MANAGEMENT PRESENTATION - ADHI

PT Adhi Karya (Persero) Tbk.January 2020

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MANAGEMENT PRESENTATION

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COMPANY PROFILE

2

ADHI MILESTONE

PN Adhi Karyawas established by

nationalizing a former

Dutch company called

Associatie N.V.

CHANGEDInto PT. Adhi Karya

(Persero)

First SOE

Construction went public on

March 18th, 2004

TRANSFORMATION 2.0Changes vision, mission,

and values; organizational

restructuring; establishment

of ADHI Learning Center

ESTABLISHING ESTABLISHING

EXPANDINGMoU Mass SOE

Transportation;

Grandhika Hotel Blok M;

Precast Factory

Development.

RIGHT ISSUELRT & TOD construction

STARTING LRT construction along

station and supporting

property

ESTABLISHING

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CONTRACT SIGNINGLRT Jabodebek Phase I

Project with the Ministry of

Transportation

3

ESTABLISHING

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BUSINESS LINES

4

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CONSTRUCTION ENERGY PROPERTY INDUSTRY INVESTMENT

DEPT. INFRA I & II

DEPT. LRT

DEPT. GEDUNG

DEPT. EPC DEPT. INVESTASI

INFRASTRUCTURE

BUILDING

LRT

POWER PLANT

INDUSTRY

OIL AND GAS

PROPERTY

TOD & HOTElPRECAST CONCRETE INFRASTRUCTURE

WATER

ELECTRICITY

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SHARES OWNERSHIPAs of December 2019

5

Local : 34,3%

Foreign : 14,7%

51% 49%

99,9%99,7%99,9%99,6% 51,0%

BOARD OF COMMISIONERS

6

President

Commissioner Commissioner Commissioner CommissionerIndependent

Commissioner

Independent

Commissioner

BOARD OF DIRECTORS

President

Director

Director of

Operation 1Director of

Operation 2Director of

Finance

Director of

Human Capital

Director of

QHSE and Development

7

ORDER BOOK

8

31

.87

6

15

.65

5

36

.31

2

18

.44

1

24

.81

9 4.727

30

.47

2

4.260

36

.31

2 44

.08

3

-

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000ORDER BOOK

9

IDR - Billion

Order Book

Carry

Over

to 2019

Revenue Order Book

56.695

66.784

(2018A)(2019F)

Carry

Over

to 2020

(Target)

Revenue

Carry Over

(Target)

New Order

Carry Over

New Order

NJO

JOJO

NJO

20.38222.701

Burnrate

35,95%

Burnrate

33,99%

9,1 T IDR (Excl. Tax)

Nov 2019New Contract:• Coast Guard Building in Palu : 248,2 B IDR• Apartment in Jakarta : 221,3 B IDR• Others : 262,7 B IDR

Total : 732,2 B IDR

Source of Fund

81%

18%1%

Contruction & Energy Property Others

Business Lines

72%

7%

21%

Building Road Others

Type of Work

10

23%

66%

11%

Govt. SOE Private

NEW CONTRACT ACHIEVEMENT UP TO NOV 2019

11

Q3 - PERFORMANCE

INCOME STATEMENT

12

TARGET

SEP 2018 SEP 2019 FY 2019

Revenue 9.432 8.942 18.441 ∇ -5,2% J 48,5%

Gross Profit 1.489 1.391 2.311 ∇ -6,5% K 60,2%

Gross Profit Margin 15,8% 15,6% 12,5%

Net Profit 336 351 755 ∆ 4,7% J 46,5%

Net Profit Margin 3,6% 3,9% 4,1%

INCOME STATEMENT

[SUMMARY]

REALIZATION ANALYSIS

YoY%VS FY

TARGET 2019

IDR - Billion

BALANCE SHEET

13

TARGET

DES 2018 SEP 2019 FY 2019

Asset 30.119 32.669 34.286 ∆ 8,5% M 95,3%

Liability 23.833 26.149 25.360 ∆ 9,7% M 103,1%

Equity 6.285 6.521 8.925 ∆ 3,7% K 73,1%

BALANCE SHEET

[SUMMARY]

REALIZATION ANALYSIS

YoY%VS FY

TARGET 2019

IDR - Billion

CASH FLOW

14

IDR - Billion

TARGET

SEP 2018 SEP 2019 FY 2019

Operating (2.097.071) (3.081.167) (854.658)

Investing (163.921) (1.147.201) (2.297.902)

