Balance Sheet Mapletree Pan Asia Commercial Trust

Equities

N2IU

SG2D18969584

Commercial REITs

Market Closed - Singapore S.E. Other stock markets 05:06:00 2025-06-13 am EDT			5-day change	1st Jan Change
1.200 ^SGD	-0.83%		+1.69%	-0.83%

May. 23	Mapletree Pan Asia Commercial Trust Enters Into Facility Agreement With Unit For S$150 Million	RE
May. 19	Macquarie Downgrades Mapletree Pan Asia Commercial Trust to Neutral From Outperform; Price Target is SG$1.10	MT

49b10f.RYexCnQrX-LgHLhZxkZVi4Hldp5-jt3bsDsub_Qudoc.IM36cFlvb6ezMfE6oxQYpvWIAPEVwZjo91pfBZdlOOMK3cNzMH060rZs0w

Published financial data: MAPLETREE PAN ASIA COMMERCIAL TRUST

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Rental Revenues	479M	499M	826M	958M	909M
Other Revenues, Total	-	-	4.61M	6.38M	8.85M
Total Revenues	479M	499M	831M	964M	918M
Property Expenses	144M	149M	239M	275M	270M
Selling General & Admin Expenses, Total	2.2M	2.43M	4.48M	5.75M	5.28M
Other Operating Expenses	-	-	3.67M	4.84M	-
Total Operating Expenses	146M	151M	247M	286M	276M
Operating Income (REIT / Utility Template)	333M	348M	583M	679M	642M
Interest Expense, Total	-59.15M	-54.07M	-188M	-295M	-220M
Interest and Investment Income	754K	284K	1.6M	2.51M	2.06M
Net Interest Expenses	-58.39M	-53.78M	-186M	-293M	-218M
Currency Exchange Gains (Loss)	8.64M	8.93M	-3.75M	4.92M	781K
Other Non Operating Income (Expenses)	-26.49M	-26.9M	43.45M	69.87M	-1.34M
EBT, Excl. Unusual Items	257M	277M	437M	461M	423M
Gain (Loss) on Sale of Investments	-	-	4.82M	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	4.01M
Asset Writedown	-192M	70.29M	43.51M	142M	154M
Other Unusual Items	4.48M	129K	-	-	-
EBT, Incl. Unusual Items	68.61M	347M	485M	603M	581M
Income Tax Expense	3K	5K	-1.72M	19.48M	-6.11M
Earnings From Continuing Operations	68.61M	347M	487M	583M	587M
Net Income to Company	68.61M	347M	487M	583M	587M
Minority Interest	-	-	-551K	-326K	1.53M
Net Income - (IS)	68.61M	347M	486M	583M	589M
Preferred Dividend and Other Adjustments	-	-	3.6M	4.8M	4.65M
Net Income to Common Incl Extra Items	68.61M	347M	483M	578M	584M
Net Income to Common Excl. Extra Items	68.61M	347M	483M	578M	584M
Per Share Items
Net EPS - Basic	0.02	0.1	0.1	0.11	0.11
Basic EPS - Continuing Operations	0.02	0.1	0.1	0.11	0.11
Basic Weighted Average Shares Outstanding	3.31B	3.32B	4.62B	5.25B	5.27B
Net EPS - Diluted	0.02	0.1	0.1	0.11	0.11
Diluted EPS - Continuing Operations	0.02	0.1	0.1	0.11	0.11
Diluted Weighted Average Shares Outstanding	3.31B	3.32B	4.62B	5.25B	5.27B
Normalized Basic EPS	0.05	0.05	0.06	0.05	0.05
Normalized Diluted EPS	0.05	0.05	0.06	0.05	0.05
Dividend Per Share	0.09	0.1	0.1	0.09	0.08
Payout Ratio	245.3	92.86	102.99	80.68	75.45
Supplemental Items
EBITDA	333M	349M	584M	680M	643M
EBITA	333M	348M	583M	679M	642M
EBIT	333M	348M	583M	679M	642M
Effective Tax Rate - (Ratio)	0	0	-0.36	3.23	-1.05
Total Current Taxes	3K	5K	-7.95M	19.2M	-
Total Deferred Taxes	-	-	6.23M	286K	-
Normalized Net Income	160M	173M	272M	288M	266M
Interest on Long-Term Debt	62.47M	25.97M	31.62M	30.28M	-
Supplemental Operating Expense Items
General and Administrative Expenses	2.2M	2.43M	4.48M	5.75M	5.28M
Stock-Based Comp., COGS (Total)	15.4M	15.5M	19.52M	19.94M	18M
Total Stock-Based Compensation	15.4M	15.5M	19.52M	19.94M	18M

