Results Presentation (9M17)

Transcription

1 Results Presentation (9M17)

2 Results Summary (Income Statement) (Rp bn) 9M17 9M16 % YoY Revenue 4,348 4,419-2% Effect of 4% YoY decline in Property Development while Recurring grew 6% YoY COGS (2,267) (2,280) -1% Gross Profit 2,081 2,139-3% Gross Profit Margin 48% 48% Gross Profit Margin maintained at 48% Operating Expense (1,114) (1,060) 5% Operating Profit 967 1,078-10% Operating Profit Margin 22% 24% Effect of G&A items tracking inflation while revenue declined Interest Income (Expense) - Net (248) (270) -8% Other Income (Expense) - Net % Final Tax (199) (230) -13% Net Income Before Non-Controlling Intere % Non-Controlling Interest % Net Income Attributable to Owners % Net Profit Margin 13% 14% 2

3 Results Summary (Revenue Breakdown and Margin Performance) (Rp bn) 9M17 9M16 % YoY Revenue Breakdown Property Development Revenue 3,146 3,290-4% Houses, shophouses, and land lots 2,476 2,516-2% Longer revenue recognition schedule from 2015 residential projects Apartments % Near completion of Voila, Orchard, and The Residence projects Office for sale % Construction progress from Puri Tower 3 and Kemayoran Tower 1 Recurring Revenue 1,202 1,129 6% Shopping malls % Hotels % Higher occupancy and ARR of Raffles Hotel Hospitals % Newly opened Ciputra Mitra Hospital Office leasing % Newly opened Tokopedia Tower Others % Total Revenue 4,348 4,419-2% Margin Performance Property Development GPM 46% 47% Houses, shophouses, and land lots 49% 52% Apartments 34% 29% Office towers 35% 34% Effect of product mix Recurring GPM 53% 54% Stable margins across recurring assets Shopping malls 65% 65% Hotels 40% 39% Hospitals 43% 43% Office leasing 64% 64% Others 34% 33% 3

4 Results Summary (Revenue per Segment and per Location) Revenue per Segment (9M17) Revenue per Location (9M17) Apartments 10% Office Towers 6% Shopping Malls 13% Surabaya 19% Other Java 18% Hotels 7% Others 7% Sumatra 13% Houses, shophouses, and land lots 57% Greater Jakarta 44% Sulawesi 4% Others 2% Development = 72% (Houses + Apartments + Office) Recurring = 28% (Malls + Hotels + Hospitals) Sustained focus on geographically diversified revenue sources to minimize concentration risk 4

5 Results Summary (Historical Revenue Breakdown) Rp tn Development vs. Recurring Revenue % % % 18% 18% 25% M17 Development Revenue Recurring Revenue Recurring as % of Total Revenue Continued focus on high-growth core development business and complemented by stable recurring assets 5

6 Key Developments Launched 2 new projects and 12 new clusters/towers in existing projects with a combined presales of Rp2.8tn (52% of 9M17 achievement) New Projects = CitraLand Talassa City (Makassar) and CitraLand (Cibubur) New Clusters / Towers = CitraLand (Surabaya), CitraLand City Losari (Makassar), CitraRaya (Tangerang), Citra Maja Raya, CitraLand Bagya City (Medan), Ciputra Beach Resort (Bali), CitraGrand City (Palembang), Taman Dayu Pandaan (Surabaya), CitraLand BSB City Semarang, CitraGarden (Sidoarjo), The Suites (Ciputra World Jakarta 2), CitraHarmoni (Sidoarjo) Total 9M17 presales reached Rp5.3tn (62% of FY17 target) Plan to launch 2 new high-rise projects in 4Q17 The Newton 2 (Ciputra World Jakarta 2 Extension) 23,000 m² Semi-Gross Area Citra Plaza Batam 70,000 m² Semi-Gross Area Issued SGD150mn Medium Term Note with 4-year maturity and 4.85% coupon rate (September 2017) SGD35mn for working capital and SGD115mn for refinancing 25% cross-currency hedge and 75% call-spread Received a credit rating from Fitch of BB- / Stable Outlook (September 2017) Completed merger of 2 subsidiaries CTRS and CTRP (January 2017) 6

