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IDX LQ45

August 2015

Contents
Forewords
LQ45 Index Constituents for the period of August 2015 January 2016

Page

No.

Code

Stock Name

1.

AALI

Astra Agro Lestari Tbk. [S] (Plantation, 12) .................................................................................................................................................

2.

ADHI

Adhi Karya (Persero) Tbk. [S] (Building Construction, 62) .......................................................................................

3.

ADRO

Adaro Energy Tbk. [S] (Coal Mining, 21) ......................................................................................................................................................

10

4.

AKRA

AKR Corporindo Tbk. [S] (Wholesale (Durable and Non-Durable Goods, 91))

........................................................................

14

5.

ASII

Astra International Tbk. [S] (Automotive and Components, 42).........................................................................................................

18

6.

ASRI

Alam Sutera Realty Tbk. [S] (Property and Real Estate, 61) ..............................................................................................................

22

7.

BBCA

Bank Central Asia Tbk. (Bank, 81) ...................................................................................................................................................................

26

8.

BBNI

Bank Negara Indonesia (Persero) Tbk. (Bank, 81) ..................................................................................................................................

30

9.

BBRI

Bank Rakyat Indonesia (Persero) Tbk. (Bank, 81) .................................................................................................................................

34

10.

BBTN

Bank Tabungan Negara (Persero) Tbk. (Bank, 81). ................................................................................................................................

38

11.

BMRI

Bank Mandiri (Persero) Tbk. (Bank, 81) ........................................................................................................................................................

42

12.

BMTR

Global Mediacom Tbk. [S] (Investment Company, 98)...........................................................................................................................

46

13.

BSDE

Bumi Serpong Damai Tbk. [S] (Property and Real Estate, 61) ..........................................................................................................

50

14.

CPIN

Charoen Pokphand Indonesia Tbk. [S] (Animal Feed,36) ....................................................................................................................

54

15.

EXCL

XL Axiata Tbk. (Telecommunication,73) .......................................................................................................................................................

58

16.

GGRM

Gudang Garam Tbk. (Tobacco Manufacturers, 52) .................................................................................................................................

62

17.

ICBP

Indofood CBP Sukses Makmur Tbk. [S] (Food and Beverages, 51)

.............................................................................................

66

18.

INCO

Vale Indonesia Tbk. [S] (Metal and Mineral Mining, 23) ........................................................................................................................

70

19.

INDF

Indofood Sukses Makmur Tbk. [S] (Food and Beverages, 51) ..........................................................................................................

74

20.

INTP

Indocement Tunggal Prakasa Tbk. [S] (Cement, 31) ..............................................................................................................................

78

21.

ITMG

Indo Tambangraya Megah Tbk. [S] (Coal Mining, 21)............................................................................................................................

82

22.

JSMR

Jasa Marga (Persero) Tbk. [S] (Toll Road, Airport, Harbor and Allied Products, 72) ..............................................................

86

23.

KLBF

Kalbe Farma Tbk. [S] (Pharmaceuticals, 53) ..............................................................................................................................................

90

24.

LPKR

Lippo Karawaci Tbk. [S] (Property and Real Estate, 61) .......................................................................................................................

94

25.

LPPF

Matahari Department Store Tbk. [S] (Retail Trade, 93) .........................................................................................................................

98

26.

LSIP

PP London Sumatera Tbk. [S] (Plantation,12) ...........................................................................................................................................

102

27.

MNCN

Media Nusantara Citra Tbk. [S] (Advertising, Printing and Media,95) ............................................................................................

106

28.

MPPA

Matahari Putra Prima Tbk. [S] (Retail Trade,93) .......................................................................................................................................

110

29.

PGAS

Perusahaan Gas Negara (Persero) Tbk. [S] (Energy, 71)....................................................................................................................

114
118

30.

PTBA

Tambang Batubara Bukit Asam (Persero) Tbk. [S] (Coal Mining, 21) ............................................................................................

31.

PTPP

PP (Persero) Tbk. [S] (Building Construction, 62) ..................................................................................................

122

32.

PWON

Pakuwon Jati Tbk. [S] (Property and Real Estate, 61) ...........................................................................................................................

126

33.

SCMA

Surya Citra Media Tbk. [S] (Advertising, Printing And Media, 95) ....................................................................................................

130

34.

SILO

Siloam International Hospitals Tbk. [S] (Healthcare, 96).......................................................................................................................

134

35.

SMGR

Semen Indonesia (Persero) Tbk. [S] (Cement, 31) ..................................................................................................................................

138

36.

SMRA

Summarecon Agung Tbk. [S] (Property and Real Estate, 61) .................................................................................

142

37.

SRIL

Sri Rejeki Isman Tbk. (Textile, Garment, 43) ...........................................................................................................

146

38.

SSMS

Sawit Sumbermas Sarana Tbk. [S] (Plantation, 12) ................................................................................................

150

39.

TBIG

Tower Bersama Infrastructure Tbk. (Non Building Construction, 75) ......................................................................

154
158

40.

TLKM

Telekomunikasi Indonesia (Persero) Tbk. [S] (Telecommunication, 73) .......................................................................................

41.

UNTR

United Tractors Tbk. [S] (Wholesale (Durable and Non-Durable Goods, 91) ..........................................................

162

42.

UNVR

Unilever Indonesia Tbk. [S] (Cosmetics and Household, 54)..............................................................................................................

166

43.

WIKA

Wijaya Karya (Persero) Tbk. [S] (Building Construction, 62) ..............................................................................................................

170

44.

WSKT

Waskita Karya (Persero) Tbk. [S] (Building Construction, 62) .................................................................................

174

45.

WTON

Wijaya Karya Beton Tbk. [S] (Cement, 31) ..............................................................................................................

178

NOTES
1.

Trading Volume, Value and Frequency :


Figure of trading volume, value, and frequency are calculated once. Trading Frequency refers to numbers of transaction.

2.

Foreign Ownership
In September 1997, the foreign ownership limitation was abolished except for banks (49% of total listed shares). In May 1999, the
maximum number of listed shares and foreign ownership on banks company was set to 99%, based on Government regulation
dated May 7th, 1999.

3.

Number of listed shares


This figures refers to the total number of shares that is already listed and can be traded at the exchange

4.

Market Capitalization
This figures indicates the aggregate number of listed shares multiplied by regular market closing price

5.

Jakarta Composite Index

(Regular Closing Price x Number of Shares )

Jakarta Composite Index =

Base Value

Base Value =

Base Price x Number of Shares

Regular Closing Price

Individual Index =

Base Price
6.

To calculate the Jakarta Composite Index and Stock Individual Index, Base Price and Base Value are adjusted when bonus and
rights issues, share splits and consolidations are made. Base price for new listed companies is IPO price.

7.

Earnings Per Share (EPS)


The figure of EPS is derived by dividing Profit for the period attribute to owners entity by number of issued shares. We annualized
the EPS when interim reports are used (see the Financial statement dates and Financial Year Ends).

8.

Book Value per Share (BV)


The figure of BV is derived by dividing the Total Shareholders Equity by number of issued shares.

9.

Debt to Assets Ratio (DAR)


Total Liabilities
x 100%
DAR =
Total Assets

10. Debt to Equity Ratio (DER)


Total Liabilities
DER =
x 100%
Total Equity
11. Return on Assets (ROA)
ROA =

Profit for the period


Total Assets

x 100%

12. Return on Equity (ROE)


Profit for the period
ROE =
x 100%
Total Equity
13. Gross Profit Margin (GPM)
GPM =

Gross Profit

x 100%

Total Sales
14. Operating Profit Margin (OPM)
OPM =

Operating Income

x 100%

Total Sales
15. Net Profit Margin (NPM)
NPM =

Profit for period

16. Payout Ratio =

Total Sales
Dividend

x 100%

x 100%

EPS
17. Yield =

Dividend

x 100%

Closing Price
18. [S] Sharia Compliant Stock
19. Period Attribute : Profit for the period attributable to owners entity
20. Comprehensive Attribute : Comprehensive Income attributable to owners entity

FOREWORDS
This publication is designated as a service to domestic investors and other capital market participants, as part of the nation-wide efforts
in educating and improving the dissemination of capital market information. These efforts are important in carrying out the task of
expanding the domestic investor base.
To improve the future editions of this publication, the readers comments and feedback would be highly appreciated.
Jakarta, August 2015
Research and Development Division
Indonesia Stock Exchange

2015 Indonesia Stock Exchange. All rights reserved.

Disclaimer :
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as
being those of the publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the
information contained within the publication it should not be by any person relied upon as the basis for taking any action or making any decision. The
Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts
and opinions stated or expressed or stated within this publication.

LQ45 Index Constituents


for the period of August 2015 January 2016

COMPANY REPORT

AALI
ASTRA AGRO LESTARI TBK.

Company Profile

PT Astra Agro Lestari Tbk. was established dated October 3rd, 1988. The scope of its
activities is to engage in plantation operation, general trading, manufacturing,
transportation,consultationandservices.

The Company has investments in subsidiaries which are engaged in oil palm and rubber
plantations and industrial activities. The Company commenced commercial operations in
1995.ThecompanysoilpalmplantationsanditsmillarelocatedinSouthKalimantan.The
subsidiariesplantationsandmillsarelocatedinJava,Sumatera,Kalimantan,andSulawesi.

PTAstraInternationalTbk.istheparententityoftheCompany,whereasJardineMatheson
HoldingsLtd,incorporatedinBermuda,isitsultimateparententity.

AsofJune30th,2015,theCompanyandsubsidiarieshad35,133permanentemployees.

August 2015

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

RESEARCH AND DEVELOPMENT DIVISION

AALI Astra Agro Lestari Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Agriculture (1)
Industry Sub Sector : Plantation (12)

Individual Index
:
Listed Shares
:
Market Capitalization :

1,554.190
1,574,745,000
31,613,005,875,000

27 | 31.6T | 0.64% | 64.16%


49 | 9.42T | 0.64% | 74.08%

COMPANY HISTORY
Established Date
: 03-Oct-1988
Listing Date
: 09-Dec-1997
Under Writer IPO :
PT ABN AMRO Hoare Govett Indonesia
Securities Administration Bureau :
PT Raya Saham Registra
Plaza Central Building 2nd Fl.
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930
Phone : (021) 252-5666
Fax
: (021) 252-5028
BOARD OF COMMISSIONERS
1. Prijono Sugiarto
2. Anugerah Pekerti *)
3. Chiew Sin Cheok
4. Johannes Loman
5. Soemadi Djoko Moerdjono Brotodiningrat *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Widya Wiryawan
2. Bambang Palgoenadi
3. Jamal Abdul Nasser
4. Joko Supriyono
5. Juddy Arianto
6. Rudy
AUDIT COMMITTEE
1. Soemadi Djoko
2. Juliani Eliza Syaftari
3. Moerdjono Brotodiningrat
4. Ratna Wardhani
CORPORATE SECRETARY
Rudy
HEAD OFFICE
Jln. Pulo Ayang Raya Blok OR - I
Kawasan Industri Pulogadung
Jakarta 13930
Phone : (021) 461-6555
Fax
: (021) 461-6682, (021) 461-6689
Homepage
Email

: www.astra-agro.co.id
: Investor@astra-agro.co.id

SHAREHOLDERS (July 2015)


1. PT Astra International Tbk.
2. Public (<5%)

1,254,831,088 :
319,913,912 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1997
1998
1998
1999
1999
2000
2001
2002
2003
2004
2004
2005
2006
2006
2007
2007
2008
2008
2009
2009
2010
2010
2011
2011
2012
2012
2013
2013
2014
2014

Shares

Dividend
37.00
60.00
25.00

5:1
45.00
7.00
10.00
60.00
90.00
100.00
150.00
325.00
95.00
230.00
190.00
625.00
350.00
155.00
220.00
685.00
190.00
640.00
300.00
695.00
230.00
455.00
160.00
515.00
244.00
716.00

Cum Date
22-Jun-98
29-Oct-98
27-May-99
27-May-99
31-May-00
07-Jun-01
18-Jun-02
05-Jun-03
04-Jun-04
06-Dec-04
06-Jun-05
12-May-06
17-Oct-06
11-Jun-07
19-Oct-07
16-Jun-08
23-Oct-08
04-Jun-09
30-Oct-09
08-Jun-10
26-Oct-10
20-May-11
24-Oct-11
08-May-12
16-Oct-12
15-May-13
02-Oct-13
09-May-14
09-Oct-14
21-Apr-15

Recording
Date
01-Jul-98
09-Nov-98
08-Jun-99
08-Jun-99
12-Jun-00
13-Jun-01
24-Jun-02
10-Jun-03
09-Jun-04
09-Dec-04
09-Jun-05
17-May-06
20-Oct-06
14-Jun-07
24-Oct-07
19-Jun-08
28-Oct-08
09-Jun-09
04-Nov-09
11-Jun-10
29-Oct-10
25-May-11
27-Oct-11
14-May-12
19-Oct-12
20-May-13
07-Oct-13
14-May-14
14-Oct-14
24-Apr-15

Ex Date
23-Jun-98
30-Oct-98
28-May-99
28-May-99
02-Jun-00
08-Jun-01
19-Jun-02
06-Jun-03
07-Jun-04
07-Dec-04
07-Jun-05
15-May-06
18-Oct-06
12-Jun-07
22-Oct-07
17-Jun-08
24-Oct-08
05-Jun-09
02-Nov-09
09-Jun-10
27-Oct-10
23-May-11
25-Oct-11
09-May-12
17-Oct-12
16-May-13
03-Oct-13
12-May-14
10-Oct-14
22-Apr-15

79.68%
20.32%

Payment
Date
20-Jul-98
23-Nov-98
05-Jul-99
05-Jul-99
26-Jun-00
27-Jun-01
04-Jul-02
24-Jun-03
23-Jun-04
23-Dec-04
23-Jun-05
01-Jun-06
10-Nov-06
25-Jun-07
02-Nov-07
30-Jun-08
11-Nov-08
23-Jun-09
11-Nov-09
25-Jun-10
12-Nov-10
09-Jun-11
10-Nov-11
29-May-12
05-Nov-12
03-Jun-13
23-Oct-13
30-May-14
28-Oct-14
15-May-15

F/I
F
I
F
B
F
F
F
F
F
I
F
F
I
I
I
F
I
F
I
F
I
F
I
F
I
F
I
F
I
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.

Type of Listing
First Issue
Company Listing
Bonus Shares
Option Conversion
Option Conversion I & II
Option Conversion II
Option Conversion I
Option Conversion II & III
Option Conversion III

Shares
125,800,000
1,132,200,000
251,600,000
12,005,000
5,494,500
18,108,500
162,000
9,856,500
19,518,500

T:
T:
T:
T:
T:
T:
T:

Listing
Date
09-Dec-97
09-Dec-97
06-Jul-99
22-Apr-02
10-Jun-02
02-Jul-02
14-Jan-03
14-Jan-04
15-Jan-04

:
:
:
:
:
:
:

RESEARCH AND DEVELOPMENT DIVISION

Trading
Date
09-Dec-97
21-Jul-98
06-Jul-99
07-Jun-02
22-Jan-03
18-May-04
31-Jan-03
23-Apr-04
13-May-05

AALI Astra Agro Lestari Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

30,000

16.0

26,250

14.0

22,500

12.0

18,750

10.0

15,000

8.0

11,250

6.0

7,500

4.0

3,750

2.0

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Agriculture Index
January 2011 - July 2015
60%
45%
30%

28.8%

15%
-15%

-16.5%
-25.1%

-30%
-45%
-60%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

273
6,072
135
247

268
5,693
126
246

388
7,542
167
244

439
10,816
436
242

194
4,705
207
142

27,000
16,550
21,700
21,700

24,000
17,800
19,700
19,700

25,750
13,100
25,100
25,100

29,850
19,250
24,250
24,250

27,525
19,500
20,075
20,075

12.64
33.17
3.31

21.94
15.46
3.85

15.62
19.34
3.41

35.57
23.50
2.75

Price (Rupiah)
High
Low
Close
Close*

13.68
PER (X)
1.79
PER Industry (X)
4.06
PBV (X)
* Adjusted price after corporate action

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Astra Agro Lestari Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
27,000
23,250
23,400
23,250
24,200
23,950
23,800
23,700
22,850
22,200
22,950
22,900

Low
21,000
21,100
21,550
22,350
22,400
22,500
22,700
19,000
18,100
16,550
20,400
20,500

Close
21,700
21,850
22,700
23,150
23,600
23,500
23,500
21,500
19,300
21,450
22,400
21,700

(X)
17,601
12,465
13,880
9,975
12,117
7,249
7,950
11,095
11,760
15,106
9,018
7,255

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

22,550
23,000
23,350
23,750
21,700
22,000
24,000
23,300
23,400
22,100
21,300
19,750

20,550
20,300
18,500
21,000
18,000
19,150
20,100
21,250
19,350
20,200
17,950
17,800

20,600
22,300
23,350
21,400
20,450
20,050
23,000
22,300
21,950
20,950
18,000
19,700

10,520
10,953
11,605
10,260
12,047
13,159
9,547
5,828
14,218
8,856
7,904
10,801

17,532
26,112
26,569
24,103
23,427
27,916
20,808
10,839
33,952
18,910
15,084
22,617

382,289
569,072
592,007
544,061
471,617
579,302
467,231
240,513
728,250
398,764
297,057
422,905

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

20,850
19,300
19,200
18,700
19,500
21,000
19,900
19,800
21,750
21,300
23,400
25,750

18,750
18,250
17,850
17,300
16,900
17,800
15,500
13,100
18,350
18,500
18,050
22,250

18,850
18,450
18,500
17,700
19,500
19,700
15,550
19,750
19,500
18,600
22,250
25,100

10,591
11,374
15,207
10,808
16,961
17,880
13,025
19,132
15,471
10,945
12,858
12,429

20,796
33,001
36,954
21,488
35,698
42,231
21,333
37,761
52,971
21,638
35,024
28,622

409,347
622,045
678,998
388,219
646,786
814,363
370,322
640,710
1,097,030
435,579
759,116
679,065

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

25,800
25,750
27,900
29,475
29,850
29,350
28,175
26,700
26,050
23,500
25,450
24,550

20,650
21,250
24,400
25,125
26,600
26,050
25,600
25,500
22,775
19,250
22,775
22,350

21,475
25,500
26,000
29,400
27,325
28,175
26,700
25,500
23,000
23,500
24,000
24,250

44,874
32,016
42,550
36,774
32,492
26,838
36,013
30,897
36,936
49,512
32,960
33,746

40,059
37,535
37,625
29,006
30,003
28,216
35,895
41,565
42,691
57,643
31,250
27,072

875,810
879,827
991,848
788,587
842,728
770,842
954,698
1,087,452
1,018,059
1,222,233
749,632
634,605

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

26,150
26,500
26,525
24,300
27,525
25,850
26,000

23,150
23,275
23,150
19,500
20,050
21,325
19,675

23,250
24,650
24,300
20,350
24,800
22,950
20,075

27,912
29,712
26,722
26,871
33,350
32,679
30,222

24,553
29,124
25,084
28,559
38,857
24,454
23,184

601,935
726,319
637,986
638,079
974,137
576,705
550,225

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


40,233
959,441
25,441
564,248
691,672
30,884
24,194
552,655
29,036
686,010
14,836
343,715
17,996
417,329
21,690
471,543
18,119
375,898
26,569
494,785
13,667
300,152
214,498
9,946

21
18
23
20
21
20
21
19
20
21
22
21

AALI Astra Agro Lestari Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)
BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

838,190

227,769

709,090

611,181

653,897

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

16,358

50,068

20,554

47,451

103,480

Inventories

769,903

1,249,050

802,978

1,278,120

1,462,020

Current Assets

1,886,387

1,780,395

1,691,694

2,403,615

2,807,734

Fixed Assets

3,424,194

4,918,673

6,493,712 16,154,714

8,892,698

285,155

150,998

Other Assets
Total Assets

422,305

403,741

441,980

10,204,495 12,419,820 14,963,190 18,558,329 20,705,325

21.71%

20.48%

1,440,351

2,600,540

3,759,265

337,986

453,869

936,066

1,778,337

3,054,409

4,695,331

6,720,843

9,191,930

71.76%

53.72%

43.14%

36.77%

2,000,000

2,000,000

2,000,000

2,000,000

2,000,000

787,373

787,373

787,373

787,373

787,373

1,575

1,575

1,575

1,575

1,575

500

500

500

500

500

Retained Earnings

7,268,639

8,158,203

Total Equity

8,426,158

9,365,411 10,267,859 11,837,486 11,513,395

Growth (%)
Current Liabilities
Long Term Liabilities
Total Liabilities

Growth (%)

24.03%

Liabilities

21,250
17,000
12,750
8,500

11.57%

4,250

4,110,955

5,558,162

2,609,888

3,633,768

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital
Paid up Capital
Paid up Capital (Shares)
Par Value

INCOME STATEMENTS
Total Revenues

9.64%

15.29%

Dec-12

Dec-13

Dec-14

Jun-15

10,772,582 11,564,319 12,674,999 16,305,831

7,229,196

Dec-11

7.35%

Growth (%)

9.60%

-2.74%

28.65%

6,837,674

7,206,837

8,593,064 11,354,037

5,588,662

3,934,908

4,357,482

4,081,935

4,951,794

1,640,534

601,976

832,589

1,476,864

1,261,804

962,552

Tax
Profit for the period

Jun-15

2,178

2012

2013

TOTAL REVENUES (Bill. Rp)


16,306

12,979

Income before Tax

2014

4,593

16,306

Growth (%)
Other Income (Expenses)

9,365

7,008

2011

Gross Profit
Operating Profit

8,426

11,513

-237

Cost of Revenues
Expenses (Income)

9,423

11,837
10,268

8,087,559 10,548,430 10,270,782

11.15%

Growth (%)

11,837

3,332,932

3,524,893

2,605,071

3,689,990

677,982

834,367

1,004,627

701,983

1,068,715

200,082

2,498,565

2,520,266

1,903,088

2,621,275

477,900

0.87%

-24.49%

37.74%

Growth (%)

10,773

11,564

12,675

9,653

7,229
6,327

3,000

Period Attributable

2,405,564

2,410,259

1,801,397

2,503,695

444,431

Comprehensive Income

2,498,565

2,453,654

1,936,250

2,584,645

504,011

Comprehensive Attributable

2,405,564

2,346,203

1,833,891

2,468,076

469,234

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Current Ratio (%)

130.97

68.46

45.00

58.47

50.52

Dividend (Rp)

995.00

685.00

675.00

960.00

EPS (Rp)

1,527.59

1,530.57

1,143.93

1,589.91

282.22

BV (Rp)

5,350.81

5,947.26

6,520.33

7,517.08

7,311.28

DAR (X)

0.17

0.25

0.31

0.36

0.44

DER(X)

0.21

0.33

0.46

0.57

0.80

ROA (%)

24.48

20.29

12.72

14.12

2.31

ROE (%)

29.65

26.91

18.53

22.14

4.15

GPM (%)

36.53

37.68

32.20

30.37

22.69

RATIOS

OPM (%)

NPM (%)

23.19

21.79

15.01

16.08

6.61

Payout Ratio (%)

65.14

44.75

59.01

60.38

4.59

3.48

2.69

3.96

Yield (%)

-326

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


2,621

2,499

2,621

2,520
1,903

2,087

1,552

1,017

478
482

-52

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

COMPANY REPORT

ADHI
ADHI KARYA (PERSERO) TBK.

Company Profile

ADHIhasmanagedtoshowitsabilityasaleadingconstructioncompanyinSoutheast
Asia,throughcompetitivenessandprovenexperiencebyrunningsuccessfulconstruction
projects.ADHIcouldnothaveachievedsuccesswithoutthesupportandparticipationof
thepublic.ADHIplaysanactiveroleindevelopingCSRprogramsaswellastheCompanys
PartnershipandEnvironmentalPreservationProgram.

InaccordancewiththeLongTermBusinessPlanofADHI20122016,theCompanyplans
forcorporateactivitiesinfivebusinesslinesinordertoincreasethevalueofADHI.Those
businesslinesareConstruction,EPC,Property,RealtyandInvestmentinInfrastructure.
InourcorebusinesslinesofconstructionandEPCservices,ourbusinessdevelopment
strategy is focused on continuously enhancing our professionalism through quality
productsandtimelydeliveries.Here,theroleofALC(ADHILearningCenter)comesinto
the forefront. ALC has been in operations for more than a year, and its benefits are
alreadyfelt.ThroughALC,ADHIpersonnelareequippedwiththepassiontoexcel,and
toalwaysstriveforqualitybyworkingintelligentlyandefficiently.Withsuchpassion,we
formanothersubsidiaryentityspecializeinbuildingconstructionAdhiPersadaGedung
(APG).

In addition to the Construction and EPC businesses, the Company has operated and
profitedfromthePropertyandRealtybusinessesthroughtwosubsidiaryentities,namely
AdhiPersadaProperti(APP)andAdhiPersadaRealti(APR).ExpandingfromtheProperty
businessbase,theCompanyhasalsomadeplanstodevelopfourstarhotelsinBlokM
area Jakarta, and Surabaya; and threestar hotels in Bekasi and Medan. This move is
designedtostrengthenourPropertybusinessstructureinthefuture,inadditiontoreap
thebenefitofrecurringincome.Meanwhile,intheRealtybusiness,weareadoptinga
strategy of not only developing landed houses, but also managing commercial areas
(malls,lifestylecentersandshoppingcomplexes)alsowiththeaimofstrengtheningour
recurring income. From the point of view of market demand, the need for precast
concrete has grown significantly in support of major infrastructure projects. Modern
projectmanagementalsorequiresapplicationsinprecastconcretetechnologythatcan
enhanceprojectexecutions,whetherintheformofconcretepilesorotherproducts.In
order to manage the business professionally, independent, and fast emerging, the
CompanyplantoestablishanewsubsidiarynamelyAdhiPersadaBeton(APB).

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of
the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be by
any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice
action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

RESEARCH AND DEVELOPMENT DIVISION

ADHI Adhi Karya (Persero) Tbk. [S]

COMPANY REPORT : JULY 2015


Main Board
Industry Sector : Property, Real Estate And Building Construction (6)
Industry Sub Sector : Building Construction (62)

As of 31 July 2015
Individual Index
:
Listed Shares
:
Market Capitalization :

1,533.333
1,801,320,000
4,143,036,000,000

152 | 4.14T | 0.08% | 92.10%


23 | 15.7T | 1.07% | 52.28%

COMPANY HISTORY
Established Date
: 11-Mar-1960
Listing Date
: 18-Mar-2004
Under Writer IPO :
PT Ciptadana Sekuritas
Securities Administration Bureau :
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Imam Santoso Ernawi
2. Bobby AA. Nazief
3. Hironimus Hilapok *)
4. Muchlis R. Luddin *)
5. Rildo Ananda Anwar
6. Wicipto Setiadi
*) Independent Commissioners
BOARD OF DIRECTORS
1. Kiswodarmawan
2. Adji Satmoko
3. Pundjung Setya Brata
4. Djoko Prabowo
5. Giri Sudaryono
6. Supardi

SHAREHOLDERS (July 2015)


1. Negara Republik Indonesia
2. Public (<5%)

918,680,000 :
882,640,000 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2003
2005
2005
2006
2008
2009
2010
2011
2012
2013
2014

Shares

Dividend
12.30
19.56
12.98
10.61
11.51
28.26
32.35
30.33
23.49
67.61
35.98

Cum Date
07-Jul-04
17-Jun-05
20-Jul-06
17-Jul-07
02-Jul-09
30-Jun-10
04-Jul-11
05-Jun-12
13-May-13
04-Apr-14
27-Mar-15

Ex Date
08-Jul-04
20-Jun-05
21-Jul-06
18-Jul-07
03-Jul-09
01-Jul-10
05-Jul-11
06-Jun-12
14-May-13
07-Apr-14
30-Mar-15

Recording
Date
12-Jul-04
22-Jun-05
25-Jul-06
20-Jul-07
07-Jul-09
05-Jul-10
07-Jul-11
08-Jun-12
16-May-13
10-Apr-14
01-Apr-15

51.38%
48.62%

Payment
Date
23-Jul-04
06-Jul-05
08-Aug-06
03-Aug-07
22-Jul-09
19-Jul-10
20-Jul-11
22-Jun-12
29-May-13
25-Apr-14
22-Apr-15

F
F
F
F
F
F
F
F
F
I

ISSUED HISTORY
No.
1.
2.
3.
4.

Type of Listing
First Issue
Company Listing
Employee Management Buy Out (EMBO)

Employee Stock Allocation (ESA)

Shares
397,188,000
918,680,000
441,320,000
44,132,000

Listing
Date
18-Mar-04
18-Mar-04
18-Mar-04
18-Mar-04

Trading
Date
18-Mar-04
18-Mar-04
03-Jul-06
26-Jun-04

AUDIT COMMITTEE
1. Muchlis R. Luddin
2. Mukti Wibowo
3. Syaiful
CORPORATE SECRETARY
Ki Syahgolang Permata
HEAD OFFICE
Jln. Raya Pasar Minggu Km.18
Jakarta - 12510
Phone : (021) 797-5312
Fax
: (021) 797-5311
Homepage
Email

F/I

: www.adhi.co.id
: kiki@adhi.co.id

RESEARCH AND DEVELOPMENT DIVISION

ADHI Adhi Karya (Persero) Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

4,000

240

3,500

210

3,000

180

2,500

150

2,000

120

1,500

90

1,000

60

500

30

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
January 2011 - July 2015
330%
275%
220%
165%

150.0%
147.2%

110%
55%
28.8%
-55%
-110%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

1,468
989
87
247

2,209
2,571
105
246

5,112
11,472
341
244

6,662
18,415
667
242

2,935
8,734
418
142

930
435
580
580

2,100
570
1,760
1,760

4,000
1,460
1,510
1,510

3,625
1,425
3,480
3,480

3,870
1,910
2,300
2,300

14.84
17.34
2.68

6.70
9.57
1.76

46.54
16.29
4.10

29.41
17.42
2.57

Price (Rupiah)
High
Low
Close
Close*

5.72
PER (X)
11.09
PER Industry (X)
1.05
PBV (X)
* Adjusted price after corporate action

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Adhi Karya (Persero) Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
930
850
850
900
830
800
820
720
610
580
520
640

Low
760
750
760
820
740
740
700
510
450
455
445
435

Close
790
830
840
820
780
800
710
580
510
530
460
580

(X)
4,882
3,295
6,687
14,093
5,278
3,127
6,361
6,573
4,259
6,873
13,367
11,915

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

720
750
800
1,040
1,140
1,010
1,050
960
1,090
1,440
1,910
2,100

570
680
700
750
940
860
860
830
870
1,000
1,360
1,630

690
710
800
990
970
990
910
900
1,040
1,410
1,890
1,760

8,235
4,743
4,622
11,373
7,410
3,027
4,409
4,771
5,588
12,885
13,164
24,655

193,549
129,177
107,316
306,721
202,611
59,294
84,526
85,274
119,462
284,217
272,742
363,628

126,624
92,626
79,249
280,632
210,502
56,177
79,675
76,887
116,886
345,507
431,698
674,866

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

2,150
2,650
3,175
3,175
3,925
4,000
3,375
3,200
2,275
2,150
1,970
1,780

1,730
1,990
2,400
2,700
2,950
3,100
2,400
1,690
1,510
1,830
1,570
1,460

2,000
2,575
3,100
2,975
3,900
3,325
3,075
1,980
2,025
1,950
1,600
1,510

25,820
17,280
17,226
19,520
22,507
27,380
26,992
22,891
71,392
44,551
22,975
22,832

386,992
317,854
224,360
242,917
284,753
298,365
292,062
227,303
1,395,702
759,652
298,528
383,774

740,424
723,135
635,962
711,019
931,777
1,054,227
856,830
516,385
2,639,571
1,504,721
524,666
633,407

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

1,850
2,390
3,110
3,335
3,340
3,150
3,420
3,230
3,160
2,920
2,810
3,625

1,425
1,755
2,275
2,675
2,950
2,620
2,725
3,025
2,740
2,320
2,435
2,780

1,780
2,340
2,995
2,985
3,130
2,785
3,110
3,070
2,765
2,755
2,780
3,480

34,825
51,624
53,545
86,169
50,309
45,534
77,411
40,426
30,838
58,999
56,416
81,342

523,862
769,177
573,781
890,637
514,322
320,944
678,458
298,984
165,105
424,212
568,723
933,533

885,065
1,595,184
1,597,729
2,676,720
1,636,032
925,441
2,147,006
938,382
494,676
1,142,279
1,501,669
2,875,053

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

3,780
3,870
3,475
3,180
2,940
2,540
2,795

3,320
3,330
2,990
2,680
2,490
1,910
2,010

3,695
3,440
3,055
2,765
2,505
2,020
2,300

64,117
64,269
49,578
47,276
43,538
59,436
89,892

576,447
520,481
297,973
291,008
232,483
343,741
672,513

2,067,005
1,843,502
949,746
876,099
639,163
745,375
1,613,341

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


113,072
95,505
75,255
60,185
98,898
80,322
172,522
148,957
95,026
75,050
53,179
40,725
100,864
75,362
119,233
70,518
60,629
33,605
84,676
45,079
134,909
65,650
198,452
359,328

21
18
23
20
21
20
21
19
20
21
22
21

ADHI Adhi Karya (Persero) Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)
Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

552,203

948,846

1,939,960

811,412

799,984

Receivables

1,657,080

2,332,098

2,705,085

3,214,051

3,030,056

Inventories

68,562

116,552

161,560

132,014

165,353

Investment

197,644

62,804

60,034

45,250

329,883

Fixed Assets

220,861

187,437

271,257

496,096

594,384

65,081

27,893

30,547

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Other Assets
Total Assets

Assets

18,154

34,248

6,112,954

7,872,074

28.78%

Growth (%)

9,720,962 10,458,882 11,609,234

23.49%

7,500
5,000

11.00%

2,500
-

192,017

200,920

211,800

771,500

1,520,632

3,132,496

4,276,690

4,767,420

4,923,213

4,885,315

Total Liabilities

5,122,586

6,691,155

8,172,499

8,707,338

9,994,483

30.62%

22.14%

6.54%

14.78%

Growth (%)

10,000

7.59%

Trade Payable

Bank Payable

Liabilities

12,500

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

544,000

544,000

544,000

544,000

544,000

Paid up Capital

180,132

180,132

180,132

180,132

180,132

1,801

1,801

1,801

1,801

1,801

100

100

100

100

100

Retained Earnings

790,784

943,642

1,307,301

1,509,579

1,529,997

Total Equity

990,368

1,180,919

1,548,463

1,751,543

1,614,751

19.24%

31.12%

13.11%

-7.81%

Paid up Capital (Shares)


Par Value

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

6,695,112

7,627,703

9,799,598

8,653,578

3,212,033

13.93%

28.47%

-11.69%

Growth (%)

1,615

1,181

1,394

990
1,037

680

322

-35

2011

5,960,704

6,671,815

8,606,444

7,655,377

2,887,135

Gross Profit

799,042

1,043,220

1,247,711

1,016,588

324,899

Operating Expenses

385,498

531,378

425,009

278,322

95,454

Operating Profit

413,544

738,267

229,444

Cost of Revenues

1,752
1,548

1,752

2012

2013

Jun-15

TOTAL REVENUES (Bill. Rp)


9,800
8,654

9,800

Growth (%)

2014

7,628
7,800

Other Income (Expenses)

-87,164

-88,526

-108,337

-143,714

-64,141

Income before Tax

326,380

423,315

714,365

594,553

165,303

Tax

143,687

209,998

305,927

267,896

94,582

Profit for the period

182,693

213,318

408,438

326,657

70,721

16.76%

91.47%

-20.02%

Growth (%)

6,695

5,801

3,212

3,802

1,803

Period Attributable

182,116

211,590

405,977

324,071

70,436

Comprehensive Income

182,727

213,651

409,862

326,616

42,904

Comprehensive Attributable

182,150

211,924

407,401

324,031

42,620

RATIOS

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

30.33

23.49

67.61

35.98

EPS (Rp)

101.10

117.46

225.38

179.91

39.10

BV (Rp)

549.80

655.59

859.63

972.37

896.43

DAR (X)

0.84

0.85

0.84

0.83

0.86

DER(X)

5.17

5.67

5.28

4.97

6.19

ROA (%)

2.99

2.71

4.20

3.12

0.61

ROE (%)

18.45

18.06

26.38

18.65

4.38

GPM (%)

11.93

13.68

12.73

11.75

10.12

OPM (%)

6.18

8.53

7.14

Dividend (Rp)

NPM (%)
Payout Ratio (%)
Yield (%)

2.73

2.80

4.17

3.77

2.20

30.00

20.00

30.00

20.00

5.23

1.33

4.48

1.03

-196

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


408
408

327
325

242

183

213

158

71
75

-8

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

COMPANY REPORT

ADRO
ADARO ENERGY TBK.

Company Profile
PTAdaroEnergyTbk.wasestablishedJuly28th,2004.TheCompanyisengagedintrading,
services, industry, coal hauling, workshop activities, mining and construction. The
Companys subsidiaries are engaged in coal mining, coal trading, mining contractor
services,infrastructure,coallogisticsandpowergenerationactivities.

The Company commenced its commercial operations in July 2005. The Companys head
office is domiciled in Jakarta and located at Menara Karya Building, 23rd Floor, Jln. H.R.
RasunaSaidBlockX5,Kav.12,SouthJakarta.

PT Adaro Energy Tbk. is a vertically integrated group; in addition to its core mining
subsidiary Adaro Indonesia, it owns subsidiaries along the length of its coal supply chain
frompittoporttopower,includinginmining,barging,shiploading,dredging,portservices,
marketingandpowergeneration.

The subsidiaries combine with a range of contractors to produce and deliver coal with
industryleadingefficiencyandlowcost.

AsatMarch31st,2015theGrouphad7,574permanentemployees.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

10

RESEARCH AND DEVELOPMENT DIVISION

ADRO Adaro Energy Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Mining (2)
Industry Sub Sector : Coal Mining (21)

Individual Index
:
Listed Shares
:
Market Capitalization :

53.636
31,985,962,000
18,871,717,580,000

45 | 18.9T | 0.38% | 72.74%


34 | 13.1T | 0.89% | 62.87%

COMPANY HISTORY
Established Date
: 28-Jul-2004
Listing Date
: 16-Jul-2008
Under Writer IPO :
PT Danatama Makmur
Securities Administration Bureau :
PT Ficomindo Buana Registrar
Mayapada Tower 10th Fl. Suite 02 B
Jln. Jend. Sudirman Kav. 28 Jakarta 12920
Phone : (021) 521-2316, 521-2317
Fax
: (021) 521-2320
BOARD OF COMMISSIONERS
1. Edwin Soeryadjaya
2. Palgunadi Tatit Setyawan *)
3. Raden Pardede *)
4. Subianto
5. Theodore Permadi Rachmat
*) Independent Commissioners
BOARD OF DIRECTORS
1. Garibaldi Thohir
2. Chia Ah Hoo
3. Christian Ariano Rachmat
4. David Tendian
5. Julius Aslan
6. M. Syah Indra Aman
7. Siswanto Prawiroatmodjo

SHAREHOLDERS (July 2015)


1. PT Adaro Strategic Investments
2. Garibaldi Thohir
3. Public (<5%)

14,045,425,500 :
1,976,632,654 :
15,963,903,846 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2008
2009
2009
2010
2010
2011
2011
2012
2012
2012
2013
2013
2014
2014

Shares

Dividend
11.80
12.00
17.00
9.85
20.50
USD 0.00235
USD 0.00575
USD 0.0013
USD 0.0011
USD 0.00126
USD 0.00125
USD 0.0011
USD 0.00094
USD 0.00142

Cum Date
25-Aug-09
11-Dec-09
02-Jun-10
26-Nov-10
27-May-11
28-Nov-11
29-May-12
29-May-12
26-Dec-12
29-May-13
24-Dec-13
26-May-14
24-Dec-14
30-Apr-15

Ex Date
26-Aug-09
14-Dec-09
03-Jun-10
29-Nov-10
30-May-11
29-Nov-11
30-May-12
30-May-12
27-Dec-12
30-May-13
27-Dec-13
28-May-14
29-Dec-14
04-May-15

Recording
Date
28-Aug-09
16-Dec-09
07-Jun-10
01-Dec-10
01-Jun-11
01-Dec-11
01-Jun-12
01-Jun-12
02-Jan-13
03-Jun-13
02-Jan-14
02-Jun-14
02-Jan-15
06-May-15

43.91%
6.18%
49.91%

Payment
Date
11-Sep-09
30-Dec-09
18-Jun-10
10-Dec-10
09-Jun-11
09-Dec-11
12-Jun-12
12-Jun-12
15-Jan-13
12-Jun-13
16-Jan-14
12-Jun-14
16-Jan-15
27-May-15

F
I
F
I
F
I
F
I
I
F
I
F
I
F

ISSUED HISTORY
No. Type of Listing
1. First Issue
2. Company Listing

Shares
11,139,331,000
20,846,631,000

Listing
Date
16-Jul-08
16-Jul-08

Trading
Date
16-Jul-08
16-Apr-09

AUDIT COMMITTEE
1. Palgunadi Tatit Setyawan
2. Irwandy Arif
3. Mamat Ma'mun
CORPORATE SECRETARY
Mahardika Putranto
HEAD OFFICE
Menara Karya 23rd Fl.
Jln. H.R. Rasuna Said, Blok X-5, Kav. 1 - 2
Jakarta - 12950
Phone : (021) 521-1265, 255-33040
Fax
: (021) 579-44687, 579-44648
Homepage
Email

F/I

: www.adaro.com
: mahardika.putranto@ptadaro.com
corsec@ptadaro.com

RESEARCH AND DEVELOPMENT DIVISION

11

ADRO Adaro Energy Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

3,000

400

2,625

350

2,250

300

1,875

250

1,500

200

1,125

150

750

100

375

50

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Mining Index
January 2011 - July 2015
60%
40%
28.8%
20%
-20%
-40%
-60%
-71.3%
-77.9%

-80%
-100%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

16,314
35,887
500
247

11,350
18,253
392
246

13,864
15,019
469
244

15,254
16,751
730
242

6,986
6,282
382
142

2,900
1,430
1,770
1,770

2,025
1,180
1,590
1,590

1,770
640
1,090
1,090

1,390
870
1,040
1,040

1,050
550
590
590

13.78
8.49
1.76

12.29
20.76
0.89

9.27
3.23
0.81

6.06
-10.63
0.43

Price (Rupiah)
High
Low
Close
Close*

11.16
PER (X)
16.17
PER Industry (X)
2.56
PBV (X)
* Adjusted price after corporate action

12

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Adaro Energy Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
2,900
2,500
2,475
2,350
2,475
2,500
2,700
2,700
2,125
2,150
2,150
2,025

Low
2,225
2,250
2,175
2,200
2,200
2,250
2,450
1,990
1,430
1,500
1,830
1,730

Close
2,250
2,450
2,200
2,200
2,450
2,450
2,650
2,025
1,720
2,025
1,910
1,770

(X)
43,230
28,318
46,772
37,572
48,050
19,872
20,831
44,376
63,571
63,762
41,895
41,384

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

1,860
2,025
1,980
1,970
1,880
1,490
1,630
1,610
1,610
1,490
1,430
1,610

1,750
1,790
1,870
1,770
1,460
1,180
1,320
1,330
1,350
1,340
1,320
1,320

1,830
1,920
1,930
1,860
1,470
1,450
1,460
1,370
1,500
1,370
1,340
1,590

36,837
42,144
33,313
31,778
31,426
48,253
39,070
25,007
26,552
25,135
23,953
28,273

999,140
1,294,177
1,076,242
801,403
824,427
1,628,248
896,114
589,119
550,208
973,400
651,960
1,065,599

1,807,345
2,500,859
2,056,482
1,481,681
1,400,499
2,145,363
1,301,281
876,431
825,189
1,379,202
899,730
1,578,648

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

1,770
1,680
1,580
1,370
1,240
930
860
940
1,030
1,130
1,240
1,250

1,590
1,550
1,250
1,190
920
750
670
640
870
890
1,010
1,040

1,650
1,570
1,310
1,230
930
860
700
930
900
1,020
1,130
1,090

35,702
29,234
34,568
28,764
40,369
46,114
38,801
42,185
45,303
42,712
49,717
35,467

693,704
578,305
1,179,303
699,841
1,088,707
1,004,249
1,288,624
1,653,523
1,566,310
1,230,844
1,820,926
1,059,797

1,175,414
922,195
1,701,990
898,296
1,179,144
849,300
930,027
1,307,578
1,494,923
1,250,459
2,085,692
1,223,837

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

1,110
995
1,040
1,205
1,320
1,340
1,210
1,350
1,390
1,185
1,150
1,145

870
880
945
930
1,100
1,130
1,080
1,170
1,150
920
980
995

950
995
980
1,185
1,225
1,175
1,185
1,315
1,175
1,135
1,080
1,040

67,166
52,885
59,759
55,961
60,224
59,842
58,308
67,428
58,209
87,590
55,494
47,125

1,717,526
1,197,188
1,369,759
1,295,481
1,439,612
1,173,729
1,079,081
1,186,836
927,416
1,641,955
1,174,713
1,050,501

1,651,052
1,126,593
1,357,397
1,355,337
1,768,558
1,460,502
1,241,003
1,515,182
1,196,582
1,706,381
1,247,984
1,123,969

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

1,050
1,025
1,035
990
940
925
775

925
940
935
835
835
755
550

1,000
960
950
875
860
760
590

70,943
53,979
61,722
49,786
42,790
44,264
58,960

1,137,115
1,400,629
1,137,398
716,447
883,826
547,730
1,163,030

1,117,884
1,385,742
1,117,337
686,954
789,582
454,253
730,274

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


1,713,532 4,350,610
1,202,450 2,872,429
1,404,886 3,245,738
1,105,133 2,502,053
1,735,498 4,063,096
834,507 2,009,815
1,032,290 2,644,882
1,384,272 3,166,937
1,819,818 3,335,150
1,830,149 3,396,335
1,180,537 2,322,064
1,070,469 1,977,409

21
18
23
20
21
20
21
19
20
21
22
21

ADRO Adaro Energy Tbk. [S]


Financial Data and Ratios

Public Accountant : Tanudiredja, Wibisana, Rintis & Rekan (Member of PricewaterhouseCoopers Global Network)
Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Cash & Cash Equivalents

5,067,851

4,838,559

8,354,692

9,267,904

9,169,643

Receivables

4,396,801

4,692,058

3,822,657

3,571,196

3,828,230

Inventories

475,345

623,589

1,260,706

1,203,096

1,097,997

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Assets

Current Assets

11,765,957 13,672,171 16,820,685 15,814,016 15,303,669

Fixed Assets

12,988,087 17,106,385 20,930,154 20,104,075 20,377,095

Other Assets
Total Assets

125,873

96,226

248,811

268,605

289,544

51,315,458 64,714,116 82,623,566 79,760,127 82,725,433

Growth (%)
Current Liabilities

Book End : December

7,065,795

52,500
35,000

27.67%

-3.47%

3.72%

17,500

8,695,486

9,493,041

9,632,863

8,028,917

22,103,586 27,056,457 33,927,838 29,608,935 30,190,047

Total Liabilities

29,169,380 35,751,943 43,420,880 39,241,798 38,218,964

Growth (%)

70,000

26.11%

Long Term Liabilities

22.57%

21.45%

-9.62%

-2.61%

Liabilities

87,500

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

8,000,000

8,000,000

8,000,000

8,000,000

8,000,000

Paid up Capital

3,198,596

3,198,596

3,198,596

3,198,596

3,198,596

31,986

31,986

31,986

31,986

31,986

100

100

100

100

100

Paid up Capital (Shares)


Par Value
Retained Earnings
Total Equity

22,146,078 28,962,172 39,202,687 40,518,329 44,506,469

INCOME STATEMENTS

Dec-11

30.78%

35.36%

3.36%

9.84%

Dec-12

Dec-13

Dec-14

Jun-15

-0.45%

11.98%

2.60%

2013

2014

28,962
26,348

22,146

17,269

8,189

-890

2011

Cost of Revenues

23,205,121 25,914,314 31,238,880 32,401,302 14,661,720

Gross Profit

12,952,668 10,082,155

9,069,812

8,953,920

3,986,228

1,313,246

1,994,321

2,514,135

2,816,095

1,022,484

11,639,422

8,087,833

6,555,677

6,137,825

2,963,744

-30.51%

-18.94%

-6.37%

-2,547,745

-1,186,122

-1,411,062

-2,091,648

-318,661

Income before Tax

9,091,677

6,901,711

5,144,615

4,046,177

2,645,082

Tax

4,085,207

3,195,132

2,331,558

1,763,674

1,057,548

Profit for the period

5,006,470

3,706,579

2,813,057

2,282,503

1,587,535

-25.96%

-24.11%

-18.86%

Operating Profit

40,518

36,157,789 35,996,469 40,308,692 41,355,222 18,647,948

Growth (%)

Expenses (Income)

39,203

35,427

8,542,056 10,314,612 14,940,038 16,287,516 18,459,661

Growth (%)

Total Revenues

44,506
44,506

Growth (%)

2012

Jun-15

TOTAL REVENUES (Bill. Rp)


40,309
41,355

36,158

41,355

35,996

32,919

Other Income (Expenses)

Growth (%)

24,482

18,648

16,046

7,609

Period Attributable

4,990,610

3,726,305

2,837,204

2,215,623

1,588,508

Comprehensive Income

5,073,546

3,691,474

2,765,793

-1,823,491

1,686,338

Comprehensive Attributable

5,057,940

3,711,201

2,774,247

1,836,934

1,697,617

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

166.52

157.23

177.19

164.17

190.61

RATIOS
Current Ratio (%)

75.01

35.15

28.77

30.24

EPS (Rp)

156.03

116.50

88.70

69.27

49.66

BV (Rp)

692.37

905.47

1,225.62

1,266.75

1,391.44

DAR (X)

0.57

0.55

0.53

0.49

0.46

DER(X)

1.32

1.23

1.11

0.97

0.86

ROA (%)

9.76

5.73

3.40

2.86

1.92

ROE (%)

22.61

12.80

7.18

5.63

3.57

GPM (%)

35.82

28.01

22.50

21.65

21.38

OPM (%)

32.19

22.47

16.26

14.84

15.89

NPM (%)

13.85

10.30

6.98

5.52

8.51

Payout Ratio (%)

48.08

30.17

32.43

43.66

4.24

2.21

2.64

2.91

Dividend (Rp)

Yield (%)

-827

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


5,006
5,006

3,707

3,985

2,813
2,964

2,283
1,588

1,943

921

-100

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

13

COMPANY REPORT

AKRA
AKR CORPORINDO TBK.

Company Profile

The Companys scope of activities comprises of chemical industry, general trading and
distribution of primarily chemical products and petroleum products and gas, engaging in
thelogisticsbusiness,transportation(includingforownuseandfortransportoperationsby
land or sea and operations of pipe for sea transportation infrastructure), rental of
warehousesandstoragetanks,includingworkshop,expeditionandpackaging,conducting
abusinessandactingasarepresentativeand/oranagent,withdistributorshipagreements
withforeignandlocalentities,contractorsandotherservicesexceptlegalservices.

TheCompanyiscurrentlyengagedinthedistributionofpetroleumproductstoindustrial
customers, distribution and trading of chemical products (such as caustic soda, sodium
sulphate, PVC resin and soda ash) used by various industries in Indonesia in accordance
with distributorship agreements with foreign and local manufacturers, rental of
warehouses,transportationvehicles,tanksandotherlogisticservices.

TheCompanystarteditscommercialoperationsinJune1978.

The Company is domiciled at Wisma AKR, 8th Floor, JIn. Panjang No. 5, Kebon Jeruk,
Jakarta.ItsmajorbranchofficeislocatedatJIn.SumatraNo.5153,Surabaya.Othersales
offices also the tank terminals are located in Medan, Palembang, Lampung, Ciwandan
(Banten), Bandung, Semarang, Pontianak, Balikpapan, Banjarmasin, Stagen (South
Kalimantan),Makassar,ManadoandBali.TheCompanyalsohasarepresentativeofficein
Guigang,China.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

14

RESEARCH AND DEVELOPMENT DIVISION

AKRA AKR Corporindo Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Trade, Services & Investment (9)
Industry Sub Sector : Wholesale (Durable & Non-Durable Goods) (91)

Individual Index
:
Listed Shares
:
Market Capitalization :

4,582.732
3,939,712,574
22,653,347,300,500

39 | 22.7T | 0.46% | 70.39%


44 | 10.9T | 0.74% | 70.66%

COMPANY HISTORY
Established Date
: 28-Nov-1977
Listing Date
: 03-Oct-1994
Under Writer IPO :
PT Lippo Securities
Securities Administration Bureau :
PT Raya Saham Registra
Plaza Central Building 2nd Fl.
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930
Phone : (021) 252-5666
Fax
: (021) 252-5028
BOARD OF COMMISSIONERS
1. Soegiarto Adikoesoemo
2. I Nyoman Mastra *)
3. Mahendra Siregar
*) Independent Commissioners
BOARD OF DIRECTORS
1. Haryanto Adikoesoemo
2. Arief Budiman Utomo
3. Bambang Soetiono Soedijanto
4. Jimmy Tandyo
5. Mery Sofi
6. Nery Polim
7. Suresh Vembu
8. Ter Murti Tiban
AUDIT COMMITTEE
1. I Nyoman Mastra
2. Ngurah Gede
3. Sahat Pardede
CORPORATE SECRETARY
Harryati Utami
HEAD OFFICE
Wisma AKR 7th - 8th Fl.
Jln. Panjang No. 5, Kebon Jeruk
Jakarta
Phone : (021) 531-1110
Fax
: (021) 531-1185, 531-1388, 531-1128
Homepage
Email

: www.akr.co.id
: harryati.utami@akr.co.id; tami@akr.co.id

SHAREHOLDERS (July 2015)


1. PT Arthakencana Rayatama
2. Public (<5%)

2,307,906,120 :
1,631,806,454 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1995
1994
1995
1995
1995
1996
2002
2003
2005
2005
2006
2007
2008
2009
2010
2010
2010
2011
2011
2012
2012
2013
2013
2014
2014
2015

Shares

Dividend
80.00
50.00
80.00

10 : 6
70.00
50.00
25.00
50.00
40.00
60.00
65.00
19.00
21.00
25.00
30.00
135.00
2.00
200.00
25.00
40.00
65.00
50.00
65.00
50.00
80.00
100.00

Cum Date
27-Jan-95
11-Jul-95
17-Nov-95
26-Feb-96
07-Jun-96
23-Jun-97
03-Sep-03
28-Jun-04
02-May-05
01-Sep-06
27-Jun-07
03-Jun-08
09-Jun-09
25-May-10
19-Nov-10
11-Mar-11
31-May-11
22-Aug-11
06-Jun-12
26-Dec-12
31-May-13
18-Sep-13
05-Jun-14
09-Sep-14
12-May-15
07-Aug-15

Recording
Date
06-Feb-95
20-Jul-95
28-Nov-95
06-Mar-96
18-Jun-96
01-Aug-97
08-Sep-03
01-Jul-04
06-May-05
06-Sep-06
02-Jul-07
06-Jun-08
12-Jun-09
31-May-10
24-Nov-10
16-Mar-11
06-Jun-11
25-Aug-11
11-Jun-12
02-Jan-13
05-Jun-13
23-Sep-13
10-Jun-14
12-Sep-14
18-May-15
12-Aug-15

Ex Date
30-Jan-95
12-Jul-95
20-Nov-95
27-Feb-96
10-Jun-96
24-Jun-97
04-Sep-03
29-Jun-04
03-May-05
04-Sep-06
28-Jun-07
04-Jun-08
10-Jun-09
26-May-10
22-Nov-10
14-Mar-11
01-Jun-11
23-Aug-11
07-Jun-12
27-Dec-12
03-Jun-13
19-Sep-13
06-Jun-14
10-Sep-14
13-May-15
08-Aug-15

58.59%
41.41%

Payment
Date
28-Feb-95
11-Aug-95
18-Dec-95
29-Mar-96
11-Jul-96
26-Aug-97
19-Sep-03
14-Jul-04
19-May-05
19-Sep-06
16-Jul-07
16-Jun-08
19-Jun-09
14-Jun-10
09-Dec-10
29-Mar-11
20-Jun-11
08-Sep-11
25-Jun-12
16-Jan-13
20-Jun-13
04-Oct-13
24-Jun-14
26-Sep-14
29-May-15
21-Aug-15

F/I
I
F
I
B
F
F
F
F
F
F
F
F
F
I
I
F
I
F
I
F
I
F
I
F
I

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.

Type of Listing
First Issue
Company Listing
Bonus Shares
Stock Split
Right Issue
OPSI Conversion
Opsi MSOP Conversion I, II & III
Opsi MSOP Conversion I & III
Opsi MSOP Conversion II, III & IV

Opsi MSOP Conversion II, III, IV


Opsi MSOP Conversion IV
Opsi MSOP Conversion III, IV, V
Opsi MSOP Conversion III
Opsi MSOP Conversion IV, V
MSOP V (2011) 3, I (2012) 2, I (2013) 1
MSOP V (2011) 3, I (2012) 2, II (2013) 1

MSOP I (2012) 2, II (2013) 1


MSOP I (2012) 3, MSOP II (2013) 2
MSOP I (2012) 3, MSOP II (2013) 2, MSOP 2014

Shares
15,000,000
50,000,000
39,000,000
2,600,000,000
1,043,658,500
18,292,500
26,537,500
447,500
28,607,500
432,500
195,000
28,907,500
550,000
29,099,000
22,714,000
9,996,174
200,000
20,525,500
5,549,400

T:
T:
T:
T:
T:
T:
T:
T:

T:
T:

T:
T:

Listing
Date
03-Oct-94
03-Oct-94
01-Apr-96
30-Sep-96
20-Dec-04
11-Apr-08
09-Apr-10
12-Apr-10
13-Apr-11
12-Oct-11
13-Oct-11
09-Apr-12
10-Apr-12
09-Apr-13
04-Apr-14
07-Oct-14
09-Oct-14
06-Apr-15
08-Apr-15

:
:
:
:
:
:
:
:

:
:

:
:

RESEARCH AND DEVELOPMENT DIVISION

Trading
Date
03-Oct-94
06-May-95
01-Apr-96
27-Jul-07
16-Feb-10
15-Oct-09
13-Oct-10
15-Apr-10
14-Apr-11
12-Oct-11
12-Apr-13
09-Apr-12
10-Apr-12
10-Apr-13
11-Apr-14
07-Oct-14
09-Oct-14
07-Apr-15
10-Apr-15

15

AKRA AKR Corporindo Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

6,200

48.0

5,425

42.0

4,650

36.0

3,875

30.0

3,100

24.0

2,325

18.0

1,550

12.0

775

6.0

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Trade, Sevices and Investment Index
January 2011 - July 2015
280%
240%

238.2%

200%
160%
120%
95.8%

80%
40%

28.8%

-40%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

4,083
9,005
265
247

3,297
12,604
275
246

2,637
12,158
251
244

2,141
9,991
385
242

1,278
6,522
217
142

Price (Rupiah)
High
Low
Close
Close*

3,250
1,350
3,025
3,025

4,700
3,000
4,150
4,150

6,100
3,475
4,375
4,375

5,825
3,950
4,120
4,120

6,225
4,110
5,750
5,750

21.15
19.08
3.80

26.19
15.42
3.17

20.90
22.13
2.84

18.71
16.33
3.21

22.62
PER (X)
16.89
PER Industry (X)
3.23
PBV (X)
* Adjusted price after corporate action

16

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


AKR Corporindo Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
1,730
1,630
1,660
1,720
1,840
2,200
3,125
3,100
2,775
3,125
3,250
3,075

Low
1,390
1,350
1,420
1,450
1,580
1,770
2,100
2,450
2,150
2,200
2,750
2,900

Close
1,440
1,560
1,470
1,710
1,840
2,125
3,050
2,650
2,400
3,025
2,850
3,025

(X)
21,826
13,847
22,274
21,474
19,868
13,270
24,160
33,390
21,997
22,226
24,988
25,252

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

3,650
3,900
4,425
4,350
4,200
3,775
3,950
3,750
4,275
4,550
4,700
4,325

3,000
3,500
3,550
4,000
3,325
3,150
3,500
3,325
3,450
3,975
4,225
3,950

3,650
3,600
4,300
4,125
3,375
3,475
3,650
3,500
4,250
4,450
4,300
4,150

39,838
22,274
24,831
23,979
23,693
21,238
27,387
18,714
20,476
18,786
17,677
16,535

414,607
284,426
311,040
243,621
271,922
224,399
311,055
297,106
278,456
216,605
217,527
226,058

1,404,452
1,042,116
1,231,547
1,019,079
1,014,240
789,842
1,151,428
1,049,276
1,072,492
931,478
962,649
935,688

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

4,200
4,500
5,550
5,350
5,500
6,100
5,450
4,950
4,650
5,350
5,050
4,975

3,775
3,825
4,425
4,850
4,850
4,625
4,325
3,475
3,500
4,000
4,425
4,350

3,875
4,475
5,000
5,150
5,350
5,300
4,325
3,975
4,000
4,850
4,675
4,375

23,466
19,230
14,741
17,228
19,669
31,480
26,256
22,430
22,308
19,727
19,926
14,061

315,427
218,111
189,877
166,257
183,716
288,147
227,366
245,307
275,681
193,237
204,324
129,874

1,245,106
902,451
947,949
851,310
958,295
1,525,542
1,090,451
1,040,139
1,093,424
914,203
972,950
616,656

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

4,820
4,625
5,200
5,200
4,750
4,640
4,750
5,375
5,825
5,475
4,950
4,680

4,175
4,200
4,490
4,625
4,125
4,175
4,255
4,400
5,050
4,700
4,540
3,950

4,400
4,560
4,835
4,770
4,125
4,330
4,400
5,250
5,450
4,925
4,650
4,120

32,248
34,928
30,860
34,583
30,225
26,447
26,710
25,846
28,569
29,475
30,471
54,597

151,840
187,729
182,352
161,251
175,805
178,895
188,850
165,098
160,850
160,511
192,944
234,929

680,984
840,663
874,778
781,369
789,077
790,700
855,524
786,913
853,493
796,156
900,889
1,040,676

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

4,750
4,920
5,200
5,675
5,775
6,225
6,100

4,110
4,565
4,800
4,960
5,000
5,100
5,200

4,695
4,870
5,125
5,200
5,475
5,925
5,750

50,776
27,389
24,742
32,243
22,396
24,500
34,681

274,374
161,693
198,686
261,347
111,597
114,486
155,464

1,245,406
768,346
999,074
1,384,596
601,606
645,479
877,200

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


383,691
600,618
339,089
227,243
343,580
527,701
394,286
615,401
352,872
589,727
258,481
495,557
378,575
948,766
463,554 1,302,769
339,598
863,164
282,903
759,571
317,985
950,762
339,968 1,011,851

21
18
23
20
21
20
21
19
20
21
22
21

AKRA AKR Corporindo Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Cash & Cash Equivalents

1,329,789

1,884,943

820,065

896,591

1,222,825

Receivables

2,189,012

3,224,397

4,351,773

4,350,615

4,411,095

Inventories

1,250,135

1,415,169

1,823,246

934,877

1,036,754

Current Assets

5,239,361

7,414,601

7,723,315

6,719,745

7,756,125

Fixed Assets

2,437,215

3,177,350

4,226,692

4,390,207

4,522,826

40,371

24,372

20,218

21,220

17,761

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

8,308,244 11,787,525 14,633,141 14,791,917 15,513,036

41.88%

Growth (%)
Current Liabilities
Long Term Liabilities
Total Liabilities

9,750
6,500

1.09%

4.88%

3,250
-

5,142,386

6,593,292

6,183,756

5,670,401

873,528

2,435,399

2,676,688

2,646,978

2,778,241

4,733,540

7,577,785

9,269,980

8,830,735

8,448,642

60.09%

22.33%

-4.74%

-4.33%

Growth (%)

13,000

24.14%

3,860,012

Liabilities

16,250

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

750,000

750,000

750,000

750,000

750,000

Paid up Capital

382,199

385,144

388,073

391,364

393,971

3,822

3,851

3,881

3,914

3,940

100

100

100

100

100

Paid up Capital (Shares)


Par Value
Retained Earnings

2,222,920

2,931,851

3,289,047

3,845,417

4,332,467

Total Equity

3,574,704

4,209,740

5,363,161

5,961,183

7,064,394

17.76%

27.40%

11.15%

18.51%

Dec-12

Dec-13

Dec-14

Jun-15

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

15.25%

3.06%

0.58%

5,623

4,210
4,182

3,575

2,741

1,300

17,787,552 20,412,678 20,970,288 20,736,407

-141

2011

1,261,276

1,367,641

1,731,920

1,149,310

Expenses (Income)

302,869

430,920

600,059

695,937

360,496

Operating Profit

715,529

830,356

767,582

1,063,170

788,814

16.05%

-7.56%

38.51%

Growth (%)

2012

2013

2014

Jun-15

9,123,673

1,018,398

Gross Profit

5,363

5,961

18,805,950 21,673,954 22,337,928 22,468,328 10,272,983

Growth (%)
Cost of Revenues

7,064
7,064

TOTAL REVENUES (Bill. Rp)


21,674

22,338

22,468

22,468

18,806
17,885

24,443

-20,673

-37,581

-69,826

-6,266

Income before Tax

739,972

809,682

733,053

993,344

782,548

Tax

145,838

190,849

117,426

202,780

152,207

2,284,080

618,833

615,627

790,563

630,342

-72.91%

-0.52%

28.42%

Other Income (Expenses)

Profit for the period

Growth (%)

13,301

10,273

8,718

4,134

Period Attributable

2,293,427

649,314

648,250

810,094

605,242

Comprehensive Income

2,331,631

755,870

980,588

739,586

674,053

Comprehensive Attributable

2,339,138

775,371

969,250

756,333

632,426

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

135.73

144.19

117.14

108.67

136.78

Dividend (Rp)

225.00

105.00

115.00

130.00

100.00

EPS (Rp)

600.06

168.59

167.04

206.99

153.63

BV (Rp)

935.30

1,093.03

1,382.00

1,523.18

1,793.12

DAR (X)

0.57

0.64

0.63

0.60

0.54

DER(X)

1.32

1.80

1.73

1.48

1.20

RATIOS
Current Ratio (%)

ROA (%)

27.49

5.25

4.21

5.34

4.06

ROE (%)

63.90

14.70

11.48

13.26

8.92

GPM (%)

5.42

5.82

6.12

7.71

11.19

OPM (%)

3.80

3.83

3.44

4.73

7.68

NPM (%)

12.15

2.86

2.76

3.52

6.14

Payout Ratio (%)

37.50

62.28

68.84

62.80

65.09

7.44

2.53

2.63

3.16

1.69

Yield (%)

-449

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


2,284
2,284

1,818

1,352

886

619

616

2012

2013

791

630

420

-46

2011

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

17

COMPANY REPORT

ASII
ASTRA INTERNATIONAL TBK.

Company Profile
PTAstraInternationalTbk.wasestablishedin1957asPTAstraInternationalIncorporated.
In1990,thecompanychangeditsnametoPTAstraInternationalTbk.

ThescopeofthecompanysactivitiesassetoutinitsArticlesofAssociationaretoengage
in general trading, industry, mining, transportation, agriculture, construction and
consultancyservices.Thesubsidiariesmainactivitiesaretheassemblyanddistributionof
automobiles, motorcycles and related spare parts, heavy equipment sales and rentals,
mining and related services, development of plantation, financial services, infrastructure,
andinformationtechnology.

The Companyss largest shareholder is Jardine Cycle & Carriage Ltd. is a subsidiary of
JardineMahesonHoldingsLtd,acompanyincorporatedinBermuda.

Asat30June2015,theCompanyanditssubsidiarieshad156,127employees.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

18

RESEARCH AND DEVELOPMENT DIVISION

ASII

Astra International Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Miscellaneous Industry (4)
Industry Sub Sector : Automotive And Components (42)

4,755.537
Individual Index
:
Listed Shares
40,483,553,140
:
Market Capitalization : 269,215,628,381,000

5 | 269.2T | 5.43% | 31.37%


4 | 63.3T | 4.30% | 20.26%

COMPANY HISTORY
Established Date
: 20-Feb-1957
Listing Date
: 04-Apr-1990
Under Writer IPO :
PT Danareksa Sekuritas
Securities Administration Bureau :
PT Raya Saham Registra
Plaza Central Building 2nd Fl.
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930
Phone : (021) 252-5666
Fax
: (021) 252-5028
BOARD OF COMMISSIONERS
1. Budi Setiadharma
2. Anthony John Liddell Nightingale
3. Benjamin William Keswick
4. Chiew Sin Cheok
5. David Alexander Newbigging
6. Jonathan Chang
7. Kyoichi Tanada *)
8. Mari Elka Pangestu *)
9. Mark Spencer Greenberg
10. Muhamad Chatib Basri *)
11. Sidharta Utama *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Prijono Sugiarto
2. Bambang Widjanarko Santoso
3. Djoko Pranoto
4. Djony Bunarto Tjondro
5. Gunawan Geniusahardja
6. Johannes Loman
7. Simon Collier Dixon
8. Sudirman Maman Rusdi
9. Suparno Djasmin
10. Widya Wiryawan
AUDIT COMMITTEE
1. Muhamad Chatib Basri
2. Chiew Sin Cheok
3. Harry Wiguna
4. Inget Sembiring
CORPORATE SECRETARY
Gita Tiffany Boer
HEAD OFFICE
AMDI Building
Jln. Gaya Motor Raya No. 8 Sunter
Jakarta
Phone : (021) 653-10418
Fax
: (021) 653-04957
Homepage
Email

SHAREHOLDERS (July 2015)


1. Jardine Cycle & Carriage Limited
2. Public (<5%)

20,288,255,040 :
20,195,298,100 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1990
1990
1991
1991
1992
1993
1993
1994
1995
1996
2003
2003
2004
2005
2005
2005
2006
2006
2007
2008
2008
2009
2010
2011
2011
2012
2012
2013
2013
2014
2014

Shares

Dividend
100.00
150.00
100.00
125.00
100.00
225.00

1:3
80.00
90.00
120.00
50.00
170.00
100.00
270.00
100.00
340.00
150.00
290.00
160.00
300.00
570.00
830.00
470.00
600.00
1,380.00
66.00
150.00
64.00
152.00
64.00
152.00

Cum Date
05-Nov-90
02-May-91
12-Nov-91
17-Jun-92
01-Jul-93
13-Jun-94
29-Jul-94
22-Jun-95
25-Jun-96
30-Jun-97
01-Dec-03
28-Jun-04
01-Nov-04
16-Jun-05
09-Nov-05
15-Jun-06
20-Oct-06
14-Jun-07
29-Oct-07
28-Oct-08
17-Jun-09
16-Jun-10
27-Oct-10
26-Oct-11
16-May-12
18-Oct-12
20-May-13
10-Oct-13
22-May-14
14-Oct-14
06-May-15

Recording
Date
13-Nov-90
13-May-91
20-Nov-91
25-Jun-92
09-Jul-93
21-Jun-94
08-Aug-94
03-Jul-95
04-Jul-96
09-Jul-97
04-Dec-03
01-Jul-04
04-Nov-04
21-Jun-05
14-Nov-05
20-Jun-06
01-Nov-06
19-Jun-07
01-Nov-07
31-Oct-08
22-Jun-09
21-Jun-10
01-Nov-10
31-Oct-11
23-May-12
23-Oct-12
23-May-13
17-Oct-13
28-May-14
17-Oct-14
11-May-15

Ex Date
06-Nov-90
03-May-91
13-Nov-91
18-Jun-92
02-Jul-93
14-Jun-94
01-Aug-94
23-Jun-95
26-Jun-96
01-Jul-97
02-Dec-03
29-Jun-04
02-Nov-04
17-Jun-05
10-Nov-05
16-Jun-06
30-Oct-06
15-Jun-07
30-Oct-07
29-Oct-08
18-Jun-09
17-Jun-10
28-Oct-10
27-Oct-11
21-May-12
19-Oct-12
21-May-13
11-Oct-13
23-May-14
15-Oct-14
07-May-15

50.11%
49.89%

Payment
Date
27-Nov-90
10-Jun-91
16-Dec-91
24-Jul-92
09-Aug-93
21-Jul-94
07-Sep-94
31-Jul-95
31-Jul-96
29-Jul-97
18-Dec-03
14-Jul-04
12-Nov-04
04-Jul-05
24-Nov-05
04-Jul-06
15-Nov-06
03-Jul-07
15-Nov-07
14-Nov-08
03-Jul-09
05-Jul-10
15-Nov-10
14-Nov-11
06-Jun-12
07-Nov-12
07-Jun-13
31-Oct-13
12-Jun-14
31-Oct-14
29-May-15

F/I
I
F
I
F
F
F
F
F
F
F
I
F
F
I
F
I
F
I
I
F
F
I
I
F
I
F
I
F
I
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.

Type of Listing
First Issue
Partial Listing
Company Listing
Koperasi
Right Issue
Bonus Shares
CB Conversion
Stock Split
Right Conversion
Option I
Option I Conversion
Option II Conversion

Shares
30,000,000
24,805,000
184,893,000
2,500,000
1,453,219,775
871,912,800
280,837
37,598,029,063
262,168,650
8,637,003
16,203,924
30,903,088

T:
T:
T:
T:
T:
T:
T:
T:
T:
T:

Listing
Date
04-Apr-90
04-Apr-90
18-Dec-91
18-Dec-91
03-Jan-94
08-Sep-94
12-Mar-97
01-Sep-97
24-Apr-00
16-Oct-00
31-Jul-01
26-Apr-02

:
:
:
:
:
:
:
:
:
:

Trading
Date
04-Apr-90
04-Oct-90
02-Jan-92
31-Dec-99
21-Jan-03
08-Sep-94
07-Aug-97
05-Jun-12
19-Jan-04
16-Feb-01
26-Apr-02
25-May-04

: www.astra.co.id
: gita.tiffanyboer@ai.astra.co.id

RESEARCH AND DEVELOPMENT DIVISION

19

ASII

Astra International Tbk. [S]

Closing
Price*

Volume
(Mill. Sh)

10,000

240

8,750

210

7,500

180

6,250

150

5,000

120

3,750

90

2,500

60

1,250

30

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Miscellaneous Industry Index
January 2011 - July 2015
60%
50%
40%
30%

28.8%
22.2%
21.5%

20%
10%
-10%
-20%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

1,245
74,318
532
247

6,209
73,719
610
246

9,508
66,334
669
244

9,828
71,070
928
242

5,328
40,339
518
142

Price (Rupiah)
High
Low
Close
Close*

75,950
45,250
74,000
7,400

79,650
6,250
7,600
7,600

8,300
5,100
6,800
6,800

8,050
6,225
7,425
7,425

8,575
6,325
6,650
6,650

13.70
18.33
3.43

14.18
13.91
2.59

15.56
14.44
2.60

16.72
19.85
2.18

14.03
PER (X)
12.24
PER Industry (X)
3.95
PBV (X)
* Adjusted price after corporate action

20

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Astra International Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
55,050
53,450
58,250
58,500
62,150
64,250
75,950
72,750
71,800
70,000
72,000
75,000

Low
45,250
47,400
52,300
53,600
55,800
55,950
64,600
60,850
55,000
57,300
65,500
68,300

Close
48,900
52,050
57,000
56,150
58,750
63,550
70,500
66,150
63,650
69,000
70,900
74,000

(X)
64,822
38,264
40,364
35,963
31,103
29,158
35,960
67,327
64,076
51,096
40,280
33,641

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

79,650
79,200
74,200
77,100
74,250
64,200
7,100
7,400
7,550
8,300
8,000
7,700

73,500
67,100
68,750
70,650
64,200
6,400
6,250
6,600
6,700
7,250
7,200
6,800

78,900
70,850
73,950
71,000
64,300
6,850
7,000
6,750
7,400
8,050
7,250
7,600

31,100
68,125
48,766
37,681
46,178
61,324
65,520
44,874
41,289
47,388
59,594
58,107

60,335
130,669
83,919
68,944
90,988
816,809
943,478
635,813
694,972
931,778
832,310
918,874

4,672,194
9,466,255
5,984,168
5,052,940
6,242,152
6,070,144
6,342,540
4,486,738
5,034,167
7,387,900
6,351,667
6,627,662

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

7,900
8,000
8,300
8,000
7,550
7,200
6,950
6,800
7,500
7,250
6,850
6,850

7,300
7,400
7,500
7,150
6,900
6,150
6,300
5,100
5,400
6,300
6,150
6,050

7,350
7,950
7,900
7,350
7,050
7,000
6,500
6,050
6,450
6,650
6,250
6,800

56,816
39,847
54,594
52,759
62,249
73,759
50,329
58,095
69,701
54,573
54,611
41,591

830,431
683,833
849,305
694,670
1,230,559
1,015,404
667,841
660,601
1,169,088
553,688
662,358
490,150

6,337,529
5,281,553
6,681,437
5,273,240
8,777,900
6,914,932
4,413,435
4,038,190
7,443,312
3,722,910
4,332,899
3,116,581

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

7,400
7,000
8,000
8,050
7,800
7,525
8,050
8,000
7,750
7,075
7,200
7,475

6,250
6,225
6,725
7,350
7,075
7,075
7,325
7,550
6,950
6,325
6,700
6,850

6,425
6,950
7,375
7,425
7,075
7,275
7,725
7,575
7,050
6,775
7,125
7,425

86,235
81,243
94,022
91,055
76,478
72,784
70,195
67,060
71,620
92,669
59,454
65,313

784,137
984,624
1,300,924
1,107,076
925,623
680,106
797,969
493,646
652,110
963,442
514,457
623,730

5,339,224
6,596,656
9,611,270
8,532,595
6,955,904
4,942,665
6,102,553
3,789,351
4,783,683
6,379,608
3,588,238
4,447,913

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

8,100
8,175
8,575
8,575
7,950
7,350
7,150

7,000
7,450
7,800
6,700
6,950
6,550
6,325

7,850
7,850
8,575
6,850
7,300
7,075
6,650

80,784
72,728
77,266
81,463
64,001
79,359
62,675

804,490
692,429
1,094,749
962,611
657,248
735,267
381,032

6,050,554
5,401,520
8,817,908
7,475,288
4,891,329
5,126,440
2,576,235

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


188,808 9,245,116
146,051 7,289,652
99,865 5,492,743
91,805 5,134,338
79,319 4,668,750
74,147 4,395,238
84,447 5,852,767
133,636 9,085,095
121,029 7,758,524
100,835 6,582,050
67,618 4,676,338
57,371 4,137,042

21
18
23
20
21
20
21
19
20
21
22
21

ASII

Astra International Tbk. [S]

Financial Data and Ratios

Book End : December

Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)
BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Assets

Cash & Cash Equivalents

13,111,000 11,055,000 18,557,000 20,902,000 20,007,000

Receivables

37,405,000 38,608,000 51,645,000 54,759,000 55,468,000

Inventories

11,990,000 15,285,000 14,433,000 16,986,000 16,924,000

Current Assets

65,978,000 75,799,000 88,352,000 97,241,000 98,223,000

Fixed Assets

28,604,000 34,326,000 37,862,000 41,250,000 41,932,000

Other Assets
Total Assets

1,043,000

1,824,000

2,490,000

2,869,000

3,110,000

153,521,000 182,274,000 213,994,000 236,029,000 242,753,000

18.73%

10.30%

150,000
100,000
50,000

Current Liabilities

48,371,000 54,178,000 71,139,000 73,523,000 72,842,000


29,312,000 38,282,000 36,667,000 42,182,000 46,280,000

Long Term Liabilities


Total Liabilities

77,683,000 92,460,000 107,806,000 115,705,000 119,122,000

Growth (%)

17.40%

200,000

2.85%

Growth (%)

19.02%

16.60%

7.33%

2.95%

Liabilities

250,000

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

3,000,000

3,000,000

3,000,000

3,000,000

3,000,000

Paid up Capital

2,024,178

2,024,178

2,024,178

2,024,178

2,024,178

4,048

40,484

40,484

40,484

40,484

500

50

50

50

50

Paid up Capital (Shares)


Par Value
Retained Earnings

55,628,000 66,289,000 77,076,000 87,459,000 89,242,000

Total Equity

75,838,000 89,814,000 106,188,000 120,324,000 123,631,000

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

18.23%

13.31%

2.75%

Dec-12

Dec-13

Dec-14

Jun-15

15.68%

3.10%

4.03%

123,631

2014

Jun-15

89,814

98,410

75,838
73,190

47,969

22,748

-2,473

2011

2012

2013

130,530,000 151,853,000 158,569,000 162,892,000 74,587,000

Gross Profit

32,034,000 36,200,000 35,311,000 38,809,000 17,918,000

Expenses (Income)

14,202,000

8,302,000

Operating Profit

120,324
106,188

162,564,000 188,053,000 193,880,000 201,701,000 92,505,000

Growth (%)
Cost of Revenues

18.43%

123,631

7,788,000 11,457,000

6,209,000

TOTAL REVENUES (Bill. Rp)


188,053

201,701

Growth (%)

193,880

201,701

162,564
160,554

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

25,772,000 27,898,000 27,523,000 27,352,000 12,073,000


5,226,000

5,227,000

2,315,000

21,077,000 22,742,000 22,297,000 22,125,000

9,758,000

4,695,000

5,156,000

7.90%

Growth (%)

-1.96%

119,407

92,505

78,260

-0.77%
37,113

Period Attributable

17,785,000 19,421,000 19,417,000 19,181,000

Comprehensive Income

21,348,000 22,460,000 23,708,000 22,151,000 10,517,000

Comprehensive Attributable

18,058,000 19,053,000 20,137,000 18,867,000

RATIOS
Current Ratio (%)
Dividend (Rp)

8,052,000

2011

2012

2013

2014

Jun-15

8,840,000

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

136.40

139.91

124.20

132.26

134.84

1,980.00

216.00

216.00

216.00

EPS (Rp)

4,393.14

479.73

479.63

473.80

198.90

BV (Rp)

18,733.04

2,218.53

2,622.99

2,972.17

3,053.86

DAR (X)

0.51

0.51

0.50

0.49

0.49

DER(X)

1.02

1.03

1.02

0.96

0.96

ROA (%)

13.73

12.48

10.42

9.37

4.02

ROE (%)

27.79

25.32

21.00

18.39

7.89

GPM (%)

19.71

19.25

18.21

19.24

19.37

OPM (%)

NPM (%)

12.97

12.09

11.50

10.97

10.55

Payout Ratio (%)

45.07

45.03

45.04

45.59

2.68

2.84

3.18

2.91

Yield (%)

-4,034

PROFIT FOR THE PERIOD (Bill. Rp)


21,077

22,742

22,297

22,125

18,103

13,463

9,758
8,824

4,185

-455

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

21

COMPANY REPORT

ASRI
ALAM SUTERA REALTY TBK.
Company Profile

PT Alam Sutera Realty Tbk. was established on November 3rd, 1993. The Company
commenceditsoperationalactivityandpurchasedthelandin1999.

