Pt Ciputra Development Tbk · IDX:CTRA
Pt Ciputra Development Tbk — 3M22 Earnings Presentation
53 slides from Pt Ciputra Development Tbk's earnings presentation, Feb 1, 2022
Slide 1: Results Presentation (3M22)
Results Presentation (3M22) 1
Slide 2: Results Summary (Income Statement)
Results Summary (Income Statement) (Rp bn) 3M22 3M21 % YoY Effect of +27.9% YoY in Property Development segment and - Revenue 2,234 1,851 20.7% 1.8% YoY in Recurring segment COGS (1,143) (921) 24.1% Gross Profit 1,091 930 17.4% Gross Profit Margin 48.8% 50.2% Operating Expense (369) (314) 17.6% Oper
Slide 3: Results Summary (Revenue Breakdown and Margin Performance)
Results Summary (Revenue Breakdown and Margin Performance) (Rp bn) 3M22 3M21 % YoY Revenue Breakdown Property Development Revenue 1,793 1,402 27.9% Houses, shophouses, and land lots 1,505 922 63.3% Office for sale 159 293 -45.7% Adoption of new accounting standard affecting highrise revenue recognit
Slide 4: Results Summary (Revenue per Segment and per Location)
Results Summary (Revenue per Segment and per Location) Revenue per Segment (3M22) Revenue per Location (3M22) Office Greater Strata Apartment Surabaya 7% 20% Strata 6% Shopping Malls Other 6% Java; Hotels 11% 4% Others Sumatra Houses, 10% 11% shophouses, and Greater Jakarta Sulawesi land lots 52% 4%
Slide 5: Results Summary (Historical Revenue Breakdown)
Results Summary (Historical Revenue Breakdown) Rp tn Development vs. Recurring Revenue 11.0 10.0 9.0 1.7 8.0 7.0 27% 1.5 1.8 1.9 6.0 1.7 18% 17% 20% 5.0 23% 25% 4.0 8.0 3.0 6.6 5.9 5.7 4.7 2.0 0.4 1.0 1.8 - 2017 2018 2019 2020 2021 3M22 Development Revenue Recurring Revenue Recurring as % of Total R
Slide 6: Debt Profile
Debt Profile Floating Fixed Rupiah SGD As of Mar-22 82% 18% 78% 22% Total Borrowings: Rp8.7tn Maturity Profile (% of total debt) (Rp tn) 49% 4.0 3.5 Borrowing Cost* 3.0 12.1% 11.7% 10.3% 10.2% 10.4% 2.5 8.4% 8.3% 2.0 13% 14% 1.5 7% 1.0 6% 6% 4% 0.5 1% 0% 0.0 2015 2016 2017 2018 2019 2020 2021 2022 2
Slide 7: Capex Schedule
Capex Schedule Historical Capex Mall Rp tn Land for 4% Development 81% 3M22 Hospital 2.0 0.2tn 4% Hotel 0% 1.3 1.1 0.9 0.8 Others 10% 0.8 0.2 2016 2017 2018 2019 2020 2021 3M22 • Prudent capital management through selective land banking and deferring non-committal capex 7
Slide 8: Financial Highlights
Financial Highlights Revenue Gross Profit 4,840 4,121 9,730 3,628 3,792 7,670 8,071 2,997 50% 49% 7,608 6,443 51% 50% 50% 47% 47% 930 1,091 1,851 2,234 2017 2018 2019 2020 2021 3M21 3M22 2017 2018 2019 2020 2021 3M21 3M22 Gross Profit Gross Margin Net Profit Key Ratios 1,735 2.2 2.2 1.9 1.9 2.0 2.0
Slide 9: Balance Sheet Summary
Balance Sheet Summary Rp bn Mar 2022 Dec 2021 Dec 2020 Dec 2019 Dec 2018 Dec 2017 Assets 40,818 40,668 39,255 36,196 34,289 31,872 Cash & cash equivalents 7,404 7,162 5,276 4,238 3,243 3,240 Land 14,582 14,538 14,471 13,523 13,048 11,696 Fixed Assets 2,562 2,504 2,595 3,089 3,114 3,144 Investment Pr
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 Healthcare Office Others Mall 11
Slide 12: Geographically Diversified Project Portfolio
Geographically Diversified Project Portfolio Kalimantan Over 82 projects CitraGrand Senyiur City Samarinda CitraLand Banjarmasin CitraGarden City Samarinda CitraGarden Banjarmasin in 34 cities across Medan CitraLand City Samarinda CitraGarden Aneka Pontianak Sumatra CitraMitra City Banjarbaru CitraC
Slide 13: Greater Jakarta Project Portfolio
Greater Jakarta Project Portfolio 13
