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PT Bumi Serpong Damai Tbk
PT BUMI SERPONG DAMAI TBK PT Bumi Serpong Damai Tbk October 2015 Company Overview Company Highlights • • • • • • Shareholders Structure PT Bumi Serpong Damai Tbk (“BSDE”) was established in 1984 by consortium of shareholders to develop BSD City as a satellite city in southwest of Jakarta Sinarmas Land BSDE has started its operation since 1989 and has grown to become a new center of economy in the southern outskirt of Jakarta Free floating 63% BSD City is one of the largest city development company in Indonesia with total license area of 5,950 ha 2% Company Structure Chart Well established developments in Greater Jakarta & Borneo, expanding to Surabaya, Manado, Palembang and Semarang BSDE 88.56 % Duta Pertiwi BSDE is included in various indices, including Bisnis 27, Kompas 100, LQ45, JII, Investor33 & MSCI BSDE is the largest property company in terms of market capitalization, IDR 32 trillion/USD 2.3 billion as of 15th October 2015) (1 USD ~ IDR 13,600)] Other founding shareholders 35% 72.25% Sinar Mas Teladan 49% Bumi Parama Wisesa Sinar Mas Wisesa 99.9% Indonesia International Expo 51% 55% 99.9% Bumi Paramudita Mas 60% Sentra Talenta Utama 99.9% Garwita Sentra Utama Sinar Usaha Marga 99.9% Praba Selaras Pratama 99.9% Pastika Candra Pertiwi 1 Corporate Actions 2003 - 2008 2003, issued BSD Bond I IDR 250B, repaid in 2008 2006, issued BSD Bond II IDR 600B, repaid in 2011 2008, IPO at IDR 550 2010 Rights issue IDR 760 Acquisition of DUTI (85.31% of equity interest) Capital Injection to SMT (60% of enlarged equity) and SMW (55% of enlarged equity) 2012--2013 2012 Issuance Shelf Registered Bond IDR 2.75 trillion 2014 5% new shares issuance at Rp 1,820/share Acquired stake of PLIN.IJ up to 34.22% 2015 5% new shares issuance at Rp 1,890/share Issuance USD Bond USD 225 million Current share price at Rp 1,645 15th October 2014 at Rp 1,475 2 Core Business PT Bumi Serpong Damai Tbk Sales Development Revenue City & Urban Development Greater Jakarta Gated/cluster Residential Semarang Surabaya Landed Residential Shop Houses and offices Industrial Estate Commercial Lots Apartments Recurring Revenue Vertical Residential Medan Office Buildings Palembang Balikpapan Malls and Superblocks Samarinda Manado Hotels & Leisure Makassar International Trade Center (ITC) Shopping Mall Office Building Estate Management Hotel Convention & exhibition 3 Diversifying Portfolio Presence in Indonesia 9 (nine) big cities Wisma BII- Medan Balikpapan Permai Balikpapan Baru Mal Balikpapan Baru Le Grandeur Hotel Grand City Manado Samarinda Balikpapan Palembang Sinarmas Land Office Tower Thamrin Le Grandeur Hotel Mangga Dua Ocean Park BSDCity MT Haryono (vacant land) Kuningan Rasuna (vacant land) BSD City Serpong Grand Wisata Bekasi Kota Wisata Cibubur Legenda Wisata Cibubur Kota Bunga Bogor Taman Permata Buana West Jakarta Banjar Wijaya Tangerang Bale Tirtawana Bogor Jatiasih (vacant land) Cibubur (vacant land) Makassar Greater Jakarta Surabaya Semarang ITC Superblock Mangga Dua ITC Superblock Cempaka Mas ITC Superblock Roxy Mas ITC Superblock Permata Hijau ITC Fatmawati ITC Depok ITC Kuningan Ambasador ITC BSD Duri Pulo (vacant land) Tanjung Barat (vacant land) Mangga Dua Center – Jagir ITC Surabaya Wisma BII Benowo Industrial Estate (vacant land) Lakarsantri (vacant land) Tanjung Sari (vacant land) Mayjen Sungkono (vacant land) 4 Strong Footprint in Greater Jakarta Seaport Java Sea