Pt Surya Semesta Internusa Tbk · IDX:SSIA
Pt Surya Semesta Internusa Tbk — 9M 2015 Earnings Presentation
51 slides from Pt Surya Semesta Internusa Tbk's earnings presentation, November 2015
Slide 1: PT Surya Semesta Internusa Tbk Review Nine Months 2015
PT SURYA SEMESTA INTERNUSA TBK (“SSIA”) Review Nine Months 2015 www.suryainternusa.com 0
Slide 2: Table of Contents
Table of Contents Surya Semesta Internusa in Summary • Milestones Review of Business Segments • Major Subsidiaries, Shareholders & Management PROPERTY • Investment Portfolio • PT Suryacipta Swadaya (“SCS”) • Strategic Roadmap • PT TCP Internusa (“TCP”) • Indonesia Economic • PT Sitiagung Makmur (“SA
Slide 3: Surya Semesta Internusa in Summary
Surya Semesta Internusa in Summary 2
Slide 4: Developed 1,400 hectare industrial estate
PT Surya Semesta Internusa Tbk Operating track record in property sector can be traced back to over 40 years in early 1970s 2014 Significant growth since IPO Acquired 2012 – Raised over IDR 545 billion equity(1) Issued IDR ~300ha(3) land – Raised over IDR 700 billion in debt 700 billion bond b
Slide 5: Surya Semesta Internusa in Summary Company Highlights
Surya Semesta Internusa in Summary Company Highlights Shareholding Structure Established and commenced operations in 1971, SSIA’s primary 9.6% businesses are in construction, property and hospitality sectors 9.5% PT Arman Investments Utama PT Union Sampoerna 7.9% PT Persada Capital Investama One
Slide 6: Board of Commissioners and Board of Directors
Board of Commissioners >33 Years >50 Years >30 Years >33 Years >15 Years Experience Experience Experience Experience Experience Hagianto Kumala Royanto Rizal William Jusman Steen Dahl Poulsen Arini Subianto President Commissioner Commissioner Commissioner Commissioner Commissioner (Independent) Prio
Slide 7: Corporate Structure and Key Projects
Corporate Structure and Key Projects PT Surya Semesta Internusa Tbk Market cap: IDR 3.1tn / US$ 212mm 100% 100% 100% 60.8% 27%(1) 100% 86.8% 100% PT Nusa Raya Cipta Tbk PT Lintas PT Suryalaya PT Suryacipta PT TCP PT Sitiagung PT Ungasan PT Surya Market Cap: IDR Marga Anindita Swadaya Internusa Makmu
Slide 8: Geographical Presence Across Indonesia
Geographical Presence Across Indonesia Presence in Nine Indonesian Cities Medan Karawang Subang Project Pipeline Regional office for Nusa Raya Suryacipta Industrial Estate Cikopo-Palimanan Palembang (Batiqa Hotel — 2015) - Soft opening on 5 Nov 2015 Cipta (“NRC”) (1,400ha) Toll Road Pekanb
Slide 9: Strategic Roadmap
Strategic Roadmap Vision: To build a better Indonesia through a reliable, trusted and respected Indonesia property, hospitality and construction group of companies Continued focus on the construction and development of 1 Indonesian properties Prudent land banking strategy to deliver sustainable and
Slide 10: Indonesia Economic Indicator
Indonesia Economic Indicator Economic Growth (%YoY) Exchange Rate (Rp/US$) 7.0% 15,000 14,000 6.5% 13,000 6.0% 12,000 5.5% 11,000 5.0% 10,000 4.5% 9,000 8,000 4.0% 2010 2011 2012 2013 2014 1Q15 1H15 9M15 Inflation BI Rate 10% 10% 8% 9% 7% 8% 5% 7% 4% 6% 2% 5% Source: Bank Indonesia, Indonesian Burea
