Company Presentation 2015.05

PT Alam Sutera Realty Tbk
Company Presentation
May 2015
1
Who We Are
A leading property
company in Indonesia
Large, well-located,
and valuable
landbank
Growth from a singleproject developer to a
multi-project
company in Indonesia
 Established in 1994 and listed on the Indonesia Stock Exchange since December 2007
 Well-located & large scale urban townships comprising high quality residential and commercial properties, ancillary facilities and infrastructure
 Proven property development track record
 Owns and controls a large, well-located, and valuable landbank
 Sufficient to sustain operations for the next 20 plus years
 Successful track record in landbank replenishment and growth
 Successfully replicate the core township development business model with Suvarna Sutera project in Pasar Kemis
– Launched 12 clusters between 2011 to 2013 (sold out)
– Launched two additional clusters in July (sold out) and one cluster November 2014 (substantially sold)
– Launched two new clusters in February 2015
– Launched the first shophouse in April 2015 (sold out on the first day of launch)
 Diversifies the Group’s revenue and customer base
– Allow access to the high-growth mid-end residential property market segment with strong end-user demand that’s driven by Indonesia’s
sound economic fundamentals
– Further geographic diversification by making strategic investments in Jakarta CBD and Bali
– Launched Kota Ayodhya project in February 2014
 Plans to increase recurring income from existing projects
Strong financial
liquidity profile
 Prudent approach to fund expansion by maintaining a sound financial profile
 Access to multiple sources of financing both across banks and global capital markets
2
The Management
BOC
BOD
Angeline Sutedja
Commissioner
Harjanto Tirtohadiguno
President Commissioner
Pingki Elka Pangestu
Independent Commissioner
Tri Ramadi
Vice President Commissioner
Prasasto Sudyatmiko
Independent Commissioner
The Nicholas
Commissioner
RM Frangky AD
Director
Purbaja Pantja
President Director
Lilia Setiprawarti Sukotjo
Director
Joseph Sanusi Tjong
Director
Andrew Charles Walker
Non-Affiliated Director
3
Core Business Model
The Company’s core business model is focused on township development that has higher barriers to entry and leverages the Company’s
core strength and competitive advantages
 Large scale, highly accessible urban township developed in
phases over several years under a master plan.
 Wide range of high quality real estate products are offered for
sale or lease within the township.
 Well-developed infrastructure, property management and
other value added services enhance the townships long-term
value and attractiveness.
 Unmatched by our competitors and has become our
competitive advantage.
Land
Infrastructure
Residential
Commercial
Ancillary
Township
Description
Well-balanced product mix of residential and commercial properties and land lots
Landed house clusters
Commercial land lots
High-rise apartments
Office Towers
Shop Houses
Retail
•Cluster of 150 to 500 landed
houses in gated residential
enclaves of 4 to 23 ha
•Customer can purchase readybuilt houses or land lots (on
which they may construct
homes of their own design and
at their own expense)
•Commercial land lots are sold
to customers who would
develop commercial properties
and facilities
•Increase the attractiveness of
the township as a residential
and commercial destination,
promotes its long term growth
and enhances its values
•High-rise apartment towers,
with communal and recreational
facilities
•Apartment saleable area is
typically between 38 to 80 sqm
•High-rise office properties to
cater to the demand from local
and international companies
seeking to establish an office
presence in greater Jakarta
•Cluster/rows of low-rise shop
houses, located along main
roads, and typically used for
commercial purposes
•Each shop house is typically 23 storeys high with an average
GFA of 220 sqm.
•Wide range of retail properties,
including food malls, shopping
centers, and markets
•Target customers include
residents of the Alam Sutera
township and surrounding areas
4
Recent Initiatives
Our Land Capital Expenditure Plan
Slowdown on Landbank Purchase and Reduce Capital Spending
IDR bn
Landbank Position
No
Historical and Planned Land Acquisition Expenditure
4,000
3,377
3,500
3,000
2,354
2,500
2,000
1,336
1,500
1,000
1,000
781
800
500
0
2011
•
•
2012
2013
2014
2015E
•
Landbank as of Dec 31, 2014
%
1
Serpong, Tangerang
182
8%
2
North Serpong, Tangerang
248
10%
3
Pasar Kemis, Tangerang
1,693
71%
4
Cikokol, Tangerang
17
1%
5
Cianjur, West Java
80
3%
6
Puncak, Cimacan
9
0%
7
Sanur, Bali
6
0%
8
Ungasan, South Kuta, Bali
63
3%
9
Tanjung Pinang, Riau
75
3%
10
Jakarta CBD
2
0%
2,374
100%
Total
2016E
The Company has sufficient landbank at more than 20 yrs lifetime catering to
all market spectrums through land located at Pasar Kemis and Serpong
Acquisition phase is completed and no further major acquisition is expected.
