PT Alam Sutera Realty TbkAnalyst Meeting
Jakarta, 15 April 2013
Chapter 1 Industry Overview 3
Chapter 2 Company Update 5
Appendix 19
Table of Contents
2
Chapter 1
Industry Overview
Industry Overview
Text
1
2
Low Interest
Rate
Strong
Demand
Increase Selling
Price
34
Rising of Middle
Class Income
The scarcity of
strategic
landbank5
6
Less Impact from
LTV regulation
4
Correlation between BI Rate and Mortgage Loans
5
Population Growth
6
Jakarta Office Area Growth
7
• For coastal soaring are price growing more
than 25% for each region from the end of
2011-2Q12
• Real Estat Indonesia (REI) noted the rise
in land prices in Bali reached 400% per
year.
Property Price Increase in Bali
• 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..
8
Chapter 2
The Company Development
10
5132
4
10
8
6
Overview of the property portfolio
No Location Area (ha) Project Description Notes
1 Serpong, Tangerang 219 Alam Sutera
2 Pasar Kemis, Tangerang 1,505 Pasar Kemis 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.
3 Serpong Utara, Tangerang 160 Extension of Alam Sutera
township
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.
4 Jakarta CBD 1
Jakarta CBD 2
0.9
0.8
In Golden Triangle
Jakarta
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.
5 Kuta, Bali 60 Garuda Wisnu Kencana
Cultural Park
6 Cibitung, Bekasi 107 Future land Development ASRI has entered into a MOU to dispose the land to an affiliated company, PT
Bekasi Fajar Industrial Estate Tbk
7 Cianjur, West Barat 89 Future land Development
8 Sanur, Bali 6 Future land Development
9 Puncak, Cimacan 9 Future land Development
10 Tanjung Pinang, Riau 75 Future land Development
Total 2,231 As of 31 March 2013 (gross land area)
7
9
Internal NAV Calculation
No Asset Area Amount
(Rp billion)
1 Serpong 219 Ha 17,284
2 North Serpong 160 Ha 3,342
3 Pasar Kemis 1,505 Ha 8,799
4 Mall @ Alam Sutera Ha 1,334
5 Cibitung 107 Ha 1,080
6 CBD Kavling 12 9,255 M2 1,000
7 GWK 61 Ha 900
8 Flavor Bliss 7 Ha 896
9 CBD Kavling 22 8,434 M2 360
10 Sanur Bali 6 Ha 227
11 Cianjur 89 Ha 111
12 Riau 75 Ha 30
13 Etc Ha 774
Total 36,137
Note:
• As of 31 March 2013
• Based on the latest appraisal report, except
for no.6
11
ASRI evolution and growth of the business comes from the successful execution of the Company’s strategy
Independent
Township
Development
Projects in
Development
Project has been
completed
Source of
Recurring Income
Alam Sutera Pasar Kemis Alam Sutera Pasar Kemis Proyek GWK
ASRI di 2011 ASRI di 2013
Synergy Tower Oak dan Maple Mall@Alam Sutera
Synergy Tower Oak dan Maple Mall@Alam Sutera WAM
Prominence Tower Kav 12
Mall@Alam Sutera WAM
GWKFlavor
Bliss
Estate
Management
Pasar 8Estate Management Pasar 8 Flavor Bliss
Apartemen Baru
Project Development
12
Alam Sutera Project
• Launching 4 residential clusters
in 2012:
Sutera Renata Aruna (January)
Sutera Sitara Mentari (March)
Sutera Sitara Orlanda (May)
Sutera Tiara (September)
• Launching 2 residential cluster in
2013:
Sutera Palmyra (January)
Sutera Victoria (February)
13
• Suvarna Padi Golf Estate is a golf residential estate with
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
Ayu, as well as opening second stage of Akasia and
Cempaka clusters.
