Cash flow SM Prime Holdings, Inc.

Equities

SMPH

PHY8076N1120

Real Estate Development & Operations

End-of-day quote Philippines S.E. Other stock markets 2024-12-12			5-day change	1st Jan Change
26.10 ^PHP	-1.69%		-0.38%	-20.67%

Dec. 10	SM Prime Board OKs Up to PHP10 Billion Share Buyback Program	MT
Nov. 15	SM Prime Holdings, Inc. Expands to New Markets with SM Residences	CI

1458f2a94364c.LLBJT2OlLjNjZBImNGMSFqxFqCeUYB7wbZm83Wir0H8.a9R9ORLxYVlSF10TVStLfMcg70XhJHCEP_XTliz0gxBj4R8WMu1MfREnKg

Published financial data: SM PRIME HOLDINGS, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Rental Revenues	61.76B	32.01B	34.69B	58.24B	72.11B
Other Revenues, Total	56.55B	49.89B	47.62B	47.54B	55.98B
Total Revenues	118B	81.9B	82.32B	106B	128B
Property Expenses	25.64B	22.11B	19.79B	19.97B	20.66B
Selling General & Admin Expenses, Total	18.51B	14.1B	13.41B	17.86B	24.51B
Depreciation & Amortization - (IS) - (Collected)	10.83B	10.34B	10.82B	12.49B	13.66B
Other Operating Expenses	6.64B	6.28B	5.88B	6.22B	8B
Total Operating Expenses	61.62B	52.83B	49.9B	56.54B	66.82B
Operating Income (REIT / Utility Template)	56.69B	29.07B	32.41B	49.24B	61.28B
Interest Expense, Total	-9.15B	-9.34B	-10.31B	-12.64B	-15.2B
Interest and Investment Income	1.75B	1.21B	1.03B	1.78B	2.19B
Net Interest Expenses	-7.4B	-8.13B	-9.28B	-10.86B	-13.02B
Income (Loss) on Equity Invest.	1.49B	694M	1.19B	1.72B	2.16B
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-1.62B	825M	3.41B	-1.38B	-437M
EBT, Excl. Unusual Items	49.16B	22.46B	27.73B	38.71B	49.99B
Gain (Loss) on Sale of Investments	-	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-148M
EBT, Incl. Unusual Items	49.16B	22.46B	27.73B	38.71B	49.84B
Income Tax Expense	10.37B	4.32B	5.82B	7.97B	8.98B
Earnings From Continuing Operations	38.79B	18.14B	21.91B	30.74B	40.86B
Net Income to Company	38.79B	18.14B	21.91B	30.74B	40.86B
Minority Interest	-703M	-133M	-125M	-643M	-853M
Net Income - (IS)	38.09B	18.01B	21.79B	30.1B	40.01B
Net Income to Common Incl Extra Items	38.09B	18.01B	21.79B	30.1B	40.01B
Net Income to Common Excl. Extra Items	38.09B	18.01B	21.79B	30.1B	40.01B
Per Share Items
Net EPS - Basic	1.32	0.62	0.75	1.04	1.39
Basic EPS - Continuing Operations	1.32	0.62	0.75	1.04	1.39
Basic Weighted Average Shares Outstanding	28.86B	28.86B	28.86B	28.86B	28.86B
Net EPS - Diluted	1.32	0.62	0.75	1.04	1.39
Diluted EPS - Continuing Operations	1.32	0.62	0.75	1.04	1.39
Diluted Weighted Average Shares Outstanding	28.86B	28.86B	28.86B	28.86B	28.86B
Normalized Basic EPS	1.04	0.48	0.6	0.82	1.05
Normalized Diluted EPS	1.04	0.48	0.6	0.82	1.05
Dividend Per Share	0.18	0.08	0.1	0.24	0.35
Payout Ratio	27.59	29.65	12.28	9.78	17.9
American Depositary Receipts Ratio (ADR)	50	50	50	50	50
Supplemental Items
EBITDA	66.97B	38.87B	42.6B	60.91B	74.18B
EBITA	56.69B	29.07B	32.41B	49.24B	61.28B
EBIT	56.69B	29.07B	32.41B	49.24B	61.28B
EBITDAR	71.27B	39.79B	43.2B	63.44B	77.54B
Total Revenues (As Reported)	118B	81.9B	82.32B	106B	128B
Effective Tax Rate - (Ratio)	21.1	19.25	20.99	20.59	18.01
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	9.28B	1.76B	2.82B	6.78B	8.21B
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	1.09B	2.56B	3.01B	1.19B	765M
Normalized Net Income	30.02B	13.91B	17.21B	23.55B	30.39B
Interest Capitalized	3.14B	3.54B	4B	4.81B	5.79B
Interest on Long-Term Debt	12.52B	12.5B	14.1B	11.29B	20.02B
Non-Cash Pension Expense	-9.97M	34.32M	8.35M	28.91M	68.2M
Supplemental Operating Expense Items
Selling and Marketing Expenses	6.41B	5.15B	5.45B	5.44B	7.06B
General and Administrative Expenses	12.1B	8.95B	7.97B	12.42B	17.45B
Net Rental Expense, Total	4.3B	920M	602M	2.53B	3.36B
Imputed Operating Lease Interest Expense	1.79B	356M	226M	1.02B	1.51B
Imputed Operating Lease Depreciation	2.51B	564M	376M	1.51B	1.85B

