PT ADHI KARYA (Persero) Tbk.

BNP Paribas ASEAN Conference

Consumer &
Infrastructure
Hong Kong
3rd March 2011

1. Company Overview
2. Performance & Target

3. Corporate Focus

COMPANY OVERVIEW
Milestones
ADHI won a prestigious EPC
project of PLTU Lampung.

Established two subsidiaries:

ACPS, for the 1st time in toll

road construction (KANCIPEJAGAN toll road) in
Indonesia.

Receive Full Patent of:

Monorail Design & ACPS
Won PLTU Balikpapan
2x100 MW

ACPS
[Adhi Concrete Pavement System]

2008

2007

2006

New Vision, Mission,

& Logo with tagline
Beyond
Construction.

2010

2009

2004

2001

Go Public 18 Mar 04;

Enter global
construction market.

Vision changed to
focus on Construction
Service and entered
EPC business.

1998

The largest
Indonesian
construction
company.

1960

PN Adhi Karya
nationalizing
Associatie N.V.
3

COMPANY OVERVIEW
Lines of Business
Group Members:

EPC

Investment

: Property
: Construction

: Trading

: Property
: Construction

Construction
4

COMPANY OVERVIEW

GCG AWARD
2009
Best Disclosure
& Transparency
From: IICD &
Business
Review

IMAC 2010
(Indonesias
Most Admired
Companies)
From: Frontier
Consulting
Group &
BusinessWeek

ARA 2008
1st Rank
(Annual Report
Award)

Website Award
2009
Best User
Interface

From:
Bapepam-LK,
SOE Ministry,
BI, IDX, Tax DG,
KNKG, IAI

From: SOE
Ministry

CGPI 2010
As Trusted
Company
(Corporate
Governance
Perception
Index)
From: IICG

SOE Award
2010
(State-Owned
Enterprise)
Best GCG
From: SOE
Ministry

Awards Received
5

COMPANY OVERVIEW
Stock Ownership
As per 31 December 2009

as per 30 December 2010

Foreign
Ownership
Growth of

79%

52%

25%

14%

Foreign

52%
34%

Total Outstanding Shares

1.757.225.500

Local

23%

Government

# Shares Issued: 1.801.320.000

# Shares Buy Back (as treasury stock): 44.094.500
6

COMPANY OVERVIEW
Revenue (2005-2011)
IDR mn

10,000,000

9,150,457

9,000,000

7,714,614

8,000,000

6,000,000

4,973,867

5,000,000
4,000,000

6,059,564

6,639,942

7,000,000

4,328,860
3,027,081

3,000,000
2,000,000
1,000,000
0

2005

2006

2007

2008

2009

2010F

2011F
7

COMPANY OVERVIEW
Gross Profit & Net Income (2005-2011)
IDR mn
1,000,000

949,921

900,000

751,880

800,000

677,925

700,000
600,000

Gross Profit

495,456

436,987

500,000
400,000

572,521

350,236

300,000
200,000
100,000

Net Income
77,920

95,581

114,220

2005

2006

2007

165,529

185,357

203,557

2009

2010F

2011F

81,482

2008

1.

Company Overview

2. Performance & Target

3. Corporate Focus

PERFORMANCE & TARGET

Income Statement
IDR Million

Revenue
Cost of Contract
Gross Profit
Profit (Loss) JO
Gross Profit after JO
Operating Expense
Operating Profit
Other Income (Expense)
EBIT
Interest Expense
EBT
Tax
Minority Interest in Subsidiaries
Net Income

2009A
7,714,614
7,059,135
655,479
96,401
751,880
215,061
536,819
(97,200)
439,619
(107,846)
331,773
(168,850)
2,606
165,530

%
100.0
91.5
8.5
1.2
9.7
2.8
7.0
(1.3)
5.7
(1.4)
4.3
(2.2)
0.0
2.1

2010F
6,059,564
5,459,224
600,340
68,742
669,082
211,404
457,678
(34,416)
423,262
(100,000)
323,263
(139,906)
2,000
185,357

