JG Summit Holdings Inc. · PSE:JGS
JG Summit — FY2023 Earnings Presentation
19 slides from JG Summit's earnings presentation, Mar 26, 2024
Slide 1: JG Summit Holdings, Inc. FY23 Results Briefing
JG Summit Holdings, Inc. FY23 Results Briefing March 26, 2024
Slide 2: Disclaimer
Disclaimer This presentation may contain certain forward-looking statements with respect to the financial condition, results of operations and business of JG Summit Holdings, Inc. and its subsidiaries (JGS), as well as plans and objectives of the management of JGS. Such forward looking statements in
Slide 3: FY23 Financial & Operating Results
FY23 Financial & Operating Results
Slide 4: Core net income tripled, led by airline rebound and strong progress across subs
Core net income tripled, led by the steep rebound in airline plus the strong progress across all subs • Double-digit topline expansion on the back of the first full year of In Php billion FY22 FY23 % YoY unrestricted travel demand, strong broad-based property growth Revenues 301.9 343.8 +14% (ex-Chi
Slide 5: URC: Operating income grew twice as fast as topline
URC: Operating income grew twice as fast as topline, as pricing moves and savings initiatives bore fruit Revenue ▲6% by division • Higher revenues came from volume and value growth in AIG, 158.4 expansion and post-price correction recovery in BCF International 149.9 % chg vs LY business, as well as
Slide 6: RLC: Net income hit a new high
RLC: Net income hit a new high primarily fueled by the robust performance of its malls, hotels, and JVs Revenue ▼10% by division % chg vs LY • Domestic divisions posted stellar topline performance, largely from 43.4 Malls and Hotels with the increase in consumer spending and mobility, 39.0 China -10
Slide 7: CEB: Full-year profitability reclaimed
CEB: Full-year profitability reclaimed through efforts to recover capacity & efficiently serve strong demand Revenue ▲60% by division • The 30% increase in number of flights flown vs 2022 led to the strong 90.6 % chg vs LY growth in Passenger and Ancillary revenues. Comparing to pre- 27% Ancillary +
Slide 8: JGSOC: Bold strategic decisions helped trim losses YoY
JGSOC: Bold strategic decisions amid prolonged cycle trough helped trim losses YoY Revenue ▲6% • Increased sales volumes after resumption of plant operations in by division 38.0 June offset the lower selling prices seen in the year 36.0 % chg vs LY • EBITDA loss significantly narrowed, resulting fro
Slide 9: Core Investments
Core Investments EQUITY INCOME* EQUITY INCOME* DIVIDENDS RECEIVED 9.8 3.0 2.5 2.8 2.6 7.8 FY22 FY23 FY22 FY23 FY22 FY23 • Significant contributions from • Earnings decline driven by the • Regular dividends went up by Php5 power generation and retail decrease in residential projects as to Php94/sh in
Slide 10: Ecosystem Plays
Ecosystem Plays JG Digital Equity Ventures (JGDEV) Luzon International Premier Airport • DEV Fund II saw its first Development Corp. (LIPAD) deployment in 2023 • Serviced nearly 2 million passengers • Continued to support investees in the year, up 160% vs 2022 with strategic follow-ons, with • A tot
Slide 11: JGS: Solid financial foundation to accelerate growth
JGS: Solid financial foundation to accelerate growth Consolidated Parent Dec 2022 Dec 2023 % Chg Dec 2022 Dec 2023 % Chg Cash1,2 91.5 49.6 -46% Cash1 47.3 12.2 -74% Financial Debt 329.6 302.0 -8% Total LT Debt 97.7 63.1 -35% Total LT Debt 237.7 238.5 0% Total ST Debt 4.8 6.2 29% FX-Denominated 117.0
Slide 12: Groupwide CAPEX in 2023 grew 38% YoY
Groupwide CAPEX in 2023 grew 38% YoY from capacity expansion initiatives in URC and CEB 98.6 FY23 2024B 6.5 87.2 • Construction and outfitting Others • Capacity expansion 2.7 of various sites (e.g. 31- initiatives 20.8 hectare Malvar property) 71.3 22.0 JGSOC Increase in various divisions: • Investm
Slide 13: Sustainability Updates
Sustainability Updates Over the past years, our journey reflects how we adapt to the evolving sustainability landscape while actively contributing to the collective efforts of reshaping our future for the better. 2019 2020 2021 2022 2023 • SBU adopts five-year • Published the Inaugural JG • ERM inte
Slide 14: 2023 Summary & 2024 Outlook
✓ 2023 saw continued improvement in JG Summit’s full-year 2023 Summary results as CEB reclaimed profitability, RLC and URC sustained margin expansion, and JGSOC narrowed losses. & 2024 Outlook ✓ More favorable macroeconomic outlook for the Philippines with signs of easing inflation that may increase
Slide 15: Thank You!
— Thank You! HOLDINGS, INC.
Slide 16: Appendix
— Appendix HOLDINGS, INC.
Slide 17: Corporate Structure
Market Capitalization: Corporate Structure ₱267.4 bn Strategic Business Units Ecosystem Plays Core Investments Strengthen and drive the full potential of Leverage on the synergies available within Maximize value through their steady stream these BUs our extensive network of businesses of cash flows
Slide 18: Balance Sheet
Balance Sheet (Php Millions) As of Dec 2022 As of Dec 2023 Cash & cash equivalents (including Financial assets at FVPL and financial assets at FVOCI) 95,568 53,606 Assets held for sale 166,382 171,123 Other current assets 160,690 172,954 Investments in Associates and JVs - net 143,295 152,321 Proper
Slide 19: Income Statement
Income Statement (Php Millions) FY22 FY23 YoY REVENUES 301,908 343,754 14% Cost of sales and services 232,553 237,495 2% GROSS INCOME 69,355 106,259 53% Operating Expenses 51,091 57,548 13% OPERATING INCOME 18,264 48,711 167% Financing costs & other charges (11,133) (16,252) 46% Foreign exchange gai