Results for the Third Quarter ended 30 September 2008 21 October 2008
Disclaimer This Presentation is focused on comparing results for the three months ended 30 September 2008 versus results achieved in the three months ended 30 September 2007 and versus results achieved in the previous quarter ended 30 June 2008. This shall be read in conjunction with Mapletree Logistics Trust’s financial results for the three months ended 30 September 2008 in the SGXNET announcement. This release may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses, including employee wages, benefits and training, property expenses and governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward looking statements, which are based on current view of management on future events. 1 1
Agenda � Financial Highlights � Significant Events in 3Q 2008 � Financial Performance � Capital Management � Our Strategy � A Robust Portfolio � Outlook 2 2
Financial Highlights
Statement of Total Return Year-on-year review IN S$ 3Q 2007 3Q 2008 Variance YTD SEP 07 YTD SEP 08 Variance 2Q 2008 Variance THOUSANDS GROSS 38,496 46,046 19.6% 101,445 132,524 30.6% 43,841 5.0% REVENUE PROPERTY (4,590) (5,802) 26.4% (11,832) (16,633) 40.6% (5,549) 4.6% EXPENSES NET PROPERTY 33,906 40,244 18.7% 89,613 115,891 29.3% 38,292 5.1% INCOME AMOUNT 19,112 25,432 33.1% 52,100 69,064 32.6% 22,625 12.4% DISTRIBUTABLE AVAILABLE DPU 9.8% 1 1.72 1.84 7.0% 4.79 5.78 20.7% 2.04 (CENTS) 1: 3Q 2008 DPU is following the rights issue which was completed on 22 August 2008 where 831.1 million new units were issued which increased the total number of outstanding units from 1,108 million to 1,939 million. 4 4
Significant Events in 3Q 2008
SIGNIFICANT EVENTS IN 3Q 2008 � COMPLETION OF 2 CHINA PROPERTIES AND 1 JAPAN PROPERTY � TOTAL INVESTMENT PROPERTIES VALUE REACHED APPROXIMATELY S$2.67 BILLION � ADDITIONAL (S$45.8 MILLION) PROPERTIES PENDING COMPLETION AT END SEPTEMBER 2008 � ISSUED 831,135,129 NEW UNITS IN RELATION TO THE RIGHTS ISSUE � LOWERED LEVERAGE RATIO TO 36.9% AS A RESULT OF PARING DOWN DEBT SOUTH SINGAPORE HONG KONG CHINA MALAYSIA JAPAN KOREA 2 Number of - Northwest 1 Completions in - - (Phase 1) - - 3Q 08 - Kashiwa - Northwest (Phase 2) - - 1 1 - - Number of IP pending - - ISH WGQ - - G Force completion 6 6
Total number of properties as at 30 September 08 Assets Number Value (S$ million) Completed 79 2,674 Announced but pending completion as at 30 2 46 1 September 2008 Total 81 2,720 Footnote: 1. Excludes acquisition costs. 7 7
Financial Performance
Scorecard since IPO (Amount Distributable) Scorecard since IPO (Amount Distributable) Scorecard since IPO (Amount Distributable) Scorecard since IPO (Amount Distributable) Asset Value (S$) $422m $462m $715m $1.0b $1.1b $1.4b $1.5b $2.1b $2.4b $2.4b $2.5b $2.5b $2.7b Lettable Area (mil sqm) 0.8 0.8 0.9 1.1 1.2 1.4 1.5 1.6 1.6 1.8 1.9 2.0 2.1 90 27.0 25.4 Amount Distributable (S$m) Number of properties 22.6 80 21.0 23.0 70 19.7 19.1 17.7 60 19.0 (2) 15.3 79 50 76 15.0 72 11.8 40 70 10.7 61 9.6 30 58 11.0 8.3 49 41 20 36 6.0 28 7.0 4.3 24 10 15 18 0 3.0 (1 ) 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 FY06 Amt Dist = S$40.4m FY07 Amt Dist = S$71.8m FY08 YTD Amt Dist = S$69.1m CAGR 80% (1) Period for 3Q05 is from 28 July 2005 (Listing Date) to 30 September 2005. (2) If we include 2 properties announced and pending completion as at 30 Sep 2008, number of properties will increase to 81. 9 9
Scorecard since IPO (DPU) Scorecard since IPO (DPU) Scorecard since IPO (DPU) Scorecard since IPO (DPU) Asset Value (S$) $422m $462m $715m $1.0b $1.1b $1.4b $1.5b $2.1b $2.4b $2.4b $2.5b $2.5b $2.7b Lettable Area (mil sqm) 0.8 0.8 0.9 1.1 1.2 1.4 1.5 1.6 1.6 1.8 1.9 2.0 2.1 2.04 90 (3) 1.90 2.00 Number of properties 1.84 80 1.78 1.72 Actual DPU (cents) 1.80 70 1.59 60 1.48 1.60 1.45 (2) 79 1.32 50 76 1.40 72 1.19 40 70 1.10 1.20 1.05 61 30 58 49 1.00 41 20 0.80 36 28 24 (1 ) 0.80 10 18 15 0 0.60 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 FY06 DPU = 5.06 cents FY07 DPU = 6.57 cents FY08 YTD DPU = 5.78 cents CAGR 32% (1) Period for 3Q05 is from 28 July 2005 (Listing Date) to 30 September 2005. (2) If we include 2 properties announced and pending completion as at 30 Sep 2008, number of properties will increase to 81. (3) This is following the rights issue which was completed on 22 August 2008 where 831.1 million new units were issued which increased the total number of units from 1,108 million to 1,939 million. 10 10