Slide 11: 9M15 Financial Highlights
9M15 Financial Highlights • SSIA recorded consolidated revenue of IDR 3,856b in 9M15, increased by 19% from IDR 3,254b in 9M14 • The industrial estate unit posted sales of 18.7 hectares of industrial land in 9M15 with an average sales price of US$ 146 per m2 or a total of IDR 350b compared to 9M14 s
Slide 12: Revenue and EBITDA By Business Segments for 9M15
Revenue and EBITDA By Business Segments for 9M15 Revenue Across Business Segments EBITDA Across Business Segments (9M 2015) (9M 2015) 12% 14% 31% 18% 70% 55% Construction Property Hospitality Constrution Property Hospitality 11
Slide 13: Consolidated Revenue
Consolidated Revenue (2010-2014, IDR Billions) 4,583 4,464 580 626 3,856 3,565 3,254 490 2,879 473 472 449 2,843 1,870 3,243 1,690 2,689 64 1,520 2,416 413 987 1,222 1,159 909 596 676 235 366 (1) 2010A 2011A 2012A 2013A 2014A 9M14A 9M15A Property Construction Hospitality Others – PPI Recurring Reven
Slide 14: Gross Margins by Segment
Gross Margins Hotel Gross Margins % Property Gross Margins % 100% 70% 65.0% 65.9% 80% 67.9% 67.2% 67.3% 66.8% 60.0% 60% 60% 56.0% 40% 50% 20% 0% 2012A 2013A 2014A 9M15A 40% Construction Gross Margins % 30% 20% Increase in material price due to USD appreciation 20% 15% 9.6% 9.1% 9.1% 10% 8.3% 10% 5%
Slide 15: Consolidated Operating Results
Financial Highlights Consolidated Operating Results (Rp in billions, unless stated otherwise) 2010 *) 2011 2012 2013 2014 9M14 9M15 Revenue 1,690 2,879 3,565 4,583 4,464 3,254 3,856 Revenue Growth 14% 70% 24% 29% ‐3% ‐3% 18% Gross Profit 478 782 1,296 1,320 1,054 765 1,019 Gross Profit Margin 28% 27
Slide 16: Consolidated Revenue by Business Segment
Financial Highlights Consolidated Revenue by Business Segment In bio Rp 2010 2011 2012 2013 9M14 2014 9M14 9M15 Property 235 909 1,222 1,159 366 596 366 676 Segment percentage 14% 32% 34% 25% 11% 13% 11% 18% Construction 978 1,520 1,870 2,843 2,416 3,243 2,416 2,689 Segment percentage 58% 53% 52% 62
Slide 17: Consolidated EBITDA by Business Segment
Financial Highlights Consolidated EBITDA by Business Segment In bio Rp 2010 2011 2012 2013 2014 9M14 9M15 Property 73 328 738 647 290 199 422 Segment percentage 33% 63% 74% 63% 36% 34% 60% Construction 66 99 144 240 386 290 241 Segment percentage 30% 19% 15% 23% 49% 50% 35% Hospitality 100 109 132 1
Slide 18: Consolidated Net Profit by Business Segment
Financial Highlights Consolidated Net Profit by Business Segment In bio Rp 2010 2011 2012 2013 2014 9M14 9M15 Property 34 235 646 630 245 147 462 Segment percentage 30% 91% 91% 91% 59% 64% 97% Construction 26 32 65 128 194 138 100 Segment percentage 22% 13% 9% 19% 47% 61% 21% Hospitality 13 4 17 46
Slide 19: Consolidated Balance Sheet
Financial Highlights Consolidated Balance Sheet In bio Rp 2010 2011 2012 2013 2014 9M15 Current Assets 765 1,446 2,920 3,268 2,564 2,773 Cash & ST investments 255 585 1,893 1,725 1,176 1,099 Others 510 861 1,028 1,544 1,388 1,674 Investment in share of Stock 4 4 285 408 480 503 Real estate assets 74
Slide 20: Key Performance Ratios
