PT CIPUTRA DEVELOPMENT TBK (“CTRA”) BUSINESS PRESENTATION April 2009 PT Ciputra Development Tbk – Business Presentation 01 Corporate Structure
Founding As of 31 Dec 2008 Shareholder Free Float ARTUPIC PT SANG INTERNATIONAL PUBLIC PELOPOR BV 35.22% 6.19% 58.59%
PT CIPUTRA DEVELOPMENT TBK 6,556,748,915 shares (par value IDR 500/ share)
100% 99.9999% 99.9999% 99.89% 51.06% 39.92% PT Ciputra Property PT Ciputra Surya Tbk PT Ciputra Residence PT Ciputra Graha PT Ciputra Indah and CDIF BV Tbk (CTRP) (CTRS) and subsidiaries Mitra and subsidiaries subsidiaries and subsidiaries and subsidiaries
The ppjrojects The ppjrojects The ppjroject The ppjrojects The ppjrojects SPV CitraRaya CitraGarden CitraIndah Ciputra Mall&Hotel CitraLand Amsterdam Tangerang Banjarmasin Bogor Jakarta Surabaya
CitraGarden City CitraLand City Ciputra Mall&Hotel Bukit Palma Jakarta Samarinda Semarang Surabaya
CitraGrand City Citra Bukit Indah Somerset Apt Ciputra Golf Palembang Balikpapan Jakarta Surabaya
Ciputra World 3-5 Ciputra World Jakarta Surabaya
Ciputra World 6 CitraHarmoni Jakarta Sidoarjo
Ciputra World 11 CitraGarden Jakarta Sidoarjo
The Taman Dayu Pandaan
CitraGarden Bandar Lampung
PT Ciputra Development Tbk – Business Presentation 02 Corporate Milestone
Listed on the Jakarta Stock Successfully conducted the Rights Issue II at the Exchange (JSX)* in 1994. end of 2006. PT Ciputra Surya Tbk (CTRS), a subsidiary, listed on JSX in 1999 as Conducted Rights Issue I and also an implementation of debt to equity Spin-off the commercial property projects into PT listed on Surabaya Stock Exchange conversion regarding bonds Ciputra Property Tbk (CTRP), a subsidiary, which (SSX)* in 1996. restructuring. listed on JSX in November 2007.
1981 1984 – 1996 1997 – 2005 2006 – Present Starting Growing Restructuring Expanding
Established Developed and launched: Economic crisis in Indonesia. The The Company weathered the Asian economic under the name • The first project, CitraGarden Company started to restructure its crisis, and has steadily increased its business of PT Citra City - a 50 ha residential project debts. activities and expansion. Habitat in 1984. Currently the Indonesia. development area has expanded to more than 400 ha. The launching of CitraGarden Completed debts restructuring in early 2006. Lampung and Citra Garden • The first and largest Banjarmasin in 2005, which marked development project in the beginning of business The Company, with more than 50 subsidiaries, is Surabaya, CitraLand City (now expansion to outer Java. now one of the largest property companies in CitraRaya) in 1993. Indonesia and focuses on residential and commercial property development. • The first commercial project, CitraLand Mall & Hotel (now Ciputra Mall & Hotel) Jakarta in 1993.
* JSX and SSX have merged into Indonesia Stock Exchange (IDX) PT Ciputra Development Tbk – Business Presentation 03 Business Overview
Residential Property Development Commercial Property Development & Management (Selling Income) (Recurring Income)
Integrated Township Shopping Serviced Residential Project Hotel Others Development Mall Apartment
Successfully developed 2 integrated mall and hotel, with Successfully developed 2,500 ha of residential projects 64,000 sqm of retail space and 528 rooms; and a 27- with more than 50,000 units; hole golf course.