Financing (366.705) 2.423.956 4.242.174

CASH FLOW

[SUMMARY]

REALIZATION

FINANCIAL RATIO

15

TARGET

SEP 2018 SEP 2019 FY 2019

DER (X) [Covt. < 3,5x] 1,40 1,70 1,22

Collection Period (hari) - 72 122 60

TIE (X) [Covt. > 3,0x] 3,06 2,46 3,17

ROA - 2,38 1,85 4,13

ROE - 5,82 5,73 9,24

RATIO CovenantREALIZATION

CAPITAL EXPENDITURE

16

Fix Asset 165,2 654,0 J 25,3%

Inv. Projects and Land Aqs. 990,7 1.643,0 K 60,3%

Subsidiary 312,8 865,0 J 36,2%

TOTAL 1.468,6 3.162,0 J 46,4%

CAPEXREALIZATION

SEP 2019

TARGET

FY 2019

%VS FY

TARGET 2019

IDR - Billion

PROJECT UPDATE

LIGHT RAIL TRANSIT17

LRT JABODEBEK

18

LRT ROUTE LENGTH: 82.9 KM

4. D.Atas-Palmerah-Senayan : 7,8 km

5. Cibubur-Bogor : 25,0 km

6. Palmerah-Grogol : 5,7 km

1. Cawang-Cibubur : 14,9 km

2. Cawang-Kuningan-D.Atas : 11,1 km

3. Cawang–Bekasi Timur : 18,5 km

P h a s e I

P h a s e I I

TOTAL STATION: 18

Up to 10 January 2020

LRT Progress

19

69.6%

Cawang – Cibubur Cawang – Kuningan –

Dukuh AtasCawang – Bekasi Timur

87.1% 63.6% 61.8%

LRT Progress

LRT DISBURSEMENT FLOW

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PREPARE

CERTIFICATE

PAYMENT

OCG

CHECKED BY

BPKPIndonesia’s National

Government Internal Auditor

PT KAI

LRT OPERATOR

RECEIVED

PAYMENT

LRT PHASE I DISBURSEMENT

21

3.4 T IDRExc. tax

*Based on progress from September 2015 until September 2017

1

Total Interim Payment Received

8.9 T IDRExc. tax

PAID on March 2018

2.5 T IDRExc. tax

*Based on progress from October 2017 until June 2018

2PAID on December 2018

1.2 T IDRExc. tax

*Based on progress from July 2018 until September 2018

3PAID on May 2019

1.2 T IDRExc. tax

*Based on progress from October 2018 until March 2019

4PAID on October 2019

0.6 T IDRExc. tax

*Based on progress from April 2019 until September 2019

5PAID on December 2019

PROJECT UPDATE

TRANSIT ORIENTED DEVELOPMENT22

ACP SHARE OWNERSHIP

23

99,9%99,7%99,9%99,6% 51,0%

Spin-off on July’18

TOD PROJECTS

DEVELOPMENT

SUMMARY

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EASTERN GREEN – Sta. Bekasi

URBAN SIGNATURE – Sta. Ciracas

ROYAL SENTUL PARK – Sta. Sentul

GATEWAY PARK – Sta. Jaticempaka

GREEN AVENUE – Sta. Jatimulya

MTH 27 – Sta. Ciliwung

THE PREMIERE MTH– Sta. Cikoko

OASE PARK – Sta. Ciputat

CISAUK POINT – Sta. Serpong

RIVIA– Sta. Sentul

GRAND CENTRAL BOGOR– Sta. Bogor

ADHI CITY– Sta. Sentul

TOD SUMMARY PROJECTS

Commercial Area Office Space Apartment ShophouseLRT Stations

+ 9 5H a

Total Development Area

M o r e T h a n

2 6 , 0 0 0

Recreation Area

Apartment units

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EXISTING PROJECT - URBAN SIGNATURE

DEVELOPMENT SUMMARY

Location : Ciracas, JakartaTotal Area : ±6,2 hectarePartnership Scheme : 60% ACPDevelopment Type : Apartment, Commercial, Park & Ride

Potential Saleable Unit/Area : 5 TowersApartment Development : ±3.668 units

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EXISTING PROJECT - GATEWAY PARK

DEVELOPMENT SUMMARY

Location : Jaticempaka, Bekasi, West JavaTotal Area : ±5,9 hectarePartnership Scheme : 60% ACPDevelopment Type : Apartment, Commercial, Park & Ride

