Pt Pakuwon Jati Tbk · IDX:PWON
Pt Pakuwon Jati Tbk — Investor Presentation (August 2020)
29 slides from Pt Pakuwon Jati Tbk's investor presentation, Aug 25, 2020
Slide 1: PT Pakuwon Jati Tbk Public Expose RUPS Aug 25, 2020
PT Pakuwon Jati Tbk Public Expose RUPS Aug 25, 2020
Slide 2: Table of contents
Table of contents Section 1 Results summary 2 Section 2 Business summary 6 Section 3 Growth & strategy 10 Section 4 Capital management 14 Appendix A Company overview 18 Appendix B CSR Activities 2019 25 1
Slide 3: Results summary
Section 1 Results summary 2
Slide 4: Results summary
Results summary (Rp bn unless otherwise stated) 1H 2020 1H 2019 Variance Comments Revenue1 1,974 3,505 (43.7% ) 36% decrease in recurring revenues and 52% decrease in development revenue recognition. Pakuwon Permai contributed Rp 389bn (20%) of revenues. Gross Profit2 968 2,021 (52.1% ) Gross Profit
Slide 5: Results breakdown
Results breakdown Revenue by segment (1H2020) Revenue by project (1H2020) Revenue by geography (1H2020) Office Grand Hotel & leasing Pakuwon Serviced 6.8% Condo 13.8% Pakuwon Kota Apartments sales Kasablanka 7.3% 19.3% City 8.4% 27.5% Office sales Jakarta 2.0% Royal 42.4% Plaza 1.5% Gandaria Surabay
Slide 6: Key recent developments
Key recent developments Opened Pakuwon Mall Phase 4 on 28 February 2020 Opened Four Points by Sheraton Surabaya Pakuwon Indah on 8 December 2019 Received in June 2018 ratings upgrade from S&P and Fitch to BB, stable outlook Opened Tunjungan Plaza Phase 6 retail mall on 23 September 2017 Re
Slide 7: Business summary
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Slide 8: Residential development – Take-up of existing projects
Residential development – Take-up of existing projects Pre-sales across all residential and office projects underpins future growth Historical Pre-sales (Rp bn) Pre-sales and construction update (excludes residential township) Superblock / GSA Handover Project name Segment (sqm) % Sold Progress upda
Slide 9: Retail malls – Continued strong leasing interest
Retail malls – Continued strong leasing interest Wide appeal of PWON's malls demonstrated by consistently high occupancy Historical Occupancy Lease Expiry Profile (NLA breakdown) 6% 6% 15% 24% 13% 36% • Maintained strong occupancy across portfolio (sqm) 2015 2016 2017 2018 2019 1H 2020 250,000 Tunju
Slide 10: Office & hotel – Rents and RevPAR
Office & hotel – Rents and RevPAR Offices and hotels further diversify income base and increase recurring income, while complementing existing superblocks Average Office Rental (before service charge) Hotel RevPAR 1H 2019 - 1H 1H 2019 - 1H (Rp'000 psm / month) 2015 2016 2017 2018 2019 (Rp '000 /room
Slide 11: Growth & Strategy
Section 3 Growth & Strategy 10
Slide 12: Long term growth strategy on track
Long term growth strategy on track Target 50/50 recurring/development revenue mix over the long term Leverage on strength in retail malls and superblock developments Continue to dominate Surabaya and expand Jakarta portfolio Actively replenish land bank + acquire land around existing project
Slide 13: Growth of recurring income portfolio
Growth of recurring income portfolio Plans to continue growing retail, office, and hotel portfolio to maintain recurring income mix Retail Mall NLA Growth Office Leasing NLA Growth Hotel Room Growth 740 180 2,500 716 159 720 160 2095 140 2,000 700 120 110 1567 680 1,500 100 660 653 80 1,000 8 60 640
Slide 14: Land bank – Sufficient for >10 years of development
Land bank – Sufficient for >10 years of development 480.7 hectares of land bank to sustain growth and high margins, without being a drag on balance sheet and return on capital Land under Additional Total land Location Project development (ha) land bank (ha) bank (ha) Kota Kasablanka 2.7 3.8 6.5 Sout
Slide 15: Capital management
