Pt Surya Semesta Internusa Tbk · IDX:SSIA
Pt Surya Semesta Internusa Tbk — Q1 2021 Earnings Presentation
70 slides from Pt Surya Semesta Internusa Tbk's earnings presentation, Jul 7, 2021
Slide 1: Review First Quarter 2021
S 5 77 BUILDING A BETTER INDONESIA suryainternusa PT Surya Semesta Internusa Tbk (“SSIA”) Review First Quarter 2021 www.suryainternusa.com
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
Slide 4: PT Surya Semesta Internusa Tbk milestones
PT Surya Semesta Internusa Tbk • Operating track record in property sector can be traced back to almost 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 b
Slide 5: Company overview and shareholding structure
Shareholding Structure 9.0% • 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 Limited Reksa Dana HPAM Ekuitas Progresif • One of the Le
Slide 6: Board of Commissioners and Board of Directors
Board of Commissioners >40 Years >50 Years >50 Years >45 Years >20 Years Experience Experience Experience Experience Experience Hagianto Kumala Emil Salim Royanto Rizal Steen Dahl Poulsen Crescento Hermawan President Commissioner Vice President Commissioner Commissioner Commissioner Commissioner Pri
Slide 7: PT Surya Semesta Internusa Tbk group structure
PT Surya Semesta Internusa Tbk Market cap: IDR 2.3tn / US$ 156mn 100% 100% 100% 50% 100.0% 66.0% 100% 86.8% 100% PT Nusa PT SLP Raya Cipta PT Ungasan PT Suryalaya PT Surya PT Suryacipta PT Sitiagung PT Surya PT TCP SURYA TICON Tbk Semesta Anindita Internusa Swadaya Makmur Internusa Internusa INTERNU
Slide 8: Presence in Fifteen Indonesian Cities
Presence in Fifteen 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 3-star, 133 rooms) - Grand • BATIQA Hotel & Apartments Karawang (Business
Slide 9: Vision and strategy
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 margins 3 Continued p
Slide 10: Revenue and EBITDA across business segments
Revenue Across Business Segments (1Q20) Revenue Across Business Segments (1Q21) IDR 882bn IDR 447bn Property 10% Property 17% Construction 74% Construction 76% Hospitality 16% Hospitality 7% 0.0% 20.0% 40.0% 60.0% 80.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% EBITDA Across Business Segments (1Q20) EBITD
Slide 11: Consolidated Revenue, Gross Profit, EBITDA, Net Income
Consolidated Revenue Gross Profit (1Q20 vs 1Q21, IDR Billions) (1Q20 vs 1Q21, IDR Billions) 882 447 1Q20 1Q21 EBITDA Net Income (1Q20 vs 1Q21, IDR Billions) (1Q20 vs 1Q21, IDR Billions)
Slide 12: Segment revenue: Property, Construction, Hospitality
Property Segment Revenue (1Q20 vs 1Q21, IDR Billions) Construction Segment Revenue Hospitality Segment Revenue (1Q20 vs 1Q21, IDR Billions) (1Q20 vs 1Q21, IDR Billions)
Slide 13: Consolidated Revenue and Recurring Revenue
Consolidated Revenue (2015-2020, IDR Billions) 4,006 3,797 3,682 678 3,274 811 803 2,947 697 220 2,476 2,611 2,454 2,082 882 2,164 447 143 652 31 660 414 442 588 652 341 87 76 2016 2017 2018 2019 2020 1Q20 1Q21 Property Construction Hospitality Others Recurring Revenue(1) (2015-2020, IDR Billions) 1
Slide 14: Hotel, Property and Construction Gross Margins
