Filinvest Land Incorporated · PSE:FLI
Filinvest Land — FY2023 Earnings Presentation
14 slides from Filinvest Land's earnings presentation, Mar 7, 2024
Slide 1: Full Year 2023 Analysts Briefing
Full Year 2023 Analysts Briefing March 07, 2024 | 3:00 pm One Filinvest, Ortigas Avenue, Pasig City
Slide 2: 2023 Financial Highlights
2023 Financial Highlights (in Billions) Net Income Attributable To Equity Net Income After Tax Holders of Parent PHP 4.30B PHP 3.77B +22% from PY +30% from PY Total Option Sales PHP 19.21B +6% from PY Total Revenues: PHP 21.68B +13% from PY Capex: PHP 12.96B Breakdown: Residential Php 14.49B +13% fr
Slide 3: Revenue Breakdown
Revenue Breakdown (in Millions) Years Ended December 31 Change 2022 2023 in Php % Real Estate Sales 12,836 14,487 1,651 13% Rentals & Related Services 6,350 7,201 851 13% Office Leasing 4,583 4,660 77 2% Retail Leasing and Others* 1,767 2,541 774 44% Equity in Net Earnings of an Associate 79 242 164
Slide 4: Residential Sales Take Up
• International sales continued to fuel the acceleration of Residential Sales Take Up option sales. (in Billions) 2023 Residential Sales Product Mix 2023 Option Sales Non-Core, High Rise 3% Building, 19.21 15% +6% House & Lot, Mid-Rise 27% Building, 18.07 55% • Continued to Focus on selling RFO unit
Slide 5: Geographical Mix (based on option sales)
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 2022 36% 37% 27% 2023 45% 28% 27% Present in 22 provinces and 55 c
Slide 6: Real Estate Revenues (Residential)
Real Estate Revenues (Residential) (in Millions) 4Q23 vs. 4Q22: +21% 4Q23 vs.3Q23: +24% 14,487 12,836 +13% 428 855 234 1,026 2022 3,368 2023 Medium Income 69% 68% 2,661 Low Affordable and Affordable 21% 23% High-end and Others 8% 6% Socialized 2% 3% 9,836 8,915 2022 2023 Medium Income Low Affordable
Slide 7: Leasing Revenues
Leasing Revenues • Overall rental revenue growth of 13% • Retail revenues grew due to higher tenant sales, improved (in Billions) occupancy and normalized rent. Retail Leasing Office Leasing 4.58 4.66 2.21 +32% +2% 1.68 2022 2023 2022 2023 Occupancy Occupancy Occupancy Occupancy Rate Rate Rate Rate
Slide 8: Income Statement
• Net income attributable to equity holders of parent surged 30% Income Statement 4Q23 vs. 4Q22: +19% 4Q23 vs. 3Q23: +30% Years Ended December 31 (in Millions) 2022 2023 Change (Unaudited) (Unaudited) in Php % Revenues Real Estate Sale 12,836 14,487 1,651 13% Rental Revenues 6,350 7,201 851 13% Inte
Slide 9: Margins
Margins 2022 2023 GPM of Real Estate Sales 42.7% 44.1% GPM of Rental Services 59.3% 56.6% % of G&A to Revenues 11.6% 11.2% % of S&M to Revenues 5.8% 6.3% Tax Rate 17.1% 13.1% Net Income Margin 17.7% 19.0% • Improved margins for the residential business. • Decreased GPM of rental services due to incr
Slide 10: Financial Position
Financial Position (in Millions) December 31, December 31, 2022 2023 (Audited) (Audited) % Change Total Assets 200,115 204,476 3% Total Borrowings 73,982 74,456 1% Net Debt 67,363 68,724 2% Stockholders' Equity 91,503 94,271 3% D/E Ratio 0.81x 0.79x Net D/E Ratio 0.74x 0.73x
Slide 11: Bond Update: Php11.430B Fixed Rate Bond
Bond Update December 1, 2023 Listing Fixed Rate Bond Due 2027 Php11.430B Base Amount – Php10.0B Oversubscribed Amount – Php1.43B Interest: 6.9829% p.a Joint Lead Underwriters and Bookrunners
Slide 12: Debt Profile
Debt Profile (in Millions) Weighted Average Debt Maturity Tower Interest Rate 26,571 5.73% 21,490 18,224 88% Fixed Rate 14,925 1,700 12% Floater Rate 19,406 8,494 16,524 1,765 11,646 Currency - 100% PhP 6,729 2,084 - 103 2024 2025 2026 2027 2028 BANKS BONDS 50% Retail Bonds
Slide 13: 2023 Capex
2023 Capex Industrial 149 1% (in Millions) BTO 865 Retail Leasing PPE 488 7% 984 7% 4% Office Leasing Total 2,024 16% PHP12,957 Residential 7,319 56% Rawland 1,128 9%
Slide 14: Plans and accomplishments for 2023
Plans and accomplishments for 2023 • Residential will continue to increase its product and geographic diversification with • Planned launches of P16 billion ACTUAL: P8.7 billion • Expanding presence in new territories: GenSan • Target option sales of P22 billion ACTUAL: P19 billion • Accelerate grow