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	8.74B	8.82B	16.33B	16.26B	-
Accumulated Depreciation	-356K	-504K	-7.93M	-8.66M	-
Net Property Plant And Equipment	8.74B	8.82B	16.32B	16.25B	15.73B
Total Real Estate Assets	8.74B	8.82B	16.32B	16.25B	15.73B
Cash And Equivalents	193M	124M	216M	157M	171M
Accounts Receivable, Total	7.51M	2.56M	4.35M	4.15M	15.85M
Other Receivables	5.97M	6.01M	14.86M	15.18M	5.85M
Investment In Debt and Equity Securities	6.77M	27.74M	-	-	-
Other Current Assets, Total	528K	649K	61.51M	24.32M	9.8M
Trading Asset Securities, Total	-	-	-	-	-
Other Long-Term Assets, Total	-	2.23M	208M	211M	208M
Total Assets	8.95B	8.98B	16.83B	16.66B	16.14B
Liabilities
Current Portion of Long-Term Debt	72.39M	465M	754M	1.03B	447M
Current Portion of Leases	-	-	66K	33K	34K
Long-Term Debt	2.98B	2.54B	6.03B	5.64B	5.55B
Long-Term Leases	-	-	76K	42K	8K
Accounts Payable, Total	1.27M	1.82M	14.61M	18.81M	226M
Accrued Expenses, Total	61.11M	59.02M	101M	91.59M	-
Current Income Taxes Payable	-	-	7.53M	3.66M	8.9M
Unearned Revenue, Current	12.49M	9.8M	25.75M	18.86M	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	39.18M	32.29M	81.88M	89.63M	2.92M
Deferred Tax Liability Non-Current	24.97M	24.97M	182M	177M	150M
Other Non Current Liabilities	53.01M	53.92M	149M	124M	132M
Total Liabilities	3.24B	3.19B	7.35B	7.19B	6.52B
Common Stock, Total	3.96B	3.97B	7.63B	7.66B	7.67B
Retained Earnings	-	-	896K	2.1M	3.25M
Comprehensive Income and Other	1.75B	1.82B	1.84B	1.8B	1.94B
Total Common Equity	5.71B	5.79B	9.47B	9.46B	9.61B
Minority Interest	-	-	12.69M	12.76M	11.28M
Total Equity	5.71B	5.79B	9.48B	9.47B	9.62B
Total Liabilities And Equity	8.95B	8.98B	16.83B	16.66B	16.14B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	3.32B	3.33B	5.24B	5.26B	5.27B
ECS Total Common Shares Outstanding	3.32B	3.32B	5.24B	5.25B	5.27B
Book Value / Share	1.72	1.74	1.76	1.75	1.78
Tangible Book Value	5.71B	5.79B	9.47B	9.46B	9.61B
Tangible Book Value Per Share	1.72	1.74	1.76	1.75	1.78
Total Debt	3.05B	3.01B	6.78B	6.67B	6B
Net Debt	2.86B	2.88B	6.57B	6.51B	5.83B
Minority Interest, Total (Incl. Fin. Div)	-	-	12.69M	12.76M	11.28M
Equity Method Investments, Total	-	-	120M	119M	111M
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	622K	666K	10.12M	10.06M	-
Full Time Employees	186	186	429	-	-
Part Time Employees	-	-	18	-	-
Assets under Capital Lease - Gross	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	80K	80K	-	-	-

