PT Kawasan Industri Jababeka Tbk - Investor Presentation September 2019
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PT Kawasan Industri Jababeka Tbk.
Investor Presentation
September 2019
0
Leading township developer & infrastructure powerhouse
PT Kawasan Industri Jababeka Tbk. ("KIJA") is a leading township developer with an established track record in industry-
based townships supported by residential & commercial components...
KIJA overview Business segments
FY18 Revenue Breakdown (%)
PT Kawasan Industri Jababeka Tbk (Rp 2,712 billion)
Dry Port, 8%
Real Estate Infrastructure Water / Estate,
9%
Real Estate &
Industrial Power Others, 42%
Residential Water & Estate
Commercial Dry Port Power, 41%
Established in 1989 and became the first publicly listed industrial
FY18 Gross Profit Breakdown (%)
estate developer in Indonesia in 1994
(Rp 1,179 billion – 43% GPM)
Kota Jababeka, KIJA's flagship development, is a mature industry-
Dry Port , 6%
based integrated township in Cikarang with on-site power plant
Water / Estate,
and dry port 10%
Diversification projects: Kendal Industrial Park – Park by the Bay in
Central Java, tourism-based townships in Tanjung Lesung, Banten,
and in Morotai, North Maluku
Large and strategically located land bank of 3,862 hectares as of 30 Real Estate &
Power, 21%
June 2019 Others, 63%
Vision: To Create Modern Self Sustained Cities in Every
Province in Indonesia and Provide Jobs for Better Life
…with world class infrastructure to support its development
1
Milestones & Awards
More than 25 years track record in township development
Selected awards
#1 #1
Investor Magazine - 2012 Indonesia Property Watch- Fortune Indonesia - 2015 SWA Magazine - 2016
Top 10 Best performing 2015 Best Company award Top 25 Most Creative
listed companies and Best The best township Companies in Indonesia
listed company in property development concept
2016
Groundbreaking
Kendal Industrial
#1 #1 2014 Park – Park by
the Bay
D’Khayangan
Frontier Consulting Group Award Supply Chain Asia Awards 2014 Ministry of Industry - 2015 2013 Senior Living
2014 #1 Corporate Image Asia Logistics Centre/Park of the Best Industrial Estate – Launched
Bekasi
Industrial Estate Year Infrastructure & Facilities 2011 Power Plant
commenced
Acquisition operations
2010
of 1,500 ha
Cikarang Dry land in
2003 Tanjung
Port begins
2001 operations Lesung,
Commenced Banten
1996 development of
Inauguration of Jababeka CBD
1994
Education Park,
1989 Acquisition of including President
IPO on Menara Batavia University
Jababeka Group Jakarta and in Jakarta CBD
established and Surabaya
started Stock
development of Exchange
the industrial
estate
2
Sizeable land bank in strategic locations with upside potential
Kota Jababeka Cikarang
Master plan: 5,600 hectares
Fully integrated and matured city development 35km east
of Jakarta, 45mins from Jakarta’s CBD
35km east of Jakarta
Land Bank: 1,232ha(1) Most established industrial area in Greater Jakarta, home
to >2,000 local and multinational companies
INDONESIA
Tanjung
Lesung
Kota
Jababeka Kendal,
Cikarang Central Java
Semarang
Karawang
Surabaya
Tanjung Lesung
Master plan: 1,500 hectares
170km southwest of Jakarta
Land Bank: 1,534ha(1)
Kendal, Central Java
Special Economic Zone for
Industrial Estate
Designated as a Special Economic Zone for Tourism
Master plan: 2,700 hectares
450km east of Jakarta Development
Located 170km southwest of Jakarta and covers more than
1,500 ha of land on a peninsula facing the Indian Ocean
Land Bank: 575ha(1)
Strategically located along
the Jakarta-Semarang-
Envisaged to become a first-class integrated resort
destination for both domestic and international tourists Offers a deep pool of young
and skilled labour at a
Surabaya Economic
Corridor
competitive cost
Note:
1 Land bank as at 30 June 2019 3
1 Kota Jababeka — Flagship industry-based integrated township
Kota Jababeka is a mature industry-based township strategically located in close proximity to Jakarta CBD, sea port and
airport…
• 35 KM from Jakarta City
• Close to International Airport & Seaport
JORR 2 Toll Road
Cibitung – Tanjung • Accessible by toll road and railway
Priok Seaport
±1.5 • Connectivity with 3 Toll Access / Exit
hours • Development of Major Transportation
KOTA Infrastructure
JAKARTA JABABEKA
Cikarang
Train Station
Lemah Abang
6 lane Highway of Jakarta Inner Ring Road Train Station
