Pt Ciputra Development Tbk · IDX:CTRA
Pt Ciputra Development Tbk — Non-Deal Roadshow (2024)
51 slides from Pt Ciputra Development Tbk's roadshow presentation, January 2024
Slide 1: CTRA NDR Presentation 2024
CTRA NDR Presentation 2024 1
Slide 2: Contents
Contents • Key Highlights • Company Overview • Growth Strategy and Project Highlights • Financial Results • Country Overview 2
Slide 3: Key Highlights
Key Highlights
Slide 4: Key Highlights - 6M24 Financial Performance
Key Highlights - 6M24 Financial Performance Total Revenue +13% Net Profit 5,037 +32% 4,469 1,029 779 6M23 6M24 6M23 6M24 34.0% EBITDA Margin Property Development Investment Property FY2023: 32.0% Rp3,907bn +12% Rp1,129bn +17% Houses & Shophouses Malls Healthcare 15% Net Cash to Equity Rp3,572bn +25%
Slide 5: Key Highlights - Reaching Record Marketing Sales
Key Highlights - Reaching Record Marketing Sales A resilient performance with Rp6.1tn marketing sales Successful launches in 1H24 with a total contribution (55% of FY24 target) of Rp2.3trillion marketing sales from 1,048 units Marketing Sales (Rp bn) 11,101 +8% 10,241 New Launches Marketing Sales Un
Slide 6: Key Highlights - Consistent Improvement in Investment Properties
Key Highlights - Consistent Improvement in Investment Properties Improving operations in all shopping malls Consistent growth of RevPAR in all hotel assets Mall Revenue (Rp bn) ARR (Rp’000) +20% Revenue Rp382bn +5% 382 (+20% YoY) 667 700 ARR Rp700,000 318 (+5% YoY) 6M23 6M24 6M23 6M24 • 85% Occupanc
Slide 7: Key Highlights - Organic Expansion of Investment Properties
Key Highlights - Organic Expansion of Investment Properties Hospital Operational Beds Malls Net Leasable Area (‘000 sqm) Beds CAGR NLA CAGR +10% 736 686 +7% 50 358 616 70 516 546 70 100 486 30 258 416 70 30 2023 2024 2025F 2026F 2027F 2028F 2029F 2024 2029F • Stable pipeline of healthcare assets by
Slide 8: Key Highlights - Asset Valuation Highlights Growth Potential
Key Highlights - Asset Valuation Highlights Growth Potential Fair Value Direct Ownership Rp53.2tn Property Development Joint-Operation Rp68.3tn Adjusted Fair Value Rp80.7tn Rp15.1tn = Number of Shares 18,535,695,255 Investment = Rp4,355 / share Property Rp17.7tn • Fair Value Basis: CTRA’s fair value
Slide 9: Key Highlights - Affordable Mortgage Environment
Key Highlights - Affordable Mortgage Environment BI Rate vs. Mortgage Rate¹ Indonesian House Financing (3M24) 12.0% 11.4% 11.0% 10.3% 10.0% 9.0% 8.0% 7.50% 6.94%² 7.0% 5.75% 6.00% Instalment 6.0% Mortgage 5.0% 6.00%³ 76% 17% 4.25% 4.0% 3.50% 3.0% Cash 2.0% 7% 1.0% 0.0% Jan-11 Jan-12 Jan-13 Jan-14 Ja
Slide 10: Key Highlights - Supportive Government Regulation (VAT Exemption)
Key Highlights - Supportive Government Regulation (VAT Exemption) The government provides VAT exemption for houses, shophouses, and apartments up to a maximum price of Rp5.0bn per unit, exempting the VAT on the first Rp2.0bn of the unit’s value. VAT Exemption Period 100% Nov 2023 – Jun 2024 50% Jul
Slide 11: Company Overview
Company Overview 12
Slide 12: Ciputra at a Glance
Ciputra at a Glance Footprints Financial Highlights Number of Green Building Directly Owned Total Assets (6M24) EBITDA (6M24) Projects Certifications Land Bank Rp46.3tn Rp1.7tn >88 6 2,200 Ha Revenue (6M24) ROAE (6M24) Employees 59% JO Development Rp 5.0tn 10.4% 4,574 Plan Net Profit (6M24) Net Prof
Slide 13: One of Indonesia's Leading Property Developer
One of Indonesia’s Leading Property Developer Property Development Commercial Property Development & Management Malls - 5 projects Townships & Residential - 68 projects Hotels - 9 projects Condominiums - 11 projects Healthcare - 4 projects Offices for Sale - 8 projects Offices for Lease - 4 projects
Slide 14: Geographically Diversified Project Portfolio
