C O V E R S H E E T
SEC Registration Number
A S 0 9 4
- 0 0 0 0 8 8
C O M P A N Y N A M E
S | M | P | R | I | M | E | H | O | L | D | I | N | G | S | , | I | N | C | . | A | N | D | S | U | |||||
B | S | I | D | I | A | R | I | E | S | ||||||||||||||||||||
PRINCIPAL OFFICE ( No. / Street / Barangay / City / Town / Province )
7 | / | F | M | O | A | S | q | u | a | r | e | , | S | e | a | s | h | e | l | l | L | a | n | e | ||||||
c | o | r | . | C | o | r | a | l | W | a | y | , | M | a | l | l | o | f | A | s | i | a | C | |||||||
o | m | p | l | e | x | , | B | r | g | y | . | 7 | 6 | Z | o | n | e | 1 | 0 | , | C | B | P | |||||||
1 | - | A | , | 1 | 3 | 0 | 0 | P | a | s | a | y | C | i | t | y | , | M | e | t | r | o | M | a | ||||||
n | i | l | a | , | P | h | i | l | i | p | p | i | n | e | s | |||||||||||||||
Form Type | Department requiring the report | Secondary License Type, If Applicable |
1
7
- Q
C O M P A N Y I N F O R M A T I O N
Company's Email Address | Company's Telephone Number | Mobile Number | ||
8831-1000 | ||||
Annual Meeting | Fiscal Year | |||
No. of Stockholders | Month/Day | Month/Day |
2,332
March 31
CONTACT PERSON INFORMATION
The designated contact person MUSTbe an Officer of the Corporation
Name of Contact Person | Email Address | Telephone Number/s | Mobile Number |
Mr. John Nai Peng C. Ong
8831-1000
CONTACT PERSON's ADDRESS
7/F MOA Square, Seashell Lane cor. Coral Way, Mall of Asia Complex, Brgy. 76 Zone 10,
CBP 1-A, 1300 Pasay City, Metro Manila, Philippines
NOTE 1 : In case of death, resignation or cessation of office of the officer designated as contact person, such incident shall be reported to the Commission within thirty (30) calendar days from the occurrence thereof with information and complete contact details of the new contact person designated.
2 : All Boxes must be properly and completely filled-up. Failure to do so shall cause the delay in updating the corporation's records with the Commission and/or non-receipt of Notice of Deficiencies. Further, non-receipt of Notice of Deficiencies shall not excuse the corporation from liability for its deficiencies.
SEC No. AS094-000088
File No.
SM PRIME HOLDINGS, INC.
(Company's Full Name)
7/F MOA Square, Seashell Lane cor. Coral Way, Mall of Asia Complex, Brgy. 76 Zone 10, CBP 1-A,1300 Pasay City, Metro Manila, Philippines(Company's Address)
8831-1000
(Telephone Numbers)
December 31
(Fiscal Year ending)
(Month and Day)
Form 17-Q for the 1st Quarter of 2024
(Form Type)
N/A
Amendment Designation
March 31, 2024
Period Ended Date
N/A
(Secondary License Type and File Number)
SECURITIES AND EXCHANGE COMMISSION
SEC FORM 17-Q
QUARTERLY REPORT PURSUANT TO SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17(2)(b) THEREUNDER
- For the quarterly period ended MARCH 31, 2024
- SEC Identification Number AS094-000088
- BIR Tax Identification No. 003-058-789
- Exact name of registrant as specified in its charter SM PRIME HOLDINGS, INC.
5. PHILIPPINES | 6. (SEC Use Only) | |||
Province, Country or other jurisdiction of | Industry Classification Code: | |||
incorporation or organization |
7. 7/F MOA Square, Seashell Lane cor. Coral Way, Mall of Asia Complex, Brgy. 76 Zone 10,
CBP 1-A, Pasay City, Metro Manila, Philippines | _1300_ |
Address of principal office | Postal Code |
8. (632) 8831-1000 | |
Registrant's telephone number, including area code |
- 10th Floor Mall of Asia Arena Annex Building, Coral Way cor. J.W. Diokno Blvd., Mall of Asia Complex, Brgy. 76, Zone 10, CBP-1A, Pasay City, Philippines
Former name, former address, and former fiscal year, if changed since last report. - Securities registered pursuant to Sections 8 and 12 of the SRC, or Sec. 4 and 8 of the RSA
Number of Shares of Common Stock | ||
Title of Each Class | Outstanding and Amount of Debt Outstanding | |
Common shares P=1 Par Value | 28,879,231,694 | |
Debt Securities - Retail Bonds | P=135,432,740,000 | |
11. Are any or all of these securities listed on a Stock Exchange. | ||
Yes [X] | No [ ] |
If yes, state the name of such stock exchange and the classes of securities listed therein:
Philippine Stock Exchange Common Shares
12. Check whether the registrant:
- has filed all reports required to be filed by Section 17 of the SRC and SRC Rule 17.1 thereunder or Section 11 of the RSA and RSA Rule 11(a)-1 thereunder, and Sections 26 and 141 of The Corporation Code of the Philippines during the preceding 12 months (or for such shorter period that the registrant was required to file such reports);
Yes [X] No [ ]
(b) has been subject to such filing requirements for the past 90 days.
