PT Kawasan Industri Jababeka Tbk - Investor Presentation May 2021 (updated with 1Q21 financials)
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PT Kawasan Industri Jababeka Tbk.
Investor Presentation
May 2021 (updated with 1Q21 financials)
0
Disclaimer
This presentation material has been prepared by PT Kawasan Industri Jababeka Tbk (the “Company”) and
may contain statements that constitute forward-looking statements. These statements include
descriptions regarding the intent, belief or current expectations of the Company or its officers with
respect to the consolidated results of operations and financial condition of the Company. These
statements can be recognized by the use of words such as “expects,” “plan,” “will,” “estimates,”
“projects,” “intends,” or words of similar meaning. Such forward-looking statements are not guarantees of
future performance and involve risks and uncertainties, and actual results may differ from those in the
forward-looking statements as a result of various factors and assumptions.
These materials are for information purposes only and do not constitute or form part of an offer,
solicitation or invitation of any offer to buy or subscribe for any securities of the Company, in any
jurisdiction, nor should it or any part of it form the basis of, or be relied upon in any connection with, any
contract, commitment or investment decision whatsoever. Any decision to purchase or subscribe for any
securities of the Company should be made after seeking appropriate professional advice.
The information has been compiled from sources believed to be reliable. The information contained in
this section is subject to change without notice, its accuracy is not guaranteed and it may not contain all
material information concerning the Company. The Company makes no representation regarding, or
assumes any responsibility or liability for, the accuracy or completeness of, or any errors in or omissions
from, any information contained herein.
1
Outlook & Guidance for 2021
Marketing Sales & Other Highlights Cash Flow Overview for 2021:
➢ 2020 Marketing Sales Rp898bn realized ➢ Cash inflow:
• Down ~46% vs 2019 due to the Covid-19 pandemic • Rp1,450bn
• On a positive note, the performance in 2H20 was more - 50% Backlog (3/4 Cikarang/others – 1/4 Kendal)
than 2.5x 1H20 on the back of an industrial pick-up in - 50% New Sales (2/3 Cikarang– 1/3 Kendal)
Kendal and Cikarang, and a successful launch of a • Rp400bn Recurring EBITDA from power, water, port and
landed residential project in Cikarang other recurring businesses
• Total: Rp1,850 billion → 1Q21: ~Rp300bn
➢ 1Q21 Marketing Sales Rp231bn realized - 1Q21: incl. ~Rp110bn Recurring EBITDA
• More than double the Rp111bn in 1Q20
• Cikarang/others contributed 94%, Kendal 6% ➢ Cash outflow
• Rp250bn Construction & Land Development in Cikarang
➢ 2021 Marketing Sales Target: Rp1,400bn • Rp400bn Infrastructure & Land Development in Kendal
• Rp1,000bn Cikarang & Others: 50/50 split between • Rp100bn Maintenance Capex
Industrial vs Residential / Rp400bn Kendal (industrial) • Rp150bn Land Acquisition (discretionary)
• Solid pipeline for industrial in both Cikarang and Kendal • Rp400bn Interest
/ Launch plan of 3-4 residential products • Rp450bn SG&A (excl. infra)
• Rp150bn Tax
➢ Infrastructure – 1Q21 volumes increased 6% (water) 2% • Total: Rp1,900 billion → 1Q21: ~Rp432bn
(power) & 2% (port) vs 4Q20 - 1Q21: incl. ~Rp187bn interest, ~Rp99bn construction
• 2020 showed margin & cash flow resiliency despite & land development (Cikarang & Kendal), ~Rp11bn
volume reductions in 2020 (yoy 15% for water, 9% for land acquisition & maintenance CAPEX
power end-users, 24% for port – offset by PLN capacity
payments and other infrastructure services in 2020 ➢ Cash balance of ~Rp1.05trillion as of 31 March 2021
• 2021 expected to be in line with 2020 • Compared to ~Rp1.18trillion at the end of 2020, mainly
down due to bond coupon payment late March 2021.
➢ Leisure & Hospitality
• Not very material with overall small contributions to ➢ ~Rp14bn debt repaid in 1Q21 - no draws made from the new
earnings & cash flow Rp100bn loan facility at Kendal JV (OCBC, ~10% cost p.a.)