Revenue Contribution 73% FY 2006 27% 73% FY 2007 27% 72% FY 2008 28%
PT Ciputra Development Tbk – Business Presentation 04 Prospect & Competitive Strength
B U S I N E S S P R O S P E C T
Increase in annual Increase in Potential economic Government plan to speed up housing needs urbanization trend growth infrastructure development
The Company is well positioned in Indonesia’s property outlook through the following factors:
Focus on: Most diversified: Large land banks: Reputable brand & Commercial property • residential • market segment • prime location experienced portfolio in prime • commercial • revenues • support future management strategic location properties • location growth
PT Ciputra Development Tbk – Business Presentation 05 PT Ciputra Development Tbk – Business Presentation 06 Geographic Reach
CitraGrand City CitraGarden* Citra BukitIndah CitraLand City CitraLand Celebes projects in 14 major cities
SUMATRA Samarinda KALIMANTAN Pangkalpinang Balikpapan Palembang
Banjarmasin Bandar Lampung Jakarta Makassar Semarang Surabaya JAVA
NOTE: CitraGarden CitraGarden City Ciputra Mall & Hotel CitraLand CitraGarden ● Residentials and Township development CitraRaya Bukit Palma ● Commercial property development CitraIndah CitraHarmoni Ciputra Mall & Hotel CitraGarden * New project Somerset Grand Citra The Taman Dayu Ciputra World* Ciputra Golf Ciputra World*
PT Ciputra Development Tbk – Business Presentation 07 CTRA Projects
CitraGarden City CitraRaya CitraIndah CitraGarden Jakarta Tangerang Bogor Banjarmasin
Location • Kalideres, West Jakarta • Tangerang, • Bogor, South of Jakarta • Banjarmasin, West of Jakarta South Kalimantan Launch • 1984 • 1994 • 1997 • September 2005 Development plan • 415 ha • 2,760 ha • 550 ha • 50 ha Developed area • 333 ha • 705 ha • 287 ha •10ha Market segment • Middle-up • Middle-low • Middle-low • Middle-upper Unit sold • 8,639 units • 19,801 units • 11,539 units • 219 units Others • The first and largest • Township development with • City of Nature, that offers the • The first project in residential project in west the largest land bank within beauty and freshness of its Kalimantan. A joint operation JkJakart a, near th e ai rport the Company envitironment projtject
CitraLand City Citra BukitIndah CitraGrand City Samarinda Balikpapan Palembang
Location • Samarinda, • Balikpapan, • Palembang, East Kalimantan East Kalimantan South Sumatra Launch • June 2007 • May 2008 • August 2008 Development plan • 93 ha • 21 ha • 160 ha Developed area • 19 ha •4 ha •4 ha Market segment • Middle-upper • Middle-up • Middle income Unit sold • 211 units • 35 units • 154 unit Others • A joint operation project • A joint operation project • A joint venture project
PT Ciputra Development Tbk – Business Presentation 08 CTRA Projects (NEW PROJECTs in 2009)
CitraLand CelebesCitraGarden Makassar Pangkalpinang
Location • Makassar, • Pangkalpinang, Bangka Belitung, South Sulawesi East Sumatra Launch • March 2009 •2nd half 2009 (plan) Development plan • 30 ha • 20 ha Developed area •- •- Market segment • Middle-up • Middle-upper Unit sold •- •- Others • A joint operation project • A joint operation project
PT Ciputra Development Tbk – Business Presentation 09 Project Map - Greater Jakarta
Airport CITRA GARDEN CITY Jakarta CIPUTRA CBD MALL & HOTEL
CIPUTRA WORLD
CITRA RAYA TANGERANG
Ring Road I Ring Road II
Serpong-Airport Highway
CITRA INDAH
PT Ciputra Development Tbk – Business Presentation 10 CTRS Projects
CitraLand Bukit Palma CitraHarmoni CitraGarden Surabaya Surabaya Sidoarjo Sidoarjo
Location • West Surabaya • West Surabaya • Sidoarjo, • Sidoarjo, South of Surabaya South of Surabaya Launch • 1993 • 1996 • 1997 • August 2005 Development plan • 1,126 ha • 575 ha • 332.5 ha • 26 ha Developed area • 586 ha •47ha •37ha • 23 ha Market segment • Middle-up • Middle and young executives • Middle income customers • Middle income Unit sold • 9,405 units • 1,456 units • 1,050 units • 422 units Others • The largest township • Located just north of • A joint venture project development in Surabaya CitraRaya
The Taman Dayu CitraGarden Ciputra Golf Pandaan Lampung Surabaya
Location • Pandaan, South of Surabaya • Bandar Lampung, • CitraRaya, West Surabaya South of Sumatra Launch • August 2005 (relaunched) • February 2005 • 1995 Development plan • 600 ha •57ha •- Developed area • 196 ha •39ha • 95 ha (27-hole) Market segment • Middle to middle-up • Middle to middle-up • Upper income Unit sold • 399 units • 487 units • 1,810 members Others • Residential & resort • First project developed in • One of the biggest and most development. A joint Sumatra popular golf courses in East operation project Java. Host for many regional & international tournaments PT Ciputra Development Tbk – Business Presentation 11 CTRS Projects…
CTRS is undertaking a super block development on Ciputra World Surabaya an area of 7.7 ha located in West Surabaya. The development will comprise shopping mall, apartment, office building and hotel with total building area of more than 300,000 sqm.
