Fi Fina nancial ncial Da Data PSE: BLOOM DISCLA CLAIMER IMER - - PowerPoint PPT Presentation

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Fi Fina nancial ncial Da Data PSE: BLOOM DISCLA CLAIMER IMER - - PowerPoint PPT Presentation

PSE: BLOOM Sele Se lected cted Fo Four urth th Qua uarter rter and nd Fi Fisc scal l Ye Year r 2018 Fi Fina nancial ncial Da Data PSE: BLOOM DISCLA CLAIMER IMER This document does not constitute or form part of and should


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Se Sele lected cted Fo Four urth th Qua uarter rter and nd Fi Fisc scal l Ye Year r 2018 Fi Fina nancial ncial Da Data

PSE: BLOOM

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PSE: BLOOM

DISCLA CLAIMER IMER

This document does not constitute or form part of and should not be construed as an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries or affiliates in any jurisdiction or as an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This document is not financial, legal, tax or other product advice. This document has been prepared by the Company based on information available to them for dissemination to the investing public for information purposes only and does not constitute a recommendation regarding any securities of the Company. The information has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained

  • herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising

from any use of this document or its contents or otherwise arising in connection with the document. The statements contained in this document speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances on which any such statements are based. By preparing this presentation, none of the Company, its management, and their respective advisers undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent. This presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from

  • registration. Any offering in the United States may be made only by means of an offering circular that may be obtained from the Company and that will contain detailed

information about the Company and management, as well as financial statements. This presentation may contain forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements. Any reference herein to "the Company" shall mean, collectively, Bloomberry Resorts Corporation and its subsidiaries and investments.

Bloomberry Investor Presentation 4Q/FY2018 - Page 2

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Audited Consolidated Income Statement (Php million) - FY2018

For the year ended 31 December Change in % 2018 2017 (as restated) Philippines Korea Consolidated Philippines Korea Consolidated Gross gaming revenues 47,748 484 48,232 41,807 407 42,215 14.3 Promotional allowances/contra accounts (16,529) (97) (16,626) (15,116) (57) (15,173) 9.6 Net gaming revenues 31,219 387 31,605 26,692 349 27,041 16.9 Non-gaming & other revenues 6,536 220 6,756 5,785 261 6,046 11.7 Net revenues 37,754 607 38,361 32,477 611 33,088 15.9 Cash operating expenses (22,591) (847) (23,438) (19,904) (870) (20,773) 12.8 Provisions for doubtful accounts (29) (29) 33 33 (188.4) EBITDA 15,135 (240) 14,895 12,606 (259) 12,348 20.6 EBITDA margin (%) 40.1 (39.6) 38.8 38.8 (42.4) 37.3 1.5pts Depreciation and amortization (3,438) (192) (3,629) (4,175) (179) (4,354) (16.6) Interest, foreign exchange loss & others (3,827) (398) (4,226) (2,177) 478 (1,698) 148.8 Benefit from/(provision for) income tax 89 37 126 14 (247) (232) (154.4) Net profit/(loss) 7,958 (793) 7,166 6,269 (206) 6,063 18.2

Bloomberry Investor Presentation 4Q/FY2018 - Page 3 Note: For a detailed discussion of the above items, please refer to the MD&A section of the Bloomberry Resorts Corporation 17-A Filing

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Audited FY2018 Consolidated Revenues

Consolidated Gross Revenues

(Includes Interest Income)

Consolidated Net Revenues

(Includes Interest Income)

Consolidated Gross and Net Revenues increased by 14% YoY and 16% YoY, respectively Despite increase in Gross Revenues, promotional allowances/contra revenue accounts as percentage of gaming revenues declined by 1.5 percentage points

  • Cons. Gross Revenues Breakdown

Promo Allowances/Contra Revenue Accts

48,261 54,988 2017 2018

Php millions

88% 7% 5%

Gaming Hotel, food & beverage Retails & others

33,088 38,361 2017 2018

Php millions

15,173 16,626

33.8% 32.3%

2017 2018

Php millions

Promo Allowance/Contra Rev Accts as % of GGR

Bloomberry Investor Presentation 4Q/FY2018 - Page 4 Notes: For a detailed discussion of the above items, please refer to the MD&A section of the Bloomberry Resorts Corporation 17-A Filing Consolidated Gross Revenues, Consolidated Net Revenues, and Promotional Allowances/Contra Revenue Accounts are consistent with IFRS15.

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Audited FY2018 Gross Gaming Revenues (GGR) - Solaire

Note: For a detailed discussion of the above items, please refer to the MD&A section of the Bloomberry Resorts Corporation 17-A Filing

Total GGR VIP GGR Mass Tables GGR Electronic Gaming Machines GGR

Win Rate: 2.61% 2.69% Win Rate: 32.8% 34.0% Win Rate: 6.4% 6.6%

Total GGR up by 14% YoY, growth driven by the mass market VIP volumes recorded an all-time high of Php810.2 billion, representing an increase of 2% YoY VIP GGR increased 5%

  • YoY. FY2018 Win rate of

2.69% Mass Table Drop and EGM Coin-in hit record levels of Php44.9 billion and Php211.9 billion, respectively Mass Table and EGM growth up 27% and 18%, respectively

44,519 50,972 2017 2018

Php millions

12,059 15,258 2017 2018

Php millions

20,712 21,817 2017 2018

Php millions

11,748 13,897 2017 2018

Php millions

Bloomberry Investor Presentation 4Q/FY2018 - Page 5

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Audited FY2018 Consolidated Expenses