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Gross Property Plant And Equipment	25.51B	29.01B	31.84B	31.99B	37.55B
Accumulated Depreciation	-2.47B	-3.2B	-3.97B	-4.96B	-5.85B
Net Property Plant And Equipment	23.04B	25.81B	27.86B	27.04B	31.71B
Total Real Estate Assets	23.04B	25.81B	27.86B	27.04B	31.71B
Cash And Equivalents	34.6B	30.66B	39.78B	42.06B	31.82B
Accounts Receivable, Total	50.79B	56.7B	69.69B	78B	73.62B
Other Receivables	2.84B	2.25B	3.33B	4.56B	3.55B
Investment In Debt and Equity Securities	44.74B	49.13B	54.95B	68.71B	67.21B
Other Intangibles, Total	1.47B	1.4B	-	-	-
Restricted Cash	167M	252M	521M	243M	-
Other Current Assets, Total	63.26B	66.65B	81.8B	96.61B	108B
Trading Asset Securities, Total	-	-	-	-	-
Deferred Tax Assets Long-Term (Collected)	904M	832M	735M	931M	1.49B
Other Long-Term Assets, Total	445B	489B	526B	556B	626B
Total Assets	667B	722B	804B	874B	943B
Liabilities
Current Portion of Long-Term Debt	23.52B	42.74B	42.26B	50.84B	67.75B
Current Portion of Leases	62.55M	67.32M	135M	131M	132M
Short-Term Borrowings	100M	10.9B	6.49B	5.42B	4.29B
Long-Term Debt	214B	219B	265B	296B	295B
Long-Term Leases	11.15B	11.01B	12.28B	13.34B	13.18B
Accounts Payable, Total	52.43B	57.4B	64.9B	70.19B	80.07B
Accrued Expenses, Total	-	-	-	-	-
Current Income Taxes Payable	1.51B	958M	563M	766M	1.3B
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	17.64B	23.92B	26.68B	17.83B	18.89B
Pension & Other Post Retirement Benefits	715M	438M	595M	1.13B	1.21B
Deferred Tax Liability Non-Current	4.18B	6.79B	9.69B	11.14B	12.46B
Other Non Current Liabilities	39.13B	38.59B	41.48B	42.14B	50.55B
Total Liabilities	365B	412B	470B	509B	544B
Common Stock, Total	33.17B	33.17B	33.17B	33.17B	33.17B
Additional Paid In Capital	38.01B	38.02B	38.06B	38.12B	38.16B
Retained Earnings	216B	228B	248B	275B	308B
Treasury Stock	-2.98B	-2.98B	-2.98B	-2.98B	-2.98B
Comprehensive Income and Other	16.94B	12.63B	16.81B	19.72B	19.51B
Total Common Equity	301B	309B	333B	363B	396B
Minority Interest	1.6B	1.43B	1.44B	1.95B	2.69B
Total Equity	303B	311B	334B	365B	399B
Total Liabilities And Equity	667B	722B	804B	874B	943B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	28.88B	28.88B	28.86B	28.88B	28.88B
ECS Total Common Shares Outstanding	28.88B	28.88B	28.86B	28.88B	28.86B
Book Value / Share	10.42	10.71	11.54	12.58	13.73
Tangible Book Value	299B	308B	333B	363B	396B
Tangible Book Value Per Share	10.37	10.66	11.54	12.58	13.73
Total Debt	249B	284B	326B	366B	380B
Net Debt	215B	253B	286B	324B	348B
Debt Equivalent of Unfunded Proj. Benefit Obligation	638M	346M	421M	1.04B	1.12B
Debt Equivalent Oper. Leases	34.43B	7.36B	4.82B	20.24B	26.89B
Minority Interest, Total (Incl. Fin. Div)	1.6B	1.43B	1.44B	1.95B	2.69B
