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Annual Report 2012/2013
Rebalancing Rejuvenating
Con
ten
ts
Photo (Opposite): Hyundai Logistics Centre, South Korea
Strategy ......................................................................................... 2
Key Highlights ............................................................................... 4
Signifi cant Events .......................................................................... 5
Message from the Chairman & CEO .............................................. 6
Corporate Structure ..................................................................... 14
Trust Structure ............................................................................. 16
Organisation Structure ................................................................. 17
Board of Directors ....................................................................... 18
Management Team ..................................................................... 22
Corporate Services Team ............................................................ 27
Property Management Team ........................................................ 28
Corporate Governance ................................................................ 29
Risk Management ........................................................................ 40
Portfolio Analysis & Review .......................................................... 44
Operations Review .......................................................................47
Property Portfolio ......................................................................... 54
Financial Review ...........................................................................76
Corporate Liquidity & Financial Resources ................................... 78
Investor Relations ........................................................................ 80
Corporate Social Responsibility ................................................... 82
Financial Statements ................................................................... 85
Statistics of Unitholdings............................................................ 154
Interested Person Transactions .................................................. 156
Notice of Annual General Meeting ...............................................157
Proxy Form
Corporate Directory
Corporate Profi le
Mapletree Logistics Trust (“MLT”) invests, directly or
indirectly, in a diversifi ed portfolio of income-producing
logistics real estate and real estate related assets. It aims to
be the preferred real estate partner to customers requiring
high quality logistics and distribution spaces in Asia.
Mapletree Logistics Trust Management Ltd. is the manager
(“Manager”) of MLT. The Manager’s key objective is to
provide Unitholders with competitive total returns through
regular distributions and growth in asset value through the
implementation of the following strategies:
A. Optimising organic growth and hence, property yield
from the existing portfolio;
B. Making yield accretive acquisitions of good quality
logistics properties; and
C. Managing capital to maintain MLT’s strong balance
sheet and provide fi nancial fl exibility for growth.
Our Vision
To be the preferred real estate service partner to customers
requiring high quality logistics and distribution spaces
in Asia.
Our Mission
To provide Unitholders with competitive total returns
through regular distributions and growth in asset value.
Our Core Values
In-depth Expertise
Bring expertise and in-depth knowledge of both real estate
and capital markets to create value for MLT’s investors
and customers.
Innovative Style
Push the boundaries to unlock value from real estate
through innovative capital management.
Partnership Value
Share success through strategic partnerships and
long-term customer relationships.
Being Proactive
Manage proactively our relationships and MLT’s portfolio.
Market Leader
Set new industry benchmarks.
Mapletree Logistics Trust Annual Report 2012/13 1
Str
ateg
y
YIELDoptimisation on existing
portfolio
• Tailor leasing strategy to meet
local market conditions
• Maintain a well staggered
tenancy profi le
• Maintain balanced mix of
single user assets and multi-
tenanted buildings
• Improve operational effi ciency
of properties through
performance review and
prudent cost management
• Optimise returns via asset
enhancement, redevelopment
or divestment of lower
yielding assets
GROWTHvia acquisitions
& development
• Disciplined acquisition of
quality, well located assets
that add scale and strategic
value to the portfolio
• Offer attractive value
proposition to customers
in support of their regional
expansion plans - “Follow-
the-Client”
PRUDENT CAPITAL MANAGEMENT
• Maintain a strong balance sheet
• Diversify sources of funding
• Optimise cost of debt fi nancing
• Manage exposure to market fl uctuations in interest rate and
foreign exchange through appropriate hedging strategies
To provide Unitholders with competitive
total returns through regular distributions
and growth in asset value
Mapletree Logistics Trust Annual Report 2012/132
Optimising Yield
Active Asset & Lease Management
Through active asset and lease management, the Manager
maintains a balanced, well occupied portfolio that is
diversifi ed across the various geographies and customer
trade sectors. Its leasing strategy is tailored to meet
local market conditions as well as to optimise the overall
portfolio rent.
To this end, the Manager strives to maintain a balanced mix
of single user assets (“SUAs”) and multi-tenanted buildings
(“MTBs”) in its portfolio. SUAs provide portfolio stability with
their longer lease periods and built-in rental escalations,
while MTBs enable MLT to capture rental upside during a
buoyant rental market due to their shorter lease periods.
In addition, the Manager ensures that its lease expiries are
well staggered without concentration in any single year. It
also seeks to optimise yield by improving the operational
effi ciency and reducing the operating costs of MLT’s
properties.
Portfolio Rejuvenation
The Manager continually reviews the relevance/positioning
of each property within the portfolio with a view to optimise
their return and drive organic growth. Redevelopment and
asset enhancement are options which the Manager will
pursue to realise untapped potential or to enhance the
value and yield of the assets. Properties that are no longer
relevant to customers’ requirements may be considered
for redevelopment or divestment as a last resort. The
divestment option will free up capital and provide MLT with
greater fi nancial fl exibility to acquire assets offering
better yield.
Pursuing Growth
Disciplined Acquisition Approach
The Manager is committed to pursuing acquisitions
of quality, well located assets that meet its stringent
investment criteria. These assets need to be capable of
generating stable and growing income streams that will
add scale and strategic value to the portfolio. In evaluating
acquisition opportunities, the Manager maintains a
disciplined approach to ensure that acquisitions provide
sustainable, long-term returns to Unitholders.
Value Proposition to Customers
The Manager’s value proposition to customers lies in its
ability to offer them innovative real estate solutions which
meet their regional expansion needs. This is possible due
to a strong on-the-ground presence which enables the
Manager to understand customers’ requirements, as well
as MLT’s extensive range of product offerings throughout
Asia Pacifi c. In cases where there is a lack of available,
suitable products in the markets, MLT stands ready to
partner its customers in development projects, in line with
its “Follow-the-Client” approach. This provides an attractive
proposition to customers seeking an asset-light strategy
to free up valuable capital and resources that can be
channelled into growing their core businesses.
Sponsor’s Strong Commitment
In support of MLT’s growth, the Sponsor, Mapletree
Investments Pte Ltd, has been developing logistics parks
and facilities across Asia, especially in markets where there
is a limited supply of investment grade warehouses. When
completed and stabilised, these development projects will
provide future acquisition opportunities for MLT.
Capital Mana gement Strategy
The Manager strives to achieve an optimal debt/equity
structure to maximise distributions while maintaining
suffi cient fi nancial fl exibility to fund acquisitions and asset
enhancement initiatives.
The Manager’s capital management objectives are to:
• maintain a strong balance sheet by adopting an
appropriate and prudent capital structure;
• secure diversifi ed funding sources from both fi nancial
institutions and capital markets as MLT grows in size;
• optimise its cost of debt fi nancing; and
• manage the exposure arising from adverse market
movements in interest rates and foreign exchange
through appropriate hedging strategies.
The Manager’s debt management strategy calls for a
diversifi ed spread of debt maturities and maintaining
suffi cient fi nancial liquidity. Interest rate exposure is actively
managed through the use of interest rate swap contracts
where feasible, and/or fi xed rate borrowings. For currency
risk management, the Manager will as far as possible
borrow in the same currency as the underlying assets to
provide some natural hedge while balancing interest and
other cost considerations. The Manager also hedges the
net income streams of MLT’s overseas assets to manage
foreign exchange exposure.
In line with its mission to provide Unitholders with competitive total returns, the Manager follows
a “Yield + Growth” strategy which focuses on the two key areas of optimising yield on existing
assets and augmenting growth through acquisitions or development projects which offer attractive
returns. Both areas are underpinned by a prudent risk and capital management approach.
Mapletree Logistics Trust Annual Report 2012/13 3
Key
Hig
hlig
hts
Note: FY11/12 comprised fi ve quarters ended 31 March 2012 due to a change in fi nancial year-end from 31 December to 31 March.
1 Included a one-time consideration of 0.11 cents from Prima Limited to extend the leases and licences at Keppel Road by 8 years and an increase in number of units
following a 3 for 4 rights issue in August 2008.
2 Included the gain from the divestments of 9 and 39 Tampines Street 92 of 0.09 cents.
Net Property Income
(S$ million)
Amount Distributable to Unitholders
(S$ million)
DPU
(cents)
◼ 12 months ended 31 December ◼ 12 months ended 31 March ◼ 3-month period
(1 January 2011 to 31 March 2011)
Investment Properties
S$4.07 bFY11/12: S$4.06 b
Number of Properties
111FY11/12: 105
WALE by NLA
5.3 yearsFY11/12: 6.0 years
Aggregate Leverage Ratio
34.1%FY11/12: 35.2%
Occupancy Rate
98.5%FY11/12: 98.7%
NAV Per Unit
S$0.92FY11/12: S$0.90
Mapletree Logistics Trust Annual Report 2012/134
Hyundai Logistics Centre, South Korea
Mapletree Wuxi Logistics Park, China Celestica Hub, Malaysia
13 April 2012
MLT completes the KRW63.5 billion acquisitions of
Dooil Cold Warehouse and Jungbu Cold Warehouse
in Gyeonggi-do, South Korea.
18 May 2012
MLT completes the MYR27.5 million acquisition of
Celestica Hub in Malaysia.
29 May 2012
MLT completes the MYR31.5 million acquisition of
Padi Warehouse (formerly known as Fuji Warehouse)
in Malaysia.
12 June 2012
Mapletree Logistics Trust Management Ltd. is named one
of Singapore’s leading brands in 2012, climbing 65 places
to 45th position in the 2012 Brand Finance Singapore’s
Top 100 Brands.
26 July 2012
MLT announces the appointment of Ms Ng Kiat, who
succeeded Mr Richard Lai, as Chief Executive Offi cer
and Executive Director of Mapletree Logistics Trust
Management Ltd.
28 August 2012
MLT strengthens its market position in South Korea with
the KRW22.5 billion acquisition of Hyundai Logistics
Centre, a high quality and strategically located warehouse
within the logistics cluster of Gyeonggi-do. The acquisition
was completed on 26 September 2012.
19 September 2012
MLT makes its fi rst distribution payment on the
S$350 million 5.375% perpetual securities issued on
19 March 2012.
18 October 2012
MLT implements a Distribution Reinvestment Plan to
enhance its capital base and to provide Unitholders the
opportunity to increase their investment in MLT in a cost
effective manner.
19 November 2012
MLT makes further headway into the China market with
the RMB116 million acquisition of Mapletree Wuxi Logistics
Park from its Sponsor Mapletree Investments Pte Ltd.
The acquisition is in line with the Manager’s investment
strategy to expand MLT’s presence in China and is the
third property that MLT has acquired from its Sponsor.
The acquisition was completed on 11 January 2013.
22 March 2013
MLT announces the proposed divestment of 30 Woodlands
Loop for S$15.5 million. The divestment is in line with the
Manager’s objective to optimise returns from the portfolio
through active asset management efforts. Capital released
from the divestment will provide MLT with greater fi nancial
fl exibility to pursue other attractive investment opportunities
offering better yield.
Sig
nifi c
ant
Even
ts
Mapletree Logistics Trust Annual Report 2012/13 5
Left: Mr Paul Ma Kah Woh, Chairman
Right: Ms Ng Kiat, Executive Director & CEO
1 Due to a change in fi nancial year-end from 31 December to 31 March,
FY11/12 comprised a 15-month period ended 31 March 2012.
2 Gain from divestments of 9 and 39 Tampines Street 92, Singapore.
3 Total return is the sum of actual distributions and capital appreciation in
MLT’s unit price for the period between MLT’s Initial Public Offering (“IPO”)
on 28 July 2005 and 28 March 2013, expressed as a percentage of the IPO
issue price of S$0.68.
Mes
sag
e fr
om t
he
Ch
airm
an &
CEO
Dear Unitholders,
We are pleased to report that Mapletree Logistics Trust
(“MLT”) has posted another year of stable results for
FY12/13. This was achieved in spite of the uncertain
market environment and a lacklustre global economy which
prevailed for the most part of the year.
In FY12/13, we maintained a disciplined approach towards
investment and capital management. Through active asset
and lease management efforts, MLT continued to achieve
high portfolio occupancy with positive rental reversions.
To deliver greater value to Unitholders, we placed emphasis
on two strategic priorities – rebalancing MLT’s portfolio
towards higher growth markets and rejuvenating existing
assets through active asset management. These efforts
have enabled MLT to achieve the stable operational and
fi nancial performances in FY12/13.
Stable Results Underpinned by a Diversifi ed,
Resilient Portfolio
(As the previous fi nancial year FY11/12 comprised a
15-month period1, MLT’s FY12/13 results were compared
against the corresponding 12-month period ended 31
March 2012 for a more meaningful performance review.)
MLT delivered a distribution per unit (“DPU”) of 6.86
cents in FY12/13, compared with 6.69 cents for the
corresponding 12-month period. The DPU for the prior
12-month period included a divestment gain of 0.09 cents2
which was absent in FY12/13. Excluding this gain, DPU for
FY12/13 rose by 4% year-on-year. This was achieved on
the back of an 11% growth in gross revenue to S$307.8
million and a 12% growth in net property income (“NPI”)
to S$268.1 million. The year-on-year improvements were
contributed mainly by an enlarged portfolio and higher
contribution from existing assets arising from positive rental
reversions and higher occupancy.
MLT’s unit price rose 29% in FY12/13 and closed at
S$1.215 on 28 March 2013. Unitholders who have held
MLT units since its listing in 2005 would have enjoyed a
total return of approximately 149%3, consisting of 79% in
capital appreciation and a distribution yield of 70%.
“In FY12/13, we maintained a
disciplined approach towards
investment and capital
management. Through active asset
and lease management efforts,
MLT continued to achieve high
portfolio occupancy with positive
rental reversions... These efforts
have enabled MLT to achieve the
stable operational and fi nancial
performances in FY12/13.”
Mapletree Logistics Trust Annual Report 2012/13 7
Through active asset management, MLT’s portfolio
achieved almost full occupancy throughout FY12/13,
closing the year at 98.5%. Approximately 305,000 square
metres (“sqm”) of space was renewed or replaced with new
customers, representing a success rate of 93%. Average
rentals achieved were 15% higher than the preceding
rentals, contributed mainly by leases in Singapore,
Hong Kong, Malaysia and China.
The portfolio continued to enjoy stability from its diversifi ed
geographical spread and long lease structure with a
weighted average lease term to expiry (by net lettable area)
of 5.3 years. Its diversifi ed customer base grew from 343
customers a year ago to 371 as at year-end, with no single
customer accounting for more than 4% of MLT’s gross
revenue. These customers, and the clients they service,
are engaged in a broad spectrum of economic activities,
from food and beverage to materials, construction
and engineering. This diversity in customer-mix further
contributed to MLT’s portfolio resilience and stability.
As at 31 March 2013, MLT’s portfolio of 111 properties
was valued at S$4.07 billion. This took into account a net
fair value gain in investment properties of S$20.3 million
and approximately S$205 million in acquisitions and capital
expenditure, partially offset by translation differences on
assets due to the weaker Japanese Yen. As the majority of
the Japan assets are funded by Japanese Yen borrowings,
the impact of the Japanese Yen depreciation on MLT’s
net asset value (“NAV”) was substantially mitigated.
Consequently, MLT’s NAV per unit as at 31 March 2013
was S$0.92, compared to S$0.90 a year ago.
Prudent Capital & Risk Management
Our discipline in capital and risk management has enabled
us to deliver consistent returns while ensuring a strong
balance sheet and fi nancial fl exibility to seize market
opportunities. To mitigate the impact of foreign exchange
and interest rate fl uctuations on distributions, a large part
of MLT’s total debt has been hedged into fi xed rates, while
a substantial portion of MLT’s foreign income streams has
been hedged into Singapore Dollar. The latter mitigated the
impact of the recent Japanese Yen depreciation on amount
distributable, enabling MLT to maintain a stable DPU in the
fourth quarter of FY12/13.
In October 2012, MLT implemented a Distribution
Reinvestment Plan (“DRP”), giving Unitholders the option
of receiving their distributions in units or cash, or a
combination of both. The DRP enables MLT to retain cash
for working capital while also providing Unitholders the
opportunity to increase their investment in MLT in a cost
effective manner.
As at 31 March 2013, MLT’s aggregate leverage was
34.1%, slightly lower than 35.2% a year ago. The weighted
average debt maturity was about 3.9 years while the
weighted average borrowing cost remained stable at 2.4%
for FY12/13.
Rebalancing MLT’s Portfolio
MLT’s portfolio has grown over the past several years to
S$4.07 billion, with the Japan portfolio growing to S$1.04
billion, accounting for approximately a quarter of the
entire portfolio. With its long lease structures and strong
customer credit profi les, our Japan portfolio contributes
substantially to portfolio stability although it provides little
built-in rental escalations, a feature consistent with the
industry in Japan.
To strike a balance between income stability and growth,
our current focus is to increase the share of revenue
contribution from other higher growth markets and scale
up MLT’s presence in China, South Korea and Malaysia.
Currently accounting for 17% of MLT’s gross revenue,
these markets present good growth potential given
favourable demand-supply dynamics and organic growth
opportunity from rental escalations or reversions. We seek
to grow our presence in these markets through strategic
acquisitions and developments that add value and also
provide long-term sustainable returns.
In line with this strategic focus, MLT completed the
acquisition of six properties in FY12/13, of which three
were located in South Korea, two in Malaysia and one in
China. These properties, acquired at a total cost of S$142
million, are expected to generate a weighted average net
property income (“NPI”) yield of 8.8%, above MLT’s existing
portfolio NPI yield of 6.7%.
China – In January 2013, MLT made further headway
into China with the RMB116 million acquisition of
Mapletree Wuxi Logistics Park from its Sponsor, Mapletree
Investments Pte Ltd. The Grade-A logistics facility is
strategically located in Wuxi New District, close to Wuxi
Sunan Shuofang International Airport and well served by
highways and railways. The Sponsor is actively pursuing
development opportunities in China to capitalise on the
robust demand for modern logistics facilities. These
development projects, when completed and stabilised, will
provide future acquisition opportunities for MLT.
South Korea – MLT increased its presence in South Korea
with the acquisitions of Hyundai Logistics Centre, Dooil
Cold Warehouse and Jungbu Cold Warehouse for KRW86
billion. Located in Gyeonggi-do, the country’s largest
logistics cluster, these assets added a total gross fl oor area
(“GFA”) of about 71,000 sqm to the portfolio.
Malaysia – In May 2012, MLT completed the acquisitions
of Padi Warehouse and Celestica Hub for MYR59 million,
expanding its presence in Iskandar Malaysia. Poised
to become the region’s major integrated investment
hub, Iskandar offers attractive growth potential for MLT.
We remain on the look out for other value enhancing
acquisition or development opportunities to grow our
portfolio in Malaysia.
Mes
sage
from
th
e C
hai
rman
& C
EO
Mapletree Logistics Trust Annual Report 2012/138
Rejuvenating Existing Assets
The strategic priority of rejuvenating assets entails a
constant review of our portfolio to identify opportunities for
asset enhancement or redevelopment so as to maintain
our competitive edge and optimise portfolio returns. At
the same time, assets that have reached optimal value
will be considered for divestment to unlock value for our
Unitholders. The capital that is released can be recycled
into investments offering higher yield.
In March 2013, we announced the divestment of 30
Woodlands Loop in Singapore for S$15.5 million4. The net
disposal gain of approximately S$4.95 million5, subject to
confi rmation from the tax authorities on the tax treatment,
will be distributed to Unitholders while the capital released
will be used as working capital to fund MLT’s continued
growth.
Over in Japan, we embarked on several asset
management initiatives to extract more value from the
portfolio. A Memorandum of Understanding with a major
Japanese third party logistics service provider was entered
into for the development of a build-to-suit (“BTS”) facility
on the vacant site at Iwatsuki Centre, Saitama Prefecture.
When completed, the BTS facility will provide a long-term,
stable rental income stream to MLT. In addition, four Japan
assets have been identifi ed for the installation of rooftop
solar energy panels. This initiative not only reduces our
carbon footprint, but will also provide a new revenue
stream and improve the overall NPI yield for the Japan
portfolio.
In the coming year, we will be completing our fi rst
redevelopment project - Mapletree Benoi Logistics Hub
(“MBLH”) - in Singapore. Specially designed with green
features that adhere to BCA’s Green Mark GoldPlus rating
criteria, the fi ve-storey ramp-up logistics facility will have
a GFA of 92,500 sqm, representing a four-fold increase
from the 22,500 sqm before redevelopment. Slated for
completion by 3Q FY13/14, MBLH has received strong
interest from major third party logistics players and is to-
date 75% pre-leased.
Outlook
According to the International Monetary Fund, Asia is
forecast to grow by about 5.7% in 20136, supported by
resilient domestic consumption and recovering external
demand. The global economic environment, however,
remains fragile and uncertain. External risks continue to
pose a threat to growth and investments, which in turn
may impact rental and occupancy rates in MLT’s markets.
Notwithstanding the uncertainties, we believe MLT’s robust
regional portfolio and healthy fi nancial position provide a
strong foundation for MLT to continue delivering stable
returns. We will continue to pursue strategic acquisition
opportunities and asset management initiatives to create
greater value for our Unitholders. This will be supported
by ongoing capital management initiatives to maintain a
strong balance sheet with diversifi ed funding sources at
competitive funding costs.
Acknowledgements
In line with good corporate governance principle on board
rejuvenation, Mr Ng Quek Peng stepped down from the
Board of Mapletree Logistics Trust Management Ltd. on
1 April 2013. We would like to express our thanks and
appreciation to him for his invaluable contributions to MLT
for the past several years.
We welcome Mr Wee Siew Kim to the Board as an
Independent Director and Member of the Audit and
Risk Committee with effect from 1 April 2013. Mr Wee
brings to the Board added bench strength and business
strategy perspectives and we look forward to tapping his
experience and insights.
Last but far from least, we would like to thank our Board
members, staff, Unitholders, customers, and business
partners for their commitment and strong support over the
past year.
Mr Paul Ma Kah Woh Ms Ng KiatChairman Executive Director &
Chief Executive Offi cer
4 The divestment of 30 Woodlands Loop, Singapore was completed on 30 April 2013.
5 The fi nal distributable amount to Unitholders will be determined and announced at a later date, after taking into consideration all relevant costs and expenses
as well as tax payable (if any).
6 International Monetary Fund, World Economic Outlook, April 2013.
Contract Signing Ceremony with Menlo Worldwide Asia Pacifi c Pte. Ltd., anchor
tenant at Mapletree Benoi Logistics Hub
Mapletree Logistics Trust Annual Report 2012/13 9
Mapletree Logistics Trust Annual Report 2012/1310
Mapletree Logistics Trust Annual Report 2012/13 11
Reb
alan
cin
g P
ortf
olio A large part of MLT’s portfolio stability is
contributed by our Japan assets, given their long
lease periods, strong customer credit profi les and
fl at rental structures.
To strike a balance between income stability and
growth, our current focus is to increase the share
of revenue contribution from other higher growth
markets and scale up MLT’s presence in China,
South Korea and Malaysia. These markets offer
good growth potential given favourable demand-
supply dynamics and organic growth opportunity
from rental escalations or reversions. In line with
this strategic focus, we added six properties in
these markets during the year.
Mapletree Logistics Trust Annual Report 2012/1312
Strong Regional Presence
Singapore
Japan
Hong Kong
South Korea
China
Malaysia
Vietnam
MapletreeLog Ouluo (Shanghai) Ltd.(Incorporated in Cayman)
MapletreeLog AIP (Guangzhou) Ltd.(Incorporated in Cayman)
MapletreeLog AIP (Guangzhou) (HKSAR) Limited(Incorporated in Hong Kong)
Guangzhou Mapletree Eastern American Log Limited(Incorporated in PRC)
MapletreeLog Seastar (Xian) Ltd.(Incorporated in Cayman)
MapletreeLog Seastar (Xian) (HKSAR) Limited(Incorporated in Hong Kong)
Mapletree Logistics Warehouse (Xian) Co., Ltd.(Incorporated in PRC)
MapletreeLog Haisan (Shanghai) Ltd.(Incorporated in Cayman)
MapletreeLog Northwest (Shanghai) Ltd.(Incorporated in Cayman)
MapletreeLog Northwest (Shanghai) (HKSAR) Limited(Incorporated in Hong Kong)
MapletreeLog Jinda Warehouse (Shanghai) Co., Ltd. (Incorporated in PRC)
MapletreeLog Integrated (Shanghai) (Cayman) Ltd.(Incorporated in Cayman)
MapletreeLog Integrated (Shanghai) (HKSAR) Limited(Incorporated in Hong Kong)
MapletreeLog Integrated (Shanghai) Co., Ltd.(Incorporated in PRC)
Mapletree WND (Wuxi) (HKSAR) Limited(Incorporated in Hong Kong)
Mapletree Logistics Development (Wuxi) Co., Ltd.(Incorporated in PRC)
MapletreeLog Treasury Company Pte. Ltd.(Incorporated in Singapore)
MapletreeLog Treasury Company (HKSAR) Ltd. 1
(Incorporated in Cayman)
MapletreeLogGreatdeal Ltd.(Incorporated in Cayman)
MapletreeLog GTC (HKSAR) Ltd. 1
(Incorporated in Cayman)
MapletreeLog PF (HKSAR) Ltd. 1
(Incorporated in Cayman)
Mapletree Topaz Ltd.(Incorporated in Cayman)
Mapletree Opal Ltd. 1
(Incorporated in Cayman)
MapletreeLog ST (HKSAR) Ltd.(Incorporated in Cayman)
Greatdeal Finance Limited(Incorporated in BVI)
Genright Investment Limited(Incorporated in Hong Kong)
Mapletree Logistics Trust
Cor
por
ate
Str
uct
ure
Mapletree Logistics Trust Annual Report 2012/1314
MapletreeLog Oakline(Korea) Pte. Ltd.(Incorporated in Singapore)
MapletreeLog First Korea (Yujoo) Co., Ltd. (Incorporated in Korea)
MapletreeLog MQ (Korea) Pte. Ltd.(Incorporated in Singapore)
MapletreeLog Korea (Yongin) Co., Ltd.(Incorporated in Korea)
Kingston (Korea) Pte. Ltd.(Incorporated in Singapore)
MapletreeLog Kingston Co., Ltd.(Incorporated in Korea)
Pyeongtaek(Korea) Pte. Ltd.(Incorporated in Singapore)
MapletreeLog Pyeongtaek Co., Ltd.(Incorporated in Korea)
Iljuk (Korea) Pte. Ltd.(Incorporated in Singapore)
MapletreeLog Iljuk Korea Co., Ltd.(Incorporated in Korea)
Dooil (Korea) Pte. Ltd.(Incorporated in Singapore)
MapletreeLog Dooil Co., Ltd.(Incorporated in Korea)
Jungbu Jeil (Korea) Pte. Ltd.(Incorporated in Singapore)
MapletreeLog Jungbu Jeil Co., Ltd.(Incorporated in Korea)
Miyang (Korea) Pte. Ltd.(Incorporated in Singapore)
MapletreeLog Miyang Co., Ltd.(Incorporated in Korea)
MapletreeLog VSIP 1 Warehouse Pte. Ltd.(Incorporated in Singapore)
Mapletree VSIP 1Warehouse (Cayman) Co., Ltd.(Incorporated in Cayman)
Mapletree First Warehouse(Vietnam) Co., Ltd.(Incorporated in Vietnam)
MapletreeLog Malaysia Holdings Pte. Ltd.(Incorporated in Singapore)
MapletreeLog (M) Holdings Sdn. Bhd.(Incorporated in Malaysia)
Pancuran Baiduri Sdn. Bhd.(Incorporated in Malaysia)
Zentraline Sdn. Bhd.(Incorporated in Malaysia)
MapletreeLog Himawari Pte. Ltd.(Incorporated in Singapore)
MapletreeLog Sakura Pte. Ltd.(Incorporated in Singapore)
MapletreeLog Gyoda (Japan) (HKSAR) Limited(Incorporated in Hong Kong)
First Tier Subsidiaries
Second Tier Subsidiaries
Third Tier and below Subsidiaries
Note: All Subsidiaries are 100% wholly-owned
1 The Company has established a principal place of
business in Hong Kong.
Mapletree Logistics Trust Annual Report 2012/13 15
Trust
Str
uct
ure
Mapletree Logistics Trust
Distributions
Net Property Income
Acts on Behalfof Unitholders
ManagementFees
PropertyManagement
and Other Fees
Trustee FeesManagement
Services
PropertyManagement
and Other Services
Holdings of Units
Ownership of Assets
Property Portfolio
SponsorMapletree Investments
Pte Ltd
Other Unitholders
ManagerMapletree Logistics
Trust Management Ltd.
Property ManagerMapletree Property
Management Pte. Ltd.
TrusteeHSBC Institutional
Trust Services
(Singapore) Limited
Mapletree Logistics Trust Annual Report 2012/1316
Org
anis
atio
n S
tru
ctu
re
Board of Directors
Mr Paul Ma Kah Woh Chairman & Non-Executive Director Mrs Penny Goh Non-Executive Director
Mr Tan Ngiap Joo Independent Director & AC Chairman Mr Hiew Yoon Khong Non-Executive Director
Mr Cheah Kim Teck Independent Director & AC Member Mr Wong Mun Hoong Non-Executive Director
Mr Zafar Momin Independent Director Mr Chua Tiow Chye Non-Executive Director
Mr Pok Soy Yoong Independent Director & AC Member Ms Ng Kiat Executive Director & CEO
Mr Wee Siew Kim Independent Director & AC Member
Joint Company Secretaries
Mr Wan Kwong Weng
Ms See Hui Hui
Chief Executive Offi cerMs Ng Kiat
Head, Asset ManagementMs Chen Tze Hui
Chief Financial Offi cerMs Wong Mei Lian
CountriesHeadquarters
InvestmentMr Quek Sze Kheng
Director
SingaporeMs Jean Kam
Deputy General Manager
TreasuryMs Natalie Wong
Head
Hong KongMr David Won
General Manager
ChinaMr Nick Chung
General Manager
FinanceMs Serina Lim
Vice President
JapanMs Yuko Shimazu
General Manager
Investor RelationsMs Lum Yuen May
Vice President
South KoreaMr Ong Khian Heng
General Manager
MalaysiaMr Winston Lok
Deputy General Manager
VietnamMr Victor Liu
General Manager
Mapletree Logistics Trust Management Ltd.
Audit and Risk Committee (“AC”)
Mapletree Logistics Trust Annual Report 2012/13 17
Boa
rd o
f D
irec
tors
Mr Paul Ma Kah WohChairman & Non-Executive Director
Mr Paul Ma Kah Woh is the Chairman
of the Board of Directors of the
Manager.
Mr Ma is also a Director and a
member of the Audit and Risk
Committee, the Executive Resource
and Compensation Committee,
the Investment Committee and the
Transaction Review Committee of
the Sponsor.
Mr Ma concurrently sits on the Board
of Directors and chairs the Audit
Committee of SMRT Corporation Ltd
which is listed on the Mainboard of
the Singapore Exchange Securities
Trading Limited (“SGX-ST”). He is
a Director of Nucleus Connect Pte
Ltd (a wholly-owned subsidiary of
StarHub Ltd), of Keppel Infrastructure
Fund Management Pte Ltd (Trustee-
Manager of K-Green Trust) and of
two private equity fi rms, namely
CapitaLand China Development
Fund Pte Ltd and CapitaLand China
Development Fund II Limited. In
addition, Mr Ma is a member of the
Board of Trustees of the National
University of Singapore where he also
chairs its Audit Committee. He is also
a Member of the National Heritage
Board.
Mr Ma is a Fellow of the Institute
of Chartered Accountants in
England and Wales and a Member
of the Institute of Certifi ed Public
Accountants in Singapore.
Mr Tan Ngiap JooIndependent Director & AC Chairman
Mr Tan Ngiap Joo is an Independent
Director and the Chairman of the
Audit and Risk Committee of the
Manager.
Mr Tan is concurrently the
Chairman and Director of United
Engineers Limited and a Director
of China Fishery Group Limited.
Both companies are listed on the
Mainboard of the SGX-ST. He also
sits on the Board of Tan Chong
International Limited, a company
listed on the Hong Kong Stock
Exchange (“HKEx”).
Mr Tan had held various senior
positions in the banking and fi nance
sector which include the positions
of Deputy President of OCBC Bank
Singapore, General Manager of
OCBC Bank, Australia Branch,
Chairman of Bleakeys Limited
Australia and Chief Executive Offi cer
(“CEO”) of Bank of Singapore
(Australia) Limited.
Mr Tan holds a Bachelor of Arts
degree from the University of
Western Australia.
Mapletree Logistics Trust Annual Report 2012/1318
Mr Cheah Kim Teck Independent Director & AC Member
Mr Cheah Kim Teck is an
Independent Director and a Member
of the Audit and Risk Committee of
the Manager.
Mr Cheah is currently the CEO of
Jardine Cycle & Carriage group’s
motor businesses (excluding those
held by PT Astra International Tbk)
where he oversees the group’s motor
operations in Malaysia, Indonesia and
Vietnam. He is also a Commissioner
of PT Tunas Ridean Tbk as well as a
Director of Jardine Cycle & Carriage
Limited and of Cycle & Carriage
Bintang Berhad. In addition, he is the
Deputy Chairman of the Singapore
Sports Council.
Prior to joining Jardine Cycle &
Carriage Limited, Mr Cheah held
several senior marketing positions
in multinational companies, namely
McDonald’s Restaurant, Kentucky
Fried Chicken and Coca-Cola.
Mr Cheah holds a Master of
Marketing degree from the University
of Lancaster, United Kingdom.
Mr Zafar Momin Independent Director
Mr Zafar Momin is an Independent
Director of the Manager.
Mr Momin manages his own
investment fund and lectures
part-time at the MBA and
Executive Education programme
of the Nanyang Business School at
Nanyang Technological University.
He also serves on two advisory
boards of Asia-focused private equity
funds, as well as on the board for
the Centre for Non-Profi t Leadership
which aims to enhance the leadership
capacity of non-profi ts in Singapore.
Mr Momin was a Partner and
Director with A. T. Kearney. He
subsequently joined the Boston
Consulting Group (“BCG”) as a
Partner and Managing Director
where he led the Industrial Goods
Practice for Asia and helped
establish BCG’s presence in the
Middle East. During his consulting
career, Mr Momin helped corporate
and government leaders formulate
and execute strategies for
growth and profi tability, as well
as build excellence in operations,
organisational development and
corporate governance. As the
Executive Vice-President of Alghanim
Industries, Mr Momin also held
many CXO roles in one of the
most professionally-run multi-billion
dollar conglomerates in the
Gulf region.
Mr Momin holds a Master of Business
Administration degree from the
Kellogg School of Management at
Northwestern University, as well as
Master’s and Bachelor’s degrees in
mechanical engineering from Purdue
University and Pune University. He
is currently a doctoral candidate
in business at the Singapore
Management University.
Mr Pok Soy Yoong Independent Director & AC Member
Mr Pok Soy Yoong is an Independent
Director and a Member of the Audit
and Risk Committee of the Manager.
Mr Pok is concurrently a member
of the Board of the Inland Revenue
Authority of Singapore, and the
Chairman of the Board of Perennial
China Retail Trust Management Pte.
Ltd. (the trustee-manager of Perennial
China Retail Trust).
Mr Pok has over 30 years’ working
experience in the areas of Singapore
direct tax and international tax.
He is among the leading tax
experts in Singapore on complex
tax transactions and issues, and
is particularly noted for his leading
role in the creation of the taxation
framework for real estate investment
trusts. Prior to his retirement from
professional practice on 31 December
2008, Mr Pok was the Head of Tax
with Ernst & Young Singapore as
well as a member of Ernst & Young
Singapore Management Committee.
He also served as the Chief Operating
Offi cer (Tax) of the Ernst & Young Far
East Tax Practices, covering
15 countries.
Mapletree Logistics Trust Annual Report 2012/13 19
Mr Wee Siew KimIndependent Director & AC Member
Mr Wee Siew Kim is an Independent
Director and a Member of the Audit
and Risk Committee of the Manager.
Mr Wee is currently the Group CEO of
Nipsea group which is involved in the
manufacture and sale of decorative
and industrial paint and coatings for
buildings, construction, automobile
and industrial applications. In
addition, he is the Chairman of the
Board of ES Group (Holdings) Limited
which is listed on the Catalist board
of the SGX-ST as well as a Director
of SBS Transit Ltd which is listed on
the Mainboard of the SGX-ST and of
Changi Airports International Pte. Ltd.
Between 2001 and 2011, Mr Wee
was a Member of Parliament for the
Ang Mo Kio Group Representative
Constituency in Singapore.
Mr Wee started his career with
the Singapore Technologies group
in 1984 and had held various
appointments in the engineering,
business development and
management functions within the
group which involved operating stints
in the United States of America,
China, Europe and Singapore. From
2002 to 2009, he served as the
Deputy CEO and President (Defence
Business) of Singapore Technologies
Engineering Limited which is listed on
the Mainboard of the SGX-ST.
Mr Wee holds a Bachelor of
Science (Aeronautical Engineering)
(First Class Honours) degree from
the Imperial College of Science
and Technology and a Master of
Business Administration degree from
the Graduate School of Business,
Stanford University. He is a Fellow of
the City and Guilds Institute.
Mrs Penny Goh Non-Executive Director
Mrs Penny Goh is a Non-Executive
Director of the Manager.
Mrs Goh is currently Head of the
Corporate Real Estate practice group
and a member of the Executive
Committee of Allen & Gledhill LLP,
a leading law fi rm in Singapore,
of which she has been a partner
since 1982. She acts for public-
listed corporations and multinational
institutional investors in all aspects
of corporate real estate transactions.
Her areas of specialisation are real
estate investment trusts, private
equity property funds, regional
investments, real estate mergers
and acquisitions, joint development
schemes and asset restructuring.
Mrs Goh holds a Bachelor of Law
(Honours) degree from the National
University of Singapore and is a
member of the Singapore Bar. She is
recommended as a leading specialist
in corporate real estate practice by a
number of legal publications including
Chambers Asia, IFLR 1000 and The
Asia Pacifi c Legal 500. She has also
been nominated by her peers to
appear in The International Who’s
Who of Real Estate Lawyers.
Mr Hiew Yoon KhongNon-Executive Director
Mr Hiew Yoon Khong is a
Non-Executive Director of
the Manager.
Mr Hiew is currently the Executive
Director and Group CEO of the
Sponsor since 2003.
In addition, he is a Director
of Mapletree Industrial Trust
Management Ltd. (the manager
of Mapletree Industrial Trust),
of Mapletree Commercial Trust
Management Ltd. (the manager of
Mapletree Commercial Trust) and of
Mapletree Greater China Commercial
Trust Management Ltd. (the
manager of Mapletree Greater China
Commercial Trust).
From 2003 to 2011, Mr Hiew was
concurrently Senior Managing
Director (Special Projects) in Temasek
Holdings (Private) Limited. From
1996 to 2003, Mr Hiew held various
senior positions in the CapitaLand
group of companies, including the
positions of Chief Financial Offi cer
(“CFO”) of the CapitaLand group and
CEO of CapitaLand Commercial Ltd
and CapitaLand Financial Ltd. Prior
to joining the CapitaLand group, he
held various positions in the areas
of corporate fi nance, management
consultancy and project fi nancing
over a 10-year period.
Mr Hiew holds a Master of Arts
degree in Economics from the
University of Warwick as well as a
Bachelor of Arts degree in Economics
from the University of Portsmouth.
Boa
rd o
f D
irec
tors
Mapletree Logistics Trust Annual Report 2012/1320
Mr Wong Mun HoongNon-Executive Director
Mr Wong Mun Hoong is a
Non-Executive Director of
the Manager.
Mr Wong is currently the Group
CFO and a member of the Executive
Management Committee of the
Sponsor. He is responsible for
Finance, Tax, Treasury, Private
Funds & Investor Relations, Risk
Management and Information
System & Technology of the
Mapletree group. In addition, he is
a Director of Mapletree Industrial
Trust Management Ltd. (the manager
of Mapletree Industrial Trust),
of Mapletree Commercial Trust
Management Ltd. (the manager of
Mapletree Commercial Trust) and of
CapitaLand Township Development
Fund Pte. Ltd.
Mr Wong has over 14 years of
investment banking experience in
Asia before he joined the Sponsor. He
was with Merrill Lynch & Co. for the
10 years immediately prior to joining
the Sponsor, where he worked in
Singapore, Hong Kong and Tokyo.
He was a Director and the Head of
its Singapore Investment Banking
Division prior to leaving Merrill Lynch
& Co. in late 2005.
Mr Wong graduated with a
Bachelor of Accountancy
(Honours) degree from the National
University of Singapore in 1990.
He is a non-practising member
of the Institute of Certifi ed Public
Accountants of Singapore. He also
holds the professional designation of
Chartered Financial Analyst from the
CFA Institute of the United States. He
attended the Advanced Management
Programme at INSEAD Business
School.
Mr Chua Tiow Chye Non-Executive Director
Mr Chua Tiow Chye is a
Non-Executive Director of
the Manager.
Mr Chua is currently the Group Chief
Investment Offi cer and Regional
CEO, North Asia of the Sponsor. He
oversees the Sponsor’s investment
activities and directly spearheads the
development of new markets in North
Asia, which include South Korea,
Hong Kong, Japan and Australia. Mr
Chua is also a Director of Mapletree
Greater China Commercial Trust
Management Ltd. (the manager of
Mapletree Greater China Commercial
Trust) and had previously served as
the CEO of the Manager between
28 July 2005 (MLT’s listing date) and
30 April 2010.
Mr Chua has over 28 years’
experience in the real estate sector
in Asia. Prior to joining the Sponsor
in October 2002, he was the
Managing Director of HKEx-listed
Vision Century Corporation Ltd,
where he was involved in business
parks, residential and commercial
property development. Preceding
that, he was with Ascendas Pte Ltd
and its predecessor, JTC International
Pte Ltd, from 1993 to 2001, where
his last position was Executive
Vice President. Mr Chua’s earlier
appointments include Senior Manager
at Singapore Food Industries Pte Ltd,
Assistant Vice President at United
Overseas Bank Limited and an
Executive Planner at the Ministry of
National Development.
Mr Chua holds a Master of Business
Administration degree from the
University of Strathclyde and a
Bachelor of Regional and Town
Planning (First Class Honours) degree
from the University of Queensland
under a Colombo Plan scholarship.
Ms Ng KiatExecutive Director
& Chief Executive Offi cer
Ms Ng Kiat is an Executive Director
and Chief Executive Offi cer of the
Manager.
Prior to this appointment in July 2012,
Ms Ng was Chief Investment Offi cer,
Southeast Asia of the Sponsor where
she was responsible for managing
the acquisitions, development
and operations of the Sponsor’s
investment portfolio in the region.
Ms Ng has over 15 years of
experience in real estate and
investment. Prior to joining the
Sponsor in 2007, she was with
Temasek Holdings (Private) Limited
for fi ve years managing private
equity fund investments. Preceding
that, Ms Ng was Vice President at
the CapitaLand group where she
was responsible for real estate
investments and cross-border
mergers and acquisitions activities in
Southeast Asia and Europe.
Ms Ng was awarded the Singapore
Technologies scholarships for her
undergraduate and postgraduate
studies at Imperial College of Science
and Technology, University of London,
where she graduated with a Master
of Engineering (First Class Honours)
degree in Aeronautical Engineering.
Mapletree Logistics Trust Annual Report 2012/13 21
Man
agem
ent
Team
Ms Ng Kiat Chief Executive Offi cer
Ms Ng Kiat is an Executive Director
and CEO of the Manager. Please
refer to her profi le under the Board
of Directors section of this Annual
Report on page 21.
Ms Wong Mei LianChief Financial Offi cer
Ms Wong Mei Lian is the Chief
Financial Offi cer of the Manager.
Prior to this appointment in May
2010, Ms Wong was Senior Vice
President, Treasury of the Sponsor
since November 2007, where she
was in charge of the overall treasury
management of the Sponsor.
Ms Wong has extensive experience
in corporate finance, treasury and
investment banking. From 1999 to
2007, she held various positions in
CapitaLand group and Singapore
Power Ltd.
Earlier in her career, Ms Wong
worked in the merchant banking
arm of Schroders, where she was
responsible for the origination,
structuring and syndication of debt
in Southeast Asia.
Ms Wong holds a Bachelor of
Business Administration degree from
the National University of Singapore.
Ms Chen Tze HuiHead, Asset Management
Ms Chen Tze Hui is the Head of
Asset Management of the Manager.
She is responsible for the portfolio’s
asset management strategies and
operations throughout Asia.
Ms Chen has extensive real estate
experience in business development,
investment (acquisitions and
divestments), design development,
asset management, marketing and
lease management. She has also
worked with several large developers
and consultancy firms.
