Investor Presentation

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1 To Become A World Class Plantation Company Investor Presentation 30 June 2018

2 DISCLAIMER NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD BE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. 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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. None of the Company Parties, the Joint Lead Managers or any of their respective directors, officers, employees, advisors, affiliates or agents assumes any responsibility to update forward-looking statements or to adapt them to future events or developments. This presentation should not be used as the basis for any financial decision to invest in any securities or participation in any transaction. This presentation does not purport to, and does not, contain all of the information that may be required to evaluate factors relevant to a recipient making any investment decisions. Each recipient should make its own independent appraisal of, and investigation into, the financial condition, creditworthiness, affairs, status and nature of the Group as the basis of any investment decision. Opinions expressed in this presentation are subject to change without notice. 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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. 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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 limitations set forth herein. 2

3 Highlights Gross Margin increased 24% Year-on-Year EBITDA increased 28% Year-on-Year Strong production: Nucleus FFB rise 33% Production: 2 new CPO mills under construction 3

4 Financial highlights Sales increased to Rp333 billion +21.4% EBITDA increased to Rp188 billion +27.9% 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 Table of Contents Introduction Business Overview Key Credit Highlights Operational Analysis Financial Analysis Other Company Information 5

6 Sawit Sumbermas Sarana Fast Growing Palm Oil Plantation Company in Indonesia COMPANY OVERVIEW SHAREHOLDING STRUCTURE 1 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 Citra Borneo Group (68.88%) 53.75% 10.22% 36.03% PT. Citra Borneo Indah (CBI) PT. Putra Borneo Agro Lestari Public 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 15,902 Ha of unplanted area serves as base for organic growth 81% 19% PT. Surya Borneo Industri (SBI) 81% 19% PT. Citra Borneo Utama (CBU) 99% 99% PT. Kalimantan Sawit PT. Mitra Mendawai Sejati Abadi (MMS) (KSA) 99% 99% 99% 99% PT. Mirza Pratama Putra (MPP) PT. Menteng Kencana Mas (MKM) PT. Tanjung Sawit Abadi (TSA) PT. Sawit Multi Utama (SMU) 71,119 Ha 22.9% 3.2 MT/ha 11.5 MT/ha 9 years Planted Area (2) Oil Extraction Rate (3) CPO Yield per Mature Hectare (4) FFB Yield per Mature Hectare (4) 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 June For the period of 1H For the period of 1H

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 1H18 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 2006 First production of CPO at Sulung Palm Oil Mill H18 Total Planted Area ( 000 Hectares) 7

8 2. Business Overview

9 450, , , , , , , ,000 50, % 24.0% 23.0% 22.0% 21.0% 20.0% 19.0% 18.0% 17.0% 16.0% Business Overview Sizable Landbank with Potential Upside from Unplanted Area Land Rights Secured for Large Portion of Landbank Other Unplanted Area, 15,902 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, 2,945 Location Permit 36,583 (2) HGU 46,276 High Yielding Plantations Despite Young Profile of Plantations High and consistent CPO production and oil extraction rates ( OER ) 23.5% 23.7% 23.4% 296, , , % 343, % 212, H18 CPO Production (MT) OER (%) Prime (8-20 years) Average Age: 12 years Immature (1-3 years) Average Age: 1 year Young Mature (4-7 years) Average Age: 5 years Using high-yielding 2nd generation seeds from major providers including Lonsum, Socfin, Damimas and TopasAsianAgri Data as at 30 June 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. 65% 10% 25% 9

10 Business Overview (Cont d) Supported with group livestock synergy Integration of cattle support operations and government plan for beef consumption Reduction of weeding, integrated with breeding and fattening Combined organic fertilizer to improve productivity and cost efficiency To support various customers, both domestic and overseas 42.0% of FY17 sales for domestic usage; Remaining 58.0% in FY17 to export; Supported by a branch office in Jakarta; and Operated by 5,181 permanent employees (as of 31 Dec., 2017) Plantation Processing Plants High Quality Products Total 71,119 Ha planted area across Central Kalimantan Processing Plant from FFB to CPO with a total 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 22.9% (CPO); 4.5% (Palm Kernel); and 37.9% (Crude PKO). Young and high-yielding plantations with average maturity profile of 9 years One of the highest yielding CPO plantations in Indonesia Current capacity utilization set to improve in line with planted area growth 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 2020 BOSF Orangutan Conservation 100% RSPO Roadmap 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 Protect 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 will work closely with pother 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 Consistently Support 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 Participate in knowledgesharing about plantations, industry and entrepreneurship Increase awareness about the importance of healthcare and wellness Affordable markets, basic food distribution, development of places of worship Scholarships for children, free school admission, teacher training, Internships, Learning Media and Equipment Free diagnosis, communal treatment, blood donor programs Environmental Conservation Program Infrastructure Program Program for Economic Empowerment Community Tree replanting and treatment Dedicated to projects that bring the company and community together Provide opportunities to increase community selfreliance 1 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

