Belle Corporation’s Board of Directors for 2021-2022

Belle Corporation (Belle) held for the second consecutive year its virtual Annual Stockholders’ Meeting on June 25, 2021. Belle’s second stockholders’ meeting in an online format was in support of efforts to curb the spread of COVID-19 by avoiding a mass gathering.

In his report, Manuel Gana, Belle President and Chief Executive Officer, said that ”we are confident that your Corporation will survive these extraordinary times, and that we will emerge well positioned to continue to prosper in the long-term.”

Aside from Mr. Gana, Willy Ocier was re-elected as a member of the Board of Directors and Chairman for 2021 to 2022. Also elected were Elizabeth Anne Uychaco, Vice Chair; Jacinto Ng, Jr., Director; Jose Sio, Director; Virginia Yap, Director; Jaime Bautista, Independent Director; Maria Gracia Tan, Independent Director; and Amando Tetangco, Jr., Independent Director.

Below is the full text of the President’s Report:

Good afternoon to our dear Shareholders, Stakeholders and Guests. Thank you for tuning in to the livestream of Belle Corporation’s 2021 Annual Shareholders’ Meeting.

We are holding our annual meeting virtually for the second straight year as your safety and well-being are of paramount importance to us while we continue to overcome the COVID-19 pandemic, which continues to affect the Philippines and the rest of the world.

I am pleased to report that your Corporation maintained its profitability in 2020 despite the perfect storm that significantly affected our markets and practically shut down most of the Philippine economy for a significant part of the year.

The year 2020 started with Taal Volcano erupting after being dormant for 43 years, causing the temporary closure of our Tagaytay Highlands and Midlands complexes. Through the dedication and diligence of our management and staff, we managed to reopen Tagaytay Highlands International Golf Club in February 2020, with most recreation and restaurant facilities in all of our Clubs opened by early March 2020.

However, shortly thereafter, the COVID-19 global pandemic caused the Philippine government to impose stringent community quarantines across the country starting in mid-March 2020 in order to contain the spread of the virus. While understandable, the community quarantines had the effect of strangling the leisure, tourism and high-end consumer industries for the rest of 2020, with severe restrictions still in effect so far in 2021.

FINANCIAL REVIEW

Consequently, Belle’s consolidated revenues slid by 44% to PHP 4.2 billion in 2020, from PHP 7.5 billion realized in 2019, and its consolidated net income declined by 70% to PHP 892 million in 2020 from PHP 2.9 billion in 2019.

While our 2020 net income was below our net income level in all previous years since 2013, we believe that for Belle to have stayed in the black was still be an achievement, considering the fact that extraneous factors beyond our control virtually shut down all of our markets for about nine months in the past year.

Your Corporation’s balance sheet continues to be strong, with its Current Ratio at 2.55 times and its Debt to Equity Ratio at 23% as of December 31, 2020. Our historically prudent financial management has provided a strong cushion against the impact of the pandemic and other business disruptions, and continues to do so.

SUSTAINABILITY AT BELLE

Sustainability has long been part of the way we work, and your Corporation has been anchored on sustainability practices, while rising above the disruptions caused by the Taal Volcano eruption and the COVID-19 pandemic.

With the impact of the twin crises lingering into 2021, we prioritized the safety of our employees and other stakeholders, and concentrated on the survival of our businesses, especially throughout the community lockdowns. These also prompted us to accelerate our efforts to focus on more efficient management and integration of our businesses.

Our established risk management protocols enabled us to preserve our operating capabilities as much as possible, and our historical policy of prudent financial management allowed the Company to sustain its operations through the ongoing economic crisis. Management also implemented a cost-cutting program to help preserve future profitability, and emphasized the maximization of operating efficiency to help sustain us in the foreseeable future.

Moreover, our corporate governance practices continue to help ensure that your Corporation’s resources are being preserved and utilized properly. As a testament to our high standards of corporate governance, your Corporation was recognized as one of the top companies in Southeast Asia based on the 2019 ASEAN Corporate Governance Scorecard, for which Belle was awarded the highest rank of four golden arrows.

We are confident that your Corporation will survive these extraordinary times, and that we will emerge well positioned to continue to prosper in the long-term.

Thank you for your continued support.

Please stay safe and keep well.

 

About Belle Corporation

Belle Corporation is a developer of tourism and leisure destinations in the Philippines. Its principal asset is the City of Dreams Manila in PAGCOR Entertainment City by Manila Bay, which is being leased on a long-term basis to Melco Resorts and Entertainment (Philippines) Corporation (Melco). In addition to lease income, Belle is accorded a share in revenues or earnings from City of Dreams Manila’s gaming operations through the operating agreement between its 78.7%-owned subsidiary, Premium Leisure Corp., and Melco. Belle also owns approximately one hectare of presently undeveloped land across from the City of Dreams Manila site.

South of Metro Manila, Belle owns significant real estate assets and develops premium residential resort projects around Tagaytay City. Among its exclusive destinations are the club and golf facilities and residential communities of Tagaytay Highlands and Tagaytay Midlands, as well as a further 800 hectares intended for future development.