(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 29 January 2008 (as amended))
MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024
TABLE OF CONTENTS
Item No. | Description | Page No. |
- | Summary Results of Mapletree Industrial Trust Group | 2 |
- | Introduction | 3 |
1.1 | Consolidated Statement of Profit or Loss | 4 - 5 |
1.2 | Distribution Statement | 5 |
1.3 | Consolidated Statement of Comprehensive Income | 6 |
1.4 | Statements of Financial Position | 7 - 8 |
1.5 | Consolidated Statement of Cash Flows | 9 - 10 |
1.6 (i) | Statements of Movements in Unitholders' Funds- MIT Group | 11 - 12 |
1.6 (ii) | Statements of Movements in Unitholders' Funds- MIT | 13 |
2 | Notes to the Unaudited Condensed Interim Consolidated Financial | 14 - 28 |
Statements | ||
3.1 | Review of Unaudited Condensed Interim Consolidated Financial | 29 |
Statements | ||
3.2 | Review of Performance | 29 - 31 |
3.3 | Variance from Prospect Statement | 31 |
3.4 | Outlook and Prospects | 32 - 33 |
3.5 | Distributions | 33 - 35 |
3.6 | General Mandate relating to Interested Person Transactions | 35 |
3.7 | Confirmation pursuant to Rule 720(1) of the Listing Manual | 35 |
3.8 | Additional information required pursuant to Rule 706A of the Listing | 36 |
Manual | ||
3.9 | Confirmation by the Board | 36 |
1
MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024
Summary Results of Mapletree Industrial Trust Group1 ("MIT Group") | |||||||||||||
4QFY23/24 | 3QFY23/24 | Variance | 4QFY22/23 | Variance | |||||||||
% | % | ||||||||||||
Gross revenue (S$'000)2 | 178,700 | 173,886 | 2.8 | 171,099 | 4.4 | ||||||||
Net property income | 131,784 | 129,855 | 1.5 | 128,916 | 2.2 | ||||||||
(S$'000)2 | |||||||||||||
Amount available for | 97,915 | 97,665 | 0.3 | 89,486 | 9.4 | ||||||||
distribution (S$'000)2 | |||||||||||||
- to Perpetual securities | 2,356 | 2,382 | (1.1) | 2,330 | 1.1 | ||||||||
holders | |||||||||||||
- to Unitholders | 95,559 | 95,2835, 6 | 0.3 | 87,156 | 9.6 | ||||||||
Distribution to Unitholders | 95,245 | 95,2225, 6 | ** | 91,2383, 4 | 4.4 | ||||||||
(S$'000) | |||||||||||||
No. of units in issue ('000) | 2,834,670 | 2,833,999 | ** | 2,739,870* | 3.5 | ||||||||
Distribution per unit (cents) | 3.36 | 3.365, 6 | ** | 3.333, 4 | 0.9 | ||||||||
FY23/24 | FY22/23 | Variance | |||||||||||
% | |||||||||||||
Gross revenue (S$'000)2 | 697,332 | 684,865 | 1.8 | ||||||||||
Net property income | 521,043 | 517,951 | 0.6 | ||||||||||
(S$'000)2 | |||||||||||||
Amount available for | 384,545 | 366,099 | 5.0 | ||||||||||
distribution (S$'000)2 | |||||||||||||
- to perpetual securities | 9,476 | 9,450 | 0.3 | ||||||||||
holders | |||||||||||||
- to Unitholders | 375,0693, 4, 5, 6 | 356,649 | 5.2 | ||||||||||
Distribution to Unitholders | 378,2813, 4, 5, 6 | 368,2403, 4 | 2.7 | ||||||||||
(S$'000) | |||||||||||||
No. of units in issue ('000) | 2,834,670 | 2,739,870* | 3.5 | ||||||||||
Distribution per unit (cents) | 13.573, 4 | (1.0) | |||||||||||
13.433, 4, 5, 6 |
- Includes new units issued pursuant to the Distribution Reinvestment Plan ("DRP")
- Less than 0.1%
Notes:
- MIT Group comprises Mapletree Industrial Trust ("MIT") and its wholly-owned subsidiaries.
- Gross revenue and net property income do not include MIT's interests in the North American joint venture with Mapletree Investments Pte Ltd ("MIPL"), which is equity accounted. Amount available for distribution includes distribution declared by the joint venture.