TJ Priok Soekarno-hatta International Airport ITC Superblock Mangga Dua ITC Superblock Cempaka Mas Le Grandeur Hotel Taman Permata Buana Jakarta Plaza BII Tangerang ITC Kuningan Ambassador Mall Seaport Ke Merak Taman Banjar Wijaya Rasuna Jakarta – land bank ITC Permata Hijau MT Haryono – land bank Karawaci Alam Sutera ITC Fatmawati Gading Serpong Grand Wisata Pd. Indah New toll road Bekasi BSD City Cibitung Jatiasih, Cibubur – land bank Ocean Park Lenteng Agung – land bank Kota Wisata Cikarang Legenda Wisata Pamulang - Bale Tirtawana 7 spacious residential projects 8 superblock developments 3 towers office buildings 27 ha commercial land banks in Jakarta Depok Ke Cikampek ITC Depok Bogor 5 Satellite City Development BSD City BSD City (developed since 1989) •Development Rights : 5,950 ha •Land acquired : ± 5,050 ha •Developed : ± 2,100 ha Kota Wisata Grand Wisata Kota Wisata Wisata,, Cibubur (developed since 1996) •Development Rights : 543 ha •Land acquired : ±480 ha •Developed : ±362ha Grand Wisata Wisata,, Bekasi (developed since 2005) •Development Rights : 1,100 ha •Land acquired : ± 865 ha •Developed : ± 320 ha 6 Commercial Superblocks Superblock Mangga DuaDua Superblock Mangga Superblock Permata Hijau Superblock Permata Hijau Superblock Mangga Dua Superblock Roxy Mas Superblock Cempaka Mas Superblock Ambasador Kuningan Superblock Fatmawati Mas Superblock Permata Hijau Superblock Mangga Dua Surabaya ITC Depok ITC Surabaya ITC BSD • • • Pioneer of ITC (strata retail mall) One of the pioneers of “superblock developments” which combine condominium, retail space and offices As most favorite business hub for wholesalers and retailers ITC Depok Superblock Cempaka Mas • Future Commercial Expansion • Mixed development, Duri Pulo, Pulo, Central Jakarta,16 ha • Mixed development, Lenteng Agung, Agung, South Jakarta, 5.6 ha • Mixed development, Jakarta CBD, Rasuna Epicentrum,, 5.5 ha Epicentrum • Vertical development, Jakarta CBD, MT Haryono,, 8,000 sqm Haryono Successfully developed 10 Superblocks in spread around Greater Jakarta and Surabaya with around 1,3 million net sellable area and as recurring income generator 154,000 sqm leaseable area 7 Investment Properties Jakarta Office Building Sinarmasland Plaza Thamrin I Rentable area : 10,230 sqm 12 storey office building Sinarmasland Plaza Thamrin II Rentable area : 66,180 sqm 39 storey office building Sinarmasland Plaza Thamrin III Rentable area : 11,494 sqm 12 storey office building Surabaya Office Building Wisma BII Surabaya Rentable area 23,281 sqm 20 storey office building Jakarta Breeze Open Air Lifestyle Mall Net leaseable 29,000 sqm 13.5 ha gross land area, BSD City Medan Office Building Hotel (4 star Hotel) Wisma BII Medan Rentable area : 11,651 sqm 10 storey office building Le Grandeur Jakarta 16 stories, 352 rooms Le Grandeur Balikpapan 5 stories, 191 rooms DP Mall Semarang, Central Java Net leaseable 18,300 sqm Gross floor 53,000 sqm Epicentrum Walk Mall, CBD Jakarta Net leaseable 10,722 sqm Gross floor 14,800 sqm 8 Project Overview BSD City – Master Plan ~ 6,000 Ha PHASE 3 2,450 Ha PHASE 1 1,5 1,500 Ha PHASE 2 2,000 Ha 9 Infrastructure & Facilities Infrastructure •Easy access to BSD City: 2 existing toll roads 3 future toll roads double tracks train (executive) feeder bus, link into busway •Reliable power supply and fiber optic cables are the backbone to the communication infrastructure •Water treatment plant to provide continous fresh water supply •Nursery, a plant