PT Surya Semesta Internusa Tbk · IDX:SSIA
PT Surya Semesta Internusa Tbk — Investor Presentation (2016)
55 slides from PT Surya Semesta Internusa Tbk's investor presentation, Oct 31, 2016
Slide 1: PT Surya Semesta Internusa Tbk: Review First Half 2016
PT SURYA SEMESTA INTERNUSA TBK (“SSIA”) Review First Half 2016 www.suryainternusa.com 0
Slide 2: Table of Contents
Table of Contents Surya Semesta Internusa in Summary Review of Business Segments • Milestones • Major Subsidiaries, PROPERTY Shareholders & Management • PT Suryacipta Swadaya (“SCS”) • Investment Portfolio • PT SLP SURYA TICON INTERNUSA (“SLP”) • Strategic Roadmap • PT TCP Internusa (“TCP”) • Indone
Slide 3: Surya Semesta Internusa in Summary
Surya Semesta Internusa in Summary 2
Slide 4: Developed 1,400 hectare industrial estate
PT Surya Semesta Internusa Tbk Operating track record in property sector can be traced back to over 40 years in early 1970s 2014 Significant growth since IPO Acquired 2012 – Raised over IDR 545 billion equity(1) Issued IDR location permit – Raised over IDR 700 billion in debt 700 billion bond
Slide 5: Company Highlights
Surya Semesta Internusa in Summary Company Highlights Shareholding Structure 9.6% Established and commenced operations in 1971, SSIA’s primary 7.9% PT Arman Investments Utama businesses are in construction, property and hospitality sectors PT Persada Capital Investama 7.4% PT Union Sampoerna Lynas
Slide 6: 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 Emil Salim Royanto Rizal William Jusman Steen Dahl Poulsen Arini Subianto President Commissioner Vice President Commissioner Commission
Slide 7: Corporate Structure and Key Projects
Corporate Structure and Key Projects PT Surya Semesta Internusa Tbk Market cap: IDR 3.0tn / US$ 225mm 100% 50% 100% 100% 62.1% 27%(1) 100% 86.8% 100% PT Nusa Raya Cipta PT SLP PT Lintas PT Ungasan PT Suryalaya PT Surya PT Suryacipta PT TCP PT Sitiagung Tbk SURYA TICON Marga Semesta Anindita Internus
Slide 8: Geographical Presence Across Indonesia
Geographical Presence Across Indonesia Presence in Twelve Indonesian Cities Medan Karawang Subang Project Pipeline Regional office for Nusa Raya Suryacipta City of Industry Cikopo-Palimanan Pekanbaru (BATIQA Hotel — 2016) — 133 rooms — Soft opening 4 May 2016 Cipta (“NRCA”) (1,400ha) Toll Ro
Slide 9: 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 10: Indonesia Economic Indicator
Indonesia Economic Indicator Economic Growth (%YoY) Exchange Rate (Rp/US$) 7.0% 15,000 6.5% 14,000 6.0% 13,000 12,000 5.5% 11,000 5.0% 10,000 4.5% 9,000 4.0% 8,000 2010 2011 2012 2013 2014 2015 1H16 Inflation BI Rate 10% 10% 8% 9% 7% 8% 5% 7% 4% 6% 2% 5% Source: Bank Indonesia, Indonesian Bureau Sta
Slide 11: 1H16 Financial Highlights
1H16 Financial Highlights • SSIA recorded consolidated revenue of IDR 2,084b in 1H16, decreased by 17% from IDR 2,500b in 1H15 • The industrial estate unit posted sales of 30 hectares of industrial land in 1H16 with an average sales price of US$ 116 per m2 or a total of IDR 365b compared to 1H15 sal
Slide 12: Revenue and EBITDA By Business Segments for 1H16
Revenue and EBITDA By Business Segments for 1H16 Revenue Across Business Segments EBITDA Across Business Segments (1H2016) (1H 2016) 15% 15% 23% 22% 63% 62% Property Construction Hospitality Property Constrution Hospitality 11
Slide 13: Consolidated Revenue and Recurring Revenue
