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Siloam Hospitals delivered
double digit revenue growth in
3Q18
Q3 2018 Results
Q3 2018 Results
Strong Financial Performance
Siloam is the clear leader and fastest growing private hospital group in Indonesia serving all segments of the population
Notes:
GOR refers to revenues relating to medical support services, professional fees and consultation fees, drugs and medical supplies, room serv ice, administration, operating theatre, delivery rooms, registration fees and other services. NOR is
calculated by deducting service costs (doctor consultation and professional fees) from GOR.
EBITDA refers to income before depreciation, provisions for post-employment benefits, allowance for impairment in value, corporate income taxes and other expense and/or income (consisting primarily of financing income and others-net).
EBITDAR & EBITDARevenue
EBITDA / EBITDARRevenue
2
In IDR Bn
Reclassified
In IDR Bn
# %△
2,504
3,341
4,144
5,168
5,848
1,847
2,472
3,042
3,719
3,992 3,893
4,396
2,928
3,309
33%
24%
25%
13%
13%
34%
23%
22%
7%
13%
FY-13 FY-14 FY-15 FY-16 FY-17 Q3-17 Q3-18
GOR
NOR
## %△
334
526
671
809
913
298
466
574
674
733
813
884
527
568
57%
28%
21%
13% 9%
56%
23%
17%
9%
8%
FY-13 FY-14 FY-15 FY-16 FY-17 Q3-17 Q3-18
EBITDAR
EBITDA
Q3 2018 Results 3
Gross Operating Revenue in Q3 2018 expanded by 11% Y-o-Y while EBITDA advanced 16%
• Professional Service Costs in Q3 rose by 8% from the
previous year.
• Material and Operating Costs were 10% and 15%
higher respectively year-on-year.
• Rental charges rose by 12% from Q3-2017.
• Gross Operating Revenue (GOR) for Q3-2018 of
IDR1.55 trillion, up 11%
• Net Operating Revenue after Service Costs of
IDR1.18 trillion.
• Gross profit of IDR721 billion – up 13% from the
previous year - resulting in a gross profit margin
of 46.6%.
Q3 Y-o-Y △11% 12% 13% 12% 16%
1,448 1,086
644 286 182
1,401
1,045
622
254 149
1,548
1,179
721
344
237
4,396
3,309
1,987
884
568
0
1,000
2,000
3,000
4,000
5,000
6,000
GOR NOR Gross Profit EBITDAR EBITDA
IDR
bn
'17 '18
Q1
Q2
Q3
Q4
Notes:
GOR refers to revenues relating to medical support services, professional fees and consultation fees, drugs and medical supplies, room serv ice, administration, operating theatre, delivery rooms, registration fees and other services. NOR is
calculated by deducting service costs (doctor consultation and professional fees) from GOR.
EBITDA refers to income before depreciation, provisions for post-employment benefits, allowance for impairment in value, corporate income taxes and other expense and/or income (consisting primarily of financing income and others-net).
8% 10% 15% 12%
362 442
357
55
356
422
369
56
369
458
376
58
1,087
1,323
1,102
168
0
450
900
1,350
1,800
Service Costs Material Costs Operating Costs Rent
IDR
bn
Q3 2018 Results
SILO Margin vs. Peers
Siloam Mature Hospitals EBITDAR Margins are comparable to Peers EBITDA Margin
Note:
EBITDAR refers to income before depreciation, provisions for post-employment benefits, allowance for impairment in value, corporate income taxes, other expense and/or income (consisting primarily of financing income and others-net) and rental.
EBITDA refers to income before depreciation, provisions for post-employment benefits, allowance for impairment in value, corporate income taxes and other expense and/or income (consisting primarily of financing income and others-net).
Comparable Hospital Margin with Peers
% to NOR
4
(31.9%)
27.4%
(44.5%)
22.4% 21.3% 20.8%
29.7%
35.6%
SH New SH Mature Hospital A Hospital B Hospital C Hospital D
EBITDAR EBITDA
Q3 2018 Results
Treatment Volumes improved across all venues, while average unit revenues expanded as well
• Average Inpatient Revenue per Day was down slightly at
Rp5.0mn, even as the average inpatient stay dropped from
3.60 to 3.47 days.
