PT Lippo Karawaci Tbk · IDX:LPKR
PT Lippo Karawaci Tbk — H1 2015 Earnings Presentation
56 slides from PT Lippo Karawaci Tbk's earnings presentation, 2015
Slide 1: Right Place, Right Time, Right Company
Right Place, Right Time, Right Company PT Lippo Karawaci Tbk 1H 2015 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 25.98% 74.02% As of 30 Jun 2015 No. of Outstanding Shares : 23,077,689,619 Code : LPKR.JK ; LPKR IJ DEVELOPMENT REVENUE RECURRING REVENUE ASSET TOWNSHIPS LARGE INDUSTRIAL OFFICE HOSPITALS COMMERCIAL MANAGEMENT SCALE AND PROJECTS INTEGRATED COMMERCIA
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 1H’2015: USD 358 million and USD 3 billion, respectively. Fastest growing Indonesian real estate group market cap grew by more than 10x to USD 2 billion1 since the mer
Slide 5: Four Business Divisions
FOUR BUSINESS DIVISIONS RESIDENTIAL AND ASSET URBAN DEVELOPMENT HOSPITALS COMMERCIAL MANAGEMENT Development rights: 20 hospitals with more Malls: Manages 2 public than 4,700 beds capacity Own and/or manage listed REITs in SGX : 8,058 ha under the Siloam 43 malls First REIT & LMIRT Hospitals network.
Slide 6: Revenue & EBITDA Contribution
REVENUE & EBITDA CONTRIBUTION REVENUE EBITDA 1H’15: Rp4.747 Trillion 1H’15: Rp1.303Trillion 23% 44% 42% 59% 9% 8% 6% 9% Residential & Urban Development Commercial Hospitals Asset Management Source : Company as of 1H’2015 04
Slide 7: Income Statements: 1H'2015 and 1H'2014
INCOME STATEMENTS : 1H’2015 AND 1H’2014 REVENUE 1H’15: RP 4.747 TRILLION 16% EBITDA 1H’15: RP 1.303 TRILLION 20% REVENUE 1H’14: RP 4.109 TRILLION EBITDA 1H’14: RP 1.085 TRILLION Rp bn Rp bn 900 2.500 2.102 800 774 1.918 1.987 2.000 700 658 600 1.568 1.500 500 400 1.000 301 300 208 200 500 142 374 32
Slide 8: Diversified Landbank and Projects
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 Balikp
Slide 9: Diversified Landbank and Projects: Greater Jakarta
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 Town
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: Theo L. Sambuaga Surjadi Soedirja Agum Gumelar Tanri Abeng Farid Harianto H. Sutiyoso Muladi Viven Sitiabudi Chairman Vice Chairman BOARD OF DIRECTORS: Ketut Budi Wijaya Johanes Jany * Tjokro Libianto Stephen Choo Jenny Kuistono Ra
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 284 ha Planned Development Development Period Residential Total Towers Bu
Slide 14: Residential & Urban Development: Lippo Cikarang
RESIDENTIAL & URBAN DEVELOPMENT LIPPO CIKARANG, JAKARTA EAST Artist Impression Development Rights Land already acquired Landbank inventory Development Area Open Area Total Area Residential 887 ha 981 ha 157 ha 236 ha 44 ha 280 ha Industrial 2,364 ha 1,776 ha 288 ha Planned Development Development Pe
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 644 ha 300 ha 500 ha 125 ha 93 ha (+ 14 ha family center &
Slide 16: A Landmark Project – South Jakarta
A LANDMARK PROJECT – SOUTH JAKARTA THE COSMOPOLITAN THE INFINITY SOLD (AS OF 30 JUNE 2015) 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 THE EMPIRE THE TIFFANY THE IN
Slide 17: Landmark project sales status
