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Paparan IPO PP PRESISI

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Management Presentation IPO PP Presisi

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Paparan IPO PP PRESISI

  1. 1. PRESISI Management Presentation Initial Public Offering (IPO) PT PP Presisi Tbk October 2017
  2. 2. PRESISIDISCLAIMER 2 IMPORTANT: The following forms part of, and should be read in conjunction with, this presentation This presentation contains privileged information and has been prepared solely for the recipient. By accepting a copy (or the contents) of this presentation, you are deemed to have acknowledged and agreed to the provisions appearing hereinafter. The existence of this presentation and the contents thereof should not be disclosed, reproduced, copied or otherwise disseminated to any other person or published, in whole or in part, without prior consent of PP Presisi Tbk. (“PP Presisi” or the “Company”). Unless otherwise stated, the Company is the source for all data contained in this presentation. This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, transmission, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. This presentation is made solely for information purposes and does not constitute or form part of any offer for sale or invitation, or solicitation of an offer, to subscribe for or purchase any securities and should not be treated as giving investment advice, and neither this document nor anything contained herein shall form the basis of or be relied on in connection with any contract or commitment whatsoever. This presentation does not constitute a prospectus or other offering circular in whole or in part. Any decision to purchase or subscribe for securities should be made only on the basis of the information contained in a prospectus or offering circular issued by the Company in connection with any such offering. 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. Although the Company believes that such forward-looking statements are based on reasonable assumptions, it can give no assurance that such expectations will be met. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, and competition from other companies. Information and opinions contained in this presentation are provided for reference of the recipients only and are not to be relied upon as authoritative or without the recipient’s own independent verification or taken in substitution for the exercise of the recipient’s own judgment. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. Any reference to past performance should not be taken as an indication of future performance. The information contained in this presentation is subject to changes without notice. In furnishing the presentation, the Company has not undertaken to provide the recipient with access to any additional information or updates. None of the Company or the banks warrant or guarantee whatsoever that this presentation will lead to the successful completion or consummation of any transactions. Accordingly, the Company and the banks disclaim any liability whatsoever in connection therewith and with any decisions that might be taken upon the basis of this presentation, directly or indirectly. None of the Company, its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this material or otherwise arising in connection with this presentation. In particular, the Company and the banks owe no duty to the recipient (except as required by applicable laws) to exercise any judgment on its behalf as to the merits or suitability of any transaction. This document is not intended to provide and should not be relied upon for tax, legal or accounting advice, investment recommendations or a credit or other evaluation of any transaction. The recipient agrees that the merits or suitability of any such transaction to its particular situation will be independently determined by the recipient including consideration of the legal, tax, accounting, regulatory, financial and other related aspects thereof. Any securities which may be offered by the Company will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration under the Securities Act or exemption from the registration requirement thereof. No public offer of any of the securities of the Company will be made in the United States. Neither this presentation (including any materials distributed in connection with this presentation) nor any copy of it may be taken or transmitted into the United States, its territories or possession. The distribution of this presentation in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe any such restrictions. The recipient of this presentation shall only use the information contained herein solely for information purpose and not for any other purposes, commercial or otherwise. Subject to the above, this presentation and the contents thereof are strictly confidential and remains at all times the property of the Company.
  3. 3. PRESISI 3 EXECUTIVE SUMMARY COMPANY IN A BRIEF FINANCIAL SUMMARY KEY INVESTMENT HIGHLIGHTS 1 On pole position in Indonesia’s infrastructure development 2 Unique business model 3 Large scale fleet with reputable brand 4 Diversified customer base 5 Ample financial capacity to support expansion PRESISI SHAREHOLDERS’S STRUCTURE Rp billion PT PP (Persero) TbkPT PP (Persero) Tbk 99.98%0.02% 6 Experienced management team Balance Sheet Profitability Rp billion YKKPP*YKKPP* Note : (*) YKKPP : Yayasan Kesejahteraan Karyawan Pembangunan Perumahan •PT PP Presisi Tbk (“PP Presisi) is a leading heavy equipment-based construction player with about 13 years of experience in Indonesia’s construction industry. •Established as an equipment rental provider, through transformation of business model since 2014, the Company now provides 5 construction services namely civil work, form work, foundation, ready mix, and heavy equipment rental. •Armed with large fleet scale of 1,594 units, PP Presisi currently is working on infrastructure projects all across Indonesia. •Strong client base both from state-owned and private companies, PP Presisi is equipped with internationally recognized quality management and safety standards (ISO 9001, ISO 14001, and OHSAS 18001) and ERP-SAP system. •Solid operational performance and financial position reflected on above average profit margins, positive operating cash flow, and relatively low-geared balance sheet, allowing the Company to participate more actively in Indonesia’s ongoing infrastructure development.