Geographical Diversification Country Allocation - By NPI – 3Q 2007 vs 3Q 2008 South Japan Japan Japan Japan Japan Korea 12% 13% 13% 13% 13% 1% Malaysia Malaysia Malaysia Malaysia Malaysia 5% 3% 3% 3% 3% China 4% China China China China 2% 2% 2% 2% Singapore Singapore Singapore Singapore Singapore 52% 52% 52% 52% 54% Hong Kong 24% Hong Kong Hong Kong Hong Kong Hong Kong 30% 30% 30% 30% 3Q 2008 3Q 2007 Note: 3Q 2008 started with 76 properties and ended with 79 properties. 3Q 2007 started with 58 properties and ended with 61 properties. 11 11
Geographical Diversification Country Allocation - By NPI – 2Q 2008 vs 3Q 2008 South Japan South Japan Korea 12% Korea 13% 1% 1% Malaysia Malaysia 5% 5% China 4% China 4% Singapore Singapore 54% 54% Hong Kong Hong 24% Kong 23% 2Q 2008 3Q 2008 Note: 3Q 2008 started with 76 properties and ended with 76 properties. 2Q 2008 started with 72 properties and ended with 76 properties. 12 12
Capital Management
Capital Management Balance Sheet 30 Jun 2008 30 Sep 2008 S$’000 S$’000 Total assets 2,611,169 2,796,840 1,571,809 1 1,147,467 2 Total liabilities Net assets attributable to unitholders 1,039,360 1,649,373 S$0.94 3 S$0.85 4 NAV per Unit Financial Ratio Aggregate Leverage Ratio 56.3% 36.9% Total Debt S$1,461 million S$1,023 million Weighted Average Annualised Interest Rate 2.7% 2.7% Interest Service Ratio 5 3.7 times 3.7 times Footnotes: 1. Includes derivative financial instruments, at fair value, liability of S$20.0 million. 2. Includes derivative financial instruments, at fair value, liability of S$29.1 million. 3. Includes net derivative financial instruments, at fair value, liability of S$14.6 million. Excluding this, the NAV per unit would be S$0.95. 4. Includes net derivative financial instruments, at fair value, liability of S$20.5 million. Excluding this, the NAV per unit would be S$0.86. 5. Ratio of EBITDA over interest expense for period up to balance sheet date. 14 14
Long Term - Short Term Debt Ratio 1,600 S$' mil Total Borrowings 1,400 1,200 42% 1,000 11% 800 600 89% 58% 400 200 - Actual debt as at 30 September (1) Actual debt as at 30 June 2008 (2) 2008 608 114 Current (S$'mil) 853 909 Non-current (S$'mil) Total borrowings (S$'mil) 1,461 1,023 (1) Actual Debt as at 30 June 2008 ; excludes deferred consideration of S$ 9.1 million (2) Actual Debt as at 30 September 2008 ; excludes deferred consideration of S$ 8.6 million 15 15
Debt Maturity Profile Actual Debt as at 30 June 2008 (1) Actual Debt as at 30 September 2008 (2) Actual Debt as at 30 June 2008 Actual Debt as at 30 June 2008 Actual Debt as at 30 September 2008 45% 45% 70% 40% 40% Average Duration Average Duration 60% = 1.9 years (3) = 2.8 years 35% 35% 50% 30% 30% 27% 27% 41% 25% 25% 2% 2% 40% 1% 1% 20% 20% 3% 3% 6% 6% 30% 3% 3% 15% 15% 4% 4% 20% 10% 10% 16% 16% 15% 15% 11% 11% 1% 1% 24% 5% 5% 2% 2% 10% 3% 3% 2% 5% 3% 3% 2% 2% 2% 2% 2% 2% 0% 0% 2% 2% 6% 5% 3% 3% Maturing in Maturing in Maturing in Maturing in Maturing in Maturing in Maturing in Maturing in Maturing in Maturing in 0% 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 Maturing in Maturing in Maturing in Maturing in Maturing in 2008 2009 2010 2011 2012 SGD SGD HKD HKD JPY JPY MYR MYR CNY CNY KRW KRW SGD HKD JPY MYR CNY KRW USD S$1,023 million Debt Amount S$1,461 million (1) Actual Debt as at 30 June 2008 ; excludes deferred consideration of S$ 9.1 million (2) Actual Debt as at 30 September 2008 ; excludes deferred consideration of S$ 8.6 million (3) This figure reflects the Average Duration of the Actual Debt as at 30 June 2008, recalibrated and profiled as at 30 September 2008 . Before the recalibration, Average Duration of the Actual Debt as at 30 June 2008 was 2.15 years 16 16
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