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IDX LQ45

February 2014

Contents
Forewords
LQ45 Index Constituents for the period of February July 2014

Page

No.

Code

Stock Name

1.

AALI

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

2.

ADHI

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

6
10

3.

ADRO

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

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.

BDMN

Bank Danamon Tbk. (Bank, 81). .......................................................................................................................................................................

38

11.

BKSL

Sentul City Tbk. [S] (Property and Real Estate, 61). ...............................................................................................................................

42

12.

BMRI

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

46

13.

BMTR

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

50

14.

BSDE

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

54

15.

CPIN

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

58

16.

CTRA

Ciputra Development Tbk. [S] (Property and Real Estate,61) ...............................................................................

62

17.

EXCL

XL Axiata Tbk. [S] (Telecommunication,73) ................................................................................................................................................

66

18.

GGRM

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

70

19.

HRUM

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

74

20.

ICBP

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

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

78

21.

INDF

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

82

22.

INTP

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

86

23.

ITMG

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

90

24.

JSMR

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

94

25.

KLBF

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

98

26.

LPKR

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

102

27.

LSIP

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

106

28.

MAIN

Malindo Feedmill Tbk. [S] (Animal Feed,36) ...............................................................................................................................................

110

29.

MLPL

Multipolar Tbk. [S] (Investment Company,98) ............................................................................................................................................

114

30.

MNCN

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

118

31.

PGAS

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

122

32.

PTBA

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

126

33.

PTPP

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

130

34.

PWON

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

134

35.

SMGR

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

138

36.

SMRA

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

142

37.

SSIA

Surya Semesta Internusa Tbk. [S] (Building Construction, 62) ..........................................................................................................

146

38.

TAXI

Express Transindo Utama Tbk. [S] (Transportation, 74) .......................................................................................

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.

VIVA

Visi Media Asia Tbk. [S] (Advertising, Printing and Media, 95) ..............................................................................

170

44.

WIKA

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

172

45.

WSKT

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

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 Price x Number of Shares )

Base Value =

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
DAR =
x 100%
Total Assets

10. Debt to Equity Ratio (DER)


Total Liabilities
x 100%
DER =
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, February 2014

Research and Development Division


Indonesia Stock Exchange

2014 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 February July 2014

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.

PTAstraInternationalTbk.istheparententityoftheCompany,whereasJardineMatheson
HoldingsLtd,incorporatedinBermuda,isitsultimateparententity.

As of December 31st, 2013, the Company and subsidiaries had 29,766 permanent
employees.

January 2014

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 : JANUARY 2014

As of 30 January 2014

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

Individual Index
:
Listed Shares
:
Market Capitalization :

1,662.576
1,574,745,000
33,817,648,875,000

23 | 33.8T | 0.78% | 60.94%


52 | 5.68T | 0.51% | 76.01%

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. Gunawan Geniusahardja
5. Harbrinderjit Singh Dillon *)
6. Patrick Morris Alexander *)
7. Simon Collier Dixon
*) 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. Anugerah Pekerti
2. Purnama Setiawan
3. Siti Nurwahyuningsih
CORPORATE SECRETARY
Rudy
HEAD OFFICE
Jln. Puloayang 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 (January 2014)


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

976,231,238 :
278,599,850 :
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

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

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

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

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

61.99%
17.69%
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

F/I
F
I
F
F
F
F
F
F
I
F
F
I
I
I
F
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.

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

Shares
125,800,000
1,132,200,000
251,600,000
12,005,000
5,494,500
16,161,500
60,000
102,000
7,048,500
19,518,500
1,947,000
2,808,000

T:
T:
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
20-Jan-03
14-Jan-04
15-Jan-04
23-Jan-04
12-Apr-04

:
:
:
:
:
:
:
:
:

RESEARCH AND DEVELOPMENT DIVISION

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

AALI Astra Agro Lestari Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

28,000

16.0

24,500

14.0

21,000

12.0

17,500

10.0

14,000

8.0

10,500

6.0

7,000

4.0

3,500

2.0

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Agriculture Index
January 2010 - January 2014
125%
100%
75%

71.6%

50%
25%
8.5%

-10.0%
-25%
-50%
-75%

Jan 10

Jan 11

SHARES TRADED
Volume (Million Sh.)
Value (Billion Rp)
Frequency (Thou. X)
Days
Price (Rupiah)
High
Low
Close
Close*

Jan 12

Jan 14

2010

2011

2012

2013 Jan-14

408
9,126
151
245

273
6,072
135
247

268
5,693
126
246

388
7,542
167
244

40
876
45
20

27,650
17,050
26,200
26,200

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

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

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

25,800
20,650
21,475
21,475

13.68
1.79
4.06

12.64
33.17
3.31

32.54
20.59
4.26

27.84
20.99
3.64

20.46
PER (X)
0.14
PER Industry (X)
5.72
PBV (X)
* Adjusted price after corporate action

Jan 13

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Astra Agro Lestari Tbk. [S]
January 2010 - January 2014

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

High
25,550
24,900
25,650
25,000
22,500
21,550
21,400
21,700
22,500
26,050
27,100
27,650

Low
22,550
22,800
23,700
22,050
17,050
18,800
18,000
18,900
19,650
20,650
23,650
23,100

Close
23,850
24,200
24,600
22,200
19,850
19,350
19,500
19,650
20,700
24,900
24,150
26,200

(X)
7,916
8,153
8,010
12,172
15,859
12,046
18,411
15,573
11,714
14,561
11,673
14,520

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

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

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

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

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

40,233
25,441
30,884
24,194
29,036
14,836
17,996
21,690
18,119
26,569
13,667
9,946

959,441
564,248
691,672
552,655
686,010
343,715
417,329
471,543
375,898
494,785
300,152
214,498

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

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

25,800 20,650 21,475

44,874

40,059

875,810

20

(Thou. Sh.) (Million Rp)


19,130
466,497
20,719
490,352
22,509
552,241
35,054
828,743
33,661
671,865
28,656
588,440
56,028 1,088,254
43,260
878,640
34,088
724,583
43,748 1,029,862
33,724
848,524
958,400
37,879

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

AALI Astra Agro Lestari Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)
Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Cash & Cash Equivalents

788,549

1,240,781

838,190

227,769

709,090

Receivables

156,724

98,832

16,358

50,068

20,554

Inventories

610,031

624,694

769,903

1,249,050

802,978

Current Assets

1,714,426

2,051,177

1,886,387

1,780,395

1,691,694

Fixed Assets

2,444,959

2,686,910

3,424,194

4,918,673

6,493,712

180,232

285,155

150,998

422,305

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

157,888
7,571,399

Growth (%)

8,791,799 10,204,495 12,419,820 14,963,190

6,000

21.71%

20.48%

3,000
-

938,976

1,061,852

1,440,351

2,600,540

3,759,265

205,807

272,690

337,986

453,869

936,066

1,144,783

1,334,542

1,778,337

3,054,409

4,695,331

16.58%

33.25%

71.76%

53.72%

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

5,355,389

6,340,711

7,268,639

8,158,203

8,087,559

Total Equity

6,226,365

7,211,687

8,426,158

9,365,411 10,267,859

15.82%

16.84%

11.15%

9.64%

Dec-10

Dec-11

Dec-12

Dec-13

Growth (%)

9,000

16.07%

Long Term Liabilities


Total Liabilities

12,000

16.12%

Current Liabilities

Liabilities

15,000

2009

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


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

10,268
9,365

10,268

8,426
7,212

8,173

6,226
6,079

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09
7,424,283

Growth (%)

19.12%

21.81%

7.35%

9.60%

4,322,498

5,234,372

6,837,674

7,206,837

8,593,064

Gross Profit

3,101,785

3,609,349

3,934,908

4,357,482

4,081,935

Operating Profit

1,889

8,843,721 10,772,582 11,564,319 12,674,999

Cost of Revenues
Expenses (Income)

3,984

491,567

610,638

601,976

832,589

1,476,864

2,610,218

2,998,711

3,332,932

14.88%

11.15%

-109,792

-34,671

2,500,426

2,964,040

770,778

860,388

1,729,648

-205

2009

2010

2011

12,675
10,773

Income before Tax


Tax
Profit for the period

Growth (%)

3,332,932

3,524,893

2,605,071

834,367

1,004,627

701,983

2,103,652

2,498,565

2,520,266

1,903,088

21.62%

18.77%

0.87%

-24.49%

11,564

8,844

10,089

Other Income (Expenses)

2013

TOTAL REVENUES (Bill. Rp)


12,675

Growth (%)

2012

7,424
7,504

4,918

2,332

Period Attributable

1,729,648

2,016,780

2,405,564

2,410,259

1,801,397

Comprehensive Income

1,660,649

2,103,652

2,498,565

2,453,654

1,936,250

2,016,780

2,405,564

2,346,203

1,833,891

Comprehensive Attributable

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Current Ratio (%)

182.58

193.17

130.97

68.46

45.00

Dividend (Rp)

905.00

830.00

995.00

685.00

160.00

EPS (Rp)

1,098.37

1,280.70

1,527.59

1,530.57

1,143.93

BV (Rp)

3,953.89

4,579.59

5,350.81

5,947.26

6,520.33

DAR (X)

0.15

0.15

0.17

0.25

0.31

DER(X)

0.18

0.19

0.21

0.33

0.46

ROA (%)

22.84

23.93

24.48

20.29

12.72

ROE (%)

27.78

29.17

29.65

26.91

18.53

GPM (%)

41.78

40.81

36.53

37.68

32.20

OPM (%)

35.16

33.91

30.94

NPM (%)

23.30

23.79

23.19

21.79

15.01

Payout Ratio (%)

82.40

64.81

65.14

44.75

13.99

3.98

3.17

4.59

3.48

0.64

RATIOS

-253

2009

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


2,499

2,520

2,104
1,903
2,006

1,730

1,492

Yield (%)

978

464

-50

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

COMPANY REPORT

ADHI
ADHI KARYA (PERSERO) TBK.

Company Profile

ThenameAdhiKaryamentionedforthefirsttimeintheDecreeoftheMinisterofPublic
WorksandLabordated11thofMarch1960.In1974,basedonActNo.1datedJune1st,
1974junctoAmendmentActNo.2datedDecember3rd,1974bothbyKartiniMuljadi,
S.H.,NotaryinJakarta,PTAdhiKarya(Persero)(theCompany)wasestablished.

TheCompanysscopeofbusinesscomprisesof:
1. Construction,
2. Management consultation and Industrial engineering (Engineering
ProcurementandConstruction/EPC),
3. Property,Hotel,andRealEstate,
4. Investment, General trading, procurement services, manufacturing (Precast),
servicesininformationtechnology,realestateandagroindustry.

CurrentlytheCompanysmainactivitiesareinconstruction,EPC,property,realestate,
InfrastructureInvestmentandprocurementservices

TheCompanyhasownershipinsubsidiaries:PTAdhiPersadaProperti,PTAdhiPersada
RealtiandAdhiMultipower,Pte.,Ltd.

AsofDecember31st,2013,theCompanyhad1,325permanentemployees.

January 2014
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 : JANUARY 2014
Main Board
Industry Sector : Property, Real Estate And Building Construction (6)
Industry Sub Sector : Building Construction (62)

As of 30 January 2014
Individual Index
:
Listed Shares
:
Market Capitalization :

1,186.667
1,801,320,000
3,206,349,600,000

162 | 3.21T | 0.07% | 93.88%

49 | 6.05T | 0.55% | 74.44%

COMPANY HISTORY
Established Date
: 11-Mar-1960
Listing Date
: 18-Mar-2004
Under Writer IPO :
PT Ciptadana Sekuritas
Securities Administration Bureau :
PT Datindo Entrycom
Wisma Sudirman - Puri Datindo
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Imam Santoso Ernawi
2. Achmad Gani Ghazali A.
3. Bobby A.A. Nazief
4. Muchlis R. Luddin *)
5. Murhadi *)
6. Suroyo Alimoeso
*) Independent Commissioners
BOARD OF DIRECTORS
1. Kiswodarmawan
2. Anis Anjayani
3. BEP Adji Satmoko
4. Djoko Prabowo
5. Giri Sudaryono
6. Supardi

SHAREHOLDERS (January 2014)


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

Shares

Dividend
12.30
19.56
12.98
10.61
11.51
28.26
32.35
30.33
23.49
67.61

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
07-Apr-14

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
08-Apr-14

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

51.00%
49.00%

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

F
F
F
F
F
F
F
F
F

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. Murhadi
2. Salim Siagian
3. Syaiful
CORPORATE SECRETARY
M. Aprindy
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
: adhi@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-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
January 2010 - January 2014
910%
780%
650%
520%
390%
334.1%
260%
149.6%

130%

71.6%
-130%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

SHARES TRADED

2010

2011

2012

Volume (Million Sh.)


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

2,794
1,901
112
245

1,468
989
87
247

2,209
2,571
105
246

5,112
11,472
341
244

524
885
35
20

Price (Rupiah)
High
Low
Close
Close*

1,090
370
910
910

930
435
580
580

2,100
570
1,760
1,760

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

1,850
1,425
1,780
1,780

5.72
11.09
1.05

14.84
17.34
2.68

11.35
17.79
2.06

13.38
16.27
2.43

8.65
PER (X)
9.97
PER Industry (X)
1.90
PBV (X)
* Adjusted price after corporate action

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Adhi Karya (Persero) Tbk. [S]
January 2010 - January 2014

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

High
425
405
450
640
590
640
670
690
1,020
1,090
1,000
1,010

Low
390
370
380
435
410
455
560
570
640
950
870
770

Close
405
390
440
590
490
620
650
660
960
1,000
890
910

(X)
4,651
1,403
5,352
15,799
5,174
7,698
9,178
5,671
12,718
7,814
3,533
32,541

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

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

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

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

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

113,072
75,255
98,898
172,522
95,026
53,179
100,864
119,233
60,629
84,676
134,909
359,328

95,505
60,185
80,322
148,957
75,050
40,725
75,362
70,518
33,605
45,079
65,650
198,452

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

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

1,850

1,425

1,780

34,825

523,862

885,065

20

(Thou. Sh.) (Million Rp)


91,954
37,614
34,699
13,313
54,921
128,895
643,765
363,176
149,934
73,525
235,268
134,928
327,722
199,206
131,258
202,433
273,447
326,527
177,657
174,830
49,095
45,811
395,801
429,282

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

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-09

Dec-10

Dec-11

Dec-12

Dec-13

306,902

242,118

552,203

948,846

1,939,960

Receivables

1,789,279

1,657,387

1,657,080

2,332,098

2,705,085

Inventories

510,174

61,766

68,562

116,552

161,560

Investment

180,132

46,234

197,644

62,804

60,034

Fixed Assets

80,870

186,401

220,861

187,437

271,257

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Other Assets
Total Assets

Assets

6,000

1,951

8,387

18,154

34,248

65,081

4,927,696

6,112,954

7,872,074

9,720,962

-12.47%

24.05%

28.78%

23.49%

2,000
-

192,017

200,920

211,800

Trade Payable

2,849,719

2,214,234

3,132,496

4,276,690

4,767,420

Total Liabilities

4,888,581

4,059,941

5,122,586

6,691,155

8,172,499

-16.95%

26.17%

30.62%

22.14%

Bank Payable

8,000

5,629,454

Growth (%)
-

Growth (%)

Liabilities

10,000

4,000

2009

2010

2011

2012

2013

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

Paid up Capital (Shares)


Par Value
Retained Earnings

528,868

668,355

790,784

943,642

1,307,301

Total Equity

731,200

861,113

990,368

1,180,919

1,548,463

17.77%

15.01%

19.24%

31.12%

1,548
1,548

1,181
1,233

990
861
917

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

7,714,614

5,674,980

6,695,112

7,627,703

9,799,598

-26.44%

17.98%

13.93%

28.47%

Growth (%)
7,059,135

4,964,348

5,960,704

6,671,815

8,606,444

Gross Profit

751,880

769,110

799,042

1,043,220

1,247,711

Operating Expenses

215,061

218,276

385,498

531,378

425,009

Operating Profit

536,819

550,834

413,544

2.61%

-24.92%

Cost of Revenues

731
601

285

-31

2009

2010

2011

2012

2013

TOTAL REVENUES (Bill. Rp)


9,800
9,800

Growth (%)

7,715

7,628

7,800

-205,046

-230,014

-87,164

-88,526

-108,337

Income before Tax

331,773

320,820

326,380

423,315

714,365

Tax

168,850

130,627

143,687

209,998

305,927

Profit for the period

162,924

190,194

182,693

213,318

408,438

16.74%

-3.94%

16.76%

91.47%

Other Income (Expenses)

Growth (%)

6,695
5,675

5,801

3,802

1,803

Period Attributable

162,924

189,484

182,116

211,590

405,977

Comprehensive Income

165,530

181,525

182,727

213,651

409,862

180,815

182,150

211,924

407,401

Comprehensive Attributable

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dividend (Rp)

28.26

32.35

30.33

23.49

67.61

EPS (Rp)

90.45

105.19

101.10

117.46

225.38

BV (Rp)

405.92

478.05

549.80

655.59

859.63

DAR (X)

0.87

0.82

0.84

0.85

0.84

DER(X)

6.69

4.71

5.17

5.67

5.28

ROA (%)

2.89

3.86

2.99

2.71

4.20

ROE (%)

22.28

22.09

18.45

18.06

26.38

GPM (%)

9.75

13.55

11.93

13.68

12.73

OPM (%)

6.96

9.71

6.18

NPM (%)

2.11

3.35

2.73

2.80

4.17

31.24

30.75

30.00

20.00

30.00

6.89

3.55

5.23

1.33

4.48

RATIOS

-196

2009

2010

2011

Yield (%)

2013

PROFIT FOR THE PERIOD (Bill. Rp)


408
408

325

213

242

Payout Ratio (%)

2012

190

183

2010

2011

163
158

75

-8

2009

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

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.

AsatDecember31st,2013theGrouphad8,986permanentemployees(unaudited).

January 2014
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 : JANUARY 2014

As of 30 January 2014

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

Individual Index
:
Listed Shares
:
Market Capitalization :

86.364
31,985,962,000
30,386,663,900,000

27 | 30.4T | 0.70% | 63.84%

24 | 11.4T | 1.03% | 56.93%

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. Sandiaga S. Uno

SHAREHOLDERS (January 2014)


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

14,045,425,500 :
1,986,032,654 :
15,954,503,846 :

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

Dividend
11.80
12.00
17.00
9.85
20.50
21.35
53.66
12.13
10.65
12.36
USD 0.00125

Shares

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

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

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

43.91%
6.21%
49.88%

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

F
I
F
I
F
I
F
I
I
F
I

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
Devindra Ratzarwin
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
: corsec@ptadaro.com
devindra.ratzarwin@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-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Mining Index
January 2010 - January 2014
125%
100%
75%

71.6%

50%
25%
-25%
-40.2%
-45.7%

-50%
-75%

Jan 10

Jan 11

SHARES TRADED
Volume (Million Sh.)
Value (Billion Rp)
Frequency (Thou. X)
Days
Price (Rupiah)
High
Low
Close
Close*

Jan 12

Jan 14

2010

2011

2012

22,915
46,627
523
245

16,314
35,887
500
247

11,350
18,253
392
246

13,864
15,019
469
244

1,718
1,651
67
20

2,650
1,700
2,550
2,550

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

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

1,770
640
1,090
1,090

1,110
870
950
950

11.16
16.17
2.56

13.78
8.49
1.76

12.26
19.30
0.96

10.68
13.24
0.83

36.95
PER (X)
17.69
PER Industry (X)
4.39
PBV (X)
* Adjusted price after corporate action

12

Jan 13

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Adaro Energy Tbk. [S]
January 2010 - January 2014

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

High
2,075
1,960
1,980
2,250
2,175
2,100
2,100
2,150
2,150
2,300
2,500
2,650

Low
1,730
1,760
1,820
1,970
1,700
1,820
1,940
1,880
1,760
2,000
2,100
2,250

Close
1,890
1,830
1,960
2,200
2,000
1,990
2,000
1,900
2,025
2,100
2,325
2,550

(X)
61,583
62,241
53,408
47,066
62,496
46,897
22,120
33,954
63,258
27,439
23,353
19,294

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

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

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

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

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

1,713,532
1,202,450
1,404,886
1,105,133
1,735,498
834,507
1,032,290
1,384,272
1,819,818
1,830,149
1,180,537
1,070,469

4,350,610
2,872,429
3,245,738
2,502,053
4,063,096
2,009,815
2,644,882
3,166,937
3,335,150
3,396,335
2,322,064
1,977,409

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

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

1,110

870

950

67,166

1,717,526

1,651,052

20

(Thou. Sh.) (Million Rp)


2,799,639 5,331,665
2,100,343 3,875,968
2,193,373 4,134,081
2,289,030 4,885,796
2,256,118 4,396,708
1,804,252 3,538,083
1,301,338 2,636,195
1,342,163 2,723,121
2,156,620 4,227,054
1,524,272 3,226,243
1,733,585 4,064,785
1,414,180 3,587,072

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

ADRO Adaro Energy Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)
Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

11,274,623

5,459,971

5,067,851

4,838,559

8,354,692

Receivables

2,903,619

2,504,335

4,396,801

4,692,058

3,822,657

Inventories

250,450

288,732

475,345

623,589

1,260,706

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

70,000

15,836,859 10,200,290 11,765,957 13,672,171 16,820,685


7,415,677
51,607

8,810,252 12,988,087 17,106,385 20,930,154


72,947

125,873

96,226

248,811

42,465,408 40,600,921 51,315,458 64,714,116 82,623,566

Growth (%)
Current Liabilities

Liabilities

87,500

7,996,026

35,000

-4.39%

26.39%

26.11%

27.67%

17,500

5,793,531

7,065,795

8,695,486

9,493,041

Long Term Liabilities

16,957,448 16,176,838 22,103,586 27,056,457 33,927,838

Total Liabilities

24,953,474 21,970,369 29,169,380 35,751,943 43,420,880

Growth (%)

52,500

-11.95%

32.77%

22.57%

21.45%

2009

2010

2011

2012

2013

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

4,028,127

5,376,617

Paid up Capital (Shares)


Par Value
Retained Earnings

39,203
39,203

28,962

31,205

8,542,056 10,314,612 14,940,038

22,146
23,208

Total Equity

17,444,891 18,576,441 22,146,078 28,962,172 39,202,687

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09

6.49%

19.22%

30.78%

35.36%

Dec-10

Dec-11

Dec-12

Dec-13

17,445

18,576

2009

2010

15,211

7,213

26,938,020 24,689,333 36,157,789 35,996,469 40,308,692

-8.35%

Growth (%)

46.45%

-0.45%

11.98%

Cost of Revenues

15,900,123 16,957,291 23,205,121 25,914,314 31,238,880

Gross Profit

11,037,897

Expenses (Income)

1,109,450

Operating Profit

9,928,447

7,732,042 12,952,668 10,082,155


957,764

-784

9,069,812

1,313,246

1,994,321

2,514,135

6,774,278 11,639,422

8,087,833

6,555,677

71.82%

-30.51%

-18.94%

-1,350,066

-1,724,360

-2,547,745

-1,186,122

-1,411,062

8,578,381

5,049,918

9,091,677

6,901,711

5,144,615

2012

2013

TOTAL REVENUES (Bill. Rp)


40,309
40,309

-31.77%

Growth (%)

2011

36,158

35,996

2011

2012

32,086

Other Income (Expenses)


Income before Tax
Tax

4,119,101

2,668,668

4,085,207

3,195,132

2,331,558

Profit for the period

4,415,811

2,216,273

5,006,470

3,706,579

2,813,057

-49.81%

125.90%

-25.96%

-24.11%

Growth (%)

26,938

24,689

23,863

15,640

7,417

Period Attributable

4,415,811

2,219,020

4,990,610

3,726,305

2,837,204

Comprehensive Income

4,367,252

2,220,879

5,073,546

3,691,474

2,765,793

2,223,240

5,057,940

3,711,201

2,774,247

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

198.06

176.06

166.52

157.23

177.19

29.00

30.35

75.01

35.14

Comprehensive Attributable

RATIOS
Current Ratio (%)
Dividend (Rp)
EPS (Rp)

138.05

69.37

156.03

116.50

88.70

BV (Rp)

545.39

580.77

692.37

905.47

1,225.62

DAR (X)

0.59

0.54

0.57

0.55

0.53

DER(X)

1.43

1.18

1.32

1.23

1.11

-806

2009

2010

2013

PROFIT FOR THE PERIOD (Bill. Rp)


5,006
5,006

4,416
3,707

3,985

2,813
2,964

ROA (%)

10.40

5.46

9.76

5.73

3.40

ROE (%)

25.31

11.93

22.61

12.80

7.18

GPM (%)

40.98

31.32

35.82

28.01

22.50

OPM (%)

36.86

27.44

32.19

22.47

16.26

NPM (%)

16.39

8.98

13.85

10.30

6.98

Payout Ratio (%)

21.01

43.75

48.08

30.17

1.68

1.19

4.24

2.21

Yield (%)

2,216
1,943

921

-100

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

13

COMPANY REPORT

AKRA
AKR CORPORINDO TBK.
Company Profile

PTAKRCorporindoTbk.wasestablishedinSurabayaonNovember28th,1977andstarted
its commercial operations in June 1978. The Company is currently engaged in the
distribution of petroleum products to industrial customers, distribution and trading of
chemicalproducts(suchascausticsoda,sodiumsulphate,PVCresinandsodaash)usedby
variousindustriesinIndonesiainaccordancewithdistributorshipagreementswithforeign
and local manufacturers, rental of warehouses, transportation vehicles, tanks, and other
logisticservices.

As of 2013, through evaluation and selection process, the Company is appointed by BPH
Migas as one of the companies entitled to supply and distribute subsidized petroleum.
Initially, the Company has been allocated 267,892 KL of subsidized petroleum for
distribution in 2013. As of early June 2013, the allocation quota for the year 2013 for
distributionofMogasgasolineRON88anddieselhasbeenincreasedto880,850KL.The
areaofdistributionisnowexpandedtoincludecitiesintheprovinceofNorthSumatera,
Lampung, DKI Jakarta, Yogyakarta, South Kalimantan, West Kalimantan, East Kalimantan,
Banten,WestJava,CentralJava,EastJava,Bali,andSouthSulawesi.

TheCompanyisdomiciledatWismaAKR,8thFloor,JIn.PanjangNo.5,KebonJeruk,Jakarta.
Its major branch office is located at JI. Sumatra No. 5153, Surabaya. Other sales offices
also the tank terminals are located in Medan, Palembang, Lampung, Ciwandan (Banten),
Bandung, Semarang, Pontianak, Balikpapan, Banjarmasin, Stagen (South Kalimantan),
Makassar, Manado, and Bali. The Company also has a representative office in Guigang,
China.

The Company has ownership in subdidiaries: PT Usaha Era Pratama Nusantara, PT


Andahanesa Abadi, PT Arjuna Utama Kimia, PT Anugrah Karya Raya and subsidiaries, PT
JakartaTankTerminal,Khalista(Liuzhou)ChemicallndustriesLtd.,AKR(Guigang)PortCo.
Ltd.,AKR(Guangxi)CoalTradingCo.Ltd.,Guangxi(Guigang)AKRContainerPortCo.Ltd.,
AKR(Guigang)TransshipmentPortCo.Ltd.,PTAKRSeaTransport,PTAKRNiagaIndonesia,
PT AKR Transportasi Indonesia, PT Bumi Karunia Pertiwi, PT Sarana Tambang Utama, PT
RizkiTambangSelaras,PTMineralTambangWahana,andPTBarutaAbadi.

TheCompanyanditsSubsidiarieshadtotalpermanentemployeesof2,482asofDecember
31th,2013.

January 2014
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 : JANUARY 2014

As of 30 January 2014

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

Individual Index
:
Listed Shares
:
Market Capitalization :

3,506.786
3,880,727,500
17,075,201,000,000

44 | 17.1T | 0.39% | 73.09%


23 | 11.6T | 1.05% | 55.89%

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. Sabirin Saiman
*) 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
AUDIT COMMITTEE
1. I Nyoman Mastra
2. Ngurah Gede
3. Subarto Zaini
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 (January 2014)


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

2,296,640,320 :
1,584,087,180 :

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

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

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

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

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

59.18%
40.82%

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

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

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.

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

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

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

:
:
:
:
:
:
:
:

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

15

AKRA AKR Corporindo Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

6,000

480

5,250

420

4,500

360

3,750

300

3,000

240

2,250

180

1,500

120

750

60

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Trade, Sevices and Investment Index
January 2010 - January 2014
420%
360%
300%

280.4%

240%
180%

180.6%

120%
71.6%

60%
-60%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

2010

2011

2012

Volume (Million Sh.)


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

4,860
5,941
165
245

4,083
9,005
265
247

3,297
12,604
275
246

2,637
12,158
251
244

152
681
32
20

Price (Rupiah)
High
Low
Close
Close*

1,820
880
1,730
1,730

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

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

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

4,820
4,175
4,400
4,400

22.62
16.89
3.23

21.15
19.08
3.80

24.25
15.43
3.16

24.39
17.12
3.18

SHARES TRADED

21.10
PER (X)
21.27
PER Industry (X)
2.75
PBV (X)
* Adjusted price after corporate action

16

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


AKR Corporindo Tbk. [S]
January 2010 - January 2014

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

High
1,330
1,200
1,040
1,050
1,040
1,150
1,200
1,400
1,540
1,590
1,720
1,820

Low
1,120
980
900
880
910
950
990
1,190
1,220
1,320
1,450
1,460

Close
1,180
1,020
930
1,030
970
1,060
1,190
1,230
1,510
1,510
1,460
1,730

(X)
12,300
9,796
11,390
18,201
9,782
9,030
10,576
10,505
15,621
21,910
18,191
17,921

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

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

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

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

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

383,691
227,243
343,580
394,286
352,872
258,481
378,575
463,554
339,598
282,903
317,985
339,968

600,618
339,089
527,701
615,401
589,727
495,557
948,766
1,302,769
863,164
759,571
950,762
1,011,851

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

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

4,820

4,175

4,400

32,248

151,840

680,984

20

(Thou. Sh.) (Million Rp)


378,735
467,942
730,443
772,002
404,402
401,185
472,646
461,177
303,828
297,455
305,999
321,697
344,118
370,729
297,345
388,187
365,415
507,625
540,611
790,741
396,989
629,461
532,404
319,477

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

AKRA AKR Corporindo Tbk. [S]


Financial Data and Ratios

Book End : December

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

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

273,694

691,848

1,329,789

1,884,943

820,065

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

1,411,368

1,685,658

2,189,012

3,224,397

4,351,773

Inventories

709,518

1,424,614

1,250,135

1,415,169

1,823,246

Current Assets

2,694,116

4,028,178

5,239,361

7,414,601

7,723,315

Fixed Assets

2,859,238

3,037,893

2,437,215

3,177,350

4,226,692

40,371

24,372

20,218

Other Assets
Total Assets

41,770

54,569

6,059,070

7,665,590

Growth (%)

8,308,244 11,787,525 14,633,141

9,000
6,000

8.38%

41.88%

24.14%

3,000
-

2,810,284

3,844,218

3,860,012

5,142,386

6,593,292

Long Term Liabilities

1,021,968

962,539

873,528

2,435,399

2,676,688

Total Liabilities

3,832,253

4,806,757

4,733,540

7,577,785

9,269,980

25.43%

-1.52%

60.09%

22.33%

Growth (%)

12,000

26.51%

Current Liabilities

Liabilities

15,000

2009

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


Authorized Capital

750,000

750,000

750,000

750,000

750,000

Paid up Capital

313,829

379,294

382,199

385,144

388,073

3,138

3,793

3,822

3,851

3,881

100

100

100

100

100

Retained Earnings

1,106,861

1,213,492

2,222,920

2,931,851

3,289,047

Total Equity

1,741,060

2,386,407

3,574,704

4,209,740

5,363,161

37.07%

49.79%

17.76%

27.40%

Dec-10

Dec-11

Dec-12

Dec-13

Paid up Capital (Shares)


Par Value

5,363
4,210
4,269

3,575
3,175

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09

1,741

987

8,959,842 12,194,997 18,805,950 21,673,954 22,337,928

36.11%

Growth (%)
Cost of Revenues

2,386
2,081

54.21%

15.25%

3.06%

-107

2009

2010

2011

2012

2013

8,006,211 11,235,313 17,787,552 20,412,678 20,970,288

Gross Profit

953,631

959,684

1,018,398

1,261,276

1,367,641

Expenses (Income)

413,663

498,761

302,869

430,920

600,059

Operating Profit

539,968

460,923

715,529

830,356

767,582

-14.64%

55.24%

16.05%

-7.56%

TOTAL REVENUES (Bill. Rp)


21,674

22,338

2012

2013

22,338

Growth (%)

18,806
17,781

Other Income (Expenses)

-71,713

-40,832

24,443

-20,673

-37,581

Income before Tax

468,256

420,091

739,972

809,682

733,053

Tax

128,359

80,999

145,838

190,849

117,426

Profit for the period

339,896

339,092

2,284,080

618,833

615,627

-0.24%

573.59%

-72.91%

-0.52%

Growth (%)

12,195

13,224

8,960
8,667

4,110

Period Attributable

339,896

310,916

2,293,427

649,314

648,250

Comprehensive Income

274,719

311,166

2,331,631

755,870

980,588

290,721

2,339,138

775,371

969,250

Comprehensive Attributable

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Current Ratio (%)

95.87

104.79

135.73

144.19

117.14

Dividend (Rp)

25.00

167.00

225.00

105.00

50.00

RATIOS

EPS (Rp)

108.31

81.97

600.06

168.59

167.04

BV (Rp)

554.78

629.17

935.30

1,093.03

1,382.00

DAR (X)

0.63

0.63

0.57

0.64

0.63

DER(X)

2.20

2.01

1.32

1.80

1.73

-447

2009

2010

2011

PROFIT FOR THE PERIOD (Bill. Rp)


2,284
2,284

1,818

1,352

ROA (%)

5.61

4.42

27.49

5.25

4.21

ROE (%)

19.52

14.21

63.90

14.70

11.48

GPM (%)

10.64

7.87

5.42

5.82

6.12

OPM (%)

6.03

3.78

3.80

3.83

3.44

NPM (%)

3.79

2.78

12.15

2.86

2.76

23.08

203.73

37.50

62.28

29.93

2.14

9.65

7.44

2.53

1.14

Payout Ratio (%)


Yield (%)

886

340

339

2009

2010

619

616

2012

2013

420

-46

2011

RESEARCH AND DEVELOPMENT DIVISION

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.

TheCompanysslargestshareholderisJardineCycle&CarriageLtdisasubsidiaryofJardine
MahesonHoldingsLtd,acompanyincorporatedinBermuda.

As at 31 December 2013, the Company and its subsidiaries had 132,570 employees
(unaudited).

January 2014
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 : JANUARY 2014

As of 30 January 2014

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

4,594.635
Individual Index
:
Listed Shares
40,483,553,140
:
Market Capitalization : 260,106,828,924,500

2 | 260.1T | 5.99% | 12.76%


1 | 63.6T | 5.77% | 5.77%

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. Erry Firmansyah *)
7. Hisayuki Inoue *)
8. Jonathan Chang
9. Mark Spencer Greenberg
10. Soemadi Djoko Moerdjono Brotodiningrat *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Prijono Sugiarto
2. Djoko Pranoto
3. Gunawan Geniusahardja
4. Johannes Loman
5. Johny Darmawan Danusasmita
6. Simon Collier Dixon
7. Sudirman Maman Rusdi
8. Widya Wiryawan
AUDIT COMMITTEE
1. Soemadi Djoko Moerdjono Brotodiningrat
2. Chiew Sin Cheok
3. Harry Wiguna
4. Inget Sembiring
CORPORATE SECRETARY
Gita Tiffany Boer
HEAD OFFICE
Gedung AMDI
Jln. Gaya Motor Raya No. 8 Sunter
Jakarta
Phone : (021) 653-10418
Fax
: (021) 653-04957
Homepage
Email

SHAREHOLDERS (January 2014)


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

20,276,860,040 :
20,206,693,100 :

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

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

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

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

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

50.09%
49.91%

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

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

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-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Miscellaneous Industry Index
January 2010 - January 2014
140%
120%
100%
87.9%
82.0%

80%

71.6%
60%
40%
20%
-20%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

2010

2011

2012

Volume (Million Sh.)


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

1,266
58,503
383
245

1,245
74,318
532
247

6,209
73,719
610
246

9,508
66,334
669
244

784
5,339
86
20

Price (Rupiah)
High
Low
Close
Close*

60,750
32,750
54,550
5,455

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

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

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

7,400
6,250
6,425
6,425

14.03
12.24
3.95

13.70
18.33
3.43

15.33
18.64
2.79

14.49
14.45
2.64

SHARES TRADED

15.37
PER (X)
16.08
PER Industry (X)
4.48
PBV (X)
* Adjusted price after corporate action

20

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Astra International Tbk. [S]
January 2010 - January 2014

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

High
36,500
37,050
44,050
48,150
47,150
50,250
52,800
51,150
60,750
60,200
58,400
54,900

Low
33,200
32,750
35,900
41,900
36,050
41,950
45,900
46,250
47,700
55,500
51,750
48,800

Close
35,950
36,250
41,900
47,150
43,150
48,300
50,700
47,600
56,700
57,000
51,900
54,550

(X)
22,946
18,048
21,483
28,903
47,944
31,878
26,514
43,255
30,503
34,859
38,884
37,913

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

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

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

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

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

188,808
146,051
99,865
91,805
79,319
74,147
84,447
133,636
121,029
100,835
67,618
57,371

9,245,116
7,289,652
5,492,743
5,134,338
4,668,750
4,395,238
5,852,767
9,085,095
7,758,524
6,582,050
4,676,338
4,137,042

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

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

7,400

6,250

6,425

86,235

784,137

5,339,224

20

(Thou. Sh.) (Million Rp)


85,776 3,000,682
96,912 3,389,851
114,202 4,525,172
106,447 4,732,781
155,094 6,330,370
99,163 4,509,862
88,613 4,334,658
117,841 5,657,856
88,766 4,847,381
84,089 4,815,487
101,694 5,647,237
127,743 6,712,077

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

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-09

Dec-10

Dec-11

Dec-12

Dec-13

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents


Receivables
Inventories

Assets

8,732,000

7,005,000 13,111,000 11,055,000 18,557,000

25,491,000 23,919,000 37,405,000 38,608,000 51,645,000


7,282,000 10,842,000 11,990,000 15,285,000 14,433,000

Current Assets

36,595,000 46,843,000 65,978,000 75,799,000 88,352,000

Fixed Assets

21,941,000 24,363,000 28,604,000 34,326,000 37,862,000

Other Assets
Total Assets

Liabilities

225,000

739,000

612,000

1,043,000

1,824,000

2,490,000

88,938,000 112,857,000 153,521,000 182,274,000 213,994,000

26.89%

90,000
45,000

Current Liabilities

26,735,000 37,124,000 48,371,000 54,178,000 71,139,000

Long Term Liabilities

13,271,000 17,044,000 29,312,000 38,282,000 36,667,000

Total Liabilities

40,006,000 54,168,000 77,683,000 92,460,000 107,806,000

Growth (%)

18.73%

135,000

17.40%

Growth (%)

36.03%

180,000

35.40%

43.41%

19.02%

16.60%

2009

2010

2011

2012

2013

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

Paid up Capital (Shares)


Par Value

4,048

4,048

4,048

40,484

40,484

500

500

500

50

50

Retained Earnings

35,586,000 44,731,000 55,628,000 66,289,000 77,076,000

Total Equity

39,894,000 49,310,000 75,838,000 89,814,000 106,188,000

106,188
106,188

89,814
75,838

84,526

62,863

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09

23.60%

53.80%

18.43%

18.23%

Dec-10

Dec-11

Dec-12

Dec-13

49,310
39,894
41,201

19,539

98,526,000 129,991,000 162,564,000 188,053,000 193,880,000

31.94%

Growth (%)

25.06%

15.68%

3.10%

Cost of Revenues

75,755,000 103,117,000 130,530,000 151,853,000 158,569,000

Gross Profit

22,771,000 26,874,000 32,034,000 36,200,000 35,311,000

Expenses (Income)

10,015,000 12,149,000 14,202,000

8,302,000

7,788,000

Operating Profit

12,756,000 14,725,000 17,832,000

15.44%

Growth (%)

-2,124

2009

2010

2011

2012

2013

TOTAL REVENUES (Bill. Rp)

21.10%

188,053

193,880

2012

2013

162,564
154,328

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

1,079,000

1,410,000

7,940,000

3,958,000

4,027,000

4,695,000

5,156,000

Growth (%)

23.95%

7.90%

114,777

98,526

5,226,000

12,444,000 17,004,000 21,077,000 22,742,000 22,297,000

36.64%

129,991

16,402,000 21,031,000 25,772,000 27,898,000 27,523,000

75,225

-1.96%
35,674

Period Attributable

12,444,000 14,366,000 17,785,000 19,421,000 19,417,000

Comprehensive Income

10,040,000 17,255,000 21,348,000 22,460,000 23,708,000

Comprehensive Attributable

2009

2010

2011

- 14,641,000 18,058,000 19,053,000 20,137,000

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Current Ratio (%)

136.88

126.18

136.40

139.91

124.20

Dividend (Rp)

830.00

470.00

1,980.00

216.00

64.00

RATIOS

-3,878

EPS (Rp)

3,073.84

3,548.60

4,393.14

479.73

479.63

BV (Rp)

9,854.37

12,180.25

18,733.04

2,218.53

2,622.99

DAR (X)

0.45

0.48

0.51

0.51

0.50

DER(X)

1.00

1.10

1.02

1.03

1.02

ROA (%)

13.99

15.07

13.73

12.48

10.42

ROE (%)

31.19

34.48

27.79

25.32

21.00

GPM (%)

23.11

20.67

19.71

19.25

18.21

OPM (%)

12.95

11.33

10.97

NPM (%)

12.63

13.08

12.97

12.09

11.50

Payout Ratio (%)

27.00

13.24

45.07

45.03

13.34

2.39

0.86

2.68

2.84

0.94

PROFIT FOR THE PERIOD (Bill. Rp)


22,742

22,297

2012

2013

21,077
17,004

18,103

12,444
13,463

Yield (%)

8,824

4,185

-455

2009

2010

2011

RESEARCH AND DEVELOPMENT DIVISION

21

COMPANY REPORT

ASRI
ALAM SUTERA REALTY TBK.

