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CITI Indonesia Investor Conference 2010

J a k a r t a - 5 TH A U G U S T 2 0 1 0

MANAGEMENT PRESENTATION
PT ADHI KARYA (Persero) Tbk.
2
C O M PA N Y O V E R V I E W
Mi l e s t o n e s
2006 2007 2008 2009

ACPS
New Vision, Mission, & Logo ADHI won a prestigious ACPS, which has been patented
with tagline Beyond EPC project of PLTU Established two subsidiaries: and used for the 1st time in toll
Construction . Lampung. Adhicon Persada and road construction (KANCI-
Adhi MultiPower. PEJAGAN toll road) in
Established a
subsidiary, ADHI Oman, in Indonesia.
Middle East.

2004 2001 1998 1960

ADHI Go Public. Listed


at JSX on 18 Mar 04; Vision was changed with more ADHI has become the PN Adhi Karya was established by
focus on Construction Service and largest Indonesian nationalizing a former Dutch
Entering global
entered EPC business. construction company company called Associatie N.V.
construction market.
since then.
3
C O M PA N Y O V E R V I E W
Lines of Business

ADHIs
Group Members: EPC Investment
: Property

: Construction

: Construction

: Trading

Construction
: Property
4
C O M PA N Y O V E R V I E W

GCG AWARD IMAC 2009 ARA 2008 Website Award CGPI 2009 IQA 2009
2009 (Indonesias 1st Rank Best User (Corporate (Indonesia
Best Disclosure Most Admired (Annual Report Interface Governance Quality Award)
Perception Index)
& Transparency Companies) Award)
From: IICD & From: Frontier From: From: SOE From: IICG From: IQA
Business Consulting Bapepam-LK, Ministry Foundation
Review Group & SOE Ministry,
BusinessWeek BI, IDX, Tax DG,
KNKG, IAI

Awards Received in 2009


5
C O M PA N Y O V E R V I E W
Stock Ownership

As of 30 June 2010

Total Outstanding Shares


Public 49% 1.757.225.500
Foreign = 14%
Local = 35%

Government 51%

# Shares Issued: 1.801.320.000


# Shares Buy Back (as treasury stock): 44.094.500

6
C O M PA N Y O V E R V I E W
C o n s t r u c t i o n S e r v i c e s Ma r k e t S h a r e #

ADHI* 7%
PTPP* 4%

WASKITA** 4%
Others 76.5%
WIKA* 3.5%
JKON*** 2.5%
TOTL*** 1.5%
DGIK*** 1%
Source: Company.

Note:
* SOE Listed
** SOE Not Listed
*** Private Listed

# Figures are based on construction services performance only 7


C O M PA N Y O V E R V I E W
Toll Road Construction Share 2009

ADHI 30%

Others 70%
Source: Company. The Longest!
with 46km of 152km

8
8
C O M PA N Y O V E R V I E W
Revenue (2005-2009)
IDR bn

9,000

8,000

7,000 7,715

6,000 6,640

5,000
4,974
4,000 4,329

3,000
3,027
2,000

1,000

0
2005 2006 2007 2008 2009
9
C O M PA N Y O V E R V I E W
Gross Profit & Net Income (2005 -2009)
IDR bn

700 655

600
544

500 457
403
400
310
300

200 166
112
96 81
100 78

0
2005 2006 2007 2008 2009
10
1. COMPANY OVERVIEW

2. 1H-2010 & F-10

3. ACPS: A COMPETITIVE ADVANTAGE

4. PROJECTS PORTFOLIO

11
1H -2010 & F -10
Income Statement Highlights

IDR bn. FY - 2009 F - 2010 G


% %
(audited) (target) %
Revenue 7.715 100 8.625 100 11,8
Cost of Contract (7.059) -91,5 (7.806) -90,5 10,6
Gross Profit After Joint Op. 752 9,7 908 10,5 20,8
Net Income 165 2,1 185 2,1 12,1

12
1H -2010 & F -10
Income Statement
2009 2010
% %
IDR mn 1H 1H
Revenue 3.018.195 100% 1.861.402 100%
Cost of Contract (2.904.187) -96,2% (1.723.140) -92,6%
Gross Profit 114.008 3,8% 138.262 7,4%
Profit (Loss) JO 38.333 1,3% 28.718 1,5%
Gross Profit after JO 152.341 5,0% 166.980 9,0%
Operating Expense (92.727) -3,1% (91.816) -4,9%
Operating Profit 59.614 2,0% 75.164 4,0%
Other Income (Expense) 58.705 1,9% 24.646 1,3%
EBIT 118.319 3,9% 99.810 5,4%
Interest Expense (51.150) -1,7% (45.941) -2,5%
EBT 67.168 2,2% 53.869 2,9%
Tax (37.611) -1,2% (36.209) -1,9%
EAT 29.557 1,0% 17.660 0,9%
Minority Interest in Subsidiaries 12.788 0,4% 5.439 -0,3%
Net Income 42.345 1,4% 23.099 1,2%

13
1H -2010 & F -10
Balance Sheets
2009 2010
IDR mn 1H % 1H %
ASSETS
Cash & Bank 195,698 3.7% 241,587 4.8%
Receivables 3,302,453 62.7% 3,086,358 61.4%
Inventory 544,822 10.3% 522,856 10.4%
Advance Payment 252,771 4.8% 268,554 5.3%
Other Current Assets 487,719 9.3% 485,398 9.6%
Current Asset 4,783,462 90.8% 4,604,753 91.5%
Investment in Associated Companies 61,948 1.2% 61,545 1.2%
Fixed Asset - Net 143,975 2.7% 121,565 2.4%
Non Current Asset 276,797 5.3% 242,842 4.8%
TOTAL ASSETS 5,266,181 100% 5,030,705 100%