Location
As of Dec 31, 2014, The Company owns a total landbank of 2,374
ha, 90% of which is located at Tangerang region.
5
Recent Initiatives (cont’d)
Our Strategy Going Forward
 Focus on execution, monetization of assets, and expansion of recurring income
 Reorganize sales and marketing team

Team to be specialized (landed, high-rise, and institutional buyers), catering to different market segments
 Focus on return on investments – review of all assets under portfolio

To monetize 6ha land in Sanur, Bali

Signed an MoU with Asian-based Property Developer to form a JV and co-develop a 20ha land in Alam
Sutera. This includes an International Exhibition and Congress Center.
2015 Marketing Sales Target of IDR 5.8 tn
Serpong
• Revamp masterplan to integrate phase two
and phase three
• Robust demand for commercial lots with
buyers coming in from overseas (In
2H2014 we have a total of three
transactions to foreign companies)
• Target to sell: 10ha
IDR 2 tn
Commercials
Pasar Kemis
• Project has reached a stage where
commercial landplots could be developed.
This includes basic facilities such as
shophouses, hospitals, supermarket, and
school by selling those plots to relevant
commercial parties
• 3,435 houses and units of land sold as of
FY2014
• Target to sell: 35ha
IDR 1 tn
Commercials
IDR 1 tn
Residentials
High Rise
• Revised strategy adopted
• Re-launching of high-rise apartments and
offices in 2Q15
Apt IDR 750 bn
Offices IDR 800 bn
GWK
• Sell landplots to hospitality operator
partners
• Target to sell: 10ha
• Position the project as a unique cultural
park attraction. Strong upside on recurring
income
IDR 250 bn
Hospitality
6
Recent Initiatives (cont’d)
Target Marketing Sales Composition
2015 Target Marketing Sales Breakdown By Products and Market Segments
2015 Marketing Sales
Residential vs Commercial
COMMERCIAL
Product
Residentials
30%
(IDR 1.75 tn)
Commercials
70%
(IDR 4.05 tn)
2015 Marketing Sales
Residential Breakdown
Commercial Breakdown
Hospitality
6%
(IDR 250 bn)
Apartment
Cikokol
17%
IDR 300 bn
Apartment
Serpong
26%
IDR 450 bn
Offices
20%
(IDR 800 bn)
Landed House
Pasar Kemis
57%
(IDR 1 tn)
Land Lots
Pasar Kemis
25%
IDR 1 tn
Land Lots
Serpong
49%
(IDR 2 tn)
Target Marketing
Im pact on Property
Sales in IDR bn Target Market
Tax Uncertainty
Land Lots
Serpong
2,000
medium - high
none
Land Lots
Pasar Kemis
1,000
medium - low
none
Hospitality
GWK
250
medium
none
Serpong & CBD Jakarta
800
medium - high
none
Offices
2015 Marketing Sales
Area
RESIDENTIAL
Product
Area
Landed House
Pasar Kemis
Target Marketing
Im pact on Property
Sales in IDR bn Target Market
Tax Uncertainty
1,000
medium - low
none
Apartments
Cikokol
450
low
none
Apartments
Serpong
300
medium
none
We have diversified portfolio and market segments, giving us ability to do our product launchings simultaneously. In addition, the
majority of our marketing sales target is not affected by the uncertainty in property tax regulations.
7
Recent Initiatives (cont’d)
Lower Gearing in 2015
Debt Maturity Profile
Remaining Bond Details
Description
2020 Bond
2019 Bond
Notes
USD 235 mm 6.95% interest p.a.
