(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 25 August 2005 (as amended))
MAPLETREE PAN ASIA COMMERCIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FOURTH QUARTER AND
FINANCIAL YEAR ENDED 31 MARCH 2025
TABLE OF CONTENTS
Item No. | Description | Page No. |
- - - 1(a) 1(b) 2 3 4 5 - 6 7 8 9 10 & 11 12 13 14 15 16 17 | Introduction Summary Results of Mapletree Pan Asia Commercial Trust Group and Distribution Details Condensed Interim Financial Statements Consolidated Statement of Profit or Loss and Distribution Statement Consolidated Statement of Comprehensive Income Statements of Financial Position Consolidated Statement of Cash Flows Statements of Movements in Unitholders' Funds Notes to the Condensed Interim Financial Statements Other Information Review of the Condensed Interim Financial Statements Review of the Performance Variance between Actual and Forecast Results Outlook and Prospects Distributions Segmental Revenue and Results Breakdown of Revenue and Profit after Tax Breakdown of Total Distribution General Mandate relating to Interested Person Transactions Confirmation pursuant to Rule 704(13) of the Listing Manual Confirmation pursuant to Rule 720(1) of the Listing Manual | 2 3 4 7 8 10 12 15 25 25 26 26 31, 33 33 33 33 34 34 34 |
1
INTRODUCTION
Mapletree Pan Asia Commercial Trust ("MPACT") is a real estate investment trust ("REIT") positioned to be the proxy to key gateway markets of Asia. Listed on the SGX-ST, it made its public market debut as Mapletree Commercial Trust ("MCT") on 27 April 2011. On 3 August 2022, MCT was renamed MPACT following the merger with and delisting of Mapletree North Asia Commercial Trust ("MNACT").
MPACT's principal investment objective is to invest on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, as well as real estate-related assets, in the key gateway markets of Asia (including but not limited to Singapore, China, Hong Kong, Japan and South Korea).
As at 31 March 2025, MPACT's total assets under management was S$16.0 billion1, comprising 17 commercial properties (the "Properties") across five key gateway markets of Asia - four in Singapore, one in Hong Kong2, two in China, nine in Japan and one in South Korea.
Within Singapore, the Properties are:
• VivoCity - Singapore's largest mall located in the HarbourFront Precinct;
• Mapletree Business City ("MBC") - a quality, large-scale integrated office, business park and retail complex with Grade A specifications, supported by ancillary retail space, located in the Alexandra Precinct;
• mTower - an established integrated development with a 40-storey office block and a three-storey retail podium, Alexandra Retail Centre ("ARC"), located in the Alexandra Precinct; and
• Bank of America HarbourFront ("BOAHF") - A premium six-storey office building located in the HarbourFront Precinct.
Outside Singapore, the Properties are:
• Festival Walk, Hong Kong - a prominent seven-storey retail mall and a four-storey office tower, located in Kowloon Tong;
• Gateway Plaza, Beijing, China - a quality office building that comprises two 25-storey towers connected by a three-storey podium area, located in the well-established Lufthansa commercial hub;
• Sandhill Plaza, Shanghai, China - a quality business park development that comprises one 20-storey tower and seven blocks of 3-storey buildings, located in the Zhangjiang Science City;
• Japan Properties - nine freehold office buildings; five in Tokyo 23 wards (Hewlett-Packard Japan Headquarters Building ("HPB"), IXINAL Monzen-nakacho Building, Omori Prime Building, TS Ikebukuro Building and Higashi-nihonbashi 1-chome Building), three in Chiba City (mBAY POINT Makuhari ("MBP"), Fujitsu Makuhari Building ("FJM") and Makuhari Bay Tower3 ("MBT")) and one in Yokohama City (ABAS Shin-Yokohama Building); and
• The Pinnacle Gangnam ("TPG"), South Korea - a 20-storey freehold office building with retail amenities located in Gangnam Business District, Seoul.
