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PT Pakuwon Jati Tbk Paparan Publik 25 Juni 2019 Table of Contents

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PT Pakuwon Jati Tbk Paparan Publik 25 Juni 2019 Table of Contents PT Pakuwon Jati Tbk Paparan Publik 25 Juni 2019 Table of contents Section 1 Result summary 3 Section 2 Business summary 7 Section 3 Growth & strategy 14 Section 4 Capital management 18 Section 5 New Project Pipeline 22 Appendix A Company overview 26 Appendix B CSR Activities 2018 33 1 Section 1 Result summary 2 Results summary (Rp bn unless otherwise stated) 1Q 2019 1Q 2018 Variance Comments Revenue 1,711 1,647 +3.9% 7% increase in recurring revenues and 1% increase in development revenue recognition. Pakuwon Permai contributed Rp 655bn (38%) of revenues. Gross Profit1 1,007 936 +7.6% Gross Profit Margin (%) 58.9% 56.8% EBITDA1 993 923 +7.6% EBITDA Margin (%) 58.1% 56.0% Net Income for the Period2 800 694 +15.4% Net Income Margin (%) 46.8% 42.1% Net Income Attributable to Owners2 662 617 +7.4% Net Income Margin (%) 38.7% 37.4% Earnings Per Share (In Full Rupiah)2 Basic 13.75 12.80 +7.4% Notes: 1 Adjusted for acquisition related COGS from goodwill costs of Rp20bn in 1Q 2019 and Rp4bn in 1Q 2018 2 Adjusted for acquisition COGS from goodwill costs of Rp20bn in 1Q 2019 and Rp4bn in 1Q 2018, forex gain (loss) of Rp63bn in 1Q 2019 and (Rp42bn) in 1Q 2018 respectively, gain (loss) on derivative of Rp16bn in 1Q 2019 and (Rp8bn) in 1Q 2018 respectively. 3 Results breakdown Revenue by segment (1Q 2019) Revenue by project (1Q 2019) Revenue by geography (1Q 2019) Office Hotel & leasing Pakuwon Grand Serviced 4.0% City Pakuwon Apartments 7.0% 3.8% Kota 8.2% Royal Plaza Kasablanka Jakarta 1.4% 21.9% 35.7% Condo sales 36.3% Gandaria City 11.9% Surabaya Pakuwon 64.3% Blok M Retail Office sales Mall Plaza leasing 2.2% 35.0% 1.5% 39.6% Landed Tunjungan houses Somerset City 9.7% 0.4% 17.1% • 52% recurring revenue • Increased revenue contribution of • Jakarta revenue contribution Surabaya projects primarily from expected to grow as PWON • Contribution of recurring income Pakuwon Mall 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 Kota • Increased residential sales Kasablanka and Gandaria City • Continued management focus on recognition of condominiums and growing in both Jakarta and landed houses Surabaya • PWON continues to target long term 50/50 recurring/development 4 Key recent developments 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 5 Section 2 Business summary 6 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) 60 40 50 35 30 40 25 30 20 20 15 10 10 5 0 0 1H 2014 1H 2015 1H 2016 1H 2017 1H 2018 3Q 20153Q 20164Q 20181Q 1Q 2014 3Q 2014 4Q 2014 1Q 2015 4Q 2015 1Q 2016 3Q 2016 1Q 2017 3Q 2017 4Q 2017 3Q 2018 Central Surabaya West Surabaya East Surabaya South Surabaya Source: Colliers Apartment Market Report – Jakarta 3Q 2018 Source: Colliers Apartment Market Report – Surabaya 1H 2018 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 Project name Segment Progress update Township (sqm) % Sold 3,500 88 Kasablanka A Office 36.3K 100%1 Completed 3,137 Casa Grande Condo 96.2K 100% Completed 3,061 Angelo Condo 36.9k 83% Finishing stage 3,000 Kota Kasablanka Bella Condo 36.8k 80% Finishing stage Chianti Condo 47.3k 66% Finishing stage 2,505 Pakuwon Tower Office 32.1k 11%1 Finishing stage 2,500 2,220 2,277 Pakuwon Center Office 10.0K 91%1 Completed 2,203 target TP Residence Condo 30.0K 100% Completed Tunjungan City One Icon Condo 57.8K 64% Finishing stage 2,000 Pakuwon Tower Office 16.4K 46%1 Finishing stage Harvard Condo 26.0k 100% Completed Stanford Condo 25.5k 100% Completed 1,500 Pakuwon City Yale Condo 25.4k 100% Completed Princeton Condo 25.7k 100% Completed Amor Condo 47.4k 76% At level 5 1,000 Orchard Condo 27.6K 100% Completed (16% of Tanglin Condo 32.3K 100% Completed La Riz Condo 41.4K 98% Completed 500 Target) Pakuwon Mall Anderson Condo 57.1k 84% Topping off 356 Benson