with you, #throughthick&thin... · 7/1/2020 · the full-service pizza chain market is dominated...

With you,

#ThroughThick&Thin

SHAKEY’S PIZZA ASIA VENTURES, INC.

PIZZA CORPORATE PRESENTATION

NOVEMBER 2020

Metro Manila

46%Luzon(ex-MM)40%

Visayas10%

Mindanao4%Company-

Owned52%Franchised

48%

2

SNAPSHOT• Shakey’s Pizza Asia Ventures, Inc. is one of the leading operators of fast casual restaurants in

the Philippines, focused on family casual dining.

• The Shakey’s brand is the Philippines’ #1 full-service pizza chain with over 65% market share inthat category. It is also the single-largest brand of full-service casual dining chain restaurants inthe Philippines.* It is a strong and well-established brand thanks to a differentiated menu, iconicand well-loved products, a distinct store environment, and highly guest-centric service.

• The Peri brand is an emerging fast casual and full-service restaurant chain in the Philippines. Itsmainstay is charcoal-grilled chicken, marinated for 24 hours, served with an assortment ofunique sauces to choose from.

• Vision: To be the preferred and dominant family casual dining restaurant in the Philippines, andsuccessful in our chosen overseas markets, serving pizza as our core product.

• Store Network: 270+ Shakey’s and Peri stores across the Philippines – a mix of company-ownedand franchised. Different store formats including those located in malls and those that are free-standing.

• Key Management: Vicente L. Gregorio - President & CEO, Manuel T. del Barrio - Vice President &CFO, Jorge Q. Concepcion - Shakey’s General Manager, Marielle C. Santos – Peri GeneralManager, Alois Brielbeck - In-House Commissary General Manager

*Source: Euromonitor, 2019

Revenues (In USD Mill)

126 147159 173 117

2016* 2017 2018 2019* 2020F**

14 1618 19

-32016* 2017 2018 2019* 2020F**

*Based on recurring figures**Consensus of active brokers

Net Income (In USD Mill)

Century Pacific Group55%

GIC Private Equity18%

Public27%

Dine-In61%

Delivery & Carry-Out

37%

Others2%

FULL-YEAR FINANCIALS

2019 SYSTEM-WIDE SALES & STORE NETWORK BREAKDOWN OWNERSHIP STRUCTURE

Company Overview

3

Shakey’s has 45 years of strong brand legacy and counting1954First Shakey’s Pizza Parlor opened in Sacramento, California

1975First store in the Philippines

1987The Prieto family became the master franchisor in the Philippines

1999Acquired Shakey’strademark for the Philippines in perpetuity

2003Positioned as an American fast casual dining restaurant for families

2014Acquired Shakey’s trademark for Middle East, Asia (ex Japan, Malaysia) including China, Australia, and New Zealand in perpetuity

2016Century Pacific Group (CPGI) and Arran (GIC) acquired control and took the Company public

2019Acquired Peri-Peri Charcoal Chicken and Sauce Bar, 276 stores by end 2019

2020Became master franchisor of Singapore milk tea brand R&B in the Philippines

INVESTMENT HIGHLIGHTS

Industry-Leading Financials

Experienced Management

Investment Highlights

• Multiple sales channels and store formats; simple operations• Low upfront cost and strong cash generation lead to shorter store-level

payback periods compared to the industry

• Extensive track records in food and restaurant operations• Entry of Century Pacific Group as strong and committed shareholders provides

synergies with other food businesses

• Well-loved brand with more than 40 years of history in the Philippines• Iconic products served in a distinct store environment• No royalty payments, plus additional revenues from franchisings

• Superior profitability and margins versus peers• Manageable gearing ratios despite higher interest-bearing debt

Market Leadership

Brand Strength& Ownership

ScalableBusiness Model

• Dominates the full-service pizza chain market with 67%* market share• 23%* market share in the full-service (pizza and non-pizza) category - #1 in that

space as well

*Source: Euromonitor, 2019 5

5

4

2

3

1

6

1 #1 Full-Service Restaurantin the PhilippinesThe full-service pizza chain market is dominated by Shakey’s.

Max's18.0%

Pizza Hut9.4%Kenny Rogers

6.1%

Pancake House4.4%

Classic Savory3.3%

Others35.4%

23.4%

Latest Euromonitor report states that Shakey’s leads the Philippine chained full-service restaurant industry with

23.4% market share as of 2019.