Company Profile

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

The Companys activities are developing and manage housing. The Company and its
subsidiariesdomiciledatWismaArgoManunggal,Jln.Jend.GatotSubrotoKav.22,Jakarta.
The Company owns land for development located at Serpong, Kabupaten Tangerang,
ProvinceofBantenandCianjur,ProvinceofWestJavaandstillonpurchasesoflandstage
forAlamSuteraResidentialprojectandownsseveralsubsidiaries.

ThemainrealestateprojectacquiredbytheCompanyandSubsidiariesrecentlyareAlam
SuteraResidentialprojectandSvarnaPadiprojectatPasarKemis,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, and PT
TangerangMatraRealEstate.

TheCompanyandsubsidiarieshad1,261employeesasofDecember31th,2013.

January 2014

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 : JANUARY 2014
Main Board
Industry Sector : Property, Real Estate And Building Construction (6)
Industry Sub Sector : Property And Real Estate (61)

As of 30 January 2014
Individual Index
:
Listed Shares
:
Market Capitalization :

485.714
19,649,411,888
10,021,200,062,880

76 | 10.0T | 0.23% | 82.63%

17 | 17.1T | 1.55% | 48.48%

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. Marzuki Usman
2. Angeline Sutedja
3. Kristianto Sudiono
4. Pingki Elka Pangestu *)
5. Prasasto Sudyatmiko *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Harjanto Tirtohadiguno
2. Andrew Charles Walker
3. Joseph Sanusi Tjong
4. Lilia Setiprawarti Sukotjo
5. Soelaeman Soemawinata
AUDIT COMMITTEE
1. Prasasto Sudyatmiko
2. Agus R. Panjaitan
3. Satino
CORPORATE SECRETARY
Hendra Kurniawan
HEAD OFFICE
Wisma Argo Manunggal 18th Fl.
Jln. Jend. Gatot Subroto Kav. 22
Jakarta - 12930
Phone : (021) 531-40628, 252-3838
Fax
: (021) 252-5050
Homepage
Email

SHAREHOLDERS (January 2014)


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

5,225,856,000
2,982,450,000
1,971,650,000
9,469,455,888

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2008
2009
2010
2011
2012

Shares

Dividend
0.69
1.05
4.03
6.13
14.60

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

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

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

:
:
:
:

26.60%
15.18%
10.03%
48.19%

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

F/I

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

7,200

1,050

6,300

900

5,400

750

4,500

600

3,600

450

2,700

300

1,800

150

900

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
January 2010 - January 2014
980%
840%
700%
560%
420%

385.7%

280%
149.6%

140%

71.6%
-140%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

SHARES TRADED

2010

2011

2012

Volume (Million Sh.)


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

40,925
7,809
261
245

20,150
7,571
244
247

29,410
15,370
297
246

31,672
24,781
511
244

2,182
1,084
54
20

320
103
295
295

500
225
460
460

650
410
600
600

1,160
425
430
430

550
424
510
510

13.63
11.09
2.95

9.69
17.34
2.49

7.30
17.79
1.59

8.66
16.27
1.88

Price (Rupiah)
High
Low
Close
Close*

RESEARCH AND DEVELOPMENT DIVISION

Freq.

Volume

Value

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

High
118
141
171
225
225
195
220
210
210
290
320
310

Low
103
108
132
164
132
162
178
177
180
200
265
275

Close
109
136
164
215
170
183
205
178
205
265
280
295

(X)
10,132
23,405
18,621
36,473
34,855
17,755
16,716
18,700
25,103
27,171
19,783
12,442

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

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

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

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

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

1,651,106
590,906
937,975
1,006,591
1,311,172
1,143,722
2,374,352
2,168,218
2,016,360
3,459,789
2,106,554
1,383,018

445,752
142,983
249,543
287,673
398,549
370,811
899,084
894,522
811,334
1,508,461
934,363
628,154

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

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

550

424

510

53,655

2,182,118

1,083,703

20

Jan-14

18.14
PER (X)
9.97
PER Industry (X)
2.39
PBV (X)
* Adjusted price after corporate action

24

2013 Jan-14

Closing Price

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Alam Sutera Realty Tbk. [S]
January 2010 - January 2014

(Thou. Sh.) (Million Rp)


1,684,788
184,241
4,589,029
592,735
497,356
3,365,306
5,312,287 1,058,509
9,896,529 1,842,298
2,199,381
391,028
2,882,832
575,462
336,021
1,740,934
455,386
2,333,177
906,899
3,606,905
2,309,919
673,270
295,880
1,004,337

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

ASRI Alam Sutera Realty Tbk. [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-09

Dec-10

Dec-11

Dec-12

Dec-13

430,593

732,357

844,906

1,641,316

890,181

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

25,512

14,693

21,596

29,721

84,690

Inventories

1,841,950

2,186,131

2,395,213

1,661,094

937,153

Investment

28,827

57,476

312,000

50,900

148,063

341,514

708,121

801,678

806,319

11,619

61,186

Fixed Assets
Other Assets
Total Assets

72,449

322,433

3,559,965

4,587,986

28.88%

Growth (%)
Bank Payable
Trade Payable
Total Liabilities

6,007,548 10,946,417 14,428,083

30.94%

82.21%

9,000
6,000
3,000
-

554,227

795,658

45,000

26,212

35,519

35,257

165,089

1,624,837

2,371,566

3,220,676

6,214,543

9,096,298

45.96%

35.80%

92.96%

46.37%

Growth (%)

12,000

31.81%

19,063

Liabilities

15,000

2009

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


Authorized Capital

2,400,000

24,000

2,400,000

2,400,000

2,400,000

Paid up Capital

1,786,310

1,786,310

1,786,310

1,964,941

1,964,941

17,863

17,863

17,863

19,649

19,649

100

100

100

100

100

Paid up Capital (Shares)


Par Value
Retained Earnings

167,392

448,273

977,938

2,050,204

2,640,107

1,927,423

2,208,305

2,786,872

4,731,875

5,331,785

14.57%

26.20%

69.79%

12.68%

5,332
5,332

4,732

4,244

2,787

3,156

Total Equity

Growth (%)
INCOME STATEMENTS

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Total Revenues

403,627

765,213

1,381,046

2,446,414

3,684,240

89.58%

80.48%

77.14%

50.60%

Growth (%)
Cost of Revenues

241,599

349,046

566,656

979,517

1,846,814

Gross Profit

162,029

416,167

814,391

1,466,897

1,837,425

51,388

73,088

120,770

212,884

304,204

110,641

343,079

693,620

1,254,013

1,533,221

210.08%

102.18%

80.79%

22.27%

7,170

-12,897

-22,477

90,182

-451,445

117,811

330,182

671,143

1,344,195

1,081,776

Operating Expenses
Operating Profit

1,927

2,208

2,069

981

-107

2009

2010

2011

2012

2013

TOTAL REVENUES (Bill. Rp)


3,684
3,684

Growth (%)

2,933

Other Income (Expenses)


Income before Tax
Tax

23,634

39,287

68,407

128,103

192,199

Profit for the period

94,177

290,895

602,737

1,216,092

889,577

208.88%

107.20%

101.76%

-26.85%

Growth (%)

2,446
2,181

1,381
1,429

765
678

Period Attributable

94,177

290,484

601,654

1,192,716

876,785

Comprehensive Income

94,021

290,895

602,737

1,216,092

889,577

290,484

601,654

1,192,716

876,785

Comprehensive Attributable

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dividend (Rp)

1.05

4.03

6.13

14.60

EPS (Rp)

5.27

16.26

33.68

60.70

44.62

BV (Rp)

107.90

123.62

156.01

240.82

271.35

DAR (X)

0.46

0.52

0.54

0.57

0.63

DER(X)

0.84

1.07

1.16

1.31

1.71

ROA (%)

2.65

6.34

10.03

11.11

6.17

ROE (%)

4.89

13.17

21.63

25.70

16.68

GPM (%)

40.14

54.39

58.97

59.96

49.87

OPM (%)

27.41

44.83

50.22

51.26

41.62

NPM (%)

23.33

38.01

43.64

49.71

24.15

Payout Ratio (%)

19.92

24.78

18.20

24.05

1.00

1.37

1.33

2.43

RATIOS

404

-74

2009

2010

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


1,216
1,216

890

968

603

720

Yield (%)

2011

472

291
224

94

-24

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

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.
Asof31December2013,BCAhad953domesticsbranchesand2overseasrepresentatives
locatedinSingaporeandHongKong.
BCAhasdirectandindirectownershipinsubsidiaries:BCAFinance,BCAFinanceLimited,
PTBankBCASyariah,PTBCASekuritas(formerlyPTDinamikaUsahaJaya)andPTCentral
SejahteraInsurance.
AsofDecember31st,2013,BCAhad21,281permanentemployees.

January 2014
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 : JANUARY 2014

As of 30 January 2014

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

5,671.429
Individual Index
:
Listed Shares
24,408,459,120
:
Market Capitalization : 242,253,956,766,000

3 | 242.3T | 5.58% | 18.34%


9 | 27.7T | 2.51% | 34.10%

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. Renaldo Hector Barros
9. Subur Tan
10. Suwignyo Budiman
AUDIT COMMITTEE
1. Sigit Pramono
2. Ilham Ikhsan
3. Inawaty Suwardi
CORPORATE SECRETARY
Inge Setiawati

SHAREHOLDERS (January 2014)


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

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

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

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

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

45.13%
54.87%

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

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

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

HEAD OFFICE
Menara BCA 20th Fl. Grand Indonesia
Jln. M.H. Thamrin No. 1
Jakarta - 10310
Phone : (021) 571-1250
Fax
: (021) 570-1865
Homepage
Email

F/I

: www.klikbca.com
: inge_setiawati@bca.co.id

RESEARCH AND DEVELOPMENT DIVISION

27

BBCA Bank Central Asia Tbk.


Closing
Price*

Volume
(Mill. Sh)

12,000

560

10,500

490

9,000

420

7,500

350

6,000

280

4,500

210

3,000

140

1,500

70

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Finance Index
January 2010 - January 2014
140%
120%
100%

96.5%
87.8%

80%

71.6%
60%
40%
20%
-20%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

SHARES TRADED

2010

2011

2012

Volume (Million Sh.)


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

4,284
25,325
207
245

3,674
26,586
299
247

3,778
29,765
241
246

3,958
39,776
370
244

367
3,603
57
20

7,200
4,425
6,400
6,400

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

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

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

10,350
9,250
9,925
9,925

18.31
6.61
4.69

18.86
6.58
4.32

17.13
17.01
3.87

17.71
18.74
4.00

Price (Rupiah)
High
Low
Close
Close*

18.61
PER (X)
16.00
PER Industry (X)
4.63
PBV (X)
* Adjusted price after corporate action

28

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Bank Central Asia Tbk.
January 2010 - January 2014

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

High
5,150
5,100
5,850
6,200
5,600
6,000
6,300
6,150
6,900
7,100
7,200
6,750

Low
4,725
4,425
4,800
5,400
4,825
5,250
5,500
5,650
5,850
6,550
6,050
6,150

Close
5,000
4,875
5,500
5,450
5,550
5,950
5,950
5,800
6,700
7,000
6,050
6,400

(X)
13,903
14,815
12,983
14,597
26,162
14,774
12,580
13,290
13,878
17,064
23,971
29,198

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

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

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

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

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

515,715
309,683
301,403
217,742
205,970
216,573
235,954
465,218
339,968
311,498
360,677
193,852

3,024,334
1,855,713
2,028,622
1,561,623
1,481,677
1,572,104
1,889,559
3,714,097
2,651,632
2,412,690
2,850,162
1,543,490

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

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

10,350

9,925

57,353

367,092

3,602,939

20

9,250

(Thou. Sh.) (Million Rp)


203,974 1,004,908
258,457 1,222,503
370,441 1,962,251
594,084 3,341,963
473,921 2,472,420
250,339 1,413,108
203,533 1,205,702
194,802 1,156,077
234,257 1,497,921
266,959 1,829,882
298,407 2,031,688
935,024 6,186,651

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

BBCA Bank Central Asia Tbk.


Financial Data and Ratios

Book End : December

Public Accountant : Siddharta & Widjaja (Member of KPMG International)


BALANCE SHEET

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash on Hand
Placements with Other Banks
Marketable Securities
Loans

Assets

8,865,151

9,639,057 10,355,620 11,054,208 16,284,142

5,259,335 61,326,849 43,010,506 28,802,130 12,254,043


69,562,763 21,159,270 22,166,868 47,310,371 89,463,509
119,595,661 150,016,746 198,440,354 252,760,457 306,679,132
1,952

38,501

171,728

Fixed Assets

2,971,269

3,406,957

4,144,659

6,406,625

7,440,017

Other Assets

3,325,651

3,682,901

4,185,031

6,265,653

6,564,382

Investment

Total Assets

Taxes Payable
Fund Borrowings
Other Liabilities
Total Liabilities

182,544

282,392,294 324,419,069 381,908,353 442,994,197 496,304,573

14.88%

Growth (%)
Deposits

104,246

17.72%

15.99%

12.03%

400,000
300,000
200,000
100,000
-

247,628,653 277,530,635 326,894,554 372,837,307 413,036,948


269,334

493,337

432,101

216,614

Liabilities

500,000

2009

2010

2011

2012

730,333

448,721

449,188

128,018

500,952

2,375,459

2,812,014

3,483,582

5,620,847

5,768,437

TOTAL EQUITY (Bill. Rp)

254,535,601 290,311,225 339,881,013 390,067,244 432,337,895

Growth (%)

2013

276,017

14.06%

17.07%

14.77%

10.84%

63,967
63,967

51,898

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

Paid up Capital (Shares)


Par Value

24,655

24,655

24,655

24,655

24,655

63

63

63

63

63

Retained Earnings

22,587,283 28,528,020 36,581,874 45,534,178 56,928,028

Total Equity

27,856,693 34,107,844 42,027,340 51,897,942 63,966,678

22.44%

Growth (%)

23.22%

23.49%

50,917

42,027
34,108

37,868

27,857
24,819

11,770

23.25%
-1,279

INCOME STATEMENTS
Total Interest Income

Dec-09

Dec-10

Dec-11

Dec-12

-9.90%

18.91%

17.58%

18.67%

Interest Expenses

8,031,428

7,723,774

7,730,157

7,647,167

7,852,009

Other Operating Revenue

4,348,342

7,359,500

7,213,378

6,375,833

470,940

Other Operating Expenses

8,471,235

9,571,893 10,913,969 12,859,718 14,631,462

Income from Operations

8,518,883 10,400,190 13,296,775 14,255,568 17,078,667

Growth (%)
426,209

22.08%

27.85%

7.21%

19.80%

253,079

321,983

430,478

736,939

Income Before Tax

8,945,092 10,653,269 13,618,758 14,686,046 17,815,606

Provision for Income Tax

2,137,850

2,173,996

Profit for the period

6,807,242

8,479,273 10,817,798 11,718,460 14,256,239

24.56%

Growth (%)

2,800,960

27.58%

2,967,586

8.33%

3,559,367

2011

2012

2013

TOTAL INTEREST INCOME (Bill. Rp)


34,277
34,277

28,885
27,285

22,931

24,567
20,661

20,292

13,300

6,307

-686

21.66%

2009

2010

2011

2012

2013

8,479,273 10,819,309 11,721,717 14,253,831

Period Attributable

6,807,242

Comprehensive Income

6,807,242

8,789,687 10,770,209 11,898,523 13,004,312

8,789,687 10,771,720 11,901,780 13,001,904

Comprehensive Attributable

2010

22,931,153 20,660,602 24,566,852 28,885,290 34,277,149

Growth (%)

Non-Operating Revenues

2009

Dec-13

PROFIT FOR THE PERIOD (Bill. Rp)


14,256
14,256

RATIOS
Dividend (Rp)

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

110.00

112.50

157.00

114.50

45.00

276.10

343.92

438.83

475.43

578.13

BV (Rp)

1,129.86

1,383.40

1,704.62

2,104.97

2,594.47

DAR (X)

0.90

0.89

0.89

0.88

0.87

DER(X)

9.14

8.51

8.09

7.52

6.76

EPS (Rp)

ROA (%)

2.41

2.61

2.83

2.65

2.87

ROE (%)

24.44

24.86

25.74

22.58

22.29

OPM (%)

37.15

50.34

54.12

49.35

49.83

NPM (%)

29.69

41.04

44.03

40.57

41.59

Payout Ratio (%)

39.84

32.71

35.78

24.08

7.78

2.27

1.76

1.96

1.26

0.47

Yield (%)

10,818

11,718

11,348

8,479
8,440

6,807

5,531

2,623

-285

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

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.
BNIsscopeofactivityistoBNIsscopeofactivityistoengageingeneralbankingservices.
As of December 31st, 2013, BNI had 168 domestic branches, 912 domestic subbranches,
and592otheroutlet.Inaddition,BNIsnetworkalsoincluded4overseasbrancheslocated
inSingapore,HongKong,TokyoandLondonand1agencyinNewYork.
BNI has direct ownership in the following subsidiaries: PT BNI Life Insurance, PT BNI
Multifinance, PT BNI Securities, BNI Remittance Ltd. and PT Bank BNI Syariah. All of the
subsidiaries of BNI are domiciled in Jakarta, except for BNI Remittance Ltd. which is
domiciledinHongKong.
As of December 31st, 2013, BNI had 22,477 permanent employees and 3,623 non
permanentemployees.

January 2014
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 : JANUARY 2014

As of 30 January 2014

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

Individual Index
:
Listed Shares
:
Market Capitalization :

20.970
18,462,169,893
80,495,060,733,480

12 | 80.5T | 1.85% | 48.16%


10 | 25.4T | 2.31% | 36.41%

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
Wisma Sudirman - Puri Datindo
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Peter Benyamin Stock *)
2. A. Pandu Djajanto
3. Achil Ridwan Djayadiningrat *)
4. B.S. Kusmuljono *)
5. Daniel Theodore Sparringa
6. Fero Poerbonegoro *)
7. Kiagus Ahmad Badaruddin
8. Tirta Hidayat
*) Independent Commissioners
BOARD OF DIRECTORS
1. Gatot Mudhiantoro Suwondo
2. Adi Setianto
3. Ahdi Jumhari Luddin
4. Darmadi Sutanto
5. Felia Salim
6. Honggo Widjoyo Kangmasto
7. Krishna R. Suparto
8. Sutanto
9. Sutirta Budiman
10. Suwoko Singoastro
11. Yap Tjay Soen

SHAREHOLDERS (January 2014)


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

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

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

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

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

60.00%
40.00%

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

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

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

AUDIT COMMITTEE
1. Achil Ridwan Djayadiningrat
2. Bambang Hendrajatin
3. Darminto
CORPORATE SECRETARY
Tribuana Tunggadewi
HEAD OFFICE
Gedung BNI 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)

5,600

3,200

4,900

2,800

4,200

2,400

3,500

2,000

2,800

1,600

2,100

1,200

1,400

800

700

400

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Finance Index
January 2010 - January 2014
210%
180%
150%
129.4%

120%
90%

87.8%
71.6%

60%
30%
-30%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

SHARES TRADED

2010

2011

2012

Volume (Million Sh.)


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

10,016
31,248
184
244

7,868
29,825
290
247

7,063
26,382
250
246

7,390
32,587
384
244

479
1,966
56
20

5,100
1,730
3,875
3,875

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

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

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

4,420
3,660
4,360
4,360

11.83
6.61
1.87

9.58
6.58
1.59

8.45
17.01
1.61

9.33
18.74
1.78

Price (Rupiah)
High
Low
Close
Close*

17.62
PER (X)
16.00
PER Industry (X)
2.18
PBV (X)
* Adjusted price after corporate action

32

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Bank Negara Indonesia (Persero) Tbk.
January 2010 - January 2014

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

High
2,025
1,960
2,350
2,600
2,575
2,525
3,100
3,475
4,000
4,150
4,100
5,100

Low
1,890
1,730
1,850
2,225
2,200
2,300
2,275
2,875
3,350
3,625
3,625
3,600

Close
1,930
1,910
2,275
2,600
2,500
2,350
3,025
3,475
3,675
3,900
4,050
3,875

(X)
10,453
12,968
16,181
10,596
11,196
7,563
13,283
13,428
20,103
18,266
14,479
35,752

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

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

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

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

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

1,025,789
458,732
678,079
550,731
514,867
472,644
700,897
792,573
652,860
851,192
593,385
576,138

3,525,260
1,557,467
2,531,016
2,197,504
2,001,771
1,783,047
2,850,203
3,298,381
2,428,834
3,126,593
2,292,416
2,232,935

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

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

4,420

3,660

4,360

55,797

479,251

1,966,311

20

(Thou. Sh.) (Million Rp)


230,206
453,565
536,732
288,634
777,770 1,631,702
657,589 1,574,987
549,945 1,317,421
331,047
798,275
549,744 1,513,592
1,183,682 3,617,166
597,806 2,183,192
347,336 1,342,999
465,575 1,784,933
4,036,939 14,493,792

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

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-09

Dec-10

Dec-11

4,903,316

5,480,703

6,197,731

Dec-12

Dec-13

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash on Hand

Assets

7,969,378 10,089,927

Placements with Other Banks

29,622,162 38,385,316 49,328,028 32,616,662 23,472,702

Marketable Securities

19,197,927 13,181,480

Loans
Investment

7,627,768

9,800,970 11,965,698

310,000

113,922,685 129,399,567 163,533,423 193,834,670 243,757,807


51,267

24,398

24,335

24,026

39,507

Fixed Assets

3,707,940

3,838,079

4,052,708

4,591,588

5,513,569

Other Assets

2,898,406

4,162,883

4,655,153

3,312,032

3,156,891

Total Assets

Liabilities

387,500

227,496,967 248,580,529 299,058,161 333,303,506 386,654,815

9.27%

Growth (%)

20.31%

11.45%

232,500
155,000
77,500

16.01%
-

Deposits

94,036

182,128

Fund Borrowings

5,569,805

Other Liabilities

5,133,675

Taxes Payable

Total Liabilities

2009

192,288,136 197,700,436 238,314,269 260,906,084 295,075,178


145,021

171,716

5,623,480

8,725,796

8,749,762

6,403,952

6,750,931

4,158,421

5,707,851

2010

2011

2012

TOTAL EQUITY (Bill. Rp)

208,322,445 215,431,004 261,215,137 289,778,215 338,971,310

3.41%

Growth (%)

21.25%

10.93%

2013

323,957

47,684

16.98%

43,525
37,843

Authorized Capital
Paid up Capital

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


7,789,288

9,054,807

9,054,807

9,054,807

9,054,807

15,274

18,649

18,649

18,649

18,649

33,120

37,956

28,229

Paid up Capital (Shares)


Par Value
Retained Earnings
Total Equity

19,144

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
18,501

4,662,449

9,990,436 14,422,051 20,070,536 27,011,835

19,143,582 33,119,626 37,843,024 43,525,291 47,683,505

73.01%

Growth (%)

14.26%

15.02%

8,774

9.55%
-954

INCOME STATEMENTS
Total Interest Income

Dec-09

Dec-10

Dec-11

Dec-12

2009

Dec-13

2010

2011

2012

2013

19,446,766 18,837,397 20,691,796 22,704,515 26,450,708

-3.13%

9.84%

9.73%

16.50%

Interest Expenses

8,313,998

7,116,680

7,495,982

7,245,524

7,392,427

Other Operating Revenue

4,295,385

7,061,053

7,601,475

8,445,813

9,440,904

Other Operating Expenses

7,991,230

9,643,357 11,134,002 12,739,104 14,572,688

Income from Operations

3,386,114

5,509,018

7,242,583

62.69%

31.47%

Growth (%)

TOTAL INTEREST INCOME (Bill. Rp)


26,451
26,451

Growth (%)
Non-Operating Revenues
Income Before Tax

22,705
21,055

20,692

19,447

18,837

2009

2010

8,641,023 11,218,803

19.31%

29.83%

258,539

59,362

57,835

-23,558

218,725

3,443,949

5,485,460

7,461,308

8,899,562 11,278,165

957,230

1,382,262

1,653,090

1,851,200

2,220,224

2,486,719

4,103,198

5,808,218

7,048,362

9,057,941

65.00%

41.55%

21.35%

28.51%

15,659

10,263

4,867

Provision for Income Tax


Profit for the period

Growth (%)
Period Attributable

2,486,719

4,101,706

5,825,904

7,046,145

9,054,345

Comprehensive Income

2,483,995

4,673,461

5,991,144

7,202,604

6,243,854

4,673,494

6,007,817

7,200,391

6,240,258

Comprehensive Attributable

-529

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


9,058
9,058

RATIOS
Dividend (Rp)

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

56.92

65.98

62.48

113.35

145.71

162.81

219.95

312.40

377.84

485.52

BV (Rp)

1,253.35

1,775.98

2,029.26

2,333.96

2,556.94

DAR (X)

0.92

0.87

0.87

0.87

0.88

DER(X)

10.88

6.50

6.90

6.66

7.11

EPS (Rp)

7,048
7,210

5,808
5,362

ROA (%)

1.09

1.65

1.94

2.11

2.34

ROE (%)

12.99

12.39

15.35

16.19

19.00

OPM (%)

17.41

29.25

35.00

38.06

42.41

NPM (%)

12.79

21.78

28.07

31.04

34.24

Payout Ratio (%)

34.96

30.00

20.00

30.00

30.01

2.87

1.70

1.64

3.06

3.69

Yield (%)

4,103
3,514

2,487

1,667

-181

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

33

COMPANY REPORT

BBRI
BANK RAKYAT INDONESIA (PERSERO) TBK.

Company Profile
PT Bank Rakyat Indonesia (Persero) Tbk. as the oldest commercial bank in Indonesia,
establishedon16December1895inPurwokerto,CentralJava.BRIwentpublicin2003and
consistently maintains it commitment towards the Micro, Small, and Medium Business
segment(MSMEs)upuntilnow.TheGovernmentofTheRepublicIndonesiaisthemajority
shareholder of BRI with 56.75% share, while the general public shareholders hold the
remaining43.25%ofshare.

ThevisionoftheBankisbeingtheleadingcommercialbankthatalwaysprioritizecustomer
satisfaction. To accomplish the Companys vision, BRI has set itself with three missions.
First,toconductthebestbankingpracticewithaprioritygiventoservicestheMicro,Small
andMediumEnterprises(MSMEs)inordertosupporttheeconomyofthepeople.Second,
to provide its customers with excellent services delivered through its vast network and
supported by professional human resources, while adhering to the practices of Good
CorporateGovernance.Third,tocreateoptimalvaluesandbenefitsforitsstakeholders.

Sinceitsinception,BRIhascommitmenttofocusonbankingservicesinmicro,small,and
mediumenterprises(MSMEs).Thiscommitmentisreflectedintheallocationofloansfor
thesectorsthataffectthelivelihoodofthepopulationandotherfinancialservicesthatthe
Bankofferstothecommunity.

AsofDecember31st,2013,BRIhad18regionaloffices,18inspectionoffices,449domestic
branches,1specialbranch,565subbranchoffices,3overseasbranches,950cashoffices,
5,060BRIunits,2,151terraces,and401mobileterraces.TheBankhad81,238employees
(unaudited).

BRIhasownershipinsubsidiaries:PTBankBRISyariah,PTBankRakyatIndonesiaAgroniaga
Tbk.,andBRIRemittanceCo.Ltd.HongKong.

January 2014
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 : JANUARY 2014

As of 30 January 2014

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

1,902.857
Individual Index
:
Listed Shares
:
24,422,470,380
Market Capitalization : 203,317,065,913,500

6 | 203.3T | 4.68% | 33.32%

2 | 58.8T | 5.33% | 11.09%

COMPANY HISTORY
COMPANY HISTORY
Established Date
: 16-Dec-1895
Listing Date
: 10-Nov-2003
Under Writer IPO :
PT Bahana Securuties
Securities Administration Bureau :
PT Datindo Entrycom
Wisma Sudirman - Puri Datindo
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Bunasor Sanim *)
2. Adhyaksa Dault *)
3. Ahmad Fuad *)
4. Aviliani *)
5. Hermanto Siregar
6. Heru Lelono
7. Mustafa Abubakar *)
8. Vincentius Sonny Loho
*) Independent Commissioners
BOARD OF DIRECTORS
1. Sofyan Basir
2. Achmad Baiquni
3. Agus Toni Soetirto
4. Asmawi Syam
5. Djarot Kusumayakti
6. Gatot Mardiwasisto
7. Lenny Sugihat
8. Randi Anto
9. Sarwono Sudarto
10. Sulaiman Arif Arianto
11. Suprajarto
AUDIT COMMITTEE
1. Bunasor Sanim
2. Adhyaksa Dault
3. Ahmad Fuad
4. Dedi Budiman Hakim
5. H.C. Royke Singgih
6. Hermanto Siregar
7. Syahrir Nasution
8. Vincentius Sonny Loho
CORPORATE SECRETARY
Budi Satria

SHAREHOLDERS (January 2014)


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

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

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

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

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

56.75%
43.25%

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

F/I

F
F
F
F
F
F
I
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
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
MSOP Conversion I & II
MSOP Conversion III
MSOP Conversion I
MSOP Conversion II
MSOP Conversion I & II
Delisting of shares Negara RI
Stock Split

Shares
4,764,705,000
6,882,352,950
114,572,000
333,519,000
8,879,000
59,421,500
36,021,500
256,500
11,609,000
2,493,500
199,500
2,227,000
532,500
49,500
95,500
-5,698,760
12,211,235,190

T:
T:
T:
T:
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
27-Mar-08
05-Aug-08
28-Aug-08
02-Sep-08
11-Nov-08
07-Jan-11
11-Jan-11

:
:
:
:
:
:
:
:
:
:
:
:
:

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

HEAD OFFICE
Gedung BRI I, 20th Fl.
Jln. Jend. Sudirman No. 44 - 46
Jakarta - 10210
Phone : (021) 653-10418
Fax
: (021) 653-04957
Homepage
Email

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

RESEARCH AND DEVELOPMENT DIVISION

35

BBRI Bank Rakyat Indonesia (Persero) Tbk.


Closing
Price*

Volume
(Mill. Sh)

10,000

160

8,750

140

7,500

120

6,250

100

5,000

80

3,750

60

2,500

40

1,250

20

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Finance Index
January 2010 - January 2014
175%
150%
125%
113.5%
100%
87.8%
75%

71.6%

50%
25%
-25%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

SHARES TRADED

2010

2011

2012

Volume (Million Sh.)


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

4,920
44,926
278
245

10,695
65,512
625
247

9,285
62,701
514
246

9,932
78,393
730
244

935
7,534
87
20

Price (Rupiah)
High
Low
Close
Close*

12,800
6,950
10,500
5,250

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

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

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

8,850
7,000
8,325
8,325

10.89
6.61
3.34

9.18
6.58
2.64

8.69
17.01
2.43

9.97
18.74
2.78

11.29
PER (X)
16.00
PER Industry (X)
3.53
PBV (X)
* Adjusted price after corporate action

36

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Bank Rakyat Indonesia (Persero) Tbk.
January 2010 - January 2014

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

High
Low Close
8,300 7,500 7,650
7,700 6,950 7,150
8,450 7,100 8,250
9,050 7,950 8,950
9,100 7,600 8,600
9,750 8,300 9,300
10,150 9,000 9,900
9,850 8,800 9,300
10,800 9,350 10,000
11,900 9,850 11,400
12,800 10,500 10,500
11,700 9,800 10,500

(X)
18,811
20,338
27,637
24,877
21,790
12,801
13,978
26,105
23,114
26,113
25,045
37,298

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

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

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

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

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

1,216,289
826,733
902,204
822,859
872,410
568,618
846,164
1,085,504
1,302,285
1,026,080
743,521
482,459

7,347,324
3,940,203
4,679,484
5,088,510
5,479,711
3,613,773
5,683,819
7,162,598
7,936,656
6,364,672
4,986,130
3,228,750

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

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

8,850

7,000

8,325

87,119

(Thou. Sh.) (Million Rp)


340,767 2,662,527
348,268 2,560,878
615,677 4,736,692
530,633 4,529,233
469,303 3,908,927
321,511 2,873,248
337,411 3,259,346
447,646 4,199,651
371,217 3,697,678
325,997 3,506,412
359,466 4,199,435
451,843 4,792,357

934,659

7,534,215

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

20

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-09

Dec-10

Dec-11

Dec-12

Dec-13

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash on Hand

Assets

8,139,304

9,975,712 10,525,973 13,895,464 19,171,778

Placements with Other Banks

40,495,057 83,272,140 73,596,356 66,242,928 36,306,883

Marketable Securities

24,478,132 22,514,663 33,917,516 41,136,880 42,673,665

Loans

194,242,503 232,972,784 269,454,726 336,081,042 419,144,730


111,461

133,888

164,689

Fixed Assets

1,366,212

1,568,945

1,852,818

2,804,366

3,972,612

Other Assets

5,235,421

4,880,779

5,293,505

5,961,840

7,004,037

Investment

Total Assets

Taxes Payable
Fund Borrowings
Other Liabilities
Total Liabilities

222,851

316,947,029 404,285,602 469,899,284 551,336,790 626,182,926

27.56%

Growth (%)
Deposits

196,742

16.23%

17.33%

13.58%

510,000
382,500
255,000
127,500
-

260,378,168 338,812,712 388,288,508 452,945,001 507,972,602


343,492
13,611,399
7,068,716

1,930,923

1,105,997

895,695

8,454,545 13,097,916 10,888,755

9,084,913
3,242,346

9,758,418

2009

2010

2011

2012

TOTAL EQUITY (Bill. Rp)

289,689,648 367,612,492 420,078,955 486,455,011 546,855,504

26.90%

Growth (%)

14.27%

15.80%

2013

1,266,018

9,766,026

9,520,061

Liabilities

637,500

12.42%

79,327
79,327

64,882

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

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


6,164,926

6,167,291

6,167,291

6,167,291

12,335

24,669

24,669

24,669

500

500

250

250

250

Retained Earnings

17,834,694 27,123,160 40,019,254 55,080,238 70,868,083

Total Equity

27,257,381 36,673,110 49,820,329 64,881,779 79,327,422

34.54%

35.85%

30.23%

49,820

6,167,291

12,330

Growth (%)

63,145

46,962

30,779

36,673
27,257

14,596

22.26%
-1,587

INCOME STATEMENTS
Total Interest Income

Dec-09

Other Operating Revenue


Other Operating Expenses
Income from Operations

Dec-11

Dec-12

26.27%

2010

2011

7.96%

3.00%

19.86%

3,269,594

5,544,533

5,775,975

8,389,732

8,348,459

11,959,515 16,113,692 17,085,627 19,491,032 22,380,778

68.23%

22.10%

28.99%

15.19%

506,229

1,171,650

1,177,034

1,782,489

1,330,569

Income Before Tax

9,891,228 14,908,230 18,755,880 23,859,572 27,910,066

Provision for Income Tax

2,582,936

Profit for the period

7,308,292 11,472,385 15,087,996 18,687,380 21,354,330

3,435,845

56.98%

Growth (%)

3,667,884

31.52%

5,172,192

23.86%

6,555,736

59,461
59,461

7,308,292 11,472,385 15,082,939 18,680,884 21,344,130

Comprehensive Income

7,308,292 11,558,751 15,296,501 18,681,350 19,916,654

44,615

47,331

48,164

49,610

2011

2012

35,334
35,201

23,071

10,941

-1,189

14.27%

Period Attributable

2009

2010

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dividend (Rp)

132.08

115.97

122.28

225.23

257.33

EPS (Rp)

592.73

930.10

611.41

757.26

865.22

2,210.68

2,973.19

2,019.54

2,630.08

3,215.65

DAR (X)

0.91

0.91

0.89

0.88

0.87

DER(X)

10.63

10.02

8.43

7.50

6.89

ROA (%)

2.31

2.84

3.21

3.39

3.41

ROE (%)

26.81

31.28

30.28

28.80

26.92

OPM (%)

24.23

32.28

36.51

45.72

43.94

NPM (%)

20.68

25.71

31.33

37.67

35.91

Payout Ratio (%)

22.28

12.47

20.00

29.74

29.74

1.73

1.10

1.81

3.24

3.55

Yield (%)

2013

PROFIT FOR THE PERIOD (Bill. Rp)

- 11,558,751 15,288,295 18,652,098 19,913,198

21,354
18,687

21,354

BV (Rp)

2013

TOTAL INTEREST INCOME (Bill. Rp)

8,560,659 14,402,001 17,584,230 22,682,538 26,127,577

Non-Operating Revenues

RATIOS

2012

12,284,636 11,726,559 13,737,272 13,126,655 15,354,813

Growth (%)

Comprehensive Attributable

2009

Dec-13

35,334,131 44,615,162 48,164,348 49,610,421 59,461,084

Growth (%)
Interest Expenses

Dec-10

15,088

16,998

11,472

12,642

8,285

7,308

3,929

-427

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

37

COMPANY REPORT

BDMN
BANK DANAMON INDONESIA TBK.
Company Profile
PT Bank Danamon Indonesia Tbk. was established in 1956. The name Bank Danamon,
whichwasderivedfromdanamoneter,meaningmonetaryfund,wasfirstusedin1976in
place of its original name, Bank Kopra. Bank Danamon became among the first foreign
exchange banks in Indonesia, and became a public company listed on the Jakarta Stock
Exchange.

As of 31 December 2013, The Banks operated 79 conventional main branches, 1,458


conventional subbranches and Danamon Simpan Pinjam, and 160 Sharia branches and
subbranches.

Danamon was recently awarded as the Top 10 Public Listed Company with the highest
Good Corporate Governance (GCG) ASEAN Scorecard by Institute for Corporate
Directorship (IICD). Danamon also received Digital Brand of the Year 2012 Award in the
Credit Card Category from Infobank. Internationally, Danamon received Best Corporate
GovernanceinFinanceAsiasAsiasBestCompanies2012poll.

DanamonisthesoleissuerandacquirerofAmericanExpresscardsinIndonesiaunderan
independent operator agreement which allows it to issue American Express cards to
individualandcorporateclients.Danamonisalsotheonlybankwhichprovidesservicesto
local merchants who accept American Express Cards and for signing up new merchant
partnersinIndonesia.DanamonisalsothesolelicenseholderofManchesterUnitedcards
in Indonesia, allowing the Bank to issue Manchester United ATM/Debit cards and credit
cards.

DanamonhasthemajorityowneratPTAdiraDinamikaMultiFinanceTbk(AdiraFinance),
theautomotivefinancingsubsidiaryofDanamon,operatesanextensivebranchnetworkin
Indonesia,PTAsuransiAdiraDinamika(AdiraInsurance),ageneralinsurancecompanyand
PTAdiraQuantumMultifinance(AdiraKredit),adurablegoodsfinancingcompany.

As of December 31st, 2013,the Bank andSubsidiarieshad46,976 permanent employees,


20,753nonpermanentemployees,and756outsourceemployees.

January 2014
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

BDMN Bank Danamon Indonesia Tbk.


