |
180,981 | 178,901 | 1.2 | |
2. Property expenses comprise the following: | |||
GROUP | |||
3 mths ended | 3 mths ended | Increase/ | |
31 Mar 2024 | 31 Mar 2023 | (Decrease) | |
S$'000 | S$'000 | % | |
Operation and maintenance | 6,808 | 6,276 | 8.5 |
Property and other taxes | 11,241 | 10,856 | 3.5 |
Property and lease management fees | 4,410 | 4,442 | (0.7) |
Loss allowances | 30 | 12 | >100 |
Others | 3,179 | 2,970 | 7.0 |
25,668 | 24,556 | 4.5 |
3. Manager's management fees comprise the following:
GROUP | |||
3 mths ended | 3 mths ended | Increase/ | |
31 Mar 2024 | 31 Mar 2023 | (Decrease) | |
S$'000 | S$'000 | % | |
Base fees | 17,024 | 16,184 | 5.2 |
Performance fees | 5,550 | 5,505 | 0.8 |
22,574 | 21,689 | 4.1 |
The increase is in line with the growth of the Group's portfolio from acquisitions completed in FY23/24.
Page 4 of 39
MAPLETREE LOGISTICS TRUST
2023/24 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT
1(a)(i) Condensed Interim Consolidated Statement of Profit or Loss and Distribution Statement (continued)
4. Other trust expenses/(income) includes the following:
GROUP | |||
3 mths ended | 3 mths ended | Increase/ | |
31 Mar 2024 | 31 Mar 2023 | (Decrease) | |
S$'000 | S$'000 | % | |
Net foreign exchange loss/(gain) | 4,573 | (3,847) | NM |
Other trust expenses, net | 4,896 | 2,875 | 70.3 |
9,469 | (972) | NM |
For 4Q FY23/24, the net foreign exchange loss arose mainly from USD denominated borrowings, partly offset by settlement of JPY currency forwards.
For 4Q FY22/23, the net foreign exchange gain arose mainly from USD denominated borrowings.
Other trust expenses include legal and professional fees, audit and tax consultancy fees, non-property related miscellaneous expenses.
5. Borrowing costs include the following:
GROUP | |||
3 mths ended | 3 mths ended | Increase/ | |
31 Mar 2024 | 31 Mar 2023 | (Decrease) | |
S$'000 | S$'000 | % | |
Interest expenses: | |||
- Bank and other borrowings | 34,569 | 32,261 | 7.2 |
- Lease liabilities | 961 | 1,013 | (5.1) |
Financing fees | 1,687 | 1,550 | 8.8 |
37,217 | 34,824 | 6.9 |
- Net change in fair value of financial derivatives comprises net change in fair value of interest-rate swaps, cross currency swaps and currency forwards which were entered into to hedge the Group's interest rate and foreign currency risks. This has no impact on total amount distributable to Unitholders.
- Net movement in value of investment properties includes net change in fair value of investment properties and investment properties held for sale.
For 4Q FY23/24, it comprises net fair value loss of investment properties, and fair value gain of a divested investment property held for sale in Singapore.
For 4Q FY22/23, it pertained to net fair value gain of investment properties and three investment properties held for sale in Singapore and Malaysia. The Group divested one property in Singapore during 4Q FY22/23 and two properties in Malaysia during 2Q FY23/24.
Page 5 of 39
MAPLETREE LOGISTICS TRUST
2023/24 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT
1(a)(i) Condensed Interim Consolidated Statement of Profit or Loss and Distribution Statement (continued)
8. Income tax comprises current income tax, withholding tax and deferred tax. The decrease is mainly due to reversal of deferred tax liabilities from net fair value loss of investment properties, partly offset by additional provision for prior years' income tax.
GROUP | |||
3 mths ended | 3 mths ended | Increase/ | |
31 Mar 2024 | 31 Mar 2023 | (Decrease) | |
S$'000 | S$'000 | % | |
Current income tax - current year | 3,484 | 2,861 | 21.8 |
Current income tax - prior years | 10,167 | (16) | NM |
Withholding tax | 3,385 | 2,931 | 15.5 |
Deferred tax | (5,181) | 34,441 | NM |
11,855 | 40,217 | (70.5) |
- Adjustment for net effect of non-tax deductible/(chargeable) items and other adjustments include trustee fee, financing fees incurred on bank facilities, foreign exchange difference, net movement in the value of investment properties, net change in the fair value of financial derivatives, management fees paid/payable in units and other adjustments.
