PT Lippo po Ka Karawaci ci Tbk 9M19 9 Resul sults ts Presentation sentation Novem embe ber 2019
Shareho reholde der r Struct cture ure As of 30 September 2019 As of 31 December 2018 No. of No. of Change YTD No. Description No. of Shares % No. of Shares % Investors Investors (%) I. I. Domestic Insurance 38 1,365,641,390 1.9% 17 780,351,000 3.4% 75.0% Individual 11,711 3,586,626,943 5.1% 8,503 1,163,018,443 5.0% 208.4% Corporation 176 30,931,163,264 43.6% 100 17,943,046,650 77.8% 72.4% Foundation 3 14,551,000 0.0% 2 175,000 0.0% 8214.9% Pension Fund 30 116,905,460 0.2% 22 16,514,340 0.1% 607.9% Others 2 460,000 0.0% 72 271,693,484 1.2% -99.8% Sub Total 11,960 36,015,348,057 50.8% 8,716 20,174,798,917 87.4% 78.5% II. II. International Retail 64 58,916,738 0.1% 47 23,651,532 0.1% 149.1% Institutional 286 34,823,753,574 49.1% 256 2,878,854,078 12.5% 1109.6% Others - - 0.0% 7 385,092 0.0% -100.0% Sub Total 350 350 34,882,670,312 49.2% 310 310 2,902,890,702 12.6% 1101.7% Total 12,310 70,898,018,369 100.0% 9,026 23,077,689,619 100.0% 207.2% 2
Content nts Business Model 04 - 05 Recent Developments 06 - 15 9M19 Financial Data 16 - 34 Subsidiaries 35 - 51 Turnaround Initiatives 52 - 54 Meikarta 55 - 58 Corporate Data 59 - 62 Appendix 63 - 76
One of Indonesia’s largest integrated real estate developers One of the largest diversified publicly Market t leade ader in property development, lifestyle listed property companies in Indonesia by total malls, and healthcare in Indonesia assets and revenue 6 projects (2) with GFA of Ongoing development of 6 Total assets as of 9M19: $4.0 billio llion n approximately 297,000 sqm LTM revenue: $781 mill llio ion Manage 51 51 malls with GFA of 3.4 million sqm Market capitalization: $1.2 billi llion (1) Network of 36 36 hospitals with 3,666 66 beds 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 8,000 ha across 35 cities ties in the country 1,461 ha available across Indonesia, providing more than 15 years of development pipeline Rec ecap apital italiz ized cap apital ital structu ture e with Integrat ated ed business model with abili ility ty to one of the lowest est net et debt ebt to equ quity ity of rec ecycle le capital ital. . 20% vs. peers (3) Sale of Malls and Hospitals to REIT provides capital to finance expansion Notes: IDRUSD of 14,174 used throughout unless otherwise stated (1) As of 31/10/2019 (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
Refocus used d strateg egy: y: Building ilding on our core streng ngths ths Landb dban ank & Real l Estate e Develo elopmen ent Inves estm tmen ents ts & Fund d Managem gemen ent Services vices & Manage gement Expan pand our Urban n Homes es produc uct catering to the Highly ly attractiv ive e healt lthcare e indus ustry fueled by Actively review portfolio to optimise returns rising mass affluent segment, capitalizing on supportive Indonesian demographics through efficient asset et recycli ycling ng strategies egies urbanization trends & the increase in home At Siloam, 1) Focus on clinic nical l qualit lity y and patient ient Continue inue to Exit it non-core investment holdings ownership care; e; 2) Returns urns and cash flow ow oriented ented approach and improve performance at REITs Acceleration/increase of Market keting ing Sales es from to hospital expansion; 3) Proactive leasing existing inventory and 2019 projects strategies and improved execution to driv ive e better er Focus cus on recycli ycling ng capit ital l through two public asset et yield lds; ; 4) Dividends from Siloam to come in listed REITs in Singapore the next 2-3 years. Increase in sale of large ge land nd plots ots - in non-core FIRT : for Hospitals assets areas and sale e of non-core ore assets ets in 2020 Maintain intain market ket leader ership ip in lifes estyl yle e malls ls, LPCK: CK: Pay out dividends by 2022. Divesting of capitalizing on Indonesia’s strong consumption LMRT ; for retail malls and retail themes spaces assets non-core assets Continue to grow and improve efficiency and Use e tech chno nology logy and innov ovation ion to shorten time-to- collections at our town management division, Sky market and improve cash flow cycle Parking and other recurring income business lines. Our large ge and low w cost st land ndbank ank uniquely positions us to capitalise on opportunities Leverage off of our integrated ecosystem to create value ue-added ed mixed xed-us use e developments elopments Strong ong exec ecutio ion and cor orpor orate e gover ernance ance Disci sciplined lined cap apital ital managem agement 15
