To Become A World Class Plantation Company. Management Presentation 30 September 2018

Transcription

1 To Become A World Class Plantation Company Management Presentation 30 September

2 Disclaimer NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW. The information that follows is a presentation of certain information about PT Sawit Sumbermas Sarana Tbk. ( SSMS ), its parent, PT Citra Borneo Indah ( CBI, and together with SSMS, the Parent Guarantors ), and their respective subsidiaries (together, the Group ) prepared by the Parent Guarantors. The information contained herein (including, among others, the market data, industry data and other industry statistics included in this presentation derived from public or third party sources) has not been independently verified and thus no representation or warranty, express or implied, is made as to the fairness, accuracy, currency, completeness or correctness of the information, opinions and conclusions contained in this presentation by the Parent Guarantors, the Issuer or any of the Subsidiary Guarantors referred to herein (collectively, the Company Parties ), BNPP Paribas, Citigroup Global Markets Singapore Pte. Ltd., CIMB Bank (L) Limited (collectively, the Joint Lead Manager ) or any of their respective directors, officers, employees, advisors, affiliates or agents. Accordingly, no reliance should be placed on the fairness, accuracy, currency, completeness or correctness of this presentation, nor any inferences drawn from the manner in which the contents have been compiled and presented. In addition, no person has been authorized to give any information or to make any representation not contained in and not consistent with this material and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of the Company Parties or the Joint Lead Managers. This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments may affect the information contained in this presentation, which none of the Company Parties or their advisors or representatives is under an obligation to update, revise or affirm. Past performance information in this document should not be relied upon as an indication (and is not an indicator) of future performance. The information communicated in this presentation contains certain statements that are or may be forward looking. These statements include all statements other than statements of historical facts and typically contain words such as will, expects and anticipates and words of similar import. By their nature forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Any investment in securities issued by the Issuer will also involve certain risks. There may be additional material risks that are currently not considered to be material or of which the Company Parties and their advisors or representatives are unaware. Against the background of these uncertainties, readers should not rely on these forward-looking statements. 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The securities of the Issuer have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered within the United States absent registration under or an applicable exemption from the registration requirements of the United States securities laws. Any public offering of securities to be made in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the company making the offer and its management and financial statements. No public offering of securities is to be made by the Issuer in the United States. The Securities may not be offered or sold in the manner that constitutes a public offering in Indonesia under Law Number 8 of 1995 regarding Capital Markets. In particular, neither the information contained in this presentation nor any copy hereof may be, directly or indirectly, taken or transmitted into or distributed in the United States or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of U.S. or other national securities laws. No money, securities or other consideration is being solicited, and, if sent in response to this presentation or the information contained herein, will not be accepted. By attending this presentation, you acknowledge that you will be solely responsible for your own assessment of the market position of the Group and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Group. The information contained in this presentation is provided as of the date of this presentation and is subject to change without notice. By accepting delivery of this presentation, the recipient agrees to accept and be bound by the statements, restrictions and 2 limitations set forth herein.

3 Highlights Strong production: Nucleus FFB rose 31.1% Year-on-Year Gross Margin increased 13.4% Year-on-Year EBITDA increased 3.3% Year-on-Year Production: 2 new CPO mills under construction 3

4 Financial Highlights Sales increased 24.9% to Rp592 billion EBITDA increased 3.3% to Rp35 billion First Global US$ bond issuance by an Indonesian CPO Plantation in 12 Years SSMS shares a mainstay of the LQ45 Indonesia s high volume blue chip Index 4

5 Contents Introduction Business Overview Key Credit Highlights Operational Analysis Financial Analysis Other Company Information

6 A High-Growth Indonesian Palm Oil Plantation Company COMPANY OVERVIEW Founded in 1995, SSMS is a fast growing Central Kalimantan-based palm oil plantation company with young maturity profiles (9 years) and strong yields SSMS has 95,770 Ha of prime land under management, with most areas having mineral soil characteristics, flat terrain, as well as land permits / land rights, and are strategically located to key infrastructure SSMS owns and operates 19 oil palm estates, covering 71,119 hectares of planted area, which includes six palm oil mills and one kernel crushing plant SSMS s 13,773 Ha of unplanted area serves as base for organic growth Citra Borneo Group (68.88%) 53.75% PT. Citra Borneo Indah (CBI) 81.0% SHAREHOLDING STRUCTURE 10.22% 36.03% PT. Putra Borneo Agro Public Lestari 81.0% 19.0% 19.0% 99.0% 99.0% PT. Surya PT. Mitra PT. Kalimantan PT. Citra Borneo Borneo Industri Mendawai Sejati Sawit Abadi Utama (CBU) (SBI) (MMS) (KSA) 99.0% 99.0% 99.0% 99.0% PT. Mirza Pratama Putra (MPP) PT. Menteng Kencana Mas (MKM) PT. Tanjung Sawit Abadi (TSA) PT. Sawit Multi Utama (SMU) 71,119 Ha Planted Area (2) 22.7% Oil Extraction Rate (3) 5.1 MT/ha CPO Yield per Mature Hectare (4) 18.6 MT/ha FFB Yield per Mature Hectare (4) 9.0 years Average Plant Maturity (2) Note: 1. Post the reorganization of CBI based on the shareholders register of the Company as of December 31, As at 30 September For the period of 9M For the period of 9M

