Pt Surya Semesta Internusa Tbk · IDX:SSIA
Pt Surya Semesta Internusa Tbk — FY2018 Earnings Presentation
57 slides from Pt Surya Semesta Internusa Tbk's earnings presentation, May 27, 2019
Slide 1: Review Full Year 2018
PT SURYA SEMESTA INTERNUSA TBK (“SSIA”) Review Full Year 2018 www.suryainternusa.com 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 SLP SURYA TICON INTERNUSA (“SLP”) • Strategic Roadmap • PT TCP Internusa (“TCP”) • Indones
Slide 3: Surya Semesta Internusa in Summary
Surya Semesta Internusa in Summary 2
Slide 4: PT Surya Semesta Internusa Tbk milestones
PT Surya Semesta Internusa Tbk Operating track record in property sector can be traced back to over 40 2017 years in early 1970s Significant growth since IPO 2014 Divestmet – Raised over IDR 545 billion equity(1) Cikopo Palimanan Acquired location – Raised over IDR 1,600 billion in debt 2012 p
Slide 5: Company Highlights
Surya Semesta Internusa in Summary Company Highlights Shareholding Structure 9.4% Established and commenced operations in 1971, SSIA’s primary 7.9% businesses are in construction, property and hospitality sectors PT Arman Investments Utama PT Persada Capital Investama 6.3% PT Interpid Investmets L
Slide 6: Board of Commissioners and Board of Directors
Board of Commissioners >35 Years >50 Years >50 Years >30 Years >35 Years >20 Years Experience Experience Experience Experience Experience Experience Hagianto Kumala Emil Salim Royanto Rizal William Jusman Steen Dahl Poulsen Crescento Hermawan President Commissioner Vice President Commissioner Commis
Slide 7: Corporate Structure and Key Projects
Corporate Structure and Key Projects PT Surya Semesta Internusa Tbk Market cap: IDR 2.4tn / US$ 162mn 100% 50% 100% 100% 65.4% 22.7%(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 Intern
Slide 8: Geographical Presence Across Indonesia
Geographical Presence Across Indonesia Presence in Twelve Indonesian Cities Medan Pekanbaru Subang Karawang Regional office for Nusa Raya Cikopo-Palimanan Suryacipta City of Industry (1,400ha) BATIQA Hotel (Business Hotel, Cipta (“NRCA”) Toll Road – divested on 8 May 3-star, 133 rooms) - Gra
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: Indonesia Economic Indicator
Indonesia Economic Indicator Economic Growth (%YoY) Exchange Rate (Rp/US$) 7.0% 15,500 6.5% 14,500 6.0% 13,500 5.5% 12,500 5.0% 11,500 4.5% 10,500 4.0% 9,500 Inflation BI Rate 10.0% 8.0% 9.0% 7.5% 8.0% 7.0% 7.0% 6.5% 6.0% 6.0% 5.0% 5.5% 4.0% 5.0% 3.0% 4.5% 2.0% 4.0% Source: Bank Indonesia, Indonesia
Slide 11: Revenue and EBITDA By Business Segments for FY18
Revenue and EBITDA By Business Segments for FY18 Revenue Across Business Segments EBITDA Across Business Segments (FY2018) (FY2018) 12% 22% 35% 33% 66% 32% Property Construction Hospitality Property Constrution Hospitality 10
Slide 12: FY18 Financial Highlights
FY18 Financial Highlights Consolidated Revenue Gross Profit (FY17 vs FY18, IDR Billions) (FY17 vs FY18, IDR Billions) 3,682 981 3,274 864 FY17A FY18A FY17A FY18A EBITDA Net Income (FY17 vs FY18, IDR Billions) (FY17 vs FY18, IDR Billions) 453 1,178 403 38 FY17A FY18A FY17A FY18A 11
Slide 13: FY18 Financial Highlights
FY18 Financial Highlights Property Segment Revenue (FY17 vs FY18, IDR Billions) 439 413 FY17A FY18A Construction Segment Revenue Hospitality Segment Revenue (FY17 vs FY18, IDR Billions) (FY17 vs 118, IDR Billions) 2,442 800 697 2,164 FY17A FY18A FY17A FY18A 12
