Pt Surya Semesta Internusa Tbk · IDX:SSIA
Pt Surya Semesta Internusa Tbk — FY2017 Earnings Presentation
58 slides from Pt Surya Semesta Internusa Tbk's earnings presentation, 2018
Slide 1: PT Surya Semesta Internusa Tbk Review Full Year 2017
PT SURYA SEMESTA INTERNUSA TBK (“SSIA”) Review Full Year 2017 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: Surya Semesta Internusa in Summary: Company Highlights
Surya Semesta Internusa in Summary Company Highlights Shareholding Structure 7.2% Established and commenced operations in 1971, SSIA’s primary 7.9% businesses are in construction, property and hospitality sectors PT Arman Investments Utama 5.4% PT Persada Capital Investama 1.2% PT Union Sampoerna
Slide 6: Board of Commissioners and Board of Directors
Board of Commissioners >35 Years >50 Years >50 Years >30 Years >35 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 2.4tn / US$ 178mn 100% 50% 100% 100% 62.1% 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 Twelve Indonesian Cities Medan Pekanbaru Subang Karawang Regional office for Nusa Raya Cikopo-Palimanan Suryacipta City of Industry (1,400ha) BATIQA Hotel (Business Hotel, Cipta (“NRCA”) Toll Road – divested on 8 May 3-star, 133 rooms) - Gra
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$) 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 Inflation BI Rate 10.0% 8.0% 9.0% 7.5% 8.0% 7.0% 7.0% 6.5% 6.0% 6.0% 5.0% 5.5% 4.0% 5.0% 3.0% 4.5% 2.0% 4.0% Source: Bank Indonesia, Ind
Slide 11: Revenue and EBITDA By Business Segments for FY17
Revenue and EBITDA By Business Segments for FY17 Revenue Across Business Segments EBITDA Across Business Segments (FY2017) (FY2017) 13% 21% 32% 32% 66% 36% Property Construction Hospitality Property Constrution Hospitality 10
Slide 12: FY17 Financial Highlights
FY17 Financial Highlights Consolidated Revenue Gross Profit (FY16 vs FY17, IDR Billions) (FY16 vs FY17, IDR Billions) 3,797 1,069 864 3,274 FY16A FY17A FY16A FY17A EBITDA Net Income (FY16 vs FY17, IDR Billions) (FY16 vs FY17, IDR Billions) 606 1,178 403 63 FY16A FY17A FY16A FY17A 11
Slide 13: FY17 Financial Highlights
FY17 Financial Highlights Property Segment Revenue (FY16 vs FY17, IDR Billions) 659 413 FY16A FY17A Construction Segment Revenue Hospitality Segment Revenue (FY16 vs FY17, IDR Billions) (FY16 vs FY17, IDR Billions) 2,460 697 678 2,164 FY16A FY17A FY16A FY17A 12
Slide 14: Consolidated Revenue and Recurring Revenue
Consolidated Revenue (2013-2017, IDR Billions) 4,868 4,583 4,464 655 580 626 3,797 3,797 3,274 3,274 678 678 697 697 2,843 3517 3,243 2,460 2,460 2,164 2,164 1,159 596 692 659 412 659 412 2013A 2014A 2015A 2016A 2017A FY16A FY17A Property Construction Hospitality Others Recurring Revenue(1) (2013-20
Slide 15: Gross Margins by Segment
Gross Margins Hotel Gross Margins % Property Gross Margins % 100% 70% 80% 62.1% 67.2% 67.2% 65.6% 63.8% 63.4% 59.9% 60% 60% 57.2% 55.7% 40% 50% 48.7% 20% 0% 2013A 2014A 2015A 2016A 2017A 40% Construction Gross Margins(1) % 30% Increase in material 20% price due to USD appreciation 20% 15% 10.2% 9.9%
Slide 16: Consolidated Operating Results
Financial Highlights Consolidated Operating Results (in IDR Billions) 2012 2013 2014 2015 2016 2017 Revenue 3,565 4,583 4,464 4,868 3,797 3,274 Revenue Growth 24% 29% ‐3% 9% 26% ‐14% Gross Profit 1,296 1,320 1,054 1,179 1,069 864 Gross Profit Margin 36% 29% 24% 24% 28% 26% EBITDA 992 1,023 794 796 6
Slide 17: Consolidated Revenue by Business Segment
Financial Highlights Consolidated Revenue by Business Segment (in IDR Billions) 2012 2013 2014 2015 2016 2017 Property 1,222 1,159 596 692 659 412 Segment percentage 34% 25% 13% 14% 17% 13% Construction 1,870 2,843 3,243 3,517 2,460 2,164 Segment percentage 52% 62% 73% 72% 65% 66% Hospitality 473 58
Slide 18: Consolidated EBITDA by Business Segment
Financial Highlights Consolidated EBITDA by Business Segment (n IDR Billions) 2012 2013 2014 2015 2016 2017 Property 738 647 290 379 329 149 Segment percentage 74% 63% 36% 48% 54% 37% Construction 144 240 386 344 207 165 Segment percentage 15% 23% 49% 43% 34% 41% Hospitality 132 179 170 145 145 147
