PT Lippo po Ka Karawaci ci Tbk 1Q20 0 Resul sults ts Presentation sentation Jul uly 2020
Shareho reholde der r Struct cture ure As of 31 March 2020 As of 31 December 2019 No. of No. of Change No. Description No. of Shares % No. of Shares % Investors Investors YTD (%) I. I. Domestic Insurance 30 526,425,940 0.7% 36 629,830,720 0.9% -16.4% Individual 9,692 1,971,940,663 2.8% 10,491 2,134,292,043 3.0% -7.6% Corporation 141 33,762,193,099 47.6% 155 33,642,920,062 47.5% 0.4% Foundation 3 14,551,000 0.0% 3 14,551,000 0.0% 0.0% Pension Fund 27 51,033,320 0.1% 30 115,585,460 0.2% -55.8% Others 3 41,602,700 0.1% 3 28,149,800 0.0% 47.8% Sub Total 9,896 36,367,746,722 51.3% 10,718 36,565,329,085 51.6% -0.5% II. II. International Retail 57 40,732,538 0.1% 57 58,961,538 0.1% -30.9% Institutional 283 34,489,539,109 48.6% 291 34,273,727,746 48.3% 0.6% Others - - 0.0% - - 0.0% Sub Total 340 340 34,530,271,647 48.7% 348 348 34,332,689,284 48.4% 0.6% Total 10,236 70,898,018,369 100.0% 11,066 70,898,018,369 100.0% 0.0% 2
Content nts Business Model 04 - 06 Recent Developments 07 - 14 1Q20 Financial Data 15 - 34 Subsidiaries 35 - 52 Turnaround Initiatives 53 - 56 Meikarta 57 - 59 Corporate Data 60 - 63 Appendix 64 - 77
One of Indonesia’s largest integrated real estate developers Market t leade ader in property development, lifestyle One of the largest diversified publicly malls, and healthcare in Indonesia listed property companies in Indonesia by total ◼ Ongoing development of 4 projects (2) with GFA of assets and revenue approximately 276,000 sqm ◼ Total assets as of 1Q20: $3.8 billi llion n ◼ Manage 61 malls with GFA of 3.7 million sqm (1) ◼ 1Q20 revenue: $189 189 mill llio ion ◼ Network of 37 37 hospitals with 3,706 beds ◼ 1Q20 Market capitalization: $576 milli llion Largest est diversi sifie ied d land d bank with th Natio ionwi wide e platfor orm with presence develo elopmen ment right hts s of over er 8,100 ha across 40 40 cities ties in the country (1) ◼ 1,411 ha available across Indonesia, providing more than 15 years of development pipeline Integrat ated ed business model with abili ility ty to Rec ecap apital italiz ized cap apital ital structu ture e with recyc ecycle le capital. ital. one of the lowest est net et debt ebt to equ quity ity of ◼ Sale of Malls and Hospitals to REIT provides capital 29% vs. peers (3) 29% to finance expansion Notes: As of 31/03/2020 : IDR/USD of 16,367 used throughout unless otherwise stated (1) Add malls in 5 cities : Lampung, Kudus, Serang, Gresik and Pekalongan (2) Projects directly owned by LPKR (3) Peers include Pakuwon Jati, Bumi Serpong Damai, Ciputra Development, Summarecon Agung, Agung Podomoro, Alama Sutera, ModernLand, Intiland; 4 Peer average net debt to equity of 50%. Total Debt excluded Financial Leases
Simplif plifie ied d organiza nizatio tion n and refocuse used d strategy Pillar lar Land d Banking ing & Develop elopment nt Real Estate e Managem gemen ent t & Servic vices es Inves estm tmen ents ts and Fund nd Managem agemen ent ▪ Management of real estate assets, as ▪ Management of third-party capital for ▪ Development of residential, commercial and industrial properties well as the services that operate within real estate related investments including healthcare, malls, hotels, Descrip ipti tion on ▪ Managed synergistically with ▪ Development of cohesively designed parking, town management and independent townships development business, but cemetery services independently to generate returns and unlock value of assets ▪ LPK LPKR: holding company and developer ▪ Healthca Healthcare: controlling shareholder of of high-rise and landed properties across Siloam, the largest private hospital group ▪ Strategic egic stakes kes in in SGX-lis listed ed REIT: Indonesia including projects such as in Indonesia with 37 hospitals across 24 ‒ LM LMIR IR Trus ust: c. SGD 2bn AUM portfolio Holland Village Jakarta, Holland Village cities Manado, Kemang Office, Hillcrest and of premier retail assets in Indonesia (1) ▪ Mall lls: largest mall operator in Indonesia Fairview and Embarcadero Suites managing 61 malls Po Position tion ▪ LPCK LPCK: developer of Lippo Cikarang, the ▪ Hot Hotels els: operator of Aryaduta Hotels, one largest integrated township in the of the largest high-end hotel groups in ▪ Fu Fund nd Mana nagemen ement: manager of LMIR eastern corridor of Jakarta – including Indonesia with 10 hotels across the Trust the Orange County mixed used country development ▪ GMTD: developer of the Tanjung Bunga area in Makassar ▪ Quality, sizable and low cost landbank ▪ Market leading position for key growth ▪ Unique organic growth pipeline segments: healthcare & malls Compet etit itiv ive e ▪ Integrated ecosystem supports creation ▪ The only Indonesian developer with SGX- Advant antage age of mixed-use developments listed REIT The e only integ egrated ed end-to to-end d real al estat ate platf tfor orm m with th unique que growth h pot oten entia ial l and com ompetit titiv ive adv dvanta tage e across s the va value lue chain ain in Indones onesia ia Notes: 5 (1) Based on portfolio valuation as of 2018
Simplif plifie ied d org rganizatio nization n and re refocused used stra rategy Revised d stra rategy y focused sed on disci sciplin plined d capita tal l allocati tion on approac oach h across ss segmen ents ts and suppo pported d by effici cient nt asset set rota otati tion HoldC dCo ▪ No increase in head office personal expenses over the next 3 years ▪ No increase in consolidated leverage coupled with active maturity management of existing debt Land d Banking ing & Develop elopment nt Real Estate e Managem gemen ent t & Servic vices es Inves estm tmen ents ts and Fund nd Managem agemen ent ◼ No No equit equity in in new new pr projec ojects dev evelope eloped: ◼ Active approach to managing ◼ ROCE-accretive growth projects being effectively self-funded proprietary portfolio of assets as well as 3 rd party assets by leveraging on LPKR’s existing ◼ Operating and efficiency Capit ital al landbank and future marketing sales improvement targeting substantial Allocati location on ◼ Explore alternative avenues to EBITDA margin improvement Strategy egy ◼ Value lue vs vs Volume olume: focus on new recycle capital landed projects with shorter time ◼ Active asset recycling / disposal frame for completion ◼ Incremental capital requirement strategy limited to seeding minority position in ◼ New ew pr projec ojects foc ocused arou ound nd 3 co core new funds area eas: Karawaci, Makassar and Cikarang where LPKR has differentiated landbank assets Ac Activ tive e portfoli olio o managem agement t strat ateg egy to be exec ecuted ed with h IDR 3 – 4 4 tn tn wor worth th of non-core re assets (excl. l. sale le of Puri Mall) ll) iden entif ifie ied d for ROCE-accretiv tive disposals osals 6
Recent events highlig hlights hts In April 2020, LPKR R announ ounced ed the launchin hing of a share buyba back progra ogram m va valued lued at up to Rp75 billio lion in shares ares. Based on the current share price, this implies that LPKR could buy back over 572 A million shares. The Company could buy the shares at a compelling discount to NAV. The plan is estimated to have an immaterial impact to LPKR’s operational expenses. PT Li PT Lippo Karawaci Tbk bk (“LPKR”) and and Marubeni beni Co Corpor oratio ation (“Marubeni”) announced a strategic partnership involving the he acquisitio isition by by Mar Marubeni beni of of an an approxim imat ate 5% stak stake in in PT PT Silo iloam am . B Internat ernational ional Hosp ospitals itals Tbk bk (“Siloam”) , Indonesia’s leading hospital operator. Marubeni’s acquisition of its stake in Siloam is from a minority shareholder and Lippo Karawaci’s ownership stake in Siloam remains unchanged. PT Lippo o Kar arawaci Tbk bk (“LPKR”) in the first quarter of 2020 has adjusted its hedging strategy when the Rupiah to USD exchange rate was at Rp13,700 per USD. LPKR raised around USD $60 million C by moving the collar hedges out to Rp15,000 to Rp17,500 for the principal value of the bonds. PT PT Li Lippo Kar arawaci Tb Tbk ("L ("LPKR" or or "Co Compan any") ") announced that it it has has div divest ested its its non on-core owne wnersh ship ip stak stake in in Fir irst st REIT REIT and and inc increased ased its its stak stake in in PT PT. Silo iloam am Hosp ospital itals Tbk bk and and PT PT. Lip Lippo D Ci Cikarang ang Tb Tbk. Since the second quarter of 2019, Lippo Karawaci has divested its stake in First REIT from 10.5% to 0% which has raised over Rp850 billion. Lippo Karawaci increased its stake in Siloam Hospitals by 4.3% to 55.4% ownership. In a separate transaction, LPKR increased its stake in PT. Lippo Cikarang Tbk. by 3.0% to 84%. 7
Recommend
More recommend
