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Business Profile
The Philippines' TOP Residential condominium developer
The Philippines' NO. 1 office landlord and developer
The Philippines' PIONEER of the LIVE-WORK-PLAY-LEARN TOWNSHIPS
Megaworld Corporation is the country's leading real estate developer and No.
1 business process and outsourcing (BPO) office developer and landlord in the
Philippines. Led by real estate magnate and visionary, Dr. Andrew L. Tan, Megaworld
pioneered LIVE-WORK-PLAY-LEARN integrated urban townships in the country.
Megaworld Corporation is transforming the Metro Manila landscape through a
series of large-scale residential and office developments including urban centers
integrating office, residential and commercial components. Apart from its core
business of property development, Megaworld as a holding company is into
merchandise trading as well as hotel and leisure.
Megaworld continues to build upon a track record for quality and innovation
centered on customer satisfaction through high-caliber projects delivered on time
and backed by professional property management and after-sales services.
Testament to Megaworlds industry leadership is the numerous awards
received through the years. In 2007 alone, Megaworld was awarded the following:
Overall Best Managed Company and Best in Investor Relations in the
Philippines in the Asia Money Polls
Best Investor Relations in the Singapore Market by a Philippine Company by
IR Magazine (Singapore)
Philippines Best Managed Company, Most Committed to Corporate
Governance, and Best in Investor Relations by Finance Asia
Today, the Megaworld brand reflects the proud achievements of a property
company whose various projects have enhanced the urban landscapeproviding
the living, working and leisure environments that allow families to enjoy life better
and businesses to thrive and grow.
History
The Company was founded by Andrew Tan and incorporated under Philippine
law on August 24, 1989 to engage in the development, leasing and marketing of
real estate. The Company initially established a reputation for building high-end
residential condominiums and commercial properties located in convenient urban
locations with easy access to offices as well as leisure and entertainment amenities
in Metro Manila. Beginning in 1996, in response to demand for the lifestyle
convenience of having quality residences in close proximity to office and leisure
facilities, the Company began to focus on the development of mixed-use
communities, primarily for the middle-income market, by commencing the
development of its Eastwood City community township. In addition, the Company
engages in other property related activities such as project design, construction
oversight and property management. In 1999, Eastwood City Cyberpark became the
first IT park in the Philippines to be designated a PEZA special economic zone.
Leaders
Board of Directors
Andrew L. Tan
Chairman of the Board and President
Mr. Tan is the founder of the Company and has served as its Chairman and
President since its incorporation in 1989. He pioneered the live-work-play-learn
model in real estate development through the Companys integrated township
communities, thus fueling the growth of the business process outsourcing (BPO)
industry. He chairs publicly-listed Alliance Global Group, Inc. which holds interests
in property development through the Company, integrated tourism development
through Global-Estate Resorts, Inc., which develops integrated tourism estates,
Travellers International Hotel Group, Inc., which owns Resorts World Manila, and
food and beverage manufacturing and distribution through Emperador, Inc., which
owns Emperador Distillers, Inc., the leading brandy manufacturer and distributor in
the Philippines, and Golden Arches Development Corporation, which operates and
franchises quick service restaurants under the McDonalds brand. Mr. Tan also
serves as Chairman of the Board of the Companys publicly-listed real estate
subsidiary, Empire East Land Holdings, Inc., and the Companys affordable housing
subsidiary, Suntrust Properties, Inc. He also serves in the boards of other Megaworld
subsidiaries including Eastwood Cyber One Corporation, Megaworld Land, Inc.,
Megaworld Central Properties, Inc., Townsquare Development, Inc. and Richmonde
Hotel Group International Limited. Mr. Tan is Chairman of Megaworld Foundation,
the Companys corporate social responsibility arm, which primarily focuses on the
promotion of education through scholarship programs for financially handicapped
but deserving students, and supports causes that promote poverty alleviation,
people empowerment, social justice, good governance and environmental
conservation.
Katherine L. Tan
Director
Ms. Tan, has served as Director of the Company since 1989. She is
concurrently Director of Empire East Land Holdings, Inc. and Director and Treasurer
of Alliance Global Group, Inc. and Emperador Inc. She has extensive experience in
the food and beverage industry and is currently Director and Corporate Secretary of
The Bar Beverage, Inc. and Choice Gourmet Banquet, Inc. She is Director and
President of Raffles & Company, Inc. and Director and Treasurer of Alliance Global
Brands, Inc. and Emperador Distillers, Inc.
