CENTURY PROPERTIES GROUP, INC. · These materials have been prepared by Century Properties Group...

47
CENTURY PROPERTIES GROUP, INC. Financial Year 2012 Results 05 April 2013 05 April 2013

Transcript of CENTURY PROPERTIES GROUP, INC. · These materials have been prepared by Century Properties Group...

Page 1: CENTURY PROPERTIES GROUP, INC. · These materials have been prepared by Century Properties Group Inc. ... 2nd Generation of CPG ... Philhealth Care Inc. Mr. Jacob was also

CENTURY PROPERTIES GROUP, INC.Financial Year 2012 Results05 April 201305 April 2013

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IMPORTANT NOTICE AND DISCLAIMER

These materials have been prepared by Century Properties Group Inc. (together with its subsidiaries, the "Company” or “Century”), and have not been independently verified. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented in these materialscompleteness of the information presented in these materials.

Neither the Company nor any of its affiliates, advisers or representatives accepts any liability whatsoever for any loss howsoever arising from any information presented in these materials. The information presented or contained in these materials is subject to change without notice and its

i t t d Th t i l t i t t t th t tit t f d l kiaccuracy is not guaranteed. These materials contain statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of Century or its officers with respect to the consolidated results of operations and financial condition of Century. These statements can be recognized by the use of words such as "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "plans", "could", "predicts", "projects", "estimates", "foresees," or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. Century has no obligation and does not undertake to revise forward-looking statements to reflect future events or circumstances.o c cu sta ces

Representative examples of these factors and assumptions include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for sale of projects, shifts in customer demands customers and partners changes in operating expenses including employee wages

1

demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes and continued availability of financing in the amounts and the terms necessary to support future business.

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CONTENTS

1 INTRODUCTION 1

2 BUSINESS OVERVIEW 4

3 FINANCIAL PERFORMANCE& CAPITAL MANAGEMENT 30& CAPITAL MANAGEMENT

4 2nd STAGE OF GROWTH 40

5 Q & A 46

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INTRODUCTIONINTRODUCTION

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BUSINESS OVERVIEWBUSINESS OVERVIEW

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RESULTS OVERVIEW

Remarkable Growth Over The First Stage

PHP (M) FY 2010 FY 2011 FY 2012PHP (M) FY 2010 FY 2011 FY 2012Total Revenues 3,072 4,702 9,611

Net Income 180 866 1,844

Gross Profit Margin from Real Estate Development

37.1% 41.7% 44.5%

Net Income Margin 5.8% 18.4% 19.2%

ROE 6.6% 23.8% 29.3%

Net Debt / Equity 32% 12% 33%

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CORPORATE STRUCTURE (1)

Public Century Properties, Inc. (“CPI”)

33.3% 66.7%

Company listed on Philippine

(“CPGI”)

SubsidiariesCentury City Development

Corporation Century Communities

Corporation Century Limitless

Corporation Century Properties

Management

Stock Exchange ( CPGI )

100% 100% 100% 100%

Subsidiaries(“CCDC”) (“CCC”) (“CLC”) (“CPMI”)

Target market Mixed-use development consisting of residential, retail, and medical facilities

Horizontal house and lot development

Mid-market / affordable high quality residential projects

Largest property management company in the Philippines, with 50 buildings comprising 2.3m sqm of floor area

Current projects Century City Canyon Ranch Azure, Acqua Property Management

sqm of floor area

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(1) Pro forma for 800,000,000 shares from the Placement and Subscription Offering conducted during March 2013

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Founders of CPG

Founders of CPG

Jose E.B. Antonio

Chief Executive Officer26 years with Century26 years with CenturyAteneo, Harvard OPM

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Founders of CPG

Ricardo P. Cuerva

President of Century ProjectPresident of Century Project Management Construction

(CPMCC), Director26 years with Century

San Beda, Ateneo

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Founders of CPG

Rafael G. Yaptinchay

Treasurer, DirectorTreasurer, Director26 years with Century

Ateneo, AIM

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2nd Generation of CPG John Victor R. Antonio

Co-Chief Operating Officer14 years with the Companyy p yWharton BS & MBA

Projects:AzureAzureGramercy

Markets:Middle East, AsiaJose Marco R AntonioJose Marco R. Antonio

Co-Chief Operating Officer13 years with the CompanyWhartonBS & MBA

Projects:Knightsbridge, Canyon Ranch, Acqua Commonwealth

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Acqua, Commonwealth

Markets:Europe, UK, Australia

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2nd Generation of CPG

Jose Carlo R. Antonio

Chief Finance Officer6 ith th

Jose Roberto R. Antonio

Managing Director13 ith th C 6 years with the

CompanyWharton BS

13 years with the CompanyNorthwestern & StanfordMBA

Projects: jMilano & Trump

Markets: North America

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Independent Directors

Washington Z. Sycip

Founder of the Asian Institute of Management and the founder of Sycip Gorres Velayo andSycip Gorres Velayo and Company.