Ms Chen holds a Master of Science
degree in Real Estate (gold medalist)
and a Bachelor of Science degree in
Estate Management from the National
University of Singapore. She has
an advanced diploma in Business
Administration and is also a Licensed
Appraiser of lands and buildings.
Mapletree Logistics Trust Annual Report 2012/1322
Mr Quek Sze KhengDirector, Investment
Mr Quek Sze Kheng is the Director
of Investment of the Manager. He
is responsible for sourcing and
evaluating suitable assets and
opportunities to grow the portfolio,
including in markets where MLT does
not have a presence.
Mr Quek was previously the General
Manager of Vietnam and had served
as the joint head of the New Markets
team. Prior to that, he was Head of
the Investment team and General
Manager of China. Before his posting
to China, he was involved in sourcing
and acquiring properties in Singapore
and Hong Kong for MLT.
Prior to joining the Manager, Mr
Quek was the Senior Business
Development Manager in Ascendas
Land (Singapore) Pte Ltd. In that role,
he was placed in charge of assessing
and evaluating potential acquisitions
of properties, as well as negotiating
and structuring build-to-suit and
development parks in Singapore,
China and the Philippines. Prior to
this, he was with Jurong International
where his last role was that of Senior
Quantity Surveyor based in Suzhou
Industrial Park, China.
Mr Quek holds a Bachelor of Science
(Building) (Honours) degree from the
National University of Singapore and
a Master of Business Administration
degree (Accounting) from Nanyang
Technological University, Singapore.
Ms Serina LimVice President, Finance
Ms Serina Lim is the Vice President
of Finance of the Manager. She
is responsible for handling MLT’s
fi nancial and management reporting
as well as the day-to-day running of
fi nance operations.
Ms Lim has many years of
experience in fi nancial accounting,
group management reporting,
tax, management of treasury
operations and audit. Prior to joining
the Manager, she was the Vice
President of Finance for Jurong
International Holdings Pte. Ltd., a
wholly owned subsidiary of Jurong
Town Corporation, handling all the
fi nancial affairs of the group. She also
previously held fi nance positions in
Cache Logistics Trust, CapitaLand
Financial Limited, SBS Transit Limited
and City Developments Limited.
She started her career with KPMG
Singapore.
Ms Lim holds a Bachelor of
Accountancy degree from the
National University of Singapore
and is a non-practising member
of the Institute of Certified Public
Accountants in Singapore.
Ms Natalie WongHead, Treasury
Ms Natalie Wong is the Head of
Treasury of the Manager. She is
responsible for handling MLT’s capital
management and corporate finance
operations.
Prior to joining the Manager, Ms
Wong worked in transactions
advisory in PricewaterhouseCoopers
LLP handling numerous cross-border
deals and mergers and acquisitions
projects. She also has extensive
finance and treasury experience
as a finance manager in Honeywell
International Inc. and Zagro Asia
Limited, as well as audit experience
with KPMG Singapore.
Ms Wong holds a Bachelor of
Accountancy degree from Nanyang
Technological University, Singapore.
She is also a non-practising member
of the Institute of Certified Public
Accountants in Singapore.
Mapletree Logistics Trust Annual Report 2012/13 23
Man
agem
ent
Team
Ms Lum Yuen MayVice President, Investor Relations
Ms Lum Yuen May is the Vice
President of Investor Relations of
the Manager. She is responsible for
maintaining timely and transparent
communications with MLT’s
Unitholders, investors, analysts and
the media.
Ms Lum has many years of
experience in the fi nancial industry,
including fi ve years in equities
research. Prior to joining the Manager,
she spent more than 10 years
managing investor relations at various
SGX-ST listed companies, including a
real estate investment trust.
Ms Lum holds a Bachelor of
Economics (Honours) degree from
Monash University (Australia) and a
Master of Business Administration
degree from the National University
of Singapore.
Mr Nick ChungGeneral Manager, China
Mr Nick Chung is the General
Manager of China of the Manager.
He is responsible for sourcing and
evaluating acquisition opportunities
for MLT as well as managing the
existing assets in China.
Mr Chung has more than 14 years
of extensive real estate experience in
business development, investment
(acquisitions and divestments),
asset management, marketing and
lease management in China. Prior
to joining the Manager in December
2009, Mr Chung was Head of
Asset Management at the China
offi ce of NYSE-listed AMB Property
Corporation.
Prior to this, he held the position of
Director, Asset Services with ZIC
property consultants and Premas
International in China. Mr Chung
began his career as an Asset Valuer
with the industrial and valuation team
of Chesterton International Singapore.
Mr Chung holds a Bachelor of
Science (Honours) degree in
Economics from the London School
of Economics and an EMBA in Real
Estate from Tsinghua University,
China.
Mr Ong Khian HengGeneral Manager, South Korea
Mr Ong Khian Heng is the General
Manager of South Korea of the
Manager. He is responsible for
sourcing and evaluating acquisition
opportunities for MLT as well as
managing the existing assets in
South Korea.
Mr Ong was previously General
Manager of Vietnam of the Manager
and prior to that, he was Senior
Manager of the Sponsor’s Regional
Investment Department, responsible
for business development in India and
identifying suitable investments and
development opportunities in India
and China for the Sponsor’s Private
Equity platform, Mapletree India
China Fund.
Mr Ong also previously held
the position of Asset Manager
of the Manager, where his key
responsibilities include implementing
proactive measures, such as asset
refurbishment and enhancement,
to improve the overall returns from
MLT’s portfolio.
Prior to joining the Manager, Mr
Ong was the Deputy Manager of
JTC Corporation. In that role, he
was in charge of the development
and marketing of Singapore’s first
bonded logistics free trade zone –
Airport Logistics Park and the project
management for land infrastructure
works in Woodlands and North Coast
Wafer Fab Park.
Mr Ong holds a Bachelor of Social
Science (Honours) degree from the
National University of Singapore.
Mapletree Logistics Trust Annual Report 2012/1324
Ms Yuko ShimazuGeneral Manager, Japan
Ms Yuko Shimazu is the General
Manager of Japan of the Manager.
She is responsible for sourcing and
evaluating acquisition opportunities
for MLT as well as managing the
existing assets in Japan.
Ms Shimazu has been in the real
estate industry for more than 15
years. She started her career in CB
Richard Ellis in the 1990’s. After
moving on to Colliers, she gained
extensive market and industry
knowledge nationwide, providing
real estate consultancy and leasing
services to foreign capital companies.
Her other real estate business
experience includes asset
management of hotel and retail
properties with Panorama Hospitality,
which was a subsidiary of the Morgan
Stanley group, focusing on improving
profits through tenant management
and revenue improvement.
Ms Shimazu holds a Bachelor of Arts
degree in Social Welfare from Japan
Women’s University (Nihon Joshi
University).
Mr David WonGeneral Manager, Hong Kong
Mr David Won is the General Manager
of Hong Kong of the Manager. He
is responsible for sourcing and
evaluating acquisition opportunities
for MLT as well as managing the
existing assets in Hong Kong.
Prior to his appointment in October
2011, Mr Won was Head of
Investment and Asset Management
of the Hong Kong logistics team
since April 2010. He started his
appointment with the Manager in
May 2006 as Finance Manager of the
Hong Kong logistics team.
Prior to joining the Manager, Mr Won
was Assistant Manager of Budgetary
and Forecasting with the Hong Kong
Housing Authority. Before that, he
also held the position of Financial
Analyst with Colgate Palmolive (HK)
Limited. Mr Won began his career
as an auditor with BDO McCabe
Lo & Co.
Mr Won holds a Bachelor of
Commerce degree in Accountancy
from the University of Wollongong
(Australia) and a Master of Business
Administration degree from the
Australian Graduate School of
Management (a school of both
the University of Sydney and the
University of New South Wales).
Mr Won is also a Fellow Member of
the Hong Kong Institute of Certified
Public Accountants and a Member
of the CPA (Australia).
Ms Jean KamDeputy General Manager, Singapore
Ms Jean Kam is the Deputy General
Manager of Singapore of the
Manager. She is responsible for
sourcing and evaluating acquisition
opportunities for MLT as well as
managing the existing assets
in Singapore.
Prior to this appointment, Ms Kam
was Senior Manager, Investment and
Asset Management of the Singapore
logistics team since June 2010.
She started her appointment with the
Manager in September 2007 as Asset
Manager of the Singapore logistics
team. Prior to joining the Manager,
Ms Kam began her career with JTC
Corporation, where she was involved
in the development, marketing and
lease management of JTC’s industrial
facilities for 10 years.
Ms Kam holds a Bachelor of
Science (Honours) degree in Estate
Management from the National
University of Singapore.
Mapletree Logistics Trust Annual Report 2012/13 25
Man
agem
ent
Team
Mr Winston LokDeputy General Manager, Malaysia
Mr Winston Lok is the Deputy General
Manager of Malaysia of the Manager.
He is responsible for sourcing and
evaluating acquisition opportunities
for MLT as well as managing the
existing assets in Malaysia.
Mr Lok was previously Deputy
General Manager of North Vietnam of
the Manager since July 2010, where
he oversaw the implementation,
leasing and asset management of
Mapletree Bac Ninh Logistics Park,
the Sponsor’s fi rst project in North
Vietnam, as well as the sourcing of
investment opportunities in North
Vietnam.
Mr Lok also previously held positions
in the Manager’s investment team,
where he was responsible for
sourcing, evaluating and negotiating
investments in Singapore, as well as
evaluating new growth markets for
MLT.
Mr Lok holds a Bachelor of Civil
Engineering (Honours) degree
and a Bachelor of Science degree
(Statistics) from the University
of Monash, Clayton (Australia),
a Postgraduate Diploma in
Construction Management from
Nanyang Technological University,
Singapore, and a Master of Applied
Finance degree from the University of
Adelaide (Australia).
Mr Victor LiuGeneral Manager, Vietnam
Mr Victor Liu is the General Manager
of Vietnam of the Manager. He
is responsible for sourcing and
evaluating business opportunities for
MLT as well as managing the existing
assets in Vietnam.
Mr Liu has been with the Sponsor
since April 2008 and was based in
Vietnam where he was responsible for
new development projects including
the development of logistics parks
in Binh Duong, Vietnam. Prior to his
appointment with the Manager in
November 2012, Mr Liu was General
Director for the development of SC
VivoCity Retail Mall in Ho Chi Minh
City.
Prior to joining the Sponsor, Mr Liu
was with Jurong International for
11 years, holding key appointments
in their development projects
in Singapore as well as in their
regional offi ces including China, the
Philippines and the Middle East.
Mr Liu holds a Bachelor of Applied
Science degree (Civil Engineering)
from University of Ottawa in Canada,
a Master of Construction Engineering
and Management degree from
Asian Institute of Technology in
Thailand and a Master of Business
Administration degree from
Helsinki School of Economics and
Management in Singapore.
Mapletree Logistics Trust Annual Report 2012/1326
Cor
por
ate
Ser
vice
s Te
am
Mr Wan Kwong WengJoint Company Secretary
Mr Wan Kwong Weng is the Joint
Company Secretary of the Manager.
He is also the Group General
Counsel of the Sponsor, where he is
responsible for all legal, compliance
and corporate secretarial matters.
Prior to joining the Sponsor in 2009,
Mr Wan was Group General Counsel
- Asia at Infineon Technologies for 7
years, where he was a key member
of its Asia Pacific management team.
He started his career as a litigation
lawyer with one of the oldest law
fi rms in Singapore, Wee Swee Teow
& Co., and was subsequently with
the Corporate & Commercial/Private
Equity practice group of Baker &
McKenzie in Singapore and Sydney.
Mr Wan has an LL.B. (Honours)
(Newcastle upon Tyne), where he
was conferred the Wise Speke Prize,
as well as an LL.M. (Merit) (London).
He also attended the INSEAD Asia
International Executive Program. He is
called to the Singapore Bar, where he
was conferred the Justice FA Chua
Memorial Prize, and is also on the
Rolls of Solicitors (England & Wales).
Ms See Hui HuiJoint Company Secretary
Ms See Hui Hui is the Joint Company
Secretary of the Manager. She is
also the Vice President, Legal of
the Sponsor.
Prior to joining the Sponsor in 2010,
Ms See was in the Corporate/
Mergers & Acquisitions practice
group of WongPartnership LLP,
one of the leading law firms in
Singapore. She started her career as
a litigation lawyer with Tan Kok Quan
Partnership.
Ms See holds an LL.B. (Honours)
from the National University of
Singapore, and is admitted to the
Singapore Bar.
Mapletree Logistics Trust Annual Report 2012/13 27
Pro
per
ty M
anag
emen
t Te
am
Mr Tan Wee SengHead, Regional Development
Management
Mr Tan Wee Seng is the Head of
Regional Development Management
of the Sponsor, where he oversees
the delivery of all development
projects including asset enhancement
initiatives undertaken within the
Mapletree group across all business
units and countries (ex China).
Mr Tan has over 22 years’ experience
in design, project management
and construction across the
industrial, logistics, pharmaceutical,
telecommunication, institutional and
commercial sectors spanning various
countries in Asia including Singapore,
China, Malaysia as well as the United
States of America, Ireland and
Nigeria.
Prior to joining the Sponsor in
February 2012, Mr Tan was Managing
Director at Lend Lease Singapore. His
responsibilities included execution of
development projects in Lend Lease’s
portfolio and for various external
clients.
Mr Tan holds a Bachelor of Science
(Building) degree from the National
University of Singapore.
Mr James SungDirector, Marketing
Mr James Sung is the Director of
Marketing of the Manager. He is
responsible for the marketing and
leasing of logistics properties in
the portfolio, as well as developing
strategic and global partnerships with
global customers.
Mr Sung has extensive experience
in business development, sales and
customer relationship management,
attained mainly in the third party
logistics and air cargo industry. Prior
to joining the Manager in February
2010, he was the Managing Director
of TCI in Shanghai, a large privately-
held Chinese airfreight consolidator
in China.
Before TCI, Mr Sung was with Exel,
a UK-headquartered global logistics
company, as their China Country
Director. Prior to that, he held the
position of Exel China’s Vice President
for Commercial. Before being
posted to Shanghai where he was
based for five years, he headed the
Business Development unit of Exel in
Singapore.
Mr Sung holds a Bachelor of Science
(Honours) degree in Physics from
University of Canterbury in New
Zealand, and a Master of Business
Administration degree from Nanyang
Technological University, Singapore.
In 2002, Mr Sung completed
the SPRING-Firefly Leadership
programme by INSEAD at their
Singapore campus.
Ms Wong Mei Ling MaySenior Manager, Property Management
Ms Wong Mei Ling May is the Senior
Manager of Property Management of
the Manager. She is responsible for
the property management functions
for MLT’s Singapore portfolio, where
she oversees the execution of good
practices in operations and property
maintenance.
Ms Wong started her career in Asset
Management with the Manager in
August 2007, and was also involved
in the corporate marketing of MLT’s
regional portfolio. Prior to her current
appointment, Ms Wong was Head
of Asset Management, Malaysia. In
that role, she led the formulation and
implementation of asset and property
management plans for the existing
Malaysia logistics real estate portfolio
and assisted in the structuring and
negotiation of deals in Malaysia.
Before joining the Manager, Ms
Wong worked at JTC Corporation
where she was involved in corporate
planning and development, as well
as the leasing and management
of the waterfront and logistics
industrial clusters. Before that,
she was a business planner with
Murata Electronics Singapore (Pte)
Ltd and was involved in setting up
representative and sales offi ces in
Southeast Asia.
Ms Wong holds a Bachelor of
Business degree in Business
Administration from the Royal
Melbourne Institute of Technology.
Mapletree Logistics Trust Annual Report 2012/1328
Cor
por
ate
Gov
ern
ance
The Manager of Mapletree Logistics Trust (“MLT”) has
responsibility over the strategic direction and management
of the assets and liabilities of MLT and its subsidiaries
(collectively, the “Group”).
The Manager discharges its responsibility for the benefi t
of MLT’s unitholders (“Unitholders”), in accordance with
the applicable laws and regulations as well as the trust
deed constituting MLT (“Trust Deed”). To this end, the
Manager sets the strategic direction of the Group and gives
recommendations to HSBC Institutional Trust Services
(Singapore) Limited, in its capacity as trustee of MLT (the
“Trustee”), on the acquisition, divestment or enhancement
of assets of the Group. As a REIT Manager, the Manager
is licensed by the Monetary Authority of Singapore (the
“MAS”) and granted a Capital Markets Services Licence
(“CMS Licence”).
The Manager’s roles and responsibilities include:
• using its best endeavours to carry on and conduct the
Group’s business in a proper and effi cient manner and
to conduct all transactions with or for the Group on an
arm’s length basis and on normal commercial terms;
• preparing annual property plans, proposals and
forecast on gross revenue, capital expenditure, sales
and valuation, explanations of major variances to
previous forecasts, written commentaries on key
issues and any other relevant assumptions. The
purpose of such plans is to explain the performance
of MLT’s properties; and
• ensuring compliance with the applicable laws and
regulations, including the Securities and Futures
Act of Singapore (Chapter 289), the Listing Manual,
the Code on Collective Investment Schemes, the
Singapore Code on Takeovers and Mergers, the Trust
Deed, the CMS Licence and any tax rulings and all
relevant contracts.
The Manager is committed to apply the principles and the
spirit of the Code of Corporate Governance (the “Code”).
The Code was revised by the MAS in May 2012(1) and
takes effect in respect of annual reports relating to fi nancial
years commencing from 1 November 2012. Nonetheless
and in the spirit of our commitment to high standards of
corporate governance, we have, as far as practicable,
endeavoured to comply with the revised Code during
FY12/13.
The Board of Directors and employees of the Manager are
remunerated by the Manager, and not by MLT.
(1) The revised Code will take effect in respect of annual reports relating to fi nancial years commencing from 1 November 2012, except the following changes:
(a) “Board composition changes” should be made at the annual general meetings (“AGMs”) following the end of the relevant fi nancial year; and
(b) The requirement for independent directors to make up at least half of the board in specifi ed circumstances (Guideline 2.2 of the revised Code) should be made
at the AGMs following the end of the fi nancial year commencing on or after 1 May 2016.
Mapletree Logistics Trust Annual Report 2012/13 29
Cor
por
ate
Gov
ern
ance
(A) BOARD MATTERS
Board’s Conduct of its Affairs
Principle 1: Effective board
Our Policy and Practices
The Manager applies the principle that an effective
Board of Directors (the “Board”) for the Manager is one
constituted with the right core competencies and diversity
of experience, so that the collective wisdom of the Board
can give guidance and provide insights as well as strategic
thinking to Management.
The key roles of the Board are to:
• guide the corporate strategy and direction of
the Manager;
• ensure that Senior Management discharges business
leadership and demonstrates the highest quality of
management skills with integrity and enterprise; and
• oversee the proper conduct of the Manager.
The positions of Chairman and Chief Executive Offi cer
(“CEO”) are held by two separate persons in order to
maintain effective oversight.
The Board comprises eleven Directors, of whom ten
are Non-Executive Directors and fi ve are Independent
Directors.
The following sets out the composition of the Board:
• Mr Paul Ma Kah Woh, Chairman and Member
of the Audit and Risk Committee(1)
• Mr Tan Ngiap Joo, Chairman of the Audit and Risk
Committee and Independent Director
• Mr Cheah Kim Teck, Independent Director and
Member of the Audit and Risk Committee
• Mr Zafar Momin, Independent Director
• Mr Pok Soy Yoong, Independent Director and
Member of the Audit and Risk Committee
• Mr Ng Quek Peng, Independent Director and Member
of the Audit and Risk Committee(2)
• Mrs Penny Goh, Non-Executive Director
• Mr Hiew Yoon Khong, Non-Executive Director
• Mr Wong Mun Hoong, Non-Executive Director
• Mr Chua Tiow Chye, Non-Executive Director
• Ms Ng Kiat, Executive Director and Chief
Executive Offi cer
The Board consists of business leaders and distinguished
professionals in their respective fi elds. Each Director is
appointed on the strength of his or her calibre, experience,
stature, and potential to give proper guidance to the
Manager for the business of the Group. Their profi les
are found on pages 18 to 21 of this Annual Report. They
meet regularly, at least once every quarter, to review the
business performance and outlook of the Group, as well as
to deliberate on business strategy, including any signifi cant
acquisitions, disposals, fundraising and development
projects of the Group.
Notes:
(1) Mr Paul Ma Kah Woh resigned as a Member of the Audit and Risk Committee on 1 April 2013.
(2) Mr Ng Quek Peng resigned as an Independent Director and a Member of the Audit and Risk Committee on 1 April 2013. Mr Wee Siew Kim was appointed as an
Independent Director and a Member of the Audit and Risk Committee on 1 April 2013.
Mapletree Logistics Trust Annual Report 2012/1330
The Board has approved a set of delegations of authority
which sets out approval limits for operational and capital
expenditures, investments and divestments, bank
borrowings and cheque signatory arrangements. Approval
sub-limits are also provided at various management levels
to facilitate operational effi ciency as well as provide a
system of checks and balances.
Board’s approval is required for material transactions,
including the following:
• equity fundraising;
• acquisition, development and disposal of properties
above the Board prescribed limits;
• overall project budget variance and ad hoc
development budget above the Board prescribed
limits;
• credit facilities above the Board prescribed limits; and
• derivative contracts above the Board prescribed
limits.
The Board is updated on any change to relevant laws,
regulations and accounting standards by way of briefi ngs
by professionals or by updates issued by Management. In
FY12/13, seminars were held to update the Board on the
following matters:
• the relevant amendments to the Code and the
Singapore Code on Take-Overs and Mergers;
• the risk governance guidance of listed boards; and
• the implications of a landmark judgement on directors’
duties.
Ms Ng Kiat and Mr Wee Siew Kim, who were appointed on
2 October 2012 and 1 April 2013 respectively, attended an
orientation programme conducted by Senior Management
where they were briefed on the businesses, strategic
directions, the regulatory environment in which the Group
operates and governance practices of the Group and
the Manager.
Board
Audit
and Risk
Committee
Number of meetings held in FY12/13 6 5
Board Members(1) Membership
Mr Paul Ma Kah Woh(5)
(Appointed on 16 May 2005)
Chairman and Member of the Audit and
Risk Committee
6 5
Mr Tan Ngiap Joo
(Appointed on 15 June 2009)
Chairman of the Audit and Risk
Committee and Independent Director
6 5
Mr Cheah Kim Teck
(Appointed on 16 May 2005)
Independent Director and Member of
the Audit and Risk Committee
6 5
Mr Zafar Momin
(Appointed on 16 June 2005)
Independent Director 5 N.A.(4)
Mr Pok Soy Yoong
(Appointed on 31 August 2009)
Independent Director and Member of
the Audit and Risk Committee
6 5
Mr Ng Quek Peng
(Appointed on 16 May 2005 and
resigned on 1 April 2013)
Independent Director and Member of
the Audit and Risk Committee
6 5
Mrs Penny Goh
(Appointed on 31 March 2011)
Non-Executive Director 6 N.A.(4)
Mr Hiew Yoon Khong
(Appointed on 16 May 2005)
Non-Executive Director 6 N.A.(4)
Mr Wong Mun Hoong
(Appointed on 15 July 2006)
Non-Executive Director 6 5(2)
Mr Chua Tiow Chye
(Appointed on 19 January 2005)
Non-Executive Director 6 N.A.(4)
Ms Ng Kiat(3)
(Appointed on 2 October 2012)
Executive Director and
Chief Executive Offi cer
3 3(2)
The meeting attendance of the Board and the Audit and Risk Committee for FY12/13 is as follows:
Notes:
(1) This table does not include Mr Wee Siew Kim who was appointed as an Independent Director and Member of the Audit and Risk Committee of the Manager
on 1 April 2013 and Mr Richard Lai who resigned as Executive Director and Chief Executive Offi cer of the Manager on 26 July 2012.
(2) Attendance was by invitation.
(3) Ms Ng Kiat assumed the role as the Chief Executive Offi cer of the Manager on 26 July 2012 and was appointed as an Executive Director of the Manager
on 2 October 2012.
(4) N.A. means not applicable.
(5) Mr Paul Ma Kah Woh resigned as a Member of the Audit and Risk Committee on 1 April 2013.
Mapletree Logistics Trust Annual Report 2012/13 31
Cor
por
ate
Gov
ern
ance
Board Composition and Balance
Principle 2: Strong and independent element
on the board
Our Policy and Practices
The Manager applies the principle that at least one-third
of its Directors are independent and the majority of its
Directors are non-executive. This allows the Directors to
engage in robust deliberations with Management and
provide external, diverse and objective insights into issues
brought before the Board. Further, such composition and
separation of the roles of the Chairman and the CEO,
provides oversight to ensure that Management discharges
its roles with integrity.
Chairman and Chief Executive Offi cer
Principle 3: Clear division of responsibilities
Our Policy and Practices
The Manager applies the principle of clear separation of
the roles and responsibilities between the Chairman of
the Board and the CEO of the Manager. The Chairman
guides the Board in constructive debates on the strategic
direction, management of assets and governance matters.
He is non-executive, and is free to act independently in
the best interests of the Manager and Unitholders. The
Chairman and the CEO are not related to each other.
The CEO is responsible for the running of the Manager’s
business operations. She has full executive responsibilities
over the business and operational decisions of the Group.
The CEO is also responsible for ensuring compliance with
the applicable laws and regulations in the daily operations
of the Group.
Board Membership
Principle 4: Formal and transparent process
for appointments
Our Policy and Practices
As the Manager is not a listed entity, it does not have a
nominating committee. However, the Manager applies
the principle that Board renewal is an ongoing process to
ensure good governance and maintain relevance to the
changing needs of the Manager and the Group’s business.
All appointments and resignations of Board members are
approved by the Board.
The composition of the Board is determined using the
following principles:
• the Chairman of the Board should be a non-executive
director of the Manager;
• the Board should comprise directors with a broad
range of commercial experience including expertise
in funds management, law, fi nance, audit, accounting
and the property industry; and
• at least one-third of the Board should comprise
independent directors.
The Manager does not, as a matter of policy, limit the
maximum number of listed company board representations
its Board members may hold as long as each of the Board
members is able to commit his/her time and attention
to the affairs of the Group, including attending Board
and Audit and Risk Committee (“AC”) meetings and
to contribute constructively to the management of the
Manager and the Group.
As a principle of good corporate governance, all
Board members are required to submit themselves for
re-nomination and re-election at regular intervals. The
CEO, as a Board member, is subject to retirement and
re-election.
Board Performance
Principle 5: Formal assessment of the effectiveness
of the board
Our Policy and Practices
The Manager applies the principle that the Board’s
performance is ultimately refl ected in the performance of
the Manager and the Group. The Manager conducted
a formal assessment of the Board’s and the AC’s
performance in FY11/12 and will conduct another such
assessment in the next fi nancial year. The assessment is
conducted by way of a confi dential survey questionnaire
and thereafter the results of the survey are evaluated by
the Board.
Each Board member is given suffi cient time to bring to the
Board his or her perspective to enable balanced and well
considered decisions to be made.
Access to Information
Principle 6: Complete, adequate and timely access
to information
Our Policy and Practices
The Manager applies the principle that the Board shall
be provided with timely and complete information prior to
Board meetings and as well as when the need arises.
Mapletree Logistics Trust Annual Report 2012/1332
Management is required to provide adequate and timely
information to the Board, which includes matters requiring
the Board’s decision as well as on-going reports relating
to the operational and fi nancial performance of the Group.
Management is also required to provide any additional
information, when so requested by the Board, in a timely
manner in order for the Board to make informed decisions.
The Board has separate and independent access to
Management and the Company Secretary.
The Company Secretary attends to the administration
of corporate secretarial matters and attends all Board
and committee meetings. The Company Secretary also
provides assistance to the Chairman in ensuring adherence
to Board procedures.
The Board takes independent professional advice as and
when necessary to enable it or the Independent Directors
to discharge their responsibilities effectively. The AC meets
the external and internal auditors separately at least once a
year, without the presence of Management.
(B) REMUNERATION MATTERS
Procedures for Developing Remuneration
Policies
Principle 7: Formal and transparent procedure for fi xing
the remuneration of directors
Level and Mix of Remuneration
Principle 8: Appropriate level of remuneration
Disclosure on Remuneration
Principle 9: Clear disclosure of remuneration matters
Our Policy and Practices
The Manager applies the principle that remuneration
matters are to be suffi ciently structured and benchmarked
to good market practices, in order to attract suitably
qualifi ed talent, so as to grow and manage its business.
The Manager applies the principle that remuneration for the
Board and Senior Management should be viewed in totality.
The remuneration structure is linked to the continuous
development of the management bench strength to ensure
that there is robust talent management and succession
cover, as well as to the concerted pursuit of strong and
ethical leadership for the success of the Group’s business
and the Manager.
As the Manager is not a listed entity, it is not presently
considered necessary for it to have a remuneration
committee. However, as a subsidiary of the Sponsor,
the Manager takes its reference from the remuneration
policies and practices of the Sponsor in determining
the remuneration of the Board and key executives. The
Executive Resources and Compensation Committee
(“Mapletree’s ERCC”) of the Sponsor at group level serves
the crucial role of helping to ensure that the Manager
is able to recruit and retain the best talents to drive its
business forward.
The members of the Mapletree’s ERCC are:
• Mr Edmund Cheng Wai Wing (Chairman)
• Mr Paul Ma Kah Woh (Member)
• Ms Chan Wai Ching, Senior Managing Director,
Temasek Holdings (Private) Limited (Co-opted
Member)
All the members of the Mapletree’s ERCC are independent
of Management. The Mapletree’s ERCC oversees executive
compensation and development of the management
bench strength, so as to build and augment a capable
and dedicated management team, and gives guidance on
progressive policies which can attract, motivate and retain
a pool of talented executives for the present and future
growth of the Manager.
Specifi cally, the Mapletree’s ERCC:
• establishes compensation policies for key executives;
• approves salary reviews, bonuses and incentives for
key executives;
• approves key appointments and reviews succession
plans for key positions; and
• oversees the development of key executives and
younger talented executives.
The Mapletree’s ERCC conducts, on an annual basis, a
succession planning review of the CEO and selected key
positions in the Manager. In this regard, potential internal
and external candidates for succession are reviewed for
immediate, medium term and longer term needs. A total
of three meetings were held by the Mapletree’s ERCC in
FY12/13.
Mapletree Logistics Trust Annual Report 2012/13 33
Cor
por
ate
Gov
ern
ance
The remuneration of the Board and the employees of
the Manager is paid by the Manager from the fees it
receives from MLT, and not by MLT. Since MLT does
not bear the remuneration of the Manager’s Board and
employees, the Manager does not consider it necessary
to include information (other than as set out below) on the
remuneration of its Directors and its key executives.
The Chairman, the Non-Executive Directors and the
Independent Directors have no service contracts with
the Manager. Save for Mr Hiew Yoon Khong, Mr Wong
Mun Hoong, Mr Chua Tiow Chye, and Ms Ng Kiat, all the
Directors receive a basic fee and, where applicable, an
additional fee for serving on the AC.
Mr Hiew Yoon Khong, Mr Wong Mun Hoong and Mr Chua
Tiow Chye, respectively the Group CEO, the Group Chief
Financial Offi cer (“CFO”) and the Group Chief Investment
Offi cer and Regional CEO, North Asia of the Sponsor, do
not receive director’s fees for serving as Non-Executive
directors of the Manager.
The CEO, as an Executive Director, does not receive
director’s fees. She is a lead member of Management. Her
compensation consists of salary, allowances, bonuses and
share appreciation awards from the Sponsor. The latter is
conditional upon her meeting certain performance targets.
The CEO is not present during the discussions relating
to her own compensation and terms and conditions of
service, and the review of her performance.
Board Members(1) Membership FY12/13
Mr Paul Ma Kah Woh(2) Chairman and Member of the Audit and Risk Committee S$132,500
Mr Tan Ngiap Joo Chairman of the Audit and Risk Committee
and Independent Director
S$85,000
Mr Cheah Kim Teck Independent Director and Member of
the Audit and Risk Committee
S$72,500
Mr Zafar Momin Independent Director S$50,000
Mr Pok Soy Yoong Independent Director and Member of
the Audit and Risk Committee
S$72,500
Mr Ng Quek Peng
(Resigned on 1 April 2013)
Independent Director and Member of
the Audit and Risk Committee
S$72,500
Mrs Penny Goh Non-Executive Director S$50,000
Mr Hiew Yoon Khong Non-Executive Director Nil
Mr Wong Mun Hoong Non-Executive Director Nil
Mr Chua Tiow Chye Non-Executive Director Nil
Ms Ng Kiat Executive Director and Chief Executive Offi cer Nil
Directors’ fees are subject to the approval of the Manager’s shareholder and the directors’ fees paid to the Board for
FY12/13 are as follows:
Notes:
(1) This table does not include Mr Wee Siew Kim who was appointed as an Independent Director and Member of the Audit and Risk Committee of the Manager
on 1 April 2013 and Mr Richard Lai who resigned as Executive Director and Chief Executive Offi cer of the Manager on 26 July 2012.
(2) Mr Paul Ma Kah Woh resigned as a Member of the Audit and Risk Committee on 1 April 2013.
Mapletree Logistics Trust Annual Report 2012/1334
(C) ACCOUNTABILITY AND AUDIT
Accountability
Principle 10: Balanced and understandable assessment
of the company’s performance, position and prospects
Our Policy and Practices
The Manager applies the principle that to build confi dence
among stakeholders, there is a need to deliver maximum
sustainable value.
The Manager complies with statutory and regulatory
requirements as well as adopts best practices in the
Group’s business processes. The Board is also apprised
of the performance of the Group and the business and
market outlook on a regular basis to enable the Board to
make a balanced and informed assessment of the Group’s
performance, position and prospects.
Internal Controls
Principle 11: Sound system of internal controls
Our Policy and Practices
The Manager is committed to the principle of a sound
system of internal controls.
The Manager, working with the Sponsor, has established
an internal control framework which addresses the
operational, fi nancial and compliance risks applicable to
the Group’s business and operating environment. These
internal controls provide reasonable but not absolute
assurance on the achievement of their intended
control objectives.
The key elements of the Group’s system of controls are
as follows:
Operating Structure
The Manager has a defi ned operating structure with lines
of responsibility and delegated authority, as well as
reporting mechanisms to Senior Management and the
Board. This structure includes certain functions, such as
Human Resources, Information Technology, Internal Audit,
Legal and Risk Management, which are outsourced to
the Sponsor.
Policies, Procedures and Practices
Controls are detailed in formal procedures and manuals.
For example, the Board has approved a set of delegations
of authority which sets out approval limits for operational
and capital expenditures, investments and divestments,
bank borrowings and cheque signatory arrangements.
Approval sub-limits are also provided at various
management levels to facilitate operational effi ciency as
well as provide a system of checks and balances.
Board’s approval is required for material transactions,
including the following:
• equity fundraising;
• acquisition, development and disposal of properties
above the Board prescribed limits;
• overall project budget variance and ad hoc
development budget above the Board prescribed
limits;
• credit facilities above the Board prescribed limits; and
• derivative contracts above the Board prescribed
limits.
The Group’s procedures and practices are regularly
reviewed and revised where necessary to enhance controls
and effi ciency. A Control Self Assessment programme was
implemented to promote accountability, control and risk
ownership, in order to cultivate a stronger sense of risk
awareness within Management.
The Internal Audit department of the Sponsor verifi es
compliance with these control procedures and manuals.
Whistle-blowing Policy
To reinforce a culture of good business ethics and
governance, the Manager has a Whistle-blowing Policy to
encourage the reporting in good faith of any suspected
improper conduct, including possible fi nancial irregularities,
whilst protecting the whistleblowers from reprisals.
Any reporting shall be notifi ed to the AC Chairman for
investigation and to the AC for deliberation on the fi ndings.
Risk Management
Risk management is an integral part of business
management by the Manager. In order to safeguard and
create value for Unitholders, the Manager proactively
manages risks and requires the risk management process
to be part of the Manager’s planning and decision making
process.
In this regard, the Sponsor’s Risk Management department
oversees the risk management framework, reviews the
adequacy and effectiveness of the risk management
system and monitors the key risks faced by the Group. It
reports to the AC and the Board on material fi ndings and
recommendations in respect of signifi cant risk matters.
The risk management system is dynamic and evolves with
the business. The Sponsor’s Risk Management department
works closely with Management to review and enhance the
risk management system to be in line with market practices
and regulatory requirements. One such initiative is the
implementation of a Control Self Assessment programme,
which promotes accountability, control and risk ownership,
thereby cultivating a stronger sense of risk awareness
within Management.
The Manager’s policies and procedures relating to risk
management can be found on pages 40 to 41 of this
Annual Report.
Mapletree Logistics Trust Annual Report 2012/13 35
Cor
por
ate
Gov
ern
ance
Information Technology (“IT”) Controls
As part of the operational risk process, IT general controls
have been put in place and are periodically reviewed to
ensure that IT risks are identifi ed and mitigated. In addition,
as part of the Manager’s business continuity plan, IT
disaster recovery planning and tests are conducted to
ensure that critical IT systems remain functional in a
crisis situation.
Financial Reporting
The Board is regularly updated on the Group’s fi nancial
performance via quarterly reports. These reports
provide explanations for signifi cant variances of fi nancial
performance and updated full year forecast, in comparison
with budgets and fi nancial performance of corresponding
periods in the preceding year. In addition, the Board
is provided with quarterly updates on key operational
activities.
A management representation letter is provided in
connection with the preparation of the Group’s fi nancial
statements presented to the AC and Board quarterly.
The representation letter is supported by declarations
made individually by the various Heads of Department.
Compliance checklists on announcement of fi nancial
statements, which are required for submission to the
SGX-ST, are reviewed and confi rmed by the CFO.
The Group’s fi nancial results are reported to Unitholders
quarterly in accordance with the requirements of the
SGX-ST. These results announcements provide analysis
of signifi cant variances in fi nancial performance and
commentary on the industry’s competitive conditions in
which the Group operates and any known factors or events
that may affect the Group in the next reporting period and
the next 12 months.
Detailed disclosure and analysis of the full year fi nancial
performance of the Group are in the Annual Report.
Financial Management
Management reviews the performance of the MLT portfolio
properties on a monthly basis to instil fi nancial and
operational discipline at all levels of the Manager.
The key fi nancial risks to which the Group is exposed,
comprise interest rate risk, liquidity risk, currency risk and
credit risk. Where necessary and appropriate, the Manager
hedges the Group against interest and/or currency rate
fl uctuations. In addition, the Manager proactively manages
liquidity risk by ensuring that suffi cient working capital lines
and loan facilities are maintained. The Manager’s capital
management strategy can be found on pages 78 to 79 of
this Annual Report. The Manager also has in place credit
control procedures for managing tenant credit risk and
monitoring of debt collection.
Internal Audit
On an annual basis, the Sponsor’s Internal Audit
department prepares a risk-based audit plan to review
the adequacy and effectiveness of the Group’s system
of internal controls. The Internal Audit department is also
involved during the year in conducting system or process
reviews that may be requested by the AC or Management
on specifi c areas of concern. In doing so, the Internal Audit
department obtains reasonable assurance that business
objectives for the process under review are being achieved
and key control mechanisms are in place.
Upon completion of each review, a formal report detailing
the audit fi ndings and the appropriate recommendations
will be issued to the AC. The Internal Audit department
monitors and reports on the timely implementation of the
action plans to Management and the AC on a quarterly
basis.
The external auditors provide an independent perspective
on certain aspects of the internal fi nancial controls system
arising from their work and annually report their fi ndings
to the AC.
Interested Person Transactions
For all interested person transactions, they are undertaken
only on normal commercial terms and the AC regularly
reviews all related party transactions to ensure compliance
with the internal control system as well as with relevant
provisions of the Listing Manual and Appendix 6 of the
Code on Collective Investment Schemes issued by the
MAS (the “Property Funds Appendix”). In addition, the
Trustee also has the right to review such transactions to
ascertain that the Property Funds Appendix has been
complied with.
Furthermore, the following procedures are also undertaken:
• transactions (either individually or as part of a series
or if aggregated with other transactions involving the
same related party during the same fi nancial year)
equal to or exceeding S$100,000 in value but below
3.0% of the value of the Group’s net tangible assets
will be subject to review by the AC at regular intervals;
• transactions (either individually or as part of a series
or if aggregated with other transactions involving the
same related party during the same fi nancial year)
equal to or exceeding 3.0% but below 5.0% of the
value of the Group’s net tangible assets will be subject
to the review and prior approval of the AC. Such
approval shall only be given if the transactions are
on normal commercial terms and are consistent with
similar types of transactions made by the Trustee with
third parties which are unrelated to the Manager; and
Mapletree Logistics Trust Annual Report 2012/1336
• transactions (either individually or as part of a series
or if aggregated with other transactions involving
the same related party during the same fi nancial
year) equal to or exceeding 5.0% of the value of
the Group’s net tangible assets will be reviewed
and approved prior to such transactions being
entered into, on the basis described in the preceding
paragraph, by the AC which may, as it deems fi t,
request advice on the transaction from independent
sources or advisers, including the obtaining of
valuations from independent professional valuers.
Further, under the Listing Manual and the Property
Funds Appendix, such transactions would have to
be approved by the Unitholders at a meeting of the
Unitholders.
The interested person transactions undertaken by the
Group in FY12/13 subject to disclosure requirements
under the Listing Manual can be found on page 156 of this
Annual Report.
Dealing in MLT units
The Manager adopts the best practices on dealings in
securities set out in the Listing Manual. All Directors are
required to disclose their interests in MLT and are also
provided with disclosures of interests by other Directors as
well as reminders on trading bans.
On trading in MLT units, the Directors and employees of
the Manager are reminded not to deal in MLT units on short
term considerations and are prohibited from dealing in
MLT units:
• in the period commencing one month before the
public announcement of the Group’s annual and
semi-annual results;
• in the period commencing two weeks before the
public announcement of the Group’s quarterly
results; and
• at any time whilst in possession of price-sensitive
information.
Each Director is required to give notice to the Manager
of his or her acquisition of MLT units or of changes in the
number of MLT units which he or she holds or in which he
or she has an interest, within two business days of such
acquisition or change of interest. In addition, employees
of the Manager and the Sponsor are to give pre-trading
notifi cations before any dealing in MLT units.
Role of the Board and AC
The Board recognises the importance of maintaining a
sound internal controls system to safeguard the assets of
the Group and Unitholders’ interests, through a framework
that enables risk to be assessed and managed.
The AC provides oversight of the fi nancial reporting risks,
accounting policies and the adequacy and effectiveness of
the Group’s internal controls and compliance systems.
The Board and the AC also took into account the Control
Self Assessment programme implemented in this fi nancial
year, which requires the respective departments of the
Manager to review and report on control environment
of their processes.
It should be recognised that all internal control systems
contain inherent limitations and, accordingly, the internal
control systems can only provide reasonable but not
absolute assurance.
Based on the internal controls established and maintained
by the Manager and the Sponsor, work performed by
the Sponsor’s Internal Audit and Risk Management
departments as well as by the external auditors, and
reviews performed by Management, the Board, with
the concurrence of the AC, is of the opinion that, in the
absence of evidence to the contrary, the Group’s internal
controls, addressing key fi nancial, operational, compliance
risks which the Group considers relevant and material to its
operations, were adequate as at 31 March 2013.
Audit and Risk Committee
Principle 12: Written terms of reference
Our Policy and Practices
The Board is supported by the AC to allow deeper
overview of fi nancial, risks and audit matters, so as to
maximise the effectiveness of the Board and foster active
participation and contribution.
The Manager applies the principle that the AC shall have at
least three members, all of whom must be non-executive
and the majority of whom must be independent.
The AC consists of fi ve members. They are:
• Mr Tan Ngiap Joo, Chairman
• Mr Paul Ma Kah Woh, Member(1)
• Mr Cheah Kim Teck, Member
• Mr Ng Quek Peng, Member(2)
• Mr Pok Soy Yoong, Member
Notes:
(1) Mr Paul Ma Kah Woh resigned as a Member of the Audit and Risk Committee on 1 April 2013.
(2) Mr Ng Quek Peng resigned as a Member of the Audit and Risk Committee on 1 April 2013. Mr Wee Siew Kim was appointed as a Member of the Audit and Risk
Committee on 1 April 2013.
