SM Investments Corporation · PSE:SM
SM Investments — H1 2011 Earnings Presentation
17 slides from SM Investments's earnings presentation, Aug 4, 2011
Slide 1: 1st Half 2011 Media and Analyst Briefing
8/4/2011 SM Investments Corporation 1st Half 2011 Media and Analyst Briefing 04 August 2011 B U S C I O N R E E S S E S 2 1
Slide 2: Profitable Operation and Net Income Profile
8/4/2011 Profitable Operation Jan–Jun Jan-Jun Net income (In Php billion) 2011 2010 % Chg growth of Revenues 92.9 85.0 9% 13% within Gross Profit 17.9 15.2 18% target Net Income 9.6 8.5 13% High growth Interest Cover (x) 5.2 4.7 11% drivers were EBITDA (Php bn) 21.4 18.4 17% the residential EBITDA M
Slide 3: Balance Sheet Highlights
8/4/2011 Balance Sheet Highlights Net debt to (In Php billion) Jan–Jun Jan–Jun % Chg equity ratio of 2011 2010 only 33% Total Assets 404.2 347.1 16% remains Total Liabilities 200.3 174.5 15% consistent with Stockholders Equity 203.9 172.6 18% policy of maintaining a Book Value/sh 235.5 210.7 12% str
Slide 4: Overall Retail Results
8/4/2011 Overall Retail Results Jan-Jun Jan-Jun Sales growth (In Php billion) 2011 2010 % Chg continues to be driven Sales (Php bn) 67.7 63.4 7% by store expansion Net Income (Php bn) 2.6 2.6 0.8% and the stable Net Margins 3.8% 4.0% -- consumer sector ROE 39.7% 41.5% -- Greater expansion of traditi
Slide 5: Mall Financial and Balance Sheet Highlights
8/4/2011 Financial Highlights Total revenues up 12% Jan-Jun Jan-Jun % Chg (In Php billion) from a mix of mall 2011 2010 expansion and the 7% growth in same mall Revenues (Php bn) 12.7 11.3 12% sales Net Income 4.3 3.8 14% Net income up 14% to Php4.3 billion Return on Equity 15% 16% --- Added boost f
Slide 6: SM Malls in the Philippines
8/4/2011 SM Malls in the Philippines 12,813 41 5.1m sqm Mall Malls Total GFA Tenants Nationwide 25,210 228 138,304 Food Court Movie Cinema Seats Screens Seats 3.0 104 55,602 million Average Bowling Parking Daily Pedestrian Lanes Slots Count 11 Location and Gross Floor Area of SM Malls in the Philipp
Slide 7: 2011 Expansion Program and SM Malls in China
8/4/2011 2011 Expansion Program: Philippines Gross Floor Mall Location Area (sq.m.) New Malls SM City Masinag SM City Masinag 90,261 SM San Fernando 40,000 SM Olongapo 30,000 SM CitySan Fernando SM City Olongapo Expansion 44,408 2011 Mall Expansion SM Davao SM Dasmariñas 27,000 Total 231,669 SM Dava
Slide 8: SM China Mall Opening in 2011: Suzhou
8/4/2011 SM China Mall Opening in 2011 Suzhou SM Suzhou: GFA of 70,000 sqm Opening: 2nd half 2011 • 88% of leasable space Profile: City of Suzhou awarded to various tenants Location - Jiangsu Province Population - 6.3 million Industries - Electronics, IT, Bio-technology, Textiles, Export Processing
Slide 9: SM Land Inc.
8/4/2011 SM Land Inc. 67% Residential Commercial Leisure 65% 44% 100% 67% n.a. 94% SM Development Mall of Asia Corp. Costa del Hamilo Complex 100% 67% BPO and other commercial Sites Direct ownership of SM Land Effective ownership of SMIC 17 SM Land Inc. (Php billion) Jan-Jun Jan-Jun % Net Income Pro
Slide 10: SM Development Corporation
8/4/2011 SM Development Corporation 19 Strong Profit Growth for SMDC High growth Jan-Jun Jan-Jun (In Php billion) % Chg earnings sustained 2011 2010 through strong Revenues from Real Estate 6.86 4.11 67% sales record and increased Gross Profit from Real Estate 2.85 1.82 56% momentum in Consolidated
Slide 11: Strong Balance Sheet and Project Profile
8/4/2011 Strong Balance Sheet Very strong Jan- Jan- % (In Php billion) Jun’11 Jun’10 Chg balance sheet with a net debt to equity Total Assets 52.22 36.39 44% ratio of only 2% Total Liabilities 19.22 19.75 -3% Three separate Stockholders Equity 33.01 16.65 98% funding initiatives Book Value/Sh (Php)
Slide 12: Commercial Property and TwoE-com Center
8/4/2011 Commercial Property Revenues driven by Jan–Jun Jan–Jun sustained demand (In Php million) 2011 2010 % Chg for office space from BPO companies Revenues 1,090 926 18% OneE-com Building is fully leased with Operating Expenses 571 584 -2% new space to be Income from 519 342 52% launched from Ope
Slide 13: E-com Centers and SM Arena
8/4/2011 One Two and Three E-com Centers 25 SM Arena State of the art sports complex Seating capacity: approx. 16,000 Expected completion date: Q2 2012 Seven levels with basement parking Gross Floor Area: 62,000 sqm Adjacent Carpark bldg. GFA: 96,400 sqm Capacity: 1,490 vehicles Retail and office sp
Slide 14: Hotels and Conventions
8/4/2011 Hotels and Conventions 27 Hotels and Conventions Developing a mix of luxury and mid- market hotels beside SM Malls By 2013, SM Hotels will have a total of 1,018 rooms in its portfolio Hotel Projects Taal Vista No. of Project Location Rooms Taal Vista Tagaytay 260 Open Radisson Blu Cebu 400
Slide 15: Pico Sands Hotel and Banking Operations
8/4/2011 Pico Sands Hotel Opened in April 2011 Gross Floor Area: 10,829 sqm 154 Guestrooms Amenities: Restaurant Bar Lounge Spa Architect: PRSP Architects 29 Banking Operations 30 15
Slide 16: BDO Unibank and China Bank
8/4/2011 BDO Unibank Jan-Jun’11 Jan-Jun’10 % Financial Highlights (Php bn) (Php bn) Chg Net Interest Income 17.1 16.7 2% Other Income 10.4 8.6 22% Net Income 5.0 4.2 20% Deposits 802.5 693.3 16% Gross Customer Loans 610.1 490.9 24% ROE (%) 11.6% 11.5% NPL (%) 1.8% 3.8% CAR (%) 14.8% 14.3% 31 China B
Slide 17: Group Capex for 2nd Half 2011
8/4/2011 Group Capex for 2nd Half 2011 Capex Projects (Php bn) Retail 3.3 New stores New SM malls and expansions for Malls 12.0 Philippines and China Banks 2.2 IT, Branch expansion Residential, commercial and Property 14.0 other projects Park Inn Davao, MOA Complex hotel Hotels and Conventions 1.2 p