Slide 14: Marketing Sales Summary
Marketing Sales Summary Historical Presales Presales per Location (Rp bn) 2021 3M22 Greater Other Surabaya Other Greater Java 19% Java Surabaya 15% 7,811 14% 20% 7,427 Greater Sumatr 6,363 Jakarta Greater 6,131 a 24% 33% Sumatra Jakarta 5,493 26% 25% Sulawesi 4,087 3,997 Sulawesi 13% 2,595 6% Others
Slide 15: Marketing Sales Summary
Marketing Sales Summary Presales per Payment Method Presales per Unit Price 7% 6% 7% 6% 9% 15% 15% 19% 25% 26% 21% 29% 29% 35% 32% 44% 37% 31% 18% 20% 21% 39% 32% 34% 28% 53% 58% 54% 48% 50% 43% 34% 31% 25% 18% 2018* 2019 2020 2021 3M22 2018* 2019 2020 2021 3M22 Mortgage Instalment Cash < Rp1bn Rp 1
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 Bank 2021 Land ASP Trend Project Name (Rp mn per sqm) Scheme Ha 2010-13 CAGR 2013-21 CAGR 2021 CitraRaya Tangerang 100% 792 63% 8% 4.7 CitraIndah Jonggol 100% 180 17% 12% 2.1 CitraGarden City Jakarta 100% 107 48%
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 Joint Operation Project Plan (Ha) (Rp mn per sqm) Plan (Ha) (Rp mn per sqm) Citra Sentul Raya 114 6.9 CitraGrand Senyiur City Samarinda 295 1.7 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 85% 388 100% The Orchard 31,000 94% 81 100% 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 96% 38 100% Ciputra World Jakarta 2 Tokopedia Tower 100% 28,000 83% 218 100
Slide 20: Apartment and Office Completion Schedule
Apartment and Office Completion Schedule Apartment Strata-Title (SGA ‘000 sqm) 25.3 22.7 15.8 9.1 163.2 6.7 8.5 17.6 19.8 15.2 22.5 Total Apartment Ciputra International CitraPlaza Nagoya Ciputra World Citra Living Ciputra World Barsa City CitraLand Vittorio CitraLand City Losari Citra Landmark Cipu
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 Citra Landmark Ciracas* JV - 46% 46,000 Ciputra International** JV - 55% 66,000 CitraLake Suites 100% 18,00
Slide 22: Healthy Occupancy and Lease Expiry Profile for Malls
Healthy Occupancy and Lease Expiry Profile for Malls Net Leasable Occupancy Rate Mall Area (sqm) 2018 2019 2020 2021 3M22 Ciputra World Jakarta 1 79,500 100% 100% 100% 100% 100% Ciputra World Surabaya 87,500 92% 96% 94% 90% 70% * • Total mall NLA of 257k m² Ciputra Mall Jakarta 43,300 98% 98% 93% 82
Slide 23: Gradual Recovery in Hotel Operational Metrics
Gradual Recovery in Hotel Operational Metrics Revenue per Available Room (RevPAR) (in Rp’000) 1,428 1,422 1,217 1,085 Star Hotels +108% 573 586 583 +64% 528 452 461 +161% 498 489 +42% 477 346 373 401 328 271 321 223 220 244 152 126 Raffles Hotel Raffles (CiputraHotel World Jakarta 1) Ciputra World C
Slide 24: Integrated Healthcare Facilities within Township Projects
Integrated Healthcare Facilities within Township Projects Ciputra Hospital Tangerang Ciputra Hospital Jakarta Ciputra Mitra Hospital Township CitraRaya Tangerang CitraGarden City Jakarta CitraLand Banjarmasin Location West Greater Jakarta West Jakarta South Kalimantan Start Operation Nov-11 Dec-15 N
Slide 25: Growth Strategy and Project Highlights
Growth Strategy and Project Highlights
Slide 26: Key Developments
Key Developments • Launched 1 new clusters 1 existing projects with a combined presales of Rp127bn (6% of 3M22 achievement) • Total 3M22 presales reached Rp2.0tn (25% of 2022 target) • Conducted an en bloc sale of 253 apartment units to Diener Syz Real Estate in Ciputra World Jakarta 2 • Booked as R
Slide 27: 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 34 cities) to allow divers