Mapletree Logistics Trust Annual Report 2012/13 37
Cor
por
ate
Gov
ern
ance
The AC has a set of Terms of Reference dealing with its
scope and authority, which include:
• review of annual internal and external audit plans;
• examination of Interested Person Transactions;
• review of audit fi ndings of internal and external
auditors as well as management responses to them;
• evaluation of the nature and extent of non-audit
services performed by external auditors. In this
regard, for the fi nancial year ended 31 March 2013,
MLT paid S$609,000 to the external auditors,
PricewaterhouseCoopers LLP (“PwC”), of which
S$483,000 was for audit services and S$126,000
was for non-audit services relating to tax compliance
and advisory services for the Group. The AC has
undertaken a review of all non-audit services provided
by PwC and is of the opinion that such non-audit
services would not affect the independence of PwC;
• review of the quality and reliability of information
prepared for inclusion in fi nancial reports;
• recommendation of the appointment and
re-appointment of external auditors; and
• approval of the remuneration and terms of
engagement of external auditors.
In addition, the AC also:
• meets with the external and internal auditors, without
the presence of Management, at least once a year to
review and discuss the fi nancial reporting process,
system of internal controls (including fi nancial,
operational and compliance controls), signifi cant
comments and recommendations; and
• reviews and, if required, investigates the matters
reported via the whistle-blowing mechanism, by
which staff may, in confi dence, raise concerns
about suspected improprieties including fi nancial
irregularities.
The objective is to ensure that arrangements are in place
for independent investigations of any matters arising
from such meetings and reviews, to ensure appropriate
follow-up actions.
A total of fi ve AC meetings were held in FY12/13.
The Manager, on behalf of the Group, confi rms that the
Group has complied with Rules 712 and 715 of the Listing
Manual in relation to the Group’s auditing fi rm.
Internal Audit
Principle 13: Independent internal audit function
Our Policy and Practices
The Manager applies the principle that a robust system
of internal audits is required to safeguard Unitholders’
interests, the Group’s assets, and to manage risks. Apart
from the AC, other Board committees may be set up from
time to time to address specifi c issues or risks.
The internal audit function of the Group is outsourced to
the Internal Audit department (“IA”) of the Sponsor and the
IA reports directly to the Chairman of the AC of both the
Manager and the Sponsor.
The role of IA is to conduct internal audit work in
consultation with, but independently of, Management. Its
annual audit plan and audit fi ndings are submitted to the
AC. The AC also meets with the IA at least once a year
without the presence of Management.
The Internal Auditor is a corporate member of the
Singapore branch of the Institute of Internal Auditors
Inc. (“IIA”), which has its headquarters in the USA. IA
subscribes to, and is in conformance with, the Standards
for the Professional Practice of Internal Auditing
(“Standards”) developed by the IIA and has incorporated
these standards into its audit practices.
The Standards set by the IIA cover requirements on:
• independence & objectivity;
• profi ciency & due professional care;
• managing the internal audit activity;
• engagement planning;
• performing engagement; and
• communicating results.
IA staff involved in IT audits are Certifi ed Information
System Auditors and members of the Information System
Audit and Control Association (“ISACA”) in the USA. The
ISACA Information System Auditing Standards provide
guidance on the standards and procedures to be applied
in IT audits.
To ensure that the internal audits are performed by
competent professionals, IA recruits and employs qualifi ed
staff. In order that their technical knowledge remains
current and relevant, IA identifi es and provides training and
development opportunities to the staff.
In compliance with IIA, an external assessment of IA is
conducted at least once every fi ve years by a qualifi ed,
independent reviewer.
Mapletree Logistics Trust Annual Report 2012/1338
(D) SHAREHOLDER RIGHTS AND
RESPONSIBILITIES
Shareholder Rights
Principle 14: Fair and equitable treatment of all
shareholders
Communication with Shareholders
Principle 15: Regular, effective and fair communication
with shareholders
Conduct of Shareholder Meetings
Principle 16: Greater shareholder participation at Annual
General Meetings
Our Policy and Practices
The Manager is committed to the principle that all
Unitholders should be treated fairly and equitably and their
ownership rights arising from their unitholdings should
be recognised.
To this end, the Manager issues via SGXNET
announcements and press releases on the Group’s latest
corporate developments on an immediate basis where
required under the Listing Manual. Where immediate
disclosure is not practicable, the relevant announcement
will be made as soon as possible to ensure that all
stakeholders and the public have equal access to
the information.
All Unitholders are entitled to receive the annual report in
digital format packaged in a compact disc with the option
of receiving a printed version. The annual report encloses
a notice of annual general meeting and a proxy form with
instructions on the appointment of proxies. The notice of
annual general meeting for each annual general meeting
is also published via SGXNET. An annual general meeting
is held once a year to provide a platform for Unitholders to
interact with the Board, in particular the Chairman of the
Board and the Chairman of the AC, CEO and CFO. The
external auditors are also present to address Unitholders’
queries about the audit and the fi nancial statements
of the Group.
Similarly, where a general meeting is convened, all
Unitholders are entitled to receive a circular enclosing a
proxy form with instructions on the appointment of proxies.
Prior to voting at an annual general meeting or any other
general meeting, the voting procedures will be made
known to the Unitholders to facilitate them in exercising
their votes.
The Chairman of the Board will usually demand for a poll
to be taken for resolutions proposed at an annual general
meeting and any other general meeting and thereafter
voting will be conducted by electronic polling. The Manager
will announce the results of the votes cast for and against
each resolution and the respective percentages and
prepare minutes of such meetings.
The Manager has an Investor Relations department which
works with the Legal and Corporate Secretariat department
of the Sponsor to ensure the Group’s compliance with the
legal and regulatory requirements applicable to listed REITs,
as well as to incorporate best practices in its investor
relations programme.
The Manager regularly communicates major developments
in the Group’s businesses and operations to Unitholders,
analysts, the media and its employees through the
issuance of announcements and press releases. In
addition, all announcements and press releases are fi rst
made on SGXNET and subsequently on MLT’s website.
Investors can subscribe to email alerts of all
announcements and press releases issued by MLT
through its website. “Live” webcast of analyst briefi ngs are
conducted, where practicable.
The Manager also communicates with MLT’s investors
on a regular basis through group/individual meetings with
investors, investor conferences and non-deal roadshows.
The Manager’s CEO, CFO and Senior Management are
present at briefi ngs and communication sessions to
answer questions.
MLT’s distribution policy is to distribute at least 90% of its
taxable income, comprising substantially its income from
the letting of its properties and related property service
income after deduction of allowable expenses, and such
distributions are typically paid on a quarterly basis. For
FY12/13, MLT has made four distributions to Unitholders.
Mapletree Logistics Trust Annual Report 2012/13 39
Risk Management Approach & Mindset
Risk Management is integral to MLT’s business strategy
and culture. The Manager seeks to ensure that risk
management practices are integrated into the operations
and processes throughout the organisation. The risk
management framework aims to preserve capital, ensure
business resilience in an economic downturn and provide
support to management decision-making.
Risk Management Framework Supports
Portfolio Management
The Manager’s risk measurement framework is based on
Value-at-Risk (“VaR”), a methodology which measures the
volatilities of individual market and property risk drivers
such as rental rates, occupancy rates, interest rates,
infl ation and foreign exchange rates. To further complement
the VaR methodology, other risks such as refi nancing,
customer credit standing and industry concentration risks
are also assessed, monitored and as far as possible,
measured as part of the framework.
Risks are measured consistently across the portfolio,
enabling the Manager to quantify the benefi ts that arise
from diversifi cation across the portfolio, as well as to
assess risk by country or by risk type.
Risk assessment is a dynamic process in MLT and takes
into consideration changes in market conditions and asset
cash fl ows as they occur. The Manager recognises the
limitations of any statistically-based system that relies on
historical market data. To ensure the business is robust and
able to withstand extreme market shocks, the portfolio is
subject to further stress testing and scenario analyses.
Based on agreed portfolio risk thresholds, the Manager
has developed a set of risk indicators to monitor portfolio
risk. This serves as an early risk warning system which
highlights to management when risks have escalated
beyond the risk tolerance level set by management. The
Manager is required to take action to reduce risk exposure
should agreed risk indicator thresholds be breached.
On a quarterly basis, the Sponsor’s risk management team
submits a comprehensive risk report, which measures
the aforementioned risk drivers and risk indicators, to the
Board and Audit and Risk Committee (“AC”). The Board
and AC are also kept abreast of any material changes in
MLT’s risk profi le and activities.
Property Market Risks
MLT’s portfolio is subject to real estate market risks such as
rental rate and occupancy volatilities in the region, as well
as country specifi c factors including competition, supply,
demand and local regulations. Such risks are quantifi ed,
aggregated and monitored on a quarterly basis for both
existing assets and new acquisitions. Signifi cant changes
to MLT’s risk profi le or new emerging trends are highlighted
and reported to the Manager for assessment and action
where required.
Ris
k M
anag
emen
t
Mapletree Logistics Trust Annual Report 2012/1340
Operational Risks
The Manager has established operating, reporting and
monitoring guidelines to manage day-to-day activities
and mitigate operational risks that may arise. To ensure
relevance, Standard Operating Procedures (“SOPs”) are
reviewed regularly and benchmarked against industry
practices. Compliance to SOPs is ensured through the
implementation of the Control Self-Assessment framework,
an initiative undertaken by the Manager to promote
accountability, control and risk ownership throughout
the respective departments of the Manager. Compliance
is further reinforced through training of employees and
regular checks by the Sponsor’s Internal Audit Department
(“MIIA”). MIIA plans its internal audit work in consultation
with management, but works independently by submitting
its plans to the AC for approval at the beginning of
each year.
For catastrophic events such as acts of terrorism or natural
disasters, the Manager has put in place and tested a
comprehensive Business Continuity Plan to ensure that
the Manager is able to continue operations should such an
event occur. MLT’s properties are insured in accordance
with industry practices in their respective jurisdictions and
benchmarked against those in Singapore.
Credit Risks
Credit risks are mitigated from the outset by conducting
tenant credit assessment during the investment stage
prior to acquisition. For new and sizeable leases, credit
assessments of prospective tenants are undertaken prior
to signing of lease agreements. On an ongoing basis,
tenant credit is closely monitored by the Manager’s
asset management team and arrears are managed by
the Manager’s Credit Control Committee which meets
fortnightly to review debtor balances.
To further mitigate risks, security deposits in the form of
cash or banker’s guarantees are collected from prospective
tenants prior to commencement of leases.
Financial Market Risks
Financial market risks and capital structure are closely
monitored and actively managed by the Manager and
reported quarterly to the Board.
At the portfolio level, the risk impact of currency and
interest rate volatilities on value is quantifi ed, monitored and
reported quarterly using the VaR methodology. Refi nancing
risk is also quantifi ed and included in VaR, taking into
account the concentration of the loan maturity profi le and
credit spread volatilities.
Where feasible, after taking into account cost, tax and
other relevant considerations, the Manager will borrow
in the same currency as the underlying assets to provide
some natural hedge, or hedge through cross currency
swaps for its overseas investments. To mitigate foreign
exchange risks and to provide investors with a degree
of income stability, a large proportion of rental income
received from overseas assets is hedged using forward
contracts and secured in Singapore Dollar terms.
MLT hedges its portfolio exposure to interest rate volatility
arising from its fl oating rate borrowings by way of interest
rate swaps. As at 31 March 2013, about 70% of MLT’s
debts were hedged or drawn on fi xed rate basis.
Liquidity Risks
The Manager actively monitors MLT’s cash fl ow position
and requirements so as to ensure suffi cient liquid reserves
to fund operations and meet any short-term obligations
(see Corporate Liquidity and Financial Resources section
on pages 78 to 79). In addition, the Manager actively tracks
and monitors bank concentration risks to ensure that MLT
has a well diversifi ed funding base. The limit on gearing
is observed and monitored to ensure compliance with
Appendix 6 of the Code on Collective Investment Schemes
(the “Property Funds Appendix”) issued by the Monetary
Authority of Singapore (“MAS”).
Investment Risks
All investment proposals are subject to vigorous scrutiny
by the Board or delegated to the Management Committee
based on relevant investment criteria including, but not
limited to, yield accretion, property, location, building
specifi cations, quality of customer base, lease structure
and internal rate of return.
The risks arising from investment activities are managed
through a rigorous and disciplined investment approach,
particularly in the area of asset evaluation and pricing. All
acquisitions have to be yield accretive and meet MLT’s
internal return requirement. Sensitivity analysis is also
performed for each acquisition on all key project variables
to test the robustness of the assumptions used. Signifi cant
acquisitions are further subject to independent review by
the Sponsor’s risk management team and the fi ndings
are included in the Investment Proposal submitted to the
Manager’s Board for approval.
On receiving the Board’s or Management Committee’s
approval, the investment proposals are then submitted
to the Trustee, who is the fi nal approving authority for all
investment decisions.
The Trustee also monitors the compliance of the Manager’s
executed investment transactions with the restrictions
and requirements of the listing manual of the Singapore
Exchange Securities Trading Limited, MAS’s Property
Funds Appendix and the provisions in the Trust Deed.
Mapletree Logistics Trust Annual Report 2012/13 41
Mapletree Logistics Trust Annual Report 2012/1342
To maintain our competitive edge
and optimise portfolio returns, we are
constantly reviewing our portfolio to identify
asset enhancement or redevelopment
opportunities. At the same time, assets
that have reached optimal value will be
considered for divestment to unlock value
for our Unitholders. In FY12/13,
we made good progress on this front with
the divestment of 30 Woodlands Loop and
the redevelopment of Mapletree Benoi
Logistics Hub in Singapore.
Rej
uve
nat
ing
Ass
ets
Port
folio
Anal
ysis
& R
evie
wMLT’s portfolio remained stable and resilient throughout
FY12/13. The portfolio’s strength is derived from its
tenant and geographic diversity, relatively long weighted
average lease term to expiry (“WALE”) and a good mix
of multi-tenanted buildings (“MTBs”) and single user
assets (“SUAs”). The following charts set out the salient
information on MLT’s portfolio of 111 properties as at
31 March 2013.
Geographically Diversifi ed Portfolio
MLT continued to strengthen its regional portfolio during
the year. In line with its portfolio rebalancing focus, MLT
deepened its presence in its target growth markets with the
acquisition of six properties – three in South Korea, two in
Malaysia and one in China. Correspondingly, the share of
net lettable area (“NLA”) in these geographies increased to
26% from 21% a year ago.
A Growing & Diversifi ed Customer Base
MLT’s diversifi ed customer base extends across a broad
range of industries, from food and beverage, to electronics
and IT. As at 31 March 2013, its top 10 customers
contributed to approximately 25% of gross revenue, while
none of its 371 customers individually accounted for more
than 4% of gross revenue. These factors help to mitigate
concentration risks associated with reliance on any single
industry or customer, thereby contributing to overall
revenue stability and resilience.
Nippon Access
Group
NEC
Logistics
KPPC Co., Ltd. Logicom Techwah
Group
Menlo
Group
Nippon
Express
Nichirei
Group
TL
Logicom
SH
Cogent
Top 10 Customers (by Gross Revenue)
As at 31 March 2013
3.5%
2.3%2.3%2.5% 2.4%
2.1%
3.0%
2.1%2.2%
2.4%
■ Singapore 54%
■ Japan 16%
■ Hong Kong 8%
■ South Korea 6%
■ China 9%
■ Malaysia 6%
■ Vietnam 1%
■ Singapore 51%
■ Japan 15%
■ Hong Kong 7%
■ South Korea 8%
■ China 11%
■ Malaysia 7%
■ Vietnam 1%
Geographic Breakdown (by NLA)
As at 31 March 2012 As at 31 March 2013
2.7 million sqm 2.9 million sqm
■ F&B 21%
■ Consumer Durables 10%
■ Fashion, Apparel & Cosmetics 9%
■ Furniture & Furnishings 5%
■ Automobiles 5%
■ Retail 4%
■ Health Care 3%
■ Electronics & IT 14%
■ Materials, Construction & Engineering 10%
■ Commercial Printing & Packaging 4%
■ Chemicals 3%
■ Document Storage 2%
■ Telecommunication 2%
■ Banking & Finance 2%
■ Energy & Marine 2%
■ Others 5%
Major End-User Industry (by Gross Revenue)
As at 31 March 2013
Mapletree Logistics Trust Annual Report 2012/1344
Balanced Mix of Single User Assets
& Multi-tenanted Buildings
Through active asset management, MLT aims to maintain a
balanced mix of both SUAs and MTBs in its portfolio. SUAs
provide portfolio stability with their longer lease periods
and built-in rental escalation, while MTBs enable MLT to
capture rental upside during a buoyant rental market due to
their shorter lease periods.
In FY12/13, two properties in Singapore were converted
from SUA to MTB. As at 31 March 2013, SUAs contributed
to approximately 61% of gross revenue while MTBs
contributed to the balance 39%.
Healthy Leasing Activity
In the markets where MLT operates, leasing activity
remained healthy despite the uncertain economic outlook
in FY12/13. Stable demand and a limited supply of quality,
well located logistics facilities continued to support rentals
and occupancies within the portfolio.
During the year, approximately 305,000 sqm of space was
renewed or replaced, representing a success rate of 93%.
Overall portfolio occupancy remained at a healthy 98.5%
as at end-March 2013, with positive rental reversions
achieved throughout the year.
Driven by the favourable demand-supply dynamics,
average rentals achieved were 15% higher than the
preceding rentals, contributed by leases in Hong Kong,
Singapore, Malaysia, China and Vietnam.
■ Singapore 53%
■ Hong Kong 30%
■ South Korea 3%
■ China 12%
■ Malaysia 1%
■ Vietnam <1%
■ Multi-tenanted Buildings 39%
■ Single User Assets 61%
■ Singapore 39%
■ Japan 42%
■ Hong Kong 1%
■ South Korea 10%
■ China 2%
■ Malaysia 6%
SUA Versus MTB (by Gross Revenue)
As at 31 March 2013
MTB
Revenue
Breakdown
SUA
Revenue
Breakdown
Singapore Japan Hong Kong South Korea China Malaysia Vietnam Portfolio
Portfolio Occupancy
As at 31 March 2013
98.7%99.9%
98.5%100.0%
95.7% 95.2%100.0% 98.5%
Mapletree Logistics Trust Annual Report 2012/13 45
Port
folio
Anal
ysis
& R
evie
w
Land Lease Expiry Profi le (by NLA)
As at 31 March 2013
2.4%
4.7%
27.2%
20.5%
17.8%
8.6%
18.8%
0-20
years
21-30
years
31-40
years
41-50
years
51-60
years
> 60 years
(excluding
freehold
land)
Freehold
Long Leases Provide Portfolio Stability
MLT’s portfolio continued to enjoy stability from its long
lease structure with a WALE (by NLA) of about 5.3 years
as at year-end1. With around 40% of the leases expiring in
FY17/18 and beyond, this provides visibility and stability to
MLT’s cash fl ows and income streams.
Freehold land accounted for approximately 27% of the
portfolio, with the remaining 73% on leasehold terms.
Excluding freehold land, the WALE of the underlying
leasehold land (by NLA) was approximately 45 years.
Lease Expiry Profi le (by NLA)
As at 31 March 2013
15.3% 15.2%
18.4%
11.2%
5.0%
34.9%
Expiring in
FY13/14
Expiring in
FY14/15
Expiring in
FY15/16
Expiring in
FY16/17
Expiring in
FY17/18
Expiring after
FY17/18
1 The WALE (by gross revenue) was about 4.3 years as at 31 March 2013.
Geographic Breakdown of Lease Expiry Profi le (by NLA)
As at 31 March 2013
FY13/14
15.3%
FY14/15
15.2%
FY15/16
18.4%
FY16/17
11.2%
FY17/18
5.0%
> FY17/18
34.9%
7.9%
0.9%1.
9%
1.6% 2.
6%
0.4%
6.6%
2.2%
0.5% 1.
2% 2.2%
2.3%
0.2%
7.8%
1.3%
0.3% 1.
2%
5.9%
1.6%
3.5%
3.4%
0.2%
3.6%
0.5%
0.7%1.
7%
0.7%1.
9%
23.2
%
1.4%
0.9%
9.4%
0.3%
■ Singapore ■ Japan ■ Hong Kong ■ South Korea ■ China ■ Malaysia ■ Vietnam
Mapletree Logistics Trust Annual Report 2012/1346
Oper
atio
ns
Rev
iew
Singapore’s gross domestic product
(“GDP”) growth slowed to 1.3% in 2012
from 5.2% in 2011, weighed down by
weakness in externally-oriented sectors1.
Despite the economy’s lacklustre
performance, FY12/13 was an active
year for the Singapore warehouse leasing
market and MLT’s portfolio continued to
record healthy operating results.
Of the 127,000 square metres (“sqm”)2 of
space due for expiry in FY12/13, 86.9%
was successfully renewed or replaced
at an average rental reversion of 12%.
Occupancy remained high at 98.7% as
at year-end, comparing favourably to the
Urban Redevelopment Authority (“URA”)
warehouse average of 92.9% as of
1Q 20133.
In March 2013, MLT announced the
divestment of 30 Woodlands Loop in
Singapore for S$15.5 million4, a move
in line with its objective to rejuvenate
the portfolio and optimise returns. In
the coming year, MLT will also see the
completion of its fi rst redevelopment
project at 21 Benoi Sector. The
fi ve-storey ramp-up logistics facility has
received strong interest from the major
third party logistics players and is to-date
75% pre-leased.
In the coming year, approximately
222,000 sqm of space in Singapore
is due to expire. The Manager
expects leasing activity in Singapore
to remain healthy, barring any
unforeseen external shocks to the
economy. However, customers are
likely to maintain a cautious approach
towards capacity expansion in view
of rising operating costs and lingering
economic uncertainties. Coupled with
approximately 1.4 million sqm of new
warehouse space coming on-stream
over the next three years3, growth in
warehouse rentals is expected
to moderate.
MLT will be embarking on the conversion
of several single user assets (“SUAs”)
to multi-tenanted buildings (“MTBs”) in
FY13/14. While positive rental reversions
are expected, there may be a temporary
dip in occupancy during the transition.
Potential customers will be engaged
ahead of the scheduled conversions
to minimise their impact on occupancy
during the transition. In the coming year,
the Manager will continue to pursue
acquisition and build-to-suit (“BTS”)
opportunities while identifying assets
for redevelopment, enhancement
or divestment.
Number of Properties
53 5
Book Value
S$1,633.8million
Occupancy Rate
98.7%
WALE by NLA
6.4 years
NLA
1,448,894 sqm
Jurong Logistics Hub
Singapore
1 Ministry of Trade and Industry, 22 February 2013.
2 This excludes 8,252 sqm at 30 Woodlands Loop, Singapore which divestment was completed on 30 April 2013 and NLA loss of 2,518 sqm
due to the conversion of 10 Changi South Street 3 from SUA to MTB.
3 Urban Redevelopment Authority, 1Q 2013.
4 The divestment of 30 Woodlands Loop, Singapore was completed on 30 April 2013.
5 Following the divestment of 30 Woodlands Loop, Singapore on 30 April 2013, the Singapore portfolio now stands at 52 properties.
Mapletree Logistics Trust Annual Report 2012/13 47
Despite a subdued economic
environment, market conditions in
Japan’s logistics property sector
remained favourable in FY12/13.
New supply was well absorbed by
online retailers and third party logistics
operators, while demand for large,
modern logistics facilities was healthy,
driven by recovering sales in traditional
retail channels and e-commerce6.
MLT’s Japan portfolio of 22 properties is
fully leased on long-term tenures with a
weighted average lease term to expiry
(“WALE”) of 8.0 years. These properties
comply with seismic safety standards
and have a Probable Maximum Loss7
value of less than 15%, indicative of low
exposure to earthquake risks. No specifi c
earthquake insurance has been taken
up, which is consistent with the general
market practice in Japan.
During the year, the Manager entered into
a Memorandum of Understanding with
a major Japanese third party logistics
service provider for a BTS development
on the vacant site at Iwatsuki Centre.
In addition, the Manager has identifi ed
four assets for the installation of
rooftop solar energy panels. Under the
Japanese government’s feed-in tariff
scheme, MLT will be able to sell the
electricity generated from these solar
panels to utility companies at a rate
of JPY40 per kWh for 20 years. This
asset enhancement initiative will provide
an additional source of revenue upon
completion in 3Q FY13/14.
In the coming year, Japan’s economy is
forecast to grow moderately, supported
by stronger personal consumption and
a recovery in exports amid a weaker
Yen. Aggressive monetary and fi scal
policies pursued by Japan’s new
leadership, along with stronger market
sentiments, should further support
the real estate market. MLT’s Japan
portfolio is expected to remain stable
with its full occupancy and long WALE.
The Manager is currently identifying the
second batch of Japan assets for solar
panel installation, and will continue to
actively explore other asset enhancement
opportunities.
Number of Properties
22
Book Value
JPY80.0 billion
(~S$1,039.9 million)
Occupancy Rate
100%
WALE by NLA
8.0 years
NLA
437,492 sqm
Moriya Centre
6 CBRE Japan Industrial & Logistics MarketView, 2H 2012.
7 Probable Maximum Loss (“PML”) is a gauge commonly used to assess a property’s seismic resistance. A PML of 15% or less is deemed to be suffi ciently safe from
earthquakes.
Japan
Oper
atio
ns
Rev
iew
Mapletree Logistics Trust Annual Report 2012/1348
Hong Kong was a bright spot in Asia’s
warehouse sector. Demand for prime
quality warehouse space in Hong Kong
remained robust, buoyed by the logistics
activities of retailers and their third party
logistics service providers. Coupled with
the limited availability of quality stock,
warehouse rents in Hong Kong continued
to rise in 2012 while vacancy remained
low at close to 1%8.
In FY12/13, approximately 90,000 sqm
of net lettable area (“NLA”) in the Hong
Kong portfolio was due for expiry. As
at year-end, 97.2% was successfully
renewed or replaced at 11% higher
rental rates on average. Occupancy also
improved to a historical high of 99.9%.
Transaction volumes in the industrial
sector outperformed levels recorded in
the previous year, as investor interest
shifted over to non-residential properties
following the introduction of more
restrictive government policies9. With
speculative activity driving up capital
values, the acquisition of yield accretive
logistics properties in Hong Kong
will remain a challenge for MLT in the
near term.
In the coming year, approximately
54,000 sqm of NLA in Hong Kong will
be expiring. In view of the weak pipeline
supply and sustained demand from
end-users for industrial premises, the
Manager is confi dent of renewing or
replacing these leases at attractive rental
rates. Moreover, supply of warehouse
space in Hong Kong may tighten
further as more industrial buildings are
being redeveloped for alternative uses
under the government’s revitalisation
scheme. Going forward, the Manager
will actively explore asset repositioning
or development projects for new growth
opportunities.
Grandtech Centre
Hong Kong
Number of Properties
8
Book Value
HKD4,524.0million
(~S$727.7 million)
Occupancy Rate
99.9%
WALE by NLA
2.5 years
NLA
205,516 sqm
8 CBRE Hong Kong Industrial MarketView, Q4 2012.
9 Colliers Hong Kong Industrial Market, 4Q 2012.
Mapletree Logistics Trust Annual Report 2012/13 49
The South Korean economy posted a
slower 2% growth in 2012 as growth
in private consumption, investments
and exports moderated amid the
global economic slowdown. However,
economic growth is projected to increase
to 2.8% in 2013, spurred by a recovery in
exports and higher investments10.
Despite a slowdown in industrial
production during 2012, the warehouse
market in South Korea remained resilient.
Leasing activity was stable with overall
low vacancy rates as new warehouse
supply was met by growth in demand
for consolidation requirements. Except
for Iljuk Centre, all of MLT’s South Korea
assets were fully occupied at year-end.
Iljuk Centre saw a dip in occupancy in
the last quarter of FY12/13 as one of
the tenants had consolidated into their
own warehouse facility. The Manager
is actively seeking replacement tenants
to improve occupancy in the coming
quarters.
During FY12/13, MLT increased its
presence in South Korea with the
acquisitions of Hyundai Logistics Centre,
Dooil Cold Warehouse and Jungbu Cold
Warehouse for KRW86 billion. Located
in Gyeonggi-do, the country’s largest
logistics cluster, the three assets added
approximately 71,100 sqm of NLA,
bringing the South Korea portfolio to a
total of 239,308 sqm from seven assets
comprising both dry and cold store
facilities.
In the coming year, approximately 24,000
sqm of space in South Korea is due
to expire and the Manager is actively
working on renewing these leases ahead
of expiry.
Looking ahead, the Manager expects
continued growth in third party logistics
businesses and a sustained demand
for large, modern warehousing
for consolidation purposes. With
increased investors’ interest in industrial
properties as an alternative to the
highly competitive, lower yielding
offi ce sector, the Manager anticipates
stiffer competition for acquisitions
and a potential rise in vendors’ price
expectations. Nevertheless, MLT will
continue to pursue its investment focus
of strengthening its market position in
South Korea to be one of the leading
logistics space providers.
Hyundai Logistics Centre
South Korea
Number of Properties
7
Book Value
KRW250.5billion
(~S$286.3 million)
Occupancy Rate
95.7%
WALE by NLA
3.6 years
NLA
239,308 sqm
Oper
atio
ns
Rev
iew
10 International Monetary Fund, World Economic Outlook, April 2013.
Mapletree Logistics Trust Annual Report 2012/1350
China’s GDP recorded a growth rate
of 7.8% in 201211, supported by its
vast domestic consumption sector and
increased infrastructure and fi xed asset
investments. In the logistics property
subsector, warehouse rents continued on
an upward trend as quality warehouses
and industrial land for development
remained in short supply. Strong demand
from third party logistics, e-commerce
and automotive industries provided a
further boost to rental growth12.
For MLT, approximately 36,000 sqm of
NLA was due for renewal in FY12/13.
By year-end, 97.1% was successfully
renewed or replaced at an average rental
reversion of 17% while occupancy held
steady at 98.5%. MLT also made further
headway into China’s growing logistics
market with the acquisition of Mapletree
Wuxi Logistics Park from its Sponsor
for RMB116 million. With an initial
net property income yield of 8%, this
acquisition has enhanced MLT’s portfolio
returns and added 45,400 sqm in gross
fl oor area (“GFA”).
Given the limited supply of quality
warehouses, the Sponsor is actively
pursuing development opportunities
in China’s fast growing inland cities.
In Henan province, the construction
of Mapletree Zhengzhou International
Logistics Park commenced this year.
Comprising four blocks of single-storey
warehouses with a GFA of 79,300
sqm, the Grade-A logistics facility has
secured 85% pre-commitment to-date,
ahead of its scheduled completion in
mid-2013. Meanwhile, the Sponsor
also signed three Memoranda of
Understanding with the local authorities
in Xi’an, Suzhou and Wuxi to acquire land
parcels for the development of logistics
parks. The Sponsor is also exploring
development opportunities in Chengdu,
Chongqing, Wuhan and Guangzhou.
When completed and stabilised, these
development projects will provide future
acquisition opportunities for MLT.
Looking ahead, demand for logistics
warehouses in China is expected to
remain healthy, driven by the gradual
recovery of industrial enterprises and
sustained consumption growth. As
most local governments continue to
exercise strict control over land supply
for warehousing and logistics, the
current under-supply situation should
continue to support logistics rental
and capital values in the near term. In
FY13/14, approximately 45,000 sqm of
NLA in China will be expiring. Given the
favourable demand-supply dynamics,
occupancy and revenue contribution
from MLT’s China portfolio are expected
to remain stable.
Mapletree Wuxi Logistics Park
China
Number of Properties
7
Book Value
RMB1,062.0million
(~S$212.8 million)
Occupancy Rate
98.5%
WALE by NLA
2.2 years
NLA
296,919 sqm
11 National Bureau of Statistics of China.
12 Colliers Asia Real Estate 2013 Forecast.
Mapletree Logistics Trust Annual Report 2012/13 51
Malaysia’s economy posted a year-on-
year growth of 5.6% in 2012 on the
back of sustained domestic demand and
resilient investment growth13. Supported
by a low interest rate environment and a
strong labour market, higher household,
private and government spending helped
to offset weakness in Malaysia’s export-
oriented sectors.
In the industrial sector, tight warehouse
supply conditions continued to drive
rental rates upwards. Coupled with a
healthy demand for warehouses with
good specifi cations, MLT’s Malaysia
portfolio achieved an overall rental
reversion of 20% in FY12/13. Out of
the 64,000 sqm of NLA due for expiry
in FY12/13, 92.9% was successfully
renewed or replaced by year-end. Overall
occupancy remained stable at 95.2%.
During FY12/13, MLT completed the
acquisitions of Padi Warehouse and
Celestica Hub for MYR59 million,
strengthening its presence in Iskandar
Malaysia. Poised to become one of the
region’s major integrated investment
hubs, Iskandar has seen growing interest
from both Singapore businesses and
investors attracted by its lower operating
costs and growth potential.
The outlook on Malaysia’s logistics
property sector remains positive given
a resilient domestic demand, strong
intra-Asia trade and government
efforts to develop industrial parks and
infrastructure. According to Frost &
Sullivan, the Malaysian logistics industry
is expected to grow 9.5% in 2013 to
MYR139.7 billion, and at a CAGR of
10.2% to reach MYR207.4 billion in
201714. In view of the limited supply
of quality warehouses and growing
demand, the Manager is optimistic
of renewing or replacing the 73,000
sqm of space expiring in FY13/14 at
higher rentals. MLT is also actively
exploring acquisition and development
opportunities in Malaysia, particularly in
Iskandar and Klang Valley, to capitalise
on the positive trends.
Celestica Hub
Malaysia
Number of Properties
13
Book Value
MYR391.5million
(~S$157.3 million)
Occupancy Rate
95.2%
WALE by NLA
1.5 years
NLA
205,758 sqm
Oper
atio
ns
Rev
iew
13 Bank Negara Malaysia: Economic and Financial Developments in Malaysia in the Fourth Quarter of 2012, 20 February 2013.
14 Frost & Sullivan Sees Bright Prospects for Malaysia’s Logistics Industry, 15 January 2013.
Mapletree Logistics Trust Annual Report 2012/1352
Against a backdrop of ongoing
macroeconomic uncertainties,
Vietnam’s GDP grew 5.03% in 2012,
down 0.86 percentage points from
5.89% in 2011. During the year, the
Vietnamese government made signifi cant
strides to rein in infl ation through the
implementation of tight fi scal and
monetary policies. Credit growth fell to
6.45% from 14% in 2011, while infl ation
rate slowed to 6.81% year-on-year in
December 2012 compared with the high
18.13% in December 201115. Vietnam
also attracted over USD13 billion in
total foreign direct investment in 2012,
with Japan, Singapore and South
Korea making up the country’s largest
contributors.
Mapletree Logistics Centre (“MLC”),
the only asset in MLT’s Vietnam
portfolio, continued to register strong
operating metrics in FY12/13. All of
the 13,200 sqm of NLA due for expiry
was successfully renewed at strong
reversions of 15% and occupancy was
maintained at 100%. This refl ects the
strategic location of MLC in the Vietnam
Singapore Industrial Park I in Binh Duong
Province, home to both domestic and
international manufacturing plants. The
property is also sought after by tenants
due to its close proximity to Ho Chi Minh
City. Location is key for these tenants as
they handle goods which are intended for
domestic distribution.
In the coming year, approximately 9,900
sqm of space is due to expire. Given
MLC’s strategic location and popularity
with tenants, the Manager is confi dent
of renewing or replacing these leases
and maintaining a high occupancy level
in MLC. The Manager continues to look
out for acquisition opportunities of quality,
well located logistics facilities.
Mapletree Logistics Centre
Vietnam
Number of Properties
1
Book Value
USD6.5 million
(~S$8.0 million)
Occupancy Rate
100%
WALE by NLA
1.5 years
NLA
23,050 sqm
15 General Statistics Offi ce of Vietnam.
Mapletree Logistics Trust Annual Report 2012/13 53
15
14 PSA Singapore Terminals
Changi Airport
Jurong Port40
39
2842
38
50 37
5
45
43
2923
46
6 1
21
34 25
19
3217
4
22 33
7
47 24
30
2018
51
13
316
52
9
10
48 27
2636
11
8
31
35
2
1244
Jurong Island
49
53
41
KLW
Occupancy Rate: 100%
NLA (sqm): 14,971
Number of Tenants: 1
List of Major Tenants:KLW Wood Products Pte. Ltd.
Land Leasehold Tenure (Lease Start Date): 30+30 years (1 May 1994)
Purchase Price:S$15.7 million
Expeditors
Occupancy Rate: 100%
NLA (sqm): 12,388
Number of Tenants: 1
List of Major Tenants:Expeditors Singapore Pte. Ltd.
Land Leasehold Tenure (Lease Start Date):30 years (16 Oct 2003)
Purchase Price: S$19.6 million
Allied Telesis
Occupancy Rate: 100%
NLA (sqm): 10,593
Number of Tenants: 1
List of Major Tenants:Allied Telesis International (Asia) Pte. Ltd.
Land Leasehold Tenure (Lease Start Date): 30+30 years (15 Feb 2004)
Purchase Price: S$12.5 million
TIC Tech Centre
Occupancy Rate: 99.5%
NLA (sqm): 36,143
Number of Tenants: 10
List of Major Tenants:Teckwah Industrial Corporation Ltd.
Land Leasehold Tenure (Lease Start Date):30+30 years (16 May 1996)
Purchase Price: S$48.0 million
1 2 3 4
Expressways
Airport Port
Mapletree Logistics Trust Annual Report 2012/1354
Mapletree Benoi Logistics Hub (formerly known as 21/23 Benoi Sector)
Occupancy Rate: NA
NLA (sqm): NA
Number of Tenants: 0
List of Major Tenants:Under redevelopment
Land Leasehold Tenure (Lease Start Date): 30+30 years (16 Feb 1980)
Purchase Price: S$27.4 million
Armstrong
Occupancy Rate: 100%
NLA (sqm): 18,871
Number of Tenants: 1
List of Major Tenants:Armstrong Industrial Corporation Ltd.
Land Leasehold Tenure (Lease Start Date): 30+30 years (1 Oct 1995)
Purchase Price: S$20.0 million
6 Changi South Lane
Occupancy Rate: 80.2%
NLA (sqm): 11,496
Number of Tenants: 2
List of Major Tenants: ST Electronics(Data Centre Solutions) Pte Ltd
Land Leasehold Tenure (Lease Start Date): 30+30 years (1 Jan 1995)
Purchase Price: S$11.4 million
37 Penjuru Lane
Occupancy Rate: 100%
NLA (sqm): 11,150
Number of Tenants: 10
List of Major Tenants:• Santa Fe Relocation
Services (S) Pte. Ltd. • Plaza Home Imports
(Singapore) Pte. Ltd.
Land Leasehold Tenure (Lease Start Date): 30 years (16 Aug 1996)
Purchase Price: S$15.6 million
5 6 7 8
Property Portfolio: Singapore
Mapletree Logistics Trust Annual Report 2012/13 55
Prima
Occupancy Rate: 100%
NLA (sqm): 58,296
Number of Tenants: 1
List of Major Tenants:Prima Ltd.
Land Leasehold Tenure (Lease Start Date):99 years (1 Oct 1997)
Purchase Price: S$26.5 million
Kenyon
Occupancy Rate: 100%
NLA (sqm): 14,521
Number of Tenants: 1
List of Major Tenants:Kenyon Pte Ltd
Land Leasehold Tenure (Lease Start Date):30+23 years (1 Jun 2000)
Purchase Price: S$16.5 million
Pulau Sebarok
Occupancy Rate: 100%
NLA (sqm): 510,480
Number of Tenants: 3
List of Major Tenants:• Vopak Terminals Singapore
Pte. Ltd. • Singapore Petroleum
Company Ltd. • Singaport Cleanseas Pte. Ltd.
Land Leasehold Tenure (Lease Start Date): 73 years (1 Oct 1997)
Purchase Price:S$91.0 million
CIAS Flight Kitchen
Occupancy Rate: 100%
NLA (sqm): 22,136
Number of Tenants: 1
List of Major Tenants:dNata Singapore Pte. Ltd.
Land Leasehold Tenure (Lease Start Date): 60 years (7 Dec 1979)
Purchase Price: S$19.0 million
15 16
Menlo (Alps)
Occupancy Rate: 100%
NLA (sqm): 12,658
Number of Tenants: 1
List of Major Tenants:Menlo Worldwide Asia Pacifi c Pte Ltd
Land Leasehold Tenure (Lease Start Date):Two leases: 30 years (1 Oct 2001) and 29 years (16 Jul 2002)
Purchase Price: S$18.1 million
5B Toh Guan Road East
Occupancy Rate: 81.7%
NLA (sqm): 19,945
Number of Tenants: 6
List of Major Tenants:• Toll Logistics (Asia) Ltd• Hitachi Transport System
(Asia) Pte. Ltd.
Land Leasehold Tenure (Lease Start Date):30+30 years (1 Dec 1990)
Purchase Price:S$13.7 million
Ban Teck Han
Occupancy Rate: 100%
NLA (sqm): 14,738
Number of Tenants: 1
List of Major Tenants:Ban Teck Han EnterpriseCo. Pte. Ltd.
Land Leasehold Tenure (Lease Start Date):30+30 years (1 Oct 1996)
Purchase Price:S$20.4 million
70 Alps Avenue
Occupancy Rate: 100%
NLA (sqm): 21,407
Number of Tenants: 8
List of Major Tenants:• SATS Airport Services Pte Ltd• Kuehne + Nagel Pte. Ltd.• MOL Logistics (Singapore)
Pte Ltd
Land Leasehold Tenure (Lease Start Date): 30 years (1 Dec 2002)
Purchase Price: S$35.0 million
9
13 14
10 11 12
Mapletree Logistics Trust Annual Report 2012/1356
Toppan
Occupancy Rate: 100%
NLA (sqm): 10,469
Number of Tenants: 1
List of Major Tenants:Toppan Leefung Pte. Ltd.
Land Leasehold Tenure (Lease Start Date): Two leases: 30+30 years (1 Dec 1989) and 28+30 years (1 Sep 1991)
Purchase Price: S$12.2 million
10 Changi South Street 3 (formerly known as Tang Logistics Centre)
Occupancy Rate: 39.7%
NLA (sqm): 10,646
Number of Tenants: 5
List of Major Tenants:• Rhema Movers Pte Ltd• SIR Move Services Pte. Ltd.
Land Leasehold Tenure (Lease Start Date):30+30 years (1 Mar 1995)
Purchase Price: S$17.3 million
2 Serangoon North Avenue 5
Occupancy Rate: 89.4%
NLA (sqm): 24,874
Number of Tenants: 11
List of Major Tenants:• F J Benjamin (Singapore)
Pte Ltd• TEPG Pte Ltd • KX Technologies Pte. Ltd.
Land Leasehold Tenure (Lease Start Date): 30+30 years (1 Nov 1995)
Purchase Price: S$45.0 million
APICO
Occupancy Rate: 100%
NLA (sqm): 7,232
Number of Tenants: 1
List of Major Tenants:Asia Paint International Pte. Ltd.
Land Leasehold Tenure (Lease Start Date):30+30 years (1 Apr 1995)
Purchase Price: S$9.1 million
17 18 19 20
Popular
Occupancy Rate: 100%
NLA (sqm): 7,531
Number of Tenants: 1
List of Major Tenants:Popular Holdings Ltd.
Land Leasehold Tenure (Lease Start Date):30+30 years (16 Nov 1996)
Purchase Price: S$11.6 million
85 Defu Lane 10
Occupancy Rate: 100%
NLA (sqm): 10,109
Number of Tenants: 11
List of Major Tenants:• Collective Designs Pte Ltd• Tupperware Singapore Pte Ltd• Benning Power Electronics
Pte Ltd
Land Leasehold Tenure (Lease Start Date):30+30 years (1 May 1990)
Purchase Price: S$17.0 million
SH Cogent (Penjuru Lane)
Occupancy Rate: 100%
NLA (sqm): 16,604
Number of Tenants: 1
List of Major Tenants:SH Cogent Logistics Pte. Ltd.
Land Leasehold Tenure (Lease Start Date):30+13 years (1 Feb 1989)
Purchase Price:S$16.2 million
8 Changi South Lane
Occupancy Rate: 100%
NLA (sqm): 9,560
Number of Tenants: 3
List of Major Tenants:• Goodrich Global Pte. Ltd.• Allport Cargo Services Logistics
Pte Ltd
Land Leasehold Tenure (Lease Start Date):30+30 years (1 Sep 1997)
Purchase Price: S$15.6 million
Property Portfolio: Singapore
21 22 23 24
Mapletree Logistics Trust Annual Report 2012/13 57
Kingsmen Creatives
Occupancy Rate: 100%
NLA (sqm): 11,315
Number of Tenants: 1
List of Major Tenants:Kingsmen Creatives Ltd.
