2016.11.01 MPMX 9th dbAccess Conference
9
th
dbAccess Indonesia
Conference 2016
(2)
KEY MESSAGES
MPM Updates
Leading End-to-End Consumer Automotive Company in Indonesia
1H16 Business Segments Performance
Positive Growth in all Business Segments
1H16 Summary
(3)
Founded by William
Soeryadjaya as 2W
distribution business
for Honda
Listed in IDX
(Code: MPMX),
appointed Nissan
Datsun dealership
2W development:
retail, parts, finance
Entered 4W business
rental & finance,
established insurance
Leading consumer
automotive company
in Indonesia
4
(4)
MPM BUSINESS:
3,9M+
active 2W
customers,
~4,000
4W sale 9M16
3,300+
2W FO Centers
15,000+
retailers,
~20%
market share 2W lube
(
#1
aftermarket)
1,300+
Corporate clients
14K
fleet size (
#3 largest
)
159K+
finance & lease
customers,
125K+
insurance clients
DISTRIBUTION & RETAIL
AUTO CONSUMER PARTS
AUTO SERVICES
FINANCIAL SERVICES
2W lubricant principal 35 distributors nationwide
4W lubricants since 2015 1,000+ workshops
nationwide
Independent 4W rental/lease company 33 outlets & workshops
Independent 2W, 4W, lease financing business
99 outlets nationwide
Non-life insurance including 2W, 4W, cargo,
& property 16 offices & 4 service
points nationwide 2W Honda distribution in E.
Java + E. Nusa Tenggara 289 dealer relationships 2W Honda retail dealers with 40 outlets nationwide
N/A
4W Nissan & Datsun nationwide dealership
10 dealers since 2014
Data as of 9M16
Parts distribution company Since 2015
(5)
5% 52% 46%
-3%
1%
5% 46%
48%
SEGMENT CONTRIBUTION
Revenues 1H15
IDR 8.2T
Revenues 1H16
IDR 8.9T
NPATMI 1H15
IDR 233B
NPATMI 1H16
IDR 180B
Distribution & Retail
Auto Consumer Parts
Auto Services
Financial Services
7%
6%
10%
77%
+9%/+14%
YoY / QoQ
1) Non Financial Services : Mulia, MPMMotor, FKT, PMP, MPMAuto, MPMMobil, MPMRent, Grahamitra, DSS & SAK 2) Financial Services : MPMFinance & MPMInsurance
+4%
YoY
7%
7%
9%
77%
5
-23%/+52%
YoY / QoQ
-18%
(6)
1H16 CONSOLIDATED REVENUE RESULTS
% Growth
from LY
+10%
+30%
-5%
-2%
Distribution
& Retail
Auto Consumer
Parts
Auto Services
Financial
Services
Elimination
8,181
1H15
1H16
8,883
+9%
IDR B, YoY
702
224
(27)
(12)
(185)
IDR B, QoQ
+14%
17%
+9%
+5%
+6%
585
44
14
19
(66)
4,143
Q1-16
Q2-16
(7)
1H16 CONSOLIDATED NPATMI RESULTS
IDR B, YoY
% Growth
from LY
-7%
-41%
-26%
Distribution
& Retail
(8)
10
(8)
(8)
1H16
(42)
233
1H15
Auto
Consumer
Parts
Auto
Services
Financial
Services
-23%
+52%
-69%
+25%
Elimination
Head
Office
Minority
Interest
180
3
7
72
Q2-16
108
% Growth
from Q1-16
IDR B, QoQ
+31%
+21%
+29%
+216%
+0%
-263%
15
14
1
11
(5)
Q1-16
0
(8)
1,484
445
(406)
217
1,739
1,422
309
(246)
(92)
1,393
1H16 CONSOLIDATED CASH FLOW POSITION
Rp Billions
Operating
activities
Investing
activities
Financing
activities
Operating
activities
Beginning
Balance
Ending
Balance
1H16
1H15
Operating
cash inflow
increases
+44%
Investing cash
outflow
increases
+65%.
Cash inflow
from
financing
activities
increases by
(9)
PT Saratoga Investama Sedaya
Tbk and Affiliates
Morninglight Investments S.a.r.l
Claris Investment Pte. Ltd.
