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PT Mega Manunggal Property Tbk


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performance of the business of the Company.


Agenda presentation

Section Pages

1 Brief profile of MMP 1

2 What’s new? 5

3 Investment thesis 17

4 Review of MMP business 23

5 Industry 33

6 Financial review 52

7 Appendix 1 Financial Information 58


Section 1

Brief Profile of MMP


Company at a glance

Overview

PT. Mega Manunggal Property Tbk

(“MMP”) is a warehouse provider that

supports industrial property needs in

Indonesia focusing on developing,

owning and operating logistic

properties, with a focus in

warehousing that specifically meet

international standards.

Established on mid 2010, currently

MMP has Net Leasable Area of area

total 163,911 m2 - including a 90,000

m2 NLA warehouse for PT Unilever

Indonesia, one of the largest Unilever

warehouses globally.

Projects Currently MMP has 4 assets in 2 different

strategic locations:

Bekasi MM 2100:

Unilever Mega DC

Li & Fung Logistic

Selayar

Halim Cililitan, East Jakarta:

Intirub Business Park

MMP is currently building its 5th

warehouse for LAZADA, the largest

Ecommerce in Indonesia in Jalan Raya

Bogor Depok and its 6th and 7th

warehouses in Cibatu and Cileungsi, both

for ARK Logistic that caters towards

FMCG tenants.

-

Facilities Facilities of PT. Mega Manunggal

Property Tbk are developed with

specifications which refer to

international standards to meet

the demand in the Indonesian

logistics services business while

keeping the specifications comply

to local regulations. MMP is

committed to give good quality

products and deliver added value

services to support the client’s

business.

1


Brief profile of PT Mega Manunggal Property Tbk

MMP’s shareholder structure

2

PT Mega Manunggal

Property Tbk

Unilever

Mega DC

Li & Fung

Intirub Business

Park I & II

Selayar

PT Mega Khatulistiwa

Properti

PT Mega Tridaya

Properti

66,6%

PT Intirub

99,0% 99,5%

33,4% GIC

PT Subang Horison

Properti

PT Mega Dharma

Properti

PT Manunggal

Persada Properti

PT Subang

Cakrawala Properti

99,9% 99,5% 99,0% 99,0%

PT Mega Properti

Logistik Nusantara

99,0%

PT Mega Buana

Properti Logistik

99,0%

Cibitung Airport Cibitung Jababeka Depok Cileungsi

Bekasi

Halim


Bonny Budi Setiawan

President Director and

Independent Director

Johny Johan

Director

Company’s management

Board of

commissioners

Board of directors

Hungkang Sutedja

President Commissioner

Tri Ramadi

Vice President

Commissioner

Fernandus Chamsi

Commissioner

Ho Kee Sin

Independent

Commissioner

Zainul Abidin Rasheed Independent

Commissioner

3


Track record of MMP

2018

October 2010

Construction of

Unilever Mega

DC began

3-2011 4-2012

5-2013 12-2011 10-2010 5-2013

10-2012 6-2014

2-2015 2018 1-2014 12-2014 2010 2011 2012 2013 2014 2015

December 2011

DHL began its

operational in

Intirub Business

Park I

NLA: 28.036 m2

2016

December 2014

Construction of

Selayar

completed

NLA: 5.620 m2

August 2010

MMP was

established

May 2013

Construction of Li

& Fung

completed

NLA: 21.612 m2

December 2015

Acquired 9 ha

land for Lazada

Project

April 2012

Construction of

Unilever Mega

DC completed

NLA: 90.288 m2

June 2014

Construction of

Intirub Business

Park II completed

NLA: 18.355 m2

June 2015

Initial Public

Offering

(IPO)

August 2015

MMP signed

lease agreement

with Lazada

September 2016

Ground breaking

for 6th and 7th

warehouses in

Cibatu and

Cileungsi

April 2016

Signed

partnership with

GIC

4


Section 2

What’s New?


A strategy that focuses on three factors of success to reach scalable size

Three factors of success

Efficiency Funding

Volume

500,000 m2

NLA

Min of 10%

average initial

yield

To achieve our NLA target of 500,000 m2 by end of 2018

Continues to reduce construction cost to maximize yield

to cost

Sustainable of funding structure and recycle of cash

To accelerate growth and generate stable cash flow

Sustain profitability and greater EBITDA margin

Timely execution of development

To increase transparency and good corporate

governance

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.

5


On the right track...

We have done two groundbreakings in September 2016 for a total of approximately 75,000 m2 NLA warehouses, with pre-committed leasable area

of 47,000 m2. Inquiries for Block AE increase with 55,000 m2 currently under discussion.

Strategic location

Target yield 9 – 11%

Has secured tenants

Payback periods 8 years

Penetration outside greater Jakarta to other big cities in Indonesia such as

Surabaya, Kalimantan etc.

Targeting Top 5 Companies in different sectors :

(Consumer, Logistic, Manufactures, E-commerce, Trading)

Development criteria Strategic business

Location: MM2100 Industrial estates, West Cikarang, Bekasi

Land area: 35,740 m2

Net leasable area: 21,328 m2 (ground floor) and 18,718 m2 (upper floor)

Estimated completion: 4Q 2017

Location: Scientia Boulevard Jababeka V, Cikarang

Land area: 50,000 m2 Net leasable area: 36,216 m2

Tenant: ARK Logistic Lease period: 10 years

Estimated completion: 4Q 2017

6


Current pipelines on track to achieve our NLA targets

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.