Land Leasehold Tenure (Lease Start Date):30+30 years (1 Oct 1998)
Purchase Price:S$13.9 million
1 Genting Lane (formerly known as Premium Capital)
Occupancy Rate: 100%
NLA (sqm): 8,297
Number of Tenants: 1
List of Major Tenants:Furniture Club Holdings Pte. Ltd.
Land Leasehold Tenure (Lease Start Date):60 years (1 Apr 1988)
Purchase Price: S$11.0 million
30 Woodlands Loop (formerly known as Nobel (Woodlands))1
Occupancy Rate: 7.3%
NLA (sqm): 5,349
Number of Tenants: 1
List of Major Tenants:T&K Worldwide CommercePte Ltd
Land Leasehold Tenure (Lease Start Date):30+30 years (1 May 1995)
Purchase Price: S$10.3 million
Buyer: Advance CAE Pte Ltd
Sale Price: S$15.5 million
Jurong Logistics Hub
Occupancy Rate: 97.8%
NLA (sqm): 124,566
Number of Tenants: 60
List of Major Tenants:• Chasen Holdings Ltd • Yamaha Motor Distribution
Singapore Pte Ltd• Keppel Logistics Pte Ltd• Shipping World Logistics
Pte Ltd
Land Leasehold Tenure (Lease Start Date):30+30 years (1 Jan 2001)
Purchase Price: S$168.0 million
Markono
Occupancy Rate: 100%
NLA (sqm): 8,664
Number of Tenants: 1
List of Major Tenants:Markono Logistics Pte. Ltd.
Land Leasehold Tenure (Lease Start Date):30+30 years (16 Nov 1996)
Purchase Price:S$11.0 million
138 Joo Seng Road
Occupancy Rate: 100%
NLA (sqm): 8,835
Number of Tenants: 9
List of Major Tenants:• The Event Company Staging
Connections Pte Ltd• Pan-Malayan Pharmaceuticals
Pte Ltd• Kay Ess Enterprises Pte Ltd• City Chain Stores (S) Pte Ltd• Takashimaya Singapore Ltd
Land Leasehold Tenure (Lease Start Date):30+30 years (1 Sep 1991)
Purchase Price:S$13.0 million
Kim Seng
Occupancy Rate: 100%
NLA (sqm): 11,512
Number of Tenants: 1
List of Major Tenants:Kim Seng Holdings Pte Ltd
Land Leasehold Tenure (Lease Start Date):30+30 years (16 Nov 1989)
Purchase Price: S$13.0 million
7 Tai Seng Drive
Occupancy Rate: 97.8%
NLA (sqm): 20,418
Number of Tenants: 8
List of Major Tenants:• DHL Supply Chain (Singapore)
Pte Ltd• Yamaha Music (Asia)
Private Limited• Noel Gifts International Ltd.
Land Leasehold Tenure (Lease Start Date):30+30 years (16 Mar 1993)
Purchase Price: S$38.0 million
1 The divestment of 30 Woodlands Loop was completed on 30 April 2013.
25
29 30 31 32
26 27 28
Mapletree Logistics Trust Annual Report 2012/1358
20 Tampines Street 92
Occupancy Rate: 100%
NLA (sqm): 9,251
Number of Tenants: 1
List of Major Tenants:Dou Yee Technologies Pte Ltd
Land Leasehold Tenure (Lease Start Date):30+30 years (1 July 1990)
Purchase Price: S$10.0 million
134 Joo Seng Road (formerly known as Nobel (Joo Seng))
Occupancy Rate: 100%
NLA (sqm): 7,095
Number of Tenants: 1
List of Major Tenants:Nobel Design Holdings Ltd.
Land Leasehold Tenure (Lease Start Date):30+30 years (1 May 1992)
Purchase Price: S$10.7 million
Winstant
Occupancy Rate: 100%
NLA (sqm): 16,521
Number of Tenants: 1
List of Major Tenants:Winstant & Co Pte. Ltd.
Land Leasehold Tenure (Lease Start Date):60 years (1 Jun 1978)
Purchase Price: S$18.0 million
Shine @ Spring
Occupancy Rate: 100%
NLA (sqm): 18,434
Number of Tenants: 1
List of Major Tenants:Viking Offshore & Marine Ltd
Land Leasehold Tenure (Lease Start Date):30+30 years (1 Sep 1995)
Purchase Price: S$25.4 million
Union Steel (Pioneer)
Occupancy Rate: 100%
NLA (sqm): 5,442
Number of Tenants: 1
List of Major Tenants:Union Steel Pte Ltd
Land Leasehold Tenure (Lease Start Date):30+30 years (1 May 1993)
Purchase Price: S$6.9 million
Union Steel (Neythal)
Occupancy Rate: 100%
NLA (sqm): 13,200
Number of Tenants: 1
List of Major Tenants:Union Steel Pte Ltd
Land Leasehold Tenure (Lease Start Date):60 years (1 Jul 1979)
Purchase Price: S$17.3 million
Union Steel (Tuas South)
Occupancy Rate: 100%
NLA (sqm): 5,233
Number of Tenants: 1
List of Major Tenants:YLS Steel Pte Ltd
Land Leasehold Tenure (Lease Start Date):30+30 years (1 Sep 1998)
Purchase Price:S$6.9 million
Property Portfolio: Singapore
33 34 35 36
37 38 39
Union Steel (Tuas View)
Occupancy Rate: 100%
NLA (sqm): 4,405
Number of Tenants: 1
List of Major Tenants:YLS Steel Pte Ltd
Land Leasehold Tenure (Lease Start Date):60 years (30 Oct 1996)
Purchase Price: S$5.8 million
40
Mapletree Logistics Trust Annual Report 2012/13 59
Menlo (Benoi)
Occupancy Rate: 100%
NLA (sqm): 6,948
Number of Tenants: 1
List of Major Tenants:Menlo Worldwide Asia Pacifi c Pte Ltd
Land Leasehold Tenure (Lease Start Date):30+20 years (16 Feb 1980)
Purchase Price: S$7.6 million
Natural Cool Lifestyle Hub
Occupancy Rate: 100%
NLA (sqm): 19,708
Number of Tenants: 1
List of Major Tenants:Natural Cool Investments Pte Ltd
Land Leasehold Tenure (Lease Start Date):30+30 years (1 Feb 2007)
Purchase Price: S$53.0 million
CEVA (Changi South)
Occupancy Rate: 100%
NLA (sqm): 23,176
Number of Tenants: 1
List of Major Tenants:CEVA Freight (Singapore) Pte Ltd
Land Leasehold Tenure (Lease Start Date):25+30 years (16 Oct 1999)
Purchase Price:S$34.5 million
SH Cogent (Penjuru Close)
Occupancy Rate: 100%
NLA (sqm): 41,253
Number of Tenants: 1
List of Major Tenants:SH Cogent Logistics Pte. Ltd.
Land Leasehold Tenure (Lease Start Date):29 years (1 June 2006)
Purchase Price: S$43.0 million
Pioneer Districentre
Occupancy Rate: 100%
NLA (sqm): 13,471
Number of Tenants: 1
List of Major Tenants:Pioneer Districentre Pte. Ltd.
Land Leasehold Tenure (Lease Start Date):30+12+12 years (1 Aug 1982)
Purchase Price: S$10.0 million
76 Pioneer Road
Occupancy Rate: 100%
NLA (sqm): 40,922
Number of Tenants: 1
List of Major Tenants:Soon Hock InvestmentGroup Pte Ltd
Land Leasehold Tenure (Lease Start Date):30+30 years (1 Aug 1993)
Purchase Price: S$40.0 million
3A Jalan Terusan (formerly known as MK Distripark)
Occupancy Rate: 100%
NLA (sqm): 20,124
Number of Tenants: 1
List of Major Tenants:Sagawa Express SingaporePte. Ltd.
Land Leasehold Tenure (Lease Start Date):30+12 years (1 Sep 1995)
Purchase Price:
S$26.5 million
Menlo (Boon Lay Way)
Occupancy Rate: 100%
NLA (sqm): 37,201
Number of Tenants: 1
List of Major Tenants:Menlo Worldwide Asia Pacifi c Pte Ltd
Land Leasehold Tenure (Lease Start Date):30+15 years (16 Jul 1989)
Purchase Price: S$48.0 million
44
45 46 47 48
41 42 43
Mapletree Logistics Trust Annual Report 2012/1360
JEP Centre
Occupancy Rate: 100%
NLA (sqm): 9,920
Number of Tenants: 1
List of Major Tenants:JEP Precision Engineering Pte Ltd
Land Leasehold Tenure (Lease Start Date):Two leases: 30 years (16 Feb 2007) and 30 years (16 Oct 2006)
Purchase Price: S$16.8 million
AW Centre
Occupancy Rate: 100%
NLA (sqm): 10,967
Number of Tenants: 1
List of Major Tenants:AW Transport & Warehousing Pte Ltd
Land Leasehold Tenure (Lease Start Date):30+30 years (1 June 1997)
Purchase Price: S$18.3 million
Liang Huat Building
Occupancy Rate: 100%
NLA (sqm): 36,331 Number of Tenants: 1
List of Major Tenants:Khai Wah Development Pte Ltd
Land Leasehold Tenure (Lease Start Date):30+30 years (16 Apr 1995)
Purchase Price: S$55.0 million
NS Tang Building
Occupancy Rate: 100%
NLA (sqm): 8,122
Number of Tenants: 1
List of Major Tenants:N.S. Tang Pte Ltd
Land Leasehold Tenure (Lease Start Date):30+28 years (1 Dec 1993)
Purchase Price: S$13.8 million
Jian Huang Building
Occupancy Rate: 100%
NLA (sqm): 15,397
Number of Tenants: 1
List of Major Tenants:Jian Huang Engineering Pte Ltd
Land Leasehold Tenure (Lease Start Date):30 years (16 Sep 2007)
Purchase Price:S$24.5 million
Property Portfolio: Singapore
49 50 51
52 53
Mapletree Logistics Trust Annual Report 2012/13 61
Shikoku
Centrair Airport
Haneda Airport
Narita Airport
Kansai Airport
Hiroshima
Airport
Fukuoka Airport
Kyushu
Hokkaido
60
69
63
70
54 64
66657372
5758
55
67
74
75
68
56
71
6259
61
Expressways
Railways
Airport
Chitose Airport
Mapletree Logistics Trust Annual Report 2012/1362
Property Portfolio: Japan
Ayase Centre
Occupancy Rate: 100%
NLA (sqm): 3,903
Number of Tenants: 1
List of Major Tenants:Nippon Access, Inc.
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: JPY1,274.6 million(S$16.4 million)
Gyoda Centre
Occupancy Rate: 100%
NLA (sqm): 8,622
Number of Tenants: 1
List of Major Tenants:Itochu Corporation
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: JPY1,806.4 million(S$24.4 million)
Atsugi Centre
Occupancy Rate: 100%
NLA (sqm): 15,693
Number of Tenants: 1
List of Major Tenants:Senko Co., Ltd.
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: JPY3,660.0 million(S$47.2 million)
Kyoto Centre
Occupancy Rate: 100%
NLA (sqm): 22,510
Number of Tenants: 1
List of Major Tenants:Nichirei Logistics Group Inc
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: JPY8,809.0 million(S$113.6 million)
58 59 60 61
Zama Centre
Occupancy Rate: 100%
NLA (sqm): 40,609
Number of Tenants: 1
List of Major Tenants:NEC Logistics, Ltd.
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: JPY10,337.0 million(S$133.3 million)
Funabashi Centre
Occupancy Rate: 100%
NLA (sqm): 17,664
Number of Tenants: 2
List of Major Tenants:• Nippon Access, Inc.• Kokubu & Co., Ltd
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: JPY3,719.4 million
(S$48.0 million)
Shiroishi Centre
Occupancy Rate: 100%
NLA (sqm): 11,181
Number of Tenants: 1
List of Major Tenants:Hokkaido Nissin Co., Ltd
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price:JPY1,450.0 million(S$18.7 million)
Kashiwa Centre
Occupancy Rate: 100%
NLA (sqm): 29,164
Number of Tenants: 1
List of Major Tenants:Toshiba Logistics Corporation
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: JPY6,900.0 million(S$90.4 million)
* Exchange rates for overseas properties are as per the date of purchase in their respective announcements.
54 55 56 57
Mapletree Logistics Trust Annual Report 2012/13 63
Toki Centre
Occupancy Rate: 100%
NLA (sqm): 16,545
Number of Tenants: 1
List of Major Tenants:Hamakyorex Co., Ltd
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: JPY1,050.0 million(S$16.2 million)
Noda Centre
Occupancy Rate: 100%
NLA (sqm): 35,567
Number of Tenants: 1
List of Major Tenants:TL Logicom Co., Ltd.
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: JPY4,800.0 million(S$76.9 million)
Hiroshima Centre
Occupancy Rate: 100%
NLA (sqm): 43,640
Number of Tenants: 1
List of Major Tenants:Nippon Access, Inc.
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price:JPY7,300.0 million(S$114.2 million)
67 6866
Shonan Centre
Occupancy Rate: 100%
NLA (sqm): 30,489
Number of Tenants: 1
List of Major Tenants:Marubeni Corporation
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price:JPY4,360.0 million(S$68.0 million)
Sendai Centre
Occupancy Rate: 100%
NLA (sqm): 4,249
Number of Tenants: 2
List of Major Tenants:• Kibun Fresh Systems Co., Ltd• Shiogama Rikuun K.K.
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: JPY1,490.0 million(S$21.7 million)
Iwatsuki Centre
Occupancy Rate: 100%
NLA (sqm): 10,908
Number of Tenants: 1
List of Major Tenants:Oji Transportation Co., Ltd.
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: JPY4,800.0 million(S$76.9 million)
Iruma Centre
Occupancy Rate: 100%
NLA (sqm): 26,204
Number of Tenants: 1
List of Major Tenants:Oji Transportation Co., Ltd.
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: JPY3,400.0 million(S$54.5 million)
62 63 64 65
Eniwa Centre
Occupancy Rate: 100%
NLA (sqm): 17,498
Number of Tenants: 1
List of Major Tenants:Kokubu & Co., Ltd
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: JPY1,460.0 million(S$22.1 million)
69
* Exchange rates for overseas properties are as per the date of purchase in their respective announcements.
Mapletree Logistics Trust Annual Report 2012/1364
Property Portfolio: Japan
Mizuhomachi Centre
Occupancy Rate: 100%
NLA (sqm): 20,212
Number of Tenants: 1
List of Major Tenants:Logicom
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: JPY3,500.0 million(S$53.0 million)
73
Aichi Miyoshi Centre
Occupancy Rate: 100%
NLA (sqm): 6,723
Number of Tenants: 1
List of Major Tenants:Hokkoh Transportation
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: JPY1,155.0 million(S$17.5 million)
Kyotanabe Centre
Occupancy Rate: 100%
NLA (sqm): 12,343
Number of Tenants: 1
List of Major Tenants:Edion Corporation
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: JPY1,830.0 million(S$27.7 million)
74 75
Sano Centre
Occupancy Rate: 100%
NLA (sqm): 7,217
Number of Tenants: 1
List of Major Tenants:Arata Corporation
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price:JPY1,050.0 million(S$15.9 million)
Mokurenji Centre
Occupancy Rate: 100%
NLA (sqm): 23,864
Number of Tenants: 1
List of Major Tenants:Logicom
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: JPY3,865.0 million(S$58.6 million)
Moriya Centre
Occupancy Rate: 100%
NLA (sqm): 32,688
Number of Tenants: 1
List of Major Tenants:Nippon Express Co., Ltd.
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: JPY4,640.0 million(S$70.3 million)
70 71 72
Mapletree Logistics Trust Annual Report 2012/13 65
Expressways
Railways
Airport Port
RaiRaiR lwalwaw ysysys
Kwai Chung
Container TerminalsHong Kong
International Airport
Lantau Island
•
Shatin
Shenzhen
Hong Kong Island
Tai Po
• Sheung ShuiDeep Bay
New Territories
81
76
83
80
77
78
7982
Mapletree Logistics Trust Annual Report 2012/1366
Property Portfolio: Hong Kong
Shatin No. 2
Occupancy Rate: 100%
NLA (sqm): 26,201
Number of Tenants: 4
List of Major Tenants:• Taiun (HK) Co Ltd.• Ever Gain Company Limited
Land Leasehold Tenure (Lease Start Date):60 years (27 Nov 1987)
Purchase Price: HKD341.0 million(S$63.8 million)
Tsuen Wan No. 1
Occupancy Rate: 100%
NLA (sqm): 17,094
Number of Tenants: 9
List of Major Tenants: Yusen Air & Sea Service (HK) Ltd
Land Leasehold Tenure (Lease Start Date):149 years (1 Jul 1898)
Purchase Price: HKD206.0 million(S$38.5 million)
Shatin No. 4
Occupancy Rate: 100%
NLA (sqm): 54,137
Number of Tenants: 18
List of Major Tenants:• UTi Worldwide Inc.• NEC Logistics
Hong Kong Limited• Vantec World Transport
(H.K.) Ltd
Land Leasehold Tenure (Lease Start Date):55 years (4 May 1992)
Purchase Price: HKD1,037.0 million(S$194.0 million)
Shatin No. 3
Occupancy Rate: 100%
NLA (sqm): 24,346
Number of Tenants: 5
List of Major Tenants:• MOL Logistics• Hitachi Transport• Asia Tone Limited
Land Leasehold Tenure (Lease Start Date):58 years (28 Dec 1989)
Purchase Price: HKD325.9 million(S$61.0 million)
Bossini Logistics Centre
Occupancy Rate: 100%
NLA (sqm): 12,763
Number of Tenants: 1
List of Major Tenants:Bossini Enterprises Limited
Land Leasehold Tenure (Lease Start Date):60 years (27 Nov 1987)
Purchase Price: HKD113.0 million(S$21.1 million)
AsiaTone i-Centre
Occupancy Rate: 100%
NLA (sqm): 17,073
Number of Tenants: 2
List of Major Tenants:Asia Tone Limited
Land Leasehold Tenure (Lease Start Date):54 years (26 Nov 1993)
Purchase Price: HKD210.0 million(S$39.3 million)
Grandtech Centre
Occupancy Rate: 99.6%
NLA (sqm): 47,304
Number of Tenants: 53
List of Major Tenants:• High Performance Sports Ltd• Jennex Technologies Limited• Tom Lee Engineering Limited• Taiun (HK) Co Ltd.• Savino Del Bene China Limited • Menlo Worldwide
Hong Kong Limited
Land Leasehold Tenure (Lease Start Date):56 years (19 Nov 1991)
Purchase Price: HKD780.0 million(S$145.9 million)
Shatin No. 5
Occupancy Rate: 100%
NLA (sqm): 6,599
Number of Tenants: 4
List of Major Tenants:DKSH Hong Kong Limited
Land Leasehold Tenure (Lease Start Date):149 years (1 Jul 1898)
Purchase Price: HKD66.0 million(S$12.3 million)
* Exchange rates for overseas properties are as per the date of purchase in their respective announcements.
76
80 81 82 83
77 78 79
Mapletree Logistics Trust Annual Report 2012/13 67
Expressways
Railways
Airport Port
90
Incheon International Airport
90
ternational Airport
• Seoul
Wonju Airport
Port Incheon
Pyeongtaek Port
Busan Port
84
88
86
89
87
90
85
Mapletree Logistics Trust Annual Report 2012/1368
Multi-Q Centre
Occupancy Rate: 100%
NLA (sqm): 32,898
Number of Tenants: 1
List of Major Tenants:Multi-Q Logistics Co. Ltd
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: KRW28,000.0 million(S$32.1 million)
Hyundai Logistics Centre
Occupancy Rate: 100%
NLA (sqm): 32,317
Number of Tenants: 2
List of Major Tenants:• E-Land World• ENVICO
Land Leasehold Tenure (Lease Start Date):Freehold
Vendor: Ostara Korea Investments
Purchase Price: KRW22,500.0 million(S$24.7 million)
KPPC Pyeongtaek Centre
Occupancy Rate: 100%
NLA (sqm): 100,914
Number of Tenants: 1
List of Major Tenants:Korea Port Processing Co. Ltd
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: KRW75,580.0 million(S$85.9 million)
Jungbu Cold Warehouse
Occupancy Rate: 100%
NLA (sqm): 20,791
Number of Tenants: 1
List of Major Tenants:Chungbu The First LogisticsCo., Ltd.
Land Leasehold Tenure (Lease Start Date):Freehold
Vendor: Chungbu The First LogisticsCo., Ltd.
Purchase Price: KRW33,500.0 million(S$37.1 million)
Iljuk Centre
Occupancy Rate: 55.7%
NLA (sqm): 23,398
Number of Tenants: 3
List of Major Tenants:• Sung Wha Logistics Co. Ltd.• Dongsuh Food Co. Ltd.
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: KRW22,000.0 million(S$25.5 million)
85
90
86 87
88
Yeoju Centre
Occupancy Rate: 100%
NLA (sqm): 10,959
Number of Tenants: 1
List of Major Tenants:Oakline Co. Ltd
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: KRW11,650.0 million(S$18.2 million)
Dooil Cold Warehouse
Occupancy Rate: 100%
NLA (sqm): 18,031
Number of Tenants: 1
List of Major Tenants:Dooil Cold Store Co., Ltd.
Land Leasehold Tenure (Lease Start Date):Freehold
Vendor: • Dooil Cold Store Co., Ltd.• Woosung Cold Store
Purchase Price:KRW30,000.0 million(S$33.3 million)
84
89
Property Portfolio: South Korea
* Exchange rates for overseas properties are as per the date of purchase in their respective announcements.
Mapletree Logistics Trust Annual Report 2012/13 69
• Beijing
Guangdong
Shanghai
Yangshan Port
Xi’an •
Jiading
Hong Qiao
International Airport
Minhang
Fengxian
Nanhui
Pudong
International Airport
WaiGaoQiao Port
Shanghai
92
93
95
94
96
91
Expressways
Railways
Airport Port
97
Mapletree Logistics Trust Annual Report 2012/1370
Property Portfolio: China
Mapletree Xi’an Distribution Centre
Occupancy Rate: 85.7%
NLA (sqm): 23,176
Number of Tenants: 9
List of Major Tenants:Xi’an Yuan Kang Industry & Trade Co., Ltd.
Land Leasehold Tenure (Lease Start Date):50 years (3 Jun 2005)
Purchase Price: RMB90.0 million
(S$17.8 million)
Ouluo Logistics Centre
Occupancy Rate: 96.0%
NLA (sqm): 33,322
Number of Tenants: 4
List of Major Tenants:• DHL• New Times Int’l Transportation
Service Co.• Beijing Huanyu Tianma
Land Leasehold Tenure (Lease Start Date):50 years (4 Sep 2002)
Purchase Price:RMB120.0 million
(S$23.8 million)
Northwest Logistics Park(Phase 1)
Occupancy Rate: 100%
NLA (sqm): 30,010
Number of Tenants: 7
List of Major Tenants:• Shanghai Dia Retail Co., Ltd• Toyota Tsusho (Shanghai)
Co., Ltd
Land Leasehold Tenure (Lease Start Date):50 years (10 Jan 2005)
Purchase Price: RMB100.0 million
(S$19.6 million)
Mapletree AIP
Occupancy Rate: 100%
NLA (sqm): 117,146
Number of Tenants: 1
List of Major Tenants: Guangzhou Eastern American Steel Structure Manufacturing Co Ltd
Land Leasehold Tenure (Lease Start Date):46 years (27 Jun 2006)
Purchase Price: RMB241.3 million
(S$47.8 million)
92 93 94
95
91
96 97
Northwest Logistics Park (Phase 2)
Occupancy Rate: 100%
NLA (sqm): 10,483
Number of Tenants: 2
List of Major Tenants:Shanghai Digital China Co., Ltd.
Land Leasehold Tenure (Lease Start Date):50 years (30 Oct 2006)
Purchase Price: RMB55.0 million(S$10.8 million)
ISH WaiGaoQiao
Occupancy Rate: 100%
NLA (sqm): 37,698
Number of Tenants: 1
List of Major Tenants:Integrated Shun Hing Logistics (Shanghai) Co. Ltd.
Land Leasehold Tenure (Lease Start Date):50 years (1 Jan 1995)
Purchase Price: RMB158.3 million(S$31.0 million)
Mapletree Wuxi Logistics Park
Occupancy Rate: 100%
NLA (sqm): 45,084
Number of Tenants: 10
List of Major Tenants:• Kerry EAS Logistics Limited• Fiege International Freight
Forwarder Co., Ltd• Wuxi Gao Xin Logistics Center
Land Leasehold Tenure (Lease Start Date):50 years (31 Dec 2006)
Vendor: Mapletree Investments Pte Ltd
Purchase Price: RMB116.0 million(S$22.8 million)
* Exchange rates for overseas properties are as per the date of purchase in their respective announcements.
Mapletree Logistics Trust Annual Report 2012/13 71
Expressways
Railways
Airport Port
Singapore Changi Airport
• Kuala Lumpur
Senai International Airport
Johor
Malacca
Negeri Sembilan
Selangor
Pahang
TerengganuKelantan
Perlis
Kedah
Perak
Penang
International Airport
Penang
Kuala Lumpur
International Airport
Kuala Lumpur
International Airport
Puchong
Port Klang
WestPort
Selangor
Shah Alam
Petaling Jaya
Subang
Jaya
107
99
106100 101
103
104
102
98
108
Senai International
Airport
Port of
Tanjong Pelepas
Senai Industrial Park
Johor Port
Singapore
105
Senai109
110
Mapletree Logistics Trust Annual Report 2012/1372
Property Portfolio: Malaysia
Subang 4
Occupancy Rate: 100%
NLA (sqm): 4,518
Number of Tenants: 1
List of Major Tenants:Freight Management (M) Sdn Bhd
Land Leasehold Tenure (Lease Start Date):99 years (13 Dec 2006)
Purchase Price:MYR9.5 million(S$4.1 million)
Subang 3
Occupancy Rate: 100%
NLA (sqm): 8,307
Number of Tenants: 3
List of Major Tenants:A-Sonic Logistics Malaysia Sdn Bhd
Land Leasehold Tenure (Lease Start Date):99 years (30 Nov 1990)
Purchase Price: MYR19.9 million(S$8.7 million)
Senai - UPS
Occupancy Rate: 100%
NLA (sqm): 11,337
Number of Tenants: 1
List of Major Tenants:UPS SCS (M) Services Sdn Bhd
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: MYR25.5 million(S$11.1 million)
104 105103
Pancuran
Occupancy Rate: 84.5%
NLA (sqm): 29,783
Number of Tenants: 1
List of Major Tenants:Nippon Express (M) Sdn Bhd
Land Leasehold Tenure (Lease Start Date):99 years (19 Apr 1996)
Purchase Price: MYR45.0 million(S$20.1 million)
98
Subang 1
Occupancy Rate: 59.5%
NLA (sqm): 12,873
Number of Tenants: 1
List of Major Tenants:Ferro Futsal Sdn Bhd
Land Leasehold Tenure (Lease Start Date):99 years (12 Mar 1996)
Purchase Price: MYR25.1 million(S$11.2 million)
Chee Wah
Occupancy Rate: 100%
NLA (sqm): 7,705
Number of Tenants: 2
List of Major Tenants:• Nature Environment Products• The Cool (Malaysia) Sdn Bhd
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: MYR13.0 million(S$5.7 million)
Subang 2
Occupancy Rate: 100%
NLA (sqm): 8,297
Number of Tenants: 1
List of Major Tenants:Kontena Nasional Berhad
Land Leasehold Tenure (Lease Start Date):99 years (17 Jul 1989)
Purchase Price: MYR17.2 million(S$7.7 million)
100 101
102
Zentraline
Occupancy Rate: 100%
NLA (sqm): 14,529
Number of Tenants: 1
List of Major Tenants:IDS Logistics Services (M) Sdn Bhd
Land Leasehold Tenure (Lease Start Date):99 years (23 Dec 1995)
Purchase Price: MYR25.0 million(S$10.9 million)
99
* Exchange rates for overseas properties are as per the date of purchase in their respective announcements.
Mapletree Logistics Trust Annual Report 2012/13 73
109 110
Celestica Hub
Occupancy Rate: 100%
NLA (sqm): 22,304
Number of Tenants: 2
List of Major Tenants:Celestica (AMS) Sdn Bhd
Land Leasehold Tenure (Lease Start Date):Freehold
Vendor: Well-Built Holdings Sdn Bhd
Purchase Price: MYR27.5 million(S$11.2 million)
Padi Warehouse (formerly known as Fuji Warehouse)
Occupancy Rate: 100%
NLA (sqm): 23,717
Number of Tenants: 1
List of Major Tenants:Padiberas Nasional Bhd
Land Leasehold Tenure (Lease Start Date):60 years (22 Mar 1983)
Vendor: Fuji Properties Sdn Bhd
Purchase Price: MYR31.5 million(S$12.8 million)
Linfox
Occupancy Rate: 100%
NLA (sqm): 17,984
Number of Tenants: 1
List of Major Tenants:Linfox M Logistics (Malaysia)Sdn Bhd
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: MYR35.0 million(S$15.2 million)
106 107 108
Century
Occupancy Rate: 100%
NLA (sqm): 25,734
Number of Tenants: 1
List of Major Tenants:Kontena Nasional Berhad
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: MYR32.0 million(S$13.4 million)
G-Force
Occupancy Rate: 100%
NLA (sqm): 18,670
Number of Tenants: 1
List of Major Tenants:G-Force Sdn Bhd
Land Leasehold Tenure (Lease Start Date):Freehold
Purchase Price: MYR35.2 million(S$14.8 million)
Property Portfolio: Malaysia
Mapletree Logistics Trust Annual Report 2012/1374
111
Expressways
Railways
Airport Port
Mapletree Logistics Centre
Occupancy Rate: 100%
NLA (sqm): 23,050
Number of Tenants: 5
List of Major Tenants:• Nissin Logistics (VN) Co., Ltd.• Nippon Express (Vietnam)
Co., Ltd• Cargo International Logistics
Co., Ltd• Nitto Denko Tape Materials
(Vietnam) Co., Ltd• Yusen Logistics Solutions
(Vietnam) Co., Ltd
Land Leasehold Tenure (Lease Start Date):~42 years (8 Nov 2006)
Purchase Price: USD6.4 million(S$8.8 million)
Saigon Port
Nha Trang Port
Da Nang Port
Tan Son Nhat International Airport
Da Nang International Airport
Phu Bai International Airport
•
Hanoi •
111
Ho Chi Minh City
Property Portfolio: Vietnam
Mapletree Logistics Trust Annual Report 2012/13 75
Finan
cial
Rev
iew
Gross Revenue
Gross revenue for FY12/13 was S$307.8 million,
representing an increase of S$30.5 million or 11.0%
compared with the corresponding 12-month period
ended 31 March 2012. The increase was mainly due
to contributions from the six properties acquired during
FY12/13 in South Korea, Malaysia and China and a full
year contribution from the nine properties acquired during
the prior 12 months. Revenue from existing assets also
increased due to overall positive rental reversions and
higher average occupancy.
Property Expenses
In line with the larger portfolio, property expenses increased
by S$1.3 million or 3.5% year-on-year (“y-o-y”) to S$39.7
million. Included in the property expenses of S$38.4
million for the prior 12 months ended 31 March 2012 were
S$1.1 million of repairs and maintenance works incurred in
relation to the March 2011 earthquake in Japan. Excluding
the effect of the earthquake-related costs, property
expenses would have increased 6.5% y-o-y.
Net Property Income
Consequently, NPI grew by S$29.2 million or 12.2%
y-o-y to S$268.1 million. Singapore remained the largest
contributor accounting for 44% of NPI, while Japan and
Hong Kong were the second and third largest contributors
at 26% and 14% respectively.
Net Investment Income
Borrowing costs increased by S$1.9 million to S$38.6
million mainly due to higher average interest rates
incurred and higher average borrowings during the year.
Management fees also increased by S$3.2 million to
S$31.1 million, in line with the enlarged portfolio.
Accordingly, net investment income grew from S$184.8
million to S$193.3 million.
Financial Review of FY12/13 Versus Corresponding 12-month period ended 31 March 2012
MLT’s previous fi nancial year FY11/12 comprised a 15-month period ended 31 March 2012 due to a change in fi nancial
year-end from 31 December to 31 March. To provide a more meaningful review of MLT’s fi nancial performance, the
FY12/13 fi nancial results are compared against the corresponding 12-month period ended 31 March 2012.
Income Statement (Group)
FY11/12
15 mths ended
31 Mar 2012
S$’000
(Restated)
12 mths ended
31 Mar 2012
S$’000
(Restated)
FY12/13
12 mths ended
31 Mar 2013
S$’000
12-mth
Increase/
(Decrease)
%
Gross Revenue 339,535 277,291 307,786 11.0
Property Expenses (45,957) (38,386) (39,714) 3.5
Net Property Income (“NPI”) 293,578 238,905 268,072 12.2
Interest income 881 760 765 0.7
Manager’s management fees (34,373) (27,930) (31,098) 11.3
Trustee’s fee (700) (567) (627) 10.6
Other trust (expenses)/income 9,413 10,323 (5,162) NM
Borrowing costs (44,384) (36,717) (38,641) 5.2
Net Investment Income 224,415 184,774 193,309 4.6
Amount Distributable 200,604 163,068 185,166 13.6
- To Perpetual securities holders
- To Unitholders
670
199,934
670
162,398
18,813
166,353
>100.0
2.4
Available Distribution per Unit (“DPU”) (cents) 8.24 6.69 6.86 2.5
Excluding Divestment Gains*
Adjusted Amount Distributable to Unitholders 197,690 160,154 166,353 3.9
Adjusted Available DPU (cents) 8.15 6. 60 6.86 3.9
* The gains from the divestment of 9 and 39 Tampines Street 92 amounted to S$2.2 million in amount distributable and 0.09 cents in DPU.
NM: Not meaningful
Mapletree Logistics Trust Annual Report 2012/1376
Distributions
Total amount distributable increased by S$22.1 million
to S$185.2 million. Amount distributable to perpetual
securities holders was S$18.8 million, compared to
S$0.7 million for the prior 12-month period. The perpetual
securities were issued in March 2012.
Amount distributable to Unitholders increased 2.4% y-o-y
to S$166.4 million while DPU rose 2.5% to 6.86 cents.
Included in the amount distributable for the previous
12-month period were gains from the divestment of 9 and
39 Tampines Street 92 of S$2.2 million. Excluding the
divestment gains, both amount distributable to Unitholders
and DPU would have increased by 3.9% y-o-y.
Assets
Total assets decreased by S$35.6 million to S$4,236.9
million as at 31 March 2013. The decrease was largely
due to lower cash and cash equivalents arising from the
acquisitions of investment properties and settlement of
trade and other receivables.
Investment properties increased marginally from S$4,058.3
million as at 31 March 2012 to S$4,065.9 million as at 31
March 2013. This increase had taken into account a net
fair value gain in investment properties of S$20.3 million
and approximately S$205 million in acquisitions and capital
expenditure, partially offset by translation differences on
assets due to the weaker Japanese Yen. During the year,
MLT acquired six properties, bringing the total number of
properties as at 31 March 2013 to 111.
Borrowings & Aggregate Leverage Ratio
Total borrowings as at 31 March 2013 was S$1,433.5
million, S$61.6 million lower than the S$1,495.1 million
as at 31 March 2012. This was largely due to translation
differences of S$198.3 million from a weaker Japanese
Yen, partially offset by the additional net loans of S$136.7
million taken during the year to fund the acquisitions.
Accordingly, the aggregate leverage ratio decreased
to 34.1% as at 31 March 2013, from 35.2% as at
31 March 2012.
Net Assets Attributable To Unitholders
As the Japan portfolio is largely funded by borrowings in
Japanese Yen, the impact of the weaker Japanese Yen
on MLT’s net asset value has been mitigated substantially.
As at 31 March 2013, MLT’s net assets attributable to
Unitholders were S$2,232.0 million. This represents a net
asset value per unit of S$0.92, compared with S$0.90 as
at 31 March 2012.
Cashfl ow
Total net cash outfl ow for the year was S$23.4 million,
comprising mainly cashfl ows used in investing and
fi nancing activities, partially offset by cash generated
from operating activities. The cashfl ow used in investing
activities were mainly for the purchase of investment
properties while the cashfl ow used in fi nancing activities
were largely for repayments of borrowings and distributions
to Unitholders.
■ Singapore 48%
■ Japan 24%
■ Hong Kong 15%
■ South Korea 5%
■ China 4%
■ Malaysia 4%
■ Vietnam <1%
■ Singapore 44%
■ Japan 26%
■ Hong Kong 14%
■ South Korea 8%
■ China 4%
■ Malaysia 4%
■ Vietnam <1%
Net Property Income
12 months ended 31 March 2012 12 months ended 31 March 2013
■ Singapore 49%
■ Japan 24%
■ Hong Kong 13%
■ South Korea 6%
■ China 4%
■ Malaysia 4%
■ Vietnam <1%
■ Singapore 45%
■ Japan 26%
■ Hong Kong 12%
■ South Korea 8%
■ China 5%
■ Malaysia 4%
■ Vietnam <1%
Gross Revenue
12 months ended 31 March 2012 12 months ended 31 March 2013
Mapletree Logistics Trust Annual Report 2012/13 77
Cor
por
ate
Liquid
ity
& F
inan
cial
Res
ourc
esThe Manager adopts a disciplined capital management approach to maintain a strong balance sheet and a diversifi ed base
of funding sources. On an ongoing basis, besides working to achieve a balanced debt maturity profi le and to minimise the
cost of funding, the Manager also actively manages the exposure to interest rate and foreign exchange fl uctuations.
The Manager actively manages MLT’s capital structure
to address refi nancing requirements and to provide
the fl exibility to fund investment opportunities, capital
expenditures and for working capital requirements.
MLT’s debt portfolio is diversifi ed by maturity and source.
As at 31 March 2013, MLT had in place debt facilities
of about S$2.4 billion from 17 banks, of which S$979.7
million were unutilised. In addition, MLT has an existing
S$1.0 billion Medium Term Notes (“MTN”) Programme, of
which S$152.0 million had been issued as at 31 March
2013, leaving S$848.0 million which may be tapped for
future issuance.
During the year, the Manager successfully procured the
following bank facilities to refi nance certain debt due and to
fi nance acquisitions and asset enhancement initiatives:
• a JPY12.6 billion 7-year term loan in April 2012;
• a S$50 million 3-year revolving credit facility in
February 2013; and
• a JPY7.0 billion 3-year term loan in March 2013.
Subsequent to the close of FY12/13, MLT issued a 7-year
HKD300 million (~S$48 million) medium term note in June
2013. Proceeds from the issuance were deployed towards
refi nancing part of the HKD1.35 billion bank loan ahead
of its maturity in March 2014, thereby extending MLT’s
debt maturity profi le. In addition, MLT also refi nanced
approximately S$42 million of term loans, which matured
in April 2013, with existing committed debt facilities due
in FY16/17.
In October 2012, the Manager implemented a Distribution
Reinvestment Plan (“DRP”). Under the DRP, Unitholders are
given the option of receiving their distributions in units and/
or cash, thereby providing them an opportunity to increase
their investment in MLT in a cost effective manner. Cash
retained via the DRP was deployed to fund MLT’s capital
expenditure requirements.
Funding & Liquidity Position
Financial Resources & Liquidity (S$ million)
As at
31 March 2013
Undrawn banking facilities 979.7
Issue Capacity under MTN Programme 848.0
Cash 134.8
Total 1,962.5
1 Subsequent to the close of FY12/13, approximately S$90 million of debt maturing in FY13/14 has been refi nanced to-date.
FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 FY18/19 FY19/20 FY20/21 FY21/22
Debt Maturity Profi le (% of total debt)
As at 31 March 2013
20%
15%1
21%
7%8%
11%
3%1
9%
14%1
12%
12%
Total Group Borrowings S$1,433.5 million
Average Duration 3.9 years
Amount refi nanced post 31 March 2013
Mapletree Logistics Trust Annual Report 2012/1378
Borrowings & Aggregate Leverage
As at
31 March 2012
As at
31 March 2013
Leverage ratio
Total Group borrowings (S$ million) 1,495.1 1,433.5
Total Group deferred consideration (S$ million) 10.1 11.6
Total Group assets (S$ million) 4,272.5 4,236.9
Aggregate Leverage 35.2% 34.1%
FY11/12 FY12/13
Effective interest rate for the fi nancial year 2.3% 2.4%
Interest service ratio
Earnings before interest, tax, depreciation and amortisation (S$ million) 256.0 243.1
Interest expenses (S$ million) 42.5 36.7
Interest cover ratio (times) 6.0 6.6
As at 31 March 2013, total outstanding borrowings
decreased by about S$61.6 million to S$1,433.5 million in
spite of additional borrowings drawn to fund acquisitions
during the fi nancial year. This was mainly due to the lower
translated Japanese Yen borrowings. Consequently,
aggregate leverage declined to 34.1% as at 31 March
2013, from 35.2% as at 31 March 2012. This is well within
the cap of 60% stipulated in the Monetary Authority of
Singapore’s Property Funds Guidelines for rated real estate
investment trusts.
All borrowings continue to be unsecured with minimal
fi nancial covenants. In March 2013, Moody’s Investor
Service affi rmed MLT’s issuer rating at ‘Baa1’ with
stable outlook.
Hedging Profi le
The Manager continues to implement measures to
mitigate the impact of foreign exchange and interest rate
fl uctuations on distributable income. As of 31 March 2013,
more than 85% of MLT’s income stream for FY13/14 had
been hedged into or is derived in Singapore Dollar. About
70% of MLT’s debts were hedged into fi xed rates through
interest rate swaps or drawn on fi xed rate basis as at
31 March 2013.
Where feasible, after taking into account cost, tax and
other considerations, the Manager will borrow in the same
currency as the underlying assets to provide some natural
hedge, or hedge through cross currency swaps for its
overseas investments. As at 31 March 2013, about 68%
of MLT’s loans were denominated in Japanese Yen, 27%
in other foreign currencies such as Hong Kong Dollar and
Chinese Renminbi and the balance 5% in Singapore Dollar.
■ Hedged/ 70%
Fixed Rate
Loans
■ Unhedged 30%
Loans
- JPY 27%
- SGD 2%
- USD 1%
■ SGD 5%
■ JPY 68%
■ HKD 15%
■ RMB 5%
■ MYR 4%
■ KRW 2%
■ USD 1%
Interest Rate Hedging Profi le
As at 31 March 2013
Debt Profi le (Currency Breakdown)
As at 31 March 2013
Mapletree Logistics Trust Annual Report 2012/13 79
The Manager is committed to engaging and developing
long-term relationships with the various key stakeholders
through equitable, timely and transparent communications.
Timely & Transparent Disclosures
The Manager issues all announcements and press releases
on MLT’s latest corporate developments promptly through
the Singapore Exchange Securities Trading Limited (“SGX-
ST”) website. These disclosures are also disseminated via
email to the local and international media, the investment
community and subscribers to MLT’s email alerts. General
information on MLT including annual reports, property
portfolio details and key fi nancial highlights are updated
regularly on MLT’s corporate website.
The Manager conducts post-results analyst briefi ngs
every quarter following the release of MLT’s fi nancial
results. As an additional platform for interaction, MLT’s
half-year and full-year results briefi ngs are webcast ‘live’
and queries can be submitted online to be addressed by
senior management on-the-spot. Recordings of the audio
webcasts can be accessed anytime via the corporate
website.
Engaging Our Investors
Through active participation in one-on-one meetings,
conference calls and investor conferences, the Manager
reached out to over 100 potential and existing institutional
investors in FY12/13. During these meetings, investors were
brought up-to-date on MLT’s strategic focuses, business
developments and the latest industry trends and outlook.
In July 2012, MLT convened its 3rd Annual General Meeting
(“AGM”) with Unitholders approving all resolutions tabled
at the meeting. Attended by over 100 Unitholders, the
AGM provided a useful platform for Unitholders to interact
face-to-face with the Board and senior management.
Local and overseas property site visits are also conducted
for investors upon request as part of the investor relations
efforts to educate the investment community. Currently,
MLT is covered by analysts from 15 local and foreign
investment banks.
In the coming year, MLT will continue to maintain a high
standard of corporate disclosure. The investor relations
team will work towards increasing investor and media
engagement, tapping into more avenues to ensure that key
stakeholders are kept abreast of MLT’s latest developments.
Unit Price Performance
MLT’s unit price delivered a strong performance in FY12/13,
rising 29% to close at S$1.215 on 28 March 2013. This
translates to a distribution yield of 5.6%, 410 basis points
above the 10-year government bond yield of 1.5%.
