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INVEST FOR THE FUTURE PT Inocycle Technology group Tbk (“INOV”) Eco-enablement Company Public Expose 2024 Presentation As of 27 Mar 2025
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DISCLAIMER The information contained in this presentation material has been taken from sources which we deem reliable. However, none of PT Inocycle Technology Group Tbk and/or its affiliated companies and/or their respective employees makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof. We expressly disclaim any responsibility or liability (express or implied) of PT Inocycle Technology Group Tbk, its affiliated companies and their respective employees whatsoever and howsoever arising (including, without limitation for any claims, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this presentation material and neither PT Inocycle Technology Group Tbk, its affiliated companies or their respective employees accepts liability for any errors, omissions or misstatements, negligent or otherwise, in the presentation material and any liability in respect of the report or any inaccuracy therein or omission there from which might otherwise arise is hereby expresses disclaimed. The information contained in this presentation material is not be taken as any recommendation made by PT Inocycle Technology Group Tbk or any other person to enter into any agreement with regard to any investment mentioned in this document. This presentation material is prepared for general circulation. It does not have regards to the specific person who may receive this presentation material. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice.
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Discussion Points
Company Background
Business Process
Company Operational
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Financial Highlights
Corporate’s Strategy
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Company Background
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Key Highlights
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Leading PET 9 Facilities Having group Currently on the PlasticPay:
recycler in Network Across experience for fifth year of Recycling for the
Indonesia Indonesia >30 years in Sustainability Modern Era
Indonesia, and for Certification
>50 years in Non - (2024-2025)
woven Industry
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INOV’s Journey
2001 2011 2013 2014 2016 2018
Tangerang Karanganyar Palembang & Salatiga for Karanganyar Mojokerto Mojokerto plant expansion &
non-woven plant Re-PSF plant Non-Woven & Homeware Plant Expansion Re-PSF plant & California 65 & Intertek
established established Bureau Veritas Certification Certification
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2023 -2024
2019 2020 2021 2022 Commercialize Subang
GRS Certification & IPO, July 2019 Received sustainability Plants & WF Expansion Medan & Makassar washing facility
certification on ESG from to Makassar. Washing Facilities &
The Planet Mark Non-woven plants run Launch new line in the recycled
Sustainability commercially. PET resin/chips market
Plants & WF Expansion Certification Year 2
to Medan (Deli Serdang) from Planet Mark Utilize experience in nonwoven
industry to add textile machine
assembly
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Vision
“
“
To become the Biggest Sustainable Eco-friendly
Recycled Fiber Company that produces world-
class quality product.
Mission
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To produce world To expand business
class eco polyester through ‘PlasticPay’
fiber with industry throughout Indonesia
professionals. on an ongoing basis.
To provide significant To establish a
contribution in reducing nationwide production
national waste pollution and sales network
and creating an ideal and covering all major cities
sustainable living in Indonesia for recycled
environment. fiber business.
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Management Team
Commissioners
Jung Hyo Choi Dr. Ir. Widhyawan Prawiraatmadja
President Commissioner Independent Commissioner
• Also served as Commissioner of PT Hilon Indonesia • Has held several senior positions in the Government,
• Previously held several important positions in Korean SOEs, or multi-national companies in his career
manufacturing companies • Currently an independent consultant and a Senior Lecturer
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Directors
JaeHyuk Choi WonHyuk Choi Victor Choi Suhendra Setiadi Lee Yong Hwa
President Director Director Director Director Director
• In his career, he has • Also served as President • With previous experience • Over 23 years of
• Also served as President
held important Director of PT Urecel in manufacturing company experience in operational
Director of PT Hilon Indonesia
positions in Hilon Indonesia also in securities and corporate strategy
• Previously held several brokerage company
Group • Previously worked as an • Also served as Director at
important positions in Korean
auditor in a multinational PT Samudera Industri and
manufacturing companies
professional services Hilon Indonesia
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Shareholder’s Composition
As of Feb 2025
PT Sambros Invesco International
99.99%
PT Hilon Indonesia
99.91%
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Jung Hyo Choi Sandiana Soemarko PT Samudra Industri Public
1.96% 11.13% 66.38% 20.53%
PT Inocycle Technology Group Tbk
45.80% 19.96%
PT Plasticpay Teknologi
PT Urecel Indonesia
Daurulang
Number of shares: 1,808,221,900
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About Hilon Indonesia
…with over 30 years of experience in Indonesia and more than 50 years in the non-woven industry, Hilon has
built a large and solid customer base
INOV has been part of Hilon Indonesia's supply chain,
supplying recycled polyester fiber, machinery assembly,
and related services for its non-woven production.