- Distribution to Unitholders
GROUP | |||
3 mths ended | 3 mths ended | Increase/ | |
31 Mar 2024 | 31 Mar 2023 | (Decrease) | |
S$'000 | S$'000 | % | |
Distribution comprises: | |||
- from operations | 74,143 | 57,756 | 28.4 |
- from other gains | - | 2,868 | NM |
- from capital returns | 36,277 | 48,610 | (25.4) |
110,420 | 109,234 | 1.1 |
Distribution from operations:
In 4Q FY23/24, this includes distribution of divestment gain.
Distribution from other gains:
In 4Q FY22/23, this includes distribution of divestment gain.
Page 6 of 39
MAPLETREE LOGISTICS TRUST
2023/24 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT
1(a)(ii) Condensed Interim Consolidated Statement of Comprehensive Income
GROUP | |||
3 mths ended | 3 mths ended | Increase/ | |
31 Mar 2024 | 31 Mar 2023 | (Decrease) | |
S$'000 | S$'000 | % | |
Profit for the period | 65,140 | 293,320 | (77.8) |
Other comprehensive loss: | |||
Items that may be reclassified subsequently | |||
to profit or loss: | |||
Cash flow hedges: | |||
- Fair value gain/(loss) | 20,696 | (20,276) | NM |
- Reclassification to profit or loss | (3,033) | 7,179 | NM |
Net currency translation differences relating to | |||
financial statements of foreign subsidiaries | (38,550) | (52,044) | (25.9) |
Net currency translation differences on quasi | |||
equity loans | (17,086) | (1,449) | >100 |
Net currency translation differences on | |||
borrowings designated as net investment | |||
hedge of foreign operations | 2,592 | 5,824 | (55.5) |
Other comprehensive loss for the period | (35,381) | (60,766) | (41.8) |
Total comprehensive income for the period | 29,759 | 232,554 | (87.2) |
Total comprehensive income attributable to: | |||
Unitholders of MLT | 22,950 | 225,347 | (89.8) |
Perpetual securities holders | 6,052 | 5,326 | 13.6 |
Non-controlling interests | 757 | 1,881 | (59.8) |
29,759 | 232,554 | (87.2) |
NM: Not meaningful
Page 7 of 39
MAPLETREE LOGISTICS TRUST
2023/24 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)
Note | |
Gross revenue | 1 |
Property expenses | 2 |
Net property income | |
Interest income | |
Manager's management fees | 3 |
Trustee's fee | |
Other trust expenses, net | 4 |
Borrowing costs | 5 |
Net investment income | |
Net change in fair value of financial derivatives | 6 |
Net income | |
Net movement in the value of investment | |
properties | 7 |
Profit before income tax | |
Income tax | 8 |
Profit for the year | |
Profit attributable to: | |
Unitholders of MLT | |
Perpetual securities holders | |
Non-controlling interests | |
Profit for the year | |
Distribution Statement | |
Profit attributable to Unitholders of MLT | |
Adjustment for net effect of non-tax | |
deductible/(chargeable) items and other | |
adjustments | 9 |
Total amount distributable to Unitholders | 10 |
Earnings per unit (cents) | |
- Basic | |
- Diluted |
GROUP | ||
12 mths ended | 12 mths ended | Increase/ |
31 Mar 2024 | 31 Mar 2023 | (Decrease) |
S$'000 | S$'000 | % |
733,889 | 730,646 | 0.4 |
(98,945) | (95,863) | 3.2 |
634,944 | 634,783 | 0.0 |
2,935 | 2,437 | 20.4 |
(91,166) | (89,135) | 2.3 |
(1,831) | (1,776) | 3.1 |
(28,004) | (26,347) | 6.3 |
(145,905) | (134,065) | 8.8 |
370,973 | 385,897 | (3.9) |
20,671 | 45,787 | (54.9) |
391,644 | 431,684 | (9.3) |
1,491 | 225,766 | (99.3) |
393,135 | 657,450 | (40.2) |
(63,107) | (88,430) | (28.6) |
330,028 | 569,020 | (42.0) |
303,135 | 545,076 | (44.4) |
24,340 | 21,501 | 13.2 |
2,553 | 2,443 | 4.5 |
330,028 | 569,020 | (42.0) |
303,135 | 545,076 | (44.4) |
144,014 | (112,147) | NM |
447,149 | 432,929 | 3.3 |
6.11 | 11.36 | |
6.11 | 11.36 |
NM: Not meaningful
Page 8 of 39
MAPLETREE LOGISTICS TRUST
2023/24 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT
1(a)(i) Condensed Interim Consolidated Statement of Profit or Loss and Distribution Statement (continued)
1. Gross revenue comprises the following:
GROUP | |||
12 mths ended | 12 mths ended | Increase/ | |