7 Key Company Milestones 1995 PT Sawit Sumbermas Sarana was incorporated in Central Kalimantan 2010 Annual CPO production surpasses 100,000MT 2012 Annual CPO production surpasses 200,000MT 2014 Annual FFB processing surpasses 1,000,000MT 2016 Total planted area of 68,307Ha 9M18 Total planted area of 71,119Ha with mill capacity of 375MT/hour Targeting to expand plantation by 4,000Ha in Planted area surpasses 30,000Ha; Natai Raya Palm Oil Mill commissioned 2011 Third Palm Oil and Kernel Crusher Plant commissioned at Suayap 2013 Fourth Palm Oil Mill commissioned at Selangkun Listing on the Indonesia Stock Exchange with 1.5 billion new shares issued 2015 Total planted area of 66,201Ha post the acquisition of TSA, SMU, MKM and MPP 2000 First 103Ha palm oil plantation planted First production of CPO at Sulung Palm Oil Mill M18 Total Planted Area ( 000 Hectares) 7

8 2. Business Overview 8

9 Business Overview Sizable Landbank with Potential Upside from Unplanted Area Land Rights Secured for Majority of Landbank Other Unplanted Area, 13,773 Planted Area, 71,119 Others 12,911 (1) Substantial room for organic growth via unplanted reserves Conservation Area, 5,804 Most of the landbank has already obtained location permits and land rights Essential Infrastructure 5,074 Location Permit 36,583 (2) HGU 46,276 High Yielding Plantations Despite Young Maturity Profile of Plantations High and consistent CPO production and oil extraction rates ( OER ) 400, , , , % 23.7% 23.4% 23.1% 22.7% 24.0% 22.0% 20.0% 18.0% 16.0% M18 Prime (8-20 years) Average Age: 12 years 65% 10% 25% Immature (1-3 years) Average Age: 1 year Young Mature (4-7 years) Using high-yielding 2nd generation seeds from major providers including Lonsum, Socfin, Damimas and TopasAsianAgri CPO Production (MT) OER (%) Average Age: 5 years Data as at 30 September Note: 1. Includes Cadastral (have gone through cadastral process but have yet to obtain HGU) and relinquished land area (from previous owners which have not been submitted for cadastral process). 2. The Location Permits for 27,687 hectares have expired and are in the process of being extended. 9

10 Business Overview (Cont d) Supported with Group livestock synergy Integration of cattle supports plantation operations; Reduction of weeding, integrated with breeding and fattening; Combined organic fertilizer to improve productivity and cost efficiency. To support a range of both domestic and overseas customers 58.0% of FY17 sales to export; Remaining 42.0% in FY17 for domestic usage; Supported by a branch office in Jakarta; and Operated by 6,398permanent employees (as of 30 Sep., 2018) Plantation Processing Plants High Quality Products Total 71,119 Ha planted area across Central Kalimantan Processing Plant from FFB to CPO with a total current installed capacity of 375MT/hour To support customers for high quality Crude Palm Oil and Crude Palm Kernel Oil, which can be used as feedstock for diverse CPO refinery products: Generating a high Oil Extraction Rate at the CPO mill of 22.7% (CPO); 4.4% (Palm Kernel); and 37.8% (Crude PKO). Young and high-yielding plantations with average maturity profile of 9 years One of the world s highest yielding CPO plantations Installed milling capacity utilization set to improve in line with planted area growth Cooking Oil Specialty Fats Functional Products Biodiesel Palm Wax and Candles Oleochemicals 10

