Investor Kit 2021 This presentation is available online through www.smprime.com - SM Prime Holdings
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Investor Kit 2021 This presentation is available online through www.smprime.com
Disclaimer This presentation does not constitute a prospectus or other offering memorandum in whole or in part. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company. There shall be no sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to any qualification under the securities laws of such state or jurisdiction. This presentation has not been and will not be reviewed or approved by any statutory or regulatory authority or any stock exchange in the Philippines or elsewhere. Prospective investors should undertake their own assessment with regard to their investment and they should obtain independent advice on any such investment’s suitability, inherent risks and merits and any tax, legal and accounting implications which it may have for them. This presentation contains statements about future events and expectations that constitute “forward-looking statements.” These forward-looking statements include words or phrases such as the Company or its management “believes”, “expects”, “anticipates”, “intends”, “may”, “plans”, “foresees”, “targets”, “aims” “would”, “could” or other words or phrases of similar import. Similarly, statements that describe the Company's objectives, plans or goals are also forward-looking statements. All such forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Such forward-looking statements are made based on management’s current expectations or beliefs as well as assumptions made by, and information currently available to, management. These forward-looking statements speak only as at the date of this presentation and nothing contained in this presentation is or should be relied upon as a promise or representation as to the future. This presentation and the contents hereof are for the exclusive use of the intended recipient(s). This presentation and the contents hereof should not be (i) forwarded or delivered or transmitted in any manner whatsoever, to any other person other than the intended recipient(s); or (ii) reproduced in any manner whatsoever. Any forwarding, distribution or reproduction of this presentation in whole or in part is unauthorized. This presentation must not be distributed to the press or any media organization. By accepting this presentation, the recipient agrees to keep confidential at all times information contained in or made available in connection with this presentation. Neither the Company nor its advisor, nor any of their respective affiliates, shareholders, directors, employees, agents or advisers makes any expressed or implied representations or warranties as to the accuracy and completeness of the information contained herein or any other information (whether communicated in written or oral form) and each of the foregoing parties expressly disclaims any and all responsibility and liability of any kind (including any contractual, non-contractual, or third party liability) for any loss or damage, whether or not arising from any error or omission in compiling such information or as a result of any party’s reliance or use of such information. The information in this presentation has not been independently verified. The information and opinions in this presentation are subject to change without notice, and no obligation is assumed by the Company nor its advisor, nor any of their respective affiliates, shareholders, directors, employees, agents or advisers to provide the recipient(s) with access to any additional information or to update this presentation or to correct any inaccuracies in it which may become apparent. 2 SMPHI IR Kit 2021
Outline
I. Company Profile
II. 1Q2021 Highlights
III. COVID-19 Response
IV. Sustainability
► FourSustainability Pillars
► SM Prime’s Path to Sustainable Development
V. The Company
► Key Business Units
► Malls
► Residences
► Offices
► Hotels & Convention Centers
VI. Key Strategies
► Key Strategies
► Landbank
► Capex Program
VII. Financial Highlights
VIII. Investment Highlights
Company Profile
► One of the leading retail landlords in Southeast
Asia
Market Capitalization
► One of the largest listed real estate developers
US$20.23bn
on the PSE by market capitalization and net
income PSE Stock Symbol SMPH
Market Capitalization PHP972bn
► Consistently cited for excellence in corporate Outstanding Shares 28,879mn
governance, property development,
environmental consciousness, and investor Last Traded Price
Php33.65/share
(May 05, 2021)
relations programs
Average Daily Turnover
US$5.28mn
(YTD)
4 SMPHI IR Kit 2021
1Q2021 Financial Highlights
► Consolidated net income of PHP6.48 billion, down by 22% from PHP8.32 billion in 1Q2020, however 78% higher
from last quarter’s PHP3.64 billion.
