PT JASA ARMADA INDONESIA Tbk FIRST QUARTER (Q1) 2020 RESULTS Jakarta, 27 April 2020 1
DISCLAIMER IMPORTANT: The following disclaimer forms part of, and should be read in conjunction with, this presentation . This document (press release / news update) has been prepared by PT Jasa Armada Indonesia Tbk (“IPCM”) and is circulated for the purpose of general information only. It is not intended for any specific person or purpose and does not constitute a recommendation regarding the securities of IPCM. No warranty (expressed or implied) is made to the accuracy or completeness of the information. All opinions and estimations included in this release constitute our judgment as of this date and are subject to change without prior notice. IPCM disclaims any responsibility or liability whatsoever arising which may be brought against or suffered by any person as a result of reliance upon the whole or any part of the contents of this press release and neither IPCM nor any of its affiliated companies and their respective employees and agents accepts liability for any errors, omissions, negligent or otherwise, in this press release and any inaccuracy herein or omission here from which might otherwise arise. Forward-Looking Statements. Certain statements in this release are or may be forward-looking statements. These statements typically contain words such as “will”, “expects” and “anticipates” and words of similar import. By their nature, forward-looking statements involve a number of risks and uncertainties that could cause actual events or results to differ materially from those described in this release. Factors that could cause actual results to differ include, but are not limited to, economic, social and political conditions in Indonesia; the state of the property industry in Indonesia; prevailing market conditions; increases in regulatory burdens in Indonesia, including environmental regulations and compliance costs; fluctuations in foreign currency exchange rates; interest rate trends, cost of capital and capital availability; the anticipated demand and selling prices for our developments and related capital expenditures and investments; the cost of construction; availability of real estate property; competition from other companies and venues; shifts in customer demands; changes in operation expenses, including employee wages, benefits and training, governmental and public policy changes; our ability to be and remain competitive; our financial condition, business strategy as well as the plans and remediation. Should one or more of these uncertainties or risks, among others, materialize, actual results may vary materially from those estimated, anticipated or projected. Specifically, but without limitation, capital costs could increase, projects could be delayed and anticipated improvements in production, capacity or performance might not be fully realized. Although we believe that the expectations of our management as reflected by such forward-looking statements are reasonable based on information currently available to us, no assurances can be given that such expectations will prove to have been correct. You should not unduly rely on such statements. In any event, these statements speak only as of the date hereof, and we undertake no obligation to update or revise any of them, whether as a result of new information, future events or otherwise. 2
Advancing - Weathering the Storm with Caution Advancing is the next step for IPCM after initiating a transformation program in the late 2019. Beginning 2020, the company is already faced with several challenges, starting with the heavy flood in Jakarta and recently the sudden significant change in the economic situation as a result of the Covid-19 pandemic. The economic crisis is anticipated to remain throughout the year. Like all other companies, IPCM is taking all measures to cope with the situation, which include preserving liquidity and continuing with its cost efficiency efforts. Given its current strengthened balance sheet, IPCM is in the better position to advance and capture the opportunities available in this environment, while keeping cautious at all times. 3
Key Highlights • Profit Before Tax increased 24% YoY to Rp 45.3 billion. • Net Profit grew 25% YoY to Rp 32.3 billion with annualized ROA of 9.3% and ROE 11.6%. • Total Operating Income improved 20% YoY to Rp 185 billion. • Income from Special Ports (Terminal Khusus/Tersus) up by 420% YoY to Rp 26.4 billion, raising its contribution to total operating income from 3% (Q1-2019) to 14% (Q1-2020). • Total assets amounted to Rp 1.4 triliun, increased 9% from year end position in 2019. • Secured medium term (3 years) contract from major floating gas storage company. • Implemented PSAK 71, 72 & 73. 4
First Quarter Operating Enviroment Uncertainties is looming, but with many positive/supporting factors. USD$IDR'2019$2020 Export'Import'Indonesia'(USD'billion) 16,300' 90.0% 16,500% 81.3% 80.7% 80.0% 16,000% 70.0% 15,500% 15% -4% 3% 0% -1% 60.0% 15,000% 14,340' 50.0% 14,500% 2% 13,970' 14,235' 40.0% 14,000% 28.9% 42% 27.7% 27.6% 27.4% 14,060' 25.5% 24.8% 30.0% 13,500% 13,650' 20.0% 13,000% 10.0% 12,500% - 12,000% Jan Feb Mar Total Jan Feb Mar 17%'YTD 2019 2020 2019 2020 Source:%BPS • IMF World Economic Outlook Apr 2020: Real GDP projection of Indonesia is 0.5% and 8.2% in 2020 and 2021 respectively (World: -3.0 and 5.8 and ASEAN-5: -0.6% and 7.8%). • 2020 real GDP forecast in Indonesia according to JP MORGAN Economic Research (April 20, 2020) is 2%, while USD/IDR forecast is 15,600 by year end. • Government’s economic stimulus.
