Pt Mega Manunggal Property Tbk · IDX:MMLP
Pt Mega Manunggal Property Tbk — FY2021 Earnings Presentation
45 slides from Pt Mega Manunggal Property Tbk's earnings presentation, August 2022
Slide 1: PT Mega Manunggal Property Tbk Full Year 2021
June 2021 FULL PT Mega YEAR - 2021 Manunggal Property Tbk PT. Mega Manunggal Property Tbk. 1
Slide 2: Disclaimer
DISCLAIMER The information contained in this presentation has been prepared by PT Mega Manunggal Property Tbk. (the “Company”) and is being furnished to you solely for your information and may not be reproduced or redistributed to any other person, in whole or in part in any manners or for any purpo
Slide 3: Presentation Agenda
PRESENTATION AGENDA Section Pages 1 Who we are 4 2 Growth strategy 17 3 Assets and Projects Development 21 4 Growth opportunity 25 5 Key financial 35 6 Other financial info 41 3
Slide 4: Section 1: Who We Are
SECTION - | wis WHO WE ARE
Slide 5: Company at a Glance
COMPANY AT A GLANCE Overview Facilities Warehouses PT. Mega Manunggal Property Tbk - Facilities of PT. Mega Manunggal As of December 2021, MMP has 13 assets under “MMP”, is a warehouse provider that Property Tbk are developed with management in several strategic locations: supports industrial proper
Slide 6: Board of Directors
BOARD OF DIRECTORS Hungkang Sutedja President Director He was officially appointed as President Director of the Company in 2020 based on the Decision of the Annual GMS on August 31, 2020 as stated in Deed no. 52 dated 31 August 2020 made before Notary Ashoya Ratam, SH, M.Kn. Previously has been serv
Slide 7: Company Milestone
COMPANY MILESTONE The Company was established under Building Partnership MMP formed new the name of PT with Reco Indolog Joint Venture with Mega Manunggal Pte. Ltd (GIC) AIP and AJ Manulife Property Indonesia* Conduct The Signing of Initial Public Offering Co-operation Agreement (IPO) with Alpha Inv
Slide 8: Company Structure
COMPANY STRUCTURE PT Mega Manunggal Property Tbk 99.68% 99.76% Intirub MTP 52.16% 28.84% 19.00% 99.68% 99.99% 99.62% 55.00% 45.00% MKP RECO INDOLOG HCS MJLP MCIP Pte. Ltd (GIC) ILO 99.99% 99.99% 99.99% 99.99% 99.62% 99.62% 99.62% 99.62% MDP SHP MBPL BPL MAP MARP MANP MSAP 99.99% 99.99% 99.99% 99.99%
Slide 9: Corporate Action in 2020
CORPORATE ACTION IN 2020 28.84% 52.16% 19.00% Unilever Li & Fung Selayar Intirub Total NLA : 163.930 m2 Implementing “Asset Light Strategy”, in June 2020 together with Alpha Investment Partners Limited (“Alpha”), PT Asuransi Jiwa Manulife Indonesia, the Company (MMP) entered into a new venture – PT
Slide 10: Warehouse Portfolio
WAREHOUSE PORTFOLIO Post corporate action in late 2020, the Company now has 13 (thirteen) warehouses under management, 9 (nine) of which are owned by the Company through PT. MKP and the other 4 (four) warehouses belong to PT. ILO ownership. Assets under MKP SCP - Block AE MPP- Cibatu MPLN - Cileungs
Slide 11: Investment Consideration
INVESTMENT CONSIDERATION 1 Provider of high quality and international standard logistic properties 2 Proven track record in developing and delivering logistic properties 3 Solid business model that provides stable and recurring cash flow 4 Strategically located logistic properties in Indonesia 5 Div
Slide 12: Provider of high quality and international standard logistic properties
1. Provider of high quality and international standard logistic properties We are the first mover in provider of modern logistic property, focusing on developing, owning and operating logistic properties, with a focus in warehousing that specifically meet international standards Typical specificatio
Slide 13: Proven track record in developing and delivering logistic properties
2. Proven track record in developing and delivering logistic properties MMP has proven track record in acquiring land, developing and managing logistic properties, which generally takes around 9 to 24 months to complete construction. Below are the growth of logistic properties under MMP Warehouse Ma
Slide 14: Solid business model that provides stable and recurring cash flow
3. Solid business model that provides stable and recurring cash flow MMP focuses on developing a warehouse with the size of 10,000 to 100,000 sqm. Stable operating cash flow with greater upside potential from improving economy cycle, while at the same time sheltered against downside risks from eco
Slide 15: Strategically located logistic properties in Indonesia
