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Brigada Ng Ayala Educare Kits Estate Vegetable Gardens CEBU HOLDINGS, INC. ABOUT THE COVER As limited public transportation compelled more people to bike to work or to complete essential errands in 2020, we designated bike lanes within Cebu Business Park and Cebu IT Park. Among its many lessons, the pandemic has affirmed our vision to create safer and more sustainable communities, for both people and planet. It created an opportunity to reinforce our commitment to building and redeveloping estates where pedestrians, cyclists, and commuters can move about safely, in the way that best fits the lifestyle they desire. 2020 INTEGRATED REPORT Building more sustainable communities 1 CEBU HOLDINGS, INC. ABOUT THIS REPORT GRI 102-45, 102-50, 102-52, 102-53 102-54 This integrated report combines financial and sustainability data to inform stakeholders of Cebu Holdings, Inc. (CHI) and the public about the Company’s performance. CHI expands and updates its reporting framework subscriptions to better track and manage issues material for its business. The preparation of this report follows the Integrated Report <IR> Framework and the Global Reporting Initiative Standards. The industry-specific Sustainability Accounting Standards Board (SASB) metrics were used to make more effective disclosures of sustainability-related risks and opportunities. This report documents CHI’s endeavors to improve its financial and non-financial performance through the integration of sustainability principles into its core strategies and operations. Key Features and Scope Fourth Integrated Report (14th combined Three years of historical information for report) covering CHI’s performance on comparison. financial, economic, social and environment aspects Additional Reference Operational and financial performance of the Contributions to the UN Sustainable Company filed with the Securities and Exchange Development Goals and the Four Focus Areas Commission are available on the Information of parent company Ayala Land, Inc. Statement given to stockholders and in the CHI website. This report has been prepared in accordance with the GRI Standards: Core Option and As in past reports, this successfully completes ASEAN Corporate Governance Scorecard the GRI Materiality Disclosures Service which (ACGS), see pages 128 to 129 for the ACGS was reviewed by GRI services that GRI 102: Index. General Disclosures 2016 102-40 to 102-49 were correctly located in both the GRI Content Index Consolidated data for fiscal year January 1 to and in the pages of this report. December 31, 2020, covering CHI’s internal business units and general contractors for Feedback property management (Ayala Property Feedback and comments about this report may Management Corporation) and construction be emailed to [email protected]. (Makati Development Corporation). 2 Building more sustainable communities 2020 INTEGRATED REPORT TABLE OF CONTENTS 2 ABOUT THIS REPORT 4 JOINT MESSAGE FROM THE CHAIRMAN AND PRESIDENT 12 MESSAGE FROM THE CHIEF FINANCE OFFICER 18 WHO WE ARE 22 SUSTAINABLE DEVELOPMENT GOALS 24 HOW WE CREATE VALUE 26 HOW WE PERFORMED IN 2020 28 OPERATIONAL REVIEW ESTATE DEVELOPMENT OFFICE SPACE LEASING RETAIL SPACE LEASING HOTEL AND LEISURE 46 STAKEHOLDER ENGAGEMENT 58 CORPORATE GOVERNANCE 88 ENTERPRISE-WIDE RISK MANAGEMENT 94 APPENDICES AND INDICES 130 FINANCIAL REPORT Building more sustainable communities 3 CEBU HOLDINGS, INC. Bernard Vincent O. Dy CHAIRMAN 4 Building more sustainable communities 2020 INTEGRATED REPORT JOINT MESSAGE FROM THE CHAIRMAN AND PRESIDENT The year 2020 started off on a high note for the company. We had just opened Central Bloc, a new mixed-use development in Cebu IT Park (CITP). This added 54,182 square meters of retail leasable space, two new office towers with a combined 72,172 square meters of office leasable space and 214 rooms at the brand new Seda Central Bloc. Our commercial leasing business was poised for growth having expanded to close to 383,817 sqm of leasable area or 12% higher than 2019. We were also looking forward to constructing at full blast and opening of our two co-living facilities: The Flats in Cebu Business Park and Cebu IT Park as well as the completion of another Ayala Mall in our Gatewalk Central in Mandaue in 2022. But these were not meant to be. With COVID-19, we had to quickly and decisively refocus our attention to three key priorities – achieving financial sustainability, creating safe communities and keeping our people engaged. Achieving financial sustainability The pandemic bifurcated the business world. While some businesses thrived, others were challenged. This was also seen among our different business lines. Our office business was steady and continued to grow amid the pandemic with revenues of P963.1 million, 13% higher compared to 2019. We maintained 100 percent occupancy across our six buildings in CBP and CITP. We are happy to report that we renewed 100% of the 17,375 square meters of leasable area up for renewal in 2020. We also signed up four new tenants for our recently completed Central