Pt Pakuwon Jati Tbk · IDX:PWON
Pt Pakuwon Jati Tbk — 1Q 2024 Earnings Presentation
46 slides from Pt Pakuwon Jati Tbk's earnings presentation, 2024
Slide 1: Results Presentation – 9M 2023 – 1Q 2024
Confidential Pakuwon Jati Pakuwon Jati Results Presentation Results Presentation – 9M 2023 – 1Q 2024
Slide 2: Disclaimer
Disclaimer By attending this presentation, you are agreeing to be bound by the restrictions set out below. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. The information and opinions contained in this presentation are intended solely for your
Slide 3: Table of contents
Table of contents Section 1 Achievement Highlights 3 Section 2 Projects Development 14 Section 3 Financial Highlights 24 Section 4 Sustainability Achievements 30 Section 5 Notes 2028 Summary 33 Section 6 Strategy Going Forward 35 Appendix Supporting asset details 40 2
Slide 4: Achievement Highlights
Section 1 Section 1 Achievement Highlights
Slide 5: Achievement highlights in 1Q'2024
Achievement highlights in 1Q’2024 Financial Rating Upgrade ✓ 1Q 2024 revenue of Rp 1,530bn (c.US$96,5m), ✓ Moody’s upgrade PWON rating from recorded double-digit growth of recurring revenue. Ba2 to Ba1 in March 2024, outlook : ✓ 1Q2024 EBITDA of Rp833bn (c.US$52,5m), with a stable resilient EBITDA m
Slide 6: Recurring operation highlights
Recurring operation highlights Recurring revenue contributed 78% of total revenue in 1Q 2024 Recurring Revenue (Rp bn) 12% 5% 11% 1,084 1,201 Pakuwon Mall Jogja Revenue 1Q 23 Retail Leasing Hotel & Service Office Leasing Revenue 1Q 24 Apartment A brief explanation of the growth: - Retail leasing gre
Slide 7: Retail: High quality mall portfolio
Retail: High quality mall portfolio Minimum lease termination keeping PWON malls highly occupied with prominent tenants Historical Occupancy Lease Expiry Profile (NLA breakdown) O c c upanc y 2019 2020 2021 2022 2023 1Q 2024 Kota Kasablanka Mall (116k sqm) 99% 99% 99% 100% 99% 100% Jakar ta As % Gan
Slide 8: Retail: Well-diversified tenant base
Retail: Well-diversified tenant base Diverse and attractive tenants supporting PWON malls as lifestyle destination Retail mall tenant base breakdown by leased area (%) Our reputable tenants : Electronics Others 1 2,0% 5,6% Health and beauty 4,5% Fashion retail 20,2% Service 9,7% Supermarket 6,7% Dep
Slide 9: Office operational highlights
Office operational highlights Integrated concept within the superblock to best support work-life balance O c c upanc y 2019 2020 2021 2022 2023 1Q 2024 Kota Kasablanka Office 88 (57k sqm) 95% 92% 93% 91% 93% 94% Jakar ta Prudential Center (32k sqm) 89% 87% 70% 73% 79% 81% Pakuwon Tower Jakarta (80k
Slide 10: Hotel operational highlights
Hotel operational highlights Leading brands in hospitality driving the Revpar high Revpar (Rp '0 0 0 /room/day) 2019 2020 2021 2022 2023 1Q 2024 1 Q 2 0 2 3 % Chg Somerset Berlian 680 400 415 530 589 552 568 -3% Jakar ta Ascott Waterplace 785 489 550 722 747 762 700 9% Sheraton Grand Jakarta 1,000 2
Slide 11: Residential Pre-Sales
Residential Pre-Sales Total pre-sales in 1Q2024 were Rp 385bn, which was supported by government incentives (Rp bn) GSA Handover 1.800 Superblock / Township Project name Segment % Sold Progress update 12 (sqm) Schedule 1.600 1,503 12 1,500 1,434 2 1.400 1,342 Angelo Condo 36.9k 95% Completed 2018 Ko
Slide 12: Grand Pakuwon Township
Grand Pakuwon Township Location: West Surabaya Launch: 2013 Landbank: 150.9ha Market Segment: Middle to middle-high Presales 1Q 2024: Rp109,3bn House Price Range: Rp908m to Rp6,2bn Average Unit Price: Rp2,3bn Units Sold: 43 units Units Stock: 166 units Others: Latest cluster Gladstone 11
Slide 13: Pakuwon City Township
Pakuwon City Township Location: East Surabaya Launch: 1994 Landbank: 235.4 ha Market Segment: Middle to middle-high Presales 1Q 2024: Rp48,8bn House Price Range: Rp1,7bn to Rp10,7bn Average Unit Price: Rp3,8bn Units Sold: 6 units Units Stock: 91 units Others: Latest cluster Aruba Villa 12