TheCompanysactivitiesaredevelopingandmanagehousing.GroupisdomiciledatWisma
Argo Manunggal, Jln. Jend. Gatot Subroto Kav. 22, Jakarta and has real estate projects
whicharelocatedin:
Kec. Serpong, Kab. Tangerang, and Kec. Pasar Kemis, Kab. Tangerang, Province
Banten,
Kec.Cibitung,KabBekasi,ProvinceWestJava,
Kec.SetiaBudi,JakartaSelatan,
Kec.KutaSelatan,Badung,Bali.

Andownslandsfordevelopmentlocatedin:
Kec.Pinang,Kec.PasarKemis,Kab.Tangerang,ProvinceBanten,
Kec.Pacet,Kab.Cianjur,ProvinceWestJava
Kec.TanjungPinang,ProvinceRiau,
Kec.DenpasarSelatanandBadung,Bali.

The main real estate project owned by the Company and Subsidiaries recently are Alam
Sutera Residential and Commercial projects in Serpong, and Suvarna Padi and Suvarna
SuteraprojectsinPasarKemis,Tangerang.

AlamSuterabelievesthatallthedevelopmenteffortsmusttakeenvironmentalissuesinto
accountseriously.Theecofriendlydevelopmentmeantmorethanamarketinggimmick
it is the companys commitment. The Company is committed to do their part in the
handling of millions of tons of pollution in their environment every day, by setting an
examplehowtodevelopasustainablegreencommunity.

The Company has direct ownership in subsidiaries: PT Delta Mega Persada, PT Duta
Prakarsa Development, PT Nusa Cipta Pratama, PT Garuda Adhimatra Indonesia, PT
Tangerang Matra Real Estate, Alam Sutera International Pte. Ltd., and Alam Synergy Pte.
Ltd.

TheCompanyandsubsidiarieshad1,463employeesasof30June2015.

August 2015

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

22

RESEARCH AND DEVELOPMENT DIVISION

ASRI Alam Sutera Realty Tbk. [S]

COMPANY REPORT : JULY 2015


Main Board
Industry Sector : Property, Real Estate And Building Construction (6)
Industry Sub Sector : Property And Real Estate (61)

As of 31 July 2015
Individual Index
:
Listed Shares
:
Market Capitalization :

480.952
19,649,411,888
9,922,953,003,440

84 | 9.92T | 0.20% | 83.42%


36 | 12.4T | 0.84% | 64.58%

COMPANY HISTORY
Established Date
: 03-Nov-1993
Listing Date
: 18-Dec-2007
Under Writer IPO :
PT Ciptadana Securities
Securities Administration Bureau :
PT Raya Saham Registra
Plaza Central Building 2nd Fl.
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930
Phone : (021) 252-5666
Fax
: (021) 252-5028
BOARD OF COMMISSIONERS
1. Harjanto Tirtohadiguno
2. Angeline Sutedja
3. The Nicholas
4. Pingki Elka Pangestu *)
5. Prasasto Sudyatmiko *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Purbaja Pantja
2. Andrew Charles Walker
3. Benny Redjo Setyono
4. Joseph Sanusi Tjong
5. Lilia Setiprawarti Sukotjo
6. RM Frangky AD
AUDIT COMMITTEE
1. Prasasto Sudyatmiko
2. Hidajat Hoesni
3. Sri Wahyuni Sujono
CORPORATE SECRETARY
Vincent T.W. Sjahbana
HEAD OFFICE
Wisma Argo Manunggal 18th Fl.
Jln. Jend. Gatot Subroto Kav. 22
Jakarta 12930
Phone : (021) 3043-8888, 252-3838
Fax
: (021) 252-5050
Homepage
Email

SHAREHOLDERS (July 2015)


1. PT Manunggal Prime Development
2. Tangerang Fajar Industrial Estate
3. PT Tangerang Fajar Industrial Estate
4. Public (<5%)

4,996,390,364
2,982,450,000
1,971,650,000
9,698,921,524

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2008
2009
2010
2011
2012
2014

Shares

Dividend
0.69
1.05
4.03
6.13
14.60
7.00

Cum Date
03-Jul-09
20-Jul-10
01-Jul-11
05-Jul-12
25-Jun-13
30-Jun-15

Ex Date
06-Jul-09
21-Jul-10
04-Jul-11
06-Jul-12
26-Jun-13
01-Jul-15

Recording
Date
09-Jul-09
23-Jul-10
06-Jul-11
10-Jul-12
28-Jun-13
03-Jul-15

:
:
:
:

25.43%
15.18%
10.03%
49.36%

Payment
Date
24-Jul-09
06-Aug-10
20-Jul-11
24-Jul-12
12-Jul-13
24-Jul-15

F/I
F
F
F
F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.

Type of Listing
First Issue
Company Listing
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Additional Listing without RI

Shares
3,142,000,000
13,986,810,000
4,974,500
40,050,000
1,000,000
18,500,000
20,000,000
250,000
3,325,000
55,000,000
45,500,000
27,500,000
63,108,500
15,000,000
60,000,000
27,500,000
388
27,500,000
277,976,000
15,000,000
1,695,000
30,412,500
1,786,310,000

Listing
Date
18-Dec-07
18-Dec-07
11-Jun-09
18-Jun-09
19-Jun-09
22-Jun-09
28-Jul-09
12-Oct-09
14-Oct-09
23-Oct-09
27-Oct-09
28-Oct-09
29-Oct-09
03-Nov-09
24-Nov-09
26-Nov-09
03-Dec-09
10-Dec-09
14-Dec-09
15-Dec-09
21-Dec-09
28-Dec-09
25-Jan-12

Trading
Date
18-Dec-07
18-Aug-08
11-Jun-09
18-Jun-09
19-Jun-09
22-Jun-09
28-Jul-09
12-Oct-09
14-Oct-09
23-Oct-09
27-Oct-09
28-Oct-09
29-Oct-09
03-Nov-09
24-Nov-09
26-Nov-09
03-Dec-09
10-Dec-09
14-Dec-09
15-Dec-09
21-Dec-09
28-Dec-09
25-Jan-12

: www.alam-sutera.com
: corsec@alam-sutera.com

RESEARCH AND DEVELOPMENT DIVISION

23

ASRI Alam Sutera Realty Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

1,200

4,000

1,050

3,500

900

3,000

750

2,500

600

2,000

450

1,500

300

1,000

150

500

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
January 2011 - July 2015
280%
240%
200%
160%

147.2%

120%
80%
65.6%
40%

28.8%

-40%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

20,150
7,571
244
247

29,410
15,370
297
246

31,672
24,781
511
244

22,540
12,104
545
242

13,047
7,873
264
142

500
225
460
460

650
410
600
600

1,160
425
430
430

680
424
560
560

700
500
505
505

9.69
17.34
2.49

9.64
9.57
1.58

10.08
16.29
1.81

222.43
17.42
1.47

Price (Rupiah)
High
Low
Close
Close*

13.63
PER (X)
11.09
PER Industry (X)
2.95
PBV (X)
* Adjusted price after corporate action

24

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Alam Sutera Realty Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
310
255
290
305
325
345
450
450
440
500
470
480

Low
230
225
240
265
280
305
315
360
340
340
395
430

Close
245
245
285
295
310
325
420
420
385
435
425
460

(X)
19,196
9,005
12,373
10,749
12,896
12,324
21,840
24,237
25,423
45,657
31,786
18,406

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

520
610
630
650
620
570
520
495
520
580
620
640

455
480
560
560
510
455
455
430
410
470
550
550

485
570
620
600
540
490
460
440
495
580
610
600

24,608
26,234
22,571
28,484
22,850
27,226
27,925
28,541
30,974
26,538
15,187
15,745

3,163,247
3,013,912
2,116,918
1,831,503
1,453,973
4,923,539
1,557,100
1,985,545
2,734,556
2,210,093
2,653,169
1,766,756

1,462,365
1,651,814
1,272,835
1,099,178
832,432
2,336,855
754,451
910,746
1,274,455
1,173,362
1,535,319
1,065,978

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

810
970
1,160
1,090
1,130
1,080
800
830
760
700
610
530

600
750
930
970
1,020
720
650
445
450
560
455
425

770
930
1,070
1,050
1,060
750
700
550
600
610
475
430

28,260
26,881
36,275
41,384
43,176
65,671
45,919
45,493
58,331
43,176
43,705
32,921

2,758,752
1,503,613
2,093,327
2,555,637
2,136,655
4,696,607
1,984,976
2,264,238
3,063,421
4,867,653
2,060,989
1,686,157

2,724,524
1,299,168
2,178,327
2,636,209
2,296,257
4,021,982
1,452,171
1,407,217
1,822,815
3,050,634
1,091,598
800,565

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

550
605
680
645
550
499
560
570
510
490
565
610

424
500
560
525
494
435
440
497
451
430
444
497

510
575
595
530
500
442
525
510
455
464
560
560

53,655
46,156
54,398
44,870
34,759
38,963
53,818
36,313
40,311
49,400
43,394
48,903

2,182,118
2,449,458
2,986,797
1,895,164
1,321,748
782,146
2,225,772
1,908,074
906,677
1,057,391
1,656,102
3,168,955

1,083,703
1,364,848
1,854,302
1,085,403
683,943
360,303
1,155,784
1,010,420
442,646
484,283
834,439
1,743,856

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

620
700
675
680
675
625
585

550
585
525
545
600
500
505

595
670
555
615
600
575
505

29,139
36,985
61,613
36,708
28,356
39,772
31,143

1,821,531
2,518,964
2,758,825
2,218,790
1,153,314
1,309,474
1,266,002

1,069,965
1,623,053
1,604,821
1,396,763
745,260
732,783
700,001

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


1,651,106
445,752
590,906
142,983
937,975
249,543
1,006,591
287,673
1,311,172
398,549
1,143,722
370,811
2,374,352
899,084
2,168,218
894,522
2,016,360
811,334
3,459,789 1,508,461
2,106,554
934,363
628,154
1,383,018

21
18
23
20
21
20
21
19
20
21
22
21

ASRI AlamSuteraRealtyTbk.[S]
Financial Data and Ratios

Book End : December

Public Accountant : Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Rekan (Member of PKF International Ltd)
BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

844,906

1,641,316

890,181

880,754

536,217

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

21,596

29,721

84,690

192,197

155,341

Inventories

2,395,213

1,661,094

937,153

930,602

1,331,356

Investment

341,514

708,121

801,678

957,762

1,062,471

806,319

11,619

61,186

74,140

79,577

Fixed Assets
Other Assets
Total Assets

6,007,548 10,946,417 14,428,083 16,924,367 17,209,828

82.21%

Growth (%)

31.81%

17.30%

7,000

554,227

795,658

45,000

230,000

300,000

35,519

35,257

165,089

160,587

305,068

3,220,676

6,214,543

Growth (%)

10,500

3,500

Trade Payable
Total Liabilities

14,000

1.69%

Bank Payable

Liabilities

17,500

2011

2012

2013

2014

Jun-15

9,096,298 10,553,173 10,442,588

92.96%

46.37%

16.02%

-1.05%
TOTAL EQUITY (Bill. Rp)

Authorized Capital

2,400,000

2,400,000

2,400,000

2,400,000

2,400,000

Paid up Capital

1,786,310

1,964,941

1,964,941

1,964,941

1,964,941

17,863

19,649

19,649

19,649

19,649

100

100

100

100

100

977,938

2,050,204

2,640,107

3,599,980

3,917,796

2,786,872

4,731,875

5,331,785

6,371,194

6,767,239

69.79%

12.68%

19.49%

6.22%

Paid up Capital (Shares)


Par Value
Retained Earnings
Total Equity

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

1,381,046

2,446,414

3,684,240

3,630,914

1,732,578

77.14%

50.60%

-1.45%

Growth (%)

5,332
4,732

5,387

4,006

2,787
2,626

1,245

2011

566,656

979,517

1,846,814

1,324,196

361,173

Gross Profit

814,391

1,466,897

1,837,425

2,306,718

1,371,405

Operating Expenses

120,770

212,884

304,204

398,953

238,758

Operating Profit

693,620

1,254,013

1,533,221

1,907,766

1,132,647

80.79%

22.27%

24.43%

90,182

-451,445

-521,999

-489,787

Income before Tax

671,143

1,344,195

1,081,776

1,385,767

642,860

68,407

128,103

192,199

208,812

107,233

602,737

1,216,092

889,577

1,176,955

535,628

101.76%

-26.85%

32.31%

Growth (%)

2013

2014

Jun-15

TOTAL REVENUES (Bill. Rp)


3,684

2,933

-22,477

Profit for the period

2012

3,631

3,684

Other Income (Expenses)


Tax

6,767

-135

Cost of Revenues

Growth (%)

6,371

6,767

2,446
1,733

2,181

1,381
1,429

678

Period Attributable

601,654

1,192,716

876,785

1,176,955

454,357

Comprehensive Income

602,737

1,216,092

889,577

1,176,955

536,584

Comprehensive Attributable

601,654

1,192,716

876,785

1,097,418

455,363

RATIOS

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

6.13

14.60

7.00

EPS (Rp)

33.68

60.70

44.62

59.90

23.12

BV (Rp)

156.01

240.82

271.35

324.24

344.40

DAR (X)

0.54

0.57

0.63

0.62

0.61

Dividend (Rp)

1.16

1.31

1.71

1.66

1.54

ROA (%)

10.03

11.11

6.17

6.95

3.11

ROE (%)

21.63

25.70

16.68

18.47

7.92

GPM (%)

58.97

59.96

49.87

63.53

79.15

OPM (%)

50.22

51.26

41.62

52.54

65.37

NPM (%)

43.64

49.71

24.15

32.41

30.92

Payout Ratio (%)

18.20

24.05

11.69

1.33

2.43

1.25

DER(X)

Yield (%)

-74

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


1,216

1,177

1,216

890

968

720

603

536

472

224

-24

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

25

COMPANY REPORT

BBCA
BANK CENTRAL ASIA TBK.

Company Profile
PT Bank Central Asia Tbk. was established under the name N.V. Perseroan Dagang dan
Industrie Semarang Knitting Factory on October 10th, 1955. The name has changed for
severaltime,thelastchangewasonMay21st,1974,whichisPTBankCentralAsia.
The Bank began operations in banking since the date of October 12, 1956. The Bank
operates as a commercial bank. Bank engaged in banking and other financial services in
accordancewiththeregulationsapplicableinIndonesia.
As of June 30th, 2015, BCA had 972 domestics branches and 2 overseas representatives
locatedinSingaporeandHongKong.
BCA has direct and indirect ownership in subsidiaries: PT BCA Finance, BCA Finance
Limited, PT Bank BCA Syariah, PT BCA Sekuritas, PT Asuransi Umum BCA, and PT Central
SantosaFinance.
BCAhad23,862permanentemployees.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

26

RESEARCH AND DEVELOPMENT DIVISION

BBCA Bank Central Asia Tbk.

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Finance (8)
Industry Sub Sector : Bank (81)

7,485.714
Individual Index
:
Listed Shares
24,408,459,120
:
Market Capitalization : 319,750,814,472,000

2 | 319.8T | 6.44% | 13.82%


5 | 52.1T | 3.54% | 23.80%

COMPANY HISTORY
Established Date
: 10-Aug-1955
Listing Date
: 31-May-2000
Under Writer IPO :
PT Danareksa Sekuritas
PT Bahana Securities
Securities Administration Bureau :
PT Raya Saham Registra
Plaza Central Building 2nd Fl.
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930
Phone : (021) 252-5666
Fax
: (021) 252-5028
BOARD OF COMMISSIONERS
1. Djohan Emir Setijoso
2. Cyrillus Harinowo *)
3. Raden Pardede *)
4. Sigit Pramono *)
5. Tonny Kusnadi
*) Independent Commissioners
BOARD OF DIRECTORS
1. Jahja Setiaatmadja
2. Anthony Brent Elam
3. Armand Wahyudi Hartono
4. Dhalia Mansor Ariotedjo
5. Erwan Yuris Ang
6. Eugene Keith Galbraith
7. Henry Koenaifi
8. Rudy Susanto
9. Subur Tan
10. Suwignyo Budiman
AUDIT COMMITTEE
1. Cyrillus Harinowo
2. Ilham Ikhsan
3. Inawaty Suwardi
CORPORATE SECRETARY
Inge Setiawati
HEAD OFFICE
Menara BCA, Grand Indonesia
Jln. M.H. Thamrin No. 1
Jakarta 10310

SHAREHOLDERS (July 2015)


1. UOB Kay Hian Private Limited For Farindo Investment
2. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2001
2001
2002
2003
2004
2005
2005
2005
2006
2006
2007
2007
2008
2008
2009
2009
2010
2010
2011
2011
2012
2012
2013
2013
2014
2014

Shares

Dividend
85.00
140.00
225.00
225.00
50.00
80.00
50.00
90.00
55.00
115.00
55.00
63.50
35.00
65.00
40.00
70.00
42.50
70.00
43.50
113.50
43.50
71.00
45.00
120.00
50.00
148.00

Cum Date
14-Nov-01
29-Oct-02
03-Dec-03
30-Jun-04
22-Nov-04
19-Jul-05
06-Oct-05
06-Jun-06
10-Oct-06
08-Jun-07
29-Nov-07
12-Jun-08
15-Jan-09
09-Jun-09
12-Nov-09
31-May-10
19-Nov-10
06-Jun-11
06-Dec-11
08-Jun-12
03-Dec-12
28-May-13
28-Nov-13
29-Apr-14
04-Dec-14
16-Apr-15

11,125,990,000 :
13,282,469,120 :

Recording
Date
20-Nov-01
01-Nov-02
08-Dec-03
06-Jul-04
25-Nov-04
22-Jul-05
11-Oct-05
09-Jun-06
13-Oct-06
13-Jun-07
04-Dec-07
17-Jun-08
20-Jan-09
12-Jun-09
17-Nov-09
03-Jun-10
24-Nov-10
09-Jun-11
09-Dec-11
13-Jun-12
06-Dec-12
31-May-13
03-Dec-13
05-May-14
09-Dec-14
21-Apr-15

Ex Date
15-Nov-01
30-Oct-02
04-Dec-03
01-Jul-04
23-Nov-04
20-Jul-05
07-Oct-05
07-Jun-06
11-Oct-06
11-Jun-07
30-Nov-07
13-Jun-08
16-Jan-09
10-Jun-09
13-Nov-09
01-Jun-10
22-Nov-10
07-Jun-11
07-Dec-11
11-Jun-12
04-Dec-12
29-May-13
29-Nov-13
30-Apr-14
05-Dec-14
17-Apr-15

45.58%
54.42%

Payment
Date
04-Dec-01
15-Nov-02
19-Dec-03
20-Jul-04
08-Dec-04
05-Aug-05
25-Oct-05
23-Jun-06
03-Nov-06
27-Jun-07
18-Dec-07
01-Jul-08
30-Jan-09
26-Jun-09
02-Dec-09
17-Jun-10
09-Dec-10
23-Jun-11
23-Dec-11
27-Jun-12
20-Dec-12
17-Jun-13
17-Dec-13
20-May-14
23-Dec-14
13-May-15

I
F
F
F
F
I
F
I
I
I
F
I
F
I
F
I
F
I
F
I
F
I
F
I
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.

Type of Listing
First Issue
Company Listing
Stock Split
Option Conversion
Option Conversion MSOP
Partial Delisting

Shares
662,400,000
2,252,146,140
21,199,350,480
210,852,000
89,226,500
-5,516,000

T:
T:
T:
T:

Listing
Date
31-May-00
31-May-00
15-May-01
29-Nov-01
04-Aug-03
04-Jan-08

:
:
:
:

Trading
Date
31-May-00
11-Jan-01
28-Jan-08
09-Nov-06
29-Sep-04
04-Jan-08

Phone : (021) 2358-8000


Fax
: (021) 2358-8300
Homepage
Email

F/I

: www.bca.co.id
: inge_setiawati@bca.co.id
investor_relations@bca.co.id

RESEARCH AND DEVELOPMENT DIVISION

27

BBCA Bank Central Asia Tbk.


Closing
Price*

Volume
(Mill. Sh)

16,000

320

14,000

280

12,000

240

10,000

200

8,000

160

6,000

120

4,000

80

2,000

40

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Finance Index
January 2011 - July 2015
140%
120%
103.1%

100%
80%
60%

46.9%

40%

28.8%
20%
-20%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

3,674
26,586
299
247

3,778
29,765
241
246

3,958
39,776
370
244

4,514
51,771
651
242

2,216
30,739
499
142

8,850
5,300
8,000
8,000

9,500
6,750
9,100
9,100

12,500
8,450
9,600
9,600

13,575
9,250
13,125
13,125

15,600
12,650
13,100
13,100

18.86
6.58
4.32

16.61
17.20
3.70

19.90
27.72
4.33

18.72
20.80
3.95

Price (Rupiah)
High
Low
Close
Close*

18.31
PER (X)
6.61
PER Industry (X)
4.69
PBV (X)
* Adjusted price after corporate action

28

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Bank Central Asia Tbk.
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
6,650
6,450
7,000
7,700
7,500
7,700
8,500
8,850
8,500
8,150
8,400
8,250

Low
5,300
5,550
6,300
6,800
7,000
7,000
7,550
7,250
6,950
7,050
7,450
7,700

Close
5,650
6,300
6,950
7,400
7,100
7,650
8,300
8,000
7,700
8,100
7,900
8,000

(X)
36,521
19,474
21,965
16,724
19,416
17,083
22,050
37,790
33,396
29,893
28,088
17,092

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

8,250
8,250
8,150
8,250
8,100
7,500
8,050
8,050
8,150
8,250
9,400
9,500

7,850
7,200
7,450
7,750
7,000
6,750
7,250
7,650
7,750
7,800
8,150
8,750

8,000
7,600
8,000
8,000
7,000
7,300
8,000
7,750
7,900
8,200
8,800
9,100

20,524
34,730
20,067
14,002
22,561
21,978
20,559
16,480
17,988
15,210
17,126
19,730

284,722
493,690
215,749
236,761
398,309
289,274
343,483
430,418
284,480
322,195
247,495
231,033

2,292,976
3,726,985
1,685,625
1,894,521
2,996,959
2,085,318
2,611,726
3,358,206
2,266,305
2,599,470
2,149,295
2,098,035

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

9,750 8,850 9,650


11,300 9,650 11,000
11,400 10,400 11,400
11,250 10,450 10,750
11,150 10,350 10,350
10,350 8,900 10,000
10,450 9,100 10,400
10,950 8,500 9,050
12,500 8,450 10,000
10,800 9,750 10,450
10,650 9,550 9,650
9,850 9,250 9,600

22,825
22,323
27,863
25,790
26,204
46,266
31,898
33,059
39,349
25,605
38,027
30,855

280,620
662,141
259,577
316,861
253,379
521,956
236,737
300,896
344,117
342,053
253,767
186,366

2,589,237
6,634,281
2,789,619
3,437,786
2,749,582
5,000,323
2,350,258
2,901,118
3,377,809
3,604,261
2,565,011
1,776,805

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

10,350
10,550
11,125
11,250
11,525
11,400
11,800
11,850
13,125
13,575
13,525
13,425

9,250
9,700
10,150
10,425
10,775
10,700
10,875
10,950
11,625
12,050
12,500
12,825

9,925
10,225
10,600
11,000
10,775
11,000
11,600
11,200
13,075
13,050
13,100
13,125

57,353
46,542
59,990
53,682
45,146
43,261
44,924
49,417
58,544
69,752
58,896
63,765

367,092
430,305
436,023
669,676
265,133
268,220
396,445
215,348
350,704
587,562
286,375
241,069

3,602,939
4,418,825
4,599,025
7,354,376
2,967,458
2,959,465
4,549,613
2,519,575
4,353,955
7,528,035
3,745,157
3,172,351

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

13,425
14,550
14,825
15,600
14,500
14,125
13,900

12,800
13,250
14,025
12,900
13,400
13,050
12,650

13,375
14,100
14,825
13,475
14,125
13,500
13,100

53,863
62,002
90,945
86,286
67,586
78,844
59,176

273,651
260,770
331,831
451,166
339,175
312,229
246,896

3,592,271
3,622,454
4,777,845
6,531,175
4,710,311
4,220,125
3,285,014

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


515,715 3,024,334
309,683 1,855,713
301,403 2,028,622
217,742 1,561,623
205,970 1,481,677
216,573 1,572,104
235,954 1,889,559
465,218 3,714,097
339,968 2,651,632
311,498 2,412,690
360,677 2,850,162
193,852 1,543,490

21
18
23
20
21
20
21
19
20
21
22
21

BBCA Bank Central Asia Tbk.


Financial Data and Ratios

Book End : December

Public Accountant : Siddharta Widjaja & Rekan (member of KPMG International)


BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash on Hand

Assets

10,355,620 11,054,208 16,284,142 19,577,571 15,277,019

Placements with Other Banks

43,010,506 28,802,130 12,254,043 11,502,178 43,300,139

Marketable Securities

22,166,868 47,310,371 89,463,509 26,289,663 22,257,397

Loans

198,440,354 252,760,457 306,679,132 339,859,068 340,150,813


171,728

104,246

182,544

Fixed Assets

4,144,659

6,406,625

Other Assets

4,185,031

6,265,653

Investment

Total Assets

Taxes Payable
Fund Borrowings
Other Liabilities
Total Liabilities

169,687

7,440,017

8,844,930

8,979,735

6,564,382

7,133,595

8,384,535

381,908,353 442,994,197 496,304,573 552,423,892 571,642,788

15.99%

Growth (%)
Deposits

166,888

12.03%

11.31%

3.48%

460,000
345,000
230,000
115,000
-

326,894,554 372,837,307 413,036,948 451,660,016 459,055,670


432,101

216,614

276,017

3,080,942

2,144,536

449,188

128,018

500,952

3,483,582

5,620,847

5,768,437

Liabilities

575,000

2011

6,260,219 11,152,159

2012

2013

14.77%

10.84%

9.30%

3.18%

Jun-15

TOTAL EQUITY (Bill. Rp)

339,881,013 390,067,244 432,337,895 472,550,777 487,584,494

Growth (%)

2014

77,921

81,753

81,753

63,967

Authorized Capital

5,500,000

5,500,000

5,500,000

5,500,000

5,500,000

Paid up Capital

1,540,938

1,540,938

1,540,938

1,540,938

1,540,938

24,655

24,655

24,655

24,655

24,655

63

63

63

63

63

Paid up Capital (Shares)


Par Value
Retained Earnings

36,581,874 45,534,178 56,928,028 70,332,010 73,898,285

Total Equity

42,027,340 51,897,942 63,966,678 77,920,617 81,753,218

23.49%

Growth (%)

23.25%

21.81%

65,076

51,898
48,398

42,027

31,720

15,043

4.92%
-1,635

INCOME STATEMENTS
Total Interest Income

Dec-11

Dec-12

Dec-13

Dec-14

17.58%

Interest Expenses

7,730,157

7,647,167

Other Operating Revenue

7,213,378

6,375,833

18.67%

27.70%

7,852,009 11,744,562
470,940

1,738,943

5,454,889

Income from Operations

13,296,775 14,255,568 17,078,667 20,504,773 10,798,808

Growth (%)

Profit for the period

321,983

7.21%

19.80%

20.06%

430,478

736,939

236,348

43,771
43,771

34,277
34,842

28,885
24,567

23,089

25,913

4,229,451

2,246,290

10,817,798 11,718,460 14,256,239 16,511,670

8,552,518

2,800,960

2,967,586

8.33%

3,559,367

21.66%

16,983

8,054

-875

15.82%

2011

Period Attributable

10,819,309 11,721,717 14,253,831 16,485,858

8,541,043

Comprehensive Income

10,770,209 11,898,523 13,004,312 16,925,171

8,463,758

Comprehensive Attributable

10,771,720 11,901,780 13,001,904 16,899,359

8,452,283

2012

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Dividend (Rp)

157.00

114.50

165.00

198.00

EPS (Rp)

438.83

475.43

578.13

668.66

346.42

BV (Rp)

1,704.62

2,104.97

2,594.47

3,160.44

3,315.89

DAR (X)

0.89

0.88

0.87

0.86

0.85

DER(X)

8.09

7.52

6.76

6.06

5.96

ROA (%)

2.83

2.65

2.87

2.99

1.50

ROE (%)

25.74

22.58

22.29

21.19

10.46

OPM (%)

54.12

49.35

49.83

46.85

46.77

NPM (%)

44.03

40.57

41.59

37.72

37.04

Payout Ratio (%)

35.78

24.08

28.54

29.61

1.96

1.26

1.72

1.51

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


16,512
16,512

Yield (%)

Jun-15

13,618,758 14,686,046 17,815,606 20,741,121 10,798,808

Growth (%)

RATIOS

2014

TOTAL INTEREST INCOME (Bill. Rp)

10,913,969 12,859,718 14,631,462 18,306,319 11,827,398

Provision for Income Tax

2013

5,917,973

Other Operating Expenses

Income Before Tax

2012

24,566,852 28,885,290 34,277,149 43,771,256 23,089,290

Growth (%)

Non-Operating Revenues

2011

Jun-15

13,143

14,256
10,818

11,718
8,553

9,775

6,407

3,038

-330

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

29

COMPANY REPORT

BBNI
BANK NEGARA INDONESIA
(PERSERO) TBK.

Company Profile
PTBankNegaraIndonesia(Persero)Tbk.wasoriginallyestablishedinIndonesiaasacentral
bank under the name Bank Negara Indonesia dated July 5th, 1946. Subsequently, BNI
became Bank Negara Indonesia 1946 and changed its status to a stateowned
commercialbank.
BNIsscopeofactivityistoengageingeneralbankingservices.
AsofJune30th,2015,BNIhad168domesticbranches,912domesticsubbranches,and680
other outlet. In addition, BNIs network also included 4 overseas branches located in
Singapore,HongKong,TokyoandLondonand1agencyinNewYork.
BNI has direct ownership in the following subsidiaries: PT BNI Life Insurance, PT BNI
Multifinance, PT BNI Securities and subsidiaries, BNI Remittance Ltd. and PT Bank BNI
Syariah.AllofthesubsidiariesofBNIaredomiciledinJakarta,exceptforBNIRemittance
Ltd.whichisdomiciledinHongKong.
BNIhad23,897permanentemployeesand2,619nonpermanentemployees,total26,516
employees.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

30

RESEARCH AND DEVELOPMENT DIVISION

BBNI Bank Negara Indonesia (Persero) Tbk.

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Finance (8)
Industry Sub Sector : Bank (81)

Individual Index
:
Listed Shares
:
Market Capitalization :

22.894
18,462,169,893
87,879,928,690,680

10 | 87.9T | 1.77% | 46.37%


6 | 43.3T | 2.94% | 26.74%

COMPANY HISTORY
Established Date
: 05-Jul-1946
Listing Date
: 25-Nov-1996
Under Writer IPO :
PT Bahana Securities
PT BNI Securities
PT Danareksa Sekuritas
PT Pentasena Arthasentosa
Securities Administration Bureau :
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Rizal Ramli
2. Anny Ratnawati *)
3. Daniel T. Sparringa *)
4. Jos Luhukay *)
5. Ki Agus Ahmad Badaruddin *)
6. Pataniari Siahaan
7. Pradjoto *)
8. Revrisond Baswir
9. Zulkifli Zaini *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Achmad Baiquni
2. Adi Sulistyowati
3. Anggoro Eko Cahyo
4. Bob Tyasika Ananta
5. Herry Sidharta
6. Imam Budi Sarjito
7. Rico Rizal Budidarmo
8. Suprajarto
9. Sutanto
AUDIT COMMITTEE
1. Jos Luhukay
2. Anny Ratnawati
3. Bambang Hendrajatin
4. Tubagus Chairul Amachi

SHAREHOLDERS (July 2015)


1. Negara Republik Indonesia
2. Public (<5%)

11,189,193,875 :
7,272,976,018 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1996
1997
2001
2002
2003
2005
2005
2006
2007
2008
2009
2009
2010
2011
2012
2013
2014

Shares

Dividend
13.00
14.00
4.41
6.30
23.71
118.07
53.26
72.50
29.40
8.00
9.44
47.48
65.98
62.48
113.35
145.71
144.55

Cum Date
06-May-97
30-Jun-98
09-Oct-02
23-Oct-03
01-Jul-04
23-Jun-05
15-Jun-06
19-Jun-07
17-Jun-08
18-Jun-09
25-Nov-09
08-Jun-10
10-Jun-11
10-May-12
26-Apr-13
28-Apr-14
24-Mar-15

Ex Date
07-May-97
01-Jul-98
10-Oct-02
24-Oct-03
02-Jul-04
24-Jun-05
16-Jun-06
20-Jun-07
18-Jun-08
19-Jun-09
26-Nov-09
09-Jun-10
13-Jun-11
11-May-12
29-Apr-13
29-Apr-14
25-Mar-15

Recording
Date
16-May-97
10-Jul-98
14-Oct-02
28-Oct-03
07-Jul-04
28-Jun-05
20-Jun-06
22-Jun-07
20-Jun-08
23-Jun-09
01-Dec-09
11-Jun-10
15-Jun-11
15-May-12
01-May-13
02-May-14
27-Mar-15

60.61%
39.39%

Payment
Date
14-Jun-97
08-Aug-98
28-Oct-02
05-Nov-03
21-Jul-04
07-Jul-05
04-Jul-06
02-Jul-07
04-Jul-08
07-Jul-09
11-Dec-09
25-Jun-10
30-Jun-11
30-May-12
16-May-13
19-May-14
17-Apr-15

F
F
F
F
F
F
F
F
F
F
I
F
F
F
F
F
I

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.

Type of Listing
Negara RI (Seri A)
First Issue
Company Listing
Partial Delisting
Right Issue
Additional Listing
Partial Delisting
Reverse Split
Right Issue
Partial Delisting
Right Issue

Shares
1
1,085,032,000
3,255,095,999
-43,401,280
151,904,480,000

41,375,391,255
-343,540,085
-184,084,187,364

1,974,563,625
-2,233,046
3,340,968,788

Listing
Date
25-Nov-96
25-Nov-96
25-Nov-96
02-Jul-99
05-Jul-99
20-Apr-01
12-Dec-01
23-Dec-03
13-Aug-07
31-Aug-07
29-Dec-10

Trading
Date
25-Nov-96
28-Jun-97
02-Jul-99
05-Jul-99
20-Apr-01
12-Dec-01
23-Dec-03
13-Aug-07
31-Aug-07
29-Dec-10

CORPORATE SECRETARY
Tribuana Tunggadewi
HEAD OFFICE
BNI Building 24th Fl.
Jln. Jend. Sudirman Kav. 1
Jakarta 10220
Phone : (021) 251-1946
Fax
: (021) 251-1214, 1961, 1075, 572-8805, 8053, 8295
Homepage
Email

F/I

: www.bni.co.id
: tribuana.tunggadewi@bni.co.id

RESEARCH AND DEVELOPMENT DIVISION

31

BBNI Bank Negara Indonesia (Persero) Tbk.


Closing
Price*

Volume
(Mill. Sh)

7,400

400

6,475

350

5,550

300

4,625

250

3,700

200

2,775

150

1,850

100

925

50

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Finance Index
January 2011 - July 2015
120%
100%
80%
60%
46.9%

40%

28.8%
25.3%

20%
-20%
-40%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

7,868
29,825
290
247

7,063
26,382
250
246

7,390
32,587
384
244

6,987
35,598
696
242

4,550
28,161
546
142

4,600
2,975
3,800
3,800

4,225
3,325
3,700
3,700

5,600
3,375
3,950
3,950

6,300
3,660
6,100
6,100

7,275
4,450
4,760
4,760

9.58
6.58
1.59

8.14
17.20
1.54

10.55
27.72
1.86

18.08
20.80
1.45

Price (Rupiah)
High
Low
Close
Close*

11.83
PER (X)
6.61
PER Industry (X)
1.87
PBV (X)
* Adjusted price after corporate action

32

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Bank Negara Indonesia (Persero) Tbk.
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
3,925
3,575
4,000
4,175
4,100
3,900
4,500
4,600
4,250
4,125
4,050
4,025

Low
3,075
3,150
3,550
3,850
3,750
3,550
3,775
3,700
2,975
3,125
3,550
3,675

Close
3,225
3,550
3,975
4,050
3,875
3,875
4,450
4,125
3,725
4,025
3,800
3,800

(X)
28,789
15,096
22,145
20,942
18,988
20,760
21,591
26,054
34,141
35,268
25,267
20,690

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

3,950
3,775
4,000
4,225
4,050
3,850
3,975
4,000
3,975
3,950
3,850
3,800

3,600
3,325
3,625
3,825
3,575
3,500
3,725
3,625
3,725
3,775
3,525
3,525

3,625
3,775
4,000
4,025
3,700
3,825
3,975
3,725
3,925
3,850
3,700
3,700

33,481
49,190
22,662
17,676
15,982
12,717
13,102
16,897
16,128
14,881
20,135
16,684

1,088,649
1,450,572
523,737
488,524
420,781
317,367
357,854
480,873
490,626
500,990
446,149
497,250

4,024,984
5,117,308
2,006,312
1,941,702
1,619,666
1,188,374
1,381,432
1,833,994
1,896,606
1,933,721
1,632,538
1,805,016

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

3,925
4,625
5,100
5,450
5,600
4,900
4,425
4,375
5,000
4,875
4,825
4,275

3,650
3,950
4,475
4,850
4,875
3,975
3,775
3,375
3,400
4,100
4,050
3,700

3,925
4,600
5,050
5,400
4,875
4,300
4,275
3,850
4,075
4,800
4,100
3,950

21,824
24,739
30,569
30,309
33,765
46,190
34,934
29,977
37,673
28,491
34,672
30,571

618,278
733,921
659,186
640,452
679,580
901,397
583,563
612,307
629,913
415,673
463,162
452,169

2,347,177
3,138,250
3,126,953
3,265,931
3,560,565
4,012,428
2,426,709
2,370,950
2,594,062
1,893,006
2,040,459
1,810,642

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

4,420
4,770
5,325
5,325
5,150
4,930
5,300
5,525
5,975
5,950
6,100
6,300

3,660
4,125
4,450
4,700
4,720
4,710
4,740
4,995
5,350
4,975
5,550
5,700

4,360
4,550
4,960
4,815
4,775
4,765
5,100
5,350
5,525
5,950
6,025
6,100

55,797
68,732
79,616
54,018
63,923
57,179
61,719
57,420
50,664
61,498
41,672
43,951

479,251
712,946
765,650
556,377
667,971
461,000
656,779
522,073
574,054
722,117
418,868
450,256

1,966,311
3,157,847
3,726,665
2,802,548
3,279,251
2,221,427
3,287,150
2,731,897
3,261,277
4,009,779
2,435,083
2,718,387

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

6,300
7,075
7,225
7,275
7,125
6,825
5,675

5,725
6,175
6,550
6,250
6,325
5,100
4,450

6,250
59,023
6,875
58,356
7,225
80,139
6,425
64,819
6,875
58,043
5,300 114,675
4,760 110,477

605,276
468,870
703,023
618,174
425,307
851,390
877,538

3,684,362
3,156,997
4,829,845
4,250,511
2,869,575
4,886,319
4,483,456

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


1,025,789 3,525,260
458,732 1,557,467
678,079 2,531,016
550,731 2,197,504
514,867 2,001,771
472,644 1,783,047
700,897 2,850,203
792,573 3,298,381
652,860 2,428,834
851,192 3,126,593
593,385 2,292,416
576,138 2,232,935

21
18
23
20
21
20
21
19
20
21
22
21

BBNI Bank Negara Indonesia (Persero) Tbk.


Financial Data and Ratios

Book End : December

Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)
BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

7,969,378 10,089,927 11,435,686

9,315,313

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash on Hand
Placements with Other Banks
Marketable Securities
Loans

Assets

6,197,731

49,328,028 32,616,662 23,472,702 14,527,422 21,248,623


7,627,768

9,800,970 11,965,698

6,237,356

8,632,738

163,533,423 193,834,670 243,757,807 270,651,986 277,126,869


24,335

24,026

39,507

Fixed Assets

4,052,708

4,591,588

5,513,569

6,222,050

6,271,230

Other Assets

4,655,153

3,312,032

3,156,891

3,369,915

4,704,925

Investment

Total Assets

Taxes Payable

36,932

299,058,161 333,303,506 386,654,815 416,573,708 430,965,998

11.45%

Growth (%)
Deposits

16.01%

7.74%

3.45%

171,716

323,957

317,563

256,598

Fund Borrowings

8,725,796

8,749,762 18,950,523 11,212,265

8,829,106

Other Liabilities

6,750,931

4,158,421

5,769,917

Total Liabilities

Paid up Capital
Paid up Capital (Shares)
Par Value

262,500
175,000
87,500
-

5,707,851

5,218,778

2011

2012

2013

10.93%

16.98%

0.64%

3.94%

15,000,000 15,000,000 15,000,000 15,000,000 15,000,000


9,054,807

9,054,807

9,054,807

9,054,807

9,054,807

18,649

18,649

18,649

18,649

18,649

2014

Jun-15

TOTAL EQUITY (Bill. Rp)

261,215,137 289,778,215 338,971,310 341,148,654 354,594,171

Growth (%)
Authorized Capital

350,000

238,314,269 260,906,084 295,075,178 317,070,426 316,988,721


145,021

Liabilities

437,500

61,021

61,059

2014

Jun-15

61,059

43,525

48,603

47,684

37,843
36,147

7,500 & 7,500 & 375 7,500 & 7,500 & 375 7,500 & 7,500 & 375 7,500 & 7,500 & 375 7,500 & 7,500 & 375
23,691

Retained Earnings

14,422,051 20,070,536 27,011,835 35,078,159 34,932,389

Total Equity

37,843,024 43,525,291 47,683,505 61,021,308 61,058,679

15.02%

Growth (%)

9.55%

27.97%

11,235

0.06%
-1,221

INCOME STATEMENTS
Total Interest Income

Dec-11

Dec-12

Dec-13

Dec-14

9.73%

16.50%

26.14%

Interest Expenses

7,245,524

7,392,427 10,968,641

5,419,468

Other Operating Revenue

7,601,475

8,445,813

9,440,904 10,715,356

4,680,266

11,134,002 12,739,104 14,572,688 16,103,374 13,852,099


7,242,583

Growth (%)
218,725

8,641,023 11,218,803 13,346,291

19.31%

29.83%

18.96%

258,539

59,362

178,019

12,722

8,899,562 11,278,165 13,524,310

3,100,443

Provision for Income Tax

1,653,090

1,851,200

2,220,224

2,694,931

641,161

Profit for the period

5,808,218

7,048,362

9,057,941 10,829,379

2,459,282

21.35%

28.51%

26,451
26,558

20,692

22,705
17,679

19,752

7,461,308

Growth (%)

33,365
33,365

3,087,721

Income Before Tax

Non-Operating Revenues

2013

TOTAL INTEREST INCOME (Bill. Rp)

7,495,982

Income from Operations

2012

20,691,796 22,704,515 26,450,708 33,364,942 17,679,022

Growth (%)

Other Operating Expenses

2011

Jun-15

12,946

6,139

-667

19.56%

2011

Period Attributable

5,825,904

7,046,145

9,054,345 10,782,628

2,429,901

Comprehensive Income

5,991,144

7,202,604

6,243,854 11,914,732

2,545,294

Comprehensive Attributable

6,007,817

7,200,391

6,240,258 11,867,981

2,515,913

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


10,829
10,829

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

62.48

113.35

145.71

144.55

312.40

377.84

485.52

578.20

130.30

BV (Rp)

2,029.26

2,333.96

2,556.94

3,272.16

3,274.16

DAR (X)

0.87

0.87

0.88

0.82

0.82

DER(X)

6.90

6.66

7.11

5.59

5.81

ROA (%)

1.94

2.11

2.34

2.60

0.57

ROE (%)

15.35

16.19

19.00

17.75

4.03

OPM (%)

35.00

38.06

42.41

40.00

17.47

NPM (%)

28.07

31.04

34.24

32.46

13.91

Payout Ratio (%)

20.00

30.00

30.01

25.00

1.64

3.06

3.69

2.37

RATIOS
Dividend (Rp)
EPS (Rp)

Yield (%)

9,058
8,620

7,048
6,411

5,808

4,202

2,459
1,993

-217

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

33

COMPANY REPORT

BBRI
BANK RAKYAT INDONESIA (PERSERO) TBK.
Company Profile
Bank Rakyat Indonesia (BRI) is the oldest commercial bank in Indonesia, established on
December 16, 1895, in Purwokerto, Central Java. The stateowned bank went public in
2003 and the Indonesian government holds the majority of its shares with 57.32%,
followedbypublic.
Since its inception, BRIs strategies have been mostly focused on the development of
micro, small and medium business segments. In so doing, BRI takes into account its core
competencies at all organization level. With strategic positioning in Indonesian banking
industrysupportedbystrongbasisofcorecompetenciesinmicrobusinesssegmentsince
1984,BRIwillbeabletoachieveitsoptimalperformanceincomingyears.
Asof30June2015,BRIservesitcustomersthroughmorethan10.000outletsspreadsall
overIndonesia
1HeadOffice
19RegionalOffices
1HeadofAuditOffice
18RegionalAuditOffices
458BranchesOffices
1SpecialBranch
4overseasoffices(CaymanIsland,Singapore,NewYork,HongKong)
586SubBranchOffices
5,306BRIUnits(MicroOutlet)
980CashCounters
3,141TerasBRI
610TerasMobile
BRIprovideaccesstoitsbankingservicesthroughitselectronicchannel;
20,792ATMslinkedtoATMBersama,ATMPrima,ATMLink,Cirrus,andMaestro
131,204ElectronicDataCaptures(EDC)
392CashDepositMachine
55EBuzz
BRI Subsidiaries: PT Bank BRI Syariah, PT BRI Agroniaga Tbk. and BRIRemittance Co. Ltd.
Totalemployees50,604.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

34

RESEARCH AND DEVELOPMENT DIVISION

BBRI Bank Rakyat Indonesia (Persero) Tbk.

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Finance (8)
Industry Sub Sector : Bank (81)

2,285.714
Individual Index
:
Listed Shares
24,422,470,380
:
Market Capitalization : 244,224,703,800,000

6 | 244.2T | 4.92% | 36.29%


1 | 93.3T | 6.34% | 6.34%

COMPANY HISTORY
Established Date
: 16-Dec-1895
Listing Date
: 10-Nov-2003
Under Writer IPO :
PT Bahana Securuties
Securities Administration Bureau :
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Mustafa Abubakar *)
2. A. Sony Keraf *)
3. Adhyaksa Dault *)
4. Ahmad Fuad *)
5. Fuad Rahmany *)
6. Gatot Trihargo
7. Jeffry J. Wurangian
8. Vincentius Sony Loho
*) Independent Commissioners
BOARD OF DIRECTORS
1. Asmawi Syam
2. Agus Toni Soetirto
3. Donsuwan Simatupang
4. Gatot Mardiwasisto
5. Haru Koesmahargyo
6. Kuswiyoto
7. Mohammad Irfan
8. Randi Anto
9. Sunarso
10. Susy Liestiowaty
11. Zulhelfi Abidin

SHAREHOLDERS (July 2015)


1. Negara Republik Indonesia
2. Public (<5%)

14,000,000,000 :
10,422,470,380 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2003
2005
2005
2006
2007
2008
2009
2010
2010
2011
2012
2013
2014

Shares

Dividend
84.19
152.88
156.18
173.04
196.34
168.82
132.08
45.93
70.04
122.28
225.23
257.33
294.80

Cum Date
06-Jul-04
16-Jun-05
21-Jun-06
13-Jun-07
18-Jun-08
16-Jun-09
28-Jun-10
17-Dec-10
27-May-11
26-Apr-12
26-Mar-13
28-Apr-14
26-Mar-15

Recording
Date
09-Jul-04
21-Jun-05
26-Jun-06
18-Jun-07
23-Jun-08
19-Jun-09
01-Jul-10
22-Dec-10
01-Jun-11
01-May-12
01-Apr-13
02-May-14
31-Mar-15

Ex Date
07-Jul-04
17-Jun-05
22-Jun-06
14-Jun-07
19-Jun-08
17-Jun-09
29-Jun-10
20-Dec-10
30-May-11
27-Apr-12
27-Mar-13
29-Apr-14
27-Mar-15

57.32%
42.68%

Payment
Date
23-Jul-04
05-Jul-05
10-Jul-06
02-Jul-07
07-Jul-08
03-Jul-09
15-Jul-10
30-Dec-10
15-Jun-11
15-May-12
15-Apr-13
14-May-14
22-Apr-15

F
F
F
F
F
F
I
F
F
F
F
I

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.

Type of Listing
First Issue
Company Listing
MSOP Conversion
MSOP Conversion I & II
MSOP Conversion II
MSOP Conversion I, II & III
MSOP Conversion II & III
MSOP Conversion I
MSOP Conversion III
MSOP Conversion I & III
Delisting of shares Negara RI
Stock Split

Shares
4,764,705,000
6,882,352,950
114,572,000
333,814,000
8,928,500
59,421,500
36,021,500
789,000
13,836,000
2,493,500
-5,698,760
12,211,235,190

T:
T:
T:
T:
T:
T:
T:
T:
T:

Listing
Date
10-Nov-03
10-Nov-03
24-Nov-04
16-Nov-05
25-Sep-06
23-Nov-06
24-Nov-06
09-Jan-07
25-Jun-07
21-Nov-07
07-Jan-11
11-Jan-11

:
:
:
:
:
:
:
:
:

Trading
Date
10-Nov-03
31-May-04
11-Nov-05
11-Nov-08
12-Nov-09
27-Dec-07
26-Jun-09
13-Nov-08
15-Nov-10
08-Aug-08
07-Jan-11
11-Jan-11

AUDIT COMMITTEE
1. Fuad Rahmany
2. Adhyaksa Dault
3. A. Sony Keraf
4. H.C. Royke Singgih
5. Dedi Budiman Hakim
6. Syahrir Nasution
CORPORATE SECRETARY
Budi Satria
HEAD OFFICE
BRI I Building, 20th Fl.
Jln. Jend. Sudirman No. 44 - 46
Jakarta 10210
Phone : (021) 251-0244, 250-0124, 251-0315, 575-1966
Fax
: (021) 570-0916, 575-2010
Homepage
Email

F/I

: www.bri.co.id
: ir@bri.co.id

RESEARCH AND DEVELOPMENT DIVISION

35

BBRI Bank Rakyat Indonesia (Persero) Tbk.


Closing
Price*

Volume
(Mill. Sh)

14,000

160

12,250

140

10,500

120

8,750

100

7,000

80

5,250

60

3,500

40

1,750

20

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Finance Index
January 2011 - July 2015
175%
150%
125%
100%

93.2%

75%
50%

46.9%
28.8%

25%
-25%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

10,695
65,512
625
247

9,285
62,701
514
246

9,932
78,393
730
244

9,096
91,875
1,071
242

4,887
57,073
705
142

Price (Rupiah)
High
Low
Close
Close*

10,750
4,525
6,750
6,750

7,850
5,150
6,950
6,950

9,950
6,200
7,250
7,250

12,200
7,000
11,650
11,650

13,450
9,300
10,000
10,000

9.18
6.58
2.64

8.38
17.20
2.25

11.86
27.72
2.94

10.22
20.80
2.41

10.89
PER (X)
6.61
PER Industry (X)
3.34
PBV (X)
* Adjusted price after corporate action

36

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Bank Rakyat Indonesia (Persero) Tbk.
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
10,750
5,000
5,800
6,650
6,600
6,550
6,950
7,250
7,000
6,900
7,050
7,050

Low
4,550
4,525
4,725
5,650
6,000
6,100
6,500
6,000
5,000
5,150
6,350
6,350

Close
4,850
4,700
5,750
6,450
6,350
6,500
6,900
6,550
5,850
6,750
6,500
6,750

(X)
61,584
40,858
49,894
40,870
51,052
32,120
39,796
65,988
83,219
78,267
47,974
33,776

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

7,200
7,250
7,050
7,150
6,700
6,350
7,050
7,550
7,500
7,850
7,350
7,250

6,750
6,550
6,400
6,450
5,600
5,150
6,250
6,650
6,900
7,300
7,000
6,800

6,850
6,900
6,950
6,650
5,650
6,350
7,000
6,950
7,450
7,400
7,050
6,950

34,105
43,956
62,379
35,173
68,285
50,200
44,178
31,723
33,450
33,323
43,834
33,266

648,419
881,221
955,267
698,250
1,252,556
914,692
824,887
669,590
576,211
627,187
731,065
505,350

4,500,394
6,030,387
6,378,821
4,789,501
7,711,374
5,396,595
5,468,998
4,725,231
4,172,024
4,743,720
5,243,316
3,540,891

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

8,000
9,450
9,450
9,400
9,950
8,850
8,350
8,450
8,650
8,500
8,050
7,750

7,000
7,900
8,500
8,250
8,900
7,050
7,150
6,250
6,200
7,250
7,200
6,750

7,950
9,450
8,750
9,400
8,900
7,750
8,250
6,600
7,250
7,900
7,450
7,250

49,574
38,683
47,866
45,151
50,832
92,127
61,555
75,898
80,681
60,781
66,249
60,169

820,165 6,223,729
620,764 5,227,378
684,003 5,985,374
778,102 6,767,136
689,578 6,403,815
1,301,703 10,051,448
762,741 5,927,722
1,110,192 7,784,877
1,165,249 8,756,072
735,834 5,882,615
674,880 5,169,069
589,234 4,213,752

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

8,850
9,850
10,500
10,250
11,050
10,400
12,200
11,375
11,175
11,075
11,550
11,725

7,000
8,125
9,025
9,350
9,950
9,850
10,100
10,600
10,150
10,000
10,600
11,000

8,325
87,119
9,275
87,543
9,575 111,431
9,900 103,234
10,200
68,949
10,325
73,158
11,200
91,236
11,050
96,070
10,425
91,480
11,075 112,523
11,525
65,560
11,650
82,491

934,659
1,015,064
903,601
844,361
556,095
668,924
838,066
733,194
785,001
852,028
424,706
540,205

7,534,215
9,180,632
8,566,209
8,340,740
5,802,044
6,771,119
9,411,432
8,022,874
8,367,361
8,958,410
4,720,140
6,200,187

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

12,100
13,050
13,275
13,450
12,750
11,775
10,900

11,325
11,600
12,600
11,250
11,400
10,050
9,300

11,675
84,255
12,875
82,946
13,275
82,495
11,625
96,485
11,775 107,891
10,350 143,673
10,000 107,429

607,503
748,654
552,663
727,168
702,965
854,615
692,996

7,101,489
9,092,542
7,172,234
9,138,329
8,433,290
9,122,101
7,012,522

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


1,216,289 7,347,324
826,733 3,940,203
902,204 4,679,484
822,859 5,088,510
872,410 5,479,711
568,618 3,613,773
846,164 5,683,819
1,085,504 7,162,598
1,302,285 7,936,656
1,026,080 6,364,672
743,521 4,986,130
482,459 3,228,750

21
18
23
20
21
20
21
19
20
21
22
21

BBRI Bank Rakyat Indonesia (Persero) Tbk.


Financial Data and Ratios

Book End : December

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash on Hand

Assets

10,525,973 13,895,464 19,171,778 22,469,167 19,140,980

Placements with Other Banks

73,596,356 66,242,928 36,306,883 62,035,442 40,392,593

Marketable Securities

33,917,516 41,136,880 42,673,665 84,168,460 96,613,515

Loans

269,454,726 336,081,042 419,144,730 479,211,143 492,215,333


164,689

196,742

222,851

Fixed Assets

1,852,818

2,804,366

Other Assets

5,293,505

5,961,840

Investment

Total Assets

Taxes Payable
Fund Borrowings
Other Liabilities
Total Liabilities

17.33%

Paid up Capital
Paid up Capital (Shares)
Par Value

3,972,612

5,917,470

6,704,904

7,004,037

8,792,889 10,610,330

13.58%

28.07%

-3.57%

650,000
487,500
325,000
162,500
-

388,288,508 452,945,001 507,972,602 622,321,846 611,943,360


1,105,997

895,695

13,097,916 10,888,755
9,520,061

9,758,418

1,266,018

59,805

9,084,913 24,986,862

8,327,435

3,242,346

4,104,487

3,487,261

2011

2012

2013

15.80%

12.42%

28.78%

-4.70%

15,000,000 15,000,000 15,000,000 15,000,000 15,000,000


6,167,291

6,167,291

6,167,291

6,167,291

6,167,291

24,669

24,669

24,669

24,669

24,669

250

250

250

250

250

Retained Earnings

40,019,254 55,080,238 70,868,083 88,761,688 93,281,144

Total Equity

49,820,329 64,881,779 79,327,422 97,737,429 102,200,618

30.23%

Growth (%)

22.26%

23.21%

2014

Jun-15

484,003
TOTAL EQUITY (Bill. Rp)

420,078,955 486,455,011 546,855,504 704,217,592 671,113,317

Growth (%)
Authorized Capital

256,883

469,899,284 551,336,790 626,182,926 801,955,021 773,313,935

Growth (%)
Deposits

Liabilities

812,500

97,737

102,201

102,201

79,327
81,352

64,882
60,503

49,820

39,654

18,805

4.57%
-2,044

INCOME STATEMENTS
Total Interest Income

Dec-11

Other Operating Revenue

Dec-13

Dec-14

3.00%

19.86%

26.34%

5,775,975

8,389,732

8,348,459

9,299,140

5,734,508

Income from Operations

17,584,230 22,682,538 26,127,577 28,361,877 14,159,792

Growth (%)

Provision for Income Tax


Profit for the period

1,171,650

28.99%

15.19%

8.55%

Jun-15

75,122

1,177,034

1,782,489

2,497,196

75,122

59,461
59,797

48,164

49,610
41,547

44,472

642,233

3,667,884

5,172,192

6,555,736

6,605,228

2,848,262

15,087,996 18,687,380 21,354,330 24,253,845 11,953,763

23.86%

14.27%

29,147

13,822

-1,502

13.58%

2011

Period Attributable

15,082,939 18,680,884 21,344,130 24,241,650 11,945,865

Comprehensive Income

15,296,501 18,681,350 19,916,654 24,759,999 11,768,510

Comprehensive Attributable

15,288,295 18,652,098 19,913,198 24,744,791 11,760,754

2012

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Dividend (Rp)

122.28

225.23

257.33

294.80

EPS (Rp)

611.41

757.26

865.22

982.67

484.24

BV (Rp)

2,019.54

2,630.08

3,215.65

3,961.93

4,142.85

DAR (X)

0.89

0.88

0.87

0.88

0.87

DER(X)

8.43

7.50

6.89

7.21

6.57

ROA (%)

3.21

3.39

3.41

3.02

1.55

ROE (%)

30.28

28.80

26.92

24.82

11.70

OPM (%)

36.51

45.72

43.94

37.75

34.08

NPM (%)

31.33

37.67

35.91

32.29

28.77

Payout Ratio (%)

20.00

29.74

29.74

30.00

1.81

3.24

3.55

2.53

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


24,254
21,354

24,254

Yield (%)

2014

18,755,880 23,859,572 27,910,066 30,859,073 14,802,025

Growth (%)

RATIOS

2013

TOTAL INTEREST INCOME (Bill. Rp)

17,085,627 19,491,032 22,380,778 26,660,314 19,350,927

Income Before Tax

2012

13,737,272 13,126,655 15,354,813 23,679,803 13,770,420

Other Operating Expenses

Non-Operating Revenues

2011

Jun-15

48,164,348 49,610,421 59,461,084 75,122,213 41,546,631

Growth (%)
Interest Expenses

Dec-12

18,687
19,306

15,088
11,954

14,358

9,410

4,463

-485

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

37

COMPANY REPORT

BBTN
BANK TABUNGAN NEGARA (PERSERO) TBK.

Company Profile
PTBankTabunganNegara(Persero)Tbk.orBankBTNwasestablishedin1897underthe
nameofPostspaarBank.ThenamewaschangedtoBankTabunganPosin1950andfinally
became Bank Tabungan Negara in 1963. Bank BTN successfully done The Initial Public
Offering(IPO)andlistedontheIndonesiaStockExchangeon17December2009,andwas
the first Indonesian bank to securitize mortgage through Asset Backed Securities
CollectiveInvestmentContracts(KIKEBA)scheme.BankBTNengagedinactivitiesbasedon
ShariaprinciplesonDecember15,2004.
Bank BTN is a fully commercial bank that focuses on the housing finance. Bank BTN has
been doing mortgage business for more than six decades of consistency by providing a
variety of housing products and services, particularly through the Home Ownership Loan
(mortgage), both Subsidized Mortgages for lowermiddle segment as well as Non
SubsidizedMortgagesformiddleanduppersegments.
As of 30 June 2015, the Bank has 87 branches (including 22 sharia branches), 247 sub
branches (including 21 sharia subbranches), 486 cash offices (including 7 sharia cash
offices),and2,948SOPPs(SystemonlinePaymentPoint/onlinePostoffice).
Thebankspermanentemployeesamountto7,923.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

38

RESEARCH AND DEVELOPMENT DIVISION

BBTN Bank Tabungan Negara (Persero) Tbk.

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Finance (8)
Industry Sub Sector : Bank (81)

Individual Index
:
Listed Shares
:
Market Capitalization :

152.609
10,461,820,500
12,240,329,985,000

69 | 12.2T | 0.25% | 80.13%


40 | 11.1T | 0.75% | 67.68%

COMPANY HISTORY
Established Date
: 30-Nov-1934
Listing Date
: 17-Dec-2009
Under Writer IPO :
PT Mandiri Sekuritas
PT CIMB Securities Indonesia
Securities Administration Bureau :
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Chandra M. Hamzah *)
2. Arie Coerniadi *)
3. Catherinawati Hadiman *)
4. Fajar Harry Sampurno
5. Kamaruddin Sjam *)
6. Lucky Fathul Aziz H.
7. Sumiyati
*) Independent Commissioners
BOARD OF DIRECTORS
1. Maryono
2. Adi Setianto
3. Iman Nugroho Soeko
4. Irman A. Zahiruddin
5. Mansyur S. Nasution
6. Oni Febriarto R.
7. Sis Apik Wijayanto
8. Sulis Usdoko

SHAREHOLDERS (July 2015)


1. Negara Republik Indonesia
2. Public (<5%)

6,354,000,000 :
4,107,820,500 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2009
2010
2011
2012
2013
2014

Shares

Dividend
15.09
31.19
25.31
38.74
44.36
21.11

Cum Date
10-Jun-10
10-Jun-11
10-May-12
26-Apr-13
18-Mar-14
31-Mar-15

Recording
Date
15-Jun-10
15-Jun-11
15-May-12
01-May-13
21-Mar-14
06-Apr-15

Ex Date
11-Jun-10
13-Jun-11
11-May-12
29-Apr-13
19-Mar-14
01-Apr-15

60.74%
39.26%

Payment
Date
29-Jun-10
30-Jun-11
30-May-12
10-May-13
07-Apr-14
24-Apr-15

F
F
F
F
F
I

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

Type of Listing
First Issue
Company Listing
MESOP Conversion I
MESOP Conversion I & II
Right Issue
MESOP Conversion I, II & III
MESOP Conversion II & III
MESOP Conversion III
MESOP Conversion II
MESOP Conversion I & III

Shares
2,360,057,000
6,263,228,575
124,368,000
5,670,000
1,497,728,925
208,387,000
159,500
104,500
36,000
2,081,000

T:
T:
T:
T:
T:
T:

Listing
Date
17-Dec-09
17-Dec-09
08-Feb-11
06-Feb-12
07-Dec-12
07-Feb-13
14-Mar-14
19-Mar-14
22-Jul-14
20-Aug-14

:
:
:
:
:
:

Trading
Date
17-Dec-09
17-Dec-09
13-Aug-14
14-Aug-14
07-Dec-12
17-Jul-13
17-Mar-14
23-Jul-14
18-Mar-15
20-Aug-14

AUDIT COMMITTEE
1. Kamaruddin Sjam
2. Catherinawati Hadiman
3. Sondang Gayatri
4. Waldy Gutama
CORPORATE SECRETARY
Eko Waluyo
HEAD OFFICE
Menara Bank BTN
Jln. Gajah Mada No. 1
Jakarta 10130
Phone : (021) 633-6789, 633-2666
Fax
: (021) 634-6704
Homepage
Email

F/I

: www.btn.co.id
: eko.waluyo@btn.co.id

RESEARCH AND DEVELOPMENT DIVISION

39

BBTN Bank Tabungan Negara (Persero) Tbk.


Closing
Price*

Volume
(Mill. Sh)

1,800

1,600

1,575

1,400

1,350

1,200

1,125

1,000

900

800

675

600

450

400

225

200

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Finance Index
January 2011 - July 2015
100%
80%
60%
46.9%

40%

28.8%
20%
-20%
-27.1%
-40%
-60%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

4,233
6,305
203
247

3,953
5,434
112
246

4,831
6,396
200
244

11,661
13,317
402
242

5,960
6,596
237
142

Price (Rupiah)
High
Low
Close
Close*

1,820
1,000
1,210
1,163

1,720
1,130
1,450
1,450

1,740
820
870
870

1,525
835
1,205
1,205

1,270
980
1,170
1,170

11.06
6.58
1.46

5.88
17.20
0.80

12.64
27.72
1.08

7.36
20.80
0.97

10.42
PER (X)
6.61
PER Industry (X)
1.46
PBV (X)
* Adjusted price after corporate action

40

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Bank Tabungan Negara (Persero) Tbk.
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
1,780
1,440
1,710
1,790
1,720
1,700
1,820
1,740
1,620
1,540
1,490
1,290

Low
1,180
1,260
1,340
1,660
1,590
1,590
1,620
1,350
1,000
1,050
1,210
1,180

Close
1,330
1,330
1,680
1,710
1,660
1,690
1,700
1,560
1,210
1,440
1,250
1,210

(X)
34,997
14,140
26,923
12,729
12,410
8,329
22,042
13,235
16,853
13,687
20,559
6,786

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

1,270
1,250
1,220
1,440
1,390
1,400
1,380
1,420
1,460
1,650
1,720
1,610

1,180
1,160
1,160
1,200
1,190
1,130
1,240
1,280
1,250
1,360
1,420
1,440

1,200
1,220
1,200
1,380
1,200
1,290
1,370
1,310
1,440
1,520
1,610
1,450

11,071
8,442
3,803
14,473
5,250
6,698
7,747
5,178
12,362
12,271
15,597
9,276

302,240
170,762
62,277
365,152
81,787
139,270
193,721
119,668
317,570
306,185
1,585,209
308,764

369,927
205,487
74,561
486,519
107,075
177,699
255,431
162,886
423,906
452,863
2,241,325
476,736

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

1,640
1,680
1,740
1,720
1,510
1,400
1,250
1,200
1,160
1,030
1,020
990

1,450
1,530
1,610
1,470
1,260
1,010
1,020
880
840
910
900
820

1,620
1,630
1,700
1,490
1,420
1,150
1,040
950
930
970
970
870

12,496
16,891
15,925
13,858
24,534
19,347
17,377
12,813
29,196
17,269
10,701
10,010

502,676
460,352
556,705
462,242
686,550
347,074
380,644
270,433
430,902
337,041
240,433
155,875

774,616
741,687
936,218
745,326
950,640
411,522
430,266
285,056
418,199
325,799
230,220
145,999

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

970
1,145
1,355
1,525
1,175
1,090
1,230
1,215
1,180
1,195
1,155
1,240

835
890
1,015
1,140
1,070
980
1,030
1,045
1,070
1,070
1,090
1,120

900
1,080
1,285
1,155
1,090
1,040
1,080
1,115
1,170
1,120
1,130
1,205

18,385
37,825
39,910
55,199
36,625
25,604
48,574
42,735
32,063
27,396
16,256
21,919

275,674
1,429,330
1,270,021
1,598,310
903,411
570,012
1,654,735
1,333,365
968,580
644,155
447,183
566,006

252,515
1,502,277
1,539,871
2,048,453
1,011,693
589,252
1,874,974
1,517,629
1,090,634
728,263
498,895
662,843

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

1,230
1,095
1,270
1,250
1,245
1,200
1,230

980
990
1,060
1,080
1,080
1,070
1,150

995
1,070
1,255
1,115
1,205
1,190
1,170

44,134
47,590
40,326
28,932
25,132
28,296
22,849

1,247,054
1,549,165
1,207,915
701,031
547,298
410,752
297,190

1,302,876
1,615,293
1,392,206
823,389
639,653
469,186
353,106

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


868,919 1,245,353
411,907
555,751
695,738 1,055,066
536,800
309,689
198,403
327,942
173,340
285,095
470,080
809,924
205,907
322,612
278,246
347,429
225,007
297,558
276,832
376,344
145,472
118,683

21
18
23
20
21
20
21
19
20
21
22
21

BBTN Bank Tabungan Negara (Persero) Tbk.


Financial Data and Ratios

Book End : December

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

512,399

694,941

924,451

920,482

951,108

4,839,268

1,496,455

2,186,100

4,201,682

5,436,970

5,537,689

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash on Hand
Placements with Other Banks
Marketable Securities
Loans

Assets

9,777,564 11,466,296
733,953

1,013,796

62,619,586 75,410,705 99,330,214 114,339,226 124,357,981


-

Fixed Assets

1,497,455

1,582,812

1,522,724

1,488,383

1,475,901

Other Assets

626,938

759,956

783,770

1,007,989

1,214,547

Investment

Total Assets

Taxes Payable

89,121,459 111,748,593 131,169,730 144,575,961 155,951,940

25.39%

Growth (%)
Deposits

17.38%

10.22%

7.87%

Fund Borrowings

5,695,307

6,737,260

7,073,035

6,998,213

6,096,531

Other Liabilities

2,258,809

2,441,809

2,882,703

3,079,486

3,410,490

Total Liabilities

130,000
97,500
65,000
32,500
-

62,762,985 81,374,686 96,482,879 107,649,946 117,732,754


-

Liabilities

162,500

2011

2012

2013

24.05%

17.88%

10.66%

8.18%

Jun-15

TOTAL EQUITY (Bill. Rp)

81,799,816 101,469,722 119,612,977 132,369,555 143,193,798

Growth (%)

2014

11,557

12,758

12,206

12,758

10,279

Authorized Capital
Paid up Capital
Paid up Capital (Shares)

10,239,216 10,239,216 10,239,216 10,239,216 10,239,216


4,404,536

5,178,220

8,809

10,356

5,282,427 25,283,848
10,565

10,568

5,283,860
10,568

500

500

500

500

500

Retained Earnings

1,157,372

3,175,036

4,328,008

4,974,952

5,701,862

Total Equity

7,321,643 10,278,871 11,556,753 12,206,406 12,758,142

Par Value

40.39%

Growth (%)

12.43%

5.62%

10,155

7,322
7,553

4,950

2,347

4.52%
-255

INCOME STATEMENTS
Total Interest Income

Dec-11
7,556,104

Dec-12

Dec-13

Dec-14

Jun-15

8,818,579 10,782,877 12,807,328

7,060,818

16.71%

22.27%

18.77%

3,770,231

4,091,760

5,129,554

7,342,747

3,904,365

Other Operating Revenue

512,017

571,494

763,983

894,820

515,910

Other Operating Expenses

2,720,117

3,213,561

3,849,042

4,041,294

2,521,684

Income from Operations

1,525,749

1,870,969

2,135,909

1,546,212

1,150,679

22.63%

14.16%

-27.61%

Growth (%)
Interest Expenses

Growth (%)
Non-Operating Revenues
Income Before Tax
Provision for Income Tax
Profit for the period

-3,489

-7,767

4,862

1,960

12,348

1,863,202

2,140,771

1,548,172

1,163,027

403,599

499,240

578,610

432,580

331,870

1,118,661

1,363,962

1,562,161

1,115,592

831,157

21.93%

14.53%

-28.59%

1,118,661

1,363,962

1,562,161

1,115,592

831,157

1,026,201

1,357,839

1,443,057

1,115,625

802,953

Comprehensive Attributable

1,026,201

1,357,839

1,443,057

1,115,625

802,953

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

25.31

38.74

44.36

21.11

EPS (Rp)

126.99

131.70

147.86

105.57

78.65

BV (Rp)

831.15

992.51

1,093.89

1,155.07

1,207.27

DAR (X)

0.92

0.91

0.91

0.92

0.92

DER(X)

11.17

9.87

10.35

10.84

11.22

ROA (%)

1.26

1.22

1.19

0.77

0.53

ROE (%)

15.28

13.27

13.52

9.14

6.51

OPM (%)

20.19

21.22

19.81

12.07

16.30

NPM (%)

14.80

15.47

14.49

8.71

11.77

Payout Ratio (%)

19.93

29.41

30.00

20.00

2.09

2.67

5.10

1.75

Yield (%)

2014

Jun-15

12,807
12,807

10,783
8,819

10,195

7,556

7,061

4,969

2,357

-256

2011

Comprehensive Income

RATIOS

2013

7,582

Period Attributable

Dividend (Rp)

2012

TOTAL INTEREST INCOME (Bill. Rp)

1,522,260

Growth (%)

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


1,562
1,364
1,243

1,119

1,116
831

925

606

287

-31

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

41

COMPANY REPORT

BMRI
BANK MANDIRI (PERSERO) TBK.
Company Profile
Bank Mandiri was formed on 2 October 1998, as part of the government of Indonesias
bankrestructuringprogram.BankMandiriisthelargestbankinIndonesia.BankMandiri
offersacomprehensiverangeoffinancialsolutionstoprivateandstateownedlargeand
mediumcorporations,smallandmicrobusinessesaswellasretailconsumers.
Amidstthevariousexternalchallenges,MandiriGroupsuccessfullyachievedanumberof
importantmilestones.Inconnectionwiththevariousimprovementstobusinessprocesses,
Mandiri Group conducted disciplined supervision over the microfinancial and macro
external parameters so as to serve as an early warning system. The supervision process
was carried out proactively based on the principles of good corporate governance and
focusedonstrengtheningthefoundationsforachievingourgoalsinourthree(3)business
focusareas(wholesaletransactions,retaildepositsandpayments,andretailfinancing),as
wellasinternalcontrols,improvedriskmanagement,andenhancementstoinfrastructure
andhumanresources.
In line with the product development and the increasing complexity of transactions,
Management has also taken steps to optimize the Internal Audit function, both in
assuranceandadvisoryterms,byenhancingthecapacityofauditors.Suchcapacityisnot
just limited to auditing knowledge and skills, but also extends to knowledge of products
andbankingoperations.
As of 30 June 2015 structure and the number of domestic and overseas offices of Bank
Mandiri(Total2,333offices)areasfollows:

12thedomesticterritoryOffice

Branchesinthecountry:

74AreaOffice

1,097BranchOffice

903MandiriMitraUsahaOffices

CashOutlet253

6Overseasbranches

Totalofemployees35,010.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

42

RESEARCH AND DEVELOPMENT DIVISION

BMRI Bank Mandiri (Persero) Tbk.

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Finance (8)
Industry Sub Sector : Bank (81)

1,435.065
Individual Index
:
Listed Shares
23,099,999,999
:
Market Capitalization : 220,027,499,990,475

7 | 220.0T | 4.43% | 40.73%


3 | 70.6T | 4.80% | 15.96%

COMPANY HISTORY
Established Date
: 02-Oct-1998
Listing Date
: 14-Jul-2003
Under Writer IPO :
PT Danareksa Sekuritas
PT ABN AMRO Asia Securities Indonesia
Securities Administration Bureau :
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Darmin Nasution
2. Abdul Aziz *)
3. Askolani
4. Aviliani *)
5. Bangun Sarwito Kusmuljono *)
6. Cahaya Dwi Rembulan Sinaga *)
7. Goei Siauw Hong *)
8. Imam Apriyanto Putro
9. Suwhono
*) Independent Commissioners
BOARD OF DIRECTORS
1. Budi Gunadi Sadikin
2. Ahmad Siddik Badruddin
3. Hery Gunardi
4. Kartika Wirjoatmodjo
5. Kartini Sally
6. Ogi Prastomiyono
7. Pahala Nugraha Mansury
8. Royke Tumilaar
9. Sentot A. Sentausa
10. Sulaiman Arif Arianto
11. Tardi

SHAREHOLDERS (July 2015)


1. Negara Republik Indonesia
2. Public (<5%)

14,000,000,000 :
9,099,999,999 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2003
2003
2004
2005
2005
2006
2007
2008
2009
2010
2010
2011
2012
2013
2014

Shares

Dividend
50.00
115.00
60.00
70.50
14.85
70.02
186.00
88.55
19.26
19.64
120.60
104.97
199.33
234.05
212.91

Cum Date
16-Dec-03
11-Jun-04
16-Dec-04
13-Jun-05
14-Jun-06
19-Jun-07
19-Jun-08
26-May-09
02-Dec-09
21-Dec-10
15-Jun-11
15-May-12
26-Apr-13
26-Mar-14
23-Mar-15

Recording
Date
19-Dec-03
16-Jun-04
21-Dec-04
16-Jun-05
19-Jun-06
22-Jun-07
24-Jun-08
29-May-09
07-Dec-09
27-Dec-10
20-Jun-11
22-May-12
01-May-13
01-Apr-14
26-Mar-15

Ex Date
17-Dec-03
14-Jun-04
17-Dec-04
14-Jun-05
15-Jun-06
20-Jun-07
20-Jun-08
27-May-09
03-Dec-09
22-Dec-10
16-Jun-11
16-May-12
29-Apr-13
27-Mar-14
24-Mar-15

60.61%
39.39%

Payment
Date
30-Dec-03
30-Jun-04
30-Dec-04
24-Jun-05
30-Jun-06
29-Jun-07
03-Jul-08
12-Jun-09
22-Dec-09
30-Dec-10
30-Jun-11
05-Jun-12
16-May-13
15-Apr-14
17-Apr-15

I
F
I
F
F
F
F
I
I
F
F
F
F
I

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.

Type of Listing
First Issue
Company Listing
MSOP Conversion
Partial delisting 1 %
MSOP Conversion I & II
MSOP Conversion I
MSOP Conversion I, II & III
MSOP Conversion I & III
MSOP Conversion II & III
MSOP Conversion III
MSOP Conversion II
Right Issue

Shares
2,900,000,000
16,900,000,000
598,938,831
-9,955,000
32,316,636
10,547,213
105,564,065
129,311,724
33,502,868
86,224,280
44,125
2,313,505,257

T:
T:
T:
T:
T:
T:
T:
T:

Listing
Date
14-Jul-03
14-Jul-03
26-Jul-04
06-Dec-05
11-Dec-06
21-Mar-07
10-May-07
14-May-07
14-Nov-07
19-Nov-07
02-Jun-10
02-Mar-11

:
:
:
:
:
:
:
:

Trading
Date
14-Jul-03
30-Dec-03
09-Jan-07
06-Dec-05
15-Dec-06
16-Jul-08
02-Jun-08
28-May-08
19-May-10
16-Dec-10
02-Jun-10
02-Mar-11

AUDIT COMMITTEE
1. Aviliani
2. Askolani
3. Budi Sulistio
4. Goei Siauw Hong
5. Ridwan Darmawan Ayub
CORPORATE SECRETARY
Rohan Hafas
HEAD OFFICE
Plaza Mandiri
Jln. Jend. Gatot Subroto Kav. 36 - 38
Jakarta 12190
Phone : (021) 529-13321, 300-23166
Fax
: (021) 526-3460
Homepage
Email

F/I

: www.bankmandiri.co.id
: cma@bankmandiri.co.id

RESEARCH AND DEVELOPMENT DIVISION

43

BMRI Bank Mandiri (Persero) Tbk.