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	68.61M	347M	486M	583M	589M
Depreciation, Depletion & Amortization	148K	148K	831K	1.07M	678K
Total Depreciation, Depletion & Amortization	148K	148K	831K	1.07M	678K
Amortization of Deferred Charges, Total	-	-	-	-	-
(Gain) Loss On Sale of Asset - (CF)	-	-	-	-	-4.01M
Total Asset Writedown	192M	-70.29M	-43.5M	-142M	-154M
(Income) Loss On Equity Investments - (CF)	-	-	-9.42M	-6.38M	-8.85M
Stock-Based Compensation (CF)	15.4M	15.5M	19.52M	19.94M	18M
Provision and Write-off of Bad Debts	163K	256K	14K	151K	-
Change in Accounts Receivable	-4.76M	4.6M	6.42M	-2.49M	-1.83M
Change In Inventories	-	-	134K	300K	-20K
Change in Accounts Payable	11.22M	-5.23M	18.61M	3.9M	8.33M
Change in Other Net Operating Assets (Collected)	-2K	-121K	2.87M	-1.62M	501K
Other Operating Activities	72.24M	71.76M	124M	269M	186M
Cash from Operations	355M	364M	605M	725M	634M
Acquisition of Real Estate Assets, Total	-14.42M	-18.73M	-2.3B	-65.12M	-57.8M
Sale of Real Estate Assets, Total	-	-	5K	-	762M
Net Sale / Acquisition of Real Estate Assets	-14.42M	-18.73M	-2.3B	-65.12M	705M
Cash Acquisitions	-	-453K	-	-	-
Other Investing Activities, Total	680K	339K	4.38M	8.82M	6.77M
Cash from Investing	-13.74M	-18.84M	-2.29B	-56.3M	711M
Long-Term Debt Issued, Total	944M	138M	2.29B	1.43B	1.97B
Total Debt Issued	944M	138M	2.29B	1.43B	1.97B
Long-Term Debt Repaid, Total	-914M	-157M	-1.81B	-1.46B	-2.63B
Total Debt Repaid	-914M	-157M	-1.81B	-1.46B	-2.63B
Issuance of Common Stock	-	-	2.04B	-	-
Common Dividends Paid	-168M	-322M	-501M	-470M	-444M
Common & Preferred Stock Dividends Paid	-168M	-322M	-501M	-470M	-444M
Other Financing Activities, Total	-76.42M	-72.03M	-250M	-224M	-217M
Cash from Financing	-215M	-413M	1.77B	-720M	-1.32B
Foreign Exchange Rate Adjustments	-	-	-7.7M	-8.42M	-320K
Net Change in Cash	127M	-68.37M	71.03M	-59.56M	23.18M
Supplemental Items
Cash Interest Paid	74.38M	71.88M	146M	215M	215M
Cash Income Tax Paid (Refund)	4M	5K	24.46M	22.76M	17.74M
Net Debt Issued / Repaid	29.7M	-18.9M	477M	-25.87M	-661M
Levered Free Cash Flow	189M	193M	324M	289M	305M
Unlevered Free Cash Flow	226M	227M	441M	473M	443M
Change In Net Working Capital	-2.99M	6.34M	-56.71M	-28.61M	-23.82M