31 Mar 2024 | 31 Mar 2023 | (Decrease) | |
S$'000 | S$'000 | % | |
Rental income | 626,466 | 625,860 | 0.1 |
Service charges | 96,499 | 92,419 | 4.4 |
Other operating income | 10,924 | 12,367 | (11.7) |
733,889 | 730,646 | 0.4 | |
2. Property expenses comprise the following: | |||
GROUP | |||
12 mths ended | 12 mths ended | Increase/ | |
31 Mar 2024 | 31 Mar 2023 | (Decrease) | |
S$'000 | S$'000 | % | |
Operation and maintenance | 25,264 | 23,424 | 7.9 |
Property and other taxes | 44,294 | 41,789 | 6.0 |
Property and lease management fees | 17,358 | 17,742 | (2.2) |
Loss allowances | 219 | 1,932 | (88.7) |
Others | 11,810 | 10,976 | 7.6 |
98,945 | 95,863 | 3.2 |
3. Manager's management fees comprise the following:
GROUP | |||
12 mths ended | 12 mths ended | Increase/ | |
31 Mar 2024 | 31 Mar 2023 | (Decrease) | |
S$'000 | S$'000 | % | |
Base fees | 69,117 | 66,859 | 3.4 |
Performance fees | 22,049 | 22,276 | (1.0) |
91,166 | 89,135 | 2.3 |
The increase is in line with the growth of the Group's portfolio from acquisitions completed in FY23/24.
Page 9 of 39
MAPLETREE LOGISTICS TRUST
2023/24 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT
1(a)(i) Condensed Interim Consolidated Statement of Profit or Loss and Distribution Statement (continued)
4. Other trust expenses includes the following:
GROUP | |||
12 mths ended | 12 mths ended | Increase/ | |
31 Mar 2024 | 31 Mar 2023 | (Decrease) | |
S$'000 | S$'000 | % | |
Net foreign exchange loss | 12,304 | 11,563 | 6.4 |
Loss allowances | - | 5,096 | NM |
Other trust expenses, net | 15,700 | 9,688 | 62.1 |
28,004 | 26,347 | 6.3 |
For 12M FY23/24, the net foreign exchange loss arose mainly from USD denominated borrowings and CNH denominated receivables, partly offset by settlement of JPY and CNH currency forwards.
For 12M FY22/23, the net foreign exchange loss arose mainly from USD denominated borrowings and CNH denominated receivables, partly offset by settlement of JPY and AUD denominated borrowings.
Loss allowances in FY22/23 related to amounts paid to JTC in respect of unauthorised subletting of premises by a former tenant that has been put under creditors' voluntary winding up proceedings.
Other trust expenses include legal and professional fees, audit and tax consultancy fees, non-property related miscellaneous expenses. In 12M FY23/24, it included a non-recoverable amount of S$1,777,000 after settlement of a dispute with a former tenant. In 12M FY22/23, it included an income support of S$2,181,000 in relation to the acquisition of China properties completed in FY21/22 and FY22/23.
5. Borrowing costs include the following:
GROUP | |||
12 mths ended | 12 mths ended | Increase/ | |
31 Mar 2024 | 31 Mar 2023 | (Decrease) | |
S$'000 | S$'000 | % | |
Interest expenses: | |||
- Bank and other borrowings | 134,907 | 124,729 | 8.2 |
- Lease liabilities | 3,610 | 3,777 | (4.4) |
Financing fees | 7,388 | 5,559 | 32.9 |
145,905 | 134,065 | 8.8 |
- 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 net change in fair value of investment properties and investment properties held for sale.
For 12M FY23/24, it comprises net fair value loss from investment properties and fair value gain from seven investment properties held for sale in Singapore, Japan and Malaysia. Five properties in Singapore, Japan and Malaysia were divested in FY23/24. The remaining two properties in Malaysia are expected to complete in the first half of FY24/25.
For 12M FY22/23, it pertained to net fair value gain of investment properties and three investment properties held for sale in Singapore and Malaysia. The Group divested one property in Singapore during 4Q FY22/23 and two properties in Malaysia during 2Q FY23/24.
Page 10 of 39
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Mapletree Logistics Trust published this content on 29 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2024 12:08:46 UTC.