Pt Ciputra Development Tbk · IDX:CTRA
Pt Ciputra Development Tbk — Q1 2023 Earnings Presentation
63 slides from Pt Ciputra Development Tbk's earnings presentation, February 2023
Slide 1: Marketing Sales Presentation 3M23
Marketing Sales Presentation 3M23 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 - Strong Marketing Sales Recovery Post-Covid
Key Highlights - Strong Marketing Sales Recovery Post-Covid Sustained growth despite rising Successful launches as of 3M23 with total benchmark rates and inflation, marking marketing sales of Rp1.9 trillion from 1,167 units +74% YoY in 3M23 Marketing Sales (Rp bn) +8% New Launches Marketing Sales Un
Slide 5: Key Highlights - Consistent Improvement in Investment Properties
Key Highlights - Consistent Improvement in Investment Properties Improving operations in all shopping malls Strong RevPAR growth in all hotel assets Mall Revenue (Rp bn) ARR (Rp ’000) +15% +29% YoY YoY • 12M22 Revenue Rp550bn 550 (+29% YoY) 556 639 • 12M22 ARR Rp639,000 426 (+15% YoY) 2021 2022 12M2
Slide 6: Key Highlights - Strong Capital Position
Key Highlights - Strong Capital Position Improving balance sheet Sufficient liquidity 52% 57% 51% 49% 43% Cash (Rp bn) 31% 28% 27% 9,042 12% 7,162 -1% 2018 2019 2020 2021 2022 2021 2022 Debt to Equity Net Debt to Equity • More selective land banking capex • Higher portion of mortgage financing • Com
Slide 7: Company Overview
Company Overview 7
Slide 8: Ciputra at a Glance
Ciputra at a Glance Footprints Financial Highlights Number of Green Building Directly Owned Total Assets (12M22) EBITDA (12M22) Projects Certifications Land Bank Rp 41.9 tn Rp 3.3 tn >82 5 2,247 Ha Revenue (12M22) ROAE (12M22) Employees 57.7% JO Land Bank Rp 9.1 tn 10.5% 4,723 42.3% 3,233 Ha Net Pro
Slide 9: One of Indonesia's Leading Property Developer
One of Indonesia’s Leading Property Developer Property Development for Sale Commercial Property Development & Management Shopping Mall - 5 projects Township & Residential - 63 projects Hotel - 9 projects Condominium - 11 projects Healthcare - 3 projects Strata/Office for Sale - 8 projects Office for
Slide 10: Geographically Diversified Project Portfolio
Geographically Diversified Project Portfolio Kalimantan Over 82 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 11: Greater Jakarta Project Portfolio
Greater Jakarta Project Portfolio 11
Slide 12: Strong Growth and Geographically Diversified Marketing Sales
Strong Growth and Geographically Diversified Marketing Sales Historical Presales Presales per Location (Rp bn) 2022 3M23 8,925 8,243 Other Greater Greater 7,427 Surabaya Java Surabaya 12% 24% 24% Sumatra Greater Other Java 5,332 24% Jakarta 5,493 4,711 6% Greater 49% 3,997 Sumatra Jakarta Sulawesi 1
Slide 13: Expanding Middle Segment with Mortgage as Most Popular Form of Payment
Expanding Middle Segment with Mortgage as Most Popular Form of Payment Presales per Payment Method Presales per Unit Price 6% 7% 6% 9% 15% 18% 15% 19% 20% 25% 21% 29% 35% 16% 39% 32% 18% 31% 18% 41% 39% 32% 34% 66% 34% 62% 25% 53% 58% 50% 34% 31% 25% 19% 18% 2019 2020 2021 2022 3M23 2019 2020 2021 2
Slide 14: Sufficient Land Bank to Sustain >15 Years of Development
Sufficient Land Bank to Sustain >15 Years of Development Ownership Gross Land Bank 3M23 Average Unit Project Name Scheme 2021 (Ha) Price (Rp bn) CitraRaya Tangerang 100% 792 1.1 CitraIndah City Jonggol 100% 180 0.5 CitraGarden City Jakarta 100% 107 2.6 CitraGarden Puri Jakarta 100% 16 2.1 CitraLand