► Consolidated revenue of PHP20.80 billion, 19% lower than PHP25.79 of the same period
► Revenue Contribution: Residences accounts for 57%, Mall business accounts for 35%,Other Business accounts
for 8%
► Philippine malls revenues recorded PHP5.87 billion, 48% down from PHP11.30 billion of the same period last
year, but 10% increase quarter-on-quarter
► Philippine mall rental income registered PHP5.63 billion, 44% lesser from last year’s PHP10.07 billion, but
14% increase quarter-on-quarter due to the increase of operating mall tenants
► Residential group, led by SM Development Corporation (SMDC), recorded a 5% increase in revenue to
PHP11.93 billion from PHP11.41 billion in 1Q2019
► SMDC’s reservation sales amounted to PHP32.38 billion in 1Q2021
► SM Prime’s other business segments, which include offices and hotels and convention centers, contributed
PHP1.56 billion to the Company’s consolidated revenues.
5 SMPHI IR Kit 2021
COVID-19 Response
2020
• Through SM Foundation: Donated PHP300* million worth of
PPEs, medical equipment, and facilities to meet the needs of
some 150 hospitals and health facilities nationwide
• Donated seven emergency quarantine facilities (EQFs) built by
SM EDD (SM Engineering, Design, and Development)
• PHP100 million* donated to under privilege communities
through Project Ugnayan.
• Extended rental concessions amounting to Php23 billion* to
our mall tenants.
• Ensured all employees were given their full month's salaries
during the two months of lockdown, amounting to almost
PHP1 billion**
• Settled obligation to agency personnel partners, suppliers, and
contractors, who completed their work obligations during ECQ.
*as of Dec 2020
** as of March 16 to May 31 2020
6 SMPHI IR Kit 2021
COVID-19 Response
2020
• Launched “Trace Together,” a generic mobile tracing tool
for all our properties complementing the tracing program of
the national government.
• Introduced alternative delivery/fulfillment options for mall
tenants to serve its customers.
• Streamlined organizational structures and back office
processes, promoting online collaborations, trainings and
seminars to ensure the safety and well-being of our
employees who continue to provide operational support to
the businesses through SM Life app.
• Introduced SM Mall online app.
• Converted SM Mall of Asia Arena into a Mega Swabbing
Facility.
7 SMPHI IR Kit 2021
COVID-19 Response
2021
• SM Mall of Asia Arena continues to serve as Mega
Swabbing Facility.
• In February, SM Supermalls inked partnership with
Philippine Red Cross to provide specimen sites for its
saliva transcription-polymerase chain reaction (RT-PCR)
testing.
• Provide further rent concession to tenants affected by
recurring stricter quarantine measures specifically in
Metro Manila, Bulacan, Cavite, Rizal and Laguna.
• In April, SM Supermalls inked partnership with various
LGUs nationwide to be the venue for their COVID-19
vaccination program.
