Company Update PT. WASKITA BETON PRECAST, Tbk April 2017
Company Profile
2
Company Milestone IPO PT Waskita Beton Precast Tbk September 2016 Establishment of PT Waskita Beton Precast as subsidiary October 2014
Public 40.01%
59.99%
Establishment of Precast Division
Precast Division
2015 2014 2013
1.80
Vision
2016 2.65
To Become Leading Company In Indonesia In Manufacturing Sector of Precast, Readymix, Quarry, Construction Service And Posttension Precast Concrete
0.80
4x
0.62
x
Production Capacity (Million Ton per Year)
3
Business Line: Precast WSBP's Precast Division remains to be the biggest contributor to the company's revenue
WSBP's plant production capacity keeps increasing each year Plant Capacity
Sales Contribution
Production Capacity
Readymix Precast
Cibitung (350,000 ton)
Sidoarjo (325,000 ton)
Palembang (100,000 ton)
Kalijati (250,000 ton)
Karawang (400,000 ton)
Bojonegara (200,000 ton)
Subang (300,000 ton)
Klaten (100,000 ton)
Sadang (375,000 ton)
Gasing (250,000 ton) (in ton)
CAGR 41.97%
Business Line: Readymix Ready Mix contribution to the company's revenue has grown over the year from 20% in 2015 to 35% in 2017
WSBP's Batching Plants are scattered all over the project's area Batching Plant List BATCHING PLANT JABODETABEK 1. Cengkareng 2. Becakayu 3. Cakung 4. Desari 5. Karawaci 6. Bocimi 7. Kemayoran 8. Cimanggis 9. Bekasi Barat
Sales Contribution
Readymix Precast
BATCHING PLANT SOLO KERTOSONO 1. Masaran 2. Banaran 3. Balerejo 4. Sidoharjo 5. Kebonromo 6. Walikukun
BATCHING PLANT PASURUAN PROBOLINGGO BATCHING PLANT PEJAGAN - PEMALANG 1. Muneng 1. Balamoa 2. Tongas 2. Warureja Adiwerna BATCHING PLANT SURABAYA BATCHING PLANT PEMALANG - BATANG 1. Darmo 1. Petarukan 2. Legundi 2. Sragi 3. Warung Asem BATCHING PLANT LRT PALEMBANG 1. Jl. Soekarno-Hatta Jakabaring BATCHING PLANT BATANG - SEMARANG 1. Gringsing BATCHING PLANT TOL SUMATERA 2. Subah 1. Lampung 3. Kandeman 2. Medan-Kualanamu 4. Pegandon BATCHING PLANT PPKA 1. Pematang Panggang
Bathcing Plants total : 43
5
Operational Performance
6
Contract Achievement Rate As Per March 2017, WSBP success rate is 33.7% of Rp 13.096 Trillion worth of contract submitted
18,000
80.0%
74.7% 16,000
(in Rp Billion)
70.6%
70.0%
14,000
60.0%
12,000 50.0%
46.2%
10,000
40.0%
16,366
8,000
33.7% 12,226
6,000
30.0%
13,096
23.6% 20.0%
4,000
5,804 2,000
5,742
4,417
4,099
2,982
10.0%
2,655
703 -
0.0%
2013A
2014A Tender Submitted
2015A Tender Obtained
2016A
2017 (1Q)
Success Rate
7
Contract Achievement & Orderbook Total Orderbook is consistently increasing throughout the years
WSBP shows significant improvement of contract achievement since 2016 (In Rp Billion)
New Contract Achievement
(In Rp Billion)
Total Orderbook
15,051
12,227
14,593
‘14 – ’16 CAGR 84.8%
‘14 – ’16 CAGR 72.7% 11,066
5,871 4,408
4,099 3,046
2,655
558 495
1,971 329 355
731 430
2014
2015
2016
Internal
• •
External
4,099
Business Development
303 15 2017 (1Q)
New Contract per Mar 2017: Rp 4.4 Trillion. Contracts have increased dramatically. Mainly supported by business development projects.
