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2018 Annual Report 2018 ANNUAL REPORT C M Y CM MY CY CMY COVER K 5th Floor Tower A, Two E-Com Center Palm Coast Avenue Mall of Asia Complex, CBP-1A Pasay City 1300 Philippines Email: [email protected] www.bellecorp.com BELLE CORPORATION | 1 OUR VISION Belle Corporation envisions itself as a world-class provider of the finer things in life. OUR MISSION To develop quality entertainment and leisure facilities that promote growth and environmental sustainability. To enhance shareholder value for the Company’s investors and partners. To promote a mutually beneficial relationship with all stakeholders grounded on integrity and respect. To be the employer of choice offering career growth opportunities. To enhance the quality of life of the communities we serve. CORE VALUES Sustainability. Accountability. Integrity. Leadership. Hard Work. Innovation. 2 | 2018 ANNUAL REPORT OUR VISION CONTENTS Belle Corporation envisions itself as a world-class provider of the finer things in life. IFC Vision and Mission / Core Values 1 Contents 2 Corporate Structure 4 Message to Shareholders 6 Message from the President OUR MISSION 10 Board of Directors 13 Board Committees To develop quality entertainment and leisure facilities that promote growth and environmental sustainability. 13 Management Team 14 City of Dreams Manila To enhance shareholder value for the Company’s investors and partners. 16 Premium Leisure Corp. To promote a mutually beneficial relationship 18 Tagaytay Highlands with all stakeholders grounded on integrity and respect. 20 Corporate Social Responsibility To be the employer of choice offering career growth opportunities. 24 Sustainable Development Goals 26 Corporate Governance To enhance the quality of life of the communities we serve. 33 Financial Statements IBC Corporate Information CORE VALUES Sustainability. Accountability. Integrity. Leadership. Hard Work. Innovation. 2 | 2018 ANNUAL REPORT BELLE CORPORATION | 1 CORPORATE STRUCTURE 100% 24.9 GAMING billion shares (78.7%) 224.3 million (50.1% of issued shares) City of Dreams Manila Tagaytay Highlands International Golf Club REAL ESTATE The Country Club at Proprietary club shares ASSETS Tagaytay Highlands (directly owned by Belle) Land held for development Tagaytay Midlands and finished real estate products Golf Club 3.7 billion shares (48.8%) OTHER MAJOR INVESTMENTS 61.8 million shares (less than 1.0%) 2 | 2018 ANNUAL REPORT CORPORATE STRUCTURE 100% 24.9 GAMING billion shares (78.7%) 224.3 million (50.1% of issued shares) City of Dreams Manila Tagaytay Highlands International Golf Club REAL ESTATE The Country Club at Proprietary club shares ASSETS Tagaytay Highlands (directly owned by Belle) Land held for development Tagaytay Midlands and finished real estate products Golf Club 3.7 billion shares (48.8%) OTHER MAJOR INVESTMENTS 61.8 million shares (less than 1.0%) 2 | 2018 ANNUAL REPORT BELLE CORPORATION | 3 MESSAGE TO SHAREHOLDERS “We remain committed to investing in responsible residential development and to uplifting the quality of life in our surrounding communities.” 4 | 2018 ANNUAL REPORT Belle Corporation successfully navigated a turbulent It is also with sadness that we say goodbye to MESSAGE TO and uncertain global business climate to achieve Atty. Arthur Amansec, former Commissioner of the solid results for 2018. Last year, inflation became a Social Security Commission who joined our Board headline concern in the Philippines, as interest rates in 2018. He passed away in January 2019. Despite SHAREHOLDERS climbed steadily for most of the year and the value his short time with us, we valued Atty. Amansec’s of the Philippine peso came under pressure, and a experience and insights, and we are fortunate to have brewing trade war between the United States and had the chance to work with him. “We remain committed to investing in responsible residential China threatened the growth outlook for all Southeast Asian economies. In spite of these concerns, Belle We would like to take this opportunity to welcome development and to uplifting the quality of life in our achieved record revenues of P8.5 billion in 2018, Ms. Aurora Cruz Ignacio to our Board. Ms. Ignacio surrounding communities.” and continued its consistent bottom line growth, as was the first female Chairperson of the Social Security its recurring net income of P3.6 billion comprised an Commission, and replaced the late Atty. Amansec in increase of 10% over the comparable level in 2017. our Board. These results allowed Belle to announce a regular It is in difficult times that we are especially grateful cash dividend of P0.12 per share on to our Board of Directors, Management team and February 28, 2019, or a total of about P1.3 billion, employees. Without their dedication and relentless payable in full on March 28, 2019. This reflects pursuit of excellence across our operations, success our goal to provide consistent dividends to our would be elusive. Of course, we would also like to shareholders each and