Slide 14: Consolidated Revenue and Recurring Revenue
Consolidated Revenue (2014-2018, IDR Billions) 4,868 4,464 655 626 3,797 3,682 3,682 3,274 3,274 678 800 800 697 697 3517 3,243 2,460 2,442 2,164 2,442 2,164 596 692 659 412 439 412 439 2014A 2015A 2016A 2017A 2018A FY17A FY18A Property Construction Hospitality Others Recurring Revenue(1) (2014-2018
Slide 15: Gross Margins
Gross Margins Hotel Gross Margins % Property Gross Margins % 100% 70% 80% 62.1% 67.2% 65.6% 63.8% 63.4% 64.5% 60% 60% 57.2% 55.7% 40% 50.7% 50% 48.7% 20% 0% 2014A 2015A 2016A 2017A 2018A 40% Construction Gross Margins(1) % 30% 15% 20% 10.2% 9.9% 10.2% 10% 9.1% 9.0% 10% 5% 0% 0% 2014A 2015A 2016A 201
Slide 16: Consolidated Operating Results
Financial Highlights Consolidated Operating Results (in IDR Billions) 2013 2014 2015 2016 2017 2018 Revenue 4,583 4,464 4,868 3,797 3,274 3,682 Revenue Growth 29% ‐3% 9% ‐22% ‐14% 12% Gross Profit 1,320 1,054 1,179 1,069 864 981 Gross Profit Margin 29% 24% 24% 28% 26% 27% EBITDA 1,023 794 796 606 40
Slide 17: Consolidated Revenue by Business Segment
Financial Highlights Consolidated Revenue by Business Segment (in IDR Billions) 2013 2014 2015 2016 2017 2018 Property 1,159 596 692 659 412 439 Segment percentage 25% 13% 14% 17% 13% 12% Construction 2,843 3,243 3,517 2,460 2,164 2,442 Segment percentage 62% 73% 72% 65% 66% 66% Hospitality 580 626
Slide 18: Consolidated EBITDA by Business Segment
Financial Highlights Consolidated EBITDA by Business Segment (n IDR Billions) 2013 2014 2015 2016 2017 2018 Property 647 290 379 329 149 178 Segment percentage 63% 36% 48% 54% 37% 39% Construction 240 386 344 207 165 175 Segment percentage 23% 49% 43% 34% 41% 39% Hospitality 179 170 145 145 147 189
Slide 19: Consolidated Net Profit by Business Segment
Financial Highlights Consolidated Net Profit by Business Segment (in IDR Billions) 2013 2014 2015 2016(1) 2017(1) 2018(1) Property 630 245 370 245 89 114 Segment percentage 91% 59% 122% 392% 8% 303% Construction 128 194 129 78 106 71 Segment percentage 19% 47% 43% 125% 9% 190% Hospitality 46 30 (5)
Slide 20: Consolidated Balance Sheet
Financial Highlights Consolidated Balance Sheet In IDR Billions 2013 2014 2015 2016 2017 2018 Current Assets 3,719 2,901 2,900 3,381 5,085 3,459 Cash & ST Investments 1,725 1,176 949 1,545 1,180 1,584 Inventories 459 351 476 392 415 463 Other‐Current Assets 1,535 1,374 1,475 1,444 3,491 1,412 Non‐Cu
Slide 21: Key Performance Ratios
Financial Highlights Key Performance Ratios 2013 2014 2015 2016 2017 2018 Bank/Third parties Loan IDR denominated in IDR Billions 1,279 1,279 1,377 2,456 2,270 1,506 US$ denominated in US$ Millions 3.2 ‐ ‐ ‐ ‐ ‐ Total Debt in IDR Billions 1,318 1,279 1,377 2,456 2,270 1,506 Debt to Equity Ratio 51%
Slide 22: Review of Business Segments
Review of Business Segments 21
Slide 23: Property
PROPERTY - PT Suryacipta Swadaya (“SCS”) - PT SLP SURYA TICON INTERNUSA(“SLP”) - PT TCP Internusa (“TCP”) - PT Sitiagung Makmur (“SAM”) 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) 60 500 53.8 51.8 450 50 440 41.7 43.6 400 40.9 348 24.5 350 40 16.1 19.6 14.4 300 13.2 30 250 175 200 208 20 186 150 100 10 28.5 29.3 29.3 28.9 32.2 50 0 0 2014
Slide 25: Industrial Sector Fundamentals
Industrial Sector Fundamentals Source: Colliers 4Q 2018 Research 24
