Presentation to Investors 1 March 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 1 March 2017 Slide 2 of 13
Philippines: Strong Macroeconomic Fundamentals Presentation to Investors 1 March 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% 65.0 integrated property • million shares Operating agreement developers in Asia (less than 1%) with Melco Crown • Listed on PSE (SMPH) 224.3 PACIFIC ONLINE SYSTEMS million shares CORP. (50.1% of issued • Lease of Lottery and shares) Keno equipment • Listed on PSE (LOTO) Presentation to Investors 1 March 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 1 March 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 1 March 2017 Slide 6 of 13
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 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 5 International Golf Club Lakeview Heights 4 2 3 Midlands 1 7 6 8 11 13 Golf Course 9 9 12 12 Tagaytay Midlands 10 10 14 18 Golf Club 16 15 17 Lakeside Fairways View of Taal Lake Presentation to Investors 1 March 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 1 March 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 1 March 2017. • Aragorn Power and Energy Corporation, a 90% -owned subsidiary of APC, has an active Geothermal Renewable Energy Service contract with the Department of Energy for a project in Kalinga province with a resource potential of 120-200 MW*, in partnership with Chevron Kalinga Ltd. and Guidance Management Corp. * From the Philippine Department of Energy “Geothermal Potential of the Cordillera Region, Philippines” Presentation to Investors 1 March 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 1 March 2017 Slide 10 of 13
Belle Historical Financials (Amounts in Php millions Revenue Mix FY 2016 FY 2016 FY 2015 FY 2014 FY 2013 except percentages) (amounts in Millions of Php, except CONSOLIDATED percentages) REVENUE 6,322 5,352 3,317 2,624 Property Development and EBITDA 3,678 2,756 1,413 1,841 Management = 586 EBIT 3,167 2,225 1,349 1,806 City of Dreams Net income 3,096 1,772 2,557 3,636 11% 36% Lease = 2,194 Recurring net income 2,076 1,334 1,036 572 Belle dividend payments: Pacific Online 29% Regular 1,003 1,003 211 - Systems Special - 1,900 - - Corporation = ROE 11.7% 6.8% 10.7% 3.4% 1,888 24% Premium Leisure City of Dreams Lease Corp (excl. Pacific Revenue 2,194 2,108 1,598 1,335 Online) = 1,643 EBITDA 1,465 1,258 1,053 1,048 Net Income 602 595 485 2,976 EBITDA Mix FY 2016 Premium Leisure Corp. (excl. Pacific Online and intercompany dividends) Revenue 1,643 756 39 - (amounts in Millions of Php, except EBITDA 1,187 640 (31) (9) percentages) Net Income 753 266 1,160 (9) Property Development and Pacific Online Systems Corporation (excl. intercompany dividends)* Management = 257 Revenue 1,888 1,718 1,731 1,646 10% EBITDA 769 623 663 556 Net Income 392 323 346 325 35% City of Dreams Pacific Online Property Development and Management (excl. mark to market gains on club shares) 20% Lease = 1,465 Systems Revenue 586 590 474 340 Corporation = EBITDA 257 235 260 164 769 Net Income 149 68 43 67 35% Premium Leisure Corp (excl. Pacific *Pacific Online was consolidated into Belle’s financials starting June 2014. Prior to June 2014, Pacific Online’s net income Online) = 1,187 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 1 March 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 28, 2017 March 30, 2017 ₱1,003 ₱0.095 ₱3.42 2.78% (Regular Dividend) 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 1 March 2017 Slide 12 of 13
Belle Corporation Contact Information and Disclaimer Principal Investor Relations Contact: Manuel A. Gana Corporate Information 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 1 March 2017 Slide 13 of 13
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