Inve
stor
Rel
atio
ns
MLT’s 3rd Annual General Meeting Interaction with Senior Management at MLT’s post-results analyst briefi ng
140
130
120
110
100
90
80
Comparative Price Performance
2 April 2012 to 28 March 2013
MLT Straits Times Index (“STI”) FTSE Straits Times REIT Index (“FSTREI”) Source: Bloomberg
Reb
asin
g cl
osin
g pr
ice
of 3
0 M
arch
201
2 =
100
Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13
MLT Unit Price Performance FY12/13
Opening Price (S$) 0.945
Closing Price (S$) 1.215
High (S$) 1.240
Low (S$) 0.935
Trading Volume (in units) 1,015,081,000
FSTREI +30.7%
MLT +28.6%
STI +9.9%
Mapletree Logistics Trust Annual Report 2012/1380
Unitholders Enquiries
For enquiries on MLT, please contact:
The Manager
Ms Lum Yuen May
Investor Relations
T : (65) 6377 6111
F : (65) 6273 2007
E : lum.yuenmay@mapletree.com.sg
W : www.mapletreelogisticstrust.com
Unit Registrar
Boardroom Corporate & Advisory
Services Pte. Ltd.
50 Raffl es Place
Singapore Land Tower
#32-01 Singapore 048623
T : (65) 6536 5355
F : (65) 6536 1360
Unitholder Depository
For depository-related matters,
please contact:
The Central Depository (Pte) Limited
4 Shenton Way
#02-01 SGX Centre 2
Singapore 068807
T : (65) 6535 7511
F : (65) 6535 0775
E : cdp@sgx.com
Financial Calendar
Event / Activity FY12/13 FY13/14 (Tentative)
1Q results announcement 19 July 2012 July 2013
1Q distribution to Unitholders 29 August 2012 August 2013
2Q results announcement 18 October 2012 October 2013
2Q distribution to Unitholders 29 November 2012 November 2013
3Q results announcement 17 January 2013 January 2014
3Q distribution to Unitholders 28 February 2013 February 2014
4Q results announcement 17 April 2013 April 2014
4Q distribution to Unitholders 30 May 2013 May 2014
MLT’s Total Returns1
Period %
Since listing on 28 July 2005 to 28 March 20132 149.2
From 30 March 2012 to 28 March 20133 35.8
Comparative Yields
410 bps yield spread over 10-year
Singapore Government Bond Yield
MLT Yield 1 10-year Govt
Bond Yield 2
5-year Govt
Bond Yield 2
FSTREI Yield 3 STI
Yield 4
CPF Ordinary
Account 5
12-month S$
Fixed Deposit 6
5.6%
1.5%
4.7%
0.5%
2.8%
2.5%
0.3%
1 Based on actual DPU of 6.86
cents for the period 1 April 2012
to 31 March 2013 and closing
unit price of S$1.215
on 28 March 2013.
2 Singapore Government Bond
Yield as at 28 March 2013,
Bloomberg.
3 12-month gross dividend yield of
FTSE Straits Times REIT Index as
at 28 March 2013, Bloomberg.
4 12-month gross dividend yield
of Straits Times Index as at
28 March 2013, Bloomberg.
5 Prevailing interest rate on CPF
Ordinary Account Savings.
6 12-month S$ fi xed deposit
savings rate as at
31 March 2013.
1 Sum of distribution yield and capital appreciation.
2 Based on MLT’s IPO issue price of S$0.68.
3 Based on closing price of S$0.945 on 30 March 2012.
Mapletree Logistics Trust Annual Report 2012/13 81
Cor
por
ate
Soc
ial R
esp
onsi
bili
ty
During the year, the Manager continued to integrate
sustainable business practices into its operations, focusing
on the key areas of environmental responsibility, community
involvement and employee engagement.
Environmental Responsibility
Properties that are developed and managed effi ciently
will have a positive impact on the environment and its
community. As a logistics real estate provider with regional
operations across Asia, the Manager has a shared
responsibility to combat climate change and reduce its
environmental footprint.
Resource Effi ciency
With a sizeable portfolio of 111 logistics facilities, measures
to increase resource effi ciency are particularly effective
in reducing overall energy and water consumption. The
Manager conducts a systematic review of the portfolio’s
operational performance at regular intervals to identify areas
for improvement. Following which, targeted actions to
conserve resources will be taken at selected properties.
At Jurong Logistics Hub in Singapore for instance, new
lower wattage induction light fi xtures and motion sensors
have been installed to minimise energy usage. Over at
TIC Tech Centre, one of two passenger lifts has been
programmed to serve limited fl oors after 7 pm daily. The
Manager has also reduced water consumption by installing
water effi cient devices such as thimbles and self-closing
delayed action taps at its multi-tenanted buildings.
Renewable Energy
At the same time, the Manager is continuously exploring
ways to embed innovative green features into its properties’
design and structure. An example is the installation of
rooftop solar panels to harness renewable energy and
reduce energy consumption. In Japan, the Manager has
identifi ed four assets for this initiative. Under the Japanese
government’s feed-in tariff scheme, MLT will be able to
sell the electricity generated to utility companies at a rate
of JPY40 per kWh for 20 years. These solar panels are
expected to produce a total of close to 3.2 million kWh
in renewable energy per year once they become fully
operational in the third quarter of FY13/14. Going forward,
MLT will be embarking on the second phase of solar panel
installation in Japan.
Sustainable Developments
This year, MLT commenced construction of its fi rst
redevelopment project – Mapletree Benoi Logistics Hub – in
Singapore. Specially designed with green features that are
benchmarked against the BCA Green Mark certifi cation
criteria, the Manager is targeting to achieve a high
certifi cation under this scheme. The key sustainable features
of this property include:
• No direct west-facing façade to minimise
solar radiation
• Extensive use of natural lighting and ventilation
in common areas
• Energy-effi cient fl uorescent high bay light fi xtures
• Energy-effi cient motors and sleep-mode features
in passenger lifts
• Water-effi cient fi ttings in toilets
• Use of non-chemical anti-termite treatment system
Green Initiatives
The Manager complements its own sustainability efforts
by encouraging its customers to also make sustainable
choices. In conjunction with the global ‘Earth Hour’ initiative,
the Manager with its customers pledged close to 100 hours
of energy consumption savings at its larger properties in
Singapore. These energy-saving initiatives include raising
air-conditioning temperatures as well as switching off water
features and non-essential lighting.
Under the group-wide ‘Mapletree Goes Green’ initiative,
employees are also encouraged to embrace a green culture
and do their part for the environment. Refi llable bottles are
given to every employee to discourage the use of single-
serve plastic bottled water. Computers are programmed
to go into hibernation mode after 30 minutes of inactivity
so as to reduce power consumption. Where possible, the
Manager also uses eco-friendly paper in its publications.
This Annual Report for instance is printed on paper that is
certifi ed by the Forest Stewardship Council.
Corporate Social Responsibility (“CSR”) is central in the way in which business is conducted at
Mapletree. Driven by its vision to be Asia’s logistics real estate partner of choice, the Manager is
fully committed towards understanding the issues that matter to its stakeholders and delivering
high quality, responsibly-managed logistics facilities to its customers.
Mapletree Logistics Trust Annual Report 2012/1382
Community Involvement
Mapletree has in place a group-wide framework that
aligns its CSR efforts with its business directions. Driven
by two broad objectives, the group’s ‘Shaping & Sharing’
programme focuses on empowering individuals and
enriching communities to deliver positive social and
environmental impacts.
Health & Education
In FY12/13, the group continued to make signifi cant strides
in its CSR commitments both locally and overseas. Efforts
towards education included a contribution of S$500,000
each to the bursary endowment funds of Nanyang
Technological University and the National University of
Singapore. Open to all courses of study, the endowed sums
will award a total of sixteen Mapletree bursaries every year
to fi nancially constrained students of both universities.
Overseas, the group pledged RMB5 million each to the
communities of Minhang and Nanhai Districts in China, in
commemoration of its upcoming Minhang Development
Project in Shanghai, as well as Nanhai Business City and
South Station Enterprise City in Foshan. Over fi ve years,
these programmes will assist poor families with healthcare
and education needs.
In addition, internship opportunities are provided to students
from both local and overseas education institutes as part of
the group’s commitment towards mentoring and nurturing
young individuals with a keen interest in real estate.
Peer Engagement
The Manager believes in the value of playing an active role
in engaging the broader supply chain community. For the
third year running, it co-hosted the THINK Logistics 2012
supply chain forum together with The Logistics Institute-
Asia Pacifi c, a leading research alliance between the
National University of Singapore and Georgia Institute of
Technology. The annual forum brought together over 200
industry leaders and academics to discuss key risks facing
industry supply chains. Participants also shared invaluable
lessons learnt from combating disruptions in Asia, and
evaluated the range of new technologies to manage
supply chain disruptions.
Stakeholder engagement is another important aspect in
MLT’s CSR strategy. This year, the Manager continued
to engage its customers through participation in industry
events, such as the Supply Chain Asia Forum 2012,
one-on-one meetings and customer luncheons. These
events provide management with the opportunity to gather
feedback and better understand the changing needs of its
customers. The Manager is also committed to delivering
timely, transparent and consistent disclosures to the
fi nancial and media communities. For more details on the
Manager’s investor relations initiatives, please refer to the
Investor Relations section on pages 80 to 81.
‘Arts in the City’
In support of the arts, the Mapletree group launched a
series of lunch-hour arts performances and workshops at
Mapletree Business City. This initiative is supported by the
National Arts Council and promotes Singapore’s arts talent
by bringing meaningful arts experiences to the working
community. In 2012, the group once again received the
National Arts Council’s ‘Patron of the Arts’ award for its
contribution to the arts.
Beyond Corporate Giving
The Mapletree group also actively reached out to its
benefi ciaries through active community engagement.
Following a joint contribution of S$500,000 to Boys’ Town
Home (“BTH”) and Assumption Pathway School (“APS”)
in March 2012, the group’s CSR committee and senior
management visited both benefi ciaries in July to follow up
on their developments.
The Manager also advocates staff involvement in the
group’s CSR programmes to achieve greater community
impact. Employees were encouraged to participate in a
friendly futsal challenge with APS students in August, as
well as BTH’s fundraising Flag Day in December. At the
futsal challenge, the APS team was presented with goodie
bags and customised Mapletree jerseys in appreciation of
their participation.
THINK Logistics 2012 at Mapletree Business City Futsal challenge between staff and students from Assumption Pathway School
Mapletree Logistics Trust Annual Report 2012/13 83
Employee Engagement
Human capital is the key driving force behind MLT’s
long-term success and the Manager fully recognises this
fact. As MLT embarks on the next phase of business growth
across the region, it is important that the Manager continues
to attract and retain the best and most capable people who
are personally committed to the goals of the organisation. In
line with these objectives, the Mapletree group introduced a
slew of new workforce programmes this year in support of
staff engagement and talent development.
People & Talent Management
At Mapletree, employees are given opportunities to realise
their potential through rigorous training programmes aimed
at enhancing competencies. Throughout the year, numerous
seminars and workshops were conducted to equip staff
with the relevant skills and knowledge, allowing them
to take on greater responsibilities and challenges at the
workplace. This year, employees took part in the ‘Mapletree
Investment Training Programme’ conducted in Singapore
and China. This programme is specifi cally designed to
align the Manager’s investment approach with the group’s
business model and strategies.
While focusing on technical profi ciencies, the enhancement
of soft skills was not neglected. The Mapletree group has
two cornerstone leadership programmes in place to help
employees develop stronger management and leadership
capabilities. The ‘Leadership Foundation Programme’
is targeted at young managers while the ‘Leadership
Excellence Programme’ is tailored for the more experienced
middle management.
Teamwork & Communication
Following a leadership transition at the Manager during the
year, a team-building retreat was organised for employees
in February 2013. The exercise provided a useful platform
for employees to communicate their views and ideas to the
new Chief Executive Offi cer. This event also helped to foster
camaraderie and teamwork among colleagues through a
variety of team-bonding activities.
To cultivate positive work attitudes and a deeper sense of
ownership, staff townhall and ground feedback sessions
are organised periodically across all levels and regional
offi ces. Frequent dialogue sessions within individual function
teams are also conducted to help reinforce corporate values
and encourage the sharing of best practices amongst
employees.
Promoting Work-Life Balance
More benefi ts were introduced to the group’s family-
friendly employment policies to ensure a better work-life
balance for employees. These include new benefi ts on
paternity and family care leave. Additionally, more initiatives
were introduced to simplify operational procedures and
streamline work processes to raise productivity.
Staying Committed
CSR will remain an integral part of the Manager’s corporate
culture, decision-making process and daily operations,
as it drives the long-term success and brand reputation
of Mapletree. In 2012, the Manager was ranked 45th in
the Brand Finance Singapore’s Top 100 Brands, a market
recognition of its growing brand value.
While efforts have been made to improve the social and
environmental performance of MLT’s business, the Manager
recognises that there is much more that can be done. As a
responsible corporate citizen, the Manager will continue to
review its strategy and resources to ensure that the needs
and concerns of its stakeholders and the local communities
are addressed.
Mapletree Logistics Trust Management Ltd. Team-building Retreat 2013
Cor
por
ate
Soc
ial R
esp
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Mapletree Investment Training Programme in Singapore
Mapletree Logistics Trust Annual Report 2012/1384
Finan
cial
s
Report of the Trustee ................................................................... 86
Statement by the Manager .......................................................... 87
Independent Auditor’s Report
to the Unitholders of Mapletree Logistics Trust ............................. 88
Statements of Total Return .......................................................... 89
Balance Sheets ........................................................................... 90
Distribution Statements ............................................................... 91
Statements of Movements in Unitholders’ Funds ......................... 93
Portfolio Statements .................................................................... 94
Consolidated Cash Flow Statement ............................................116
Notes to the Financial Statements ..............................................117
Statistics of Unitholdings............................................................ 154
Interested Person Transactions .................................................. 156
Notice of Annual General Meeting ...............................................157
Proxy Form
HSBC Institutional Trust Services (Singapore) Limited (the “Trustee”) is under a duty to take into custody and hold the assets of Mapletree
Logistics Trust (the “Trust”) and its subsidiaries (the “Group”) in trust for the holders (“Unitholders”) of units in the Trust (the “Units”). In accordance
with the Securities and Futures Act, Chapter 289, of Singapore, its subsidiary legislation and the Code on Collective Investment Schemes
(“CIS”), the Trustee shall monitor the activities of Mapletree Logistics Trust Management Ltd. (the “Manager”) for compliance with the limitations
imposed on the investment and borrowing powers as set out in the trust deed dated 5 July 2004 (as amended) (the “Trust Deed”) between
the Manager and the Trustee in each annual accounting period and report thereon to Unitholders in an annual report.
To the best knowledge of the Trustee, the Manager has, in all material respects, managed the Trust during the period covered by these fi nancial
statements, set out on pages 89 to 153 in accordance with the limitations imposed on the investment and borrowing powers set out in the
Trust Deed.
For and on behalf of the Trustee,
HSBC Institutional Trust Services (Singapore) Limited
Antony Wade Lewis
Director
Singapore
Report of the Trustee
For the fi nancial year ended 31 March 2013
Mapletree Logistics Trust Annual Report 2012/1386
In the opinion of the directors of Mapletree Logistics Trust Management Ltd., the accompanying fi nancial statements of Mapletree Logistics
Trust (“MLT”) and its subsidiaries (the “Group”) as set out on pages 89 to 153 comprising the Balance Sheets and Portfolio Statements of
MLT and the Group as at 31 March 2013, the Statements of Total Return, Distribution Statements, Statements of Movements in Unitholders’
Funds of MLT and the Group, the Consolidated Cash Flow Statement of the Group and Notes to the Financial Statements for the fi nancial
year ended 31 March 2013 are drawn up so as to present fairly, in all material respects, the fi nancial position of MLT and of the Group as at
31 March 2013 and the total return, amount distributable, movements of unitholders’ funds of MLT and of the Group and consolidated cash
fl ows of the Group for the fi nancial year ended 31 March 2013 in accordance with the recommendations of Statement of Recommended
Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certifi ed Public Accountants of Singapore. At the date
of this statement, there are reasonable grounds to believe that MLT will be able to meet its fi nancial obligations as and when they materialise.
For and on behalf of the Manager,
Mapletree Logistics Trust Management Ltd.
Ng Kiat
Director
Singapore
Statement by the Manager
For the fi nancial year ended 31 March 2013
Mapletree Logistics Trust Annual Report 2012/13 87
Report on the Financial Statements
We have audited the accompanying fi nancial statements of Mapletree Logistics Trust (“MLT”) and its subsidiaries (the “Group”) as set out on
pages 89 to 153, which comprise the Balance Sheets and Portfolio Statements of MLT and the Group as at 31 March 2013, the Statements
of Total Return, Distribution Statements, Statements of Movements in Unitholders’ Funds of MLT and the Group and Consolidated Cash Flow
Statement of the Group for the fi nancial year ended 31 March 2013, and a summary of signifi cant accounting policies and other explanatory
information.
Manager’s Responsibility for the Financial Statements
The Manager of MLT is responsible for the preparation and fair presentation of these fi nancial statements in accordance with the recommendations
of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certifi ed Public
Accountants of Singapore and for such internal control as the Manager of the Trust determines is necessary to enable the preparation of
fi nancial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these fi nancial statements based on our audit. We conducted our audit in accordance with
Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the fi nancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial statements. The procedures
selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the fi nancial statements;
whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation
and fair presentation of the fi nancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of accounting estimates made by the Manager of MLT, as well as evaluating the overall
presentation of the fi nancial statements.
We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the fi nancial statements present fairly, in all material respects, the fi nancial position of MLT and of the Group as at 31 March
2013, the total return, amount distributable and movements in unitholders’ funds of MLT and the Group and consolidated cash fl ows of the
Group for the fi nancial year ended 31 March 2013 in accordance with the Statement of Recommended Accounting Practice 7 “Reporting
Framework for Unit Trusts” issued by the Institute of Certifi ed Public Accountants of Singapore.
PricewaterhouseCoopers LLP
Public Accountants and Certifi ed Public Accountants
Singapore
Independent Auditor’s Report to the Unitholders of Mapletree Logistics Trust
(Constituted under a Trust Deed in the Republic of Singapore)
Mapletree Logistics Trust Annual Report 2012/1388
Group MLT
Restated
Note
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
S$’000 S$’000 S$’000 S$’000
Gross revenue 3 307,786 339,535 137,938 167,138
Property expenses 4 (39,714) (45,957) (21,058) (25,909)
Net property income 268,072 293,578 116,880 141,229
Interest income 3 765 881 11,701 11,720
Dividend income 3 – – 31,244 28,386
Manager’s management fees (31,098) (34,373) (12,157) (14,866)
Trustee’s fees (627) (700) (627) (700)
Other trust (expenses)/income 5 (5,162) 9,413 (11,348) 2,472
Borrowing costs 6 (38,641) (44,384) (12,493) (15,074)
Net investment income 193,309 224,415 123,200 153,167
Net change in fair value of
fi nancial derivatives 23,062 11,457 14,655 3,945
Amortisation of fair value of
fi nancial guarantees – – 4,755 4,624
Net income 216,371 235,872 142,610 161,736
Net movement in the value of investment properties 12 20,271 113,020 28,129 21,821
Gain on divestment of investment properties – 831 – 831
Impairment on a subsidiary 13 – – (37,536) –
Total return for the year/period
before income tax 236,642 349,723 133,203 184,388
Income tax 7 (14,074) (25,502) – –
Total return for the year/period 222,568 324,221 133,203 184,388
Total return attributable to:
Unitholders of MLT 202,712 321,893 114,390 183,718
Perpetual securities holders 18,813 670 18,813 670
Non-controlling interests 1,043 1,658 – –
222,568 324,221 133,203 184,388
Earnings per unit (cents) 8
- Basic 8.35 13.27
- Diluted 8.35 13.27
Statements of Total Return
For the fi nancial year ended 31 March 2013
Mapletree Logistics Trust Annual Report 2012/13 89
Group MLT
Note
31 March
2013
Restated
31 March
2012
Restated
31 March
2010
31 March
2013
31 March
2012
S$’000 S$’000 S$’000 S$’000 S$’000
ASSETS
Current assets
Cash and cash equivalents 9 134,814 167,643 108,434 22,076 32,049
Trade and other receivables 10 11,820 25,650 21,563 119,391 200,271
Other current assets 11 7,165 12,612 6,871 1,148 1,612
Derivative fi nancial instruments 17 17,220 8,337 6,219 15,644 6,102
171,019 214,242 143,087 158,259 240,034
Investment property held-for-sale 12 15,500 – 12,000 15,500 –
186,519 214,242 155,087 173,759 240,034
Non-current assets
Investment properties 12 4,050,367 4,058,274 3,459,182 1,618,254 1,554,040
Investments in subsidiaries 13 – – – 195,798 210,859
Loans to subsidiaries 14 – – – 761,125 855,114
Property, plant and equipment – – 8 – –
4,050,367 4,058,274 3,459,190 2,575,177 2,620,013
Total assets 4,236,886 4,272,516 3,614,277 2,748,936 2,860,047
LIABILITIES
Current liabilities
Trade and other payables 15 159,397 152,402 102,841 72,253 73,529
Financial guarantee contracts – – – 18,281 6,869
Borrowings 16 288,757 243,772 172,294 – –
Current income tax liabilities 3,170 2,758 2,110 – –
Derivative fi nancial instruments 17 8,705 28,121 42,059 2,465 7,578
460,029 427,053 319,304 92,999 87,976
Non-current liabilities
Trade and other payables 15 2,500 2,500 2,595 2,500 2,500
Borrowings 16 1,144,749 1,251,286 1,181,837 392,899 463,952
Deferred taxation 18 47,355 44,640 27,923 – –
1,194,604 1,298,426 1,212,355 395,399 466,452
Total liabilities 1,654,633 1,725,479 1,531,659 488,398 554,428
Net assets 2,582,253 2,547,037 2,082,618 2,260,538 2,305,619
Represented by:
Unitholders’ funds 19 2,232,029 2,195,677 2,080,237 1,916,528 1,961,609
Perpetual securities holders 19 344,010 344,010 – 344,010 344,010
Non-controlling interest 6,214 7,350 2,381 – –
2,582,253 2,547,037 2,082,618 2,260,538 2,305,619
Units in issue (’000) 19 2,432,010 2,426,318 2,426,318 2,432,010 2,426,318
Net asset value per unit (S$) 0.92 0.90 0.86 0.79 0.81
Balance Sheets
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/1390
Group MLT
1 April
2012 to
31 March
2013
Restated
1 January
2011 to
31 March
2012
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
S$’000 S$’000 S$’000 S$’000
Total return for the year/period attributable to Unitholders 202,712 321,893 114,390 183,718
Adjustment for net effect of non-tax deductible/
(chargeable) items and other adjustments
(Note A) (36,359) (121,959) 51,963 16,216
Amount available for distribution 166,353 199,934 166,353 199,934
Amount available for distribution to Unitholders
at beginning of the year/period 41,576 32,108 41,576 32,108
207,929 232,042 207,929 232,042
Distribution to Unitholders:
Distribution of 1.70 cents per unit for the period from
1 January 2012 to 31 March 2012 (41,247) – (41,247) –
Distribution of 1.70 cents per unit for the period from
1 April 2012 to 30 June 2012 (41,247) – (41,247) –
Distribution of 1.71 cents per unit for the period from
1 July 2012 to 30 September 2012 (41,490) – (41,490) –
Distribution of 1.72 cents per unit for the period from
1 October 2012 to 31 December 2012 (41,753) – (41,753) –
Distribution of 1.31 cents per unit for the period from
15 October 2010 to 31 December 2010 – (31,785) – (31,785)
Distribution of 1.55 cents per unit for the period from
1 January 2011 to 31 March 2011 – (37,608) – (37,608)
Distribution of 1.60 cents per unit for the period from
1 April 2011 to 30 June 2011 – (38,821) – (38,821)
Distribution of 1.69 cents per unit for the period from
1 July 2011 to 30 September 2011 – (41,005) – (41,005)
Distribution of 1.70 cents per unit for the period from
1 October 2011 to 31 December 2011 – (41,247) – (41,247)
Total Unitholders’ distribution (including capital return) (Note B) (165,737) (190,466) (165,737) (190,466)
Amount available for distribution to Unitholders
at end of the year/period 42,192 41,576 42,192 41,576
Distribution Statements
For the fi nancial year ended 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13 91
Group MLT
Restated
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
S$’000 S$’000 S$’000 S$’000
Note A:
Adjustment for net effect of non-tax deductible/(chargeable)
items and other adjustments comprise:
Major non-tax deductible/(chargeable) items:
- Trustee’s fees 627 700 627 700
- Net change in fair value of fi nancial derivatives (23,062) (11,457) (14,655) (3,945)
- Financing fees 1,948 1,164 1,222 1,164
- Net fair value gain on investment properties
net of deferred tax impact (19,202) (99,274) (28,129) (21,821)
- Gain on divestment of investment properties – (831) – (831)
- Exchange differences on capital items/
unrealised exchange differences 6,051 (13,571) 10,514 (1,990)
- Amortisation of fair value of fi nancial
guarantees – – (4,755) (4,624)
Net overseas income distributed back to MLT
in the form of capital returns – – 48,826 44,605
Impairment on a subsidiary – – 37,536 –
Other gains – 2,244 – 2,244
Other non-tax deductible items and other adjustments (2,721) (934) 777 714
(36,359) (121,959) 51,963 16,216
Note B:
Total Unitholders’ distribution:
- From other gains – 2,184 – 2,184
- From operations 132,008 144,851 132,008 144,851
- From Unitholders’ contribution 33,729 43,431 33,729 43,431
165,737 190,466 165,737 190,466
Distribution Statements
For the fi nancial year ended 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/1392
Group MLT
Note
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
S$’000 S$’000 S$’000 S$’000
Operations
Beginning of the year/period (as previously stated) 484,431 311,955 194,142 157,459
Effects of adoption of amendments to FRS 12 12,390 10,008 – –
Beginning of the year/period (as restated) 496,821 321,963 194,142 157,459
Total return attributable to unitholders of MLT 202,712 321,893 114,390 183,718
Distributions (132,008) (147,035) (132,008) (147,035)
End of the year/period 567,525 496,821 176,524 194,142
Unitholders’ Contribution
Beginning of the year/period 1,767,467 1,810,898 1,767,467 1,810,898
Creation of new units arising from:
- Distribution Reinvestment Plan 6,211 – 6,211 –
- Settlement of acquisition fees 229 – 229 –
Issue expenses 20 (174) – (174) –
Distributions (33,729) (43,431) (33,729) (43,431)
End of the year/period 1,740,004 1,767,467 1,740,004 1,767,467
Perpetual Securities
Beginning of the year/period 344,010 – 344,010 –
Issue of perpetual securities 19 – 350,000 – 350,000
Issue expenses 20 – (6,660) – (6,660)
Total return attributable to perpetual securities holders 18,813 670 18,813 670
Distributions (18,813) – (18,813) –
End of the year/period 344,010 344,010 344,010 344,010
Foreign Currency Translation Reserve
Beginning of the year/period (as previously stated) (65,517) (50,078) – –
Effects of adoption of amendments to FRS 12 (3,094) (2,546) – –
Beginning of the year/period(as restated) (68,611) (52,624) – –
Translation differences relating to fi nancial statements of
foreign subsidiaries and quasi equity loans (6,889) (15,987) – –
End of the year/period (75,500) (68,611) – –
Total Unitholders’ funds at end of the year/period 2,576,039 2,539,687 2,260,538 2,305,619
Non-Controlling Interests
Beginning of the year/period 7,350 2,381 – –
Contribution from non-controlling interests – 4,043 – –
Total return attributable to non-controlling interest 1,043 1,658 – –
Distribution to non-controlling interests
(including capital returns) (962) (730) – –
Currency translation movement (1,217) (2) – –
End of the year/period 6,214 7,350 – –
Total 2,582,253 2,547,037 2,260,538 2,305,619
Statements of Movements in Unitholders’ Funds
For the fi nancial year ended 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13 93
Group
Description of leasehold
property
Date of
legal
completion
Term of
lease
Remaining
term of
lease Location
Gross
revenue for
year ended
31/03/2013
S$’000
Logistics Properties
Singapore:
TIC Tech Centre 28/07/2004 30 years (l) 13 years 25 Pandan Crescent 8,358
KLW 06/12/2004 30 years (l) 11 years 19 Senoko Loop 2,098
Expeditors 03/01/2005 30 years 21 years 61 Alps Avenue 2,199
Allied Telesis 03/01/2005 30 years (l) 21 years 11 Tai Seng Link 1,896
Mapletree Benoi Logistics Hub 17/05/2005 30 years 27 years 21 Benoi Sector –
37 Penjuru Lane 17/05/2005 30 years 13 years 37 Penjuru Lane 1,744
6 Changi South Lane 07/06/2005 30 years (l) 12 years 6 Changi South Lane 1,873
Armstrong 13/06/2005 30 years (l) 13 years 531 Bukit Batok Street 23 2,029
70 Alps Avenue 16/06/2005 30 years 20 years 70 Alps Avenue 4,701
Menlo (Alps) 16/06/2005 29/30 years (j) 19 years 60 Alps Avenue 1,925
Ban Teck Han 20/06/2005 30 years (l) 13 years 21 Serangoon North Avenue 5 1,809
5B Toh Guan Road East 22/06/2005 30 years (l) 8 years 5B Toh Guan Road East 3,089
CIAS Flight Kitchen 28/07/2005 60 years 27 years 50 Airport Boulevard 1,674
Prima 28/07/2005 99 years 84 years 201 Keppel Road 1,853
Pulau Sebarok 28/07/2005 73 years 58 years Pulau Sebarok 7,275
Kenyon 28/11/2005 30 years (m) 17 years 8 Loyang Crescent 1,496
Toppan 01/12/2005 28/30 years (k,l) 7 years 97 Ubi Avenue 4 1,541
APICO 01/12/2005 30 years (l) 12 years 39 Changi South Avenue 2 747
2 Serangoon North Avenue 5 07/02/2006 30 years (l) 13 years 2 Serangoon North Avenue 5 5,965
10 Changi South Street 3 10/02/2006 30 years (l) 12 years 10 Changi South Street 3 1,422
Popular 06/03/2006 30 years (l) 14 years 20 Old Toh Tuck Road 1,093
85 Defu Lane 10 07/07/2006 30 years (l) 7 years 85 Defu Lane 10 1,912
SH Cogent (Penjuru Lane) 18/07/2006 30 years (n) 6 years 31 Penjuru Lane 1,846
8 Changi South Lane 18/08/2006 30 years (l) 14 years 8 Changi South Lane 1,593
Markono 01/09/2006 30 years (l) 14 years 4 Toh Tuck Link 1,092
138 Joo Seng Road 07/09/2006 30 years (l) 8 years 138 Joo Seng Road 1,685
Kim Seng 13/09/2006 30 years (l) 6 years 4 Tuas Avenue 5 1,265
7 Tai Seng Drive 03/10/2006 30 years (l) 10 years 7 Tai Seng Drive 3,785
Jurong Logistics Hub 20/10/2006 30 years (l) 18 years 31 Jurong Port Road 21,402
Kingsmen Creatives 01/02/2007 30 years (l) 16 years 3 Changi South Lane 1,376
30 Woodlands Loop 06/02/2007 30 years (l) 18 years 30 Woodlands Loop 729
1 Genting Lane 08/02/2007 60 years 35 years 1 Genting Lane 1,029
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/1394
Gross
revenue for
period ended
31/03/2012
Occupancy
rates
FY12/13
Occupancy
rates
FY11/12
Latest
valuation
date
At
valuation
at
31/03/2013
At
valuation
at
31/03/2012
Percentage
of total
net assets
attributable
to
Unitholders
at
31/03/2013
Percentage
of total
net assets
attributable
to
Unitholders
at
31/03/2012
S$’000 % % S$’000 S$’000 % %
10,176 99.5 100 31/03/2013 (a) 71,000 70,500 3.3 3.1
2,618 100 100 31/03/2013 (a) 22,500 22,000 1.0 1.0
2,655 100 100 31/03/2013 (a) 21,700 21,600 1.0 1.0
2,309 100 100 31/03/2013 (a) 20,000 19,500 0.9 0.9
2,053 N/A N/A 31/03/2013 (h) 62,904 14,000 2.8 0.6
1,436 100 100 31/03/2013 (a) 10,000 10,400 0.4 0.5
2,584 80.2 100 31/03/2013 (a) 20,000 20,000 0.9 0.9
2,479 100 100 31/03/2013 (a) 28,000 27,800 1.3 1.3
5,368 100 100 31/03/2013 (a) 35,600 35,500 1.6 1.6
2,954 100 100 31/03/2013 (a) 21,000 21,500 0.9 1.0
2,223 100 100 31/03/2013 (a) 25,500 24,400 1.1 1.1
3,721 81.7 76.8 31/03/2013 (a) 31,000 34,500 1.4 1.6
2,068 100 100 31/03/2013 (a) 21,200 21,200 0.9 1.0
2,313 100 100 31/03/2013 (a) 38,000 35,000 1.7 1.6
8,972 100 100 31/03/2013 (a) 106,000 104,500 4.7 4.7
1,833 100 100 31/03/2013 (a) 21,500 21,000 1.0 1.0
1,854 100 100 31/03/2013 (a) 18,200 18,000 0.8 0.8
931 100 100 31/03/2013 (a) 11,000 10,900 0.5 0.5
8,204 89.4 92.4 31/03/2013 (a) 54,500 54,000 2.4 2.5
1,953 39.7 100 31/03/2013 (a) 20,000 21,000 0.9 1.0
1,336 100 100 31/03/2013 (a) 14,500 14,300 0.6 0.7
2,044 100 100 31/03/2013 (a) 18,900 18,500 0.8 0.8
2,268 100 100 31/03/2013 (a) 18,100 18,100 0.8 0.8
1,573 100 100 31/03/2013 (a) 18,000 17,800 0.8 0.8
1,342 100 100 31/03/2013 (a) 15,000 14,800 0.7 0.7
1,565 100 85.4 31/03/2013 (a) 16,600 16,500 0.7 0.8
1,548 100 100 31/03/2013 (a) 16,500 15,900 0.7 0.7
3,534 97.8 57.0 31/03/2013 (a) 41,000 40,000 1.8 1.8
23,955 97.8 100 31/03/2013 (a) 215,000 199,700 9.6 9.0
1,702 100 100 31/03/2013 (a) 17,200 17,000 0.8 0.8
1,041 7.3 100 31/03/2013 (i) 15,500 11,000 0.7 0.5
1,145 100 100 31/03/2013 (a) 13,000 13,000 0.6 0.6
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13 95
Group
Description of leasehold
property
Date of
legal
completion
Term of
lease
Remaining
term of
lease Location
Gross
revenue for
year ended
31/03/2013
S$’000
Logistics Properties
Singapore (continued):
20 Tampines Street 92 27/02/2007 30 years (l) 7 years 20 Tampines Street 92 982
Shine @ Spring 28/02/2007 30 years (l) 12 years 521 Bukit Batok Street 23 2,027
Winstant 09/03/2007 60 years 25 years 6 Marsiling Lane 1,782
134 Joo Seng Road 10/04/2007 30 years (l) 9 years 134 Joo Seng Road 873
Union Steel (Pioneer) 30/11/2007 30 years (l) 10 years 31/33 Pioneer Road North 547
Union Steel (Neythal) 30/11/2007 60 years 27 years 119 Neythal Road 1,490
Union Steel (Tuas South) 30/11/2007 30 years (l) 16 years 30 Tuas South Avenue 8 545
Union Steel (Tuas View) 30/11/2007 60 years 43 years 8 Tuas View Square 461
Pioneer Districentre 14/12/2007 12 years (o) 11 years 10 Tuas Avenue 13 1,493
76 Pioneer Road 24/04/2008 30 years (l) 10 years 76 Pioneer Road 4,344
3A Jalan Terusan 02/05/2008 30 years (o) 12 years 3A Jalan Terusan 2,551
Menlo (Boon Lay Way) 30/06/2008 30 years (p) 7 years 30 Boon Lay Way 4,125
Menlo (Benoi) 30/06/2008 20 years 17 years 22A Benoi Road 698
SH Cogent (Penjuru Close) 15/12/2009 29 years 22 years 7 Penjuru Close 4,517
CEVA (Changi South) 11/03/2010 25 years (l) 11 years 15 Changi South Street 2 3,432
Natural Cool Lifestyle Hub 18/08/2010 30 years (l) 24 years 29 Tai Seng Avenue 4,592
AW Centre 25/10/2010 30 years (l) 16 years 73 Tuas South Avenue 1 1,537
Liang Huat Building 26/11/2010 30 years (l) 12 years 51 Benoi Road 4,499
JEP Centre 20/12/2010 30 years 24 years 44/46 Changi South Street 1 1,527
NS Tang Building 24/12/2010 30 years (q) 10 years 36 Loyang Drive 1,176
Jian Huang Building 31/03/2011 30 years 28 years 15A Tuas Ave 18 2,124
39 Tampines Street 92 (u) 07/07/2006 – – 39 Tampines Street 92 –
9 Tampines Street 92 (v) 02/02/2007 – – 9 Tampines Street 92 115
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/1396
Gross
revenue for
period ended
31/03/2012
Occupancy
rates
FY12/13
Occupancy
rates
FY11/12
Latest
valuation
date
At
valuation
at
31/03/2013
At
valuation
at
31/03/2012
Percentage
of total
net assets
attributable
to
Unitholders
at
31/03/2013
Percentage
of total
net assets
attributable
to
Unitholders
at
31/03/2012
S$’000 % % S$’000 S$’000 % %
1,061 100 100 31/03/2013 (a) 13,500 13,400 0.6 0.6
2,498 100 100 31/03/2013 (a) 27,500 27,500 1.2 1.2
2,189 100 100 31/03/2013 (a) 20,000 20,400 0.9 0.9
1,072 100 100 31/03/2013 (a) 11,000 12,300 0.5 0.6
677 100 100 31/03/2013 (a) 7,200 7,000 0.3 0.3
1,843 100 100 31/03/2013 (a) 16,800 16,800 0.8 0.8
674 100 100 31/03/2013 (a) 7,650 7,300 0.3 0.3
571 100 100 31/03/2013 (a) 6,500 6,300 0.3 0.3
1,798 100 100 31/03/2013 (a) 17,200 16,400 0.8 0.7
5,311 100 100 31/03/2013 (a) 56,000 55,800 2.5 2.5
3,072 100 100 31/03/2013 (a) 27,800 27,340 1.2 1.2
5,057 100 100 31/03/2013 (a) 45,000 45,000 2.0 2.0
855 100 100 31/03/2013 (a) 6,800 6,800 0.3 0.3
5,529 100 100 31/03/2013 (a) 55,000 54,500 2.5 2.5
4,189 100 100 31/03/2013 (a) 47,000 47,000 2.1 2.1
5,617 100 100 31/03/2013 (a) 57,000 54,700 2.6 2.5
1,891 100 100 31/03/2013 (a) 19,500 18,900 0.9 0.9
5,505 100 100 31/03/2013 (a) 57,000 56,500 2.6 2.6
1,890 100 100 31/03/2013 (a) 17,300 17,100 0.8 0.8
1,447 100 100 31/03/2013 (a) 14,100 14,100 0.6 0.6
2,088 100 100 31/03/2013 (a) 25,000 25,000 1.1 1.1
547 – – – – – – –
– – – – – – – –
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13 97
Group
Description of leasehold
property
Date of
legal
completion
Term of
lease
Remaining
term of
lease Location
Gross
revenue for
year ended
31/03/2013
S$’000
Logistics Properties
Japan:
Gyoda Centre 02/02/2007 Freehold – 5-9-4, Nagano, Gyoda-shi, 2,086
Saitama
Ayase Centre 27/04/2007 Freehold – 2-112-1-2, Yoshioka Higashi, 1,210
Ayase-shi, Kanagawa
Kyoto Centre 27/04/2007 Freehold – 1 Shouryuuji Tobio, Nagaokakyo- 6,900
shi, Kyoto
Atsugi Centre 27/04/2007 Freehold – 6493-1, Aza Otsukashita, Nakatsu, 3,000
Aikawa-cho, Aiko-gun, Kanagawa
Zama Centre 27/04/2007 Freehold – 2-5020-1, Hironodai, Zama-shi, 7,772
Kanagawa
Funabashi Centre 27/04/2007 Freehold – 488-33-1, Suzumi-cho 3,490
Funabashi-shi, Chiba
Shiroishi Centre 06/12/2007 Freehold – 1-227-102, Ryutsu Center, 974
Shiroishi-ku, Sapporo-shi,
Hokkaido
Kashiwa Centre 30/09/2008 Freehold – 1046-1, Aza Nishishimonodai, 5,735
Takata, Kashiwa-shi, Chiba
Shonan Centre 26/02/2010 Freehold – 1027-29, Aza Miyagohara, 5,091
Washinoya, Kashiwa-shi, Chiba
Sendai Centre 03/06/2010 Freehold – 2-1-6 Minato, Miyagino-ku 1,662
Sendai-shi Miyagi
Iwatsuki Centre (s) 21/09/2010 Freehold – 850-3 Aza Yonban, Oaza 2,834
Magome, Iwatsuki-ku Saitama-shi
Saitama
Iruma Centre 21/09/2010 Freehold – 803-1 Aza Nishihara, Oaza 4,109
Kami-Fujisawa, Iruma-shi,
Saitama
Noda Centre 21/09/2010 Freehold – 2107-1 Aza Kanoyama, Kinosaki 6,470
Noda-shi, Chiba
Toki Centre 29/10/2010 Freehold – 1-1-1, Tokigaoka, 1,673
Toki-Shi, Gifu
Hiroshima Centre 25/03/2011 Freehold – 3-3-1, Tomonishi, Asaminami-Ku,
Hiroshima-shi, Hiroshima
8,293
Eniwa Centre 23/03/2012 Freehold – 345-17, Toiso, Eniwa-shi, Hokkaido 1,806
Sano Centre 23/03/2012 Freehold – 570-16, Nishiuracho, Sano-shi, Tochigi 1,138
Moriya Centre 23/03/2012 Freehold – 2-27-1, Midori, Moriya-shi, Ibaraki 4,905
Mokurenji Centre 23/03/2012 Freehold – 53-5, Mokurenji, Ooaza, Iruma-shi,
Saitama
4,106
Mizuhomachi Centre 23/03/2012 Freehold – 187, Ooaza Fujiyama Kurihara Nitta,
Mizuho-cho, Nishitama-gun, Tokyo
3,432
Aichi Miyoshi Centre 23/03/2012 Freehold – 27-403, Neura, Ukigaicho,
Miyoshi-shi, Aichi
1,278
Kyotanabe Centre 23/03/2012 Freehold – 2-101, Kanabidai, Kyotanabe, Kyoto 2,275
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/1398
Gross
revenue for
period ended
31/03/2012
Occupancy
rates
FY12/13
Occupancy
rates
FY11/12
Latest
valuation
date
At
valuation
at
31/03/2013
At
valuation
at
31/03/2012
Percentage
of total
net assets
attributable
to
Unitholders
at
31/03/2013
Percentage
of total
net assets
attributable
to
Unitholders
at
31/03/2012
S$’000 % % S$’000 S$’000 % %
2,735 100 100 31/03/2013 (b) 24,565 35,080 1.1 1.6
1,594 100 100 31/03/2013 (b) 13,647 18,709 0.6 0.9
9,091 100 100 31/03/2013 (b) 90,590 112,410 4.1 5.1
3,953 100 100 31/03/2013 (b) 39,901 51,762 1.8 2.4
10,241 100 100 31/03/2013 (b) 113,205 139,539 5.1 6.4
4,359 100 100 31/03/2013 (b) 43,540 59,245 2.0 2.7
1,341 100 100 31/03/2013 (b) 8,617 12,644 0.4 0.6
7,556 100 100 31/03/2013 (b) 77,073 101,185 3.5 4.6
6,708 100 100 31/03/2013 (b) 67,585 89,024 3.0 4.1
1,574 100 100 31/03/2013 (b) 20,535 24,478 0.9 1.1
6,918 100 100 31/03/2013 (b) 37,302 46,773 1.7 2.1
5,415 100 100 31/03/2013 (b) 56,407 68,600 2.5 3.1
8,524 100 100 31/03/2013 (b) 87,341 104,927 3.9 4.8
2,213 100 100 31/03/2013 (b) 20,016 23,542 0.9 1.1
8,906 100 100 31/03/2013 (b) 100,338 119,426 4.5 5.4
46 100 100 31/03/2013 (b) 19,756 23,386 0.9 1.1
29 100 100 31/03/2013 (b) 14,037 16,838 0.6 0.8
125 100 100 31/03/2013 (b) 62,386 74,369 2.8 3.4
105 100 100 31/03/2013 (b) 51,599 61,740 2.3 2.8
88 100 100 31/03/2013 (b) 47,180 55,971 2.1 2.5
33 100 100 31/03/2013 (b) 15,467 18,865 0.7 0.9
58 100 100 31/03/2013 (b) 28,854 34,612 1.3 1.6
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13 99
Group
Description of leasehold
property
Date of
legal