• In March 2013 launched new cluster, Puri Agung
14
GOLF INFRASTRUCTURE CONSTRUCTION HOUSING CONSTRUCTION
Pasar Kemis Project
Price is including 10% VAT
0
2
4
6
8
10
12
2007 2008 2009 2010 2011 2012
In ID
R m
illio
n p
er
m2
Serpong
Residential
Commercial
1.3
1.7 2.5 3.0 3.3
4.4 3.8
6.55.5
10.4
9.0 9.1
0
1
2
3
2011 2012
In ID
R m
illio
n p
er
m2
Pasar Kemis
Residential
2.12.8
Average Selling Price of Land
15
Increase the scale of operations, business diversification and
increasing recurring income
Wisma Argo Manunggal
Location Jl. Jend. Gatot Subroto Kav. 22
Acquired from PT Daya Sakti Perdika
Acquisition price Rp 327 billion
Land area 8,434 m2
Building GFA 18,165 m2
Leasable Area 13,809 m2
Occupancy* 90.3%
Average rental rate* Rp 75,000 / m2 / month
Average service
charge*Rp 44,800 / m2 / month
Potential
redevelopment
• Existing building will continue
to operate until 2014
• Demolished the existing C-
grade building and build a
new 40 storey A-grade office
building in 2015
Kav. 12
Location Jl. Jend. Gatot Subroto Kav. 12
Acquired from Third party
Land site area 9,522 m2
BuildingGFA 67,214 m2
Semigross Area 60,000 m2
Launch date April 2013
Construction start
dateSeptember 2013
Target Completion
dateApril 2016
Est construction cost* Rp 650 billion
Est ASP Rp 33 mn / sqm
Plan
• Existing building had been
demolished
• An A-grade new office
building will be built and
mainly sold as a strata title.
1
2
Note:
1 Jones Lang Lasalle, Asia Pacific Property Digest 4Q 2012
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
Kav. 12
WAMBursa
Efek
Indonesia
Plaza
Semangi
Pintu
masuk
utama ke
CBDC
A
B
1
2
3
1 2
Project Office in Jakarta's Central Business District
16
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
Prominence Tower
A 30-storey strata-title office building
located in Alam Sutera
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
Mecure Hotel
Giant Hypermarket
Living World Mall
Office Tower
Menara Top Food
Kentucky Fried Chicken
Towe 3
Land Site Area 6,000 sqm
Building GFA 25,800 sqm
Semigross Area 24,000 sqm
Number of units 450
Launch date Jul 2013
Construction start date Sep 2013
Target completion date 2H 2015
Est. selling price IDR 14m / sqm
Est. construction cost IDR 129 bn
Status Planning
Developer ASRI
Prominence Tower
Land Site Area 13,981 sqm
Building GFA 50,000 sqm
Semigross Area 42,360 sqm
Launch date Feb 2013
Construction start date Mei 2013
Target completion date Mei 2015
Est. selling price Rp15 mill/ sqm
Est. construction cost Rp 263 bn
Status Marketing
Developer ASRI
Serpong Development
17
GWK Project masterplan comprises the existing cultural park and phases for future development Acquisition
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
Master Planning
underway
• 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
Phase 1 of the
development to
commence in June
2013
• 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
Future
developments in
planned phases
• Development of residential/commercial facilities in the GWK Park
• Could involve sale of land to third party developers
• Still preliminary
Acquisition of GWK Project in Bali is complete and development is underway
Garuda Wisnu Kencana
18
2008 2009 2010 2011 2012 2013
January 12,059 9,995 163,122 303,075 407,809 233,488
February 18,161 15,612 142,555 47,198 538,571 680,771
March 16,855 92,748 152,655 121,440 741,419
April 25,431 35,157 158,442 265,675 87,081
May 157,440 40,638 180,026 114,985 320,851
June 17,842 80,229 221,273 163,846 50,523
July 15,452 91,300 163,941 313,847 399,238
August 43,206 111,014 119,180 629,156 265,188
September 37,743 173,119 76,562 369,411 464,681
October 105,876 185,361 62,555 198,486 169,629
November 43,565 68,264 94,106 169,335 174,355
December (1,406) 119,385 73,412 115,047 28,526
Total 492,224 1,022,822 1,607,829 2,811,501 3,647,871 914,199