• Inpatient visits grew 16% and as a result Inpatient Revenue
was 10% higher at Rp914 billion for the quarter.
• Outpatient Revenue per visit was flat at Rp1mn. Outpatient
Revenue in Q3 grew by 13% Y-o-Y to IDR633 billion.
• Outpatient visits, at 616 thousand in total, were 5%
higher than Q3-2017.
• Inpatient Admissions rose by 8% from Q3-2017 to 53
thousand patients.
• Inpatient Days expanded by 8% to 183 thousand.
• Emergency and Trauma Center visits were higher by
9% from the previous year.
5
Notes:
*Financials and operational metrics include all hospitals and exclude clinics
5% 8% 8% 9%
602
172 50 72
556
170
49 74
616
183
53 75
1,775
525
152 221
0
400
800
1,200
1,600
2,000
2,400
Oupatient Visits Inpatient Days Inpatient Admits ETC Visits
in T
ho
usa
nd
s
3.60
5.10
1.00
3.47
5.00
1.00
(4%)
(2%)
0%
Average Daysper Inpatient
Stay
InpatientRevenue perDay (IDR mn)
OutpatientRevenue perVisit (IDR mn)
2018 Q3
2017 Q3
58.2%
56.4%
(3%)Average
Occupany
Q3 2018 Results 6
Hospitals Segmentation Definition:
• Our mature hospitals include all developments completed
prior to 2016.
• While 75% of our hospitals are able to service BPJS patients,
the hospitals we designate “BPJS” see 70% to 80% of patient
volume and over 50% of revenues derived from public-
insurance payers.
• New hospitals are typically in the early stages of rapid growth.
We initiated a rapid expansion stage in 2011 which has resulted in a network capacity of 6,585 beds
# IPO*Rights
Issue
1996 2002 2011 2012 2013# 2014 2016* 2017* 2018
RSUS
SH Manado
GUM
SH Bekasi
Timur
SH
BalikpapanSH JemberRSUPB
SH Bangka
Belitung
BIMC KutaSH
Purwakarta
SH Labuan
BajoSH Makassar
Hosana
Medica
BIMC
Nusa DuaSH Jambi Asri SH SilampariSentosa
SH Lippo
Cikarang
SH TB
SimatupangSH MRCCC SH Medan
SH
Samarinda
SH
Lippo Village
SH
Palembang
SH
Yogyakarta
SH
Surabaya
SH Bali SH Kupang SH ButonSH Cinere SH BogorSH
Kebon Jeruk
Mature
BPJS
New
Leased
Hospitals
Owned
Hospitals
SH Semarang
Notes:
*Financials and operational metrics include all hospitals and exclude clinics
776
1,130
1,137
451
1,539
1,721
1,999
1,285
BPJS
Mature East
Mature West
New
Our hospital network has a current Capacity of
±6,500 beds, with 3,494 currently Operational
Q3 2018 Results 7
Siloam has 34 cities spanning 22 provinces
Operational Hospitals (34)
Hospital operational in Q3-2018 (1)
Future Potential Developments (16)
Sumatra: 52.2m
Kalimantan: 21.3m
Sulawesi: 19.0mPapua: 3.6m
Bali: 4.2 m
Nusa Tenggara: 9.6m
Maluku: 1.7m
Java: 160.3m4
5 5 5 5 5 5 5 5 5 5
8
9 9 9 9 9 9 9 9 9 9
9 9 9 9 9 9 9 9 9 9 9
1 1
3
4
8 8
9
10
11
Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18
Mature West
Mature East
BPJS
New
Siloam has opened a total of 3 New hospitals in 2018
Notes:
*Financials and operational metrics include all hospitals and exclude clinics
755
1,507
1,368
547
60
147
284
49
167
691
672
284
100
184
172
93
BPJS
Mature East
Mature West
New