Potential Saleable Unit/Area : 5 TowersApartment Development : ±4.230 units

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EXISTING PROJECT – GREEN AVENUE

DEVELOPMENT SUMMARY

Location : Jatimulya, Bekasi, West JavaTotal Area : ±2,0 hectarePartnership Scheme : 60% ACP; 40% APPDevelopment Type : Apartment and Commercial Area

Potential Saleable Unit/Area : 5 TowersApartment Development : ±2.944 units

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EXISTING PROJECT - ROYAL SENTUL PARK

DEVELOPMENT SUMMARY

Location : Sentul, Bogor, West JavaTotal Area : ±14,8 hectarePartnership Scheme : 65% ACPDevelopment Type : Apartment, Commercial, Park & Ride

Potential Saleable Unit/Area : 12 TowersApartment Development : ±1.636 units

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EXISTING PROJECT - EASTERN GREEN

DEVELOPMENT SUMMARY

Location : East Bekasi, West JavaTotal Area : ±1,4 hectarePartnership Scheme : 60% ACP : 40% APPDevelopment Type : Apartment, Commercial, Park & Ride

Potential Saleable Unit/Area : 5 TowersApartment Development : ±936 units

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EXISTING PROJECT - MTH 27

DEVELOPMENT SUMMARY

Location : Cikoko, JakartaTotal Area : ±4,0 hectarePartnership Scheme : 100% ACPDevelopment Type : Apartment, Commercial, Office, Park & Ride

Potential Saleable Unit/Area : 1 Tower Apartment; 1 Tower OfficeApartment Development : ±760 units

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EXISTING PROJECT – OASE PARK

DEVELOPMENT SUMMARY

Location : Ciputat, TanggerangTotal Area : ±5,2 hectarePartnership Scheme : 65% ACPDevelopment Type : Apartment, Commercial, Park & Ride

Potential Saleable Unit/Area : 4 TowersApartment Development : ±3.353 units

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EXISTING PROJECT – CISAUK POINT

DEVELOPMENT SUMMARY

Location : Serpong, TanggerangTotal Area : ±1,6 hectarePartnership Scheme : 65% ACPDevelopment Type : Apartment, Commercial, Park & Ride

Potential Saleable Unit/Area : 6 TowersApartment Development : ±2.848 units

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EXISTING PROJECT – THE PREMIER MTH

DEVELOPMENT SUMMARY

Location : Tebet, JakartaTotal Area : ±0,7 hectarePartnership Scheme : 70% ACPDevelopment Type : Apartment, Commercial, Park & Ride

Potential Saleable Unit/Area : 2 TowersApartment Development : ±390 units

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EXISTING PROJECT – RIVIA

DEVELOPMENT SUMMARY

Location : Sentul, Bogor, West JavaTotal Area : ±4,5 hectarePartnership Scheme : 70% ACPDevelopment Type : Apartment, Commercial, Park & Ride

Potential Saleable Unit/Area : 5 TowersApartment Development : ±2.392 units

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EXISTING PROJECT – GRAND CENTRAL BOGOR

DEVELOPMENT SUMMARY

Location : Bogor, West JavaTotal Area : ±0,5 hectarePartnership Scheme : 100% ACPDevelopment Type : Apartment, Commercial, Park & Ride

Potential Saleable Unit/Area : 1 TowersApartment Development : ±833 units

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EXISTING PROJECT – ADHI CITY

DEVELOPMENT SUMMARY

Location : Sentul, Bogor, West JavaTotal Area : ±47,8 hectareApartment Development : ±2.079 unitsPartnership Scheme : 60% ACPDevelopment Type : Apartment, Commercial, Park & Ride

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Visit us at www.adhi.co.idFor further information please contact:

Parwanto Noegroho, Corporate SecretaryP. +62 21 797 5312 F. +62 21 797 5311 E. adhi@adhi.co.id

Disclaimer:Important Notice• This document was prepared only for the party with the purpose of discussion. This document and

its contents may only be reproduced, disclosed or used with the express written consent of PT AdhiKarya (Persero) Tbk.

• This document may contain statements that projected hopes and expectations in the future, whichrepresents the Company's current circumstances with possible events in the future and financialplanning. The projections are based on assumptions and available data at the time this data iscreated, containing risks and are subject to change at any time.

• PT Adhi Karya (Persero) Tbk. or connected parties will not be liable in any way for any consequences(including but not limited to any direct, indirect, or consequential losses) arising from or relating toany reliance on or use of the content of this document.

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