Nirwana Epicentrum

170609-1Q09
060411 - 2010
www.bakrieland.com
WHY INVEST IN BAKRIELAND?
If you are a very busy person, read here
EXTERNAL
Healthy Indonesia's GDP growth
2011E GDP growth is 6.4%, 3rd highest among G-20 countries
Favorable supply & demand condition
Potential demand of house in Indonesia exceeds supply
Attractive property price & yield
Indonesian property has the lowest price and the highest yield in region
Relatively low mortgage rate
Current Central Bank rate is one of the lowest in Indonesia's history
Potential of positive regulation change
Possibility of relaxation of laws governing foreign ownership of property
INTERNAL
Market leader
The largest Jakarta CBD and Bogor developer
Unique business model
Property & property related infrastructure (value creation)
Huge land bank
More than 14,000 Ha in Jakarta CBD, Bogor, Jonggol and others
Strong shareholder
Bakrie Group & Avenue Capital Group (largest shareholder)
Strong partner
Limitless & Perumnas (State owned housing company)
High revenue growth
The last 5-year revenue CAGR is 34%
Solid balance sheet
DER & net gearing --> 54.4% and 43.7% @ 31/12/2010
The most liquid property stock in IDX
2010 average daily trading value --> IDR 50 billion or US$ 6 million
Attractive valuation
Estimated 2010 NAV -> IDR 490/share
TABLE OF CONTENTS
Why invest in Indonesian property companies ………
4
Bakrieland's profile …………………..……….…………
6
City property projects …………………...….……………12
Landed residential project ……………………………… 18
Hotel and Resort project …………………………………22
Infrastructure project …………………….……………… 25
Financial highlight ……………………………………… 28
Appendices ……………………………………………… 36
The Developer of the Year
The Best Listed Company
In Property & Real Estate
At 2010 Indonesia Property and Bank Award
At 2008 Bisnis Indonesia Award
The Winner in 2008 Annual Report Award
for Listed Private Non-Finance Company Category
Best GCG most improved category
At 2008 ARA by Bapepam-LK and IDX
At 2009 GCG Award by IICD and CIPE
Trusted Company
Best Indonesia Green CSR
Award
in 2009 Corporate Governance Perception Index
At 2009 CGPI by IICG and SWA
At 2010 IGW by Bisnis & CSR Magazine
WHY INVEST IN INDONESIAN
PROPERTY COMPANIES
• Solid economy
10
• Relatively low interest rate
Estimated 2011 GDP growth, G-20
%
50%
9
45%
8
40%
7
35%
6
30%
5
25%
4
20%
3
15%
2
10%
1
5%
India
China
Indonesia
Argentina
Turkey
Saudi Arabia
Korea
Russia
Brazil
Mexico
Australia
South Africa
US
Canada
UK
Germany
Japan
France
Italy
0
0%
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10 11E
Source: Bank Indonesia, www.bi.go.id
Source: IMF, February 2011
• Potential demand for houses in Indonesia exceeds supply
Population & population growth Æ 228 million people & 1.3%/year = 3 million people/year
Shortages Æ 8.6 million units, annual demand Æ 800,000 units, annual supply Æ 200,000 units
(source: Investor Daily, 1 October 2009)
• Possibility of relaxation of laws
90,000
people
80,000
Expatriate Growth in Indonesia
70,000
governing foreign ownership
60,000
50,000
40,000
of property
30,000
20,000
10,000
1998
1999
2000
2001
2002
2003
2004
Source: Manpower Department, 2009
2005
2006
2007
2008
4
FAVORABLE CONDITIONS
• Lowest price and highest yield
Apartment Price in Premiere City Center (price per Sq.m.)
16,422
Hong Kong
Japan
Singapore
India
China
Thailand
Philippines
Malaysia
Indonesia
12,884
11,324
10,265
5,449
3,072
2,033
1,424
1,381
US$ 0
2,000
4,000
6,000
8,000
10,000 12,000 14,000 16,000 18,000
Apartment Rental Yields in Premier City Centre (%)
Indonesia
11.4
Philippines
9.0
Malaysia
8.8
Thailand
6.4
Japan
5.8
Singapore
3.8
India
3.7
Hong Kong
3.3
China
3.2
0
2
4
Source : Global Property Guide, 2010
6
8
10
12
5
BAKRIELAND’S PROFILE
6
BAKRIE LISTED COMPANIES
Company
Sector
Bumi Resources
Coal mining
Bakrie Telecom
Market Cap.
IDR trillion US$ billion
62.8
7.0
Telecom
6.7
0.7
Bakrieland Development
Property
6.3
0.7
Bakrie & Brothers
Investment
6.1
0.7
Bakrie Sumatera Plantation
Plantation
5.3
0.6
Energi Mega Persada
Oil and Gas
5.0
0.6
Darma Henwa
Mining
1.6
0.2
93.7
3,247.0
2.9%
10.4
360.8
Bakrie listed companies (BLC)
The Indonesia Stock Exchange (IDX)
BLC market share in IDX
Source : Yahoo Finance, Bloomberg, based on 30 December 2010
7
CORPORATE STRUCTURE
BAKRIELAND
INTEGRATED PROPERTY COMPANY
P R O P E R T Y
CITY PROPERTY
Revenue : IDR 481 bn (35%)
EBITDA : IDR 94 bn (23%)
LANDED RESIDENTIAL
Revenue : IDR 403 bn (30%)
EBITDA : IDR 174 bn (43%)
PROPERTY RELATED INFRASTRUCTURE
HOTEL & RESORT
Revenue : IDR 399 bn (29%)
EBITDA : IDR 93 bn (23%)
TOLL ROAD
WATER TREATMENT & DIST.
