Ayala Land Inc. · PSE:ALI
Ayala Land — FY2021 Earnings Presentation
20 slides from Ayala Land's earnings presentation, Mar 1, 2022
Slide 1: FY 2021 Results Analyst Briefing
FY 2021 Results Analyst Briefing 01 March 2022
Slide 2: Agenda
Agenda FY 2021 Results • Financial Statements • Operating Statistics • Capex 2
Slide 3: 2021 Highlights
2021 Highlights TOTAL REVENUES NET INCOME CAPEX NET GEARING FY P106.1B +10% FY P12.2B +40% P64.0B 0.77:1 4Q P33.5B +2% 4Q P3.6B +54% Segment Revenues PROPERTY DEVELOPMENT COMMERCIAL LEASING FY 75.9B +14% FY P20.6B -5% 4Q P24.4B -6% MALL FOOTFALL 75.9 66.6 4Q P6.4B +47% FY 38% pre-COVID 4Q 60% SALES
Slide 4: Total revenues of P106.1B +10%; net income of P12.2B +40%
Total revenues of P106.1B +10%; net income of P12.2B +40% INCOME STATEMENT FY 2021 FY 2020 Change % (in Php millions) Total Revenues 106,143 96,273 9,870 10% GAE RATIO Real Estate 102,946 94,568 8,378 9% 6.2% Interest and Other Income 3,197 1,704 1,492 88% 8.2% in 2020 Equity in Net Earnings of Asso
Slide 5: Construction progress, higher bookings lifted property development revenues; leasing improved
Construction progress, higher bookings lifted property development revenues; leasing improved with increased mobility REVENUE BREAKDOWN FY 2021 FY 2020 Change % (in Php millions) Property Development 75,936 66,641 9,295 14% Residential 63,775 56,520 7,254 13% Higher bookings and completion Office fo
Slide 6: Relaxed restrictions in 4Q21 boosted revenues of business segments most impacted by the pandemic
Relaxed restrictions in 4Q21 boosted revenues of business segments most impacted by the pandemic 4Q21 v 3Q21 REAL ESTATE REVENUES PROPERTY DEVELOPMENT +40% +40% Residential +34% Office for Sale +14% Comm/Indl Lots +94% COMMERCIAL LEASING +35% Shopping Centers +101% Hotels and Resorts +55% SERVICES +
Slide 7: COVID-19-related expenses weighed on development margins; 4Q21 mobility helped mall EBITDA
COVID-19-related expenses weighed on development margins; 4Q21 mobility helped mall EBITDA MARGIN PERFORMANCE FY 2021 FY 2020 Property Development (Gross Profit) Residential Horizontal 44% 47% Recognition of COVID-19-related expenses Vertical 36% 40% Office for Sale 36% 37% Commercial and Industrial
Slide 8: FY21 sales reservations of P92.2B (+13%); P22.1B (+5%) in 4Q21
FY21 sales reservations of P92.2B (+13%); P22.1B (+5%) in 4Q21 SALES TAKEUP (in Php Billions) 28.5 SALES 24.7 RESERVATIONS 22.5 21.1 21.8 22.1 ALP 19.7 P7.7B monthly average Alveo 13.6 Avida UNBOOKED REVENUES Amaia P167B Bellavita LAUNCHES 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2
Slide 9: Residential: Key Projects Launched
Residential: Key Projects Launched AYALA GREENFIELD ESTATES 4C TRANCHE 1 (AUG) Calamba, Laguna 73 lots, P1.4B | 100% take-up LANEWOOD HILLS PHASE 2 (AUG) Silang, Cavite 149 lots, P3.1B | 97% take-up CIELA HEIGHTS PHASE 1 (NOV) Carmona, Cavite 203 lots, P5.6B | 87% take-up LANEWOOD HILLS PHASE 1 (FEB
Slide 10: Residential: Key Projects Launched
Residential: Key Projects Launched CORVIA (MAR) Alviera, Pampanga 599 lots, P4.4B | 77% take-up HILLSIDE RIDGE PHASE 2 (MAR) Silang, Cavite SENTROVE 231 lots, P2.0B | 100% take-up TOWER 1 (OCT) Quezon City, MM 521 units, P7.5B | 24% take-up 10