For the first stage, CTRS will develop the shopping mall and 2 towers of apartment. The construction started in July 2007.
Up to Dec 2008, 225 units apartment have been sold.
First Phase Information
Total investment cost : ± IDR 1.1 trillion Shopping mall Gross : 89,000 sqm Rentable area : 58,000 sqm Exp. rental rate : IDR 140,000/ sqm / month Start operation : 1Q 2010 Apartment (2 towers) Total unit : 397 units (60-170 sqm) Selling price : IDR 12 mio/sqm Start operation : 2011
PT Ciputra Development Tbk – Business Presentation 12 Project Map - Greater Surabaya
BUKIT PALMA CITRA CIPUTRA LAND WORLD CIPUTRA GOLF
CITRA HARMONI Strait of Madura
CITRA GARDEN
TAMAN DAYU
Legend: Surabaya City Area
PT Ciputra Development Tbk – Business Presentation 13 CTRP Projects
Ciputra Ciputra Somerset Mall & Hotel Mall & Hotel Grand Citra Jakarta Semarang Jakarta
Location • Grogol, West Jakarta • Simpang Lima, Semarang • Jakarta CBD Total area •4.1 ha •1.7 ha •1.1 ha
Shopping mall • Start operation • 1993 • 1993 •- • Gross/ net area • 76,000 sqm/ 43,100 sqm • 44,200 sqm/ 20,600 sqm •- • Occupancy rate/ ARR • 97%/ USD 21.5 (IDR 151,000) • 99%/ USD 19.7 (IDR 138,000) •- • Market value* • IDR 816 bio (USD 86.6 mio) • IDR 385 bio (USD 40.9 mio) •-
Hotel/ Apartment • Start operation • 1993 • 1995 • 1995 • Grade star • 4-star •5-star •- • Operator • Swiss-Belhotel International • Swiss-Belhotel International • The Ascott Group • Total rooms/ units • 328 • 200 • 203 • Occupancy rate/ ARR • 78%/ IDR 448,000 • 72%/ IDR 391,000 • 83% /USD 80/nite or 17/sqm/mth • Market value* • IDR 218 bio (USD 23.1 mio) • IDR 110 bio (USD 11.7 mio) • IDR 387.9 bio (USD 41.2 mio)
* Per June 2007
PT Ciputra Development Tbk – Business Presentation 14 CTRP Projects…
Ciputra World Jakarta
CTRP plans to develop several super block and mixed-use development in Jakarta CBD. The development will take place at Jl. Satrio Lot 3 & 5, Lot 6 and Lot 11. Total development area is around 10 ha.
Lot 3 & 5 A super block development that will comprise world class shopping mall, office, condominium, serviced apartment (managed by The Ascott Lot 6 Lot 11 Group), hotel and premium residence (both managed by Raffles Singapore) and an art museum.
Lot 3&5 Lot 6 A mixed-use development that will comprise condominium, serviced apartment and office.
Lot 11 A mixed-use development that will comprise condominium and office.
Currently, CTRP is undertaking the construction of Lot 3 & 5.