8 SMPHI IR Kit 2021
Environment, Social and Governance
Four Sustainability Pillars of SM Prime 10 SMPHI IR Kit 2021
11 SMPHI IR Kit 2021
Key Business Units
Hotels and
Malls Residences Commercial
Convention Centers
► SM Supermalls ► SM Development ► Offices and ► Radisson Blu
Corporation and Warehouses
► SM Lifestyle, Inc. ► Taal Vista
Subsidiaries
► Mall of Asia
► Family ► Pico Sands
► Highlands Prime Inc. Complex
Entertainment
► Park Inn
Center Inc. ► Costa Del Hamilo ► Seaside City Cebu
Inc. Complex ► Conrad Manila
► SMX Convention
Centers
12 SMPHI IR Kit 2021At a Glance
MALLS RESIDENCES
1Q2021 Operating Highlights 1Q2021 Operating Highlights
► Total Revenues is PHP7.35 billion, down by 40% from ► Total Revenues increased by 5%
PHP12.24 billion to PHP11.93 billion from PHP11.41 billion
► Operating Income is PHP2.97 billion, 53% lower from PHP6.32 ► Operating Income went up by 9% to PHP5.05 billion from
billion in 1Q2020 PHP4.64 billion
► Total Investment Properties of PHP298.63 billion ► Total Assets amounted to PHP261.22 billion
OFFICES HOTELS AND
CONVENTION CENTERS
1Q2021 Operating Highlights 1Q2021 Operating Highlights
► Total Revenues went down by 2% to PHP1.24 billion ► Total Revenues went down by 64% at PHP0.32 billion from
from PHP1.26 billion PHP0.89 billion
► Operating Income went down by 1% to PHP1.06billion ► Operating Loss of PHP0.29 billion
from PHP1.07 billion ► Total Investment Properties of PHP12.33 billion
► Total Investment Properties amounted to PHP58.37 billion
13 SMPHI IR Kit 2021At a Glance Novaliches, Quezon City Mall Residential
Lifestyle Cities in Metro Manila
Caloocan (North) Fairview, Quezon City Mall Residential Offices
North EDSA Mall Residential Office Hotel
Valenzuela
Quezon City
Sta. Mesa Mall Residential
Navotas
Malabon
Caloocan Mandaluyong Mall Residential Office Convention Center
Marikina
Manila San Juan
Mandaluyong Pasay Mall Residential Offices Hotel Convention Center Arena
Pasig
Makati
▪ SM Prime has ten (10) Pasay Pateros
integrated property Taguig
Taguig City Mall Offices Convention Center
developments in Metro Manila
dubbed as Lifestyle Cities. Sucat, Paranaque City Mall Residential
Parañaque
▪ SM Prime’s first lifestyle city is Las Piñas
Bicutan, Paranaque City Mall Residential
the Mall of Asia Complex in
Las Piñas City Mall Residential Offices
Pasay City, which spans 60 Muntinlupa
hectares of developable area
14 SMPHI IR Kit 2021At a Glance
Lifestyle Cities in the Provinces
Clark, Pampanga Mall Offices Hotel Convention Center (soon)
▪ SM Prime has eleven (11) Olongapo, Zambales Mall Convention Center
integrated property
Marilao, Bulacan Mall Residential
developments in key provincial Zambales Pampanga
Taytay, Rizal Mall Residential
cities in the Philippines. Bulacan
Rizal
Trece Martires, Cavite Mall Residential
▪ SM Prime plans to expand its Cavite
Laguna
portfolio to other developing Sta. Rosa, Laguna Mall Residential Office
cities in the country with its key Iloilo City, Iloilo Mall Residential Offices Hotel
businesses – mall, residential,
Bacolod City, Negros Occ. Mall Residential Hotel (soon) Convention Center
offices, hotels and convention Iloilo
centers. Bacolod
Seaside City, Cebu Mall Convention Center Arena (soon)
Cebu
Cagayan de Oro, Misamis Oriental Mall Office
Cagayan de Oro
Davao City, Davao Mall Residential Convention Center
Davao
15 SMPHI IR Kit 2021(As of 1Q2021) Revenue PHP7.35bn Operating Income PHP2.97bn Gross Floor Area 10.0m sqm Malls 76 in PH & 7 in CH
Key Business Units
PHILIPPINES CHINA
76 Malls 7 Malls
8.7M sqm Total GFA 1.3M sqm Total GFA
17,559 Tenants 1,832 Tenants
Average Daily Average Daily
1.2M Pedestrian Count 0.2M Pedestrian Count
353 Cinema Screens 58 Cinema Screens
84,977 Parking Slots 15,384 Parking Slots
SM Prime is the largest mall operator/developer in the Philippines.
17 SMPHI IR Kit 2021Key Business Units
Philippine Population: 101M
Philippine Malls
LUZON:
► In terms of GFA, Metro Manila malls 40 Malls
account for 41%, Luzon (ex NCR) is 37%,
Visayas is 13% and Mindanao is 9%
NCR:
► Average mature mall occupancy rate is 23 Malls
92% in terms of lease awarded.
