Century Properties Group Inc. · PSE:CPG
Century Properties — Q3 2014 Earnings Presentation
32 slides from Century Properties's earnings presentation, Nov 21, 2014
Slide 1: Analysts Presentation
CENTURY PROPERTIES GROUP, INC. Analysts Presentation November 21, 2014
Slide 2: Important Notice and Disclaimer
IMPORTANT NOTICE AND DISCLAIMER These materials have been prepared by Century Properties Group, Inc. (together with its subsidiaries, “CPGI”, the "Company”, or “Century”), and have not been independently verified. No representation or warranty, expressed or implied, is made and no reliance should be
Slide 3: Contents
CONTENTS 1 WHERE WE ARE NOW FINANCIAL PERFORMANCE AND 2 CAPITAL MANAGEMENT 3 NEW PROJECT LAUNCHES CONSTRUCTION UPDATE AND 4 COMPLETION 5 RECENT DISCLOSURES 6 Q&A
Slide 4: Where We Are Now
WHERE WE ARE NOW 1
Slide 5: CPG's Target Markets
CPG’s TARGET MARKETS CPG retains premium pricing across all market segments Colliers‟ Price Points CPG‟s Price Points Economic Below P1.25M None Affordable P1.25M to P3.0M P2.3M to P3.6M Middle Income P3.0M to P5.0M P3.7M to P7.2M Upscale P5.0M to P7.0M Luxury P7.0M and above P7.3M and above 4
Slide 6: Results Overview
RESULTS OVERVIEW PHP (Million) Q3 2014 Q3 2013 Jan-Sep 2014 Jan-Sep 2013 Total Revenues 2,846.1 2,791.8 8,466.3 8,082.8 Gross Profit from Real Estate Development1 1,212.2 1,126.4 3,504.1 3,364.6 EBITDA1 858.6 827.5 2,447.8 2,407.5 Net Income 533.6 529.6 1,591.8 1,585.6 Gross Profit Margin from Real
Slide 7: Ability to Increase Selling Price Due to Premium Products
ABILITY TO INCREASE SELLING PRICE DUE TO PREMIUM PRODUCTS Luxury (Ave. PSM, Sold) Middle Income (Ave. PSM, Sold) 265,000 190,000 254,336 185,562 255,000 185,000 245,000 180,000 235,000 175,000 225,000 170,000 215,000 165,081 200,357 165,000 205,000 195,000 160,000 185,000 155,000 175,000 150,000 Q3
Slide 8: Pre-Sales
PRE-SALES Balanced Product Mix YTD Q3 2014 By Product: Php16.4 B YTD Q3 2013 By Product: Php18.2 B Luxury Luxury 13% 19% Middle Middle Income Income 22% 25% Affordable Affordable 65% 56% Note: Luxury, Middle Income and Affordable markets are defined wherein majority of the units‟ total contract pric
Slide 9: Pre-Sales
PRE-SALES Industry Leading International Sales Platform YTD Q3 2014 By Geographic Location YTD Q3 2014 By Country Asia 26% Others Philippines 5% Philippines 32% 32% International 68% Middle East 13% North America Europe 14% 10% 8
Slide 10: Financial Performance and Capital Management
FINANCIAL PERFORMANCE AND CAPITAL MANAGEMENT 2
Slide 11: Healthy Balance Sheet
HEALTHY BALANCE SHEET Amount in Php Million 2011 2012 2013 Sep 2014 Cash and Cash 367 902 1,439 2,853 Equivalents Total Assets 10,033 18,556 26,166 30,420 Total Borrowings 883 3,661 6,039 10,453 Net Debt 516 2,759 4,600 7,599 Stockholder‟s Equity 4,322 8,241 11,435 12,840 Debt-to-Equity Ratio Net De
Slide 12: Recent Capital Market Transaction
RECENT CAPITAL MARKET TRANSACTION CPG raised Php2.7 B through its maiden Unsecured Fixed-Rate Peso Retail Bonds offering which was listed at PDEx on 02 Sep. 2014. The bond offer was oversubscribed by Php0.7 B. Century Properties Group, Inc. (“CPGI”, “Century”, or the Issuer “Company”) PHP-denominate
Slide 13: More Credit Facilities
MORE CREDIT FACILITIES Approved Credit Facilities (Php Million)1 Cost of Debt Number Weighted Average Interest Rate2 Of Banks 3 3 11 11 15 10.0% 9.5% 17,000 9.5% 14,920 15,000 9.0% 8.9% 8.5% 13,000 8.0% 11,000 9,475 7.5% 7.5% 9,000 7.0% 7,000 6,571 6.5% 5,000 6.1% 6.0% 6.0% 3,000 2,395 1,695 5.5% 1,
Slide 14: Sustained Earnings
SUSTAINED EARNINGS Key Income Statement Details Total revenues (Php Million) Gross profit from real estate development1 (Php Million) 12,000 10,809 Margin (%) 37 42 45 46 45 9,611 6,000 10,000 8,083 8,466 5,000 8,000 3,962 4,192 4,000 3,365 3,504 6,000 4,702 3,000 4,000 1,751 2,000 2,000 1,000 0 0 2
Slide 15: Stable Revenues from Property Management
STABLE REVENUES FROM PROPERTY MANAGEMENT Total Revenues from Property Management (Php Million) 350 300 254 250 222 217 192 198 200 150 100 50 0 2011 2012 2013 Jan-Sep Jan-Sep 2013 2014 Largest Independent Property Manager with 51 Buildings Notable Projects Under Management, with 75% Totaling 2.6M sq
Slide 16: New Source of Recurring Income - Mall
NEW SOURCE OF RECURRING INCOME - MALL Century City Mall is CPG‟s first standalone retail development and is Makati‟s newest mall in close to a decade Leasing Revenue Php Million Q3 2014 56.5 Jan-Sep 2014 106.0 Century City Mall Project Details 5-story mall with 3 basement floors 527 parking slot
Slide 17: New Project Launches
| | NEW PROJECT LAUNCHES Tay ese
Slide 18: Azure North
1 AZURE NORTH • on 8 hectares of prime location in San Fernando, Pampanga • mixed-use with residential community, retail complex, and planned corporate office towers and hotel • 7 residential towers/town house clusters The images and details shown herein are intended for illustration purposes only.