PT Ciputra Development Tbk – Business Presentation 15 CTRP Projects… Ciputra World Ciputra World Ciputra World Lot 3 & 5 Lot 6 Lot 11 Jakarta Jakarta Jakarta
Total area •5.5 ha •1.4 ha •3.0 ha Investment cost • IDR 3.1 trillion (USD 332 mio) • IDR 922 bio (USD 100 mio) • IDR 1.2 trillion (USD 127 mio) Construction • 2008 - 2011 • 2008 – 2011 • 2011 - 2013 Shopping mall • Gross/ net area • 136,000 sqm/ 84,000 sqm •- •- • Expected ARR • USD 28/sqm/month •- •- • Start operation • 2H 2010 •- •- Condominium • 136 units* (115-170 sqm) • 240 units • 300 + 300 units (Tower 1 & 3) • Gross/ net area • 53,000 sqm/ 39,000 sqm** • 32,625 sqm/ 26,100 sqm • 45,000 sqm/ 36,000 sqm (T1 & T3) • Exp. selling price • Start from USD 1,900/ sqm • Start from IDR 17.6 mio/ sqm • Start from IDR 18 mio/ sqm (T1) Start from IDR 22 mio/ sqm (T3) • Completion • 2H 2011 • 2H 2011 • End of 2012 (T1) and 2013 (T3) Serviced apartment • 170 units • 240 units •- • Gross/ net area •- • 32,625 sqm/ 26,100 sqm •- • Exp. ARR • USD 22/ sqm/ month • USD 22/ sqm/ month •- • Start operation • 2H 2011 • 2H 2011 •- Office building • Gross/ net area • 73,500 sqm/ 62,600 sqm • 45,900 sqm/ 39,015 sqm • 45,000 sqm/ 36,000 sqm (T2 & T4) • Exp. ARR • USD 16/ sqm/ month • USD 16/ sqm/ month • USD 15/ sqm/ month (T2) USD 17/ sqm/ month (T4) • Start operation • 2H 2011 • 2H 2011 • End of 2012 (T2) and 2013 (T4) Hotel • 180 rooms •- •- Premium residence • 80 units •- •- • Exp. selling price • Start from USD 3,200/ sqm •- •- • Start operation • End of 2011 •- •-
*Up to now, 65 units have been sold **include the area of serviced apartment PT Ciputra Development Tbk – Business Presentation 16 PT Ciputra Development Tbk – Business Presentation 17 Marketing Sales
By Location By Payment Method In billion IDR In billion IDR
1,635
1,436 1,436
33%
1,166 26% 1,166 1,106 1,106 12% 44% 16%
823 43% 823 30% 28% 13% 19% 79% 46% 504 78% 504 43% 57% 15% 33% 65% 32% 33% 44% 38% 38% 48% 24% 21% 30% 52% 13% 10% 16% 20%
2004 2005 2006 2007 2008* 2009 E 2004 2005 2006 2007 2008
Greater Jakarta Greater Surabaya Others Cash Inhouse Mortgage loans
* Target: 1,821
PT Ciputra Development Tbk – Business Presentation 18 Financial Highlights
In billion IDR
31 December Balance Sheet 2008 2007 2006 2005 2004
Assets 8,108.4 7,484.1 5,156.7 5,306.7 4,958.7 Liabilities 1,507.5 1,276.7 1,306.8 4,489.0 4,404.3 Debts* 175.8 171.7 215.2 3,215.8 3,393.6 Others 1,331.7 1,105.0 1,091.6 1,273.2 1,010.7 Minority interests 2,603.2 2,420.0 1,005.0 914.1 778.6 Stockholders' equity (Capital deficiency) - net 3,997.8 3,787.5 2,844.8 (96.4) (224.3) * bank loans, lease payable, bonds payable and other debts
Profit and Loss 2008 2007 2006 2005 2004
Revenues 1,303.2 1,347.5 1,185.7 1,049.9 738.6 Net sales 932.5 990.3 869.4 774.6 487.9 Business revenues 370.7 357.2 316.3 275.3 250.7 Gross profit 621.6 595.3 534.4 486.2 362.8 Operating profit 291.0 336.1 287.0 235.5 145.1 Extraordinary gain - - 477.7 - 14.1 Net profit (loss) 202.2 168.0 572.1 79.2 (219.3)
PT Ciputra Development Tbk – Business Presentation 19 Revenues
By Public Companies By Business Segment In billion IDR In billion IDR
1,348 1,186 1,303
1,348 1,050 27% 1,303 28% 27% 739 25% 1,186
34% 73% 1,050 72% 73% 75% 66%
20042005200620072008 Residential Development Commerc ial Proppyerty Develop ment 739 11 69 658 581
555 By Location In billion IDR 1,348 1,186 1,303 325 314 1,050 13% 13% 294 9% 267 269
241 9% 739 43% 49% 11% 54% 51% 42% 44% 38% 2004 2005 2006 2007 2008 47% 40% 37%
CTRA CTRS CTRP 2004 2005 2006 2007 2008 Greater Jakarta Greater Surabaya Others
PT Ciputra Development Tbk – Business Presentation 20 Gross & Operating Profit
Gross Profit (GPM) Operating Profit (OPM) 500 30% 1,000 In billion IDR (in%) 60% In billion IDR (in%)
25% 49% 50% 24% 25% 800 46% 48% 400 45% 22% 22% 44% 20% 336 622 40% 20% 595 291 600 300 287 534 486 30% 235 15%
400 363 200
20% 145 10%
200 100 10% 5%
- 0% - 0% 2004 2005 2006 2007 3Q 2008 2004 2005 2006 2007 3Q 2008
PT Ciputra Development Tbk – Business Presentation 21 Land Banks – Residential Projects
As of 31 December 2008, the Company and subsidiaries have 544.9 ha developed land and 908.7 ha undeveloped land, which totally amount to IDR 2.48 trillion.