seeding cultivation center to support BSD City green development Facilities •Lifestyle and Entertainment DIG Golf Course, Indonesia Convention Exhibition (ICE) Ocean Park Waterpark Breeze Mall, Teraskota Teraskota,, BSD Plaza, ITC BSD, Aeon Mall Clubhouse, swimming pool, movie theaters •Education, Health, Worship More than 65 education institution ± 5 hospitals Mosque, church, temple •Service: traditional market, fire fighter, 24 hour securities 10 Phase I ~ 1,500 Ha Green Cove Sevilla The Green •Development started in 1989 and currently at completion stage •Population around 160.000 people (phase 1 and 2) •35.000 Residential and Commercial Units (phase 1 and 2) Sunburst Office Park ITC BSD Taman Tekno o 11 Phase IIII- Residential De Park (66 ha) Launch in 2010 and 2011 Sub--Cluster Sub de Cajuputi de Frangipani de Heliconia de Brassia de Maja de Naara de Maja 2 Development Area 17 ha 5.8 ha 9.2 ha 11.9 ha 13.2 ha 2.33 ha 13.2 ha Units 250 95 99 90 78 53 82 Price Range In billion IDR 1.28 – IDR 2.54 IDR 1.8 – IDR 3.2 IDR 2.1 2.1–– IDR 5.2 IDR 4.1 – IDR 7.2 IDR 3.73.7IDR 7.5 IDR 2 – 4.5 IDR 5.3 – 13.7 Type In sqm B 185 - 335 L 210 - 450 B 185 - 310 L 210 – 375 B 200 - 348 L 250 - 630 B 300 -348 L 300 – 1200 B 230230-348 L 250250-770 B 120 – 216 L 160 – 300 B 260 – 348 L 300 – 1022 12 Phase II ~ Greenwich Park 48 ha Sub--Cluster Sub Mayfield Sheffield Whitsand Whelford Luxmore Hylands 7.5 ha 7.6 ha 6 ha 7 ha 7 ha 7 ha Units launched 168 197 57 259 83 192 Price Range In billion IDR 2.5 – 5 2.7 – 6.7 2.8 – 6.7 1.5 – 1.8 1.7 1.7--2.7 1.4 – 2.3 B 130 - 275 L 160 - 300 B 130 - 275 L 160 - 300 B 132 – 288 L 160 – 535 B 120 – 125 L 60 – 84 B 120120-125 L 112112-295 B 70 – 133 L 77 – 112 Development Area Type In sqm 13 Phase II ~ The Eminent 41 Ha Sub--Cluster Sub INGENIA VIVACIA PRESTIGIA PRECIA Ingenia Development Area 9 ha Units launched 243 Illustria 1 Illustria 2 Prestigia 1 11 ha 151 Prestigia 2 12 ha Precia Vivacia 4 ha 7.7 ha 219 84 256 147 289 IDR 1.7 – 3.6 IDR 1.8 - 3.6 IDR 1.7 – 2.3 IDR 1.5 – 2.7 IDR 1.6 – 3.8 B 116 – 228 L 105 – 300 B 9191-101 L 105 - 208 B 82 - 190 L 84 – 150 B 82 – 190 L 84 - 200 ILLUSTRIA Price Range In billion IDR 1.5 1.5–– 3.6 Type In sqm B 92 – 125 L 105 – 354 B 92 – 125 L 112 – 333 14 Phase II ~ Vanya Park 35 Ha Sub--Cluster Sub Development Area Units launched Price Range In billion Type In sqm Azura Assana 5.6 ha 2.0 ha 418 152 IDR 1.0 – 1.4 IDR 0.989 – 1.28 B 53 - 70 L 60 – 77 B 53 - 70 L 60 – 77 15 Phase II – BSD Green Office Park (25 Ha) • • • • • • • • • Comprise up to 10 lowrise office buildings Gold Award for Green Mark District, certified by Building Construction Authority (Singapore) Micro-climate optimization 1st Marketing Office, operated in 2011 2nd Sinarmas Land Plaza, operated in 2012 as Sinarmas Land’s Headquarter. 3rd Breeze Life Style mall, mainly food & beverage tenants, operated July 2013 4th GOP 6, for lease, operated in June 2015 Under construction : two towers office of PT Unilever Tbk, one tower GOP 9 for lease Won several awards, one of them was as The Best Green Development by South East Asia Pacific Award Sinar Mas Land Plaza 16 Phase II – Indonesia Convention Exhibition ICE • • • • • • • A new emerging destination of MICE industry in Indonesia on 22 ha land area, located in main boulevard of BSD City 2nd phase Spacious indoor and outdoor exhibition area, 100,000 sqm Divisible convention hall, 4,000 sqm, into rooms or meeting rooms 12,000 sqm convenient pre-function