- Includes the distribution of net divestment gain of S$15.7 million from 26A Ayer Rajah Crescent over eight quarters from 2QFY21/22 to 1QFY23/24.
- Includes the distribution of tax-exempt income of S$6.6 million withheld in 4QFY19/20 over three quarters from 3QFY22/23 to 1QFY23/24.
- Includes the distribution of compensation received for compulsory acquisition of part of the land at 2 and 4 Loyang Lane of S$2.1 million, which was withheld in 3QFY21/22, over two quarters from 2QFY23/24 to 3QFY23/24. Please refer to the Financial Statement and Distribution Announcement for the period from 1 October 2021 to 31 December 2021.
- Includes the distribution of net divestment gain of S$4.2 million from 65 Tech Park Crescent over two quarters from 2QFY23/24 to 3QFY23/24. 65 Tech Park Crescent was divested on 20 July 2017.
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MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024
Introduction
MIT is a real estate investment trust listed on the Main Board of Singapore Exchange. The principal activity of MIT and its subsidiaries (the "Group") is to invest in income-producing real estate used primarily for industrial purposes in Singapore and as data centres worldwide beyond Singapore, as well as real estate-related assets, with the primary objective of achieving sustainable returns from rental income and long-term capital growth.
MIT's property portfolio includes Data Centres (Asia), Data Centres (North America), Hi-Tech Buildings, Business Park Buildings, Flatted Factories, Stack-up/Ramp-up Buildings and Light Industrial Buildings.
On 25 May 2023, MIT through its subsidiary, Yuri Tokutei Mokuteki Kaisha ("Yuri TMK") entered into a conditional trust beneficial interest purchase and sale agreement to acquire a data centre located in Osaka, Japan (the "Acquisition") at a purchase consideration of JPY52.0 billion (approximately S$507.9 million1).The construction of the building and the first phase of fitting-out works were completed in November 2022. The second phase of fitting-out works completed in January 2024, and the remaining phases will be completed in progressive stages with the final phase expected to be completed in May 2025. Portions of the purchase consideration are to be paid out progressively upon the substantial completion of each phase. The Acquisition was completed on 28 September 2023. MIT has an effective economic interest of 98.47% in Yuri TMK.
With the acquisition of a data centre in Osaka, the segmental results for the Group's data centres in Singapore and Japan would be reported under a new segment named "Data Centres (Asia)".
In connection with the Acquisition, MIT conducted an Equity Fund Raising exercise via a private placement. On 6 June 2023, MIT issued 92,593,000 new units at the issue price of S$2.212 per unit through a private placement. Gross proceeds of approximately S$204.8 million were raised from the private placement.
On 27 June 2023, MIT issued JPY6.5 billion (approximately S$61.4 million2 ) and JPY10.0 billion (approximately S$94.5 million2) in principal amount of 1.686% and 1.85% fixed rate notes due in 2035 and 2038 respectively. The notes were issued under the S$2,000,000,000 Euro Medium Term Securities Programme.
On 28 November 2023, MIT, through its subsidiary Yuri TMK, entered into a bond purchase agreement, which contains certain conditions similar to loan facilities and notes issued under the Group's S$1,000,000,000 Multicurrency Medium Term Note Programme and S$2,000,000,000 Euro Medium Term Securities Programme.
On 27 March 2024, MIT completed the divestment of investment property at 115A & 115B Commonwealth Drive, Singapore at a sale price of S$50.6 million.
As at 31 March 2024, MIT's total assets under management was S$8.9 billion, which comprised 56 properties in North America (including 13 data centres held through the joint venture with Mapletree Investments Pte Ltd), 83 properties in Singapore and one property in Japan.
MIT's distribution policy is to distribute at least 90.0% of its taxable income, comprising substantially rental income from the letting of its properties and related property services income after deduction of allowable expenses, as well as interest income from the periodic placement of cash surpluses in bank deposits.
- Based on the exchange rate of JPY102.38 to S$1.00, applied in the announcement dated 22 May 2023.
- Based on the exchange rate of JPY105.81 to S$1.00 on transaction date.