2
Jababeka Group Joins the Fight against Covid-19
➢ Together with President University, Jababeka Group initiated a crowd-
funding exercise, which has raised nearly Rp 7 billion (and counting) for
medical equipment required to combat Covid-19
➢ Collaboration with tenants Croda Indonesia, Evonik Indonesia and
Danone Indonesia for the production and packaging of hand sanitizers
and disinfectant fluids – totally producing 15 tons so far
➢ Together with several tenants produced 50,000 fabric face masks for the
Covid-19 task force in Bekasi
➢ Together with President University and numerous tenants provided Rp
7.2 billion into the Bekasi Regency to combat and prevent the spread of
Covid-19
➢ Distribution of free face masks in and around Kota Jababeka
➢ Providing social aid to 13 villages in and around Kota Jababeka
➢ Preventive spraying of disinfectants at all office premises, providing hand
sanitizer for all staff, checking body temperatures, etc.
➢ Jababeka Fighting Covid which includes Jababeka, tenants and
Government create a routine event called Treasure Market which sell
used clothes and the revenue from that event will be used to develop
MSME.
3
Leading township developer & infrastructure powerhouse
PT Kawasan Industri Jababeka Tbk. ("KIJA") is a leading township developer with an established track record in industry-
based townships supported by residential & commercial components...
FY20 Revenue Breakdown (%)
PT Kawasan Industri Jababeka Tbk
(Rp 2,396 billion)
Dry Port; 6%
Real Estate Infrastructure
Water / Estate;
12%
Industrial Power
Residential Water & Estate Real Estate
& Others;
Power; 27% 56%
Commercial Dry Port
• Established in 1989 and became the first publicly listed industrial
estate developer in Indonesia in 1994
FY20 Gross Profit Breakdown (%)
• Kota Jababeka, KIJA's flagship development, is a mature industry-
(Rp 1,018 billion – 43% GPM)
based integrated township in Cikarang with on-site power plant
and dry port Dry Port ; 4%
Water / Estate;
• Kendal Industrial Park – Park by the Bay in Central Java, tourism-
14%
based townships in Tanjung Lesung, Banten, and in Morotai, North
Maluku - all three enjoy Special Economic Zone status
• Large and strategically located land bank of 5,082 hectares as 31
March 2021
Power; 17% Real Estate
Vision: To Create Modern Self Sustained Cities in Every & Others;
Province in Indonesia and Provide Jobs for Better Life 65%
…with world class infrastructure to support its development
4
Milestones & Selected Awards
More than 30 years track record in township development
Golden Property 6th Property
Award 2019 Indonesia Awards
The Best Township 2016
2018
Development Project – The Recommended Groundbreaking
Kota Jababeka Condominium Kendal Industrial
Cikarang Development in 2014 Park – Park by
Cikarang - Kawana the Bay
Golf Residence D’Khayangan
2013 Senior Living
Golden Property Launched
Award 2019 Bekasi
2011 Power Plant
Lifetime Achievement
Award to Mr.Setyono commenced
Acquisition operations
Djuandi Darmono 2010
of 1,500 ha
Cikarang Dry land in
2003
Port begins Tanjung
2001 operations Lesung,
Commenced Banten
1996 development of
Inauguration of Property Guru - 2020
1994 Jababeka CBD
Education Park, Best Developer &
1989 Acquisition of including President Industrial Estate
IPO on Menara Batavia University
Jababeka Group Jakarta and in Jakarta CBD
established and Surabaya
started Stock
development of Exchange
the industrial
estate
5
Sizeable land bank in strategic locations with upside potential
Kota Jababeka Cikarang
Master plan: 5,600 hectares
✓ Fully integrated and matured city development 35km east
of Jakarta, 45mins from Jakarta’s CBD
35km east of Jakarta
Land Bank: 1,243ha(1) ✓ Most established industrial area in Greater Jakarta, home
to >2,000 local and multinational companies
INDONESIA
Tanjung
Lesung
Kota
Jababeka Kendal,
Cikarang Central Java
Semarang
Karawang
Surabaya
Tanjung Lesung
Master plan: 1,500 hectares
170km southwest of Jakarta
Land Bank: 1,496ha(1)
Kendal, Central Java
✓ Special Economic Zone for
✓ Master plan: 2,700 hectares Industrial Estate
Designated as a Special Economic Zone for Tourism
450km east of Jakarta
✓
Located 170km southwest of Jakarta and covers more than
