Presentation Material Public Expose and Due Diligence Meeting Initial Public Offering PT Blue Bird Tbk Jakarta, 3 October 2014
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Presentation Material
Public Expose and Due Diligence Meeting
Initial Public Offering
PT Blue Bird Tbk
Jakarta, 3 October 2014
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Investment highlights
Growth strategies
1
Agenda
Introduction to Blue Bird 1
2
3
Financial highlights 4
Indicative structure 5
Topic
1. Introduction to Blue Bird
2
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Blue Bird - the leading integrated land passenger transportation company in Indonesia
3
(1) As of 30 April 2014. (2) For the year ended 31 December 2013. (3) Market share based on fleet as of 31 December 2013, as per Management estimate.
Brands
Fleet size(1)
Revenue contribution(2)
Key financials(2)
Locations
23,932 1,252 4,524 590
79.5% 6.7% 9.1% 4.7%
Net revenue: Rp
3,117bn
Gross margin:
33.3%
Net revenue: Rp
261bn
Gross margin:
26.5%
Net revenue: Rp
357bn
Gross margin:
31.6%
Net revenue: Rp
186bn
Gross margin:
61.4%
13 Indonesian locations
Operations in Jakarta and Surabaya
12 Indonesian locations
Operations in Jakarta, Surabaya, Bali and Bandung
Charter bus Limousine & car
rental Executive taxi Regular taxi
30,298
100.0%
Net revenue: Rp
3,921bn
Gross margin:
34.0%
Presence in all Indonesian key cities
Total
No.1 taxi operator in Indonesia with a market share of greater than 33%(3) across Indonesia based on total operational fleet size
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Board of Commissioners and Directors
Board of Commissioners
Board of Directors
Kresna Priawan
Djokosoetono
President Commissioner
Noni Sri Ayati
Purnomo
Commissioner
Bayu Priawan
Djokosoetono
Commissioner
Purnomo Prawiro
President Director, CEO
Sigit Priawan Djokosoetono
Director
Adrianto Djokosoetono
Director
Sri Adriyani
Lestari
Commissioner
Since 2012
> 21 years(1)
Since 2013
>17 years(1)
Since 2012
>14 years(1)
Since 2012
>8 years(1)
Since 2001
>41 years(1)
Since 2012
>19 years(1)
Since 2012
>10 years(1)
(1) Years of experience in the transportation industry.
(2) Years of experience in investment banking and financial markets.
Robert R.
Rerimassie
Financial Director Since 2013
>20 years(2)
Hikmahanto
Juwana
Independent
Commissioner
Since 2013
Drs. Pratiknyo,
SH
Independent
Commissioner
Since 2013
Rinaldi
Firmansyah, MBA
Independent
Commissioner
Since 2013
Gunawan Surjo
Wibowo
Commissioner
Since 2013
>32 years(1)
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Shareholder and corporate structure
5
PT Central Naga
Europindo
PT Blue Bird Pusaka
PT Cendrawasih Pertiwi Jaya
PT Lintas Buana Taksi
PT Lombok Taksi Utama
PT Praja Bali Transportasi
PT Pusaka Satria Utama
PT Big Bird Pusaka
PT Irdawan Multitrans
PT Luhur Satria Sejati
Kencana
PT Morante Jaya
PT Pusaka Nuri
Utama
PT Prima Sarijati Agung
PT Pusaka Prima
Transport
PT Silver Bird
100%
43.75%
56.23%
Purnomo Prawiro‟s and Chandra Suharto‟s family
PT Blue Bird Tbk
PT Pusaka Citra
Djokosoetono
Regular Taxi Executive
Taxi Rental
Charter Bus
99.01% 99.38% 99.42% 99.01% 99.67% 99.58% 99.01% 99.12%
99.72% 99.06% 99.01% 99.27% 97.77% 99.03% 99.67%
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6
Medan Jadetabek Pekanbaru Palembang
Manado
Banten
Bandung
Semarang
Lombok Bali Yogyakarta Solo
Padang
Batam Balikpapan
Makassar Surabaya
Distribution channels support pan-Indonesian platform Key highlights
Presence in all key cities (“first mover” advantage)
Leveraged to urbanization and consumer growth trends
Facilitates identification of new market opportunities across all divisions
National recognition of consumer brand
(1) As of 30 April 2014.