Closing
Price*

Volume
(Mill. Sh)

14,000

2,400

12,250

2,100

10,500

1,800

8,750

1,500

7,000

1,200

5,250

900

3,500

600

1,750

300

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Finance Index
January 2011 - July 2015
120%
100%
80%
60%
50.2%
46.9%

40%

28.8%
20%
-20%
-40%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

13,518
86,219
598
247

7,902
57,019
411
246

8,627
74,504
638
244

7,379
72,645
872
242

4,140
45,438
529
142

8,150
5,100
6,750
6,750

8,900
6,000
8,100
8,100

10,750
6,250
7,850
7,850

11,000
7,600
10,775
10,775

12,550
9,275
9,525
9,525

11.63
6.58
2.47

10.06
17.20
2.06

13.05
27.72
2.54

11.09
20.80
2.03

Price (Rupiah)
High
Low
Close
Close*

12.62
PER (X)
6.61
PER Industry (X)
2.51
PBV (X)
* Adjusted price after corporate action

44

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Bank Mandiri (Persero) Tbk.
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
6,900
6,250
6,800
7,250
7,350
7,250
8,150
8,100
7,300
7,300
7,400
7,000

Low
5,350
5,350
5,700
6,550
6,800
6,700
7,150
6,650
5,100
5,500
6,300
6,200

Close
5,950
5,800
6,800
7,150
7,200
7,200
7,850
6,850
6,300
7,150
6,400
6,750

(X)
59,751
44,183
53,774
36,842
31,537
32,742
34,821
55,412
75,984
63,194
63,227
46,300

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

7,150
6,750
6,950
7,400
7,450
7,350
8,300
8,600
8,300
8,400
8,900
8,450

6,600
6,000
6,350
6,800
6,650
6,550
6,850
7,350
7,600
7,900
8,150
7,700

6,700
6,450
6,850
7,400
6,900
7,200
8,300
7,800
8,200
8,250
8,250
8,100

38,879
76,926
45,324
24,798
23,052
24,789
30,999
26,979
31,515
23,531
25,336
38,789

724,875
1,462,741
984,952
676,326
615,116
420,561
586,543
398,429
480,997
473,867
417,060
660,905

4,954,614
9,269,521
6,573,813
4,780,291
4,369,398
2,956,044
4,352,468
3,208,709
3,812,109
3,854,682
3,548,485
5,339,337

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

9,050
10,150
10,050
10,750
10,550
9,900
9,050
8,900
10,300
8,950
8,600
8,000

8,000 9,050
8,700 10,050
9,450 10,000
9,800 10,500
9,700 9,700
8,250 9,000
7,450 8,900
6,250 7,100
6,550 7,950
8,050 8,600
7,350 7,650
7,300 7,850

36,696
33,818
38,478
33,768
47,425
68,921
68,683
67,391
73,619
59,726
67,113
41,923

517,167
567,187
570,412
525,014
748,146
871,631
837,483
1,083,003
1,026,893
755,875
754,337
370,112

4,358,835
5,224,978
5,577,493
5,402,910
7,579,728
7,848,472
7,032,852
8,108,305
8,219,662
6,413,599
5,883,592
2,853,587

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

9,525 7,600 8,700


9,650 8,400 9,100
10,250 9,000 9,450
10,350 9,525 9,825
10,825 9,775 10,175
10,250 9,625 9,725
11,000 9,625 10,250
10,650 10,025 10,375
10,700 9,825 10,075
10,375 9,300 10,350
10,725 10,100 10,525
10,875 10,125 10,775

76,373
76,609
87,370
83,068
67,908
62,399
87,146
59,900
67,815
91,426
54,054
57,885

650,120
701,451
821,343
758,989
527,196
585,096
885,176
443,282
578,571
651,302
359,724
416,710

5,508,866
6,330,151
7,785,861
7,503,307
5,392,549
5,798,770
9,132,248
4,620,858
5,988,220
6,403,397
3,761,633
4,418,807

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

11,375
12,300
12,475
12,550
11,725
10,825
10,400

11,000
12,000
12,475
10,750
10,775
10,050
9,525

66,447
65,366
70,026
80,765
75,800
91,798
78,628

515,375
563,345
428,152
638,748
721,520
706,310
566,167

5,623,454
6,593,778
5,146,324
7,347,327
8,037,833
7,092,455
5,596,610

21
19
22
21
19
21
19

10,600
10,950
11,750
10,350
10,700
9,350
9,275

(Thou. Sh.) (Million Rp)


1,408,041 8,314,520
2,993,290 16,377,961
1,286,491 7,886,597
775,150 5,336,328
804,177 5,712,250
542,273 3,787,371
878,996 6,697,558
949,354 6,871,060
1,284,590 8,041,492
1,009,050 6,473,321
893,643 6,122,844
693,425 4,597,460

21
18
23
20
21
20
21
19
20
21
22
21

BMRI Bank Mandiri (Persero) Tbk.


Financial Data and Ratios

Book End : December

Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)
BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash on Hand

Assets

11,357,523 15,286,190 19,051,934 20,704,563 19,523,886

Placements with Other Banks

51,393,062 48,238,225 45,113,834 61,117,605 61,073,183

Marketable Securities

12,002,918 10,769,775 26,802,548 40,465,158 47,058,105

Loans
Investment

298,988,258 370,570,356 450,634,798 505,394,870 526,854,352


38,785 11,366,225

616,821

766,524

753,958

8,928,856

8,930,112

Fixed Assets

6,589,594

7,002,690

7,645,598

Other Assets

7,249,901

7,339,965

8,908,732 11,239,398 11,384,147

Total Assets

551,891,704 635,618,708 733,099,762 855,039,673 914,075,204

15.17%

Growth (%)
Deposits
Taxes Payable

15.34%

16.63%

6.90%

740,000
555,000
370,000
185,000
-

397,046,488 456,854,700 521,439,569 600,980,756 640,539,042


761,737

2,662,421

2,126,864

1,875,141

11,703,498 11,608,832 15,997,188 24,227,104 22,042,700

Other Liabilities

15,378,187 13,002,765 14,166,214 16,370,686 19,930,238

Total Liabilities

489,237,296 559,085,843 644,309,166 750,195,111 753,844,597

14.28%

15.24%

16.43%

2011

2012

2013

2014

Jun-15

1,059,696

Fund Borrowings

Growth (%)

Liabilities

925,000

0.49%

TOTAL EQUITY (Bill. Rp)


104,845

109,262

109,262

88,791

Authorized Capital

16,000,000 16,000,000 16,000,000 16,000,000 16,000,000

Paid up Capital

11,666,667 11,666,667 11,666,667 11,666,667 11,666,667

Paid up Capital (Shares)


Par Value

23,333

23,333

23,333

23,333

23,333

500

500

500

500

500

Retained Earnings

33,505,527 46,079,465 59,631,998 74,042,745 78,999,216

Total Equity

62,654,408 76,532,865 88,790,596 104,844,562 109,261,809

22.15%

Growth (%)

16.02%

18.08%

76,533

86,972

62,654
64,683

42,394

20,104

4.21%
-2,185

INCOME STATEMENTS
Total Interest Income

Dec-11

Dec-12

Dec-13

Dec-14

12.78%

18.00%

24.75%

Interest Expenses
Other Operating Revenue

11,768,351 11,897,822 14,686,637 14,687,815

Other Operating Expenses

16,312,021 18,913,028 21,500,987 25,374,351 17,487,127

Income from Operations

16,348,933 19,625,447 23,551,711 25,978,106 13,084,222

Growth (%)

Provision for Income Tax


Profit for the period

Jun-15

163,102

20.04%

20.01%

10.30%

878,821

510,126

29,909

62,638

9,371,440

50,209
49,860

37,730

42,550
34,571

37,082

2,182

3,816,150

4,460,650

5,231,903

5,353,232

2,749,885

12,695,885 16,043,618 18,829,934 20,654,783 10,336,519

26.37%

17.37%

24,304

11,525

-1,253

9.69%

2011

Period Attributable

12,246,044 15,504,067 18,203,753 19,871,873

9,924,439

Comprehensive Income

12,479,456 16,256,581 17,996,086 21,482,680

9,958,804

Comprehensive Attributable

12,029,615 15,717,030 17,369,905 20,699,770

9,546,724

2012

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Dividend (Rp)

104.97

199.33

234.05

212.91

EPS (Rp)

524.83

664.46

780.16

851.65

425.33

BV (Rp)

2,685.19

3,279.98

3,805.31

4,493.34

4,682.65

DAR (X)

0.89

0.88

0.88

0.88

0.82

DER(X)

7.81

7.31

7.26

7.16

6.90

ROA (%)

2.30

2.52

2.57

2.42

1.13

ROE (%)

20.26

20.96

21.21

19.70

9.46

OPM (%)

43.33

46.12

46.91

41.47

37.85

NPM (%)

33.65

37.70

37.50

32.97

29.90

Payout Ratio (%)

20.00

30.00

30.00

25.00

1.56

2.46

2.98

1.98

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


20,655
18,830

20,655

Yield (%)

2014

16,512,035 20,504,268 24,061,837 26,008,015 13,086,404

Growth (%)

RATIOS

2013

TOTAL INTEREST INCOME (Bill. Rp)

15,954,037 15,019,850 17,432,216 23,505,518 13,371,176

Income Before Tax

2012

37,730,019 42,550,442 50,208,842 62,637,942 34,571,085

Growth (%)

Non-Operating Revenues

2011

Jun-15

16,044
16,441

12,696
10,337

12,228

8,014

3,800

-413

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

45

COMPANY REPORT

BMTR
GLOBAL MEDIACOM TBK.

Company Profile
TheCompanystartedcommercialoperationsin1982.Thescopeofcompaniesitsactivities
is in the fields of industry, mining, transportation, agriculture, telecommunications, real
estate, architecture, construction (developer), printing, services and trade, media and
investment. Currently, the Company is engaged in investment sector and the parent
companyofseveralsubsidiaries.

The Company is supported by two main lines of businesses that have generated major
revenuecontribution,namely,contentandadvertisingbasedmediamanagedbyPTMedia
NusantaraCitraTbk.(MNC)andsubscriptionbasedmedia,managedbyPTMNCSkyVision
Tbk (MSKY). Besides content and advertisingbased media and subscriptionbased media,
The Company is also engaged in the investment, infrastructure, new media (news portal
andonlinehomeshopping).
The Company focuses targets for its business lines mainly MNC and MNC Sky Vision.
Through FTA TV, MNC targets to be the leading national TV among others by increasing
audiencesharethroughbroadcastinghighqualityTVprogramminganddevelopingcontent
business.ThroughSINDOTV,MNCalsotargetstotransformlocalTVSindoTVintonational
TVnetworkbyintegratingexisting40regionalbroadcasters.ThroughMNCSkyVision,the
company targets to improve the servicequality delivered to the subscribers byproviding
anddevelopingexclusivecontentstosuitmarketdemandsandthustoincreasesubscribers
byenhancinggoodrelationshipswithnewandloyalcustomers.
TheCompanyhasitsexcellenceinprovidingthesrengthofitscorebusiness(FTA&PayTV)
and broadcast distinguished porgrams that attract more viewership especially women.
Through MSKY, the Company also has a competitive edge as it controls its sales and
distributions and has close to 20 exclusive TV channels, leveraging in particular its local
contentlibrary.
AtJune30,2015theCompanyanditssubsidiaries(Group)hadtotalemployeesof11,841
employees

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

46

RESEARCH AND DEVELOPMENT DIVISION

BMTR Global Mediacom Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Trade, Services & Investment (9)
Industry Sub Sector : Investment Company (98)

Individual Index
:
Listed Shares
:
Market Capitalization :

1,013.324
14,198,613,922
17,677,274,332,890

50 | 17.7T | 0.36% | 74.57%


54 | 7.85T | 0.53% | 77.01%

COMPANY HISTORY
Established Date
: 30-Jun-1981
Listing Date
: 17-Jul-1995
Under Writer IPO :
PT Makindo
Securities Administration Bureau :
PT Sirca Datapro Perdana
Wisma Sirca
Jln. Johar No.18, Menteng, Jakarta 10340
Phone : (021) 314-0032, 390-5920, 390-0645
Fax
: (021) 390-0671, 390-0652
BOARD OF COMMISSIONERS
1. Rosano Barack
2. Bambang Rudjianto Tanoesoedibjo
3. Chang Long Jong
4. John Aristianto Prasetio *)
5. Kardinal Alamsyah Karim *)
6. Mohamed Idwan Ganie *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Hary Tanoesoedibjo
2. David Fernando Audy
3. Handhianto Suryo Kentjono
4. Indra Pudjiastuti Prastomiyono
5. Oerianto Guyandi
6. Syafril Nasution
AUDIT COMMITTEE
1. Beti Puspitasari Santoso
2. Hery Kusnanto
3. John Aristianto Prasetio
4. Mohamed Idwan Ganie
CORPORATE SECRETARY
Ajun Sri Damayanti
HEAD OFFICE
MNC Tower 27th - 29th Fl.
Jln. Kebon Sirih 17 - 19
Jakarta
Phone : (021) 390-9211
Fax
: (021) 390-9207, 230-5281, 392-7859
Homepage
Email

: www.mediacom.co.id
: ajun.damayanti@mncgroup.com

SHAREHOLDERS (July 2015)


1. DB AG HK S/A PT MNC Investama Tbk.-2059974012
2. PT MNC Investama Tbk.
3. DB AG HK S/A Tempus/Bmtr-2059974013
4. PT MNC Investama Tbk. 4 (Pledge Account)
5. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1995
1996
1997
2000
2001
2002
2003
2005
2006
2007
2008
2009
2010
2012
2013
2014

Shares

Dividend
15.00
20.00
4.50
15.00
20.00
26.00
25.00

1:1
4.00
14.56
3.50
5.00
10.00
24.00
25.00
25.00

Cum Date
19-Jun-96
05-May-97
22-Jun-98
28-May-01
18-Jun-02
05-Jun-03
11-Jun-04
07-Jul-06
11-Jul-07
28-Nov-07
06-Nov-09
03-Dec-10
06-Dec-11
10-Sep-13
16-Oct-14
27-May-15

3,276,739,030
2,826,259,970
877,000,000
763,743,500
6,454,871,422

Recording
Date
28-Jun-96
15-May-97
01-Jul-98
01-Jun-01
24-Jun-02
10-Jun-03
16-Jun-04
12-Jul-06
16-Jul-07
03-Dec-07
25-Nov-09
09-Dec-10
09-Dec-11
13-Sep-13
21-Oct-14
01-Jun-15

Ex Date
20-Jun-96
06-May-97
23-Jun-98
29-May-01
19-Jun-02
06-Jun-03
14-Jun-04
10-Jul-06
12-Jul-07
29-Nov-07
09-Nov-09
06-Dec-10
07-Dec-11
11-Sep-13
17-Oct-14
28-May-15

:
:
:
:
:

23.78%
19.95%
6.18%
5.38%
44.71%

Payment
Date
26-Jul-96
03-Jun-97
24-Jul-98
18-Jun-01
08-Jul-02
24-Jun-03
30-Jun-04
26-Jul-06
30-Jul-07
17-Dec-07
25-Nov-09
23-Dec-10
23-Dec-11
27-Sep-13
04-Nov-14
19-Jun-15

F/I
F
F
F
F
F
F
F
S
F
I
F
F
F
F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.

Type of Listing
First Issue
Company Listing
Convertible Bond
Option Conversion
ESOP Conversion
Right Issue
Bonus Shares
Stock Split
Additional Listing without RI
ESOP Conversion I
ESOP Conversion I & II
ESOP Conversion I, II & III
ESOP Conversion II & III
ESOP Conversion II, III, IV & V
Revision ESOP II, III, IV & V
ESOP Conversion III, IV & V
ESOP Conversion IV & V

Shares
200,000,000
760,000,000
57,000,000
1,088,576
84,293,938
266,978,118
1,299,013,678
10,417,945,240
685,168,000
43,722,000
34,647,500
106,578,500
5,838,500
62,991,500
8,000
21,741,500
145,911,872

T:
T:
T:
T:
T:

T:
T:
T:

T:

Listing
Date
17-Jul-95
17-Jul-95
17-Jul-95
30-Apr-02
20-Jun-02
28-Jul-04
26-Jul-06
24-Apr-07
06-Jul-07
17-Mar-11
23-Sep-11
16-Mar-12
28-Sep-12
29-May-13
21-Jun-13
27-Nov-13
28-May-14

:
:
:
:
:

:
:
:

RESEARCH AND DEVELOPMENT DIVISION

Trading
Date
10-Jun-10
11-Jun-10
20-Feb-96
03-Jun-02
19-Sep-11
28-Jul-04
26-Jul-06
24-Apr-07
06-Jul-07
07-Jun-11
12-Mar-12
18-Oct-12
28-Sep-12
29-May-13
21-Jun-13
27-Nov-13
20-Nov-14

47

BMTR Global Mediacom Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

2,800

1,600

2,450

1,400

2,100

1,200

1,750

1,000

1,400

800

1,050

600

700

400

350

200

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Trade, Sevices and Investment Index
January 2011 - July 2015
350%
300%
250%
200%
150%
100.8%
95.8%

100%
50%

28.8%
-50%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

7,802
6,106
131
247

9,619
17,238
358
246

7,927
17,013
484
244

5,634
11,270
526
242

2,530
3,893
354
142

Price (Rupiah)
High
Low
Close
Close*

1,140
560
990
990

2,625
980
2,400
2,400

2,800
1,370
1,900
1,900

2,500
1,375
1,425
1,425

2,050
1,045
1,245
1,245

16.21
19.08
2.34

43.04
15.42
2.00

22.00
22.13
1.29

45.38
16.33
1.12

70.40
PER (X)
16.89
PER Industry (X)
1.63
PBV (X)
* Adjusted price after corporate action

48

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Global Mediacom Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
770
900
900
870
840
870
890
890
890
850
1,070
1,140

Low
560
710
750
700
710
750
810
700
740
750
790
960

Close
720
890
840
750
840
840
870
770
820
800
980
990

(X)
13,084
8,926
13,280
9,483
16,802
8,093
9,106
6,066
8,965
4,553
17,702
14,476

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

1,120
1,270
1,660
1,720
1,790
1,560
1,750
1,820
2,075
2,375
2,450
2,625

980
1,100
1,260
1,570
1,240
1,220
1,470
1,710
1,750
2,050
2,100
2,300

1,110
1,260
1,600
1,660
1,360
1,520
1,750
1,750
2,050
2,275
2,400
2,400

13,633
15,338
20,226
19,440
26,969
42,500
43,064
27,220
40,318
49,594
36,243
23,246

207,458
231,702
1,014,874
617,944
1,268,031
633,907
1,358,234
347,523
651,200
1,949,320
825,913
512,440

214,242
279,612
1,369,969
1,010,682
2,101,421
901,986
2,123,331
614,668
1,225,051
4,263,509
1,868,399
1,265,081

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

2,575
2,350
2,550
2,400
2,800
2,600
2,550
2,375
2,125
2,200
1,970
2,000

2,150
2,050
2,275
2,050
2,075
1,860
1,860
1,370
1,620
1,810
1,740
1,810

2,175
2,300
2,325
2,175
2,600
2,150
2,300
1,750
1,930
1,910
1,950
1,900

46,238
55,245
34,193
38,596
51,309
46,999
40,269
46,422
36,501
31,060
32,673
24,458

522,750
480,534
627,244
460,369
1,054,035
857,900
1,050,215
758,529
600,980
882,237
392,610
240,075

1,240,680
1,079,567
1,518,188
1,017,507
2,583,137
1,830,708
2,260,063
1,315,192
1,138,921
1,828,517
740,219
460,216

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

1,950
2,185
2,500
2,405
2,290
2,200
2,145
2,045
2,125
1,965
2,000
1,610

1,780
1,745
2,115
2,100
2,050
2,000
1,900
1,745
1,885
1,745
1,605
1,375

1,850
2,185
2,350
2,190
2,050
2,125
1,920
1,935
1,945
1,960
1,605
1,425

29,385
34,222
36,263
42,963
47,499
84,349
42,640
42,518
41,246
55,469
28,501
40,757

195,531
170,355
293,514
559,651
551,725
985,902
663,996
614,598
406,747
352,204
203,819
635,529

364,107
327,917
694,364
1,270,060
1,208,378
2,107,593
1,341,742
1,158,193
803,456
666,963
358,803
968,053

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

2,015
2,050
2,025
1,795
1,580
1,330
1,245

1,390
1,720
1,670
1,400
1,275
1,045
1,090

1,855
2,015
1,750
1,550
1,290
1,170
1,245

60,991
46,069
49,125
40,448
50,073
71,841
35,181

440,605
262,325
373,592
250,699
394,587
597,032
211,282

793,168
489,181
704,175
402,986
541,817
717,028
244,332

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


636,476
415,505
634,291
823,568
497,457
404,603
368,590
284,932
1,570,436 1,181,554
1,653,609 1,256,582
289,997
247,567
232,788
299,919
211,406
168,273
77,013
61,201
976,165
808,327
397,335
410,227

21
18
23
20
21
20
21
19
20
21
22
21

BMTR GlobalMediacomTbk.[S]
Financial Data and Ratios

Book End : December

Public Accountant : Osman Bing Satrio & Eny (Member of Deloitte Touche Tohmatsu Limited)
Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Cash & Cash Equivalents

8,962,428

952,529

1,529,588

1,485,421

1,022,245

Receivables

2,843,567

3,113,957

3,630,541

3,617,304

3,762,802

Inventories

1,041,615

1,636,122

1,803,445

2,038,756

1,996,651

Current Assets

6,584,939 10,781,083

9,748,947 10,699,101 10,470,488

Fixed Assets

2,905,092

3,734,879

4,906,183

6,299,156

7,228,466

629,706

605,330

824,763

1,260,497

520,385

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

15,111,603 19,995,526 21,069,471 25,365,211 26,176,787

Growth (%)

15,750
10,500

5.37%

20.39%

3.20%

5,250
-

1,984,770

2,481,608

3,681,058

2,563,631

2,706,141

Long Term Liabilities

2,311,045

3,218,162

4,035,376

6,927,055

7,725,552

Total Liabilities

4,295,815

5,699,770

7,716,434

9,490,686 10,431,693

32.68%

35.38%

22.99%

9.92%

Growth (%)

21,000

32.32%

Current Liabilities

Liabilities

26,250

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

1,500,000

1,500,000

1,500,000

5,575,000

5,575,000

Paid up Capital

1,379,116

1,396,796

1,405,270

1,419,861

1,419,861

13,791

13,968

14,053

14,199

14,199

100

100

100

100

100

4,556,723

5,670,496

5,956,634

6,313,752

6,157,260

Paid up Capital (Shares)


Par Value
Retained Earnings
Total Equity

10,815,788 14,295,756 13,353,037 15,874,525 15,745,094

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11
7,162,935

Growth (%)

32.17%

-6.59%

18.88%

Dec-12

Dec-13

Dec-14

Jun-15

8,925,419 10,019,977 10,657,152

5,526,621

24.61%

12.26%

-0.82%

6.36%

12,636

3,919,690

4,753,060

5,486,919

6,131,982

3,350,520

3,243,245

4,172,359

4,533,058

4,525,170

2,176,101

Expenses (Income)

1,646,710

1,610,968

3,021,595

2,607,623

1,486,281

Growth (%)

Tax
Profit for the period

2014

Jun-15

9,398

6,159

2,921

2012

2013

TOTAL REVENUES (Bill. Rp)


10,020

10,657

10,657

8,925
8,483

Income before Tax

15,745

10,816

2011

Gross Profit

Other Income (Expenses)

15,875
13,353

-317

Cost of Revenues

Operating Profit

14,296

15,875

1,596,535

2,561,391

1,511,463

1,917,547

689,820

432,765

567,902

481,817

627,539

232,922

1,163,770

1,993,489

1,029,646

1,290,008

456,898

71.30%

-48.35%

25.29%

Growth (%)

7,163
5,527

6,309

4,135

1,961

779,363

1,299,085

620,395

704,981

194,788

1,190,493

2,068,219

1,101,619

1,194,206

488,352

Comprehensive Attributable

796,711

1,369,492

692,368

609,179

226,242

RATIOS

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

331.77

434.44

264.84

417.34

386.92

24.00

25.00

25.00

Period Attributable
Comprehensive Income

Current Ratio (%)


Dividend (Rp)
EPS (Rp)

56.51

93.00

44.15

49.65

13.72

BV (Rp)

784.25

1,023.47

950.21

1,118.03

1,108.92

DAR (X)

0.28

0.29

0.37

0.37

0.40

DER(X)

0.40

0.40

0.58

0.60

0.66

ROA (%)

7.70

9.97

4.89

5.09

1.75

ROE (%)

10.76

13.94

7.71

8.13

2.90

GPM (%)

45.28

46.75

45.24

42.46

39.37

OPM (%)

NPM (%)

16.25

22.33

10.28

12.10

8.27

Payout Ratio (%)

25.81

56.63

50.35

Yield (%)

1.00

1.32

1.75

-213

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


1,993
1,993

1,587

1,290

1,164

1,030

1,180

773

457
367

-40

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

49

CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT

BSDE
BUMI SERPONG DAMAI TBK.

Company Profile

PT Bumi Serpong Damai Tbk. was established in 1984 and started its commercial
operations in 1989. The Companys pupose and objective is to engage in real estate
developmentactivities.

Nowadays,theCompanyhasbecomealeadingpropertydeveloperinIndonesiawiththe
mainpropertyprojectssituatedinSerpong(BSDCity),anddiversifyingtoJakarta,Bekasi,
Cibubur, Surabaya, Medan and Balikpapan, also expanding to Samarinda, Manado and
Palembang.

Since2008,theCompanyhasbecomeapubliccompanythatlistedintheIndonesiaStock
Exchange. In end of 2010, the Company has done the acquisition process on affiliated
companies in PT Duta Pertiwi Tbk., PT Sinar Mas Teladan and PT Sinar Mas Wisesa. The
acquisition is expected to increase Companys performance particularly due to higher
revenueportfolioandbusinessdiversification.

The Companys purpose and objective is to engage in real estate development activities.
The Company has been developing a new city, which is a planned and integrated
residential area, with amenities/infrastructure, environmental facilities and parks, called
theBSDCity.

AsofJune30th,2015,theCompanyhad2,042employees.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

50

RESEARCH AND DEVELOPMENT DIVISION

BSDE Bumi Serpong Damai Tbk. [S]

COMPANY REPORT : JULY 2015


Main Board
Industry Sector : Property, Real Estate And Building Construction (6)
Industry Sub Sector : Property And Real Estate (61)

As of 31 July 2015
Individual Index
:
Listed Shares
:
Market Capitalization :

350.633
19,246,696,192
34,451,586,183,680

26 | 34.5T | 0.69% | 63.52%


30 | 13.7T | 0.93% | 59.24%

COMPANY HISTORY
Established Date
: 16-Jan-1984
Listing Date
: 06-Jun-2008
Under Writer IPO :
PT CLSA Indonesia
PT Nusadana Capital Indonesia
PT Sinarmas Sekuritas
Securities Administration Bureau :
PT Sinartama Gunita
Sinar Mas Land Plaza Menara I 9th Fl.
Jln. M.H. Thamrin No. 51 Jakarta 10350
Phone : (021) 392-2332
Fax
: (021) 392-3003
BOARD OF COMMISSIONERS
1. Muktar Widjaja
2. Edwin Hidayat *)
3. Franky Oesman Widjaja
4. Susiyati Bambang Hirawan *)
5. Teddy Pawitra *)
6. Teky Mailoa
7. Welly Setiawan Prawoko
8. Yoseph Fransciscus Bonang
*) Independent Commissioners

SHAREHOLDERS (July 2015)


1. PT Paraga Arta Mida
2. PT Ekacentra Usahamaju
3. Public (<5%)

5,113,851,730 :
5,095,531,900 :
9,037,312,562 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2008
2009
2010
2012
2013
2014

Shares

Dividend
4.00
6.00
6.00
15.00
15.00
15.00

Cum Date
01-Jul-09
01-Jul-10
05-Jul-11
21-Jun-13
12-Jun-14
13-May-15

Ex Date
02-Jul-09
02-Jul-10
06-Jul-11
24-Jun-13
13-Jun-14
15-May-15

Recording
Date
06-Jul-09
06-Jul-10
08-Jul-11
26-Jun-13
17-Jun-14
19-May-15

26.57%
26.47%
46.95%

Payment
Date
22-Jul-09
20-Jul-10
22-Jul-11
10-Jul-13
01-Jul-14
05-Jun-15

F
F
F
F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.

Type of Listing
First Issue
Company Listing
Right Issue I
Add. Listing without Right Issue
Add. Listing without Right Issue

Shares
1,093,562,000
9,842,060,870
6,561,373,722
874,849,800
874,849,800

Listing
Date
06-Jun-08
06-Jun-08
21-Dec-10
16-May-14
14-Apr-15

Trading
Date
06-Jun-08
01-Feb-09
21-Dec-10
16-May-14
14-Apr-15

BOARD OF DIRECTORS
1. Franciscus Xaverius Ridwan Darmali
2. Hermawan Wijaya
3. Hongky Jeffry Nantung
4. Liauw Herry Hendarta
5. Lie Jani Harjanto
6. Michael J.P. Widjaja
7. Monik William
8. Petrus Kusuma
9. Syukur Lawigena
AUDIT COMMITTEE
1. Susiyati Bambang Hirawan
2. Edwin Hidayat
3. Herawan Hadidjaja
CORPORATE SECRETARY
Christy Grassela
HEAD OFFICE
Sinar Mas Land Plaza
Grand Boulevard, BSD Green Office Park
Tangerang 15345
Phone : (021) 503-68368
Fax
: (021) 537-3008
Homepage
Email

F/I

: www.bsdcity.com
: christy.grassela@sinarmasland.com

RESEARCH AND DEVELOPMENT DIVISION

51

BSDE Bumi Serpong Damai Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

2,400

560

2,100

490

1,800

420

1,500

350

1,200

280

900

210

600

140

300

70

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
January 2011 - July 2015
210%
180%
150%

147.2%

120%
103.4%
90%
60%
30%

-30%

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

4,278
3,741
122
247

9,294
11,108
223
246

11,028
17,817
404
244

6,167
9,857
441
242

5,063
10,016
355
142

Price (Rupiah)
High
Low
Close
Close*

1,080
630
980
980

1,490
930
1,110
1,110

2,200
1,090
1,290
1,290

1,895
1,200
1,805
1,805

2,230
1,605
1,790
1,790

13.12
17.34
1.84

8.39
9.57
1.68

7.76
16.29
1.89

604.63
17.42
1.62

16.94
PER (X)
11.09
PER Industry (X)
2.08
PBV (X)
* Adjusted price after corporate action

52

Freq.

Volume

Value

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
940
750
840
960
940
920
1,060
1,080
1,050
950
980
1,010

Low
700
630
670
810
860
810
850
810
730
760
820
840

Close
720
670
840
920
910
900
1,020
1,040
870
920
850
980

(X)
15,703
10,313
10,660
8,170
8,076
5,026
9,762
11,015
12,876
12,037
9,220
9,577

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

1,070
1,250
1,330
1,470
1,490
1,290
1,250
1,160
1,130
1,310
1,290
1,270

940
1,060
1,120
1,290
1,160
1,080
1,070
930
930
1,020
1,180
1,080

1,050
1,150
1,290
1,430
1,200
1,180
1,150
1,000
1,130
1,240
1,210
1,110

7,492
11,872
13,823
29,809
27,368
16,140
28,070
17,225
21,262
25,587
11,502
12,996

502,946
802,356
513,779
1,020,344
1,081,486
566,611
1,147,808
653,709
699,555
1,192,184
584,368
528,628

511,007
934,604
633,843
1,421,238
1,423,915
678,381
1,338,777
691,237
727,882
1,397,115
723,218
627,165

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

1,450
1,600
1,790
1,760
2,200
2,125
1,850
1,670
1,850
1,650
1,580
1,480

1,090
1,320
1,530
1,590
1,730
1,660
1,370
1,180
1,200
1,390
1,330
1,220

1,400
1,600
1,750
1,730
2,200
1,800
1,580
1,310
1,440
1,570
1,350
1,290

26,871
18,943
23,894
26,272
59,301
64,726
50,647
29,602
36,856
27,378
19,446
19,589

1,122,431
766,112
948,716
941,130
1,979,407
1,530,160
1,333,112
615,728
637,213
544,059
284,234
325,381

1,405,038
1,103,713
1,580,124
1,588,336
3,721,967
2,863,844
2,061,537
878,562
913,406
848,331
407,498
444,297

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

1,600
1,600
1,750
1,705
1,620
1,610
1,685
1,655
1,660
1,610
1,790
1,895

1,200
1,405
1,490
1,455
1,510
1,425
1,470
1,525
1,510
1,420
1,510
1,620

1,440
1,535
1,635
1,560
1,610
1,485
1,585
1,605
1,545
1,605
1,770
1,805

37,323
33,288
49,830
41,654
25,751
29,429
41,820
35,408
38,489
44,191
25,353
38,562

489,096
536,893
1,086,155
642,305
310,042
250,899
581,695
402,011
410,647
469,700
415,384
571,770

698,307
824,896
1,786,918
1,023,903
488,501
386,497
937,267
642,263
651,533
713,262
676,549
1,026,692

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

2,185
2,230
2,220
2,210
1,995
1,925
1,885

1,790
1,990
1,995
1,800
1,780
1,605
1,660

2,020
2,220
2,135
1,865
1,905
1,670
1,790

54,447
53,279
62,387
47,444
46,933
49,946
40,599

1,380,570
819,829
862,616
642,577
599,520
418,594
339,339

2,725,175
1,719,779
1,783,198
1,310,178
1,140,180
739,731
597,979

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


509,989
405,075
326,149
219,786
348,553
263,526
278,955
247,648
268,681
243,513
171,264
149,631
517,923
497,968
391,705
385,835
384,121
340,537
339,536
301,160
290,994
261,508
424,577
449,764

21
18
23
20
21
20
21
19
20
21
22
21

28.8%

Jan 11

Closing Price

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Bumi Serpong Damai Tbk. [S]
January 2011 - July 2015

RESEARCH AND DEVELOPMENT DIVISION

BSDE Bumi Serpong Damai Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Mulyamin Sensi Suryanto & Lianny (independent member of Moore Stephens International Limited)
BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

3,479,092

3,961,465

4,331,624

2,966,814

6,889,226

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

86,978

83,188

110,327

138,627

113,571

Inventories

3,012,273

3,374,802

3,796,776

5,239,017

5,712,070

Investment

636,702

769,378

1,652,477

5,735,418

6,353,942

Fixed Assets

486,920

415,371

437,868

607,790

750,616

5,849

415

415

415

415

Other Assets
Total Assets

12,787,377 16,756,718 22,572,159 28,134,725 34,609,738

Growth (%)

14,000

24.64%

23.01%

7,000
-

97,000

91,000

1,362,669

1,523,011

1,603,028

44,602

177,681

95,715

158,055

270,412

4,530,152

6,225,014

9,156,861

37.41%

47.10%

5.51%

38.19%

Growth (%)

21,000

34.71%

Trade Payable
Total Liabilities

28,000

31.04%

Bank Payable

Liabilities

35,000

2011

2012

2013

2014

Jun-15

9,661,295 13,350,742
TOTAL EQUITY (Bill. Rp)

Authorized Capital

4,000,000

4,000,000

4,000,000

4,000,000

4,000,000

Paid up Capital

1,749,700

1,749,700

1,749,700

1,837,185

1,924,670

17,497

17,497

17,497

18,372

19,247

100

100

100

100

100

1,828,867

2,939,944

5,368,885

Paid up Capital (Shares)


Par Value
Retained Earnings
Total Equity

27.55%

INCOME STATEMENTS
Total Revenues

27.38%

37.70%

15.08%

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

2,806,339

3,727,812

5,741,264

5,571,872

3,367,146

32.84%

54.01%

-2.95%

Growth (%)

13,415
10,532

12,585

8,257
8,248

3,912

-425

2011

Cost of Revenues

1,021,278

1,346,826

1,575,447

1,440,361

856,239

Gross Profit

1,785,061

2,380,986

4,165,817

4,131,511

2,510,907

Operating Expenses

824,506

949,431

1,256,190

1,499,935

807,279

Operating Profit

960,555

1,431,555

2,909,627

2,631,576

1,703,628

49.03%

103.25%

-9.56%

155,769

221,921

322,189

8,170

6,504

1,170,231

1,696,564

3,278,954

4,306,326

1,710,132

Growth (%)

16,922

8,913,859 10,000,775

8,257,225 10,531,704 13,415,298 18,473,430 21,258,997

Growth (%)

21,259
18,473

2012

2013

2014

Jun-15

TOTAL REVENUES (Bill. Rp)


5,741

5,572

5,741

4,570

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

158,197

217,705

373,306

309,862

188,629

1,012,034

1,478,859

2,905,649

3,996,464

1,521,503

46.13%

96.48%

37.54%

Growth (%)

3,728
3,399

3,367

2,806

2,228

1,056

840,780

1,286,047

2,691,396

3,820,552

1,415,283

1,012,301

1,480,581

2,909,347

3,994,332

1,514,692

Comprehensive Attributable

840,949

1,287,149

2,695,880

3,817,256

1,408,709

RATIOS

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

15.00

15.00

15.00

EPS (Rp)

48.05

73.50

153.82

207.96

73.53

BV (Rp)

471.92

601.91

766.72

1,005.53

1,104.55

DAR (X)

0.35

0.37

0.41

0.34

0.39

DER(X)

0.55

0.59

0.68

0.52

0.63

ROA (%)

7.91

8.83

12.87

14.20

4.40

ROE (%)

12.26

14.04

21.66

21.63

7.16

GPM (%)

63.61

63.87

72.56

74.15

74.57

OPM (%)

34.23

38.40

50.68

47.23

50.60

NPM (%)

36.06

39.67

50.61

71.73

45.19

Payout Ratio (%)

20.41

9.75

7.21

Yield (%)

1.35

1.16

0.83

Period Attributable
Comprehensive Income

Dividend (Rp)

-115

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


3,996
3,996

2,906

3,181

2,366

1,522

1,479
1,551

1,012

735

-80

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

53

COMPANY REPORT

CPIN
CHAROEN POKPHAND INDONESIA TBK.

Company Profile
PT Charoen Pokphand Indonesia Tbk. was established dated January 7th, 1972. The
Companystarteditscommercialoperationsin1972.

TheCompanyisengagedinpoultryfeed,breedingandcultivationofbroilertogetherwith
its processing, processed food, preservation of chicken and beef including cold storage
units, selling poultry feed, chicken and beef, materials from animal sources within the
territoryofRepublicofIndonesia.

The Companys branches are located in Sidoardjo, Medan, Tangerang, Cirebon, Balaraja,
Serang,Lampung,Denpasar,Surabaya,Semarang,Makasar,andSalatiga.

TheCompanyhasdirectandindirectownershipinsubsidiaries:
PTCharoenPokphandJayaFarm,
PTPrimafoodInternational,
PTVistaGrain,
PTPolyPackagingIndustry,
PTFeprotamaPertiwi,
PTAgricoInternational,
PTSaranaProteindoUtama
PTSingaMasInternational
PTPrimaRitelIndonesia
PTPrimaPersadaPropertindo.

TheCompanyandSubsidiarieshad4,794employeesasofjune30th,2015.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

54

RESEARCH AND DEVELOPMENT DIVISION

CPIN Charoen Pokphand Indonesia Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Basic Industry And Chemicals (3)
Industry Sub Sector : Animal Feed (36)

Individual Index
:
Listed Shares
:
Market Capitalization :

11,545.293
16,398,000,000
41,568,930,000,000

20 | 41.6T | 0.84% | 58.81%


59 | 6.63T | 0.45% | 79.38%

COMPANY HISTORY
Established Date
: 07-Jan-1972
Listing Date
: 18-Mar-1991
Under Writer IPO :
PT Danareksa
PT Makindo
PT Asean Development Securities
PT Surya Securities
Securities Administration Bureau :
PT Adimitra Transferindo
Plaza Property 2nd Fl. Komp. Pertokoan Pulomas Blok VIII No. 1

Jln. Perintis Kemerdekaan Jakarta 13210


Phone : (021) 478-81515 (Hunting)
Fax
: (021) 470-9697
BOARD OF COMMISSIONERS
1. Hadi Gunawan Tjoe
2. Herman Sugianto *)
3. Jiacipto Jiaravanon
4. Jialipto Jiaravanon
5. Suparman S. *)
6. Tjiu Thomas Effendy
*) Independent Commissioners
BOARD OF DIRECTORS
1. Rusmin Riyadi
2. Eddy Dharmawan Mansjoer
3. Ferdiansyah Gunawan Tjoe
4. Jemmy
5. Ong Mei Sian
6. Peraphon Prayooravong
7. Vinai Rakphongphairoj
AUDIT COMMITTEE
1. Herman Sugianto
2. Kong Djung Hin
3. Petrus Julius
4. Suparman Sastrodimedjo
5. Yustinus Eddy Tiono
CORPORATE SECRETARY
Hadijanto Kartika
HEAD OFFICE
Jln. Ancol VIII/1
Jakarta 14430

SHAREHOLDERS (July 2015)


1. PT Central Agromina
2. Public (<5%)

9,106,385,410 :
7,291,614,590 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1990
1991
1992
1992
1993
1993
1993
1994
1995
1997
1996
1999
2001
2002
2006
2009
2010
2011
2012
2013
2014

Shares

Dividend
50.00
175.00
200.00
315.00
200.00
73.00
73.00
155.00
230.00

4:1
20.00
50.00
10.00
15.00
38.00
196.00
39.80
42.00
46.00
46.00
18.00

Cum Date
25-Jul-91
03-Jun-92
30-Oct-92
15-Jun-93
02-Dec-93
22-Jul-94
22-Jul-94
13-Jul-95
21-Sep-95
06-Jun-97
27-Aug-97
11-Sep-00
02-Aug-02
23-Sep-03
30-Jul-07
22-Jun-10
16-Jun-11
07-Jun-12
28-Jun-13
30-Jun-14
26-Jun-15

Ex Date
26-Jul-91
04-Jun-92
02-Nov-92
16-Jun-93
03-Dec-93
25-Jul-94
25-Jul-94
14-Jul-95
22-Sep-95
09-Jun-97
28-Aug-97
12-Sep-00
05-Aug-02
24-Sep-03
31-Jul-07
23-Jun-10
17-Jun-11
08-Jun-12
01-Jul-13
01-Jul-14
29-Jun-15

Recording
Date
02-Aug-91
15-Jun-92
09-Nov-92
24-Jun-93
10-Dec-93
01-Aug-94
01-Aug-94
24-Jul-95
02-Oct-95
17-Jun-97
05-Sep-97
19-Sep-00
08-Aug-02
26-Sep-03
02-Aug-07
25-Jun-10
21-Jun-11
12-Jun-12
03-Jul-13
03-Jul-14
01-Jul-15

55.53%
44.47%

Payment
Date
21-Aug-91
22-Jun-92
17-Nov-92
23-Jul-93
20-Dec-93
01-Sep-94
01-Sep-94
10-Aug-95
09-Oct-95
01-Jul-97
01-Oct-97
05-Oct-00
15-Aug-02
10-Oct-03
16-Aug-07
09-Jun-10
05-Jul-11
26-Jun-12
17-Jul-13
18-Jul-14
15-Jul-15

F
F
I
F
I
I
F
F
I
B
F
F
F
F
F
F
F
F
F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.

Type of Listing
First Issue
Partial Listing
Company Listing
Convertible Bonds
Convertible Bonds
Right Issue
Stock Split
Bonus Shares
Stock Split
Right Issue
Stock Split
Stock Split
Buy back

Shares
2,500,000
5,000,000
45,000,000
839,738
2,967,029
56,306,767
112,613,534
56,306,767
1,126,135,340
234,611,529
1,642,280,704
13,138,245,632
-24,807,040

Listing
Date
18-Mar-91
18-Mar-91
11-Nov-91
20-Oct-94
01-Dec-94
07-Feb-95
26-May-97
02-Jul-97
15-Jan-01
01-Aug-07
01-Nov-07
08-Dec-10
03-Jan-12

Trading
Date
18-Mar-91
18-Jun-91
18-Nov-91
20-Oct-94
01-Dec-94
07-Feb-95
26-May-97
02-Jul-97
15-Jan-01
01-Aug-07
01-Nov-07
08-Dec-10
03-Jan-12

Phone : (021) 692-7068


Fax
: (021) 690-7324
Homepage
Email

F/I

: www.cp.co.id
: hadijanto@cp.co.id

RESEARCH AND DEVELOPMENT DIVISION

55

CPIN Charoen Pokphand Indonesia Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

5,600

640

4,900

560

4,200

480

3,500

400

2,800

320

2,100

240

1,400

160

700

80

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Basic Industry and Chemicals Index
January 2011 - July 2015
210%
180%
150%
120%
90%
60%
41.6%
28.8%

30%

1.7%

-30%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

5,485
11,691
408
247

3,173
9,087
237
246

2,832
11,754
389
244

2,583
10,234
528
242

1,006
3,448
311
142

2,975
1,380
2,150
2,150

3,650
2,100
3,650
3,650

5,550
2,550
3,375
3,375

4,500
3,260
3,780
3,780

4,025
2,450
2,535
2,535

22.33
9.79
7.32

21.87
6.83
5.56

27.14
16.60
5.68

808.05
13.88
3.56

Price (Rupiah)
High
Low
Close
Close*

14.95
PER (X)
10.41
PER Industry (X)
5.70
PBV (X)
* Adjusted price after corporate action

56

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Charoen Pokphand Indonesia Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
1,900
1,730
2,025
2,050
1,960
2,025
2,875
2,925
2,975
2,850
2,725
2,450

Low
1,380
1,460
1,480
1,910
1,830
1,830
1,990
2,225
1,910
2,125
2,175
2,050

Close
1,490
1,520
2,025
1,930
1,930
1,990
2,725
2,750
2,400
2,675
2,300
2,150

(X)
38,004
28,352
47,145
24,105
26,170
19,160
27,950
56,102
50,440
34,599
27,967
28,085

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

2,550
2,875
2,775
2,825
2,800
3,425
3,425
3,200
3,025
3,200
3,475
3,650

2,100
2,425
2,525
2,625
2,550
2,325
2,925
2,600
2,650
2,925
3,000
3,125

2,500
2,675
2,750
2,750
2,625
3,425
3,200
2,700
3,025
3,125
3,425
3,650

28,901
22,290
16,781
14,447
16,503
21,919
23,542
23,263
19,062
15,684
17,577
17,348

362,122
354,584
233,594
163,751
200,774
274,107
261,769
254,560
243,921
168,547
190,871
464,529

843,531
947,040
623,275
443,008
536,404
792,772
823,958
729,813
697,362
516,572
612,019
1,521,474

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

4,025
4,675
5,250
5,100
5,550
5,150
5,150
4,375
4,600
4,175
4,000
3,575

3,400
3,750
4,325
4,600
4,750
4,275
4,125
2,550
2,575
3,450
3,400
3,100

3,875
4,400
5,050
5,050
4,950
5,150
4,300
3,375
3,400
3,900
3,400
3,375

22,837
25,887
34,984
26,573
29,496
45,241
44,340
35,992
49,512
26,508
25,525
22,346

172,807
190,399
357,500
221,332
191,522
269,464
242,064
253,915
439,354
178,401
174,913
140,288

627,478
791,775
1,704,379
1,063,057
967,147
1,289,057
1,093,933
878,789
1,528,570
684,777
655,437
469,316

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

4,225
4,245
4,500
4,280
4,025
3,940
4,070
4,080
4,345
4,250
4,160
4,230

3,260
3,840
3,950
3,770
3,690
3,700
3,750
3,845
3,800
3,700
3,725
3,700

4,135
4,235
3,995
3,770
3,775
3,770
3,950
3,845
4,240
4,200
4,110
3,780

52,996
39,926
52,039
55,123
36,562
37,159
38,918
36,653
51,557
46,971
32,369
47,461

197,493
164,966
218,463
207,713
202,005
94,959
702,054
123,617
196,641
165,721
150,127
159,444

749,683
664,928
911,471
833,655
788,856
363,997
2,740,259
493,004
815,987
661,121
589,361
621,438

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

4,025
3,925
3,830
3,695
3,395
3,190
2,890

3,725
3,740
3,345
2,820
2,700
2,700
2,450

3,955
3,785
3,545
2,835
3,140
2,750
2,535

47,230
39,903
45,919
50,293
46,791
42,679
38,397

169,097
181,862
172,460
137,795
135,282
113,524
95,655

657,060
693,947
631,070
460,367
412,951
331,980
260,266

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


518,564
857,993
613,020
388,787
820,665 1,411,264
298,075
583,449
306,123
580,528
341,579
660,625
434,797 1,026,968
751,536 1,976,446
668,175 1,670,181
367,795
913,970
284,756
706,453
304,442
689,839

21
18
23
20
21
20
21
19
20
21
22
21

CPIN Charoen Pokphand Indonesia Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

876,198

954,694

1,146,852

884,831

1,244,075

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

1,381,707

1,846,576

2,531,089

3,522,209

4,265,201

Inventories

2,339,543

3,366,317

4,044,737

4,333,238

4,730,116

Current Assets

5,250,245

7,180,890

8,824,900 10,009,670 11,613,764

Fixed Assets

3,198,604

4,593,000

6,389,545

9,058,302

9,885,729

51,645

46,105

49,920

78,296

90,861

Other Assets
Total Assets

8,848,204 12,348,627 15,722,197 20,862,439 23,759,500

Growth (%)

15,000
10,000

27.32%

32.69%

13.89%

5,000
-

1,575,552

2,167,652

2,327,048

4,467,240

4,361,763

Long Term Liabilities

1,083,182

2,004,511

3,444,249

5,451,910

7,728,823

Total Liabilities

2,658,734

4,172,163

5,771,297

9,919,150 12,090,586

56.92%

38.33%

71.87%

21.89%

Growth (%)

20,000

39.56%

Current Liabilities

Liabilities

25,000

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

400,000

400,000

400,000

400,000

400,000

Paid up Capital

163,980

163,980

163,980

163,980

163,980

16,398

16,398

16,398

16,398

16,398

10

10

10

10

10

Retained Earnings

5,876,112

7,871,460

9,648,061 10,640,548 11,366,303

Total Equity

6,189,470

8,176,464

9,950,900 10,943,289 11,668,914

Paid up Capital (Shares)


Par Value

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

Gross Profit
Expenses (Income)
Operating Profit

21.70%

9.97%

6.63%

Dec-12

Dec-13

Dec-14

Jun-15

9,951

18.67%

6,189

4,528

2,147

20.42%

13.59%

-233

2011

3,924,246

4,491,512

5,149,808

4,134,255

2,555,214

915,033

1,032,832

1,571,511

1,766,507

1,140,430

3,009,213

3,458,680

3,758,297

2,367,748

1,414,784

Tax
Profit for the period

2013

2014

Jun-15

14.94%

8.66%

-37.00%

-34,633

-82,181

-126,964

-260,856

-262,272

2,974,580

3,376,499

3,451,333

2,106,892

1,152,512

612,083

695,627

922,643

360,248

193,268

2,362,497

2,680,872

2,528,690

1,746,644

959,244

13.48%

-5.68%

-30.93%

TOTAL REVENUES (Bill. Rp)


29,150
25,663

29,150

21,311

23,204

Income before Tax

2012

14,033,726 16,819,413 20,513,184 25,016,020 12,698,886

Growth (%)
Other Income (Expenses)

11,669

8,176

9,288

6,908

10,943

17,957,972 21,310,925 25,662,992 29,150,275 15,254,100

Growth (%)
Cost of Revenues

32.10%

11,669

Growth (%)

17,958
15,254

17,257

11,310

5,364

Period Attributable

2,355,475

2,684,064

2,530,909

1,746,644

959,374

Comprehensive Income

2,362,497

2,680,872

2,528,690

1,746,644

959,244

Comprehensive Attributable

2,355,475

2,684,064

2,530,909

1,746,795

959,374

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

333.23

331.28

379.23

224.07

266.26

42.00

46.00

46.00

18.00

EPS (Rp)

143.64

163.68

154.34

106.52

58.51

BV (Rp)

377.45

498.63

606.84

667.36

711.61

DAR (X)

0.30

0.34

0.37

0.48

0.51

DER(X)

RATIOS
Current Ratio (%)
Dividend (Rp)

0.43

0.51

0.58

0.91

1.04

ROA (%)

26.70

21.71

16.08

8.37

4.04

ROE (%)

38.17

32.79

25.41

15.96

8.22

GPM (%)

21.85

21.08

20.07

14.18

16.75

OPM (%)

16.76

16.23

14.64

8.12

9.27

NPM (%)

13.16

12.58

9.85

5.99

6.29

Payout Ratio (%)

29.24

28.10

29.80

16.90

1.95

1.26

1.36

0.48

Yield (%)

-583

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


2,681
2,681

2,362

2,529

2,134

1,747
1,587

959
1,040

493

-54

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

57

CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT

EXCL
XL AXIATA TBK.

Company Profile
PTXLAxiataTbk.whichpreviouslyknownasPTExcelcomindoPratamaTbk.,wasinitially
establishedunderthenamePTGrahametropolitanLestari,wasestablishedonOctober6th,
1989.

TheCompanysmajorityshareholder,AxiataInvestments(Indonesia)Sdn.Bhd.isawholly
owned subsidiary of Axiata Investments (Labuan) Limited. Axiata Investments (Labuan)
LimitedisasubsidiaryofAxiataGroupBerhad.

The Companys purpose is to provide telecommunications services and/or


telecommunicationsnetworksand/ormultimediaservices.TheCompanycommencedits
commercialoperationsin1996.

TheCompanyhasthesubsidiarieswhichwereestablishedforissuanceofbondsandloans:
GSMOne(L)Ltd.Malaysia,
GSMTwo(L)Ltd.Malaysia.

On26September2013,theCompanysignedaConditionalSalePurchaseAgreementofPT
AXIS Telekom Indonesia (AXIS) with Saudi Telecom Company (STC) and Teleglobal
InvestmentB.V.(Teleglobal).Undertheagreement,TeleglobalshallsellandtheCompany
shallpurchaseTeleglobalsshareownershipinAXISundercertainconditions.

Extraordinary General Meeting of Shareholders of the Company on 5 February 2014


approvedtheacquisitionandmergerplanoftheCompanyandAXIS.On19March2014the
sale and purchase transaction has become effective. The Company accounts for the
acquisition of AXIS by applying the acquisition method. Subsequently, the Company and
AXIS merged effective as at 8 April 2014. At the effective date of merger, all asset and
liabilitiesofAXISweretransferredtotheCompanyandaccordingtolaw,thelegalentityof
AXISwasdissolved.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

58

RESEARCH AND DEVELOPMENT DIVISION

EXCL XL Axiata Tbk.

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Infrastructure, Utilities And Transportation (7)
Industry Sub Sector : Telecommunication (73)

Individual Index
:
Listed Shares
:
Market Capitalization :

148.250
8,541,381,670
25,325,196,651,550

33 | 25.3T | 0.51% | 67.48%


45 | 10.5T | 0.71% | 71.37%

COMPANY HISTORY
Established Date
: 06-Oct-1989
Listing Date
: 29-Sep-2005
Under Writer IPO :
PT CIMB Niaga Securities
PT GK Goh Indonesia
Securities Administration Bureau :
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. YBhg Tan Sri Dato' Muhammad Radzi bin Haji Mansor
2. Azran Osman Rani
3. Chari TVT
4. Muhamad Chatib Basri
5. Peter J. Chambers *)
6. Yasmin Stamboel Wirjawan *)
7. YBhg Dato' Sri Jamaludin bin Ibrahim
*) Independent Commissioners
BOARD OF DIRECTORS
1. Dian Siswarini
2. Mohamed Adlan bin Ahmad Tajudin
3. Ongki Kurniawan
4. Williem Lucas Timmermans

SHAREHOLDERS (July 2015)


1. Axiata Investments (Indonesia) Sdn. Bhd.
2. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2006
2007
2010
2011
2012
2013

Shares

Dividend
7.00
20.00
107.00
129.88
135.00
64.00

Cum Date
22-May-07
28-Apr-08
11-May-11
20-Apr-12
02-May-13
13-May-14

Ex Date
23-May-07
29-Apr-08
12-May-11
23-Apr-12
03-May-13
14-May-14

5,674,125,290 :
2,867,256,380 :

Recording
Date
25-May-07
02-May-08
16-May-11
25-Apr-12
07-May-13
19-May-14

66.43%
33.57%

Payment
Date
11-Jun-07
16-May-08
31-May-11
09-May-12
22-May-13
04-Jun-14

I
F
F
F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.

Type of Listing
First Issue
Company Listing
Right Issue
Additional Listing without RI
Long Term Incentive Program
Long Term Incentive Program
Long Term Incentive Program

Shares
1,427,500,000
5,662,500,000
1,418,000,000
10,566,332
7,710,279
8,214,056
6,891,003

Listing
Date
29-Sep-05
29-Sep-05
16-Dec-09
26-Apr-11
16-Apr-12
12-Apr-13
21-Apr-15

Trading
Date
29-Sep-05
29-Sep-05
16-Dec-09
26-Apr-11
16-Apr-12
12-Apr-13
21-Apr-15

AUDIT COMMITTEE
1. Peter J. Chambers
2. Haryanto Thamrin
3. Paul Capelle
4. Yasmin Stamboel Wirjawan
CORPORATE SECRETARY
Murni Nurdini
HEAD OFFICE
Grha XL
Jln. DR. Ide Anak Agung Gde Agung Lot. E4 - 7 No. 1
Kawasan Mega Kuningan, Jakarta Selatan 12950
Phone : (021) 576-1881
Fax
: (021) 576-1880
Homepage
Email

F/I

: www.xl.co.id
: murni@xl.co.id

RESEARCH AND DEVELOPMENT DIVISION

59

EXCL XL Axiata Tbk.


Closing
Price*

Volume
(Mill. Sh)

7,400

800

6,475

700

5,550

600

4,625

500

3,700

400

2,775

300

1,850

200

925

100

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Infrastructure, Utilities and Transportation Index
January 2011 - July 2015
60%
45%
30%

28.8%
23.0%

15%
-15%
-30%
-43.5%

-45%
-60%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

1,467
8,209
130
247

2,364
14,149
134
246

2,047
10,130
191
244

1,790
9,610
357
242

1,183
5,048
264
142

Price (Rupiah)
High
Low
Close
Close*

7,100
3,675
4,525
4,525

7,400
4,400
5,700
5,700

6,050
3,750
5,200
5,200

7,075
3,990
4,865
4,865

5,225
2,750
2,965
2,965

17.71
17.53
3.16

42.97
12.11
2.90

-34.55
20.04
2.97

-14.88
10.01
1.91

13.62
PER (X)
11.09
PER Industry (X)
2.82
PBV (X)
* Adjusted price after corporate action

60

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


XL Axiata Tbk.
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
5,950
5,800
5,900
7,100
7,000
6,300
6,350
5,800
5,650
5,700
5,550
4,750

Low
4,975
4,975
5,250
5,500
6,050
5,700
5,700
4,600
3,675
4,425
4,500
4,150

Close
5,250
5,700
5,450
6,800
6,150
6,150
5,750
5,050
4,975
5,000
4,650
4,525

(X)
4,925
4,978
4,143
8,002
17,490
14,706
10,177
16,016
14,667
12,608
10,207
11,596

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

5,250
4,950
5,200
5,650
6,500
6,350
6,450
7,200
7,200
7,400
6,800
6,100

4,450
4,475
4,400
4,850
5,300
5,300
5,850
6,150
6,350
6,600
5,000
5,400

4,475
4,725
5,050
5,400
5,900
6,150
6,150
7,200
6,650
6,850
5,150
5,700

10,324
10,385
14,166
8,260
9,258
9,071
8,712
8,436
12,289
12,368
20,756
10,391

149,594
145,053
92,236
96,402
71,181
105,200
90,851
109,861
938,720
170,346
232,169
162,549

718,423
683,660
430,517
501,677
408,503
621,259
557,811
709,880
5,970,400
1,184,562
1,437,261
925,074

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

5,900
6,000
5,450
6,050
5,250
4,950
4,850
4,525
4,925
4,900
5,200
5,250

4,975
4,975
5,150
5,000
4,575
4,200
4,225
3,750
3,975
4,125
4,400
4,725

5,000
5,450
5,250
5,100
5,000
4,825
4,500
4,475
4,250
4,475
5,000
5,200

12,646
20,158
12,633
20,992
17,351
16,274
12,273
12,814
24,599
14,003
14,996
12,087

136,402
170,736
159,235
382,743
260,528
170,260
119,887
150,302
183,487
127,756
111,870
73,628

745,434
921,705
841,208
2,040,764
1,312,833
780,647
548,178
643,652
809,028
584,006
535,369
366,722

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

5,300
5,000
4,550
5,175
5,575
5,450
5,525
6,025
7,075
6,300
5,525
5,150

4,850
4,300
3,990
4,365
4,860
4,900
5,000
5,375
5,400
5,125
4,980
4,580

4,850
4,650
4,400
5,175
5,475
5,100
5,400
5,950
6,200
5,525
5,100
4,865

22,225
32,727
33,592
28,635
26,302
28,657
20,387
31,608
34,983
32,758
27,877
37,529

99,350
103,733
97,339
305,643
109,043
67,767
53,902
337,915
190,918
156,530
126,255
141,702

503,950
480,312
421,072
1,568,654
573,104
345,596
286,216
1,932,196
1,228,932
919,631
658,998
691,756

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

5,000
5,225
4,800
4,450
4,350
4,460
3,710

4,300
4,610
4,175
3,905
3,800
3,650
2,750

4,800
4,795
4,350
4,035
4,290
3,685
2,965

47,136
32,949
49,816
37,660
29,621
31,254
35,973

229,930
121,070
230,600
195,169
100,898
164,023
141,421

1,060,346
593,061
1,018,405
838,312
407,344
677,856
452,658

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


56,510
311,674
685,980
130,463
116,397
655,579
82,986
505,343
292,579 1,875,647
180,249 1,088,323
108,508
657,815
512,779
97,839
87,788
444,954
79,468
395,922
83,184
405,435
150,947
669,847

21
18
23
20
21
20
21
19
20
21
22
21

EXCL XL Axiata Tbk.


Financial Data and Ratios

Public Accountant : Tanudiredja, Wibisana, Rintis & Rekan (Member of PricewaterhouseCoopers Global Network)
Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Cash & Cash Equivalents

998,113

791,805

1,317,996

6,951,316

5,500,413

Receivables

669,978

597,077

1,332,444

264,902

1,538,134

Inventories

66,595

49,807

49,218

77,237

58,745

3,387,237

3,658,985

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Current Assets
Fixed Assets
Other Assets
Total Assets

Assets

5,844,114 13,309,762 12,414,686

25,614,830 29,643,274 30,928,452 35,859,030 34,592,575


2,050,802

431,359

468,199

412,648

378,112

31,170,654 35,455,705 40,277,626 63,706,488 62,406,754

13.75%

Growth (%)

8,739,996

13.60%

58.17%

60,000
45,000
30,000
15,000

7,931,046 15,398,292 15,949,998

8,728,212

Long Term Liabilities

8,749,930 11,345,673 17,046,433 34,347,571 33,214,959

Liabilities

75,000

-2.04%

Current Liabilities
Total Liabilities

Book End : December

2011

2012

2013

2014

Jun-15

17,478,142 20,085,669 24,977,479 49,745,863 49,164,957

14.92%

24.35%

99.16%

-1.17%

2,265,000

2,265,000

2,265,000

2,265,000

2,265,000

851,857

852,628

853,449

853,449

854,138

8,519

8,526

8,534

8,534

8,541

100

100

100

100

100

7,426,556

9,063,057

8,966,866

7,509,832

6,761,310

Growth (%)

TOTAL EQUITY (Bill. Rp)


Authorized Capital
Paid up Capital
Paid up Capital (Shares)
Par Value
Retained Earnings
Total Equity

13,692,512 15,370,036 15,300,147 13,960,625 13,241,797

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

12.25%

-0.45%

-8.75%

-5.15%

Dec-12

Dec-13

Dec-14

Jun-15

12.06%

1.41%

10.32%

13,961

13,242

12,235

9,099

5,964

2,828

-307

2011

Cost of Revenues

Gross Profit

Operating Profit

15,300

18,712,778 20,969,806 21,265,060 23,460,015 11,091,325

Growth (%)

Expenses (Income)

15,370
13,693

4,352,463

Growth (%)

1,658,288

428,412

-61.90%

-74.17%

2013

2014

Jun-15

TOTAL REVENUES (Bill. Rp)

14,210,511 16,617,343 19,606,772 23,031,603 10,564,182


-

2012

23,460

527,143

20,970

23,460

21,265

18,713
18,674

-637,624

-601,042

-268,621

-1,498,198

-1,775,957

Income before Tax

3,864,643

3,751,421

1,389,667

-1,069,786

-1,248,814

Tax

1,034,542

-986,774

356,850

178,723

-397,927

Profit for the period

2,830,101

2,764,647

1,032,817

-891,063

-850,887

-2.31%

-62.64%

N/A

Other Income (Expenses)

Growth (%)

11,091

13,888

9,102

4,317

Period Attributable

2,830,101

2,764,647

1,032,817

-891,063

-850,887

Comprehensive Income

2,830,101

2,743,915

1,055,965

-917,315

-835,871

Comprehensive Attributable

2,830,101

2,743,915

1,055,965

-917,315

-835,871

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

38.81

41.86

73.69

86.44

77.84

129.88

135.00

64.00

RATIOS
Current Ratio (%)
Dividend (Rp)

332.23

324.25

121.02

-104.41

-99.62

BV (Rp)

1,607.37

1,802.67

1,792.74

1,635.79

1,550.31

DAR (X)

0.56

0.57

0.62

0.78

0.79

DER(X)

1.28

1.31

1.63

3.56

3.71

ROA (%)

9.08

7.80

2.56

-1.40

-1.36

ROE (%)

20.67

17.99

6.75

-6.38

-6.43

GPM (%)

OPM (%)

20.76

7.80

1.83

4.75

NPM (%)

15.12

13.18

4.86

-3.80

-7.67

Payout Ratio (%)

39.09

41.63

52.89

2.87

2.37

1.23

EPS (Rp)

Yield (%)

-469

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


2,830

2,765

2,830

2,086

1,033

1,342

597

2014

Jun-15

-891

-851

-147

2011

2012

2013

-891

RESEARCH AND DEVELOPMENT DIVISION

61

COMPANY REPORT

GGRM
GUDANG GARAM TBK.
Company Profile
PT Gudang Garam Tbk. previously named as PT Perusahaan Rokok Tjap Gudang Garam
Kediri (PT Gudang Garam), was established on June 30th, 1971. The Company is a
continuation of a Proprietorship which was established in 1958. In 1969, the Company
changed its legal status to a Partnership and in 1971 it was further changed its existing
legalentityasaLimitedLiabilityCompany.Commercialoperationwascommencedin1958.
The Company is engaged in cigarette industry and other related cigarette industry
activities.PTSuryaDutaInvestaistheCompanysultimateparent.
The Companys Head Office at Jln. Semampir II/1, Kediri, East Java, and its plants are
located in Kediri, Gempol, and SoloKartasura. The Company also has representative
offices, which are Jakarta Representative Office at Jln. Jenderal A. Yani 79, Jakarta and
SurabayaRepresentativeOfficeatJln.Pengenal715,Surabaya.
The Company is a leading Kretek cigarette manufacturer in Indonesia which produces
various high quality products, varied from Corn Husk Cigarette (SKL), Handmade Kretek
Cigarette(SKT)andMachinemadeKretekCigarette(SKM)thathasbeendistributedboth
nationwideandworldwide.
Measuredbytotalasset,productssalesgain,numberofemployees,taxandcustomsand
other contributions, PT Gudang Garam Tbk. has become a national cigarette company
whichgivessignificantcontributionforIndonesia.

Thecompanyhasdirectownershipinsubsidiaries:
PTSuryaPamenang,
PTSuryaMadistrindo,
PTGrahaSuryaMedia,
PTSuryaAir,and
PTSuryaIntiTembakau.
Theendof30June2015,theCompanyandsubsidiarieshad36,775employees.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

62

RESEARCH AND DEVELOPMENT DIVISION

GGRM Gudang Garam Tbk.

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Consumer Goods Industry (5)
Industry Sub Sector : Tobacco Manufacturers (52)

Individual Index
:
Listed Shares
:
Market Capitalization :

1,931.707
1,924,088,000
95,242,356,000,000

9 | 95.2T | 1.92% | 44.60%


28 | 14.4T | 0.98% | 57.33%

COMPANY HISTORY
Established Date
: 26-Jun-1958
Listing Date
: 27-Aug-1990
Under Writer IPO :
PT Danareksa
PT Multicorp
PT Merincorp
PT Surya Securities
PT Ficonensia
Securities Administration Bureau :
PT Raya Saham Registra
Plaza Central Building 2nd Fl.
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930
Phone : (021) 252-5666
Fax
: (021) 252-5028
BOARD OF COMMISSIONERS
1. Juni Setiawati Wonowidjojo
2. Frank Willem Van Gelder *)
3. Gotama Hengdratsonata *)
4. Lucas Mulia Suhardja
*) Independent Commissioners
BOARD OF DIRECTORS
1. Susilo Wonowidjojo
2. Buana Susilo
3. Herry Susianto
4. Heru Budiman
5. Istata Taswin Sidharta
6. Lengga Nurullah
7. Sony Sasono Rahmadi
AUDIT COMMITTEE
1. Frank Willem Van Gelder
2. Bambang Susilo
3. Jusuf Halim
CORPORATE SECRETARY
Heru Budiman
HEAD OFFICE
Jakarta: Jln. Jend. A. Yani No. 79, Jakarta - 10510
Kediri: Jln. Semampir II/1 Kediri 64121

SHAREHOLDERS (July 2015)


1. Suryaduta Investama
2. Suryamitra Kusuma
3. Public (<5%)

1,333,146,800 :
120,442,700 :
470,498,500 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1991
1992
1993
1994
1995
1995
1996
1997
1998
1999
2000
2001
2002
2003
2005
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Shares

Dividend
150.00
150.00
155.00
210.00

1:1
75.00
150.00
120.00
260.00
500.00
500.00
300.00
300.00
300.00
500.00
500.00
250.00
250.00
350.00
650.00
880.00
1,000.00
800.00
800.00
800.00

Cum Date
12-Jul-91
22-Jul-93
06-Jul-94
05-Jul-95
25-Apr-96
16-Jul-96
07-Jul-97
03-Jul-98
05-Jul-99
06-Jul-00
27-Nov-00
02-Jul-02
27-Jun-03
16-Jul-04
21-Jul-05
21-Jul-06
23-Jul-07
15-Jul-08
14-Jul-09
13-Jul-10
25-Jul-11
30-Jul-12
22-Jul-13
06-Aug-14
03-Jul-15

Ex Date
15-Jul-91
23-Jul-93
07-Jul-94
06-Jul-95
26-Apr-96
17-Jul-96
08-Jul-97
07-Jul-98
06-Jul-99
07-Jul-00
28-Nov-00
03-Jul-02
30-Jun-03
19-Jul-04
22-Jul-05
24-Jul-06
24-Jul-07
16-Jul-08
15-Jul-09
14-Jul-10
26-Jul-11
31-Jul-12
23-Jul-13
07-Aug-14
06-Jul-15

Recording
Date
20-Jul-91
30-Jul-93
14-Jul-94
14-Jul-95
06-May-96
25-Jul-96
16-Jul-97
15-Jul-98
14-Jul-99
17-Jul-00
05-Dec-00
08-Jul-02
02-Jul-03
21-Jul-04
26-Jul-05
26-Jul-06
26-Jul-07
18-Jul-08
17-Jul-09
16-Jul-10
28-Jul-11
02-Aug-12
25-Jul-13
11-Aug-14
08-Jul-15

69.29%
6.26%
24.45%

Payment
Date
09-Aug-91
23-Aug-93
13-Aug-94
14-Aug-95
03-Jun-96
19-Aug-96
14-Aug-97
13-Aug-98
11-Aug-99
31-Jul-00
19-Dec-00
19-Jul-02
11-Jul-03
04-Aug-04
08-Aug-05
07-Aug-06
09-Aug-07
01-Aug-08
30-Jul-09
29-Jul-10
08-Aug-11
16-Aug-12
15-Aug-13
25-Aug-14
30-Jul-15

F
F
F
B
F
F
F
F
F
I
F
F
F
F
F
F
F
F
F
F
F
F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.

Type of Listing
First Issue
Partial Listing
Founders Shares
Koperasi
Stock Split
Bonus Shares

Shares
57,807,800
38,396,600
375,197,600
9,620,000
481,022,000
962,044,000

Listing
Date
27-Aug-90
27-Aug-90
31-May-94
31-May-94
03-Jun-96
04-Jun-96

Trading
Date
27-Aug-90
27-Feb-91
31-May-94
00-Jan-00
03-Jun-96
05-Jun-96

Phone : (021) 420-2460, (0354) 682-091


Fax
: (021) 424-3136, (0354) 681-555
Homepage
Email

F/I

: www.gudanggaramtbk.com
: corporate_secretary@gudanggaramtbk.com

RESEARCH AND DEVELOPMENT DIVISION

63

GGRM Gudang Garam Tbk.


Closing
Price*

Volume
(Mill. Sh)

68,000

16.0

59,500

14.0

51,000

12.0

42,500

10.0

34,000

8.0

25,500

6.0

17,000

4.0

8,500

2.0

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Consumer Goods Industry Index
January 2011 - July 2015
120%
100%

100.6%

80%
60%
40%
28.8%
20.6%

20%
-20%
-40%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

332
15,706
185
247

370
20,026
228
246

447
20,285
272
244

270
14,031
406
242

185
9,531
317
142

Price (Rupiah)
High
Low
Close
Close*

67,000
33,300
62,050
62,050

63,800
45,900
56,300
56,300

57,800
32,000
42,000
42,000

64,250
39,700
60,700
60,700

64,000
42,000
49,500
49,500

26.62
19.75
4.07

18.67
15.98
2.75

21.67
24.22
3.66

255.06
14.32
2.80

24.08
PER (X)
16.22
PER Industry (X)
4.86
PBV (X)
* Adjusted price after corporate action

64

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Gudang Garam Tbk.
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
41,350
38,350
43,100
41,500
44,900
50,100
57,000
56,500
61,500
61,150
65,000
67,000

Low
34,000
33,300
35,850
40,000
40,350
43,300
47,400
46,900
47,400
51,000
56,000
59,100

Close
37,250
36,550
41,850
40,600
43,550
49,800
50,900
55,000
52,500
58,600
65,000
62,050

(X)
19,222
15,422
17,678
14,189
9,674
11,628
13,717
18,035
21,191
18,610
12,066
13,867

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

63,250
59,850
57,300
60,450
61,050
62,800
63,800
55,500
50,500
53,600
53,000
60,450

55,400
50,050
51,400
55,300
54,000
53,350
55,250
48,100
45,900
46,250
46,050
52,500

57,000
56,750
55,050
59,200
54,100
61,500
56,350
50,100
46,450
49,150
52,850
56,300

17,928
24,119
20,086
16,395
17,382
12,187
17,251
27,096
18,256
18,562
22,959
15,404

24,428
33,685
30,356
25,722
25,548
19,587
33,688
41,704
26,130
34,242
43,229
31,454

1,440,624
1,855,940
1,645,012
1,498,625
1,481,745
1,147,973
1,958,846
2,143,553
1,247,867
1,718,568
2,115,356
1,771,421

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

57,000
52,850
51,200
54,450
57,800
54,500
51,600
43,650
43,900
38,450
38,350
42,000

49,500
48,300
45,800
48,600
49,300
45,300
42,250
32,000
35,000
33,150
34,600
36,800

51,850
48,300
48,950
49,400
53,500
50,600
42,350
37,950
35,000
36,900
37,000
42,000

20,401
16,161
17,514
28,414
22,413
22,532
21,809
22,201
23,464
33,633
21,934
21,396

36,082
39,784
32,644
51,702
41,575
31,333
30,731
29,240
31,451
50,193
34,618
37,811

1,900,377
2,000,127
1,590,282
2,660,507
2,221,861
1,555,537
1,419,705
1,128,039
1,223,270
1,809,844
1,262,239
1,513,018

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

45,525
48,500
49,550
57,125
57,925
55,000
54,475
55,900
57,050
61,500
64,250
61,525

39,700
40,600
43,600
48,075
52,050
51,300
52,075
52,925
53,750
55,500
57,550
57,100

41,900
47,700
49,400
56,500
52,050
53,500
54,200
54,000
56,675
57,750
61,175
60,700

36,083
32,197
45,202
47,605
40,365
27,283
31,574
28,021
31,266
32,263
29,427
24,515

31,659
27,944
30,887
34,082
29,671
14,579
17,100
15,965
18,150
20,315
17,355
12,653

1,343,558
1,265,725
1,455,094
1,778,189
1,633,510
775,015
913,076
868,891
1,012,034
1,171,073
1,057,785
757,153

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

64,000
58,500
55,325
54,650
50,600
47,500
54,150

51,900
53,400
47,525
49,025
44,750
42,000
44,775

57,800
53,425
51,000
50,000
47,100
45,100
49,500

51,790
34,568
46,689
49,629
58,307
37,643
37,887

31,660
20,001
28,926
33,822
34,542
15,845
20,455

1,822,015
1,112,549
1,510,900
1,754,518
1,620,711
710,356
1,000,185

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


42,483 1,594,349
29,060 1,036,576
31,054 1,239,465
28,806 1,166,285
17,711
754,867
23,804 1,093,954
26,505 1,348,972
31,756 1,672,663
29,637 1,594,104
30,293 1,706,426
20,160 1,231,087
20,282 1,267,505

21
18
23
20
21
20
21
19
20
21
22
21

GGRM Gudang Garam Tbk.