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MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024
1.1 Consolidated Statement of Profit or Loss
4Q | 4Q | ||||||
FY23/24 | FY22/23 | Variance | FY23/24 | FY22/23 | Variance | ||
(S$'000) | (S$'000) | % | (S$'000) | (S$'000) | % | ||
Gross revenue | 178,700 | 171,099 | 4.4 | 697,332 | 684,865 | 1.8 | |
Property operating | (46,916) | (42,183) | 11.2 | (176,289) | (166,914) | 5.6 | |
expenses | |||||||
Net property income | 131,784 | 128,916 | 2.2 | 521,043 | 517,951 | 0.6 | |
Interest income | 2,394 | 271 | >100.0 | 4,751 | 700 | >100.0 | |
Borrowing costs | (27,740) | (27,822) | (0.3) | (106,609) | (97,599) | 9.2 | |
Manager's management | |||||||
fees | |||||||
- | Base fees | (10,402) | (9,813) | 6.0 | (41,849) | (40,457) | 3.4 |
- | Performance fees | (4,721) | (4,557) | 3.6 | (18,838) | (18,585) | 1.4 |
Trustee's fees | (266) | (251) | 6.0 | (1,054) | (1,017) | 3.6 | |
Other trust expenses | (716) | (3,560) | (79.9) | (4,655) | (7,316) | (36.4) | |
Net foreign exchange | 1,448 | 505 | >100.0 | 1,778 | (1,175) | *** | |
gain/(loss) | |||||||
Gain on divestment of | 3,492 | - | *** | 3,492 | 3,759 | (7.1) | |
investment properties1 | |||||||
Net change in fair value | (968) | 489 | *** | (1,879) | 1,519 | *** | |
of financial | |||||||
derivatives2 | |||||||
Net fair value loss on | (210,826) | (110,632) | 90.6 | (210,826) | (110,632) | 90.6 | |
investment properties3 | |||||||
Share of joint venture's | (36,853) | 39,148 | *** | (8,713) | 67,907 | *** | |
results | |||||||
Comprising: | |||||||
- Net profit after tax | 8,346 | 9,111 | (8.4) | 36,486 | 37,870 | (3.7) | |
- Net fair value (loss)/ | (45,199) | 30,037 | *** | (45,199) | 30,037 | *** | |
gain on investment | |||||||
properties3 | |||||||
(Loss)/Profit for the | |||||||
period | (153,374) | 12,694 | *** | 136,641 | 315,055 | (56.6) | |
before tax | |||||||
Income tax expense | (8,818) | (14,536) | (39.3) | (16,013) | (23,949) | (33.1) | |
- Current income tax | (688) | (2,919) | (76.4) | (6,904) | (9,617) | (28.2) | |
- Deferred tax | (8,130) | (11,617) | (30.0) | (9,109) | (14,332) | (36.4) | |
(Loss) / Profit for the | |||||||
(162,192) | (1,842) | >100.0 | 120,628 | 291,106 | (58.6) | ||
period | |||||||
Attributable to: | |||||||
Unitholders | (164,633) | (4,172) | >100.0 | 111,036 | 281,656 | (60.6) | |
Perpetual securities | 2,356 | 2,330 | 1.1 | 9,476 | 9,450 | 0.3 | |
Holders4 | |||||||
Non-controlling interest | 85 | - | *** | 116 | - | *** | |
(Loss)/Profit for the | (162,192) | (1,842) | >100.0 | 120,628 | 291,106 | (58.6) | |
period | |||||||
*** Not meaningful |
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MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024
1.1 Consolidated Statement of Profit or Loss(continued)
Notes:
- Gain on divestment of investment properties arose from the divestment of 115A & 115B Commonwealth Drive in FY23/24; and divestments of 19 Changi South Street 1 and 19675 West Ten Mile Road, Southfield in FY22/23.
- These reflect the fair value changes of the interest rate swaps and currency forwards. The Group enters into interest rate swaps and currency forwards to manage its exposure to interest rate risks and currency risks.
- This relates to the net change in the properties fair values arising from the independent valuation exercise conducted.
- The perpetual securities have no fixed redemption date, with the redemption at the option of MIT on 11 May 2026 and each distribution payment date thereafter, and will bear an initial rate of distribution of 3.15% per annum for the first five years. Distributions are payable semi-annually at the discretion of MIT and will be non- cumulative.