COMPANY REPORT : JANUARY 2014

As of 30 January 2014

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

Individual Index
:
Listed Shares
:
Market Capitalization :

2.451
9,488,796,931
41,181,378,680,540

19 | 41.2T | 0.95% | 57.68%

48 | 6.32T | 0.57% | 73.89%

COMPANY HISTORY
Established Date
: 16-Jul-1956
Listing Date
: 06-Dec-1989
Under Writer IPO :
PT Aseam Indonesia
PT IFI
PT Mutual International Finance Corporation
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. Ng Kee Choe
2. Benedictus Raksaka Mahi
3. Ernest Wong Yuen Weng
4. Gan Chee Yen
5. Harry Arief Soepardi Sukadis *)
6. Johanes Berchmans Kristiadi Pudjosukanto *)
7. Manggi Taruna Habir *)
8. Milan Robert Shuster *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Henry Ho Hon Cheong
2. Ali Rukmijah (Ali Yong)
3. Fransiska Oei Lan Siem
4. Herry Hykmanto
5. Kanchan Keshav Nijasure
6. Khoe Minhari Handikusuma
7. Michellina Laksmi Triwardhanny
8. Muliadi Rahardja
9. Pradip Chhadva
10. Satinder Pal Singh Ahluwalia
11. Vera Eve Lim
AUDIT COMMITTEE
1. Milan Robert Shuster
2. Amir Abadi Jusuf
3. Felix Oentoeng Soebagjo
4. Johanes Brachmans Kristiadi Pudjosukanto
CORPORATE SECRETARY
Dini Herdini
HEAD OFFICE
Menara Bank Danamon 5th Fl.
Jln. Prof. DR. Satrio Kav. E4/6
Jakarta - 12950
Phone : (021) 579-91001, 579-91002, 57991003
Fax
: (021) 579-91056, 579-91160, 579-91161
Homepage : www.danamon.co.id
Email
: corpsec@danamon.co.id
dini.herdini@danamon.co.id

SHAREHOLDERS (January 2014)


1. Asia Financial (Indonesia) Pte. Ltd.
2. JPMCB-Franklin Templeton Investment Funds -2157804
3. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1990
1990
1991
1992
1993
1993
1994
1996
1995
1996
2001
2002
2002
2003
2003
2004
2005
2005
2006
2007
2008
2009
2010
2011
2012

Shares

Dividend
50.00
150.00
150.00
150.00
50.00
60.00
100.00
55.00
5.85
19.00
20.97
85.00
39.50
178.73
66.65
203.45
132.87
208.90
90.82
90.97
119.87
104.43
125.58

Cum Date
18-Sep-90
06-Jun-91
27-May-92
01-Jul-93
27-Sep-93
10-Jun-94
05-Jul-95
08-Jan-96
13-May-96
15-May-97
10-Dec-01
16-Dec-02
27-Jun-03
18-Mar-04
05-May-04
08-Dec-04
17-Jun-05
15-Jun-06
14-May-07
16-May-08
18-Jun-09
21-May-10
21-Apr-11
19-Apr-12
30-May-13

6,457,558,472 :
613,019,888 :
2,418,218,571 :

Recording
Date
26-Sep-90
14-Jun-91
06-Jun-92
09-Jul-93
05-Oct-93
20-Jun-94
14-Jul-95
17-Jan-96
23-May-96
27-May-97
19-Dec-01
19-Dec-02
02-Jul-03
24-Mar-04
10-May-04
13-Dec-04
22-Jun-05
20-Jun-06
21-May-07
22-May-08
23-Jun-09
26-May-10
27-Apr-11
24-Apr-12
04-Jun-13

Ex Date
19-Sep-90
07-Jun-91
29-May-92
02-Jul-93
28-Sep-93
11-Jun-94
06-Jul-95
09-Jan-96
14-May-96
16-May-97
11-Dec-01
17-Dec-02
30-Jun-03
19-Mar-04
06-May-04
09-Dec-04
20-Jun-05
16-Jun-06
15-May-07
17-May-08
19-Jun-09
24-May-10
25-Apr-11
20-Apr-12
31-May-13

67.37%
6.40%
26.23%

Payment
Date
26-Oct-90
26-Jul-91
13-Jul-92
09-Aug-93
26-Oct-93
20-Jul-94
14-Aug-95
15-Feb-96
20-Jun-96
25-Jun-97
28-Dec-01
27-Dec-02
09-Jul-03
08-Apr-04
14-May-04
22-Dec-04
30-Jun-05
04-Jul-06
05-Jun-07
05-Jun-08
07-Jul-09
10-Jun-10
10-May-11
08-May-12
19-Jun-13

F/I

I
F
F
F
F
F
F
F
I
I
F
I
F
I
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.

Type of Listing
First Issue
Partial Listing
Bonus Shares
Right Issue
Company Listing
Stock Split
Partial Delisting
Add Listing (Bank PDFCI)
Add Listing (Merger)
Reverse Stocks
Option Conversion
ESOP Conversion I & II
ESOP Conversion II
ESOP Conversion I
ESOP Conversion I, II & III
ESOP Conversion I & III
ESOP Conversion III
ESOP Conversion II & III
ESOP Conversion I ,II & III

Shares
12,000,000
22,400,000 T:
146,400,000 T:
220,255,901,301 T:
155,200,000
1,120,000,000
-7,325,068,100 T:
44,921,250,000
230,663,750,000
-480,682,079,120 T:

34,886,500
46,979,955
4,813,000
25,528,645
24,953,800
10,709,800
12,474,900
27,974,450
10,721,800

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

Listing
Date
06-Dec-89
02-Aug-91
15-Nov-93
19-Jan-94
20-May-96
23-Jun-97
11-Jun-99
04-Jan-00
04-Jul-00
17-Jul-01
07-Jul-05
20-Dec-06
21-Dec-06
11-Jan-07
04-Jul-07
08-Aug-07
09-Aug-07
10-Aug-07
25-May-09

:
:
:

:
:
:
:
:
:
:
:
:
:

RESEARCH AND DEVELOPMENT DIVISION

Trading
Date
06-Dec-89
09-Aug-91
16-Feb-96
28-Sep-11
20-May-96
23-Jun-97
17-Jul-01
04-Jan-00
04-Jul-00
22-Jan-03
14-Dec-06
15-Sep-08
05-Jul-10
30-Jun-09
05-Aug-08
08-Oct-09
05-Jul-11
30-Jun-10
02-Nov-09

39

BDMN Bank Danamon Indonesia Tbk.


Closing
Price*

Volume
(Mill. Sh)

6,800

160

5,950

140

5,100

120

4,250

100

3,400

80

2,550

60

1,700

40

850

20

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Finance Index
January 2010 - January 2014
150%
125%
100%
87.8%
75%

71.6%

50%
25%
-

Freq.

Volume

Value

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

High
5,500
5,250
5,600
5,850
5,850
5,550
5,800
5,500
6,150
7,100
7,100
6,900

Low
4,500
4,275
4,925
5,050
4,600
4,850
5,100
5,050
5,200
5,750
6,050
5,550

Close
4,850
4,975
5,200
5,800
5,150
5,400
5,350
5,350
5,800
6,700
6,500
5,700

(X)
11,971
8,549
9,823
8,012
13,915
10,532
10,029
8,182
9,655
8,444
6,408
15,537

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

6,300
6,700
6,750
6,600
6,300
6,200
6,150
5,650
5,650
5,200
5,100
4,500

5,000
5,800
6,250
6,100
5,800
5,800
5,300
4,650
4,325
3,975
4,275
4,075

5,950
6,400
6,550
6,200
6,200
6,000
5,450
5,200
4,600
4,975
4,400
4,100

26,593
11,329
11,838
15,185
12,109
9,351
15,084
14,471
18,712
16,137
10,146
9,886

426,366
251,224
153,811
228,125
135,057
94,198
209,474
129,948
223,155
130,305
63,837
82,644

2,432,269
1,566,612
989,453
1,433,474
818,527
564,195
1,191,173
680,526
1,085,833
609,407
300,069
371,371

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

4,950
4,875
4,675
6,900
6,050
6,100
6,400
6,150
6,250
6,300
6,250
5,800

4,050
4,150
4,250
5,100
5,050
4,900
5,800
5,900
5,900
5,950
5,400
5,450

4,525
4,475
4,600
5,600
5,300
6,000
6,050
6,000
6,250
6,100
5,400
5,650

14,610
14,160
11,739
15,866
11,053
9,743
9,046
5,951
5,758
5,284
6,851
7,807

149,484
105,397
92,658
335,437
159,441
184,143
153,355
55,552
73,236
75,858
85,402
65,572

682,866
481,623
415,994
2,105,800
908,753
1,061,616
938,026
333,483
444,509
465,425
514,273
361,207

21
21
21
19
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

6,150
6,300
6,550
6,500
6,550
5,900
5,850
4,750
4,225
4,325
4,350
3,950

5,550
5,850
5,950
6,150
5,600
5,350
4,950
3,725
3,825
3,950
3,725
3,550

6,100
6,300
6,450
6,450
5,750
5,850
5,200
4,050
3,975
4,300
3,800
3,775

7,571
7,890
12,926
10,178
16,442
19,510
14,402
16,042
19,112
9,737
14,127
9,151

56,779
62,369
137,157
101,041
172,983
119,021
71,313
127,817
172,943
138,723
85,921
111,517

335,688
376,393
851,929
633,995
1,037,448
667,544
390,928
556,372
711,519
582,844
339,954
446,812

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

Jan-14

4,650

3,590

4,340

25,586

116,578

480,337

20

(Thou. Sh.) (Million Rp)


210,289 1,035,947
748,943
156,246
155,844
813,485
156,137
852,641
192,135
978,883
145,832
759,263
134,178
733,677
124,817
661,449
162,947
921,656
112,560
699,504
93,494
624,814
942,856
155,712

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

-3.4%

-25%
-50%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

SHARES TRADED

2010

2011

2012

2013 Jan-14

Volume (Million Sh.)


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

1,800
9,773
121
245

2,128
12,043
171
247

1,536
8,714
118
245

1,358
6,931
157
244

117
480
26
20

Price (Rupiah)
High
Low
Close
Close*

7,100
4,275
5,700
5,535

6,750
3,975
4,100
4,100

6,900
4,050
5,650
5,650

6,550
3,550
3,775
3,775

4,650
3,590
4,340
4,340

11.65
6.61
1.52

13.27
6.58
1.88

9.03
17.01
1.19

10.38
18.74
1.36

16.64
PER (X)
16.00
PER Industry (X)
2.60
PBV (X)
* Adjusted price after corporate action

40

Closing Price

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Bank Danamon Indonesia Tbk.
January 2010 - January 2014

RESEARCH AND DEVELOPMENT DIVISION

BDMN Bank Danamon Indonesia Tbk.


Financial Data and Ratios

Book End : December

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Cash on Hand

2,117,368

1,985,338

1,895,058

2,456,567

2,943,909

Placements with Other Banks

4,189,435

9,257,137 13,231,882

6,360,607

7,399,600

Marketable Securities

4,431,548

5,323,969

7,306,823

7,727,116

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Loans

Assets

4,819,809

58,367,570 73,268,325 85,462,799 90,828,149 103,468,254


64,419

6,150,515

12,175

Fixed Assets

1,802,274

1,771,489

Other Assets

4,509,726

3,315,859

Investment

Total Assets

1,509,036

1,898,695

2,095,756

2,199,165

3,687,492

3,917,135

98,597,953 118,206,573 141,934,432 155,791,308 184,237,348

19.89%

Growth (%)
Deposits

12,175

20.07%

9.76%

18.26%

183,020

Fund Borrowings

2,393,561

2,481,832

6,917,352 11,020,112 16,068,471

Other Liabilities

2,607,984

3,551,136

4,585,804

Total Liabilities

Paid up Capital
Paid up Capital (Shares)
Par Value
Retained Earnings
Total Equity

112,500
75,000
37,500
-

225,311

303,747
5,633,726

2009

2010

2011

2012

20.44%

16.57%

5.33%

2013

234,131
5,790,232

TOTAL EQUITY (Bill. Rp)

82,695,967 99,597,545 116,097,931 122,282,171 152,684,365

Growth (%)
Authorized Capital

150,000

68,654,042 81,580,282 88,792,218 92,722,287 110,856,360


192,041

Taxes Payable

Liabilities

187,500

24.86%

31,553
28,733

31,553

25,837

10,000,000 10,000,000 10,000,000 10,000,000 10,000,000


5,303,992

5,317,363

5,901,122

5,901,122

5,901,122

8,390

8,417

9,585

9,585

9,585

50,000 & 500 50,000 & 500 50,000 & 500 50,000 & 500 50,000 & 500

7,741,634

18,679

15,806

18,450

12,243

9,873,803 12,334,684 15,231,383 18,069,427

15,805,751 18,449,787 25,836,501 28,733,311 31,552,983

16.73%

Growth (%)

25,116

40.04%

11.21%

5,806

9.81%
-631

INCOME STATEMENTS
Total Interest Income

Dec-09

Dec-10

Dec-11

Dec-12

-18.39%

17.10%

11.70%

6.75%

7,469,309

4,509,295

6,033,390

5,936,173

6,599,794

Other Operating Revenue

901,103

3,583,835

4,213,121

4,648,599

5,155,638

Other Operating Expenses

8,611,794

9,235,221 10,279,972 11,852,315 13,568,854

Income from Operations

2,782,112

4,630,064

5,234,709

6,182,854

5,605,158

66.42%

13.06%

18.11%

-9.34%

Growth (%)
Non-Operating Revenues
Income Before Tax
Provision for Income Tax
Profit for the period

-411,552

-628,533

-623,153

-696,175

-74,945

2,370,560

4,001,531

4,611,556

5,486,679

5,530,213

756,838

1,017,770

1,162,523

1,369,531

1,370,893

1,613,722

2,983,761

3,449,033

4,117,148

4,159,320

84.90%

15.59%

19.37%

1.02%

Growth (%)
Period Attributable

1,613,722

2,883,468

3,336,266

4,011,873

4,041,684

Comprehensive Income

1,532,533

3,384,200

3,373,192

4,081,947

4,076,753

3,284,301

3,260,335

3,978,860

3,961,471

Comprehensive Attributable

2010

2011

2012

2013

17,666,110 14,417,745 16,882,491 18,858,281 20,130,837

Growth (%)
Interest Expenses

2009

Dec-13

TOTAL INTEREST INCOME (Bill. Rp)


20,131

18,858

17,666

20,131

16,882
14,418

16,024

11,917

7,811

3,704

-403

2009

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


4,117

4,159

2012

2013

4,159

RATIOS
Dividend (Rp)

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

90.97

119.87

104.43

125.58

192.33

342.57

348.08

418.57

421.68

BV (Rp)

1,883.79

2,191.93

2,695.61

2,997.85

3,292.04

DAR (X)

0.84

0.84

0.82

0.78

0.83

DER(X)

5.23

5.40

4.49

4.26

4.84

ROA (%)

1.64

2.52

2.43

2.64

2.26

ROE (%)

10.21

16.17

13.35

14.33

13.18

OPM (%)

15.75

32.11

31.01

32.79

27.84

NPM (%)

9.13

20.70

20.43

21.83

20.66

47.30

34.99

30.00

30.00

2.00

2.10

2.55

2.22

EPS (Rp)

Payout Ratio (%)


Yield (%)

3,449
2,984

3,311

2,462

1,614
1,614

765

-83

2009

2010

2011

RESEARCH AND DEVELOPMENT DIVISION

41

COMPANY REPORT

BKSL
SENTUL CITY TBK.

Company Profile
PT Sentul City Tbk. first established with the name of PT Sentragriya Kharisma dated April
16th, 1993. The Company started commercial activities since 1995.
The scope of company activities include the areas of development, sales, operations,
leasing and rehabilitation of buildings designated for office buildings, shopping centers,
recreational and other purposes, the real estate development and make good investments
of foreign companies and domestic, either through subsidiaries or joint ventures with other
parties. To achieve the aims and these objectives, the Company may conduct business
activities as follows:
In the field of development: planning, implementation, construction along with its
facilities and general contractor (general contractor) which includes the construction
of residential areas (real estate), flat, buildings, offices, apartments/condominiums,
shopping (malls and plazas), hospitals, praying facilities, water park, home store
(shop), schools and commercial buildings in general.
- In the field of trade-related real estate and property: sales and purchases house
buildings, office buildings, buildings shopping, indoor units of apartments, office space,
retail space and others.
In the field of services: leasing and property management services, the industrial,
office buildings, theme parks/recreation, park management and security (guard), and
related fields.
As of December 31st, 2013 the Company had 344 permanent employees.

January 2014
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

BKSL Sentul City Tbk. [S]

COMPANY REPORT : JANUARY 2014


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

As of 30 January 2014
Individual Index
:
Listed Shares
:
Market Capitalization :

10.711
31,396,905,010
4,866,520,276,550

127 | 4.87T | 0.11% | 90.70%


36 | 7.92T | 0.72% | 66.44%

COMPANY HISTORY
Established Date
: 16-Apr-1993
Listing Date
: 28-Jul-1997
Under Writer IPO :
PT Trimega SecurindoLestari
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

SHAREHOLDERS (January 2014)


1. PT Citra Kharisma Komunika
2. PT Citra Kharisma Komunika
3. HSBC-Singapore Branch Private
4. Public (<5%)

5,007,879,767
3,747,891,369
2,254,266,127
20,386,867,747

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
-

Shares

Dividend

Cum Date

Ex Date

Recording
Date

:
:
:
:

15.00%
11.00%
7.00%
67.00%

Payment
F/I
Date

ISSUED HISTORY
BOARD OF COMMISSIONERS
1. Antonius Prijohandojo Kristanto
2. Basyir Ahmad Barmawi *)
3. Edison Mawikere *)
4. Laurie Kumala
5. Reina Kumala Kwee
6. Soemarso Slamet Rahardjo *)
7. Sumarsono
*) Independent Commissioners
BOARD OF DIRECTORS
1. Kwee Cahyadi Kumala
2. Andrian Budi Utama
3. Hartan Gunadi Harja
4. Fransetya Hasudungan Hutabarat
5. Kwee Liana Kumala
6. Motinggo Soputan
7. Redjianto Setiadi
8. Syukurman Larosa

No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.

Type of Listing
First Issue
Company Listing
Right Issue
Reverse Split
Right Issue
Additional Listing without RI
Right Issue
Warrant
Warrant
Warrant
Warrant
Warrant
Warrant
Additional Listing without RI

Shares
400,000,000
1,030,000,000
4,004,000,000
-4,075,500,000
8,151,000,000
507,508,598
15,025,512,897
850,105
25,000
142,500
924,801
2,400,886,000
1,097,555,109
2,854,000,000

Listing
Date
28-Jul-97
28-Jul-97
03-Aug-99
01-Aug-06
10-Oct-06
02-Oct-09
01-Feb-10
03-Aug-10
05-Aug-10
06-Aug-10
09-Aug-10
10-Aug-10
11-Aug-10
19-Aug-11

Trading
Date
28-Jul-97
28-Jul-97
03-Aug-99
01-Aug-06
10-Oct-06
02-Oct-09
01-Feb-10
03-Aug-10
05-Aug-10
06-Aug-10
09-Aug-10
10-Aug-10
11-Aug-10
19-Aug-11

AUDIT COMMITTEE
1. Soemarso Slamet Rahardjo
2. Mawar Inviolata Rohana Napitupulu
3. Rusdy Daryono
CORPORATE SECRETARY
Kwee Liana Kumala
HEAD OFFICE
Gedung Menara Sudirman 25th Fl
Jln. Jend. Sudirman Kav. 60
Jakarta - 12190
Phone : (021) 879-26555; 879-23959, 522-6818
Fax
: (021) 879-26565, 879-23951, 522-6818
Homepage
Email

: www.sentulcity.co.id
: corsec@sentulcity.co.id

RESEARCH AND DEVELOPMENT DIVISION

43

BKSL Sentul City Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

340

3,200

298

2,800

255

2,400

213

2,000

170

1,600

128

1,200

85

800

43

400

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
January 2010 - January 2014
315%
270%
225%
180%
149.6%

135%
90%

71.6%
55.5%

45%
-45%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

SHARES TRADED

2010

2011

2012

Volume (Million Sh.)


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

25,339
3,100
208
245

29,733
5,995
194
247

28,856
7,403
212
246

44,569
11,393
299
244

1,604
267
25
20

168
82
109
109

325
95
265
265

330
184
189
189

340
157
157
157

178
149
155
155

60.95
11.09
1.81

26.85
17.34
1.23

4.92
17.79
0.70

4.86
16.27
0.69

Price (Rupiah)
High
Low
Close
Close*

47.51
PER (X)
9.97
PER Industry (X)
0.76
PBV (X)
* Adjusted price after corporate action

44

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Sentul City Tbk. [S]
January 2010 - January 2014

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

High
99
92
116
168
166
144
131
120
128
129
119
117

Low
85
82
87
100
92
118
105
96
101
115
100
105

Close
89
88
100
163
130
131
119
104
116
117
105
109

(X)
9,336
5,410
17,465
42,736
37,582
27,833
16,278
13,570
13,779
12,245
6,029
5,542

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

111
111
107
108
127
125
199
325
320
310
280
275

95
95
97
101
102
109
118
175
215
205
230
235

99
104
101
106
116
119
192
295
250
285
250
265

8,240
6,831
8,270
6,369
13,459
7,865
24,429
30,967
22,266
33,604
15,044
16,613

494,702
426,197
557,005
400,562
1,509,054
2,243,421
4,584,513
7,824,168
2,768,214
4,410,097
1,806,767
2,708,095

51,458
44,507
56,881
41,797
176,192
237,833
678,424
1,552,074
785,815
1,218,368
456,089
695,177

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

285
265
265
325
330
255
245
225
220
210
205
197

240
230
235
250
240
195
210
184
186
189
185
184

245
240
250
315
250
230
220
191
210
193
190
189

17,540
16,490
15,681
38,795
26,168
19,725
13,155
9,592
11,901
13,511
16,818
12,452

1,891,469
1,393,219
2,007,911
6,033,477
7,211,664
2,435,952
1,577,271
961,797
1,333,847
833,154
1,281,531
1,894,857

489,355
339,383
498,442
1,753,194
2,135,336
545,224
358,234
195,590
274,943
164,110
251,376
397,763

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
305
340
315
315
305
255
275
230
230
210
181

189
240
280
250
260
225
220
169
180
191
170
157

255
295
310
285
305
245
250
195
205
215
173
157

24,842
23,002
39,896
39,444
31,057
20,036
12,627
13,921
29,553
20,303
23,564
20,765

4,419,555
3,984,078
6,244,766
7,053,954
4,680,750
2,017,136
1,470,768
5,374,016
4,283,944
1,808,211
1,610,543
1,621,228

1,077,623
1,075,830
1,924,867
1,939,697
1,351,265
533,858
357,053
1,334,643
856,667
358,312
297,182
285,969

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

Jan-14

178

149

155

25,046

1,603,996

267,186

20

(Thou. Sh.) (Million Rp)


608,714
56,485
788,702
74,694
162,313
1,578,655
5,787,726
752,553
4,617,691
646,123
3,625,759
466,040
3,225,077
352,997
90,899
838,271
224,466
1,942,364
164,705
1,335,124
572,466
63,388
45,390
417,970

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

BKSL Sentul City Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Tanubrata Sutanto Fahmi & Rekan (Member of BDO International Limited)
BALANCE SHEET

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

13,804

190,979

88,820

76,911

493,413

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

147,969

170,912

310,059

464,954

669,173

Inventories

1,151,548

1,222,819

1,124,722

1,253,660

5,069,547

Investment

24,595

1,558,284

1,559,624

1,787,841

37,500

Fixed Assets

34,110

28,622

45,363

126,265

1,305,493

35,756

4,814,315

5,290,383

72.93%

9.89%

16.33%

73.31%

2,250
-

Other Assets
Total Assets

2,784,022

Growth (%)

336,714

602,856

1,515,819

Trade Payable

54,375

54,044

56,420

70,062

280,973

Total Liabilities

500,157

690,154

695,847

1,337,823

3,785,871

37.99%

0.82%

92.26%

182.99%

Bank Payable

6,154,231 10,665,713

Growth (%)

Liabilities

11,250
9,000
6,750
4,500

2009

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


Authorized Capital

4,250,000 13,500,000 13,500,000 13,500,000 13,500,000

Paid up Capital

1,981,251

3,833,841

4,119,241

4,119,241

4,119,241

10,017

28,543

31,397

31,397

31,397

Paid up Capital (Shares)


Par Value
Retained Earnings
Total Equity

2,000 & 400 & 100 2,000 & 400 & 100 2,000 & 400 & 100 2,000 & 400 & 100 2,000 & 400 & 100

-126,737

-71,061

64,507

285,630

915,858

2,282,497

4,106,829

4,594,536

4,816,408

6,879,843

79.93%

11.88%

4.83%

42.84%

Growth (%)
INCOME STATEMENTS

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Total Revenues

162,659

443,548

457,833

622,705

961,988

172.69%

3.22%

36.01%

54.49%

Growth (%)
Cost of Revenues

83,616

231,005

221,458

279,001

364,924

Gross Profit

79,042

212,543

236,374

343,704

597,064

Operating Expenses

56,692

75,696

110,506

-109,963

528,245

Operating Profit

22,350

136,847

125,868

233,741

68,819

512.28%

-8.02%

85.70%

-70.56%

-12,844

-33,386

30,986

14,604

571,311

Income before Tax

9,507

103,461

156,854

248,345

640,130

Tax

7,049

20,301

20,404

27,419

35,034

Profit for the period

2,457

83,160

136,450

220,926

605,096

3,284.37%

64.08%

61.91%

173.89%

Growth (%)

6,880
6,880

5,476

4,107

4,595

4,816

2011

2012

4,073

2,669

2,282

1,266

-138

2009

2010

2013

TOTAL REVENUES (Bill. Rp)


962
962

766

Other Income (Expenses)

Growth (%)

623
569

444

458

2010

2011

373

163
177

Period Attributable

2,457

65,489

135,568

221,123

630,229

Comprehensive Income

2,457

83,214

136,512

220,980

605,151

65,544

135,629

221,176

630,284

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

0.25

2.29

4.32

7.04

20.07

BV (Rp)

227.86

143.88

146.34

153.40

219.12

DAR (X)

0.18

0.14

0.13

0.22

0.35

DER(X)

0.22

0.17

0.15

0.28

0.55

ROA (%)

0.09

1.73

2.58

3.59

5.67

Comprehensive Attributable

RATIOS
Dividend (Rp)
EPS (Rp)

ROE (%)

0.11

2.02

2.97

4.59

8.80

GPM (%)

48.59

47.92

51.63

55.20

62.07

OPM (%)

13.74

30.85

27.49

37.54

7.15

1.51

18.75

29.80

35.48

62.90

Payout Ratio (%)

Yield (%)

NPM (%)

-19

2009

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


605
605

482

358

221
235

136
83

111

2.5
-12

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

45

COMPANY REPORT

BMRI
BANK MANDIRI (PERSERO) TBK.

Company Profile
PT Bank Mandiri (Persero) Tbk. was formed on October 2, 1998 as part of the government
of Indonesias bank restructuring program. Bank Mandiri is the largest bank in Indonesia.
To support the achievement of the vision of Bank Mandiri To be Indonesias most admired
and progressive financial institution Bank Mandiri changing the structure of its
organization into Strategic Business Units (SBU). The SBU is consists of three major groups,
namely:
1. Business Units,
2. Corporate Center,
3. Shared Services.
As of December 31st, 2013 the Bank had 12 regional offices, 70 area offices, 992 branch
offices, 687 Mandiri Mitra Usaha offices, 301 cash outlets. PT Bank Mandiri (Persero) Tbk.
has several branch offices in overseas: Cayman Islands, Singapore, Hong Kong, Timor Leste
and Shanghai (RRC).
Bank Mandiri is well supported by its subsidiaries. There are, PT Bank Syariah Mandiri, PT
Usaha Gedung Mandiri, PT Bumi Daya Plaza, Bank Mandiri (Europe) Limited, PT Mandiri
Sekuritas, PT Bank Sinar Harapan Bali, PT Mandiri Tunas Finance, Mandiri International
Remittance Sendirian Berhad, PT AXA Mandiri Financial Services, and PT Mandiri AXA
General Insurance.
As of December 31st, 2013, Bank Mandiri employed 33,982 employees and operated 2,050
branches across Indonesia and 5 overseas branches.

January 2014
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

BMRI Bank Mandiri (Persero) Tbk.


COMPANY REPORT : JANUARY 2014

As of 30 January 2014

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

1,310.768
Individual Index
:
Listed Shares
:
23,099,999,999
Market Capitalization : 200,969,999,991,300

7 | 201.0T | 4.63% | 37.94%

4 | 50.2T | 4.55% | 20.21%

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
Wisma Sudirman - Puri Datindo
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Edwin Gerungan *)
2. Abdul Aziz
3. Agus Suprijanto
4. Gunarni Soeworo *)
5. Krisna Wijaya *)
6. Pradjoto *)
7. Wahyu Hidayat
*) Independent Commissioners

SHAREHOLDERS (January 2014)


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

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

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

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

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

60.00%
40.00%

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

F/I

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

ISSUED HISTORY
BOARD OF DIRECTORS
1. Budi Gunadi Sadikin
2. Abdul Rachman
3. Fransisca Nelwan Mok
4. Hery Gunardi
5. Kresno Sediarsi
6. Ogi Prastomiyono
7. Pahala Nugraha Mansury
8. Riswinandi
9. Royke Tumilaar
10. Sentot A. Sentausa
11. Sunarso
AUDIT COMMITTEE
1. Gunarni Soeworo
2. Agus Suprijanto
3. Budi Sulistio
4. Krisna Wijaya
5. Wahyu Hidayat

No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.

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 & 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
32,126,466
86,224,280
1,376,402
44,125
2,313,505,257

T:
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
17-Dec-08
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
08-May-09
02-Jun-10
02-Mar-11

CORPORATE SECRETARY
Nixon L.P. Napitupulu
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

: www.bankmandiri.co.id
: cma@bankmandiri.co.id

RESEARCH AND DEVELOPMENT DIVISION

47

BMRI Bank Mandiri (Persero) Tbk.


Closing
Price*

Volume
(Mill. Sh)

12,000

2,400

10,500

2,100

9,000

1,800

7,500

1,500

6,000

1,200

4,500

900

3,000

600

1,500

300

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Finance Index
January 2010 - January 2014
140%
120%
100%
87.8%
79.6%
71.6%

80%
60%
40%
20%
-20%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

SHARES TRADED

2010

2011

2012

Volume (Million Sh.)


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

7,071
39,889
298
245

13,518
86,219
598
247

7,902
57,019
411
246

8,627
74,504
638
244

650
5,509
76
20

7,250
4,150
6,500
6,392

8,150
5,100
6,750
6,750

8,900
6,000
8,100
8,100

10,750
6,250
7,850
7,850

9,525
7,600
8,700
8,700

12.62
6.61
2.51

11.63
6.58
2.47

10.73
17.01
2.19

11.89
18.74
2.42

Price (Rupiah)
High
Low
Close
Close*

14.81
PER (X)
16.00
PER Industry (X)
3.29
PBV (X)
* Adjusted price after corporate action

48

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Bank Mandiri (Persero) Tbk.
January 2010 - January 2014

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

High
4,950
4,725
5,650
5,800
5,850
6,100
6,300
6,100
7,250
7,200
7,250
6,900

Low
4,500
4,150
4,400
4,950
4,700
5,100
5,600
5,450
5,800
6,600
6,350
6,100

Close
4,675
4,475
5,350
5,800
5,350
6,000
6,000
5,900
7,200
7,000
6,400
6,500

(X)
22,719
20,417
26,160
28,179
27,917
22,274
23,214
22,731
26,623
27,983
22,119
27,959

(Thou. Sh.) (Million Rp)


491,391 2,332,239
535,563 2,390,152
798,081 3,951,369
1,028,306 5,408,909
770,414 4,037,840
581,387 3,297,928
509,689 3,041,572
441,460 2,596,339
500,635 3,241,511
539,179 3,698,200
374,801 2,610,067
499,676 3,283,238

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

6,900
6,250
6,800
7,250
7,350
7,250
8,150
8,100
7,300
7,300
7,400
7,000

5,350
5,350
5,700
6,550
6,800
6,700
7,150
6,650
5,100
5,500
6,300
6,200

5,950
5,800
6,800
7,150
7,200
7,200
7,850
6,850
6,300
7,150
6,400
6,750

59,751
44,183
53,774
36,842
31,537
32,742
34,821
55,412
75,984
63,194
63,227
46,300

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

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

9,525

8,700

76,373

650,120

5,508,866

20

7,600

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

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-09

Dec-10

Dec-11

Dec-12

Dec-13

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash on Hand
Placements with Other Banks
Marketable Securities
Loans

Assets

8,867,881

9,521,713 11,357,523 15,286,190 19,051,934

41,402,410 28,914,035 51,393,062 48,238,225 45,113,834


18,153,392 27,247,529 12,002,918 10,769,775 26,802,548
38,785 11,366,225

616,821

7,218,361

Fixed Assets

4,963,306

5,527,000

6,589,594

7,002,690

7,645,598

Other Assets

3,812,265

5,384,797

7,249,901

7,339,965

8,908,732

Total Assets

590,000

184,690,704 232,545,259 298,988,258 370,570,356 450,634,798


186,848

Investment

Liabilities

737,500

394,616,604 449,774,551 551,891,704 635,618,708 733,099,762

13.98%

Growth (%)

22.70%

15.17%

442,500
295,000
147,500

15.34%
-

Deposits

1,855,829

1,408,798

Fund Borrowings

3,944,356

5,634,838 11,703,498 11,608,832 15,997,188

Other Liabilities

9,132,586 10,338,954 15,378,187 13,002,765 14,166,214

Taxes Payable

Total Liabilities

2009

330,336,908 369,842,016 397,046,488 456,854,700 521,439,569


761,737

2,662,421

2010

2011

2012

TOTAL EQUITY (Bill. Rp)

359,318,341 407,704,515 489,237,296 559,085,843 644,309,166

13.47%

Growth (%)

20.00%

14.28%

2013

2,126,864

15.24%

Authorized Capital

16,000,000 16,000,000 16,000,000 16,000,000 16,000,000

Paid up Capital

10,485,058 10,498,247 11,666,667 11,666,667 11,666,667

88,791
88,791

76,533
62,654

70,677

52,564

Paid up Capital (Shares)


Par Value

20,970

20,996

23,333

23,333

23,333

500

500

500

500

500

Retained Earnings

17,858,633 24,442,177 33,505,527 46,079,465 59,631,998

Total Equity

35,108,769 41,542,808 62,654,408 76,532,865 88,790,596

18.33%

Growth (%)

50.82%

22.15%

41,543
35,109
34,451

16,337

16.02%
-1,776

INCOME STATEMENTS
Total Interest Income

Dec-09

Dec-11

Dec-12

2009

Dec-13

2010

2011

2012

2013

32,598,964 33,931,650 37,730,019 42,550,442 50,208,842

4.09%

Growth (%)
Interest Expenses

Dec-10

11.19%

12.78%

18.00%

TOTAL INTEREST INCOME (Bill. Rp)


50,209

15,821,849 14,413,041 15,954,037 15,019,850 17,432,216


50,209

Other Operating Revenue

5,484,363

8,432,817 11,768,351 11,897,822 14,686,637

Other Operating Expenses

10,009,867 12,074,973 16,312,021 18,913,028 21,500,987

Income from Operations

10,434,478 13,742,020 16,348,933 19,625,447 23,551,711

Growth (%)
Non-Operating Revenues
Income Before Tax

389,596

31.70%

18.97%

20.04%

20.01%

230,142

163,102

878,821

510,126

42,550
37,730
39,966

32,599

33,932

2009

2010

29,724

19,481

10,824,074 13,972,162 16,512,035 20,504,268 24,061,837


9,238

Provision for Income Tax

3,625,586

4,602,936

Profit for the period

7,198,488

9,369,226 12,695,885 16,043,618 18,829,934

30.16%

Growth (%)

3,816,150

35.51%

4,460,650

26.37%

5,231,903

Period Attributable

7,198,488

9,218,298 12,246,044 15,504,067 18,203,753

Comprehensive Income

7,155,464

9,474,023 12,479,456 16,256,581 17,996,086

9,323,095 12,029,615 15,717,030 17,369,905

Comprehensive Attributable

-1,004

17.37%

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


18,830
18,830

RATIOS
Dividend (Rp)
EPS (Rp)

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

19.26

140.24

104.97

199.33

234.05

343.27

439.04

524.83

664.46

780.16

16,044
14,989

12,696
9,369

11,147

BV (Rp)

1,674.23

1,978.56

2,685.19

3,279.98

3,805.31

DAR (X)

0.91

0.91

0.89

0.88

0.88

DER(X)

10.23

9.81

7.81

7.31

7.26

ROA (%)

1.82

2.08

2.30

2.52

2.57

ROE (%)

20.50

22.55

20.26

20.96

21.21

OPM (%)

32.01

40.50

43.33

46.12

46.91

NPM (%)

22.08

27.61

33.65

37.70

37.50

Payout Ratio (%)

5.61

31.94

20.00

30.00

30.00

Yield (%)

0.41

2.16

1.56

2.46

2.98

7,198
7,306

3,465

-377

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

49

COMPANY REPORT

BMTR
GLOBAL MEDIACOM TBK.

Company Profile
PT Global Mediacom Tbk. was established in Jakarta at June 30th, 1981, and at March 27th,
2007 the name of PT Bimantara Citra Tbk. was changed to PT Global Mediacom Tbk. The
Company started commercial operations in 1982.
In accordance with article 3 of the Companys Articles of Association, the scope of its
activities 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 company of several subsidiaries.
On December 31st, 2013, the Company and its subsidiaries (Group) had total employees
of 9,614.

January 2014
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

BMTR Global Mediacom Tbk. [S]

COMPANY REPORT : JANUARY 2014

As of 30 January 2014

Main Board
Industry Sector : Trade, Services & Investment (9)
Industry Sub Sector : Investment Company (98)

Individual Index
:
Listed Shares
:
Market Capitalization :

1,505.742
14,052,702,050
25,997,498,792,500

32 | 26.0T | 0.60% | 67.09%


20 | 14.0T | 1.26% | 52.52%

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 Rudijanto Tanoesoedibyo
3. Chang Long Jong
4. Kardinal Alamsyah Karim *)
5. Lei Zhang
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. Muhamad Budi Rustanto
6. Oerianto Guyandi
AUDIT COMMITTEE
1. Kardinal Alamsyah Karim
2. Hery Kusnanto
3. Mohamed Idwan Ganie
CORPORATE SECRETARY
Arya Mahendra Sinulingga
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

SHAREHOLDERS (January 2014)


1. DB Ag HK S/A PT Bhakti Investama Tbk. Hy-2059974012
2. PT MNC Investama Tbk.
3. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1995
1996
1997
2000
2001
2002
2003
2005
2006
2007
2008
2009
2010
2012

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

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

3,276,739,030 :
2,774,323,970 :
8,001,639,050 :

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

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

23.32%
19.74%
56.94%

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

F/I
F
F
F
F
F
F
F
S
F
I
F
F
F
F

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

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
Revision ESOP Conversion II, III, IV & V
8,000
ESOP Conversion III, IV & V
21,741,500
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

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

:
:
:
:
:

:
:
:

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

: www.mediacom.co.id
: am.sinulingga@mediacom.co.id

RESEARCH AND DEVELOPMENT DIVISION

51

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-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Trade, Sevices and Investment Index
January 2010 - January 2014
1,260%
1,080%
900%
781.0%

720%
540%
360%
180%

180.6%
71.6%

-180%

Jan 10

Jan 11

SHARES TRADED
Volume (Million Sh.)
Value (Billion Rp)
Frequency (Thou. X)
Days
Price (Rupiah)
High
Low
Close
Close*

Jan 12

Jan 14

2010

2011

2012

9,371
3,706
170
245

7,802
6,106
131
247

9,619
17,238
358
246

7,927
17,013
484
244

196
364
29
20

670
205
650
650

1,140
560
990
990

2,625
980
2,400
2,400

2,800
1,370
1,900
1,900

1,950
1,780
1,850
1,850

70.40
16.89
1.63

16.21
19.08
2.34

31.68
15.43
1.86

30.84
17.12
1.81

15.46
PER (X)
21.27
PER Industry (X)
1.21
PBV (X)
* Adjusted price after corporate action

52

Jan 13

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Global Mediacom Tbk. [S]
January 2010 - January 2014

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

High
280
355
455
495
440
395
355
345
430
540
530
670

Low
205
225
265
375
295
325
295
300
305
375
480
460

Close
250
300
395
410
365
330
310
315
385
495
480
650

(X)
15,982
17,452
32,188
29,648
12,280
5,801
8,392
3,406
7,265
17,319
6,463
13,305

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

770
900
900
870
840
870
890
890
890
850
1,070
1,140

560
710
750
700
710
750
810
700
740
750
790
960

720
890
840
750
840
840
870
770
820
800
980
990

13,084
8,926
13,280
9,483
16,802
8,093
9,106
6,066
8,965
4,553
17,702
14,476

636,476
823,568
497,457
368,590
1,570,436
1,653,609
289,997
299,919
211,406
77,013
976,165
397,335

415,505
634,291
404,603
284,932
1,181,554
1,256,582
247,567
232,788
168,273
61,201
808,327
410,227

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

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

1,950

1,780

1,850

29,385

195,531

364,107

20

(Thou. Sh.) (Million Rp)


928,510
223,415
1,040,610
309,072
2,121,127
797,248
1,705,522
729,950
699,873
273,264
219,043
80,701
308,707
99,618
173,000
53,931
293,483
111,779
673,415
318,239
230,289
116,162
592,362
977,788

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

BMTR Global Mediacom Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Osman Bing Satrio & Eny (Member of Deloitte Touche Tohmatsu Limited)
Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Cash & Cash Equivalents

1,276,332

1,141,628

1,165,245

952,529

1,529,588

Receivables

2,076,270

2,453,904

2,407,692

3,113,957

3,630,541

Inventories

1,131,998

1,106,101

1,134,041

1,636,122

1,803,445

Current Assets

5,985,526

5,937,277

6,085,670 10,781,083

9,748,947

Fixed Assets

1,769,444

2,793,271

2,668,000

3,734,879

4,906,183

475,394

551,502

534,326

605,330

824,763

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

13,481,189 12,959,942 13,129,083 19,995,526 21,069,471

Growth (%)

12,750
8,500

1.31%

52.30%

5.37%

4,250
-

1,952,037

3,197,581

3,223,411

2,481,608

3,681,058

Long Term Liabilities

2,293,188

1,547,624

1,518,217

3,218,162

4,035,376

Total Liabilities

4,245,225

4,745,205

4,741,628

5,699,770

7,716,434

11.78%

-0.08%

20.21%

35.38%

Growth (%)

17,000

-3.87%

Current Liabilities

Liabilities

21,250

2009

2010

2011

2012

Dec-13

TOTAL EQUITY (Bill. Rp)


Authorized Capital

1,500,000

1,500,000

1,500,000

1,500,000

1,500,000

Paid up Capital

1,376,290

1,377,021

1,379,116

1,396,796

1,405,270

13,763

13,770

13,791

13,968

14,053

100

100

100

100

100

Retained Earnings

3,402,240

3,912,989

4,109,251

5,670,496

5,956,634

Total Equity

7,050,623

7,381,739

8,387,455 14,295,756 13,353,037

Paid up Capital (Shares)


Par Value

14,296

11,441

8,387
8,509

4.70%

Growth (%)
INCOME STATEMENTS
Total Revenues

Gross Profit
Expenses (Income)
Operating Profit

70.44%

-6.59%

Dec-12

Dec-13

Dec-09

Dec-10

Dec-11

5,034,905

6,326,514

1,573,888

25.65%

-75.12%

4,325,000

4,846,631

1,143,270

4,753,060

5,486,919

709,905

1,479,883

430,618

4,172,359

4,533,058

4,325,000

4,846,631

1,143,270

1,610,968

3,021,595

709,905

1,479,883

430,618

108.46%

-70.90%

Growth (%)
Cost of Revenues

13.62%

Growth (%)

13,353

14,374

7,051

7,382

2009

2010

5,577

2,645

8,925,419 10,019,977

467.09%

12.26%

-287

2011

2012

Dec-13

TOTAL REVENUES (Bill. Rp)


10,020
8,925
8,925

-119,449

-284,191

-54,156

Income before Tax

590,884

1,195,599

376,462

2,561,391

1,511,463

Tax

259,422

345,087

94,283

567,902

481,817

Profit for the period

331,462

850,512

1,163,770

1,993,489

1,029,646

156.59%

36.83%

71.30%

-48.35%

Other Income (Expenses)

6,327

7,105

5,035
5,284

Growth (%)

3,463

1,574
1,642

Period Attributable

157,208

578,865

779,363

1,299,085

620,395

Comprehensive Income

438,463

786,373

1,190,493

2,068,219

1,101,619

Comprehensive Attributable

270,340

533,904

796,711

1,369,492

692,368

RATIOS

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

306.63

185.68

188.80

434.44

264.84

5.00

10.00

24.00

Current Ratio (%)


Dividend (Rp)
EPS (Rp)

11.42

42.04

56.51

93.00

44.15

BV (Rp)

512.29

536.07

608.18

1,023.47

950.21

DAR (X)

0.31

0.37

0.36

0.29

0.37

DER(X)

0.60

0.64

0.57

0.40

0.58

ROA (%)

2.46

6.56

8.86

9.97

4.89

ROE (%)

4.70

11.52

13.88

13.94

7.71

GPM (%)

14.10

23.39

27.36

46.75

45.24

OPM (%)

14.10

23.39

27.36

NPM (%)

6.58

13.44

73.94

22.33

10.28

43.77

23.79

25.81

2.38

1.54

1.00

-179

2009

2010

2011

2012

Dec-13

PROFIT FOR THE PERIOD (Bill. Rp)


1,993
1,993

1,587

1,164
1,030

1,180

Payout Ratio (%)


Yield (%)

851
773

331
367

-40

2009

2010

2011

2012

Dec-13

RESEARCH AND DEVELOPMENT DIVISION

53

C
CO
OM
MP
PA
AN
NY
Y R
RE
EP
PO
OR
RT
T

BSDE
BUMI SERPONG DAMAI TBK.