61 depots nationally, including 44 in Jakarta(1)
480 exclusive outlets that include hotels, malls, offices, apartments, housing complexes and convenience stores(1)
24-hour call center, a mobile / smartphone reservation system and online reservations
We have a comprehensive Indonesian footprint
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805
1,492
2011 2013
Strong track record of scaling up the business to drive profitable growth
7
To
tal
flee
t s
ize
R
eve
nu
e
EB
ITD
A
20,098
28,033
2011 2013
2,564
3,921
2011 2013
~18%CAGR
~24%CAGR
~36%CAGR
(1) Income before Proforma adjustments arising from restructuring transactions of entities under common control.
(Vehicles)
(Rp. In billions)
(Rp. In billions)
389
713
2011 2013
Net
inco
me
(1) (Rp. In billions)
~35%CAGR
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Positioned for sustained market outperformance
8
Attractive
outlook
(13A-16E CAGR)
Compelling track
record
(11A-13A CAGR)
Market growth (regular taxi) Blue Bird‟s growth (regular taxi)
12.9%
Consumer value spend
24.2%
Revenue
26.2%
>33%
2011 2013
Market growth (regular taxi) Blue Bird‟s growth drivers
Additional licenses secured: additional 7,504 and 68 secured
licenses for regular and executive taxis throughout Indonesia(3)
Vehicles on order: ~2,900 regular taxis, ~1,000 has been
delivered(3)
Drivers: proven recruitment capabilities and training
infrastructure
Depot expansion strategy: supports increased capacity
Distribution and IT infrastructure: historical investment has
created scalable platform
Blue Bird‟s national market share
(regular taxi)(1)
(1) Market share based on fleet as end of the periods. 2011 market share according to Euromonitor and 2013 market share based on Management estimate.
(2) Blue Bird has historically secured more than 50% of the total regular taxi licenses issued in Indonesia (from 2011 to 1H2013).
(3) As of 30 April 2014.
16.1%
Consumer value spend
2. Growth strategies
9
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Our growth strategies
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Increase the size of our taxi fleet 1
Increase penetration across our existing footprint and expand in new cities 2
Grow our Limousine & Car Rental and Charter Bus divisions 3
Continue to enhance service quality and operational efficiencies 4
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Increase the size of our taxi fleet
11
1
Secured backlog of new licenses(1) Confidence on further growth of licenses
Historical track record
Access to new licenses has historically never been a constraint for Blue Bird
Successful track record of securing new licenses
Merit-based tender process in Jakarta with criteria typically focused on
Financial condition
Fleet size
Number of drivers
Condition of taxi depots
Type of vehicles in fleet
Application-based license process in other locations ~2,900 taxis on order, ~975 has been delivered
− IPO proceeds partly used to fund fleet expansion
Driver recruitment and training infrastructure in place to support fleet expansion
25,184
32,756 7,504
68
Assignedoperatinglicenses
Additionalregular taxi
licenses
Additionalexecutive taxi
licenses
"Secured taxifleet"
1
2
3
(1) As at 30 April 2014.