Hotel Gross Margins % Property Gross Margins % 100% 60% 80% 63.4% 64.7% 63.5% 52.2% 52.0% 51.0% 60% 55.4% 50% 48.8% 40% 34.1% 44.3% 20% 14.0% 40% 39.1% 0% 2017 2018 2019 2020 1Q20 1Q21 30% Construction Gross Margins(1) % 15% 20% 11.0% 10.4% 10.9% 9.9% 10.2% 10.2% 10% 10% 5% 0% 0% 2017 2018 2019 2020
Slide 15: Financial Highlights: Consolidated Profit & Loss
ial suryainternusa Financial Highlights was Consolidated Profit & Loss Revenue 3,274 3,682 4,006 2,947 882 447 Revenue Growth -14% 12% 9% -26% 7% -49% Gross Profit 864 981 1,091 635 180 74 Gross Profit Margin 26% 27% 27% 22% 20% 17% EBITDA 413 455 533 056 64 (4) EBITDA Margin 13% 12% 13% 9% 7% -1% O
Slide 16: Consolidated Revenue by Business Segment
Financial Highlights Consolidated Revenue by Business Segment Ne tan Property 414 442 588 652 87 76 Segment percentage 13% 12% 15% 22% 10% 17% Construction 2,164 2,454 2,611 2,082 652 341 Segment percentage 66% 66% 65% 71% 74% 76% Hospitality 697 803 811 220 143 31 Segment percentage 21% 22% 20% 7%
Slide 17: EBITDA definition
(7) EBITDA defined as net income, before interest expenses, tax expenses, depreciation and amortization expenses, includes JO income (loss)
Slide 18: Consolidated Net Profit by Business Segment
Financial Highlights Consolidated Net Profit by Business Segment Ne tas Property 80 127 159 104 (1) (20) Segment percentage 48% 49% 58% -341% -5% 31% Construction 153 123 105 59 29 9 Segment percentage 92% 48% 39% -194% 174% -14% Hospitality (66) 8 8 (198) (11) (64) Segment percentage -39% 3% 3% 635
Slide 19: Consolidated Balance Sheet
In IDR Billions 2017 2018 2019 2020 1Q21 Current Assets 5,085 3,459 4,058 3,004 2,934 Cash & ST Investments 1,145 1,372 1,527 851 799 Account Receivables 1,129 1,239 1,515 1,419 1,391 Inventories 415 463 422 490 498 Other-Current Assets 2,396 385 593 245 245 Non-Current Assets 3,766 3,946 4,035 4,62
Slide 20: Debt and financial ratios
In IDR Billions 2017 2018 2019 2020 1Q21 Bank/Third parties Loan IDR denominated in IDR Billions 2,271 1,507 1,194 1,305 1,313 US$ denominated in IDR Billions - - 662(1) 676(1) 700(1) Total Debt in IDR Billions 2,271 1,507 1,856 1,981 2,013 Debt to Equity Ratio 51% 34% 41% 47% 48% ROE 29.4% 1.0% 2.3
Slide 21: Review of Business Segments
s > Vaan) BUILDING A BETTER INDONESIA suryainternusa Review of Business Se
Slide 22: Property
PROPERTY - PT Suryacipta Swadaya (“SCS”) - PT SLP SURYA TICON INTERNUSA(“SLP”) - PT TCP Internusa (“TCP”) - PT Sitiagung Makmur (“SAM”)
Slide 23: FDI and DDI investment and land sales
70 300 274 60 57 250 54 54 208 52 28.7 50 24.5 25.8 45 19.6 186 200 16.1 40 191 175 150 30 100 20 15 15 32.2 56 28.9 29.3 28.2 28.7 7.8 7.4 50 10 28 6.8 7.7 0 0 2016 2017 2018 2019 2020 1Q20 1Q21 DDI (US$ b) FDI (US$ b) Total FDI+DDI Land Sales (ha) Source: BKPM (Indonesia Investment Coordinating Bo
Slide 24: Industrial Sector Fundamentals
INDUSTRIAL SECTOR FUNDAMENTALS Source: Colliers 1Q 2021 Research
Slide 25: Industrial Sector Fundamentals
INDUSTRIAL SECTOR FUNDAMENTALS Source: Colliers 1Q 2021 Research
Slide 26: Property 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 Purchase customer Preparation of projects proce
Slide 27: Property: Revenue Breakdown
