FINANCIAL POSITION

Established, Leading & Growing Food Company

Consolidated Statements of Financial Position Debts & Cash
Foreign Rp Equiv Total Rp
In Billion Rupiah 2014 * 2015 Rp Bn
Currency (Bn) Bn
Total Current Assets 13,621.9 13,961.5
Short-term Debts 1,099.7 24.5 337.8 1,437.5
Cash and Cash Equivalents 7,343.0 7,657.5
Short-term Debts & Trust Receipts 719.0 11.1 153.7 872.7
Accounts Receivable 2,921.0 3,363.7
Current Portion of Long-term Debts 380.6 13.3 184.1 564.7
Inventories - Net 2,813.1 2,546.8
Other Current Assets 544.9 393.5
Long-term Debts 851.5 42.1 580.1 1,431.6
Total Non Current Assets 11,407.6 12,599.1
Bank Loans 851.5 40.9 564.6 1,416.1
Fixed Assets - Net 5,809.4 6,555.7
Liability for Purchases of FA - 1.1 15.5 15.5
Other Non-Current Assets 5,598.1 6,043.5
Total Assets 25,029.5 26,560.6
Total Debts 1,951.2 66.5 917.9 2,869.0
Total Current Liabilities 6,208.1 6,002.3
Cash and Cash Equivalents 6,231.9 103.3 1,425.6 7,657.5
Short-term Loans, Trust Receipts &
Current Maturities of Long-term Loans 1,816.3 1,437.5
Accounts Payable 2,755.5 2,581.0
Other Current Liabilities 1,636.4 1,983.9
Debts Composition
Total Non Current Liabilities 4,237.0 4,171.4
Long-term Loans 1,589.7 1,431.6
Other Non Current Liabilities 2,647.4 2,739.8
Total Liabilities 10,445.2 10,173.7

Total Equity 14,584.3 16,386.9

Ending Exchange Rate to USD 12,440 13,795

* Restated

1 FULL YEAR 2015 RESULTS

FINANCIAL PERFORMANCE
Established, Leading & Growing Food Company
Financial & Operating Ratios Consolidated Statements of Income
2014 * 2015 In Billion Rupiah 2014 * 2015 Growth
Profitability Ratio Net Sales 30,022.5 31,741.1 5.7%
ROA 2) 11.1% 11.3% Cost of Goods Sold (21,922.2) (22,122.0) 0.9%
ROE 2) 18.8% 18.9% Gross Profit 8,100.3 9,619.1 18.8%
ROCE 2) 3) 19.1% 21.4% Selling and Distribution Expenses (3,652.7) (4,172.1) 14.2%
General and Administrative Expenses (1,328.0) (1,539.2) 15.9%
Other Operating Income 223.0 271.6 21.8%
Liquidity Ratio
Other Operating Expenses (157.3) (187.2) 19.1%
Current Ratio 2.19 2.33 Income From Operations (EBIT) 3,185.3 3,992.1 25.3%
EBITDA 3,804.7 4,690.9 23.3%
Debt Ratio Finance income 481.8 425.6 -11.7%
Gross Gearing (incl. Trust Receipt) 0.23 0.18 Finance expenses (221.0) (314.0) 42.1%
Gross Gearing (excl. Trust Receipt) 0.18 0.17 Share in net income (loss) of associates (0.7) (94.1) 13455.1%
Net Gearing (incl. Trust Receipt) (0.27) (0.29) Income Before Income Tax Expense 3,445.4 4,009.6 16.4%
Net Gearing (excl. Trust Receipt) (0.32) (0.30) Income Tax Expense (871.2) (1,086.5) 24.7%
Interest Coverage 17.2 18.7 Income for the Year 2,574.2 2,923.1 13.6%
Equity holders of the parent entity 2,644.8 3,000.7 13.5%
Earnings Per Share 1) 454 515 Non-controlling interests (70.7) (77.6) 9.8%
Share Price 13,100 13,475 Core Profit 1) 2,588.1 2,985.4 15.4%
Market Cap. (Rp. Bn) 76,385 78,572
Price / Book Value Gross Profit Margin 27.0% 30.3%
5.59 5.08
EBIT Margin 10.6% 12.6%
Price / EPS 28.88 26.18
EBITDA Margin 12.7% 14.8%
Enterprise Value (Rp Bn) 73,377 74,716
Net Income Margin 1) 8.8% 9.5%
Enterprise Value / EBITDA Multiple 19.29 15.93
Sales Mix - Overseas Avg. Exchange Rate 11,886 13,449
US$ 218.0 Mn
1) Attributable to equity holders of the parent entity
2) Returns represents total return including non-controlling interests
3) EBIT as numerator