completion
Term of
lease
Remaining
term of
lease Location
Gross
revenue for
year ended
31/03/2013
S$’000
Logistics Properties
Hong Kong:
Tsuen Wan No.1 26/01/2006 149 years 35 years Nos. 43-57 Wang Wo Tsai Street, 2,545
Tsuen Wan, New Territories
Shatin No. 2 26/01/2006 60 years 35 years Nos. 21-23 Yuen Shun Circuit, 4,543
Shatin, New Territories
Shatin No. 3 26/01/2006 58 years 35 years No. 22 On Sum Street, Shatin, 4,345
New Territories
Shatin No. 4 20/04/2006 55 years 35 years No. 28 On Muk Street, Shatin, 10,468
New Territories
Bossini Logistics Centre 06/06/2006 60 years 35 years Nos. 4-8 Yip Wo Street, 1,596
On Lok Tsuen, Fanling
AsiaTone i-Centre 11/09/2006 54 years 35 years No. 1 Wang Wo Tsai Street, 5,187
Tsuen Wan, New Territories
Grandtech Centre 05/06/2007 56 years 35 years No. 8 On Ping Street, Shatin, 9,028
New Territories
Shatin No. 5 14/08/2007 149 years 35 years No. 6 Wong Chuk Yueng Street, 943
Shatin, New Territories
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13100
Gross
revenue for
period ended
31/03/2012
Occupancy
rates
FY12/13
Occupancy
rates
FY11/12
Latest
valuation
date
At
valuation
at
31/03/2013
At
valuation
at
31/03/2012
Percentage
of total
net assets
attributable
to
Unitholders
at
31/03/2013
Percentage
of total
net assets
attributable
to
Unitholders
at
31/03/2012
S$’000 % % S$’000 S$’000 % %
3,105 100 100 31/03/2013 (c) 53,406 52,555 2.4 2.4
5,239 100 100 31/03/2013 (c) 91,531 87,537 4.1 4.0
5,444 100 100 31/03/2013 (c) 87,187 86,723 3.9 3.9
12,634 100 97.4 31/03/2013 (c) 214,429 215,587 9.6 9.8
2,024 100 100 31/03/2013 (c) 29,599 27,498 1.3 1.3
6,594 100 100 31/03/2013 (c) 65,471 61,178 2.9 2.8
10,172 99.6 96.0 31/03/2013 (c) 168,584 159,128 7.6 7.2
1,055 100 100 31/03/2013 (c) 17,534 17,735 0.8 0.8
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13 101
Group
Description of leasehold
property
Date of
legal
completion
Term of
lease
Remaining
term of
lease Location
Gross
revenue for
year ended
31/03/2013
S$’000
Logistics Properties
South Korea:
Yeoju Centre 22/02/2008 Freehold – 532-7, Maraeli, Neungsu-myun, 999
Yujoo-gun, Gyeonggi-do,
South Korea
Multi-Q Centre (A&B) 14/09/2010 &
31/01/2011
Freehold – 937-5 Baekbong-ri
Baegam-myeon, Cheoin-gu
3,450
Yongin-si, Gyeonggi-do,
South Korea
Iljuk Centre 06/05/2011 Freehold – 452-1, Goeun-ri, Iljuk-myeon, 2,127
Anseong-si, Gyeonggi-do,
South Korea
KPPC Pyeongtaek Centre 17/06/2011 Freehold – #1203-1 Wonjeong-ri, 7,956
Poseung-eup, Pyeongtaek-si,
Gyeonggi-do, South Korea
Jungbu Cold Warehouse 13/04/2012 Freehold – 704-7 & Others, Gouen-ri,
Iljuk-Myeon, Anseong-si,
Gyeonggi-do, South Korea
3,856
Dooil Cold Warehouse 13/04/2012 Freehold – 16-1, 16-2, 17, 19, 30-1
and 1233-3, Oksan-ri, Baekam-
Myeon, Cheoin-gu, Yongin-si ,
Gyeonggi-do, South Korea
3,584
Hyundai Logistics Centre 26/09/2012 Freehold – 162-6 & 162-7- Gusso-ri,
Miyang-Myeon, Anseong-si,
Gyeonggi-do, South Korea
1,455
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13102
Gross
revenue for
period ended
31/03/2012
Occupancy
rates
FY12/13
Occupancy
rates
FY11/12
Latest
valuation
date
At
valuation
at
31/03/2013
At
valuation
at
31/03/2012
Percentage
of total
net assets
attributable
to
Unitholders
at
31/03/2013
Percentage
of total
net assets
attributable
to
Unitholders
at
31/03/2012
S$’000 % % S$’000 S$’000 % %
1,345 100 100 31/03/2013 (d) 12,573 12,364 0.6 0.6
4,199 100 100 31/03/2013 (d) 42,632 40,465 1.8 1.8
2,248 55.7 100 31/03/2013 (d) 24,459 28,100 1.1 1.3
6,423 100 100 31/03/2013 (d) 97,151 95,542 4.4 4.4
– 100 – 31/03/2013 (d) 42,289 – 1.9 –
– 100 – 31/03/2013 (d) 38,518 – 1.7 –
– 100 – 31/03/2013 (d) 28,688 – 1.3 –
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13 103
Group
Description of leasehold
property
Date of
legal
completion
Term of
lease
Remaining
term of
lease Location
Gross
revenue for
year ended
31/03/2013
S$’000
Logistics Properties
China:
Ouluo Logistics Centre 14/04/2006 50 years (r) 39 years No. 785 and 909 Yuan Hang Road, 2,508
Pudong New District, Shanghai
Mapletree Xi’an Distribution 24/05/2007 50 years 42 years No. 20 Mingguang Road, 1,079
Centre Economic and Technological
Development Zone, Xi’an,
Shaanxi Province
Mapletree AIP 11/12/2007 46 years 40 years 48 Hongmian Road, Xinhua Town, 4,495
Huadu, Guangzhou
Northwest Logistics Park 19/08/2008 50 years 42 years No. 428 Jinda Road and No.359 2,046
(Phase 1) Yinxing Road, Taopu Town,
Northwest Logistics Park, Putuo
District, Shanghai
Northwest Logistics Park 19/08/2008 50 years 43 years No. 402 Jinda Road, Taopu Town, 727
(Phase 2) Northwest Logistics Park, Putuo
District, Shanghai
ISH WaiGaoQiao 23/10/2008 50 years 31 years No. 80 Fute North Road 3,038
WaiGaoQiao FTZ, Pudong New
District, Shanghai
Mapletree Wuxi Logistics Park 11/10/2013 50 years 43 years No. 8 Hua You Si Road,
New District, Wuxi
539
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13104
Gross
revenue for
period ended
31/03/2012
Occupancy
rates
FY12/13
Occupancy
rates
FY11/12
Latest
valuation
date
At
valuation
at
31/03/2013
At
valuation
at
31/03/2012
Percentage
of total
net assets
attributable
to
Unitholders
at
31/03/2013
Percentage
of total
net assets
attributable
to
Unitholders
at
31/03/2012
S$’000 % % S$’000 S$’000 % %
2,899 96 84.4 31/03/2013 (c) 35,334 35,449 1.6 1.6
1,194 85.7 90.0 31/03/2013 (c) 15,091 15,335 0.7 0.7
5,433 100 100 31/03/2013 (c) 58,723 57,555 2.6 2.6
2,208 100 97.1 31/03/2013 (c) 30,464 32,462 1.4 1.5
1,189 100 100 31/03/2013 (c) 10,823 11,352 0.5 0.5
3,490 100 100 31/03/2013 (c) 38,721 37,241 1.7 1.7
– 100 – 03/12/2012 (e) 23,690 – 1.1 –
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13 105
Group
Description of leasehold
property
Date of
legal
completion
Term of
lease
Remaining
term of
lease Location
Gross
revenue for
year ended
31/03/2013
S$’000
Logistics Properties
Malaysia:
Pancuran 31/05/2006 99 years 83 years Lot 1, Persiaran Budiman, 1,727
Section 23, 40300 Shah Alam,
Selangor Darul Ehsan
Zentraline 06/10/2006 99 years 82 years Lot 6, Persiaran Budiman, 1,000
Section 23, 40300 Shah Alam,
Selangor Darul Ehsan
Subang 1 02/11/2006 99 years 83 years Lot 36545, Jalan TS 6/5 Taman 488
Perindustrian Subang, 47510
Subang Jaya, Selangor
Darul Ehsan
Subang 2 02/11/2006 99 years 76 years Lot 832, Jalan Subang 6, 554
Taman Perindustrian Subang,
47500 Subang Jaya,
Selangor Darul Ehsan
Chee Wah 11/05/2007 Freehold – No. 16 Jalan PPU 3, Taman 451
Perindustrian Puchong Utama,
47100 Puchong, Selangor
Darul Ehsan
Subang 3 10/09/2007 99 years 77 years Lot 2607, Jalan Subang 6, Taman 557
Perindustrian Subang, 47510
Subang Jaya, Selangor
Darul Ehsan
Subang 4 10/09/2007 99 years 93 years Lot 298, Jalan Subang 6, 272
Taman Perindustrian Subang,
47510 Subang Jaya,
Selangor Darul Ehsan
Senai - UPS 11/12/2007 Freehold – 161 & 162 Jalan Murni 12, Taman 764
Perindustrian Murni,
81400 Senai, Johor Darul Takzim
Linfox 14/12/2007 Freehold – No. 3 Jalan Biola 33/1, Section 33 1,401
off Jalan Bukit Kemuning, 40400
Shah Alam, Selangor
Darul Ehsan
Century 15/02/2008 Freehold – Lot No. 1829,1830 and 3399
Jalan Kem, off Jalan
1,409
Teluk Gong, Kawasan
Perindustrian Pandamaran, 42000
Pelabuhan Klang, Selangor
Darul Ehsan
G-Force 17/10/2008 Freehold – Lot 2-30, 2-32, 2-34, Jalan Su 6A, 1,315
Persiaran Tengku Ampuan, Lion
Industrial Park, Section 26,
40400 Shah Alam, Selangor
Darul Ehsan
Celestica Hub 18/05/2012 Freehold – Lot Nos. 205 & 211, Jalang Seelong
81400 Senai, Johor
910
Padi Warehouse
(formerly known as Fuji Warehouse)
29/05/2012 60 years 30 years PLO 271, Jalan Gangsa,
Pasir Gudang Industrial Estate
81700 Pasir Gudang, Johor
1,030
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13106
Gross
revenue for
period ended
31/03/2012
Occupancy
rates
FY12/13
Occupancy
rates
FY11/12
Latest
valuation
date
At
valuation
at
31/03/2013
At
valuation
at
31/03/2012
Percentage
of total
net assets
attributable
to
Unitholders
at 31/03/2013
Percentage
of total
net assets
attributable
to
Unitholders
at 31/03/2012
S$’000 % % S$’000 S$’000 % %
2,158 84.5 84.5 31/03/2013 (f) 21,691 22,114 1.0 1.0
1,243 100 100 31/03/2013 (f) 12,452 11,265 0.6 0.5
893 59.5 94.5 31/03/2013 (f) 10,444 10,431 0.5 0.5
708 100 100 31/03/2013 (f) 6,829 6,884 0.3 0.3
552 100 93.0 31/03/2013 (f) 7,230 6,467 0.3 0.3
688 100 100 31/03/2013 (f) 7,632 7,343 0.3 0.3
300 100 100 31/03/2013 (f) 4,017 3,755 0.2 0.2
982 100 100 31/03/2013 (f) 10,845 11,182 0.5 0.5
1,678 100 31/03/2013 (f) 18,478 16,690 0.8 0.8
100
1,626 100 100 31/03/2013 (f) 16,067 15,855 0.7 0.7
1,586 100 100 31/03/2013 (f) 16,469 17,107 0.7 0.8
– 100 – 31/03/2013 (f) 11,850 – 0.5 –
– 100 – 31/03/2013 (f) 13,256 – 0.6 –
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13 107
Group
Description of
leasehold property
Date of
legal
completion
Term of
lease
Remaining
term of
lease Location
Gross
revenue for
year ended
31/03/2013
S$’000
Logistics Properties
Vietnam:
Mapletree Logistics Centre 01/06/2010 42 years 37 years No. 1, VSIP Street 10, 1,217
Vietnam Singapore Industrial
Park, Thuan An District,
Binh Duong Province
Investment properties 307,786
Other assets and liabilities (net)
Net assets of Group
Perpetual securities
Non-controlling interest
Net assets attributable to Unitholders
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13108
Gross
revenue for
period ended
31/03/2012
Occupancy
rates
FY12/13
Occupancy
rates
FY11/12
Latest
valuation
date
At
valuation
at
31/03/2013
At
valuation
at
31/03/2012
Percentage
of total
net assets
attributable
to
Unitholders
at
31/03/2013
Percentage
of total
net assets
attributable
to
Unitholders
at
31/03/2012
S$’000 % % S$’000 S$’000 % %
1,474 100 100 31/03/2013 (g) 8,015 8,211 0.4 0.4
339,535 4,065,867 4,058,274 182.2 184.8
(1,483,614) (1,511,337) (66.5) (68.8)
2,582,253 2,547,037 115.7 116.0
(344,010) (344,010) (15.4) (15.7)
(6,214) (7,350) (0.3) (0.3)
2,232,029 2,195,677 100.0 100.0
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13 109
MLT
Description of leasehold
property
Date of
legal
completion
Term of
lease
Remaining
term of
lease Location
Gross
revenue for
year ended
31/03/2013
S$’000
Logistics Properties
Singapore:
TIC Tech Centre 28/07/2004 30 years (l) 13 years 25 Pandan Crescent 8,358
KLW 06/12/2004 30 years (l) 11 years 19 Senoko Loop 2,098
Expeditors 03/01/2005 30 years 21 years 61 Alps Avenue 2,199
Allied Telesis 03/01/2005 30 years (l) 21 years 11 Tai Seng Link 1,896
Mapletree Benoi Logistics Hub 17/05/2005 30 years 27 years 21 Benoi Sector –
37 Penjuru Lane 17/05/2005 30 years 13 years 37 Penjuru Lane 1,744
6 Changi South Lane 07/06/2005 30 years (l) 12 years 6 Changi South Lane 1,873
Armstrong 13/06/2005 30 years (l) 13 years 531 Bukit Batok Street 23 2,029
70 Alps Avenue 16/06/2005 30 years 20 years 70 Alps Avenue 4,701
Menlo (Alps) 16/06/2005 29/30 years (j) 19 years 60 Alps Avenue 1,925
Ban Teck Han 20/06/2005 30 years (l) 13 years 21 Serangoon North Avenue 5 1,809
5B Toh Guan Road East 22/06/2005 30 years (l) 8 years 5B Toh Guan Road East 3,089
CIAS Flight Kitchen 28/07/2005 60 years 27 years 50 Airport Boulevard 1,674
Prima 28/07/2005 99 years 84 years 201 Keppel Road 1,853
Pulau Sebarok 28/07/2005 73 years 58 years Pulau Sebarok 7,275
Kenyon 28/11/2005 30 years (m) 17 years 8 Loyang Crescent 1,496
Toppan 01/12/2005 28/30 years (k,l) 7 years 97 Ubi Avenue 4 1,541
APICO 01/12/2005 30 years (l) 12 years 39 Changi South Avenue 2 747
2 Serangoon North Avenue 5 07/02/2006 30 years (l) 13 years 2 Serangoon North Avenue 5 5,965
10 Changi South Street 3 10/02/2006 30 years (l) 12 years 10 Changi South Street 3 1,422
Popular 06/03/2006 30 years (l) 14 years 20 Old Toh Tuck Road 1,093
85 Defu Lane 10 07/07/2006 30 years (l) 7 years 85 Defu Lane 10 1,912
SH Cogent (Penjuru Lane) 18/07/2006 30 years (n) 6 years 31 Penjuru Lane 1,846
8 Changi South Lane 18/08/2006 30 years (l) 14 years 8 Changi South Lane 1,593
Markono 01/09/2006 30 years (l) 14 years 4 Toh Tuck Link 1,092
138 Joo Seng Road 07/09/2006 30 years (l) 8 years 138 Joo Seng Road 1,685
Kim Seng 13/09/2006 30 years (l) 6 years 4 Tuas Avenue 5 1,265
7 Tai Seng Drive 03/10/2006 30 years (l) 10 years 7 Tai Seng Drive 3,785
Jurong Logistics Hub 20/10/2006 30 years (l) 18 years 31 Jurong Port Road 21,402
Kingsmen Creatives 01/02/2007 30 years (l) 16 years 3 Changi South Lane 1,376
30 Woodlands Loop 06/02/2007 30 years (l) 18 years 30 Woodlands Loop 729
1 Genting Lane 08/02/2007 60 years 35 years 1 Genting Lane 1,029
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13110
Gross
revenue for
period ended
31/03/2012
Occupancy
rates
FY12/13
Occupancy
rates
FY11/12
Latest
valuation
date
At
valuation
at
31/03/2013
At
valuation
at
31/03/2012
Percentage
of total
net assets
attributable
to
Unitholders
at
31/03/2013
Percentage
of total
net assets
attributable
to
Unitholders
at
31/03/2012
S$’000 % % S$’000 S$’000 % %
10,176 99.5 100 31/03/2013 (a) 71,000 70,500 3.7 3.6
2,618 100 100 31/03/2013 (a) 22,500 22,000 1.2 1.1
2,655 100 100 31/03/2013 (a) 21,700 21,600 1.1 1.1
2,309 100 100 31/03/2013 (a) 20,000 19,500 1.0 1.0
2,053 N/A N/A 31/03/2013 (h) 62,904 14,000 3.3 0.7
1,436 100 100 31/03/2013 (a) 10,000 10,400 0.5 0.5
2,584 80.2 100 31/03/2013 (a) 20,000 20,000 1.0 1.0
2,479 100 100 31/03/2013 (a) 28,000 27,800 1.5 1.4
5,368 100 100 31/03/2013 (a) 35,600 35,500 1.9 1.8
2,954 100 100 31/03/2013 (a) 21,000 21,500 1.1 1.1
2,223 100 100 31/03/2013 (a) 25,500 24,400 1.3 1.2
3,721 81.7 76.8 31/03/2013 (a) 31,000 34,500 1.6 1.8
2,068 100 100 31/03/2013 (a) 21,200 21,200 1.1 1.1
2,313 100 100 31/03/2013 (a) 38,000 35,000 2.0 1.8
8,972 100 100 31/03/2013 (a) 106,000 104,500 5.5 5.3
1,833 100 100 31/03/2013 (a) 21,500 21,000 1.1 1.1
1,854 100 100 31/03/2013 (a) 18,200 18,000 0.9 0.9
931 100 100 31/03/2013 (a) 11,000 10,900 0.6 0.6
8,204 89.4 92.4 31/03/2013 (a) 54,500 54,000 2.8 2.8
1,953 39.7 100 31/03/2013 (a) 20,000 21,000 1.0 1.1
1,336 100 100 31/03/2013 (a) 14,500 14,300 0.8 0.7
2,044 100 100 31/03/2013 (a) 18,900 18,500 1.0 0.9
2,268 100 100 31/03/2013 (a) 18,100 18,100 0.9 0.9
1,573 100 100 31/03/2013 (a) 18,000 17,800 0.9 0.9
1,342 100 100 31/03/2013 (a) 15,000 14,800 0.8 0.8
1,565 100 85.4 31/03/2013 (a) 16,600 16,500 0.9 0.8
1,548 100 100 31/03/2013 (a) 16,500 15,900 0.9 0.8
3,534 97.8 57.0 31/03/2013 (a) 41,000 40,000 2.1 2.0
23,955 97.8 100 31/03/2013 (a) 215,000 199,700 11.2 10.2
1,702 100 100 31/03/2013 (a) 17,200 17,000 0.9 0.9
1,041 7.3 100 31/03/2013 (i ) 15,500 11,000 0.8 0.6
1,145 100 100 31/03/2013 (a) 13,000 13,000 0.7 0.7
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13 111
MLT
Description of leasehold
property
Date of
legal
completion
Term of
lease
Remaining
term of
lease Location
Gross
revenue for
year ended
31/03/2013
S$’000
Logistics Properties
Singapore (continued):
20 Tampines Street 92 27/02/2007 30 years (l) 7 years 20 Tampines Street 92 982
Shine @ Spring 28/02/2007 30 years (l) 12 years 521 Bukit Batok Street 23 2,027
Winstant 09/03/2007 60 years 25 years 6 Marsiling Lane 1,782
134 Joo Seng Road 10/04/2007 30 years (l) 9 years 134 Joo Seng Road 873
Union Steel (Pioneer) 30/11/2007 30 years (l) 10 years 31/33 Pioneer Road North 547
Union Steel (Neythal) 30/11/2007 60 years 27 years 119 Neythal Road 1,490
Union Steel (Tuas South) 30/11/2007 30 years (l) 16 years 30 Tuas South Avenue 8 545
Union Steel (Tuas View) 30/11/2007 60 years 43 years 8 Tuas View Square 461
Pioneer Districentre 14/12/2007 12 years (o) 11 years 10 Tuas Avenue 13 1,493
76 Pioneer Road 24/04/2008 30 years (l) 10 years 76 Pioneer Road 4,344
3A Jalan Terusan 02/05/2008 30 years (o) 12 years 3A Jalan Terusan 2,551
Menlo (Boon Lay Way) 30/06/2008 30 years (p) 7 years 30 Boon Lay Way 4,125
Menlo (Benoi) 30/06/2008 20 years 17 years 22A Benoi Road 698
SH Cogent (Penjuru Close) 15/12/2009 29 years 22 years 7 Penjuru Close 4,517
CEVA (Changi South) 11/03/2010 25 years (l) 11 years 15 Changi South Street 2 3,432
Natural Cool Lifestyle Hub 18/08/2010 30 years (l) 24 years 29 Tai Seng Avenue 4,592
AW Centre 25/10/2010 30 years (l) 16 years 73 Tuas South Avenue 1 1,537
Liang Huat Building 26/11/2010 30 years (l) 12 years 51 Benoi Road 4,499
JEP Centre 20/12/2010 30 years 24 years 44/46 Changi South Street 1 1,527
NS Tang Building 24/12/2010 30 years (q) 10 years 36 Loyang Drive 1,176
Jian Huang Building 31/03/2011 30 years 28 years 15A Tuas Ave 18 2,124
39 Tampines Street 92 (u) 07/07/2006 – – 39 Tampines Street 92 –
9 Tampines Street 92 (v) 02/02/2007 – – 9 Tampines Street 92 115
Investment properties 137,938
Other assets and liabilities (net)
Net assets of MLT
Perpetual securities
Net assets attributable to Unitholders
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13112
Gross
revenue for
period ended
31/03/2012
Occupancy
rates
FY12/13
Occupancy
rates
FY11/12
Latest
valuation
date
At
valuation
at
31/03/2013
At
valuation
at
31/03/2012
Percentage
of total
net assets
attributable
to
Unitholders
at
31/03/2013
Percentage
of total
net assets
attributable
to
Unitholders
at
31/03/2012
S$’000 % % S$’000 S$’000 % %
1,061 100 100 31/03/2013 (a) 13,500 13,400 0.7 0.7
2,498 100 100 31/03/2013 (a) 27,500 27,500 1.4 1.4
2,189 100 100 31/03/2013 (a) 20,000 20,400 1.0 1.0
1,072 100 100 31/03/2013 (a) 11,000 12,300 0.6 0.6
677 100 100 31/03/2013 (a) 7,200 7,000 0.4 0.4
1,843 100 100 31/03/2013 (a) 16,800 16,800 0.9 0.9
674 100 100 31/03/2013 (a) 7,650 7,300 0.4 0.4
571 100 100 31/03/2013 (a) 6,500 6,300 0.3 0.3
1,798 100 100 31/03/2013 (a) 17,200 16,400 0.9 0.8
5,311 100 100 31/03/2013 (a) 56,000 55,800 2.9 2.8
3,072 100 100 31/03/2013 (a) 27,800 27,340 1.5 1.4
5,057 100 100 31/03/2013 (a) 45,000 45,000 2.3 2.3
855 100 100 31/03/2013 (a) 6,800 6,800 0.4 0.3
5,529 100 100 31/03/2013 (a) 55,000 54,500 2.9 2.8
4,189 100 100 31/03/2013 (a) 47,000 47,000 2.5 2.4
5,617 100 100 31/03/2013 (a) 57,000 54,700 3.0 2.8
1,891 100 100 31/03/2013 (a) 19,500 18,900 1.0 1.0
5,505 100 100 31/03/2013 (a) 57,000 56,500 3.0 2.9
1,890 100 100 31/03/2013 (a) 17,300 17,100 0.9 0.9
1,447 100 100 31/03/2013 (a) 14,100 14,100 0.7 0.7
2,088 100 100 31/03/2013 (a) 25,000 25,000 1.3 1.3
547 – – – – – – –
– – – – – – – –
167,138 1,633,754 1,554,040 85.2 79.2
626,784 751,579 32.7 38.3
2,260,538 2,305,619 117.9 117.5
(344,010) (344,010) (17.9) (17.5)
1,916,528 1,961,609 100.0 100.0
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13 113
Investment properties comprise a portfolio of logistics properties that are leased to external customers. Generally, the leases for the multi-tenanted
buildings contain an initial non-cancellable period of 1 to 3 years and leases for single tenanted buildings contain an initial non-cancellable
period of up to 30 years. Subsequent renewals are negotiated with the lessees.
(a) The carrying amounts of the Singapore investment properties were based on independent full valuations as at 31 March 2013 undertaken
by Jones Lang LaSalle Property Consultants Pte. Ltd., an independent valuer. Jones Lang LaSalle Property Consultants Pte. Ltd. has
appropriate professional qualifi cations and recent experience in the location and category of the properties being valued. The full valuations
of the investment properties were based on direct comparison method, income capitalisation method and discounted cashfl ow method.
(b) The carrying amounts of the Japan investment properties were based on independent full valuations as at 31 March 2013 undertaken
by DTZ Debenham Tie Leung K.K., an independent valuer. DTZ Debenham Tie Leung K.K. has appropriate professional qualifi cations
and recent experience in the location and category of the properties being valued. The full valuations of the investment properties were
based on direct comparison, direct capitalisation method, discounted cash fl ow and cost method.
(c) The carrying amounts of the Hong Kong and China investment properties, other than Mapletree Wuxi Logistics Park were based on
independent full valuations as at 31 March 2013 undertaken by Jones Lang LaSalle Corporate Appraisal and Advisory Limited, an
independent valuer. Jones Lang LaSalle Corporate Appraisal and Advisory Limited has appropriate professional qualifi cations and
recent experience in the locations and category of the properties being valued. The full valuations of the investment properties were
based on discounted cashfl ow method and income capitalisation and cost method.
(d) The carrying amounts of the South Korea investment properties were based on independent full valuations as at 31 March 2013
undertaken by Jones Lang LaSalle Limited, an independent valuer. Jones Lang LaSalle Limited has appropriate professional qualifi cations
and recent experience in the location and category of the properties being valued. The full valuations of the investment properties were
based on discounted cash, direct comparison and income capitalisation method.
(e) The carrying amount of the Mapletree Wuxi Logistics Park was based on independent full valuation as at 3 December 2012 undertaken
by Savills Property Services (Shanghai) Company Limited, an independent valuer. Savills Property Services (Shanghai) Company Limited
has appropriate professional qualifi cations and recent experience in the location and category of the property being valued. The full
valuation of the investment property was based on direct comparison and income capitalisation method.
(f) The carrying amounts of the Malaysia investment properties were based on independent full valuations as at 31 March 2013 undertaken
by C H Williams Talhar & Wong Sdn. Bhd., an independent valuer. C H Williams Talhar & Wong Sdn. Bhd. has appropriate professional
qualifi cations and recent experience in the location and category of the properties being valued. The full valuations of the investment
properties were based on income capitalisation and cost method.
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13114
(g) The carrying amount of Vietnam investment property, Mapletree Logistics Centre, was based on an independent full valuation as at
31 March 2013 undertaken by Jones Lang LaSalle Vietnam Limited, an independent valuer. Jones Lang LaSalle Vietnam Limited has
appropriate professional qualifi cations and recent experience in the location and category of the property being valued. The full valuation
of the investment property was based on direct comparison and income capitalisation method.
(h) This refl ects the “as-is-where-is” value of Mapletree Benoi Logistics Hub which is currently undergoing re-development.
(i) This refl ects the agreed sale price of 30 Woodlands Loop which divestment was announced on 22 March 2013 and has been classifi ed
as an investment property held-for-sale.
(j) Comprises 2 land leases of 29 and 30 years both ending in September 2031.
(k) Comprises 2 land leases of 28 and 30 years ending in August and November 2019 respectively.
(l) Includes an option for MLT to renew the land lease for a further term of 30 years upon expiry.
(m) Includes an option for MLT to renew the land lease for a further term of 23 years upon expiry.
(n) Includes an option for MLT to renew the land lease for a further term of 13 years upon expiry.
(o) Includes an option for MLT to renew the land lease for a further term of 12 years upon expiry.
(p) Includes an option for MLT to renew the land lease for a further term of 15 years upon expiry.
(q) Includes an option for MLT to renew the land lease for a further term of 28 years upon expiry.
(r) Comprises 2 land leases of 50 years each, both ending in September 2052.
(s) This property comprises one building with 100% occupancy and a vacant piece of land. The building which was previously on the
vacant piece of land was burnt down in a fi re during the previous fi nancial period.
(t) This property was divested on 7 July 2011.
(u) This property was divested on 31 May 2011.
Portfolio Statements
As at 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13 115
Restated
Note
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
S$’000 S$’000
Operating activities
Total return for the year/period 222,568 324,221
Adjustments for:
- Income tax 14,074 25,502
- Interest income (765) (881)
- Interest expense 36,693 42,465
- Amortisation 1,103 1,185
- Gain on divestment of investment properties – (831)
- Net movement in the value of investment properties (20,271) (113,020)
- Unrealised translation losses 13,200 2,309
- Net change in fair value of fi nancial derivatives (23,062) (11,457)
Operating income before working capital changes 243,540 269,493
Changes in working capital:
- Trade and other receivables 18,284 (8,207)
- Trade and other payables 6,455 52,839
Cash generated from operations 268,279 314,125
Taxes paid (10,363) (8,713)
Cash fl ows from operating activities 257,916 305,412
Investing activities
Interest received 686 855
Net cash outfl ow on purchase of and additions to investment
properties including payment of deferred considerations (177,692) (565,613)
Purchase of investment properties through purchase of subsidiaries, net of cash acquired (19,560) –
Insurance proceeds – 26,080
Proceeds from divestment of investment properties – 27,182
Deposits for purchase of properties – (2,462)
Cash fl ows used in investing activities (196,566) (513,958)
Financing activities
Proceeds from issue of perpetual securities, net of transaction costs – 343,340
Contribution from non-controlling interests – 4,043
Proceeds from borrowings 594,174 1,190,403
Repayment of borrowings (462,276) (1,040,061)
Distribution to Unitholders (net of distribution in units) (159,700) (190,466)
Distribution to perpetual securities holders (18,813) –
Distribution to non-controlling interests (962) (730)
Interest paid (37,200) (38,771)
Cash fl ows (used in)/ from fi nancing activities (84,777) 267,758
Net (decrease)/ increase in cash and cash equivalents (23,427) 59,212
Cash and cash equivalents at beginning of the year/period 167,643 108,434
Effect of exchange rate changes on balances held in
foreign currencies (9,402) (3)
Cash and cash equivalents at end of the year/period 9 134,814 167,643
Consolidated Cash Flow Statement
For the fi nancial year ended 31 March 2013
The accompanying notes form an integral part of these fi nancial statements.
Mapletree Logistics Trust Annual Report 2012/13116
These notes form an integral part of and should be read in conjunction with the accompanying fi nancial statements.
1. General
Mapletree Logistics Trust (“MLT”) is a Singapore-domiciled private 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. 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 Offi cial List of the Singapore Exchange Securities Trading Limited on 28 July 2005.
The principal activity of MLT and its subsidiaries (the “Group”) is to invest in a diverse portfolio of logistics properties with the primary
objective of achieving an attractive level of return from rental income and for long-term capital growth.
MLT changed its fi nancial year end from 31 December to 31 March during the previous fi nancial period to align its fi nancial year-end
with its Sponsor, Mapletree Investments Pte Ltd. Accordingly, the FY11/12 amounts presented in relation to the FY12/13 amounts in
this set of consolidated fi nancial statements are not entirely comparable.
MLT has entered into several service agreements in relation to the management of MLT and its property operations. The fee structures
for these services are as follows:
(A) Trustee’s fees
The Trustee’s fees shall not exceed 0.1% per annum of the value of all the assets of MLT (“Deposited Property”) (subject to a minimum
of S$10,000 per month) or such higher percentage as may be fi xed by an Extraordinary Resolution of a meeting of Unitholders. The
Trustee’s fees are payable out of the Deposited Property of MLT monthly, in arrears. The Trustee is also entitled to reimbursement of
expenses incurred in the performance of its duties under the Trust Deed.
Based on the current arrangement between the Manager and the Trustee, the Trustee’s fees are charged on a scaled basis of up to
0.03% per annum of the value of the Deposited Property (subject to a minimum of S$10,000 per month).
(B) Manager’s Management fees
The Manager or its subsidiaries are entitled to receive the following remuneration:
(i) a base fee of 0.5% per annum of the value of the Deposited Property or such higher percentage as may be approved by an
Extraordinary Resolution of a meeting of Unitholders; and
(ii) a performance fee of 3.6% per annum of the net property income of MLT or such higher percentage as may be approved by
an Extraordinary Resolution of a meeting of Unitholders.
The management fees payable to the Manager or its subsidiaries will be paid in the form of cash or/and Units. Where the management
fees are paid in cash, the amounts are paid monthly, in arrears. Where the management fees are paid in the form of Units, the amounts
are paid quarterly, in arrears.
(C) Acquisition and Disposal fee
The Manager or its subsidiaries are entitled to receive the following fees:
(i) an acquisition fee not exceeding 1.0% of the acquisition price of any Authorised Investments (as defi ned in the Trust Deed),
acquired directly or indirectly by MLT or such higher percentage as may be approved by an Extraordinary Resolution of a
meeting of Unitholders; and
(ii) a divestment fee not exceeding 0.5% of the sale price of any Authorised Investments, sold or divested directly or indirectly by
MLT or such higher percentage as may be approved by an Extraordinary Resolution of a meeting of Unitholders.
The acquisition and disposal fee will be paid in the form of cash or/and Units and is payable as soon as practicable after completion
of the acquisition and disposal respectively.
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
Mapletree Logistics Trust Annual Report 2012/13 117
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
1. General (continued)
(D) Development Management fee
The Manager or its subsidiaries are entitled to receive a development management fee not exceeding 3.0% of the total project costs
incurred in a development project undertaken on behalf of MLT, or such higher percentage as may be approved by an Extraordinary
Resolution of a meeting of Unitholders.
The development management fee is payable in cash, in equal monthly instalments over the construction period of each development
project based on the Manager’s best estimate of the Total Project Costs and construction period and, if necessary, a fi nal payment of
the balance amount when the total project costs is fi nalised.
(E) Fees under the Property Management Agreement
(i) Property management services
The Trustee will pay Mapletree Property Management Pte. Ltd. (the “Property Manager”), for each Fiscal Year (as defi ned in the
Property Management Agreement), a fee of up to 2.0% per annum of the gross revenue of each property.
(ii) Lease management services
Under the Property Management Agreement, the Trustee will pay the Property Manager, for each Fiscal Year, a fee of up to
1.0% per annum of the gross revenue of each property.
(iii) Marketing services
Under the Property Management Agreement, the Trustee will pay the Property Manager, the following commissions:
• 1 month’s gross rent inclusive of service charge for securing a tenancy of 3 years or less;
• 2 months’ gross rent inclusive of service charge for securing a tenancy of more than 3 years;
• if a third party agent secures a tenancy, the Property Manager will be responsible for all commission payable to such
third party agent, and the Property Manager will be entitled to a commission of:
• 1.2 months’ gross rent inclusive of service charge for securing a tenancy of 3 years or less; and
• 2.4 months’ gross rent inclusive of service charge for securing a tenancy of more than 3 years;
• half month’s gross rent inclusive of service charge for securing a renewal of tenancy of 3 years or less; and
• 1 month’s gross rent inclusive of service charge for securing a renewal of tenancy of more than 3 years.
The Property Manager’s fees are payable monthly, in arrears.
Mapletree Logistics Trust Annual Report 2012/13118
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
2. Signifi cant accounting policies
2.1 Basis of preparation
The fi nancial statements have been prepared in accordance with the Statement of Recommended Accounting Practice 7 (“RAP
7”) “Reporting Framework for Unit Trusts” issued by the Institute of Certifi ed Public Accountants of Singapore and the applicable
requirements of the CIS issued by the Monetary Authority of Singapore (“MAS”) and the provisions of the Trust Deed. RAP 7 requires
that accounting policies adopted should generally comply with the recognition and measurement principles of Singapore Financial
Reporting Standards (“FRS”).
These fi nancial statements, which are expressed in Singapore Dollars and rounded to the nearest thousand, have been prepared under
the historical cost convention, except as disclosed in the accounting policies below.
The preparation of fi nancial statements in conformity with RAP 7 requires management to exercise its judgement in the process of
applying the Group’s accounting policies. It also requires the use of certain critical accounting estimates and assumptions. Information
about an area involving a higher degree of judgment, where assumptions and estimates are signifi cant to the fi nancial statements, is
disclosed in Note 12 – Investment Properties and Investment Property held-for-sale. The assumptions and estimates were used by
the independent valuers in arriving at their valuations.
Interpretations and amendments to published standards effective in 2012
On 1 April 2012, the Group adopted the new or amended FRS and Interpretations to FRS (“INT FRS”) that are mandatory for application
for the fi nancial year. Changes to the Group’s accounting policies have been made as required, in accordance with the relevant transitional
provisions in the respective FRS and INT FRS.
The adoption of these new or amended FRS and INT FRS did not result in substantial changes to the accounting policies of the Group
and MLT and had no material effect on the amounts reported for the current year or prior fi nancial periods/years except for the adoption
of the amendment to FRS 12, the effects of which are disclosed below:
The Group has adopted the amendments to FRS 12 Deferred Tax: Recovery of Underlying Assets on 1 April 2012. The amended FRS
12 has introduced a presumption that an investment property measured at fair value is recovered entirely by sale. The amendment is
applicable retrospectively to annual periods beginning on or after 1 January 2012 with early adoption permitted.
Previously, the Group accounted for deferred tax on fair value gains on investment property on the basis that the asset would be
recovered through use. Upon adoption of the amendment, such deferred tax is measured on the basis of recovery through sale.
The effects on adoption are as follows:
Consolidated Balance Sheet
Increase/(Decrease)
31 March
2013
31 March
2012
31 December
2010
S$’000 S$’000 S$’000
Deferred income tax liabilities (19,753) (9,296) (7,462)
Retained profi ts 19,753 9,296 7,462
Statement of Total Return
for year/period ended
Increase/(Decrease)
31 March
2013
31 March
2012
S$’000 S$’000
Income tax expense (8,304) (2,382)
Profi t attributable to:
Unitholders of MLT 8,304 2,382
Earnings per unit (cents)
- Basic 0.34 0.10
- Diluted 0.34 0.10
Mapletree Logistics Trust Annual Report 2012/13 119
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
2. Signifi cant accounting policies (continued)
2.2 Revenue recognition
(a) Rental income and service charge from operating leases
Rental income and service charge from operating leases (net of any incentives given to the lessees) on investment properties
are recognised on a straight-line basis over the lease term.
(b) Interest income
Interest income is recognised on a time proportion basis using the effective interest method.
(c) Dividend income
Dividend income is recognised when the right to receive payment is established.
2.3 Expenses
(a) Property expenses
Property expenses are recognised on an accrual basis. Included in property expenses are Property Manager’s fees which are
based on the applicable formula stipulated in Note 1(E).
(b) Manager’s management fees
Manager’s management fees are recognised on an accrual basis using the applicable formula stipulated in Note 1(B).
(c) Borrowing costs
Interest expense and similar charges are recognised in the period in which they are incurred using the effective interest method.
2.4 Income tax
Taxation on the return for the year comprises current and deferred income tax. Income tax is recognised in the Statements of Total Return.
Current income tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted
at the balance sheet date.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the fi nancial statements. However, if the deferred income tax arises from initial recognition
of an asset or liability in a transaction other than a business combination that at the time of transaction affects neither accounting nor
taxable profi t or loss, it is not accounted for. Deferred income tax is determined using tax rates (and laws) that have been enacted or
substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or
deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profi t will be available against which the
temporary differences can be utilised.
Deferred income tax is provided on temporary differences arising on investment in subsidiaries except where the timing of the reversal
of the temporary differences can be controlled and it is probable that temporary differences will not reverse in the foreseeable future.
The Inland Revenue Authority of Singapore (“IRAS”) has issued a tax ruling on the taxation of MLT for the income earned and expenditure
incurred after its listing on the SGX-ST. Subject to meeting the terms and conditions of the tax rulings which includes a distribution
of at least 90% of the taxable income of MLT, the Trustee will not be taxed on the portion of taxable income of MLT that is distributed
to Unitholders. Any portion of the taxable income that is not distributed to Unitholders will be taxed on the Trustee. In the event that
there are subsequent adjustments to the taxable income when the actual taxable income of MLT is fi nally agreed with the IRAS, such
adjustments are taken up as an adjustment to the taxable income for the next distribution following the agreement with the IRAS.
Mapletree Logistics Trust Annual Report 2012/13120
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
2. Signifi cant accounting policies (continued)
2.4 Income tax (continued)
Although MLT is not taxed on its taxable income distributed, the Trustee and the Manager are required to deduct income tax at the
applicable corporate tax rate from the distributions of such taxable income of MLT (i.e. which has not been taxed in the hands of the
Trustee) to certain Unitholders. The Trustee and the Manager will not deduct tax from the distributions made out of MLT’s taxable
income to the extent that the benefi cial Unitholder is:
• An individual (excluding partnership);
• A tax resident Singapore-incorporated company;
• A body of persons registered or constituted in Singapore (e.g. town council, statutory board, registered charity, registered
co-operative society, registered trade union, management corporation, club and trade and industry association); and
• A Singapore branch of a foreign company which has presented a letter of approval from the IRAS granting waiver from tax
deduction at source in respect of distributions from MLT.
The above tax transparency ruling does not apply to gains from sale of real properties. Such gains, if they are considered as trading
gains, are assessable to tax on the Trustee. Where the gains are capital gains, the Trustee will not be assessed to tax and may distribute
the gains without tax being deducted at source.
2.5 Group accounting
(a) Subsidiaries
(i) Consolidation
Subsidiaries are entities (including special purpose entities) over which the Group has power to govern the fi nancial and
operating policies so as to obtain benefi ts from its activities, generally accompanied by a shareholding giving rise to a
majority of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible
are considered when assessing whether the Group controls another entity. Subsidiaries are consolidated from the
date on which control is transferred to the Group. They are de-consolidated from the date on which control ceases.
In preparing the consolidated fi nancial statements, transactions, balances and unrealised gains on transactions between
group entities are eliminated. Unrealised losses are also eliminated but are considered an impairment indicator of the
asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with
the policies adopted by the Group.
Non-controlling interests are that part of the net results of operations and of net assets of a subsidiary attributable to
the interests which are not owned directly or indirectly by the unitholders of MLT. They are shown separately in the
consolidated statements of total return, balance sheets and statements of movements in unitholders’ funds.
(ii) Acquisition of businesses
The acquisition method of accounting is used to account for business combinations by the Group.
The consideration transferred for the acquisition of a subsidiary comprises the fair value of the assets transferred, the
liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes the fair value
of any contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary.
Acquisition-related costs are expensed as incurred.
Identifi able assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited
exceptions, measured initially at their fair values at the acquisition date.
On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree at the date of
acquisition either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net identifi able assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the
acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the net identifi able assets
acquired is recorded as goodwill.
Mapletree Logistics Trust Annual Report 2012/13 121
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
2. Signifi cant accounting policies (continued)
2.5 Group accounting (continued)
(a) Subsidiaries (continued)
(iii) Disposals of subsidiaries or businesses
When a change in MLT’s ownership interest in a subsidiary results in a loss of control over the subsidiary, the assets
and liabilities of the subsidiary including any goodwill are derecognised.
