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Confidential
Pakuwon JatiJati, Tbk
PT.Pakuwon
Results Presentation
Public Expose RUPS – 9MJune
202312, 2024
Page 2
Table of contents
Section 1 Achievement Highlights 2
Section 2 Financial Highlights 7
Section 3 Projects Development 12
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Section 1 Section 1 Achievement Highlights
Page 4
Achievement highlights in 1Q2024
Financial Rating Upgrade
1Q2024 revenue of Rp 1,530bn (c.US$96.5m), Moody’s upgrade PWON rating from
recorded double-digit growth of recurring revenue. Ba2 to Ba1 in March 2024, outlook :
1Q2024 EBITDA of Rp833bn (c.US$52.5m), with a stable
resilient EBITDA margin of 54.4%. Supported by
82% of EBITDA recurring. Our current credit rating are :
Ba1 stable (Moody's) / BB+ stable
Consistently generating high profit with net income (S&P) / BB stable (Fitch)
margin at 35.9% 1
Project Update Sustainability
Ground breaking of Clayson and Pakuwon Center and Pakuwon Tower at
Lancaster Tower in Superblock Tunjungan City Superblock have recently
Pakuwon Mall Surabaya. been awarded gold certification from the
Green Building Council Indonesia
With the aforementioned awards, all
PWON office towers have been
Ground Breaking Clayson & Lancaster Tower Greenship accredited
Notes:
1. Adjusted for forex loss Rp 127.8bn (c.US$8.1m)
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Recurring operation highlights
Recurring revenue contributed 78% of total revenue in 1Q2024
Recurring Revenue (Rp bn)
12% 5%
11%
1,084 1,201
Pakuwon Mall Jogja
Revenue 1Q 23 Retail Leasing Hotel & Service Office Leasing Revenue 1Q 24
Apartment
A brief explanation of the growth:
- Retail leasing grew 11% due to an increase in average rental revenue
- Hotel & service apartments grew 12% due to high ADR
and F&B income from the MICE and social events.
- Office leasing grew 5% due to higher occupancy.
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Residential Pre-Sales
Total pre-sales in 1Q2024 were Rp 385bn, which was supported by government incentives
(Rp bn)
1,800 GSA Handover
Superblock / Township Project name Segment % Sold Progress update
1,600 1,503 12 1,500
12 (sqm) Schedule
1,434
1,342 2
1,400 Angelo Condo 36.9k 95% Completed 2018
1,200
1,026
1
Kota Kasablanka Bella Condo 36.8k 97% Completed 2018
683 741
1,000 Chianti Condo 47.3k 98% Completed 2019
1,113 878 Pakuwon Tower Office 47.4k 14%3 Completed 2019
800
642 Amor Condo 24.1k 80% Topping Off 2024
600 Pakuwon Mall Bekasi
15%4
2
385 2 Bella Condo 25.9k Structure works 2027
400 751 759 298
227
Dolce Vita Condo 24.0k 5%4 Structure works 2027
200 390 384 464 158
3
158 140 Pakuwon Center Office 10.4k 97% Completed 2018
0
Tunjungan City One Icon Condo 57.8k 81% Completed 2018
1Q 2024
1Q 2023
2019
2020
2021
2022
2023
Pakuwon Tower Office 27.7k 44%3 Completed 2019
Highrise Landed
(Rp bn) 1,500
1,434 Amor Condo 48.5k 99% Completed 2021
1,342 Pakuwon City
Bella Condo 31.2k 43% Topping Off 2024
243
701 Anderson Condo 57.1k 96% Completed 2018
Benson Condo 53.7k 99% Completed 2020
1,192 Pakuwon Mall La Viz Condo 32.2k 95% Completed 2021
Clayson Condo 57.5k 15%4 Foundation 2027
1,099
385 Lancaster Condo 33.8k 22%
4
Foundation 2027
798
257 Source: Company data as of Mar 31, 2024
241 Notes:
129 1 Social restriction (PSBB&PPKM)
2 VAT incentives from the regulatory
2021 2022 2023 1Q 2024 3 As % of saleable area, excluding approximately 50–60% of the area set aside for lease
VAT Incentive 4 New tower launches in 2023
