PT Lippo Karawaci Tbk · IDX:LPKR
PT Lippo Karawaci Tbk — Q1 2021 Earnings Presentation
71 slides from PT Lippo Karawaci Tbk's earnings presentation, Jun 15, 2021
Slide 1: PT Lippo Karawaci Tbk 1Q21 Results Presentation
PT Lippo Karawaci Tbk 1Q21 Results Presentation 15 June 2021
Slide 2: Shareholder Structure
Shareholder Structure As of 31 March 2021 As of 31 December 2020 No. of No. of Change Description No. of Shares % No. of Shares % Investors Investors YTD (%) Domestic Insurance 26 1,026,780,740 1.4% 24 1,049,803,440 1.5% -2.2% Individual 16,972 2,642,460,638 3.7% 20,166 2,885,379,262 4.1% -8.4% Corp
Slide 3: Contents
Contents Business Model 04 - 06 Recent Developments 07 - 16 1Q21 Financial Data 17 - 36 Corporate Governance Initiatives 37 - 42 Subsidiaries 43 - 50 Meikarta 51 - 53 Corporate Data 54 - 57 Appendix 58 - 69
Slide 4: One of Indonesia's largest integrated real estate developers
One of Indonesia’s largest integrated real estate developers One of the largest diversified publicly Market leader in property development, lifestyle listed property companies in Indonesia by total malls, and healthcare in Indonesia assets and revenue ◼ Ongoing development of 7 projects (1) with GFA
Slide 5: Simplified organization and refocused strategy
Simplified organization and refocused strategy Pillar Land Banking & Development Real Estate Management & Services Investments and Fund Management ▪ Development of residential, commercial ▪ Management of real estate assets, as ▪ Management of third-party capital for and industrial properties well as
Slide 6: Simplified organization and refocused strategy HoldCo
Simplified organization and refocused strategy Revised strategy focused on disciplined capital allocation approach across segments and supported by efficient asset rotation HoldCo ▪ No increase in head office personal expenses over the next 3 years ▪ Focused business strategy base off operational ex
Slide 7: Recent events highlights
Recent events highlights On 5 Jun 2021, LPKR launched Cendana Parc, which is the seventh affordable landed residential cluster launched in Lippo Village. Demand for product within the segment remains strong. All 467 A residential units offered were sold out within the first 6 hours of launch. As of
Slide 8: Debt to Equity Datapoints
Debt to Equity Datapoints Total Debt(1) 2017 to Present Debt(1) to Equity Ratios 2017 to Present Rp bn (x) 25,000 1.10 22,774 1.00 0.98 4,447 20,000 0.90 0.80 0.74 14,621 15,000 13,638 13,725 0.70 0.59 0.58 1,883 12,080 2,186 0.56 2,808 0.60 918 10,000 18,326 0.50 0.52 0.46 0.40 0.46 12,738 11,539 1
Slide 9: Net Debt & Cost of Debt Update
Net Debt & Cost of Debt Update Net Debt - 2017 to Present (1) Cost of Debt - 2017 to Present Rp bn 18,000 17,032 16,000 14,000 12,803 12,000 11,100 10,732 10,000 8,000 7,395 6,000 4,000 2,000 - 2017 2018 2019 2020 1Q21 (Rp bn) 2017 2018 2019 2020 1Q21 (Rp bn) 2017 2018 2019 2020 1Q21 Total Debt 13,6
Slide 10: As of Mar 21, construction for all of 2019's legacy projects reached 99% completion
As of Mar 21, construction for all of 2019’s legacy projects reached 99% completion Cost to Completion Construction Progress(1) Percent Complete $230 100% 99.0% 97.9% $212m 90% 88.9% 81.9% $180m 80% $160m 70% 71.7% 60% 54.2% $110m 50% 42.4% $87m 40% 30% 31.7% $54m $36 20% $21 10% 0% 1Q19 2Q19 3Q19 4
Slide 11: Commitment to deliver 2019 legacy pipeline projects