Yes [X] No [ ]
SM Prime Holdings, Inc. and Subsidiaries
Unaudited Interim Condensed Consolidated
Financial Statements
As at March 31, 2024
(with Comparative Audited Consolidated
Balance Sheet as at December 31, 2023)
SM PRIME HOLDINGS, INC. AND SUBSIDIARIES
INTERIM CONSOLIDATED BALANCE SHEET
March 31, 2024
(With Comparative Audited Figures as at December 31, 2023)
(Amounts in Thousands)
March 31, | December 31, | |
2024 | 2023 | |
(Unaudited) | (Audited) | |
ASSETS | ||
Current Assets | ||
Cash and cash equivalents (Notes 5, 17, 20 and 21) | P=32,184,340 | =31,816,802P |
Receivables and contract assets (Notes 6, 12, 17, 20 and 21) | 73,119,341 | 76,952,202 |
Real estate inventories (Notes 7 and 10) | 78,039,893 | 77,886,781 |
Equity instruments at fair value through other comprehensive income | ||
(FVOCI) (Notes 8, 20 and 21) | 754,314 | 747,840 |
Derivative assets (Notes 20 and 21) | 1,565,335 | 2,247,073 |
Prepaid expenses and other current assets (Note 9) | 26,742,442 | 27,804,930 |
Total Current Assets | 212,405,665 | 217,455,628 |
Noncurrent Assets | ||
Equity instruments at FVOCI - net of current portion | ||
(Notes 8, 17, 20 and 21) | 21,850,379 | 19,570,212 |
Investment properties (Notes 10 and 21) | 556,502,264 | 545,074,746 |
Investments in associates and joint ventures (Note 11) | 33,006,247 | 32,431,195 |
Deferred tax assets - net | 1,464,558 | 1,492,359 |
Derivative assets - net of current portion (Notes 20 and 21) | 3,547,571 | 3,276,971 |
Other noncurrent assets (Notes 12, 17, 20 and 21) | 130,599,516 | 124,026,464 |
Total Noncurrent Assets | 746,970,535 | 725,871,947 |
P=959,376,200 | =943,327,575P | |
LIABILITIES AND EQUITY | ||
Current Liabilities | ||
Loans payable (Notes 13, 20 and 21) | P=18,842,586 | =4,288,964P |
Accounts payable and other current liabilities (Notes 14, 17, 20 and 21) | 101,270,199 | 99,077,428 |
Current portion of long-term debt (Notes 15, 17, 20 and 21) | 95,459,157 | 67,746,351 |
Derivative liabilities (Notes 20 and 21) | 31,557 | 7,423 |
Income tax payable | 2,005,522 | 1,295,842 |
Total Current Liabilities | 217,609,021 | 172,416,008 |
Noncurrent Liabilities | ||
Long-term debt - net of current portion (Notes 15, 17, 20 and 21) | 253,039,074 | 294,622,256 |
Tenants' and customers' deposits - net of current portion | ||
(Notes 14, 20 and 21) | 25,897,340 | 25,301,504 |
Deferred tax liabilities - net | 12,505,785 | 12,458,096 |
Derivative liabilities - net of current portion (Notes 20 and 21) | 119,325 | 265,013 |
Other noncurrent liabilities (Notes 14, 20 and 21) | 38,746,598 | 39,377,662 |
Total Noncurrent Liabilities | 330,308,122 | 372,024,531 |
Total Liabilities | 547,917,143 | 544,440,539 |
March 31, | December 31, | |
2024 | 2023 | |
(Unaudited) | (Audited) | |
Equity Attributable to Equity Holders of the Parent | ||
Capital stock (Notes 16 and 23) | P=33,166,300 | P=33,166,300 |
Additional paid-in capital - net | 38,159,900 | 38,159,900 |
Cumulative translation adjustment | 2,513,708 | 2,556,139 |
Net fair value changes of equity instruments at FVOCI (Note 8) | 19,225,144 | 16,938,503 |
Net fair value changes on cash flow hedges (Note 21) | 1,119,188 | 1,079,094 |
Remeasurement loss on defined benefit obligation | (1,062,437) | (1,062,437) |
Retained earnings (Note 16): | ||
Appropriated | 42,200,000 | 42,200,000 |
Unappropriated | 276,606,014 | 266,143,815 |
Treasury stock (Notes 16 and 23) | (2,984,695) | (2,984,695) |
Total Equity Attributable to Equity Holders of the Parent | 408,943,122 | 396,196,619 |
Non-controlling Interests | 2,515,935 | 2,690,417 |
Total Equity | 411,459,057 | 398,887,036 |
P=959,376,200 | =943,327,575P | |
See accompanying Notes to Interim Condensed Consolidated Financial Statements.
