(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 5 July 2004 (as amended))
2016/17 THIRD QUARTER FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT TABLE OF CONTENTSItem 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 Flow | 11 - 12 |
1d(i) | Statement 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") and Net Tangible Asset ("NTA") 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 pursuant to Rule 720(1) of the Listing Manual | 27 |
16 | Confirmation by the Board | 27 |
GROUP | ||||
3 mths ended 31 Dec 2016 1 | 3 mths ended 31 Dec 2015 1 | |||
Gross Revenue (S$'000) | 95,526 | 88,934 | ||
Net Property Income (S$'000) | 79,889 | 74,145 | ||
Amount Distributable (S$'000) | 54,217 | 2 | 51,223 | 3 |
- to Perpetual Securities holders | 7,376 | 4,742 | ||
- to Unitholders | 46,841 | 46,481 | ||
Available Distribution per Unit ("DPU") (cents) | 1.87 | 1.87 |
Quarter ended 31 December 2016 started with 124 properties and ended with 128 properties. Quarter ended 31 December 2015 started with 119 properties and ended with 118 properties.
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).
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.
INTRODUCTIONMapletree 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 2016, this had grown to a portfolio of 128 properties with a book value of about S$5.5 billion spread across 8 geographic markets, namely Singapore, Malaysia, Hong Kong, China, Japan, South Korea, Vietnam and Australia.
2016/17 THIRD QUARTER FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT 1(a) Statement of Total ReturnGROUP
3 mths ended
31 Dec 2016 1
(S$'000)
3 mths ended
31 Dec 2015 1
(S$'000)
Increase/ (Decrease)
%
95,526
(15,637)
88,934
(14,789)
7.4
5.7
79,889
74,145
7.7
104
51
>100
(9,788)
(9,090)
7.7
(197)
(210)
(6.2)
1,342
(3,661)
NM
(12,476)
(12,082)
3.3
58,874
49,153
19.8
30,816
3,440
>100
89,690
52,593
70.5
-
7,409
3
(100.0)
89,690
60,002
49.5
(4,619)
(6,014)
(23.2)
85,071
53,988
57.6
77,464
49,093
57.8
7,376
4,742
55.5
231
153
51.0
85,071
53,988
57.6
Gross revenue
Property expenses
Net property incomeInterest income
Manager's management fees (Note A)
Trustee's fee
Other trust income/(expenses) (Note B)
Borrowing costs (Note C)
Net investment incomeNet change in fair value of financial derivatives 2
Net incomeGain on divestment of investment property
Total return for the period before income taxIncome tax
Total return for the periodAttributable to: Unitholders
Perpetual securities holders
Non-controlling interests
Total return for the period77,464
49,093
57.8
(30,623)
(2,612)
>100
46,841
46,481
0.8
Total return for the period attributable to Unitholders
Adjustment for net effect of non-tax deductible/(chargeable) items and other adjustments 4
Total amount distributable to Unitholders (Note D) 2016/17 THIRD QUARTER FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT 1(a) Statement of Total ReturnGROUP
3 mths ended
31 Dec 2016 1
(S$'000)
3 mths ended
31 Dec 2015 1
(S$'000)
Increase/ (Decrease)
%
(6,907)
(6,414)
7.7
(2,881)
(2,676)
7.7
2,309
5
(2,714)
6
NM
(12,044)
(11,753)
2.5
41,927
37,408
12.1
1,000
7
1,505
8
(33.6)
3,914
7,568
(48.3)
Note A
Management fees comprise:
base fees
performance fees
Note B
Other trust income/(expenses) include: Net foreign exchange income/(loss)
Note C
Borrowing costs include: Interest on borrowings
Note D
Distribution comprises:
from operations
from other gains
from capital returns
NM: Not meaningful
Footnotes:Quarter ended 31 December 2016 started with 124 properties and ended with 128 properties. Quarter ended 31 December 2015 started with 119 properties and ended with 118 properties.
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.
Net gain from the divestment of 20 Tampines Street 92 not previously included in revaluation gains on the investment property.
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.
This arose mainly from the revaluation of JPY, USD and AUD denominated borrowings.
This arose mainly from the revaluation of JPY and USD denominated borrowings as well as settlement of SGD/JPY forward contracts.
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).
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).
Mapletree Logistics Trust published this content on 23 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 January 2017 11:40:02 UTC.
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