Pt Surya Semesta Internusa Tbk · IDX:SSIA
Pt Surya Semesta Internusa Tbk — Q1 2017 Earnings Presentation
58 slides from Pt Surya Semesta Internusa Tbk's earnings presentation, Dec 15, 2017
Slide 1: Review First Quarter 2017
PT SURYA SEMESTA INTERNUSA TBK (“SSIA”) Review First Quarter 2017 www.suryainternusa.com 0
Slide 2: Table of Contents
Table of Contents Surya Semesta Internusa in Summary Review of Business Segments • Milestones • Major Subsidiaries, PROPERTY Shareholders & Management • PT Suryacipta Swadaya (“SCS”) • Investment Portfolio • PT SLP SURYA TICON INTERNUSA (“SLP”) • Strategic Roadmap • PT TCP Internusa (“TCP”) • Indone
Slide 3: Surya Semesta Internusa in Summary
Surya Semesta Internusa in Summary 2
Slide 4: Developed 1,400 hectare industrial estate
PT Surya Semesta Internusa Tbk Operating track record in property sector can be traced back to over 40 years in early 1970s 2014 Significant growth since IPO Acquired 2012 – Raised over IDR 545 billion equity(1) Issued IDR location permit – Raised over IDR 1,600 billion in debt 700 billion bon
Slide 5: Company Highlights
Surya Semesta Internusa in Summary Company Highlights Shareholding Structure 7.1% Established and commenced operations in 1971, SSIA’s primary 7.8% PT Arman Investments Utama businesses are in construction, property and hospitality sectors 6.5% PT Persada Capital Investama PT Union Sampoerna Lynas
Slide 6: Board of Commissioners and Board of Directors
Board of Commissioners >33 Years >50 Years >50 Years >30 Years >33 Years >15 Years Experience Experience Experience Experience Experience Experience Hagianto Kumala Emil Salim Royanto Rizal William Jusman Steen Dahl Poulsen Arini Subianto President Commissioner Vice President Commissioner Commission
Slide 7: Corporate Structure and Key Projects
Corporate Structure and Key Projects PT Surya Semesta Internusa Tbk Market cap: IDR 3.2tn / US$ 236mm 100% 50% 100% 100% 62.1% 27%(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 Internus
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 3-star, 133 rooms) - Grand BATIQA Hotel &
Slide 9: Strategic Roadmap
Strategic Roadmap Vision: To build a better Indonesia through 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
Slide 10: Indonesia Economic Indicator
Indonesia Economic Indicator Economic Growth (%YoY) Exchange Rate (Rp/US$) 7.0% 15,000 6.5% 14,000 6.0% 13,000 12,000 5.5% 11,000 5.0% 10,000 4.5% 9,000 4.0% 8,000 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% 4.0% 5.5% 3.0% 5.0% 2.0% 4.5% Source: Bank Indonesia, Indonesi
Slide 11: Revenue and EBITDA By Business Segments for 1Q17
Revenue and EBITDA By Business Segments for 1Q17 Revenue Across Business Segments EBITDA Across Business Segments (1Q2017) (1Q2017) 20% 18% 21% 51% 29% 62% Property Construction Hospitality Property Constrution Hospitality 10
Slide 12: 1Q17 Financial Highlights
1Q17 Financial Highlights Consolidated Revenue Gross Profit (1Q16 vs 1Q17, IDR Billions) (1Q16 vs 1Q17, IDR Billions) 1,180 377 794 235 1Q16A 1Q17A 1Q16A 1Q17A EBITDA Net Income (1Q16 vs 1Q17, IDR Billions) (1Q16 vs 1Q17, IDR Billions) 276 132 130 3 1Q16A 1Q17A 1Q16A 1Q17A 11
Slide 13: 1Q17 Financial Highlights
