Company Update

PT. WASKITA BETON PRECAST, Tbk April 2017

Company Profile

2

Company Milestone

3

Establishment of Precast Division

Precast Division

Establishment of PT Waskita Beton Precast as subsidiary

October 2014

2013

2014

2015 2016

Public

IPO PT Waskita Beton Precast Tbk September 2016

59.99% 40.01%

Vision

To Become Leading Company

In Indonesia In Manufacturing

Sector of Precast, Readymix,

Quarry, Construction

Service And Post-tension Precast

Concrete

0.62

0.80

1.80 2.65

4x

x Production Capacity (Million Ton per Year)

Business Line: Precast

WSBP's Precast Division remains to be the biggest contributor to the company's revenue

Readymix

Precast

WSBP's plant production capacity keeps increasing each year

CAGR 41.97%

Cibitung (350,000 ton)

Sidoarjo (325,000 ton)

Palembang (100,000 ton)

Kalijati (250,000 ton)

Karawang (400,000 ton)

Bojonegara (200,000 ton)

Subang (300,000 ton)

Klaten (100,000 ton)

Sadang (375,000 ton)

Gasing (250,000 ton)

Sales Contribution

Production Capacity

Plant Capacity

(in ton)

Business Line: Readymix

5

Readymix

Precast

Ready Mix contribution to the company's revenue has grown over the year from 20% in

2015 to 35% in 2017

WSBP's Batching Plants are scattered all over the project's area

BATCHING PLANT JABODETABEK 1. Cengkareng 2. Becakayu 3. Cakung 4. Desari 5. Karawaci 6. Bocimi 7. Kemayoran 8. Cimanggis 9. Bekasi Barat BATCHING PLANT PEJAGAN - PEMALANG 1. Balamoa 2. Warureja Adiwerna BATCHING PLANT PEMALANG - BATANG 1. Petarukan 2. Sragi 3. Warung Asem BATCHING PLANT BATANG - SEMARANG 1. Gringsing 2. Subah 3. Kandeman 4. Pegandon

BATCHING PLANT SOLO - KERTOSONO 1. Masaran 2. Banaran 3. Balerejo 4. Sidoharjo 5. Kebonromo 6. Walikukun BATCHING PLANT PASURUAN - PROBOLINGGO 1. Muneng 2. Tongas BATCHING PLANT SURABAYA 1. Darmo 2. Legundi BATCHING PLANT LRT PALEMBANG 1. Jl. Soekarno-Hatta Jakabaring BATCHING PLANT TOL SUMATERA 1. Lampung 2. Medan-Kualanamu

BATCHING PLANT PPKA 1. Pematang Panggang

Sales Contribution

Batching Plant List

Bathcing Plants total : 43

Operational Performance

6

2,982

5,804 5,742

16,366

13,096

703

4,099 2,655

12,226

4,417

23.6%

70.6%

46.2%

74.7%

33.7%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2013A 2014A 2015A 2016A 2017 (1Q)

Tender Submitted Tender Obtained Success Rate

7

Contract Achievement Rate

As Per March 2017, WSBP success rate is 33.7% of Rp 13.096 Trillion worth of contract submitted

(in Rp Billion)

4,408

5,871

15,051 14,593

2014 2015 2016 2017 (1Q)

495 355 430 15 558 329 731 303

3,046

1,971

11,066

4,099

4,099

2,655

12,227

2014 2015 2016 2017 (1Q)

Internal External Business Development Total New Contract

8

Contract Achievement & Orderbook

• New Contract per Mar 2017: Rp 4.4 Trillion.

• Contracts have increased dramatically. Mainly supported by business development projects.

• Orderbook as per Mar 2017: Rp 14.6 Trillion (including Carryover 2016 Rp 10.2 Trillion)

• In just 3 month, current 2017 orderbook has achieved ~97% of total orderbook in 2016

WSBP shows significant improvement of contract achievement since 2016

Total Orderbook is consistently increasing throughout the years

‘14 – ’16 CAGR 72.7%

‘14 – ’16 CAGR 84.8%

New Contract Achievement

Total Orderbook

(In Rp Billion) (In Rp Billion)

Notes : 2017 record is for 2 months only (per 28 February)

9

Contract Achievement in 2016 & 2017

No Project in 2017 Value (Rp Bn)