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.32	2.43	2.83	2.53	2.45
Return on Total Capital	2.37	2.48	2.91	2.62	2.53
Return On Equity %	1.19	6.03	6.37	6.15	6.15
Return on Common Equity	1.19	6.03	6.32	6.11	6.13
Margin Analysis
Gross Profit Margin %	69.94	70.23	71.21	71.47	70.54
SG&A Margin	0.46	0.49	0.54	0.6	0.58
EBITDA Margin %	69.51	69.77	70.33	70.48	70.04
EBITA Margin %	69.48	69.75	70.23	70.37	69.97
EBIT Margin %	69.48	69.75	70.23	70.37	69.97
Income From Continuing Operations Margin %	14.32	69.48	58.59	60.46	64
Net Income Margin %	14.32	69.48	58.52	60.42	64.16
Net Avail. For Common Margin %	14.32	69.48	58.09	59.92	63.66
Normalized Net Income Margin	33.48	34.61	32.79	29.82	28.99
Levered Free Cash Flow Margin	39.56	38.68	38.97	29.96	33.23
Unlevered Free Cash Flow Margin	47.28	45.44	53.11	49.09	48.25
Asset Turnover
Asset Turnover	0.05	0.06	0.06	0.06	0.06
Fixed Assets Turnover	0.05	0.06	0.07	0.06	0.06
Receivables Turnover (Average Receivables)	76.47	99.11	238.95	225.49	61.98
Inventory Turnover (Average Inventory)	-	-	-	1.06K	2.25K
Short Term Liquidity
Current Ratio	1.11	0.23	0.3	0.16	0.3
Quick Ratio	1.11	0.23	0.24	0.14	0.28
Operating Cash Flow to Current Liabilities	1.91	0.64	0.61	0.58	0.93
Days Sales Outstanding (Average Receivables)	4.77	3.68	1.53	1.62	5.89
Days Outstanding Inventory (Average Inventory)	-	-	-	0.35	0.16
Average Days Payable Outstanding	2.97	3.78	-	22.25	300.43
Cash Conversion Cycle (Average Days)	-	-	-	-20.28	-294.38
Long Term Solvency
Total Debt/Equity	53.42	51.94	71.54	70.39	62.31
Total Debt / Total Capital	34.82	34.18	41.7	41.31	38.39
LT Debt/Equity	52.15	43.91	63.58	59.52	57.67
Long-Term Debt / Total Capital	33.99	28.9	37.07	34.93	35.53
Total Liabilities / Total Assets	36.22	35.52	43.65	43.16	40.37
EBIT / Interest Expense	5.63	6.44	3.1	2.3	2.91
EBITDA / Interest Expense	5.63	6.45	3.11	2.3	2.92
(EBITDA - Capex) / Interest Expense	5.63	6.45	3.1	2.3	2.91
Total Debt / EBITDA	9.16	8.63	11.61	9.81	9.33
Net Debt / EBITDA	8.58	8.28	11.24	9.58	9.06
Total Debt / (EBITDA - Capex)	9.16	8.64	11.62	9.81	9.35
Net Debt / (EBITDA - Capex)	8.58	8.28	11.25	9.58	9.08
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-0.79	4.28	66.33	16.09	-4.85
Gross Profit, 1 Yr. Growth %	-2.27	4.71	68.58	16.52	-5.42
EBITDA, 1 Yr. Growth %	-2.24	4.68	67.59	16.35	-5.44
EBITA, 1 Yr. Growth %	-2.26	4.68	67.42	16.33	-5.39
EBIT, 1 Yr. Growth %	-2.26	4.68	67.42	16.33	-5.39
Earnings From Cont. Operations, 1 Yr. Growth %	-87.37	405.81	40.27	19.79	0.73
Net Income, 1 Yr. Growth %	-87.37	405.81	40.11	19.86	1.04
Diluted EPS Before Extra, 1 Yr. Growth %	-88.33	404.78	0.01	5.42	0.8
Normalized Net Income, 1 Yr. Growth %	-2.64	7.82	57.48	5.6	-7.52
Net Property, Plant and Equip., 1 Yr. Growth %	-2.05	0.96	85.05	-0.45	-3.2
Inventory, 1 Yr. Growth %	-	-	-	-73.17	18.18
Accounts Receivable, 1 Yr. Growth %	49.86	-65.86	69.59	-4.64	17.65
Total Assets, 1 Yr. Growth %	-0.63	0.38	87.31	-0.99	-3.12
Common Equity, 1 Yr. Growth %	-1.35	1.48	63.45	-0.12	1.64
Tangible Book Value, 1 Yr. Growth %	-1.35	1.48	63.45	-0.12	1.64
Cash From Operations, 1 Yr. Growth %	-3.99	2.3	66.46	19.78	-12.55
Capital Expenditures, 1 Yr. Growth %	-60.65	-48.24	943.18	-30.72	233.02
Levered Free Cash Flow, 1 Yr. Growth %	-6.27	1.95	67.49	-10.71	-8.88
Unlevered Free Cash Flow, 1 Yr. Growth %	-9.37	0.23	94.33	7.33	-7.22
Dividend Per Share, 1 Yr. Growth %	18.62	0.42	0.63	-7.09	-9.99
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	3.88	1.71	31.7	38.96	5.1
