- MNC Land

PT MNC Land Tbk
Company Presentation
September 2015
Listed and traded on the Indonesia Stock Exchange (IDX)
Ticker Code : KPIG
www.mncland.com
Disclaimer
By accepting this presentation, you are deemed to agree to be bound by the rules as described below. Failure to comply
with these rules can be considered as a violation of the securities laws and regulations.
Information and opinions contained in this presentation are not diversified independently and none represent or
warrant, either expressly or impliedly stated, in relation to the accuracy, completeness or reliance of the information
contained herein. This presentation is not intended to provide, and should not be construed as a basis for providing, a
complete and thorough analysis of the condition (whether financial or not), earnings, business events, business
prospects, properties or results of operations of the Company and its subsidiaries. Information and opinions contained
herein are given on the date stated in this presentation and are subject to change at any time without prior notice. The
Company (including its affiliates, advisors and representatives) have no responsibility and liability (for negligence or
otherwise) for the accuracy or completeness of, or an error or omission in, any information or opinions contained
herein or for any loss arising from the use of this Presentation.
In addition, the information contained in this material contains projections and forward-looking statements that reflect
the current views of the Company with respect to future events and financial performance. These views are based on
current estimates that are subject to business, economic and competitive uncertainties and may change over time and
in some cases are beyond the control of the Company and its directors. No assurance can be given that future events
will occur, or that projections will be achieved, or the Company’s assumptions is correct. Actual results could differ
materially as compared to those estimated and projected.
This presentation is not a part of any offer, invitation or recommendation to purchase or register any securities and no
part of it shall be relied upon in connection with any contract, commitment or investment decision of any securities.
Any investment in any securities issued by the Company or its affiliates shall be made solely based on the final offer
document issued by such securities.
This document is the property of PT MNC Land Tbk and is in its entirety confidential. The contents of this presentation
may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or
in part, for any purpose.
2
Table of Content
Section 1 Company Profile
•
•
•
•
Company Milestones
Company Structure
Competitive Strengths
Core Businesses
Section 2 Property Market Outlook
• Well Positioned in a Conducive Growth Environment
• Property Market Outlook
Section 3 Project Highlights
• Key Project Highlights
• Ongoing Project Highlights
• Existing Property Portfolios
Section 4 Financial Update
• FY 2012 to FY 2014 Audited Financials
• 1H 2013 to 1H 2015 Unaudited Financials
• Financial Performance Summary
Section 1
Company Profile
Company Milestones
Rebranded names of
its office buildings
respectively from
Menara Kebon Sirih
Changed its name to and Plaza Kebon Sirih
PT Global Land
to MNC Tower and
Development Tbk
MNC Plaza
Conducted the 1st
Rights Issue
amounting to
IDR 1.68 Trillion
Launched its new
corporate name :
PT MNC Land Tbk
Initial Public Offering
The establishment
of the company
(formerly known as
PT Kridaperdana
Indahgraha)
Groundbreaking of
SINDO Building,
MNC Financial
Center, MNC News
Center, and 3TV
Studio & Office
Building
Acquired CNI
Building, which
was then
rebranded and
started to operate
as Wisma
Indovision II
Conducted the 2nd
Rights Issue
amounting to
IDR 2.18 Trillion
Groundbreaking of
MNC Media Tower,
MNC Tower
Surabaya, and One
East Residences