Kingson U. Sian
Director and Executive Director
Mr. Sian has served as Director of the Company since April 13, 2007. He
joined the Megaworld Group in September 1995 as Senior Vice President and is
attended a Top Management and Productivity Program from the Asian Institute of
Management (AIM) as well as special courses sponsored by ILO, Geneva,
Switzerland, Asian Productivity Organization (APO), and the Nikkeren, Japan,
covering areas of Managerial Management and Organizational Development,
Productivity, Legal Management, Labor and Industrial Relations, Development of
SMEs among others. He is a member of the Philippine Bar Association, a
Commissioner of the Consultative Commission on Constitutional Reform and a
Lifetime Member of the Philippine Constitution Association (PHILCONSA). He is the
recipient of various awards and citations such as San Beda Colleges Outstanding
Alumni Award for Business Leadership, and San Beda Hall of Fame Awardee,
Presidential Medal of Merit for Outstanding Service to the Republic of the
Philippines, Tamaraw Leadership Award, Katipunan Leadership Award and
Leadership Award from ECOP, PCCI and ASEAN Productivity Organization and
Confederation of Asia-Pacific Chamber of Commerce and Industry (CACCI) Medallion
for Distinguished Service Award. . He was also conferred by the Central Luzon
State University with the degree of Doctor of Humanities (honoris causa), and by
the Eulogio Amang Rodriguez University of Science and Technology with a
Doctorate in Business Technology (honoris causa).
Gerardo C. Garcia
Independent Director
Mr. Garcia has served in the Companys Board of Directors since 1994. He
concurrently serves as independent director in the boards of Empire East Land
Holdings, Inc. and Global-Estate Resorts, Inc. He also serves as an independent
director of Megaworld Land, Inc., and Suntrust Properties, Inc. From October 1994
to December 1997, Mr. Garcia served as President of Empire East Land Holdings,
Inc. Prior to joining Empire East Land Holdings, Inc. Mr. Garcia served as Executive
Vice President of UBP Capital Corporation. He holds a bachelors degree in Chemical
Engineering and a Masters Degree in Business Administration from the University of
the Philippines.
Roberto S. Guevara
Independent Director
Mr. Guevara has been a member of the Companys Board of Directors since
June 20, 2001. He is Chairman of the Board of Directors of Seed Capital Ventures,
Inc. He serves on the board of other companies, such as G & S Transport
Corporation, a licensee of Avis Car Rentals, Guevent Industrial Development
Corporation and Radiowealth Finance Corporation, and as independent director of
First Centro, Inc. He is also the President of Seed Capital Corporation and RFC (HK)
Limited. Mr. Guevara graduated from San Beda College in 1974, and received
graduate degree from the Asian Institute of Management and a post graduate
course at the Institute for Management Development (IMD), in Lausanne,
Switzerland.
LOURDES T. GUTIERREZ
Chief Operating Officer
KINGSON U. SIAN
Executive Director
FRANCISCO C. CANUTO
SVP and Treasurer
GIOVANNI C. NG
SVP and Finance Director
PHILIPPS C. CANDO
SVP Operations
GARRY V. DE GUZMAN
FVP Legal Affairs
MONICA T. SALOMON
FVP Corporate Management
JERICHO P. GO
FVP Business Development and Leasing
CARMEN C. FERNANDO
Managing Director Hotels
NOLI D. HERNANDEZ
SVP Sales and Marketing
Operations
Current Property Development Projects
The Companys current property development projects consist of mixed-use
residential and commercial developments located throughout Metro Manila, Cebu,
Iloilo and Davao. The objective of each of the mixed-use developments is to provide
an integrated community with high quality live-work-play-learn amenities within
close proximity to each other. Each of the Companys main projects is described
below.