Public & Others
Shareholder Composition as of 30 June 2016
GOVERNANCE AND MANAGEMENT
BOARD OF COMMISSIONERS
BOARD OF DIRECTORS
BoC brings strong mix of operational, strategy, M&A,
and governance expertise
BoD members bring over 100 years of combined
professional experience
48.6%
15.3% 6.8%
29.3%
Tossin Himawan
Commissioner
Simon Halim
Lee Chul Joo Danny Walla
Istama Siddharta
Independent Commissioner
Commissioner
Commissioner
Independent Commissioner
Edwin Soeryadjaya
Chairman
9
Andi Esfandiari Director Rudy Halim
Group CEO
Troy Parwata
Group CFO/Managing Director
Agung Kusumo
Managing Director
Titien Supeno HR Director
(10)
2016 YTD KEY EVENTS
MPM
Finance
won the Best
Structured Trade Finance Solution
Indonesia at The Asset Triple A
Awards 2016 held by The Asset in
Hong Kong
May 16
Jun 16
MPM
Insurance
awarded The Best
General Insurance 2016 from
Infobank magazine for category of
gross premium below IDR 250 bio
MPMInsurance awarded The Best Financial Performance General Insurance 2016 from Warta Ekonomi magazine for category of company asset
between IDR 400 - 600 bio
Sep
1
6
FKT received 2 Best Brand Awards for
The Best W
Matic
Lu ri a t a d
The Best W Lu ri a t
Sep 16
Jun 16
Mulia launched Honda BigBike 500 series CBR 500R & CB 500F in Surabaya
MPM Group listed as one of 50 Best Companies by Forbes Indonesia
(11)
USD SENIOR NOTES HEDGING COVERAGE
–
ORIGINAL & TOP UP
Rp 12,000
Rp 14,000
Rp 15,000
Rp 16,000
USD Spot Rate
@ Market Spot Rate
@ Rp 12,000
Original Coverage
Settlement
@ Rp 2,000 subsidy
–
(Spot Rate
–
Rp 15,000)
@ Rp 2,000 subsidy
@ Rp 1,000 subsidy
Ave. Premium
Coverage
Participants
2.18%
Principal @ maturity (Sep 2019)
Coupon up to 2017
Deutsche Bank, Morgan Stanley, ANZ, MUFG
Top-Up Coverage
Settlement
@ Market Spot Rate
Back to original cover
@ Rp 14,000
0.73% p.a.
Principal @ maturity (Sep 2019)
Deutsche Bank, Morgan Stanley
+
(12)
KEY MESSAGES
MPM Updates
Leading End-to-End Consumer Automotive Company in Indonesia
Company Updates
Continued scale building and growth across all business segments
Company Updates
Continued scale building and growth across all business segments
1H16 Business Segments Performance
Positive Growth in all Business Segments
1H16 Summary
(13)
2W DISTRIBUTION & RETAIL:
CONTINUE LEADERSHIP IN E. JAVA AND NTT
972 902 903
FY14
FY15
1H16 LTM
+0%
-7%
Sales Volume
(000 units, YoY%)
293
261 271
FY14
FY15
1H16 LTM
-11%
Revenue
(IDR B, YoY%)
NPAT
(IDR B, YoY%)
1H16 Highlights
• 2W sales volume in YTD 2016 is showing stable growth vs national sales of -5% in 1H16 relative to 1H15.
• Lebaran festive was positive contributing factor to the 2W sales.
• Higher actual revenue than last year due to sales volume growth and increase in sales price in 2016, as well as the increase contribution comes from sports type.
