Pt Lippo Karawaci Tbk · IDX:LPKR
Pt Lippo Karawaci Tbk — H1 2016 Earnings Presentation
63 slides from Pt Lippo Karawaci Tbk's earnings presentation, 2016
Slide 1: Right Place, Right Time, Right Company
Right Place, Right Time, Right Company PT Lippo Karawaci Tbk 6M 2016 Indonesia’s Largest and Most Integrated Property Group Leaders in Integrated Developments, Hospitals, Retail Malls, Hotels and Asset Management
Slide 2: Contents
CONTENTS CORPORATE STRUCTURE 01 LARGEST & MOST INTEGRATED PROPERTY COMPANY 02 FOUR BUSINESS DIVISIONS 03 MOST RECENT FINANCIAL RESULTS 04 - 05 DIVERSIFIED LANDBANK & PROJECTS 06 - 07 MOST INTEGRATED BUSINESS MODEL 08 HIGHLY EXPERIENCED & PROFESSIONAL MANAGEMENT 09 GROWTH STRATEGIES 10 OUR PORTFOLIO
Slide 3: Corporate Structure
CORPORATE STRUCTURE LIPPO RELATED COMPANIES PUBLIC 26.33% 73.67% As of 30 June 2016 No. of Outstanding Shares : 23,077,689,619 Code : LPKR.JK ; LPKR IJ DEVELOPMENT BUSINESS RECURRING BUSINESS ASSET TOWNSHIPS LARGE INDUSTRIAL OFFICE HOSPITALS COMMERCIAL MANAGEMENT SCALE AND PROJECTS INTEGRATED COMMER
Slide 4: Largest & Most Integrated Property Company
LARGEST & MOST INTEGRATED PROPERTY COMPANY Largest listed property Company by Revenue and Total Assets. Revenue and Total Assets for 6M’2016: USD 388 million and USD 3.3 billion, respectively. Fastest growing Indonesian real estate group market cap grew by more than 9x to USD 2 billion1 since the me
Slide 5: Four Business Divisions
FOUR BUSINESS DIVISIONS RESIDENTIAL AND ASSET URBAN DEVELOPMENT HOSPITALS COMMERCIAL MANAGEMENT Development rights: 23 hospitals with more Malls: Manages 2 public than 5,100 beds capacity Own and/or manage listed REITs in SGX : 8,078 ha under the Siloam 44 malls First REIT & LMIRT Hospitals network.
Slide 6: Revenue & EBITDA Contribution
REVENUE & EBITDA CONTRIBUTION REVENUE EBITDA 6M’16: Rp5.109 Trillion 6M’16: Rp1.216 Trillion 35% 44% 29% 50% 8% 14% 7% 13% Residential & Urban Development Commercial Hospitals Asset Management Source : Company as of 6M’2016 04
Slide 7: Income Statements: 6M'2016 and 6M'2015
INCOME STATEMENTS: 6M’2016 AND 6M’2015 REVENUE 6M’16: RP 5.109 TRILLION EBITDA 6M’16: RP 1.216 TRILLION REVENUE 6M’15: RP 4.747 TRILLION EBITDA 6M’15: RP 1.425 TRILLION Rp bn Rp bn 3.000 1.000 2.555 885 900 2.500 2.102 800 1.987 2.000 1.773 700 600 532 1.500 500 400 353 1.000 301 300 435 374 200 175
Slide 8: Most Diversified Landbank and Projects
MOST DIVERSIFIED LANDBANK AND PROJECTS INDONESIA Grand Palladium Medan Sun Plaza Plaza Medan Fair Aryaduta Hotel Manado Lippo Plaza Medan Siloam Hospitals Manado Siloam Hospitals Medan Monaco Bay Binjai Supermall Holland Village Manado Aryaduta Hotel Medan Aryaduta Hotel Pekanbaru Siloam Hospitals S
Slide 9: Most Diversified Landbank and Projects: Greater Jakarta
MOST DIVERSIFIED LANDBANK AND PROJECTS PROJECTS IN GREATER JAKARTA Jakarta Population : 12 million1 N Greater Jakarta Population : 30 million1 JAVA SEA Pluit Village NORTH JAKARTA International Airport WEST JAKARTA Soekarno Hatta St. Moritz Gajah Mada Plaza Lippo Mall Puri Holland Village Metropolis
Slide 10: Most Integrated Business Model in Indonesian Property Sector