Company Profile
PTBumiSerpongDamaiTbk.whichisalsopartofSinarMasLand,wasestablishedin1984
andstartedcommercialoperationsin1989.

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.

The Company and its subsidiaries are incorporated and conduct their operations in
Indonesia. The Group operates under the group of PT Paraga Artamida. The ultimate
parentoftheGroupisSinarmasLandLimited,alimitedliabilitycompanyincorporatesin
Singapore.

AsofDecember31st,2013,theCompanyhad2,368employees(unaudited).

January 2014
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

BSDE Bumi Serpong Damai Tbk. [S]

COMPANY REPORT : JANUARY 2014


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

As of 30 January 2014
Individual Index
:
Listed Shares
:
Market Capitalization :

282.074
17,496,996,592
25,195,675,092,480

33 | 25.2T | 0.58% | 67.67%


18 | 16.3T | 1.48% | 49.96%

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
Plaza BII Menara 1, 9th Fl.
Jln. M.H. Thamrin No. 51 Jakarta 10350
Phone : (021) 392-2332
Fax
: (021) 392-3003

SHAREHOLDERS (January 2014)


1. PT Paraga Arta Mida
2. PT Ekacentra Usahamaju
3. Public (<5%)

4,422,720,330 :
4,404,400,500 :
8,669,875,762 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2008
2009
2010
2012

Shares

Dividend
4.00
6.00
6.00
15.00

Cum Date
01-Jul-09
01-Jul-10
05-Jul-11
21-Jun-13

Ex Date
02-Jul-09
02-Jul-10
06-Jul-11
24-Jun-13

Recording
Date
06-Jul-09
06-Jul-10
08-Jul-11
26-Jun-13

25.00%
25.00%
50.00%

Payment
Date
22-Jul-09
20-Jul-10
22-Jul-11
10-Jul-13

F/I
F
F
F
F

ISSUED HISTORY
BOARD OF COMMISSIONERS
1. Muktar Widjaja
2. Benny Setiawan Santoso
3. Edwin Hidayat Abdullah *)
4. Franky Oesman Widjaja
5. Susiyati Bambang Hirawan *)
6. Teddy Pawitra *)
7. Teky Mailoa
8. Welly Setiawan Prawoko
*) Independent Commissioners

No.
1.
2.
3.

Type of Listing
First Issue
Company Listing
Right Issue I

Shares
1,093,562,000
9,842,060,870
6,561,373,722

Listing
Date
06-Jun-08
06-Jun-08
21-Dec-10

Trading
Date
06-Jun-08
01-Feb-09
21-Dec-10

BOARD OF DIRECTORS
1. Fransciscus Xaverius Ridwan Darmali
2. Hermawan Wijaya
3. Hongky Jeffry Nantung
4. Liauw Herry Hendarta
5. Lie Jani Harjanto
6. Michael Jackson Purwanto Widjaja
7. Monik William (Non-affiliated)
8. Petrus Kusuma
9. Syukur Lawigena
AUDIT COMMITTEE
1. Susiyati Bambang Hirawan
2. Edwin Hidayat Abdullah
3. Herawan Hadidjaja
CORPORATE SECRETARY
Hermawan Wijaya
HEAD OFFICE
Sinar Mas Land Plaza
Grand Boulevard, BSD Green Office Park
Tangerang - 15345
Phone : (021) 503-68368
Fax
: (021) 537-3008
Homepage
Email

: www.bsdcity.com
: hermawan.wijaya@sinarmasland.com

RESEARCH AND DEVELOPMENT DIVISION

55

BSDE Bumi Serpong Damai Tbk. [S]


Closing
Price*

Closing Price
Volume
(Mill. Sh)

2,400

2,400

2,100

2,100

1,800

1,800

1,500

1,500

1,200

1,200

900

900

600

600

300

300

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
January 2010 - January 2014

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Bumi Serpong Damai Tbk. [S]
January 2010 - January 2014

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

High
890
940
640
890
850
790
820
880
990
1,160
990
1,000

Low
820
600
580
600
550
600
690
780
790
770
800
850

Close
840
610
610
840
690
720
810
820
960
840
990
900

(X)
11,989
14,413
10,217
33,927
14,135
9,415
10,754
7,110
7,229
18,785
12,636
16,955

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

940
750
840
960
940
920
1,060
1,080
1,050
950
980
1,010

700
630
670
810
860
810
850
810
730
760
820
840

720
670
840
920
910
900
1,020
1,040
870
920
850
980

15,703
10,313
10,660
8,170
8,076
5,026
9,762
11,015
12,876
12,037
9,220
9,577

509,989
326,149
348,553
278,955
268,681
171,264
517,923
391,705
384,121
339,536
290,994
449,764

405,075
219,786
263,526
247,648
243,513
149,631
497,968
385,835
340,537
301,160
261,508
424,577

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

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

1,600

1,200

1,440

37,323

489,096

698,307

20

(Thou. Sh.) (Million Rp)


424,505
364,169
2,235,099 1,424,313
905,354
561,893
1,887,323 1,412,792
634,216
444,924
498,352
356,669
484,418
372,317
277,928
229,581
261,087
232,622
542,241
514,289
437,080
393,657
624,861
570,535

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

315%
270%
225%
180%
149.6%

135%
90%

78.3%
71.6%

45%
-45%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

SHARES TRADED

2010

2011

2012

Volume (Million Sh.)


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

9,212
6,878
168
245

4,278
3,741
122
247

9,294
11,108
223
246

11,028
17,817
404
244

489
698
37
20

Price (Rupiah)
High
Low
Close
Close*

1,160
550
900
900

1,080
630
980
980

1,490
930
1,110
1,110

2,200
1,090
1,290
1,290

1,600
1,200
1,440
1,440

16.94
11.09
2.08

13.12
17.34
1.84

7.87
17.79
1.76

8.78
16.27
1.97

39.93
PER (X)
9.97
PER Industry (X)
2.57
PBV (X)
* Adjusted price after corporate action

56

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

BSDE Bumi Serpong Damai Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Mulyamin Sensi Suryanto & Lianny (Member of Moore Stephens International Ltd.)
BALANCE SHEET

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

1,049,739

3,545,385

3,479,092

3,961,465

4,331,624

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

11,020

102,632

86,978

83,188

110,327

Inventories

1,734,152

2,883,392

3,012,273

3,374,802

3,796,776

Investment

38,360

80,376

636,702

769,378

1,652,477

Fixed Assets

113,330

365,038

486,920

415,371

437,868

4,238

5,849

415

415

Other Assets
Total Assets

4,592,836 11,694,748 12,787,377 16,756,718 22,572,159

Growth (%)
Bank Payable
Trade Payable
Total Liabilities

154.63%

9.34%

14,250
9,500

34.71%

4,750
-

97,000

91,000

1,362,669

15,540

44,602

177,681

95,715

2,252,711

4,279,479

4,530,152

6,225,014

9,156,861

89.97%

5.86%

37.41%

47.10%

Growth (%)

19,000

31.04%

22,130

Liabilities

23,750

2009

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


Authorized Capital

2,000,000

4,000,000

4,000,000

4,000,000

4,000,000

Paid up Capital

1,093,562

1,749,700

1,749,700

1,749,700

1,749,700

10,936

17,497

17,497

17,497

17,497

100

100

100

100

100

761,897

1,088,782

1,828,867

2,939,944

5,368,885

2,340,125

6,132,282

8,257,225 10,531,704 13,415,298

Paid up Capital (Shares)


Par Value
Retained Earnings

13,415
10,532
10,679

8,257
7,942

Total Equity

162.05%

34.65%

27.55%

27.38%

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

1,270,592

2,477,203

2,806,339

3,727,812

5,741,264

94.96%

13.29%

32.84%

54.01%
1,575,447

Growth (%)
INCOME STATEMENTS
Total Revenues

Growth (%)
Cost of Revenues

637,957

940,509

1,021,278

1,346,826

Gross Profit

632,635

1,536,693

1,785,061

2,380,986

4,165,817

Operating Expenses

176,177

666,219

824,506

949,431

1,256,190

Operating Profit

456,458

870,475

960,555

1,431,555

2,909,627

90.70%

10.35%

49.03%

103.25%

6,132
5,205

2,340
2,468

-268

2009

2010

2011

2012

2013

TOTAL REVENUES (Bill. Rp)


5,741
5,741

Growth (%)

4,570

Other Income (Expenses)

-80,289

-11,950

155,769

221,921

322,189

Income before Tax

376,169

662,111

1,170,231

1,696,564

3,278,954

67,430

142,407

158,197

217,705

373,306

308,738

519,704

1,012,034

1,478,859

2,905,649

68.33%

94.73%

46.13%

96.48%

Tax
Profit for the period

Growth (%)

3,728
3,399

2,477

2,806

2,228

1,271
1,056

Period Attributable

308,738

394,403

840,780

1,286,047

2,691,396

Comprehensive Income

308,738

519,810

1,012,301

1,480,581

2,909,347

394,494

840,949

1,287,149

2,695,880

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

6.00

6.00

15.00

EPS (Rp)

28.23

22.54

48.05

73.50

153.82

BV (Rp)

213.99

350.48

471.92

601.91

766.72

DAR (X)

0.49

0.37

0.35

0.37

0.41

DER(X)

0.96

0.70

0.55

0.59

0.68

ROA (%)

6.72

4.44

7.91

8.83

12.87

ROE (%)

13.19

8.47

12.26

14.04

21.66

GPM (%)

49.79

62.03

63.61

63.87

72.56

OPM (%)

35.92

35.14

34.23

38.40

50.68

NPM (%)

24.30

20.98

36.06

39.67

50.61

Payout Ratio (%)

21.25

26.62

20.41

0.68

0.67

1.35

Comprehensive Attributable

RATIOS
Dividend (Rp)

-115

2009

2010

2011

2013

PROFIT FOR THE PERIOD (Bill. Rp)


2,906
2,906

2,313

1,479

1,720

Yield (%)

2012

1,012
1,127

520
535

309

-58

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

57

COMPANY REPORT

CPIN
CHAROEN POKPHAND INDONESIA TBK.

Company Profile
PT Charoen Pokphand Indonesia Tbk. was established dated January 7th, 1972. The
Company started its commercial operations in 1972.
The Company is engaged in poultry feed, breeding and cultivation of broiler together with
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
territory of Republic of Indonesia.
The Companys branches are located in Sidoardjo, Medan, Tangerang, Balaraja, Serang,
Lampung, Denpasar, Surabaya, Semarang, Makasar, Salatiga, and Cirebon.
The Company has direct and indirect ownership in subsidiaries:
PT Charoen Pokphand Jaya Farm,
PT Primafood International,
PT Vista Grain,
PT Poly Packaging Industry,
PT Feprotama Pertiwi,
PT Agrico International,
PT Sarana Proteindo Utama.
The Company and Subsidiaries had 4,414 employees as of December 31st, 2013.

January 2014
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

CPIN CharoenPokphandIndonesiaTbk.[S]

COMPANY REPORT : JANUARY 2014

As of 30 January 2014

Main Board
Industry Sector : Basic Industry And Chemicals (3)
Industry Sub Sector : Animal Feed (36)

Individual Index
:
Listed Shares
:
Market Capitalization :

18,832.263
16,398,000,000
67,805,730,000,000

14 | 67.8T | 1.56% | 51.38%


25 | 9.86T | 0.89% | 57.82%

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 Satrodimedjo *)
6. Tjiu Thomas Effendy
*) Independent Commissioners
BOARD OF DIRECTORS
1. Rusmin Ryadi
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. Petrus Julius
3. Rudy Dharma Kusuma
4. Suparman Satrodimedjo
5. Yustinus Eddy Tiono
CORPORATE SECRETARY
Hadijanto Kartika
HEAD OFFICE
Jln. Ancol VIII/1
Jakarta 14430

SHAREHOLDERS (January 2014)


1. PT Central Agromina
2. UBS AG Singapore Non-Treaty Omnibus Account
3. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1990
1991
1992
1992
1993
1993
1993
1994
1995
1997
1996
1999
2001
2002
2006
2009
2010
2010
2011
2012

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
25.00
39.80
42.00
46.00

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
24-Jan-11
16-Jun-11
07-Jun-12
28-Jun-13

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
25-Jan-11
17-Jun-11
08-Jun-12
01-Jul-13

9,106,385,410 :
956,671,330 :
6,334,943,260 :

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
27-Jan-11
21-Jun-11
12-Jun-12
03-Jul-13

55.53%
5.83%
38.64%

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
09-Feb-11
05-Jul-11
26-Jun-12
17-Jul-13

F
F
I
F
I
I
F
F
I
F
F
F
F
F
F
I
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) 691-9999


Fax
: (021) 690-7324
Homepage
Email

F/I

: www.cp.co.id
: hadijanto@cp.co.id

RESEARCH AND DEVELOPMENT DIVISION

59

CPIN Charoen Pokphand Indonesia Tbk. [S]


Closing
Price*

Closing Price
Volume
(Mill. Sh)

5,600

320

4,900

280

4,200

240

3,500

200

2,800

160

2,100

120

1,400

80

700

40

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Basic Industry and Chemicals Index
January 2010 - January 2014

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Charoen Pokphand Indonesia Tbk. [S]
January 2010 - January 2014

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

High
2,400
2,250
2,925
3,025
3,050
3,850
5,350
6,550
8,750
8,800
9,800
9,600

Low
2,100
1,990
1,990
2,625
2,325
2,600
3,300
4,550
6,000
7,100
8,450
1,650

Close
2,200
2,000
2,800
3,000
2,750
3,550
5,200
6,450
8,700
8,550
9,600
1,840

(X)
5,927
2,420
7,269
4,630
7,446
13,676
15,643
12,224
14,543
19,425
16,912
33,787

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

1,900
1,730
2,025
2,050
1,960
2,025
2,875
2,925
2,975
2,850
2,725
2,450

1,380
1,460
1,480
1,910
1,830
1,830
1,990
2,225
1,910
2,125
2,175
2,050

1,490
1,520
2,025
1,930
1,930
1,990
2,725
2,750
2,400
2,675
2,300
2,150

38,004
28,352
47,145
24,105
26,170
19,160
27,950
56,102
50,440
34,599
27,967
28,085

518,564
388,787
820,665
298,075
306,123
341,579
434,797
751,536
668,175
367,795
284,756
304,442

857,993
613,020
1,411,264
583,449
580,528
660,625
1,026,968
1,976,446
1,670,181
913,970
706,453
689,839

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

2,550
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

4,225

3,260

4,135

52,996

197,493

749,683

20

(Thou. Sh.) (Million Rp)


63,527
143,594
20,586
42,834
93,556
229,251
353,273
608,764
86,841
234,992
138,881
461,581
140,470
599,314
82,784
443,285
83,028
649,717
132,011 1,069,620
215,029 1,977,728
460,274 1,101,932

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

1,190%
1,020%
850%

839.8%

680%
510%
340%
170%
86.2%
71.6%

-170%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

SHARES TRADED

2010

2011

2012

Volume (Million Sh.)


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

1,870
7,563
154
245

5,485
11,691
408
247

3,173
9,087
237
246

2,832
11,754
389
244

197
750
53
20

Price (Rupiah)
High
Low
Close
Close*

9,800
1,650
1,840
1,840

2,975
1,380
2,150
2,150

3,650
2,100
3,650
3,650

5,550
2,550
3,375
3,375

4,225
3,260
4,135
4,135

14.95
10.41
5.70

22.33
9.79
7.32

18.79
17.44
5.75

23.02
13.29
7.04

13.67
PER (X)
12.86
PER Industry (X)
6.78
PBV (X)
* Adjusted price after corporate action

60

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

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-09

Dec-10

Dec-11

Dec-12

Dec-13

387,996

1,317

876,198

954,694

1,146,852
2,531,089

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

869,233

946,603

1,381,707

1,846,576

Inventories

1,575,018

1,554,780

2,339,543

3,366,317

4,044,737

Current Assets

3,281,275

4,274,636

5,250,245

7,180,890

8,824,900

Fixed Assets

1,685,370

1,931,069

3,198,604

4,593,000

6,389,545

51,645

46,105

49,920

Other Assets
Total Assets

38,322

46,685

5,349,375

6,518,276

21.85%

Growth (%)
Current Liabilities
Long Term Liabilities
Total Liabilities

8,848,204 12,348,627 15,722,197

9,750
6,500

39.56%

27.32%

3,250
-

1,461,341

1,575,552

2,167,652

2,327,048

592,301

574,899

1,083,182

2,004,511

3,444,249

2,397,701

2,036,240

2,658,734

4,172,163

5,771,297

-15.08%

30.57%

56.92%

38.33%

Growth (%)

13,000

35.74%

1,805,400

Liabilities

16,250

2009

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


Authorized Capital

400,000

400,000

400,000

400,000

400,000

Paid up Capital

164,228

16,398

163,980

163,980

163,980

3,285

1,640

16,398

16,398

16,398

50

10

10

10

10

2,647,393

4,173,277

5,876,112

7,871,460

9,648,061

Paid up Capital (Shares)


Par Value
Retained Earnings

9,951
9,951

8,176
7,921

6,189
5,891

Total Equity

2,933,018

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09

Gross Profit
Expenses (Income)
Operating Profit

6,189,470

8,176,464

9,950,900

52.01%

38.83%

32.10%

21.70%

Dec-10

Dec-11

Dec-12

Dec-13

4,458
3,861

2,933

1,831

14,559,005 15,077,822 17,957,972 21,310,925 25,662,992

3.56%

Growth (%)
Cost of Revenues

4,458,432

19.10%

18.67%

20.42%

-199

2009

2010

2011

2012

2013

11,689,920 11,323,708 14,033,726 16,819,413 20,513,184


2,869,085

3,754,114

3,924,246

4,491,512

5,149,808

812,204

993,116

915,033

1,032,832

1,571,511

2,056,881

2,760,998

3,009,213

3,458,680

3,758,297

34.23%

8.99%

14.94%

8.66%

TOTAL REVENUES (Bill. Rp)


25,663
25,663

Growth (%)

21,311
17,958

20,428

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

103,515

57,229

-34,633

-82,181

-126,964

2,160,396

2,818,227

2,974,580

3,376,499

3,451,333

540,978

598,366

612,083

695,627

922,643

1,619,418

2,219,861

2,362,497

2,680,872

2,528,690

37.08%

6.43%

13.48%

-5.68%

Growth (%)

14,559

15,078

2009

2010

15,192

9,957

4,722

Period Attributable

1,619,418

2,210,266

2,355,475

2,684,064

2,530,909

Comprehensive Income

1,612,710

2,219,861

2,362,497

2,680,872

2,528,690

2,210,266

2,355,475

2,684,064

2,530,909

Comprehensive Attributable

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Current Ratio (%)

181.75

292.51

333.23

331.28

379.23

Dividend (Rp)

196.00

64.80

42.00

46.00

RATIOS

EPS (Rp)

493.04

1,347.89

143.64

163.68

154.34

BV (Rp)

892.97

2,718.89

377.45

498.63

606.84

DAR (X)

0.45

0.31

0.30

0.34

0.37

-513

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


2,681
2,681

2,220

2,362

2,529

2,134

1,619
1,587

0.82

0.46

0.43

0.51

0.58

ROA (%)

30.27

34.06

26.70

21.71

16.08

ROE (%)

55.21

49.79

38.17

32.79

25.41

GPM (%)

19.71

24.90

21.85

21.08

20.07

OPM (%)

14.13

18.31

16.76

16.23

14.64

NPM (%)

11.12

14.72

13.16

12.58

9.85

Payout Ratio (%)

39.75

4.81

29.24

28.10

8.71

3.52

1.95

1.26

DER(X)

Yield (%)

1,040

493

-54

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

61

CC O
OM
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AN
N YY RR EE PP O
O RR TT

CTRA
CIPUTRA DEVELOPMENT TBK.
Company Profile
PT Ciputra Development Tbk. (the Company) was established on October 22nd, 1981 based
on Notarial Deed No. 22 by Hobropoerwanto, S.H., Notary in Jakarta.
Based on Article 3 of the Company's Articles of Association, the Companys business scope
include: development and construction, investment, service, industry and trading, by
establishing and running business in the areas of housing development (real estate), office
buildings, shopping centers and commercial centers and industrial facilities and areas, as
well as establishing and running businesses in fields that related to the planning, creation
and maintenance of housing facilities, including but not limited to golf courses, family clubs,
restaurants and other entertainment venues and facilities.
The Companys head office is located at Jalan Prof. DR. Satrio Kav. 6, South Jakarta. Its
project, namely Citra Housing 1, 2, and 5 is located in Kalideres, Jakarta.
PT Ciputra Development Tbk. is one of Indonesia leading property companies. Established in
1981, the development of large scale residential and commercial properties is the expertise
and core business of Ciputra Development.
The Company has direct and indirect subsidiaries:
PT Ciputra Property Tbk. and subsidiary (listed in IDX),
PT Ciputra Surya Tbk. and subsidiary (listed in IDX),
PT Ciputra Residence and subsidiary,
PT Ciputra Indah and subsidiary,
PT Ciputra Graha Mitra and subsidiary,
PT Ciputra Raya Sejahtera,
Long Field Enterprises Limited,
PT Penta Oktoeneatama and subsidiary,
PT Citraland Graha Realty, and
PT Citra Tumbuh Bahagia.
As of December 31st, 2013, the Company and subsidiaries had 2,306 employees.

January 2014
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

CTRA Ciputra Development Tbk. [S]


COMPANY REPORT : JANUARY 2014
Main Board
Industry Sector : Property, Real Estate And Building Construction (6)
Industry Sub Sector : Property And Real Estate (61)

As of 30 January 2014
Individual Index
:
Listed Shares
:
Market Capitalization :

187.791
15,165,815,994
12,966,772,674,870

60 | 13.0T | 0.30% | 78.48%

66 | 4.31T | 0.39% | 82.17%

COMPANY HISTORY
Established Date
: 22-Oct-1981
Listing Date
: 28-Mar-1994
Under Writer IPO :
PT Bapindo Bumi Securities
PT Baring Securities
PT Danareksa Sekuritas
PT Indovest Securities
PT Inter-Pacific Securities
Securities Administration Bureau :
PT EDI Indonesia
Wisma SMR 10th Fl.
Jln. Yos Sudarso Kav. 89 Jakarta 14350
Phone : (021) 650-5829, 652-1010
Fax
: (021) 650-5987
BOARD OF COMMISSIONERS
1. Ciputra
2. Cosmas Batubara *)
3. Dian Sumeler
4. Widigdo Sukarman *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Candra Ciputra
2. Budiarsa Sastrawinata
3. Cakra Ciputra
4. Harun Hajadi
5. Junita Ciputra
6. Rina Ciputra Sastrawinata
7. Tanan Herwandi Antonius
8. Tulus Santoso Brotosiswojo

SHAREHOLDERS (January 2014)


1. PT Sang Pelopor
2. Credit Suisse AG Singapore Trust A/C Clients - 2023
3. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1994
1995
1996
2000
2010
2011
2012

Shares

Dividend
89.00
80.00
41.00

20 : 23
6.00
7.00
12.00

Cum Date
19-Jul-95
17-Jul-96
07-Jul-97
14-Nov-00
25-Jul-11
24-Jul-12
05-Jul-13

Ex Date
20-Jul-95
18-Jul-96
08-Jul-97
15-Nov-00
26-Jul-11
25-Jul-12
08-Jul-13

4,644,750,000 :
1,202,678,976 :
9,318,387,018 :

Recording
Date
28-Jul-95
26-Jul-96
16-Jul-97
20-Nov-00
28-Jul-11
27-Jul-12
10-Jul-13

30.63%
7.93%
61.44%

Payment
Date
25-Aug-95
23-Aug-96
14-Aug-97
04-Dec-00
11-Aug-11
10-Aug-12
24-Jul-13

F
F
F
F
F
F
F

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

Type of Listing
First Issue
Company Listing
Stock Split
Right Issue
Bonus Shares
Additional Listing without RI
Warrant I
Stock Splits

Shares
50,000,000
200,000,000 T:
250,000,000
2,699,860,570 T:
862,500,000
2,307,276,912
1,213,270,515 T:
7,582,907,997

Listing
Date
28-Mar-94
28-Mar-94 :
05-Aug-96
08-Oct-96 :
04-Dec-00
03-Apr-06
06-Jun-07 :
15-Jun-10

Trading
Date
28-Mar-94
18-Oct-94
05-Aug-96
27-Dec-06
04-Dec-00
03-Apr-06
03-Dec-09
15-Jun-10

AUDIT COMMITTEE
1. Widigdo Sukarman
2. Henk Wangitan
3. Melina Indrawati Sutandi
CORPORATE SECRETARY
Tulus Santoso
HEAD OFFICE
Jln. Prof. DR. Satrio Kav. 6
Jakarta - 12940
Phone : (021) 522-6868, 522-5858, 520-7333
Fax
: (021) 520-5262
Homepage
Email

F/I

: www.ciputradevelopment.com
: investor@ciputra.com
tulus@ciputra.com
lina@ciputra.com

RESEARCH AND DEVELOPMENT DIVISION

63

CTRA Ciputra Development Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

1,600

800

1,400

700

1,200

600

1,000

500

800

400

600

300

400

200

200

100

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
January 2010 - January 2014
560%
480%
400%
320%
249.0%

240%
160%

149.6%

80%

-80%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

SHARES TRADED

2010

2011

2012

2013 Jan-14

Volume (Million Sh.)


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

4,455
2,198
90
245

3,233
1,435
68
247

5,344
3,743
96
246

7,702
7,932
252
244

668
553
26
20

950
320
350
350

640
290
540
540

850
530
800
800

1,660
690
750
750

890
750
855
855

Volume

Value

High
710
740
870
950
890
830
385
385
400
510
425
380

Low
480
650
680
840
630
320
320
325
325
370
355
330

Close
680
690
860
890
740
335
380
335
380
420
365
350

(X)
11,430
4,995
5,558
4,903
5,639
7,848
7,602
4,647
11,558
11,350
8,258
5,990

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

365
320
380
400
435
460
550
600
580
540
540
640

300
290
300
360
365
410
425
480
400
445
470
500

305
310
370
390
415
430
550
500
510
490
490
540

6,463
3,720
6,633
4,834
6,726
5,450
6,398
6,649
7,958
4,924
3,200
5,428

303,391
166,002
310,564
218,733
305,850
231,730
513,521
351,157
236,714
200,292
155,959
238,772

100,459
50,088
105,731
83,783
125,770
99,127
249,550
188,620
120,070
101,183
78,501
132,399

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

600
700
770
850
810
740
720
650
720
730
790
850

530
570
640
710
630
610
640
600
620
660
660
740

570
640
720
760
700
650
650
620
710
680
780
800

5,925
7,287
8,899
10,499
14,935
7,156
6,071
6,246
7,414
8,059
5,701
7,681

264,125
474,041
382,839
440,573
1,400,750
391,259
256,710
381,264
267,635
435,341
297,135
352,705

150,837
296,748
273,310
336,521
1,027,293
264,438
173,555
236,340
180,482
303,526
217,910
281,639

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

950
1,140
1,160
1,410
1,660
1,550
1,360
1,240
1,140
1,110
1,060
840

780
860
1,020
1,040
1,290
1,050
960
690
780
840
700
700

920
1,110
1,080
1,380
1,540
1,350
1,150
810
980
1,030
730
750

12,617
13,284
14,637
15,774
20,043
31,006
27,780
22,460
22,998
28,391
24,531
18,761

492,647
441,451
631,303
668,842
459,060
761,959
721,829
762,534
601,732
744,894
793,303
622,891

412,442
428,604
690,134
764,483
668,141
999,370
829,980
729,287
589,377
709,533
643,125
467,990

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

890

750

855

26,138

668,360

553,096

20

16.58
11.09
1.07

14.28
17.34
1.43

12.14
17.79
1.21

13.83
16.27
1.38

Jan-14

20.58
PER (X)
9.97
PER Industry (X)
1.08
PBV (X)
* Adjusted price after corporate action

64

Freq.

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

(Thou. Sh.) (Million Rp)


454,239
281,358
174,703
120,957
228,126
302,136
226,058
202,278
208,380
156,903
379,392
166,627
409,577
148,175
78,959
223,285
185,402
497,905
311,640
730,537
506,498
194,248
122,920
342,481

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

71.6%

Price (Rupiah)
High
Low
Close
Close*

Closing Price

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Ciputra Development Tbk. [S]
January 2010 - January 2014

RESEARCH AND DEVELOPMENT DIVISION

CTRA Ciputra Development Tbk. [S]


Financial Data and Ratios

Book End : December

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

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

2,009,262

2,235,938

2,109,130

2,708,109

3,463,817

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

133,952

198,953

324,816

580,855

779,270

Inventories

2,075,316

2,154,509

2,675,218

3,310,134

4,891,787

Investment

376,090

535,290

1,233,460

360,672

255,963

1,524,697

2,012,890

2,383,992

1,240,096

1,779,149

276,140

442,465

894,675

Fixed Assets
Other Assets
Total Assets

260,187
8,553,946

Growth (%)
Bank Payable
Trade Payable
Total Liabilities

9,378,342 11,524,867 15,023,392 20,114,871

12,750
8,500

22.89%

30.36%

33.89%

4,250
-

801,939

1,470,810

2,728,066

27,157

27,963

10,495

662,647

1,592,921

2,126,198

3,877,433

33.48%

82.36%

68.74%

58.18%

Growth (%)

17,000

9.64%

11,694

Liabilities

21,250

2009

2010

2011

2012

2013

6,542,647 10,349,358
TOTAL EQUITY (Bill. Rp)

Authorized Capital

5,000,000

5,000,000

5,000,000

5,000,000

5,000,000

Paid up Capital

3,791,454

3,791,454

3,791,454

3,791,454

3,791,454

7,583

15,166

15,166

15,166

15,166

500

250

250

250

250

Paid up Capital (Shares)


Par Value
Retained Earnings

-50,133

207,726

441,555

924,494

1,714,219

4,647,176

4,905,036

7,647,434

8,480,745

9,765,513

5.55%

55.91%

10.90%

15.15%

9,766
9,766

8,481
7,647
7,773

5,781

Total Equity

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

1,332,372

1,692,687

2,178,331

3,322,669

5,077,062

27.04%

28.69%

52.53%

52.80%

Growth (%)
Cost of Revenues

733,065

957,985

1,135,339

1,656,106

2,530,589

Gross Profit

599,306

734,702

1,042,992

1,666,563

2,546,473

Operating Expenses

315,469

392,883

503,533

686,190

894,946

Operating Profit

283,837

341,819

539,459

980,373

1,651,527

20.43%

57.82%

81.73%

68.46%

18,506

137,638

79,319

49,038

57,964

298,744

482,273

618,778

1,029,411

1,709,492

71,261

93,022

124,766

180,028

296,103

227,483

389,251

494,011

849,383

1,413,388

71.11%

26.91%

71.94%

66.40%

4,647

4,905

2009

2010

3,789

1,797

-195

2011

2012

2013

TOTAL REVENUES (Bill. Rp)


5,077
5,077

Growth (%)

4,041

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

Growth (%)

3,323
3,006

2,178
1,693

1,970

1,332
934

Period Attributable

227,483

257,960

324,824

589,100

976,715

Comprehensive Income

136,328

389,252

494,011

849,383

1,413,388

257,961

324,824

589,100

976,715

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

6.00

7.00

12.00

EPS (Rp)

30.00

17.01

21.42

38.84

64.40

BV (Rp)

612.85

323.43

504.25

559.20

643.92

DAR (X)

0.19

0.23

0.34

0.44

0.51

DER(X)

0.34

0.43

0.51

0.77

1.06

Comprehensive Attributable

RATIOS
Dividend (Rp)

-102

2009

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


1,413
1,413

1,125

849
837

ROA (%)

2.66

4.15

4.29

5.65

7.03

ROE (%)

4.90

7.94

6.46

10.02

14.47

GPM (%)

44.98

43.40

47.88

50.16

50.16

OPM (%)

21.30

20.19

24.76

29.51

32.53

NPM (%)

17.07

23.00

22.68

25.56

27.84

Payout Ratio (%)

35.27

32.68

30.89

Yield (%)

1.71

1.30

1.50

494
548

389
227

260

-28

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

65

CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT

EXCL
XL AXIATA TBK.
Company Profile
PT XL Axiata Tbk. was established on October 6th, 1989 under the name of PT
Grahametropolitan Lestari.
The Companys majority shareholder, Axiata Investments (Indonesia) Sdn. Bhd. is a wholly
owned subsidiary of Axiata Investments (Labuan) Limited. Axiata Investments (Labuan)
Limited is a subsidiary of Axiata Group Berhad.
The Companys purpose is to provide telecommunications services and/or
telecommunications networks and/or multimedia services. The Company commenced its
commercial operations in 1996.
The Company has the subsidiaries which were established for issuance of bonds and loans:
GSM One (L) Ltd. Malaysia,
GSM Two (L) Ltd. Malaysia, and
Excelcomindo Finance Company B.V. Netherlands.
Throughout 2013 the Company has awarded:
Best Leader, Best Operation Manager, Best Recruitment Campaign, Best IT
Support
Contact Center Service Excellence Award 2013 Grade: Excellent
Telecom Asia Awards - Best Operator in Emerging Market
Most Admired Companies 2013
Service Quality Awards 2013, Peringkat: EMAS
Best Social Media Program of The Year, Best Use of Knowledge Management
Customer Relationship Excellence Awards
Digital Business Leader
Lifetime Achivement Awards
Indonesia Service to Care Champion 2013
The Most Youthful Brand 2013
Indonesia Most Admired Companies 2013 (WIMACO 2013)
The Best Public Companies Based on WAI

January 2014
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

EXCL XL Axiata Tbk. [S]

COMPANY REPORT : JANUARY 2014

As of 30 January 2014

Main Board
Industry Sector : Infrastructure, Utilities And Transportation (7)
Industry Sub Sector : Telecommunication (73)

Individual Index
:
Listed Shares
:
Market Capitalization :

242.500
8,534,490,667
41,392,279,734,950

18 | 41.4T | 0.95% | 56.73%


37 | 7.64T | 0.69% | 67.13%

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
Wisma Sudirman - Puri Datindo
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 H. Mansor
2. Azran Osman Rani
3. James Carl Grinwis Maclaurin
4. Peter J. Chambers *)
5. Wirjawan *)
6. Yasmin Stamboel Wirjawan *)
7. YBhg Dato' Sri Jamaludin bin Ibrahim
*) Independent Commissioners

SHAREHOLDERS (January 2014)


1. Axiata Investments (Indonesia) Sdn. Bhd.
2. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2006
2007
2010
2011
2012

Shares

Dividend
7.00
20.00
107.00
129.88
135.00

Cum Date
22-May-07
28-Apr-08
11-May-11
20-Apr-12
02-May-13

Ex Date
23-May-07
29-Apr-08
12-May-11
23-Apr-12
03-May-13

5,674,125,290 :
2,860,365,377 :

Recording
Date
25-May-07
02-May-08
16-May-11
25-Apr-12
07-May-13

66.49%
33.51%

Payment
Date
11-Jun-07
16-May-08
31-May-11
09-May-12
22-May-13

I
F
F
F
F

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

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

Listing
Date
29-Sep-05
29-Sep-05
16-Dec-09
26-Apr-11
16-Apr-12
12-Apr-13

Trading
Date
29-Sep-05
29-Sep-05
16-Dec-09
26-Apr-11
16-Apr-12
12-Apr-13

BOARD OF DIRECTORS
1. Hasnul Suhaimi
2. Dian Siswarini
3. Joy Wahjudi
4. Mohamed Adlan bin Ahmad Tajudin
5. Ongki Kurniawan
6. P. Nicanor V. Santiago III
7. Williem Lucas Timmermans
AUDIT COMMITTEE
1. Peter J. Chambers
2. Djoko Susanto
3. Yasmin Stamboel Wirjawan
CORPORATE SECRETARY
Murni Nurdini
HEAD OFFICE
Menara Prima 8th Fl.
Jln. DR. Ide Anak Agung Gde Agung Lot. E4 - 7 No. 1,
Kawasan Mega Kuningan, Jakarta Selatan - 12950
Phone : (021) 579-59387
Fax
: (021) 579-59928
Homepage
Email

F/I

: www.xl.co.id
: murni@xl.co.id

RESEARCH AND DEVELOPMENT DIVISION

67

EXCL XL Axiata Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

7,400

2,400

6,475

2,100

5,550

1,800

4,625

1,500

3,700

1,200

2,775

900

1,850

600

925

300

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Infrastructure, Utilities and Transportation Index
January 2010 - January 2014
315%
270%
225%
180%
155.3%
135%
90%
71.6%
45%

32.1%

-45%

Jan 10

Jan 11

SHARES TRADED
Volume (Million Sh.)
Value (Billion Rp)
Frequency (Thou. X)
Days
Price (Rupiah)
High
Low
Close
Close*