Our professional staff now comprises 549 GPs , 2,354 FT
and PT Specialists and Dentists as well as 4,177 NursesNurses
Specialist (FT)
Specialist (PT)
GPs
Q3 2018 Results
Hospital Outpatient and ETC Activity
8
35%
36%
32%
58%
45%
40%
32%
55%
28%
10%
2%
(6%)
New
Mature West
Mature East
BPJS
ETC Conversions were up slightly at 41% overall,
while New hospitals performed in line with Mature
Hospitals
2.6%
3.2%
3.3%
3.6%
1.9%
3.1%
3.8%
3.9%
(26%)
(4%)
14%
6%
New
Mature West
Mature East
BPJS
OPD Conversions was flat at 3.4% overall, with a
drop in New hospitals in Q3-2018
Notes:
*Financials and operational metrics include all hospitals and exclude clinics
26
214
209
131
65
210
223
119
152%
(2%)
6%
(9%)
New
Mature West
Mature East
BPJS
Outpatient Visits in Q3-2018 grew by 6% overall to
616k, despite a 9% decline at BPJS hospitals ('000
visits)
7
21
28
13
11
19
29
15
54%
(6%)
5%
10%
New
Mature West
Mature East
BPJS
Emergency & Trauma Center Visits were up 9% in
Q3-2018 to 75k, driven largely by New Hospitals
Q3 2018 Results
Hospital Inpatient Activity
9
Notes:
*Financials and operational metrics include all hospitals and exclude clinics
22%
21%
33%
4%
19%
8%
60%
26%
35%
32%
31%
8%
28%
BPJS
Mature East
Mature West
New
Consolidated
Utilization rates in Q3-2018 for Cath Labs, MRIs
and CT Scans reflect the maturity and patient mix
of our regions
28%
55%
59%
65%
43%
52%
61%
63%
52%
(5%)
4%
(4%)
New
Mature West
Mature East
BPJS
Occupancy Rates were down slightly to 56.4% in
Q3-2018 Vs 58.2% due to drops in BPJS and
Mature West inpatient days
2.9
3.9
3.8
3.5
2.9
3.8
3.6
3.6
0%
(0%)
(5%)
1%
New
Mature West
Mature East
BPJS
Average Inpatient Stay was 3.47 days in Q3-2018
Vs 3.6 days in Q3-2017.
4
14
15
13
7
15
18
13
79%
4%
18%
1%
New
Mature West
Mature East
BPJS
Inpatient Admissions rose to 53k in Q3-2018.
Q3 2018 Results
Revenue & EBITDA Details
In IDR Bn Q3 ‘18 Q3 ‘17 ∆% 9M18 9M17 ∆%
GOR 1,548 1,391 11% 4,396 3893 13%
Service Cost 369 340 8% 1,087 965 13%
NOR 1,179 1,051 12% 3,309 2,928 13%
% to GOR 76% 76% 75% 75%
Material Cost 458 415 10% 1,322 1,174 13%
Gross Profit 720 635 13% 1,987 1,754 13%
% to GOR 47% 46% 45% 45%
Operating Expenses 376 329 15% 1,102 941 17%
EBITDAR 344 307 12% 884 813 9%
% to GOR 22% 22% 20% 21%
% to NOR 29% 29% 27% 28%
Rental(ii) 58 51 12% 168 129 30%
EBITDA(iii) 237 204 16% 568 526 8%
% to GOR 15% 15% 13% 14%
% to NOR 20% 19% 17% 18%
Notes:
(i) Reclassified, please see Financial Statements note 39.
(ii) Represents rental expenses for the land and buildings, Siloam is leasing from FREIT, PT Lippo Karawaci Tbk and other parties
(iii) EBITDA refers to income before depreciation, provisions for post-employment benefits, allowance for impairment in value, corporate income taxes and other expense and/or income (consisting primarily of financing income and others-net).
(4) Operational metrics will differ slightly on slide 2 as figures on slide two don’t include clinics.
