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PT Siwani Makmur Tbk.

(Formerly PT Vander Horst Indonesia Tbk)

Business

Packaging

Company Status

PMDN

Underwriter

PT Danareksa Sekuritas

Shareholder
2000
PT VDH Teguh Sakti 
PT VDH Limited 
Public 

2001
31.85% PT VDH Teguh Sakti                                                
17.15% L & M Group Investment Limited, Singapore           
51.00% Public                                                                        

2005
PT VDH Teguh Sakti 
L & M Group Investment Limited, Singapore 
PT Kapita Securindo 
PT Surya Raya Guna Perkasa 
PT Yulie Sekurindo Tbk 
Public 

2002
31.85% PT VDH Teguh Sakti                                                             
19.83% L & M Group Investment Limited, Singapore                 
48.32% PT Yulie Sekurindo                                                               
PT Surya Raya Guna Perkasa                                              
Public                                                                                     

2006
27.54%
11.89%
8.65%
8.42%
8.39%
35.11%

PT VDH Teguh Sakti 
L & M Group Investment Limited, Singapore 
PT Kapita Securindo 
PT Surya Raya Guna Perkasa 
PT Yulie Sekurindo Tbk 
Public 

2003
27.54%
11.89%
9.83%
8.42%
42.32%

PT VDH Teguh Sakti                  
L & M Group Investment Limited, Singapore    
PT Yulie Sekurindo                          
PT Surya Raya Guna Perkasa      
Public                            

27.54%
11.89%
8.65%
8.42%
8.39%
35.11%

PT VDH Teguh Sakti 
L & M Group Investment Limited, Singapore 
PT Kapita Securindo 
PT Surya Raya Guna Perkasa 
PT Yulie Sekurindo Tbk 
Public 

2007
27.54%
11.89%
8.65%
8.42%
8.39%
35.11%

PT VDH Teguh Sakti 
L & M Group Investment Limited, Singapore 
PT Kapita Securindo 
PT Surya Raya Guna Perkasa 
PT Yulie Sekurindo Tbk 
Public 

2004
27.54%
11.89%
8.58%
8.42%
43.57%

PT VDH Teguh Sakti 
L & M Group Investment Limited, Singapore 
PT Surya Raya Guna Perkasa 
Public 

27.54%
11.89%
8.65%
8.42%
8.39%
35.11%

PT VDH Teguh Sakti       
L & M Group Investment Limited, Singapore
PT Kapita Securindo 
PT Surya Raya Guna Perkasa 
PT Yulie Sekurindo Tbk
Public                 

2008

27.54%
11.89%
8.42%
52.15%

2009
27.54%
11.89%
8.65%
8.42%
8.39%
35.11%

Djaka Sadijanta Tjahjakartana 251 2001 President Commissioner Commissioners William Soeryadjaya Marcel Tjia Han Liong. Tan Beng Lim President Director Vice President Director Edward Seky Soeryadjaya Djohan Sutanto 229 2004 President Commissioner Commissioners William Soeryadjaya Ir. Stanley Wiranata Andreas Tjahjadi 217 2005 President Commissioner Commissioners Ir.Management & Number of Employees Board of Commissioners Board of Directors Number of Employees 2000 President Commissioner Commissioners Johnlin Yuwono Wisnoentoro Martokoesoemo. 237 2008 President Commissioner Commissioners Ir. 262 2009 President Commissioner Commissioners Andiatmo Koesoemoastoro Leo Nababan Dave Akbarshah Fikarno Mario Triyono President Director Directors Edward Seky Soeryadjaya Icas Mathias Gaffar Aditya Wisnuwardana Seky Soeryadjaya 195 . Freddie Heng Kim Chuan President Director Vice President Director Directors Kodyat Samadikun Chan Huan Hin. Musthafa Zuhad Mughni Dave Akbarshah Fikarno Laksono President Director Directors Edward Seky Soeryadjaya Mario Triyono Mustafa. Dave Akbarshah Fikarno Laksono President Director Directors Edward Seky Soeryadjaya Mario Triyono. Andi Atmo K. Tan Beng Lim President Director Vice President Director Edward Seky Soeryadjaya Djohan Sutanto 238 2003 President Commissioner Commissioners William Soeryadjaya Andi Atmo Kusuma Sastro. 237 2002 President Commissioner Commissioners William Soeryadjaya Andi Atmo Kusuma Sastro. Herman Koswara. Herman Koswara. Musthafa Zuhad Mughni Leo Nababan Dave Akbarshah Fikarno Laksono President Director Directors Edward Seky Soeryadjaya Mario Triyono Mustafa. Windarto Welim President Director Vice President Director Directors Edward Seky Soeryadjaya Djohan Sutanto Oktavianus Sinata. Musthafa Zuhad Mughni Leo Nababan. Dave Akbarshah Fikarno Laksono President Director Directors Edward Seky Soeryadjaya Mario Triyono. SH 234 2006 President Commissioner Commissioners Ir. Wee Boon Chye Oktavianus Sinata. Musthafa Zuhad Mughni Leo Nababan. Stanley Wiranata Effendi Pasaribu. Stefanus Ginting. Musthafa Zuhad Mughni Leo Nababan Dave Akbarshah Fikarno Laksono President Director Vice President Director Directors Edward Seky Soeryadjaya Mario Triyono Stanley Wiranata 235 2007 President Commissioner Commissioners Ir. Sandiaga Salahuddin Uno..

