Transcript Part I - PT Pembangunan Perumahan

PT PP (Persero) Tbk
PUBLIC EXPOSE
Jakarta, 5 August 2010
Performance Leader in Construction and Investment Infrastructure Through Innovation
TABLE OF CONTENTS
Section 1
Company Overview
Section 2
Financial Highlights & Target 2010
Section 3
Stock Performance
Section 4
Long Term Strategic Plan
1
Section 1
Company Overview
2
COMPANY’S MILESTONES
Established in 1953 as a house-builder, PP is now one of the largest
construction companies in Indonesia
Establishment
of
NV PP
Changed
from NV to
PT Persero
1962
1953
1991
2004
2010
EMBO
(Controlling
remains with
GOI )
Public
Company
1971
Construction
of Hotel
Indonesia
Diversification
to Property
and Realty
3
Vision and Mission
VISION
To be a leader in construction and
investment business by providing
excellence added value to
Stakeholders
Construction
MISSION
Providing construction services and
doing investments to give added
value to Stakeholders, supported by
healthy financial structure, efficient,
innovative, global vision and also
having prosperous employees
Investments
4
Nationwide Operation Network and Overseas
We cover Indonesian archipelago with our 3 (three) divisions and 8 (eight)
branches
Operating Division I
Branch I
: Aceh, Sumatra Utara
Branch II
: Lampung, Bengkulu, Sumsel,
Bangka-Belitung & Banten
Branch IX
: Sumatra Barat, Jambi, Riau, Batam
Operating Division III
Branch V
: Jawa Tengah, Jawa Timur, DIY
Branch VI
: Kalimantan
Branch VII
: Bali, NT, Maluku, Papua
Sub Cabang VII : Sulawesi
Sumatra
Sulawesi
Kalimantan
Maluku
Papua
Jawa
Bali and Nusa Tenggara
Operating Division II
Branch III
: Jakarta
Branch IV
: Jawa Barat
• Overseas : Saudi Arabia
5
BUSINESS LINES
Our focus is in construction, while our strategic investments are designed to
create constructions opportunities and to maintain a steady revenue stream
CONSTRUCTION
HIGH RISE BUILDING
INVESTMENT
INFRASTRUCTURE
PROPERTY
INFRASTRUCTURE
TOLL ROAD
BRIDGES
PORT
COMMERCIAL
CENTRE
APARTMENT
POWER PLANT
TOLL ROAD
POWER PLANT
OFFICES
LANDED HOUSE
PORT
BUILDINGS
DAM
HOTEL
6
EXTENSIVE EXPERIENCE
Over the years, PP has completed landmark projects in high rise buildings and
various infrastructure projects
MKRI
Kuningan
Tower
HIGH RISE BUILDINGS
Construction of
100,000 m2/month
Sudirman Palace
Interchange Padalarang Toll Road
KOJA
JACC
PORT
TOLL ROAD
BRIDGE
POWER PLANT
The Longest Cable
Stay In Indonesia
Barelang Cable Stayed Bridge
Batam Tonton
Muara Karang Combined Cycle
Power Plant 1
7
EXTENSIVE EXPERIENCE
POWER PLANT
INFRASTRUCTURE
Cimeta Bridge Tollway
PADALARANG – West Java
Power Plant Coal Fired
SURALAYA - West Java
Tollway
JORR - Jakarta
Power Plant Coal Fired
MUARA KARANG - Jakarta
Bridge
Lubuk Jambi - Riau
Kapuas River Bridge
KAPUAS - Kalimantan
No.
Combined Cycle Power Plant
TAMBAK LOROK – Central Java
Hydro Electric Power Plant
ASAHAN– North Sumatra
TollRoad
KARAWANG – West Java
Combined Cycle Power Plant
BELAWAN – North Sumatra
Hydro Electric Power Plant
SAGULING – West Java
Project
Contract
(IDR Million)
1.
Power Plant Coal Fired Suralaya
35,838
2.
Power Plant Coal Fired Muara Karang
45,839
3.
Combined Cycle Power Plant Tambak Lorok
4.
Combined Cycle Power Plant Belawan
5.
Hydro Electric Power Plant Asahan
6.
Hydro Electric Power Saguling
121,522
7.
Cimeta Bridge Tollway Padalarang
148,040
8.