11 Our Commitment to Sustainability Target 100% RSPO Certification by TSA KSA SMU MKM MPP Initiation of RSPO Certification Process for our Smallholders & Supply Chains SSMS and MMS mills, which produce c.56% of total CPO in 2016 are RSPO certified since 2013 ISPO certification for Kenambui, Sulung, Rangda, Kondang, Pulau, Selangkun, and Rungun Estates since 2013 Aiming for all estates and operations to be RSPO certified by % RSPO Roadmap Partnership with Borneo Orangutan Survival Foundation (BOSF) SSMS has partnered with the Borneo Orangutan Survival Foundation ( BOSF ) to purchase and maintain Salat Island for the conservation of orangutans SSMS has budgeted for the cost of the orangutan conservation programme 11

12 Protecting Orangutan Habitats In cooperation with the Borneo Orangutan Survival Foundation (BOSF), BKSDA and Government of Central Kalimantan, PT Sawit Sumbermas Sarana Tbk. established a conservation area for orangutans on the island of Nusa Salat; Pulau Badak Besar dan Badak Kecil were selected due to their location around the island of Nusa Salat and suitability for orangutan conservation habitats; and We work closely with other stakeholders to encourage responsible ecotourism for orangutan conservation. 12

13 Support the Nation with Environmentally Friendly Actions Comply with certifications; Study high conservation areas; No development of peatlands; Zero burning policy; Community driven; Partial self-generated electric power support; Conservation areas cover 6.2% within the plantation area; Free medical facilities; Education/tuition fees; Scholarships; Partnership with BOSF; and Contribution to the GDP of Central Kalimantan 13

14 Harmonious Relationships with All Stakeholders Corporate Governance We do care : Care for the Company, People, Environment and for the Country, Indonesia Cultural, Social and Community Program Empowering Education Program Health Empowerment Accommodate residents with food and commodity stocks, and treatment plans Affordable markets, basic food distribution, development of places of worship Participate in knowledgesharing about plantations, industry and entrepreneurship Scholarships for children, free school admission, teacher training, Internships, Learning Media and Equipment Increase awareness about the importance of healthcare and wellness Free diagnosis, communal treatment, blood donor programs Environmental Conservation Program Infrastructure Program Program for Community Economic Empowerment Tree replanting and treatment Dedicated to projects that bring the company and community together Provide opportunities to increase community selfreliance One million tree plan to be developed, plant maintenance Water supply developments, road and bridges, village electrification Assist in Working Capital loans, Integrated Farming & Fishery and Disability Assistance 14

15 3. Key Market & Operating Highlights 15

16 1 Young Maturity Profile Provides Visibility for Future Growth Young age profile will support a continued increased in production of FFB over the next several years with minimal increases in production costs or capital expenditures. Total Planted Area by Planted Year (Ha) Immature (1 3 years) 10% Young Mature (4 7 years) 25% 8,699 8,432 Prime Mature (8 20 years) 65% 818 4,057 2,129 1,042 2,677 5,445 7,060 6,002 6,765 2,556 6,978 5,009 2, Theoretical Yield by No. of Years (MT/Ha) Pick up in production as immature trees move into young mature stage Pick up in production yield as trees move from young mature to prime stage Up to 33 MT/Ha during steady state

17 3 Favorable Location Enhances Efficiency and Cost Control Transportation and infrastructure benefits All assets are concentrated within a 60km radius; Covered by a dense network of all-weather roads built to ensure that every part of the plantations is easily accessible at all times; Proximity to Kumai Port and Iskandar Airport, and located along the Trans- Borneo highway; Well established infrastructure. Cost benefits from operational synergies Optimised logistics for lower transportation and processing costs; Higher quality FFB and CPO products due to efficient transportation (lower FFA%). Central Kalimantan s climate is ideal for CPO production High rainfall levels of approx. 2,800 3,000mm per year, with at least hours of sunshine daily; High mineral content soil with negligible proportion of shallow peat soil; Mean annual temperature of 31 C and high humidity; Relatively flat and undulating terrain, reducing planting, maintenance and harvesting costs. WEST KALIMANTAN Plantation Estates SSMS Kabupaten Sukamara JAVA SEA Iskandar Airport MPP Kabupaten Lamandau Nanga Bulik Pangkalan Bun Kumai Port SMU Kumai Port CPO mills KSA Kalimantan Kernel mill TSA MMS Iskandar Airport Kabupaten Kotawaringin Barat Jetty, bulking & downstream facilities CENTRAL KALIMANTAN MKM Jetty, bulking & downstream facilities Plantation Entities KSA = PT. Kalimantan Sawit Abadi MKM = PT. Menteng Kencana Mas MMS = PT. Mitra Mendawai Sejati MPP = PT. Mirza Pratama Putra SMU = PT. Sawit Multi Utama SSMS = PT. Sawit Sumbermas Sarana TSA = PT. Tanjung Sawit Abadi Key city Trans-Borneo Highway 17