1,500 ha of land on a peninsula facing the Indian Ocean
Land Bank: 550ha(1)
✓ Strategically located along the
Jakarta-Semarang-Surabaya
✓ Envisaged to become a first-class integrated resort
destination for both domestic and international tourists ✓ Offers a deep pool of young
and skilled labour at a
Economic Corridor
competitive cost
Note:
1 Land bank as at 31 March 2021 6
Kota Jababeka — Flagship industry-based integrated township
Kota Jababeka is a mature industry-based township strategically located in close proximity to Jakarta CBD, sea port and
airport…
• 35 KM from Jakarta City
• Close to International Airport & Seaport
JORR 2 Toll Road
Cibitung – Tanjung • Accessible by toll road and railway
Priok Seaport
±1.5 • Connectivity with 3 Toll Access / Exit
hours • Development of Major Transportation
KOTA Infrastructure
JAKARTA JABABEKA
Cikarang
Train Station
Lemah Abang
6 lane Highway of Jakarta Inner Ring Road Train Station
Proposed
MRT Station
KM 29
LRT MRT High speed train
KM 31
Tranportation infrastructure
(Proposed / Under Construction)
LRT Track
KM 34
High Speed Train
Elevated Toll Road
MRT Track
Double-double track Railway
Commuter train Elevated toll road JORR 2 Jakarta 2nd Outer Ring (JORR) Road
7
Kota Jababeka – Anchored by a blue-chip customer base
The portfolio of high-quality multinational and domestic customers at Kota Jababeka is a testament to the township's
strategic location and superior infrastructure facilities
Diverse mix of occupants across sectors
(breakdown by number of occupants as of 31 March 2021 Portfolio of high quality customers
11% Electronics
Machinery
7%
Consumer Goods
Chemicals
6%
Automotive
47%
Plastics
6%
F&B
Building
6%
Metals
5% Textile
4% Others
2% 4% 4%
Kota Jababeka is home to over 2,000 local and multinational customers from over 20 countries
8
Jababeka Residence – A City for Your World
Residential & Commercial Developments
Oscar Townhouse Sudirman Boulevard
Cluster Commercial Center
Mixed-Use Developments
KM 29
KM 31
Hollywood Junction, Monroe & Elvis Tower KM 34
Facilities
International President Jababeka Golf & Living Plaza Jababeka Jababeka Stadium
Hospitals
Hotels University & Country Club Jababeka Convention Center
Reputable Schools 9Enhancing Kota Jababeka's value proposition: Jababeka Infrastruktur
PT Jababeka Infrastruktur provides top notch to infrastructure and services, including clean water provision, wastewater
treatment, estate management, and other services such in-house fire brigade, 24-hour security, fiber optics, natural gas
and others…
WWTP 2
WTP 1 Capacity
Capacity WTP 2 WWTP 1
Capacity Capacity 125 L/sec
400 L/sec
200 L/sec 208 L/sec
Wastewater
Treatment Plant
Water Treatment
Plant
Telco Natural Gas
…which meet the international standards and operate in accordance with environmentally
friendly policies in integrated city Kota Jababeka in Cikarang
10Enhancing Kota Jababeka's value proposition: Bekasi Power Plant
KIJA is the only industrial estate developer in Indonesia with its own power plant located within its estate
Integrated Power Generation & Distribution Process
1
100% output to PLN
• 130MW gas fired combined cycle plant
• 20 year 100% off-take agreement from
Perusahaan Listrik Negara (“PLN”)
Buy back from PLN PLN
– Rate per KWH: ~US$11 cents
2
(+ margin) – Average gas cost / MMBTU: ~US$8.7
– Fuel costs borne by PLN on a pass-through
3 Direct sale to factories basis
(+ margin)
– Fully contracted gas supply
– Flexibility to buy back power and resell to
Factories
industrial customers at a premium
Financial Highlights (IDR billion) • During repair of a leakage in one of the boilers
1,600 35%
the power plant operated at about 50% of the
1,400 1,310 1,360 usual capacity for about 3 months in 2016
30%
1,200 1,102 • The power plant was in full “reserve shutdown”
25%
1,000
27% for most of 1Q18 and 2Q19 and has operated
832
800 22%
20% intermittently in other quarters of 2018, 2019,
638
17%
15% and 1Q20. In 2Q20 the power plant was almost
600 16%
15%
10% in full reserve shutdown, whereas in 2H20 the
400 13% 240
5%
plant operated more, but still more reserve
200
164 232 248
136 172 36 shutdown than not – this situation continued in
- 0%
2016 2017 2018 2019 2020 1Q21 1Q21.
