Investor Kit 2019
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2 Investor Kit 2019 Outline
I. The Company ▶ Company Profile ▶ Key Business Units ▶ Malls ▶ Residences ▶ Offices ▶ Hotels and Convention Centers ▶ Key Strategies ▶ Landbank ▶ Capex Program
II. Key Strategies III. Financial Highlights ▶ FY2018 Results IV. Investment Highlights Company Profile
▶ One of the largest integrated Market Capitalization property developers in Southeast Asia by market capitalization US$21.57bn
▶ One of the largest listed real estate developers on the PSE by market PSE Stock Symbol SMPH capitalization and net income Market Capitalization PHP1,123bn
▶ Consistently cited for excellence in corporate governance, property Outstanding Shares 28,879mn
development, environmental Last Traded Price Php38.50/share consciousness, and investor (February 21, 2019) relations programs Average Daily US$6.63mn Turnover (YTD)
4 Investor Kit 2019 Key Business Units
Hotels and Malls Residences Offices Convention Centers
► SM Supermalls ► SM Development ► Offices and ► Radisson Blu Corp. and its warehouses ► SM Lifestyle Inc. ► Taal Vista subsidiaries ► Mall of Asia Complex ► Family Entertainment ► Pico Sands ► Highlands Prime Inc. Center Inc. ► Seaside City Cebu ► Park Inn ► Costa Del Hamilo Inc. Complex ► Conrad Manila
► SMX Convention Centers
5 Investor Kit 2019 Key Achievements
Malls Residences (GFA in sqm) (Units Sales)
CAGR = 5.22% 10M 9.3M 9.5M CAGR = 18.48% 9.0M 18K 16.2K 16.6K 8.2M 16K 13.5K 8M 7.0M 7.3M 14K 12K 6M 9.5K 8.2M 10K 8.0K 6.2M 7.3M 7.7M 8.0M 4M 6.5M 8K 6.0K 6K 2M 4K 2K 0.9M 1.3M 1.3M 1.3 0 0.8M 0.8M 0K 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 China Philippines
Offices Hotels (GFA in sqm) (Rooms) 700K CAGR = 7.75% 623K 1.8K 1,510 1,588 600K CAGR = 27.21% 1.6K 1,510 500K 456K 1.4K 1,229 1.2K 1,015 1,075 400K 383K 318K 1.0K 300K 0.8K 200K 147K 189K 0.6K 0.4K 100K 0.2K 0K 0.0K0 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018
6 Investor Kit 2019 At a Glance
FY2018 Operating FY2018 Operating FY2018 Operating FY2018 Operating Highlights Highlights Highlights Highlights
► Total Revenues reached ► Total Real Estate ► Total Revenues ► Total Revenues jumped PHP59.3 billion, up by 11% Revenues expanded by increased by 17% by 1% to PHP4.9 from PHP53.2 billion 22% to PHP35.9 billion to PHP3.6 billion billion from PHP4.8 billion ► Operating Income grew from PHP29.4 billion from PHP3.1 billion ► Operating Income went by 13% to PHP32.2 billion ► Operating Income rose ► Operating Income went down by 3% to PHP1,078 from PHP28.4 billion by 39% to PHP12.3 up by 17% to PHP2.9 million from PHP1,116 ► Total Investment billion from PHP8.9 billion billion from PHP2.5 million Properties of PHP243.7 ► Total Assets amounted to billion ► Total Investment billion PHP186.1 billion ► Total Investment Properties of PHP10.3 Properties amounted billion to PHP39.5 billion
7 Investor Kit 2019 (as of FY2018)
REVENUE PHP59.3bn
OPERATING INCOME PHP32.2bn
GROSS FLOOR AREA 9.5M sqm
MALLS 72 in PH & 7 in CH Key Business Units Malls
PHILIPPINES CHINA
72 Malls Malls 7
8.3M sqm Total GFA Total GFA 1.3M sqm
18,567 Tenants Tenants 1,936
Average Daily Average Daily 3.6M Pedestrian Count Pedestrian Count 0.2M
340 Cinema Screens Cinema Screens 58
88,702 Parking Slots Parking Slots 15,534
SM Prime is the largest mall operator/developer in the Philippines.
