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% 2 - Business Presentation
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% 3 - Business Presentation
Results Summary (Revenue per Segment and per Location) Revenue per Location (12M18) Revenue per Segment (12M18) Greater Apartment Surabaya Strata Office Strata 27% 18% 6% Shopping Malls 10% Hotels Other Java 6% 13% Others 7% Sumatra 5% Houses, shophouses, and Greater Jakarta Sulawesi land lots 52% Others 2% 53% 1% • • Development = 77% (Houses + Apartments + Office) Sustained focus on geographically diversified • revenue sources to minimize concentration risk Recurring = 23% (Malls + Hotels + Hospitals + Office) 4 - Business Presentation
Results Summary (Historical Revenue Breakdown) Development vs. Recurring Revenue Rp tn 9.0 8.0 7.0 1.4 1.8 27% 6.0 1.6 1.1 1.7 5.0 23% 24% 0.8 18% 18% 4.0 16% 6.1 3.0 5.9 5.2 5.1 4.7 4.2 2.0 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 5 - Business Presentation
Debt Profile As of Dec-18 SGD Fixed Rupiah Floating 21% 22% 77% Total Borrowings: Rp8.5tn 78% USD 2% (Rp tn) Maturity Profile (% of total debt) 2.5 28% 2.0 Borrowing Cost* 19% 12.7% 1.5 12.1% 11.7% 14% 10.3% 14% 10.2% 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. 6 - Business Presentation
Capex Schedule Mall Office for Lease 7% 6% Hotel 2% Others Historical Capex 12% Rp tn 2.1 2.0 12M18 1.3tn 1.3 0.9 Land for Development 2015 2016 2017 2018 73% • Land acquisition capex largely for land reclamation project in Makassar 7 - Business Presentation
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 6,739 6,443 6,340 53% 5,077 50% 50% 49% 47% 47% 2013 2014 2015 2016 2017 2018 Gross Profit Gross Margin 2013 2014 2015 2016 2017 2018 Key Ratios Net Profit (Rp bn) 1,685 1,645 2.0 1.9 1.9 1.6 1.5 1.4 1,303 1.4 1,185 1,021 894 31% 27% 28% 22% 26% 17% 10% -7% 22% -15% 15% 15% 14% 2012 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 Current Ratio Net Debt to Equity Net Profit Net Margin 8 - Business Presentation
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% 9 - Business Presentation
Company Overview
One of Indonesia’s Leading Property Developer Property Development for Sale Township Residential Condominium Office Core Business Commercial Property Development & Management Serviced Shopping Hotel Office Others Apartments Mall 11 - Business Presentation
Geographically Diversified Project Portfolio Kalimantan Over 75 projects CitraGrand Senyiur City Samarinda CitraGarden Banjarmasin in 33 cities across CitraGarden City Samarinda CitraGarden Aneka Pontianak CitraLand City Samarinda Citra BukitIndah Balikpapan the nation. Medan CitraMitra City Banjarbaru CitraCity Balikpapan CitraLand Banjarmasin Pekanbaru Batam Sumatra Sulawesi CitraLand Gama City Medan Samarinda Jambi CitraPlaza Nagoya Batam CitraLand City Losari Makassar Pontianak Palu CitraLand Megah Batam CitraLand Talassa City Makassar Pangkal Pinang Balikpapan CitraRaya City Jambi CitraLand Celebes Makassar Palembang CitraLand NGK Jambi CitraGarden Makassar CitraLand Lampung Bengkulu Vida View Makassar Banjarmasin 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 Jakarta Maja Semarang Pekalongan Surabaya Bali Yogyakarta Malang Ciputra Beach Resort Denpasar Java Ciputra World Jakarta CitraRaya Tangerang CitraLand BSB City Semarang CitraLand Surabaya The Taman Dayu Pandaan Ciputra Puri International CitraIndah City Jonggol 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 12 - Business Presentation
Greater Jakarta Project Portfolio 13 - Business Presentation
Marketing Sales Summary Historical Presales Presales per Location (Rp bn) 2018 2019T 9,179 Other Greater Greater Other 991 Java Surabaya Surabaya Java 22% 7,640 21% 19% 21% 7,186 431 480 6,363 3,099 Sumatra Sumatra 6,023 172 14% Greater Greater 16% 1,625 2,661 279 Jakarta Jakarta Sulawesi 32% 34% Sulawesi 2,423 8% 11% 2,395 Others 2% 5,088 5,081 Presales per Product 4,549 3,768 3,349 2018 2019T Apartments Apartments 8% 2015 2016 2017 2018 2019T 21% Shophouses 12% Directly-Owned JO - Profit Sharing JO - Revenue Sharing Office Shophouses 2% 13% Houses + Units Houses + 10,668 8,288 8,645 8,545 Land Lots Sold Land Lots Office 63% 78% Area 3% 104 73 85 74 Sold (Ha) 14 - Business Presentation
Marketing Sales Summary Presales per Payment Method Presales per Unit Price 6% 7% 10% 11% 12% 15% 16% 15% 24% 29% 30% 26% 40% 36% 37% 57% 30% 21% 24% 24% 49% 48% 48% 43% 40% 36% 34% 32% 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) 15 - Business Presentation and Diener Syz (Rp575bn)
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