Senior Notes due 2020
USD 225 mm 9% interest p.a.
Senior Notes due 2019
USD mm
300
250
6
5
Rating
B1 Stable/ B+ Stable/ B+ Stable
(Moody’s/ S&P / Fitch)
Interest
Payment
Mar 27 and Sept 27 of each year, Jan 29 and Jul 29 of each year,
commencing Sept 27, 2013
commencing Jul 29, 2014
200
150
225
100
235
Key Highlights
Fully Paid
50
67
0
2015
2
6
6
2016
2017
2018
2019
2017 Bond. Fully Redeemed on April 1, 2015
2020 Bond
2019 Bond
IDR 300 bn Bank Facility (for GWK project), exchange rate 12,500
2020
•
We have fully redeemed our 2017 Bond on April 1st, 2015
•
Flexibility to call the remaining USD bonds in 2017
•
Target: achieve lower gearing by improving cash position through slower
capex spending and initiative to accelerate asset monetization
•
Safety Measures:
•
Remaining bonds are substantially hedged (up to IDR 14,500)
•
Sales of commercial lots in USD currency to further hedge foreign
exchange risk (including interests)
8
Our Portfolio
Project Overview
Map Summary of Our Current Developments
JAKARTA CAPITAL REGION
The Tower – Office Building
Wisma Argo Manunggal – Office Building
BALI
Garuda Wisnu Kencana (“GWK”) – Cultural Park
Direct Exit Toll
To Alam Sutera
GWK
Alam Sutera Township
The Prominence
TANGERANG AREA
Alam Sutera - Township
- Mall @Alam Sutera
- The Prominence - Office Tower
- Paddington Heights - Apartment
Suvarna Sutera - Township
Kota Ayodhya – Apartment
Silkwood Residence
Kota Ayodhya
Paddington Heights
Mall @Alam Sutera
9
Alam Sutera and Suvarna Sutera Townships
Tangerang Overview
Two of our main projects, Alam Sutera and Suvarna Sutera Townships, are well-located within the fast growing Tangerang region
Alam Sutera Township
The closest large-scale township
to Jakarta with direct access to
the Jakarta-Merak Toll Road
(±800 ha with expansion plan to
north Serpong for an additional
±300 ha the next 2-3 years)
Suvarna Sutera Township
Centrally located in Tangerang
15km west of Alam Sutera. Our
second core township
development
Key Highlights of Tangerang Area
1
Tangerang is one of the fastest growing regions (total population in 2012: 7.8 mm) within Greater Jakarta and a popular residential and business district.
2
Economic growth of the region is driven by urbanization, decentralization and infrastructure development
3
Expected improvements to infrastructure will enhance the region’s accessibility and attractiveness. Some parts of JORR II has already completed (CinereJagorawi Toll Road
10
Alam Sutera Township
Our Successful Yet Expanding Development
Alam Sutera Project Masterplan
Alam Sutera Overview
•
•
Located only 15 km away from Jakarta. Total development of ± 800 ha, divided
into two phases.
• Phase one: ± 450 ha (mostly residential and shop houses).
• Phase two: ± 350 ha (mostly commercial and high rise buildings).
• Phase three: ± 300 ha expansion to north Alam Sutera in the next 23 years.
Good accessibility, with direct access toll road
Adjacent to the new toll road to the Airport (JORR2).
•
We have developed the following areas within Alam Sutera township;
•
Phase 3
Phase 2
Phase 1
Clusters
Landed House &
Land Lot
Shop houses
Household
34 clusters
7,500 units
2,000 units
8,000
households
Current Key Commercial Tenants and Facilities
Commercial Tenants
Community Facilities
Mosque
Sport Center
Sutera Loop
11
Alam Sutera Township
Average Selling Price
Average Selling Price – Commercial Lots
Average Selling Price – Residential Lots
IDR mm psm
IDR mm psm
16
14.4
13.7
14
12
10
9.0
8
5.5
6
4
3.8
2
0
2010
Marketing Sales
Land Area (ha)
2010
2011
2012
2013
2014
3
8
10
6
14
Marketing Sales
Land Area (ha)
2011
2012
2013
2014
2010
2011
2012
2013
2014
20
15
15
5
1
Attractive location continue to drive robust price increase. Commercial land to drive sales and price increase going forward
12
Suvarna Sutera Township
Our Second Township
Project Overview
Suvarna Sutera Master Plan
•
Suvarna Sutera Township is the second township from Alam Sutera, located
at Pasar Kemis, Tangerang, 15 km away from Alam Sutera. The Company
has developer license covering 2,600 ha area. Planned phase one
development is 900 ha.
