Filinvest Land Incorporated · PSE:FLI
Filinvest Land — Q1 2024 Earnings Presentation
14 slides from Filinvest Land's earnings presentation, May 16, 2024
Slide 1: Q1 2024 Analysts Briefing
Q1 2024 Analysts Briefing May 16, 2024
Slide 2: Q1 2024 Financial Highlights
Net Income +8% PHP 0.95B After Tax From PY Net Income Attributable to Q1 2024 Equity Holders of Parent PHP 0.85B +14% From PY Financial Total Options Sales PHP 5.71B +10% Highlights From PY Total PHP 5.40B +15% From PY Real Estate Sales PHP 3.40B +22% Revenues Office Leasing PHP 1.08B -7% Retail Lea
Slide 3: Revenue Breakdown (in Millions)
Revenue Breakdown (in Millions) For the Period Ended March 31 Change 2023 2024 in Php % Real Estate Sales 2,795 3,399 604 22% Rentals & Related Services 1,719 1,760 41 2% Office Leasing 1,161 1,082 (79) -7% Retail Leasing 557 589 32 6% Others* 1 89 88 10458% Equity in Net Earnings of an Associate 31
Slide 4: Residential Take Up (in Billions)
Residential Take Up (in Billions) Option Sales 5.71 Non-Core, 2% High Rise +10% Building, 18% 5.2 Mid-Rise House & Lot, Building, 23% 57% Q1 2023 Q1 2024 Q1 2024 Residential Product Mix OFW Share of Sales Take Up Q1 2023 – Php 1.09 Billion (21% of total Option Sales) Q1 2024 – Php 1.03 Billion (18%
Slide 5: Q1 2024 Launches and Inventory Value
Q1 2024 Launches Inventory Value Php 3.3B New Leaf 2, Trece Martires, Cavite 8 Spatial Bldg. 7, Davao City
Slide 6: Geographical Mix
Geographical Mix (Based on Option Sales) Q1 2024 25% 45% 30% Q1 2023 31% 40% 29% Luzon Metro Manila Vis Min Present in 22 provinces and 55 cities/ municipalities
Slide 7: Real Estate Revenues (Residential)
Real Estate Revenues (Residential) (in Millions) 3,399 283 2,795 75 +22% 289 Q1 2023 Q1 2024 232 407 Medium Income 60% 71% Low Affordable and Affordable 32% 12% 871 High-end and Others 9% 9% Socialized 3% 8% 2,420 1,617 Q1 2023 Q1 2024 Medium Income Low Affordable and Affordable High-End and Others
Slide 8: Leasing Revenues
Leasing Revenues (in Millions) Total leasing revenues grew 2% Retail Leasing Office Leasing 1,161 589 1,082 +6% -7% 557 Q1 2023 Q1 2024 Q1 2023 Q1 2024
Slide 9: Income Statement
Income Statement (in Millions) For the Periods Ended March 31 2023 2024 Change (Unaudited) (Unaudited) in Php % Revenues Real Estate Sale 2,795 3,399 604 22% Rental Revenues 1,719 1,760 41 2% Interests and Other Income 149 193 44 30% Equity in Net Earnings of an Associate 31 45 14 45% 4,694 5,397 70
Slide 10: Margins
Margins Q1 2023 Q1 2024 GPM of Real Estate Sales 42.9% 49.0% GPM of Rental Services 56.1% 51.1% % of G&A to Revenues 10.6% 11.4% % of S&M to Revenues 4.8% 5.0% Effective income tax rate 19.2% 13.1% Net Income Margin 18.8% 17.6% • Improved margins for the residential business. • Decreased GPM of rent
Slide 11: Financial Position
Financial Position (in Millions) December 31, March 31, 2023 2024 (Audited) (Unaudited) % Change Total Assets 204,476 196,033 -4% Total Borrowings 74,456 75,850 2% Net Debt 68,724 71,011 3% Stockholders' Equity 94,271 86,109 -9% D/E Ratio 0.79x 0.88x Net D/E Ratio 0.73x 0.82x Impact of Adoption of I
Slide 12: Debt Profile
Debt Profile (in Millions) Weighted Average Debt Maturity Tower Interest Rate 26,570 5.75% 21,490 86% Fixed Rate 18,106 14,925 1,700 14% Floater Rate 19,406 8,494 16,406 1,765 Currency 11,645 100% Philippine Peso 6,729 1,500 2,084 - - 103 2024 2025 2026 2027 2028 2029 BANKS BONDS 50% Retail Bonds
Slide 13: Capex
Capex (in Millions) Industrial 40 1% Retail Leasing 42 1% PPE 31 1% Office Leasing 769 20% Total PHP3,829 Residential Rawland 2,286 661 60% 17%
Slide 14: Summary
Summary • The accelerated performance of the Residential business is driven by the focus on the following market segments: end-user, middle-income and affordable. • Stable and consistent mall rental business • Office business continues to be challenged but we continue to sign new leases and LOIs wit