Slide 19: Consolidated Net Profit by Business Segment
Financial Highlights Consolidated Net Profit by Business Segment (in IDR Billions) 2012 2013 2014 2015 2016(1) 2017(1) Property 646 630 245 370 245 89 Segment percentage 91% 91% 59% 122% 392% 8% Construction 65 128 194 129 78 106 Segment percentage 9% 19% 47% 43% 125% 9% Hospitality 17 46 30 (5) (23
Slide 20: Consolidated Balance Sheet
Financial Highlights Consolidated Balance Sheet In IDR Billions 2012 2013 2014 2015 2016 2017 Current Assets 3,075 3,719 2,901 2,900 3,381 5,085 Cash & ST Investments 1,893 1,725 1,176 949 1,545 1,180 Inventories 164 459 351 476 392 415 Other‐Current Assets 1,019 1,535 1,374 1,475 1,444 3,491 Non‐Cu
Slide 21: Key Performance Ratios
Financial Highlights Key Performance Ratios 2012 2013 2014 2015 2016 2017 Bank/Third parties Loan IDR denominated in IDR Billions 1,316 1,279 1,279 1,377 2,456 2,270 US$ denominated in US$ Millions 6.3 3.2 ‐ ‐ ‐ ‐ Total Debt in IDR Billions 1,316 1,279 1,279 1,377 2,456 2,270 Debt to Equity Ratio 80
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 (RHS) 60 700 636 600 50 19.6 500 40 440 442 14.4 16.1 12.3 13.2 400 30 9.8 348 300 28.5 29.3 32.2 20 28.9 200 28.6 208 24.6 175 10 100 0 0 2012 2013 2014 2015 2016 2017
Slide 25: Industrial Sector Fundamentals
Industrial Sector Fundamentals Source: Colliers 4Q 2017 Research 24
Slide 26: Industrial Sector Fundamentals
Industrial Sector Fundamentals Source: Colliers 4Q 2017 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 Strategically Located
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 and to be completed in 2019) Toll Road • 75 km from new Kertajati international airpo
Slide 29: 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 30: Suryacipta City of Industry ASP and Property Segment Revenue
Suryacipta City of Industry ASP (US$ / sqm) 200 150 128 121 120 94 103 100 0 2012A 2013A 2014A 2015A 2016A 2017A Property Business Segment Revenue (2013-2017, IDR Billions) Decrease driven by - Uncertain political 1,600 climate (elections) 1,400 - One-off dispute with 1,159 local villagers in 4Q14 1
Slide 31: 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 2012 2013 2014 2015(1) 2016 2017 Land
Slide 32: Industrial Estate Revenue Breakdown
Business Segment Property: Industrial Estate Review Industrial Estate Revenue Breakdown Revenue (in IDR Billions) 2012 2013 2014 2015 2016 2017 Land 1,089 991 420 677 439 176 Non Land 63 89 125 145 166 183 TOTAL 1,151 1,080 545 822 605 358 31
Slide 33: 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% PT SLP SURYA stake TICON INTERNUSA • Jointly acquiring 22ha land in SLP Karawang (“SLP
Slide 34: Property: Rental Property Review
Business Segment Property: Rental Property Review • Rental properties, Graha Surya Internusa office building (GSI) and Glodok Plaza (GP) Occupancy Rate 2012 2013 2014 2015 2016 2017 GSI 92% 62% 0% 0% 0% 0% GP 84% 88% 90% 91% 90% 85% Revenue (in IDR billions) 2012 2013 2014 2015 2016 2017 31 23 ‐ ‐ ‐
Slide 35: Property: Operating Result
Financial Highlights Property : Operating Result (in IDR Billions) 2012 2013 2014 2015 2016 2017 Revenue 1,222 1,159 596 692 659 412 Revenue Growth 34% ‐5% ‐49% 16% ‐5% ‐37% Gross Profit 796 694 332 430 377 201 Gross Margin 65% 60% 56% 62% 57% 49% EBITDA 738 647 290 379 329 149 EBITDA Margin 60% 56%
Slide 36: 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 35
Slide 37: Construction - PT Nusa Raya Cipta Tbk
CONSTRUCTION - PT Nusa Raya Cipta Tbk (“NRCA”) 36
Slide 38: 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 39: Largest Market Share and Strong Customer Profile
Largest Market Share … …and Profitability Amongst Private Companies (2012-2017, Revenue, IDR Trillions) Profit Margin (%) – FY17 4.0 2.16 3.0 2.94 7.9% 2.0 1.80 7.1% 6.9% 3.03 1.0 5.1% 1.21 0.0 2012 2013 2014 2015 2016 2017 Nusa Raya Cipta Jaya Konstruksi Total Bangun Persada 1.3% Nusa Konstuksi Enj
Slide 40: PT Nusa Raya Cipta Tbk - Major Projects