Gross Profit Revenue Gross Profit Margin
Providing a significant marketing advantage over its competitors as access to reliable electricity supply is one of the
primary concerns for industrial clients in Indonesia
11Enhancing Kota Jababeka's value proposition: Cikarang Dry Port
Strategic location in the heart of the largest manufacturing zone along the Bekasi-Cikampek industrial corridor…
Airport
JABABEKA
MM 2100
EJIP LIPPO
62%1
HYUNDAI GIIC SURYA CIPTA
Enhanced Accessibility with New Toll Gate KM 29 KIIC KIKC
New Toll Gate KM CFLD KIM
Cikarang Utama
Toll Gate
29 KBI
Highway Exit KM 29
International Port Code: IDJBK
Surrounded by 12+ Industrial Estates and
more than 3,000 manufacturing companiee
Flyover to Jakarta
Notes:
12
1 Estimated % of total throughput at Tanjung Priok Port originating from this areaEnhancing Kota Jababeka's value proposition: Cikarang Dry Port
New
Bonded Office: Office 3rd
Logistics Gate CDP, Party
& PLB
Center Port Quarantine DC Customs
2
(PLB) Code: & Banking
IDJBK
Physical
Inspection
Container
Freight
Railway Station
Emplacement
Reefer
Mobile X-Ray
Container Yard
200 ha of
integrated port & logistics facilities
13Enhancing Kota Jababeka's value proposition: Cikarang Dry Port
Cikarang Dry Port (CDP) is the first and only integrated customs, quarantine and logistics facility in Indonesia…
Overview Revenue (IDR billion)
• Since 2012, Cikarang Dry Port is an official port of origin and 225
destination with international port code IDJBK – now connected with 202
25 major shipping lines 171
• Integrated port and logistics facilities with multi modal transportation 151 146
services
• Smart Port Solution to streamline the business process
• Besides export/import, CDP also serves domestic distribution via main 43
railway line that runs from west Java to east Java and also combining it
with domestics shipping lines services
• Bonded Logistics Centre (FTZ facilities) for Cotton & minerals/metals 2016 2017 2018 2019 2020 1Q21
Selected customer & partner profile at Cikarang Dry Port Throughput (TEU)
Shipping Lines: 95,314
82,161
73,946
Third Party Logistics Provider (3PL): 65,250 62,381
Shippers / Consignees:
17,875
2016 2017 2018 2019 2020 1Q21
…allowing customers to more efficiently manage their imports and exports and benefit from cost savings
14Diversified land bank
A geographically diversified land bank allows KIJA to capture different market segments and enhances earnings resilience…
Township Development & Kota Jababeka Kendal Tanjung Lesung Morotai
Land Bank – Total (1):
5,082ha
1,243ha 550ha 1,496ha 1,794ha
Positioning
Positioning Established MNCs and More cost-conscious Tourism, leisure and Future tourism and logistics
domestic companies willing to customers looking for an hospitality focused integrated hub strategically located in
pay a premium for strategic alternative to Greater Jakarta township to tap into the heart of Pacific Asia with
location and mature industrial estates that still entertainment/leisure natural tropical beauty and
township with top notch provides top notch spending by rising middle World War 2 historic sites
infrastructure in place infrastructure class in Indonesia and relics
Well diversified across multiple segments (segment breakdown by 1Q21 revenue contribution in %):
Real Estate & Others(2): 44% Recurring(3): 56%
24% 2% 5% 7% 1%3% 2% 37% 12% 7%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Developed Land Factory Buildings Commercial Residential Tourism Golf Others Power Plant Water & Estate Services Dry Port
…in addition to benefiting from future infrastructure developments across its land bank locations
Notes:
1 As per 31 March 2021
2 Comprises real estate, golf and other non-infrastructure segments
3 Recurring revenue includes contribution from power plant, dry port and service & maintenance fees 15Kendal Industrial Park – Park by the Bay
Joint Venture between Jababeka (51%) and
Sembcorp (49%) from Singapore
Special Economic Zone for Industrial Estates
Benefits from Sembcorp’s expertise in
developing and marketing industrial estates
across Asia (China, Vietnam, Indonesia) and Kendal Port
Jababeka’s long track record and experience in Tanjung Emas
industrial estate development and Seaport
infrastructure operations
Total planned area of 2,700ha; phase 1: 860ha
Excellent connectivity to major infrastructure Semarang