Eastwood City
Eastwood City is a mixed-use project on approximately 18 hectares of land in
Quezon City, Metro Manila that integrates corporate, residential, education/training,
leisure and entertainment components. In response to growing demand for office
space with infrastructure capable of supporting IT-based operations such as highspeed telecommunications facilities, 24-hour uninterruptible power supply and
computer security, the Company launched the Eastwood City Cyberpark, the
Philippines first IT park, within Eastwood City in 1997. The Eastwood City Cyberpark
includes the headquarters of IBM Philippines and Citibanks credit card and data
center operations as anchor tenants. In connection with the development of the
Cyberpark, the Company was instrumental in working with the Philippine
Government to obtain the first PEZA-designated special economic zone status for an
IT park in 1999. A PEZA special economic zone designation confers certain tax
incentives such as an income tax holiday of four to six years and other tax
exemptions upon businesses that are located within the zone. The planning of
Eastwood City adopts an integrated approach to urban planning, with an emphasis
on the development of the Eastwood City Cyberpark to provide offices with the
infrastructure such as high-speed telecommunications and 24-hour uninterrupted
power supply to support BPO and other technology-driven businesses, and to
provide education/training, restaurants, leisure and retail facilities and residences to
complement Eastwood City Cyberpark.
Once the entire residential zone of Eastwood City is fully developed, it is expected
to consist of at least 20 high-rise towers. Each tower is designed according to a
specific theme and style. Typical building amenities include 24-hour security, highspeed elevators, parking, a swimming pool and other recreational facilities.
The office properties at Eastwood City consist of office buildings. Tenants in the
Eastwood City Cyberpark include major multinational corporations, largely
comprised of software developers, data encoding and conversion centers, call
centers, system integrations, IT and computer system support. The tenants, which
include Citibank, IBM and Dell, are able to benefit from a variety of business and tax
incentives in conjunction with the PEZA special economic zone status conferred
upon the Eastwood City Cyberpark.
The leisure and entertainment zone consists of the Eastwood Mall, Eastwood
Richmonde Hotel, Eastwood Citywalk I, a dining and entertainment hub, and
Eastwood Citywalk II, an amusement center with a state-of-the-art digital complex, a
billiard and bowling center, restaurants and specialty shops, which are designed to
complement the office and residential buildings in the community township.
McKinley Hill
The McKinley Hill is a community township located on approximately 50 hectares of
land in Fort Bonifacio, Taguig, Metro Manila. McKinley Hill consists of office,
residential, retail, educational, entertainment and recreational centers.
The residential zone consists of subdivision lots for low-density single-detached
homes, clusters of low-rise residential garden villas and residential condominiums.
The office properties will include the McKinley Hill Cyberpark which is a PEZAdesignated IT special economic zone. Tenants of the office properties will largely be
comprised of software developers, data encoding and conversion centers, call
centers, system integrations, IT and computer system support.
The leisure and entertainment zone will consist of bars, restaurants, specialty
shops, cinemas and sports complex, which are expected to complement the office
and residential areas in the community township.
Three international schools, the Chinese International School, the Korean
International School and Enderun College, a hotel management institution affiliated
with Les Roches of Switzerland, will initially comprise the learn component of the
township.
McKinley Hill is likewise home to the British Embassy which relocated on a 1.2
hectare property within the development and the Korean Embassy which is located
in a 5,822 square meter site within the project.
Newport City
Newport City is a community township located on 25 hectares of land at the
Villamor Air Base, Pasay City, Metro Manila, across from the NAIA Terminal 3 and
adjacent to the Villamor golf course. The Newport City similarly integrates the livework-play concept of Eastwood City, with the exception that it will be targeted
towards tenants and buyers who consider proximity to the NAIA Terminal 3 an
advantage.
The residential zone will consist of eight to nine-storey medium-rise buildings. The
corporate zone is expected to be comprised of office buildings. The Company
expects to establish a PEZA special economic zone cyberpark at Newport City.
The leisure and entertainment zone is expected to consist of bars, restaurants, retail
and tourist oriented shops, which are designed to complement the office and
residential buildings in the community township. Newport City is home to Resorts
World Manila, which is a leisure and entertainment complex comprising gaming
facilities, restaurants, hotels and shopping outlets.
Upon full development, the hotel zone shall comprise the Marriott Hotel, Maxims
Hotel, Remington Hotel, Belmont Luxury Hotel and Savoy Hotel.
Cityplace
The Cityplace project is a mixed-use project under development on a 2.5-hectare lot
in Binondo, Metro Manila. The development is expected to have over 2,000
residential condominium units and a shopping center called Lucky Chinatown Mall.
The development is also expected to include a public car parking facility, new
bypass roads and pedestrian overpasses to make the project environment and
pedestrian-friendly.
