PT Gudang Garam Tbk.

Tobacco Manufacturers

Head Office Jl. Semampir II/1 Summary of Financial Statement

Kediri 64121, Jawa Timur
Phone (0354) 682-090-682-094 (million rupiah)
Fax (0354) 681-555 2005 2006 2007
Telex 31456 GGARAM KD Total Assets 22,128,851 21,733,034 23,928,968
Jakarta Rep. Office Jl. Jenderal A. Yani No. 79 Current Assets 14,709,465 14,815,847 17,262,980
Jakarta 10510 of which
Phone (021) 420-2460, 420-0579 Cash and cash equivalents 420,471 439,140 486,586
Fax (021) 421-2024 Trade receivables 1,986,818 2,477,121 2,775,736
Telex 49475 GGARAM IA Inventories 12,043,159 11,649,091 13,502,038
Surabaya Rep. Office Jl. Pengenal 7-15, Surabaya 60174 Non-Current Assets 7,419,386 6,917,187 6,665,988
Phone (031) 545-1701, 545-1721 of which
Fixed Assets-Net 7,314,532 6,841,100 6,410,978
Fax (031) 531-0592
Investments 6,439 6,439 6,439
Factory Jl.Semampir II/1, Kediri,
Other Assets 86,490 59,899 236,119
Jawa Timur
Business Cigarettes Liabilities 9,001,696 8,558,428 9,789,435
Company Status PMDN Current Liabilities 8,488,549 7,855,005 8,922,569
of which
Financial Performance: The Company booked net profit at Short-term debt 5,681,893 4,921,567 4,419,076
IDR1.443 trillion in 2007, increase from IDR1.007 trillion in 2006. Trade payables 197,150 165,244 221,936
The net revenue rose to IDR28.158 trillion from IDR26.339 trillion. Taxes and excise payable 2,399,595 2,506,670 4,049,383
Brief History: The company began as a small entrepreneurial Non-Current Liabilities 513,147 703,423 866,866
Minority Interests in Subsidiaries 15,700 17,373 19,737
venture established in 1971 at Kudus, East Java. The company’s
products consist of three types, namely, cigarettes rolled in corn Shareholders' Equity 13,111,455 13,157,233 14,119,796
husk paper under three brand names, hand-rolled cigarettes un- Paid-up capital 962,044 962,044 962,044
der nine brand names, and machine-rolled cigarettes under six Paid-up capital
brand names, four of which are considered premium brands, in excess of par value 53,700 53,700 53,700
namely Gudang Garam International, Surya 16, 10 packs Gudang Retained earnings 12,095,711 12,141,489 13,104,052
Garam Merah, and the 12 packs Gudang Garam Merah. The com- Net Sales 24,847,345 26,339,297 28,158,428
pany has installed a capacity of 105 billion cigarettes per year, in- Cost of Goods Sold 19,704,705 21,622,622 23,074,633
cludes 90 billion cigarettes machine rolled and 15 billion cigarette Gross Profit 5,142,640 4,716,675 5,083,795
manufacture by hand using and enjoys a 49% market share for Operating Expenses 1,993,948 2,526,343 2,555,118
clove flavored cigarettes in Indonesia in 1997. In 1998 it’s market Operating Profit 3,148,692 2,190,332 2,528,677
Other Income (Expenses) (438,228) (586,901) (323,836)
share decline to 39%. Its main distribution channels are 3 major
Profit before Taxes 2,710,464 1,603,431 2,204,841
distributors, namely, PT Surya Bhakti Utama, PT Surya Kerta Profit after Taxes 1,889,646 1,007,822 1,443,585
Bhakti, and Surya Jaya Bhakti. In 1993 the company received a
US$ 60 million syndicated loan from Singapore Banks, in order to Per Share Data (Rp)
increase its production capacity. Now capacity production has risen Earnings per Share 982 524 750
from 2,500 sticks to 12,000 sticks per minute. In 1994 exports Equity per Share 6,814 6,838 7,338
Dividend per Share 500 250 250
reached 3.3 billion sticks, some 4% of it‘s total sales. In 1994 the
Closing Price 11,650 10,200 8,500
company increased its stake in PT Surya Pamenang, a packaging
manufacturer, from 79% to 100% share. The company with 30% Financial Ratios
shares, PT Inhutani III with 40% shares and Enso Finlandia with PER (x) 11.86 19.47 11.33
30% shares are set to cooperate in timber estate development. On PBV (x) 1.71 1.49 1.16
Dividend Payout (%) 50.91 47.73 33.32
1996, these corporation developed 10,000 ha for industrial forest
Dividend Yield (%) 4.29 2.45 2.94
estate use, with development financing of Rp 260 billion.
Current Ratio (x) 1.73 1.89 1.93
Debt to Equity (x) 0.69 0.65 0.69
Leverage Ratio (x) 0.41 0.39 0.41
Gross Profit Margin (x) 0.21 0.18 0.18
Operating Profit Margin (x) 0.13 0.08 0.09
Net Profit Margin (x) 0.08 0.04 0.05
Inventory Turnover (x) 1.64 1.86 1.71
Total Assets Turnover (x) 1.12 1.21 1.18
Shareholders
ROI (%) 8.54 4.64 6.03
PT Suryaduta Investama 66.80%
ROE (%) 14.41 7.66 10.22
PT Suryamitra Kusuma 5.32%
Rachman Halim 0.94% PER = 3.48x ; PBV = 0.85x (June 2008)
Juni Setiawan Wonowidjono 0.52% Financial Year: December 31
Sumarto Wonowidjojo 0.32% Public Accountant: Siddharta Siddharta & Widjaja
Susilo Wonowidjono 0.28%
Public 25.82%