Tolway JORR Jakarta
105,496
9.
Toll Road Karawang
138,649
10.
Kapuas River Bridge
4,295
11.
Siak Bridge
146,852
29,884
2,806
277,647
8
SOME COMPLETED PROJECTS 2009
(IDR MILLION)
NO.
NAME OF PROJECT
Value
TYPE OF
PROJECT
PROJECT
VALUE
START
FINISH
PROGRESS
1.
ZA GENERAL HOSPITAL NORTH SUMATERA PHASE III
BUILDING
136,300,738
03-Jan-08
31-Jul-09
100.00%
2.
STRUCTURE OF THE SOUTH APARTMENT JAKARTA
BUILDING
101,112,727
16-Jul-07
30-Sep-09
100.00%
3.
CYBER DATA JAKARTA
BUILDING
80,844,351
15-Jul-08 11-May-09
100.00%
4.
GARUDA INDONESIA HEAD OFFICE JAKARTA
BUILDING
94,596,020
16-Apr-08 27-Mar-09
100.00%
5.
RELIGION DEPARTMENT PHASE III JAKARTA
BUILDING
77,272,765
03-Apr-09 19-Oct-09
100.00%
6.
SULTAN HOTEL , MANADO
BUILDING
126,090,000
16-Apr-08 18-Apr-09
100.00%
7.
JL SIAK RAYA MEREMPAN HULU PEKANBARU
ROAD
95,686,224
26-Feb-07 31-Dec-09
100.00%
8.
JAKARTA – CIKAMPEK TOLL ROAD
ROAD
68,300,565
19-Nov-08 17-Jun-09
100.00%
9.
JL. SEMBABAM SOUTH KALIMANTAN
ROAD
112,573,658
16-Jul-07
26-Sep-09
100.00%
10.
114 DOCK HEAVY IMPROVEMENT JAKARTA
OTHERS
51,124,739
06-Dec-07 28-Jan-09
100.00%
11.
GELAGAH WAVE BREAKING DEVELOPMENT PHASE IV
CENTRAL JAVA
PORT
63,291,533
14-Aug-08 16-Dec-09
100.00%
12.
PENAJAM WHARF DEVELOPMENT
PORT
72,727,273
01-Oct-08
100.00%
20-Jul-09
9
Section 2
Financial Highlight & Target 2010
10
FINANCIAL HIGHLIGHT
Leveraging on our strengths, we have delivered robust growth….
EARNING AFTER TAX
REVENUE
IDR Billion
IDR Billion
400.0
8,000
7,000
6,000
26.0%
(CAGR)
3,934
4,000
2,000
4,203
163.2
200.0
3,218
2,254
335.2
300.0
5,000
3,000
35.4 %
(CAGR)
6,715
2,438
1,681
100.0
66.9
76.8
121.6
93.0
54.5
1,000
0.0
-
2004 2005 2006 2007 2008 2009 2010 F
2004 2005 2006 2007 2008 2009 2010 F
EQUITY
ASSET
IDR Billion
IDR Billion
7,000
6,091
6,000
5,000
29.1 %
(CAGR)
4,126
4,000
2,784
3,000
2,000
1,826
1,972
2,100
1,313
1,000
-
2004 2005 2006 2007 2008 2009 2010 F
F : Forecast
1,600
1,400
1,200
1,000
800
600
400
200
-
38.2 %
(CAGR)
1,416
203
239
280
333
2004
2005
2006
2007
425
2008
548
2009 2010 F
11
COMPETITIVE COST STRUCTURE
We are delivering higher than industry operating margin supported by our cost
competitiveness, particularly by process innovation
OPERATING PROFIT MARGIN
10.00%
8.80%
9.00%
8.00%
6.10%
8.98%
6.30%
8.00%
8.21%
7.70%
6.00%
5.00%
5.40%
10.00% 6.0%
5.80%
7.00%
6.00%
5.00%
5.50%
3.00%
2.00%
2.00%
1.00%
1.00%
0.00%
0.00%
2007
2008
Operating Profit Margin
5.0%
5.0%
4.0%
5.0%
3.2%
2.9%
3.1%
2009
2010 F
Industry Average
3.9%
3.3%
3.0%
2.0%
4.0%
3.0%
4.00%
3.00%
2006
6.0%
9.00%
6.80%
7.00%
4.00%
NET PROFIT MARGIN
3.0%
2.7%
2.0%
2.6%
1.8%
1.0%
1.0%
0.0%
2006
2007
2008
Net Profit Margin
2009
2010F
0.0%
Industry Average