Consolidated Revenue (2011-2015, IDR Billions) 4,868 4,583 4,464 655 580 626 3,565 2,879 473 2,500 2,084 449 2,843 3517 293 1,870 3,243 0 314 1,520 1794 1295 909 1,222 1,159 596 692 412 475 2011A 2012A 2013A 2014A 2015A 1H15A 1H16A Property Construction Hospitality Others Recurring Revenue(1) (2011-
Slide 14: Gross Margins by Segment
Gross Margins Hotel Gross Margins % Property Gross Margins % 100% 70% 65.0% 80% 62.1% 67.9% 67.2% 67.3% 65.6% 61.6% 60.0% 60.0% 60% 60% 56.0% 40% 50% 20% 0% 2012A 2013A 2014A 2015A 1H16A 40% Construction Gross Margins % 30% 20% Increase in material price due to USD appreciation 20% 15% 9.6% 9.1% 9.1
Slide 15: Consolidated Operating Results
Financial Highlights Consolidated Operating Results (Rp in billions) 2011 2012 2013 2014 2015 1H15 1H16 Revenue 2,879 3,565 4,583 4,464 4,868 2,500 2,084 Revenue Growth 70% 24% 29% ‐3% 9% 15% ‐17% Gross Profit 782 1,296 1,320 1,054 1,179 608 606 Gross Profit Margin 27% 36% 29% 24% 24% 24% 29% EBITDA
Slide 16: Consolidated Revenue by Business Segment
Financial Highlights Consolidated Revenue by Business Segment In bio Rp 2011 2012 2013 2014 2015 1H15 1H16 Property 909 1,222 1,159 596 692 412 475 Segment percentage 32% 34% 25% 13% 14% 16% 23% Construction 1,520 1,870 2,843 3,243 3,517 1,794 1,295 Segment percentage 53% 52% 62% 73% 72% 72% 62% Hos
Slide 17: Consolidated EBITDA by Business Segment
Financial Highlights Consolidated EBITDA by Business Segment In bio Rp 2011 2012 2013 2014 2015 1H15 1H16 Property 328 738 647 290 379 256 259 Segment percentage 63% 74% 63% 36% 49% 60% 71% Construction 99 144 240 386 344 156 90 Segment percentage 19% 15% 23% 49% 45% 36% 25% Hospitality 109 132 179
Slide 18: Consolidated Net Profit by Business Segment
Financial Highlights Consolidated Net Profit by Business Segment In bio Rp 2011 2012 2013 2014 2015 1H15 1H16 Property 235 646 630 245 370 249 212 Segment percentage 91% 91% 91% 59% 122% 97% 232% Construction 32 65 128 194 129 53 30 Segment percentage 13% 9% 19% 47% 43% 21% 33% Hospitality 4 17 46 3
Slide 19: Consolidated Balance Sheet
Financial Highlights Consolidated Balance Sheet In bio Rp 2011 2012 2013 2014 2015 1H16 Current Assets 1,446 2,920 3,268 2,564 2,447 2,373 Cash & ST investments 585 1,893 1,725 1,176 949 806 Others 861 1,028 1,544 1,388 1,498 1,567 Investment in share of Stock 4 285 408 480 476 318 Real estate asset
Slide 20: Key Performance Ratios
Financial Highlights Key Performance Ratios 2011 2012 2013 2014 2015 1H16 Bank/Third parties Loan IDR denominated in Billion Rp 466 1,316 1,279 1,279 1,377 1,634 US$ denominated in Million US$ 18.3 6.3 3.2 ‐ ‐ ‐ Total Debt in Billion Rp 632 1,377 1,318 1,279 1,377 1,634 Debt to Equity Ratio 57% 86%
Slide 21: Review of Business Segments
Review of Business Segments 20
Slide 22: PROPERTY
PROPERTY - PT Suryacipta Swadaya (“SCS”) - PT SLP SURYA TICON INTERNUSA(“SLP”) - PT TCP Internusa (“TCP”) - PT Sitiagung Makmur (“SAM”) 21
Slide 23: 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) 50 1400 45 1200 40 14.4 1000 35 12.3 13.2 30 9.8 800 25 8.7 600 20 6.6 7.6 15 28.6 28.5 29.3 400 24.6 10 13.9 19.5 14.0 200 5 0 0 2011 2012 2013 2014 2015 1H15 1H1
Slide 24: Industrial Sector Fundamentals
Industrial Sector Fundamentals Source: Colliers 2Q2016 Research 23
Slide 25: Industrial Sector Fundamentals
Industrial Sector Fundamentals Source: Colliers 2Q2016 Research 24
Slide 26: Indonesia Economy Stimulus Package