Proposed
MRT Station
KM 29
LRT MRT High speed train
KM 31
Tranportation infrastructure
(Proposed / Under Construction)
LRT Track
KM 34
High Speed Train
Elevated Toll Road
MRT Track
Double-double track Railway
Commuter train Elevated toll road JORR 2 Jakarta 2nd Outer Ring (JORR) Road
4
1 Kota Jababeka – Anchored by a blue-chip customer base
The portfolio of high quality multinational and domestic customers at Kota Jababeka is a testament to the township's
strategic location and superior infrastructure facilities
Diverse mix of occupants across sectors
(breakdown by number of occupants) – As of 30 June 2019 Portfolio of high quality customers
11% Electronics
Machinery
7% Customer Goods
Chemicals
6% Automotive
46%
Plastics
6%
Foods
Building
6%
Metal Fabrication
5% Tekstile
4% Others
2% 4% 4%
Kota Jababeka is home to over 2,000 local and multinational customers from over 20 countries
5
1 Jababeka Residence – A City for Your World
Residential & Commercial Developments
Oscar Townhouse Sudirman Boulevard
Cluster Commercial Center
Mixed-Use Developments
KM 29
KM 31
Hollywood Junction, Monroe & Elvis Tower KM 34
Facilities
International President Jababeka Golf & Senior Living Jababeka Jababeka Stadium
Hospitals
Hotels University & Country Club D’Khayangan Convention Center
6
Reputable Schools
1 Kota Jababeka – Enhancing value through Joint Venture projects
“Kawana Golf Residence”
Kawana Golf Residence is a JV
between Jababeka (60%) and Creed
Group (40%) from Japan
High-end golf view apartment tower
with 234 units
Total 100% sold in 2 phases – delivery
scheduled for late 2020
Kawana 2 planned to be launched later
in 2019 or 2020
“Riverview Residence”
Joint Venture between Jababeka (51%)
and PT PP Property (Persero) Tbk (49%)
4 apartment towers strategically
located near the toll exit & catering to
the lower end of the market
Tower 1 (1009) – Mahakam Tower
–> 90% sold, 20% handed over
Tower 2 (939) – Bengawan Tower
–> 23% sold, piling completed
Other JVs within the KIJA group include: 1) “Little Tokyo” – a JV between PT PP Property (Persero) Tbk (52.6%) and Jababeka (47.6%) for a mixed use superblock
on a 4.6-hectare site with 6 apartment towers and a Japanese style mall; 2) “Mayfair Estate & Park Land” – a JV between PT Plaza Indonesia Realty Tbk (70%) and
Jababeka (30%) for a mixed use superblock on a 12-hectar site right next to the golf course; 3) “Paradiso” – a JV between Jababeka (52% - subject to finalization
of acquisition of 3% stake from Nice Corporation) and Keihan Real Estate (48%) from Japan to develop a 2.7 hectare high-end golf villa residential project. 7
2 Enhancing Kota Jababeka's value proposition: Jababeka Infrastruktur
PT Jababeka Infrastruktur provides top notch to infrastructure and services, including clean water provision, waste water
treatment, estate management, and other services such in-house fire brigade, 24 hour security, fiber optics, natural gas
and others…
WWTP 2
WTP 1
Capacity WTP 2 WWTP 1 Capacity
400 L/sec Capacity Capacity 125 L/sec
200 L/sec 208 L/sec
Waste Water
Treatment Plan
Water Treatment
Plan
Telco Natural Gas
…which meet the international standards and operate in accordance with environmentally
friendly policies in integrated city Kota Jababeka in Cikarang
8
2 Enhancing Kota Jababeka's value proposition: Bekasi Power Plant
KIJA is the only industrial estate developer in Indonesia with its own power plant located within its estate
Integrated Power Generation & Distribution Process
1
100% output to PLN
130MW gas fired combined cycle plant
2 Buy back from PLN PLN
20 year 100% off-take agreement from
(+16% margin) Perusahaan Listrik Negara (“PLN”)
– Rate per KWH: ~US$11 cents
3 Direct sale to factories
– Average gas cost / MMBTU: ~US$8.7
(+ margin)
– Fuel costs borne by PLN on a pass-through
basis
Factories
– Fully contracted gas supply
Financial Highlights – Flexibility to buy back power and resell it at a
IDR billion premium
1,600 1,499 30.0% During repair of a leakage in one of the boilers
1,310 1,360 26.1%
1,400 1,267 25.0% the power plant operated at about 50% of the
1,200 1,102 usual capacity for about 3 months in 2016
22.5% 20.0%
1,000 The power plant was in full “reserve shutdown”
800 14.3% 17.1% 15.0% for most of 1Q18 and 2Q19 and has operated
12.5%
600 12.2% 386 10.0% intermittently in other quarters of 2018 and
400
215 232 248 2019.