Jan 12

Jan 14

2010

2011

2012

2,755
10,232
30
243

1,467
8,209
130
247

2,364
14,149
134
246

2,047
10,130
191
244

99
504
22
20

6,250
1,850
5,300
5,300

7,100
3,675
4,525
4,525

7,400
4,400
5,700
5,700

6,050
3,750
5,200
5,200

5,300
4,850
4,850
4,850

13.62
11.09
2.82

17.71
17.53
3.16

36.30
18.40
2.92

33.85
18.52
2.72

15.60
PER (X)
14.36
PER Industry (X)
3.85
PBV (X)
* Adjusted price after corporate action

68

Jan 13

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


XL Axiata Tbk. [S]
January 2010 - January 2014

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

High
2,725
3,050
3,650
3,800
3,825
4,200
5,000
5,250
5,950
5,850
6,250
5,950

Low
1,850
2,200
3,050
3,375
3,325
3,475
3,800
4,500
4,950
5,100
5,250
5,200

Close
2,675
3,050
3,500
3,725
3,475
4,075
4,750
5,000
5,400
5,750
5,600
5,300

(X)
444
281
995
2,210
2,266
1,563
1,989
3,330
3,940
4,612
4,398
3,716

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

5,950
5,800
5,900
7,100
7,000
6,300
6,350
5,800
5,650
5,700
5,550
4,750

4,975
4,975
5,250
5,500
6,050
5,700
5,700
4,600
3,675
4,425
4,500
4,150

5,250
5,700
5,450
6,800
6,150
6,150
5,750
5,050
4,975
5,000
4,650
4,525

4,925
4,978
4,143
8,002
17,490
14,706
10,177
16,016
14,667
12,608
10,207
11,596

56,510
130,463
116,397
82,986
292,579
180,249
108,508
97,839
87,788
79,468
83,184
150,947

311,674
685,980
655,579
505,343
1,875,647
1,088,323
657,815
512,779
444,954
395,922
405,435
669,847

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

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

5,300

4,850

4,850

22,225

99,350

503,950

20

(Thou. Sh.) (Million Rp)


1,325
3,107
1,231
3,420
1,848,719 6,141,116
195,543
694,034
161,146
573,841
68,246
261,846
41,735
179,079
73,835
357,446
91,575
496,215
77,869
430,339
87,384
506,603
585,229
106,650

18
19
22
21
19
22
22
21
17
21
21
20

EXCL XL Axiata Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)
Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Cash & Cash Equivalents

747,965

366,161

998,113

791,805

1,317,996

Receivables

454,063

558,601

669,978

597,077

1,332,444

Inventories

19,886

61,044

66,595

49,807

49,218

Current Assets

25,372,806

2,228,017

3,387,237

3,658,985

5,844,114

Fixed Assets

23,616,394 23,197,199 25,614,830 29,643,274 30,928,452

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

1,644,156

Growth (%)
Current Liabilities

1,793,181

2,050,802

431,359

468,199

27,380,095 27,251,281 31,170,654 35,455,705 40,277,626

6,008,894

24,750
16,500

14.38%

13.75%

13.60%

8,250

4,563,033

8,728,212

8,739,996

7,931,046

12,568,088 10,973,174

Total Liabilities

18,576,982 15,536,207 17,478,142 20,085,669 24,977,479

2009

8,749,930 11,345,673 17,046,433

-16.37%

12.50%

14.92%

24.35%

2,265,000

2,265,000

2,265,000

2,265,000

2,265,000

850,800

850,800

851,857

852,628

853,449

8,508

8,508

8,519

8,526

8,534

100

100

100

100

100

Retained Earnings

2,616,681

5,507,942

7,426,556

9,063,057

8,966,866

Total Equity

8,803,113 11,715,074 13,692,512 15,370,036 15,300,147

Growth (%)

33,000

-0.47%

Long Term Liabilities

Liabilities

41,250

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


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

15,370

15,300

2012

2013

13,693
11,715
12,235

8,803
9,099

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09

Gross Profit
Expenses (Income)
Operating Profit

16.88%

12.25%

-0.45%

Dec-10

Dec-11

Dec-12

Dec-13

5,964

2,828

13,706,051 17,458,639 18,712,778 20,969,806 21,265,060

27.38%

Growth (%)
Cost of Revenues

33.08%

7.18%

12.06%

1.41%

-307

2009

2010

2011

11,242,207 12,674,828 14,210,511 16,617,343 19,606,772


1,658,288

2,463,844

4,783,811

4,502,267

4,352,463

11,242,207

2,463,844

4,352,463

1,658,288

TOTAL REVENUES (Bill. Rp)


20,970

21,265

2012

2013

21,265

-61.90%

Growth (%)

17,459

18,713

16,927

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

-113,578

-915,830

-637,624

-601,042

-268,621

2,350,266

3,867,981

3,864,643

3,751,421

1,389,667

640,798

976,720

1,034,542

-986,774

356,850

1,709,468

2,891,261

2,830,101

2,764,647

1,032,817

69.13%

-2.12%

-2.31%

-62.64%

Growth (%)

13,706
12,589

8,251

3,913

Period Attributable

1,709,468

2,891,261

2,830,101

2,764,647

1,032,817

Comprehensive Income

1,709,468

2,891,261

2,830,101

2,743,915

1,055,965

2,891,261

2,830,101

2,743,915

1,055,965

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

422.25

48.83

38.81

41.86

73.69

107.00

129.88

135.00

Comprehensive Attributable

RATIOS
Current Ratio (%)
Dividend (Rp)

200.92

339.83

332.23

324.25

121.02

BV (Rp)

1,034.69

1,376.95

1,607.37

1,802.67

1,792.74

DAR (X)

0.68

0.57

0.56

0.57

0.62

DER(X)

2.11

1.33

1.28

1.31

1.63

ROA (%)

6.24

10.61

9.08

7.80

2.56

ROE (%)

19.42

24.68

20.67

17.99

6.75

GPM (%)

17.98

27.40

24.06

20.76

7.80

OPM (%)

17.98

20.76

7.80

NPM (%)

12.47

16.56

15.12

13.18

4.86

Payout Ratio (%)

31.49

39.09

41.63

Yield (%)

2.02

2.87

2.37

EPS (Rp)

-425

2009

2010

2011

PROFIT FOR THE PERIOD (Bill. Rp)


2,891

2,830

2,765

2,891

2,301

1,709
1,712

1,033
1,122

532

-58

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

69

COMPANY REPORT

GGRM
GUDANG GARAM TBK.
Company Profile
PT Gudang Garam Tbk. (the Company) previously named as PT Perusahaan Rokok Tjap
Gudang Garam Kediri (PT Gudang Garam), was established on June 30th, 1971.
The Company is engaged in cigarette industry and other related cigarette industry
activities. PT Surya Duta Investa is the Companys ultimate parent.
The Companys Head Office at Jln. Semampir II/1, Kediri, East Java, and its plants are
located in Kediri, Gempol, and Solo-Kartasura. The Company also has representative
offices, which are Jakarta Representative Office at Jln. Jenderal A. Yani 79, Jakarta and
Surabaya Representative Office at Jln. Pengenal 7 15, 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) and Machine-made Kretek Cigarette (SKM) that has been distributed both
nationwide and worldwide.
Measured by total asset, products sales gain, number of employees, tax and customs and
other contributions, PT Gudang Garam Tbk. has become a national cigarette company
which gives significant contribution for Indonesia.
The company has direct ownership in subsidiaries:
PT Surya Pamenang,
PT Surya Madistrindo,
PT Graha Surya Media,
PT Surya Air, and
PT Surya Inti Tembakau.
As of December 31st 2013, the Company and subsidiaries had 43,317 employees.

January 2014
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

GGRM Gudang Garam Tbk.

COMPANY REPORT : JANUARY 2014

As of 30 January 2014

Main Board
Industry Sector : Consumer Goods Industry (5)
Industry Sub Sector : Tobacco Manufacturers (52)

Individual Index
:
Listed Shares
:
Market Capitalization :

1,635.122
1,924,088,000
80,619,287,200,000

11 | 80.6T | 1.86% | 46.30%


14 | 18.9T | 1.72% | 43.74%

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. Lucas Mulia Suhardjo *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Susilo Wonowidjojo
2. Buana Susilo
3. Fajar Sumeru
4. Herry Susianto
5. Heru Budiman
6. Istata Taswin Siddharta
7. Sony Sasono Rahmadi
AUDIT COMMITTEE
1. Frank Willem van Gelder
2. Bambang Susilo
3. Jusuf Halim
CORPORATE SECRETARY
Heru Budiman
HEAD OFFICE
Jln. Jend. A. Yani No. 79
Jakarta - 10510

SHAREHOLDERS (January 2014)


1. PT Suryaduta Investama
2. PT Suryamitra Kusuma
3. Public (<5%)

1,333,146,800 :
120,442,700 :
470,498,500 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1991
1992
1993
1994
1996
1995
1996
1997
1998
1999
2000
2001
2002
2003
2005
2005
2006
2007
2008
2009
2010
2011
2012

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

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

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

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

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

F
F
F
F
F
F
F
F
I
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


Fax
: (021) 424-3136
Homepage
Email

F/I

: www.gudanggaramtbk.com
: corporate_secretary@gudanggaramtbk.com

RESEARCH AND DEVELOPMENT DIVISION

71

GGRM Gudang Garam Tbk.


Closing
Price*

Volume
(Mill. Sh)

68,000

32.0

59,500

28.0

51,000

24.0

42,500

20.0

34,000

16.0

25,500

12.0

17,000

8.0

8,500

4.0

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Consumer Goods Industry Index
January 2010 - January 2014
245%
210%
179.5%

175%
140%
105%

92.2%
70%

71.6%

35%
-35%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

2010

2011

2012

Volume (Million Sh.)


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

405
14,126
114
245

332
15,706
185
247

370
20,026
228
246

447
20,285
272
244

32
1,344
36
20

Price (Rupiah)
High
Low
Close
Close*

52,500
20,650
40,000
40,000

67,000
33,300
62,050
62,050

63,800
45,900
56,300
56,300

57,800
32,000
42,000
42,000

45,525
39,700
41,900
41,900

24.08
16.22
4.86

26.62
19.75
4.07

18.73
19.15
2.85

18.68
23.95
2.85

SHARES TRADED

18.56
PER (X)
16.41
PER Industry (X)
3.63
PBV (X)
* Adjusted price after corporate action

72

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Gudang Garam Tbk.
January 2010 - January 2014

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

High
24,300
26,500
28,000
28,500
38,150
35,450
36,000
41,100
51,600
52,500
48,600
46,100

Low
20,650
23,550
24,600
24,750
27,400
29,450
32,750
34,600
39,400
45,900
40,700
36,900

Close
24,000
26,050
24,750
27,600
33,700
34,200
35,000
39,400
51,600
47,700
40,700
40,000

(X)
6,103
3,791
7,514
9,299
12,065
13,049
8,293
6,779
9,809
12,651
9,492
14,804

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

41,350
38,350
43,100
41,500
44,900
50,100
57,000
56,500
61,500
61,150
65,000
67,000

34,000
33,300
35,850
40,000
40,350
43,300
47,400
46,900
47,400
51,000
56,000
59,100

37,250
36,550
41,850
40,600
43,550
49,800
50,900
55,000
52,500
58,600
65,000
62,050

19,222
15,422
17,678
14,189
9,674
11,628
13,717
18,035
21,191
18,610
12,066
13,867

42,483
29,060
31,054
28,806
17,711
23,804
26,505
31,756
29,637
30,293
20,160
20,282

1,594,349
1,036,576
1,239,465
1,166,285
754,867
1,093,954
1,348,972
1,672,663
1,594,104
1,706,426
1,231,087
1,267,505

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

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

45,525 39,700 41,900

36,083

31,659

1,343,558

20

(Thou. Sh.) (Million Rp)


29,594
683,961
18,728
461,129
25,311
665,026
25,106
673,756
57,347 1,862,994
39,162 1,294,682
20,012
696,081
47,307 1,563,843
28,137 1,295,333
35,210 1,729,745
48,751 1,940,010
30,575 1,259,668

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

GGRM Gudang Garam Tbk.


Financial Data and Ratios

Book End : December

Public Accountant : Siddharta & Widjaja (Member of KPMG International)


BALANCE SHEET

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

1,222,897

1,249,249

1,094,895

1,285,799

1,404,108

1,038,958

915,004

937,987

1,382,539

2,196,086

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents


Receivables

Assets

Inventories

16,853,310 20,174,168 28,020,017 26,649,777 30,241,368

Current Assets

19,584,533 22,908,293 30,381,754 29,954,021 34,604,461

Fixed Assets
Other Assets
Total Assets

7,019,464

7,406,632

613,344

411,400

Long Term Liabilities


Total Liabilities

479,473

1,122,077

1,318,730

27,230,965 30,741,679 39,088,705 41,509,325 50,770,251

12.89%

Growth (%)
Current Liabilities

8,189,881 10,389,326 14,788,915

7,961,279
887,145
8,848,424

25,000

8,481,933 13,534,319 13,802,317 20,094,580

1,101,295

2009

1,259,400

2010

2011

2012

2013

9,421,403 14,537,777 14,903,612 21,353,980

6.48%

54.31%

2.52%

43.28%

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 (%)

37,500

12,500

1,003,458

6.19%

50,000

22.31%

939,470

27.15%

Liabilities

62,500

TOTAL EQUITY (Bill. Rp)


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

29,416
26,606

29,416

24,551
21,197

23,415

18,302

17,285,793 20,181,418 23,382,278 25,471,948 28,261,414


17,414

Total Equity

18,301,537 21,197,162 24,550,928 26,605,713 29,416,271

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09

15.82%

8.37%

10.56%

Dec-10

Dec-11

Dec-12

Dec-13

11,414

5,413

32,973,080 37,691,997 41,884,352 49,028,696 55,436,954

14.31%

Growth (%)
Cost of Revenues

15.82%

11.12%

17.06%

13.07%

-588

2009

2010

2011

2012

2013

25,807,564 28,826,410 31,754,984 39,843,974 44,563,096

Gross Profit

7,165,516

8,865,587 10,129,368

9,184,722 10,873,858

Expenses (Income)

1,958,679

3,007,726

3,514,397

3,159,041

418,214

Operating Profit

5,206,837

5,857,861

6,614,971

6,025,681

6,691,722

12.50%

12.92%

-8.91%

11.05%

-226,565

-495,035

-755,518

TOTAL REVENUES (Bill. Rp)


55,437
55,437

Growth (%)

49,029
41,884

44,128

Other Income (Expenses)

-378,084

Income before Tax

4,828,213

5,631,296

6,614,971

5,530,646

5,936,204

Tax

1,342,312

1,416,507

1,656,869

-1,461,935

1,552,272

Profit for the period

3,485,901

4,214,789

4,958,102

4,068,711

4,383,932

20.91%

17.64%

-17.94%

7.75%

Growth (%)

37,692
32,973

32,819

21,510

10,200

Period Attributable

3,485,901

4,146,282

4,894,057

4,013,758

4,328,736

Comprehensive Income

3,455,702

4,214,789

4,958,102

4,068,711

4,383,932

4,146,282

4,894,057

4,013,758

4,328,736

Comprehensive Attributable

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Current Ratio (%)

246.00

270.08

224.48

217.02

172.21

Dividend (Rp)

650.00

880.00

1,000.00

800.00

EPS (Rp)

1,811.72

2,154.93

2,543.57

2,086.06

2,249.76

BV (Rp)

9,511.80

11,016.73

12,759.77

13,827.70

15,288.42

DAR (X)

0.32

0.31

0.37

0.36

0.42

DER(X)

0.48

0.44

0.59

0.56

0.73

ROA (%)

12.80

13.71

12.68

9.80

8.63

ROE (%)

19.05

19.88

20.20

15.29

14.90

GPM (%)

21.73

23.52

24.18

18.73

19.61

OPM (%)

15.79

15.54

15.79

12.29

12.07

NPM (%)

10.57

11.18

11.84

8.30

7.91

Payout Ratio (%)

35.88

40.84

39.31

38.35

3.02

2.20

1.61

1.42

RATIOS

-1,109

2009

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


4,958
4,958

4,215
3,947

4,069

4,384

3,486

2,935

Yield (%)

1,924

912

-99

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

73

COMPANY REPORT

HRUM
HARUM ENERGY TBK.
Company Profile
PT Harum Energy Tbk. was originally established as PT Asia Antrasit dated October 12th,
1995.

The scope of its business activities are mainly to engage in mining, trading and services
industries. Currently, the main business activities of the Company are operating and
investing in coal mining, trading and services industries through its subsidiaries. The
Companystarteditscommercialoperationsin2007.TheCompanyanditssubsidiarieshad
995employeesinDecember31th,2013.

PT Harum Energy Tbk. is one of the leading thermal coal producers in Indonesia with
integratedminingoperationsinEastKalimantan.Throughitssubsidiariesandjointventure
company,theCompanyoperatesthreecoalminesandatugandbargeoperation.

The Company markets its coal to a diversified group of customers in various Asian
countries, such as Japan, South Korea, Taiwan, China and India, under both multiyear
contracts as well as spot contracts. The Company's customers include large coalfired
powergeneratingandmanufacturingcompanieslocatedthroughoutAsia.

TheCompanyhasownershipinterestdirectlyorindirectly,inthefollowingsubsidiaries:
PTMahakamSumberJaya,
PTLayarLintasJaya,
HarumEnergyAustraliaLtd.,
PTTambangBatubaraHarum,
HarumEnergyCapitalLtd.,
PTKaryaUsahaPertiwi.

January 2014
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

HRUM Harum Energy Tbk. [S]


COMPANY REPORT : JANUARY 2014

As of 30 January 2014

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

Individual Index
:
Listed Shares
:
Market Capitalization :

46.058
2,703,620,000
6,475,169,900,000

103 | 6.48T | 0.15% | 87.56%

33 | 8.52T | 0.77% | 64.19%

COMPANY HISTORY
Established Date
: 12-Oct-1995
Listing Date
: 06-Oct-2010
Under Writer IPO :
PT Ciptadana Securities
PT Mandiri Sekuritas
Securities Administration Bureau :
PT Datindo Entrycom
Wisma Sudirman - Puri Datindo
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Lawrence Barki
2. Agus Rajani Panjaitan *)
3. Budi Rahardja
4. Sony Budi Harsono *)
5. Yun Mulyana
*) Independent Commissioners
BOARD OF DIRECTORS
1. Ray Antonio Gunara
2. David John Heap
3. Eddy Sumarsono
4. Kenneth Scott Andrew Thompson

SHAREHOLDERS (January 2014)


1. PT Karunia Bara Perkasa
2. Public (<5%)

1,909,458,500 :
794,161,500 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2010
2011
2012

Shares

Dividend
244.10
380.00
252.00

Cum Date
30-May-11
08-Jun-12
14-Jun-13

Ex Date
31-May-11
11-Jun-12
17-Jun-13

Recording
Date
03-Jun-11
13-Jun-12
19-Jun-13

70.63%
29.37%

Payment
Date
17-Jun-11
22-Jun-12
13-Jul-13

F
F
F

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

Type of Listing
First Issue
Founder Divestment
Over Allotment
Company Listing
EMSOP I
EMSOP I
EMSOP I
EMSOP I
EMSOP I
EMSOP I
EMSOP I

Shares
200,000,000
300,000,000
50,000,000
2,150,000,000
67,500
32,500
100,000
700,000
2,195,000
450,000
75,000

Listing
Date
06-Oct-10
06-Oct-10
06-Oct-10
06-Oct-10
29-Dec-11
05-Jan-12
06-Jan-12
11-Jan-12
17-Jan-12
18-Jan-12
09-Jan-13

Trading
Date
06-Oct-10
06-Oct-10
06-Oct-10
06-Oct-10
29-Dec-11
05-Jan-12
06-Jan-12
11-Jan-12
17-Jan-12
18-Jan-12
09-Jan-13

AUDIT COMMITTEE
1. Agus Rajani Panjaitan
2. Simon Halim
3. Sony Budi Harsono
CORPORATE SECRETARY
Alexandra Mira Sukmawati
HEAD OFFICE
Jln. Alaydrus No. 80
Jakarta Pusat - 10130
Phone : (021) 634-5222
Fax
: (021) 634-5221
Homepage
Email

F/I

: www.harumenergy.com
: corsec@harumenergy.com

RESEARCH AND DEVELOPMENT DIVISION

75

HRUM Harum Energy Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

12,000

480

10,500

420

9,000

360

7,500

300

6,000

240

4,500

180

3,000

120

1,500

60

Oct-10

Oct-11

Oct-12

Oct-13

Closing Price*, Jakarta Composite Index (IHSG) and


Mining Index
October 2010 - January 2014
100%
80%

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Harum Energy Tbk. [S]
October 2010 - January 2014

Month
Oct-10
Nov-10
Dec-10

High
6,250
7,500
9,300

Low
5,200
5,700
6,700

Close
5,850
6,800
9,000

(X)
13,106
14,074
9,938

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

9,900
8,850
9,200
9,650
9,600
9,800
10,700
9,950
8,950
8,500
8,400
7,600

7,850
7,800
8,000
8,800
9,000
8,900
9,400
7,400
6,300
5,900
6,700
6,600

7,950
8,250
8,950
9,600
9,150
9,550
9,700
7,750
7,100
7,850
6,700
6,850

16,665
12,047
16,155
10,989
10,224
10,455
11,670
24,480
23,986
24,421
19,886
18,064

167,756
90,045
125,252
94,679
371,793
124,702
104,088
215,394
208,796
236,783
187,053
174,210

1,522,888
750,518
1,106,944
875,894
3,386,010
1,165,277
1,037,826
1,846,874
1,600,802
1,717,275
1,414,934
1,216,834

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

7,650
9,000
8,850
8,450
7,400
6,150
6,350
6,350
6,500
5,950
5,550
6,250

6,750
7,450
7,900
7,100
6,000
5,100
5,500
5,500
5,800
5,300
4,950
4,875

7,600
8,800
8,150
7,150
6,100
5,700
5,650
5,850
5,900
5,400
5,000
6,000

13,157
14,546
13,495
20,900
24,298
27,831
22,986
12,096
14,366
12,203
8,090
16,661

133,467
176,333
127,098
185,916
195,195
250,729
199,620
155,985
174,280
100,626
74,548
179,121

972,512
1,459,716
1,057,144
1,434,320
1,310,667
1,425,599
1,177,473
930,617
1,075,603
561,569
395,433
1,007,799

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

6,700
6,250
5,550
5,150
4,500
4,175
3,375
3,300
3,825
3,325
3,700
3,400

5,900
5,400
4,800
4,100
3,725
3,025
2,600
2,350
2,650
2,650
3,150
2,675

6,000
5,500
4,800
4,150
3,925
3,025
2,600
3,225
2,700
3,150
3,300
2,750

17,532
11,483
18,018
16,550
21,482
23,240
17,348
17,505
22,920
19,067
14,639
15,058

122,383
87,239
174,275
154,557
178,916
122,349
133,089
184,011
194,350
194,409
174,952
127,409

767,026
511,082
903,433
741,992
720,133
437,137
393,305
521,635
646,763
594,262
610,100
405,756

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

Jan-14

2,850

2,285

2,395

31,736

179,606

448,012

20

(Thou. Sh.) (Million Rp)


616,082 3,313,064
326,375 2,098,719
153,334 1,190,619

18
21
20

60%
40%
22.6%

20%
-20%
-40%

-50.8%
-56.1%

-60%

Oct 10

Oct 11

Oct 12

Oct 13

2010

2011

2012

Volume (Million Sh.)


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

1,096
6,602
37
59

2,101
17,642
199
247

1,953
12,808
201
246

1,848
7,253
215
244

180
448
32
20

Price (Rupiah)
High
Low
Close
Close*

9,300
5,200
9,000
9,000

10,700
5,900
6,850
6,850

9,000
4,875
6,000
6,000

6,700
2,350
2,750
2,750

2,850
2,285
2,395
2,395

10.82
16.17
5.20

12.02
8.49
4.07

13.23
19.30
1.62

11.52
13.24
1.41

SHARES TRADED

29.49
PER (X)
17.69
PER Industry (X)
10.57
PBV (X)
* Adjusted price after corporate action

76

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

HRUM Harum Energy Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Osman Bing Satrio & Eny (Member of Deloitte Touche Tohmatsu Limited)
BALANCE SHEET

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

1,029,592

1,660,807

1,569,658

2,225,266

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Assets

Cash & Cash Equivalents


Receivables

468,947

572,505

659,863

656,824

Inventories

296,910

626,515

985,392

346,558

Current Assets

1,808,378

2,866,473

3,245,066

3,492,764

Fixed Assets

1,011,109

1,077,768

1,185,287

1,423,950

Other Assets
Total Assets

Current Liabilities
Long Term Liabilities
Total Liabilities

5,000
3,750

15,134

18,274

23,877

21,713

3,470,174

4,645,148

5,208,642

5,897,221

33.86%

12.13%

13.22%

1,250

866,081

1,070,554

1,036,181

1,011,515

59,203

17,613

27,518

39,355

925,284

1,088,167

1,063,699

1,050,871

17.60%

-2.25%

-1.21%

1,000,000

1,000,000

1,000,000

1,000,000

270,000

270,000

279,235

270,362

2,700

2,700

2,792

2,704

100

100

100

100

974,086

1,779,263

2,046,655

2,253,014

2,298,506

3,556,981

4,144,943

4,846,351

54.75%

16.53%

16.92%

Dec-11

Dec-12

Dec-13

Growth (%)

Growth (%)

Liabilities

6,250

2,500

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


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

4,846
4,846

4,145

2,869

Total Equity

Growth (%)
INCOME STATEMENTS

Dec-09

Dec-10
4,486,422

Total Revenues

38.27%

1.81%

Cost of Revenues

2,909,766

4,322,420

7,004,135

8,116,717

Gross Profit

1,576,656

2,974,211

3,084,587

2,154,251

433,900

655,876

1,024,783

1,380,332

1,142,756

Expenses (Income)
Operating Profit

2,299

1,880

892

7,296,631 10,088,722 10,270,969

62.64%

Growth (%)

3,557

3,858

-97

2010

2011

2012

2013

TOTAL REVENUES (Bill. Rp)


10,089

10,271

2012

2013

10,271

Growth (%)
7,297

8,176

Other Income (Expenses)

-47,311

1,227,359

2,318,335

2,059,804

773,919

Tax

246,153

539,351

496,454

165,572

Profit for the period

981,206

1,778,984

1,563,350

608,348

81.31%

-12.12%

-61.09%

Income before Tax

Growth (%)

6,080

4,486
3,985

1,890

Period Attributable
Comprehensive Income
Comprehensive Attributable

1,464,247

1,272,754

513,475

1,709,316

1,511,063

531,148

899,360

1,394,579

1,221,303

435,580

Dec-10

Dec-11

Dec-12

Dec-13

Current Ratio (%)

208.80

267.76

313.18

345.30

Dividend (Rp)

244.10

380.00

252.00

EPS (Rp)

305.16

542.31

455.80

189.92

BV (Rp)

851.30

1,317.40

1,484.39

1,792.54

DAR (X)

0.27

0.23

0.20

0.18

DER(X)

0.40

0.31

0.26

0.22

ROA (%)

28.28

38.30

30.01

10.32

ROE (%)

42.69

50.01

37.72

12.55

GPM (%)

35.14

40.76

30.57

20.97

OPM (%)

25.47

NPM (%)

21.87

24.38

15.50

5.92

Payout Ratio (%)

79.99

70.07

55.29

2.71

5.55

4.20

RATIOS

Dec-09

823,940
1,056,626

-205

2010

2011

PROFIT FOR THE PERIOD (Bill. Rp)


1,779
1,779

1,563
1,416

981
1,053

Yield (%)

608

690

327

-36

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

77

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.

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.

Thescopeofitsactivitiescomprises,amongothers,themanufactureofnoodlesandfood
ingredients,culinaryfoodproducts,biscuits,snacks,nutritionandspecialfoods,packaging,
trading,transportation,warehousingandcoldstorage,managementservices,andresearch
anddevelopment.

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.

TheCompanyhasdirectshareownershipsinthefollowingsubsidiaries:
DraytonPte.Ltd.,
Indofood(M)FoodIndustriesSdn.Bhd.,
PTSuryaRengoContainers,
PTIndofoodFritolayMakmur,
PTIndofoodAsahiSuksesBeverage,
PTIndofoodTsukishimaSuksesMakmur.

ThelongterminvestmentintheassociatedentityisPTNestleIndofoodCitarasaIndonesia
and PT Asahi Indofood Beverage Makmur. As of December 31st, 2013, the Group had
27,831employees.

January 2014
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

ICBP Indofood CBP Sukses Makmur Tbk. [S]

COMPANY REPORT : JANUARY 2014

As of 30 January 2014

Main Board
Industry Sector : Consumer Goods Industry (5)
Industry Sub Sector : Food And Beverages (51)

Individual Index
:
Listed Shares
:
Market Capitalization :

203.892
5,830,954,000
64,140,494,000,000

16 | 64.1T | 1.48% | 54.37%


26 | 9.32T | 0.84% | 58.67%

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

SHAREHOLDERS (January 2014)


1. PT Indofood Sukses Makmur Tbk.
2. Public (<5%)

4,664,763,000 :
1,166,191,000 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2010
2011

Shares

Dividend
116.00
169.00

Cum Date
21-Jun-11
13-Jul-12

Ex Date
22-Jun-11
16-Jul-12

Recording
Date
24-Jun-11
18-Jul-12

80.00%
20.00%

Payment
F/I
Date
07-Jul-11 F
31-Jul-12 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 COMMISSIONERS
1. Benny Setiawan Santoso
2. Adi Pranoto Leman *)
3. Alamsyah
4. F.G. Winarno *)
5. Franciscus Welirang
6. Moleonoto
7. Wahjudi Prakarsa *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Anthoni Salim
2. Axton Salim
3. Hendra Widjaja
4. Suaimi Suriady
5. Sulianto Pratama
6. Taufik Wiraatmadja
7. Tjhie Tje Fie
8. Werianty Setiawan
9. Yungky Setiawan
AUDIT COMMITTEE
1. Adi Pranoto Leman
2. Timotius
3. Wahjudi Prakarsa
CORPORATE SECRETARY
Elly Putranti
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

: www.indofoodcbp.com
: elly.putranti@icbp.indofood.co.id

RESEARCH AND DEVELOPMENT DIVISION

79

ICBP Indofood CBP Sukses Makmur Tbk. [S]


Closing
Price*

TRADING ACTIVITIES
Volume
(Mill. Sh)

14,000

320

12,250

280

10,500

240

8,750

200

7,000

160

5,250

120

3,500

80

1,750

40

Oct-10

Oct-11

Oct-12

Oct-13

Closing Price*, Jakarta Composite Index (IHSG) and


Consumer Goods Industry Index
October 2010 - January 2014
150%
125%

Closing Price

Freq.

Volume

Value

Day

Closing Price* and Trading Volume


Indofood CBP Sukses Makmur Tbk. [S]
October 2010 - January 2014

Month
Oct-10
Nov-10
Dec-10

High
6,200
5,750
5,200

Low
5,150
5,000
4,400

Close
5,700
5,100
4,675

(X)
18,244
12,136
19,178

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

5,150
4,675
5,300
5,450
5,400
5,450
5,800
6,000
5,600
5,750
5,300
5,250

4,350
4,300
4,600
5,100
5,050
4,925
5,400
5,300
3,800
4,650
4,875
4,875

4,575
4,575
5,300
5,400
5,050
5,400
5,800
5,300
4,925
5,300
5,150
5,200

15,091
7,386
8,462
5,234
4,707
4,174
5,994
7,456
11,353
5,355
5,991
3,224

248,406
120,754
167,772
109,382
108,877
81,379
118,404
128,240
159,002
53,012
89,997
44,489

1,177,703
540,317
824,126
584,014
569,475
418,328
673,478
727,782
800,880
279,275
458,703
224,012

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

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

11,700

31,608

68,488

734,990

20

(Thou. Sh.) (Million Rp)


682,038 3,893,907
249,442 1,312,257
309,605 1,454,968

17
21
20

100%
84.9%

75%

57.2%

50%
25%

23.2%

-25%
-50%

Oct 10

Oct 11

Oct 12

Oct 13

2010

2011

2012

Volume (Million Sh.)


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

1,241
6,661
50
58

1,430
7,278
84
247

990
6,084
73
246

1,082
11,297
217
244

68
735
32
20

Price (Rupiah)
High
Low
Close
Close*

6,200
4,400
4,675
4,675

6,000
3,800
5,200
5,200

8,300
4,975
7,800
7,800

13,400
7,600
10,200
10,200

11,700
9,900
11,000
11,000

14.69
16.22
2.83

19.88
19.75
3.79

24.06
19.15
4.62

25.94
23.95
4.98

SHARES TRADED

16.00
PER (X)
16.41
PER Industry (X)
3.06
PBV (X)
* Adjusted price after corporate action

80

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

9,900 11,000

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-10

Dec-11

Dec-12

Dec-13

Cash & Cash Equivalents

3,407,687

4,420,644

5,484,318

5,526,173

Receivables

2,026,249

2,378,402

2,328,181

2,549,415

Inventories

1,422,466

1,629,883

1,812,887

2,868,722

Current Assets

7,017,835

8,580,311

9,888,440 11,321,715

Fixed Assets

2,304,588

2,590,036

3,839,756

4,844,407

136,855

169,718

888,529

BALANCE SHEET

Dec-09

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Assets

Other Assets

13,361,313 15,222,857 17,753,480 21,267,470

Total Assets

Growth (%)

13,500
9,000

16.62%

19.79%

4,500
-

2,701,200

2,988,540

3,579,487

4,696,583

Long Term Liabilities

1,297,932

1,524,544

2,187,195

3,305,156

Total Liabilities

3,999,132

4,513,084

5,766,682

8,001,739

12.85%

27.78%

38.76%

Growth (%)

18,000

13.93%

Current Liabilities

Liabilities

22,500

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


Authorized Capital

750,000

750,000

750,000

750,000

Paid up Capital

583,095

583,095

583,095

583,095

5,831

5,831

5,831

5,831

100

100

100

100

Retained Earnings

2,344,832

3,643,786

4,837,947

5,978,662

Total Equity

8,919,546 10,709,773 11,986,798 13,265,731

Paid up Capital (Shares)


Par Value

13,266
11,987
10,710
10,560

8,920
7,853

Growth (%)
INCOME STATEMENTS

Dec-09

Dec-10

20.07%

11.92%

10.67%

Dec-11

Dec-12

Dec-13

5,147

2,441

17,960,120 19,367,155 21,574,792 25,094,681

Total Revenues

7.83%

Growth (%)

11.40%

16.31%

-265

2010

2011

2012

2013

12,993,217 14,335,896 15,796,183 18,668,990

Cost of Revenues
Gross Profit

4,966,903

5,031,259

5,778,609

6,425,691

Expenses (Income)

2,322,011

2,423,258

-2,936,549

3,653,767

Operating Profit

2,644,892

2,608,001

2,842,060

2,771,924

-1.39%

8.97%

-2.47%

TOTAL REVENUES (Bill. Rp)


25,095
25,095

Growth (%)

21,575
19,975

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

-125,750

136,909

185,130

195,066

2,519,142

2,744,910

3,027,190

2,966,990

666,913

678,545

-744,819

733,699

1,827,909

2,066,365

2,282,371

2,235,040

13.05%

10.45%

-2.07%

Growth (%)

17,960

19,367

14,856

9,737

4,617

Period Attributable

1,704,047

1,975,345

2,179,592

2,225,272

Comprehensive Income

1,836,872

2,064,049

2,287,242

2,286,639

Comprehensive Attributable

1,710,197

1,973,683

2,183,205

2,260,929

Dec-10

Dec-11

Dec-12

Dec-13

Current Ratio (%)

259.80

287.11

276.25

241.06

Dividend (Rp)

116.00

169.00

RATIOS

Dec-09

292.24

338.77

373.80

381.63

BV (Rp)

1,529.69

1,836.71

2,055.72

2,275.05

DAR (X)

0.30

0.30

0.32

0.38

DER(X)

0.45

0.42

0.48

0.60

ROA (%)

13.68

13.57

12.86

10.51

ROE (%)

20.49

19.29

19.04

16.85

GPM (%)

27.66

25.98

26.78

25.61

OPM (%)

14.73

13.47

13.17

11.05

NPM (%)

10.18

10.67

10.58

8.91

Payout Ratio (%)

39.69

49.89

2.48

3.25

EPS (Rp)

-502

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


2,282

2,235

2012

2013

2,066

2,282

1,828
1,817

1,351

Yield (%)

886

420

-46

2010

2011

RESEARCH AND DEVELOPMENT DIVISION

81

COMPANY REPORT

INDF
INDOFOOD SUKSES MAKMUR TBK.

Company Profile
Over a number of decades PT Indofood Sukses Makmur Tbk. (Indofood) has been progressively
transformed to become a Total Food Solutions company with operations in all stages of food
manufacturing from the production of raw materials and their processing through to consumer
productsinthemarket.Today,itisrenownedasawellestablishedcompanyandaleadingplayerin
eachcategoryofbusinessinwhichitoperates.Initsbusinessoperations,Indofoodcapitalizesonits
resilientbusinessmodelwithfourcomplementaryStrategicBusinessGroups(Goup),namely:

ConsumerBrandedProducts(CBP).ItsbusinessactivitiesareconductedbyPTIndofood
CBPSuksesMakmurTbk(ICBP),whichwaslistedontheIndonesiaStockExchange(IDX)
on7October2010.ICBPisoneoftheleadingpackagedfoodproducersinIndonesia,witha
wide range of packaged food products. ICBP product brands are among the strongest
brandswiththemostsignificantmindshareinIndonesiaforconsumerfoodbrands.

Bogasari,primarilyaproducerofwheatflouraswellaspasta.Itsbusinessoperationsare
supportedbyshippingandpackagingunits.

Agribusiness.TheGroupisledbyIndofoodAgriResourcesLtd.(IndoAgri),listedonthe
Singapore Stock Exchange. Both of IndoAgris subsidiaries, PT Salim Ivomas Pratama Tbk
(SIMP),andPTPerusahaanPerkebunanLondonSumatraIndonesiaTbk(Lonsum),are
listed on the IDX. The Groups principal business activities range from research and
development,seedbreeding,oilpalmcultivationandmilling;aswellastheproductionand
marketingofbrandedcookingoils,margarineandshortening.Inaddition,theGroupisalso

involvedinthecultivationandprocessingofrubberandsugarcaneaswellasothercrops.
Distribution, which boasts the most extensive distribution network in Indonesia. It
distributes the majority of Indofoods and its subsidiaries consumer products as well as
thirdpartyproducts.

AsofDecember31st,2013,theCompanyanditsSubsidiarieshadatotalof84,871employees.