Slide 14: Mortgage strongly supported presales
Mortgage strongly supported presales Presales per Payment Method Presales per Unit Price 5% 8% 7% 12% 6% 6% 26% 27% 31% 27% 31% 44% 42% 52% 48% 64% 70% 70% 35% 54% 37% 34% 56% 51% 18% 21% 22% 33% 19% 30% 25% 32% 16% 23% 16% 17% 24% 16% 19% 8% 13% 4% 2020 2021 2022 2023 1Q 24 1Q 23 2020 2021 2022 202
Slide 15: Projects Development
Section 2 Section 1 Projects Development
Slide 16: Organic assets growth
Organic assets growth Continue expanding organically to bolster income growth Retail Leasing NLA Growth (sqm) Hotel Room Growth (rooms) 10% 2% 2% 35% 11% 5% 5% 18% 2% 11% 19% 17% 9% 1.080k 4.786 783k +38% 2.284 +110% Current PCM Bekasi Kokas Semarang Batam IKN Gandaria Plan 2029 Current PCM Bekasi K
Slide 17: Current Development – Bekasi Superblock
Current Development – Bekasi Superblock Type: Mixed use Total Land size: 3.6 ha Land size Phase 1: 2.7 ha Project value: IDR 2,6tn Retail: 43K sqm NLA, open in Nov 2024 Hotel: 384 rooms, open in 2025 Residential: 100K sqm GSA Target completion: 2024-2027 16
Slide 18: Existing Expansion – Pakuwon City Mall (Phase 3)
Existing Expansion – Pakuwon City Mall (Phase 3) Type: Mixed use Land size: 1.1 ha Project value: IDR 1,2tn Retail: 15K sqm NLA open in Oct 2024 Hotel: 216 rooms open in 2026 Residential: 52K sqm GSA Target completion: 2024 -2026 17
Slide 19: Existing Expansion – Kokas (Phase 4)
Existing Expansion – Kokas (Phase 4) Type: Mixed use Land size: 3.3 ha Project value: IDR 3,7tn Retail: 56K sqm NLA Hotel: 384 rooms Residential: 116K sqm GSA Target Completion: 2028-202918
Slide 20: Existing Expansion – Gandaria City (Phase 2)
Existing Expansion – Gandaria City (Phase 2) Type: Mixed use Land size: 1.1 ha Project value: IDR 2,5tn Retail: 12K sqm NLA Office: 30K sqm GSA Residential: 62K sqm GSA Target completion: 2028-2030 19
Slide 21: Existing Expansion – Pakuwon Mall (Phase 5)
Existing Expansion – Pakuwon Mall (Phase 5) Type: Mixed use Land size: 2.1 ha Project value: IDR 1,8tn Residential: 141K sqm GSA Target completion: 2027-2029 20
Slide 22: Future Development – IKN (Phase 1)
Future Development – IKN (Phase 1) Type: Mixed use Total Land size: 7.2 ha Land size phase 1: 1.9 ha Project value: IDR 651bn Retail: 16K sqm NLA Hotel: 295 rooms Target completion: 2026-2027 21
Slide 23: Future Development – Semarang (Phase 1)
Future Development – Semarang (Phase 1) Type: Mixed use Total Land size: 13 ha Land size phase 1: 2,7 ha Project value: IDR 3,1tn Retail: 90K sqm NLA Hotel: 260 rooms Residential: 103K sqm GSA Target completion: 2028-2030 22
Slide 24: Future Development – Batam (Phase 1)
Future Development – Batam (Phase 1) Type: Mixed use Total Land size: 12.4 ha Land size phase 1: 2.7 ha Project value: IDR 4,1tn Retail: 78K sqm NLA Hotel: 610 rooms Residential: 126K sqm GSA Target completion: 2029-2031 23
Slide 25: Financial Highlights
Section 3 Section 1 Financial Highlights
Slide 26: Results summary
Results summary (Rp bn unless otherwise stated) 1Q 2024 1Q 2023 % Growth Comments Revenue 1,530 1,385 11% Recurring revenue 1,201 1,084 11% Increased primarily due to rental revenue Development revenue 329 301 9% Increased primarily due to condominium recognition Gross Profit 852 747 14% Gross Profi
Slide 27: Well-diversified portfolio
Well-diversified portfolio Development and investment properties diversified across multiple segments and target customers provide income stability Revenue breakdown by segment Revenue breakdown by project Central Bali 0,2 1,0 100 6,3 7,8 100 Java 3,0 1,7 1,7 Bali Development 4,7 1,6 10,2 9,4 4,9 Of
Slide 28: Strong growth & delivering consistent profitability
Strong growth & delivering consistent profitability Revenue (Rp bn) Gross Profit (Rp bn) 8.000 5.000 56,3% 55,6% 58 7.000 54,8% 53,8% 54,0% 56 6.000 4.000 3.509 1.531 48,4% 54 5.000 2.118 3.000 52 4.000 3.016 48,8% 3.000 1.677 2.000 50 2.000 4.669 48 3.693 3.870 2.698 301 329 1.000 1.000 2.300 46 1.