Pizza Hut27.1%

Papa John's1.4%

Others4.2%

67.3%

2019 data shows that Shakey’sdominates the full-service

pizza chain market by sales since 2011 until present.

FULL-SERVICE CHAIN FULL-SERVICE PIZZA CHAIN

Source: Euromonitor

7

DIFFERENTIATED MENU WITH ICONIC PRODUCTS AND OFFERINGS FOR ALL

PizzaWorld-famous thin crust and hand-tossed pizzas with many different choices

Chicken and MojosSignature dish - fried chicken paired with Shakey’s famous mojos*

*Thinly sliced potatoes coated with Shakey’s breading and fried to a golden-brown perfection

PastaHearty pasta with a wide range of sauces and toppings paired with garlic bread

StartersRanging from fries, mojos, squid rings, chips, and chicken

SoupHome-style soups loaded with flavor and goodness

SaladExtensive choice of salad for health-conscious customers

DessertsWide range of after-meal desserts

BUNDLED OFFERINGS CATERING TO FAMILIES AND GROUPS BRING UP AVERAGE CHECKS

2 Strong andWell-Established BrandShakey’s offers a differentiated menu with iconic and well-loved products.

8

Though originally from the U.S., PIZZA has owned the Shakey’s brand

for the Philippines since 1999.

Source: Asia’s Top 1000 Brands Survey by Campaign Asia, in partnership with Nielsen

BRAND OWNERSHIP• No royalty payments, leading to

shorter payback period and sustainably higher margins versus peers

• Revenue from licensing fees and royalties from franchisees

• Freedom to execute and react faster to market changes

• Opportunity for expansion into international markets

2018 PHILIPPINE TOP 100 RESTAURANT BRANDS

2 Strong andWell-Established BrandShakey’s offers a beautiful and distinct store environment to every customer and has full control and ownership of its brand.

With its over 40-year history in the Philippines, Shakey’s is one of the most recognizable brands in the local food service industry.

321

9

Dine-In• Most popular sales channel due to

unique family and friends experience• Aim to “WOW” the guest

Delivery• Delivery available nationwide• Single delivery hotline number

(#77-777) can be used

Carry-Out• Convenient and fast method of sales

Functions• Free-standing stores have function

rooms for events such as parties and company gatherings

Online Sales• Active online and mobile presence

with own website and mobile app• http://www.shakeyspizza.ph

SuperCard+• A very popular paid loyalty card• PHP499 annual fee

Mall Stores120 – 250 sqm

54%Free-Standing Stores

300 – 400 sqm

40%Others (Outside Malls)

120 – 180 sqm

6%

3 Proven and ScalableBusiness ModelMultiple sales channels and store formats provide convenience and accessibility to Shakey’s customers and allow for market and expansion flexibility.

10

Firmly positioned in the fast casual segment (A, B, and upper C market) that delivers high

margins, good volumes, and scale

Benefitting from key consumer trends –eating out more and upgrading from fast

food to casual dining

Own commissary for proprietary raw materials protects key supply chain

and maintains consistency and control over quality

Economies of scale and purchasing synergy

Long-term leases for store locations at attractive rentals

Presence of standalone stores (i.e. those outside malls) lead to low rent-

to-sales ratio

Business model and strong discipline leads to typical payback

period of 3-4 years

Low upfront cost and strong cash generation per store

3 Proven and ScalableBusiness ModelShakey’s is a well-established brand, while operating on an asset-light model.Brand Positioning Vertical Integration

Asset-Light Approach Short Payback Period

11

4 Experienced Management TeamVISION: to be the PREFERRED and DOMINANT family casual dining restaurantHighly experienced

professionals in their respective areas of

expertise; governance mantra of recruiting the

best home-grown or external talent

Members

Committees*

• Audit Committee• Board Risk Oversight Committee• Corporate Governance & Sustainability

Committee

• Related Party Transactions Committee*All chaired by an Independent Director

BOARD COMPOSITION

9

4

• Over 30 years of successful experience in the food business; proven management and leadership track record in foodservice retail set-up, expansion, and turnaround management

• Started career in the first ever Shakey’s branch in the Philippines; key driver of Shakey’s brand strategy, organization culture, core values, and mission since 2003

VICENTE GREGORIO

President & CEO

MANUEL DEL BARRIO

VP & CFO

• Previously Assistant Vice President for Finance of Century Pacific Food, Inc. (CNPF) and The Pacific Meat Company, Inc.