Slide 11: Residential: Key Projects Launched
Residential: Key Projects Launched AVERDEEN ESTATES MAKATI SOUTHPOINT AVIDA TOWERS VERGE (APR) TOWER 2 (MAY) TOWER 2 (JAN) Nuvali, Sta. Rosa, Laguna Makati City, MM Mandaluyong City, MM 624 lots, P3.0B | 46% take-up 924 units, P5.5B | 43% take-up 924 units, P4.5B | 26% take-up 11
Slide 12: Malls: 4Q21 foot traffic 60%; tenant sales 78% pre-COVID
Malls: 4Q21 foot traffic 60%; tenant sales 78% pre-COVID TOTAL GLA: 2.1M sqm KEY DATA FY20 1Q21 2Q21 3Q21 4Q21 FY21 Operating GLA 60% 73% 67% 67% 74% 70% OCCUPANCY: Average 81%, Stable 84% % Pre-COVID Foot Traffic PIPELINE: 293K 34% 33-38% 20-33% 20-35% 38-85% 38% Range Tenant Sales 50% 52% 43% 44%
Slide 13: Offices: Stable BPO and HQ tenancy
Offices: Stable BPO and HQ tenancy Newly Completed Upcoming Opening TOTAL GLA: 1.32M sqm ONE AYALA TOWER ONE ONE AYALA TOWER TWO OCCUPANCY: Average 81%, Stable 86% (Dec 2021) (4Q22) Makati CBD, 31K GLA | 82% leased Makati CBD, 40K GLA | 87% leased PIPELINE: 200K PEZA PEZA Accredited Accredited FY 20
Slide 14: Hotels/Resorts: Hosted returning OFs and resort travel bubbles
Hotels/Resorts: Hosted returning OFs and resort travel bubbles FY 2021 Hotels Resorts Upcoming Opening TOTAL Branded: 660 El Nido: 193 HATCH HOSTEL (2Q 2022) Sicogon, Iloilo, 24/52 rooms ROOMS Seda: 2,712 Lio B&Bs: 132 4,030 Circuit: 255 Sicogon B&Bs: 78 OCCUPANCY Average 53% (+12 pt) 17% (+1 pt) St
Slide 15: New formats complement core leasing businesses
New formats complement core leasing businesses (FACTORY BUILDINGS and WAREHOUSES) 224Ksqm GLA 1,972 Beds 1,411 Seats ALogis Calamba 75,509 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 Makati Stock Exchange 107 s
Slide 16: Total Capex of P64.0B, majority spent for residential projects
Total Capex of P64.0B, majority spent for residential projects CAPEX BREAKDOWN FY 2021 Estate (in Php billions) Actual Development Others Residential 33.4 14% 2% Malls 4.2 Offices 3.7 Hotels and Resorts 1.4 Land Acquisition 11.0 Estate Development 8.7 Land Others 1.6 Acquisition Total 64.0 17% P64.0
Slide 17: Well-managed debt with 91% locked in fixed rates, 4.4% average borrowing cost
Well-managed debt with 91% locked in fixed rates, 4.4% average borrowing cost and maturity of 5.3 years Total Borrowings: Php223.1B: Short-term Php16.8 (8%), Long-term Php206.3B (92%), Average Maturity 5.3 years Long-term Debt Maturity (in Php Billions) 7.9% 7.3% Short-term Debt Maturity (in Php Bil
Slide 18: A strong balance sheet with a net gearing ratio of 0.77:1
A strong balance sheet with a net gearing ratio of 0.77:1 Balance Sheet December December (in Php Millions) 2021 2020 Cash & Cash Equivalents 14,998 18,361 Total Borrowings 223,097 211,951 Stockholders’ Equity 270,701 260,179 Current Ratio 1.58 1.62 Debt-to-Equity Ratio 0.82 0.81 Net Debt-to-Equity
Slide 19: 2021 Highlights
2021 Highlights TOTAL REVENUES NET INCOME CAPEX NET GEARING FY P106.1B +10% FY P12.2B +40% P64.0B 0.77:1 4Q P33.5B +2% 4Q P3.6B +54% Segment Revenues PROPERTY DEVELOPMENT COMMERCIAL LEASING FY 75.9B +14% FY P20.6B -5% 4Q P24.4B -6% MALL FOOTFALL 75.9 66.6 4Q P6.4B +47% FY 38% pre-COVID 4Q 60% SALES
Slide 20: FY 2021 Results Analyst Briefing
FY 2021 Results Analyst Briefing 01 March 2022