Pt Surya Semesta Internusa Tbk · IDX:SSIA
Pt Surya Semesta Internusa Tbk — Q1 2023 Earnings Presentation
68 slides from Pt Surya Semesta Internusa Tbk's earnings presentation, Jun 12, 2023
Slide 1: PT Surya Semesta Internusa Tbk Review First Quarter 2023
PT Surya Semesta Internusa Tbk (“SSIA”) Review First Quarter 2023 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 8.5% • Established and commenced operations in 1971, SSIA’s primary businesses 7.8% 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 PT Surya Semesta Internusa Tbk Market cap: IDR 1.7tn / US$ 110mn 100% 100% 100% 66.0% 100% 86.8% 100% PT Nusa Raya Cipta PT Sitiagung Tbk PT Ungasan PT TCP PT Suryalaya PT Surya PT Suryacipta Makmur Market Cap: Semesta Internusa Anindita Internusa Swadaya (asset
Slide 8: Geographical Presence Across Indonesia
Geographical Presence Across Indonesia Presence in Thirteen Indonesian Cities Subang Karawang Medan Pekanbaru • Acquired location permit of • Regional office for Nusa Raya • Suryacipta City of Industry (1,400ha) • BATIQA Hotel (Business Hotel, 2,717ha Cipta (“NRCA”) 3-star, 133 rooms) - Grand • BATI
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: 2022 Sustainability Highlights: Sustainability is an integrated part of SSIA’s • Suryacipta received highest rank in Eco Industrial Park by business. Alig
Slide 11: ESG Parameter for 2023-2027 SSIA Group
ESG Parameter for 2023-2027 SSIA Group ESG Pillars SSIA ESG Material Issues Group-wide Parameter / Target Product • Product and Service Quality • Maintain customer satisfaction score >80 across business • Implement innovative green building solutions Delivering sustainable • Customer Health and Safe
Slide 12: Overview of Key Business Segment
Overview of Key Business Segment Revenue Across Business Segments (1Q22) Revenue Across Business Segments (1Q23) IDR 766bn IDR 959bn Property 11% Property 13% Construction 81% Construction 68% Hospitality 8% Hospitality 19% Property 0.0% 20.0% 40.0% 60.0% 80.0% 0.0% 50.0% 100.0% Construction Hospita
Slide 13: 1Q23 Financial Highlights
1Q23 Financial Highlights Consolidated Revenue Gross Profit (IQ22 vs 1Q23, IDR Billions) (1Q22 vs 1Q23, IDR Billions) 959 228 766 115 1Q22 1Q23 1Q22 1Q23 EBITDA Net Income (1Q22 vs 1Q23, IDR Billions) (1Q22 vs 1Q23, IDR Billions) 1Q22 1Q23 105 -9 29 -76 1Q22 1Q23 building a better indonesia 12
Slide 14: 1Q23 Financial Highlights
1Q23 Financial Highlights Property Segment Revenue (1Q22 vs 1Q23, IDR Billions) 128 85 1Q22 1Q23 Construction Segment Revenue Hospitality Segment Revenue (1Q22 vs 1Q23, IDR Billions) (1Q22 vs 1Q23, IDR Billions) 628 651 182 62 1Q22 1Q23 1Q22 1Q23 building a better indonesia 13
Slide 15: Established Track Record as a Group
Established Track Record as a Group Consolidated Revenue (2017-1Q23, IDR Billions) 3,682 4,006 3,615 3,274 811 2,947 803 595 2,353 697 220 191 2,611 2456 2,454 2,082 2,164 959 1,665 766 182 62 628 85 651 128 414 442 588 652 520 623 2017 2018 2019 2020 2021 2022 1Q22 1Q23 Property Construction Hospit
Slide 16: Attractive Gross Margins
Attractive Gross Margins Hotel Gross Margins % Property Gross Margins % 100% 60% 80% 52.0% 62.4% 61.7% 49.8% 60% 50% 41.6% 43.7% 47.4% 40% 34.1% 20% 40% 36.5% 0% 2020 2021 2022 1Q22 1Q23 30% Construction Gross Margins(1) % 23.3% 15% 20% 11.3% 11.4% 11.0% 10.9% 10.7% 10% 10% 5% 0% 0% 2020 2021 2022 1
