SM Investments Corporation · PSE:SM
SM Investments — H1 2019 Earnings Presentation
8 slides from SM Investments's earnings presentation, Aug 7, 2019
Slide 1: Investor and Analysts' Briefing 1H 2019 Results
INVESTMENTS CORPORATION Investor and Analysts’ Briefing 1H 2019 Results 07 Aug 2019 \\.. Forbes2018 SS, Forbes20 ae 4 )/ 3000) |
Slide 2: SMIC 1H 2019 Consolidated Results
SMIC 1H 2019 Consolidated Results • SM Investments continued to deliver strong top and bottom line growth in 1H • Adjusted for impact of PFRS 16 SM Investments 1H 2019 Chg Revenues 233.7 14% w/o Alfamart 227.6 11% Earnings 23.0 27% w/o PFRS 16 23.5 30% Assets* 1,117.1 5% Net D:E 44:56 Figures in PHP
Slide 3: Net Income Mix
Net Income Mix • Banking continues to be particularly strong YTD 40% 41% 19% Property Retail Banking SMIC 1H 2019 Earnings Briefing 2
Slide 4: BDO
BDO • BDO benefitted from strong growth in its core business and in normalized non-interest income BDO Banking 1H 2019 Chg Net Income 20.2 53% Net Interest Inc. 56.9 24% Other Income 29.5 29% Loans 2,043.1 7% Deposits 2,399.6 3% NIM 4.0% NPL 1.2% CET 1 12.6% CAR 14.2% Figures in PHP B except percent
Slide 5: Property
Property • SM Prime delivered consistent revenue and earnings growth, driven by rental income and robust residential sales SM Prime 1H 2019 Chg Revenues 57.0 15% Earnings 19.3 16% Mall Revenue 31.1 8% Same Mall Rental Growth 7.0% - Residential Reservation Sales 41.5 20% Figures in PHP B except perce
Slide 6: Retail
Retail • Retail revenue continues to be strong • Excluding impact of PFRS 16, net income +10% NIAT w/o SM Retail Revenue Chg NIAT Chg PFRS 16 Total Retail 169.8 13% 5.7 0% 10% SM Store 52.2 7% 1.4 15% 15% Specialty 42.6 15% 2.9 11% 18% Food Group 86.9 16% 1.8 -20% 3% NIAT w/o w/o Alfamart Revenue Ch
Slide 7: Retail Footprint Expansion
Retail Footprint Expansion • Store expansion on track • GSA increased 9% vs. 1H last year, driven by Specialty and Alfamart • Added fewer large formats SM Retail GSA Chg Stores YTD Total Retail 2,934.6 9% 2,600 +176 SM Store 795.9 2% 63 0 Specialty 626.8 12% 1,548 +66 Food Group 1,511.9 11% 989 +110
Slide 8: Key Messages
Key Messages • Strong top and bottom line growth in 1H • BDO a significant driver of earnings growth • Property continued good growth, especially in Residential • Retail revenues strong • Retail earnings adjusted for PFRS 16 impact • Footprint growth driven by Specialty and Alfamart • Continued posi