Ahmad Yani
and amenities Int'l Airport
Distance to Kendal Industrial Park – Park by the Bay
Tanjung Emas International Seaport 25 km
Ahmad Yani International Airport 20 km
Semarang (Central Java capital) 21 km
Official opening ceremony on November 14th, 2016, by the
President of Indonesia, Mr Joko Widodo, and the Prime
Minister of Singapore, Mr Lee Hsien Loong
16Kendal Industrial Park – Park by the Bay
Our Kendal Industrial Park – Park by the Bay development in Central Java is well-positioned to benefit from growing demand
for relatively low-cost industrial estates with good connectivity and competitive labor costs
• Macro infrastructure planning that supports growth of Kendal Industrial Park – improved connectivity and
accessibility (for example newly opened Trans Java toll road and new Ahmad Yani Airport)
• Competitive manpower / low labour costs in Central Java makes Kendal Industrial Park – Park by the Bay
Key Highlights particularly interesting for labor intensive industries
• Numerous human resources education & training facilities
• Top notch infrastructure & One-stop solution for licensing, manpower recruitment, on-site logistics, security
and estate management services
Tenant breakdown (66 confirmed tenants)
17Kendal Industrial Park – Park by the Bay
18Tanjung Lesung
Tanjung Lesung overview
Malaysia
Singapore Location ~ 170 km southwest of Jakarta in Banten
Indonesia
Tanjung Lesung
Tourism-based integrated township (hotels,
Concept
apartments, sailing, diving & beach clubs)
Australia Currently accessible by toll road from Jakarta in
Access
~ 3.5 hours
SOEKARNO – HATTA
Merak International Airport
Krakatau Anyer
Serang
Mountain Jakarta
Pandeglang Jakarta-Merak
Toll Road
Tanjung Lesung
Labuan
Future
Toll road
Panaitan
Island Panimbang
Ujung Kulon
President Joko Widodo speaking on
National Park Tanjung Lesung’s designation as Special
Economic Zone for Tourism
19Tanjung Lesung
Strong government support for Tanjung Lesung's development as a tourism zone...
Facilities and infrastructure at Tanjung Lesung
• Existing infrastructure includes access roads, a water treatment plant, wastewater treatment
plant, electricity supply and telecommunication links
• Visitors currently have access to ~ 300 rooms spread out over two hotels/resorts, a bed and
breakfast and several cottages
• Other facilities: restaurant and bar, golf course, swimming pool, spa, beach club, sailing club, Golf course
private air strip, school, mosque, residential housing units, and a medical clinic
Strong government support for development of Tanjung Lesung
One of 10 New Tourism Destinations in Indonesia that the Indonesian Government is
promoting
New toll road from Serang Timur to Panimbang: A consortium led by PT Wijaya Karya Tbk is Aerial view
constructing the told road and a first section is expected to become operational in 2021.
Tanjung Lesung has been designated as Special Economic Zone for Tourism
Villa with private pool at Tanjung Lesung
…is expected to increase interest from potential investors/partners for the project
20Tanjung Lesung
Current property products
Tanjung Lesung
Beach Hotel
KALICAA
VILLA
21Morotai
Future tourism and logistics hub strategically located in the heart of Pacific Asia with natural tropical beauty and World War
2 historic sites and relics
✓ 3 hours flight from Singapore and Taipei
✓ Great potential for tourism, agricultural and
fishing industries, and as a logistics hub
✓ Morotai is a Special Economic Zone for
tourism and 1 of 10 new tourism destinations
promoted by the government
Evening view at Morotai
Beach view at Morotai
22Clear strategic focus
KIJA's existing pipeline provides visible opportunities over different time frames
• Development of Tanjung Lesung
• Continue to develop and capitalize on
tourism-based township
Kota Jababeka Township
Short Term Medium Term • Development of Morotai, initially as a
• Further development of Kendal
tourism-based township, longer term
Industrial Park in partnership with
also as a logistics hub and for
Sembcorp in Central Java
agriculture /fishery industries
Long Term Vision
• Replicate Kota Jababeka's industry-based integrated township model throughout Indonesia
• Build out an infrastructure facility portfolio (power, water, ports, etc.) to support these new townships
23Financial Highlights