1 Readymix, Spun Pile, PCI Girder - Proyek Tol Pematang Panggang - Kayu Agung STA 108+600-STA 185+600 790.77

2 Readymix, Precast MCB - Jalan tol Jakarta - Cikampek (Japek) 563.917

3 Pile Slab Jalan tol Krian - Legundi - Bunder (KLBM) 447.329

4 Girder, Spun Pile - Jalan Tol Krian Legundi Bunder 274.71

5 Readymix - Jalan Tol Krian Legundi Bunder 272.22

6 LRT Palembang 258.885

7 PCI Girder & Readymix tol Boyolali - Salatiga paket 4 & 5 161.932

8 Tol Gempol - Porong 132.62

9 PCI Girder, Spun pile proyek Kayu agung - Palembang - Betung 73.037

No Project in 2016 Value (Rp Bn)

1 Precast & Readymix Jalan Tol Legundi-Bunder 2,600.00

2 Precast, Readymix - Pekerjaan Pembangunan Jalan Tol Cimanggis - Cibitung (Seksi 2) 2,230.24

3 Precast, readymix Jalan Tol Batang Semarang 1,509.76

4 LRT Palembang 1,021.51

5 Tol Bogor Ciawi Sukabumi Seksi 2,3,4 790.76

6 Kayu Agung - Palembang - Betung 704.76

7 Precast, Readymix - Pembangunan Jalan Tol Pemalang - Batang Seksi I 481.16

8 Tol Terbanggi Besar - Kayu Agung Ruas Terbanggi Besar - Mesuji Lanjutan 1A, 25 KM 469.05

9 Readymix - Proyek Pembangunan Tol Pasuruan - Probolinggo 388.07

10 Proyek Tol Pejagan - Pemalang Seksi IV 368.05

NON EXHAUSTIVE

Potential Contract

10

Year 2014 2015 2016 2017F 2018F

Contract Value (IDR)

3,3 T 2,2 T 12,2 T POTENTIALS POTENTIALS

Projects

Bekasi-Cawang-Kp.Melayu (Becakayu Seksi 1-2)

Pejagan Pemalang (Seksi 3)

Pejagan Pemalang (Seksi 4)

Probolinggo – Banyuwangi *

Bekasi-Cawang-Kp.Melayu (Becakayu Seksi 3-4)

Pejagan Pemalang (Seksi 1-2)

Kuala Tanjung Port Cimanggis Cibitung Paket 2

Cinere -Serpong Singasari – Batu *

Depok - Antasari Tollroad

MKTT Pemalang Batang Manado - Bitung Malang - Kepanjen *

Solo - Ngawi (Seksi 1-2)

Batang Semarang Terbanggi Besar – Kayu Agung

Jogja – Solo *

Ngawi Kertosono Bogor Ciawi 2 - 4 Jakarta – Cikampek Elevated

Makasar – Maros *

Cimanggis Cibitung Paket 1

LRT – Palembang Terbanggi Besar - Mesuji

Semarang – Demak *

Legundi - Bunder Kediri – Kertosono * Tebing tinggi – Siantar – Prapat *

Kayu Agung- Palembang - Betung

Japanan Mojosari – Mojokerto *

Kunciran – Cengkareng *

Pasuruan - Probolinggo Dermaga Kijing Ciawi – Garut – Tasik *

Boyolali - Salatiga

Penajam – Balikpapan *

Notes : *The Concession has not been awarded

By having a focused long term plan and supported by strategic portfolio projects, WSBP is estimated to contribute

to some of Waskita’s rapid growth business line

Major Contracts' Progress

11

Solo Kertosono • Contract Value:

Rp 1.004 Tr • Progress: 58.2%

LRT Palembang • Contract Value:

Rp 963.28 Tr • Progress: 85.31%

CCTW • Contract Value:

Rp 2.230 Tr • Progress: 20.87%

Becakayu • Contract Value:

Rp 3.046 Tr • Progress: 92.6%

*Exclude PPN

12

Production Performance in 2016

Plant’s capacity and utility are steadily increasing

Plant’s production is generally contributed by Precast production

Capacity & Utility Precast Production

Volume

800,000

1,800,000

2,650,000

58%

64%

70%

40%

50%

60%

70%

80%

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

2014 2015 2016

463,200

1,160,000

1,561,229

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2014 2015 2016

• In 2016, plant’s capacity and precast production is tripled from 2014

• Gradually, plants achieved better efficiency as reflected by total utility’s increase

(In ton) (In ton)

CAGR 82%

CAGR 84%

Financial Performance

13

14

Balance Sheet Position

1,202.61

4,332.41

13,734.27

2014A 2015A 2016A

-

761.04

3,355.99

2014A 2015A 2016A

702.17 1,330.83

7,405.50

2014A 2015A 2016A

Total Asset Interest Bearing Debt

Total Equity

(in Rp Billion)

