Robinsons Land Corp. · PSE:RLC
Robinsons Land — Investor Presentation (May 2019)
37 slides from Robinsons Land's investor presentation, May 2019
Slide 1: Investor Relations Presentation May 2019
Investor Relations Presentation May 2019
Slide 2: Disclaimer
DISCLAIMER This presentation contains certain forward looking statements with respect to the financial condition, results of operations and businesses of Robinsons Land Corporation (RLC). Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause
Slide 3: Agenda
AGENDA • Company Overview • Investment Considerations 3
Slide 4: Shareholdings Structure
SHAREHOLDINGS STRUCTURE Market Capitalization: PhP 454.8 Bn Stake: Stake: 56% 8.0% Market Cap: Php 335 Bn Stake: 60.0% Market Cap: Php 248.5 Bn Attributable Market Cap: Php 186.9 Bn Attributable Market Cap: Php 19.9 Bn Stake: Stake: 61.0% 30% Market Cap: Php 127.2 Bn Stake: 100.0% Market Cap: Php 42
Slide 5: Lifestyle Centers, Offices, Mixed-Use, Residential, Hotels
51 LIFESTYLE CENTERS (from 47 as of end 2017) 72 RESIDENTIAL BUILDINGS (from 68 as of end 2017) 20 OFFICE DEVELOPMENTS (from 17 as of end 2017) 38 HOUSING SUBDIVISIONS 18 MIXED-USE DEVELOPMENTS (from 17 as of end 2017) 18 HOTELS (from 16 as of end 2017) 5
Slide 6: Strong Cash Flows Driven by Diversified Business Model
STRONG CASH FLOWS DRIVEN BY DIVERSIFIED BUSINESS MODEL REVENUES (in Php B) EBITDA (in Php B) 29.44 16.20 22.81 22.52 20.31 12.05 12.48 62% 11.11 74% 66% 71% 67% 85% 83% 85% 38% 26% 33% 34% 29% 17% 15% 15% EBIT (in Php B) NET INCOME (in Php B) 11.74 8.27 8.56 8.23 7.91 64% 5.95 5.76 5.88 78% 58% 76%
Slide 7: 2nd largest mall operator in the Philippines
REVENUES +11% 11,940 10,789 2nd largest mall operator in the Philippines with 51 malls nationwide, 9 within Metro Manila and 42 in other urban areas 1,502,000 sqm in Gross Leasable Area 2,813,000 sqm in Gross Floor Area EBITDA 95% latest system-wide occupancy + 9% Over 9,000 retailers 7,66
Slide 8: New Lifestyle Centers
New Lifestyle Centers Robinsons Place Ormoc Robinsons Place Pavia GLA: 23, 701 sqm GLA: 27,439 sqm Date Opened: April 2018 Date Opened: June 2018 2018 Occupancy Rate: 96.81% 2018 Occupancy Rate: 90.28% Robinsons Place Tuguegarao Robinsons Place Valencia GLA: 38,927 sqm GLA: 28,785 sqm Date Opened: J
Slide 9: Leading IT-BPM office space provider
REVENUES +26% 4,108 A leading IT-BPM office space provider 3,268 with 523,000 sqm net leasable space Total leased space for our 20 office developments is 97% EBITDA Dominant office landlord in the Ortigas Central Business District +22% 3,584 2,930 Partners EBIT +26% 2,890 2301 9
Slide 10: New Office Development
New Office Development Exxa Tower Zeta Tower Cyberscape Gamma NLA: 39,900 sqm NLA: 35,000 sqm NLA: 45,000 sqm Date Completed: June 2018 Date Completed: Dec. 2018 Date Completed: Dec. 2018 2018 Leased-out Rate: 92% 2018 Leased-out Rate: 19.2% 2018 Leased-out Rate: 57.2% 10
Slide 11: Multi-branded hotel portfolio
REVENUES +5% Multi-branded hotel portfolio spanning essential service hotels to standard deluxe hotels. Continuous expansion of all brand segments EBITDA 18 hotel properties with 2,736 rooms across all segments -7% International Brands Company-owned Brands EBIT -22% 11
Slide 12: New Hotel Development
New Hotel Development Summit Hotel Tacloban Go Hotels Iligan Rooms: 138 rooms Rooms: 100 Rooms Date Opened: June 2018 Date Opened: December 2018 12
Slide 13: Residential Overview
OVERVIEW Providing homes to clients of various backgrounds and property demands, while maintaining high standards for excellence and service High Rise Low to Mid-Rise Lots only; Type of Iconic Projects Condominiums Condominiums House and Lot Development (30-50 storeys) (10-30 storeys) Packages Avera
