pt mega manunggal property tbk
TRANSCRIPT
PT Mega Manunggal Property Tbk
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PT Mega Manunggal Property Tbk
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PT Mega Manunggal Property Tbk
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PT Mega Manunggal Property Tbk
Disclaimer
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By reviewing this presentation, you acknowledge this Disclaimer and agree to be bound by the foregoing limitations, and you acknowledge that you will be solely responsible for your own
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performance of the business of the Company.
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PT Mega Manunggal Property Tbk
Agenda presentation
Section Pages
1 Who we are 6
2 Growth strategy 17
3 On the right track 22
4 Strong growth opportunity 27
5 Key financial 46
6 Assets in details 53
7 Other financial info 65
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PT Mega Manunggal Property Tbk
Section 1
Who We Are
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PT Mega Manunggal Property Tbk
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 194,468 m2 - including a 90,000
m2 NLA warehouse for PT Unilever
Indonesia, one of the largest Unilever
warehouses globally.
ProjectsCurrently MMP has 6 assets in 3 different
strategic locations:
Bekasi MM 2100:
Unilever Mega DC
Li & Fung Logistic
Selayar
Halim Cililitan, East Jakarta:
Intirub Business Park
Tapos, Depok:
Lazada warehouse
Jababeka:
Cibatu
MMP is currently developing its 7th, and 8th
warehouses in Block AE, Cileungsi, for
ARK Logistic that caters towards FMCG
tenants and multi-tenants.
-
FacilitiesFacilities 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.
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PT Mega Manunggal Property Tbk
Brief profile of PT Mega Manunggal Property Tbk
MMP’s asset structure
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PT Mega Manunggal
Property Tbk
Unilever
Mega DC
Li & Fung
Intirub Business
Park I & II
Selayar
PT Mega
Khatulistiwa
Properti
PT Mega Tridaya
Properti
55.0%
PT Intirub
99,0%99,5%
45.0%
GIC
99,9% 99,5% 99,0% 99,0%
PT Mega
Properti
Logistik
Nusantara
99,0% 99,0%
Cibitung AirportCibitungCibatuDepokCileungsi
Bekasi
Halim
Pondok UnguManyar
95,0% 95,0%
PT Mega
Dharma
Properti
PT Manunggal
Persada
Properti
PT Subang
Cakrawala
Properti
PT Subang
Horison
Properti
PT Mega Buana
Properti
Logistik
PT Manunggal
Timur Properti
PT Bukit
Properti
Logistik
PT Mega
Cahaya
Properti
PT Mega
Angkasa
Properti
99,5% 99,5%
Jababeka
PT Mega Manunggal Property Tbk
Board of Directors
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Bonny Budi SetiawanPresident Director
Has has been the Company’s Director since 2015 and appointed as the President Director in January 2017. Earned a Bachelor of Business Administration inAccounting and Finance from Simon Fraser University, Canada (1997). Previously served as Executive Director of PT UBS Securities Indonesia (2011-2015);Senior Vice President of PT Danareksa Sekuritas, Jakarta (2010 - 2011); Vice President of Research Division of PT Danareksa Sekuritas in Jakarta (2009 -2010); Vice President of Research Division of Merrill Lynch, Jakarta (2007 - 2009); Vice President of Research Division of PT CIMB-GK Securities, AssistantVice President of research division of PT Danareksa Sekuritas (2005 - 2007); Supervisor Consultant Financial Advisory Services (FAS) of PrijohandojoBoentoro & Co. (2003 - 2005); Research Analyst of PT Panin Sekuritas (2002 - 2003) and Export Supervisor of PT Pabrik Kertas Tjiwi Kimia (1998-2000).
Timothy Eugene AlamsyahIndependent Director
Has been appointed as the Independent Director since 2017. He is in charge of finance division. He earned Economics and Finance Bachelor’s degree fromUniversity of Melbourne, Australia in 2010. He was Chief Financial Officer for PT Nirvana Development (2016 – 2017), Corporate Secretary / Director for PTNirvana Development ( 2015 - 2016), Analyst for PT Trimegah Securities ( May 2015 – September 2015), Analyst for PT UBS Securities Indonesia (2011 –2014).