Revenue : IDR 84 bn (6%)
EBITDA : IDR 45bn (11%)
Revenue : NA
EBITDA : NA
PT. Bakrie Swasakti Utama
69.62%
PT. Graha Andrasentra P.
99.78%
PT. Samudra Asia Nasional
99.78%
INVESTMENT
INVESTMENT
INVESTMENT
Wisma Bakrie 1
Jungle Water Park
Pullman Bali Legian Nirwana *
Wisma Bakrie 2
Jungle Mall
PT. Bakrie Toll Road
99.99%
PT. Aetra Air Jakarta
3.75%
Bakrie Tower *
Aston Bogor Hotel & Resort *
PT. Bali Nirwana Resort
52.55%
PT. Semesta Marga Raya
100%
INVESTMENT
INVESTMENT
INVESTMENT
Pan Pacific Nirwana Bali
Resort
Kanci-Pejagan Toll Road
Lifestyle Center *
Aston Rasuna Residence *
Pasar Festival
Elite Club Epicentrum
PROJECT
Bogor Nirwana Residence
PROJECT
Grove Condominium
PROJECT
Travellers Krakatoa Nirwana
Resort
Grove Suites
Ijen Nirwana Residence
Rasuna Epicentrum:
PT. Libratindo Gemilang
Wave Condominum
PT. Mutiara Permata Biru
98.78%
PT. Bakrie Pangripta Loka
99.99%
PROJECT
WT&D for East side of Jakarta
PT. Krakatau Lampung T. D.
90%
PT. Dutaperkasa U.
64.86%
PROJECT
PT. Bakrie Infrastructure
99.99%
99.99%
PROJECT
PROJECT
Lagoon Nirwana Residence
Batam Nirwana Residence
Sentra Timur Residence
PT. Bukit Jonggol Asri
37.88%
PT. Berkah Puhu Lestari
99.99%
PROJECT
PROJECT
Ubud Nirwana Villas
Bukit Jonggol
PT. Fusion Plus Indonesia
50.00%
INVESTMENT
* Partly retained
Lido Lakes Resort
Revenue & EBITDA are based on 2010 results
8
BUSINESS MODEL & STRATEGY
BAKRIELAND
INTEGRATED PROPERTY COMPANY
P R O P E R T Y
SYNERGY
PROPERTY RELATED INFRASTRUCTURE
New regional development
Æ Better margin and growth
Land acquisition expert
Æ Land acquisition acceleration
Integrated property expansion Æ Traffic enhancement
Integrated water solution
Æ A green operation
OPTIMAL
ECONOMIES
OF SCALE
VALUE CREATION TO STAKEHOLDERS
DEVELOPMENT
FOCUS
• Focusing on mid-to-mid-up Residential Development in
prime city locations
• Strengthening new project position by leveraging and
capitalizing on existing project branding
DEVELOPMENT
ACCELERATION
• Increasing development pace through strategic alliance
(Joint Operation and Joint Venture)
• Intensifying the use of Strata Title concept
EXCELLENT
DEVELOPMENT
• Offering high quality products and services
• On time delivery as planned
• High yield property investment
9
BAKRIELAND’S STRENGTHS
MAR K ET
LEADER
LARGEST
Jakarta CBD
Developer (1)
LARGEST
Development
Area in
Jakarta CBD (2)
LARGEST
Land Bank
in
Jakarta CBD (3)
One of LARGEST
Market cap.
of All Property
Stocks on IDX (4)
One of LARGEST
Trading Value
of All Property
Stocks on IDX (5)
STRONG
Revenue growth (6)
SOLID
Balance sheet (7)
DIVERSIFIED
Portfolio (8)
DIVERSIFIED
Locations (9)
QUALITY
Products (10)
GOOD
Track Record (11)
FOCUSED
Segment (12)
COMPLETE
Amenities (13)
STRONG
Partner (14)
1.
STRONG
Shareholders
(15)
Commands almost 30% of total apartment supply in Jakarta CBD
2.
Commands 53.5 Ha of land in Jakarta prime CBD - Rasuna Epicentrum awarded as the Largest Superblock in Jakarta CBD by Rekor Bisnis
3.
16.1 Ha of land in Jakarta prime CBD
4.
One of the largest market cap of all property stocks on the IDX, US$ 696 million @ 30 December 2010
5.
One of the most liquid property stocks on the IDX. Average daily trading value in 2010 Æ IDR 50 billion/US$ 6 million
6.
The CAGR of revenues in the last 5-year is 34% and will continue to grow strongly
7.
DER Æ 54.4% and net gearing Æ 43.7% @ 31 December 2010
8.
House, apartment, office, hotel, retail center, infrastructure
9.
Jakarta, Bogor, Bali, Malang, Lampung, Batam and others
10.
The 2nd best mid apartment in Jakarta, independent survey by PSIP, 2007
11.
Experience Æ more than 20 years
12.
Mid-to-mid-up segment
13.
Most complete Superblock in Jakarta at 2008 Indonesia Property & Bank Award
14.
Limitless and Perumnas (State owned housing company)
15.
