Pt Surya Semesta Internusa Tbk · IDX:SSIA
Pt Surya Semesta Internusa Tbk — 9M22 Earnings Presentation
66 slides from Pt Surya Semesta Internusa Tbk's earnings presentation, Mar 24, 2023
Slide 1: PT Surya Semesta Internusa Tbk Review Nine Months 2022
PT Surya Semesta Internusa Tbk (“SSIA”) Review Nine Months 2022 www.suryainternusa.com building a better indonesia 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 TCP Internusa (“TCP”) • Strategic Roadmap • PT Sitiagung Makmur (“SAM”) • Sustainability S
Slide 3: Surya Semesta Internusa in Summary
1 Surya Semesta Internusa in Summary building a better indonesia 2
Slide 4: Company milestones and growth since IPO
PT Surya Semesta Internusa Tbk • Operating track record in property sector can be traced back to over 50 2017 years in early 1970s Divestmet • Significant growth since IPO 2014 Cikopo Palimanan – Raised over IDR 545 billion equity(1) • Acquired location Toll road at 3X BV – Raised over IDR 1,600 bil
Slide 5: Company Highlights
Surya Semesta Internusa in Summary Company Highlights Shareholding Structure 8.6% • Established and commenced operations in 1971, SSIA’s primary businesses 7.9% PT Arman Investments Utama are in construction, property and hospitality sectors PT Persada Capital Investama 7.7% Intrepid Investments Lim
Slide 6: SSIA Management - Strong Operating Record
SSIA Management - Strong Operating Record Board of Commissioners >45 Years >55 Years >50 Years >25 Years Experience Experience Experience Experience Hagianto Kumala Emil Salim Steen Dahl Poulsen Crescento Hermawan President Commissioner Vice President Commissioner Commissioner Commissioner Prior wor
Slide 7: Corporate Structure and Key Projects
Corporate Structure and Key Projects Divested on 6 June 2022: worth total of Rp562.2bn: PT Surya Semesta Internusa Tbk ✓ PT SLP SURYA TICON INTERNUSA Market cap: IDR 1.7tn / US$ 110mn - transaction value of Rp430.6bn ✓ PT Surya Internusa Timur– transaction value of Rp131.6bn 100% 100% 100% 50% 66.7%
Slide 8: Geographical Presence Across Indonesia
Geographical Presence Across Indonesia Presence in Thirteen Indonesian Cities Medan Pekanbaru Subang Karawang • Regional office for Nusa Raya • Acquired location permit of • Suryacipta City of Industry (1,400ha) Cipta (“NRCA”) • BATIQA Hotel (Business Hotel, 2,717ha Divested on 6 June 2022 3-star, 1
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: SSIA's Sustainability: 4-pillar ESG strategy
SSIA’s Sustainability: 4-pillar ESG strategy lays the foundation to create holistic long-term value for our stakeholders Sustainability Strategy: 2021 Sustainability Highlights: Sustainability is an integrated part of SSIA’s • Suryacipta received highest rank in Eco Industrial Park by business. Alig
Slide 11: Overview of Key Business Segment
Overview of Key Business Segment Revenue Across Business Segments (9M21) Revenue Across Business Segments (9M22) IDR 1,393bn IDR 2,469bn Property 19% Property 15% Construction 73% Construction 70% Hospitality 8% Hospitality 15% 0.0% 20.0% 40.0% 60.0% 80.0% Property 0.0% 20.0% 40.0% 60.0% 80.0% Const
Slide 12: 9M22 Financial Highlights
9M22 Financial Highlights Consolidated Revenue Gross Profit (9M21 vs 9M22, IDR Billions) (9M21 vs 9M22, IDR Billions) 2,469 553 1,393 247 9M21 9M22 9M21 9M22 EBITDA Net Income (9M21 vs 9M22, IDR Billions) (9M21 vs 9M22, IDR Billions) 9M21 9M22 71 224 -7 -269 9M21 9M22 building a better indonesia 11
Slide 13: 9M22 Financial Highlights
9M22 Financial Highlights Property Segment Revenue (9M21 vs 9M22, IDR Billions) 366 274 9M21 9M22 Construction Segment Revenue Hospitality Segment Revenue (9M21 vs 9M22, IDR Billions) (9M21 vs 9M22, IDR Billions) 1,765 377 1,022 108 9M21 9M22 9M21 9M22 building a better indonesia 12