Slide 26: Industrial Sector Fundamentals
Industrial Sector Fundamentals Source: Colliers 4Q 2018 Research 25
Slide 27: 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 28: Subang Industrial City strategically located
Subang Industrial City strategically located at • km 88 from Jakarta Trans Java Toll Road Network(1) • 51 km away from new flagship port project Patimban, West Java (initial capacity of 250k Cikopo-Palimanan TEUs and to be completed in 2019) Toll Road • 75 km from new Kertajati international airpo
Slide 29: Strategic Location
Strategic Location Subang Industrial Township sj SUBANG CITY OF INDUSTRY 2000 HECTARES JAKARTA- SURABAYA Semi High-Speed Railway PATIMBAN SEAPORT a KERTAJATI 4 International Airport er rt *Ceccccccccccccoccscecsosere®” SUBANG CITY OF INDUSTRY
Slide 30: 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 31: Suryacipta City of Industry ASP and Property Segment Revenue
Suryacipta City of Industry ASP (US$ / sqm) 200 150 128 121 120 120 103 100 0 2013A 2014A 2015A 2016A 2017A 2018A Property Business Segment Revenue (2014-2018, IDR Billions) Decrease driven by - Uncertain political 1,600 climate (elections) - One-off dispute with 1,400 local villagers in 4Q14 1,200
Slide 32: 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 2013 2014 2015(1) 2016 2017 2018 Land
Slide 33: Property: Industrial Estate Review
Business Segment Property: Industrial Estate Review Industrial Estate Revenue Breakdown Revenue (in IDR Billions) 2013 2014 2015 2016 2017 2018 Land 991 420 677 439 176 154 Non Land 89 125 145 166 182 217 TOTAL 1,080 545 822 605 358 371 32
Slide 34: Property: Rental Property Review
Business Segment Property: Rental Property Review • PT Surya Semesta Internusa Tbk (Indonesia) – 50% stake • MITSUI & CO., Ltd (Japan) - 25% stake • TICON Industrial Connection., Public Co Limited (Thailand) – 25% stake PT SLP SURYA TICON • Jointly acquiring 22ha land in SLP Karawang INTERNUSA (“SLP
Slide 35: Property: Rental Property Review
Business Segment Property: Rental Property Review Rental properties: • Graha Surya Internusa office building (GSI, not in operations) • Glodok Plaza (GP) Occupancy Rate 2013 2014 2015 2016 2017 2018 GSI 62% 0% 0% 0% 0% 0% GP 88% 90% 91% 90% 85% 79% Revenue (in IDR billions) 2013 2014 2015 2016 2017
Slide 36: Property: Operating Result
Financial Highlights Property : Operating Result (in IDR Billions) 2013 2014 2015 2016 2017 2018 Revenue 1,159 596 692 659 412 439 Revenue Growth ‐5% ‐49% 16% ‐5% ‐37% 7% Gross Profit 694 332 430 377 201 223 Gross Margin 60% 56% 62% 57% 49% 51% EBITDA 647 290 379 329 149 178 EBITDA Margin 56% 49% 55
Slide 37: 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 36
Slide 38: Construction - PT Nusa Raya Cipta Tbk
CONSTRUCTION - PT Nusa Raya Cipta Tbk (“NRCA”) 37
Slide 39: 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 40: Largest Market Share and Profitability Amongst Private Companies
Largest Market Share … …and Profitability Amongst Private Companies (2013-2018, Revenue, IDR Trillions) Profit Margin (%) – FY18 4.0 2.46 7.3% 3.0 2.78 5.2% 2.0 1.98 4.8% 3.73 1.0 1.02 0.0 2013 2014 2015 2016 2017 2018 (14.3%) 0.6% Nusa Raya Cipta Jaya Konstruksi Total Bangun Persada Nusa Konstuksi
Slide 41: Construction: Major Projects