Geographically Diversified Project Portfolio Kalimantan Over 88 projects CitraGrand Senyiur City Samarinda CitraLand Banjarmasin CitraGarden City Samarinda CitraGarden Banjarmasin in 34 cities across Medan CitraLand City Samarinda CitraGarden Aneka Pontianak Sumatra CitraMitra City Banjarbaru CitraC
Slide 15: Greater Jakarta Project Portfolio
Greater Jakarta Project Portfolio 16
Slide 16: Strong Growth and Geographically Diversified Marketing Sales
Strong Growth and Geographically Diversified Marketing Sales Historical Presales Presales per Location (Rpbn) +8% 2023 6M24 11,101 10,241 Greater Greater Surabaya Surabaya 20% Other Java Greater 19% 6% 8,243 Jakarta Other Java Greater 7,427 52% 8% Sumatra 7,291 Jakarta 6,954 +20% Sumatra 41% 25% 6,0
Slide 17: Expanding Middle-Upper Segment Financing with Mortgage
Expanding Middle-Upper Segment Financing with Mortgage Presales per Payment Method Presales per Unit Price 7% 6% 9% 15% 13% 19% 20% 21% 18% 25% 12% 29% 35% 18% 15% 44% 31% 18% 40% 41% 32% 34% 70% 62% 63% 25% 32% 32% 58% 50% 31% 25% 19% 15% 15% 2020 2021 2022 2023 6M24 2020 2021 2022 2023 6M24 Mortga
Slide 18: Sufficient Land Bank to Sustain >15 Years of Development
Sufficient Land Bank to Sustain >15 Years of Development Ownership Gross Land Bank 6M24 Average Project Name Scheme 2022 (Ha) Unit Price (Rpbn) CitraRaya Tangerang 100% 780 1.0 CitraIndah City Jonggol 100% 167 0.6 CitraGarden City Jakarta 100% 78 3.3 CitraGarden Puri Jakarta 100% 1 1.9 CitraLand Cib
Slide 19: Rights to Additional Land Bank Through Joint-Operation Schemes
Rights to Additional Land Bank Through Joint-Operation Schemes Development 6M24 Average Development 6M24 Average Joint Operation Project Joint Operation Project Plan (Ha) Unit Price (Rpbn) Plan (Ha) Unit Price (Rpbn) Citra Sentul Raya 38 1.1 CitraGrand Senyiur City Samarinda 295 0.8 CitraLake Sawang
Slide 20: 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 86% 311 100% The Orchard 31,000 94% 82 100% Ciputra World Jakarta 2 100% The Residence 14,000 96%
Slide 21: 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% 19,200 92% 73 100% Ciputra World Jakarta 2 Tokopedia Tower 100% 28,000 83% 209 100
Slide 22: 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% 64,200 Citra Landmark* JV - 60% 61,000 Ciputra International** JV - 55% 12,000 Citra Towers Kemayoran JO Profit -
Slide 23: Healthy Occupancy and Lease Expiry Profile for Malls
Healthy Occupancy and Lease Expiry Profile for Malls Net Leasable Occupancy Rate Mall Area (sqm) 2020 2021 2022 2023 6M24 Ciputra World Jakarta 1 79,500 100% 100% 100% 100% 100% Ciputra World Surabaya 87,500 94% 90% 74%¹ 77%¹ 68%² Total mall NLA of 258k sqm Ciputra Mall Jakarta 42,400 93% 82% 89% 93
Slide 24: Well-Diversified Mall Tenants with Reputable Brands
Well-Diversified Mall Tenants with Reputable Brands Mall Tenants Breakdown (% Leased Area) Main Tenants Supermarket Services 4% 4% Healthy & Beauty Department Store 7% 19% General 15% Entertainment & Leisure 19% Fashion and Accessories F&B 16% 16% 26
Slide 25: Consistent Hotel Growth Amidst Normalization Post-COVID Period
Consistent Hotel Growth Amidst Normalization Post-COVID Period Revenue per Available Room (RevPAR) (in Rp’000 /room/day) +11% 1,688 1,569 1,518 1,425 Star Hotels 1,085 +17% +4% +2% 573 523 460 537 561 575 541 561 455 490 451 460 400 373 401 152 223 220 271 2020 2021 2022 2023 6M23 6M24 2020 2021 202
Slide 26: Integrated Healthcare Facilities within Township Projects
Integrated Healthcare Facilities within Township Projects (Rp bn) (Rp bn) Ciputra Hospital Ciputra Hospital Ciputra Mitra Tangerang Jakarta Hospital Revenue - Inpatient Revenue - Outpatient 600 600 500 441 -27% 500 57% 0% -27% 400 400 39% 340 323 322 1% 281 20% 300 249 251 300 244 18% 187 200 156 20