18 2 High Yielding, Efficient Plantations Support Low Opex Plant Productivity Higher FFB yield, OER and CPO yield compared to average among peers FY16 Peers Comparison FFB Yield (MT/Ha) Average 16.5 Cash Cost Breakdown for 9M18 SSMS - Cash Cost Units 9M 2018 Fertilizer and maintenance Rp bn 284 Labor Rp bn 290 Harvesting Rp bn 73 Overhead Rp bn 147 SSMS GAR Astra Agro Lestari DNS First LNS SGRO 23.4% GAR Agribusiness & Food 23.9% FY16 Peers Comparison OER (%) 22.5% 22.5% 22.2% London Sumatra Sampoerna Agro 21.0% 20.8% Average 22.3% Total field cost Rp bn 794 FFB production K tons 1,230 Field cost / FFB Rp /kg 645 OER % 22.8% Field cost / CPO Rp /kg 2,835 SSMS DNS First LNS GAR Astra Agro Lestari SGRO FY16 Peers Comparison CPO Yield (MT/Ha) SSMS DNS GAR Astra Agro Lestari First LNS SGRO GAR Agribusiness & Food London Sumatra GAR Agribusiness & Food Source: The respective companies public filings for peer company data 3.4 London Sumatra Sampoerna Agro 2.1 Sampoerna Agro Average 3.7 Milling cost Rp bn 94 CPO production K tons 335 Milling cost / CPO Rp /kg 281 Total Cash Cost / CPO Rp /kg 3,116 FX Rate (30 Sep., 2018) Rp/USD 14,929 USD/MT

19 4 Strong CPO Global Outlook and Fundamentals Strong demand drivers for Global CPO consumption Significant room for further growth in key palm oil consuming countries Growing demand for food primarily in Asia especially China and India Expansion of oleochemical requirements Increased awareness of health benefits of palm oil compared to other seed oils Increased use in biodiesel Edible Oil Consumption: Kg per Capita Considerable additional demand growth potential Average: 65.8 Average: 55.1 Average: 27.9 Average: 18.3 CPO (MT) US EU-28 Indonesia Pakistan China India Palm oil is the cheapest and highest yielding edible oil Yield: MT/Ha Palm Soya Rapeseed Source: Oilworld ,000 Production Cost: US$/MT 19

20 4 Strong CPO Global Outlook and Fundamentals (Cont d) While crude palm oil prices have been relatively stable over the last few years, CPO still trades at a discount to other edible oils. US$ / MT 1,400 1,200 1, US$ US$ US$209 0 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Soy Oil Premium to CPO Soy Oil CPO SSMS average cash cost per ton of CPO produced for 9M 2018 Source: Bloomberg 20

21 4. Operational Analysis 21

22 4 Indonesia Expected to Remain a Significant CPO Player Significant growth in Indonesia s market share in world CPO production and exports Global Production of CPO, 2006 to 2016 (MT) M tonnes of CPO Indonesia Malaysia Rest of world Indonesia % share Global Exports of CPO, (MT) M tonnes of CPO Indonesia Malaysia Rest of world Indonesia % share % 45% 44% 47% 48% 48% 50% 51% 52% 53% 54% 60% 50% 40% 30% 20% 10% (Indonesian % share of total output) % 43% 43% 47% 45% 44% 47% 49% 52% 55% 53% 60% 50% 40% 30% 20% 10% (Indonesian % share of total export) 0 0% % Indonesia is also one of the largest consumers of palm oil Consumption CAGR (10 Year CAGR until 2016) India 11.6% Indonesia 9.5% M tonnes of CPO Europe (EU-28) 5.0% China -0.6% Indonesia India China Europe (EU-28) Source: Oilworld 22

23 Strong Operating Profile Leading to Resilient Financials Increased production as our plantations mature and enter into their prime production age; MT '000 CPO Production Strategic location, logistical efficiencies and best practices in plantation management; Application of best-in-class agronomy practices M18 Revenue USD mm Nursery Use of only high yield seeds; Culling of unhealthy seedlings. Harvesting Harvest at maximum oil content; Process within 12 hours of harvesting. Maintenance High quality fertilizer complemented with organic fertilizer from byproducts of mills; Natural methods for planting and pest control. Yield Analysis Yield gap analysis to benchmark against industry M18 USD mm / % EBITDA and Margin 49.7% 50.3% 46.9% 47.5% 36.7% M18 EBITDA EBITDA margin 23