LIABILITIES
Account Payables 2,286,478 43.4% 1,733,282 34.5%
Contract Advances 689,131 13.1% 525,482 10.4%
Bank Loans & Bonds 1,165,275 22.1% 1,255,229 25.0%
Other Liabilities 506,995 9.6% 798,664 15.9%
Total Liabilities 4,647,879 88.3% 4,312,657 85.7%
Minority Interest in Subsidiaries 5,582 0.1% 5,202 0.1%
EQUITY 612,721 11.6% 712,846 14.2%
TOTAL LIABILITIES & EQUITY 5,266,181 100% 5,030,705 100%
14
1H -2010 & F -10

In IDR Million ADHI Historical Revenue 2006-2009 Quarterly


10,000,000
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
Q1 1H 9M FY
Revenue 2006 641,558 1,544,879 2,753,396 3,027,081
Revenue 2007 756,574 1,771,331 2,996,231 4,973,867
Revenue 2008 721,714 1,929,373 3,662,108 6,639,942
Revenue 2009 1,358,392 3,018,195 4,857,856 7,714,614
Revenue 2010 957,212 1,861,402 5,067,080 8,625,100
1H -2010 & F -10
Revenue Breakdown by Project Owner

FY - 2009
Private 44%

F - 2010
Government
& Related 56%

Private 35%

Government
& Related 65%
16
1H -2010 & F -10
R e v e n u e B r e a k d o w n b y Ty p e o f P r o j e c t
FY - 2009
Private Govt & Related
Infrastructure 24% Building 19%

Govt & Related


Infrastructure 30%
F - 2010
Private Govt & Related
Private Building 22%
Govt & Related Private EPC 2%
Building 20%
EPC 7% Infrastructure 15%

Private
Building 18% Govt & Related
Govt &
Infrastructure 31%
Related EPC 12%
17
1H -2010 & F -10
Note: In IDR bn Order Book
JO: Joint Operation
Revenue JO is not booked on IS, only profit (loss) from JO Total Contract Total Order
Target Incl. JO Book Incl. JO
Total Contract Total Order 15,620 5,855
Secured Incl. JO Book Incl. JO JO: 937 JO: 1,209
14,760 5,750 Total
JO: 1,676 JO: 1,412 New Revenue Order Book
Order Book Incl. JO Non JO
New Total New Contract 4,646
Revenue Non JO 9,765
6,626 Non JO Contract Target
Incl. JO 4,338 JO: 1,140
Secured 9,010 Target Non JO
9,870
4,950
JO: 1,295 8,933
JO: 1,031
Total
Carry Over
Total Revenue Carry
From 2008 Revenue JO: 1,412 Over to
Non JO Carry Over 8,625 2011
7,715 Carry Over From 2009
to 2010 Non JO
7,103
4,338
2009 (Audited) 2010 (Target) 18
1H -2010 & F -10
New Contract Secured as of 1H10
In IDR bn Target New
Contract 2010
9,870
JO: 937

New
Contract-10
Non JO
New Contract Target
JO: 564
2010 Secured
1,991 8,933
JO: 114
Non JO Secured
1,877

1H - 2010 F - 2010
1. COMPANY OVERVIEW

2. 1H-2010 & F-10

3. ACPS: A COMPETITIVE ADVANTAGE

4. PROJECTS PORTFOLIO

20
ACPS: A C OMPETITIVE ADVANTAGE
ACPS Advantages

Why ACPS ?

Profitable
Investment
Faster Construction High Performance
Period & Durability

Simple
Minimized IDC Maintenance Reasonable
Construction Cost

Low Maintenance
Cost
21
ACPS: A C OMPETITIVE ADVANTAGE
More Chances Ahead

ACPS
Winning
Toll Road Projects

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.

22
ACPS: A C OMPETITIVE ADVANTAGE
Pre-cast Concrete Plant Activities

23
ACPS: A C OMPETITIVE ADVANTAGE
On-site Activities

24
24
1. COMPANY OVERVIEW

2. 1H-2010 & F-10

3. ACPS: A COMPETITIVE ADVANTAGE

4. PROJECTS PORTFOLIO

25
PR OJECTS PORTFOLIO
In IDR bn 2010 Sales Key Drivers
Contract Estimated
Name of Project
Value Completion
PLTU Lampung 2X100 MW (JO: ADHI 65% - JEPOE 35%) 1,809 Jun-12
Tilal Complex at Al Khuwair (ADHI Oman LLC) 969 Jul-10
Latumenten City 698 Jun-10
SOR Gede Bage, Bandung 451 Dec-11
Surabaya Sport Center 400 Jun-10
Tol Semarang - Bawen Pkt.1 374 Jun-10
Tanah Abang Blok B 362 Jul-10
The Pakubuwono View 257 Jun-10
Kuningan City 256 Jul-11
Pavement Bandara Kuala Namu (JO) 248 Nov-10
Shadden al Hail (ADHI Oman LLC) 238 Jul-10
Main Stadium Riau (JO) 235 Dec-10
ME Kualanamu, Medan 196 Jul-10
PLTU Jabar Pelabuhan Ratu Paket 2 & 3 144 Dec-10
Bojonegoro Barage 134 Mar-12

26
PT A D H I K A RYA ( Persero ) T b k.

The End of Presentation

Visit us at www.adhi.co.id

For further information please contact:


Kurnadi Gularso, Corporate Secretary
Ki Syahgolang Permata, 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.

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