PT Surya Semesta Internusa Tbk · IDX:SSIA
PT Surya Semesta Internusa Tbk — Q1 2015 Earnings Presentation
51 slides from PT Surya Semesta Internusa Tbk's earnings presentation, 2015
Slide 1: Review First Quarter 2015
PT SURYA SEMESTA INTERNUSA TBK (“SSIA”) Review First Quarter 2015 www.suryainternusa.com 0
Slide 2: Table of Contents
Surya Semesta Internusa Table of Contents in Summary • Investment Highlights • Milestones Review of Business Segments • Major Subsidiaries, Shareholders & Management PROPERTY • Investment Portfolio • PT Suryacipta Swadaya (“SCS”) • Strategic Roadmap • PT TCP Internusa (“TCP”) • Indonesia Economic •
Slide 3: Surya Semesta Internusa in Summary
Surya Semesta Internusa in Summary 2
Slide 4: Investment Highlights
Surya Semesta Internusa in Summary Investment Highlights • SSIA’s primary businesses are Construction, Property (industrial estate, real estate and rental property) and Hospitality • The company is listed on the Indonesia Stock Exchange • SSIA has a stable base of well-respected long term shareholde
Slide 5: Company Highlights
Surya Semesta Internusa in Summary Company Highlights Established and commenced operations in 1971, SSIA’s primary businesses are in construction, property and hospitality sectors One of the Leading Listed Developers in Indonesia(1) – Market Capitalization of IDR 5.7tn / US$ 445mm Note: Sharehol
Slide 6: Milestones
PT Surya Semesta Internusa Tbk Operating track record in property sector can be traced back to over 40 years in early 1970s Significant growth since IPO 2014 2012 – Raised over IDR 545 billion equity(1) Issued IDR Acquired – Raised over IDR 700 billion in debt 700 billion bond 200ha(3) land ba
Slide 7: Corporate Structure and Key Projects
Corporate Structure and Key Projects PT Surya Semesta Internusa Tbk Market cap: IDR5.7tn / US$445mm 100% 100% 100% 60.8% 20.5%(1) 100% 86.8% 100% PT Nusa Raya Cipta Tbk PT Lintas PT Suryalaya PT Suryacipta PT TCP PT Sitiagung PT Ungasan PT Surya Market Cap: Marga Anindita Swadaya Internusa Makmur Se
Slide 8: Board of Commissioners and Board of Directors
Board of Commissioners >33 Years >50 Years >50 Years >30 Years >33 Years >15 Years Experience Experience Experience Experience Experience Experience Hagianto Kumala Marseno Wirjosaputro Royanto Rizal William Jusman Steen Dahl Poulsen Arini Subianto President Commissioner Vice President Commissioner
Slide 9: Geographical Presence Across Indonesia
Geographical Presence Across Indonesia Presence in Nine Indonesian Cities Medan Karawang Subang Project Pipeline Regional office for Nusa Raya Suryacipta Industrial Estate Cikampek-Palimanan Jababeka (Batiqa Hotel — 2015) Cipta (“NRC”) (1,400ha) Toll Road Palembang (Batiqa Hotel — 2015)
Slide 10: Strategic Roadmap
Strategic Roadmap Vision: To build a better Indonesia through a reliable, trusted and respected Indonesia property, hospitality and construction group of companies Continued focus on the construction and development of 1 Indonesian properties Prudent land banking strategy to deliver sustainable and
Slide 11: Indonesia Economic Indicators
Indonesia Economic Indicators Exchange Rate (Rp/US$) 14,000 13,000 12,000 11,000 10,000 9,000 8,000 Inflation BI Rate 10% 10% 9% 9% 8% 7% 8% 6% 5% 7% 4% 6% 3% 2% 5% Source: Bank Indonesia, Indonesian Bureau Statistics 10
Slide 12: 1Q15 Financial Highlights
