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PDF from Located in Cebu, Philippines WHAT'S INSIDE About this Report 01 Corporate Objectives 03 Our 2010 Performance 06 Message to Stockholders 08 Corporate Governance 12 Disclosures on Management Approach 30 Enhancing our Sustainability Management 34 The Business and Economic Environment 40 Providing Opportunities for Economic Development 46 Real Estate Development 50 Retail Business 64 Using our Resources Efficiently 76 Reducing our Emissions and Wastes 82 Managing Biodiversity 86 Engaging our Stakeholders 90 Investing in our People 92 Addressing the Needs of our Customers 100 Partnering with Communities 106 Stakeholders’ Commentaries 114 GRI Index 119 Statement of Management’s Responsibility 123 Report of the Audit Committee to the Board Of Directors 124 Independent Auditor’s Report 125 Financial Statements 126 Shareholder Information 174 We are defined by our sense of commitment. We value the many resilient relationships that we have nurtured over the years. To our customers, we have always held true to our vision of creating extraordinary products of enduring value. To our investors, we are a consistent performer with a track record for growth and strategic excellence. To our stakeholders, we are a firm advocate of sustainable development, ever mindful of our environmental footprint and socio-economic responsibilities. Thanks to this kind of productive synergy, we remain confident that we can sustain our success in the long-term. We will aggressively capitalize on the opportunities presented by a rapidly expanding Cebu market, and a stronger, more globally competitive Philippines. ABOUT THIS REPORT This integrated annual and sustainability report Third Generation (G3) guidelines as reference. For presents the performance for the year 2010, three years of reporting and reviewing materiality the fourth report since the Company voluntarily of indicators, the Company’s Sustainability Technical adopted triple bottom line reporting that covered Working Group underwent a thorough process the 2007 performance. of reviewing report content and integrating new learning and improvement. The latter part Structure and Approach. As an integrated report, of this report presents our reporting coverage this is structured based on the three pillars of summarized in the GRI index with 54 indicators and sustainability: economic, environmental and social the application level table (B, self-declared). Data responsibility. With the experience we have gained presented in this report underwent reviews via our from reporting our sustainability initiatives, we Quality, Environment, Health and Safety (QEHS) have improved on our data collection process and internal and surveillance audits, and external audits introduced some amendments to our reporting of our financial performance by SGV and Co. These approach, simplifying presentation in a manner help assure the completeness and accuracy of this that can be most understood by our readers. The report, balancing financial and non-financial aspects report is preceded with profile disclosures and the of the business. three main focus areas of our operations: financial growth, environmental stewardship and social Target Audience. With the integration of responsibility. The financial and operational aspects sustainability performance in the report since we of the business are discussed in the earlier section, first published in 2008, we have expanded the reach incorporated in the economic performance, of this report from investors and stockholders to balancing value generation and distribution, but the rest of our external stakeholders. Furthermore, supported with the audited financial statements the report has since been one of the rich sources of in the last section of this report. To feature information for the Company’s internal functional stakeholder feedback, we retained the section teams, having consolidated the Company’s for commentaries from a Company employee, a performance measures that assist us in improving representative of the neighboring communities and our monitoring and reporting systems. This two of our partners in environmental advocacy. report also serves as a material that complements marketing communications for our customers, Scope. This report evidences the Company’s providing an overview and historical perspective of progress in monitoring and measuring our the Company. initiatives over a period of three years – 2010, 2009 and 2008. The report presents consolidated data Reference and Contact Information .Further on economic and environmental performance details of our performance are provided in the encompassing projects, targets and programs Company’s website www.cebuholdings.com. A of the Company and its subsidiaries and affiliate copy of this report can be downloaded in PDF