Bakrie Group and Avenue Capital Group
10
MAJOR SHAREHOLDERS (>5%)
CGMI
12.17%
RD
9.02%
PUBLIC
78.81%
CGMI
RD
PUBLIC
: Avenue Luxembourg SARL (Avenue Capital)
: Reksadana Danamas
: Each ownership < 5%
Source : share registrar, 31 December 2010
11
CITY PROPERTY
PROJECTS
THE LIFESTYLE CAPITAL OF JAKARTA
12
Jakarta
THE JAKARTA GOLDEN TRIANGLE
CITY PROPERTY DEVELOPMENT
Indonesia's urban and rural population
200
Urban
m
180
Rural
160
140
120
100
80
60
40
20
0
1950
Grand Hyatt Hotel
Nikko Hotel
1965
1980
Menteng
Sudirman
sy
Australian Embas
aid
na S
(Kun
n)
inga
Le Meridien Hotel
JAKARTA SUPERBLOCKS
1. Rasuna Epicentrum (53.5 Ha)
1
Owned by Bakrieland
Jatinegara
Rasu
Senayan
3. Mega Kuningan (44.5 Ha)
Indonesia
Stock Exchange
Owned by other
Ritz Carlton Hotel
Tebet
Netherland Embassy
Ga
to
r
ub
tS
o
ot
JW Marriott Hotel
3
2. SCBD (47.7 Ha)
Owned by other
Malaysian Embassy
Kebayoran
2025F
Manggarai
Four Seasons
Hotel
2
2010F
Source: United Nations, BPS, CLSA
Asia-Pacific Markets, April 2010
Shangri-La Hotel
Palmerah
1995
Singapore Embassy
Grand Melia Hotel
Kemang
Minggu
MT Haryono
Pasar
Gandaria
n
g Prapata
Mampan
Jakarta Golden Triangle
13
Project
RASUNA EPICENTRUM
Jointly developed with Limitless
CITY PROPERTY DEVELOPMENT
17 thirty-storey condominium towers (4,269 units), fully developed
A. BAKRIE TOWER
B. LIFESTYLE CENTER
H
C. PASAR FESTIVAL
E
D. ELITE CLUB
EPICENTRUM
F
E. TAMAN RASUNA
APARTMENT
K
M
J
B
I
F. ASTON RASUNA
RESIDENCE
A
G
D
G. MEDIA WALK
H. THE WAVE
L
N
C
I.
THE GROVE
CONDOMINIUM
J. THE GROVE SUITES
MMC
Hospital
Australian
Embassy
K. OFFICE TOWER
L. CONCERT HALL
M. CONDOMINIUM
HR Rasuna Said
N. CONDOMINIUM
Sport complex and retail area, fully developed and retained as recurring-income asset
The first and the largest superblock
Development area Æ 53.5 Ha
At 2010 Indonesia Property & Bank Award
14
Project
RASUNA EPICENTRUM – LAND STATUS
CITY PROPERTY DEVELOPMENT
0.9
3.5
3.0
8.0
0.5
1.9
0.1
0.7
12.5
11.0
1.6
(Ha) Infrastructure & others
Public & social facilities
Already developed
Being developed
Estimated land bank
Total area
9.8
3.5
8.0
0.9
1.6
+
+
+
12.5
0.7
0.5
+
+
+
1.9
0.1
3.0
+
11.0
=
=
=
=
=
9.8
3.5
22.4
1.7
16.1
53.5
15
THE GROVE
CONDOMINIUM
Project
• 2 mid-up segment condominium towers
with 438 units
• Average size per unit
2 bedroom Æ 85 sqm
• Expected to be completed in 4Q11
• 50% pre sold
• Construction progress Æ 45%
THE GROVE
SUITES
THE WAVE
CONDOMINIUM
CITY PROPERTY DEVELOPMENT
• A five star strata hotel with 151 units
• Average size per unit
1 bedroom Æ 63 sqm
• Expected to be completed in 2Q11
• 40% pre sold
• Construction progress Æ 55%
• 9 mid-segment condominium towers
with 2,621 units
• Average size per unit
1 / 2 bedroom Æ 40 / 60 sqm
• Expected to be completed Æ 1Q12
(stage 1A, 3 towers, 848 units)
• 36% pre sold
• Construction progress Æ 43%
16
BAKRIE TOWER
Investment
• Jakarta’s highest strata office tower
• 47-storey of grade-A office building
with 62,235 sqm useable area
• Operational in May 2010
• 95% take up rate (65% sold and 30%
rented)
LIFESTYLE
CENTER
EPICENTRUM XXI
CITY PROPERTY DEVELOPMENT
• A cinema with a unique red carpet
concept in an independent building
• Capacity Æ 300 seats and 500 seats
(the largest capacity in Jakarta in
term of seat)
• Equipped with a lounge
•
•
•
•
Entertainment center and office tower
29,208 sqm useable area
Soft opening in March 2010.