every year, as part of our thank you, our shareholders, for your loyalty and mission to enhance shareholder value. continued support. The strategy to pivot toward premium integrated We remain firmly committed to our principal resort developments a decade earlier laid the objectives of delivering value to our shareholders, foundation for a robust business anchored on an serving as a good corporate citizen and being a world- expanding tourism industry. We welcomed the class provider of the finer things in life. government’s shift from mass tourism to more environment preserving, high-value tourism as the We continue to see opportunities in the Philippine Philippines saw record visitor arrivals in 2018. This growth story, and we are confident that Belle benefited our investment in the City of Dreams Manila, Corporation can sustain its success story in the long an anchor attraction in Philippine Amusement and term. Gaming Corporation’s Entertainment City. 2018 was also a year of preparation as we undertook significant renovations and improvements to facilities in the Tagaytay Highlands and Tagaytay Midlands complexes, as we get ready to celebrate 25 years of curated luxury mountain living at Tagaytay Highlands this April 2019. We remain committed to investing in responsible residential development and to uplifting Emilio S. De Quiros, Jr. the quality of life in our surrounding communities Chairman of the Board in order to ensure that our premium resort complex continues to be the distinctive leisure escape that it has been known to be for decades to come. We would like to take a moment to mourn the passing of Mr. Henry Sy, Sr. this past January 2019. Mr. Sy’s SM Group is a significant shareholder in Belle Willy N. Ocier Corporation, and Mr. Sy loved our Tagaytay Highlands Vice Chair resort. Because of the sprawling businesses he built, it is easy to overlook that he was also a father who tried to impart enduring values to his children – hard work, determination, integrity, humility, simplicity – and a husband who loved his wife and cherished family. The timeless values he espoused are part of his legacy, which we will choose to live on at Belle Elizabeth Anne C. Uychaco Corporation. Vice Chair 4 | 2018 ANNUAL REPORT BELLE CORPORATION | 5 MESSAGE FROM THE PRESIDENT “Belle Corporation’s success is the collective effort of many - from the prudent guidance of our Board, to the diligent execution by our Management team and staff and to the continued support from you, our shareholders.” 6 | 2018 ANNUAL REPORT MESSAGE FROM THE PRESIDENT “Belle Corporation’s success is the collective effort of many - from the prudent guidance of our Board, to the diligent execution by our Management team and staff and to the continued support from you, our shareholders.” Belle Corporation delivered strong results in 2018 City of Dreams Manila continued to grow its client despite a challenging business climate. Our key base – both foreign and domestic – capitalizing on businesses proved resilient in the face of changing record tourist arrivals, timely introduction of new sector dynamics and allowed us to achieve record attractions and refreshed resort areas. In 2018, revenues and recurring net income for the year. revenue from the lease to Melco Resorts Philippines amounted to P2,388 million, an increase of 6% from Total revenues improved by 6% to P8,515 million P2,260 million in 2017. The share in gaming earnings in 2018, a new high following the previous record from City of Dreams Manila in 2018 of P3,212 million of P8,012 million in 2017. Recurring net income comprised an increase of 23% over P2,609 million in of P3,611 million in 2018 was likewise a new high, 2017. exceeding the previous high of P3,288 million in 2017 by about 10%. Our legacy real estate business continued to contribute solid results, with total revenues increasing Following the trend of previous years, this increase by 19%, from P823 million in 2017 to P979 million in was largely driven by our exposure to the growing 2018. Tagaytay Highlands retains its classic appeal integrated resort industry through our investment as one of the premier mountain resorts within a short in City of Dreams of Manila and our operating drive from Metro Manila, and has a multi-generational partnership with Melco Resorts and Entertainment following as a tranquil and secure leisure destination. (Philippines) Corporation (Melco Resorts Our Tagaytay Highlands International Golf Club is set Philippines). to celebrate its 25th Anniversary on April 16, 2019. 6 | 2018 ANNUAL REPORT BELLE CORPORATION | 7 Financial Review Belle’s total revenues for 2018 amounted to a new Your Company realized record recurring net income in record of P8,515 million, a 6% increase over the 2017 2018, with the new record level of P3,611 million for level of P8,012 million. This growth was due in large 2018 besting by 10% the previous record of P3,288 part to the Group’s share in gaming earnings at City million in 2017.
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