1.2 Distribution Statement
4Q | 4Q | Variance | FY23/24 | FY22/23 | Variance | |
FY23/24 | FY22/23 | |||||
(S$'000) | (S$'000) | % | (S$'000) | (S$'000) | % | |
(Loss)/Profit for the | ||||||
period | (164,633) | (4,172) | >100.0 | 111,036 | 281,656 | (60.6) |
attributable to | ||||||
Unitholders | ||||||
Adjustment for net effect | ||||||
of non-tax | 250,089 | 83,774 | >100.0 | 232,190 | 46,441 | >100.0 |
chargeable items and | ||||||
other adjustments1 | ||||||
Distribution declared by | 10,103 | 7,554 | 33.7 | 31,843 | 28,552 | 11.5 |
joint venture | ||||||
Amount available for | ||||||
distribution to | 95,559 | 87,156 | 9.6 | 375,069 | 356,649 | 5.2 |
Unitholders | ||||||
Note:
1. Non-tax chargeable items and other adjustments include net fair value loss/gain in investment properties, share of joint venture's results, adjustments for rental incentives, income tax expense, management fees paid/payable in units, trustee's fees, financing related costs and other adjustments.
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MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024
1.3 Consolidated Statement of Comprehensive Income
4Q | 4Q | Variance | |||||
FY23/24 | FY22/23 | FY23/24 | FY22/23 | Variance | |||
(S$'000) | (S$'000) | % | (S$'000) | (S$'000) | % | ||
(Loss)/Profit for the | (162,192) | (1,842) | >100.0 | 120,628 | 291,106 | (58.6) | |
period | |||||||
Other comprehensive | |||||||
(loss)/income: | |||||||
Items that may be | |||||||
reclassified | |||||||
subsequently to profit | |||||||
or loss: | |||||||
Cash flow hedges: | |||||||
- | Fair value (loss)/gain | 29,975 | (16,661) | *** | 67,190 | 72,491 | (7.3) |
- | Reclassification to | (16,979) | (12,727) | 33.4 | (68,001) | (20,279) | >100.0 |
profit or loss | |||||||
Share of hedging reserve | 1,624 | (5,226) | *** | (12,743) | 4,325 | *** | |
of joint venture | |||||||
Net translation | |||||||
differences: | |||||||
- | Financial statements | (2,758) | (4,267) | (35.4) | (21,279) | (22,207) | (4.2) |
of foreign joint | |||||||
venture and foreign | |||||||
subsidiaries | |||||||
- | Shareholder's loan | (1,787) | (983) | 81.8 | (3,836) | (4,971) | (22.8) |
- | Borrowings | ||||||
designated as net | (3,524) | 1,042 | *** | 5,633 | 5,269 | 6.9 | |
investment hedge of | |||||||
foreign operations | |||||||
Other comprehensive | |||||||
income/(loss), net of | 6,551 | (38,822) | *** | (33,036) | 34,628 | (>100.0) | |
tax | |||||||
for the period | |||||||
Total comprehensive | |||||||
(loss)/income for the | (155,641) | (40,664) | >100.0 | 87,592 | 325,734 | (73.1) | |
period | |||||||
Attributable to: | >100.0 | ||||||
Unitholders | (158,116) | (42,994) | 78,124 | 316,284 | (75.3) | ||
Perpetual securities | 2,356 | 2,330 | 1.1 | 9,476 | 9,450 | 0.3 | |
holders | |||||||
*** | |||||||
Non-controlling interest | 119 | - | (8) | - | *** | ||
Total comprehensive | (155,641) | (40,664) | >100.0 | 87,592 | 325,734 | (73.1) | |
(loss)/income for the | |||||||
period | |||||||
*** Not meaningful |
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MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024