10
Q3 2018 Results
Balance Sheets
In IDR Bn 9M18 9M17 ∆%
Assets
Cash & Equivalent 358 930 (-62%)
Other Current Assets 1,419 1,241 +14%
Property and Equipment 4,382 4,117 +6%
Other Non-Current Assets 564 416 +36%
Total Assets 7,701 7,596 1%
Liabilities & Equity
Debt 174 176 0%
Liabilities 1,390 1,283 +8%
Shareholders' Equity 4,770 4,524 +5%
Total Liabilities & Equity 6,094 5,766 +6%
Gearing Ratio 0.04 0.03
11
Comparison Health Statistics
Hospitals in Indonesia
Indonesia’s Aging Population
BPJS Kesehatan Roadmap
4
4
4
5
4
6
4
7
Appendices
12
Q3 2018 Results
Name PlaceDate
Opened
Bed
Capacity
Operation
al Beds
GPs &
SpecialistsNurses Centre of Excellence Accreditation
Land/Building
Ownership
SH Kebon
JerukW. JAKARTA 2002 285 217 216 341
Cardiology, Urology,
Orthopedics, Emergency
SH Surabaya E. JAVA 2002 162 160 167 238 Cardiology, Emergency
SH Manado N. SULAWESI 2012 238 177 105 190 Emergency
SH
Balikpapan
E.
KALIMANTAN2002 232 165 94 143 Orthopedics, Emergency 79.90%
RS Grha
Ultima
Medika
W. NUSA
TENGGARA2017 69 40 45 61 Emergency
SH
MakassarS. SULAWESI 2012 362 215 132 217
Cardiology, Emergency,
Endocrinology
SH
Samarinda
E.
KALIMANTAN2016 34 10 24 19 Emergency
Mature East Hospitals
JCIA
13
Q3 2018 Results
Name ProvinceDate
Opened
Bed
Capacity
Operation
al Beds
GPs &
SpecialistsNurses Centre of Excellence Accreditation
Land/Building
Ownership
MRCC
Siloam
Semanggi
S. JAKARTA 2011 334 176 183 235 Cancer, Liver, Emergency
SH Cinere DEPOK 2012 50 33 22 40 Cardiology 80.00%
SH
Palembang
S.
SUMATERA2012 357 150 125 146
Gastroenterology,
Emergency 70.39%
SH TB
SimatupangS. JAKARTA 2013 269 117 142 109
Cardiology, Emergency,
Neuroscience, Oncology
SH Lippo
Village
TANGERAN
G1996 308 274 274 365
Cardiology, Orthopedics,
Neuroscience, Emergency
SH Lippo
CikarangBEKASI 2002 164 118 88 148
Occupational Health,
Emergency 79.84%
SH JambiE.
SUMATERA2011 119 107 67 122 Emergency 83.00%
RS Siloam
Dhirga Surya
Medan
N.
SUMATERA2014 356 117 113 121 Emergency, Trauma
Mature West Hospitals
JCIA
14
Q3 2018 Results
Name PlaceDate
Opened
Bed
Capacity
Operation
al Beds
GPs &
SpecialistsNurses Centre of Excellence Accreditation
Land/Building
Ownership
SH Denpasar
(East)BALI 2013 281 124 133 184
Cardiology, Orthopedics,
Tourists, Emergency
SH Asri
(West)S. JAKARTA 2014 42 42 114 82 Urology
BIMC Kuta
(East)BALI 2013 19 18 43 62 Tourists, Emergency
BIMC Nusa
Dua (East)BALI 2013 39 24 56 46
Cosmetic Surgery,
Emergency
Mature Distinct Segment Hospitals
JCIA
SH Buton SE. SULAWESI 2016 140 80 35 94 Emergency
SH
PurwakartaW. JAVA 2014 219 212 79 216 Emergency
SH KupangE. NUSA
TENGGARA2014 416 110 64 152 Emergency
SH Labuan
Bajo
E. NUSA
TENGGARA2016 124 88 23 67 Emergency
SGH
(RSUS)TANGERANG 2012 640 300 126 226 Emergency
BPJS Hospitals
15
Q3 2018 Results
Name PlaceDate
Opened
Bed
Capacity
Operation
al Beds
GPs &
SpecialistsNurses Centre of Excellence Accreditation
Land/Building
Ownership
RS Umum