Conducted non
preempetive
Conducted the 3rd share issuance
amounting to
Rights Issue
IDR 557 Billion
amounting to
IDR 2.23 Trillion
Groundbreaking
renovation of Lido
Golf Course
MNC Financial
Center started to
operate
Sindo Building
started to operate
Indonesia Property & Bank Award 2014
One East Residence
Most Luxurious in East Java
SWA 100-2014
Indonesia’s Best Wealth Creator
Indonesia Travel & Tourism Awards
The Westin Resort Nusa Dua – Bali
Best MICE Venue in Indonesia
5
Company Structure
PT Bali Nirwana
Resort
100%
PT Lido Nirwana
Parahyangan
100%
Nirwana Bali
Resort, Golf &
Villa
Lido Lakes
Hotel & Resort
PT Plaza Indonesia
Realty Tbk
25.71%
PT GLD Property
100%
PT Nusadua
Graha
International
39.35%
MNC Plaza
The Westin
Resort
Nusadua, Bali
MNC Tower
High End
PT Investasi
Karya Gemilang
100%
Plaza Indonesia
PT Swarna Citra
Sentosa
100%
PT Investasi
Hasil Sejahtera
100%
MNC Tower
Surabaya
One East
Residence,
Oakwood
PT Global Jasa
Sejahtera
100%
Grand Hyatt
Hotel
The Plaza
Wisma
Indovision II
Keraton
At The Plaza
Sindo Building
fX Sudirman
Indovision
Building, Bali
MNC Financial
Center
MNC Media
Tower/
Park Hyatt Hotel
6
Competitive Strengths
1
Sustainable portfolio of investment properties provides resilient income in the midst of
cyclical property market condition
Owner of Plaza Indonesia, the most high-end integrated retail, office and hotel
complex in Jakarta
2
3
4
5
Owner of Westin Resort Bali and the Bali International Convention Center, the
largest convention center located in Nusa Dua. Venue for G-20 Summit and APEC
Our parent MNC Investama (BHIT) owns Global Mediacom (BMTR) which controls the
#1 Free to Air TVs and #1 Pay TV company in Indonesia under Media Nusantara Citra
(MNCN) and MNC Sky Vision (MSKY), respectively
Focus on resort and lifestyle entertainment property development
7
Core Businesses
A proven track record in managing various category of investment properties. Next, the Company is focusing on
developing the following segments :
1
LIFESTYLE & ENTERTAINMENT PROPERTY DEVELOPMENT
 Lido Integrated Resort & Theme Park
RESORTS DEVELOPMENT
2
 Bali Nirwana Resort
 The Westin Resort & Convention Center
 Mandalika Resort
•
Office Buildings
•
High-rise Residential
 Property Development
•
Upscale Hotels
 Property Management
•
High-end Retail Malls
GENERAL DEVELOPMENT
3
MNC Tower
The Plaza
Grand Hyatt Hotel
One East Residences
Westin Hotel, Bali
8
Section 2
Property Market Outlook
Well Positioned in a Conducive Growth Environment
“Indonesia has one of the fastest growing population in the world with one of the highest projected GDP growth”
Population (2014)
A Young Population : 80% - Below 50 yr
7%
1.364
8%
1.267
253
100
67
30
23
5
42%
0-14
in millions
Source: World Bank indicators, Population
GDP Growth (2014)
7,4%
17%
15-24
25-54
55-64
65+
Source: Indonesia Bureau of Statistics 2014
Property Credits Distribution (1H 2015)
7,4%
6,0%
Construction
27%
6,0%
5,0%
KPR & KPA
57%
2,9%
0,7%
China
26%
India
Real Estate
16%
Vietnam Malaysia Indonesia Singapore Thailand
Source: World Bank indicators, GDP Growth Rate
Source: Indonesian Financial Statistics 1H 2015, Bank Indonesia
10
Jakarta Property Outlook – CBD Office
CBD Office Cumulative Supply Based on Area
Lease Office
Total Supply
4.90 million sqm
Occupancy Level
93.7%
Asking Base Rent
IDR 300,519/sqm/mo. (
Average Service Charge
IDR 86,834/sqm/mo.
82.4% YoY)
Strata-title Office
No of Space Absorbed and Occupancy in the CBD
Source: Colliers International, Jakarta Property Market Report 1H 2015
Total Supply
986,767 sqm
Take-up Rate
97.6%
Average Selling Price
IDR 51.04 million/sqm
11
Jakarta Property Outlook – Retail & Hotel
Retail Supply by District
CBD
21,7%
SOUTH
21,5%
EAST
8,1%
NORTH
20,0%
CENTRAL
11,3%
WEST
17,5%
Retail
Total Supply
3.98 million sqm
Total Demand
3.41 million sqm
Occupancy Level
85.4%
Average Base Rent
(Prime Area, GF)
IDR 688,200/sqm/mo.