• Worked in accounting positions at several leading companies

JORGE CONCEPCION

GM – Shakey’s

• Over 30 years of experience in consumer-related business

• Significant experience in the U.S. foodservice industry for about 10 years in numerous managerial positions

ALOIS BRIELBECK GM – In-House

Commissary

• Over 30 years of experience in the foodservice business• Moved to Asia in 1986, taking up positions in pastry

kitchens in Hong Kong and Tokyo• Moved to the Philippines in 2000 as Chief Operating

Officer for Culinary Systems Specialists Incorporated

• Appointed as Commissary General Manager in 2005

MARIELLE SANTOS GM - Peri

• Over 20 years of experience in the food service industry• Previously held several leadership roles at Shakey’s with

a proven track record, handling human resources, guest engagement, and the delivery business

15.5% 13.9% 12.2%20.7%

11.8% 9.8% 9.8%14.8%

2016* 2017 2018 2019*

PIZZA Industry Average**

8.6%2.9% 6.4%

15.6%

5.2% 1.7% 4.2%8.6%

2016* 2017 2018 2019*


20.0% 20.8% 19.7% 18.8%16.8% 16.8% 16.0% 14.7%

2016* 2017 2018 2019*


11.1% 10.9% 11.1% 11.2%7.1% 6.9% 6.8% 6.6%

2016* 2017 2018 2019*

Net Margin


12

5 Industry-Leading ProfitabilityShakey’s generates superior margins versus peers.MARGINS

*Based on recurring figures**Composed of publicly listed Philippine foodservice restaurant companies

19.7% 20.1% 19.8% 20.5%14.3% 13.3% 13.9% 15.8%

2016* 2017 2018 2019*

EBITDA Margin


RETURN ON EQUITY

FREE CASH FLOW TO SALES

OPERATING CASH FLOW TO SALES

LATEST FINANCIAL PERFORMANCE

3Q20 Financial Results Highlights

14

SYSTEM-WIDESALES

RECURRINGEBITDA*

RECURRINGNET INCOME*

*Removes PHP72M one-off costs**All in PHP

1,372 mill 78 mill -100 mill

23%improvement

quarter-on-quarter

Revert topositive EBITDA

Narrowingnet loss; Positive in

September

-45%-42%

-28%

Quarterly System-wide Sales Recovery & SSSG

Mar Apr May Jun Jul Aug Sep YTD Sep

15

• Third quarter growth sequentially driven by sustained healthy demand for delivery and carry-out and significant improvement in dine-in

System-wide Sales

1,114 1,372

2Q20 3Q20

In PHP Mill

23%QoQ in 3Q20

QoQ Trend

42%in 2Q20

56%in 3Q20

65%YTD Sep 2020

*SSSG excludes store closures;Recovery rate is as a percent of previous year.

Reco

very

Rat

eSS

SG

2Q20 3Q20

16

• Dine-in sees close to 5x increase quarter-on-quarter due to strict implementation of safety protocols and gradual easing of government restrictions

Dine-In

5xQoQ in 3Q20

*Dine-in allowed

QoQTrend

Metro Manila Quarantine Timeline

2Q

3Q

General Community Quarantine*

Jul 1, 2020 – Aug 3, 2020

Modified Enhanced Community Quarantine

Aug 4, 2020 – Aug 18, 2020


Aug 19, 2020 – Sep 30, 2020

Enhanced Community Quarantine

Apr 1, 2020 – May 15, 2020

Modified Enhanced Community Quarantine

May 16, 2020 – May 31, 2020


Jun 1, 2020 – Jun 30, 2020

Dine-In Performance Drivers

Loosening quarantine restrictions

Al fresco dining

Operational adjustments for heightened safety

Value-for-money bundling

New product innovations

17

• Efficiency initiatives enhance cost structure beginning 3Q 2020

Profitability

Restructuring Initiatives to Permanently Improve Cost

Structure

Permanent closure of company-owned stores

representing c.5% of total store network

Streamlining initiatives across the company

Right-sizing of organization

Gross ProfitMargin

Operating Expensesas % of Sales

31.4%23.0%

2Q20 3Q20

2.8%

14.4%

2Q20 3Q20

+11.6 pps -8.4 pps

18

• Strong profit and cash flow sequential recovery driven by expanded sales base and cost structure improvement