Business Segment Property: Revenue Breakdown Industrial Estate (SCS) ial ty tan TOTAL 176 154 297 357 13 ie} Land Sales Industrial Estate (SCS) Non-Land 182 217 220 236 57 63 Rental Property (TOP & Others) 68 m mn 59 16 13 414 442 588 652 87 76 suryainternuse
Slide 28: Suryacipta ASP and Property Segment Revenue
Suryacipta City of Industry ASP (US$ / sqm) 200 121 120 120 121 129 100 0 2016 2017 2018 2019 2020 Property Business Segment Revenue (2016-1Q21, IDR Billions) 660 652 55 588 59 71 414 442 55 71 605 593 517 358 371 87 76 16 13 71 63 2016 2017 2018 2019 2020 1Q20 1Q21 Industrial Estate Rental Property
Slide 29: Synergies and connectivity with Subang Smartpolitan
Increased connectivity between Subang Smartpolitan strategically located at Realizing synergies with existing West part of Java Island (Banten, projects of the company West Java and Jakarta) connected with toll roads (December 2020)
Slide 30: Infrastructures & Accessibilities
suryainternusa > tas Infrastructures & Accessibilities Patimban Seaport Jakarta-Surabaya Blevated Toll Road ku Ka Ku ku kM ko Ku ‘eat 13,16 21 24 3a 34 aT a 2 JAKARTA Bekasi Tambun —CibitungCikarangCibatu—Cikarang--Karawang Karawang — Cikampek ‘Subang wvesie dane Borat Mma BBY suvasrtacl Smartpolita
Slide 31: Suryacipta tenant mix and land inventory
Industrial Area Commercial Area Utility To Jakarta Well-Diversified Current Tenant Mix West Karawang Community Facilities Sold Area Interchange Tenant Landbank by Sector Tenant Landbank by Country Jakarta – Cikampek Toll Toll Road Gate 17% 2% 8% 4% Toll To Karawang 1% 4% Gate East Karawang Phase II
Slide 32: Government support for industrialization and FDI
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
Slide 33: Groundbreaking and units sold
✓ Groundbreaking 21 March 2020 ✓ 14 SOLD by 1Q21
Slide 34: Glodok Plaza
Glodok Plaza (GP) Occupancy Rate (%) Revenue (in IDR billions) 90% 60 85.0% 56 55 79.0% 79.0% 79.7% 53 80% 75.9% 74.3% 50 70% 44 60% 40 50% 30 40% 30% 20 14 20% 9 10 10% 0% 0 2017 2018 2019 2020 1Q20 1Q21 2017 2018 2019 2020 1Q20 1Q21
Slide 35: PT SLP Surya Ticon Internusa
• PT Surya Semesta Internusa Tbk (Indonesia) – 50% stake 120% • MITSUI & CO., Ltd (Japan) - 25% stake • Frasers Property Plc. (formerly Ticon Industrial Connection 100% 97.6% 96.3% 92.2% 92.6% PT SLP Plc.) (Thailand) – 25% stake 87.0% SURYA TICON 76.4% 80% INTERNUSA • Jointly acquiring 22ha total la
Slide 36: Property: Operating Result
suryainternuse rs Financial Highlights Property : Operating Result (in !OR Billions) | soiz amie pote pero seen s_| Revenue 414 442 588 652 87 76 Revenue Growth -37% 7% 33% 11% 20% -12% Gross Profit 202 225 307 3839 34 34 Gross Margin 49% 51% 52% 52% 39% 44% EBITDA 139 175 244 281 21 23 EBITDA Margi
Slide 37: Suryacipta City of Industry photos
Suryacipta City of Industry Entrance Commercial Area Developement Suryacipta City of Industry Factory Toll Exit Leading to Suryacipta City of Industry
Slide 38: Subang Smartpolitan
SUBANG SMARTPOLITAN
Slide 39: Subang Smartpolitan: Live, Work, Learn & Play
SUBANG SMARTPOLITAN LIVE, WORK, LEARN & PLAY
Slide 40: Subang Smartpolitan Launched November 2020
SUBANG SMARTPOLITAN LAUNCHED ON 18 NOVEMBER 2020
Slide 41: Why Subang?