Base Rent Growth
Average Service Charge
Service Charge Growth
3.8% YoY
IDR 133,100/sqm/mo.
6.3% YoY
Source: Cushman & Wakefield, Marketbeat Jakarta Retail Snapshot 2Q 2015
Upscale Hotel Trading Performance
Source: Jones Lang Lasalle, Asia Pacific Property Digest 4Q 2014
Hotel
Total Supply
32,372 rooms
Occupancy Level
64.5%
Average Daily Rate
USD 176 (
11.6% YoY)
RevPar
USD 115 (
8.8% YoY)
12
Surabaya Property Outlook – Office & Apartment
Lease Office
Cumulative Office Supply in Surabaya
Total Supply
206,447 sqm
Occupancy Level
90.5%
Asking Base Rent
IDR 109,042/sqm/mo. (
Average Service Charge
IDR 73,152/sqm/mo. (
17.7% HoH)
8.2% HoH)
Strata-title Office
Total Supply
40,795 sqm
Take-up Rate
48.3%
Average Selling Price
IDR 17.2 million/sqm
Source: Colliers International, Surabaya Office Research and Forecast Report 1H 2015
Lease Apartment
The Distribution of Apartment Units in Surabaya
Total Supply
773 units
Occupancy Level
63%
Asking Rental Rate
IDR 210,018/sqm/mo. (
8.2% YoY)
Apartment Strata-title
Source: Colliers International, Surabaya Apartment Research and Forecast Report 1H 2015
Total Supply
18,933 units
Take-up Rate
80.9%
Average Asking Price
IDR 18.3 million/sqm (
10.4% YoY)
13
Section 3
Project Highlights
Key Project Highlights
LIFESTYLE & ENTERTAINMENT PROPERTY DEVELOPMENT
•
LIDO, BOGOR + SUKABUMI
up to + 3,000 ha
RESORTS DEVELOPMENT
•
THE WESTIN RESORT & CONVENTION CENTER, BALI
•
BALI NIRWANA RESORT
•
MANDALIKA RESORT, LOMBOK
9 ha
103 ha
up to + 750 ha
15
Lifestyle & Entertainment Property Development
Future
Lido Integrated Resort and Theme Park
Strategically located in Lido (Bogor), Lido Lakes Resort is currently accessible
through Jagorawi Toll Road and national road as well as by train. A direct toll road
connecting Jagorawi Toll Road to Lido Resort is under construction and expected
to be operational in 2Q 2017.
Huge potential upside on land price showed by
the Land ASP of other developments one hour
outside Jakarta:
Location
Price/sqm (USD)
• Rancamaya
500 – 700
The site has an elevation of 480m to 760m and is located between 2 mountains,
Gunung Salak and Gunung Gede, providing cool temperature.
• Summarecon
Bekasi
1,000 – 1,300
Surrounded by 3 major provinces of West Java, Banten and DKI Jakarta, Lido
development will potentially attract a population of approx. 60 million residents.
• BSD
1,000 – 1,400
• Alam Sutera
1,200 – 1,600
Total master plan area : up to 3,000 ha.
• Summarecon
Serpong
1,200 – 1,600
16
Lifestyle & Entertainment Property Development
Lido Integrated Resort & Theme Park is located 70 km away from Central Jakarta. The site can be reached
through Jagorawi Toll Road and the proposed 15 km Toll Road Ciawi – Cigombong.
Main City Boundary
Secondary City Boundary
City Center
Toll Road Network
Inter-City Road Network
Proposed Toll Road Network
Main Road
Travel Time by Vehicle
Railway
Project Site
Approx. Travel Time from
Jakarta is 60 min.
17
Lifestyle & Entertainment Property Development
Up to 3,000 ha expansion for Lido under the master plan
Master plan for Lido Integrated Resort and Theme Park

Appointed WATG as the Master Plan Consultant
− WATG is a Hawaii-based Master Planner. Over the course of
six decades, WATG has become the world’s leading design
consultant for the hospitality, leisure, and entertainment
industries.