Income Statement Net Income up by 25%, resulted from improved operating and non operating income. (Rp$bio) Q1#2020 Q1#2019 YoY Operating$Income 185$ 154$ 20% Non$Operating$Income 9$ 6$ 35% Total#Income 194# 161# 21% Operating$Expenses 148$ 124$ 20% Non$Operating$Expenses 0$ 0$ 80% Total#Expenses 148# 124# 20% Profit#Before#Tax 45# 37# 24% Net#Income 32# 26# 25% EBITDA 53# 44# 21% Earning#Per#Share 6.1# 4.9# 25% Remarks: Operating Income include other operating income 6
Income Details Volume increased by 13%, and contribution from Tersus significantly improved. Income'by'Product'(Rp'billion) Income'by'Segment'(Rp'billion) 180$ 163$ 140# 125# 119# 160$ 139$ 120# 140$ 100# 120$ 100$ 80# 80$ 60# 60$ 40# 40$ 26# 15$ 14$ 19# 15# 15# 7$ 14# 20$ 0$ 20# 5# * ( Towage Pilotage Shipping$Management$&$ Public#Port TUKS Tersus Others Others 90% 88% 0% 4% 10% 8% 77% 68% 10% 10% 3% 14% 10% 8% 96% 86% 4% 14% Percentage to total operating income
Revenue Contributors and Income by GT Hours & Movement Pilotage Services 3.9% Fleet Management Q1#2019 Q1#2020 Changes Services Towage'(GT'Hour) 324,224,251' 366,621,272' 13% 7.7% 7 Pelabuhan'Umum' 244,107,063' 269,558,537' 10% 7 TUKS 67,721,973' 72,623,298' 7% 7 Tersus 12,395,215' 24,439,437' 97% Pilotage'(Movement) 204' 1,542' 656% Tug Services 88.4%
Financial Position Assets increased by 9% mainly due to the improvement in cash collection and the physical progress of the new four tugboats currently in construction. (Rp$bio) Q1#2020 2019 YoY Cash$&$Equivalent 496$ 466$ 6% Trade$&$Other$Receivables 194$ 142$ 36% Inventory 15$ 14$ 4% Prepaid$Taxes 86$ 119$ H28% Fixed$Assets 514$ 486$ 6% Other$Assets 90$ 53$ 72% Total#Assets 1,394# 1,279# 9% Trade$Payables 49$ 38$ 28% Accrued$Expenes 166$ 139$ 20% Other$Liabilities 67$ 23$ 193% Total#Liabilities 283# 200# 41% Equity 1,112# 1,079# 3% 9
Key Ratios Increase in productivity and cost efficiency resulted in better ratios. Q1#2020 Q1#2019 YoY Return'on'Assets'(annualized) 9.3% 8.1% 1.2% Return'on'Equity'(annualized) 11.6% 9.6% 2.1% Net'Profit'Margin 17% 17% 0.7% EBITDA'Margin 29% 28% 0.3% Cost'to'Income'Ratio 77% 77% K0.6% Opr.'Expenses/Opr.'Income 80% 80% K0.2% Average'Colletion'Period'(days) 36' 87' K51' 10
Business Development and Corporate Update Target 20,000,000 shares by 18 June 2020 1,641,300 shares acquired 8.21% by 24 April 2020 Shares Buy Back program started 19 Maret 2020 On 27 February 2020, IPCM entered a three-year to 18 June 2020. Total shares acquired as of 24 agreement to provide marine services at PT Nusantara April 2020: 1,641,300 or 8.21% from target (24 Regas’ special ports ( Terminal Khusus/Tersus ) in Kepulauan Seribu . April 2020). 11
Management Profiles
IPCM Board of Commissioners Sumardi Dani Rusli Commissioner President Commissioner More than 50 years experience in port More than 20 years exposure in port management management business. Currently also serves as business. Currently also serves as aDirector in PT Associate Member of Training Facilitator IPC Pelindo 2 (Persero) or IPC. Corporate University and Independent Commissioner at PT ICTSI Jasa Prima Tbk. He Bachelor of Engineering from Bandung Institute of is also port consultant and trainer in several port Technology (ITB), Indonesia, and Master of operator companies. Infrastructure Management from Yokohama National University, Japan. Bachelor of Civil Engineering from Gadjah Mada University (UGM) Indonesia.
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