lobby Comprehensive services for wide variety of events including musical concerts, large scale wedding, gala dinner, graduation, product launch, religious service and sport tournament Jointly with Kompas Gramedia Group Managed and operated by Duetsche Messe, Hannover, Germany 17 Phase II – AEON Mall • • • • On 10 hectares land area, 177,000 sqm of GFA, 77,000 sqm of NLA Jointly develop with AEON Co. Ltd Grand opening on 30th May 2015 Anchor tenants : Aeon Department Store, Aeon Supermarket, H&M, Uniqlo, XXI, Muji, Gramedia 18 Phase II ~ Nava Park 1 Entrance Gates • 2 Commercial Mixed-use 3 NavaPark Country Club 4 Spring Walk • • 5 Man Made Lake 6 Feature Bridge 7 Playzone and Multipurpose Park 2 • 1 Jointly developed with Hong Kong Land 68 hectares premium residential area, landed, low rise and mid rise housing LANCEWOOD Launched on 28th October 2014, 100 landed bungalows sold out, ranging price from IDR 4.8 to 12 bn each. Marigold launched on 28th March 2015, one tower low rise condominium, 94 units, ranging price from IDR 1.5 to 5 billion per unit. 2 B B 5 A 3 1 7 B A B 4 C 5 7 4 A C B 6 1 2 2 A Landed houses B Condominiums C Waterfront Villas 19 Education Center •Integrated education center Swiss German University •Located at near by residential area BSD City •Two universities has existed: Swiss German University (10 Ha) Prasetiya Mulya Business School (10 Ha) •Various international and well known local schools: Jakarta Nanyang International School Sinarmas World Academy Santa Ursula Catholic school AlAl-Azhar Islamic School Binus International School Deutsche Schule Ora Et Labora Etc Prasetya Mulya Business School 20 Jakarta CBD Project : The Elements Situated Jakarta CBD, golden triangle, Jl. HR. Rasuna Said, South Jakarta • 5.5 ha commercial land plot, divided into 3 plot land parcels, Lot 16, 17 and 18 • Surrounded by mall, office towers, apartments and mixed use development • The Element condominium for sales is on Lot 16, 6,000 sqm land area, comprising two tower condominium and serviced apartment, plan to launch in 2H 2015, two and three bedrooms type • 21 Financial Overview Financial Performances Assets Liabilities Equities Revenues 34% DER 31% 23% Gross Profit 5,741 5,572 28,135 142 4,166 22,572 21,259 18,473 13,415 13,351 2013 19% 3,183 2,691 4,132 3,821 1,809 1,307 2014 15% 1H15 17% FY2013 FY2014 1H2014 2,511 1,818 1,415 1H2015 16% • 81% 85% 83% 84% FY2012 FY2013 FY2014 1H2015 Development Revenue 75 3,367 2,959 2,667 2,444 9,661 9,157 EBITDA 211 154 34,610 Net Profit Approaching 80 : 20 proportion of sales development income and recurring income Recurring Income 22 Profitability Highlights Gross Margin 2012 2013 2014 1H15 Residential 47% 54% 61% 64% Land 76% 83% 90% 95% Commercial 56% 65% 54% 63% Recurring Income 85% 85% 88% 88% 106% 74% 75% 74%74% 64% 69% 54% 51% 47% 47% 38% 42% 55% 54% 54%54% 44% 35% Gross Margin Operating Margin 2012 47% • 2013 • 26% 21% 15% 16% 7% Net Margin 2014 Maintaining > 60% gross margin Maintaining > 30% net margin EBITDA Margin Return on Equity* 1H14 1H15 * After deducting minority interest 23 Revenues Composition 1H2014 2013 4% 2% 2% 8% 5% 5% 1% 11% 38% 36% 13% 45% 30% 1H2015 2014 2% 10% 1% 5% 28% 1% 10% 14% 20% 35% 5% 47% 23% 24 Dividend Pay Out Net Income Dividend %NI 3,821 27% 2,691 21% 21% 20% 20% 20% 22344 2008 Year books Number of Shares IDR/ Share 30966 2009 1,287 841 394 105 2010 10% 10% 7.5% 7.5% 175 262 276 288 2011 2012 2013 2014 IDR In Bn 2008 2009 2010 201 2011 1 