Ayala Land Inc. · PSE:ALI
Ayala Land — FY2022 Earnings Presentation
21 slides from Ayala Land's earnings presentation, Feb 21, 2023
Slide 1: FY 2022 Results Analyst Briefing
FY 2022 Results Analyst Briefing 21 February 2023
Slide 2: Agenda
Agenda FY 2022 Results • Financial Statements • Operating Statistics • Capex 2023 Outlook 5
Slide 3: Ayala Land FY 2022 Performance Highlights
Ayala Land FY 2022 Performance Highlights TOTAL REVENUES NET INCOME CAPEX NET GEARING FY P126.6B +19% FY P18.6B +52% P72.4B 0.76:1 Segment Revenues PROPERTY DEVELOPMENT COMMERCIAL LEASING FY P81.2B +7% FY P33.4B +62% SALES PROJECTS MALL FOOTFALL TENANT SALES RESERVATIONS LAUNCHED FY 87% pre-COVID FY
Slide 4: Total revenues of P126.6B +19%; net income of P18.6B +52%
Total revenues of P126.6B +19%; net income of P18.6B +52% INCOME STATEMENT FY 2022 FY 2021 Change % (in Php millions) Total Revenues 126,556 106,143 20,413 19% GAE RATIO Real Estate 123,051 102,946 20,105 20% 5.7% Interest and Other Income 3,505 3,197 308 10% 6.2% in FY 2021 Equity in Net Earnings o
Slide 5: Commercial lot sales and leasing recovery boosted revenues
Commercial lot sales and leasing recovery boosted revenues REVENUE BREAKDOWN FY 2022 FY 2021 Change % (in Php millions) Property Development 81,243 75,936 5,307 7% Residential 63,484 63,775 (290) - Continued POC and sustained bookings Office for Sale 3,233 3,846 (613) -16% Full sell-out of Alveo’s P
Slide 6: Higher horizontal product margins; better mall and hotel margins
Higher horizontal product margins; better mall and hotel margins from normalized operations MARGIN PERFORMANCE FY 2022 FY 2021 Property Development (Gross Profit) Residential Horizontal 46% 44% Increased contribution of high-margin projects Vertical 35% 36% Office for Sale 49% 36% Higher ASP on limi
Slide 7: FY22 sales of P104.9B (+14%); 4Q22 at P27.6B (+24%)
FY22 sales of P104.9B (+14%); 4Q22 at P27.6B (+24%) SALES RESERVATIONS (in Php Billions) SALES 28.5 28.0 27.6 RESERVATIONS 24.1 25.2 21.1 21.8 22.1 P8.7B monthly average ALP 19.7 Alveo LAUNCHES Avida 30 projects (P91.4B) Amaia Bellavita Horizontal: 58% Vertical: 42% 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4
Slide 8: New Estates: Areza
New Estates: Areza Areza Lipa, Batangas | 92 hectares “The New Downtown of Lipa City” • The first Ayala Land Estate in Batangas • Key features: o Connectivity thru STAR Tollway, o 5.0-ha New Lipa City Hall, o 1.4-ha Fresh Market, o 1.6-ha Department of Agriculture Trading Center • P10B initial devel
Slide 9: New Estates: Crossroads
New Estates: Crossroads Crossroads Plaridel, Bulacan | 83 hectares “The Cornerstone of Central Luzon’s Progressing East” • Newest commercial node in Central Bulacan • Key features: • 4km from NLEX Balagtas Exit • 20 mins to Malolos City, Bulacan • 40 minutes to New Manila International Airport • P5.
