View
223
Download
1
Category
Preview:
Citation preview
SM Investments CorporationPresident’s Report
28 April 2010
| SMIC President’s Report | 04.28.101
2009 Target Achieved with Proper Planning and Timely Execution
Retail35%
Malls26%
Proper-ty/ Tou-
rism…
Banks 28%
Net Income ProfileNet Income ProfileNet Income ProfileCore Business 2009 Earnings Growth
Retail 28%
Malls 10%
Banks 99%
Property/Tourism 37%
| SMIC President’s Report | 04.28.102
Net Income Grew 14%
| SMIC President’s Report | 04.28.103
2009 2008 % Chg
Revenues (Php bn) 160.0 147.5 +9%
Gross Profit (Php bn) 28.3 21.7 +30%
Net Other Income (Php bn) -2.4 1.4 -271%
Net Income (Php bn) 16.0 14.0 +14%
EPS (Php)* 26.2 22.9 +14%
Return on Equity (%)* 13.6% 12.9% --
Interest Cover (x) 6.2 8.1 -23%
EBITDA (Php bn) 34.2 28.1 +22%
EBITDA Margin (%) 21.4 18.9 --
Net Margin (%) 10.0% 9.5% --
Net Assets Expanded by 13%
| SMIC President’s Report | 04.28.104
2009 2008 % Chg
Total Assets (Php bn) 341.6 292.4 +17%
Current Assets (Php bn) 88.5 83.2 +6%
Total Liab ilities (Php bn) 175.9 142.6 +23%
Stockholders Equity (Php bn) 165.7 149.8 +11%
Book Value/Sh 204.2 180.2 +13%
Current Ratio (x) 2.17: 1 1.44 : 1 --
Debt/Assets Ratio 34.4% 30.5% --
Debt/Equ ity Ratio 94.3% 81% --
Net Debt (Php bn) 33.9 24.3 +39%
Retail Operations
| SMIC President’s Report | 04.28.105
Focused Merchandising and Continued Renovations
| SMIC President’s Report | 04.28.106
SM Department Stores
SM Department Stores
36 Department Stores
15 in Metro Manla21 in Areas Outside MM
NSA: 378,034 sqm.
36 Department Stores
15 in Metro Manla21 in Areas Outside MM
NSA: 378,034 sqm.
SM Retail, Inc.Non-Food GroupSM Retail, Inc.
Non-Food Group
Aggressive Expansion of SaveMore Stores
| SMIC President’s Report | 04.28.107
SM Retail, Inc.Food Group
SM Retail, Inc.Food Group
SM Supermarkets
SM Supermarkets
SM Hypermarkets
SM Hypermarkets MakroMakro
52 Stores27 SaveMore26 Supermarkets
24 stores in M.M.28 stores in areas outside M.M.NSA: 180,563.58 sqm.
52 Stores27 SaveMore26 Supermarkets
24 stores in M.M.28 stores in areas outside M.M.NSA: 180,563.58 sqm.
19 Hypermarkets
13 stores in M.M6 stores in areas
outside M.M.NSA: 150,818.15
sqm.
19 Hypermarkets
13 stores in M.M6 stores in areas
outside M.M.NSA: 150,818.15
sqm.
12 Wholesale outlets
4 stores in M.M.8 stores in areas outside MMNSA: 90,253 sqm.
12 Wholesale outlets
4 stores in M.M.8 stores in areas outside MMNSA: 90,253 sqm.
| SMIC President’s Report | 04.28.108
Overall Retail Earnings Grew 26% 2009 2008 % Chg
Sales (Php bn) 123.9 114.8 +8%
Net Income (Php bn) 4.4 3.5 +28%
Net Margins 3.6% 3.0% --
ROE 34% 29% --
No. of Stores 119 97 +23%
Mall Operations
| SMIC President’s Report | 04.28.109
| SMIC President’s Report | 04.28.1010
SM NagaSM Pamplona
SM North Edsa Sky Garden
2009 New Malls and Mall Expansion
SM City SM City NagaNaga SM PamplonaSM Pamplona SM City RosarioSM City Rosario
SM North EDSASM North EDSA SM City FairviewSM City Fairview SM City RosalesSM City Rosales
| SMIC President’s Report | 04.28.1011
Mall Trivia:Mall Trivia:36 SM malls with a GFA of 4.5 million 36 SM malls with a GFA of 4.5 million sqmsqm. and home to 11,957 tenants; . and home to 11,957 tenants;
Has over 200 cinemas with 131,666 seats. Average foot traffic ofHas over 200 cinemas with 131,666 seats. Average foot traffic of over 2.5 over 2.5 mnmn per day or. 900 per day or. 900 mnmn p.a.p.a.