TOTAL LAND AREA : 11.4 Ha PRESIDENTIAL SUITE (140 units) ROYAL SOLD (AS OF 30 JUNE 2015) 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 bio Rp 356 bio Rp 367 bio New A
Slide 18: Projects Launched in 1H 2015
PROJECTS LAUNCHED IN 1H’ 2015 PASADENA SUITES MONACO BAY HOLLAND VILLAGE BURBANK ORANGE COUNTY, LC MANADO, NORTH SULAWESI MANADO, NORTH SULAWESI ORANGE COUNTY, LC Type : Apartments Type : Apartments Type : Landed Houses Type : Apartments Location : Cikarang, Location : Manado, Location : Manado, Loc
Slide 19: Pre-Sold Projects Under Construction (Launched 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 (Launched 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: Mature Hospitals
21 Mature Hospitals SILOAM HOSPITALS LIPPO VILLAGE SILOAM HOSPITALS CIKARANG BEKASI (East of Jakarta) 308 Bed Capacity JCIA 114 Bed Capacity 274 Operational Beds 108 Operational Beds 231 GP and Specialists 91 GP and Specialists 430 Nurses 165 Nurses Centre of Excellence : Cardiology, Neuroscience, C
Slide 22: Developing Hospitals
22 Developing Hospitals SILOAM HOSPITALS JAMBI SILOAM HOSPITALS PALEMBANG EAST SUMATERA SOUTH SUMATERA 94 Bed Capacity 357 Bed Capacity 84 Operational Beds 135 Operational Beds 68 GP and Specialists 137 GP and Specialists 123 Nurses 185 Nurses Centre of Excellence : Emergency Centre of Excellence :
Slide 23: New Hospitals
23 New Hospitals SILOAM HOSPITALS PURWAKARTA SILOAM HOSPITALS KUPANG WEST JAVA EAST NUSA TENGGARA 202 Bed Capacity 416 Bed Capacity 169 Operational Beds 100 Operational Beds 47 GP and Specialists 76 GP and Specialists 160 Nurses 123 Nurses Centre of Excellence : Emergency Centre of Excellence : Emer
Slide 24: Distinct Market Segment Hospitals
24 Distinct Market Segment Hospitals SILOAM GENERAL HOSPITAL (RSUS) BIMC KUTA TANGERANG (West of Jakarta) BALI 640 Bed Capacity 19 Bed Capacity 250 Operational Beds 18 Operational Beds 52 GP and Specialists 51 GP and Specialists 256 Nurses 66 Nurses Centre of Excellence : Emergency Centre of Excelle
Slide 25: Dominant Position in Retail Development & Property Management
DOMINANT POSITION IN RETAIL DEVELOPMENT & PROPERTY MANAGEMENT MANAGES 43 MALLS THROUGHOUT INDONESIA 3.1 million sqm GFA As of Jun 30, 2015 : Overall average occupancy 83% and 94% in LMIRT properties LIPPO MALL PURI PX PAVILLION LIPPO MALL KUTA MAXXBOX KARAWACI NEW MALLS IN THE PIPELINE: MAXXBOX
Slide 26: Manages Hotels Throughout Indonesia
MANAGES 8 HOTELS THROUGHOUT INDONESIA As of Jun 30, 2015 : Overall average occupancy 66% HOTEL ARYADUTA HOTEL ARYADUTA HOTEL ARYADUTA HOTEL ARYADUTA HOTEL ARYADUTA LIPPO VILAGE (190 rooms) JAKARTA (302 rooms) MEDAN (197 rooms) PEKANBARU (158 rooms) MANADO (170 rooms) HOTELS UNDER ARYADUTA MANAGEME
Slide 27: 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 33.50% LTD 29.68% MANAGEMENT LTD MALL HOTEL REIT MANAGER Code : FIRT REIT MANAGER Code : LMRT MANAGEMENT OPERATOR SERVI
Slide 28: First REIT portfolio and performance
