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May 2017
Investor Presentation PT Jababeka Tbk
Leading township developer & infrastructure powerhouse
PT Jababeka Tbk ("KIJA") is a leading township developer with an established track record in industry-based townships supported by residential & commercial components...
…with world class infrastructure to support its developments
Jababeka ("KIJA") overview Business segments
Established in 1989 and became the first publicly listed industrial estate developer in Indonesia in 1994
Kota Jababeka, KIJA's flagship development, is a mature industry-based integrated township in Cikarang with on-site power plant and dry port
Pipeline projects: Kendal Industrial Park in Central Java and tourism-based township in Tanjung Lesung, Banten
Large and strategically located land bank of 3,330 hectares as of 31 December 2016
PT Jababeka Tbk
Real Estate Infrastructure
Industrial
Residential
Commercial
Power
Infrastructure
Dry Port
1
Vision: To Create Modern Self Sustained Cities in Every Province in Indonesia and Provide Jobs for Better Life
FY16 Revenue Breakdown (%)(Rp 2,931 billion)
FY16 Gross Profit Breakdown (%)(Rp 1,243 billion – 42% GPM)
Real Estate & Others, 41%
Power Plant, 45%
Infrastructure & Port, 14%
Real Estate & Others, 71%
Power Plant, 13%
Infrastructure & Port, 16%
Established track record in large-scale industrial estate + infrastructure
More than 25 years track record in industrial township development
2
19891994
1996
2001
2003
2010
2011
2016
Jababeka Group established and started development of the industrial estate
IPO on Jakarta and Surabaya Stock Exchange
Acquisition of Menara Batavia in Jakarta CBD
Inauguration of Education Park, including President University
Commenced development of Jababeka CBD
Cikarang Dry Port begins operations
Acquisition of 1,500 ha land in Tanjung Lesung, Banten
Bekasi Power Plant commenced operations
Groundbreaking Kendal Industrial Park
Supply Chain Asia Awards 2014 Asia Logistics Centre/Park of the
Year
#1
Frontier Consulting Group Award 2014 #1 Corporate Image
Industrial Estate
Fortune Indonesia - 2015Best Company award
#1
Investor Magazine - 2012Top 10 Best performing
listed companies and Best listed company in property
2013
#1
Ministry of Industry - 2015Best Industrial Estate –
Infrastructure & Facilities
#1
Indonesia Property Watch-2015
The best township development concept
2014
D’Khayangan Senior Living Launched
Selected awards
Sizeable land bank in strategic locations with upside potential
Tanjung Lesung
Master plan: 1,551 hectares
170km southwest of Jakarta
Land Bank: 1,551ha(1)
Karawang
Kendal, Central Java
Master plan: 2,700 hectares
450km east of Jakarta
Land Bank: 522ha(1)
Kota Jababeka Cikarang
Master plan: 5,600 hectares
35km east of Jakarta
Land Bank: 1,228ha(1)
Note:
1 Land bank as at 31 December 2016 3
Key credit strengths
1 Leading industry-based integrated township developer in Indonesia
Diversified land bank and projects
Stable, USD-denominated recurring income from infrastructure operations
Robust operating and financial performance
Clear strategic focus over different time frames
2
3
4
5
6
The ONLY industrial developer with on-site power and dry port
Experienced management team7
Beneficiary of favourable macro and sector fundamentals8
4
(in km)Distance from Kota Jababeka
Jakarta CBD 35
Seaport 55
Airport 65
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…
…and is home to over 1,600 local and multinational customers from over 20 countries
DKI JAKARTA
Toll Road
Future Toll RoadSoekarno-
Hatta International
Airport
Tajung Priok Port
Tangerang
South Tangerang
Bekasi
Kota Jababeka
1
2
3
4
Strategically located in Cikarang area, the most established industrial estate zone in Greater Jakarta
Heavy industries & Petrochemicals
Automotive, Consumer, Electronics & other Light
to medium industries