The whole 3,000 ha masterplan is divided into following zones :
− Entertainment City (Theme Park)
− Luxurious High-End Resort
− Wellness Valley
− Edu City
− Eco Park
− Agri Tourism
− New Town

The first phase of development consists of :
− Theme Park (part of Entertainment City)
− Luxurious High-End Resort
18
Lifestyle & Entertainment Property Development
FIRST PHASE DEVELOPMENT – THEME PARK (Part of Entertainment City)
Entertainment City

Total land area : 425 ha

The developments in this zone will include both attractions and
accomodations, as follows :
1. Theme Parks
2. Theme Resort Hotel
3. Mediapolis
4. Botanical Garden
5. Water Park
6. Cultural Village
7. Retail
Theme Park

A total area of 72 ha is dedicated for Theme Park under the first phase
development which will include:
 Theme Park
 Retail, dining and entertainment area
 Family themed hotel

A Hollywood based theme park consultant has been appointed to design the
park with 180 artists to create exclusively for the park with an Indonesian
based legend and Hollywood story style.

Targeted visitors: domestic and regional visitors with middle to upper spending
level capability.
19
Lifestyle & Entertainment Property Development
FIRST PHASE DEVELOPMENT – LUXURIOUS HIGH-END RESORT
Land
Area
Description
Construction
Start
81.1 ha
An 18-hole world class
signature golf course
exclusively designed by Ernie
Els to be suitable for a PGA
tournament
3Q 2014
Country Club
8.7 ha
An exclusive country club with
round-the-clock concierge
services and the facilities to
host exclusive events
2Q 2016
High-end Villas
24.4 ha
200 units of villas with an
average land size of 750 sqm
3Q 2016
10.9 ha
200 luxurious guest rooms,
meeting & banquet facility,
restaurants and bar, fitness
center, family recreational
center
4Q 2016
Project
Luxury Hotel
18-hole Golf Course
Country Club
Entertainment City
Luxurious High-End Resort
High-end Villas
18-Hole Golf Course
6-star Luxury Hotel
All luxurious high-end resort components will be managed by TRUMP, the next generation of luxury hospitality and one of the
fastest growing luxury hotel companies in the world.
20
Resorts Development
Existing
Bali Nirwana Resort
 The development is located in a spacious 103-hectare area in Tabanan, West Bali – one of the largest resort developments in Bali.
 A perfect location for luxury living that offers breathtaking views of the Indian Ocean and Tanah Lot, the most sacred temple in
Bali, framed by a spectacular panorama of endless sea.
 Bali is consistently voted as one of the world’s best islands with the latest awards came from the Travel+Leisure Magazine and Bali
was voted as the World’s Best Awards-Top Islands No. 5 in 2014.
 In the process of redesigning the whole master plan to include:
− 6-star Luxury Hotel
− High-end Villas and Condominiums
− Marina and Beach Club
− Timeshare Apartments
− MNC Entertainment Center
 The newly redesigned resort will be managed by TRUMP, the next generation of luxury hospitality and one of the fastest growing
luxury hotel companies in the world.
21
Resorts Development
Existing
The Westin Resort & Convention Center
 5-star resort with a total of 433 rooms and convention facilities nestled on a white sandy beach on Bali’s southern
coast.
 Located in BTDC Complex, Nusa Dua, one of Bali’s premiere luxury resort hotel and conference facilities complex.
 Hosted international events including Miss World 2013 and APEC CEO Summit Indonesia 2013.
 The Convention Center facilitates up to 26 meeting rooms with 2,700 sqm exhibition space and 2,500 seaters
ballroom.
 As of YTD 30 June 2015, occupancy rate reached 74% with guest profile consisting of 24% business travelers and
76% leisure.