SM PRIME HOLDINGS, INC. AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands, Except Per Share Data)
Three-Month Periods Ended March 31
2024 | 2023 | |
(Unaudited) | ||
REVENUE | ||
Rent (Notes 10 and 17) | P=18,535,285 | =17,093,460P |
Real estate sales | 8,788,491 | 8,276,747 |
Others (Notes 17 and 18) | 3,395,696 | 3,261,578 |
30,719,472 | 28,631,785 | |
COSTS AND EXPENSES (Notes 17 and 19) | 16,008,374 | 14,803,091 |
INCOME FROM OPERATIONS | 14,711,098 | 13,828,694 |
OTHER INCOME (CHARGES) | ||
Interest expense (Notes 6, 13, 15 and 17) | (3,130,424) | (2,637,358) |
Interest and dividend income (Notes 5, 6, 8, 12 and 17) | 518,638 | 500,609 |
Others - net (Notes 11, 14 and 15) | 825,234 | 367,070 |
(1,786,552) | (1,769,679) | |
INCOME BEFORE INCOME TAX | 12,924,546 | 12,059,015 |
PROVISION FOR INCOME TAX (Note 22) | 2,248,329 | 2,405,160 |
NET INCOME | P=10,676,217 | =9,653,855P |
Attributable to: | ||
Equity holders of the Parent (Notes 16 and 23) | P=10,462,199 | =9,442,327P |
Non-controlling interests (Note 16) | 214,018 | 211,528 |
P=10,676,217 | =9,653,855P | |
Basic/Diluted earnings per share (Note 23) | P=0.363 | =0P .327 |
See accompanying Notes to Interim Condensed Consolidated Financial Statements.
SM PRIME HOLDINGS, INC. AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in Thousands)
Three-Month Periods Ended March 31
2024 | 2023 | |
(Unaudited) | ||
NET INCOME | P=10,676,217 | =9,653,855P |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
Items that will not be reclassified to profit or loss in subsequent periods: | ||
Unrealized gain due to changes in fair value of FVOCI securities | ||
(Note 8) | 2,286,641 | 2,116,487 |
Items that may be reclassified to profit or loss in subsequent periods: | ||
Net fair value changes on cash flow hedges (Note 21) | 40,094 | (604,862) |
Cumulative translation adjustment | (42,431) | (555,164) |
2,284,304 | 956,461 | |
TOTAL COMPREHENSIVE INCOME | P=12,960,521 | =10,610,316P |
Attributable to: | ||
Equity holders of the Parent (Note 16) | P=12,746,503 | =10,398,788P |
Non-controlling interests (Note 16) | 214,018 | 211,528 |
P=12,960,521 | =10,610,316P | |
See accompanying Notes to Interim Condensed Consolidated Financial Statements.
SM PRIME HOLDINGS, INC. AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2024 AND 2023
(Amounts in Thousands)
Equity Attributable to Equity Holders of the Parent (Notes 16 and 23) | ||||||||||||
Net fair value | ||||||||||||
changes of | Net Fair Value | |||||||||||
equity | Changes on Remeasurement | |||||||||||
Additional | Cumulative | instruments at | Cash Flow | Loss on | ||||||||
Capital Stock | Paid-in | Translation | FVOCI | Hedges | Defined Benefit | Retained Earnings (Note 16) | Treasury Stock | Non-controlling | Total | |||
(Notes 16 and 23) | Capital - Net | Adjustment | (Note 8) | (Note 21) | Obligation | Appropriated | Unappropriated (Notes 16 and 23) | Total | Interests | Equity | ||
At December 31, 2023 (Audited) | P=33,166,300 | P=38,159,900 | P=2,556,139 | P=16,938,503 | P=1,079,094 | (P=1,062,437) | P=42,200,000 | P=266,143,815 | (P=2,984,695) | P=396,196,619 | P=2,690,417 | P=398,887,036 |
Net income for the period | ‒ | - | - | - | - | - | - | 10,462,199 | - | 10,462,199 | 214,018 | 10,676,217 |
Other comprehensive income (loss) | - | - | (42,431) | 2,286,641 | 40,094 | - | - | - | - | 2,284,304 | - | 2,284,304 |
Total comprehensive income (loss) for the period | - | - | (42,431) | 2,286,641 | 40,094 | - | - | 10,462,199 | - | 12,746,503 | 214,018 | 12,960,521 |
Cash dividends declared to a non-controlling interest | - | - | - | - | - | - | - | - | - | - | (388,500) | (388,500) |
At March 31, 2024 (Unaudited) | P=33,166,300 | P=38,159,900 | P=2,513,708 | P=19,225,144 | P=1,119,188 | (P=1,062,437) | P=42,200,000 | P=276,606,014 | (P=2,984,695) | P=408,943,122 | P=2,515,935 | P=411,459,057 |
