Robinsons Land Corp. · PSE:RLC
Robinsons Land — 1H CY2020 Earnings Presentation
25 slides from Robinsons Land's earnings presentation, Aug 7, 2020
Slide 1: 1H CY2020 Earnings Call Presentation
1H CY2020 Earnings Call Presentation Robinson August s 7, 2020
Slide 2: Business Portfolio
BUSINESS PORTFOLIO 52 LIFESTYLE CENTERS (from 51 as of end 1H CY2019) 79 RESIDENTIAL BUILDINGS (from 75 as of end 1H CY2019) 23 OFFICE DEVELOPMENTS (from 20 as of end 1H CY2019) 39 HOUSING SUBDIVISIONS (from 38 as of end 1H CY2019) 19 MIXED-USE DEVELOPMENTS (from 19 as of end 1H CY2019) 20 HOTELS (f
Slide 3: Diversified Business Model Provides Resilient Cash Flow
DIVERSIFIED BUSINESS MODEL PROVIDES RESILIENT CASH FLOW REVENUES (in Php Bn) EBITDA (in Php Bn) Investment Investment Portfolio Portfolio 29.56 30.58 -25% YoY -18% YoY Development 16.35 17.25 Development 22.52 Portfolio +3% Portfolio 62% 69% +59% YoY 12.48 15.43 +1% +83% YoY 15.03 82% 71% 74% 8.11 8
Slide 4: Solid and Healthy Financial Position
SOLID AND HEALTHY FINANCIAL POSITION RLC has a sound financial position and capital base, and exhibits prudence in debt management TOTAL ASSETS SHAREHOLDERS’ EQUITY (in Php Bn) (in Php Bn) 209.1 100.1 101.4 189.7 174.2 93.9 CY2018 CY2019 1H CY2020 CY2018 CY2019 1H CY2020 EARNINGS PER SHARE NET DEBT
Slide 5: Financial Performance Highlights
FINANCIAL PERFORMANCE HIGHLIGHTS Net income decreased by 8% YoY to Php3.68 Bn REVENUE EBITDA EBIT % to % to (IN PHP MN) 1H CY2020 RLC YoY 1H CY2020 % to RLC YoY 1H CY2020 RLC YoY TOTAL RLC 15,429 100% 3% 8,186 100% 1% 5,619 100% -2% MALLS 3,777 25% -42% 2,707 33% -37% 851 15% -66% OFFICES 2,945 19%
Slide 6: Commercial Centers Division
COMMERCIAL CENTERS DIVISION ▪ 2nd largest mall operator in the REVENUES (Php Mn) Philippines with 52 malls nationwide, 9 within Metro Manila and 43 in other urban areas -42% 6,496 ▪ 1,519,840 sqm in Gross Leasable Area 3,777 ▪ 2,989,322 sqm in Gross Floor Area 1H CY19 1H CY20 ▪ 94% latest system-wid
Slide 7: April – June 2020 Mall Data
April – June 2020 Mall Data 1. Operational GLA 2. Operational No# of Tenants vs Pre- COVID 80% 68% 90% 70% 62% 77% 80% 60% 70% 64% 50% 60% 40% 50% 30% 40% 20% 30% 20% 20% 10% 10% 6% 0% 0% Apr-20 May-20 Jun-20 Apr-20 May-20 Jun-20 Note: Item no# 1 is versus 100% operational GLA 3. Footfall Comparison
Slide 8: Office Buildings Division
OFFICE BUILDINGS DIVISION REVENUES (Php Mn) ▪ A leading IT-BPM office space provider +23% with 592,000 sqm net leasable space 1,124 ▪ Total lease percentage for our 23 865 2,945 2,400 office developments is 95% ▪ Dominant office landlord in the 1H CY19 1H CY20 Ortigas Central Business District EBITD
Slide 9: work.able flexible workspace: Ortigas Center and Quezon City
Derived from the words work and enabler, work.able is a community of forward thinkers, offering flexible workspace solutions to clients - private offices, hotdesks, meeting rooms and events spaces. ORTIGAS CENTER Cyberscape Gamma Topaz and Ruby Roads, Ortigas Center, Pasig City Private Office Date o
Slide 10: Hotels and Resorts Division
HOTELS AND RESORTS DIVISION ▪ Multi-branded, continuously expanding REVENUES (Php Mn) hotel portfolio spanning 4 segments – essential service value hotels, mid- -39% market boutique city and resort hotels, upscale international deluxe hotels and 1,080 660 luxury hotels and resorts ▪ 20 hotel propert
Slide 11: Residential Division
RESIDENTIAL DIVISION NET SALES TAKE-UP (Php Mn) REALIZED REVENUES (Php Mn) 9,651 560 +66% -52% 7,861 9,091 4,668 535 4,738 4,133 1H CY19 1H CY20 1H CY19 1H CY20 EBITDA (Php Mn) EBIT (Php Mn) +100% +103% 2,688 2,662 1,344 1,315 11 1H CY19 1H CY20 1H CY19 1H CY20