Managed by Bowsprit Capital Corporation Limited, First REIT’s portfolio consists of 16 properties located in Indonesia, Singapore and South Korea Manages 11 Siloam Hospitals and 2 Aryaduta Hotels in Indonesia As of Jun 30, 2015 : DPU : SGD 4.13 cents Share Price (SGD) Portfolio Size (SGD mn) Div
Slide 29: LMIR Trust: retail malls and retail spaces
MANAGES 19 RETAIL MALLS AND 7 RETAIL SPACES (PER JULY 2015) As of June 30, 2015 : DPU: SGD 1.52 cents Share Price (SGD) Portfolio Size (SGD mn) Dividend Yield (%) 0,6 9,0 2000 8,4 1.841 8,3 0,53 8,1 0,51 1.753 1.745 8,0 7,83 1800 7,5 0,49 0,5 1600 1.545 7,0 0,42 1.412 1400 6,0 0,4 6,0 0,365 0,34 1
Slide 30: Financial Performance
@ZLIPPO FINANCIAL PERFORMANCE
Slide 31: Strong Financial Performance
STRONG FINANCIAL PERFORMANCE TOTAL REVENUE EBITDA NET PROFIT AFTER TAX (RP TRILLION) (RP TRILLION) (RP BILLION) 3.608 2) 11.7 2) 2,547 2) 11.6 3) 3.326 3) 0,6 252 2,166 3) 3,4 1.383 222 1.215 6,3 6.2 1) 1.771 1.6861) 0,9 1,060 1) 1.169 365 8,3 358 2.225 6,7 1.801 1.332 1.228 5,3 4,7 1.321 1.303 4,2
Slide 32: Balance Sheet
BALANCE SHEET AS OF 31 DECEMBER (Unless Otherwise Stated) 30 Jun Rp Trillion 2014 2013 2012 2011 2015 TOTAL ASSET 40.789 37.761 31.300 24.869 18.259 TOTAL LIABILITIES 20.757 20.115 17.123 13.399 8.850 TOTAL EQUITY 17.718 15.605 12.801 10.656 8.834 TOTAL DEBT 10.805 9.997 7.808 6.014 3.753 CASH AND C
Slide 33: Debt Maturity Profile
DEBT MATURITY PROFILE* Coupon rate Coupon rate Coupon rate USD million 7% pa 6.125% pa 7% pa 450 403 400 350 300 252 130.0 250 200 150 250 273.3 250,00 100 150,00 50 5.52 15.9 2 0 2014 2015 2016 2019 2020 2022 Bonds Bank Central Asia : Rp 2.9 bn Bank Pembangunan Daerah Kalimantan Timur : Rp 27.1 bn
Slide 34: Attractive Asset Value
ATTRACTIVE ASSET VALUE Ownership (%) Land Area (ha) Assets Value (Rp bn) URBAN DEVELOPMENT: Lippo Village 100 407 26.662 Lippo Cikarang 54,4 645 14.113 Tanjung Bunga 50,3 243 3.875 San Diego Hills 100 98 2.442 Micro Suburbs 100 20 297 SUB TOTAL1) 47.389 LARGE SCALE INTEGRATED DEVELOPMENT: City of To
Slide 35: Property Marketing Sales
PROPERTY MARKETING SALES PROJECTS (in Rp Bn) 2011 2012 2013 1H'14 2014 1H'15 Budget 2015 Townships : Lippo Village 152 241 113 20 80 20 90 Lippo Cikarang* 1.301 2.061 1.698 343 1.505 686 1.500 Holland Village Manado - - - - - 372 202 Tanjung Bunga 303 577 433 140 357 69 400 San Diego Memorial Park 1
Slide 36: Appendices
@ZLIPPO APPENDICES
Slide 37: 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 38: Indonesia: Attractive Growing Market
INDONESIA: ATTRACTIVE GROWING MARKET Economic Indicators Size of Middle Class (in mn) 2015 2016 2014 Assumption Assumption Economic Growth (%) 5.0 5.2 6.0-6.6 Inflation Rate (%) 8.36 5.0 3.0-5.0 Exchange Rate (Rp/USD) 12,440 12,500 12,900 3-month SBI Rate (%) 7.75 7.75 7.75 Oil Price (USD/bbl) 60 60
Slide 39: Indonesia Property Sector Has Room to Grow
INDONESIA PROPERTY SECTOR HAS ROOM TO GROW ASIA PACIFIC PROPERTY Rapid urbanisation Growing middle–class Strong savings and income growth PROPERTY PRICE (USD/SQM) Low mortgage penetration Property as investment HONGKONG 22.814 Improving regulatory environment SINGAPORE 15.251 Banking i
Slide 40: 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 41: Overview of Jakarta's Condominium Market