Putera
Bahagia
CIREBON 2017 114 104 51 118 Emergency
SH Bogor W. JAVA 2017 246 60 60 58 Emergency
RS Siloam
Bangka
BANGKA
BELITUNG2017 412 33 42 49 Emergency
RS Hosana
BekasiBEKASI 2017 101 60 37 65 Emergency
RS Siloam
YogyakartaYOGYAKARTA 2017 149 60 60 53 Emergency
Siloam
Medika Blu
Plaza
BEKASI 2017 56 32 33 53 Emergency
RS Siloam
SilampariS. SUMATERA 2018 175 69 29 45 Emergency
SH Jember E. JAVA 2018 323 30 39 45 Opening April 2018
RS Umum
SentosaBEKASI 2017 50 50 38 59 Emergency
New Hospitals
16
Q3 2018 Results
MERTANADI,
BALI
SILIGITA,
BALI
BALIKPAPAN
BEKASI
CIANJUR
JABABEKA,
CIKARANG
Clinics – currently 16 operational located in Bali, Balikpapan, Bekasi, Jakarta and Tangerang
ROBSON,
CIKARANG
BONA INDAH,
JAKARTA
MERUYA,
JAKARTA
CISOKA,
TANGERANG
CYBERPARK,
TANGERANG
GADING
SERPONG
GRAHA RAYA,
TANGERANG
HARKIT,
TANGERANG
PERMATA,
TANGERANG
LABUAN
BAJO
17
Q3 2018 Results
Status AmbonBanjarmasi
n
Batu Lippo
Mall
Bekasi
Grand Mall
Gunung
SahariJember Kelapa Dua
Semarang
HooTegalrejo
Palangka
Raya
Beds >100 <100 <100 <100 <100 >100 >100 <100 >100 >100
Planned Opening 2019 2018 2019 2019 2019 Apr 2018 2018 2018 2019 2018
Environmental License
(AMDAL) P P P P P P P P P P
Building Permit
(IMB) P P P P P P P P P
Nuisance Permit
(HO) P P P P P P P P
Hospital Building
Permit (IMRS) P P P P P
Certificate of Proper Building Function (SLF) P P P P
P
Operational
License (IO) PP
Comprehensive Licensing Requirements for New Hospitals
Status of Selected Projects for 2018-2019*
In order to be able to fully commission a new hospital, we have to go through a licensing process involving local governments
and provincial health departments. This involves more than 40 licenses and can be summarized into 6 most critical licenses.
* As of April
2018
18
Q3 2018 Results 19
Corporate Structure
As of 31 Sep 2018
No . Of Outstanding Shares : 1,624,765,625
Code : SILO
LIPPO KARAWACI RELATED COMPANIES
51.05%
CVC CAPITAL PARTNERS
22.90%
PUBLIC
26.05%
As of 31 Mar 2018
No of Outstanding Shares :
22,771,585,119 Code : LPKR.JK ; LPKR IJ
LIPPO RELATED COMPANIES
63.48%
PUBLIC < 5%
31.20%
OTHER MAJORITY SHAREHOLDERS
> 5%
5.32%
Q3 2018 Results 20
Our initial growth strategy relied on leasing hospitals, while we increasingly own new developments
Sublease of
Hospitals
51.05%*
In Indonesia
In Singapore
* As of 31 December2017
Sale and
Leaseback
of Hospitals
20.34%*
Sale and
Leaseback
of Hospitals
Ownership Interest
Contractual Relationship
Our early “asset light” strategy allowed the group to
expand more rapidly without accessing excessive
financing.
We increasingly intend to retain ownership of newer
developments.
Our management of hospital development and
construction ensures more efficient permitting and a
responsive layout for projected needs.
Hospital selling prices are determined through
independent valuation, with rental rates determined to
generate a long-term stable return over 20 years.