WHY SUBANG? Strategic Location ▪ The future of industrial corridor; ▪ Within the Rebana Metropolitan; ▪ Direct toll access (via TransJava toll road network); ▪ Close to Patimban Seaport; ▪ Close to West Java International Airport (Kertajati); ▪ Connected via railroad network as well as the planned
Slide 42: Masterplan
MASTERPLAN Patimban Toll Road (direct access to Patimban Seaport) Direct Access from Cipali-Patimban Toll • Start Construction: Q2-2022 • Toll Exit Ready: Q2-2023 • Toll Completion: Q1-2024 Subang Smartpolitan, the pioneer of smart and sustainable city Toll Interchange KM89 development that leverage
Slide 43: Phase 1 Development (Southern Area)
Phase 1 Development (Southern Area) Industrial Plots Land Coverage Ratio (KDB) : 70% of total land size Floor Coverage Ratio (KLB) : 400% of total land size Building Setback (GSB) ▪ Front (Main Road) : 15m ▪ Front (Secondary Road) : 12m ▪ Side : 6m ▪ Back : 8m Green Area : 7.5% of total land
Slide 44: South Smart Core: Innovation Campus
SOUTH SMART CORE INNOVATION CAMPUS (Education & Innovation Centre) South Smart Core, a 60Ha development located in the South Smart Core Plots heart of Subang Smartpolitan, host of: • Land Coverage Ratio (KDB) : 60% of total land size ▪ Diamond Bay (4Ha): • Floor Coverage Ratio (KLB) : 900% of total
Slide 45: SEZ Smart Core: Riverfront Skyline
SEZ SMART CORE Riverfront Skyline (MICE Centre & Discovery Park) Page 44
Slide 46: North Smart Core: Festival Gateway
NORTH SMART CORE Festival Gateway (TOD Eco Business Park & Creative Cluster) Page 45
Slide 47: Patimban Seaport Masterplan
Patimban Seaport Masterplan Phase 1 3.75 mio TEUs Final Phase 7.5 mio TEUs Page 46
Slide 48: Patimban Seaport Masterplan phases
Patimban Seaport Masterplan Phase I-1 • Container Terminal (250,000 TEUs) Phase II • Car Terminal • Container Terminal (218,000 CBU) (5,000,000 TEUs) 2021–2023 2026–2027 2018–2021 2024–2025 Phase I-2 Phase III • Container Terminal • Container Terminal (3,750,000 TEUs) (7,500,000 TEUs) • Car Terminal
Slide 49: Patimban Seaport Shipping Line
Patimban Seaport Shipping Line During its soft launch, Toyofuji Shipping exported 140 units of CBU to Brunei. Currently, NYK Line, Mitsui O.S.K Lines and Kalla Lines are in discussion with Patimban authority. PT ASDP (Angkutan Sungai, Danau dan Penyeberangan) Indonesia Ferry, an Indonesian governmen
Slide 50: Patimban Seaport Estimated Timeline
Patimban Seaport Estimated Timeline 2020 2021 2022 2023 2024 Description 2025 2026 2027 Nov Dec Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Subang Smartpolitan Groundbreaking Rebana Metropolitan Launch Patimban Soft Launch Patimban Operator Appointment Patimban Bridge Completion Patimb
Slide 51: Construction
s suryainternusa Vaan) BUILDING A BETTER INDONESIA CONSTRUCTION - PT Nusa Raya Cipta Tbk (“NRCA”)
Slide 52: Construction 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 to (Bank Progress First Payment Payment S
Slide 53: Nusa Raya Cipta market share, customers and contracts
Top Three Largest Market Share … Profitability Amongst Private Companies (2016-2020, Revenue, IDR Trillions) Profit Margin (%) – 1Q21 5.0 2.29 4.0 3.0 1.03 2.0 2.09 1.0 1.20 0.48 0.0 2016 2017 2018 2019 2020 Nusa Raya Cipta Jaya Konstruksi Total Bangun Persada ACSET TOPS Source: IDX Note: Jaya Konst