► Accounts for 50% of mall space in the VISAYAS:
6 Malls
country
MINDANAO
7 Malls
18 SMPHI IR Kit 2021Key Business Units
Mall Coverage in PH
Philippine Population: 101M
Caloocan (North)
Luzon: Valenzuela
45M People (1 Mall) Quezon City
(5 Malls)
Navotas
Malabon
Caloocan Marikina
(1 Mall) (1 Mall)
NCR:
Manila
13M People (2 Malls) San Juan
Mandaluyong
(2 Malls) Pasig
(2 Malls)
Pasay Makati
Pateros
(2 Malls)
Taguig
(1 Mall)
Existing Sites
Visayas: Parañaque
(3 Malls)
19M People
Las Piñas
Future Sites (2 Malls)
Muntinlupa
Untapped Area Mindanao: (1 Mall)
24M People
▪ SMPH malls covered almost all of the key cities in Metro Manila and adjoining towns and municipalities, accounting for 41% of the
company’s total gross floor area in the Philippines.
▪ SMPH mall expansion is geared towards the provinces. The focus is to cover most of Northern Luzon, Visayas and the progressive cities
in Mindanao.
19 SMPHI IR Kit 2021Key Business Units
China Malls
► Operating in China since 2001 and became
part of SM Prime in 2007
► Operates 7 malls with a total GFA of 1.3m
sqm Tianjin
► Construction for the expansion of SM
Xiamen and the new SM Yangzhou has
already started.
20 SMPHI IR Kit 2021Key Business Units
Malls’ Expansion Program
2021 2021
New Malls
SM City Grand Central Malls SM City Urdaneta Central Expansion
Name GFA Name GFA
SM City Daet 47,000 SM City Urdaneta Central +11,000
SM City Grand Central 85,000 SM Mall of Asia IKEA +85,000
SM City Roxas 41,000
▪ This 2021, SM Prime’s mall opening and expansion projects will add around 270,000 sqm of GFA.
▪ Available landbank of almost 253 hectares which is good for over the next 5 to 7 years.
21 SMPHI IR Kit 2021(As of 1Q2021) Revenue PHP11.93bn Operating Income PHP5.05bn Reservation Sales PHP32.38bn Residential Units Launched (since 2003) PHP600bn / 157,891 units
Key Business Units
Primary Homes
► A leading residential developer of high-rise buildings
(HRBs), mid-rise buildings (MRBs) and single-
detached house and lots
Gold Residences, Parañaque City
► Accounts for 57% of the consolidated revenues
► Reservation sales value of PHP32.38 billion in
1Q2021
► Unbooked Revenue amounts to PHP214bn
Light 2 Residences, Mandaluyong City
Style Residences, Iloilo City
23 SMPHI IR Kit 2021Key Business Units
Primary Homes
Projects Overview (as of 1Q2021)
Ready-for-Occupancy (RFO)
2,559
(Unsold Units)
Ongoing Construction (Unsold Units) 15,193
Estimated Inventory Value PHP107.94bn
1Q2021 Reservation Sales (value) PHP32.38bn
FY2020 CAPEX PHP24.51bn
Landbank (hectares)
Metro Manila 96
Outside Metro Manila 1430
Sand Residences, Manila City
24 SMPHI IR Kit 2021Residential Coverage
Caloocan (North)
Valenzuela
Quezon City
Navotas (13 Projects)
Malabon
Caloocan Marikina
Manila
(2 Project) San Juan
Mandaluyong
(3 Projects) Pasig
(2 Project)
Makati
Pasay (5 Projects) Pateros
(9 Projects)
Taguig
(1 Project)
Parañaque
Existing Sites (5 Projects)
Las Piñas
(2 Project)
Future Sites
Muntinlupa
Untapped Area (1 Project)
▪ SMPH fairly covered Metro Manila with high-rise condominium projects with majority of its residential projects located in the cities of Quezon, Pasay,
Paranaque and Makati.