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Increase penetration across our existing footprint and expand in new locations
12
2
Existing
footprint
Depots
Depots are strategic assets that facilitate expansion
in existing and new markets
Existing depots (61) to be increased to support
growth in fleet operations(1)
− Track record of 13 additional depots (2012) and 16
depots (2013)
− Additional sites identified for further expansion
beyond 2014
− IPO proceeds partly used to fund depot expansion
Expanded grid of depots sufficient to support near-
term growth strategy
Distribution channels
New commercial and residential developments
− Partnerships with hotels and shopping malls
Agreement with 24-hour convenience stores chain
franchiser
− Stores used as booking kiosks
− Already operational in 52 stores with a roll-out plan to
170 stores(1)
New
locations
Selection strategy
We expand into new locations selectively
Criteria relevant to our expansion strategy
include our view on the size of the
opportunity, competitive landscape and
assessment relative to other growth
opportunities
Principally an organic growth strategy but
will strategically consider M&A to acquire
infrastructure (acquired brands would be
replaced with Blue Bird / Pusaka)
Market entry strategy
Trial period with small fleet size and
rental of depots
Operator supervised by our
experienced managers who co-
locate to help ramp-up
If trial successful, full roll-out with
depot acquisition strategy
Period
Locations
entered
2000 – 2005 4
2006 – 2010 4
2011 –
Present
5
Expansion track record
(1) As at 30 April 2014.
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Grow our Limousine & Car Rental and Charter Bus business segments
Develop new partnerships with hotels and malls
Intensify marketing effort
Increase airport coverage
Increase long-term contracts with corporate customers
Provide total fleet management
13
3
Existing footprint A New cities B
Track our existing international schools customers’ growth in enrollments
Enhance short and long-term contracts with corporate customers
Enhance tourism transport
Develop new partnerships with hotels / malls
Further expand in premium bus segment
Accompany our existing customers throughout their expansion in Indonesia outside Jakarta
Strategic expansion as market grows
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Continue to enhance service quality and operational efficiencies
14
4
Improve call center and order management
Continue to invest in our call centers as demand increases
Continue to market our mobile booking solutions in Jakarta, Medan, Bali and Semarang
Plan to roll-out mobile solutions in other cities
Refine driver training, retention and compensation programs
Focus on technical and soft skills
Driver health and wellness
Other driver benefits
Professional driving and soft skills to improve customer satisfaction
Bonus and incentive schemes
Increase fleet accessibility and customer proximity
Install GPS systems in entire fleet
Customer convenience
GPS system to monitor taxi location and address customer demand more efficiently
Increased safety
Continue to enhance customer taxi experience
Increase payment options
Customer complaint handling
Further reinforce customer perception of quality, reliability and safety
3. Investment highlights
15
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Investment highlights
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Leading integrated passenger transportation company in Indonesia
Operating in a high-growth industry
Highly visible consumer brand in Indonesia
Superior customer service offering underpinning the strength of the brand
Unique business model reinforcing our market leading position
Scale delivering operational & strategic benefits
Experienced and dedicated management team with an organization poised for further growth
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23.2% 26.2% 30.3%
>33%
2010 2011 2012 2013
Market share growth
17
22.933
9,892
1,177
108
10,000
3,200
2,000
1,350
Company A
Company B
Company C
Company D
# of Regular Taxis # of Executive Taxis
17
7
3
4
1
Company A
Company B
Company C
Company D
(1) Fleet size as of 31 Dec 2013, according to Euromonitor.
(2) Based on total EBITDA for the year ended 31 Dec 2013.
(3) Market share based on taxi fleet size as of 31 Dec 2013, as per Management estimate.
(4) Market share based on regular taxi fleet size. According to Euromonitor for 2010 – 2012 and as per Management estimate for 2013.
>33%
>15%
>5%
>3%
>2%
Company A
Company B
Company C
Company D
Share of fleet size
Plus
7,504 additional secured regular
licenses
68 additional secured executive
licenses
Clear
market
leadership
2.4x >2x
Taxi fleet size(1) Taxi market share(3) No. of operating locations
3.6x(2)
Continue
to extend
our lead
Blue Bird‟s national market share (4)
2013 market share
>33% is based on
conservative estimate
of market size in 2013
1
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1.3m
2.9m
2013 2016E
14.7m
19.2m
2013 2016E
46.9m
42.9m
2013 2016E
Operating in a high-growth industry Increasing wealth in our target markets
18
Lower income households
(<$10k p.a.)