from located in Cebu, Philippines. the Investor Communication section of the website. For comments and suggestions, a feedback form is Standards. The Company has been using the enclosed in this report. We can also be contacted at current standard framework for sustainability [email protected]. reporting, the Global Reporting Initiative (GRI) – “With the experience we have gained from reporting our sustainability initiatives, we have improved on our data collection process and introduced some amendments to our reporting approach, simplifying presentation in a manner that can be most understood by our readers.” CORPORATE OBJECTIVES Financial Growth Pursue new business opportunities, leverage synergies within business units, improve margin, reduce costs and improve efficiencies Customer Satisfaction Maintain market dominance, retain loyal customers and acquire new ones, manage customer feedback, strengthen stakeholder engagement process and sustain external partnerships Management Systems Integration Adherence to best practices in corporate governance, strengthen risk management, continually improve product quality and service delivery, enhance internal business processes and comply with regulatory and statutory requirements Organizational Development Build employee competence, increase productivity, promote health and safety and provide technology infrastructure STRENGTHENING OUR CORE BUSINESS 4 VISION AND MISSION We shall be the premier real estate company in Cebu creating and providing market-driven products of enduring value through a customer-focused and highly-motivated team of professionals. We ensure the trust and confidence of our shareholders with sustainable and profitable growth while improving the quality of life of the communities in the markets, which we serve with honor and integrity. CORE VALUES Love of God Bias for Results Focus on Customer Entrepreneurial Drive Concern for People Pursuit of Excellence Responsibility to the Community Enhancement of the Quality of Life Empowerment of People Teamwork Cebu Holdings, Inc. (CHI) is a publicly-listed company engaged in real property ownership, development, marketing and management. It was registered with the Securities and Exchange Commission on December 9, 1988, with an authorized capitalization of P1.0 billion. As of December 31, 2010, the Company’s capitalization is P3.0 billion. OWNERSHIP STRUCTURE 47.26% 11.83% AYALA LAND, INC. 11.54% FIRST METRO INVESTMENT CORP. PCD NOMINEE – NON-FILIPINO (ABERDEEN ASSET 15.39% MANAGEMENT ASIA LIMITED) 13.98% BPI CAPITAL CORP. OTHERS 5 OUR BUSINESS WE ACQUIRE DEVELOP MARKET MANAGE THE COMPANY’S SEVEN TYPES OF ACTIVITIES: 1 Commercial land sales 2 Office and residential 5 Sale of proprietary sports club shares condominium sales 6 Lease of office space via subsidiary 3 Sale of residential Cebu Property Ventures and subdivisions Development Corporation 4 Rental of retail space 7 Hotel development/operations via an affiliate Cebu Insular Hotel Co., Inc. CEBU HOLDINGS, INC. SUBSIDIARIES AND AFFILIATE 37% CIHCI CHI CPVDC Cebu Insular Hotel Company, Inc. 76% Cebu Property Ventures and incorporated on April 6, 1995 Development Corporation registered with the Securities and developer and owner of Exchange Commission (SEC) on Cebu City Marriott Hotel August 2, 1990 started as joint venture corporation between the Province of Cebu and ALI owner and developer of Asiatown I.T. Park CLCI 100% Cebu Leisure Company, Inc. formed in 1994, it started as joint venture company 40% AiO between Fun Corporation Asian i-Office CBPTMI Properties, Inc. 100% Cebu Business Park and CHI Theaters Management, Inc. in 1997, Fun Corporation a special purpose sold its shares to CHI vehicle that engages registered with the in real estate Securities and Exchange development Commission to engage in a partnership all aspects of the theatrical between CPVDC and and cinematographic Ayala Land, Inc. entertainment business, including theater management and other related undertakings. OUR 2010 PERFORMANCE +34% Record High Net Income Net iNcome Cebu Holdings Inc. (CHI) generated P406.2 million in net income after tax in 2010, a record performance in its 22-year history. p406.2m 1.84:1 Healthy Balance Sheet curreNt ratio Total assets registered a growth of five percent, amounting to P6.0 billion while total 0.30:1 liabilities were recorded at P1.3 billion. total debt-to- equity ratio 12.6% Consistent Operating History aNNual For the past five years, CHI registered a net income compounded annual growth rate growth rate of 12.6 percent. This can be attributed to the balance of the recurring and non- recurring business. No. 1 Market Dominance iN real estate The Company’s projects have maintained overall leadership in the market. CHI’s aNd various projects, both in real estate
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