xxiii

Institute for Economic and Financial Research

IDX at Glance
The merger of Surabaya Stock Exchange (SSX)
into Jakarta Stock Exchange (JSX) to become Indo-
nesia Stock Exchange (IDX) has been effective since
November 30, 2007, and started to operate for the
first time on December 3, 2007. Now, the Exchange
facilitates the trading of equities, bonds, and deriva-
tives. The presence of this single Bourse will hopefully
improve the capital market efficiency, and increase the
capital market growth in our country, either in the
number of issuers or the number of local and foreign
investors. In the future, IDX expects that capital mar-
ket will become one of the main pillars of the Indone-
sias national economic development.
Use this Directory
The first section of this directory provides the lat-
est financial information on all companies listed on
the Indonesia Stock Exchange (IDX). The companies
are arranged by industries following by line of busi-
ness. Within the same line of business the companies
are placed in alphabetical order. Information on each
company is provided in two pages. There are a total
of 402 listed companies including 15 new companies
as of the end of June 2010. This list of companies was
also added though 10 companies were delisted by IDX,
from July 2009 to the end of June 2010.
The second section provides a list of outstand-
ing bonds and mutual funds on the Indonesia Stock
Exchange.
The third section lists securities houses and bro-
kers, underwriters, custodians, securities administra-
tions bureau, trustees, guarantors, public accountants,
appraisal company, and legal advisors.
To facilitate the easy use of this directory, the
content of information provided for each company is
described in the following order.
How to Use this Directory
Company Names, Business and Address
The company name is preceded by PT, which is
Indonesian abbreviation for a limited liability com-
pany. In addition to the address of companys head
office, location of factory is also provided whenever
applicable. The company status refers to the Indone-
sian law which classifies companies into foreign joint
venture (PMA) and wholly national owned (PMDN).
Company Activities and Financial Highlights
Financial Performance
The financial performance describes the most im-
portant financial highlights.
Brief History
For each company a paragraph describes the
companys development and its main activities and
products, among others its establishment, start-up of
commercial operation, capacity of production, merg-
ers, take-over, expansions, subsidiaries, branches, as-
sociations and agreements with other companies. In
case of banks, foreign exchange status is mentioned,
which refers to license to operate in foreign exchange
transactions.
Shareholders after Listing
The present majority shareholders are listed to-
gether with the percentage of shares owned.
Summary of Financial Statements
The data provided in this section are derived
from the respective companys financial statements.
As required by the Bapepam (Securities Supervisory
Agency), the balance sheets and income statements of
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Indonesian Capital Market Directory 2010
a company and its subsidiaries are consolidated if that
company owns more than 50% shares of a subsidiary.
The definition of the items under balance sheet
and income statement generally conforms to common
accounting principles and practices, therefore it does
not need further explanation. Due to the nature of
their activities, there is a variation of items and its clas-
sification in balance sheets and income statements.
Components of equity are mentioned in balance
sheets of all companies. In balance sheets of compa-
nies other than banks and other credit institutions,
current assets and current liabilities are specified and
its components with relatively large figures are men-
tioned, and depending on the availability of data the
same treatment is applied to long-term liabilities. In
balance sheets of banks, cash in hand and on banks
and total deposits are divided into its components, and
breakdown of borrowings is provided as far as data are
available. In addition, for banks, other credit institu-
tions and insurance companies breakdown of revenue
and expense is provided.
Financial data for each company are provided for
the past three years.
Financial Ratios
There is also variation in the financial ratios pro-
vided for banks, insurance companies and other com-
panies. All ratios are computed in line with definitions
commonly used for respective industry, some of which
are self-explanatory such as debt to equity to total as-
sets. Others are also in conformity with commonly
used ratios which for clarity are defined below.
PER price earnings ratio or closing
share price at the end of respec-
tive financial statement period
divided by earning per share.
PBV price book value or closing share
price at the end of respective pe-
riod divided by equity per share.
dividend pay out dividend per share divided by
earnings per share.
dividend yield dividend per share divided by
closing share price at the end of
respective period.
ROI (Return on
Investment) profit after tax divided by total as-
sets.
ROE (Return on
Equity) profit after tax divided by equity
current ratio current assets divided by current
liabilities.
Leverage ratio total debt divided by total assets.
gross profit margin gross profit divided by net sales
operating profit
margin operating profit divided by net
sales
net profit margin profit after tax divided by net
sales
total asset turnover net sales divided by end of period
total assets
inventory turnover cost of goods sold divided by end
of period inventory
expense ratio operating expense divided by pre-
miums received
loss ratio claim paid divided by premium
received
solvency ratio equity divided by net premiums
(premiums after deduction of
premiums for reinsurance)
cash and banks to
demand deposits cash, Bank Indonesia and other
banks divided by demand depos-
its
PER and PBV below the financial ratios are price
earnings ratio and price book value ratio calculated by
using the closing price at the end of June 2010.
The names of companys public accountants are
provided.
Board of Commissioners and Board of Direc-
tors
This section lists the names of President and
Member of Board of Commissioners, and the names
of President and Member of Board of Directors. Presi-
dent Commissioner has supervisory role, and therefore
has less power than the American type Chairman. But,
President Director has more power than the President
in an American type system. Number of companys
employees is also given in this sub-section.
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Institute for Economic and Financial Research
Listing History
Listing of shares are sequenced chronologically
together with listing date, offering price and number
of shares of the respective listing. First, second, and
third issues means listing of shares originated from
public offerings. Total shares listed refers to total listed
shares multiplied by par value and is frequently less
than or at most equal to the total issued and paid-up
capital. The difference is the value of unlisted shares.
In case one type of listing was undertaken on many
dates within a month or year, only total listing of that
type for the respective month or year is provided. The
underwriters for company issue are also listed.
Stock Price, Frequency, Trading Days, Num-
ber and Value of Shares Traded Market Capi-
talization
Eighteen monthly data of stock price, number
and value of shares traded, and market capitalization
are provided for companies that listed their shares be-
fore the end of June 2010, except for 15 new listed
companies.
Stock Price and Traded Chart
The chart of stock price and number of shares
traded covers the period from January 2009 to the end
of June 2010.
The following symbols and abbreviations are also
used in this directory.
Symbols
_ zero or less than the last digit or
decimal
n.a. not available
) includes in total or item above
Abbreviations
CS Common Shares
Drs, Ir, SE, SH Academic degress in Indonesia
ha 10,000 square meters
NV a Dutch abbreviation for Naam
looze Vennootschap which is
similar to PT
PMA (Penanaman Modal Asing) A
company established under the
foreign investment law.
PMDN (Penanaman Modal Dalam
Negeri) A company established
under the domestic investment
law.
PS Preferred Shares
PT (Perseroan Terbatas) A limited
liability company