Pt Surya Semesta Internusa Tbk · IDX:SSIA
Pt Surya Semesta Internusa Tbk — FY2022 Earnings Presentation
67 slides from Pt Surya Semesta Internusa Tbk's earnings presentation, Apr 18, 2023
Slide 1: Review Full Year 2022
PT Surya Semesta Internusa Tbk (“SSIA”) Review Full Year 2022 www.suryainternusa.com building a better indonesia 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 TCP Internusa (“TCP”) • Strategic Roadmap • PT Sitiagung Makmur (“SAM”) • Sustainability S
Slide 3: Surya Semesta Internusa in Summary
1 Surya Semesta Internusa in Summary building a better indonesia 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 50 2017 years in early 1970s Divestmet • Significant growth since IPO 2014 Cikopo Palimanan – Raised over IDR 545 billion equity(1) • Acquired location Toll road at 3X BV – Raised over IDR 1,600 bil
Slide 5: Company Highlights
Surya Semesta Internusa in Summary Company Highlights Shareholding Structure 8.6% • Established and commenced operations in 1971, SSIA’s primary businesses 7.9% PT Arman Investments Utama are in construction, property and hospitality sectors PT Persada Capital Investama 7.7% Intrepid Investments Lim
Slide 6: SSIA Management - Strong Operating Record
SSIA Management - Strong Operating Record Board of Commissioners >45 Years >55 Years >50 Years >25 Years Experience Experience Experience Experience Hagianto Kumala Emil Salim Steen Dahl Poulsen Crescento Hermawan President Commissioner Vice President Commissioner Commissioner Commissioner Prior wor
Slide 7: Corporate Structure and Key Projects
Corporate Structure and Key Projects Divested on 6 June 2022: worth total of Rp562.2bn: PT Surya Semesta Internusa Tbk ✓ PT SLP SURYA TICON INTERNUSA Market cap: IDR 1.3tn / US$ 82mn - transaction value of Rp430.6bn ✓ PT Surya Internusa Timur– transaction value of Rp131.6bn 100% 100% 100% 50% 66.7%
Slide 8: Geographical Presence Across Indonesia
Geographical Presence Across Indonesia Presence in Thirteen Indonesian Cities Medan Pekanbaru Subang Karawang • Regional office for Nusa Raya • Acquired location permit of • Suryacipta City of Industry (1,400ha) Cipta (“NRCA”) • BATIQA Hotel (Business Hotel, 2,717ha Divested on 6 June 2022 3-star, 1
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: SSIA's Sustainability: 4-pillar ESG strategy
SSIA’s Sustainability: 4-pillar ESG strategy lays the foundation to create holistic long-term value for our stakeholders Sustainability Strategy: 2021 Sustainability Highlights: Sustainability is an integrated part of SSIA’s • Suryacipta received highest rank in Eco Industrial Park by business. Alig
Slide 11: Overview of Key Business Segment
Overview of Key Business Segment Revenue Across Business Segments (FY21) Revenue Across Business Segments (FY22) IDR 2,353bn IDR 3,615bn Property 22% Property 17% Construction 70% Construction 67% Hospitality 8% Hospitality 16% 0.0% 20.0% 40.0% 60.0% 80.0% Property 0.0% 20.0% 40.0% 60.0% 80.0% Const
Slide 12: FY22 Financial Highlights
FY22 Financial Highlights Consolidated Revenue Gross Profit (FY21 vs FY22, IDR Billions) (FY21 vs FY22, IDR Billions) 918 3,615 2,353 517 FY21 FY22 FY21 FY22 EBITDA Net Income (FY21 vs FY22, IDR Billions) (FY21 vs FY22, IDR Billions) FY21 FY22 176 458 182 -200 FY21 FY22 building a better indonesia 1
Slide 13: FY22 Financial Highlights
FY22 Financial Highlights Property Segment Revenue (FY21 vs FY22, IDR Billions) 623 520 FY21 FY22 Construction Segment Revenue Hospitality Segment Revenue (FY21 vs FY22, IDR Billions) (FY21 vs FY22, IDR Billions) 2,456 595 1,665 191 FY21 FY22 FY21 FY22 building a better indonesia 12
Slide 14: Established Track Record as a Group