7 Pre-Sales Summary (Rp bn) Historical Presales 2016 Presales per Location 9M17 8,941 1,615 2,448 8,630 1,386 2,613 9, ,099 7, ,625 8, ,899 5, % 13% 33% 10% 5% 3% 35% 15% 22% 7% 19% 2% 1,915 Greater Jakarta Surabaya Other Java Sumatra Sulawesi Others 4,878 4,631 5,088 5,081 4,909 2, Presales per Product 9M T 9M17 Directly-Owned JO - Profit Sharing JO - Revenue Sharing 15% 9% 6% 2% Units Sold Area Sold (Ha) 8,294 11,019 10,668 8,288 5, % 92% Houses, shophouses, land lots Apartment Office 7

8 Pre-Sales Summary Presales per Payment Method Presales per Unit Price 11% 14% 10% 10% 15% 11% 8% 14% 6% 10% 48% 42% 57% 61% 36% 38% 27% 32% 33% 22% 24% 30% 32% 27% 41% 44% 33% 29% 49% 51% 33% 31% 40% 31% M17 Mortgage Installments Cash Rising mortgage payment due to higher exposure to end-users and better accessibility to mortgages M17 < Rp1bn Rp 1-2bn Rp 2-5bn > Rp 5bn Units below Rp2bn continue to make up majority of presales as end-users are targeted 8

9 Balance Sheet Summary Rp bn Sept 2017 Dec 2016 Dec 2015 Dec 2014 Assets 32,072 29,072 26,259 23,539 Cash & cash equivalents 4,272 3,468 3,034 2,889 Land 11,259 10,016 9,229 7,765 Others 16,541 15,589 13,995 12,885 Liabilities 17,117 14,774 13,209 11,886 Debt 8,232 6,662 5,277 4,021 Advances from customers 2,987 5,851 5,732 5,871 Others 5,898 2,262 2,200 1,994 Equity 14,955 14,298 13,050 11,652 Minority interests 1,889 1,654 1, Equity net of minority interest 13,066 12,643 11,510 10,826 Debt to Total Equity 55% 47% 40% 35% Net Debt to Total Equity 26% 22% 17% 10% 9

10 Debt Profile As of Sept-17 Total Borrowings: Rp8.2tn Floating 73% Fixed 27% Rupiah 77% Foreign Currency 23% (Rp tn) Borrowing Cost 11.7% 9.9% Maturity Profile 38% 10.4% 14% 15% 5.6% 12% 7% 6% 6% 5% 3% 1% Long Term Bank Loan Maturity Bonds and Notes Payable Maturity Borrowing Cost 10

11 Capex Schedule Office 18% Historical Capex Land Acquisition 62% 9M17 Rp1.3tn Hotel 9% Mall 8% Rp tn Others 2% M capex largely due to Ciputra World Jakarta project (mall + hotel + office tower) Land acquisition capex largely for land reclamation project in Makassar 11

12 Growth Strategy Retain healthy land bank levels (currently sufficient for >15 years of development) by continuously replenishing land bank in existing projects while searching for new strategic locations Sustain wide geographical footprint (currently have a presence in 33 cities) to allow diversification of products and target market while minimizing concentration risk Continue to leverage on the Ciputra brand equity by continuing Joint-Operation schemes with land owners Maintain prudent capital management (net gearing at 0.26x as of 9M17) with a well-balanced debt maturity profile and mixed sources of funding Create innovative product launches to best cater to existing demand by capitalizing on the flexibility given by ample and diverse land bank Increase portion of recurring income while simultaneously boost synergy by focusing on complimentary amenities within existing developments (e.g. malls, hospitals, and offices) 12

13 Sufficient Land Bank to Sustain >15 Years of Development Directly-Owned Project Developed Land (Saleable - Net) Undeveloped Land (Raw - Gross) Land ASP Trend Land ASP (Rp mn per sqm) Ha Ha CAGR CAGR 2016 CitraGarden City % 12% 16.3 CitraRaya Tangerang % 12% 3.6 CitraIndah Jonggol % 22% 1.6 Total Greater Jakarta CitraLand Surabaya % 12% 7.7 CitraHarmoni Sidoarjo % 23% 3.9 CitraGarden Sidoarjo 3-23% 26% 5.0 Total Surabaya CitraGarden Lampung 2-28% 2% 2.2 CitraLand Lampung CitraLand Pekanbaru % 4.2 CitraLand NGK Jambi - 2-9% 3.5 Total 424 1,424 Total directly-owned land bank of 1,280 Ha (net assuming 60% saleable area) 13

