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PT Pakuwon Jati Tbk Paparan Publik 26 Juni 2018 Table of Contents

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PT Pakuwon Jati Tbk Paparan Publik 26 Juni 2018 Table of Contents PT Pakuwon Jati Tbk Paparan Publik 26 Juni 2018 Table of contents Section 1 Results summary 3 Section 2 Business summary 7 Section 3 Growth & strategy 14 Section 4 Capital management 18 Appendix A Company overview 22 Appendix B CSR Activities 2017 28 1 Section 1 Results Summary Results summary (Rp bn unless otherwise stated) 1Q 2018 1Q 2017 Variance Comments Revenue 1,647 1,378 +19.5% 22% increase in recurring revenues and 17% increase in development revenue recognition. Pakuwon Permai contributed Rp 413bn (25%) of revenues. Gross Profit1 944 794 +18.9% Gross Profit Margin (%) 57.3% 57.6% EBITDA1 923 756 +22.2% EBITDA Margin (%) 56.0% 54.8% Net Income for the Period2 694 518 +33.9% Net Income Margin (%) 42.1% 37.6% Net Income Attributable to Owners2 617 491 +25.5% Earning Per Share (Rp)2 Basic 12.81 10.20 +25.5% Notes: 1 Adjusted for acquisition related COGS from goodwill costs of Rp4bn in 1Q2018 and Rp7bn in 1Q2017 2 Adjusted for acquisition COGS from goodwill costs of Rp4bn in 1Q2018 and Rp7bn in 1Q2017, forex gain (loss) of (Rp42bn) and Rp20bn in 1Q2018 and 1Q2017 respectively, loss on derivative of Rp8bn and Rp3bn in 1Q2018 and 1Q2017 respectively, and penalty on redemption of bond payable of Rp 154bn in 1Q2017 3 Results breakdown Revenue by segment (1Q2018) Revenue by project (1Q2018) Revenue by geography (1Q2018) Hotel & Serviced Office sales Pakuwon Grand Apartments0.6% Office 7.4% City Pakuwon leasing 12.9% 5.2% Kota 4.0% Condo sales Kasablanka 32.0% 26.6% Jakarta Royal Plaza 40.4% 1.3% Gandaria Retail City Surabaya leasing 11.8% 59.6% Blok M 38.9% Pakuwon Mall Plaza Landed 21.8% Tunjungan Somerset1.4% houses City 0.6% 17.1% 18.4% • 50% recurring revenue • Increased revenue contribution of • Jakarta revenue contribution Surabaya projects primarily from expected to grow as PWON • Contribution of recurring income Pakuwon Mall and Pakuwon City recognizes Kota Kasablanka phase continues to be driven by retail mall 2 condos and develop Bekasi and leasing income • Increased revenue contribution of Simatupang landbank Jakarta projects primarily from Kota • Increased residential sales Kasablanka phase 2 • Continued management focus on recognition of condominiums and growing in both Jakarta and landed houses • Going forward, we expect Surabaya contribution from Tunjungan Plaza 6 • PWON continues to target long term 50/50 recurring/development 4 Key recent developments Received in June 2018 ratings upgrade from SnP & Fitch’s to BB, stable outlook Opened Tunjungan Plaza Phase 6 retail mall on 23 September 2017 Received in July 2017 ratings upgrade from Moody’s to Ba2, stable outlook Opened Pakuwon Mall Phase 2 & 3 on 22 February 2017 Refinanced USD200m of 7.125% Senior Unsecured Note due 2019 Issued USD250m of 5.0% Senior Unsecured Note due 2024 Acquired in June 2016, 11ha land in Daan Mogot, West Jakarta Completed Four Points by Sheraton Surabaya, soft opening in June 2016 Received in May 2016 ratings upgrade from