Slide 54: New Contract Classification
(in IDR Billions) 2017 2018 2019 2020 1Q20 1Q21 New Contract Classification (in IDR billions) 2,841 2,693 2,028 1,095 415 352 Contract on hand 2% - beginning 3,527 4,204 4,444 3,479 3,479 2,492 1% 8% 6% 0% 6% 13% 3% 0% 17% Contract 13% 12% 0% obtained 2,841 2,693 2,028 1,095 415 352 39% 19% Less: Re
Slide 55: NRCA operating result
Note: NRCA Operating Result doesn’t include intercompany eliminations - ROE are annualized
Slide 56: NRCA balance sheet
In IDR Billions 2017 2018 2019 2020 1Q21 Assets Cash & Cash Equivalents 657 736 689 578 597 Account Receivable 1,085 1,198 1,468 1,381 1,365 Project Advance 31 38 34 22 17 Investment Toll Road 0 0 0 0 0 Others 569 283 272 241 238 Total Assets 2,342 2,255 2,463 2,221 2,217 Liabilities Bank Debt - 9 1
Slide 57: Excellent Work Quality Across Sectors
Excellent Work Quality Across Sectors RS Budi Medika (Lampung) Mayapada Banua Centre (Banjarmasin) Ayana Komodo Resort (Labuan Bajo) Pembelajaran Arntz-Geise Unpar The Park Mall Sawangan (Depok) Carstensz (Tangerang) (Bandung)
Slide 58: Hospitality
s 5 Vaan) BUILDING A BETTER INDONESIA suryainternusa Hospitality - PT Suryalaya Anindita International (“SAI”) - PT Ungasan Semesta Resort (“USR”) - PT Surya Internusa Hotels (“SIH”)
Slide 59: Hospitality market research
Source: Colliers 1Q 2021 Research & STR Global
Slide 60: Hospitality market research
Source: Colliers 1Q 2021 Research & STR Global
Slide 61: Hospitality revenue, occupancy and RevPAR
Revenue Occupancy Rate (2016-2020, IDR Billions) (2017-1Q21, %) Eight BATIQA Hotels(1) 90% 80% 70% 42.0% 60% 50% 40% 10.3% 803 811 30% 6.6% 20% 97 101 10% 5.8% 678 697 0% 2017 2018 2019 2020 1Q21 66 80 144 144 Gran Melia Melia Bali Jumana Bali BATIQA 155 151 Room RevPar (3) (2017-1Q21, US$) 397 419
Slide 62: Hotel ARR and RevPAR by property
ARR ($) 2017 2018 2019 2020 1Q20 1Q21 GMJ 103 94 88 72 96 58 MBH 101 113 118 101 113 55 JBUR 466 468 440 393 450 310 BATIQA (Rp) 300,366 332,953 314,449 302,845 318,721 292,194 Room RevPAR ($) 2017 2018 2019 2020 1Q20 1Q21 GMJ 46 48 40 11 22 6 MBH 77 87 93 18 67 3 JBUR 281 257 254 59 181 20 BATIQA (
Slide 63: Hospitality EBITDA and net result
220 -73% 75 34% (113) -51% (200) -91% (193)
Slide 64: Photos of Gran Melia Jakarta
Photos of Gran Melia Jakarta Café Gran Via Red Level Reception Guest Room Reception
Slide 65: Photos of Melia Bali Hotel
Photos of Melia Bali Hotel Villa Main Pool Lobby Hotel The Level Family Suite Room Swimming Pool
Slide 66: 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
Slide 67: Photos of BATIQA Hotels
Photos of BATIQA Hotels Suite Room FRESQA Bistro Exterior view of BATIQA Hotel Cirebon Lobby Meeting Room
Slide 68: 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 69: Disclaimer
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 part of an and have not been independently verified. No representation or warranty, expressed or implied, offer, solicitation o
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PT Surya Semesta Internusa — Q1 2021 Earnings Presentation on 6ix