PT Fajar Surya Wisesa Tbk.

Paper and Allied Products

Head Office Jl. Abdul Muis No. 30, Jakarta 10160 Summary of Financial Statement
Phone (021) 344-1316, 385-0126 (Million Rupiah)
Fax (021) 345-7643 2007 2008 2009
Website: http://www.fajarpaper.com Total Assets 3,769,588 3,718,548 3,671,235
Factory Jl. Kampung Gardu Sawah Rt. 001/1-1, Current Assets 1,039,160 1,094,003 1,066,314
Desa Kalijaya of which
Cash and cash equivalents 170,038 168,651 168,826
Cikarang Barat, Bekasi 17520 Trade receivables 462,969 347,907 473,112
Phone (021) 890-0330, 890-0331 Inventories 394,066 486,001 386,487
Fax (021) 890-1126 Non-Current Assets 2,730,428 2,624,545 2,604,921
of which
Business Pulp and Paper Manufacturer Fixed Assets-Net 2,722,123 2,620,338 2,550,453
Company Status PMDN
Liabilities 2,473,504 2,410,689 2,086,647
Financial Performance: Net income soared to IDR276 bil- Current Liabilities
of which
542,162 524,873 462,063

lion in 2009, increase compared last year position at IDR36.5 Bank loans 226,380 248,421 229,636
billion. Trade payables 107,344 87,070 91,654
Taxes payable 54,856 7,570 85,611
Brief History: A manufacturer of industrial packaging pa- Accrued expenses 48,555 76,795 46,163
per, the company was established in 1987 with a production ca- Non-Current Liabilities 1,931,342 1,885,816 1,624,585

pacity of 500,000 tons. Eighty percent of production is destined Shareholders' Equity 1,296,084 1,307,859 1,584,588
Paid-up capital 1,238,944 1,238,944 1,238,944
for the local market. The major component of raw material is Paid-up capital
recycled waste paper, which is mixed with pulp and chemicals. in excess of par value 3,561 3,561 3,561
Retained earnings (accumulated loss) 53,579 65,354 342,083
The factory stands on a 41.5-hectare plot in Cibitung, Bekasi.
Products include: corrugated medium paper, craft liner board, Net Sales
Cost of Goods Sold
2,655,795
2,121,716
3,027,012
2,520,687
2,733,300
2,196,485
coated duplex board, ivory board and art paper. In 2001, Fajar- Gross Profit 534,079 506,325 536,815
Paper completed the construction of an incinerator, new envi- Operating Expenses
Operating Profit
120,362
413,718
117,031
389,295
112,277
424,538
ronmentally friendly technology to burn plastics and solid waste Other Income (Expenses) (235,201) (353,801) (36,988)
as the by product from the production process. The incinerator Profit (Loss) before Taxes 178,517 35,494 387,550
Profit (Loss) after Taxes 121,970 36,554 276,729
was granted by New Energy and Industrial Technology Devel-
Per Share Data (Rp)
opment Organization (“NEDO”) of Japan. In 2006, FajarPaper Earnings (Loss) per Share 49 15 112
introduced a new logomark and brandname in conjunction with Equity per Share 523 528 639
Dividend per Share n.a n.a 23
the operation of new Paper Machine producing sack kraft. This Closing Price 1,780 1,520 1,600
makes diversification of FajarPaper’s production mix. In addi- Financial Ratios
tion, FajarPaper built 35 MW cogeneration powerplant facility PER (x) 36.16 103.04 14.33
to support Paper Machine. PBV (x)
Dividend Payout (%)
3.40
n.a
2.88
n.a
2.50
20.59
Dividend Yield (%) n.a n.a 3.60

Current Ratio (x) 1.92 2.08 2.31

Debt to Equity (x) 1.91 1.84 1.32
Leverage Ratio (x) 0.66 0.65 0.57
Gross Profit Margin (x) 0.20 0.17 0.20
Operating Profit Margin (x) 0.16 0.13 0.16
Net Profit Margin (x) 0.05 0.01 0.10
Inventory Turnover (x) 5.38 5.19 5.68
Total Assets Turnover (x) 0.70 0.81 0.74
ROI (%) 3.24 0.98 7.54
ROE (%) 9.41 2.79 17.46

PER = 15.01x ; PBV = 7.00x (June 2010)

Financial Year: December 31
Public Accountant: Osman Bing Satrio & Co.

(million rupiah)
2010 2009
June June

Total Assets 3,991,522 3,514,907

Current Assets 1,189,469 933,118
Non-Current Assets 2,802,053 2,581,788
Liabilities 2,288,703 2,155,306
Shareholders' Equity 1,702,820 1,359,601
Shareholders Net Sales 1,676,982 1,326,745
PT Intercipta Sempana 52.40% Profit after Taxes 175,223 51,742
PT Intratata Usaha Mandiri 17.50%
PT Garama Dhananjaya 5.80% ROI (%) 4.39 1.47
Public 24.30% ROE (%) 10.29 3.81

206 Indonesian Capital Market Directory 2010

PT Fajar Surya Wisesa Tbk. Paper and Allied Products

Board of Commissioners Board of Directors

President Commissioner Ir. Airlangga Hartarto, MMT., MBA President Director Winarko Sulistyo
Commissioners Lila Noto Pradono, Tony Tjandra Directors Roy Teguh, Hadi Rebowo Ongkowidjojo,
Yustinus Yusuf Kusumah,
Christopher Thomas Pedder

Number of Employees 2,122

No Type of Listing Listing Date Trading Date Number of Shares Total Listed
per Listing Shares
1 First Issue 19-Dec-94 19-Dec-94 47,000,000 47,000,000
2 Company Listing 19-Dec-94 29-Jul-95 175,000,000 222,000,000
3 Convertible Bond 12-Sep-95 12-Sep-95 2,647,029 224,647,029
4 Convertible Bond 03-Nov-95 03-Nov-95 615,588 225,262,617
5 Bonus Shares 20-Sep-99 20-Sep-99 225,262,617 450,525,234
6 Stock Split 20-Sep-99 20-Sep-99 225,262,617 675,787,851
7 Bonus Shares 29-Mar-00 29-Mar-00 1,802,100,936 2,477,888,787

Underwriter
PT H.G. Asia Indonesia
Stock Price, Frequency, Trading Days, Number and Value of Shares Traded and Market Capitalization

Stock Price and Traded Chart

Stock Price (Rp) Million Shares
2,500 1

1
2,000

1
1,500

1,000
0

500
0

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Jan-09 Feb-09Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10Mar-10 Apr-10 May-10 Jun-10

Institute for Economic and Financial Research 207