Pt Surya Semesta Internusa Tbk · IDX:SSIA
Pt Surya Semesta Internusa Tbk — Q1 2020 Earnings Presentation
57 slides from Pt Surya Semesta Internusa Tbk's earnings presentation, Aug 7, 2020
Slide 1: Review First Quarter 2020
PT SURYA SEMESTA INTERNUSA TBK (“SSIA”) Review First Quarter 2020 www.suryainternusa.com 0
Slide 2: Table of Contents
Table of Contents Surya Semesta Internusa in Summary Review of Business Segments • Milestone • Major Subsidiaries, PROPERTY Shareholders & Management • PT Suryacipta Swadaya (“SCS”) • Investment Portfolio • PT SLP SURYA TICON INTERNUSA (“SLP”) • Strategic Roadmap • PT TCP Internusa (“TCP”) • Indones
Slide 3: Surya Semesta Internusa in Summary
Surya Semesta Internusa in Summary 2
Slide 4: Milestones of PT Surya Semesta Internusa Tbk
PT Surya Semesta Internusa Tbk Operating track record in property sector can be traced back to over 40 2017 years in early 1970s Significant growth since IPO 2014 Divestmet – Raised over IDR 545 billion equity(1) Cikopo Palimanan Acquired location – Raised over IDR 1,600 billion in debt 2012 p
Slide 5: Company Highlights
Surya Semesta Internusa in Summary Company Highlights Shareholding Structure 9.0% 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 7.7% Intrepid Investments Lim
Slide 6: Board of Commissioners and Board of Directors
Board of Commissioners >40 Years >50 Years >50 Years >35 Years >45 Years >20 Years Experience Experience Experience Experience Experience Experience Hagianto Kumala Emil Salim Royanto Rizal William Jusman Steen Dahl Poulsen Crescento Hermawan President Commissioner Vice President Commissioner Commis
Slide 7: Corporate Structure and Key Projects
Corporate Structure and Key Projects PT Surya Semesta Internusa Tbk Market cap: IDR 2.1tn / US$ 126mn 100% 50% 100% 100% 65.4% 22.7%(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 Intern
Slide 8: Geographical Presence Across Indonesia
Geographical Presence Across Indonesia Presence in Fourteen Indonesian Cities Medan Pekanbaru Subang Karawang Regional office for Nusa Raya Acquired location permit of Suryacipta City of Industry (1,400ha) BATIQA Hotel (Business Hotel, Cipta (“NRCA”) 2,000ha 3-star, 133 rooms) - Grand BATI
Slide 9: Strategic Roadmap
Strategic Roadmap Vision: To be the most a reliable, trusted and respected Indonesia property, construction and hospitality group of companies Continued focus on the construction and development of 1 Indonesian properties Prudent land banking strategy to deliver sustainable and 2 superior profit mar
Slide 10: Indonesia Economic Indicator
Indonesia Economic Indicator Economic Growth (%YoY) Exchange Rate (Rp/US$) 6.0% 15,500 5.5% 14,500 5.0% 4.5% 13,500 4.0% 12,500 3.5% 11,500 3.0% 2.5% 10,500 2.0% 9,500 Inflation BI Rate 5.0% 7.0% 4.5% 6.5% 4.0% 6.0% 3.5% 5.5% 3.0% 5.0% 2.5% 4.5% 2.0% 4.0% Source: Bank Indonesia, Indonesian Bureau St
Slide 11: Revenue and EBITDA By Business Segments for 1Q20
Revenue and EBITDA By Business Segments for 1Q20 Revenue Across Business Segments EBITDA Across Business Segments (1Q2020) (1Q2020) 10% 27% 16% 14% IDR 882bn IDR 64bn 59% 74% Property Construction Hospitality Property Construction Hospitality 10
Slide 12: 1Q20 Financial Highlights
1Q20 Financial Highlights Consolidated Revenue Gross Profit (1Q19 vs 1Q20, IDR Billions) (1Q19 vs 1Q20, IDR Billions) 824 882 190 180 1Q19 1Q20 1Q19 1Q20 EBITDA Net Income (1Q19 vs 1Q20, IDR Billions) (1Q19 vs 1Q20, IDR Billions) 1Q19 1Q20 73 64 -11 -17 1Q19 1Q20 11
Slide 13: 1Q20 Financial Highlights