9 Investor Kit 2019 Key Business Units Malls
Philippine Population: 101M Philippine Malls ▶ In terms of GFA, Metro Manila malls account for 41%, Luzon is Luzon: 37%, Visayas is 14% and 45M People Mindanao is 8% NCR: 13M People ▶ Average mature mall Visayas: occupancy rate is 96% 19M People ▶ Same-Mall-Sales-Growth (SMSG) is 8% year-on-year
(YoY) Mindanao: 24M People
10 Investor Kit 2019 Key Business Units Malls
Mall Coverage in PH Caloocan (North) Existing Sites
Future Sites Valenzuela (1 mall) Navotas Quezon City Untapped Area Malabon (5 malls) Caloocan Marikina (1 mall) (1 mall)
Manila (2 malls) San Juan Mandaluyong Pasig (2 malls) (2 malls) Makati Pasay Pateros (2 malls) Taguig (1 mall)
Parañaque (3 malls)
Las Piñas (2 malls)
Muntinlupa (1 mall)
▶ SMPH malls covered almost all of the key cities in Metro Manila and adjoining towns and municipalities, accounting for 41% of the company’s total gross floor area in the Philippines. ▶ SMPH mall expansion is geared towards the provinces. The focus is to cover most of Northern Luzon, Visayas and the progressive cities in Mindanao.
13 Investor Kit 2019 Key Business Units Malls
China Malls ▶ Operating in China since 2001 and became part of SM Prime in 2007 SM Xiamen Lifestyle ▶ Contributed 6% of the overall revenues and 5% of consolidated operating income ▶ Operates 7 malls with a total GFA of 1.3m sqm ▶ Future expansions will focus in Fujian SM City Tianjin province
SM City Suzhou
12 Investor Kit 2019 Key Business Units Malls Malls’ Expansion Program
2018 2019 New Malls New Malls
SM City Legazpi SM City Olongapo Central
Name GFA Name GFA
SM Center Imus 13,000 SM Center Dagupan 23,000
SM City Urdaneta Central 59,000 SM City Olongapo Central 72,000
SM City Telabastagan 55,000 SM City Butuan 48,000
SM City Legazpi 87,000 SM Mindpro Citimall 53,000
SM Center Ormoc 33,000 SM City Baguio (expansion) +32,000
SM City Fairview (expansion) +46,000
▶ This year, SM Prime’s mall launches will all be in the provinces. ▶ Available landbank of almost 198 hectares which is good for over the next 5 to 7 years
13 Investor Kit 2019 Key Business Units Malls Latest Project: First IKEA Store in the Philippines
▶ SM Prime is building the first IKEA store in the Philippines and this will be launched at the end of 2020. ▶ This project will occupy 121,000 sqm of GFA in the Mall of Asia Complex in Pasay City. ▶ IKEA will occupy 65,000 sqm of the GFA to house a two-level shop area, a large warehouse, an e-commerce facility and an integrated call center - making it the world’s largest IKEA store.
13 Investor Kit 2019 (as of FY2018)
REVENUE PHP36.5bn
OPERATING INCOME PHP12.3bn
RESERVATION SALES PHP72.3bn
RESIDENTAL UNITS (since 2003) 122,652 Key Business Units* Residences
Primary Homes ▶ A leading residential developer of high- rise buildings (HRBs) mid-rise buildings (MRBs) and single-detached house and Bloom Residences Amenity Area lots ▶ Accounts to 35% of the consolidated revenues ▶ Reservation sales value of PHP72.3 billion in FY2018, up by 25% from PHP57.8 billion. Cheerful Homes Amenity Area ▶ Total landbank: 463.3 hectares
Green 2 Residences Study Area * Data as of 9M2018
16 Investor Kit 2019 Key Business Units Residences
Primary Homes
Projects Overview (as of FY2018) Ready-for-Occupancy (RFO) 2,736 (Unsold Units) Ongoing Construction (Unsold Units) 13,265 Estimated Inventory Value PHP74.84bn
FY2018 Reservation Sales (value) PHP72.3bn FY2018 CAPEX PHP57.0bn
Landbank (hectares)
Metro Manila 81.1
Outside Metro Manila 382.2 Coast Residences, Pasay City
17 Investor Kit 2019 Key Business Units Residences Latest Project: The Estate
The Estate
▶ The Estate is a joint venture between SMDC and Federal Land ▶ Dubbed as ultra luxury residential project, The Estate is designed by international architectural firm, Foster + Partners. ▶ This was launched last quarter of 2018 and is located along Ayala Avenue in Makati City.
18 Investor Kit 2019 Residential Coverage Residences Caloocan (North)
Existing Sites Valenzuela Navotas Future Sites Malabon Quezon City (12 projects) Caloocan Untapped Areas Marikina
Manila San Juan (1 project) Mandaluyong (2 projects) Pasig (1 project) Makati Pasay (3 projects) (8 projects) Pateros Taguig (1 project)
Parañaque (5 projects)
Las Piñas (1 project)
Muntinlupa
▶ SMPH fairly covered Metro Manila with high-rise condominium projects with majority of its residential projects located in the cities of Quezon, Pasay, Paranaque and Makati. ▶ As of FY2018, 35 out of the 44 SMDC projects in the country are located in Metro Manila.