Uptown Bonifacio
McKinley West
The Company is developing McKinley West, an approximately 34.5-hectare portion
of the JUSMAG property owned by BCDA and located across from McKinley Hill in
Taguig, Metro Manila. The development of McKinley West into a mixed-use project is
another joint venture undertaking with BCDA.
Awards
Megaworld has been recognized within the country for its leadership in the real
estate industry. These awards include:
1999 Finance Asias Best Managed Philippine Company
1999 Finance Asias Best Investor Relations
2001 Finance Asias Best Managed Philippine Company
2001 Finance Asias Best in Enhancing Shareholder Value
2003 Euromoneys Best in Corporate Governance
2003 Euromoneys Best Property Company in the Philippines
2003 Euromoneys Best Managed Philippine Company
2003 Philippine Superbrands Award
2004 Finance Asias Best Investor Relations
2004 Finance Asias Best Managed Philippine Company
2004 Asiamoneys Clearest Corporation Strategy
2004 Asiamoneys Best Investor Relations
2004 Asiamoneys Best Website
2004 Euromoneys Best Property Company in the Region
2004 Philippine Superbrands Award
2005 Euromoneys Best Property Company in the Region
2006 Finance Asias Best Investor Relations
2006 Finance Asias Best Managed Philippine Company
2006 Finance Asias Best in Corporate Governance
2006 Euromoneys Best Property Company in the Philippines
2007 Asiamoneys Best Managed Philippine Company
2007 Asiamoneys Best Investor Relations
2007 Philippine Superbrands Award
2007 Ranked No.1 in Best Managed Philippine Company by Finance Asia
2007 Ranked No.1 in Best Investor Relations by Finance Asia
2007 Ranked No.1 in Best in Corporate Governance by Finance Asia
2007 Ranked No.1 in Asias Best Managed Companies by Finance Asia
2007 Best Investor Relations in the Singapore Market by a Philippine Company by IR
Magazine
2008 Finance Asias Best Managed Philippine Company
2008 Asiamoneys Small Cap Corporate of the Year
2008 Ranked No.2 in Most Convincing and Coherent Strategy Company by
Euromoney
2009 Finance Asias Best Managed Philippine Company and Best in Investor
Relations
2010 Finance Asias Best Managed Philippine Company and Best in Investor
Relations
2011 Alpha Southeast Asia Most Organized Investor Relations and Strong Adherence
to Corporate Governance
Financial Statement
Megaworld Corporation
MEG
PSE Disclosure Form 17-1 - Annual Report References: SRC Rule 17 and
Sections 17.2 and 17.8 of the Revised Disclosure Rules
Currency (indicate
units, if applicable)
Pesos
Balance Sheet
Year Ending
Current Assets
98,458,370,209
81,732,409,554
Total Assets
173,882,105,347
142,723,397,757
Current Liabilities
25,896,516,608
25,762,073,994
Total Liabilities
71,929,083,522
61,497,471,151
Retained
Earnings/(Deficit)
42,457,420,384
34,486,457,893
Stockholders' Equity
101,953,021,825
81,225,926,606
91,927,391,376
71,350,562,627
2.91
2.52
Income Statement
Year Ending
Operating Revenue
32,332,728,327
26,964,855,131
Other Revenue
3,908,836,175
3,639,534,746
Gross Revenue
36,241,564,502
30,604,389,877
Operating Expense
22,781,790,580
19,812,648,846
Other Expense
1,859,653,882
1,127,193,834
Gross Expense
24,641,444,462
20,939,842,680
11,606,435,750
9,664,547,197
2,571,452,012
2,252,723,421
9,034,983,738
7,411,823,776
8,970,664,010
7,298,865,167
0.308
0.281
0.305
0.275
Financial Ratios
Formula
3.8
3.17
Current Ratio or
Working Capital Ratio
Quick Ratio
1.64
Solvency Ratio
2.42
2.32
Debt Ratio
0.41
0.43
Debt-to-Equity Ratio
Total Debt/Total
Stockholders' Equity
0.28
0.25
Interest Coverage
7.07
1.71
1.76
43.01
40.22
24.93
24.22
Return on Assets
5.2
5.19
Profitability Ratios
Return on Equity
Price/Earnings Ratio
8.86
9.12
9.86