Business Segment Construction : PT Nusa Raya Cipta Tbk - Major Projects New Contract Classification (in IDR billions) (in IDR Billions) 2014 2015 2016 2017 2018 3,180 3,024 2,811 2,841 2,693 Contract on 3% 3% 5% 6% hand ‐ beginning 3,901 3,769 3,192 3,527 4,204 2% 3% 12% 10% 11% 13% 8% 39% Contract
Slide 42: Construction: Operating Result
Business Segment Construction : Operating Result (in IDR Billions) 2013 2014 2015 2016 2017 2018 Revenue 3,006 3,311 3,601 2,476 2,164 2,457 Revenue Growth 49% 10% 9% ‐31% ‐13% 14% Gross Profit 251 302 324 253 215 251 Gross Margin 8% 9% 9% 10% 10% 10% Income from JO 63 176 112 31 27 27 EBITDA 298 41
Slide 43: Construction: Balance Sheet
Financial Highlights Construction : Balance Sheet In IDR Billions 2013 2014 2015 2016 2017 2018 Assets Cash & Cash Equivalents 351 276 338 447 657 736 Account Receivable 895 811 1,098 1,111 1,085 1,198 Project Advance 59 232 21 23 31 38 Investment Toll Road 120 120 125 125 0 0 Others 203 405 413 428
Slide 44: Construction project photos
RS Budi Medika (Lampung) Mayapada Hospital (Bandung) Ayana Komodo Resort (Labuan Bajo) The Park Mall Sawangan (Depok) The Branz BSD (Tangerang) Hotel and Apartment Tentrem (Semarang) 43
Slide 45: Hospitality
Hospitality - PT Suryalaya Anindita International (“SAI”) - PT Ungasan Semesta Resort (“USR”) - PT Surya Internusa Hotels (“SIH”) 44
Slide 46: Jakarta Hotel Market Fundamentals
Jakarta Hotel Market Fundamentals Source: Colliers 4Q 2018 Research & STR Global 45
Slide 47: Bali Hotel Market Fundamentals
Bali Hotel Market Fundamentals Source: Colliers 4Q 2018 Research & STR Global 46
Slide 48: Hotel Revenue, Occupancy Rate and RevPAR
Revenue Occupancy Rate (2014-2018, IDR Billions) (2013-2018) Opened Seven BATIQA Hotels by 2018(1) 90% 80% 76.7% 70% 63.1%(2) 60% 60.9% 55.1% 50% 697 800 40% 50.6% 678 30% 644 94 20% 626 2013 2014 2015 2016 2017 2018 66 80 14 32 144 Gran Melia Melia Bali Banyan Tree BATIQA 144 144 155 151 Room RevPa
Slide 49: Hospitality Business
Hospitality Business ARR ($) 2013 2014 2015 2016 2017 2018 GMJ 122 117 117 109 103 94 MBH 108 107 96 94 101 113 BTUR 547 527 487 442 466 468 BATIQA (Rp) N/A 547,355 527,990 303,507 300,366 332,953 Room RevPAR ($) 2013 2014 2015 2016 2017 2018 GMJ 66 56 59 50 46 48 MBH 84 84 69 73 77 87 BTUR 313 324
Slide 50: Hospitality: Operating Result
Business Segment Hospitality : Operating Result (in IDR Billions) 2013 2014 2015 2016 2017 2018 Revenue 580 626 655 678 697 800 Revenue Growth 23% 8% 5% 3% 3% 10% Gross Profit 390 421 430 432 441 516 Gross Margin 67% 67% 66% 64% 63% 65% EBITDA 179 170 145 145 147 189 EBITDA Margin 31% 27% 22% 21% 21
Slide 51: Photos of Gran Melia Jakarta
Photos of Gran Melia Jakarta Café Gran Via Red Level Reception Guest Room Reception 50
Slide 52: Photos of Melia Bali Hotel
Photos of Melia Bali Hotel Villa Main Pool Lobby Hotel The Level Family Suite Room Swimming Pool 51
Slide 53: Photos of Banyan Tree Ungasan Resort
Photos of 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 52
Slide 54: Photos of BATIQA Hotels
Photos of BATIQA Hotels Suite Room FRESQA Bistro Exterior view of BATIQA Hotel Cirebon Lobby Meeting Room 53
Slide 55: Industrial, hotel and toll road 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 56: Thank You
suryainternusa Thank You INDONESIA 55
Slide 57: 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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