Presentation to Investors 8 December 2017

Transcription

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2 Table of Contents The Philippine Economy Corporate structure Description of Businesses: - Real estate Metro Manila Tagaytay Highlands / Midlands Land held for development - APC Group, Inc. - Gaming: Premium Leisure Corp. Historical Financials Recent Dividend History Slide Slide 2 of 14

3 Philippines: Strong Macroeconomic Fundamentals Slide 3 of 14

4 Corporate Structure and Lines of Business 100% REAL ESTATE GAMING PORTFOLIO INVESTMENTS City of Dreams Manila Land and Buildings Lease agreement with Melco Group Land bank and finished real estate Tagaytay Highlands and Midlands developments PREMIUM LEISURE CORP. Gaming Investments Listed on PSE (PLC) PREMIUMLEISURE & AMUSEMENT, INC. Holding Company for PAGCOR license Operating agreement with Melco Group PACIFIC ONLINE SYSTEMS CORP. Lease of Lottery and Keno equipment Listed on PSE (LOTO) 100% 24.9 billion shares (78.7%) million shares (50.1% of issued shares) APC GROUP, INC. Energy and Natural resources Listed on PSE (APC) SM PRIME HOLDINGS, INC. One of the largest integrated property developers in Asia Listed on PSE (SMPH) 3.7 billion shares (48.8% ) 61.8 million shares (less than 1%) Slide 4 of 14

5 Real Estate: Metro Manila 6.2 hectares of land: 4.2 hectares owned and 2.0 hectares leased through 2035 (renewable) from the Philippine Social Security System (SSS) in PAGCOR Entertainment City, ASEANA Business Park, Paranaque City. City of Dreams Manila building, with more than 30 hectares of gross floor area. Recurring rental income from land and building lease to the Philippine Subsidiary of Melco Resorts and Entertainment Limited (Melco). 9,734 square meters of land held for future development near City of Dreams Manila. Slide 5 of 14

6 Real Estate: Tagaytay Highlands and Midlands Complexes Highlands Projects Midlands and Greenlands Projects Premium residences in gated communities between 2,000 to 2,500 feet above sea level. Tagaytay Highlands International Golf Club The Country Club at Tagaytay Highlands Themed luxury residences situated about 1,000 feet above sea level with picture-perfect view of scenic Taal Lake Tagaytay Midlands Golf Club 18-hole championship golf course Scenic views of Taal Lake and Mt. Makiling. Fully-equipped Sports Center. Various F&B options. Swiss-engineered cable car ascending to mountain peak. Currently with 27 holes, and eventually 36 holes. Connected to Tagaytay Highlands by 48-seater Swiss Funicular System. Slide 6 of 14

7 Land Held for Development Tagaytay Highlands and Midlands Complexes Location Map Manila View of Laguna de Bay The Country Club at Tagaytay Highlands Tagaytay Highlands Internatioal Golf Club Laguna de Bay 66 Kilometers Road Length from Manila Saratoga Hills The Villas Tagaytay Highlands Taal Lake Plantation Hills Highlands Golf Course The Woodlands View of Mt. Makiling Pinecrest Village Belleview Tagaytay Highlands International Golf Club Alta Mira Lakeview Heights Midlands Golf Course Tagaytay Midlands Golf Club Lakeside Fairways View of Taal Lake Slide 7 of 14

8 Land Held for Development Lakelands Tagaytay Midlands 21 Kilometers Road Length from Tagaytay Midlands Taal Lake Lakelands (approx. 333 hectares) Slide 8 of 14

9 Investments APC Group Listed in the Philippine Stock Exchange, under ticker APC. Belle is the largest shareholder, with around 3.7 billion shares and 48.8% ownership as of 30 September Aragorn Power and Energy Corporation, a 90% -owned subsidiary of APC, in partnership with Chevron Kalinga Ltd. and Guidance Management Corp., has an active Geothermal Renewable Energy Service contract with the Department of Energy for a project in Kalinga province with a resource potential of 100 MW of new capacity that will provide an additional source of clean, indigenous and reliable baseload power to the Luzon grid. Slide 9 of 14