S&P to BB-, stable outlook Opened Tunjungan City phase 5 retail mall and Sheraton Hotel, Gandaria City in October 2015 5 Section 2 Business summary Residential market update Residential sales in prime locations by established developers remain resilient despite moderate softening in broader non-prime locations ASPs of condos in Jakarta (Rpm psm) ASPs of condos in Surabaya (Rpm psm) 50 40 45 35 40 30 35 30 25 25 20 20 15 15 10 10 5 5 0 0 1H 2014 2H 2014 1H 2015 2H 2015 1H 2016 2H 2016 1H 2017 2H 2017 1Q 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 Central Surabaya West Surabaya East Surabaya South Surabaya Source: Colliers Apartment Market Report – Jakarta 4Q 2017 Source: Colliers Apartment Market Report – Surabaya 2H 2017 7 Residential development – Strong take-up of existing projects Strong pre-sales across all residential and office projects underpins future growth Historical Pre-sales (Rp bn) Pre-sales and construction update (excludes residential township) GSA % Superblock / Township Project name Segment Progress update 3,500 (sqm) Sold 88 Kasablanka A Office 36.3K 100%1 Completed 3,137 3,060 3,003 Casa Grande Condo 96.2K 99% Completed 3,000 Angelo Condo 36.9k 77% Topping off Kota Kasablanka 2,607 Bella Condo 36.8k 70% Topping off target 2,505 Chianti Condo 47.3k 54% Topping off 2,500 1 Pakuwon Tower Office 32.1k 4% Level 47 2,277 Pakuwon Center Office 8.9K 95%1 Completed The Peak Condo 30.0K 99% Completed 2,000 1,851 Tunjungan City One Icon Condo 48.8K 71% Topping off Pakuwon Tower Office 15.7K 43%1 Topping off 1,500 Harvard Condo 26.0k 100% Completed Stanford Condo 25.5k 99% Completed 21% of Pakuwon City target Yale Condo 25.4k 100% Completed 1,000 Princeton Condo 25.7k 99% Completed Amor Condo 47.4k 56% Piling 605 Orchard Condo 27.6K 100% Completed 500 Tanglin Condo 32.3K 99% Completed Pakuwon Mall La Riz Condo 41.4K 97% Completed Anderson Condo 57.1k 76% At level 36 0 2012 2013 2014 2015 2016 2017 March Benson Condo 53.4k 46% At level 6 2018 Company data as at March 31, 2018 Note: 2014 includes addition of pre-sales from PT Pakuwon Permai Note: 1 As % of saleable area, excluding approximately 55-60% of area set aside for lease 8 Residential development – Continued ASP growth ASP growth driven by projects nearing completion and strong end user demand ASP growth across all projects 2017- Superblock / Project name 2012 2013 2014 2015 2016 2017 1Q 2018 1Q2018 Township % Change Casa Grande 22.3 30.2 36.0 32.7 33.5 30.1 26.5 -12.0% Angelo 35.1 37.3 41.6 35.9 31.8 32.2 1.4% Kota Kasablanka Bella 38.5 42.3 33.8 32.2 32.8 1.9% Chianti 42.0 39.3 35.1 30.2 -14.0% TP5: The Peak 22.3 28.3 - - 30.0 36.0 34.1 -5.4% Tunjungan Plaza TP6: One Icon 29.9 32.3 31.4 31.5 32.7 32.9 0.7% Educity Towers 9.5 13.2 15.4 15.5 14.7 13.8 - N/A Pakuwon City Amor 20.8 21.0 21.4 1.8% Orchard 11.2 13.7 18.2 - 14.8 19.6 - N/A Tanglin 11.6 14.7 17.6 - 16.1 16.5 - N/A Pakuwon Mall La Riz 21.0 26.1 24.9 26.8 26.9 26.9 0.0% Anderson 19.3 20.8 20.3 18.9 18.9 0.0% Benson 22.5 22.5 0.0% Pakuwon City 7.3 13.5 14.5 14.9 13.8 15.1 - N/A Townships Grand Pakuwon 10.0 10.1 10.5 10.7 - N/A 88 Kasablanka 23.0 31.8 36.0 - 34.0 - - N/A Gandaria8 32.3 - - - - - N/A Office TP5: Pakuwon