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Independent Directors

Monico V. Jacob

President and CEO of STI EducationPresident and CEO of STI Education Services Group, PhilPlans First Inc., and Philhealth Care Inc. Mr. Jacob was also the Chairman and CEO of the Philippine National Oil Company (“PNOC”) and all

f it b idi iof its subsidiaries.

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> CENTURY CITY

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LAUNCHED PROJECTS

16,688 16,901 17,000

17,500

Inventory Made Available for Sale (Php m)

14,693

,

14,500 15,000 15,500 16,000 16,500

,

I t M d A il bl f S l (U it )

13,500 14,000

,

2010 2011 2012

2,7013,134

3,545

3,000 3,500 4,000

Inventory Made Available for Sale (Units)

2,701

1,000 1,500 2,000 2,500 ,

15

-500

2010 2011 2012

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> CENTURY CITY

The Gramercy Residences

Key Project Statistics

Launch and Completion Dates 2007 / 2012

Current Construction Status FinishedCurrent Construction Status Finished

Total Units 1,432

Total GFA With Parking (sqm) 121,595

Total Floors 74

Units Sold % (2011 / 2012) (1) 94% / 98%

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( )

Average Contracted Price PSM 106,611

Current Price PSM 143,948

(1) % Sales based on updated unit count

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> CENTURY CITY

The Knightsbridge Residences

Key Project Statistics

Launch and Completion Dates 2008 / 2013

Current Construction Status FinishingStageg

Total Units 1,328

Total GFA With Parking (sqm) 91,357

Total Floors 64

Units Sold% Units (2011 / 2012) (1) 98% / 98%

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Average Contracted Price PSM 108,946

Current Price PSM 152,482

(1) % Sales based on updated unit count

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> CENTURY CITY

Centuria Medical Makati

Key Project Statistics

Launch and Completion Dates 2010 / 2014

Current Construction Status 5th Floor

Total Units 553

Total GFA With Parking (sqm) 70,804

Total Floors 30

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Units Sold % (2011 / 2012) (1) 76% / 84%

Average Contracted Price PSM 120,479

Current Price PSM 167,273

(1) % Sales based on updated unit count

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> CENTURY CITY

The Milano ResidencesKey Project Statistics

Launch and Completion Dates 2010 / 2015

Current Construction Status 15th Floor

Total Units 465

Total GFA With Parking (sqm) 61,489

Total Floors 57

Units Sold % (2011 / 2012) (1) 58% / 87%

Average Contracted Price PSM 143,764

Current Price PSM 173,972

19(1) % Sales based on updated unit count

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> CENTURY CITYThe Trump Tower Makati

Key Project Stats

Launch and Completion Dates 2011 / 2016

Current Construction Status BasementCompletion

Total Units 238

Total GFA With Parking (sqm) 54,898

Total Floors 56

Units Sold % (2011 / 2012) (1) 43% / 72%

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Units Sold % (2011 / 2012) (1) 43% / 72%

Average Contracted Price PSM 181,681

Current Price PSM 235,836

(1) % Sales based on updated unit count

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> CENTURY CITYThe Century City Mall

Key Project Stats

Launch and Completion Dates 2011 / 2013

Current Construction Status Finishing

Total GFA With Parking (sqm) 49,143

Total NFA (sqm) 17,000

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Total Floors(1) 6

% Leased (2) 42%

(1) Inclusive of basement supermarket and roof deck(2) Based on Q1 2013 statistics

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> CENTURY CITY

LOT 3 and LOT 5 at Century City

Key Project Stats Lot 3 Lot 5 Total

Planned GFA

3

Planned GFA (in sqm, excluding parking)

63,320 68,513 131,833

Product Offering

Office (For Sale and/or For

Lease)

Luxury Residential and Office

5

Lease)

22

KALAYAAN AVENUE

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> ACQUA PRIVATE RESIDENCES

Key Project Stats Open for Sale Un-Launched Total

# of Buildings 5 1 6

Launch and Completion Dates 2011 to 2012 / 2015-18

Under Evaluation

N/A

Current Construction Status Various up to 24th floor N/A N/ACurrent Construction Status Various, up to 24th floor N/A N/A

