Alliance Global Group Inc. · PSE:AGI
Alliance Global — H1 2022 Earnings Presentation
32 slides from Alliance Global's earnings presentation, Aug 12, 2022
Slide 1: A Premium-Lifestyle Conglomerate: 1H2022 Analysts' Briefing
A PREMIUM-LIFESTYLE CONGLOMERATE 1H2022 Analysts’ Briefing 12 August 2022 1
Slide 2: Performance highlights
Performance highlights P&L Highlights* P&L Highlights of subsidiaries Revenue share* 1H21 1H22 MEG EMP RWM GADC MEG EMP RWM GADC 82.6 27.5 28.1 26% 65.8 19% 15.4 33% 63% 11.9 41% 14% 12.0 7.4 5.8 8.2 5.9 5.2 0.8 Revenues Pre-minority Attributable 0.0 income profit 34% Revenue Profit Revenue Profit P
Slide 3: AGI 1H22 performance vs pre-pandemic levels
AGI 1H22 performance vs pre-pandemic levels AGI MEG EMP TRAV GADC Continue to post 99% of 87% of 102% of 100% of pre-pandemic levels pre-pandemic levels record-level pre-pandemic levels pre-pandemic levels performance 82.8 28.1 16.6 17.0 82.6 31.7 25.3 15.4 15.4 71.2 27.5 21.5 21.5 61.4 23.8 22.4 11
Slide 4: 2Q22/1H22 financial performance
2Q22/1H22 financial performance in Pbn 2Q22 1Q22 QoQ chg 2Q21 YoY chg 1H22 1H21 YoY chg Group revenues 45.1 37.5 20% 39.3 15% 82.6 71.2 16% • Further improvement in spending and mobility buoyed project completion, Megaworld 14.4 12.9 12% 11.9 21% 27.3 22.0 24% occupancy rates for malls, office and E
Slide 5: Group Borrowings
Group Borrowings GROSS DEBTS AGI GEARING by key subsidiary 0.48x 0.49x 0.47x 218 215 0.42x 209 198 210 0.36x 0.35x 181 39 42 36 37 0 2 2 41 35 1 57 1 1 60 54 45 31 52 34 25 38 39 37 24 86 94 75 76 76 78 114 139 145 138 119 122 2017 2018 2019 2020 2021 1H22 2017 2018 2019 2020 2021 1H22 MEG EMP RWM G
Slide 6: Group Gearing
Group Gearing MEG EMP TRAV GADC PARENT 0.36x 0.31x 0.54x 1.44x 0.08x 1.39x (3.8) (4.9) (5.2) (5.3) (6.6) (8.6) 0.48x 0.46x 1.24x 0.07x 0.26x 1.21x 0.22x 0.24x 0.39x 0.06x 0.22x 0.06x 0.20x 0.77x 0.04x 0.13x 0.54x -0.52x -0.57x -0.65x -0.72x 0.03x -0.81x 58.5 58.2 52.8 45.7 49.8 55.7 28.0 33.0 29.5 2
Slide 7: Capital Expenditure
Capital Expenditure AGI’S CAPEX by major subsidiary 74 71 2 2 63 60 11 15 2 3 ▪ Capex spent in 1H22: P31bn (52% of budget) 9 2 11 48 4 3 2 1 36 6 ▪ Capex budget in 2022: P60bn 1 2 31 7 2 55 1 3 49 48 2 50 38 28 24 2017 2018 2019 2020 2021 1H22 2021E MEG EMP RWM GADC INFRACORP All items are in billio
Slide 8: Enhancing Shareholder Value
Enhancing Shareholder Value SHARE BUYBACK PROGRAM AGI ▪ Buyback program size: P4.0bn ▪ Amount utilized: P2.4bn (61%) ▪ 214.0m shares bought at an average 61% price P11.41 per share. ▪ Implementation period: 30 months from October 2021 to April 2024 MEG ▪ Buyback program size: P5.0bn ▪ Amount utilize
Slide 9: SGX Securities Welcomes the Listing of Emperador Inc.