22
Resorts Development
Blessed with pristine nature and a well-preserved Natural Heritage, Mandalika Resort will be one of
the most prestigious and high-end integrated resorts in Asia
Future
Mandalika Resort
 Located in the southern part of Lombok Island, West Nusa Tenggara.
 Part of the newly proposed Special Economic Zones (KEK).
 Signed MOU with Bali Tourism Development Corporation (BTDC) in October 2011.
 Total land concession up to 750 ha, and up to 320 ha will be developed in phase 1.
 Planning to provide facilities for MICE, Active Waterfront activities, cultural festivals.
23
General Development – Ongoing
The head offices and studios for 3
main tv stations owned by MNC :
RCTI, Global TV, and MNC TV
A premium studio and office
building to cater the media
business of the group
Targeted premium news
The cutting edge of mixeduse development in Surabaya companies, the tower will be the
new landmark of the city
3TV Offices & Studios
MNC News Center
One East Residence
Oakwood Serviced
Apartment
Location
West Jakarta
Central Jakarta
Surabaya
Central Jakarta
Cost
IDR 1.29T
IDR 658Bn
IDR 660Bn
IDR 2.35T
Architect
Wastu
Airmas Asri
Airmas Asri
Aedas
Land Area
101,222 sqm
5,837 sqm
5,042 sqm
7,332 sqm
Building
Area
108,229 sqm
58,507 sqm
76,415 sqm
103,752 sqm
Storey
18 stories (Global TV)
14 stories (RCTI)
18 stories (MNC TV)
16 stories
33 stories
287 Strata Apt
144 Serviced Apt
39 stories
Start Date
2011
2011
2013
2013
Completion
4Q 2015
4Q 2015
2Q 2016
4Q 2017
MNC Media Tower
Park Hyatt Hotel
24
General Development – Existing (Office)
MNC Tower
MNC Tower & MNC Plaza
MNC Financial Center
The Plaza
Location
Surabaya
Kebon Sirih,
Central Jakarta
Kebon Sirih,
Central Jakarta
CBD Jakarta
Owner
PT Swarna Citra Sentosa
PT GLD Property
PT MNC Land Tbk
PT Plaza Indonesia Realty Tbk
Land Area
1,424 sqm
17,850 sqm
4,222 sqm
6,803 sqm
Building Area
11,452 sqm
80,200 sqm
24,450 sqm
70,880 sqm
Storey
12 stories
29 stories
(MNC Tower)
2 stories
(MNC Plaza)
22 stories
49 stories
Occupancy
To be operational in 4Q 2015
95%
100%
95%
25
General Development – Existing (Office)
High End Building
SINDO Building
Wisma Indovision II
Indovision Bali Building
Location
Kebon Sirih,
Central Jakarta
KH Wahid Hasyim,
Central Jakarta
Kebon Jeruk,
West Jakarta
Diponegoro, Bali
Owner
PT GLD Property
PT MNC Land Tbk
PT MNC Land Tbk
PT Investasi Karya Gemilang
Land Area
4,062 sqm
1,064 sqm
3,297 sqm
2,730 sqm
Building Area
5,937 sqm
5,127 sqm
10,669 sqm
5,057 sqm
Storey
5 stories
8 stories
10 stories
4 stories
Occupancy
96%
100%
100%
80%
26
General Development – Existing (Hotel)
Grand Hyatt
Keraton
At The Plaza
The Westin Resort &
Convention Center
Pan Pacific
Nirwana Bali Resort
Location
CBD Jakarta
CBD Jakarta
Nusa Dua, Bali
Tanah Lot, Bali
Owner
PT Plaza Indonesia
Realty Tbk
PT Plaza Indonesia
Realty Tbk
PT Nusadua Graha
International
PT Bali Nirwana Resort
Land Area
12,868 sqm
5,610 sqm
9.3 ha
9.8 ha
Capacity
427 rooms
140 rooms
433 rooms
278 rooms
Occupancy
67%
63%
74%
71%
27