Slide 15: Rights to Additional Land Bank Through Joint-Operation Schemes
Rights to Additional Land Bank Through Joint-Operation Schemes Development 3M23 Average Development 3M23 Average Joint Operation Project Joint Operation Project Plan (Ha) Unit Price (Rp bn) Plan (Ha) Unit Price (Rp bn) Citra Sentul Raya 38 2.2 CitraGrand Senyiur City Samarinda 295 0.7 CitraLake Sawa
Slide 16: 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 85% 388 100% The Orchard 31,000 94% 92 100% Ciputra World Jakarta 2 100% The Residence 14,000 97%
Slide 17: 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% 19,700 89% 109 100% Ciputra World Jakarta 2 Tokopedia Tower 100% 28,000 82% 228 10
Slide 18: Apartment and Office Completion Schedule
Apartment and Office Completion Schedule Apartment Strata-Title (SGA ‘000 sqm) 25.3 22.7 15.8 148.0 9.1 6.7 8.5 17.6 19.8 22.5 Total Apartment Ciputra International CitraPlaza Nagoya Ciputra World Citra Living Ciputra World Barsa City CitraLand Vittorio CitraLand City Losari Ciputra World Backlog (S
Slide 19: 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 Citra Landmark* JV - 46% 61,000 Ciputra International** JV - 55% 66,000 Citra Towers Kemayoran JO Profit -
Slide 20: Healthy Occupancy and Lease Expiry Profile for Malls
Healthy Occupancy and Lease Expiry Profile for Malls Net Leasable Occupancy Rate Mall Area (sqm) 2018 2019 2020 2021 2022 Ciputra World Jakarta 1 79,500 100% 100% 100% 100% 100% Ciputra World Surabaya 87,500 92% 96% 94% 90% 75% * Total mall NLA of 257k m² Ciputra Mall Jakarta 42,400 98% 98% 93% 82%
Slide 21: Well-Diversified Mall Tenants with Reputable Brands
Well-Diversified Mall Tenants with Reputable Brands Mall Tenants Breakdown (% Leased Area) Reputable Tenants Supermarket Services 5% 3% Healthy & Beauty Department Store 5% 27% General 12% Fashion and Accessories Entertainment & 15% Leisure 18% F&B 15% 21
Slide 22: Several Hotel Operational Metrics Already Surpassed Pre-COVID Levels
Several Hotel Operational Metrics Already Surpassed Pre-COVID Levels Revenue per Available Room (RevPAR) (in Rp’000) +31% 1,422 1,425 Star Hotels 1,085 573 +105% 583 +40% 561 461 455 489 +48% 400 373 401 152 223 220 271 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022
Slide 23: Integrated Healthcare Facilities within Township Projects
Integrated Healthcare Facilities within Township Projects (Rp bn) (Rp bn) Revenue - Inpatient Revenue – Outpatient Ciputra Hospital Ciputra Hospital Ciputra Mitra Tangerang Jakarta Hospital 600 600 522 47% -36% 500 500 400 400 59% 354 332 -8% 300 40% 300 39% 244 224 223 200 174 200 125 100 100 Towns
Slide 24: Growth Strategy and Project Highlights
Growth Strategy and Project Highlights
Slide 25: Key Developments
Key Developments 1 2 3 Launched one new project and >12 new clusters in 9 3M23 presales: Rp3.4tn En bloc sale of apartments existing projects Combined presales of Rp2 tn (58% Total 3M23 presales reached • 253 apartment units to Diener Syz Real Estate in Ciputra World Jakarta 2 ➔ of 3M23 achievement)
Slide 26: Growth Strategy
Growth Strategy Retain healthy land bank levels Wide geographical footprint Increase portion of recurring income Continuously replenishing land bank Allow diversification of products While simultaneously boost synergy by in existing projects while searching and target market while focusing on compli