(in billion IDR, except for Average Land Selling Price) Year 2008 Year 2008 Sales Average Developed Land Undeveloped Land Land Projects (Salable Land) (Raw Land) Land Unit Selling Price ha (Net) IDR ha (Gross) IDR ha (Net) IDR / sqm
CitraGarden City 26.1 260.1 12.2 36.4 3.3 199 2,715,000 CitraRaya Tangerang 139.6 388.6 538.1 418.1 10.8 1,365 566,000 CitraIndah Bogor 146. 2 200. 5 89. 8 72. 0 22. 6 23722,372 485, 000 CitraLand Surabaya 163.5 484.1 53.6 95.2 5.2 350 1,988,000 CitraHarmoni Sidoarjo 5.5 20.5 40.4 36.0 2.2 138 729,000 Bukit Palma Surabaya 27.5 126.2 173.7 228.9 1.5 146 839,000 Taman Dayu Pandaan - 6.9 - - 1.2 118 725,000 CitraGarden Sidoarjo 9.5 36.4 0.9 2.0 2.1 148 1,018,000 CitraGarden Lampung 27.0 26.6 - - 2.9 152 874,000 CitraGarden Banjarmasin - 9.9 - - 0.5 29 1,750,000 CitraLand City Samarinda - 23.7 - - 2.3 114 1,559,000 Citra BukitIndah Balikpapan - 5.3 - - 0.9 35 1,650,000 CitraGrand City Palembang - - - - 2.2 154 961,000
Total 544.9 1,588.8 908.7 888.6 57.7 5,320
PT Ciputra Development Tbk – Business Presentation 22 CTRA Value – In House Estimation
As of 31 Dec 2008 Description Project Value % Effective Value (in bio IDR) (in bio IDR)
CTRA direct projects 3,332 80% - 100% 3,195
CTRS projects 3,929 39.92% 1,568
CTRP projects 4,976 51.06% 2,541
Total Value (in bio IDR) 7,304 Outstanding shares (in mio shares) 6,557 Value/ share (in IDR) 1,114
PT Ciputra Development Tbk – Business Presentation 23 PT Ciputra Development Tbk – Business Presentation 24 Management Team
BOARD OF COMMISSIONERS BOARD OF DIRECTORS
CHAIRMAN PRESIDENT
DR. Ir. Ciputra Dian Bayan Candra Budiarsa Rina Ciputra Harun Junita Sumeler Akochi Ciputra SastrawinataSastrawinata Hajadi Ciputra
DR. Cosmas Henk DR. Widigdo Cakra Tulus Santoso Tanan Herwandi Veimeirawaty Batubara Wangitan Sukarman Ciputra Brotosiswojo Antonius Kusnadi (Corp. Secretary)
PT Ciputra Development Tbk – Business Presentation 25 Awards
IMAC Special Award 2008: Investor Award 2007: The Most Sustainable Best Indonesia Listed Corporate Image Property Company 2008 - 2009 (For CTRS)
IMAC Award 2008: Best Developer
Investor Award 2005: Best Indonesia Listed Property Company (For CTRS) IMAC Award 2007: Best Developer
PT Ciputra Development Tbk – Business Presentation 26 Investor Relations
Corporate Secretary
PT CIPUTRA DEVELOPMENT TBK Jl. Prof. DR. Satrio Kav. 6 Jakarta 12940 - INDONESIA Phone : +62 21 5225858 Fax : +62 21 5205262 Email : [email protected] Website : www.ciputradevelopment.com
Disclaimer This presentation may contain forward-looking statements and assumptions that involve risks and uncertainties. Therefore, actual performance, outcomes and results may differ materially from those expressed in the statements. You are advised and cautioned not to place undue reliance on these statements, which are based on current view of management on future events.
PT Ciputra Development Tbk – Business Presentation 27