Tenants Æ farmers market, Starbucks,
Flagship Store, Cafe & Restaurants,
Banks (BNI, BCA) etc
• 45% take up rate (31% sold and 14%
rented)
17
LANDED RESIDENTIAL
PROJECT
SIMPLY PARADISE INSPIRED BY NATURE
18
JAKARTA
BOGOR NIRWANA
RESIDENCE LOCATION
RESIDENTIAL DEVELOPMENT
CITY PROPERTY DEVELOPMENT
Jagorawi
Toll Road
BOGOR
A
Proposed Bogor
Outer Ring Road
Proposed Bogor
B
Inner Ring Road
Proposed Ciawi
Sukabumi
Rancamaya
Toll Road
A
Bogor train station (4 km to BNR)
B
Batu Tulis train station (1 km to BNR)
19
Project
BOGOR NIRWANA
RESIDENCE
RESIDENTIAL DEVELOPMENT
The largest housing project in Bogor
•
Development area Æ 814 Ha
A landed residential project that develops
more than 1,000 Ha of land in Bogor city,
Southern of Jakarta with various types of
houses
•
Supporting facilities: water park and retail
area
•
Planned supporting facilities: golf course
•
Since inception, more than 2,300 units were
already sold
20
Asset & Project
BOGOR NIRWANA
RESIDENCE
RESIDENTIAL DEVELOPMENT
The Jungle Mall
Orchard Walk RETAIL SPACE
11,315 sqm leasable area
STRATA RETAIL SPACE
Nirwana Epicentrum
Aston Hotel Bogor
15,735 sqm saleable area
The Jungle
Artist impression
4-STAR STRATA HOTEL
124 units (85 units for sale + 39 units are retained)
EDUTAINMENT WATER PARK
3.5 Ha, 4D cinema, giant aquarium, bird park, dry park & etc
21
HOTEL & RESORT
PROJECT
RESORT LIVING STYLE
22
HOTEL
LIFETIME INVESTMENT
Project
PULLMAN BALI
LEGIAN NIRWANA
HOTEL & RESORT DEVELOPMENT
•
The first strata hotel in Kuta-Bali
•
Managed by Accor International
•
360 five-star strata hotel units on 2.4
ha land (270 units for sale & 90 units
will be retained)
•
Operational in February 2011
•
More than 80% from 270 units is
already sold
Seminyak
PULLMAN BALI
LEGIAN NIRWANA
KUTA
BEACH
Jimbaran
Bali island
HARD ROCK
HOTEL - BALI
23
RESORT
Asset
PAN PACIFIC
NIRWANA BALI RESORT
HOTEL & RESORT DEVELOPMENT
•
Bali’s first fully integrated resort of 100 Ha
located in Tanah Lot, Tabanan, Bali
•
Begins operation in 1997
•
A five-star resort managed by Pan Pacific
consists of 278-room luxury hotel, 18-hole
signature golf course designed by Greg
Norman, and an exclusive residential
complex
•
Indonesia’s Leading Golf Resort from World
Travel Awards 2009 and Asia’s Best Golf
Resort from Asian Golf Monthly Awards
TANAH
`
NIRWANA BALI
RESORT
LOT TEMPLE
Bali island
Occupancy rate Æ 63%
24
INFRASTRUCTURE
PROJECT
25
TOLL ROAD
PROJECTS
Trans-Asia Highway network
links 32 countries by road
along 141,000km
Merak
INFRASTRUCTURE
PROJECT
Land area Æ 225 Ha
Jakarta Cikampek
Palimanan
Tangerang
Ciawi
Trans Java toll road network
Cirebon
Kanci
Sukabumi
Pemalang
Ciranjang Bandung
Pejagan
Batang
Semarang
Surabaya
Solo
Sections
Length (km)
Merak-Tangerang
73
Tangerang-Jakarta
28
Jakarta-Cikampek
72
Jakarta-Ciawi
46
Ciawi-Sukabumi
54
Cikampek-Palimanan
116
Palimanan-Kanci
29
Kanci-Pejagan
35
Pejagan-Pemalang
58
Pemalang-Batang
35
Batang-Semarang
75
Semarang-Solo
76
Solo-Kertosono
177
Kertosono-Mojokerto
41
Mojokerto-Surabaya
37
Surabaya-Gempol
40
Gempol-Pasuruan
32
Pasuruan-Probolinggo
45
Probolinggo-Banyuwangi
170
Kertosono
Mojokerto
Gempol
Pasuruan
Probolinggo
Banyuwangi
Land acquisition progress Æ + 92%
Completed (by other companies)
Completed (by Bakrieland)
Under Bakrieland assessment
Under tender process or owned by others
Source: http://www.bpjt.net – http://www.jasamarga.com
Java
Indonesia
Ratio
Land area
Population
(sq. km.)
(mn)
132,186
128
1,890,000
228
7%
56%
26
JAVA ISLAND
West Java
Mid Java
CIAWI-SUKABUMI TOLL ROAD
East Java
Ciawi-Sukabumi Toll Road
Banten
Jakarta
Avg daily traffic
342.000
province
Cikampek
Avg daily traffic
329,000
Bogor
Ciawi
• Lido (integrated resort)
Avg daily traffic
178.000
Padalarang
Cibadak
Pelabuhanratu
Sukabumi
Ciranjang
•Mountain hotel & villas
•Residential
•Boarding school
•Integrated development
Bandung
•Ocean resort hotel
•Beach theme park
•Golf course
•Family mall
•Residential
West Java, population: 41.4 mn, population growth 1.75%/year
Source: http://www.datastatistik-Indonesia.com
Cileunyi
Toll road
Proposed toll road
Regular road
27
FINANCIAL
HIGHLIGHTS
28
FINANCIAL PERFORMANCE
Revenues (IDR billion)
1,600
5-year CAGR : 34%
1,368
1,400
1,200
1,000
1,054
1,059
2008
2009
782
800
600
393
320
400
200
0
2005
2006
2007
2010
1,367.6
669.3
241.7
406.2
178.7
Revenues
Gross profit
Operating profit
EBITDA
Net profit
2009
1,059.0
498.1
166.8
230.3
132.3
2010
% Change
29.1
34.4
44.9
76.4
35.1
IDR bn
500
450
400
Quarterly
revenue
350
300
250
200
150
100
50
4Q10
3Q10
2Q10
1Q10
4Q09
3Q09
2Q09
1Q09
4Q08
3Q08
2Q08
1Q08
4Q07
3Q07
2Q07
1Q07
4Q06
3Q06
2Q06
29
1Q06
0
BALANCE SHEET
IDR billion
As of
Cash & cash equivalents
Fixed assets
Inventories and land banks
Other assets
Total assets
Interest bearing liabilities*
2006
2007
2008
2009
2010
33
1,043
740
760
861
638
701
952
4,616
5,639
1,328
3,007
4,373
3,671
6,313
397
957
2,269
2,546
4,252
2,396
5,708
8,335
11,593
17,064
73
298
1,121
3,062
3,312
-
-
-
1,055
Equity linked bond
-
Other liabilities
963
1,210
2,013
2,732
2,216
Minority interest
40
67
694
1,156
2,460
Equity
1,319
4,133
4,508
4,643
8,022
Total liabilities & Equity
2,396
5,708
8,335
11,593
17,064
* Obtained from financial institutions
30
FINANCIAL RATIOS
2006
2007
2008
2009
2010
Revenue
393.2
782.1
1,053.8
1,059.0
1,367.6
Gross profit
167.2
321.1
510.8
498.1
669.3
Gross margin
42.5%
Operating profit
72.2
Operating margin
18.4%
EBITDA
83.2
EBITDA margin
21.2%
Net profit
67.6
Net margin
17.2%
17.2%
25.8%
12.5%
13.1%
ROA (annualized)
ROE (annualized)
2.8%
5.1%
2.4%
3.2%
3.3%
6.0%
1.5%
3.8%
1.0%
2.2%
Debt to Equity
Net Gearing
5.5%
3.1%
7.2%
-18.0%
24.9%
8.4%
66.0%
49.6%
54.4%
43.7%
EBITDA/share
EPS
14.9
12.1
9.7
6.8
13.4
13.7
11.6
6.6
13.0
5.7
1.
