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Results Presentation (12M18) Results Summary (Income Statement)

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Results Presentation (12M18) Results Summary (Income Statement) Results Presentation (12M18) Results Summary (Income Statement) (Rp bn) 12M18 12M17 % YoY Effect of +25% YoY in Property Development segment Revenue 7,670 6,443 19% and +4% YoY in Recurring segment COGS (4,042) (3,445) 17% Gross Profit 3,628 2,997 21% Gross Profit Margin 47% 47% Effect of product mix Operating Expense (1,583) (1,444) 10% Operating Profit 2,045 1,553 32% Operating Profit Margin 27% 24% Effect of higher operating leverage Effect of Rp179bn capitalized interest in 12M17 vs. Interest Income (Expense) - Net (480) (327) 47% Rp89bn in 12M18 due to completion of Ciputra World Jakarta 2 project Other Income (Expense) - Net 40 71 -44% Final Tax and Income Tax (302) (279) 8% Net Income Before Non-Controlling Interest 1,303 1,019 28% Non-Controlling Interest 117 124 -6% Net Income Attributable to Owners 1,185 894 33% Net Profit Margin 15% 14% - Business Presentation 2 Results Summary (Revenue Breakdown and Margin Performance) (Rp bn) 12M18 12M17 % YoY Revenue Breakdown Property Development Revenue 5,895 4,734 25% Houses, shophouses, and land lots 4,057 3,622 12% Recognition from CitraLand Surabaya Northwest area launched in 4Q15 Apartments 1,409 716 97% Recognition from en bloc sale to Ascott of Rp675bn Office for sale 429 396 8% Construction progress of Ciputra World Surabaya Office and Kemayoran Tower 1 Recurring Revenue 1,775 1,709 4% Shopping malls 751 763 -2% Effect of lower occupancy rate Hotels 490 480 2% Hospitals 243 181 34% Improving patient volume Office leasing 158 132 20% Newly opened Tokopedia Tower Others 134 154 -12% Total Revenue 7,670 6,443 19% Margin Performance Property Development GPM 48% 46% Houses, shophouses, and land lots 53% 45% Apartments 33% 38% Effect of product mix Office towers 28% 45% Recurring GPM 51% 53% Shopping malls 61% 64% Effect of lower rental reversions Hotels 43% 41% Hospitals 41% 43% Office leasing 56% 66% Others 34% 39% - Business Presentation 3 Results Summary (Revenue per Segment and per Location) Revenue per Segment (12M18) Revenue per Location (12M18) Apartment Greater Strata Office Strata Surabaya 18% 6% 27% Shopping Malls 10% Hotels 6% Other Java 13% Others 7% Sumatra Houses, 5% shophouses, and Greater Jakarta Sulawesi land lots 52% Others 2% 53% 1% • Development = 77% (Houses + Apartments + Office) • Sustained focus on geographically diversified • Recurring = 23% (Malls + Hotels + Hospitals + Office) revenue sources to minimize concentration risk - Business Presentation 4 Results Summary (Historical Revenue Breakdown) Rp tn Development vs. Recurring Revenue 9.0 8.0 7.0 1.4 1.8 27% 6.0 1.6 1.1 1.7 5.0 24% 23% 0.8 18% 18% 4.0 16% 3.0 6.1 5.9 5.2 5.1 4.7 2.0 4.2 1.0 - 2013 2014 2015 2016 2017 2018 Development Revenue Recurring Revenue Recurring as % of Total Revenue • Continued focus on high-growth core development business and complemented by stable recurring assets - Business Presentation 5 Debt Profile SGD As of Dec-18 Fixed Rupiah Floating 21% Total Borrowings: Rp8.5tn 78% 22% 77% USD 2% (Rp tn) Maturity Profile (% of total debt) 2.5 28% 2.0 Borrowing Cost* 19% 1.5 12.7% 12.1% 11.7% 10.3% 10.2% 14% 14% 1.0 8% 7% 7% 0.5 3% 0.