Close to central Jakarta, sea-port, airport and accessible by both toll and railroads
Mature township with a well-established talent/labor pool supported by complementary facilities (residential, commercial, hospitality, etc)
Superior infrastructure facilities which serve to enhance Kota Jababeka's competitive positioning for customers
1
5
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
Portfolio of high quality customersDiverse mix of occupants across sectors (breakdown by number of occupants) – As of 31 December 2016
1
6
Electronics, 11.5%
Consumer Goods, 6.8%
Machinery, 6.7%
Chemicals, 6.0%
Automotive, 5.8%
Plastics, 5.5%
Food, 4.5%Metal
Fabrication, 3.8%Building, 3.4%
Textile, 1.8%
Others, 44.3%
Elvis Tower
Kota Jababeka – Continued build-out of complementary facilitiesKota Jababeka has successfully achieved a critical mass of occupants which provides an opportunity to continue introducing complementary services and infrastructure to enhance the township's value proposition
Residential
Commercial
Housing clusters
High-rise residenceSenior housing
D’Java Residence
The Veranda Tropikana Garden
Simprug Garden
D’Khayangan - Senior living
Sentra Niaga Square Simprug Plaza
1
7
Kota Jababeka – Enhancing value through Joint Venture projects1
PT Plaza Indonesia Realty TbkPT PP Properti (Persero) Tbk
JV 1
JV 2
JV 1
JV 2
70%
30%
30%
70%
49%
51%
52.6%
47.4%
“MAYFAIR Estate & Park Land”
Mixed use superblock on a 12-ha site right next to the golf course Groundbreaking happened in June 2015; piling completed in
2016, construction to start in 2017 Expected completion:2019
8
Mixed use superblock on a 4.6-ha site
With 6 apartment towers and Japanese style mall
4 apartment towers strategically located near the toll exit
Catering to the lower end of the market
Tower 1 – Mahakam Tower –80% sold out; Tower 2 to be launched later in 2017
To be developed on 4-ha site adjacent to JV 1 Concept to be decided on at a later stage – to support /
complement JV 1
“Riverview Residence”
Enhancing Kota Jababeka's value proposition: Bekasi Power Plant
Jababeka is the only industrial estate developer in Indonesia with its own power plant located within its estate
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
Integrated Power Generation & Distribution Process
PLN
Factories
100% output to PLN
Buy back from PLN (+16% margin)
1
2
Direct sale to factories(+ margin)
3
Operational Highlights
130MW gas fired combined cycle plant
20 year 100% off-take agreement from Perusahaan Listrik Negara (“PLN”)
– Rate per KWH: ~US$11 cents– Average gas cost / MMBTU: ~US$9.0 - 10.0– Fuel costs borne by PLN on a pass-through basis– Fully contracted gas supply– Flexibility to buy back power and resell it at a premium
In 2Q 2016, a leakage was found in a boiler of one of the Heat Recovery Steam Generators of the power plant. The repair was successfully completed in mid August 2016. During the repair, power plant operated at about 50% of the usual capacity
Financial Highlights
2
9
IDR billionDescription 2014 2015 2016 2016*
Net Dependable Capacity 118.8MW 120MW 120MW 120MW
Load Factor 108MW 110MW 93MW 108MW
Capacity factor 90.01% 90.01% 81.85% 90.00%
Equivalent Availability Factor 90.34% 96.39% 82.85% 96.26%
Planned Outage Factor 7.88% 3.09% 15.15% 2.73%
Equivalent Forced Outage Rate 1.78% 0.52% 2.00% 1.01%
1,062
1,267
1,499
1,310
82 155 215 164
7.7%
12.2%14.3%
12.5%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
-
200
400
600
800
1,000
1,200
1,400
1,600
2013 2014 2015 2016Revenue Gross Profit Gross Profit Margin
2016*: shows operational data without boiler leakage
International Port Code: IDJBKSurrounded by 11 Industrial Estates and more than 3,000 manufacturing companies
JABABEKA
MM 2100
EJIP LIPPO
HYUNDAI SURYA CIPTA
KIKCKIM
KBI
KIIC
GIIC
Enhancing Kota Jababeka's value proposition: Cikarang Dry Port2
Strategic location in the heart of the largest manufacturing zone along the Bekasi-Cikampek industrial corridor