Established Track Record as a Group Consolidated Revenue (2017-2022, IDR Billions) 3,682 4,006 3,615 3,274 811 803 2,947 595 697 220 2,353 191 2,611 2456 2,454 2,082 2,164 1,665 414 442 588 652 520 623 2017 2018 2019 2020 2021 2022 Property Construction Hospitality Others Recurring Revenue(1) (2017-
Slide 15: Attractive Gross Margins
Attractive Gross Margins Hotel Gross Margins % Property Gross Margins % 100% 60% 80% 64.7% 63.5% 62.4% 52.2% 52.0% 51.0% 60% 49.8% 50% 47.4% 41.6% 40% 34.1% 20% 40% 0% 2018 2019 2020 2021 2022 30% Construction Gross Margins(1) % 15% 20% 11.0% 11.4% 10.4% 10.8% 10.2% 10% 10% 5% 0% 0% 2018 2019 2020 2
Slide 16: Consolidated Profit & Loss
Financial Highlights Consolidated Profit & Loss (in IDR Billions) 2017 2018 2019 2020 2021 2022 Revenue 3,274 3,682 4,006 2,947 2,353 3,615 Revenue Growth -14% 12% 9% -26% -20% 54% Gross Profit 864 981 1,091 635 517 918 Gross Profit Margin 26% 27% 27% 22% 22% 25% EBITDA 413 455 533 256 182 458 EBITD
Slide 17: Consolidated Revenue by Business Segment
Financial Highlights Consolidated Revenue by Business Segment (in IDR Billions) 2017 2018 2019 2020 2021 2022 Property 414 442 588 652 520 623 Segment percentage 13% 12% 15% 22% 22% 17% Construction 2,164 2,454 2,611 2,082 1,665 2,456 Segment percentage 66% 66% 65% 71% 70% 67% Hospitality 697 803 81
Slide 18: Consolidated EBITDA by Business Segment
Financial Highlights Consolidated EBITDA by Business Segment (in IDR Billions) 2017 2018 2019 2020 2021 2022 Property 139 175 244 281 202 221 Segment percentage 31% 32% 42% 94% 90% 43% Construction 157 184 163 130 100 171 Segment percentage 35% 34% 28% 44% 45% 33% Hospitality 148 186 177 -113 -79 12
Slide 19: Consolidated Net Profit by Business Segment
Financial Highlights Consolidated Net Profit by Business Segment (in IDR Billions) 2017 2018 2019 2020 2021 2022 Property 80 127 159 104 9 35 Segment percentage 48% 49% 58% -341% -8% 51% Construction 153 123 105 59 55 75 Segment percentage 92% 48% 39% -194% -47% 108% Hospitality -66 8 8 -193 -180 -4
Slide 20: Consolidated Balance Sheet
Financial Highlights - Consolidated Balance Sheet In IDR Billions 2018 2019 2020 2021 2022 Current Assets 3,459 4,057 3,004 3,008 3,325 Cash & ST Investments 1,372 1,527 851 782 1,136 Account Receivables 1,239 1,515 1,419 1,405 1,542 Inventories 463 422 490 553 376 Other-Current Assets 385 594 244 2
Slide 21: Key Performance Ratios
Financial Highlights - Key Performance Ratios In IDR Billions 2018 2019 2020 2021 2022 Bank/Third parties Loan IDR denominated in IDR Billions 1,507 1,194 1,305 1,245 1,514 (1) (1) (1) (1) US$ denominated in IDR Billions - 662 676 1,059 1,034 Total Debt in IDR Billions 1,507 1,856 1,981 2,304 2,548
Slide 22: Review of Business Segments
2 Review of Business Segments building a better indonesia 21
Slide 23: Property
PROPERTY 2.1 - PT Suryacipta Swadaya (“SCS”) - PT TCP Internusa (“TCP”) - PT Sitiagung Makmur (“SAM”) building a better indonesia 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) 84 86 480 38.5 76 430 62 380 66 57 54 30.6 330 56 52 54 28.7 24.5 25.8 280 19.6 46 218 274 209 230 186 191 36 208 180 26 45.6 130 16 32.2 29.3 31.1 28.2 28.7 80
Slide 25: Industrial Sector Fundamentals
INDUSTRIAL SECTOR FUNDAMENTALS Source: Colliers Q4 2022 Research building a better indonesia 24
Slide 26: Industrial Sector Fundamentals
INDUSTRIAL SECTOR FUNDAMENTALS Source: Colliers Q4 2022 Research building a better indonesia 25
Slide 27: Low Risk Capital Effective Business Model (Industrial/Property)
Low Risk Capital Effective Business Model Master Plan Basic Infrastructure & Marketing Sales Sites Preparation & Finishing 6-12 Months 18 Months 6-12 Months Land Create Build basic infrastructure Completion and acquisition masterplan Preparation of site Handover (Industrial/Property) Business Model