Tenants Company Location Sector Land area, m2 NLA, m2

Site

identified

Land

acquired

Estimated

opening Current status

3PL MBPL Airport Logistic 55,000 9,000 ✓ ✓ Q3 2017 Solution design progress

3PL MBPL Airport Logistic 55,000 20,000 ✓ ✓ 2Q 2018 Solution design progress

3PL SCP Cibitung Logistic 36,000 10,000 ✓ ✓ 4Q 2017 Already submit LOI

3PL SCP Cibitung Logistic 36,000 10,000 ✓ ✓ 4Q 2017 Waiting for tender result

3PL SCP Cibitung Automotive 36,000 5,000 ✓ ✓ 4Q 2017 Fact finding progress

3PL SCP Cibitung Logistic 36,000 10,000 ✓ ✓ 3Q 2017 Fact finding progress

3PL SCP Cibitung Logistic 36,000 11,000 ✓ ✓ 4Q 2017 Already have approval for Contract signed by Regional

3PL SCP Cibitung Healthcare Consumer 36,000 5,000 ✓ ✓ 1Q 2018 Already survey all Cibitung site, now we are continuing

to discuss detail regarding the spesific req

3PL SCP Cibitung Manufactur 36,000 5,000 ✓ ✓ 4Q 2017 Fact finding progress

3PL SCP Cibitung Shell 36,000 5,000 ✓ ✓ 2Q 2018 additional space for Shell

3PL SCP Cibitung Logistic 36,000 8,000 ✓ ✓ 3Q 2018 Fact finding progress

3PL SCP Cibitung Manufactur 36,000 30,000 ✓ ✓ 4Q 2017 Solution design progress

3PL SCP Cibitung FMCG 36,000 10,000 ✓ ✓ 2Q 2018 Fact finding progress

3PL SHP Cibitung FMCG 46,000 7,000 ✓ ✓ 3Q 2017 Using temporary WH at Cikarang, waiting Mondelez

tender result

3PL SHP Cibitung Pharmacies 46,000 15,000 ✓ ✓ 1Q 2018 Waiting for tender result

3PL - Cikarang Chemical 35,000 22,000 ✓ ✓ 4Q 2018 Solution design progress

3PL - Cikarang/Cibitu

ng FMCG 35,000 20,000 ✓ 4Q 2017 Already submit LOI

3PL MPLN Cileungsi FMCG 25,000 30,000 ✓ ✓ 2Q 2018 Solution design progress

3PL - Cimanggis 3PL 20,000 5,000 ✓ 3Q 2018 Waiting for land status at Raya Bogor for BOT

7


Current pipelines on track to achieve our NLA targets

Tenants Company Location Sector Land area, m2 NLA, m2

Site

identified

Land

acquired

Estimated

opening Current status

3PL - Medan 3PL 25,000 15,000 ✓ 2Q 2018 Solution design progress

3PL - Surabaya 3PL 40,000 20,000 ✓ 1Q 2018 Solution design progress

3PL - Semarang 3PL 20,000 5,000 ✓ 2Q 2018 Fact finding progress

Consumer - Surabaya FMCG 70,000 37,000 ✓ 2Q 2018 Waiting for Open Tender process by early 2017

3PL - Surabaya FMCG 20,000 12,000 ✓ 1Q 2018 Already submit LOI

3PL - Surabaya 3PL 70,000 28,000 ✓ 3Q 2018 Fact finding progress

Consumer - Raya Bogor,

Jakarta Ecommerce 90,000 30,000 ✓ 1Q 2018 Waiting for land status at Raya Bogor for BOT

Consumer - Raya Bogor,

Jakarta FMCG 90,000 50,000 ✓ 2Q 2018 Fact finding progress

3PL - Surabaya 3PL 20,000 5,000 ✓ 3Q 2018 Fact finding progress

3PL - Surabaya Raw Mat 20,000 5,000 ✓ 2Q 2018 discussion on design

3PL - Surabaya 3PL 20,000 5,000 ✓ 1Q 2018 Solution design progress

Consumer - Tangerang 3PL 50,000 30,000 ✓ 4Q 2018 Fact finding progress

8

Note :

3PL: Third Party Logistic


Focus in built to suit warehouse

Facts

MMP has track record to complete complex construction

Our capabilities to build high specification warehouses:

- Superflat floors

- Double decker warehouse

Increase profitability

Increase recurring revenue

Results in higher margin since majority of

the expenses bear by tenant

Strengthen our brand name

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

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

9


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 will bring a total of Rp2.7trn of 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

Our corporate structure allows for flexible funding

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.

10


Values created from existing assets

Existing operating assets generate high yield to cost

628.5 745.3 826.9 833.3 846.2

460.4

629.3 785.0 809.9 832.7

8.7%

14.7% 14.7% 15.9%

17.3%

5.0%

7.9% 7.5% 8.1% 8.7%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2012 2013 2014 2015 2016E

Asset at cost, Rp bn Fair value changes, Rp bn Yield to cost (LHS) Yield to current cost (LHS)

Existing operating assets IRR since the inception

109%

32%

17%

56%

80%

0%

20%

40%

60%

80%

100%

120%

Unilever Li&Fung Selayar IBP Total11


Yield to cost continue to increase

Yield to cost continues to improve

Values of existing operating assets have yet to peak

10.7%

19.2% 17.8% 17.2% 17.1%

-0.1%

4.5%

11.1% 8.9%

11.7%

0.0% 0.0% 0.0%

4.9%

9.5%

6.7%

10.5% 13.1%

19.6%

22.6%

-5%

0%

5%

10%

15%

20%

25%

0

100

200

300

400

500

600

700

800

900

2012 2013 2014 2015 2016E

Unilever at cost, Rp bn Li&Fung at cost, Rp bn Selayar at cost, Rp bn IBP at cost, Rp bn

