Pt Ciputra Development Tbk · IDX:CTRA
Pt Ciputra Development Tbk — 9M 2019 Earnings Presentation
48 slides from Pt Ciputra Development Tbk's earnings presentation, 2019
Slide 1: Results Presentation (9M19)
Results Presentation (9M19)
Slide 2: Results Summary (Income Statement)
Results Summary (Income Statement) (Rp bn) 9M19 9M18 % YoY Effect of -4% YoY in Property Development segment and Revenue 4,655 4,691 -1% +8% YoY in Recurring segment COGS (2,397) (2,401) 0% Gross Profit 2,258 2,289 -1% Gross Profit Margin 49% 49% Operating Expense (1,151) (1,121) 3% Operating Profit
Slide 3: Results Summary (Revenue Breakdown and Margin Performance)
Results Summary (Revenue Breakdown and Margin Performance) (Rp bn) 9M19 9M18 % YoY Revenue Breakdown Property Development Revenue 3,274 3,415 -4% Houses, shophouses, and land lots 2,408 2,545 -5% Apartments 530 540 -2% Office for sale 335 330 2% Recurring Revenue 1,382 1,276 8% Shopping malls 579 57
Slide 4: Results Summary (Revenue per Segment and per Location)
Results Summary (Revenue per Segment and per Location) Revenue per Segment (9M19) Revenue per Location (9M19) Greater Apartment Office Strata Surabaya Strata 7% Shopping 23% 11% Malls 13% Hotels 7% Other Java 11% Others 10% Sumatra 8% Houses, shophouses, and Greater Jakarta Sulawesi land lots 54% Ot
Slide 5: Results Summary (Historical Revenue Breakdown)
Results Summary (Historical Revenue Breakdown) Rp tn Development vs. Recurring Revenue 9.00 8.00 7.00 1.4 1.8 27% 30% 6.00 1.6 1.1 1.7 23% 5.00 18% 24% 4.00 1.4 18% 3.00 6.1 5.9 5.2 5.1 4.7 2.00 3.3 1.00 - 2014 2015 2016 2017 2018 9M19 Development Revenue Recurring Revenue Recurring as % of Total Re
Slide 6: Debt Profile
Debt Profile As of Sep-19 Floating Fixed Rupiah SGD 18% 79% Total Borrowings: Rp8.9tn 82% 21% USD 1% (Rp tn) Maturity Profile (% of total debt) 2.5 28% 2.0 Borrowing Cost* 19% 1.5 12.7% 12.1% 11.7% 10.3% 10.2% 14% 14% 1.0 8% 7% 7% 0.5 3% 0.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 202
Slide 7: Capex Schedule
Capex Schedule Mall 32% Historical Capex Office for Lease 3% Rp tn 2.1 Hotel 2.0 9M19 2% 1.3 0.9tn 0.9 0.9 Others 14% Land for Development 48% 2015 2016 2017 2018 9M19 • Increased capex for shopping malls as three are currently under construction (CitraRaya Tangerang, CitraLand Surabaya, and Ciputra
Slide 8: Financial Highlights
Financial Highlights Revenue Gross Profit (Rp bn) (Rp bn) 3,724 7,514 7,670 3,628 3,330 3,290 6,739 6,443 2,997 6,340 2,289 2,258 4,691 4,655 53% 50% 49% 49% 49% 47% 47% 2014 2015 2016 2017 2018 9M18 9M19 2014 2015 2016 2017 2018 9M18 9M19 Gross Profit Gross Margin Net Profit Key Ratios (Rp bn) 1,68
Slide 9: Balance Sheet Summary
Balance Sheet Summary Rp bn Sep 2019 Dec 2018 Dec 2017 Dec 2016 Assets 35,494 34,289 31,872 29,169 Cash & cash equivalents 3,237 3,243 3,240 3,471 Land 13,423 13,048 11,696 10,109 Fixed Assets 3,032 3,114 3,144 3,034 Investment Properties 5,235 4,962 4,762 4,908 Others 10,568 9,921 9,031 7,647 Liabi
Slide 10: Company Overview
Company Overview CE on CIPUTRA DEVELOPMENT TBK
Slide 11: One of Indonesia's Leading Property Developer
One of Indonesia’s Leading Property Developer Property Development for Sale Township Residential Condominium Office Core Business Commercial Property Development & Management Shopping Hotel Serviced Serviced Office Others Mall Apartment Apartment - Business Presentation 11
Slide 12: Geographically Diversified Project Portfolio