Revenue breakdown (IDR billion) Gross profit (IDR billion) and Gross profit margin (%)
Recurring revenue Real estate & other revenue 1,400 Gross profit Gross profit margin
70%
2,931 2,995
65%
2,712 1,200
1,243 60%
2,396 1,137 1,179
2,254 1,000 55%
1,208 1,221 1,018
1,142 50%
800
963 843 45%
1,336
600 40%
42% 43% 43%
400 35%
1,723 1,774 38% 37% 37%
1,570 30%
1,291
1,060 283 200
238 25%
358
0 20%
2016 2017 2018 2019 2020 1Q21 2016 2017 2018 2019 2020 1Q21
EBITDA (IDR billion) and EBITDA margin (%) Net Income (IDR billion)
1,200 60%
EBITDA EBITDA margin
55%
1,000 427 (2)
1,025
950 50%
800 914
802 45%
600 672 40%
35% 150(2)
400 141(2)
35% 35%
33% 30% 67 (1)
32% 45 (1)
200 31% 30%
207 25% (54)(1)
0 20%
2016 2017 2018 2019 2020 1Q21 2016 2017 2018 2019 2020 1Q21
Notes:
1 Approximate unrealized foreign exchange loss (noncash) for FY18: IDR 248 billion, FY20: IDR 61 billion, 1Q21: IDR 82 billion
2 Approximate unrealized foreign exchange gain (noncash) for FY16: IDR 135 billion, FY17: IDR 59 billion, FY19: IDR 158 billion – and in FY17 additional 1-off expenses of Rp 175bn as a result of redemption of 2019 senior notes 24Balance Sheet Highlights
Assets and cash (IDR billion Debt, Equity (IDR billion) and Debt/Equity (x)
Cash and cash equivalents Total assets 12,000
Total equity Total debt Debt/Equity
12,185 12,200 12,304 0.95
11,784
11,266 10,000
10,734
0.85
8,000 4,359 4,177 4,240 4,373
4,041
3,565 0.75
6,000 0.72 0.70 0.65
0.68 0.68
0.66
4,000 0.63 0.55
5,638 5,900 6,053 6,307 6,260 6,206
2,000 0.45
792 895 884 1,086 1,292 1,177
0 0.35
2016 2017 2018 2019 2020 1Q21 2016 2017 2018 2019 2020 1Q21
EBITDA/Interest expense (x) (including capitalized interest & hedging fees) Net debt/EBITDA (x)
3.1 4.6
2.7
3.7 3.7 3.6 (1)
2.3 3.4
(1)
2.1
1.9
1.7 2.7
2016 2017 2018 2019 2020 1Q21 2016 2017 2018 2019 2020 1Q21
Notes:
1 LTM 251Q21 Financial Highlights Press Release
PT Jababeka Tbk (“KIJA”) recorded a total revenue of Rp 640.6 billion for the first quarter of 2021, an increase of 35% compared to the first quarter of 2020.
The Company’s Land Development & Property pillar saw revenue increase 116% to become Rp 257.8 billion in 1Q21, from Rp 119.6 billion in 1Q20. This
increase in revenue was mainly the result of a strong performance of developed land plot sales, which jumped from Rp 35.1 billion in 1Q20 to Rp 154.8 billion
in 1Q21.
The Infrastructure Pillar revenue increased 7% to become Rp 357.6 billion for the first three months of 2021, compared to Rp 333.5 billion over the same
period of 2020. All Infrastructure segments saw an increase in 1Q21 compared to the same quarter of 2020, the main contributor to this increase was from
Bekasi Power which saw revenue increase by Rp 17.7 billion as the power plant operated more in 1Q21 compared to 1Q20.
KIJA’s Leisure & Hospitality pillar posted a 22% increase in revenue to become Rp 25.1 billion in the first quarter of 2021. This was the result of a better overall
performance of most subsegments within the pillar, including golf and tourism. The golf segment contributed 65% to the total revenue of the Leisure &
Hospitality pillar in 1Q21.
Recurring revenue from the Infrastructure pillar contributed 56% to total revenue in the first quarter of 2021, compared to 70% in 1Q20. This lower
contribution is mainly the result of significantly more revenue contribution from the Land Development & Property segment.
The Company’s gross profit increased by 47% to become Rp 238.4 billion in 1Q21, versus Rp 162.6 billion a year earlier. At the same time, KIJA’s consolidated
gross profit margin for the first quarter of 2021 was recorded at 37%, compared to 34% in the same period of 2020. The slight increase in gross profit margin is
mainly due to an increase in contribution from the Land Development & Property Pillar in 1Q21.
KIJA booked a net loss of Rp 53.5 billion in the first quarter of 2021, a significantly better performance compared to the net loss of Rp 759.8 billion in 1Q20.
The main reason for the huge difference is the impact of foreign exchange (forex) movements as the Company booked a forex loss of Rp 82.1 billion
(translation loss) in 1Q21 compared to a forex loss of Rp 699.1 billion in 1Q20.
The Company’s EBITDA for the first quarter of 2021 was recorded at Rp 207.2 billion, up 74% from 1Q20 when the Company recorded Rp 119.1 billion in
EBITDA.