Commitment to deliver 2019 legacy pipeline projects Holland Village Jakarta – Ahead of targeted construction schedule Target Launched 2013 1Q21 completion Estimated Total construction residential 707 $21 mn costs to units completion % Sold as Total GFA 85,693 sqm per 31 Mar 73% Sep 20 Mar 21 2021 No
Slide 12: Commitment to deliver new 2020 projects
Commitment to deliver new 2020 projects Cendana Homes – started construction in 3Q20 Target Launched 2020 2Q21 completion Estimated Total construction residential 324 $4 mn costs to units completion % Sold as Total GFA 20,860 sqm per 31 Mar 100% Cendana Place Sep 20 Cendana Place Mar 21 2021 Waterfr
Slide 13: Commitment to deliver new 2020 projects
Commitment to deliver new 2020 projects Cendana Peak – started construction in 4Q20 Target Launched 2020 3Q21 completion Estimated Total construction residential 328 $9 mn costs to units completion % Sold as Total GFA 22,863 sqm per 31 Mar 100% Cendana Peak Mar 21 Foundation building Apr 21 2021 SOH
Slide 14: Commitment to deliver new 2020 projects
Commitment to deliver new 2020 projects Cendana Icon – started pre-construction progress in 2Q21 Target Launched 2021 2Q22 completion Estimated Total construction residential 809 $19 mn costs to units completion % Sold as 127,308 Total GFA per 31 Mar 81% View1 May 21 View2 May 21 sqm 2021 Cendana Pa
Slide 15: Meikarta
Meikarta Construction Status District 1 Sales Pickup Rp bn Units 70% 250 511 550 63% 63% 479 225 60% 60% 500 472 57% 210 200 415 416 450 181 50% 49% 181 400 156 350 43% 150 40% 133310 300 250 30% 100 28% 201 200 69 67 162 20% 59 150 123 50 100 14% 10% 11% 50 0 0 0% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20
Slide 16: Meikarta: Significant progress since 2019, Handovers Commence
Meikarta: Significant progress since 2019, Handovers Commence Dec 2020 Mar 2021 ~58ha of land owned. Currently have ongoing development for two apartment districts. District 1 ▪ Consists of ~13ha ▪ 28 towers, all of which have been topped off as of 30Dec20. ▪ Handover commenced. As of 31Mar21, ~1,00
Slide 17: 1Q21 Financial Data
LIPPO 1Q21 FINANCIAL DATA
Slide 18: LPKR Financials as of 1Q21, Property Business Strengthening
LPKR Financials as of 1Q21, Property Business Strengthening Revenue (Rp Bn) EBITDA (Rp Bn) Real Estate Healthcare Malls Others Fund Mgmt. Fund Mgmt. Revenue Real Estate Real Estate EBITDA & Development (Mgmt & Svcs) & Invnt & Investment & Development Mgmt & Services Recurring Income Recurring Income
Slide 19: LPKR cash balance remains strong excluding LMIRT consolidation
LPKR cash balance remains strong excluding LMIRT consolidation Cash from investing Cash from financing Cash from operating Cash at Business Placement of Acquisition of Incoming fund Loan Payment of Other Forex Cash at beginning operations investments subsidiaries proceeds repayment lease payments im
Slide 20: Starting to see resolution in existing pipeline projects
Starting to see resolution in existing pipeline projects, while newly launched projects in 2020 are expected to finish on time Completed projects with units ready to be sold Total 1Q21 Est. value Total GFA Target FY20 Account FY20 Est. value of 1Q21 Account Percentage Project Stake Type residential
Slide 21: Land Bank Reconciliation
Land Bank Reconciliation Comprehensive review of landbank conducted at YE20 based on current market values, detailed breakdown of key landbanks 21
Slide 22: Key Financial Highlights
Key Financial Highlights 1Q21 1Q20 Change (%) Presales (Rp billion) 1,310 703 86% Revenue (Rp billion) 3,408 3,101 10% Recurring Revenue (Rp billion) 2,571 2,422 6% EBITDA (Rp billion) 924 705 31% EBITDA Margin 27.1% 22.7% N.A. Net Income (Rp billion) 256 (2,117) 112% Interest Coverage Ratio (X) 2.4