Slide 17: Consolidated Profit & Loss
Financial Highlights Consolidated Profit & Loss (in IDR Billions) 2017 2018 2019 2020 2021 2022 1Q22 1Q23 Revenue 3,274 3,682 4,006 2,947 2,353 3,615 766 959 Revenue Growth -14% 12% 9% -26% -20% 54% 71% 25% Gross Profit 864 981 1,091 635 517 918 115 228 Gross Profit Margin 26% 27% 27% 22% 22% 25% 15
Slide 18: Consolidated Revenue by Business Segment
Financial Highlights Consolidated Revenue by Business Segment (in IDR Billions) 2017 2018 2019 2020 2021 2022 1Q22 1Q23 Property 414 442 588 652 520 623 85 128 Segment 13% 12% 15% 22% 22% 17% 11% 13% percentage Construction 2,164 2,454 2,611 2,082 1,665 2,456 628 651 Segment 66% 66% 65% 71% 70% 67%
Slide 19: Consolidated EBITDA by Business Segment
Financial Highlights Consolidated EBITDA by Business Segment (in IDR Billions) 2017 2018 2019 2020 2021 2022 1Q22 1Q23 Property 139 175 244 281 202 221 8 29 Segment 31% 32% 42% 94% 90% 43% 19% 24% percentage Construction 157 184 163 130 100 171 53 51 Segment 35% 34% 28% 44% 45% 33% 121% 42% percenta
Slide 20: Consolidated Net Profit by Business Segment
Financial Highlights Consolidated Net Profit by Business Segment (in IDR Billions) 2017 2018 2019 2020 2021 2022 1Q22 1Q23 Property 80 127 159 104 9 35 -34 -11 Segment 48% 49% 58% -341% -8% 51% 76% -60% percentage Construction 153 123 105 59 55 75 34 30 Segment 92% 48% 39% -194% -47% 108% -75% 158%
Slide 21: Consolidated Balance Sheet
Financial Highlights - Consolidated Balance Sheet In IDR Billions 2018 2019 2020 2021 2022 1Q23 Current Assets 3,459 4,057 3,004 3,008 3,325 3,095 Cash & ST Investments 1,372 1,527 851 782 1,136 1,095 Account Receivables 1,239 1,515 1,419 1,405 1,542 1,319 Inventories 463 422 490 553 376 385 Other-C
Slide 22: Key Performance Ratios
Financial Highlights - Key Performance Ratios In IDR Billions 2018 2019 2020 2021 2022 1Q23 Bank/Third parties Loan IDR denominated in IDR Billions 1,507 1,194 1,305 1,245 1,514 1,461 (1) (1) (1) (1) (1) US$ denominated in IDR Billions - 662 676 1,059 1,034 990 Total Debt in IDR Billions 1,507 1,856
Slide 23: Review of Business Segments
2 Review of Business Segments building a better indonesia 22
Slide 24: Property
PROPERTY 2.1 - PT Suryacipta Swadaya (“SCS”) - PT TCP Internusa (“TCP”) - PT Sitiagung Makmur (“SAM”) building a better indonesia 23
Slide 25: 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) 86 480 76 430 380 66 57 54 330 56 52 54 28.7 24.5 25.8 280 19.6 46 274 230 186 191 36 208 180 26 22 20 130 10.3 16 32.2 9.4 29.3 28.2 28.7 65 80 37 6 10.3 30 12
Slide 26: Industrial Sector Fundamentals
INDUSTRIAL SECTOR FUNDAMENTALS Source: Colliers Q1 2023 Research building a better indonesia 25
Slide 27: Industrial Sector Fundamentals
INDUSTRIAL SECTOR FUNDAMENTALS Source: Colliers Q1 2023 Research building a better indonesia 26
Slide 28: 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 29: PT Suryacipta Swadaya: 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 30: PT Suryacipta Swadaya: 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 31: Property Business Segment
