PT Surya Semesta Internusa Tbk · IDX:SSIA
PT Surya Semesta Internusa Tbk — Q1 2016 Earnings Presentation
54 slides from PT Surya Semesta Internusa Tbk's earnings presentation, 2016
Slide 1: Review First Quarter 2016
PT SURYA SEMESTA INTERNUSA TBK (“SSIA”) Review First Quarter 2016 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 location permit – Raised over IDR 700 billion in debt 700 billion bond
Slide 5: 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 8.8% 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 >50 Years >30 Years >33 Years >15 Years Experience Experience Experience Experience Experience Experience Hagianto Kumala Emil Salim Royanto Rizal William Jusman Steen Dahl Poulsen Arini Subianto President Commissioner Vice President Commissioner Commission
Slide 7: Corporate Structure and Key Projects
Corporate Structure and Key Projects PT Surya Semesta Internusa Tbk Market cap: IDR 3.5tn / US$ 260mm 100% 100% 50% 100% 60.8% 27%(1) 100% 86.8% 100% PT Nusa Raya Cipta PT SLP PT Lintas PT Ungasan PT Suryalaya PT Surya PT Suryacipta PT TCP PT Sitiagung Tbk Surya Ticon Marga Semesta Anindita Internus
Slide 8: Geographical Presence Across Indonesia
Geographical Presence Across Indonesia Presence in Twelve Indonesian Cities Medan Karawang Subang Project Pipeline Regional office for Nusa Raya Suryacipta City of Industry Cikopo-Palimanan Pekanbaru (BATIQA Hotel — 2016) – Soft opening 4 May 2016 Cipta (“NRCA”) (1,400ha) Toll Road Lampung
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$) 7.0% 15,000 6.5% 14,000 13,000 6.0% 12,000 5.5% 11,000 5.0% 10,000 4.5% 9,000 4.0% 8,000 2010 2011 2012 2013 2014 1Q15 1Q16 Inflation BI Rate 10% 10% 8% 9% 7% 8% 5% 7% 4% 6% 5% 2% Source: Bank Indonesia, Indonesian Bureau Sta
Slide 11: 1Q16 Financial Highlights
1Q16 Financial Highlights • SSIA recorded consolidated revenue of IDR 1,180b in 1Q16, decreased by 11% from IDR 1,317b in 1Q15 • The industrial estate unit posted sales of 27 hectares of industrial land in 1Q16 with an average sales price of US$ 110 per m2 or a total of IDR 287b compared to 1Q15 sal
Slide 12: Revenue and EBITDA By Business Segments for 1Q16
Revenue and EBITDA By Business Segments for 1Q16 Revenue Across Business Segments EBITDA Across Business Segments (1Q 2016) (1Q 2016) 13% 11% 29% 20% 69% 58% Property Construction Hospitality Property Constrution Hospitality 11
Slide 13: Consolidated Revenue
Consolidated Revenue (2011-2015, IDR Billions) 4,868 4,583 4,464 655 580 626 3,565 2,879 473 449 2,843 3517 1,870 3,243 1,317 1,520 1,180 142 6 157 1,222 1,159 879 682 909 596 692 296 335 2011A 2012A 2013A 2014A 2015A 1Q15A 1Q16A Property Construction Hospitality Others Recurring Revenue(1) (2011-20
Slide 14: Gross Margins by Segment
Gross Margins Hotel Gross Margins % Property Gross Margins % 100% 70% 65.0% 80% 62.1% 63.0% 67.9% 67.2% 67.3% 65.6% 62.2% 60.0% 60% 60% 56.0% 40% 50% 20% 0% 2012A 2013A 2014A 2015A 1Q16A 40% Construction Gross Margins % 30% 20% Increase in material price due to USD appreciation 20% 15% 9.6% 10.1% 10
Slide 15: Consolidated Operating Results
Financial Highlights Consolidated Operating Results (in billion Rp) 2011 2012 2013 2014 2015 1Q15 1Q16 Revenue 2,879 3,565 4,583 4,464 4,868 1,317 1,180 Revenue Growth 70% 24% 29% ‐3% 9% 43% ‐10% Gross Profit 782 1,296 1,320 1,054 1,179 378 377 Gross Profit Margin 27% 36% 29% 24% 24% 29% 0% EBITDA 5
Slide 16: Consolidated Revenue by Business Segment
Financial Highlights Consolidated Revenue by Business Segment In bio Rp 2011 2012 2013 2014 2015 1Q15 1Q16 Property 909 1,222 1,159 596 692 296 335 Segment percentage 32% 34% 25% 13% 14% 23% 28% Construction 1,520 1,870 2,843 3,243 3,517 879 682 Segment percentage 53% 52% 62% 73% 72% 67% 58% Hospita
Slide 17: Consolidated EBITDA by Business Segment