Slide 23: 1Q21 Marketing Sales grew by 86% YoY
1Q21 Marketing Sales grew by 86% YoY Marketing Sales by Location Project Location in RpBn 1Q21 1Q21 Land FY21 1Q21 Units sold ASP (Rpm 1.0% Marketing Marketing per sqm) 3.1% Sales Target Sales 6.4% Holdco 2,350 929 1,270 1.0 6.3% Lippo Village Lippo Village West Greater Jakarta 1,400 682 673 12.1 Ci
Slide 24: Property marketing sales by structure
Property marketing sales by structure FY21 (in Rp bn) FY17 FY18 FY19 FY20 1Q21 Guidance Residential 423 1,336 860 2,027 954 2,875 Low Rise 227 1,190 668 1,678 848 2,438 High Rise 196 146 192 349 106 437 Commercial 63 19 130 137 69 65 Industrial 78 81 714 291 203 310 Unique Product SDH 138 162 142 21
Slide 25: LMIRT business consolidation in 1Q21 impact
LMIRT business consolidation in 1Q21 impact (Rp Billion Consolidated) ASSETS 1Q21 FY20 LIABILITIES & STOCKHOLDERS' EQUITY 1Q21 FY20 CURRENT ASSETS CURRENT LIABILITIES Cash & Cash Equivalent 5,742 2,993 Bank Loan 1,717 1,723 Trade Account Receivables 2,372 1,882 Other Debt - Non Loan 957 771 Inventor
Slide 26: Debt maturity profile
Debt maturity profile Debt breakdown Debt maturity Profile (as of 1Q21) Coupon rate Coupon rate Coupon rate $ million 7.25% pa 8.125% pa 6.75% pa 9% 700 617.0 600 500 420.0 91% 400 300 250.0 $ debt Rp debt 200 127.8 100 55.9 32.8 43.4 33.2 14.5 10% 0 2021 2022 2023 2024 2025 2026 Rp Loans (Local) Bo
Slide 27: 1Q21 P&L overall saw positive impact from LMIRT consolidation
1Q21 P&L overall saw positive impact from LMIRT consolidation P&L Statement (in Rp billion) 1Q21 1Q20 Change % FY20 FY19 Change % Total Revenues 3,408 3,101 307 10% 11,966 12,320 (354) -3% COGS (1,770) (1,772) 2 0% (7,680) (7,438) (242) 3% Gross Profit 1,638 1,329 309 23% 4,287 4,882 (596) -12% Oper
Slide 28: High quality revenue profile with significant recurring income visibility
Business is underpinned by a high quality revenue profile with significant recurring income visibility High proportion of revenue attributable to recurring income streams Recurring vs Development revenue 27 27 % % 76% 24% 73% 27% 76% 24% 73 73 % % (Rp bn) 125 81 213 1,696 1,066 1,779 456 246 506 1,7
Slide 29: Balance sheet highlights
Balance sheet highlights Total assets (Rp Bn) Total capitalization (Rp Bn) 70,000 50,000 60,000 7,575 45,000 904 12,080 40,000 50,000 8,315 1,047 7,364 17,682 35,000 22,774 10,064 5,369 941 14,621 5,601 40,000 1,122 4,685 8,787 30,000 13,725 5,398 2,993 5,742 25,000 30,000 1,818 8,163 5,172 5,279 8,
Slide 30: Key credit metrics
Key credit metrics Net debt / EBITDA (x) EBITDA / Interest (x) (1) 18.4 4.4 2.4 1.8 5.6 5.7 5.6 1.5 2018 2019 2020 1Q21 2018 2019 2020 1Q21 Net debt / Total assets (%) Net debt / Total equity (%) 26% 26% 74% 21% 52% 46% 13% 22% 2018 2019 2020 1Q21 2018 2019 2020 1Q21 (1) Include interest arising fro
Slide 31: Key Operational Metrics of Recurring Income Assets
Key Operational Metrics of Recurring Income Assets Occupancy Trend Occupancy Trend Occupancy Trend Malls Under Management Network of Hospitals Hotels Under Management 100% 70% 64% 80% 75% 73% 88% 88% 87% 71% 90% 70% 80% 79% 60% 56% 80% 53% 52% 53% 60% 70% 50% 49% 60% 50% 40% 42% 50% 40% 30% 40% 30%
Slide 32: Income statement details
Income statement details Property marketing sales (Rp Bn) Revenue (Rp Bn) 6,000 14,000 125 81 12,000 5,000 213 1,696 1,066 10,000 1,779 506 456 4,000 403 8,000 3,500 7,018 7,110 3,000 6,000 5,965 - 214 291 84 4,000 2,000 - 137 162 142 203 298 81 714 2,000 3,253 1,912 1,000 19 2,027 69 3,093 2,975 1,
