Pt Mitra Adiperkasa Tbk · IDX:MAPI
Pt Mitra Adiperkasa Tbk — 9M22 Earnings Presentation
40 slides from Pt Mitra Adiperkasa Tbk's earnings presentation, January 2023
Slide 1: 9M/3Q22 Unaudited Result
9M/3Q22 UNAUDITED RESULT Ee ——
Slide 2: Table of Contents
TABLE OF CONTENTS 1 OVERVIEW OF MAP GROUP 2 9M/3Q22 FINANCIAL HIGHLIGHTS 3 STRATEGY FOR 2022 & BEYOND 4 APPENDIX 2
Slide 3: Overview of Group
OVERVIEW OF GROUP 2,942 150+ 110+ Retail Stores* + 25 online stores World Class Brands Retail Concepts + Presence in 3rd party online stores 79 23,141 Cities Employees * Data includes Burger King and Domino’s Pizza 3
Slide 4: More Than 150 Exclusive Brands
MORE THAN 150 EXCLUSIVE BRANDS ENTERTAIN OUR SHOPPERS 24 HOURS A DAY Department Food & Specialty Stores Others Stores Beverage Active Fashion & Beauty Digital Sports Hoka One One Energetics Digimap Starbucks Coffee Kinokuniya SOGO Zara Max Mara Sephora Sports Station New Era Taylormade Massimo Dutti
Slide 5: MAPI Retail Footprint 9M22
MAPI RETAIL FOOTPRINT 9M22 No. stores Space (sqm) CONSOLIDATED 2,548 945,232 DEPT STORE 59 352,500 SPC. STORE 1,765 403,858 ACTIVE 1,263 254,956 FASHION & BEAUTY 430 138,330 DIGITAL 55 6,412 OTHERS 17 4,159 F&B 681 177,776 OTHERS 43 11,099 Exclude: 179 Burger King & 215 Domino’s Pizza 5
Slide 6: 9M/3Q 2022 Financial Highlights
9M/3Q 2022 FINANCIAL HIGHLIGHTS 6
Slide 7: Financial Highlights (IDR bn, %)
FINANCIAL HIGHLIGHTS (IDR bn, %) 9M22 vs 9M21 9M22 vs 9M19 9M22 9M21 Growth (%) 9M19 Growth (%) 3Q22 2Q22 1Q22 Net sales 18,821 12,080 55.8% 15,449 21.8% 6,573 6,615 5,633 Gross Profit 8,488 5,022 69.0% 7,448 14.0% 3,056 3,018 2,414 GPM (%) 45.1% 41.6% 48.2% 46.5% 45.6% 42.9% EBIT 2,178 388 460.9% 1
Slide 8: Net Sales & Growth
NET SALES & GROWTH (IDR bn, %) 9M22 9M21 2021 2020 2019 % Growth YoY +56% +18% +24% -31% +14% NET SALES 21,637 18,821 18,424 14,847 12,080 9M22 9M21 2021 2020 2019 8
Slide 9: Operational Expenditure
OPERATIONAL EXPENDITURE * (as % of sales) 9M22 9M21 2021 2020 2019 NET SALES 18,821 12,080 18,424 14,847 21,637 LABOUR 11.4% 13.7% 12.0% 14.8% 12.8% RENTAL 9.8% 9.5% 8.7% 11.1% 11.1% DEPR. & AMORT. 3.4% 5.3% 4.7% 6.1% 3.9% UTILITIES 1.3% 1.6% 1.4% 1.8% 1.4% A&P 1.3% 1.7% 1.6% 1.3% 1.4% OTHERS 7.4% 7
Slide 10: Operational Expenditure – 9M22
OPERATIONAL EXPENDITURE – 9M22* (IDR bn, %) Growth vs 9M19 9M22 9M21 9M20 9M19 9M22 9M21 9M20 LABOUR 2,138 1,653 1,642 2,063 3.6% -19.9% -20.4% RENTAL 1,853 1,149 1,321 1,806 2.6% -36.4% -26.9% DEPR. & AMORT. 640 643 702 628 1.9% 2.4% 11.8% UTILITIES 239 193 194 229 4.4% -15.7% -15.3% A&P 244 202 11
Slide 11: Profitability
PROFITABILITY*) (IDR bn, %) 9M22 9M21 2021 2020 2019 Gross Margin 45.1% 41.6% 41.8% 41.6% 47.7% EBITDA Margin 14.0% 7.6% 10.6% 4.5% 13.2% EBIT Margin 10.6% 2.2% 5.8% -1.7% 9.2% EBIT 1,997 1,989 1,072 262 9M22 9M21 2021 2020 2019 -259 *) Prior PSAK 73/ IFRS 16 11