14 Rights to Additional Land Bank Through Joint-Operation Schemes Joint Operation Project Development Plan (Ha) Land ASP Rp mn per sqm) 2016 CitraLand Cibubur CitraGrand Senyiur City Samarinda CitraLake Sawangan Depok CitraGarden City Samarinda Total Greater Jakarta 212 CitraLand City Samarinda The Taman Dayu Pandaan CitraMitra City Banjarbaru CitraLand The Green Lake Surabaya CitraLand Banjarmasin CitraIndah Sidoarjo CitraGarden Banjarmasin Total Greater Surabaya 642 CitraGarden Aneka Pontianak CitraMaja Raya 1, Citra BukitIndah Balikpapan CitraLand BSB City Semarang CitraCity Balikpapan CitraGrand Semarang CitraLand Denpasar CitraSun Garden Semarang Total Kalimantan + Bali 888 CitraGarden City Malang CitraGrand Galesong City Gowa Citra Green Dago Bandung CitraLand City Losari Makassar CitraGarden BMW Cilegon CitraLand Talassa City Makassar CitraLand Cirebon CitraLand Celebes Makassar CitraLand Puri Serang CitraGarden Makassar CitraGarden Pekalongan CitraLand Palu CitraGrand Mutiara Yogyakarta CitraLand Kendari CitraSun Garden Yogyakarta Total Sulawesi 803 Total Java Ex-Jakarta Ex-Surabaya 1,702 CitraRaya City Jambi CitraGrand City Palembang CitraLand Bagya City Medan CitraLand Botanical City Pangkalpinang Citra AeroLink Batam CitraLand Megah Batam CitraGarden Pekan Baru Total Sumatra 956 Joint Operation Project Development Plan (Ha) Land ASP (Rp mn per sqm) 2016 Total JO Land Bank of 5,203 Ha (Gross) (716 Ha has been sold as of 9M17) 14

15 High-rise (Apartment and Office - Strata Title) High-rise Project Tower Total Saleable Area (sqm) Sold % Construction Progress CitraGarden City Jakarta CitraLake Suites 17,986 45% 91% Citra Living 9,064 71% 0% Kemayoran Citra Towers 37,955 68% 28% Ciputra World Jakarta 1 Raffles Residence 41,500 84% 96% DBS Bank Tower 19,284 95% 100% Tokopedia Tower 28,000 73% 90% Ciputra World Jakarta 2 The Orchard 36,000 97% 94% The Residence 14,000 96% 95% Ciputra World Jakarta 2 Ext. The Newton 15,800 69% 0% Office Tower 3 34,000 41% 74% Ciputra International San Francisco 21,000 38% 75% Office Tower 2 19,500 62% 0% Amsterdam 25,500 85% 75% Total Jakarta 319,589 Vieloft SOHO 40,298 28% 5% Ciputra World Surabaya Office Tower 40,298 60% 5% Voila Apartment 35,801 88% 95% CitraLand Surabaya Denver Apartment 14,403 71% 0% Total Surabaya 130,800 Vida View Apartment Tower B 24,640 29% 50% Total High-rise Projects 475,029 Total unsold high-rise area of 206,097 m² 15

16 Continued Strong Performance of Diversified Recurring Assets Solid occupancy across mall assets Mall Net Leasable Area (m²) Occupancy Rate H17 Ciputra World Jakarta 1 81, % 100% 100% 100% 100% Ciputra World Surabaya 56,000 96% 98% 99% 95% 94% Ciputra Mall Jakarta 42,700 97% 97% 98% 95% 93% Ciputra Mall Semarang 20, % 90% 98% 99% 100% Total 199,890 Ciputra Mall CitraRaya Tangerang 26,000 (groundbreaking Oct planned completion 2019) Average room rates (ARR) across hotel assets Rp ' H H17 % Change Ciputra World Jakarta 1 (Raffles Hotel) ,588 3,379 31% Ciputra World Surabaya % Ciputra Hotel Jakarta % Ciputra Hotel Semarang % CitraDream Hotel Bintaro % CitraDream Hotel Cirebon % CitraDream Hotel Yogyakarta % CitraDream Hotel Semarang % 16

