PT Mega Manunggal Property Tbk
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PT Mega Manunggal Property Tbk
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PT Mega Manunggal Property Tbk
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PT Mega Manunggal Property Tbk
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Disclaimer
PT Mega Manunggal Property Tbk
The information contained in this presentation has been prepared by PT Mega Manunggal Property Tbk. (the “Company”) and is being furnished to you solely for your information and may not
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This presentation does not contain all material information concerning the Company and the information set forth in these materials is subject to change without notice. The third party
information and statistical data in this presentation have been obtained from sources the Company believes to be reliable but there can be no assurance as to the accuracy or completeness of
the included information. No reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein.
None of the Company, its directors, officers, shareholders, advisors or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of the
information in this presentation, and nothing in this presentation is, or should be relied upon as, a promise or representation by any of them. None of the Company, its directors, officers,
shareholders, advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its
contents or otherwise arising in connection with this presentation.
Certain statements in this presentation may constitute “forward-looking statements”, including statements regarding the Company’s expectations and projections for future operating
performance and business prospects. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the
environment in which the Company will operate in the future. Such forward-looking statements speak only as of the date on which they are made. Accordingly, the Company expressly
disclaims any obligation to update or revise any forward-looking statement contained herein to reflect any change in the Company’s expectations with regard to new information, future events or
other circumstances. The Company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such
forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Accordingly, parties reviewing this
presentation should not place undue reliance on any forward-looking statements. The information contained in this presentation should be considered in the context of the circumstances
prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation.
This presentation is not intended to form basis any investment decision to purchase securities of the Company and does not constitute or form part of, and should not be construed as, any offer
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have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered, sold or delivered within the United States
absent registration under or an applicable exemption from the registration requirements of the Securities Act and this presentation does not constitute or form a part of any offer to sell or
solicitation of an offer to purchase or subscribe for securities in Indonesia in which such offer, solicitation or sale would be unlawful prior to registration and such registration being deemed
effective by the Otoritas Jasa Keuangan.
By reviewing this presentation, you acknowledge this Disclaimer and agree to be bound by the foregoing limitations, and you acknowledge that you will be solely responsible for your own
assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future
performance of the business of the Company.
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Agenda presentation
PT Mega Manunggal Property Tbk
Section Pages
1 Who we are 6
2 Growth strategy 17
3 On the right track 22
4 Strong growth opportunity 27
5 Key financial 46
6 Assets in details 53
7 Other financial info 65
5
PT Mega Manunggal Property Tbk
Section 1
Who We Are
6
Company at a glance
PT Mega Manunggal Property Tbk
Overview Facilities Projects
PT. Mega Manunggal Property Tbk Facilities of PT. Mega Manunggal Currently MMP has 6 assets in 3 different
(“MMP”) is a warehouse provider that Property Tbk are developed with strategic locations:
supports industrial property needs in specifications which refer to
Indonesia focusing on developing, international standards to meet Bekasi MM 2100:
owning and operating logistic the demand in the Indonesian
properties, with a focus in logistics services business while Unilever Mega DC
warehousing that specifically meet keeping the specifications comply Li & Fung Logistic
international standards. to local regulations. MMP is Selayar
committed to give good quality
Established on mid 2010, currently products and deliver added value Halim Cililitan, East Jakarta:
MMP has Net Leasable Area of area services to support the client’s
total 194,468 m2 - including a 90,000 business. Intirub Business Park
m2 NLA warehouse for PT Unilever
Indonesia, one of the largest Unilever Tapos, Depok:
warehouses globally.
Lazada warehouse
Jababeka:
Cibatu
MMP is currently developing its 7th, and 8th
warehouses in Block AE, Cileungsi, for
ARK Logistic that caters towards FMCG
tenants and multi-tenants.
-
7
Brief profile of PT Mega Manunggal Property Tbk
PT Mega Manunggal Property Tbk
MMP’s asset structure
Unilever
Mega DC
Bekasi Li & Fung
Selayar PT Mega Manunggal
Property Tbk
99,5% 99,0%
Intirub Business PT Mega Tridaya
Halim PT Intirub
Park I & II Properti
55.0%
PT Mega 45.0%
Khatulistiwa GIC
Properti
99,0% 99,9% 99,5% 99,0% 99,0% 99,0% 95,0% 95,0% 99,5% 99,5%
PT Mega PT Manunggal PT Subang PT Subang PT Mega Buana PT Bukit PT Mega PT Mega
PT Mega PT Manunggal
Properti Persada Cakrawala Horison Properti Properti Cahaya Angkasa
Dharma Timur Properti
Logistik Properti Properti Properti Logistik Logistik Properti Properti
Properti
Nusantara
Cileungsi Depok Cibatu Cibitung Cibitung Airport Manyar Pondok Ungu Jababeka
8
Board of Directors
PT Mega Manunggal Property Tbk
Bonny Budi Setiawan
President Director
Has has been the Company’s Director since 2015 and appointed as the President Director in January 2017. Earned a Bachelor of Business Administration in
Accounting and Finance from Simon Fraser University, Canada (1997). Previously served as Executive Director of PT UBS Securities Indonesia (2011-2015);
Senior Vice President of PT Danareksa Sekuritas, Jakarta (2010 - 2011); Vice President of Research Division of PT Danareksa Sekuritas in Jakarta (2009 -
2010); Vice President of Research Division of Merrill Lynch, Jakarta (2007 - 2009); Vice President of Research Division of PT CIMB-GK Securities, Assistant
Vice President of research division of PT Danareksa Sekuritas (2005 - 2007); Supervisor Consultant Financial Advisory Services (FAS) of Prijohandojo
Boentoro & Co. (2003 - 2005); Research Analyst of PT Panin Sekuritas (2002 - 2003) and Export Supervisor of PT Pabrik Kertas Tjiwi Kimia (1998-2000).
Timothy Eugene Alamsyah
Independent Director
Has been appointed as the Independent Director since 2017. He is in charge of finance division. He earned Economics and Finance Bachelor’s degree from
University of Melbourne, Australia in 2010. He was Chief Financial Officer for PT Nirvana Development (2016 – 2017), Corporate Secretary / Director for PT
Nirvana Development ( 2015 - 2016), Analyst for PT Trimegah Securities ( May 2015 – September 2015), Analyst for PT UBS Securities Indonesia (2011 –
2014).