• Higher YTD NPAT compared to June 2015 is driven by positive gross profit growth paired with lower interest expenses from dealers financing
Mulia
120 129 131
FY14
FY15
1H16 LTM
+8%
MSO
FY14
FY15
1H16 LTM
13,544
14,036
+3%
Key Initiatives
• Launching of new scooter & sport motorcycles
• Ramping-up sales promotion activities to consumer, dealers, and financing companies
• Improve cost efficiency by relocating outsourced labor
• Finalizing third warehouse construction to lower rental costs
• Continuously improving current business processes 13,130
+2%
+4%
+4%
454 4551H15
1H16
61 631H15
1H16
1H15
1H16
7,172 148 1581H15
1H16
6,680+0%
+2%
+7%
+6%
13
(14)
1H15
1H16
4W DEALERSHIP:
IMPROVE SALES PRODUCTIVITY & SERVICE LEVEL
-14
-85
FY14
FY15
2Q16 LTM
-102
Sales Volume
(Car Units, YoY%)
NPAT
(IDR B, YoY%)
1H16 Highlights
FY14
FY15
1H16 LTM
1,3823,680
5,213
Revenue
(IDR B, YoY%)
FY14
FY15
1H16 LTM
847643
FY14
• Higher sales volume as of June 2016 relative to last year due the increase in sales productivity and scaling-up of operations (currently 11 dealers for new cars).
• Lower YTD NPAT as of June 2016 compared to 2015 due to higher opex because of the scaling-up of the operations and addtional interest expense which is realized after the contruction of the new dealer is completed.
+166%
+32%
FY15
1H16 LTM
Key Initiatives
• Focus on sales productivity with cost efficiencies on existing dealerships
260
-31 -48
1H15
1H16
1H15
1H16
3,078 1,5451H15
1H16
480 276
+99%
+74%
-54%
+42%
+147%
-20%
(15)
CONSUMER PARTS:
STRENGTHEN CHANNEL & NEW PRODUCT DEVELOPMENT
FY14
FY15
1H16 LTM
FY14
FY15
1H16 LTM
+7%
-5%
Sales Volume
(KL, YoY%)
251
301
FY14
FY15
1H16 LTM
+20%
Revenue
(IDR B, YoY%)
NPAT
(IDR B, YoY%)
1H16 Highlights
-1%
62,116
59,200
• Higher sales volume as of YTD June 2016 compared to YTD June 2015 due to sales volume increase in the majority of sales categories, including:
Non Matic and Matic 2W segment. 4W new segment
• The revenue increase as of YTD June 2016 is in line with the increment from sales volume as mentioned above.
• Higher NPAT as of June 2016 compare to last year mainly due to the stable COGS.
63,172
Federal Oil (2W)
• Strengthen channel development
• Increase product quality
Federal Mobil (4W)
• Focusing on market growth outside Jakarta and Surabaya
• Improve B2B channels
1,670
+6%
+4%
3141H15
1H16
28,074 7571H15
1H16
845
1401H15
1H16
153 32,046+14%
+12%
+9%
1,592 1,582
Key Initiatives
(16)
AUTO SERVICES:
MAINTAIN OPERATIONAL EXCELLENCE & CASH FLOW
20
1H15
1H16
11
1H15
1H16
67
-33
-42
FY14
FY15
1H16 LTM
FY14
FY15
1H16 LTM
-9%
Fleet Size
(Units, YoY%)
Revenue
(IDR B, YoY%)
NPAT
(IDR B, YoY%)
1H16 Highlights
1,165
FY14
FY15
1H16 LTM
1,1231,095
-4%
13,935 15,255
13,856
• YTD fleet size as of June 2016 is slightly lower than last year but recovers from FY15.
• Stable utilization rate of around 90%.
• Lower revenue as of June 2016 compared to last year because of the decrease in car rental revenue which is mainly driven by smaller fleet size.
• Lower NPAT as of June 2016 than last year due primarily to slightly higher maintenance costs.
• Cash balance of Rp437B at the end of June 16.
-1%
-2%
-27%
Key Initiatives
• Improving operational efficiency and productivity
• Improving the portfolio of corporate clients, including new offerings to customers
-149%
14,413 14,334
-1%
574
1H15
1H16
546-5%
(17)
1H15
1H16
MPM
FINANCE
:
SELECTIVE GROWTH WHILE MAINTAINING FOCUS ON ASSET QUALITY
4,093
2,934 3,141
FY14
FY15
1H16 LTM
-28%
New Booking
(IDR B, YoY%)
1,145 1,164
1,127
FY14
FY15
1H16 LTM
+2%
86
27 15
FY14
FY15
1H16 LTM
-68%
Revenue
(IDR B, YoY%)
NPAT
(IDR B, YoY%)
1H16 Highlights
• Higher new bookings as of June 2016 compared to last year with early re-monitoring system which focus on the assets quality.