•
Master Plan by Sasaki, Walker & Associates (SWA Group), a reputable USbased landscape architect, urban designer, and planner.
•
Since 2011, the Company has launched four residential super clusters with
17 sub-clusters. (per March 2015)
G
E
C
Progress Timeline
B
D
H
A
Sub-clusters
launched in 2013
Main focus for
infrastructure
development in 2014
F
Legend
A
Suvarna Padi Residential Cluster (2011)
E
Suvarna Padma Residential Cluster (2014)
B
Suvarna Jati Residential Cluster (2013)
F
Location of future toll road access
C
Phase 1: Most of the land has been acquired
G
D
Phase 2: Land to be acquired over next few years
Potential future toll road connecting Suvarna Sutera to
the international airport
H
Suvarna Sari Residential Cluster (2015)
13
1
Suvarna
Sutera Township
Average Selling Price
Sustainable ASP Increase – Replicating Historical Alam Sutera Township Growth Path
Average Selling Price – Land in Suvarna Padi
IDR mm psm
Average Selling Price – Land in Suvarna Jati
IDR mm psm
6
5.0*
5
4
3.3
4.0
4
3
2.5
2.8
3
2
2.1
2
1
1
0
2011
*
2012
2013
2014
0
2013
2014
Indicative secondary market pricing
14
High Rise Projects
The Prominence Tower and Paddington Heights
The Prominence Tower
Artist Impression of The
Completed Product
The Prominence Tower
Land Site Area
Building GFA
Semigross Area
No of floor
Launch date
Construction start
Target completion date
Selling price
Est. construction cost
Marketing sales
Construction progress
Progress
Progress
Progress
Construction
Construction
Construction
as
asofof
as of
Jan’15
Mar’15
Mar’15
: 13,981 sqm
: 53,762 sqm (excl parking)
: 51,997 sqm
: 30
: Feb-13
: Jun-13
: 3Q15
: IDR 21-23 mm psm
: IDR 415 bn
: IDR 165 bn*
: On time
__________________________________________
Note: * As of Apr 2015
Paddington Heights
Artist Impression of The
Completed Product
Paddington Heights Apartment
Land Site Area
Building GFA
Semigross Area
No of floor
Launch date
Construction start
Target completion date
Selling price
Est. construction cost
Marketing sales
Construction progress
Progress
Progress
Construction
Construction
as of
as Jan’15
of Mar’15
: 9,000 sqm
: 36,653 sqm (excl parking)
: 33,090 sqm
: 30
: May-13
: Q1 2014
: 2Q16
: IDR 21-23 mm psm
: IDR 350 bn
: IDR 251 bn*
: On time
15
High Rise Projects (cont’d)
Kota Ayodhya
Kota Ayodhya is an apartment that is located at the heart of Tangerang City, only 6.2 km away from Alam Sutera Township.
In 2014, The Company has successfully marketed 4 towers (phase 1).
Artist Impression of The Completed Product
Kota Ayodhya
Land site area
Apartment
Mall and shophouses
No of floor
Launch date
Construction start date
Target completion date
Selling price
Est. construction cost
Marketing sales (Apartment)
Construction Progress
Towers
_________________________
Note: * As of Apr 2015
: 21,230 sqm
: 137,947 sqm
: 12,154 sqm
: 24
: Feb 2014
: July 2014
: 3Q16
: IDR 11-13 mm psm
: IDR 755 bn
: IDR 767 bn*
: On time
: 4 Towers
Artist Impression of The Completed Product
Progress Construction as of Mar’15
16
High Rise Projects (cont’d)
The Tower
The Tower is a 50-storey strata title office building strategically located in the golden triangle at the CBD Jakarta.