Property Business Segment Suryacipta City of Industry ASP (in thousand Rp / sqm) 1,967 1,788 1,775 1,815 1,776 1,478 602 2017 2018 2019 2020 2021 2022 1Q23 Property Business Segment Revenue (2017-1Q23, IDR Billions) 652 588 623 59 520 442 71 126 414 91 55 71 593 517 497 128 429 358 371 85 9 49 75 79
Slide 32: 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 33: High Quality Projects: 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 34: Property: Industrial Estate Review
Business Segment Property: Industrial Estate Review In 2010, 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 2017 2018 20191 2020 2021 2022 1Q2
Slide 35: Property: Edenhaus Simatupang
Business Segment Property: Edenhaus Simatupang (By TCP INTERNUSA) ✓ 41 boutique houses (~Rp297 billion) Edenhaus Marketing Sales ✓ 39 units (Rp281 billion) sold per 1Q23 (unit) 27 units (Rp191 bn) booked as Revenue 10 9 6 14 FY20 FY21 FY22 1Q23 building a better indonesia 34
Slide 36: Property: Glodok Plaza & Edenhaus Simatupang
Business Segment Property: Glodok Plaza & Edenhaus Simatupang Occupancy Rate (%) – Glodok Plaza Revenue (in IDR billions) – TCP INTERNUSA 90% 82% 83% 80% 81% 140 80% 76% 126 70% 120 60% 100 92 50% 80 40% 59 60 49 30% 40 20% 10% 20 9 0% 0 2020 2021 2022 1Q22 1Q23 2020 2021 2022 1Q22 1Q23 building a b
Slide 37: Property: Revenue Breakdown
Business Segment Property: Revenue Breakdown Revenue (in IDR 2017 2018 2019 2020 2021 2022 1Q22 1Q23 Billions) Industrial Estate (SCS) 176 154 297 357 166 207 3 5 Land Sales Industrial Estate (SCS) 182 217 220 236 263 290 73 74 Non-Land Rental Property 55 71 71 59 92 126 9 49 (TCP & Others) TOTAL 41
Slide 38: Property: Operating Result
Financial Highlights Property : Operating Result (in IDR Billions) 2017 2018 2019 2020 2021 2022 1Q22 1Q23 Revenue 414 442 588 652 520 623 85 128 Revenue Growth -37% 7% 33% 11% -20% 20% 11% 52% Gross Profit 202 225 307 339 259 295 20 47 Gross Margin 49% 51% 52% 52% 50% 47% 23% 37% EBITDA 139 175 244
Slide 39: 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 38
Slide 40: Subang Smartpolitan
ii SUBANG == SMARTPOLITATS BY SURYACIPT Agia = wy) ye C S 9 oO PT. SURYACIPTA SWADAYA | 39 —
Slide 41: 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 42: 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 43: 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 44: 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 45: 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 46: 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 47: Components of the township
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 48: Subang Smartpolitan 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 49: Patimban Seaport Development Masterplan
Subang Smartpolitan Patimban Seaport Development Masterplan 2018-2021 PT . SURYAC IPT A SW ADAYA |
Slide 50: Construction - PT Nusa Raya Cipta Tbk
2.2 CONSTRUCTION - PT Nusa Raya Cipta Tbk (“NRCA”) building a better indonesia 49
Slide 51: 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 52: Construction Business
Construction Business Top Five Largest Market Share Top Five Largest Market Share (2019-2022, Revenue, IDR Trillions) (1Q22-1Q23, Revenue, IDR Trillions) 5.0 0.70 0.60 0.60 0.60 4.0 2.50 3.0 0.40 2.30 0.30 0.30 2.0 1.40 0.20 0.20 1.00 1.0 0.80 - 0.0 2019 2020 2021 2022 1Q22 1Q23 Nusa Raya Cipta Jaya