%
100.0
90.1
9.9
1.1
11.0
3.5
7.6
(0.6)
7.0
(1.7)
5.3
(2.3)
0.0
3.1
10

PERFORMANCE & TARGET

Balance Sheet

2009A

2010F

IDR Million

ASSETS
Cash and Bank
Receivables
Inventory
Advance Payment
Other Current Asset
Current Asset
Investment in Associated Companies
Fixed Asset - Net
Non Current Asset
TOTAL ASSET

306,902
3,613,856
510,174
262,274
511,160
5,204,366
61,545
128,128
235,414
5,629,454

5.5
64.2
9.1
4.7
9.1
92.4
1.1
2.3
4.2
100.0

389,916
2,820,700
505,705
287,472
588,431
4,592,224
70,198
88,512
255,232
5,006,165

7.8
56.3
10.1
5.7
11.8
91.7
1.4
1.8
5.1
100.0

2,849,719
548,589
852,536
637,738
4,888,581
9,673
731,200
5,629,454

50.6
9.7
15.1
11.3
86.8
0.2
13.0
100.0

2,233,054
587,646
803,081
517,724
4,141,505
7,673
856,986
5,006,165

44.6
11.7
16.0
10.3
82.7
0.2
17.1
100.0

LIABILITIES

Account Payable
Contract Advances
Bank Loans & Bonds
Other Liabilities
TOTAL LIABILITIES
Minority Interest in Subsidiaries
EQUITY
TOTAL LIABILITIES & EQUITY

11

PERFORMANCE & TARGET

Revenue Breakdown by Project Owner
2009
Private 44%

2010F
Government
& Related 56%

Private 14%

Government
& Related 86%
12

PERFORMANCE & TARGET

Revenue Breakdown by Type of Project
Private
Infrastructure 24%

Govt & Related

Building 19%
Govt & Related
Infrastructure 30%

Private
Building 20%

2009

Govt & Related

EPC 7%

Private
Infrastructure 2%

2010F
Govt & Related
Building 34%

Private
Building 12%

Govt &
Related EPC 21%

Govt & Related

Infrastructure 31%

13

PERFORMANCE & TARGET

Order Book

In IDR bn

Note:
JO: Joint Operation
Revenue JO is not booked on IS, only profit (loss) from JO

Total Contract
Target Incl. JO
13,535

JO: 2,283
8,114

5,421

New Contract
Target
Non JO

Total Order Book

Incl. JO
6,549
Total
Revenue
Incl. JO
6,986

5,831

JO: 927

JO: 1,412

Total
Revenue

Carry Over 2009

Non JO

4,009

6,059

2010F

JO: 2,768
Order Book
Non JO

Total Contract
Target Incl. JO
19,138

JO: 3,462
New
Contract
Target

12,589

New
Contract
Target
Non JO

9,127

3,781

JO: 2,768
Carry Over
to 2011

Total Order Book

Incl. JO
7,994

6,549

Order Book
Non JO

3,781

JO: 4,236
Total
Revenue
Incl. JO
11,144

Order Book
Non JO

3,758

JO: 1,994

Total
Revenue

9,150

2011F

Carry
Over to
2012
14

PERFORMANCE & TARGET

2011 Target Contract
in trillion IDR

Others

Toll Road

4.4
1.9

12.5
2.2
4.0
Buildings

EPC

PERFORMANCE & TARGET

Contract Breakdown by Type of Project

2011F

Infrastructures

68%
32%
Building

16

PERFORMANCE & TARGET

Contract Breakdown by Project Owner

2011F

Government &
Related

67%
33%
Private

17

PERFORMANCE & TARGET

Target Highlights
IDR Million

2010

FY (Prog)
Revenue

6,059,564 100.00%

2011

FY (Target)

9,150,457 100.00%

Cost of Contract

5,450,381

89.95%

8,363,974

91.40%

Gross Profit after JO

677,925

11.19%

949,921

10.38%

Net Income

185,357

3.06%

203,557

2.22%

18

1.