Slide 27: Ciputra Hospital Surabaya Expansion Overview
Ciputra Hospital Surabaya Expansion Overview Ciputra Hospital Surabaya Township & Location CitraLand Surabaya at West Surabaya Estimated Operating Period August 2024 Maximum Capacity 200 Beds Operational Capacity 70 Beds Capital Expenditure Rp520 billion Center of Excellence Cardiology, Oncology, Ne
Slide 28: Growth Strategy and Project Highlights
Growth Strategy and Project Highlights
Slide 29: Key Developments
Key Developments 1 2 3 Launched one new projects and >15 new clusters in 27 6M24 presales: Rp6.1tn Recognition in Sustainability existing projects Achievement Combined presales of Rp2.6tn Total 6M24 presales reached • 6 green building certifications (43% of 6M24 achievement) Rp6.1tn (55% of 2024 tar
Slide 30: Growth Strategy
Growth Strategy Retain healthy land bank levels Wide geographical footprint Increase portion of recurring income Continuously replenishing land bank in Allow diversification of products While simultaneously boost synergy by existing projects while searching for and target market while focusing on co
Slide 31: Creating Value to Stakeholders through Sustainability Pillars
Creating Value to Stakeholders through Sustainability Pillars Sustainability Pillars Material Topic UN SDGs Economic Performance Spirit of Excellence and Innovation Indirect Economic Impact Occupational Health and Safety Building Cities, Building Lives Employment Practices Consumer Health and Safety
Slide 32: Sustainability Achievements
Sustainability Achievements Sustainability Metrics 2023 Key Recognitions IDX ESG Leaders Index since 2020 163,770 MWh 6 145,481 ton CO2eq Electricity consumption level Green building certifications GHG Emissions ESG Sector Leaders IDX KEHATI Index since 2021 ESG Quality 45 IDX KEHATI Index 21,111 1,
Slide 33: Commitment to Achieve UN SDGs
Commitment to Achieve UN SDGs UN SDGs Commitment Performed UN SDGs Commitment Performed • Distribution of basic needs assistance to the underprivileged • New projects brought indirect economic impact on local, national, and communities surrounding the Company’s project in more than 7 cities overseas
Slide 34: New Projects 2024
New Projects 2024 CitraLand City Sampali Kota Deli Megapolitan Prime Location 5 minutes Project scheme & location Joint operation in Medan, North Sumatra from H. Anif Launch January 2024 exit toll Development Plan Phase 1: 35 ha 25 minutes Market segment Middle and middle-up from Medan city center P
Slide 35: New Projects 2024
New Projects 2024 ARAH CitraLand Gresik Kota LAMONGAN Project scheme & location Joint operation in Gresik, East Java Development plan 28 ha Market segment Middle Estimated launch 2H2024 2024 est. pre-sales Rp250billion Unit price Starting from Rp1.0billion Others Accessibility: 5.9 km to Alun-Alun K
Slide 36: Key Projects 2024
Key Projects 2024 CitraLand Surabaya Project scheme & location Directly owned in West Surabaya Launch 1993 Development plan 1,700 ha (sold 801 ha) Market segment Middle to middle-high Pre-sales 6M2024 Rp854billion House price range Rp832million to Rp7.0billion Average unit price Rp2.6billion Units s
Slide 37: Key Projects 2024
Key Projects 2024 CitraGarden Serpong Project scheme & location Joint operation in Tangerang, West of Jakarta Launch February 2023 Development plan 120 ha out of 350 ha masterplan Market segment Middle-low to middle-high Pre-sales 6M2024 Rp676billion House price range Rp803million to Rp4.2billion Av
Slide 38: Key Projects 2024
Key Projects 2024 Citra City Sentul Project scheme & location Joint operation in Sentul, South Greater Jakarta Launch October 2023 Development plan 400 ha Market segment Middle-low to middle-high Pre-sales 6M2024 Rp534billion House price range Rp858million to Rp6.8billion Average unit price Rp1.9bil