MOST INTEGRATED BUSINESS MODEL IN INDONESIAN PROPERTY SECTOR DEVELOPERS PROPERTY OPERATIONS Majority of Indonesian Developer, Operator and Majority of Indonesian Developers REIT & Portfolio Developers Managers REITs Integrated Projects Development Across Property Proven Experience & Income Value Cha
Slide 11: Highly Experienced & Professional Management
HIGHLY EXPERIENCED & PROFESSIONAL MANAGEMENT BOARD OF COMMISSIONERS: BOARD OF DIRECTORS: Theo L. Sambuaga Surjadi Soedirja Ketut Budi Wijaya Agum Gumelar Tjokro Libianto Chairman Vice Chairman President Director Jenny Kuistono Tanri Abeng Farid Harianto H. Sutiyoso Muladi Rahmawaty Johanes Jany Alwi
Slide 12: Growth Strategies
GROWTH STRATEGIES RESIDENTIAL AND ASSET HOSPITALS COMMERCIAL URBAN DEVELOPMENT MANAGEMENT Enhance value of our Deliver as promised on our RETAIL MALLS hospital expansion program Deliver a significant landbank through various whilst further enhancing our Execute on planned pipeline growth in scale in
Slide 13: Residential & Urban Development: Lippo Village
RESIDENTIAL & URBAN DEVELOPMENT LIPPO VILLAGE AT KARAWACI, JAKARTA WEST Artist Impression Total Area Development Area Green Area Development Rights Land already acquired Landbank inventory 125 ha 132 ha 71 ha 3,066 ha 1,184 ha 283 ha Planned Development Development Period Residential Total Towers Bu
Slide 14: Residential & Urban Development: Lippo Cikarang
RESIDENTIAL & URBAN DEVELOPMENT LIPPO CIKARANG, JAKARTA EAST Glendale Park Westwood Suites (505 units) Pasadena Suites (435 units) (419 units) Burbank Suites (560 units) Irvine Suites (441 units) Burbank Suites (560 units) Artist Impression Total Area Development Area Open Area Development Rights La
Slide 15: Residential & Urban Development: Tanjung Bunga, San Diego Hills
RESIDENTIAL & URBAN DEVELOPMENT TANJUNG BUNGA, MAKASSAR, SOUTH SULAWESI SAN DIEGO HILLS MEMORIAL PARK AND FUNERAL HOME Development Rights Land already acquired Landbank inventory Master Plan Land already acquired Landbank inventory 1,500 ha 643 ha 292 ha 500 ha 125 ha 92 ha (+ 14 ha family center &
Slide 16: A Landmark Project – South Jakarta
A LANDMARK PROJECT – SOUTH JAKARTA (FIRST LAUNCHED ON JULY 2007) THE COSMOPOLITAN THE INFINITY SOLD (AS OF 30 JUNE 2016) THE BLOOMINGTON THE THE INTERCON THE RITZ THE EMPIRE COSMOPOLITAN THE TIFFANY 98% 97% 97% Rp 438 bio Rp 388 bio Rp 338 bio THE RITZ 100% completion 100% completion 100% completion
Slide 17: Total Land Area 11.4 Ha
TOTAL LAND AREA : 11.4 Ha (FIRST LAUNCHED ON AUGUST 2008) PRESIDENTIAL SUITE (140 units) ROYAL SOLD (AS OF 30 JUNE 2016) AMBASSADOR SUITE SUITE NEW ROYAL (144 units) (231 units) SUITE PRESIDENTIAL AMBASSADOR (197 units) ROYAL SUITES NEW PRESIDENTIAL SUITES SUITES SUITE (159 units) 96% 94% 97% Rp 449
Slide 18: Pipeline Projects
PIPELINE PROJECTS NEWPORT PARK URBAN HOMES ORANGE COUNTY, LIPPO KARAWACI LIPPO CIKARANG Tentative Launch : Sep – Oct 2016 Tentative Launch : Nov - Dec 2016 SGA : 28,933 sqm Land Area : 1.3 Ha Total Units : 554 Total Units : 2,520 (2 towers) 16
Slide 19: Pre-Sold Projects Under Construction (2011-2013)