17 Diversified Recurring Assets: Hospital Ciputra Hospital Tangerang Ciputra Hospital Jakarta Ciputra Mitra Hospital Location Start operation CitraRaya Tangerang, West of Jakarta 1 November November ha CitraGarden City, Jakarta 10 December 2015 CitraLand Banjarmasin, South Kalimantan 16 November 2016 Total area ha beds 1.2 ha 1.5 ha Capacity 126 Our beds first health care project 236 beds (total) 168 beds Others Our first health care project As a referral hospital for other hospitals, medical centers and clinics A joint venture project with Mitra Group Our first health care project in Kalimantan 17

18 Financial Highlights (Rp bn) 3,323 5,077 6,340 Revenue 7,514 6,739 4,419 4,348 (Rp bn) 2,546 1,667 50% 50% Gross Profit 3,724 3,330 3,290 2,139 2,081 53% 50% 49% 48% 48% M16 9M M16 9M17 Gross Profit Gross Margin (Rp bn) Net Profit Key Ratios 1,303 1,685 1,645 1, % 26% 27% 22% 17% % 13% -15% -7% 10% 17% 22% 26% M16 9M M17 Net Profit Net Margin Net Debt to Equity Current Ratio 18

19 Key Projects 2017 CitraLand Surabaya Location Launch Development plan Market segment Pre-sales up to Sep 2017 Selling price per unit Average unit selling price Average land selling price Unit sold Others West Surabaya ,700 ha (sold 723 ha) Middle to middle-high Rp 1.4 trillion Rp 620 million to Rp 7.7 billion Rp 1.8 billion Rp 8.5 million 776 units Launched new clusters North West Hill and North West Boulevard in (Sep- 17). Pre-sales was recorded at Rp 1.1 trillion. 19

20 Key Projects 2017 CitraLand City Losari Makassar Location Launch Development plan Market segment Pre-sales up to Sep 2017 Selling price per unit Average unit selling price Average land selling price Unit sold Others Makassar, South Sulawesi October ha (sold 6 ha) Middle to high Rp 520 billion Rp 2.2 billion to Rp 24.3 billion Rp 11.1 billion Rp 14.7 million 47 units Launched new clusters Sunset Cove 8 (Feb-17) and Treasure Island (Aug-17). Presales was recorded at Rp 391 billion. 20

21 Key Projects 2017 CitraMaja Raya Banten Location Launch Development plan Market segment Pre-sales up to Sep 2017 Selling price per unit Average unit selling price Average land selling price Unit sold Others Lebak, Banten, West Java November ,200 ha (sold 111 ha) Middle to middle-low Rp 401 billion Rp 110 million to Rp 1.5 billion IDR 290 million IDR 1.3 million 1,392 units Launched new cluster Ubud (May-17). Pre-sales was recorded at Rp 122 billion. 21

22 Key Projects 2017 CitraRaya Tangerang Location Launch Development plan Market segment Pre-sales up to Sep 2017 Selling price per unit Average unit selling price Average land selling price Unit sold Others Tangerang, West of Jakarta ,760 ha (sold 824 ha) Middle-low to middle-high Rp 330 billion Rp 180 million to Rp 2.5 billion Rp 820 million IDR 3.7 million 542 units Launched new cluster East Portofino (May- 17). Pre-sales was recorded at Rp 141 billion. 22

23 Key Projects 2017 CitraLand Talassa City Makassar Location Launch Development plan Market segment Pre-sales up to Sep 2017 Selling price per unit Average unit selling price Average land selling price Unit sold Others Makassar, South Sulawesi May ha (sold 5 ha) Middle Rp 308 billion Rp 550 million to Rp 3.2 billion Rp 1.2 billion Rp 4.3 million 237 units A joint-operation project 23

24 Key Projects 2017 CitraGarden City Jakarta Location Launch Development plan Market segment Pre-sales up to Sep 2017 Selling price per unit Average unit selling price Average land selling price Unit sold Others Kalideres, West Jakarta ha (sold 364 ha) Middle to high Rp 180 billion Rp 900 million to Rp 6.4 billion Rp 2.6 billion Rp 16.4 million 112 units - 24