1Q20 Financial Highlights Property Segment Revenue (1Q19 vs 1Q20, IDR Billions) 87 72 1Q19 1Q20 Construction Segment Revenue Hospitality Segment Revenue (1Q19 vs 1Q20, IDR Billions) (1Q19 vs 1Q20, IDR Billions) 652 168 583 143 1Q19 1Q20 1Q19 1Q20 12
Slide 14: Consolidated Revenue and Recurring Revenue
Consolidated Revenue (2015-2019, IDR Billions) 4,868 655 3,797 3,682 4,006 3,274 678 811 803 697 3601 2,476 2,611 824 882 2,164 2,454 168 143 880 660 583 652 414 442 588 72 87 2015 2016 2017 2018 2019 1Q19 1Q20 Property Construction Hospitality Others Recurring Revenue(1) (2015-2019, IDR Billions) 1
Slide 15: Hotel, Property and Construction Gross Margins
Hotel Gross Margins % Property Gross Margins % 100% 70% 80% 63.8% 63.4% 64.7% 63.5% 59.6% 60% 55.4% 60% 57.2% 40% 52.2% 51.0% 50% 48.8% 20% 0% 39.1% 2016 2017 2018 2019 1Q19 1Q20 40% 36.5% Construction Gross Margins(1) % 30% 15% 10.2% 10.2% 10.4% 10.6% 10.2% 20% 9.9% 10% 10% 5% 0% 0% 2016 2017 2018
Slide 16: Consolidated Operating Results
Financial Highlights Consolidated Operating Results (in IDR Billions) 2016 2017 2018 2019 1Q19 1Q20 Revenue 3,797 3,274 3,682 4,006 824 882 Revenue Growth ‐22% ‐14% 12% 9% ‐9% 7% Gross Profit 1,069 864 981 1,091 190 180 Gross Profit Margin 28% 26% 27% 27% 23% 20% EBITDA 413 455 533 73 64 613 EBITDA
Slide 17: Consolidated Revenue by Business Segment
Financial Highlights Consolidated Revenue by Business Segment (in IDR Billions) 2016 2017 2018 2019 1Q19 1Q20 Property 660 414 442 588 72 87 Segment percentage 17% 13% 12% 15% 9% 10% Construction 2,476 2,164 2,454 2,611 583 652 Segment percentage 65% 66% 67% 65% 71% 74% Hospitality 678 697 803 811 1
Slide 18: Consolidated EBITDA by Business Segment
Financial Highlights Consolidated EBITDA by Business Segment (in IDR Billions) 2016 2017 2018 2019 1Q19 1Q20 Property 315 139 175 244 17 21 Segment percentage 51% 34% 38% 46% 24% 32% Construction 195 157 184 163 43 44 Segment percentage 32% 38% 40% 31% 59% 69% Hospitality 138 148 186 177 24 11 Segme
Slide 19: Consolidated Net Profit by Business Segment
Financial Highlights Consolidated Net Profit by Business Segment (in IDR Billions) 2016 2017 2018 2019 1Q19 1Q20 Property 234 80 127 159 5 (1) Segment percentage 375% 7% 337% 172% ‐47% 5% Construction 101 153 123 105 30 29 Segment percentage 162% 13% 326% 113% ‐278% ‐167% Hospitality ‐29 ‐66 8 8 ‐13
Slide 20: Consolidated Balance Sheet
Financial Highlights Consolidated Balance Sheet In IDR Billions 2016 2017 2018 2019 1Q20 Current Assets 3,381 5,085 3,459 4,058 3,748 Cash & ST Investments 1,520 1,145 1,372 1,527 1,375 Inventories 392 415 463 422 418 Other‐Current Assets 1,469 3,525 1,624 2,108 1,955 Non‐Current Assets 3,815 3,766
Slide 21: Key Performance Ratios
Financial Highlights Key Performance Ratios 2016 2017 2018 2019 1Q20 Bank/Third parties Loan IDR denominated in IDR Billions 2,456 2,270 1,506 1,193 1,201 US$ denominated in IDR Billions ‐ ‐ ‐ 662(1) 786(1) Total Debt in IDR Billions 2,456 2,270 1,506 1,856 1,988 Debt to Equity Ratio 73% 51% 34% 41%
Slide 22: Review of Business Segments
Review of Business Segments 21
Slide 23: PROPERTY
PROPERTY - PT Suryacipta Swadaya (“SCS”) - PT SLP SURYA TICON INTERNUSA(“SLP”) - PT TCP Internusa (“TCP”) - PT Sitiagung Makmur (“SAM”) 22
Slide 24: FDI and DDI Realization vs Industrial Land Sales in West Java
Foreign Direct Investment and Domestic Direct Investment Realization (LHS) vs Statistic of Industrial Land Sales in West Java Area in (RHS) 60 400 54 54 348 52 350 50 45 44 19.6 24.5 25.8 300 40 16.1 274 250 14.4 208 30 200 186 175 150 20 109 15 13 100 10 29.3 28.9 29.3 28.2 5.8 7.8 32.2 50 56 7.2 6