Financial Highlights Key Performance Ratios 2010 2011 2012 2013 2014 9M15 Bank/Third parties Loan IDR denominated in Billion Rp 367 466 1,316 1,279 1,279 1,305 US$ denominated in Million US$ 43.1 18.3 6.3 3.2 ‐ ‐ Total Debt in Billion Rp 755 632 1,377 1,318 1,279 1,305 Debt to Equity Ratio 87% 57% 8
Slide 21: Review of Business Segments
Review of Business Segments 20
Slide 22: Property
PROPERTY - PT Suryacipta Swadaya (“SCS”) - PT TCP Internusa (“TCP”) - PT Sitiagung Makmur (“SAM”) 21
Slide 23: Foreign and Domestic Direct Investment Realization vs Industrial Land Sales
Foreign Direct Investment and Domestic Direct Investment Realization (LHS) vs Statistic of Industrial Land Sales in West Java Area (RHS) 45.0 1400 40.0 1200 35.0 12.3 13.2 1000 30.0 9.8 US$ b 9.7 9.1 800 25.0 6.7 8.7 20.0 28.5 600 15.0 24.6 21.7 19.5 21.3 400 10.0 28.6 16.2 200 5.0 0.0 0 2010 2011 2
Slide 24: Industrial Sector Fundamentals
Industrial Sector Fundamentals Source: Colliers 3Q2015 Research 23
Slide 25: Industrial Sector Fundamentals
Industrial Sector Fundamentals Source: Colliers 3Q2015 Research 24
Slide 26: 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 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: Suryacipta City of Industry ASP and Property Revenue
Suryacipta City of Industry ASP (US$ / sqm) 200 146 128 94 103 100 40 43 0 2010A 2011A 2012A 2013A 2014A 9M15 Property Business Segment Revenue (2010-2014, IDR Billions) Decrease driven by - Uncertain political 1,600 climate (elections) 1,400 - One-off dispute with Increase driven by 1,221 1,159 loc
Slide 29: 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 Land Sales Booked 2010 2011 2012 2013 2014 9M14 9M15
Slide 30: Property: Industrial Estate Review (Rental)
Business Segment Property: Industrial Estate Review • Rental properties, Graha Surya Internusa office building (GSI) and Glodok Plaza (GP) Occupancy Rate 2010 2011 2012 2013 2014 9M14 9M15 GSI 89% 90% 92% 62% 0% 0% 0% GP 72% 81% 84% 88% 90% 92% 92% Revenue (in bio Rp) 2010 2011 2012 2013 2014 9M14 9
Slide 31: Property: Operating Result
Financial Highlights Property : Operating Result (in billion Rp) 2010 2011 2012 2013 2014 9M14 9M15 Revenue 235 909 1,222 1,159 596 366 676 Revenue Growth 124% 287% 34% ‐5% ‐49% ‐59% 85% Gross Profit 100 358 796 694 332 225 451 Gross Margin 43% 39% 65% 60% 56% 62% 67% EBITDA 73 328 738 647 290 199 4
Slide 32: Photos of Suryacipta City of Industry
Photos of Suryacipta City of Industry Suryacipta City of Industry Entrance Commercial Area Developement Toll Exit Leading to Suryacipta City of Industry 31
Slide 33: Construction - PT Nusa Raya Cipta Tbk
CONSTRUCTION - PT Nusa Raya Cipta Tbk (“NRC”) 32
Slide 34: Market Share, Profitability and Customer Profile
Largest Market Share … …and Profitability Amongst Private Companies (2010-2014, Revenue, IDR Trillions) Profit Margin (%) – 9M15 Average: 3.6% 9.2% 5.5% 2.7% 1.6% 0.9% Source: IDX Note: Jaya Konstruksi revenue only from construction sector Nusa Raya Cipta TOTAL ACSET Jaya Konstruksi Nusa Konstruksi
Slide 35: 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 36: Construction: Major Projects and Contracts