Equity Method Investments, Total	27.21B	27.74B	29.19B	30.58B	32.43B
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	37.93B	34.93B	37.23B	43.78B	52.76B
Inventories - Finished Goods, Total	6.02B	8.76B	19.35B	26.72B	25.13B
Inventories - Others	370M	407M	359M	424M	421M
Land - (BS)	263M	273M	290M	321M	-
Buildings, Total	1.86B	1.91B	2.03B	2.11B	2.6B
Machinery, Total	1.17B	1.22B	1.31B	1.39B	1.54B
Full Time Employees	11.7K	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	1.05B	1.07B	723M	721M	777M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	38.09B	18.01B	21.79B	30.1B	40.01B
Depreciation, Depletion & Amortization	10.83B	10.34B	10.82B	12.49B	13.66B
Total Depreciation, Depletion & Amortization	10.83B	10.34B	10.82B	12.49B	13.66B
(Gain) Loss On Sale of Asset - (CF)	-	-	-552M	106M	148M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-1.49B	-694M	-1.19B	-1.72B	-2.16B
Change in Accounts Receivable	-17.3B	-27.1B	-16.3B	-8.76B	-16.34B
Change In Inventories	-1.51B	2.41B	-4.7B	-12.46B	-5.44B
Change in Accounts Payable	15.22B	8.78B	12.05B	1.07B	18.54B
Change in Other Net Operating Assets (Collected)	-1.32B	-4.04B	-1.67B	1.57B	-495M
Other Operating Activities	9.23B	9.48B	10.42B	12.55B	14.02B
Cash from Operations	51.73B	17.19B	30.67B	34.93B	61.94B
Acquisition of Real Estate Assets, Total	-51.4B	-37.67B	-39.46B	-38.96B	-64.11B
Sale of Real Estate Assets, Total	-	-	453M	85.77M	90.07M
Net Sale / Acquisition of Real Estate Assets	-51.4B	-37.67B	-39.01B	-38.88B	-64.02B
Investment in Marketable and Equity Securities, Total	735M	-7.67B	-6.04B	-15.16B	-
Other Investing Activities, Total	2.05B	1.4B	941M	1.79B	-2.69B
Cash from Investing	-48.62B	-43.94B	-44.11B	-52.24B	-66.71B
Long-Term Debt Issued, Total	42.39B	91.4B	86.85B	94.33B	112B
Total Debt Issued	42.39B	91.4B	86.85B	94.33B	112B
Short Term Debt Repaid, Total	-	-	-	-	-29.56B
Long-Term Debt Repaid, Total	-26.07B	-54.78B	-51.34B	-63.94B	-66.86B
Total Debt Repaid	-26.07B	-54.78B	-51.34B	-63.94B	-96.43B
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-10.51B	-5.34B	-2.68B	-2.94B	-7.16B
Common & Preferred Stock Dividends Paid	-10.51B	-5.34B	-2.68B	-2.94B	-7.16B
Other Financing Activities, Total	-13.13B	-8.47B	-10.21B	-7.75B	-13.49B
Cash from Financing	-7.31B	22.82B	22.62B	19.69B	-5.51B
Foreign Exchange Rate Adjustments	31.17M	-2.15M	-62.79M	-90.42M	43.04M
Net Change in Cash	-4.17B	-3.94B	9.11B	2.28B	-10.24B
Supplemental Items
Cash Interest Paid	8.71B	8.47B	9.84B	11.03B	13.78B
Cash Income Tax Paid (Refund)	9.15B	2.32B	3.23B	6.58B	7.67B
Net Debt Issued / Repaid	16.33B	36.63B	35.51B	30.38B	15.14B
Levered Free Cash Flow	20.28B	24.61B	5B	7.93B	48.29B
Unlevered Free Cash Flow	26B	30.45B	11.44B	15.83B	57.79B