Loa Siong Lie
Independent Director
Has been appointed as the Independent Director since 2017. He is in charge of technical and construction. He earned Civil Engineering Bachelor’s degree
from University of Tarumanegara, Jakarta in 1996. He was Project Manager for PT Sinar Menara Deli (2016 – 2017), Project Manager for PT Supra Megah
Utama ( 2012 - 2016), Site Manager for PT Pradani Sukses Abadi (2010 – 2012), Site Manager for PT Intersatria Budi Karya Pratama (2007 – 2010).
Construction Manager for PT Praga Artamida ( 1996 – 2007).
9
Track record of MMP
PT Mega Manunggal Property Tbk
August 2010 April 2012 June 2014 June 2015 August 2015 September 2016 December 2016 October 2017
MMP was Construction of Construction of Ground breaking
Initial Public MMP signed lease Ground breaking Ground breaking
established Unilever Mega DC Intirub Business for 2nd Phase
Offering agreement with for 6th and 7th for 8th warehouses
completed Park II completed Lazada WH.
(IPO) Lazada warehouses in in Cileungsi
NLA: 90.288 m2 NLA: 18.355 m2 Cibatu and Block
AE
2010 2011 2012 2013 2014 2015 2016 2017
October 2010 December 2011 May 2013 December 2014 December 2015 April 2016 April 2017 Dec 2017
Construction of DHL began its Construction of Li Construction of Lazada warehouse Cibatu warehouse
Acquired 9 ha land Signed partnership
Unilever Mega DC operational in & Fung completed Selayar begin its begin its
for Lazada Project with GIC
began Intirub Business completed operational operational
NLA: 21.612 m2
Park I
NLA: 5.620 m2
NLA: 28.036 m2 NLA : 31,500 m2 NLA : 35,335 m2
10Investment consideration
PT Mega Manunggal Property Tbk
1
Provider of high quality and international standard logistic properties
2
Proven track record in developing and delivering logistic properties
3
Solid business model that provides stable and recurring cash flow
4
Strategically located logistic property in Indonesia
5
Diversified and strong client base
111. Provider of high quality and international standard logistic properties
PT Mega Manunggal Property Tbk
We are the first mover in provider of modern logistic property, focusing on developing, owning and operating logistic properties, with a focus in
warehousing that specifically meet international standards
Typical specification from high-performance logistic properties Warehouse specification
MMP’s existing logistic properties surpass main criteria and specification for modern logistic
Floor capacity 1,5 ton/m2 properties.
or more to accommodate Distance between
use of forklifts pillar 8,0 m or more
Ceiling height of 5,0 m or Standard Unilever Intirub
to increase Li & Fung Selayar Lazada
more to provide space for warehouse Mega DC Business Park
efficiency
cargo lifting using
forklifts
Floor
≤ 1,5 ton/m2 s/d 6 ton/m2 s/d 6 ton/m2 s/d 4/4,5 ton/m2 s/d 4 ton/m2 s/d 4 ton/m2
capacity
Ceiling 12 m 11 m 10 m (Tahap I) 9m 12 m
≤ 5,0 m
height (center 17 m) (center 12,5 m) 9 m (Tahap II) (center 13m) (center 16 m)
3
3
2 3
Stage 1:
Basement: 8 x 8 m
Ground Floor
1
Main area: 8 x 30 m
2 Distance
Office space 18 x 36 m 27 x 18 m; 24 x 18 and
1 between ≤ 8,0m 30 x 12m
Area aerosol: 30 x 18 m Stage 2: 32 x 18
Better working pillar
9 x 28,5 m Basement:
environment for
employees 6 x 15 m
Ground Floor
Dock shelters Car Berths 12 x 30m
To prevent and protect from wind, Number of facilities that
rain, moisture, dust, etc., while allow trucks to Single (multi Single (multi Single (multi
handling cargos. Level single Multi Single
loading/unloading efficiently racking) racking) racking
Flooring standar Super flat Super flat Flat Flat Flat
Note: Not all MMP’s logistic properties are equipped with the above specifications
122. Proven track record in developing and delivering logistic properties
PT Mega Manunggal Property Tbk
MMP has proven track record in acquiring land and developing logistic properties, which generally takes around 9 to 18 months to
complete construction.
Growth in NLA in the past years
NLA 230,370
CAGR 13.3%
m2
163,911 163,911
158,137
139,811
Built-to-suit 2013 2014 2015 2016 2017
Project Land Area Gross Floor Area Net Leasable Area Date of Contract Months to develop Delivery date
Net Leasable Area (m2) Occupancy Rate
Unilever Mega DC 194.297 m2 156.462 m2 90.288 m2 December 2010 16 months April 2012
Li & Fung 34.637 m2 21.702 m2 21.612 m2 July 2012 11 months May2013
Lazada Warehouse 90,041 m2 33,356 m2 31,500 m2 August 2015 19 months April 2017
Cibatu 50,000 m2 40,000 m2 36,335 m2 June 2016 15 months December 2017
Standard Warehouse Building
Date of Contract Months to Delivery date
Project Land Area Gross Floor Area Net Leasable Area
develop
Intirub Business Park I 28.190 m2 30.086 m2 (warehouse) + 5.455 m2 (office) Dec 2011 9 months Jan 2012
36.622 m2 (warehouse) + 8.393vm2 (office)
Intirub Business Park II 32.380 m2 23.219 m2 (warehouse) + 5.696 m2 (office) Dec 2013 18 months April 2014
13
Selayar 9.164 m2 5.742 m2 5.620 m2 April 2015 12 months April 20153. Solid business model that provides stable and recurring cash flow
PT Mega Manunggal Property Tbk
Competitive advantages Operating assets that provide recurring and stable cash flow
MMP focuses towards developing warehouse with size of Unilever Mega DC Li & Fung
5.000 to 100.000 m2. (operated by Linfox)
Built-to-suit tenants that currently contribute around 70%of
total revenues minimizes risks of tenants exiting.
Stable operating cash flow with greater upside potential
from improving economy cycle, while at the same time
sheltered against downside risks from economy slowing. Selayar
High operating leverage with high EBITDA margin.
Intirub Business Park
Improve tenants’ efficiency and productivities through
centralization of warehouses.
