C04809-2017

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Aug 2, 2017
2. SEC Identification Number
CS200511816
3. BIR Tax Identification No.
239-508-223-000
4. Exact name of issuer as specified in its charter
8990 Holdings, Inc.
5. Province, country or other jurisdiction of incorporation
Metro, Manila Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
11F Liberty Center, 104 HV Dela Costa, Salcedo Village, Makati City, Philippines Postal Code 1200
8. Issuer's telephone number, including area code
(632)4789659/5333915/5333917
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 5,517,990,720.00
Fixed Rate Bonds 9,000,000,000.00
11. Indicate the item numbers reported herein
Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

8990 Holdings, Inc.HOUSE

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

8990 ACHIEVES 95% OF 1H17 TARGET
Background/Description of the Disclosure

8990 Holdings hit 95% of its 1H17 revenue target
registering P3.0 Billion versus its goal of P3.2 Billion. Net
Income After Tax of P1.2 Billion was also on target with 94%
of the Company’s internal quota of P1.3 Billion.
Inspite of this, year-on-year gross and net income figures fell
by 41% and 44%, respectively because of the continued
delays in the delivery of its new projects’ licenses, labor
shortages in the construction finishing and the momentum
build-up of recently launched projects, but which are being
addressed by the company. Because most of the income is
expected to come in 2H17, the company has anticipated this
performance, hence, it maintains its guidance of P10.0 Billion
this year.
A bright note in 8990’s 1H17 performance is the attainment
of higher levels of cash inflow, in line with its major strategy
this year of prioritizing cash flows to fund its new
condominium projects in Metro Manila.
For 1H17, total operating cash flow grew 153% YoY to P3.1
Billion. HDMF takeouts hit a record breaking P2.3 Billion for
the first half of the year (a +104% YoY increase) translating
to 2,229 units. These HDMF take outs in the first 6 months
are already 88% of last year’s total full-year performance.
As of today, 584 units valued at P596 Million are already with
the HDMF, awaiting takeout. Meanwhile, CTS purchase grew
735% YoY to P835 Million or an equivalent of 849 accounts
sold to BDO and Security Bank, compared to P100 million last
year.
According to President and CEO, JJ Atencio, “What we’re
experiencing in 2017 is nothing new. If we look at 8990’s
growth history, the change in government in the years 2003
and 2010 has always led to a weak year growth-wise because
of changes arising from a new president, a new
administration, new officials and new housing policies. 2016
and 2017 are not exceptions.”
The CEO emphasized that, “what is important to realize is
that 8990 has always been able to adapt to change quickly,
instituting reforms and innovations needed to confront these
issues allowing us to bounce back strongly, pushing the
company to new and greater highs in the years to come. The
expectation therefore of a strong rebound beginning the
latter half of 2017 and unparalleled growth until the next
elections in 2022 is not just a concept but rooted in 8990’s
corporate growth history.”
As 8990’s 13-year history would show, the company bounced
back with P189 million in 2005 from declining revenues in
2003 and 2004 when Gloria Macapagal-Arroyo became
President.
After the 2008 Global Financial Crisis, it rebounded to reach
P3 Billion in 2009 from P2.3 billion, and posted a 60% growth
to P4.2 billion in 2012 from P2.6 billion in 2010 after the
election of President Aquino. 8990’s growth proceeded by
3.6 times to P9.3 billion in 2015 as President Duterte takes
over the government in 2016. In the eyes of the CEO, “The
pattern is unmistakable, and therefore, a source of comfort”.
In the area of 8990’s CTS portfolio, CTS income grew 10%YoY
to P765 Million despite a 2% decline in the CTS Portfolio
which is now worth P20.3 Billion.
Sales reservations is up 3%YoY as more projects have already
been launched versus the previous year’s full year. The
Company has already launched 5 projects in the first half of
2017 and is expected to launch 6 more by the end of the year.
In 1H17, 8990’s 5 project launches added a total of 32,993
units. These include Deca Homes Marilao in Bulacan, Deca
Homes Mulig in Davao, Deca Home Pavia Resorts and
Residences Phase 2 in Iloilo, Deca Home Santa Barbara in
Iloilo and South of Bacolod in Bacolod. The Company expects
to launch an additional 27,772 units by the end of the year in
the Visayas and Mindanao areas.
8990 still has P3.1 Billion in unrealized revenues. The
Company’s land bank currently stands at 557.14 hectares or
P125.9 Billion worth of projects.
Other Relevant Information

Please see attached
Filed on behalf by:
Name Mohammad Taha Basman II
Designation Assistant Manager