Indonesia Economy Stimulus Package Industrial Estate • Simplify land permit acquiring 1 • Land provisioning Implement 3 hours industrial investment licensing from previously 8 days to 2 obtain principal license, corporate registration, and tax number • Adjust industrial gas price according to indust
Slide 27: 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 28: Business Model (Industrial/Property)
Master Plan Basic Infrastructure & Marketing Sales Sites Preparation & Finishing Land Create Build basic infrastructure Completion and acquisition masterplan Preparation of site Handover (Industrial/Property) Business Model Execute Interested Marketing Purchase customer Preparation of projects proce
Slide 29: Suryacipta ASP and Property Segment Revenue
Suryacipta City of Industry ASP (US$ / sqm) 200 147 128 116 94 103 100 43 0 2011A 2012A 2013A 2014A 2015A 1H16A Property Business Segment Revenue (2010-2014, IDR Billions) Decrease driven by - Uncertain political 1,600 climate (elections) 1,400 - One-off dispute with 1,221 local villagers in 4Q14 1,
Slide 30: 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 Marketing Sales 2011 2012 2013 2014 2015 1H15 1H16 La
Slide 31: Property: Rental Property Review
Business Segment Property: Rental Property Review • PT Surya Semesta Internusa Tbk (Indonesia) – 50% stake • MITSUI & CO., Ltd (Japan) - 25% stake • TICON Industrial Connection., Public Co Limited (Thailand) – 25% stake PT SLP SURYA TICON • Jointly acquiring 22ha land in Suryacipta Technopark INTERN
Slide 32: Property: Rental Property Review
Business Segment Property: Rental Property Review • Rental properties, Graha Surya Internusa office building (GSI) and Glodok Plaza (GP) Occupancy Rate 2011 2012 2013 2014 2015 1H15 1H16 GSI 90% 92% 62% 0% 0% 0% 0% GP 81% 84% 88% 90% 91% 92% 90% Revenue (in bio Rp) 2011 2012 2013 2014 2015 1H15 1H16
Slide 33: Property: Operating Result
Financial Highlights Property : Operating Result (in billion Rp) 2011 2012 2013 2014 2015 1H15 1H16 Revenue 909 1,222 1,159 596 692 412 475 Revenue Growth 287% 34% ‐5% ‐49% 16% 29% 15% Gross Profit 358 796 694 332 430 279 285 Gross Margin 39% 65% 60% 56% 62% 68% 60% EBITDA 328 738 647 290 379 256 25
Slide 34: 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 33
Slide 35: CONSTRUCTION - PT Nusa Raya Cipta Tbk
CONSTRUCTION - PT Nusa Raya Cipta Tbk (“NRCA”) 34
Slide 36: Market Share, Profitability and Customer Profile
Largest Market Share … …and Profitability Amongst Private Companies (2011-2015, Revenue, IDR Trillions) Profit Margin (%) – 1H16 4.0 9.3% 3.60 3.0 2.30 2.0 1.90 1.50 1.0 1.40 3.09% 3.3% 0.0 2011 2012 2013 2014 2015 1.2% Nusa Raya Cipta Jaya Konstruksi Total Bangun Persada 0.6% Nusa Konstuksi Enjinir
Slide 37: Business Model (Construction)
Appointment Delivery and Process Payment Process between Working Parties Handover Tender Invitation Final Delivery Retention And Period Payment of Retention Business Model (Construction) Tender Submission Negotiation Advance Payment Monthly Down Down Payment to (Bank Progress First Payment Payment S
Slide 38: Construction: PT Nusa Raya Cipta - Major Projects
Business Segment Construction : PT Nusa Raya Cipta - Major Projects (in billion Rp) 2013 2014 2015 1H15 1H16 New Contract Classification (In Billions Rp) Contracts on 4,611 hand ‐ 91 beginning 2,297 3,901 3,770 3,770 3,194 1,055 Contracts 3,180 3,025 obtained 4,610 3,180 3,025 2,268 1,194 97 85 894