155 164 5.0%
200 101
- 0.0%
2014 2015 2016 2017 2018 1H19
Revenue Gross Profit Gross Profit Margin
Providing a significant marketing advantage over its competitors as access to reliable electricity supply is one of the
primary concerns for industrial clients in Indonesia
92 Enhancing Kota Jababeka's value proposition: Cikarang Dry Port
Strategic location in the heart of the largest manufacturing zone along the Bekasi-Cikampek industrial corridor…
Airport
JABABEKA
MM 2100
EJIP LIPPO
62%1
HYUNDAI GIIC SURYA CIPTA
Enhanced Accessibility with New Toll Gate KM 29 KIIC KIKC
New Toll Gate KM CFLD KIM
Cikarang Utama
Toll Gate
29 KBI
Highway Exit KM 29
International Port Code: IDJBK
Surrounded by 12+ Industrial Estates and
more than 3,000 manufacturing companiee
Flyover to Jakarta
Notes:
10
1 Estimated % of total throughput at Tanjung Priok Port originating from this area2 Enhancing Kota Jababeka's value proposition: Cikarang Dry Port
Bonded
Logistics Office: CDP, New Office 3rd Party
Gate Customs
Center Quarantine, & PLB 2 DC
(PLB) Port Code:
& Banking
IDJBK
Physical
Inspection
Container Freight Station
Railway
Emplacement Reefer
Mobile X-
Ray
Container Yard
200 ha of
integrated port & logistics facilities 112 Enhancing Kota Jababeka's value proposition: Cikarang Dry Port
Cikarang Dry Port (CDP) is the first and only integrated customs, quarantine and logistics facility in Indonesia…
Overview Strong momentum in CDP operations
Since 2012, Cikarang Dry Port is an official port of origin and Revenue (IDR billion)
destination with international port code IDJBK – now 250
225
connected with 25 major shipping lines
Integrated port and logistics facilities with multi modal 200
171
transportation services 151
150
Smart Port Solution to streamline the business process 120
106
Besides export/import, CDP also serves domestic distribution 100 78
via main railway line that runs from west Java to east Java and
also combining it with domestics shipping lines services 50
Bonded Logistics Centre (FTZ facilities) for Cotton &
minerals/metals -
2014 2015 2016 2017 2018 1H19
Selected customer & partner profile at Cikarang Dry Port
Shipping Lines: Throughput (TEU)
120,000
100,000 95,314
Third Party Logistics Provider (3PL):
80,000 73,946
65,250
Shippers / Consignees: 60,000 50,844
37,507 39,558
40,000
20,000
-
2014 2015 2016 2017 2018 1H19
…allowing customers to more efficiently manage their imports and exports and benefit from cost savings
123 Diversified land bank
A geographically diversified land bank allows KIJA to capture different market segments and enhances earnings resilience…
Diversified by geography, positioning and segment
Land Bank Kota Jababeka Kendal Industrial Park – Tanjung Lesung
Park by the Bay
Total(1): 3,362ha
1,232ha 575ha 1,534ha
Positioning
Positioning Established MNCs and domestic More cost-conscious customers Tourism, leisure and hospitality
companies willing to pay a premium looking for an alternative to Greater focused integrated township to tap
for strategic location and mature Jakarta industrial estates that still into entertainment/leisure spending
township with top notch provides top notch infrastructure by rising middle class in Indonesia
infrastructure in place
Well diversified across multiple segments (Breakdown of segments by 1H19 revenue contribution)