F :*Forecast
12
EMPLOYEE PRODUCTIVITY 2004 - 2010
6,000
Productivity Based on Sales
300.00
Productivity Based on Profit
240
4,807
5,000
250.00
3,243
3,465
200.00
RATIO
RATIO
4,000
2,818
3,000
1,925
2,000
2,133
134.59
150.00
100.25
81.42
100.00
1,433
46.47
1,000
57.14
67.14
50.00
-
-
2004 2005 2006 2007 2008 2009 2010F
2004 2005 2006 2007 2008 2009 2010F
Productivity Based on Sales
2004
Sales (IDR Million)
Net Income (IDR Million)
1,680,813
Productivity Based on Profit
2005
2,254,209
2006
2,438,109
2007
3,218,121
2008
2009
2010F
3,933,669
4,203,313
6,715,159
54,515
66,908
76,738
92,987
121,609
163,260
335,209
Amount of Employee
1,173
1,171
1,143
1,142
1,213
1,213
1,397
Productivity Based on Sales
1,433
1,925
2,133
2,818
3,243
3,465
4,807
Productivity Based on Profit
46.47
57.14
67.14
81.42
100.25
134.59
240
13
INCOME STATEMENT
(IDR Million)
Q2 – 2010
Q2 – 2009
1.353.145
1.512.787
(1.246.674)
(1.401.874)
GROSS PROFIT AFTER J.O
142.136
137.265
NET INCOME
25.218
11.377
REVENUE
COST OF CONTRACT
14
BALANCE SHEET
(IDR Million)
Q2 – 2010
Q2 – 2009
4.455.894
3.331.837
202.301
159.517
TOTAL ASSETS
4.658.195
3.491.354
CURRENT LIABILITIES
2.914.720
2.850.932
658.062
204.166
EQUITY
1.085.413
436.255
TOTAL LIABILITIES + EQUITY
4.658.195
3.491.353
CURRENT ASSETS
NON CURRENT ASSETS
NON CURRENT LIABILITIES
15
ORDER BOOK
(IDR Billion)
Q2 – 2010
Q2 – 2009
CARRY OVER
2.597
2.504
NEW CONTRACT
2.114
2.065
ORDER BOOK
4.711
4.569
16
New Contract 2010
Breakdown by Project Owner
Private;
8%
Breakdown by Type of Project
JO;
21%
Investment;
22%
Overseas;
4%
Breakdown by JO and Non JO
EPC;
22%
Government;
53%
SOE;
13%
Non JO;
79%
Building;
47%
Infrastructure
31%
JO, or Joint Operation, are projects where
PT PP is having a Joint Operation with
other company(ies) to work on huge scale
project and/or project that needs
sophisticated competencies.
Breakdown by Type of Project
Breakdown by Project Owner
Investment
4%
EPC
5%
Infrastructure
29%
Revenue 2010
Private
18%
Building
66%
SOE
21%
Government
57%
17
ORDER BOOK
(IDR Billion)
16,277
New
Contract
JO
2,800
New
Contract
JO
1,758
Carry
Over
2010
New
Contract
Non JO
4,296
2,597
Revenue
4,203
Carry
Over
2,504
2009
Orderbook
Orderbook
8,558
Carry
Over
2011
New
Contract
Non JO
10,800
Carry
2,6 T
Over
2,597
6.682
Revenue
6,715
2010
18
SOME NEW CONTRACTS AS OF Q2 - 2010
(IDR MILLION)
N0
NAME OF PROJECT
TYPE OF
PROJECT
PROJECT
VALUE
VALUE
START
PROGRESS
FINISH
1.
SPR PADANG PLAZA PHASE I
BUILDING
75,620 28-Jun-10 27-Dec-10
0%
2.
TIFFANI APARTMENT, KEMANG
BUILDING
63,664 14-Apr-10 13-Apr-11
11,03 %
3.
EMERALD
BUILDING
98,070 01-May-10 30-Sep-11
0,68 %
4.
TOWER 165
BUILDING
55,030 02-Jun-10 12-May-11
0,98 %
5.