Unilever YTC Li&Fung YTC Selayar YTC IBP YTC

6.9%

11.1%

9.3% 8.9% 8.8%

-0.1%

3.9%

8.6%

6.6%

8.6%

0.0% 0.0% 0.0%

4.6%

8.9%

2.3%

4.0% 5.1%

7.5% 8.7%

-2%

0%

2%

4%

6%

8%

10%

12%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2012 2013 2014 2015 2016E

Unilever at current cost, Rp bn Li&Fung at current cost, Rp bn Selayar at current cost, Rp bn

IBP at current cost, Rp bn Unilever Li&Fung

Selayar IBP 12


Simulation for cash recycle

Equity value of Unilever has grown 5x over 5 years

0

200

400

600

800

1,000

2012 2016E

Equity, Rp bn Debt, Rp bn

445.5

885.6

Cash recycle is earnings lucrative. If we were to recycle Unilever WDC and invest in 10% yield warehouse, EBITDA is expected to increase by 48%

42.7 42.7

34.9

72.0 72.0

0

20

40

60

80

100

120

140

2016E Additional EBITDA Total EBITDA

Forgone EBITDA assuming 45% stake

on the asset is sold at current market

Additional EBITDA obtained after

investing proceed at 10% yield

Combined EBITDA increased by 48%

from EBITDA prior to sales

13


Continuous effort to cut costs amid aggressive capacity expansion

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%

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

Efficiency

Volume

Plan to construct 4 to 5 warehouses this years (2017) and 5-6 warehouses next year (2018)

Block AE has started construction in September – a 39,000 m2 sheltered warehouse, which will be

completed in end of year 2017

Phase II warehouse for Lazada to begin in 2H16 – 30,000 m2, which will be completed in mid 2018

MMP warehouse no. 7 in Cibatu has also started its construction in 2016 – a 36,000 m2 which will be

completed in end of year 2017

There are two more warehouses to be built in Q4 2017

14


Continue to improve operating efficiency

Investing in operating system to release some of the

operational bottleneck and to improve our productivity

Implement a unified database for storage of tenant

records and other information to reduce costs and

improve efficiency

Increase scale of NLA Warehouse will allow us to achieve

economies of scale

Gain greater bargaining power in procurement process

Invest in marketing team

Integrated IT platform Reducing cost

Outsourcing to support our services including cleaning service,

parking etc.

Standardize warehouse specifications to shorten the building

process

Benchmarking our construction cost with other industry

players

Investing in engineers

Effective tender process to determine the most effective

contractors

Quarterly review of budgeting to ensure that costs are

aligned with the proposed budget

Invest in high quality people to manage estates and to

increase productivity

Management focus Economies of scale

15


Rights Issue Plan

16

Number of new shares issued Up to 3,076,920,000 shares or up to 35% of enlarged capital

Target proceed IDR1tn – IDR2tn

Rights ratio To be determined

EGM date 3 April 2017

Indicative timing 2017

Rationale for rights issue

Strengthen balance sheet and allow it to pursue strategic opportunities

Increase debt headroom for ongoing operational requirements and finance capex for

growth

Listing venue Indonesia Stock Exchange (“IDX”)

Rights discount To be determined

Use of proceed

Business development / expansion

Capital expenditure - Purchases of land and construction of new projects

Working capital


Section 3

Investment Thesis


Investment consideration

17

Provider of high quality and international standard logistic properties 1

Proven track record in developing and delivering logistic properties 2

Solid business model that provides stable and recurring cash flow 3

Strategically located logistic property in Indonesia 4

Diversified and strong client base 5


1. Provider of high quality and international standard logistic properties

Note: Not all MMP’s logistic properties are equipped with the above specifications

Standard

warehouse

Unilever

Mega DC Li & Fung

Intirub

Business Park Selayar Lazada

Floor

capacity ≤ 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

Ceiling

height ≤ 5,0 m

12 m

(center 17 m)

11 m

(center 12,5 m)

10 m (Tahap I)

9 m (Tahap II)

9 m

(center 13m)

12 m

(center 16 m)

Distance

between

pillar

≤ 8,0m

Main area:

18 x 36 m

Area aerosol:

9 x 28,5 m

27 x 18 m;

30 x 18 m

Stage 1:

Basement: 8 x 8 m

Ground Floor

8 x 30 m

Stage 2:

Basement:

6 x 15 m

Ground Floor

12 x 30m

30 x 12m 24 x 18 and

32 x 18

Level single Single (multi

racking)

Single (multi

racking) Multi Single

Single (multi

racking

Flooring standar Super flat Super flat Flat Flat Flat

Warehouse specification Typical specification from high-performance logistic properties

1

2

3 3

Office space

Better working

environment for

employees

2

3

1

Car Berths

Number of facilities that

allow trucks to

loading/unloading efficiently

Dock shelters

To prevent and protect from wind,

rain, moisture, dust, etc., while

handling cargos.

Ceiling height of 5,0 m or

more to provide space for

cargo lifting using

forklifts

Distance between

pillar 8,0 m or more

to increase

efficiency

Floor capacity 1,5 ton/m2

or more to accommodate

use of forklifts

MMP’s existing logistic properties surpass main criteria and specification for modern logistic

properties.