Termasuk PPN 10%
In IDR Million
19
Consolidated Marketing Sales
2007 2008 2009 2010 2011 2012
Revenues 308 435 419 791 1,381 2,446
Gross Profit 74 111 168 406 814 1,467
Operating Profit 32 55 116 333 694 1,254
Net Profit 20 59 94 291 603 1,216
Cash 425 365 546 904 1,130 2,012
Assets 2,966 3,057 3,560 4,588 6,008 10,946
BankLoan 733 724 804 669 554 796
Bond Payable - - - - - 1,385
Sales Advances 286 273 578 1,391 2,313 3,378
Liabilities 1,263 1,294 1,625 2,372 3,221 6,215
Equity 1,696 1,755 1,935 2,216 2,787 4,732
Ratio:
Liability to Assets 42.6% 42.3% 45.6% 51.7% 53.6% 56.8%
Liability to Equity 74.4% 73.7% 84.0% 107.0% 115.6% 131.3%
Debt to Equity 43.2% 41.2% 41.5% 30.2% 19.9% 46.1%
Gross Profit Margin 24.1% 25.5% 40.0% 51.4% 59.0% 60.0%
Net Profit Margin 6.6% 13.5% 22.5% 36.8% 43.6% 49.7%
Return on Assets 0.7% 1.9% 2.6% 6.3% 10.0% 11.1%
Return on Equity
1.2% 3.4% 4.9% 13.1% 21.6% 25.7%
In ID
R B
illion
20
Financial Highlights
21
No Items Description
1 Issuer Alam Sutera International Private Limited
2 NotesUS$ 150,000,000 aggregate principal amountof 10.75% Senior Notes due 2017
3 Rating B2 (stable) from Moody’s and B (stable) from S&P
4 Maturity Date 27 March 2017
5 Coupon Rate 10.75% per annum, payable semi-annually in arrears.
6 Interest Payment Date 27 March and 27 September of each year, commencing 27 September 2012
7 Use of Proceeds • 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
8 Hedging Policy • 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.
9 USD Bonds Issuance Rationale
vs.IDR Bonds
• USD bonds is unsecured, no collateral required
• Broader liquidity access in the global market
• Diversification of source of financing
• increase Company’s recognition in the debt capital market
USD Bonds 1 -Alam Sutera International Private Limited
22
No Items Description
1 Issuer Alam Synergy Pte. Ltd.
2 Notes US$ 235,000,000 aggregate principal amountof 6.95% Senior Notes due 2020
3 Rating B1 stable / B stable/ B+ Stable (Moody’s / S&P / Fitch)
4 Maturity Date 27 March 2020
5 Coupon Rate 6.95% per annum, payable semi-annually in arrears. .
6 Interest Payment Dates 27 March and 27 September of each year, commencing 27 September 2013
7 Use of Proceeds 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
8 Hedging Policy • Principal will be hedged
• Company will keep ~USD 24 million (3x couponpayment) as a hedge.
9 USD Bonds Issuance Rationale
vs.IDR Bonds
• 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 Company’s recognition in the debt capital market
USD Bonds 2-Alam Synergy Pte.Ltd.
DISCLAIMER
This presentation may contain forward-looking statements that involve risks anduncertainties. Actual future performance, outcomes and results may differ materiallyfrom 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 industryand economic conditions, interest rate trends, cost of capital and capital availability,availability of real estate properties, competition from other companies and venues forthe sale/distribution of goods and services, shifts in customer demands, customersand partners, changes in operating expenses, including employee wages, benefits andtraining, governmental and public policy changes and the continued availability offinancing in the amounts and the terms necessary to support future business. You arecautioned not to place undue reliance on these forward looking statements, which arebased on current view of management on future events.
We expressly disclaim any obligation or undertaking to release publicly any update ofor revision to any forward-looking statements contained herein to reflect any changein our expectations with regards hereto or any change in events, conditions orcircumstances on which any such statements is based.
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THANK YOU