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Building a Sustainable BUILDING A SUSTAINABLE 2019 ANNUAL REPORT Uplifting lives, impacting society, and helping shape the nation 2019 ANNUAL REPORT 2 MEGAWORLD CORPORATION 2019 ANNUAL REPORT 3 TABLE OF CONTENTS 22 26 30 36 42 2019 BY THE NUMBERS P 67.3 bn OPERATIONAL CONSOLIDATED REVENUES HIGHLIGHTS up by 17% from 2018 3 Performance Highlights 30 Offices 4 Chairman’s Message 36 Malls P 4,300 bn 8 Milestones 42 Hotels 42.6 TOTAL LANDBANK REAL ESTATE SALES IN HECTARES 12 Moments We Build 48 Leisure 14 Awards 52 Sustainability up by 12% from 2018 26 16 Board of Directors 66 Corporate Governance TOWNSHIPS AND 20 Key Executive Officers 68 Enterprise Risk Management P INTEGRATED LIFESTYLE 16.8 bn COMMUNITIES 22 Townships 70 Financial Statements RENTAL INCOME 26 Residential 200 Corporate Information up by 18% from 2018 722 RESIDENTIAL P DEVELOPMENTS 2.5 bn HOTEL OPERATIONS ABOUT THE COVER 1.3M up by 67% from 2018 MEGAWORLD PREMIER OFFICES IN GLA At Megaworld (the Company), we don’t just build properties— P we build a sustainable tomorrow. 29.6 bn 453K We see every development as a chance to create nurturing EBITDA communities, to generate immense opportunities, and to MEGAWORLD LIFESTYLE MALLS IN GLA promote environmental responsibility. Every project is a venture up by 19% from 2018 to uplift lives and spur progress. Featuring the Company’s biggest highlights for the year P 3,637 masked in the word tomorrow, the cover art showcases our 19.3 bn groundbreaking projects that solidify our position as a leading NET INCOME MEGAWORLD HOTELS developer committed to the betterment of the nation’s future. HOTEL KEYS up by 22% from 2018 4 MEGAWORLD CORPORATION 2019 ANNUAL REPORT 5 CHAIRMAN’S MESSAGE The year 2019 was truly a rich and meaningful one for us. Not only did it mark our 30th year of operations, it was a turning point for our efforts at sustainability. DR. ANDREW L. TAN Chairman and President Through the years, Megaworld has contributed much projects while opening newly completed ones. We not to the enhancement of the country’s metropolitan only continued our innovative approach to property skylines, with developments that cut across key development, we also aimed to level it up by laying the elements of society—residences, office spaces, hotels, groundwork for digital transformation. and commercial properties. With a new vision statement that proudly declares, “We The year 2019 was no different. Building on our core uplift lives, impact society, and help shape the nation,” values of integrity, creativity, innovation, excellence, we set out to redefine living, working, and playing as we and love for the Company, we were able to sustain the introduced innovations that aim to reshape the property momentum of growth we’ve built in recent time and landscape for years to come. retain our position as the leading developer of urban townships and the largest office space developer and With this in mind, we set out to ensure that all our landlord in the country. initiatives towards innovation are anchored on building a more sustainable tomorrow not only for the property Testament to our creditable performance for the year development industry but also for the nation as a whole. was our net profit which amounted to P19.3 billion, a substantial increase of 22% from the previous year’s After launching our “iTownships” initiative a couple of P15.8 billion. This was driven by a robust 17% year- years back, we continued to make strides in future- on-year growth in our consolidated revenues to P67.3 proofing our townships, a development concept that we billion, underpinned by the strong performances of all pioneered back in 1997 when we launched Eastwood City of our key business units. in Libis, Quezon City. Megaworld’s real estate sales registered a 12% growth, In 2019, we sustained our efforts to incorporate smart ending the year at P42.6 billion. Our reservation sales technology, digital technology, design innovations, and similarly sustained their growth momentum in 2019, connectivity capabilities into our developments, while ending the year at a record P149 billion. Rental income enhancing the green and sustainable features of our from our offices and malls exhibited another year of properties and enriching them through creative and record growth, soaring 18% to P16.8 billion in 2019. cultural installations. Income from our hotel business, in turn, grew by 67% to end the year at P2.5 billion from P1.5 billion the During the year, we launched a total of 23 new projects previous year. with a total value of P85 billion. Most of these projects are located in key provincial areas, in keeping with our thrust Despite the challenges of 2019, Megaworld was able to aggressively expand our property development into to sustain its expansion initiatives, launching new strategic locations outside the National Capital Region. 