CITY CENTRE
BUILDING
94,696 15-Jun-10 12-Apr-12
0,53 %
6.
MARKET OF PONDOK GEDE PHASE 2
BUILDING
61,113 22-Feb-10 10-Aug-10
48,98 %
7.
TANGERANG CITY, ARCHITECTS
BUILDING
134,775 24-Apr-10 15-Dec-10
1.51 %
8.
PASAR BARU MALL AND CONDOTEL
BUILDING
64,762 14-Apr-10 31-Dec-10
66,58 %
9.
KARUWISI MALL
BUILDING
45,900 08-Mar-10 01-Jan-11
41,74 %
10. IRRIGATION AFP
IRRIGATION
83,075 05-Jul-10 05-Sep-11
0%
11. WEIR LEUWI GOONG 1
IRRIGATION
51,514 01-Jun-10 30-Jun-11
0%
12. BATURUSA BRIDGE II, BANGKA BELITUNG
ROADS / BRIDGES
134,051 03-Mar-10 12-Feb-12
0%
13. TOLL WIDENING CIBITUNG
ROADS / BRIDGES
37,301 14-Apr-10 20-Jul-10
78,45 %
14. JAMBI PORT
PORT
54,820 18-Mar-10 31-Dec-10
33,89 %
15. PANJANG PORT (PELINDO II)
PORT
53,121 23-Mar-10 31-Dec-10
25,32 %
16. PALEMBANG PORT (PELINDO II)
PORT
43,935 18-Mar-10 31-Dec-10
30,84 %
127,421 07-May-10 14-Nov-10
41,55 %
16,366 16-Jun-10 16-Oct-10
14 %
17. SEBUKU PHASE II
18. PRINCE NAIF APARTMENT, JEDDAH
OTHERS
OVERSEAS
19
Section 3
Stock Performance
20
100%
566,064
Listing Date
February 9, 2010
IDX Code
PTPP
Listing Price
IDR 560
Issued Share
1,038,976,500
Number of
Share
4,842,436,500
41%
59%
Working Capital
232,087
Investment
333,977
(21.46 % of total shares)
47%
5%
7%
Power plant 2 x 150 MW
266,050
Commercial Center
28,303
Hotels
39,624
21
USE OF PROCEED REPORT AS OF Q2 - 2010
(Dalam Jutaan Rupiah)
NO
DESCRIPTION
1
Investment through shares
participation in Power Plant
Construction 2 x 150 MW in
Cilegon
2
PLAN
AS
PROSPECTUS
REAL
as of Q2
2010
266.050
5.174
Investment in Hotel development
in Bali and Bandung
39.624
0
3
Investment in Commercial Center
development in Surabaya
28.303
0
4
Working Capital
232.086
195.000
566.064
200.174
TOTAL
Saldo dana ditempatkan dalam Deposito
22
SHARE MOVEMENT 9 FEBRUARY – 26 JULY 2010
IDR 770
665
550
0
82
(Volume Million)
Price (IDR)
780
July 26, 2010
Volume = 56,03 Million
Value = 42.7 Billion
Market Cap = 3.7 Trillion
23
PTPP’s SHARE GROUPED IN MSCI INDEX
AVERAGE VALUE DAILY TRADING AMOUNT TO Rp13.18 BILLION /DAY
THE BIGGEST MARKET CAPITALIZATION IN CONSTRUCTION INDUSTRY
A TOTAL OF Rp3.2 TRILLION
RECOGNITION OF COMPANY STRONG FUNDAMENTAL
EXPAND INVESTOR BASE
TIGHT CRITERIA INTO THE PRESTIGIOUS MSCI INDEX
THE BEST POSITION TO BE ON LQ45
24
Section 4
Long Term Strategic Plan
25
DOMESTIC
CONSTRUCTION
PT PP ROAD MAP
ORGANIC
UN-ORGANIC
OVERSEAS
SS
SS
IPO
SBU
INFRASTRUCTURE
DEVELOPER
IPO/SS
HOTEL
STRATEGIC
POWER PLANT
INVESTMENT
EPC
26
Plaza PP – Subiyanto Building
Jl. Letjend. TB. Simatupang No 57
Pasar Rebo, Jakarta 13760 – Indonesia
Telp. (021) 840 3883 ; Fax. (021) 840 3890
website : www.pt-pp.com