62%1
Notes:
1 Estimated % of total throughput at Tanjung Priok Port originating from this area10
Enhancing Kota Jababeka's value proposition: Cikarang Dry PortFacilities & services offered at Cikarang Dry Port
2
11
Container Yard Reefer Services Terminal Operation 24/7
Bonded Trucking Container Freight Station
Rail Freight Service 24/7 Security
Bonded Logistics Center
Special Containers Handling
Integrated Customs & Quarantine Empty Container Depot Online Tracking & INSW Connected
CFS
Gate
Bonded Logistics Center
Office: CDP,
Quarantine, Banking
New 10,000 m2 warehouse
Mobile X-Ray
Physical Inspection
Reefer
To Jakarta / Tanjung Priok
To Surabaya
Railway
Emplacement
New Customs Office
Enhancing Kota Jababeka's value proposition: Cikarang Dry Port2
12
Cikarang Utama Toll Gate
New Toll Gate KM 29
Flyover to Jakarta
Highway Exit KM 29
New Highway Exit KM 29 (Coming Soon)
5,995
25,808
37,507
50,844
65,250
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
2012 2013 2014 2015 2016
15
62
78
120
151
-
20
40
60
80
100
120
140
160
2012 2013 2014 2015 2016
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…
…allowing customers to more efficiently manage their imports and exports and benefit from cost savings
Strong momentum in CDP operationsOverview Since 2012, Cikarang Dry Port is an official port of origin and
destination with international port code IDJBK – now connected with 29 major shipping lines
Integrated port and logistics facilities with multi modal transporation services
Besides export/import, CDP also serves as hub for domestic distribution via main railway line that runs from west Java to east Java
Bonded Logistics Centre (FTZ facilities) for Cotton & minerals/metals
Revenue (IDR billion)
Throughput (TEU)
2
13
Selected customer & partner profile at Cikarang Dry Port
Shipping Lines:
Third Party Logistics Provider (3PL):
Shippers / Consignees:
40 64 210
344 415 424
22.0%
26.8%
15.5%
21.6%22.2%
24.6%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2011 2012 2013 2014 2015 2016
Recurring EBITDA Recurring Revenue EBITDA Margin
Sizeable and stable USD-denominated recurring income base
The provision of these infrastructure services has enabled the progressive build out of a significant recurring revenue base…
…based on USD pricing terms (power & water), further enhancing stability and visibility of cash flows for Jababeka and also providing a natural hedge for its USD-denominated
interest expenses
Recurring revenue & EBITDA (IDR billion)
Notes:
1 Recurring revenue/EBITDA includes contribution from power plant, dry port and service & maintenance fees
2 Comprises real estate, golf and other non-infrastructure segments
3
14
Recurring(1)
Real Estate(2)
2012
IDR 1,401 billion
IDR 2,799 billion
Total Revenue & Breakdown
17%
83%
57%43%
59%41%
2014
2016
IDR 2,931 billion
183240
1,592
1,349
1,868
Furthermore, US$ 200 million notional is hedged by means of call spreads with an average lower strike at 13,021 Rupiah and an average upper strike of 15,946.
1,723
Diversified land bank
A geographically diversified land bank allows KIJA to capture different market segments and enhances earnings resilience…
…in addition to benefiting from future infrastructure developments across its land bank locations
Township Location Land bank as of December 31, 2016
Kota Jababeka Cikarang 1,228
Kendal Industrial Park Central Java 522
Tanjung Lesung Banten 1,551
Total 3,301
Land bank breakdown by location (in hectares)
Established MNCs and domestic companies willing to pay a premium for strategic location and mature township with top notch infrastructure in place
More cost-conscious customers looking for an alternative to Greater Jakarta industrial estates that still provides top notch infrastructure
Tourism, leisure and hospitality focused integrated township to tap into entertainment/leisure spending by rising middle class in Indonesia
