Presentation to Investors 15 March 2018
Table of Contents Slide • The Philippine Economy 3 • Corporate structure 4 • Description of Businesses: - Real estate • Metro Manila 5 • Tagaytay Highlands / Midlands 6 • Land held for development 7 - APC Group, Inc. 9 - Gaming: Premium Leisure Corp. 10 • Historical Financials 11 • Recent Dividend History 12 Presentation to Investors 15 March 2018 Slide 2 of 14
Philippines: Strong Macroeconomic Fundamentals Presentation to Investors 15 March 2018 Slide 3 of 14
Corporate Structure and Lines of Business 100% PORTFOLIO INVESTMENTS GAMING REAL ESTATE PREMIUM LEISURE CORP. City of Dreams Manila APC GROUP, INC. 24.9 • • • Gaming Investments Land and Buildings Energy and Natural billion • 3.7 billion shares • Listed on PSE (PLC) Lease agreement with Melco Group resources shares (48.8% ) • (78.7%) Listed on PSE (APC) Land bank and finished real estate PREMIUMLEISURE & Tagaytay Highlands and Midlands developments AMUSEMENT, INC. SM PRIME HOLDINGS, INC . • Holding Company for • One of the largest PAGCOR license 100% 61.8 integrated property • million shares Operating agreement developers in Asia (less than 1%) with Melco Group • Listed on PSE (SMPH) 224.3 PACIFIC ONLINE SYSTEMS million CORP. shares • Lease of Lottery and (50.1% of issued Keno equipment shares) • Listed on PSE (LOTO) Presentation to Investors 15 March 2018 Slide 4 of 14
Real Estate: Metro Manila • 6.2 hectares of land: 4.2 hectares owned and 2.0 hectares leased through 2035 (renewable) from the Philippine Social Security System (SSS) in PAGCOR Entertainment City, ASEANA Business Park, Paranaque City. • City of Dreams Manila building, with more than 30 hectares of gross floor area. • Recurring rental income from land and building lease to the Philippine Subsidiary of Melco Resorts and Entertainment Limited (Melco). • 9,734 square meters of land held for future development near City of Dreams Manila. Presentation to Investors 15 March 2018 Slide 5 of 14
Real Estate: Tagaytay Highlands and Midlands Complexes Highlands Projects Midlands and Greenlands Projects • • Themed luxury residences situated Premium residences in gated about 1,000 feet above sea level with communities between 2,000 to picture-perfect view of scenic Taal Lake 2,500 feet above sea level. Tagaytay Highlands The Country Club at Tagaytay Midlands Golf Club International Golf Club Tagaytay Highlands • Fully-equipped Sports Center. Various • • 18-hole championship golf course Currently with 27 holes, and F&B options. • Scenic views of Taal Lake and Mt. eventually 36 holes. • Swiss-engineered cable car ascending • Makiling. Connected to Tagaytay Highlands by to mountain peak. 48-seater Swiss Funicular System. Presentation to Investors 15 March 2018 Slide 6 of 14
Land Held for Development – Tagaytay Highlands and Midlands Complexes Location Map Manila View of Laguna de Bay The Country Club at Tagaytay Highlands Tagaytay Highlands Laguna de Bay Internatioal Golf Club 66 Kilometers Road Saratoga Hills Length from Manila The Villas Plantation Hills Tagaytay Highlands Highlands Golf Course View of Mt. Makiling The Woodlands Pinecrest Village Taal Lake Belleview Tagaytay Highlands Alta Mira 5 International Golf Club Lakeview Heights 4 2 3 Midlands 1 7 6 8 11 13 Golf Course 9 9 12 12 Tagaytay Midlands 10 10 14 18 Golf Club 16 15 17 Lakeside Fairways View of Taal Lake Presentation to Investors 15 March 2018 Slide 7 of 14
Land Held for Development – Lakelands Tagaytay Midlands 21 Kilometers Road Length from Tagaytay Midlands Taal Lake Lakelands (approx. 333 hectares) Presentation to Investors 15 March 2018 Slide 8 of 14
Investments – APC Group • Listed in the Philippine Stock Exchange, under ticker “APC” . • Belle is the largest shareholder, with around 3.7 billion shares and 48.8% ownership as of 31 December 2017. • Aragorn Power and Energy Corporation, a 90% -owned subsidiary of APC, in partnership with Chevron Kalinga Ltd. and Guidance Management Corp., has an active Geothermal Renewable Energy Service contract with the Department of Energy for a project in Kalinga province with a resource potential of 100 MW of new capacity that will provide an additional source of clean, indigenous and reliable baseload power to the Luzon grid. Presentation to Investors 15 March 2018 Slide 9 of 14