10 Overview of Premium Leisure Corp. Premium Leisure Corp. (PLC) is a public company listed on the Philippine Stock Exchange that holds the gaming assets of Belle Corporation. Through its wholly owned subsidiary, Premium Leisure and Amusement, Inc. ( PLAI), benefits from a Philippine Amusement and Gaming Corporation (PAGCOR) license to operate an integrated resort in Entertainment City, Manila. Involved with Belle and Melco in City of Dreams Manila, which opened on 14 December Owns a 50.1% stake in Pacific Online Systems Corp. (POSC), a company that develops and manages online computer systems, terminals and software for the parimutuel sector of the Philippine gaming industry. Generous dividend policy that requires it to distribute at least 80% of prior year s unrestricted retained earnings. Slide 10 of 14

11 Belle Historical Financials (Amounts in Php millions 9 MONTHS FULL YEAR except percentages) CONSOLIDATED REVENUE 6,213 4,641 6,322 5,352 3,317 EBITDA 3,638 2,590 3,678 2,756 1,413 EBIT 3,320 2,312 3,167 2,225 1,349 Net income 2,651 1,873 3,096 1,772 2,557 Recurring net income 2,467 1,500 2,076 1,334 1,036 Belle dividend payments: Regular 1,003 1,003 1,003 1, Special ,900 - ROE 12.1% 9.0% 11.7% 6.8% 10.7% City of Dreams Lease Revenue 1,689 1,639 2,194 2,108 1,598 EBITDA 1, ,465 1,258 1,053 Net Income Premium Leisure Corp. (excl. Pacific Online and intercompany dividends) Revenue 2,160 1,108 1, EBITDA 1, , (31) Net Income 1, ,160 Pacific Online Systems Corporation (excl. intercompany dividends)* Revenue 1,681 1,386 1,888 1,718 1,731 EBITDA Net Income Property Development and Management (excl. mark to market gains on club shares) Revenue EBITDA Net Income *Pacific Online was consolidated into Belle s financials starting June Prior to June 2014, Pacific Online s net income was equitized in Belle s income statement. For comparability, Pacific Online s revenues and earnings for 2014 are shown herein on a full year basis. Slide 11 of 14

12 Belle Historical Financials Revenue Mix 9 months 2017 (amounts in Millions of Php, except percentages) Property Development and Management = % Pacific Online Systems Corporation = 1,681 27% 35% 27% City of Dreams Lease = 1,689 Premium Leisure Corp (excl. Pacific Online) = 2,160 Revenue Mix 2016 (amounts in Millions of Php, except percentages) Property Development and Management = 586 Pacific Online Systems Corporation = 1,888 30% 9% 26% 35% City of Dreams Lease = 2,194 Premium Leisure Corp (excl. Pacific Online) = 1,643 Property Development and Management = 265 Pacific Online Systems Corporation = 665 EBITDA Mix 9 months 2017 (amounts in Millions of Php, except percentages) 18% 7% 37% City of Dreams Lease = 1,396 EBITDA Mix 2016 (amounts in Millions of Php, except percentages) Property Development and Management = 257 7% Pacific Online Systems 21% Corporation = % City of Dreams Lease = 1,465 Premium Leisure Corp (excl. Pacific Online) = 1,424 38% Premium Leisure Corp (excl. Pacific Online) = 1,187 32% Slide 12 of 14

13 Recent Dividend History Declaration Date Payment Date Amount Stock Price on Declaration Date February 28, 2017 (Regular Dividend) February 29, 2016 (Regular Dividend) July 31, 2015 (Regular Dividend) January 27, 2015 (Special Dividend) millions / share Dividend as a % of Stock Price March 30, , % March 29, , % August 28, , % March 9, , % Slide 13 of 14

14 Belle Corporation Contact Information and Disclaimer Principal Investor Relations Contact: Manuel A. Gana Corporate Information Officer Office Number: Address: Official Website: PSE Ticker Bloomberg Ticker Reuters Ticker BEL BEL:PM BEL:PS Disclaimer Except for historical financial and operating data and other information in respect of historical matters, the statement contained herein are forward-looking statements. Any such forward-looking statement is not guarantee of future performance and involves a number of known and unknown risks, uncertainties, and other factors that could cause the actual performance, financial condition or results of operation of SM and its subsidiaries to be materially different from any future performance, financial condition or results of operation implied by such forward-looking statement. Slide 14 of 14