UBS Philippines CEO/CFO Forum 28 February 1 …P545bn in total resources (end-Sep2017) P140bn in...
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UBS Philippines CEO/CFO Forum 28 February – 1 March 2018
Transcript of UBS Philippines CEO/CFO Forum 28 February 1 …P545bn in total resources (end-Sep2017) P140bn in...
UBS Philippines CEO/CFO Forum 28 February –1 March 2018
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0%
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Mortgage rates
Affordability ratio (X)
Income/Amortisation(x) Mortgage rates
4
2.8 3.1 3.1 3.03.5
3.94.3
4.7 4.85.4
6.0
6.6
.0
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Number of visitors (m)
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
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87
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GDP growth PCE growth
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16 17 19
20 21
23 25 26 27 28
0.0
5.0
10.0
15.0
20.0
25.0
30.0
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06
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In US$bn
5
P545bnin total resources (end-Sep2017)
P140bnin total
revenues (2016)
4,231Hotel room keys
(2017)
2%Parent net
debt/equity (end-Sep2017)
6
7
• Competitive strengths: property and consumer sectors.
• Future-proofing the business: iTownships – ilive. iwork. iplay. iconnect
Increasing share of dependable recurring income.Rentals contribute ~25% of MEG revenues and 50% of EBITDA.
Non-gaming revenues account for 15-20% of RWM net revenues.
Undertaking geographical expansion, both domestic and international.Ex-Metro Manila projects contribute ~30% of MEG real estate sales.
WMG accounts for ~30% of EMP revenues.
RWM is looking to launch Westside City Resorts World by 2020/21.
Going into hospitality, a new area of growth.
Pursuing infrastructure projects to promote connectivity and sustainability of Group property assets.
• Continued heavy capital spending to ensure future growth.
• Implementing prudential practices to keep balance sheet strong.
8
Mactan Newtown Iloilo Business Park
iLive. iWork. iPlay. iConnect.
Uptown Bonifacio McKinley WestMcKinley Hill
9
Southwoods Mall
One West Campus
-
200
400
600
800
1,000
1,200
1,400
1,600
20
12
20
13
20
14
20
15
20
16
20
17
E
20
18
E
20
19
E
20
20
E
851
1,510
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100
200
300
400
500
600
20
12
20
13
20
14
20
15
20
16
20
17
E
20
18
E
20
19
E
20
20
E
273
525
5
10
15
20
25
30
35
2016 2017
Project value (Pbn)
18.7
30.0
NCR Pampanga Cavite Laguna Batangas Iloilo
Bacolod Cebu Aklan Davao
88%71% 70%
12%29% 30%
2011 2015 2016Metro Manila Provincial
The Ellis
10
Looking to add 40-50 stores each year 11
US$ 24PHP 120-140 (1L) € 10.95 12
13Fundador store at Venice Grand Canal Mall Dalmore flagship store at Uptown Bonifacio
• AGI is the country’s largest hotel developer, with widest selection of well-known international brands. Existing capacity 4,203 rooms: targeting to reach 12,000 capacity in five years
14
15
191 rooms357 rooms391 rooms
128,000 sq.m. Gross Floor Area
• The 5th leg of AGI that will handle infrastructure projects, particularly transport solutions around Metro Manila, key growth areas throughout the country and various AGI/MEG township developments.
• INFRACORP is expected to help transform MEG into a transit-oriented township developer.
• Its first project is Skytrain, a 1.88-km monorail that will connect MRT 3 Guadalupe Station to MEG township in Uptown Bonifacio.
17
• AGI remains committed to a heavy capex to grow the business.• 60% of this year’s capex already spent in 9M2017.
2012 2013 2014 2015 2016 2017E 9M 17
24 32
40
55 46
60
33
1
16
36 6 15
4
5
5
6
10
10 11 10
9
1.2
1.3
1.1
1.1 1.8 4.0
0.4
MEG EMP RWM GADC
31
55
87
72
7875
47
• End-Sep2017 group borrowings stood at P177bn, mainly to fund capex, taking advantage of lower average cost of debt.