PRE-SOLD PROJECTS UNDER CONSTRUCTION (LAUNCHED IN 2011- 2013) OFFICE TOWER THE NINE RESIDENCE PARK VIEW APARTMENTS HOLLAND VILLAGE LIPPO THAMRIN AT THE ST. MORITZ SOUTH JAKARTA SOUTH JAKARTA CENTRAL JAKARTA CENTRAL JAKARTA WEST JAKARTA 17
Slide 20: Pre-Sold Projects Under Construction (2014)
PRE-SOLD PROJECTS UNDER CONSTRUCTION (LAUNCHED IN 2014) ST. MORITZ PANAKUKANG EMBARCADERO BINTARO OFFICE TOWER AT HILLCREST+ FAIRVIEW MAKASSAR WESTERN WING, TANGERANG HOLLAND VILLAGE, JAKARTA LIPPO VILLAGE HOLLAND VILLAGE SECOND PHASE EMBARCADERO BINTARO IRVINE + WESTWOOD CENTRAL JAKARTA EASTERN WIN
Slide 21: Pre-Sold Projects Under Construction (2015)
PRE-SOLD PROJECTS UNDER CONSTRUCTION (LAUNCHED IN 2015) PASADENA SUITES MONACO BAY HOLLAND VILLAGE BURBANK GLENDALE PARK ORANGE COUNTY, MANADO, MANADO, ORANGE COUNTY, ORANGE COUNTY, LIPPO CIKARANG NORTH SULAWESI NORTH SULAWESI LIPPO CIKARANG LIPPO CIKARANG 19
Slide 22: Mature Hospitals
22 Mature Hospitals SILOAM HOSPITALS LIPPO VILLAGE SILOAM HOSPITALS CIKARANG TANGERANG (West of Jakarta) BEKASI (East of Jakarta) 308 Bed Capacity JCIA 114 Bed Capacity 274 Operational Beds 108 Operational Beds 232 GP and Specialists 94 GP and Specialists 403 Nurses 166 Nurses Centre of Excellence :
Slide 23: Developing Hospitals
23 Developing Hospitals SILOAM HOSPITALS MANADO SILOAM HOSPITALS PALEMBANG NORTH SULAWESI SOUTH SUMATERA 238 Bed Capacity 357 Bed Capacity 177 Operational Beds 150 Operational Beds 110 GP and Specialists 138 GP and Specialists 220 Nurses 178 Nurses Centre of Excellence : Emergency Centre of Excellen
Slide 24: New Hospitals
24 New Hospitals SILOAM HOSPITALS MEDAN SILOAM HOSPITALS KUPANG NORTH SUMATERA EAST NUSA TENGGARA 356 Bed Capacity 416 Bed Capacity 80 Operational Beds 110 Operational Beds 91 GP and Specialists 52 GP and Specialists 86 Nurses 150 Nurses Centre of Excellence : Emergency & Trauma Centre of Excellence
Slide 25: Distinct Market Segment Hospitals
25 Distinct Market Segment Hospitals SILOAM GENERAL HOSPITAL (RSUS) BIMC KUTA TANGERANG (West of Jakarta) BALI 640 Bed Capacity 19 Bed Capacity 300 Operational Beds 18 Operational Beds 52 GP and Specialists 51 GP and Specialists 236 Nurses 64 Nurses Centre of Excellence : Emergency Centre of Excelle
Slide 26: Completed Hospital: Yogyakarta
26 Completed Hospital Yogyakarta (expected soft opening in Q3’2016) FAÇADE MAIN LOBBY FRONT OFFICE OUT PATIENT DEPARTMENT 24
Slide 27: Siloam Clinic
27 Siloam Clinic CYBER PARK KARAWACI FAÇADE RECEPTION GP’s CONSULTATION ROOM MERTANADI BALI FAÇADE RECEPTION GP’s CONSULTATION ROOM 25
Slide 28: For Completion in 2016
28 For Completion in 2016 BOGOR BANGKA BELITUNG JEMBER Dec 2015Current C 26
Slide 29: For Completion in 2016
29 For Completion in 2016 BANJARMASIN BEKASI BLU PLAZA BEKASI GRAND MALL GUNUNG SAHARI LIPPO MALL BATU MANADO KAIRAGI C SEMARANG 27
Slide 30: For Completion in 2017
30 For Completion in 2017 LUBUK LINGGAU SORONG SEMARANG Current 28
Slide 31: For Completion in 2017
31 For Completion in 2017 KALIMALANG LIPPO KUNINGAN NINE RESIDENCE PLUIT VILLAGE SURABAYA CITO 29
Slide 32: Dominant Position in Retail Development & Property Management