2.
3.
41.1%
170.5
21.8%
190.7
24.4%
134.2
48.5%
226.0
21.4%
266.8
25.3%
272.1
47.0%
166.8
15.7%
230.3
21.7%
132.3
Marketing sales were not 100% recognized as revenue
All assets were recorded at cost, not marked to market
Fourth right issue of IDR 3.2 trillion in 2010
48.9%
241.7
17.7%
406.2
29.7%
178.7
31
REVENUE BREAKDOWN
FY2010
Toll road, 6%
Office (rent), 2%
Retail & Sport Area,
4%
Edutainment Water
Park, 3%
Service
Management, 6%
Housing, 23%
Apartment, 10%
Hotel & Resort, 13%
Hotel (strata), 22%
Office (strata), 11%
32
SALES BACKLOG
@ 31 December 2010
Total
sales
(IDR bn)
Revenue
(IDR bn)
Sales
backlog
(IDR bn)
1,049
550
500
STRATA OFFICE
865
835
30
LANDED RESIDENTIAL
N/A
N/A
419
HIGH RISE RESIDENTIAL
TOTAL SALES BACKLOG
949
33
LAND BANK
31 December 2010
Location
City Property
Rasuna Epicentrum
Sentra Timur Residence
Landed Residential
Bogor Nirwana Residence
Land
Bank (Ha)
Development
Area (Ha)
CBD Jakarta
16.1
53.5
East Jakarta
2.5
3.2
828.0
1,002.4
Bogor
Ijen Nirwana Residence
Malang
9.8
22.4
Batam Nirwana Residence
Batam
4.2
40.0
Jonggol project
Jonggol
12,406.6
12,406.6
99.8
101.4
Hotel & Resort
Travellers Krakatoa Nirwana Resort
Lampung
Lagoon Nirwana Residence
Balikpapan
2.8
3.3
Ubud Nirwana Villas
Ubud-Bali
4.2
4.2
Pan Pacific Nirwana Bali Resort
Tabanan-Bali
17.2
100.3
Lido Lakes Resort
Bogor
935.9
1,037.0
34
PT . BAKRIELAND DEVELOPMENT TBK
Thank You
INVESTOR RELATIONS
Nuzirman Nurdin (Corporate Secretary)
Maratua Melano (Investor Relation)
Wisma Bakrie 1, 6th Floor
Jl. HR Rasuna Said Kav. B-1
Jakarta 12920
Tel +62 21 525 7835
Fax +62 21 522 5063
[email protected]
http://www.bakrieland .com
Disclaimer: This presentation is for information purposes only and may contain
forward-looking statements that involve risks and uncertainties. Many of which
are difficult to predict and are generally beyond the control of the company.
Such risks and uncertainties could cause actual results and developments to
differ materially from those expressed in or implied in these statements.
Considerable care has been taken in preparing information which is contained
in this presentation. However, PT Bakrieland Development Tbk is unable to
provide any warranty concerning the accuracy or completeness of any
information contained herein.
APPENDICES
36
APPENDIX 1, BAKRIELAND
WHY BOGOR,SENTUL,
JONGGOL AND LIDO
• Due to environment-related
Jakarta
N
reasons, Jakarta will expand
mainly to South of Jakarta
C
W
E
Top 5 most densely populated cities
1. Hong Kong, China
S
2. Lagos, Nigeria
3. Dhaka, Bangladesh
4. Jakarta, Indonesia
5. Mumbai, India
Source: "The Top 10 of Everything" by Russell Ash,
http://geography.about.com
JAKARTA
• Relatively close to Jakarta
• Very strategic location, exactly
JONGGOL
SENTUL
after toll exit
BOGOR
LIDO
Jakarta Greater Area
Jagorawi toll road
Proposed Ciawi Sukabumi toll road
Proposed Bogor outer ring road
37
APPENDIX 1, BAKRIELAND
JONGGOL PROJECT
To Jakarta
To Jakarta
1
Karang Tengah (KT)
Bukit Jonggol (BJ)
500 Ha
12,406 Ha
KARANG TENGAH
2
BOGOR
3
JONGGOL CITY
SENTUL
CITY
Bogor
Outer Ring Road
Ciawi
Jakarta – Sentul exit Æ 35 km
North
Jakarta – Bogor exit Æ 42 km
Puncak
Distance
1-2 Æ 5 km (6 minute)
2-3 Æ 9 km (11 minute)
Height above sea level
KT Æ 300-500 m
BJ Æ 200-1,100 m
0 1
2
4
6
10 km
Development area of PT Bukit Jonggol Asri
1-2 ÆAccess to Bukit Jonggol
38
APPENDIX 1, BAKRIELAND
LIDO LAKES RESORT
105-room 4-star hotel, 18-hole golf course, Total area 1,037 Ha
Jakarta
Jonggol
BNR
LIDO LAKES
LIDO LAKES HOTEL
Halimun Salak
National Park
LIDO RECREATION LIDO RECREATION CENTER
Lido
Pangrango
National Park
JL. RAYA BOGOR ‐
. RAYA BOGOR ‐ SUKABUMI
Sukabumi
Jagorawi toll road
Proposed Ciawi Sukabumi toll road
Proposed Bogor outer ring road
39
APPENDIX 1, BAKRIELAND
MILESTONES
February 1998:
PT Bakrie Capital
Indonesia
bought 57.84% stake
June 1990:
Established under the
name
PT Purilestari Indah P.