Loa Siong LieIndependent Director
Has been appointed as the Independent Director since 2017. He is in charge of technical and construction. He earned Civil Engineering Bachelor’s degreefrom University of Tarumanegara, Jakarta in 1996. He was Project Manager for PT Sinar Menara Deli (2016 – 2017), Project Manager for PT Supra MegahUtama ( 2012 - 2016), Site Manager for PT Pradani Sukses Abadi (2010 – 2012), Site Manager for PT Intersatria Budi Karya Pratama (2007 – 2010).Construction Manager for PT Praga Artamida ( 1996 – 2007).
PT Mega Manunggal Property Tbk
Track record of MMP
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2010 2011 2012 2013 2014 2015
October 2010
Construction of
Unilever Mega DC
began
December 2011
DHL began its
operational in
Intirub Business
Park I
NLA: 28.036 m2
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 Block
AE
April 2016
Signed partnership
with GIC
December 2016
Ground breaking
for 8th warehouses
in Cileungsi
April 2017
Lazada warehouse
begin its
operational
NLA : 31,500 m2
2016 2017
Dec 2017
Cibatu warehouse
begin its
operational
NLA : 35,335 m2
October 2017
Ground breaking
for 2nd Phase
Lazada WH.
PT Mega Manunggal Property Tbk
Investment consideration
Provider of high quality and international standard logistic properties1
Proven track record in developing and delivering logistic properties2
Solid business model that provides stable and recurring cash flow 3
Strategically located logistic property in Indonesia4
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5Diversified and strong client base
PT Mega Manunggal Property Tbk
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 DCLi & Fung
Intirub
Business ParkSelayar 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 12m24 x 18 and
32 x 18
Level singleSingle (multi
racking)
Single (multi
racking)Multi Single
Single (multi
racking
Flooring standar Super flat Super flat Flat Flat Flat
Warehouse specificationTypical specification from high-performance logistic properties
1
2
33
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.
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
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PT Mega Manunggal Property Tbk
139,811
158,137 163,911 163,911
230,370
2013 2014 2015 2016 2017
Net Leasable Area (m2) Occupancy Rate
2. Proven track record in developing and delivering logistic properties
Growth in NLA in the past years
MMP has proven track record in acquiring land and developing logistic properties, which generally takes around 9 to 18 months to
complete construction.
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 December 2010 16 months April 2012
Li & Fung 34.637 m2 21.702 m2 21.612 m2 July 2012 11 months May2013
Lazada Warehouse 90,041 m2 33,356 m2 31,500 m2 August 2015 19 months April 2017
Cibatu 50,000 m2 40,000 m2 36,335 m2 June 2016 15 months December 2017
Standard Warehouse Building
Project Land Area Gross Floor Area Net Leasable AreaDate of Contract Months to
develop
Delivery date
Intirub Business Park I 28.190 m2 30.086 m2 (warehouse) + 5.455 m2 (office)36.622 m2 (warehouse) + 8.393vm2 (office)
Dec 2011 9 months Jan 2012
Intirub Business Park II 32.380 m2 23.219 m2 (warehouse) + 5.696 m2 (office) Dec 2013 18 months April 2014
Selayar 9.164 m2 5.742 m2 5.620 m2 April 2015 12 months April 2015
Built-to-suit
CAGR 13.3%m2
NLA
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PT Mega Manunggal Property Tbk
3. Solid business model that provides stable and recurring cash flow
Unilever Mega DC
(operated by Linfox)
Li & Fung
Intirub Business Park
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
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Lazada warehouse
Cibatu
PT Mega Manunggal Property Tbk
Jakarta, Banten &
Jabar57%
Jateng6%
Jatim9%
Riau & Kep. Riau
9%
Sumut4%
Sumbar1%
Sulsel2%
Sulte…
Kaltim3%
Bangka Belitung
5%
Jakarta, Banten &
Jabar71%Jateng
5%
Jatim8%
Riau & Kep. Riau
8%
Sumut5%
Sumbar0%
Sulsel2%
Kaltim1%
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
BESTCinere
Kunciran
Tangerang
CengkarengPenjaringan
Tanjung Priok
DKI
JakartaKebon
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
1312
9
8
765
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
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PT Mega Manunggal Property Tbk
E-commerce
5. Diversified and strong client base
Consumption
Logistic
Manufacturing
ClientsTenant profile of MMP’s logistic properties as at 31 Dec 2017
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Logistics35%
Manufacture43%
E-commerce19%
Others3%
PT Mega Manunggal Property Tbk
Section 2
Growth Strategy
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PT Mega Manunggal Property Tbk
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.