25 Key Projects 2017 CitraLand Cibubur Location Launch Development plan Market segment Pre-sales up to Sep 2017 Selling price per unit Average unit selling price Average land selling price Unit sold Others Greater Jakarta May ha (sold 3 ha) Middle to middle-low Rp 157 billion Rp 330 million to Rp 3.6 billion IDR 740 million IDR 3.7 million 210 units A joint venture project 25

26 Appendix A: New Corporate Structure Post Merger B: Corporate Milestones C: Competitive Strength D: Project Portfolio E: Management Team F: Company Awards G: Indonesia Macroeconomics

27 New Corporate Structure Post Merger PT Sang Pelopor & Affiliates Public 52% (18,560,303,397 Rp 250) 48% 99.99% PT CIPUTRA RESIDENCE 98.33% PT CIPUTRA ADIGRAHA 99.99% & Subsidiaries & Subsidiaries PT CIPUTRA RAYA SEJAHTERA & Subsidiaries 99.99% PT CIPUTRA NUSANTARA 98.99% PT SARANANEKA 7.43% & Subsidiaries INDAHPANCAR INTERNATIONAL CITY DEVELOPMENT PTE. LTD % PT CIPUTRA INDAH 81.85% & Subsidiaries PT CIPUTRA SENTRA & Subsidiaries Others 99.99% PT CIPUTRA GRAHA MITRA 99.10% & Subsidiaries PT CIPUTRA SEMARANG & Subsidiaries Residential 99.99% PT CIPUTRA ADIBUANA 60% PT DWIPA TUNASBUMI ABHUYUDAYA Commercial 27

28 Corporate Milestones Capital raising & corporate actions -> STRENGTHEINING OUR FINANCIAL POSITION TO SUPPORT BUSINESS EXPANSION.. Established under the name of PT Citra Habitat Indonesia 1994 : IPO and listing on JSX 1995 : Issuance of Notes (US$ 100 million) 1996 : - Rights issue I - Listing on SSX - Issuance of bond (Rp 150 billion) - Issuance of TLCF (US$ 25 million) (Transferrable loan certificate facility) Developed and launched: 1984 : CitraGarden City, our first project, in West Jakartaz 1993 : - CitraLand, our first and largest township project in Surabaya - Ciputra Mall & Hotel Jakarta, our first commercial project 1994 : CitraRaya Tangerang, our largest township development project, covering an area of more than 2,700 ha 1997 : Economic crisis hit Indonesia. Start of debt restructuring process 1999 : PT Ciputra Surya Tbk (CTRS) s listing on JSX 2000 : Bonus shares distribution Developed and launched: 2005 : CitraGarden Lampung in Sumatra and CitraGarden Banjarmasin in Kalimantan, marking the beginning of business expansion outside of Java h 2006 : - Issuance of 2.4 billion shares without pre-emptive rights for debt settlement - Rights Issue II 2007 : IPO of PT Ciputra Property Tbk (CTRP) 2015 : Share dividend distribution 2016 : Share dividend distribution Merger plan with CTRS and CTRP Developed and launched: 2007 : Ciputra World Surabaya 2008 : Ciputra World Jakarta 2009 : CitraLand Celebes Makassar, our first project in Sulawesi 2011 : Ciputra Hospital Tangerang, our first health care project 2012 : CitraDream Hotel Cirebon, our first budget hotel 2013 : Ciputra Beach Resort Bali, our first resort development 2015 : CitraLand City Losari in Makassar, our first reclamation residential project 2016 : Ciputra Mitra Hospital, our first health care project in Kalimantan Project Development -> OVER 30 YEARS EXPERIENCE.. 28

29 Competitive Strength BUSINESS PROSPECT Increase in housing needs Urbanization trends Change in customers lifestyle Availability in mortgage facility Potential economic growth Government stimulus plan Stable political outlook Focus on real estate business We are well positioned in Indonesia s current property outlook because of the following factors: Steady launch and development of pipeline projects Most diversified in market targets, products offered & project locations Reputable brand & experienced management team Large land bank at prime locations to support future growth 29