OVERVIEW OF JAKARTA’S CONDOMINIUM MARKET Source : Q2’2015 Market Review for Jakarta Jones Lang LaSalle Research 39
Slide 42: Overview of Jakarta's Retail Market
OVERVIEW OF JAKARTA’S RETAIL MARKET Source : Q2’2015 Market Review for Jakarta Jones Lang LaSalle Research 40
Slide 43: Overview of Jakarta's Office Market - CBD Area
OVERVIEW OF JAKARTA’S OFFICE MARKET - CBD AREA Source : Q2’ 2015 Market Review for Jakarta Jones Lang LaSalle Research 41
Slide 44: Overview of Jakarta's Office Market - non CBD Area
OVERVIEW OF JAKARTA’S OFFICE MARKET – non CBD AREA Source : Q2 ‘2015 Market Review for Jakarta 42 Jones Lang LaSalle Research
Slide 45: 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 46: 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 47: 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 48: Hospitals in Indonesia
HOSPITALS IN INDONESIA YEAR 2009 - 2015 No OWNER 31 Dec 09 31 Dec 10 31 Dec 11 31 Dec 12 31 Dec 13 31 Dec 14 30 Jun 15 1 MOH 31 31 32 32 33 34 34 2 PROVINCE 84 85 85 89 96 98 101 GOVERNMENT 3 MUNICIPAL 59 63 86 88 92 93 94 GOVERNMENT 4 DISTRICT GOVERNMENT 378 403 411 444 455 463 466 5 ARMY / POLICE
Slide 49: Comparison Health Statistics
COMPARISON HEALTH STATISTICS Indonesia Vietnam Malaysia Singapore South Korea India China Australia USA UK Hospital beds/ 10,000 9 20 19 20 103 7 38 39 29 29 Physician/10,000 2 12 12 20 21 7 15 33 25 28 Nurse & Midwife / 10,000 14 12 33 58 50 17 17 107 98 88 Life expectancy at birth (years) 71 76 74
Slide 50: Lippo Karawaci's Milestones
LIPPO KARAWACI’S MILESTONES Corporate Actions May October April November August Non Pre-emptive USD 100 mn bonds USD150 mn bonds LMIRT was listed Rights Issuance issuance, at the rate issuance, at the rate of February Stock Split 1 for 2 in SGX, sponsored of 1.45 bn new of 7% p.a. offered at May 7%
Slide 51: Lippo Karawaci's Milestones
LIPPO KARAWACI’S MILESTONES Corporate Developments August January July May January Launched St Moritz Opened Px Pavilion at St Launched Holland Panakukang, an Launched Village Office Started Moritz, as part of integrated development July Kemang Village, Tower in Central Lippo integrated development
Slide 52: Latest Awards
LATEST AWARDS Lippo Cikarang voted Siloam Hospitals received Lippo Karawaci received Lippo Karawaci received Lippo Cikarang received as one of Indonesia Hospitals Service Lippo Karawaci received Highly Commended Top Performing Listed Top Performing Listed The Region’s Top 200 Provider of the Year 20
Slide 53: 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 - - Jun- Dec- Jun- Dec- Jun-
Slide 54: Top Listed Companies by Trading Value
TOP 20 LISTED COMPANIES BY TRADING VALUE Period : January – June 2015 50 Most Active Stocks by Trading Value Total Trading Trading No. Listed Stocks Volum e Value (Rp) % Freq. (X) Days 1, Bank Rakyat Indonesia (Persero) Tbk. 4.193.567.788 50.059.984.649.156 6,43 597.745 123 2, Bank Mandiri (Persero)
Slide 55: 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 53
Slide 56: 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