Slide 29: Strong financial position and prudent balance sheet
Strong financial position and prudent balance sheet Ample of cash and cash equivalents to support existing, future and opportunistic land and operating assets (Rp bn unless otherwise stated) 1Q 2024 FY 2023 Growth Comments Cash and Cash Equivalents 8,173 7,606 7.45% Increased mainly from retail leas
Slide 30: Well balanced debt maturity profile
Well balanced debt maturity profile Debt maturity profile (Rp bn) Average debt maturity of 4.14 years, with average cost of debt 5.44% p.a.1 0% 0% 0% 0% 0% 100% US$ 125m Lower-upper Strike : Rp15,000-Rp16,500 US$ 125m Lower-upper Strike : Rp15,500-Rp17,000 US$ 64m Lower-upper Strike : Rp16,000-Rp17,
Slide 31: Sustainability Achievement
Section 4 Section 1 Sustainability Achievement
Slide 32: Sustainability Achievements
Sustainability Achievements Saving Initiatives Achievements in 2023 Replacement of Installment of Installment of Added Crawling Solar Panel LED Lamps VSD CO2 Sensors Speed Escalator Saving Value Saving Value Saving Value Saving Value Saving Value 707.752 678.985 124.567 24.192 371.649 kWh kWh kWh kW
Slide 33: Sustainability Achievements
Sustainability Achievements Target Saving Initiatives in 2024 Replacement of Installment of VSD Added Crawling Inventer Solar Panel Chiller Efficiency LED Lamps Speed Escalator Installment Saving Value Saving Value Saving Value Saving Value Saving Value Saving Value 306.090 118.800 27.145 1.387.333
Slide 34: Notes 2028 Summary
Section 5 Section 1 Notes 2028 Summary
Slide 35: Bond summary
Bond summary Remark Initial Notes Additional Notes Issuer PT Pakuwon Jati Tbk PT Pakuwon Jati Tbk Series Name Senior Unsecured Note due 2028 Senior Unsecured Note due 2028 Nominal Value US$300,000,000 US$100,000,000 Issuance Date April 29, 2021 May 17, 2021 Issue Price 100% 103.118% Tenor 7 years 7
Slide 36: Strategy Going Forward
Section 6 Section 1 Strategy Going Forward
Slide 37: Winning business strategy
Winning business strategy ✓ Continue to build strong recurring cashflows as leverage for further expansion ✓ Enhance development pre-sales to complement recurring income 1 Well diversified income ✓ Continue to construct, own, and manage high quality, complementary retail, office and hotel properties
Slide 38: Geographically diversified portfolio
Geographically diversified portfolio 37
Slide 39: Sufficient land bank for >10 years of development
Sufficient land bank for >10 years of development Disciplined land banking strategy to sustain growth and high margins; further land banking purely opportunistic and discretionary Land bank summary Land bank breakdown by location Land under Additional land Total land Location Project development Bat
Slide 40: 41 years track record of growth
41 years track record of growth Acquired Four Points Moody’s upgrade by Sheraton Bali, PWON rating from Ba2 Kuta; Batam and to Ba1 in March 2024, Semarang Land plot; outlook : stable IKN groundbreaking Pakuwon Jati established to 1st property company to Completed Tunjungan Plaza Started the developm
Slide 41: Supporting Asset Details
Appendix Section 1 Supporting Asset Details
Slide 42: Portfolio overview – Jakarta
Portfolio overview – Jakarta Kota Kasablanka Gandaria City Bekasi Project Somerset Berlian Blok M Plaza Description Superblock Superblock Superblock Serviced apartment Retail mall • 12.9ha located right next to Jakarta’s • 3rd largest superblock in South Jakarta • 3,6 ha located at West Bekasi Conta
Slide 43: Portfolio overview – Surabaya
Portfolio overview – Surabaya Tunjungan City Pakuwon Mall Grand Pakuwon Pakuwon City Royal Plaza Description Superblock Superblock Township Superblock & Township Retail mall • 8.8ha located in prime central precinct • 16.9ha located in affluent neighborhood • Self contained city in West Surabaya • S
Slide 44: Portfolio overview – Central Java
Portfolio overview – Central Java Pakuwon Mall Jogja Yogyakarta Marriott Hotel Pakuwon Mall Solo Baru Semarang Description • Middle-upper retail market in Yogyakarta, • Marriott hotel in Yogyakarta • Mid-market retail mall in Solo commercial • 13ha located in upper Semarang, in the largest shopping
Slide 45: Portfolio overview – Bali
Portfolio overview – Bali Four Points by Sheraton Bali, Kuta Asset pictures Four Points by Sheraton Bali, Kuta Description • Located in the heart of the Legian- Kuta region • Only seven kilometers from Bali Ngurah Rai International Airport. Residential Office (for sale) Retail Office (for lease) Hos
Slide 46: Portfolio overview – Other cities
Portfolio overview – Other cities Batam IKN Artist Rendering - IKN Superblock Superblock Description • 12.4ha in the city center of Batam, 5 • 7.2ha in front of the civic plaza and minutes from Nagoya Hills next to the palace Residential • 3 condos, 2.447 unit, 126 GSA Office (for sale) Retail • 78K