COMPANY REPORT

ADHI
ADHI KARYA (PERSERO) TBK.
Company Profile
 
PT  Adhi  Karya  (Persero)  Tbk  was  established  dated    June  3rd  ,  1974.  The  company  is 
managed  to  show  its  ability  as  a  leading  construction  company  in  Southeast  Asia, 
through  competitiveness  and  proven  experience  by  running  successful  construction 
projects. ADHI could not have achieved success without the support and participation 
of  the  public.  ADHI  plays  an  active  role  in  developing  CSR  programs  as  well  as  the 
Company’s Partnership and Environmental Preservation Program. 
 
In  accordance  with  the  Long‐Term  Business  Plan  of  ADHI  2012‐2016,  the  Company 
plans  for  corporate  activities  in  five  business  lines  in  order  to  increase  the  value  of 
ADHI.  Those  business  lines  are  Construction,  EPC,  Property,  Realty  and  Investment  in 
Infrastructure. In our core  business lines of construction and EPC services, our business 
development  strategy  is  focused  on  continuously  enhancing  our  professionalism 
through  quality  products  and  timely    deliveries.  Here,  the  role  of  ALC  (ADHI  Learning 
Center) comes into the forefront. ALC has been in operations for more than a year, and 
its  benefits  are  already  felt.  Through  ALC,  ADHI  personnel  are  equipped  with  the 
passion to excel, and to always strive for quality by working intelligently and efficiently. 
With  such  passion,  we  form  another  subsidiary  entity  –specialize  in  building 
construction– Adhi Persada Gedung (APG). 
 
In  addition  to  the  Construction  and  EPC  businesses,  the  Company  has  operated  and 
profited  from  the  Property  and  Realty  businesses  through  two  subsidiary  entities, 
namely Adhi Persada Properti (APP) and Adhi Persada Realti (APR). Expanding from the 
Property business base, the Company has also made plans to develop four‐star hotels 
in Blok‐M area Jakarta, and Surabaya; and three‐star hotels in Bekasi and Medan. This 
move  is  designed  to  strengthen  our  Property  business  structure  in  the  future,  in 
addition to reap the benefit of recurring income. Meanwhile, in the Realty business, we 
are  adopting  a  strategy  of  not  only  developing  landed  houses,  but  also  managing 
commercial areas (malls, lifestyle centers and shopping complexes) also with the aim of 
strengthening  our  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  project  management  also  requires  applications  in  precast  concrete 
technology that can enhance project executions, whether in the form of concrete piles 
or  other  products.  In  order  to  manage  the  business  professionally,  independent,  and 
fast  emerging,  the  Company  plan  to  establish  a  new  subsidiary  namely  Adhi  Persada 
Beton (APB). 
 
As  of  December  31st,  2016,  the  Company  and  subsidiaries  had  1,347  permanent 
employees.

February 2017
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.
 ADHI Adhi Karya (Persero) Tbk. [S]
COMPANY REPORT : JANUARY 2017 As of 31 January 2017
Main Board Individual Index : 1,649.219
Industry Sector : Property, Real Estate And Building Construction (6) Listed Shares : 3,560,849,376
Industry Sub Sector : Building Construction (62) Market Capitalization : 7,477,783,689,600
112 | 7.48T | 0.13% | 87.27%

30 | 14.1T | 0.76% | 65.40%

COMPANY HISTORY SHAREHOLDERS (January 2017)

