PEFINDO affirms “idA” and “idA(sy)” ratings for PT Summarecon Agung Tbk’s maturing Bond and Sukuk

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1. Press Release August 13 , 2019 PT Summarecon Agung Tbk Analysts: Christyanto Wijaya / Yogie Perdana Phone/Fax/E-mail: (62-21) 7278 2380 / 7278 2370 / christyanto.wijaya@pefindo.co.id /yogie.perdana@pefindo.co.id CREDIT PROFILE FINANCIAL HIGHLIGHTS A/Stable Corporate Rating id Rated Issues Shelf Reg. Bond I Phase II Year 2014 idA Shelf Reg. Sukuk Ijarah I Phase II Year 2014 idA(sy) Rating Period August 9, 2019 – October 10, 2019 Rating History SEP 2018 SEP 2017 SEP 2016 SEP 2015 AUG 2014 AUG 2013 MAY 2012 APR 2011 idA/Stable A+/Negative idA+/Negative idA+/Stable idA+/Stable idA+/Stable idA+/Stable idA/Stable id As of/for the year ended Total Adjusted Assets [IDR Bn] Total Adjusted Debt [IDR Bn] Total Adjusted Equity [IDR Bn] Total Sales [IDR Bn] EBITDA [IDR Bn] Net Income after MI [IDR Bn] EBITDA Margin [%] Adjusted Debt/EBITDA [X] Adjusted Debt/Adjusted Equity [X] FFO/Adjusted Debt [%] EBITDA/IFCCI [X] USD Exchange Rate [IDR/USD] Jun-2019 Dec-2018 Dec-2017 (Unaudited) (Audited) (Audited) Dec-2016 (Audited) 23,947.3 8,482.0 9,200.6 2,677.8 795.5 149.0 29.7 *5.3 0.9 *8.4 2.1 14,141 23,299.2 8,606.6 9,060.7 5,661.4 1,842.4 448.7 32.5 4.7 0.9 9.1 2.1 14,481 21,663.0 7,983.7 8,353.7 5,640.8 1,673.9 362.1 29.7 4.8 1.0 8.6 2.1 13,548 20,810.3 7,426.6 8,165.6 5,397.9 1,677.8 311.7 31.1 4.4 0.9 10.4 2.3 13,436 FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense EBITDA = Operating Profit + Depreciation Expense + Amortization Expense IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included) MI= Minority Interest *annualized The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have been reclassified according to PEFINDO’s definitions. PEFINDO affirms “idA” and “idA(sy)” ratings for PT Summarecon Agung Tbk’s maturing Bond and Sukuk PEFINDO has affirmed its “idA” rating for PT Summarecon Agung Tbk (SMRA) maturing Shelf-Registered Bond I Phase II Year 2014 of IDR800 billion and its “idA(sy)” rating for SMRA maturing Shelf-Registered Sukuk Ijarah I Phase II Year 2014 of IDR300 billion that will mature on October 10, 2019. The Company plans to repay the maturing Bond and Sukuk Ijarah using a combination of internal cash, bank loans and the proceed from the Company’s corporate action. As of June 30, 2019, it had cash and cash equivalent amounting to IDR1.5 trillion. In addition, it had unused credit facility revolving loan from several banks amounting to IDR784 billion and room to issue Shelf-Registered Bond III phase II up to IDR3.08 trillion as of June 30, 2019. Debt security rated idA indicates that the obligor’s capacity to meet its long-term financial commitments on the debt security, relative to other Indonesian obligors, is strong, however, the debt security is somewhat more susceptible to adverse effects of changes in circumstances and economic conditions than higher-rated debt. The suffix (sy) means the rating mandates compliance with Islamic principles. The rating reflects SMRA’s strong business position in the property industry, good asset quality, and adequate recurring income. However, the rating is constrained by its aggressive capital structure and modest cash flow protection measures, the risk of new projects in new areas, and the characteristics of the property industry, which is sensitive to changes in macroeconomic conditions. SMRA is engaged in the property business and is divided into three divisions: property development, investment property, and leisure and hospitality. Its main property projects are in Kelapa Gading, Serpong, Bekasi, Bandung, Karawang and Makassar. As of June 30, 2019, its shareholders were PT Semarop Agung (33.52%), PT Sinarmegah Jayasentosa (6.60%), BNYMSANV RE AMS RE Stichting D APG ST RE E ES Pool-2039846201 (5.61%), Liliawati Rahardjo (0.85%), Harto Djojo Nagaria (0.14%), and other including public (53.28%). http://www.pefindo.com 1/4 August 2019
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