Slide 33: Historical capex spending & land bank purchases
Historical capex spending & land bank purchases Capex Spending (Rp Bn) 10,000 SILO GMTD LPCK LPKR 9,000 1,925 8,000 7,000 6,000 1,480 5,000 7,011 4,000 3,000 2,197 3,699 1,475 1,598 1,641 2,000 233 1,051 873 1,440 293 1,000 98 75 844 248 136 958 798 80 95 8 - 279 477 468 259 104 2015 2016 2017 2018
Slide 34: Holdco Hedging Strategy
Holdco Hedging Strategy Hedging BOND 2025 15,000 16,000 17,500 BOND 2026 15,000 16,000 17,500 COUPON 2026* 13,300 15,500 17,000 Hedged Unhedged Amount Lower Strike Upper Strike Description Maturity ($m) (Rp) (Rp) The Company enters into non- Bond 2025 420 15,000 17,500 Jan-25 deliverable USD call sp
Slide 35: Rental Payment to REITS
Rental Payment to REITS Rp Bn ❖ Successful renegotiation of rental lease with FREIT and LPKR is expected to bring 600 in Rp325bn in savings from adjustments to rents. ❖ Fixed base rate increase of 4.5% per annum, and variable rate mechanism of the higher of base rate or 8% of hospital’s GOR. 511 ❖ K
Slide 36: Corporate Governance Initiatives
CORPORATE GOVERNANCE INITIATIVES
Slide 37: Corporate Governance Framework
Corporate Governance Framework MISSION Corporate Risks 1. Land Banking & 2. Real Estate Management & 3. Fund Management Real Estate Development Services Business & Investments ◼ Low Assets Turnover ◼ Profitability ◼ Development Plan ◼ Failed investment ◼ Business Efficiency to ◼ Fund Management ◼ Pr
Slide 38: Bring Value Added to Lippo
Bring Value Added to Lippo @OLIPPO Good Reputation ¢ Maintain ethical standards which provide long term value administration _ * Build investor confidence corporate committees policy & Organization Efficiency “S) ¢ Build qualified Board members ‘ accountable for efficient organization ¢ Stronger cul
Slide 39: Redefining Lippo Karawaci Governance Principles
Redefining Lippo Karawaci Governance Principles 39
Slide 40: Proposed New Governance Principles
Proposed New Governance Principles 40
Slide 41: Lippo Governance Roadmap
Lippo Governance Roadmap @2DLIPPO Creating a Climate for Change Sustain & Institute NOW . a 07 Urgency to Strong Vision & Work Plans Improve — Quick Wins Instill& Embed in Change Team Strategy & Groups Enhance - for Long Manage Culture 41
Slide 42: Subsidiaries (All)
LIPPO SUBSIDIARIES (ALL)
Slide 43: Lippo Cikarang Balance Sheet and Marketing Sales
Lippo Cikarang Balance Sheet and Marketing Sales Balance Sheet (Rp Billion) Dec 2017 Dec 2018 Dec 2019 Dec 2020 Mar-21 Assets 11,267 9,226 12,219 9,720 9,824 Debt 249 - 200 977 961 Liability 4,734 1,696 1,337 3,140 3,177 Equity 6,533 7,530 10,882 6,579 6,648 Return on Assets (%) -7.3% 21.3% 2.5% -37
Slide 44: Lippo Cikarang summary income statement
Lippo Cikarang summary income statement Revenue (Rp Bn) EBITDA (Rp Bn) 2,500 1,200 2,210 985 1,000 2,000 1,844 800 606 1,695 600 496 1,545 445 1,501 1,500 400 200 35 1,000 - (200) 2016 2017 2018 2019 2020 1Q21 (400) 500 239 (600) (800) - (768) 2016 2017 2018 2019 2020 1Q21 (1,000) Marketing Sales (R
Slide 45: Lippo Malls
Lippo Malls Dominant position in retail development & property management, through management of 56 malls throughout Indonesia ▪ 3.5 million sqm GFA ▪ As of March 31, 2021 : Overall average occupancy 78.5% and 83.8% in LMIRT properties Improving situation with Covid-19 in 2021 result in tenants seei
Slide 46: Lippo Malls - Existing Network across Indonesia