November 2005:
Avenue Luxembourg
Sarl
bought 12% stake
May 2004:
Acquisition of
PT Bakrie Swasakti
Utama
1990 1995 1997 1998
October 1995:
Initial Public Offering
of 110 mn shares
September 1997:
1st Right Issue of
1.05 bn shares at
IDR 500
February 2008:
1st Bond issue of
IDR 500 bn **
May 2007:
Avenue Luxembourg
Sarl
bought 12.7% stake
2004 2005
November 2005:
2nd Right Issue of
4.2 bn shares at
IDR 150
June 2009:
1st Sukuk issue of
IDR 150 bn
October 2008:
Avenue Luxembourg
Sarl
bought 15.31% stake
March 2010:
Equity linked Bond of
US$ 155 mn
2007 2008 2009 2010
April 2007:
3rd Right Issue of
14 bn shares at
IDR 200
June 2010:
4th Right Issue of
19.96 bn shares at
IDR 160
** Series-A, IDR 220 bn, 3 years, 11.9% (fixed)
Series-B, IDR 280 bn, 5 years, 12.85% (fixed)
40
APPENDIX 1, BAKRIELAND
DEVELOPMENT TRACK RECORD
PROJECTS
OFFICE BUILDING
Bakrie Tower
EST. DEV. COST
(IDR-bn)
(USD-mn) *
GFA
(sqm)
LAND
(HA)
900
100
72,984
1.0
Wisma Bakrie 1
45
23
13,260
0.4
Wisma Bakrie 2
142
54
21,347
0.4
7
3
3,264
0.2
10
4
3,411
0.3
Wisma Bakrie BLD
Graha Kapital
84
85 TO 92
93
CONSTRUCTION PERIOD
94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10
MIXED USE DEVELOPMENT
Taman Rasuna Apartment
1,500
636
322,861
5.6
Lifestyle Center
291
32
31,850
0.9
The 18th Residence
172
19
48,386
0.5
24
11
5,215
2.3
Pasar Festival
51
23
28,412
7.2
Nyi Ageng Serang - MPH
33
15
18,000
1.6
Bogor Nirwana Residence
736
83
296,922
174.4
Graha Taman Kebayoran
43
5
32,143
13.8
Graha Taman Elang
37
17
22,852
13.1
Pan Pacific Nirwana Bali Resort
254
106
48,872
100.3
Travellers Krakatoa Nirwana Resort
125
13
8,364
101.4
Aston Bogor Hotel & Resort
Elite Club Epicentrum
HOUSE
HOTEL & RESORT
180
20
23,624
3.9
Intan legian Hotel - Bali
39
17
7,912
2.4
Quality Hotel - Yogyakarta
40
18
13,844
1.7
Quality Hotel - Jakarta
13
6
2,100
0.6
2,200
232
N/A
225
6,842
1,437
1,025,623
657
TOLL ROAD
Kanci Pejagan
TOTAL
* US$ at the time of development
41
APPENDIX 1, BAKRIELAND
GOOD CORPORATE GOVERNANCE
As a public company, Bakrieland is aware the importance of Good Corporate
Governance in frame of increasing performance and accountability of Bakrieland to the
public. In assuring these, Bakrieland already has the followings:
1. Independent commissioner
2. Audit committee
3. Corporate Governance Regulatory Committee
4. Investment committee
5. Remuneration and nomination committee
6. Risk monitoring committee
7. Internal audit
8. Investor relation division
The Winner in 2008 Annual Report Award
2009 GCG Award
for Listed Private Non-Finance Company Category
for the Best GCG Most Improved Category
By Bapepam-LK and IDX
By IICD & CIPE
Trusted Company in 2009 Corporate Governance
Top 3 in 2008 Indonesian Financial Reporting Award
Perception Index
for Real Estate Company Category
By IICG and SWA
By Bapepam-LK and University of Indonesia
42
APPENDIX 1, BAKRIELAND
BAKRIELAND GOES GREEN
Integrated Corporate Social Responsibility
Bakrieland Goes Green is a CSR program integrating economic factor (profit), social care
(people) and active participation in preserving the environment (planet) in business activities in
order to create sustainable stakeholder development and environmental conservation.
