indonesia’s leading taxi and land passenger transportation...
TRANSCRIPT
Disclaimer
These materials have been prepared by PT Blue Bird Tbk (the “Company”) solely for use at this presentation and are not for public dissemination. By accepting and/or viewing these materials, you agree to be bound by the foregoing limitations.
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The information contained in this presentation has not been independently verified. No representation, warranty, or undertaking express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of any information or opinion contained herein. It is not the intention to provide, and you may not rely on this document as providing, a complete or comprehensive analysis of the Company’s financial or trading position or prospects. None of the Company or any of its directors, officers, employees, agents, shareholders, affiliates, advisors or representatives shall be in any way responsible for the contents hereof, or shall be reliable (in negligence or otherwise) for any loss howsoever arising from any use of this document or the information contained in this presentation or otherwise arising in connection therewith.
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1. Introduction – BIRD in a Glance
Understanding Indonesia’s leading land passenger transportation company – its strength, competitive advantage, and future opportunities
Blue Bird - the leading integrated land passenger transportation company in Indonesia
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(1) As of 31 Dec 2017 (2) Based on FY 2017 Audited Figures
Brands
Fleet size(1)
Revenue contribution(2)
Key financials(2)
Locations
22,411
973 5,103 514
76.2% 6.4% 11.8% 5.6%
Net revenues:
Rp3,201 bio
Net revenues:
Rp270 bio
Net revenues:
Rp495 bio
Net revenues:
Rp237 bio
15 Indonesian locations
Operates in Jakarta & greater Jakarta Area
15 Indonesian locations
8 Indonesian locations
Charter bus Limousine & car
rental Executive taxi Regular taxi
29,001
100.0%
Net revenues:
Rp4,204 bIo
Presence in all Indonesian key cities
Total
Leading passenger land transport operator in Indonesia with the largest market share and a fleet of more than 29,000 units of different variance
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Distribution channels support pan-Indonesian platform Key highlights
Presence in all key cities (“first mover” advantage)
Growing urbanization across Indonesia presents a significant opportunity for growth
Awarded as Indonesia’s living legend company by Warta Ekonomi (2016)
(1) As of 31 Dec 2017 (2) As of 31 Dec 2017
70 depots nationally, including 46 in Jakarta(1)
More than 600 exclusive outlets that include hotels, malls, offices, apartments, residential and convenience stores(2)
24-hour call center and mobile apps booking system
We have a comprehensive Indonesian footprint
Medan Jadetabek Pekanbaru Palembang
Manado
Banten
Bandung
Semarang
Lombok Bali Yogyakarta Solo
Padang
Batam Balikpapan
Makassar Surabaya
Pangkal Pinang
Solid ground to build upon for current & future business model
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#1 in Safety, Availability, Reliability
#1 in top-of-mind brand awareness
Strong brand and reputation
>29,000 multi-modal fleet from taxis to cars
to buses
70 vehicle pools
and maintenance nation wide
~600 dedicated taxi stands in high traffic locations
~40,000 man power to support the business
Proven operating model
45 yrs proven
commitment by founders
0.3x 31 Dec 2017
DER, indicating a prudent balance
sheet
>Rp 6tr of asset in 31
Dec 2017 balance sheet
Rp 470 bio
Nett cash by 31 Dec 2017
Committed shareholders and strong financials
Low taxi penetration creates future opportunities
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1. Taxi fleet size per thousand population 2. Source: Euromonitor, World Bank, Macquarie Research June 2016
Investing in people, creating a sustainable community
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Our investment in people is not limited to development of skills for the
employees, but also their spirituality and family. Our initiatives include:
Kartini Blue Bird empowerment program for drivers’ wives and
surrounding community
Scholarship awarded to 4,000 children of drivers in 2016
Official land transportation partner for “Indonesia Mengajar” program
Umroh program for selected drivers
2. Financial & Operational Highlights
Although the Company is facing hypercompetition in the market, financials remain solid in both profitability and balance sheet position.
P&L FY 2017 – Improvement QoQ Basis
1,040 1,042
1,049
1,073
1Q17 2Q17 3Q17 4Q17
Nett Revenue - QoQ (in Rp bio)
Revenue in 4Q17 grew by 2.3% compared to 3Q17, higher compared to QoQ growth on previous quarters in 2017 4Q17 also marked total comprehensive income (nett income) of Rp 118 bio, back to 1Q17 level
Regardless of consistent QoQ growth, YoY performance still showed negative growth. Revenue was down by 12.3% & nett income down by 15.8% YoY
4,796
501
4,204
422
Nett Revenue Nett Income
FY 2016 FY 2017
118
76
110
118
1Q17 2Q17 3Q17 4Q17
Total Comprehensive Income - QoQ (in Rp
Bio)
P&L FY 2017
(in Rp billion) FY 2017 FY 2016 growth 4Q17 3Q17 growth
Nett Revenue 4,204 4,796 -12.3% 1,073 1,049 2.3%
Direct Cost (3,066) (3,426) -10.5% (787) (769) 2.3%
Gross Profit Margin 1,138 1,370 -16.9% 286 280 2.2%
Operating Expense (570) (563) 1.2% (134) (146) -8.2%
Operating Income 568 807 -29.7% 151 134 12.7%
Earnings Before Tax 562 692 -18.7% 165 140 17.6%
Nett Comprehensive Income 422 501 -15.8% 118 110 7.3%
EBITDA 1,217 1,530 -20.5% 303 291 3.9%
Gross Profit Margin 27.1% 28.6% 26.6% 26.7%
Operating Profit Margin 13.5% 16.8% 14.1% 12.8%
Nett Income Margin 10.0% 10.4% 11.0% 10.5%
EBITDA Margin 28.9% 31.9% 28.2% 27.8%
Balance Sheet – 31 Dec 2017
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Key highlights
Leverage ratios showed opportunity to grow through debt
Bank loan significantly reduced through early repayment and routine installment.