Lippo Malls- Existing Network across Indonesia Existing Network Sumatra Kalimantan Sulawesi Area : 655,535 sqm Area : 24,852 sqm Area : 153,815 sqm NLA* : 304,881 sqm NLA* : 17,684 sqm NLA* : 82,675 sqm Occupancy : 77% Occupancy : 79% Occupancy : 71% ARR* (‘000) : Rp 75/sqm/mo ARR* (‘000) : Rp 88/sq
Slide 47: Aryaduta Hotels – gradual business resumption since July 20
Aryaduta Hotels – gradual business resumption since July 20 have helped support occupancy rates in our hotels Aryaduta Hotel Aryaduta Hotel Imperial Aryaduta Aryaduta Hotel Aryaduta Hotel Aryaduta Hotel Jakarta Pekanbaru* Hotel & Country Club, LK* Medan Manado Kuta Bali Occupancy rate 44.1% 35.5% 88
Slide 48: Hotels – Severely impacted by Covid-19 Pandemic
Hotels – Severely impacted by Covid-19 Pandemic Tourism industry is a key priority of the Government and benefits from favourable initiative Average room rate(1) Number of Rooms 2017 – 1Q21 2017 – 1Q21 IDR ‘000 per room per day 2,200 800 686 2,144 2,144 2,144 700 656 2,150 600 566 2,100 2,056 500 45
Slide 49: Lippo Malls REIT – Manages retail malls and retail spaces
Lippo Malls REIT – Manages 23 retail malls and 7 retail spaces S$ Millions 1Q21 1Q20 Y-O-Y FY19 FY18 Y-O-Y Gross Rental Income (GRI) 26.5 36.7 -27.8% 155.3 155.2 0.1% Total Gross Revenue 43.6 64.9 -32.8% 273.0 230.3 18.5% Net Property Income (NPI) 25.8 39.8 -35.2% 176.2 165.0 6.8% Distributable Inco
Slide 50: Meikarta
LIPPO MEIKARTA
Slide 51: Strategic region for growth between Jakarta & Bandung
Strategic region for growth – In between 2 of Indonesia’s largest cities (Jakarta & Bandung); West Java is Indonesia’s most populous province SURROUNDED BY FORTUNE 500 COMPANIES ▪ 4.000 MULTINATIONAL COMPANIES ▪ 1 MILLION CAR PRODUCTION / YEAR ▪ 10 MILLION MOTORCYCLES PRODUCTION / YEAR ▪ 12.000 EXPA
Slide 52: New infrastructure underway increasing accessibility to Industrial Estates
New infrastructure underway increasing accessibility to Industrial Estates, Future driver of FDI KERTAJATI INTERNATIONAL AIRPORT PATIMBAN DEEP SEAPORT Estimated cost: Rp 25.4 Tn. Estimated cost: Rp 40.0 Tn. Estimated completion: Already Operational Estimated completion: End of 2021 (Partial) ELEVATE
Slide 53: Corporate Data
LIPPO CORPORATE DATA
Slide 54: 1Q21 Shareholder Structure
1Q21 Shareholder Structure Lippo Related Companies Public < 5% 54.8% 45.2% No of Floating Shares : 70,713,245,469 (excl. Treasury Shares) 55.4% 84.0% 62.7% 100.0% 100.0% Title Two PT Gowa Makassar Title Four Title Three PT Asiatic Sejahtera PT Siloam International PT Bowsprit Asset PT Lippo Cikarang
Slide 55: Notes Outstanding
Notes Outstanding Theta Capital Pte. Ltd Theta Capital Pte. Ltd Theta Capital Pte. Ltd $95m $417m $325m 8.125% Senior Notes 6.75% Senior Notes 8.125% Senior Notes Reg S Reg S Reg S Due 2025 Due 2026 Due 2025 February 2020 October 2016 January 2020 D C CC CCC- CCC CCC+ B- B B+ BB- BB BB+ BBB- BBB BBB
Slide 56: New leadership team focused on corp. governance and transparency
New leadership team focused on corp. governance and transparency Board of Commissioners provides adequate representation to minority shareholders John A Prasetio Anand Kumar George Raymond Zage III Kin Chan Anangga W. Roosdiono Independent President Commissioner Commissioner Commissioner Independent
Slide 57: Appendix
LIPPO APPENDIX
Slide 58: The Lippo Group operates across multiple industries
The Lippo Group operates across multiple industries Regional Presence in China, Hong Kong, Japan, Singapore, Korea, and Macau Indonesia CORE INVESTMENT FOUNDATION Property Healthcare Retail & Financial TMT Education 58