Geographically Diversified Project Portfolio Kalimantan CitraGrand Senyiur City Samarinda CitraLand Banjarmasin Over 75 projects CitraGarden City Samarinda CitraLand City Samarinda CitraGarden Banjarmasin CitraGarden Aneka Pontianak in 33 cities across Medan CitraMitra City Banjarbaru CitraCity Bali
Slide 13: Greater Jakarta Project Portfolio
Greater Jakarta Project Portfolio - Business Presentation 13
Slide 14: Marketing Sales Summary
Marketing Sales Summary Historical Presales Presales per Location (Rp bn) 2018 9M19 Greater Other Surabaya Java Greater 7,640 22% Surabaya Other 21% 7,186 31% Java 431 20% 480 6,363 Sumatra 172 6,023 Sumatra Greater 14% Greater 1,625 2,661 279 11% 5,147 Jakarta Jakarta Sulawesi 201 32% Sulawesi 29%
Slide 15: Marketing Sales Summary
Marketing Sales Summary Presales per Payment Method Presales per Unit Price 6% 10% 7% 8% 11% 15% 12% 15% 16% 16% 24% 23% 29% 30% 26% 36% 40% 37% 31% 57% 30% 21% 35% 24% 24% 49% 53% 48% 48% 40% 43% 32% 34% 36% 34% 2015* 2016 2017* 2018* 9M19 2015* 2016 2017* 2018* 9M19 Mortgage Instalment Cash < Rp1b
Slide 16: Sufficient Land Bank to Sustain >15 Years of Development
Sufficient Land Bank to Sustain >15 Years of Development Gross Land Land ASP Ownership Land ASP Trend Project Name Bank (Rp mn per sqm) Scheme Ha 2010-13 CAGR 2013-18 CAGR 2018 CitraRaya Tangerang 100% 770 63% 11% 4.5 CitraIndah Jonggol 100% 191 17% 16% 1.8 CitraGarden City Jakarta 100% 119 48% 6% 1
Slide 17: Rights to Additional Land Bank Through Joint-Operation Schemes
Rights to Additional Land Bank Through Joint-Operation Schemes Development Land ASP Development Land ASP Joint Operation Project Plan (Ha) (Rp mn per Joint Operation Project Plan (Ha) (Rp mn per sqm) sqm) Citra Sentul Raya 114 - CitraGrand Senyiur City Samarinda 397 1.6 CitraLake Sawangan Depok 12 4
Slide 18: Apartment Assets – Strata Title
Apartment Assets – Strata Title Est. Unsold Ownership Saleable SGA Sold Construction Project Name Tower Stock Value Scheme (sqm) % Progress (Rp bn) Ciputra World Jakarta 1 Raffles Residence 100% 41,500 84% 396 100% The Orchard 31,000 93% 88 100% Ciputra World Jakarta 2 100% The Residence 14,000 98%
Slide 19: Office Assets – Strata Title and Leased
Office Assets – Strata Title and Leased Strata-Title Office Est. Unsold Ownership Saleable SGA Construction Project Name Tower Sold Stock Value Scheme (sqm) Progress (Rp bn) Ciputra World Jakarta 1 DBS Bank Tower 100% 20,700 84% 168 100% Ciputra World Jakarta 2 Tokopedia Tower 100% 28,000 82% 211 10
Slide 20: Unsold Apartment and Office Stock Completion Schedule
Unsold Apartment and Office Stock Completion Schedule - Business Presentation 20
Slide 21: Future Mixed-Use Developments
Future Mixed-Use Developments Est. Saleable Ownership Project Name SGA Scheme (sqm) Ciputra World Jakarta 1 100% 110,000 Ciputra World Jakarta 2 100% 42,000 Ciputra World Jakarta 3 100% 99,000 New Project in Ciracas* JV - 60% 61,000 Ciputra International** JV - 55% 66,000 CitraLake Suites JV - 51% 1
Slide 22: Healthy Occupancy and Lease Expiry Profile for Malls
Healthy Occupancy and Lease Expiry Profile for Malls Mall Net Leasable Occupancy Rate • Total mall NLA of Area (sqm) 2015 2016 2017 2018 9M19 200k m² with Ciputra World Jakarta 1 81,000 100% 100% 100% 100% 100% Ciputra World Surabaya 56,000 99% 95% 94% 92% 95% average occupancy Ciputra Mall Jakarta
Slide 23: Continued Strong Performance of Diversified Recurring Assets
Continued Strong Performance of Diversified Recurring Assets Revenue per Available Room (RevPAR) across Hotels Rp '000 Rooms 2015 2016 2017 2018 9M18 9M19 % YoY Raffles Hotel (Ciputra World Jakarta 1) 173 - 813 1,520 1,428 1,393 1,381 -1% Ciputra World Surabaya Hotel 212 419 482 504 452 430 430 0% C