Slide 28: Creating Value to Stakeholders through Sustainability Pillars
Creating Value to Stakeholders through Sustainability Pillars Sustainability Pillars Material Topic UN SDGs Economic Performance Spirit of Excellence and Innovation Indirect Economic Impact Occupational Health and Safety Building Cities, Building Lives Consumer Health and Safety Emission Reduction E
Slide 29: Sustainability Achievements
Sustainability Achievements Sustainability Metrics 2020 Key Recognitions 22,756 MWh 5 18% Reduction in electricity Green building certifications Reduction in GHG emissions IDX ESG Leaders Index consumption from 2019 level from 2019 level since 2020 210 rooms 0 Negative-pressure isolation Fatalities
Slide 30: New Projects 2022
New Projects 2022 CitraLand Bangun Sari Kota Deli Megapolitan Location Deli Serdang, North Sumatra Development plan Phase 1: 15 ha out of 50 ha Market segment Middle Estimated launch 2Q 2022 2022 est. pre-sales Rp250 billion Unit price range Rp360 million to Rp1.2 billion Others Accessibility: 15 mi
Slide 31: New Projects 2022
New Projects 2022 CitraLand Sampali Kota Deli Megapolitan Ke Binjai, Location Deli Serdang, North Sumatra Stabat Development plan Phase 1: 35 ha Market segment Middle and middle-up Estimated launch 3Q 2022 2022 est. pre-sales Rp450 billion Unit price range Rp1.4 billion to Rp3.8 billion Ke Tebing Ot
Slide 32: Key Projects 2022 – CitraLand Gama City Medan
Key Projects 2022 CitraLand Gama City Medan Location Medan, North Sumatra Launch Feb 2013 Development plan 123 ha out of 211 ha masterplan Market segment Middle and middle-up Pre-sales 3M2022 Rp310 billion Selling price per unit Rp1.2 billion to Rp7.4 billion Average unit selling price Rp3.0 billion
Slide 33: Key Projects 2022 – CitraLand Surabaya
Key Projects 2022 CitraLand Surabaya Location West Surabaya Launch 1993 Development plan 1,700 ha (sold 776 ha) Market segment Middle to middle-high Pre-sales 3M2022 Rp221 billion Selling price per unit Rp525 million to Rp6.6 billion Average unit selling price Rp2.1 billion Average land selling pric
Slide 34: Key Projects 2022 – CitraGarden City Jakarta
Key Projects 2022 CitraGarden City Jakarta Location Kalideres, West Jakarta Launch 1984 Development plan 454 ha (sold 356 ha) Market segment Middle to high Pre-sales 3M2022 Rp158 billion Selling price per unit Rp404 million to Rp4.8 billion Average unit selling price Rp 2.8 billion Average land sell
Slide 35: Key Projects 2022 – CitraRaya Tangerang
Key Projects 2022 CitraRaya Tangerang Location Tangerang, West of Jakarta Launch 1994 Development plan 2,760 ha (sold 866 ha) Market segment Middle-low to middle-high Pre-sales 3M2022 Rp123 billion Selling price per unit Rp206 million to Rp4.0 billion Average unit selling price Rp920 million Average
Slide 36: Key Projects 2022 – CitraLand City Losari Makassar
Key Projects 2022 CitraLand City Losari Makassar Location Makassar, South Sulawesi Launch Oct 2015 Development plan 157 ha (sold 35 ha + 50 ha to government) Market segment Middle to high Pre-sales 3M2022 Rp105 billion Selling price per unit Rp519 million to Rp13.9 billion Average unit selling price
Slide 37: Key Projects 2022 – CitraLand Tallasa City Makassar
Key Projects 2022 CitraLand Tallasa City Makassar Location Makassar, South Sulawesi Launch May 2017 Development plan 69 ha (sold 32 ha) Market segment Middle Pre-sales 3M2022 Rp80 billion Selling price per unit Rp589 million to Rp4.9 billion Average unit selling price Rp1.3 billion Average land sell