24 1,600,000 1,400,000 1,200,000 1,000, , , , , , , , , , , , , , (10.0) (20.0) (30.0) (40.0) (50.0) (60.0) 5.0% 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 450, , , , , , , ,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 50, % 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 25.0% 24.0% 23.0% 22.0% 21.0% 20.0% 19.0% 18.0% 17.0% 16.0% High Yielding Plantation Despite Challenging Market Conditions FFB Crude Palm Oil MT ,094,463 1,074,050 1,231, ,230,049 MT 23.7% 23.4% 321, , % 22.7% 343, , M M18 Production Yield (MT/Ha) Production OER Palm Kernel Crude Palm Kernel Oil MT 4.5% 4.4% 60,861 54, % 4.4% 62,240 65,167 MT 39.0% 40.2% 39.5% 37.8% 8,212 7,832 6,715 6, M M18 Production KER Production KOER 24

25 5. Financial Performance 25

26 Prudent Financial Policies Prudent Financial Management Strong Risk Management Modest Balance Sheet Leverage Maintain debt to equity leverage around 1.0x Maintain gross debt to EBITDA leverage of around 3.0x Investment Policy Investments are decided after careful review and the assessment of a feasibility study Diversified Funding Channels Secure diversified funding sources from banks and both domestic and international capital markets Hedging Policies Business profile provides a natural hedge against USD/IDR fluctuations Do not practice hedging of CPO price Significant Liquidity Manage liquidity risk by maintaining cash and cash equivalents sufficient to meet our commitments for normal operations, regularly evaluating cash flow projections and actual cash flows Dividend Policy Annual dividends to be distributed in an amount up to 30% of net income for each year, normalized by excluding net foreign exchange gains/losses, deferred tax revenues or expenses, and deducting all specified reserves 26

27 % 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Strong Operating Financials and Margins Revenue USD mm USD mm / % EBITDA and Margin % 50.3% 46.9% 47.5% 36.7% M M18 EBITDA EBITDA margin USD mm / % EBIT and Margin USD mm / % Net Income and Net Income Margin 42.4% 41.9% 38.2% 36.6% % % 24.0% 21.7% % % M M18 EBIT EBIT margin Net income Net income margin Data as at 30 September Exchange rate of USD:IDR of 14,929 used. 27

28 3.5x 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x 0.0x 1.4x 1.2x 1.0x 0.8x 0.6x 0.4x 0.2x 0.0x 8.0x 7.0x 6.0x 5.0x 4.0x 3.0x 2.0x 1.0x 0.0x Stable Credit Metrics and Reducing Capital Expenditure Total Debt / EBITDA (x) EBITDA / Interest (x) 7.0x 2.7x 2.4x 3.2x 3.1x 5.8x 4.2x 2.6x M M18 Total Debt / Equity (x) Capital Expenditure (USD mm) 1.1x 0.9x 1.2x 1.3x M M18 Data as at 30 September Exchange rate USD:IDR of 14,929 used. 28

29 6. Land Rights Information 29

30 Land Rights Obtaining Sequence 1 Obtain Location Permit This is a license granted by the government to enable a company acquiring or relinquish land with area and location that are specified in the related license. 2 Land Acquisition The land acquisition must be completed within the validity period of the location permit. Location permit is valid for 3 years and can be extended for another year if the company already acquired at least 50% of the intended land. Land acquisition can be done by way of (depending on the type of the land), among others: plant growth compensation to the local communities; forest relinquishment or forest exchange to the Ministry of Environment and Forestry; and land purchase/ relinquish from the previous owner. 3 Apply for Land Measurement Apply for land measurement (cadastral process) to the land office followed by the issuance of cadastral map Issuance of the Cadastral Map by the Land Office Apply for HGU to the Land Office Land Office to Form/Establish Panitia B Land Assessment and Recommendation by Panitia B 8 9 Issuance of the Ministerial Decree of Approval of HGU Registration for HGU Certificate to the Relevant Land Office 36,583 ha (Location Permit) 3,919 ha (Relinquished Land) 8,992 ha (Cadastral) 46,276 ha (HGU) 30

31 Thank You Visit our website at Mailing Address: PT Sawit Sumbermas Sarana Tbk Head Office Jl. H. Udan Said No.47 Pangkalan Bun Kalimantan Tengah, Indonesia Representative Office Equity Tower, Suite 43D Jl. Jend Sudirman Kav Jakarta 12190, Indonesia