SM SM SupermallsSupermalls in the Philippinesin the Philippines
| SMIC President’s Report | 04.28.1012
SM Lifestyle Center Xiamen
| SMIC President’s Report | 04.28.1013
SM China Malls: 577,141 sqm.
SM City SM City XiamenXiamen and Lifestyle Center: 238,150 and Lifestyle Center: 238,150 sqmsqm
SM SM ChengduChengdu : 169,407 : 169,407 sqmsqm SM JinSM Jin --JiangJiang : 169,584 : 169,584 sqmsqm
| SMIC President’s Report | 04.28.1014
2009(Php bn)
% chg
Revenues 20.5 15%
Rental Fees 17.7 15%
Operating Expenses 9.8 19%
Income from Operations 10.8 12%
Net Income 7.0 10%
EBITDA 14.0 14%
Mall Operations Earnings Grew 10% in 2009Mall Operations Earnings Grew 10% in 2009
Twelve months’performance:Same mall sales: 5%Operating margin:52%EBITDA margin:68%Net income margin: 34%
| SMIC President’s Report | 04.28.1015
2010 SM Malls: 234,228 SQM.2010 SM Malls: 234,228 SQM.
SM SM CalambaCalamba : 41,394 : 41,394 sqmsqm
SM SM TarlacTarlac : 103,340 : 103,340 sqmsqm SM SM NovalichesNovaliches : 55,085 : 55,085 sqmsqm
SM San Pablo: 34,409 SM San Pablo: 34,409 sqmsqm
16 | SMIC President’s Report | 04.28.10
Banking
| SMIC President’s Report | 04.28.1017
BDO’s Profits Soared by 173%Financial
Highlights2009
(Php bn)2008
(Php bnGrowth
(y/y)
Net Interest Income 30.6 23.0 +33%
Other Income 15.5 13.7 +13%
Net Income 6.1 2.2 +173%
Assets 862.0 802.0 +7%
Capital 67.9 57.1 +19%
Deposits 694.7 636.8 +9%
Gross Customer Loans 472.7 392.8 +20%
ROE (%) 9.7% 3.8%
NPL (%) 3.2% 4.0%
NPA (%) 8.6% 9.7%
Net Interest Margin (%) 4.1% 3.7%
CAR (%) 12.4% 13.8%
| SMIC President’s Report | 04.28.1018
China Bank Delivers 41% Profit Growth Financial
Highlights2009
(Php bn)2008
(Php bnGrowth
(y/y)
Net Interest Income 8.2 6.5 +26%
Other Income 4.1 2.1 +92%
Net Income* 4.1 2.9 +41%
Assets 234.0 208.5 +12%
Capital* 30.3 25.8 +18%
Deposits 193.3 173.8 +11%
Loans ** 102.8 105.1 -2%
ROE (%) 15.4% 12.0%
NPL (%) 4.2% 5.1%
NPA (%) 4.1% 5.0%
Net Income Margin (%) 4.2% 3.8%
CAR (%) 12.8% 13.5%
* Att ributable to equity holders of the p arent; ** Gross cu stomer loan s, NPL( %) based on BSP formula, NPA ( %) NPA/Tot al Asset s NIM-def ined as Net Int erest M argin
19 | SMIC President’s Report | 04.28.10
Property Development
| SMIC President’s Report | 04.28.1020
Property Business Gains More Traction…
2009 2008%
Chg
Sales (Php bn) 9.4 6.3 +50%
Net Income (Php bn)
2.2 1.6 +37%
Net Margin (%) 23% 26% --
Net Income Profile
Com-mercial Proper-
ties24%
Tourism6%Residen
-tial70%
| SMIC President’s Report | 04.28.1021
As SMDC Gains More Momentum
(In Php billion) 2009 2008 % chg
Revenues from Real Estate Sales 5.26 3.05 72%
Gross Profit from Real Estate Sales 2.41 1.72 40%
Net Income from Real Estate 1.57 1.11 41%
Net Income after Tax 1.86 0.06 3,174%
Return on Equi ty (%) 17% 1% --
Interest Cov er (x) 22 1 2100%
EBITDA (Php bn) 2.15 0.50 330%
EBITDA M argin (%) 41% 16% --
Net M argin (%) 35% 2% --
| SMIC President’s Report | 04.28.1022
Aggressive Expansion in 2008 and 2009
22
GrassField Sea
Light Princeton Sun Jazz Wind
2009
2009
| SMIC President’s Report | 04.28.1023
Pico De Loro Shows Steady Growth in Sales
2009 Sales (P mn)
Units for sale
% Sold
%Complete
Jacana 943 246 92% 98%
Myna 957 246 90% 72%
Carola 158 248 16% 9%
Miranda 597 248 46% 8%
Club Shares 295 4,000 16% --
Commercial Properties Group Constructs TwoE-Com Center
| SMIC President’s Report | 04.28.1024