1.4 Statements of Financial Position
MIT Group | MIT | |||||
31 March | 31 | 31 March | 31 | |||
March | March | |||||
2024 | 2024 | |||||
2023 | 2023 | |||||
(S$'000) | (S$'000) | (S$'000) | (S$'000) | |||
Current assets | ||||||
Cash and cash equivalents | 119,902 | 146,611 | 25,398 | 31,212 | ||
Trade and other receivables | 38,475 | 26,946 | 35,617 | 35,522 | ||
Other current assets | 3,465 | 2,832 | 686 | 370 | ||
Derivative financial instruments1 | 1,895 | 2,614 | 1,895 | 2,614 | ||
Total current assets | 163,737 | 179,003 | 63,596 | 69,718 | ||
Non-current assets | ||||||
Investment properties | 7,847,851 | 7,658,715 | 3,942,906 | 3,977,899 | ||
Plant and equipment | 53 | 95 | 53 | 95 | ||
Investments in: | ||||||
- | subsidiaries | - | - | 1,204,849 | 1,050,074 | |
- | a joint venture | 540,329 | 598,892 | 394,377 | 394,377 | |
Loans to subsidiaries2 | - | - | 606,969 | 615,805 | ||
Other non-current assets | 3,606 | - | - | - | ||
Derivative financial instruments | 108,790 | 110,097 | 22,686 | 32,774 | ||
Total non-current assets | 8,500,629 | 8,367,799 | 6,171,840 | 6,071,024 | ||
Total assets | 8,664,366 | 8,546,802 | 6,235,436 | 6,140,742 | ||
Current liabilities | ||||||
Trade and other payables | 146,350 | 158,787 | 85,895 | 92,842 | ||
Borrowings | 76,174 | 176,077 | 75,059 | 381 | ||
Loans from a subsidiary | - | - | - | 174,963 | ||
Derivative financial instruments1 | 570 | 205 | 570 | 205 | ||
Current income tax liabilities | 1,839 | 3,126 | - | - | ||
Total current liabilities | 224,933 | 338,195 | 161,524 | 268,391 | ||
Non-current liabilities | ||||||
Other payables | 63,001 | 50,489 | 53,887 | 44,775 | ||
Borrowings | 3,002,464 | 2,704,960 | 414,505 | 603,540 | ||
Loans from a subsidiary | - | - | 383,047 | 184,490 | ||
Derivative financial instruments1 | 20 | 217 | 20 | - | ||
Deferred tax liabilities3 | 85,216 | 77,006 | - | - | ||
Total non-current liabilities | 3,150,701 | 2,832,672 | 851,459 | 832,805 | ||
Total liabilities | 3,375,634 | 3,170,867 | 1,012,983 | 1,101,196 | ||
Net assets | 5,288,732 | 5,375,935 | 5,222,453 | 5,039,546 | ||
Represented by: | ||||||
Unitholders' funds | 4,984,582 | 5,074,133 | 4,920,625 | 4,737,744 | ||
Perpetual securities | 301,828 | 301,802 | 301,828 | 301,802 | ||
Non-controlling interest | 2,322 | - | - | - | ||
5,288,732 | 5,375,935 | 5,222,453 | 5,039,546 | |||
Net asset value per unit (S$) | ||||||
1.76 | 1.85 | 1.74 | 1.73 | |||
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MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024
1.4 Statements of Financial Position(continued)
Notes:
- Derivative financial instruments reflect the fair value of the interest rate swaps and currency forwards entered into by the Group and MIT to manage its interest rate risks and currency risks.
- Includes MIT's loans to subsidiaries, which are intended to be a long-term source of funding for the respective entities.
- Relates to deferred tax expense recognised on operations and investment properties from the wholly-owned North American portfolio in accordance with the accounting standards.