18

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


2. Proven track record in developing and delivering logistic properties

Growth in NLA in the past 3 years

MMP has proven track record in acquiring land and developing logistic properties, which generally takes around 9 to 18 months to

complete construction.

Consistency in maintaining occupancy rate above 90%

Project Land Area Gross Floor Area Net Leasable Area Date of Contract Months to develop Delivery date

Unilever Mega DC 194.297 m2 156.462 m2 90.288 m2 15 December 2010 16 months 25 April 2012

Li & Fung 34.637 m2 21.702 m2 21.612 m2 9 July 2012 11 months 15 May2013

Standard Warehouse Building

Project Land Area Gross Floor Area Net Leasable Area Date of Contract

Months to

develop

Delivery date

Intirub Business Park I 28.195 m2 30.086 m2 (warehouse) + 5.455 m2 (office) 23.397 m2 (warehouse) + 4.639 m2 (office) 30 Dec 2011 9 months 15 Jan 2012

Intirub Business Park II 32.380 m2 23.219 m2 (warehouse) + 5.696 m2 (office) 13.709 m2 (warehouse) + 4.646 m2 (office) 23 Dec 2013 18 months 21 April 2014

Selayar 9.164 m2 5.742 m2 5.620 m2 27 April 2015 12 months 28 April 2015

Built-to-suit

19

2 0 1 3 2 0 1 4 2 0 1 5 9 M 1 6

Unilever IBP I L&F IBP II Selayar

2 0 1 3 2 0 1 4 2 0 1 5 9 M 1 6

Unilever IBP I L&F IBP II Selayar

139,811 158,137

163,911 163,911

(%)

97%

94%

Occupancy rate

97% 100% CAGR 17,7% m2

NLA


3. Solid business model that provides stable and recurring cash flow

Unilever Mega DC

(operated by Linfox) Li & Fung

Rental revenue

9M16:

Rp 63.79 bn

Rental revenue

9M16:

Rp 11.88 bn

Intirub Business Park

Rental revenue

9M16 :

Rp 43.29 bn

Selayar

MMP focuses towards developing warehouse with size of

5.000 to 100.000 m2.

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.

High operating leverage with high EBITDA margin.

Improve tenants’ efficiency and productivities through

centralization of warehouses.

Competitive advantages Operating assets that provide recurring and stable cash flow

Rental revenue

9M16:

Rp 3.23 bn

20


Jakarta, Banten &

Jabar 57%

Jateng 6%

Jatim 9%

Riau & Kep. Riau

9%

Sumut 4%

Sumbar 1%

Sulsel 2%

Sulteng 4%

Kaltim 3%

Bangka Belitung

5%

Jakarta, Banten &

Jabar 71% Jateng

5%

Jatim 8%

Riau & Kep. Riau

8%

Sumut 5%

Sumbar 0%

Sulsel 2%

Kaltim 1%

4. Strategically located logistic property in Indonesia

Near centre of production and consumption

Easy access towards transportation network

Easy supply of labour workforce and convenient

transportation for employees

Provide benefits to tenants in reducing logistic costs

Source: Himpunan Kawasan Industri

% Industrial estate areas % Industrial estates that are developed

Located in Java Island that is the centre for industries with the largest industrial estates in Indonesia

BEST Cinere

Kunciran

Tangerang

Cengkareng Penjaringan

Tanjung Priok

DKI

Jakarta Kebon

Jeruk

Ulujami

Veteran

(Pd Pinang)

Jagorawi

(Cimanggis)

Jawa Barat

Cibitung

Cikunir

Jatiasih

Hankam Raya

(Jatiwarana) Taman

Mini

Laut Jawa

Banten

Bekasi

Cakung

Cilincing

(Rorotan)

15

14

13 12

9

8

7 6 5

3

2

1

16

17

11

4

10

Operational

In construction

Negotiation/tender

Contract signed

1 to 9 JORR I

10 to 17 JORR II

Located in Java Island that is the centre for industries with the largest industrial estates in Indonesia

21


5. Diversified and strong client base

Consumption

Logistic

Bank

Logistic

E-commerce

Manufacturing

Training

Build to Suit

Multi Tenant

Tenant profile of MMP’s logistic properties as of 30 Sep 2016

E-commerce

22

Consumer 1%

E-commerce 6%

Logistics 22%

Manufacture 61%

Service 1%

Trading 1%

Training Center 1%

Others 7%


Section 4

Review of MMP Business


Location MMP’s logistic properties

(in km) Intirub

Business Park

Unilever Mega

DC Li & Fung Selayar Lazada Block AE Block H Cileungsi Cibatu

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

Distance to International Airport 39 66 65 66 60 66 67 59 73 23


Logistic property profile – Unilever Mega DC

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.

