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1Q 2020 Disclaimer Results Presentation – 1Q 2020 Disclaimer By attending this presentation, you are agreeing to be bound by the restrictions set out below. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. The information and opinions contained in this presentation are intended solely for your personal reference and are strictly confidential. The information and opinions contained in this presentation have not been independently verified, and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of, the information or opinions contained herein. It is not the intention to provide, and you may not rely on this presentation as providing, a complete or comprehensive analysis of the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of the company or its subsidiaries. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. The company (including any of its affiliates, advisors and representatives) shall have any responsibility or liability whatsoever (in negligence or otherwise) for the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein nor for any loss howsoever arising from any use of this presentation. In addition, the information contained in this presentation contains projections and forward-looking statements that reflect the company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the company and its directors. No assurance can be given that future events will occur, that projections will be achieved, or that the company's assumptions are correct. Actual results may differ materially from those forecast and projected. This presentation is not and does not constitute or form part of any offer, invitation or recommendation to purchase or subscribe for any securities and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation thereto. This presentation may not be used or relied upon by any other party, or for any other purpose, and may not be reproduced, disseminated or quoted without the prior written consent of the company. 1 Table of contents Section 1 Results summary 3 Section 2 Business summary 7 Section 3 Growth & strategy 11 Section 4 Capital management 15 Appendix A Company overview 19 Appendix B PT Pakuwon Permai acquisition 40 Appendix C Land bank 44 Appendix D Healthcare & Hospital expansion 52 Appendix E Senior Unsecured Notes due 2024 55 2 Section 1 Result summary 3 Results summary (Rp bn unless otherwise stated) 1Q 2020 1Q 2019 Variance Comments Revenue 1,651 1,711 (3.5%) 1% increase in recurring revenues and 9% decrease in development revenue recognition. Pakuwon Permai contributed Rp 309bn(19%) of revenues. Gross Profit1 978 1,007 (2.9%) Gross Profit Margin (%) 59.3% 58.9% EBITDA1 979 993 (1.4%) EBITDA Margin (%) 59.3% 58.1% Net Income for the Period2 736 800 (8.0%) Net Income Margin (%) 44.6% 46.8% Net Income Attributable to Owners2 679 662 +2.5% Net Income Margin (%) 41.1% 38.7% Earning Per Share (Rp)2 Basic 14.10 13.75 +2.5% Notes: 1 Adjusted for acquisition related COGS from goodwill costs of Rp1bn in 1Q2020 and Rp20bn in 1Q2019 2 Adjusted for acquisition COGS from goodwill costs of Rp1bn in 1Q2020 and Rp20bn in 1Q2019, forex gain (loss) of (Rp558bn) in 1Q2020 and Rp63bn in 1Q2019 respectively, gain (loss) on derivative of (Rp54bn) in 1Q2020 and Rp16bn in 1Q2019 respectively. 4 Results breakdown Revenue by segment (1Q2020) Revenue by project (1Q2020) Revenue by geography (1Q2020) Office Grand Hotel & leasing Pakuwon Serviced 4.1% Condo 16.8% Kota Apartments sales Kasablanka 7.8% 18.8% Pakuwon 24.9% City Jakarta Office sales 39.2% 2.1% 9.0% Gandaria Royal City Plaza Surabaya 11.5% 1.5% 60.8% Blok M Retail Landed Pakuwon Mall Plaza leasing houses Tunjungan 14.4% 2.2% 42.5% 24.7% City 19.1% Somerset 0.6% • 54% recurring revenue • Increased revenue contribution of • Jakarta revenue contribution Surabaya projects primarily from expected to grow as PWON • Contribution of recurring income landed house Grand Pakuwon recognizes Kota Kasablanka phase continues to be driven by retail mall 2 condos and develops Bekasi and leasing income • Increased revenue contribution of Simatupang landbank Jakarta projects primarily from • Increased residential sales condominiums Kota Kasablanka • Continued management focus on recognition of condominiums growing in both Jakarta and • PWON continues to target long Surabaya term 50/50 recurring/development 5 Key recent developments Opened Four Points by Sheraton Surabaya Pakuwon Indah on 8 December 2019 Received in June 2018 ratings upgrade from S&P and Fitch 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 6 Section 2 Business summary 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) Superblock / GSA Handover Project name Segment Progress update 2 Township (sqm) % Sold Schedule 88 Kasablanka A Office 36.3K 100%1 Completed 3,500 Casa Grande Condo 96.2K 100% Completed Angelo Condo 36.9k 85% Completed Kota Kasablanka 3,061 Bella Condo 36.8k 81% Completed 3,000 Chianti Condo 47.3k 70% Finishing stage 2019 Pakuwon Tower Office 32.1k 16%1 Finishing stage 2019 2,505 Pakuwon Center Office 10.0K 96%1 Completed 2,500 The Peak Condo 30.0K 100% Completed 2,277 Tunjungan City 2,203 One Icon Condo 57.8K 68% Completed Pakuwon Tower Office 16.4K 54%1 Finishing stage 2019 2,000 Harvard Condo 26.0k 100% Completed Stanford Condo 25.5k 100% Completed 1,503 Yale Condo 25.4k 100% Completed 1,500 Pakuwon City Princeton Condo 25.7k 100% Completed Amor Condo 47.4k 78% At level 33 2021 1,000 Bella Condo 31.2k 29% Foundation stage 2024 Orchard Condo 27.6K 100% Completed Tanglin Condo 32.3K 100% Completed 500 365 La Riz Condo 41.4K 100% Completed Pakuwon Mall Anderson Condo 57.1k 89% Completed Benson Condo 53.4k 81% Finishing stage 2020 0 La Viz Condo 26.7k 48% At level 30 2021 2015 2016 2017 2018 2019 Mar Company data as of March 31, 2020 2020 Note: 1 As % of saleable area, excluding approximately 50-60% of area set aside for lease Note: 2 For handover projects starting 2019 onw ards 8 Retail malls – Continued strong leasing interest Wide appeal of PWON's malls demonstrated by consistently high occupancy Historical Occupancy Lease Expiry Profile (NLA breakdown) 4% 10% 15% 24% 12% 35% • Maintained strong occupancy across portfolio (sqm) 2015 2016 2017 2018 2019 1Q 2020 250,000 1 Tunjungan Plaza 98% 94% 98% 96% 96% 96% 200,000 Kota Kasablanka Mall 99% 99% 98% 99% 99% 99% Gandaria City Mall 98% 96% 96% 94% 98% 98% 150,000 Pakuwon Mall 91% 89% 94% 95%2 96% 94%3 Pakuwon Trade Center 92% 92% 94% 92% 92% 93% 100,000 Royal Plaza 97% 97% 97% 96% 94% 95% Blok M Plaza 92% 93% 91% 96% 97% 98% 50,000 1 Includes Tunjungan Plaza 6 opened on 23 September 2017 2 Includes Pakuw on Mall 2 & 3 opened on 22 February 2017 0 3 Includes Pakuw on Mall 4 opened on 28 February 2020 Vacant 2020 2021 2022 2023 2024 Onwards Kota Kasablanka Mall Gandaria City Mall Tunjungan Plaza Pakuwon Mall Pakuwon Trade Center Royal Plaza Blok M Plaza 9 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 1Q 2019 - 1Q 1Q 2019 - 1Q (Rp'000 psm / month) 2015 2016 2017 2018 2019 (Rp '000 /room/day) 2015 2016 2017 2018 2019 2020 2020 % Chg 2020 2020 % Chg Kota Kasablanka Tower A 223 226 219 215 217 203 (6%) Sheraton Surabaya 717 515 486 621 651 506 (22%) Kota Kasablanka Tower B 168 175 176 176 173 174 +1% Somerset Berlian 824 666 705 659 680 565 (17%) Gandaria Tower 230 232 236 226 226 220 (3%) Ascott Waterplace - 530 728 760 785 706 (10%) Pakuwon Center - - 159 157 153 153 +0% Sheraton Grand Jakarta - 510 767 960 1,000 676 (32%) Four Points - 414 503 581 659 514 (22%) Note: - Average Somerset RevPAR USD/IDR exchange rate of Rp13,118 in 2015 Major office tenants Hotel brands (existing) Hotel brands (upcoming) 10 Section 3 Growth & Strategy 11 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 Surabaya and expand Jakarta portfolio Actively replenish land bank + acquire land around existing projects Maintain prudent capital structure and balance sheet 12 Growth of recurring income portfolio Plans to continue growing retail, office, and hotel portfolio to maintain recurring income mix Retail Mall NLA Growth Office
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