Slide 24: Growth Strategy and Project Highlights
Growth Strategy and Project Highlights
Slide 25: Key Developments
Key Developments • Launched new clusters/towers in 13 projects with a combined presales of Rp1.9tn (46% of 9M19 achievement) • Total 9M19 presales reached Rp4.1tn (69% of FY19 target) • Conducted an en bloc sale of 253 apartment units to Diener Syz Real Estate in Ciputra World Jakarta 2 • Booked as
Slide 26: Growth Strategy
Growth Strategy • Retain healthy land bank levels (currently sufficient for >15 years of development) by continuously replenishing land bank in existing projects while searching for new strategic locations • Sustain wide geographical footprint (currently have a presence in 33 cities) to allow divers
Slide 27: New Projects 2019
New Projects 2019 CitraGarden Puri Jakarta Location Puri – West Jakarta Development plan 18.2 ha Market segment Middle and middle-up Estimated launch 2H19 2019 est. presales Rp 300 billion Unit price range Approx. Rp 900 million – Rp 2.0 billion Accessibility 5 minutes from Kali Deres commuter line
Slide 28: New Projects 2019
New Projects 2019 Citra Sentul Raya Location Sentul, South Greater Jakarta Launch Jul 2019 Development plan Phase 1: 114 ha out of 1,000 ha master plan Market segment Middle and middle-low Pre-sales 9M19 Rp 323 billion Selling price per unit Rp 554 million to Rp 2.2 billion Average unit selling pric
Slide 29: New Projects 2019
New Projects 2019 CitraLand Driyorejo CBD Location Driyorejo, Gresik, East Java Launch Jul 2019 Development plan 12 ha Market segment Middle and middle-low Pre-sales 9M19 Rp 330 billion Selling price per unit Rp 576 million to Rp 6.8 billion Average unit selling price Rp 1.5 billion Average land sel
Slide 30: New Projects 2019
New Projects 2019 New Apartment Development in Ciracas Location Ciracas – East Jakarta Development plan Phase 1: 2 ha out of 7 ha (approx. 61,000 sqm out of 213,000 sqm SGA) Market segment Middle-low and low Estimated launch 2H19 2019 est. presales Rp 250 billion Unit price range Approx. Rp 320 mill
Slide 31: Key Projects 2019
Key Projects 2019 CitraLand Surabaya Location West Surabaya Launch 1993 Development plan 1,700 ha (sold 732 ha) Market segment Middle to middle-high Pre-sales 9M19 Rp 701 billion Selling price per unit Rp 364 million to Rp 8.0 billion Average unit selling price Rp 1.9 billion Average land selling pr
Slide 32: Key Projects 2019
Key Projects 2019 Pembangunan Kota Baru Terpadu Citra Maja Raya 2600 HA per Juni 2019 Citra Maja Raya Location Lebak, Banten, West Java Launch November 2014 Development plan 1,200 ha (sold 267 ha) Market segment Middle to middle-low Pre-sales 9M19 Rp 389 billion Selling price per unit Rp 118 million
Slide 33: Key Projects 2019
Key Projects 2019 CitraRaya Tangerang Location Tangerang, West of Jakarta Launch 1994 Development plan 2,760 ha (sold 837 ha) Market segment Middle-low to middle-high Pre-sales 9M19 Rp 300 billion Selling price per unit Rp 186 million to Rp 3.5 billion Average unit selling price Rp 710 million Avera
Slide 34: Key Projects 2019
Key Projects 2019 CitraLand Gama City Medan Location Medan, North Sumatra Launch Sep 2018 Development plan 123 ha out of 210ha masterplan Market segment Middle and middle-up Pre-sales 9M19 Rp 230 billion Selling price per unit Rp 921 million to Rp 5.5 billion Average unit selling price Rp 2.5 billio
Slide 35: Key Projects 2019
Key Projects 2019 CitraLand City Losari Makassar Location Makassar, South Sulawesi Launch October 2015 Development plan 157 ha (sold 35 ha + 50 ha to government) Market segment Middle to high Pre-sales 9M19 Rp 168 billion Selling price per unit Rp 2.3 billion to Rp 12.3 billion Average unit selling