Any retained interest in the entity is re-measured at fair value. The difference between the carrying amount of the retained
investment at the date when control is lost and its fair value is recognised in the Statements of Total Return.
Please refer to the paragraph “Investments in subsidiaries”, for the accounting policy on investments in subsidiaries in
the separate fi nancial statements of MLT.
(b) Transactions with non-controlling interests
Changes in MLT’s ownership interest in a subsidiary that do not result in a loss of control over the subsidiary are accounted
for as transactions with equity owners of the Group. Any difference between the change in the carrying amounts of the
non-controlling interest and the fair value of the consideration paid or received is recognised in a separate reserve within equity
attributable to the unitholders of MLT.
2.6 Investment properties
Investment properties are properties held either to earn rental income or capital appreciation or both. Investment properties are
accounted for as non-current assets and are stated at initial cost on acquisition, and at fair value thereafter. Fair values are determined
in accordance with the Trust Deed, which requires the investment properties to be valued by independent registered valuers at least
once a year, in accordance with the CIS issued by the MAS.
Any increase or decrease in the fair values is credited or charged to the Statements of Total Return.
When an investment property is disposed of, the resulting gain or loss recognised in the Statements of Total Return is the difference
between net disposal proceeds and the carrying amount of the investment property.
For taxation purposes, MLT may claim capital allowances on assets that qualify as plant and machinery under the Income Tax Act.
Investment properties held-for-sale
Investment properties are classifi ed as assets held for sale if their carrying amounts are expected to be recovered through sale
transactions rather than through continuing use.
Investment properties under development
Investment properties under development is measured at fair value if the fair value is considered to be reliably determinable. Investment
properties under development for which the fair value cannot be determined reliably, but for which the Group expects that the fair value
of the properties will be reliably determinable when development is completed, are measured at cost less impairment until the fair value
becomes reliably determinable or development is completed – whichever is earlier.
2.7 Investments in subsidiaries
Investments in subsidiaries are stated at cost less accumulated impairment losses (Note 2.12) in MLT’s Balance Sheet. On disposal
of investments in subsidiaries, the difference between net disposal proceeds and the carrying amount of the investment is taken to
the Statements of Total Return.
Mapletree Logistics Trust Annual Report 2012/13122
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
2. Signifi cant accounting policies (continued)
2.8 Property, plant and equipment
(a) Measurement
All property, plant and equipment are initially recognised at cost and subsequently carried at cost less accumulated depreciation
and accumulated impairment losses.
The cost of an item of property, plant and equipment includes its purchase price and any costs that are directly attributable to
bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by Management.
(b) Depreciation
Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their depreciable amounts
over their estimated useful lives. The estimated useful lives are as follows:
Plant and equipment 5 years
The residual values and useful lives of property, plant and equipment are reviewed, and adjusted as appropriate, at each balance
sheet date. The effects of any revision of the residual values and useful lives are included in the Statements of Total Return for
the fi nancial year in which the changes arise.
(c) Subsequent expenditure
Subsequent expenditure relating to property, plant and equipment that has already been recognised is added to the carrying amount
of the asset when it is probable that future economic benefi ts, in excess of the originally assessed standard of performance of
the existing asset, will fl ow to the company and the cost can be reliably measured. Other subsequent expenditure is recognised
as an expense during the fi nancial year in which it is incurred.
(d) Disposal
On disposal of an item of property, plant and equipment, the difference between the net disposal proceeds and its carrying
amount is taken to the Statements of Total Return.
2.9 Financial assets
Loans and receivables are non-derivative fi nancial assets with fi xed or determinable payments that are not quoted in an active market.
They are included in current assets, except those maturing later than 12 months after the balance sheet date, which are classifi ed as
non-current assets. Loans and receivables include “cash and bank balances” and “trade and other receivables” (except for certain
non-current receivables from subsidiaries which have been accounted for in accordance with Note 2.7). These fi nancial assets are
initially recognised at fair value plus transaction costs and subsequently carried at amortised cost using the effective interest method,
less accumulated impairment losses.
The Group assesses at each balance sheet date whether there is objective evidence that these fi nancial assets are impaired and
recognises an allowance for impairment when such evidence exists.
Signifi cant fi nancial diffi culties of the debtor, probability that the debtor will enter bankruptcy and default or signifi cant delay in payments
are objective evidence that these fi nancial assets are impaired.
The carrying amount of these assets is reduced through the use of an impairment allowance account which is calculated as the difference
between the carrying amount and the present value of estimated future cash fl ows, discounted at the original effective interest rate.
When the asset becomes uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously
written off are recognised against the same line item in the Statements of Total Return.
The impairment allowance is reduced through the Statements of Total Return in a subsequent period when the amount of impairment
loss decreases and the related decrease can be objectively measured. The carrying amount of the asset previously impaired is increased
to the extent that the new carrying amount does not exceed the amortised cost had no impairment been recognised in prior periods.
Mapletree Logistics Trust Annual Report 2012/13 123
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
2. Signifi cant accounting policies (continued)
2.10 Financial guarantees
MLT has issued corporate guarantees to banks for bank borrowings of its subsidiaries. These guarantees are fi nancial guarantee
contracts as they require MLT to reimburse the banks if the subsidiaries fail to make principal or interest payments when due in
accordance with the terms of their borrowings.
Financial guarantee contracts are initially recognised at their fair values.
Financial guarantee contracts are subsequently amortised to the Statements of Total Return over the period of the subsidiaries’
borrowings, unless MLT has incurred an obligation to reimburse the bank for an amount higher than the unamortised amount. In this
case, the fi nancial guarantee contracts shall be carried at the expected amount payable to the bank.
2.11 Cash and cash equivalents
Cash and cash equivalents include cash balances and deposits with fi nancial institutions.
2.12 Impairment of non-fi nancial assets
Property, plant and equipment
Investments in subsidiaries
Property, plant and equipment and investments in subsidiaries are tested for impairment whenever there is any objective evidence or
indication that these assets may be impaired.
For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use)
is determined on an individual asset basis unless the asset does not generate cash infl ows that are largely independent of those from
other assets. If this is the case, the recoverable amount is determined for the Cash Generating Unit (“CGU”) to which the asset belongs.
If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or
CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an
impairment loss in the Statements of Total Return.
An impairment loss for an asset is reversed if, and only if, there has been a change in the estimates used to determine the asset’s
recoverable amount or if there is a change in the events that had given rise to the impairment since the last impairment loss was
recognised. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does not exceed
the carrying amount that would have been determined (net of any accumulated amortisation or depreciation) had no impairment loss
been recognised for the asset in prior years. A reversal of impairment loss for an asset is recognised in the Statements of Total Return.
2.13 Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised
cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Statements of Total
Return over the period of the borrowings using the effective interest method.
2.14 Trade payables
Trade payables are initially measured at fair value, and subsequently at amortised cost, using the effective interest method.
2.15 Derivative fi nancial instruments and hedging activities
The Group uses derivative fi nancial instruments such as interest rate swaps and forward foreign currency contracts to hedge its
exposure to interest rate risks and currency risks arising from operational, fi nancing and investment activities. In accordance with its
treasury policy, which is in line with the CIS, the Group does not hold or issue derivative fi nancial instruments for trading purposes.
Derivative fi nancial instruments are recognised initially at fair value. Subsequent to initial recognition, derivative fi nancial instruments
are re-measured at their fair value.
The Group does not practise hedge accounting and accordingly changes in the fair value of any derivative instruments are recognised
immediately in the Statements of Total Return.
Mapletree Logistics Trust Annual Report 2012/13124
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
2. Signifi cant accounting policies (continued)
2.16 Fair value estimation of fi nancial assets and liabilities
The carrying amounts of current fi nancial assets and liabilities carried at amortised cost approximate their fair values.
The fair values of forward currency contracts and interest rate swaps are based on valuations provided by the Group’s bankers. The
fair values of forward currency contracts are determined using actively quoted forward currency rates at the balance sheet date. The
fair values of interest rate swaps are calculated as the present value of the estimated future cash fl ows, discounted at actively quoted
interest rates.
The fair values of fi nancial guarantee contracts are determined based on the market price range of banker’s guarantees with similar terms.
2.17 Operating leases
(a) When a group company is the lessee:
Leases of assets in which a signifi cant portion of the risks and rewards of ownership are retained by the lessor are classifi ed
as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are taken to the
Statements of Total Return on a straight-line basis over the period of the lease.
When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by
way of penalty is recognised as an expense in the period in which termination takes place.
(b) When a group company is the lessor:
Assets leased out under operating leases are included in investment properties and are stated at revalued amounts and not
depreciated. Rental income (net of any incentives given to lessees) is recognised on a straight-line basis over the lease term.
2.18 Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event where it is probable that such obligation
will result in an outfl ow of economic benefi ts that can be reasonably estimated.
2.19 Currency translation
(a) Functional and presentation currency
Items included in the fi nancial statements of each entity in the Group are measured using the currency of the primary economic
environment in which the entity operates (“functional currency”). The consolidated fi nancial statements are presented in Singapore
Dollars, which is MLT’s functional currency.
(b) Transactions and balances
Transactions in a currency other than the functional currency (“foreign currency”) are translated into the functional currency
using the exchange rates prevailing at the dates of the transactions. Currency translation gains and losses resulting from the
settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies
at the closing rates at the balance sheet date are recognised in the Statements of Total Return, except for currency translation
differences on the net investment in foreign operations, borrowings in foreign currencies and other currency instruments qualifying
as net investment hedges for foreign operations, which are included in the currency translation reserve within the Statements
of Movements in Unitholders’ Funds of the Group.
Mapletree Logistics Trust Annual Report 2012/13 125
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
2. Signifi cant accounting policies (continued)
2.19 Currency translation (continued)
(c) Translation of Group entities’ financial statements
The results and fi nancial position of all the group entities (none of which has the currency of a hyperinfl ationary economy) that
have a functional currency different from the presentation currency are translated into the presentation currency as follows:
(i) Assets and liabilities are translated at the closing rates at the date of the balance sheet;
(ii) Income and expenses are translated at average exchange rates (unless the average is not a reasonable approximation of
the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated
using the exchange rates at the dates of the transactions); and
(iii) All resulting exchange differences are taken to the currency translation reserve within the Statements of Movements in
Unitholders’ Funds.
(d) Consolidation adjustments
On consolidation, currency translation differences arising from the net investment in foreign operations, borrowings in foreign
currencies, and other currency instruments designated as hedges of such investments, are taken to the currency translation
reserve. When a foreign operation is sold, such currency translation differences recorded in the currency translation reserve
are recognised in the Statements of Total Return as part of the gain or loss on sale.
2.20 Units and perpetual securities
Proceeds from the issuance of units and perpetual securities in MLT are recognised as equity.
Issue expenses relate to expenses incurred in issuance of units and perpetual securities in MLT. The expenses relating to issuance of
units and perpetual securities are deducted directly from the net assets attributable to the Unitholders and perpetual securities balance
respectively.
2.21 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to Management who is responsible for
allocating resources and assessing performance of the operating segments.
2.22 Distribution policy
MLT’s distribution policy is to distribute at least 90% of its taxable income, comprising substantially its income from the letting of its
properties and related property services income after deduction of allowable expenses and allowances, and of its tax-exempt income
(if any). Distributions, when paid, will be in Singapore Dollars.
Mapletree Logistics Trust Annual Report 2012/13126
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
3. Gross Revenue, interest income and dividend income
Group MLT
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
S$’000 S$’000 S$’000 S$’000
Rental income 287,216 313,390 121,646 147,799
Service charges 15,578 16,754 14,282 15,640
Other operating income 4,992 9,391 2,010 3,699
Gross revenue 307,786 339,535 137,938 167,138
Interest income
- from bank 765 881 121 18
- from subsidiaries – – 11,580 11,702
765 881 11,701 11,720
Dividend income – – 31,244 28,386
308,551 340,416 180,883 207,244
4. Property expenses
Group MLT
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
S$’000 S$’000 S$’000 S$’000
Operation and maintenance 4,996 6,526 3,241 3,441
Land rental 4,712 5,502 4,221 4,805
Property and other taxes 14,140 15,205 4,848 5,554
Utilities 2,592 4,723 2,472 4,639
Property and lease management fees 7,505 8,089 4,029 4,821
Others 5,769 5,912 2,247 2,649
39,714 45,957 21,058 25,909
Mapletree Logistics Trust Annual Report 2012/13 127
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
5. Other trust (expenses)/income
Included in other trust (expenses)/income are:
Group MLT
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
S$’000 S$’000 S$’000 S$’000
Net foreign exchange (loss)/gain (4,195) 12,990 (9,721) 3,904
Non-audit fee paid/payable to:
- Auditors of MLT – (40) – (40)
- Other auditors * (100) (65) – –
(100) (105) – (40)
Auditors’ remuneration paid/
payable to:
- Auditors of MLT (159) (179) (122) (149)
- Other auditors * (324) (311) – –
(483) (490) (122) (149)
* Includes the network of member fi rms of PricewaterhouseCoopers International Limited (PwCIL).
6. Borrowing costs
Group MLT
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
S$’000 S$’000 S$’000 S$’000
Interest expense
- bank and other borrowings 36,693 42,465 – –
- subsidiary – – 11,271 13,910
Financing fees 1,948 1,919 1,222 1,164
38,641 44,384 12,493 15,074
7. Income tax
Group MLT
Restated
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
S$’000 S$’000 S$’000 S$’000
Withholding tax 5,770 4,728 – –
Current income tax 3,010 3,712 – –
Deferred tax 5,294 17,062 – –
14,074 25,502 – –
Mapletree Logistics Trust Annual Report 2012/13128
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
7. Income tax (continued)
The income tax expense on the results for the fi nancial year/period differs from the amount that would arise using the Singapore
standard rate of income tax due to the following:
Group MLT
Restated
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
S$’000 S$’000 S$’000 S$’000
Total return for the year/period before income tax 236,642 349,723 133,203 184,388
Tax calculated at a tax rate of 17% 40,229 59,453 22,645 31,346
Effects of:
- Expenses not deductible for tax
purposes 17,537 12,556 9,885 1,969
- Income not subject to tax (28,350) (27,832) (10,050) (7,960)
- Exemption for foreign
dividend income under
Singapore income tax – – (5,311) (4,826)
- Different tax rates in other countries 2,885 1,922 – –
- Utilisation of previously
unrecognised tax losses (1,058) (68) – –
- Tax transparency ruling (Note 2.4) (17,169) (20,529) (17,169) (20,529)
Tax charge 14,074 25,502 – –
8. Earnings per unit
The calculation of basic earnings per unit is based on:
Group
Restated
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
Total return attributable to Unitholders of MLT (S$’000) 202,712 321,893
Weighted average number of units outstanding
during the year/period (’000) 2,427,161 2,426,318
Basic and diluted earnings per unit (cents) 8.35 13.27
Diluted earnings per unit is the same as the basic earnings per unit as there are no dilutive instruments in issue during the fi nancial
year/period.
Mapletree Logistics Trust Annual Report 2012/13 129
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
9. Cash and cash equivalents
Group MLT
2013 2012 2013 2012
S$’000 S$’000 S$’000 S$’000
Cash at bank and on hand 89,157 111,656 7,547 10,549
Short-term bank deposits 45,657 55,987 14,529 21,500
134,814 167,643 22,076 32,049
Short-term bank deposits at the balance sheet date in 2013 have a weighted average maturity of 1 month (2012: 3 months) from the
end of the fi nancial year/period. The effective interest rate at balance sheet date is 1.38% (2012: 1.38%) per annum.
10. Trade and other receivables
Group MLT
2013 2012 2013 2012
S$’000 S$’000 S$’000 S$’000
Trade receivables 6,456 6,468 3,536 3,637
Allowance for impairment of trade receivables (2,766) (2,763) (2,380) (2,380)
3,690 3,705 1,156 1,257
Amounts due from subsidiaries (non-trade) – – 106,671 190,894
Dividend receivables – – 11,382 7,926
Net value-added tax receivable – 11,002 – –
Other receivables 8,130 10,943 182 194
11,820 25,650 119,391 200,271
The amounts due from subsidiaries are unsecured, interest-free and repayable on demand.
11. Other current assets
Group MLT
2013 2012 2013 2012
S$’000 S$’000 S$’000 S$’000
Deposits 1,101 3,632 87 144
Prepayments 6,064 8,980 1,061 1,468
7,165 12,612 1,148 1,612
Mapletree Logistics Trust Annual Report 2012/13130
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
12. Investment properties and investment property held-for-sale
(a) Investment properties
Group MLT
2013 2012 2013 2012
S$’000 S$’000 S$’000 S$’000
Beginning of the year/period 4,058,274 3,459,182 1,554,040 1,516,340
Acquisition of and additions to investment properties 205,034 561,093 51,476 30,229
Divestment of investment properties – (14,350) – (14,350)
Transfer to investment property held-for-sale (15,500) – (15,500) –
Net movement in the value of investment properties
recognised in the Statements of Total Return 20,380 86,088 28,238 21,821
Currency translation difference (217,821) (33,739) – –
End of the year/period 4,050,367 4,058,274 1,618,254 1,554,040
Included in investment properties is S$62,904,000 (2012: S$14,000,000), of investment property under development.
Investment properties are stated at fair value based on valuations performed by independent professional valuers. In determining
fair value, the valuers have used valuation methods which involve certain estimates.
The fair values are determined using the income capitalisation method, discounted cash fl ow method and direct comparison
method. The income capitalisation and discounted cash fl ow methods involve the estimation of income and expenses, taking
into account expected future changes in economic and social conditions, which may affect the value of the properties. The
direct comparison method involves the comparison of recent sales transactions of similar properties. The Manager is of the
view that the valuation methods and estimates are refl ective of the current market condition.
Details of the properties are shown in the Portfolio Statements.
(b) Investment property held-for-sale
On 22 March 2013, Mapletree Logistics Trust announced it had entered into an agreement to divest its property at 30 Woodlands
Loop, Singapore 738319. The divestment was completed on 30 April 2013.
On 7 December 2010, Mapletree Logistics Trust announced it had entered into an agreement to divest its property at 9 Tampines
Street 92, Singapore 528871. This property was sold during the fi nancial period ended 31 March 2012.
(c) Net movement in the value of investment properties
Group
The total S$20,271,000 (2012: S$113,020,000) recognised in the Statements of Total Return comprised S$20,380,000 (2012:
S$86,088,000) revaluation gain, net of cost to sell an investment property held-for-sale of S$109,000 (2012: S$Nil) and S$Nil
(2012: S$26,932,000) insurance proceeds received in relation to a building in Japan which was burnt down in a fi re.
MLT
The total S$28,129,000 (2012: S$21,821,000) recognised in the Statements of Total Return comprised S$28,238,000 (2012:
S$21,821,000) revaluation gain and net of cost to sell an investment property held-for-sale of S$109,000 (2012: S$Nil).
Mapletree Logistics Trust Annual Report 2012/13 131
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
13. Investments in subsidiaries
MLT
2013 2012
S$’000 S$’000
Equity investments at cost 233,334 210,859
Accumulated impairment (37,536) –
195,798 210,859
Details of signifi cant subsidiaries are included in Note 28.
Impairment of subsidiary
The fair value of the fi nancial guarantees that was capitalised in the cost of investment in a subsidiary undertaking treasury activities
was impaired to take into account the difference between the fair value of the fi nancial guarantees provided by MLT to that subsidiary
and its anticipated recoverable amount. No sensitivity analysis was considered as no changes to the impairment charge were noted
where realistic variations were applied.
The impairment charge only affects MLT’s fi nancial statements and does not impact the Group’s fi nancial statements. The impairment
charge is non-cash in nature and has no impact to the distributable income of both MLT and the Group.
14. Loans to subsidiaries
Loans to subsidiaries are denominated in the following currencies:
MLT
2013 2012
S$’000 S$’000
Singapore Dollar 222,910 37,610
Hong Kong Dollar 173,971 175,929
Japanese Yen 253,186 555,112
United States Dollar 111,058 86,463
761,125 855,114
The loans to subsidiaries are unsecured and have no fi xed repayment terms. The loans denominated in Hong Kong Dollar and Singapore
Dollar are interest-free. The weighted average interest rates of the United States Dollar and Japanese Yen loans at balance sheet date
are 0.79% (2012: 1.7%) per annum and 2.97% (2012: 2.5%) per annum respectively.
The loans denominated in Hong Kong Dollar and Singapore Dollar are considered to be part of the Company’s net investment in
these subsidiaries.
Mapletree Logistics Trust Annual Report 2012/13132
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
15. Trade and other payables
Group MLT
2013 2012 2013 2012
S$’000 S$’000 S$’000 S$’000
Current
Trade payables 1,183 960 140 408
Accrued operating expenses 17,062 16,002 16,880 11,465
Accrued retention sums 11,585 10,083 2,195 3,342
Amounts due to subsidiaries
(non-trade) – – 19,422 19,916
Amounts due to related parties
(trade) 19,518 23,344 5,397 7,060
Deposits and advance rental 96,941 83,021 25,942 23,698
Interest payable 6,216 6,950 – –
Net value-added tax payable 399 – – –
Other payables 6,493 12,042 2,277 7,640
159,397 152,402 72,253 73,529
Non-current
Deferred revenue 2,500 2,500 2,500 2,500
Total trade and other payables 161,897 154,902 74,753 76,029
The non-trade amounts due to subsidiaries are unsecured, interest-free and repayable on demand.
16. Borrowings
Group MLT
2013 2012 2013 2012
S$’000 S$’000 S$’000 S$’000
Current
Term loans 259,486 243,772 – –
Revolving credit facilities 14,271 – – –
Notes payable 15,000 – – –
288,757 243,772 – –
Non-current
Term loans 858,670 894,086 – –
Revolving credit facilities 149,124 181,882 – –
Notes payable 136,955 175,318 – –
Loans from a subsidiary – – 392,899 463,952
1,144,749 1,251,286 392,899 463,952
Total borrowings 1,433,506 1,495,058 392,899 463,952
The above loans and borrowings are unsecured.
Mapletree Logistics Trust Annual Report 2012/13 133
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
16. Borrowings (continued)
(a) Maturity of borrowings
Current term loans have a weighted average maturity of approximately 10 months (2012: 7 months) from the end of the fi nancial
year/period.
The non-current term loans, revolving credit facilities and notes payable mature between 2014 and 2021 (2012: 2013 and
2021). The loans from a subsidiary have no fi xed repayment terms and are not expected to be repaid within the next 12 months.
(b) Interest rates
The weighted average effective interest rates of total borrowings at the balance sheet date were as follows:
Group MLT
2013
%
2012
%
2013
%
2012
%
Term loans (current) 1.38 1.44 – –
Term loans (non-current) 1.10 1.14 – –
Revolving credit facilities
(current) 4.24 – – –
Revolving credit facilities
(non-current) 2.03 2.18 – –
Notes payable (current) 5.00 – – –
Notes payable
(non-current) 2.80 2.97 – –
Loans from a subsidiary – – 1.88 1.94
(c) Interest rate risks
The exposure of the borrowings of the Group and MLT to interest rate changes and the contractual repricing dates at the
balance sheet dates (before taking into account the derivatives to swap the fl oating rates to fi xed rates) are as follows:
Group
Variable rates
less than
6 months
Fixed rates
less than
1 year
Fixed rates
1 to 5 years
Fixed rates
more than
5 years Total
S$’000 S$’000 S$’000 S$’000 S$’000
At 31 March 2013
Borrowings 1,249,058 15,000 52,493 116,955 1,433,506
At 31 March 2012
Borrowings 1,280,763 38,977 35,000 140,318 1,495,058
MLT
Variable rates
less than
6 months
Fixed rates
less than
1 year
Fixed rates
1 to 5 years
Fixed rates
more than
5 years Total
S$’000 S$’000 S$’000 S$’000 S$’000
At 31 March 2013
Borrowings 240,944 15,000 20,000 116,955 392,899
At 31 March 2012
Borrowings 288,634 288,634 35,000 140,318 463,952
Mapletree Logistics Trust Annual Report 2012/13134
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
16. Borrowings (continued)
(d) Carrying amounts and fair values
The carrying amounts of current borrowings approximate their fair values. The carrying amounts of non-current borrowings,
which are at variable market rates, also approximate their fair values.
The carrying amounts and fair values of fi xed rate non-current notes payable and loans from a subsidiary were as follows:
Carrying amounts Fair values
2013 2012 2013 2012
S$’000 S$’000 S$’000 S$’000
Group
Notes payable (non-current) 136,955 175,318 148,111 198,605
MLT
Loans from a subsidiary 136,955 175,318 148,111 198,605
17. Derivative fi nancial instruments
Group
2013 2012
Contract Fair value Contract Fair value
notional
amount
Assets/
(liabilities)
notional
amount
Assets/
(liabilities)
S$’000 S$’000 S$’000 S$’000
Interest rate swaps 706,676 (5,595) 667,727 (15,961)
Cross currency swaps 111,001 931 143,794 (2,347)
Currency forwards 212,906 13,179 427,158 (1,476)
8,515 (19,784)
At 31 March 2013, the fi xed interest rates on interest rate and cross currency swaps vary from -0.72% to 4.86% (2012: -1.98% to
4.86%) per annum and the fl oating rates vary from 0.14% to 3.21% (2012: 0.20% to 3.19%) per annum.
MLT
2013 2012
Contract Fair value Contract Fair value
notional
amount
Assets/
(liabilities)
notional
amount
Assets/
(liabilities)
S$’000 S$’000 S$’000 S$’000
Currency forwards 212,906 13,179 427,158 (1,476)
Represented by: Group MLT
2013 2012 2013 2012
S$’000 S$’000 S$’000 S$’000
Current assets 17,220 8,337 15,644 6,102
Current liabilities (8,705) (28,121) (2,465) (7,578)
8,515 (19,784) 13,179 (1,476)
Mapletree Logistics Trust Annual Report 2012/13 135
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
18. Deferred taxation
Group
2013
Restated
2012
S$’000 S$’000
Beginning of the year/period as previously stated 53,936 35,385
Effect on adoption of amendments to FRS12 (9,296) (7,462)
Beginning of the year/period as restated 44,640 27,923
Tax charge to Statements of Total Return 5,294 17,062
Translation difference (2,579) (345)
End of the year/period 47,355 44,640
Deferred income tax liabilities comprise mainly deferred income tax provided on fair value gains of investment properties at the applicable
tax rates upon disposal of investment properties.
19. Units in issue and perpetual securities
(a) Units in issue
MLT
2013 2012
’000 ’000
Beginning of the year/period 2,426,318 2,426,318
Creation of new units arising from
- Distribution Reinvestment Plan 5,491 –
- Settlement of acquisition fees 201 –
End of the year/period 2,432,010 2,426,318
During the fi nancial year, MLT issued the following units:
(i) MLT has introduced and implemented a Distribution Reinvestment Plan whereby the Unitholders have the option to
receive their distribution in units instead of cash or a combination of units and cash.
5,491,489 new units (2012: Nil) at an issue price range of S$1.119 to S$1.133 (2012: Nil) per unit were issued pursuant
to the Distribution Reinvestment Plan.
(ii) 200,539 units at S$1.1419 per unit, in respect of the payment of manager’s acquisition fees for the acquisition of
Mapletree Wuxi Logistics Park.
Each unit in MLT represents an undivided interest in MLT. The rights and interests of Unitholders are contained in the Trust
Deed and include the right to:
• Receive income and other distributions attributable to the units held;
• Participate in the termination of MLT by receiving a share of all net cash proceeds derived from the realisation of the
assets of MLT less any liabilities, in accordance with their proportionate interests in MLT. However, a Unitholder does
not have the right to require that any assets (or part thereof) of MLT be transferred to him; and
• Attend all Unitholders’ meetings. The Trustee or the Manager may (and the Manager shall at the request in writing of
not less than 50 Unitholders or one-tenth in the number of Unitholders, whichever is lesser) at any time convene a
meeting of Unitholders in accordance with the provisions of the Trust Deed.
Mapletree Logistics Trust Annual Report 2012/13136
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
19. Units in issue and perpetual securities (continued)
(a) Units in issue (continued)
The restrictions of a Unitholder include the following:
• A Unitholder’s right is limited to the right to require due administration of MLT in accordance with the provisions of the
Trust Deed; and
• A Unitholder has no right to request to redeem his units while the units are listed on SGX-ST.
A Unitholder’s liability is limited to the amount paid or payable for any units in MLT. The provisions of the Trust Deed provide
that no Unitholder will be personally liable to indemnify the Trustee or any creditor of the Trustee in the event that the liabilities
of MLT exceed its assets.
(b) Perpetual securities
The following represents the terms of the perpetual securities:
• These perpetual securities have no fi xed redemption date;
• Redemption is at the discretion of MLT. The distribution will be payable semi-annually at the discretion of MLT and will
be non-cumulative.
In terms of distribution payments or in the event of winding-up of MLT:
• these perpetual securities rank pari passu with the holders of preferred units (if any) and rank ahead of the unitholders
of MLT, but junior to the claims of all other present and future creditors of MLT.
• MLT shall not declare distribution or pay any distributions to the Unitholders, or make redemption, unless MLT declare
or pay any distributions to the holders of the perpetual securities.
These perpetual securities are classifi ed as equity instruments and recorded in equity in the Statements of Movements in
Unitholders’ Funds. The S$344,010,000 (2012: S$344,010,000) presented on the balance sheets represents the S$350,000,000
perpetual securities net of issue costs and include total return attributable to perpetual securities holders from last distribution date.
20. Issue expenses
Issue expenses comprise professional, advisory, underwriting, printing and other costs related to issuance of units and perpetual
securities in MLT.
21. Commitments
(a) Capital commitments
Development expenditures contracted for at the balance sheet date but not recognised in the fi nancial statements amounted
to S$62.9 million.
Mapletree Logistics Trust Annual Report 2012/13 137
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
21. Commitments (continued)
(b) Operating lease commitments
(i) For the Singapore properties, the Group is required to pay Jurong Town Corporation or the Housing and Development
Board for annual land rent in respect of certain of its investment properties. The annual land rent is based on market
rent in the relevant year of the current lease term and the lease provides that any increase in annual land rent from year
to year shall not exceed 5.5% of the annual land rent for the immediate preceding year. The leases are non-cancellable
with remaining lease terms of up to 84 years as at 31 March 2013, with options to renew up to a further 30 years for
some of the leases. The land rent paid/payable based on prevailing rental rates for the current fi nancial year approximates
S$4,170,000 (2012: S$4,805,000).
For certain China properties, the Group is required to pay the Chinese authorities an annual land rent with respect
to the properties. The land rent is based on RMB1 to RMB14 per square metre of land area per year in the subject
premise. The leases are non-cancellable with remaining lease term of approximately 31 to 43 years as at 31 March
2013. The land rent paid/payable for the current fi nancial year approximates RMB1,657,000 (2012: RMB2,527,000)
(S$328,000 (2012: S$494,000)).
For the Malaysia properties, the Group is required to pay the Petaling District Land Offi ce, Klang District Land Offi ce and
Kulai Jaya Land Offi ce (“Land Offi ces”) annual land rent in respect of its investment properties. The annual land rent
is based on the classifi cation of land and vary according to the category of land use of the land alienated. The annual
land rent is based on prevailing rate according to the Land Offi ces, land usage, and layer of the land located, and any
increase in the annual land rent will be at the Land Offi ces’ discretion. The land leases are non-cancellable except in
the event of land acquisition under Land Acquisition Act 1960 (Act 486) & Rules and have remaining lease terms of
between 30 to 93 years as at 31 March 2013. The land rent paid/payable for the current fi nancial year approximates
MYR323,000 (2012: MYR391,000) (S$130,000 (2012: S$161,000)).
(ii) The Group leases out its investment properties. The future minimum lease payments receivable under non-cancellable
operating leases contracted for at the reporting date but not recognised as receivables, are as follows:
Group MLT
2013 2012 2013 2012
S$’000 S$’000 S$’000 S$’000
Not later than 1 year 261,963 292,120 136,410 138,277
Later than 1 year but not later than 5 years 590,678 661,328 227,326 275,071
Later than 5 years 637,193 573,898 223,177 115,432
1,489,833 1,527,346 586,913 528,780
Some of the operating leases are subject to revision of lease rentals at periodic intervals. For the purpose of the above
disclosure, the prevailing lease rentals are used.
Mapletree Logistics Trust Annual Report 2012/13138
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
22. Financial risk management
Financial risk factors
The Group’s activities expose it to market risk (including currency risk and interest rate risk), credit risk and liquidity risk in the normal
course of its business. The Group’s overall risk management strategy seeks to minimise adverse effects from the unpredictability of
fi nancial markets on the Group’s fi nancial performance. The Group uses fi nancial instruments such as currency forwards, cross currency
swaps, interest rate swaps and foreign currency borrowings to hedge certain fi nancial risk exposures.
The Board of Directors (“BOD”) of the Manager is responsible for setting the objectives and underlying principles of fi nancial risk
management for the Group. This is supported by comprehensive internal processes and procedures which are formalised in the
Manager’s organisational and reporting structure, operating manuals and delegation of authority guidelines.
(a) Market risk
(i) Currency risk
The Manager’s investment strategy includes investing in the Asia-Pacifi c region. In order to manage the currency risk
involved in investing in assets outside Singapore, the Manager will adopt currency risk management strategies that
may include:
• the use of foreign currency denominated borrowings to match the currency of the asset investment as a natural
currency hedge;
• the use of cross currency swaps to swap a portion of debt in another currency into the currency of the asset
investment to reduce the underlying currency exposure; and
• entering into currency forward contracts to hedge the foreign currency income received from the offshore assets,
back into Singapore Dollars.
The Group’s main currency exposure based on the information provided to key management is as follows:
Group
SGD
S$’000
HKD
S$’000
MYR
S$’000
JPY
S$’000
USD
S$’000
At 31 March 2013
Financial Assets
Cash and cash equivalents 17,991 20,286 9,205 43,726 3,077
Trade and other receivables 1,337 5,504 1,273 1,122 –
Financial Liabilities
Trade and other payables (52,318) (16,009) (8,493) (33,326) (2,977)
Borrowings (122,552) (217,112) (53,139) (970,920) (69,782)
Net fi nancial liabilities (155,542) (207,331) (51,154) (959,398) (69,682)
Less: Net fi nancial liabilities denominated
in the respective entities’ functional
currencies 155,824 196,681 141,542 991,199 –
Cross currency swaps * – – – – 65,718
Currency forwards – – – (38,500) –
Net currency exposure 282 (10,650) 90,388 (6,699) (3,964)
Mapletree Logistics Trust Annual Report 2012/13 139
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
22. Financial risk management (continued)
Financial risk factors (continued)
(a) Market risk (continued)
(i) Currency risk (continued)
Group
SGD
S$’000
HKD
S$’000
MYR
S$’000
JPY
S$’000
USD
S$’000
At 31 March 2012
Financial Assets
Cash and cash equivalents 29,178 17,078 6,213 79,216 2,776
Trade and other receivables 1,450 4,962 888 16,035 113
Financial Liabilities
Trade and other payables (52,674) (13,912) (5,318) (48,357) (1,364)
Borrowings (121,931) (219,603) (55,197) (998,115) (100,212)
Net fi nancial liabilities (143,977) (211,475) (53,414) (951,221) (98,687)
Less: Net fi nancial (assets)/liabilities
denominated in the respective
entities’ functional currencies (1,998) 199,404 124,338 1,188,491 7,383
Cross currency swaps * – – – – 97,207
Currency forwards – – – (244,000) –
Net currency exposure (145,975) ** (12,071) 70,924 (6,730) 5,903
* The Group entered into cross currency swaps to swap USD denominated borrowings into RMB amounting to S$48.8 million (2012: S$80.1
million), SGD denominated borrowings into RMB amounting to S$35.3 million (2012: S$46.6 million), USD denominated borrowings
into KRW amounting to S$16.9 million (2012: S$17.1 million) and SGD denominated borrowings into KRW amounting to S$10.0 million
(2012: S$Nil).
** S$146.4 million relates to Singapore Dollar advances to subsidiaries with KRW functional currency. If the SGD appreciated/depreciated
against KRW by 5% with all other variables including tax being held constant, the total return will be lower/higher by S$7,321,000.
MLT’s main foreign currency exposure based on the information provided by key management is as follows:
MLT
HKD
S$’000
MYR
S$’000
JPY
S$’000
USD
S$’000
At 31 March 2013
Financial Assets
Cash and cash equivalents – – 3,909 176
Trade and other receivables 4,391 90,397 2,485 11,813
Loans to subsidiaries 173,972 – 284,114 111,058
Financial Liabilities
Trade and other payables (15,065) (10) (1,946) (2,714)
Borrowings – – (259,796) (53,027)
Net fi nancial assets 163,298 90,388 31,766 67,306
Currency forwards – – (38,500) –
Net currency exposure 163,298 90,388 (6,734) 67,306
Mapletree Logistics Trust Annual Report 2012/13140
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
22. Financial risk management (continued)
Financial risk factors (continued)
(a) Market risk (continued)
(i) Currency risk (continued)
MLT
HKD
S$’000
MYR
S$’000
JPY
S$’000
USD
S$’000
At 31 March 2012
Financial Assets
Cash and cash equivalents – – 2,468 403
Trade and other receivables 3,887 70,928 2,076 7,528
Loans to subsidiaries 175,929 – 555,112 86,463
Financial Liabilities
Trade and other payables (15,234) (10) (2,135) (2,287)
Borrowings – – (320,095) (68,783)
Net fi nancial assets 164,582 70,918 237,426 23,324
Currency forwards – – (244,000) –
Net currency exposure 164,582 70,918 (6,574) 23,324
The Group’s main foreign currency exposure is in HKD, MYR, JPY and USD (2012: HKD, MYR, JPY and USD). If the
HKD, MYR, JPY and USD change against the SGD by 5% with all other variables including tax being held constant,
the effects arising from the net fi nancial asset/liability position will be as follows:
31 March
2013
31 March
2012
<––– Increase/(Decrease) –––>
Total return
for the
year
Total return
for the
period
S$’000 S$’000
Group
HKD against SGD
- strengthened (561) (635)
- weakened 507 575
MYR against SGD
- strengthened 4,757 3,733
- weakened (4,304) (3,377)
JPY against SGD
- strengthened (352) (354)
- weakened 319 320
USD against SGD
- strengthened (209) 311
- weakened 189 (281)
Mapletree Logistics Trust Annual Report 2012/13 141
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
22. Financial risk management (continued)
Financial risk factors (continued)
(a) Market risk (continued)
(i) Currency risk (continued)
MLT’s main foreign currency exposure is in HKD, MYR, JPY and USD (2012: HKD, MYR, JPY and USD). If the HKD,
MYR, JPY and USD changed against the SGD by 5% (2012: 5%), with all other variables including tax being held
constant, the effects arising from the net fi nancial asset/liability will be as follows:
31 March
2013
31 March
2012
<––– Increase/(Decrease) –––>
Total return
for the year
Total return
for the period
S$’000 S$’000
MLT
HKD against SGD
- strengthened 8,595 8,662
- weakened (7,776) (7,837)
MYR against SGD
- strengthened 4,757 3,733
- weakened (4,304) (3,377)
JPY against SGD
- strengthened (354) (346)
- weakened 321 313
USD against SGD
- strengthened 3,542 1,228
- weakened (3,205) (1,111)
(ii) Cash fl ow and fair value interest rate risk
The Group’s exposure to changes in interest rates relates primarily to interest-earning fi nancial assets and interest-
bearing fi nancial liabilities. Cash fl ow interest rate risk is the risk that the future cash fl ows of a fi nancial instrument will
fl uctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the fair value of a fi nancial
instrument will fl uctuate due to changes in market interest rates. The Group has no signifi cant interest-bearing assets.
The Group’s policy is to maintain at least 50% of its borrowings in fi xed-rate instruments. The Group’s exposure to cash
fl ow interest rate risks arises mainly from variable-rate borrowings. MLT’s exposure to cash fl ow interest rate risks arises
mainly from borrowings and loans to subsidiaries at variable rates. The Manager manages these cash fl ow interest rate
risks using fl oating-to-fi xed interest rate swaps.
Mapletree Logistics Trust Annual Report 2012/13142
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
22. Financial risk management (continued)
Financial risk factors (continued)
(a) Market risk (continued)
(ii) Cash fl ow and fair value interest rate risk (continued)
The Group’s and MLT’s borrowings at variable rates on which interest rate swaps have not been entered into, are
denominated mainly in JPY(2012: JPY).
If JPY interest rates increased/decreased by 0.5% per annum (2012: 0.5% per annum), the total return will be lower/
higher by S$1,925,000 (2012: S$2,220,000).
(b) Credit risk
Credit risk is the potential fi nancial loss resulting from the failure of a customer or counterparty to settle its fi nancial and contractual
obligations to the Group, as and when they fall due.
The Manager has established credit limits for customers and monitors their balances on an ongoing basis. Credit evaluations
are performed by the Manager before lease agreements are entered into with customers. The risk is also mitigated due to
customers placing security deposits or furnishing bankers guarantees for lease rentals. Cash and short-term bank deposits
are placed with fi nancial institutions which are regulated.
At the balance sheet date, there was no signifi cant concentration of credit risk. The maximum exposure to credit risk is
represented by the carrying value of each fi nancial asset in the balance sheet, except as follows:
MLT
2013 2012
S$’000 S$’000
Corporate guarantees provided to banks on subsidiaries’ loans 1,040,607 1,031,105
The Group’s major classes of fi nancial assets are cash and cash equivalents and trade and other receivables.
MLT’s major class of fi nancial assets are cash and cash equivalents, amounts due from subsidiaries and loans to subsidiaries.
The credit risk for net trade receivables based on the information provided to key management is as follows:
Group MLT
2013 2012 2013 2012
S$’000 S$’000 S$’000 S$’000
By geographical areas
Singapore 1,156 1,257 1,156 1,257
Hong Kong 41 76 – –
People’s Republic of China 350 1,033 – –
Malaysia 127 214 – –
Korea 1,879 1,012 – –
Vietnam 137 113 – –
3,690 3,705 1,156 1,257
Mapletree Logistics Trust Annual Report 2012/13 143
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
22. Financial risk management (continued)
(b) Credit risk (continued)
(i) Financial assets that are neither past due nor impaired
Bank deposits that are neither past due nor impaired are mainly deposits with banks which are regulated and with high
credit-ratings assigned by international credit-rating agencies. Trade and other receivables that are neither past due
nor impaired are substantially from companies with a good collection track record with the Group.
(ii) Financial assets that are past due and/or impaired
There is no other class of fi nancial assets that is past due and/or impaired except for trade receivables.
The age analysis of trade receivables past due but not impaired is as follows:
Group MLT
2013 2012 2013 2012
S$’000 S$’000 S$’000 S$’000
Past due 0 to 3 months 1,415 1,511 535 523
Past due 3 to 6 months 28 193 12 2
Past due over 6 months 1,268 171 – –
2,711 1,875 547 525
The carrying amount of trade receivables individually determined to be impaired and the movement in the related
allowance for impairment are as follows:
Group MLT
2013 2012 2013 2012
S$’000 S$’000 S$’000 S$’000
Past due over 6 months 2,766 2,763 2,380 2,380
2,766 2,763 2,380 2,380
Less: Allowance for impairment (2,766) (2,763) (2,380) (2,380)
– – – –
Beginning of the year/period 2,763 2,759 2,380 2,380
Currency translation difference 3 4 – –
End of the year/period 2,766 2,763 2,380 2,380
(c) Liquidity risk
The Manager monitors and maintains a level of cash and cash equivalents deemed adequate to fi nance the Group’s operations.
In addition, the Manager also monitors and observes the CIS by the MAS concerning the leverage limits as well as bank
covenants imposed by the banks on the various borrowings.
Mapletree Logistics Trust Annual Report 2012/13144
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
22. Financial risk management (continued)
(c) Liquidity risk (continued)
The table below analyses the maturity profi le of the Group’s and MLT’s fi nancial liabilities (including derivative fi nancial liabilities)
based on contractual undiscounted cash fl ows.