Blue Bird‟s target households
($10k–$35k p.a.) (>$35k p.a.)
Source: Euromonitor, Company information.
Disposable income growth in key cities
29.8
8.0 6.1 4.3 2.7
1.6 1.5 1.4 1.2 1.1
Jakarta Bandung Surabaya Medan Makasssar Semarang Palembang BandarLampung
Batam Malang
Population
Dec 31, 2013 (m)
Annual disposable income
(2013–2016E CAGR) 12.6% 11.6% 11.0% 11.3% 11.8% 11.9% 10.9% 12.1% 16.3% 12.5%
2
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1.4 2.5
5.3
10.2
Greater Jakarta Hong Kong Singapore Bangkok
Fleet size 41,623 18,138 28,210 107,204
Population („000) 29,812 7,174 5,312 10,482
Operating in a high-growth industry Regional comparison supports outlook for increasing taxi penetration in Greater Jakarta
Level of penetration of taxi services in Greater Jakarta, measured by the number of taxis per 1,000 people, is the lowest amongst Hong Kong, Singapore and Bangkok
19
Taxi penetration(1)
Source: Euromonitor.
(1) As of 31 Dec 2012.
(Number of taxis per ’000 people)
Indonesia taxi market growth
Consumer value spend CAGR
(2013-2016E)
16.1%
Consumer value spend
Regular Taxi
2
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Highly visible consumer brand in Indonesia
20
Blue Bird means “taxi” to the Indonesian consumer
Outstanding consumer survey results(1)
80%
99%
68% 59%
94% 85%
80%
Overall Awareness Image Usage Satisfaction Loyalty Level ofrecommendation
Source: Markplus Insight 2013. (1) Brand equity of taxi operators in Jakarta, according to MarkPlus Insight, 2013. (2) SuperBrands is the world's largest independent arbiter of branding. It identifies and pays tribute to exceptional brands by recognizing, rewarding and reinforcing leading brands from all over the world.
The Superbrands Indonesia nomination is based on Nielsen's consumer research on Indonesia's most favourite brands across a total of 125 categories of consumer goods and services in six cities in Indonesia. The key criteria set by International Superbrand include: market dominance, longevity, goodwill, customer loyalty and overall market acceptance
3
99%
90% 91% 86%
100%
Jakarta Surabaya Bandung Semarang Medan
Aw
are
ne
ss
of
Blu
e B
ird
b
ran
d
Relative to most taxi markets globally, taxi consumption decisions in Indonesia are more influenced by brand and customer service experience
Top Brand Award 2010 | 2011 | 2012
Indonesia Best Brand Award
2011 | 2012
Third-party consumer brand accolades
SuperBrands Award(2)
2012 | 2013
“Bluebird cabs are pale blue, and have the best reputation” Lonely Planet
“Highly recommended for tourists and all travelers is the Blue Bird Taxi”
Tripadvisor
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Superior customer service offering underpinning the strength of the brand
21
How we run our business Benefits to our customers
Excellent drivers
Comprehensive recruitment, training and retention program
− Driver recruitment process, training process, and comprehensive benefits to drivers
Consistent customer service
Drivers that reflect our corporate values
Well-maintained
vehicles
Daily cleaning and checkup
Regular servicing
No taxis older than 5 years
Assured personal comfort
Consistent ridership experience
Enhanced safety
Extensive
distribution
network
Approximately 480 exclusive taxi pick-up points(1)
Available at hotels, malls, convenience stores, offices, apartments and housing complexes
Greater accessibility
Enhanced convenience
Multiple booking
channels
24-hour call centers
TMR(2), apps and online booking systems
GPS technology installed in all executive taxis and approximately 80% of regular taxis
Minimized waiting times
Optimized capacity utilization
Non-cash
payment
mechanisms
Credit vouchers for both corporate and personal use
Credit card terminals in most of our Silver Birds Enhanced convenience
Lost and found
service
Database for passenger left belongings
Ability to trace back vehicles even when customers are unable to remember the taxi registration number
Trust in our service
4
A
B
C
D
E
F
We continually innovate to enhance our service
(2) As of 30 April 2014.