January 2014
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

INDF Indofood Sukses Makmur Tbk. [S]

COMPANY REPORT : JANUARY 2014

As of 30 January 2014

Main Board
Industry Sector : Consumer Goods Industry (5)
Industry Sub Sector : Food And Beverages (51)

Individual Index
:
Listed Shares
:
Market Capitalization :

1,193.957
8,780,426,500
61,243,474,837,500

17 | 61.2T | 1.41% | 55.78%


12 | 19.9T | 1.80% | 40.27%

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 Valez Pangilinan
2. Benny Setiawan Santoso
3. Edward Anthony Tortorici
4. Graham Leigh Pickles
5. Hans Kartikahadi *)
6. Robert Charles Nicholson
7. Torstein Stephansen *)
8. Utomo Josodirdjo *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Anthoni Salim
2. Axton Salim
3. Darmawan Sarsito (Kevin Sietho)
4. Franciscus Welirang
5. Joseph Bataona
6. Moleonoto (Paulus Moleonoto)
7. Taufik Wiraatmadja
8. Tjhie Tje Fie (Thomas Tjhie)
9. Werianty Setiawan

SHAREHOLDERS (January 2014)


1. CAB Holdings Limited
2. Public (<5%)

4,394,603,450 :
4,385,823,050 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1994
1995
1996
2000
2001
2002
2003
2005
2005
2006
2007
2008
2009
2010
2011
2012

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

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

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

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

50.05%
49.95%

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

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

AUDIT COMMITTEE
1. Hans Kartikahadi
2. Hendra Susanto
3. Timotius
CORPORATE SECRETARY
Werianty Setiawan
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
: werianty@indofood.co.id

RESEARCH AND DEVELOPMENT DIVISION

83

INDF Indofood Sukses Makmur Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

8,000

160

7,000

140

6,000

120

5,000

100

4,000

80

3,000

60

2,000

40

1,000

20

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Consumer Goods Industry Index
January 2010 - January 2014
245%
210%
179.5%

175%
140%
105%

89.8%
70%

71.6%

35%
-35%

Jan 10

Jan 11

SHARES TRADED
Volume (Million Sh.)
Value (Billion Rp)
Frequency (Thou. X)
Days
Price (Rupiah)
High
Low
Close
Close*

Jan 12

Jan 14

2010

2011

2012

6,114
26,422
364
245

3,845
20,321
335
247

3,371
17,526
274
246

3,207
21,844
359
244

194
1,340
39
20

5,800
3,300
4,875
4,875

6,800
4,150
4,600
4,600

6,200
4,400
5,850
5,850

8,000
5,350
6,600
6,600

7,350
6,550
6,975
6,975

8.05
16.22
1.28

10.54
19.75
1.50

22.61
19.15
1.50

23.90
23.95
1.59

14.50
PER (X)
16.41
PER Industry (X)
2.55
PBV (X)
* Adjusted price after corporate action

84

Jan 13

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Indofood Sukses Makmur Tbk. [S]
January 2010 - January 2014

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

High
3,900
3,950
4,225
3,950
3,950
4,225
4,725
4,850
5,800
5,700
5,200
4,975

Low
3,400
3,375
3,700
3,700
3,300
3,475
4,100
4,100
4,450
4,800
4,525
4,425

Close
3,600
3,800
3,775
3,900
3,650
4,150
4,625
4,550
5,450
5,200
4,575
4,875

(X)
19,155
16,258
22,401
26,928
33,032
22,744
20,043
53,114
40,387
50,506
29,814
29,244

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

5,100
4,900
5,450
5,700
5,750
5,850
6,500
6,800
6,250
5,750
5,250
4,875

4,300
4,550
4,750
5,200
5,250
5,150
5,700
5,850
4,150
4,575
4,600
4,500

4,700
4,750
5,400
5,550
5,400
5,750
6,350
6,100
5,050
5,250
4,700
4,600

29,796
15,394
27,762
17,178
18,291
19,672
22,022
34,598
51,427
36,536
38,862
23,694

364,749
180,015
313,582
212,478
270,736
268,060
267,156
378,704
588,035
388,580
371,421
241,411

1,725,256
853,054
1,581,400
1,161,362
1,497,017
1,463,174
1,590,534
2,396,653
3,052,287
2,046,847
1,822,817
1,130,332

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

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

7,350

6,550

6,975

39,285

194,431

1,339,609

20

(Thou. Sh.) (Million Rp)


416,987 1,542,974
332,640 1,220,407
373,683 1,463,808
468,345 1,798,803
644,511 2,320,315
514,572 1,995,277
355,861 1,561,997
779,462 3,398,163
668,483 3,419,349
689,172 3,550,603
460,205 2,269,103
409,963 1,881,471

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

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-09

Dec-10

Dec-11

Dec-12

Dec-13

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Assets

Cash & Cash Equivalents

4,474,830 10,439,353 13,049,048 13,343,028 13,666,194

Receivables

2,296,474

2,686,273

3,669,305

3,485,461

4,959,416

Inventories

5,117,484

5,644,141

6,536,343

7,782,594

8,160,539

Current Assets

12,954,813 20,077,994 24,501,734 26,202,972 32,464,497

Fixed Assets

10,808,449 11,737,142 12,921,013 15,775,741 23,027,913

Other Assets
Total Assets

2,044,473

1,133,994

1,216,694

2,748,446

40,382,953 47,275,955 53,585,933 59,324,207 78,092,789

17.07%

Growth (%)

13.35%

10.71%

52,500
35,000
17,500

9,859,118 12,831,304 13,080,544 19,471,309

11,158,962

Long Term Liabilities

13,727,819 12,563,999

Total Liabilities

24,886,781 22,423,117 21,975,708 25,181,533 39,719,660

2009

9,144,404 12,100,989 20,248,351

-9.90%

-2.00%

14.59%

57.73%

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 (%)

70,000

31.64%

Current Liabilities

Liabilities

87,500

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


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

6,991,568

38,373
38,373

34,143
31,610

30,545

9,110,852 11,020,235 12,744,836 13,609,258


22,717

Total Equity

10,155,495 16,784,671 31,610,225 34,142,674 38,373,129

Growth (%)
INCOME STATEMENTS
Total Revenues

65.28%

88.33%

8.01%

12.39%

Dec-10

Dec-11

Dec-12

Dec-13

16,785
14,889

10,155

Dec-09

7,061

37,140,830 38,403,360 45,332,256 50,059,427 57,731,998

3.40%

Growth (%)

18.04%

10.43%

15.33%

Cost of Revenues

27,018,884 25,932,908 32,749,190 36,493,332 43,402,144

Gross Profit

10,121,946 12,470,452 12,583,066 13,566,095 14,329,854

Expenses (Income)

5,117,737

5,741,141

5,732,047

-6,695,501

7,611,873

Operating Profit

5,004,209

6,729,311

6,851,019

6,870,594

6,717,981

34.47%

1.81%

0.29%

-2.22%

-767

2009

2010

2011

2012

2013

TOTAL REVENUES (Bill. Rp)


57,732
57,732

Growth (%)

50,059
45,332
45,955

-940,396

-1,296,936

-498,630

-560,838

Income before Tax

4,063,813

5,432,375

6,352,389

6,309,756

4,666,958

Tax

1,207,032

1,497,567

1,460,716

-1,530,310

1,252,072

Profit for the period

2,856,781

3,934,808

4,891,673

4,779,446

3,416,635

37.74%

24.32%

-2.29%

-28.51%

Other Income (Expenses)

Growth (%)

-2,051,023

37,141

38,403

2009

2010

34,177

22,400

10,623

Period Attributable

2,075,861

2,952,858

3,077,180

3,261,176

2,503,841

Comprehensive Income

2,726,309

4,016,793

5,017,425

4,871,745

5,161,247

Comprehensive Attributable

1,946,495

3,029,667

3,203,898

3,346,600

4,011,240

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

116.09

203.65

190.95

200.32

166.73

93.00

133.00

175.00

185.00

RATIOS
Current Ratio (%)
Dividend (Rp)

236.42

336.30

350.46

371.41

285.16

BV (Rp)

1,156.61

1,911.60

3,600.08

3,888.50

4,370.30

DAR (X)

0.62

0.47

0.41

0.42

0.51

DER(X)

2.45

1.34

0.70

0.74

1.04

EPS (Rp)

-1,155

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


4,892

4,779

4,892

3,935
3,417

3,894

2,857
2,896

ROA (%)

7.07

8.32

9.13

8.06

4.38

ROE (%)

28.13

23.44

15.47

14.00

8.90

GPM (%)

27.25

32.47

27.76

27.10

24.82

OPM (%)

13.47

17.52

15.11

13.72

11.64

NPM (%)

7.69

10.25

10.79

9.55

5.92

39.34

39.55

49.93

49.81

2.62

2.73

3.80

3.16

Payout Ratio (%)


Yield (%)

1,898

900

-98

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

85

C
CO
OM
MP
PA
AN
NY
Y R
RE
EP
PO
OR
R 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:
PTDianAbadiPerkasa,
PTGunungTuaMandiri,
PTIndomixPerkasa,
PTSariBhaktiSejati,
Indocement(CaymanIslands)Limited,and
PTLenteraAbadiSejahtera.

TheCompanyalsohasindirectownershipinsubsidiaries:
PTPionirbetonIndustri,
PTMandiriSejahteraSentra,
PTBahanaIndonor,
PTSahabatMuliaSakti,
PTMineralIndustriSukabumi,
PTMultiBangunGalaxy,and
PTBhaktiSariPerkasaAbadi.

As of December 31st, 2013, the Group had a total of 7,585 permanent employees
(unaudited).

January 2014
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

INTP Indocement Tunggal Prakarsa Tbk. [S]


COMPANY REPORT : JANUARY 2014

As of 30 January 2014

Main Board
Industry Sector : Basic Industry And Chemicals (3)
Industry Sub Sector : Cement (31)

Individual Index
:
Listed Shares
:
Market Capitalization :

896.000
3,681,231,699
82,459,590,057,600

10 | 82.5T | 1.90% | 44.45%

16 | 17.4T | 1.57% | 46.93%

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. I Nyoman Tjager *)
5. Lorenz Naeger
6. Muhammad Jusuf Hamka *)
7. Tedy Djuhar *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Daniel Eugene Antoine Lavalle
2. Benny Setiawan Santoso
3. Christian Kartawijaya
4. Daniel Robert Fritz
5. Daniel Kundjono Adam
6. Fransiscus Welirang
7. Hasan Imer
8. Kuky Permana Kumalaputra
9. Ramakanta Bhattacharjee
10. Tju Lie Sukanto
AUDIT COMMITTEE
1. I Nyoman Tjager
2. Jusuf Halim
3. Lindawati Gani

SHAREHOLDERS (January 2014)


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
1994
1994
1995
1995
1996
1997
2005
2006
2007
2008
2009
2010
2011
2012

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

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

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

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

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

I
F
F
F
F
I
F
F
F
F
I
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

CORPORATE SECRETARY
Sahat Panggabean
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
sahat.panggabean@indocement.co.id

RESEARCH AND DEVELOPMENT DIVISION

87

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-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Basic Industry and Chemicals Index
January 2010 - January 2014
140%
120%
100%
86.2%

80%

71.6%
61.7%

60%
40%
20%
-20%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

2010

2011

2012

Volume (Million Sh.)


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

1,070
16,915
175
245

1,060
16,206
228
247

841
16,063
217
246

955
20,627
314
244

64
1,340
43
20

Price (Rupiah)
High
Low
Close
Close*

19,400
12,600
15,950
15,950

17,900
10,700
17,050
17,050

23,250
15,800
22,450
22,450

27,400
16,500
20,000
20,000

22,500
19,825
22,400
22,400

17.43
10.41
3.99

17.35
9.79
4.26

15.30
17.44
3.41

17.14
13.29
3.82

SHARES TRADED

18.21
PER (X)
12.86
PER Industry (X)
4.49
PBV (X)
* Adjusted price after corporate action

88

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Indocement Tunggal Prakarsa Tbk. [S]
January 2010 - January 2014

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

High
14,950
14,050
14,600
16,100
16,550
16,800
17,100
18,850
19,400
19,400
18,300
17,100

Low
12,600
12,600
13,200
14,100
13,500
14,800
15,500
15,900
17,650
17,800
16,250
15,500

Close
13,500
13,700
14,250
15,800
15,000
15,800
16,900
17,650
18,400
18,300
16,600
15,950

(X)
15,445
12,523
11,854
14,945
16,721
10,872
8,802
12,361
12,038
15,544
20,425
23,282

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

16,900
15,700
16,400
17,900
17,400
17,550
17,500
15,700
15,950
16,350
16,250
17,300

12,750
13,600
14,100
15,800
16,300
16,350
15,300
13,400
10,700
11,700
14,400
15,000

13,550
14,400
16,350
17,000
16,900
17,050
15,450
15,200
14,000
16,350
15,000
17,050

24,440
16,456
19,235
15,317
15,815
13,168
16,979
23,463
24,770
23,279
18,484
16,717

140,024
98,775
103,373
63,289
64,838
40,686
94,842
115,063
95,452
83,136
60,468
100,145

2,055,974
1,441,396
1,547,505
1,066,959
1,094,051
688,640
1,546,604
1,689,999
1,334,694
1,189,356
925,715
1,624,891

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

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

22,500 19,825 22,400

42,897

63,573

1,340,256

20

(Thou. Sh.) (Million Rp)


114,570 1,582,001
72,569
963,355
83,422 1,166,358
101,764 1,522,935
101,361 1,519,641
59,637
937,672
43,398
713,606
60,776 1,032,293
64,454 1,208,378
87,480 1,611,578
107,151 1,849,201
173,300 2,808,059

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

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-09

Dec-10

Cash & Cash Equivalents

2,623,473

4,684,870

6,864,567 10,474,126 12,595,187

Receivables

1,361,164

1,402,690

1,976,769

2,454,818

2,518,588

Inventories

1,269,425

1,299,549

1,327,720

1,470,305

1,473,645

Current Assets

5,322,916

7,484,807 10,314,573 14,579,400 16,846,248

Fixed Assets

7,773,279

7,702,769

7,638,064

7,935,224

9,304,992

103,703

100,319

128,546

141,371

324,750

BALANCE SHEET

Dec-11

Dec-12

Dec-13

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

13,276,270 15,346,146 18,151,331 22,755,160 26,607,241

Current Liabilities
Long Term Liabilities
Total Liabilities

22,000
16,500
11,000

15.59%

18.28%

25.36%

16.93%

5,500

1,771,031

1,347,706

1,476,597

2,418,762

2,740,089

801,045

897,842

940,783

917,660

889,465

2,572,076

2,245,548

2,417,380

3,336,422

3,629,554

-12.70%

7.65%

38.02%

8.79%

Growth (%)

Growth (%)

Liabilities

27,500

2009

2010

2011

2012

2013

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

Paid up Capital (Shares)


Par Value
Retained Earnings

3,681

3,681

3,681

3,681

3,681

500

500

500

500

500

6,145,770

22,978
22,978

19,419
18,290

15,734

8,542,435 11,166,666 14,848,447 18,202,133

13,077
13,603

Total Equity

Growth (%)
INCOME STATEMENTS
Total Revenues

10,681

10,680,725 13,077,390 15,733,951 19,418,738 22,977,687

Dec-09

22.44%

20.31%

23.42%

18.33%

Dec-10

Dec-11

Dec-12

Dec-13

8,915

4,228

10,576,456 11,137,805 13,887,892 17,290,337 18,691,286

Growth (%)

5.31%

24.69%

24.50%

8.10%

Cost of Revenues

5,468,018

5,597,043

7,473,669

9,020,338 10,036,632

Gross Profit

5,108,439

5,540,762

6,414,223

8,269,999

8,654,654

Expenses (Income)

1,415,133

1,520,732

1,996,200

2,393,257

2,590,554

Operating Profit

3,693,305

4,020,030

4,418,023

5,876,742

6,064,100

8.85%

9.90%

33.02%

3.19%

92,366

221,812

290,133

362,808

531,054

Income before Tax

3,796,327

4,248,476

4,708,156

6,239,550

6,595,154

Tax

1,047,741

1,023,795

1,106,640

1,476,162

1,582,860

Profit for the period

2,748,586

3,224,681

3,601,516

4,763,388

5,012,294

17.32%

11.69%

32.26%

5.23%

-460

2009

2010

2011

18,691
17,290
13,888

14,878

Other Income (Expenses)

Growth (%)

2013

TOTAL REVENUES (Bill. Rp)


18,691

Growth (%)

2012

10,576

11,138

2009

2010

11,065

7,252

3,439

Period Attributable

2,748,586

3,224,942

3,596,918

4,760,382

5,010,240

Comprehensive Income

2,746,654

3,224,681

3,601,516

4,763,388

5,217,953

3,224,942

3,596,918

4,760,382

5,215,899

Comprehensive Attributable

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Current Ratio (%)

300.55

555.37

698.54

602.76

614.81

Dividend (Rp)

225.00

263.00

293.00

450.00

RATIOS

746.65

876.05

977.10

1,293.15

1,361.02

BV (Rp)

2,901.40

3,552.45

4,274.10

5,275.07

6,241.85

DAR (X)

0.19

0.15

0.13

0.15

0.14

DER(X)

0.24

0.17

0.15

0.17

0.16

ROA (%)

20.70

21.01

19.84

20.93

18.84

ROE (%)

25.73

24.66

22.89

24.53

21.81

GPM (%)

48.30

49.75

46.19

47.83

46.30

OPM (%)

34.92

36.09

31.81

33.99

32.44

NPM (%)

25.99

28.95

25.93

27.55

26.82

Payout Ratio (%)

30.13

30.02

29.99

34.80

1.64

1.65

1.72

2.00

EPS (Rp)

-374

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


4,763

5,012

5,012

3,602

3,990

3,225
2,749
2,967

Yield (%)

1,945

922

-100

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

89

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.

The scope of the Company business includes coal mining operations, processing and
logistics which are integrated in Indonesia. The company owns the majority of shares in
seven subsidiaries and operates six mining concessions in the island of Kalimantan,
covering East, Central and South Kalimantan. The Company also owns and operates
Terminal Batubara Bontang (Bontang Coal Terminal/BoCT), three loading ports and
PembangkitListrikBontang[BontangElectricityGenerator].

TheCompanyhasdirectandindirectownershipinthefollowingsubsidiaries:
PTIndomincoMandiri,
PTTrubaindoCoalMining,
PTJorongBarutamaGreston,
Kitadin,
PTBharintoEkatama,
PTITMIndonesia,and

PTTambangRayaUsahaTama.

January 2014
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

ITMG Indo Tambangraya Megah Tbk. [S]


COMPANY REPORT : JANUARY 2014

As of 30 January 2014

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

Individual Index
:
Listed Shares
:
Market Capitalization :

191.429
1,129,925,000
30,281,990,000,000

28 | 30.3T | 0.70% | 64.54%

28 | 8.86T | 0.80% | 60.28%

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
Wisma Sudirman - Puri Datindo
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. Rudijanto Boentoro
5. Somruedee Chaimongkol
6. Somyot Ruchirawat
*) Independent Commissioners
BOARD OF DIRECTORS
1. Pongsak Thongampai
2. A.H. Bramantya Putra
3. Edward Manurung (not affiliated)
4. Hartono Widjaja
5. Leksono Poeranto
6. Sean Trehane Pellow

SHAREHOLDERS (January 2014)


1. Banpu Minerals (Singapore) Private Limited
2. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2007
2008
2008
2008
2009
2009
2010
2010
2011
2011
2012
2012
2013
2013

Shares

Dividend
155.00
344.00
295.00
706.00
678.00
1,286.00
795.00
407.00
1,168.00
1,168.00
1,666.00
USD 1.464
1,014.00
975.00

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
28-Sep-11
29-Oct-12
26-Apr-13
29-Oct-13
28-Apr-14

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
29-Sep-11
30-Oct-12
29-Apr-13
30-Oct-13
29-Apr-14

734,452,000 :
395,473,000 :

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
03-Oct-11
01-Nov-12
01-May-13
01-Nov-13
02-May-14

65.00%
35.00%

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-Oct-11
14-Nov-12
15-May-13
15-Nov-13
14-May-14

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

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

91

ITMG Indo Tambangraya Megah Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

58,000

160

50,750

140

43,500

120

36,250

100

29,000

80

21,750

60

14,500

40

7,250

20

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Mining Index
January 2010 - January 2014
125%
100%
75%

71.6%

50%
25%
-16.4%

-25%

-40.2%

-50%
-75%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

2010

2011

2012

Volume (Million Sh.)


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

529
20,208
169
245

532
24,259
286
247

386
15,257
206
246

306
9,905
196
244

30
793
40
20

Price (Rupiah)
High
Low
Close
Close*

55,300
28,100
50,750
50,750

57,950
34,300
38,650
38,650

45,800
30,150
41,550
41,550

42,900
24,200
28,500
28,500

28,700
24,850
26,800
26,800

8.74
16.17
4.46

11.38
8.49
4.84

11.28
19.30
2.73

10.61
13.24
2.56

SHARES TRADED

31.29
PER (X)
17.69
PER Industry (X)
8.86
PBV (X)
* Adjusted price after corporate action

92

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Indo Tambangraya Megah Tbk. [S]
January 2010 - January 2014

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

High
34,500
32,300
39,750
40,600
39,300
39,450
39,200
41,000
41,750
50,100
55,300
53,000

Low
30,150
28,100
31,500
37,500
29,850
33,200
36,750
37,500
36,550
40,900
45,200
46,000

Close
31,400
31,600
38,050
39,050
36,000
37,150
37,500
39,200
41,600
45,200
49,050
50,750

(X)
17,037
22,456
13,813
11,229
16,618
9,357
7,059
6,941
17,772
11,635
15,731
19,033

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

57,950
48,650
51,400
50,250
48,000
47,500
52,000
51,350
47,000
45,100
45,000
40,450

43,700
43,650
39,900
46,650
44,400
44,000
44,500
40,000
37,500
34,300
36,250
34,950

46,300
45,700
46,200
46,800
47,000
44,750
50,500
43,150
39,250
44,650
38,150
38,650

29,196
22,560
49,551
24,415
22,941
11,842
22,708
21,131
23,568
20,495
19,148
18,594

64,211
40,535
90,260
41,472
46,175
21,509
52,561
42,572
38,180
36,042
27,770
30,704

3,267,046
1,874,932
4,107,414
1,992,811
2,148,862
989,239
2,535,598
1,939,362
1,631,637
1,454,671
1,146,861
1,170,734

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

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

28,700 24,850 26,800

40,294

30,444

792,755

20

(Thou. Sh.) (Million Rp)


51,045 1,659,622
53,092 1,612,335
37,458 1,317,729
24,097
936,776
43,988 1,536,731
18,299
667,453
13,700
522,901
16,121
632,650
161,965 6,015,653
29,006 1,304,371
38,063 1,896,326
42,305 2,105,659

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

ITMG Indo Tambangraya Megah Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)
Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Cash & Cash Equivalents

4,042,795

2,644,640

5,553,388

4,460,094

3,542,435

Receivables

1,354,003

1,359,610

2,321,598

2,439,567

2,383,251

Inventories

612,466

633,245

970,013

1,459,919

1,483,112

Current Assets

6,348,447

5,459,998

9,670,360

9,369,534

9,157,445

Fixed Assets

3,240,377

3,126,948

3,122,629

3,244,382

3,884,351

20,174

13,031

20,626

133,277

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

28,327
11,306,120

Long Term Liabilities


Total Liabilities

14,000
10,500
7,000

-13.47%

46.31%

0.74%

18.46%

3,500

3,209,739

2,976,449

4,087,383

4,225,993

4,597,250

668,026

333,578

425,489

500,771

657,807

3,877,765

3,310,027

4,512,872

4,726,764

5,255,057

-14.64%

36.34%

4.74%

11.18%

1,500,000

1,500,000

1,500,000

1,500,000

1,500,000

564,963

564,963

564,963

564,963

1,500,000

1,130

1,130

1,130

1,130

3,000

500

500

500

500

500

3,721,941

3,052,682

6,188,194

5,893,836

7,005,372

Growth (%)
Current Liabilities

9,783,380 14,313,602 14,420,136 17,081,558

Growth (%)

Liabilities

17,500

2009

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


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

11,827
11,827

9,801

9,693

2011

2012

9,414

7,428
6,473
7,001

Total Equity

7,428,355

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09

6,473,353

9,800,731

9,693,372 11,826,501

-12.86%

51.40%

-1.10%

22.01%

Dec-10

Dec-11

Dec-12

Dec-13

4,589

2,176

14,228,350 14,977,028 21,598,843 23,584,559 26,733,422

5.26%

Growth (%)

44.21%

9.19%

13.35%

Cost of Revenues

8,847,730 10,114,588 13,509,570 16,417,475 20,485,612

Gross Profit

5,380,621

4,862,440

8,089,273

7,167,085

6,247,810

Expenses (Income)

1,269,578

1,604,252

1,678,967

1,451,061

2,309,778

Operating Profit

4,111,043

3,258,188

6,410,305

-20.75%

96.74%

-237

2009

2010

TOTAL REVENUES (Bill. Rp)


26,733
26,733

Growth (%)

2013

23,585
21,599

21,280

Other Income (Expenses)


Income before Tax

194,886

-768,104

208,773

4,305,929

2,490,084

6,619,078

5,716,024

3,938,032

Tax

1,140,676

657,217

1,666,807

1,538,168

1,109,993

Profit for the period

3,165,253

1,832,868

4,952,271

4,177,856

2,828,039

-42.09%

170.19%

-15.64%

-32.31%

Growth (%)

15,826

14,228

14,977

2009

2010

10,373

4,919

3,165,253

1,832,868

4,952,271

4,177,856

2,828,039

Comprehensive Income

1,697,928

4,999,225

4,125,029

2,828,039

Comprehensive Attributable

1,697,928

4,999,225

4,125,029

2,828,039

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

197.79

183.44

236.59

221.71

199.19

Dividend (Rp)

1,964.00

1,202.00

2,336.00

1,666.00

1,989.00

EPS (Rp)

2,801.29

1,622.11

4,382.83

3,697.46

942.68

BV (Rp)

6,574.20

5,729.01

8,673.79

8,578.78

3,942.17

DAR (X)

0.34

0.34

0.32

0.33

0.31

Period Attributable

RATIOS
Current Ratio (%)

-535

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


4,952
4,952

4,178
3,942

3,165
2,828
2,932

0.52

0.51

0.46

0.49

0.44

ROA (%)

28.00

18.73

34.60

28.97

16.56

ROE (%)

42.61

28.31

50.53

43.10

23.91

GPM (%)

37.82

32.47

37.45

30.39

23.37

OPM (%)

28.89

21.75

29.68

NPM (%)

22.25

12.24

22.93

17.71

10.58

Payout Ratio (%)

70.11

74.10

53.30

45.06

210.99

6.18

2.37

6.04

4.01

6.98

DER(X)

Yield (%)

1,833
1,921

911

-99

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

93

C
CO
OM
MP
PA
AN
NY
Y R
RE
EP
PO
OR
RT
T

JSMR
JASA MARGA (PERSERO) TBK.
Company Profile
PT Jasa Marga (Persero) Tbk. was established dated September 10th, 1982, under the
framework of Government Regulation regarding the State Capital Investment for the
establishment of a StateOwned Company (Persero) in the area of management,
maintenance and development of toll roads and the detailed management regulations.
TheCompanycommenceditscommercialoperationsin1978.

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 characteristics are
defensiveandresistanttofluctuatedconditionofglobaleconomy.

Forthesepurposes,theCompanyperformsthefollowingactivities:
1. Performtechnicalplanning,construction,operateand/ormaintenanceoftollroad;
2. Organizethelandintollroadarea(Rumijatol)andthelandtoborderonRumijatolfor
restareaandserviceincludingfacilitiesandotherbusinessoperatedeitherseparately
orincooperationwithotherparties;and

In additionto the main business activity, Company may run other supporting business
activities,subjecttolawsandregulations,involve:
1. PropertyDevelopmentintheareaoftollroadcorridor.
2. Development service for business related to transportation facilities,
liquid/solid/gasmaterialdistribution,networkofinformation,communicationand
technology,relatedtotollroadcorridor.
3. Tradeandserviceforconstruction,maintenanceandoperationoftollroad

TheCompanyisdomiciledinJakartaandiscurrentlyoperating25tollroadsmanagedbyits
9branchofficesandtheCompanysSubsidiaries.AsofDecember31st,2013theCompany
hadtotalpermanentemployeesof4,875persons.

January 2014
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

JSMR Jasa Marga (Persero) Tbk. [S]


COMPANY REPORT : JANUARY 2014

As of 30 January 2014

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 :

304.412
6,800,000,000
35,190,000,000,000

21 | 35.2T | 0.81% | 59.38%

22 | 11.8T | 1.07% | 54.84%

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
Wisma Sudirman - Puri Datindo
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Agoes Widjanarko
2. Akhmad Syakhroza
3. Boediarso Teguh Widodo
4. Ibnu Purna Muchtar
5. Michael Dendron Primanto *)
6. Samsoedin *)
*) Independent Commissioners

SHAREHOLDERS (January 2014)


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
09-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. Abdul Hadi
3. Hasanudin
4. Muh Najib Fauzan
5. Reynaldi Hermansjah
AUDIT COMMITTEE
1. Michael Dendron Primanto
2. Agita Widjajanto
3. Rustam Wahyudi
CORPORATE SECRETARY
David Wijayatno
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
jasmar@jasamarga.com

RESEARCH AND DEVELOPMENT DIVISION

95

JSMR Jasa Marga (Persero) Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

7,000

160

6,125

140

5,250

120

4,375

100

3,500

80

2,625

60

1,750

40

875

20

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Infrastructure, Utilities and Transportation Index
January 2010 - January 2014
280%
240%
200%
179.7%
160%
120%
80%

71.6%

40%

32.1%

-40%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

2010

2011

2012

Volume (Million Sh.)


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

2,753
6,731
133
245

2,175
7,871
141
247

2,519
13,121
167
246

2,300
13,229
220
244

182
906
33
20

Price (Rupiah)
High
Low
Close
Close*

3,900
1,660
3,425
3,425

4,275
2,925
4,200
4,200

6,000
4,125
5,450
5,450

6,950
4,525
4,725
4,725

5,450
4,400
5,175
5,175

21.61
11.09
3.09

24.12
17.53
3.79

23.55
18.40
3.09

25.80
18.52
3.39

SHARES TRADED

19.51
PER (X)
14.36
PER Industry (X)
3.01
PBV (X)
* Adjusted price after corporate action

96

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Jasa Marga (Persero) Tbk. [S]
January 2010 - January 2014

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

High
1,900
1,800
1,840
2,150
2,075
2,200
2,725
3,025
3,375
3,900
3,775
3,600

Low
1,770
1,660
1,730
1,780
1,750
1,900
2,000
2,525
2,900
3,175
3,350
3,150

Close
1,800
1,780
1,790
2,075
1,970
2,025
2,675
2,925
3,200
3,750
3,475
3,425

(X)
7,773
4,287
7,732
24,979
10,682
11,022
12,444
9,876
9,894
10,770
14,041
9,386

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

3,575
3,200
3,425
3,525
3,525
3,650
4,000
4,175
4,275
3,975
4,000
4,275

2,925
2,950
3,150
3,250
3,275
3,325
3,550
3,625
3,400
3,550
3,675
3,750

3,000
3,175
3,400
3,300
3,475
3,625
3,975
4,000
3,975
3,850
3,875
4,200

12,779
6,832
13,551
13,158
9,957
7,995
11,849
11,334
16,354
17,076
8,082
11,878

197,010
104,194
195,067
174,537
193,346
175,397
191,975
229,033
225,381
175,397
85,380
228,156

636,186
320,670
642,378
587,008
663,699
603,870
722,040
896,266
885,369
665,325
330,751
917,847

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

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

5,450

4,400

5,175

32,974

182,407

906,070

20

(Thou. Sh.) (Million Rp)


151,173
277,498
50,755
88,599
156,449
279,869
720,011 1,426,713
217,164
421,065
211,349
435,942
284,982
664,587
177,397
491,645
176,359
523,935
193,517
677,678
270,049
954,411
488,862
144,135

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

JSMR Jasa Marga (Persero) Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)
Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

3,314,003

4,011,590

3,764,009

4,302,382

3,514,061

Receivables

64,672

23,630

87,994

64,092

177,198

Inventories

Current Assets

3,430,338

4,090,141

3,996,741

4,531,117

3,746,345

Fixed Assets

9,863,302 13,694,508 15,945,902

422,507

593,028

289,155

130,965

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Other Assets
Total Assets

Assets

392,755

259,058

440,239

16,174,264 18,952,129 21,432,134 24,753,551 28,366,345

17.17%

Growth (%)

17,250
11,500

15.50%

14.60%

5,750

4,919,884

2,966,355

2,478,279

3,768,596

6,648,164

Long Term Liabilities

5,462,468

8,114,384

8,423,258

8,317,601 12,579,482

Total Liabilities

8,428,823 10,592,663 12,191,853 14,965,766 17,499,365

Growth (%)

23,000

13.09%

Current Liabilities

25.67%

15.10%

22.75%

16.93%

Liabilities

28,750

2009

2010

2011

2012

2013

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
3,449,446

Paid up Capital (Shares)


Par Value
Retained Earnings

1,457,048

2,015,210

2,602,769

2,753,965

Total Equity

7,183,379

7,740,014

9,240,280

9,787,786 10,866,980

7.75%

19.38%

10,867
9,240
8,650

7,183

9,788

7,740

6,433

Growth (%)
INCOME STATEMENTS
Total Revenues

5.93%

11.03%

Dec-12

Dec-13

Dec-09

Dec-10

Dec-11

3,692,000

4,378,584

4,960,473

18.60%

13.29%

82.85%

Growth (%)

4,216

2,000

9,070,219 10,294,668

13.50%

Cost of Revenues

2,175,779

2,390,392

2,679,084

6,094,983

7,631,490

Gross Profit

1,516,221

1,988,192

2,281,388

2,975,236

2,663,177

Expenses (Income)

2,175,779

2,390,392

2,679,084

6,094,983

Operating Profit

1,516,221

1,988,192

2,281,388

2,975,236

2,663,177

31.13%

14.75%

30.41%

-10.49%

-422,327

-511,843

-554,914

-919,979

-948,522

-217

2009

2010

2011

2013

TOTAL REVENUES (Bill. Rp)


10,295
10,295

Growth (%)

2012

9,070

8,195

Other Income (Expenses)

1,093,894

1,476,349

1,726,475

2,055,257

1,714,655

Tax

211,682

291,854

407,651

519,445

476,835

Profit for the period

882,212

1,184,496

1,318,824

1,535,812

1,237,821

34.26%

11.34%

16.45%

-19.40%

Income before Tax

Growth (%)

6,094

4,379

4,960

3,692
3,994

1,894

Period Attributable

882,212

1,193,487

1,339,462

1,602,090

1,336,317

Comprehensive Income

992,694

1,186,036

1,321,582

1,536,346

1,236,627

1,195,027

1,342,220

1,602,624

1,335,123

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

115.64

165.04

106.05

68.16

76.15

87.91

105.69

78.88

94.24

78.61

Comprehensive Attributable

RATIOS
Current Ratio (%)
Dividend (Rp)

129.74

175.51

196.98

235.60

196.52

BV (Rp)

1,056.38

1,138.24

1,358.86

1,439.38

1,598.09

DAR (X)

0.52

0.56

0.57

0.60

0.62

DER(X)

1.17

1.37

1.32

1.53

1.61

EPS (Rp)

-206

2009

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


1,536
1,319

1,238

1,184
1,223

882
909

ROA (%)

5.45

6.25

6.15

6.20

4.36

ROE (%)

12.28

15.30

14.27

15.69

11.39

GPM (%)

41.07

45.41

45.99

32.80

25.87

OPM (%)

41.07

45.41

45.99

32.80

25.87

NPM (%)

23.90

27.05

26.59

16.93

12.02

Payout Ratio (%)

67.76

60.22

40.04

40.00

40.00

4.86

3.09

1.88

1.73

1.66

Yield (%)

596

283

-31

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

97

CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT

KLBF
KALBE FARMA TBK.

Company Profile
PT Kalbe Farma Tbk. was established dated September 10th, 1966, within the framework of
the Domestic Capital Investment Law.
The scope of activities of the Company comprises, among others, pharmaceuticals, trading
and representative. Currently, the Company is primarily engaged in the development,
manufacturing, and trading of pharmaceuticals preparation including medicines and
consumer health products. The Company started its commercial operations in 1966.
Kalbe has focused its business on four divisions: prescription pharmaceuticals, consumer
health products, nutritionals, and distribution and logistics. Supported by over 15,000
employees, inclusive of 4,000 sales and marketing professionals covering the entire
Indonesian archipelago, Kalbe maintains coverage of more than 70% of general
practitioners, 90% of specialists, 100% of hospitals, 100% of pharmacies across Indonesia
for the prescription pharmaceuticals market and 80% for the consumer health and
nutritionals markets.
The Companys production plants is located at Kawasan Industri Delta Silicon, Jln. M.H.
Thamrin, Block A3-1, Lippo Cikarang, Bekasi.
As of December 31st 2013, the Group had a combined total of 10,572 permanent
employees.

January 2014
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

KLBF Kalbe Farma Tbk. [S]


COMPANY REPORT : JANUARY 2014

As of 30 January 2014

Main Board
Industry Sector : Consumer Goods Industry (5)
Industry Sub Sector : Pharmaceuticals (53)

Individual Index
:
Listed Shares
:
Market Capitalization :

13,703.306
46,875,122,110
65,859,546,564,550

15 | 65.9T | 1.52% | 52.89%

13 | 19.4T | 1.75% | 42.02%

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 (January 2014)


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
4,545,646,840
4,447,970,440
4,439,895,440
4,319,452,940
4,060,816,540
20,293,467,025

:
:
:
:
:
:
:

10.17%
9.70%
9.94%
9.47%
9.21%
8.66%
42.85%

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. Jozef Darmawan Angkasa
5. Santoso Oen
6. Wahjudi Prakarsa *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Bernadette Ruth Irawaty Setiady
2. Budi Dharma Wreksoatmodjo
3. Herman Widjaja
4. Ongkie Tedjasurja
5. Vidjongtius
AUDIT COMMITTEE
1. Farid A. Moeloek
2. Dianawati Sugiarto
3. Ichsan Gunawan
CORPORATE SECRETARY
Vidjongtius
HEAD OFFICE
Gedung Kalbe 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
info@kalbe.co.id

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1991
1992
1992
1992
1994
1994
1994
1995
1996
1999
1999
2002
2003
2005
2006
2007
2008
2009
2010
2011
2012

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

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

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

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

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

F/I

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

ISSUED HISTORY
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

99

KLBF Kalbe Farma Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

1,600

320

1,400

280

1,200

240

1,000

200

800

160

600

120

400

80

200

40

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Consumer Goods Industry Index
January 2010 - January 2014
490%
432.2%

420%
350%
280%
210%

179.5%
140%
70%

71.6%

-70%

Jan 10

Jan 11

SHARES TRADED
Volume (Million Sh.)
Value (Billion Rp)
Frequency (Thou. X)
Days
Price (Rupiah)
High
Low
Close
Close*

Jan 12

Jan 14

2010

2011

2012

9,232
20,453
249
245

3,434
11,391
259
247

6,640
14,832
431
246

19,997
25,755
823
244

1,482
2,037
115
20

4,100
1,290
3,250
650

3,725
2,450
3,400
680

4,975
910
1,060
1,060

1,560
1,000
1,250
1,250

1,455
1,260
1,405
1,405

22.43
16.22
5.30

30.38
19.75
7.30

32.17
19.15
7.40

36.16
23.95
8.31

25.66
PER (X)
16.41
PER Industry (X)
6.14
PBV (X)
* Adjusted price after corporate action

100

Jan 13

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Kalbe Farma Tbk. [S]
January 2010 - January 2014

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

High
1,540
1,640
1,900
2,125
2,125
2,150
2,550
2,475
2,725
2,725
4,100
3,825

Low
1,290
1,430
1,570
1,800
1,620
1,780
2,000
2,225
2,300
2,500
2,675
2,975

Close
1,540
1,560
1,870
2,075
1,880
2,100
2,450
2,325
2,550
2,675
3,500
3,250

(X)
10,843
9,652
27,381
29,043
31,887
20,196
21,430
13,405
14,065
15,376
26,804
29,162

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

3,375
3,000
3,400
3,725
3,600
3,575
3,700
3,550
3,725
3,550
3,600
3,600

2,450
2,700
2,875
3,350
3,225
3,225
3,400
2,900
2,650
2,975
3,300
3,300

2,825
2,925
3,400
3,575
3,575
3,375
3,475
3,475
3,250
3,475
3,525
3,400

31,889
12,472
26,005
21,717
27,352
19,396
23,402
18,325
22,062
26,568
17,036
12,427

512,854
175,174
409,546
366,099
309,123
206,133
357,183
192,858
249,601
182,564
129,667
343,677

1,539,793
503,579
1,256,625
1,318,778
1,078,937
693,300
1,269,992
638,119
835,454
622,602
451,000
1,182,729

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

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
54,113
1,250

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

1,455

1,260

1,405 115,285

1,481,958

2,036,864

20

(Thou. Sh.) (Million Rp)


546,542
760,159
491,564
767,800
1,292,608 2,247,853
1,329,016 2,672,996
1,142,739 2,166,262
763,008 1,505,050
856,260 1,995,278
319,097
746,780
374,294
946,092
475,379 1,248,286
932,118 2,980,808
709,139 2,415,538

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

KLBF Kalbe Farma Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Cash & Cash Equivalents

1,562,664

1,901,872

2,291,336

1,859,663

1,426,461

Receivables

1,318,080

1,363,957

1,635,311

1,938,156

2,273,379

Inventories

1,561,382

1,550,829

1,705,189

2,115,484

3,053,495

Current Assets

4,701,893

5,037,270

5,956,123

6,441,711

7,497,319

Fixed Assets

1,398,128

1,605,266

1,860,288

2,254,763

2,925,547

357,861

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

Long Term Liabilities


Total Liabilities

7,500

26,101

47,115

286,899

7,032,497

8,274,554

8.49%

17.66%

13.82%

20.14%

2,500

1,574,137

1,146,489

1,630,589

1,891,618

264,059

117,375

113,872

128,031

154,696

174,513

1,691,775

1,260,580

1,758,619

2,046,314

438,572

-25.49%

39.51%

16.36%

-78.57%

Growth (%)
Current Liabilities

10,000

6,482,447

Growth (%)

9,417,957 11,315,061

Liabilities

12,500

5,000

2009

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


Authorized Capital

850,000

850,000

850,000

1,700,000

850,000

Paid up Capital

507,801

507,801

507,801

507,801

507,801

10,156

10,156

10,156

60,936

50,780

50

50

50

50&10

10

Retained Earnings

4,529,299

5,581,254

6,407,439

7,250,739

7,633,188

Total Equity

4,310,438

5,373,784

6,515,935

7,371,644

8,499,958

24.67%

21.25%

13.13%

15.31%

Dec-10

Dec-11

Dec-12

Dec-13

Paid up Capital (Shares)


Par Value

8,500
8,500

7,372
6,516
6,766

5,374
5,032

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09

4,310

3,298

1,564

9,087,348 10,226,789 10,911,860 13,636,405 16,002,131

Growth (%)

12.54%

6.70%

24.97%

17.35%

Cost of Revenues

4,575,407

5,060,404

5,360,687

7,102,971

8,323,018

Gross Profit

4,511,940

5,166,386

5,551,173

6,533,434

7,679,113

Expenses (Income)

2,946,066

3,375,482

3,563,914

4,225,417

5,106,591

Operating Profit

1,565,875

1,790,904

1,987,259

14.37%

10.96%

-94,803

-20,469

1,471,072

1,770,435

1,987,259

2,308,017

2,572,523

421,405

426,636

464,303

532,918

602,070

1,049,667

1,343,799

1,522,957

1,775,099

1,970,452

28.02%

13.33%

16.56%

11.01%

-170

2009

2010

2011

2012

2013

TOTAL REVENUES (Bill. Rp)


16,002
16,002

Growth (%)

13,636
12,738

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

Growth (%)

10,227

10,912

9,087
9,473

6,209

2,944

1,049,667

1,266,330

1,482,237

1,733,928

1,919,508

929,004

1,346,098

1,539,721

1,772,035

2,004,244

1,288,627

1,498,877

1,730,864

1,952,589

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

298.70

439.36

365.27

340.54

2,839.26

25.00

70.00

95.00

19.00

EPS (Rp)

103.35

124.69

145.95

28.45

37.80

BV (Rp)

424.42

529.12

641.58

120.97

167.39

DAR (X)

0.26

0.18

0.21

0.22

0.04

DER(X)

0.39

0.23

0.27

0.28

0.05

ROA (%)

16.19

19.11

18.41

18.85

17.41

ROE (%)

24.35

25.01

23.37

24.08

23.18

GPM (%)

49.65

50.52

50.87

47.91

47.99

OPM (%)

17.23

17.51

18.21

NPM (%)

11.55

13.14

13.96

13.02

12.31

Payout Ratio (%)

24.19

56.14

65.09

66.77

1.92

2.15

2.79

1.79

Period Attributable
Comprehensive Income
Comprehensive Attributable

RATIOS
Current Ratio (%)
Dividend (Rp)

-320

2009

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


1,970
1,775

1,970

1,523
1,568

1,167

Yield (%)

2010

1,344
1,050

765

363

-39

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

101

COMPANY REPORT

LPKR
LIPPO KARAWACI TBK.
Company Profile

PT Lippo Karawaci Tbk. was established under the name PT Tunggal Reksakencana dated
October 15th, 1990.
The Companys scope of activities include real estate, urban development, land purchasing
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
environment infrastructure, build and manage public facilities and accommodation services
and operating activities in services consisting of public transportation, security services and
other supporting services, except for legal and taxation services.
The main activities of the Company include urban development, large scale integrated
development, retail malls, healthcare, hospitals & infrastructure, also property & portfolio
management.
The Company creates well-planned developments that circumvent traffic congestion, are
flood-free, and possess world-class infrastructure. The Company is driven by its vision of
impacting lives, while continuously creating value for its stakeholders. The needs of the
growing middle, upper middle and upper classes of Indonesia are met by the quality of the
services offered through each business segment, while sustainable growth is achieved
through a balanced portfolio of development projects supported and sustained by a stable
level of recurring income from healthcare, hotel leisure & hospitality, infrastructure, and
fee-based income as Retail Estate Investment Trust (REIT) and property managers.
The company is one of the incorporated in the business group Lippo Group.
As of December 31st, 2013, the Company and subsidiaries had 6,168 employees.