Group
Less than
1 year
S$’000
Between
1 and 2
years
S$’000
Between
2 and 5
years
S$’000
Over 5
years
S$’000
At 31 March 2013
Net-settled interest rate and cross currency swaps 3,764 2,615 1,874 –
Gross-settled currency forwards
- Receipts 107,943 39,907 65,056 –
- Payments (100,933) (35,603) (56,373) –
Trade and other payables (152,096) – – –
Borrowings (308,316) (118,470) (497,940) (591,755)
(449,638) (111,551) (487,383) (591,755)
At 31 March 2012
Net-settled interest rate and cross currency swaps (11,540) (2,162) (2,080) –
Gross-settled currency forwards
- Receipts 290,222 38,572 83,304 15,060
- Payments (297,662) (37,900) (83,709) (14,469)
Trade and other payables (144,670) – – –
Borrowings (265,952) (309,620) (266,828) (749,601)
(429,602) (311,110) (269,313) (749,010)
MLT
Less than
1 year
S$’000
Between
1 and 2
years
S$’000
Between
2 and 5
years
S$’000
Over 5
years
S$’000
At 31 March 2013
Gross-settled currency forwards
- Receipts 107,943 39,907 65,056 –
- Payments (100,933) (35,603) (56,373) –
Trade and other payables (71,036) – – –
Financial guarantees contracts (254,286) (68,676) (326,968) (390,677)
Borrowings - loans from subsidiary (7,388) (7,388) (22,164) (392,899)
(325,700) (71,760) (340,449) (783,576)
At 31 March 2012
Gross-settled currency forwards
- Receipts 290,222 38,572 83,304 15,060
- Payments (297,662) (37,900) (83,709) (14,469)
Trade and other payables (72,144) – – –
Financial guarantees contracts (228,383) (242,241) (122,398) (438,083)
Borrowings - loans from subsidiary (8,982) (8,982) (26,945) (463,952)
(316,949) (250,551) (149,748) (901,444)
Mapletree Logistics Trust Annual Report 2012/13 145
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
22. Financial risk management (continued)
(d) Capital risk
The Manager’s objective when managing capital is to optimise MLT’s capital structure within the borrowing limits set out in
the CIS by the MAS to fund future acquisitions and asset enhancement works at MLT’s properties. To maintain or achieve an
optimal capital structure, the Manager may issue new units or source additional borrowing from both fi nancial institutions and
capital markets.
The Manager monitors capital based on aggregate leverage limit. Under the CIS, all Singapore-listed real estate investment
trusts (“S-REITs”) are given the aggregate leverage limit of 60% of its deposited property if a S-REIT has obtained a credit
rating from a major credit rating agency.
The aggregate leverage ratio is calculated as total borrowings plus Deferred Payments divided by total assets.
Group
2013 2012
S$’000 S$’000
Total Borrowings and Deferred Payments 1,445,091 1,505,141
Total Assets 4,236,886 4,272,516
Aggregate Leverage ratio 34.1% 35.2%
The Group and MLT are in compliance with the borrowing limit requirement imposed by the CIS and all externally imposed
capital requirements for the fi nancial year/period ended 31 March 2013 and 31 March 2012.
(e) Fair value measurements
The following table presents our assets and liabilities measured at fair value at balance sheet dates and classifi ed by level of
the following fair value measurement hierarchy:
(i) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
(ii) inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e.
as prices) or indirectly (i.e. derived from prices) (Level 2); and
(iii) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).
Mapletree Logistics Trust Annual Report 2012/13146
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
22. Financial risk management (continued)
(e) Fair value measurements (continued)
Level 2
2013 2012
S$’000 S$’000
Group
Assets
Derivative fi nancial instruments 17,220 8,337
Liabilities
Derivative fi nancial instruments (8,705) (28,121)
MLT
Assets
Derivative fi nancial instruments 15,664 6,102
Liabilities
Derivative fi nancial instruments (2,465) (7,578)
The fair values of fi nancial instruments that are not traded in an active market (for example, over-the-counter derivatives) are
determined by using valuation techniques. The fair values of forward currency contracts and interest rate swaps are based
on valuations provided by the Group’s bankers. The fair values of forward currency contracts are determined using actively
quoted forward currency rates at the balance sheet date. The fair values of interest rate swaps are calculated as the present
value of the estimated future cash fl ows, discounted at actively quoted interest rates.
The carrying value less impairment provision of trade and other receivables, trade and other payables and loans to subsidiaries
approximate their fair values.
(f) Financial Instruments by category
The following table sets out the different categories of fi nancial instruments as at the balance sheet date:
Group MLT
2013 2012 2013 2012
S$’000 S$’000 S$’000 S$’000
Financial assets at fair value through profi t or loss 17,220 8,337 15,644 6,102
Financial liabilities at fair value through profi t or loss 8,705 28,121 2,465 7,578
Loans and receivables 147,735 196,925 902,679 1,087,578
Financial liabilities at amortised cost 1,585,601 1,639,729 463,935 536,096
Mapletree Logistics Trust Annual Report 2012/13 147
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
23. Signifi cant related party transactions
For the purposes of these fi nancial statements, parties are considered to be related to MLT when MLT has the ability, directly or
indirectly, to control the party or exercise signifi cant infl uence over the party in making fi nancial and operating decisions, or vice
versa, or where MLT and the party are subject to common signifi cant infl uence. Related parties may be individuals or other entities.
The Manager (Mapletree Logistics Trust Management Ltd.) and the property manager (Mapletree Property Management Pte. Ltd.)
are indirect wholly-owned subsidiaries of a substantial Unitholder of MLT.
During the fi nancial year/period, other than those disclosed elsewhere in the fi nancial statements, the following signifi cant related party
transactions took place at terms agreed between the parties as follows:
Group MLT
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
S$’000 S$’000 S$’000 S$’000
Management fees paid/payable to the Manager and
its subsidiaries * 32,633 34,851 13,692 15,344
Property management fees paid/payable to a related
company of the Manager 8,191 8,838 5,321 6,095
Acquisition fees paid/payable to the Manager in relation
to the acquisition of properties 1,415 5,210 1,175 5,210
Acquisition of property via the purchase of shares in a
subsidiary from a related company of the Manager 22,900 – 22,900 –
Lease rental received/ receivable from related company
of the Manager 3 – – –
Lease rental received/receivable from related parties 8,332 9,741 8,332 9,741
License fees received/receivable from related parties 108 116 108 116
Operation and maintenance expenses paid/payable
to related parties 1,628 3,172 1,628 3,172
Capital injection into an investment structure by a related
company of the Manager – 2,503 – –
Return of capital for preferred equity to a related party 181 – – –
* Included amount capitalised into investment property under development.
24. Segment information
The Group has determined the operating segments based on the reports reviewed by Management that are used to make strategic
decisions. Management comprises the Chief Executive Offi cer and the Chief Financial Offi cer.
Management considers the business from a geographic segment perspective. Geographically, Management manages and monitors
the business by the seven countries, Singapore, Hong Kong, the People’s Republic of China, Malaysia, Japan, Korea and Vietnam.
All geographical locations are in the business of investing in logistics properties, which is the only business segment of the Group.
Management assesses the performance of the geographic segments based on a measure of Net Property Income (“NPI”). Interest
income and fi nance expenses are not allocated to segments, as the treasury activities are centrally managed by the Group.
Mapletree Logistics Trust Annual Report 2012/13148
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
24. Segment information (continued)
The segment information provided to Management for the reportable segments for the year ended 31 March 2013 is as follows:
Singapore
Hong
Kong PRC Malaysia Japan Korea Vietnam Total
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 $’000 S$’000
Gross revenue 137,938 38,655 14,432 11,878 80,239 23,427 1,217 307,786
Net property income 116,879 36,402 11,530 10,573 70,196 21,446 1,046 268,072
Interest and other income 765
Unallocated costs * (36,887)
Borrowing costs (38,641)
Net investment income 193,309
Net change in fair value of
fi nancial derivatives 23,062
Net income 216,371
Net movement in the
value of investment
properties 28,129 27,586 (1,591) 8,627 (44,176) 1,725 (29) 20,271
Total return for the
year before
income tax 236,642
Income tax (14,074)
Total return for the
year after income tax
before distribution 222,568
Other Segment items
Capital expenditure
- Investment properties 51,476 113 23,856 24,354 128 105,078 29 205,034
Segment assets
- Investment properties 1,633,754 727,741 212,846 157,260 1,039,941 286,310 8,015 4,065,867
- Others 1,156 41 350 127 – 1,879 137 3,690
4,069,557
Unallocated assets ** 167,329
Consolidated total
assets 4,236,886
Segment liabilities 28,582 11,281 5,567 5,164 22,251 27,312 467 100,624
Unallocated
liabilities *** 1,554,009
Consolidated total
liabilities 1,654,633
Mapletree Logistics Trust Annual Report 2012/13 149
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
24. Segment information (continued)
The segment information provided to Management for the reportable segments for the period ended 31 March 2012 is as follows:
Singapore
Hong
Kong PRC Malaysia Japan Korea Vietnam Total
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 $’000 S$’000
Gross revenue 167,138 46,267 16,413 12,416 81,612 14,215 1,474 339,535
Net property income 141,228 43,603 12,923 10,981 70,324 13,292 1,227 293,578
Interest and other income 881
Unallocated costs * (25,660)
Borrowing costs (44,384)
Net investment income 224,415
Net change in fair value of
fi nancial derivatives 11,457
Net income 235,872
Net movement in the
value of investment
properties 21,821 69,298 5,570 4,919 3,316 7,813 283 113,020
Gain on divestment of
investment properties 831 – – – – – – 831
Total return for the
period before
income tax 349,723
Income tax (25,502)
Total return for
the period after
income tax before
distribution 324,221
Other Segment items
Capital expenditure
- Investment properties 30,228 78 – 113 408,410 122,264 – 561,093
Segment assets
- Investment properties 1,554,040 707,940 189,393 129,094 1,293,125 176,471 8,211 4,058,274
- Others 1,257 76 1,033 214 – 1,012 113 3,705
4,061,979
Unallocated assets ** 210,537
Consolidated total
assets 4,272,516
Segment liabilities 26,606 9,854 4,727 3,530 26,480 14,885 399 86,481
Unallocated
liabilities *** 1,638,998
Consolidated total
liabilities 1,725,479
Mapletree Logistics Trust Annual Report 2012/13150
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
24. Segment information (continued)
* Unallocated costs include Manager’s management fees, Trustee’s fees and other trust expenses.
** Unallocated assets include cash and cash equivalents, other receivables, other current assets and derivative fi nancial instruments.
*** Unallocated liabilities include borrowings of S$1,433.5 million (2012: S$1,495.1 million), details of which are included in Note 16.
The revenue from external parties reported to Management is measured in a manner consistent with that of the Statements of Total
Return. The Group provides a single product/service - logistics business.
25. Financial Ratios
1 April
2012 to
31 March
2013
1 January
2011 to
31 March
2012
% %
Ratio of expenses to weighted average net assets¹
- including performance component of asset management fees 1.29 1.47
- excluding performance component of asset management fees 0.91 1.07
Portfolio turnover rate² – 0.01
1 The annualised ratios are computed in accordance with the guidelines of Investment Management Association of Singapore dated 25 May 2005.
The expenses used in the computation relate to expenses of the Group, excluding property expenses, borrowing costs, net foreign exchange differences and
income tax expense.
2 The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Trust expressed as a percentage of
daily average net asset value in accordance with the formulae stated in the CIS.
26. Events occurring after balance sheet date
(a) The Manager announced a distribution of 1.73 cents per unit for the period from 1 January 2013 to 31 March 2013.
(b) On 30 April 2013, the divestment of investment property held-for-sale at 30 Woodlands Loop Singapore 738319 was completed.
27. New or revised accounting standards, interpretations and recommended accounting practice
On 29 June 2012, ICPAS issued a revised version of RAP 7. RAP 7 (2012) will become effective for the fi nancial statements of the
Group and of MLT for the year ending 31 March 2014, and has not been applied in preparing these fi nancial statements.
Below is the mandatory standards that has been published, and is relevant for the Group’s accounting periods beginning on or after
1 April 2013 or later periods and which the Group has not early adopted:
• FRS 110 - Consolidated Financial Statements (effective for annual periods beginning on or after 1 January 2013)
• FRS 113 – Fair Value Measurements (effective for annual period beginning on or after 1 January 2013)
The Manager anticipates that the adoption of the above FRS and RAP 7 (2012) in the future periods will not have a material impact on
the fi nancial statements of the Group and of the MLT in the period of their initial adoption.
Mapletree Logistics Trust Annual Report 2012/13 151
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
28. Listing of signifi cant companies in the Group
Name of companies Principal activities
Country of
incorporation/ business Equity holding
2013 2012
% %
MapletreeLog Treasury Company Pte. Ltd. (a) Captive treasury Singapore/Singapore 100 100
MapletreeLog Treasury Company (HKSAR) Ltd. (a) Captive treasury Cayman Islands/
Hong Kong
100 100
Mapletree Topaz Ltd. (g) Investment holding Cayman Islands/
Hong Kong
100 100
Mapletree Opal Ltd. (b) Investment holding Cayman Islands/
Hong Kong
100 100
MapletreeLog PF (HKSAR) Ltd. (b) Investment holding Cayman Islands/
Hong Kong
100 100
MapletreeLog GTC (HKSAR) Ltd.(b) Investment holding Cayman Islands/
Hong Kong
100 100
Greatdeal Finance Limited (b) Investment holding BVI/ Hong Kong 100 100
Genright Investment Limited (b) Investment holding Hong Kong/Hong Kong 100 100
MapletreeLog Ouluo (Shanghai) Ltd. (g) Investment holding Cayman Islands/PRC 100 100
MapletreeLog AIP (Guangzhou) Ltd. (g) Investment holding Cayman Islands/PRC 100 100
MapletreeLog Seastar (Xian) Ltd. (g) Investment holding Cayman Islands/PRC 100 100
Mapletree WND (Wuxi) (HKSAR) Limited (b) Investment holding Hong Kong/PRC 100 –
Mapletree Logistics Development (Wuxi) Co., Ltd. (c) Investment holding PRC/PRC 100 –
MapletreeLog Northwest (Shanghai) Ltd. (g) Investment Holding Cayman Islands/PRC 100 100
MapletreeLog Integrated (Shanghai)
(Cayman) Ltd. (g)
Investment Holding Cayman Islands/PRC 100 100
MapletreeLog AIP (Guangzhou) (HKSAR) Limited (b) Investment holding Hong Kong/PRC 100 100
MapletreeLog Northwest (Shanghai) (HKSAR)
Limited (b)
Investment holding Hong Kong/PRC 100 100
MapletreeLog Integrated (Shanghai)
(HKSAR) Limited (b)
Investment holding Hong Kong/PRC 100 100
MapletreeLog Seastar (Xian) (HKSAR) Limited (b) Investment holding Hong Kong/PRC 100 100
Guangzhou Mapletree Eastern American Log
Limited (c)
Investment holding PRC/PRC 100 100
Mapletree Logistics Warehouse (Xian) Co., Ltd. (c) Investment holding PRC/PRC 100 100
MapletreeLog Jinda Warehouse (Shanghai)
Co., Ltd. (c)
Investment holding PRC/PRC 100 100
MapletreeLog Integrated (Shanghai) Co., Ltd. (c) Investment holding PRC/PRC 100 100
MapletreeLog Malaysia Holdings Pte. Ltd. (a) Investment holding Singapore/Malaysia 100 100
MapletreeLog (M) Holdings Sdn. Bhd. (d) Investment holding Malaysia/Malaysia 100 100
Semangkuk Berhad (d) (h) Investment holding Malaysia/Malaysia 100 100
MapletreeLog Gyoda (Japan) (HKSAR) Limited (b) Investment holding Hong Kong/Japan 100 100
TK Business Samara Logistics 1 (g)(h) Investment holding Japan/Japan 100 100
TK Business Asagao (g)(h) Investment holding Japan/Japan 97 97
Mapletree Logistics Trust Annual Report 2012/13152
Notes to the Financial Statements
For the fi nancial year ended 31 March 2013
28. Listing of signifi cant companies in the Group (continued)
Name of companies Principal activities
Country of
incorporation/ business Equity holding
2013 2012
% %
TK Business Hinoki (g)(h) Investment holding Japan/Japan 97 99
MapletreeLog Oakline (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 100
MapletreeLog MQ (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 100
Kingston (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 100
Pyeongtaek (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 100
Iljuk (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 100
Dooil (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 –
Jungbu Jeil (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 –
Miyang (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 –
MapletreeLog First Korea (Yujoo) Co., Ltd. (e) Investment holding South Korea/South Korea 100 100
MapletreeLog Korea (Yongin) Co., Ltd. (e) Investment holding South Korea/South Korea 100 100
MapletreeLog Kingston Co., Ltd. (e) Investment holding South Korea/South Korea 100 100
MapletreeLog Pyeongtaek Co., Ltd. (e) Investment holding South Korea/South Korea 100 100
MapletreeLog Iljuk Korea Co., Ltd. (e) Investment holding South Korea/South Korea 100 100
MapletreeLog Dooil Co., Ltd. (e) Investment holding South Korea/South Korea 100 –
MapletreeLog Jungbu Jeil Co., Ltd. (e) Investment holding South Korea/South Korea 100 –
MapletreeLog Miyang Co., Ltd. (e) Investment holding South Korea/South Korea 100 –
MapletreeLog VSIP 1 Warehouse Pte. Ltd. (a) Investment holding Singapore/Vietnam 100 100
Mapletree VSIP 1 Warehouse (Cayman) Co., Ltd. (g) Investment holding Cayman Islands/Vietnam 100 100
Mapletree First Warehouse (Vietnam) Co., Ltd. (f) Investment holding Vietnam/Vietnam 100 100
(a) Audited by PricewaterhouseCoopers LLP, Singapore (i)
(b) Audited by PricewaterhouseCoopers Limited, Hong Kong (i)
(c) Audited by PricewaterhouseCoopers Zhong Tian CPAs Limited Company, PRC (i)
(d) Audited by PricewaterhouseCoopers, Malaysia (i)
(e) Audited by Samil PricewaterhouseCoopers, Korea (i)
(f) Audited by KPMG Limited, Vietnam
(g) Not required to be audited under the laws of the country of incorporation.
(h) These special purpose entities have been consolidated in the fi nancial statements in accordance with Interpretations of Financial Reporting Standard
12: Consolidation – Special Purpose Entities, as the Group primarily bears the risks and enjoys the benefi ts of the investments held by these special
purpose entities.
(i) Part of the network of member fi rms of PricewaterhouseCoopers International Limited (PwCIL)
29. Authorisation of the fi nancial statements
The fi nancial statements were authorised for issue by the Manager and the Trustee on 11 June 2013.
Mapletree Logistics Trust Annual Report 2012/13 153
Statistics of Unitholdings
As at 29 May 2013
Distribution of Unitholdings
Size of Unitholdings No. of Unitholders % No. of Units %
1 - 999 153 1.27 46,573 0.00
1,000 - 10,000 7,606 63.23 36,147,741 1.49
10,001 - 1,000,000 4,238 35.23 201,879,042 8.30
1,000,001 and above 33 0.27 2,193,936,638 90.21
Total 12,030 100.00 2,432,009,994 100.00
Location of Unitholders
Country No. of Unitholders % No. of Units %
Singapore 11,686 97.14 2,423,418,408 99.65
Malaysia 188 1.56 4,481,875 0.18
Others 156 1.30 4,109,711 0.17
Total 12,030 100.00 2,432,009,994 100.00
Twenty Largest Unitholders
No. Name No. of Units %
1 Citibank Nominees Singapore Pte Ltd 354,964,913 14.60
2 Mulberry Pte. Ltd. 351,443,702 14.45
3 Meranti Investments Pte. Ltd. 318,457,440 13.09
4 DBS Nominees (Private) Limited 293,164,506 12.05
5 HSBC (Singapore) Nominees Pte Ltd 224,183,266 9.22
6 Mapletree Logistics Properties Pte. Ltd. 154,910,070 6.37
7 Mangrove Pte. Ltd. 154,908,180 6.37
8 DBSN Services Pte. Ltd. 151,525,787 6.23
9 Raffl es Nominees (Pte.) Limited 50,410,151 2.07
10 DB Nominees (Singapore) Pte Ltd 35,160,701 1.45
11 United Overseas Bank Nominees (Private) Limited 30,787,649 1.27
12 Bank of Singapore Nominees Pte. Ltd. 8,933,997 0.37
13 UOB Kay Hian Private Limited 7,397,158 0.30
14 BNP Paribas Securities Services 6,258,601 0.26
15 OCBC Securities Private Limited 5,739,311 0.24
16 DBS Vickers Securities (Singapore) Pte Ltd 4,524,653 0.19
17 Mapletree Logistics Trust Management Ltd. 3,914,395 0.16
18 Morgan Stanley Asia (Singapore) Securities Pte Ltd 3,722,517 0.15
19 BNP Paribas Nominees Singapore Pte Ltd 3,645,125 0.15
20 Chua Kok Soon 3,571,517 0.15
Total 2,167,623,639 89.14
Mapletree Logistics Trust Annual Report 2012/13154
Statistics of Unitholdings
As at 29 May 2013
Substantial Unitholders as at 29 May 2013
No. Name of Company Direct Interest Deemed Interest
% of Total Issued
Capital
1 Temasek Holdings (Private) Limited (1) – 994,424,787 40.88
2 Fullerton Management Pte Ltd (2) – 983,783,787 40.45
3 Mapletree Investments Pte Ltd – 983,633,787 40.44
4 Mulberry Pte. Ltd. 351,443,702 – 14.45
5 Meranti Investments Pte. Ltd. 318,457,440 – 13.09
6 Mapletree Logistics Properties Pte. Ltd. 154,910,070 – 6.36
7 Mangrove Pte. Ltd. 154,908,180 – 6.36
8 The Bank of New York Mellon Corporation (3) – 146,530,757 6.02
9 MBC Investments Corporation (4) – 144,529,077 5.94
10 BNY Mellon Investment Management (Jersey) Ltd. (5) – 141,943,130 5.83
11 BNY Mellon Investment Management (Europe) Ltd. (5) – 141,943,130 5.83
12 BNY Mellon Investment Management Europe Holdings Limited (5) – 141,943,130 5.83
13 BNY Mellon International Asset Management Group Ltd. (5) – 141,943,130 5.83
14 Newton Management Ltd. (5) – 141,943,130 5.83
15 Newton Investment Management Ltd. (6) 139,543,130 – 5.73
Notes
(1) Temasek Holdings (Private) Limited is deemed to be interested in the 154,910,070 Units held by Mapletree Logistics Properties Pte. Ltd., 154,908,180 Units held by Mangrove Pte. Ltd., 318,457,440 Units held by Meranti Investments Pte. Ltd., 351,443,702 Units held by Mulberry Pte. Ltd., and 3,914,395 Units held by Mapletree Logistics Trust Management Ltd., 10,641,000 Units in which DBS Group Holdings Ltd has or is deemed to have an interest and 150,000 Units in which Aetos Security Management Pte. Ltd. has or is deemed to have an interest. Mapletree Logistics Properties Pte. Ltd., Mangrove Pte. Ltd., Meranti Investments Pte. Ltd., Mulberry Pte. Ltd. and Mapletree Logistics Trust Management Ltd. are subsidiaries of Mapletree Investments Pte Ltd which is in turn a subsidiary of Fullerton Management Pte Ltd. Fullerton Management Pte Ltd is a subsidiary of Temasek Holdings (Private) Limited. Aetos Security Management Pte. Ltd. is a subsidiary of Temasek Holdings (Private) Limited. DBS Group Holdings Ltd is an associated company of Temasek Holdings (Private) Limited.
(2) Fullerton Management Pte Ltd is deemed to be interested in the 150,000 Units held by Aetos Security Management Pte. Ltd., 154,910,070 Units held by Mapletree Logistics Properties Pte. Ltd., 154,908,180 Units held by Mangrove Pte. Ltd., 318,457,440 Units held by Meranti Investments Pte. Ltd., 351,443,702 Units held by Mulberry Pte. Ltd., and 3,914,395 Units held by Mapletree Logistics Trust Management Ltd.
(3) The Bank of New York Mellon Corporation is deemed to be interested in the 146,530,757 Units held by its affi liates.
(4) MBC Investments Corporation is deemed to be interested in the interest of Newton Investment Management Ltd., Newton Capital Management Ltd. and Mellon Capital Management Corporation.
(5) BNY Mellon Investment Management (Jersey) Ltd., BNY Mellon Investment Management (Europe) Ltd., BNY Mellon Investment Management Europe Holdings Limited, BNY Mellon International Asset Management Group Ltd. and Newton Management Ltd. are deemed to be interested in the interests of Newton Investment Management Ltd. and Newton Capital Management Ltd.
(6) Newton Investment Management Ltd. is a subsidiary of The Bank of New York Mellon Corporation.
Unitholdings of the Directors of the Manager as at 21 April 2013
No. Name Direct Interest Deemed Interest
% of Total Issued
Capital
1 Paul Ma Kah Woh 762,711 – 0.03
2 Tan Ngiap Joo – – –
3 Cheah Kim Teck 416,000 – 0.01
4 Pok Soy Yoong 567,910 – 0.02
5 Penny Goh – – –
6 Wee Siew Kim (1) – – –
7 Zafar Momin 877,115 – 0.03
8 Hiew Yoon Khong 1,360,800 1,296,000 0.10
9 Wong Mun Hoong – – –
10 Chua Tiow Chye – 1,232,582 0.05
11 Ng Kiat (2) 125,000 – 0.005
Notes
(1) Mr Wee Siew Kim was appointed as an Independent Director on 1 April 2013. Mr Ng Quek Peng resigned as an Independent Director on 1 April 2013.
(2) Ms Ng Kiat was appointed as an Executive Director on 2 October 2012.
Free Float
Based on the information made available to the Manager as at 29 May 2013, approximately 52.85% of the units in MLT were held in the hands
of the public. Accordingly, Rule 723 of the Listing Manual of the SGX-ST has been complied with.
Issued and Fully Paid Units
2,432,009,994 Units (voting rights: one vote per Unit)
Market Capitalisation: S$3,040,012,492.50 (based on closing price of S$1.25 per Unit on 29 May 2013)
Mapletree Logistics Trust Annual Report 2012/13 155
Interested Person Transactions
The transactions entered into with interested persons during the fi nancial year/period under the Listing Manual of the SGX-ST and CIS Code,
are as follows:
Year ended
31 March
2013
15 months
ended
31 March
2012Name of interested Person $'000 $'000
Mapletree Investments Pte Ltd and its subsidiaries or associates- Management fees 32,633 1 34,851 - Property management fees 8,191 8,838 - Acquisition fees related to acquisition of properties 1,415 5,210 - Investment into an investment structure in Japan – 277,411 - Acquisition of non-voting preferred equity in an investment structure in Japan
from a third party 274,552 2 – - Return of capital for preferred equity held in investment structures in Japan 181 –- Acquisition of properties 22,900 – - Lease rental income 3 – - Operation and maintenance expenses 4 1
Vopak Terminals Singapore Pte Ltd- Lease rental income 4,632 5,715
ST Electronics (Data Centre Solutions) Pte. Ltd
(formerly known as PM-B Pte Ltd)- Lease rental income 1,663 2,032
Singapore Technologies Kinetics Ltd - Lease rental income 162 371
SATS Airport Services Pte Ltd- Lease rental income 1,875 1,623
SembCorp Environment Pte Ltd- Operation and maintenance expenses – 55
SembWaste Pte Ltd- Operation and maintenance expenses 100 –
Aetos Security Management Pte. Ltd.- Security services – 8
Singapore Telecommunications Limited- Telecommunication services 37 40- License fee 77 79
Starhub Mobile Pte Ltd- License fee – 2
Grid Communications Pte. Ltd.- License fee 31 35
SP Services Limited- Public Utilities services 1,587 3,068
Certis Cisco Security Pte Ltd - Installation/purchase of security systems 80 82
HSBC Institutional Trust Services (Singapore) Limited 627 700
Footnotes:
1. Included amount capitalised into investment property under development.
2. This relates to the acquisition of non-voting preferred equity in the investment structure that holds 5 of MLT’s assets in Japan from an unrelated third party by a subsidiary of Mapletree Investment Pte Ltd (“MIPL Subsidiary”). As per announcement dated 30 March 2013, pursuant to Rule 916(2) of the SGX-ST Listing Manual, the Audit and Risk Committee of MLTM had reviewed the transaction, and was of the view that the risks and rewards of the transaction are in proportion to the equity of each of MIPL Subsidiary and MLT, and that the terms of the transaction are not prejudicial to the interests of MLT and its minority Unitholders.
Please also see Signifi cant Related Party Transactions in Note 23 to the fi nancial statements.
Saved as disclosed above, there were no additional interested party transactions entered during the year under review.
Mapletree Logistics Trust Annual Report 2012/13156
NOTICE IS HEREBY GIVEN that the 4th Annual General Meeting of the holders of units of Mapletree Logistics Trust (“MLT”, and the holders
of units of MLT, “Unitholders”) will be held at 10.00 a.m. on 16 July 2013 (Tuesday), at 10 Pasir Panjang Road, Mapletree Business City, Multi
Purpose Hall - Auditorium, Singapore 117438 to transact the following businesses:
(A) AS ORDINARY BUSINESS
1. To receive and adopt the Report of HSBC Institutional Trust Services (Singapore) Limited, as trustee of MLT (the “Trustee”),
the Statement by Mapletree Logistics Trust Management Ltd., as manager of MLT (the “Manager”), and the Audited Financial
Statements of MLT for the fi nancial year ended 31 March 2013 and the Auditors’ Report thereon.
2. To re-appoint PricewaterhouseCoopers LLP as Auditors of MLT to hold offi ce until the conclusion of the next Annual General
Meeting of MLT, and to authorise the Manager to fi x their remuneration.
(B) AS SPECIAL BUSINESS
To consider and, if thought fi t, to pass the following resolution as an Ordinary Resolution, with or without any modifi cations:
3. That approval be and is hereby given to the Manager, to
(a) (i) issue units in MLT (“Units”) whether by way of rights, bonus or otherwise; and/or
(ii) make or grant offers, agreements or options (collectively, “Instruments”) that might or would require Units to
be issued, including but not limited to the creation and issue of (as well as adjustments to) securities, warrants,
debentures or other instruments convertible into Units,
at any time and upon such terms and conditions and for such purposes and to such persons as the Manager may in
its absolute discretion deem fi t; and
(b) issue Units in pursuance of any Instruments made or granted by the Manager while this Resolution was in force
(notwithstanding that the authority conferred by this Resolution may have ceased to be in force at the time such Units
are issued),
provided that:
(1) the aggregate number of Units to be issued pursuant to this Resolution (including Units to be issued in pursuance of
Instruments made or granted pursuant to this Resolution) shall not exceed fi fty per cent. (50%) of the total number of
issued Units (excluding treasury Units, if any) (as calculated in accordance with sub-paragraph (2) below), of which
the aggregate number of Units to be issued other than on a pro rata basis to Unitholders (including Units to be issued
in pursuance of Instruments made or granted pursuant to this Resolution) shall not exceed twenty per cent. (20%) of
the total number of issued Units (excluding treasury Units, if any) (as calculated in accordance with sub-paragraph (2)
below);
(2) subject to such manner of calculation as may be prescribed by the SGX-ST for the purpose of determining the aggregate
number of Units that may be issued under sub-paragraph (1) above, the total number of issued Units (excluding treasury
Units, if any) shall be based on the number of issued Units (excluding treasury Units, if any) at the time this Resolution
is passed, after adjusting for:
(a) any new Units arising from the conversion or exercise of any Instruments which are outstanding or subsisting
at the time this Resolution is passed; and
(b) any subsequent bonus issue, consolidation or subdivision of Units;
(3) in exercising the authority conferred by this Resolution, the Manager shall comply with the provisions of the Listing
Manual of the SGX-ST for the time being in force (unless such compliance has been waived by the SGX-ST) and the
trust deed constituting MLT (as amended) (the “Trust Deed”) for the time being in force (unless otherwise exempted
or waived by the Monetary Authority of Singapore);
Notice of Annual General Meeting
Mapletree Logistics Trust Annual Report 2012/13 157
(4) unless revoked or varied by Unitholders in a general meeting, the authority conferred by this Resolution shall continue in
force until (i) the conclusion of the next Annual General Meeting of MLT or (ii) the date by which the next Annual General
Meeting of MLT is required by applicable regulations to be held, whichever is earlier;
(5) where the terms of the issue of the Instruments provide for adjustment to the number of Instruments or Units into which
the Instruments may be converted in the event of rights, bonus or other capitalisation issues or any other events, the
Manager is authorised to issue additional Instruments or Units pursuant to such adjustment notwithstanding that the
authority conferred by this Resolution may have ceased to be in force at the time the Instruments or Units are issued;
and
(6) the Manager and the Trustee, be and are hereby severally authorised to complete and do all such acts and things
(including executing all such documents as may be required) as the Manager or, as the case may be, the Trustee may
consider expedient or necessary or in the interest of MLT to give effect to the authority conferred by this Resolution.
(Please see Explanatory Notes)
BY ORDER OF THE BOARD
Mapletree Logistics Trust Management Ltd.
(Company Registration No. 200500947N)
As Manager of Mapletree Logistics Trust
Wan Kwong Weng
Joint Company Secretary
Singapore
28 June 2013
Notes:
1. A Unitholder entitled to attend and vote at the Annual General Meeting is entitled to appoint not more than two proxies to attend and
vote in his/her stead. A proxy need not be a Unitholder.
2. Where a Unitholder appoints more than one proxy, the appointments shall be invalid unless he/she specifi es the proportion of his/her
holding (expressed as a percentage of the whole) to be represented by each proxy.
3. The proxy form must be lodged at the Manager’s registered offi ce at 10 Pasir Panjang Road, #13-01 Mapletree Business City, Singapore
117438 not later than 10.00 a.m. on 14 July 2013 being 48 hours before the time fi xed for the Annual General Meeting.
Explanatory Notes:
Resolution 3
The Ordinary Resolution 3 above, if passed, will empower the Manager from the date of this Annual General Meeting until (i) the conclusion of the
next Annual General Meeting of MLT or (ii) the date by which the next Annual General Meeting of MLT is required by the applicable regulations
to be held, whichever is earlier, to issue Units and to make or grant instruments (such as securities, warrants or debentures) convertible into
Units and issue Units pursuant to such instruments, up to a number not exceeding fi fty per cent. (50%) of the total number of issued Units
(excluding treasury Units, if any) with a sub-limit of twenty per cent. (20%) for issues other than on a pro rata basis to Unitholders.
For determining the aggregate number of Units that may be issued, the percentage of issued Units will be calculated based on the issued Units
at the time the Ordinary Resolution 3 above is passed, after adjusting for new Units arising from the conversion or exercise of any Instruments
which are outstanding at the time this Resolution is passed and any subsequent bonus issue, consolidation or subdivision of Units.
Fund raising by issuance of new Units may be required in instances of property acquisitions or debt repayments. In any event, if the approval
of Unitholders is required under the Listing Manual of the SGX-ST and the Trust Deed or any applicable laws and regulations in such instances,
the Manager will then obtain the approval of Unitholders accordingly.
Notice of Annual General Meeting
Mapletree Logistics Trust Annual Report 2012/13158
I/We (Name(s) and NRIC/Passport/Company Registration Number(s))
of (Address)
being a unitholder/unitholders of Mapletree Logistics Trust (“MLT”), hereby appoint:
Name Address NRIC/Passport Number Proportion of Units (%)
and/or (delete as appropriate)
Name Address NRIC/Passport Number Proportion of Units (%)
or, both of whom failing, the Chairman of the 4th Annual General Meeting as my/our proxy/proxies to attend and to vote for me/us on my/our behalf and if necessary, to demand a poll, at the 4th Annual General Meeting of MLT to be held at 10.00 a.m. on 16 July 2013 (Tuesday), at 10 Pasir Panjang Road, Mapletree Business City, Multi Purpose Hall - Auditorium, Singapore 117438 and at any adjournment thereof. I/We direct my/our proxy/proxies to vote for or against the resolutions to be proposed at the 4th Annual General Meeting as indicated hereunder. If no specific direction as to voting is given, the proxy/proxies will vote or abstain from voting at his/her/their discretion, as he/she/they may on any other matter arising at the 4th Annual General Meeting.
No. Ordinary Resolutions For * Against *
ORDINARY BUSINESS
1. To receive and adopt the Trustee’s Report, the Manager’s Statement, the Audited Financial Statements of MLT for the financial year ended 31 March 2013 and the Auditors’ Report thereon.
2. To re-appoint PricewaterhouseCoopers LLP as Auditors and to authorise the Manager to fix the Auditors’ remuneration.
SPECIAL BUSINESS
3. To authorise the Manager to issue Units and to make or grant convertible instruments.
* If you wish to exercise all your votes “For” or “Against”, please tick (√) within the box provided. Alternatively, please indicate the number of votes as appropriate.
Dated this day of 2013
Signature(s) of Unitholder(s) or Common Seal ofCorporate Unitholder
MAPLETREE LOGISTICS TRUST (Constituted in the Republic of Singapore
pursuant to a Trust Deed dated 5 July 2004 (as amended))
IMPORTANT
1. For investors who have used their CPF monies to buy units in Mapletree Logistics Trust,
this Annual Report is forwarded to them at the request of their CPF Approved Nominees
and is sent solely FOR THEIR INFORMATION ONLY.
2. This Proxy Form is not valid for use by CPF investors and shall be ineffective for all intents
and purposes if used or is purported to be used by them.
3. CPF Investors who wish to attend the Annual General Meeting as observers have to submit
their requests through their CPF Approved Nominees within the time frame specified. If
they also wish to vote, they must submit their voting instructions to the CPF Approved
Nominees within the time frame specified to enable them to vote on their behalf.
4. PLEASE READ THE NOTES TO THE PROXY FORM.
PROXY FORM
4th ANNUAL GENERAL MEETING
Total number of Units held
Fold this flap here for sealing
1st fold here
Postage will
be paid by
addressee.
For posting in
Singapore only.
IMPORTANT: PLEASE READ THE NOTES TO PROXY FORM BELOW
Notes to Proxy Form
1. A unitholder of MLT (“Unitholder”) entitled to attend and vote at the Annual General Meeting is entitled to appoint one or two proxies to attend and vote in his/her stead.
2. Where a Unitholder appoints more than one proxy, the appointments shall be invalid unless he/she specifies the proportion of his/her holding (expressed as a percentage of the whole) to be represented by each proxy.
3. A proxy need not be a Unitholder.
4. A Unitholder should insert the total number of Units held. If the Unitholder has Units entered against his/her name in the Depository Register maintained by The Central Depository (Pte) Limited (“CDP”), he/she should insert that number of Units. If the Unitholder has Units registered in his/her name in the Register of Unitholders of MLT, he/she should insert that number of Units. If the Unitholder has Units entered against his/her name in the said Depository Register and registered in his/her name in the Register of Unitholders, he/she should insert the aggregate number of Units. If no number is inserted, this proxy form will be deemed to relate to all the Units held by the Unitholder.
5. The instrument appointing a proxy or proxies (the “Proxy Form”) must be deposited at the Manager’s registered office at 10 Pasir Panjang Road, #13-01 Mapletree Business City, Singapore 117438 not later than 10.00 a.m. on 14 July 2013, being 48 hours before the time set for the Annual General Meeting.
6. Completion and return of the Proxy Form shall not preclude a Unitholder from attending and voting at the Annual General Meeting. Any appointment of a proxy or proxies shall be deemed to be revoked if a Unitholder attends the Annual General Meeting in person, and in such event, the Manager reserves the right to refuse to admit any person or persons appointed under the Proxy Form, to the Annual General Meeting.
7. The Proxy Form must be executed under the hand of the appointor or of his/her attorney duly authorised in writing. Where the Proxy Form is executed by a corporation, it must be executed either under its common seal or under the hand of its attorney or a duly authorised officer.
8. Where the Proxy Form is signed on behalf of the appointor by an attorney or a duly authorised officer, the power of attorney or other authority (if any) under which it is signed, or a notarially certified copy of such power or authority must (failing previous registration with the Manager) be lodged with the Proxy Form, failing which the Proxy Form may be treated as invalid.
9. The Manager shall be entitled to reject a Proxy Form which is incomplete, improperly completed or illegible or where the true intentions of the appointor are not ascertainable from the instructions of the appointor specified on the Proxy Form. In addition, in the case of Units entered in the Depository Register, the Manager may reject a Proxy Form if the Unitholder, being the appointor, is not shown to have Units entered against his/her name in the Depository Register as at 48 hours before the time appointed for holding the Annual General Meeting, as certified by CDP to the Manager.
10. All Unitholders will be bound by the outcome of the Annual General Meeting regardless of whether they have attended or voted at the Annual General Meeting.
11. At any meeting, a resolution put to the vote of the meeting shall be decided on a show of hands unless a poll is (before or on the declaration of the result of the show of hands) demanded by the Chairman or by five or more Unitholders present in person or by proxy, or holding or representing one-tenth in value of the Units represented at the meeting. Unless a poll is so demanded, a declaration by the Chairman that such a resolution has been carried or carried unanimously or by a particular majority or lost shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution.
12. On a show of hands, every Unitholder who (being an individual) is present in person or by proxy or (being a corporation) is present by one of its officers as its proxy shall have one vote. On a poll, every Unitholder who is present in person or by proxy shall have one vote for every Unit of which he/she is the Unitholder. A person entitled to more than one vote need not use all his/her votes or cast them the same way.
The Company Secretary
Mapletree Logistics Trust Management Ltd.
(as Manager of Mapletree Logistics Trust)
10 Pasir Panjang Road
#13-01 Mapletree Business City
Singapore 117438
Board of Directors
Mr Paul Ma Kah Woh
Chairman & Non-Executive Director
Mr Tan Ngiap Joo
Independent Director & AC Chairman
Mr Cheah Kim Teck
Independent Director & AC Member
Mr Zafar Momin
Independent Director
Mr Pok Soy Yoong
Independent Director & AC Member
Mr Wee Siew Kim
Independent Director & AC Member
Mrs Penny Goh
Non-Executive Director
Mr Hiew Yoon Khong
Non-Executive Director
Mr Wong Mun Hoong
Non-Executive Director
Mr Chua Tiow Chye
Non-Executive Director
Ms Ng Kiat
Executive Director & CEO
Management Team
Ms Ng Kiat
Chief Executive Offi cer
Ms Wong Mei Lian
Chief Financial Offi cer
Ms Chen Tze Hui
Head, Asset Management
Mr Quek Sze Kheng
Director, Investment
Ms Serina Lim
Vice President, Finance
Ms Natalie Wong
Head, Treasury
Ms Lum Yuen May
Vice President, Investor Relations
Mr Nick Chung
General Manager, China
Mr Ong Khian Heng
General Manager, South Korea
Ms Yuko Shimazu
General Manager, Japan
Mr David Won
General Manager, Hong Kong
Ms Jean Kam
Deputy General Manager, Singapore
Mr Winston Lok
Deputy General Manager, Malaysia
Mr Victor Liu
General Manager, Vietnam
Corporate Services Team
Mr Wan Kwong Weng
Joint Company Secretary
Ms See Hui Hui
Joint Company Secretary
Property Management Team
Mr Tan Wee Seng
Head, Regional
Development Management
Mr James Sung
Director, Marketing
Ms May Wong
Senior Manager,
Property Management
Unit Registrar
Boardroom Corporate & Advisory
Services Pte. Ltd.
50 Raffl es Place,
Singapore Land Tower
#32-01, Singapore 048623
T: (65) 6536 5355
F: (65) 6536 1360
Trustee
HSBC Institutional Trust Services
(Singapore) Limited
Registered Address:
21 Collyer Quay
#10-02 HSBC Building
Singapore 049320
Correspondence Address:
21 Collyer Quay
#03-01 HSBC Building
Singapore 049320
T: (65) 6658 6906
F: (65) 6534 5526
Auditor
PricewaterhouseCoopers LLP
8 Cross Street #17-00
PWC Building
Singapore 048424
T: (65) 6236 3388
F: (65) 6236 3300
Partner-in-charge:
Mr Yee Chen Fah
(Appointed from the fi nancial
period ended 31 March 2012)
The Manager
Mapletree Logistics Trust
Management Ltd.
Company registration number:
200500947N
The Manager’s Registered Offi ce
10 Pasir Panjang Road, #13-01
Mapletree Business City
Singapore 117438
T : (65) 6377 6111
F : (65) 6273 2281
Investor Relations Fax : (65) 6273 2007
W : www.mapletreelogisticstrust.com
E : Ask-MapletreeLog@mapletree.com.sg
Cor
por
ate
Dir
ecto
ry
Mapletree Logistics Trust Management Ltd.
(As Manager of Mapletree Logistics Trust)
Co. Reg. No.: 200500947N
10 Pasir Panjang Road
#13-01 Mapletree Business City
Singapore 117438
Tel: +65 6377 6111
Fax: +65 6273 2281
Investor Relations Fax: +65 6273 2007
Email: Ask-MapletreeLog@mapletree.com.sg
www.mapletreelogisticstrust.com
This report is printed on
paper certifi ed according
to the FSC™ standard.
For more information,
please visit fsc.org.
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