Total Units 2,859 202 3,061

Total GFA (sqm) 189,776 24,004 213,780

Total Floors Between 42 to 46 40 N/A

Units Sold % (2011 / 2012) (1) 50% / 84% 0% 79%

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( )

Average Contracted Price PSM 119,951 N/A N/A

Current Price PSM 156,303 N/A N/A

(1) % Sales based on updated unit count

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> AZURE URBAN RESORT RESIDENCES

Key Project Stats Open for Sale Un-Launched Total

# of Buildings 7 2 9

Launch and Completion Dates 2009-12 / 2013-17 Under Evaluation N/A

Current Construction Status Various, Up to Finishing Stage N/A N/A

Total Units 4,031 971 5,002

Total GFA (sqm) 251,237 65,906 317,143

Total Floors 20 20 N/A

Units Sold % (2011 / 2012) (1) 65% / 96% N/A 77%

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Sold Price PSM 94,255 N/A N/A

Current Price PSM 110,204 N/A N/A

(1) % Sales based on updated unit count

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> THE RESIDENCES AT COMMONWEALTH BY CENTURY

Key Project Stats Open for Sale Un-Launched Total

# of Buildings 5 3 8

Launch and Completion Dates 2012 / 2015-17 Under Evaluation N/A

Current Construction Status Land Development N/A N/A

Total Units 1,515 1,675 3,190

Total GFA (sqm) 95,794 91,060 186,854

Total Floors Between 11 to 22 22 N/A

Units Sold % (2011 / 2012) (1) N/A / 92% N/A 44%

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Units Sold % (2011 / 2012) (1) N/A / 92% N/A 44%

Sold Price PSM / Current Price PSM 94,847 N/A N/A

Current Price PSM 93,799 N/A N/A

(1) % Sales based on updated unit count

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> CANYON RANCH

Key Project Stats

Launch and Completion Dates 2007 / on-going

Current Construction Status 784 completed homes

Total Units 949

Total GFA (sqm) 282,569

Units Sold % (2011 / 2012) 96% / 95%

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Units Sold % (2011 / 2012) 96% / 95%

Average Contracted Price PSM

18,389

Current Price PSM 24,896

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CONSTRUCTION PROGRESS

• 6 buildings with 4,649 units, 375,093 sqm GFA / 185,096 sqm of net saleable area, plus a retail mall and urban beach club to be delivered in the next 12 monthsTh G R id i f ll l t d d t d i D b 2012• The Gramercy Residences is fully completed and turned over in December 2012

• Construction works are on schedule for all projects

P i

Gramercy KnightsbridgeRetail Mall

Rio(Azure 1)

Santorini(Azure 2)

St. Tropez(Azure 3)

Paris Hilton BeachClub Total

Launch Date: 2007 2008 2011 2011 2011 2011 N/A

No. of Units 1,432 1,328 N/A 756 553 580 N/A 4,649

Expected Delivered Date:

Dec-122012

Dec-132013

Q42013 Q3 2013 Q3 2013

Q42013

Q42013

GFA (sqm) 121,595 91,357 49,143 40,092 34,627 35,029 3,250 375,093

NFA (sqm) 62,555 43,171 17,000 24,156 19,107 19,107 N/A 185,096

Total Sales (Php bn) 7.1 5.1 N/A 2.1 1.7 1.9 N/A P17.9

Percent Sales 98% 96% N/A 96% 99% 99% N/A 98%

Current Average S 143 948 152 482 N/A 100 346 102 970 103 165 N/A

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Selling Price 143,948 152,482 N/A 100,346 102,970 103,165 N/A

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FORT BONIFACIO, GLOBAL CITY

BONIFACIO HIGHSTREETBONIFACIO

HIGHSTREET

SHANGRI-LASHANGRI-LA

THE MINDMUSEUMTHE MINDMUSEUM

Project Location: 27th Street at 3rd & 4th Avenue

Land Size (sqm) 3,268

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Total Planned GFA (sqm)(excluding parking) 29,560

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Novaliches, Quezon City

Commonwealth, Quezon City

Acqua, Mandaluyoung City

Century City, Makati Cit

Fort Bonifacio Global CityFort Bonifacio, Global City

Azure, Paranaque City

Canyon Ranch, Cavite

Batulao, Batangas

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g

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FINANCIAL PERFORMANCEFINANCIAL PERFORMANCEAND CAPITAL MANAGEMENT

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Financial Performance And Capital Management

