Earnings Call for 2018 March 14, 2019
51 72 LIFESTYLE CENTERS RESIDENTIAL BUILDINGS (from 68 as of end 2017) (from 47 as of end 2017) 38 20 HOUSING OFFICE DEVELOPMENTS SUBDIVISIONS (from 17 as of end 2017) 18 18 MIXED-USE DEVELOPMENTS HOTELS (from 16 as of end 2017) (from 17 as of end 2017) 2
STRONG CASH FLOWS DRIVEN BY DIVERSIFIED BUSINESS MODEL EBITDA (in Php B) REVENUES (in Php B) 29.44 16.20 22.81 22.52 12.48 12.05 20.31 11.11 62% 74% 71% 66% 67% 85% 85% 83% 38% 26% 34% 33% 29% 17% 15% 15% EBIT (in Php B) NET INCOME (in Php B) 11.74 8.56 8.27 7.91 64% 58% 78% 80% 76% 54% 70% 70% 76% 78% 76% 70% 70% 36% 46% 42% 22% 30% 30% 24% 20% 24% 22% 30% 30% 24% Investment Portfolio Development Portfolio 3
2018 F INANCIAL PERFORMANCE HIGHLIGHTS – A B ANNER Y EAR (P HP IN MILLIONS ) Net income surges by 40%YoY to Php 8.23B REVENUE EBIT EBITDA % to % to % to CY2018 CY2018 CY2018 YoY YoY YoY RLC RLC RLC 29,443 16,196 11,740 TOTAL RLC 100% 31% 100% 30% 100% 37% MALLS 11,940 7,666 4,246 41% 11% 47% 9% 36% 6% OFFICES 4,108 3,584 2,890 14% 26% 22% 22% 25% 26% HOTELS 1,982 673 425 5% 4% -7% 3% 7% -22% IID 2,725 1,959 1,946 9% 19K% 13% 6K% 17% 6K% RESIDENTIAL 8,688 2,314 2,233 33% 14% 27% 19% 27% 29% Note: Unaudited financial numbers 4
REVENUES +11% 11,940 10,789 2 nd largest mall operator in the Philippines with 51 malls nationwide, 9 within Metro Manila and 42 in other urban areas 1,502,000 sqm in Gross Leasable Area EBITDA 2,813,000 sqm in Gross Floor Area 95% latest system-wide occupancy + 9% Over 9,000 retailers 7,666 7,038 Partners EBIT +6% 5
New Lifestyle Centers Robinsons Place Ormoc Robinsons Place Pavia GLA : 23, 701 sqm GLA : 27,439 sqm Date Opened : April 2018 Date Opened : June 2018 2018 Occupancy Rate: 96.81% 2018 Occupancy Rate: 90.28% Robinsons Place Tuguegarao Robinsons Place Valencia GLA : 38,927 sqm GLA : 28,785 sqm Date Opened : July 2018 Date Opened : December 2018 2018 Occupancy Rate: 97.75% 2018 Occupancy Rate: 92.00% 6
REVENUES +26% 4,108 A leading IT-BPM office space provider 3,268 with 523,000 sqm net leasable space Total leased space for our 20 office developments is 97 % EBITDA Dominant office landlord in the Ortigas Central Business District +22% 3,584 2,930 Partners EBIT +26% 2,890 2301 7
New Office Development Exxa Tower Zeta Tower Cyberscape Gamma NLA : 39,900 sqm NLA : 35,000 sqm NLA : 45,000 sqm Date Completed : June 2018 Date Completed : Dec. 2018 Date Completed : Dec. 2018 2018 Leased-out Rate: 92% 2018 Leased-out Rate: 19.2% 2018 Leased-out Rate: 57.2% 8
REVENUES +5% Multi-branded hotel portfolio spanning essential service hotels to standard deluxe hotels. Continuous expansion of all brand EBITDA segments 18 hotel properties with 2,736 rooms across all segments -7% International Brands EBIT Company-owned Brands -22% 9
New Hotel Development Summit Hotel Tacloban Go Hotels Iligan Rooms: 100 Rooms Rooms: 138 rooms Date Opened : June 2018 Date Opened : December 2018 10
NET SALES TAKE-UP REALIZED REVENUES +49% +33% 15,318 10,255 EBITDA EBIT +27% +27% 11
2018 P ROJECT LAUNCHES Radiance Manila Bay South Location: Manila Date Launched : February 2018 No. of Units : 597 The Magnolia Residences Tower D Location: Quezon City Date Launched : November 2018 No. of Units: 420 12
2018 P ROJECT LAUNCHES Gateway Regency Studios Aurora Escalades Location: Mandaluyong City Location: Quezon City Date Launched : November 2018 Date Launched : February 2018 No. of Units : 800 No. of Units: 836 Phase 2 of Springdale at Pueblo Angono Location: Angono, Rizal Date Launched : June 2018 No. of Units : 271 13
REVENUES +19,000% 2,725 14.3 Warehouse Facility EBITDA +6,000% 1,959 Turned Over in Q1CY18 Location Muntinlupa City 22 -33 GLA 33,000 sq.m. Property Type Warehouse EBIT 1 st quarter of 2018 Completion +6,000% 1,946 Portfolio Legend: Investment Development 9 -33 9 14
