C03739-2023

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)
May 12, 2023
2. SEC Identification Number
26986
3. BIR Tax Identification No.
000-846-618-000
4. Exact name of issuer as specified in its charter
D.M. WENCESLAO & ASSOCIATES, INCORPORATED
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
15th Floor, Aseana 3, D. Macapagal Blvd corner Asean Ave., Aseana City, Paranaque City Postal Code 1714
8. Issuer's telephone number, including area code
(632) 8854-5711
9. Former name or former address, if changed since last report
Not applicable
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 3,395,864,100
11. Indicate the item numbers reported herein
Not applicable

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.

D.M. Wenceslao & Associates, IncorporatedDMW

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

DMW’s 1Q2023 Net Income Reaches Php526 Million
Background/Description of the Disclosure

Paranaque City, Philippines, May 12, 2023 – D.M. Wenceslao and Associates, Inc.’s (DMW) 1Q2023 net income reached Php526 million, driven by a significant jump in residential earnings and supported by stable rental earnings growth.

In 1Q2022, DMW recorded a 1,790sqm land sale whereas no land sale was closed yet as of the 1Q2023. While land sales are not part of the Company’s long-term revenue mix, DMW sells non-core parcels of land strategically. Currently, DMW only has ~4,200sqms of land available for sale. When comparing the ex-land sale net income in 1Q2022, which was Php362 million, DMW's 1Q2023 net income of Php526 million reflects a 45% year-on- year increase.

Residential revenues rose 83% to Php427 million on the back of a higher number of units qualified for revenue recognition, continued construction progress, and additional sales take up.

The Company’s rental revenues consisting of rentals from land, building, and other revenues including CUSA and parking fees improved 7% to Php601 million, accounting for 55% of total revenues. The growth in rental revenues was primarily driven by new locators and buoyed by rental escalation.

DMW maintained a net cash position of Php2.2 billion in 1Q2023. Current ratio remained high at 1.6x.

“As we navigate through 2023, we recognize the persistent challenges in the macroeconomic environment. Nevertheless, we remain optimistic as we strive to capitalize on silver linings in the Philippine property market,” said Mr. Delfin Angelo ‘Buds’ Wenceslao, Chief Executive Officer. “The scheduled opening of our flagship mixed- use project Parqal in 2023 is well-positioned to benefit from the surging mobility and macroeconomic recovery in the country” Mr. Wenceslao highlighted.
Other Relevant Information

Please see attached Press Release.
Filed on behalf by:
Name Mark Gorriceta
Designation Chief Information Officer