C01604-2024

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)
Mar 20, 2024
2. SEC Identification Number
CS200321240
3. BIR Tax Identification No.
227-599-320
4. Exact name of issuer as specified in its charter
CEBU LANDMASTERS, INC.
5. Province, country or other jurisdiction of incorporation
CEBU CITY, CEBU PHILIPPINES
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
10TH FLOOR, PARK CENTRALE TOWER, JOSE MA. DEL MAR ST., CEBU I.T. PARK, BGRY. APAS, CEBU CITY, PHILIPPINES Postal Code 6000
8. Issuer's telephone number, including area code
(032) 231-4870
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 3,465,201,467
11. Indicate the item numbers reported herein
Item 9 (Other Matters)

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.

Cebu Landmasters, Inc.CLI

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

Cebu Landmasters 2023 net income up 29%, offers preferred shares, and announces first ever international partnership
Background/Description of the Disclosure

• CLI announces another year of strong financial performance, with 29% increase in Consolidated Net Income.
• CLI starts public offer for its preferred shares.
• CLI signs a joint venture agreement with global Japan-based real estate firm NTT UD Asia Pte. Ltd. (NTTUDA), to form CLI NUD Ventures, Inc. and to develop a PHP 6.4B two-tower, Japanese-inspired residential development in the heart of Cebu IT Park.

Leading developer in Visayas and Mindanao Cebu Landmasters Inc. (CLI) posted a 29% increase in consolidated net income year-on-year, to PHP 4.64 billion. CLI also recorded significant growth in net income to its shareholders, up by 13% to PHP 3.58 billion from last year’s PHP 3.17 billion. The growth is attributed to a solid 20% increase in consolidated revenue, reaching PHP 18.8 billion across all revenue streams mainly from real estate sales revenues, and also includes hotel operations, and leasing.

This is on the back of strong demand for the listed company’s residential properties and its diverse and dynamic business portfolio.

Revenue from real estate sales maintained an upward trajectory, rising 20% to PHP 18.5 billion, driven by consistent collections and steady construction progress. Record-breaking reservations of PHP 20.6 billion was also achieved, marking a 14% increase from 2022’s PHP 18 billion. This adds to our pipeline of future revenues.

The listed company launched 10 new projects in 2023, with a collective value of PHP 18.7 billion and offering 4,249 units. These projects achieved an impressive 63% sell-out rate with less than a year in the market. Completed projects are already 97% sold-out, resulting in the blended total portfolio sell-out rate of 93%.

CLI's recurring income projects, particularly hotel operations and leasing, also saw impressive growth rates. The company’s hotel operations grew 66% to PHP 139 million and leasing went up by 42% to PHP 112 million.

CLI has expanded its hospitality portfolio from a single hotel Citadines Cebu City to now 3 including the recently opened lyf Cebu City in Base Line Center, and The Pad Co-Living in Banilad High Street in Cebu. With an initial offering of 180 rooms, CLI now boasts nearly 800 room keys, with 7 more hotel projects underway poised to drive future hotel revenue growth.

Additionally, the Gross Leasable Area (GLA) grew to 35,772 sqm from 28,411 sqm driven by newly completed projects like Banilad High Street, Base Line Center Phase 2, and Retail Pods in Davao Global Township.

Capital expenditures totalled PHP 12.9 billion during the year, with 82% allocated to project development and 6% directed towards land acquisition and the remaining 12% for investment property.

With the company’s consistent double-digit growth and exceptional performance, the CLI Board of Directors approved on March 18 the declaration of a regular dividend of PHP 0.15 centavos per share, along with a special dividend of PHP 0.03 centavos per share. These dividends will be distributed to shareholders on record as of April 17, with payments scheduled on May 3, 2024. The board’s decision reflects CLI’s commitment in growing shareholder value since the IPO.

CLI Starts Public Offer Period for Preferred Shares

CLI had a significant milestone with the start of public offering of its preferred shares totaling PHP 3 billion, with an additional PHP 2 billion oversubscription. The offer period is from March 19 to April 2. Investors of the preferred shares can look forward to attractive dividend yields, with 4-year Series A-1 at 7.585% and the 7-year Series A-2 at 8.25%. The said shares are scheduled to be listed on PSE’s main board on April 12, 2024.

The proceeds from the offering will provide CLI with a substantial capital infusion, facilitating strategic initiatives, and expansion projects, and bolstering its balance sheet for future growth.

CLI signs joint venture agreement with Japan real estate firm NTT UD Asia...
Other Relevant Information

NOTE: The disclosure contains forward-looking statements and facts that are subject to considerable risks and uncertainties. These forward-looking statements include, but are not limited to, statements about known and unknown risks; uncertainties and other factors that may cause actual results to differ from expected future performance.
Filed on behalf by:
Name Larri-Nil Veloso
Designation AVP-Legal