• Lower NPAT as of June 2016 compared to last year due to higher provision for doubtful accounts (the introduction of automatic 4W provisioning in January 2016).
• NPL 90+:
2.9%
3.2%
3.1%
3.3%
3.2%
Jun'15 Sep'15 Dec'15 Mar'16 Jun'16
+7%
-3%
-44%
Key Initiatives
• Continuously monitoring and managing asset quality by and implementing early warning system across the network
• Diversifying sources of funding: Rp300B MTNs issued in Apr 6 with a COF of 7.8% - 8.5% and with a guarantee from CGIF.
584 547
1H15
1H16
14
2
1H15
1H16
+13%
-6%
-85%
17
(18)
MPM
INSURANCE
:
INCREASE PENETRATION GROUP & NON-GROUP BUSINESSES
Gross Premium
(IDR B, YoY%)
31 34
FY14
FY15
1H16 LTM
+95%
NPAT
(IDR B, YoY%)
1H16 Highlights
204
1H15
1H16
108• Gross premium as of June 2016 is higher than last year due to growth in most premium categories including MV, Fire, Marine Cargo and Others (engineering business) categories.
• Higher NPAT as of June 2016 than last year mainly due to higher net underwriting income and net investment income.
259
16
+37%
Key Initiatives
• Increasing market penetration in MPM Group businesses as well as non-group businesses.
+75%
259
FY14
FY15
1H16 LTM
+96%
148
20
1H15
1H16
16+88%
+26%
354
(19)
KEY MESSAGES
MPM Updates
Leading End-to-End Consumer Automotive Company in Indonesia
1Q14 Summary & Business Segments Performance
Stable 2W business despite natural disasters, Strong 4W business growth
1Q14 Summary & Business Segments Performance
Stable 2W business despite natural disasters, Strong 4W business growth
1H16 Business Segments Performance
Positive Growth in all Business Segments
1H16 Summary
+9% YoY Revenue Growth & -23% YoY / +52% QoQ NPATMI Growth
(20)
KEY METRICS - CONSOLIDATED
1H16 Highlights
• Net revenue and gross profit have grown in 1H16 relative to 1H15, owing to robust performance in our 2W distribution, consumer parts business, and insurance business.
• Gross profit margin in 1H16 is higher compared to FY15 and is comparable relative to 1H15.
• Moderate increase in opex excluding provision from 1H15 to 1H16.
• Higher provision than last year since the financial services business has introduced automatic 4W provisioning starting in Q1-16.
• On a YoY consolidated basis, lower operating profitability in 1H16 is mainly driven by the above-mentioned provisioning factor and exchange rate fluctuations.
KEY METRICS
FY15 1H16 1H15 YoY (%) 2Q16 1Q16 QoQ (%)
Profit & Loss (IDR Billion)
Net Revenue 16,640 8,883 8,181 8.6% 4,739 4,143 14.4% Gross Profit 2,299 1,265 1,168 8.3% 664 601 10.5%
GP Margins 13.8% 14.2% 14.3% 14.0% 14.5%
Operating Expenses Without Provision (1,444) (735) (661) -11.2% (377) (357) -5.6% Provision (318) (182) (131) -39.7% (93) (89) -5.2% Other Income (Expenses) 175 54 63 -15.1% 42 12 253.7%
Operating Profit 713 402 440 -8.6% 235 167 41.0%
OP Margins 4.3% 4.5% 5.4% 5.0% 4.0%
NPAT 308 189 244 -22.8% 115 73 57.0%
NPAT Margin 1.8% 2.1% 3.0% 2.4% 1.8%
(0.00)
(0.00) (0.00) (0.00)
EBITDA 1,160 606 656 -7.6% 338 269 25.7%
EBITDA Margin 7.0% 6.8% 8.0% 7.1% 6.5%
Balance Sheet (IDR Billion)
Cash 1,484 1,739 1,393 17.2% 1,739 1,511 15.2% Total Assets 14,480 15,156 14,418 4.7% 15,156 14,538 4.2% Bank Funding 4,338 4,227 4,478 -2.5% 4,227 3,984 6.1% Notes Payable - 302 - 100.0% 302 140 115.3% Bonds 2,754 2,638 2,656 -4.2% 2,638 2,609 1.1% BV of Equity 5,340 5,600 5,327 4.9% 5,600 5,500 1.8%
Ratios:
Net Debt/Equity 1.1x 1.0x 1.1x -7.7% 1.0x 0.9x 2.1%
ROA *) 2.1% 2.5% 3.4% -26.5% 3.0% 2.0% 50.6%
Net Debt/EBITDA *) 4.8x 4.5x 4.4x 2.4% 4.0x 4.9x -17.3%
FCCR 3.6x 3.5x 4.5x -21.4% 3.4x 3.6x -6.2%
(21)
KEY METRICS
–
NON FINANCIAL SERVICES
*) For 1H16 & 1H15 using Annualized
21
1H16 Highlights
• The YoY growth in net revenue and gross profit is mainly due to the performance of our 2W distribution and consumer parts business.
