Belle Corp. · PSE:BEL
Belle — Investor Presentation (November 2020)
18 slides from Belle's investor presentation, November 2020
Slide 1: Presentation to Investors
N O V E M B E R 2 0 2 0 Presentation to Investors
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 P R E S E N T A T I O N T O I N V E S T O R S 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 -9.0% USD3,282 23 Million tourists Consumption Driven Per Capita GNI Population 72.6% of GDP USD3,592 105M 9-yr CAGR = 11% +1.6% p.a. 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 • Long history of luxury mountain resort living • Offers multi-awarded contemporary and lifestyle- • Lake and volcano views for signature golf focused hotel brands in its NÜWA, Nobu and courses, themed residential communities and Hyatt ho
Slide 7: Historical success as a developer of leisure destinations
Historical success as a developer of leisure destinations • 90 minutes from Makati CBD Continuing to innovate after 25 years • Over 1,300 hectares Voted : Best Leisure Development in the Philippines (2017) - Asia Pacific Property Awards Best Resort Residences (2017) – Philippine Property Awards Bell
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 2017 Best Leisure The Midlands (670 ha). 1,000 – 1,500 ft above sea level. Bi
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 P R E S E N T A T I O N T O I N V E S T O R S 9
Slide 10: The Philippine gaming industry
The Philippine gaming industry Regulator : Philippine Amusement & Gaming Corporation (PAGCOR) Rise of integrated resorts • Since 1976, PAGCOR has been overseeing games of chance, particularly casino • Since 2008, 5 integrated resort projects have been approved by PAGCOR for gambling development at o
Slide 11: Integrated resorts: driving growth
Integrated resorts: driving growth In 2019, integrated resorts accounted for 77% of casino GGR. 2019 Philippine casino gaming revenues by category Image from Google maps Year Hotel Integrated Resorts Opened Rooms Resorts World Manila 2009 3,222 Solaire Resorts & Casino 2013 1,277 City of Dreams Mani
Slide 12: Gaming: a growth opportunity
Gaming: a growth opportunity Philippine gaming has been on a growth Growth drivers: trajectory with integrated resorts leading the way (although this growth has been interrupted • Tourist arrivals in 2020 due to the Covid-19 pandemic). • Easier travel documentary requirements • VIP experience compar
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 (land Through PLC and building) • Upside from share in the gaming revenues of City of Dreams Manila • Financially efficient arrangement: zero debt and capita
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) 5-yr CAGR : 17.8% 5-yr CAGR : 22.0% 5-yr CAGR : 27.7% P R E S E N T A T I O N T O I N V E S T O R S 14
Slide 15: Belle Corporation Historical Financial Summary
Belle Corporation Historical Financial Summary (Amounts in Php millions except YTD SEPTEMBER FULL YEAR percentages) 2020 2019 2019 2018 CONSOLIDATED REVENUE 2,820 5,677 7,496 8,515 EBITDA* 1,805 4,153 4,786 5,019 EBIT* 938 3,251 3,705 4,424 Net income 93 2,559 2,924 3,225 Recurring net income* 680 2
Slide 16: Financials
Financials Revenue Mix YTD SEPTEMBER 2020 Revenue Mix 2019 (amounts in Millions of Php, except percentages) (amounts in Millions of Php, except percentages) Total = 2,820 Total = 7,496 Property Development and Property Development and Management = 860 Management = 270 Premium Leisure 12% 11% Corp (e
Slide 17: Dividend history
Dividend history Strong historical cash flow from operations and predictable dividends enabled by prudent balance sheet management Amount Stock Price on Declaration Payment Dividend Declaration Date Date Yield ₱ millions ₱/ share Date ( ₱/ share) 27 Feb 2020 (Regular Dividend) 27 Mar 2020 1,172 0.12
Slide 18: For more information
For more information Principal Investor Relations Michelle T. Hernandez Contact: Office Number: +632 8662.8812 Email Address: michelle.hernandez@bellecorp.com Official Website: www.bellecorp.com PSE Ticker BEL Bloomberg Ticker BEL:PM Reuters Ticker BEL:PS Disclaimer Except for historical financial a