18
0%
2%
4%
6%
8%
10%
12%
2012 2013 2014 2015 2016 9M17
MEG EMP RWM
GADC Parent Group average
2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 9 M 1 7
20 29 34 53 61 70
--
29
29 29
33
19 18
13
14
22
38
1 2
2
2
2
1
24 22
19
20
30
35
MEG EMP RWM GADC Parent & others
64 70
118
144
177
97
• Group net debt/equity in end-Sep 2017 stood at 0.38x (vs 0.34x in end-2016).
• Parent net debt/equity remained low at 0.02x.
19
-0.06x -0.16x
0.04x
0.18x
0.34x0.38x
-0.2x
-0.1x
0.0x
0.1x
0.2x
0.3x
0.4x
-50.0
-20.0
10.0
40.0
70.0
100.0
130.0
2012 2013 2014 2015 2016 9M17
Net debt/equityNet debt (cash), Pbn
Net debt (cash) Net debt/equity
20
9M2017 performance highlights
21
• Group revenues -1% to P100.3bn; net income -8% to P10.2bn.• MEG: revenues +4% / profit +11%
• Driven by strong revenue growth in rentals and hotels; residential segment up due to faster completion rate.
• Broad-based improvement in pre-sales.
• Overall margin enhancement given changing income mix.
• EMP: revenues flat / profit -8%• Brandy sales steady helped by new product offerings; whisky sales grew 4%.
• Lower margins amid higher packaging costs, salaries and marketing expenses.
• RWM: revenues -24% / profit -98%.• Weighed down by June 2 incident; recovery underway.
• Non-gaming business up given higher hotel occupancy rate.
• GADC: revenues +13% / profit +19%.• Boosted by new stores, healthy same-store sales growth and economies of scale.
• Increased borrowings to fund ongoing capex, but financial gearing remains comfortable.
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P&L highlights (Pbn) 9M2017 9M2016 % chg Comments
Group revenues 100.3 101.6 -1%
Megaworld 36.5 35.2 4% Robust growth in rentals; higher project completion.
Emperador 27.5 27.6 0% Continued in growth in whisky sales; contribution
from new product offerings support brandy sales.
Travellers 15.8 20.8 -24% Weighed by June 2 incident, ramping up casino
business; hotel/MICE operations continued to do well.
GADC 18.7 16.5 13% 5.8% systemwide SSSG; active store expansion.
Others 2.0 1.5 32%
Group costs/expenses (80.6) (80.0) 1%
Megaworld (23.2) (23.2) 0% Cost of sales steady; modest growth in cash opex.
Emperador (22.2) (21.7) 2% Higher packaging costs, salaries, marketing spend.
Travellers (15.5) (17.7) -12% Drop in casino-related expenses but higher interest.
GADC (17.2) (15.3) 12% Increases in COGS, G&A expenses.
Others (2.5) (2.0) 24%
Net income to owners 10.2 11.0 -8%
Megaworld 6.7 6.0 11% Changing profit mix buoys overall margins.
Emperador 3.7 4.0 -8% Improved whisky margins pared the profit decline.
Travellers 0.0 1.3 -98% Includes P321m in losses from casualty.
GADC 0.5 0.4 19% Achieving economies of scale with store growth.
Others (0.6) (0.6) -1%
Net profit margin 10.1% 10.9% -73bps
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MEG, P36.5bn,
36%
EMP, P27.5bn,
27%
RWM, P15.8bn,
16%
GADC, P18.7bn,
19%
Others, P2.0bn,
2%
MEG EMP RWM GADC Others
P100.3bn -1%
MEG, P6.7bn,
62%
EMP, P3.7bn,
34%
GADC , P0.5bn,
4%
MEG EMP RWM GADC
P10.2bn -8%
9M2017 performance highlights
sqmcommercial
GLA
BPO clients
sqm office GLA
hectares landbank
townships
25
• Total revenues +5% YoY to P37.1bn.• Residential revenues +1% to P25.7bn (or 69% of total).
• Total realized gross profit +8% to P10.0bn with higher project completion.
• Growing share of projects outside of Metro Manila.
• Rentals +19% to P8.8bn (or 24% of total).
• Increasing share of rentals to 24% from 22% a year before.
• Rental income split: office 61% / commercial 39%.
• Rental GLA split: office 76% / commercial 24%.
• Hotel income +8% to P950m.
• Overall margin direction due to changing income mix.• Residential gross profit margin 45.4% from 46.1%.
• Rental EBIT margin 75.2% from 74.6%.
• Overall EBIT margin 39.0% from 37.1%.