Slide 25: Industrial Sector Fundamentals
Industrial Sector Fundamentals Source: Colliers 1Q 2020 Research 24
Slide 26: Industrial Sector Fundamentals
Industrial Sector Fundamentals Source: Colliers 1Q 2020 Research 25
Slide 27: 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 28: Subang Industrial City Strategic Location
Subang Industrial City strategically located at • km 88 from Jakarta Trans Java Toll Road Network(1) • 51 km away from new flagship port project Patimban, West Java (initial capacity of 250k Cikopo-Palimanan TEUs) Toll Road • 75 km from new Kertajati international airport Soekarno-Hatta Merak Inte
Slide 29: Strategic Location
Strategic Location Subang Industrial Township sj SUBANG CITY OF INDUSTRY 2000 HECTARES JAKARTA- SURABAYA Semi High-Speed Railway PATIMBAN SEAPORT a KERTAJATI 4 International Airport er rt *Ceccccccccccccoccscecsosere®” SUBANG CITY OF INDUSTRY
Slide 30: 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 31: Suryacipta ASP and Property Segment Revenue
Suryacipta City of Industry ASP (US$ / sqm) 200 150 121 120 120 121 100 0 2015A 2016A 2017A 2018A 2019A Property Business Segment Revenue (2015-2019, IDR Billions) 880 55 660 588 55 414 442 71 825 55 71 605 72 87 517 358 371 18 54 16 71 2015 2016 2017 2018 2019 1Q19 1Q20 Industrial Estate Rental Pro
Slide 32: 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 2016 2017 2018 2019 1Q19 1Q20 Land so
Slide 33: Industrial Estate Revenue Breakdown
Business Segment Property: Industrial Estate Review Industrial Estate Revenue Breakdown Revenue (in IDR Billions) 2016 2017 2018 2019 1Q19 1Q20 Land 439 176 154 297 1 13 Non Land 166 182 217 220 53 57 TOTAL 605 358 371 517 54 71 32
Slide 34: Property: Rental Property Review
Business Segment Property: Rental Property Review • PT Surya Semesta Internusa Tbk (Indonesia) – 50% stake • MITSUI & CO., Ltd (Japan) - 25% stake • Frasers Property Plc. (formerly Ticon Industrial Connection Plc.) PT SLP SURYA (Thailand) – 25% stake TICON INTERNUSA (“SLP”) • Jointly acquiring 22ha
Slide 35: Glodok Plaza Occupancy and Revenue
Business Segment Property: Rental Property Review Glodok Plaza (GP) Occupancy Rate (%) Revenue (in IDR billions) 100% 60 55 55 56 90.0% 53 90% 85.0% 79.0% 79.0% 80.0% 50 80% 77.0% 70% 40 60% 50% 30 40% 20 30% 14 13 20% 10 10% 0% 0 2016 2017 2018 2019 1Q19 1Q20 2016 2017 2018 2019 1Q19 1Q20 34
Slide 36: Property: Operating Result
Financial Highlights Property : Operating Result (in IDR Billions) 2016 2017 2018 2019 1Q19 1Q20 Revenue 660 414 442 588 72 87 Revenue Growth ‐25% ‐37% 7% 33% 4% 20% Gross Profit 378 202 225 307 26 34 Gross Margin 57% 49% 51% 52% 36% 39% EBITDA 315 139 175 244 17 21 EBITDA Margin 48% 34% 40% 42% 24%
Slide 37: Photos of Suryacipta City of Industry
Photos of Suryacipta City of Industry Suryacipta City of Industry Entrance Commercial Area Developement Suryacipta City of Industry Factory Toll Exit Leading to Suryacipta City of Industry 36
Slide 38: CONSTRUCTION - PT Nusa Raya Cipta Tbk
CONSTRUCTION - PT Nusa Raya Cipta Tbk (“NRCA”) 37
Slide 39: 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 40: Market Share, Profitability and Customer Profile
Largest Market Share … …and Profitability Amongst Private Companies (2014-2019, Revenue, IDR Trillions) Profit Margin (%) – 1Q20 5.0 8.4% 2.62 4.0 3.0 2.47 1.90 2.0 4.3% 1.0 3.95 0.0 2014 2015 2016 2017 2018 2019 (7.0%) (25.2%) (4.2%) Nusa Raya Cipta Jaya Konstruksi Total Bangun Persada Nusa Konstuk