In terms of Land Development and Property marketing sales the Company achieved Rp 230.8 billion in the first quarter of 2021, more than 2x compared to Rp
110.5 billion in the first quarter of 2020. Marketing sales from Cikarang and others contributed 94%, Kendal 6%. Sales from industrial products (land or land
with standard factory buildings) contributed 73%, while the residential/commercial and others segment contributed the balance 27%. The Company’s full year
2021 marketing sales target is set at Rp 1.4 trillion, which consists of Rp1.0trillion from Cikarang and others, and Rp400bn from Kendal.
Please contact us at tim_beekelaar@jababeka.com if you want to be included in the Company’s distribution list
261Q21 Marketing Sales
1Q21
Description
Area (m2) Amount (RpK)
100% Consolidated / Wholly Owned
Land Plots - Cikarang 55,704 149,882,564
Industrial Buildings - Cikarang 523 5,266,050
Landed Houses - Cikarang 3,597 31,987,190
Commercial / Shop Houses - Cikarang 1,201 18,975,773
Apartments - Cikarang - -
Tanjung Lesung, Rental & Other - 9,383,191
Subtotal 61,025 215,494,768
Joint Venture - Attributable subtotal:
Land Plots - Kendal * 51% 10,073 13,699,280
Industrial Buildings - Kendal * 51% - -
Apartments - Kawana ** 60% - -
Apartments - Riverview *** 51% - 1,652,618
Subtotal (ownership % * sales value) 7,829,468
Total attributable marketing sales 223,324,237
Total marketing sales 71,098 230,846,667
1Q21 Marketing Sales achieved Rp231 billion, compared to Rp111bn in 1Q20
27FY20 Marketing Sales
Description Total Q1 Q2 Q3 Q4
Area (m2) Amount (RpK) M2 Amount (RpK) M2 Amount (RpK) M2 Amount (RpK) M2 Amount (RpK)
100% Consolidated / Wholly Owned
Land Plots - Cikarang 92,966 220,297,389 14,761 42,004,500 16,722 26,736,000 15,314 38,729,988 46,169 112,826,901
Industrial Buildings - Cikarang 11,843 84,872,976 3,337 23,945,413 3,671 26,757,391 4,835 34,170,172
Landed Houses - Cikarang 36,643 202,295,840 2,789 22,325,368 9,680 48,566,731 17,684 85,899,505 6,490 45,504,236
Commercial / Shop Houses - Cikarang 7,157 110,341,523 3,867 44,978,600 1,138 22,927,914 1,319 26,531,827 833 15,903,182
Apartments - Cikarang - 6,068,390 387,000 2,897,181 2,784,209 -
Tanjung Lesung, Rental & Other - 44,579,526 440,000 16,696,618 19,598,636 7,844,272
Subtotal 148,609 668,455,644 21,417 110,135,468 30,877 141,769,857 37,988 200,301,556 58,327 216,248,763
Joint Venture - Attributable subtotal:
Land Plots - Kendal * 51% 169,907 216,153,572 - - - - 79,689 95,437,633 90,218 120,715,939
Industrial Buildings - Kendal * 51% - - - - - - - - - -
Apartments - Kawana ** 60% - 1,608,182 - - - - - 1,608,182.00 - -
Apartments - Riverview *** 51% - 12,460,143 - 660,388 - 2,995,165 - 4,548,713 - 4,255,877
Subtotal (ownership % * sales value) 117,557,904 336,798 1,527,534 51,957,946 63,735,626
Total attributable marketing sales 786,013,548 110,472,266 143,297,391 252,259,502 279,984,388
Total marketing sales 467,125 898,677,540 42,834 110,795,856 61,754 144,765,022 155,665 301,896,085 206,872 341,220,578
KIJA achieved Rp898.7bin Marketing Sales in in 2020, about 54% compared to 2019 mainly due to the Covid-19
pandemic. On a positive note, the performance in 2H20 was more than 2.5x 1H20 on the back of an industrial
pick-up in Kendal and Cikarang, and a successful launch of a landed residential project in Cikarang
28Historical Marketing Sales
Description 2020 2019 2018 2017
M2 Amount (RpK) M2 Amount (RpK) M2 Amount (RpK) M2 Amount (RpK)
Land Plots - Cikarang 92,966 220,297,389 104,269 252,599,124 59,077 233,445,682 64,166 211,899,435
Land Plots - Kendal 169,907 216,153,572 583,415 722,891,817 132,873 160,188,224 10,724 78,192,961
Standard Factory Buildings 11,843 84,872,976 8,995 67,061,942 13,412 98,321,825 12,745 124,146,085
Landed Houses 36,643 202,295,840 26,335 187,416,062 32,232 291,682,182 14,683 403,522,276