▪ As of 1Q2021, 43 out of the 54 SMDC projects in the country are located in Metro Manila.
25 SMPHI IR Kit 2021Key Business Units
Leisure Homes
► Include 2 large-scale tourism projects – Tagaytay
Highlands and Pico de Loro
► Tagaytay Highlands is an exclusive mountain resort, golf Woodlands Point Community at Tagaytay Highlands
club and residential complex, covering some areas of
Cavite, Laguna and Batangas
► The 40-hectare Pico de Loro is the
Phase 1 of Hamilo Coast project,
a premier and sustainable leisure destination in
Nasugbu, Batangas
Horizon Terraces Garden Villas
► Landbank of 552 hectares
Freia at Pico de Loro Cove
26 SMPHI IR Kit 2021(As of 1Q2021) Revenue PHP1.24bn Operating Income PHP1.06bn Gross Floor Area 0.7m sqm Office Buildings 12
Key Business Units
Offices
► Have 12 office buildings with a combined GFA of
approximately 700,000 sqm
► Four of these 12 offices are located in the Mall of Asia TwoE-comCenter
Complex in Pasay City, which provide a combined GFA
of 436,000 sqm
► Have an available landbank of 80 hectares for future
development
FiveE-comCenter
ThreeE-comCenter
28 SMPHI IR Kit 2021(As of 1Q2021) Revenue PHP0.32bn Operating Loss PHP0.29bn Hotels 8 Convention Centers & Trade Halls 7
Key Business Units
Hotels and Convention Centers
► Operating 8 hotels with over 1,900
rooms; 5 Convention Centers,
and 2 Trade Halls with more than 40,000 sqm of
leasable space as of 1Q2021. Conrad Manila Park Inn by Radisson - Clark
► Conrad Manila and SMX Manila are both located in
Mall of Asia Complex, Pasay City.
Radisson Blu Hotel Pico Sands Hotel Park Inn by Radisson -
Davao
SMX Convention Center
30 SMPHI IR Kit 2021(As of 1Q2021) Landmark 2,410ha 2020 CAPEX PHP60bn Net Debt To Equity 44:56
Landbank
Area by Region (in hectares)
Area
No. of Sites (in hectares) % of Total Metro Manila Provincial
45 253 10% 19 217
Malls
Primary
Homes
105 1,526 63% 96 1,430
Leisure
Homes 5 552 23% - 552
Commercial
15 80 4% 5 75
Total 170 2,410 100% 120 2,274
▪ SM Prime’s landbank is good for the next 5 to 7 years, located in emerging progressive cities across the country
▪ Leisure projects are for medium-term development
32 SMPHI IR Kit 2021CAPEX Program
PHP44bn PHP58bn PHP91bn PHP69bn PHP60bn PHP15bn
100% 4%
8% 6%
12% 14%
90% 17%
80%
70% 33% 52%
51% 42%
62% 41%
60%
50%
40%
30%
55%
20% 41% 42% 44% 44%
32%
10%
0%
2016A 2017A 2018A 2019A 2020A 1Q2021A
Malls Residences Others
▪ SM Prime allotted PHP80 billion capital expenditures for 2021. This will be primarily used for mall and residential developments
as well as strategic landbanking activities with due consideration to the challenges brought about by the COVID-19 pandemic.
▪ Furthermore, the Company will continue to explore opportunistic acquisitions and/or investments.
▪ The CAPEX program will be funded by the combination of local borrowings and internal funds.