17 Investor Kit 2019 Key Business Units Residences
Leisure Homes ▶ Have 2 large-scale tourism projects – Tagaytay Highlands and Pico de Loro ▶ Tagaytay Highlands is an exclusive Pico de Loro at Hamilo Coast mountain resort, golf club and residential complex, covering some areas of Cavite, Laguna and Batangas provinces ▶ The 40-hectare Pico de Loro is the Phase 1 of Hamilo Coast project, a premier and sustainable leisure Woodridge Place’s Mahogany and Linden buildings destination in Nasugbu, Batangas ▶ Landbank of 538 hectares
The Aspenhills Village Hall
20 Investor Kit 2019 Key Business Units Residences Latest Project: Tagaytay Highlands – Woodlands Point & Vireya
Horizon Terraces Vireya
▶ Horizon Terraces is the first integrated development within Tagaytay Highlands featuring a 3.2-hectare Asian contemporary residences comprised 114 units occupying eight buildings of low-rise Garden Suites and Garden Villas. ▶ Vireya, on the other hand, offers a modern, tropical-themed community located at the heart of Tagaytay Highlands. This developments spreads over 20.8 hectares of land and offers exclusive, gated community. This community, which is composed of 301 available lots, is the closest to the Midland Golf Club
21 Investor Kit 2019 Key Business Units Residences Latest Project: Pico de Loro - Freia
Freia
▶ Freia is the latest and most prime beachfront condominium development in Hamilo Coast. ▶ This contemporary tropical architectural development offers 223 units offering a mix of 2-BR units and 3-BR Penthouses.
22 Investor Kit 2019 (as of FY2018)
REVENUE PHP3.6bn
OPERATING INCOME PHP2.9bn
GROSS FLOOR AREA 0.6M sqm
OFFICE BUILDINGS 11 Key Business Units Offices
Completed Projects
Offices ▶ Have 11 office buildings with a combined GFA of 637,525 sqm
▶ SM Prime launched in 2018 the ThreeE- TwoE-comCenter ComCenter (GFA of 130,000 sqm), with 100% of its space leased out ▶ NU Tower will be launched this 2019 with 46,000 sqm of GFA; FourE-ComCenter (GFA of 192,000 sqm) is currently under construction and is scheduled to launch FiveE-comCenter in 2020 ▶ Have an available landbank of 74 hectares
ThreeE-comCenter
24 Investor Kit 2019 Key Business Units Offices Latest Projects: NU Tower and FourE-Com Center
NU Tower FourE-Com Center
▶ SM Prime will launch NU Tower this 2019 with 46,000 sqm of GFA. ▶ While the three-tower FourE-Com Center will be launched in 2020 with 192,000 sqm of GFA. ▶ Both are located in Mall of Asia Complex, Pasay City.
25 Investor Kit 2019 (as of FY2018) REVENUE PHP4.9bn
OPERATING INCOME PHP1.1bn
HOTELS 6 CONVENTION CENTERS & TRADE HALLS 7 Hotels and Key Business Units Convention Centers
Hotels and Convention Centers ▶ Operating 6 hotels with over 1,500 rooms; 4 SMX Convention Centers, and 3 Megatrade Halls with more than 37,000 sqm of leasable space Conrad Manila Park Inn Clark ▶ The most recent hotel opened is the 348-room Conrad Manila in Mall of Asia Complex, Pasay City in 2016 ▶ To launch two new hotels this 2019 – Radisson Blu Hotel Pico Sands Hotel Park Inn by Radisson Park Inn by Radisson – Iloilo and Park Inn by Radisson – North EDSA.
SMX Convention Center
27 Investor Kit 2019 Hotels and Key Business Units Convention Centers Latest Projects: Park Inn by Radisson Iloilo & Park Inn by Radisson North EDSA
Park Inn by Radisson - Iloilo ParkSMX Inn Clark by Radisson – North EDSA
▶ Park Inn by Radisson Iloilo and Park Inn by Radisson North EDSA are both set to be launched this 2019, offering 200 and 239 vibrant rooms respectively. ▶ Park Inn by Radisson Iloilo will be situated right next to SM City Iloilo in Mandurriao, Iloilo, while Park Inn by Radisson North EDSA will be connected to SM North EDSA in Quezon City.