Commercial / Shop Houses 7,157 110,341,523 11,249 231,372,395 21,904 304,234,228 - 266,068,746
Apartments - 20,136,715 - 63,665,272 - 176,955,356 132,479 186,693,695
Tanjung Lesung, Rental & Other - 44,579,526 - 139,389,418 110,405 91,144,760 - 263,514,314
Total 318,516 898,677,540 734,263 1,664,396,030 369,903 1,355,972,257 234,797 1,534,037,512
29Debt Overview – As of 31 March 2021
Debt Maturity Profile (in million USD) (1) Fixed vs Floating Interest Rate
$300.0 1%
Standard Chartered Bank Central Asia Floating
Bank Tabungan Negara Bank Negara Indonesia Fixed
Global Notes
99%
IDR vs USD Debt
2%
$2.7
$1.9 $1.9
IDR
$1.0
$0.5 $0.7 $0.7 USD
$0.3
98%
2021 2022 2023 2024
Total Debt as per 1Q21 IDR 4.49 trillion equivalent (1 USD = 14,572 IDR) – average cost of debt 6.57% p.a.
• Bank Tabungan Negara IDR 77bn 11% p.a. Construction Loan (JV w PT PP – Riverview)
• Bank Central Asia USD 1.625mn 5% p.a. Project loan (warehouse in logistics park)
Bank Loans (1)
• Standard Chartered Bank USD 1.87mn 3M LIBOR + 4.15% p.a. Working Capital at Bekasi Power
• Bank Negara Indonesia IDR 13bn 11.75% p.a. Construction Loan (JV with Creed - Kawana)
Senior Notes US$ 300 million Guaranteed Senior Notes Due 2023, Coupon of 6.5% p.a.
• US$ 200 million notional is hedged by means of call spreads with an average lower strike of 13,021 Rupiah and an average upper
strike of 15,997 Rupiah
Hedging Practice
• Recurring revenue provides stability and visibility of cash flows , which are partially based on USD pricing terms (power & water)
providing a natural hedge for USD-denominated interest expenses
Notes:
1 Excludes Rp2bn working capital facility at PT Banten West Java at 9% average interest rate & Finance Lease payables amounting to Rp2.1bn 30Management Team
Average of more than 25 years of industrial township development experience
Board of Commissioners
Setyono Djuandi Darmono Bacelius Ruru Hadi Rahardja Gan Michael
President Commissioner Vice President Commissioner Commissioner Commissioner
(Founder) Independent Commissioner (Founder)
Board of Directors
Budianto Liman Hyanto Wihadhi Sutedja Sidarta Darmono Tjahjadi Rahardja Setiawan Mardjuki Basuri Tjahaja Purnama
President Director Director Director Director Director Director
31KIJA NAV – As per 31 March 2021
Land bank Size (ha) ASP (Rp million) NAV (Rp bn)
Cikarang Inventory 159 4.00 6,352
Land for Development* 1,084 0.55 5,965
Kendal Inventory 1.50
Land for Development* 550 0.35 1,923
Tanjung Lesung Inventory 22 1.00 223
Land for Development* 1,473 0.25 3,683
Morotai Inventory 465 0.20 931
Land for Development 1,328 0.02 265
Subtotal land bank 19,342
Infrastructure & Others (DCF) 2,676
Add (cash, advances, investments in associates, deposits, etc.) 2,678
Deduct (loans, customer advances, etc) (5,623)
Total NAV 19,073
Number of shares (billion): 20.53
NAV per share 929
Share Price (as at March 2021) 176
Discount to NAV 81%
* Replacement value
Disclaimer:
The purpose of this section is to provide shareholders, bondholders, analysts, brokers/dealers, potential investors and other capital market participants with a general overview
of the Company’s internal net asset value (NAV) calculation. The information is provided for quick reference only. The information provided is not an offer to sell securities or
the solicitation of an offer to buy securities. The information has been compiled from sources believed to be reliable. The information contained in this section is subject to
change without notice, its accuracy is not guaranteed, and it may not contain all material information concerning the Company. The Company makes no representation
regarding, or assumes any responsibility or liability for, the accuracy or completeness of, or any errors in or omissions from, any information contained herein.
32Thank You
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