Business Segment Construction : PT Nusa Raya Cipta Tbk - Major Projects New Contract Classification (in IDR billions) (in IDR Billions) 2014 2015 2016 2017 3,180 3,024 2,811 2,841 Contract on hand ‐ 3% 3% 5% 6% beginning 3,901 3,769 3,192 3,527 2% 3% 12% 10% 11% 13% 8% Contract obtained 3,180 3,024
Slide 41: Lintas Marga Sedaya Structure
Lintas Marga Sedaya Structure Cost Structure KSS (SSIA) 45.62% NRCA 14.38% IIR (SRTG) 40% [IDR 283bn] [IDR 120bn] Equity Mezzanine Senior Debt Loan 10% KSS (SSIA) 45.62% 20% Plus Bhaskara Expressway Utama Sedaya 70% Berhard (BUS) 55% 45% Note: • Mezzanine loan only can be repay by issuing new shares
Slide 42: CSPA on Toll Road Cikopo Palimanan
CSPA on Toll Road Cikopo Palimanan 26 January 2017: • KSS (SSIA) and Astratel have signed a Conditional Sale and Purchase Agreement (Perjanjian Jual Beli Bersyarat) with respect to certain rights in BUS and LMS ("KSS CSPA"). • NRCA and Astratel have signed a Conditional Sale and Purchase Agreement (
Slide 43: Construction: Operating Result
Business Segment Construction : Operating Result (in IDR Billions) 2012 2013 2014 2015 2016 2017 Revenue 2,024 3,006 3,311 3,601 2,476 2,164 Revenue Growth 28% 49% 10% 9% ‐31% ‐13% Gross Profit 193 251 302 324 253 215 Gross Margin 10% 8% 9% 9% 10% 10% Income from JO 4 63 176 112 31 27 EBITDA 175 298
Slide 44: Construction: Balance Sheet
Financial Highlights Construction : Balance Sheet In IDR Billions 2012 2013 2014 2015 2016 2017 Assets Cash & Cash Equivalents 120 351 276 338 446 657 Account Receivable 509 895 811 1,098 1,111 1,085 Project Advance 107 59 232 30 32 40 Investment Toll Road 120 120 125 125 0 Others 100 203 405 404 42
Slide 45: Construction Project Photos
The Branz BSD (Tangerang) Mangkuluhur (Jakarta) Dragon Resort (Labuan Bajo) PIK Mall (Jakarta) Ciputra World (Jakarta) Hotel and Apartment Tentrem (Semarang) 44
Slide 46: Hospitality
Hospitality - PT Suryalaya Anindita International (“SAI”) - PT Ungasan Semesta Resort (“USR”) - PT Surya Internusa Hotels (“SIH”) 45
Slide 47: Jakarta Hotel Market Fundamentals
Jakarta Hotel Market Fundamentals Source: Colliers 4Q 2017 Research & STR Global 46
Slide 48: Bali Hotel Market Fundamentals
Bali Hotel Market Fundamentals Source: Colliers 4Q 2017 Research & STR Global 47
Slide 49: Hotel Revenue, Occupancy Rate and RevPAR
Revenue Occupancy Rate (2013-2017, IDR Billions) (2012-2017) Opened Six BATIQA Hotels by 2016(1) 90% 80% 77.0% 70% 60.3% 60% Undergone 61.3%(2) 50% Renovation 674 691 40% 641 44.5% 30% 626 76 18 62 20% 576 14 2012 2013 2014 2015 2016 2017 144 162 151 Gran Melia Melia Bali Banyan Tree BATIQA 155 124
Slide 50: Hospitality Business: ARR and RevPAR
Hospitality Business ARR ($) 2012 2013 2014 2015 2016 2017 GMJ 115 122 117 117 109 103 MBH 111 108 107 96 94 101 BTUR 507 547 527 487 442 466 BATIQA (Rp) N/A N/A 547,355 527,990 303,507 300,366 Room RevPAR ($) 2012 2013 2014 2015 2016 2017 GMJ 43 66 56 59 50 46 MBH 89 84 84 69 73 77 BTUR 318 313 324
Slide 51: Hospitality: Operating Result
Business Segment Hospitality : Operating Result (in IDR Billions) 2012 2013 2014 2015 2016 2017 Revenue 473 580 626 655 678 697 Revenue Growth 5% 23% 8% 5% 3% 29% Gross Profit 321 390 421 430 432 441 Gross Margin 68% 67% 67% 66% 64% 63% EBITDA 132 179 170 145 145 147 EBITDA Margin 28% 31% 27% 22% 21
Slide 52: Photos of Gran Melia Jakarta
Photos of Gran Melia Jakarta Café Gran Via Café Gran Via Guest Room Lobby 51
Slide 53: Photos of Melia Bali Hotel
Photos of Melia Bali Hotel Villa Main Pool Lobby Hotel Family Suite Room 52
Slide 54: 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 53
Slide 55: Photos of BATIQA Hotels
Photos of BATIQA Hotels Suite Room FRESQA Bistro Exterior view of BATIQA Hotel Cirebon Lobby Meeting Room 54
Slide 56: Strategic Industrial and Hotel 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 57: Thank You
suryainternusa Thank You INDONESIA 56
Slide 58: 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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