1Q15 Financial Highlights • SSIA recorded consolidated revenue of IDR 1,317b in 1Q15, increased by 43.5% from IDR 918.1b in 1Q14 • The industrial estate unit posted sales of 13.6 hectares of industrial land in 1Q15 with an average sales price of US$ 143 per m2 or a total of IDR 249b compared to 1Q14
Slide 13: Revenue and EBITDA Across Business Segments
In 1Q15 EBITDA property segment to have a higher EBITDA contribution to the Group Revenue Across Business Segments EBITDA Across Business Segments (1Q 2015) (FY 2014) (1Q 2015) 12
Slide 14: Consolidated Revenue and Recurring Revenue
Consolidated Revenue (2010-2014, IDR Billions) 4,583 4,464 3,565 2,879 1,690 (1) Recurring Revenue(2) (2010-2014, IDR Billions) CAGR of 12.7% Note: (1) PT Pacific Prestress Indonesia (PPI”) was consolidated for 9 months, since PPI was divested in 30 September 2010. (2) Recurring revenue comprises th
Slide 15: Gross Margins by Segment
Gross Margins Hotel Gross Margins % Property Gross Margins % Construction Gross Margins % Increase in material price due to USD appreciation 14
Slide 16: Consolidated Operating Results
Financial Highlights Consolidated Operating Results (Rp in billions, unless stated otherwise) 2010 *) 2011 2012 2013 2014 1Q14 1Q15 Audited Audited Audited Audited Audited Unaudited Unaudited Revenue 1,690 2,879 3,565 4,583 4,464 918 1,317 Revenue Growth 14% 70% 24% 29% ‐3% ‐17% 43% Gross Profit 478
Slide 17: Consolidated Revenue by Business Segment
Financial Highlights Consolidated Revenue by Business Segment In bio Rp 2010 2011 2012 2013 2014 1Q14 1Q15 Property 235 909 1,222 1,159 596 79 296 Segment percentage 14% 32% 34% 25% 13% 9% 23% Construction 978 1,520 1,870 2,843 3,243 688 879 Segment percentage 58% 53% 52% 62% 73% 75% 67% Hospitality
Slide 18: Consolidated EBITDA by Business Segment
Financial Highlights Consolidated EBITDA by Business Segment In bio Rp 2010 2011 2012 2013 2014 1Q14 1Q15 Property 73 328 738 647 290 40 210 Segment percentage 33% 63% 74% 63% 36% 26% 70% Construction 66 99 144 240 386 77 77 Segment percentage 30% 19% 15% 23% 49% 51% 26% Hospitality 100 109 132 179
Slide 19: Consolidated Net Profit by Business Segment
Financial Highlights Consolidated Net Profit by Business Segment In bio Rp 2010 2011 2012 2013 2014 1Q14 1Q15 Property 34 235 646 630 245 (4) 209 Segment percentage 30% 91% 91% 91% 59% ‐31% 102% Construction 26 32 65 128 194 33 26 Segment percentage 22% 13% 9% 19% 47% 267% 13% Hospitality 13 4 17 46
Slide 20: Consolidated Balance Sheet
Financial Highlights Consolidated Balance Sheet In bio Rp 2010 2011 2012 2013 2014 1Q15 Current Assets 765 1,446 2,920 3,268 2,564 2,575 Cash & ST investments 255 585 1,893 1,725 1,176 1,187 Others 510 861 1,028 1,544 1,388 1,388 Investment in share of Stock 4 4 285 408 480 481 Real estate assets 74
Slide 21: Key Performance Ratios
Financial Highlights Key Performance Ratios 2010 2011 2012 2013 2014 1Q15 Bank/Third parties Loan IDR denominated in Billion Rp 367 466 1,316 1,279 1,279 1,277 US$ denominated in Million US$ 43.1 18.3 6.3 3.2 ‐ ‐ Total Debt in Billion Rp 755 632 1,377 1,318 1,279 1,277 Debt to Equity Ratio 87% 57% 8
Slide 22: Review of Business Segments
Review of Business Segments 21
Slide 23: Property
PROPERTY - PT Suryacipta Swadaya (“SCS”) - PT TCP Internusa (“TCP”) - PT Sitiagung Makmur (“SAM”) 22
Slide 24: Suryacipta ASP and Property Segment Revenue
Suryacipta City of Industry ASP (US$ / sqm) Property Business Segment Revenue (2010-2014, IDR Billions) Decrease driven by - Uncertain political climate (elections) Increase driven by - One-off dispute with - Relaxation of local villagers in 4Q14 regulations (resolved) - Expansion of automotive indu
