Ayala Land Inc. · PSE:ALI
Ayala Land — 9M 2004 Earnings Presentation
16 slides from Ayala Land's earnings presentation, Oct 27, 2004
Slide 1: Ayala Land, Inc. 9M 2004 Unaudited Results Analysts' Briefing
Ayala Land, Inc. 9M 2004 Unaudited Results Analysts' Briefing October 27, 2004 Financial Highlights 1
Slide 2: Revenues and Net Income
Revenues 9M 2004 consolidated revenues of P12.21 billion, up by 22% y-o-y ¾ Real estate revenues up 26%, led by higher condominium and high- end residential unit sales ¾ Rentals continue to be the main revenue driver 9M 2004 Revenue Breakdown Rentals 24% Condo & High-End Interest and Other Income
Slide 3: NOI Margins and NOI Breakdown
NOI Margins 1H 2004 9M 2004 9M 2003 Real Estate 35% 36% 39% Hotels 24% 24% 15% Decline in 9M 2004 real estate margin due to: ¾ Lower rental margins due to higher fixed costs such as RPT, marketing marketing expenses, depreciation on new buildings & insurance ¾ Lower residential condominium margin
Slide 4: Balance Sheet Highlights and Receivables
Balance Sheet Highlights As Asof ofSeptember September30, 30,2004 2004 Php Billion Cash 5.50 Current ratio 1.73:1 Total Assets 70.32 Bank D/E ratio 0.37:1 Bank Debt 13.71 Net D/E ratio 0.22:1 Equity 36.86 Nearly P2B proceeds from sale of receivables and non- non-strategic assets ¾ Debt pared down
Slide 5: Non-strategic Asset Disposal; Operating Highlights
Non-strategic Asset Disposal 9M 2004 P1.1B proceeds from non- non-core asset sales ¾ 2Q 2004: 2,997- 2,997-sqm gas station site in Alabang (P80M) ¾ 3Q 2004: sale of 28% stake in Pilipinas Makro, Makro, Inc. (P1.02B) Operating Highlights 5
Slide 6: Rentals
Rentals 9M 2004 9M 2003 % Change P 2.87 B P 2.67 B 8% Rental growth mainly due to retail operation: ¾ Opening of SM Expansion (4Q03), GB4 (1Q04) and Market! Market! (3Q04) ¾ Strong merchant sales -- Ayala Center total sales up 12%; same-store sales up 10% ¾ 5-8% escalation in basic rent of merchan
Slide 7: Shopping Centers
Shopping Centers Existing projects Ave.Bldg.Occ.Rate Ave.Rental Rate Ayala Center 93% P1,080 MRT Ayala retail 94% P900 San Antonio Plaza 100% P1,170 Metro Point 83% P680 Alabang Town Center 96% P630 Ayala Center Cebu 98% P670 Pavilion Mall 92% P600 As of 9M 2004 Shopping Centers Market! Market! ¾
Slide 8: Office Buildings
Office Buildings Existing properties Ave.Occ.Rate Ave.Rental Rate Tower One 95% P735 6750 Ayala Avenue 91% P690 MSE Building 100% P500 Ayala Life FGU Center 78% P675 Average: ALI Bldgs. Bldgs. 94% As of 9M 2004 Office Buildings PeopleSupport Center ¾ 15,800 sqms (office leasable area); 1,300 sqms
Slide 9: Condominium and High-end Residential Unit Sales
Condominium and High-end Residential Unit Sales 9M 2004 9M 2003 % Change P 2.22 B P 1.35 B 64% Higher revenues due to: ¾ Sale of 1,773 sqms of office space at Ayala Life FGU Center (Makati (Makati)) ¾ New sales and revenue recognition on prior years’ sales at The Residences at Greenbelt and One Le
Slide 10: Land Sales and Residential Subdivisions
Land Sales 9M 2004 9M 2003 % Change P 1.87 B P 1.73 B 8% Increase due to: ¾ Higher sales bookings at Ayala Greenfield Estates, Ayala Hillside Hillside Estates and Ayala Northpoint ¾ Sale of non- non-strategic property Gas station site in Alabang Residential Subdivisions Ongoing projects Launch
Slide 11: Mass Housing
Mass Housing 9M 2004 9M 2003 % Change P 1.36 B P 1.19 B 14% Growth due to: ¾ 13% increase in sales bookings to 1,030 units in 9M04 from 914 units in previous year ¾ New projects such as One Aeropolis, Aeropolis, Sta. Arcadia Estates and Sta. Arcadia Town Center Mass Housing New Projects Launch D
Slide 12: Mass Housing new projects; Core-Mid Residentials
Mass Housing New projects Aeropolis Two Launched last September 26 Boni Serrano Avenue, Q.C. 20 sq.m. and 49 sq.m. units P1M to P2.7M Tower 1 with 400 units Total of 2,000 units Villa Sta. Cecilia Launched last October 3 Dasmarinas, Cavite 144 affordable house-and-lot units (initia
Slide 13: Core-Mid Residentials and Hotels
Core-Mid Residentials Ongoing projects Launch Date No. of Units Take- Take-up Completion The Columns Tower 1 Nov. 2002 284 100% 65% Tower 2 Mar. 2003 284 76% 30% Tower 3 Oct. 2003 284 64% 9% Serendra Ph1 * Mar. 2004 586 78% 3% Verdana Mamplasan Feb. 2004 416 lots 24% 43% Verdana Village Center Jul
Slide 14: Hotels and Construction
Hotels ALI properties 9M2004 9M2003 Occ. Occ. Rate Room Rate Occ. Occ. Rate Room Rate Hotel Intercon 72% P3,308 62% P3,160 Oakwood 87% P5,168 69% P4,901 Cebu Marriott 85% P2,179 74% P1,828 Market average occupancy rates 9M2004 9M2003 MCBD hotels 74% 64% Cebu hotels 73% 63% Construction 9M 2004 9
Slide 15: Interest & Other Income; Capital Expenditures Parent Company
Interest & Other Income 9M 2004 9M 2003 % Change P 1.14 B P 1.18 B -3% Lower due to absence of gain on sale of shares ¾ 9M2003 included the gain on sale of investment in landholding companies ¾ Loss on sale of Makro in 2004 Decline partly offset by higher equity earnings in 2004 and higher manag
Slide 16: Projects and Capital Expenditures Consolidated
Projects and Capital Expenditures Consolidated Spent P5.55B or 58% of the P9.5B 2004 budget 9M2004 Breakdown Equity Investments Residential Bldgs./ 3% Townhouses 56% Commercial Centers / Office / etc. 26% Residential Subdivisions 15% Ayala Land, Inc. 16