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PT Mega Manunggal Property Tbk
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
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PT Mega Manunggal Property Tbk
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 with GIC will bring 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.
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PT Mega Manunggal Property Tbk
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 2 to 3 warehouses this year
Block AE has started construction in September– a 36,000 m2 sheltered warehouse, which will be
completed in Q2 2018.
Phase II warehouse for Lazada to begin in 3Q17 – >35,000 m2, which will be completed in beg of
2019
MMP warehouse no. 8 in Cileungsi has also started its construction in 2016 – a 31,000 m2 which will
be completed Q2 2018
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PT Mega Manunggal Property Tbk
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
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PT Mega Manunggal Property Tbk
Section 3
On The Right Track
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PT Mega Manunggal Property Tbk
On the right track...
Currently we have 3 (three) projects under construction during 2016-2017 for a total of approximately 105,780 m2 NLA warehouses.
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 : 38,472 m2 (2-floor)
Tenant : Multi-tenant
Estimated completion : 2Q 2018
Location: Tapos, Depok (Phase 2)
Land area : 50,000 m2
Net leasable area : 35,916 m2
Tenant : Lazada
Lease period : 10 years
Estimated completion : 1Q 2019
Location:Jl Raya Narogong KM 17, Cileungsi
Land area : 50,004 m2
Net leasable area : 31,392 m2
Tenant : ARK Logistic
Lease period : 10 years
Estimated completion : 2Q 2018
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PT Mega Manunggal Property Tbk
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.
25
164k 230k338k31k
106k
274k
143k
440k
330k
2016 2017 2018E
Pipelines(NLA sqm)
complected under construction pipelines
PT Mega Manunggal Property Tbk
Values created from existing assets
Existing operating assets generate high yield to cost
26
9.8%
16.8%15.2%
17.1% 17.6%
14.4%
5.5%
8.7%7.8%
8.7% 8.4% 8.1%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
-
500.0
1,000.0
1,500.0
2,000.0
2,500.0
3,000.0
2012 2013 2014 2015 2016 2017
Changes of PI fair value, Rp bn Assets at cost, Rp bn
Yield to cost (LHS) Yield to current value (LHS)
PT Mega Manunggal Property Tbk
Simulation for cash recycle
Equity value of Unilever has grown 2x over 5 years
Cash recycle is earnings lucrative. If we were to recycle Unilever WDC and invest in 10% yield warehouse, EBITDA is expected to increase by 55%
Combined EBITDA increased by 55%
from EBITDA prior to sales
27
46 46
38
84 84
-
20
40
60
80
100
120
140
2017E Additional EBITDA Total EBITDA
Forgone EBITDA assuming 45% stake
on the asset is sold at current market
value
Additional EBITDA obtained after
investing proceed at 10% yield
445.5
945.8
-
200.0
400.0
600.0
800.0
1,000.0
2012 2017
PT Mega Manunggal Property Tbk
Section 4
29
Strong Growth Opportunity
PT Mega Manunggal Property Tbk
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.