(1) TMR: Taxi mobile reservation system.
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Mobile applications: enhancing the customer experience
22
Taxi experience
A proven and successful platform
Mobile application was launched in August 2011
− Available in five cities including Jakarta, Semarang, Surabaya, Bali and Medan
− Number of bookings through applications increased from ~47,000 in 2011 to ~2.5 million in 2014(1)
Recently rolled out booking kiosks for taxis:
− Arrangement with large chain of 24 hour convenience stores
− 52 participant stores as of April 30, 2014
− Plan to offer this system at a total of ~170 stores
Compatible across major operating systems
Customer makes booking
through mobile application
Booking goes through control
room and assigns nearest
available taxi
Customer receives details of the
taxi and vice versa so they can
contact each other
Book Assign Receive and
Track Customer
satisfaction
Satisfied customers repeat
using the mobile application
for future bookings
Total time taken to book taxi:
~ 3 mins
(1) Annualized bookings based on 840,000 bookings for 4M 2014.
4
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Unique business model reinforcing our market leading position
5
What we do differently Benefits to Blue Bird
Driver
compensation
and
development
Variable commission structure for our drivers
Aligned incentives between drivers and Blue Bird to grow the business
Emphasis on driver training and development
High quality service standards delivered with consistency
Benefits for drivers (e.g. health benefits, dormitories, housing and motorcycle loans and scholarships for drivers’ children)
Driver satisfaction, commitment and loyalty
Vehicle
ownership and
maintenance
We own, maintain and operate our entire fleet
Standardization of maintenance
Incremental revenue from the sale of used cars
Option for drivers to purchase the vehicle for personal use after 5 years
Further alignment of interests with our drivers
Improved care to vehicles from drivers
Fully
controlled and
integrated
service
offering
Complete strategic and operational control over each division
Optionality for multi-product growth strategy in new
geographies
Total control over operations and positioning
Integrated service offerings
Revenue synergies (in particular, between Silver Bird and Golden Bird)
Operational and cost synergies (e.g. use of depots, maintenance expertise)
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Scale delivering operational & strategic benefits
24
Pan-Indonesian presence creates
national brand
Vehicle procurement
synergies: both cost & priority
delivery
Access to broader sources of capital
Access to exclusive
distribution channels
Employer of choice for drivers
6
SCALE
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Experienced and dedicated management team with an organization poised for further growth
Board of Commissioners
Board of Directors
Kresna Priawan
Djokosoetono
President Commissioner
Noni Sri Ayati
Purnomo
Commissioner
Bayu Priawan
Djokosoetono
Commissioner
Purnomo Prawiro
President Director, CEO
Sigit Priawan Djokosoetono
Director
Adrianto Djokosoetono
Director
Sri Adriyani
Lestari
Commissioner
Management
Since 2012
> 21 years(1)
Since 2013
>17 years(1)
Since 2012
>14 years(1)
Since 2012
>8 years(1)
Since 2001
>41 years(1)
Since 2012
>19 years(1)
Since 2012
>10 years(1)
(1) Years of experience in the transportation industry.
(2) Years of experience in investment banking and financial markets.
Handang Agusni
Director
Since 2001
>35 years(1)
Robert R.