Slide 14: Established Track Record as a Group
Established Track Record as a Group Consolidated Revenue (2017-9M22, IDR Billions) 3,682 4,006 3,274 811 2,947 803 697 2,353 2,469 220 191 377 2,611 1,393 2,454 2,082 2,164 1,665 108 1,765 1,022 414 442 588 652 520 366 274 2017 2018 2019 2020 2021 9M21 9M22 Property Construction Hospitality Others R
Slide 15: Attractive Gross Margins
Attractive Gross Margins Hotel Gross Margins % Property Gross Margins % 100% 60% 80% 64.7% 63.5% 52.2% 52.0% 59.3% 51.0% 60% 49.8% 50% 41.6% 40% 34.1% 23.0% 41.2% 41.8% 20% 40% 0% 2018 2019 2020 2021 9M21 9M22 30% Construction Gross Margins(1) % 15% 20% 11.0% 11.4% 11.2% 11.1% 10.2% 10.4% 10% 10% 5%
Slide 16: Consolidated Profit & Loss
Financial Highlights Consolidated Profit & Loss (in IDR Billions) 2017 2018 2019 2020 2021 9M21 9M22 Revenue 3,274 3,682 4,006 2,947 2,353 1,393 2,469 Revenue Growth -14% 12% 9% -26% -20% -34% 77% Gross Profit 864 981 1,091 635 517 247 553 Gross Profit Margin 26% 27% 27% 22% 22% 18% 22% EBITDA 413 4
Slide 17: Consolidated Revenue by Business Segment
Financial Highlights Consolidated Revenue by Business Segment (in IDR Billions) 2017 2018 2019 2020 2021 9M21 9M22 Property 414 442 588 652 520 274 366 Segment 13% 12% 15% 22% 22% 19% 15% percentage Construction 2,164 2,454 2,611 2,082 1,665 1,022 1,765 Segment 66% 66% 65% 71% 70% 73% 70% percentage
Slide 18: Consolidated EBITDA by Business Segment
Financial Highlights Consolidated EBITDA by Business Segment (in IDR Billions) 2017 2018 2019 2020 2021 9M21 9M22 Property 139 175 244 281 202 71 98 Segment 31% 32% 42% 94% 90% 220% 35% percentage Construction 157 184 163 130 100 52 126 Segment 35% 34% 28% 44% 45% 161% 45% percentage Hospitality 148
Slide 19: Consolidated Net Profit by Business Segment
Financial Highlights Consolidated Net Profit by Business Segment (in IDR Billions) 2017 2018 2019 2020 2021 9M21 9M22 Property 80 127 159 104 9 -67 -48 Segment 48% 49% 58% -341% -8% 33% 134% percentage Construction 153 123 105 59 55 18 66 Segment 92% 48% 39% -194% -47% -9% -184% percentage Hospitali
Slide 20: Consolidated Balance Sheet
Financial Highlights - Consolidated Balance Sheet In IDR Billions 2018 2019 2020 2021 9M22 Current Assets 3,459 4,058 3,004 3,008 3,552 Cash & ST Investments 1,372 1,527 851 782 1,128 Account Receivables 1,239 1,515 1,419 1,405 1,718 Inventories 463 422 490 553 427 Other-Current Assets 385 593 245 2
Slide 21: Key Performance Ratios
Financial Highlights - Key Performance Ratios In IDR Billions 2018 2019 2020 2021 9M22 Bank/Third parties Loan IDR denominated in IDR Billions 1,507 1,194 1,305 1,245 1,524 US$ denominated in IDR Billions - 662(1) 676(1) 1,059(1) 1,069 Total Debt in IDR Billions 1,507 1,856 1,981 2,304 2,593 Debt to
Slide 22: Review of Business Segments
2 Review of Business Segments building a better indonesia 21
Slide 23: Property
PROPERTY 2.1 - PT Suryacipta Swadaya (“SCS”) - PT TCP Internusa (“TCP”) - PT Sitiagung Makmur (“SAM”) building a better indonesia 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) 70 300 274 62 62 60 57 28.8 30.6 250 54 54 52 28.7 50 24.5 25.8 19.6 45 191 200 208 209 22.4 40 186 150 30 140 135 100 20 32.2 31.1 33.4 29.3 28.2 28.7 22.7 50
Slide 25: Industrial Sector Fundamentals
INDUSTRIAL SECTOR FUNDAMENTALS Source: Colliers 3Q 2022 Research building a better indonesia 24
Slide 26: Industrial Sector Fundamentals
INDUSTRIAL SECTOR FUNDAMENTALS Source: Colliers 3Q 2022 Research building a better indonesia 25