* Restated

2 FULL YEAR 2015 RESULTS

SEGMENT PERFORMANCE Established, Leading & Growing Food Company

Sales (Rp Billion)

EBIT Margin 1)
2014 * 2015
Segment
Inter Inter
External Total External Total 2014 * 2015
Segment Segment

Noodles 19,591.0 324.6 19,915.6 20,682.2 313.9 20,996.1 15.2% 16.6%

Dairy 5,240.7 7.5 5,248.2 5,879.5 0.3 5,879.8 6.1% 9.7%
Snack Foods 1,976.9 25.2 2,002.2 1,956.1 33.2 1,989.3 1.4% 4.2%
Food Seasonings 713.1 433.3 1,146.4 778.3 468.2 1,246.5 7.7% 7.3%
Nutrition & Special Foods 577.8 - 577.8 605.8 4.4 610.2 2.0% 2.3%
Beverages 1,923.0 - 1,923.0 1,839.1 2.9 1,842.0 -18.3% -18.0%
Sub Total 30,022.5 790.7 30,813.1 31,741.1 822.8 32,563.9
Elimination (790.7) (790.7) (822.8) (822.8)
Total 30,022.5 - 30,022.5 31,741.1 - 31,741.1 10.6% 12.6%

Segment Contribution
Sales 2) EBIT 3)
2.4%
Noodles
Dairy 6.6%
2014 * 65.3% 17.5% 6.4%
Snack Foods 1.9%
Food Seasonings
Nutrition & Special Foods 2.5%
Beverages 6.2%
2015 65.2% 18.5% 5.8%
1.9%
1) EBIT margin per segment: before elimination and unallocated expenses
2) After elimination
3) After elimination and before unallocated expenses

3 FULL YEAR 2015 RESULTS

CASH FLOWS
Established, Leading & Growing Food Company
Consolidated Statements of Cash Flows
In Billion Rupiah 2014 * 2015
Net Cash Provided by Operating Activities 3,860.8 3,485.5
Net Cash Used in Investing Activities (1,749.9) (2,047.4)
Additions to fixed assets (1,057.4) (1,007.7)
Advance for purchases of fixed assets (117.8) (391.9)
Proceeds from sale of fixed assets 11.2 3.8
Addition to intangible assets (367.8) -
Payment for acquisition of a New Subsidiary (130.0) (58.1)
Addition to short-term investment - (32.6)
Addition to investment to associates (88.2) (561.0)
Net Cash Used in Financing Activities (286.5) (1,264.9)
Proceeds from short-term bank loans 462.5 607.0
Proceeds from long-term bank loans 555.8 320.0
Payments of short-term bank loans (185.0) (689.5)
Payments of long-term bank loans (147.3) (267.4)
Payments of liability for purchases of fixed assets (11.2) (12.5)
Payments of cash dividends (1,107.9) (1,294.5)
Payments of dividends to minority shareholders (20.5) (26.0)
Capital contribution from NCI 167.1 98.0
Net Effects of Changes in Exchange Rates on Cash & Cash Equivalents 22.6 144.4
Net Increase in Cash & Cash Equivalents 1,847.1 317.7
Cash & Cash Equivalents at Beginning of Year ** 5,378.7 7,225.8
Cash & Cash Equivalents at End of Year ** 7,225.8 7,543.5
* Restated
** Cash & Cash Equivalents at Beginning & Ending after taking into account overdraft

For further information, please contact :

INVESTOR RELATION DIVISION

Clara Suraya +62 21 5795 8822 Ext 1109 E-mail : clara.suraya@icbp.indofood.co.id
Lanawati +62 21 5795 8822 Ext 1649 E-mail : lanawati@indofood.co.id

4 FULL YEAR 2015 RESULTS