24


Logistic property profile – Li & Fung

Location : M2100 industrial estates, West Cikarang,

Bekasi



NLA : 21.612 m2

Lease period : 5 years, with option to extend for another 5

years


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

25


Logistic property profile – Intirub Busines Park I & II

Intirub Business Park I

Location : Halim, East Jakarta


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


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 : 9 m

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)

26


Property logistic profile – Selayar

Location : MM2100 industrial estates, West

Cikarang, Bekasi



NLA : 5.620 m2


Ceiling height : 9 m (center 13 m)

Special specifications : 6 loading doors with 2 loading dock

levelers

Tenants : Yusen Logistics Solution Indonesia

27


Building value delivering result

37

From Abandoned Factory In progress to become the largest DC for LAZADA Indonesia

28


Property logistic profile – Lazada

Location : Tapos, Depok


Gross floor area : +/- 62.000 m2 (phase 1 and phase 2)

Lease period : 10 years, with option to extend for another

5 years


Ceiling height : 12 m (center 16m)

Tenant : LAZADA

Specification:

- Flat floor;

- Parking Area & Basement Area

- Double Decker (stage 2)

29


Property Profile – AE Warehouse

Location : MM2100 Industrial Estates, West Cikarang, Bekasi

Land Area : 35,740 m2

Net Leasable Area : 21,328 m2 (ground floor)

18,718 per m2 (upper floor)

Estimated Completion Year : 2017 Cawang

Intersection Cikunir

Intersection

MM2100

Industrial Estate

Architectural & Structural Specification:

-Floor Load Capacity : 4 ton/m2 (Ground Floor) 3 ton/m2 (Upper Floor)

-Foundation : 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

30


Property Profile – Cibatu Warehouse

Location : Scientia Boulevard, Jababeka V

Cikarang

Land area : 50,000 m2

Net Leasable Area : 36,216 m2

Lease period : 10 years

Tenant : Ark Logistics

Estimated Completion Year : 2017

31


- 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


- Sprinkler : Yes

- Smoke Detector : Beam Detector

- Artificial Lighting : 100 lux (Warehouse)

- Generator Set : 400 KVA


Property Profile – Cileungsi Warehouse

Location : Jl Raya Narogong KM 17, Cielungsi

Land area : 50,000 m2

Net Leasable Area : 31,392 m2

Lease period : 10 years

Tenant : Ark Logistics

Estimated Completion Year : 2017

32


- Sprinkler : yes

- Smoke Detector : yes (laser beam detector

- Artificial Lighting : 120 lux – 150 lux

- Generator Set : on design process (around 50% of

total power needed)


- 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


Section 5

Industry


33

Evolution of the logistics sector

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.


34

• 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.

Evolution of the logistics sector


A nascent industry to enter

35

26%

19%

9% 8%

14%

9%

13%

2016 2020 2035 Singapore Malaysia Japan South Korea

Logistic cost as % of total GDP


Economic Growth and Scale

The Potential Opportunity

36

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.


Asia logistics, industrial yields and rentals

Asia logistics / industrial yields by key centres Asia logistics / industrial rentals by key markets

0%

2%

4%

6%

8%

10%

12%

India China Japan Singapore Hongkong

Yie

ld (

%p

er

an

nu

m)

Yield (%p.a) Risk - free Rates

Source: Colliers International

5% 5%

0%

5%

4%

10%

3%

0%

2%

4%

6%

8%

10%

12%

0

5

10

15

20

25

HongkongSingapore Tokyo Delhi Shanghai Beijing Guangzhou

Rental, US$ per sq ft p.a. (LHS) Forecast growth, % YoY

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.

37


Asia Logistics / Industrial Rental

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.

38


High logistic cost demand better infrastructures

“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

39


Future toll road that will create value to our properties

40


Attractiveness of the Locations – Connectivity

41

In terms of distance and accessibility, Surabaya and Gresik will be potential for new warehouse locations

Tanjung Priok Port

38 km

75 km

30 km

67 km

Karawang and Bogor are the 2 furthest satellite cities to Tanjung Priok Port, 75 km and 67 km respectively. While,

Tangerang and Bekasi have a distance of 38 km and 30 km respectively, to Tanjung Priok Port. Hence, Tangerang and

Bekasi is more efficient in terms of distance to Tanjung Priok Port which have further implication on delivery times.


42

Attractiveness of Greater Jakarta Connectivity and Established Infrastructures

Toll Roads Airports Railways

Greater Jakarta has been

connected by 18 toll roads with

length of 292.44 km throughout

Jakarta, Bogor, Depok,

Tangerang, dan Bekasi.

15 toll roads are operated by

Jasa Marga and the other 3 toll

roads are operated by private

sectors.

Greater Jakarta has integrated

railways transportation, which

include passengers and

cargoes transportation.

Indonesia’s government starts

to build railways project within

Soekarno-Hatta International

airports in terms of utilizing

Indonesia’s railways

transportation potential.

Jakarta is also supported by

two major airports which

located in West Jakarta and

East Jakarta.

Indonesia’s government and

state-owned airport operators

Angkasa Pura I dan Angkasa

Pura II are keen to attract

participation through public-

private partnership

This will positively affect the process of delivering goods and services for tenant companies,

which becomes competitive advantage for warehouse investment


Industries driving the demand for logistics

43

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


Indonesia Manufacturing Industry Snapshot

44

647 725 812

910 1,020

1,143

2015 2016 2017 2018 2019 2020

9.00%

Food and Beverage Manufacturing Sector

GDP Value, 2015-2020, IDR Trillions

2,405 2,622 2,858 3,115 3,395 3,700

2015 2016 2017 2018 2019 2020

1. Positive demographics profile

2. Robust economic growth

3. Large number of middle income class

4. High degree of consumption

Growth Drivers Market Restraints

1. Slowing in global economy

2. Poor logistics infrastructure

3. High logistics cost

4. Regulation

Manufacturing Industry GDP Value,

2015-2020, IDR Trillions

The growing economy will further amplify the manufacturing industry,

especially food & beverages that will create bigger demand of warehousing

Source: Frost & Sullivan


45

Indonesia e-Commerce Market Snapshot

1. Positive demographics profile

2. Robust economic growth

3. High ICT adoption

4. Large number of local players

Growth Drivers Market Restraints

1. Poor logistics infrastructure

2. Large unbanked population

3. Low adoption of cashless payment

4. Limited ICT competency

31.1%

Indonesia e-Commerce Market Size, 2015-2019, USD Millions

Ecommerce is a growing tent that will push up the demand of warehouse space Source: Frost & Sullivan