Slide 27: Low Risk Capital Effective Business Model (Industrial/Property)
Low Risk Capital Effective Business Model 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 Purch
Slide 28: Infrastructures Surrounding the Projects
PT Suryacipta Swadaya Infrastructures Surrounding the Projects Suryacipta City of Industry Tanjung Priok Seaport Soekarno-Hatta International Airport Subang Smartpolitan Patimban Seaport Both projects are directly Halim Kertajati connected to the main toll road Perdanakusuma International Airport Ai
Slide 29: Infrastructures Surrounding the Projects
PT Suryacipta Swadaya Infrastructures Surrounding the Projects Patimban 5 Seaport Soekarno-Hatta Suryacipta City of Industry Subang Smartpolitan International Airport Tanjung Priok 1 Jakarta-Surabaya High Speed Railway Seaport 2 Jakarta-Cikampek Elevated Toll Road KM KM To Central & KM KM KM KM KM K
Slide 30: Property Business Segment
Property Business Segment Suryacipta City of Industry ASP (US$ / sqm) 200 120 120 121 129 126 127 100 0 2017 2018 2019 2020 2021 9M22 Property Business Segment Revenue (2017-9M22, IDR Billions) 652 588 59 520 71 414 442 92 366 55 71 274 73 593 517 429 71 358 371 294 202 2017 2018 2019 2020 2021 9M21
Slide 31: High Quality Projects in Suryacipta City of Industry
High Quality Projects in Suryacipta City of Industry Industrial Area Commercial Area Utility To Jakarta Well-Diversified Current Tenant Mix West Karawang Community Facilities Sold Area Interchange Jakarta – Cikampek Toll Gate AUTOM OTIV E BUILDING SUPPLIES Toll Road Toll To Karawang Gate East Karawa
Slide 32: Well-Diversified Current Tenant Mix
High Quality Projects in Suryacipta City of Industry Well-Diversified Current Tenant Mix Tenant Landbank by Sector Tenant Landbank by Country Home Appliance, 1.0% Logistics/Warehousing, 1.0% Textiles, 1.0% Chemical, 0.4% Electronics, Europe & 1.6% Others, 0.1% US, 9% Pharmaceutical, Construction, 2.
Slide 33: 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 2017 2018 20191 2020 2021 9M21 9M22 Sales L
Slide 34: Property: Edenhaus Simatupang
Business Segment Property: Edenhaus Simatupang (By TCP INTERNUSA) ✓ 41 boutique houses (~Rp300 billion) Edenhaus Marketing Sales ✓ 32 units (Rp231.1 billion) sold per 9M22 (unit) 13 10 9 FY20 FY21 9M22 building a better indonesia 33
Slide 35: Glodok Plaza & Edenhaus Simatupang
Business Segment Property: Glodok Plaza & Edenhaus Simatupang Occupancy Rate (%) – Glodok Plaza Revenue (in IDR billions) – TCP INTERNUSA 90% 80 81% 74 79% 79% 80% 80% 76% 74% 70 65 70% 60 58 55 56 60% 50 44 50% 40 40% 30 30% 20 20% 10% 10 0% 0 2018 2019 2020 2021 9M21 9M22 2018 2019 2020 2021 9M21
Slide 36: Property: Revenue Breakdown
Business Segment Property: Revenue Breakdown Revenue 2017 2018 2019 2020 2021 9M21 9M22 (in IDR Billions) Industrial Estate (SCS) 176 154 297 357 166 7 80 Land Sales Industrial Estate (SCS) 182 217 220 236 263 195 214 Non-Land Rental Property 55 71 71 59 92 71 73 (TCP & Others) TOTAL 414 442 588 652
Slide 37: Property: Operating Result
Financial Highlights Property : Operating Result (in IDR Billions) 2017 2018 2019 2020 2021 9M21 9M22 Revenue 414 442 588 652 520 274 366 Revenue Growth -37% 7% 33% 11% -20% -2% 34% Gross Profit 202 225 307 339 259 113 153 Gross Margin 49% 51% 52% 52% 50% 41% 42% EBITDA 139 175 244 281 202 71 98 EBI
Slide 38: 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 building a better indonesia 37
Slide 39: Subang Smartpolitan
SUBANG SMARTPOLITAN LIVE, WORK, LEARN & PLAY building a better indonesia 38
Slide 40: Patimban Seaport, Rebana Metropolitan