Slide 39: Key Projects 2024
Key Projects 2024 CitraGarden City Jakarta Project scheme & location Directly owned in Kalideres, West Jakarta Launch 1984 Development plan 454 ha (sold 364 ha) Market segment Middle to high Pre-sales 6M2024 Rp442billion House price range Rp2.2billion to Rp11.2billion Average unit price Rp3.3billion
Slide 40: Key Projects 2024
Key Projects 2024 CitraRaya Tangerang Project scheme & location Directly owned in Tangerang, West of Jakarta Launch 1994 Development plan 2,760 ha (sold 882 ha) Market segment Middle-low to middle-high Pre-sales 6M2024 Rp358billion House price range Rp336million to Rp4.4billion Average unit price Rp
Slide 41: Key Projects 2024
Key Projects 2024 CitraGarden Bintaro Project scheme & location Joint operation in South of Jakarta Launch November 2023 Development plan 28 ha Market segment Middle-low to middle-up Pre-sales 6M2024 Rp198billion House price range Rp1.2billion to Rp4.8billion Average unit price Rp2.2billion Units so
Slide 42: Financial Results
Financial Results a 7) eee
Slide 43: Results Summary (Income Statement)
Results Summary (Income Statement) (Rpbn) 6M24 6M23 % YoY Effect of +11.5% YoY in Property Development segment and +17.0% Revenue 5,037 4,469 12.7% YoY in Recurring segment COGS (2,589) (2,362) 9.6% Gross Profit 2,448 2,108 16.2% Gross Profit Margin 48.6% 47.2% Effect of product mix Operating Expens
Slide 44: Results Summary (Revenue Breakdown and Margin Performance)
Results Summary (Revenue Breakdown and Margin Performance) (Rpbn) 6M24 6M23 % YoY Revenue Breakdown Property Development Revenue 3,907 3,503 11.5% Houses, shophouses, and land lots 3,572 2,855 25.1% Office for sale 159 345 -54.0% Apartments 176 303 -41.9% Recurring Revenue 1,130 966 17.0% Hospitals
Slide 45: Focusing on Property Development and Minimizing Concentration Risk
Focusing on Property Development and Minimizing Concentration Risk Revenue per Segment (6M24) Revenue per Location (6M24) Office Strata Greater Surabaya 3% Apartment Strata 21% Other 3% Java Shopping Malls 13% 8% Hotels 5% Sumatra Healthcare 10% 6% Houses, Others shophouses, 4% Sulawesi and land lot
Slide 46: Debt Profile
Debt Profile As of Jun-24 Floating Rupiah Fixed SGD 78% 78% Total Borrowings: Rp8.0tn 22% 22% Borrowing Cost* Maturity Profile (% of total debt) (Rptn) 12.0% 57% 5.0 10.3% 10.2% 10.4% 4.5 10.0% 8.4% 8.3% 8.3% 4.0 8.0% 7.4% 3.5 3.0 6.0% 2.5 19% 2.0 4.0% 1.5 2.0% 9% 8% 1.0 3% 2% 1% 1% 0.5 0.0% 0.0 201
Slide 47: Selective Land Banking and Expanding Investment Properties
Selective Land Banking and Expanding Investment Properties Historical Capex Rptn Land for Development 84% 1.3 6M24 Hospital 1.1 1.1 0.9tn 9% 0.8 0.9 0.8 0.7 Others 7% 2018 2019 2020 2021 2022 2023 6M24 54
Slide 48: Resilient Financial Performance with Continuous Growth
Resilient Financial Performance with Continuous Growth Revenue Gross Profit 9,730 9,127 9,245 8,071 4,840 7,608 4,568 4,559 3,792 4,121 5,037 2,448 4,469 2,108 51% 50% 50% 50% 49% 49% 47% 2019 2020 2021 2022 2023 6M23 6M24 2019 2020 2021 2022 2023 6M23 6M24 Gross Profit Gross Margin Net Profit Key R
Slide 49: Balance Sheet Summary
Balance Sheet Summary Rpbn Jun 2024 Dec 2023 Dec 2022 Dec 2021 Dec 2020 Dec 2019 Assets 46,289 44,115 42,033 40,668 39,255 36,196 Cash & cash equivalents 11,381 10,601 9,050 7,162 5,276 4,238 Land 15,941 15,296 14,495 14,538 14,471 13,523 Fixed Assets 2,877 2,835 2,691 2,504 2,595 3,089 Investment P
Slide 50: 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 51: Thank you
Thank you For enquiries, please contact: Aditya Ciputra Sastrawinata, Head of Investor Relations investor@ciputra.com PT Ciputra Development Tbk Ciputra World 1, DBS Bank Tower 39th Floor Jl. Prof. Dr. Satrio Kav. 3-5, Jakarta 12940 – Indonesia (6221) 2988 5858 www.ciputradevelopment.com