Slide 10: Malls: FY22 foot traffic and tenant sales at 87% pre-COVID
Malls: FY22 foot traffic and tenant sales at 87%pre-COVID Upcoming Openings TOTAL GLA: 2.1M sqm ONE AYALA AVERAGE OCCUPANCY: 81% RETAIL (4Q 2023) LEASE OUT RATE: 90% Makati CBD 44K GLA PIPELINE: 243K KEY DATA FY20 FY21 1Q22 2Q22 3Q22 4Q22 % Pre-COVID Foot Traffic 34% 38% 57% 86% 96% 108% Tenant Sale
Slide 11: Offices: Stable BPO and HQ Tenancy
Offices: Stable BPO and HQ Tenancy Upcoming Openings TOTAL GLA: 1.36M sqm ONE AYALA HQ TOWER (4Q 2023) Makati CBD, 12K GLA OCCUPANCY: 88% PIPELINE: 160K FY2022 Occupancy Mix Vacant 12% Co-Working 4% POGO 2% HQ BPO 10% 72% 22
Slide 12: Hotels-Resorts: Higher room rates boosted performance
Hotels-Resorts: Higher room rates boosted performance Upcoming Openings FY 2022 Hotels Resorts SEDA MANILA BAY (2Q 2023) Bay Area, Paranaque City, 350 rooms TOTAL Branded: 660 El Nido: 193 ROOMS Seda: 2,804 Lio B&Bs: 70 4,058 Circuit: 255 Sicogon B&Bs: 76 AVERAGE OCCUPANCY 59% (+6 pt) 29% (+12 pt) P
Slide 13: Ancillary formats strengthen the leasing portfolio
Ancillary formats strengthen the leasing portfolio (FACTORY BUILDINGS and WAREHOUSES) 309Ksqm GLA 2,032 Beds 1,411 Seats ALogis Calamba - 75,509 + 18,285 Amorsolo 196 rooms, 728 beds 6,473 sqm of GLA Laguna Technopark - 102,458 BGC 5th Avenue 375 rooms, 1,244 beds Cavite Technopark - 13,396 + 4,415
Slide 14: Capex spend of P72.4B
Capex spend of P72.4B CAPEX BREAKDOWN FY 2022 (in Php billions) Actual Estate Others Residential 36.5 Development 4% Malls 4.2 16% Offices 1.9 Hotels and Resorts 1.2 Land Acquisition 14.0 Estate Development 11.6 Others 3.0 Land Acquisition P72.4B Residential 50% Total 72.4 19% HISTORICAL CAPEX 110 1
Slide 15: Well-managed debt with 97% contracted long-term, 90% fixed
Well-managed debt with 97% contracted long-term, 90% fixed; average borrowing cost of 4.4%, maturity of 5.3 years Total Borrowings: Php236.0B: Short-term Php6.5 (3%), Long-term Php229.5 (97%), Average Maturity 5.3 years Long-term Debt Maturity (in Php Billions) Short-term Debt Maturity (in Php Billi
Slide 16: A strong balance sheet with a net gearing ratio of 0.76:1
A strong balance sheet with a net gearing ratio of 0.76:1 Balance Sheet December December (in Php Millions) 2022 2021 Cash & Cash Equivalents 12,508 14,998 Total Borrowings 236,039 223,097 Stockholders’ Equity 293,665 270,502 Current Ratio 1.77 1.58 Debt-to-Equity Ratio 0.80 0.82 Net Debt-to-Equity
Slide 17: Ayala Land FY 2022 Performance Highlights
Ayala Land FY 2022 Performance Highlights TOTAL REVENUES NET INCOME CAPEX NET GEARING FY P126.6B +19% FY P18.6B +52% P72.4B 0.76:1 Segment Revenues PROPERTY DEVELOPMENT COMMERCIAL LEASING FY P81.2B +7% FY P33.4B +62% SALES PROJECTS MALL FOOTFALL TENANT SALES RESERVATIONS LAUNCHED FY 87% pre-COVID FY
Slide 18: Agenda
Agenda FY 2022 Results • Financial Statements • Operating Statistics • Capex 2023 Outlook 35
Slide 19: Solid performance in 2022
Solid performance in 2022 NET INCOME Property 2020 2021 2022 Development +52% Revenues (Php B) Growth 66.6 75.9 +14% 81.2 +7% 20 +40% 18.6 Residential Sales > Launches 12.2 18 16 14 (Php B) 2020 2021 2022 12 10 8.7 Launched Projects (Php B) 10.6 75.3 91.4 8 Sales Reservations (Php B) 81.9 92.2 104.9
Slide 20: 2023 Budget: CAPEX of P85B; Launches worth P110B
2023 Budget: CAPEX of P85B; Launches worth P110B Capex Budget Launch Plan Others By Brand % 7% ALP 36% Estate Alveo 28% Development Avida 17% 16% Amaia 17% Bellavita 2% Residential 39% By Location % P85B Metro Manila Central Luzon 40% 7% South Luzon 45% Land Visayas 1% Acquisition Mindanao 7% 23% By
Slide 21: Our diversified portfolio will drive long-term shareholder value
Our diversified portfolio will drive long-term shareholder value 12K+ HA OF LANDBANK 49 32 INTEGRATED 2 TOURISM ESTATES 5 COMMERCIAL ESTATES MIXED-USE ESTATES ESTATES 5 RESIDENTIAL ESTATES 5 INDUSTRIAL ESTATES BALANCED AND COMPLEMENTARY BUSINESSES: Property Development, Commercial Leasing, Services