On 30 May 2024, the Manager entered into a Put and Call Option Agreement in relation to the divestment of Mapletree Anson at a consideration of S$775.0 million. The divestment was completed on 31 July 2024. The financial results of MPACT Group for the year ended 31 March 2025 exclude the contribution from Mapletree Anson with effect from 1 August 2024.
MPACT's distribution policy is to distribute at least 90% of its taxable income and tax-exempt income.
Footnotes:
1. Includes MPACT's 50% effective interest in TPG.
2. Where "Hong Kong" is mentioned, it refers to the Hong Kong Special Administrative Region.
3. Formerly known as SII Makuhari Building.
MAPLETREE PAN ASIA COMMERCIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FOURTH QUARTER AND
FINANCIAL YEAR ENDED 31 MARCH 2025
SUMMARY RESULTS OF MAPLETREE PAN ASIA COMMERCIAL TRUST GROUP
4Q FY24/25 (S$'000) | 4Q FY23/24 (S$'000) | Variance % | |
Gross revenue | 222,894 | 239,222 | (6.8) |
Property operating expenses | (53,349) | (56,087) | 4.9 |
Net property income | 169,545 | 183,135 | (7.4) |
Amount available for distribution - to Unitholders - to Perpetual securities holders | 104,787 103,620 1,167 | 121,686 120,522 1,164 | (13.9) (14.0) 0.3 |
Distribution per unit (cents) | 1.95 | 2.29 | (14.8) |
FY24/25 (S$'000) | FY23/24 (S$'000) | Variance % | |
Gross revenue | 908,841 | 958,088 | (5.1) |
Property operating expenses | (225,304) | (230,159) | 2.1 |
Net property income | 683,537 | 727,929 | (6.1) |
Amount available for distribution - to Unitholders - to Perpetual securities holders | 427,669 423,022 4,647 | 473,373 468,569 4,804 | (9.7) (9.7) (3.3) |
Distribution per unit (cents) | 8.02 | 8.91 | (10.0) |
DISTRIBUTION DETAILS
Distribution period | 1 January 2025 to 31 March 2025 |
Distribution rate/ type | Taxable income distribution of 1.48 cents per unit Tax-exempt income distribution of 0.46 cent per unit Capital distribution of 0.01 cent per unit |
Trade ex-date | 2 May 2025, 9.00 a.m. |
Record date | 5 May 2025, 5.00 p.m. |
Payment date | 6 June 2025 |
CONDENSED INTERIM FINANCIAL STATEMENTS
1(a) Consolidated Statement of Profit or Loss and Distribution Statement
Consolidated Statement of Profit or Loss | 4Q FY24/25 (S$'000) | 4Q FY23/24 (S$'000) | Variance % | FY24/25 (S$'000) | FY23/24 (S$'000) | Variance % |
Gross revenue Property operating expenses1 Net property income Finance income Finance expenses Manager's management fees - Base fees Trustee's fees Other trust expenses Foreign exchange (loss)/gain2 Net change in fair value of financial derivatives3 Profit before tax and fair value change in investment properties and share of profit of a joint venture Net change in fair value of investment properties4 Net gain on divestment of an investment property5 Share of profit of a joint venture6 Profit for the financial period/ year before tax Income tax credit/(expense)7 Profit for the financial period/ year after tax Attributable to:
Profit for the financial period/ year after tax Earnings per unit (cents) - Basic - Diluted | 222,894 (53,349) | 239,222 (56,087) | (6.8) 4.9 | 908,841 (225,304) | 958,088 (230,159) | (5.1) 2.1 |