Center 21.7 28.5 - 27.4 26.0 - N/A TP6: Pakuwon Tower 32.7 32.5 - N/A KK2: Pakuwon Tower 35.6 N/A 9 Retail market update Retail property market helped by limited new supply in Jakarta and Surabaya – driving up occupancy and rents Average asking base rental rates in Jakarta Cumulative retail supply in Surabaya (sqm) (Rp'000 psm / month) Very limited new supply from 2012 - 2016 CBD 1,400 900 800 1,200 Outside 700 CBD 1,000 600 800 500 400 600 300 400 200 200 100 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 2018F 2019F 2020F Cumulative Supply New Supply Source: Colliers Retail Market Report - Jakarta 4Q 2017 Source: Colliers Retail Market Report – Surabaya 2H 2017 10 Retail malls – Continued strong leasing interest Wide appeal of PWON's malls demonstrated by consistently high occupancy Historical Occupancy • Maintained strong occupancy across portfolio Lease Expiry Profile (NLA breakdown) • Drop in Blok M occupancy as PWON is only committing to shorter 1-2 year leases due to redevelopment 5% 8% 12% 9% 12% 54% potential from proposed MRT station to be connected to the mall (sqm) 2014 2015 2016 2017 1Q 2018 350,000 Tunjungan Plaza 99% 98% 94% 98% 95%1 300,000 Kota Kasablanka Mall99% 99% 99% 98% 99% 250,000 Gandaria City Mall 98% 98% 96% 96% 96% Pakuwon Mall 91% 91% 89% 94% 92%2 200,000 Pakuwon Trade Center91% 92% 92% 94% 94% 150,000 Royal Plaza 96% 97% 97% 97% 95% Blok M Plaza 93% 92% 93% 91% 90% 100,000 2017- 50,000 2014 2015 2016 2017 1Q 2018 1Q2018 % Change 1 0 Tunjungan Plaza 225 238 256 272 268 (1%) Vacant 2018 2019 2020 2021 2022 Kota Kasablanka Mall 172 185 198 250 277 +11% Onwards Gandaria City Mall 187 192 201 244 283 +16% Kota Kasablanka Mall Gandaria City Mall Pakuwon Mall 133 145 199 172 178 2 +3% Tunjungan Plaza Pakuwon Mall Pakuwon Trade Center 88 96 105 111 119 +7% Pakuwon Trade Center Royal Plaza Blok M Plaza Royal Plaza 95 107 125 132 137 +3% Blok M Plaza 132 130 126 116 124 +7% 1 Includes Tunjungan Plaza 6 opened on 23 September 2017 2 Includes Pakuwon Mall 2 & 3 opened on 22 February 2017 11 Office & hotel – Stable rents and rising RevPAR Offices and hotels further diversify income base and increase recurring income, while complementing existing superblocks Average Office Rental (before service charge) Hotel RevPAR 2017 - 1Q 2017 - 1Q 1Q (Rp'000 psm / month) 2014 2015 2016 2017 2018 % (Rp '000 /room/day) 2014 2015 2016 2017 1Q 2018 2018 2018 Chg % Chg Kota Kasablanka Tower A 222 223 226 219 219 +0% Sheraton Surabaya 784 717 515 486 601 +24% Kota Kasablanka Tower B 185 168 175 176 175 (0%) Somerset Berlian 887 824 666 705 607 (14%) Gandaria Tower 185 230 232 236 235 (1%) Ascott Waterplace - - 530 728 715 (2%) Pakuwon Center - - - 159 159 +0% Note: Average office rental USD/IDR exchange rate of Rp10,930 and Rp12,315 in 2013 and 2014, respectively Sheraton Grand Jakarta - - 510 767 939 +22% Four Points - - 414 503 631 +26% Note: - Average Somerset RevPAR USD/IDR exchange rate of Rp10,930, Rp12,315, and Rp13,118 in 2013, 2014, and 2015 respectively Major office tenants Hotel brands (existing) 12 Section 3 Growth & strategy 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
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