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PT Mega Manunggal Property Tbk
• 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
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PT Mega Manunggal Property Tbk
A nascent industry to enter
26%
19%
9% 8%
14%
9%
13%
2016 2020 2035 Singapore Malaysia Japan South Korea
Logistic cost as % of total GDP
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PT Mega Manunggal Property Tbk
Economic Growth and Scale
The Potential Opportunity
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.
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PT Mega Manunggal Property Tbk
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.
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PT Mega Manunggal Property Tbk
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.
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PT Mega Manunggal Property Tbk
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
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PT Mega Manunggal Property Tbk
Future toll road that will create value to our properties
37
PT Mega Manunggal Property Tbk
Attractiveness of Greater Jakarta Connectivity and Established Infrastructures
Toll Roads AirportsRailways
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
38
PT Mega Manunggal Property Tbk
Tanjung Perak Port
Juanda air Port
In the near future, Gresik, Sidoarjo, and Surabaya will become our expansion target
Attractiveness of the Locations – Connectivity
21 Km
22 Km
In terms of land prices and availability, Gresik and Sidoarjo seem potential for warehouse location. It offers
effective route to airport and port which could be added value for our future tenant.
35 Km
6 Km
Key Industry Served :FMCG, FnB, Electronic,
Chemicals
Greater Surabaya
39
PT Mega Manunggal Property Tbk
Industries driving the demand for logistics
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: JLL40
PT Mega Manunggal Property Tbk
Indonesia Manufacturing Industry Snapshot
647 725812
9101,020
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 3,3953,700
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 41
PT Mega Manunggal Property Tbk
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 spaceSource: Frost & Sullivan
42
PT Mega Manunggal Property Tbk
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)
Source: Frost & Sullivan 43
PT Mega Manunggal Property Tbk
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: Frost & Sullivan 44
PT Mega Manunggal Property Tbk
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
tion
(mn)
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
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
45
PT Mega Manunggal Property Tbk
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)
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
46
PT Mega Manunggal Property Tbk
Riding along with the growing E-commerce in Indonesia
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.
47
PT Mega Manunggal Property Tbk
Section 5
Key Financial
48
PT Mega Manunggal Property Tbk
Solid revenues growth
Development of NLA and Occupancy Rate Each asset contribution towards revenues
MMP has successfully posted revenue Rp208.8 bn in FY17 supported by stable NLA and occupancy rate. Currently, our NLA stood at 230,370
m2.
2013 2014 2015 2016 2017
Net Leasable Area (m2) 139,811 163,757 163,911 163,911 230,370
Leased area (m2) 135,311 154,623 159,318 163,911 230,196
Occupancy Rate (%) 97% 94% 97% 100% 100%
49
139,811 158,137 163,911 163,911
230,370
97% 98% 97%100% 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 2016 2017
Net Leasable Area (m2) Occupancy Rate
2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7
Unilever IBP L&F Selayar MDP I MPP
PT Mega Manunggal Property Tbk
Summary of profit and loss
Summary of profit and loss statement
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) 2014 2015 2016 2017 Y/Y
Revenues 141.9 163.5 175.3 208.8 19.1%
Operating profit 114.3 121.7 117.7 142.4 20.1%
Finance Costs (43.9) (51.8) (46.8) (52.3) 11.6%
Forex gain / loss - net (15.2) (28.9) 3.3 (0.8) -126.3%
Changes in fair value of PI 261.1 64.8 323.0 217.2 -32.8%
Profit before tax 309.4 131.0 416.6 314.0 -24.7%
Income tax (14.2) (16.3) (17.6) (20.9) 19.0%
Net income (loss) 286.4 114.4 342.2 252.3 -26.3%Asset yield
Component of value creation
50
9.8%
16.8%15.2%
17.1% 17.6%
14.4%
5.5%
8.7%7.8%
8.7% 8.4% 8.1%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
-
500.0
1,000.0
1,500.0
2,000.0
2,500.0
3,000.0
2012 2013 2014 2015 2016 2017
Changes of PI fair value, Rp bn Assets at cost, Rp bn
Yield to cost (LHS) Yield to current value (LHS)
261.1
64.8
323.0
217.0
141.9 163.5 175.3
212.0
2014 2015 2016 2017
IDR
mili
ar
Increase in fair value of investmet properties Revenues
208.8
PT Mega Manunggal Property Tbk
1,749
2,037
2,388
3,319
1,737 563 597
587 520 319
868
1,448
2,551
3,284 3,163
0.65x
0.41x
0.23x
0.16x
0.10x
0.00x
0.10x
0.20x
0.30x
0.40x
0.50x
0.60x
0.70x
-
500
1,000
1,500
2,000
2,500
3,000
3,500
2013 2014 2015 2016 2017
IDR
Bn
Investment Porperty Debt Equity Debt-to-Equity
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 0.10x at the end of Dec 2017.