28 Investor Kit 2019 LANDBANK 1,330ha
PROJECTED 2019 CAPEX PHP80bn
NET DEBT TO EQUITY 40:60 Key Strategies Key Strategies
1 Increase acquisition of large-scale strategic landbank to develop more lifestyle cities
2 Leverage on world-class malls to anchor lifestyle city strategy
3 Ensure excellence in delivering residential projects
4 Continue the rollout of offices, hotels and convention centers as part of Integrated Development
5 Maintain strong balance sheet, prudent risk & capital management and good governance
30 Investor Kit 2019 Landbank Key Strategies
Area by Region (in hectares) Area Metro No. of Sites (in hectares) % of Total Manila Provincial
Malls 42 198 16% 17 180
Primary Homes 86 463 36% 81 382
Leisure Homes 4 538 42% - 538
Commercial 16 74 6% 6 68
Total 148 1,273 100% 104 1,168
▶ SM Prime’s landbank is good for the next 5 to 7 years, these are located in emerging progressive cities across the country ▶ Leisure projects are for medium-term development
31 Investor Kit 2019 CAPEX Program Key Strategies
PHP54bn PHP59bn PHP44bn PHP58bn PHP91bn 100% 6% 7% 6% 12% 8% 90%
80% 28% 37% 70% 33% 51% 62% 60%
50%
40% 65% 30% 57% 55% 20% 41% 32% 10%
0% 2014A 2015A 2016A 2017A 2018A Malls Residences Others
▶ We will spend an average of PHP80bn for 2019 to support our provincial expansion and landbanking ▶ The CAPEX program will be funded by the combination of local borrowings and internal funds
32 Investor Kit 2019 Maintain Conservative Balance Sheet Key Strategies
Debt to Equity* Net debt to Equity** 100% 100%
90% 90% 32% 32% 36% 80% 39% 39% 80% 38% 37% 40% 42% 42% 43% 45% 70% 70%
60% 60%
50% 50%
40% 40% 68% 68% 64% 30% 61% 61% 30% 62% 63% 60% 58% 58% 57% 55% 20% 20%
10% 10%
0% 0% 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018
Equity Debt Debt to Equity Equity Debt Net Debt
**Total interest-bearing liabilities- cash & cash equivalents *Total interest-bearing liabilities and investment securities Total equity attributable to equity holders of the parent + Total equity attributable to equity holders of the parent + Total interest-bearing liabilities Total interest-bearing liabilities- cash & cash equivalents and investment securities
33 Investor Kit 2019 CONSOLIDATED NET INCOME PHP32.2bn
CONSOLIDATED REVENUE PHP104.1bn
CONSOLIDATED OPERATING INCOME PHP48.3bn Consolidated Financials Financial Highlights Revenue Segment Contribution
100% 5% 6% 7% 9% 8% 90%
80% 34% 32% 32% 33% 35% 70%
60%
50%
40%
62% 30% 61% 61% 58% 57% 20%
10%
0% 2014 2015 2016 2017 2018
Malls Residences Other Businesses
▶ Malls accounts for 57% of SM Prime’s consolidated revenues. ▶ Residences accounts for 35%. ▶ Other Businesses covers the rest.
35 Investor Kit 2019 Consolidated Financials Financial Highlights Net Income Segment Contribution
100% 1% 4% 9% 10% 10% 90% 25% 24% 80% 24% 25% 29% 70% 60% 50% 40% 74% 72% 67% 30% 65% 62% 20% 10% 0% 2014 2015 2016 2017 2018
Malls Residences Other Businesses
▶ 69% of the consolidated net income is recurring while the 31% comes from developmental income. ▶ Malls contribute the most among key business units, followed by Residences. ▶ The contribution from these Business units should be sustained over the medium term.
36 Investor Kit 2019 Consolidated Financials Financial Highlights
(In PHP Billion) FY2018 FY2017 % Chg
Revenues 104.1 90.9 14%
EBITDA 57.2 49.0 17%
Operating Income 48.3 40.6 19%
Net Income 32.2 27.6 17%
▶ Recorded a 17% net income growth to PHP32.2bn in FY2018 from PHP27.6bn, while operating income registered a 19% growth to PHP48.3bn in 2018 from PHP40.6bn. Consolidated revenues likewise grew by 14% to PHP104.1bn from PHP90.9bn. ▶ Expansion of mall operations in the provinces and continuous high-demand for high-rise residential projects contributed to the overall growth of the company.