16 1 Young Maturity Profile Providing Visibility for Future Production 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% 8,699 Young Mature (4 7 years) 25% 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 Favourable Location Brings Greater Efficiency and More Cost Competitive Position Transportation and infrastructure benefits All assets are concentrated in the same area 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 Lower transportation costs and optimal logistics Higher quality of FFB and CPO products due to efficient transportation (lower FFA %) Central Kalimantan s climate is ideal for CPO production High rainfall levels at approximately 2,800mm 3,000mm of rainfall a year with at least hours of sunshine daily High mineral content soil with small proportion of shallow peat soil Mean annual temperature of 31 C and high humidity Relatively flat and undulating reduces planting, maintenance and harvesting costs WEST KALIMANTAN SSMS SMU MPP Kabupaten Lamandau Nanga Bulik Kabupaten Sukamara Pangkalan Bun JAVA SEA KSA Kalimantan Kumai Port TSA MMS Iskandar Airport Kabupaten Kotawaringin Barat Jetty, bulking facility & future refinery CENTRAL KALIMANTAN MKM 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 Tbk TSA = PT. Tanjung Sawit Abadi Plantation Estates Iskandar Airport Jetty, bulking facility Kumai Port Key city Trans-Borneo Highway & future refinery 17

18 2 High Yielding and Efficient Plantation Operations Supporting Low Cost Operations Plant Productivity Cash Cost Breakdown for 1H18 Higher FFB yield, OER and CPO yield compared to average among peers FY16 Peers Comparison FFB Yield (MT/Ha) Average 16.5 SSMS - Cash Cost Units 1H 2018 Fertilizer and maintenance Rp bn 161 Labor Rp bn 183 Harvesting Rp bn 68 Overhead Rp bn 95 SSMS GAR Astra Agro Lestari DNS First LNS SGRO Total field cost Rp bn % 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% FFB production K tons 763 Field cost / FFB Rp /kg 664 OER % 22.9% Field cost / CPO Rp /kg 2,895 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 companies data 3.4 London Sumatra Sampoerna Agro 2.1 Sampoerna Agro Average 3.7 Milling cost Rp bn 53 CPO production K tons 212 Milling cost / CPO Rp /kg 252 Total Cash Cost / CPO Rp /kg 3,147 FX Rate (June 30, 2018) Rp/USD 14,404 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 M tonnes of CPO Edible Oil Consumption: Kg per Capita Considerable additional demand growth potential Average: 65.8 Average: 55.1 Average: 27.9 Average: US EU-28 Indonesia Pakistan China India Yield: Tonne/ha 5 Palm 4 Palm oil is the cheapest and highest yielding edible oil Soya Rapeseed Source: Oilworld ,000 Production Cost: US$/tonne 19

20 4 Strong CPO Global Outlook and Fundamentals (Cont d) Palm oil still trades at a discount to other edible oils. Moreover, palm oil prices have been relatively stable over the last few years. US$ / MT 1,400 1,200 1, US$ US$ US$231 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 Soy oil premium to CPO CPO Soy oil SSMS average cash cost per ton of CPO produced for 9M 2017 Source: Bloomberg 20

21 4. Operational Analysis

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 (m tonnes) M tonnes of CPO Indonesia Malaysia Rest of world Indonesia % share Global Exports of CPO, (m tonnes) 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 Nursery Maintenance H18 Revenue USD mm Use of only high yield seeds Culling of unhealthy seeds High quality fertilizer complemented with organic fertilizer from byproducts of mills Natural methods for planting and pest control H18 USD mm / % EBITDA and Margin 49.7% 50.3% 46.9% 47.5% 45.30% Harvesting Harvest at maximum oil content Processed within 12 hours Yield Analysis Yield gap analysis to benchmark against industry H18 EBITDA EBITDA margin Exchange rate USD:IDR of 14,404 used. 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, ,212 MT 23.7% 23.4% 23.1% 321, , , % 212, H H18 Production Yield (MT/Ha) Production OER Palm Kernel Crude Palm Kernel Oil MT 4.5% 4.4% 4.2% 60,861 54,005 62, % 41,235 MT 39.0% 40.2% 39.5% 38.0% 8,212 6,715 6,826 4, H H18 Production KER Production KOER 24

25 5. Financial Performance

26 Prudent Financial Policy 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 Financials and Margins Revenue USD mm USD mm / % EBITDA and Margin % 50.3% 46.9% 47.5% 45.30% H18 USD mm / % EBIT and Margin H18 EBITDA EBITDA margin USD mm / % Net Income and Net Income Margin 42.4% 41.9% 38.2% 36.6% 38.5% % 24.0% 21.7% % % H H18 EBIT EBIT margin Net income Net income margin Exchange rate USD:IDR of 14,404 used. 27

28 4.5x 4.0x 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 4.0x 5.8x 4.2x 3.8x H H18 Total Debt / Equity (x) Capital Expenditure USD mm 1.1x 0.9x 1.2x 1.2x H H18 Exchange rate USD:IDR of 14,404 used. 28

29 6. Land Rights Information

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 Regarding the 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 31