30 Geographically Diversified Project Portfolio CitraGarden City CitraRaya CitraIndah CitraLake CitraTowers Kemayoran CitraLand Ciputra Mall & Hotel Somerset Grand Citra Ciputra World Ciputra Hospital Ciputra Hospital DIPO Business Center CitraDream Hotel Ciputra International Ciputra World 2 Extension CitraMaja Raya CitraLand Puri Medan Pekan Baru Jambi Batam Palembang Bengkulu Pangkalpinang B. Lampung Tangerang Lebak Cilegon Serang Bandung CitraGreen Dago CitraLand Bagya City CitraLand CitraGarden CitraLand NGK CitraRaya City CitraGrand City CitraLand Megah Citra AeroLink Citra Plaza CitraLand Botanical City CitraGarden CitraLand CitraGarden Aneka Jakarta Depok CitraDream Hotel CitraGarden BMW CitraLand CitraDream Hotel Ciputra Mall & Hotel CitraDream Hotel Pontianak Cirebon Tegal JAVA Pekalongan Jogjakarta KALIMANTAN Semarang Pandaan CitraLand Surabaya Malang CitraGarden Banjarmasin Sidoarjo C CitraSun Garden CitraGrand Mutiara CitraDream Hotel CitraSun Garden CitraGrand CitraLand BSB Balikpapan Banjarbaru Denpasar Samarinda Makassar CitraGarden CitraLand BizPark Commercial Estate Citra BukitIndah CitraCity CitraLand City CitraGrand Senyiur City CitraGarden City Palu CitraLand CitraHarmoni CitraGarden CitraIndah The Taman Dayu CitraLand Green Lake Ciputra Golf Ciputra World Ciputra Mitra Hospital CitraMitra City CitraGarden City Kendari CitraLand The Nivata CitraLand Celebes CitraGarden Vida View Apartment CitraGrand Galesong City CitraLand City Losari CitraLand Talassa City CitraLand CitraLand Ciputra Beach Resort Townships & residential projects Commercial property projects projects in 33 cities 30

31 Experienced Management Team Board of Commissioners Board of Directors DR. Ir. Ciputra Chairman Dian Sumeler Rina Ciputra S. Junita Ciputra Candra Ciputra President Cakra Ciputra Budiarsa Sastrawinata Harun Hajadi Sandra Hendharto Kodradi Independent member Henk Wangitan Independent member Thomas Bambang Independent member Agussurja Widjaja MI Meiko Handojo Nanik J. Santoso Sutoto Yakobus Artadinata Djangkar Bing Sugiarto C. Tanan H. Antonius Tulus Santoso Corporate Secretary 31

32 Company Awards 100 Fastest Growing Company Award 2017: 2 nd Place in Property, Real Estate and Construction Sector Indonesia Top Ten Developers 2017 Indonesia Most Innovative Business Award 2017: Winner in Property and Real Estate Category Indonesia Most Admired Companies Award 2017: Winner in Property Category IAIR Award 2017: Company of the Year Indonesia Property and Real Estate Indonesia Most Admired Companies Award 2017: Top 15 Emiten Pilihan Analis dalam Program Yuk Nabung Saham 2017 Corporate Image Award 2017: The Best in Building and Managing Corporate Image Category: Housing Developer 32

33 Indonesia Macroeconomics ECONOMIC INDICATORS Q 2017 Economic growth 5.78% 5.10% 4.76% 5.02% 5.02% Inflation rate 8.38% 8.36% 3.35% 3.02% 4.37% BI rate / BI 7-day Reserve RR 7.50% 7.75% 7.50% 6.50% 4.75% Exchange rate (USD/IDR) 12,270 12,436 13,794 13,436 13,319 International reserves (in bio USD) Source: BPS & BI IDX INDICATORS Q 2017 IDX composite index 4,274 5,227 4,593 5,297 5,830 Market cap (in bio IDR) 4,219,020 5,228,043 4,873,000 5,754,000 6,373,000 Source: IDX 33

34 Investor Relations Corporate Secretary PT. CIPUTRA DEVELOPMENT TBK Ciputra World 1 DBS Bank Tower 39 th Floor Jl. Prof. DR. Satrio Kav. 3-5 Jakarta INDONESIA Phone : / 6868 Fax : investor@ciputra.com Website : Disclaimer Clause: This presentation may contain forward-looking statements and assumptions that involve risks and uncertainties. Therefore, actual performance, outcomes and results may differ materially from those expressed in the statements. You are advised and cautioned not to place undue reliance on these statements, which are based on current view of management on future events. 34

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36 @ PT Ciputra Development Tbk