• Gross profit margin in 1H16 is higher compared to FY15 and is comparable relative to 1H15.
• Moderate increase in opex excluding provision from 1H15 to 1H16.
• On a YoY, lower operating profitability in 1H16 is mainly driven by higher opex and lower other income which is the result of exchange rate fluctuations.
KEY METRICS
FY15 1H16 1H15 YoY (%) 2Q16 1Q16 QoQ (%)
Profit & Loss (IDR Billion)
Net Revenue 15,471 8,307 7,591 9.4% 4,443 3,864 15.0% Gross Profit 1,581 910 799 13.9% 484 427 13.3%
GP Margins 10.2% 11.0% 10.5% 10.9% 11.0%
Operating Expenses Without Provision (1,004) (543) (433) -25.4% (286) (257) -11.3% Provision (58) (8) (0) -2238.6% (4) (4) 0.0% Other Income (Expenses) 143 35 46 -25.5% 30 4 651.3%
-Operating Profit 662 394 412 -4.3% 224 170 31.9%
OP Margins 4.3% 4.7% 5.4% 5.0% 4.4%
NPAT 254 169 218 -22.5% 99 70 42.2%
NPAT Margin 1.6% 2.0% 2.9% 2.2% 1.8%
(0.00)
(0.00)
EBITDA 1,093 590 621 -5.0% 323 268 20.5%
EBITDA Margin 7.1% 7.1% 8.2% 7.3% 6.9%
Balance Sheet (IDR Billion)
Cash 1,160 1,030 932 -11.2% 1,030 982 5.0% Total Assets 9,787 9,942 9,315 1.6% 9,942 9,743 2.0% Bank Funding 936 840 585 -10.2% 840 736 14.2% Bonds 2,754 2,638 2,656 -4.2% 2,638 2,609 1.1% BV of Equity 4,399 4,622 4,421 5.1% 4,622 4,554 1.5%
Ratios:
Net Debt/Equity 0.6x 0.5x 0.5x -7.9% 0.5x 0.5x 2.0%
ROA *) 2.6% 3.4% 4.7% -27.4% 4.0% 2.9% 39.3%
Net Debt/EBITDA *) 2.3x 2.3x 1.9x 22.0% 1.9x 2.2x -14.1%
FCCR 3.4x 3.4x 4.2x -19.2% 3.3x 3.6x -10.0%
(22)
KEY METRICS
–
FINANCIAL SERVICES
22
1H16 Highlights
• Smaller growth of net revenue and gross profit mainly due to our selective consumer financing business action in order to grow more healthy portfolio of assets.
• Gross profit margin in 1H16 is higher compared to FY15 and is comparable relative to 1H15.
• Decrease in opex excluding provision from 1H15 to 1H16.
• YoY provision is higher since we have put in place automatic 4W provisioning in our financing business in Q1-16.
• On a YoY, lower operating profitability in 1H16 is mainly driven by the introduction of the automatic provisioning.
• There has been an improvement in our cash position in 1H16 relative to FY15 due to the have been issued MTNs in 1H16.
