Century Properties Group Inc. · PSE:CPG
Century Properties — FY2016 Earnings Presentation
28 slides from Century Properties's earnings presentation, Apr 20, 2017
Slide 1: Century Properties Group, Inc. Analysts Presentation
CENTURY PROPERTIES GROUP, INC. Analysts Presentation April 20, 2017
Slide 2: Important Notice and Disclaimer
IMPORTANT NOTICE AND DISCLAIMER These materials have been prepared by Century Properties Group, Inc. (together with its subsidiaries, “CPGI”, the "Company”, or “Century”), and have not been independently verified. No representation or warranty, expressed or implied, is made and no reliance should be
Slide 3: Contents
CONTENTS 1 FINANCIAL PERFORMANCE 2 FINANCING 3 PROJECT UPDATES 4 NEW PROJECTS
Slide 4: Financial Performance
STRICTLY CONFIDENTIAL 1 FINANCIAL PERFORMANCE
Slide 5: Key Income Statement Accounts
KEY INCOME STATEMENT ACCOUNTS PHP Millions FY 2016 FY 2015 Revenues* 7,380 10,381 Cost and expenses 6,401 8,250 Income before income 978 2,130 tax Provision for income tax 252 611 Net income 726 1,519 Footnote: Operating Revenues P5.61 B (2016), P8.36B (2015) 4
Slide 6: Increasing Recurring Income from Mall & Centuria
INCREASING RECURRING INCOME FROM MALL & CENTURIA Leasing Revenue increased by 63% in 2016 versus first year of operation of Century City Mall Leasing Revenue PHP millions 2014 207.0 2015 311.7 2016 337.9 *Leasing revenue from Centuria: P24.6M Average Increase in Mall Foot Traffic (% change vs March
Slide 7: Stable Revenues from Property Management
STABLE REVENUES FROM PROPERTY MANAGEMENT Total Revenues from Property Management PHP Millions 2014 285.7 2015 297.4 2016 302.0 Largest Independent Property Manager with 61 Buildings Totaling 2.5M sqm under Management No. of GFA As of December 2016 projects (‘000 sqm) Residential 20 1,328 Commercial
Slide 8: Key Balance Sheet Accounts
KEY BALANCE SHEET ACCOUNTS PHP Millions As of December 2016 As of December 2015 Cash & cash equivalents 3,343 2,008 Total Assets 41,308 37,477 Total Borrowings 15,676 13,916 Net Debt 12,333 11,908 Total Stockholders Equity 15,227 14,634 Current Ratio 2.9x 2.8x Debt-to-Equity Ratio 1.0x 1.0x Net Debt
Slide 9: Cash Flow Statement
CASH FLOW STATEMENT Positive Cash Flow from Operations for the first time since CPG IPO PHP Millions 2012 2013 2014 2015 2016 Cash Flow from Operations (3,414) (1,633) (3,069) (1,086) 176 Cash Flow from Investing (863) (1,499) (1,097) (967) (925) Cash Flow from Financing 4,812 3,671 4,157 2,633 2,08
Slide 10: Financial Outlook
FINANCIAL OUTLOOK As current high rise condominium projects are being completed, CPG forecasts: Positive cash flow from operations, starting 2016, to continue 2017 onwards Lower outstanding debt starting 2017, assuming no additional credit facilities No requirement for equity raise, which will
Slide 11: Shift in Financial Strategy
SHIFT IN FINANCIAL STRATEGY The positive structural story for Philippine real estate is intact CPG’s focus has been on sales volume growth which resulted to significant gain in market share, yet high funding requirements Focus to move from top-line growth to other important determinants of sha
Slide 12: Century 2020: Shift in Financial Strategy
CENTURY 2020 Shift in Financial Strategy Project • Novotel (Acqua 6) • SEC registered preferred Fractional Shares shares to investors (Fractional Shares) Usage Rights • (4 weeks) Share of Project’s • Pro Rata based on EBITDA shareholding Cost Per Board • P2.2 Million Lot (Minimum) Vertical Collectio