  4. 4. PRESISITABLE OF CONTENTS 4 1 Indicative Offering Structure 5 2 Company Overview 8 3 Key Investment Highlights 15 4 Operational and Financial Highlights 24 5 Appendices 31
  5. 5. 1 | Indicative Offering Structure & Timetable1 | Indicative Offering Structure & Timetable Way Sekampung Dam, Pringsewu, Lampung Currently ongoing construction This is the first dam project by PP Presisi
  6. 6. PRESISI 6 Indicative Offering Structure & Timetable INDICATIVE OFFERING STRUCTURE Issuer PT PP Presisi Tbk (“PP Presisi” or the “Company”) Offering Structure Base offer size: 2,352,000,000 new shares (23% of enlarged capital) Maximum offer size of 4,239,330,000 new shares (35% of enlarged capital) Price Range IDR 430 – IDR 550 per share Offering Size Base offer size: IDR 1.0 trillion – IDR 1.3 trillion (USD 75 million – USD 96 million) Maximum offer size: IDR 1.8 trillion – IDR 2.3 trillion (USD 135 million – USD 173 million) Market cap post Offering Base offer size: IDR 4.4 trillion – IDR 5.6 trillion (USD 326 million – USD 417 million) Maximum offer size: IDR 5.2 trillion – IDR 6.7 trillion (USD 390 million – USD 503 million) Offering Type Initial Public Offering under the Indonesian Financial Services Authority (“Otoritas Jasa Keuangan” or “OJK”) regulation and global institutional placement under Regulation S (with Wrap) Use of Proceeds • Approximately 70% for capital expenditure • Approximately 30% for working capital Listing Indonesia Stock Exchange (“IDX”) Joint Lead Underwriters  PT Bahana Sekuritas  PT CIMB Sekuritas Indonesia  PT Danareksa Sekuritas  PT Mandiri Sekuritas
  7. 7. PRESISI 7 Indicative Offering Structure & Timetable INDICATIVE TIMETABLE Bookbuilding Period / Management Roadshow 23 – 31 October 2017 (book close on 31 October at 04:00 PM Jakarta time) Pricing Date 31 October 2017 Effective Date 9 November 2017 Public Offering Period (retail) 13 – 14 November 2017 Payment Date 14 November 2017 Allotment Date 16 November 2017 Payment Date (DVP) Distribution Date 17 November 2017 Listing Date 20 November 2017
  8. 8. 2 | Company Overview2 | Company Overview Cikopo – Palimanan (Cipali) Toll Road, 116 km, West Java Completed in 2015, the toll road is currently Indonesia’s longest toll road LMA performed civil work service for the Cipali toll road
  9. 9. PRESISI 9 Company Overview VISION AND MISSION To provide construction services based on heavy machinery on a national scale To provide civil construction and building structure work services for construction society all across Indonesia that creates value-added to all of stakeholders Vision Mission
  10. 10. PRESISI 10 Company Overview AT A GLANCE Notes: * Consolidated total shareholder equity, as of July 31, 2017 ** Derived from dividing interesting-bearing debt with shareholder equity as of July 31, 2017 UNIQUE BUSINESS MODEL Heavy equipment-based contractor with various construction services LARGE SCALE Operating fleet of more than 1,500 units WIDE PORTFOLIO Civil work, form work, foundation, ready mix, and equipment rental MULTIPLE AVENUES OF GROWTH Organic and inorganic growth in the last 5-years FINANCIAL STRENGTH About IDR 1.3 trillion of equity* with approx. 1.0x gearing ratio**
  11. 11. PRESISI 11 Company Overview KEY MILESTONES 11 2004 2014 2015 2016 May  Established as PT Prima Jasa Aldodua (PT PJA) which provided equipment rental service 2017 June  Acquired by PT PP (Persero) Tbk (“PTPP”) and renamed as PT PP Alat Konstruksi (“PP Alkon”) July  Renamed as PT PP Peralatan Konstruksi (“PP Peralatan”) May  Renamed as PT PP Presisi (“PP Presisi”) June  Acquired 51% stake of PT Lancarjaya Mandiri Abadi (“LMA”) July  PTPP increased capital in PP Presisi June  Started business transformation by entering Formwork business line September  Entered Ready Mix business September  Entered Civil Works business with focus on Toll Road and Dam projects Equipment Rental Business Expand Business Portfolio Leap forward through organic and inorganic growth