(Rp bn) 2013 2014 2015 2016 2017
Cash and cash
equivalent6 11 383 105 201
Current asset (a) 89 82 519 200 390
Investment properties 1,749 2,037 2,388 3,319 4,592
Non current asset (b) 1,751 2,056 2,685 3,766 4,972
Total asset (a+b) 1,840 2,139 3,204 3,966 5,363
Short term liabilities (c) 604 137 176 235 294
Long term liabilities (d) 368 554 478 446 399
Debt 563 597 587 520 526
Total liabilities (c+d) 972 691 653 682 693
Paid in capital 75 400 571 571 689
Retained earnings 530 816 932 1,273 1,525
Total equity 868 1,448 2,551 3,284 4,670
51
PT Mega Manunggal Property Tbk
Summary of financial position
Revenues, Rp bn EBITDA, Rp bn
Equity, Rp bn Gross Capital Expenditure for investment property only, Rp bn
52
284.51 233.29
286.81
607.09
1,118.3
2013 2014 2015 2016 2017
Gross Capex Inv. Prop.
867.21,447.50
2,551
3,284
4,670
2013 2014 2015 2016 2017
IDR
billio
n
Equity
119.5 141.9
163.5 175.3
208.8
2013 2014 2015 2016 2017
IDR
milia
r
Revenues
106.3115.1
122.9 120.8
145.9
2013 2014 2015 2016 2017
PT Mega Manunggal Property Tbk
2013 2014 2015 2016 2017
Operational metric
Net Leasable Area, m2
Built to suit 111,900 111,900 111,900 111,900 179,735
Multi tenants 27,911 51,857 52,011 52,011 50,635
Total, m2 139,811 163,757 163,911 163,911 230,994
Occupancy rate, %
Built to suit 100% 98% 97% 100% 100%
Multi tenants 84% 87% 98% 100% 100%
Average occupancy rate, % 97% 94% 97% 100% 100%
Average remaining lease term, years 7.5 6.5 6.0 5.4 5.4
Revenue by segment
Revenue, Rp bn
Rental built to suit 94,931 99,160 99,922 106,313 137,015
Rental multi tenants 24,555 42,758 63,570 69,006 72,452
Total revenues, Rp bn 119,486 141,918 163,492 175,320 209,467
Profitability
Operating Profit (EBIT), Rp bn
Built to suit 81,881 83,514 77,714 96,793 124,469
Multi tenants 23,721 30,736 44,134 20,939 56,614
Total EBIT, Rp bn 105,601 114,251 121,848 117,732 181,083
EBIT margin, % 88% 81% 75% 67% 86%
EBITDA, Rp bn 106,267 115,063 122,852 120,756 179,236
% margin 89% 81% 75% 69% 77%
Finance Cost, Rp bn (36,054) (43,863) (51,843) (46,806) (52,254)
Forex loss net, Rp bn (117,712) (15,201) (32,018 ) 3,295 0,864
Interest Income, Rp bn 63 1,045 28,203 17,543 4,890
Profit before tax, Rp bn 174,187 309,395 131,003 416,831 239,104
Key performance matrix
53
PT Mega Manunggal Property Tbk
94.9 99.2 99.9 106.3137.0
24.642.8 63.6 69.0
72.5
-
50
100
150
200
250
2013 2014 2015 2016 2017
Built to Suit Multi Tenants
Built to suit , 65%
Multi Tenants, 35%
Revenues breakdown
Built to suit warehouses account for two third of total revenues
Revenues breakdown
Net leasable composition area
As of 31 Dec 2017
Revenue
IDR Bn
141.9163.5
119.5
175.3
54
208.8
PT Mega Manunggal Property Tbk
Section 6
55
Assets in Details
PT Mega Manunggal Property Tbk
Location MMP’s logistic properties and pipeline
(in km)Intirub
Business Park
Unilever Mega
DCLi & 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 7356
Tanjung PriokSeaport Industrial Estate
Expansion Area
Halim PK Airport
Pondok Ungu warehouse
Lazada Warehouse
Cileungsi Warehouse
Intirub Business Park