Slide 27: 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 Consumer Health and Safety Emission Control Ene
Slide 28: Sustainability Achievements
Sustainability Achievements Sustainability Metrics 2021 Key Recognitions IDX ESG Leaders Index since 2020 125,011 MWh 5 0.12 ton CO2eq/m2 Electricity consumption level Green building certifications GHG emissions intensity ESG Sector Leaders IDX KEHATI Index since 2021 ESG Quality 45 IDX KEHATI Index
Slide 29: Commitment to Achieve UN SDGs
Commitment to Achieve UN SDGs UN SDGs Commitment Performed UN SDGs Commitment Performed • Routine distribution of food packages and basic needs to people in need, • New projects brought indirect economic impact on local, national, and specifically surrounding the Company’s project in 15 cities overs
Slide 30: New Projects 2023 - CitraGarden Serpong
New Projects 2023 CitraGarden Serpong Location Tangerang, West of Jakarta Launch Feb 2023 Development plan 120 ha out of 350 ha masterplan Market segment Middle-low to middle-high Pre-sales 3M2023 Rp1.3 trillion Selling price per unit Rp594 million to Rp4.0 billion Average unit selling price Rp1.4 b
Slide 31: New Projects 2023 - CitraLand Sampali Kota Deli Megapolitan
New Projects 2023 CitraLand Sampali Kota Deli Megapolitan Location Medan, North Sumatra Development plan Phase 1: 35 ha Market segment Middle and middle-up Estimated launch 2H 2023 2023 est. pre-sales Rp450 billion Unit price range Rp1.4 billion to Rp3.8 billion Others Accessibility: 25 minutes (6 k
Slide 32: New Projects 2023 - Citra City Sentul
New Projects 2023 Citra City Sentul Location Sentul, Greater Jakarta Development plan 400 ha Market segment Middle-low to middle-high Estimated launch 2H 2023 2023 est. pre-sales Rp400 billion Unit price range Rp900 million to Rp5.0 billion Others Accessibility: 4.5 km to Sentul Selatan exit toll 32
Slide 33: Key Projects 2023 - CitraLand Surabaya
Key Projects 2023 CitraLand Surabaya Location West Surabaya Launch 1993 Development plan 1,700 ha (sold 789 ha) Market segment Middle to middle-high Pre-sales 3M2023 Rp712 billion Selling price per unit Rp476 million to Rp5.5 billion Average unit selling price Rp2.6 billion Unit sold 277 units Other
Slide 34: Key Projects 2023 - CitraLand Gama City Medan
Key Projects 2023 CitraLand Gama City Medan Location Medan, North Sumatra Launch Feb 2013 Development plan 123 ha out of 211 ha masterplan Market segment Middle and middle-up Pre-sales 3M2023 Rp241 billion Selling price per unit Rp1.3 billion to Rp6.1 billion Average unit selling price Rp3.0 billion
Slide 35: Key Projects 2023 - CitraLand City Losari Makassar
Key Projects 2023 CitraLand City Losari Makassar Location Makassar, South Sulawesi Launch Oct 2015 Development plan 157 ha (sold 35 ha + 50 ha to government) Market segment Middle to high Pre-sales 3M2023 Rp200 billion Selling price per unit Rp2.5 billion to Rp6.5 billion Average unit selling price
Slide 36: Key Projects 2023 - CitraGarden City Jakarta
Key Projects 2023 CitraGarden City Jakarta Location Kalideres, West Jakarta Launch 1984 Development plan 454 ha (sold 361 ha) Market segment Middle to high Pre-sales 3M2023 Rp130 billion Selling price per unit Rp1.9 billion to Rp3.5 billion Average unit selling price Rp 2.6 billion Unit sold 51 unit
Slide 37: Key Projects 2023 - CitraRaya Tangerang