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Short Term Bank Loan Maturity Long Term Bank Loan Maturity Bonds and Notes Payable Maturity Borrowing Cost *Borrowing Cost calculation includes capitalized interest expense of 96bn, 74bn, 131bn, 179bn, Rp89bn in 2014, 2015, 2016, 2017, and 2018. - Business Presentation 6 Capex Schedule Mall 7% Office for Lease 6% Hotel 2% Others 12% Historical Capex Rp tn 2.1 2.0 12M18 1.3tn 1.3 0.9 Land for Development 73% 2015 2016 2017 2018 • Land acquisition capex largely for land reclamation project in Makassar - Business Presentation 7 Financial Highlights Revenue Gross Profit (Rp bn) (Rp bn) 3,724 3,628 3,330 3,290 2,997 7,670 7,514 2,546 6,340 6,739 6,443 5,077 53% 50% 50% 49% 47% 47% 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 Gross Profit Gross Margin Net Profit Key Ratios (Rp bn) 1,685 1,645 1.9 1.9 2.0 1.6 1,303 1.4 1.4 1.5 1,185 1,021 894 27% 28% 31% 26% 10% 17% 22% 22% -15% -7% 15% 14% 15% 2013 2014 2015 2016 2017 2018 2012 2013 2014 2015 2016 2017 2018 Current Ratio Net Debt to Equity Net Profit Net Margin - Business Presentation 8 Balance Sheet Summary Rp bn Dec 2018 Dec 2017 Dec 2016 Dec 2015 Assets 34,289 31,872 29,169 26,259 Cash & cash equivalents 3,243 3,240 3,471 3,034 Land 13,048 11,696 10,109 9,229 Fixed Assets 3,114 3,144 3,034 2,962 Investment Properties 4,962 4,762 4,908 4,521 Others 9,921 9,031 7,647 6,512 Liabilities 17,645 16,322 14,787 13,208 Debt 8,455 7,618 6,662 5,277 Advances from customers 6,814 6,459 5,851 5,732 Others 2,375 2,245 2,274 2,200 Equity 16,644 15,551 14,382 13,050 Minority interests 2,270 2,113 1,688 1,541 Equity net of minority interests 14,374 13,438 12,694 11,510 Debt to Total Equity 51% 49% 46% 40% Net Debt to Total Equity 31% 28% 22% 17% - Business Presentation 9 Company Overview One of Indonesia’s Leading Property Developer Property Development for Sale Township Residential Condominium Office Core Business Commercial Property Development & Management Shopping Hotel Serviced Office Others Mall Apartments - Business Presentation 11 Geographically Diversified Project Portfolio Kalimantan CitraGrand Senyiur City Samarinda CitraGarden Banjarmasin Over 75 projects CitraGarden City Samarinda CitraGarden Aneka Pontianak CitraLand City Samarinda Citra BukitIndah Balikpapan in 33 cities across Medan CitraMitra City Banjarbaru CitraCity Balikpapan CitraLand Banjarmasin the nation. Pekanbaru Batam Sumatra Sulawesi CitraLand Gama City Medan Samarinda Jambi CitraPlaza Nagoya Batam CitraLand City Losari Makassar Pontianak Palu CitraLand Megah Batam Pangkal Pinang CitraLand Talassa City Makassar Balikpapan CitraRaya City Jambi Palembang CitraLand Celebes Makassar CitraLand NGK Jambi CitraGarden Makassar CitraLand Lampung Bengkulu Banjarmasin Vida View Makassar CitraLand Palembang CitraGrand Galesong City Gowa CitraLand Pekanbaru CitraLand Palu Banjarbaru Kendari CitraGarden Pekanbaru CitraLand Kendari CitraLand Botanical City Pangkal Bandar Pinang Lampung Makassar Cirebon Maja Jakarta Semarang Pekalongan Surabaya Bali Yogyakarta Malang Ciputra Beach Resort Denpasar Java CitraRaya Tangerang Ciputra World Jakarta CitraLand BSB City Semarang CitraLand Surabaya The Taman