Slide 39: Trans Java Toll Road Network
Trans Java Toll Road Network(1) Cikopo – Palimanan Toll Road Cikopo-Palimanan Toll Road Jun – Dec 2015 traffic : 25,700 vehicles/ day 2016F traffic : ~27,300 vehicles /day Soekarno-Hatta Future Merak International Karawang June 2015 – June 2016 : 25,875 vehicles /day – Airport Jakarta Airpor
Slide 40: Construction: Operating Result
Business Segment Construction : Operating Result (in Rp billions) 2011 2012 2013 2014 2015 1H15 1H16 Revenue 1,520 1,870 2,843 3,243 3,517 1,794 1,295 Revenue Growth 55% 23% 52% 14% 8% 15% ‐28% Gross Profit 133 178 236 302 321 143 127 Gross Margin 9% 10% 8% 9% 9% 8% 10% EBITDA 99 144 240 386 344 156
Slide 41: Construction Project Photos
Lombok Epicentrum Mall (Mataram) Soho @ Podomoro City (Jakarta) Regatta (Jakarta) Delonix Hotel (Karawang) Ciputra World 2 (Jakarta) Paddington Heights (Tangerang) 40
Slide 42: Cikopo - Palimanan Toll Road
Cikopo - Palimanan Toll Road 41
Slide 43: Hospitality
Hospitality - PT Suryalaya Anindita International (“SAI”) - PT Ungasan Semesta Resort (“USR”) - PT Surya Internusa Hotels (“SIH”) 42
Slide 44: Jakarta Hotel Market Fundamentals
Jakarta Hotel Market Fundamentals Source: Colliers and STR Global 43
Slide 45: Bali Hotel Market Fundamentals
Bali Hotel Market Fundamentals Source: Colliers and STR Global 44
Slide 46: Hotel Revenue, Occupancy Rate and RevPAR
Revenue Occupancy Rate (2011-2015, IDR Billion) (2011-1Q16) Plan to open six Batiqa Hotels by 2016(1) 90% 80% 76% 70% 60% 59% Undergone 50%(2) 626 641 50% Renovation 47% 576 14 18 40% 30% 20% 144 162 2011 2012 2013 2014 2015 1H16 469 124 446 Gran Melia Melia Bali Banyan Tree BATIQA 112 94 Room RevPa
Slide 47: Hospitality Business
Hospitality Business ARR ($) 2011 2012 2013 2014 2015 1H15 1H16 Gran Melia 90 115 122 117 117 123 109 Melia Bali 111 111 108 107 96 94 87 Banyan Tree 459 507 547 527 487 478 446 BATIQA (Rp) N/A N/A N/A 547,355 527,990 562,156 322,673(1) Room RevPAR ($) 2011 2012 2013 2014 2015 1H15 1H16 Gran Melia 4
Slide 48: Hospitality: Operating Result
Business Segment Hospitality : Operating Result (in billion Rp) 2011 2012 2013 2014 2015 1H15 1H16 Revenue 449 473 580 626 655 293 314 Revenue Growth 9% 5% 23% 8% 5% ‐1% 7% Gross Profit 291 321 390 421 430 186 194 Gross Margin 65% 68% 67% 67% 66% 63% 62% EBITDA 109 132 179 170 145 51 60 EBITDA Margi
Slide 49: Photos of Gran Melia Jakarta
Photos of Gran Melia Jakarta Café Gran Via Café Gran Via Guest Room Lobby 48
Slide 50: Photos of Melia Bali Hotel
Photos of Melia Bali Hotel Villa Main Pool Aerial View, Melia Bali Hotel Nusa Dua Family Suite Room 49
Slide 51: Photos of Banyan Tree Ungasan Resort
Photos of Banyan Tree Ungasan Resort Sanctuary Villa Cliff Edge Villa Ju-Ma-Na terrace The White Dove Wedding Venue Sanctuary Villa Cliff Edge (jetpool) Swimming Pool – Sanctuary Villa 50
Slide 52: Photos of BATIQA Hotels
Photos of BATIQA Hotels Suite Room FRESQA Bistro Exterior view of BATIQA Hotel Cirebon Lobby Meeting Room 51
Slide 53: Expand network and strengthen competitiveness
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 Spain’s le
Slide 54: Thank You
suryainternusa Thank You INDONESIA 53
Slide 55: Disclaimer
These materials have been prepared by PT Surya Semesta Internusa Tbk (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
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