General Development – Existing (Retail)
Plaza Indonesia
fX Sudirman
Location
CBD Jakarta
CBD Jakarta
Owner
PT Plaza Indonesia Realty Tbk
PT Plaza Indonesia Realty Tbk
Land Area
16,049 sqm
11,460 sqm
NLA
65,236 sqm
31,980 sqm
Storey
5 stories
9 stories
Occupancy
97%
87%
28
Section 4
Financial Update
Financial Highlights FY 2012 – FY 2014
FY 2012 to FY 2014 Audited Financials
(In IDR Billion)
1.013
588
409
350
207
108
Revenue
104
158
Operating Profit
2012
2013
191
EBITDA
2014
9.965
8.019
7.361
6.097
2.729
517
Total Assets
1.946
1.264
Total Liabilities
2012
2013
2.212
Total Equity
2014
30
Financial Highlights FY 2012 – FY 2014
FY 2012 to FY 2014 Solvency Metrics
813%
620%
576%
23%
EBITDA/Interest
39%
24%
21%
Debt/Equity
2012
2013
EBITDA Margin
2014
Revenue Contribution by Sector
FY 2014
13%
EBITDA Comparison
FY 2014
FY 2013
4%
FY 2013
1%
Hotel, resort, golf
7%
Hotel, resort and golf
20%
Offices
18%
65%
19%
2%
Office space rental
5%
Security & other
services
Apartment & other
properties
35%
33%
46%
46%
75%
Security and other
services
Apartment and other
properties
79%
31
Financial Highlights 1H 2013 – 1H 2015
1H 2013 to 1H 2015 Unaudited Financials
(In IDR Billion)
544
389
216
210
201
119
71
51
Revenue
EBITDA
1H 2013
1H 2014
57
Net Profit
1H 2015
10.779
8.985
8.761
7.614
5.092
4.404
1.371
688
Total Assets
2.018
Total Liabilities
1H 2013
1H 2014
Total Equity
1H 2015
32
Financial Highlights 3M 2013 – 3M 2015
1H 2013 to 1H 2015 Solvency Metrics
636%
693%
632%
16%
EBITDA/Interest
34%
23%
18%
Debt/Equity
1H 2013
1H 2014
EBITDA Margin
1H 2015
Revenue Contribution by Sector
1H 2015
EBITDA Comparison
1H 2015
1H 2014
15%
4%
15%
Hotel, resort, golf
13%
5%
1%
1H 2014
34%
27%
Hotel, resort, golf
16%
2%
2%
Security & other
services
Security & other
services
Apartment & other
properties
2%
Offices
Offices
54%
40%
31%
79%
52%
Apartment & other
properties
80%
33
Financial Performance Summary
In IDR Billion
Revenues
Hotel, resort and golf
Office space rental
Security and other services
Apartment & other properties
Gross Profit
Operating Profit
EBITDA
Net Income*
Total Assets
Total Liabilities
Total Equity
Gross Profit Margin
EBITDA Margin
Net Profit Margin
Debt to Equity
1H 2015
1H 2014
YoY Growth
2014
2013
YoY Growth
544
294
81
22
148
283
138
216
201
389
308
58
18
6
173
52
119
57
40%
-5%
40%
20%
2561%
63%
164%
82%
254%
1.013
663
128
35
187
483
207
350
387
588
440
118
30
260
104
191
278
72%
51%
8%
18%
85%
99%
83%
39%
10.779
2.018
8.761
8.985
1.371
7.614
20%
47%
15%
9.965
1.946
8.019
7.361
1.264
6.097
35%
54%
32%
52%
40%
37%
23%
44%
31%
15%
18%
48%
35%
38%
24%
44%
33%
47%
21%
* Net Profit attributable to owners of the Company
34
For further information, please contact Investor Relations Division:
David Martin Soetiarto – Deputy CFO
[email protected]
Pauline Changgara – Investor Relations Manager
[email protected]
PT MNC Land Tbk
MNC Tower, 17th Floor
Jl. Kebon Sirih No. 17-19
Jakarta 10340, Indonesia
Tel : +62 21 3927471
Fax: +62 21 3921227
[email protected]
www.mncland.com