PT Mega Manunggal Property Tbk 1
PT Mega Manunggal Property Tbk 2
PT Mega Manunggal Property Tbk 3
Disclaimer PT Mega Manunggal Property Tbk The information contained in this presentation has been prepared by PT Mega Manunggal Property Tbk. (the “Company”) and is being furnished to you solely for your information and may not be reproduced or redistributed to any other person, in whole or in part in any manners or for any purpose. In particular, neither the information contained in this presentation nor any copy hereof may be, directly or indirectly, taken or transmitted into or distributed in any jurisdiction which prohibits the same except in compliance with applicable securities laws. This presentation does not contain all material information concerning the Company and the information set forth in these materials is subject to change without notice. The third party information and statistical data in this presentation have been obtained from sources the Company believes to be reliable but there can be no assurance as to the accuracy or completeness of the included information. No reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. None of the Company, its directors, officers, shareholders, advisors or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of the information in this presentation, and nothing in this presentation is, or should be relied upon as, a promise or representation by any of them. None of the Company, its directors, officers, shareholders, advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Certain statements in this presentation may constitute “forward -looking statements”, including statements regarding the Company’s expectations and projections for future operating Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the performance and business prospects. environment in which the Company will operate in the future. Such forward-looking statements speak only as of the date on which they are made. Accordingly, the Company expressly disclaims any obligation to update or revise any forward-looking statement contained herein to reflect any change in the Company’s expectations with regard to new information, future events or other circumstances. The Company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Accordingly, parties reviewing this presentation should not place undue reliance on any forward-looking statements. The information contained in this presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation. This presentation is not intended to form basis any investment decision to purchase securities of the Company and does not constitute or form part of, and should not be construed as, any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities of the Company in any jurisdiction, including the United States. The Company’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered, sold or delivered within the United States absent registration under or an applicable exemption from the registration requirements of the Securities Act and this presentation does not constitute or form a part of any offer to sell or solicitation of an offer to purchase or subscribe for securities in Indonesia in which such offer, solicitation or sale would be unlawful prior to registration and such registration being deemed effective by the Otoritas Jasa Keuangan. 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 assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. 4
Agenda presentation PT Mega Manunggal Property Tbk Section Pages 1 Brief profile of MMP 6 What ’ s new? 2 11 Investment thesis 3 23 4 Review of MMP business 30 5 Industry 42 6 Financial review 61 Appendix 1 Financial Information 7 68 5
PT Mega Manunggal Property Tbk Section 1 Brief Profile of MMP 6
Company at a glance PT Mega Manunggal Property Tbk Overview Facilities Projects PT. Mega Manunggal Property Tbk Facilities of PT. Mega Manunggal Currently MMP has 4 assets in 2 different (“MMP”) is a warehouse provider that Property Tbk are developed with strategic locations: supports industrial property needs in specifications which refer to Indonesia focusing on developing, international standards to meet Bekasi MM 2100: owning and operating logistic the demand in the Indonesian properties, with a focus in Unilever Mega DC logistics services business while warehousing that specifically meet Li & Fung Logistic keeping the specifications comply international standards. Selayar to local regulations. MMP is committed to give good quality products and deliver added value Halim Cililitan, East Jakarta: Established on mid 2010, currently services to support the client’s MMP has Net Leasable Area of area Intirub Business Park business. total 163,911 m2 - including a 90,000 m2 NLA warehouse for PT Unilever MMP is currently finishing its 5 th Indonesia, one of the largest Unilever warehouse for LAZADA, the largest warehouses globally. Ecommerce in Indonesia in Jalan Raya Bogor Depok and its 6 th , 7 th , and 8 th warehouses in Block AE, Cibatu and Cileungsi, for ARK Logistic that caters towards FMCG tenants and multi-tenants. - 7
Brief profile of PT Mega Manunggal Property Tbk PT Mega Manunggal Property Tbk MMP’s shareholder structure Unilever Mega DC Bekasi Li & Fung PT Mega Manunggal Selayar Property Tbk 99,0% 99,5% Intirub Business PT Mega Tridaya Halim PT Intirub Park I & II Properti 66,6% 33,4% PT Mega Khatulistiwa GIC Properti 99,0% 99,5% 99,0% 99,0% 99,0% 99,9% PT Mega Properti PT Mega Dharma PT Manunggal PT Subang PT Subang Horison PT Mega Buana Cakrawala Properti Logistik Nusantara Properti Persada Properti Properti Properti Logistik Jababeka Cibitung Cileungsi Depok Cibitung Airport 8
Company’s management PT Mega Manunggal Property Tbk Board of commissioners Hungkang Sutedja Tri Ramadi Fernandus Chamsi Ho Kee Sin Zainul Abidin Rasheed Independent President Commissioner Vice President Commissioner Independent Commissioner Commissioner Commissioner Board of directors Bonny Budi Setiawan Johny Johan President Director and Director Independent Director 9
Track record of MMP PT Mega Manunggal Property Tbk December 2016 June 2014 June 2015 August 2015 September 2016 April 2012 August 2010 Construction of MMP was Construction of Initial Public MMP signed Ground breaking Ground breaking Intirub Business established Unilever Mega for 6 th and 7 th for 8 th Offering lease agreement Park II completed DC completed warehouses in (IPO) with Lazada warehouses in Cileungsi Cibatu and Block NLA: 18.355 m 2 NLA: 90.288 m 2 AE 3-2011 4-2012 10-2012 6-2014 2015 2016 2010 2011 2012 2013 2014 2018 2018 12-2011 10-2010 5-2013 5-2013 1-2014 12-2014 2-2015 May 2013 December 2015 December 2014 December 2011 April 2016 October 2010 Construction of Li DHL began its Construction of Construction of Acquired 9 ha Signed & Fung Selayar operational in Unilever Mega land for Lazada partnership with completed completed Intirub Business DC began Project GIC Park I NLA: 21.612 m 2 NLA: 5.620 m 2 NLA: 28.036 m 2 10
PT Mega Manunggal Property Tbk Section 2 What’s New? 11
A strategy that focuses on three factors of success to reach scalable size PT Mega Manunggal Property Tbk 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. Three factors of success 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 500,000 m2 NLA To accelerate growth and generate stable cash flow Efficiency Funding Sustain profitability and greater EBITDA margin Min of 10% average initial yield Timely execution of development To increase transparency and good corporate governance Volume 12
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