Slide 53: Construction: PT Nusa Raya Cipta Major Projects
Business Segment Construction : PT Nusa Raya Cipta Tbk - Major Projects New Contract Classification (in IDR billions) (in IDR Billions) 2020 2021 2022 1Q22 1Q23 1,095 2,679 2,352 1,015 702 8% 6% 9% 9% 16% 6% 0% 0% 12% 6% 1% Contract on hand - 16% 3,478 2,321 3,202 3,202 3,129 beginning 39% 58% 80% 8
Slide 54: Construction: Operating Result
Business Segment Construction : Operating Result (in IDR Billions) 2018 2019 2020 2021 2022 1Q22 1Q23 Revenue 2,457 2,618 2,086 1,670 2,462 630 652 Revenue Growth 14% 7% -20% -20% 47% 84% 3% Gross Profit 251 274 229 190 266 72 72 Gross Margin 10% 10% 11% 11% 11% 11% 11% Income from JO 27 -1 -6 -15 2
Slide 55: Construction: Balance Sheet
Financial Highlights Construction : Balance Sheet In IDR Billions 2018 2019 2020 2021 2022 1Q23 Assets Cash & Cash Equivalents 736 689 578 496 647 725 Account Receivable 1,198 1,468 1,381 1,400 1,552 1,327 Project Advance 38 34 22 33 33 50 Others 283 272 241 214 223 223 Total Assets 2,255 2,463 2,22
Slide 56: 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 55
Slide 57: Hospitality
2.3 Hospitality - PT Suryalaya Anindita International (“SAI”) - PT Ungasan Semesta Resort (“USR”) - PT Surya Internusa Hotels (“SIH”) building a better indonesia 56
Slide 58: Jakarta Hotel Market Fundamentals
Jakarta Hotel Market Fundamentals Source: Colliers Q1 2023 Research & STR Global building a better indonesia 57
Slide 59: Bali Hotel Market Fundamentals
Bali Hotel Market Fundamentals Source: Colliers Q1 2023 Research & STR Global building a better indonesia 58
Slide 60: Hospitality Business
Hospitality Business Revenue Occupancy Rate (2017-1Q23, IDR Billions) (2019-1Q23, %) 90% 80% 75.0% 70% 803 811 60% 59.4% 101 50% 697 97 47.9% 40% 30% 80 144 595 20% 11.4% 144 10% 0% 151 102 2019 2020 2021 2022 1Q22 1Q23 Gran Melia Melia Bali Jumana Bali BATIQA 38 397 Room RevPar (3) 419 (2020-1Q23,
Slide 61: Hospitality Business: ARR and RevPAR
Hospitality Business ARR (Rp) 2017 2018 2019 2020 2021 2022 1Q22 1Q23 GMJ 1,348 1,348 1,251 1,042 803 1,041 940 1,196 MBH 1,626 1,626 1,671 1,468 671 1,696 836 1,709 JBUR 6,680 6,680 6,223 5,714 4,672 6,572 4,596 7,684 BATIQA 333 333 314 303 322 344 337 349 Room RevPAR (thousand Rp) GMJ 681 681 561
Slide 62: Hospitality: Operating Result
Business Segment Hospitality : Operating Result (in IDR Billions) 2017 2018 2019 2020 2021 2022 1Q22 1Q23 Revenue 697 803 811 220 191 595 62 182 Revenue Growth 3% 15% 1% -73% -13% 211% 102% 193% Gross Profit 442 519 515 75 80 371 27 112 Gross Margin 63% 65% 64% 34% 42% 62% 44% 62% EBITDA 148 186 177
Slide 63: Photos of Gran Melia Jakarta
Photos of Gran Melia Jakarta Café Gran Via Red Level Reception Guest Room Reception building a better indonesia 62
Slide 64: 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 63
Slide 65: 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 64
Slide 66: 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 65
Slide 67: 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 68: Building a better Indonesia
building a better indonesia 67
PT Surya Semesta Internusa — Q1 2023 Earnings Presentation on 6ix