Established Date : 11-Mar-1960 1. Negara Republik Indonesia 1,816,046,624 : 51.00%
Listing Date : 18-Mar-2004 2. Public (<5%) 1,744,802,752 : 49.00%
Under Writer IPO :
PT Ciptadana Sekuritas DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Datindo Entrycom Year Shares Dividend Cum Date Ex Date Date Date
Wisma Sudirman - Puri Datindo 2003 12.30 07-Jul-04 08-Jul-04 12-Jul-04 23-Jul-04 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2005 19.56 17-Jun-05 20-Jun-05 22-Jun-05 06-Jul-05
Phone : (021) 570-9009 2005 12.98 20-Jul-06 21-Jul-06 25-Jul-06 08-Aug-06 F
Fax : (021) 570-9026 2006 10.61 17-Jul-07 18-Jul-07 20-Jul-07 03-Aug-07 F
2008 11.51 02-Jul-09 03-Jul-09 07-Jul-09 22-Jul-09 F
BOARD OF COMMISSIONERS 2009 28.26 30-Jun-10 01-Jul-10 05-Jul-10 19-Jul-10 F
1. M. Fadjroel Rachman 2010 32.35 04-Jul-11 05-Jul-11 07-Jul-11 20-Jul-11 F
2. Wicipto Setiadi 2011 30.33 05-Jun-12 06-Jun-12 08-Jun-12 22-Jun-12 F
3. Rildo Ananda Anwar 2012 23.49 13-May-13 14-May-13 16-May-13 29-May-13 F
4. Bobby Aa. Nazief 2013 67.61 04-Apr-14 07-Apr-14 10-Apr-14 25-Apr-14 F
5. Hironimus Hilapok *) 2014 35.98 27-Mar-15 30-Mar-15 01-Apr-15 22-Apr-15 I
6. Muchlis R. Luddin *) 2015 26.23 15-Apr-16 18-Apr-16 20-Apr-16 12-May-16 F
*) Independent Commissioners
ISSUED HISTORY
BOARD OF DIRECTORS Listing Trading
1. Budi Harto No. Type of Listing Shares Date Date
2. BEP Adji Satmoko 1. First Issue 397,188,000 18-Mar-04 18-Mar-04
3. Budi Sadewa Soediro 2. Company Listing 918,680,000 18-Mar-04 18-Mar-04
4. Djoko Prabowo 3. Employee Management Buy Out (EMBO) 441,320,000 18-Mar-04 03-Jul-06
5. Haris Gunawan 4. Employee Stock Allocation (ESA) 44,132,000 18-Mar-04 26-Jun-04
6. Pundjung Setya Brata 5. Right Issue I 897,366,624 09-Oct-15 09-Oct-15
6. Right Issue I 259,180,948 13-Oct-15 13-Oct-15
AUDIT COMMITTEE 7. Right Issue I 90,316,424 15-Oct-15 15-Oct-15
1. Murhadi 8. Right Issue I 313,084,300 16-Oct-15 16-Oct-15
2. Salim Siagian 9. Right Issue I 169,499,395 19-Oct-15 19-Oct-15
3. Syaiful 10. Right Issue I 30,081,685 21-Oct-15 21-Oct-15

CORPORATE SECRETARY
Ki Syahgolang Permata

HEAD OFFICE
Jln. Raya Pasar Minggu Km.18
Jakarta - 12510
Phone : (021) 797-5312
Fax : (021) 797-5311

Homepage : www.adhi.co.id
Email : kiki@adhi.co.id
 ADHI Adhi Karya (Persero) Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Adhi Karya (Persero) Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2013 - January 2017 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
3,400 240 Jan-13 2,150 1,730 2,000 25,820 386,992 740,424 21
Feb-13 2,650 1,990 2,575 17,280 317,854 723,135 20
2,975 210 Mar-13 3,175 2,400 3,100 17,226 224,360 635,962 19
Apr-13 3,175 2,700 2,975 19,520 242,917 711,019 22
May-13 3,925 2,950 3,900 22,507 284,753 931,777 22
2,550 180
Jun-13 4,000 3,100 3,325 27,380 298,365 1,054,227 19
Jul-13 3,375 2,400 3,075 26,992 292,062 856,830 23
2,125 150
Aug-13 3,200 1,690 1,980 22,891 227,303 516,385 17
Sep-13 2,275 1,510 2,025 71,392 1,395,702 2,639,571 21
1,700 120
Oct-13 2,150 1,830 1,950 44,551 759,652 1,504,721 21
Nov-13 1,970 1,570 1,600 22,975 298,528 524,666 20
1,275 90 Dec-13 1,780 1,460 1,510 22,832 383,774 633,407 19