  12. 12. PRESISISHAREHOLDING AND CORPORATE STRUCTURE 12 Company Overview PT PP UrbanPT PP Urban PT PP EnergiPT PP Energi PT PP Infrastruktur PT PP Infrastruktur Subsidiaries with shares below 50% Subsidiaries with shares below 50% Government of Republic Indonesia KKPSPP * Public PT PP (Persero) TbkPT PP (Persero) Tbk Note : (*) KKPSPP: Koperasi Karyawan Pemegang Saham PT PP (Persero) Tbk (**) YKKPP: Yayasan Kesejahteraan Karyawan Pembangunan Perumahan PT PP Properti Tbk PT PP Properti Tbk PT PP Presisi Tbk PT PP Presisi Tbk PT Lancarjaya Investama Abadi PT Lancarjaya Investama Abadi 51.0% 49.0% PT Lancarjaya Mandiri Abadi (LMA) PT Lancarjaya Mandiri Abadi (LMA) 99.98% 64.96% 99.98% 99.00% 99.98% 0.02% 51.0% 0.08% 48.92% YKKPP **YKKPP **
  13. 13. PRESISINATIONWIDE OPERATIONAL COVERAGE 13 Company Overview
  14. 14. PRESISIBUSINESS PORTFOLIO 14 Company Overview Vendors Scope of Work Form Work (Bekisting) Ready Mix Foundation (Bore Pile) Civil Work Equipment Rental  Kobelco  United Tractor  Lieber  Caterpillar  XCMG  Zoomlion  XCMG  Bauer  Lieber  Holcim Cement  Semen Merah Putih  Semen Padang  Semen Tonasa  Semen Indonesia  PCH Australia  Nanjing Wellmade China  Papan Mandiri Cemerlang  CCI  Potaindo Machinary Indonesia (Tower Crane)  Tass Engineering (Concrete Pump)  Putra Bangun (Tower Crane & Passenger Hoist)  Sumitomo (Excavator)  Cut and fill  Soil ripening  Ready mix concrete  ASPHALT-Hotmix  Rigid Pavement Various equipment rental according to specific work  Vertical system  Horizontal system  Full system Concrete production  To make hole according to the size and depth requirement by temporary chasing  Bekisting to the hole  Fill in with ready mix 1,461 units 6 bore pile units 8 plants 133 units27,000 square meter Revenue contribution(2) Key Financials(2) 48.9% (3) n/a 25.8% 9.8% 15.5% Net Revenues (3) IDR 216.4 billion Gross Margin (3) 24% Net Revenues: n/a Gross Margin: n/a Net Revenues: IDR 113.6 billion Gross Margin: 18% Net Revenues: IDR 42.8 billion Gross Margin: 26% Net Revenues: IDR 68.3 billion Gross Margin: 30% Fleet size(1) (1) As of July 31, 2017 (2) 7-months 2017 (3) Including bore pile
  15. 15. 3 | Key Investment Highlights3 | Key Investment Highlights Solo – Kertosono (Soker) Toll Road, 177 km, Central Java Construction is ongoing; Once completed, Soker will be Indonesia’s longest toll road LMA is chosen as civil work service contractor in the Soker toll road
  16. 16. PRESISI 16 KEY INVESTMENT HIGHLIGHTS Key Investment Highlights On pole position in Indonesia’s infrastructure development1 Unique business model2 Large scale fleet with reputable brand3 Diversified customer base4 Ample financial capacity to support expansion5 Experienced management team6
  17. 17. PRESISI#1 ON POLE POSITION IN INDONESIA’S INFRASTRUCTURE DEVELOPMENT Key Investment Highlights 17 Source: Minister of Finance As a construction equipment-based contractor, PT PP Presisi is on pole position to seek opportunities in Indonesia’s infrastructure development. Government Infrastructure Spending Integration of Connectivity Infrastructures to Support Priority Zones Infrastructure Projects in the Planned State Budget (RAPBN) 2018 Road 856 km Toll Road 25 km Railway 639 km Airport 15 locations Dam 47 units Public Towers 7,062 units Source: Minister of Finance Source: Statistic Bureau Centre, Indonesia State Budget Source: Indonesia State Budget 2017, Statistic Bureau Centre 1.3 1.6 1.9 1.9 1.8 2.9 3.4 4.0 3.9 - 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 - 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 2010 2011 2012 2013 2014 2015 2016 2017E 2018E Infra Budget % of GDP 86 114 145 156 155 256 317 401 409 Rptrillion %