Hilon Indonesia’s non woven application
Agriculture Garment Insulation
Hilon Indonesia operates in over 15 cities
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Infrastructure Soft Furnishing Automotive
Mining Golf & Landscape
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Business Process
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Business Model
(Eco-enablement business)
Recycled Business Non-recycled Business
(Textile machinery assembly)
Waste PET
Project request + consultancy
Sourcing + Washing
Circular economy
Specification check
Processing
Design development 12
Finished Good
Project execution
- Recycled PSF (machinery assembly)
- Non-woven
- Homeware products
- Resin/Chips*
Quality Control
Manufacturers Handover
12
Notes:
*Future Business
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PET Recycling
Addressing environmental concerns while providing economic opportunities
End-user: Manufacturer
• Recycled PSF
• Automotive 13
• Non-woven
• Garment
• Homeware
• Recycled PET • Construction
• R e s i n / C h i p s*
Waste PET Recycler
*Notes: Future Business
Recycled PET Market Outlook
Sorting Bottle Flake • The recycled PET chips market is
expanding due to increased demand
US$21.9 Bn
for sustainable packaging. CAGR 8.9%
Historical
Crushing Washing • Environmental concerns and Growth 11.6%
US$12.1 Bn
government policies promoting
US$7.1 Bn
recycling are driving the shift
towards recyclable materials,
making recycled PET essential for
Source: Global Market Statistic, Persistence Market Research
eco-friendly solutions. 2019 2024 2031
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INOV’s Products &
Application Turn the waste
into resources
Recycled Polyester Staple Fiber (Re-PSF), a synthetic
fiber from recycled PET bottles waste. This PSF could be
used as stuffing for your plushies, jackets, shoes, etc.
Non-woven products are used as an essential raw
materials in various industries such as garment,
bedding goods, construction, and automobiles,
and can be expanded for many purposes. 14
Home Appliances (Homeware) made from Re-PSF.
The products mostly in form of bedding goods such
as pillow, blanket, bed cover, mattress, etc.
Some of INOV clients:
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Customized Textile Machinery & Services
Key Activities
Assembly Services Consultancy Equipment Modifications
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Customized textile machinery Advisory on machinery upgrades & Upgrading existing machines
production, based on client needs process efficiency without full replacement
Targeted Customers
Companies
Textile manufacturers
focusing on
aiming for operational
energy and raw
efficiency and
material cost
sustainability
reduction
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- Associate Company
Digital-based social platform that invites people to exchange plastic bottle waste for
points, to modernize the waste supply chain in Indonesia
Waste Collection Landfill Aggregators
Informal
Sector
Consumer Collection Point 16
Collection Center Recycler
Recycled Upcycled
PET bottles products
Total C ollecti on P oi n ts
• R e v e rs e Ve n di n g M a ch i n e: 2 10
• Dro pbo x : 42 3
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PlasticPay Collaboration - Associate Company
PlasticPay as B2B2C green enabler for corporation & brands
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Company Operational
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INOV Emerges as the Largest PET Recycler in Indonesia
INOV Plants Across Indonesia
Subang: Washing
Facilities
Medan: Non-
woven, washing
facility, Re-PSF
Makassar: Non- 19
woven,
Homeware, WF
Palembang: Non-
woven + Homeware
Makassar: Non-
woven
Tangerang:
Re-PSF Mojokerto:
Re-PSF + WF
Karanganyar:
Re-PSF + WF
Salatiga: Non-
woven + Homeware
Total Facilities: 9
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INOV’s Plants & Washing Facilities
KARANGANYAR PALEMBANG
TANGERANG MOJOKERTO SALATIGA Medan Gowa Takalar Subang
PLANT(S) Solo, South
Banten East Java Central Java South Sumatra Makassar Makassar West Java
Central Java Sumatra
Re-PSF
Non-Woven
(NW)
Homeware
(HW)
Washing
Facilities
Availability
20
Re-PSF: 14,400 Re-PSF: 14,400 Re-PSF: 6,000 MT
Non-woven + Non-woven +
Capacity MT MT Non-woven: 1,300 HW + NW: 600
14,400 Homeware: Homeware: 1,080 12,000
(Tons)/ Year Washing: 8.400 Washing: 9.360
2.000 MT 2.000 MT
MT Washing: 3,600
MT MT Washing: 3,600 MT
HDP Line, CF
HDP Line, CF
Line, Sewing
Line, Sewing
Machine, Press
Machine, Press Washer, CF lline,
Crusher Boiler, Machine, HDP line,
Machines Machine, Washer, HDP Line, Sewing Machine,
Fiber Machine Fiber Machine, Fiber Machine, Blower, Padding Line, Washer (WF)
Facility Blower, Quilting Padding Line Quilting machine,
Washer (WF) Washer (WF) Quilting Glasswool Line
Machine & Padding Line
Machine,
Comforter
Comforter
Machine
Machine
Homeware +
Re-PSF: 56%
Re-PSF: 95% Re-PSF: 90% Non-woven:
Utilization 90% 82% 75% Non-woven: 50% 50% 25%
Washing: 76% Washing: 67% 80%
Washing: 83%
Washing: 72%
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Financial Highlights
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Summary of Profit & Loss 2024
Net Sales (IDR bn) Gross Profit (IDR bn) Adjusted Operating Income* (IDR bn)
+9.2%
692 -13.2% +4.8% 134 134
+22.1% 633 600 629 -8.6%
80
111
519 101 +281.7%
91
50
21
8
-12
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
22
*Excluding forex gain/loss
Margin Trend Adjusted EBITDA* (IDR bn)
61.0% 1. INOV’s sales kept growing at a 4.9% CAGR
143 over 2020-2024.