6 MEGAWORLD CORPORATION 2019 ANNUAL REPORT 7 CHAIRMAN’S MESSAGE 133 awards from January to December, some 57 of which were from international award-giving bodies. Of all these citations, we are extremely proud that we were once again named “Best Employer” at the Philippines Best Employer Brand Awards 2019. We were also cited as one of the “Dream Companies to Work For,” not just in the Philippines but across Asia. We will accelerate the These awards effectively complemented our initiatives implementation of our during one of our busiest years in recent times. innovation and digital The year 2019 was truly a rich and meaningful one for transformation strategies across us. Not only did it mark our 30th year of operations, it was a turning point for our efforts at sustainability. all our businesses to align with the current challenges. Nevertheless, we are aware of the headwinds brought about by the COVID-19 pandemic in the country since Uptown Parade in Bonifacio Global City Grand Ballroom at Hotel Lucky Chinatown, the early part of 2020. The imposition of community Binondo, Manila quarantines and travel restrictions has impacted foot traffic and occupancy rates in our malls and hotels. However, this situation also highlighted our strengths. We launched residential projects in Batangas, Cavite, We opened new retail spaces in Iloilo Business Park Hotel Lucky Chinatown is located near the legendary Laguna, Rizal, Pampanga, Baguio City, Boracay, in Mandurriao, Iloilo City; Alabang West along Daang walled city of Intramuros, the iconic Manila City Hall, Our strong financial standing puts us in an Bacolod City, Cebu and Davao City. We also rolled out Hari in Las Piñas City; McKinley Hill and Uptown and the historic National Museum. The Belmont exceptionally good position to weather the crisis projects in McKinley West, Westside City, McKinley Bonifacio, both in Taguig City; ArcoVia City in Pasig Hotel Boracay, our second under the Belmont Brand, and take advantage of the opportunities that will Hill, ArcoVia City, and inside the San Lazaro Tourism City; Boracay Newcoast in Boracay Island, Aklan; and is located within the sloping area of the estate just arise once recovery begins. The crisis also served to and Business Park. Davao Park District in Lanang, Davao City. beside Savoy Hotel. It overlooks the eastern beach of highlight the value of our offerings. For example, our Boracay Island. focus on building sustainable townships under the We have also launched two new office towers for Our new commercial properties cover a gross leasable live-work-play concept helped the people living in our sale—the One Corporate Place in Maple Grove, area of around 20,600 square meters, bringing the Savoy Hotel Mactan, in turn, is Megaworld’s first communities to cope better with the pandemic as all Cavite, and the International Corporate Plaza in Iloilo Megaworld Lifestyle Malls footprint to 453,000 hotel development inside our 30-hectare The Mactan their needs are immediately accessible. Moreover, the Business Park, Iloilo City. square meters nationwide, spread across 20 lifestyle Newtown in Lapu-Lapu City. It will cater mostly to acceleration of the digital economy aligns perfectly malls and various commercial centers as of end-2019. business travelers and family vacationers because of with our ongoing thrust towards digitalization. The year has also been a busy one for our Megaworld its close accessibility to the beach and resorts around Premier Offices. We were able to complete around In our continuing effort to transform our Mactan and to the new Mactan-Cebu International As we navigate this new reality, we will adjust to 192,300 square meters of leasable office space developments into models of sustainability, we have Airport. the new demands of our diverse market. We will in 2019. This has brought our current inventory of begun using solar roof panels for our malls while accelerate the implementation of our innovation leasable office space to 1.3 million square meters. utilizing an open layout scheme for passive cooling One of the highlights of the year for us was the and digital transformation strategies across all our and natural lighting in common areas. In fact, in our opening of our very first cultural museum dedicated businesses to align with the current challenges. We will We now have over 130 multinational companies as new Mactan Newtown Beach Walk mall, around 40% to the "World's Oldest Chinatown" inside the Lucky also continue to implement enhanced safety measures tenant partners, leasing over 70 completed office of the entire development will be dedicated to green Chinatown Mall in Binondo, Manila. in our developments, particularly our malls and office towers in over 10 key cities nationwide. and open spaces. spaces, to ensure that our guests and tenants are safe The Chinatown Museum features 18 galleries, each and protected. By the end of 2020, we aim to have at least 1.4 million Our commitment to support the government’s call to focusing on various influences and historical events that square meters of gross leasable space, through the elevate the country’s tourism industry has never been have shaped the cultural, social, and economic threads Through all these, we will always ensure that the addition of another 86,800 square meters of fresh more emphasized than in 2019.
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