Overview of Premium Leisure Corp. Premium Leisure Corp. (PLC) is a public company listed on the Philippine Stock Exchange that holds the gaming assets of Belle Corporation. Through its wholly owned subsidiary, Premium Leisure and Amusement, Inc. ( PLAI), benefits from a Philippine Amusement and Gaming Corporation (PAGCOR) license to operate an integrated resort in Entertainment City, Manila. Involved with Belle and Melco in City of Dreams Manila, which opened on 14 December 2014. Owns a 50.1% stake in Pacific Online Systems Corp. (POSC), a company that develops and manages online computer systems, terminals and software for the parimutuel sector of the Philippine gaming industry. Generous dividend policy that requires it to distribute at least 80% of prior year’s unrestricted retained earnings. Presentation to Investors 15 March 2018 Slide 10 of 14
Belle Historical Financials (Amounts in Php millions FULL YEAR except percentages) 2017 2016 2015 2014 CONSOLIDATED REVENUE 8,012 6,322 5,352 3,317 EBITDA 4,931 3,531 2,810 1,635 EBIT 4,549 3,167 2,379 1,494 Net income 3,511 3,096 1,772 2,557 Recurring net income 3,288 2,076 1,334 1,036 Belle dividend payments: Regular 1,003 1,003 1,003 211 Special - - 1,900 - ROE 12.1% 11.7% 6.8% 10.7% City of Dreams Lease Revenue 2,260 2,194 2,108 1,598 EBITDA 1,926 1,465 1,258 1,053 Net Income 945 602 595 485 Premium Leisure Corp. (excl. Pacific Online and intercompany dividends) Revenue 2,609 1,643 756 39 EBITDA 1,893 1,187 640 (31) Net Income 1,599 753 266 1,160 Pacific Online Systems Corporation (excl. intercompany dividends)* Revenue 2,320 1,888 1,718 1,731 EBITDA 879 769 623 663 Net Income 493 392 323 346 Property Development and Management (excl. mark to market gains on club shares) Revenue 823 596 590 474 EBITDA 333 257 235 260 Net Income 221 149 68 43 *Pacific Online was consolidated into Belle’s financials starting June 2014. Prior to June 2014, Pacific Online’s net income was equitized in Belle’s income statement. For comparability, Pacific Online’s revenues and earnings for 2014 are shown herein on a full year basis. Presentation to Investors 15 March 2018 Slide 11 of 14 Slide 11 of 14
Belle Historical Financials Revenue Mix 2017 Revenue Mix 2016 (amounts in Millions of Php, except percentages) (amounts in Millions of Php, except percentages) Property Development and Property Development and Management = 823 City of Dreams Lease Management = 596 10% = 2,260 City of Dreams Lease 9% = 2,194 28% Pacific Online 35% Pacific Online 29% Systems 30% Systems Corporation = Corporation = 2,320 1,888 33% Premium Leisure 26% Premium Leisure Corp (excl. Pacific Corp (excl. Pacific Online) = 2,609 Online) = 1,643 EBITDA Mix 2017 (amounts in Millions of EBITDA Mix 2016 (amounts in Millions of Php, except percentages) Php, except percentages) Property Development and Property Development and Management = 257 Management = 333 7% 7% Pacific Online Pacific Online City of Dreams Systems City of Dreams Systems 21% 17% 38% Lease = 1,926 40% Corporation = Lease = 1,465 Corporation = 769 879 38% Premium Leisure 32% Premium Leisure Corp (excl. Pacific Corp (excl. Pacific Online) = 1,187 Online) = 1,823 Presentation to Investors 15 March 2018 Slide 12 of 14 Slide 12 of 14
Recent Dividend History Declaration Date Payment Date Amount Stock Price on Dividend as Declaration a % of Date Stock Price ₱ millions ₱/ share February 23, 2018 March 23, 2018 ₱1,267 ₱0.120 ₱3.75 3.20% (Regular Dividend) February 28, 2017 March 30, 2017 ₱1,003 ₱0.095 ₱3.42 2.78% (Regular Dividend) February 29, 2016 March 29, 2016 ₱1,003 ₱0.095 ₱3.08 3.08% (Regular Dividend) July 31, 2015 August 28, 2015 ₱1,003 ₱0.095 ₱3.70 2.57% (Regular Dividend) January 27, 2015 March 9, 2015 ₱1,900 ₱0.180 ₱4.50 4.00% (Special Dividend) Presentation to Investors 15 March 2018 Slide 13 of 14
Belle Corporation Contact Information and Disclaimer Principal Investor Relations Contact: Tristan B. Choa Vice President – Investor Relations Office Number: +632 857-0195 Email Address: Tristan.choa@bellecorp.com Official Website: www.bellecorp.com PSE Ticker BEL Bloomberg Ticker BEL:PM Reuters Ticker BEL:PS Disclaimer Except for historical financial and operating data and other information in respect of historical matters, the statement contained herein are “forward -looking statements” . Any such forward-looking statement is not guarantee of future performance and involves a number of known and unknown risks, uncertainties, and other factors that could cause the actual performance, financial condition or results of operation of SM and its subsidiaries to be materially different from any future performance, financial condition or results of operation implied by such forward-looking statement. Presentation to Investors 15 March 2018 Slide 14 of 14
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