Financial Data and Ratios

Book End : December

Public Accountant : Siddharta Widjaja & Rekan (member of KPMG International)


BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

1,094,895

1,285,799

1,404,108

1,588,110

1,742,306

937,987

1,382,539

2,196,086

1,532,275

1,340,891

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents


Receivables

Assets

Inventories

28,020,017 26,649,777 30,241,368 34,739,327 34,877,068

Current Assets

30,381,754 29,954,021 34,604,461 38,532,600 38,838,031

Fixed Assets
Other Assets
Total Assets

8,189,881 10,389,326 14,788,915 18,973,272 19,673,753


479,473

6.19%

Long Term Liabilities


Total Liabilities

1,318,730

604,404

686,353

25,000

13,534,319 13,802,317 20,094,580 23,783,134 24,072,390

1,101,295

1,259,400

14.67%

37,500

12,500

1,003,458

22.31%

50,000

1.93%

Growth (%)
Current Liabilities

1,122,077

39,088,705 41,509,325 50,770,251 58,220,600 59,343,354

1,208,746

Liabilities

62,500

1,213,360

2011

2012

2013

2014

Jun-15

14,537,777 14,903,612 21,353,980 24,991,880 25,285,750

2.52%

43.28%

17.04%

1.18%

1,158,000

1,158,000

1,158,000

1,158,000

1,158,000

962,044

962,044

962,044

962,044

962,044

1,924

1,924

1,924

1,924

1,924

500

500

500

500

500

Growth (%)

TOTAL EQUITY (Bill. Rp)


Authorized Capital
Paid up Capital
Paid up Capital (Shares)
Par Value
Retained Earnings

23,382,278 25,471,948 28,261,414 32,090,712 32,953,763

Total Equity

24,550,928 26,605,713 29,416,271 33,228,720 34,057,604

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

8.37%

10.56%

12.96%

2.49%

Dec-12

Dec-13

Dec-14

Jun-15

17.06%

13.07%

17.59%

24,551

2014

Jun-15

20,162

13,214

6,267

2011

31,754,984 39,843,974 44,563,096 51,806,284 26,355,813

Gross Profit

10,129,368

9,184,722 10,873,858 13,379,566

6,870,234

418,214

4,801,910

2,903,584

6,691,722

8,577,656

3,966,650

11.05%

28.18%

-755,518

-1,371,811

-749,779

3,514,397

3,159,041

6,025,681

Growth (%)
-

-495,035

2013

65,186
65,186

55,437

Income before Tax

6,614,971

5,530,646

5,936,204

7,205,845

3,216,871

Tax

1,656,869

-1,461,935

1,552,272

1,810,552

807,795

Profit for the period

4,958,102

4,068,711

4,383,932

5,395,293

2,409,076

-17.94%

7.75%

23.07%

Growth (%)

2012

TOTAL REVENUES (Bill. Rp)

49,029

51,888

Other Income (Expenses)

26,606

34,058

-681

Cost of Revenues

Operating Profit

27,110

33,229
29,416

41,884,352 49,028,696 55,436,954 65,185,850 33,226,047

Growth (%)

Expenses (Income)

34,058

41,884
33,226

38,590

25,292

11,994

Period Attributable

4,894,057

4,013,758

4,328,736

5,368,568

2,402,321

Comprehensive Income

4,958,102

4,068,711

4,383,932

5,395,293

2,409,076

Comprehensive Attributable

4,894,057

4,013,758

4,328,736

5,368,568

2,402,321

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

224.48

217.02

172.21

162.02

161.34

1,000.00

800.00

800.00

800.00

RATIOS
Current Ratio (%)
Dividend (Rp)
EPS (Rp)

2,543.57

2,086.06

2,249.76

2,790.19

1,248.55

BV (Rp)

12,759.77

13,827.70

15,288.42

17,269.85

17,700.65

DAR (X)

0.37

0.36

0.42

0.43

0.43

DER(X)

0.59

0.56

0.73

0.75

0.74

ROA (%)

12.68

9.80

8.63

9.27

4.06

ROE (%)

20.20

15.29

14.90

16.24

7.07

GPM (%)

24.18

18.73

19.61

20.53

20.68

OPM (%)

12.29

12.07

13.16

11.94

NPM (%)

11.84

8.30

7.91

8.28

7.25

Payout Ratio (%)

39.31

38.35

35.56

28.67

1.61

1.42

1.90

1.32

Yield (%)

-1,304

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


5,395

5,395

4,958
4,069

4,295

4,384

3,194

2,409
2,093

993

-108

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

65

COMPANY REPORT

ICBP
INDOFOOD CBP SUKSES MAKMUR TBK.
Company Profile
PT Indofood CBP Sukses Makmur Tbk. was established in the Republic of Indonesia on
September2nd,2009.

The Company was the result of the spinoff of the Noodle Division and Food Ingredients
DivisionofPTIndofoodSuksesMakmurTbk.,thecontrollingshareholderoftheCompany,
andstartedtocarryouttherelatedbusinessoperationsonOctober1st,2009.

Thescopeofitsactivitiescomprises,amongothers,themanufactureofnoodlesandfood
ingredients,culinaryfoodproducts,biscuits,snacks,nutritionandspecialfoods,packaging,
trading,transportation,warehousingandcoldstorage,managementservices,andresearch
anddevelopment.

The Companys head office is located in Jakarta, while the Company and its Subsidiaries
factories are located in various locations in Java, Sumatera, Kalimantan, Sulawesi Islands
andMalaysia.

PTIndofoodSuksesMakmur,Indonesia,andFirstPacificCompanyLimited,HongKong,are
theparententityandtheultimateparententity,respectively,oftheCompany.

TheCompanyisanestablishedmarketleadingproducerofpackagedfoodproductswitha
diverse range of products providing everyday food solutions for consumers of all ages.
ManyofitsproductsbrandsareamongthestrongestbrandswithsignificantTopofMind
status in Indonesia and have gained the trust and loyalty of millions of consumers in
Indonesiafordecades.

The Company has direct share ownerships in Drayton Pte. Ltd., Indofood (M) Food
Industries Sdn. Bhd., PT Surya Rengo Containers, PT Indofood Fritolay Makmur, PT
Indofood Asahi Sukses Beverage, PT Indofood Tsukishima Sukses Makmur, PT Indofood
MitraBahariMakmur,PTIndofoodComsaSuksesMakmur,PTIndoOjiSuksesPratama.

The longterm investment in the associated entity are PT Nestle Indofood Citarasa
Indonesia,PTAsahiIndofoodBeverageMakmurandPTPrimaCahayaIndobeverages.As
ofJune30th,2015,theGrouphad31,590employees.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

66

RESEARCH AND DEVELOPMENT DIVISION

ICBP Indofood CBP Sukses Makmur Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Consumer Goods Industry (5)
Industry Sub Sector : Food And Beverages (51)

Individual Index
:
Listed Shares
:
Market Capitalization :

227.989
5,830,954,000
71,720,734,200,000

14 | 71.7T | 1.45% | 52.47%


47 | 10.2T | 0.69% | 72.77%

COMPANY HISTORY
Established Date
: 02-Sep-2009
Listing Date
: 07-Oct-2010
Under Writer IPO :
PT Kim Eng Securities
PT Credit Suisse Securities Indonesia
PT Deutsche Securities Indonesia
PT Mandiri Sekuritas
Securities Administration Bureau :
PT Raya Saham Registra
Plaza Central Building 2nd Fl.
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930
Phone : (021) 252-5666
Fax
: (021) 252-5028
BOARD OF COMMISSIONERS
1. Franciscus Welirang
2. Alamsyah
3. Florentinus Gregorius Winarno
4. Hans Kartikahadi *)
5. Moleonoto (Paulus Moleonoto)
6. Wahjudi Prakarsa *)
*) Independent Commissioners

SHAREHOLDERS (July 2015)


1. PT Indofood Sukses Makmur
2. Public (<5%)

4,664,763,000 :
1,166,191,000 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2010
2011
2013
2014

Shares

Dividend
116.00
169.00
190.00
222.00

Cum Date
21-Jun-11
13-Jul-12
10-Jul-14
18-May-15

Ex Date
22-Jun-11
16-Jul-12
11-Jul-14
19-May-15

Recording
Date
24-Jun-11
18-Jul-12
15-Jul-14
21-May-15

80.00%
20.00%

Payment
Date
07-Jul-11
31-Jul-12
05-Aug-14
09-Jun-15

F
F
F
F

ISSUED HISTORY
No. Type of Listing
1. First Issue
2. Company Listing

Shares
1,166,191,000
4,664,763,000

Listing
Date
07-Oct-10
07-Oct-10

Trading
Date
07-Oct-10
07-Apr-11

BOARD OF DIRECTORS
1. Anthoni Salim
2. Axton Salim
3. Darmawan Sarsito (Kevin Sietho)
4. Hendra Widjaja
5. Suaimi Suriady
6. Sulianto Pratama
7. Taufik Wiraatmadja
8. Tjhie Tje Fie (Thomas Tjhie)
9. Werianty Setiawan
AUDIT COMMITTEE
1. Hans Kartikahadi
2. Hendra Susanto
3. Wahjudi Prakarsa
CORPORATE SECRETARY
Gideon Ariprastomo Putro
HEAD OFFICE
Sudirman Plaza, Indofood Tower 25th Fl.
Jln. Jend. Sudirman Kav. 76 - 78
Jakarta 12910
Phone : (021) 5795-8822
Fax
: (021) 5793-7373
Homepage
Email

F/I

: www.indofoodcbp.com
: gideon.putro@icbp.indofood.co.id

RESEARCH AND DEVELOPMENT DIVISION

67

ICBP Indofood CBP Sukses Makmur Tbk. [S]


Closing
Price*

TRADING ACTIVITIES
Volume
(Mill. Sh)

16,000

64.0

14,000

56.0

12,000

48.0

10,000

40.0

8,000

32.0

6,000

24.0

4,000

16.0

2,000

8.0

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Consumer Goods Industry Index
January 2011 - July 2015
245%
210%
175%
160.3%
140%
105%

100.6%

70%
35%

28.8%

-35%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

1,430
7,278
84
247

990
6,084
73
246

1,082
11,297
217
244

899
9,593
331
242

472
6,475
231
142

Price (Rupiah)
High
Low
Close
Close*

6,000
3,800
5,200
5,200

8,300
4,975
7,800
7,800

13,400
7,600
10,200
10,200

13,400
9,800
13,100
13,100

16,050
11,800
12,300
12,300

19.88
19.75
3.79

26.73
15.98
4.48

27.67
24.22
5.26

20.63
14.32
4.80

14.69
PER (X)
16.22
PER Industry (X)
2.83
PBV (X)
* Adjusted price after corporate action

68

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

Closing Price* and Trading Volume


Indofood CBP Sukses Makmur Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
5,150
4,675
5,300
5,450
5,400
5,450
5,800
6,000
5,600
5,750
5,300
5,250

Low
4,350
4,300
4,600
5,100
5,050
4,925
5,400
5,300
3,800
4,650
4,875
4,875

Close
4,575
4,575
5,300
5,400
5,050
5,400
5,800
5,300
4,925
5,300
5,150
5,200

(X)
15,091
7,386
8,462
5,234
4,707
4,174
5,994
7,456
11,353
5,355
5,991
3,224

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

5,350
5,650
5,700
5,650
5,900
5,850
6,850
6,850
6,650
7,750
7,550
8,300

4,975
5,050
5,150
5,000
5,400
5,400
5,700
6,400
6,150
6,300
6,900
7,300

5,100
5,650
5,450
5,650
5,650
5,750
6,600
6,550
6,350
7,150
7,400
7,800

4,570
5,499
6,691
5,021
4,606
3,477
8,760
5,188
7,021
9,940
5,982
6,712

86,150
86,833
70,684
89,511
82,359
49,711
144,591
58,263
67,678
111,373
74,371
68,335

439,212
470,009
380,098
468,937
472,137
282,356
897,445
385,634
431,645
787,349
536,371
532,860

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

8,700 7,600 8,000


8,650 7,900 8,500
9,900 8,200 9,600
11,700 9,500 11,450
13,400 11,500 13,100
13,000 9,850 12,200
12,500 10,350 11,200
11,650 8,700 10,000
12,200 8,900 10,250
11,500 10,200 11,200
11,300 9,750 10,000
10,300 9,550 10,200

8,421
7,470
13,589
23,016
35,135
26,910
20,502
15,325
19,020
15,121
19,144
12,888

69,143
78,410
108,935
106,833
183,672
111,166
81,983
68,204
91,623
73,454
71,526
36,835

552,825
638,909
974,749
1,118,431
2,300,353
1,270,060
913,934
680,778
932,990
805,810
740,344
368,146

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

11,700
11,350
11,300
10,275
10,400
10,275
10,575
10,650
11,400
11,575
11,450
13,400

9,900
10,450
9,950
9,800
9,925
9,875
9,950
10,100
10,500
10,500
10,800
11,150

11,000
11,175
10,100
10,000
10,200
10,000
10,450
10,500
11,350
11,050
11,250
13,100

31,608
33,839
40,130
31,126
22,065
21,362
21,883
27,066
25,934
33,698
18,187
24,568

68,488
78,008
124,778
113,027
55,236
46,268
78,643
74,737
57,043
77,025
56,536
69,230

734,990
852,458
1,318,297
1,131,541
557,582
465,777
812,824
781,831
629,638
858,355
624,570
825,565

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

16,050
14,650
15,500
14,700
14,225
14,200
13,050

12,450
13,900
14,025
12,300
13,300
12,050
11,800

14,500
14,300
14,675
13,200
14,100
12,475
12,300

33,591
28,064
38,018
31,277
34,554
31,709
33,854

90,954
53,007
88,680
95,059
63,037
37,052
44,360

1,243,010
751,753
1,289,971
1,306,487
855,040
483,342
545,752

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


248,406 1,177,703
540,317
120,754
167,772
824,126
109,382
584,014
108,877
569,475
81,379
418,328
118,404
673,478
727,782
128,240
159,002
800,880
53,012
279,275
89,997
458,703
44,489
224,012

21
18
23
20
21
20
21
19
20
21
22
21

ICBP Indofood CBP Sukses Makmur Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Cash & Cash Equivalents

4,420,644

5,484,318

5,526,173

7,342,986

6,234,520

Receivables

2,378,402

2,328,181

2,549,415

2,902,202

4,340,073

Inventories

1,629,883

1,812,887

2,868,722

2,821,618

2,806

Current Assets

8,580,311

9,888,440 11,321,715 13,603,527 14,173,421

Fixed Assets

2,590,036

3,839,756

4,844,407

5,838,843

6,060,389

169,718

888,529

213,907

259,030

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

15,222,857 17,753,480 21,267,470 24,910,211 26,410,008

Growth (%)

16,500
11,000

19.79%

17.13%

6.02%

5,500
-

2,988,540

3,579,487

4,696,583

6,230,997

7,029,960

Long Term Liabilities

1,524,544

2,187,195

3,305,156

3,639,267

4,440,761

Total Liabilities

4,513,084

5,766,682

8,001,739

9,870,264 11,470,721

27.78%

38.76%

23.35%

16.21%

Growth (%)

22,000

16.62%

Current Liabilities

Liabilities

27,500

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

750,000

750,000

750,000

750,000

750,000

Paid up Capital

583,095

583,095

583,095

583,095

583,095

5,831

5,831

5,831

5,831

5,831

100

100

100

100

100

3,643,786

4,837,947

5,978,662

7,475,019

7,489,929

Paid up Capital (Shares)


Par Value
Retained Earnings
Total Equity

10,709,773 11,986,798 13,265,731 15,039,947 14,939,287

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

10.67%

13.37%

-0.67%

Dec-12

Dec-13

Dec-14

Jun-15

10,710

11.40%

16.31%

19.64%

2,767

5,778,609

6,425,691

8,059,854

5,076,746

2,423,258

2,936,549

3,653,767

4,931,161

2,884,322

Operating Profit

2,608,001

2,842,060

2,771,924

3,128,693

2,192,424

8.97%

-2.47%

12.87%

Growth (%)

2013

TOTAL REVENUES (Bill. Rp)


30,022
25,095
23,898

Profit for the period

2012

14,335,896 15,796,183 18,668,990 21,962,609 11,474,501


5,031,259

Tax

Jun-15

5,835

2011

Expenses (Income)

Income before Tax

2014

8,904

-301

Gross Profit

Other Income (Expenses)

11,987

14,939

19,367,155 21,574,792 25,094,681 30,022,463 16,551,247

Growth (%)
Cost of Revenues

11.92%

11,972

15,040
13,266

136,909

185,130

195,066

260,032

49,748

2,744,910

3,027,190

2,966,990

3,388,725

2,242,172

678,545

744,819

733,699

857,044

570,032

2,066,365

2,282,371

2,235,040

2,531,681

1,672,140

10.45%

-2.07%

13.27%

Growth (%)

19,367

21,575
16,551

17,773

11,649

5,524

Period Attributable

1,975,345

2,179,592

2,225,272

2,604,239

1,738,474

Comprehensive Income

2,064,049

2,287,242

2,286,639

2,522,328

1,670,571

Comprehensive Attributable

1,973,683

2,183,205

2,260,929

2,598,808

1,736,375

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Current Ratio (%)

287.11

276.25

241.06

218.32

201.61

Dividend (Rp)

169.00

190.00

222.00

RATIOS

338.77

373.80

381.63

446.62

298.15

BV (Rp)

1,836.71

2,055.72

2,275.05

2,579.33

2,562.07

DAR (X)

0.30

0.32

0.38

0.40

0.43

DER(X)

EPS (Rp)

0.42

0.48

0.60

0.66

0.77

ROA (%)

13.57

12.86

10.51

10.16

6.33

ROE (%)

19.29

19.04

16.85

16.83

11.19

GPM (%)

25.98

26.78

25.61

26.85

30.67

OPM (%)

13.47

13.17

11.05

10.42

13.25

NPM (%)

10.67

10.58

8.91

8.43

10.10

Payout Ratio (%)

49.89

49.79

49.71

3.25

1.86

1.69

Yield (%)

-600

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


2,532
2,532

2,066

2,282

2,235

2,015

1,672

1,499

982

466

-51

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

69

CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT

INCO
VALE INDONESIA TBK.

Company Profile
PT Vale Indonesia Tbk. (formerly International Nickel Indonesia Tbk.) was established on
July25th,1968.

TheCompanysimmediateparentcompanyisValeCanadaLimitedandeultimateparent
entityisValeS.A.,acompanyestablishedunderthelawsoftheFederalRepublicofBrazil.
The Companys plant is located in Sorowako, South Sulawesi and the registered office is
locatedinJakarta.

The Companys main activities are exploration and mining, processing, storage,
transportation and marketing of nickel and associated mineral products. The Company
starteditscommercialoperationsin1978.

PTValeIndonesiaTbk.isoneoftheworldspremierproducersofnickel.Aversatilemetal,
whichisimportantinimprovinglivingstandardsandfosteringeconomicgrowth.Formore
than three decades, since the signing of its Contract of Work with the Indonesian
Governmentin1968,theCompanyhasprovidedskilledjobs,shownconcernfortheneeds
ofthecommunitiesinwhichitoperates,benefitedshareholdersandcontributedpositively
totheIndonesianeconomy.

ThetotalnumberofemployeesatJune30th,2015was3,125.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

70

RESEARCH AND DEVELOPMENT DIVISION

INCO Vale Indonesia Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Mining (2)
Industry Sub Sector : Metal And Mineral Mining (23)

Individual Index
:
Listed Shares
:
Market Capitalization :

800.000
9,936,338,720
19,475,223,891,200

42 | 19.5T | 0.39% | 71.59%


52 | 8.73T | 0.59% | 75.94%

COMPANY HISTORY
Established Date
: 25-Jul-1968
Listing Date
: 16-May-1990
Under Writer IPO :
PT Danareksa Sekuritas
Securities Administration Bureau :
PT Vale Indonesia Tbk.
Plaza Bapindo - Citibank Tower 22nd Fl.
Jln. Jend. Sudirman Kav. 54 - 55, Jakarta 12190
Phone : (021) 524-9000
Fax
: (021) 524-9020
BOARD OF COMMISSIONERS
1. Jennifer Anne Maki
2. Andrea Marques De Almeida
3. Arief T. Surowidjojo *)
4. Idrus Paturusi *)
5. Irwandy Arif *)
6. Kevin James Graham
7. Mark James Travers
8. Mikinobu Ogata
9. Nobuhiro Matsumoto
10. Stuart Alan Harshaw
*) Independent Commissioners
BOARD OF DIRECTORS
1. Nicolaas D. Kanter
2. Bernardus Irmanto
3. Febriany Eddy
4. Josimar S. Pires
AUDIT COMMITTEE
1. Arief T. Surowidjojo
2. Erry Firmansyah
3. Sidharta Utama
CORPORATE SECRETARY
Ratih Amri
HEAD OFFICE
Bapindo Plaza II, 22th Fl.
Jln. Jend Sudirman Kav. 54 - 55
Jakarta 12190
Phone : (021) 524-9000, 524-9002
Fax
: (021) 524-9020
Homepage
Email

SHAREHOLDERS (July 2015)


DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1990
1991
1991
1991
1992
1993
1994
1994
1995
1995
1996
1996
1997
2002
2002
2003
2004
2004
2005
2005
2006
2006
2007
2007
2009
2010
2010
2011
2011
2012
2012
2013
2014

Shares

Dividend
USD 0.35
USD 0.15
USD 0.15
USD 0.15
USD 0.05
USD 0,05
USD 0,05
USD 0,05
USD 0,05
USD 0,05
USD 0.05
121.60
174.15
84.65
10.61
USD 0,15
USD 0.0125
USD 0.0975
USD 0.025
745.88
USD 0.025
454.50
USD 0,9787

USD 0.02264
USD 0,01107
USD 0.02
USD 0.0146
USD 0.01
USD 0.0086
USD 0.00252
USD 0.00252
USD 0.00252
USD 0.01007

Cum Date
17-Sep-90
20-Mar-91
19-Sep-91
19-Mar-92
15-Apr-93
25-Apr-94
28-Oct-94
24-Apr-95
03-Nov-95
26-Apr-96
04-Nov-96
25-Apr-97
10-Nov-97
29-Apr-03
13-Nov-03
23-Apr-04
04-Nov-04
19-Apr-05
22-Nov-05
25-Apr-06
17-Nov-06
24-Apr-07
20-Nov-07
16-Apr-08
09-Dec-09
05-Oct-10
02-May-11
02-Nov-11
14-May-12
06-Dec-12
14-May-13
29-Nov-13
28-Nov-14

Ex Date
18-Sep-90
21-Mar-91
20-Sep-91
20-Mar-92
16-Apr-93
26-Apr-94
31-Oct-94
25-Apr-95
04-Nov-95
29-Apr-96
05-Nov-96
28-Apr-97
11-Nov-97
30-Apr-03
14-Nov-03
26-Apr-04
05-Nov-04
20-Apr-05
23-Nov-05
26-Apr-06
20-Nov-06
27-Apr-07
21-Nov-07
17-Apr-08
10-Dec-09
06-Oct-10
03-May-11
03-Nov-11
15-May-12
07-Dec-12
15-May-13
02-Dec-13
01-Dec-14

Recording
Date
25-Sep-90
28-Mar-91
30-Sep-91
27-Mar-92
23-Apr-93
03-May-94
07-Nov-94
02-May-95
14-Nov-95
07-May-96
13-Nov-96
06-May-97
19-Nov-97
02-May-03
18-Nov-03
28-Apr-04
09-Nov-04
25-Apr-05
25-Nov-05
28-Apr-06
22-Nov-06
27-Apr-07
23-Nov-07
21-Apr-08
14-Dec-09
08-Oct-10
05-May-11
07-Nov-11
21-May-12
11-Dec-12
17-May-13
04-Dec-13
03-Dec-14

Payment
Date
25-Oct-90
30-Apr-91
30-Oct-91
30-Apr-92
21-May-93
01-Jun-94
07-Dec-94
02-Jun-95
13-Dec-95
05-Jun-96
12-Dec-96
04-Jun-97
18-Dec-97
19-May-03
05-Dec-03
13-May-04
25-Nov-04
10-May-05
08-Dec-05
12-May-06
05-Dec-06
11-May-07
07-Dec-07
06-May-08
29-Dec-09
22-Oct-10
20-May-11
21-Nov-11
01-Jun-12
27-Dec-12
31-May-13
18-Dec-13
17-Dec-14

F/I
I
I
I
F
F
I
F
I
F
I
F
I
F
F
F
F
F
F
F
F
F
I
F
I
I
F
I
F
I
F
I
I

ISSUED HISTORY
No.
1.
2.
3.
4.

Type of Listing
First Issue
Company Listing
Stock Split
Stock Split

Shares
49,681,694
198,726,774
745,225,404
8,942,704,848

Listing
Date
16-May-90
31-Jan-01
03-Aug-04
15-Jan-08

Trading
Date
16-May-90
31-Jan-01
03-Aug-04
15-Jan-08

: www.vale.com/indonesia
: ratih.amri@valeinco.com
pti_corsec@valeinco.com

RESEARCH AND DEVELOPMENT DIVISION

71

INCO Vale Indonesia Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

5,200

160

4,550

140

3,900

120

3,250

100

2,600

80

1,950

60

1,300

40

650

20

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Mining Index
January 2011 - July 2015
80%
60%
40%
28.8%
20%
-20%
-40%
-60%

-60.6%
-71.3%

-80%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

2,118
9,054
227
247

2,413
6,786
206
246

2,310
5,664
186
244

3,720
12,783
550
242

1,275
4,049
279
142

Price (Rupiah)
High
Low
Close
Close*

5,200
2,525
3,200
3,200

4,050
2,025
2,350
2,350

3,075
1,770
2,650
2,650

4,575
2,115
3,625
3,625

3,695
1,960
1,960
1,960

38.48
8.49
1.40

55.52
20.76
1.25

16.97
3.23
1.60

17.46
-10.63
0.80

10.51
PER (X)
16.17
PER Industry (X)
1.98
PBV (X)
* Adjusted price after corporate action

72

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Vale Indonesia Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
5,000
5,200
5,150
5,100
5,000
4,850
4,600
4,325
4,050
3,725
3,650
3,300

Low
4,475
4,675
4,525
4,675
4,775
4,375
4,225
3,275
2,850
2,525
3,000
2,975

Close
4,600
5,050
4,775
4,975
4,775
4,500
4,250
3,650
3,025
3,650
3,050
3,200

(X)
19,615
15,698
27,569
22,181
14,242
14,822
17,072
21,889
21,706
25,349
15,009
11,353

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

4,050
4,050
3,625
3,375
3,125
2,675
2,900
2,475
3,100
2,950
2,750
2,475

3,150
3,425
3,300
3,025
2,250
2,200
2,400
2,250
2,250
2,500
2,025
2,100

4,000
3,625
3,375
3,100
2,500
2,675
2,425
2,300
2,950
2,700
2,075
2,350

16,222
21,630
16,820
17,770
21,967
21,761
13,954
10,714
18,317
12,939
19,826
14,110

136,649
244,576
176,733
235,208
224,183
238,700
127,868
94,081
251,490
134,995
282,528
265,884

488,753
896,760
606,434
752,854
596,323
579,306
345,078
223,583
686,458
360,581
645,022
605,288

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

2,900
3,075
2,850
2,850
2,850
2,575
2,175
2,525
2,725
2,750
2,650
2,800

2,350
2,600
2,350
2,375
2,450
1,920
1,770
1,770
2,200
2,250
2,300
2,300

2,750
2,700
2,375
2,850
2,550
2,025
1,770
2,300
2,250
2,475
2,400
2,650

16,519
15,878
18,082
11,715
9,351
14,312
26,994
22,109
17,867
12,214
9,622
11,825

264,254
189,153
156,260
243,235
115,097
129,454
275,925
259,951
239,312
142,143
97,518
197,647

707,204
535,185
416,753
608,803
304,185
294,878
550,652
543,386
586,568
359,087
241,610
515,246

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

2,800
2,650
2,850
3,745
4,240
3,965
4,025
4,185
4,575
3,825
4,175
4,145

2,115
2,230
2,390
2,815
3,430
3,525
3,525
3,785
3,710
3,455
3,625
3,525

2,305
2,390
2,820
3,550
3,915
3,555
4,025
4,180
3,750
3,790
3,985
3,625

28,319
26,254
42,732
44,937
57,730
27,874
40,957
51,392
64,604
63,431
53,963
48,022

285,267
267,495
554,968
476,712
454,246
191,590
310,152
260,878
295,695
220,286
201,141
201,988

707,505
658,048
1,485,366
1,599,051
1,775,539
711,230
1,162,055
1,044,808
1,224,296
807,541
778,894
828,546

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

3,695
3,675
3,565
3,275
3,545
3,280
2,745

3,285
3,350
3,230
2,605
2,740
2,675
1,960

3,450
3,525
3,235
2,795
3,120
2,710
1,960

49,254
42,735
41,098
35,215
48,244
37,285
25,380

157,356
153,140
178,101
225,188
260,581
208,810
92,103

555,099
534,741
602,947
677,054
857,171
597,379
224,276

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


217,052 1,032,126
182,851
911,378
263,637 1,259,948
224,850 1,095,998
181,462
878,385
138,739
634,003
154,731
679,451
752,722
196,592
124,389
431,854
234,798
736,607
105,240
349,325
291,926
93,821

21
18
23
20
21
20
21
19
20
21
22
21

INCO Vale Indonesia Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Siddharta Widjaja & Rekan (member of KPMG International)


Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Cash & Cash Equivalents

3,619,538

1,665,551

2,454,245

3,758,856

3,601,147

Receivables

1,776,340

2,098,980

808,618

1,152,892

1,203,560

Inventories

1,480,541

1,478,050

1,852,721

1,732,173

1,640,516

Current Assets

7,077,773

5,462,486

6,840,464

7,728,153

7,850,228

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Fixed Assets
Other Assets
Total Assets

Assets

14,321,555 15,709,602 20,267,120 20,003,592 21,386,968


142,431

164,602

197,135

187,781

21,956,911 22,560,884 27,989,330 29,027,987 30,534,360

Growth (%)

18,750
12,500

24.06%

3.71%

5.19%

6,250
-

1,621,522

1,601,981

2,072,403

2,591,538

1,842,949

Long Term Liabilities

4,292,565

4,312,636

4,882,883

4,233,799

4,338,833

Total Liabilities

5,914,086

5,914,617

6,955,286

6,825,337

6,181,782

0.01%

17.59%

-1.87%

-9.43%

Growth (%)

25,000

2.75%

Current Liabilities

Liabilities

31,250

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

993,634

993,634

993,634

993,634

993,634

Paid up Capital

248,408

248,408

248,408

248,408

248,408

9,936

9,936

9,936

9,936

9,936

25

25

25

25

25

Paid up Capital (Shares)


Par Value
Retained Earnings

12,124,034 12,641,214 15,952,141 17,051,994 18,830,823

Total Equity

16,042,824 16,646,267 21,034,044 22,202,650 24,352,578

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11
11,267,489

Growth (%)

3.76%

26.36%

5.56%

Dec-12

Dec-13

Dec-14

Jun-15

9,354,052 11,308,498 12,909,588

5,461,534

-16.98%

20.89%

9.68%

14.16%

6,594,195

7,742,015

9,591,999

9,095,939

4,385,668

Gross Profit

4,673,294

1,612,037

1,716,499

3,813,649

1,075,866

522,779

578,237

855,918

711,551

251,588

4,150,514

1,033,800

860,581

3,102,098

824,278

-75.09%

-16.76%

260.47%

-48,858

-149,740

-180,099

-155,624

Income before Tax

4,101,656

884,060

680,482

2,946,474

746,992

Tax

1,075,093

231,393

206,222

804,112

189,248

Profit for the period

3,026,563

652,667

474,260

2,142,362

557,744

-78.44%

-27.34%

351.73%

Operating Profit

Growth (%)

19,385

21,034
16,043

16,646

2011

2012

14,417

9,449

4,481

Growth (%)

2013

2014

Jun-15

TOTAL REVENUES (Bill. Rp)


12,910
12,910

11,308

11,267
9,354

10,276

Other Income (Expenses)

22,203

-487

Cost of Revenues
Expenses (Income)

24,353
24,353

-77,286
7,642

5,462
5,009

2,375

Period Attributable

3,026,563

652,667

474,260

2,142,362

557,744

Comprehensive Income

3,026,563

652,667

526,530

2,128,372

550,252

Comprehensive Attributable

3,026,563

652,667

526,530

2,128,372

550,252

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

436.49

340.98

330.07

298.21

425.96

Dividend (Rp)

169.38

49.01

30.14

123.81

EPS (Rp)

304.60

65.68

47.73

215.61

56.13

BV (Rp)

1,614.56

1,675.29

2,116.88

2,234.49

2,450.86

DAR (X)

0.27

0.26

0.25

0.24

0.20

DER(X)

0.37

0.36

0.33

0.31

0.25

ROA (%)

13.78

2.89

1.69

7.38

1.83

ROE (%)

18.87

3.92

2.25

9.65

2.29

GPM (%)

41.48

17.23

15.18

29.54

19.70

OPM (%)

36.84

11.05

7.61

24.03

15.09

NPM (%)

26.86

6.98

4.19

16.60

10.21

Payout Ratio (%)

55.61

74.61

63.15

57.42

5.29

2.09

1.14

3.42

RATIOS
Current Ratio (%)

Yield (%)

-258

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


3,027
3,027

2,142

2,409

1,792

1,174

653

558

474

557

-61

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

73

COMPANY REPORT

INDF
INDOFOOD SUKSES MAKMUR TBK.

Company Profile
PT Indofood Sukses Makmur Tbk. is a leading Total Food Solutions Company with
operation spanning from the production of raw materials and their processing, to
consumerproductsinthemarket.Indofoodcapitalizesonitsresilientbusinessmodelwith
five complementary Strategic Business Groups, namely: Consumer Branded Products. Its
business activities are conducted by PT Indofood CBP Sukses Makmur Tbk., which was
listedontheIndonesiaStockExchangefrom7October2010.
ICBPisoneoftheleadingconsumerbrandedproductproducersinIndonesia,withawide
rangeofconsumerproducts.In2013,ICBPstarteditsnonalcoholicbeveragebusiness,and
has current portfolio of readytodrink tea, packaged water, carbonated soft drinks and
fruitjuicedrinks.
Bogasari. The Group is primarily a producer of wheat flour and pasta, with business
operationssupportedbyitsownshippingandpackagingunits.
Agribusiness. The Group is led by Indofood Agri Resources Ltd., listed on the Singapore
StockExchange.BothofIndoAgrissubsidiaries,PTSalimIvomasPratamaTbk.andPTPP
London Sumatra Indonesia Tbk., are listed on the IDX. The Groups principal business
activities range from research and development, seed breeding, oil palm cultivation and
milling to the production and marketing of branded cooking oils, margarine and
shortening. In addition, the Group is also involved in the cultivation and processing of
rubberandsugarcaneaswellasothercrops.In2013,IndoAgriinitiatedexpansionofits
global business through equity investment in the sugar business in Brazil and the
Philippines.
Distribution. With the most extensive distribution network in Indonesia, this Group
distributes the majority of Indofoods and its subsidiaries consumer products as well as
otherthirdpartyproducts.
Cultivation & Processed Vegetables. This Group activities are conducted by China
Minzhong Food Corporation Limited, which is listed on the SGX and is an integrated
vegetableprocessingcompanyinthePeople'sRepublicofChina.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

74

RESEARCH AND DEVELOPMENT DIVISION

INDF Indofood Sukses Makmur Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Consumer Goods Industry (5)
Industry Sub Sector : Food And Beverages (51)

Individual Index
:
Listed Shares
:
Market Capitalization :

1,044.177
8,780,426,500
53,560,601,650,000

17 | 53.6T | 1.08% | 56.08%


17 | 19.4T | 1.32% | 45.69%

COMPANY HISTORY
Established Date
: 14-Aug-1990
Listing Date
: 14-Jul-1994
Under Writer IPO :
PT Merincorp
Securities Administration Bureau :
PT Raya Saham Registra
Plaza Central Building 2nd Fl.
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930
Phone : (021) 252-5666
Fax
: (021) 252-5028
BOARD OF COMMISSIONERS
1. Manuel Velez Pangilinan
2. Adi Pranoto Leman *)
3. Bambang Subianto *)
4. Benny Setiawan Santoso
5. Edward Anthony Tortorici
6. Graham Leigh Pickles
7. Robert Charles Nicholson
8. Utomo Josodirdjo *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Anthoni Salim
2. Axton Salim
3. Darmawan Sarsito (Kevin Sietho)
4. Franciscus Welirang
5. Joedianto Soejonopoetro
6. Joseph Bataona
7. Moleonoto (Paulus Moleonoto)
8. Taufik Wiraatmadja
9. Tjhie Tje Fie (Thomas Tjhie)
10. Werianty Setiawan
AUDIT COMMITTEE
1. Utomo Josodirdjo
2. Adi Pranoto Leman
3. Hendra Susanto

SHAREHOLDERS (July 2015)


1. CAB Holdings Limited
2. Public (<5%)

4,396,103,450 :
4,384,323,050 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1994
1995
1996
2000
2001
2002
2003
2005
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Shares

Dividend
58.00
80.00
47.00
18.00
25.00
28.00
28.00
17.50
5.00
31.00
43.00
47.00
93.00
133.00
175.00
185.00
142.00
220.00

Cum Date
21-Jul-95
11-Jul-96
10-Jul-97
11-Jul-01
09-Jul-02
17-Jul-03
15-Jul-04
26-Aug-05
20-Jul-06
27-Jul-07
12-Aug-08
02-Jul-09
19-Jul-10
26-Jul-11
17-Jul-12
17-Jul-13
15-Jul-14
18-May-15

Recording
Date
01-Aug-95
22-Jul-96
22-Jul-97
17-Jul-01
15-Jul-02
22-Jul-03
20-Jul-04
31-Aug-05
25-Jul-06
01-Aug-07
15-Aug-08
07-Jul-09
22-Jul-10
29-Jul-11
20-Jul-12
22-Jul-13
18-Jul-14
21-May-15

Ex Date
24-Jul-95
12-Jul-96
11-Jul-97
12-Jul-01
10-Jul-02
18-Jul-03
16-Jul-04
29-Aug-05
21-Jul-06
30-Jul-07
13-Aug-08
03-Jul-09
20-Jul-10
27-Jul-11
18-Jul-12
18-Jul-13
16-Jul-14
19-May-15

50.07%
49.93%

Payment
Date
31-Aug-95
21-Aug-96
22-Aug-97
31-Jul-01
29-Jul-02
05-Aug-03
02-Aug-04
15-Sep-05
08-Aug-06
15-Aug-07
27-Aug-08
22-Jul-09
05-Aug-10
09-Aug-11
03-Aug-12
02-Aug-13
08-Aug-14
11-Jun-15

F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.

Type of Listing
First Issue
Founders Shares
Stock Split
Right Issue
Option Conversion
Option III Conversion
Buy Back

Shares
21,000,000
742,000,000
8,087,800,000
305,200,000
287,269,500
919,500
-663,762,500

T:
T:
T:
T:

Listing
Date
14-Jul-94
14-Jul-94
12-Aug-96
24-Apr-97
07-May-02
06-Feb-04
28-Oct-08

:
:
:
:

Trading
Date
14-Jul-94
08-Feb-95
29-Sep-00
24-Apr-97
12-Jun-03
24-May-04
28-Oct-08

CORPORATE SECRETARY
Elly Putranti
HEAD OFFICE
Sudirman Plaza, Indofood Tower 27th Fl.
Jln. Jend. Sudirman Kav. 76 - 78
Jakarta 12190
Phone : (021) 5795-8822
Fax
: (021) 5793-7373
Homepage
Email

F/I

: www.indofood.com
: elly.putranti@indofood.co.id

RESEARCH AND DEVELOPMENT DIVISION

75

INDF Indofood Sukses Makmur Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

8,000

64.0

7,000

56.0

6,000

48.0

5,000

40.0

4,000

32.0

3,000

24.0

2,000

16.0

1,000

8.0

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Consumer Goods Industry Index
January 2011 - July 2015
140%
120%
100%

100.6%

80%
60%
40%
28.8%
23.2%

20%
-20%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

3,845
20,321
335
247

3,371
17,526
274
246

3,207
21,844
359
244

2,490
17,300
517
242

1,797
12,871
348
142

6,800
4,150
4,600
4,600

6,200
4,400
5,850
5,850

8,000
5,350
6,600
6,600

7,800
6,325
6,750
6,750

7,725
5,775
6,100
6,100

10.54
19.75
1.50

23.14
15.98
1.51

14.67
24.22
1.45

15.47
14.32
1.32

Price (Rupiah)
High
Low
Close
Close*

8.05
PER (X)
16.22
PER Industry (X)
1.28
PBV (X)
* Adjusted price after corporate action

76

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Indofood Sukses Makmur Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
5,100
4,900
5,450
5,700
5,750
5,850
6,500
6,800
6,250
5,750
5,250
4,875

Low
4,300
4,550
4,750
5,200
5,250
5,150
5,700
5,850
4,150
4,575
4,600
4,500

Close
4,700
4,750
5,400
5,550
5,400
5,750
6,350
6,100
5,050
5,250
4,700
4,600

(X)
29,796
15,394
27,762
17,178
18,291
19,672
22,022
34,598
51,427
36,536
38,862
23,694

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

4,975
5,150
5,200
4,900
4,900
4,875
5,650
5,500
5,650
6,200
5,900
6,200

4,600
4,800
4,750
4,575
4,625
4,400
4,825
5,100
5,300
5,550
5,500
5,450

4,800
5,100
4,850
4,850
4,725
4,850
5,400
5,400
5,650
5,700
5,850
5,850

25,256
26,576
24,300
27,216
22,748
18,225
31,601
18,695
19,243
18,532
17,512
24,477

255,981
299,674
263,089
372,042
270,366
207,237
412,934
231,332
239,535
354,341
227,499
236,709

1,232,987
1,482,914
1,293,314
1,763,910
1,297,395
984,904
2,195,788
1,238,115
1,304,306
2,056,934
1,300,727
1,375,205

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

6,200
7,300
8,000
7,600
7,850
7,450
7,400
7,050
7,200
7,450
6,850
6,850

5,750
5,950
7,100
7,200
7,000
6,150
6,450
5,350
5,750
6,600
6,200
6,250

6,050
7,300
7,450
7,350
7,350
7,350
6,500
6,500
7,050
6,650
6,650
6,600

28,192
28,087
30,888
19,978
31,881
38,863
30,651
28,933
33,670
33,020
31,088
23,609

381,477
302,233
288,028
246,584
370,021
314,861
217,023
192,419
233,737
303,938
195,086
161,902

2,293,129
1,969,793
2,147,746
1,832,014
2,741,321
2,148,930
1,503,617
1,192,526
1,537,090
2,126,484
1,283,220
1,067,696

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

7,350
7,175
7,800
7,475
7,150
6,950
7,150
7,200
7,125
7,025
6,900
6,775

6,550
6,825
6,900
6,900
6,700
6,700
6,700
6,875
6,825
6,375
6,400
6,325

6,975
7,175
7,300
7,050
6,825
6,700
7,075
6,875
7,000
6,825
6,700
6,750

39,285
35,519
44,656
41,446
41,676
41,644
44,580
41,427
41,539
55,424
48,393
41,362

194,431
171,841
280,916
221,397
277,765
173,202
206,306
169,528
220,047
188,136
172,125
214,262

1,339,609
1,205,017
2,058,174
1,587,966
1,926,273
1,181,682
1,441,386
1,191,886
1,542,026
1,271,028
1,144,873
1,410,046

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

7,725
7,675
7,550
7,500
7,400
7,250
6,750

6,850
7,250
7,300
6,475
6,600
6,425
5,775

7,550
7,400
7,450
6,750
7,300
6,575
6,100

59,020
38,795
54,233
41,210
59,010
51,699
44,219

454,670
183,393
329,852
220,479
287,107
152,355
169,619

3,360,218
1,357,302
2,445,636
1,599,979
2,003,105
1,030,242
1,074,125

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


364,749 1,725,256
853,054
180,015
313,582 1,581,400
212,478 1,161,362
270,736 1,497,017
268,060 1,463,174
267,156 1,590,534
378,704 2,396,653
588,035 3,052,287
388,580 2,046,847
371,421 1,822,817
241,411 1,130,332

21
18
23
20
21
20
21
19
20
21
22
21

INDF Indofood Sukses Makmur Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

13,049,048 13,343,028 13,666,194 14,157,619 12,403,682

Receivables

3,669,305

3,485,461

4,959,416

4,339,670

5,946,005

Inventories

6,536,343

7,782,594

8,160,539

8,454,845

9,662,832

Current Assets

24,501,734 26,202,972 32,464,497 40,995,736 43,766,527

Fixed Assets

12,921,013 15,775,741 23,027,913 22,011,488 23,806,546

Other Assets
Total Assets

1,216,694

10.71%

Long Term Liabilities


Total Liabilities

2,748,446

1,702,988

1,845,031

31.64%

10.05%

80,000
60,000
40,000

6.35%

20,000

12,831,304 13,080,544 19,471,309 22,681,686 27,714,082

Growth (%)
Current Liabilities

53,585,933 59,324,207 78,092,789 85,938,885 91,391,856

Liabilities

100,000

9,144,404 12,100,989 20,248,351 22,028,823 23,043,708

2011

2012

2013

2014

Jun-15

21,975,708 25,181,533 39,719,660 44,710,509 50,757,790

14.59%

57.73%

12.57%

13.53%

3,000,000

3,000,000

3,000,000

3,000,000

3,000,000

878,043

878,043

878,043

878,043

878,043

8,780

8,780

8,780

8,780

8,780

100

100

100

100

100

Growth (%)

TOTAL EQUITY (Bill. Rp)


Authorized Capital
Paid up Capital
Paid up Capital (Shares)
Par Value
Retained Earnings

11,020,235 12,744,836 13,609,258 16,215,970 12,407,086

Total Equity

31,610,225 34,142,674 38,373,129 41,228,376 40,634,066

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

8.01%

12.39%

7.44%

-1.44%

Dec-12

Dec-13

Dec-14

Jun-15

31,610

41,228

40,634

2014

Jun-15

34,143

32,818

24,407

15,997

7,586

45,332,256 50,059,427 57,731,998 63,594,452 32,634,705

10.43%

Growth (%)

15.33%

10.15%

-825

2011

Cost of Revenues

32,749,190 36,493,332 43,402,144 46,544,646 23,682,390

Gross Profit

12,583,066 13,566,095 14,329,854 17,049,806

8,952,315

Expenses (Income)

5,732,047

6,695,501

7,611,873

9,841,074

5,101,565

Operating Profit

6,851,019

6,870,594

6,717,981

7,208,732

3,850,750

0.29%

-2.22%

7.31%

Growth (%)
-498,630

-560,838

-2,051,023

-979,435

-1,281,711

6,352,389

6,309,756

4,666,958

6,229,297

2,569,039

Tax

1,460,716

1,530,310

1,252,072

1,828,217

840,362

Profit for the period

4,891,673

4,779,446

3,416,635

5,146,323

2,120,889

-2.29%

-28.51%

50.63%

2013

63,594
57,732

63,594

Income before Tax

Growth (%)

2012

TOTAL REVENUES (Bill. Rp)

50,621

Other Income (Expenses)

38,373

41,228

45,332

50,059

32,635

37,648

24,675

11,701

Period Attributable

3,077,180

3,261,176

2,503,841

3,885,375

1,730,924

Comprehensive Income

5,017,425

4,871,745

5,161,247

4,812,618

2,463,925

Comprehensive Attributable

3,203,898

3,346,600

4,011,240

3,528,115

2,094,956

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Current Ratio (%)

190.95

200.32

166.73

180.74

157.92

Dividend (Rp)

175.00

185.00

142.00

220.00

RATIOS

350.46

371.41

285.16

442.50

197.13

BV (Rp)

3,600.08

3,888.50

4,370.30

4,695.49

4,627.80

DAR (X)

0.41

0.42

0.51

0.52

0.56

DER(X)

0.70

0.74

1.04

1.08

1.25

ROA (%)

9.13

8.06

4.38

5.99

2.32

ROE (%)

15.47

14.00

8.90

12.48

5.22

GPM (%)

27.76

27.10

24.82

26.81

27.43

OPM (%)

15.11

13.72

11.64

11.34

11.80

NPM (%)

10.79

9.55

5.92

8.09

6.50

Payout Ratio (%)

49.93

49.81

49.80

49.72

3.80

3.16

2.15

3.26

EPS (Rp)

Yield (%)

-1,272

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


5,146

4,892

5,146

4,779

4,096

3,417

3,047

2,121
1,997

947

-103

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

77

CC O
OM
M PP AA N
N YY RR EE PP O
O RR TT

INTP
INDOCEMENT TUNGGAL PRAKARSA TBK.
Company Profile
PT Indocement Tunggal Prakarsa Tbk. was incorporated on January 16th, 1985. The
Companystarteditscommercialoperationsin1985.

The scope of its activities comprises, among others, cement and building materials
manufacturing,mining,constructionandtrading.Currently,theCompanyandSubsidiaries
are involved in several businesses consisting of the manufacture and sale of cement (as
corebusiness)andreadymixconcrete,aggregatesandtrassquarrying.

TheCompanysheadofficeislocatedinJakartawhilethefactoriesarelocatedinCiteureup
WestJava,PalimananWestJava,andTarjunSouthKalimantan.

ThecementbusinessincludestheoperationsoftheCompanystwelve(12)plantslocated
inthreedifferentsites:nineattheCiteureupBogorsite,twoatthePalimananCirebon
siteandoneattheTarjunSouthKalimantansite.Themanufactureofreadymixconcrete,
cement distribution, and aggregates quarrying comprise the operations of most of the
CompanysSubsidiaries.

TheCompanyhasdirectownershipinsubsidiaries:
PTLenteraAbadiSejahtera,
PTDianAbadiPerkasa,
PTGunungTuaMandiri,and
PTIndomixPerkasa,

PTSariBhaktiSejati,
PTMakmurAbadiPerkasaMandiri,

TheCompanyalsohasindirectownershipinsubsidiaries:
PTSahabatMuliaSakti,
PTPionirbetonIndustri,
PTMineralIndustriSukabumi,
PTMandiriSejahteraSentra,
PTMultiBangunGalaxy,and
PTBahanaIndonor,
PTBhaktiSariPerkasaAbadi.
PTTarabatuhManunggal,
PTTerangPrakasaCipta,

AsofJune30th,2015,theGrouphadatotalof7,243permanentemployees.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

78

RESEARCH AND DEVELOPMENT DIVISION

INTP Indocement Tunggal Prakarsa Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Basic Industry And Chemicals (3)
Industry Sub Sector : Cement (31)

Individual Index
:
Listed Shares
:
Market Capitalization :

801.000
3,681,231,699
73,716,664,772,475

13 | 73.7T | 1.49% | 51.03%


12 | 24.4T | 1.66% | 38.42%

COMPANY HISTORY
Established Date
: 16-Jan-1985
Listing Date
: 05-Dec-1989
Under Writer IPO :
PT (Persero) Danareksa
PT Merchant Investment Corporation
PT Multicor
Bank Pembangunan Indonesia
Securities Administration Bureau :
PT Raya Saham Registra
Plaza Central Building 2nd Fl.
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930
Phone : (021) 252-5666
Fax
: (021) 252-5028
BOARD OF COMMISSIONERS
1. Albert Scheuer
2. Bernhard Scheifele
3. Daniel Hugues Jules Gauthier
4. Daniel Eugene Antoine Lavalle *)
5. I Nyoman Tjager *)
6. Lorenz Naeger
7. Tedy Djuhar *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Christian Kartawijaya
2. Benny Setiawan Santoso
3. Daniel Kundjono Adam
4. Daniel Robert Fritz
5. Fransiscus Welirang
6. Hasan Imer
7. Kuky Permana Kumalaputra
8. Ramakanta Bhattacharjee
9. Tju Lie Sukanto
AUDIT COMMITTEE
1. I Nyoman Tjager
2. Jusuf Halim
3. Lindawati Gani
CORPORATE SECRETARY
Pigo Pramusakti Kusdihardjo

SHAREHOLDERS (July 2015)


1. Birchwood Omnia Limited
2. PT Mekar Perkasa
3. Public (<5%)

1,877,480,863 :
479,735,234 :
1,324,015,602 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1991
1991
1992
1993
1993
1994
1995
1995
1996
1996
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Shares

Dividend
150.00
175.00
250.00
208.00

1:1
120.00
40.00
120.00
70.00
10:3
50.00
30.00
40.00
150.00
225.00
263.00
293.00
450.00
900.00
1,350.00

Cum Date
13-Feb-91
27-May-92
01-Jul-93
13-Jul-94
12-Aug-94
19-Jul-95
23-Aug-95
12-Jul-96
11-Jul-97
08-Sep-97
19-Jul-06
27-Jun-07
05-Jun-08
02-Jun-09
21-Jun-10
17-Jun-11
18-Jun-12
20-Jun-13
19-Jun-14
21-May-15

Recording
Date
21-Feb-91
05-Jun-92
09-Jul-93
21-Jul-94
23-Aug-94
28-Jul-95
01-Sep-95
23-Jul-96
23-Jul-97
17-Sep-97
24-Jul-06
02-Jul-07
10-Jun-08
05-Jun-09
24-Jun-10
22-Jun-11
21-Jun-12
25-Jun-13
24-Jun-14
26-May-15

Ex Date
14-Feb-91
29-May-92
02-Jul-93
14-Jul-94
15-Aug-94
20-Jul-95
24-Aug-95
15-Jul-96
14-Jul-97
09-Sep-97
20-Jul-06
28-Jun-07
06-Jun-08
03-Jun-09
22-Jun-10
20-Jun-11
19-Jun-12
21-Jun-13
20-Jun-14
22-May-15

51.00%
13.03%
35.97%

Payment
Date
15-Mar-91
18-Jun-92
10-Aug-93
15-Aug-94
23-Sep-94
25-Aug-95
29-Sep-95
21-Aug-96
21-Aug-97
30-Sep-97
07-Aug-06
16-Jul-07
24-Jun-08
19-Jun-09
07-Jul-10
07-Jul-11
05-Jul-12
09-Jul-13
08-Jul-14
17-Jun-15

I
F
F
F
B
F
I
F
F
B
F
I
F
F
F
F
F
F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

Type of Listing
First Issue
Koperasi
Founders Shares
Convertible Bonds
Bonus Shares
Company Listing
Stock Split
Additional Listing
Right Issue
Warrant

Shares
89,832,150
6,000,000
946,119
8,555,640
599,790,020
502,102,731
1,207,226,660
69,863,127
1,196,907,072
8,180

T:
T:
T:
T:

Listing
Date
05-Dec-89
26-Jun-92
07-Mar-94
07-Mar-94
12-Sep-94
12-Sep-94
02-Sep-96
09-Jan-01
24-Apr-01
12-May-03

:
:
:
:

Trading
Date
05-Dec-89
31-Dec-99
02-Sep-94
10-Nov-94
26-Sep-94
12-Sep-94
02-Sep-96
09-Jan-01
24-Apr-01
12-May-03

HEAD OFFICE
Wisma Indocement 8th Fl.
Jln. Jend. Sudirman Kav. 70 - 71
Jakarta
Phone : (021) 251-0057, 570-3817
Fax
: (021) 570-1693, 251-0066
Homepage
Email

F/I

: www.indocement.com
: corpsec@indocement.co.id

RESEARCH AND DEVELOPMENT DIVISION

79

INTP Indocement Tunggal Prakarsa Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

28,000

80.0

24,500

70.0

21,000

60.0

17,500

50.0

14,000

40.0

10,500

30.0

7,000

20.0

3,500

10.0

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Basic Industry and Chemicals Index
January 2011 - July 2015
75%
60%
45%
30%

28.8%
24.8%

15%
1.7%

-15%
-30%
-45%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

1,060
16,206
228
247

841
16,063
217
246

955
20,627
314
244

874
20,506
553
242

713
15,875
302
142

Price (Rupiah)
High
Low
Close
Close*

17,900
10,700
17,050
17,050

23,250
15,800
22,450
22,450

27,400
16,500
20,000
20,000

27,500
19,825
25,000
25,000

25,500
19,475
20,025
20,025

17.35
9.79
4.26

14.69
6.83
3.20

18.57
16.60
3.96

15.96
13.88
3.37

17.43
PER (X)
10.41
PER Industry (X)
3.99
PBV (X)
* Adjusted price after corporate action

80

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Indocement Tunggal Prakarsa Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
16,900
15,700
16,400
17,900
17,400
17,550
17,500
15,700
15,950
16,350
16,250
17,300

Low
12,750
13,600
14,100
15,800
16,300
16,350
15,300
13,400
10,700
11,700
14,400
15,000

Close
13,550
14,400
16,350
17,000
16,900
17,050
15,450
15,200
14,000
16,350
15,000
17,050

(X)
24,440
16,456
19,235
15,317
15,815
13,168
16,979
23,463
24,770
23,279
18,484
16,717

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

19,050
17,900
18,800
18,800
18,900
17,600
22,000
21,500
20,650
22,300
23,250
23,250

16,600
16,300
17,000
17,850
16,800
15,800
17,400
19,200
19,550
19,950
21,150
21,800

16,950
17,450
18,450
18,050
17,800
17,350
21,500
20,250
20,350
21,400
23,250
22,450

22,398
23,502
18,385
13,941
17,881
16,882
18,249
17,525
18,025
16,613
16,524
16,591

87,292
88,498
72,028
70,686
68,984
71,934
87,400
52,402
54,846
71,139
59,652
56,310

1,556,604
1,514,992
1,307,071
1,294,326
1,223,049
1,226,581
1,660,463
1,067,337
1,105,406
1,504,225
1,332,810
1,270,025

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

22,600
22,150
23,550
26,450
27,400
24,550
24,400
22,450
21,900
21,000
21,200
20,200

21,250
21,350
21,850
22,750
23,750
20,450
20,600
16,500
18,000
18,000
18,250
18,300

21,750
21,950
23,300
26,400
23,750
24,450
20,850
19,700
18,000
20,900
18,850
20,000

23,664
16,173
23,869
22,551
27,114
39,750
26,673
27,991
32,816
28,227
25,471
20,099

71,422
69,389
94,226
75,064
77,761
137,049
72,376
79,314
92,486
66,651
62,059
57,378

1,550,241
1,501,495
2,139,138
1,827,956
1,949,529
3,109,151
1,592,849
1,531,570
1,815,659
1,308,829
1,201,282
1,099,328

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

22,500
22,850
27,300
25,125
24,450
25,025
27,500
25,500
24,700
24,275
24,975
25,725

19,825
20,800
21,550
21,675
21,175
22,350
22,425
24,000
21,125
20,800
22,475
22,900

22,400
22,450
23,375
21,950
22,650
22,550
24,950
24,250
21,550
24,000
24,675
25,000

42,897
36,786
50,809
53,758
38,535
36,440
47,705
48,865
49,050
64,236
37,852
46,054

63,573
53,504
82,794
103,849
64,887
59,436
84,985
66,643
85,318
86,327
62,863
59,966

1,340,256
1,170,267
1,947,053
2,419,573
1,481,991
1,405,231
2,170,522
1,636,144
1,981,406
1,966,007
1,508,616
1,479,007

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

25,500
24,325
24,300
23,700
23,425
22,450
22,450

21,325
22,650
20,475
20,700
21,100
20,625
19,475

23,000
24,050
21,925
21,000
22,400
20,875
20,025

59,898
38,270
53,486
39,145
41,944
36,792
32,856

112,706
51,124
87,898
67,087
185,783
168,941
39,233

2,596,245
1,209,902
1,969,041
1,500,898
4,180,361
3,586,859
831,544

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


140,024 2,055,974
98,775 1,441,396
103,373 1,547,505
63,289 1,066,959
64,838 1,094,051
40,686
688,640
94,842 1,546,604
115,063 1,689,999
95,452 1,334,694
83,136 1,189,356
60,468
925,715
100,145 1,624,891

21
18
23
20
21
20
21
19
20
21
22
21

INTP Indocement Tunggal Prakarsa Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
Dec-14

Jun-15

Cash & Cash Equivalents

6,864,567 10,474,126 12,595,187 11,256,129

6,634,750

Receivables

1,976,769

2,454,818

2,518,588

2,670,993

2,404,322

Inventories

1,327,720

1,470,305

1,473,645

1,665,546

1,784,351

BALANCE SHEET

Dec-11

Dec-12

Dec-13

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Current Assets
Fixed Assets
Other Assets
Total Assets

Assets

10,314,573 14,579,400 16,846,248 16,086,773 11,290,932


7,638,064

7,935,224

128,546

141,371

Long Term Liabilities


Total Liabilities

324,750

421,823

556,566

18,151,331 22,755,160 26,607,241 28,884,973 25,354,110

25.36%

16.93%

8.56%

1,476,597

2,418,762

2,740,089

940,783

917,660

889,465

2,417,380

3,336,422

Growth (%)
Current Liabilities

9,304,992 12,143,632 13,245,867

Growth (%)

Liabilities

30,000
24,000
18,000
12,000

-12.22%

6,000

3,260,559

2,455,902

839,613

1,035,318

3,629,554

4,100,172

3,491,220

38.02%

8.79%

12.97%

-14.85%

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

4,000,000

4,000,000

4,000,000

4,000,000

4,000,000

Paid up Capital

1,840,616

1,840,616

1,840,616

1,840,616

1,840,616

3,681

3,681

3,681

3,681

3,681

500

500

500

500

500

Paid up Capital (Shares)


Par Value
Retained Earnings
Total Equity

15,733,951 19,418,738 22,977,687 24,784,801 21,862,890

23.42%

18.33%

7.86%

INCOME STATEMENTS
Total Revenues

Dec-12

Dec-13

Dec-14

Jun-15

13,887,892 17,290,337 18,691,286 19,996,264

8,874,806

Dec-11

24.50%

Growth (%)

8.10%

-11.79%

6.98%

19,729

15,734
14,673

9,617

4,560

2011

7,473,669

9,020,338 10,036,632 10,909,595

Gross Profit

6,414,223

8,269,999

8,654,654

9,086,669

3,994,090

Expenses (Income)

1,996,200

2,393,257

2,590,554

3,111,676

1,393,465

Operating Profit

4,418,023

5,876,742

6,064,100

5,974,993

2,600,625

33.02%

3.19%

-1.47%

362,808

531,054

814,609

365,457

290,133

2013

2014

Jun-15

TOTAL REVENUES (Bill. Rp)


19,996

Income before Tax

4,708,156

6,239,550

6,595,154

6,789,602

2,966,082

Tax

1,106,640

1,476,162

1,582,860

1,515,593

656,858

Profit for the period

3,601,516

4,763,388

5,012,294

5,274,009

2,309,224

32.26%

5.23%

5.22%

Growth (%)

2012

4,880,716

15,917

Other Income (Expenses)

21,863

-496

Cost of Revenues

Growth (%)

24,785

19,419

11,166,666 14,848,447 18,202,133 20,159,896 17,518,864

Growth (%)

22,978

24,785

17,290

18,691

19,996

13,888

11,838

8,875
7,759

3,679

Period Attributable

3,596,918

4,760,382

5,010,240

5,270,872

2,309,224

Comprehensive Income

3,601,516

4,763,388

5,217,953

5,153,776

2,255,540

Comprehensive Attributable

3,596,918

4,760,382

5,215,899

5,150,639

2,255,540

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Current Ratio (%)

698.54

602.76

614.81

493.37

459.75

Dividend (Rp)

293.00

450.00

900.00

1,350.00

RATIOS

977.10

1,293.15

1,361.02

1,431.82

627.30

BV (Rp)

4,274.10

5,275.07

6,241.85

6,732.75

5,939.01

DAR (X)

0.13

0.15

0.14

0.14

0.14

DER(X)

0.15

0.17

0.16

0.17

0.16

ROA (%)

19.84

20.93

18.84

18.26

9.11

ROE (%)

22.89

24.53

21.81

21.28

10.56

GPM (%)

46.19

47.83

46.30

45.44

45.00

OPM (%)

31.81

33.99

32.44

29.88

29.30

NPM (%)

25.93

27.55

26.82

26.37

26.02

Payout Ratio (%)

29.99

34.80

66.13

94.29

1.72

2.00

4.50

5.40

EPS (Rp)

Yield (%)

-400

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


4,763

5,274

4,198

5,012

5,274

3,602

3,122

2,309
2,046

970

-105

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

81

COMPANY REPORT

ITMG
INDO TAMBANGRAYA MEGAH TBK.
Company Profile
Established in 1987, PT Indo Tambangraya Megah Tbk. is a renowned Indonesian coal
supplierfortheworldenergymarket.Thecompanystrivestosetthehigheststandardin
corporate governance as well as environmental, health and work safety compliance. All
activities are carried out in close cooperation with the local societies and other
stakeholders. Since its establishment, the Company has been recognized as a leading
producerofcoalandhasbuiltadiversifiedcustomerbase.
In 2007, PT Indo Tambangraya Megah Tbk. was acquired by Banpu Group Thailand and
then in the month of December 2007 became a public company. Banpu, through PT
CentralinkWisesaInternational,owns77.60%ofshares.PTSigmaBuanaCemerlang,2.40%
sharesandtheremainingsharesareownedbythepublic.
In 2008, PT Centralink Wisesa International transferred 73.72% of its shares to Banpu
Minerals(Singapore)Pte.Ltd.thusmakingpublicsharesamountto26.28%.In2010,Banpu
Minerals (Singapore) Pte. Ltd. sold 8.72%of its shares to the public and thus maintained
majority ownership of 65% where the remainder was owned by the public in which,
individually,hadsharesoflessthan5%.
ThescopeofITMbusinessincludescoalminingoperations,processingandlogisticswhich
areintegratedinIndonesia.Thecompanyownsthemajorityofsharesinsevensubsidiaries
andoperatessixminingconcessionsintheislandofKalimantan,coveringEast,Centraland
SouthKalimantan.ITMalsoownsandoperatesTerminalBatubaraBontang(BontangCoal
Terminal/BoCT), three loading ports and Pembangkit Listrik Bontang [Bontang Electricity
Generator].

TheCompanyhasdirectownershipinPTIndomincoMandiri,PTTrubaindoCoalMining,PT
JorongBarutamaGreston,PTKitadin,PTBharintoEkatama,PTITMIndonesia,PTTambang
RayaUsahaTama,PTITMBatubaraUtama,andPTITMEnergiUtama.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

82

RESEARCH AND DEVELOPMENT DIVISION

ITMG Indo Tambangraya Megah Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Mining (2)
Industry Sub Sector : Coal Mining (21)

Individual Index
:
Listed Shares
:
Market Capitalization :

69.464
1,129,925,000
10,988,520,625,000

77 | 11.0T | 0.22% | 81.95%


50 | 9.33T | 0.63% | 74.71%

COMPANY HISTORY
Established Date
: 02-Sep-1987
Listing Date
: 18-Dec-2007
Under Writer IPO :
PT UBS Securities Indonesia
Securities Administration Bureau :
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Ibrahim Yusuf *)
2. Djisman S. Simandjuntak *)
3. Lukmanul Hakim
4. Rudjianto Buntoro
5. Somruedee Chaimongkol
6. Somyot Ruchirawat
*) Independent Commissioners
BOARD OF DIRECTORS
1. Pongsak Thongampai
2. A.H. Bramantya Putra
3. Edward Manurung
4. Jusnan Ruslan
5. Leksono Poeranto
6. Stephanus Demo Wawin

SHAREHOLDERS (July 2015)


1. Banpu Minerals (Singapore) Private Limited
2. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2007
2008
2008
2008
2009
2009
2010
2010
2011
2012
2012
2013
2013
2014
2014

Shares

Dividend
155.00
344.00
295.00
706.00
678.00
1,286.00
795.00
407.00
1,168.00
1,666.00
1,464.00
1,014.00
975.00
1,100.00
645.00

Cum Date
06-May-08
08-Oct-08
01-Dec-08
11-May-09
20-Oct-09
29-Apr-10
28-Sep-10
19-Apr-11
28-Sep-11
29-Oct-12
26-Apr-13
29-Oct-13
28-Apr-14
29-Oct-14
08-Apr-15

Ex Date
07-May-08
09-Oct-08
02-Dec-08
12-May-09
21-Oct-09
30-Apr-10
29-Sep-10
20-Apr-11
29-Sep-11
30-Oct-12
29-Apr-13
30-Oct-13
29-Apr-14
30-Oct-14
09-Apr-15

736,071,000 :
393,854,000 :

Recording
Date
09-May-08
13-Oct-08
04-Dec-08
14-May-09
23-Oct-09
04-May-10
01-Oct-10
25-Apr-11
03-Oct-11
01-Nov-12
01-May-13
01-Nov-13
02-May-14
03-Nov-14
13-Apr-15

65.14%
34.86%

Payment
Date
23-May-08
22-Nov-08
19-Dec-08
28-May-09
01-Nov-09
19-May-10
15-Oct-10
06-May-11
14-Oct-11
14-Nov-12
15-May-13
15-Nov-13
14-May-14
14-Nov-14
24-Apr-15

F
I
I
F
I
F
I
F
I
F
F
I
F
I
I

ISSUED HISTORY
No. Type of Listing
1. First Issue
2. Company Listing

Shares
225,985,000
903,940,000

Listing
Date
18-Dec-07
18-Dec-07

Trading
Date
18-Dec-07
18-Aug-08

AUDIT COMMITTEE
1. Ibrahim Yusuf
2. Rudi Riady
3. Sidharta Utama
CORPORATE SECRETARY
Roslini Onwardi
HEAD OFFICE
Pondok Indah Office Tower III, 3rd Fl.
Jln. Sultan Iskandar Muda, Pondok Indah Kav. V-TA
Jakarta Selatan 12310
Phone : (021) 293-28100
Fax
: (021) 293-27999
Homepage
Email

F/I

: www.itmg.co.id
: roslini_o@banpuindo.co.id

RESEARCH AND DEVELOPMENT DIVISION

83

ITMG Indo Tambangraya Megah Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

58,000

40.0

50,750

35.0

43,500

30.0

36,250

25.0

29,000

20.0

21,750

15.0

14,500

10.0

7,250

5.0

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Mining Index
January 2011 - July 2015
60%
40%
28.8%
20%
-20%
-40%
-60%
-71.3%

-80%

-82.1%

-100%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

532
24,259
286
247

386
15,257
206
246

306
9,905
196
244

436
10,066
494
242

294
4,385
296
142

Price (Rupiah)
High
Low
Close
Close*

57,950
34,300
38,650
38,650

45,800
30,150
41,550
41,550

42,900
24,200
28,500
28,500

30,250
15,050
15,375
15,375

18,600
9,525
9,725
9,725

11.38
8.49
4.84

11.39
20.76
2.72

6.32
3.23
1.47

7.10
-10.63
0.93

8.74
PER (X)
16.17
PER Industry (X)
4.46
PBV (X)
* Adjusted price after corporate action

84

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Indo Tambangraya Megah Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
57,950
48,650
51,400
50,250
48,000
47,500
52,000
51,350
47,000
45,100
45,000
40,450

Low
43,700
43,650
39,900
46,650
44,400
44,000
44,500
40,000
37,500
34,300
36,250
34,950

Close
46,300
45,700
46,200
46,800
47,000
44,750
50,500
43,150
39,250
44,650
38,150
38,650

(X)
29,196
22,560
49,551
24,415
22,941
11,842
22,708
21,131
23,568
20,495
19,148
18,594

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

41,000
44,800
44,000
45,800
40,000
37,700
38,400
38,500
42,400
43,350
42,450
42,350

36,200
36,650
41,050
39,700
33,750
30,150
34,600
35,600
37,750
40,000
38,350
38,100

36,700
43,350
43,450
39,750
33,800
35,950
35,550
38,200
42,150
40,650
39,250
41,550

21,105
25,856
18,679
26,935
22,768
19,026
14,604
10,062
13,955
11,566
11,122
10,232

41,555
50,179
30,981
57,988
42,236
37,526
26,101
19,174
25,798
19,511
16,938
17,955

1,611,844
2,056,492
1,312,739
2,460,047
1,542,196
1,306,401
971,835
713,606
1,045,896
819,058
690,628
725,896

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

42,900
41,350
40,750
39,500
36,400
30,100
28,650
32,050
32,950
34,000
33,150
30,600

39,800
39,550
33,250
35,100
29,150
24,600
24,200
24,300
25,350
25,300
27,700
27,150

41,450
40,250
35,500
36,750
30,000
28,150
24,200
32,050
26,300
29,900
28,700
28,500

12,584
9,584
18,901
20,303
21,887
19,971
11,967
14,335
15,702
17,831
19,593
13,207

21,012
14,731
28,118
29,630
34,979
27,387
21,869
20,791
22,893
27,916
39,139
17,645

874,302
596,005
1,045,558
1,117,437
1,133,819
727,852
580,370
598,586
691,567
839,402
1,190,698
509,479

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

28,700
28,550
26,150
26,725
30,250
30,100
27,600
29,450
29,500
27,050
21,300
18,900

24,850
25,100
22,350
23,950
24,875
26,500
24,850
25,775
25,075
19,350
17,350
15,050

26,800
26,000
24,350
25,475
28,650
27,000
26,150
28,175
25,975
21,175
19,025
15,375

40,294
34,416
41,387
37,248
30,442
25,672
35,242
36,220
27,702
81,720
54,192
49,907

30,444
23,323
38,547
41,019
26,577
15,751
21,517
26,395
15,967
76,365
64,940
55,439

792,755
622,390
941,922
1,032,303
724,102
444,016
568,758
744,484
432,678
1,613,718
1,230,510
918,673

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

16,750
18,600
18,000
17,300
15,550
13,850
13,175

14,275
16,075
16,275
12,600
12,525
12,600
9,525

16,750
16,900
16,900
12,600
13,500
12,850
9,725

48,405
32,776
46,182
46,877
46,615
48,533
26,690

38,476
39,761
36,351
37,151
78,935
41,585
21,821

585,918
684,377
626,636
584,571
1,108,530
549,214
245,713

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


64,211 3,267,046
40,535 1,874,932
90,260 4,107,414
41,472 1,992,811
46,175 2,148,862
21,509
989,239
52,561 2,535,598
42,572 1,939,362
38,180 1,631,637
36,042 1,454,671
27,770 1,146,861
30,704 1,170,734

21
18
23
20
21
20
21
19
20
21
22
21

ITMG Indo Tambangraya Megah Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)
Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Cash & Cash Equivalents

5,553,388

4,460,094

3,542,435

2,812,028

3,786,075

Receivables

2,321,598

2,439,567

2,383,251

2,311,492

1,849,428

Inventories

970,013

1,459,919

1,483,112

1,863,634

1,623,118

Current Assets

9,670,360

9,369,534

9,157,445

7,082,961

7,561,457

Fixed Assets

3,122,629

3,244,382

3,884,351

3,552,816

3,610,346

13,031

20,626

133,277

135,142

223,378

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

14,313,602 14,420,136 17,081,558 16,258,180 16,602,860

14,000
10,500
7,000

0.74%

18.46%

-4.82%

2.12%

3,500

4,087,383

4,225,993

4,597,250

4,528,818

3,959,951

425,489

500,771

657,807

554,074

834,543

4,512,872

4,726,764

5,255,057

5,082,892

4,794,494

4.74%

11.18%

-3.28%

-5.67%

1,500,000

1,500,000

1,500,000

1,500,000

1,500,000

564,963

564,963

1,500,000

564,963

564,963

1,130

1,130

3,000

1,130

1,130

500

500

500

500

500

Retained Earnings

6,188,194

5,893,836

7,005,372

6,288,935

6,582,288

Total Equity

9,800,731

9,693,372 11,826,501 11,175,288 11,808,366

Growth (%)
Current Liabilities
Long Term Liabilities
Total Liabilities

Growth (%)

Liabilities

17,500

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital
Paid up Capital
Paid up Capital (Shares)
Par Value

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

22.01%

-5.51%

5.66%

Dec-12

Dec-13

Dec-14

Jun-15

9,801

9,693

2011

2012

11,175

11,808

9,414

7,001

4,589

2,176

21,598,843 23,584,559 26,733,422 24,158,858 10,992,594

9.19%

Growth (%)
Cost of Revenues

-1.10%

11,827
11,827

13.35%

-9.63%

13,509,570 16,417,475 20,485,612 19,083,801

-237

2013

2014

Jun-15

8,669,573

Gross Profit

8,089,273

7,167,085

6,247,810

5,075,057

2,323,021

Expenses (Income)

1,678,967

1,451,061

2,309,778

1,816,452

1,091,384

Operating Profit

6,410,305

TOTAL REVENUES (Bill. Rp)


26,733
26,733

Growth (%)

21,599

24,159

23,585

21,280

Other Income (Expenses)

208,773

Income before Tax

6,619,078

5,716,024

3,938,032

3,258,605

1,231,637

Tax

1,666,807

1,538,168

1,109,993

768,694

457,928

Profit for the period

4,952,271

4,177,856

2,828,039

2,489,911

773,709

-15.64%

-32.31%

-11.96%

Growth (%)

15,826

10,993
10,373

4,919

Period Attributable

4,952,271

4,177,856

2,828,039

2,489,911

773,709

Comprehensive Income

4,999,225

4,125,029

2,828,039

2,489,911

768,576

Comprehensive Attributable

4,999,225

4,125,029

2,828,039

2,489,911

768,576

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

236.59

221.71

199.19

156.40

190.95

Dividend (Rp)

1,168.00

3,130.00

1,989.00

1,745.00

EPS (Rp)

4,382.83

3,697.46

942.68

2,203.61

684.74

BV (Rp)

8,673.79

8,578.78

3,942.17

9,890.29

10,450.57

DAR (X)

0.32

0.33

0.31

0.31

0.29

DER(X)

0.46

0.49

0.44

0.45

0.41

ROA (%)

34.60

28.97

16.56

15.31

4.66

ROE (%)

50.53

43.10

23.91

22.28

6.55

GPM (%)

37.45

30.39

23.37

21.01

21.13

OPM (%)

29.68

NPM (%)

22.93

17.71

10.58

10.31

7.04

Payout Ratio (%)

26.65

84.65

210.99

79.19

3.02

7.53

6.98

11.35

RATIOS
Current Ratio (%)

Yield (%)

-535

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


4,952
4,952

4,178
3,942

2,828
2,932

2,490

1,921

774
911

-99

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

85

C
CO
OM
M PP A
AN
N YY RR EE PP O
O RR TT

JSMR
JASA MARGA (PERSERO) TBK.

Company Profile
Jasa Marga is a state owned company with the line business of planning, constructing,
operatingandmaintainingtollroadsalongwithdevelopingandmaximizingtheuseofland
in toll road areas and other related businesses. Jasa Margas business caracteristics are
defensiveandresistanttofluctuatedconditionofglobaleconomy.
Based on the toll road concessions granted directly from the Government, Jasa Marga
currently manages and operates 13 toll road concessions through its nine branch offices
andonesubsidiary
Apart from developing more toll roads to add the length of the toll roads operated, the
Companyalsodevelopsotherbusinessesbycapitalizingvariousassetsownedsuchasthe
following:

Utilityandlandrent.
Restareaandpropertydevelopment.
Advertisement
Variousservices,includingtollroadoperationfromotherparties.

Goingforward,theCompanysbusinessprospectwillberobustasitissupportedbynew
concessions with sound financial feasibility that is integrated with existing concession
portfolio,strongandtrustedfinancialstructure,aswellasassetsutilizationinprospective
businesses,which,inturnwillsupporttheCompanyssustainablegrowth.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

86

RESEARCH AND DEVELOPMENT DIVISION

JSMR Jasa Marga (Persero) Tbk.

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Infrastructure, Utilities And Transportation (7)
Industry Sub Sector : Toll Road, Airport, Harbor And Allied Products (72)

Individual Index
:
Listed Shares
:
Market Capitalization :

336.765
6,800,000,000
38,930,000,000,000

25 | 38.9T | 0.78% | 62.82%


39 | 11.1T | 0.76% | 66.93%

COMPANY HISTORY
Established Date
: 01-Mar-1978
Listing Date
: 12-Nov-2007
Under Writer IPO :
PT Danareksa Sekuritas
PT Bahana Securities
PT Mandiri Sekuritas
Securities Administration Bureau :
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Refly Harun
2. Akhmad Syakhroza
3. Boediarso Teguh Widodo
4. Hambra
5. Sigit Widyawan *)
6. Taufik Widjojono
*) Independent Commissioners

SHAREHOLDERS (July 2015)


1. Negara Republik Indonesia
2. Public (<5%)

4,760,000,000 :
2,040,000,000 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2007
2008
2009
2010
2011
2012
2013

Shares

Dividend
14.31
52.00
87.91
105.69
78.88
94.24
78.61

Cum Date
21-May-08
18-Jun-09
28-Jun-10
06-Jul-11
04-Jun-12
29-May-13
04-Apr-14

Ex Date
22-May-08
19-Jun-09
29-Jun-10
07-Jul-11
05-Jun-12
30-May-13
07-Apr-14

Recording
Date
26-May-08
23-Jun-09
01-Jul-10
11-Jul-11
07-Jun-12
03-Jun-13
10-Apr-14

70.00%
30.00%

Payment
Date
29-May-08
07-Jul-09
15-Jul-10
13-Jul-11
21-Jun-12
18-Jun-13
23-Apr-14

F
F
F
F
F
F
F

ISSUED HISTORY
No.
1.
2.
3.

Type of Listing
First Issue
Negara RI (Seri A)
Company Listing

Shares
2,040,000,000
1
4,759,999,999

Listing
Date
12-Nov-07
12-Nov-07
12-Nov-07

Trading
Date
12-Nov-07
12-Nov-07
10-May-08

BOARD OF DIRECTORS
1. Adityawarman
2. Achiran Pandu Djajanto
3. Christantio Prihambodo
4. Hasanudin
5. Muh Najib Fauzan
6. Reynaldi Hermansjah
AUDIT COMMITTEE
1. Sigit Widyawan
2. Agita Widjajanto
3. Rustam Wahyudi
CORPORATE SECRETARY
Mohammad Sofyan
HEAD OFFICE
Plaza Tol Taman Mini Indonesia Indah
Jakarta - 13550
Phone : (021) 841-3630
Fax
: (021) 840-1533, 841-3540
Homepage
Email

F/I

: www.jasamarga.com
: sekper@jasamarga.co.id
mohammad.sofyan@jasamarga.co.id

RESEARCH AND DEVELOPMENT DIVISION

87

JSMR Jasa Marga (Persero) Tbk.