46

Government’s investment on infrastructure will boost efficiency for

wholesale, retail, and automotive sector

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

Greater Jakarta GDRP by Key Industries, 2015

(% of GDRP)



47

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

Infrastructure initiatives help boost economic improvement

Source: World Bank, Indonesian Statistical Agency, Frost & Sullivan

Growth of Service Segment 2011- 2016 (f)



Source: EIU, Euromonitor

High growth, large domestic

market

Low growth, small

domestic market

Low growth, small domestic

market

Low growth, large domestic market

Indonesia

Singapura

Filipina

Thailand

Malaysia

Jepang

Australia

Vietnam

Myanmar

0

50

100

150

200

250

300

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%

Popula

tio

n (m

n)

Estimated average real GDP growth 2012-2016F

Indonesia continues to be an attractive target for FDI

Competitive wages and large domestic market makes Indonesia to be an attractive target for FDI in ASEAN

Rising middle class income

• Jakarta minimum wage increased 17.9% per year on average,

which will imply in higher labour cost due to higher inflation rate.

Productivity issue is assumed to be constant.

• Abundant amount of working-age population will increase labour

availability in the long-term. The composition also shows that

male workers are dominating in working-age population.

Resilient economy growth and large domestic market are expected to boost investment in Indonesia

Increase in minimum wages helps boost consumption in Indonesia, while minimum wages in Indonesia continue to be in the uptrend

48

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

2011 2012 2013 2014 2015Minimum Wage Increase in PMW

Rp

Jakarta’s Historical Minimum Wage 2011 - 2015

Source: JLL

Indonesian population is becoming wealthier and consumption is

expected to increase. By 2020, more than half of the population

is expected to be middle class or above

30% Middle and above

70% Below middle 53%

Middle and above

47% Below middle


Demand and land price overview in industry property

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.

Source: Central Bank of Indonesia; Frost & Sullivan Analysis

Warehouse Demand in Greater Jakarta (Jabodetabek) Land price (USD/m2)

49

94.00

96.00

98.00

100.00

102.00

104.00

106.00

108.00

110.00

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4e

2014 2015 2016

Warehouse Demand Index, 2014-2016

(Quarterly)

0

50

100

150

200

250

2011 2012 2013 2014 2015U

SD/s

qm

Greater Jakarta Industrial Land Price

Bogor Bekasi Tangerang Karawang

Increase 9% in

Q4 2016 from

Q1 2014

Source: Analysis by Frost & Sullivan


Riding along with the growing E-commerce

Increasing middle class income has helped E-commerce sectors growing at 42% CAGR 2012-15

195 180 145

170

45 85 135 110

2010 2020 2030 2030

Below Global Consuming Class Global Consuming Class

(5-6% GDP Scenario) (7% GDP Scenario)

Source : BPS, Bappenas, UNPP, Mckinsey

Estimated B2C eCommerce sales by country 2013 – 2016 (in USD billion)

2013 2014 2015E 2016E

China 181.6 274.6 358.6 439.7

Japan 118.6 127.1 135.5 143.1

South Korea 18.5 20.2 21.9 23.7

India 16.3 20.7 25.7 30.3

Indonesia 1.8 2.6 3.6 4.9

E E E

50


E-commerce in Indonesia

51

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.

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.

The Indonesian population has a large online presence.

Internet and mobile internet traffic has increased significantly.


Section 6

Financial Review


Solid revenues growth

Development of NLA and Occupancy Rate Each asset contribution towards revenues

In the past 2 years, MMP has successfully posted a 51,2% CAGR to Rp141,9bn in 2014 supported by growth in NLA and occupancy rate.

Currently, our NLA stood at 163.911 m2 .

2013 2014 2015 9M16

Net Leasable Area

(m2) 139,811 163,757 163,911 163,911

Leased area (m2) 135,311 154,623 159,318 163,911

Occupancy Rate (%) 97% 94% 97% 100%

(Rp bn) 2013 2014 2015 9M16

Unilever Mega DC 88.3 82.9 85.97 66.14

Li & Fung 6.8 16.2 13.95 12.81

Intirub Business Park 24.4 42.8 60.93 48.49

Selayar - - 2.64 3.41

Total revenue 119.5 141.9 163.49 130.86

52

139,811 158,137 163,911 163,911

97% 98% 97%

100%

55%

60%

65%

70%

75%

80%

85%

90%

95%

100%

105%

-

50,000

100,000

150,000

200,000

250,000

2013 2014 2015 9M16

Net Leasable Area (m2) Occupancy Rate

88.29 82.95 85.97 66.14

24.44 42.76 60.93

48.49

6.75

16.21

13.95

12.81 -

2.64

3.42

2 0 1 3 2 0 1 4 2 0 1 5 9 M 1 6

Unilever IBP L&F Selayar

CAGR 62.3%


Summary of profit and loss comprehensive

Summary of profit and loss and other comprehensive income

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.