Slide 38: Key Projects 2022 – CitraGrand Semarang
Key Projects 2022 CitraGrand Semarang Location Semarang, Central Java Launch September 2012 Development plan 55 ha (sold 24 ha) Market segment Middle and middle-up Pre-sales 3M2022 Rp62 billion Selling price per unit Rp272 million to Rp4.1 billion Average unit selling price Rp 1.6 billion Average la
Slide 39: Key Projects 2022 – CitraGarden Sidoarjo
Key Projects 2022 CitraGarden Sidoarjo Location Sidoarjo, South Greater Surabaya Launch Aug 2005 Development plan 36 ha (sold 36 ha) Market segment Middle Pre-sales 3M2022 Rp58 billion Selling price per unit Rp423 million to Rp3.6 billion Average unit selling price Rp2.2 billion Average land selling
Slide 40: Key Projects 2022 – CitraLand The GreenLake Surabaya
Key Projects 2022 CitraLand The GreenLake Surabaya Location Surabaya, East Java Launch Jul 2013 Development plan 40 ha (sold 14 ha) Market segment Middle and middle-up Pre-sales 3M2022 Rp54 billion Selling price per unit Rp1.4 billion to Rp3.2 billion Average unit selling price Rp 2.0 billion Averag
Slide 41: Key Projects 2022 – Citra Sentul Raya
Key Projects 2022 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 3M2022 Rp52 billion Selling price per unit Rp655 million to Rp5.7 billion Average unit selling price
Slide 42: Country Overview
Country Overview Eo CIPUTRA DEVELOPMENT TBK
Slide 43: Encouraging Macro Conditions
Encouraging Macro Conditions Real GDP Growth Robust economic growth accelerating 5.01% 4.88% 5.03% 5.07% 5.17% 5.02% 3.69% middle class formation and increasing housing demand Home Ownership Loan Outstanding (Rp tn) -2.07% 2014 2015 2016 2017 2018 2019 2020 2021 600 16.0% 500 Housing Loan as % of No
Slide 44: Favorable Population Structure
Favorable Population Structure Percentage of population in urban and rural areas Population by Age Group and 100% Dependancy Ratio 90% 51.1 80% 47.5 47.7 70% 60% 5.0% 6.3% 9.2% 50% 40% 66.2% 67.8% 67.7% 30% 20% 10% 28.8% 25.9% 23.1% 0% 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010
Slide 45: Regulatory Support from the Government
Regulatory Support from the Government Lowered super luxury tax from 5% to 1% and Increased maximum Loan-to-Value (LTV) to increased the threshold from Rp5bn to Rp30bn. 100% for all mortgages. Increased price threshold for 20% luxury tax from Increased limit for mortgages for units under Rp10bn to R
Slide 46: Appendix
Appendix Eo CIPUTRA DEVELOPMENT TBK
Slide 47: Corporate Structure
Corporate Structure PT Sang Pelopor Public 52.84% 47.16% (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 7.43% & Subsidiaries IND
Slide 48: 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 49: 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 Focus on real estate business positioned in Indonesia’s Steady
Slide 50: Experienced Management Team
Experienced Management Team Board of Commissioners Board of Directors Rina Ciputra S. Junita Ciputra Sandra Hendharto Candra Ciputra Cakra Ciputra Budiarsa Sastrawinata Harun Hajadi President Kodradi Thomas Bambang Tanan H. Antonius Agussurja Widjaja MI Meiko Handojo Nanik J. Santoso Sutoto Yakobus
Slide 51: Investor Relations
Investor Relations 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 : investor@ciputra.com Website : www.ciputradevelopment.com 51
Slide 52: 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 53: PT Ciputra Development Tbk
PT Ciputra Development Tbk