• Net income +12% to P10.3bn.
• Net debt/equity in end-Sep2017 at 0.38x (vs 0.31x in end-2016).
26
Q 1 1 6 Q 2 1 6 Q 3 1 6 Q 4 1 6 Q 1 1 7 Q 2 1 7 Q 3 1 7
8.2 8.3 8.8 7.8 8.3 8.4 8.9
2.4 2.6 2.6 2.4
3.0 3.0 3.1 0.3 0.3 0.30.3
0.3 0.3 0.3
Development Rental Hotels
10.8 11.211.8 11.6
10.511.8 12.3
9 M 1 7 9 M 1 6
25.7 25.3
9.1 7.6
0.9 0.8
Development Rental Hotels
35.7 33.8
+6%
Q 1 1 6 Q 2 1 6 Q 3 1 6 Q 4 1 6 Q 1 1 7 Q 2 1 7 Q 3 1 7
1.9 2.1 2.71.8 2.0
2.7 2.6
1.72.0
2.0
2.0 2.2
2.3 2.30.10.1
0.0
0.10.1
0.1 0.1
Development Rental Hotels
3.7
4.24.7
4.23.9
5.1 5.0
9 M 1 7 9 M 1 6
7.3 6.7
6.8 5.7
0.2 0.2
Development Rental Hotels
14.312.5
+10%
16*Covers residential, rental and hotel operations only. Excludes financial and other income.
74% 75% 75% 75% 75% 75% 75%
10.0%
25.0%
40.0%
55.0%
70.0%
85.0%
-
0.7
1.4
2.1
2.8
3.5
Q116 Q216 Q316 Q416 Q117 Q217 Q317
EBIT margin
Rentals, EBIT (Pbn)
Total rentals Rental EBIT EBIT margin
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46% 45% 47% 46% 46% 46% 45%
10%
20%
30%
40%
50%
-
2.0
4.0
6.0
8.0
Q116 Q216 Q316 Q416 Q117 Q217 Q317
RES, Gross profit (Pbn)
Gross profit margin
Real estate sales Gross profit Gross Profit Margin
0.0
1.0
2.0
3.0
4.0
Q116 Q216 Q316 Q416 Q117 Q217 Q317
1.7 2.02.4
3.0
1.92.4 2.4
0.91.2
1.10.8
1.0
1.2 1.1
Realised GP - current year Realised GP - prior years
2.6
3.13.5 3.5
3.8
2.9
-
0.5
1.0
1.5
2.0
2.5
3.0
Q116 Q216 Q316 Q416 Q117 Q217 Q317
1.4 1.5 1.5 1.6 1.8 1.8 1.8
0.91.0 1.0 1.0
1.1 1.1 1.2
Office Commercial
2.32.5 2.5
2.9
2.62.9
3.5
3.0
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-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Q116 Q216 Q316 Q416 Q117 Q217 Q317
2.5
3.3 3.2
2.3
2.8
3.6 3.5
-0.08x-0.03x
0.07x
0.22x
0.31x0.38x
-0.2x
-0.1x
0.0x
0.1x
0.2x
0.3x
0.4x
0.5x
-10.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
2012 2013 2014 2015 2016 9M17
Net debt/ equity
Net debt (cash), Pbn
Net debt (cash) Net debt/equity
22% 21%
17%
22% 21%18%
21%
0%
5%
10%
15%
20%
25%
- 50
100 150 200 250 300 350 400 450 500
Q116 Q216 Q316 Q416 Q117 Q217 Q317
EBIT margin
Hotel revenue, EBIT (Pbn)
Hotel revenues Hotel EBIT EBIT margin
46% 45% 47% 46% 46% 46% 45%
74% 75% 75% 75% 75% 75% 75%
22% 21%17%
22% 21%18% 21%
34%40%
37%
30%36%
43%39%
Q116 Q216 Q316 Q416 Q117 Q217 Q317
Devt GP margin Rental EBIT margin
Hotel EBIT margin Overall EBIT margin
9M2017 performance highlights
Distribution network
Consolidated Revenues(2016)
Sales offices nationwide
Total resources
(end-Sep2017)
1st Dalmore flagship store in the Philippines
31
• Consolidated revenues -1% to P27.6bn.• Brandy revenues stood at P19.5bn (or 71% of total).