Artist Impression of The Completed Product
The Tower
Location
: Jl. Gatot Subroto Kav. 12
Land site area
: 9,522 sqm
Building GFA
: 69,837 sqm
No of floor
: 50
Semigross Area
: 56,492 sqm
Construction start
: Sep-13
Target completion date
: 3Q16
Est cost of construction
: IDR 680 bn
Marketing sales
: IDR 144 bn*
Construction Progress
: On time
Selling price
: IDR 48-50 mm psm
Artist Impression of The Completed
Product
Progress
ProgressConstruction
ConstructionasasofofJan’15
Mar’15
__________________________________________
Note: * As of Apr 2015
17
GWK Project
Overview of Bali Tourism
Number of Tourists Visiting Bali
Number of Foreign Tourists Visiting Bali
2009-2013
Total Number of Tourists Visiting Bali 2009-2013
10.4
2.4
2.6
2009
2010
2.8
3.3
2.9
2011
2012
7.3
5.9
2011
2012
__________________________________________
Source: BPS Bali, 2013
2013
2009
Number of Domestic Tourists Visiting Bali
2009-2013
4.7
5.7
6.1
2010
2011
2012
___________________________________________
Source: Bali Provincial Tourism Agency, 2015
2010
2013
Why Bali?
7.1
• Named as Asia’s best island by Travel and Leisure Magazine in 2014.
• With a CAGR of 15.2%, the total number of tourists visiting Bali (both foreign and
domestic tourists) has reached more than 10mm people in 2013. Indicating increasing
tourism potential in the region. This, coupled with the development of infrastructures
(inclusive of toll roads and new airport) indicates an upside potential for tourism
expenditure in Bali
3.5
2009
8.5
9.0
2013
18
18
GWK Project (cont’d)
A Must Go To Destination In Bali Starting 2017
Overview
•
What We are Currently Developing
A private cultural park on the Bukit Peninsula at the southern
end of the island of Bali in Indonesia, 15 minutes from Ngurah Rai
International Airport. Bukit is a limestone plateau with Uluwatu to
the west and Nusa Dua to the east.
•
A mixed-use development complete with commercial and
residential areas
•
Number of visitors: estimated at 3,000 people daily
Multi Role Sites: Past Events Held at GWK
Recently become popular for a prestigious wedding venue and has
been chosen as a venue of many international events. For example:
1. Garuda Wisnu Kencana Statue
We are completing the 75m Wisnu Statue, which will be the largest
statue in the world and a major tourist attraction to the park
2. Commercial Area With In-House Operation
We are also developing commercial area operated by us. This includes:
entrance gate, parking area, estate office, ticketing, toilets, and kitchens
3. Commercial Area for Hospitality
Additionally, we have 30 ha land plots within GWK allocated for
hospitalities with a variety of tiers such as 3 – 5 star hotels, boutique
hotels, and other hospitality functions
Land Zoning
Iron Maiden Concert, Feb 2011
Miss World, Sep 2013
Commercial Area
Land for Hospitality
Cultural Park and Facilities
Dreamfield Festival, Aug 2014
Iwan Fals Concert, Mar 2015
19
GWK Project (cont’d)
The Statue
The statue is designed by Nyoman Nuarta, a world renowned Balinese’s artist with many experience worldwide in making large scale
statues.
The statue will be made of copper and built on the hill at 130m altitude above the sea level, standing on 50 meter pedestal. It will reach
75m high ( >250m above sea level).
The statue will be the only high structure that exceeds 15 meter limit set by the local Bali government. There will be 25,000 sqm retail
space area, which consists of gallery and MICE, inside the statue.
The statue’s fragments
Artist Impression
GWK Will Represent a Significant Recurring Income in 2017 Onwards
20
Property Investment
Mall @Alam Sutera
Wisma Argo Manunggal (WAM)
Customer Traffic
Average
visitors per
day
Mall @Alam Sutera – Night View
2013
2014
Weekdays
8,000
9,400
Weekends
19,000
23,000
Mall @Alam Sutera
Wisma Argo Manunggal
Front View
Wisma Argo Manunggal
GFA
: 165.000 sqm
Location
: Jl. Jend. Gatot Subroto Kav. 22
Leasable area
: ± 67.369 sqm (extendable to 68.000 sqm)
Height
: 5 floors (3 retail floors, 2 parking floors)
Acquired from
: PT Daya Sakti Perdika
Parking capacity
: 2.500 cars
Land area
: 8,434 sqm
Land area
: 7.8 ha
Building GFA
: 18,165 sqm
Grand opening
Leasable Area
: 13,809 sqm
Occupancy
: 90%
Average rental & service rate
Potential redevelopment
: IDR 60,000 psm / mo.