Change In Net Working Capital	20.26B	-1.93B	19.64B	27.44B	-5.99B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	5.57	2.62	2.65	3.67	4.21
Return on Total Capital	6.73	3.17	3.23	4.42	5.07
Return On Equity %	13.34	5.92	6.79	8.79	10.7
Return on Common Equity	13.22	5.9	6.78	8.65	10.54
Margin Analysis
Gross Profit Margin %	78.79	73.75	76.57	81.63	84.37
SG&A Margin	16.1	17.96	16.9	17.4	19.63
EBITDA Margin %	56.6	47.46	51.75	57.58	57.91
EBITA Margin %	47.92	35.5	39.38	46.55	47.84
EBIT Margin %	47.92	35.5	39.38	46.55	47.84
Income From Continuing Operations Margin %	32.79	22.15	26.62	29.06	31.9
Net Income Margin %	32.19	21.99	26.47	28.45	31.23
Net Avail. For Common Margin %	32.19	21.99	26.47	28.45	31.23
Normalized Net Income Margin	25.38	16.98	20.91	22.26	23.72
Levered Free Cash Flow Margin	17.14	30.05	6.07	7.5	37.7
Unlevered Free Cash Flow Margin	21.97	37.17	13.9	14.96	45.12
Asset Turnover
Asset Turnover	0.19	0.12	0.11	0.13	0.14
Fixed Assets Turnover	9.67	3.35	3.07	3.85	4.36
Receivables Turnover (Average Receivables)	1.49	0.6	0.55	0.79	0.95
Inventory Turnover (Average Inventory)	0.61	0.49	0.38	0.3	0.27
Short Term Liquidity
Current Ratio	1.59	1.15	1.38	1.53	1.26
Quick Ratio	0.93	0.66	0.8	0.86	0.63
Operating Cash Flow to Current Liabilities	0.54	0.13	0.22	0.24	0.36
Days Sales Outstanding (Average Receivables)	245.17	614.45	664.81	462.66	383.71
Days Outstanding Inventory (Average Inventory)	598.1	752.63	955.91	1.2K	1.36K
Average Days Payable Outstanding	542.2	944.43	694.81	737.71	1K
Cash Conversion Cycle (Average Days)	301.06	422.65	925.91	925.99	743.38
Long Term Solvency
Total Debt/Equity	82.37	91.25	97.54	100.2	95.26
Total Debt / Total Capital	45.16	47.71	49.38	50.05	48.79
LT Debt/Equity	74.54	73.97	82.92	84.75	77.17
Long-Term Debt / Total Capital	40.87	38.68	41.98	42.33	39.52
Total Liabilities / Total Assets	54.66	56.99	58.43	58.23	57.71
EBIT / Interest Expense	6.2	3.11	3.15	3.9	4.03
EBITDA / Interest Expense	7.38	4.22	4.19	4.88	4.93
(EBITDA - Capex) / Interest Expense	7.38	4.22	4.19	4.88	4.92
Total Debt / EBITDA	3.69	7.19	7.54	5.93	5.07
Net Debt / EBITDA	3.18	6.42	6.62	5.25	4.65
Total Debt / (EBITDA - Capex)	3.69	7.19	7.54	5.93	5.08
Net Debt / (EBITDA - Capex)	3.18	6.42	6.62	5.25	4.66
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	13.67	-30.78	0.51	28.51	21.09
Gross Profit, 1 Yr. Growth %	14.02	-35.2	4.35	37.02	25.15
EBITDA, 1 Yr. Growth %	15.49	-41.96	9.6	42.99	21.78
EBITA, 1 Yr. Growth %	17.31	-48.72	11.49	51.92	24.44
EBIT, 1 Yr. Growth %	17.31	-48.72	11.49	51.92	24.44
Earnings From Cont. Operations, 1 Yr. Growth %	17.86	-53.23	20.79	40.31	32.92
Net Income, 1 Yr. Growth %	18.38	-52.72	20.99	38.16	32.93
Diluted EPS Before Extra, 1 Yr. Growth %	18.37	-52.72	20.99	38.16	32.93