DOMINANT POSITION IN RETAIL DEVELOPMENT & PROPERTY MANAGEMENT MANAGES 44 MALLS THROUGHOUT INDONESIA 3.2 million sqm GFA As of June 30, 2016 : Overall average occupancy 88% and 94% in LMIRT properties NEW MALLS IN THE PIPELINE: LIPPO MALL PURI PX PAVILLION LIPPO PLAZA MAMPANG LIPPO PLAZA LUBUK LI
Slide 33: Manages 9 Hotels Throughout Indonesia
MANAGES 9 HOTELS THROUGHOUT INDONESIA As of June 30, 2016 : Overall average occupancy 65% HOTEL ARYADUTA HOTEL ARYADUTA HOTEL ARYADUTA HOTEL ARYADUTA HOTEL ARYADUTA LIPPO VILAGE (192 rooms) JAKARTA (302 rooms) MEDAN (197 rooms) PEKANBARU (158 rooms) MANADO (200 rooms) HOTELS UNDER ARYADUTA MANAGEM
Slide 34: Asset Management
ASSET MANAGEMENT UNIQUE FOR AN INDONESIAN PROPERTY COMPANY 100% 100% 100% 100% BOWSPRIT LMIR TRUST PT LIPPO MALLS PT ARYADUTA CAPITAL MANAGEMENT INDONESIA INTERNATIONAL CORPORATION 33.06% LTD 29.33% MANAGEMENT LTD MALL HOTEL REIT MANAGER Code : FIRT REIT MANAGER Code : LMRT MANAGEMENT OPERATOR SERVI
Slide 35: First REIT
Managed by Bowsprit Capital Corporation Limited, First REIT’s portfolio consists of 17 properties located in Indonesia, Singapore and South Korea Manages 12 Siloam Hospitals and 2 Aryaduta Hotels in Indonesia As of June 30, 2016 : Annualised DPU : SGD 8.49 cents Share Price (SGD) Portfolio Size
Slide 36: LMIR Trust: Retail Malls and Retail Spaces
MANAGES 19 RETAIL MALLS AND 7 RETAIL SPACES As of June 30, 2016 : Annualised DPU: SGD 3.36 cents Share Price (SGD) Portfolio Size (SGD mn) Dividend Yield (%) 0,6 2.000 12,0 1.841 1.830 1.824 1.800 1.753 0,49 0,5 9,7 10,0 9,6 1.600 0,42 1.412 1.400 8,1 0,4 7,83 8,0 0,34 0,35 0,32 1.200 6,0 0,3 1.00
Slide 37: Financial Performance
@2LIPPO FINANCIAL PERFORMANCE
Slide 38: Balance Sheet
BALANCE SHEET AS OF 31 DECEMBER (Unless otherwise stated) 30 June Rp Trillion 2015 2014 2013 2012 2016 TOTAL ASSET 43.026 41.327 37.773 31.303 24.869 TOTAL LIABILITIES 23.062 22.410 20.152 17.142 13.399 TOTAL EQUITY 17.146 16.394 15.588 12.784 10.656 TOTAL DEBT 12.573 12.365 9.997 7.808 6.014 CASH A
Slide 39: Debt Maturity Profile
DEBT MATURITY PROFILE* USD million Coupon rate Coupon rate 450 6.125% pa 7% pa 400 350 300 130.0 250 200 403 410 150 250 273.3 100 117.1 50 21.8 18 5.3 1.6 0 2016 2017 2019 2020 2022 2023 ICBC : Rp 70 bn (USD 5.3mn) BPD Kalimantan Timur : Rp 20.8 bn (USD 1.6mn) Bonds BCA : Rp 6.15 bn (USD 0.5mn) BNI
Slide 40: Attractive Asset Value
ATTRACTIVE ASSET VALUE Ownership (%) Land Area (ha) Assets Value (Rp bn) URBAN DEVELOPMENT: Lippo Village 100 405 27.651 Lippo Cikarang 54,4 626 15.145 Tanjung Bunga 54 191 2.555 San Diego Hills 100 94 2.415 Micro Suburbs 100 20 324 SUB TOTAL1) 48.091 LARGE SCALE INTEGRATED DEVELOPMENT: City of Tomo
Slide 41: Property Marketing Sales
PROPERTY MARKETING SALES (in Rp bn) FY 2014 1H 2015 FY 2015 1H 2016 Budget 2016 (R) Budget 2016 Residential 3.723 2.268 3.039 468 2.915 3.750 Low Rise 1.046 825 1.129 400 1.033 1.200 High Rise 2.677 1.443 1.910 68 1.882 2.550 Commercial 550 57 127 10 50 500 Industrial 734 276 279 26 276 550 Unique P
Slide 42: Appendices
@2LIPPO APPENDICES
Slide 43: Lippo Group