(Rp bn) 2013 2014 2015 9M15 9M16

Revenues 119.5 141.9 163.5 120.2 130.8

Operating profit 105.6 114.3 121.7 91.8 89.3

Finance Costs -36.1 -43.9 -51.8 -38.9 -35.9

Forex gain / loss - net -117.7 -15.2 -28.9 -46.5 8.9

Changes in fair value of PI 222.4 261.1 64.8 - -

Profit before tax 174.2 309.4 131.0 22.4 78.1

Income tax -12.2 -14.2 -16.3 -12.0 -13.1

Comprehensive income (loss) 90.5 286.4 114.4 10.4 64.9

Appraised value of Investment properties

per 31 Desember 2015 1 (Rp bn)

Unilever 857.5

Li & Fung 170.1

Selayar 45.5

Land bank 464.8

Intirub Business Park 570.1

Total investment properties 2,108

Note:

1) Appraised value from KJPP Stefanus Tonny Hardi & Rekan

Asset yield

Component of recurring value creation

8.7%

14.7% 14.7% 15.9%

17.3%

5.0%

7.9% 7.5% 8.1% 8.7%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2012 2013 2014 2015 2016E

Asset at cost, Rp bn Fair value changes, Rp bn

Yield to cost (LHS) Yield to current cost (LHS)

53

222.4 261.1

64.8

119.5 141.9

163.5

120.2 130.8

2013 2014 2015 9M15 9M16

IDR

Bn

Increase in fair value of investments properties Rental Revenue


Summary of financial position

Summary of financial position Asset and capital structure

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 0.1x at the end of Sep 2016.

(Rp bn) 2013 2014 2015 9M15 9M16

Cash and cash equivalent 6 11 383 817 231

Current asset (a) 89 82 519 893 319

Investment properties 1,749 2,037 2,388 2,042 2,771

Non current asset (b) 1,751 2,056 2,685 2,255 3,136

Total asset (a+b) 1,840 2,139 3,204 3,148 3,455

Short term liabilities (c) 604 137 176 199 179

Long term liabilities (d) 368 554 478 504 426

Debt 563 597 587 614 468

Total liabilities (c+d) 972 691 653 702 605

Paid in capital 75 400 571 571 571

Retained earnings 530 816 932 826 996

Total equity 868 1,448 2,551 2,446 2,850

54

1,749

2,037

2,388 2,042

2,771

563 597

587 614 468

868

1,448

2,551 2,446 2,850

0.6x

0.4x

0.2x 0.3x

0.2x

-0.1x

0.0x

0.1x

0.2x

0.3x

0.4x

0.5x

0.6x

-

500

1,000

1,500

2,000

2,500

3,000

3,500

2013 2014 2015 9M15 9M16

(x)

IDR

Bn

Investment Properties Debt Equity Net Debt-to-Equity


Summary of financial position

Revenues, Rp bn EBITDA, Rp bn

Equity, Rp bn Capital Expenditure, Rp bn

48,345

55

51.3%

2013 2014 2015 9M16 Target

Land (IDR Bn) Building (IDR Bn) CIP (IDR Bn)

284,506 233,295

286,807

679,000

383,181

119,486

141,918

120,194

163,492

130,863

2013 2014 9M15 2015 9M16

Revenue (Rp bn)

106,268 115,063

92,445

122,852

91,475

2013 2014 9M15 2015 9M16

EBITDA growth (IDR bn)

52.8%

868,242

1,445,182

2,442,854 2,548,111 2,612,769

2013 2014 9M15 2015 9M16

Equity (IDR Bn)


Key performance matrix

2012 2013 2014 2015

CAGR

2012-15 9M15 9M16 %YoY

Operational metric

Net Leasable Area, m2

Built to suit 90,288 111,900 111,900 111,900 7% 111,900 111,900 0%

Multi tenants 27,911 27,911 51,857 52,011 23%

51,857 52,011 0%

Total, m2 118,199 139,811 163,757 163,911 12% 163,757 163,911 0%

Occupancy rate, %

Built to suit 100% 100% 98% 97% - 97% 100% 3%

Multi tenants 55% 84% 87% 98% - 98% 100% 2%

Average occupancy rate, % 89% 97% 94% 97% - 97% 100% 3%

Average remaining lease term,

years 10.0 7.5 6.5 6.0 -

6.0 5.0 -17%

Revenue by segment

Revenue, Rp bn

Rental built to suit 50,594 94,931 99,160 99,922 25% 76,397

78,955 3%

Rental multi tenants 11,472 24,555 42,758 63,570 77% 43,797 51,909 19%

Total revenues, Rp bn 62,066 119,486 141,918 163,492 38%

120,194 130,864 9%

Profitability

Operating Profit (EBIT), Rp bn

Built to suit 39,365 81,881 83,514 77,714 25%

59,765 72,139 -21%

Multi tenants 9,476 23,721 30,736 44,134 67%

32,077 17,144 -47%

Total EBIT, Rp bn 48,841 105,601 114,251 121,848 36% 91,843 89,283 -3%

EBIT margin, % 79% 88% 81% 75% - 76% 68% -11%

EBITDA, Rp bn 49,296 106,267 115,063 122,852 36% 92,445 91,475 1%

% margin 79% 89% 81% 75% 77% 70% -9%

Finance Cost, Rp bn -16,253 -36,054 -43,863 -51,843 47% -38,886 -35,904 -8%

Forex loss net, Rp bn -21,987 -117,712 -15,201 -32,018 13% -46,465 8,970 -119%

Interest Income, Rp bn 204 63 1,045 28,203

15,595 15,729 1%

Profit before tax, Rp bn 372,338 174,187 309,395 131,003 -29% 22,446 78,061 248% 56