Cibatu
Lazada warehouse
144. Strategically located logistic property in Indonesia
PT Mega Manunggal Property Tbk
Located in Java Island that is the centre for industries with the largest industrial estates in Indonesia
Bangka
Near centre of production and consumption Kaltim
3%
Belitung
5%
Sulsel Kaltim
Sumbar2%
1%
Sulsel Sulte… Sumut 0%
5%
Easy access towards transportation network 2%
Sumbar
1%
Riau &
Kep. Riau
Jakarta, 8% Jakarta,
Sumut Jatim Banten &
Easy supply of labour workforce and convenient 4% Banten & 8%
Riau & Jabar Jabar
Jateng 71%
Kep. Riau 57%
transportation for employees 9% Jatim
5%
9%
Provide benefits to tenants in reducing logistic costs Jateng
6%
% Industrial estate areas % Industrial estates that are developed
Source: Himpunan Kawasan Industri
Located in Java Island that is the centre for industries with the largest industrial estates in Indonesia
1 to 9 JORR I Laut Jawa
10 to 17 JORR II Tanjung Priok
Cengkareng
Penjaringan 10
Banten
Cilincing
11
1 DKI (Rorotan)
Tangerang 9
17 Kebon Jakarta Cakung
Jeruk
2
8 Bekasi
Kunciran
Ulujami
3
Cikunir
16 6 7
Veteran 5 Cibitung
Jatiasih
(Pd Pinang) 4
Hankam Raya
Taman
(Jatiwarana)
Mini
15
Cinere
BEST
Operational 12
13
Contract signed
Jawa Barat
In construction 14 Jagorawi
Negotiation/tender
(Cimanggis) 155. Diversified and strong client base
PT Mega Manunggal Property Tbk
Tenant profile of MMP’s logistic properties as at 31 Dec 2017 Clients
E-commerce Logistic
Others
3%
E-commerce
19%
Logistics
35%
Manufacturing Consumption
Manufacture
43%
16PT Mega Manunggal Property Tbk
Section 2
Growth Strategy
17A strategy that focuses on three factors of success to reach scalable size
PT Mega Manunggal Property Tbk
Our strategy is simplified into three factors – funding, efficiency and volume. Timely ability to seek flexible funding structure and continues effort to
reduce cost will maximize yield to cost. This will lead to greater profitability. Our initial scalable size to be achieved by end of 2018 is 500,000m2
NLA.
Three factors of success
To achieve our NLA target of 500,000 m2 by end of 2018
Continues to reduce construction cost to maximize yield
to cost
500,000 m2 Sustainable of funding structure and recycle of cash
NLA
Efficiency Funding To accelerate growth and generate stable cash flow
Min of 10% Sustain profitability and greater EBITDA margin
average initial
yield
Timely execution of development
To increase transparency and good corporate
governance
Volume
18Focus in built to suit warehouse
PT Mega Manunggal Property Tbk
Facts
MMP has track record to complete complex construction
Increase profitability
Our capabilities to build high specification warehouses:
Increase recurring revenue
- Superflat floors
- Double decker warehouse Results in higher margin since majority of
the expenses bear by tenant
Strengthen our brand name
High demand from manufacturers company and
eCommerce to built warehouse for their company
Create a strong exit barrier
Our focus that will add values to our clients
Invest in human capital (marketing team, which shall ensure that our growth strategy will continue to be in placed)
Improve our building management service
Offer our potential clients with value engineering ( offer alternative design & construction to improve client’s optimization and
efficiency )
Develop innovative & high quality ( ex: Green Building Concept)
Improve relationship with existing tenants
19Our corporate structure allows for flexible funding
PT Mega Manunggal Property Tbk
Our corporate structure allows for flexible funding structure. Partnership with largest logistic properties developers in the world would expedite the
development of the properties and ensure that funding is met on timely basis.
We have secured partnership with GIC, and in the
advanced discussion with another partnership
This will create transparency and good corporate
governance. GIC also help in expanding our
relationship with overseas banks which provide
attractive offers.
The partnership with GIC will bring funding that will
accelerate the development of the projects.
MMP will continue to have stable cash flow from its
existing 4 warehouses that potentially gives upside to
future dividend payment
All development will be conducted under PT Mega
Khatulistiwa Properti
Each project will be set under one company to monitor
the performance of each project and for the purpose of
future monetization should opportunity arises
20Continuous effort to cut costs amid aggressive capacity expansion
PT Mega Manunggal Property Tbk
We have successfully cut down our construction cost by 10% on recent development plan
We set our yield to cost for at least of 9-10%
Efficiency Our formula is to have land cost for 1/3 of total cost
We strengthen our engineers team to look for best possible design that will cut any unnecessary cost
We continue to monitor construction progresses to align with existing budget
Plan to construct 2 to 3 warehouses this year
Block AE has started construction in September– a 36,000 m2 sheltered warehouse, which will be
completed in Q2 2018.
Volume
Phase II warehouse for Lazada to begin in 3Q17 – >35,000 m2, which will be completed in beg of
2019
MMP warehouse no. 8 in Cileungsi has also started its construction in 2016 – a 31,000 m2 which will
be completed Q2 2018
21Continue to improve operating efficiency
PT Mega Manunggal Property Tbk
Integrated IT platform Reducing cost
Investing in operating system to release some of the Outsourcing to support our services including cleaning service,
operational bottleneck and to improve our productivity parking etc.
Implement a unified database for storage of tenant Standardize warehouse specifications to shorten the building
records and other information to reduce costs and process
improve efficiency
Benchmarking our construction cost with other industry
players
Investing in engineers
Management focus Economies of scale
Effective tender process to determine the most effective Increase scale of NLA Warehouse will allow us to achieve
contractors economies of scale
Quarterly review of budgeting to ensure that costs are Gain greater bargaining power in procurement process
aligned with the proposed budget
Invest in marketing team
Invest in high quality people to manage estates and to
increase productivity
22PT Mega Manunggal Property Tbk
Section 3
On The Right Track
23On the right track...
PT Mega Manunggal Property Tbk
Currently we have 3 (three) projects under construction during 2016-2017 for a total of approximately 105,780 m2 NLA warehouses.
Location: MM2100 Industrial estates, West Cikarang, Location: Tapos, Depok (Phase 2) Location:Jl Raya Narogong KM 17, Cileungsi
Bekasi
Land area : 50,000 m2 Land area : 50,004 m2
Land area : 35,740 m2 Net leasable area : 35,916 m2 Net leasable area : 31,392 m2
Net leasable area : 38,472 m2 (2-floor) Tenant : Lazada Tenant : ARK Logistic
Tenant : Multi-tenant Lease period : 10 years Lease period : 10 years
Estimated completion : 2Q 2018 Estimated completion : 1Q 2019 Estimated completion : 2Q 2018
Development criteria Strategic business
Strategic location Penetration outside greater Jakarta to other big cities in Indonesia such as
Surabaya, Kalimantan etc.
Target yield 9 – 11%
Targeting Top 5 Companies in different sectors :
Has secured tenants (Consumer, Logistic, Manufactures, E-commerce, Trading)
Payback periods 8 years
24Current pipelines on track to achieve our NLA targets
PT Mega Manunggal Property Tbk
Inquiries that could lead our 500,000m2 NLA target to be achieved within 3-years. Achieving this requires approximately Rp2.5trn of capital
expenditure.
