Pt Ciputra Development Tbk · IDX:CTRA
Pt Ciputra Development Tbk — 9M20 Earnings Presentation
48 slides from Pt Ciputra Development Tbk's earnings presentation, November 2020
Slide 1: Results Presentation (9M20)
Results Presentation (9M20)
Slide 2: Results Summary (Income Statement)
Results Summary (Income Statement) (Rp bn) 9M20 9M19 % YoY Effect of -2% YoY in Property Development Revenue 4,240 4,655 -9% segment and -26% YoY in Recurring segment COGS (2,326) (2,397) -3% Gross Profit 1,914 2,258 -15% Gross Profit Margin 45% 49% Effect of lower margins in Recurring segment Opera
Slide 3: Results Summary (Revenue Breakdown and Margin Performance)
Results Summary (Revenue Breakdown and Margin Performance) (Rp bn) 9M20 9M19 % YoY Revenue Breakdown Property Development Revenue 3,217 3,274 -2% Houses, shophouses, and land lots 2,726 2,408 13% Apartments 159 530 -70% Adoption of new accounting standard affecting apartment and office revenue Offic
Slide 4: Results Summary (Revenue per Segment and per Location)
Results Summary (Revenue per Segment and per Location) Revenue per Segment (9M20) Revenue per Location (9M20) Greater Office Strata Apartment Surabaya 8% Strata 19% 4% Shopping Malls 10% Other Java 21% Hotels 3% Others 11% Sumatra 8% Houses, shophouses, and Sulawesi Greater Jakarta land lots 4% 45%
Slide 5: Results Summary (Historical Revenue Breakdown)
Results Summary (Historical Revenue Breakdown) Rp tn Development vs. Recurring Revenue 9.00 8.00 7.00 1.4 1.8 1.9 6.00 1.6 1.7 25% 24% 5.00 23% 27% 4.00 18% 24% 1.0 3.00 6.1 5.9 5.7 5.1 4.7 2.00 3.2 1.00 - 2015 2016 2017 2018 2019 9M20 Development Revenue Recurring Revenue Recurring as % of Total Re
Slide 6: Debt Profile
Debt Profile As of Sep-20 Floating Fixed Rupiah SGD 18% 20% Total Borrowings: Rp9.7tn 82% 79% USD 1% 27% Maturity Profile (% of total debt) (Rp tn) 2.5 19% 2.0 Borrowing Cost* 12.7% 1.5 12.1% 11.7% 13% 10.3% 10.2% 10.4% 11% 9% 9% 1.0 8% 0.5 2% 1% 0% 0.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2
Slide 7: Capex Schedule
Capex Schedule Mall 26% Historical Capex Hospital Rp tn 4% 2.1 2.0 9M20 Hotel 1% 1.3 0.7tn 0.9 1.1 0.7 Land for Development Others 55% 13% 2015 2016 2017 2018 2019 9M20 • Increased mall capex due to the construction of CitraRaya Tangerang Mall - Business Presentation 7
Slide 8: Financial Highlights
Financial Highlights Revenue Gross Profit (Rp bn) (Rp bn) 3,724 3,628 3,792 7,670 7,608 3,290 7,514 2,997 6,739 6,443 2,258 50% 50% 1,914 4,655 49% 49% 4,240 47% 47% 45% 2015 2016 2017 2018 2019 9M19 9M20 2015 2016 2017 2018 2019 9M19 9M20 Gross Profit Gross Margin Net Profit Key Ratios (Rp bn) 1,64
Slide 9: Balance Sheet Summary
Balance Sheet Summary Rp bn Sept 2020 Dec 2019 Dec 2018 Dec 2017 Assets 38,784 36,196 34,289 31,872 Cash & cash equivalents 4,385 4,238 3,243 3,240 Land 13,910 13,523 13,048 11,696 Fixed Assets 3,023 3,089 3,114 3,144 Investment Properties 5,500 5,373 4,962 4,762 Others 11,966 9,972 9,921 9,031 Liab
Slide 10: Company Overview
Company Overview Eo CIPUTRA DEVELOPMENT TBK
Slide 11: One of Indonesia's Leading Property Developer
One of Indonesia’s Leading Property Developer Property Development for Sale Township Residential Condominium Office Core Business Commercial Property Development & Management Shopping Hotel Serviced Serviced Office Others Mall Apartment Apartment - Business Presentation 11
Slide 12: Geographically Diversified Project Portfolio
Geographically Diversified Project Portfolio Kalimantan CitraGrand Senyiur City Samarinda CitraLand Banjarmasin Over 75 projects CitraGarden City Samarinda CitraLand City Samarinda CitraGarden Banjarmasin CitraGarden Aneka Pontianak in 33 cities across Medan CitraMitra City Banjarbaru CitraCity Bali