Closing
Price*

Volume
(Mill. Sh)

7,400

160

6,475

140

5,550

120

4,625

100

3,700

80

2,775

60

1,850

40

925

20

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Infrastructure, Utilities and Transportation Index
January 2011 - July 2015
120%
100%
80%
61.3%

60%
40%

28.8%
23.0%

20%
-20%
-40%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

2,175
7,871
141
247

2,519
13,121
167
246

2,300
13,229
220
244

1,929
11,543
342
242

1,011
6,628
232
142

Price (Rupiah)
High
Low
Close
Close*

4,275
2,925
4,200
4,200

6,000
4,125
5,450
5,450

6,950
4,525
4,725
4,725

7,075
4,400
7,050
7,050

7,250
5,275
5,725
5,725

24.12
17.53
3.79

24.04
12.11
2.96

34.16
20.04
4.20

29.05
10.01
3.45

21.61
PER (X)
11.09
PER Industry (X)
3.09
PBV (X)
* Adjusted price after corporate action

88

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Jasa Marga (Persero) Tbk.
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
3,575
3,200
3,425
3,525
3,525
3,650
4,000
4,175
4,275
3,975
4,000
4,275

Low
2,925
2,950
3,150
3,250
3,275
3,325
3,550
3,625
3,400
3,550
3,675
3,750

Close
3,000
3,175
3,400
3,300
3,475
3,625
3,975
4,000
3,975
3,850
3,875
4,200

(X)
12,779
6,832
13,551
13,158
9,957
7,995
11,849
11,334
16,354
17,076
8,082
11,878

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

4,575
4,775
5,150
5,700
5,550
5,450
5,950
6,000
5,850
5,950
5,850
5,850

4,125
4,325
4,625
4,875
4,925
4,975
5,300
5,550
5,650
5,650
5,650
5,450

4,375
4,700
5,150
5,350
5,150
5,400
5,700
5,750
5,850
5,800
5,700
5,450

12,368
12,003
14,902
19,314
23,617
14,761
14,029
12,949
10,923
12,435
9,709
9,539

230,785
265,300
168,517
230,817
448,775
232,464
167,905
157,924
131,027
173,137
152,420
159,861

993,508
1,209,137
813,781
1,196,346
2,326,901
1,199,371
944,446
899,890
753,148
999,567
876,690
908,441

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

5,700
5,650
5,950
6,750
6,950
6,800
6,400
6,150
5,850
5,800
5,450
5,350

5,100
5,400
5,600
5,900
6,500
5,700
5,200
5,300
5,050
5,250
4,825
4,525

5,500
5,550
5,950
6,700
6,700
6,050
5,350
5,450
5,200
5,250
5,100
4,725

17,310
13,401
15,101
14,419
17,482
25,472
20,579
18,323
19,992
17,277
22,103
18,175

287,693
204,434
195,334
221,969
146,129
256,837
159,785
152,358
204,787
166,818
154,529
149,099

1,560,093
1,133,501
1,128,937
1,418,115
973,809
1,596,449
952,854
868,013
1,144,362
927,029
793,812
732,436

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

5,450
5,525
6,025
6,175
6,175
6,050
6,500
6,625
6,475
6,450
7,075
7,050

4,400
4,975
4,750
5,700
5,850
5,800
5,925
6,100
6,150
5,825
6,325
6,675

5,175
5,375
6,000
5,900
5,875
5,975
6,425
6,200
6,450
6,350
6,750
7,050

32,974
30,448
31,058
31,308
21,239
22,644
30,588
32,799
23,935
30,188
25,934
28,826

182,407
196,866
234,470
206,360
110,940
90,733
211,439
94,443
106,343
197,573
202,949
94,777

906,070
1,037,649
1,337,548
1,240,359
669,436
540,393
1,322,874
594,250
677,115
1,217,762
1,345,264
653,785

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

7,250
7,225
7,200
7,200
6,600
7,000
6,075

6,925
6,900
6,975
5,950
6,000
5,275
5,400

7,200
7,100
7,200
6,200
6,475
5,475
5,725

27,993
29,950
30,454
35,427
31,326
45,083
31,791

127,295
129,358
144,110
198,482
126,120
161,045
124,582

896,176
914,804
1,022,917
1,328,552
799,480
943,906
722,452

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


197,010
636,186
320,670
104,194
195,067
642,378
174,537
587,008
193,346
663,699
175,397
603,870
191,975
722,040
896,266
229,033
225,381
885,369
175,397
665,325
85,380
330,751
228,156
917,847

21
18
23
20
21
20
21
19
20
21
22
21

JSMR Jasa Marga (Persero) Tbk.


Financial Data and Ratios

Book End : December

Public Accountant : Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)
Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

3,764,009

4,302,382

3,514,061

3,290,784

2,759,214

Receivables

87,994

64,092

177,198

148,829

91,086

Inventories

3,996,741

4,531,117

3,746,345

3,641,372

3,083,849

15,945,902

422,507

593,028

701,727

706,821

440,239

289,155

130,965

121,561

129,269

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Current Assets
Fixed Assets
Other Assets
Total Assets

Assets

21,432,134 24,753,551 28,366,345 31,857,948 32,677,629

Growth (%)

20,250
13,500

14.60%

12.31%

2.57%

6,750

4,919,884

4,312,917

3,898,956

3,768,596

6,648,164

Long Term Liabilities

8,423,258

8,317,601 12,579,482 16,120,036 17,478,452

Total Liabilities

27,000

15.50%

Current Liabilities

Liabilities

33,750

2011

2012

2013

2014

Jun-15

12,191,853 14,965,766 17,499,365 20,432,952 21,377,408

Growth (%)

22.75%

16.93%

16.76%

4.62%
TOTAL EQUITY (Bill. Rp)

Authorized Capital

9,520,000

9,520,000

9,520,000

9,520,000

9,520,000

Paid up Capital

3,400,000

3,400,000

3,400,000

3,400,000

3,400,000

6,800

6,800

6,800

6,800

6,800

500

500

500

500

500

Retained Earnings

2,602,769

2,753,965

3,449,446

4,009,692

4,188,525

Total Equity

9,240,280

9,787,786 10,866,980 11,424,996 11,300,221

Paid up Capital (Shares)


Par Value

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11
4,960,473

Growth (%)

5.93%

11.03%

Dec-12

Dec-13

Dec-14

Jun-15

9,070,219 10,294,668

9,175,319

4,094,561

82.85%

13.50%

5.13%

-1.09%

-10.87%

9,240

11,425

11,300

2014

Jun-15

9,788

9,094

6,764

4,433

2,102

-228

2011

Cost of Revenues

Gross Profit

Expenses (Income)

2,679,084

6,094,983

7,631,490

6,131,283

2,574,067

Operating Profit

2,281,388

2,975,236

2,663,177

3,044,036

1,520,494

30.41%

-10.49%

14.30%

-554,914

-919,979

-948,522

-1,222,062

1,726,475

2,055,257

1,714,655

1,821,974

853,766

407,651

519,445

476,835

606,642

263,977

1,318,824

1,535,812

1,237,821

1,215,332

589,789

16.45%

-19.40%

-1.82%

Growth (%)

10,867

11,425

2012

2013

TOTAL REVENUES (Bill. Rp)


10,295
9,175

9,070

10,295

8,195

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

Growth (%)

-666,728
6,094

4,960

4,095

3,994

1,894

Period Attributable

1,339,462

1,602,090

1,336,317

1,403,428

670,033

Comprehensive Income

1,321,582

1,536,346

1,236,627

1,215,847

468,933

Comprehensive Attributable

1,342,220

1,602,624

1,335,123

1,403,944

549,177

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

106.05

68.16

76.15

84.43

79.09

78.88

94.24

78.61

RATIOS
Current Ratio (%)
Dividend (Rp)

196.98

235.60

196.52

206.39

98.53

BV (Rp)

1,358.86

1,439.38

1,598.09

1,680.15

1,661.80

DAR (X)

0.57

0.60

0.62

0.64

0.65

DER(X)

1.32

1.53

1.61

1.79

1.89

ROA (%)

6.15

6.20

4.36

3.81

1.80

ROE (%)

14.27

15.69

11.39

10.64

5.22

GPM (%)

OPM (%)

45.99

32.80

25.87

33.18

37.13

NPM (%)

26.59

16.93

12.02

13.25

14.40

Payout Ratio (%)

40.04

40.00

40.00

1.88

1.73

1.66

EPS (Rp)

Yield (%)

-206

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


1,536
1,319

1,238

1,215

1,223

909

590
596

283

-31

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

89

CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT

KLBF
KALBE FARMA TBK.

Company Profile
PTKalbeFarmaTbk.wasestablisheddatedSeptember10th,1966,withintheframeworkof
theDomesticCapitalInvestmentLaw.

ThescopeofactivitiesoftheCompanycomprises,amongothers,pharmaceuticals,trading
and representative. Currently, the Company is primarily engaged in the development,
manufacturing, and trading of pharmaceuticals preparation including medicines and
consumerhealthproducts.TheCompanystarteditscommercialoperationsin1966.

TheSubsidiariesareengagedin:
the Pharmaceutical: PT Bintang Toedjoe,PT Hexpharm Jaya Laboratories, PT Saka Farma
Laboratories, PT Finusolprima Farma Internasional, PT Bifarma Adiluhung, Innogene
KalbiotechPte.Ltd.,PTDankosFarma,PTPharmaMetricLabs.,PTKalGenDNA,PTKalbio
GlobalMedika.
Health Foods and Drinks: PT Sanghiang Perkasa, PT Kalbe Morinaga Indonesia, PT Hale
International,PTKalbeMilkoIndonesia.
SaleandDistribution:PTEnsevalPuteraMegatradingTbk.,PTTriSaptaJaya,PTMillenia
DharmaInsani,PTEnsevalMedikaPrima,PTGlobalChemindoMegatrading,PTRenalmed
Tiara Utama, PT Medika Renal Citraprima, Kalbe Vision Pte. Ltd., Kalbe International Pte.
Ltd.,AsiawideKalbePhilippinesInc.,PTKarsaLintasBuwana,KalbeMayiaSdn.Bhd.

The Companys production plants is located at Kawasan Industri Delta Silicon, Jln. M.H.
Thamrin,BlockA31,LippoCikarang,Bekasi.

AsofJune30th,2015,theGrouphadacombinedtotalof12,616permanentemployees.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

90

RESEARCH AND DEVELOPMENT DIVISION

KLBF Kalbe Farma Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Consumer Goods Industry (5)
Industry Sub Sector : Pharmaceuticals (53)

Individual Index
:
Listed Shares
:
Market Capitalization :

17,019.409
46,875,122,110
81,797,088,081,950

11 | 81.8T | 1.65% | 48.02%


15 | 20.8T | 1.41% | 42.98%

COMPANY HISTORY
Established Date
: 10-Sep-1966
Listing Date
: 30-Jul-1991
Under Writer IPO :
PT Merincorp
PT Niaga Securities
Securities Administration Bureau :
PT Adimitra Transferindo

SHAREHOLDERS (July 2015)


1. PT Gira Sole Prima
2. PT Santa Seha Sanadi
3. PT Diptanala Bahana
4. Lucasta Murni Cemerlang
5. PT Ladang Ira Panen
6. PT Bina Arta Charisma
7. Public (<5%)

4,767,872,885
4,550,646,840
4,447,970,440
4,439,895,440
4,319,452,940
4,056,166,540
20,293,117,025

:
:
:
:
:
:
:

10.17%
9.71%
9.49%
9.47%
9.21%
8.65%
43.29%

Plaza Property 2nd Fl. Komp. Pertokoan Pulomas Blok VIII No. 1

Jln. Perintis Kemerdekaan Jakarta 13210


Phone : (021) 478-81515 (Hunting)
Fax
: (021) 470-9697
BOARD OF COMMISSIONERS
1. Johannes Setijono
2. Farid Anfasa Moeloek *)
3. Ferdinand Aryanto
4. Lucky Surjadi Slamet *)
5. Ronny Hadiana
6. Santoso Oen
*) Independent Commissioners
BOARD OF DIRECTORS
1. Bernadette Ruth Irawaty Setiady
2. Bujung Nugroho
3. Djonny Hartono Tjahyadi
4. Ongkie Tedjasurja
5. Vidjongtius
AUDIT COMMITTEE
1. Lucky Surjadi Slamet
2. Kai Arief Iman Selomulya
3. Kurniawan Tedjo
CORPORATE SECRETARY
Vidjongtius

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1991
1991
1992
1992
1993
1994
1994
1995
1996
1999
1999
2002
2003
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Shares

Dividend
200.00

1: 1

10 : 3 & 10 : 7

60.00
70.00
75.00
50.00
85.00
115.00
75.00
2.00

100 : 88
2.00
1.00
3.00
10.00
10.00
12.50
25.00
70.00
95.00
19.00
17.00
19.00

Cum Date
16-Apr-92
20-Oct-92
09-Dec-92
30-Jun-93
07-Jun-94
29-Aug-94
10-Jul-95
09-Jul-96
23-Jul-97
10-Nov-00
10-Nov-00
25-Aug-03
16-Aug-04
05-Jul-05
14-Jun-07
31-Jul-08
29-Jul-09
15-Jul-10
27-Jun-11
28-Jun-12
13-Jun-13
13-Jun-14
25-May-15

Recording
Date
27-Apr-92
28-Oct-92
17-Dec-92
08-Jul-93
15-Jun-94
06-Sep-94
19-Jul-95
18-Jul-96
01-Aug-97
20-Nov-00
20-Nov-00
28-Aug-03
20-Aug-04
08-Jul-05
19-Jun-07
05-Aug-08
03-Aug-09
20-Jul-10
01-Jul-11
03-Jul-12
18-Jun-13
18-Jun-14
28-May-15

Ex Date
20-Apr-92
21-Oct-92
10-Dec-92
01-Jul-93
08-Jun-94
30-Aug-94
11-Jul-95
10-Jul-96
24-Jul-97
13-Nov-00
13-Nov-00
26-Aug-03
18-Aug-04
06-Jul-05
15-Jun-07
01-Aug-08
30-Jul-09
16-Jul-10
28-Jun-11
29-Jun-12
14-Jun-13
16-Jun-14
26-May-15

Payment
Date
29-May-92
16-Nov-92
15-Jan-93
06-Aug-93
15-Jul-94
06-Oct-94
18-Aug-95
15-Aug-96
29-Aug-97
06-Dec-00
06-Dec-00
11-Sep-03
03-Sep-04
22-Jul-05
03-Jul-07
20-Aug-08
14-Aug-09
30-Jul-10
13-Jul-11
17-Jul-12
02-Jul-13
02-Jul-14
17-Jun-15

F/I
F
B
I
F
F
I
F
F
F
F
F
F
F
F
I
F
F
F
F
F
F
F
F

ISSUED HISTORY
HEAD OFFICE
Kalbe Building 3rd Fl.
Jln. Let. Jend. Suprapto Kav. 4, Cempaka Putih
Jakarta 10510
Phone : (021) 428-73688, 894-243908
Fax
: (021) 428-73678
Homepage
Email

: www.kalbe.co.id
: Vidjongtius@kalbe.co.id

No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.

Type of Listing
First Issue
Partial Listing
Koperasi
Company Listing
Bonus Shares
Right Issue
Dividen Shares
Stock Split
Additional Listing (Merger)
Stock Splits
Decrease in Issued and Fully Paid Shares

Shares
10,000,000
10,000,000
500,000
29,500,000
2,026,400,000
8,000,000
32,400,000
6,004,800,000
2,034,414,422
40,624,057,688
-3,904,950,000

T:
T:
T:
T:
T:

Listing
Date
30-Jul-91
30-Jul-91
27-Feb-92
29-Apr-92
17-Nov-92
14-May-93
18-Jul-94
07-Oct-96
21-Dec-05
08-Oct-12
13-Dec-13

:
:
:
:
:

RESEARCH AND DEVELOPMENT DIVISION

Trading
Date
30-Jul-91
30-Jan-92
31-Dec-99
29-Apr-92
06-Dec-00
25-Jun-93
18-Jul-94
02-Jan-04
21-Dec-05
08-Oct-12
13-Dec-13

91

KLBF Kalbe Farma Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

2,000

320

1,750

280

1,500

240

1,250

200

1,000

160

750

120

500

80

250

40

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Consumer Goods Industry Index
January 2011 - July 2015
210%
180%
162.4%

150%
120%

100.6%

90%
60%
30%

-30%

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

3,434
11,391
259
247

6,640
14,832
431
246

19,997
25,755
823
244

13,944
22,039
1,088
242

6,370
11,432
566
142

3,725
2,450
3,400
680

4,975
910
1,060
1,060

1,560
1,000
1,250
1,250

1,835
1,260
1,830
1,830

1,915
1,590
1,745
1,745

30.38
19.75
7.30

30.53
15.98
6.89

43.27
24.22
9.30

38.47
14.32
8.17

Price (Rupiah)
High
Low
Close
Close*

22.43
PER (X)
16.22
PER Industry (X)
5.30
PBV (X)
* Adjusted price after corporate action

92

Freq.

Volume

Value

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
3,375
3,000
3,400
3,725
3,600
3,575
3,700
3,550
3,725
3,550
3,600
3,600

Low
2,450
2,700
2,875
3,350
3,225
3,225
3,400
2,900
2,650
2,975
3,300
3,300

Close
2,825
2,925
3,400
3,575
3,575
3,375
3,475
3,475
3,250
3,475
3,525
3,400

(X)
31,889
12,472
26,005
21,717
27,352
19,396
23,402
18,325
22,062
26,568
17,036
12,427

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

3,650
3,600
3,550
4,050
4,025
4,000
3,900
4,000
4,700
4,975
1,040
1,150

3,375
3,400
3,375
3,400
3,750
3,700
3,675
3,750
3,900
910
960
980

3,525
3,500
3,550
4,025
3,875
3,775
3,825
3,875
4,700
970
1,030
1,060

15,399
18,914
18,538
31,628
39,920
30,929
32,278
33,041
33,617
54,533
68,691
53,129

122,271
172,533
283,565
485,446
454,029
384,956
394,523
255,670
272,454
779,898
1,528,172
1,506,913

428,028
602,764
982,054
1,795,766
1,783,899
1,485,524
1,497,405
999,731
1,158,254
998,575
1,514,316
1,585,510

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

1,130
1,300
1,380
1,390
1,560
1,450
1,500
1,510
1,440
1,390
1,370
1,260

1,000
1,070
1,190
1,200
1,320
1,130
1,300
1,110
1,180
1,220
1,200
1,160

1,090
48,914
1,290
69,492
1,240
51,451
1,390
51,858
1,450
67,894
1,440
76,854
1,430 100,827
1,350
71,639
1,180
92,703
1,300
82,161
1,220
55,361
1,250
54,113

1,891,111
1,682,306
1,724,553
1,928,884
1,973,262
1,752,293
1,558,750
1,391,354
1,885,390
1,732,152
1,256,613
1,220,791

1,965,394
1,946,563
2,181,688
2,479,590
2,887,922
2,311,851
2,191,524
1,888,689
2,494,405
2,302,731
1,624,072
1,480,756

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

1,455
1,480
1,495
1,550
1,660
1,670
1,800
1,700
1,710
1,715
1,795
1,835

1,260
1,360
1,400
1,455
1,535
1,560
1,640
1,580
1,640
1,595
1,650
1,715

1,405 115,285
1,450
90,285
1,465 100,433
1,545
90,527
1,540
54,597
1,660
94,173
1,730
88,132
1,660 113,962
1,700
91,511
1,705
92,218
1,750
77,230
1,830
79,479

1,481,958
1,393,045
1,431,485
1,213,480
933,943
726,980
1,239,481
1,752,185
907,341
1,088,205
739,375
1,036,522

2,036,864
1,969,357
2,067,755
1,838,928
1,482,209
1,181,149
2,139,985
2,873,280
1,522,631
1,816,283
1,265,949
1,844,446

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

1,880
1,870
1,865
1,915
1,870
1,825
1,745

1,775
1,780
1,775
1,750
1,730
1,590
1,630

1,865
1,805
1,865
1,795
1,840
1,675
1,745

931,699
924,635
1,156,024
906,565
1,178,383
712,306
560,733

1,699,637
1,684,580
2,102,717
1,672,698
2,127,734
1,205,743
938,956

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


512,854 1,539,793
503,579
175,174
409,546 1,256,625
366,099 1,318,778
309,123 1,078,937
206,133
693,300
357,183 1,269,992
638,119
192,858
249,601
835,454
182,564
622,602
129,667
451,000
343,677 1,182,729

21
18
23
20
21
20
21
19
20
21
22
21

28.8%

Jan 11

Closing Price

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Kalbe Farma Tbk. [S]
January 2011 - July 2015

RESEARCH AND DEVELOPMENT DIVISION

67,451
72,888
76,831
72,828
92,844
90,201
92,629

KLBF Kalbe Farma Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Cash & Cash Equivalents

2,291,336

1,859,663

1,426,461

1,894,610

1,643,305

Receivables

1,635,311

1,938,156

2,273,379

2,464,902

2,642,603

Inventories

1,705,189

2,115,484

3,053,495

3,090,544

3,183,287

Current Assets

5,956,123

6,441,711

7,497,319

8,120,805

8,108,811

Fixed Assets

1,860,288

2,254,763

2,925,547

3,404,457

3,600,486

357,861

326,536

430,635

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

286,899
8,274,554

Long Term Liabilities


Total Liabilities

11,000
8,250
5,500

13.82%

20.14%

9.81%

2.40%

2,750

1,630,589

1,891,618

2,640,590

2,385,920

2,437,283

128,031

154,696

174,513

221,637

274,688

1,758,619

2,046,314

2,815,103

2,607,557

2,711,971

16.36%

37.57%

-7.37%

4.00%

Growth (%)
Current Liabilities

9,417,957 11,315,061 12,425,032 12,723,560

Growth (%)

Liabilities

13,750

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

850,000

1,700,000

850,000

850,000

850,000

Paid up Capital

507,801

507,801

507,801

468,751

468,751

10,156

60,936

50,780

46,875

46,875

50

50&10

10

10

10
9,073,489

Paid up Capital (Shares)


Par Value
Retained Earnings

6,407,439

7,250,739

7,633,188

8,900,998

Total Equity

6,515,935

7,371,644

8,499,958

9,817,476 10,011,588

13.13%

15.31%

15.50%

Dec-12

Dec-13

Dec-14

Jun-15

10,911,860 13,636,405 16,002,131 17,368,533

8,719,777

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

Growth (%)

24.97%

17.35%

1.98%

8.54%

10,012

2014

Jun-15

8,500
7,372

7,969

6,516
5,927

3,884

1,842

-200

2011

Cost of Revenues

5,360,687

7,102,971

8,323,018

8,892,737

4,422,048

Gross Profit

5,551,173

6,533,434

7,679,113

8,475,795

4,297,730

Expenses (Income)

3,563,914

4,225,417

5,106,591

5,712,095

2,880,172

Operating Profit

9,817
10,012

2012

TOTAL REVENUES (Bill. Rp)


16,002

17,369

Growth (%)

2013

17,369

13,636
13,825

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

1,987,259

2,308,017

2,572,523

2,763,701

1,417,558

464,303

532,918

602,070

642,610

333,153

1,522,957

1,775,099

1,970,452

2,121,091

1,084,405

16.56%

11.01%

7.64%

Growth (%)

10,912
8,720

10,282

6,739

3,196

Period Attributable

1,482,237

1,733,928

1,919,508

2,064,687

1,063,118

Comprehensive Income

1,539,721

1,772,035

2,004,244

2,129,215

1,099,483

Comprehensive Attributable

1,498,877

1,730,864

1,952,589

2,072,781

1,077,939

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

365.27

340.54

283.93

340.36

332.70

95.00

19.00

17.00

19.00

RATIOS
Current Ratio (%)
Dividend (Rp)
EPS (Rp)

145.95

28.45

37.80

44.05

22.68

BV (Rp)

641.58

120.97

167.39

209.44

213.58

DAR (X)

0.21

0.22

0.25

0.21

0.21

DER(X)

0.27

0.28

0.33

0.27

0.27

ROA (%)

18.41

18.85

17.41

17.07

8.52

ROE (%)

23.37

24.08

23.18

21.61

10.83

GPM (%)

50.87

47.91

47.99

48.80

49.29

OPM (%)

NPM (%)

13.96

13.02

12.31

12.21

12.44

Payout Ratio (%)

65.09

66.77

44.97

43.14

2.79

1.79

1.36

1.04

Yield (%)

-347

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


1,970

2,121

2,121

1,775
1,688

1,523
1,084

1,256

823

390

-42

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

93

COMPANY REPORT

LPKR
LIPPO KARAWACI TBK.
Company Profile

PT Lippo Karawaci Tbk. wasestablished under thenamePT Tunggal Reksakencanadated


October15th,1990.

TheCompanysscopeofactivitiesincluderealestate,urbandevelopment,landpurchasing
and clearing, land cut and fill, land development and excavation, infrastructure
development planning, developing, leasing, selling and managing of buildings, houses,
offices and industrial estates, hotels, hospitals, commercial centers and sports centers,
supporting infrastructure, including but not limited to golf courses, club houses,
restaurants, other entertainment centers, medical laboratories, medical pharmacies and
related facilities, directly or by investment or capital divestment; build and operate
environmentinfrastructure,buildandmanagepublicfacilitiesandaccommodationservices
andoperatingactivitiesinservicesconsistingofpublictransportation,securityservicesand
othersupportingservices,exceptforlegalandtaxationservices.
The main activities of the Company include urban development, large scale integrated
development,retailmalls,healthcare,hospitals&infrastructure,alsoproperty&portfolio
management.

The Company creates wellplanned developments that circumvent traffic congestion, are
floodfree, and possess worldclass infrastructure. The Company is driven by its vision of
impacting lives, while continuously creating value for its stakeholders. The needs of the
growingmiddle,uppermiddleandupperclassesofIndonesiaaremetbythequalityofthe
services offered through each business segment, while sustainable growth is achieved
throughabalancedportfolioofdevelopmentprojectssupportedandsustainedbyastable
level of recurring income from healthcare, hotel leisure & hospitality, infrastructure, and
feebasedincomeasRetailEstateInvestmentTrust(REIT)andpropertymanagers.

ThecompanyisoneoftheincorporatedinthebusinessgroupLippoGroup.

AsofJune30th,20154,theCompanyandsubsidiarieshad11,129employees.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

94

RESEARCH AND DEVELOPMENT DIVISION

LPKR Lippo Karawaci Tbk. [S]

COMPANY REPORT : JULY 2015


Main Board
Industry Sector : Property, Real Estate And Building Construction (6)
Industry Sub Sector : Property And Real Estate (61)

As of 31 July 2015
Individual Index
:
Listed Shares
:
Market Capitalization :

295.727
23,077,689,619
26,654,731,509,945

31 | 26.7T | 0.54% | 66.46%


14 | 22.8T | 1.55% | 41.57%

COMPANY HISTORY
Established Date
: 15-Oct-1990
Listing Date
: 28-Jun-1996
Under Writer IPO :
PT Pentasena Arthasentosa
Securities Administration Bureau :
PT Sharestar Indonesia
Beritasatu Plasa 7th Fl.
Jln. Jend. Gatot Subroto Kav. 35 - 36 Jakarta 12950
Phone : (021) 527-7966
Fax
: (021) 527-7967
BOARD OF COMMISSIONERS
1. Theo L. Sambuaga
2. Agum Gumelar *)
3. Farid Harianto *)
4. Muladi *)
5. Surjadi Soedirdja
6. Sutiyoso *)
7. Tanri Abeng
8. Viven G. Sitiabudi
*) Independent Commissioners
BOARD OF DIRECTORS
1. Ketut Budi Wijaya
2. Alwi Sjaaf
3. Jenny Kuistono
4. Johanes Jany
5. Ninik Prajitno
6. Rahmawaty
7. Stephen Choo Kooi Yoon
8. Tjokro Libianto

SHAREHOLDERS (July 2015)


1. Pacific Asia Holding Ltd.
2. Credit Suisse Agsg Traccl PT Metropolis Propertindo Utama-202390421
3. Bank Julius Baer and Co Ltd. S/A Pacific Asia Holdings Limited
4. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1995
1997
2005
2005
2006
2010
2010
2011
2012
2013

Shares

Dividend
40.00
10.00
10.00
9.99
4.62
2.88
4.33
7.79
11.85
14.05

Cum Date
05-Dec-96
13-Jan-98
19-Aug-05
01-Dec-06
04-Dec-07
11-Nov-10
05-Oct-11
27-Aug-12
29-Nov-13
02-Dec-14

3,676,619,908
1,212,280,000
450,000,000
17,738,789,711

Recording
Date
16-Dec-96
22-Jan-98
24-Aug-05
06-Dec-06
07-Dec-07
16-Nov-10
10-Oct-11
30-Aug-12
04-Dec-13
05-Dec-14

Ex Date
06-Dec-96
14-Jan-98
22-Aug-05
04-Dec-06
05-Dec-07
12-Nov-10
06-Oct-11
28-Aug-12
02-Dec-13
03-Dec-14

:
:
:
:

15.93%
5.25%
1.95%
76.87%

Payment
Date
14-Jan-97
20-Feb-98
08-Sep-05
20-Dec-06
27-Dec-07
01-Dec-10
24-Oct-11
13-Sep-12
18-Dec-13
19-Dec-14

F
F
F
F
I
F
F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.

Type of Listing
First Issue
Company Listing
Convertible Bond
Right Issue
Add Listing (Merger)
Warrant
Stock Split
Warrant I
Additional Listing without RI

Shares
30,800,000
244,000,000
105,072,500
5,815,239,737
1,063,275,250
279,099
13,314,419,679
1,054,603,354
1,450,000,000

T:
T:
T:
T:
T:

Listing
Date
28-Jun-96
28-Jun-96
28-Jun-96
16-Jan-98
02-Aug-04
28-Jul-05
28-Jul-06
23-Nov-06
08-Jun-11

:
:
:
:
:

Trading
Date
28-Jun-96
28-Feb-97
28-Jun-96
30-Dec-10
02-Aug-04
17-May-06
26-Dec-07
05-Dec-07
08-Jun-11

AUDIT COMMITTEE
1. Muladi
2. Achamd Kurniadi
3. Herbudianto
CORPORATE SECRETARY
Sri Mulyati Handoyo
HEAD OFFICE
Menara Matahari 22nd Fl., Jln. Boulevard Palem Raya No. 7
Lippo Karawaci
Tangerang 15811
Phone : (021) 256-69000
Fax
: (021) 256-69099
Homepage
Email

F/I

: www.lippokarawaci.co.id
: corsec@lippokarawaci.co.id

RESEARCH AND DEVELOPMENT DIVISION

95

LPKR Lippo Karawaci Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

2,000

2,400

1,750

2,100

1,500

1,800

1,250

1,500

1,000

1,200

750

900

500

600

250

300

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
January 2011 - July 2015
210%
180%
150%

147.2%

120%
90%
60%

62.7%

30%

28.8%

-30%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

26,623
17,618
250
247

12,933
10,947
153
246

26,782
33,257
548
244

23,222
24,164
527
242

11,097
12,941
341
142

870
500
660
660

1,120
650
1,000
1,000

1,850
850
910
910

1,295
855
1,020
1,020

1,460
980
1,155
1,155

9.30
17.34
2.01

17.10
9.57
1.48

16.76
16.29
1.44

17.19
17.42
1.33

Price (Rupiah)
High
Low
Close
Close*

26.26
PER (X)
11.09
PER Industry (X)
1.62
PBV (X)
* Adjusted price after corporate action

96

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Lippo Karawaci Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
750
610
620
810
810
680
780
870
760
680
680
680

Low
510
500
530
590
610
620
630
640
620
570
600
620

Close
570
540
610
780
680
650
780
740
680
640
630
660

(X)
28,801
18,516
19,855
18,261
22,025
18,941
23,869
27,728
26,990
23,229
11,310
10,394

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

690
730
830
850
830
810
910
1,010
990
990
1,090
1,120

650
660
680
790
740
720
790
830
870
900
910
970

670
700
800
830
790
800
890
870
990
930
1,070
1,000

7,523
10,764
16,038
12,981
7,519
8,994
11,596
14,052
10,666
11,956
22,082
18,552

673,010
1,138,080
1,807,733
1,125,450
1,009,310
864,314
1,077,348
1,025,678
710,159
750,374
1,517,269
1,234,505

452,467
798,503
1,321,460
926,085
813,505
662,445
903,591
946,477
659,702
715,666
1,484,768
1,262,027

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

1,050
1,130
1,380
1,420
1,840
1,850
1,520
1,420
1,370
1,190
1,150
990

980
1,000
1,100
1,270
1,330
1,400
1,070
850
930
990
860
870

1,030
1,130
1,370
1,350
1,840
1,520
1,280
1,150
1,090
1,130
910
910

18,954
19,101
27,626
47,000
69,663
56,929
59,085
45,795
64,901
68,222
41,217
29,306

1,044,107
1,320,934
1,944,365
1,764,716
4,005,347
2,584,811
2,688,034
1,988,899
2,818,915
2,516,548
2,116,780
1,988,284

1,060,012
1,410,229
2,354,312
2,375,613
6,269,291
4,219,775
3,436,476
2,346,408
3,229,906
2,710,895
2,026,117
1,817,800

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

1,000
960
1,295
1,220
1,160
1,065
1,180
1,240
1,080
1,080
1,180
1,195

855
910
920
1,040
1,035
930
945
1,060
935
885
1,005
970

950
940
1,085
1,070
1,035
960
1,100
1,070
940
1,070
1,165
1,020

37,016
39,852
61,757
47,022
29,729
28,924
38,898
43,011
49,324
68,627
33,157
49,252

2,155,619
2,392,473
2,407,412
1,840,563
1,310,521
1,476,320
2,232,519
1,402,081
1,734,697
2,797,512
1,493,052
1,979,358

2,024,577
2,240,643
2,582,770
2,076,457
1,437,331
1,487,519
2,453,791
1,610,434
1,771,314
2,764,165
1,613,526
2,101,691

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

1,155
1,180
1,355
1,460
1,375
1,310
1,225

980
1,090
1,070
1,150
1,185
1,085
1,105

1,135
1,180
1,350
1,185
1,300
1,180
1,155

59,914
46,815
49,443
35,527
36,156
62,466
50,953

2,548,120
1,659,815
2,003,589
1,133,692
955,769
1,226,392
1,569,210

2,690,503
1,874,205
2,359,437
1,522,562
1,242,448
1,425,250
1,826,821

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


3,093,422 1,933,172
2,130,767 1,182,383
2,184,902 1,233,282
2,741,114 1,948,330
4,006,475 2,803,561
3,595,616 2,349,313
1,698,345 1,189,915
2,175,672 1,672,375
1,736,178 1,226,393
1,379,677
873,259
988,661
630,004
575,944
891,879

21
18
23
20
21
20
21
19
20
21
22
21

LPKR Lippo Karawaci Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)
BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

2,174,561

3,337,357

1,855,052

3,529,169

2,032,791

923,556

605,801

781,409

951,104

1,139,947

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents


Receivables

Assets

Inventories

7,892,171 10,504,910 13,894,009 16,553,036 17,934,740

Investment

2,963,651

85,784

130,431

123,284

295,925

210,276

2,222,377

2,810,892

3,208,763

3,392,820

419,508

60,968

718,887

98,977

Fixed Assets
Other Assets
Total Assets

18,259,171 24,869,296 31,300,362 37,761,221 40,789,326

36.20%

Growth (%)
Bank Payable
Trade Payable
Total Liabilities

25.86%

20.64%

33,000
24,750
16,500

8.02%

8,250
-

70,825

59,680

216,501

309,786

416,871

575,701

397,748

395,134

511,307

Liabilities

41,250

2011

2012

2013

2014

Jun-15

8,850,153 13,399,189 17,122,789 20,114,772 20,756,592

Growth (%)

51.40%

27.79%

17.47%

3.19%
TOTAL EQUITY (Bill. Rp)

Authorized Capital

6,400,000

6,400,000

6,400,000

6,400,000

6,400,000

Paid up Capital

2,307,769

2,307,769

2,307,769

2,307,769

2,307,769

23,078

23,078

23,078

23,078

23,078

100

100

100

100

100

Retained Earnings

2,907,500

3,790,222

4,748,453

6,975,738

7,382,906

Total Equity

9,409,018 11,470,106 14,177,573 17,646,449 20,032,734

Paid up Capital (Shares)


Par Value

21.91%

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

Dec-12

4,189,580

6,160,214

Growth (%)

23.60%

24.47%

Dec-13

Dec-14

Jun-15

6,666,214 11,655,042

4,624,752

47.04%

8.21%

74.84%

13.52%

14,178

15,946

11,470
11,859

9,409

7,773

3,686

-401

2011

Cost of Revenues

2,293,260

3,339,267

3,619,572

6,257,664

2,489,670

Gross Profit

1,896,320

2,820,947

3,046,643

5,397,378

2,135,083

Operating Expenses

968,324

1,271,753

1,103,623

1,588,588

909,503

Operating Profit

927,996

1,549,193

1,943,020

3,808,790

1,225,580

66.94%

25.42%

96.02%

56,814

27,895

-18,190

-113,812

-52,470

Income before Tax

984,810

1,577,088

1,924,830

3,694,979

1,173,110

Tax

170,716

254,241

332,339

559,763

115,639

Profit for the period

814,094

1,322,847

1,592,491

3,135,216

1,057,471

62.49%

20.38%

96.87%

Growth (%)

20,033
17,646

20,033

2012

2013

2014

Jun-15

TOTAL REVENUES (Bill. Rp)


11,655
11,655

9,277

Other Income (Expenses)

Growth (%)

6,160

6,900

6,666
4,625

4,190
4,522

2,145

Period Attributable

708,282

1,060,222

1,228,230

2,547,285

775,317

Comprehensive Income

579,917

2,482,548

1,676,148

2,996,884

1,757,838

Comprehensive Attributable

474,105

2,219,923

1,311,887

2,408,953

1,448,229

RATIOS

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

7.79

11.85

14.05

EPS (Rp)

30.69

45.94

53.22

110.38

33.60

BV (Rp)

407.71

497.02

614.34

764.65

868.06

DAR (X)

0.48

0.54

0.55

0.53

0.51

DER(X)

0.94

1.17

1.21

1.14

1.04

ROA (%)

4.46

5.32

5.09

8.30

2.59

ROE (%)

8.65

11.53

11.23

17.77

5.28

GPM (%)

45.26

45.79

45.70

46.31

46.17

OPM (%)

22.15

25.15

29.15

32.68

26.50

NPM (%)

19.43

21.47

23.89

26.90

22.87

Payout Ratio (%)

25.38

25.79

26.40

1.18

1.19

1.54

Dividend (Rp)

Yield (%)

-233

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


3,135
3,135

2,496

1,856

1,323
1,216

1,592
1,057

814

577

-63

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

97

COMPANY REPORT

LPPF
MATAHARI DEPARTMENT STORE TBK.

Company Profile

PTMatahariDepartmentStoreTbk.wasestablishedunderthenamePTStephensUtama
International Leasing Corp. dated April 1st, 1982. The Company started its commercial
operationsin1982.

Since30October2009,thCompanyhasengagedinthereailbussinessforseveraltypesof
products such as clothes, accessories, bags, shoes, cosmetics, and household appliances,
andmanagementconsultingservice.

The Companys operational head office is located in Menara Matahari 15th Fl., Jln.
Boulevard Palem Raya No. 7, Lippo Karawaci Tangerang, Banten, and the stores are
located in cities throughout Indonesia. As of 31 December 2014, the Company operates
131stores.

Parent company is PT Indonesia Meadow and PT Indonesia Meadow parent company is


MeadowAsiaHoldingLtd.,acompanydomiciledinCaymanIslands.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

98

RESEARCH AND DEVELOPMENT DIVISION

LPPF Matahari Department Store Tbk.

COMPANY REPORT : JULY 2015

As of 31 July 2015

Development Board
Industry Sector : Trade, Services & Investment (9)
Industry Sub Sector : Retail Trade (93)

Individual Index
:
Listed Shares
:
Market Capitalization :

396.516
2,917,918,080
51,063,566,400,000

18 | 51.1T | 1.03% | 57.11%


8 | 33.6T | 2.28% | 31.38%

COMPANY HISTORY
Established Date
: 01-Apr-1982
Listing Date
: 09-Oct-1989
Under Writer IPO :
PT Aseam Indonesia
PT Finconesia
PT Multicor
PT Bank Pembangunan Indonesia
PT Danareksa
Securities Administration Bureau :
PT Sharestar Indonesia
Beritasatu Plasa 7th Fl.
Jln. Jend. Gatot Subroto Kav. 35 - 36 Jakarta 12950
Phone : (021) 527-7966
Fax
: (021) 527-7967
BOARD OF COMMISSIONERS
1. John Bellis
2. Henry Jani Liando
3. Herbert Stepic *)
4. John Riady
5. Jonathan Limbong Parapak *)
6. Niel Byron Nielson
7. Sigit Prasetya
8. William Travis Saucer
*) Independent Commissioners
BOARD OF DIRECTORS
1. Bunjamin Jonathan Mailool
2. Andre Rumantir
3. Andy N. Purwohardono
4. Larry Michael Remsen

SHAREHOLDERS (July 2015)


1. PT Multipolar Tbk.
2. Public (<5%)

597,529,500 :
2,320,388,580 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1990
1990
1991
1992
1993
1994
1995
1996
2010
2010
2013

Shares
5:1
1 :2
5:1

Dividend
50.00
100.00
175.00
75.00
50.00
75.00
75.00
50.00
32.25
14.00
157.70

Cum Date
11-Jul-90
02-Jul-91
13-Jul-92
10-Jun-93
21-Jul-94
23-Jun-95
09-Jul-96
07-Jul-97
10-Jun-11
22-Aug-11
11-Jun-14

Ex Date
12-Jul-90
03-Jul-91
14-Jul-92
11-Jun-93
22-Jul-94
26-Jun-95
10-Jul-96
08-Jul-97
13-Jun-11
23-Aug-11
12-Jun-14

Recording
Date
20-Jul-90
10-Jul-91
21-Jul-92
19-Jun-93
29-Jul-94
04-Jul-95
18-Jul-96
16-Jul-97
15-Jun-11
25-Aug-11
16-Jun-14

20.48%
79.52%

Payment
Date
22-Aug-90
12-Aug-91
11-Aug-92
19-Jul-93
26-Aug-94
03-Aug-95
16-Aug-96
15-Aug-97
30-Jun-11
15-Sep-11
30-Jun-14

I
F
F
F
F
F
F
F
F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.

Type of Listing
First Issue
Partial Listing
Bonus Shares
Bonus Shares
Dividen Shares
Company Listing
Right Issue
Reverse Stocks
Right Issue

Shares
2,140,000
2,250,000
878,000
10,536,000
3,160,800
11,880,000
1,295,481,600
-1,061,061,120
2,652,652,800

Listing
Date
09-Oct-89
12-Apr-90
27-Aug-90
13-Aug-92
02-Sep-94
11-Jun-97
19-Jul-01
09-Nov-09
04-Dec-09

Trading
Date
09-Oct-89
24-Apr-90
27-Aug-90
13-Aug-92
02-Sep-94
11-Jun-97
19-Jul-01
09-Nov-09
04-Dec-09

AUDIT COMMITTEE
1. John Bellis
2. Isnandar Rachmat Ali
3. Prawiro Widjaja
CORPORATE SECRETARY
Miranti Hadisusilo
HEAD OFFICE
Menara Matahari 15th Fl.
Jln. Bulevar Palem Raya No. 7, Lippo Karawaci - 1200
Tangerang 15811
Phone : (021) 546-9333, 547-5333, 547-5758
Fax
: (021) 547-5650
Homepage
Email

F/I

: www.matahari.co.id
: miranti.hadisusilo@matahari.co.id

RESEARCH AND DEVELOPMENT DIVISION

99

LPPF Matahari Department Store Tbk.


Closing
Price*

Volume
(Mill. Sh)

20,000

3,200

17,500

2,800

15,000

2,400

12,500

2,000

10,000

1,600

7,500

1,200

5,000

800

2,500

400

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Trade, Sevices and Investment Index
January 2011 - July 2015
700%
600%

586.3%

500%
400%
300%
200%
100%

28.8%

-100%

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

2,864
7,750
0.03
17

0.06
0.1
0.02
14

3,340
30,221
193
191

1,724
24,572
568
242

1,271
20,619
454
142

Price (Rupiah)
High
Low
Close
Close*

3,000
2,300
2,400
2,400

2,700
2,300
2,700
2,700

14,500
2,500
11,000
11,000

18,000
10,800
15,000
15,000

20,225
14,125
17,500
17,500

10.22
19.08
-4.08

27.91
15.42
-41.08

15.04
PER (X)
16.89
PER Industry (X)
-2.59
PBV (X)
* Adjusted price after corporate action

100

Freq.

Volume

Value

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
2,700
2,550
2,550
2,400
2,750
2,700
3,000
3,000

Low
2,550
2,550
2,550
2,400
2,400
2,700
2,800
2,300

Close
2,550
2,550
2,700
2,550
2,550
2,400
2,700
2,700
2,700
2,700
3,000
2,400

(X)
1
3
1
1
2
8
3
2
4
6

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

2,300
2,300
2,500
2,500
2,600
2,700
-

2,300
2,300
2,500
2,500
2,500
2,700
-

2,300
2,300
2,300
2,300
2,500
2,500
2,500
2,600
2,700
2,700
2,700
2,700

5
4
2
3
3
1
-

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

3,375
11,550
12,200
14,200
13,050
13,250
14,500
13,600
13,300
12,200
11,400

2,500
4,200
11,000
11,950
9,750
10,500
10,500
10,000
10,300
10,550
10,300

2,700
3,375
11,000
12,100
13,000
11,600
12,450
12,450
10,500
12,300
11,550
11,000

8
5,694
16,693
15,960
20,216
19,188
39,379
30,316
15,842
15,927
14,073

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

13,075
15,000
15,000
15,500
15,175
14,550
15,450
18,000
17,100
16,350
15,700
15,850

10,800
11,475
12,900
13,675
13,500
13,500
13,475
13,725
15,650
14,250
14,025
14,025

11,625
14,000
13,900
15,000
14,525
13,800
14,500
16,275
16,225
14,625
15,000
15,000

32,152
47,132
50,174
44,656
27,255
37,570
36,632
71,943
66,159
54,089
47,206
52,839

56,432
131,382
338,527
114,974
66,252
61,124
83,450
487,072
97,910
112,386
75,862
99,075

661,262
1,738,718
4,466,054
1,700,858
970,987
855,042
1,204,403
7,064,996
1,593,883
1,724,398
1,121,722
1,469,530

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

16,200
18,100
20,000
20,225
18,450
18,000
18,125

14,125
14,800
17,300
16,100
16,200
15,800
15,800

15,525
17,850
19,700
17,500
17,450
16,550
17,500

58,908
59,414
72,275
67,293
70,303
62,890
63,226

446,605
263,261
119,919
120,762
118,558
103,593
98,391

6,762,194
3,981,884
2,180,042
2,193,928
2,058,595
1,750,968
1,691,697

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


0.3
0.8
3
8
0.5
1
1
3
1
2
4
10
2,863,941 7,749,826
1
3
4
10
5
12
21
11
2
17
7
1
-

1
2
1
1
1
2
1
1
3
4

47
24
5
43
18
3
-

2
4
2
3
2
1
-

8
20
2,299,282 17,961,295
158,212 1,822,277
94,072 1,243,071
159,803 1,792,094
99,430 1,158,399
254,031 3,143,021
109,528 1,229,329
54,281
633,331
65,331
745,396
45,788
493,022

2
5
22
22
19
23
17
21
21
20
19

95.8%

Jan 11

Closing Price

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Matahari Department Store Tbk.
January 2011 - July 2015

30.96
39.41
22.13
16.33
-241.68 -1,149.72

RESEARCH AND DEVELOPMENT DIVISION

LPPF Matahari Department Store Tbk.


Financial Data and Ratios

Book End : December

Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)
BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

918,974

999,872

772,217

785,895

693,494

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

66,273

73,574

62,932

109,381

106,693

Inventories

462,013

519,601

723,809

955,231

1,538,249

1,567,335

1,744,220

1,703,067

2,117,507

2,567,226

622,891

694,005

727,186

725,954

867,284

Current Assets
Fixed Assets
Other Assets
Total Assets

5,000
3,750

15,796

21,908

28,268

24,577

74,609

2,422,472

2,929,752

2,936,882

3,408,372

4,115,054

20.94%

0.24%

16.05%

20.73%

1,250
-

Growth (%)
Current Liabilities

1,708,305

2,170,205

1,890,181

2,518,521

3,805,730

Long Term Liabilities

3,416,580

2,691,079

1,828,073

712,261

353,738

Total Liabilities

5,124,885

4,861,284

3,718,254

3,230,782

4,159,468

-5.14%

-23.51%

-13.11%

28.74%

Growth (%)

Liabilities

6,250

2,500

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

486,114

486,114

386,794

386,794

386,794

Paid up Capital

386,794

386,794

386,794

386,794

386,794

2,918

2,918

2,918

2,918

2,918

Paid up Capital (Shares)


Par Value
Retained Earnings
Total Equity

5,000 & 350 & 100 5,000 & 350 & 100 5,000 & 350 & 100 5,000 & 350 & 100 5,000 & 350 & 100

482,727

1,253,608

2,403,768

3,362,730

3,140,726

-2,702,413

-1,931,532

-781,372

177,590

-44,414

28.53%

59.55%

N/A

N/A

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

4,700,712

5,616,932

6,754,326

7,925,547

3,920,939

19.49%

20.25%

17.34%

Growth (%)
1,595,216

1,910,789

2,391,274

2,877,507

1,439,676

3,105,496

3,706,143

4,363,052

5,048,040

2,481,263

Expenses (Income)

1,864,195

2,121,792

2,548,184

2,964,128

1,623,119

Operating Profit

1,241,301

1,584,351

1,814,868

2,083,912

858,144

27.64%

14.55%

14.82%

-505,707

-425,356

-291,246

-233,368

178

2014

-398

Jun-15
-44

-781

-974

-1,550

-1,932

-2,126

Income before Tax

735,594

1,158,995

1,523,622

1,850,544

827,169

Tax

269,946

388,114

373,462

431,426

179,398

Profit for the period

465,648

770,881

1,150,160

1,419,118

647,771

65.55%

49.20%

23.38%

TOTAL REVENUES (Bill. Rp)


7,926
6,754
5,617

6,309

Growth (%)

2013

-2,702

Gross Profit

Other Income (Expenses)

2012

-2,702

Cost of Revenues

Growth (%)

2011

-30,975

4,701
3,921

4,692

3,075

1,458

Period Attributable

465,648

770,881

1,150,160

1,419,118

647,771

Comprehensive Income

465,648

770,881

1,150,160

1,419,118

647,771

Comprehensive Attributable

465,648

770,881

1,150,160

1,419,118

647,771

RATIOS

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

91.75

80.37

90.10

84.08

67.46

157.70

Current Ratio (%)


Dividend (Rp)
EPS (Rp)

159.58

264.19

394.17

486.35

222.00

BV (Rp)

-926.14

-661.96

-267.78

60.86

-15.22

DAR (X)

2.12

1.66

1.27

0.95

1.01

DER(X)

-1.90

-2.52

-4.76

18.19

-93.65

ROA (%)

19.22

26.31

39.16

41.64

15.74

ROE (%)

-17.23

-39.91

-147.20

799.10

-1,458.48

GPM (%)

66.06

65.98

64.60

63.69

63.28

OPM (%)

26.41

28.21

26.87

26.29

21.89

NPM (%)

9.91

13.72

17.03

17.91

16.52

Payout Ratio (%)

40.01

Yield (%)

1.43

-159

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


1,419
1,419

1,150
1,130

771

840

551

648
466

261

-28

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

101

CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT

LSIP
PP LONDON SUMATRA INDONESIA TBK.
Company Profile
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk. was established December
18th, 1962. The Company commenced its commercial operations in 1963 and engaged in
theplantationbusinesslocatedinNorthSumatera,SouthSumatera,Java,EastKalimantan,
North Sulawesi, and South Sulawesi with a total planted area of 110,656 hectares as of
September 30th, 2014. The main products are crude palm oil and rubber, and small
quantitiesofcocoa,teaandseeds.

The Company is domiciled in Jakarta with operational branch offices located in Medan,
Palembang,Makassar,SurabayaandSamarinda.TheCompanysregisteredofficeaddress
isatPrudentialTower15thFl.,Jln.Jend.SudirmanKav.79,Jakarta.

Lonsums 38 inti estates (Company owned) and 14 plasma estates (smallholder farmer),
which are currently operational in Sumatra, Java, Kalimantan and Sulawesi, make use of
advanced research and development as well as agromanagement expertise and a highly
skilledandanexperiencedworkforce.Thescopeofthebusinesshasbroadenedtoinclude
plant breeding, planting, harvesting, milling, processing and the selling of palm products,
rubber, cocoa and tea. The Company now has 20 factories which are operational in
Sumatra,JavaandSulawesi.Lonsumisknownintheindustryforthequalityofitsoilpalm
ancocoaseeds,andthishightechbusinessisnowamajorgrowthdriverfortheCompany.

In addition to the development of its own plantations, the Company is developing


plantationsonbehalfoflocalsmallholders(plasmaplantations)inlinewiththenucleus
plasmaplantationschemethatwasselectedwhentheCompanyexpandeditsplantations.

PT Salim Ivomas Pratama Tbk. (SIMP) and First Pacific Company Limited, Hong Kong, are
theparentcompanyandtheultimateparentcompanyoftheGroup.AsofJune30th,2015,
theGrouphasatotalof15,472permanentemployees.

ThesubsidiariescontrolledbytheCompanyeitherdirectlyorindirectlyareasfollows:
PTMultiAgroKencanaPrima,
LonsumSingaporePte.Ltd.,
PTTaniMusiPersada,
PTSumatraAgriSejahtera,
PTTaniAndalasSejahtera,
AgriInvestmentsPte.,Ltd.,and
SumateraBiosciencePte.Ltd.Singapore.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

102

RESEARCH AND DEVELOPMENT DIVISION

LSIP

PP London Sumatra Indonesia Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Agriculture (1)
Industry Sub Sector : Plantation (12)

Individual Index
:
Listed Shares
:
Market Capitalization :

349.677
6,822,863,965
9,244,980,672,575

89 | 9.24T | 0.19% | 84.39%


41 | 11.0T | 0.75% | 68.43%

COMPANY HISTORY
Established Date
: 18-Dec-1962
Listing Date
: 05-Jul-1996
Under Writer IPO :
PT Danareksa Sekuritas
Securities Administration Bureau :
PT Raya Saham Registra
Plaza Central Building 2nd Fl.
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930
Phone : (021) 252-5666
Fax
: (021) 252-5028
BOARD OF COMMISSIONERS
1. Moleonoto (Paulus Moleonoto)
2. Axton Salim
3. Edy Sugito *)
4. Hendra Widjaja
5. Monang Silalahi *)
6. Werianty Setiawan
*) Independent Commissioners
BOARD OF DIRECTORS
1. Benny (Benny Tjoeng)
2. Joefly Joesoef Bahroeny
3. Mark Julian Wakeford
4. Tan Agustinus Dermawan
5. Tio Eddy Hariyanto
AUDIT COMMITTEE
1. Monang Silalahi
2. Hendra Susanto
3. Timotius

SHAREHOLDERS (July 2015)


1. PT Salim Ivomas Pratama
2. Public (<5%)

4,058,425,010 :
2,764,438,955 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1996
1996
1997
2005
2008
2009
2010
2011
2012
2013
2014

Shares
10 : 14

Dividend
110.00
30.00
75.00
208.00
209.00
61.00
100.00
66.00
46.00
53.00

Cum Date
23-Jul-97
23-Jul-97
14-Jul-98
20-Jul-06
26-May-09
17-Jun-10
16-Jun-11
05-Jun-12
14-Jun-13
16-Jun-14
12-May-15

Ex Date
24-Jul-97
24-Jul-97
15-Jul-98
21-Jul-06
27-May-09
18-Jun-10
17-Jun-11
06-Jun-12
17-Jun-13
17-Jun-14
13-May-15

Recording
Date
01-Aug-97
01-Aug-97
23-Jul-98
25-Jul-06
29-May-09
22-Jun-10
21-Jun-11
08-Jun-12
19-Jun-13
19-Jun-14
18-May-15

59.48%
40.52%

Payment
Date
25-Aug-97
25-Aug-97
20-Aug-98
07-Aug-06
05-Jun-09
06-Jul-10
06-Jul-11
22-Jun-12
03-Jul-13
03-Jul-14
05-Jun-15

B
F
F
F
F
F
F
F
F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.

Type of Listing
First Issue
Company Listing
Bonus Shares
Additional Listing without RI
Mandatory Convertible Note Conversion
Mandatory Convertible Note Conversion

Stock Splits

Shares
38,800,000
163,538,872
283,274,421
280,096,500
329,519,500
269,343,500
5,458,291,172

Listing
Date
05-Jul-96
05-Jul-96
26-Aug-97
24-Jun-04
22-Sep-04
02-Nov-07
25-Feb-11

Trading
Date
05-Jul-96
05-Jul-96
26-Aug-97
24-Jun-04
22-Sep-04
02-Nov-07
25-Feb-11

CORPORATE SECRETARY
Endah Resmiati Madnawidjaja
HEAD OFFICE
Prudential Tower 15th Fl.
Jln. Jend. Sudirman Kav. 79
Jakarta 12910
Phone : (021) 5795-7718
Fax
: (021) 5795-7719
Homepage
Email

F/I

: www.londonsumatra.com
: endah.resmiati@londonsumatra.com

RESEARCH AND DEVELOPMENT DIVISION

103

PP London Sumatra Indonesia Tbk. [S]


TRADING ACTIVITIES

Closing Price* and Trading Volume


PP London Sumatra Indonesia Tbk. [S]
January 2011 - July 2015

Closing
Price*

Volume
(Mill. Sh)

3,200

160

2,800

140

2,400

120

2,000

100

1,600

80

1,200

60

800

40

400

20

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Agriculture Index
January 2011 - July 2015
80%
60%
40%
28.8%
20%
-16.5%

-20%
-40%

-46.7%

-60%
-80%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

2,928
8,117
162
247

3,744
9,452
180
246

6,246
10,205
338
244

7,566
15,288
657
242

3,422
5,909
321
142

13,000
1,710
2,250
2,250

3,150
1,830
2,300
2,300

2,525
960
1,930
1,930

2,480
1,470
1,890
1,890

2,070
1,315
1,355
1,355

13.98
33.17
2.50

17.11
15.46
1.99

13.84
19.34
1.84

14.97
23.50
1.33

Price (Rupiah)
High
Low
Close
Close*

7.34
PER (X)
1.79
PER Industry (X)
2.63
PBV (X)
* Adjusted price after corporate action

104

RESEARCH AND DEVELOPMENT DIVISION

Closing Price
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

Freq.

High
Low Close
13,000 11,200 11,800
12,000 2,100 2,150
2,425 2,125 2,275
2,475 2,275 2,450
2,525 2,300 2,425
2,450 2,250 2,325
2,425 2,225 2,350
2,425 2,100 2,400
2,450 1,710 2,050
2,300 1,730 2,200
2,400 2,050 2,375
2,400 2,075 2,250

(X)
12,316
13,520
23,339
12,961
16,005
9,902
10,700
10,196
13,810
18,353
10,456
10,742

Volume

Value

(Thou. Sh.) (Million Rp)


71,801
867,920
931,577
97,341
518,476 1,182,549
380,973
906,012
365,400
882,264
243,655
567,749
261,351
607,726
487,230
209,783
122,610
261,295
270,922
553,930
225,400
514,122
159,936
354,428

Day

LSIP

21
18
23
20
21
20
21
19
20
21
22
21

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

2,500
2,825
3,000
3,150
2,925
2,775
3,050
2,925
2,600
2,450
2,450
2,325

2,175
2,425
2,600
2,775
2,275
2,375
2,625
2,400
2,325
2,250
1,840
1,830

2,425
2,650
2,875
2,925
2,400
2,675
2,750
2,400
2,450
2,325
1,870
2,300

11,452
14,768
16,140
13,819
17,778
14,991
13,935
15,952
16,586
14,768
13,104
16,652

198,053
308,800
255,649
275,157
343,268
205,735
313,397
412,381
456,401
375,878
264,249
334,739

474,007
813,243
715,984
807,841
870,742
529,766
887,075
1,090,181
1,129,082
876,755
577,970
679,771

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

2,525
2,325
2,125
1,930
1,940
1,980
1,740
1,500
1,670
1,640
1,870
2,050

2,150
2,025
1,810
1,520
1,490
1,670
1,120
960
1,260
1,230
1,600
1,740

2,200
2,075
1,930
1,520
1,920
1,720
1,120
1,490
1,270
1,600
1,840
1,930

17,678
14,561
22,788
18,150
24,889
34,477
39,032
41,005
42,086
32,600
26,145
24,982

323,112
260,360
292,084
267,715
393,131
528,876
633,985
883,004
794,744
804,006
553,262
511,934

747,259
572,168
572,071
477,137
672,303
966,936
848,808
1,082,001
1,163,598
1,161,385
971,603
970,207

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

1,980
2,110
2,400
2,480
2,465
2,400
2,315
2,150
1,930
1,980
2,060
2,040

1,470
1,625
2,020
2,120
2,185
2,175
1,995
1,855
1,715
1,735
1,865
1,845

1,655
2,070
2,210
2,450
2,310
2,315
2,100
1,870
1,900
1,945
1,985
1,890

72,532
50,243
69,302
56,810
43,233
40,198
55,975
67,017
61,978
54,897
44,540
40,505

1,054,575
849,896
901,196
770,823
459,812
381,878
494,979
593,511
713,775
498,181
492,111
355,184

1,738,764
1,599,785
2,009,766
1,800,557
1,076,352
874,975
1,073,280
1,193,758
1,330,095
933,410
968,338
689,206

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

2,070
1,960
1,945
1,745
1,790
1,780
1,685

1,805
1,775
1,640
1,370
1,380
1,515
1,315

1,840
1,880
1,730
1,425
1,665
1,555
1,355

45,212
49,958
47,115
50,810
62,094
34,739
30,607

435,491
515,066
523,934
534,502
775,206
346,699
291,516

844,838
963,712
963,618
841,066
1,263,882
577,961
453,815

21
19
22
21
19
21
19

LSIP

PP London Sumatra Indonesia Tbk. [S]

Financial Data and Ratios

Book End : December

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

2,063,982

1,799,137

1,401,395

1,356,532

650,633

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

112,071

52,132

116,796

84,586

108,031

Inventories

368,244

645,954

374,485

380,360

455,749

Current Assets

2,567,657

2,593,816

1,999,126

1,863,506

1,304,895

Fixed Assets

1,824,630

2,229,928

2,776,825

3,238,752

3,391,419

Other Assets
Total Assets

7,000
5,250

87,691

61,331

63,000

127,552

151,639

6,791,859

7,551,796

7,974,876

8,655,146

8,732,180

11.19%

5.60%

8.53%

0.89%

1,750
-

Growth (%)
Current Liabilities

531,326

792,482

804,428

748,076

754,890

Long Term Liabilities

421,109

479,601

556,461

688,236

1,018,820

Total Liabilities

952,435

1,272,083

1,360,889

1,436,312

1,773,710

33.56%

6.98%

5.54%

23.49%

Growth (%)

Liabilities

8,750

3,500

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

800,000

800,000

800,000

800,000

800,000

Paid up Capital

682,286

682,286

682,286

682,286

682,286

6,823

6,823

6,823

6,823

6,823

100

100

100

100

100

Paid up Capital (Shares)


Par Value
Retained Earnings

4,126,893

4,560,793

4,879,977

5,482,962

5,213,342

Total Equity

5,839,424

6,279,713

6,613,987

7,218,834

6,958,470

7.54%

5.32%

9.14%

-3.61%

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

4,686,457

4,211,578

4,133,679

4,726,539

2,079,700

-10.13%

-1.85%

14.34%

Growth (%)
2,324,138

2,530,503

2,880,220

3,090,100

2,362,319

1,681,075

1,253,459

1,636,439

602,825

356,795

357,102

227,810

395,917

202,328

2,005,524

1,323,973

1,025,649

1,240,522

400,497

-33.98%

-22.53%

20.95%

84,989

48,110

-28,658

-51,591

4,467

2,090,513

1,372,083

996,991

1,188,931

404,964

389,000

256,544

228,366

272,236

96,118

1,701,513

1,115,539

768,625

916,695

308,846

-34.44%

-31.10%

19.26%

Growth (%)

6,614

7,219

6,958

5,746

4,274

2,801

1,328

2011

Gross Profit
Operating Profit

5,839

6,280

-144

Cost of Revenues
Expenses (Income)

7,219

2012

2013

2014

Jun-15

1,476,875
TOTAL REVENUES (Bill. Rp)
4,727

4,686
4,212

4,727

4,134

3,762

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

Growth (%)

2,798

2,080
1,834

870

Period Attributable

1,701,580

1,116,186

769,493

916,704

308,849

Comprehensive Income

1,701,513

1,122,575

788,003

918,566

317,119

Comprehensive Attributable

1,701,580

1,123,222

788,871

918,575

159,519

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

483.25

327.30

248.52

249.11

172.86

RATIOS
Current Ratio (%)
Dividend (Rp)

100.00

66.00

46.00

53.00

EPS (Rp)

249.39

163.60

112.78

134.36

45.27

BV (Rp)

855.86

920.39

969.39

1,058.04

1,019.88

DAR (X)

0.14

0.17

0.17

0.17

0.20

DER(X)

0.16

0.20

0.21

0.20

0.25

ROA (%)

25.05

14.77

9.64

10.59

3.54

ROE (%)

29.14

17.76

11.62

12.70

4.44

GPM (%)

50.41

39.92

30.32

34.62

28.99

OPM (%)

42.79

31.44

24.81

26.25

19.26

NPM (%)

36.31

26.49

18.59

19.39

14.85

Payout Ratio (%)

40.10

40.34

40.79

39.45

4.44

2.87

2.38

2.80

Yield (%)

-95

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


1,702
1,702

1,354

1,116
917

1,007

769

660

309
313

-34

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

105

COMPANY REPORT

MNCN
MEDIA NUSANTARA CITRA TBK.
Company Profile

PT Media Nusantara Citra Tbk. has core businesses in content and the ownership and
operations of 3 out of the 10 national FreeToAir televisions in Indonesia. MNC have 3
FreeToAir (FTA) TVs RCTI, MNCTV and GlobalTV as well as 16 channels created and
produced by MNC that is broadcasted on PayTV. Currently, MNC also have other media
based business that supports the core businesses of MNC. Those businesses consist of
radio,printmedia,talentmanagement,andaproductionhouse.MNCwasestablishedon
June17,1997.

ThescopeofCompany'sactivitiesistoengageingeneraltrading,construction,industrial,
agricultural, transportation, printing, multimedia through satellite and other
telecommunicationsperipheral,servicesandinvestments.

The Companyis part of Mediacom Group. The Company has ownership in the following
subsidiaries:
Broadcasting:
1. PTRajawaliCitraTelevisiIndonesia(RCTI)
2. PTGlobalInformasiBermutu
3. PTCiptaTelevisiPendidikanIndonesia(CTPI)
4. PTSunTelevisiNetwork(STN)andsubsidiaries
5. PTMNCNetworks(MNCN)andsubsidiaries
Printandonline:
1. PTMediaNusantaraInformasiandsubsidiary
2. PTMNIGlobal
3. PTMNIPublishinganditssubsidiary
4. PTOkezoneIndonesia(Okezone)
Advertisingagency:
1. PTCrossMediaInternasional(CMI)andsubsidiaries
Contentproduction:
1. PTMNCPictures
2. MNCInternationalMiddleEastLtd.
Talentmanagementandothers:
1. PTStarMediaNusantara
2. PTMNCLisensiInternational

TheCompanystarteditscommercialoperationsinDecember2001.TheCompanyandits
subsidiarieshaveatotalof7,451employeesasofJune30th,2015.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

106

RESEARCH AND DEVELOPMENT DIVISION

MNCN Media Nusantara Citra Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Trade, Services & Investment (9)
Industry Sub Sector : Advertising, Printing And Media (95)

Individual Index
:
Listed Shares
:
Market Capitalization :

227.222
14,276,088,500
29,194,600,982,500

29 | 29.2T | 0.59% | 65.37%


48 | 9.83T | 0.67% | 73.44%

COMPANY HISTORY
Established Date
: 17-Jun-1997
Listing Date
: 22-Jun-2007
Under Writer IPO :
PT Bhakti Securities
PT Danareksa Sekuritas
Securities Administration Bureau :
PT BSR Indonesia
Komplek Perkantoran ITC Roxy Mas Blok E1 No. 10 - 11
Jln. K.H. Hasyim Ashari Jakarta 10150
Phone : (021) 631-7828
Fax
: (021) 631-7827
BOARD OF COMMISSIONERS
1. Rosano Barack
2. Adam Chesnoff
3. Bambang Rudijanto Tanoesoedibjo
4. Irman Gusman *)
5. Sutanto *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Hary Tanoesoedibjo
2. Charlie Kasim
3. Diana Airin
4. Ella Kartika
5. Faisal Dharma Setiawan
6. Gwenarty Setiadi
7. Kanti Mirdiati Imansyah
AUDIT COMMITTEE
1. Sutanto
2. Hery Kusnanto
3. John Aristianto Prasetio
4. Mohamed Idwan Ganie

SHAREHOLDERS (July 2015)


1. PT Global Mediacom Tbk.
2. PT Global Mediacom Tbk.
3. Public (<5%)

7,764,623,165 :
790,000,000 :
5,721,465,335 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2007
2009
2009
2010
2011
2012
2013
2013
2014

Shares

Dividend
5.00
5.00
7.00
15.00
35.00
55.00
25.00
35.00
63.00

Cum Date
01-Dec-08
02-Oct-09
29-Nov-10
29-Nov-11
22-Jun-12
06-Sep-13
24-Dec-13
14-Oct-14
27-May-15

Recording
Date
04-Dec-08
07-Oct-09
02-Dec-10
02-Dec-11
27-Jun-12
11-Sep-13
02-Jan-14
17-Oct-14
01-Jun-15

Ex Date
02-Dec-08
05-Oct-09
30-Nov-10
30-Nov-11
25-Jun-12
09-Sep-13
27-Dec-13
15-Oct-14
28-May-15

54.39%
5.53%
40.08%

Payment
Date
19-Dec-08
21-Oct-09
17-Dec-10
16-Dec-11
11-Jul-12
25-Sep-13
16-Jan-14
31-Oct-14
17-Jun-15

F
I
F
F
F
F
I
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.

Type of Listing
First Issue
Company Listing
EMSOP Conversion II
EMSOP Conversion II & III
EMSOP Conversion II, III & IV
EMSOP Conversion III & IV
EMSOP Conversion II, III, IV & V
ESOP/MSOP Conversion II, III, IV & V

ESOP/MSOP Conversion III, IV & V


ESOP/MSOP Conversion III, IV, V & VI

Revision ESOP/MSOP III, IV, V & VI

ESOP/MSOP Conversion V & VI

Shares
4,125,000,000
9,625,000,000
23,504,500
52,960,500
37,076,500
3,988,000
79,965,500
8,114,000
517,500
143,344,500
-8,000
176,625,500

T:
T:
T:
T:
T:
T:
T:
T:
T:

Listing
Date
22-Jun-07
22-Jun-07
29-Nov-10
17-Feb-11
26-Jul-11
04-Aug-11
23-May-12
22-Oct-12
29-Oct-12
29-May-13
24-Jun-13
28-May-14

:
:
:
:
:
:
:
:
:

Trading
Date
22-Jun-07
22-Feb-08
06-Jan-11
19-Jul-11
21-May-12
04-Aug-11
15-Jun-12
19-Nov-12
01-Nov-12
27-Nov-13
24-Jun-13
19-Nov-14

CORPORATE SECRETARY
I Made Ray Karuna Wijaya
HEAD OFFICE
MNC Tower 27th Fl.
Jln. Kebon Sirih Kav. 17 - 19
Jakarta 10340
Phone : (021) 390-0885
Fax
: (021) 392-0109, 390-4965, 392-7859
Homepage
Email

F/I

: www.mncgroup.com
: ray.wijaya@mncgroup.com

RESEARCH AND DEVELOPMENT DIVISION

107

MNCN Media Nusantara Citra Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

3,800

720

3,325

630

2,850

540

2,375

450

1,900

360

1,425

270

950

180

475

90

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Trade, Sevices and Investment Index
January 2011 - July 2015
315%
270%
225%
180%
135%

119.9%
95.8%

90%
45%

28.8%
-45%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

7,200
7,361
347
247

7,529
15,067
406
246

6,802
18,835
435
244

3,081
8,020
567
242

2,505
6,558
455
142

Price (Rupiah)
High
Low
Close
Close*

1,400
770
1,310
1,310

2,875
1,270
2,500
2,500

3,675
2,275
2,625
2,625

3,230
2,180
2,540
2,540

3,160
1,815
2,045
2,045

19.59
19.08
4.78

26.86
15.42
4.78

19.58
22.13
4.14

20.96
16.33
3.15

15.73
PER (X)
16.89
PER Industry (X)
2.65
PBV (X)
* Adjusted price after corporate action

108

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Media Nusantara Citra Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
950
1,120
1,100
970
970
980
1,120
1,110
1,160
1,100
1,150
1,400

Low
770
840
890
770
840
880
900
850
930
950
1,060
1,130

Close
890
1,100
940
880
970
920
1,070
990
1,020
1,100
1,130
1,310

(X)
11,100
31,933
26,436
35,111
27,488
31,276
49,015
31,528
25,754
22,245
16,678
38,694

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

1,400
1,670
1,980
2,250
2,350
2,200
2,425
2,350
2,600
2,875
2,825
2,750

1,270
1,350
1,640
1,830
1,760
1,650
1,930
2,050
2,100
2,575
2,300
2,350

1,350
1,670
1,880
2,250
1,850
1,990
2,375
2,125
2,600
2,825
2,675
2,500

31,240
39,530
58,505
31,437
32,759
45,066
29,540
15,701
22,091
30,045
46,576
23,808

804,498
805,338
1,174,895
517,956
769,427
627,127
419,081
279,093
414,742
412,681
863,864
439,992

1,057,519
1,203,976
2,121,799
1,015,824
1,560,239
1,195,392
903,152
617,221
969,614
1,129,092
2,162,569
1,130,358

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

2,650
2,975
3,275
3,275
3,675
3,350
3,375
3,375
3,375
3,025
2,725
2,750

2,275
2,300
2,750
2,850
3,025
2,425
2,650
2,350
2,700
2,475
2,325
2,400

2,375
2,950
2,825
3,125
3,350
3,125
3,100
2,950
2,700
2,500
2,675
2,625

34,386
26,895
30,497
25,671
40,792
52,067
37,323
40,251
37,027
42,841
39,727
27,379

642,003
380,307
358,184
1,047,479
827,156
641,136
386,505
459,397
594,473
679,718
547,552
238,428

1,559,472
980,432
1,053,598
2,498,012
2,754,723
1,868,702
1,188,245
1,292,266
1,829,040
1,829,601
1,370,696
610,480

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

2,650
2,535
2,850
2,940
2,830
2,900
2,800
2,980
3,230
3,200
2,820
2,555

2,180
2,200
2,470
2,600
2,585
2,605
2,550
2,640
2,650
2,690
2,265
2,180

2,235
2,535
2,630
2,715
2,830
2,760
2,615
2,805
3,195
2,800
2,405
2,540

58,448
46,230
49,623
44,177
32,371
30,902
41,980
40,202
41,293
56,669
64,961
60,432

341,933
333,935
301,730
294,985
190,004
153,671
222,941
189,092
189,308
171,058
382,816
309,297

821,125
789,549
791,129
809,448
514,792
427,351
590,045
537,696
558,581
499,114
934,593
746,815

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

2,905
3,150
3,160
2,880
2,345
2,180
2,125

2,460
2,800
2,725
2,200
2,050
1,815
1,830

2,860
3,150
2,865
2,205
2,060
1,940
2,045

58,171
88,106
75,423
65,901
65,110
58,576
43,492

413,394
421,290
367,509
462,054
320,034
275,467
245,312

1,160,725
1,283,964
1,087,081
1,284,744
708,945
547,239
484,833

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


348,111
304,762
705,128
730,773
399,894
402,126
453,877
396,511
543,312
480,557
412,478
383,978
691,090
701,813
376,359
375,778
289,015
304,520
296,723
314,146
1,624,613 1,665,479
1,034,546 1,325,977

21
18
23
20
21
20
21
19
20
21
22
21

MNCN Media Nusantara Citra Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Osman Bing Satrio & Eny (Member of Deloitte Touche Tohmatsu Limited)
BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

837,230

528,415

574,761

1,132,001

656,975
3,077,694

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

2,558,400

2,615,430

3,062,803

3,215,473

Inventories

894,311

1,139,486

1,332,726

1,634,832

1,637,265

6,018,612

6,766,799

6,811,828

8,670,175

8,131,649

971,773

985,995

1,542,677

2,659,203

3,543,618

56,382

530,609

183,704

Current Assets
Fixed Assets
Other Assets
Total Assets

119,761

38,494

8,798,230

8,960,942

1.85%

7.30%

1,227,364

1,250,225

1,606,491

736,363

413,555

265,215

1,963,727

1,663,780

1,871,706

4,215,820

4,764,420

-15.27%

12.50%

125.24%

13.01%

Growth (%)
Current Liabilities
Long Term Liabilities
Total Liabilities

9,615,280 13,609,033 14,024,148

Growth (%)

41.54%

Liabilities

15,000
12,000
9,000
6,000

3.05%

3,000

892,276

1,112,259

3,323,544

3,652,161

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

4,000,000

4,000,000

4,000,000

4,000,000

4,000,000

Paid up Capital

4,000,000

1,395,613

1,409,946

1,427,609

1,427,609

40,000

13,956

14,099

14,276

14,276

100

100

100

100

100

Paid up Capital (Shares)


Par Value
Retained Earnings

2,345,128

3,511,354

4,085,903

5,354,711

5,151,705

Total Equity

6,834,503

7,297,162

7,743,574

9,393,213

9,259,728

6.77%

6.12%

21.30%

-1.42%

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

5,390,474

6,265,260

6,522,347

6,665,978

3,331,415

16.23%

4.10%

2.20%

Growth (%)

9,260

7,477

6,835

7,297

2014

Jun-15

7,744

5,561

3,645

1,728

-188

2011

Cost of Revenues

2,617,157

2,856,657

2,850,657

2,813,381

1,385,453

Gross Profit

2,773,317

3,408,603

2,850,657

3,852,597

1,945,962

Expenses (Income)

1,262,793

1,147,895

1,278,161

1,308,818

853,380

Operating Profit

9,393
9,393

2013

TOTAL REVENUES (Bill. Rp)


6,265

6,666

Growth (%)

2012

6,522

6,666

5,390
5,306

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

1,510,524

2,260,708

2,393,529

2,543,779

1,092,582

385,353

497,689

583,687

660,347

324,894

1,125,171

1,763,019

1,809,842

1,883,432

767,688

56.69%

2.66%

4.07%

Growth (%)

3,331

3,946

2,586

1,227

Period Attributable

1,070,203

1,657,087

1,691,172

1,761,994

696,382

Comprehensive Income

1,153,383

1,781,284

1,791,090

1,850,941

765,903

Comprehensive Attributable

1,098,415

1,675,352

1,672,420

1,729,503

694,597

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

490.37

541.25

424.02

971.69

731.09

35.00

55.00

60.00

63.00

EPS (Rp)

26.76

118.74

119.95

123.42

48.78

BV (Rp)

170.86

522.86

549.21

657.97

648.62

DAR (X)

0.22

0.19

0.19

0.31

0.34

DER(X)

RATIOS
Current Ratio (%)
Dividend (Rp)

0.29

0.23

0.24

0.45

0.51

ROA (%)

12.79

19.67

18.82

13.84

5.47

ROE (%)

16.46

24.16

23.37

20.05

8.29

GPM (%)

51.45

54.40

43.71

57.79

58.41

OPM (%)

NPM (%)

20.87

28.14

27.75

28.25

23.04

130.82

46.32

50.02

51.04

2.67

2.20

2.29

2.48

Payout Ratio (%)


Yield (%)

-133

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


1,763

1,810

1,883

1,499

1,125
1,115

768
731

347

-38

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

109

COMPANY REPORT

MPPA
MATAHARI PUTRA PRIMA TBK.

Company Profile

PTMatahariPutraPrimaTbk.wasestablishedonMarch11th,1986.TheCompanyoperates
achainofstoreswhichsellsuchitemsasdailyneeds.

The Company is domiciled at Menara Matahari 20th Floor, Boulevard Palem Raya No. 7,
LippoKarawaciTangerang,Banten.TheCompanystartedcommercialoperationsin1986.

TheCompanyhasaSubsidiary,PTMatahariSuperEkonomiwhichstarteditscommercial
operationin1994andengagedinretail,withownershipof99.2%.TheCompanyoperates
Hypermart, Foodmart and Boston Health& Beauty stores in 267 locations in Jakarta and
other cities in Indonesia. The Immediate Parent Company is PT Multipolar Tbk., which is
theCompanysmajorshareholder.TheUltimateParentoftheCompanyisLaniusLimited.