Slide 36: Key Projects 2019
Key Projects 2019 CitraLand BSB City Semarang Location Semarang, Central Java Launch February 2013 Development plan 100 ha (sold 11 ha) Market segment Middle and middle up Pre-sales 9M19 Rp 148 billion Selling price per unit Rp 310 million to Rp 2.7 billion Average unit selling price Rp 816 million
Slide 37: Country Overview
Country Overview CE on CIPUTRA DEVELOPMENT TBK
Slide 38: Encouraging Macro Conditions
Encouraging Macro Conditions Robust economic growth accelerating middle class formation and increasing housing demand - Business Presentation 38
Slide 39: Favorable Population Structure
Favorable Population Structure More than half of the Indonesian population lives in Rising working age population urban areas since 2010 and it is estimated to reach leading to a reduction in almost three-quarters by 2050 dependency ratio and promoting economic growth - Business Presentation 39
Slide 40: Regulatory Support from the Government
Regulatory Support from the Government Increased Loan-to-Value (LTV) for mortgages (e.g. first mortgage LTV relaxed from 85% to 100%). Plans to increase the threshold for the 20% luxury tax from Rp10bn to Rp30bn Increased limit for indent mortgages (for for apartments and from Rp20bn to units still
Slide 41: Appendix
Appendix CE on CIPUTRA DEVELOPMENT TBK
Slide 42: New Corporate Structure Post Merger
New Corporate Structure Post Merger PT Sang Pelopor Public & Affiliates 52% 48% (18,560,303,397 shares @ Rp 250) 99.99% PT CIPUTRA RESIDENCE 98.33% PT CIPUTRA ADIGRAHA PT CIPUTRA RAYA 65.75% & Subsidiaries SEJAHTERA & Subsidiaries 99.99% PT CIPUTRA NUSANTARA 99.84% PT SARANANEKA INTERNATIONAL CITY 7
Slide 43: Corporate Milestones
Corporate Milestones Capital raising & corporate actions -> Strengthening our financial position to support business expansion 2006 : - Issuance of 2.4 billion shares without pre-emptive rights for debt settlement - Rights Issue II 2007 : IPO of PT Ciputra Property Tbk (CTRP) 2015 : Share dividend d
Slide 44: Competitive Strength
Competitive Strength BUSINESS PROSPECT Increase in Change in Availability in Potential Stable Urbanization Government housing customers’ mortgage economic political trends stimulus plan needs lifestyle facility growth outlook We are well positioned in Indonesia’s Focus on real estate business curren
Slide 45: Experienced Management Team
Experienced Management Team Board of Commissioners Board of Directors DR. Ir. Ciputra Dian Sumeler Rina Ciputra S. Junita Ciputra Candra Ciputra Cakra Ciputra Budiarsa Sastrawinata Harun Hajadi Chairman President Sandra Hendharto Kodradi Henk Wangitan Thomas Bambang Agussurja Widjaja MI Meiko Handoj
Slide 46: Corporate Secretary
Investor Relations Corporate Secretary PT. CIPUTRA DEVELOPMENT TBK Ciputra World 1 DBS Bank Tower 39th Floor Jl. Prof. DR. Satrio Kav. 3-5 Jakarta 12940 - INDONESIA Phone : +62 21 29885858 / 6868 Fax : +62 21 29888787 Email : investor@ciputra.com Website : www.ciputradevelopment.com - Business Prese
Slide 47: Disclaimer
Disclaimer Any person obtaining this Presentation material, will be deemed to have understood and agreed to the obligations and restrictions herein. The content of this material are provided on a strictly private confidential basis and shall be the proprietary of PT. CIPUTRA DEVELOPMENT Tbk. Informa
Slide 48: PT Ciputra Development Tbk
PT Ciputra Development Tbk
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