Financial Highlights Consolidated EBITDA by Business Segment In bio Rp 2011 2012 2013 2014 2015 1Q15 1Q16 Property 328 738 647 290 379 210 202 Segment percentage 63% 74% 63% 36% 49% 70% 73% Construction 99 144 240 386 344 77 58 Segment percentage 19% 15% 23% 49% 45% 26% 21% Hospitality 109 132 179 1
Slide 18: Consolidated Net Profit by Business Segment
Financial Highlights Consolidated Net Profit by Business Segment In bio Rp 2011 2012 2013 2014 2015 1Q15 1Q16 Property 235 646 630 245 370 209 174 Segment percentage 91% 91% 91% 59% 122% 102% 132% Construction 32 65 128 194 129 26 23 Segment percentage 13% 9% 19% 47% 43% 13% 18% Hospitality 4 17 46
Slide 19: Consolidated Balance Sheet
Financial Highlights Consolidated Balance Sheet In bio Rp 2011 2012 2013 2014 2015 1Q16 Current Assets 1,446 2,920 3,268 2,564 2,447 2,432 Cash & ST investments 585 1,893 1,725 1,176 949 841 Others 861 1,028 1,544 1,388 1,498 1,591 Investment in share of Stock 4 285 408 480 476 465 Real estate asset
Slide 20: Key Performance Ratios
Financial Highlights Key Performance Ratios 2011 2012 2013 2014 2015 1Q16 Bank/Third parties Loan IDR denominated in Billion Rp 466 1,316 1,279 1,279 1,377 1,450 US$ denominated in Million US$ 18.3 6.3 3.2 ‐ ‐ ‐ Total Debt in Billion Rp 632 1,377 1,318 1,279 1,377 1,450 Debt to Equity Ratio 57% 86%
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
Foreign Direct Investment and Domestic Direct Investment Realization (LHS) vs Statistic of Industrial Land Sales in West Java Area (RHS) 50 1400 45 1200 40 14.4 1000 35 12.3 13.2 30 9.8 800 25 6.7 8.7 600 20 15 28.6 28.5 29.3 400 24.6 10 19.5 16.2 200 5 0 0 2010 2011 2012 2013 2014 2015 DDI (US$ b)
Slide 24: Industrial Sector Fundamentals
Industrial Sector Fundamentals Source: Colliers 1Q2016 Research 23
Slide 25: Industrial Sector Fundamentals
Industrial Sector Fundamentals Source: Colliers 1Q2016 Research 24
Slide 26: Indonesia Economy Stimulus Package
Indonesia Economy Stimulus Package Industrial Estate • Simplify land permit acquiring 1 • Land provisioning Implement 3 hours industrial investment licensing from previously 8 days to 2 obtain principal license, corporate registration, and tax number • Adjust industrial gas price according to indust
Slide 27: 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 28: 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 29: Suryacipta ASP and Property Segment Revenue
Suryacipta City of Industry ASP (US$ / sqm) 200 147 128 110 94 103 100 43 0 2011A 2012A 2013A 2014A 2015A 1Q16A Property Business Segment Revenue (2010-2014, IDR Billions) Decrease driven by - Uncertain political 1,600 climate (elections) 1,400 - One-off dispute with 1,221 local villagers in 4Q14 1,
Slide 30: 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 Sales 2011 2012 2013 2014 2015 1Q15 1Q16 La
Slide 31: Property: Rental Property Review
Business Segment Property: Rental Property Review • Rental properties, Graha Surya Internusa office building (GSI) and Glodok Plaza (GP) Occupancy Rate 2011 2012 2013 2014 2015 1Q15 1Q16 GSI 90% 92% 62% 0% 0% 0% 0% GP 81% 84% 88% 90% 91% 92% 90% Revenue (in bio Rp) 2011 2012 2013 2014 2015 1Q15 1Q16
Slide 32: Property: Operating Result
Financial Highlights Property : Operating Result (in billion Rp) 2011 2012 2013 2014 2015 1Q15 1Q16 Revenue 909 1,222 1,159 596 692 296 335 Revenue Growth 287% 34% ‐5% ‐49% 16% 275% 13% Gross Profit 358 796 694 332 430 219 211 Gross Margin 39% 65% 60% 56% 62% 74% 63% EBITDA 328 738 647 290 379 210 2
Slide 33: 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 32
Slide 34: Construction - PT Nusa Raya Cipta Tbk
CONSTRUCTION - PT Nusa Raya Cipta Tbk (“NRCA”) 33
Slide 35: Market Share, Profitability and Customer Profile