Business Segment Construction : PT Nusa Raya Cipta Major Projects and Contracts Major projects obtained in 2015, including: 2014 Major Projects − Praxis Hotel & Apartemen Surabaya, Palma Tower 2, Jakarta − Apartemen Regatta Phase 2 Jakarta, Mangkuluhur City, Jakarta − Hotel Pullman Ciawi Jakarta Pad
Slide 37: Trans Java Toll Road Network
Trans Java Toll Road Network(1) Cikopo-Palimanan Toll Road Soekarno-Hatta Future Merak International Karawang Airport Jakarta Airport Bekasi Tangerang Cikopo Bogor Suryacipta Palimanan Subang City of Industry Cirebon Kanci Pandalarang Pemalang Pekalongan Sumedang Cianjur Pejagan Semarang Sukabumi
Slide 38: Construction: Operating Result
Business Segment Construction : Operating Result (in Rp billions) 2010 2011 2012 2013 2014 9M14 9M15 Revenue 978 1,520 1,870 2,843 3,243 2,416 2,689 Revenue Growth 12% 55% 23% 52% 14% 18% 11% Gross Profit 100 133 178 236 302 223 245 Gross Margin 10% 9% 10% 8% 9% 9% 9% EBITDA 66 99 144 240 386 290 24
Slide 39: Construction project photos
Lombok Epicentrum Mall (Mataram) Soho @ Podomoro City (Jakarta) Regatta (Jakarta) PIK Mall (Jakarta) Ciputra World 2 (Jakarta) Paddington Heights (Tangerang) 38
Slide 40: Cikopo - Palimanan Toll Road
Cikopo - Palimanan Toll Road 39
Slide 41: Hospitality
Hospitality - PT Suryalaya Anindita International (“SAI”) - PT Ungasan Semesta Resort (“USR”) - PT Surya Internusa Hotels (“SIH”) 40
Slide 42: Hospitality Revenue, Occupancy Rate and RevPAR
Revenue Occupancy Rate (2010-2014, IDR Billion) (2010-2014) Plan to open seven Batiqa Hotels by 90% 2017(1) 80% 71% 70% 66% 60% Undergone 53% 626 50% Renovation 50% 40% 580 30% 20% 2010 2011 2012 2013 2014 9M14 9M15 473 449 Gran Melia Melia Bali Banyan Tree Batiqa 413 Room RevPar (2010-2014, US$) (2
Slide 43: Hospitality Business
Hospitality Business ARR ($) 2010 2011 2012 2013 2014 9M14 9M15 GMJ 78 90 115 122 117 118 121 MBH 93 111 111 108 107 107 98 BTUR 394 459 507 547 527 525 486 BKR (Rp) N/A N/A N/A N/A 547,355 511,018 543,435 Room RevPAR ($) 2010 2011 2012 2013 2014 9M14 9M15 GMJ 56 46 43 66 56 56 60 MBH 76 90 89 84 84
Slide 44: Hospitality: Operating Result
Business Segment Hospitality : Operating Result (in billion Rp) 2010 2011 2012 2013 2014 9M14 9M15 Revenue 413 449 473 580 626 472 490 Revenue Growth 19% 9% 5% 23% 8% 13% 4% Gross Profit 274 291 321 390 421 316 323 Gross Margin 66% 65% 68% 67% 67% 67% 66% EBITDA 100 109 132 179 170 128 110 EBITDA Ma
Slide 45: Photos of Gran Melia Jakarta
Photos of Gran Melia Jakarta Café Gran Via Café Gran Via Guest Room Lobby 44
Slide 46: Photos of Melia Bali Hotel
Photos of Melia Bali Hotel Villa Main Pool Aerial View, MBH Nusa Dua Family Suite Room 45
Slide 47: Photos of Banyan Tree Ungasan Resort
Photos of Banyan Tree Ungasan Resort 46
Slide 48: Photos of BATIQA Hotels
Photos of BATIQA Hotels Suite Room FRESQA Bistro Exterior view of BATIQA Hotel Cirebon Lobby Meeting Room 47
Slide 49: 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 50: Thank You
suryainternusa Thank You INDONESIA 49
Slide 51: 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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