Slide 14: 2018 Project Launches
2018 PROJECT LAUNCHES Radiance Manila Bay South Location: Manila Date Launched: February 2018 No. of Units: 597 The Magnolia Residences Tower D Location: Quezon City Date Launched: November 2018 No. of Units: 420 14
Slide 15: 2018 Project Launches
2018 PROJECT LAUNCHES Aurora Escalades Gateway Regency Studios Location: Quezon City Location: Mandaluyong City Date Launched: February 2018 Date Launched: November 2018 No. of Units: 800 No. of Units: 836 Phase 2 of Springdale at Pueblo Angono Location: Angono, Rizal Date Launched: June 2018 No. of
Slide 16: Warehouse Facility
REVENUES +19,000% 2,725 14.3 Warehouse Facility EBITDA +6,000% 1,959 Turned Over in Q1CY18 Location Muntinlupa City GLA -33 22 33,000 sq.m. Property Type Warehouse Completion 1st quarter of 2018 EBIT +6,000% 1,946 Portfolio Legend: Investment Development -33 99 16
Slide 17: Investment Considerations
INVESTMENT CONSIDERATIONS 1 Diversified Business Model and Earnings Base 2 Favorable Industry Dynamics Stable Cash Flows Anchored by Recurring Income and 3 Revenue 4 Strong Business Performance and Sound Financial Position 5 Robust Growth Prospects 17
Slide 18: Diversified Business Model and Earnings Base
DIVERSIFIED BUSINESS MODEL AND EARNINGS BASE MALLS INVESTMENT PORTFOLIO CY2017 CY2018 INFRASTRUCTURE AND INTEGRATED DEVELOPMENTS Revenue Contribution 71% 62% OFFICES EBITDA Contribution 85% 74% EBIT Exxa and Zeta Towers Cyber Sigma Cybergate Delta One Contribution 79% 64% HOTELS DEVELOPMENT PORTFOLI
Slide 19: A Leading Philippine Property Company
A LEADING PHILIPPINE PROPERTY COMPANY • Mall • Office • Residential Projects Ilocos Norte • Mall RLC is a leading Philippine • Mall Cagayan •Mall property company, with broad • Mall •Office Nueva Ecija Isabela •Mall geographical presence in Metro •Residential Project Tarlac Pangasinan •Malls Manila,
Slide 20: Favorable Industry Dynamics
FAVORABLE INDUSTRY DYNAMICS RLC’s business is anchored on the solid economic performance of the country and is supported by sustainable OFW remittances, BPO revenues and receipts from tourist arrivals which fuel income growth and consumption GDP GROWTH RATE OFW REMITTANCES (in US$B) 28.1 28.9 26.9 6
Slide 21: Stable Cash Flows Anchored by Recurring Income and Revenue
STABLE CASH FLOWS ANCHORED BY RECURRING INCOME AND REVENUE RLC’s investment portfolio continues to account for a major share in Revenues, EBITDA and EBIT REVENUES (in Php B) EBITDA (in Php B) 5-year CAGR: +14% 5-year CAGR: +15% 16.20 29.44 18% 12.05 12.48 22.81 22.52 11.11 20.31 9.23 17.46 62% 74% 6
Slide 22: Strong Business Performance and Sound Financial Position
STRONG BUSINESS PERFORMANCE AND SOUND FINANCIAL POSITION RLC has a sound financial position and capital base, and exhibits prudence in debt management TOTAL ASSETS SHAREHOLDERS’ EQUITY (in Php B) (in Php B) 174.2 148.1 124.4 CY2016 CY2017 CY2018 EARNINGS PER SHARE NET DEBT TO EQUITY 73% 61% 37% CY20
Slide 23: Long Term Debt Maturity
STRONG BUSINESS PERFORMANCE AND SOUND FINANCIAL POSITION LONG TERM DEBT MATURITY (in Php B) 12.29 6.50 7.00 4.98 4.50 1.36 0.38 2019 2021 2022 2023 2024 2025 2027 Rate Principal Amount Tenor Maturity (fixed) (in Php B) Loans Three years December 2019 4.7500% 0.38 Five years July 2021 3.8327% 6.50 Fi
Slide 24: Dividend Payout
STRONG BUSINESS PERFORMANCE AND SOUND FINANCIAL POSITION Consistent dividend payout – one of the highest dividend per share payout amongst property companies in the Philippines DIVIDEND PAYOUT FY2013 FY2014 FY2015 FY2016 CY2017 CY2018 Dividend per share 0.36 0.36 0.36 0.36 0.36 TBA Dividend Amount (