GREEN
ARCHITECTURE
GREEN
OPERATION
Building &
Construction Design
Waste Disposal
Program
Green Area
Design
Energy Efficiency
Program
Internal
Program
Waste-water and Reuse Program
Corporate Cultural
Program
GREEN
ATTITUDE
Community Development Program
External
Program
Social
Program
Education
Program
Health
Best Indonesia Green CSR
Award
At 2010 IGW by Bisnis & CSR Magazine
The Best 3 at 2009 Indonesia Property & Bank Award for
Green Nature and Green Development Category
By Property & Bank Magazine, 2009
Program
Economic
Program
Human Resources
Program
UKM
Program
Culture
Program
Infrastructure
Program
43
APPENDIX 1, BAKRIELAND
BAKRIELAND’S RECURRING INCOME ASSETS
Bakrie Tower *
Wisma Bakrie 2
Wisma Bakrie 1
Aston Rasuna Residence *
Lifestyle Center *
Pasar Festival
Jungle Edutainment Park
Jungle Mall
Aston Hotel Bogor *
Pullman Bali Legian Nirwana *
Pan Pacific Nirwana Bali Resort
Kanci-Pejagan Toll Road
44
* Partly retained
APPENDIX 1, BAKRIELAND
BAKRIELAND’S GROWTH ENGINES
•
Superblock development in Jakarta CBD with focus on
vertical residential projects supported by rapid urbanization
•
Township development in Bogor, one of fastest growing
cities in Indonesia
•
Superblock development with strategic location in East
Jakarta
•
Toll road projects with increasing traffic and tariff supported
by Automatic Tariff Adjustment
•
New high-margin property development near owned toll
road projects
•
Toll
road
traffic
enhancement
through
property
development near the toll road projects
•
Hotel resort development mostly in Bali, the world’s famous
tourist destination
APPENDIX 1, BAKRIELAND
BAKRIELAND’S PRODUCTS & SERVICES
1
1
1
1
1
1
1
1
2
2
2
3
4
5
5
6
7
1
8
8
3
6
1
2 7 8
4
5
46
APPENDIX 1, BAKRIELAND
WHY TOLL ROAD?
TOLL ROAD FACTS
• Monopoly business
• Increasing traffic
• Attractive return
• Automatic tariff adjustment
• Stable & increasing cash flow
• Equity participation only 30%
CONCERNS
BAKRIELAND’S STRENGTH
• Land acquisition
• Core competence in land acquisition
• High capital
• Equity of IDR 8,0 trillion
• Low gearing position relatively
BAKRIELAND’S STRATEGY
• Having majority ownership
• Bringing prominent Toll Road players
• Engaging global and local experts & consultants
• Developing integrated property development adjacent the
Toll Road projects ÆTraffic enhancement
47
APPENDIX 1, BAKRIELAND
WHY WATER BUSINESS?
• More than 2/3 of Earth’s surface is covered with water, yet less than 1% is fresh and easily accessible
• Land surface in Jakarta went down 0.5 cm/year due to the excessive use of underground water
INDONESIAN WATER BUSINESS FACTS
• Monopoly business
• Regular tariff adjustment
• Attractive return
• Increasing volume
• Stable & increasing cash flow
• Low equity participation
Bakrieland’s
existing projects
53.5 Ha in Jakarta CBD
1,002 Ha in Bogor
22.4 Ha in Malang
40 Ha in Batam
Not just a property
developer but
an integrated
Water treatment
and distribution
is a critical issue
mixed-use developer
101 Ha in Lampung
Source: CLSA “Thirsty Asia”, 2007 and Bisnis Indonesia, February 2009
48
APPENDIX 1, BAKRIELAND
AETRA AIR JAKARTA
WATER TREATMENT & DISTRIBUTION
JAVA ISLAND
JAVA SEA
2009 Performance
(IDR billion)
Revenue
745
G. Profit
435
Op. Profit
215
Net Profit
142
JAKARTA
AETRA’s concession area
Ciliwung River
49
APPENDIX 2, MACRO & INDUSTRY
THE MAP OF INDONESIA
INDONESIA
Area: 1,890,000 sq. km.
Population: 228 mn
Population growth: 1.3% per year
Density: 119 / sq. km.
GDP: US$ 715bn (2010)
INDIA
GDP per capita: US$ 3,005 (2010)
THAILAND
PHILIPPINES
VIETNAM
GDP growth: 6.1% (2010)
Interest rate: 6.75%
Exchange rate: US$ 1 = IDR 9,000
Unemployment rate: 7.1% (8/10)
Foreign reserve: US$ 100 bn (3/11)
MALAYSIA
PAPUA NEW
INDONESIA
GUINEA
JAKARTA
BALI
Area :
740 sq. km.
5,561 sq. km.
Population :
8,500,000
4,500,000
Density :
11,486 / sq. km.
809 / sq. km.