SGX Securities Welcomes the Listing of ves EMPERADOR INC. 14 July 2022
Slide 10: Community and sustainability initiatives
X • MEG supported the renovation of the floating • The Group adapts the DOE’s Energy • Hapag Saya sa Kapaskuhan Project of MEG classroom and sponsored an e-learning hub Efficiency Program • Rice Together Campaign of MEG • Scholarship programs of MEG • Green & Good Program of GADC • McDonald’s Kindne
Slide 11: Slide 11
Slide 12: 1H2022 Financial Performance: Megaworld
1H2022 FINANCIAL PERFORMANCE 28 5,000 4,163 1,398 462 Townships & Landbank Hotel room Offices GLA Lifestyle malls GLA Integrated Lifestyle (has) keys (‘000 sqm) (‘000 sqm) Communities 14
Slide 13: 2Q22/1H22 financial performance
2Q22/1H22 financial performance P&L summary (Pbn) 2Q22 1Q22 QoQ chg 2Q21 YoY chg 1H22 1H21 YoY chg Revenue 14.3 13.1 9% 12.2 17% 27.5 22.4 23% Residential 8.9 8.1 11% 7.6 17% 17.0 13.5 26% • Higher residential project Office 3.0 3.0 2% 2.7 14% 6.0 5.3 15% completion Malls 0.8 0.7 6% 0.5 42% 1.5 1.0
Slide 14: Quarterly Performance
Quarterly Performance REVENUE EBITDA NET INCOME Development Rental Hotels Development Rental Hotels 5.3 13.5 13.3 7.1 0.6 12.3 12.3 0.6 6.6 6.5 6.5 0.1 11.2 0.7 0.5 3.3 0.1 0.1 0.1 0.4 3.8 5.6 9.3 3.2 3.1 3.7 3.7 0.3 3.2 4.8 3.6 2.8 3.2 2.6 3.5 3.5 2.4 3.1 3.0 2.9 9.6 8.9 7.6 8.0 8.1 5.9 3.3 3.4 2.6
Slide 15: Quarterly performance
Quarterly performance RES VS GROSS PROFIT RENTAL VS EBITDA MARGIN HOTEL REV VS EBITDA MARGIN Real estate sales Gross Profit GP Margin Rentals Rental EBITDA EBITDA margin Hotel revenues Hotel EBITDA EBITDA margin 49% 87% 88% 89% 88% 89% 89% 18% 48% 47% 15% 45% 46% 45% 13% 13% 12% 3.7 3.8 3.7 8% 9.6 6
Slide 16: 3-4 Planned Townships
be ec 4 = La 1, ut 3-4 PLANNED TOWNSHIPS ii
Slide 17: 2022 Targets
2022 TARGETS P30bn P90bn PROJECT LAUNCHES ACROSS P50bn RESERVATION CAPEX SALES 14 PROJECTS BUDGET 19
Slide 18: MREIT: 1H2022 Performance
MREIT:1H2022 Performance DISTRIBUTABLE INCOME DIVIDENDS by GLA 639 638 P0.97 6% Total dividend per share Total return** since IPO since IPO 594 0.055 558 97% 0.247 OCCUPANCY RATE 0.240 0.243 0.185 3.4 years Weighted Average Lease Expiry (WALE) 9,600 SQM Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2021 Q4 202
Slide 19: 1H2022 Financial Performance: Emperador
1H2022 FINANCIAL PERFORMANCE 6 5 102 25 Vineyard estates Distilleries in Countries under Domestic in Spain Scotland global distribution system sales offices 21
Slide 20: 1H2022 financial performance
1H2022 financial performance P&L summary (Pbn) 2Q22 1Q22 QoQ chg 2Q21 YoY chg 1H22 1H21 YoY chg Revenue 15.7 12.3 27% 13.3 19% 28.1 25.3 11% • Sustained growth in whisky Brandy 10.3 7.6 34% 8.2 25% 17.9 16.3 10% sales in Asia, Europe and Whisky 5.5 4.7 16% 5.1 8% 10.2 9.0 13% North America. Gross Pr
Slide 21: Quarterly Performance