Slide 28: Infrastructures Surrounding the Projects
PT Suryacipta Swadaya Infrastructures Surrounding the Projects Suryacipta City of Industry Tanjung Priok Seaport Soekarno-Hatta International Airport Subang Smartpolitan Patimban Seaport Both projects are directly Halim Kertajati connected to the main toll road Perdanakusuma International Airport Ai
Slide 29: Infrastructures Surrounding the Projects
PT Suryacipta Swadaya Infrastructures Surrounding the Projects Patimban 5 Seaport Soekarno-Hatta Suryacipta City of Industry Subang Smartpolitan International Airport Tanjung Priok 1 Jakarta-Surabaya High Speed Railway Seaport 2 Jakarta-Cikampek Elevated Toll Road KM KM To Central & KM KM KM KM KM K
Slide 30: Property Business Segment
Property Business Segment Suryacipta City of Industry ASP (US$ / sqm) 200 120 120 121 129 126 128 100 0 2017 2018 2019 2020 2021 2022 Property Business Segment Revenue (2017-2022, IDR Billions) 652 623 588 59 520 442 71 126 414 91 55 71 593 517 497 429 358 371 2017 2018 2019 2020 2021 2022 Industria
Slide 31: High Quality Projects in Suryacipta City of Industry
High Quality Projects in Suryacipta City of Industry Well-Diversified Current Tenant Mix To Jakarta Home of 150 prestigious global companies Industrial Area Commercial Area Utility West Karawang Community Facilities Sold Area Interchange Jakarta – Cikampek Toll Gate AUTOM OTI VE BUILDING SUPPLIES To
Slide 32: Well-Diversified Current Tenant Mix
High Quality Projects in Suryacipta City of Industry Well-Diversified Current Tenant Mix Tenant Landbank by Sector Tenant Landbank by Country Home Appliance, 1.0% Logistics/Warehousing, 1.0% Textiles, 1.0% Chemical, 0.4% Electronics, Europe & 1.6% Others, 0.1% US, 9% Pharmaceutical, Construction, 2.
Slide 33: 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 2017 2018 20191 2020 2021 2022 Land s
Slide 34: Property: Edenhaus Simatupang
Business Segment Property: Edenhaus Simatupang (By TCP INTERNUSA) ✓ 41 boutique houses (~Rp300 billion) Edenhaus Marketing Sales ✓ 34 units (Rp242.5 billion) sold per FY22 (unit) 21 units (Rp149 bn) booked as Revenue 15 10 9 FY20 FY21 FY22 building a better indonesia 33
Slide 35: Glodok Plaza & Edenhaus Simatupang
Business Segment Property: Glodok Plaza & Edenhaus Simatupang Occupancy Rate (%) – Glodok Plaza Revenue (in IDR billions) – TCP INTERNUSA 90% 82% 140 79% 79% 80% 80% 76% 126 70% 120 60% 100 50% 80 74 40% 60 55 56 30% 44 40 20% 10% 20 0% 0 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 building a
Slide 36: Property: Revenue Breakdown
Business Segment Property: Revenue Breakdown Revenue 2017 2018 2019 2020 2021 2022 (in IDR Billions) Industrial Estate (SCS) 176 154 297 357 166 207 Land Sales Industrial Estate (SCS) 182 217 220 236 263 290 Non-Land Rental Property 55 71 71 59 92 126 (TCP & Others) TOTAL 414 442 588 652 520 623 bui
Slide 37: Property: Operating Result
Financial Highlights Property : Operating Result (in IDR Billions) 2017 2018 2019 2020 2021 2022 Revenue 414 442 652 520 623 588 Revenue Growth -37% 7% 33% 11% -20% 20% Gross Profit 202 225 307 339 259 295 Gross Margin 49% 51% 52% 52% 50% 47% EBITDA 139 244 281 202 221 175 EBITDA Margin 34% 40% 42%
Slide 38: 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 building a better indonesia 37
Slide 39: PT . SURYAC IPT A SW ADAYA | 38
ii SUBANG == SMARTPOLITATS BY SURYACIPT Agia = wy) ye C S 9 oO PT. SURYACIPTA SWADAYA | 38 —
Slide 40: Subang Smartpolitan: Location
Subang Smartpolitan Location Strategic Location ▪ The future of industrial corridor; ▪ Within the Rebana Metropilitan; ▪ Direct toll access (via Trans-Java toll road network); ▪ Direct Access to Patimban Seaport; ▪ Direct Access to West Java International Airport (Kertajati); ▪ Connected via railroa
