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Table of Contents
3 5 19
Chapter 1
Industry Overview
Industry Overview
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Less Impact from LTV regulation Low Interest Rate
Text
Strong Demand
Population Growth
An Increase of 45% in areas that are not facing the beach An increase of price in Seminyak area for more than 100% from 2010-2011..
Chapter 2
2 3 7 9 4 6
Notes In addition to the 1,403 ha landbank, ASRI has acquired more land in Pasar Kemis, to which it is in the process of obtaining or perfecting the relevant title. In addition to the 132 ha of land, ASRI is in the process of acquiring an additional 150 ha of land in this area from PT Modernland Realty Tbk. ASRI has entered into a conditional sale and purchase agreement to acquired the Wisma Argo Manunggal building as well as ~8,434 sqm of land onwhich the building stands.
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No Location 1 Serpong, Tangerang 2 Pasar Kemis, Tangerang 3 Serpong Utara, Tangerang 4 Jakarta CBD 1 Jakarta CBD 2 5 Kuta, Bali 6 Cibitung, Bekasi 7 8 9 10 Cianjur, West Barat Sanur, Bali Puncak, Cimacan Tanjung Pinang, Riau Total
Area (ha) Project Description 219 Alam Sutera 1,505 Pasar Kemis 160 Extension of Alam Sutera township 0.9 In Golden Triangle 0.8 Jakarta 60 Garuda Wisnu Kencana Cultural Park 107 Future land Development 89 Future 6 Future 9 Future 75 Future 2,231 land land land land Development Development Development Development
ASRI has entered into a MOU to dispose the land to an affiliated company, PT Bekasi Fajar Industrial Estate Tbk
10
2
3 4 5 6 7 8 9 10 11 12 13
North Serpong
Pasar Kemis Mall @ Alam Sutera Cibitung CBD Kavling 12 GWK Flavor Bliss CBD Kavling 22 Sanur Bali Cianjur Riau Etc Total
160
1,505
Ha
Ha Ha
3,342
8,799 1,334 1,080 1,000 900 896 360 227 111 30 774 36,137
Ha M2 Ha Ha M2 Ha Ha Ha Ha
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Project Development
ASRI evolution and growth of the business comes from the successful execution of the Companys strategy
ASRI di 2011
ASRI di 2013
Projects in Development
Synergy Tower Oak dan Maple Mall@Alam Sutera Prominence Tower Apartemen Baru Kav 12
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in 2012: Sutera Renata Aruna (January) Sutera Sitara Mentari (March) Sutera Sitara Orlanda (May) Sutera Tiara (September)
Launching 2 residential cluster in
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18 holes golf course designed by Rick Robbins from Robbins & Associates International Inc.
In October 2011 launched 2 clusters, Akasia and Cempaka
(first stage).
In July 2012 launched 2 new clusters, Mahoni and Puri
GOLF
INFRASTRUCTURE CONSTRUCTION
HOUSING CONSTRUCTION
14
Serpong
12 In IDR million per m2 10.4 9.0 6.5 5.5 6 4 2 0 2007 2008 2009 2010 2011 2012 1.3 4.4 3.8 Residential Commercial 9.1
10
8 3.3
1.7
2.5
3.0
Pasar Kemis
In IDR million per m2
2.8
3 2 Residential 1 0 2011 2012 2.1
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Wisma Argo Manunggal Jl. Jend. Gatot Subroto Kav. 22 PT Daya Sakti Perdika Rp 327 billion 8,434 m2 18,165 m2 13,809 m2 90.3% Rp 75,000 / m2 / month Rp 44,800 / m2 / month Existing building will continue to operate until 2014 Demolished the existing Cgrade building and build a new 40 storey A-grade office building in 2015
Pintu A Plaza masuk utama ke B Semangi CBD C WAM 1 Bursa Efek Indonesia 2 Kav. 12 2
Location Acquired from Acquisition price Land area Building GFA Leasable Area Occupancy* Average rental rate* Average service charge*
1 2 3
Prime locationwithin the 'Golden Triangle of Jakarta', a concentrated area of business and commercial establishments in Jakarta Foreign embassy district less than 2km away from the 2 buildings raises the profile of the surrounding area 5 star luxury hotels around the 2 buildings within the Golden Triangle makes it a convenient business location
Location Acquired from Land site area BuildingGFA Semigross Area Launch date Construction start date Target Completion date Est construction cost* Est ASP
Kav. 12 Jl. Jend. Gatot Subroto Kav. 12 Third party 9,522 m2 67,214 m2 60,000 m2 April 2013 September 2013 April 2016 Rp 650 billion Rp 33 mn / sqm Existing building had been demolished An A-grade new office building will be built and mainly sold as a strata title.