• ‘New’ products lifted brandy sales in Q317; kept 9M2017 brandy sales steady.
• RTDs Hotshots, Smirnoff Mule and Andy Cola continued to gain market traction.
• Whisky revenues reached P8.1bn (or 29% of total).
• Whisky sales +4% in 9M2017 driven by increased sales of Dalmore, Jura and Whyte & Mackay labels in UK, Travel Retail, US, Asia and Greater Europe.
• Overall margin direction amidst higher packaging costs, salaries, selling and marketing expenses.• GP margin to 32.5% from 33.4%.
• Brandy GP margin to 33.5% from 35.9%; Whisky GP margin to 27.5% from 27.2%.
• EBITDA margin to 23.0% from 25.7%.
• Net profit margin to 16.1% from 17.7%.
• Net income -10% to P4.4bn helped by lower interest, income taxes.
• Net debt/equity in end-Sep2017 at 0.45x (vs 0.37x in end-2016).
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Q 1 1 6 Q 2 1 6 Q 3 1 6 Q 4 1 6 Q 1 1 7 Q 2 1 7 Q 3 1 7
6.7 6.7 6.69.4
6.5 6.4 6.6
2.2 2.7 3.0
3.7
2.4 2.8 2.9
Brandy Whisky
9.0
13.1
9.59.48.9 9.1
Q 1 1 6 Q 2 1 6 Q 3 1 6 Q 4 1 6 Q 1 1 7 Q 2 1 7 Q 3 1 7
1.2
1.9
1.2
2.4
1.2 1.0 1.3
0.2
0.2
0.3
0.4
0.3 0.2
0.4
Brandy Whisky
1.5
2.8
1.5
2.0
1.41.2
33
9.5
1.7
9 M 1 7 9 M 1 6
19.5 20.0
8.1 7.9
Brandy Whisky
27.927.6-1%
9 M 1 7 9 M 1 6
3.5 4.2
0.9 0.7
Brandy Whisky
4.94.4
-10%
Q 1 1 6 Q 2 1 6 Q 3 1 6 Q 4 1 6 Q 1 1 7 Q 2 1 7 Q 3 1 7
6.6 6.3 6.5
10.2
6.5 6.2 6.4
2.2 2.7 2.9
3.6
2.4 2.7 2.7
Brandy Whisky
9.0
13.7
9.49.08.8 8.8
Q 1 1 6 Q 2 1 6 Q 3 1 6 Q 4 1 6 Q 1 1 7 Q 2 1 7 Q 3 1 7
2.1 2.6 2.2
4.9
2.3 2.1 2.1
0.6 0.7 0.8
1.0
0.7 0.7 0.7
Brandy Whisky
3.0
5.9
3.13.32.7 2.9
34
9.2
2.8
9 M 1 7 9 M 1 6
19.1 19.4
7.9 7.8
Brandy Whisky
27.227.0 -1%
9 M 1 7 9 M 1 6
6.6 7.0
2.2 2.1
Brandy Whisky
9.18.8
-4%
32% 42% 34%
48%
35% 34%31%
0%
10%
20%
30%
40%
50%
60%
0.01.02.03.04.05.06.07.08.09.0
10.0
Q116 Q216 Q316 Q416 Q117 Q217 Q317
GP marginSales, GP (Pbn)
Brandy sales Gross profit GP margin
28%25%
29% 29% 29%28% 26%
0%
10%
20%
30%
40%
-
1.0
2.0
3.0
4.0
Q116 Q216 Q316 Q416 Q117 Q217 Q317
GP marginSales, GP (Pbn)
Whisky sales Gross profit GP margin
-0.60x
-0.55x
-0.78x
-0.13x
-0.00x
0.37x 0.45x
-1.1x
-0.8x
-0.5x
-0.2x
0.1x
0.4x
0.7x
(30.0)
(20.0)
(10.0)
-
10.0
20.0
30.0
2011 2012 2013 2014 2015 2016 9M17
Net debt/ equity
Net debt (cash), Pbn
Net debt (cash) Net debt/equity
35
31%
37%33%
43%
34% 33%31%
20%
27%23%
28%
22%19%
22%
16%
22%
16%
21%17%
13%
18%
Q116 Q216 Q316 Q416 Q117 Q217 Q317
GP margin EBIT margin Net income margin
9M2017 performance highlights
36
EBITDA (2016)
Total Resources (end-Sep2017)
Gross Revenues (2016)
gaming tables (end-
Sep17)
retail outlets
hotel rooms
sqmretail space
Seating Capacity
MGB
Slots (end-
Sep17)
hotel occupancy
rate (9M17)
37
• Net revenues -24% to P14.4bn weighed by the June 2 incident.• Gross gaming revenues -29% to P12.8bn due to lower gaming capacity while
RWM ramps up casino operations in Q317.