Slide 41: Construction: Major Projects and New Contracts
Business Segment Construction : PT Nusa Raya Cipta Tbk - Major Projects New Contract Classification (in IDR billions) (in IDR 2,811 2,841 2,693 2,028 415 Billions) 2016 2017 2018 2019 1Q19 1Q20 1% 5% 6% 0% 2% Contract on 2% 6% 3% 17% hand ‐ 11% 13% 39% beginning 3,192 3,527 4,204 4,444 4,444 3,479 C
Slide 42: Construction: Operating Result
Business Segment Construction : Operating Result (in IDR Billions) 2016 2017 2018 2019 1Q19 1Q20 Revenue 2,476 2,164 2,457 2,618 585 653 Revenue Growth ‐31% ‐13% 14% 7% ‐14% 12% Gross Profit 253 215 251 274 62 67 Gross Margin 10% 10% 10% 11% 11% 10% Income from JO 31 27 27 (1) 0.2 ‐ EBITDA 211 275 2
Slide 43: Construction: Balance Sheet
Financial Highlights Construction : Balance Sheet In IDR Billions 2016 2017 2018 2019 1Q20 Assets Cash & Cash Equivalents 447 657 736 689 715 Account Receivable 1,111 1,085 1,198 1,468 1,414 Project Advance 23 31 38 34 42 Investment Toll Road 125 0 0 0 0 Others 428 569 283 272 273 Total Assets 2,134
Slide 44: Construction project photos
RS Budi Medika (Lampung) Mayapada Hospital (Bandung) Ayana Komodo Resort (Labuan Bajo) The Park Mall Sawangan (Depok) Pacific Garden (Tangerang) Pembelajaran Arntz-Geise Unpar (Bandung) 43
Slide 45: Hospitality
Hospitality - PT Suryalaya Anindita International (“SAI”) - PT Ungasan Semesta Resort (“USR”) - PT Surya Internusa Hotels (“SIH”) 44
Slide 46: Jakarta Hotel Market Fundamentals
Jakarta Hotel Market Fundamentals Source: Colliers 1Q 2020 Research & STR Global 45
Slide 47: Bali Hotel Market Fundamentals
Bali Hotel Market Fundamentals Source: Colliers 1Q 2020 Research & STR Global 46
Slide 48: Hotel Revenue, Occupancy Rate and Room RevPar
Revenue Occupancy Rate (2015-2019, IDR Billions) (2015-1Q20, %) Opened Seven BATIQA Hotels(1) 90% 80% 70% 58.9% 60% 52.1%(2) 50% 803 811 40% 40.3% 697 97 101 30% 678 20% 22.7% 655 2015 2016 2017 2018 2019 1Q20 66 80 32 144 144 Gran Melia Melia Bali Banyan Tree BATIQA 162 155 151 Room RevPar (3) (201
Slide 49: Hospitality Business
Hospitality Business ARR ($) 2016 2017 2018 2019 1Q19 1Q20 GMJ 109 103 94 88 90 96 MBH 94 101 113 118 105 113 BTUR 442 466 468 440 437 450 BATIQA (Rp) 303,507 300,366 332,953 314,449 321,991 318,721 Room RevPAR ($) 2016 2017 2018 2019 1Q19 1Q20 GMJ 50 46 48 40 39 22 MBH 73 77 87 93 73 67 BTUR 287 28
Slide 50: Hospitality: Operating Result
Business Segment Hospitality : Operating Result (in IDR Billions) 2016 2017 2018 2019 1Q19 1Q20 Revenue 678 697 803 811 168 143 Revenue Growth 4% 3% 15% 1% 7% ‐15% Gross Profit 433 442 519 515 100 79 Gross Margin 64% 63% 65% 64% 60% 55% EBITDA 138 148 186 177 24 11 EBITDA Margin 20% 21% 23% 22% 15%
Slide 51: Photos of Gran Melia Jakarta
Photos of Gran Melia Jakarta Café Gran Via Red Level Reception Guest Room Reception 50
Slide 52: Photos of Melia Bali Hotel
Photos of Melia Bali Hotel Villa Main Pool Lobby Hotel The Level Family Suite Room Swimming Pool 51
Slide 53: 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 52
Slide 54: Photos of BATIQA Hotels
Photos of BATIQA Hotels Suite Room FRESQA Bistro Exterior view of BATIQA Hotel Cirebon Lobby Meeting Room 53
Slide 55: Strategic 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 Spain’s le
Slide 56: Thank You
suryainternusa Thank You INDONESIA 55
Slide 57: 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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