PT Jababeka Tbk

Investor Presentation
May 2014

Infrastructure

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Hospitality

Land Development

1.

Overview of PT Jababeka Tbk

Overview of PT Jababeka Tbk

Township Developments
Kota Jababeka, Cikarang : fully integrated matured township development spanning
5,600 hectares
Kendal Industrial Park (2,700 hectares, JV with Sembcorp)
Tanjung Lesung, Banten (1,545 hectares integrated township development with a focus
on leisure, tourism, and hospitality)
Real Estate
Industrial

Residential

Infrastructure
Commercial

Industrial land plots & standard factory buildings

Residential townhouses, condominiums, and detached homes
Commercial shop houses, plots and supporting commercial facilities

Power

Infrastructure

Dry Port

Power: 130MW power plant with 20 years PPA with PLN

Infrastructure: water & waste water, estate management, etc
Dry Port International port: IDJBK

Real Estate Developer & Infrastructure Services Powerhouse

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Strategic development sites

>3,000 hectares strategic land bank with upside potential
Kota Jababeka, Cikarang
Master plan: 5,600 hectares
35km east of Jakarta

Karawang

Tanjung Lesung
Master plan: 1,545 hectares
170km southwest of Jakarta

Kendal, Central Java

Master plan: 2,700 hectares
450km east of Jakarta
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Snapshot of core businesses

Land Development

Infrastructure

Leisure and Hospitality

2.

Strong financial performance

1Q 2014 Financial Highlights

Revenue (USD m)(1)

Gross Profit (USD m) and Gross Profit Margin

Recurring

(3.6%)

80
65.5
60
40
20

Real Estate

39.0

(1.4%)
35
30

63.1
28.4

30.0

29.6

46.8%

25
20
15

34.7

46.0%
45.8%
45.5%

5
0

1Q2013

1Q2014

Net Income (USD m)

47.0%
46.5%

10
26.5

EBITDA (USD m) and EBITDA Margin(2)

45.0%
1Q2013

30

27.4

43.4%

25

39.5%

26.2

25
20

17.4

15
10
5

800

717.8

1Q2013

1Q2014

40.0%
30.0%
20.0%

10
5

10.0%

0.0%
1Q2013

1Q2014

Net Debt (USD m)

4.2%
707.1

200

600

150

400

100

200

50

171.3

178.5

1Q2013

1Q2014

43.4%

15

(1.5%)
30

50.0%

20

1Q2014

Total Assets (USD m)

28.4

1Q2013

1Q2014

Source: Latest company financials. Exchange rate : 11,500 IDR/USD as of 5 May 2014
Notes:
(1)
EBITDA calculated as Net income + Interest + Tax + D&A and other non-cash items
(2)
Recurring defined as Power Plant, Service and maintenance fees and Dry Port. Real Estate defined as all other business segments excluding Recurring, mainly real estate and tourism

Stable and sustainable recurring income

Revenue Contribution

Infrastructure Revenue Breakdown (USD m)

463.3%

117.3

1Q2014
31.3%

30.7%

2013

15.9

20.8

26.5

34.7

USD 63.1 million

2012

2011

USD 121.8 million

Infrastructure EBITDA (USD m) and EBITDA Margin (2)

USD 238.2 million

EBITDA
(USDm)

EBITDA
Margin (%)

Recurring(1)
Real Estate(1)

USD99.9 million

Predominantly USD income stream

Catering to captive markets with long term contracts
Source: Latest company financials. Exchange rate : 11,500 IDR/USD as of 5 May 2014
Notes:
(1)
EBITDA calculated as Net income + Interest + Tax + D&A and other non-cash items
(2)
Recurring defined as Power Plant, Service and maintenance fees and Dry Port. Real Estate defined as all other business segments excluding Recurring, mainly real estate and tourism

Steady growth in Real Estate

Key commentary

Land Development Revenue (USD m)

Cikarang is the preferred location with strong

supporting infrastructures (e.g. power, water)