Bloc Corporate Center One and two. On the other hand, our mall business, which traditionally brings in almost half of our revenue, struggled as a result of the lockdowns. Cebu suffered a spike in cases which led to strict barangay and city lockdowns, closing of shops and work sites except for essential services, limited mobility and the suspension of public transportation. We extended up to 70% in rental concessions amounting to P707.4m – to assist our merchants through these trying times. They have been our Building more sustainable communities 5 CEBU HOLDINGS, INC. Our office business was steady and continued to grow amid the pandemic with revenues of P963 million, 13% higher compared to 2019. partners for many years. In these difficult times, arduous Although this was a difficult decisions had to be made. decision, it had to be done. We reined in our spending and cut back as much as 32% Gradual recovery in our malls of our GAE or General and began in August, with gross Administrative Expenses versus sales eventually reaching 47% the previous year. We prioritized of 2019 levels and occupancy our capital expenditures rising to 89 percent in focusing on projects that December. met any of three criteria: 1) in advance stages of development, Our hotel business likewise 2) committed for delivery to our experienced limited operations. customers and 3) had an impact We needed to quickly pivot on health and safety. As a result to serve a new need, shifting of this judicious spending, we from business travel and cut back 41% of our capex in tourism to serving employees 2020. of business process outsourcing companies and corporate All told, at the end of 2020, we clients. Seda Ayala Center Cebu posted revenue of P2.9 billion average 74% in occupancy the and a net income of P391.9 previous year. In 2020, due to million. This reflects a 39 % and limited operations, combined 76% decline in revenue and occupancy for both Seda hotels, NIAT respectively, from 2019. occupancy averaged at 35% by Despite these challenges, we yearend. Throughout this all, continued to keep our balance our hotels continued to operate, sheet healthy with our debt at remained self-sufficient and still P6.3 billion — lower compared provided livelihood for our 97 to 2019, thus resulting in a debt- hotel employees. to-equity ratio of 0.64. 6 Building more sustainable communities 2020 INTEGRATED REPORT Anna Ma. Margarita B. Dy PRESIDENT Building more sustainable communities 7 CEBU HOLDINGS, INC. For 32 years, CHI transformed nearly 156 hectares of land into Cebu’s prime central business districts. Creating safe communities For 32 years, CHI transformed • First: We strictly and effectively implemented the nearly 156 hectares of land into guidelines set by the IATF and the DOH. Given we Cebu’s prime central business were in unknown territory, rules were constantly districts. We are very proud of being adjusted and we needed to quickly adapt the impact we have had on the and ensure we were always in compliance. regional economy of Cebu being • Second: We invested in tools such as thermal home to close to 50,000 jobs scanners and sanitation equipment to ensure and more than 1,000 business that people within our developments were kept establishments. These are truly safe. Some of our systems, like access to permits noteworthy achievements. and forms, were shifted online to limit physical transactions. At our malls, we introduced A.N.A. But during the pandemic, it is or the AyalaMalls Neighborhood Assistant, which the focus and attention to the gives shoppers easy access to products from our well-being of each and every hundreds of merchants from the comfort of their individual in our estate that we homes. can be particularly proud of. • Third: and most important, we had a dedicated Be it a locator, a salesperson, and hardworking group of men and women who a customer, an employee – we remained on the ground, manning our estates took special care to ensure the and facilities through these hard times. At the safety of all. start of the lockdown, our property managers from Ayala Property Management Corporation Our people on the ground (APMC) stayed on site, away from their families enabled us to operate our for weeks at a time, just to ensure they can keep offices, malls and hotels our community safe.We thank them for their despite the risks. This was unwavering commitment, despite the personal accomplished by doing the sacrifices this entailed. following: 8 Building more sustainable communities 2020 INTEGRATED REPORT Keeping our people The employees themselves took engaged part in Ayala Land’s fundraising We are grateful for, and efforts which generated P83.0m proud of the way our Team in donations. The amount was CHI stayed dedicated to used to provide medical supplies their responsibilities. They and equipment to COVID-19 adapted quickly to new ways designated treatment hospitals of working and meeting their and partly to help affected commitments to the business, Filipino families through Project to the locators and customers, Ugnayan.
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