Filinvest Land Incorporated · PSE:FLI
Filinvest Land — Q1 2023 Earnings Presentation
15 slides from Filinvest Land's earnings presentation, May 22, 2023
Slide 1: Q1 2023 Analysts Briefing
Q1 2023 Analysts Briefing May 22, 2023 | 3:00 pm
Slide 2: Q1 2023 Financial Highlights
Q1 2023 Financial Highlights (in Billions) Net Income Attributable To Equity Net Income After Tax Holders of Parent PHP 0.88B PHP 0.74B +6% from PY +9% from PY Total Option Sales PHP 5.2B +18% from PY Total Revenues: PHP 4.69B +9% from PY Capex: PHP 2.18B Breakdown: Residential Php 2.80B +4% from PY
Slide 3: Revenue Breakdown
Revenue Breakdown (in Millions) Change Q1 2022 Q1 2023 in Php % Real Estate Sales 2,691 2,795 104 4% Rentals & Related Services 1,454 1,719 265 18% Office Leasing 1,153 1,161 8 1% Retail Leasing 301 558 257 86% Equity in Net Earnings of an Associate 18 31 13 72% Other Income 145 149 4 3% Grand Total
Slide 4: Residential Sales Take Up
Residential Sales Take Up (in Billions) Q1 2023 Residential Sales Product Mix Q1 Option Sales Non-Core, 5.20 4% High Rise Building, +18% 15% Mid-Rise Building, House & Lot, 47% 4.39 34% • Focused on selling RFO units Q1 2022 Q1 2023 • Acceleration of launches expected in the 2nd quarter OFW Share of
Slide 5: Q1 2023 Geographical Mix (based on option sales)
Q1 2023 Geographical Mix • The continuous opening of the economy has largely fueled the larger share of Metro Manila, with most firms (based on option sales) and schools reverting to higher face-to-face engagement. Metro Manila Luzon Vis Min Q1 2022 29% 52% 19% Q1 2023 40% 31% 29% Present in 22 prov
Slide 6: Real Estate Revenues (Residential)
Real Estate Revenues (Residential) (in Millions) Timing difference for revenue recognition due to extended 2,795 payment terms during the pandemic. 2,691 75 44 289 +4% 232 Q1 2022 Q1 2023 606 871 Medium Income 65% 60% Low Affordable and Affordable 23% 32% High-end and Others 11% 9% Socialized 2% 3%
Slide 7: Leasing Revenues
• Overall growth of 18% Leasing Revenues • Retail revenues grew due to higher tenant sales, improved occupancy and normalized rent. (in Billions) • Growth in office leasing revenues due to improved building occupancies. Retail Leasing Office Leasing +86% 0.56 1.15 +1% 1.16 0.30 Q1 2022 Q1 2023 Q1 20
Slide 8: Income Statement
Income Statement • Net income attributable to equity holders of parents rose 9% (in Thousands ) March 31 (in Millions) 2022 2023 Change (Unaudited) (Unaudited) in Php % Revenues Real Estate Sale 2,690,559 2,794,950 104,391 4% Rental Revenues 1,453,814 1,718,567 264,753 18% Interests and Other Income
Slide 9: Margins
Margins Q1 2022 Q1 2023 GPM of Real Estate Sales 42.9% 42.9% GPM of Rental Services 62.7% 56.1% % of G&A to Revenues 10.5% 10.6% % of S&M to Revenues 5.4% 4.8% Tax Rate 17.7% 19.2% Net Income Margin 19.3% 18.8% • Maintained margins for the residential business. • Declined margin from the rental serv
Slide 10: Financial Position
Financial Position (in Millions) December 31, March 31, 2022 2023 (Audited) (Unaudited) % Change Total Assets 200,115 200,407 0% Total Borrowings 73,982 73,149 -1% Net Debt 67,363 67,891 1% Stockholders' Equity 91,503 92,304 1% D/E Ratio 0.81x 0.79x Net D/E Ratio 0.74x 0.74x
Slide 11: Debt Profile
Debt Profile (in Millions) Weighted Average Debt Maturity Tower Interest Rate 26,570 5.21% 14,925 92% Fixed Rate 14,589 13,784 8% Floater Rate 1,700 10,059 9,035 8,494 1,765 12,084 11,645 7,975 Currency - 100% PhP 5,554 6,729 2,084 53 ROY 2023 2024 2025 2026 2027 2028 BANKS BONDS 48% Retail Bonds
Slide 12: Capex
Capex Industrial (in Millions) 16 1% Retail Leasing 148 7% Office Leasing 542 25% Total PHP2,187 Rawland Residential 36 1,446 1% 66%
Slide 13: Summary
Summary • Residential business maintains strong performance by focusing on the three largest market segments: end-user, middle and affordable. • Significant improvement in the mall rental business: improved occupancy, removal of concessions and shopper traffic higher than 2019 levels. • Office busin
Slide 14: Plans for 2023
Plans for 2023 • Residential will continue to increase its product and geographic diversification with • Planned launches of P16 billion • Expanding presence in new territories: 1. Sta. Maria, Bulacan 2. GenSan 3. Bataan • 2Q Launch pipeline of P5.6 billion • Target option sales of P22 billion • Acc
Slide 15: Thank you.
Thank you.