LIPPO GROUP REGIONAL PRESENCE IN CHINA, HONG KONG, An Indonesian Business Leader SINGAPORE, PHILIPPINES, KOREA, MACAU Growing in Stewardship – Impacting Lives INDONESIA RETAIL EDUCATION PROPERTY PT Matahari Putra Prima Tbk (MPPA.IJ) Yayasan Pelita Harapan PT Matahari Dept. Store Tbk (LPPF.IJ) PT Lip
Slide 44: Indonesia: Attractive Growing Market
INDONESIA: ATTRACTIVE GROWING MARKET Economic Indicators 2016 2017 2015 Assumption Assumption Economic Growth (%) 4.8 5.2 5.3 Inflation Rate (%) 3.35 4.0 4.0 Exchange Rate (Rp/USD) 13,795 13,300 13,300 3-month SBI Rate (%) 7.5 6.5 6.5 Oil Price (USD/bbl) 50 40 45 Oil Lifting (k bbl/day) 779 820 780
Slide 45: Indonesia Property Sector Has Room to Grow
INDONESIA PROPERTY SECTOR HAS ROOM TO GROW ASIA PACIFIC PROPERTY Rapid urbanisation Growing middle–class Price (USD/SQM) Strong savings and income growth Hongkong 22.814 Low mortgage penetration Singapore 15.251 Property as investment India 11.455 Improving regulatory environment Japan 1
Slide 46: Property Foreign Ownership
PROPERTY FOREIGN OWNERSHIP LAND TITLES AVAILABLE : 1. Freehold : may be held by Indonesian citizens only (not even by fully Indonesian- owned companies). 2. Right to Build (renewable leasehold) : may be held by Indonesian citizens and any company established in Indonesia for an initial 30 years. 3.
Slide 47: New BI Regulation
NEW BI REGULATION New LTV Regulation takes effect in Aug 2016: Property Type First Mortage Second Mortgage Third Mortgage Old New Old New Old New Landed House Land > 70 sqm 80% 85% 70% 80% 60% 75% Land 22-70 sqm - - 80% 85% 70% 80% Apartment Area > 70 sqm 80% 85% 70% 80% 60% 75% Area 22-70 sqm 90% 9
Slide 48: Overview of Jakarta's Condominium Market
OVERVIEW OF JAKARTA’S CONDOMINIUM MARKET Source : Q2’2016 Market Review for Jakarta Jones Lang LaSalle Research 46
Slide 49: Overview of Jakarta's Retail Market
OVERVIEW OF JAKARTA’S RETAIL MARKET Source : Q2’2016 Market Review for Jakarta Jones Lang LaSalle Research 47
Slide 50: Overview of Jakarta's Office Market - CBD Area
OVERVIEW OF JAKARTA’S OFFICE MARKET - CBD AREA Source : Q2’ 2016 Market Review for Jakarta Jones Lang LaSalle Research 48
Slide 51: Overview of Jakarta's Office Market - non CBD Area
OVERVIEW OF JAKARTA’S OFFICE MARKET – non CBD AREA Source : Q2 ‘2016 Market Review for Jakarta 49 Jones Lang LaSalle Research
Slide 52: Indonesia - Severely Underserved Healthcare Market
Indonesia - Severely Underserved Healthcare Market Beds and Doctors Beds Doctors /1,000 OECD Average = 4.93 /1,000 OECD Average = 3.14 population population 3,50 3,00 238,373 beds v. Global: Shortage of 229,491 beds (1) 70,655 doctors 2,79 v. OECD: Shortage of 977,189 beds (1) v. Global: Shortage of
Slide 53: Indonesia Healthcare Landscape
INDONESIA HEALTHCARE LANDSCAPE Population Growth Primary Care Accessibility Now = 240 Million 2040 = 360 Million Now = 8,300 2040 = 12,000 Universal Coverage Health Spend USD 20 Bn USD 640 Bn 58% 100% Coverage Coverage Now= 140 Million 2017 = 264 Million Now = 2.5% of GDP (USD 800 Bn) 2040 = 8% of G
Slide 54: Market Drivers & Restraints in Indonesia's Healthcare Sector