Occupancy rate
: 12 December 2012
: Sogo Department Store (17.913 m2, 27%)
Food Hall, Fun World
: 90% (as of Mar’15)
Average rental rate
: IDR 99.000 psm /mo.(as of Mar’15)
Average service
: IDR 46.000 psm /mo. (as of Mar’15)
Anchor tenants
: Demolish the existing building and
build a new 40-60 storey grade A
office.
21
Consolidated Marketing Sales
in IDR mm
2008
2009
2010
2011
Jan - Feb
30,220
25,607
305,677
350,273
Mar - Apr
42,286
127,905
311,097
May - Jun
175,282
120,867
Jul - Aug
58,658
Sept - Oct
2012
2013
2014
2015
946,380
914,199
288,388
568,540
*
387,115
828,500
789,403
782,323
307,824
**
401,299
278,831
371,374
1,428,167
1,551,284
-
202,314
283,121
943,003
664,426
419,920
687,784
-
143,619
358,480
139,117
567,897
634,310
1,143,089
628,945
-
Nov - Dec
42,159
187,649
167,518
284,382
202,881
126,586
316,908
-
Total
492,224
1,022,822
1,607,829
2,811,501
4,821,364
4,255,633
876,364
3,647,871
___________________________________________
Note:
* Marketing saIes from Jan 1 - March 13, 2015 .This number does not include our sales from commercial lots in Pasar Kemis and high-rise (target of both is IDR 2.8tn out of total target IDR 5.8tn for 2015) as well
as GWK land sales, all of which would only be launched starting end of March and in 2Q15 as planned
** Marketing Sales from March 14 – April 30, 2015. Our Terrace 8 Pasar Kemis Shop-house launch in April 2015 was very successful with 100% take-up rate on the first day and approximately IDR 211bn (from
137 units) contribution to marketing sales. We will maintain this positive trend by commencing more launches of our other commercial and high-rise products starting May 2015
22
Marketing Sales Breakdown
Leading Property Developer with Consistent Sales Growth
Consolidated Marketing Sales (in IDR bn)
3,648
4,821
1,007
Marketing Sales Breakdown by Product FY2014
4,256
4%
2,812
492
1,023
Commercial land lots
20%
1,608
19%
57%
Residential (Houses and land
lots)
Apartments
Office Tower
2008
2009
2010
2011
2012
2013*
2014
_____________________________________________________
Note:*The Company sold 91 ha size of land to Bekasi Fajar @ IDR 1,007 bn (includes ppn).
Marketing Sales Breakdown by Area FY2014
Customer Payment Method Breakdown
Payment Profile - FY'14
Hard Cash
Cash Installment
Mortgage
Alam Sutera Township
28%
55%
17%
Suvarna Sutera Township
10%
45%
45%
Consolidated
25%
54%
21%
20%
Alam Sutera
Suvarna Sutera
15%
65%
Others
23
Recurring Income
The company is committed to increase its recurring income through diversifying its investment property portfolio. At the moment, the
contribution of recurring income mainly comes from Mall @ Alam Sutera, GWK project and estate management.
Historical Recurring Income (in IDR bn)
308
Flavor Bliss
Mall @ Alam Sutera
231
72
2012
2013
2014
GWK Cultural Park
24
Financial Highlights
Income Statement
Revenue
Gross Profit
IDR tn
IDR tn
0.9
_____________________________________________________
Note: In 2013, The Company sold 91 ha size of land to Bekasi Fajar @ IDR 915 bn (excludes ppn).