Gross Profit, 2 Yr. CAGR %	2.84	1.16	32.89	40.15	4.61
EBITDA, 2 Yr. CAGR %	2.83	1.16	32.47	39.64	4.89
EBITA, 2 Yr. CAGR %	2.82	1.15	32.41	39.56	4.91
EBIT, 2 Yr. CAGR %	2.82	1.15	32.41	39.56	4.91
Earnings From Cont. Operations, 2 Yr. CAGR %	-65.68	-20.06	166.36	29.62	9.84
Net Income, 2 Yr. CAGR %	-65.68	-20.06	166.21	29.59	10.05
Diluted EPS Before Extra, 2 Yr. CAGR %	-67.97	-23.25	124.68	2.68	3.02
Normalized Net Income, 2 Yr. CAGR %	2.19	2.46	30.34	28.96	-1.18
Net Property, Plant and Equip., 2 Yr. CAGR %	11.41	-0.56	36.68	35.73	-1.83
Inventory, 2 Yr. CAGR %	-	-	-	-	-43.69
Accounts Receivable, 2 Yr. CAGR %	36.99	-28.48	-23.91	27.17	90.9
Total Assets, 2 Yr. CAGR %	12.27	-0.13	37.12	36.18	-2.06
Common Equity, 2 Yr. CAGR %	11.21	0.06	28.79	27.77	0.76
Tangible Book Value, 2 Yr. CAGR %	11.21	0.06	28.79	27.77	0.76
Cash From Operations, 2 Yr. CAGR %	2.69	-0.89	30.5	41.21	2.35
Capital Expenditures, 2 Yr. CAGR %	71.2	-54.87	132.38	168.84	51.89
Levered Free Cash Flow, 2 Yr. CAGR %	7.29	-2.24	30.71	22.27	-2.92
Unlevered Free Cash Flow, 2 Yr. CAGR %	4.25	-4.69	39.59	44.41	0.18
Dividend Per Share, 2 Yr. CAGR %	1.9	9.14	0.53	-3.31	-8.55
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	3.38	4.01	19.83	26.28	22.48
Gross Profit, 3 Yr. CAGR %	2.71	3.46	19.95	27.19	22.65
EBITDA, 3 Yr. CAGR %	2.71	3.44	19.71	26.86	22.62
EBITA, 3 Yr. CAGR %	2.7	3.43	19.66	26.81	22.59
EBIT, 3 Yr. CAGR %	2.7	3.43	19.66	26.81	22.59
Earnings From Cont. Operations, 3 Yr. CAGR %	-50.56	-15.85	-3.59	104.07	19.17
Net Income, 3 Yr. CAGR %	-50.56	-15.85	-3.62	104.04	19.27
Diluted EPS Before Extra, 3 Yr. CAGR %	-52.83	-19.69	-16.17	74.59	2
Normalized Net Income, 3 Yr. CAGR %	1.77	4.03	18.26	21.51	15.43
Net Property, Plant and Equip., 3 Yr. CAGR %	9.35	7.81	22.31	22.98	21.27
Accounts Receivable, 3 Yr. CAGR %	38.39	-13.8	-4.62	-17.97	83.51
Total Assets, 3 Yr. CAGR %	9.91	8.16	23.17	23.02	21.57
Common Equity, 3 Yr. CAGR %	10.05	7.87	17.84	18.33	18.39
Tangible Book Value, 3 Yr. CAGR %	10.05	7.87	17.84	18.33	18.39
Cash From Operations, 3 Yr. CAGR %	2.27	2.56	17.81	26.82	20.36
Capital Expenditures, 3 Yr. CAGR %	1.62	14.91	28.56	55.24	188.72
Levered Free Cash Flow, 3 Yr. CAGR %	1.78	5.48	16.99	15.1	16.42
Unlevered Free Cash Flow, 3 Yr. CAGR %	1.18	2.89	20.87	27.87	24.93
Dividend Per Share, 3 Yr. CAGR %	1.63	1.4	6.23	-2.08	-5.59
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	10.73	5.75	13.89	16.79	13.71
Gross Profit, 5 Yr. CAGR %	10.74	5.63	13.86	16.83	13.56
EBITDA, 5 Yr. CAGR %	10.83	5.66	13.71	16.64	13.55
EBITA, 5 Yr. CAGR %	10.82	5.66	13.68	16.61	13.53
EBIT, 5 Yr. CAGR %	10.82	5.66	13.68	16.61	13.53
Earnings From Cont. Operations, 5 Yr. CAGR %	-25.49	0.07	-3.03	0.03	1.58
Net Income, 5 Yr. CAGR %	-25.49	0.07	-3.05	0.02	1.63
Diluted EPS Before Extra, 5 Yr. CAGR %	-31.75	-4.74	-11.93	-11.4	-8.96
Normalized Net Income, 5 Yr. CAGR %	10.07	5.61	12.36	13.38	10.06
Net Property, Plant and Equip., 5 Yr. CAGR %	15.01	6.84	19.56	18.21	12.01
Accounts Receivable, 5 Yr. CAGR %	19.06	-2	8.94	0.71	25.89
Total Assets, 5 Yr. CAGR %	15.18	7	20.08	18.6	12.38
Common Equity, 5 Yr. CAGR %	15.61	7.92	17.2	15.43	10.68
Tangible Book Value, 5 Yr. CAGR %	15.61	7.92	17.2	15.43	10.68
Cash From Operations, 5 Yr. CAGR %	10.81	4.8	12.74	16.56	11.36
Capital Expenditures, 5 Yr. CAGR %	-	-16.9	41.47	61.44	37.43
Levered Free Cash Flow, 5 Yr. CAGR %	13.87	3.41	12.49	11.91	8.57
Unlevered Free Cash Flow, 5 Yr. CAGR %	13.15	3.05	15.08	17.84	12.12
Dividend Per Share, 5 Yr. CAGR %	3.14	2.03	1.19	-0.51	0.05