37 Investor Kit 2019 Financials Financial Highlights Malls: PH
(In PHP Billion) 2018 2017 % Chg
Revenues 53.5 48.4 10%
- Rent Income 44.9 40.7 10%
- Cinema and Event Ticket Sales 8.6 7.8 11% and others
EBITDA 36.0 32.6 10%
Operating Income 29.8 26.7 12%
▶ Rental Income went up by 10% in 2018 to PHP45bn from PHP41bn due to the additional rentals from new and expanded malls. ▶ Same-mall-sales growth increased to 8% YoY. ▶ Operating income moved up by 12% to PHP30bn from PHP27bn, while operating margin moved up to 56% from 55%.
38 Investor Kit 2019 Financials Financial Highlights Malls: CH
(In PHP Billion) 2018 2017 % Chg
Revenues 5.8 4.8 22%
- Rent Income 5.6 4.6 22%
- Others 0.19 0.15 27%
EBITDA 4.0 3.0 31%
Operating Income 2.5 1.7 42%
▶ Revenues went up by 22% to PHP5.8bn in 2018 from PHP4.8bn of the previous year. ▶ SM City Tianjin continues to contribute to rental revenues.
39 Investor Kit 2019 Financials Financial Highlights Residences
(In PHP Billion) 2018 2017 % Chg
Revenues 36.5 30.0 22%
EBITDA 12.5 9.0 38%
Operating Income 12.3 8.9 39%
▶ Revenues grew by 22% to PHP37bn in 2018 from PHP30bn last year due to high demand on high-rise residential projects launched in 2015 to 2017. ▶ Gross profit margin improved to 50% from 49%, whereas net income margin also increased to 25% from 24% of last year. ▶ Reservation sales grew by 25% to PHP72.3bn from PHP57.8bn last year.
40 Investor Kit 2019 Financials Financial Highlights Other Businesses
(In PHP Billion) 2018 2017 % Chg
Revenues 8.4 7.9 7%
EBITDA 5.0 4.5 9%
Operating Income 4.0 3.6 10%
▶ Revenues from Commercial Properties Group and Hotels and Convention Centers covered 8% of the overall consolidated revenues. ▶ The Commercial Properties Group and the Hotels and Convention Centers businesses reported a revenue growth of 17% and 1%, respectively, in 2018.
41 Investor Kit 2019 Consolidated Balance Sheet Financial Highlights
(In PHP Million (except % data) 2018 % to Assets 2017 % to Assets
Assets Cash and cash equivalents 38,766 6% 44,372 8% Available-for-sale investments 23,532 4% 31,106 6% Receivables 35,229 6% 33,991 6% Investment Properties 293,575 49% 273,084 51% Land and development 79,331 13% 58,666 11% Condominium and residential units for sale 8,088 1% 8,733 2% Other Assets 125,612 21% 88,466 16% Total Assets 604,134 100% 538,417 100% Liabilities and Stockholders’ Equity Interest bearing debt 222,811 37% 193,598 36% Accounts payable and others 102,245 17% 81,945 15% Total Liabilities 325,056 54% 275,543 51% Total Equity 279,078 46% 262,874 49%
▶ Continue to maintain a very conservative balance sheet ▶ More than half of our assets are in the investment properties while our interest bearing debt accounts for 37%
42 Investor Kit 2019 Cash Flow Financial Highlights
(In PHP millions) 2018 2017 2016 2015 2014 2013
Cash Flows from Operating Activities
Operating Income before Working Capital 54,149 53,385 37,678 36,362 33,568 29,670 Changes
Net Cash provided by (used in) operations 45,964 45,777 31,491 31,938 6,751 23,542
Net Cash flows from Investing Activities (64,078) (41,012) (27,080) (55,230) (29,389) (30,366)
Net Cash Flows from Financing Activities 12,633 14,176 (5,604) 14,015 30,750 12,636
Net Increase (Decrease) Cash and Cash 5,605 19,171 (669) (9,375) 8,104 5,843 Equivalents Cash and Cash Equivalents at Beginning 44,371 25,201 25,870 35,245 27,142 21,299 of Year
Cash and Cash Equivalents at End of Year 38,766 44,372 25,201 25,870 35,245 27,142
▶ Net gearing is equivalent to 40:60 in 2018, well below the management target of keeping 50:50 net debt to equity ratio ▶ Cash flow mostly come from malls, residential operations and increasing contribution from other businesses.
43 Investor Kit 2019 Investment Highlights
▶ Establish strong brand equity ▶ Leading integrated real estate platform with strong track record across full suite of asset classes ▶ World-class mall business, which will anchor future lifestyle city projects ▶ Significant growth opportunities from landbank optimization and future acquisitions ▶ Strong balance sheet supported by strong recurring income ▶ Highly experienced management team and strong corporate governance
44 Investor Kit 2019 Thank You.
This presentation is available online through www.smprime.com