Revenues breakdown

Built to suit warehouses account for two third of total revenues

Revenues breakdown

Net leasable composition area

As of 30 Sep 2016

57

Built to suit

(% of total revenue) 79% 70% 61% 64% 60%

Revenue

IDR Bn

94,931 99,160 99,922 76,397 78,955

24,555 42,758

63,570

43,797 51,909

2013 2014 2015 9M15 9M16

Built to Suit Multi Tenants

141.918

163.492

120.194 119.486 130.864


Section 7

Appendix 1


Unaudited Balance Sheet

Year to Dec 31, Rp mn 2012* 2013* 2014* 2015* 9M15 9M16 % YoY

Cash and Equivalents 6,309 6,368 11,311 382,973 816,595 231,510 -71,6%

Trade receivables 381 10,457 13,714 8,775 16,890 11,103 -34.3%

Other current assets 81,964 72,054 57,381 127,100 59,602 76,247 27.9%

Property & equipment 1,262 1,236 2,107 13,483 1,953 14,071 620.5%

Investment properties 1,409,229 1,748,426 2,036,806 2,388,400 2,042,285 2,771,580 35.7%

Other non-current assets 962 1,469 17,183 283,589 210,581 350,307 66.4%

Total assets 1,500,107 1,840,010 2,138,502 3,204,321 3,147,905 3,454,818 9.7%

Trade payable 178,435 25,081 26,574 12,646 6,047 48,062 694.8%

Unearned revenue 70,345 23,932 23,528 25,281 58,373 67,132 15.0%

Bank loans - short term 70,381 181,547 35,636 124,911 126,294 56,394 -55.3%

Other current liabilities 146,123 373,842 50,859 12,630 7,915 7,078 -10.6%

Bank loan 325,859 360,440 541,288 460,646 486,504 408,928 -15.9%

Customer deposits - 3,665 7,845 11,353 10,879 11,044 1.5%

Other long term liabilities 3,149 3,259 4,917 5,826 6,225 6,362 2.2

Total Liabilities 794,291 971,766 690,647 653,294 702,238 605,000 -13.8%

Minority interest - - 2,673 2,916 2,813 237,049 8326.2%

Equity 705,815 868,242 1,445,182 2,548,111 2,442,854 2,612,769 7.0%

58 Note : * Audited


Unaudited Profit and Loss

Year to Dec 31, Rp mn 2012 * 2013 * 2014 * 2015 * 9M15 9M16 % YoY

Revenue 62,066 119,486 141,918 163,492 120,194 130,863 8.9%

Cost of revenue 3,886 5,940 13,084 16,059 11,865 13,320 12.3%

Gross profit 58,180 113,546 128,834 147,432 108,329 117,543 8.5%

G&A 9,340 7,944 14,616 25,754 16,486 28,260 71.4%

Operating profit 48,840 105,602 114,218 121,677 91,843 89,283 -2.8%

EBITDA 49,296 106,268 115,031 122,852 92,445 91,475 -1.0%

Net interest income (expense) -16,049 -35,991 -42,818 23,640 -23,291 -20,175 -13.4%

Increase in fair value Invt Prop 357,511 222,424 261,127 64,787 - - 0.0%

Other items -17,964 -117,848 -23,165 31,822 -46,105 8,953 -119.4%

Profit before tax 372,338 174,187 309,363 131,003 22,446 78,061 247.8%

Tax -6,298 -12,201 -14,192 16,349 -12,019 -13,089 8.9%

Proforma adjustment -52,110 -71,454 -8,482

- - - 0.0%

Net income 313,930 90,532 286,404 114,415 10,427 64,971 523.1%

Core income -21,593 -14,180 40,478 78,567 56,754 55,372 -2.4%

Note : * Audited 59


Unaudited Cashflow

Rp mn 2015 * 9M15 9M16 %Change

Cash flow from operating activities

Cash Receipt from Customer 191,312 170,411 187,004 10%

Interest Received 26,529 15,595 17,215 10%

Cash Paid for Operating Expenses and Employees (23,484) (15,052) (29,263) 94%

Payment to Supplier and Others (51,923) (29,103) (27,721) -5%

Tax paid (16,009) (14,447) (17,576) 22%

Interest paid (50,840) (38,816) (36,443) -5%

Net cash provided by operating activities 75,586 89,219 93,216 4%

Cash flow from investing activities

Acquisition of Investment Properties - (28,429) (320,936) 1029%

Acquisition of Property and Equipment (311,999) (302) (2,527) 737%

Advance for Purchase of property & equipment (264,950) (763) (32)

Advances for Purchase Asset (914) - -

Loan Receivables (56,408) (183,250) (39,500) -78%

Acquisition of shares of subsidiary - - (2,181)

Net Cash Used in Investing Activities (634,271) (212,744) (365,176) -72%

Cash flow from financing activities

Loan Receipts from Related Parties 1,508 9,608 - -100%

Payment to Related Parties (17,826) (37,626) - -100%

Loan Receipts from Bank 14,957 14,957 10,000 -33%

Payment to Bank Loan (55,985) (46,252) (124,606) 169%

Payment of consumer Financing Liabilities (646) (538) (511) -5%

Paid-up capital stock non controlling 4 2 233,801

Receipt from Paid in Capital 987,702 987,702 -

Net Cash provided by Financing Activities 929,714 927,853 118,684 -87%

Changes in cash and cash equivalent 371,029 804,248 (153,276) -119%

Effect of forex 632 956 (386) -140%

Beginning balance 11,311 11,311 382,973 3286%

Ending balance 382,973 816,516 231,511 -72%

Note : * Audited 60


End of presentation

Thank you

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