169,545 | 183,135 | (7.4) | 683,537 | 727,929 | (6.1) | |
478 (51,601) (11,023) (431) (921) (51) 504 | 591 (57,025) (12,822) (451) (1,478) 1,551 1,212 | (19.1) 9.5 14.0 4.4 37.7 N.M. (58.4) | 2,061 (220,443) (45,002) (1,761) (3,522) 781 (1,340) | 2,512 (227,994) (49,848) (1,819) (3,933) 4,923 2,598 | (18.0) 3.3 9.7 3.2 10.5 (84.1) N.M. | |
106,500 274,350 222 4,820 | 114,713 141,804 - 1,820 | (7.2) 93.5 N.M. N.M. | 414,311 154,019 4,006 8,852 | 454,368 141,804 - 6,380 | (8.8) 8.6 N.M. 38.7 | |
385,892 10,516 | 258,337 (274) | 49.4 N.M. | 581,188 6,113 | 602,552 (19,482) | (3.5) N.M. | |
396,408 | 258,063 | 53.6 | 587,301 | 583,070 | 0.7 | |
395,287 1,167 (46) | 257,219 1,164 (320) | 53.7 0.3 85.6 | 584,181 4,647 (1,527) | 577,940 4,804 326 | 1.1 (3.3) N.M. | |
396,408 | 258,063 | 53.6 | 587,301 | 583,070 | 0.7 | |
7.51 | 4.90 | 53.3 | 11.10 | 11.02 | 0.7 | |
7.51 | 4.90 | 53.3 | 11.10 | 11.02 | 0.7 | |
1(a) Consolidated Statement of Profit or Loss and Distribution Statement (continued)
Distribution Statement | 4Q FY24/25 (S$'000) | 4Q FY23/24 (S$'000) | Variance % | FY24/25 (S$'000) | FY23/24 (S$'000) | Variance % |
Profit for the financial period/ year after tax before distribution Adjustments:
Amount available for distribution to Unitholders Comprising:
| 395,287 431 2,121 4,409 (820) (274,534) (222) 30 (3,696) (16,015) (3,371) | 257,219 451 2,248 5,129 (669) (142,346) - 84 (357) (3,833) 2,596 | 53.7 (4.4) (5.6) (14.0) (22.6) (92.9) N.M. (64.3) N.M. N.M. N.M. | 584,181 1,761 10,008 18,001 654 (156,045) (4,006) 636 (3,696) (28,440) (32) | 577,940 1,819 9,638 19,939 (2,055) (142,346) - 190 (357) 1,273 2,528 | 1.1 (3.2) 3.8 (9.7) N.M. (9.6) N.M. N.M. N.M. N.M. N.M. |
103,620 | 120,522 | (14.0) | 423,022 | 468,569 | (9.7) | |
78,283 24,364 973 | 81,257 18,806 20,459 | (3.7) 29.6 (95.2) | 298,279 74,801 49,942 | 319,943 88,104 60,522 | (6.8) (15.1) (17.5) | |
103,620 | 120,522 | (14.0) | 423,022 | 468,569 | (9.7) | |
Footnotes:
1. Included as part of the property operating expenses were the following:
4Q FY24/25 (S$'000) | 4Q FY23/24 (S$'000) | Variance % | FY24/25 (S$'000) | FY23/24 (S$'000) | Variance % | |
Depreciation Impairment of trade receivables Fixed asset written off | 157 - - | 249 4 29 | 36.9 100.0 100.0 | 678 - - | 1,072 151 31 | 36.8 100.0 100.0 |
1(a) Consolidated Statement of Profit or Loss and Distribution Statement (continued)
2. The foreign exchange (loss)/gain arose from the difference in foreign exchange rates for the translation of the remitted funds and the contract rates of the currency forwards.
3. This relates to the revaluation of the cross-currency interest rate swaps ("CCIRSs") which were entered into to hedge against foreign exchange risk and the revaluation of the currency forwards which were entered into to hedge against the foreign exchange risks arising from highly probable transactions.
The CCIRSs and currency forwards are not designated for hedge accounting and any change in fair value of these derivative financial instruments have been taken to profit or loss. The unrealised fair value change of financial derivatives has no impact on amount available for distribution to Unitholders.