Notes : 2017 record is for 2 months only (per 28 February)
2014
2015
2016
2017 (1Q)
Total New Contract
• •
Orderbook as per Mar 2017: Rp 14.6 Trillion (including Carryover 2016 Rp 10.2 Trillion) In just 3 month, current 2017 orderbook has achieved ~97% of total orderbook in 2016 8
Contract Achievement in 2016 & 2017 NON EXHAUSTIVE No
Project in 2017
Value (Rp Bn)
1
Readymix, Spun Pile, PCI Girder - Proyek Tol Pematang Panggang - Kayu Agung STA 108+600-STA 185+600
790.77
2
Readymix, Precast MCB - Jalan tol Jakarta - Cikampek (Japek)
563.917
3
Pile Slab Jalan tol Krian - Legundi - Bunder (KLBM)
447.329
4
Girder, Spun Pile - Jalan Tol Krian Legundi Bunder
274.71
5
Readymix - Jalan Tol Krian Legundi Bunder
272.22
6
LRT Palembang
258.885
7
PCI Girder & Readymix tol Boyolali - Salatiga paket 4 & 5
161.932
8
Tol Gempol - Porong
132.62
9
PCI Girder, Spun pile proyek Kayu agung - Palembang - Betung
73.037
No
Project in 2016
Value (Rp Bn)
1
Precast & Readymix Jalan Tol Legundi-Bunder
2,600.00
2
Precast, Readymix - Pekerjaan Pembangunan Jalan Tol Cimanggis - Cibitung (Seksi 2)
2,230.24
3
Precast, readymix Jalan Tol Batang Semarang
1,509.76
4
LRT Palembang
1,021.51
5
Tol Bogor Ciawi Sukabumi Seksi 2,3,4
790.76
6
Kayu Agung - Palembang - Betung
704.76
7
Precast, Readymix - Pembangunan Jalan Tol Pemalang - Batang Seksi I
481.16
8
Tol Terbanggi Besar - Kayu Agung Ruas Terbanggi Besar - Mesuji Lanjutan 1A, 25 KM
469.05
9
Readymix - Proyek Pembangunan Tol Pasuruan - Probolinggo
388.07
10
Proyek Tol Pejagan - Pemalang Seksi IV
368.05
9
Potential Contract By having a focused long term plan and supported by strategic portfolio projects, WSBP is estimated to contribute to some of Waskita’s rapid growth business line Year Contract Value (IDR)
2014
2015
2016
2017F
2018F
3,3 T
2,2 T
12,2 T
POTENTIALS
POTENTIALS
Bekasi-CawangKp.Melayu (Becakayu Seksi 1-2)
Pejagan Pemalang (Seksi 3)
Pejagan Pemalang (Seksi 4)
Probolinggo – Banyuwangi *
Bekasi-Cawang-Kp.Melayu (Becakayu Seksi 3-4)
Pejagan Pemalang (Seksi 1-2)
Kuala Tanjung Port
Cimanggis Cibitung Paket 2
Cinere -Serpong
Singasari – Batu *
Depok - Antasari Tollroad
MKTT
Pemalang Batang
Manado - Bitung
Malang -
Solo - Ngawi (Seksi 1-2)
Batang Semarang
Terbanggi Besar – Kayu Agung
Jogja – Solo *
Ngawi Kertosono
Bogor Ciawi 2 - 4
Jakarta – Cikampek Elevated
Makasar – Maros *
Cimanggis Cibitung Paket 1
LRT – Palembang
Terbanggi Besar Mesuji
Semarang – Demak *
Legundi - Bunder
Kediri – Kertosono *
Kayu AgungPalembang - Betung
Japanan Mojosari – Mojokerto *
Projects
Pasuruan - Probolinggo Dermaga Kijing
Boyolali - Salatiga
Notes : *The Concession has not been awarded
Kepanjen *
Tebing tinggi – Siantar – Prapat * Kunciran – Cengkareng * Ciawi – Garut – Tasik *
Penajam – Balikpapan *
10
Major Contracts' Progress
*Exclude PPN
Becakayu
LRT Palembang
• Contract Value: Rp 3.046 Tr • Progress: 92.6%
• Contract Value: Rp 963.28 Tr • Progress: 85.31%
Solo Kertosono
CCTW
• Contract Value: Rp 1.004 Tr • Progress: 58.2%
• Contract Value: Rp 2.230 Tr • Progress: 20.87%
11
Production Performance in 2016 Plant’s capacity and utility are steadily increasing Capacity & Utility
(In ton)
CAGR 82%
3,000,000
Plant’s production is generally contributed by Precast production
80%
70%
Precast Production Volume
(In ton)
CAGR 84%
1,800,000 1,600,000
2,500,000
1,400,000
70%
64%
2,000,000
1,200,000 1,000,000
1,500,000
58%
60%
2,650,000 1,000,000 500,000
50%
800,000
-
40%
• •
2016
1,160,000
400,000 200,000
2015
1,561,229
600,000
1,800,000
2014
800,000
463,200
-
2014
2015
2016
In 2016, plant’s capacity and precast production is tripled from 2014 Gradually, plants achieved better efficiency as reflected by total utility’s increase 12
Financial Performance
13
Balance Sheet Position (in Rp Billion)