Real Estate(2): 30% Recurring(3): 70%
12% 1% 3% 7% 1% 4% 3% 44% 14% 12%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Developed Land Factory Buildings Commercial Residential Tourism Golf Others Power Plant Water & Estate Services Dry Port
…in addition to benefiting from future infrastructure developments across its land bank locations
Notes:
1 As per 30 June 2019and excluding Morotai with 521 hectares of land bank
2 Comprises real estate, golf and other non-infrastructure segments
3 Recurring revenue includes contribution from power plant, dry port and service & maintenance fees 134 Diversified projects: Kendal Industrial Park – Park by the Bay
“Kendal Industrial Park – Park by the Bay”
Joint Venture between Jababeka (51%) and
Sembcorp (49%) from Singapore
Benefits from Sembcorp’s expertise in
developing and marketing industrial estates
across Asia (China, Vietnam, Indonesia and Kendal Port
Tanjung Emas
Jababeka’s long track record and experience in Seaport
industrial estate development and
infrastructure operations
Total planned area of 2,700ha; phase 1: 860ha
Excellent connectivity to major infrastructure Ahmad Yani Semarang
and amenities Int'l Airport
Distance to Kendal Industrial Park – Park by the Bay
Tanjung Emas International Seaport 25 km
Ahmad Yani International Airport 20 km
Semarang (Central Java capital) 21 km
Official opening ceremony on November 14th 2016 by the President of
Indonesia, Mr Joko Widodo, and the Prime Minister of Singapore, Mr
Lee Hsien Loong
144 Diversified projects: Kendal Industrial Park – Park by the Bay
Our Kendal Industrial Park – Park by the Bay development in Central Java is well-positioned to benefit from growing demand
for relatively low cost industrial estates with good connectivity and competitive labor costs
Macro infrastructure planning that supports growth of Kendal Industrial Park – improved connectivity and
accessibility (for example newly opened Trans Java toll road and new Ahmad Yani Airport
Competitive manpower / low labour costs in Central Java makes Kendal Industrial Park – Park by the Bay
Key Highlights particularly interesting for labor intensive industries
Numerous human resources education & training facilities
Top notch infrastructure & One-stop solution for licensing, manpower recruitment, on-site logistics, security
and estate management services
Tenant breakdown (58 confirmed tenants)
3%
3% 2% 2% 2%
5% 1%
5%
20%
6% Fashion
Industry
25%
8%
16% China
Food & 65%
10% Beverage
Indonesia
13%
14%
Electronic
Packaging
154 Diversified projects: Kendal Industrial Park – Park by the Bay
164 Diversified projects: Tanjung Lesung
Tanjung Lesung overview
Malaysia
Singapore Location ~ 180 km southwest of Jakarta in Banten
Indonesia
Tanjung Lesung
Tourism-based integrated township (hotels,
Concept
apartments, sailing, diving & beach clubs)
Australia Currently accessible by toll road from Jakarta in
Access
~ 3.5 hours
SOEKARNO – HATTA
Merak
International Airport
Krakatau Anyer
Serang
Mountain Jakarta
Pandeglang Jakarta-Merak
Toll Road
Tanjung Lesung
Labuan
Future
Toll road
Panaitan
Island Panimbang
Ujung Kulon
President Joko Widodo speaking on
National Park Tanjung Lesung’s designation as Special
Economic Zone for Tourism
174 Diversified projects: Tanjung Lesung
Strong government support for Tanjung Lesung's development as a tourism zone...