  18. 18. PRESISI#2 UNIQUE BUSINESS MODEL Key Investment Highlights Ready Mix Form Work RentalFoundationCivil Work Infrastructure Power Plant Building PRESISI Projects 18 PRESISI PRESISI PRESISI PRESISI PRESISI PRESISI PRESISIPRESISI PRESISI PRESISI
  19. 19. PRESISI#3 LARGE SCALE FLEET (MOBILE) WITH REPUTABLE BRAND Key Investment Highlights July 2017 Total mobile fleet: 1,461 units Average age: 2.86 years Excavator Dump Truck Bulldozer Mixer Truck Vibro Roller unit years unit unit unit unit 19 years years years years
  20. 20. PRESISI#3 LARGE SCALE FLEET (NON-MOBILE) WITH REPUTABLE BRAND Key Investment Highlights July 2017 Total non-mobile fleet: 133 units Average age: 4.67 years Tower Crane Crawler Crane Passenger Hoist unit unit unit 20 years years years
  21. 21. PRESISI#4 DIVERSIFIED CUSTOMER BASE Key Investment Highlights StateOwnedEnterpriseInternationalDomestic Past and Present SOE Clients 21 Past and Present Private Clients
  22. 22. PRESISI#5 AMPLE FINANCIAL CAPACITY TO SUPPORT EXPANSION Key Investment Highlights 22 Gross Profit Margin Operating Profit Margin Net Profit Margin Presisi’s last 3.5 years cumulative contracts : Rp3.5 trillion LMA’s last 3.5 years cumulative contracts : Rp5.8 trillion Rp billion Rp billion 2,105 2,072 5,898 7,357 Lower Net Gearing Higher than average Profit Margins Solid Order Book Positive Operating Cash Flow Sources: Companies 2016 July 2017 Average 2014 : 12% 2015 : 13% 2016 : 14% 35% 32% 26% Average 2014 : 10% 2015 : 10% 2016 : 11% Average 2014 : 5% 2015 : 6% 2016 : 6% 29% 27% 22% 13% 11% 14%
  23. 23. PRESISI#6 EXPERIENCED MANAGEMENT TEAM Key Investment Highlights 23 Ir. Iswanto Amperawan (President Director)  Appointed as President Director since February 2017  Previously served as Head of Branch III (2015- 2017) and Head of Branch V at Semarang (2013- 2015) Ir. Iswanto Amperawan (President Director)  Appointed as President Director since February 2017  Previously served as Head of Branch III (2015- 2017) and Head of Branch V at Semarang (2013- 2015) Benny Pidakso, SE (Director)  Appointed as Finance Director since March 2013  Previously served as Head of ASKU Branch VII at Bali (2011-2013) Benny Pidakso, SE (Director)  Appointed as Finance Director since March 2013  Previously served as Head of ASKU Branch VII at Bali (2011-2013) Ir. Arief Subyandono (Independent Director)  Appointed as Director of PP Presisi since August 2017  Previously served as Director of PT PP Energi (2016- 2017) Ir. Arief Subyandono (Independent Director)  Appointed as Director of PP Presisi since August 2017  Previously served as Director of PT PP Energi (2016- 2017) Ir. Hasanin Ade Putra (Director) • Appointed as Operation Director since August 2016 • Previously served as Project Manager, EPC Division, PT PP (Persero) Tbk (2011-2016) Ir. Hasanin Ade Putra (Director) • Appointed as Operation Director since August 2016 • Previously served as Project Manager, EPC Division, PT PP (Persero) Tbk (2011-2016) Board of Directors 26 years’ experience in construction sector 23 years’ experience in construction sector 12 years’ experience in construction sector 30 years’ experience in construction sector Ir. M. Toha Fauzi, MT (President Commissioner)  Appointed as President Commissioner since February 2017  Appointed as Infrastructure Director of PT PP (Persero) Tbk since 2016  Previously served as Head of Operation Division II (2011- 2016) Ir. M. Toha Fauzi, MT (President