33 SMPHI IR Kit 2021Maintain Conservative Balance Sheet
Interest Coverage Ratio* Net Debt to Equity**
12.00 100%
90%
10.00 9.64 37% 36%
80% 40% 40%
8.96 44% 44%
70%
8.00 7.59 7.56
6.73 60%
6.00 50%
4.57 40%
4.00 30% 63% 64% 60% 60% 56% 56%
20%
2.00
10%
0%
0.00
2016 2017 2018 2019 2020 1Q2021
2016 2017 2018 2019 2020 1Q2021
Equity Debt Net Debt
*Earnings before interest, income taxes, depreciation **Total interest-bearing liabilities- cash & cash equivalents
and amortization (EBITDA) and investment securities
Total equity attributable to equity holders of the parent
Interest expense
34 SMPHI IR Kit 2021(As of 1Q2021) Consolidated Net Income PHP6.48bn Consolidated Revenue PHP20.80bn Consolidated Operating Income PHP8.67bn
Consolidated Financials
Revenue Segment Contribution
100%
7% 9% 8% 8% 8% 8%
90%
80%
32%
33% 35% 38%
70%
58% 57%
60%
50%
40%
30% 61% 58% 57% 54%
20%
34% 35%
10%
0%
2016 2017 2018 2019 2020 1Q2021
Malls Residences Other Business Segments
▪ Residences accounts for 57% of SM Prime’s consolidated revenues.
▪ Malls accounts for 35%.
▪ Other Business Segments cover the rest.
36 SMPHI IR Kit 2021Consolidated Financials
Net Income Segment Contribution
100%
7% 6%
9% 10% 9% 11%
90%
80% 24% 25% 29% 33%
70%
56%
60%
50% 77%
40%
67% 65%
30% 62% 60%
20% 39%
10%
12%
0%
2016 2017 2018 2019 2020 1Q2021
Malls Residences Other Business Segments
▪ Residences contributed the most among key business units, followed by Malls.
▪ Mall business gained strength as operating tenants increased in 1Q2021.
37 SMPHI IR Kit 2021Consolidated Financials
(In PHP Billion) 1Q2021 1Q2020 % Chg
Revenues 20.80 25.79 -19%
EBITDA 11.31 14.56 -22%
Operating Income 8.67 11.88 -27%
Net Income 6.48 8.32 -22%
▪ Net income went down by 22% to PHP6.5bn in 1Q2021 from PHP8.3bn, while operating income is 27% lower to
PHP8.67bn in 1Q2021 from PHP11.9bn. Consolidated revenues likewise dropped by 19% to PHP20.8bn from
PHP25.79bn.
▪ The declaration of COVID-19 by the World Health Organization (WHO) as a pandemic and declaration of nationwide
state of calamity and implementation of enhanced community quarantine (ECQ) measures in the areas of Luzon last
March 16, 2020 have caused disruptions in the Company's business activities, and its impact continues to evolve.
38 SMPHI IR Kit 2021Financials
Malls: Philippines
(In PHP Billion) 1Q2021 1Q2020 % Chg
Revenues 5.87 11.30 -48%
- Rent Income 5.63 10.07 -44%
- Cinema and Event Ticket Sales
0.24 1.23 -81%
and others
EBITDA 4.05 7.97 -49%
Operating Income 2.18 6.06 -64%
▪ Rental Income in 1Q2021 is PHP5.6bn, 44% lower from PHP10.1bn in the previous year, which is still a pre-
COVID period.
▪ Operating income, likewise, went down by 64% to PHP2.2bn from PHP6.1bn.
39 SMPHI IR Kit 2021Financials
Malls: China
(In RMB Billion) 1Q2021 1Q2020 % Chg
Revenues 0.20 0.13 53%
- Rent Income 0.19 0.12 58%
- Others 0.005 0.008 -28%
EBITDA 0.16 0.09 80%
Operating Income 0.11 0.04 198%
▪ SM Prime’s China mall business which reported closure in January 25,2020 due to the spread of COVID-19 in
the region, has now all seven malls running at 80% capacity, with foot traffic gradually going back to normal
since its gradual reopening from February 10 to March 11 in 2020 when lockdowns in China were lifted.