Slide 13: Greater Jakarta Project Portfolio
Greater Jakarta Project Portfolio - Business Presentation 13
Slide 14: Marketing Sales Summary
Marketing Sales Summary Historical Presales Presales per Location (Rp bn) 9M20 2020T Greater Greater Surabaya Surabaya 15% Other 11% 7,640 Java 7,186 16% Greater Other Jakarta Java 6,363 Greater 6,131 46% 21% Jakarta Sumatra 2,106 3,092 43% 17% Sumatra 2,595 Sulawesi 15% 2,955 4,519 4,150 6% Sulawes
Slide 15: Marketing Sales Summary
Marketing Sales Summary Presales per Payment Method Presales per Unit Price 6% 7% 6% 6% 12% 10% 15% 15% 15% 18% 24% 21% 29% 32% 30% 40% 32% 29% 36% 37% 30% 21% 39% 24% 27% 53% 53% 49% 48% 48% 40% 43% 36% 34% 35% 2016 2017* 2018* 2019 9M20 2016 2017* 2018* 2019 9M20 Mortgage Instalment Cash < Rp1bn R
Slide 16: Sufficient Land Bank to Sustain >15 Years of Development
Sufficient Land Bank to Sustain >15 Years of Development Gross Land Land ASP Ownership Land ASP Trend Project Name Bank (Rp mn per sqm) Scheme Ha 2010-13 CAGR 2013-19 CAGR 2019 CitraRaya Tangerang 100% 756 63% 9% 4.3 CitraIndah Jonggol 100% 176 17% 13% 1.8 CitraGarden City Jakarta 100% 118 48% 5% 15
Slide 17: Rights to Additional Land Bank Through Joint-Operation Schemes
Rights to Additional Land Bank Through Joint-Operation Schemes Development Land ASP Development Land ASP Joint Operation Project Plan (Ha) (Rp mn per Joint Operation Project Plan (Ha) (Rp mn per sqm) sqm) Citra Sentul Raya 114 4.8 CitraGrand Senyiur City Samarinda 295 1.6 CitraLake Sawangan Depok 12
Slide 18: Apartment Assets – Strata Title
Apartment Assets – Strata Title Est. Unsold Ownership Saleable SGA Sold Construction Project Name Tower Stock Value Scheme (sqm) % Progress (Rp bn) Ciputra World Jakarta 1 Raffles Residence 100% 41,500 84% 396 100% The Orchard 31,000 93% 89 100% Ciputra World Jakarta 2 100% The Residence 14,000 97%
Slide 19: Office Assets – Strata Title and Leased
Office Assets – Strata Title and Leased Strata-Title Office Est. Unsold Ownership Saleable SGA Construction Project Name Tower Sold Stock Value Scheme (sqm) Progress (Rp bn) Ciputra World Jakarta 1 DBS Bank Tower 100% 18,300 95% 49 100% Ciputra World Jakarta 2 Tokopedia Tower 100% 28,000 82% 257 100
Slide 20: Apartment and Office Completion Schedule
Apartment and Office Completion Schedule Apartment Strata-Title (SGA ‘000 sqm) 25.3 24.8 22.5 6.7 195.3 22.7 15.8 9.1 8.5 19.8 17.6 22.5 Total Apartment Ciputra Vida View CitraLand Ciputra World CitraPlaza Nagoya Ciputra World Citra Living Barsa City CitraLand City CitraLand Vittorio Ciputra World B
Slide 21: Future Mixed-Use Developments
Future Mixed-Use Developments Est. Saleable Ownership Project Name SGA Scheme (sqm) Ciputra World Jakarta 1 100% 110,000 Ciputra World Jakarta 2 100% 42,000 Ciputra World Jakarta 3 100% 99,000 New Project in Ciracas* JV - 60% 61,000 Ciputra International** JV - 55% 66,000 CitraLake Suites JV - 51% 1
Slide 22: Healthy Occupancy and Lease Expiry Profile for Malls
Healthy Occupancy and Lease Expiry Profile for Malls Mall Net Occupancy Rate • Total mall NLA of Leasable 2016 2017 2018 2019 9M20 Ciputra World Jakarta 1 81,000 100% 100% 100% 100% 100% 220k m² with Ciputra World Surabaya* 50,300 95% 94% 92% 96% 93% average occupancy Ciputra Mall Jakarta 42,700 95%
Slide 23: Continued Strong Performance of Diversified Recurring Assets
Continued Strong Performance of Diversified Recurring Assets Revenue per Available Room (RevPAR) across Hotels Rp '000 Rooms 2016 2017 2018 2019 9M19 9M20 % YoY Raffles Hotel (Ciputra World Jakarta 1) 173 813 1,520 1,428 1,421 1,381 547 -60% Ciputra World Surabaya Hotel 212 482 504 452 461 430 143 -