Potential redevelopment
Plan
Note: 1
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Serpong Development
Future development and growth of Alam Sutera Township is underpinned by numerous projects undertaken by ASRI and third parties who have acquired land in the township
Silkwood Residences Four more 30-storey towers to be developed adjacent to the Oak and Maple Towers
Third party projects increase the attractiveness of the Alam Sutera Township as a residential and commercial destination hence promoting its long term growth
Binus University
Towe 3 Land Site Area Building GFA Semigross Area Number of units Launch date Construction start date Target completion date Est. selling price Est. construction cost 6,000 sqm 25,800 sqm 24,000 sqm 450 Jul 2013 Sep 2013 2H 2015 IDR 14m / sqm IDR 129 bn Land Site Area Building GFA Semigross Area Launch date
Prominence Tower 13,981 sqm 50,000 sqm 42,360 sqm Feb 2013 Mei 2013 Mei 2015 Rp15 mill/ sqm Rp 263 bn Marketing ASRI Giant Hypermarket Kentucky Fried Chicken Mecure Hotel Office Tower Menara Top Food
Construction start date Target completion date Est. selling price Est. construction cost Status Developer
Status
Developer
Planning
ASRI
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Acquisition is complete
Acquisition completed in Jul 2012 Total acquisition of IDR 812.6bn for a 90.3% stake in the project Bali Tourism Development Corporation owns the remaining 9.7% Acquisition paid and financed by bank loans and internal cash
Appointed AECOM to designed the Master Plan Strategy is to retain the cultural park for recurring income Sell land in residential/hotel area, may keep some land for self development of projects
Construction of the Pedestal and the Garuda Wisnu Kencana statue to commence in June 2013 Total CAPEX budget of IDR450 bn, funded by bank loans and internal cash Expected to take 30-36 months and target completion date is end 2016 Statue to be designed and built by Nyoman Nuarta, Indonesia's foremost modern sculptor
Development of residential/commercial facilities in the GWK Park Could involve sale of land to third party developers Still preliminary
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2008
2009
2010
2011
2012
2013
January February March April May June July August September October November
12,059 18,161 16,855 25,431 157,440 17,842 15,452 43,206 37,743 105,876 43,565
9,995 15,612 92,748 35,157 40,638 80,229 91,300 111,014 173,119 185,361 68,264
163,122 142,555 152,655 158,442 180,026 221,273 163,941 119,180 76,562 62,555 94,106
303,075 47,198 121,440 265,675 114,985 163,846 313,847 629,156 369,411 198,486 169,335
407,809 538,571 741,419 87,081 320,851 50,523 399,238 265,188 464,681 169,629 174,355
233,488 680,771
December
Total
Termasuk PPN 10%
(1,406)
492,224
119,385
1,022,822
73,412
1,607,829
115,047
2,811,501
28,526
3,647,871 914,199
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Financial Highlights
2007
Revenues Gross Profit Operating Profit Net Profit
In IDR Billion
2008
435 111 55 59 365
2009
419 168 116 94 546
2010
791 406 333 291 904
2011
1,381 814 694 603 1,130
2012
2,446 1,467 1,254 1,216 2,012
308 74 32 20 425
Cash Assets BankLoan Bond Payable Sales Advances Liabilities Equity Ratio: Liability to Assets Liability to Equity Debt to Equity Gross Profit Margin Net Profit Margin
2,966
733 286 1,263 1,696
3,057
724 273 1,294 1,755
3,560
804 578 1,625 1,935
4,588
669 1,391 2,372 2,216
6,008
554 2,313 3,221 2,787
10,946
796 1,385 3,378 6,215 4,732
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No
1 2 3 4 5 6 7
Items
Issuer Notes Rating Maturity Date Coupon Rate Interest Payment Date Use of Proceeds
Description
Alam Sutera International Private Limited US$ 150,000,000 aggregate principal amountof 10.75% Senior Notes due 2017 B2 (stable) from Moodys and B (stable) from S&P 27 March 2017 10.75% per annum, payable semi-annually in arrears. 27 March and 27 September of each year, commencing 27 September 2012 Approximately 80% forthe acquisition of landbank in GreaterJakarta, primarily in Alam Sutera and Pasar Kemis and their surrounding area; and Approximately 20% for the construction and development of properties Principal is hedged with call spread IDR 9,400 -IDR 11,000 Hedging cost is 1.3% -1.35% p.a. Company will keep ~USD 24 million (3x coupon payment) as a hedge. USD bonds is unsecured, no collateral required Broader liquidity access in the global market Diversification of source of financing increase Companys recognition in the debt capital market
Hedging Policy
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No
1 2
Items
Issuer Notes
Description
Alam Synergy Pte. Ltd. US$ 235,000,000 aggregate principal amountof 6.95% Senior Notes due 2020
3
4 5 6 7
Rating
Maturity Date Coupon Rate Interest Payment Dates Use of Proceeds
27 March and 27 September of each year, commencing 27 September 2013 Land acquisitions including those acquired from Modernland; to pay the remaining acquisition costs of WismaArgo Manunggal(WAM) office tower; to refinance existing bank facilities; to develop residential and commercial properties; and for general working capital purposes Principal will be hedged Company will keep ~USD 24 million (3x couponpayment) as a hedge. Interest rate has been low USD bonds is unsecured, no collateral required Broader liquidity access in the global market DIversification of source of financing Increase Companys recognition in the debt capital market
8 9
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DISCLAIMER
This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions.
Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward looking statements, which are based on current view of management on future events.
We expressly disclaim any obligation or undertaking to release publicly any update of or revision to any forward-looking statements contained herein to reflect any change in our expectations with regards hereto or any change in events, conditions or circumstances on which any such statements is based.
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THANK YOU
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