PT SURYA SEMESTA INTERNUSA TBK (“SSIA”) Review Nine Month 2018
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PT SURYA SEMESTA INTERNUSA TBK (“SSIA”) Review Nine Month 2018 www.suryainternusa.com 0 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 SLP SURYA TICON INTERNUSA (“SLP”) • Strategic Roadmap • PT TCP Internusa (“TCP”) • Indonesia Economic • PT Sitiagung Makmur (“SAM”) Indicator 9M18 Financial Highlights CONSTRUCTION • Consolidated Operating • PT Nusa Raya Cipta (“NRCA”) Results • Consolidated Revenue HOSPITALITY • Consolidated EBITDA • PT Suryalaya Anindita International (“SAI”) • Consolidated Net Profit • PT Ungasan Semesta Resort (“USR”) • Consolidated Balance Sheet • PT Surya Internusa Hotels (“SIH”) 1 Surya Semesta Internusa in Summary 2 PT Surya Semesta Internusa Tbk Operating track record in property sector can be traced back to over 40 2017 years in early 1970s Significant growth since IPO 2014 Divestmet – Raised over IDR 545 billion equity(1) Acquired location Cikopo Palimanan – Raised over IDR 1,600 billion in debt 2012 permit of 2,000 ha Toll road at 3X BV – Market cap increased from IDR0.6tn (IPO) to current IDR2.3tn(2) Issued IDR in Subang, West 700 billion bond Java 2010 Distribute first Launched first dividend since IPO BATIQA hotel in Launched 2006 in 1997 Karawang opening Invested in – 1996 Development of Banyan Tree Cikopo-Palimanan the ultra-high-end Ungasan Toll Road 1991 Developed a Banyan Tree Resort, Bali 5-star Gran Resort in Developed Meliã Hotel and Ungasan, Bali Graha Surya 1976 1,400 hectare Internusa Office Joint venture with industrial estate Glodok Plaza Building Mitsui & Co and inauguration, development in TICON in Indonesia’s first Karawang, warehousing/ modern shopping West Java factory business center in Chinatown, Jakarta Openning of Cikopo – Palimanan toll road Consolidated its Conducted 2015 hospitality stock split IPO of business, PT on a ratio of Nusa Raya Cipta @ IDR 850 per share Entered into a Suryalaya Anindita 1 : 4 property Acquired Listed on the International 2013 development Developed construction Indonesia Stock 2011 company to develop Meliã Bali Hotel, business, Exchange 2008 Golden Triangle a 494-room, PT Nusa area 5-star hotel in Raya Cipta 1997 in Kuningan Nusa Dua, Bali 1994 1971 1983 Note: Timeline not to scale. (1) Including IDR 132bn raised in IPO. (2) Market data as of 30 September 2018. (3) As of 30 September 2018 3 Surya Semesta Internusa in Summary Company Highlights Shareholding Structure Established and commenced operations in 1971, SSIA’s primary 9.4% 7.9% businesses are in construction, property and hospitality sectors PT Arman Investments Utama PT Persada Capital Investama 6.3% PT Interpid Investmets Limited One of the Leading Listed Developers in Indonesia(1) PT Union Sampoerna 5.4% PT Surya Semesta Internusa Tbk Others – Market Capitalization of IDR 2.3tn / US$ 153mn 70.0% 1.2% Note: Shareholding as of 30 September 2018 – 9M18 Total Equity of IDR 4,287bn / US$ 287mn Core Businesses – 9M18 EBITDA(3) of IDR 214bn / US$ 14mn – FY17 EBITDA(3) of IDR 403bn / US$ 27mn Non-Recurring Recurring(2) – Established presence in more than twelve Indonesian cities Construction Hotel Suryacipta City of Industry is the company’s largest project with total Industrial Estate Land Rental, Parking & Maintenance location permit of 1,400 ha Real Estate (Residential) Warehouse & Factory Resorts and Villas Obtained location permit for 2,000 ha landbank in Subang High rise buildings Business Hotels Commercial and manufacturing facilities 5-star hotels Note: Infrastructure (1) Market data as of 30 September 2018, based on USDIDR of 14,929 Suryacipta City of Industry (2) Recurring revenue comprises that of hotel, rental, parking and maintenance. Construction of Cikopo- (3) EBITDA defined as net income, before interest expenses, tax expenses, depreciation and amortization expenses, includes JO income (loss) Palimanan toll road 4 Board of Commissioners >35 Years >50 Years >50 Years >30 Years >35 Years >20 Years Experience Experience Experience Experience Experience Experience Hagianto Kumala Emil Salim Royanto Rizal William Jusman Steen Dahl Poulsen Crescento Hermawan President Commissioner Vice President Commissioner Commissioner Commissioner Commissioner Commissioner Prior work experience within Astra Group Board of Directors >25 Years >35 Years >25 Years >45 Years Experience Experience Experience Experience Johannes Suriadjaja Eddy P. Wikanta The Jok Tung Herman Gunadi President Director Vice President Director Director Director 5 Corporate Structure and Key Projects PT Surya