2012 2013 2014 10,935,633, 870 10,935,633, 870 17,496,996, 592 17,496,996, 592 17,496,996, 592 18,371,846, 392 19,246,696, 192 4 6 6 10 15 15 15 25 Financial Highlights Balance Sheets 2013 (IDR 2014 (IDR % YoY 1H15 (IDR in bn) in bn) in bn) Cash and cash equivalent 4,332 2,967 -32% 6,889 Inventories 3,797 5,239 38% 5,712 Land for development 7,247 8,038 11% 8,331 Investment properties 2,460 2,715 10% 2,866 Investment in shares 523 4,804 818% 5,386 Total assets 22,572 28,135 25% 34,610 Bonds payable 2,730 2,734 0% 5,667 Bank loan 1,363 1,522 12% 1,585 Sales advances 2,513 3,778 50% 3,975 Total equities 13,415 18,473 38% 21,259 Profit and Loss FY2013 FY2014 % YoY 1H14 (IDR 1H15 (IDR (IDR in bn) (IDR in bn) in bn) in bn) Revenues 5,741 5,572 -3% 2,444 3,367 Gross Profit 4,166 4,132 -1% 1,809 2,511 Operating profit 2,910 2,632 -10% 1,154 1,704 Net Income* 2,691 3,821 42% 2,576 1,415 EBITDA 3,183 2,959 -7% 1,307 1,818 EPS (full IDR) 154 211 37% 142 75 % YTD 132% 9% 4% 6% 12% 23% 107% 4% 5% 15% % YoY 38% 39% 48% -45% 39% -47% *Consolidated net income after deducted nonnon-controlling interests 26 Pre Sales Summary (in bn Rp) Rp) 7,348 8,000 6,481 7,000 1,944 1,944 6,000 4,960 1,528 1,122 3,414 1,000 2,887 2,907 3,875 3,093 3,361 4,618 1,538 2,943 3,000 2,000 3,317 - 5,000 7,501 260 - 6,000 4,000 6,508 4,184 2,017 3,080 9Mo13A 2013A 2014T 9Mo14A Residential Commercial 2014A 2015T JV Land lot 9Mo15A 27 Thank You Thank You www.bsdcity.com Thank You Appendix Awards Disclaimer • • No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. The Company shall not have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document. This document may contain forward-looking statements and estimates with respect to the future operations and performance of the Company and its affiliates. Investors and security holders are cautioned that forward-looking statements are subject to various assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. Such assumptions, risks and uncertainties could cause actual results and developments to differ materially from those expressed in or implied by the forward-looking statements. Factors that could cause actual results and developments to differ materially from those estimated by the forward-looking statements include, but are not limited to, property prices and demand and supply of properties. Accordingly, no representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in this document, nor is it intended to be a complete statement or summary of the property markets or developments referred to in this document. It should not be regarded by recipients as a substitute for the exercise of their own judgment. Neither the Company and any other person assumes responsibility for the accuracy, reliability and completeness of the forwardlooking statements contained in this document. The forward-looking statements are made only as of the date of this document. The Company is under no duty to update any of the forward-looking statements after this date to conform such statements to actual results or developments or to reflect the occurrence of anticipated results or otherwise Contact Info PT BUMI SERPONG DAMAI TBK Sinar Mas Land Plaza, Wing B, 3rd Floor Jl. Grand Boulavard, BSD Green Office Park BSD City Tangerang 15345 Indonesia Phone : +62 21 50 368 368 Fax : +62 21 537 3008 Website : www.sinarmasland.com • Hermawan Wijaya, Director [email protected] • Christy Grassela, Head of Investor Relations [email protected]