850 60 Jan-14 1,850 1,425 1,780 34,825 523,862 885,065 20

Feb-14 2,390 1,755 2,340 51,624 769,177 1,595,184 20
425 30 Mar-14 3,110 2,275 2,995 53,545 573,781 1,597,729 20
Apr-14 3,335 2,675 2,985 86,169 890,637 2,676,720 20
May-14 3,340 2,950 3,130 50,309 514,322 1,636,032 18
Jun-14 3,150 2,620 2,785 45,534 320,944 925,441 21
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
Jul-14 3,420 2,725 3,110 77,411 678,458 2,147,006 18
Aug-14 3,230 3,025 3,070 40,426 298,984 938,382 20
Sep-14 3,160 2,740 2,765 30,838 165,105 494,676 22
Closing Price*, Jakarta Composite Index (IHSG) and Oct-14 2,920 2,320 2,755 58,999 424,212 1,142,279 23
Property, Real Estate and Bulding Construction Index Nov-14 2,810 2,435 2,780 56,416 568,723 1,501,669 20
January 2013 - January 2017 Dec-14 3,625 2,780 3,480 81,342 933,533 2,875,053 20
140%
Jan-15 3,780 3,320 3,695 64,117 576,447 2,067,005 21
120% Feb-15 3,870 3,330 3,440 64,269 520,481 1,843,502 19
Mar-15 3,475 2,990 3,055 49,578 297,973 949,746 22
100% Apr-15 3,180 2,680 2,765 47,276 291,008 876,099 21
May-15 2,940 2,490 2,505 43,538 232,483 639,163 19
80% Jun-15 2,540 1,910 2,020 59,436 343,741 745,375 21
Jul-15 2,795 2,010 2,300 89,892 672,513 1,613,341 19
Aug-15 2,340 1,665 1,995 70,761 366,814 731,984 20
60% 59.7%
Sep-15 2,340 1,855 2,250 85,168 525,345 1,119,272 21
Oct-15 2,410 1,850 2,230 102,153 1,201,936 2,604,099 21
40% 40.6%
Nov-15 2,345 2,105 2,200 55,399 540,360 1,214,604 21
Dec-15 2,270 2,040 2,140 34,926 317,411 683,169 19
20% 21.8%

Jan-16 2,580 2,070 2,550 70,823 856,813 2,027,511 20

- Feb-16 2,745 2,475 2,610 55,500 549,180 1,444,345 20
Mar-16 2,840 2,555 2,690 48,667 519,063 1,413,655 21
-20% Apr-16 2,910 2,645 2,675 49,750 562,525 1,558,604 21
Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 May-16 2,710 2,420 2,570 44,806 371,638 945,245 20
Jun-16 2,830 2,530 2,780 44,156 448,114 1,224,428 22
Jul-16 2,900 2,700 2,830 35,306 393,230 1,105,417 16
SHARES TRADED 2013 2014 2015 2016 Jan-17 Aug-16 2,860 2,660 2,670 53,421 590,369 1,634,318 22
Volume (Million Sh.) 5,112 6,662 5,887 6,076 372 Sep-16 2,730 2,310 2,360 58,883 449,387 1,124,446 21
Value (Billion Rp) 11,472 18,415 15,087 15,348 802 Oct-16 2,510 2,130 2,270 48,902 375,525 881,747 21
Frequency (Thou. X) 341 667 767 617 38 Nov-16 2,270 1,830 1,910 42,844 338,379 692,729 22
Days 244 242 244 246 21 Dec-16 2,280 1,855 2,080 64,378 622,275 1,295,451 20

Price (Rupiah) Jan-17 2,260 2,030 2,100 38,049 371,611 802,129 21

High 4,000 3,625 3,870 2,910 2,260
Low 1,460 1,425 1,665 1,830 2,030
Close 1,510 3,480 2,140 2,080 2,100
Close* 1,281 2,953 2,140 2,080 2,100

PER (X) 6.70 46.54 16.43 48.23 48.69

PER Industry (X) 9.57 16.29 13.36 24.89 28.26
PBV (X) 1.76 4.10 1.48 1.43 1.44
* Adjusted price after corporate action
 ADHI Adhi Karya (Persero) Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Hertanto, Grace, Karunawan (Member of TIAG International)