Building Features:
GFA – 107,683 sqm
NLA – 59,485 sqm
Estimated time of completion – Q4 2011Amenities include: - Over 8,000 sqm of commercial and retail space complemented by a landscaped garden - 340 parking slots- 20 elevators
25 | SMIC President’s Report | 04.28.10
Hotels and Conventions
Hotels and ConventionsNewest core business that aims to further broaden S M’s range of tourism-related products and servicesFurther strengthen Group synergies and added value within SM businesses by:
Providing additional foot traffic to SM malls and s toresHarnessing value of existing land assetsCreating new avenues for SM’s brand franchise
Capitalize on SM’s dominant position in the expo and convention businessesProduct offerings
Upscale and boutique hotelsExhibition convention centers Sports Arena
26 | SMIC President’s Report | 04.28.10
Group Capex for Full-Year 2010 Capex
(Php bn)Proj ects
Retail 2.6 25 stores
Malls 12.1 4 malls in the Phils .;One mall in China
Banks 2.2 Branch expansion, renov ation, IT enhancements
Property 15.014 Residentia l proj ects;
Tw oE-com; PDL con do’s and countr y c lub, Hamilo ferry terminal and causew ay
Hotels and Convention 4.5M OAC – Radisson, Sports Arena
Complex; M id-scale boutique hote ls ; Pico Sands
Total 36.4
27 | SMIC President’s Report | 04.28.10
SM Foundation
28 | SMIC President’s Report | 04.28.10
| SMIC President’s Report | 04.28.1029
Emergency Response Program: Operation Tulong Express
Post Ondoy and PepengPost Ondoy and Pepeng
| SMIC President’s Report | 04.28.1030
Education: Over 800 College Scholars Nationwide
College scholars are provided with: Free tuition, books, allowance, medical benefits, summer jobs, social activities, retreats, job
fairs, etc.
College scholars are provided with: Free tuition, books, allowance, medical benefits, summer jobs, social activities, retreats, job
fairs, etc.
Makeover of 10 Government-owned Health Centers
| SMIC President’s Report | 04.28.1031
Wellness Center for Wellness Center for Children Children -- BulacanBulacan
Wellness Center for the Wellness Center for the Elderly Elderly –– QuezonQuezon CityCity
Wellness Center for the Wellness Center for the Elderly Elderly -- IloiloIloilo
BeforeBefore AfterAfter BeforeBefore AfterAfter BeforeBefore AfterAfter
| SMIC President’s Report | 04.28.1032
Kabalikat sa Kabuhayan Provided Free Training to 1,259 Farmers
Three mon ths tra ining pro gram using new farming tec hnology for high-yie ld fruits and vegetables inc lude propagation, irrigation, an d fertilizer propagation among others. Products of the graduates w ill be carried b y SM food stores.
SM Investments CorporationPresident’s Report
28 April 2010
| SMIC President’s Report | 04.28.1033
Except for historical financial and operating data and other information in respect of historical matters, the statements contained herein are “forward-looking statements”. Any such forward-looking statement is not a guarantee of future performance and involves a number of known and unknown risks, uncertainties, and other factors that could cause the actual performance, financial condition or results of operation of SM and its subsidiaries to be materially different from any future performance, financial condition or results of operation i mplied by such forward-looking statement.
34
Thank you.
Recommended