▪ China government provided SM Prime tax breaks to cushion the impact of the pandemic in its business
activities
40 SMPHI IR Kit 2021Financials
Residences
(In PHP Billion) 1Q2021 1Q2020 % Chg
Revenues 11.93 11.41 5%
EBITDA 5.07 4.69 8%
Operating Income 5.05 4.64 9%
▪ Revenues increased by 5% to PHP11.9bn in 1Q2021 from PHP11.4bn in 1Q2020.
▪ Gross profit margin remained at 56%, whereas net income improved by 16% to PHP3.60 billion in 1Q2021 from
PHP3.10 in 1Q2020.
▪ SMDC’s reservation sales in 1Q2021 surged to PHP32.4 billion, 31% higher from PHP24.8 of the same period
last year.
41 SMPHI IR Kit 2021Financials
Other Businesses
(In PHP Billion) 1Q2021 1Q2020 % Chg
Revenues 1.56 2.15 -27%
EBITDA 1.11 1.38 -20%
Operating Income 0.77 1.06 -27%
▪ Revenues from Commercial Properties Group and Hotels and Convention Centers cover 8% of the overall
consolidated revenues.
▪ The Commercial Properties Group (CPG), which manages the Company’s office business, continues to operate at
optimal level.
▪ While the Company’s hotels and convention centers’ operations follow guidelines set by the COVID-19 Inter-Agency
Task Force (IATF).
42 SMPHI IR Kit 2021Consolidated Balance Sheets
(In PHP Million (except % data) 1Q2021 % to Assets 2020 % to Assets
Assets
Cash and cash equivalents 23,896 3% 30,662 4%
Equity instruments at fair value through other comprehensive
15,580 2% 16,700 2%
income
Receivables & Contract Assets 60,255 8% 58,945 8%
Investment Properties 441,154 61% 436,159 60%
Real Estate Inventories 46,284 6% 43,692 6%
Other Assets 141,083 20% 136,201 19%
Total Assets 728,252 100% 722,359 100%
Liabilities and Stockholders’ Equity
Interest bearing debt 271,187 37% 272,469 38%
Accounts payable and other 140,238 19% 139,172 19%
Total Liabilities 411,925 56% 411,641 57%
Total Equity attributable to equity holders of the parent 315,478 43% 309,284 43%
▪ We continue to maintain a very conservative balance sheet
▪ More than half of our assets are in the investment properties while our interest bearing
debt accounts for 37%
43 SMPHI IR Kit 2021Cash Flow
(In PHP millions) 1Q2021 2020 2019 2018 2017 2016
Cash Flows from Operating Activities
Operating Income before Working Capital Changes 11,513 39,455 65,791 56,592 48,058 37,678
Net Cash provided by (used in) operations 7,493 17,190 51,728 45,964 45,777 31,491
Net Cash provided by (used in) Investing Activities (10,361) (43,944) (48,615) (64,078) (41,012) (27,080)
Net Cash provided by (used in) Financing Activities (3,920) 22,818 7,310 12,633 14,176 (5,604)
Net Increase (Decrease) in Cash and Cash Equivalents (6,766) (3,938) 4,167 5,605 19,171 (669)
Cash and Cash Equivalents at Beginning
30,662 34,600 38,766 44,371 25,201 25,870
of Year
Cash and Cash Equivalents at End of Year 23,896 30,662 34,600 38,766 44,372 25,201
▪ Net gearing is equivalent to 44:56 in 1Q2021, below the management target of keeping 50:50 net debt to equity ratio
44 SMPHI IR Kit 2021► Establish strong brand equity
► Leading integrated real estate platform with strong track
record across full suite of asset classes
► World-class mall business, which will anchor future
sustainable lifestyle city projects
► Significant growth opportunities from landbank
optimization and future acquisitions
2020 Integrated Report
► Strong balance sheet supported by strong recurring
income
► Highly experienced management team and strong
corporate governanceInvestor Kit 2021 This presentation is available online through www.smprime.com
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