Foreign visitor (10) : 1.9 mn / yr
2.6 mn / yr
AUSTRALIA
Source : CEIC, www.bi.go.id, www.bps.go.id, 2011
50
APPENDIX 2, MACRO & INDUSTRY
FAVORABLE CONDITIONS
Foreign reserve is trending upward
Healthy banking industry
Assets (IDR tn)
TPF (IDR tn)
NPL (%)
CAR (%)
LDR (%)
Oct-10
2,796
2,174
3.1
17.0
76.7
Indonesia's Foreign Reserve
100
80
US$ bn
1998
896
754
53.0
(15.7)
72.4
60
40
20
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010 Mar-11
Source: www.bi.go.id, October 2010
Conservative balance sheet
Credit to GDP by country (%)
Indonesia *Debt to GDP Ratio (%)
100
HK
Taiwan
90
Australia
China
Malaysia
80
70
60
Singapore
Korea
50
Japan
Thailand
40
30
India
Philippines
Indonesia
20
10
%
0
20
40
60
80
100
120
140
160
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010E
*Based on Public debt only
Source: Bank Indonesia, CEIC, CLSA Asia-Pacific Markets, April 2010
51
APPENDIX 2, MACRO & INDUSTRY
FAVORABLE CONDITIONS
Increasing GDP per capita
Unique GDP
3,000
GDP breakdown (2010)
Household consumption
Government consumption
GFCF
Change in Stocks
Statistical Discrepency
Net Export
GDP
US$
2,500
5-year CAGR Æ11.4%
2,000
1,500
1,000
500
ƒ
ƒ
ƒ
ƒ
2006
2007
2008
2009
1,306.8
196.4
553.4
7.5
6.1
240.5
2,310.7
GFCF Æ Gross Fixed Capital Formation, the value of additions
to fixed assets purchased by business, government and
households less disposals of fixed assets sold off or scrapped
2005
56.6%
8.5%
23.9%
0.3%
0.3%
10.4%
100.0%
2010
Jakarta 2009 GDRP per capita Æ US$ 9,000
In 2009, 13% of Jakarta population had an income per capita in excess of US$ 10,000
In 2009, around 300,000 Indonesians had savings/time deposits above US$100,000
80% of very rich Indonesians live in Jakarta
Source: CEIC, www.bps.go.id, 2009-Kontan Daily, 28
January 2009-SWA, 21 August 2009-www.wikipedia.org
Mortgages have ample room to grow
Mortgage-to-GDP ratio (%)
Mortgage Loan (IDR tn)
150
Denmark
UK
5-year CAGR Æ23%
USA
HK
100
Taiwan
Singapore
Malaysia
Korea
50
Thailand
China
India
Indonesia
0
0
10
20
30
40
50
60
70
80
Source: Bank Indonesia, CLSA Asia-Pacific Markets, April 2010
90
100
2004
2005
2006
2007
2008
2009
Nov-10
52
APPENDIX 2, MACRO & INDUSTRY
INDONESIAN TOLL ROADS
#
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Section
Jagorawi
Semarang
Prof. Dr. Soedijatmo
Jakarta - Tangerang
Surabaya - Gempol
Belmera
JIRR
Jakarta - Cikampek
Padalarang - Cileunyi
Ir. Wiyoto Wiyono, MSc.
JORR
Tangerang - Merak
Surabaya - Gresik
Harbour Road
Palimanan - Kanci
Ujung Pandang stage I
Serpong - Pondok Aren
Ulujami - Pondok Aren
Cipularang
SS Waru-Bandara Juanda
Suramadu
BORR stage 1
Kanci pejagan
Total
Length (km) Completion
46.0
1978
35.0
1983
14.3
1984
33.5
1984
39.5
1986
42.7
1986
25.0
1987
72.0
1988
64.4
1990
15.5
1990
40.0
1991
73.0
1996
20.7
1996
11.6
1996
29.0
1998
6.1
1998
7.3
1999
5.6
2001
63.0
2003
12.8
2008
5.4
2009
3.7
2009
35.0
2009
700.9
Toll Road Length (km)
China
45,000
Japan
11,520
S. Korea
2,600
Malaysia
2,000
Indonesia
700
Investor
PT. Jasa Marga
PT. Jasa Marga
PT. Jasa Marga
PT. Jasa Marga
PT. Jasa Marga
PT. Jasa Marga
PT. Jasa Marga
PT. Jasa Marga
PT. Jasa Marga
PT. CMNP
PT. Jasa Marga
PT. Marga Manggala Sakti
PT. Marga Bumi Mataraya
PT. CMNP
PT. Jasa Marga
PT. Bosawa Marga Nusantara
PT. Bintaro Serpong Damai
PT. Jasa Marga
PT. Jasa Marga
PT. Citra Margatama Surabaya
PT. Jasa Marga
PT. Jasa Marga
PT. Bakrie Toll Road
750
Km
500
250
0
78
83
84
86
87
88
90
91
96
01
03
08
Toll Road Length - to - Population Ratio (km/ 1,000,000 people)
100
90.7
76.9
80
54.2
60
.
33.8
20
are transported using roads. Source:
99
Source: http://www.bpjt.net - http://www.jasamarga.com
40
90% of cargo and 85% people in Indonesia
98
3.1
0
Japan
Malaysia
S. Korea
China
Indonesia
Van Zorge, Heffernan & Associates, 2010
Source: Investor Daily, 4 November 2009, CIA World Fact Book, 2009
53
09
APPENDIX 2, MACRO & INDUSTRY
POLITICAL STABILITY
Indonesia has enjoyed major achievements with introduction of direct elections,
a free press, regional autonomy, an independent judiciary and a reformed
military.
The victory of Susilo Bambang Yudhono (SBY) in the 2009 presidential
elections is viewed as a positive development for the future direction of the
Indonesia economy and politics.
SBY won a strong mandate from the electorate (61%) and his Democratic Party
and coalition parties control a majority of the seats in the House of
Representatives.
Indonesia has made significant progress combating terrorism. The country has
not witnessed a major terrorist attack since 2005. Many terrorists were already
brought into prison, even many of them were killed.
Source: Van Zorge Heffernan & Associates, 2010
54
BOARD OF COMMISSIONERS
Bambang I. Hendradi
Lukman Purnomosidi
Kanaka Puradiredja
Edgardo Bautista
Supartono
Mark R. Harris
President Commissioner
Independent Commissioner
Independent Commissioner
Commissioner
Commissioner
Commissioner
BOARD OF DIRECTORS
Hiramsyah S. Thaib
Marudi Surachman
Hamid Mundzir
Sri Hascaryo
President Director & CEO
Director
Director
Director
SENIOR EXECUTIVES
Nuzirman Nurdin
Corporate Secretary & IR Head
55
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56