Presentation to Investors 18 January 2017
Table of Contents Slide • The Philippine Economy 3 • Corporate structure 4 • Description of Businesses: - Real estate • Metro Manila 5 • Tagaytay Highlands / Midlands 6 • Land held for development 7 - APC Group, Inc. 9 - Gaming: Premium Leisure Corp. 10 • Historical Financials 11 • Recent Dividend History 12 Presentation to Investors 18 January 2017 Slide 2 of 13
Philippines: Strong Macroeconomic Fundamentals Presentation to Investors 18 January 2017 Slide 3 of 13
Corporate Structure and Lines of Business 100% REAL ESTATE GAMING PORTFOLIO INVESTMENTS PREMIUM LEISURE CORP. City of Dreams Manila APC GROUP, INC. 24.9 • • • Gaming Investments Land and Buildings Energy and Natural billion • 3.7 billion shares • Listed on PSE (PLC) Lease agreement with Melco Crown resources shares (48.8% ) • (78.7%) Listed on PSE (APC) Land bank and finished real estate PREMIUMLEISURE & Tagaytay Highlands and Midlands developments AMUSEMENT, INC. SM PRIME HOLDINGS, INC . • Holding Company for • One of the largest PAGCOR license 100% 66.7 integrated property • million shares Operating agreement developers in Asia (less than 1%) with Melco Crown • Listed on PSE (SMPH) 149.5 PACIFIC ONLINE SYSTEMS million shares CORP. (50.1%) • Lease of Lottery and Keno equipment • Listed on PSE (LOTO) Presentation to Investors 18 January 2017 Slide 4 of 13
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 Melco Crown’s Philippine Subsidiary (MCP). • 8,490 square meters of land held for future development near City of Dreams Manila. Presentation to Investors 18 January 2017 Slide 5 of 13
Real Estate: Tagaytay Highlands and Midlands Complexes Highlands Projects Midlands and Greenlands Projects • • Themed luxury residences situated Premium residences in gated about 1,000 feet above sea level with communities between 2,000 to picture-perfect view of scenic Taal Lake 2,500 feet above sea level. Tagaytay Highlands The Country Club at Tagaytay Midlands Golf Club International Golf Club Tagaytay Highlands • Fully-equipped Sports Center. Various • • 18-hole championship golf course Currently with 27 holes, and F&B options. • Scenic views of Taal Lake and Mt. eventually 36 holes. • Swiss-engineered cable car ascending • Makiling. Connected to Tagaytay Highlands by to mountain peak. 48-seater Swiss Funicular System. Presentation to Investors 18 January 2017 Slide 6 of 13
Land Held for Developement – Tagaytay Highlands and Midlands Complexes Location Map Manila View of Laguna de Bay The Country Club at Tagaytay Highlands Tagaytay Highlands Laguna de Bay Internatioal Golf Club 66 Kilometers Road Saratoga Hills Length from Manila The Villas Plantation Hills Tagaytay Highlands Highlands Golf Course View of Mt. Makiling The Woodlands Pinecrest Village Taal Lake Belleview Tagaytay Highlands Alta Mira International Golf Club Lakeview Heights Midlands Golf Course Tagaytay Midlands Golf Club Lakeside Fairways View of Taal Lake Presentation to Investors 18 January 2017 Slide 7 of 13
Land Held for Development – Lakelands Tagaytay Midlands 21 Kilometers Road Length from Tagaytay Midlands Taal Lake Lakelands (approx. 333 hectares) Presentation to Investors 18 January 2017 Slide 8 of 13