4. Strategically located logistic properties in Indonesia Located in Java Island that is the centre for industries with the largest industrial estates in Indonesia Near centre of production and consumption MMP Warehouses and Land bank Location in Jabodetabek Easy access towards transportation ne
Slide 16: Diversified and strong client base
5. Diversified and strong client base Tenant profile of MMP’s logistic properties as of Dec 2021 Clients Logistic E- commerce 12% 11% Automotive - Trading 32% 44% Manufacturing Manufacture Logistics E-commerce Others 16
Slide 17: Section 2: Growth Strategy
SECTION - 2 GROWTH STRATEGY 17
Slide 18: A Strategy to Achieve Scalable Size
A STRATEGY TO ACHIEVE SCALABLE SIZE Our strategy is simplified into three factors – funding, efficiency, and volume. The timely ability to seek a flexible funding structure and continuous effort to reduce cost will maximize yield to cost. This will lead to greater profitability. Three factors of suc
Slide 19: Focus in Specifically Crafted Warehouse
FOCUS IN SPECIFICALLY CRAFTED WAREHOUSE Facts MMP has a track record of building complex construction Increase profitability Our capabilities to build high specification Increase recurring revenue warehouses: - Superflat floors Results in higher-margin since the majority - Double-decker wa
Slide 20: Continue to Improve Operational Efficiency
CONTINUE TO IMPROVE OPERATIONAL EFFICIENCY Integrated IT platform Reducing cost Investing in the operating system to release some of Outsourcing to support our services including cleaning the operational bottlenecks and to improve our service, parking, etc. productivity Standardize warehouse s
Slide 21: Section 3: Asset and Project Development
SECTION - 3 ASSET AND PROJECT DEVELOPMENT 21
Slide 22: Our Assets Location and Pipeline
OUR ASSETS LOCATION AND PIPELINE Tanjung Pr iok Seapor t Industr ial Estate Soek arno-Hatta Ex pansion Ar ea Int’ l Air por t Airport warehouse Pondok Ungu warehouse Intirub Business Park Halim PK Air por t MM2100 Jababeka LF Warehouse Delta Silicon Cibatu Warehouse Selayar Warehouse Block AE Unilev
Slide 23: Our Assets Location and Pipeline
OUR ASSETS LOCATION AND PIPELINE MMP properties Tanjung Perak Port Juanda Air Port Toll Roads In Operation Under construction Planning In (Km) Manyar Warehouse Distance to Surabaya 31 Distance to Airport 52 Distance to Tanjung Perak Port 29 23
Slide 24: Newly Operated Warehouse
NEWLY OPERATED WAREHOUSE Our 2 (two) latest Warehouse Project : Osowilangun and Pondok Ungu are fully handed over by the end of 2021 and now fully operational Pondok Ungu Warehouse Osowilangun Warehouse Location : Pondok Ungu, Bekasi West Java Location : Osowilangun, Surabaya, East Java Land area :
Slide 25: Section 4: Growth Opportunity
SECTION - 4 GROWTH OPPORTUNITY 25
Slide 26: Evolution of the Logistic Sector
EVOLUTION OF THE LOGISTIC SECTOR The logistics sector in Indonesia remains nascent in comparison to other markets in the region, particularly compared to more mature markets such as Singapore and Australia. Notwithstanding this, the growth potential is huge and there are signs of a fundamental imbal
Slide 27: Evolution of the Logistic Sector
EVOLUTION OF THE LOGISTIC SECTOR The logistics sector has seen gradual development in recent times. However, at present most supply chain operations remain largely inefficient. Only in recent years has the market begun to evolve from the traditional ‘gudang’ style of warehouse to modern logistics wa
Slide 28: Demand Situation
Network Location DEMAND SITUATION Viz mOccupied mVacant @ Occupancy Rate 700,000 93% 97% on 109% 29% 100% | dens | 20% | 0% 600,000 aust | Almost half of the Ea 500,000 70% moder warehouse space is occupied by a 400,000 a | 3PLs 50% 60% § 200,000 40% | aS Sa | 50% 20% | 40% . | airy 10% Due to the b
Slide 29: A Nascent Industry to Enter
A NASCENT INDUSTRY TO ENTER Logistic cost as % of total GDP 26% 19% 14% 13% 9% 8% 9% 2016 2020 2035 Singapore Malaysia Japan South Korea 29
Slide 30: High Logistic Cost Demand Better Infrastructure
HIGH LOGISTIC COST DEMAND BETTER INFRASTRUCTURE “Besides the very high cost, logistic services in Indonesia are also bad like intervals in Indonesia for imported commodities requiring 5.5 days and transportation is also very costly ” – The Indonesia Chamber of Commerce and Industry (Kadin) “Indonesi
Slide 31: Progress of Toll Road Project