Slide 25: Well-Diversified Current Tenant Mix
Well-Diversified Current Tenant Mix Tenant Landbank by Sector Tenant Landbank by Country To Jakarta Industrial Area Commercial Area Utility West Karawang Community Facilities Sold Area Interchange 17% 2% 8% 4% Jakarta – Cikampek Toll 1% Toll Road Gate 4% 3% 5% Toll To Karawang Gate East Karawang 9%
Slide 26: Property: Operating Result
Financial Highlights Property: Operating Result (in billion Rp) 2010 2011 2012 2013 2014 1Q14 1Q15 Revenue 235 909 1,222 1,159 596 79 296 Revenue Growth 124% 287% 34% ‐5% ‐49% ‐76% 275% Gross Profit 100 358 796 694 332 46 219 Gross Margin 43% 39% 65% 60% 56% 58% 74% EBITDA 73 328 738 647 290 40 210
Slide 27: Foreign and Domestic Direct Investment Realization
Foreign Direct Investment and Domestic Direct Investment Realization (LHS) vs Statistic of Industrial Land Sales in West Java Area (RHS) Source: BKPM (Indonesia Investment Coordinating Board) and Colliers Research 26
Slide 28: Robust Industrial Sector Fundamentals
Robust Industrial Sector Fundamentals Source: Colliers 1Q2015 Research 27
Slide 29: Property: Industrial Estate Review
Business Segment Property: Industrial Estate Review Government support for industrialization leads to higher FDI inflow and expansion of domestic manufacturers as they have fully utilized their capacity, spurs demand for land in industrial estate Land Sales Booked 2010 2011 2012 2013 2014 1Q14 1Q15
Slide 30: Property: Rental Properties Occupancy Rate
Business Segment Property: Industrial Estate Review • Rental properties, Graha Surya Internusa office building (GSI) and Glodok Plaza (GP) Occupancy Rate 2010 2011 2012 2013 2014 1Q14 1Q15 GSI 89% 90% 92% 62% 0% 0% 0% GP 72% 81% 84% 88% 90% 95% 92% Revenue (In bio Rp) 2010 2011 2012 2013 2014 1Q14 1
Slide 31: Photos of Suryacipta City of Industry
Photos of Suryacipta City of Industry Suryacipta City of Industry Entrance Commercial Area Developement Toll Exit Leading to Suryacipta City of Industry 30
Slide 32: Construction
CONSTRUCTION - PT Nusa Raya Cipta Tbk (“NRC”) 31
Slide 33: Market Share, Profitability and Customer Profile
Largest Market Share … …and Profitability Amongst Private Companies (2010-2014, Revenue, IDR Trillions) Profit Margin (%) Average: 5.8% Source: IDX Note: Jaya Konstruksi revenue only from construction sector Strong and Loyal Customer Profile New Contract (2009-2014) Contract Value (IDR Bn), All cust
Slide 34: Construction Business Unit: PT Nusa Raya Cipta
Business Segment Construction Business Unit: PT Nusa Raya Cipta (in Rp billions) 2010 2011 2012 2013 2014 1Q14 1Q15 Revenue 978 1,520 1,870 2,843 3,243 688 879 Revenue Growth 12% 55% 23% 52% 14% 4% 28% Gross Profit 100 133 178 236 302 58 70 Gross Margin 10% 9% 10% 8% 9% 8% 8% EBITDA 66 99 144 240 38
Slide 35: Major Projects and Contracts
Business Segment Construction Business Unit: PT Nusa Raya Cipta Major Projects and Contracts 2013 - 2014 Major Projects Crowne Plaza Hotel, Bandung Palma Tower 2, Jakarta • Some major projects obtained in 2015, including: Ciputra World 2, Jakarta Mangkuluhur City, Jakarta − Praxis Hotel & Apartemen
Slide 36: Trans Java Toll Road Network
Trans Java Toll Road Network(1) Cikampek-Palimanan Toll Road Soekarno-Hatta Future Merak International Karawang Airport Jakarta Airport Bekasi Tangerang Cikampek Bogor Suryacipta Palimanan Subang City of Industry Cirebon Kanci Pandalarang Pemalang Pekalongan Sumedang Cianjur Pejagan Semarang Sukab