Slide 25: 2018 Financial Performance Highlights – A Banner Year
2018 FINANCIAL PERFORMANCE HIGHLIGHTS – A BANNER YEAR (PHP IN MILLIONS) Net income surges by 40%YoY to Php 8.23B REVENUE EBITDA EBIT % to % to % to CY2018 RLC YoY CY2018 RLC YoY CY2018 RLC YoY TOTAL RLC 29,443 100% 31% 16,196 100% 30% 11,740 100% 37% MALLS 11,940 41% 11% 7,666 47% 9% 4,246 36% 6% OF
Slide 26: Future Plans: Malls and Offices GLA
FUTURE PLANS +6% +5% 1,678 +8% 1,577 1,502 GLA (thousand sqm) 1,389 -RP Iligan -RP Ormoc -RP Galleria South -RP La Union -RP Naga -RP Pavia -RP Magnolia Exp. -Gapan -RP North Tacloban -RP Tuguegarao -Balanga -RP Antique Exp. -RP Valencia -RP Antipolo Exp. -RP Butuan Exp. -Starmills Exp. +12% +14% 66
Slide 27: Future Plans: Hotels and Industrial
FUTURE PLANS +12% +23% 3,770 +9% 2,736 3,371 2,516 No. of Hotel rooms -GoH-Lanang -Summit -Summit Tacloban -Dusit Thani Davao Galleria Cebu -GoH Iligan Mactan Cebu -GoH Naga *5 GoH -Goh Tuguegarao Franchises -Summit Naga -Summit Greenhills -Summit Galleria Cebu -Summit Tacloban -Dusit Thani -Summit
Slide 28: Joint Venture Projects
JOINT VENTURE PROJECTS With Shangri-la JVCo With Hong Kong JVCo P&L Realized *Unrealized P&L Realized *Unrealized Highlights Land Sale Land Sale Highlights Land Sale Land Sale (PhP Mn) (PhP Mn) (PhP Mn) (PhP Mn) Revenue 2,507 2,507 Revenue 82 2,623 Net income 1,432 1,432 Net income 18 578 [For the 4
Slide 29: Robust Growth Prospects: Capex and Land Bank
ROBUST GROWTH PROSPECTS CAPITAL EXPENDITURE (Php Mn) Capital expenditure program in line with overall corporate strategy 24-25 bn 22,507 23,376 Investment Capex 16,202 16,984 13,309 13,405 Development Capex Land Acquisition LAND BANK as of 31 December 2018 (Philippines) RLC will continue to scout fo
Slide 30: Chengdu Ban Bian Jie
ROBUST GROWTH PROSPECTS CHENGDU BAN BIAN JIE We have secured license to sell for condominium units We have sold 95% of the units as of December 2018 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 Developm
Slide 31: Chengdu Ban Bian Jie
ROBUST GROWTH PROSPECTS CHENGDU BAN BIAN JIE Phase 1 Saleable Area % of Total Components (sqm) Sales Condominium 96,612 68% Townhouses 9,862 10% Commercial Units 4,083 8% Parking 43,514 13% Clubhouse 4,219 1% 31
Slide 32: Thank You!
THANK YOU! 32
Slide 33: Malls: Growth driven by strong domestic consumption
Growth driven by strong domestic consumption REVENUES (in Php B) GLA (in millions sqm) 5-year CAGR: +9% 5-year CAGR: +9% EBITDA (in Php B) EBIT (in Php B) 5-year CAGR: +8% 5-year CAGR: +6% 33
Slide 34: Offices: Growth buoyed by robust IT-BPM demand
Growth buoyed by robust demand from IT-BPM sector REVENUES (in Php B) NLA (in thousands sqm) 5-year CAGR: +26% 5-year CAGR: +17% EBITDA (in Php B) EBIT (in Php B) 5-year CAGR: +23% 5-year CAGR: +27% 34
Slide 35: Hotels: Growth boosted by hospitality industry
Growth boosted by flourishing hospitality industry REVENUES (in Php B) No. of Hotel Rooms 5-year CAGR: +6% 5-year CAGR: +8% EBITDA (in Php M) EBIT (in Php M) 5-year CAGR: +2% 5-year CAGR: +1% 35
Slide 36: Residential: Net Sales Take-Up and Revenues
NET SALES TAKE-UP REALIZED REVENUES +49% +33% 15,318 10,255 EBITDA EBIT +27% +27% 36
Slide 37: List of Awards
LIST OF AWARDS Award Giving Body Award Dot Property Awards Best Developer 2017 Real Estate Personality of the Year: PropertyGuru Philippine Property Awards 2017 Mr. Frederick Go Best Retail Development: PropertyGuru Philippine Property Awards 2017 Robinsons Galleria Cebu Best Residential Interior De