JababekaMM2100Cibatu Warehouse
Block AE Warehouse
LF WarehouseSelayar Warehouse
Unilever WarehouseBlock H Warehouse
Delta Silicon
Airport warehouse
Soekarno-Hatta Int’l Airport
Toll Road in operation Toll Road under construction
PT Mega Manunggal Property Tbk
Tanjung Perak Port
Juanda Air Port
Toll RoadsIn Operation
Under construction
Planning
In (Km) Manyar Warehouse
Distance to Surabaya 31
Distance to Airport 52
Distance to Tanjung Perak Port 29
Location MMP’s logistic properties and pipeline
MMP properties
57
PT Mega Manunggal Property Tbk
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.
58
PT Mega Manunggal Property Tbk
Logistic property profile – Li & Fung
Location : M2100 industrial estates, West Cikarang,
Bekasi
Land area : 34.637 m2
Gross floor area : 21.702 m2
NLA : 21.612 m2
Lease period : 5 years, with option to extend for another 5
years
Floor capacity : 6 ton per m2
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
59
PT Mega Manunggal Property Tbk
Logistic property profile – Intirub Busines Park I & II
Intirub Business Park I
Location : Halim, East Jakarta
Land area : 28.195 m2
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
Land area : 32.380 m2
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)
60
PT Mega Manunggal Property Tbk
Property logistic profile – Selayar
Location : MM2100 industrial estates, West
Cikarang, Bekasi
Land area : 9.164 m2
Gross floor area : 5.742 m2
NLA : 5.620 m2
Floor capacity : 4 ton per m2
Ceiling height : 9 m (center 13 m)
Special specifications : 6 loading doors with 2 loading dock
levelers
Tenants : Yusen Logistics Solution Indonesia
61
PT Mega Manunggal Property Tbk
Property logistic profile – Lazada
Location : Tapos, Depok
Land area : 90.180 m2
Gross floor area : +/- 62.000 m2 (phase 1 and phase 2)
Lease period : 10 years, with option to extend for another
5 years
Floor capacity : 4 ton per m2
Ceiling height : 12 m (center 16m)
Tenant : LAZADA
Specification:
- Flat floor;
- Parking Area & Basement Area
- Double Decker (stage 2)
62
PT Mega Manunggal Property Tbk
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
Architectural & Structural Specification:
- 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
Mechanical/Electrical Specification:
- Sprinkler : Yes
- Smoke Detector : Beam Detector
- Artificial Lighting : 100 lux (Warehouse)
- Generator Set : 400 KVA
65
PT Mega Manunggal Property Tbk
Building value delivering result
From Abandoned Factory In progress to become the largest DC for LAZADA Indonesia
63
PT Mega Manunggal Property Tbk
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 : 2017Cawang
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
64
PT Mega Manunggal Property Tbk
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
Mechanical/Electrical Specification:
- 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)
Architectural & Structural Specification:
- 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
66
PT Mega Manunggal Property Tbk
Section 7
67
Other Financial Info
PT Mega Manunggal Property Tbk