Rerimassie
Financial Director Since 2013
>20 years(2)
Sari Suanti
Vice President
Since 2004
>35 years(1)
Bintarti Agustin
Vice President
Since 2001
>20 years(1)
Riyanto Supatmo
Vice President
Since 2001
>22 years(1)
Maria Lihawa
Vice President
Since 2013
>15 years(1)
Agus Sulistyono
Vice President
Since 2013
>13 years(1)
Hikmahanto
Juwana
Independent
Commissioner
Since 2013
Drs. Pratiknyo,
SH
Independent
Commissioner
Since 2013
Rinaldi
Firmansyah, MBA
Independent
Commissioner
Since 2013
Gunawan Surjo
Wibowo
Commissioner
Since 2013
>32 years(1)
7
4. Financial highlights
26
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389 441
713
267 271
15.2% 14.2%
18.2%
23.8%
18.4%
2011A 2012A 2013A 4m13A 4m14A
Net income Net income margin
2,564
3,099
3,921
1,122
1,477
37.6% 34.9%
34.0% 37.0%
32.0%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2011A 2012A 2013A 4m13A 4m14A
Net revenue Gross margin
Track record of profitable growth
27
Net revenue and gross margin EBITDA and EBITDA margin Net income and net income margin(1)
(Rp in billions) (Rp in billions)
(1) Net income refers to Income Before Proforma Income Adjustments Arising from Restructuring Transactions of Entities Under Common Control (“Proforma Income”). BB acquired majority shares of its 15
subsidiaries in November 2012, the Proforma Income shows consolidated net income assuming the acquisition of the 15 subsidiaries occurred on or before January 1, 2010.
(Rp in billions)
805
964
1,492
468 558
31.4% 31.1%
38.0%
41.7%
37.8%
2011A 2012A 2013A 4m13A 4m14A
EBITDA EBITDA margin
0 133 197
130 156 208
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2,019 2,439
3,117
1,196
2,564
3,099
3,921
1,477
2011 2012 2013 4m14
Regular taxi Executive taxi Charter bus Limousine & car rental
1,639 1,970
2,508
967
380
469
608
228
2,019
2,439
3,117
1,196
2011 2012 2013 4m14
Jakarta Outside Jakarta
Regular taxi business contributes ~ 75-80% of revenue and gross profit
28
Revenue contribution (Rp in billions)
Regular taxi split by region (Rp in billions)
78.7% 78.7%
79.5%
% of revenues
% of regular taxi revenues
81.2% 80.8%
80.5%
81.0%
80.9%
Gross profit contribution (%)
74.8% 77.5% 77.8% 79.7%
7.3% 6.2% 5.2%
3.8%
6.0% 6.5% 8.6% 8.4%
11.9% 9.8% 8.5% 8.1%
2011 2012 2013 4m14
Regular taxi Executive taxi
Charter bus Limousine & car rental
0 133 197
130 156 208
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Growing regular taxi business driven by increasing fleet size and per-car revenue
29
2,629 2,994
3,396 3,237 3,717
2011 2012 2013 4M '13 4M '14
3,028 3,367
3,841 3,558
4,559
2011 2012 2013 4M '13 4M '14
10,850 12,749
15,450 14,815
18,335
2011 2012 2013 4M '13 4M '14
Average
fleet
(# cars)
Average
fleet in
operation
8,701 9,909
11,907 11,295 13,353
2011 2012 2013 4M '13 4M '14
(# cars)
80% 78% 77% 76% 73% Utilization
Average
revenue
per car in
operation(1) 516,008
544,597 577,139
528,276
603,689
2011 2012 2013 4M '13 4M '14
(Rp per car, per day)
Jakarta Outside Jakarta
(# cars)
(# cars)
87% 89% 88% 91% 82%
396,339 429,614
490,757
435,690
512,593
2011 2012 2013 4M '13 4M '14
(Rp per car, per day)
(1) Average revenue per car in operation per day is calculated by dividing the total segment net revenues for the period by the number of days in the period by the average number of vehicles in
operation during that period.