Slide 41: Subang Smartpolitan: Project Timeline
Subang Smartpolitan Project Timeline Phase 1 Subang Smartpolitan, the - Development : Q4 2020 pioneer of smart and - Handover : Q3 2023 sustainable city development, - Operation : Q3 2024 Leverages technology and Toll Road to Patimban IOT to promote efficiency and - Development : Q3 2023 security. -
Slide 42: Subang Smartpolitan: Accessibility
Subang Smartpolitan Accessibility Pringkasap Station Patimban Seaport + 40 km (direct access via Patimban Toll Road) Toll Gate (2024) ▪ Direct Toll Access Jakarta - Surabaya Railroad (existing) Direct toll access via KM89 Intersection (2024) Cikopo-Palimanan (Cipali) Toll Road Cipali - Patimban Toll
Slide 43: Masterplan
MASTERPLAN ▪ Subang Smartpolitan is directly accessible via Cikopo- Palimanan (Cipali) Toll Road at Cipali Interchange at Patimban Toll Road Km89. (direct access to Patimban Seaport) ▪ From Kalijati Exit (Km98), Subang Smartpolitan is approximately 13Km (25mins). Direct Access from Cipali-Patimban T
Slide 44: Vision: pioneer of smart and sustainable city
Vision: “To be the pioneer of smart and sustainable city, driving innovation for business and community, to give the future a better place” Subang Smartpolitan is the first integrated township in Indonesia built with smart and sustainable concept from the ground- up – with 4 pillars as the key propo
Slide 45: Vision Statement translated to township components
Vision Statement is translated to the components of the township To be the pioneer of smart and sustainable city, driving innovation for business and community, to give the future a better place Education & Pillars Business Connectivity Innovation Community (Subang Smartpolitan A place for An integr
Slide 46: Components of the township that bring the vision to life
Components of the township that ‘bring the vision to life’ To be the pioneer of smart and sustainable city, driving innovation for business and community, to give the future a better place Education & Business Connectivity Community Innovation Strategic Location & Industrial Area Education Center Sm
Slide 47: Smart Infrastructures
Subang Smartpolitan Smart Infrastructures Smart Connectivity Smart Grid Sensor High-speed Multiple Fiber Microgrid Monitoring connection Optic Network system System IoT Network (e.g., LoRaWAN, NB-IoT, etc.) Smart & Sustainable Water System Intelligent Monitoring & Control Sensor Geographical Water S
Slide 48: Patimban Seaport Development Masterplan
Subang Smartpolitan Patimban Seaport Development Masterplan Phase I-1 Phase II • Container Terminal: • Container Terminal: 250,000 TEUs 5,000,000 TEUs • Car Terminal : • Car Terminal: 218,000 CBU 600,000 CBU 2021-2023 2026-2027 2018-2021 2024-2025 Phase I-2 Phase III • Container Terminal: • Containe
Slide 49: Construction - PT Nusa Raya Cipta Tbk
2.2 CONSTRUCTION - PT Nusa Raya Cipta Tbk (“NRCA”) building a better indonesia 48
Slide 50: Low Risk Capital Effective Business Model (Construction)
Low Risk Capital Effective Business Model Appointment Delivery and Process Payment Process between Working Parties Handover (Up to 1 year) 1 – 3 Years 6 – 12 months Tender Invitation Final Delivery Retention And Period Payment of Retention Business Model (Construction) Tender Submission Negotiation
Slide 51: Construction Business
Construction Business Top Five Largest Market Share Profitability Amongst Private Companies (2017-2022, Revenue, IDR Trillions) Profit Margin (%) – 2022 5.0 3.0% 4.5% 4.0% (43.6%) 2.50 4.0 2.30 3.0 1.40 2.0 1.0 1.00 -12.31% 0.80 0.0 2017 2018 2019 2020 2021 2022 Nusa Raya Jaya TOTAL ACSET TOPS Nusa
Slide 52: Construction: Major Projects