Slide 37: Photos of Projects by NRC – Infrastructure
Photos of Projects by NRC – Infrastructure Cikampek - Palimanan Toll Road Work Progress 36
Slide 38: NRC Project Photos
Lombok Epicentrum Mall (Mataram) Soho @ Podomoro City (Jakarta) Regatta (Jakarta) PIK Mall (Jakarta) Ciputra World 2 (Jakarta) Paddington Heights (Tangerang) 37
Slide 39: Hospitality
Hospitality - PT Suryalaya Anindita International (“SAI”) - PT Ungasan Semesta Resort (“USR”) - PT Surya Internusa Hotels (“SIH”) 38
Slide 40: Hospitality Revenue, Occupancy Rate and RevPar
Revenue Occupancy Rate (2010-2014, IDR Billion) (2010-2014) Plan to open six more Batiqa Hotels by early 2016 (853 rooms)(1) 626 Undergone Renovation 580 473 449 413 Room RevPar (2010-2014, US$) (2) Note: (1) Locations to include Cirebon, Jababeka, Palembang, Pekanbaru, Lampung and Casablanca. (2) A
Slide 41: Hospitality Business: Operating Result
Business Segment Hospitality Business: Operating Result (in billion Rp) 2010 2011 2012 2013 2014 1Q14 1Q15 Revenue 413 449 473 580 626 151 142 Revenue Growth 19% 9% 5% 23% 8% 26% ‐6% Gross Profit 274 291 321 390 421 100 89 Gross Margin 66% 65% 68% 67% 67% 66% 63% EBITDA 100 109 132 179 170 42 28 EBI
Slide 42: Hospitality Business: Review
Business Segment Hospitality Business: Review GMJ MBH BTUR 5.5 5.3 Revenue in USD mio 5.0 4.5 4.0 4.6 4.1 3.8 3.5 3.0 2.9 2.8 2.5 2.0 1Q14 1Q15 GMJ MBH BTUR BKR 90% 80% 78% Occupancy Rate 70% 60% 64% 60% 61% 50% 51% 50% 40% 47% 30% 20% 10% 0% 1Q14 1Q15 41
Slide 43: Hospitality Occupancy Rate
Business Segment Hospitality Business: Review Occupancy Rate 2010 2011 2012 2013 2014 1Q14 1Q15 81% 78% 78% 80% 71% 82% 63% 63% 64% 80% 61% 62% 79% 59% 60% 54% 51% 51% 50% 48% 61% 47% 60% 57% 40% 37% 20% 0% GMJ MBH BTUR BKR 42
Slide 44: Hospitality ARR and RevPAR
Financial Highlights Hospitality Business: Review ARR ($) 2010 2011 2012 2013 2014 1Q14 1Q15 GMJ 78 90 115 122 117 116 122 MBH 93 111 111 108 107 99 95 BTUR 394 459 507 547 527 549 486 BKR (Rp) N/A N/A N/A N/A 547,355 N/A 554,895 Room RevPAR ($) 2010 2011 2012 2013 2014 1Q14 1Q15 GMJ 56 46 43 66 56
Slide 45: Photos of Gran Melia Jakarta
Photos of Gran Melia Jakarta Café Gran Via Café Gran Via Guest Room Lobby 44
Slide 46: Photos of Melia Bali Hotel
Photos of Melia Bali Hotel Villa Main Pool Aerial View, MBH Nusa Dua Family Suite Room 45
Slide 47: Photos of Banyan Tree Ungasan Resort
Photos of Banyan Tree Ungasan Resort 46
Slide 48: Outlook by Business Segment
Property: Industrial estate currently is focusing to Subang land acquisition which is located along our Cikapali highway. By end of 2015, 500ha is targeted to be acquired Suryacipta Technopark, a 22ha warehouse area, will soon continue to build the second and third phases. As of 30 April 2015, manag
Slide 49: Industrial, Hotel and Toll Road Partners
Industrial Partner Industrial Partner Industrial Partner Hotel Partner Hotel Partner Trans-Java Toll Road network Trans-Java Toll Road network Country Japan Japan Thailand Spain Singapore Indonesia Malaysia Business One of Japan’s major One of the most Develops and provides One of the top
Slide 50: Thank You
suryainternusa Thank You INDONESIA 49
Slide 51: Disclaimer
These materials have been prepared by PT Surya Semesta InternusaTbk (the “Company”, “SSIA”) and have not been independently verified. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented o
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