Revenue
(Rp bn) 1,639 1,970 2,508 716 967 380 469 608 169 228
0 133 197
130 156 208
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Management has significantly improved the cost structure since 2011
30
31.4%
38.0%
41.7%
37.8%
2.3%
7.4% 0.6%
(2.5%) (0.5%)
(0.4%)
(3.7%) (0.4%)
2011A 2013A 4M 2013A 4M 2014A
EBITDA margin evolution breakdown
(In RP bn, unless otherwise stated)
805 1,492
2,217
Salaries, allowances and drivers’ cost
Fuel
Other direct costs
SG&A(1)
Dir
ect
co
sts
1,564
(1) Excludes depreciation
964
468 558
Increase in drivers’ commission and wages to mechanics
Fuel price increase
Lower salaries and
operational efficiency
Drivers’ commission structure
Improvement in repairs, maintenance and spare parts cost
Fuel price increase Decrease in
rented premises
0 133 197
130 156 208
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647 816
1,088
300 401
474
545
746
186
300
245
349
490
147
201
148
202
153
49
59
85
106
111
25
43
1,599
2,019
2,588
706
1,004
2011A 2012A 2013A 4m13A 4m14A
Others
Repairs, maintenance andspareparts
Depreciation
Fuel
Salaries, allowances anddrivers cost
Effective cost controls behind our growing business
31
Direct costs
(In RP bn, unless otherwise stated)
Direct costs as a % of sales
(1) Others primarily comprised KIR and license for fleet operations, workshop expenses, toll and parking expenses, driver rewards, driver accommodation expenses and other direct operational costs.
66.0% 62.4% 65.1% 63.0% 68.0%
0 133 197
130 156 208
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Capital expenditure is well planned to fuel our expansion
32
Capital expenditure
(In RP bn, unless otherwise stated)
34.0% 36.0% 47.0% 46.6%
Capital expenditure as a % of revenues
(1)
(1) Others include buildings, mess and depot, vehicles (non-operational), equipment and fixtures, and construction in progress .
860 1,038
1,463
592
51
286
34
11
27
92
62
871
1,115
1,841
688
2011A 2012A 2013A 4m14A
Vehicles and equipment Land Others
5. Indicative structure
33
0 133 197
130 156 208
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Offering structure
Issuer PT Blue Bird Tbk
Type of offering Indonesian Initial Public Offering
International offering under regulation S /144A
Lock-up 12 months mandatory lock-up for issuer
Offering size Up to 531,400,000 primary shares or 20% of enlarged capital
34
Listing venue Indonesian Stock Exchange
MESOP / ESA MESOP: up to 26,570,000 shares or 1.00% of enlarged capital
ESA: up to 3,300,000 shares or 0.621% of shares offered in offering
0 133 197
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Price range
35
IDR [ ] – IDR [ ]
Per Share
0 133 197
130 156 208
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Indicative timetable
36
Offering period 24, 27, 28 Oct
Allotment 30 Oct
Refund 3 Nov
Effective statement from OJK 22 Oct
Bookbuilding period 3, 6 – 10 Oct
Shares distribution 31 Oct
Indicative date Event
Listing and trading 3 Nov
- Indonesia
- Singapore
- Hong Kong
- London
Public holidays
- US
M T W T F S S
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31
October 2014
M T W T F S S
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
November 2014
0 133 197
130 156 208
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Parties involved
37
Joint Lead
Underwriters
Counsel
Independent
Auditor
Share Registrar
PT Credit Suisse Securities Indonesia
PT Danareksa Sekuritas
PT UBS Securities Indonesia
Issuer Counsel: Melli Darsa & Co
Underwriter Counsel: Hiswara Bunjamin & Tandjung
KAP Kosasih, Nurdiyaman, Tjahjo & Rekan (a member of Crowe Horwath International)
PT Datindo Entrycom
Asset Appraiser KJPP Suwendho Rinaldy & Rekan (SRR)
Notary Jose Dima Satria, SH., MKn.
0 133 197
130 156 208
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Disclaimer
38
The information contained in this document is strictly confidential and has been prepared by PT Blue Bird Tbk (the “Company”), PT Danareksa Sekuritas, PT Credit Suisse Securities Indonesia, and PT UBS Securities Indonesia (collectively, the “Banks”) and is furnished to you solely for use as a presentation to potential investors. This document may not be taken away, reproduced, copy, duplicated or redistributed in any form, further distributed to the press or any other person or published, redistributed or passed on, directly or indirectly for any purpose whatsoever, in whole or in part, without the prior written consent of the Company.