Facilities and infrastructure at Tanjung Lesung
Existing infrastructure includes access roads, a water treatment plant, wastewater treatment
plant, electricity supply and telecommunication links
Visitors currently have access to ~ 300 rooms spread out over two hotels/resorts, a bed and
breakfast and several cottages
Other facilities: restaurant and bar, golf course, a swimming pool, a spa, a beach club, a sailing Golf course
club, private air strip, school, mosque, residential housing units, and a medical clinic
Strong government support for development of Tanjung Lesung
One of 10 New Tourism Destinations in Indonesia that the Indonesian Government is
promoting
New toll road from Serang Timur to Panimbang: A consortium led by PT Wijaya Karya Tbk
(Persero) won the tender for this project, land acquisition is ongoing and construction has Aerial view
commenced
Tanjung Lesung has been designated as Special Economic Zone for Tourism
Villa with private pool at Tanjung Lesung
…is expected to increase interest from potential investors/partners for the project
184 Diversified projects: Tanjung Lesung
Current property products
KALICAA
VILLA
194 Diversified projects: Morotai
Future tourism and logistics hub strategically located in the heart of Pacific Asia with natural tropical beauty and World War
2 historic sites and relics
3 hours flight from Singapore and Taipei
Great potential for tourism, agricultural and
fishing industries, and as a logistics hub
Morotai is a Special Economic Zone for
tourism and 1 of 10 new tourism destinations
promoted by the government
Evening view at Morotai
Beach view at Morotai
205 Clear strategic focus
KIJA's existing pipeline provides visible opportunities over different time frames
Continue to develop and capitalize on
Development of Tanjung Lesung
Kota Jababeka Township
tourism-based township
Short Term Medium Term
Further development of Kendal
Development of Morotai, initially as a
Industrial Park in partnership with
tourism-based township
Sembcorp in Central Java
Long Term Vision
Replicate Kota Jababeka's industry-based integrated township model throughout Indonesia
Build out an infrastructure facility portfolio (power, water, ports, etc.) to support these new townships
216 Financial Highlights
Revenue breakdown (IDR billion) Gross profit (IDR billion) and Gross profit margin (%)
3,500 1,600 60%
3,140
2,931 2,995 1,400 55%
3,000 2,799 2,712 1,389
1,200 50%
2,500 1,272 1,252 1,243
1,208 1,221 1,179
1,207 1,000 45% 1,137 45%
1,142 44% 43%
2,000 42% 42%
800 40%
1,500 38%
600 35%
1,000 886
1,868 1,723 1,774 400 30%
1,592 1,570 268
500 368
200 25%
617
- 0 20%
2014 2015 2016 2017 2018 1H19 2014 2015 2016 2017 2018 1H19
Recurring revenue Real estate & other revenue Gross profit Gross profit margin
EBITDA (IDR billion) and EBITDA margin (%) Net income (IDR billion)
1,400 60% 450
55% 400 427(2)
1,200
399(1)
1,167 350
1,130 50%
1,000
1,025 300 331(1)
943 45%
800 914 250
40% 40%
600 37% 200
35% 35% 35%
150
400 31% 31% 150(2)
30% 100
200 274 25% 50
67(1)
49(2)
0 20% 0
2014 2015 2016 2017 2018 1H19 2014 2015 2016 2017 2018 1H19
EBITDA EBITDA margin
Notes:
1 Approximate unrealized foreign exchange loss (non cash) for FY14: IDR 65 billion, FY15: IDR 156 billion, FY18: IDR 248 billion
2 Approximate unrealized foreign exchange gain (non cash) for FY16: IDR 135 billion, FY17: IDR 59 billion, 1H19: IDR 104 billion – and in FY17 additional 1-off expenses of Rp 175bn as a result of redemption of 2019 senior notes 226 Balance Sheet Highlights
Assets and cash (IDR billion) Debt, Equity (IDR billion) and Debt/Equity (x)
14,000 7,000 1.00
11,953 5,900 6,053 6,104
11,784 0.95
12,000 11,226 6,000 5,638
10,734 0.90
9,741 4,978
10,000 5,000 4,662 0.85
8,505 4,359 4,275
4,041
8,000 4,000 3,565 0.80
3,510
0.75
6,000 3,000 2,705 0.72
0.71 0.70 0.70
0.68
4,000 2,000 0.65
0.63
0.60
2,000 1,000 0.58
0.55
0 595 827 792 895 884 923 0 0.50
2014 2015 2016 2017 2018 1H19 2014 2015 2016 2017 2018 1H19
Cash and cash equivalents Total assets
Total debt Total equity Debt/Equity