Cash Generation

Recurring Sequential MarginsRecurring Sequential Trend

Operating Income

EBITDA

OperatingCash Flow

In PHP Mill

-192-20

2Q20 3Q20

-44

78

2Q20 3Q20

2

170

2Q20 3Q20

-20.7%-1.9%

2Q20 3Q20

-4.7%

7.3%

2Q20 3Q20

0.2%

16.0%

2Q20 3Q20

+18.8 pps

+12.1 pps

+15.8 pps

19

• Year-to-date operating profits remain in positive territory• Recurring EBITDA margin year-to-date back to double-digit territory

Cash Generation

Recurring 9M20 MarginsReported vs. Recurring 9M 2020

Operating Income

EBITDA

OperatingCash Flow 264

381

6

118

235

-140

Reported Recurring

0.2%Operating

10.0%EBITDA

6.9%Operating Cash

Flow to Sales

*Absolute figures in PHP mill

20

• Narrowing net loss; Positive net income beginning September 2020 onwards• Strong recovery brings company ahead of its cash breakeven target for 2H 2020

Latest Outlook

OutlookNet Income

In PHP Mill

(281)(167) (100)

?

(123)

(123)(72)

(404)

(290)

(172)

2Q20 1H20 3Q20 4Q20

Recurring Net Income One-Off Restructuring Cost

Continuing improvement in

sales

Positive bottom line for last

three months of the year

Double-digit EBITDA margin

in Q4

KEY FOCUS AREAS

Off-Premise

TrustedBrands

Health &Safety

Value-for-MoneyOfferings

AssetMaximization

Well-recognized hotline strong foundation for

out-of-store awareness;

Expanding towards newer delivery

platforms

Guests increasingly prefer brands they

love and trust; Leveraging

Shakey’s strong positioning in the fast casual space

Co-location, smaller formats, reduced

investment outlay, increased out-of-

store demand, and maximizing SuperCard

membership base

Rolling out new product line up;

Value-for-money to resonate more with guests considering

tough economic environment

Heightenedhealth and safety

protocols;Gaining additional transaction count via al-fresco and outdoor seating

Building a stronger and better Shakey’s to win in a post-COVID-19 world

22

Key Focus Areas

• Leveraging on positive reception of recent initiatives via launch of new business innovations

23

Building a Stronger and Better Shakey’s

31-Minute DeliveryFocus Areas

• Solidifying our equity in delivery as off-premise channels gain prominence

Off-Premise

AssetMaximization

Value-for-Money Offerings

TrustedBrands

Health &Safety

24


Park & Order / Park & DineFocus Areas

• Leveraging our flexibility to provide more convenient options to guests

Off-Premise

AssetMaximization


TrustedBrands

Health &Safety

25


First Co-Branded Store with Common Dining AreaFocus Areas

• Maximizing our existing base of guests and offering a wider variety of food items

Off-Premise

AssetMaximization


TrustedBrands

Health &Safety

26


R&B TeaFocus Areas

• Tapping our well-established store network to cater to a growing milk tea market locally

Off-Premise

AssetMaximization


TrustedBrands

Health &Safety

27


Take & Bake Frozen Artisan-Style PizzaFocus Areas

• Maximizing the Shakey’s brand equity via expansion to more off-premise channels

Off-Premise

AssetMaximization


TrustedBrands

Health &Safety

28


The Goood BurgerFocus Areas

• Innovating healthier menu options while also mitigating environmental impacts

Off-Premise

AssetMaximization


TrustedBrands

Health &Safety

UnMeat vs. Real Meat

29


Real MeatUnMeat

Plant-based Animal-based

Around 88% less land used

Around 82% less greenhouse gas emissions

Around 30% less energy used

Around 98% less water used

*Source: EMBO Reports, “The Eco-Friendly Burger,” December 2018UNESCO-IHE Institute for Water Education, December 2010

Production of real meat entails a longer supply chain versus plant-based meat alternatives

• Supply chain of plant-based products requires lower consumption of natural resources compared to the production process for real meat