Slide 12: Inventory Level
INVENTORY LEVEL (Days, IDR bn, %) 9M22 2021 2020 2019 Aging inventory > 6 month 28% 43% 38% 23% INVENTORY DAYS 152 125 109 92 9M22 2021 2020 2019 Our capacity to absorb and utilize data has improved immensely year on year, and has created a much faster selling cycle for MAP which ultimately yields h
Slide 13: Debt Structure & Leverage
DEBT STRUCTURE & LEVERAGE (IDR bn, %) LEVERAGE* LEVERAGE 9M22 2021 2020 2019 Net DER -28.9% -23.0% -4.4% -4.2% Blended CoF 5.0% 5.4% 6.6% 6.9% GROSS DEBT & NET CASH 2,551 2,504 1,633 1,507 1,146 776 284 310 9M22 2021 2020 2019 *) Exclude zero coupon bond (GA) Gross debt Net cash 13
Slide 14: Financial Charges Structure
FINANCIAL CHARGES STRUCTURE (IDR bn) 9M22 2021 2020 2019* Interest expense on loans 74 193 214 171 Amortized interest on zero coupon bond 22 28 29 41 Interest expense on lease liabilities (non-cash item) 271 279 309 - FINANCE CHARGES 500 552 367 212 9M22 2021 2020 2019 *) no restatement for FY19 boo
Slide 15: Balance Sheet
BALANCE SHEET (IDR bn) As of As of As of LIABILITIES & As of As of As of ASSETS 30 Sep22 31 Dec21 31 Dec20 EQUITY 30 Sep22 31 Dec21 31 Dec20 Cash & 3,328 2,778 2,788 Bank loan 776 1,146 2,504 equivalents Account 652 606 508 Account Payable 2,685 2,521 2,486 Receivables Inventories 4,339 3,731 3,715
Slide 16: Strategy for 2022 and Beyond: Our Pillars of Growth
STRATEGY FOR 2022 AND BEYOND Our 4 Pillars of Growth 16
Slide 17: 4 Pillars of Growth
OUR 4 PILLARS OF GROWTH Maximizing brand possibilities to be the leading one-stop shop for multi-channel retail sales & marketing: 1. Unifying Retail Purchase Options 2. Launch Regional Branded Commerce 3. Execute Digital Change 4. Strategic Partnerships 17
Slide 18: Pillar 1: Unifying Retail Purchase Options
Our 4 Pillars of Growth Pillar 1: Unifying Retail Purchase Options • Integrated data driven digital ecosystem • Online & offline stores to service our shoppers 24 x 7 Multi-channels to service customers nationwide via offline, online, chat & buy and marketplace channels 18
Slide 19: Pillar 2: Launch Regional Branded Commerce
Our 4 Pillars of Growth Pillar 2: Launch Regional Branded Commerce • Managing & marketing major brands • Unifying offline + online + all retail touch points to maximize sales potential. INDONESIA VIETNAM PHILIPPINES zara.com/id zara.com/vn converse.id 19
Slide 20: Pillar 3: Execute Digital Change
Our 4 Pillars of Growth Pillar 3: Execute Digital Change • Integrated data driven digital ecosystem • To refine our planning, purchasing, selling & speed to market across ASEAN a. MAP CLUB – One power App for branded shopping A retail community App which aggregates all MAP’s commerce & customer coll