Consistently high EBITDA margins achieved

Higher ASPs achieved:
(IDRm/sqm)
Industrial Land Plots
Residential
Commercial

2013
2.0
4.2
17.0

1Q2014
2.6
5.0
20.0

% change
30%
19%
18%
Land Development EBITDA (USD m) and EBITDA Margin(1)
EBITDA
(USDm)

Source: Latest company financials. Exchange rate : 11,500 IDR/USD as of 5 May 2014
Note: (1) EBITDA calculated as Net income + Interest + Tax + D&A and other non-cash items

EBITDA
Margin (%)

Robust P/L performance

Revenue Breakdown (USD m)(1)

Gross Profit (USD m) and Gross Profit margin

Gross Profit
(USDm)

238.2

99.9

121.8

(3.6%)
65.5

63.1

EBITDA (USD m) and EBITDA margin(2)

EBITDA
(USDm)

Gross Profit
Margin (%)

Net Income (USD m)

EBITDA
Margin (%)

(3)
Source: Latest company financials. Exchange rate : 11,500 IDR/USD as of 5 May 2014
Notes:
(1)
Recurring defined as Power Plant, Service and maintenance fees and Dry Port. Real Estate defined as all other business segments excluding Recurring, mainly real estate and tourism
(2)
EBITDA calculated as Net income + Interest + Tax + D&A and other non-cash items
(3)
FY2013 includes unrealised foreign exchange loss (non cash) of USD36.6 m. Q12014 includes unrealised foreign exchange gain (non cash) of USD11.4m.

(3)

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Strong balance sheet

Assets and Cash (USD m)

EBITDA / Interest Expense (x)(1)

Source: Latest company financials. Exchange rate : 11,500 IDR/USD as of 5 May 2014
Note: (1) EBITDA calculated as Net income + Interest + Tax + D&A and other non-cash items.

Debt, Equity (USD m) and Debt / Equity

Net Debt / EBITDA (x)(1)

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3.

Sustainable growth strategy

Growth Strategy
1

Short Term

Kota Jababeka, Cikarang:

Preference for smaller plots
with standard factory buildings
Target fast growing, lowmiddle end residential and
commercial segment
Bekasi Power: efficiency
High potential for dry port
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Medium Term
Development of Kendal Industrial
Park in Central Java
Phase 2 of Bekasi Power

Long Term

Provide infrastructure (power, water, ports

etc.) in new development areas
Tanjung Lesung as the new tourism
destination
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Key Partners & Tenants

1

Strategic Partners

SembCorp Industries
leading utilities, marine and
urban development group

Plaza Indonesia Realty

owner & developer of high-end

commercial centre in Jakarta CBD

PLN
state-owned power
distribution company

Multinational Tenants
H

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Plaza Indonesia @ Kota Jababeka Cikarang

Superblock development in Jababekas new CBD
2 JVs between KIJA and Plaza Indonesia (PLIN) (12ha 30/70 4ha 70/30)
Malls, hotels, condominium, apartments and multi function
Phase 1 of the 12ha JV to begin 4Q14 or 1Q15

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Kendal Industrial Park Medium Term

Strong alternative to high-cost Greater Jakarta
JV between KIJA (51%) and Sembcorp (49%)
Industry-based Township: to be modeled after Kota Jababeka, Cikarang
860 hectares (phase 1) - Total planned area 2,700 hectares

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Bekasi Power Phase 2 Medium Term

Bekasi Powers 2nd Plant to Capitalize on Power Supply Gap
Bekasi Power Plant- Phase 2

Kota Jababeka

Existing site (5ha) for 2 x 130MW power plant

BP

Site for 2nd plant

Duplicate of existing 130MW plant

Gas pipelines are all currently in place
Additional upside to recurring revenues

Estimated total power demand inside Kota

Jababeka > 300MW

In Indonesia, power demand for industrial is

growing at 10-12% per annum
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Jababeka key investment highlights

Leading Township
Developer with Top
Notch Infrastructures
& Vast and Strategic
Land Bank

Favorable & Strong

Macro Economic
Fundamentals

Sustainable Growth
Strategy in Real
Estate &
Infrastructure
Businesses

Increasing recurring,
USD denominated,
strong revenue base

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Thank You
www.jababeka.com

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