4. This relates to the net change in investment properties values. The breakdown was as follows:
4Q FY24/25 (S$'000)
4Q FY23/24 (S$'000)
Variance %
FY24/25 (S$'000)
FY23/24 (S$'000)
Variance %
Change in fair value of investment properties
Effect of recognising rental incentives on a straight-line basis over the lease terms
274,369
(19)
140,205
1,599
95.7
N.M.
154,280
(261)
140,205
1,599
10.0
N.M.
Net change in fair value of investment properties recognised in profit or loss
274,350
141,804
93.5
154,019
141,804
8.6
The change in fair value of investment properties arose from the independent interim valuations carried out for MBP, MBT and FJM as at 30 September 2024 and the independent valuations carried out for all investment properties as at 31 March 2025 and 31 March 2024.
5. This relates to the net gain on divestment of Mapletree Anson at the sale price of S$775.0 million.
6. This relates to the 50% effective interest in TPG held through MNACT.
7. This relates to income tax expense, withholding tax expense and deferred tax (credit)/expense of MPACT Treasury Company Pte. Ltd., Mapletree North Asia Commercial Trust Treasury Company (S) Pte. Ltd., 80 Alexandra Pte. Ltd. and the overseas subsidiaries, where applicable.
8. This relates to the S$250,000,000 perpetual securities, at a coupon rate of 3.50% per annum, issued by MNACT on 8 June 2021 to partially fund the acquisition of HPB. CCIRSs were entered to swap SGD coupon rate to JPY coupon rate for these perpetual securities.
9. This relates to the 1.53% effective interest in the Japan Properties held by Mapletree Investments Japan Kabushiki Kaisha.
10. This mainly includes other non-tax deductible items and rollover income adjustments.
11. The capital distribution for FY24/25 includes balancing allowances totalling S$7.7 million which relate to the divestment of Mapletree Anson.
MAPLETREE PAN ASIA COMMERCIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FOURTH QUARTER AND
FINANCIAL YEAR ENDED 31 MARCH 2025
1(b) Consolidated Statement of Comprehensive Income
4Q FY24/25 (S$'000) | 4Q FY23/24 (S$'000) | Variance % | FY24/25 (S$'000) | FY23/24 (S$'000) | Variance % | |
Profit for the financial period/ year after tax before distribution Other comprehensive loss/ (income): Items that may be reclassified subsequently to profit or loss: Cash flow hedges
Net currency translation differences relating to financial statements of foreign subsidiaries and quasi-equity loans Share of currency translation differences relating to a foreign joint venture Net currency translation differences on hedges of net investment in foreign operation Other comprehensive loss, net of tax Total comprehensive income Attributable to:
Total comprehensive income | 396,408 (7,324) (3,251) (16,915) (3,281) (10,131) | 258,063 31,751 (19,717) (35,183) (1,201) 5,805 | 53.6 N.M. 83.5 51.9 N.M. N.M. | 587,301 28,116 (40,347) 7,437 (11,356) 7,738 | 583,070 6,457 (40,548) (138,866) (1,820) 28,819 | 0.7 N.M. 0.5 N.M. N.M. (73.1) |
(40,902) | (18,545) | N.M. | (8,412) | (145,958) | 94.2 | |
355,506 | 239,518 | 48.4 | 578,889 | 437,112 | 32.4 | |
354,320 1,167 19 | 238,721 1,164 (367) | 48.4 0.3 N.M. | 575,723 4,647 (1,481) | 432,207 4,804 101 | 33.2 (3.3) N.M. | |
355,506 | 239,518 | 48.4 | 578,889 | 437,112 | 32.4 | |
2
Statements of Financial Position
Group | MPACT | |||
31 Mar 2025 (S$'000) | 31 Mar 2024 (S$'000) | 31 Mar 2025 (S$'000) | 31 Mar 2024 (S$'000) | |