EBITDA/Interest expense (x)(1) Net debt/EBITDA (x)
4.5 4.0
4.0 3.5 3.7
3.4 3.5
3.5 3.8 3.0
3.0 3.4
3.1 2.5 2.7
2.5 2.7 2.6 2.0 2.3
2.0 2.3
1.5 1.9
1.5
1.0
1.0
0.5 0.5
0.0 0.0
2014 2015 2016 2017 2018 1H19(2) 2014 2015 2016 2017 2018 1H19 (2)
Notes:
1 Includes capitalized interest + Hedging Fees
2 LTM 236 1H19 Financial Highlights Press Release
PT Jababeka Tbk (“KIJA”) recorded a total revenue of Rp 885.6 billion for the first half of 2019, a decrease of 5% compared to the same period of
2018. The Company’s Land Development & Property pillar saw revenue stay flat at Rp 227.3 billion as per 1H19, with increases in revenue
contributions from developed land, apartments and rental properties were off-set with decreases in sales of land and standard factory buildings,
land and houses, and land and shop houses. Similar to the second quarter of 2018, the second quarter of 2019 was also affected by the Islamic
fasting month and Eid celebrations. In addition, the second quarter of 2019 was also affected by the presidential elections in Indonesia.
The Infrastructure Pillar revenue decreased 5% to become Rp 617.4 billion, which was mainly caused by a 10% reduction in revenue derived from
the power segment, which was subject to more days in Reserve Shutdown in 1H19 compared to 1H18. Revenue from Infrastructure Services and
Dry Port increased a combined 6% year-on-year.
KIJA’s Leisure & Hospitality pillar posted a 24% decrease in revenue to become Rp 40.9 billion in the first half of 2019. This decrease was mainly
caused by a reduction in contribution from Tanjung Lesung, which saw tourist numbers reduce drastically following the devastating tsunami that
hit Java’s west coast in late 2018.
Recurring revenue from the Infrastructure pillar contributed 70% to total revenue in the first half of 2019, equal compared to 1H18.
The Company’s gross profit decreased 8% to become Rp 367.7 billion in 1H19, in line with the reduction in revenue. At the same time, KIJA’s
consolidated gross profit margin for the first half of 2019 was recorded at 42%, slightly less compared to 43% in 2018.
KIJA recorded a net profit of Rp 49.3 billion in the first half of 2019 compared to a net loss of Rp 249.8 billion for the same period in 2018. The
main reason for this turnaround is because of the impact of foreign exchange (forex) gains and losses as the Company recorded a forex gain of Rp
90.0 billion compared to a forex loss of Rp 235.4 billion in 1H18. These amounts are the sum of forex gains/losses and mark to market
gains/losses on our hedging contracts, which can be found in the other income/expense section of our 1H19 financial report.
The Company’s EBITDA in 1H19 reached Rp 264.7 billion compared to Rp 277 billion in 1H18.
KIJA recorded Rp 758.9 billion in real estate marketing sales in the first half of 2019, equivalent to 47% of the FY19 target of Rp 1.6 trillion and an
increase of 27% compared to the first half of 2018.
Please contact us at tim_beekelaar@jababeka.com if you want to be included in the Company’s distribution list
246 1H19 Marketing Sales Realization
Total Q1 Q2
Description
Unit M2 Amount (Rp) Unit M2 Amount (Rp) Unit M2 Amount (Rp)
Land Plots - Cikarang 5 42,092 102,136,567 4 20,367 50,811,450 1 21,725 51,325,117
Land Plots - Kendal 3 237,573 300,252,976 1 30,800 39,208,000 2 206,773 261,044,976
Standard Factory Buildings 12 6,057 43,198,804 3 1,471 8,627,290 9 4,586 34,571,514
Landed Houses 119 10,078 84,349,649 87 7,255 57,914,761 32 2,823 26,434,888
Commercial / Shop Houses 31 6,001 84,572,621 19 3,174 43,828,423 12 2,827 40,744,198
Apartments 83 - 41,639,151 36 - 19,640,858 47 - 21,998,293
Tanjung Lesung, Rental &
Other 4 - 102,790,900 3 - 1,397,700 1 - 101,393,200
Total 257 301,801 758,940,667 153 63,067 221,428,482 104 238,734 537,512,185
KIJA recorded Rp 758.9 billion in real estate marketing sales in the first half of 2019, equivalent to 47% of the FY19 target of
Rp 1.6 trillion and an increase of 27% compared to the first half of 2018.