MARKET DRIVERS & RESTRAINTS IN INDONESIA’S HEALTHCARE SECTOR MARKET DRIVERS A large Longer life population expectancy The Universal base with a and a epidemiological health booming population transition has insurance 2015 economy, pyramid presented coverage would emerging increasing Indonesia’s give
Slide 55: Hospitals in Indonesia
HOSPITALS IN INDONESIA YEAR 2010 - 2016 No OWNER 31 Dec 10 31 Dec 11 31 Dec 12 31 Dec 13 31 Dec 14 31 Dec 15 30 Jun 16 1 MOH 31 32 32 33 34 36 36 2 PROVINCE 85 85 89 96 98 113 118 GOVERNMENT 3 MUNICIPAL 63 86 88 92 93 98 98 GOVERNMENT 4 DISTRICT GOVERNMENT 403 411 444 455 463 469 472 5 ARMY / POLICE
Slide 56: Comparison Health Statistics
COMPARISON HEALTH STATISTICS Indonesia Vietnam Malaysia Singapore South Korea India China Australia USA UK Hospital beds per 10,000 pops 9 20 19 20 103 7 38 39 29 29 Physician per10,000 pops 2 12 12 20 21 7 15 33 25 28 Health Profesionals per 10,000 pops 16 24 45 77 72 24 32 139 123 116 Life expecta
Slide 57: Lippo Karawaci's Milestones
LIPPO KARAWACI’S MILESTONES Corporate Actions December May October March April November Non Pre- 3rd Rights Issue LPKR placed 82.5 mn August emptive Rights USD 100 mn bonds USD150 mn bonds of 4.32 bn new SILO shares or 7.1% of LMIRT was listed Issuance issuance, at the rate issuance, at the rate of
Slide 58: Lippo Karawaci's Milestones
LIPPO KARAWACI’S MILESTONES Corporate Developments July August January October May Launched Launched January Opened Px Pavilion at Launched July Kemang Village, Launched St Moritz Holland Village a large scale St Moritz, as part of Panakukang, an integrated Holland Village Second Phase Started integ
Slide 59: Latest Awards
LATEST AWARDS Lippo Karawaci received Lippo Karawaci received two Top Property Award 2016 awards: Indonesia in Growth Lippo Karawaci received Property Development and Lippo Cikarang received Lippo Karawaci received in Recognition of Lippo Karawaci and Lippo Highly Commended Outstanding Performance P
Slide 60: Share Price Performance
SHARE PRICE PERFORMANCE Closing Price (Rp) Volume (Shares) 1.800 1.000.000.000 1.700 1.600 900.000.000 1.500 1.400 800.000.000 1.300 700.000.000 1.200 1.100 600.000.000 1.000 900 500.000.000 800 700 400.000.000 600 500 300.000.000 400 200.000.000 300 200 100.000.000 100 - - Jan- Jun- Jan- Jun- Dec-
Slide 61: Top 20 Listed Companies by Trading Value
TOP 20 LISTED COMPANIES BY TRADING VALUE INDONESIA STOCK EXCHANGE IDX MONTHLY STATISTICS, JUNE 2016 20 20 Most Active Stocks by Total Trading Value January - June 2016 Total Trading No. Listed Stocks Volume Value (IDR) % Freq. (X) Days 1, Telekomunikasi Indonesia (Persero) Tbk. [S] 16.507.952.985 57
Slide 62: Investor Relations
INVESTOR RELATIONS Mark Wong (Executive Director) email :Mark.Wong@lippokarawaci.co.id Address : Menara Matahari, 22nd Floor 7 Boulevard Palem Raya Lippo Village Tangerang 15811 Banten – Indonesia telp.+62 21 25669000 fax. +62 21 25669098 website : www.lippokarawaci.co.id 60
Slide 63: Disclaimer
DISCLAIMER This presentation has been prepared by PT Lippo Karawaci Tbk (“LPKR”) and is circulated for the purpose of general information only. It is not intended for any specific person or purpose and does not constitute a recommendation regarding the securities of LPKR. No warranty (expressed or i