Note: For a detailed discussion of the above items, please refer to the MD&A section of the Bloomberry Resorts Corporation 17-A Filing

Cash Operating Expenses Provisions for Doubtful Accounts

Consolidated cash

  • perating expenses were

up by 13% YoY mainly due to higher gaming taxes, salaries and wages,

  • utside services and

charges and cost of sales Provided Php29.2 million for doubtful accounts, which represents only 0.1% of total VIP GGR

20,773 23,438 2017 2018

Php millions

  • 29

2017 2018

Php millions

Bloomberry Investor Presentation 4Q/FY2018 - Page 6

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Audited FY2018 Consolidated EBITDA and Profits

Note: For a detailed discussion of the above items, please refer to the MD&A section of the Bloomberry Resorts Corporation 17-A Filing

Consolidated EBITDA Consolidated Net Profit

Consolidated EBITDA increased by 21% YoY. Consolidated EBITDA margin was 39% Hold-normalized Consolidated EBITDA was Php 16.1 billion, representing an increase of 17% YoY Consolidated net profit increased by 18% YoY despite Php380.8 million in FX losses from the Korea operations and higher interest expenses. As of 31 December 2018, Basic Earnings Per Share was Php 0.652, compared to Php 0.551 a year earlier

12,348 14,895

37.3% 38.8%

2017 2018

Php millions Consolidated EBITDA Consolidated EBITDA Margins

6,063 7,166 2017 2018

Php millions

Bloomberry Investor Presentation 4Q/FY2018 - Page 7

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Unaudited 4Q2018 EBITDA and Net Profit

Note: For a detailed discussion of the above items, please refer to the MD&A section of the Bloomberry Resorts Corporation 17-A Filing

Consolidated EBITDA Consolidated Net Profit

Consolidated EBITDA increased by 62% YoY Hold-normalized Consolidated EBITDA was Php4.0 billion, representing an increase of 16% YoY Consolidated net profit increased by 641% YoY due to higher EBITDA. The sequential decline was due to unrealized FX losses in the Philippine business

2,111 3,183 3,427 4Q2017 3Q2018 4Q2018

Php millions

98 1,134 726 4Q2017 3Q2018 4Q2018

Php millions

Bloomberry Investor Presentation 4Q/FY2018 - Page 8

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Unaudited 4Q2018 Gaming Performance - Solaire

Note: For a detailed discussion of the above items, please refer to the MD&A section of the Bloomberry Resorts Corporation 17-A Filing

Total GGR VIP GGR Mass Tables GGR Electronic Gaming Machines GGR

Win Rate: 1.95% 1.91% Win Rate: 32.2% 33.7% Win Rate: 6.6% 6.6%

Total GGR up by 13% and 29% on a sequential and YoY basis, respectively 4Q2018 VIP volumes were Php217.5 billion, representing an increase

  • f 4% and 7% on a

sequential and YoY basis, respectively 4Q2018 Mass Table and EGM GGR YoY growth was 18% and 10%, respectively Sequential change of Mass Table GGR was impacted by the fluctuation in the hold rate

2.79% 30.9% 6.7%

10,271 11,711 13,231 4Q2017 3Q2018 4Q2018

Php millions

3,969 3,983 6,058 4Q2017 3Q2018 4Q2018

Php millions

3,117 4,140 3,676 4Q2017 3Q2018 4Q2018

Php millions

3,184 3,589 3,497 4Q2017 3Q2018 4Q2018

Php millions

Bloomberry Investor Presentation 4Q/FY2018 - Page 9

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Audited Consolidated Balance Sheet

Php million 31 Dec 2018 31 Dec 2017 YTD change in % Current assets 40,466 25,906 56.2 Total assets 125,649 72,786 72.6 Current liabilities 19,001 11,975 58.7 Total interest-bearing debt 71,187 32,101 121.8 Total liabilities 89,088 42,501 109.6 Equity 36,552 30,256 20.8 Current assets/total assets (%) 32.21 35.6 Current ratio (x) 2.13 2.16 Debt-equity ratio (x) 2.44 1.40 Net debt-equity ratio (x) 1.44 0.60

Notes: For a detailed discussion of the above items, please refer to the MD&A section of the Bloomberry Resorts Corporation 17-A Filing Debt to Equity Ratio for debt covenants at the subsidiary level (BRHI and SPI) is calculated as the ratio of total liabilities less gaming-related liabilities (outstanding chips, progressive jackpot liabilities, customers’ deposits, gaming taxes liability, program rebates liability, slot payout voucher and tickets liability) to total stockholders’ equity

Cash and cash equivalents as of 31 December 2018 was Php36.5 billion Interest-bearing debt is represented by the Php73.5 billion Syndicated Loan which was drawn down in April 2018 and June 2018

Bloomberry Investor Presentation 4Q/FY2018 - Page 10

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OUR PROPERTIES

Bloomberry Investor Presentation 4Q/FY2018 - Page 11

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Solaire Resort and Casino

Bloomberry Investor Presentation 4Q/FY2018 - Page 12

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Jeju Sun Hotel & Casino

Do we have a better picture?

Bloomberry Investor Presentation 4Q/FY2018 - Page 13

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Awards Garnered by Solaire Awards Garnered by Bloomberry Resorts Corporation

3rd Consecutive Forbes 5-star Travel Guide Award

Finestra Yakumi Fresh Red Lantern Waterside Bloomberry Investor Presentation 4Q/FY2018 - Page 14

2019