Slide 24: Growth Strategy and Project Highlights
Growth Strategy and Project Highlights
Slide 25: Key Developments
Key Developments • Launched new clusters/towers in 7 existing projects with a combined presales of Rp778bn (21% of 9M20 achievement) • Total 9M20 presales reached Rp3.8tn (83% of FY20 revised target) • Conducted an en bloc sale of 253 apartment units to Diener Syz Real Estate in Ciputra World Jakart
Slide 26: Growth Strategy
Growth Strategy • Retain healthy land bank levels (currently sufficient for >15 years of development) by continuously replenishing land bank in existing projects while searching for new strategic locations • Sustain wide geographical footprint (currently have a presence in 33 cities) to allow divers
Slide 27: Key Projects 2020 – CitraLand Gama City Medan
Key Projects 2020 CitraLand Gama City Medan Location Medan, North Sumatra Launch Feb 2013 Development plan 123 ha out of 210 ha masterplan Market segment Middle and middle-up Pre-sales 9M20 Rp 528 billion Selling price per unit Rp 821 million to Rp 8.8 billion Average unit selling price Rp 3.4 billi
Slide 28: Key Projects 2020 – CitraRaya Tangerang
Key Projects 2020 CitraRaya Tangerang Location Tangerang, West of Jakarta Launch 1994 Development plan 2,760 ha (sold 847 ha) Market segment Middle-low to middle-high Pre-sales 9M20 Rp 391 billion Selling price per unit Rp 174 million to Rp 4.5 billion Average unit selling price Rp 745 million Avera
Slide 29: Key Projects 2020 – Citra Sentul Raya
Key Projects 2020 Citra Sentul Raya Location Sentul, South Greater Jakarta Launch Jul 2019 Development plan Phase 1: 114 ha out of 1,000 ha master plan Market segment Middle and middle-low Pre-sales 9M20 Rp 380 billion Selling price per unit Rp 543 million to Rp 2.7 billion Average unit selling pric
Slide 30: Key Projects 2020 – CitraGarden City Jakarta
Key Projects 2020 CitraGarden City Jakarta Location Kalideres, West Jakarta Launch 1984 Development plan 444 ha (sold 366 ha) Market segment Middle to high Pre-sales 9M20 Rp 234 billion Selling price per unit Rp 362 million to Rp 11.8 billion Average unit selling price Rp 1.9 billion Average land se
Slide 31: Key Projects 2020 – CitraIndah City Jonggol
Key Projects 2020 CitraIndah City Jonggol Location South Greater Jakarta Launch 1997 Development plan 780 ha (sold 527 ha) Market segment Middle and middle low Pre-sales 9M20 Rp 223 billion Selling price per unit Rp 149 million to Rp 1.5 billion Average unit selling price Rp 359 million Average land
Slide 32: Key Projects 2020 – Citra Maja Raya
Key Projects 2020 Citra Maja Raya Location Lebak, Banten, West Java Launch November 2014 Development plan 1,200 ha (sold 267 ha) Market segment Middle to middle-low Pre-sales 9M20 Rp 218 billion Selling price per unit Rp 118 million to Rp 1.3 billion Average unit selling price Rp 257 million Average
Slide 33: Key Projects 2020 – CitraLand Surabaya
Key Projects 2020 CitraLand Surabaya Location West Surabaya Launch 1993 Development plan 1,700 ha (sold 741 ha) Market segment Middle to middle-high Pre-sales 9M20 Rp 178 billion Selling price per unit Rp 492 million to Rp 8.0 billion Average unit selling price Rp 3.0 billion Average land selling pr
Slide 34: Key Projects 2020 – CitraLand Tallasa City Makassar
Key Projects 2020 CitraLand Tallasa City Makassar Location Makassar, South Sulawesi Launch May 2017 Development plan 69 ha (sold 11 ha) Market segment Middle Pre-sales 9M20 Rp 127 billion Selling price per unit Rp 635 million to Rp 5.0 billion Average unit selling price Rp 1.4 billion Average land s
Slide 35: Key Projects 2020 – CitraGarden Puri Jakarta