15
4
Kota Jababeka
Kendal Industrial Park
Tanjung Lesung
Diversified projects: Kendal Industrial Park
Kendal Industrial Park benefits from Sembcorp's expertise in developing and marketing industrial zones across Asia (China, Vietnam, Batam, Bintan, etc)…
…and complemented by KIJA's long track record andexperience in Indonesian industrial estate developments and infrastructure operations
Tanjung Emas International Seaport (Indonesia's 3rd largest) 25 km
Ahmad Yani International Airport 20 km
Semarang (Central Java capital) 21 km
Semarang
Tanjung Emas Seaport
Ahmad Yani Int'l Airport
Kendal Port
Excellent connectivity to major infrastructure in Central Java
49% 51%
Kendal Industrial Park is a JV between KIJA and Sembcorp
Total planned area: 2,700 hectares
Phase 1: 860 ha (521 hectares as of 31 December 2016)
4
16
Distance to Kendal Industrial Park
Diversified projects: Kendal Industrial Park
Our Kendal Industrial Park 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
Key Highlights
Kendal Industrial Park offers customers an affordable product with top notch infrastructure
Low labour costs in Central Java makes Kendal Industrial Park particularly interesting for labor intenstive industries
Kendal Industrial Park is situated along the Jakarta-Semarang-Surabaya Economic Corridor
Increasing traffic congestion at Tanjung Priok Port in Jakarta has led to growing interest in alternative sites with good connectivity via air and sea
17
4
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
Furniture, 16%
Food, 12%
Building & Related, 32%
Logistic & Warehouse,
12%
Manufacturing,24%
Textile & Garment, 4%
Diverse mix of occupants across sectors (breakdown by number of occupants) – As of March 2017
Diversified projects: Kendal Industrial Park4
18
Diversified projects: Tanjung Lesung4
19
Tanjung Lesung overview
Location
Concept
Access
~ 170 km southwest of Jakarta in Banten
Tourism-based integrated township
(hotels, apartments, sailing, diving & beach clubs)
Currently accessible by toll road from Jakarta in
~ 3.5 hours
President Joko Widodo speaking on Tanjung Lesung’s designation as Special Economic Zone for Tourism
Diversified projects: Tanjung Lesung
Strong government support for Tanjung Lesung's development as a tourism zone...
…is expected to increase interest from potential investors/partners for the project
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
Tanjung Lesung has been designated as Special Economic Zone for Tourism
4
20
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, driving range, a swimming pool, a spa, a beach club, a sailing club, school, mosque, residential housing units, and a medical clinic
Villa with private pool at Tanjung Lesung
Golf course
Aerial view
Diversified projects: Tanjung Lesung4
21
KALICAA VILLA
Current property products
Clear strategic focus
Jababeka's existing pipeline provides visible opportunities over different time frames
Short Term Medium Term
Long Term Vision
Continue to develop and capitalize on Kota Jababeka Township
Further development of Kendal Industrial Park in partnership with Sembcorp in Central Java
Expansion of power segment in Kota Jababeka
Development of Tanjung Lesung tourism-based township
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
5
22
380
101
399
331
427
0
50
100
150
200
250
300
350
400
450
2012 2013 2014 2015 2016
741
1,019 1,130 1,167
1,025
53%
37% 40%37% 35%
0%
10%
20%
30%
40%
50%
60%
0
200
400
600
800
1,000
1,200
1,400
2012 2013 2014 2015 2016
EBITDA EBITDA margin
860
1,171 1,252
1,389
1,243 61%
43% 45% 44% 42%
0%
10%
20%
30%
40%
50%
60%
70%
0
200
400
600
800
1,000
1,200
1,400
1,600
2012 2013 2014 2015 2016
Gross profit Gross profit margin
240
1,349 1,592
1,868 1,723 1,161
1,390 1,207
1,272 1,208
-
500
1,000
1,500
2,000
2,500
3,000
3,500
2012 2013 2014 2015 2016
Recurring revenue Real estate & other revenue
Strong financial performance...