Slide 13: Century 2020: Financial Strategy
CENTURY 2020 Financial Strategy Investment By 2020, when Forbes is completed, we project to have over Php 1 B in Properties revenues Projected Capex Projected For Lease Projects GFA (sq.m.) NLA (sq.m.) (Php Billion) Completion Century City Mall 52,233 17,000 1.5 2013 PSB Lowrise Tower 6,957 6,045
Slide 14: Financing
STRICTLY CONFIDENTIAL 2 FINANCING
Slide 15: Better Liability Management Addresses Bunching Up of Debt Maturities
BETTER LIABILITY MANAGEMENT ADDRESSES BUNCHING UP OF DEBT MATURITIES Total Loans Outstanding as of Dec. 2016: Php 15.5 B Cumulative % of Total to be Paid 31% 45% 69% 98% 100% 6,000 4,839 5,000 4,408 3,853 4,000 3,000 2,123 2,000 1,000 314 - 2017 2018 2019 2020 2021 Onwards Total Loans Outstanding as
Slide 16: Relatively Lower Cost of Debt
RELATIVELY LOWER COST OF DEBT Loans Outstanding (Php Millions)1 and Weighted Average Interest Rate (%)2 10% 18,000 16,740 9.5% 15,538 16,000 9% 13,998 8.9% 14,000 12,000 8% 9,475 10,000 7.5% 8,000 7% 6,571 6,000 6.5% 6.4% 4,000 6% 6.0% 2,395 1,695 5.6% 2,000 5% - 2010 2011 2012 2013 2014 2015 2016 (
Slide 17: Undrawn Credit Facilities
UNDRAWN CREDIT FACILITIES PHP Millions LCTR 652 Term Loan 2,956 CTS 1,315 Total 4,923 16
Slide 18: Project Updates
STRICTLY CONFIDENTIAL 3 PROJECT UPDATES
Slide 19: Project Completions at CPG's Six Master-Planned Developments Are on Track
PROJECT COMPLETIONS AT CPG’S SIX MASTER- PLANNED DEVELOPMENTS ARE ON TRACK At Century City, CPG has completed three residential towers and two commercial projects, Century City Mall and Centuria Medical Makati Another six towers have been delivered at Azure Urban Resort Residences in Paranaque C
Slide 20: Project Completion: Trump Tower
PROJECT COMPLETION: TRUMP TOWER The ongoing installation of Trump Tower Signage 19
Slide 21: Project Completion: Trump Tower
PROJECT COMPLETION: TRUMP TOWER The Trump Tower logo near the water feature of the building 20
Slide 22: Project Completion: Trump Tower
PROJECT COMPLETION: TRUMP TOWER Finished elevator lobby at Trump Tower® 21
Slide 23: New Projects
STRICTLY CONFIDENTIAL 4 NEW PROJECTS
Slide 24: New Projects: PHirst Park Homes
NEW PROJECTS: PHIRST PARK HOMES CPG is proceeding with its diversification into affordable housing to tap first homebuyer market in high growth areas in the peripheries of Metro Manila Launch of PHirst Park Homes – CPG’s 2nd joint venture project with Mitsubishi Corp On April 1, CPG unveiled its P
Slide 25: New Projects: PHirst Park Homes
NEW PROJECTS: PHIRST PARK HOMES 24 24
Slide 26: New Projects: PHirst Park Homes
NEW PROJECTS: PHIRST PARK HOMES 25 25
Slide 27: New Projects - Leisure and Tourism
NEW PROJECTS - LEISURE AND TOURISM CPG is scheduled to launch its first major leisure and tourism project in the latter part of 2017. The project is expected to be another first in the real estate market, remaining true to CPG’s brand of creating exceptional and sustainable developments. Located in
Slide 28: Investor Relations Contact
INVESTOR RELATIONS CONTACT Kristina Garcia Director for Investor Relations 21/F Pacific Star Building, Sen. Gil Puyat corner Makati Avenues Makati City Kristina.garcia@century-properties.com +63 920 914 5510 27
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