Company Overview

2. Performance & Target

3. CORPORATE FOCUS

19

CORPORATE FOCUS
The Priority Infrastructure Demand Until 2015
Around US$76 Billion
Need for Infrastructure Priority Stage-1 (2010-2015)
Investment Requirement ($ Billion)

Project Example:
Dumai Port Expansion
($0.13 Billion)

Need for Infrastructure Priority Stage-21 (2016-2030)

Investment Requirement ($ Billion)

Project Example: Coal

Railway Puruk Cahu
Bangkuang & Tj. Isuy
($3.5 Billion)

Project Example: Central

Java Power Plant
2000MW ($2.0 Billion)

Upper
Line
Lower
Line

Out of the priority infrastructures, the other infrastructures

development must be continued
1. Based on macro calculation
Source: BCG analysis, IEDC Master Plan, Working Group Discussion

Source: Coordinating Ministry For Economic Affairs

Assumption: 3.7% 4.9% Corridor RGDP

CORPORATE FOCUS
Productivity

POWER
PLANT

AMP
(asphalt mixing
plant)

Spin-Off

Strengthening

PROPERTY &
OTHERS THROUGH
SUBSIDIARIES

OIL &
GAS

Settlement

Extending

EPC

INVESTMENT

QUALITY of
EARNINGS

Encourage
Innovative
Culture

CONSOLIDATION
Monorail & Overseas

CONSTRUCTION

Monorail

ACPS

Development

Efficiency
Competence

Competitive
Advantage
21

HI-RISE
BUILDING /
OTHER INFRA
HIGHWAYS /
TOLL ROAD

CORPORATE FOCUS
ACPS: a competitive advantage
[Adhi Concrete Pavement System]

Why ACPS ?
Profitable
Investment
High Performance
& Durability

Faster Construction
Period
Minimized IDC

Simple
Maintenance

Reasonable
Construction Cost

Low Maintenance
Cost
22

CORPORATE FOCUS
ACPS: a competitive advantage
[Adhi Concrete Pavement System]

Winning
Toll Road Projects

ACPS
More Chances Ahead

With a New Innovation of Pavement System in

Indonesia, ADHI has greater chances to win numbers of toll
road projects.
Ahead, ADHI aims to win several toll road projects in
Indonesia.
23

CORPORATE FOCUS
ACPS: a competitive advantage

Pre-cast Concrete Plant Activities

[Adhi Concrete Pavement System]

24

CORPORATE FOCUS
ACPS: a competitive advantage
[Adhi Concrete Pavement System]

On-site Activities

25
25

INDONESIA 10.000 MW PROGRAM [PLN]

No

Power Plant Project

Province

Capacity
(MW)

PLTP Tangkuban Perahu I

Jawa Barat

2 x 55

PLTP Kamojang 5 dan 6

Jawa Barat

1 x 40
1 x 60

PLTP ljen

Jawa Timur

2 x 55

PLTP lyang Argopuro

Jawa Timur

1 x 55

PLTP Wilis/Ngebel

Jawa Timur

3 x 55

PLTP Sungai Penuh

Jambi

2 x 55

PLTP Hululais

Bengkulu

2 x 55

PLTP Kotamobagu 1 dan 2

Sulawesi Utara

2 x 20

PLTP Kotamobagu 3 dan 4

Sulawesi Utara

2 x 20

10

PLTP Sembalun

Nusa Tenggara Barat

2 x 10

Source: Ministry of Energy and Mineral Resources

INDONESIA 10.000 MW PROGRAM [PLN]

No

Power Plant Project

Province

Capacity
(MW)

Maluku

2 x 10

Jawa Barat

4 x 250

Sumatera Utara

2 x 87

Jawa Barat

1 x 1000

Sumatera Utara

2 x 200

11

PLTP Tulehu

12

PLTA Upper Cisokan

13

PLTA Asahan 3

14

PLTU lndramayu

15

PLTU Pangkalan Susu 3 dan 4

16

PLTU Sampit

Kalimantan Tengah

2 x 25

17

PLTU Kotabaru

Kalimantan Selatan

2x7

18

PLTU Parit Baru

Kalimantan Barat

2 x 50

19

PLTU Takalar

Sulawesi Selatan

2 x 100

20

PLTG Kaltim (Peaking)