At December 31, 2022 (Audited) | =33,166,300P | =38,124,193P | =3,435,171P | =14,232,514P | =2,984,605P | (P=928,882) | =42,200,000P | =232,972,284P | (P=2,984,695) | =363,201,490P | =1,950,116P | =365,151,606P |
Net income for the period | ‒ | - | - | - | - | - | - | 9,442,327 | - | 9,442,327 | 211,528 | 9,653,855 |
Other comprehensive income (loss) | - | - | (555,164) | 2,116,487 | (604,862) | - | - | - | - | 956,461 | - | 956,461 |
Total comprehensive income (loss) for the period | - | - | (555,164) | 2,116,487 | (604,862) | - | - | 9,442,327 | - | 10,398,788 | 211,528 | 10,610,316 |
Sale of non-controlling interest | - | 867 | - | - | - | - | - | - | - | 867 | 283 | 1,150 |
At March 31, 2023 (Unaudited) | =33,166,300P | =38,125,060P | =2,880,007P | =16,349,001P | =2,379,743P | (P=928,882) | =42,200,000P | =242,414,611P | (P=2,984,695) | =373,601,145P | =2,161,927P | =375,763,072P |
See accompanying Notes to Interim Condensed Consolidated Financial Statements.
SM PRIME HOLDINGS, INC. AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Thousands)
Three-Month Periods Ended March 31
2024 | 2023 | |
(Unaudited) | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Income before income tax | P=12,924,546 | =12,059,015P |
Adjustments for: | ||
Depreciation and amortization (Notes 10, 12 and 19) | 3,614,229 | 3,325,005 |
Interest expense (Notes 6, 13, 15 and 17) | 3,130,424 | 2,637,358 |
Equity in net earnings of associates and joint ventures (Note 11) | (577,105) | (563,789) |
Interest and dividend income (Notes 5, 6, 8, 12 and 17) | (518,638) | (500,609) |
Loss (gain) on: | ||
Unrealized foreign exchange and fair value | ||
changes on derivatives - net | 535,381 | (120,535) |
Disposal of investment properties (Note 10) | 23,291 | - |
Operating income before working capital changes | 19,132,128 | 16,836,445 |
Increase in: | ||
Receivables and contract assets | (3,722,828) | (1,307,118) |
Real estate inventories | (154,420) | (706,623) |
Prepaid expenses and other current assets | (22,514) | (1,535,160) |
Increase in: | ||
Accounts payable and other liabilities | 2,759,894 | 1,022,742 |
Tenants' and customers' deposits | 598,876 | 516,295 |
Cash generated from operations | 18,591,136 | 14,826,581 |
Income tax paid | (1,453,719) | (1,627,847) |
Cash provided by operating activities | 17,137,417 | 13,198,734 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Interest received | 295,909 | 408,967 |
Dividends received | 110,292 | 140,041 |
Net additions to investment properties (Note 10) | (14,856,494) | (15,793,311) |
Increase in other noncurrent assets | (697,843) | (7,062,719) |
Net cash used in investing activities | (15,148,136) | (22,307,022) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Availments of bank loans and long-term debt (Notes 13 and 15) | 19,653,904 | 11,616,114 |
Proceeds from matured derivatives | 1,132,228 | 7,600 |
Payments of: | ||
Long-term debt (Note 15) | (17,100,058) | (16,546,909) |
Bank loans (Note 13) | (3,158,774) | (1,007,319) |
Interest | (2,121,962) | (2,370,943) |
Lease liabilities | (38,905) | (47,939) |
Dividends | (1,350) | (15,000) |
Net cash used in financing activities | (1,634,917) | (8,364,396) |
EFFECT OF EXCHANGE RATE CHANGES ON | ||
CASH AND CASH EQUIVALENTS | 13,174 | 52,192 |
NET INCREASE (DECREASE) IN CASH AND | ||
CASH EQUIVALENTS | 367,538 | (17,420,492) |
CASH AND CASH EQUIVALENTS AT | ||
BEGINNING OF PERIOD | 31,816,802 | 42,060,082 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | P=32,184,340 | P=24,639,590 |
See accompanying Notes to Interim Condensed Consolidated Financial Statements.
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SM Prime Holdings Inc. published this content on 10 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2024 08:05:06 UTC.