CAGR +238%

CAGR +225%

15

Earnings Performance

641.93

2,644.32

4,717.15

-

1,000.00

2,000.00

3,000.00

4,000.00

5,000.00

2014A 2015A 2016A

495.23

2,224.89

3,667.09

22.85%

15.86%

22.26%

0.00%

10.00%

20.00%

30.00%

-

1,000.00

2,000.00

3,000.00

4,000.00

2014A 2015A 2016ACOGS Gross Margin

149.20

450.73

1,112.91

23.24%

17.05%

23.59%

0.00%

10.00%

20.00%

30.00%

-

200.00

400.00

600.00

800.00

1,000.00

1,200.00

2014A 2015A 2016A

EBITDA EBITDA Margin

140.31

334.37

634.82

21.86%

12.64% 13.46%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

-

200.00

400.00

600.00

800.00

2014A 2015A 2016A

Net Income Net Income Margin

Revenue COGS

EBITDA Net Income

(in Rp Bn) (in Rp Bn)

(in Rp Bn) (in Rp Bn)

CAGR 171%

CAGR 172%

CAGR 173%

CAGR 113%

0.00

0.57

0.45

2014A 2015A 2016A

16

Financial Ratio

1.96

0.41

1.71

2014A 2015A 2016A

21.26%

25.13%

14.53%

2014A 2015A 2016A

11.67%

7.72% 7.02%

2014A 2015A 2016A

Return on Equity Ratio Return on Assets Ratio

Debt to Equity Ratio Current Ratio

CAGR -17%

CAGR -7%

CAGR -22%

17

Capital Expenditure Realization 2016

No Items 2016 Realization

A Plant Investment 702.64

1 Bojonegara Plant 215.00

2 Subang Plant 250.00

3 Palembang (Gasing) Plant 160.11

4 Klaten Plant 77.54

B Ready Mix Investment 252.48

1 20 Batching Plant + 65 Truk Mixer 252.48

C Quarry Investment 91.49

1 Land Acquisition -

2 Transportation -

3 Supporting Tools 3.58

4 Production Machineries 87.92

Total A + B + C 1,046.62

(in Rp Billion)

Realization is 93.8% of Plan

Use of Proceed

18

IPO Fund Allocation 20 Sept - 31 March 2017

Description CAPEX Working Capital Total

Fund Allocation 2,231.91 2,840.62 5,072.53

Use of Proceed:

Expense for CAPEX (452.43) 0 (452.43)

Expense for Working Capital 0 (1,913.29) (1,913.29)

Total Expenses (452.43) (927.33) (2,365.72)

End Balance 1,779.48 474.90 2,719.91

(in Rp Billion)

19

Capital Expenditure Plan

715

1174

700

140

67

197 214

500

0

47

256

0

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2016F 2017F 2018F

Precast Readymix Quarry Truk Mixer

(in Rp Billion)

WSBP Plan in Capital Expenditure

2016F 2017F 2018F Total

Precast 715 1174 700 2.589

Readymix 140 67 197 404

Quarry 214 500 - 714

Truk Mixer 47 256 - 303

Total 1.116 1.997 897 4.010

(in

Rp

Bill

ion

)

Sales 641,931 2,644,320 4,717,150

Cost of good sold (495,226) (2,224,890) (3,667,088)

Selling expenses (102) (2,322) (4,281)

General & administrative expenses (4,700) (53,754) (92,731)

Other income 1,024 2,600 58,852

Other expenses (229) (20,405) (61,273)

Net Revenue

2014A 2015A 2016A

Gross Profit 146,705 419,430 1,050,062

Operating Cost

Total Operating Cost (4,802) (56,076) (97,012)

Operating Profit 141,903 363,355 953,050

Other income (expense)

Total other income (expense) 794 (17,804) 14,295

Earning before income taxes 142,497 345,550 967,345

Net profit 140,305 334,369 634,820

EBITDA 149,201 450,733 1,112,910

of Joint Venture 16,716

Income taxes (2,392) (11,181) (332,525)

Gross Profit Margin 23% 15.86% 22.26%

Operating Profit Margin 22% 14% 20%

Net Profit Margin 22% 12.645% 13.458%

EBITDA Margin 23% 17% 24%

20

Financial Report: Profit and Loss Statement

(in Rp Million)

21

Financial Report: Balance Sheet

Cash and cash equivalent 272,221 98,186 4,205,820 Account Payable 131,170 730,169 1,541,852

Account Receiveables 640,472 511,946 3,046,134 Gross liabilities 284,915 1,062,218 891,651

Other Receivables 4,950 4,954 5,492 Taxes payable 34,075 208,284 161,773

Inventory 21,179 54,551 231,947 Short-term contract down payment 2,171 48,148 123,587