Quarterly Performance REVENUE NET INCOME Brandy Whisky Brandy Whisky 3.1 17.6 3.0 15.7 2.7 5.2 0.5 13.3 13.0 12.3 0.6 1.4 12.1 2.1 2.2 2.1 5.5 5.1 4.5 3.9 4.7 0.7 0.8 0.9 2.5 12.4 2.2 10.3 1.8 8.2 8.2 8.5 7.6 1.4 1.4 1.2 Q121 Q221 Q321 Q421 Q122 Q222 Q121 Q221 Q321 Q421 Q122 Q222 23
Slide 22: Quarterly performance
Quarterly performance WHISKY REVENUE, GROSS PROFIT, MARGIN BRANDY REVENUE, GROSS PROFIT, MARGIN Whisky revenues Gross profit GP margin Brandy revenues Gross profit GP margin 45% 41% 41% 40% 41% 40% 34% 38% 29% 29% 26% 27% 5.5 12.4 5.1 5.2 4.5 4.7 10.3 3.9 8.5 8.2 8.2 7.6 2.0 2.0 1.9 2.0 4.1 1.8 3.7
Slide 23: 1H2022 Financial Performance: Travellers
1H2022 FINANCIAL PERFORMANCE 2,743 6 63% 407 2,058 Hotel International Hotel VIP and mass Slots room keys Hotel Brands Occupancy gaming tables (1H22) 25
Slide 24: 2Q22/1H22 financial performance
2Q22/1H22 financial performance P&L summary (Pbn) 2Q22 1Q22 QoQ chg 2Q21 YoY chg 1H22 1H21 YoY chg • Sustained improvement in GGR driven by both mass and VIP Gross gaming revenue 8.2 6.5 25% 3.4 143% 14.7 7.9 86% segments. Mass 3.1 1.8 75% 0.9 253% 5.0 2.9 73% VIP 5.0 4.7 6% 2.4 105% 9.7 5.0 93% Les
Slide 25: Quarterly performance
Quarterly performance GROSS REVENUES GGR: MASS VS VIP AVERAGE DAILY VISITORS Gaming Non-gaming Mass VIP 23.8 9.6 8.2 1.4 7.5 6.5 0.9 13.7 4.9 5.0 4.6 12.0 5.2 5.0 11.2 4.8 4.6 0.1 3.9 0.6 4.7 0.9 3.4 1.2 8.2 2.6 6.8 6.5 4.0 2.2 6.1 4.6 4.9 2.4 3.4 3.9 3.1 2.0 1.7 1.8 0.9 0.9 Q 121 Q 221 Q 321 Q 421
Slide 26: Newport World Resorts
YOU ENOW YOU WANT T® EWPORT Uf /O@( VW RESORTS
Slide 27: 1H2022 Financial Performance: GADC
1H2022 FINANCIAL PERFORMANCE 677 501 376 250 Store McDelivery Stores with NXTGEN count hubs Drive-thru stores 29
Slide 28: 2Q22/1H22 financial performance
2Q22/1H22 financial performance P&L summary (Pbn) 2Q22 1Q22 QoQ chg 2Q21 YoY chg 1H22 1H21 YoY chg Systemwide Sales 14.7 12.7 15% 10.8 36% 27.4 20.6 33% • Sustained growth in sales Sales Revenues 8.2 7.2 14% 6.1 34% 15.4 11.8 31% revenues, mirrored improvement in Sales by co. restos 7.5 6.5 14% 5.4
Slide 29: Quarterly performance
Quarterly performance SALES, GROSS PROFIT, MARGIN SYSTEMWIDE SAME-STORE NUMBER OF STORES SALES GROWTH Sales revenues Gross profit GP Margin Quarterly End-of-period NCR Luzon Visayas Mindanao 108.7% 25% 24% 24% 23% 23% 669 671 677 655 8.2 620 51 51 14% 55 50 566 51 70 71 70 7.2 7.2 69 45 64 38.2% 56
Slide 30: Target new stores
677 STORES 1H22 2022 45 TARGET NEW STORES 32
Slide 31: Key Messages
KEY MESSAGES We can sustain the strong interim growth we have seen for the balance of the year. We are mindful of the challenges we face… …and we will continue to step up our game... …and strengthen our position as the country’s premium lifestyle conglomerate. 33
Slide 32: A Premium-Lifestyle Conglomerate: 1H2022 Analysts' Briefing
A PREMIUM-LIFESTYLE CONGLOMERATE 1H2022 Analysts’ Briefing 12 August 2022 34
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