PROGRESS OF TOLL ROAD PROJECT Jabodetabek jakarta - Cikampek II Selatan (64 km) Serpong - Cinere (10.1 Km) 6 Tol dalam Kota Jakarta (31.2 km) Bogor ring Road II (4.5 Km) Serpong Balaraja (5.2 Km) Cibitung - Cilincing (34.77 Km) Cimanggis - Cibitung (26.8 Km) Depok - Antasari (28 Km) Cinere - Jagoraw
Slide 32: Progress of Toll Road Project
PROGRESS OF TOLL ROAD PROJECT Non Trans Jawa Trans Jawa AP Pettarani (4.3 Km) Porong - Gempol (6.3 Km) Probolinggo - Banyuwangi (172.9 Km) Serang - Panimbang (33.0 Km) Pasuruan - Probolinggo (45.0 Km) Manado - Bitung (39.9 Km) Gempol - Pasuruan (34.2 Km) Balikpapan - Samarinda (99.6 Km) Ngawi - Kert
Slide 33: Attractiveness of Connectivity and Established Infrastructures – Greater Jakarta
Attractiveness of Connectivity and Established Infrastructures – Greater Jakarta Toll Roads Railways Airports Greater Jakarta has been Greater Jakarta has integrated Jakarta is also supported by connected by 18 toll roads with railways transportation, which two major airports which length of 2
Slide 34: Attractiveness of Location and Connectivity - Surabaya / East Java
Attractiveness of Location and Connectivity - Surabaya / East Java Expansion target Area – East Java Greater Surabaya Key Industry Served :FMCG, FnB, Electronic, Chemicals Tanjung Perak Port 6 Km 21 Km 22 Km Juanda air Port 35 Km In terms of land prices and availability, Gresik and Sidoarjo seem pot
Slide 35: Section 5: Key Financials
SECTION - 5 wid ES KEY FINANCIALS
Slide 36: Solid Warehouse Growth
SOLID WAREHOUSE GROWTH MMP has successfully increase NLA growth and maintain occupancy rate, especially during pandemic period. Currently, our NLA under management stood at 531,053 sqm at 91.2% of occupancy rate Development of NLA and Occupancy Rate 800,000 110.0% 99.9% 99.9% 99.6% 98.6% 700,000 100
Slide 37: Key Performance Matrix
KEY PERFORMANCE MATRIX 2016 2017 2018 2019 2020 2021 Net Leasable Area, m2 Built to suit 117,520 185,355 185,355 223,084 252,287 252,287 Multi tenants 46,391 45,015 115,325 116,917 198,540 278,766 Total, m2 163,911 230,370 300,680 340,001 450,827 531,053 Operational metric (Warehouse under Occupancy
Slide 38: Summary of Profit and Loss
SUMMARY OF PROFIT AND LOSS Aside from recurring income from leasing its own logistic properties, MMP also has recurring value creation from recognition over increase in fair value of investment properties. Each investment properties that have been completed will be measured at fair value. Summary of
Slide 39: Summary of Financial Position
SUMMARY OF FINANCIAL POSITION Investment properties that is measured in the fair value is the largest component of asset in the summary of financial position of MMP. From liability side, MMP is currently sourcing its financing from the equity, debt and bank loan. With strong value creation from inve
Slide 40: Summary of Financial Position
SUMMARY OF FINANCIAL POSITION Revenues, Rp bn EBITDA, Rp bn 300 250 250 220 216 334 337 317 200 299 200 209 146 150 100 50 - 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 Equity, Rp bn Gross Capital Expenditure, Rp bn 7,000 6,157 5,627 5,763 986 6,000 5,308 5,000 4,670 654 4,000 527 511 473 3,00
Slide 41: Section 6: Other Financial Info
SECTION - 6 OTHER FINANCIAL INFO 41
Slide 42: Audited Balance Sheet
AUDITED BALANCE SHEET Rp mn 2016 2017 2018 2019 2020 2021 % Y/Y Cash and Equivalents 104,683 201,516 152,175 129,320 1,252,298 770,334 -38.5% Other current assets 92,962 189,163 245,981 438,046 376,235 383,508 1.9% Property & equipment 13,342 12,327 11,917 8,213 2,251 1,739 -22.8% Investment propert
Slide 43: Audited Profit and Loss Statement
AUDITED PROFIT AND LOSS STATEMENT Rp mn 2020 2021 % Y/Y Revenue 336,777 316,572 -6.0% Expenses 123,631 117,950 -4.6% Operating profit 213,146 198,622 -6.8% EBITDA 216,136 199,865 -7.5% Finance Cost (100,038) (49,810) 50.2% Increase/Loss in IP Fair Value (165,036) 181,962 210.3% Other items (37,629)
Slide 44: Audited Cash Flow
AUDITED CASH FLOW Rp mn 2016 2017 2018 2019 2020 2021 % Y/Y Cash flow from operating activities Cash Receipt from Customer 221,769 226,867 348,340 416,183 277,298 341,057 23.0% Payment to Supplier and Operating (90,742) (174,166) (126,417) (174,279) (111,377) (120,619) -8.3% expenses Tax paid (20,40
Slide 45: Thank you
Thank you visit us: www.mmproperty.com mail to: [email protected] 45
PT Mega Manunggal Property — FY2021 Earnings Presentation on 6ix