Results Presentation (3M19)
Results Summary (Income Statement) (Rp bn) 3M19 3M18 % YoY Effect of +27% YoY in Property Development segment Revenue 21% 1,647 1,358 and +8% YoY in Recurring segment COGS (793) (728) 9% Gross Profit 854 629 36% Gross Profit Margin 52% 46% Effect of product mix Operating Expense (347) (328) 6% Operating Profit 508 302 68% Operating Profit Margin 31% 22% Effect of higher operating leverage Effect of lower capitalized borrowing cost due to Interest Income (Expense) - Net (172) (129) 33% project completion, and higher total borrowings Other Income (Expense) - Net 19 22 -16% Final Tax and Income Tax (57) (48) 19% Net Income Before Non-Controlling Interest 298 147 102% Non-Controlling Interest (14) (22) -35% Net Income Attributable to Owners 283 125 126% Net Profit Margin 17% 9% 2 - Business Presentation
Results Summary (Revenue Breakdown and Margin Performance) (Rp bn) 3M19 3M18 % YoY Revenue Breakdown Property Development Revenue 1,199 942 27% Houses, shophouses, and land lots 941 668 41% High revenue recognition from CitraRaya Tangerang Apartments 145 145 0% Office for sale 113 129 -13% Near completion of Ciputra International Office Tower Recurring Revenue 448 415 8% Shopping malls 190 190 0% Hotels 109 110 -1% Hospitals 77 52 49% Improving patient volume Office leasing 45 37 20% New contribution from Tokopedia Care Tower Others 26 26 1% Total Revenue 1,647 1,358 21% Margin Performance Property Development GPM 52% 43% Houses, shophouses, and land lots 56% 45% Apartments 37% 43% Effect of product mix Office towers 37% 31% Recurring GPM 52% 54% Shopping malls 63% 66% Effect of lower occupancy of Ciputra World Surabaya Mall Hotels 39% 39% Hospitals 46% 46% Office leasing 62% 70% Others 23% 28% Total GPM 52% 46% 3 - Business Presentation
Results Summary (Revenue per Segment and per Location) Revenue per Location (3M19) Revenue per Segment (3M19) Greater Apartment Office Strata Surabaya Strata 7% 16% 9% Shopping Malls 11% Hotels Other Java; 7% 15% Others 9% Sumatra 9% Houses, Greater Jakarta shophouses, and 58% Sulawesi land lots Others 2% 57% 1% • • Development = 73% (Houses + Apartments + Office) Sustained focus on geographically diversified • revenue sources to minimize concentration risk Recurring = 27% (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 27% 1,7 23% 5,0 24% 18% 4,0 18% 6,1 3,0 5,9 5,2 5,1 4,7 2,0 0,4 1,0 1,2 - 2014 2015 2016 2017 2018 3M19 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 Mar-19 Rupiah SGD Floating Fixed 78% 20% Total Borrowings: Rp8.6tn 81% 19% 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 28% 2% Historical Capex Hotel 2% Rp tn 2,1 2,0 3M19 Others 1,3 0.3tn 21% 0,9 0,3 Land for Development 47% 2015 2016 2017 2018 3M19 • Increased capex for shopping malls as three are currently under construction (CitraRaya Tangerang, CitraLand Surabaya, and Ciputra World Surabaya) 7 - Business Presentation
Financial Highlights Revenue Gross Profit (Rp bn) (Rp bn) 3.724 7.670 3.628 7.514 3.330 3.290 6.739 2.997 6.443 6.340 53% 52% 50% 49% 47% 46% 47% 854 629 1.647 1.358 2014 2015 2016 2017 2018 3M18 3M19 Gross Profit Gross Margin 2014 2015 2016 2017 2018 3M18 3M19 Key Ratios Net Profit (Rp bn) 1.685 2,1 1.645 2,0 1,9 1,9 1,6 1,5 1,4 27% 1,4 1.185 1.021 22% 894 31% 30% 28% 22% 17% 17% 10% 15% -7% 15% -15% 14% 9% 283 125 2012 2013 2014 2015 2016 2017 2018 3M19 2014 2015 2016 2017 2018 3M18 3M19 Current Ratio Net Debt to Equity Net Profit Net Margin 8 - Business Presentation
Balance Sheet Summary Rp bn Mar 2019 Dec 2018 Dec 2017 Dec 2016 Assets 34,446 34,289 31,872 29,169 Cash & cash equivalents 3,435 3,243 3,240 3,471 Land 13,278 13,048 11,696 10,109 Fixed Assets 3,059 3,114 3,144 3,034 Investment Properties 5,057 4,962 4,762 4,908 Others 9,617 9,921 9,031 7,647 Liabilities 17,474 17,645 16,322 14,787 Debt 8,600 8,455 7,618 6,662 Advances from customers 6,692 6,814 6,459 5,851 Others 2,182 2,375 2,245 2,274 Equity 16,971 16,644 15,551 14,382 Minority interests 2,286 2,270 2,113 1,688 Equity net of minority interests 14,685 14,374 13,438 12,694 Debt to Total Equity 51% 51% 49% 46% Net Debt to Total Equity 30% 31% 28% 22% 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 3M19 Other Greater Greater Other Java Surabaya Surabaya Java 7,640 22% 21% 18% 7,186 20% 431 6,363 480 Sumatra 6,023 Sumatra 13% 172 14% Greater Greater 1.625 2.661 279 Jakarta Jakarta Sulawesi 32% 35% Sulawesi 2.423 12% 11% Others 2.395 3% 5.081 Presales per Product 4.549 1,644 3.768 3.349 1,114 138 2018 3M19 585 71 520 Shophouses 921 524 12% Apartments 2016 2017 2018 2019T 3M18 3M19 21% Apartments 7% Directly-Owned JO - Profit Sharing JO - Revenue Sharing Office Shophouses 5% 13% Houses + Units Sold Houses + 8,288 8,645 8,545 1,778 1,307 Land Lots Land Lots Office 63% 76% Area Sold 3% 73 85 74 17 13 (Ha) 14 - Business Presentation
Marketing Sales Summary Presales per Payment Method Presales per Unit Price 5% 6% 7% 10% 11% 12% 15% 16% 15% 19% 24% 31% 29% 30% 26% 40% 36% 37% 32% 57% 30% 21% 27% 24% 24% 49% 48% 48% 48% 43% 40% 38% 36% 34% 32% 2015* 2016 2017* 2018* 3M19 2015* 2016 2017* 2018* 3M19 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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