Dayu Pandaan CitraIndah City Jonggol Ciputra Puri International CitraGrand Semarang Ciputra World Surabaya CitraHarmoni Sidoarjo CitraGarden City Jakarta Citra Towers Kemayoran CitraSun Garden Semarang CitraLand Vittorio Surabaya CitraGarden Sidoarjo CitraLand Cibubur CitraGarden BMW Cilegon Barsa City Yogyakarta CitraLand The Green Lake CitraIndah Sidoarjo Citra Maja Raya CitraLand Cirebon CitraSun Garden Yogyakarta Surabaya CitraGarden City Malang - Business Presentation 12 Greater Jakarta Project Portfolio - Business Presentation 13 Marketing Sales Summary Historical Presales Presales per Location (Rp bn) 2018 2019T 9,179 Greater Other Greater 991 Other Surabaya Java Surabaya Java 7,640 21% 22% 19% 21% 7,186 431 480 3,099 6,363 Sumatra Sumatra 172 6,023 Greater 14% Greater 1,625 2,661 279 16% Jakarta Jakarta 32% 34% Sulawesi 2,423 Sulawesi 8% 2,395 11% Others 2% 5,088 5,081 4,549 3,768 Presales per Product 3,349 2018 2019T Apartments Apartments 8% 2015 2016 2017 2018 2019T 21% Shophouses 12% Directly-Owned JO - Profit Sharing JO - Revenue Sharing Shophouses Office 13% 2% Units Houses + 10,668 8,288 8,645 8,545 Houses + Sold Land Lots Land Lots 63% Office Area 3% 78% 104 73 85 74 Sold (Ha) - Business Presentation 14 Marketing Sales Summary Presales per Payment Method Presales per Unit Price 6% 10% 7% 11% 15% 12% 15% 16% 24% 29% 30% 26% 36% 40% 37% 57% 30% 21% 24% 24% 49% 48% 48% 40% 43% 32% 34% 36% 2015* 2016 2017* 2018* 2015* 2016 2017* 2018* Mortgage Instalment Cash < Rp1bn Rp 1-2bn Rp 2-5bn > Rp 5bn High proportion of mortgage payment due to exposure to Units below Rp2bn continue to make up majority of end-users and accessibility of mortgages presales as end-users are targeted *Note: 2015, 2017, 2018 excludes en bloc sales to Ascott (Rp835bn and Rp675bn) - Business Presentation 15 and Diener Syz (Rp575bn) Sufficient Land Bank to Sustain >15 Years of Development Gross Land Land ASP Ownership Land ASP Trend Project Name Bank (Rp mn per sqm) Scheme Ha 2010-13 CAGR 2013-18 CAGR 2018 CitraRaya Tangerang 100% 770 63% 11% 4.5 CitraIndah Jonggol 100% 191 17% 16% 1.8 CitraGarden City Jakarta 100% 119 48% 6% 15.2 New Project in Puri 100% 18 - - - CitraLand Cibubur JV - 60% 84 - 7% 4.1 Total Greater Jakarta 1,181 CitraLand Surabaya 100% 866 33% 10% 8.8 CitraHarmoni Sidoarjo 100% 73 31% 19% 5.0 CitraGarden Sidoarjo JV - 60% 11 23% 24% 7.4 Total Greater Surabaya 949 CitraLand Lampung 100% 28 - 16% 4.8 CitraLand Palembang JV - 60% 109 - - 3.1 Ciputra Beach Resort JV - 60% 57 - 4% 9.5 CitraLand Pekanbaru JV - 60% 7 - 14% 5.3 CitraLand NGK Jambi JV - 51% 2 - 4% 3.3 Total Others 204 Total Land Bank 2,334 - Business Presentation 16 Rights to Additional Land Bank Through Joint-Operation Schemes Development Land ASP Development Land ASP Joint Operation Project Plan (Ha) (Rp mn per sqm) Joint Operation Project Plan (Ha) (Rp mn per sqm) 2018 2018 New Project in Sentul 114 - CitraGrand Senyiur City Samarinda 397 1.6 CitraLake Sawangan Depok 12 4.8 CitraGarden City Samarinda 100 2.5 Total Greater Jakarta 126 CitraLand City Samarinda 93 2.5 The Taman Dayu Pandaan 600 3.9 CitraMitra City Banjarbaru 172 1.2 CitraLand The Green Lake Surabaya 40 9.2 CitraLand Banjarmasin 40 3.5 CitraIndah Sidoarjo 2
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