Patimban Seaport Rebana Metropolitan – West Java Corridor Expansion 1. West Subang Rebana Metropolitan, a combined area 2. East Subang 3. Indramayu of 6 regencies and 1 city that is planned 4. Butom 5. Kertajati to become the future of West Java, 6. Jatiwangi 7. Cirebon 8. Krangkeng which includes S
Slide 41: Subang Smartpolitan Location
Subang Smartpolitan Location ➢ Strategic Location Suryacipta City of Industry ▪ The future of industrial corridor; Subang Smartpolitan ▪ Within the Rebana Metropilitan; anten akarta ▪ Direct toll access (via Trans-Java toll ekasi road network); arawang A A SEA ▪ Direct Access to Patimban Seaport; ep
Slide 42: Masterplan
MASTERPLAN ▪ Subang Smartpolitan is directly accessible via Cikopo- Palimanan (Cipali) Toll Road at Cipali Interchange at Patimban Toll Road Km89. (direct access to Patimban Seaport) ▪ From Kalijati Exit (Km98), Subang Smartpolitan is approximately 13Km (25mins). Direct Access from Cipali-Patimban T
Slide 43: Subang Smartpolitan Project Timeline
Subang Smartpolitan Project Timeline Phase 1 Subang Smartpolitan, the - Development : Q4 2020 pioneer of smart and - Handover : Q2 2023 - Operation : Q3 2024 sustainable city development, Leverages technology and IOT Toll Road to Patimban to promote efficiency and - Development : Q3 2023 security. -
Slide 44: Patimban Seaport Development Masterplan
Patimban Seaport Development Masterplan Phase I-1 Phase II • Container Terminal: • Container Terminal: 250,000 TEUs 5,000,000 TEUs • Car Terminal : • Car Terminal: 218,000 CBU 600,000 CBU 2021-2023 2026-2027 2018-2021 2024-2025 Phase I-2 Phase III • Container Terminal: • Container Terminal: 3,750,00
Slide 45: Vision: pioneer of smart and sustainable city
Vision: “To be the pioneer of smart and sustainable city, driving innovation for business and community, to give the future a better place” Subang Smartpolitan is the first integrated township in Indonesia built with smart and sustainable concept from the ground- up – with 4 pillars as the key propo
Slide 46: Vision Statement translated to township components
Vision Statement is translated to the components of the township To be the pioneer of smart and sustainable city, driving innovation for business and community, to give the future a better place Education & Pillars Business Connectivity Innovation Community (Subang Smartpolitan A place for An integr
Slide 47: Components of the township that bring the vision to life
Components of the township that ‘bring the vision to life’ To be the pioneer of smart and sustainable city, driving innovation for business and community, to give the future a better place Education & Business Connectivity Community Innovation Strategic Location & Industrial Area Education Center Sm
Slide 48: Construction - PT Nusa Raya Cipta Tbk
2.2 CONSTRUCTION - PT Nusa Raya Cipta Tbk (“NRCA”) building a better indonesia 47
Slide 49: Low Risk Capital Effective Business Model (Construction)
Low Risk Capital Effective Business Model 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
Slide 50: Construction Business
Construction Business Top Five Largest Market Share Profitability Amongst Private Companies (2017-2021, Revenue, IDR Trillions) Profit Margin (%) – 9M22 5.0 3.8% not released 3.8% 0.3% 4.0 1.75 (29.1%) 3.0 1.67 2.0 1.31 1.0 1.49 0.61 0.0 2017 2018 2019 2020 2021 Nusa Raya Jaya TOTAL ACSET TOPS Nusa
Slide 51: Construction: PT Nusa Raya Cipta Major Projects
Business Segment Construction : PT Nusa Raya Cipta Tbk - Major Projects New Contract Classification (in IDR billions) (in IDR Billions) 2019 2020 2021 9M21 9M22 2,028 1,095 2,679 1.495 1,995 Contract on hand 4,443 3,478 2,321 2,321 3,202 - beginning 1% 8% 8% 7% 16% 17% 12% 18% Contract 21% 2,028 1,0