Slide 21: Pillar 3: Execute Digital Change (Cont'd)
Our 4 Pillars of Growth Pillar 3: Execute Digital Change (Cont’d) b. Endless Aisle (Save The Sale) c. BluTab Technology • A process to optimize the company’s inventories A proprietary O2O technology that assists online by online access to all stores and DC stocks shoppers with faster deliveries by f
Slide 22: Digital Retail Stores
DIGITAL RETAIL STORES ACTIVE FASHION DIGITAL • Planet Sports.Asia • New Balance • Zara ID • Digimap • Sports Station • Linea Shoes • Zara VN • Foot Locker • Kidz Station • Massimo Dutti ID OTHERS • Converse • Massimo Dutti VN • Crocs • Pull and Bear • Kinokuniya • Skechers • Stradivarius • Reebok •
Slide 23: Digital Performance
DIGITAL PERFORMANCE (IDR bn, %) CONTRIBUTION BY CHANNEL DIGITAL SALES PERFORMANCE 9M22 9M21 2021 2020 2019 3rd party Contribution 9.5% 14.0% 13.0% 10.9% 1.6% marketplace Own 41% sites 2,388 59% 1,781 1,689 1,612 CONTRIBUTION BY SEGMENT F&B 348 18% Active 9M22 9M21 2021 2020 2019 Dept 37% Store 13% 9
Slide 24: Pillar 4: Strategic Partnerships
Our 4 Pillars of Growth Pillar 4: Strategic Partnerships Foot Locker Subway Long term partnership with Foot Locker for omni • A new major addition to MBA’s brand portfolio channel retail in the markets of Indonesia • 37 stores in Indonesia (end of Sept 2022) 24
Slide 25: Thank You
THANK YOU INVESTOR RELATIONS CONTACT DETAILS: " This presentation material contains the latest financial information, business strategies and the prospective financial information Ratih Darmawan Gianda of the Company. The business strategies are subject to changes due to uncertainties that could aff
Slide 26: Appendix
Appendix 26
Slide 27: Appendix I: Company Overview
Appendix I: Company overview 27
Slide 28: Milestones
MILESTONES 1995 1997 2002 2003 2004 2005 • Incorporation • Foray into Kids • Diversified into Food • Ventured into • IPO of MAP • Best Managed Company Started with Sports products (toys & & Beverage with Department Stores (Listed on IDX) in Indonesia - AsiaMoney before venturing apparel) Starbucks C
Slide 29: Milestones
MILESTONES 2015 2016 2017 2018 • IPO of MBA (MAP Boga) • IPO of MAA (MAP Active) • Most Admired Companies • Launch of MAPEMALL.com • Further expansion in Vietnam • “Best in CSR” – Padmamitra Award in Indonesia (Retail) – • Launch of MAP Club • Best Mid-Cap Company in Indonesia (National level) – for
Slide 30: Organization Structure
ORGANIZATION STRUCTURE BOARD of COMMISSIONERS BOARD of DIRECTORS Sri Indrastuti Hadiputranto H.B.L. Mantiri Independent President Commissioner President Director GBPH. H. Prabukusumo, S.Psi V.P. Sharma Independent Vice President Commissioner Vice President Director Hendry Hasiholan Batubara Susiana