08 0.82 1.580) (29.68 6.a 9.115 480 3.451 4.a 6.46 16.25 0.682 771.32 (61) 2000 27.042 49.869) 3.13 4.254 1.27 n.458 (3.740 10.907 12.92 0.60 6.073 1.272 8.19 0.627 17.a 165 Financial Ratios PER (x) PBV (x) Dividend Payout (%) Dividend Yield (%) 2.901 8.25 (54.626 76.249 7.851 (33.927 4.15 0.439 46.404 10.35 3.41 0.238 2.465 79.80 0.20 0.466 8.61 n.301 1.204 Per Share Data (Rp) Earnings (Loss) per Share Equity per Share Dividend per Share Closing Price 114 687 325 45 732 800 108 815 140 33 718 5 245 12 725 n.95 0.261 10.064 66.000 13.97 1.47 0.65 1.298 11.37 3.14 0.295) 76.536 56.731 2.765 31.29 0.03 5.339 1.798 (1.69 5.938 4.85 0.47 - 17.a 195 (317) 414 n.501 13.938 4.415 6.20 0.18 1999 5.031 18.200 244 16.59 5.51 0.157 1.250 16.19 0.353 3.63 0.07 0.09 0.939 67.914 2.978 3.28 6.853) 2004 6.590 52.000 8.192 11.503 22.968 7.02 6.301 13.16 0.17 0.996 6.466 8.271 (million rupiah) 2001 2.002 2.424 23.16 0.18) (42.355 9.605 1 2 3 4 58.271) 3.869 (2.78) (65) 2.432) (27.94) (3.403 80.Total Assets Current Assets of which Cash on hand and in banks Cash and cash equivalents Time deposits Trade receivables Inventories Receivable from affiliates Non-current Assets of which Fixed Asset Net Deffered Tax Assets Investments Other Assets Liabilities Current Liabilities of which Bank loans Short-term debt Bank borrowings Trade payables Taxes payable Accrued expenses Deferred income Current maturities of long-term debt Long-term Liabilities of which Bank borrowings Government of Indonesia Non-Current Liabilities Minority Interests in Subsidiaries 1998 1999 2000 59.63 3.70 5.83 10.832 3.682 9.955 3.a 265 24 460 n.896 15.000 11.40 (107) 2005 14.122 37.70 1.16 0.463 13.348 46.031 3.66) 0.370 .09 n.171 4.14 0.224 31.468 (2.a n.410 19.577 7.301 802 4.531 12.70 13.580 13.29 0.13 4.31 78.250 375 375 4.34 0.26 0.823 16.343 31.35 0.632 63.002 0.326 2.198 40.48 14.003 (33.10 4.a (0.a n.207 5.19 0.355 53.520 4.443 10.37 0.092 11.09 - 1.760 7.a 5.125 18.665 11.20 2.519 63.549 Shareholders' Equity Paid-up capital Paid-up capital in excess of par value Revaluation of fixed assets Retained earnings Current Ratio (x) Debt to Equity (x) Leverage Ratio (x) Gross Profit Margin (x) Operating Profit Margin (x) Net Profit Margin (x) Inventory Turnover (x) Total Assets Turnover (x) ROI (%) ROE (%) 54.695 3.02 n.125 4.125 4.90 14.39 0.50 0.36 n.275 49.371 77.629 33.218 8.33 0.59 2.223 55.22 16.10 0.37) (2.19 0.596 15.003 2004 2005 79.480) 6.417 12.04 0.668 8.150 7.54 15.081 3.53 16.340 65.04 5.109 14.823) Net Sales Cost of Good Sold Gross Profit Operating Expenses Operating Profit Other Income (Expenses) Profit (Loss) before Taxes Profit (Loss) after Taxes 32.250 38.154 10.80 5 1998 66.747 3.112 42.703 4.a n.51 n.42 5.922 12.91 (9.027) (7.197 24.528 2.a n.666 (12.333 4.835 15.036 7.17 - 7.023 5.703 15.104 3.125 4.33 1.552 46.59 10.09 0.041 46.636 588 3.86 140 2001 (1.14 0.02 6.87 0.705 8.124) (10.483 30.236 11.389 11.251 46.97 3.a 210 23 436 n.23 3.28 0.675 4.594 8.04 0.44 11.a 11.790 8.53 0.096 89.730 57.250 40.260 16.144 25.572 40.621 6.640 63.08 0.69 0.87 1.122 12.530) 3.92) (76.195 (1.064 16.08 0.30 0.192 20.02 16.250 42.162 1.592 67.333 34.476 21.86) 1.560 19.412 21.075 69.891 5.84 0.831 27.058 375 Growth (%) Indicators Total Asset Share Holder's Equity Net Sales/Revenue Net Provit 65.125 4.880) 14.14 0.416 - - 535 4.924 19.45 (64) 2.093 2.918 44.997 9.89 4.117 5.442 14.59) 2.980 40.39 5. 0.a.890 53.508 2.07 0.807 25.24 0.829 18.726 5.05 0.