We undertake a strict and proper KYC process in selecting tenants as it is very essential to have good track record, long term tenants.
Pipelines
(NLA sqm)
complected under construction pipelines
330k
440k
274k
143k 106k
31k 338k
164k 230k
2016 2017 2018E
25Values created from existing assets
PT Mega Manunggal Property Tbk
Existing operating assets generate high yield to cost
3,000.0 20.0%
17.6% 18.0%
2,500.0 16.8% 17.1%
16.0%
15.2%
14.4% 14.0%
2,000.0
12.0%
1,500.0 9.8% 10.0%
8.7% 8.7% 8.4% 8.1% 8.0%
7.8%
1,000.0
5.5% 6.0%
4.0%
500.0
2.0%
- 0.0%
2012 2013 2014 2015 2016 2017
Changes of PI fair value, Rp bn Assets at cost, Rp bn
Yield to cost (LHS) Yield to current value (LHS)
26Simulation for cash recycle
PT Mega Manunggal Property Tbk
Equity value of Unilever has grown 2x over 5 years
1,000.0
945.8
800.0
600.0
400.0 445.5
200.0
-
2012 2017
Cash recycle is earnings lucrative. If we were to recycle Unilever WDC and invest in 10% yield warehouse, EBITDA is expected to increase by 55%
Additional EBITDA obtained after Combined EBITDA increased by 55%
140 from EBITDA prior to sales
investing proceed at 10% yield
120 Forgone EBITDA assuming 45% stake
on the asset is sold at current market
100 value
80 84 84
60 38
40
20 46 46
-
27
2017E Additional EBITDA Total EBITDAPT Mega Manunggal Property Tbk
Section 4
Strong Growth Opportunity
29Evolution of the logistics sector
PT Mega Manunggal Property Tbk
The logistics sector in Indonesia remains nascent in comparison to other markets in the region, particularly compared to more
mature markets such as Singapore and Australia.
Notwithstanding this, the growth potential is huge and there are signs of a fundamental imbalance between available supply and
demand for modern logistics warehousing space. We expect to see the Indonesian logistics market evolve into a modern
logistics hub in the same way the sector has evolved in other markets regionally and globally.
30Evolution of the logistics sector
PT Mega Manunggal Property Tbk
• The logistics sector has seen gradual
development in recent times.
• However, at present most supply chain
operations remain largely inefficient.
• Only in recent years has the market begun to
evolve from the traditional ‘gudang’ style of
warehouse to modern logistics warehouse
building specifications for greater efficiency.
31A nascent industry to enter
PT Mega Manunggal Property Tbk
Logistic cost as % of total GDP
26%
19%
14% 13%
9% 8% 9%
2016 2020 2035 Singapore Malaysia Japan South Korea
32The Potential Opportunity
PT Mega Manunggal Property Tbk
Economic Growth and Scale
Recent disruptions in the commodities markets hit
the Indonesian economy hard, but government
spending began to pick up in 2015, economic growth
started to improve and Indonesia remains the largest
economy in Southeast Asia or 16th globally.
Annual GDP growth has averaged 5.8% over the
past 10 years and historically, domestic consumption
has driven the national economy. Indonesia
weathered the global economic turmoil in 2008 better
than most neighboring countries due to domestic
demand. The current administration is now
spearheading a shift to further stimulate growth
through investment.
33Asia logistics, industrial yields and rentals
PT Mega Manunggal Property Tbk
Asia logistics / industrial yields by key centres Asia logistics / industrial rentals by key markets
25 12%
12%
10%
10%
10% 20
Yield (%per annum)
8%
8% 15
5% 5% 5% 6%
6%
10 4%
3% 4%
4%
5
2%
2%
0%
0 0%
0%
HongkongSingapore Tokyo Delhi Shanghai Beijing Guangzhou
India China Japan Singapore Hongkong
Rental, US$ per sq ft p.a. (LHS) Forecast growth, % YoY
Yield (%p.a) Risk - free Rates
Source: Colliers International Source: Colliers International
Due to the sustained flow of investments into Asia, and the region’s subdued inflationary environment, risk-free rates have consistently fallen. The
logistics and industrial property yield spread compared to these risk-free rates narrowed up to 1Q 2013. However, the spread widened in Japan.
In China, long-term real estate funds have been eyeing opportunities for modern warehousing facilities for long-term growth in both the first and
second-tier cities. Investment yields for quality logistics premises in China currently range from 6 to 8% per annum.
The normal rental rate in China is around US$6-7 per sq. ft. per annum; and in most Chinese cities, they are expected to increase in the order of
3-5% per annum, thanks to the sustained growth of industrial production, cargo throughput volume and local retail sales. Beijing is going to deliver
an exceptional performance, primarily due to the accelerating expansion of its third-party logistics (3PL) companies and e-commerce sector.
34Asia Logistics / Industrial Rental
PT Mega Manunggal Property Tbk
Capitalization rates for logistic properties in Asia
The average industrial capitalization rate in Asia fell to
an all-time low of 5.8% in 2Q 2012; but edged up again
to 7.1% in 1Q 2013, according to statistics provided by
RCA.
The increase in cap rates reflected growing uncertainty
in the traditional warehousing sector about the
sovereign debt problems in the Eurozone, which had
still not been fully resolved.
However, strong demand continues for quality logistics
warehouses and distribution facilities, particularly those
supported by seasoned managers, and the average
capitalization rates have been compressed.
35High logistic cost demand better infrastructures
PT Mega Manunggal Property Tbk
“Besides the very high cost, logistic services in Indonesia are also bad like intervals in Indonesia for imported commodities
requiring 5.5 days and transportation is also very costly” – The Indonesia Chamber of Commerce and Industry (Kadin)
“Indonesia’s high logistic cost is due to under-utilized logistic assets, exacerbated by long and fragmented supply chains, low
port efficiency and road congestion” – World Bank
36Future toll road that will create value to our properties
PT Mega Manunggal Property Tbk
37Attractiveness of Greater Jakarta Connectivity and Established Infrastructures
PT Mega Manunggal Property Tbk
Toll Roads Railways Airports
Greater Jakarta has been Greater Jakarta has integrated Jakarta is also supported by
connected by 18 toll roads with railways transportation, which two major airports which
length of 292.44 km throughout include passengers and located in West Jakarta and
Jakarta, Bogor, Depok, cargoes transportation. East Jakarta.