Slide 12: Residential Project Launches
RESIDENTIAL PROJECT LAUNCHES The Sapphire Bloc South Location: Pasig City Launch Date: Jan. 2020 No. of Units: 665 Sales Value: P6.0 Bn Sales Take-up: 25% (as of June 30) 12
Slide 13: Residential Project Launches
RESIDENTIAL PROJECT LAUNCHES Sierra Valley Gardens 1 & 2 Project: Sierra Valley Garden 1 Project: Sierra Valley Garden 2 Location: Cainta Location: Cainta Launch Date: Jan. 2020 Launch Date: Mar. 2020 No. of Units: 383 No. of Units: 383 Sales Value: Php 1.5 Bn Sales Value: Php 1.8 Bn Sales Take-up:
Slide 14: IID – Investment Portfolio
IID – INVESTMENT PORTFOLIO Industrial Facility – RLX Calamba REVENUES (Php Mn) +97% 112 57 1H CY19 1H CY20 EBITDA (Php Mn) +1,064% 5 52 Location Laguna 1H CY19 1H CY20 GLA 38,336 sq.m. Property Type Warehouse EBIT (Php Mn) Completion Dec. 2019 +1,038% 25 9 -3 14 1H CY19 1H CY20
Slide 15: IID – Development Portfolio
IID – DEVELOPMENT PORTFOLIO REVENUES (Php Mn) Bridgetowne Estate -71% 257 74 1H CY19 1H CY20 EBITDA (Php Mn) -62% 168 64 1H CY19 1H CY20 Location: Pasig City and Quezon City EBIT (Php Mn) Size: 30.62 Hectares -62% 168 64 1H CY19 1H CY20 15
Slide 16: Chengdu Ban Bian Jie Project
CHENGDU BAN BIAN JIE PROJECT CHENGDU BAN BIAN JIE We have repatriated $75 M out of our initial capital in Chengdu Group 2/5/6 Ban Bian Jie Ji Plot Location Tou town, Wuhou District Plot Area 8.5 hectares Plot Ratio 2.6x Gross Floor Area 220,000 sqm Planned Development Mainly residential Total Land P
Slide 17: Chengdu Ban Bian Jie Project
CHENGDU BAN BIAN JIE PROJECT CD BBJ Sales as of June 30, 2020 Particulars No. of Units Sold Units % Sold Total Sold (in RMB mn) Condos 1,359 1,359 100.0% 2,207 Townhouses 64 64 100.0% 207 Shophouse 72 44 61.1% 49 Carparks 2,511 373 14.9% 47 Total 2,510 Future Inventory Particulars No. of Units Condo
Slide 18: Robust Growth Prospects
ROBUST GROWTH PROSPECTS CAPITAL EXPENDITURE (Philippines) in Php Mn Capital expenditure program in line with overall corporate strategy 25,398 22,507 23,376 24,000 Investment Capex 10,769 Development Capex 16,202 16,984 10,658 13,245 Land Acquisition 7,555 10,769 3,251 9,056 7,404 3,849 3,528 9,467
Slide 19: Future Plans: GLA and NLA
FUTURE PLANS +5% +0% +4% 1,642 1,502 1,573 1,573 GLA (thousand sqm) CY2018 CY2019 CY2020 CY2021 -RP Ormoc -Dumaguete Exp. Ph. 1 -RP Galleria South -La Union -RP Pavia -RP Magnolia Exp. -RP Tuguegarao -RP Antipolo Exp -Starmills Exp. Ph. 1 -Gapan -RP Valencia +7% +14% 721 +13% 676 592 523 NLA (thousa
Slide 20: Future Plans: Hotels and Residential
FUTURE PLANS +10% +17% 4,108 +14% +2% 3,732 No. of Hotel rooms 2,736 3,129 3,188 -Dusit Thani Mactan Cebu -GoH Naga *5 GoH -Goh Tuguegarao Franchises -Summit Naga -Summit Greenhills CY2018 CY2019 CY2020 CY2021 CY2022 -Summit Tacloban -Dusit Thani - Dusit Thani - Summit Naga • Fili Urban -GoH Iligan
Slide 21: Bond Issuance
BOND ISSUANCE Issuer: Robinsons Land Corporation Issuer Rating: Rated PRS Aaa by the Philippine Rating Services Corporation (‘PrhilRatings) on April 20, 2020 Instrument: Fixed rate bonds constituting the direct, unconditional, unsecured and unsubordinated Peso-domination Interest Payment: Fixed rate
Slide 22: In Summary
IN SUMMARY 1. Profitability: • Net Income decreased by 8%. • EBITDA increased by 1%. • Without the new Residential accounting treatment, EBITDA decreased by 30%. • All our BUs managed to be cash positive even during the worst ever 2nd Quarter. 2. Investment Portfolio: • Mall business was substantial
Slide 23: Thank You!
THANK YOU! 23
Slide 24: Robinsons Land Corporation
24 ROBINSONS LAND CORPORATION
Slide 25: 1H CY20 Earnings Call
ROBINSONS LAND CORPORATION 1H CY20 Earnings Call