1Q17 Financial Highlights Property Segment Revenue (1Q16 vs 1Q17, IDR Billions) 335 144 1Q16A 1Q17A Construction Segment Revenue Hospitality Segment Revenue (1Q16 vs 1Q17, IDR Billions) (1Q16 vs 1Q17, IDR Billions) 682 157 495 155 1Q16A 1Q17A 1Q16A 1Q17A 12
Slide 14: Consolidated Revenue
Consolidated Revenue (2012-2016, IDR Billions) 4,868 4,583 4,464 655 3,797 580 626 3,565 473 678 2,843 3517 1,870 3,243 2,460 1,180 794 157 1,222 1,159 682 155 596 692 659 495 335 144 2012A 2013A 2014A 2015A 2016A 1Q16A 1Q17A Property Construction Hospitality Others Recurring Revenue(1) (2012-2016,
Slide 15: Gross Margins
Gross Margins Hotel Gross Margins % Property Gross Margins % 100% 70% 80% 62.1% 67.2% 67.2% 65.6% 63.8% 62.2% 59.9% 60% 58.7% 60% 57.2% 55.7% 40% 50% 20% 0% 2013A 2014A 2015A 2016A 1Q17A 40% Construction Gross Margins(1) % 30% Increase in material 20% price due to USD appreciation 20% 15% 10.2% 10.4
Slide 16: Consolidated Operating Results
Financial Highlights Consolidated Operating Results (in billion Rp) 2012 2013 2014 2015 2016 1Q16 1Q17 Revenue 3,565 4,583 4,464 4,868 3,797 1,180 794 Revenue Growth 24% 29% ‐3% 9% 26% ‐10% ‐33% Gross Profit 1,296 1,320 1,054 1,179 1,069 377 235 Gross Profit Margin 36% 29% 24% 24% 28% 32% 30% EBITDA
Slide 17: Consolidated Revenue by Business Segment
Financial Highlights Consolidated Revenue by Business Segment (in billion Rp) 2012 2013 2014 2015 2016 1Q16 1Q17 Property 1,222 1,159 596 692 659 335 144 Segment percentage 34% 25% 13% 14% 17% 28% 18% Construction 1,870 2,843 3,243 3,517 2,460 682 495 Segment percentage 52% 62% 73% 72% 65% 58% 62% H
Slide 18: Consolidated EBITDA by Business Segment
Financial Highlights Consolidated EBITDA by Business Segment (n billion Rp) 2012 2013 2014 2015 2016 1Q16 1Q17 Property 738 647 290 379 329 202 73 Segment percentage 74% 63% 36% 49% 54% 73% 56% Construction 144 240 386 344 207 58 41 Segment percentage 15% 23% 49% 45% 34% 21% 31% Hospitality 132 179
Slide 19: Consolidated Net Profit by Business Segment
Financial Highlights Consolidated Net Profit by Business Segment (in billion Rp) 2012 2013 2014 2015 2016(1) 1Q16 1Q17(1) Property 646 630 245 370 245 174 54 Segment percentage 91% 91% 59% 122% 392% 132% 1,753% Construction 65 128 194 129 78 23 15 Segment percentage 9% 19% 47% 43% 125% 18% 492% Hosp
Slide 20: Consolidated Balance Sheet
Financial Highlights Consolidated Balance Sheet In bio Rp 2012 2013 2014 2015 2016 1Q17 Current Assets 3,075 3,719 2,901 2,900 3,381 3,218 Cash & ST Investments 1,893 1,725 1,176 949 1,545 1,330 Inventories 164 459 351 476 392 388 Other‐Current Assets 1,019 1,535 1,374 1,475 1,444 1,501 Non‐Current
Slide 21: Key Performance Ratios
Financial Highlights Key Performance Ratios 2012 2013 2014 2015 2016 1Q17 Bank/Third parties Loan IDR denominated in Billion Rp 1,316 1,279 1,279 1,377 2,456 2,419 US$ denominated in Million US$ 6.3 3.2 ‐ ‐ ‐ ‐ Total Debt in Billion Rp 1,316 1,279 1,279 1,377 2,456 2,419 Debt to Equity Ratio 80% 49%
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: Foreign and Domestic Direct Investment Realization
Foreign Direct Investment and Domestic Direct Investment Realization (LHS) vs Statistic of Industrial Land Sales in West Java Area (RHS) 50 700 45 636 600 40 14.4 16.1 35 13.2 500 12.3 442 30 9.8 440 400 25 348 300 20 28.5 29.3 28.9 15 28.6 200 24.6 10 175 7.3 3.8 100 5 6.9 52 19 5.2 0 0 2012 2013 2