Prepaid taxes 31,473 181,373 291,621 Accrued expenses 48,015 77,188 83,989

Prepaid expenses 10,636 152,655 351,606 Bank loans - 301,785 1,907,061

Other Liabilities 94 4,389 56,405

Account Receiveables - 2,320,143 3,609,830

Investment of Joint Venture - - 17,819 -

Fixed assets 221,675 987,351 1,932,852 Long-term bank loans - 459,255 1,448,924

Deffered taxes - - 2,843 Other long-term liabilities - 109,330 111,533

Other assets - 21,249 38,303 Pension fund liability - 816 1,992

-

-

2014A 2015A 2016A 2014A 2015A 2016A

ASSET LIABILITIES

Total Current Assets 980,932 1,003,665 8,132,621

Total Current Liabilities 500,441 2,432,181 4,766,317

Total Non-Current Assets 221,675 3,328,743 5,601,647 Total Long-term Liability 569,401 1,562,449

Total Assets 1,202,606 4,332,408 13,734,267 Total Liability 500,441 3,001,582 6,328,766

EQUITY

Total Equity 702,166 1,330,825 7,405,501

Total Liabilities and Equity 1,202,607 4,332,407 13,734,267

-

Common Stock 561,862 761,502 6,580,645

Retained Earning 140,304 569,323 824,856

(in Rp Million)

22

Financial Report: Cash Flow

Cash collected from customers 3,630 573,119 978,966

Cash paid to suppliers & third parties (87,304) (1,238,659) (3,620,933)

Tax Income/(expenses) - (11,022) (244,156)

Other income/(expenses) (1,333) (9,573) (148,782)

-

Capital Expenditure (21,615) (123,555) (832,216)

Placement on Joint Venture (1,104)

-

Prepayments for stock issuance (86,210)

Cash receipts from banks - 500,655 3,367,539

Cashpaid to banks 378,844 135,000 (772,256)

Cash receipts from capital deposit - - 5,466,787

cash receipts from non-bank related parties

2014A 2015A 2016A

Cashflow from Operations

Net Cash from Operations (85,007) (686,135) (3,034,905)

Cashflow from Operations

Net Cash from Investing (21,615) (123,555) (833,320)

Cashflow from Financing

Net Cash From Financing 378,844 635,655 7,975,859

Net increase/(decrease) in cash held

Cash at the end of the year 272,221 98,186 4,205,820

- - -

272,221 (174,035) 4,107,635

Cash at the beginning of the year - 272,221 98,186

(in Rp Million)

2017 Targets

23

24

Target 2017

Financial • Revenue : 7.751 Tr

• Net Profit : 1.133 Tr

Operational • New Contract : 12.383 Tr

• Production Capacity : 3.250 Ktons

• Utilization : 70%

Plant Expansion

25

• Medan/Kuala Tanjung

• Palembang • Gasing

• Karawang • Cibitung • Sadang

• Sidoarjo

• Penajam

• Bojonegara • Kalijati • Subang

WSBP has 10 existing plants and 2 upcoming plants

Existing Plants

Upcoming Plants

• Klaten

Infrastructure Overview

26

RPJMN 2015-2019

Rencana Pembangunan Infrastuktur Jokowi 2015-2019

(Source: Konektivitas Infrastruktur Wilayah dan Antar Wilayah. Bappenas, 10 Desember 2014)

Jokowi’s Infrastructure Development Plan: 2015-2019

Infrastructure Potential

CAGR 22%

Sumber: Kemenkeu, NK-APBN 2017

The increase in the infrastructure budget illustrates the Government’s priority in accelerating the national infrastructure development. The 6-year CAGR of the Infrastructure Budget is approximately 22% followed by the increase in state budget portion, which is proposed at 18,6% in APBN 2017.

Infrastructure Budget

29

Rencana Pembangunan Jalan Tol

RPJMN 2015-2019

Disclaimer This material is for information only, and we are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The information herein has been obtained from sources believed to be reliable, but we do not warrant that it is accurate or complete, and it should not be relied upon as such. Opinion expressed is our current opinion as of the date appearing on this material only, and subject to change without notice. It is intended for the use by recipient only and may not be reproduced or copied/photocopied or duplicated or made available in any form, by any means, or redistributed to others without written permission of PT Waskita Beton Precast.

Thank You

Head Office: Gedung Teraskita Jakarta, 3 & 3A Floor Jl. MT. Haryono Kav. No. 10A Cawang, Jakarta 13340 Ph. (+6221) 22892999 Website: www.waskitaprecast.co.id