28.2% 32.6% +207%
17.2% 16.1% 17.5%
14.9% 75 2. Re-PSF ASP (average selling price) slightly
15.9%
63 increase 2.3% YoY.
4.0% 16.2% 47
7.8% 7.1% 41
1.3% -2.9%
-8.7% 3. We put adjusted EBITDA numbers excluding
the forex loss as it is related to INOV’s USD
4Q23 1Q24 2Q24 3Q24 4Q24 2020 2021 2022 2023 2024 denominated loans, the loss did not reflect
*Excluding forex gain/loss INOV’s true operational
Gross Margin Adj. EBITDA Margin*
Operating Margin
*) Exclude forex loss
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Balance Sheet & Key Financial Ratios 2024
Asset (IDR bn) Liabilities (IDR bn) Equity (IDR bn)
706 733 713
1000 998 1026 335
891 308 293 313
797 556 265
489
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
23
Margin Trend Financial Ratios
21.1% 22.7%
19.4% Ratio 2020 2021 2022 2023 2024
17.5% 18.4%
16.1%
11.8%
9.1% Current Ratio 1.0x 0.8x 0.7x 0.7x 0.6x
7.9% 12.7%
7.7%
7.9% DER* 1.3x 1.4x 2.0x 2.1x 1.9x
3.5%
1.4% -1.7%
2020 2021 2022 2023 2024
*) Interest bearing liabilities only
Gross Margin Adjusted EBITDA Margin Adjusted Operating Margin
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Revenue by Products & Market 2024
By Product By Market Segment
8% 10%
12% 15%
19% 17%
2023 2024 2023 2024
73% 73% 24
88% 85%
Fiber Non-woven Products Homeware Products Local Export
The Re-PSF’s sales increased by 5%
INOV's export sales starting to give consistent and
compared to 2023, driven by increase in
positive results, with growth 29% YoY.
ASP (average selling price)
As of 4Q24, INOV recorded new business
revenue from its machinery segment.
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Corporate’s Strategy
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The Company's Strategy to Improve Performance in 2025
✓ To anticipate the existing challenges, including national economic uncertainty and
exchange rate fluctuations, INOV is expanding its business portfolio by adding two new
business lines, namely recycled resin/chips production and textile machinery industry
equipment assembly. This strategic step was taken to diversify INOV's revenue and
expand the Company's business portfolio. With these two new business lines, INOV hopes
to strengthen its business position while achieving the Company's business stability
through optimization of its resources.
✓ The efficiency steps that INOV is currently taking are rejuvenating old machines that are
wasteful of energy and have low capacity. With this rejuvenation, the factory work process
becomes more optimal and efficient.
✓ And besides the above, another step that INOV will take for optimization is to increase the
efficiency of energy use in the production process. The energy sources used by INOV
include electricity, gas, palm kernel shells, candlenut shells, and wood chips.
✓ With this strategy, in accordance with the company's performance target for the current
year, INOV is optimistic that it can maintain its positive performance throughout 2025. The
company is committed to continuing to innovate and improve operational efficiency to
support sustainable growth in the future.
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PT Inocycle Technology Group Tbk
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PT INOCYCLE TECHNOLOGY GROUP Tbk
Kawasan Industri Pasar Kemis
Jl. Putera Utama No. 10, Ds. Suka Asih
Kec. Pasar Kemis, Kab. Tangerang 15560
Banten, Indonesia
(021) 590 9629
info@inocycle.com
www.inocycle.com
ir_inov@yahoo.com
(investor relations: Vani P.)
@inocycle.idx
@plasticpay.tech
Names mentioned 16 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Inocycle Technology
p.1
unresolved
org
PT Urecel
p.8
unresolved
org
PT Sambros Invesco International
p.9
unresolved
org
PT Samudra Industri
p.9
unresolved
org
PT Plasticpay Teknologi
p.9
unresolved
org
PT Urecel Indonesia Daurulang
p.9
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