TheCompanyhasapproximately13,757employeesasatJune30th,2015.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

110

RESEARCH AND DEVELOPMENT DIVISION

MPPA Matahari Putra Prima Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Trade, Services & Investment (9)
Industry Sub Sector : Retail Trade (93)

Individual Index
:
Listed Shares
:
Market Capitalization :

1,219.256
5,377,962,800
15,596,092,120,000

57 | 15.6T | 0.31% | 76.83%


13 | 23.7T | 1.61% | 40.02%

COMPANY HISTORY
Established Date
: 11-Mar-1986
Listing Date
: 21-Dec-1992
Under Writer IPO :
PT Jardine Fleming Nusantara
PT Lippo Securities
Securities Administration Bureau :
PT Sharestar Indonesia
Beritasatu Plasa 7th Fl.
Jln. Jend. Gatot Subroto Kav. 35 - 36 Jakarta 12950
Phone : (021) 527-7966
Fax
: (021) 527-7967
BOARD OF COMMISSIONERS
1. John Bellis
2. Chua Siang Hwee, Jeffrey *)
3. Johanes Jany
4. John Riady
5. Niel Nielson *)
6. Theo L. Sambuaga
7. William Travis Saucer *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Bunjamin J. Mailool
2. Carmelito Jimenez Regalado
3. Ishak Kurniawan
4. Lina Haryanti Latif
5. Noel Trinder
AUDIT COMMITTEE
1. Travis Saucer
2. Ganesh Chander Grover
3. Utomo Santoso
CORPORATE SECRETARY
Danny Kojongian
HEAD OFFICE
Menara Matahari 17th Fl.
Jln. Boulevard Palem Raya 7,
Lippo Karawaci 1200, Tangerang 15811

SHAREHOLDERS (July 2015)


1. DBS Bank Ltd. S/A PT Multipolar Tbk.
2. DBS Bank Ltd. Sa Prime Star Inv.
3. PT Multipolar Tbk
4. Public (<5%)

2,701,386,000
1,402,947,000
5,108
1,273,624,692

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1993
1994
1995
1996
1999
2000
2001
2002
2003
2005
2005
2006
2007
2009
2010
2010
2011
2012
2013
2014

Shares
1:2

Dividend
100.00
35.00
50.00
15.00
16.50
31.00
11.00
12.00
13.00
14.00
25.00
10.40
11.50
16.10
180.00
300.00
6.00
186.00
186.00
36.00

Cum Date
06-Jun-94
27-Jun-95
05-Jul-96
11-Jul-97
28-Jul-00
18-Jun-01
19-Apr-02
10-Jun-03
14-Jun-04
14-Jun-05
25-Apr-06
22-May-07
15-Apr-08
07-Jun-10
23-Dec-10
07-Mar-11
30-Apr-12
15-May-13
05-May-14
21-May-15

Ex Date
07-Jun-94
28-Jun-95
08-Jul-96
14-Jul-97
31-Jul-00
19-Jun-01
22-Apr-02
11-Jun-03
15-Jun-04
15-Jun-05
26-Apr-06
23-May-07
16-Apr-08
08-Jun-10
27-Dec-10
08-Mar-11
01-May-12
16-May-13
06-May-14
22-May-15

Recording
Date
14-Jun-94
06-Jul-95
16-Jul-96
23-Jul-97
08-Aug-00
22-Jun-01
25-Apr-02
13-Jun-03
17-Jun-04
17-Jun-05
28-Apr-06
25-May-07
18-Apr-08
10-Jun-10
29-Dec-10
10-Mar-11
03-May-12
20-May-13
08-May-14
26-May-15

:
:
:
:

50.23%
26.09%
0.00%
23.68%

Payment
Date
14-Jul-94
04-Aug-95
14-Aug-96
21-Aug-97
23-Aug-00
06-Jul-01
08-May-02
27-Jun-03
01-Jul-04
01-Jul-05
12-May-06
08-Jun-07
05-May-08
23-Jun-10
10-Jan-11
22-Mar-11
16-May-12
29-May-13
19-May-14
17-Jun-15

F
F
F
F
F
F
F
F
F
F
I
I
F
I
F
F
F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.

Type of Listing
First Issue
Company Listing
CB Conversion
Bonus Shares
Right Issue
Stock Split
Warrant
Delisted Treasury Stock

Shares
8,700,000
33,366,320
8,051,274 T:
100,215,406
4,110,590,000 T:
450,999,000
864,624,800 T:
-198,584,000

Listing
Date
21-Dec-92
21-Dec-92
19-Jul-93 :
15-Jul-94
30-Jun-95 :
15-Sep-97
24-Sep-09 :
23-Jul-13

Trading
Date
21-Dec-92
21-Dec-92
17-Oct-94
15-Jul-94
16-Feb-07
15-Sep-97
15-Jul-10
23-Jul-13

Phone : (021) 547-5478


Fax
: (021) 547-5229, 547-5673
Homepage
Email

F/I

: www.hypermart.co.id
: danny.kojongian@hypermart.co.id

RESEARCH AND DEVELOPMENT DIVISION

111

MPPA Matahari Putra Prima Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

4,600

640

4,025

560

3,450

480

2,875

400

2,300

320

1,725

240

1,150

160

575

80

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Trade, Sevices and Investment Index
January 2011 - July 2015
210%
175%
140%
105%

95.8%
93.3%

70%
35%

28.8%

-35%
-70%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

724
1,004
89
247

787
969
65
245

7,158
14,783
140
244

9,789
27,106
282
242

3,078
11,637
328
142

Price (Rupiah)
High
Low
Close
Close*

1,850
840
920
920

1,630
840
1,150
1,150

3,150
1,080
1,940
1,940

3,665
1,720
3,050
3,050

4,500
2,700
2,900
2,900

26.89
19.08
1.67

23.45
15.42
3.17

34.76
22.13
6.19

44.43
16.33
5.56

42.65
PER (X)
16.89
PER Industry (X)
0.90
PBV (X)
* Adjusted price after corporate action

112

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Matahari Putra Prima Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
1,820
1,770
1,850
1,450
1,400
1,430
1,310
1,330
1,180
1,010
990
960

Low
1,470
1,440
1,390
1,390
1,330
1,210
1,180
1,050
840
860
900
900

Close
1,680
1,760
1,430
1,390
1,340
1,210
1,220
1,170
940
990
940
920

(X)
13,526
10,101
17,149
4,357
3,753
6,246
8,715
9,192
4,798
6,194
3,654
1,565

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

960
970
950
940
970
960
1,120
1,330
1,630
1,600
1,600
1,330

910
910
840
870
850
890
960
910
1,280
1,460
950
1,040

920
930
880
940
940
960
1,020
1,290
1,500
1,510
1,330
1,150

1,374
4,901
4,960
1,563
2,035
2,133
3,982
11,930
11,229
5,137
9,938
5,601

20,571
30,362
33,299
15,097
29,919
54,947
31,578
182,567
142,859
79,736
109,812
56,270

19,147
28,385
30,280
13,696
27,779
50,794
33,311
209,632
210,894
122,065
155,895
66,849

21
21
21
20
21
21
22
19
20
22
19
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

1,330
1,900
1,950
2,025
2,525
3,150
3,000
2,525
2,225
2,475
2,475
2,050

1,080
1,230
1,690
1,600
1,760
2,225
1,980
1,800
1,800
2,025
1,970
1,840

1,220
1,780
1,820
1,990
2,425
2,925
2,425
2,150
2,050
2,400
1,990
1,940

8,016
17,145
6,263
9,290
14,479
19,045
19,628
8,660
10,914
8,799
7,279
10,218

95,364
2,238,349
1,201,762
162,030
632,628
356,820
441,101
278,973
291,423
543,862
423,849
491,440

113,111
4,178,771
2,384,897
296,089
1,325,297
967,543
1,123,951
633,042
591,414
1,256,005
959,690
952,824

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

2,020
2,225
2,755
3,025
3,100
3,385
3,500
3,145
3,500
3,345
3,375
3,665

1,720
2,000
2,100
2,450
2,465
2,850
2,675
2,650
3,005
2,650
2,980
3,050

2,005
2,165
2,685
2,770
3,100
3,125
2,945
3,080
3,150
3,145
3,265
3,050

15,355
13,543
22,424
21,586
19,245
15,931
19,715
25,031
24,841
39,355
35,027
30,107

1,067,464
953,123
1,005,504
637,742
822,381
770,793
698,384
675,132
1,183,344
1,012,928
505,329
457,043

2,017,903
2,018,158
2,388,968
1,782,415
2,317,655
2,451,819
2,093,143
2,008,343
3,816,651
3,059,473
1,603,980
1,547,231

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

3,985
4,500
4,500
4,190
4,120
3,750
3,135

2,825
3,560
3,875
3,620
3,650
2,950
2,700

3,800
4,180
3,960
3,960
3,650
2,950
2,900

52,197
42,901
65,140
48,681
30,880
41,366
46,401

965,027
733,820
960,099
152,376
68,604
97,328
100,334

3,152,305
3,000,209
4,008,062
590,738
266,983
323,499
295,593

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


128,336
211,742
152,560
93,453
129,087
205,461
24,982
35,520
21,780
29,822
34,273
45,737
65,314
80,412
106,151
86,622
41,748
43,638
48,107
45,145
39,314
36,938
11,264
10,427

21
18
23
20
21
20
21
19
20
21
22
21

MPPA Matahari Putra Prima Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)
BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

1,403,075

1,361,736

1,302,610

747,710

280,444

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

257,596

43,338

414,042

383,264

540,013

Inventories

1,266,120

1,670,574

2,273,548

2,655,023

3,628,752

Current Assets

3,618,563

5,084,740

4,167,989

3,904,064

4,578,732

Fixed Assets

1,643,505

775,125

1,086,757

1,272,601

1,372,797

Other Assets
Total Assets

9,000
6,750

310,902

126,162

183,642

175,619

169,075

10,308,169

8,225,206

6,579,518

5,827,294

6,681,358

-20.21%

-20.01%

-11.43%

14.66%

2,250
-

Growth (%)
Current Liabilities

2,960,433

2,715,926

3,037,430

2,749,630

3,604,132

Long Term Liabilities

1,664,288

1,663,526

247,118

228,978

273,548

Total Liabilities

4,624,721

4,379,452

3,284,548

2,978,608

3,877,680

-5.30%

-25.00%

-9.31%

30.18%

Growth (%)

Liabilities

11,250

4,500

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

5,400,000

540,000

540,000

540,000

540,000

Paid up Capital

2,788,273

278,827

268,898

268,898

268,898

5,577

5,577

5,378

5,378

5,378

500

50

50

50

50

Retained Earnings

2,642,389

2,831,270

2,251,464

1,805,180

1,787,070

Total Equity

5,683,448

3,845,754

3,294,970

2,848,686

2,803,678

-32.33%

-14.32%

-13.54%

-1.58%

Dec-12

Dec-13

Dec-14

Jun-15

8,908,611 10,868,164 11,912,763 13,590,405

6,854,742

Paid up Capital (Shares)


Par Value

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

22.00%

Growth (%)

9.61%

14.08%

3,295
3,365

7,351,010

8,970,603 10,023,943 11,235,948

5,651,000

1,557,601

1,897,561

1,888,820

2,354,457

1,203,742

Expenses (Income)

1,393,229

1,555,054

1,300,345

1,642,796

983,420

342,507

588,475

711,661

220,322

71.81%

20.93%

Income before Tax


Tax
Profit for the period

2012

2014

Jun-15

13,590
10,868

-44,418

-3,454

19,177

2,652

298,089

585,021

730,838

222,974

44,073

58,611

140,116

176,821

47,477

120,299

239,478

444,905

554,017

175,497

99.07%

85.78%

24.52%

2013

TOTAL REVENUES (Bill. Rp)


13,590

164,372

Growth (%)

2,804

1,046

10,818

Other Income (Expenses)

2,849

2,205

2011

Gross Profit

Growth (%)

3,846

4,524

-114

Cost of Revenues

Operating Profit

5,683
5,683

11,913

8,909
6,855

8,046

5,273

2,501

Period Attributable

105,037

220,547

444,905

554,017

175,497

Comprehensive Income

120,301

238,448

444,905

554,017

175,497

Comprehensive Attributable

105,039

219,517

444,905

554,017

175,497

RATIOS

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

122.23

187.22

137.22

141.99

127.04

6.00

186.00

186.00

36.00

Current Ratio (%)


Dividend (Rp)

18.84

39.55

82.73

103.02

32.63

BV (Rp)

1,019.17

689.63

612.68

529.70

521.33

DAR (X)

0.45

0.53

0.50

0.51

0.58

DER(X)

0.81

1.14

1.00

1.05

1.38

ROA (%)

1.17

2.91

6.76

9.51

2.63

ROE (%)

2.12

6.23

13.50

19.45

6.26

GPM (%)

17.48

17.46

15.86

17.32

17.56

OPM (%)

3.15

4.94

5.24

3.21

NPM (%)

1.35

2.20

3.73

4.08

2.56

31.85

470.30

224.83

34.95

0.65

16.17

9.59

1.18

EPS (Rp)

Payout Ratio (%)


Yield (%)

-272

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


554
554

445
441

328

239
175

215

120
102

-11

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

113

COMPANY REPORT

PGAS
PERUSAHAAN GAS NEGARA
(PERSERO) TBK.
Company Profile
PTPerusahaanGasNegara(Persero)Tbk.wasestablishedin1859.OnMay13th,1965,theCompany
wasstatedasstateownedenterpriseandknownasPerusahaanNegaraGas(PN.Gas).

ThestatusoftheCompanywaschangedfromapublicserviceenterprise(Perum)toastateowned
limited liability company (Persero) and the name was changed to PT Perusahaan Gas Negara
(Persero)basedonGovernmentRegulationNo.37year1994.

The Companys purposes are to implement and support the Governments economic and national
developmentprograms,particularlyindevelopingusesofnaturalgasforthebenefitofthepublicas
well as in the supply of a sufficient volume and quality of gas for public consumption. To achieve
these objectives, the Company carries out planning, construction, operating and development of
natural gas downstream business which includes processing, transporting, storing and trading,
planning, construction, production development, supplying and distribution of processed gas; or
other businesses which support the foregoing activities in accordance with prevailing laws and
regulations. Currently, the Companys principal business was the distribution and transmission of
naturalgastoindustrial,commercialandhouseholdusers.

To achieve responsive sales target, the Company has divided its business areas into four Strategic
BusinessUnits(SBU),asfollows:
1. SBUDistributionRegionI,WesternJavaRegionuntilSouthSumatera,
2. SBUDistributionRegionII,EasternJavaRegion,
3. SBUDistributionRegionIII,NorthernSumateraRegionandtheRiauIslands,
4. SBUSumateraJavaTransmission.

TheCompanycommencedtheconstructionofSouthSumateraWestJavagastransmissionIandII
willexpectedopereatingmaximumcapacityof460mmscfdand520mmscfd(unaudited).

Thecompanyhasownershipinsubsidiaries:PTPGASTelekomunikasiNusantara,PTPGASSolution,
PT Saka Energi Indonesia, PT Gagas Energi Indonesia, PT PGN LNG Indonesia, PT Permata Graha
Nusantara.AsofJune30th,2015,theCompanyandSubsidiarieshadatotalof2,270employees.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publicat

114

RESEARCH AND DEVELOPMENT DIVISION

PGAS Perusahaan Gas Negara (Persero) Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Infrastructure, Utilities And Transportation (7)
Industry Sub Sector : Energy (71)

Individual Index
:
Listed Shares
:
Market Capitalization :

1,333.333
24,241,508,196
96,966,032,784,000

8 | 97.0T | 1.95% | 42.68%


7 | 34.8T | 2.36% | 29.10%

COMPANY HISTORY
Established Date
: 01-Feb-1905
Listing Date
: 15-Dec-2003
Under Writer IPO :
PT Danareksa Sekuritas
PT ABN AMRO Asia Securities Indonesia
Securities Administration Bureau :
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Iman Sugema *)
2. IGN Wiratmaja Puja
3. M. Ikhsan
4. M. Zamkhani
5. Paiman Rahardjo *)
6. Tirta Hidayat
*) Independent Commissioners
BOARD OF DIRECTORS
1. Hendi Prio Santoso
2. Djoko Saputro
3. Hendi Kusnadi
4. Jobi Triananda Hasjim
5. M. Riza Pahlevi Tabrani
6. Muhammad Wahid Sutopo
AUDIT COMMITTEE
1. Paiman Rahardjo
2. Achmad Surya Abadi
3. Kurnia Sari Dewi
4. Mohamad Slamet Wibowo
5. Yovita Lasti Handini

SHAREHOLDERS (July 2015)


1. Negara Republik Indonesia
2. Public (<5%)

13,809,038,756 :
10,432,469,440 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2003
2004
2005
2005
2006
2008
2009
2009
2010
2010
2011
2011
2012
2013

Shares

Dividend
60.10
1.71
51.38
104.43
208.45
41.74
10.00
144.20
10.20
144.24
10.87
123.75
202.77
210.40

Cum Date
18-Jun-04
23-Dec-04
22-Jun-05
30-Jun-06
22-Jun-07
15-Jul-09
08-Dec-09
08-Jul-10
27-Dec-10
19-Jul-11
30-Nov-11
12-Jun-12
10-May-13
28-Apr-14

Recording
Date
23-Jun-04
29-Dec-04
27-Jun-05
05-Jul-06
27-Jun-07
21-Jul-09
11-Dec-09
13-Jul-10
30-Dec-10
22-Jul-11
05-Dec-11
15-Jun-12
15-May-13
02-May-14

Ex Date
21-Jun-04
27-Dec-04
23-Jun-05
03-Jul-06
25-Jun-07
16-Jul-09
09-Dec-09
09-Jul-10
28-Dec-10
20-Jul-11
01-Dec-11
13-Jun-12
13-May-13
29-Apr-14

56.96%
43.04%

Payment
Date
07-Jul-04
30-Dec-04
08-Jul-05
14-Jul-06
11-Jul-07
04-Aug-09
23-Dec-09
27-Jul-10
04-Jan-11
04-Aug-11
16-Dec-11
29-Jun-12
29-May-13
19-May-14

F
I
F
F
F
I
F
I
F
I
F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.

Type of Listing
First Issue
Company Listing
MSOP Conversion
MSOP Conversion II
ESOP Conversion
Stock Split

Shares
1,296,296,000
3,024,691,000
215,637,305
3,261,500
53,551,388
18,373,748,772
Government Project Fund Conversion 1,274,322,231

T:
T:
T:
T:
T:

Listing
Date
15-Dec-03
15-Dec-03
13-Dec-04
10-Nov-06
18-Jan-08
04-Aug-08
16-Apr-09

:
:
:
:
:

Trading
Date
15-Dec-03
15-Jun-04
28-Dec-06
16-Feb-07
19-Feb-08
04-Aug-08
16-Oct-09

CORPORATE SECRETARY
Heri Yusup
HEAD OFFICE
Jln. K.H. Zainul Arifin No. 20
Jakarta - 11140
Phone : (021) 633-4838
Fax
: (021) 633-1632
Homepage
Email

F/I

: www.pgn.co.id
: heri.yusup@pgn.co.id

RESEARCH AND DEVELOPMENT DIVISION

115

PGAS Perusahaan Gas Negara (Persero) Tbk. [S]


Closing
Price*

TRADING ACTIVITIES
Volume
(Mill. Sh)

6,400

320

5,600

280

4,800

240

4,000

200

3,200

160

2,400

120

1,600

80

800

40

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Infrastructure, Utilities and Transportation Index
January 2011 - July 2015
60%
45%
30%

28.8%
23.0%

15%
-10.6%

-15%
-30%
-45%
-60%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

11,496
39,942
489
247

7,191
27,787
319
246

7,074
37,444
505
244

5,365
29,084
712
242

4,832
23,062
631
142

4,500
2,025
3,175
3,175

4,800
3,050
4,600
4,600

6,450
4,375
4,475
4,475

6,225
4,120
6,000
6,000

6,050
3,855
4,000
4,000

12.61
17.53
4.90

10.27
12.11
3.24

15.09
20.04
4.24

297.05
10.01
2.48

Price (Rupiah)
High
Low
Close
Close*

12.49
PER (X)
11.09
PER Industry (X)
4.48
PBV (X)
* Adjusted price after corporate action

116

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

Closing Price* and Trading Volume


Perusahaan Gas Negara (Persero) Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
4,500
4,300
3,900
4,050
4,250
4,075
4,125
4,000
2,975
3,100
3,175
3,250

Low
3,875
3,475
3,500
3,775
3,900
3,900
3,850
2,925
2,025
2,400
2,850
3,000

Close
4,225
3,550
3,900
4,000
4,050
4,025
3,975
2,950
2,675
2,950
3,075
3,175

(X)
26,664
45,031
56,620
27,808
26,581
18,063
28,033
88,001
71,256
51,740
29,870
19,074

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

3,500
3,775
3,850
3,825
4,000
3,700
3,825
3,825
4,200
4,650
4,800
4,650

3,050
3,300
3,575
3,300
3,350
3,275
3,475
3,600
3,675
4,025
4,450
4,375

3,375
3,750
3,800
3,350
3,700
3,525
3,800
3,700
4,125
4,650
4,525
4,600

27,122
27,960
25,231
24,434
34,239
31,672
29,674
21,472
23,478
24,945
27,061
21,842

470,932
535,228
392,942
465,723
905,887
804,437
632,860
493,571
639,777
723,985
648,018
477,616

1,557,024
1,895,258
1,470,645
1,652,881
3,409,283
2,822,960
2,324,863
1,824,200
2,546,133
3,145,063
2,967,230
2,171,383

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

4,725
4,875
6,100
6,350
6,450
5,800
6,050
6,000
5,600
5,500
5,100
4,950

4,450
4,575
4,850
5,550
5,500
4,600
5,350
4,875
4,975
4,975
4,450
4,375

4,675
4,800
5,950
6,250
5,500
5,750
5,900
5,400
5,200
5,100
4,850
4,475

33,296
27,481
37,631
29,703
39,143
59,111
50,191
38,726
48,396
50,291
53,784
37,139

535,744
517,665
684,572
573,930
655,792
873,388
572,520
416,560
718,169
579,000
531,321
414,903

2,462,840
2,446,564
3,657,960
3,376,638
4,013,862
4,642,986
3,265,952
2,206,294
3,806,937
3,018,710
2,588,151
1,956,824

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

4,780
5,075
5,350
5,575
5,800
5,575
6,125
6,100
6,100
6,075
6,225
6,075

4,120
4,660
4,850
5,100
5,250
5,200
5,400
5,700
5,825
5,600
5,825
5,775

4,770 106,143
4,900
61,662
5,125
73,931
5,325
62,511
5,425
39,910
5,575
46,024
5,900
53,554
5,800
53,579
6,000
55,429
5,950
58,653
5,950
44,381
6,000
56,406

731,381
432,426
547,714
494,101
403,160
388,534
391,901
296,364
355,364
516,524
382,941
424,716

3,299,365
2,115,770
2,773,081
2,620,377
2,219,449
2,098,889
2,259,475
1,739,898
2,126,646
3,001,773
2,307,438
2,521,726

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

6,050
5,500
5,400
4,890
4,360
4,390
4,350

4,995
5,050
4,600
4,100
3,855
4,155
3,900

5,050
92,906
66,654
5,200
4,800
96,871
4,100 121,106
4,295 106,169
4,315
82,956
4,000
63,869

887,651
624,549
782,389
952,937
768,554
429,183
386,941

4,816,967
3,312,449
3,975,099
4,338,820
3,183,949
1,834,395
1,600,087

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


743,884 3,107,955
838,222 3,214,807
1,354,368 5,004,188
760,375 3,001,507
918,787 3,766,922
461,564 1,843,643
677,815 2,688,936
1,991,726 6,642,358
1,410,779 3,769,027
1,088,971 3,038,698
716,594 2,175,410
532,789 1,688,283

21
18
23
20
21
20
21
19
20
21
22
21

PGAS Perusahaan Gas Negara (Persero) Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

10,356,369 15,157,322 16,200,470 15,122,533 10,039,389

Receivables

2,043,553

2,550,177

3,875,102

5,125,490

4,218,132

Inventories

11,836

23,644

179,329

812,909

579,899

Current Assets

13,656,295 19,183,520 21,847,077 23,141,099 17,624,719

Fixed Assets

15,866,650 16,378,657 22,542,829 30,904,599 25,648,421

Other Assets
Total Assets

38,309

22.00%

Growth (%)
Current Liabilities

21,425

50,620

97,582

86,967

30,976,446 37,791,930 53,536,157 77,295,913 76,890,546

2,483,317

41.66%

52,500
35,000

-0.52%

17,500

4,571,487 10,868,753 13,562,910

7,698,638

11,308,417 10,449,604

Total Liabilities

13,791,734 15,021,091 20,073,088 40,447,177 39,051,680

8.91%

Growth (%)

70,000

44.38%

Long Term Liabilities

9,204,335 26,884,267 31,353,042

33.63%

101.50%

-3.45%

Liabilities

87,500

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

7,000,000

7,000,000 12,024,600

7,000,000

7,000,000

Paid up Capital

2,424,151

2,424,151

4,164,206

2,424,151

2,424,151

24,242

24,242

24,242

24,242

24,242

100

100

172

100

100

Paid up Capital (Shares)


Par Value
Retained Earnings

12,257,199 16,847,739 25,725,467 28,819,214 30,056,834

Total Equity

17,184,712 22,770,838 33,463,069 36,848,736 37,838,866

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

Gross Profit

46.96%

10.12%

2.69%

Dec-12

Dec-13

Dec-14

Jun-15

37,839

2014

Jun-15

30,120

22,771
22,401

17,185

14,681

6,962

19,567,407 24,914,688 36,828,609 42,389,226 18,876,518

27.33%

Growth (%)
Cost of Revenues

32.51%

36,849
33,463

37,839

47.82%

15.10%

-757

2011

2012

2013

7,793,751 10,676,664 19,429,817 24,172,867 12,492,939


11,773,656 14,238,024 17,398,792 18,216,359

6,383,579

Expenses (Income)

4,051,278

4,389,290

6,003,474

2,518,854

Operating Profit

7,722,378

9,848,734 11,456,318 12,212,885

3,864,724

5,942,474

27.53%

16.32%

6.60%

1,255,405

2,348,434

-40,958

-71,319

Income before Tax

7,654,189 11,104,139 13,804,752 12,171,927

3,793,406

Tax

1,535,979

2,253,611

2,836,789

2,873,884

764,790

Profit for the period

6,118,210

8,850,528 10,967,963

9,298,043

3,028,616

Growth (%)

TOTAL REVENUES (Bill. Rp)


42,389
36,829
33,742

Other Income (Expenses)

-68,189

44.66%

Growth (%)

23.92%

24,915
25,094

19,567

18,877

16,447

-15.23%
7,800

Period Attributable

5,933,063

8,614,862 10,558,743

8,988,170

3,030,845

Comprehensive Income

6,163,463

8,843,202 10,898,403

9,305,661

3,126,232

Comprehensive Attributable

5,964,373

8,603,365 10,481,609

9,001,479

3,126,637

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Current Ratio (%)

549.92

419.63

201.01

170.62

228.93

Dividend (Rp)

134.62

202.77

210.40

EPS (Rp)

244.75

355.38

435.56

370.78

125.03

BV (Rp)

708.90

939.33

1,380.40

1,520.07

1,560.91

DAR (X)

0.45

0.40

0.37

0.52

0.51

DER(X)

0.80

0.66

0.60

1.10

1.03

ROA (%)

19.75

23.42

20.49

12.03

3.94

ROE (%)

35.60

38.87

32.78

25.23

8.00

GPM (%)

60.17

57.15

47.24

42.97

33.82

OPM (%)

39.47

39.53

31.11

28.81

20.47

NPM (%)

31.27

35.52

29.78

21.93

16.04

Payout Ratio (%)

55.00

57.06

48.31

4.24

4.41

4.70

RATIOS

Yield (%)

-848

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


10,968
10,968

9,298

8,851
8,730

6,118
6,493

3,029

4,256

2,018

-219

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

117

COMPANY REPORT

PTBA
TAMBANG BATUBARA
BUKIT ASAM (PERSERO) TBK.
Company Profile

PT Tambang Batubara Bukit Asam (Persero) Tbk. was established on March 2, 1981. In
1993, the Company was appointed by the Indonesian Government to develop a Coal
BriquetteOperatingUnit.

The head office located at Jln. Parigi No. 1, Tanjung Enim 31716, Sumatera Selatan. The
representative office located at Menara Kadin Indonesia 15th Floor, Jln. H.R. Rasuna Said
BlokX5Kav.23,Jakarta12950.

ThescopeofactivitiesoftheCompanyanditssubsidiariescomprisescoalminingactivities,
including general surveying, exploration, exploitation, processing, refining, transportation
and trading, maintenance of special coal port facilities for internal and external needs,
operationofsteampowerplantsforinternalandexternalneedsandprovidingconsulting
servicesrelatedtothecoalminingindustryaswellasitsderivativeproducts.

Thecompanyhasdirectownershipinsubsidiaries:
PTBatubaraBukitKendi,
PTBukitAsamPrima,
PTInternationalPrimaCoal,
PTBukitAsamMetanaOmbilin,
PTBukitAsamMetanaEnim,
PTBukitAsamMetanaPeranap,and
PTBukitAsamBanko.

TheCompanyhasanownershipinterestinthefollowingjointventureentities:
PT Bukit Pembangkit Innovative, Tanjung Enim Sumatera Selatan, Independent
power,
PTBukitAsamTranspacificRailway,Jakarta,Coaltransportationservices,
PTHuadianBukitAsamPower,TanjungEnim,SumateraSelatan,Independent
powerproducer.

AsofJune30th,2015,theCompanyhadatotalof2,803permanentemployees.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

118

RESEARCH AND DEVELOPMENT DIVISION

PTBA Tambang Batubara Bukit Asam (Persero) Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Mining (2)
Industry Sub Sector : Coal Mining (21)

Individual Index
:
Listed Shares
:
Market Capitalization :

1,043.478
2,304,131,850
13,824,791,100,000

63 | 13.8T | 0.28% | 78.57%


57 | 7.06T | 0.48% | 78.46%

COMPANY HISTORY
Established Date
: 02-Mar-1981
Listing Date
: 23-Dec-2002
Under Writer IPO :
PT Danareksa Sekuritas
Securities Administration Bureau :
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Agus Suhartono *)
2. Leonard
3. Muhammad Said Didu
4. Robert Heri
5. S. Koenaryo *)
6. Seger Budiarjo
*) Independent Commissioners
BOARD OF DIRECTORS
1. Milawarma
2. Achmad Sudarto
3. Anung Dri Prasetya
4. Heri Supriyanto
5. M. Jamil
6. Maizal Gazali
AUDIT COMMITTEE
1. S. Koenaryo
2. Ai Supardini
3. Nuhindro Priagung Widodo
4. Seger Budiarjo

SHAREHOLDERS (July 2015)


1. Negara Republik Indonesia
2. PT Tambang Batu Bara Bukit Asam (Persero) Tbk.
3. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2002
2003
2004
2005
2005
2006
2007
2009
2009
2010
2010
2011
2011
2012
2013
2014

Shares

Dividend
41.75
58.00
5.80
87.48
101.54
105.39
164.97
66.75
466.65
66.75
456.37
103.46
700.48
720.75
461.97
324.57

Cum Date
21-May-03
09-Jun-04
22-Dec-04
05-Jul-05
02-Jun-06
29-May-07
18-Jun-08
25-Nov-09
26-May-10
20-Dec-10
04-Jul-11
28-Nov-11
29-May-12
20-May-13
28-Apr-14
07-Apr-15

Ex Date
22-May-03
10-Jun-04
23-Dec-04
06-Jul-05
05-Jun-06
30-May-07
19-Jun-08
26-Nov-09
27-May-10
21-Dec-10
05-Jul-11
29-Nov-11
30-May-12
21-May-13
29-Apr-14
08-Apr-15

1,498,087,500 :
129,997,500 :
676,046,850 :

Recording
Date
26-May-03
14-Jun-04
28-Dec-04
08-Jul-05
07-Jun-06
04-Jun-07
23-Jun-08
01-Dec-09
01-Jun-10
23-Dec-10
07-Jul-11
01-Dec-11
01-Jun-12
23-May-13
02-May-14
10-Apr-15

65.02%
5.64%
29.34%

Payment
Date
27-May-03
21-Jun-04
29-Dec-04
22-Jul-05
16-Jun-06
15-Jun-07
07-Jul-08
15-Dec-09
15-Jun-10
29-Dec-10
21-Jul-11
15-Dec-11
15-Jun-12
07-Jun-13
16-May-14
30-Apr-15

F
F
I
F
I
F
I
F
I
F
I
F
F
F
I

ISSUED HISTORY
No.
1.
2.
3.

Type of Listing
First Issue
Company Listing
Warrant

Shares
346,500,000
1,785,000,000
172,631,850 T:

Listing
Date
23-Dec-02
23-Dec-02
14-Dec-04 :

Trading
Date
23-Dec-02
23-Dec-02
28-Dec-05

CORPORATE SECRETARY
Joko Pramono
HEAD OFFICE
Menara Kadin Indonesia 15th Fl. & 9th Fl.
Jln. H.R. Rasuna Said X-5, Kav. 2 & 3
Jakarta 12950
Phone : (021) 525-4014
Fax
: (021) 525-4002
Homepage
Email

F/I

: www.ptba.com
: jpramono@bukitasam.co.id

RESEARCH AND DEVELOPMENT DIVISION

119

PTBA Tambang Batubara Bukit Asam (Persero) Tbk. [S]


Closing
Price*

TRADING ACTIVITIES
Volume
(Mill. Sh)

26,000

24.0

22,750

21.0

19,500

18.0

16,250

15.0

13,000

12.0

9,750

9.0

6,500

6.0

3,250

3.0

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Mining Index
January 2011 - July 2015
80%
60%
40%
28.8%
20%
-20%
-40%
-60%
-71.3%
-74.9%

-80%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

757
15,002
230
247

706
11,954
190
246

653
8,819
214
244

830
9,122
431
242

364
3,646
240
142

Price (Rupiah)
High
Low
Close
Close*

26,000
13,600
17,350
17,350

21,150
12,950
15,100
15,100

17,000
9,700
10,200
10,200

14,150
8,975
12,500
12,500

12,525
6,000
6,000
6,000

15.33
8.49
4.09

12.87
20.76
3.11

13.65
3.23
3.53

8.69
-10.63
1.57

12.95
PER (X)
16.17
PER Industry (X)
4.90
PBV (X)
* Adjusted price after corporate action

120

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

Closing Price* and Trading Volume


Tambang Batubara Bukit Asam (Persero)
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
26,000
20,700
21,550
22,800
22,450
21,500
21,650
21,500
19,950
18,800
18,500
17,750

Low
19,350
18,750
19,800
21,000
20,600
20,350
20,550
17,450
13,700
13,600
16,500
16,200

Close
19,750
20,050
21,000
22,300
21,250
20,800
21,300
19,050
16,800
18,350
17,000
17,350

(X)
31,410
22,423
22,536
13,575
13,591
14,856
16,518
19,027
20,250
27,223
15,147
13,830

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

20,250
21,150
21,100
20,600
18,550
15,250
16,450
16,000
17,000
16,900
16,900
16,000

17,300
19,900
20,050
18,000
15,000
12,950
14,450
13,500
13,800
15,550
13,800
13,650

20,150
20,750
20,500
18,450
15,000
14,650
15,900
14,600
16,200
16,000
14,000
15,100

15,251
13,083
12,467
14,159
19,856
25,436
17,145
13,578
16,341
10,502
14,844
16,876

52,009
79,652
60,156
52,472
67,653
108,437
46,768
48,346
61,071
41,017
36,151
51,945

999,520
1,651,883
1,240,929
1,012,647
1,133,883
1,509,872
723,145
720,762
953,500
668,623
564,858
774,274

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

17,000
15,800
15,550
15,500
15,650
13,350
13,700
12,650
14,150
14,100
12,750
12,100

15,250
14,700
13,500
14,550
12,100
11,200
9,700
9,900
12,000
12,100
11,500
10,150

15,500
15,100
14,400
15,250
12,200
13,300
9,950
12,100
12,750
12,150
12,000
10,200

18,751
15,553
15,521
13,609
20,997
28,007
18,764
16,624
14,849
12,379
24,137
14,770

48,043
36,334
51,161
73,416
103,759
64,863
40,845
45,370
40,865
25,773
70,921
52,142

775,403
556,775
758,208
1,119,626
1,496,445
795,670
481,465
515,876
540,723
335,993
852,812
590,411

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

10,600
9,750
9,650
10,375
11,900
11,550
11,700
13,900
14,150
13,625
13,575
13,650

8,975
9,100
9,125
9,275
9,650
10,250
10,350
11,450
12,600
11,100
11,875
12,200

9,250
9,575
9,325
9,875
10,700
10,725
11,650
13,350
13,200
12,950
13,150
12,500

44,679
32,839
31,705
37,927
38,397
33,290
27,074
44,905
42,360
42,019
24,797
30,786

108,649
63,663
71,519
93,241
110,174
72,603
46,806
84,949
51,496
46,227
40,529
39,684

1,027,710
597,991
681,021
911,383
1,171,293
794,402
522,367
1,111,304
687,303
578,241
519,174
519,559

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

12,525 10,100 11,375


11,725 10,350 10,675
11,250 10,150 10,750
11,175 9,350 9,350
10,925 9,100 9,825
9,950 8,250 8,400
8,475 6,000 6,000

41,254
36,099
36,562
27,080
32,764
30,956
35,339

60,844
55,708
57,946
36,037
50,187
42,212
60,945

690,666
616,697
619,774
394,197
507,612
390,524
426,944

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


102,110 2,225,262
76,819 1,522,754
96,718 1,994,258
49,553 1,098,839
51,249 1,098,047
61,338 1,277,009
56,206 1,189,290
64,261 1,240,174
43,682
752,747
76,241 1,238,794
40,315
711,620
38,098
653,219

21
18
23
20
21
20
21
19
20
21
22
21

PTBA Tambang Batubara Bukit Asam (Persero) Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)
Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Cash & Cash Equivalents

6,791,291

5,917,034

3,343,905

4,039,267

3,832,544

Receivables

1,180,195

1,545,556

1,427,572

1,439,401

1,492,842

Inventories

64,483

765,964

901,952

1,033,360

1,069,039

Current Assets

8,859,260

8,718,297

6,479,783

7,416,805

7,314,789

Fixed Assets

1,140,466

1,853,447

2,803,393

3,987,565

4,185,710

50,949

97,886

119,746

119,719

344,691

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

11,507,104 12,728,981 11,677,155 14,812,023 15,229,859

Growth (%)

9,750
6,500

-8.26%

26.85%

2.82%

3,250
-

1,912,423

1,770,664

2,260,956

3,574,129

3,879,786

Long Term Liabilities

1,429,679

2,453,148

1,864,630

2,567,052

2,554,040

Total Liabilities

3,342,102

4,223,812

4,125,586

6,141,181

6,433,826

26.38%

-2.33%

48.86%

4.77%

Growth (%)

13,000

10.62%

Current Liabilities

Liabilities

16,250

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

4,000,000

4,000,000

4,000,000

4,000,000

4,000,000

Paid up Capital

1,152,066

1,152,066

1,152,066

1,152,066

1,152,066

2,304

2,304

2,304

2,304

2,304

500

500

500

500

500

Paid up Capital (Shares)


Par Value
Retained Earnings

6,906,491

7,410,590

8,093,505

9,205,393

9,294,903

Total Equity

8,165,002

8,505,169

7,551,569

8,670,842

8,796,033

4.17%

-11.21%

14.82%

1.44%

Dec-12

Dec-13

Dec-14

Jun-15

10,581,570 11,594,057 11,209,219 13,077,962

6,511,553

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

Growth (%)

9.57%

-3.32%

16.67%

8,165

8,505

8,671

8,796

2014

Jun-15

7,552

7,002

5,207

3,413

1,618

-176

2011

Cost of Revenues

5,302,592

6,505,932

7,745,646

9,056,219

4,798,583

Gross Profit

5,278,978

5,088,125

3,463,573

4,021,743

1,712,970

Expenses (Income)

1,219,874

1,494,615

1,310,735

1,711,545

819,845

Operating Profit

4,059,104

3,593,510

2,152,838

2,310,198

893,125

-11.47%

-40.09%

7.31%

Growth (%)

8,796

2012

2013

TOTAL REVENUES (Bill. Rp)


13,078
13,078

10,582

11,594

11,209

10,410

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

318,077

308,524

364,528

205,603

4,059,104

3,911,587

2,461,362

2,674,726

1,098,728

971,037

1,002,166

607,081

655,512

303,888

3,088,067

2,909,421

1,854,281

2,019,214

794,840

-5.79%

-36.27%

8.89%

Growth (%)

6,512

7,742

5,074

2,406

Period Attributable

3,085,836

2,900,113

1,826,144

2,016,171

795,167

Comprehensive Income

3,085,862

2,269,074

2,351,350

2,123,653

830,848

Comprehensive Attributable

3,083,631

2,259,766

2,323,213

2,120,610

831,175

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

463.25

492.37

286.59

207.51

188.54

RATIOS
Current Ratio (%)

803.94

720.75

461.97

324.57

EPS (Rp)

1,339.26

1,258.66

792.55

875.02

345.10

BV (Rp)

3,543.63

3,691.27

3,277.40

3,763.17

3,817.50

DAR (X)

0.29

0.33

0.35

0.41

0.42

DER(X)

Dividend (Rp)

0.41

0.50

0.55

0.71

0.73

ROA (%)

26.84

22.86

15.88

13.63

5.22

ROE (%)

37.82

34.21

24.55

23.29

9.04

GPM (%)

49.89

43.89

30.90

30.75

26.31

OPM (%)

38.36

30.99

19.21

17.66

13.72

NPM (%)

29.18

25.09

16.54

15.44

12.21

Payout Ratio (%)

60.03

57.26

58.29

37.09

4.63

4.77

4.53

2.60

Yield (%)

-262

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


3,088

2,909

2,458

1,854

2,019

1,828

1,198

795

568

-62

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

121

COMPANY REPORT

PTPP
PEMBANGUNAN PERUMAHAN
(PERSERO) TBK.

Company Profile

PTPembangunanPerumahan(Persero)Tbk.wasestablisheddatedAugust26th,1953.

The Company's goals and objectives are to take part in construction business industry,
fabrication industry, rental service, agency, investment, agro industry, engineering
procurement and constructions (EPC), trades, site area management, enhancement in
constructioncapabilityservices,informationtechnology,tourism,hotelsbusinessservice,
engineeringandplanningservice,developmentservicestoproducehighqualityandhighly
competitive goods and/or service, and to generate profit to add value to the entity by
applyinglimitedliabilitycompanyprinciples.

The current business activities of the Company are in construction services, real estate
(developer),propertiesandinvestmentininfrastructureandenergy.

ToincreasevaluetotheCompany,themanagementadoptsacorporatestrategiesonthe
basis of four business pillars: Construction, EPC (Energy, Oil & Gas), Investment and
Property. To achieve the goals, the Company adopted the Company's vision: "PT PP
(Persero)TbkVision".

The vision shall become strategic guide lines in facing future challenge, which is: "To
becomealeadingconstructionandinvestmentcompanywhichprovideshighaddedvalues
toallofitsstakeholders".TheCompany'snewvision:"ToBeaLeaderinConstrustionand
InvestmentCompanyinIndonesiawhichInternationallyCompetitive".

AsofJune30th,2015theCompanyhad1,690employees.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

122

RESEARCH AND DEVELOPMENT DIVISION

PTPP PP (Persero) Tbk. [S]

COMPANY REPORT : JULY 2015


Main Board
Industry Sector : Property, Real Estate And Building Construction (6)
Industry Sub Sector : Building Construction (62)

As of 31 July 2015
Individual Index
:
Listed Shares
:
Market Capitalization :

697.321
4,842,436,500
18,909,714,532,500

44 | 18.9T | 0.38% | 72.36%


38 | 11.6T | 0.79% | 66.17%

COMPANY HISTORY
Established Date
: 26-Aug-1953
Listing Date
: 09-Feb-2010
Under Writer IPO :
PT Mandiri Sekuritas
PT Danareksa Sekuritas
PT DBS Vickers Securities Indonesia
Securities Administration Bureau :
PT BSR Indonesia
Komplek Perkantoran ITC Roxy Mas Blok E1 No. 10 - 11
Jln. K.H. Hasyim Ashari Jakarta 10150
Phone : (021) 631-7828
Fax
: (021) 631-7827
BOARD OF COMMISSIONERS
1. Djoko Murjanto
2. Andi Gani Nena Wea *)
3. Aryanto Sutadi *)
4. Hediyanto W. Husaini
5. Muhammad Khoerur Roziqin
6. Sumardi
*) Independent Commissioners

SHAREHOLDERS (July 2015)


1. Negara Republik Indonesia
2. Public (<5%)

2,469,642,760 :
2,372,793,740 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2009
2010
2011
2012
2013
2014

Shares

Dividend
10.11
14.57
14.88
19.19
26.06
21.97

Cum Date
09-Jul-10
07-Jul-11
07-Jun-12
22-May-13
21-Apr-14
28-May-15

Ex Date
12-Jul-10
08-Jul-11
08-Jun-12
23-May-13
22-Apr-14
29-May-15

Recording
Date
14-Jul-10
12-Jul-11
12-Jun-12
27-May-13
24-Apr-14
03-Jun-15

51.00%
49.00%

Payment
Date
28-Jul-10
15-Jul-11
15-Jun-12
10-Jun-13
07-May-14
18-Jun-15

F
F
F
F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.

Type of Listing
Negara RI (Seri A)
Penawaran Umum
Company Listing
PP Employees Cooperative

Shares
1
1,038,976,500
2,469,642,759
1,333,817,240

Listing
Date
09-Feb-10
09-Feb-10
09-Feb-10
09-Feb-10

Trading
Date
00-Jan-00
09-Feb-10
09-Feb-10
08-Oct-10

BOARD OF DIRECTORS
1. Bambang Triwibowo
2. Harry Nugroho
3. I Wayan Karioka
4. Ketut Darmawan
5. Lukman Hidayat
6. Tumiyana
AUDIT COMMITTEE
1. Aryanto Sutadi
2. Handoko Tripriyono
3. Sularso
CORPORATE SECRETARY
Agus Samuel Kana
HEAD OFFICE
Plaza PP
Jln. Letjend. T.B. Simatupang No. 57,
Pasar Rebo, Jakarta 13760
Phone : (021) 840-3883
Fax
: (021) 840-3890
Homepage
Email

F/I

: www.pt-pp.com
: corsec@pt-pp.com

RESEARCH AND DEVELOPMENT DIVISION

123

PTPP PP (Persero) Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

4,200

240

3,675

210

3,150

180

2,625

150

2,100

120

1,575

90

1,050

60

525

30

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
January 2011 - July 2015
455%
390%

388.1%

325%
260%
195%
147.2%

130%
65%

28.8%
-65%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

2,943
1,576
86
247

4,253
2,931
85
246

8,579
10,203
318
244

4,619
9,366
376
242

1,950
7,485
359
142

820
265
485
485

950
475
830
830

1,780
760
1,160
1,160

3,625
1,105
3,575
3,575

4,245
3,130
3,905
3,905

12.98
17.34
2.43

13.35
9.57
2.83

44.75
16.29
8.06

-370.39
17.42
156.01

Price (Rupiah)
High
Low
Close
Close*

9.78
PER (X)
11.09
PER Industry (X)
1.65
PBV (X)
* Adjusted price after corporate action

124

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


PP (Persero) Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
820
640
710
740
710
680
680
640
485
355
340
530

Low
630
550
570
640
630
640
620
455
265
280
315
320

Close
630
580
710
700
680
670
640
455
330
345
315
485

(X)
6,962
4,470
7,237
4,861
2,708
1,043
2,870
10,000
22,104
7,489
2,000
14,591

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

610
680
670
720
760
620
650
680
760
800
930
950

475
550
600
610
590
530
580
550
570
690
740
800

570
640
630
700
600
610
600
570
730
770
930
830

8,204
6,652
4,896
8,208
7,221
3,859
2,427
4,330
5,160
12,027
10,295
11,432

288,312
326,259
200,951
485,613
384,823
201,669
210,891
253,171
320,054
642,556
519,428
419,354

152,115
195,562
127,218
319,004
258,898
108,323
127,057
158,175
215,131
477,385
423,177
369,417

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

900
940
1,230
1,430
1,750
1,780
1,530
1,530
1,270
1,440
1,350
1,250

760
860
890
1,130
1,410
1,250
950
830
840
1,060
1,100
1,110

870
920
1,200
1,420
1,750
1,350
1,420
1,060
1,120
1,310
1,150
1,160

16,564
11,923
17,716
19,097
24,287
36,109
37,739
31,214
51,644
34,973
19,864
17,127

617,373
419,197
790,488
690,182
727,035
812,645
873,532
672,174
1,283,678
898,458
372,873
421,327

522,744
378,668
798,175
884,041
1,131,154
1,189,127
1,103,275
765,094
1,414,590
1,077,363
448,996
489,944

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

1,370
1,465
1,850
1,960
1,990
1,900
2,420
2,505
2,535
2,650
3,070
3,625

1,105
1,295
1,385
1,630
1,780
1,710
1,795
2,200
2,100
2,135
2,545
3,060

1,350
1,405
1,830
1,845
1,910
1,850
2,260
2,465
2,150
2,630
3,060
3,575

18,040
25,148
30,450
34,058
24,955
17,958
42,486
33,365
34,176
39,143
33,238
43,018

347,504
496,128
618,599
562,369
332,727
257,943
462,899
266,229
272,040
400,368
263,067
339,061

443,365
694,477
1,026,256
1,009,244
625,382
464,091
998,247
641,406
638,895
945,914
753,555
1,125,226

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

3,925
4,245
4,070
4,100
4,215
4,030
4,190

3,475
3,850
3,645
3,600
3,800
3,130
3,440

3,915
4,060
3,795
3,925
4,020
3,470
3,905

56,124
50,094
60,287
50,080
40,119
52,156
50,075

403,485
269,943
350,386
355,458
176,464
194,400
199,427

1,503,473
1,079,418
1,344,045
1,380,910
711,806
691,295
774,366

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


240,500
172,143
187,951
109,693
356,739
221,654
237,350
166,047
106,685
70,249
62,668
39,098
255,058
147,697
234,732
122,068
427,552
188,543
310,223
102,824
53,301
17,721
218,008
470,020

21
18
23
20
21
20
21
19
20
21
22
21

PTPP PP (Persero) Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Soejatna, Mulyana & Rekan


Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Cash & Cash Equivalents

1,306,110

1,303,124

2,396,802

2,408,126

1,997,310

Receivables

1,284,675

1,633,937

2,187,005

3,135,044

3,952,207

Inventories

1,586,309

1,565,642

177,419

2,570,346

2,715,652

Investment

243,697

222,844

289,598

417,692

476,092

Fixed Assets

75,997

72,775

141,882

493,576

743,476

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

6,933,354

8,550,851 12,415,669 14,611,865 15,377,696

23.33%

Growth (%)

45.20%

9,750
6,500

5.24%

3,250
-

912,003

1,115,578

836,766

891,868

1,532,637

3,463,503

4,243,610

6,300,346

7,021,633

5,128,307

Total Liabilities

5,507,914

6,895,001 10,430,922 12,221,595 12,045,904

25.18%

51.28%

17.17%

-1.44%

1,500,000

1,500,000

1,500,000

1,500,000

1,500,000

484,244

484,244

484,244

484,244

484,244

4,842

4,842

4,842

4,842

4,842

100

100

100

100

100

479,030

709,439

1,037,220

1,442,959

1,497,724

1,425,440

1,655,849

1,984,747

2,390,270

3,331,791

16.16%

19.86%

20.43%

39.39%

Dec-12

Dec-13

Dec-14

Jun-15

8,003,873 11,655,844 12,427,371

5,221,447

Growth (%)

13,000

17.69%

Trade Payable

Bank Payable

Liabilities

16,250

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital
Paid up Capital
Paid up Capital (Shares)
Par Value
Retained Earnings
Total Equity

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11
6,231,898

28.43%

Growth (%)
Cost of Revenues

5,526,136

45.63%

6.62%

7,149,367 10,382,923 10,894,711

2,390

2,652

1,985
1,972

1,425

1,656

1,293

613

-67

2011

2012

2013

2014

Jun-15

4,538,386

Gross Profit

785,922

854,505

1,272,922

1,532,660

683,061

Operating Expenses

130,981

143,681

199,537

275,958

185,417

Operating Profit

654,940

710,825

1,073,385

1,256,702

497,645

8.53%

51.01%

17.08%

-236,464

-165,433

-306,495

-337,257

-114,652

Income before Tax

418,476

545,392

766,890

919,445

382,993

Tax

178,253

235,709

346,170

387,380

172,138

Profit for the period

240,223

309,683

420,720

532,065

210,855

28.91%

35.86%

26.47%

Growth (%)

3,332
3,332

TOTAL REVENUES (Bill. Rp)


11,656

12,427

12,427

9,892

Other Income (Expenses)

Growth (%)

8,004
7,357

6,232

5,221

4,822

2,287

Period Attributable

240,223

309,683

420,708

531,951

160,778

Comprehensive Income

240,223

309,683

420,720

532,065

200,456

Comprehensive Attributable

240,223

309,683

420,708

531,951

150,378

RATIOS

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Dividend (Rp)

14.88

19.19

26.06

21.97

EPS (Rp)

49.61

63.95

86.88

109.85

33.20

BV (Rp)

294.36

341.95

409.87

493.61

688.04

DAR (X)

0.79

0.81

0.84

0.84

0.78

DER(X)

3.86

4.16

5.26

5.11

3.62

ROA (%)

3.46

3.62

3.39

3.64

1.37

ROE (%)

16.85

18.70

21.20

22.26

6.33

GPM (%)

12.61

10.68

10.92

12.33

13.08

OPM (%)

10.51

8.88

9.21

10.11

9.53

NPM (%)

3.85

3.87

3.61

4.28

4.04

30.00

30.01

30.00

20.00

3.07

2.31

2.25

0.61

Payout Ratio (%)


Yield (%)

-249

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


532
532

421
424

310
315

240

211

206

98

-11

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

125

COMPANY REPORT

PWON
PAKUWON JATI TBK.
Company Profile

PTPakuwonJatiTbk.isadiversifiedrealestatedeveloperfocusedinJakartaandSurabaya.
The Company's portfolio of prime properties includes retail, residential, commercial and
hospitalitydevelopments

Established in 1982 and listed on both the Jakarta and Surabaya Stock exchanges since
1989, Pakuwon Jati is an established brand name with over 25 years of experience
successfully developing, marketing and operating properties. The Company is vertically
integrated across the full real estate value chain from land acquisition, property
development,marketingandoperationalmanagement.

BasedonCompanysArticleofAssociations,theCompanyisengagedinbusiness:
1) ShoppingcenternamedasTunjunganPlaza,
2) BusinesscenternamedasMenaraMandiri,
3) FiveStarhotelnamedasSheratonSurabayaHotelandTowers,
4) RealestatebusinessPakuwonCity
5) Real estate business Grand Pakuwon, which areallsituatedinSurabaya.

TheCompanyhasdirectandindirectownershipinsubsidiaries:
1) PTArtisanWahyu,
2) PTElitePrimaHutama,
3) PTPakuwonSentraWisata,
4) PTPakuwonRegency,
5) PTGramaPramesiSiddhi,
6) PakuwonPrimaPte.Ltd.Singapore,
7) ArtiusGrandisPte.Ltd.,
8) PTCentrumUtamaPrima
9) PTPakuwonPermai,
10) PTDwijayaManunggal,
11) PTPakuwonSentosaAbadi,
12) PTPermataBerlianRealty.

The company started commercial operations in May 1986. The Company and its
subsidiarieshastotalnumberofemployeesof2,695asofJune30th,2015.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

126

RESEARCH AND DEVELOPMENT DIVISION

PWON Pakuwon Jati Tbk. [S]

COMPANY REPORT : JULY 2015


Main Board
Industry Sector : Property, Real Estate And Building Construction (6)
Industry Sub Sector : Property And Real Estate (61)

As of 31 July 2015
Individual Index
:
Listed Shares
:
Market Capitalization :

1,599.907
48,159,602,400
19,986,234,996,000

41 | 20.0T | 0.40% | 71.20%


25 | 15.2T | 1.04% | 54.37%

COMPANY HISTORY
Established Date
: 20-Sep-1982
Listing Date
: 09-Oct-1989
Under Writer IPO :
PT Danareksa (Persero)
PT Aseam Indonesia
PT Inter-Pacific Financial Corporation
Securities Administration Bureau :
PT Sirca Datapro Perdana
Wisma Sirca
Jln. Johar No.18, Menteng, Jakarta 10340
Phone : (021) 314-0032, 390-5920, 390-0645
Fax
: (021) 390-0671, 390-0652
BOARD OF COMMISSIONERS
1. Alexander Tedja
2. Agus Soesanto
3. Dyah Pradnyaparamita Duarsa *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Richard Adisastra
2. A. Stefanus Ridwan S.
3. Eiffel Tedja
4. Irene Tedja
5. Minarto
6. Sutandi Purnomosidi
7. Wong Boon Siew Ivy

SHAREHOLDERS (July 2015)


1. Burgami Investments Limited
2. Burgami Investments Limited
3. JPMBLSA Re:JPMIB - PT Pakuwon Ar
4. JPMBLSA Re:JPMIB - PT Pakuwon Ar
5. Concord Media Investment Ltd
6. Concord Media Investment Ltd
7. Raylight Investments Limited
8. Raylight Investments Limited
9. Public (<5%)

10,063,591,200
10,063,591,200
6,080,129,840
6,080,129,840
3,556,800,000
3,556,800,000
3,441,204,000
3,441,204,000
1,876,152,320

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1990
1991
1991
1991
1992
1993
1994
1995
1996
2011
2012
2013
2014

Shares

Dividend
50.00
75.00
30.00

2:1
25.00
25.00
20.00
17.50
25.00
1.45
3.50
4.50
4.50

Cum Date
08-Jun-90
28-Feb-91
10-Jun-92
23-Nov-92
09-Aug-93
12-Jul-94
05-Jul-95
30-May-96
27-Jun-97
09-Oct-12
08-Oct-13
17-Jul-14
02-Jul-15

Ex Date
11-Jun-90
01-Mar-91
12-Jun-92
24-Nov-92
10-Aug-93
13-Jul-94
06-Jul-95
31-May-96
30-Jun-97
10-Oct-12
09-Oct-13
18-Jul-14
03-Jul-15

Recording
Date
15-Jun-90
08-Mar-91
19-Jun-92
01-Dec-92
18-Aug-93
20-Jul-94
14-Jul-95
10-Jun-96
08-Jul-97
12-Oct-12
11-Oct-13
22-Jul-14
07-Jul-15

:
:
:
:
:
:
:
:
:

20.90%
20.90%
12.62%
12.62%
7.39%
7.39%
7.15%
7.15%
3.90%

Payment
Date
22-Jul-90
08-Apr-91
20-Jul-92
23-Dec-92
18-Sep-93
19-Aug-94
11-Aug-95
08-Jul-96
06-Aug-97
25-Oct-12
25-Oct-13
12-Aug-14
29-Jul-15

F/I

F
F
F
F
F
F
F
F
F
F
F

ISSUED HISTORY
AUDIT COMMITTEE
1. Agus Soesanto
2. Antonius Susanto
3. Lisawati
CORPORATE SECRETARY
Minarto
HEAD OFFICE
EastCoast Center 5th Fl.
Pakuwon Town Square - Pakuwon City
Jln. Kejawan Putih Mutiara No. 17, Surabaya
Phone : (031) 582-08788
Fax
: (031) 582-08798
Homepage
Email

: www.pakuwon.com
: minarto@pakuwon.com

No.
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.

Type of Listing
First Issue
Company Listing
Right Issue
Bonus Shares
Right Issue
Right Issue
Right Issue
Right Issue
Right Issue
Right Issue
Right Issue
Right Issue
Right Issue
Right Issue
Right Issue
Stock Split
Add. Listing without RI

Shares
3,000,000
17,000,000
50,000,000
35,000,000
5,000
4,300
6,500
21,625
30,450
1,650
20,500
20,078,445
9,804,048
74,483,629
543,853
210,000,000
247,000,000
Add. Listing without RI (canceled)
-247,000,000
CB Conversion
22,705,000
CB Conversion
224,295,000
CB Conversion
876,577,000
Stock Split
6,174,308,000
Bonus Shares
2,315,365,500
Right Issue
2,006,650,100
Stock Split
36,119,701,800

Listing
Date
09-Oct-89
09-Oct-89
01-Oct-91
24-Dec-92
18-Jul-94
18-Jul-94
18-Jul-94
18-Jul-94
18-Jul-94
18-Jul-94
18-Jul-94
18-Jul-94
18-Jul-94
18-Jul-94
18-Jul-94
29-Jan-96
03-Feb-06
20-Mar-06
21-Mar-06
27-Mar-06
08-Aug-06
19-Sep-07
22-Aug-08
02-Jan-12
30-Mar-12

RESEARCH AND DEVELOPMENT DIVISION

Trading
Date
09-Oct-89
09-Oct-89
01-Oct-91
24-Dec-92
29-Jul-94
05-Aug-94
10-Aug-94
11-Aug-94
16-Aug-94
19-Aug-94
19-Aug-94
24-Aug-94
30-Aug-94
31-Aug-94
01-Sep-94
29-Jan-96
03-Feb-06
20-Mar-06
21-Mar-06
27-Mar-06
08-Aug-06
19-Sep-07
22-Aug-08
02-Jan-12
30-Mar-12

127

PWON Pakuwon Jati Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

560

4,000

490

3,500

420

3,000

350

2,500

280

2,000

210

1,500

140

1,000

70

500

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
January 2011 - July 2015
210%
180%
150%

147.2%

120%
93.5%

90%
60%
30%

-30%

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

2,148
1,921
137
247

11,909
3,536
218
246

26,640
8,934
480
244

19,148
7,765
674
242

22,251
10,522
597
142

Price (Rupiah)
High
Low
Close
Close*

1,100
670
750
188

880
170
225
225

430
220
270
270

555
261
515
515

565
372
415
415

14.14
17.34
3.46

11.48
9.57
3.17

14.14
16.29
4.57

13.23
17.42
2.25

19.88
PER (X)
11.09
PER Industry (X)
3.17
PBV (X)
* Adjusted price after corporate action

128

Freq.

Volume

Value

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
910
930
900
890
1,000
1,100
990
920
910
890
1,010
860

Low
840
830
830
850
850
900
890
800
740
700
810
670

Close
870
860
890
870
1,000
980
900
880
780
860
830
750

(X)
7,242
6,146
9,687
4,653
10,568
18,722
15,828
14,958
9,573
11,500
16,784
11,627

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

810
870
880
210
205
194
235
230
275
305
280
245

740
780
199
196
187
170
194
200
215
250
215
215

790
820
205
205
188
194
225
225
270
280
230
225

16,231
19,327
14,461
14,165
10,811
13,375
25,803
12,187
16,415
34,467
20,718
19,586

1,093,273
240,501
233,067
384,695
272,709
281,939
795,941
1,099,613
610,396
1,312,257
4,744,453
839,838

738,333
198,973
169,374
77,176
53,115
51,964
169,716
241,673
146,478
361,147
1,132,903
195,609

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

285
365
390
410
430
425
390
390
310
320
315
290

220
270
330
345
370
305
310
240
250
260
250
250

275
360
385
405
420
345
380
290
285
310
250
270

33,019
37,849
39,189
55,798
63,308
53,787
40,125
26,014
38,823
41,350
26,908
23,647

1,794,827
2,265,935
2,099,959
2,863,722
5,045,118
2,935,423
2,138,014
1,402,520
1,910,635
1,643,983
1,219,425
1,320,513

468,474
696,864
754,102
1,079,612
2,006,700
1,041,998
729,542
447,531
551,184
475,042
331,106
351,679

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

340
355
392
392
408
400
449
500
445
450
525
555

261
303
323
338
353
337
344
390
391
376
429
456

307
330
350
352
408
349
415
435
404
450
515
515

48,959
45,367
52,428
61,363
43,214
36,740
50,717
84,200
77,849
63,633
55,333
54,593

976,326
1,135,771
1,413,058
1,702,129
1,025,350
791,084
1,380,171
4,427,598
2,110,045
1,644,833
1,190,333
1,351,233

299,281
374,607
511,373
622,424
388,372
293,337
550,046
1,911,446
890,296
684,270
555,625
683,696

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

545
565
555
535
475
455
451

462
481
486
435
417
372
390

499 112,556
550
69,429
515
85,765
438
90,113
442
92,895
430
85,264
415
61,440

6,716,000
2,561,866
2,978,488
2,140,590
3,477,942
2,619,761
1,756,072

3,274,163
1,316,795
1,509,847
1,061,334
1,530,904
1,091,585
737,236

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


102,723
89,902
101,249
88,122
210,981
183,731
59,937
52,008
187,101
169,686
341,759
331,832
329,440
309,710
208,692
182,020
128,988
108,561
130,722
108,266
198,224
181,996
115,525
148,648

21
18
23
20
21
20
21
19
20
21
22
21

28.8%

Jan 11

Closing Price

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Pakuwon Jati Tbk. [S]
January 2011 - July 2015

RESEARCH AND DEVELOPMENT DIVISION

PWON Pakuwon Jati Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Osman Bing Satrio & Eny (Member of Deloitte Touche Tohmatsu Limited)
Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Cash & Cash Equivalents

621,021

1,315,146

2,126,206

2,809,034

2,643,830

Receivables

116,796

138,509

166,915

303,348

450,524

Inventories

3,121

1,262,136

1,051,081

1,671,766

1,919,528

Investment

2,033,472

216

268,531

20,971

21,545

Fixed Assets

1,659,292

844,548

673,096

964,375

1,152,107

11

20,725

3,209

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

14

11

5,744,711

7,565,820

Trade Payable
Total Liabilities

15,000
11,250
7,500

31.70%

22.90%

80.36%

9.32%

3,750

1,085,338

1,925,967

1,764,389

1,470,681

1,652,683

65,241

33,929

54,754

133,697

218,593

3,371,576

4,431,284

5,195,737

8,487,672

9,453,243

31.43%

17.25%

63.36%

11.38%

Growth (%)
Bank Payable

9,298,245 16,770,743 18,334,210

Growth (%)

Liabilities

18,750

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

3,000,000

3,000,000

3,000,000

3,000,000

3,000,000

Paid up Capital

1,203,990

1,203,990

1,203,990

1,203,990

1,203,990

12,040

48,160

48,160

48,160

48,160

100

25

25

25

25

667,748

1,345,905

2,310,166

1,607,954

5,147,324

2,373,135

3,134,536

4,102,509

8,283,071

8,880,967

32.08%

30.88%

101.90%

7.22%

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

1,478,105

2,165,397

3,029,797

3,872,273

2,425,631

46.50%

39.92%

27.81%

Paid up Capital (Shares)


Par Value
Retained Earnings
Total Equity

Growth (%)
INCOME STATEMENTS
Total Revenues

Growth (%)

8,881

7,069

5,258

4,103
3,135

3,446

2,373

1,634

-178

2011

Cost of Revenues

743,405

931,477

1,264,879

1,714,248

991,249

Gross Profit

734,700

1,233,920

1,764,919

2,158,025

1,434,383

Operating Expenses

264,829

332,815

433,727

-701,281

429,377

Operating Profit

8,283

8,881

2012

2013

2014

Jun-15

TOTAL REVENUES (Bill. Rp)


3,872
3,872

Growth (%)

3,030
3,082

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

469,871

901,105

1,331,192

2,859,306

1,005,006

91,339

134,609

194,644

260,165

177,906

378,531

766,496

1,136,548

2,599,141

827,100

102.49%

48.28%

128.69%

Growth (%)

2,426

2,165
2,292

1,478
1,502

712

Period Attributable

346,859

747,989

1,132,820

2,515,505

755,281

Comprehensive Income

378,531

766,496

1,136,548

2,597,079

824,350

Comprehensive Attributable

346,859

747,989

1,132,820

2,513,443

752,530

RATIOS

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

1.45

3.50

4.50

4.50

EPS (Rp)

28.81

15.53

23.52

52.23

15.68

BV (Rp)

197.11

65.09

85.19

171.99

184.41

DAR (X)

0.59

0.59

0.56

0.51

0.52

DER(X)

1.42

1.41

1.27

1.02

1.06

ROA (%)

6.59

10.13

12.22

15.50

4.51

ROE (%)

15.95

24.45

27.70

31.38

9.31

GPM (%)

49.71

56.98

58.25

55.73

59.13

OPM (%)

NPM (%)

Dividend (Rp)

25.61

35.40

37.51

67.12

34.10

Payout Ratio (%)

5.03

22.53

19.13

8.62

Yield (%)

0.19

1.56

1.67

0.87

-77

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


2,599
2,599

2,069

1,539

1,137
827

766

1,008

379
478

-52

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

129

COMPANY REPORT

SCMA
SURYA CITRA MEDIA TBK.

Company Profile

PTSuryaCitraMediaTbk.wasestablishedonJanuary29th,1999.TheCompanystartedits
commercialoperationsin2002.

Company's scope of activities in the field of business related to multimedia services,


includingproducinglocaltelevisionprogramsandsellthemtoSubsidiary.

TheCompanyisdomiciledinSCTVTowerSenayanCity,Jln.AsiaAfrikaLot19,Jakarta.PT
Elang Mahkota Teknologi Tbk is the ultimate parent entity of the Company and
subsidiaries.

SubsidiariesdirectlyownedbytheCompanyareasfollows:
PTSuryaCitraTelevisi(SCTV),
PTIndosiarVisualMandiri,
PTScreenplayProduksi,
PTBangkaTeleVision,
PTSuryaCitraPesona,and
PTSuryaTrioptimaMultikreasi

Asof31March2015,theCompanyandSubsidiarieshave2,537employees.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

130

RESEARCH AND DEVELOPMENT DIVISION

SCMA Surya Citra Media Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Trade, Services & Investment (9)
Industry Sub Sector : Advertising, Printing And Media (95)

Individual Index
:
Listed Shares
:
Market Capitalization :

1,340.909
14,621,601,234
43,133,723,640,300

19 | 43.1T | 0.87% | 57.98%


21 | 16.1T | 1.10% | 50.13%

COMPANY HISTORY
Established Date
: 29-Jan-1999
Listing Date
: 16-Jul-2002
Under Writer IPO :
PT CLSA Indonesia
Securities Administration Bureau :
PT Raya Saham Registra
Plaza Central Building 2nd Fl.
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930
Phone : (021) 252-5666
Fax
: (021) 252-5028
BOARD OF COMMISSIONERS
1. R. Soeyono
2. Glenn Muhammad Surya Yusuf *)
3. Jay Geoffrey Wacher
4. R. Alvin Widarta Sariaatmadja
5. Suryani Zaini *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Sutanto Hartono
2. Harsiwi Achmad
3. Imam Sudjarwo
4. Rusmiyati Djajaseputra
AUDIT COMMITTEE
1. Glenn Muhammad Surya Yusuf
2. Emmanuel Bambang Suyitno
3. M. Risanggono Soemaryono
CORPORATE SECRETARY
Hardijanto Saroso
HEAD OFFICE
SCTV Tower -Senayan City
Jln. Asia Afrika Lot. 19
Jakarta 10270

SHAREHOLDERS (July 2015)


1. PT Elang Mahkota Teknologi
2. Public (<5%)

8,914,176,761 :
5,707,424,473 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2002
2002
2003
2004
2004
2005
2006
2007
2007
2008
2008
2009
2010
2010
2011
2011
2012
2013
2013
2014

Shares

Dividend
15.00
30.00
5.00
35.00
25.00
50.16
8.00
20.00
8.00
40.00
130.00
170.00
60.00
225.00
35.00
125.00
48.00
15.00
51.00
70.00

Cum Date
20-Aug-02
01-Jul-03
05-Aug-04
23-Jun-05
08-Dec-05
22-Jun-06
15-Dec-06
01-Aug-07
10-Sep-08
16-Dec-08
19-Jun-09
16-Jun-10
08-Nov-10
27-Jun-11
27-Jun-11
14-Jun-12
06-May-13
21-Nov-13
18-Aug-14
28-Apr-15

Ex Date
21-Aug-02
02-Jul-03
06-Aug-04
24-Jun-05
09-Dec-05
23-Jun-06
18-Dec-06
02-Aug-07
11-Sep-08
17-Dec-08
22-Jun-09
17-Jun-10
09-Nov-10
28-Jun-11
28-Jun-11
15-Jun-12
07-May-13
22-Nov-13
19-Aug-14
29-Apr-15

Recording
Date
26-Aug-02
04-Jul-03
10-Aug-04
28-Jun-05
13-Dec-05
27-Jun-06
20-Dec-06
06-Aug-07
15-Sep-08
19-Dec-08
24-Jun-09
21-Jun-10
11-Nov-10
01-Jul-11
01-Jul-11
19-Jun-12
10-May-13
26-Nov-13
21-Aug-14
04-May-15

60.97%
39.03%

Payment
Date
09-Sep-02
18-Jul-03
25-Aug-04
12-Jul-05
28-Dec-05
11-Jul-06
05-Jan-07
21-Aug-07
29-Sep-08
08-Jan-09
07-Jul-09
05-Jul-10
23-Nov-10
12-Jul-11
12-Jul-11
03-Jul-12
24-May-13
10-Dec-13
04-Sep-14
21-May-15

I
F
F
F
F
F
I
I
F
F
F
F
I
F
I
F
F
I
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.

Type of Listing
First Issue
First Issue (Green Shoe)
Company Listing
Warrant
ESOP Conversion
Stock Splits
Merger with IDKM

Shares
375,000,000
56,250,000
1,443,750,000 T:
18,750,000
56,250,000 T:
7,800,000,000
4,871,601,234

Listing
Date
16-Jul-02
16-Jul-02
16-Jul-02 :
05-Mar-03
23-May-08 :
29-Oct-12
01-May-13

Trading
Date
16-Jul-02
16-Jul-02
28-Feb-03
05-Mar-03
14-Jun-12
29-Oct-12
01-May-13

Phone : (021) 279-35599


Fax
: (021) 279-35598
Homepage
Email

F/I

: www.scm.co.id
: hardijanto.s@scm.co.id

RESEARCH AND DEVELOPMENT DIVISION

131

SCMA Surya Citra Media Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

4,200

800

3,675

700

3,150

600

2,625

500

2,100

400

1,575

300

1,050

200

525

100

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Trade, Sevices and Investment Index
January 2011 - July 2015
490%
420%
350%
315.5%
280%
210%
140%
95.8%

70%

28.8%

-70%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

123
744
7
232

515
3,288
14
242

2,475
6,569
99
242

4,606
15,573
563
242

2,198
7,322
401
142

8,200
3,250
7,850
1,570

11,150
1,950
2,250
2,250

3,125
2,150
2,625
2,625

4,200
2,410
3,500
3,500

4,040
2,710
2,950
2,950

24.03
19.08
10.02

29.99
15.42
13.76

34.72
22.13
16.34

181.44
16.33
11.35

Price (Rupiah)
High
Low
Close
Close*

16.64
PER (X)
16.89
PER Industry (X)
10.09
PBV (X)
* Adjusted price after corporate action

132

RESEARCH AND DEVELOPMENT DIVISION

Closing Price
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
3,725
3,825
4,200
4,200
5,050
6,050
6,650
7,000
6,000
6,400
7,700
8,200

Low
3,250
3,300
3,500
3,800
4,000
4,525
5,500
5,500
4,575
5,000
5,500
7,650

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

9,600
9,400
8,900
8,500
9,500
10,200
11,050
10,500
11,000
11,150
2,375
2,400

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

2,500
2,975
2,925
2,950
3,125
2,950
2,925
3,000
2,750
2,575
2,975
2,875

2,175
2,150
2,450
2,625
2,625
2,250
2,300
2,300
2,300
2,150
2,250
2,450

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

2,750
2,805
3,300
3,415
3,415
3,615
3,900
4,200
4,190
3,935
3,485
3,510

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

3,730
4,040
3,680
3,470
3,240
3,700
3,130

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Surya Citra Media Tbk. [S]
January 2011 - July 2015

Close
3,450
3,800
4,050
4,200
4,950
5,700
6,550
6,000
6,000
6,350
7,550
7,850

(X)
271
135
340
138
563
965
818
576
818
643
1,011
623

7,850 9,300
8,400 8,700
8,050 8,050
7,950 8,500
8,000 8,950
8,500 9,500
9,450 10,350
9,850 9,900
9,850 11,000
1,950 1,950
1,970 2,175
2,100 2,250

712
589
900
568
1,139
627
1,960
842
1,809
1,481
1,712
1,865

6,653
8,775
16,027
21,942
87,104
9,114
116,666
10,523
13,824
20,626
131,821
71,973

57,811
77,400
136,459
184,003
752,304
82,791
1,168,577
107,052
143,872
134,399
278,835
164,575

20
20
21
20
21
19
22
19
20
22
20
18

2,375
2,575
2,775
2,800
2,900
2,725
2,675
2,500
2,550
2,350
2,850
2,625

2,844
7,347
5,901
4,171
7,102
8,696
7,002
5,905
7,547
9,540
22,527
10,133

74,017
114,123
158,946
177,045
224,109
192,983
124,551
140,977
167,051
196,809
652,332
252,342

168,664
268,789
415,150
482,182
651,217
503,785
329,380
378,417
421,739
473,590
1,798,826
676,768

21
20
19
20
22
19
23
17
21
21
20
19

2,530
2,410
2,700
3,000
3,015
3,100
3,250
3,690
3,725
3,325
3,055
3,190

2,650
2,805
3,200
3,150
3,170
3,585
3,800
4,110
3,825
3,380
3,210
3,500

24,535
46,992
60,060
45,515
31,337
30,599
41,264
55,141
46,879
79,426
60,418
40,549

120,592
310,886
357,086
201,924
256,918
387,714
519,179
696,177
173,175
339,658
320,661
921,781

313,839
785,287
1,066,820
655,546
813,709
1,298,374
1,817,851
2,697,996
681,805
1,192,961
1,054,759
3,194,315

20
20
20
20
18
21
18
20
22
23
20
20

3,205
3,325
3,150
2,710
2,875
2,750
2,800

3,415
3,650
3,395
2,900
3,090
2,875
2,950

62,923
72,671
70,054
55,063
47,429
52,981
40,018

408,147
383,350
418,705
425,381
179,558
236,568
146,752

1,407,805
1,392,435
1,451,881
1,395,129
548,669
693,372
432,260

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


2,538
8,852
11,977
3,470
3,512
13,706
1,396
5,703
5,426
24,255
10,342
51,121
11,313
69,776
23,607
3,883
3,129
17,510
22,958
135,661
47,075
315,609
8,280
65,741

19
12
18
18
21
20
21
19
20
21
22
21

SCMA Surya Citra Media Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
Dec-11

Dec-12

Dec-13

Dec-14

Mar-15

Cash & Cash Equivalents

716,717

927,423

1,043,283

1,246,109

1,512,112

Receivables

627,045

721,898

1,014,685

1,291,374

1,329,938

Inventories

164,427

222,674

374,639

462,439

481,241

1,534,252

1,917,041

2,570,167

3,200,366

3,503,986

328,681

326,717

724,970

761,978

750,941

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Current Assets
Fixed Assets
Other Assets
Total Assets

Assets

Current Liabilities
Long Term Liabilities
Total Liabilities

5,000
3,750

17,323

17,729

22,115

27,969

27,416

2,511,222

2,893,172

4,010,166

4,728,436

5,043,393

15.21%

38.61%

17.91%

6.66%

1,250
-

Growth (%)
971,757

416,149

705,700

819,158

850,057

35,194

288,585

515,010

431,090

394,088

1,006,950

704,733

1,220,709

1,250,248

1,244,146

-30.01%

73.22%

2.42%

-0.49%

1,500,000

1,500,000

2,900,000

2,900,000

2,900,000

483,602

487,500

731,080

731,080

731,080

1,934

9,750

14,622

14,622

14,622

250

50

50

50

50

Growth (%)

Liabilities

6,250

2,500

2011

2012

2013

2014

Mar-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital
Paid up Capital
Paid up Capital (Shares)
Par Value
Retained Earnings
Total Equity

467,143

1,136,538

184,867

2,432,821

2,757,449

1,504,271

2,188,439

2,789,457

3,478,188

3,799,247

45.48%

27.46%

24.69%

9.23%

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

Dec-12

Dec-13

Dec-14

Mar-15

2,306,735

2,240,085

3,694,748

4,055,702

945,732

-2.89%

64.94%

9.77%

Growth (%)

2,789

3,024

2,188
2,249

1,504
1,474

699

-76

2011

Cost of Revenues

Gross Profit

Expenses (Income)

1,083,940

1,035,222

1,935,962

2,138,831

529,433

Operating Profit

1,222,795

1,204,863

1,758,786

1,916,871

416,299

-1.47%

45.97%

8.99%

-19,447

-5,396

5,309

221

8,163

1,203,347

1,199,467

1,764,095

1,917,092

424,462

Growth (%)

3,799

3,478

3,799

2012

2013

2014

Mar-15

TOTAL REVENUES (Bill. Rp)


4,056
3,695

4,056

3,228

Other Income (Expenses)


Income before Tax
Tax

290,760

286,455

448,139

468,818

103,403

Profit for the period

912,588

913,013

1,285,897

1,448,274

321,059

0.05%

40.84%

12.63%

Growth (%)

2,307

2,240

2,401

1,574

946
746

Period Attributable

912,705

913,013

1,280

1,453,644

324,628

Comprehensive Income

912,588

913,013

1,285,897

1,448,274

321,059

Comprehensive Attributable

912,705

913,013

1,280

1,453,644

324,628

RATIOS

Dec-11

Dec-12

Dec-13

Dec-14

Mar-15

Current Ratio (%)

157.88

460.66

364.20

390.69

412.21

Dividend (Rp)

160.00

48.00

66.00

70.00

EPS (Rp)

471.83

93.64

0.09

99.42

22.20

BV (Rp)

777.64

224.46

190.78

237.88

259.84

DAR (X)

0.40

0.24

0.30

0.26

0.25

DER(X)

0.67

0.32

0.44

0.36

0.33

ROA (%)

36.34

31.56

32.07

30.63

6.37

ROE (%)

60.67

41.72

46.10

41.64

8.45

GPM (%)

OPM (%)

53.01

53.79

47.60

47.26

44.02

NPM (%)

39.56

40.76

34.80

35.71

33.95

Payout Ratio (%)

33.91

51.26

75,411.53

70.41

2.04

2.13

2.51

2.00

Yield (%)

-81

2011

2012

2013

2014

Mar-15

PROFIT FOR THE PERIOD (Bill. Rp)


1,448
1,286

1,448

1,153

913

913

857

562

321
266

-29

2011

2012

2013

2014

Mar-15

RESEARCH AND DEVELOPMENT DIVISION

133

COMPANY REPORT

SILO
SILOAM INTERNATIONAL HOSPITAL TBK.
Company Profile

PTSiloamInternationalHospitalsTbk.establishedunderthenamePTSentralindoWirasta
datedAugust3,1996.ThescopeoftheCompany'smainactivityisinthefieldofpublichealth
services, including establishing and / or acquire and manage hospitals, clinics, maternity
homes, facilities and supporting infrastructure pre healthcare, organizing and
implementationofhealthcareandorganizingpublichealthcareinsurance.