2
2
1
5
5
4
3
3
3
6
BPJS
Mature East
Mature West
New
17 of our hospitals are leased from FREIT or
related parties, while 12 are Owned and 5 are 3rd
Party leases
Q3 2018 Results 21
• Primary clinics for corporate clients
• Public-Private-Partnership (PPP) model
• RSUS – 1st hospital using public sector model
– Additional demand from BPJS patients
– Gateway to Indonesia’s “Universal Healthcare
Coverage”
• Integrated platform with UPHMS and others
• Medical training at RSUS, SHLV, and SHKJ
• Integrated Centers of Excellence: Neuroscience, Cardiology,
Cancer, Orthopedic, Urology, Fertility
• Hub and Spoke strategy for specialized services via Digital
Tele-Medicine
• Pioneering investments in Indonesia’s healthcare sector
– Comprehensive Cancer Centre opened in 2011
– Indonesia’s first Gamma Knife installed in 2012
• Best in class and highly accessible healthcare
services platform through:
– Rapid expansion of network across Indonesia
– Attracting and retaining the best doctors with strong
focus on doctors’ welfare (SDPDP)
– Equip hospitals with State-of-the-Art facilities such
as 128 slice CT Scan and 1.5T MRI
Our vision is to provide affordable and accessible healthcare to all socio-economic segments
Tertiary
Secondary
Primary
Research & Education
Siloam’s Integrated
Healthcare Delivery Model:
• Access to Centres of
Excellence through hub &
spoke system and Tele-
medicine
• High standards and
accessible medical care
through a strong focus on
clinical governance and
affordable price points
• Specialist access for
primary healthcare
demand
• Public-Private-
Partnerships
Continuum of care at primary, secondary, tertiary &
quaternary levels
Q3 2018 Results
• Alignment – across teaching and service delivery
• Affiliate with agencies such as ACORN/NUS/SGH/UOM
• Leading edge research
• Best practice Models
• Remote Access Diagnosis (RAD) and Remote Access
Clinical Management (RACM)
• Telemedicine
• Centres of Clinical Excellence/Accreditation
• Teaching Hospital paradigm
• Future workforce
• Systems based curriculum converged with PBL
• Best practice replication
• Clinical placement
• Foundation for Innovation
• Overseas training –Singapore/Australia/USA/China
Our affiliation with UPH Medical Sciences is key in acquiring, training and retaining professional staff
Centre of Excellenceand
Global Reputation
EducationResearch
Clinical
22
Q3 2018 Results
Comparison Health Statistics
Source : World Bank, WHO2017
Indonesia Vietnam Malaysia Singapore South Korea India China Australia USA UK
Hospital beds per 10,000 pops 9 20 19 20 103 7 38 39 29 29
Physician per10,000 pops 2 12 12 20 21 7 19 33 25 28
Health Profesionals per 10,000
pops 16 24 47 76 79 28 32 157 118 112
Life expectancy at birth (years) 69 76 75 83 82 68 76 83 79 81
IMR per 1,000 live birth 14 11 4 1 2 28 6 2 4 2
MMR per 100,000 live birth 126 54 40 10 11 174 27 6 14 9
% Government Expenditure 38 54 55 42 54 30 56 67 48 83
% Private Expenditure 62 46 45 58 46 70 44 33 52 17
Healthcare Spend as % of GDP 3 7 4 5 7 5 6 9 17 9
Per capita total expenditure on
healthcare (USD) 299 391 1,040 4,047 2,531 267 731 4,357 9,403 3,377
31.5
27.5
24.1
15.7
46.8
79.0
75.6
117.8
112.4
157.2Australia
USA
UK
South Korea
Singapore
Malaysia
China
India
Vietnam
Indonesia
Health Professional per 10,000 pops
2.8
5.5
4.9
4.7
4.2
7.4
7.1
9.4
9.1
17.1USA
Australia
UK
South Korea
Vietnam
China
Singapore
India
Malaysia
Indonesia
Total Healthcare Spending as % of GDP
23
Q3 2018 Results
Hospitals in Indonesia
No OWNER 2012 2013 2014 2015 2016 2017 Mar 2018
1 MOH 32 33 34 36 33 33 33
2 PROVINCE GOVERNMENT 89 96 98 113 120 136 138
3 MUNICIPAL GOVERNMENT 88 92 93 98 97 97 97
4 DISTRICT GOVERNMENT 444 455 463 469 480 497 510
5 ARMY / POLICE 155 159 170 170 167 171 171
6 OTHER MINISTRIES
/ PUBLIC
COMPANIES
79 79 79 79 77 78 78
7 PRIVATE 1,179 1,314 1,472 1,525 1,627 1,765 1,800
TOTAL 2,066 2,228 2,409 2,490 2,601 2,777 2,827
Source : Ministry of Health
24
Summarize # of private hospitals as footnote on previous page
Q3 2018 Results
Indonesia’s Aging Population
Source:
Kompas Newspaper 12 July 2017
edition.