BALANCE SHEET Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 948,846 1,939,960 811,412 4,317,348 3,364,910 21,250

Receivables 2,332,098 2,705,085 3,214,051 3,311,392 1,596,824

17,000

Inventories 116,552 161,560 132,014 162,651 131,016

12,750
Investment 62,804 60,034 45,250 399,640 336,214
Fixed Assets 187,437 271,257 496,096 1,099,427 1,459,816
8,500
Other Assets 34,248 65,081 27,893 186,808 334,751
Total Assets 7,872,074 9,720,962 10,458,882 16,761,064 20,095,436 4,250
Growth (%) 23.49% 7.59% 60.26% 19.89%
-
Trade Payable 4,276,690 4,767,420 4,923,213 6,489,310 8,372,701 2012 2013 2014 2015 2016
Total Liabilities 6,691,155 8,172,499 8,707,338 11,598,932 14,652,656
Growth (%) 22.14% 6.54% 33.21% 26.33%
TOTAL EQUITY (Bill. Rp)
Minority Interest - - - - - 5,443
5,162
Authorized Capital 544,000 544,000 544,000 544,000 544,000 5,443

Paid up Capital 180,132 180,132 180,132 356,085 356,085

Paid up Capital (Shares) 1,801 1,801 1,801 3,561 3,561
4,332

Par Value 100 100 100 100 100

943,642 1,307,301 1,509,579 1,789,885 1,997,137
3,222

Retained Earnings
Total Equity 1,180,919 1,548,463 1,751,543 5,162,132 5,442,780 1,752
1,548
2,112

Growth (%) 31.12% 13.11% 194.72% 5.44% 1,181

1,001

INCOME STATEMENTS Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

Total Revenues 7,627,703 9,799,598 8,653,578 9,389,570 11,063,943
-109

2012 2013 2014 2015 2016

Growth (%) 28.47% -11.69% 8.51% 17.83%

Cost of Revenues 6,671,815 8,606,444 7,655,377 8,414,926 9,948,797

TOTAL REVENUES (Bill. Rp)
Gross Profit 1,043,220 1,247,711 998,202 974,644 1,184,570
Operating Expenses 531,378 425,009 273,318 123,915 455,979 11,064

- - 724,884 850,730 728,591 9,800

11,064

Operating Profit 9,390

8,654
Growth (%) 17.36% -14.36%
7,628
8,807

Other Income (Expenses) -88,526 -108,337 -125,327 -104,639 -115,969 6,550

Income before Tax 423,315 714,365 599,557 746,091 612,622

Tax 209,998 305,927 267,896 281,066 297,515
4,293

Profit for the period 213,318 408,438 331,661 465,026 315,108

Growth (%) 91.47% -18.80% 40.21% -32.24%
2,036

-221

Period Attributable 211,590 405,977 329,075 463,685 313,451 2012 2013 2014 2015 2016
Comprehensive Income 213,651 409,862 304,311 878,754 404,657
Comprehensive Attributable 211,924 407,401 301,726 877,408 403,000
PROFIT FOR THE PERIOD (Bill. Rp)
RATIOS Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 465
Dividend (Rp) 23.49 67.61 35.98 26.23 -
408
EPS (Rp) 118.42 226.74 184.12 130.59 88.49
BV (Rp) 655.59 859.63 972.37 1,449.69 1,528.51 332
315
370

DAR (X) 0.85 0.84 0.83 0.69 0.73

DER(X) 5.67 5.28 4.97 2.25 2.69
275

213
ROA (%) 2.71 4.20 3.17 2.77 1.57 180

ROE (%) 18.06 26.38 18.94 9.01 5.79

GPM (%) 13.68 12.73 11.54 10.38 10.71 86

OPM (%) - - 8.38 9.06 6.59

NPM (%) 2.80 4.17 3.83 4.95 2.85
-9

2012 2013 2014 2015 2016

Payout Ratio (%) 19.84 29.82 19.54 20.08 -
Yield (%) 1.13 3.25 1.73 1.26 -