Tangerang, dan Bekasi. Indonesia’s government starts Indonesia’s government and
15 toll roads are operated by to build railways project within state-owned airport operators
Jasa Marga and the other 3 toll Soekarno-Hatta International Angkasa Pura I dan Angkasa
roads are operated by private airports in terms of utilizing Pura II are keen to attract
sectors. Indonesia’s railways participation through public-
transportation potential. private partnership
This will positively affect the process of delivering goods and services for tenant companies,
which becomes competitive advantage for warehouse investment
38Attractiveness of the Locations – Connectivity
PT Mega Manunggal Property Tbk
In the near future, Gresik, Sidoarjo, and Surabaya will become our expansion target
Greater Surabaya
Key Industry Served :FMCG, FnB, Electronic,
Chemicals Tanjung Perak Port
6 Km
21 Km
22 Km
Juanda air Port
35 Km
In terms of land prices and availability, Gresik and Sidoarjo seem potential for warehouse location. It offers
effective route to airport and port which could be added value for our future tenant.
39Industries driving the demand for logistics
PT Mega Manunggal Property Tbk
Healthy Growth in FMCGs and Retail
Urbanisation and growing wealth is already translating into
growth in the FMCG sector and retail sales. This will
increase the appeal of the logistics real estate market to a
broader spectrum of modern international logistics players.
Indonesia has a robust manufacturing sector
Indonesia has a large manufacturing base driven by a large
domestic consumer market and low labour costs. The robust
manufacturing sector is another major driver of demand for
logistics services and associated real estate. In 2015,
manufacturing accounted for 22% of GDP.
Source: JLL
40Indonesia Manufacturing Industry Snapshot
PT Mega Manunggal Property Tbk
Growth Drivers Market Restraints
1. Positive demographics profile 1. Slowing in global economy
2. Robust economic growth 2. Poor logistics infrastructure
3. Large number of middle income class 3. High logistics cost
4. High degree of consumption 4. Regulation
Manufacturing Industry GDP Value, Food and Beverage Manufacturing Sector
2015-2020, IDR Trillions GDP Value, 2015-2020, IDR Trillions
9.00% 1,143
3,700 1,020
3,115 3,395 910
2,622 2,858 812
2,405 647 725
2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020
The growing economy will further amplify the manufacturing industry,
especially food & beverages that will create bigger demand of warehousing
Source: Frost & Sullivan
41Indonesia e-Commerce Market Snapshot
PT Mega Manunggal Property Tbk
Growth Drivers Market Restraints
1. Positive demographics profile 1. Poor logistics infrastructure
2. Robust economic growth 2. Large unbanked population
3. High ICT adoption 3. Low adoption of cashless payment
4. Large number of local players 4. Limited ICT competency
Indonesia e-Commerce Market Size, 2015-2019, USD Millions
31.1%
Ecommerce is a growing tent that will push up the demand of warehouse space
Source: Frost & Sullivan
42Government’s investment on infrastructure will boost efficiency for
wholesale, retail, and automotive sector
PT Mega Manunggal Property Tbk
Greater Jakarta GDRP by Key Industries, 2015
(% of GDRP)
IDR 257.64
Tn
• Wholesale, retail, and automotive sector was 17.0 percent of 2015 GDRP equivalent to IDR 304.65 Trillion
• Investment in existing infrastructure, mainly on toll roads, will further amplify logistics efficiency for wholesale and
retail companies in Indonesia, which include time and cost reducing
Source: Frost & Sullivan
43Infrastructure initiatives help boost economic improvement
PT Mega Manunggal Property Tbk
Growth of Service Segment 2011- 2016 (f)
Government investment plan and initiatives on
infrastructure sector are expected to reach IDR 313
trillion in 2016, approximately 8.0% increase from
2015.
GDP’s share for transport, storage and courier is
estimated to grow around 38.0 percent in 2016 at
IDR 798 trillion. where 23 share percent accounts for
warehousing
Source: World Bank, Indonesian Statistical Agency, Frost & Sullivan
Source: Frost & Sullivan
44Indonesia continues to be an attractive target for FDI
PT Mega Manunggal Property Tbk
Competitive wages and large domestic market makes Indonesia to be an attractive target for FDI in ASEAN
Resilient economy growth and large domestic market are expected to boost investment in Indonesia
Rising middle class income
Low growth, large domestic market High growth, large domestic
300 market
250
Indonesia 30%
200
Middle and above 47%
Below middle
Population (mn)
150
Jepang
Filipina 70%
100 Vietnam
Below middle 53%
Thailand Middle and above
50 Low growth, small domestic LowMyanmar
growth, small
market Malaysia domestic market
Australia Indonesian population is becoming wealthier and consumption is
Singapura
0
0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%
expected to increase. By 2020, more than half of the population
is expected to be middle class or above Source: JLL
Source: EIU, Euromonitor Estimated average real GDP growth 2012-2016F
Increase in minimum wages helps boost consumption in Indonesia, while minimum wages in Indonesia continue to be in the uptrend
Jakarta’s Historical Minimum Wage 2011 - 2015
• Jakarta minimum wage increased 17.9% per year on average,
Rp
50.00% 3,000,000 which will imply in higher labour cost due to higher inflation rate.
40.00% 2,500,000 Productivity issue is assumed to be constant.
2,000,000
30.00%
1,500,000 • Abundant amount of working-age population will increase labour
20.00% availability in the long-term. The composition also shows that
1,000,000
10.00% male workers are dominating in working-age population.
500,000
0.00% 0
2011 2012 2013 2014 2015
Minimum Wage Increase in PMW
45Demand and land price overview in industry property
PT Mega Manunggal Property Tbk
This shows that demand for warehouse complex in Jabodetabek area is still growing, which this will be great opportunity to invest in the area.
Stable land prices over the year encourages acquisition of new lands to satisfy the growing demand in the industry property.
Warehouse Demand in Greater Jakarta (Jabodetabek) Land price (USD/m2)
Warehouse Demand Index, 2014-2016 Greater Jakarta Industrial Land Price
(Quarterly)
110.00 250
108.00
106.00 200
104.00
102.00 Increase 9% in 150
USD/sqm
100.00 Q4 2016 from
Q1 2014
98.00 100
96.00
94.00 50
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4e
0
2014 2015 2016
Source: Central Bank of Indonesia; Frost & Sullivan Analysis
2011 2012 2013 2014 2015
Bogor Bekasi Tangerang Karawang
Source: Analysis by Frost & Sullivan
46Riding along with the growing E-commerce in Indonesia
PT Mega Manunggal Property Tbk
The Indonesian population has a large online presence.
Internet and mobile internet traffic has increased significantly.