Investments – APC Group • Listed in the Philippine Stock Exchange, under ticker “APC” . • Belle is the largest shareholder, with about 3.7 billion shares and 48.8% ownership as of 30 September 2016. • Currently has several subsidiaries engaged primarily in renewable energy and natural resources. Subsidiary Project Location Details • Active Geothermal Renewable Energy Service Aragorn Power and Energy contract with Dept. of Energy • Resource potential of 120-200 MW* Corporation Geothermal Kalinga • Partnership with Chevron Kalinga Ltd. and Guidance (90% owned) Management Corp. • Resource potential of 80-120 MW* Mountain Province PRC-Magma Energy Resources, Inc. Geothermal (85% owned) • Resource potential of 120-190 MW* Ifugao Cement • Mineral Production and Sharing Agreements APC Cement Corporation (limestone Ginatilan, Cebu covering more than 1,000 hectares (100% owned) quarry and • Proven limestone reserves processing) * From the Philippine Department of Energy “Geothermal Potential of the Cordillera Region, Philippines” Presentation to Investors 18 January 2017 Slide 9 of 13
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 MCE in City of Dreams Manila, which opened on 14 December 2014. 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. Presentation to Investors 18 January 2017 Slide 10 of 13
Belle Historical Financials (amounts in P millions, Revenue Mix 9 months 2016 9 mos 2016 9 mos 2015 FY 2015 FY 2014 FY 2013 except percentages) (amounts in Millions of Php, except CONSOLIDATED percentages) Revenue 4,641 3,981 5,195 3,164 2,624 Property Development and EBITDA 2,590 2,113 2,572 1,413 1,841 Management = 509 EBIT 2,312 1,811 2,225 1,349 1,806 City of Dreams 11% Net Income 1,873 1,144 1,425 2,557 3,636 36% Lease = 1,639 Recurring net income 1,873 1,144 1,334 1,036 572 Belle dividend payments: 29% Pacific Online Regular 1,003 - 1,003 211 - Systems Special - 1,900 1,900 - - Corporation = ROE 9.0% 5.8% 5.3% 10.7% 3.4% 24% 1,386 Premium Leisure City of Dreams Lease Corp (excl. Pacific Revenue 1,639 1,582 2,107 1,598 1,335 Online) = 1,107 EBITDA 922 990 1,263 1,053 1,048 Net Income 495 543 623 485 2,976 EBITDA Mix 9 months 2016 Premium Leisure Corp. (excl. Pacific Online and intercompany dividends) (amounts in Millions of Php, except Revenue 1,107 554 756 39 - EBITDA 873 478 334 (31) (9) percentages) Net Income 507 192 387 1,160 (9) Property Development and Management = 230 Pacific Online Systems Corporation (excl. intercompany dividends)* Revenue 1,386 1,281 1,718 1,731 1,646 10% City of Dreams EBITDA 565 432 624 663 556 35% Pacific Online Lease = 922 Net Income 316 238 346 367 325 20% Systems Property Development and Management Corporation = Revenue 509 525 614 474 340 565 EBITDA 230 213 351 260 164 35% Premium Leisure Net Income 172 123 69 43 67 Corp (excl. Pacific *Pacific Online was consolidated into Belle’s financials starting June 2014. Prior to June 2014, Pacific Online’s net income Online) = 873 was equitized in Belle’s income statement. For comparability, Pacific Online’s revenues and earnings for 2014 and 2013 are shown herein on a full year basis. Presentation to Investors 18 January 2017 Slide 11 of 13
Recent Dividend History Declaration Date Payment Date Amount Stock Price on Dividend as Declaration a % of Date Stock Price ₱ millions ₱/ share February 29, 2016 March 29, 2016 ₱1,003 ₱0.095 ₱3.08 3.08% (Regular Dividend) July 31, 2015 August 28, 2015 ₱1,003 ₱0.095 ₱3.70 2.57% (Regular Dividend) January 27, 2015 March 9, 2015 ₱1,900 ₱0.180 ₱4.50 4.00% (Special Dividend) Presentation to Investors 18 January 2017 Slide 12 of 13
Belle Corporation Contact Information and Disclaimer Principal Investor Relations Contact: Manuel A. Gana Executive Vice President and Chief Financial Officer Office Number: +632 662-8807 Email Address: manuel.gana@bellecorp.com Official Website: www.bellecorp.com PSE Ticker BEL Bloomberg Ticker BEL:PM Reuters Ticker 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. Presentation to Investors 18 January 2017 Slide 13 of 13
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