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Mortgage strongly supported presales
Presales per Payment Method Presales per Unit Price
5% 8% 7% 12%
6% 6%
26% 27% 31%
27% 31%
43% 42% 52% 48%
64% 70% 70% 35%
54% 37%
34% 56% 51% 18%
21% 22%
33% 19%
30% 25% 32% 16%
23% 17% 18% 24% 16% 19%
8% 4% 13%
2020 2021 2022 2023 1Q 24 1Q 23 2020 2021 2022 2023 1Q 24 1Q 23
Cash Mortgage Installment <IDR 1 bn/unit IDR 1-2 bn/unit IDR 2-5 bn/unit >IDR 5 bn/unit
Attractive interest rate and easier approval by Banks supported Presales were strongly driven by lower-middle to upper-
the high proportion of sales with mortgage middle income acquiring units from Rp1bn to Rp5bn
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Section 2 Section 1 Financial Highlights
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Results summary
(Rp bn unless otherwise stated) 1Q 2024 1Q 2023 % Growth Comments
Revenue 1,530 1,385 11%
Recurring revenue 1,201 1,084 11% Increased primarily due to rental revenue
Development revenue 329 301 9% Increased primarily due to condominium recognition
Gross Profit 852 747 14%
Gross Profit Margin(%) 55.6% 54.0%
EBITDA 833 771 8%
EBITDA Margin (%) 54.4% 55.7%
Net Income for the Period1 549 471 17%
Net Income Margin (%) 35.9% 34.0%
Net Income Attributable to Owners1 459 408 12%
Net Income Margin(%) 30.0% 29.5%
Earning Per Share 1 (in Full Rupiah)
Basic 9.52 8.48 12%
Notes:
1 Adjusted for forex gain (loss) of (Rp128bn) in 1Q 2024 and Rp187bn in 1Q 2023
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Well-diversified portfolio
Development and investment properties diversified across multiple segments and target customers provide income stability
Revenue breakdown by segment Revenue breakdown by project
Central Bali
0.2 1.0
100
100 3.0 1.7 6.3 7.8
Java
Development
9.4
1.7
1.6 Bali
10.2 4.7
4.9 Central Java
10.5 8.1
8.5 Office sales 80 6.7
80 Royal Plaza
5.8 5.5
Landed houses Grand Pakuwon
Surabaya
20.7 18.1
18.8 19.0 Condo sales Pakuwon City
60
(%)
60
(%)
Office leasing Tunjungan City
Hotel & Serviced
19.4 21.1 Pakuwon Mall
Apartments
Recurring
40 Retail leasing 40 0.4 0.3 Somerset
2.3 2.4 Blok M Plaza
53.7 54.0 14.8 14.5 Gandaria City
Jakarta
20 20 Kota Kasablanka
21.5 21.5
0
0
1Q 2023 1Q 2024 1Q 2023 1Q 2024
Strength of diversification strategy proven Surabaya: highest proportion of revenue from Pakuwon Mall
PWON continues to expand its Recurring portfolio to enhance stability Jakarta: highest proportion of revenue from Kota Kasablanka
Contribution of recurring income continues to be driven by Retail Leasing
and hotels
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Strong financial position and prudent balance sheet
Ample of cash and cash equivalents to support existing, future and opportunistic land and operating assets
(Rp bn unless otherwise stated) 1Q 2024 FY 2023 Growth Comments
Cash and Cash Equivalents 8,173 7,606 7.45% Increased mainly from retail leasing cash inflow
Total Assets 33,394 32,680 2.18% Increased from cash and cash equivalents and inventory
Total Equity 23,184 22,822 1.59% Increased in net income
Total Debt 6,341 6,130 2.88% Weaken IDR from Rp 15.416/1 USD to Rp 15.731/1USD
Debt to Equity Ratio 27.20% 26.86%
Net Debt to Equity Ratio -7.90% -6.47%
Debt to Assets Ratio 18.89% 18.76%
Net Debt to Assets Ratio -5.49% -4.52%
2,718 323
(Rp bn) (Rp bn)
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Debt maturity profile (Rp Bn)
Healthy debt profile with average debt maturity of 4.14 years and average cost of debt 5.44% p.a.