The Company has obtained a new facility from Sumitomo Mitsui Indonesia in October 2017.
The facility amount is Rp 1 trillion and available to be used for fleet purchase on all 4 segments.
(in Rp billion) 31-Dec-17 31-Dec-16 31-Dec-17 31-Dec-16
Current Assets 771 882 Debt to Equity 0.32 0.57
Non Current Assets 5,745 6,418 Debt to Assets 0.24 0.36
Total Assets 6,516 7,301 Net Debt to Equity 0.23 0.44
Net Debt to EBITDA 0.91 1.34
Current Liabilities 436 814
Non Current Liabilities 1,150 1,824
Total Liabilities 1,586 2,638
Share Capital 250 250
Additional Paid In Capital 2,513 2,513
Retained Earnings 2,092 1,826
Non Controling Interest 75 74
Total Equity 4,931 4,663
Total Liabilities & Equity 6,516 7,301
Bank Loan
CPLTD 269 658
Non Current 495 1,186
Total Bank Loan 764 1,844
Strong cashflow position
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Key highlights
The Company closed the year with Rp 474 billion of cash, 19.9% lower compared to cash
position at the end of 2016
Lower cash position mainly attributable to lower cash received from customers due to
competition and early repayment of bank loan amounting more than Rp 600 bio
Early repayment was considered necessary to lower interest expense and leverage ratio in the
midst of slow expansion
(in Rp billion) 2017 2016
Nett Cash Flow from Operation 1,034 1,155
Nett Cash Flow from Investment Activities 82 (537)
Nett Cash Used in Financing Activities (1,233) (297)
Nett Increase (Decrease) in Cash & Cash Equivalents (118) 320
Cash & Cash Equivalents - Beginning of the Year 592 271
Cash & Cash Equivalents - End of the Year 474 592
History of growth in regular taxi – impacted by recent hypercompetition
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16,115 19,291
23,905 26,085 25,900
24,064
2012 2013 2014 2015 2016 2017
Average fleet
(# cars)
Average fleet in operation
12,903 15,303
17,848 19,349 18,149
15,927
2012 2013 2014 2015 2016 2017
(# cars)
Utilization
Average revenue per car in operation
517,917
557,969
593,550
631,995
567,495 550,552
2012 2013 2014 2015 2016 2017
(IDR per car, per day)
80.1% 79.3% 74.8% 74.3% 70.3% 67.0% 67.3%
New MPV Fleet to Fulfill Market Demand
Fleet replacement or expansion will focus on MPV cars due to the following factors: 1. Demand in the market is shifting to MPV cars 2. Lower acquisition cost 3. Better efficiency in fuel & maintenance 4. Better resale value
New online driver recruitment
Blue Bird has soft launched its online driver recruitment with the hope to accelerate new driver intake In the first 3 weeks, almost 1000 applicants have submitted their application and will be followed up by respective taxi pools We promote this through:
3. Digitalization, Collaboration, & New Businesses
Technology plays a vital role in shaping the business to meet current and future business opportunities. To expand its customer base, Blue Bird also engaged in collaborations with different platforms and explore new business opportunities
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Taxi hailing app through smartphones using GPS to ensure a
seamless booking experiece.
Advance &
Multiple Booking Driver Rating
Tracking System
& Call Driver
Fare Estimation &
E-Receipt
Share My Journey
feature Easy Ride
Multiple payment
channels Nearby taxi
monitoring
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New Feature
E-payment provides easiness, comfort, and safety
in transaction
Blue Bird introduced a new payment feature in its
My Blue Bird app dedicated for our loyal
customers, called Blue Bird eVoucher
Blue Bird eVoucher allows our loyal customers to
enjoy cashless payment anytime they book a ride
through My Blue Bird app.
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eVoucher access only
opened to the persons
registered by the company
Users
Detail report for each trip: Taxi ID
number, driver identity, pick up and
drop off point, travel distance, pick
up and drop off date & time
Trips
Budget per person is
determined and monitored by
Admin appointed by the
client/company
Budget
Detail report on cost for every trip
using eVoucher: fare (based on
meter) and additional tip
Transaction
Blue Bird eVoucher will help our
corporate clients to control several
important areas of accountability
Development of My Blue
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The latest development of My Blue Bird App, Easy Ride offers the easiness of taking a Blue Bird taxi practically anywhere anytime with the flexibility of cashless payment.
Going beyond than combining street hailing & cashless payment, Easy Ride also allows the Company to identify its loyal street hailing customers and integrate them into part our big data analysis
Engaging new collaboration to create value
Acquiring new customer base is one of the key transformation initiatives. This collaboration with GO-JEK will allow BIRD to tap into GO-CAR customer base. This collaboration is aimed to increase utilization rate & number of rides per day for BIRD armada in Jakarta area.
Expanding collaboration across different industries
Collaboration with Traveloka where customers can book Golden Bird or reserve a seat in Big Bird Airport Shuttle
Collaboration with McDonald’s Indonesia that gives away promotion for both customers & drivers
Expansion of Airport Shuttle Routes
Airport shuttle bus (JA Connexion) started out with Central Jakarta routes in mid 2017 and has expanded to South & East Jakarta as well as suburb Bekasi area
Thank You
For further information please contact: Head of Investor Relations Michael Tene E: [email protected] M: +62 821 1333 1608 P: (+62 21) 798 9000/9111 F: (+62 21) 794 3333