Slide 25: Industrial Sector Fundamentals
Industrial Sector Fundamentals Source: Colliers 1Q17 Research 24
Slide 26: Industrial Sector Fundamentals
Industrial Sector Fundamentals Source: Colliers 1Q17 Research 25
Slide 27: Indonesia Economy Stimulus Package
Indonesia Economy Stimulus Package Industrial Estate • Simplify land permit acquiring #1 • Land provisioning Implement 3 hours industrial investment licensing from previously 8 days to #2 obtain principal license, corporate registration, and tax number • Adjust industrial gas price according to indu
Slide 28: 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 29: Subang Industrial City strategically located
Subang Industrial City strategically located at • km 88 from Jakarta Trans Java Toll Road Network(1) • 38 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 • 65 km from new Kertajati international airpo
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 ASP and Property Segment Revenue
Suryacipta City of Industry ASP (US$ / sqm) 200 147 128 121 120 94 103 100 0 2012A 2013A 2014A 2015A 2016A 1Q17A Property Business Segment Revenue (2012-2016, IDR Billions) Decrease driven by - Uncertain political 1,600 climate (elections) 1,400 - One-off dispute with 1,221 1,159 local villagers in
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 2012 2013 2014 2015(1) 2016 1Q16 1Q17
Slide 33: Industrial Estate Revenue Breakdown
Business Segment Property: Industrial Estate Review Industrial Estate Revenue Breakdown Revenue (in bio Rp) 2012 2013 2014 2015 2016 1Q16 1Q17 Land 1,089 991 420 677 439 287 86 Non Land 63 89 125 145 166 34 45 TOTAL 1,151 1,080 545 822 605 321 131 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 Suryacipta Technopark INTERN
Slide 35: Property: Rental Property Review
Business Segment Property: Rental Property Review • Rental properties, Graha Surya Internusa office building (GSI) and Glodok Plaza (GP) Occupancy Rate 2012 2013 2014 2015 2016 1Q16 1Q17 GSI 92% 62% 0% 0% 0% 0% 0% GP 84% 88% 90% 91% 88% 91% 87% Revenue (in bio Rp) 2012 2013 2014 2015 2016 1Q16 1Q17
Slide 36: Property: Operating Result
Financial Highlights Property : Operating Result (in billion Rp) 2012 2013 2014 2015 2016 1Q16 1Q17 Revenue 1,222 1,159 596 692 659 335 144 Revenue Growth 34% ‐5% ‐49% 16% ‐5% 13% ‐57% Gross Profit 796 694 332 430 377 211 85 Gross Margin 65% 60% 56% 62% 57% 63% 59% EBITDA 738 647 290 379 329 202 73
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: Market Share, Profitability and Customer Profile
Largest Market Share … …and Profitability Amongst Private Companies (2011-2016, Revenue, IDR Trillions) Profit Margin (%) – 1Q17 4.0 9.6% 2.48 3.0 2.38 2.0 2.15 6.0% 1.0 1.10 1.79 4.2% 0.0 2011 2012 2013 2014 2015 2016 2.5% Nusa Raya Cipta Jaya Konstruksi Total Bangun Persada Nusa Konstuksi Enjiniri
Slide 41: Construction: PT Nusa Raya Cipta - Major Projects
Business Segment Construction : PT Nusa Raya Cipta - Major Projects New Contract Classification (in billion Rp) (in billion Rp) 2014 2015 2016 1Q16 1Q17 3,180 3,024 2,811 530 Contracts on 0% 1% 3% 3% 5% hand ‐ beginning 3,901 3,769 3,192 3,192 3,527 2% 11% 12% 10% 11% Contracts 8% obtained 3,180 3,0
Slide 42: Lintas Marga Sedaya Structure