Slide 31: Shareholder Structure
SHAREHOLDER STRUCTURE PUBLIC 49.0% 51.0% PT SATYA MULIA GEMA GEMILANG MAP – as at 30th September 2022 Local Share Ownership 64.0% Foreign Share Ownership 36.0% Note: There is no affiliation between numbers of the board of Commissioners, the Board of Directors, or Majority and/or Controlling Sharehol
Slide 32: Appendix II: Financials
Mitra Adiperkasa Appendix ll: Financials
Slide 33: Financial Highlights (IDR bn, %)
FINANCIAL HIGHLIGHTS* (IDR bn, %) 9M22 9M21 Growth (%) 3Q22 3Q21 Growth (%) Net sales 18,821 12,080 55.8% 6,573 2,946 123.1% Gross Profit 8,497 5,030 68.9% 3,059 1,128 171.1% GPM (%) 45.1% 41.6% 46.5% 38.3% EBIT 1,997 262 661.9% 724 (338) 314.0% EBIT Margin (%) 10.6% 2.2% 11.0% -11.5% EBITDA 2,638 9
Slide 34: Operational Expenditure
OPERATIONAL EXPENDITURE *(IDR bn,%) 9M22 9M21 % YoY LABOUR 2,138 1,653 29.3% RENTAL 566 48 1164.2% DEPR. & AMORT. 1,735 1,613 7.6% UTILITIES 239 193 23.9% A&P 244 202 20.7% OTHERS 1,387 928 49.5% TOTAL OPEX 6,310 4,634 36.2% *) After PSAK 73/ IFRS 16 34
Slide 35: Profitability
PROFITABILITY*) (IDR bn, %) EBIT NET PROFIT 9M22 9M21 2021 2020 2019 9M22**) 9M21 2021 2020 2019 % Growth YoY +661.9% +146.4% +514.4% -113.0% +32.1% % Growth YoY +9704.4% +96.8% +229.5% -140.4% +43.0% 1,997 1,989 1,793 1,072 1,164 262 609 9M22 9M21 2021 2020 2019 -259 9M22 9M21 2021 2020 2019 -19 -4
Slide 36: Specialty Store
SPECIALTY STORE ACTIVE FY20 FY21 9M21 9M22 3Q22 No. of stores: 1,263 (In Rp bn, %) 3Q21 SPORTS STATION 340 outlets PLANET SPORTS 31 outlets SKECHERS 108 outlets Net Revenue 10,698 13,645 8,835 14,338 2,018 4,962 CONVERSE 60 outlets FOOTLOCKER 6 outlets % Growth -31% +28% +62% +146% KIDZ STATION 122
Slide 37: Food & Beverage
FOOD & BEVERAGE (In Rp bn, %) FY20 FY21 9M21 9M22 3Q21 3Q22 F&B No. of stores: 681 Net Revenue 2,045 2,431 1,652 2,458 476 901 STARBUCKS 521 outlets COLD STONE 19 outlets % Growth -34% +19% +49% +89% PIZZA MARZANO 24 outlets KRISPY KREME 33 outlets GODIVA 5 outlets EBIT *) (162) 20 (75) 153 (62) 47
Slide 38: Department Store
DEPARTMENT STORE (In Rp bn, %) FY20 FY21 9M21 9M22 3Q21 3Q22 No. of stores : 59 stores Net Revenue 1,772 1,853 1,253 1,523 358 506 : 18 stores % Growth -27% +5% +22% +41% : 2 stores EBIT*) (66) 133 34 245 (29) 112 : 1 store EBIT Margin (%) -4% 7% 3% 16% -8% 22% : 38 stores Supermarket 38 *) After PS
Slide 39: Appendix III: Additional Information
Appendix III: Additional information 39
Slide 40: PSBB & PPKM Timeline
PSBB & PPKM TIMELINE 2020 – YTD 2022 10 Apr – 14 Sep – 21 Dec’20 9 Feb – 3 Jul – 10 Aug – 2 Nov’21 – 19 Apr – 4 Jun’20 11 Oct’20 – 8 Jan’21 28 Jun’21 2 Aug’21 4 Oct’21 21 Feb ’22 15 Aug’22 PSBB I Phase 1-3 PPKM Year End PPKM Micro Emergency PPKM PPKM Level 2-4 PPKM Level 1-3 PPKM Level 1-2 PSBB Tigh