TheCompanystartedcommercialoperationsin2010aftertherestructuringofhospitalunits
PTLippoKarawaciTbk.ThemainactivityoftheCompanyisengagedinthefieldofpublic
healthservicesaresetupandmanageahospital.WorkareahospitalunitsoftheCompany
anditsSubsidiariesincludeseveraltownsontheislandofSumatra,Java,Bali,Kalimantan
andSulawesi.TheCompanyistheparentcompanyofPTMegapratamaKaryaPersadawith
thelastoftheparententityisPTLippoKarawaciTbk.AsofJune30th,2015,theCompany
anditssubsidiarieshave6,557employees.

ThecompanyownsdirectlyorindirectlysubsidiariesarePTAritasindoPermaisemesta,PT
PerdanaKencanaMandiri,PTMultiselarasAnugerah,PTNusaMedikaPerkasa,PTSiloam
Graha Utama and Subsidiaries, PT East Jakarta Medika, PT Guchi Kencana Emas and
Subsidiaries, PT Golden First Atlanta, PT Prawira Tata Semesta and Subsidiaries, PT
BalikpapanDamaiHusada,PTSiloamEmergencyServices,PTMedikaHarapanCemerlang
Indonesia,PTPancawarnaSemestaandSubsidiaries,PTDiagramHealthcareIndonesia,PT
AdamanisaKaryaSejahtera,PTBrenadaKaryaBangsa,PTHarmoniSelarasIndah,PTKusuma
Primadana and Subsidiaries, PT Adijay a Buana Sakti dan Entitas Anak PT Siloam Sumsel
Kemitraan,PTRSSiloamHospitalSumsel,PTOptimumKaryaPersada,PTRoselaIndahCipta,
PTSembadaKaryaMegah, PTTrijayaMakmurBersama, PTVisindoGalaxiJaya,PTTunggal
PilarPerkasaandSubsidiaries,PTTirtasariKencana, PTGramariPrimaNusa, PTKrisolisJaya
Mandiri, PTKusumaBhaktiAnugerah, PTAgungCiptaRaya, PTBinaCiptaSemesta, PTMega
BuanaBhakti, PTTarunaPerkasaMegah, PTTatakaBumiKarya, PTTatakaKaryaIndah, PT
Siloam Medika Cemerlang, PT Koridor Usaha Maju and Subsidiaries, PT Medika Sarana
TraliansiaandSubsidiaries,PTTrisakaReksaWaluya, PTBerlianCahayaIndah, PTMahkota
BuanaSelaras, PTRashalSiarCakraMedika, PTGentaRayaInternusa,PTIndahKemilau
Abadi, PTIntiPratamaMedika, PTKaryaPesonaCemerlang, PTMuliaPratamaCemerlang,
PTPersadaDuniaSemesta, PTSentraSehatSejahtera.

August 2015

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of
the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be by
any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice
action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

134

RESEARCH AND DEVELOPMENT DIVISION

SILO Siloam International Hospitals Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Trade, Services & Investment (9)
Industry Sub Sector : Healthcare (96)

Individual Index
:
Listed Shares
:
Market Capitalization :

183.889
1,156,100,000
19,133,455,000,000

43 | 19.1T | 0.39% | 71.98%


32 | 13.6T | 0.93% | 61.09%

COMPANY HISTORY
Established Date
: 03-Aug-1996
Listing Date
: 12-Sep-2013
Under Writer IPO :
PT Ciptadana Securities
Securities Administration Bureau :
PT Sharestar Indonesia
Beritasatu Plasa 7th Fl.
Jln. Jend. Gatot Subroto Kav. 35 - 36 Jakarta 12950
Phone : (021) 527-7966
Fax
: (021) 527-7967
BOARD OF COMMISSIONERS
1. Ketut Budi Wijaya
2. Farid Harianto *)
3. Jenny Kuistono
4. Jonathan L. Parapak *)
5. Lambock V. Nathaland
6. Niel Nelson *)
7. Theo L. Sambuaga
*) Independent Commissioners

SHAREHOLDERS (July 2015)


1. PT Megapratama Karya Persada
2. Public (<5%)

699,000,000 :
457,100,000 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2014

Shares

Dividend
5.20

Cum Date
26-May-15

Ex Date
27-May-15

Recording
Date
29-May-15

60.46%
39.54%

Payment
F/I
Date
18-Jun-15 F

ISSUED HISTORY
No. Type of Listing
1. First Issue
2. Company Listing

Shares
156,100,000
1,000,000,000

Listing
Date
12-Sep-13
12-Sep-13

Trading
Date
12-Sep-13
12-Sep-13

BOARD OF DIRECTORS
1. Romeo Fernandez Lledo
2. Anang Prayudi
3. Andry
4. George Mathew
5. Grace Frelita Indradjaja
6. Kailas N. Raina
7. Richard Hendro Setiadi
AUDIT COMMITTEE
1. Farid Harianto
2. Lim Kwang Tak
3. Siswanto Pramono
CORPORATE SECRETARY
Cindy Riswantyo
HEAD OFFICE
Siloam Hospitals, 5th Fl.
Jln. Siloam No. 6, Lippo Village
Tangerang 15811
Phone : (021) 256-68000
Fax
: (021) 546-0075
Homepage
Email

: www.siloamhospitals.com
: corporate.secretary@siloamhospitals.com

RESEARCH AND DEVELOPMENT DIVISION

135

SILO Siloam International Hospitals Tbk. [S]


Closing
Price*

TRADING ACTIVITIES
Volume
(Mill. Sh)

18,000

160

15,750

140

13,500

120

11,250

100

9,000

80

6,750

60

4,500

40

2,250

20

Sep-13

Mar-14

Sep-14

Mar-15

Closing Price*, Jakarta Composite Index (IHSG) and


Trade, Sevices and Investment Index
September 2013 - July 2015
105%
90%
75%

71.5%

60%
45%
30%
20.6%

15%

10.2%

-15%

Sep 13

Mar 14

Sep 14

Mar 15

SHARES TRADED

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

435
4,385
15
72

1,718
20,751
80
242

652
8,725
74
142

11,050
9,050
9,500
9,500

17,500
9,200
13,700
13,700

16,900
11,775
16,550
16,550

220.23
15.42
6.70

218.72
22.13
9.38

154.18
16.33
11.26

Price (Rupiah)
High
Low
Close
Close*
PER (X)
PER Industry (X)
PBV (X)
* Adjusted price after corporate action

136

RESEARCH AND DEVELOPMENT DIVISION

Closing Price
Low Close
9,050 10,400
9,950 10,150
9,050 9,600
9,250 9,500

Freq.

Volume

Value

Day

Closing Price* and Trading Volume


Siloam International Hospitals Tbk. [S]
September 2013 - July 2015

Month
Sep-13
Oct-13
Nov-13
Dec-13

High
11,000
11,050
10,350
9,700

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

9,650
10,550
11,400
11,000
15,000
15,150
15,000
15,950
17,500
15,500
15,400
14,700

9,200
9,500
9,550
9,400
11,000
13,950
13,100
14,000
14,700
13,125
12,800
13,375

9,625
10,500
10,300
11,000
15,000
14,450
14,300
15,075
15,025
13,775
13,625
13,700

4,505
6,310
9,465
7,308
5,769
5,181
5,816
6,452
11,156
5,972
6,991
5,539

139,774
233,380
262,183
271,019
250,496
149,703
84,216
95,928
116,205
41,486
44,745
28,758

1,335,343
2,325,902
2,781,056
2,886,239
3,134,771
2,187,636
1,200,511
1,454,766
1,813,276
590,341
637,273
403,657

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

14,000
13,700
13,950
14,425
15,775
14,725
16,900

13,000
11,875
12,100
11,775
13,525
12,900
13,750

13,400
12,225
13,400
14,200
14,100
14,400
16,550

4,003
10,078
11,484
15,284
11,773
9,926
11,867

38,835
170,719
163,986
101,180
35,093
55,724
86,497

525,611
2,111,214
2,151,398
1,334,178
515,396
777,670
1,309,069

21
19
22
21
19
21
19

(X)
6,040
5,130
2,776
1,293

(Thou. Sh.) (Million Rp)


110,105 1,098,723
175,460 1,838,018
68,670
674,356
81,196
773,923

13
21
20
18

SILO Siloam International Hospitals Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)
Dec-12

Dec-13

Dec-14

Jun-15

Cash & Cash Equivalents

168,708

515,438

279,959

217,144

Receivables

187,067

270,802

392,646

503,257

Inventories

75,352

94,831

105,858

121,554

Current Assets

456,737

907,465

840,797

931,891

Fixed Assets

865,292

1,402,270

1,589,307

1,603,358

BALANCE SHEET

Dec-11

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Assets

Other Assets
Total Assets

1,800

33,310

13,398

11,057

2,600,775

2,844,086

2,977,563

63.96%

9.36%

4.69%

600
-

267,633

295,921

478,163

577,807

Long Term Liabilities

1,073,752

665,862

712,254

701,206

Total Liabilities

1,341,585

961,783

1,190,417

1,279,012

-28.31%

23.77%

7.44%

Current Liabilities

2,400

1,586,226

Growth (%)

Growth (%)

Liabilities

3,000

1,200

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

400,000

400,000

400,000

400,000

Paid up Capital

100,000

115,610

115,610

115,610

1,000

1,156

1,156

1,156

100

100

100

100

Paid up Capital (Shares)


Par Value
Retained Earnings

156,238

206,109

268,677

337,338

Total Equity

244,641

1,638,992

1,653,669

1,698,550

569.96%

0.90%

2.71%

Growth (%)
INCOME STATEMENTS

Dec-11

Total Revenues

Dec-12

Dec-13

Dec-14

Jun-15

1,788,083

2,503,600

3,340,793

1,986,960

40.02%

33.44%

Growth (%)

1,844,902

2,388,731

1,420,884

444,815

658,698

952,062

566,076

Expenses (Income)

353,346

580,013

818,210

445,682

91,468

78,685

133,852

120,394

-13.98%

70.11%

-14,447

-6,924

-40,346

-24,899

Income before Tax

77,022

71,761

93,506

95,495

Tax

25,062

21,569

33,799

33,683

Profit for the period

51,960

50,192

59,707

61,812

-3.40%

18.96%

Growth (%)

Growth (%)

2013

2014

Jun-15

1,006

659

245
313

TOTAL REVENUES (Bill. Rp)


3,341
3,341

2,504

2,659

Other Income (Expenses)

1,699

1,352

2012

1,343,268

Operating Profit

1,654

-34

Gross Profit

Cost of Revenues

1,639
1,699

1,978

1,987

1,788

1,296

615

Period Attributable

50,461

49,870

62,569

62,050

Comprehensive Income

51,960

50,192

59,707

61,812

Comprehensive Attributable

50,461

49,870

62,569

62,050

Dec-12

Dec-13

Dec-14

Jun-15

170.66

306.66

175.84

161.28

5.20

RATIOS
Current Ratio (%)
Dividend (Rp)

Dec-11

EPS (Rp)

50.46

43.14

54.12

53.67

BV (Rp)

244.64

1,417.69

1,430.39

1,469.21

DAR (X)

0.85

0.37

0.42

0.43

DER(X)

5.48

0.59

0.72

0.75

ROA (%)

3.28

1.93

2.10

2.08

ROE (%)

21.24

3.06

3.61

3.64

GPM (%)

24.88

26.31

28.50

28.49

OPM (%)

5.12

3.14

4.01

6.06

NPM (%)

2.91

2.00

1.79

3.11

Payout Ratio (%)

9.61

Yield (%)

0.04

-67

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


60

62

62

52

50

2012

2013

49

37

24

11

-1

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

137

CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT

SMGR
SEMEN INDONESIA (PERSERO) TBK.

Company Profile
PT Semen Indonesia (Persero) Tbk. was established on March 25th, 1953 The Company
commenced commercial operations on August 7, 1957. The Company's controlling
shareholderistheGovernmentoftheRepublicofIndonesia.

ThescopeofactivitiesoftheCompanyinaccordancewiththeArticlesofAssociationand
being carried out during the reporting period is to engage in the cement industry. The
CompanysanditssubsidiariescementplantsarelocatedinGresikandTubaninEastJava,
Indarung in West Sumatera,Pangkep inSouthSulawesi and QuangNinh in Vietnam.The
Group'productsaremarketeddomesticallyandinternationally.

AsofJune30th,2015,theCompanyanditssubsidiarieshad7,168employees.

The subsidiaries of the company are established as Strategic Tools, in order to give the
maximumcontributions.Inaddition,theirexistenceisexpectedtoincurbeneficialsynergy
inordertoachievethepurposeinaccordancewiththestipulatedcorebusiness.Beloware
thesubsidiariesofthecompany:
PTSGGEnergiPrima,
PTSemenPadang,
PTSGGPrimaBeton,
PTSepatimBatamtama,
PTKrakatauSemenIndonesia,
PTBimaSepajaAbadi,
PTSinergiInformatikaSemenIndonesia,
PTSemenTonasa,
ThangLongCementJointStockCompany,
PTSemenGresik,
ThangLongCementJointStockCompany2,
PTUnitedTractorsSemenGresik,
PTIndustriKemasanSemenGresik, AnPhuCementJointStockCompany.

PTKawasanIndustriGresik,

This2014IndonesianCementobtainanawardgivenbytheEconomicNewsmediathrough
the "Living Legend Company & Everlasting Brand Award 2014". This award is a token of
appreciationforbusinessesbothSOEsandprivatecompaniesthathaveexistedfor more
than 50 years and has a good performance. Assessment of these companies is done not
onlyintermsofageandperformance,butalsoinnovationandstrategyinthefaceofcrisis.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

138

RESEARCH AND DEVELOPMENT DIVISION

SMGR SemenIndonesia(Persero)Tbk.[S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Basic Industry And Chemicals (3)
Industry Sub Sector : Cement (31)

Individual Index
:
Listed Shares
:
Market Capitalization :

3,514.535
5,931,520,000
59,908,352,000,000

16 | 59.9T | 1.21% | 55.00%


10 | 26.6T | 1.81% | 35.00%

COMPANY HISTORY
Established Date
: 25-Mar-1953
Listing Date
: 08-Jul-1991
Under Writer IPO :
PT Buanamas Investindo
PT Ficorinvest
PT Indovest Securities
PT Merchant Investment Corporation
PT Multicor
PT Nikko Securities Indonesia
PT Nomura Indonesia
PT Primarindo Daya Investama
Securities Administration Bureau :
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Mahendra Siregar
2. Achmad Jazidie
3. Hadi Waluyo *)
4. Marwanto Harjowirjono
5. Muchammad Zaidun *)
6. Sony Subrata
7. Wahyu Hidayat
*) Independent Commissioners
BOARD OF DIRECTORS
1. Suparni
2. Ahyanizzaman
3. Amat Pria Darma
4. Aunur Rosyidi
5. Gatot Kustyadji
6. Johan Samudra
7. Rizkan Chandra
AUDIT COMMITTEE
1. Hadi Waluyo
2. Achmad Jazidie
3. Elok Tresnaningsih
4. Sahat Pardede

SHAREHOLDERS (July 2015)


1. Pemerintah RI QQ Menteri Keuangan RI
2. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2003
2004
2005
2005
2006
2007
2008
2009
2009
2010
2010
2011
2012
2013
2014

Shares

Dividend
284.70
267.75
164.18
184.51
109.62
147.87
156.82
135.06
162.24
231.14
267.61
115.03
174.68
112.73
39.67
267.51
443.12
1,092.06
149.66
215.19
58.00
250.45
58.00
248.26
330.89
367.74
407.42
375.34

Cum Date
12-Jun-92
14-Jun-93
13-Jul-94
03-Jul-95
11-Jul-96
08-Jul-97
09-Jul-98
13-Jul-99
10-Jul-00
05-Jul-01
18-Jul-02
18-Jul-03
23-Jul-04
22-Dec-04
05-Jan-05
18-Jul-05
21-Jul-06
19-Jul-07
29-May-08
21-Jul-09
07-Dec-09
19-Jul-10
27-Dec-10
27-Jul-11
17-Jul-12
29-May-13
28-Apr-14
23-Apr-15

Ex Date
15-Jun-92
15-Jun-93
14-Jul-94
04-Jul-95
12-Jul-96
09-Jul-97
10-Jul-98
14-Jul-99
11-Jul-00
06-Jul-01
19-Jul-02
21-Jul-03
26-Jul-04
23-Dec-04
06-Jan-05
19-Jul-05
24-Jul-06
20-Jul-07
30-May-08
22-Jul-09
08-Dec-09
20-Jul-10
28-Dec-10
28-Jul-11
18-Jul-12
30-May-13
29-Apr-14
24-Apr-15

3,025,406,000 :
2,906,114,000 :

Recording
Date
22-Jun-92
24-Jun-93
21-Jul-94
12-Jul-95
22-Jul-96
18-Jul-97
20-Jul-98
22-Jul-99
19-Jul-00
13-Jul-01
24-Jul-02
23-Jul-03
28-Jul-04
28-Dec-04
10-Jan-05
21-Jul-05
26-Jul-06
24-Jul-07
03-Jun-08
24-Jul-09
10-Dec-09
22-Jul-10
30-Dec-10
01-Aug-11
20-Jul-12
03-Jun-13
02-May-14
28-Apr-15

51.01%
48.99%

Payment
Date
13-Jul-92
22-Jul-93
19-Aug-94
11-Aug-95
20-Aug-96
15-Aug-97
18-Aug-98
20-Aug-99
21-Jul-00
20-Jul-01
07-Aug-02
06-Aug-03
11-Aug-04
07-Jan-05
18-Jan-05
01-Aug-05
09-Aug-06
07-Aug-07
17-Jun-08
07-Aug-09
23-Dec-09
05-Aug-10
04-Jan-11
15-Aug-11
03-Aug-12
17-Jun-13
19-May-14
20-May-15

F
F
F
F
F
F
F
F
F
F
F
F
F
F
I
F
F
F
F
I
F
I
F
F
F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.

Type of Listing
First Issue
Partial Listing
Company Listing
Right Issue
Stock Split

Shares
40,000,000
30,000,000
78,288,000
444,864,000
5,338,368,000

Listing
Date
08-Jul-91
08-Jul-91
02-Jun-95
10-Aug-95
07-Aug-07

Trading
Date
08-Jul-91
17-May-92
02-Jun-95
10-Aug-95
07-Aug-07

CORPORATE SECRETARY
Agung Wiharto
HEAD OFFICE
The East Tower, 18th Fl., Jln. Dr. Ide Anak Agung Gde Agung

Kav. E.3.2 No. 1, Jakarta - 12950


Semen Gresik Main Building, Jln. Veteran, Gresik 61122
Phone : (021) 526-11745, (031) 398-17312
Fax
: (021) 526-1176, (031) 398-3209
Homepage
Email

F/I

: www.semengresik.com
: corp.sec@sg.sggrp.com
agungw@sg.sggrp.com

RESEARCH AND DEVELOPMENT DIVISION

139

SMGR Semen Indonesia (Persero) Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

20,000

56.0

17,500

49.0

15,000

42.0

12,500

35.0

10,000

28.0

7,500

21.0

5,000

14.0

2,500

7.0

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Basic Industry and Chemicals Index
January 2011 - July 2015
120%
100%
80%
60%
40%
28.8%
20%
2.5%
1.7%

-20%
-40%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

2,068
18,855
233
247

2,149
26,942
296
246

2,548
39,111
497
244

2,173
33,878
715
242

1,134
15,558
414
142

Price (Rupiah)
High
Low
Close
Close*

11,450
7,250
11,450
11,450

16,950
9,900
15,850
15,850

19,150
11,350
14,150
14,150

17,400
13,500
16,200
16,200

16,475
9,900
10,100
10,100

19.09
9.79
5.18

15.63
6.83
3.85

17.63
16.60
4.09

13.71
13.88
2.38

17.15
PER (X)
10.41
PER Industry (X)
4.65
PBV (X)
* Adjusted price after corporate action

140

RESEARCH AND DEVELOPMENT DIVISION

Closing Price
Low Close
7,250 7,750
7,800 8,650
8,250 9,100
9,100 9,500
9,200 9,700
9,150 9,600
9,350 9,450
8,400 9,100
7,400 8,300
7,700 9,500
8,650 9,250
9,300 11,450

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Semen Indonesia (Persero) Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
10,000
8,850
9,350
9,800
9,800
9,750
10,000
9,650
9,450
9,500
9,550
11,450

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

12,950
11,700
12,650
12,650
12,400
11,650
13,600
13,500
14,550
15,300
15,300
16,950

10,750
10,400
11,050
11,600
10,400
9,900
11,250
11,700
12,100
14,000
14,200
14,400

11,300
11,250
12,250
12,150
10,950
11,300
12,950
12,400
14,450
14,900
14,800
15,850

31,022
29,475
23,712
17,193
23,702
24,678
25,606
24,809
22,738
20,580
19,316
33,063

210,657
290,757
156,721
134,207
217,770
150,083
178,845
148,524
153,409
167,042
158,215
183,180

2,414,273
3,283,417
1,871,958
1,629,480
2,436,384
1,665,904
2,139,748
1,869,739
2,076,999
2,442,691
2,325,714
2,785,728

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

16,500
17,350
19,050
19,000
19,150
18,100
17,350
16,100
16,100
14,900
14,450
14,250

14,800
15,650
16,750
17,550
17,800
15,100
14,500
11,350
12,000
12,650
12,500
12,550

15,750
17,350
17,700
18,400
18,000
17,100
15,200
12,600
13,000
14,350
12,800
14,150

36,762
25,757
33,701
30,277
34,933
62,937
56,573
48,611
58,179
42,313
40,588
26,707

178,167
127,417
163,665
174,546
170,557
338,786
251,155
218,078
271,286
256,768
214,362
183,705

2,774,872
2,087,807
2,914,490
3,160,011
3,163,710
5,634,798
3,838,600
2,926,645
3,754,482
3,562,387
2,844,746
2,448,156

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

15,900
15,275
17,400
17,050
16,050
15,475
17,150
16,900
16,500
16,325
16,350
16,800

13,775
13,500
14,600
14,800
14,175
14,700
14,950
16,100
14,700
14,500
15,000
15,350

14,200
15,000
15,800
14,850
14,725
15,075
16,575
16,225
15,425
15,875
16,000
16,200

55,849
52,652
61,774
69,330
66,131
53,891
58,210
55,142
60,859
73,117
45,771
62,239

192,064
170,519
237,643
235,917
273,242
171,469
200,012
133,507
164,556
161,075
109,742
123,648

2,808,267
2,515,811
3,743,636
3,757,029
4,131,554
2,598,357
3,265,081
2,210,220
2,624,106
2,483,215
1,736,450
2,004,124

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

16,475
15,150
14,950
13,875
13,500
13,575
12,350

13,950
14,350
12,525
12,400
12,500
11,800
9,900

14,575
14,875
13,650
12,500
13,450
12,000
10,100

86,580
52,352
70,512
56,978
45,572
46,571
55,477

270,215
153,045
170,929
172,031
155,975
92,958
119,013

4,033,800
2,256,306
2,401,500
2,302,086
2,054,754
1,178,852
1,330,665

21
19
22
21
19
21
19

(X)
28,860
16,970
21,543
13,301
13,524
14,410
13,494
22,705
23,699
24,322
18,215
21,806

(Thou. Sh.) (Million Rp)


279,407 2,371,780
157,200 1,307,341
169,216 1,488,654
120,939 1,153,198
144,637 1,378,004
128,580 1,218,512
241,451 2,367,029
206,839 1,864,386
145,732 1,234,343
149,227 1,282,433
129,289 1,181,110
195,126 2,008,194

21
18
23
20
21
20
21
19
20
21
22
21

SMGR SemenIndonesia(Persero)Tbk.[S]
Financial Data and Ratios

Book End : December

Public Accountant : Osman Bing Satrio & Eny (Member of Deloitte Touche Tohmatsu Limited)
Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Cash & Cash Equivalents

3,375,645

3,081,102

4,108,092

4,925,950

2,866,446

Receivables

1,864,177

2,522,529

2,916,062

3,432,557

3,255,998

Inventories

2,006,660 22,849,053

2,645,893

2,811,704

3,130,107

Current Assets

7,646,145

9,972,110 11,648,545

9,951,403

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Fixed Assets
Other Assets
Total Assets

Assets

8,231,297

11,640,692 16,794,115 18,862,518 20,221,067 22,026,171


18,029

54,223

224,136

326,264

347,724

19,661,603 26,579,084 30,792,884 34,314,666 34,684,772

Growth (%)

21,000
14,000

15.85%

11.44%

1.08%

7,000
-

2,889,137

4,825,205

5,297,631

5,273,269

5,513,203

Long Term Liabilities

2,157,369

3,589,025

3,691,278

4,038,945

3,982,293

Total Liabilities

5,046,506

8,414,229

8,988,908

9,312,214

9,495,496

66.73%

6.83%

3.60%

1.97%

2,000,000

2,000,000

2,000,000

2,000,000

2,000,000

593,152

593,152

593,152

593,152

593,152

5,932

5,932

5,932

5,932

5,932

100

100

100

100

100

Growth (%)

28,000

35.18%

Current Liabilities

Liabilities

35,000

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital
Paid up Capital
Paid up Capital (Shares)
Par Value
Retained Earnings

12,407,396 15,291,927 18,480,911 21,630,157 21,654,045

Total Equity

14,615,097 18,164,855 21,803,976 25,002,452 25,189,276

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

24.29%

20.03%

14.67%

0.75%

Dec-12

Dec-13

Dec-14

Jun-15

25,189

2014

Jun-15

18,165

20,051

14,615
14,912

9,773

4,635

16,378,794 19,598,248 24,501,241 26,987,035 12,640,125

19.66%

Growth (%)

25.02%

10.15%

-504

2011

Cost of Revenues

8,891,868 10,300,667 13,557,147 15,388,431

Gross Profit

7,486,926

9,297,581 10,944,094 11,598,604

5,005,513

Expenses (Income)

2,594,794

3,116,058

4,023,694

4,507,838

2,207,914

Operating Profit

4,892,131

6,181,524

26,987
24,501
19,598

21,482

105,931

Income before Tax

5,089,952

6,287,454

Tax

1,134,680

1,360,814

Profit for the period

3,955,273

2013

TOTAL REVENUES (Bill. Rp)


26,987

197,821

Growth (%)

2012

7,634,612

26.36%

Growth (%)
Other Income (Expenses)

25,002
21,804

6,920,400

7,090,766

2,797,598

1,566,101

1,517,189

604,010

4,926,640

5,354,299

5,573,577

2,193,588

24.56%

8.68%

4.10%

16,379
12,640

15,976

10,471

4,966

Period Attributable

3,925,442

4,847,252

5,370,247

5,565,858

2,185,218

Comprehensive Income

3,960,605

4,924,791

5,852,023

5,587,346

2,316,058

Comprehensive Attributable

3,930,774

4,845,403

5,716,493

5,576,106

2,267,032

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Current Ratio (%)

264.65

170.59

188.24

220.90

180.50

Dividend (Rp)

330.89

367.74

407.42

375.34

RATIOS

661.79

817.20

905.37

938.35

368.41

BV (Rp)

2,463.97

3,062.43

3,675.95

4,215.18

4,246.68

DAR (X)

0.26

0.32

0.29

0.27

0.27

DER(X)

0.35

0.46

0.41

0.37

0.38

ROA (%)

20.12

18.54

17.39

16.24

6.32

ROE (%)

27.06

27.12

24.56

22.29

8.71

GPM (%)

45.71

47.44

44.67

42.98

39.60

OPM (%)

29.87

31.54

NPM (%)

24.15

25.14

21.85

20.65

17.35

Payout Ratio (%)

50.00

45.00

45.00

40.00

2.89

2.32

2.88

2.32

EPS (Rp)

Yield (%)

-540

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


4,927

5,574

4,437

5,354

5,574

3,955

3,300

2,194
2,163

1,026

-111

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

141

CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT

SMRA
SUMMARECON AGUNG TBK.

Company Profile
PT Summarecon Agung Tbk. was founded in 1975 to undertake real estate construction
and development. The Companys scope of activities engaged in the field of real estate
development as well as supporting facilities and operating within the services and trade.
Currently, the scope of the company's business is engaged in the sales / leasing of real
estate,shoppingcenters,officefacilities,aswellasameanssupporting.
TheCompanystartedcommercialoperationsin1976.PTSemaropGreatwasthelastof
theparententityoftheCompanyanditsSubsidiaries(hereinaftertogetherreferredtoas
the"Group")andtheCompany'sdirectparententity.
Summarecon'sbusinessunitsarenowgroupedintothreedistinctactivities:
1. PropertyDevelopment
Property Development is Summarecon's core business. This business unit develops
propertyproductsforsalesuchasresidentialhouse,apartment,landplotsandcommercial
shoplots. These property projects are integral to the development of a township's
residential and commercial development and include supporting facilities such as
educationfacilities,sportsandrecreation,placesofworshipandhealthcarefacilities.
2. PropertyInvestmentandManagement
Thisbusinessunitdevelopspropertieswhichareretainedandleasedout,particularlyretail
shopping malls. The revenue stream from shopping malls and other rental properties
provide stable and consistent recurring incomes to the company. In each township
developmentisanareadesignatedasacentralbusinessdistrictwhereinashoppingmall
willprovideforfullrangeoffacilitiesthatmeetstheneedsofmodernsociety.
3. Leisure,HospitalityandOthers
Summarecon is also developing other properties including offices which are intended for
own corporate use, hotels and residential buildings to further support facilities in its
township.
To ensure the availabilty of readytodevelop land, company has been continuously
acquiring land for potential future developments in existing locations and in any new
strategic/potential locations. Our current available landbank are more than 1,500 ha
(existing and new location). Company also strengthening the business portfolio by
developingtheinvestmentproperties,leisureandhospitalitythatwillprovideaconsistent
stream of recurring revenues. The Company and Subsidiaries had 2,217 permanent
employeesatMarch31st,2015.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

142

RESEARCH AND DEVELOPMENT DIVISION

SMRA Summarecon Agung Tbk. [S]

COMPANY REPORT : JULY 2015


Main Board
Industry Sector : Property, Real Estate And Building Construction (6)
Industry Sub Sector : Property And Real Estate (61)

As of 31 July 2015
Individual Index
:
Listed Shares
:
Market Capitalization :

2,859.021
14,426,781,680
25,102,600,123,200

34 | 25.1T | 0.51% | 67.98%


29 | 14.3T | 0.97% | 58.30%

COMPANY HISTORY
Established Date
: 26-Nov-1975
Listing Date
: 07-May-1990
Under Writer IPO :
PT Danareksa Sekuritas
PT Multicor
Securities Administration Bureau :
PT Sirca Datapro Perdana
Wisma Sirca
Jln. Johar No.18, Menteng, Jakarta 10340
Phone : (021) 314-0032, 390-5920, 390-0645
Fax
: (021) 390-0671, 390-0652
BOARD OF COMMISSIONERS
1. Soetjipto Nagaria
2. Edi Darnadi *)
3. Esther Melyani Homan *)
4. Harto Djojo Nagaria
*) Independent Commissioners

SHAREHOLDERS (July 2015)


1. PT Semarop Agung
2. PT Semarop Agung
3. PT Semarop Agung
4. PT Semarop Agung
5. PT Sinarmegah Jayasentosa
6. PT Sinarmegah Jayasentosa
7. BNYM S/A Stichting Dep Apg Str
8. BNYM S/A Stichting Dep Apg Str
9. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash

HEAD OFFICE
Jln. Perintis Kemerdekaan No. 42
Jakarta Timur

Year
1990
1991
1992
1992
1993
1993
1994
1994
1995
1996
1996
2000
2001
2001
2002
2003
2005
2005
2005
2006
2007
2008
2009
2010
2011
2012
2013

Phone : (021) 489-2107, 471-4567


Fax
: (021) 489-2976, 471-4486

ISSUED HISTORY

BOARD OF DIRECTORS
1. Adrianto Pitoyo Adhi
2. Ge Lilies Yamin
3. Herman Nagaria
4. Lexy Arie Tumiwa
5. Liliawati Rahardjo
6. Sharif Benyamin
7. Soegianto Nagaria
8. Yong King Ching
AUDIT COMMITTEE
1. Edi Darnadi
2. Leo A. Mancianno
3. Neneng Martini
CORPORATE SECRETARY
Michael Yong

Homepage
Email

: www.summarecon.com
: corp_secretary@summarecon.com

1,855,985,872
1,855,985,872
1,812,802,632
1,812,802,632
942,080,224
942,080,224
810,000,000
810,000,000
3,585,044,224

No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

Shares

Dividend
194.00
142.00
60.00
146.00

2:1
50 : 3
2:1
100 : 4

62.00
125.00
89.00
20.00
11.00

100 : 3
25.00
30.00
10 : 1
10.00
15.00
18.00
15.00
5:2

1:1

13.00
11.00
3.00
8.00
10.00
23.00
43.00
23.00

Cum Date
31-May-91
16-Jul-92
13-Jul-93
19-Jul-93
16-Feb-94
22-Jul-94
15-Dec-94
21-Jul-95
09-Jul-96
28-Jul-97
28-Jul-97
24-Jul-01
15-Jul-02
15-Jul-02
15-Jul-03
16-Jul-04
18-Jul-05
13-Jul-06
13-Jul-06
08-Jun-07
21-May-08
30-Jun-09
27-May-10
28-Jun-11
27-Jun-12
26-Jun-13
10-Jul-14

Type of Listing
First Issue
Partial Listing
Bonus Shares
Stock Dividend
Company Listing
Stock Dividen
Stock Split
Additional Listing without RI
Right Issue
Warrant

Recording
Date
10-Jun-91
24-Jul-92
21-Jul-93
27-Jul-93
24-Feb-94
01-Aug-94
23-Dec-94
01-Aug-95
18-Jul-96
06-Aug-97
06-Aug-97
01-Aug-01
19-Jul-02
19-Jul-02
18-Jul-03
21-Jul-04
20-Jul-05
18-Jul-06
18-Jul-06
13-Jun-07
26-May-08
03-Jul-09
02-Jun-10
04-Jul-11
02-Jul-12
01-Jul-13
15-Jul-14

Ex Date
03-Jun-91
17-Jul-92
14-Jul-93
20-Jul-93
17-Feb-94
25-Jul-94
16-Dec-94
24-Jul-95
10-Jul-96
29-Jul-97
29-Jul-97
25-Jul-01
16-Jul-02
16-Jul-02
16-Jul-03
19-Jul-04
19-Jul-05
14-Jul-06
14-Jul-06
11-Jun-07
22-May-08
01-Jul-09
31-May-10
30-Jun-11
28-Jun-12
27-Jun-13
11-Jul-14

Shares
6,667,000
16,666,700
11,282,833,556
6,000,000
64,999,300
50,345,760
1,664,183,040
433,926,000
459,014,453
442,145,871

T:

T:
T:
T:
T:

:
:
:
:
:
:
:
:
:

12.86%
12.86%
12.57%
12.57%
6.53%
6.53%
5.61%
5.61%
24.85%

Payment
Date
25-Jul-91
24-Aug-92
31-Jul-93
27-Aug-93
23-Mar-94
01-Sep-94
16-Jan-95
30-Aug-95
16-Aug-96
04-Sep-97
04-Sep-97
20-Aug-01
02-Aug-02
02-Aug-02
21-Jul-03
04-Aug-04
03-Aug-05
01-Aug-06
01-Aug-06
27-Jun-07
09-Jun-08
17-Jul-09
15-Jun-10
18-Jul-11
16-Jul-12
15-Jul-13
05-Aug-14

Listing
Date
07-May-90
26-Jan-94
24-Mar-94
12-Sep-94
17-Jan-95
19-Aug-96
11-Nov-96
17-Nov-05
25-Jul-07
17-Jan-08

:
:
:
:

RESEARCH AND DEVELOPMENT DIVISION

F/I
F
F
F
F
B
F
I
F
F
F
S
F
F
F
F
F
F
S
I
F
F
F
I
F
B
F

Trading
Date
07-May-90
26-Jan-94
15-Jul-13
12-Sep-94
17-Jan-95
02-Aug-02
12-Aug-02
23-Oct-12
25-Jul-07
25-Jun-10

143

SMRA Summarecon Agung Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

2,000

720

1,750

630

1,500

540

1,250

450

1,000

360

750

270

500

180

250

90

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
January 2011 - July 2015
280%
240%
222.2%
200%
160%

147.2%

120%
80%
40%

28.8%

-40%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

1,838
1,996
74
247

2,879
4,594
109
246

6,799
9,117
262
244

6,517
7,826
363
242

5,967
10,652
466
142

Price (Rupiah)
High
Low
Close
Close*

1,320
840
1,240
620

2,100
1,100
1,900
950

3,050
660
780
780

1,615
745
1,520
1,520

2,000
1,470
1,740
1,740

17.30
17.34
3.59

10.21
9.57
2.42

18.61 2,706.48
16.29
17.42
4.00
3.89

21.93
PER (X)
11.09
PER Industry (X)
3.44
PBV (X)
* Adjusted price after corporate action

144

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Summarecon Agung Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
1,110
1,030
1,160
1,260
1,270
1,200
1,320
1,310
1,310
1,170
1,200
1,250

Low
850
840
940
1,090
1,080
1,080
1,080
1,020
920
870
990
1,030

Close
870
1,000
1,160
1,260
1,140
1,140
1,280
1,210
1,000
1,170
1,060
1,240

(X)
12,964
6,850
5,439
3,639
6,300
4,541
9,010
6,023
6,699
5,327
2,210
4,877

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

1,400
1,320
1,610
1,870
1,830
1,620
1,700
1,660
1,690
1,750
2,000
2,100

1,170
1,100
1,250
1,570
1,420
1,370
1,530
1,380
1,470
1,610
1,730
1,820

1,200
1,290
1,570
1,730
1,420
1,620
1,620
1,470
1,680
1,750
1,920
1,900

6,429
7,872
9,064
17,128
12,631
7,451
7,648
7,030
7,395
5,768
9,139
11,641

134,454
229,937
274,582
854,547
270,187
150,482
137,647
113,212
122,714
222,532
188,716
180,261

169,578
286,861
391,369
1,410,931
441,513
226,314
221,865
178,266
195,074
373,493
349,843
349,136

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

1,950
2,500
2,525
2,675
3,050
2,825
1,320
1,070
1,050
1,140
1,080
960

1,710
1,860
2,150
2,150
2,550
1,150
940
660
690
880
780
750

1,890
2,325
2,475
2,600
2,800
1,290
1,000
780
930
1,050
900
780

17,801
15,874
11,644
14,632
18,664
25,478
35,902
27,271
29,817
30,037
19,911
14,769

305,075
289,483
264,854
373,884
314,882
422,548
1,100,648
870,003
1,024,278
896,981
566,805
369,297

560,276
603,334
626,267
882,856
885,175
991,867
1,152,747
779,300
909,108
898,351
507,534
319,726

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

980
1,085
1,180
1,150
1,305
1,270
1,405
1,415
1,350
1,310
1,475
1,615

745
910
980
940
1,080
1,090
1,095
1,270
1,195
1,040
1,220
1,300

955
1,005
1,065
1,110
1,255
1,135
1,350
1,340
1,220
1,260
1,460
1,520

27,739
32,185
27,115
26,857
19,968
21,300
41,560
32,205
40,295
34,690
29,571
29,385

484,736
680,056
528,787
587,245
420,392
275,513
757,675
483,471
662,162
627,001
458,840
550,649

434,071
676,697
573,389
633,586
515,282
325,634
977,499
646,706
836,334
749,899
615,277
842,088

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

1,760
1,880
1,835
1,975
2,000
1,975
1,815

1,470
1,605
1,585
1,705
1,735
1,560
1,600

1,650
40,621
1,815
33,126
1,720
64,624
1,780 120,547
1,975
93,826
1,635
67,292
1,740
45,986

660,999
505,458
1,055,330
998,159
1,677,754
728,188
341,149

1,064,832
887,016
1,768,316
1,851,732
3,207,244
1,287,622
585,689

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


350,348
346,724
215,422
198,509
127,664
132,585
58,216
68,404
135,128
152,632
104,888
120,504
262,445
312,928
147,933
180,703
149,317
173,964
125,832
125,755
86,134
96,826
86,936
74,454

21
18
23
20
21
20
21
19
20
21
22
21

SMRA Summarecon Agung Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Purwantono, Sungkoro & Surja (Member of Ernst & Young Global Limited)
BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

1,495,901

2,427,999

2,544,845

1,695,077

1,257,256

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

82,776

138,931

275,967

85,514

105,030

Inventories

2,741,082

2,819,764

3,058,266

3,103,252

4,057,048

Investment

1,929,125

3,699

284,282

304,427

282,418

351,832

366,762

411,561

254,769

67,756

144,088

181,479

Fixed Assets
Other Assets
Total Assets

8,099,175 10,876,387 13,659,137 15,379,479 17,172,386

Growth (%)

7,000

12.59%

11.66%

3,500
-

841,780

822,823

1,911,032

2,698,704

916,277

246,765

184,225

63,235

64,656

79,420

5,622,075

7,060,987

9,001,470

25.59%

27.48%

4.28%

9.90%

1,000,000

2,500,000

2,500,000

2,500,000

2,500,000

687,314

721,339

1,442,678

1,442,678

1,442,678

6,873

7,213

14,427

14,427

14,427

100

100

100

100

100

Retained Earnings

1,531,470

2,171,202

2,963,203

4,029,681

4,259,366

Total Equity

2,477,100

3,815,400

4,657,667

5,992,636

6,856,105

54.03%

22.08%

28.66%

14.41%

Growth (%)

10,500

25.59%

Trade Payable
Total Liabilities

14,000

34.29%

Bank Payable

Liabilities

17,500

2011

2012

2013

2014

Jun-15

9,386,843 10,316,281
TOTAL EQUITY (Bill. Rp)

Authorized Capital
Paid up Capital
Paid up Capital (Shares)
Par Value

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

2,359,331

3,463,163

4,093,789

5,333,593

2,596,664

46.79%

18.21%

30.28%

Growth (%)

4,658

5,457

3,815
4,059

2,477
2,660

1,262

-137

2011

Cost of Revenues

1,312,185

1,871,176

1,943,287

2,545,542

1,203,248

Gross Profit

1,047,145

1,591,987

2,150,503

2,788,051

1,393,416

Operating Expenses

482,671

581,085

803,365

929,013

701,797

Operating Profit

564,475

1,010,901

1,347,138

1,859,038

691,619

79.09%

33.26%

38.00%

Growth (%)

6,856
5,993

6,856

2012

2013

2014

Jun-15

TOTAL REVENUES (Bill. Rp)


5,334
4,094
4,246

Other Income (Expenses)

-33,559

-24,507

-27,712

-174,939

-165,541

Income before Tax

530,916

986,395

1,319,425

1,684,099

526,078

Tax

142,209

194,309

223,537

296,582

948

Profit for the period

388,707

792,086

1,095,888

1,387,517

525,130

103.77%

38.35%

26.61%

Growth (%)

3,463
2,597

3,157

2,359
2,069

981

Period Attributable

392,019

797,814

1,102,177

1,398,294

529,253

Comprehensive Income

388,707

792,086

1,095,888

1,387,517

542,018

Comprehensive Attributable

392,019

787,814

1,102,177

1,398,294

546,141

RATIOS

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Dividend (Rp)

23.00

43.00

23.00

EPS (Rp)

57.04

110.60

76.40

96.92

36.69

BV (Rp)

360.40

528.93

322.85

415.38

475.23

DAR (X)

0.69

0.65

0.66

0.61

0.60

DER(X)

2.27

1.85

1.93

1.57

1.50

ROA (%)

4.80

7.28

8.02

9.02

3.06

ROE (%)

15.69

20.76

23.53

23.15

7.66

GPM (%)

44.38

45.97

52.53

52.27

53.66

OPM (%)

23.93

29.19

32.91

34.86

26.63

NPM (%)

16.48

22.87

26.77

26.01

20.22

Payout Ratio (%)

40.33

38.88

30.11

1.85

2.26

2.95

Yield (%)

-107

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


1,388
1,388

1,096
1,104

792
821

525
538

389

255

-28

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

145

CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT

SRIL
SRI REJEKI ISMAN TBK.

Company Profile

PTSriRejekiIsmanwasestablisheddatedMay22,1978inSurakarta.Thescopeofmajor
activitiesoftheCompanyconsistsofspinning,weaving,dyeing,printing,finishingoffabric
andmanufacturingofgarments.TheCompanystarteditscommercialoperationsin1978.

In November 2013, the Company, PT Kapas Agung Abadi (KAA) and Iwan Kurniawan
Lukminto (as the sellers), all parties under common control, signed a share purchase
agreement related to the acquisition by the Company and PT Sinar Pantja Djaja (SPD)
belongingtoKAA.SPDisacompanyengagedinspinningyarnanddomiciledinSemarang.
As of March 31, 2015, the Company and its Subsidiary had a total number of 17,872
employees.

OnMarch3,2014theCompanyestablishedGoldenLegacyPte.Ltd.(GL),Thesubsidiary
wasestablishedunderthelawsofSingaporeasaprivatecompanywithlimitedliability.Its
domicileislocatedatBaterryRoad9,#1501StraitsTradingBuilding,Singapore049910.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of
the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be by
any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice
action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

146

RESEARCH AND DEVELOPMENT DIVISION

SRIL

Sri Rejeki Isman Tbk.

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Miscellaneous Industry (4)
Industry Sub Sector : Textile, Garment (43)

Individual Index
:
Listed Shares
:
Market Capitalization :

195.833
18,592,888,040
8,738,657,378,800

94 | 8.74T | 0.18% | 85.28%


43 | 10.9T | 0.74% | 69.92%

COMPANY HISTORY
Established Date
: 22-May-1978
Listing Date
: 17-Jun-2013
Under Writer IPO :
PT Bahana Securities
Securities Administration Bureau :
PT Adimitra Transferindo
Plaza Property 2nd Fl. Komp. Pertokoan Pulomas Blok VIII No. 1

Jln. Perintis Kemerdekaan Jakarta 13210


Phone : (021) 478-81515 (Hunting)
Fax
: (021) 470-9697

SHAREHOLDERS (July 2015)


1. PT Huddleston Indonesia
2. PT Prudential Life Assurance-Ref
3. Public (<5%)

10,425,274,040 :
1,204,632,600 :
6,962,981,400 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2013
2014

Shares

Dividend
2.00
.00043027

Cum Date
30-Jun-14
06-Jul-15

Ex Date
01-Jul-14
07-Jul-15

Recording
Date
03-Jul-14
09-Jul-15

56.07%
6.48%
37.45%

Payment
F/I
Date
18-Jul-14 F
31-Jul-15 F

ISSUED HISTORY
BOARD OF COMMISSIONERS
1. Susyana Lukminto
2. Megawati
3. Sudjarwadi *)
*) Independent Commissioners

No. Type of Listing


1. First Issue
2. Company Listing

Shares
5,600,000,000
12,992,888,040

Listing
Date
17-Jun-13
17-Jun-13

Trading
Date
17-Jun-13
17-Jun-13

BOARD OF DIRECTORS
1. Iwan Setiawan
2. Allan Moran Severino
3. Arief Halim
4. Eddy Prasetyo Salim
5. Iwan Kurniawan Lukminto
6. M. Nasir Tamara Tamimi
7. Phalguni Mukhopadyay
AUDIT COMMITTEE
1. Sudjarwadi
2. lda Bagus Oka Nila
3. Yose Rizal
CORPORATE SECRETARY
Welly Salam
HEAD OFFICE
Jln. K.H. Samanhudi 88
Jetis, Sukoharjo
Jawa Tengah
Phone : (0271) 593-188, 593-888, 593-488
Fax
: (0271) 593-488
Homepage
Email

: www.sritex.co.id
: welly.salam@sritex.co.id; welly_salam@yahoo.com
istanto@sritex.co.id
cmo@sritex.co.id

RESEARCH AND DEVELOPMENT DIVISION

147

SRIL

Sri Rejeki Isman Tbk.

Closing
Price*

Volume
(Mill. Sh)

480

3,200

420

2,800

360

2,400

300

2,000

240

1,600

180

1,200

120

800

60

400

Jun-13

Dec-13

Jun-14

Dec-14

Jun-15

Closing Price*, Jakarta Composite Index (IHSG) and


Miscellaneous Industry Index
June 2013 - July 2015
100%
88.0%

80%
60%
40%
20%
-

0.6%
-7.1%

-20%
-40%
-60%

Jun 13

Dec 13

Jun 14

Dec 14

Jun 15

SHARES TRADED

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

7,913
1,980
41
131

12,586
2,389
313
242

35,039
9,945
786
142

330
196
245
245

303
120
163
163

497
148
470
470

14.71
13.91
1.96

8.58
14.44
1.19

44.45
19.85
2.70

Price (Rupiah)
High
Low
Close
Close*
PER (X)
PER Industry (X)
PBV (X)
* Adjusted price after corporate action

148

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Sri Rejeki Isman Tbk.
June 2013 - July 2015

Month
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

High
290
240
330
305
290
275
275

Low
200
196
225
235
240
240
225

Close
240
240
275
245
265
250
245

(X)
4,338
2,927
9,513
7,534
5,520
5,281
5,400

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

303
296
291
230
219
210
186
178
167
173
182
172

230
241
182
186
190
173
150
152
127
120
140
151

296
257
222
190
204
179
157
152
129
167
172
163

9,644
15,670
48,617
43,182
21,379
11,540
14,895
22,042
35,591
22,637
36,199
31,612

905,583
948,067
2,164,168
734,908
803,788
309,003
484,811
784,219
1,391,467
1,145,391
1,935,546
979,420

240,642
249,258
482,506
149,198
164,944
59,782
81,768
127,886
195,194
168,265
311,164
158,637

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

180
166
270
279
350
349
497

149
148
152
229
271
269
304

155
153
229
271
339
303
470

26,148
28,613
167,822
112,951
114,262
104,878
231,373

1,994,729
2,051,613
8,131,661
7,701,622
3,327,174
2,929,507
8,903,014

315,639
319,408
1,742,646
1,977,162
1,073,958
934,877
3,580,929

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


3,348,240
805,220
410,603
89,744
1,311,972
351,578
872,011
227,117
606,148
161,184
713,199
185,761
651,303
159,427

10
23
17
21
21
20
19

SRIL

Sri Rejeki Isman Tbk.

Financial Data and Ratios

Book End : December

Public Accountant : Tanubrata Sutanto Fahmi & Rekan (Member of BDO International Limited)
Dec-13

Dec-14

Jun-15

74,440

1,014,831

1,240,842

Receivables

741,126

1,607,225

2,003,649

Inventories

1,458,638

1,362,611

2,065,598

Current Assets

2,342,148

4,005,530

5,371,567

Fixed Assets

3,047,672

4,011,821

4,378,629

51,636

53,969

BALANCE SHEET

Dec-11

Dec-12

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Assets

Cash & Cash Equivalents

15,982

Other Assets

5,590,982

Total Assets

8,691,096 10,328,345

55.45%

Growth (%)

6,750
4,500
2,250
-

2,232,337

751,756

665,639

Long Term Liabilities

1,039,045

5,041,546

6,216,246

Total Liabilities

3,271,382

5,793,302

6,881,885

77.09%

18.79%

Growth (%)

9,000

18.84%

Current Liabilities

Liabilities

11,250

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital

5,000,000

5,000,000

5,000,000

Paid up Capital

1,859,289

1,859,289

1,859,289

18,593

18,593

18,593

100

100

100

333,784

945,521

1,295,507

2,319,599

2,897,795

3,446,461

24.93%

18.93%

Paid up Capital (Shares)


Par Value
Retained Earnings
Total Equity

Growth (%)
INCOME STATEMENTS

Dec-11

Dec-12

Total Revenues

Dec-13

Dec-14

Jun-15

4,714,576

6,897,287

4,703,465

46.30%

Growth (%)

2,898
2,743

2,040

1,337

634

2013

3,696,164

5,374,885

3,719,900

Gross Profit

1,018,412

1,522,402

983,566

Expenses (Income)

350,516

348,920

291,454

Operating Profit

667,896

1,173,481

692,111

75.70%

2014

Jun-15

TOTAL REVENUES (Bill. Rp)


6,897
6,897

5,490

-205,071

-353,213

-228,337

Income before Tax

462,825

820,269

463,774

Tax

133,657

192,022

62,543

Profit for the period

309,603

628,210

401,231

Other Income (Expenses)

2,320

-69

Cost of Revenues

Growth (%)

3,446
3,446

4,715

4,703

4,083

2,676

102.91%

Growth (%)

1,269

Period Attributable

309,603

556,631

401,231

Comprehensive Income

309,603

556,594

404,762

Comprehensive Attributable

309,603

556,631

404,717

Dec-13

Dec-14

Jun-15

104.92

532.82

806.98

2.00

5.74

RATIOS
Current Ratio (%)
Dividend (Rp)

Dec-11

Dec-12

EPS (Rp)

16.65

29.94

21.58

BV (Rp)

124.76

155.86

185.36

DAR (X)

0.59

0.67

0.67

DER(X)

1.41

2.00

2.00

ROA (%)

5.54

7.23

3.88

ROE (%)

13.35

21.68

11.64

GPM (%)

21.60

22.07

20.91

OPM (%)

14.17

17.01

14.71

NPM (%)

6.57

9.11

8.53

12.01

19.18

0.82

3.52

Payout Ratio (%)


Yield (%)

-138

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


628
628

500

401
372

310

244

116

-13

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

149

COMPANY REPORT

SSMS
SAWIT SUMBERMAS SARANA TBK.

Company Profile

PTSawitSumbermasSaranaTbk.wasestablishedinJakartadatedNovember22,1995.The
scopeofCompanysactivitiesisagriculture,trade,andindustry.

The Company commenced its commercial operations in 2005. The company is primarily
involvedintheoperationsofoilpalmplantationsandapalmoilmillwhichproducescrude
palmoilandpalmkernelwithprocessingcapacitiesof90MToffreshfruitbunches(FFB)per
hour.OnApril12,2013,theCompanyhasstartedtheproductionofthesecondpalmoilmill
withprocessingcapacitiesof60MTperhour.Theoilpalmplantationandbothpalmoilmill
arelocatedinArutSelatan,KotawaringinBarat,CentralKalimantan.

AsofJune30th,2015,theCompanyanditssubsidiarieshave3,645permanentemployees.

TheCompanysownershipinterestsintheconsolidatedsubsidiaries,areasfollows:
PTKalimantanSawitAbadi,
PTMitraMendawaiSejati,
PTSawitMandiriLestari,
PTAhmadSaleh.

August 2015

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of
the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be by
any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice
action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

150

RESEARCH AND DEVELOPMENT DIVISION

SSMS Sawit Sumbermas Sarana Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Agriculture (1)
Industry Sub Sector : Plantation (12)

Individual Index
:
Listed Shares
:
Market Capitalization :

293.284
9,525,000,000
18,716,625,000,000

46 | 18.7T | 0.38% | 73.12%


11 | 25.8T | 1.75% | 36.75%

COMPANY HISTORY
Established Date
: 22-Nov-1995
Listing Date
: 12-Dec-2013
Under Writer IPO :
PT BNP Paribas Securities Indonesia
PT Mandiri Sekuritas
PT RHB OSK Securities Indonesia
Securities Administration Bureau :
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Bungaran Saragih
2. Marzuki Usman *)
*) Independent Commissioners

SHAREHOLDERS (July 2015)


1. PT Citra Borneo Indah
2. PT Mandiri Indah Lestari
3. PT Prima Sawit Borneo
4. PT Putra Borneo Agro Lestari
5. SSB Rua1 S/A Falcon Private Bank Ltd.- 2144606729
6. Jemmy Adriyanor
7. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2014

Shares

Dividend
22.65

Cum Date
24-Apr-15

Ex Date
27-Apr-15

2,520,000,000
1,300,000,000
1,300,000,000
1,300,000,000
802,500,000
796,000,000
1,506,500,000

Recording
Date
29-Apr-15

:
:
:
:
:
:
:

26.46%
13.65%
13.65%
13.65%
8.43%
8.36%
15.82%

Payment
F/I
Date
21-May-15 F

ISSUED HISTORY
No. Type of Listing
1. First Issue
2. Company Listing

Shares
1,500,000,000
8,025,000,000

Listing
Date
12-Dec-13
12-Dec-13

Trading
Date
12-Dec-13
12-Dec-13

BOARD OF DIRECTORS
1. Rimbun Situmorang
2. Harry Mohammad Nadir
3. Ramzi Sastra
4. Vallauthan Subraminam
AUDIT COMMITTEE
1. Marzuki Usman
2. Wahyudi Susanto
3. Zulfitry Ramdan
CORPORATE SECRETARY
Hadi Susilo
HEAD OFFICE
Equity Tower 43th Fl., Suite 43 D, SCBD Lot. 9
Jln. Jend. Sudirman Kav. 52-53
Jakarta 12190
Phone : (021) 2903-5401
Fax
: (021) 2903-5405
Homepage
Email

: www.ssms.co.id
: hadi@ssms.co.id
corporate@ssms.co.id

RESEARCH AND DEVELOPMENT DIVISION

151

SSMS Sawit Sumbermas Sarana Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

2,400

1,600

2,100

1,400

1,800

1,200

1,500

1,000

1,200

800

900

600

600

400

300

200

Dec-13

Jun-14

Dec-14

Jun-15

Closing Price*, Jakarta Composite Index (IHSG) and


Agriculture Index
December 2013 - July 2015
245%
210%
175%

172.9%

140%
105%
70%
35%
14.0%

-3.2%

-35%

Dec 13

Jun 14

Dec 14

Jun 15

SHARES TRADED

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

1,031
790
41
11

16,576
19,204
1,452
242

9,398
18,062
608
142

850
670
820
820

1,700
780
1,665
1,665

2,425
1,605
1,965
1,965

13.54
15.46
3.37

25.60
19.34
5.78

26.64
23.50
6.65

Price (Rupiah)
High
Low
Close
Close*
PER (X)
PER Industry (X)
PBV (X)
* Adjusted price after corporate action

152

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Sawit Sumbermas Sarana Tbk. [S]
December 2013 - July 2015

Month
Dec-13

High
850

Low
670

Close
820

(X)
40,829

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

940
1,000
1,105
1,215
1,330
1,305
1,290
1,360
1,450
1,285
1,490
1,700

780
795
970
1,035
1,185
1,230
1,130
1,245
1,255
970
1,105
1,430

840
995
1,035
1,200
1,245
1,245
1,265
1,305
1,265
1,245
1,460
1,665

90,546
124,186
151,752
124,281
109,941
138,806
96,713
95,927
191,666
132,232
121,970
73,625

1,525,166
1,968,412
2,801,526
1,499,197
1,336,469
853,528
850,674
994,842
1,626,852
1,118,780
1,046,976
953,444

1,313,401
1,819,170
2,882,007
1,678,780
1,694,579
1,084,394
1,029,194
1,280,910
2,252,941
1,343,498
1,364,530
1,460,547

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

1,735
2,005
2,040
2,185
2,425
2,350
2,035

1,605
1,635
1,950
1,855
1,895
1,755
1,830

1,650 106,690
1,985
96,459
1,990
90,903
1,900
81,703
2,350
74,128
1,845
74,060
1,965
84,049

964,382
880,303
1,051,135
1,050,938
1,594,465
1,405,027
2,452,024

1,624,413
1,547,313
2,095,972
2,146,096
3,350,131
2,645,755
4,652,566

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


1,031,455
790,493

11

SSMS Sawit Sumbermas Sarana Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
Dec-12

Dec-13

Dec-14

Jun-15

416,254

929,469

157,297

1,409,005

Receivables

23,408

199,500

160,673

70,241

Inventories

99,053

45,809

67,667

126,537

Current Assets

545,163

1,957,546

2,300,594

2,182,626

Fixed Assets

651,905

593,891

596,197

1,733,966

BALANCE SHEET

Dec-11

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Assets

Cash & Cash Equivalents

Other Assets
Total Assets

3,750

86,850

250,512

241,486

148,405

3,701,917

4,032,885

6,203,276

75.15%

8.94%

53.82%

1,250
-

557,642

697,129

509,465

764,031

Long Term Liabilities

1,089,928

688,518

518,821

2,626,682

Total Liabilities

1,647,570

1,385,647

1,028,286

3,390,713

-15.90%

-25.79%

229.74%

1,500,000

3,210,000

3,210,000

3,200,000

412,500

952,500

952,500

952,500

4,125

9,525

9,525

9,525

100

100

100

100

6,619

443,443

1,113,039

1,292,044

466,041

2,316,270

3,004,600

2,812,562

397.01%

29.72%

-6.39%

Dec-12

Dec-13

Dec-14

Jun-15

1,880,275

1,962,435

2,180,673

1,302,800

4.37%

11.12%

Current Liabilities

5,000

2,113,611

Growth (%)

Growth (%)

Liabilities

6,250

2,500

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital
Paid up Capital
Paid up Capital (Shares)
Par Value
Retained Earnings
Total Equity

Growth (%)
INCOME STATEMENTS

Dec-11

Total Revenues

Growth (%)

2,813

2,316
2,392

1,779

1,166

466
553

-60

2012

Cost of Revenues

891,088

949,458

1,027,885

634,316

Gross Profit

989,187

1,012,977

1,152,788

668,484

Expenses (Income)

113,249

74,648

219,724

124,262

Operating Profit

875,938

938,329

933,065

544,223

7.12%

-0.56%

-110,764

-84,910

53,824

-96,393

765,173

853,419

986,889

447,829

Tax

203,478

221,750

249,059

96,525

Profit for the period

561,695

631,669

737,830

351,304

12.46%

16.81%

Growth (%)

3,005
3,005

2013

2014

Jun-15

TOTAL REVENUES (Bill. Rp)


2,181
2,181

1,880

1,962

1,736

Other Income (Expenses)


Income before Tax

Growth (%)

1,303
1,291

846

401

Period Attributable

473,980

576,824

719,097

351,304

Comprehensive Income

344,844

631,669

737,830

407,439

Comprehensive Attributable

337,535

576,824

719,097

394,737

Dec-12

Dec-13

Dec-14

Jun-15

97.76

280.80

451.57

285.67

22.65

RATIOS
Current Ratio (%)
Dividend (Rp)

Dec-11

EPS (Rp)

114.90

60.56

75.50

36.88

BV (Rp)

112.98

243.18

315.44

295.28

DAR (X)

0.78

0.37

0.25

0.55

DER(X)

3.54

0.60

0.34

1.21

ROA (%)

26.58

17.06

18.30

5.66

ROE (%)

120.52

27.27

24.56

12.49

GPM (%)

52.61

51.62

52.86

51.31

OPM (%)

46.59

47.81

42.79

41.77

NPM (%)

29.87

32.19

33.83

26.97

Payout Ratio (%)

30.00

Yield (%)

1.36

-44

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


738
738

632
562
587

351

437

286

136

-15

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

153

OM
M PP A
AN
N YY RR EE PP O
O RR TT
CC O

TBIG
TOWER BERSAMA INFRASTRUCTURE TBK.
Company Profile
PTTowerBersamaInfrastructureTbk.(TBIG)wasestablisheddated8November2004.TBIG
is a provider of telecommunications infrastructure for the placement of BTS by
telecommunicationsoperatorsinIndonesia.TBIGispubliclylistedontheIndonesianStock
ExchangeandismajorityownedbySaratogaCapitalandProvidentCapital.

The business activities of the Company, among others are to carry on the business of
telecommunicationssupportservicesincludingleaseandmaintenanceofBaseTransceiver
Station (BTS), consultation service and conducting investment or participation to other
companies.TheCompanystarteditsbusinessactivitiesin2004.Currently,theCompany's
mainactivityisinvestinginsubsidiaries

As one of the leading independent tower companies in Indonesia, we are pleased to


announceourstrongfinancialandoperationalresultsfor2013.Weorganicallyadded2,985
telecommunication tenants to our existing portfolio, which includes 1,811
telecommunication towers. This demonstrates our unique capability to execute on large
ordersfromourtelecommunicationcustomers.

TheCompanythroughsubsidiarieshasdirectandindirectshareholdinggreaterthan50%in
thefollowingsubsidiaries:
PTTelenetInternusa,
PTUnitedTowerindoandsubsidiary,
PTTowerBersamaandsubsidiaries,
PTTowerOneandsubsidiary,
PTTriakaBersama,
PTMetricSolusiIntegrasiandsubsidiary,
PTSolusiMenaraIndonesia,
TBGGlobalPte.Ltd.andsubsidiary,and
PTMenaraBersamaTerpadu.
All subsidiaries are domiciled in Jakarta and their address is the same as the Companys
address,exceptforTBGGlobalPte.Ltd.,whichisdomiciledinSingapore.

On31June2015theCompanyandsubsidiariesemployed586staffs.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of
the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be by
any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice
action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

154

RESEARCH AND DEVELOPMENT DIVISION

TBIG Tower Bersama Infrastructure Tbk.

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Infrastructure, Utilities And Transportation (7)
Industry Sub Sector : Non Building Construction (75)

Individual Index
:
Listed Shares
:
Market Capitalization :

413.580
4,796,526,199
40,170,906,916,625

22 | 40.2T | 0.81% | 60.44%


35 | 12.8T | 0.87% | 63.74%

COMPANY HISTORY
Established Date
: 08-Nov-2004
Listing Date
: 26-Oct-2010
Under Writer IPO :
PT UBS Securities Indonesia
PT Indo Premier Securities
Securities Administration Bureau :
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026

SHAREHOLDERS (July 2015)


1. PT Wahana Anugerah Sejahtera
2. PT Provident Capital Indonesia
3. JPMCC-SPO Partners II LP
4. Public (<5%)

1,319,871,198
1,183,140,806
270,869,054
2,022,645,141

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2010
2013

Shares

Dividend
25.00
60.00

Cum Date
10-Jun-11
18-Sep-13

Ex Date
13-Jun-11
19-Sep-13

Recording
Date
15-Jun-11
23-Sep-13

:
:
:
:

27.52%
24.67%
5.65%
42.17%

Payment
F/I
Date
28-Jun-11 F
03-Oct-13 I

ISSUED HISTORY
BOARD OF COMMISSIONERS
1. Edwin Soeryadjaya
2. Herry Tjahjana *)
3. Mustofa *)
4. Wahyuni Bahar *)
5. Winato Kartono
*) Independent Commissioners

No.
1.
2.
3.

Type of Listing
First Issue
Company Listing
Additional Listing without RI

Shares
551,111,000
4,005,588,889
239,826,310

Listing
Date
26-Oct-10
26-Oct-10
30-Jul-12

Trading
Date
26-Oct-10
26-Oct-10
30-Jul-12

BOARD OF DIRECTORS
1. Herman Setya Budi
2. Budianto Purwahjo
3. Gusandi Sjamsudin
4. Hardi Wijaya Liong
5. Helmi Yusman Santoso
AUDIT COMMITTEE
1. Mustofa
2. Aria Kanaka
3. Ignatius Andy
CORPORATE SECRETARY
Helmy Yusman Santoso
HEAD OFFICE
Barclays House Building, 6th Fl.
Jln. Jenderal Sudirman Kav. 22 - 23
Jakarta 12920
Phone : (021) 571-1946, 292-48900
Fax
: (021) 571-2344
Homepage
Email

: www.tower-bersama.com
: helmy@tower-bersama.com
corporate.secretary@tower-bersama.com

RESEARCH AND DEVELOPMENT DIVISION

155

TBIG Tower Bersama Infrastructure Tbk.


Closing
Price*

Volume
(Mill. Sh)

10,000

560

8,750

490

7,500

420

6,250

350

5,000

280

3,750

210

2,500

140

1,250

70

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Infrastructure, Utilities and Transportation Index
January 2011 - July 2015
315%
270%
235.0%

225%
180%
135%
90%
45%

28.8%
23.0%

-45%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

1,136
2,590
48
247

2,610
10,086
60
246

2,054
11,783
152
244

1,509
11,134
323
242

760
6,930
194
142

Price (Rupiah)
High
Low
Close
Close*

2,725
1,810
2,375
2,375

6,150
2,325
5,700
5,700

6,650
4,450
5,800
5,800

9,925
5,450
9,700
9,700

9,800
8,075
8,375
8,375

33.28
17.53
6.44

22.29
12.11
6.76

30.65
20.04
10.60

-605.00
10.01
10.37

21.89
PER (X)
11.09
PER Industry (X)
4.00
PBV (X)
* Adjusted price after corporate action

156

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Tower Bersama Infrastructure Tbk.
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
2,725
2,450
2,475
2,475
2,425
2,450
2,500
2,275
2,300
2,075
2,400
2,400

Low
2,375
2,300
2,175
2,175
2,175
2,150
2,225
1,830
1,810
1,860
2,000
2,150

Close
2,425
2,350
2,225
2,425
2,225
2,375
2,225
2,200
2,000
2,075
2,125
2,375

(X)
9,179
4,100
4,010
8,810
3,011
3,502
2,386
3,396
3,506
2,169
2,192
1,611

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

2,425
2,625
3,075
3,200
3,200
3,400
4,000
4,200
4,500
5,100
6,150
6,000

2,325
2,350
2,550
2,925
2,900
2,975
3,250
3,700
3,800
4,375
4,975
5,250

2,400
2,600
2,950
3,050
3,200
3,275
3,925
3,875
4,450
5,000
6,000
5,700

1,737
3,580
6,803
4,439
5,069
5,533
4,930
5,661
4,660
5,902
5,911
6,240

39,087
166,531
785,692
143,343
155,205
124,903
141,729
133,336
116,837
88,890
416,777
297,474

92,982
420,776
2,271,438
437,376
472,268
401,083
505,148
522,447
476,198
417,510
2,362,432
1,705,845

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

6,350
5,950
6,150
6,200
6,200
6,000
5,800
6,650
6,100
6,000
6,500
6,250

5,350
5,200
5,550
5,450
5,350
4,450
4,900
5,100
5,200
5,350
5,600
5,300

5,900
5,600
6,050
5,650
6,000
5,200
5,700
5,200
5,850
5,700
6,000
5,800

8,721
10,457
7,436
6,920
8,781
17,149
9,548
13,449
15,926
24,056
20,908
9,086

83,157
142,992
144,157
130,555
100,319
172,755
118,866
168,488
78,464
134,815
231,330
547,707

485,791
791,870
817,677
746,627
561,365
861,019
621,488
1,003,989
440,692
759,917
1,417,115
3,275,237

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

6,500
6,400
6,300
6,550
7,675
8,150
8,425
8,975
8,500
8,900
9,600
9,925

5,450
5,900
5,950
6,000
6,250
7,275
7,575
7,525
7,750
7,275
8,600
9,225

6,200
6,250
6,000
6,500
7,675
8,050
8,300
7,875
8,000
8,900
9,425
9,700

15,844
15,184
21,353
18,543
23,273
24,458
27,935
49,485
48,615
36,163
19,278
22,809

78,490
50,094
342,321
82,766
105,396
81,865
75,908
89,868
175,440
166,436
216,488
44,148

481,002
302,873
2,002,123
512,340
723,323
632,943
601,985
732,040
1,430,263
1,376,488
1,915,170
423,075

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

9,800
9,550
9,650
9,700
9,625
9,625
9,050

9,200
8,400
9,050
8,075
8,400
8,450
8,275

9,500
9,275
9,475
8,475
9,425
9,225
8,375

21,572
27,789
28,788
32,275
35,247
28,746
19,237

75,856
116,548
61,723
153,096
225,446
65,152
62,427

722,206
1,036,455
571,884
1,382,786
2,082,208
594,063
540,280

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


94,332
237,684
85,574
36,123
50,779
114,563
245,263
568,530
484,010 1,083,414
48,712
111,124
39,317
93,454
63,922
29,944
39,860
84,945
20,555
41,196
26,421
57,531
21,057
48,186

21
18
23
20
21
20
21
19
20
21
22
21

TBIG Tower Bersama Infrastructure Tbk.


Financial Data and Ratios

Book End : December

Public Accountant : Tanubrata Sutanto Fahmi & Rekan (Member of BDO International Limited)
Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Cash & Cash Equivalents

499,552

507,253

647,186

900,576

322,503

Receivables

159,200

166,615

637,105

560,783

673,474

Inventories

33,545

228,771

328,078

404,377

418,996

1,186,268

2,301,229

2,598,596

3,152,206

2,733,012

383,713

87,100

219,516

473,559

514,440

5,246

4,699

4,151

7,091

6,573

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Current Assets
Fixed Assets
Other Assets
Total Assets

Assets

6,880,206 14,317,483 18,719,211 22,034,082 23,019,300

Growth (%)
Current Liabilities

869,746

14,250
9,500

30.74%

17.71%

4.47%

4,750

2,182,014

3,930,922

9,124,102

4,856,440

3,305,251

Total Liabilities

4,174,997 10,072,090 14,605,172 17,903,053 18,852,685

7,890,076 10,674,250

8,778,951 13,996,245

141.25%

45.01%

22.58%

5.30%

1,442,012

1,442,012

1,442,012

1,442,012

1,442,012

455,670

479,653

479,653

479,653

479,653

4,557

4,797

4,797

4,797

4,797

100

100

100

100

100

859,972

1,701,907

2,662,109

3,675,818

4,246,353

Growth (%)

19,000

108.10%

Long Term Liabilities

Liabilities

23,750

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital
Paid up Capital
Paid up Capital (Shares)
Par Value
Retained Earnings
Total Equity

2,705,209

Growth (%)

4,245,393

4,114,039

4,131,029

4,166,615

56.93%

-3.09%

0.41%

0.86%

INCOME STATEMENTS

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Total Revenues

970,026

1,715,421

2,690,500

3,306,812

1,672,187

76.84%

56.84%

22.91%

Growth (%)

4,114

4,131

4,167

2012

2013

2014

Jun-15

3,379

2,705
2,513

1,647

781

-85

2011

Cost of Revenues

143,262

263,837

395,796

509,820

210,301

Gross Profit

826,764

1,451,584

2,294,704

2,796,992

1,461,886

Expenses (Income)

119,278

171,195

242,434

291,688

154,111

Operating Profit

707,486

1,280,389

2,052,270

2,505,304

1,307,775

80.98%

60.28%

22.07%

Growth (%)

4,245
4,245

TOTAL REVENUES (Bill. Rp)


3,307
3,307

2,691
2,632

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

-194,538

-367,141

-874,894

-1,074,741

-701,973

512,948

913,248

1,177,376

1,430,563

605,802

20,600

-14,167

-174,148

58,459

7,815

492,348

927,415

1,351,524

1,372,104

597,987

88.37%

45.73%

1.52%

Growth (%)

1,715

1,958

1,283

1,672

970

608

Period Attributable

474,358

841,935

1,247,994

1,301,496

570,535

Comprehensive Income

494,491

821,596

935,985

1,356,503

165,109

Comprehensive Attributable

476,411

745,869

858,498

1,289,300

97,906

RATIOS

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

136.39

105.46

66.11

34.55

56.28

60.00

EPS (Rp)

104.10

175.53

260.19

271.34

118.95

BV (Rp)

593.68

885.10

857.71

861.25

868.67

DAR (X)

0.61

0.70

0.78

0.81

0.82

DER(X)

1.54

2.37

3.55

4.33

4.52

ROA (%)

7.16

6.48

7.22

6.23

2.60

ROE (%)

18.20

21.85

32.85

33.21

14.35

GPM (%)

85.23

84.62

85.29

84.58

87.42

OPM (%)

72.93

74.64

76.28

75.76

78.21

NPM (%)

50.76

54.06

50.23

41.49

35.76

Payout Ratio (%)

23.06

Yield (%)

1.03

Current Ratio (%)


Dividend (Rp)

-66

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


1,352

1,372

1,372

927

1,092

812

598

492
532

252

-27

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

157

COMPANY REPORT

TLKM
TELEKOMUNIKASI INDONESIA
(PERSERO) TBK.
Company Profile
We are a stateowned enterprise that operates in the telecommunications and network
servicessectorinIndonesia.Wearesubjecttotheprevailinglawsandregulationsinthis
country.Givenitsstatusasastateownedenterprisewhosesharesaretradedonthestock
market, the Government of the Republic of Indonesia is the Companys majority
shareholder,whiletheremaindoftheCompanyscommonstockisownedbythepublic.
TheCompanyssharesaretradedontheIndonesiaStockExchange(IDX)andtheNewYork
StockExchange(NYSE).
As stated in our Articles of Association, our business is to provide telecommunications
networks and telecommunications and information services, and to optimize the
Companys resources. To attain the aforementioned objectives, the Company may
undertakebusinessactivitiesthatincorporatethefollowing:
1.

MainBusiness
a.

To plan, build, deliver, develop, operate, marketor sell/lease, and maintain


telecommunications and information networksin the broadest sense with
respecttoprovisionsoflawsandregulations.

b.

Toplan,develop,deliver,marketorsellandimprovetelecommunicationsand
information servicesin the broadest sense with respect to provisions of laws
andregulations.

2.

SupportingBusiness
a.

To provide payment transaction and


telecommunicationsandinformationnetworks.

remittance

services

via

b.