Lintas Marga Sedaya Structure Cost Structure KSS (SSIA) 45.62% NRCA 14.38% IIR (SRTG) 40% [IDR 283bn] [IDR 120bn] Equity Mezzanine Senior Debt Loan 10% KSS (SSIA) 45.62% 20% Plus Bhaskara Expressway Utama Sedaya 70% Berhard (BUS) 55% 45% Note: • Mezzanine loan only can be repay by issuing new shares
Slide 43: CSPA on Toll Road Cikopo Palimanan
CSPA on Toll Road Cikopo Palimanan 26 January 2017: • KSS (SSIA) and Astratel have signed a Conditional Sale and Purchase Agreement (Perjanjian Jual Beli Bersyarat) with respect to certain rights in BUS and LMS ("KSS CSPA"). • NRC and Astratel have signed a Conditional Sale and Purchase Agreement (P
Slide 44: Construction: Operating Result
Business Segment Construction : Operating Result (in billion Rp) 2012 2013 2014 2015 2016 1Q16 1Q17 Revenue 2,024 3,006 3,311 3,601 2,476 686 495 Revenue Growth 28% 49% 10% 9% ‐31% ‐24% ‐28% Gross Profit 193 251 302 324 253 64 51 Gross Margin 10% 8% 9% 9% 10% 9% 10% Income from JO 4 63 176 112 31 4
Slide 45: Construction project photos
The Branz BSD (Tangerang) Mangkuluhur (Jakarta) Regatta (Jakarta) PIK Mall (Jakarta) Ciputra World (Jakarta) Hotel and Apartment Tentrem (Semarang) 44
Slide 46: Hospitality
Hospitality - PT Suryalaya Anindita International (“SAI”) - PT Ungasan Semesta Resort (“USR”) - PT Surya Internusa Hotels (“SIH”) 45
Slide 47: Jakarta Hotel Market Fundamentals
Jakarta Hotel Market Fundamentals Source: Colliers 1Q17 Research & STR Global 46
Slide 48: Bali Hotel Market Fundamentals
Bali Hotel Market Fundamentals Source: Colliers 1Q17 Research & STR Global 47
Slide 49: Hotel Revenue, Occupancy Rate and RevPAR
Revenue Occupancy Rate (2012-2016, IDR Billions) (2011-2016) Opened Six Batiqa Hotels by 2016(1) 90% 80% 78% 70% 57% 60% Undergone 50% Renovation 52%(2) 641 674 40% 30% 41% 626 18 62 20% 576 14 2012 2013 2014 2015 2016 1Q17 144 162 Gran Melia Melia Bali Banyan Tree BATIQA 155 469 124 Room RevPar (3)
Slide 50: Hospitality Business
Hospitality Business ARR ($) 2012 2013 2014 2015 2016 1Q16 1Q17 GMJ 115 122 117 117 109 103 109 MBH 111 108 107 96 94 90 88 BTUR 507 547 527 487 442 473 473 BATIQA (Rp) N/A N/A 547,355 527,990 303,507 333,998 296,390 Room RevPAR ($) 2012 2013 2014 2015 2016 1Q16 1Q17 GMJ 43 66 56 59 50 52 44 MBH 89
Slide 51: Hospitality: Operating Result
Business Segment Hospitality : Operating Result (in billion Rp) 2012 2013 2014 2015 2016 1Q16 1Q17 Revenue 473 580 626 655 678 157 155 Revenue Growth 5% 23% 8% 5% 3% 10% ‐1% Gross Profit 321 390 421 430 432 97 96 Gross Margin 68% 67% 67% 66% 64% 62% 62% EBITDA 132 179 170 145 145 34 30 EBITDA Margin
Slide 52: Photos of Gran Melia Jakarta
Photos of Gran Melia Jakarta Café Gran Via Café Gran Via Guest Room Lobby 51
Slide 53: Photos of Melia Bali Hotel
Photos of Melia Bali Hotel Villa Main Pool Family Suite Room 52
Slide 54: 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 53
Slide 55: Photos of BATIQA Hotels
Photos of BATIQA Hotels Suite Room FRESQA Bistro Exterior view of BATIQA Hotel Cirebon Lobby Meeting Room 54
Slide 56: 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 57: Thank You
suryainternusa Thank You INDONESIA 56
Slide 58: 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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