Filinvest Land Incorporated · PSE:FLI
Filinvest Land — Q1 2021 Earnings Presentation
13 slides from Filinvest Land's earnings presentation, May 21, 2021
Slide 1: 1Q2021 Analysts Briefing
1Q2021 Analysts Briefing May 21, 2021
Slide 2: 1Q2021 Option Sales take-up
1Q2021 Option Sales take-up Php Billion vs. 4Q20 +2% • 1Q 2021 reservations steady with 2% growth vs 4Q 2020 3.36 3.44 • 4Q 2020 reservations were 35% higher than 2020 lockdown reservation levels 4Q20 1Q21 2
Slide 3: 1Q2021 Option Sales take-up
1Q2021 Option Sales take-up Php Billion • 1Q 2021 reservations lower by 29% compared to 1Q 2020 pre-pandemic levels vs. 1Q20 -29% Breakdown of 2020 1Q21 Sales Take Up 4.87 Socialized 1% 1% Affordable/Middle 3.44 93% 92% Income High-End / Others 6% 7% 2020 1Q21 1Q20 1Q21 OFW Share of Sales 20% 20% Ta
Slide 4: 1Q21 Product Mix (based on option sales)
1Q21 Product Mix (based on option sales) Noncore HRBs 4% 7% House and Lots MRBs 52% 37% Greater demand for horizontal housing
Slide 5: 1Q21 Geographical Mix
1Q21 Geographical Mix (based on option sales) NCR 34% Non-NCR 66% Stronger demand for properties outside of NCR due to horizontal housing bias and reduced pandemic impact in provinces.
Slide 6: 1Q 2021 Real Estate Revenues
1Q 2021 Real Estate Revenues • 1Q21 real estate revenues vs pre-pandemic 1Q 2020 down by 20% • Revenue recognition reduced by deferment of customer payments, construction delays due to restrictions, and lower reservation sales in 2020. (Php B) -20% 3.09 2.47 1Q20 1Q21 6
Slide 7: 1Q21 Rental Services Revenues
1Q21 Rental Services Revenues • Decline due to retail mall concessions because of restricted operations during the pandemic compared to pre-pandemic in 1Q2020 • Reduction in POGO tenancy primarily in non-REIT portfolio (Php B) -17% 2.28 Retail 1.89 Retail Office Office 1Q20 1Q21 7
Slide 8: 1Q21 Total Revenues
1Q21 Total Revenues (Php B) 5.65 -20% 4.54 1Q20 1Q21 8
Slide 9: 1Q 2021 Net income declined 45%
1Q 2021 Net income declined 45% Php M 1Q20 1Q21 Revenues 5,644.5 4,542.1 Real estate 3,093.3 2,464.9 • 20% drop in total revenues Rental revenues 2,280.9 1,890.5 partially offset by 17% decline Interest and other income 249.3 174.6 in direct costs. Equity in net earnings 21.0 12.1 Costs 2,694.1 2,24
Slide 10: Stable Margins
Stable Margins 1Q20 1Q21 GPM of real estate sales 40.9% 41.3% GPM of rental services 62.0% 57.8% % of G&A to Revenues 7.7% 9.6% % of S&M to Revenues 4.5% 5.6% Tax rate 20.0% 12.4% Net income margin 25.0% 17.0% • Higher GPM in real estate sales due to increased contribution of House & Lots and MRBs.
Slide 11: Strong and Stable Financial Position
Strong and Stable Financial Position Dec. 31, 2020 March 31, 2021 Change (%) (Php M) (Php M) Total Assets 181,005 180,582 -0.2% Total Borrowings 69,769 69,332 -0.6% Net Debt 63,075 64,664 +2.5% Stockholders’ Equity 74,379 75,151 +1.0% D/E Ratio 0.94x 0.92x Net D/E Ratio 0.85x 0.86x • No growth in De
Slide 12: CAPEX spent for 1Q21: Php 3.08 B
CAPEX spent for 1Q21: Php 3.08 B Retail, Industrial, Land Acquisition, 11% Office, Residential, 30% 59% Capex expenditure curtailed by : • Construction delays • Postponement of new launches in 2020 and 1Q2021 There remains sufficient inventory to sustain sales and P30 B of new launches are prepared
Slide 13: Thank you