As per the end of August 2019 KIJA recorded just over Rp 1 trillion in real estate marketing sales, equivalent to 63% of the
FY19 target of Rp 1.6 trillion.
256 Debt Overview
Debt Maturity Profile (Million USD)
$300.0 Fixed vs Floating Interest Rate
30
2%
25
Floating
20 Fixed
98%
15
IDR vs USD Debt
10
2%
$6.5
$3.4 $3.7 5
$1.95 IDR
$0.60 $1.0 $0.31
$0.30 USD
0
2H19 2020 2021 2022 2023 98%
Bank Tabungan Negara Bank Central Asia Standard Chartered Bank Negara Indonesia Global Notes
Total Debt as of 1H19 IDR 4.2775 billion equivalent – average cost of debt 6.58% p.a.
Bank Tabungan Negara IDR 102.3bn as per 1H19 10.5% p.a. Construction Loan (JV w PT PP – Riverview)
Bank Central Asia USD 2.85mn as per 1H19 5.25% p.a. Project loan (warehouse in logistics park)
Bank Loans
Standard Chartered Bank USD 6.5mn as per 1H19 3M LIBOR + 3.75% p.a. Working Capital at Bekasi Power (rolling)
Bank Negara Indonesia IDR 4.4bn as per 1H19 11.75% p.a. Construction Loan (JV with Creed – Kawana)
Global Notes US$ 300 million Guaranteed Senior Notes Due 2023 (7NC4) 6.5% p.a.
US$ 200 million notional is hedged by means of call spreads with an average lower strike of 13,021 Rupiah and an average
upper strike of 15,997 Rupiah
Hedging Practice
Recurring revenue provides stability and visibility of cash flows , which are partially based on USD pricing terms (power &
water) providing a natural hedge for USD-denominated interest expenses
267 Experienced management team
Average of more than 25 years of industrial township development experience
Board of Commissioners
Setyono Djuandi Darmono Bacelius Ruru Hadi Rahardja Gan Michael
President Commissioner Vice President Commissioner Commissioner Commissioner
(Founder) Independent Commissioner (Founder)
Board of Directors
Budianto Liman Hyanto Wihadhi Sutedja Sidarta Darmono Tjahjadi Rahardja Setiawan Mardjuki Basuri Tjahaja Purnama
President Director Director Director Director Director Director
278 KIJA NAV – As per 30 June 2019
Land bank Size (ha) ASP (Rp million) NAV (Rp bn)
Cikarang Inventory 165 4.00 6,590
Land for Development* 1,067 0.55 5,867
Kendal Inventory 0.6 1.50 9
Land for Development* 574 0.35 2,010
Tanjung Lesung Inventory 23 1.00 233
Land for Development* 1,511 0.25 3,777
Morotai Inventory 475 0.20 951
Land for Development 46 0.02 9
Subtotal land bank 19,446
Infrastructure & Others (DCF) 2,717
Add (cash, advances, investments in associates, deposits, etc) 2,337
Deduct (loans, customer advances, etc) (5,204)
Total NAV 19,296
Number of shares (billion): 20.82
NAV per share 927
Share Price 308
Discount to NAV 67%
* Replacement value
Disclaimer:
The purpose of this section is to provide shareholders, bondholders, analysts, brokers/dealers, potential investors and other capital market participants with a general
overview of the Company’s internal net asset value (NAV) calculation. The information is provided for quick reference only.
The information provided is not an offer to sell securities or the solicitation of an offer to buy securities. The information has been compiled from sources believed to be
reliable. The information contained in this section is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information
concerning the Company. The Company makes no representation regarding, or assumes any responsibility or liability for, the accuracy or completeness of, or any errors28
in or omissions from, any information contained herein.Thank You
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