Belle Corp. · PSE:BEL
Belle — Investor Presentation (October 2019)
18 slides from Belle's investor presentation, Oct 29, 2019
Slide 1: Presentation to Investors
Presentation to Investors October 2019
Slide 2: Table of contents
Table of contents The Philippine Economy 3 About Belle Corporation 4 Property 7 Gaming 10 Track Record 14 Financials 15 2
Slide 3: Philippines: strong macroeconomic fundamentals
Philippines : strong macroeconomic fundamentals Young workforce with rising incomes Tourist arrivals Strong GDP Growth Per Capita GDP Median Age 5.5% USD3,298 23 Million tourists Consumption Driven Per Capita GNI Population 67.8% of GDP USD3,955 105M +1.6% p.a. 9-yr CAGR = 11% Inflation and interest
Slide 4: About Belle Corporation
About Belle Corporation Belle Corporation is a developer of tourism and leisure destinations in the Philippines. It is uniquely positioned to capture the high growth of premium leisure travel in the country. Established developer of premium destinations • City of Dreams Manila integrated entertainme
Slide 5: Our structure
Our structure 100% GAMING REAL ESTATE PORTFOLIO INVESTMENTS PREMIUM LEISURE CORP. City of Dreams Manila APC GROUP, INC. 78.7% • Gaming Investments • Land and buildings 48.8% • Energy / natural resources • PSE listed (PLC) • Lease agreement with • PSE listed (APC) Melco Phils. PREMIUMLEISURE & < 1% S
Slide 6: Our principal assets
Our principal assets Tagaytay Highlands City of Dreams Manila • 25 year history of luxury mountain resort living • Offers multi-awarded contemporary and lifestyle-focused • Lake and volcano views for signature golf courses, hotel brands in its NÜWA, Nobu and Hyatt hotels themed residential communiti
Slide 7: Historical success as developer of leisure destinations
Historical success as developer of leisure destinations Belle has been developing premier lifestyle destinations for 25 years. Belle is best known for Tagaytay Highlands, an estate of exclusive, themed residential communities complemented by two world class golf courses, a selection of restaurants a
Slide 8: Tagaytay Highlands: defining mountain resort living
Tagaytay Highlands : defining mountain resort living Luxury living: log cabins, lots, condominiums The Highlands (360 ha). 2,000 – 2,500 ft above sea level. Has 360- degree views, cool climate and proximity to club amenities The Midlands (670 ha). 1,000 – 1,500 ft above sea level. Bird sanctuary wit
Slide 9: City of Dreams Manila: multi-awarded integrated resort
City of Dreams Manila : multi-awarded integrated resort 2015 Best Casino Integrated Resort Best Lobby Design Global category Best Hotel over 200 Rooms in Asia Pacific 9 9
Slide 10: The Philippine gaming industry
The Philippine gaming industry Regulator : Philippine Amusement & Gaming Rise of integrated resorts Corporation (PAGCOR) • Since 2008, 5 integrated resort projects have been approved by PAGCOR for development at or near Entertainment City: • Since 1976, PAGCOR has been overseeing games of with 4 alr
Slide 11: Integrated resorts: driving growth
Integrated resorts : driving growth • In 2018, integrated resorts accounted for 75% of casino GGR Image from Google maps 2018 Philippine casino gaming revenues by category Year Hotel Integrated Resorts Opened Rooms Resorts World Manila 2009 1,454 Solaire Resorts & Casino 2013 800 City of Deams Manil
Slide 12: Gaming: a growth opportunity
Gaming : a growth opportunity Philippine gaming is on a growth trajectory with integrated resorts leading the way. Melco Resorts and Entertainment (Phils) Growth drivers : 302 1,891 • Increasing tourist arrivals 234 254 - Nüwa Hyatt Regency • Easier travel documentary requirements • VIP experience c
Slide 13: Belle: unique exposure to gaming sector
Belle : unique exposure to gaming sector City of Dreams lease revenue (Php B) Gaming revenue share (Php B) • Guaranteed annuity income from lease Through PLC (land and building) • Upside from share in the gaming revenues of City of Dreams Manila • Financially efficient arrangement: zero debt and cap
Slide 14: Track record of delivering shareholder value
Track record of delivering shareholder value Revenue (Php B) EBITDA (Php B) Recurring Net Income (Php B) 4-yr CAGR : 26.5% 4-yr CAGR : 26.3% 4-yr CAGR : 37.7% 14
Slide 15: Financials
Financials Figures in Php m except percentages Nine Months FULL YEAR 2019 2018 2018 2017 CONSOLIDATED REVENUE 5,773 6,461 8,515 8,012 EBITDA 3,749 4,077 5,429 4,931 EBIT 2,896 3,583 4,558 4,549 Net income 2,184 2,659 3,225 3,511 Recurring net income 2,297 2,920 3,611 3,288 Belle regular dividend pay
Slide 16: Belle Historical Financials
Financials Belle Historical Financials Revenue Mix Nine Months 2019 Revenue Mix 2018 (amounts in Millions of Php, except percentages) (amounts in Millions of Php, except percentages) Total = 5,773 Total = 8,515 Property Development and Property Development and Management = 625 City of Dreams Lease C
Slide 17: Positioned to build on history of growth
Positioned to build on history of growth Strong cash flow from operations and predictable dividends enabled by prudent balance sheet management 17
Slide 18: For more information
For more information Principal Investor Relations Tristan B. Choa Contact: 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