Slide 59: Nationwide presence across Indonesia creates network effect
Nationwide presence across Indonesia creates network effect Business segment Growth metrics Cummulative Marketing Sales Sumatra Kalimantan Sulawesi(4) (Rp Bn)1) 21,903 5 12 2 1 1 4 Property 5.3x Development 4 4,115 3 2 2013 1Q21 # of malls under management 56 Kalimantan 34 1.7X Sumatra Lifestyle Mal
Slide 60: Real Estate Development
Real Estate Development Lippo Village – in Karawaci, West of Jakarta Dev. Rights 3,226 ha Acq. Land Jobs 48,734 1,418 ha Landbank 344 ha (Net) Houses 10,593 Roads Built 113.5 km Condos 5,686 Shophouses 1,193 Trees 58,199 planted Population 59,519 Lippo Cikarang– East of Jakarta Dev. Rights Existing
Slide 61: Real Estate Development
Real Estate Development Tanjung Bunga– Makassar, South Sulawesi Dev. Rights 1,500 ha Acq. Land Jobs 14,724 659 ha Landbank 254 ha (Net) Roads Built 26.7 km Houses 7,075 Shophouses 199 Trees 13,199 planted Population 21,030 San Diego Hills Memorial Park & Funeral Homes Master Plan 500 ha Acq. Land 12
Slide 62: Key Principles - PSAK 72 & 73
Key Principles - PSAK 72 & 73 PSAK 72 PSAK 73 No impact on actual cash flow. Significant impact on The new standard requires recognition of reporting of financial statements: Revenues based on when control is transfer to the All leases (operating and finance lease) will be customer. recognized: Th
Slide 63: Regulations becoming more conducive to growth
Regulations becoming more conducive to growth LTV relaxation in Feb21*: * Assuming all banks are NPL compliant with NPL ratio below 5% New Old Property Type Second and Second and First First subsequent subsequent Residential (landed > 70sqm 100% 100% - 85% and high rise) 21-70sqm - 90% < 21sqm - - S
Slide 64: Foreign ownership remains a challenge but expected to relax in 2021
Foreign ownership remains to be a challenge in 2020 but is expected to show relaxation in 2021 64
Slide 65: Overview of Jakarta's Condominium market
Overview of Jakarta’s Condominium market Condominium Market Overview 1Q21 SALES RATE BY GRADE Units Sold on the Market Total Units on the Market Sales Rate 80,000 80% 30,000 100% 75% 70,000 72% 25,000 71% 67% 80% 64% 61% 60,000 67% 70% 20,000 Units Units 64% 63% 63% 63% 60% 50,000 61% 15,000 60% 58%
Slide 66: Overview of Jakarta's shopping mall & CBD office market
Overview of Jakarta’s shopping mall & CBD office market Retail Market Overview NET ABSORPTION, NEW SUPPLY AND OCCUPANCY RENTAL RATES 300,000 Net demand New Supply Occupancy rate 100% 250,000 95% 200,000 90% 85% 150,000 Sqm 80% 100,000 75% 50,000 70% 0 65% FY21 FY23 -50,000 60% FY22 FY24 FY25 CBD Off
Slide 67: Indonesia – An Underpenetrated Healthcare Market
Indonesia – An Underpenetrated Healthcare Market 53,000 238,000 Doctors in Indonesia(1) Total number of Hospital Beds in Indonesia(1) 2.0 264,000,000 9.0 Doctors to 10,000 population in Indonesia(1) Beds to 10,000 population in Indonesia(1) The Population of Indonesia 12.5 21.0 Doctors to 10,000 pop
Slide 68: LPKR's trading performance
LPKR’s trading performance LPKR historical Price / NAV per share post global financial crisis Rp 1,600 1,400 1,200 1,000 800 600 400 200 - 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Rolling BVPS Closing price 1.54 (x) 1.30 Average : 0.94 0.69 0.68 0.48 Source: Market data extracted from
Slide 69: Notes
Notes:
Slide 70: Notes
Notes:
Slide 71: Investor Relations
Investor Relations Bret Ginesky Head of Investor Relations : bret.ginesky@lippokarawaci.co.id : +62 21 25669078 : www.lippokarawaci.co.id