CHANGE OF INDONESIA’S POPULATION STRUCTURE IN 44 YEARS
Population Pyramid 1971 Population Pyramid 2015
Male Female Student
s
Employed Others
Total
population
Life
expectancy
Urban
population
Total
population
Life
expectancy
Urban
population
Mn Mn
years
years
25
Q3 2018 Results
Disclaimer
This presentation has been prepared by PT Siloam International Hospitals, Tbk (SILO ) and is circulated for the purpose of general
information only. It is not intended for any specific person or purpose and does not constitute a recommendation regarding the
securities of SILO. No warranty ( expressed or implied ) is made to the accuracy or completeness of the information. All opinions and
estimations included in this report constitute our judgment as of this date and are subject to change without prior notice. SILO
disclaims any responsibility or liability whatsoever arising which may be brought against or suffered by any person as a result of
reliance upon the whole or any part of the contents of this presentation and neither SILO nor any of its affiliated companies and their
respective employees and agents accept liability for any errors, omission, negligent or otherwise, in this presentation and any
inaccuracy herein or omission here from which might otherwise arise.
Forward – Looking Statements
The information communicated in this presentation contains certain statements that are or may be forward looking. These statements
typically contain words such as “will”, “expects” and “anticipates” and words of similar import. By their nature, forward looking
statements involve a number of risks and uncertainties that could cause actual events or results to differ materially from those
described in this presentation. Factors that could cause actual results to differ include, but are not limited to, economic, social, and
political conditions in Indonesia ; the state of the property industry in Indonesia; prevailing market conditions; increases in regulatory
burdens in Indonesia, including environmental regulation and compliance cost; fluctuations in foreign currency exchange rates;
interest rate trends, cost of capital and capital availability; the anticipated demand and selling prices for SILO developments and
related capital expenditures and investments; the cost of construction; availability of real estate property; competition from other
companies and venues; shifts in customer demands; changes in operation expenses, including employee wages, benefits, and
training, governmental and public policy changes; SILO’s ability to be and remain competitive; SILO’s financial condition, business
strategy as well as the plans and objectives of SILO’s management for future operations; generation of future receivables; and
environmental compliance and remediation. Should one or more of these uncertainties or risks, among others, materialize, actual
results may vary materially from those estimated, anticipated or projected. Specifically, but without limitation, capital costs could
increase, projects could be delayed and anticipated improvements in production, capacity or performance might not be fully realized.
Although SILO believes that the expectations of its management as reflected by such forward –looking statements are reasonable
based on information currently available to us, no assurances can be given that such expectations will prove to have been correct. You
should not unduly rely on such statements. In any event, these statements speak only as of the date hereof, and SILO undertakes no
obligation to update or revise any of them, whether as a result of new information, future events or otherwise.
26
Care and Compassion for the Nation
THANK YOU
BALI• BALIKPAPAN • CIKARANG • DEPOK• JAKARTA• JAMBI • KUPANG• MAKASSAR • MANADO• MEDAN• PALEMBANG• PURWAKARTA •SURABAYA• TANGERANG
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