• Initiative supports our ambition of becoming a healthier food company and doing business in a more sustainable and responsible way

OTHER FINANCIALS

9M 2020 Summarized Reported P&L

31

In PHP Mill 9M 2019* 9M 2020 Change YoY

System-wide Sales 7,428 4,795 -35%

Total Revenue 5,897 3,826 -35%

Cost of Sales (4,234) (3,192) -25%

Gross Profit 1,663 634 -62%

Operating Expenses (743) (774) 4%

Operating Income 920 (140) -115%

EBITDA 1,347 235 -83%

Interest Expense (226) (219) -3%

Income before Tax 705 (401) -157%

Net Income 550 (462) -184%

Earnings per Share 0.36 (0.30) -184%

Net Income (Recurring) 550 (267) -149%

Margins

Gross Profit 28.2% 16.6% -11.6 pps

Operating Income 15.6% -3.6% -19.2 pps

EBITDA 22.8% 6.1% -16.7 pps

Net Income 9.3% -12.1% -21.4 pps

• Top line improvement quarter-on-quarter boost year-to-date recovery

• Off-premise business sustain healthy growth

• Dine-in sales gradually increasing due to store health and safety protocols, and easing mobility and capacity restrictions

• Profitability improvement quarter-on-quarter driven by expanded sales base and cost structure enhancement

• As a result, decline in margins narrowed across all levels year-on-year

* 9M 2019 figures presented are restated post-IFRS 16.

32

EBITDA Net IncomeGross Profit Operating Income

Summarized Recurring Margins

21.2%

7.3%

3Q19 3Q20

26.7%14.4%

3Q19 3Q20

22.8%

10.0%

9M19 9M20

-12.8 pps

-13.9 pps

7.9% -9.4%3Q19 3Q20

9.3%-7.0%

9M19 9M20

-16.3 pps

-17.3 pps

28.2%16.6%

9M19 9M20

-11.6 pps

-12.3 pps

13.9%-1.9%

3Q19 3Q20

15.6%

0.2%

9M19 9M20

-15.4 pps

-15.8 pps

* 9M 2019 figures presented are restated post-IFRS 16.

33

In PHP Mill 2019 9M 2020

Cash 508 481

Receivables 709 710

Other Current Assets 721 492

Total Current Assets 1,938 1,682

Property, Plant, and Equipment 1,615 1,516

Goodwill and Trademarks 6,977 6,986

Other Non-Current Assets 1,802 1,643

Total Non-Current Assets 10,394 10,145

TOTAL ASSETS 12,333 11,827

In PHP Mill 2019 9M 2020

Trade Payable and Others 1,288 972

Short-Term Debt 598 998

Total Current Liabilities 1,886 1,970

Long-Term Debt 3,789 3,763

Other Non-Current Liabilities 1,589 1,502

Total Non-Current Liabilities 5,378 5,265

TOTAL LIABILITIES 7,264 7,236

TOTAL EQUITY 5,069 4,591

TOTAL LIABILITIES AND EQUITY 12,333 11,827

9M 2020 Summarized Balance Sheet

• Decrease in cash due to less cash generated from operating activities

• Stable receivables driven by strict monitoring of franchiseereceivables

• Maturity of all short-term debt beyond 2020

• Long-term loan of PHP3.8 billion all peso-denominated with fixed interest rates

34

Latest Recurring Financial Ratios

Notes: Net Debt-to-Equity = (Total Liabilities – Cash) / Total EquityNet Gearing = (Interest-Bearing Liabilities – Cash) / Total Equity

Interest-Bearing Debt-to-EBITDA uses trailing 12-month EBITDAReturn on Equity uses trailing 12-month earnings and average equity

Net Debt-to-Equity (x)

Net Gearing (x)

Interest-BearingDebt-to-EBITDA (x)

Return on Equity

1.33 1.47

2019 9M 2020

0.770.93

2019 9M 2020

2.23

6.58

2019 9M 2020

18%

0.1%

2019 9M 2020

• Increase in leverage ratios due to higher interest-bearing debt and reduced profitability

• Gearing ratios expected to remain compliant with debt covenants

35

• Capex primarily for investments in digital

• Significantly reduced capex for balance of year

• Maintained positive operating cash flow generation

• Increase in working capital due to lower payables

In PHP Mill 9M 2019 9M 2020

Income before Income Tax 705 (401)

