Cebu Landmasters : Press Release

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) Jul 19, 20222. SEC Identification Number CS2003212403. BIR Tax Identification No. 227-599-320-0004. Exact name of issuer as specified in its charter CEBU LANDMASTERS, INC5. Province, country or other jurisdiction of incorporation CEBU CITY, CEBU, PHILIPPINES6. Industry Classification Code(SEC Use Only) 7. Address of principal office 10TH FLOOR, PARK CENTRALE, B2 L3, JOSE MA. DEL MAR ST., CEBU IT PARK, APAS, CEBU CITYPostal Code60008. Issuer's telephone number, including area code [phone]. Former name or former address, if changed since last report N/A10. 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 OTHER ITEMS

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 Inc's Maiden Bond Issue of up to P8 billion Assigned a Very Strong Credit Rating

Background/Description of the Disclosure

Philippine Rating Services Corporation (PhilRatings) has assigned an Issue Credit Rating of PRS Aa plus, with a Stable Outlook, for Cebu Landmasters Inc.'s (CLI) proposed bond issuance of P5.0 billion, with an oversubscription option of up to P3.0 billion. This is the initial tranche of the Company's new three-year Shelf Registration program amounting to P15.0 billion. PhilRatings has also upgraded the Issue Credit Rating for CLI's outstanding Series A to C Corporate Notes worth ₱5.0 billion to PRS Aa plus, with a Stable Outlook, from PRS Aa. Obligations rated PRS Aa are of high quality and are subject to very low credit risk. The obligor's capacity to meet its financial commitment on the obligation is very strong. PhilRatings may also include a plus (+) or a minus (-) to further qualify its ratings. Furthermore, an Outlook is an indication as to the possible direction of any rating change within a one-year period and serves as a further refinement to the assigned credit rating for the guidance of investors, regulators, and the general public. A Stable Outlook is assigned when a rating is likely to be maintained or to remain unchanged in the next 12 months. The rating and Outlook reflect the following key considerations: (1) Sound management and strategy, with a sustained competitive advantage in the Visayas and Mindanao (VisMin) markets as evidenced by its growth over the last few years; (2) Improved profitability, following the pandemic-induced minimal decline in 2020 on account of the Company's resilient operations amidst the COVID-19 pandemic; (3) Adequate coverage of interest even with a higher debt position; and (4) Threats from a highly competitive market, with peers having access to significant capital and a substantial landbank, counterbalanced by the Company's ability to form strategic JV partnerships. PhilRatings' ratings are based on available information and projections at the time that the rating review was performed. PhilRatings shall continuously monitor developments relating to CLI and may change the rating and Outlook at any time, should circumstances warrant a change. CLI is a Cebu-based company engaged in the development, sale, leasing, and management of real estate. The Company's portfolio includes residential condominium units, subdivision houses and lots, townhouses, hotels, office projects, retail spaces and townships. CLI was incorporated and registered with the Securities and Exchange Commission (SEC) in September 2003. In June 2017, CLI became the first homegrown, Cebu- based real estate developer to be publicly listed with the Philippine Stock Exchange (PSE). As of March 31, 2022, CLI had completed 36 projects, which were a mix of residential (83.3%), office (8.3%), hotel (2.8%), retail (2.8%), and mixed-use (2.8%). These projects are located in Cebu City (15); Minglanilla (4); Naga (4); CDO City, Misamis Oriental (3); Balamban (2); Talisay City; Toledo City; Mandaue City; Bogo City; Davao City; Dumaguete City; Bacolod City, Negros Occidental; and Mindoro. It also has 55 ongoing projects, with a combined total of 19,833 units, situated in strategic locations in VisMin. Furthermore, CLI has a strong pipeline of 21 projects for the next two years, including 19 residential, one office condo, and the beginning of lot sales in Davao Global Township. In 2020, the Company generated P8.3 billion in consolidated revenues, a slight decrease of 2.0% from P8.5 billion in 2019. Revenues from the sale of real estate reached P8.2 billion, a 2.9% decline from P8.4 billion in 2019. In relation to the foregoing, CLI's consolidated bottom line was at P2.1 billion in 2020, a contraction of 14.9% from P2.4 billion in 2019. On the otherhand, CLI's net income attributable to parent was at P1.85 billion in 2020, a slight decrease of 8% from P2 billion in 2019. The downturn in the Company's net income resulted from the strict lockdown measures during the period...

Other Relevant Information

-

Filed on behalf by:

Name	Larri-Nil Veloso
Designation	AVP-Legal