January 2014
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

LPKR Lippo Karawaci Tbk. [S]


COMPANY REPORT : JANUARY 2014
Main Board
Industry Sector : Property, Real Estate And Building Construction (6)
Industry Sub Sector : Property And Real Estate (61)

As of 30 January 2014
Individual Index
:
Listed Shares
:
Market Capitalization :

243.239
23,077,689,619
21,923,805,138,050

39 | 21.9T | 0.50% | 70.83%

11 | 22.7T | 2.06% | 38.47%

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. Jonathan Limbong Parapak *)
5. Muladi *)
6. Surjadi Soedirdja *)
7. Tanri Abeng *)
8. Viven Gouw Setiabudi
*) Independent Commissioners
BOARD OF DIRECTORS
1. Ketut Budi Wijaya
2. Djoko Harjono
3. Jenny Kuistono
4. Rahmawaty
5. Roberto Fernandez Feliciano
6. Tjokro Libianto

SHAREHOLDERS (January 2014)


1. Pacific Asia Holding Ltd
2. Public (<5%)

4,126,619,908 :
18,951,069,711 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1995
1997
2005
2005
2006
2010
2010
2011
2012

Shares

Dividend
40.00
10.00
10.00
9.99
4.62
2.88
4.33
7.79
11.85

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

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

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

17.88%
82.12%

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

F
F
F
F
I
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. Farid Harianto
2. Herbudianto
3. Indra Simarta
CORPORATE SECRETARY
Jenny Kuistono
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

103

LPKR Lippo Karawaci Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

2,000

4,800

1,750

4,200

1,500

3,600

1,250

3,000

1,000

2,400

750

1,800

500

1,200

250

600

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
January 2010 - January 2014
315%
270%
225%
180%
149.6%

135%

95.9%

90%

71.6%
45%
-45%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

SHARES TRADED

2010

2011

2012

Volume (Million Sh.)


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

36,839
20,680
352
245

26,623
17,618
250
247

12,933
10,947
153
246

26,782
33,257
548
244

2,156
2,025
37
20

750
345
680
680

870
500
660
660

1,120
650
1,000
1,000

1,850
850
910
910

1,000
855
950
950

26.26
11.09
1.62

9.30
17.34
2.01

17.25
17.79
1.52

18.01
16.27
1.59

Price (Rupiah)
High
Low
Close
Close*

27.99
PER (X)
9.97
PER Industry (X)
1.91
PBV (X)
* Adjusted price after corporate action

104

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Lippo Karawaci Tbk. [S]
January 2010 - January 2014

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

High
570
540
640
640
580
570
510
530
600
710
700
750

Low
495
480
495
560
345
390
470
480
470
530
610
620

Close
530
500
600
580
425
500
485
500
560
620
680
680

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

750
610
620
810
810
680
780
870
760
680
680
680

510
500
530
590
610
620
630
640
620
570
600
620

570
540
610
780
680
650
780
740
680
640
630
660

28,801
18,516
19,855
18,261
22,025
18,941
23,869
27,728
26,990
23,229
11,310
10,394

3,093,422
2,130,767
2,184,902
2,741,114
4,006,475
3,595,616
1,698,345
2,175,672
1,736,178
1,379,677
988,661
891,879

1,933,172
1,182,383
1,233,282
1,948,330
2,803,561
2,349,313
1,189,915
1,672,375
1,226,393
873,259
630,004
575,944

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

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

1,000

855

950

37,016

2,155,619

2,024,577

20

(X) (Thou. Sh.) (Million Rp)


23,664 1,233,356
661,903
22,917 1,174,940
604,342
42,531 2,248,912 1,226,475
45,163 2,523,205 1,506,615
37,234 2,301,167 1,109,630
43,871 3,190,792 1,470,903
743,918
23,872 1,501,556
17,114 2,766,583 1,410,083
16,997 1,916,803 1,071,823
32,731 12,440,504 7,118,366
22,790 3,305,245 2,223,488
22,743 2,236,131 1,532,688

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

LPKR Lippo Karawaci Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)
Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Cash & Cash Equivalents

1,533,260

3,660,087

2,174,561

3,337,357

1,855,052

Receivables

6,492,548

812,686

923,556

605,801

781,409

Inventories

230,806

7,068,539

7,892,171 10,504,910 13,894,009

Investment

498,496

1,052,210

2,963,651

85,784

130,431

1,245,661

1,206,375

210,276

2,222,377

2,810,892

197,543

269,536

419,508

60,968

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Fixed Assets
Other Assets
Total Assets

Assets

12,127,644 16,155,385 18,259,171 24,869,296 31,300,362

33.21%

13.02%
-

294,507

275,531

416,871

6,838,712

7,975,968

Growth (%)
Bank Payable
Trade Payable
Total Liabilities

Growth (%)

36.20%

Liabilities

32,500
26,000
19,500
13,000

25.86%

6,500

70,825

59,680

575,701

397,748

2009

2010

2011

2012

2013

8,850,153 13,399,189 17,122,789

16.63%

10.96%

51.40%

27.79%
TOTAL EQUITY (Bill. Rp)

Authorized Capital

4,000,000

6,400,000

6,400,000

6,400,000

6,400,000

Paid up Capital

1,730,215

2,162,769

2,307,769

2,307,769

2,307,769

17,302

21,628

23,078

23,078

23,078

100

100

100

100

100

1,778,486

2,254,001

2,907,500

3,790,222

4,748,453

Paid up Capital (Shares)


Par Value
Retained Earnings
Total Equity

4,887,241

INCOME STATEMENTS
Total Revenues

7,709,908

57.76%

Growth (%)

9,409,018 11,470,106 14,177,573

22.04%

21.91%

23.60%

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

2,565,101

3,125,313

4,189,580

6,160,214

6,666,214

21.84%

34.05%

47.04%

8.21%
3,619,572

Growth (%)
Cost of Revenues

1,378,533

1,601,542

2,293,260

3,339,267

Gross Profit

1,186,568

1,523,770

1,896,320

2,820,947

3,046,643

Operating Expenses

705,861

802,411

968,324

1,271,753

1,103,623

Operating Profit

480,707

721,359

927,996

1,549,193

1,943,020

50.06%

28.65%

66.94%

25.42%

30,731

-8,262

56,814

27,895

-18,190

526,658

719,254

984,810

1,577,088

1,924,830

Growth (%)

14,178
14,178

11,470
11,285

9,409
7,710

8,393

5,501

4,887

2,609

-284

2009

2010

2011

2012

2013

TOTAL REVENUES (Bill. Rp)


6,160

6,666

6,666

5,306

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

90,173

124,733

170,716

254,241

332,339

436,485

594,521

814,094

1,322,847

1,592,491

36.21%

36.93%

62.49%

20.38%

Growth (%)

4,190
3,946

2,565

3,125

2,586

1,227

Period Attributable

436,485

525,346

708,282

1,060,222

1,228,230

Comprehensive Income

388,053

568,603

579,917

2,482,548

1,676,148

499,428

474,105

2,219,923

1,311,887

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

7.21

7.79

11.85

EPS (Rp)

25.23

24.29

30.69

45.94

53.22

BV (Rp)

282.46

356.48

407.71

497.02

614.34

DAR (X)

0.56

0.49

0.48

0.54

0.55

DER(X)

1.40

1.03

0.94

1.17

1.21

ROA (%)

3.60

3.68

4.46

5.32

5.09

Comprehensive Attributable

RATIOS
Dividend (Rp)

ROE (%)

8.93

7.71

8.65

11.53

11.23

GPM (%)

46.26

48.76

45.26

45.79

45.70

OPM (%)

18.74

23.08

22.15

25.15

29.15

NPM (%)

17.02

19.02

19.43

21.47

23.89

Payout Ratio (%)

29.68

25.38

25.79

Yield (%)

1.06

1.18

1.19

-133

2009

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


1,592
1,592

1,323
1,268

814

943

595
618

436

293

-32

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

105

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 the
plantation business located in North Sumatera, South Sumatera, Java, East Kalimantan,
North Sulawesi, and South Sulawesi with a total planted area of 110,579 hectares as of
December 31st, 2013. The main products are crude palm oil and rubber, and small
quantities of cocoa, tea and seeds.
The Company is domiciled in Jakarta while operational branch offices located in Medan,
Palembang, Makassar, Surabaya and Samarinda. The Companys registered office address
is at Prudential Tower 15th Fl., Jln. Jend. Sudirman Kav. 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 agro-management expertise and a highly
skilled and an experienced workforce. The scope of the business has broadened to include
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, Java and Sulawesi. Lonsum is known in the industry for the quality of its oil palm
an cocoa seeds, and this high-tech business is now a major growth driver for the Company.
PT Salim Ivomas Pratama Tbk. (SIMP) and First Pacific Company Limited, Hong Kong, are
the parent companies and the ultimate parent companies of the Group.
The Company has direct and indirect ownership in
PT Multi Agro Kencana Prima,
Lonsum Singapore Pte. Ltd.,
PT Tani Musi Persada,
PT Sumatera Agri Sejahtera,
PT Tani Andalas Sejahtera,
Agri Investments Pte., Ltd., and
Sumatera Bioscience Pte. Ltd. Singapore.

January 2014
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

LSIP

PP London Sumatra Indonesia Tbk. [S]

COMPANY REPORT : JANUARY 2014

As of 30 January 2014

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

Individual Index
:
Listed Shares
:
Market Capitalization :

427.097
6,822,863,965
11,291,839,862,075

68 | 11.3T | 0.26% | 80.68%


29 | 8.68T | 0.79% | 61.07%

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. Franciscus Welirang
2. Axton Salim
3. Edy Sugito *)
4. Hans Ryan Aditio
5. Hendra Widjaja
6. Monang Silalahi *)
7. Tengku Alwin Aziz *)
8. Werianty Setiawan
*) Independent Commissioners
BOARD OF DIRECTORS
1. Benny Tjoeng
2. Joefly Joesoef Bahroeny
3. Mark Julian Wakeford
4. Paulus Moleonoto
5. Sonny Lianto
6. Tio Eddy Hariyanto
7. Tjhie Tje Fie (Thomas Tjhie)

SHAREHOLDERS (January 2014)


1. PT Salim Ivomas Pratama
2. Public (<5%)

4,058,425,010 :
2,764,438,955 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1997
1996
1997
2005
2008
2009
2010
2011
2012

Shares
10 : 14

Dividend
110.00
30.00
75.00
208.00
209.00
61.00
100.00
66.00

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

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

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

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

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

AUDIT COMMITTEE
1. Monang Silalahi
2. Hendra Susanto
3. Timotius
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
: lonsum@londonsumatra.com
endah.resmiati@londonsumatra.com

RESEARCH AND DEVELOPMENT DIVISION

107

PP London Sumatra Indonesia Tbk. [S]


TRADING ACTIVITIES

Closing Price* and Trading Volume


PP London Sumatra Indonesia Tbk. [S]
January 2010 - January 2014

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-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Agriculture Index
January 2010 - January 2014
125%
100%
75%

71.6%

50%
25%
8.5%

-2.6%

-25%
-50%
-75%

Jan 10

Jan 11

SHARES TRADED
Volume (Million Sh.)
Value (Billion Rp)
Frequency (Thou. X)
Days
Price (Rupiah)
High
Low
Close
Close*

Jan 12

Jan 14

2010

2011

2012

959
9,217
122
245

2,928
8,117
162
247

3,744
9,452
180
246

6,246
10,205
338
244

1,055
1,739
73
20

12,850
7,300
12,850
2,570

13,000
1,710
2,250
2,250

3,150
1,830
2,300
2,300

2,525
960
1,930
1,930

1,980
1,470
1,655
1,655

7.34
1.79
2.63

13.98
33.17
2.50

22.30
20.59
2.10

19.12
20.99
1.80

16.97
PER (X)
0.14
PER Industry (X)
3.85
PBV (X)
* Adjusted price after corporate action

108

Jan 13

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

LSIP

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

High
Low Close
9,450 8,300 8,500
9,150 8,100 9,000
10,100 8,700 9,800
10,350 9,300 9,700
9,850 7,300 8,300
8,750 7,900 8,300
9,200 7,450 8,850
9,950 8,750 9,350
10,500 9,200 9,850
12,000 9,700 11,700
12,800 11,100 11,350
12,850 11,100 12,850

(X)
7,841
6,799
7,774
6,865
9,304
10,802
21,897
12,866
10,845
9,535
7,368
10,091

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

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

12,316
13,520
23,339
12,961
16,005
9,902
10,700
10,196
13,810
18,353
10,456
10,742

71,801
97,341
518,476
380,973
365,400
243,655
261,351
209,783
122,610
270,922
225,400
159,936

867,920
931,577
1,182,549
906,012
882,264
567,749
607,726
487,230
261,295
553,930
514,122
354,428

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

(Thou. Sh.) (Million Rp)


72,414
646,565
46,904
405,180
65,792
619,454
41,000
402,659
52,879
452,700
67,806
569,071
187,398 1,525,686
90,865
856,025
59,922
589,248
71,835
767,402
40,398
480,575
161,822 1,902,153

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

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

1,980

1,470

1,655

72,532

1,054,575

1,738,764

20

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-09

Dec-10

Dec-11

Dec-12

Dec-13

682,249

1,160,688

2,063,982

1,799,137

1,401,395

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

77,406

38,802

112,071

52,132

116,796

Inventories

192,133

264,473

368,244

645,954

374,485

Current Assets

964,362

1,487,257

2,567,657

2,593,816

1,999,126

1,603,497

1,728,694

1,824,630

2,229,928

2,776,825

Fixed Assets
Other Assets
Total Assets

5,250

81,949

93,111

87,691

61,331

63,000

5,561,433

6,791,859

7,551,796

7,974,876

14.61%

22.12%

11.19%

5.60%

1,750
-

Current Liabilities

686,189

621,593

531,326

792,482

804,428

Long Term Liabilities

352,623

385,735

421,109

479,601

556,461

1,038,812

1,007,328

952,435

1,272,083

1,360,889

-3.03%

-5.45%

33.56%

6.98%

Total Liabilities

7,000

4,852,277

Growth (%)

Growth (%)

Liabilities

8,750

3,500

2009

2010

2011

2012

2013

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

1,365

1,365

6,823

6,823

6,823

500

500

100

100

100

Retained Earnings

2,100,867

2,841,507

4,126,893

4,560,793

4,879,977

Total Equity

3,813,465

4,554,105

5,839,424

6,279,713

6,613,987

19.42%

28.22%

7.54%

5.32%

Paid up Capital (Shares)


Par Value

6,280

6,614

6,614

5,839
4,554

5,265

3,813
3,915

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

3,199,687

3,592,658

4,686,457

4,211,578

4,133,679

12.28%

30.45%

-10.13%

-1.85%

Growth (%)
Cost of Revenues

1,809,194

1,821,244

2,324,138

2,530,503

2,880,220

Gross Profit

1,390,493

1,771,414

2,362,319

1,681,075

1,253,459

Expenses (Income)
Operating Profit

371,842

371,894

356,795

357,102

227,810

1,018,651

1,399,520

2,005,524

1,323,973

1,025,649

37.39%

43.30%

-33.98%

-22.53%

2,566

1,217

-132

2009

2010

2011

2013

TOTAL REVENUES (Bill. Rp)


4,686
4,686

Growth (%)

2012

4,212

4,134

2012

2013

3,593
3,730

Other Income (Expenses)

-10,512

-17,738

84,989

48,110

-28,658

1,008,139

1,381,782

2,090,513

1,372,083

996,991

Tax

300,652

348,453

389,000

256,544

228,366

Profit for the period

707,487

1,033,329

1,701,513

1,115,539

768,625

46.06%

64.66%

-34.44%

-31.10%

Income before Tax

Growth (%)

3,200

2,774

1,818

862

707,487

1,033,329

1,701,580

1,116,186

769,493

Comprehensive Income

1,033,329

1,701,513

1,122,575

788,003

Comprehensive Attributable

1,033,329

1,701,580

1,123,222

788,871

Period Attributable

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Current Ratio (%)

140.54

239.27

483.25

327.30

248.52

Dividend (Rp)

209.00

61.00

100.00

66.00

RATIOS

518.47

757.25

249.39

163.60

112.78

BV (Rp)

2,794.62

3,337.39

855.86

920.39

969.39

DAR (X)

0.21

0.18

0.14

0.17

0.17

EPS (Rp)

-94

2009

2010

2011

PROFIT FOR THE PERIOD (Bill. Rp)


1,702
1,702

1,354

1,116

1,033
1,007

0.27

0.22

0.16

0.20

0.21

ROA (%)

14.58

18.58

25.05

14.77

9.64

ROE (%)

18.55

22.69

29.14

17.76

11.62

GPM (%)

43.46

49.31

50.41

39.92

30.32

OPM (%)

31.84

38.96

42.79

31.44

24.81

NPM (%)

22.11

28.76

36.31

26.49

18.59

Payout Ratio (%)

40.31

8.06

40.10

40.34

2.50

0.47

4.44

2.87

DER(X)

Yield (%)

769

707
660

313

-34

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

109

COMPANY REPORT

MAIN
MALINDO FEEDMILL TBK.

Company Profile

PT Malindo Feedmill Tbk. was established in 1997 and The company is one of the growing
main played in agri-food industry.
The company produces and trades animal feed, particularly broiler breeder feed, broiler
layer feed, layer breeder feed and Commercial Day Chicks (DOC). The company also invests
in subsidiaries that produces and markets parent stock DOC, Commercial DOC and Broiler
chickens.
The company commenced commercial operations in 1998. The Company is domiciled in
Duta Mas Fatmawati, Jln. RS Fatmawati No. 39, Jakarta. The Companys plants are located
in Jakarta, East Java and Banten, while its farms are located in West Java, Central Java, East
Java, Sumatera and South Kalimantan.
The company produce variety of feed to suits market requirements and customers needs.
The main type of feed produce are:
a. Poultry feed from breeder feed, broiler feed and layer feed.
b. Fish feed.
The Company and Subsidiaries had a total of 2,989 permanent employees as of December
31st, 2013.

January 2014
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

MAIN Malindo Feedmill Tbk. [S]

COMPANY REPORT : JANUARY 2014

As of 30 January 2014

Development Board
Industry Sector : Basic Industry And Chemicals (3)
Industry Sub Sector : Animal Feed (36)

Individual Index
:
Listed Shares
:
Market Capitalization :

1,855.114
1,695,000,000
5,534,175,000,000

115 | 5.53T | 0.13% | 89.24%


42 | 6.95T | 0.63% | 70.36%

COMPANY HISTORY
Established Date
: 10-Jun-1997
Listing Date
: 27-Jan-2006
Under Writer IPO :
PT CIMB-GK Securities Indonesia
PT Republik Securities
PT Makinta Securities
PT Nusadana Capital Indonesia
PT Equity Development Securities
Securities Administration Bureau :
PT Sinartama Gunita
Plaza BII Menara 1, 9th Fl.
Jln. M.H. Thamrin No. 51 Jakarta 10350
Phone : (021) 392-2332
Fax
: (021) 392-3003
BOARD OF COMMISSIONERS
1. Lau Bong Wong
2. Tan Lai Kai
3. Yongkie Handaya *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Lau Chia Nguang
2. Abdul Azim Bin Mohamad Zabidi
3. Lau Tuang Nguang
4. Mazlan bin A. Talib
5. Ong Beng Siong
6. Tang Ung Lee
7. Teoh Bee Tang

SHAREHOLDERS (January 2014)


1. Dragon Amity Ltd
2. Public (<5%)

1,001,675,000 :
693,325,000 :

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

Shares

Dividend
70.00
25.00
63.00
25.00
4.00
56.00
70.00
23.00
25.00
36.00

Cum Date
27-Jul-06
09-Nov-06
09-Oct-07
17-Dec-08
06-Aug-09
06-Sep-10
17-Dec-10
16-Sep-11
06-Dec-12
08-Nov-13

Ex Date
28-Jul-06
10-Nov-06
10-Oct-07
18-Dec-08
07-Aug-09
07-Sep-10
20-Dec-10
19-Sep-11
07-Dec-12
11-Nov-13

Recording
Date
01-Aug-06
14-Nov-06
17-Oct-07
22-Dec-08
11-Aug-09
16-Sep-10
22-Dec-10
21-Sep-11
11-Dec-12
13-Nov-13

59.00%
41.00%

Payment
Date
15-Aug-06
28-Nov-06
31-Oct-07
30-Dec-08
26-Aug-09
30-Sep-10
28-Dec-10
29-Sep-11
27-Dec-12
27-Nov-13

F
I
I
F
F
F
I
F
F
F

ISSUED HISTORY
No.
1.
2.
3.

Type of Listing
First Issue
Company Listing
Stock Splits

Shares
61,000,000
278,000,000
1,356,000,000

Listing
Date
10-Feb-06
10-Feb-06
15-Jun-11

Trading
Date
10-Feb-06
10-Oct-06
15-Jun-11

AUDIT COMMITTEE
1. Yongkie Handaya
2. Evyliana Diapary
3. Koh Kim Chui
4. Rachmad
CORPORATE SECRETARY
Rudy Hartono Husin
HEAD OFFICE
Jln. R.S. Fatmawati No. 39
Komplek Duta Mas Fatmawati Blok A1 No. 30 - 32
Cipete Utara Kebayoran Baru, Jakarta - 12150
Phone : (021) 766-1727, 722-8383
Fax
: (021) 766-1728, 723-7778
Homepage
Email

F/I

: www.malindofeedmill.co.id
: rudy.hartono@malindofeedmill.co.id

RESEARCH AND DEVELOPMENT DIVISION

111

MAIN Malindo Feedmill Tbk. [S]


Closing
Price*

Closing Price
Volume
(Mill. Sh)

4,200

160

3,675

140

3,150

120

2,625

100

2,100

80

1,575

60

1,050

40

525

20

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Basic Industry and Chemicals Index
January 2010 - January 2014

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Malindo Feedmill Tbk. [S]
January 2010 - January 2014

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

High
920
1,130
1,150
1,180
970
1,300
1,460
1,350
3,750
3,625

Low
880
890
890
900
950
1,050
1,130
1,020
1,260
2,700

Close
920
910
1,150
970
970
970
970
1,300
1,320
1,180
3,375
3,200

(X)
139
265
130
87
23
10
11
16
50
38
7,001
3,811

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

3,450
3,925
5,300
5,850
6,000
5,700
1,110
1,280
1,220
1,140
1,110
980

2,850
3,325
3,975
5,200
5,250
1,000
1,000
890
940
990
890
890

3,350
3,925
5,300
5,800
5,700
1,010
1,070
1,180
1,060
1,030
930
980

1,528
2,065
4,573
5,264
5,726
4,599
12,764
17,939
12,260
13,953
15,060
13,083

4,479
13,347
17,481
41,545
39,029
77,410
288,410
287,369
185,239
201,605
185,824
144,441

14,861
46,571
80,893
228,571
220,871
157,183
304,139
330,011
205,788
214,965
178,979
134,624

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

1,180
1,090
1,090
1,210
1,400
1,490
1,790
1,640
1,570
1,670
2,150
2,500

960
980
1,000
1,010
1,130
1,070
1,420
1,450
1,320
1,500
1,610
1,970

1,040
1,030
1,060
1,130
1,190
1,490
1,640
1,480
1,540
1,640
2,150
2,375

16,430
36,526
21,390
11,084
20,295
19,769
18,270
17,577
22,474
28,306
15,958
14,299

232,418
195,120
149,683
125,168
200,009
188,984
209,275
146,068
172,813
274,007
248,284
219,325

261,039
200,352
156,411
133,182
258,717
244,570
338,938
223,268
252,549
438,097
461,939
491,050

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

2,725
3,050
3,375
3,125
4,300
3,825
3,725
3,400
3,550
3,650
3,475
3,375

2,250
2,350
2,900
2,600
2,675
3,050
3,075
2,200
2,525
3,250
2,950
3,000

2,525
3,025
3,100
2,800
3,725
3,650
3,125
2,575
3,475
3,375
3,375
3,175

27,046
18,921
22,309
30,637
30,222
21,064
19,894
15,967
17,975
15,752
14,959
12,234

315,891
369,736
261,965
361,448
298,429
195,444
191,633
113,986
151,729
127,338
131,610
105,457

772,837
988,763
819,735
1,031,438
1,018,737
695,785
649,081
328,458
486,905
438,814
429,357
335,707

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

Jan-14

3,565

3,180

3,265

11,481

54,179

181,938

20

(Thou. Sh.) (Million Rp)


432
389
5,197
4,689
1,013
968
878
880
335
323
59,349
57,569
4,838
4,838
6,214
6,604
1,000
1,201
5,084
5,751
51,889
99,381
15,668
52,413

16
16
22
21
9
2
3
8
9
12
13
20

2,240%
1,920%
1734.3%
1,600%
1,280%
960%
640%
320%
86.2%
71.6%

-320%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

SHARES TRADED

2010

2011

2012

2013 Jan-14

Volume (Million Sh.)


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

152
235
12
151

1,486
2,117
109
247

2,361
3,460
242
246

2,625
7,996
247
244

54
182
11
20

3,750
880
3,200
640

6,000
890
980
980

2,500
960
2,375
2,375

4,300
2,200
3,175
3,175

3,565
3,180
3,265
3,265

8.10
10.41
3.94

13.31
9.79
5.90

16.66
17.44
6.23

17.13
13.29
6.41

Price (Rupiah)
High
Low
Close
Close*

6.03
PER (X)
12.86
PER Industry (X)
4.20
PBV (X)
* Adjusted price after corporate action

112

RESEARCH AND DEVELOPMENT DIVISION

MAIN Malindo Feedmill Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Anwar & Rekan (Member of DFK International)


Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

69,766

118,971

87,179

90,563

82,819

Receivables

134,908

112,697

174,385

231,252

303,120

Inventories

121,535

116,963

239,006

262,603

391,892

Current Assets

549,324

507,412

720,454

894,204

996,981

Fixed Assets

292,012

420,295

561,328

854,678

1,128,473

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Other Assets
Total Assets

Assets

1,800
1,350

93

130

127

885,348

966,319

1,327,801

1,799,882

2,214,399

9.15%

37.41%

35.55%

23.03%

450
-

Growth (%)
Current Liabilities

415,555

356,573

515,044

852,741

986,471

Long Term Liabilities

351,142

353,902

390,932

265,270

365,444

Total Liabilities

766,696

710,475

905,977

1,118,011

1,351,916

-7.33%

27.52%

23.40%

20.92%

Growth (%)

Liabilities

2,250

900

2009

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


Authorized Capital

58,587

58,587

58,587

58,587

58,587

Paid up Capital

33,900

33,900

33,900

33,900

33,900

Paid up Capital (Shares)

339

339

1,695

1,695

1,695

Par Value

100

100

20

20

20

Retained Earnings

187,224

324,476

490,749

751,129

931,356

Total Equity

120,794

258,046

421,825

681,871

862,483

113.63%

63.47%

61.65%

26.49%

862
862

682
687

422

511

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

1,868,616

2,036,519

2,634,461

3,349,567

4,193,082

8.99%

29.36%

27.14%

25.18%

Growth (%)
1,636,114

1,648,161

2,173,770

2,711,125

3,475,173

Gross Profit

232,502

388,358

460,691

638,442

717,909

Expenses (Income)

100,613

129,007

150,161

190,701

341,424

Operating Profit

131,889

259,351

310,530

447,741

376,485

96.64%

19.73%

44.19%

-15.91%

Cost of Revenues

258

335

121
159

-17

2009

2010

2011

2012

2013

TOTAL REVENUES (Bill. Rp)


4,193
4,193

Growth (%)

3,350
3,338

Other Income (Expenses)

-19,527

-34,446

-45,919

-64,665

-65,597

Income before Tax

112,362

224,905

264,611

383,076

310,888

Tax

36,906

44,999

59,645

80,655

69,255

Profit for the period

75,456

179,906

204,966

302,421

241,633

138.42%

13.93%

47.55%

-20.10%

Growth (%)

2,634
2,482

1,869

2,037

1,627

772

Period Attributable

75,456

179,966

205,258

302,755

241,247

Comprehensive Income

75,970

179,906

204,966

302,421

-241,633

179,966

205,258

302,755

241,247

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

132.19

142.30

139.88

104.86

101.07

56.00

93.00

25.00

36.00

EPS (Rp)

222.59

530.87

121.10

178.62

142.33

BV (Rp)

356.32

761.20

248.86

402.28

508.84

DAR (X)

0.87

0.74

0.68

0.62

0.61

DER(X)

6.35

2.75

2.15

1.64

1.57

ROA (%)

8.52

18.62

15.44

16.80

10.91

ROE (%)

62.47

69.72

48.59

44.35

28.02

GPM (%)

12.44

19.07

17.49

19.06

17.12

OPM (%)

7.06

12.73

11.79

13.37

8.98

NPM (%)

4.04

8.83

7.78

9.03

5.76

25.16

17.52

20.64

20.15

6.22

2.91

2.55

1.52

Comprehensive Attributable

RATIOS
Current Ratio (%)
Dividend (Rp)

-84

2009

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


302
302

242
241

205
180

179

Payout Ratio (%)


Yield (%)

117

75
56

-6

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

113

COMPANY REPORT

MLPL
MULTIPOLAR TBK.
Company Profile

PTMultipolarTbk.wasestablishedonDecember4th,1975.Currently,theCompanyprimarily
engaged in the field of telecommunications, informatics industry, general trade including
import trade, export, interinsulair, local and retail, services development and property
management/real estate, renting spaces in the store. Last parent Company and its
subsidiaries are Lanius Limited. Company started commercial operations on December 4,
1975.

TheCompanyhasdirectownershipinthefollowingsubsidiaries:
PTMatahariPutraPrimaTbk.,
PTMatahariPacific,
PTNadyaPutraInvestama,
PTKharismaArthaSejati,
PTReksaPuspitaKarya,
PTMultipolarTechnologyTbk,
PTSuryaCiptaInvestama,
PTGeneralArthaSejati,
PTAirPasifikUtama,
PTCahayaArthaSejati,
PrimeStarInvestmentPte.Ltd.,
PTMultipolarMultimediaPrima,
PTPrimaCakrawalaSentosa,and
PacificEmeraldPte.Ltd.

NumberofEmployeesoftheCompanyonDecember31st,2013was16,402Employees.

January 2014
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.

114

RESEARCH AND DEVELOPMENT DIVISION

MLPL Multipolar Tbk. [S]

COMPANY REPORT : JANUARY 2014

As of 30 January 2014

Development Board
Industry Sector : Trade, Services & Investment (9)
Industry Sub Sector : Investment Company (98)

Individual Index
:
Listed Shares
:
Market Capitalization :

47.829
10,064,747,323
4,196,999,633,691

138 | 4.20T | 0.10% | 91.84%


32 | 8.57T | 0.78% | 63.41%

COMPANY HISTORY
Established Date
: 04-Dec-1975
Listing Date
: 06-Nov-1989
Under Writer IPO :
PT Finconesia
PT Multicor
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. Isnandar Rachmat Ali *)
3. Jeffrey Koes Wonsono
4. Jonathan L. Parapak *)
5. Vivien G. Setiabudi
*) Independent Commissioners
BOARD OF DIRECTORS
1. Eddy H. Handoko
2. Bunjamin J. Mailool
3. Harijono Suwarno
4. Lina H. Latif
5. Reynold Pena Ong
6. Richard H. Setiadi
AUDIT COMMITTEE
1. Isnandar Rachmat Ali
2. Ridwan Masui
3. A. Sonny Soedjadi

SHAREHOLDERS (January 2014)


1. Cyport Limited
2. Grandhill Asia Limited
3. Public (<5%)

2,714,279,928 :
508,464,505 :
6,842,002,890 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1989
1991
1992
1992
1994
1995
1995
2006
2007
2010
2011
2012

Shares

1:2

Dividend
185.00
240.00
240.00
35.00
45.00
55.00
16.00
1.00
1.00
10.00
1.00
1.00

Cum Date
21-Sep-90
08-Oct-91
09-Oct-92
12-Oct-93
10-Oct-94
11-Oct-95
03-Oct-96
15-Jun-07
15-Apr-08
07-Mar-11
22-May-12
16-May-13

Recording
Date
28-Sep-90
18-Oct-91
19-Oct-92
20-Oct-93
18-Oct-94
20-Oct-95
14-Oct-96
20-Jun-07
18-Apr-08
10-Mar-11
25-May-12
21-May-13

Ex Date
24-Sep-90
09-Oct-91
10-Oct-92
13-Oct-93
11-Oct-94
12-Oct-95
04-Oct-96
18-Jun-07
16-Apr-08
08-Mar-11
23-May-12
17-May-13

26.97%
5.05%
67.98%

Payment
Date
10-Oct-90
06-Nov-91
06-Nov-92
06-Nov-93
16-Nov-94
16-Nov-95
12-Nov-96
04-Jul-07
05-May-08
24-Mar-11
07-Jun-12
04-Jun-13

F
F
F
F
F
F
F
I
F
F
F

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

Type of Listing
First Issue
Company Listing
Bonus Shares
Right Issue
Stock Split
Additional Listing
Warrant
Reverse Stocks
Warrant II

Shares
4,328,000
7,100,000
22,856,000
12,555,991,940
137,136,000
89,000,000
560
-5,088,869,670
2,337,204,493

T:
T:

T:
T:

Listing
Date
06-Nov-89
16-Jul-90
09-Nov-92
12-Jul-96
01-Apr-97
27-Jul-00
02-Dec-09
07-Apr-10
07-Mar-11

:
:

:
:

Trading
Date
06-Nov-89
24-Jul-90
09-Nov-92
03-Jun-10
01-Apr-97
27-Jul-00
10-Dec-09
07-Apr-10
17-Apr-13

CORPORATE SECRETARY
Chrysologus RN Sinulingga
HEAD OFFICE
Menara Matahari 21st Fl.
Jln. Bolevar Palem Raya No. 7, Lippo Karawaci 1200
Tangerang - 15811
Phone : (021) 546-8888
Fax
: (021) 547-5147
Homepage
Email

F/I

: www.multipolar-group.com
: multipolar@multipolar.co.id
chrys.sinulingga@multipolar-group.com

RESEARCH AND DEVELOPMENT DIVISION

115

MLPL Multipolar Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

800

640

700

560

600

480

500

400

400

320

300

240

200

160

100

80

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Trade, Sevices and Investment Index
January 2010 - January 2014
455%
390%
325%
260%
195%

181.3%
180.6%

130%
71.6%

65%
-65%

Jan 10

Jan 11

SHARES TRADED
Volume (Million Sh.)
Value (Billion Rp)
Frequency (Thou. X)
Days
Price (Rupiah)
High
Low
Close
Close*

Jan 12

Jan 14

2010

2011

2012

10,686
1,847
155
245

4,923
1,226
148
247

3,281
621
72
246

20,093
10,516
291
244

487
191
17
20

380
57
300
300

340
124
151
151

265
111
205
205

820
200
360
360

438
350
417
417

7.62
16.89
0.14

6.19
19.08
0.22

1.77
15.43
0.40

2.04
17.12
0.47

0.82
PER (X)
21.27
PER Industry (X)
0.48
PBV (X)
* Adjusted price after corporate action

116

Jan 13

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Multipolar Tbk. [S]
January 2010 - January 2014

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

High
106
109
84
270
124
110
100
104
137
255
250
380

Low
59
59
57
65
75
93
87
91
94
130
200
220

Close
103
63
69
123
97
98
95
95
128
225
220
300

(X)
13,628
15,303
12,791
14,338
7,264
4,829
2,699
5,247
9,036
27,876
8,417
33,338

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

340
320
265
270
285
260
255
230
184
158
164
157

270
235
230
250
240
205
200
179
126
124
136
145

310
245
260
255
250
210
225
180
141
148
147
151

13,075
9,390
8,518
23,397
21,858
4,027
28,275
8,966
18,634
5,499
3,654
2,320

1,001,415
654,138
412,376
484,726
542,904
217,135
672,730
324,053
275,799
158,937
133,045
45,292

312,641
180,207
101,411
126,786
142,048
49,387
153,637
66,157
44,633
22,172
19,709
6,829

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

170
159
147
138
155
128
141
139
255
240
265
250

150
141
132
111
118
114
121
122
124
190
180
205

154
142
139
125
128
121
136
125
220
191
235
205

3,022
2,879
1,122
4,642
8,149
1,153
3,234
2,219
20,725
5,888
14,277
4,626

84,982
66,719
28,162
115,738
253,772
44,931
96,631
96,862
1,176,791
340,658
724,236
251,045

13,217
9,829
3,863
14,197
35,544
5,339
12,758
12,858
221,252
71,176
163,780
57,032

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

335
520
730
620
800
820
660
590
445
415
420
380

200
330
450
520
580
485
485
390
315
350
360
350

330
450
570
590
780
580
530
435
350
405
370
360

9,377
39,631
47,231
22,933
34,991
40,297
26,801
13,776
28,136
12,381
8,908
6,556

841,644
3,933,731
3,952,072
1,351,481
2,357,161
2,538,156
1,378,244
765,372
1,395,162
791,087
487,111
301,598

227,666
1,656,719
2,350,772
770,465
1,657,469
1,560,206
781,146
381,446
523,027
309,259
188,560
109,588

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

Jan-14

438

350

417

17,036

486,526

191,141

20

(Thou. Sh.) (Million Rp)


1,401,115
125,448
1,122,944
88,884
906,629
62,814
1,084,111
138,274
414,961
48,282
161,872
16,427
64,436
5,979
137,092
13,240
401,444
49,490
1,970,756
401,355
541,901
122,735
773,936
2,478,418

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

MLPL Multipolar Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)
BALANCE SHEET

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

2,428,942

3,403,788

2,039,663

2,875,259

4,301,461

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

247,055

436,243

223,397

231,454

349,050

Inventories

1,233,082

1,057,447

1,413,534

2,064,262

2,925,163

Current Assets

5,924,727

7,006,683

5,999,664

6,961,406 12,055,961

Fixed Assets

2,282,299

2,012,332

2,262,732

2,593,069 30,192,440

288,502

203,597

401,349

Other Assets
Total Assets

203,426

425,192

11,868,377 14,016,686 14,314,707 14,088,183 20,255,269

Growth (%)

12,750
8,500

2.13%

-1.58%

43.77%

4,250
-

3,625,814

3,705,603

4,042,864

4,671,652

7,851,921

Long Term Liabilities

4,799,972

1,810,532

2,123,104

2,363,458

3,426,221

Total Liabilities

8,425,786

5,516,135

6,165,968

7,035,110 11,278,142

-34.53%

11.78%

14.10%

60.31%

Growth (%)

17,000

18.10%

Current Liabilities

Liabilities

21,250

2009

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


Authorized Capital

3,742,500

3,742,500

3,742,500

3,742,500

3,742,500

Paid up Capital

1,550,058

2,153,183

2,153,183

2,153,183

2,386,904

7,728

7,728

7,728

10,065

Paid up Capital (Shares)


Par Value
Retained Earnings

6,785
500 & 125

2000 & 500 & 100 2000 & 500 & 100 2000 & 500 & 100 2000 & 500 & 100

50,952

2,864,964

2,808,007

2,828,916

4,233,942

1,586,463

8,500,551

8,148,739

7,053,073

8,977,127

435.82%

-4.14%

-13.45%

27.28%

Dec-10

Dec-11

Dec-12

Dec-13

8,501

8,977

8,977
8,149
7,053

7,146

5,314

Total Equity

Growth (%)

3,483

1,586

INCOME STATEMENTS
Total Revenues

Dec-09
10,885,698

9,537,671 10,332,842 12,642,770 14,671,670

-12.38%

Growth (%)

8.34%

22.36%

16.05%

Cost of Revenues

7,214,164

7,366,240

8,534,649 10,393,875 12,020,863

Gross Profit

3,671,534

2,171,431

1,798,193

2,248,895

Expenses (Income)

3,126,424

2,155,536

1,819,895

2,025,794

884,612

545,110

15,895

-21,702

223,101

1,766,195

-97.08%

N/A

N/A

691.66%

-212,660

-144,584

110,934

-68,020

-981

343,210

-123,008

89,232

155,081

1,765,214

82,573

-16,904

-6,806

-11,502

119,304

5,627,111

96,038

166,583

1,645,910

2,058.98%

-98.29%

73.46%

888.04%

Operating Profit

1,652

-180

2009

2,650,807

2010

2011

2012

2013

TOTAL REVENUES (Bill. Rp)


14,672
14,672

Growth (%)

12,643
11,679

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

260,637

Growth (%)

10,886
9,538

10,333

8,686

5,693

2,700

Period Attributable

260,637

5,627,111

20,318

28,636

1,415,091

Comprehensive Income

110,691

2,830,626

153,136

255,939

1,623,148

2,830,626

77,415

117,992

1,392,329

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

163.40

189.08

148.40

149.01

153.54

10.00

1.00

1.00

Comprehensive Attributable

RATIOS
Current Ratio (%)
Dividend (Rp)
EPS (Rp)

38.41

728.19

2.63

3.71

140.60

BV (Rp)

233.81

1,100.03

1,054.51

912.72

891.94

DAR (X)

0.71

0.39

0.43

0.50

0.56

DER(X)

5.31

0.65

0.76

1.00

1.26

ROA (%)

2.20

40.15

0.67

1.18

8.13

ROE (%)

16.43

66.20

1.18

2.36

18.33

GPM (%)

33.73

22.77

17.40

17.79

18.07

OPM (%)

5.01

0.17

-0.21

1.76

12.04

NPM (%)

2.39

59.00

0.93

1.32

11.22

Payout Ratio (%)

1.37

38.03

26.99

Yield (%)

3.33

0.66

0.49

-293

2009

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


5,627
5,742

4,570

3,399

1,646

2,228

1,056

261

96

167

2011

2012

-115

2009

2010

RESEARCH AND DEVELOPMENT DIVISION

2013

117

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.