Business Segment Construction : PT Nusa Raya Cipta Tbk - Major Projects (in IDR Billions) 2018 2019 2020 2021 2022 New Contract Classification (in IDR billions) Contract on hand - 2,693 2,028 1,095 2,679 2,352 4,204 4,443 3,478 2,321 3,202 beginning 1% 0% 8% 6% 0% 16% 17% 6% Contract obtained 2,693
Slide 53: Construction: Operating Result
Business Segment Construction : Operating Result (in IDR Billions) 2017 2018 2019 2020 2021 2022 Revenue 2,164 2,457 2,618 2,086 1,670 2,462 Revenue Growth -13% 14% 7% -20% -20% 47% Gross Profit 215 251 274 229 190 266 Gross Margin 10% 10% 10% 11% 11% 11% Income from JO 27 27 -1 -6 -15 2 EBITDA 275
Slide 54: Construction: Balance Sheet
Financial Highlights Construction : Balance Sheet In IDR Billions 2017 2018 2019 2020 2021 2022 Assets Cash & Cash Equivalents 657 736 689 578 496 647 Account Receivable 1,085 1,198 1,468 1,381 1,400 1,552 Project Advance 31 38 34 22 33 33 Others 569 283 272 241 214 223 Total Assets 2,342 2,255 2,46
Slide 55: Excellent Work Quality Across Sectors
Excellent Work Quality Across Sectors Pacific Garden - Tangerang JHL Galeri - Gading Serpong 57 Promenade- Jakarta Pakuwon Mixed Use - Bekasi Carstensz Apartement – Tangerang Tower Ekki PGV- Cimanggis building a better indonesia 54
Slide 56: Hospitality
2.3 Hospitality - PT Suryalaya Anindita International (“SAI”) - PT Ungasan Semesta Resort (“USR”) - PT Surya Internusa Hotels (“SIH”) building a better indonesia 55
Slide 57: Jakarta Hotel Market Fundamentals
Jakarta Hotel Market Fundamentals Source: Colliers Q4 2022 Research & STR Global building a better indonesia 56
Slide 58: Bali Hotel Market Fundamentals
Bali Hotel Market Fundamentals Source: Colliers Q4 2022 Research & STR Global building a better indonesia 57
Slide 59: Hospitality Business
Hospitality Business Revenue Occupancy Rate (2017-2022, IDR Billions) (2018-2022, %) 90% 80% 61.5% 70% 803 811 60% 57.3% 101 50% 697 97 40% 46.4% 30% 80 20% 144 144 595 15.1% 10% 0% 151 105 2018 2019 2020 2021 2022 Gran Melia Melia Bali Jumana Bali BATIQA 38 397 Room RevPar (3) 419 (2018-2022, thous
Slide 60: Hospitality Business
Hospitality Business ARR (Rp) 2018 2019 2020 2021 2022 GMJ 1,348 1,251 1,042 803 1,041 MBH 1,626 1,671 1,468 671 1,696 JBUR 6,680 6,223 5,714 4,672 6,572 BATIQA 333 314 303 322 344 Room RevPAR (thousand Rp) GMJ 681 561 160 237 483 MBH 1,243 1,307 262 84 972 JBUR 3,678 3,594 864 339 993 BATIQA 210 20
Slide 61: Hospitality: Operating Result
Business Segment Hospitality : Operating Result (in IDR Billions) 2017 2018 2019 2020 2021 2022 Revenue 697 803 811 220 191 595 Revenue Growth 3% 15% 1% -73% -13% 211% Gross Profit 442 519 515 75 80 371 Gross Margin 63% 65% 64% 34% 42% 62% EBITDA 148 186 177 -113 -79 122 EBITDA Margin 21% 23% 22% -5
Slide 62: Photos of Gran Melia Jakarta
Photos of Gran Melia Jakarta Café Gran Via Red Level Reception Guest Room Reception building a better indonesia 61
Slide 63: Photos of Melia Bali Hotel
Photos of Melia Bali Hotel Villa Main Pool Lobby Hotel The Level Family Suite Room Swimming Pool building a better indonesia 62
Slide 64: Photos of JUMANA BALI
Photos of JUMANA BALI (Formerly 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 building a better indonesia 63
Slide 65: Photos of BATIQA Hotels
Photos of BATIQA Hotels Suite Room FRESQA Bistro Exterior view of BATIQA Hotel Cirebon Lobby Meeting Room building a better indonesia 64
Slide 66: Thank You
BUILDING A BETTER INDONESIA THANK YOU Erlin Budiman VP Head of Investor Relations Contact: erlin.budiman@suryainternusa.com These materials have been prepared by PT Surya Semesta Internusa Tbk (the “Company”, “SSIA”) These materials are for information purposes only and do not constitute or form par
Slide 67: building a better indonesia
building a better indonesia 66
PT Surya Semesta Internusa — FY2022 Earnings Presentation on 6ix