Filinvest Land Incorporated · PSE:FLI
Filinvest Land — FY2022 Earnings Presentation
16 slides from Filinvest Land's earnings presentation, Mar 29, 2023
Slide 1: 2022 Analysts Briefing
2022 Analysts Briefing March 29, 2023 3:00 pm
Slide 2: 2022 Financial Highlights
2022 Financial Highlights (in Millions) • Total Option Sales • Income Before Income Tax • Net Income After Tax PHP 18,072 PHP 4,248 PHP3,521 +13% from PY +20% from PY -18% from PY • Total Revenues • Revenue Breakdown: • Capex PHP 19,944 Residential Php 12,836 PHP 16,497 +14% from PY +12% from PY Off
Slide 3: Revenue Breakdown
Revenue Breakdown (in Millions) Change 2021 2022 in Php % Real Estate Sales 11,275 12,836 1,561 14% Rentals & Related Services 5,592 6,350 758 14% Office Leasing 4,796 4,672 (124) -3% Retail Leasing 796 1,678 882 111% Equity in Net Earnings of an Associate 112 79 (33) -29% Other Income 761 679 (82)
Slide 4: 2022 New Launches: Php 5.9 Billion
Rizal – New Fields 2 2022 New Launches Naga – Futura Monte Bulacan – Alta Vida Ph 4 Php 5.9 Billion Cavite – Rosewood Place Pasig – Bali Oasis Inventory Values Pampanga – Claremont Davao – Centro Spatial
Slide 5: Residential Sales Take Up
Residential Sales Take Up (in Millions) 2022 Option Sales 2022 Residential Sales Product Mix 18,072 Non-Core, 3% High Rise +13% Building, 12% Mid-Rise Building, 44% 16,037 House & Lot, 41% 2021 2022 OFW Share of Sales Take Up 2021 – Php 3.47 Billion (22% of total Option Sales) 2022 – Php 3.69 Billio
Slide 6: 2022 Geographical Mix (based on option sales)
2022 Geographical Mix (based on option sales) Metro Manila Luzon Vis Min 2022 32% 41% 27% 2021 34% 47% 19% 2020 25% 48% 27% Present in 22 provinces and 55 cities/ municipalities New Territories 2021 – Dagupan, Pangasinan 2022 – Cam Sur
Slide 7: Real Estate Revenues (Residential)
Real Estate Revenues (Residential) (in Millions) 12,836 11,275 +14% 234 1,026 314 2021 2022 878 2,661 Medium Income 67% 69% 2,501 Low Affordable and Affordable 22% 21% High-end and Others 8% 8% Socialized 3% 2% 8,915 7,582 As of December 31, 2022, unbooked revenues amounted to Php 25.07 Billion. 202
Slide 8: Leasing Revenues
• Overall growth of 14% Leasing Revenues • Retail revenues grew due to improved occupancy and the removal of rental concessions. (in Millions) • Lower occupancy in office buildings was caused by the pre-termination of leases by POGO tenants in non-REIT buildings and effect of hybrid work set-up. Ret
Slide 9: Income Statement
Income Statement (in Millions) 2021 2022 (Audited) (Audited) Revenues Real Estate Sales 11,275 12,836 Rental Revenues 5,592 6,350 Interest and Other Income 761 679 Equity in Net Earnings of an Associate 112 79 • Income before income tax increased by 17,740 19,944 20% Costs Cost of Real Estate Sales
Slide 10: Margins
Margins 2021 2022 GPM of Real Estate Sales 42.8% 42.7% GPM of Rental Services 56.5% 59.3% % of G&A to Revenues 11.2% 11.6% % of S&M to Revenues 5.1% 5.8% Tax Rate -21.4% 17.1% Net Income Margin 24.3% 17.7% • Maintained margins for the residential business. • Increased margin from the rental services
Slide 11: Financial Position
Financial Position (in Millions) 2021 2022 % Change Total Assets 193,224 200,115 3.6% Total Borrowings 68,472 73,982 8.0% Net Debt 58,813 67,363 14.5% Stockholders' Equity 89,790 91,503 1.9% D/E Ratio 0.76x 0.81x Net D/E Ratio 0.66x 0.74x
Slide 12: Debt Profile
Debt Profile (in Millions) Weighted Average Interest Rate Debt Maturity Tower 23,499 5.04% 18,556 15,035 13,784 93% Fixed Rate 1,700 14,925 8,475 10,040 7% Floater Rate 1,765 12,084 7,975 8,464 6,710 3,631 2,065 Currency - 100% PhP 2023 2024 2025 2026 2027 Banks Bonds 56% Retail Bonds
Slide 13: Capex
Capex Dormitel Industrial (in Millions) 52 0% 13 0% Retail Leasing 1,005 6% Residential 6,354 Office Leasing 39% 5,103 31% Total PHP16,497 Rawland 3,970 24%
Slide 14: Summary
Summary • Sustained strong performance by the residential sales business. We will continue to focus on the affordable and middle income markets, and the end- user market. • Significant improvement in the mall rental business: improved occupancy, removal of concessions and shopper traffic back to 201
Slide 15: Strategies for 2023
Strategies for 2023 • Continue with residential product and geographic diversification • Planned launches of P16 billion • New territories: 1. Sta. Maria, Bulacan 2. GenSan 3. Bataan • Target option sales of P22 billion • Optimize existing assets • Increase occupancy in offices: market to different
Slide 16: Thank you.
Thank you.