While the e-commerce phenomenon has taken hold in many
other markets in the region, the sector is still in its infancy in
Indonesia and the potential future growth also presents an
opportunity.
Successful e-commerce businesses require scale which Indonesia is able to offer.
This sector is expected to develop considerably over the short to medium term.
47PT Mega Manunggal Property Tbk
Section 5
Key Financial
48Solid revenues growth
PT Mega Manunggal Property Tbk
MMP has successfully posted revenue Rp208.8 bn in FY17 supported by stable NLA and occupancy rate. Currently, our NLA stood at 230,370
m 2.
Development of NLA and Occupancy Rate Each asset contribution towards revenues
250,000 105%
100% 100% 100%
97% 98% 97%
200,000 95%
90%
150,000 85%
80%
230,370
100,000 75%
158,137 163,911 163,911 70%
139,811
50,000 65%
60%
- 55%
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
Unilever IBP L&F Selayar MDP I MPP
Net Leasable Area (m2) Occupancy Rate
2013 2014 2015 2016 2017
2
Net Leasable Area (m ) 139,811 163,757 163,911 163,911 230,370
Leased area (m2) 135,311 154,623 159,318 163,911 230,196
Occupancy Rate (%) 97% 94% 97% 100% 100%
49Summary of profit and loss
PT Mega Manunggal Property Tbk
Aside from recurring income from leasing its own logistic properties, MMP also has recurring value creation from recognition over increase in fair
value of investment properties. Each investment properties that have been completed will be measured at fair value.
Summary of profit and loss statement Component of value creation
(Rp bn) 2014 2015 2016 2017 Y/Y
323.0
Revenues 141.9 163.5 175.3 208.8 19.1%
261.1
IDR miliar
121.7 117.7 20.1%
208.8
217.0 212.0
Operating profit 114.3 142.4 175.3
163.5
141.9
Finance Costs (43.9) (51.8) (46.8) (52.3) 11.6%
64.8
Forex gain / loss - net (15.2) (28.9) 3.3 (0.8) -126.3%
Changes in fair value of PI 261.1 64.8 323.0 217.2 -32.8% 2014 2015 2016 2017
Profit before tax 309.4 131.0 416.6 314.0 -24.7% Increase in fair value of investmet properties Revenues
Income tax (14.2) (16.3) (17.6) (20.9) 19.0%
Asset yield
Net income (loss) 286.4 114.4 342.2 252.3 -26.3%
3,000.0 20.0%
17.6% 18.0%
2,500.0 16.8% 17.1%
16.0%
15.2%
14.4% 14.0%
2,000.0
12.0%
1,500.0 9.8% 10.0%
8.7% 8.7% 8.4% 8.1% 8.0%
7.8%
1,000.0
5.5% 6.0%
4.0%
500.0
2.0%
- 0.0%
2012 2013 2014 2015 2016 2017
Changes of PI fair value, Rp bn Assets at cost, Rp bn
Yield to cost (LHS) Yield to current value (LHS)
50Summary of financial position
PT Mega Manunggal Property Tbk
Investment properties that is measured in the fair value is the largest component of asset in the summary of financial position of MMP. From
liability side, MMP is currently sourcing its financing from the equity, debt and bank loan. With strong value creation from investment properties,
MMP could achieve conservative leverage with Debt-to-Equity ratio of 0.10x at the end of Dec 2017.
Summary of financial position Asset and capital structure
(Rp bn) 2013 2014 2015 2016 2017
Cash and cash
6 11 383 105 201 3,500 0.65x 0.70x
equivalent
Current asset (a) 89 82 519 200 390
3,000 0.60x
Investment properties 1,749 2,037 2,388 3,319 4,592
2,500 0.50x
2,0370.41x
Non current asset (b) 1,751 2,056 2,685 3,766 4,972
1,840 2,139 3,204 3,966 5,363
1,749 0.40x
IDR Bn
Total asset (a+b) 2,000
3,3193,284
Short term liabilities (c) 604 137 176 235 294
1,500 1,448 3,163 0.30x
478
2,551
Long term liabilities (d) 368 554 446 399
868 2,388
0.23x
Debt 563 597 587 520 526 1,000 0.20x
597 0.16x 1,737
Total liabilities (c+d) 972 691 653 682 693 563
500
0.10x 0.10x
Paid in capital 75 400 571 571 689 587 520 319
Retained earnings 530 816 932 1,273 1,525 -
0.00x
Total equity 868 1,448 2,551 3,284 4,670 2013 2014 2015 2016 2017
Investment Porperty Debt Equity Debt-to-Equity
51Summary of financial position
PT Mega Manunggal Property Tbk
Revenues, Rp bn EBITDA, Rp bn
145.9
208.8 115.1
122.9 120.8
163.5 175.3 106.3
141.9
IDR miliar
119.5
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
Revenues
Equity, Rp bn Gross Capital Expenditure for investment property only, Rp bn
1,118.3
4,670
3,284
IDR billion
2,551 607.09
1,447.50
867.2 284.51
233.29
286.81
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
Gross Capex Inv. Prop.