Slide 52: Construction: Operating Result
Business Segment Construction : Operating Result (in IDR Billions) 2017 2018 2019 2020 2021 9M21 9M22 Revenue 2,164 2,457 2,618 2,086 1,670 1,025 1,769 Revenue Growth -13% 14% 7% -20% -20% -39% 73% Gross Profit 215 251 274 229 190 115 196 Gross Margin 10% 10% 10% 11% 11% 11% 11% Income from JO 27 27
Slide 53: Construction: Balance Sheet
Financial Highlights Construction : Balance Sheet In IDR Billions 2017 2018 2019 2020 2021 9M22 Assets Cash & Cash Equivalents 657 736 689 578 496 608 Account Receivable 1,085 1,198 1,468 1,381 1,400 1,670 Project Advance 31 38 34 22 33 28 Others 569 283 272 241 214 220 Total Assets 2,342 2,255 2,46
Slide 54: Excellent Work Quality Across Sectors
Excellent Work Quality Across Sectors Pacific Garden - Tangerang JHL Galeri - Gading Serpong 57 Promenade- Jakarta Pakuwon Mixed Use - Bekasi Carstensz Apartement – Tangerang Tower Ekki PGV- Cimanggis building a better indonesia 53
Slide 55: Hospitality
2.3 Hospitality - PT Suryalaya Anindita International (“SAI”) - PT Ungasan Semesta Resort (“USR”) - PT Surya Internusa Hotels (“SIH”) building a better indonesia 54
Slide 56: Jakarta Hotel Market Fundamentals
Jakarta Hotel Market Fundamentals Source: Colliers 3Q 2022 Research & STR Global building a better indonesia 55
Slide 57: Bali Hotel Market Fundamentals
Bali Hotel Market Fundamentals Source: Colliers 3Q 2022 Research & STR Global building a better indonesia 56
Slide 58: Hospitality Business
Hospitality Business Revenue Occupancy Rate (2017-9M22, IDR Billions) (2018-9M22, %) 90% 80% 58.1% 70% 811 60% 51.1% 803 50% 42.8% 697 97 101 40% 30% 14.5% 20% 80 144 10% 144 0% 2018 2019 2020 2021 9M21 9M22 151 Gran Melia Melia Bali Jumana Bali BATIQA 377 Room RevPar (3) (2019-9M22, thousand Rp) 39
Slide 59: Hospitality Business
Hospitality Business ARR (Rp) 2018 2019 2020 2021 9M21 9M22 GMJ 1,348 1,251 1,042 803 854 1,025 MBH 1,626 1,671 1,468 671 682 1,493 JBUR 6,680 6,223 5,714 4,672 4,478 6,214 BATIQA 333 314 303 322 303 337 Room RevPAR (thousand Rp) GMJ 681 561 160 237 147 439 MBH 1,243 1,307 262 84 50 763 JBUR 3,678 3
Slide 60: Hospitality: Operating Result
Business Segment Hospitality : Operating Result (in IDR Billions) 2017 2018 2019 2020 2021 9M21 9M22 Revenue 697 803 811 220 191 108 377 Revenue Growth 3% 15% 1% -73% -13% -39% 249% Gross Profit 442 519 515 75 79 25 224 Gross Margin 63% 65% 64% 34% 42% 23% 59% EBITDA 148 186 177 -113 -79 -90 54 EBIT
Slide 61: Photos of Gran Melia Jakarta
Photos of Gran Melia Jakarta Café Gran Via Red Level Reception Guest Room Reception building a better indonesia 60
Slide 62: Photos of Melia Bali Hotel
Photos of Melia Bali Hotel Villa Main Pool Lobby Hotel The Level Family Suite Room Swimming Pool building a better indonesia 61
Slide 63: Photos of JUMANA BALI
Photos of JUMANA BALI (Formerly 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 building a better indonesia 62
Slide 64: Photos of BATIQA Hotels
Photos of BATIQA Hotels Suite Room FRESQA Bistro Exterior view of BATIQA Hotel Cirebon Lobby Meeting Room building a better indonesia 63
Slide 65: Thank You
BUILDING A BETTER INDONESIA THANK YOU Erlin Budiman VP Head of Investor Relations Contact: erlin.budiman@suryainternusa.com These materials have been prepared by PT Surya Semesta Internusa Tbk (the “Company”, “SSIA”) These materials are for information purposes only and do not constitute or form par
Slide 66: building a better indonesia
building a better indonesia 65
PT Surya Semesta Internusa — 9M22 Earnings Presentation on 6ix