R OBUST GROWTH PROSPECTS CAPITAL EXPENDITURE (Php Mn) Capital expenditure program in line with overall corporate strategy 24-25 bn 23,376 22,507 Investment Capex 16,984 16,202 Development Capex 13,309 13,405 Land Acquisition LAND BANK as of 31 December 2018 (Philippines) RLC will continue to scout for strategic land bank across the country AREA In Has. ESTIMATED VALUE In Php B Metro Manila 21.3 Metro Manila 30.4 Luzon 18.5 Luzon 524.5 Visayas Visayas 3.5 137.7 Mindanao 2.3 Mindanao 64.8 TOTAL 45.5 TOTAL 757.4 15
R OBUST GROWTH PROSPECTS CHENGDU BAN BIAN JIE We have secured license to sell for condominium units We have sold 95% of the units as of December 2018 Group 2/5/6 Ban Bian Jie Ji Plot Location Tou town, Wuhou District Plot Area 8.5 hectares Plot Ratio 2.6x Gross Floor Area 220,000 sqm Planned Mainly residential Development RMB 1.31 B Total Land Price* (USD 207.36 M; PHP 9.63 B) Nature of Acquired from government Acquisition through public auction Pre-selling 2018 Schedule * Excludes transactional fees Note: USD/RMB = 6.3561 and RMB/PHP = 7.31 as of 05 Oct 2015 16
R OBUST GROWTH PROSPECTS CHENGDU BAN BIAN JIE Phase 1 Saleable Area % of Total Components (sqm) Sales Condominium 96,612 68% Townhouses 9,862 10% Commercial Units 4,083 8% Parking 43,514 13% Clubhouse 4,219 1% 17
F UTURE P LANS +6% +5% 1,678 +8% 1,577 1,502 GLA (thousand sqm) 1,389 -RP Iligan -RP Ormoc -RP Galleria South -RP La Union -RP Naga -RP Pavia -RP Magnolia Exp. -Gapan -RP North Tacloban -RP Tuguegarao -Balanga -RP Antique Exp. -RP Valencia -RP Antipolo Exp. -RP Butuan Exp. -Starmills Exp. +12% +14% 669 +29% 596 523 GLA (thousand sqm) 405 -Cybergate Magnolia -Cyber Sigma -Galleria Cebu -Exxa Tower -Delta Tower Two -Cybergate Delta One -Starmills -Zeta Tower -Giga Tower -Robinsons Luisita Office -Omega -Cyberscape -Cybergate Naga One Gamma 18
F UTURE P LANS +12% +23% 3,770 +9% 3,371 2,736 2,516 No. of Hotel rooms -Dusit Thani -Summit Tacloban -GoH-Lanang -Summit Mactan Cebu -GoH Iligan Davao Galleria Cebu -GoH Naga *5 GoH -Goh Tuguegarao Franchises -Summit Naga -Summit Greenhills -Summit Tacloban -Dusit Thani -Summit Gen. Santos -Summit Galleria Cebu -GoH Iligan Mactan Cebu - Westin -GoH Naga -GoH Tuguegarao -Summit Naga -Summit Greenhills +37% 93 +106% GLA (thousands sqm) 68 15,318 Sales Take-Up 10,255 9,099 8,723 33 Sucat, Muntinlupa – RLX1 Calamba, Laguna – RLX2 Sucat, Muntinlupa – RLX1 Calamba, Laguna – RLX2 19
J OINT V ENTURE P ROJECTS With Hong Kong JVCo With Shangri-la JVCo P&L Realized *Unrealized P&L Realized *Unrealized Highlights Land Sale Land Sale Highlights Land Sale Land Sale (PhP Mn) (PhP Mn) (PhP Mn) (PhP Mn) Revenue 2,507 2,507 Revenue 82 2,623 Net income 1,432 1,432 Net income 18 578 [For the 40% balance] [For the 50% balance] Income from land sale to be realized Income from Land Sale to be according to percentage of completion of the realized together with the Realized estate site development Revenues on the sale of the [For the 60% balance] condominium units on a revenue Income from Land Sales to be realized recognition / percentage of together with the Realized Revenues on the completion basis sale of the condominium units on a revenue recognition / percentage of completion basis The JVCo expects condominium sales of over 25B The JVCo expects condominium sales of over 20B
I N SUMMARY 1. 1. Stron ong Earn rnings s Gr Grow owth: Net income up by 40% to P8.23B for CY18 2. 2. Robu bust Growt Growth from rom Inves estment and nd Dev evel elopment Port rtfolios: a. Investment revenues increased by 14% to P18.2B: • Malls Division revenues increased by 11% • Office Buildings Division revenues increased by 26% • Hotel and Resorts Division revenues increased by 5% • Infrastructure and Integrated Division revenues increased by 841% b. Development revenues increased by 72% to P11.3B (includes land sales): • Residential realized revenue rose by 33% in CY18. 3. 3. Recor ord Sales es Take-up: Net sales take-up surged by 49% at P15. 15.3B 3B 4. 4. CAPE PEX: Utilized P23.4B on Investment & Development Portfolios and Land Acquistion 21
T HA OU ! HANK NK YOU 22
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