138 Indonesian Capital Market Directory 2008

PT Gudang Garam Tbk. Tobacco Manufacturers

Board of Commissioners Board of Directors

President Commissioner Rachman Halim President Director Djajusman Surjowijono
Commissioners Juni Setiawati Wonowidjojo, Hadi Soetirto, Vice President Director Susilo Wonowidjojo
Yudiono Muktiwidjojo, Frank Willem van Gelder Directors Edijanto, Buana Susilo, Heru Budiman, Buntoro Turutan,
Fajar Sumeru, Herry Susianto

Number of Employees 37,574

No Type of Listing Listing Date Trading Date Number of Shares Total Listed
per Listing Shares

1 First Issue 27-Aug-90 27-Aug-90 57,807,800 57,807,800

2 Partial Listing 27-Aug-90 27-Feb-91 38,396,600 96,204,400
3 Founders Shares 31-May-94 31-May-94 375,197,600 471,402,000
4 Koperasi 31-May-94 31-May-94 9,620,000 481,022,000
5 Stock Split 03-Jun-96 03-Jun-96 481,022,000 962,044,000
6 Bonus Shares 04-Jun-96 05-Jun-96 962,044,000 1,924,088,000

Underwriters
PT (Persero) Danareksa, PT MERINCORP
Stock Price, Frequency, Trading Days, Number and Value of Shares Traded and Market Capitalization
Stock Price Shares Traded Trading Listed Market
Month High Low Close Volume Value Frequency Day Shares Capitalization
(Rp) (Rp) (Rp) (Thousand Shares) (Rp Million) (Rp Million)
January-07 10,400 9,650 10,350 9,051.00 90,014.00 1,380 22 1,924,088,000.00 19,914,311.00
February-07 12,150 10,000 10,850 13,382.00 148,935.00 2,163 20 1,924,088,000.00 20,876,355.00
March-07 11,150 10,150 10,600 11,880.00 15,488.00 1,623 21 1,924,088,000.00 20,395,333.00
April-07 11,800 10,650 10,850 11,267.00 12,624.00 1,660 20 1,924,088,000.00 20,876,355.00
May-07 12,150 10,750 11,100 9,616.00 110,889.00 1,561 21 1,924,088,000.00 21,357,377.00
June-07 11,700 10,700 11,150 9,452.00 105,574.00 1,307 20 1,924,088,000.00 21,453,581.00
July-07 11,650 10,000 10,000 7,709.00 86,000.00 1,155 22 1,924,088,000.00 19,240,880.00
August-07 10,700 8,600 9,550 20,169.00 193,250.00 2,595 22 1,924,088,000.00 18,375,140.00
September-07 9,850 9,350 9,400 7,832.00 75,261.00 1,235 20 1,924,088,000.00 18,086,427.00
October-07 10,250 9,400 10,000 9,829.00 98,257.00 1,754 20 1,924,088,000.00 19,240,880.00
November-07 10,250 8,400 8,400 21,444.00 204,680.00 1,968 22 1,924,088,000.00 16,162,339.00
December-07 9,400 8,250 8,500 9,810.00 84,712.00 1,845 16 1,924,088,000.00 16,354,748.00
January-08 8,900 7,700 8,150 9,222.00 77,100.00 1,537 20 1,924,088,000.00 15,681,317.00
February-08 8,250 7,700 7,950 24,259.00 193,522.00 1,412 19 1,924,088,000.00 15,296,500.00
March-08 8,000 7,400 7,650 10,764.00 84,527.00 1,198 18 1,924,088,000.00 14,719,273.00
April-08 7,900 7,250 7,600 16,022.00 120,726.00 1,004 22 1,924,088,000.00 14,623,069.00
May-08 8,000 7,350 7,400 19,304.00 145,599.00 1,222 20 1,924,088,000.00 14,238,251.00
June-08 8,000 6,300 6,450 14,817.00 105,909.00 2,500 21 1,924,088,000.00 12,410,368.00

Stock Price and Traded Chart

Stock Price (Rp) Thousand Shares
14,000 4,500
4,000
12,000
3,500
10,000
3,000
8,000 2,500

6,000 2,000
1,500
4,000
1,000
2,000
500
- -
Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun-
07 07 07 07 07 07 07 07 07 07 07 07 08 08 08 08 08 08

Institute for Economic and Financial Research 139