Largest Market Share … …and Profitability Amongst Private Companies (2011-2015, Revenue, IDR Trillions) Profit Margin (%) – 1Q16 Average: 3.6% 4.0 9.7% 3.60 3.0 2.30 2.0 1.90 1.50 1.0 4.4% 4.1% 1.40 0.0 2011 2012 2013 2014 2015 Nusa Raya Cipta Jaya Konstruksi Total Bangun Persada 0.3% 0.4% Nusa Kons
Slide 36: 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 37: Construction: PT Nusa Raya Cipta - Major Projects
Business Segment Construction : PT Nusa Raya Cipta - Major Projects (in billion Rp) 2013 2014 2015 1Q15 1Q16 New Contract Classification (In Billion Rp) Contracts on 4,611 hand ‐ beginning 2,297 3,901 3,770 3,770 3,194 91 Contracts 1,055 obtained 4,610 3,180 3,025 1,678 347 3,180 3,025 2,788 97 Less
Slide 38: Trans Java Toll Road Network
Trans Java Toll Road Network(1) Cikopo – Palimanan Toll Road Cikopo-Palimanan Toll Road Jun – Dec 2015 traffic : 25,700 vehicles/ day 2016F traffic : ~27,300 vehicles /day Soekarno-Hatta Future Merak International Karawang Jan - Mar 2016 : 23,453 vehicles /day – Revenue Airport Jakarta Airpo
Slide 39: Construction: Operating Result
Business Segment Construction : Operating Result (in Rp billions) 2011 2012 2013 2014 2015 1Q15 1Q16 Revenue 1,520 1,870 2,843 3,243 3,517 879 682 Revenue Growth 55% 23% 52% 14% 8% 28% ‐22% Gross Profit 133 178 236 302 321 70 69 Gross Margin 9% 10% 8% 9% 9% 8% 10% EBITDA 99 144 240 386 344 77 58 EBI
Slide 40: Construction project photos
Lombok Epicentrum Mall (Mataram) Soho @ Podomoro City (Jakarta) Regatta (Jakarta) PIK Mall (Jakarta) Ciputra World 2 (Jakarta) Paddington Heights (Tangerang) 39
Slide 41: Cikopo - Palimanan Toll Road
Cikopo - Palimanan Toll Road 40
Slide 42: Hospitality
Hospitality - PT Suryalaya Anindita International (“SAI”) - PT Ungasan Semesta Resort (“USR”) - PT Surya Internusa Hotels (“SIH”) 41
Slide 43: Jakarta Hotel Market Fundamentals
Jakarta Hotel Market Fundamentals Source: Colliers and STR Global 42
Slide 44: Bali Hotel Market Fundamentals
Bali Hotel Market Fundamentals Source: Colliers and STR Global 43
Slide 45: Hotel Revenue, Occupancy Rate and RevPar
Revenue Occupancy Rate (2011-2015, IDR Billion) (2011-1Q16) Plan to open six Batiqa Hotels by 2016(1) 90% 80% 73% 70% 57% 60% Undergone 51% 626 641 50% Renovation 49%(2) 576 14 18 40% 30% 20% 144 162 2011 2012 2013 2014 2015 1Q16 469 124 446 Gran Melia Melia Bali Banyan Tree BATIQA 112 94 Room RevPa
Slide 46: Hospitality Business
Hospitality Business ARR ($) 2011 2012 2013 2014 2015 1Q15 1Q16 GMJ 90 115 122 117 117 122 103 MBH 111 111 108 107 96 95 90 BTUR 459 507 547 527 487 486 473 BKR (Rp) N/A N/A N/A 547,355 527,990 554,895 333,998(1) Room RevPAR ($) 2011 2012 2013 2014 2015 1Q15 1Q16 GMJ 46 43 66 56 59 62 52 MBH 90 89 8
Slide 47: Hospitality: Operating Result
Business Segment Hospitality : Operating Result (in billion Rp) 2011 2012 2013 2014 2015 1Q15 1Q16 Revenue 449 473 580 626 655 142 157 Revenue Growth 9% 5% 23% 8% 5% ‐6% 10% Gross Profit 291 321 390 421 430 89 97 Gross Margin 65% 68% 67% 67% 66% 63% 62% EBITDA 109 132 179 170 145 28 34 EBITDA Margin
Slide 48: Photos of Gran Melia Jakarta
Photos of Gran Melia Jakarta Café Gran Via Café Gran Via Guest Room Lobby 47
Slide 49: Photos of Melia Bali Hotel
Photos of Melia Bali Hotel Villa Main Pool Aerial View, MBH Nusa Dua Family Suite Room 48
Slide 50: Photos of Banyan Tree Ungasan Resort
Photos of Banyan Tree Ungasan Resort 49
Slide 51: Photos of BATIQA Hotels
Photos of BATIQA Hotels Suite Room FRESQA Bistro Exterior view of BATIQA Hotel Cirebon Lobby Meeting Room 50
Slide 52: Expand network and strengthen competitiveness
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 53: Thank You
suryainternusa Thank You INDONESIA 52
Slide 54: 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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