Current assets Cash and bank balances1 Trade and other receivables Tax recoverable2 Other assets3 Inventories Derivative financial instruments4 Non-current assets Investment properties5 Plant and equipment Investment in subsidiaries6 Investment in joint venture7 Derivative financial instruments4 Total assets Current liabilities Trade and other payables8 Borrowings9 Lease liabilities Loans from a subsidiary10 Current income tax liabilities11 Derivative financial instruments4 Non-current liabilities Other payables8 Borrowings9 Lease liabilities Loans from a subsidiary10 Deferred tax liabilities12 Derivative financial instruments4 Total liabilities Net assets Represented by:
Units in issue ('000) Net asset value per unit attributable to Unitholders (S$) | 171,395 15,852 5,848 4,648 130 5,020 | 157,235 13,474 5,849 5,150 110 19,061 | 12,055 100,340 - 333 - 2,423 | 13,373 56,441 - 687 - 3,664 |
202,893 | 200,879 | 115,151 | 74,165 | |
15,728,702 1,798 - 110,874 97,340 | 16,248,855 1,405 - 118,590 92,562 | 7,349,000 73 4,255,218 - 1,071 | 7,550,000 42 4,969,433 - 18,523 | |
15,938,714 | 16,461,412 | 11,605,362 | 12,537,998 | |
16,141,607 | 16,662,291 | 11,720,513 | 12,612,163 | |
226,112 446,572 34 - 8,895 2,922 | 218,894 1,026,252 33 - 3,663 3,703 | 87,792 49,816 - - - 2,694 | 87,866 99,892 - 119,994 - 2,872 | |
684,535 | 1,252,545 | 140,302 | 310,624 | |
122,016 5,550,545 8 - 149,560 10,400 | 124,226 5,624,091 42 - 177,380 12,805 | 55,089 1,610,948 - 622,563 - 8,670 | 55,609 1,761,632 - 872,686 - 8,789 | |
5,832,529 | 5,938,544 | 2,297,270 | 2,698,716 | |
6,517,064 | 7,191,089 | 2,437,572 | 3,009,340 | |
9,624,543 | 9,471,202 | 9,282,941 | 9,602,823 | |
9,363,997 249,270 11,276 | 9,209,163 249,282 12,757 | 9,282,941 - - | 9,602,823 - - | |
9,624,543 | 9,471,202 | 9,282,941 | 9,602,823 | |
5,267,580 | 5,252,985 | 5,267,580 | 5,252,985 | |
1.78 | 1.75 | 1.76 | 1.83 | |
2
Statements of Financial Position (continued) Footnotes:
1. The increase in cash and bank balances was mainly due to net proceeds from the divestment of Mapletree Anson and net cash generated from operations, partially offset by net repayment of bank borrowings and payment of distribution to Unitholders.
2. Tax recoverable refers mainly to the net income tax recoverable of Mapletree Business City LLP prior to the acquisition by MPACT.
3. The decrease in other assets was mainly due to decrease in prepayments.
4. Derivative financial instruments reflect the fair value as at period end of the (i) interest rate swaps
("IRS"); (ii) CCIRS; and (iii) currency forwards entered into by the Group to manage its interest rate risks and foreign currency risks. The change in fair value of derivative financial instruments were mainly due to fluctuation in the interest rate and currency.
5. Investment properties as at 31 March 2025 were accounted for at fair value based on the independent valuations carried out as at 31 March 2025. The decrease in investment properties was mainly due to the divestment of Mapletree Anson on 31 July 2024, partially offset by changes in fair value of investment properties and capital expenditure incurred for the year. For more details, please refer Paragraph 5.5.
6. The decrease in investment in subsidiaries was due to the impairment provision made for MPACT's subsidiary, partially offset by the interest-free loan given to a subsidiary which has no fixed repayment term and is intended to be a long-term source of funding for the entity.
7. Investment in joint venture relates to the 50% effective interest in IGIS Qualified Investment Type Private Placement Real Estate Investment Trust No. 6, which hold TPG.