Revenue breakdown (IDR billion) Gross profit (IDR billion) and Gross profit margin (%)
EBITDA (IDR billion) and EBITDA margin (%)
1
Notes:
1 Approximate unrealized foreign exchange loss (non cash) for FY12: IDR 62 billion, FY13: IDR 420 billion, FY14: IDR 65 billion and FY15: IDR 156 billion
2 FY16 includes unrealized foreign exchange gain (non cash) of approximately IDR 135 billion
6
23
1,401
2,7992,740
3,140
Net income (IDR billion)
1
2,931
1
1
2
1
242 595 595 827 792
0
2,000
4,000
6,000
8,000
10,000
12,000
2012 2013 2014 2015 2016
Cash and cash equivalents Total assets
Robust balance sheet position…
Assets and cash (IDR billion) Debt, Equity (IDR billion) and Debt/Equity
EBITDA/Interest expense (x)1 Net debt/EBITDA (x)
Notes:
1 Includes capitalized interest + Hedging Fees
6
24
7,078
8,5058,255
9,741
10,734
2,046
2,572 2,705
3,510 3,565 3,975
4,186
4,662 4,978
5,638
0.51
0.61 0.58
0.71
0.63
0.40
0.50
0.60
0.70
0.80
0.90
1.00
0
1,000
2,000
3,000
4,000
5,000
6,000
2012 2013 2014 2015 2016
Total debt Total equity Debt/Equity
3.2
3.8 3.8
3.4 3.1
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
2012 2013 2014 2015 2016
2.4
1.9 1.9
2.3
2.7
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2012 2013 2014 2015 2016
25
Description Actual 1Q16 Actual 1Q17 Increase
Revenue 586,534 712,810 22%
Property 93,525 194,570 108%
Infrastructure 467,694 492,144 5%
Leisure & Hospitality 25,315 26,096 3%
Cost of Sales 404,389 464,600 15%
Property 32,058 83,220 160%
Infrastructure 358,707 367,235 2%
Leisure & Hospitality 13,624 14,144 4%
Gross Profit 182,145 248,210 36%
Gross Profit Margin 31% 35%
Property 66% 57%
Infrastructure 23% 25%
Leisure & Hospitality 46% 46%
Operating Expenses 93,347 115,091 23%
Operating Profit 88,798 133,119 50%
Other Income (Charges) 44,375 (61,399) -238%
Financial Charges (75,620) (81,600) 8%
Forex Gain (Loss) 116,658 22,178 -81%
Other Income (Charges) 3,337 (1,977) -159%
Earning Before Tax 133,173 71,720 -46%
Net Profit 132,634 66,850 -50%
EBITDA 139,007 194,796 40%
6 1Q17 Financial Highlights
Experienced management team
Average of more than 20 years of industrial township development experience
Board of Commissioners
Board of Directors
Setyono Djuandi Darmono
President Commissioner
(Founder)
Bacelius Ruru
Vice President Commissioner
Independent Commissioner
Hadi Rahardja
Commissioner
(Founder)
Gan Michael
Commissioner
Budianto Liman
President Director
Setiawan Mardjuki
Director
Hyanto Wihadhi
Director
Sutedja Sidarta Darmono
Director
Tjahjadi Rahardja
Director
7
26
Ketut Budi Wijaya
Commissioner /
Independent Commissioner
6.4 6.2 6.0
5.6
5.0 4.9 5.0 5.2
4.3
5.0
0.0
2.0
4.0
6.0
8.0
2010 2011 2012 2013 2014 2015 2016 2017F 2018F 2019F
175221
270 307366 39776
92
128
156
180216
0
100
200
300
400
500
600
2011 2012 2013 2014 2015 2016
FDI Domestic Direct Investment
251
313
399
463
545
613
5662
81
114 118
159
174 169
187
0
40
80
120
160
200
2008 2009 2010 2011 2012 2013 2014 2015 2016
Favorable macro and sector fundamentals
Strong real GDP growth outlook (%) Direct investments – both FDI and domestic remain robust (IDR trn)
Greater Jakarta average industrial land prices (USD/sqm)
Source: United Nations Department of Economic and Social Affairs - Population Division, as of July 2015
Sizeable domestic market size — world's 4th largest population
Source: Colliers Indonesia International research
Source: Statistics Indonesia, EIU – March 2017
8
27
Source: BKPM
1,366
1,327
324
258
206
193
187
163
147
129
126
102
102
94
93
82
80
80
80
68
65
65
60
55
55
54
51
49
47
46
0
400
800
1,200
1,600
China
India
US
Indonesia
Brazil
Pakistan
Nigeria
Bangladesh
Russia
Mexico
Japan
Philippines
Ethiopia
Vietnam
Egypt
Germany
Iran
Congo
Turkey
Thailand UK
France
Italy
Tanzania
S. Africa
Myanmar
Korea
Colombia
Kenya
Spain
Thank Youwww.jababeka.com