Operating Income
Rev
52
59
50
51
42
53
% of
Rev
50
63
EBITDA
IDR tn
42
60
Net Income
IDR tn
% of
% of Rev
IDR tn
37
44
50
24
32
% of
Rev
46
54
55
43
55
25
Financial Highlights
Financial Positions
Cash & Time Deposit
Balance Sheet Information
IDR tn
IDR tn
16.9
14.4
10.9
4.6
6.0
Bonds Payable
IDR tn
Bank Loan
IDR tn
Sales Advances
IDR tn
26
Financial Highlights
Financial Ratios
Net & Gross Debt to EBITDA
EBITDA to interest
x
x
4.0
3.3x
3.5
3.0
2.3x
2.5
2.0
2.9x
2.9x
1.8x
1.6x
1.5
1.0
0.5
0.7x
0.4x
(0.1)x
-0.4x
0.0
-0.5
2010
2011
2012
2013
2014
-1.0
Debt/Ebitda
Net Debt/Ebitda
Net & Gross Gearing
Return on Equity
120%
104%
100%
80%
69%
60%
40%
90%
86%
46%
30%
20%
11%
20%
.-3%
-10%
0%
-20%
2010
2011
2012
2013
Debt/Equity
Net Debt/Equity
2014
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Financial Highlights
1Q15 Numbers
Income Statement
Description
(in IDR bn)
Revenue
Balance Sheet and Financial Ratios
1Q14
1Q15
% Change
871
991
14%
Gross Profit
415
766
% of Rev
48%
77%
Operating
Income
334
655
% of Rev
38%
66%
EBITDA
349
688
% of Rev
40%
69%
Net Income
314
320
% of Rev
36%
32%
84%
96%
97%
Description
(in IDR bn)
1Q14
1Q15
Cash and Time Deposit
2,113
1,819
Total Debt
5,887
7,024*
Debt/ LTM EBITDA
4.12
3.02
Net Debt/ LTM EBITDA
2.94
2.39
Debt to Equity
104%
105%
Net Debt to Equity
74%
83%
EBITDA/Interest
2.61
4.31
Note:
* We redeemed our 2017 Bond in early April 2015. Post redemption our total debt
reduces to IDR 6,153 bn. Our gross and net gearing ratio becomes 92% and 83%
respectively
Key Highlights
2%
•
Highest quarterly EBITDA achievement within the past three years.
•
Gross profit margin improved from 48% in 1Q14 to 77% in 1Q15 due to the
increase of commercial land lots sales with high margins.
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Awards
Awards
2014
2013
2012
2011
FIABCI Prix
d’Excellence
Awards
IFLA APR
Awards
Nomination of
Best Share Issuer
Market Cap
up to Rp 10 trillion
Merit Awards
Landscape
Category
Top Ten
Developers
Platinum Brand
Champion
Asia’s Best
Companies 2014
Silver Champion of
Indonesia WOW
Brand 2014 –
Residential Property
Developer Category
Top First Rank
Among Region’s
200 Small and
Mid-size
Companies
Top 50
Best Companies
Top 10 Developers
Indonesia 2014
The Best Innovation
in sustainable
development –
Indocement Awards
Winning
Three Years
In A Row
Property Marketer
Of The Year
Top Performing
Listed Companies
Developer with
Asset < 15 T
Best
Listed Companies
Top Performing
Listed Companies
Outstanding
Master Plan
Top Performing
Listed Companies
Top Ten
Developers
Top 50
Best Companies
Top 40
Best Emerging
Companies
Best Share Issuer
Market Cap
up to Rp 10 trillion
29
Disclaimer
This presentation may contain forward-looking statements that involve risks and uncertainties.
Actual future performance, outcomes and results may differ materially from those expressed in
forward-looking statements as a result of a number of risks, uncertainties and assumptions.
Representative examples of these factors include (without limitation) general industry and
economic conditions, interest rate trends, cost of capital and capital availability, availability of
real estate properties, competition from other companies and venues for the sale/distribution of
goods and services, shifts in customer demands, customers and partners, changes in operating
expenses, including employee wages, benefits and training, governmental and public policy
changes and the continued availability of financing in the amounts and the terms necessary to
support future business.
You are cautioned not to place undue reliance on these forward looking statements, which are
based on current view of management on future events. We expressly disclaim any obligation or
undertaking to release publicly any update of or revision to any forward-looking statements
contained herein to reflect any change in our expectations with regards hereto or any change in
events, conditions or circumstances on which any such statements is based.
30
THANK YOU
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