• Non-gaming revenues +5% to P2.9bn, boosted by healthy hotel and MICE operations; average hotel room occupancy rates at 78%.
• Visitation has recovered: Q317 average daily visitors reached 23k; 25k in 9M17.
• EBITDA stood at P2.6bn in 9M17 (from P4.9bn in 9M16).
• Margin direction due mainly to decline in gaming capacity. • GP margins 48.3% from 53.2%
• EBITDA margins 16.5% from 23.4%
• EBIT margins 7.4% from 17.5%
• Net loss of P37m, inclusive of P321m in losses from casualty.
• Net debt/equity in end-Sep2017 at 0.35x (vs 0.19x in end-2016).
38
5.66.2 6.2
5.6 5.34.0 3.6
1.00.9 0.9
1.11.1
0.90.9
Q 1 1 6 Q 2 1 6 Q 3 1 6 Q 4 1 6 Q 1 1 7 Q 2 1 7 Q 3 1 7
Gross gaming Non-gaming
6.36.7
7.26.6
4.9
7.1
39
4.5
9 M 1 7 9 M 1 6
12.8 18.0
2.9
2.8
Gross gaming Non-gaming
20.8
15.7
-24%
3.7 3.8 3.5 3.7 4.0
2.6 2.6
1.92.4 2.7 1.9 1.2
1.4 1.0
Q 1 1 6 Q 2 1 6 Q 3 1 6 Q 4 1 6 Q 1 1 7 Q 2 1 7 Q 3 1 7
Mass VIP
5.35.6
6.26.25.6
4.03.6
9 M 1 7 9 M 1 6
9.2 11.0
3.6
7.0
Mass VIP
18.0
12.8
-29%
52%54%
53% 51% 52%
48%
44%
35%
40%
45%
50%
55%
60%
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Q116 Q216 Q316 Q416 Q117 Q217 Q317
GP marginGP (Pbn)
Gross profit Gross profit margin
40
21% 22%
26%23% 22%
16%
9%
0%
6%
12%
18%
24%
30%
-
0.4
0.8
1.2
1.6
2.0
Q116 Q216 Q316 Q416 Q117 Q217 Q317
EBITDA marginEBITDA (Pbn)
EBITDA (Pbn) EBITDA margin
0.10x 0.11x
-0.24x -0.11x
0.05x
0.19x
0.35x
-0.50x
-0.30x
-0.10x
0.10x
0.30x
0.50x
(10.0)
(5.0)
-
5.0
10.0
15.0
2011 2012 2013 2014 2015 2016 9M17
Net debt/ equity
Net debt (cash), Pbn
Net debt (cash) Net debt/equity
-
5.0
10.0
15.0
20.0
25.0
30.0
Q116 Q216 Q316 Q416 Q117 Q217 Q317
19 19 18 20 20 16 15
8 9 8 9 9
8 8
292926
2827
2423
9M2017 performance highlights
In sales revenues (2016)
Systemwide same-store sales growth (9M 2017)
dessert centers (2016)
McDelivery hubs (2016)
42
• Sales revenues grew at a healthy clip of +13% to P18.5bn.– Sales by company-owned stores (90% of total): +12% to P16.7bn.
– Rent, royalty & others (10% of total): +17% to P1.8bn.
– Systemwide same-store sales growth +5.8% YoY (6.8% in 3Q17).
– Number of stores by end-Sep2017: 547 vs 500 a year before.
– Average sales per store +5% YoY.
• Margin direction given economies of scale.– GP margin 22.9% from 22.5%.
– EBITDA margin 13.0% from 12.8%.
– EBIT margin 8.6% from 7.8%.
– Net profit margin 5.3% from 5.0%.
• Net income +19% to P966m.
• Net cash position further improved.