KEY METRICS
FY15 1H16 1H15 YoY (%) 2Q16 1Q16 QoQ (%)
Profit & Loss (IDR Billion)
Net Revenue 1,209 600 611 -1.8% 309 291 6.4% Gross Profit 745 373 383 -2.6% 190 183 4.0%
GP Margins 61.6% 62.2% 62.6% 61.5% 62.9%
Operating Expenses Without Provision (472) (212) (245) 13.5% (101) (110) 8.2% Provision (260) (175) (130) -34.3% (90) (85) -5.4% Other Income (Expenses) 37 21 20 6.6% 12 9 25.5%
-Operating Profit 51 7 27 -73.6% 11 (3) -407.4%
OP Margins 4.2% 1.2% 4.5% 3.5% -1.2%
NPAT 54 20 27 -25.0% 16 4 327.8%
NPAT Margin 4.4% 3.3% 4.4% 5.3% 1.3%
(0.00)
(0.00)
EBITDA 67 16 35 -54.1% 15 1 1427.0%
EBITDA Margin 5.5% 2.7% 5.7% 4.9% 0.3%
Balance Sheet (IDR Billion)
Cash 324 709 461 119.0% 709 529 34.0% Total Assets 5,674 6,164 6,045 8.6% 6,164 5,727 7.6% Bank Funding 3,402 3,387 3,893 -0.4% 3,387 3,248 4.3% Notes Payable - 302 - 100.0% 302 140 115.3% BV of Equity 1,855 1,892 1,815 2.0% 1,892 1,860 1.7%
Ratios:
Net Debt/Equity 1.7x 1.6x 1.9x -5.1% 1.6x 1.5x 2.5%
ROA *) 0.9% 0.7% 0.9% -26.4% 1.1% 0.3% 297.5%
Net Debt/EBITDA *) 46.3x 62.6x 61.5x 1.7% 49.4x 724.1x -93.2%
(23)
Disclaimer
•
These materials have been prepared by PT Mitra Pinasthika Mustika Tbk (the
Co pa
,
MPM )
and have not been
independently verified. No representation or warranty, expressed or implied, is made and no reliance should be placed on the
accuracy, fairness or completeness of the information presented or contained in these materials. The Company or any of its
affiliates, advisers or representatives accepts no liability whatsoever for any loss howsoever arising from any information
presented or contained in these materials. The information presented or contained in these materials is subject to change
without notice and its accuracy is not guaranteed.
•
These materials may contain statements that constitute forward-looking statements. These statements include descriptions
regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of
operations and financial condition of the Company. These statements can be recognized by the use of words such as
e pe ts,
pla ,
will,
esti ates,
proje ts,
i te ds,
or words of similar meaning. Such forward-looking statements are not
guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the
forward-looking statements as a result of various factors and assumptions. The Company has no obligation and does not undertake to
revise forward-looking statements to reflect future events or circumstances.
•
These materials are for information purposes only and do not constitute or form part of an offer, solicitation or invitation of any
offer to buy or subscribe for any securities of the Company, in any jurisdiction, nor should it or any part of it form the basis of,
or be relied upon in any connection with, any contract, commitment or investment decision whatsoever. Any decision to
purchase or subscribe for any securities of the Company should be made after seeking appropriate professional advice.
(1)
MPM
INSURANCE
:
INCREASE PENETRATION GROUP & NON-GROUP BUSINESSES
Gross Premium
(IDR B, YoY%)
31 34
FY14
FY15
1H16 LTM
+95%
NPAT
(IDR B, YoY%)
1H16 Highlights
204
1H15
1H16
108
•
Gross premium as of June 2016 is higher than last year due to
growth in most premium categories including MV, Fire, Marine
Cargo and Others (engineering business) categories.
•
Higher NPAT as of June 2016 than last year mainly due to higher
net underwriting income and net investment income.
25916
+37%
Key Initiatives
•
Increasing market penetration in MPM Group businesses as well
as non-group businesses.