No representation or warranty, expressed or implied, is made by the Company, the Selling Shareholders, the Banks, or any of their respective members, directors, officers, employees, agents, affiliates, advisors, representatives or any other person as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. None of the Company, the Banks, or their respective members, directors, officers, employees, agents, affiliates, advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. The contents of these materials have not been verified by the Banks. The information and opinions presented or contained in these materials are provided as at the date of this presentation and are subject to verification, completion and change without notice and the accuracy of the information is not guaranteed.
The third party information and statistical data in this presentation have been obtained from the Company and sources the Company, believes to be reliable but there can be no assurance as to the accuracy or completeness of the included information. Numerous assumptions were used in preparing the statistical data, which assumptions may or may not appear herein. As such, no assurance can be given as to the statistical data’s accuracy, appropriateness or completeness in any particular context, nor as to whether the statistical data and/or the assumptions upon which they are based reflect present market conditions or future market performance. This presentation may not contain all material information concerning the Company and the information set forth in these materials is subject to change without notice. None of the Company or the Banks is under any obligation to update or keep current the information contained herein.
This document is a summary only and does not purport to contain all of the information that may be required to evaluate any potential transaction. You should conduct your own independent analysis of the Company, including consulting your own independent legal, business, tax and financial advisers and other advisers in order to make an independent determination of the suitability, merits and consequences of any potential transaction involving the Company. The closing of any potential transaction is subject to various conditions. The information in this document is subject to change without notice.
This document is for information and convenient reference and does not constitute or form part of, and should not be construed as, any advertisement of, offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities of the Company. The securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or the securities law of any state in the United States, and may not be offered, sold or delivered within the United States or to any U.S. persons (as defined in Regulation S under the Securities Act) absent from registration under or an applicable exemption from the registration requirements of the United States securities laws. This presentation and the information contained herein are being furnished to you solely for your information and may not be reproduced or redistributed to any other person, in whole or in part. In particular, neither the information contained in this presentation nor any copy hereof may be, directly or indirectly, taken or transmitted into or distributed in any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of the applicable securities laws. No money, securities or other consideration is being solicited, and, if sent in response to this presentation or the information contained herein, will not be accepted.
The Company’s audited financial statements are presented in Indonesian Rupiah.
Certain statements in this document may constitute “forward-looking statements”, including statements regarding the Company’s current expectations and projections for future operating performance and business prospects including, without limitation, any statements preceded by, followed by or that include the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “plans”, “could”, “should”, “predicts”, “projects”, “estimates”, “foresees” or similar expressions or the negative thereof, as well as predictions, projections and forecasts of the economy or economic trends of the markets, which are not necessarily indicative of the future or likely performance of the Company, and projections and forecasts of their performance, which are not guaranteed. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Such forward-looking statements speak only as of the date on which they are made. Accordingly, the Company, and each of the Banks expressly disclaim any obligation to update or revise any forward-looking statement contained herein to reflect any change in the Company’s expectations with regard to new information, future events or other circumstances. The Company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario.
Neither this presentation nor any copy of such presentation may be taken, transmitted or distributed, directly or indirectly, in or into any jurisdiction which prohibits the same, including Japan, the People’s Republic of China (excluding the Hong Kong Special Administrative Region) and the United States, or to any U.S. persons, except to “qualified institutional buyers” as defined in Rule 144A under the Securities Act. Any failure to comply with this restriction may constitute a violation of the United States, Japan, the People’s Republic of China or other applicable securities laws. No money, securities or other consideration is being solicited, and, if sent in response to these materials or the information contained herein, will not be accepted. The distribution of this presentation in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions. By attending the meeting where the presentation is made, or by reading the presentation slides, you represent and warrant that you are either (1) a qualified institutional buyer or (2) a non-U.S. person located outside the United States.
By reviewing these presentation materials, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company.
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