Condo 53.4k 69% Topping off La Viz Condo 26.7k 29% At level 17 0 2014 2015 2016 2017 2018 1Q 2019 Company data as at March 31, 2019 Note: 1 As % of saleable area, excluding approximately 50-60% of area set aside for lease Note: 2014 includes addition of pre-sales from PT Pakuwon Permai 8 Residential development – Continued ASP growth ASP growth driven by projects nearing completion and strong end user demand ASP growth across all projects 2018- Superblock / 1Q Project name 2014 2015 2016 2017 2018 1Q2019 % Township 2019 Change Casa Grande 36.0 32.7 33.5 30.1 27.5 - N/A Angelo 37.3 41.6 35.9 31.8 33.0 31.2 -5.6% Kota Kasablanka Bella 38.5 42.3 33.8 32.2 34.2 33.5 -2.2% Chianti 42.0 39.3 35.1 32.5 32.9 1.2% TP5: TP Residence - - 30.0 36.0 30.4 - N/A Tunjungan Plaza TP6: One Icon 32.3 31.4 31.5 32.7 33.0 33.7 2.2% Educity Towers 15.4 15.5 14.7 13.8 16.6 20.0 20.1% Pakuwon City Amor 20.8 21.0 21.9 23.5 7.1% Orchard 18.2 - 14.8 19.6 - - N/A Tanglin 17.6 - 16.1 16.5 16.3 - N/A Pakuwon Mall La Riz 26.1 24.9 26.8 26.9 28.4 - N/A Anderson 19.3 20.8 20.3 18.9 21.5 21.7 1.2% Benson 22.5 22.2 23.0 3.4% La Viz 30.6 30.7 0.6% Pakuwon City 14.5 14.9 13.8 15.1 15.1 15.9 5.2% Townships Grand Pakuwon 10.0 10.1 10.5 10.7 7.8 - N/A TP5: Pakuwon Center 28.5 - 27.4 26.0 30.8 26.5 -13.9% Office TP6: Pakuwon Tower 32.7 32.5 33.5 33.7 0.8% KK2: Pakuwon Tower - 34.0 36.6 7.7% 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 2019 - 2021 CBD 1,400 900 800 1,200 Outside 700 CBD 1,000 600 800 500 400 600 300 400 200 200 100 0 0 2014 2015 2016 2017 1Q 2018 2Q 2018 3Q 2018 2014 2015 2016 2017 2018 2019F 2020F 2021F Cumulative Supply New Supply Source: Colliers Retail Market Report - Jakarta 3Q 2018 Source: Colliers Retail Market Report – Surabaya 1H 2018 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) 2014 2015 2016 2017 2018 1Q 2019 Tunjungan Plaza 99% 98% 94% 98% 96%1 96% 4% 9% 11% 13% 24% 39% Kota Kasablanka Mall 99% 99% 99% 98% 99% 99% Gandaria City Mall 98% 98% 96% 96% 94% 97% (sqm) Pakuwon Mall 91% 91% 89% 94% 95%2 95% Pakuwon Trade Center 91% 92% 92% 94% 92% 91% 300,000 Royal Plaza 96% 97% 97% 97% 96% 94% Blok M Plaza 93% 92% 93% 91% 96% 97% 250,000 200,000 Historical Retail Rental (Rp/psm/month)month) 150,000 1Q 2018-1Q2019 2014 2015 2016 2017 2018 2019 % Change 100,000 Tunjungan Plaza 225 238 256 272 268 1 268 +0% Kota Kasablanka Mall 172 185 198 250 277 292 +6% 50,000 Gandaria City Mall 187 192 201 244 261 261 +0% 2 0 Pakuwon Mall 133 145 199 172 177 193 +9% Vacant 2019 2020 2021 2022 2023 Pakuwon Trade Center 88 96 105 111 123 141 +15% Onwards Kota Kasablanka Mall Gandaria City Mall Tunjungan Plaza +0% Royal Plaza 95 107 125 132 141 141 Pakuwon Mall Pakuwon Trade Center Royal Plaza Blok M Plaza 132 130 126 116 134 130 (3%) Blok M Plaza 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 1Q 2018 - 1Q 1Q 2018 - 1Q (Rp'000 psm / month) 2014 2015 2016 2017 2018 (Rp '000 /room/day) 2014 2015 2016 2017 2018 2019 2019 % Chg 2019 2019 % Chg Sheraton Surabaya 784 717 515 486 621 629 +1% Kota Kasablanka Tower A 222 223 226 219 215 217 +1% Somerset Berlian 887 824 666 705 659 655 (1%) Kota Kasablanka Tower B 185 168 175 176 176 173 (2%) Ascott Waterplace - - 530 728 760 765 +1% Gandaria Tower 185 230 232 236 226 226 +0% Sheraton Grand Jakarta - - 510 767 960 952 (1%) Pakuwon Center - - - 159 157 157 +0% Four Points - - 414 503 581 619 +7% Note: Average office rental USD/IDR exchange rate of Rp12,315 in 2014 Note: - Average Somerset RevPAR USD/IDR exchange rate of Rp12,315 and Rp13,118 in 2014 and 2015 respectively Major office tenants Hotel brands (existing) Hotel brands (upcoming) 12 Section 3 Growth & strategy 13 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 14 Growth of recurring income portfolio Plans to continue growing retail, office, and hotel portfolio to maintain recurring income mix Retail Mall NLA Growth Office Leasing NLA Growth Hotel Room Growth 800 180 722 2,500
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