02 0.902 16.a 100 Financial Ratios PER (x) PBV (x) Dividend Payout (%) Dividend Yield (%) 14.242 (220) 2.125 (11.593 48 4.629 25.436) 20.33 1.266 17.152 24.54 n.SUMMARY OF FINANCIAL STATEMENT PT Siwani Makmur (SIMA) 2006       (million rupiah) 2007 2008 Total Assets Current Assets   of which   Cash and cash equivalents   Trade receivables   Inventories Non‐Current Assets   of which   Fixed Assets‐Net   Deffered tax Assets   Investments 68.733) 4.882 51.737 8.a n.823 77.07 (5.330 1.000 1.38x (June 2009)  Financial Year: December 31 Public Accountant: Yansen Pasaribu .57 0.03) 0.a (4.a 11.538 10.061 192 6.a n.48 0.49 1.353 (4.205 10.31 n.a 175 (48) 424 n.178 75.a 2.366 5. PBV = 0.92 0.559 8.a (1.642 46.142) Net Sales Cost of Goods Sold Gross Profit Operating Expenses Operating Profit (Loss) Other Income (Expenses) Profit before Taxes Profit after Taxes 91.88) (11.250 39.000 41.033 34.68) Current Ratio (x) Debt to Equity (x) Leverage Ratio (x) Gross Profit Margin (x) Operating Profit Margin (x) Net Profit Margin (x) Inventory Turnover (x) Total Assets Turnover (x) ROI (%) ROE (%) PER = ‐0.117 563 11.318 2.044 Shareholders' Equity   Paid‐up capital   Paid‐up capital               in excess of par value   Retained earnings 43.500 Liabilities Current Liabilities   of which   Trade payables   Taxes payable   Current maturities  of long term debt  Non‐Current Liabilities  24.989 11.634) (11.256 13.84 0.59 2.36 0.097 80.589 49.895 2.a 46.056 7.601 6.004 18.525 105 35.872) (1.732 (4.090 80.37 n.19 0.675) (1.169) 4.146 23.453 66.52 n.01 6.898 36.a 2.30 (13.250 30.759 4.10 0.506) (8.50 0.233 46.a n.766 3.250 4.022 1.618 36.145 12.773) (4.125 (6.544 45.a n.13 1.247 31.206 46.866 n.77 0.67 0.30 1.a n.31) 0.12 0.125 (20.54) (29.075 19.973) Per Share Data (Rp) Earnings per Share Equity per Share Dividend per Share Closing Price 12 472 n.098) (5.191 8.638 3.59) 0.453 24.04 n.201) 5.98x .a 220 (97) 327 n.521 291 12.a n.671 (9.a n.