Equity
52Key performance matrix
PT Mega Manunggal Property Tbk
2013 2014 2015 2016 2017
Net Leasable Area, m2
Built to suit 111,900 111,900 111,900 111,900 179,735
Multi tenants 27,911 51,857 52,011 52,011 50,635
Operational metric Total, m2 139,811 163,757 163,911 163,911 230,994
Occupancy rate, %
Built to suit 100% 98% 97% 100% 100%
Multi tenants 84% 87% 98% 100% 100%
Average occupancy rate, % 97% 94% 97% 100% 100%
Average remaining lease term, years 7.5 6.5 6.0 5.4 5.4
Revenue, Rp bn
Rental built to suit 94,931 99,160 99,922 106,313 137,015
Revenue by segment
Rental multi tenants 24,555 42,758 63,570 69,006 72,452
Total revenues, Rp bn 119,486 141,918 163,492 175,320 209,467
Operating Profit (EBIT), Rp bn
Built to suit 81,881 83,514 77,714 96,793 124,469
Multi tenants 23,721 30,736 44,134 20,939 56,614
Total EBIT, Rp bn 105,601 114,251 121,848 117,732 181,083
EBIT margin, % 88% 81% 75% 67% 86%
Profitability EBITDA, Rp bn 106,267 115,063 122,852 120,756 179,236
% margin 89% 81% 75% 69% 77%
Finance Cost, Rp bn (36,054) (43,863) (51,843) (46,806) (52,254)
Forex loss net, Rp bn (117,712) (15,201) (32,018 ) 3,295 0,864
Interest Income, Rp bn 63 1,045 28,203 17,543 4,890
Profit before tax, Rp bn 174,187 309,395 131,003 416,831 239,104 53Revenues breakdown
PT Mega Manunggal Property Tbk
Revenues breakdown
Net leasable composition area
As of 31 Dec 2017
Multi Tenants,
35%
Built to suit ,
65%
Built to suit warehouses account for two third of total revenues
Revenue
IDR Bn
208.8
250 175.3
163.5
200 141.9
119.5 72.5
150 69.0
42.8 63.6
100 24.6
137.0
50 94.9 99.2 99.9 106.3
-
2013 2014 2015 2016 2017
Built to Suit Multi Tenants
54PT Mega Manunggal Property Tbk
Section 6
Assets in Details
55Location MMP’s logistic properties and pipeline
PT Mega Manunggal Property Tbk
Tanjung Priok
Seaport Industrial Estate
Soekarno-Hatta Expansion Area
Int’l Airport
Airport warehouse
Pondok Ungu
warehouse
Intirub Business Park
Halim PK Airport
MM2100 Jababeka
LF Warehouse Delta Silicon Cibatu Warehouse
Selayar Warehouse Block AE
Unilever Warehouse
Warehouse
Block H Warehouse
Cileungsi Warehouse
Lazada Warehouse
Toll Road in operation
Toll Road under construction
Intirub Unilever Mega
(in km) Li & Fung Selayar Lazada Block AE Block H Cileungsi Cibatu
Business Park DC
Distance to Jakarta 0 32 31 32 22 32 33 26 35
Distance to Tanjung Priok port 22 44 43 44 43 44 45 41 51
56
Distance to International Airport 39 66 65 66 60 66 67 59 73Location MMP’s logistic properties and pipeline
PT Mega Manunggal Property Tbk
MMP properties
Tanjung Perak Port
Juanda Air Port
Toll Roads
In Operation
Under construction
Planning
In (Km) Manyar Warehouse
Distance to Surabaya 31
Distance to Airport 52
57
Distance to Tanjung Perak Port 29Logistic property profile – Unilever Mega DC
PT Mega Manunggal Property Tbk
Location : MM2100 industrial estates, West
Cikarang, Bekasi
Land area : 194.297 m2
Gross floor area : 156.462 m2
NLA : 90.288 m2
Lease period : 10 years, with an option to extend another
10 years
Operator : PT Linfox Logistics Indonesia
Floor capacity : 6 ton per m2
Ceiling height : 12 m (center 17 m)
Specification:
- Super flat floors (FF; Floor Flatness);
- Double deep pallet racking system;
- Heat shield;
- Parking area up to 104 truck;
- 85 loading doors;
- 8 loading dock levelers;
- Sprinkler on each rack, with immediate response;
- Fire extinguisher with standard of ULFM;
- Rental that include racking, sprinkler and office.
58Logistic property profile – Li & Fung
PT Mega Manunggal Property Tbk
Location : M2100 industrial estates, West Cikarang,
Bekasi
Land area : 34.637 m2
Gross floor area : 21.702 m2
NLA : 21.612 m2
Lease period : 5 years, with option to extend for another 5
years
Floor capacity : 6 ton per m2
Ceiling height : 11 m (center 12,5 m)
Tenant : PT LF Services Indonesia (part of Li & Fung
Ltd. Group) / Fonterra & ARK / Ultra Jaya
Specification:
- Super flat floor;
- 38 loading doors with tight sealing to keep hygiene;
- Heat shield;
- 19 loading dock levelers
59Logistic property profile – Intirub Busines Park I & II
PT Mega Manunggal Property Tbk
Intirub Business Park I
Location : Halim, East Jakarta
Land area : 28.195 m2
Gross floor area : 30.086 m2 (warehouse) + 5.455 m2 (office)
NLA : 23.397 m2 (warehouse) + 4.639 m2 (office)
Floor capacity : up to 4,5 ton per m2
Ceiling height : 10 m
Warehouse specification : warehouse with semi basement, 3 floor office
and parking area
Special specifications : 5 loading dock levelers
Tenants : DHL, ARK/Ingram, Yokogawa, aCommerce
(warehouse), Bank BNI46, DHL, Mahadasha,
Scan Global (office)
Intirub Business Park II
Location : Halim, East Jakarta
Land area : 32.380 m2
Gross floor area : 23.219 m2 (warehouse) + 5.696 m2 (office)
NLA : 13.709 m2 (warehouse) + 4.646 m2 (office)
Floor capacity : up to 4,5 ton per m2
Ceiling height : 9m
Warehouse specification : warehouse with semi basement, 3 floor office
and parking area
Special specifications : 10 loading dock levelers
Tenants : Grundfos, DHL, ARK, MHE-Demag
(warehouse), Grundfos, Deraya, MHE-Demag
(office)
60Property logistic profile – Selayar
PT Mega Manunggal Property Tbk
Location : MM2100 industrial estates, West
Cikarang, Bekasi
Land area : 9.164 m2
Gross floor area : 5.742 m2
NLA : 5.620 m2
Floor capacity : 4 ton per m2
Ceiling height : 9 m (center 13 m)
Special specifications : 6 loading doors with 2 loading dock
levelers
Tenants : Yusen Logistics Solution Indonesia
61Property logistic profile – Lazada
PT Mega Manunggal Property Tbk
Location : Tapos, Depok
Land area : 90.180 m2
Gross floor area : +/- 62.000 m2 (phase 1 and phase 2)
Lease period : 10 years, with option to extend for another
5 years
Floor capacity : 4 ton per m2
Ceiling height : 12 m (center 16m)
Tenant : LAZADA
Specification:
- Flat floor;
- Parking Area & Basement Area
- Double Decker (stage 2)
62Property Profile – Cibatu Warehouse
PT Mega Manunggal Property Tbk
Location : Scientia Boulevard, Jababeka V Mechanical/Electrical Specification:
Cikarang - Sprinkler : Yes
Land area : 50,000 m2 - Smoke Detector : Beam Detector
Net Leasable Area : 36,216 m2 - Artificial Lighting : 100 lux (Warehouse)
Lease period : 10 years - Generator Set : 400 KVA
Tenant : Ark Logistics
Estimated Completion Year : 2017
Architectural & Structural Specification:
- Floor Load Capacity : 4 ton/m2
- Foundation : Concrete Pile
- Floor : Reinforced Concrete
- Column : Tappered Steel Column
- Roof Structure : Tappered Steel Beam
- Floor Flatness : Superflat
- Effective Ceiling Height : 12 m
- Wall : AAC Wall + Metal Cladding
- Roof : Boltless Metal Roof + Insulation
- Loading Door : 19 Units
- Canopy Width : 13 m
65Building value delivering result
PT Mega Manunggal Property Tbk
From Abandoned Factory In progress to become the largest DC for LAZADA Indonesia
63Property Profile – AE Warehouse
PT Mega Manunggal Property Tbk
Location : MM2100 Industrial Estates, West Cikarang, Bekasi
Land Area : 35,740 m2
Net Leasable Area : 21,328 m2 (ground floor)
Cawang 18,718 per m2 (upper floor)
Intersection Estimated Completion Year : 2017
Cikunir
Intersection
Architectural & Structural Specification:
-Floor Load Capacity : 4 ton/m2 (Ground Floor)
3 ton/m2 (Upper Floor)
MM2100
-Foundation
Industrial Estate : Concrete Pile
-Floor : Reinforced Concrete
-Column : Reinforced Concrete
-Roof Structure : Steel Truss
-Floor Flatness : Flat
-Effective Ceiling Height : 9 m (Ground Floor)
8 m (Upper Floor)
-Wall : AAC Wall + Metal Cladding
-Roof : Boltless Metal Roof + Insulation
-Loading Doors : 48 Units
-Canopy Width : 10 m (Ground Floor)
8 m (Upper Floor)
Mechanical/Electrical Specification:
- Sprinkler : Yes
- Smoke Detector : Beam Detector
- Artificial Lighting : 120 lux (Warehouse)
- Generator Set : 300 KVA
64Property Profile – Cileungsi Warehouse
PT Mega Manunggal Property Tbk
Location : Jl Raya Narogong KM 17, Cielungsi Mechanical/Electrical Specification:
Land area : 50,000 m2 - Sprinkler : yes
Net Leasable Area : 31,392 m2 - Smoke Detector : yes (laser beam detector
Lease period : 10 years - Artificial Lighting : 120 lux – 150 lux
Tenant : Ark Logistics - Generator Set : on design process (around 50% of
Estimated Completion Year : 2017 total power needed)
Architectural & Structural Specification:
- Floor Load Capacity : 2 ton (staging area) & 5 ton (storage area)
- Foundation : Concrete Pile
- Floor : Reinforced Concrete Slab
- Column : Reinforced Concrete Column
- Roof Structure : Steel Structure (Truss System)
- Floor Flatness : FF30 FL 20
- Effective Ceiling Height : 12 m
- Wall : AAC Wall + Corrugated Metal Cladding
- Roof : Corrugated Metal Roof (boltless system) with
insulation Loading Door
- Loading Door : 24 (outbond) + 12 (inbound)
- Canopy Width : 10 - 12 m
66PT Mega Manunggal Property Tbk
Section 7
Other Financial Info
67Audited Balance Sheet
PT Mega Manunggal Property Tbk
Year to Dec 31, Rp mn 2013 2014 2015 2016 2017 % YtD
Cash and Equivalents 6,368 11,311 382,973 104,683 93%
201,516
Other current assets 72,054 57,381 127,100 92,962 180,651 94%
Property & equipment 1,236 2,107 13,483 13,342 12,327 -8%
Investment properties 1,748,426 2,036,806 2,388,400 3,318,776 4,592,009 38%
Other non-current assets 1,469 17,183 2,748 7,001 72%
12,026
Total assets 1,840,010 2,138,502 3,204,321 3,965,769 5,363,669 35%
ST unearned revenue 23,932 23,528 25,281 42,641 25,398 -40%
Bank loans - short term 181,547 35,636 124,911 89,859 84%
164,988
Other current liabilities 373,842 50,859 12,630 8,896 19,115 115%
Bank loan 360,440 541,288 460,646 427,901 361,205 -16%
LT unearned revenue - - - 2,743 291%
10,725
Other long term liabilities 3,259 4,917 5,826 6,179 4,944 -20%
Total Liabilities 971,766 690,647 653,294 681,509 693,479 2%
Minority interest - 2,673 2,916 393,675 885,106 125%
Equity 868,242 1,445,182 2,548,111 2,890,585 4,670,189 62%
68Audited Profit and Loss Statement
PT Mega Manunggal Property Tbk
Year to Dec 31, Rp mn 2013 2014 2015 2016 2017 % Y/Y
Revenue 119,486 141,918 163,492 175,320 208,794 19%
Cost of revenue 5,940 13,084 16,059 18,444 20,146 9%
Gross profit 113,546 128,834 147,432 156,875 188,647 20%
G&A 7,944 14,616 25,754 39,143 46,202 18%
Operating profit 105,602 114,218 121,677 117,732 142,445 21%
EBITDA 106,268 115,031 122,852 120,756 145,984 21%
Net interest income (expense) (35,991) (42,818) (23,640) (29,262) (47,363) 48%
Increase in fair value Invt Prop 222,424 261,127 64,787 323,288 217,211 62%
Other items (117,848) (23,165) 31,822 5,073 (1,272) -33%
Profit before tax 174,187 309,363 131,003 416,831 314,051 -25%
Tax (12,201) (14,192) (16,349) (17,624) (20,986) 19%
Proforma adjustment (71,454) (8,482) - -
Net income 90,532 286,404 114,415 342,166 252,262 -26%
69Audited Cashflow
PT Mega Manunggal Property Tbk
Rp mn 2016 2017 %Y/Y
Cash flow from operating activities
Cash Receipt from Customer 221,769 226,867 2%
Payment to Supplier and Others (53,098) (131,671) 148%
Tax paid (20,404) (20,594) 1%
Interest paid (49,175) (52,925) 8%
Net cash provided by operating activities 80,352 (15,754) -80%
Cash flow from investing activities
Acquisition of Investment Properties (497,879) (1,034,729) 108%
Loans -
Other investment activities (2,120) (180) -92%
Net Cash Used in Investing Activities (626,187) (992,422) 58%
Cash flow from financing activities
Loan Receipts from Bank 61,239 97,653 59%
Payment to Bank Loan (128,967) (92,214) -28%
Receipt from Paid in Capital - 432,507
Net Cash provided by Financing Activities 265,573 1,105,014 316%
Net increase (decrease) in cash and cash equivalents (280,262) 96,837 -135%
Effect of foreign exchange, net (228) (4) -98%
Cash and cash equivalent of subsidiaries - before acquisition
2,200 -100%
Cash and cash equivalent, beginning balance 382,973 104,683 -73%
Cash and cash equivalent ending balance 104,683 201,516 93%
70PT Mega Manunggal Property Tbk End of presentation Thank you
PT Mega Manunggal Property Tbk
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