Key Projects 2020 CitraGarden Puri Jakarta Location Puri - West Jakarta Launch Oct 2019 Development plan 18.2 ha Market segment Middle and middle-up Pre-sales 9M20 Rp 123 billion Selling price per unit Rp 634 million to Rp 3.3 billion Average unit selling price Rp 2.1 billion Average land selling pr
Slide 36: Key Projects 2020 – CitraLand Cibubur
Key Projects 2020 CitraLand Cibubur Location Greater Jakarta Launch May 2017 Development plan 200 ha (sold 11 ha) Market segment Middle and middle low Pre-sales 9M20 Rp 100 billion Selling price per unit Rp 236 million to Rp 1.6 billion Average unit selling price Rp 637 million Average land selling
Slide 37: Country Overview
Country Overview Eo CIPUTRA DEVELOPMENT TBK
Slide 38: Encouraging Macro Conditions
Encouraging Macro Conditions Robust economic growth accelerating middle class formation and increasing housing demand - Business Presentation 38
Slide 39: Favorable Population Structure
Favorable Population Structure More than half of the Indonesian population lives in Rising working age population urban areas since 2010 and it is estimated to reach leading to a reduction in almost three-quarters by 2050 dependency ratio and promoting economic growth - Business Presentation 39
Slide 40: Regulatory Support from the Government
Regulatory Support from the Government Increased Loan-to-Value (LTV) for mortgages (e.g. first mortgage LTV relaxed from 85% to 100%). Lowered the super luxury tax from 5% to Increased limit for indent mortgages (for 1% and increased the threshold from units still under construction) from 2 to 5. Rp
Slide 41: Appendix
Appendix Eo CIPUTRA DEVELOPMENT TBK
Slide 42: New Corporate Structure Post Merger
New Corporate Structure Post Merger PT Sang Pelopor Public & Affiliates 52% 48% (18,560,303,397 shares @ Rp 250) 99.99% PT CIPUTRA RESIDENCE 98.33% PT CIPUTRA ADIGRAHA PT CIPUTRA RAYA 65.75% & Subsidiaries SEJAHTERA & Subsidiaries 99.99% PT CIPUTRA NUSANTARA 99.84% PT SARANANEKA INTERNATIONAL CITY 7
Slide 43: Corporate Milestones
Corporate Milestones Capital raising & corporate actions -> Strengthening our financial position to support business expansion 2006 : - Issuance of 2.4 billion shares without pre-emptive rights for debt settlement - Rights Issue II 2007 : IPO of PT Ciputra Property Tbk (CTRP) 2015 : Share dividend d
Slide 44: Competitive Strength
Competitive Strength BUSINESS PROSPECT Increase in Change in Availability in Potential Stable Urbanization Government housing customers’ mortgage economic political trends stimulus plan needs lifestyle facility growth outlook We are well positioned in Indonesia’s Focus on real estate business curren
Slide 45: Experienced Management Team
Experienced Management Team Board of Commissioners Board of Directors Dian Sumeler Rina Ciputra S. Junita Ciputra Sandra Hendharto Candra Ciputra Cakra Ciputra Budiarsa Sastrawinata Harun Hajadi Chairman President Kodradi Thomas Bambang Tanan H. Antonius Agussurja Widjaja MI Meiko Handojo Nanik J. S
Slide 46: Corporate Secretary
Investor Relations Corporate Secretary PT. CIPUTRA DEVELOPMENT TBK Ciputra World 1 DBS Bank Tower 39th Floor Jl. Prof. DR. Satrio Kav. 3-5 Jakarta 12940 - INDONESIA Phone : +62 21 29885858 / 6868 Fax : +62 21 29888787 Email : [email protected] Website : www.ciputradevelopment.com - Business Prese
Slide 47: Disclaimer
Disclaimer Any person obtaining this Presentation material, will be deemed to have understood and agreed to the obligations and restrictions herein. The content of this material are provided on a strictly private confidential basis and shall be the proprietary of PT. CIPUTRA DEVELOPMENT Tbk. Informa
Slide 48: PT Ciputra Development Tbk
PT Ciputra Development Tbk