Total Asset
Interest Bearing Debt
CAGR +238%
13,734.27
3,355.99
4,332.41
761.04
1,202.61 2014A
2015A
2016A
2014A
2015A
2016A
Total Equity 7,405.50
CAGR +225%
702.17 2014A
1,330.83
2015A
2016A
14
Earnings Performance Revenue
COGS (in Rp Bn)
CAGR 171%
4,000.00
4,717.15
5,000.00
(in Rp Bn)
CAGR 172%
2,000.00
3,667.09
2,000.00
641.93
10.00%
2,224.89
1,000.00 1,000.00
20.00%
15.86%
2,644.32
3,000.00
22.26%
22.85%
3,000.00
4,000.00
30.00%
495.23 -
-
2014A
2015A
0.00%
2014A
2016A
2015A COGS
EBITDA
2016A
Gross Margin
Net Income (in Rp Bn)
CAGR 173%
1,200.00
23.59%
(in Rp Bn)
CAGR 113%
30.00%
800.00
25.00%
1,000.00 800.00
20.00%
23.24%
600.00
20.00%
21.86% 12.64%
600.00
17.05%
634.82
10.00% 200.00
450.73
200.00
15.00%
400.00
1,112.91
400.00
13.46%
334.37
10.00% 5.00%
140.31
149.20 -
0.00%
2014A
2015A EBITDA
EBITDA Margin
2016A
-
0.00%
2014A
2015A Net Income
2016A
Net Income Margin
15
Financial Ratio Debt to Equity Ratio
Current Ratio CAGR -7%
0.57 0.45
1.71
1.96
0.41 0.00
2014A
2015A
2016A
2014A
Return on Equity Ratio CAGR -17%
2016A
Return on Assets Ratio CAGR -22%
25.13%
21.26%
11.67% 7.72%
14.53%
2014A
2015A
2015A
2016A
2014A
2015A
7.02%
2016A 16
Capital Expenditure Realization 2016 (in Rp Billion)
No
Items
2016 Realization
A
Plant Investment
702.64
1
Bojonegara Plant
215.00
2
Subang Plant
250.00
3
Palembang (Gasing) Plant
160.11
4
Klaten Plant
77.54
B
Ready Mix Investment
252.48
1
20 Batching Plant + 65 Truk Mixer
252.48
C
Quarry Investment
91.49
1
Land Acquisition
-
2
Transportation
-
3
Supporting Tools
3.58
4
Production Machineries
87.92
Total A + B + C
Realization is 93.8% of Plan
1,046.62 17
Use of Proceed
IPO Fund Allocation 20 Sept - 31 March 2017
(in Rp Billion)
Description
CAPEX
Working Capital
Total
2,231.91
2,840.62
5,072.53
(452.43)
0
(452.43)
0
(1,913.29)
(1,913.29)
Total Expenses
(452.43)
(927.33)
(2,365.72)
End Balance
1,779.48
474.90
2,719.91
Fund Allocation Use of Proceed: Expense for CAPEX Expense for Working Capital
18
Capital Expenditure Plan WSBP Plan in Capital Expenditure (in Rp Billion)
2000
256
1800 1600
500
1400 1200
67
47 214 140
1000 800
0 197
600
1174
400
715
700
200 0
2016F
2017F
(in Rp Billion)
Precast
Precast Readymix Quarry Truk Mixer Total
2016F 715 140 214 47 1.116
Readymix
2017F 1174 67 500 256 1.997
2018F Quarry
Truk Mixer
2018F 700 197 897
Total 2.589 404 714 303 4.010 19
Financial Report: Profit and Loss Statement (in Rp Million)
Sales Cost of good sold Gross Profit Gross Profit Margin Operating Cost Selling expenses General & administrative expenses Total Operating Cost Operating Profit Operating Profit Margin Other income (expense) Other income Other expenses Net Revenue of Joint Venture Total other income (expense) Earning before income taxes Income taxes Net profit Net Profit Margin EBITDA EBITDA Margin
2014A
2015A
2016A
641,931 (495,226) 146,705 23%
2,644,320 (2,224,890) 419,430 15.86%
4,717,150 (3,667,088) 1,050,062 22.26%
(102) (4,700) (4,802) 141,903 22%
(2,322) (53,754) (56,076) 363,355 14%
(4,281) (92,731) (97,012) 953,050 20%
1,024 (229)
2,600 (20,405)
794 142,497 (2,392) 140,305 22%
(17,804) 345,550 (11,181) 334,369 12.645%
58,852 (61,273) 16,716 14,295 967,345 (332,525) 634,820 13.458%
149,201 23%
450,733 17%
1,112,910 24%
20
Financial Report: Balance Sheet (in Rp Million)
2014A ASSET Cash and cash equivalent Account Receiveables Other Receivables Inventory Prepaid taxes Prepaid expenses Total Current Assets Account Receiveables Investment of Joint Venture Fixed assets Deffered taxes Other assets Total Non-Current Assets Total Assets
272,221 640,472 4,950 21,179 31,473 10,636 980,932 221,675 221,675 1,202,606
2015A 98,186 511,946 4,954 54,551 181,373 152,655 1,003,665 2,320,143 987,351 21,249 3,328,743 4,332,408