Commissioner)  Appointed as President Commissioner since February 2017  Appointed as Infrastructure Director of PT PP (Persero) Tbk since 2016  Previously served as Head of Operation Division II (2011- 2016) Ir Nawang Sri Retno Kartiko M.Eng (Commissioner)  Appointed as Commissioner since February 2017  Appointed as Head of Supply Chain Management of PT PP (Persero) Tbk since 2016  Previously served as Head of Control and Bussiness PT PP Persero Tbk (2015-2016) Ir Nawang Sri Retno Kartiko M.Eng (Commissioner)  Appointed as Commissioner since February 2017  Appointed as Head of Supply Chain Management of PT PP (Persero) Tbk since 2016  Previously served as Head of Control and Bussiness PT PP Persero Tbk (2015-2016) Ir. Ketut Darmawan (Independent Commissioner)  Appointed as Commissioner since August 2017  Previously served as Operation Director of PT PP (Persero) Tbk (2011-2015) Ir. Ketut Darmawan (Independent Commissioner)  Appointed as Commissioner since August 2017  Previously served as Operation Director of PT PP (Persero) Tbk (2011-2015) Board of Commissioners 25 years’ experience in construction sector 28 years’ experience in construction sector 32 years’ experience in construction sector Average years of experience in Indonesia construction sector: 25 years+
  24. 24. 4| Operational and Financial Highlights4| Operational and Financial Highlights Ready Mix plant at Medan - Kuala Namu - Tebing Tinggi, 61.7 km, North Sumatra The plant ran at daily capacity of 90 cubic meter per hour The first ready mix plant owned and operated by PP Presisi
  25. 25. PRESISI 25 NEW CONTRACT BY TYPE OF WORK Operational and Financial Highlights *including LMA * Rp973 billion Rp946 billion Rp4.9 trillion Rp2.5 trillion
  26. 26. PRESISI 26 NEW CONTRACT BY PROJECT OWNER Operational and Financial Highlights * *including LMA Rp973 billion Rp946 billion Rp4.9 trillion Rp2.5 trillion
  27. 27. PRESISI 27 BURN RATE Operational and Financial Highlights PP Presisi Formwork 1-2 years projects Starting Civil Work in late 2016 2-3 years projects Consolidated with LMA for 1 month LMA * ** *awarded many projects in late 2016 **carry over from 2016 & additional projects in H12017 Burn rate : revenue/order book
  28. 28. PRESISI 28 INTERNATIONAL STANDARD TO IMPROVE EXCELLENT OPERATION Operational and Financial Highlights ISO 9001 : 2015 ISO 14001 : 2015 OHSAS 18001 : 2007
  29. 29. PRESISISTEADY GROWTH Operational and Financial Highlights Revenue Net Profit 19% (Rp bn) 66% 10% 46% 154% *138% Gross Profit EBITDA (Rp bn) 4% 32% 178% 32% 187 223 371 174 441 29 (Rp bn) (Rp bn) A : audited Un : unaudited 7M17 : consolidated with LMA * : after minority interest 68% 32% 52% 6% 42% 28% 18% 20% 33% 17% 28% 23% 26% 10% 49% 32% 15% Margin 35% 32% 26% 24% 29% Margin 54% 47% 37% 36% 40%Margin 14% 13% 11% 9% 9% 2014-2016 CAGR: 41% 2014-2016 CAGR: 28% 2014-2016 CAGR: 17% 2014-2016 CAGR: 20% 9% 34% 250% 29
  30. 30. PRESISISTRONG BALANCE SHEET Operational and Financial Highlights (Rp bn.) Net Fixed Assets Debt* (Rp bn.) Total Assets (Rp bn.) Equity (Rp bn.) 30 A : audited Jul2017 : consolidated with LMA *interest bearing
  31. 31. 5 | Appendices5 | Appendices Bakaheuni-Sidomulyo Toll Road, Lampung Currently ongoing construction Part of the Trans Sumatra toll road, PP Presisi and LMA are working together in this project
  32. 32. PRESISI 32 Appendices LMA : KEY MILESTONES
  33. 33. PRESISI 33 Appendices LMA : CREDENTIAL PROJECTS
  34. 34. PRESISI 34 PT PP Presisi TbkPT PP Presisi Tbk THANK YOU PT PP Presisi Tbk Plaza PP Jl. TB Simatupang No. 57 Pasar Rebo Jakarta 13760 Phone: +6221 8414119 Fax: +6221 8230353 Email: corsec@pp-presisi.com

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