8. The increase in trade and other payables was mainly due to increase in accrued capital expenditure. Other payables (non-current) relate to tenancy related deposits.
9. Borrowings represent bank borrowings, medium term notes ("MTN") and Tokutei Mokuteki Kaisha ("TMK") bonds measured at amortised cost. The decrease in total borrowings was mainly due to net repayment of borrowings during the year and foreign exchange impact from depreciation of RMB against SGD, partially offset by foreign exchange impact from appreciation of HKD and JPY against SGD.
Notwithstanding the net current liabilities position, based on the Group's available financial resources, the Manager is of the opinion that the Group will be able to refinance its borrowings and meet its current obligations as and when they fall due. Specifically, the Group has sufficient credit facilities available to refinance the portion of the borrowings due within the next 12 months.
10. Loans from a subsidiary represent the unsecured borrowings from MPACT Treasury Company Pte. Ltd. on-lent to MPACT. These borrowings were raised through issuance of MTN under the MTN Programme.
11. The increase in the current income tax liabilities was mainly due to the income tax recorded on the Group's taxable profits for the year, partially offset by the income tax paid during the year.
12. Deferred tax liabilities rose from (i) changes in fair value of investment properties; (ii) accelerated tax depreciation; (iii) changes in fair value of derivative financial instruments; and (iv) unremitted earnings of overseas subsidiaries.
13. The perpetual securities issued by MNACT on 8 June 2021 have no fixed redemption date, with the redemption at the option of MNACT on 8 June 2026 and each distribution payment date thereafter, and will bear an initial rate of distribution of 3.50% per annum for the first five years. The rate of distribution will be repriced after the first five years. Distributions are payable semi-annually at the discretion of MNACT and will be non-cumulative. The perpetual securities, net of issuance costs, are classified and recognised as equity instruments. CCIRSs were entered to swap SGD coupon rate to JPY coupon rate for these perpetual securities.
3
Consolidated Statement of Cash Flows
4Q FY24/25 (S$'000) | 4Q FY23/24 (S$'000) | FY24/25 (S$'000) | FY23/24 (S$'000) | |
Cash flows from operating activities Profit for the financial period/year after tax before distribution Adjustments for:
Change in working capital:
Cash generated from operations - Income tax paid Net cash provided by operating activities Cash flows from investing activities Additions to investment properties Proceeds from divestment of an investment property, net of transaction costs and transfer of tenants' security deposits Additions to plant and equipment Dividend received from a joint venture Finance income received Net cash (used in)/provided by investing activities | 396,408 (10,516) 157 - (3,538) - 4,505 (274,350) (222) (504) (478) 51,601 4,409 (4,820) | 258,063 274 249 29 1,830 4 16,052 (141,804) - (1,212) (591) 57,025 5,129 (1,820) | 587,301 (6,113) 678 - (129) - (7,792) (154,019) (4,006) 1,340 (2,061) 220,443 18,001 (8,852) | 583,070 19,482 1,072 31 1,846 151 47,418 (141,804) - (2,598) (2,512) 227,994 19,939 (6,380) |
162,652 12,703 (846) (5) 8,819 | 193,228 2,236 1,890 317 3,488 | 644,791 (1,831) 501 (20) 8,333 | 747,709 (2,494) (1,625) 300 3,899 | |
183,323 (6,270) | 201,159 (7,945) | 651,774 (17,740) | 747,789 (22,757) | |
177,053 | 193,214 | 634,034 | 725,032 | |
(28,899) - (879) - 222 | (23,879) - (145) - 1,144 | (56,743) 762,448 (1,059) 5,353 1,413 | (64,798) - (318) 5,785 3,036 | |
(29,556) | (22,880) | 711,412 | (56,295) | |
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Mapletree Pan Asia Commercial Trust published this content on April 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 25, 2025 at 00:48 UTC.