Section 4 Capital management 14
Slide 16: Strong financial and optimized capital structure
Strong financial and optimized capital structure Revenue (Rp bn) Adjusted EBITDA1 (Rp bn) 8,000 7,081 7,202 5,000 70% 7,000 58% 56% 56% 5,749 54% 55% 55% 60% 6,000 51% 4,000 4,841 3,613 3,509 5,000 4,625 50% 2,763 3,000 4,000 3,505 40% 2,314 2,288 3,000 2,000 30% 1,730 3,927 3,983 1,974 2,000 3,200
Slide 17: Strong financial position and prudent balance sheet
Strong financial position and prudent balance sheet (Rp bn unless otherwise stated) As of 1H 2020 As of 1H 2019 Cash 4,003 4,895 Total Debt1 4,336 5,249 Net Debt 332 355 Net Debt / Equity 2% 2% Net Debt / Assets 1% 1% Fixed Charge Coverage Ratio (FCCR)2 4.2x 5.7x % Fixed Rate Debt 82% 67% Credit rat
Slide 18: Well balanced debt maturity profile
Well balanced debt maturity profile Average debt maturity of 3.5 years, with cost of debt between 5% – 8.75% p.a.1 Debt Maturity Profile (Rp bn) As % of 12% 6% 8% 1% 0% 73% total 4,000 3,500 3,000 2,500 2,000 3,576 1,500 1,000 500 603 312 398 50 - 0 - 1H 2020 3Q-4Q 2020 2021 2022 2023 2024 Bank loan
Slide 19: Company overview
Appendix A Company overview 18
Slide 20: What sets Pakuwon Jati apart
What sets Pakuwon Jati apart The largest retail mall owner amongst Indonesian developers A well-balanced portfolio of development and investment properties Growth and value creation from identified development pipeline Strategically located in Indonesia’s two largest and wealthiest metropoli
Slide 21: Portfolio overview
Portfolio overview Strategically located superblocks and townships in Jakarta and Surabaya Kota Kasablanka Gandaria City Tunjungan City Location Jakarta Fringe CBD South Jakarta Surabaya CBD Description 12.9ha located right next to Jakarta’s Golden 3rd largest superblock in South Jakarta, sitting on
Slide 22: Portfolio overview (cont'd)
Portfolio overview (cont'd) Strategically located superblocks and townships in Jakarta and Surabaya Pakuwon Mall Royal Plaza Blok M Plaza Somerset Berlian Location West Surabaya South Surabaya South Jakarta South Jakarta Description 14.6ha Superblock located in West Surabaya’s Mid-market strata reta
Slide 23: Portfolio overview (cont'd)
Portfolio overview (cont'd) Strategically located superblocks and townships in Jakarta and Surabaya Pakuwon City Grand Pakuwon Bekasi Project Location East Surabaya West Surabaya Greater Jakarta Description Self-contained city in East Surabaya, consisting of Self contained city in West Surabaya, con
Slide 24: Project locations
Project locations Jakarta Surabaya Source: Company Data 23
Slide 25: 38 year track record and growing…
38 year track record and growing… 2019 2016 2014 Opening of Four Acquired 11 ha Acquired 67.1% of land in Daan Points by 2012 of PT Pakuwon Sheraton Mogot, West Completed 4 Permai Jakarta and Surabaya 2010 condos, 2 Issued US$200m opening of Pakuwon Indah Completed 2 offices and of 7.125% Senior Fou
Slide 26: CSR Activities 2019
Appendix B CSR Activities 2019 25
Slide 27: CSR Activities 2019
CSR Activities 2019 Inauguration of Al Ittihad Mosque, Jan 31, 2019, Sharing Happiness in Lidya Orphanage, Feb 1, Pakuwon Mall 2019, Four Points by Sheraton Surabaya Earth Hour, Mar 30, 2019, Gandaria City Development of MSME in Kampung Kreasi, Apr 25-28, 2019, Royal Plaza 26
Slide 28: CSR Activities 2019
CSR Activities 2019 Throughout 2019, the Company carried out Corporate Social Responsibility programs with total funds of Rp11.36 billion, a significant increase of 186.15% from total funds allocated in 2018 which were Rp3.97 billion. Blood Donation, Apr 28, 2019, Plaza Blok M Earth Day, Apr 28, 201
Slide 29: Thank You
THANK YOU For More Information Email : corpsec@pakuwon.com Website : www.pakuwonjati.com 28
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