Depreciation and Amortization 416 370

Interest Expense 226 219

Changes in Working Capital (235) (3)

Others (20) 153

Net Operating Cash Flow 867 118

Capital Expenditures (593) (248)

Others (560) 66

Net Investing Cash Flow (1,152) (182)

Proceeds from (Payment of) Loan 625 375

Payment of Interest (109) (169)

Net Financing Cash Flow 154 37

Effect of Exchange Rate Changes 0 0

Beginning Cash 434 508

Change in Cash (131) (27)

Ending Cash 303 481

Free Cash Flow 275 (130)

9M 2020 Summarized Cash Flow

*9M 2019 figures presented are restated post-IFRS 16.

36

• Stable receivables driven by strict monitoring of franchiseereceivables

• Lower inventory level as quarantine measures ease and sales gradually recover in 3Q

• Increase in cash conversion cycle relative to end-2019 to 16 days

477 382

30 29

-

10

20

30

40

50

60

70

80

90

-

200

400

600

800

1,000

1,200

FY19 9M20 Days₱

Mns

962

723 60 55

-

10

20

30

40

50

60

70

80

90

-

200

400

600

800

1,000

1,200

FY19 9M20 Days₱

Mns

709 710

31

42

-

10

20

30

40

50

60

70

80

90

-

200

400

600

800

1,000

1,200

FY19 9M20 Days₱

Mns

224

369

1

16

-

10

20

30

40

50

60

70

80

90

-

200

400

600

800

1,000

1,200

FY19 9M20 Days₱

Mns

Working Capital Receivables Inventory Payables

YTD Cash Conversion Cycle

*Period-end figures were used to compute for working capital components.

ESGHIGHLIGHTS

Sustainability Framework

People Planet Pizza

GuestsExternal Guest Engagement

EmployeesDiversity & Inclusion

Talent Acquisition & ManagementEmployee Engagement

Workplace Culture & Environment

CommunitiesJob Creation

Livelihood Support

Business AlignmentProduct Development & Innovation

Food Safety & Quality

Natural Resource EfficiencyEnergy Consumption ReductionWater Consumption Reduction

Environmental Impact ManagementGreenhouse Gas Emission Reduction

Plastic NeutralityLandfill Waste Reduction

Supply Chain ManagementSupplier Credibility

Local Sourcing

Industry PioneerHealthier Products

Nutritional Transparency

Good Governance 38

Sustainability Priorities

39

People Planet Pizza

EmployeesReduce travel time to and from

work by relocating store employees and developing a telecommuting policy for head office employees

Provide additional work opportunities as part-time delivery

riders

Business AlignmentNatural Resource EfficiencyReduce energy and water consumption by adjusting

operational processes

Environmental Impact Management

Maintain 100% plastic neutrality (third-party verified) for total

business, and reduce other landfill waste

Supply Chain ManagementInstitutionalize Supplier Code of

Conduct and Ethics

Improve efficiency and reduce spoilage of local partner farmers to

increase yield

Industry PioneerIntroduce menu items with healthier nutrition profiles

Disclose nutrition profiles of menu items for transparency

STOCK & INVESTOR RELATIONS HIGHLIGHTS

4.00

8.00

12.00

16.00

Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20

41

MARKET CAPITALIZATION

$0.3BDecember 2016

$0.3BNovember 2020

PERFORMANCE SINCE IPO

₱11.26IPO Price

-22%23 November 2020

PIZZAPhilippine Consumer Average

PER - 19.0xEV / EBITDA 28.6x 10.8x

ROE -5.0% 13.7%Operating Margin* 16.5% 10.5%

Net Income Margin* 10.5% 6.5%Source: BPI Securities 2020 Estimates as of 20 November 2020*Bloomberg, trailing 12 months