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MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024
1.5 Consolidated Statement of Cash Flows
4Q | 4Q | FY23/24 | FY22/23 | |
FY23/24 | FY22/23 | |||
(S$'000) | (S$'000) | (S$'000) | (S$'000) | |
Cash flows from operating | ||||
activities | (162,192) | (1,842) | ||
Profit for the period | 120,628 | 291,106 | ||
Adjustments for: | ||||
- Borrowing costs | 27,740 | 27,822 | 106,609 | 97,599 |
- Income tax expense | 8,818 | 14,536 | 16,013 | 23,949 |
- Manager's management fees | 1,654 | 1,319 | 5,165 | 5,862 |
paid/payable in units | ||||
- Bad debts written off | 20 | 407 | 95 | 641 |
- Net change in fair value of | 968 | (489) | 1,879 | (1,519) |
financial derivatives | ||||
- Depreciation and amortisation | 3 | 12 | 42 | 59 |
- Interest income | (2,394) | (271) | (4,751) | (700) |
- Net foreign exchange differences | 3,072 | 3,852 | (7,281) | (79) |
- Write back for impairment of | (70) | (419) | (164) | (1,176) |
trade receivables | ||||
(128) | (1,051) | (5,859) | (8,659) | |
- Amortisation of rental incentives | ||||
- Net fair value loss on investment | 210,826 | 110,632 | 210,826 | 110,632 |
properties | ||||
- Gain on divestment of investment | (3,492) | - | (3,492) | (3,759) |
properties | ||||
- Share of joint venture's results | 36,853 | (39,148) | 8,713 | (67,907) |
Operating cash flows before | 121,678 | 115,360 | 448,423 | 446,049 |
working capital changes | ||||
Changes in operating assets and | ||||
liabilities | (8,907) | |||
- Trade and other receivables | 31,785 | 1,680 | 663 | |
- Trade and other payables | 4,573 | 22,464 | 1,191 | 10,243 |
- Other current assets | (1,013) | (720) | (4,239) | (852) |
Cash generated from operations | 157,023 | 138,784 | 436,468 | 456,103 |
Interest received | 2,382 | 270 | 4,747 | 693 |
Income tax paid | (1) | (4,318) | (8,431) | (8,732) |
Net cash provided by operating | 159,404 | 134,736 | 432,784 | 448,064 |
activities | ||||
Cash flows from investing | ||||
activities | ||||
Additions to investment properties | ||||
and investment property under | (76,032) | (67,430) | (432,611) | (154,982) |
development | ||||
Net proceeds from divestment of | 50,192 | - | 50,192 | 26,057 |
investment properties | ||||
Distributions received from joint | 8,250 | 8,115 | 29,294 | 28,320 |
venture | ||||
Net cash used in investing | (17,590) | (59,315) | (353,125) | (100,605) |
activities | ||||
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MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024
1.5 Consolidated Statement of Cash Flows(continued)
4Q | 4Q | |||
FY23/24 | FY22/23 | FY23/24 | FY22/23 | |
(S$'000) | (S$'000) | (S$'000) | (S$'000) | |
Cash flows from financing | ||||
activities | ||||
Repayment of bank loans | (320,389) | (303,638) | (979,762) | (825,691) |
Redemption of medium term note | (100,000) | - | (175,000) | (45,000) |
Payment of financing related costs | (1,942) | - | (4,993) | (5,727) |
Gross proceeds from bank loans | 253,025 | 303,638 | 1,040,199 | 846,301 |
Gross proceeds from issuance of | 50,000 | - | 205,933 | - |
medium term notes | ||||
Gross proceeds from TMK bonds | - | - | 92,578 | - |
Net proceeds from issuance of new | - | - | 201,557 | - |
units | ||||
Contribution from non-controlling | - | - | 6,225 | - |
interest | ||||
Capital redemption to non- | (3,895) | - | (3,895) | - |
controlling interest | ||||
(95,222) | (56,008) | (374,273)1 | (225,069) 1 | |
Distributions to Unitholders | ||||
Distribution to perpetual securities | - | - | (9,450) | (9,450) |
holders | ||||
(25,972) | (26,066) | (101,604) | (82,851) | |
Interest paid | ||||
Payment of lease liabilities2 | (1,175) | (748) | (3,852) | (2,969) |
Net cash used in financing | (245,570) | (82,822) | (106,337) | (350,456) |
activities | ||||
Net decrease in cash | (103,756) | (7,401) | (26,678) | (2,997) |
and cash equivalents | ||||
Cash and cash equivalents at | 223,673 | 154,018 | 146,611 | 149,638 |
beginning of financial period | ||||
Effects of currency translation on | (15) | (6) | (31) | (30) |
cash and cash equivalents | ||||
Cash and cash equivalents at | 119,902 | 146,611 | 119,902 | 146,611 |
end of financial period | ||||
Notes:
- The amount of S$374.3 million includes an advance distribution of S$68.0 million or 2.48 cents per unit declared to eligible Unitholders on 6 June 2023 and paid on 6 July 2023. This advance distribution represents distribution for the period 1 April 2023 to 5 June 2023 to Unitholders existing as at 5 June 2023 and prior to issuance of the new units pursuant to the private placement. For FY22/23, the amount of S$225.1 million excludes S$145.4 million distributed through the issuance of 60,935,312 new units in MIT as part payment of distributions for the period from 1 January 2022 to 31 December 2022, pursuant to the DRP.
- Includes payment of finance cost for lease liabilities.
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Mapletree Industrial Trust published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 12:14:23 UTC.