Kalimantan Timur

2 x 50

21

PLTGU Muara Tawar Add-on 2,3 dan 4

Jawa Barat

1 x 150
3 x 350

Source: Ministry of Energy and Mineral Resources

INDONESIA NEXT TOLL ROAD PIPELINE

Trans-Java

Length

Cikampek-Palimanan

116

PT Lintas Marga Sedaya

11,36

Majority Shareholders Support

Pejagan-Pemalang

57,5

PT Pejagan Pemalang Toll

Road

5,51

Shareholders Restructure

Pemalang-Batang

39

PT Pemalang Batang Toll

Road

3,82

Additional Equity from Shareholders

Semarang-Batang

75

PT Marga Setiapuritama

7,21

Shareholders Restructure

(KM)

BUJT/Investor

Investment

Remarks

(IDR trilion)

Semarang-Solo

75,7

PT Trans Marga Jateng

6,21

Majority Shareholders Support

Solo-Ngawi

90,1

PT Solo Ngawi Jaya

5,13

Majority Shareholders Support

Ngawi-Kertosono

87,02 PT Ngawi Kertosono Jaya

3,83

Majority Shareholders Support

KertosonoMojokerto

40,5

PT Marga Hanurata Intrinsic

3,48

--

Surabaya-Mojokerto

36,27 PT Marga Nujyasumo Agung

3,12

Majority Shareholders Support

Source: Ministry of Public Works

INDONESIA NEXT TOLL ROAD PIPELINE

JORR II

Length
(KM)

BUJT/Investor

Investment
(IDR trilion)

Remarks

CengkarengKunciran

15,2

PT Marga Kunciran
Cengkareng

3,49

Shareholders Restructure

Kunciran-Serpong

11,2

PT Marga Trans Nusantara

2,62

Shareholders Restructure

Cinere-Serpong

10,14 PT Cinere Serpong Jaya

2,21

Majority Shareholders Support

Cinere-Cimanggis

14,7

PT Trans Lingkar Kita Jaya

3,17

Majority Shareholders Support

Cimanggis-Cibitung

25,4

PT Cimanggis Cibitung
Tollways

4,44

Shareholders Restructure

Cibitung-Cilincing

34,5

MTD-Nusa Cipta

4,22

Majority Shareholders Support

Source: Ministry of Public Works

INDONESIA NEXT TOLL ROAD PIPELINE

Non-TransJava
JORR W2

Length
(KM)

BUJT/Investor

Investment
(IDR trilion)

Remarks

PT Marga Lingkar Jakarta

--

Majority Shareholders Support

Gempol-Pandaan

13,61

PT Margabumi Adhikaraya

0,89

Majority Shareholders Support

Depok-Antasari

21,7

PT Citra Waspphutowa

4,76

Majority Shareholders Support

Ciawi-Sukabumi

54

PT Trans Jabar Tol

7,77

Shareholders Restructure

18,6

PT Margaraya Jawa Tol

11,11

Additional Equity from Shareholders

45

PT Trans Jawa Pas Pro

5,96

Shareholders Restructure

Waru-Tj.Perak

PasuruanProbolinggo
Bekasi-Kp.Melayu

21,04

PT Kresna Kusuma Dyandra

7,15

Additional Equity from Shareholders

Gempol-Pasuruan

33,75

PT Transmarga Jatim
Pasuruan

2,76

Majority Shareholders Support

Bogor Ring Road

11

PT Marga Trans Jabar

1,44

Majority Shareholders Support

Source: Ministry of Public Works

PT Adhi Karya (Persero) Tbk.

The End of Presentation

Visit us at www.adhi.co.id
For further information please contact:
Kurnadi Gularso, Corporate Secretary
Ki Syahgolang Permata, IR & Corporate Communications
P. +62 21 797 5312 F. +62 21 797 5311 E. corsec@adhi.co.id
Disclaimer:
Important Notice
This document is for information purposes only based on the information provided by the Company and does not constitute an offer, solicitation
term, representation or warranty with respect to the purchase or sale of any security. Neither this document nor anything contained in it shall form
the basis of relied upon in connection with any contract or commitment whatsoever.
None of the Company, PT Adhi Karya (Persero) Tbk. or any person connected with any of them accepts any liability whatsoever for any loss
howsoever arising from any use of this document or its contents or otherwise arising in connection therewith.
Any opinion, estimate or projection herein constitutes a judgment as of the date of this document, and there can be no assurance that future or
events will be consistent with any such opinion, estimate or projection. The information in this document is subject to change without notice, its
accuracy is not verified or guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the Company.