Key Projects 2023 CitraRaya Tangerang Location Tangerang, West of Jakarta Launch 1994 Development plan 2,760 ha (sold 874 ha) Market segment Middle-low to middle-high Pre-sales 3M2023 Rp128 billion Selling price per unit Rp402 million to Rp3.0 billion Average unit selling price Rp1.1 billion Unit so
Slide 38: Key Projects 2023 - CitraLand Tanjung Morawa
Key Projects 2023 CitraLand Tanjung Morawa Kota Deli Megapolitan Location Deli Serdang, North Sumatra Launch Nov 2022 Development plan Phase 1: 15 ha out of 50 ha Market segment Middle-low Pre-sales 3M2023 Rp74 billion Selling price per unit Rp406 million to Rp1.7 billion Average unit selling price
Slide 39: Key Projects 2023 - CitraLand Tallasa City Makassar
Key Projects 2023 CitraLand Tallasa City Makassar Location Makassar, South Sulawesi Launch May 2017 Development plan 69 ha (sold 36 ha) Market segment Middle Pre-sales 3M2023 Rp52 billion Selling price per unit Rp573 million to Rp2.8 billion Average unit selling price Rp1.5 billion Unit sold 34 unit
Slide 40: Key Projects 2023 - Citra Maja Raya
Key Projects 2023 Citra Maja Raya Location Lebak, Banten, West Java Launch November 2014 Development plan 1,200 ha (sold 293 ha) Market segment Middle to middle-low Pre-sales 3M2023 Rp46 billion Selling price per unit Rp110 million to Rp695 million Average unit selling price Rp301 million Unit sold
Slide 41: Key Projects 2023 - CitraGrand Semarang
Key Projects 2023 CitraGrand Semarang Location Semarang, Central Java Launch Sep 2012 Development plan 55 ha (sold 27 ha) Market segment Middle and middle-up Pre-sales 3M2023 Rp46 billion Selling price per unit Rp782 million to Rp4.5 billion Average unit selling price Rp 1.8 billion Unit sold 26 uni
Slide 42: Financial Results
Financial Results a 7) eee
Slide 43: Results Summary (Income Statement)
Results Summary (Income Statement) (Rp bn) 12M22 12M21 % YoY Effect of -10.5% YoY in Property Development segment and +14.4% Revenue 9,127 9,730 -6.2% YoY in Recurring segment COGS (4,559) (4,890) -6.8% Gross Profit 4,568 4,840 -5.6% Gross Profit Margin 50.0% 49.7% Operating Expense (1,640) (1,548)
Slide 44: Results Summary (Revenue Breakdown and Margin Performance)
Results Summary (Revenue Breakdown and Margin Performance) (Rp bn) 12M22 12M21 % YoY Revenue Breakdown Property Development Revenue 7,188 8,034 -10.5% Houses, shophouses, and land lots 6,122 5,620 8.9% Office for sale 582 1,065 -45.4% Adoption of new accounting standard affecting highrise revenue re
Slide 45: Focusing on Property Development and Minimizing Concentration Risk
Focusing on Property Development and Minimizing Concentration Risk Revenue per Segment (12M22) Revenue per Location (12M22) Office Strata Apartment Greater Surabaya 6% Strata 23% 5% Shopping Other Malls Java 6% 10% Hotels 5% Sumatra Others 7% 11% Houses, Sulawesi shophouses, and 11% land lots Greate
Slide 46: Solid Development Revenue Complemented by Stable Recurring Assets
Solid Development Revenue Complemented by Stable Recurring Assets Rp tn Development vs. Recurring Revenue 11.0 10.0 9.0 1.7 8.0 1.9 7.0 27% 1.5 1.8 1.9 6.0 21% 1.7 18% 17% 5.0 23% 25% 4.0 8.0 6.6 7.2 3.0 5.9 5.7 4.7 2.0 1.0 - 2017 2018 2019 2020 2021 2022 Development Revenue Recurring Revenue Recurr
Slide 47: Debt Profile
Debt Profile As of Dec-22 Floating Fixed Rupiah SGD Total Borrowings: Rp8.9tn 81% 19% 81% 19% Borrowing Cost* Maturity Profile (% of total debt) (Rp tn) 50% 14.0% 4.5 11.7% 4.0 12.0% 10.3% 10.2% 10.4% 3.5 10.0% 8.4% 8.3% 3.0 8.0% 7.4% 2.5 6.0% 20% 2.0 1.5 4.0% 8% 1.0 2.0% 4% 6% 5% 4% 1% 1% 0% 0.5 0.