To carry out activities and other undertakings in respect of optimizing the


Companysresources,amongotherstheutilizationoftheCompanysproperty,
plant and equipment and movable assets, information system facilities,
educationandtrainingfacilitiesandmaintenanceandrepairfacilities.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

158

RESEARCH AND DEVELOPMENT DIVISION

TLKM Telekomunikasi Indonesia (Persero) Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Infrastructure, Utilities And Transportation (7)
Industry Sub Sector : Telecommunication (73)

1,545.051
Individual Index
:
Listed Shares
100,799,996,400
:
Market Capitalization : 296,351,989,416,000

4 | 296.4T | 5.97% | 25.94%


2 | 71.0T | 4.82% | 11.16%

COMPANY HISTORY
Established Date
: 24-Sep-1991
Listing Date
: 14-Nov-1995
Under Writer IPO :
PT Bahana Securities
PT Danareksa Sekuritas
PT Makindo
Securities Administration Bureau :
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Hendri Saparini
2. Dolfie Othniel Fredric Palit
3. Hadiyanto
4. Margiyono Darsasumarja
5. Pamiyati Pamela Johana Waluyo *)
6. Parikesit Suprapto *)
7. Rinaldi Firmansyah *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Alex Janangkih Sinaga
2. Abdus Somad Arief
3. Dian Rachmawan
4. Herdy Rosadi Harman
5. Heri Sunaryadi
6. Honesti Basyir
7. Indra Utoyo
8. Muhamad Awaluddin
AUDIT COMMITTEE
1. Rinaldi Firmansyah
2. Agus Yulianto
3. Dolfie Othniel Fredric Palit
4. Parikesit Suprapto
5. Tjatur Purwadi
CORPORATE SECRETARY
Andi Setiawan
HEAD OFFICE
Graha Merah Putih 5th Fl.
Jln. Gatot Subroto No. 52
Jakarta
Phone : (021) 521-5109
Fax
: (021) 522-0500
Homepage
Email

SHAREHOLDERS (July 2015)


1. Negara Republik Indonesia
2. Public (<5%)

51,602,353,560 :
49,197,642,840 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1995
1996
1997
1997
1998
1998
1998
1999
1999
2000
2000
2001
2002
2003
2004
2005
2005
2006
2006
2007
2007
2007
2008
2009
2009
2010
2010
2011
2012
2013

Shares

Dividend
24.48
41.25
32.75
15.75
35.69

50 : 4
15.30
53.88
53.88
44.08
44.08
210.82
331.16
301.95
7.11
144.90
218.86
48.45
254.76
48.45
309.42
97.73
296.94
26.65
261.41
26.75
295.84
371.05
436.10
102.40

Cum Date
07-Jun-96
13-May-97
22-May-98
23-Nov-98
24-May-99
24-Jun-99
24-May-99
26-Apr-00
09-Oct-00
31-May-01
10-Oct-01
24-Jul-02
03-Jun-03
23-Aug-04
23-Dec-04
15-Jul-05
21-Jul-06
21-Dec-06
20-Jul-07
29-Nov-07
11-Jul-08
09-Oct-08
07-Jul-09
09-Dec-09
07-Jul-10
22-Dec-10
13-Jun-11
05-Jun-12
29-May-13
28-Apr-14

Ex Date
10-Jun-96
14-May-97
25-May-98
24-Nov-98
25-May-99
25-Jun-99
25-May-99
27-Apr-00
10-Oct-00
01-Jun-01
11-Oct-01
25-Jul-02
04-Jun-03
24-Aug-04
27-Dec-04
18-Jul-05
24-Jul-06
22-Dec-06
23-Jul-07
30-Nov-07
14-Jul-08
10-Oct-08
08-Jul-09
10-Dec-09
08-Jul-10
23-Dec-10
14-Jun-11
06-Jun-12
30-May-13
29-Apr-14

Recording
Date
18-Jun-96
23-May-97
02-Jun-98
02-Dec-98
02-Jun-99
05-Jul-99
02-Jun-99
05-May-00
18-Oct-00
07-Jun-01
17-Oct-01
30-Jul-02
06-Jun-03
26-Aug-04
29-Dec-04
20-Jul-05
26-Jul-06
27-Dec-06
25-Jul-07
04-Dec-07
16-Jul-08
14-Oct-08
10-Jul-09
14-Dec-09
12-Jul-10
28-Dec-10
16-Jun-11
08-Jun-12
03-Jun-13
02-May-14

51.19%
48.81%

Payment
Date
17-Jul-96
20-Jun-97
01-Jul-98
30-Dec-98
01-Jul-99
02-Aug-99
30-Dec-99
22-May-00
01-Nov-00
21-Jun-01
31-Oct-01
12-Aug-02
12-Jun-03
07-Sep-04
06-Jan-05
03-Aug-05
09-Aug-06
02-Jan-07
08-Aug-07
18-Dec-07
31-Jul-08
28-Oct-08
27-Jul-09
29-Dec-09
26-Jul-10
11-Jan-11
01-Jul-11
22-Jun-12
18-Jun-13
19-May-14

F/I
F
F
F
F
F
B
F
F
F
I
F
F
F
F
I
F
I
F
I
F
F
F
I
F
I
F
F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.

Type of Listing
Negara RI (Seri A)
Negara RI (Seri B) (C/ L)
First Issue
First Issue (LN)
First Issue (divesment)
Bonus Shares
Stock Split
Stock Split

Shares
1
7,466,665,999
933,333,000
700,000,000
233,334,000
746,666,640
10,079,999,640
86,247,402,484

Listing
Date
14-Nov-95
14-Nov-95
14-Nov-95
14-Nov-95
14-Nov-95
03-Aug-99
28-Sep-04
28-Aug-13

Trading
Date
14-Nov-95
14-Nov-95
14-Nov-95
03-Aug-99
28-Sep-04
28-Aug-13

: www.telkom.co.id
: andi.setiawan@telkom.co.id

RESEARCH AND DEVELOPMENT DIVISION

159

TLKM Telekomunikasi Indonesia (Persero) Tbk. [S]


TRADING ACTIVITIES
Volume
(Mill. Sh)

3,000

3,200

2,625

2,800

2,250

2,400

1,875

2,000

1,500

1,600

1,125

1,200

750

800

375

400

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Infrastructure, Utilities and Transportation Index
January 2011 - July 2015
90%
83.8%
75%
60%
45%
30%

28.8%
23.0%

15%
-15%
-30%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

5,635
41,534
348
247

5,788
48,078
318
246

15,741
77,223
706
244

30,227
75,841
1,187
242

14,434
41,230
757
142

8,050
6,600
7,050
1,410

9,950
6,650
9,050
1,810

12,900
1,950
2,150
2,150

3,010
2,060
2,865
2,865

3,020
2,595
2,940
2,940

9.92
17.53
2.72

15.26
12.11
2.80

18.92
20.04
3.57

19.90
10.01
3.60

Price (Rupiah)
High
Low
Close
Close*

9.18
PER (X)
11.09
PER Industry (X)
2.33
PBV (X)
* Adjusted price after corporate action

160

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
8,050
7,850
7,550
7,850
7,800
7,750
7,400
7,900
7,900
7,750
7,650
7,500

Low
7,100
7,350
6,600
6,950
7,400
6,800
6,900
7,000
6,900
7,000
7,150
6,900

Close
7,550
7,450
7,350
7,700
7,700
7,350
7,350
7,250
7,600
7,400
7,350
7,050

(X)
43,651
18,451
45,513
32,395
17,375
29,350
21,068
32,676
32,016
33,231
20,061
21,893

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

7,150
7,100
7,150
8,700
8,500
8,250
9,300
9,850
9,750
9,950
9,900
9,350

6,800
6,650
6,700
7,050
7,000
7,250
7,950
8,750
9,150
9,300
8,950
8,650

6,850
7,050
7,000
8,500
7,800
8,150
9,100
9,300
9,450
9,750
9,000
9,050

26,490
23,979
23,842
25,908
29,209
26,128
27,541
28,777
25,722
22,276
25,831
32,515

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

9,800
10,950
11,150
12,500
12,900
11,700
12,200
12,200
2,450
2,375
2,350
2,200

8,800
9,550
10,250
10,400
11,050
9,500
10,500
1,980
1,950
2,100
2,025
1,980

9,700
10,750
11,000
11,700
11,050
11,250
11,900
2,200
2,100
2,350
2,175
2,150

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

2,275
2,420
2,340
2,380
2,700
2,550
2,710
2,800
3,010
2,930
2,830
2,890

2,060
2,170
2,130
2,150
2,275
2,405
2,465
2,590
2,675
2,680
2,590
2,725

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

2,930
3,020
2,995
2,910
2,895
2,955
2,950

2,780
2,800
2,770
2,595
2,620
2,800
2,800

Volume

Value

(Thou. Sh.) (Million Rp)


640,069 4,825,430
582,326 4,376,284
671,840 4,780,703
410,474 3,028,509
321,219 2,442,955
376,497 2,756,735
388,155 2,783,117
595,530 4,422,141
510,065 3,802,903
560,071 4,100,951
265,993 1,978,916
312,305 2,234,952
422,690
479,535
362,222
657,218
662,037
418,912
473,400
440,719
367,817
560,211
426,698
516,125

Day

Closing
Price*

Closing Price* and Trading Volume


Telekomunikasi Indonesia (Persero) Tbk. [S]
January 2011 - July 2015

21
18
23
20
21
20
21
19
20
21
22
21

2,940,995
3,300,302
2,513,536
5,090,323
5,266,928
3,261,173
4,128,298
4,056,309
3,476,829
5,407,450
3,999,309
4,636,997

21
21
21
20
21
21
22
19
20
22
20
18

36,521
33,202
48,503
47,977
53,417
69,132
62,831
55,347
88,615
73,248
71,880
65,021

503,515 4,706,492
490,700 4,847,559
431,788 4,644,566
628,400 7,176,984
600,206 7,142,391
840,094 8,855,033
1,036,661 11,830,601
800,356 5,440,892
3,130,995 6,767,447
2,393,760 5,401,091
2,327,085 5,106,312
2,557,552 5,303,635

21
20
19
22
22
19
23
17
21
21
20
19

2,275
2,325
2,215
2,265
2,575
2,465
2,650
2,665
2,915
2,750
2,825
2,865

73,661
89,854
138,480
92,955
85,833
85,531
86,242
105,961
103,021
136,701
95,257
93,946

2,046,978 4,477,865
2,341,555 5,388,836
3,078,227 6,852,057
2,509,934 5,764,026
2,521,242 6,220,057
5,009,842 12,180,200
2,002,276 5,218,503
2,532,990 6,865,678
2,088,870 5,878,718
2,888,270 8,092,823
1,713,846 4,692,945
1,493,266 4,209,293

20
20
20
20
18
21
18
20
22
23
20
20

2,830
2,935
2,890
2,615
2,845
2,930
2,940

89,423
110,113
119,901
117,916
108,012
109,106
102,810

1,809,529
2,270,639
2,438,708
2,712,082
2,139,833
1,540,444
1,522,353

21
19
22
21
19
21
19

5,148,840
6,527,476
7,127,764
7,596,492
6,010,790
4,431,918
4,386,763

TLKM Telekomunikasi Indonesia (Persero) Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Assets

Cash & Cash Equivalents

9,634,000 13,118,000 14,696,000 17,672,000 24,286,000

Receivables

5,250,000

5,409,000

6,421,000

6,848,000

8,718,000

Inventories

758,000

579,000

509,000

474,000

583,000

Current Assets

21,258,000 27,973,000 33,075,000 33,762,000 42,856,000

Fixed Assets

74,897,000 77,047,000 86,761,000 94,809,000 98,324,000

Other Assets
Total Assets

12,000

103,054,000 111,369,000 127,951,000 140,895,000 154,050,000

8.07%

65,000

Current Liabilities

22,189,000 24,107,000 28,437,000 31,786,000 34,380,000


19,884,000 20,284,000 22,090,000 22,984,000 37,405,000

Long Term Liabilities


Total Liabilities

42,073,000 44,391,000 50,527,000 54,770,000 71,785,000

5.51%

13.82%

10.12%

97,500

32,500

Growth (%)

14.89%

130,000

9.34%

Growth (%)

8.40%

Liabilities

162,500

2011

2012

2013

2014

Jun-15

31.07%
TOTAL EQUITY (Bill. Rp)

Authorized Capital
Paid up Capital
Paid up Capital (Shares)
Par Value

20,000,000 20,000,000 20,000,000 20,000,000 20,000,000


5,040,000

5,040,000

5,040,000

5,040,000

5,040,000

20,160

20,160

100,800

100,800

100,800

250

250

50

50

50

Retained Earnings

47,054,000 52,777,000 58,628,000 63,323,000 61,997,000

Total Equity

60,981,000 66,978,000 77,424,000 86,125,000 82,265,000

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

9.83%

15.60%

11.24%

-4.48%

Dec-12

Dec-13

Dec-14

Jun-15

7.27%

7.55%

8.11%

60,981

66,978

50,986

33,417

15,847

-1,723

2011

Cost of Revenues

Gross Profit

Operating Profit

68,556

82,265

71,918,000 77,143,000 82,967,000 89,696,000 48,840,000

Growth (%)

Expenses (Income)

86,125
77,424

86,125

2012

- 25,698,000 27,846,000 29,377,000 15,123,000

8.36%

5.50%

2014

Jun-15

TOTAL REVENUES (Bill. Rp)

49,970,000 51,445,000 55,121,000 60,319,000 33,717,000

Growth (%)

2013

89,696

71,918

77,143

82,967

89,696

71,398

Other Income (Expenses)

-1,091,000

Income before Tax

20,857,000 24,228,000 27,149,000 28,784,000 14,720,000

Tax
Profit for the period

5,387,000

-1,470,000
-5,866,000

-697,000
6,859,000

-593,000
7,338,000

-403,000

15,470,000 18,362,000 20,290,000 21,446,000 10,979,000

18.69%

Growth (%)

10.50%

48,840

53,100

3,741,000
34,802

5.70%
16,504

Period Attributable

10,965,000 12,850,000 14,205,000 14,638,000

Comprehensive Income

15,481,000 18,388,000 20,402,000 21,471,000 11,045,000

Comprehensive Attributable

10,976,000 12,876,000 14,317,000 14,663,000

RATIOS
Current Ratio (%)
Dividend (Rp)

7,447,000

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

95.80

116.04

116.31

106.22

124.65

371.05

436.10

102.40

543.90

637.40

140.92

145.22

73.88

3,024.85

3,322.32

768.10

854.41

816.12

DAR (X)

0.41

0.40

0.39

0.39

0.47

DER(X)

0.69

0.66

0.65

0.64

0.87

ROA (%)

15.01

16.49

15.86

15.22

7.13

ROE (%)

25.37

27.41

26.21

24.90

13.35

GPM (%)

OPM (%)

33.31

33.56

32.75

30.96

NPM (%)

21.51

23.80

24.46

23.91

22.48

Payout Ratio (%)

68.22

68.42

72.66

5.26

4.82

4.76

Yield (%)

2011

2012

2013

2014

Jun-15

7,513,000

BV (Rp)

EPS (Rp)

-1,794

PROFIT FOR THE PERIOD (Bill. Rp)


20,290

21,446

21,446

18,362
17,071

15,470
10,979

12,696

8,321

3,946

-429

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

161

COMPANY REPORT

UNTR
UNITED TRACTORS TBK.
Company Profile

PTUnitedTractorsTbk.wasestablishedonOctober13th,1972,underthenameofPTInter
Astra Motor Works, as heavy equipment distributor in Indonesia. The Company
commencedcommercialoperationsin1973.

The principal activities of the Company and its subsidiaries include sales and rental of
heavyequipment(Constructionmachineries)andrelatedaftersalesservices,coalmining
and mining contracting. Included in mining contracting is integrated mining contracting
service.

TheCompanyiscontrolledbyitsimmediateparentcompanyPTAstraInternationalTbk,a
company incorporated in Indonesia. PT Astra International Tbk's largest shareholder is
Jardine Cycle & Carriage Ltd, a company incorporated in Singapore. Jardine Cycle &
CarriageLtdisasubsidiaryofJardineMathesonHoldingsLtd,acompanyincorporatedin
Bermuda.

The Company is domiciled in Jakarta with 20 branches, 21 site offices and 10


representativeofficesthroughoutIndonesia.

Thecompanyhasdirectownershipindomesticandforeignsubsidiaries:
PTPamapersadaNusantara,
PTUnitedTractorsPanduEngineering,
PTKaryaSupraPerkasa,
PTAndalanMultiKencana,
PTBinaPertiwi,
UTHeavyIndustry(S)Pte.Ltd.,
PTUniversalTeknoReksajaya,
PTTambangSupraPerkasa.

Asof30June2015,theGrouphadapproximately27,424employees.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

162

RESEARCH AND DEVELOPMENT DIVISION

UNTR United Tractors Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Trade, Services & Investment (9)
Industry Sub Sector : Wholesale (Durable & Non-Durable Goods) (91)

Individual Index
:
Listed Shares
:
Market Capitalization :

24,045.615
3,730,135,136
75,348,729,747,200

12 | 75.3T | 1.52% | 49.54%


16 | 20.4T | 1.39% | 44.37%

COMPANY HISTORY
Established Date
: 13-Oct-1972
Listing Date
: 19-Sep-1989
Under Writer IPO :
PT Aseam Indonesia
PT (Persero) Danareksa
PT Finconesia
Securities Administration Bureau :
PT Raya Saham Registra
Plaza Central Building 2nd Fl.
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930
Phone : (021) 252-5666
Fax
: (021) 252-5028
BOARD OF COMMISSIONERS
1. Prijono Sugiarto
2. Anugerah Pekerti *)
3. David Alexander Newbigging
4. Djoko Pranoto Santoso
5. Nanan Sukarna *)
6. Simon Collier Dixon
*) Independent Commissioners
BOARD OF DIRECTORS
1. Gidion Hasan
2. Edhie Sarwono
3. Idot Supriadi
4. Iman Nurwahyu
5. Iwan Hadiantoro
6. Loudy Irwanto Ellias
AUDIT COMMITTEE
1. Anugerah Pekerti
2. Lindawati Halim
3. Wiltarsa Halim
CORPORATE SECRETARY
Sara K. Loebis
HEAD OFFICE
Jln. Raya Bekasi Km. 22
Jakarta - 13910
Phone : (021) 460-5959 - 79
Fax
: (021) 460-0655, 460-0677
Homepage
Email

: www.unitedtractors.com
: sarakl@unitedtractors.com
ir@unitedtractors.com

SHAREHOLDERS (July 2015)


1. PT Astra International Tbk.
2. Public (<5%)

2,219,317,358 :
1,510,817,778 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1989
1990
1990
1990
1991
1991
1992
1992
1993
1993
1993
1994
1994
1995
1995
1996
1996
1999
2004
2005
2005
2006
2006
2007
2007
2008
2008
2009
2010
2010
2011
2011
2012
2012
2013
2013
2014
2014

Shares

Dividend
100.00
165.00
175.00
185.00
175.00
175.00
70.00
160.00
100.00

1:3
50.00
40.00
70.00
45.00
85.00
60.00
100.00
5:9
20.00
35.00
110.00
45.00
85.00
60.00
150.00
100.00
220.00
330.00
160.00
430.00
185.00
635.00
210.00
620.00
175.00
515.00
195.00
740.00

Cum Date
05-Jan-90
08-Jun-90
20-Nov-90
06-Jun-91
20-Nov-91
12-Jun-92
11-Nov-92
16-Jun-93
11-Nov-93
23-Feb-94
15-Jun-94
11-Nov-94
22-Jun-95
22-Nov-95
20-Jun-96
21-Nov-96
26-Jun-97
08-Jun-00
30-Nov-04
23-Jun-05
12-Jun-06
13-Oct-06
20-Jun-07
10-Oct-07
10-Jun-08
23-Oct-08
11-Jun-09
14-Jun-10
27-Oct-10
31-May-11
27-Oct-11
11-May-12
16-Oct-12
14-May-13
02-Oct-13
14-May-14
09-Oct-14
28-Apr-15

Recording
Date
11-Jan-90
15-Jun-90
28-Nov-90
14-Jun-91
28-Nov-91
22-Jun-92
19-Nov-92
25-Jun-93
19-Nov-93
03-Mar-94
23-Jun-94
23-Nov-94
03-Jul-95
01-Dec-95
01-Jul-96
02-Dec-96
07-Jul-97
14-Jun-00
03-Dec-04
27-Jun-05
15-Jun-06
18-Oct-06
25-Jun-07
18-Oct-07
13-Jun-08
28-Oct-08
16-Jun-09
17-Jun-10
01-Nov-10
06-Jun-11
01-Nov-11
16-May-12
19-Oct-12
17-May-13
07-Oct-13
20-May-14
14-Oct-14
04-May-15

Ex Date
06-Jan-90
11-Jun-90
21-Nov-90
07-Jun-91
21-Nov-91
15-Jun-92
12-Nov-92
17-Jun-93
12-Nov-93
24-Feb-94
16-Jun-94
16-Nov-94
23-Jun-95
23-Nov-95
21-Jun-96
22-Nov-96
27-Jun-97
09-Jun-00
01-Dec-04
22-Jun-05
13-Jun-06
16-Oct-06
21-Jun-07
11-Oct-07
11-Jun-08
24-Oct-08
12-Jun-09
15-Jun-10
28-Oct-10
01-Jun-11
28-Oct-11
14-May-12
17-Oct-12
15-May-13
03-Oct-13
16-May-14
10-Oct-14
29-Apr-15

59.50%
40.50%

Payment
Date
31-Jan-90
29-Jun-90
12-Dec-90
28-Jun-91
12-Dec-91
22-Jul-92
15-Dec-92
23-Jul-93
15-Dec-93
01-Apr-94
23-Jul-94
15-Dec-94
31-Jul-95
29-Dec-95
31-Jul-96
27-Dec-96
28-Jul-97
23-Jun-00
17-Dec-04
11-Jul-05
29-Jun-06
03-Nov-06
08-Jul-07
01-Nov-07
27-Jun-08
11-Nov-08
26-Jun-09
01-Jul-10
12-Nov-10
13-Jun-11
11-Nov-11
30-May-12
02-Nov-12
31-May-13
23-Oct-13
05-Jun-14
28-Oct-14
22-May-15

F/I
I
I
F
I
F
I
F
I
B
F
I
F
I
F
I
F
B
I
F
I
F
I
F
I
F
F
I
F
I
F
I
F
I
F
I
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.

Type of Listing
First Issue
Partial Listing
Right Issue
Company Listing
Bonus Shares
Stock Split
ESOP Conversion
ESOP Conversion II

Shares
2,700,000
8,436,000
2,151,579,636
11,864,000
351,900,000
1,159,200,000
1,201,500
43,254,000

T:
T:
T:
T:
T:
T:

Listing
Date
19-Sep-89
26-Dec-89
27-May-91
25-Mar-92
04-Apr-94
05-Sep-00
27-May-03
11-Jun-03

:
:
:
:
:
:

RESEARCH AND DEVELOPMENT DIVISION

Trading
Date
19-Sep-89
27-Feb-91
06-Jun-11
01-Apr-92
26-Jun-00
05-Sep-00
12-Jun-03
14-Jul-05

163

UNTR United Tractors Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

34,000

40.0

29,750

35.0

25,500

30.0

21,250

25.0

17,000

20.0

12,750

15.0

8,500

10.0

4,250

5.0

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Trade, Sevices and Investment Index
January 2011 - July 2015
120%
100%

95.8%

80%
60%
40%
28.8%
20%
-13.5%

-20%
-40%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

1,394
32,339
338
247

1,711
39,788
446
246

1,120
20,486
330
244

1,005
20,168
672
242

499
10,246
411
142

Price (Rupiah)
High
Low
Close
Close*

27,750
18,700
26,350
26,350

33,400
16,600
19,700
19,700

22,000
13,650
19,000
19,000

25,350
16,425
17,350
17,350

24,000
16,850
20,200
20,200

12.54
19.08
2.27

14.66
15.42
1.99

10.17
22.13
1.68

11.06
16.33
1.85

16.76
PER (X)
16.89
PER Industry (X)
3.57
PBV (X)
* Adjusted price after corporate action

164

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


United Tractors Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
26,600
23,600
24,550
23,500
24,550
25,000
27,750
27,650
25,300
25,750
26,950
26,500

Low
19,800
21,300
19,900
21,300
21,550
22,500
24,350
22,000
18,700
18,950
23,000
23,900

Close
21,350
23,200
21,700
23,250
23,000
24,900
27,300
23,600
22,000
24,600
23,350
26,350

(X)
35,213
20,039
38,544
22,269
22,746
17,639
22,369
29,111
42,163
32,974
30,291
24,597

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

29,550
30,200
33,000
33,400
30,400
25,250
24,100
22,450
23,100
21,350
21,300
20,000

25,950
26,550
28,800
29,500
22,600
21,050
20,600
19,850
19,050
19,350
16,600
16,650

28,350
29,000
33,000
29,600
23,100
21,350
21,000
20,050
20,700
21,100
17,050
19,700

26,564
31,229
25,920
28,884
45,171
52,967
52,875
34,436
44,887
39,891
33,628
29,893

106,698
109,199
83,932
84,467
147,630
227,318
214,943
156,431
164,019
174,476
128,388
113,609

2,974,251
3,126,712
2,549,628
2,621,880
3,890,521
5,067,510
4,706,426
3,347,510
3,434,137
3,520,933
2,458,214
2,090,278

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

22,000
20,250
20,650
19,400
18,200
18,200
18,200
19,000
18,300
18,900
20,900
19,550

19,250
18,800
17,150
17,700
16,200
15,500
16,000
13,650
15,500
16,400
17,200
17,900

19,750
19,300
18,200
17,750
16,300
18,200
16,800
15,800
16,300
17,500
18,250
19,000

37,566
28,991
32,376
24,930
28,432
41,315
24,018
23,353
25,190
20,649
25,361
17,545

137,029
103,417
126,007
101,694
106,717
128,783
65,178
72,694
89,382
52,815
87,744
48,524

2,832,813
1,998,532
2,424,466
1,879,304
1,837,046
2,184,264
1,091,719
1,173,353
1,498,912
949,367
1,709,298
906,953

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

21,200
19,300
20,950
22,100
22,500
23,200
25,350
24,500
22,500
20,575
19,350
18,275

18,500
17,725
18,600
19,850
20,750
21,700
22,250
22,050
19,825
16,700
17,700
16,425

19,300
18,975
20,750
21,700
21,675
23,100
22,900
22,150
19,900
18,375
18,325
17,350

45,472
52,632
47,174
49,419
45,767
38,741
46,771
64,706
69,814
83,741
70,373
57,332

60,972
90,170
79,381
83,360
62,208
50,682
55,653
77,392
87,634
156,783
113,167
87,212

1,184,893
1,659,792
1,582,790
1,769,643
1,366,231
1,149,000
1,307,864
1,807,628
1,850,874
2,831,116
2,106,631
1,551,160

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

18,275
21,025
22,350
23,400
24,000
22,325
20,600

16,850
17,525
20,300
20,475
20,300
18,875
17,850

17,900
20,750
21,800
21,400
20,300
20,375
20,200

52,951
50,302
71,498
53,700
62,249
62,456
57,869

63,591
82,703
93,856
82,243
66,582
63,471
46,188

1,113,496
1,569,832
2,010,940
1,859,237
1,499,440
1,313,939
878,654

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


184,338 4,118,210
86,752 1,962,451
156,803 3,481,506
94,830 2,115,683
107,066 2,428,895
107,180 2,491,370
107,048 2,717,984
116,704 2,870,942
133,920 2,952,558
114,092 2,584,136
106,637 2,656,512
78,359 1,958,313

21
18
23
20
21
20
21
19
20
21
22
21

UNTR United Tractors Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)
Dec-11

Dec-12

Cash & Cash Equivalents

7,135,386

3,995,265

Receivables

9,969,714

9,894,656 11,814,937 13,586,675 13,388,106

Inventories

7,129,459

7,173,704

BALANCE SHEET

Dec-13

Dec-14

Jun-15

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Assets

7,935,870 10,059,803 11,014,800


6,176,470

7,770,086

7,647,606

Current Assets

25,625,578 22,048,115 27,814,126 33,579,799 35,380,912

Fixed Assets

13,670,208 15,196,476 14,574,384 13,625,012 13,576,211

Other Assets
Total Assets

8.31%

Long Term Liabilities


Total Liabilities

30,000

14,930,069 11,327,164 14,560,664 16,297,816 17,727,909

6,672,912

7,152,682

5.11%

45,000

15,000

4,006,045

14.04%

60,000

5.85%

Growth (%)
Current Liabilities

46,440,062 50,300,633 57,362,244 60,292,031 63,820,048

5,417,481

Liabilities

75,000

5,395,519

2011

2012

2013

2014

Jun-15

18,936,114 18,000,076 21,713,346 21,715,297 23,123,428

-4.94%

20.63%

0.01%

6.48%

1,500,000

1,500,000

1,500,000

1,500,000

1,500,000

932,534

932,534

932,534

932,534

932,534

3,730

3,730

3,730

3,730

3,730

250

250

250

250

250

Growth (%)

TOTAL EQUITY (Bill. Rp)


Authorized Capital
Paid up Capital
Paid up Capital (Shares)
Par Value
Retained Earnings

15,342,706 18,382,728 21,062,159 24,420,272 25,743,975

Total Equity

27,503,948 32,300,557 35,648,898 38,576,734 40,696,620

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

17.44%

10.37%

8.21%

5.50%

Dec-12

Dec-13

Dec-14

Jun-15

1.64%

-8.83%

4.17%

38,577

40,697

27,504

24,092

15,790

7,488

-814

2011

Cost of Revenues

44,859,041 45,432,916 41,495,567 41,071,359 19,291,042

Gross Profit

10,193,521 10,520,999

Operating Profit

32,301
32,395

35,649

55,052,562 55,953,915 51,012,385 53,141,768 24,949,226

Growth (%)

Expenses (Income)

40,697

9,516,818 12,070,409

5,658,184

2,408,944

3,074,244

2,929,481

5,448,551

1,116,426

2012

2014

Jun-15

TOTAL REVENUES (Bill. Rp)


55,053

55,954
51,012

55,954

Growth (%)

2013

53,142

44,539

Other Income (Expenses)

Income before Tax

7,784,577

7,446,755

6,587,337

6,621,858

4,541,758

Tax

1,885,071

1,693,413

1,788,559

1,781,888

1,145,169

Profit for the period

5,899,506

5,753,342

4,798,778

4,839,970

3,396,589

-2.48%

-16.59%

0.86%

Growth (%)

33,125

24,949
21,710

10,296

Period Attributable

5,900,908

5,779,675

4,833,699

5,369,621

3,406,086

Comprehensive Income

5,863,471

5,860,188

6,254,474

4,923,458

3,798,606

Comprehensive Attributable

5,858,137

5,777,296

6,065,925

5,435,880

3,744,439

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Current Ratio (%)

171.64

194.65

191.02

206.04

199.58

Dividend (Rp)

820.00

830.00

690.00

935.00

EPS (Rp)

1,581.96

1,549.45

1,295.85

1,439.52

913.13

BV (Rp)

7,373.45

8,659.35

9,557.00

10,341.91

10,910.23

DAR (X)

0.41

0.36

0.38

0.36

0.36

DER(X)

0.69

0.56

0.61

0.56

0.57

ROA (%)

12.70

11.44

8.37

8.03

5.32

ROE (%)

21.45

17.81

13.46

12.55

8.35

GPM (%)

18.52

18.80

18.66

22.71

22.68

OPM (%)

NPM (%)

10.72

10.28

9.41

9.11

13.61

Payout Ratio (%)

51.83

53.57

53.25

64.95

3.11

4.21

3.63

5.39

RATIOS

Yield (%)

-1,119

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


5,900

5,753

5,900

4,799

4,840

4,696

3,397
3,493

2,289

1,086

-118

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

165

CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT

UNVR
UNILEVER INDONESIA TBK.
Company Profile
PTUnileverIndonesiaTbk.wasestablishedonDecember5th,1933.UnileverIndonesiahas
growntobealeadingcompanyofHomeandPersonalCareaswellasFoodsandIceCream
productsinIndonesia.

The Company is engaged in the manufacturing, marketing and distribution of consumer


goods including soaps, detergents, margarine, dairy based foods, ice cream, cosmetic
products,teabasedbeveragesandfruitjuice.TheCompanycommenceditscommercial
operationsin1933.

Unilever Indonesias portfolio includes many of the worlds best known and wellloved
brands,suchas:
Sunlight
Axe
Lifebuoy
SuperPell
Bango
Lipton
Surf
BlueBand
Lux
UnileverFoodSolutions
Brylcreem
Molto
Vaseline
Buavita
Pond's
Vixal
Cif
Rexona
Wall'sTasteJoy
Citra
Rinso
WipolKarbol
Clear
Royco
Sariwangi
WipolUltraProtection
CloseUp
She
Zwitsal
Domestos

Dove

The Companys majority shareholder as at 30 June 2015 and 2014 is Unilever Indonesia
HoldingB.V.("UIH"),whileitsultimateparententityisUnileverN.V.,Netherlands.

Asat21January2015,PTAnugrahLeverhasbeenliquidated.TheCompanysfactoriesare
locatedatJln.Jababeka9BlokD,Jln.JababekaRayaBlokO,Jln.JababekaVBlokVNo.14
16,JababekaIndustrialEstateCikarang,Bekasi,WestJava,andJln.RungkutIndustriIVNo.
511,RungkutIndustrialEstate,Surabaya.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

166

RESEARCH AND DEVELOPMENT DIVISION

UNVR Unilever Indonesia Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Consumer Goods Industry (5)
Industry Sub Sector : Cosmetics And Household (54)

204,781.652
Individual Index
:
Listed Shares
7,630,000,000
:
Market Capitalization : 305,200,000,000,000

3 | 305.2T | 6.15% | 19.97%


19 | 16.5T | 1.12% | 47.93%

COMPANY HISTORY
Established Date
: 05-Dec-1933
Listing Date
: 11-Jan-1982
Under Writer IPO :
PT Aseam Indonesia
PT Danareksa
PT Merchant Investment Corporation
Securities Administration Bureau :
PT Sharestar Indonesia
Beritasatu Plasa 7th Fl.
Jln. Jend. Gatot Subroto Kav. 35 - 36 Jakarta 12950
Phone : (021) 527-7966
Fax
: (021) 527-7967
BOARD OF COMMISSIONERS
1. Maurits Daniel Rudolf Lalisang
2. Bambang Subianto *)
3. Cyrillus Harinowo *)
4. Erry Firmansyah *)
5. Hikmahanto Juwana *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Hemant Bakshi
2. Ainul Yaqin
3. Annemarieke Edwardine Eva de Haan
4. Debora Herawati Sadrach
5. Enny Hartati
6. Hadrianus Setiawan
7. Ramakrishnan Raghuraman
8. Sancoyo Antarikso
9. Tevilyan
AUDIT COMMITTEE
1. Erry Firmansyah
2. Benny Redjo Setyono
3. Muhammad Saleh

SHAREHOLDERS (July 2015)


1. Unilever Indonesia Holding BV
2. Public (<5%)

6,484,877,500 :
1,145,122,500 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1989
1990
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2009
2010
2010
2011
2011
2012
2012
2013
2013
2014

Shares
6:1

Dividend
600.00
690.00
780.00
810.00
860.00
920.00
1,010.00
1,110.00
1,320.00
25,000.00
690.00
1,150.00
900.00
130.00
130.00
260.00
205.00
257.00
315.00
100.00
299.00
100.00
344.00
250.00
296.00
300.00
334.00
330.00
371.00
336.00

Cum Date
from

25-Nov-09
28-Jun-10
26-Nov-10
27-Jun-11
06-Dec-11
27-Jun-12
10-Dec-12
28-Jun-13
02-Dec-13
26-Jun-14
02-Dec-14

Ex Date
27-Oct-89
23-Oct-90
20-Feb-92
21-Oct-93
03-Nov-94
06-Nov-95
04-Nov-96
03-Nov-97
18-Nov-98
03-Nov-99
28-Nov-00
19-Nov-01
11-Feb-03
17-Feb-04
02-Dec-04
08-Jul-05
29-Nov-06
28-Nov-07
26-Nov-08
26-Nov-09
29-Jun-10
29-Nov-10
28-Jun-11
07-Dec-11
28-Jun-12
11-Dec-12
01-Jul-13
03-Dec-13
27-Jun-14
03-Dec-14

Recording
Date
until

01-Dec-09
01-Jul-10
01-Dec-10
01-Jul-11
09-Dec-11
02-Jul-12
13-Dec-12
03-Jul-13
05-Dec-13
01-Jul-14
05-Dec-14

84.99%
15.01%

Payment
Date
26-Jun-90
04-Jul-91
20-Aug-93
29-Jul-94
28-Jul-95
26-Jul-96
27-Aug-97
07-Aug-98
27-Jul-99
20-Jul-00
01-Aug-01
22-Nov-02
04-Aug-03
03-Aug-04
24-Mar-05
11-Jul-06
11-Jul-07
11-Jul-08
14-Jul-09
15-Dec-09
13-Jul-10
15-Dec-10
13-Jul-11
15-Dec-11
13-Jul-12
20-Dec-12
16-Jul-13
12-Dec-13
15-Jul-14
12-Dec-14

F/I
I
I&F
I&F
I&F
I&F
I&F
I&F
I&F
I&F
I&F
I&F
I&F
I&F
I&F
I&F
I&F
I&F
I&F
I&F

I
F
I
F
I
F
I
F
I
F
I

ISSUED HISTORY
CORPORATE SECRETARY
Sancoyo Antarikso
HEAD OFFICE
Graha Unilever
Jln. Jend. Gatot Subroto Kav. 15
Jakarta - 12930
Phone : (021) 526-2112, 5299-6468, 5299-6847
Fax
: (021) 526-4020
Homepage
Email

No.
1.
2.
3.
4.
5.
6.

Type of Listing
First Issue
Bonus Shares
Bonus Shares
Company Listing
Stock Split
Stock Split

Shares
9,200,000
1,533,334
717,891
64,848,775
686,700,000
6,867,000,000

Listing
Date
11-Jan-82
15-Dec-89
22-Sep-93
02-Jan-98
06-Nov-00
03-Sep-03

Trading
Date
11-Jan-82
15-Dec-89
22-Sep-93
02-Jan-98
06-Nov-00
03-Sep-03

: www.unilever.com; www.unilever.co.id
: unvr.indonesia@unilever.com

RESEARCH AND DEVELOPMENT DIVISION

167

UNVR Unilever Indonesia Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

46,000

40.0

40,250

35.0

34,500

30.0

28,750

25.0

23,000

20.0

17,250

15.0

11,500

10.0

5,750

5.0

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Consumer Goods Industry Index
January 2011 - July 2015
210%
180%
150%

149.2%

120%
100.6%

90%
60%
30%

-30%

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

557
8,847
175
247

552
12,558
225
246

608
16,506
285
244

435
13,031
453
242

300
11,765
348
142

19,000
13,800
18,800
18,800

28,500
17,500
20,850
20,850

37,350
20,900
26,000
26,000

33,000
25,800
32,300
32,300

46,000
32,100
40,000
40,000

32.87
19.75
40.09

37.06
15.98
46.63

45.65
24.22
45.03

52.07
14.32
67.78

Price (Rupiah)
High
Low
Close
Close*

34.45
PER (X)
16.22
PER Industry (X)
38.97
PBV (X)
* Adjusted price after corporate action

168

Freq.

Volume

Value

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
16,650
16,200
16,950
15,650
15,300
15,350
15,900
17,400
17,750
16,500
18,400
19,000

Low
13,800
14,100
15,250
14,900
14,650
14,600
14,700
15,000
14,000
15,250
15,450
17,100

Close
15,050
16,200
15,300
15,300
14,700
14,900
15,600
16,900
16,500
15,650
18,200
18,800

(X)
16,428
11,599
15,300
17,329
10,563
9,679
12,108
20,492
17,471
17,533
12,590
13,898

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

24,450
20,050
20,200
20,750
22,450
25,500
25,250
27,350
28,500
26,300
26,950
26,400

18,200
17,500
18,600
18,750
19,700
20,000
22,350
23,800
25,100
25,250
25,600
20,100

19,600
19,250
20,000
19,850
20,550
22,900
24,250
27,100
26,050
26,050
26,350
20,850

16,752
17,028
14,713
14,599
16,221
15,235
16,534
13,551
20,640
15,755
13,272
50,609

38,440
31,412
27,939
31,656
45,658
37,485
35,057
24,914
43,814
45,467
46,071
143,941

761,415
606,182
543,448
615,568
965,430
842,684
828,065
635,793
1,177,790
1,176,959
1,207,920
3,196,599

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

23,150
23,300
23,100
26,250
34,500
31,550
34,600
32,350
33,300
37,350
30,800
27,300

20,900
21,650
21,700
22,150
24,800
25,550
26,000
26,600
30,100
29,600
25,700
25,100

22,050
22,850
22,800
26,250
30,500
30,750
31,800
31,200
30,150
30,000
26,600
26,000

23,609
17,807
16,433
15,906
21,913
34,773
24,938
25,112
28,077
26,976
27,121
22,404

61,636
44,383
50,808
50,732
57,502
62,429
45,612
39,989
50,371
54,142
53,564
36,810

1,347,431
1,001,564
1,147,414
1,178,848
1,657,707
1,795,607
1,435,491
1,191,169
1,587,564
1,698,290
1,502,119
963,138

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

28,775
28,650
31,350
30,975
30,850
30,550
33,000
32,100
32,100
32,200
32,000
32,300

25,800
27,525
27,525
28,500
28,800
29,200
29,250
29,500
31,025
29,625
29,700
30,525

28,550
28,575
29,250
29,250
29,125
29,275
30,750
31,025
31,800
30,400
31,800
32,300

44,445
35,716
47,590
46,776
31,684
35,479
39,880
32,144
29,938
45,092
30,080
33,887

49,313
35,118
47,568
36,990
34,883
39,009
40,817
24,671
22,402
42,228
28,440
33,894

1,352,166
990,814
1,377,944
1,102,426
1,051,523
1,161,481
1,262,274
774,229
708,602
1,308,739
877,909
1,063,175

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

36,275
37,000
40,500
44,500
46,000
43,700
41,375

32,100
34,850
35,750
37,675
42,150
39,300
38,100

35,825
36,000
39,650
42,600
43,300
39,500
40,000

35,934
40,106
50,052
63,276
46,562
64,240
48,134

40,100
34,539
51,654
53,485
41,628
45,770
32,657

1,368,300
1,238,699
1,975,029
2,155,514
1,831,169
1,889,850
1,306,892

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


48,440
732,617
27,234
412,351
59,981
967,698
57,709
878,710
43,392
648,620
28,109
419,148
41,466
628,166
63,871 1,043,194
46,683
763,768
897,769
56,126
43,802
722,503
732,748
40,609

21
18
23
20
21
20
21
19
20
21
22
21

28.8%

Jan 11

Closing Price

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Unilever Indonesia Tbk. [S]
January 2011 - July 2015

RESEARCH AND DEVELOPMENT DIVISION

UNVR Unilever Indonesia Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Siddharta Widjaja & Rekan (member of KPMG International)


BALANCE SHEET

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

336,143

229,690

261,202

859,127

1,471,604

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

2,188,280

2,261,941

3,279,694

3,052,260

4,401,986

Inventories

1,812,821

2,061,899

2,084,331

2,325,989

2,179,617

Current Assets

4,446,219

5,035,962

5,862,939

6,337,170

8,189,284

Fixed Assets

5,314,311

6,283,479

6,874,177

7,348,025

7,691,548

75,705

70,456

69,271

81,310

101,791

Other Assets
Total Assets

10,482,312 11,984,979

Growth (%)

14.34%

-37.54%

6,474,594

7,535,896

8,419,442

326,781

480,718

674,076

6,801,375

8,016,614

9,093,518

17.87%

13.43%

6.47%

23.77%

Current Liabilities
Long Term Liabilities
Total Liabilities

Growth (%)

7,485,249 14,280,670 16,486,178

90.78%

14,000
10,500
7,000

15.44%

3,500

8,864,832 11,203,904

817,056

Liabilities

17,500

779,200

2011

2012

2013

2014

Jun-15

9,681,888 11,983,104
TOTAL EQUITY (Bill. Rp)

Authorized Capital

76,300

76,300

76,300

76,300

76,300

Paid up Capital

76,300

76,300

76,300

76,300

76,300

7,630

7,630

7,630

7,630

7,630

10

10

10

10

10

Paid up Capital (Shares)


Par Value
Retained Earnings

3,504,268

4,933,326

4,082,370

4,426,482

4,387,543

Total Equity

3,680,937

3,968,365

4,254,670

4,598,782

4,503,074

7.81%

7.21%

8.09%

-2.08%

Dec-12

Dec-13

Dec-14

Jun-15

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

16.34%

12.65%

12.21%

4,599

4,503

2014

Jun-15

3,661

2,722

1,784

846

2011

11,462,805 13,414,122 14,978,947 17,412,413

Gross Profit

12,006,413 13,889,126 15,778,488 17,099,121

9,529,428

7,391,019

8,614,043

9,336,793

5,580,646

6,498,107

7,164,445

7,762,328

3,948,782

10.25%

8.35%

2013

TOTAL REVENUES (Bill. Rp)


34,512
30,757

34,512

27,303
27,471

-31,342

-5,637

-85,606

-28,016

Income before Tax

5,574,799

6,466,765

7,158,808

7,676,722

3,920,766

Tax

1,410,495

1,627,620

1,806,183

1,938,199

990,126

Profit for the period

4,164,304

4,839,145

5,352,625

5,738,523

2,930,640

16.21%

10.61%

7.21%

Growth (%)

2012

9,272,118

6,431,614

Growth (%)
Other Income (Expenses)

4,255

-92

Cost of Revenues

Operating Profit

3,681

3,968

23,469,218 27,303,248 30,757,435 34,511,534 18,801,546

Growth (%)

Expenses (Income)

4,599

23,469
18,802

20,431

13,390

6,350

Period Attributable

4,163,369

4,839,277

5,352,625

5,738,523

2,930,640

Comprehensive Income

4,164,304

4,839,145

5,352,625

5,738,523

2,930,640

Comprehensive Attributable

4,163,369

4,839,277

5,352,625

5,738,523

2,930,640

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

68.67

66.83

69.64

71.49

73.09

546.00

634.00

701.00

336.00

EPS (Rp)

545.66

634.24

701.52

752.10

384.09

BV (Rp)

482.43

520.10

557.62

602.72

590.18

DAR (X)

0.65

0.67

1.21

0.68

0.73

DER(X)

1.85

2.02

2.14

2.11

2.66

RATIOS
Current Ratio (%)
Dividend (Rp)

ROA (%)

39.73

40.38

71.51

40.18

17.78

ROE (%)

113.13

121.94

125.81

124.78

65.08

GPM (%)

51.16

50.87

51.30

49.55

50.68

OPM (%)

23.80

23.29

22.49

21.00

NPM (%)

17.74

17.72

17.40

16.63

15.59

100.06

99.96

99.93

44.67

2.90

3.04

2.70

1.04

Payout Ratio (%)


Yield (%)

-690

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


5,353

5,739

5,739

4,839
4,568

4,164
2,931

3,397

2,227

1,056

-115

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

169

CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT

WIKA
WIJAYA KARYA (PERSERO) TBK.

Company Profile
PTWijayaKarya(Persero)Tbk.establisheddated29March1960.

The purpose and objectives of the Company is to engage in the construction industry,
manufacturing industry, conversion industry, rental, agency services, investment, agro
industry, renewable energy and conversion energy , trading, engineering, procurement,
construction,area(industrialzone)management,servicecapacityupgradesinthefieldof
construction,informationtechnologyforengineeringandplanningservices,byapplyingthe
principlesoflimitedliabilitycompanies.

The Company is domiciled at Jln. D.I. Panjaitan Kav. 9, Jakarta. The main activities
throughoutIndonesiaandoverseas.TheCompanystarteditsactivitiescommerciallyin1961.

TheCompanydirectlyownedmorethan50%sharesonsubsidiariesasfollows:
PTWijayaKaryaBeton,
PTWijayaKaryaRealty,
PTWijayaKaryaIndustridanKonstruksi,
PTWijayaKaryaRekayasaKonstruksi,
PTWijayaKaryaBangunanGedung,
PTWijayaKaryaBitumen.

TheentiresubsidiariesaredomiciledinIndonesia.NumberofEmployeesoftheCompany
onJune30th,2015are1,930employes.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of
the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be by
any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice
action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

170

RESEARCH AND DEVELOPMENT DIVISION

WIKA Wijaya Karya (Persero) Tbk. [S]

COMPANY REPORT : JULY 2015


Main Board
Industry Sector : Property, Real Estate And Building Construction (6)
Industry Sub Sector : Building Construction (62)

As of 31 July 2015
Individual Index
:
Listed Shares
:
Market Capitalization :

632.143
6,149,225,000
16,326,192,375,000

52 | 16.3T | 0.33% | 75.24%


31 | 13.7T | 0.93% | 60.17%

COMPANY HISTORY
Established Date
: 11-Mar-1960
Listing Date
: 29-Oct-2007
Under Writer IPO :
PT CIMB-GK Securities Indonesia
PT Bahana Securities
PT Indo Premier Securities
Securities Administration Bureau :
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Bakti Santoso Ludin
2. Abdul Rahman Pelu
3. Freddy R. Saragih
4. Liliek Mayasari
5. Mas Aan Ubudiah *)
6. Mudjiadi
7. Nurrachman *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Bintang Perbowo
2. Adji Firmantoro
3. Bambang Pramujo
4. Budi Harto
5. Destiawan Soewardjono
6. Gandira Gutawa Sumapraja
7. Yusmar Anggadinata

SHAREHOLDERS (July 2015)


1. Negara Republik Indonesia
2. Public (<5%)

4,000,000,000 :
2,149,225,000 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2007
2008
2009
2010
2011
2012
2013
2014

Shares

Dividend
5.97
8.03
10.02
17.08
17.28
22.32
27.82
20.03

Cum Date
06-Jun-08
18-Jun-09
27-May-10
06-Jun-11
23-May-12
29-May-13
28-Apr-14
29-Apr-15

Recording
Date
11-Jun-08
23-Jun-09
02-Jun-10
09-Jun-11
28-May-12
03-Jun-13
02-May-14
05-May-15

Ex Date
09-Jun-08
19-Jun-09
31-May-10
07-Jun-11
24-May-12
30-May-13
29-Apr-14
30-Apr-15

65.05%
34.95%

Payment
Date
25-Jun-08
07-Jul-09
16-Jun-10
23-Jun-11
11-Jun-12
14-Jun-13
13-May-14
22-May-15

F
F
F
F
F
F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

Type of Listing
First Issue
Negara RI (Seri A)
Company Listing
ESOP II
MSOP I
MSOP II
MSOP I & II
ESOP/MSOP I & II
ESOP/MSOP II
ESOP/MSOP I

Shares
1,846,154,000
1
3,999,999,999
213,500
2,183,500
908,000
152,081,500
137,504,500
9,974,000
206,000

T:
T:
T:
T:
T:
T:

Listing
Date
29-Oct-07
29-Oct-07
29-Oct-07
16-Dec-09
24-May-10
24-May-10
22-Nov-10
20-May-11
22-Nov-11
30-Dec-13

:
:
:
:
:
:

Trading
Date
29-Oct-07
29-Oct-07
29-Oct-07
22-Dec-09
30-Jun-10
30-Jun-10
05-Jan-11
01-Jul-13
01-Jul-14
30-Dec-13

AUDIT COMMITTEE
1. Bakti Santoso Luddin
2. Arzul Andaliza
3. Fahrul Ismaeni
4. Indracahya Kusumasubrata
5. M. Sjukrul Amien
CORPORATE SECRETARY
Suradi
HEAD OFFICE
WIKA Building
Jln. D.I. Panjaitan Kav. 9
Jakarta 13340
Phone : (021) 819-2808, 850-8640, 850-8650
Fax
: (021) 819-1235, 859-11969
Homepage
Email

F/I

: www.wika.co.id
: suradi@wika.co.id

RESEARCH AND DEVELOPMENT DIVISION

171

WIKA Wijaya Karya (Persero) Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

4,000

240

3,500

210

3,000

180

2,500

150

2,000

120

1,500

90

1,000

60

500

30

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
January 2011 - July 2015
455%
390%
325%
284.8%

260%
195%

147.2%

130%
65%

28.8%
-65%

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

SHARES TRADED

2011

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

1,881
1,171
69
247

3,477
3,843
131
246

7,059
13,754
406
244

6,956
16,915
606
242

2,371
7,847
344
142

710
450
610
610

1,650
600
1,480
1,480

2,900
1,350
1,580
1,580

3,895
1,580
3,680
3,680

3,895
2,480
2,655
2,655

17.75
17.34
3.21

17.02
9.57
3.01

42.35
16.29
4.79

40.71
17.42
3.27

Price (Rupiah)
High
Low
Close
Close*

9.15
PER (X)
11.09
PER Industry (X)
1.66
PBV (X)
* Adjusted price after corporate action

172

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Wijaya Karya (Persero) Tbk. [S]
January 2011 - July 2015

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

High
700
680
710
700
710
700
690
680
610
600
520
650

Low
590
600
600
660
660
640
650
560
450
450
470
465

Close
610
660
670
670
690
660
680
580
490
520
470
610

(X)
7,891
4,073
6,958
7,560
3,019
2,028
4,419
3,545
4,595
11,628
3,385
9,881

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

720
780
920
980
1,110
1,050
1,070
1,130
1,270
1,550
1,630
1,650

600
660
730
880
890
870
980
980
1,050
1,210
1,300
1,360

710
730
910
980
920
1,050
1,000
1,050
1,210
1,370
1,630
1,480

4,827
4,265
7,608
8,877
10,137
9,383
6,930
7,231
7,417
22,891
19,989
20,945

208,891
209,034
497,042
258,868
316,373
224,325
133,608
155,121
159,355
474,320
425,278
414,789

137,097
153,646
399,840
238,228
322,511
217,163
137,739
164,671
184,402
654,105
614,199
619,874

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

1,730
1,780
2,075
2,475
2,900
2,875
2,325
2,250
2,125
2,125
1,950
1,810

1,470
1,590
1,680
1,950
2,375
1,930
1,590
1,350
1,620
1,820
1,600
1,540

1,650
1,770
2,025
2,400
2,825
2,050
2,075
1,740
1,920
1,920
1,650
1,580

25,183
22,785
39,561
27,075
24,613
45,363
48,860
38,418
52,542
31,706
27,137
22,377

446,947
521,572
759,537
501,903
424,941
735,887
935,852
604,516
912,763
501,965
392,473
320,791

726,586
871,607
1,407,679
1,087,356
1,105,249
1,669,932
1,864,035
1,095,151
1,717,307
982,191
683,096
543,658

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

1,985
2,185
2,505
2,535
2,475
2,345
2,860
2,990
2,950
2,935
3,140
3,895

1,580
1,900
2,120
2,050
2,230
2,145
2,205
2,595
2,580
2,420
2,750
3,015

1,950
2,145
2,390
2,265
2,345
2,215
2,650
2,870
2,605
2,860
3,005
3,680

39,945
57,551
53,471
88,318
48,610
29,386
53,246
42,619
48,236
56,541
36,189
52,094

484,540
850,413
842,897
1,193,527
678,582
300,893
583,781
442,129
379,891
487,366
317,504
394,563

901,013
1,734,639
1,956,887
2,718,051
1,597,528
677,128
1,491,132
1,229,926
1,065,777
1,313,689
936,247
1,292,573

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

3,795
3,895
3,670
3,620
3,390
3,190
3,190

3,455
3,460
3,320
2,930
2,835
2,480
2,515

3,745
3,660
3,495
2,985
3,140
2,505
2,655

52,642
55,188
50,820
44,846
48,134
44,211
48,347

422,511
417,389
304,513
296,524
364,505
244,883
321,152

1,535,100
1,520,634
1,059,529
1,000,500
1,126,932
673,596
931,043

21
19
22
21
19
21
19

(Thou. Sh.) (Million Rp)


316,051
202,032
114,366
73,484
143,658
92,449
148,172
100,902
98,903
68,033
95,426
63,532
150,923
101,290
115,101
70,332
95,568
52,881
160,637
85,900
59,665
29,849
230,029
382,183

21
18
23
20
21
20
21
19
20
21
22
21

WIKA Wijaya Karya (Persero) Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Hadori Sugiarto Adi & Rekan (Member of HLB International)
Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

1,244,316

1,499,143

1,386,707

2,300,892

1,703,996

Receivables

420,573

1,978,912

2,132,198

2,639,364

2,701,805

Inventories

872,775

1,138,080

1,118,390

817,307

898,053

Investment

164,989

1,208,327

1,583,043

1,941,539

2,005,580

Fixed Assets

753,148

1,168,757

1,640,292

2,676,043

2,934,007

417,006

73,252

71,743

71,075

118,143

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Other Assets
Total Assets

Assets

8,322,980 10,945,209 12,594,963 15,915,162 17,054,654

31.51%

Growth (%)

15.07%

26.36%

10,500
7,000
3,500
-

2,119,188

2,529,217

3,061,518

3,902,807

3,675,104

Total Liabilities

6,103,604

8,131,204

9,368,004 10,936,403 12,065,462

33.22%

15.21%

16.74%

10.32%

1,600,000

1,600,000

1,600,000

1,600,000

1,600,000

602,727

610,563

613,997

614,923

614,923

6,027

6,106

6,140

6,149

6,149

100

100

100

100

100

854,681

1,196,354

1,202,095

1,518,306

1,595,763

Growth (%)

14,000

7.16%

Trade Payable

Bank Payable

Liabilities

17,500

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital
Paid up Capital
Paid up Capital (Shares)
Par Value
Retained Earnings
Total Equity

2,219,376

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11
7,741,827

3,226,959

4,978,758

4,989,192

26.79%

14.67%

54.29%

0.21%

Dec-12

Dec-13

Dec-14

Jun-15

9,816,086 11,884,668 12,463,216

4,778,472

26.79%

Growth (%)
Cost of Revenues

2,814,006

6,978,414

21.07%

4.87%

8,902,209 10,562,234 11,038,647

4,989

2014

Jun-15

3,971

2,814

3,227

2,954

2,219
1,936

918

-100

2011

2012

2013

4,282,197

Gross Profit

864,935

1,111,382

1,583,448

1,794,327

598,229

Operating Expenses

211,194

265,965

367,486

393,407

184,384

Operating Profit

653,741

845,417

1,215,962

1,400,919

413,844

29.32%

43.83%

15.21%

Growth (%)

4,979
4,989

TOTAL REVENUES (Bill. Rp)


11,885

12,463

12,463

9,816
9,921

Other Income (Expenses)

-24,134

-37,501

-199,272

-255,029

-67,137

Income before Tax

629,607

807,916

1,016,690

1,145,890

346,708

Tax

238,660

302,791

392,319

395,094

126,827

Profit for the period

390,946

505,125

624,372

750,796

219,881

29.21%

23.61%

20.25%

Growth (%)

7,742
7,378

4,778
4,836

2,293

Period Attributable

354,499

457,858

569,940

615,181

200,494

Comprehensive Income

401,828

508,764

624,372

750,796

219,881

Comprehensive Attributable

366,375

461,134

569,940

615,181

200,494

RATIOS

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

Dividend (Rp)

17.28

22.32

27.82

20.03

EPS (Rp)

58.82

74.99

92.82

100.04

32.60

BV (Rp)

368.22

460.89

525.57

809.66

811.35

DAR (X)

0.73

0.74

0.74

0.69

0.71

DER(X)

2.75

2.89

2.90

2.20

2.42

ROA (%)

4.70

4.62

4.96

4.72

1.29

ROE (%)

17.62

17.95

19.35

15.08

4.41

GPM (%)

11.17

11.32

13.32

14.40

12.52

OPM (%)

8.44

8.61

10.23

11.24

8.66

NPM (%)

5.05

5.15

5.25

6.02

4.60

29.38

29.76

29.97

20.02

2.83

1.51

1.76

0.54

Payout Ratio (%)


Yield (%)

-249

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


751
751

624
505

598

444

391
220

291

138

-15

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

173

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WSKT
WASKITA KARYA (PERSERO) TBK.
Company Profile
The Company was first established as a foreign company under the name "Volker
AanemingMaatschappijNV"whichlaterbecamenationalizedStateCompany(PN)Waskita
KarjaonMarch29,1961,andtheCompanyatthetimewasbasedinJakarta.
Overall,projectssourcesfromthegovernmentstillpresentthemostappeal.Civilprojects
are continually driven grow and justify investment in new resources (particularly
constructionequipment),whilebuildingprojectsstillexperienceselectivegrowthrate.The
Companysprimaryproductarebuildingandcivilconstruction,aswellasEPC.Thesethree
typesofserviceareofferedtotwoprincipalmarkets,namelythegovernmentandprivate
sector.TheCompanymustcontinuetobeselectiveandcarefullyweighrisksinaccepting
projectsfromprivateentitiesfortheconstructionofbuildingsandcivilitems.
The Company is currently striving to expand its precast concrete business. The Company
employstwomeanstomeetitsneedforprecastconcrete,namelybyprocuringthesame
fromexternalsourcesandbyproducingtheminternally.
TheCompanysstrategyisrealizedbyachievingthesettargetsintermsofcontractvalue,
revenueandprofit,byemployingthefollowingstrategiesandpolicies:
Continuing focus on the core business, supplemented by expansion into new
markets in the relevant business sectors: precast concrete, realty and toll road
investment;
Focus on the government sector and potential civil projects, particularly large
scaleinfrastructureprojects;
Enhancement of competitive advantage through improvements in work systems
andcapitalstructure;
EnrichmentofexperiencethroughstrategicpartneringandEPCactivities;
Focusontheapplicationofvalueengineering;
Enhancement of profit margin through cost reduction programs and business
diversification;
Expansionofoverseasmarketshare;
UpgradingofITsystemthroughtheuseoftheMicrosoftDynamicapplication.
The Company remains convinced that management preparedness, supported by good
corporate governance, sustainable human resources development and programmed
business strategies, will open opportunities for growth and contribute towards achieving
anevenbetterfuturefortheCompany.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

174

RESEARCH AND DEVELOPMENT DIVISION

WSKT Waskita Karya (Persero) Tbk. [S]

COMPANY REPORT : JULY 2015


Main Board
Industry Sector : Property, Real Estate And Building Construction (6)
Industry Sub Sector : Building Construction (62)

As of 31 July 2015
Individual Index
:
Listed Shares
:
Market Capitalization :

477.733
13,567,473,560
24,014,428,201,200

37 | 24.0T | 0.48% | 69.47%


24 | 15.5T | 1.05% | 53.33%

COMPANY HISTORY
Established Date
: 01-Jan-1961
Listing Date
: 19-Dec-2012
Under Writer IPO :
PT Bahana Securities (affiliated)
PT Danareksa Sekuritas (affiliated)
PT Mandiri Sekuritas (affiliated)
Securities Administration Bureau :
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Mohamad Hasan
2. Arif Baharudin
3. H. Sumadilaga *)
4. Mohammad Aqil Hirham Danis *)
5. R. Agus Sartono
6. Viktor S Sirait
*) Independent Commissioners

SHAREHOLDERS (July 2015)


1. Pemerintah Republik Indonesia
2. Public (<5%)

8,963,697,887 :
4,603,775,673 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2012
2013
2014

Shares

Dividend
2.11
11.46
10.31

Cum Date
10-May-13
28-Apr-14
04-May-15

Ex Date
13-May-13
29-Apr-14
05-May-15

Recording
Date
15-May-13
02-May-14
07-May-15

66.07%
33.93%

Payment
Date
29-May-13
19-May-14
28-May-15

F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.

Type of Listing
First Issue
Company Listing
MESOP I
MESOP II
Right Issue

Shares
3,082,315,000
6,549,921,000
95,268,205 T:
186,471,155 T:
3,653,498,200

Listing
Date
19-Dec-12
19-Dec-12
23-May-14 :
20-May-15 :
08-Jul-15

Trading
Date
19-Dec-12
19-Dec-12
15-Dec-14
21-May-15
08-Jul-15

BOARD OF DIRECTORS
1. Muhammad Choliq
2. Adi Wibowo
3. Agus Sugiono
4. Desi Arryani
5. Nyoman Wirya Adnyana
6. Tunggul Rajagukguk
AUDIT COMMITTEE
1. Viktor S Sirait
2. Agus Suparto
3. Mohammad Danial
4. R. Agus Sartono
CORPORATE SECRETARY
Antonius Yulianto TN
HEAD OFFICE
Waskita Building 9th Fl.
Jln. M.T. Haryono Kav. No. 10
Cawang, Jakarta 13340
Phone : (021) 850-8510
Fax
: (021) 850-8506
Homepage
Email

F/I

: www.waskita.co.id
: anton@waskita.co.id
haris@waskita.co.id
waskita@waskita.co.id

RESEARCH AND DEVELOPMENT DIVISION

175

WSKT Waskita Karya (Persero) Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

2,000

1,600

1,750

1,400

1,500

1,200

1,250

1,000

1,000

800

750

600

500

400

250

200

Dec-12

Jun-13

Dec-13

Jun-14

Dec-14

Jun-15

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
December 2012 - July 2015
350%
308.1%

300%
250%
200%
150%
100%

55.4%

50%

12.3%

-50%

Dec 12

Jun 13

Dec 13

Jun 14

Dec 14

Jun 15

SHARES TRADED

2012

2013

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

1,432
623
18
6

16,180
10,728
440
244

15,572
12,629
501
242

5,597
9,351
342
139

490
420
450
439

1,080
400
405
395

1,550
402
1,470
1,433

1,900
1,355
1,770
1,770

17.04
17.34
2.16

10.60
9.57
1.64

84.55
16.29
5.90

69.99
17.42
3.39

Price (Rupiah)
High
Low
Close
Close*
PER (X)
PER Industry (X)
PBV (X)
* Adjusted price after corporate action

176

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Waskita Karya (Persero) Tbk. [S]
December 2012 - July 2015

Month
Dec-12

High
490

Low
420

Close
450

(X)
17,534

Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13

490
630
730
800
1,080
1,060
850
830
680
650
610
485

425
460
580
660
770
710
620
445
450
550
440
400

470
610
720
770
1,050
770
790
550
590
600
455
405

16,190
25,036
36,894
28,087
38,880
68,307
48,239
37,846
50,717
31,903
29,709
27,797

795,507
1,549,717
1,497,699
1,190,414
1,506,312
2,193,824
1,511,901
1,206,295
1,781,255
1,227,099
907,064
812,597

361,316
829,186
977,725
861,257
1,351,118
1,872,431
1,144,500
744,295
1,024,650
738,953
452,235
370,734

21
20
19
22
22
19
23
17
21
21
20
19

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

580
690
820
800
800
720
870
950
945
985
1,060
1,550

402
535
645
665
705
640
665
785
820
800
940
1,040

540
665
760
745
720
680
810
905
835
970
1,045
1,470

45,714
39,580
48,633
44,750
23,385
25,205
48,388
40,511
44,374
47,946
32,150
60,018

1,361,373
1,445,390
1,772,927
1,653,393
703,583
717,438
1,657,700
1,277,869
1,365,148
1,467,392
864,321
1,285,521

694,196
913,294
1,326,054
1,230,960
533,679
487,344
1,311,470
1,125,149
1,201,303
1,312,756
873,185
1,619,692

20
20
20
20
18
21
18
20
22
23
20
20

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

1,740
1,890
1,825
1,815
1,815
1,745
1,900

1,355
1,680
1,630
1,550
1,505
1,490
1,515

1,715
1,815
1,780
1,720
1,700
1,520
1,770

70,104
66,468
59,602
32,693
28,488
32,477
52,634

1,483,277
1,082,352
922,085
492,663
323,352
446,526
847,192

2,224,845
1,936,847
1,598,474
852,730
555,369
722,925
1,460,006

21
19
22
18
19
21
19

(Thou. Sh.) (Million Rp)


1,432,023
622,792

WSKT Waskita Karya (Persero) Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Doli, Bambang, Sulistiyanto, Dadang & Ali (Member of BKR International)
Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

583,188

2,183,783

1,119,694

1,675,283

5,077,010

Receivables

1,563,705

1,971,997

2,342,084

2,990,509

3,626,982

Inventories

351,259

412,538

292,227

604,279

976,362

Investment

7,315

50,352

70,168

659,691

891,678

192,399

239,934

415,440

621,792

837,377

21,180

33,023

50,143

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Fixed Assets
Other Assets
Total Assets

Assets

6,919

19,036

5,116,002

8,366,244

63.53%

Growth (%)

8,788,303 12,542,041 18,568,486

11,250
7,500

42.71%

48.05%

3,750
-

1,204,968

822,776

874,808

1,917,129

3,485,339

Trade Payable

1,661,714

2,002,815

2,291,268

2,571,795

2,688,216

Total Liabilities

4,495,779

6,359,169

6,404,866

9,693,211 11,478,594

41.45%

0.72%

51.34%

18.42%

206,900

2,600,000

2,600,000

2,600,000

2,600,000

18,000,000

963,233

963,224

966,634

991,398

18

9,632

9,632

9,666

9,914

1,000,000

100

100

100

100

Growth (%)

15,000

5.04%

Bank Payable

Liabilities

18,750

2011

2012

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital
Paid up Capital
Paid up Capital (Shares)
Par Value
Retained Earnings

-31,978

215,174

563,911

954,024

1,025,276

Total Equity

620,222

2,007,075

2,383,437

2,848,830

7,089,892

223.61%

18.75%

19.53%

148.87%

Dec-13

Dec-14

Jun-15

9,686,610 10,286,813

3,984,321

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-11

Dec-12

7,274,167

8,808,416

21.09%

Growth (%)

9.97%

6.20%

4,197

8,076,158

8,775,914

9,177,917

687,395

824,835

1,012,371

1,306,012

529,466

Operating Expenses

202,362

196,307

305,473

366,629

127,451

Operating Profit

485,033

628,528

706,898

939,383

402,015

29.58%

12.47%

32.89%

-153,207

-168,615

-95,698

-183,781

-147,591

1,305

Income before Tax

331,827

459,913

611,201

755,602

254,424

Tax

159,838

205,882

243,230

254,389

82,942

Profit for the period

171,989

254,031

367,970

501,213

171,482

47.70%

44.85%

36.21%

Growth (%)

2,383

2,849

620

2012

2013

2014

Jun-15

3,503,118
TOTAL REVENUES (Bill. Rp)
10,287

8,808
8,188

Other Income (Expenses)

2,007

2,751

2011

6,610,973

Growth (%)

5,644

-142

Gross Profit

Cost of Revenues

7,090
7,090

9,687

10,287

7,274

6,090

3,984
3,991

1,893

Period Attributable

171,989

254,031

368,060

501,531

171,558

Comprehensive Income

172,457

254,363

366,629

497,058

158,593

Comprehensive Attributable

172,457

254,363

366,719

497,375

158,669

RATIOS

Dec-11

Dec-12

Dec-13

Dec-14

Jun-15

2.11

11.46

10.31

EPS (Rp)

9,554.96

26.37

38.21

51.88

17.30

BV (Rp)

34,456.80

208.37

247.44

294.72

715.14

DAR (X)

0.88

0.76

0.73

0.77

0.62

DER(X)

7.25

3.17

2.69

3.40

1.62

ROA (%)

3.36

3.04

4.19

4.00

0.92

ROE (%)

27.73

12.66

15.44

17.59

2.42

GPM (%)

9.45

9.36

10.45

12.70

13.29

OPM (%)

6.67

7.14

7.30

9.13

10.09

NPM (%)

2.36

2.88

3.80

4.87

4.30

Payout Ratio (%)

8.00

30.00

19.87

Yield (%)

0.47

2.83

0.70

Dividend (Rp)

-206

2011

2012

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


501

368

399

254

297

194

172

171

92

-10

2011

2012

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

177

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WTON
WIJAYA KARYA BETON TBK.

Company Profile
Businessactivitiesthatarecurrentlycarriedoutareasfollows:
1.

2.

3.

The planning, conduct the production, the sale of concrete products, among other
things:Piling,ElectricPoleandtelephonepole,Railroadpads,Componentofaconcrete
precast,Pipe,andOtherconcreteproducts.
Performingbusinessconsultingservices,theservicesoftheconstructionandinstallation
oftheimplementationof:Concreteproducts,Foundation,Prestressing,andInstallation
ofthebuildingcomponentsofheavylifting
Manufacturesandsellsaconcretereadymix.

PT Wijaya Karya Beton Tbk. is a subsidiary of PT Wijaya Karya (Persero) Tbk. Since 1997
companyrunningitsoperationswithdividedintosomeareasofsales(WP),whereeachsales
areasupportedbyConcreteProductsFactory(PPB).

ThecompanyhasdirectownershipinPT.WijayaKaryaKomponenBeton(WIKAKOBE),PT.
WijayaKaryaKrakatauBeton(WIKAKRATON),andPT.CitraLautanTeduh.

Theemployesofcompanyhasatotal1,318personfortheJune30,2015.

August 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of
the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be by
any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice
action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

178

RESEARCH AND DEVELOPMENT DIVISION

WTON Wijaya Karya Beton Tbk. [S]

COMPANY REPORT : JULY 2015

As of 31 July 2015

Main Board
Industry Sector : Basic Industry And Chemicals (3)
Industry Sub Sector : Cement (31)

Individual Index
:
Listed Shares
:
Market Capitalization :

190.678
8,715,466,600
9,804,899,925,000

86 | 9.80T | 0.20% | 83.81%


55 | 7.21T | 0.49% | 77.50%

COMPANY HISTORY
Established Date
: 11-Mar-1997
Listing Date
: 08-Apr-2014
Under Writer IPO :
PT Bahana Securities
PT Danareksa Sekuritas
PT Mandiri Sekuritas
PT Sucorinvest Central Gani
Securities Administration Bureau :
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026

SHAREHOLDERS (July 2015)


1. PT Wijaya Karya (Persero) Tbk.
2. Koperasi Karya Mitra Satya
3. Public (<5%)

5,229,280,000 :
796,690,449 :
2,689,496,151 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2014

Shares

Dividend
11.82

Cum Date
09-Apr-15

Ex Date
10-Apr-15

Recording
Date
14-Apr-15

60.00%
9.14%
30.86%

Payment
F/I
Date
05-May-15 F

ISSUED HISTORY
No. Type of Listing
1. First Issue
2. Company Listing

Shares
2,045,466,600
6,670,000,000

Listing
Date
08-Apr-14
08-Apr-14

Trading
Date
08-Apr-14
08-Apr-14

BOARD OF COMMISSIONERS
1. Budi Harto
2. Agustinus Boediono
3. Asfiah Mahdiani *)
4. Nariman Prasetyo
5. Priyo Suprobo *)
6. Tumik Kristianingsih
*) Independent Commissioners
BOARD OF DIRECTORS
1. Wilfred Imanuel A. Sangkali
2. Entus Asnawi Mukhson
3. Fery Hendriyanto
4. Hadian Pramudita
5. Hari Respati
6. Muhammad Zulkarnain
AUDIT COMMITTEE
1. Asfiah Mahdiani
2. Rosmala
3. Soemartojo
CORPORATE SECRETARY
Puji Haryadi
HEAD OFFICE
JW Building
Pondok Gede Bekasi 17411
Phone : (021) 8497-3363
Fax
: (021) 8497-3391
Homepage
Email

: www.wikabeton.co.id
: sekper@wika-beton.co.id

RESEARCH AND DEVELOPMENT DIVISION

179

WTON Wijaya Karya Beton Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

1,600

1,600

1,400

1,400

1,200

1,200

1,000

1,000

800

800

600

600

400

400

200

200

Apr-14

Jul-14

Oct-14

Jan-15

Apr-15

Jul-15

Closing Price*, Jakarta Composite Index (IHSG) and


Basic Industry and Chemicals Index
April 2014 - July 2015
90%
75%
60%
48.0%

45%
30%
15%
-

-2.4%

-15%
-30%

Apr 14

-29.7%

Jul 14

Oct 14

Jan 15

Apr 15

Jul 15

SHARES TRADED

2014

Jul-15

Volume (Million Sh.)


Value (Billion Rp)
Frequency (Thou. X)
Days

6,088
5,860
244
177

3,007
3,625
208
142

Price (Rupiah)
High
Low
Close
Close*

1,325
665
1,300
1,300

1,440
940
1,125
1,125

38.05
16.60
5.34

91.60
13.88
4.55

PER (X)
PER Industry (X)
PBV (X)
* Adjusted price after corporate action

180

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Month
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

High
885
810
780
910
1,055
1,240
1,210
1,265
1,325

Low
665
725
725
735
870
1,010
975
1,115
1,175

Close
735
780
750
890
1,030
1,090
1,155
1,220
1,300

(X)
48,699
16,453
8,655
17,738
17,872
29,077
34,005
30,469
41,055

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15

1,390
1,440
1,410
1,295
1,240
1,160
1,160

1,220
1,300
1,185
940
965
965
1,000

1,370
1,405
1,265
990
1,145
1,000
1,125

31,461
27,678
33,416
30,625
31,366
22,470
31,329

Volume

Value

(Thou. Sh.) (Million Rp)


1,723,074 1,281,636
334,993
434,864
267,664
201,034
553,400
462,277
392,272
378,906
736,910
642,971
760,986
847,149
600,705
500,753
812,228 1,016,470
509,275
393,029
437,715
450,479
509,532
281,675
425,469

673,857
550,286
571,196
508,130
566,532
290,204
464,786

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Wijaya Karya Beton Tbk. [S]
April 2014 - July 2015

15
18
21
18
20
22
23
20
20
21
19
22
21
19
21
19

WTON Wijaya Karya Beton Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Hadori Sugiarto Adi & Rekan (Member of HLB International)
Dec-13

Dec-14

Jun-15

Cash & Cash Equivalents

413,027

1,038,475

693,257

Receivables

423,761

482,688

434,600

Inventories

846,027

457,603

551,396

Current Assets

1,896,018

2,127,039

1,883,095

Fixed Assets

1,012,107

1,671,205

1,811,254

BALANCE SHEET

Dec-11

Dec-12

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Assets

Other Assets
Total Assets

Current Liabilities
Long Term Liabilities
Total Liabilities

3,100
2,325

2,917,401

3,802,333

3,698,265

30.33%

-2.74%

775

1,794,348

1,509,531

1,487,774

393,035

67,024

54,072

2,187,383

1,576,555

1,541,846

-27.93%

-2.20%

2,668,000

2,668,000

2,668,000

871,547

871,547

871,547

8,715

8,715

8,715

100

100

100

Growth (%)

Growth (%)

Liabilities

3,875

1,550

2013

2014

Jun-15

TOTAL EQUITY (Bill. Rp)


Authorized Capital
Paid up Capital
Paid up Capital (Shares)
Par Value
Retained Earnings
Total Equity

71,319

379,829

334,790

730,018

2,225,777

2,156,419

204.89%

-3.12%

Dec-13

Dec-14

Jun-15

1,479,008

3,277,195

891,272

Growth (%)
INCOME STATEMENTS

Dec-11

Dec-12

Total Revenues

121.58%

Growth (%)
Cost of Revenues
Gross Profit
Expenses (Income)
Operating Profit

2,156

2014

Jun-15

1,772

1,318

864

730

410

-45

2013

1,273,472

2,790,105

776,658

205,536

487,090

114,614

19,204

78,192

39,742

186,332

408,898

74,872

119.45%

Growth (%)

2,226
2,226

TOTAL REVENUES (Bill. Rp)


3,277
3,277

2,609

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

54,686

2,623

183,503

411,521

63,494

47,055

89,117

12,050

136,448

322,404

51,444

-11,378
1,940

1,479
891

1,272

136.28%

Growth (%)

603

Period Attributable

136,542

328,509

53,520

Comprehensive Income

136,448

322,404

51,444

Comprehensive Attributable

136,542

328,509

53,520

Dec-13

Dec-14

Jun-15

105.67

140.91

126.57

11.82

RATIOS
Current Ratio (%)
Dividend (Rp)

Dec-11

Dec-12

EPS (Rp)

15.67

37.69

6.14

BV (Rp)

83.76

255.38

247.42

DAR (X)

0.75

0.41

0.42

DER(X)

3.00

0.71

0.72

ROA (%)

4.68

8.48

1.39

ROE (%)

18.69

14.48

2.39

GPM (%)

13.90

14.86

12.86

OPM (%)

12.60

12.48

8.40

NPM (%)

9.23

9.84

5.77

Payout Ratio (%)

31.36

Yield (%)

0.91

-66

2013

2014

Jun-15

PROFIT FOR THE PERIOD (Bill. Rp)


322

257

191

136
125

51
59

-6

2013

2014

RESEARCH AND DEVELOPMENT DIVISION

Jun-15

181

Notes
1.

Trading Volume, Value and Frequency: Figures of trading volume, value and Frequency are calculated once,
except on the IDX members trading data. Trading Frequency refers to number of transaction.

2.

Number of shares (number of issued shares): This figures is number of listed shares after adjustment when
bonus and rights issues, share splits and consolidations are made.

3.

Number of listed shares: This figures refers to the total number of shares that is already listed and can be traded
at the exchange.

4.

Market Capitalization: This figures indicates the aggregate number of shares multiplied by regular market closing
price.

5.

Jakarta Composite Index =

Base Value =

(Regular Closing Price * Number of Shares)


Base Value

X 100

(Base Price * Number of Shares)


Regular Closing Price
X 100
Base Price

6.

Individual Index =

7.

To calculate the Jakarta Composite Index and Stock Individual Index, Base Price and Base Value are adjusted
when bonus and rights issues, share splits and consolidations are made. Base price for new listed companies is
IPO price.

8.

To calculate Financial Ratio, the latest financial reports are used.

9.

Earning Per Share (EPS): The figure of EPS is derived by dividing Profit for the period attribute to owners
entity by number of issued shares. We annualized the EPS when interim reports are used (see the
Financial statement dates and Financial Year Ends).

Price Earnings Ratio (PER) =

Book Value per Share (BV): The figure of BV is derived by dividing the Total Shareholders Equity by
number of issued shares.

Price to Book Value (PBV) = Regular Closing Price


BV

Debt Equity Ratio (DER) = Total Liabilitie s


Equity

Return On Asset (ROA) =

Profit for the period


X 100
Total Assets

Return On Equity (ROE) =

Profit for the period


X 100
Equity

Net Profit Margin (NPM) =

Profit for the period


X 100
Total Sales

[S] Sharia Compliant Stock

10. LHS: Left Hand Side


11. RHS: Right Hand Side

Regular Closing Price


EPS