Key Income Statement Details

Total revenues (Php m) Gross profit from real estate development (Php m)

37 42 45Margin (%) 37 42 45Margin (%)

3,072 4,702

9,611

4,000 6,000 8,000

10,000 12,000

9941,751

3,962

2,000 3,000 4,000 5,000

EBITDA1 (Php m) Profit After Tax (Php m)

0 2,000

2010 2011 2012

994

0 1,000

2010 2011 2012

12 29 27Margin (%) 6 18 19Margin (%)

2,583

2,000 2,500 3,000 1,844

1,500

2,000

340

1,353

0 500

1,000 1,500

2010 2011 2012

180

866

0

500

1,000

2010 2011 2012

31

2010 2011 2012

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Financial Performance And Capital Management

Key Balance Sheet DetailsCash and cash equivalents (Php m) Equity (Php m)

283367

902

400

600

800

1,000

2,950 4,332

8,266

4,000

6,000

8,000

10,000

283

0

200

2010 2011 2012

0

2,000

2010 2011 2012

Total Debt (Php m) Net Debt (Php m)

3,660

3,000

4,000 2,758

1 5002,000 2,500 3,000

1,226 883

0

1,000

2,000

2010 2011 2012

943 516

0 500

1,000 1,500

2010 2011 2012

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Financial Performance And Capital Management

Key Credit StatisticsNet Debt / EBITDA Net Debt / Equity

33%2.8

1.1 1 0

1.5

2.0

2.5

3.0 32%

12%

33%

15%20%25%30%35%

0.4

-

0.5

1.0

2010 2011 2012

Approved Credit Facilities (Php m)

0%5%

10%

2010 2011 2012

Cost of Debt

6,571

6,000 7,000

Approved Credit Facilities (Php m)

9.5% 8.9%7.5%

7 5%

10.0%

3 3 11Number of Banks

1,695 2,395

1,000 2,000 3,000 4,000 5,000

2.5%

5.0%

7.5%

33

0 2010 2011 2012

0.0%2010 2011 2012

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Financial Performance And Capital Management

Diversified FY 2012 Pre-Sales16.6% Growth Over FY 2011, and 107.0% of FY 2012 Guidance

Luxury24%

FY 2012 By Product: P21.4B TotalPre-Sales

18,367

21,407

20,000

25,000

Affordable43%

8,023 10,000

15,000

Middle Income

-

5,000

2010 2011 2012

Income33%

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Note: Luxury is defined as (over P7M TCP). Middle Income is defined as between P3.5M to P7 TCP. Affordable is Azure and Commowealth is between P1.5M to P3.5M TCP.

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Financial Performance & Capital Management

FY 2012 pre-salesIndustry Leading International Platform and Balanced Product Mix

By Location: P21.4B Total Peso Value Pre-Sold (Peso in billons): P21.4B

OthersMiddle East

5%

Philippines26%

Philippines26%

Europe

United Kingdom

6%

6%5%

Europe12%

International74% Asia

30%

North America

15%

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Financial Performance & Capital Management

Balanced Portfolio of Products

Sold Inventory (Peso in Billions) Unsold Inventory (Peso in Billions)

Luxury15%

Luxury14%

Affordable33%

Affordable

Middle Income

34%

Affordable52%

Middle Income

52%

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Note: Luxury is defined as (over P7M TCP). Middle Income is defined as between P3.5M to P7 TCP. Affordable is Azure and Commowealth is between P1.5M to P3.5M TCP.

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Financial Performance & Capital Management

Prudent Launches Mitigating Inventory Buildup

Pre-Sales as Percentage of Inventory Made Available for Sale Total Units Opened for Sale as of FY 2012: 13,370g y

110%

127%

100%

120%

140%

p ,

Unsold, 8%

55%60%

80%

100%

0%

20%

40%

Sold, 92%

2010 2011 2012

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Financial Performance And Capital Management: CPMI

Largest Independent Property Manager with 51 Buildings Totaling 2.3M sqm under Management

Total Revenues Php (m)

No. of projects GFA (‘000 sqm)

Residential 20 1,018

Commercial 31 1,286

Total 51 2 304 172

192

222

200

250

Total 51 2,304

Notable Projects Under Management, with 80%of contracts with 3rd parties 100

150

Asian Development Bank

Makati Medical Center

Pacific Star Building

50

Globe Telecom Plaza (Cebu, Mandaluyong, Makati)

PNB Building

BPI Buendia Center

0 2010 2011 2012

38

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FINANCIAL PERFORMANCE AND CAPITAL MANAGEMENTRisks & Mitigants