Slide 48: Selective Land Banking and Deferring Non-committal Capex
Selective Land Banking and Deferring Non-committal Capex Mall 4% Historical Capex Hospital Rp tn 10% Hotel 2.0 Land for 12M22 1% Development 0.7tn 1.3 69% 1.1 0.9 0.8 Others 15% 0.8 0.7 2016 2017 2018 2019 2020 2021 2022 48
Slide 49: Resilient Financial Performance with Continuous Growth
Resilient Financial Performance with Continuous Growth Revenue Gross Profit 4,840 4,568 4,121 9,730 3,628 3,792 9,127 7,670 7,608 8,071 2,997 6,443 51% 50% 50% 47% 47% 50% 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 Gross Profit Gross Margin Net Profit Key Ratios 1,863 1,735 2.2 2.2
Slide 50: Balance Sheet Summary
Balance Sheet Summary Rp bn Dec 2022 Dec 2021 Dec 2020 Dec 2019 Dec 2018 Dec 2017 Assets 41,902 40,668 39,255 36,196 34,289 31,872 Cash & cash equivalents 9,042 7,162 5,276 4,238 3,243 3,240 Land 14,495 14,538 14,471 13,523 13,048 11,696 Fixed Assets 2,569 2,504 2,595 3,089 3,114 3,144 Investment Pr
Slide 51: Country Overview
lew > i oD) => Oo ~ — aa) (= > (e) UO
Slide 52: Encouraging Macro Conditions
Encouraging Macro Conditions Real GDP Growth 5.01% 4.88% 5.03% 5.07% 5.17% 5.02% 5.31% Robust economic growth accelerating 3.69% middle class formation and increasing housing demand Home Ownership Loan Outstanding (Rp tn) -2.07% 2014 2015 2016 2017 2018 2019 2020 2021 2022 600 16.0% 500 Housing Loan
Slide 53: Property Price Index
Property Price Index Source of Consumer Financing • Mortgage consistently being Indonesian customers’ preference, 7% 8% 7% 7% 7% 16% 18% 17% 18% even with increased interest rate due to inflation. 20% • There is an imperfect correlation between mortgage rate and benchmark rate. • The composite Resid
Slide 54: Favorable Population Structure
Favorable Population Structure Percentage of population in urban and rural areas Population by Age Group and 100% Dependency Ratio 90% 51.1 80% 47.5 47.7 70% 60% 5.0% 6.3% 9.2% 50% 40% 66.2% 67.8% 67.7% 30% 20% 10% 28.8% 25.9% 23.1% 0% 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010
Slide 55: Regulatory Support from the Government
Regulatory Support from the Government Lowered super luxury tax from 5% to 1% and Increased maximum Loan-to-Value (LTV) to increased the threshold from Rp5bn to Rp30bn. 100% for all mortgages. Increased price threshold for 20% luxury tax from Increased limit for mortgages for units under Rp10bn to R
Slide 56: Appendix
Appendix
Slide 57: Corporate Structure
Corporate Structure PT Sang Pelopor Public 53.31% 46.69% (18,535,695,255 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 7.43% & Subsidiaries IND
Slide 58: Corporate Milestones
Corporate Milestones 2006 : - Issuance of 2.4 billion shares 2017 : - Merger with CTRS and CTRP without pre-emptive rights for - Issuance of MTN - SGD150 million 1994 : IPO and listing on JSX 1997 : Economic crisis hit debt settlement 2020 : - Included in IDX ESG Leaders Index 1995 : Issuance of Not
Slide 59: We are well positioned in Indonesia's current property outlook
We are well positioned in Indonesia’s current property outlook Company’s Strengths Business Prospects Focus on real estate business Increase in housing needs Urbanization trends Most diversified in market targets, products offered & project locations Change in customers’ lifestyle Large land bank at
Slide 60: Experienced Management Team - Board of Commissioners
Experienced Management Team - Board of Commissioners Rina Ciputra Sastrawinata Kodradi - Chairman - Independent member Tanan H. Antonius Junita Ciputra - Independent member Thomas Bambang Sandra Hendharto - Independent member 60
Slide 61: Experienced Management Team - Board of Directors
Experienced Management Team - Board of Directors Candra Ciputra - President Artadinata Djangkar Budiarsa Sastrawinata MI Meiko Handoyo Harun Hajadi Nanik J. Santoso Cakra Ciputra Sutoto Yakobus Agussurja Widjaja Tulus Santoso - Corporate Secretary 61
Slide 62: 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 63: Thank you!
Thank you! PT Ciputra Development Tbk Investor Relations 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 PT Ciputra Development Tbk
PT Ciputra Development — Q1 2023 Earnings Presentation on 6ix