+75%
259
FY14
FY15
1H16 LTM
+96%
148
20
1H15
1H16
16
+88%
+26%
354
18
(2)
KEY MESSAGES
MPM Updates
Leading End-to-End Consumer Automotive Company in Indonesia
1Q14 Summary & Business Segments Performance
Stable 2W business despite natural disasters, Strong 4W business growth
1Q14 Summary & Business Segments Performance
Stable 2W business despite natural disasters, Strong 4W business growth
1H16 Business Segments Performance
Positive Growth in all Business Segments
1H16 Summary
(3)
KEY METRICS - CONSOLIDATED
*) For 1H16 & 1H15 using Annualized
20
1H16 Highlights
•
Net revenue and gross profit
have grown in 1H16 relative to
1H15,
owing
to
robust
performance
in
our
2W
distribution, consumer parts
business,
and
insurance
business.
•
Gross profit margin in 1H16 is
higher compared to FY15 and is
comparable relative to 1H15.
•
Moderate increase in opex
excluding provision from 1H15
to 1H16.
•
Higher provision than last year
since the financial services
business
has
introduced
automatic
4W
provisioning
starting in Q1-16.
•
On a YoY consolidated basis,
lower operating profitability in
1H16 is mainly driven by the
above-mentioned provisioning
factor
and
exchange
rate
fluctuations.
KEY METRICS
FY15 1H16 1H15 YoY (%) 2Q16 1Q16 QoQ (%) Profit & Loss (IDR Billion)
Net Revenue 16,640 8,883 8,181 8.6% 4,739 4,143 14.4% Gross Profit 2,299 1,265 1,168 8.3% 664 601 10.5%
GP Margins 13.8% 14.2% 14.3% 14.0% 14.5%
Operating Expenses Without Provision (1,444) (735) (661) -11.2% (377) (357) -5.6% Provision (318) (182) (131) -39.7% (93) (89) -5.2% Other Income (Expenses) 175 54 63 -15.1% 42 12 253.7%
Operating Profit 713 402 440 -8.6% 235 167 41.0%
OP Margins 4.3% 4.5% 5.4% 5.0% 4.0%
NPAT 308 189 244 -22.8% 115 73 57.0%
NPAT Margin 1.8% 2.1% 3.0% 2.4% 1.8%
(0.00)
(0.00) (0.00) (0.00)
EBITDA 1,160 606 656 -7.6% 338 269 25.7%
EBITDA Margin 7.0% 6.8% 8.0% 7.1% 6.5%
Balance Sheet (IDR Billion)
Cash 1,484 1,739 1,393 17.2% 1,739 1,511 15.2% Total Assets 14,480 15,156 14,418 4.7% 15,156 14,538 4.2% Bank Funding 4,338 4,227 4,478 -2.5% 4,227 3,984 6.1% Notes Payable - 302 - 100.0% 302 140 115.3% Bonds 2,754 2,638 2,656 -4.2% 2,638 2,609 1.1% BV of Equity 5,340 5,600 5,327 4.9% 5,600 5,500 1.8%
Ratios:
Net Debt/Equity 1.1x 1.0x 1.1x -7.7% 1.0x 0.9x 2.1% ROA *) 2.1% 2.5% 3.4% -26.5% 3.0% 2.0% 50.6% Net Debt/EBITDA *) 4.8x 4.5x 4.4x 2.4% 4.0x 4.9x -17.3% FCCR 3.6x 3.5x 4.5x -21.4% 3.4x 3.6x -6.2%
(4)
KEY METRICS
–
NON FINANCIAL SERVICES
1H16 Highlights
•
The YoY growth in net revenue
and gross profit is mainly due to
the performance of our 2W
distribution and consumer parts
business.
•
Gross profit margin in 1H16 is
higher compared to FY15 and is
comparable relative to 1H15.
•
Moderate increase in opex
excluding provision from 1H15 to
1H16.
•
On a YoY, lower operating
profitability in 1H16 is mainly
driven by higher opex and lower
other income which is the result
of exchange rate fluctuations.