43
21% 23% 23% 28% 23% 22% 24%
0%
5%
10%
15%
20%
25%
30%
35%
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
Q116 Q216 Q316 Q416 Q117 Q217 Q317
Gross profit margin
Revenues, GP (Pbn)
Sales revenues Gross profit Gross profit margin
44
23% 22%
5%
10%
15%
20%
25%
- 2.0 4.0 6.0 8.0
10.0 12.0 14.0 16.0 18.0 20.0
9M17 9M16
Gross profit margin
Revenues, GP (Pbn)
Sales revenues Gross profit Gross profit margin
Q 1 1 6 Q 2 1 6 Q 3 1 6 Q 4 1 6 Q 1 1 7 Q 2 1 7 Q 3 1 7
4.7 5.1 5.0 5.7 5.3 5.6 5.7
0.5 0.5 0.5
0.5 0.6
0.6 0.6
Sales by company operated restaurants Rent, royalty & others
5.96.25.65.6
5.2
6.3 6.3
9 M 1 7 9 M 1 6
16.7 14.8
1.8 1.5
Sales by company operated restaurants Rent, royalty & others
16.418.5
+13%
-0.24x -0.17x
-0.08x 0.04x
-0.03x
-0.19x
-0.62x -1.00x
-0.80x
-0.60x
-0.40x
-0.20x
0.00x
0.20x
(5.0)
(4.0)
(3.0)
(2.0)
(1.0)
-
1.0
2011 2012 2013 2014 2015 2016 9M17
Net debt/ equity
Net debt (cash) (Pbn)
Net debt (cash) Net debt/equity
45
6%
8%9%
8%8%
8%
10%
4%
5% 6%
7%
5%5%
6%
2%
4%
6%
8%
10%
-
0.2
0.4
0.6
0.8
Q116 Q216 Q316 Q416 Q117 Q217 Q317
MarginsEBIT, Net income (Pbn)
EBIT Net income EBIT margin Net profit margin
21%23% 23%
28%
23% 22%24%
11%13% 13%
14%13% 13% 13%
6%8% 9% 8% 8% 8% 10%
4%5% 6% 7%
5% 5% 6%
Q116 Q216 Q316 Q416 Q117 Q217 Q317
Gross profit EBITDA EBIT Net profit
9%8%
5% 5%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
0.0
0.5
1.0
1.5
2.0
2.5
9M17 9M16
MarginsEBIT, Net income (Pbn)
EBIT Net income EBIT margin Net profit margin
46
7.2%
12.6%
3.5%
6.8%
5.3% 5.2%
6.8%7.2%
9.9%
7.7% 7.4%
5.3% 5.2% 5.8%
0%
2%
4%
6%
8%
10%
12%
14%
Q116 Q216 Q316 Q416 Q117 Q217 Q317
SSSG quarterly SSSG end-of-period
484
494
500
520
526
533
547
440 460 480 500 520 540 560
Q116
Q216
Q316
Q416
Q117
Q217
Q317
9 9 9 10 10 10 11
18
1918
20
19
2019
15.0
16.0
17.0
18.0
19.0
20.0
21.0
-
2.0
4.0
6.0
8.0
10.0
12.0
Q116 Q216 Q316 Q416 Q117 Q217 Q317
Sales per store (Pm)
Systemwidesales (Pbn)
Systemwide sales (Pbn) Sales per store (Pm)
192 212 221 230 237
151168 180 202 2123542
4548 54
3035
3540
44
0
100
200
300
400
500
600
2013 2014 2015 2016 9M17
NCR Luzon Visayas Mindanao
547520481
457408
• 9M2017 mixed performance: property, QSR segments as key growth drivers, mitigating weaker gaming, liquor businesses.
• AGI continues to pursue the following growth initiatives: Ongoing build-up in office + commercial GLA.
Rental revenues to hit P20bn, rental GLA to reach 2m sqm by 2020.
Initiating more residential projects in high-growth areas. Backed by massive landbank outside of Metro Manila.
Continuing aggressive tourism thrust. Targeting 12,000 hotel room keys in next five years.
Launching new gaming and non-gaming facilities at RWM by 2018. Increasing market penetration for McDonald’s. Expanding liquor product portfolio, a move towards premiumization. Initiating infra projects to enhance the Group’s overall value.
• Aggressive capex to continue but maintain healthy balance sheet. 47
Thank you.
48