STOCK PRICE PERFORMANCE (BLOOMBERG TICKER: PIZZA PM)PHP/SHARE PHP8.80

as of 23 November 2020

Stock Highlights

SHAREHOLDERS

Source: Bloomberg, November 2020

Foreign Ownership Limit: 100%Free Float Level: 27%

GIC Private Equity18%

Prieto Family 4%Norges Bank 3%

Schroders PLC 1%

Others19% Century Pacific Group,

Inc. (CPGI) 55%• wholly owned by

the Philippines’ Po family

• majority shareholder of CNPF PM and ALCO PM

42

Stock Highlights

*Of previous year’s recurring net income

0.10 0.10 0.10 0.01

23% 20% 18%

2%0%

10%

20%

30%

0.00

0.10

0.20

0.30

2017 2018 2019 2020

Regular Cash Payout Ratio*

Declaration Date

RecordDate

Payment Date

2017 May 8 June 6 June 30

2018 August 16 September 14 October 10

2019 June 20 July 19 August 14

2020 July 1 August 14 August 28

Philippines’ Best Small Cap Company Finance Asia

2018

DIVIDEND HISTORY

500 High-Growth Companies Asia Pacific

Financial Times 2020

43*As of 24 November 2020, Listing Date: 15 December 2016**Rest as of 20 November 2020

Investor Relations Highlights

Current Price* PHP8.80

Range since Listing Date* PHP4.54 - 17.48

No. of Outstanding Shares* 1,531,321,053

Shareholding Structure CPGI: 54.5%Arran (GIC): 18.5%

Free Float 27.0% (includes Prieto family’s 3.8%)

3-Month Average Turnover PHP5.9 millionUSD0.1 million

Market Capitalization* PHP13.5 billionUSD0.3 billion

YTD Absolute Performance -15.3%

YTD Relative to Index -6.0%

YTD Relative to Sector -10.6%

3-Month Absolute Performance +51.2%

3-Month Relative to Index +31.8%

3-Month Relative to Sector +34.7%

SELL-SIDE ACTIVE COVERAGE***

Institution Analyst Latest Call

BDO Nomura Diane Go NEUTRAL

BPI Colleen Gatchalian HOLD

CLSA Joyce Ramos BUY

COL Financial John Luciano HOLD

Credit Suisse Hazel Tanedo OUTPERFORM

Daiwa Renzo Candano BUY

PNB Alvin Arogo NEUTRAL

Regis Jefferies Carissa Mangubat BUY

***At least one research report published in the past 12 months as of 24 November 2020

44

PIZZA’s 2019 Glossy Annual Report can befound on the Company’s corporate website.

Investors > Investor Presentationshttps://tinyurl.com/PIZZA-Annual-Report-2019

The President’s Letter

Investor Relations Highlights

I hope that all who are reading this are well and safe from the dangers brought

about by the COVID-19 pandemic. Indeed, the turn of events was abrupt

and has negatively affected a number ofpeople worldwide. I believe that we

need to be calm and focus on things within our control for us to adapt to the

changing times and come out of this crisis in a good position to succeed in

the coming new normal.

SHAKEY’S PIZZAASIA VENTURES, INC.

This document is highly confidential and being given solely for yourinformation and for your use and may not be, or any portion thereof,shared, copied, reproduced or redistributed to any other person in anymanner. The statements contained in this document speak only as of thedate which they are made, and the Company expressly disclaims anyobligation or undertaking to supplement, amend or disseminate anyupdates or revisions to any statements contained herein to reflect anychange in events, conditions or circumstances on which any suchstatements are based. By preparing this presentation, none of theCompany, its management, and their respective advisers undertakes anyobligation to provide the recipient with access to any additional informationor to update this presentation or to correct any inaccuracies in any suchinformation which may become apparent.

This presentation contains statements, including forward-lookingstatements, based on the currently held beliefs and assumptions of themanagement of the Company, which are expressed in good faith and, intheir opinion, reasonable. Forward-looking statements in particular involveknown and unknown risks, uncertainties and other factors, which may causethe actual results, financial condition, performance, or achievements of theCompany or industry results, to differ materially from the results, financialcondition, performance or achievements expressed or implied by suchforward-looking statements. Given these risks, uncertainties and otherfactors, recipients of this document are cautioned not to place unduereliance on these forward-looking statements.

Any reference herein to "the Company" shall mean, collectively, Shakey’sPizza Asia Ventures, Inc. and its subsidiaries.

Paranaque City, Philippines

www.shakeyspizza.phhttp://edge.pse.com.ph

https://www.linkedin.com/company/shakeyspizzaasiaventuresinc/

https://www.facebook.com/ShakeysPH

[email protected]

+632 8742 5397

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