Ayala Land Inc. · PSE:ALI
Ayala Land — FY2023 Earnings Presentation
18 slides from Ayala Land's earnings presentation, Feb 20, 2024
Slide 1: FY2023 Performance Analyst Briefing
FY2023 Performance Analyst Briefing 20 Feb 2024
Slide 2: Agenda
Agenda FY2023 Results • Financial Statements • Operating Statistics • Capex 2024 Plans • Capex Budget • Launch Plan and Leasing Completions Ayala Land, Inc. 2
Slide 3: FY2023 Performance Highlights
FY2023 Performance Highlights TOTAL REVENUES NET INCOME CAPEX NET GEARING P148.9B +18% P24.5B +32% P86.2B 0.75:1 Segment Revenues PROPERTY DEVELOPMENT COMMERCIAL LEASING SERVICES P92.3B +14% P41.7B +25% P11.5B +36% RESIDENTIAL SHOPPING CENTER NET CONSTRUCTION P77.2B +22% P21.1B +31% P6.6B +56% OFFIC
Slide 4: Revenues of P148.8B +18%; Net Income of P24.5B +32%
Revenues of P148.8B +18%; Net Income of P24.5B +32% INCOME STATEMENT FY 2023 FY 2022 Change % (in Php millions) Total Revenues 148,857 126,556 22,302 18% GAE RATIO Real Estate 145,501 123,051 22,450 18% 6.0% Interest and Other Income 3,356 3,505 -148 -4% 5.7% in FY2022 Equity in Net Earnings of Asso
Slide 5: Healthy property bookings and higher leasing occupancy and rents fueled higher revenues
Healthy property bookings and higher leasing occupancy and rents fueled higher revenues. REVENUE BREAKDOWN FY 2023 FY 2022 Change % (in Php millions) Property Development 92,336 81,243 11,093 14% Residential 77,194 63,485 13,709 22% Healthy bookings and higher project completions Office for Sale 4,2
Slide 6: Stable margins across business segments
Stable margins across business segments MARGIN PERFORMANCE FY 2023 FY 2022 Property Development (Gross Profit) Residential Horizontal 45% 46% Vertical 38% 35% Higher ASPs of high-demand projects Office for Sale 43% 49% Sellout of high-margin projects Commercial and Industrial Lots 66% 70% Lot sales
Slide 7: Residential Sales: FY23 P113.9B +9%
Residential Sales: FY23 P113.9B +9% RESERVATION SALES (in Php Billions) LAUNCHES (+2% vs. 3Q23, 4Q22) P75.9B (25 Projects) 30.6 P37.7B in 4Q23 ALP 28.0 27.6 27.7 27.6 28.0 24.1 25.2 Alveo PRODUCT BREAKDOWN Avida 65% Vertical Amaia 35% Horizontal Bellavita 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2
Slide 8: Four new estates launched in 2023
Four new estates launched in 2023 BATANGAS TECHNOPARK CENTRALA 55 ha | Padre Garcia, Batangas 32 ha | Angeles, Pampanga SOUTHMONT ARILLO 789 ha | Silang, Cavite 62 ha | Nasugbu, Batangas Ayala Land, Inc. 8
Slide 9: Higher occupancy and rents boosted leasing revenues
Higher occupancy and rents boosted leasing revenues MALLS OFFICES HOTELS RESORTS 2.1M sqm GLA 1.4M sqm GLA 4,452 rooms Branded: 660 El Nido: 187 34 Malls, 63 Amenity Retail 65 BPOs, 6 HQs Seda: 3,224 Lio B&Bs: 50 Circuit: 255 Sicogon B&Bs: 80 OCCUPANCY OCCUPANCY OCCUPANCY 67% (+8 pt) 42% (+13 pt) 84
Slide 10: 2 malls with 49k sqm, 420 hotel rooms opened in 2023
2 malls with 49k sqm, 420 hotel rooms opened in 2023 MALLS (ONE AYALA + VERMOSA) HOTELS (SEDA MANILA BAY+NUVALI) +49K SQM GLA +420 ROOMS AYALA MALLS ONE AYALA AYALA MALLS VERMOSA SEDA MANILA BAY Makati CBD Imus, Cavite Bay Area, Paranaque City 44K GLA (Nov 2023) 5K GLA (Dec 2023) 306 new rooms Fully
Slide 11: Capex spend of P86.2B
Capex spend of P86.2B Others CAPEX BREAKDOWN FY 2023 3% (in Php billions) Actual Residential 41.9 Residential Malls 5.4 Estate Development 49% Offices 2.5 16% Hotels and Resorts 1.2 Land Acquisition 18.3 Estate Development 14.0 Others 2.8 P86.2B Total 86.2 Land HISTORICAL CAPEX Acquisition 21% 109 8
Slide 12: Well-managed debt with 93% contracted long-term, 77% fixed
Well-managed debt with 93% contracted long-term, 77% fixed; average borrowing cost of 5.0%, maturity of 5.1 years Total Borrowings: Php258.3B: Short-term Php16.9B (7%), Long-term Php232.0B (93%), Average Maturity 5.1 years Long-term Debt Maturity (in Php Billions) Short-term Debt Maturity (in Php Bi
Slide 13: A strong balance sheet with a net gearing ratio of 0.75:1
A strong balance sheet with a net gearing ratio of 0.75:1 Balance Sheet December December (in Php Millions) 2023 2022 Cash & Cash Equivalents 17,820 12,508 Total Borrowings 258,254 236,039 Stockholders’ Equity 319,929 293,665 Current Ratio 1.76 1.78 Debt-to-Equity Ratio 0.81 0.80 Net Debt-to-Equity
Slide 14: FY2023 Performance Highlights
FY2023 Performance Highlights TOTAL REVENUES NET INCOME CAPEX NET GEARING P148.9B +18% P24.5B +32% P86.2B 0.75:1 Segment Revenues PROPERTY DEVELOPMENT COMMERCIAL LEASING SERVICES P92.3B +14% P41.7B +25% P11.5B +36% RESIDENTIAL SHOPPING CENTER NET CONSTRUCTION P77.2B +22% P21.1B +31% P6.6B +56% OFFIC
Slide 15: Agenda
Agenda FY2023 Results • Financial Statements • Operating Statistics • Capex 2024 Plans • Capex Budget • Launch Plan and Leasing Completions Ayala Land, Inc. 15
Slide 16: 2024 Capex Budget: P100B
2024 Capex Budget: P100B Residential 34% Estate Development 24% P100B HISTORICAL CAPEX Land Acquisition 109 19% 86 72 64 64 Hotels and Resorts 5% Offices Malls 10% 8% 2019 2020 2021 2022 2023 Ayala Land, Inc. 16
Slide 17: 2024 Launch Plan and Leasing Completions
2024 Launch Plan and Leasing Completions PROPERTY DEVELOPMENT P115B P100B Residential P15B Comm’l and 80% PREMIUM 20% Core 44% Metro Manila 38% South Luzon Industrial 7% Central Luzon 52% Horizontal 11% VisMin 48% Vertical COMMERCIAL LEASING MALLS AyalaMalls Vermosa 38K AyalaMalls Evo City Ph1 8K OF
Slide 18: FY2023 Performance Analyst Briefing
FY2023 Performance Analyst Briefing 20 Feb 2024