C t P i % f 1997 P i ( 3)Current Prices as % of 1997 Prices( 3)

57%

50%

60%

Projected Equity Collected Before Turnover (1)

Gramercy (2) 68%

34%

40%

Knightsbridge 50%

Milano, Trump 40% to 50%

20%

30%

Azure and Acqua 30% to 35%

Commonwealth 20%

0%

10%

Land Value Residential Units

39

Land Value Residential Units

(1) Reflects % of contract price collected prior to unit turnover.(2) Includes proceeds from early collection of turnover balances from mortgage proceeds. (3) Per BPI Asset Management and Trust Group (CBRE Article dated November 8, 2012). Based on real terms.

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2ND STAGE2ND STAGE OF GROWTH

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2ND STAGE OF GROWTH

2nd Stage of Growth from

2013 t 2015Financial

Aspirations

• P30 billion of

The

Essentials

1. Leadership

2013 to 2015:

• P30 billion of

pre-sales by

2015

• P3B of net

1. Leadership

2. Innovation

3. Sustainability

4. Exposure • P3B of net

income by

2015

posu e

1st Stage of Transformation

from 2010 to 2012:

With a CAGR a pre-sales, revenue and net

41

income CAGR of 63% / 77% / 221%

respectively

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2ND STAGE OF GROWTH

Sources for Pre-Sales

Estimated Sales Value (Peso in Billions)E i ti P j t L h d (U S ld) d U L h d P j t 40Existing Projects: Launched (Un-Sold) and Un-Launched Projects 40

Landbank 70

Total 110B

75% 81%

94%

80%

90%

100%

800 000

900,000

1,000,000

Sources for Net Income

40% 48%

59%

40%

50%

60%

70%

80%

400,000

500,000

600,000

700,000

800,000

8%

27% 27% 27%

0%

10%

20%

30%

40%

0

100,000

200,000

300,000

400,000

3 3 4 4 5 5 6 6 7 7

42

1H 201

3

2H 201

3

1H 201

4

2H 201

4

1H 201

5

2H 201

5

1H 201

6

2H 201

6

1H 201

7

2H 201

7

Period

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2ND STAGE OF GROWTH

Leadership: Sales Distribution and Human Capital

2010 2011 20122010 2011 2012

International Sales Offices (including of affiliates and partners)

4 31 52

Revenue Generating Heads 0 1 3

Innovation: Co-Branding Agreements

2010 2011 2012

g g

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Page 45: CENTURY PROPERTIES GROUP, INC. · These materials have been prepared by Century Properties Group Inc. ... 2nd Generation of CPG ... Philhealth Care Inc. Mr. Jacob was also

2ND STAGE OF GROWTH

Sustainability: Replenish Landbank and Platform for Recurring IncomeGFA Excluding

ParkingParking (in sqm)

Retail Mall, Century City 31,974

Centuria, Century City (1) 8,035

Lot 3 Century City (1) 31 660

March 2013 Equity Offering

Transaction Placement and Subscription Offering

Lot 3, Century City ( ) 31,660

Lot 5, Century City (1) 15,416

27th Street at 3rd and 4th Avenue, Fort (2) 14,484

Total 101,569

Shares Sold 800,000,000

Gross Proceeds Raised 1,640,000,000

Use of Proceeds Replenish Landbank

Exposure: Focus on Capital Markets2012 2013

Broker Coverage 2 52011(3) 2012 2013 Total

Equity Capital P1 6B P2 3B P1 6B P5 6B

(1) Based on projected area that will be kept by CPGI for lease and is subject to change

Broker Coverage 2 5

Average Daily Trading (Value) (4) (5) 7.9M 45.8MEquity Capital P1.6B P2.3B P1.6B P5.6B

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(1) Based on projected area that will be kept by CPGI for lease, and is subject to change(2) CPGI’s equity share, net of equity partner (3) Represents APG’s investment via convertible bond that has been converted to common equity(4) From Bloomberg: Based on February 2012 to December 2012, and January 2013 to March 2013 dates (5) Represents average daily trading value, excluding 1,333,333,333 Placement Subscription on February 2012, and 800,000,000 Placement and Subscription on March 2013

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2ND STAGE OF GROWTH

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Page 47: CENTURY PROPERTIES GROUP, INC. · These materials have been prepared by Century Properties Group Inc. ... 2nd Generation of CPG ... Philhealth Care Inc. Mr. Jacob was also

Q & AQ & A