2016A 4,205,820 3,046,134 5,492 231,947 291,621 351,606 8,132,621 3,609,830 17,819 1,932,852 2,843 38,303 5,601,647 13,734,267
2014A
2015A
LIABILITIES Account Payable Gross liabilities Taxes payable Short-term contract down payment Accrued expenses Bank loans Other Liabilities Total Current Liabilities
131,170 284,915 34,075 2,171 48,015 94 500,441
730,169 1,062,218 208,284 48,148 77,188 301,785 4,389 2,432,181
Long-term bank loans Other long-term liabilities Pension fund liability Total Long-term Liability Total Liability
500,441
459,255 109,330 816 569,401 3,001,582
561,862 140,304 702,166 1,202,607
761,502 569,323 1,330,825 4,332,407
EQUITY Common Stock Retained Earning Total Equity Total Liabilities and Equity
2016A 1,541,852 891,651 161,773 123,587 83,989 1,907,061 56,405 4,766,317 1,448,924 111,533 1,992 1,562,449 6,328,766 6,580,645 824,856 7,405,501 13,734,267
21
Financial Report: Cash Flow (in Rp Million)
2014A Cashflow from Operations Cash collected from customers Cash paid to suppliers & third parties Tax Income/(expenses) Other income/(expenses) Net Cash from Operations Cashflow from Operations Capital Expenditure Placement on Joint Venture Net Cash from Investing Cashflow from Financing Prepayments for stock issuance Cash receipts from banks Cashpaid to banks Cash receipts from capital deposit cash receipts from non-bank related parties Net Cash From Financing Net increase/(decrease) in cash held Cash at the beginning of the year Cash at the end of the year
2015A
2016A
3,630 (87,304) (1,333) (85,007)
573,119 (1,238,659) (11,022) (9,573) (686,135)
(21,615)
(123,555)
(21,615)
(123,555)
378,844 378,844 272,221 272,221
500,655 135,000 635,655 (174,035) 272,221 98,186
978,966 (3,620,933) (244,156) (148,782) (3,034,905) (832,216) (1,104) (833,320) (86,210) 3,367,539 (772,256) 5,466,787 7,975,859 4,107,635 98,186 4,205,820
22
2017 Targets
23
Target 2017 Financial • Revenue : 7.751 Tr • Net Profit : 1.133 Tr
Operational • New Contract : 12.383 Tr
• Production Capacity : 3.250 Ktons • Utilization : 70% 24
Plant Expansion WSBP has 10 existing plants and 2 upcoming plants
•
Medan/Kuala Tanjung
•
• • •
Penajam
Klaten
Palembang Gasing
• • •
Karawang Cibitung Sadang
• • •
Bojonegara Kalijati Subang
•
Sidoarjo
Existing Plants Upcoming Plants
25
Infrastructure Overview
26
RPJMN 2015-2019
Jokowi’s Infrastructure Development Plan:Jokowi 2015-2019 Rencana Pembangunan Infrastuktur 2015-2019
(Source: Konektivitas Infrastruktur Wilayah dan Antar Wilayah. Bappenas, 10 Desember 2014)
Infrastructure Potential Infrastructure Budget CAGR 22%
Sumber: Kemenkeu, NK-APBN 2017
The increase in the infrastructure budget illustrates the Government’s priority in accelerating the national infrastructure development. The 6-year CAGR of the Infrastructure Budget is approximately 22% followed by the increase in state budget portion, which is proposed at 18,6% in APBN 2017.
RPJMN 2015-2019 Rencana Pembangunan Jalan Tol
Thank You Head Office: Gedung Teraskita Jakarta, 3 & 3A Floor Jl. MT. Haryono Kav. No. 10A Cawang, Jakarta 13340 Ph. (+6221) 22892999 Website: www.waskitaprecast.co.id
Disclaimer This material is for information only, and we are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The information herein has been obtained from sources believed to be reliable, but we do not warrant that it is accurate or complete, and it should not be relied upon as such. Opinion expressed is our current opinion as of the date appearing on this material only, and subject to change without notice. It is intended for the use by recipient only and may not be reproduced or copied/photocopied or duplicated or made available in any form, by any means, or redistributed to others without written permission of PT Waskita Beton Precast.