KEY METRICS
FY15 1H16 1H15 YoY (%) 2Q16 1Q16 QoQ (%) Profit & Loss (IDR Billion)
Net Revenue 15,471 8,307 7,591 9.4% 4,443 3,864 15.0% Gross Profit 1,581 910 799 13.9% 484 427 13.3%
GP Margins 10.2% 11.0% 10.5% 10.9% 11.0%
Operating Expenses Without Provision (1,004) (543) (433) -25.4% (286) (257) -11.3% Provision (58) (8) (0) -2238.6% (4) (4) 0.0% Other Income (Expenses) 143 35 46 -25.5% 30 4 651.3%
-Operating Profit 662 394 412 -4.3% 224 170 31.9%
OP Margins 4.3% 4.7% 5.4% 5.0% 4.4%
NPAT 254 169 218 -22.5% 99 70 42.2%
NPAT Margin 1.6% 2.0% 2.9% 2.2% 1.8%
(0.00)
(0.00)
EBITDA 1,093 590 621 -5.0% 323 268 20.5%
EBITDA Margin 7.1% 7.1% 8.2% 7.3% 6.9%
Balance Sheet (IDR Billion)
Cash 1,160 1,030 932 -11.2% 1,030 982 5.0% Total Assets 9,787 9,942 9,315 1.6% 9,942 9,743 2.0% Bank Funding 936 840 585 -10.2% 840 736 14.2% Bonds 2,754 2,638 2,656 -4.2% 2,638 2,609 1.1% BV of Equity 4,399 4,622 4,421 5.1% 4,622 4,554 1.5%
Ratios:
Net Debt/Equity 0.6x 0.5x 0.5x -7.9% 0.5x 0.5x 2.0% ROA *) 2.6% 3.4% 4.7% -27.4% 4.0% 2.9% 39.3% Net Debt/EBITDA *) 2.3x 2.3x 1.9x 22.0% 1.9x 2.2x -14.1% FCCR 3.4x 3.4x 4.2x -19.2% 3.3x 3.6x -10.0%
(5)
KEY METRICS
–
FINANCIAL SERVICES
*) For 1H16 & 1H15 using Annualized
22
1H16 Highlights
•
Smaller growth of net revenue
and gross profit mainly due to
our
selective
consumer
financing business action in
order to grow more healthy
portfolio of assets.
•
Gross profit margin in 1H16 is
higher compared to FY15 and is
comparable relative to 1H15.
•
Decrease in opex excluding
provision from 1H15 to 1H16.
•
YoY provision is higher since we
have put in place automatic 4W
provisioning in our financing
business in Q1-16.
•
On a YoY, lower operating
profitability in 1H16 is mainly
driven by the introduction of the
automatic provisioning.
•
There has been an improvement
in our cash position in 1H16
relative to FY15 due to the have
been issued MTNs in 1H16.
KEY METRICS
FY15 1H16 1H15 YoY (%) 2Q16 1Q16 QoQ (%) Profit & Loss (IDR Billion)
Net Revenue 1,209 600 611 -1.8% 309 291 6.4% Gross Profit 745 373 383 -2.6% 190 183 4.0%
GP Margins 61.6% 62.2% 62.6% 61.5% 62.9%
Operating Expenses Without Provision (472) (212) (245) 13.5% (101) (110) 8.2% Provision (260) (175) (130) -34.3% (90) (85) -5.4% Other Income (Expenses) 37 21 20 6.6% 12 9 25.5%
-Operating Profit 51 7 27 -73.6% 11 (3) -407.4%
OP Margins 4.2% 1.2% 4.5% 3.5% -1.2%
NPAT 54 20 27 -25.0% 16 4 327.8%
NPAT Margin 4.4% 3.3% 4.4% 5.3% 1.3%
(0.00)
(0.00)
EBITDA 67 16 35 -54.1% 15 1 1427.0%
EBITDA Margin 5.5% 2.7% 5.7% 4.9% 0.3%
Balance Sheet (IDR Billion)
Cash 324 709 461 119.0% 709 529 34.0% Total Assets 5,674 6,164 6,045 8.6% 6,164 5,727 7.6% Bank Funding 3,402 3,387 3,893 -0.4% 3,387 3,248 4.3% Notes Payable - 302 - 100.0% 302 140 115.3% BV of Equity 1,855 1,892 1,815 2.0% 1,892 1,860 1.7%
Ratios:
Net Debt/Equity 1.7x 1.6x 1.9x -5.1% 1.6x 1.5x 2.5% ROA *) 0.9% 0.7% 0.9% -26.4% 1.1% 0.3% 297.5% Net Debt/EBITDA *) 46.3x 62.6x 61.5x 1.7% 49.4x 724.1x -93.2%
(6)