0% 0% 0% 0% 0% 100%
US$ 125m Lower-upper Strike : Rp15,000-Rp16,500
US$ 125m Lower-upper Strike : Rp15,500-Rp17,000
US$ 64m Lower-upper Strike : Rp16,000-Rp17,500
Notes:
US$ 64m Lower-upper Strike : Rp16,000-Rp18,000
1 Interest cost of 5.44% (including hedging premium)
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Section 3 Section 1 Projects Development
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Organic assets growth
Continue expanding organically to bolster income growth
Retail Leasing NLA Growth (sqm) Hotel Room Growth (rooms)
10% 2% 2%
11% 35%
5%
2% 5% 18%
11%
19%
17%
9%
1,080K
4,786
783K +38%
+110%
2,284
Current PCM Bekasi Kota Semarang Batam IKN Gandaria Plan 2029 Current PCM Bekasi Kokas Semarang Batam IKN Plan 2030
NLA Kasablanka Rooms
Office Leasing NLA Growth (sqm)
11%
155k +11% 173k
Current NLA Gandaria Office 2 Plan 2030 13
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Current Development – Bekasi Superblock
Type: Mixed use
Total Land size: 3.6 ha
Land size Phase 1: 2.7 ha
Project value: IDR 2.6tn
Retail: 43K sqm NLA, open in
Nov 2024
Hotel: 4* hotel, 384 rooms,
open in 2025
Residential: 100K sqm GSA
Target completion: 2024-2027 14
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Existing Expansion – Pakuwon City Mall (Phase 3)
Type: Mixed use
Land size: 1.1 ha
Project value: IDR 1.2tn
Retail: 15K sqm NLA open in Oct
2024
Hotel: 4*, 216 rooms open in
2026
Residential: 52K sqm GSA
Target completion: 2024 -2026 15
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Existing Expansion – Kota Kasablanka (Phase 4)
Type: Mixed use
Land size: 3.3 ha
Project value: IDR 3.7tn
Retail: 56K sqm NLA
Hotel: 4* and 5*, 384
rooms
Residential: 116K sqm GSA
Target Completion: 2028-2029 16
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Existing Expansion – Gandaria City (Phase 2)
Type: Mixed use
Land size: 1.1 ha
Project value: IDR 2.5tn
Retail: 12K sqm NLA
Office: 35K sqm GSA
Residential: 62K sqm GSA
Target completion: 2028-2030
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Existing Expansion – Pakuwon Mall (Phase 5)
Type: Mixed use
Land size: 2.1 ha
Project value: IDR 1.8tn
Residential: 141K sqm GSA
Target completion: 2027-2029 18
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Future Development – IKN (Phase 1)
Type: Mixed use
Total Land size: 7.2 ha
Land size phase 1: 1.9 ha
Project value: IDR 651bn
Retail: 16K sqm NLA
Hotel: 4*, 295 rooms
Target completion: 2026-2027 19
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Future Development – Semarang (Phase 1)
Type: Mixed use
Land size phase 1: 12.7 ha
Project value: IDR 3.1tn
Retail: 90K sqm NLA
Hotel: 5*, 260 rooms
Residential: 103K sqm GSA
Target completion: 2028-2030
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Future Development – Batam (Phase 1)
Type: Mixed use
Total Land size: 12.4 ha
Land size phase 1: 7.3 ha
Project value: IDR 4.1tn
Retail: 78K sqm NLA
Hotel: 4* and 5*, 610 rooms
Residential: 126K sqm GSA
Target completion: 2029-2031 21
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Thank You!
For more Information
Email : corpsec@pakuwon.com
Website : www.pakuwonjati.com
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