Recent events highlig hlights hts Lippo o Kar arawaci i com omple letes es managem agement t revamp with th appoi ointme tment t of proven en exec ecutiv tive as Chief ef Oper eratin ating Offic icer er : Mr. . Rudy Halim lim joined in August as Chief Operating Officer (“ COO ”) effective A from August 2019. In his role, Mr. Halim will be responsible for overseeing the overall strategy and business operations of LPKR’s business units, including its hotels, town management, malls operations, as well as its real estate subsidiaries. LPKR R and d LMRT T have e agree eed d to exten end d the dead adline line for the completion of the Segregation B Process and the long stop date to complete the Proposed CSPA of the Lippo Mall Puri to no later than June 30, 2020. The Purchase Consideration remains at Rp3.7 trillion ($260 million). Lippo o Cikar arang ang grad adual ally ly hande ded d over er 508 apar artmen tment units loc ocat ated ed in its 40 story apar artmen tment com omple lex located ed in Oran ange e County ty, Lippo o Cikarang. Glendale Park is a joint project between Lippo Cikarang and C Mitsubishi Corporation with a total investment of Rp520 billion and represents the fifth tower in the Orange County complex. The Glendale Park handover is a continuation of the previously handed over 1,271 Orange County apartment units Lippo o Cikar aran ang re re-appoint ointed ed Mr. . M.C. . Loh as Chief Executive Officer (“CEO”) of the Company effective in November 2019. In his role, Mr. Loh will be responsible for leading the Company forward with its D strategy to develop more landed and residential housing on its remaining 455 hectare land bank. 6
Up Updat ate on Trans nsformation rmation Plan (E) Pro - (C) (D) (A) Announced (B) Status Forma Event Variance Contracted / Comments March 2019 9M19 Variance (C=B-A) Committed (E=C+D) LPKR Rights LPKR Right Issue $730m $787.5m $58m $58m • Investment by anchor investors for over $230m Issue • Strong shareholder response to rights issuance Funding Program indicate renewed confidence in LPKR Asset Sale of Myanmar $20m $20m Sale of Myanmar healthcare joint ventures completed Divestment healthcare JVs in April 2019 Proceeds from sale of $260m ($260m) $260m Sale of Lippo Mall Puri delayed in the regulatory strata Lippo Mall Puri titling process, long-stop date for completion of sale extended to 30 June 2020 $1,010m $807.5m ($202m) $260m $260m $58m $58m Subtotal Deleveraging Bond tender and loan ($275m) ($186m) $89m $89m • Bond tender completed in March 2019, total of repayments $8.67m of bonds was tendered • $75m bond repayment completed in August • $50m UBS-DB syndicated loan repayment Strategic Initiatives completed in March 2019 • Other bank loans were paid down in 1H19 Shore Up Liquidity Buffer ($288m) ($103m) $185m ($226m) ($41m) Liquidity Working Capital ($27m) ($42m ($15m) ($52m) ($67m) Generate Investment LPCK/ ($320m) ($188m) $132m ($130m) $2m LPCK rights issuance completed in July 2019, $188m Returns Meikarta invested Investment in existing ($100m) ($34m) $66m ($107m) ($41m) $34m have been invested into existing pipeline pipeline projects projects ($1,010m) ($553m) $457m $457m ($515m) ($58m) Subtotal 7
Progress ss on Deleveraging ging 1) to Present Tot otal al Debt t 2016 (1) nt Debt (1) to Equity quity Ratios ios 2016 to Presen ent Rp bn (x) 16,000 14,872 0.90 14,187 13,504 13,663 13,811 2,134 1,758 14,000 1,141 12,442 0.79 x 0.80 2,981 0.74 x 2,977 1,080 12,000 0.70 0.61 x 10,000 0.70 x 0.60 0.60 x 0.50 x 0.56 x 8,000 0.50 12,738 12,429 12,363 0.49 x 11,362 10,830 10,686 6,000 0.40 0.35x 0.40 x 0.30 x 4,000 0.30 2,000 0.20 0.21x - 0.10 2016 2017 2018 1Q19 2Q19 3Q19 2016 2017 2018 1Q19 2Q19 3Q19 Total Debt/ Total Equity Net Debt/ Total Equity Bonds Bank Loans and Other Obligations Note : (1) Debt included Financial Leases 8
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