Slide 19: Azure North – Monaco (First Building)
1 AZURE NORTH – MONACO (FIRST BUILDING) Total Units 653 GFA with parking 39,815 sqm No. of floors 27 Expected Completion 2019 The images and details shown herein are intended for illustration purposes only. While the information are based on present plans, which have been created with great care and
Slide 20: Asian Century Center (Office Building)
2 ASIAN CENTURY CENTER (OFFICE BUILDING) The planned office development in Bonifacio Global City will be CPG‟s first venture in the office property segment SHANGRI-LA THE MIND BONIFACIO MUSEUM HIGHSTREET FORT TOWER GFA with parking 53,685 sqm* No. of floors 23 Expected Completion 2017 *CPG’s 49% sha
Slide 21: Construction Update and Completion
CONSTRUCTION UPDATE AND COMPLETION 4
Slide 22: Centuria Medical Makati
1 CENTURIA MEDICAL MAKATI Centuria Medical Makati completes lower floor clinic spaces and continues finishing works on upper levels • IT-medical outpatient building in Century City, will be turned over to unit owners for clinic fit- outs • Common areas and amenities such as the lobby and roofdeck cr
Slide 23: Trump Tower
2 TRUMP TOWER Structural activities reaches 22nd floor • Southeast Asia’s first and only Trump- branded tower in Makati City • Visibly seen rising next to the Gramercy Residences and Century City Mall in Century City, Trump Tower will continue its progression towards top-off at 56 floors. • The towe
Slide 24: Milano Residences
3 MILANO RESIDENCES Milano Residences continues interior works • Interior works continue for the upper levels of the Milano Residences, the first Versace Home-designed tower • The tower’s turnover date remains on target by the end of 2015 23
Slide 25: Asian Century Center
4 ASIAN CENTURY CENTER Century Properties and Columbian Group of Companies holds first concrete pouring • Following the completion of excavation activities, CPG and Columbian Group of Companies officials held the first concrete pouring of their joint development in Fort Bonifacio, Taguig. • The 23-s
Slide 26: Azure Urban Resort Residences
5 AZURE URBAN RESORT RESIDENCES Construction for Azure‟s residential towers are making significant headway • Above ground structural works continue for Maldives & Boracay towers; Maui building advances to basement formworks • Scheduled for turnover in 2015 are Positano and Miami, both in finishing s
Slide 27: The Residences at Commonwealth
6 THE RESIDENCES AT COMMONWEALTH Osmeña East and Roxas East Towers reach structural completion • Finishing and painting works continue for Osmeña West, the first building to be turned over • Quezon North (2nd tower) and Osmeña East (3rd tower), topped off • Osmeña West, Quezon North and Osmeña East
Slide 28: Century Spire
7 CENTURY SPIRE Libeskind-designed Century Spire reaches ground level for Phase 1 • Century Spire, The Philippines’ first and only tower designed by Daniel Libeskind, has reached ground floor structural activities for its first phase • Century Spire will rise next to Centuria Medical Makati and acro
Slide 29: Significant Near Term Completion Over Next 15 Months
SIGNIFICANT NEAR TERM COMPLETION OVER NEXT 15 MONTHS • 7 buildings with total units of 3,581, GFA of 296,054 sqm and sales value of Php17.1 B (VAT inclusive) completing in 2015 • This includes 2 buildings in Century City, 2 buildings in Acqua, 2 buildings in Azure, and 1 building in Commonwealth CEN
Slide 30: Recent Disclosures
RECENT DISCLOSURES 5
Slide 31: Recent Disclosures
RECENT DISCLOSURES The net proceeds of P2.64 B have been disbursed via on-loan agreements executed on Use of Bond November 14, 2014 to CPG‟s operating subsidiaries (CLC and CCDC) to partially finance the Proceeds residential and commercial projects as discussed in Bond Prospectus. The balance of P60
Slide 32: Q&A
Q&A 6
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