Audited Balance Sheet
Year to Dec 31, Rp mn 2013 2014 2015 2016 2017 % YtD
Cash and Equivalents 6,368 11,311 382,973 104,683 201,516
93%
Other current assets 72,054 57,381 127,100 92,962 180,651 94%
Property & equipment 1,236 2,107 13,483 13,342 12,327 -8%
Investment properties 1,748,426 2,036,806 2,388,400 3,318,776 4,592,009 38%
Other non-current assets 1,469 17,183 2,748 7,001 12,026
72%
Total assets 1,840,010 2,138,502 3,204,321 3,965,769 5,363,669 35%
ST unearned revenue 23,932 23,528 25,281 42,641 25,398 -40%
Bank loans - short term 181,547 35,636 124,911 89,859 164,988
84%
Other current liabilities 373,842 50,859 12,630 8,896 19,115 115%
Bank loan 360,440 541,288 460,646 427,901 361,205 -16%
LT unearned revenue - - - 2,743 10,725
291%
Other long term liabilities 3,259 4,917 5,826 6,179 4,944 -20%
Total Liabilities 971,766 690,647 653,294 681,509 693,479 2%
Minority interest - 2,673 2,916 393,675 885,106 125%
Equity 868,242 1,445,182 2,548,111 2,890,585 4,670,189 62%
68
PT Mega Manunggal Property Tbk
Audited Profit and Loss Statement
Year to Dec 31, Rp mn 2013 2014 2015 2016 2017 % Y/Y
Revenue 119,486 141,918 163,492 175,320 208,794 19%
Cost of revenue 5,940 13,084 16,059 18,444 20,146 9%
Gross profit 113,546 128,834 147,432 156,875 188,647 20%
G&A 7,944 14,616 25,754 39,143 46,202 18%
Operating profit 105,602 114,218 121,677 117,732 142,445 21%
EBITDA 106,268 115,031 122,852 120,756 145,984 21%
Net interest income (expense) (35,991) (42,818) (23,640) (29,262) (47,363) 48%
Increase in fair value Invt Prop 222,424 261,127 64,787 323,288 217,211 62%
Other items (117,848) (23,165) 31,822 5,073 (1,272) -33%
Profit before tax 174,187 309,363 131,003 416,831 314,051 -25%
Tax (12,201) (14,192) (16,349) (17,624) (20,986) 19%
Proforma adjustment (71,454) (8,482) - -
Net income 90,532 286,404 114,415 342,166 252,262 -26%
69
PT Mega Manunggal Property Tbk
Audited Cashflow
Rp mn 2016 2017 %Y/Y
Cash flow from operating activities
Cash Receipt from Customer221,769 226,867 2%
Payment to Supplier and Others(53,098) (131,671) 148%
Tax paid(20,404) (20,594) 1%
Interest paid(49,175) (52,925) 8%
Net cash provided by operating activities80,352 (15,754) -80%
Cash flow from investing activities
Acquisition of Investment Properties(497,879) (1,034,729) 108%
Loans-
Other investment activities(2,120) (180) -92%
Net Cash Used in Investing Activities(626,187) (992,422) 58%
Cash flow from financing activities
Loan Receipts from Bank61,239 97,653 59%
Payment to Bank Loan(128,967) (92,214) -28%
Receipt from Paid in Capital- 432,507
Net Cash provided by Financing Activities265,573 1,105,014 316%
Net increase (decrease) in cash and cash equivalents(280,262) 96,837 -135%
Effect of foreign exchange, net(228) (4) -98%
Cash and cash equivalent of subsidiaries - before acquisition 2,200 -100%
Cash and cash equivalent, beginning balance382,973 104,683 -73%
Cash and cash equivalent ending balance104,683 201,516 93%
70
PT Mega Manunggal Property Tbk
End of presentation
Thank you
PT Mega Manunggal Property Tbk