Semesta Internusa Tbk Market cap: IDR 2.3tn / US$ 153mn 100% 50% 100% 100% 65.4% 22.7%(1) 100% 86.8% 100% PT Nusa Raya Cipta PT Lintas PT Ungasan PT Suryalaya PT Surya PT Suryacipta PT SLP PT TCP PT Sitiagung Tbk Marga Semesta Anindita Internusa Swadaya SURYA TICON Internusa Makmur Market Cap: Sedaya Resort International Hotels INTERNUSA IDR 954bn / US$ 64mn The Plaza Suryacipta City Glodok Plaza Banyan Tree High rise Concession Banyan Tree Gran Meliá Warehouse & Hotel Glodok, of Industry factory for rent (retail) Ungasan buildings holder of Ungasan Jakarta (Industrial Resort, Bali Jakarta -Karawang Graha Surya Commercial Cikopo - Resort, Bali Meliá Bali Estate), (owns the BATIQA Hotel -Makassar Internusa facilities Palimanan Toll (operator) Hotel 1,400ha asset) -Banjarmasin (office) Large scale Road(1) Karawang, Tanjung Mas manufacturing Cirebon, Raya facilities Jababeka, (residential) Infrastructure Palembang, Graha Surya (bridges, Pekanbaru, Internusa II highways and Lampung, (landbank) jetties) Surabaya Property Construction & Infrastructure Hospitality Shareholding information as of 30 September 2018. Market data as of 30 September 2018. USDIDR exchange rate of 14,929 used. Listed entities on IDX Subsidiary Note: (1) Refers to indirect ownership: SSIA owns 20.5%, NRCA owns 2.5% - divested on 8 May 2017 6 Geographical Presence Across Indonesia Presence in Twelve Indonesian Cities Medan Pekanbaru Subang Karawang Regional office for Nusa Raya Cikopo-Palimanan BATIQA Hotel (Business Hotel, Suryacipta City of Industry (1,400ha) Cipta (“NRCA”) Toll Road – divested on 8 May 3-star, 133 rooms) - Grand BATIQA Hotel & Apartments Karawang (Business Hotel, 2017 opening on 26 Aug 2016 3-star, 137 rooms) - Grand opening on 18 Sept 2014 Acquired landbank with location Karawang (SLP phase 1 - 34,864 sqm, phase 2 - 27,648 sqm, phase 3 – 5,076 sqm) Lampung permit of 2,000ha Karawang (SLP phase 4 – 9,648 sqm rentable buildings) BATIQA Hotel (Business Hotel, 3-star, 109 rooms) - Grand opening on 16 Sep 2016 Medan Jababeka Karawang - Current Projects BATIQA Hotel (Business Pekanbaru Hotel, 3-star, 127 rooms) - Grand opening on 11 Nov Jababeka 2015 Subang Cirebon Palembang Palembang BATIQA Hotel (Business Lampung Hotel, 3-star, 160 rooms) - Semarang Surabaya Grand opening on 18 Feb Jakarta 2016 Bali Jakarta Semarang Surabaya Bali Cirebon Gran Melia Jakarta (5-stars, 407 rooms) Branch office for NRCA Branch office for NRCA Melia Bali Hotel (5-stars, BATIQA Hotel (Business 494 rooms) Hotel, 3-star, 108 rooms) - Glodok Plaza (36,780 sqm) BATIQA Hotel (Business Grand opening on 9 Sep Hotel, 3-star, 87 rooms) - Banyan Tree Resort The Plaza Hotel Glodok, Jakarta (Budget Hotel, 91 rooms) 2015 Grand opening in 8 Aug Ungasan (Boutique Resort, Tanjung Mas Raya (17,100 sqm, undeveloped landbank) 2018 73 villas) SSI Tower Prime Grade A development (formerly Graha Branch office for NRCA Surya Internusa (8,000 sqm landbank) Note : data as of 30 September 2018 7 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 margins 3 Continued product, segment, geographical diversification Increased recurring income through hospitality, 4 warehousing and commercial property business segments 8 Indonesia Economic Indicator Economic Growth (%YoY) Exchange Rate (Rp/US$) 7.0% 15,500 6.5% 14,500 6.0% 13,500 5.5% 12,500 5.0% 11,500 4.5% 10,500 4.0% 9,500 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% 5.5% 4.0% 5.0% 3.0% 4.5% 2.0% 4.0% Source: Bank Indonesia, Indonesian Bureau Statistics April 2016 onwards rate refers to BI 7-day (Reverse) Repo Rate 9 Revenue and EBITDA By Business Segments for 9M18 Revenue Across Business Segments EBITDA Across Business Segments (9M2018) (9M2018) 8% 14% 22% 47% 39% 70% Property Construction Hospitality Property Constrution Hospitality 10 9M18 Financial Highlights Consolidated Revenue Gross Profit (9M17 vs 9M18, IDR Billions) (9M17 vs 9M18, IDR Billions) 2,659 653 2,356 626 9M17A 9M18A 9M17A 9M18A EBITDA Net Income (9M17 vs 9M18, IDR Billions) (9M17 vs 9M18, IDR Billions) 287 214 1,229 -66 9M17A 9M18A 9M17A 9M18A 11 9M18 Financial Highlights Property Segment Revenue (9M17 vs 9M18, IDR Billions) 311 216 9M17A 9M18A Construction Segment Revenue Hospitality Segment Revenue (9M17 vs 9M18, IDR Billions) (9M17 vs 118, IDR Billions) 1,849 593 1,504 540 9M17A 9M18A 9M17A 9M18A 12 Consolidated Revenue (2013-2017, IDR Billions) 4,868 4,583 4,464 655 580 626 3,797 3,274 678 2,659 697 2,356 2,843 3517 3,243 593 2,460 540 2,164 1,504 1,849 1,159 692 659 596 412 311 216 2013A 2014A 2015A 2016A 2017A 9M17A 9M18A Property Construction Hospitality Others Recurring