Based on the Company's Articles of Association, the purposes and objectives of the
Company is to engage in the industries of general trading, development, industry,
agriculture, transportation, printing, multimedia through other telecomunication
equipment,serviceandinvestment.

The Companyis part of Mediacom Group. The Company has ownership in the following
subsidiaries:
Broadcasting:
1. PTRajawaliCitraTelevisiIndonesia(RCTI)
2. PTGlobalInformasiBermutu
3. PTCiptaTelevisiPendidikanIndonesia
4. PTMNCNetworks
5. MediaNusantaraCitraB.V.
6. MNCInternationalMiddleEastLimited

Printandonline:
1. PTMediaNusantaraInformasiandsubsidiary
2. PTMNIGlobal
3. PTMNIPublishinganditssubsidiary
4. PTOkezoneIndonesia(Okezone)

Advertisingagency:
1. PTCrossMediaInternasional(CMI)anditssubsidiaries

Contentproduction:
1. PTMNCPictures

Talentmanagement:
1. PTStarMediaNusantara

January 2014
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

MNCN Media Nusantara Citra Tbk. [S]


COMPANY REPORT : JANUARY 2014

As of 30 January 2014

Main Board
Industry Sector : Trade, Services & Investment (9)
Industry Sub Sector : Advertising, Printing And Media (95)

Individual Index
:
Listed Shares
:
Market Capitalization :

248.333
14,099,463,000
31,512,299,805,000

25 | 31.5T | 0.73% | 62.42%

21 | 13.9T | 1.26% | 53.78%

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. Jarod Suwahjo
3. Kanti Mirdiati Irmansyah
4. Nana Puspa Dewi
AUDIT COMMITTEE
1. Irman Gusman
2. Hery Kusnanto
3. Kardinal A. Karim

SHAREHOLDERS (January 2014)


1. PT Global Mediacom Tbk
2. PT Global Mediacom Tbk
3. Public (<5%)

8,329,662,142 :
790,000,000 :
4,979,800,858 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2007
2009
2009
2010
2011
2012
2013

Shares

Dividend
5.00
5.00
7.00
15.00
35.00
55.00
25.00

Cum Date
01-Dec-08
02-Oct-09
29-Nov-10
29-Nov-11
22-Jun-12
06-Sep-13
24-Jan-13

Recording
Date
04-Dec-08
07-Oct-09
02-Dec-10
02-Dec-11
27-Jun-12
11-Sep-13
02-Jan-14

Ex Date
02-Dec-08
05-Oct-09
30-Nov-10
30-Nov-11
25-Jun-12
09-Sep-13
27-Dec-13

59.08%
5.60%
35.32%

Payment
Date
19-Dec-08
21-Oct-09
17-Dec-10
16-Dec-11
11-Jul-12
25-Sep-13
16-Jan-14

F
I
F
F
F
F
I

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

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 III, IV, V & VI


Revision ESOP/MSOP III, IV, 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

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

:
:
:
:
:
:
:
:

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

CORPORATE SECRETARY
Arya Mahendra Sinulingga
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
: am.sinulingga@mncgroup.com

RESEARCH AND DEVELOPMENT DIVISION

119

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-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Trade, Sevices and Investment Index
January 2010 - January 2014
1,680%
1,440%
1,200%
960%

964.3%

720%
480%
240%

180.6%
71.6%

-240%

Jan 10

Jan 11

SHARES TRADED
Volume (Million Sh.)
Value (Billion Rp)
Frequency (Thou. X)
Days
Price (Rupiah)
High
Low
Close
Close*

Jan 12

Jan 14

2010

2011

2012

7,870
3,313
142
245

7,200
7,361
347
247

7,529
15,067
406
246

6,802
18,835
435
244

342
821
58
20

960
205
940
940

1,400
770
1,310
1,310

2,875
1,270
2,500
2,500

3,675
2,275
2,625
2,625

2,650
2,180
2,235
2,235

15.73
16.89
2.65

19.59
19.08
4.78

21.85
15.43
4.81

18.61
17.12
4.10

17.73
PER (X)
21.27
PER Industry (X)
2.72
PBV (X)
* Adjusted price after corporate action

120

Jan 13

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Media Nusantara Citra Tbk. [S]
January 2010 - January 2014

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

High
250
290
380
490
460
435
360
310
450
640
700
960

Low
205
210
220
315
310
330
270
275
275
405
570
630

Close
230
250
325
420
390
360
300
280
420
610
650
940

(X)
6,337
10,021
17,774
24,129
12,279
5,371
13,649
3,887
11,034
14,235
9,432
13,445

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

950
1,120
1,100
970
970
980
1,120
1,110
1,160
1,100
1,150
1,400

770
840
890
770
840
880
900
850
930
950
1,060
1,130

890
1,100
940
880
970
920
1,070
990
1,020
1,100
1,130
1,310

11,100
31,933
26,436
35,111
27,488
31,276
49,015
31,528
25,754
22,245
16,678
38,694

348,111
730,773
399,894
453,877
543,312
412,478
691,090
375,778
289,015
296,723
1,624,613
1,034,546

304,762
705,128
402,126
396,511
480,557
383,978
701,813
376,359
304,520
314,146
1,665,479
1,325,977

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

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

2,650

2,180

2,235

58,448

341,933

821,125

20

(Thou. Sh.) (Million Rp)


375,244
87,349
581,786
153,363
1,228,053
390,066
1,682,392
712,345
736,435
296,971
196,782
80,410
529,914
160,110
215,530
66,881
489,826
187,102
822,313
437,429
471,278
301,656
439,242
540,397

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

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)
Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Cash & Cash Equivalents

1,118,477

1,080,409

837,230

528,415

574,761

Receivables

1,833,387

2,202,994

2,558,400

2,615,430

3,062,803

Inventories

951,030

915,310

894,311

1,139,486

1,332,726

Current Assets

4,785,995

5,201,103

6,018,612

6,766,799

6,811,828

Fixed Assets

1,009,469

1,040,165

971,773

985,995

1,542,677

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

8,000
6,000

140,869

196,697

119,761

38,494

56,382

7,641,364

8,196,543

8,798,230

8,960,942

9,615,280

7.27%

7.34%

1.85%

7.30%

2,000
-

Growth (%)
Current Liabilities

1,351,966

2,604,665

1,227,364

1,250,225

1,606,491

Long Term Liabilities

1,402,931

155,762

736,363

413,555

265,215

Total Liabilities

2,754,897

2,760,427

1,963,727

1,663,780

1,871,706

0.20%

-28.86%

-15.27%

12.50%

Growth (%)

Liabilities

10,000

4,000

2009

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


Authorized Capital

4,000,000

4,000,000

4,000,000

4,000,000

4,000,000

Paid up Capital

1,375,000

1,377,350

4,000,000

1,395,613

1,409,946

13,750

13,774

40,000

13,956

14,099

100

100

100

100

100

846,019

1,482,241

2,345,128

3,511,354

4,085,903

4,286,176

4,767,037

6,834,503

7,297,162

7,743,574

11.22%

43.37%

6.77%

6.12%

Paid up Capital (Shares)


Par Value
Retained Earnings

7,744

6,835

7,297

7,744

6,164

4,286

4,767

4,584

Total Equity

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

3,923,845

4,855,907

5,390,474

6,265,260

6,522,347

23.75%

11.01%

16.23%

4.10%

Growth (%)
Cost of Revenues
Gross Profit
Expenses (Income)
Operating Profit

3,316,621

3,666,775

2,617,157

2,856,657

2,850,657

607,224

1,189,132

2,773,317

3,408,603

2,850,657

3,316,621

3,666,775

1,262,793

1,147,895

1,278,161

607,224

1,189,132

3,005

1,425

-155

2009

2010

2011

2012

2013

TOTAL REVENUES (Bill. Rp)


6,265

6,522

6,522

95.83%

Growth (%)

5,390
4,856

5,192

Other Income (Expenses)

-46,672

-164,063

Income before Tax

560,692

1,025,069

1,510,524

2,260,708

2,393,529

Tax

164,024

280,850

385,353

497,689

583,687

Profit for the period

396,668

744,219

1,125,171

1,763,019

1,809,842

87.62%

51.19%

56.69%

2.66%

Growth (%)

3,924
3,861

2,531

1,200

Period Attributable

396,668

730,218

1,070,203

1,657,087

1,691,172

Comprehensive Income

385,617

696,011

1,153,383

1,781,284

1,791,090

664,540

1,098,415

1,675,352

1,672,420

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

354.00

199.68

490.37

541.25

424.02

12.00

15.00

35.00

55.00

25.00

Comprehensive Attributable

RATIOS
Current Ratio (%)
Dividend (Rp)
EPS (Rp)

28.85

53.02

26.76

118.74

119.95

BV (Rp)

311.72

346.10

170.86

522.86

549.21

DAR (X)

0.36

0.34

0.22

0.19

0.19

-130

2009

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


1,763

1,810

2012

2013

1,810

1,441

1,125
1,071

DER(X)

0.64

0.58

0.29

0.23

0.24

ROA (%)

5.19

9.08

12.79

19.67

18.82

ROE (%)

9.25

15.61

16.46

24.16

23.37

GPM (%)

15.48

24.49

51.45

54.40

43.71

OPM (%)

15.48

24.49

NPM (%)

10.11

15.33

20.87

28.14

27.75

Payout Ratio (%)

41.60

28.29

130.82

46.32

20.84

5.71

1.60

2.67

2.20

0.95

Yield (%)

744
702

397
333

-36

2009

2010

2011

RESEARCH AND DEVELOPMENT DIVISION

121

COMPANY REPORT

PGAS
PERUSAHAAN GAS NEGARA
(PERSERO) TBK.
Company Profile
PTPerusahaanGasNegara(Persero)Tbk.originallynamedFirmaL.J.N.Eindhoven&Co.Gravenhage,
wasestablishedin1859.OnMay13th,1965,theCompanywasstatedasstateownedenterpriseand
knownasPerusahaanNegaraGas(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:PTTransportasiGasIndonesia(Transgasindo),PGNEuro
Finance 2003 Limited, PT PGAS Telekomunikasi Nusantara, PT PGAS Solution, PT Saka Energi
Indonesia, PT Gagas Energi Indonesia, and PT PGN LNG Indonesia. As of December 31st, 2013, the
CompanyandSubsidiarieshadatotalof1,920employees.

January 2014
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

122

RESEARCH AND DEVELOPMENT DIVISION

PGAS Perusahaan Gas Negara (Persero) Tbk. [S]

COMPANY REPORT : JANUARY 2014

As of 30 January 2014

Main Board
Industry Sector : Infrastructure, Utilities And Transportation (7)
Industry Sub Sector : Energy (71)

1,590.000
Individual Index
:
Listed Shares
24,241,508,196
:
Market Capitalization : 115,631,994,094,920

8 | 115.6T | 2.66% | 40.61%


6 | 29.7T | 2.69% | 26.44%

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
Wisma Sudirman - Puri Datindo
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Bayu Krisnamurthi
2. Firmanzah
3. Kiagus Ahmad Badaruddin
4. M. Zamkhani
5. Pudja Sunasa *)
6. Widya Purnama *)
*) 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. Pudja Sunasa
2. Gunawan Indradi
3. Imbuh Sulistyarini
4. Mohamad Slamet Wibowo
5. Shalahuddin Haikal

SHAREHOLDERS (January 2014)


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
Dana Proyek Pemerintah 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

123

PGAS Perusahaan Gas Negara (Persero) Tbk. [S]


Closing
Price*

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-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Infrastructure, Utilities and Transportation Index
January 2010 - January 2014
125%
100%
75%

71.6%

50%
32.1%

25%

20.8%

-25%
-50%
-75%

Jan 10

Jan 11

SHARES TRADED
Volume (Million Sh.)
Value (Billion Rp)
Frequency (Thou. X)
Days
Price (Rupiah)
High
Low
Close
Close*

Jan 12

Jan 14

2010

2011

2012

10,152
40,288
399
245

11,496
39,942
489
247

7,191
27,787
319
246

7,074
37,444
505
244

731
3,299
106
20

4,650
3,250
4,425
4,425

4,500
2,025
3,175
3,175

4,800
3,050
4,600
4,600

6,450
4,375
4,475
4,475

4,780
4,120
4,770
4,770

12.49
11.09
4.48

12.61
17.53
4.90

10.92
18.40
3.73

11.64
18.52
3.98

17.19
PER (X)
14.36
PER Industry (X)
7.73
PBV (X)
* Adjusted price after corporate action

124

Jan 13

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Perusahaan Gas Negara (Persero) Tbk. [S]
January 2010 - January 2014

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

High
4,075
3,775
4,400
4,350
4,100
4,000
4,175
4,200
4,100
4,200
4,600
4,650

Low
3,650
3,500
3,625
3,900
3,250
3,625
3,800
3,850
3,725
3,800
4,025
4,150

Close
3,775
3,625
4,250
4,100
3,900
3,875
4,050
4,000
3,850
4,050
4,300
4,425

(X)
44,943
22,168
37,776
35,271
34,545
26,959
28,540
20,978
47,032
47,910
30,895
21,681

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

4,500
4,300
3,900
4,050
4,250
4,075
4,125
4,000
2,975
3,100
3,175
3,250

3,875
3,475
3,500
3,775
3,900
3,900
3,850
2,925
2,025
2,400
2,850
3,000

4,225
3,550
3,900
4,000
4,050
4,025
3,975
2,950
2,675
2,950
3,075
3,175

26,664
45,031
56,620
27,808
26,581
18,063
28,033
88,001
71,256
51,740
29,870
19,074

743,884
838,222
1,354,368
760,375
918,787
461,564
677,815
1,991,726
1,410,779
1,088,971
716,594
532,789

3,107,955
3,214,807
5,004,188
3,001,507
3,766,922
1,843,643
2,688,936
6,642,358
3,769,027
3,038,698
2,175,410
1,688,283

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

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

4,780

4,120

4,770 106,143

731,381

3,299,365

20

(Thou. Sh.) (Million Rp)


1,002,028 3,808,868
577,102 2,111,200
1,241,685 5,007,390
881,280 3,599,898
924,035 3,426,968
688,332 2,632,119
767,983 3,080,172
534,731 2,155,757
1,003,349 3,915,422
1,203,704 4,787,956
862,133 3,726,637
466,014 2,035,413

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

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-09

Dec-10

Dec-11

Dec-12

Dec-13

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Assets

Cash & Cash Equivalents

6,593,237 11,065,595 10,356,369 15,157,322 16,200,470

Receivables

1,711,200

1,946,894

2,043,553

2,550,177

3,875,102

Inventories

14,120

14,046

11,836

23,644

179,329

Current Assets
Fixed Assets
Other Assets
Total Assets

50,000

9,263,401 13,858,679 13,656,295 19,183,520 21,847,077


17,329,189 16,781,897 15,866,650 16,378,657 22,542,829
7,136

23,056

38,309

21,425

50,620

28,670,440 32,087,431 30,976,446 37,791,930 53,536,157

Growth (%)
Current Liabilities

Liabilities

62,500

3,729,795

11.92%

-3.46%

4,035,777

2,483,317

22.00%

12,500

4,571,487 10,868,753

12,162,831 12,950,699 11,308,417 10,449,604

Total Liabilities

15,892,626 16,986,477 13,791,734 15,021,091 20,073,088

6.88%

-18.81%

25,000

41.66%

Long Term Liabilities

Growth (%)

37,500

8.91%

2009

9,204,335

2010

2011

2012

2013

33.63%
TOTAL EQUITY (Bill. Rp)

Authorized Capital

7,000,000

7,000,000

7,000,000

7,000,000 12,024,600

Paid up Capital

2,424,151

2,424,151

2,424,151

2,424,151

4,164,206

24,242

24,242

24,242

24,242

24,242

100

100

100

100

172

Paid up Capital (Shares)


Par Value
Retained Earnings

33,463
33,463

26,637

22,771

8,022,835 10,317,327 12,257,199 16,847,739 25,725,467

17,185

19,810

Total Equity

11,732,080 13,868,573 17,184,712 22,770,838 33,463,069

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09

Gross Profit

23.91%

32.51%

46.96%

Dec-10

Dec-11

Dec-12

Dec-13

11,732
12,984

6,157

18,024,279 19,765,716 19,567,407 24,914,688 36,828,609

9.66%

Growth (%)
Cost of Revenues

18.21%

13,869

7,219,992

7,223,570

-1.00%

27.33%

47.82%

-669

2009

2010

2011

2012

2013

7,793,751 10,676,664 19,429,817

10,804,287 12,542,146 11,773,656 14,238,024 17,398,792

Expenses (Income)

3,128,261

3,506,421

4,051,278

4,389,290

Operating Profit

7,676,026

9,035,725

7,722,378

9,848,734 11,456,318

17.71%

-14.54%

27.53%

16.32%

571,147

-972,551

-68,189

1,255,405

2,348,434

Income before Tax

8,247,172

8,063,174

7,654,189 11,104,139 13,804,752

Tax

1,814,304

1,599,774

1,535,979

2,253,611

Profit for the period

6,432,868

6,463,400

6,118,210

8,850,528 10,967,963

0.47%

-5.34%

TOTAL REVENUES (Bill. Rp)

5,942,474

36,829
36,829

Growth (%)

29,316

Other Income (Expenses)

Growth (%)

44.66%

24,915
21,803

18,024

19,766

19,567

2010

2011

2,836,789
14,290

23.92%
6,776

Period Attributable

6,432,868

6,239,361

5,933,063

8,614,862 10,558,743

Comprehensive Income

6,229,043

6,268,010

6,163,463

8,843,202 10,898,403

6,081,362

5,964,373

8,603,365 10,481,609

Comprehensive Attributable

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Current Ratio (%)

248.36

343.40

549.92

419.63

201.01

Dividend (Rp)

154.20

154.44

134.62

202.77

EPS (Rp)

265.37

257.38

244.75

355.38

435.56

BV (Rp)

483.97

572.10

708.90

939.33

1,380.40

DAR (X)

0.55

0.53

0.45

0.40

0.37

DER(X)

1.35

1.22

0.80

0.66

0.60

ROA (%)

22.44

20.14

19.75

23.42

20.49

ROE (%)

54.83

46.60

35.60

38.87

32.78

GPM (%)

59.94

63.45

60.17

57.15

47.24

OPM (%)

42.59

45.71

39.47

39.53

31.11

NPM (%)

35.69

32.70

31.27

35.52

29.78

Payout Ratio (%)

58.11

60.00

55.00

57.06

3.95

3.49

4.24

4.41

RATIOS

-737

2009

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


10,968
10,968

8,851
8,730

6,433

6,463

6,118

2009

2010

2011

6,493

Yield (%)

4,256

2,018

-219

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

125

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,
Indonesia.TherepresentativeofficelocatedatMenaraKadinIndonesia15thFloor,Jln.H.R.
RasunaSaidBlokX5Kav.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
servicesrelatedtothecoalminingindustryaswellasitsderivativeproduct.

Thecompanyhasdirectownershipinsubsidiaries:
PTBatubaraBukitKendi,
PTBukitAsamPrima,
PTInternationalPrimaCoal,
PTBukitAsamMetanaOmbilin,
PTBukitAsamMetanaEnim,
PTBukitAsamMetanaPeranap,and
PTBukitAsamBanko.

AsofDecember31st2013,theCompanyhadatotalof3,115permanentemployees.

January 2014
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

PTBA Tambang Batubara Bukit Asam (Persero) Tbk. [S]


COMPANY REPORT : JANUARY 2014

As of 30 January 2014

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

Individual Index
:
Listed Shares
:
Market Capitalization :

1,608.696
2,304,131,850
21,313,219,612,500

40 | 21.3T | 0.49% | 71.32%

35 | 8.44T | 0.76% | 65.72%

COMPANY HISTORY
Established Date
: 02-Mar-1981
Listing Date
: 23-Dec-2002
Under Writer IPO :
PT Danareksa Sekuritas
Securities Administration Bureau :
PT Datindo Entrycom
Wisma Sudirman - Puri Datindo
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. Robert Heri
4. S. Koesnaryo *)
5. Seger Budiarjo
6. Thamrin Sihite *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Milawarma
2. Achmad Sudarto
3. Anung Dri Prasetya
4. Heri Supriyanto
5. Muhammad Jamil
6. Maizal Gazali
AUDIT COMMITTEE
1. S. Koesnaryo
2. Helmi Mahfud
3. Nuhindro Priagung Widodo
4. Seger Budiarjo

SHAREHOLDERS (January 2014)


1. Negara Republik Indonesia
2. PT Tambang Batubara 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

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

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

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

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

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

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

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

127

PTBA Tambang Batubara Bukit Asam (Persero) Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

26,000

40.0

22,750

35.0

19,500

30.0

16,250

25.0

13,000

20.0

9,750

15.0

6,500

10.0

3,250

5.0

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Mining Index
January 2010 - January 2014
125%
100%
75%

71.6%

50%
25%
-25%
-40.2%
-48.0%

-50%
-75%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

2010

2011

2012

Volume (Million Sh.)


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

956
17,091
202
245

757
15,002
230
247

706
11,954
190
246

653
8,819
214
244

109
1,028
45
20

Price (Rupiah)
High
Low
Close
Close*

23,450
15,050
22,950
22,950

26,000
13,600
17,350
17,350

21,150
12,950
15,100
15,100

17,000
9,700
10,200
10,200

10,600
8,975
9,250
9,250

12.95
16.17
4.90

15.33
8.49
4.09

14.17
19.30
3.52

12.85
13.24
3.19

SHARES TRADED

26.32
PER (X)
17.69
PER Industry (X)
8.31
PBV (X)
* Adjusted price after corporate action

128

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Tambang Batubara Bukit Asam (Persero)
January 2010 - January 2014

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

High
18,600
17,150
17,950
19,350
18,650
17,650
17,500
18,500
20,700
21,000
21,900
23,450

Low
16,400
15,050
15,500
17,250
15,550
16,050
16,300
15,950
17,400
19,100
18,700
18,700

Close
17,200
15,600
17,400
18,600
17,450
17,250
16,700
17,500
19,450
19,650
18,700
22,950

(X)
13,807
15,194
20,711
19,665
18,971
16,672
18,269
19,647
13,621
12,259
16,201
16,595

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

26,000
20,700
21,550
22,800
22,450
21,500
21,650
21,500
19,950
18,800
18,500
17,750

19,350
18,750
19,800
21,000
20,600
20,350
20,550
17,450
13,700
13,600
16,500
16,200

19,750
20,050
21,000
22,300
21,250
20,800
21,300
19,050
16,800
18,350
17,000
17,350

31,410
22,423
22,536
13,575
13,591
14,856
16,518
19,027
20,250
27,223
15,147
13,830

102,110
76,819
96,718
49,553
51,249
61,338
56,206
64,261
43,682
76,241
40,315
38,098

2,225,262
1,522,754
1,994,258
1,098,839
1,098,047
1,277,009
1,189,290
1,240,174
752,747
1,238,794
711,620
653,219

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

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

10,600

8,975

9,250

44,679

108,649

1,027,710

20

(Thou. Sh.) (Million Rp)


59,002 1,040,617
57,860
924,563
112,695 1,861,446
121,327 2,206,683
111,078 1,925,313
77,431 1,301,872
78,724 1,318,650
99,232 1,700,714
64,444 1,220,283
51,610 1,033,287
64,273 1,303,983
58,401 1,253,204

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

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-09

Dec-10

Dec-11

Dec-12

Dec-13

Cash & Cash Equivalents

4,709,104

5,054,075

6,791,291

5,917,034

3,343,905

Receivables

1,491,460

997,178

1,180,195

1,545,556

1,427,572

Inventories

409,901

423,678

64,483

765,964

901,952

6,783,391

6,645,953

8,859,260

8,718,297

6,479,783

371,523

921,005

1,140,466

1,853,447

2,803,393

57,588

50,949

97,886

119,746

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Current Assets
Fixed Assets
Other Assets
Total Assets

Assets

30,107
8,078,578

7.97%

Growth (%)
Current Liabilities
Long Term Liabilities
Total Liabilities

8,722,699 11,507,104 12,728,981 11,677,155

8,250
5,500

10.62%

-8.26%

2,750
-

1,147,728

1,912,423

1,770,664

2,260,956

911,832

1,133,723

1,429,679

2,453,148

1,864,630

2,292,740

2,281,451

3,342,102

4,223,812

4,125,586

-0.49%

46.49%

26.38%

-2.33%

Growth (%)

11,000

31.92%

1,380,908

Liabilities

13,750

2009

2010

2011

2012

2013

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

Retained Earnings

4,518,821

5,182,763

6,906,491

7,410,590

8,093,505

Total Equity

5,701,372

6,366,736

8,165,002

8,505,169

7,551,569

11.67%

28.24%

4.17%

-11.21%

Dec-10

Dec-11

Dec-12

Dec-13

Paid up Capital (Shares)


Par Value

8,165

8,505

8,505

7,552
6,367

6,770

5,701
5,035

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09
8,947,854

Growth (%)

3,300

1,565

7,909,154 10,581,570 11,594,057 11,209,219

-11.61%

33.79%

9.57%

-3.32%

Cost of Revenues

4,104,301

4,258,988

5,302,592

6,505,932

7,745,646

Gross Profit

4,843,553

3,650,166

5,278,978

5,088,125

3,463,573

Expenses (Income)

1,295,238

1,346,008

1,219,874

1,494,615

1,310,735

Operating Profit

3,548,315

2,304,158

4,059,104

3,593,510

2,152,838

-35.06%

76.16%

-11.47%

-40.09%

-170

2009

2010

2012

2013

TOTAL REVENUES (Bill. Rp)


11,594
10,582

11,594

Growth (%)

2011

11,209

8,948
9,229

217,039

301,057

Income before Tax

3,762,002

2,599,650

Tax

1,032,675

600,713

Profit for the period

2,729,327

Other Income (Expenses)

Growth (%)

318,077

308,524

4,059,104

3,911,587

2,461,362

971,037

1,002,166

607,081

1,998,937

3,088,067

2,909,421

1,854,281

-26.76%

54.49%

-5.79%

-36.27%

7,909

6,864

4,498

2,133

Period Attributable

2,729,327

2,008,891

3,085,836

2,900,113

1,826,144

Comprehensive Income

2,727,734

2,000,359

3,085,862

2,269,074

2,351,350

2,010,313

3,083,631

2,259,766

2,323,213

Comprehensive Attributable

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Current Ratio (%)

491.23

579.05

463.25

492.37

286.59

Dividend (Rp)

533.40

523.12

803.94

720.75

461.97

EPS (Rp)

1,184.54

871.86

1,339.26

1,258.66

792.55

BV (Rp)

2,474.41

2,763.18

3,543.63

3,691.27

3,277.40

DAR (X)

0.28

0.26

0.29

0.33

0.35

RATIOS

-232

2009

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


3,088
3,088

2,729

2,909

2,458

1,999

1,854

1,828

0.40

0.36

0.41

0.50

0.55

ROA (%)

33.78

22.92

26.84

22.86

15.88

ROE (%)

47.87

31.40

37.82

34.21

24.55

GPM (%)

54.13

46.15

49.89

43.89

30.90

OPM (%)

39.66

29.13

38.36

30.99

19.21

NPM (%)

30.50

25.27

29.18

25.09

16.54

Payout Ratio (%)

45.03

60.00

60.03

57.26

58.29

3.09

2.28

4.63

4.77

4.53

DER(X)

Yield (%)

1,198

568

-62

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

129

COMPANY REPORT

PTPP
PEMBANGUNAN PERUMAHAN
(PERSERO) TBK.

Company Profile

PT Pembangunan Perumahan (Persero) Tbk. ("the Company") was established dated


th
August 26 , 1953.
In accordance with to latest amandment of the articles of association mentioned above,
the company's aims 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 services,
enhancement in construction capability services, information technology, tourism, hotel
business service, engineering and planning service, development services to produce high
quality and highly competitive goods and/or services, and to generate profit to add value
to the entity by applying limited liability company principles.
The current business activities of the Company are in construction services, real estate
(developer), properties and investment in infrastructure and energy.
To increase value to the Company, the management adopts a corporate strategies on the
basis of four business pillars: construction, EPC (Energy, Oil & Gas), investment and
property. To achieve the goals, the Company adopted the Companys vision "PT PP
(Persero) Vision".
This vision shall become strategic guidelines in facing future challenge, which is To
become a leading construction and investment company which provides high added value
to all of its stakeholder.
st

As of December 31 , 2013 the Company had 1,619 employees.

JANUARY 2014

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

PTPP PP (Persero) Tbk. [S]

COMPANY REPORT : JANUARY 2014


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

As of 30 January 2014
Individual Index
:
Listed Shares
:
Market Capitalization :

241.071
4,842,436,500
6,537,289,275,000

99 | 6.54T | 0.15% | 86.96%


50 | 5.82T | 0.53% | 74.97%

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. Daryatno *)
3. Eddy Purwanto
4. Husein Thaib *)
5. Timbul Tambunan
*) Independent Commissioners

SHAREHOLDERS (January 2014)


1. Negara Republik Indonesia
2. Koperasi Karyawan Pemegang Saham PT PP (KKPSPP)
3. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2009
2010
2011
2012
2013

Shares

Dividend
10.11
14.57
14.88
19.19
26.06

Cum Date
09-Jul-10
07-Jul-11
07-Jun-12
22-May-13
21-Apr-14

Ex Date
12-Jul-10
08-Jul-11
08-Jun-12
23-May-13
22-Apr-14

2,469,642,760 :
262,112,000 :
2,110,681,740 :

Recording
Date
14-Jul-10
12-Jul-11
12-Jun-12
27-May-13
24-Apr-14

51.00%
5.41%
43.59%

Payment
Date
28-Jul-10
15-Jul-11
15-Jun-12
10-Jun-13
07-May-14

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. Tumiyana
AUDIT COMMITTEE
1. Daryatno
2. Handoko Tripriyono
3. Sularso
CORPORATE SECRETARY
Taufik Hidayat
HEAD OFFICE
Plaza PP - Wisma Subiyanto
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

131

PTPP PP (Persero) Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

1,800

240

1,575

210

1,350

180

1,125

150

900

120

675

90

450

60

225

30

Feb-10

Feb-11

Feb-12

Feb-13

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
February 2010 - January 2014
270%
225%
180%
136.5%
132.8%

135%
90%

77.5%

45%
-45%
-90%

Feb 10

Feb 11

Feb 12

Feb 13

SHARES TRADED

2010

2011

2012

Volume (Million Sh.)


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

4,623
3,343
61
219

2,943
1,576
86
247

4,253
2,931
85
246

Price (Rupiah)
High
Low
Close
Close*

1,030
550
800
800

19.21
PER (X)
9.97
PER Industry (X)
3.07
PBV (X)
* Adjusted price after corporate action

132

2013 Jan-14
8,579
10,203
318
244

348
443
18
20

820
265
485
485

950
475
830
830

1,780
760
1,160
1,160

1,370
1,105
1,350
1,350

9.78
11.09
1.65

12.98
17.34
2.43

19.29
17.79
3.15

22.45
16.27
3.67

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


PP (Persero) Tbk. [S]
February 2010 - January 2014

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

High
610
690
750
740
730
800
810
1,030
970
920
860

Low
550
570
640
610
640
680
740
780
870
840
720

Close
580
660
720
680
720
770
780
900
890
850
800

(X)
6,099
6,888
8,813
2,680
3,597
5,831
4,489
4,759
9,386
3,453
4,906

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

820
640
710
740
710
680
680
640
485
355
340
530

630
550
570
640
630
640
620
455
265
280
315
320

630
580
710
700
680
670
640
455
330
345
315
485

6,962
4,470
7,237
4,861
2,708
1,043
2,870
10,000
22,104
7,489
2,000
14,591

240,500
187,951
356,739
237,350
106,685
62,668
255,058
234,732
427,552
310,223
53,301
470,020

172,143
109,693
221,654
166,047
70,249
39,098
147,697
122,068
188,543
102,824
17,721
218,008

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

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

1,370

1,105

1,350

18,040

347,504

443,365

20

(Thou. Sh.) (Million Rp)


494,929
275,615
524,009
315,336
388,788
552,843
393,152
262,769
422,035
291,745
599,048
437,120
407,952
314,682
369,563
436,121
339,684
373,185
180,540
210,723
208,743
167,544

13
22
21
19
22
22
21
17
21
21
20

PTPP PP (Persero) Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Soejatna, Mulyana & Rekan


Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

446,262

959,609

1,306,110

1,303,124

2,396,802

Receivables

979,199

2,051,473

1,284,675

1,633,937

2,187,005

Inventories

1,275,007

1,509,428

1,586,309

1,565,642

177,419

Investment

28,259

287,389

243,697

222,844

289,598

Fixed Assets

78,862

77,127

75,997

72,775

141,882

5,444,074

6,933,354

31.96%

27.36%

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Other Assets
Total Assets

Assets

4,125,551

Growth (%)

23.33%

7,500
5,000
2,500
-

912,003

1,115,578

836,766

2,153,988

2,384,646

3,463,503

4,243,610

6,300,346

Total Liabilities

3,577,545

4,182,231

5,507,914

6,895,001 10,430,922

16.90%

31.70%

25.18%

51.28%

1,500,000

1,500,000

1,500,000

1,500,000

1,500,000

380,346

484,244

484,244

484,244

484,244

3,803

4,842

4,842

4,842

4,842

100

100

100

100

100

167,661

315,433

479,030

709,439

1,037,220

Growth (%)

10,000

45.20%

Trade Payable

Bank Payable

480,056

8,550,851 12,415,669

Liabilities

12,500

2009

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


Authorized Capital
Paid up Capital
Paid up Capital (Shares)
Par Value
Retained Earnings
Total Equity

548,007

1,261,843

1,425,440

1,655,849

1,984,747

130.26%

12.96%

16.16%

19.86%

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

4,203,313

4,401,229

6,231,898

4.71%

41.59%

3,860,773

3,983,232

5,526,136

466,649

514,624

785,922

854,505

98,750

122,430

130,981

143,681

199,537

367,899

392,194

654,940

710,825

1,073,385

6.60%

66.99%

8.53%

51.01%

Growth (%)
INCOME STATEMENTS
Total Revenues

Growth (%)
Cost of Revenues
Gross Profit
Operating Expenses
Operating Profit

Growth (%)

1,985
1,985

1,656
1,580

1,262

1,425

1,175

770

548

365

8,003,873 11,655,844

28.43%

45.63%

-40

2009

2010

2011

2013

7,149,367 10,382,923
1,272,922

TOTAL REVENUES (Bill. Rp)


11,656
11,656

8,004

9,278

Other Income (Expenses)

-97,518

-65,528

-236,464

-165,433

-306,495

Income before Tax

270,380

326,666

418,476

545,392

766,890

Tax

107,120

125,018

178,253

235,709

346,170

Profit for the period

163,260

201,648

240,223

309,683

420,720

23.51%

19.13%

28.91%

35.86%

Growth (%)

2012

6,232

6,900

4,203

4,401

2009

2010

4,522

2,145

Period Attributable

163,260

201,648

240,223

309,683

420,708

Comprehensive Income

163,260

201,648

240,223

309,683

420,720

201,648

240,223

309,683

420,708

Comprehensive Attributable

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dividend (Rp)

10.11

14.57

14.88

19.19

26.06

EPS (Rp)

42.92

41.64

49.61

63.95

86.88

BV (Rp)

144.08

260.58

294.36

341.95

409.87

DAR (X)

0.87

0.77

0.79

0.81

0.84

DER(X)

6.53

3.31

3.86

4.16

5.26

ROA (%)

3.96

3.70

3.46

3.62

3.39

ROE (%)

29.79

15.98

16.85

18.70

21.20

GPM (%)

11.10

11.69

12.61

10.68

10.92

OPM (%)

8.75

8.91

10.51

8.88

9.21

NPM (%)

3.88

4.58

3.85

3.87

3.61

23.55

34.99

30.00

30.01

30.00

1.82

3.07

2.31

2.25

RATIOS

Payout Ratio (%)


Yield (%)

-233

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


421

310

335

240
202

249

163
163

77

-8

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

133

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) FiveStarHotelsnamedasSheratonSurabayaHotelandTowers,also
4) Real estate business Pakuwon City (formerly Laguna Indah Housing) and industrial
estate (which has not operated and will change to residential estate), all located in
Surabaya.

TheCompanyhasdirectandindirectownershipinsubsidiaries:
1) PTArtisanWahyu,
2) PTElitePrimaHutama,
3) PTPakuwonSentraWisata,
4) PTPakuwonRegency,and
5) PTGramaPramesiSiddhi.

January 2014
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

PWON Pakuwon Jati Tbk. [S]


COMPANY REPORT : JANUARY 2014
Main Board
Industry Sector : Property, Real Estate And Building Construction (6)
Industry Sub Sector : Property And Real Estate (61)

As of 30 January 2014
Individual Index
:
Listed Shares
:
Market Capitalization :

1,183.546
48,159,602,400
14,784,997,936,800

52 | 14.8T | 0.34% | 75.98%

47 | 6.39T | 0.58% | 73.32%

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. Alexander Stefanus Ridwan Suhendra
3. Eiffel Tedja
4. Irene Tedja
5. Minarto
6. Sutandi Purnomosidi
7. Wong Boon Siew Ivy
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
: pwonjati@yahoo.com
minarto@pakuwon.com

SHAREHOLDERS (January 2014)


1. Burgami Investments Limited
2. JPMBLSA Re:JPMIB - PT Pakuwon Ar
3. Concord Media Investment Ltd
4. Raylight Investments Limited
5. Public (<5%)

10,063,591,200
6,080,129,840
3,556,800,000
3,441,204,000
25,017,877,360

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1990
1991
1991
1992
1992
1993
1994
1995
1996
2011
2012

Shares

Dividend
50.00
75.00
30.00

2:1
25.00
25.00
20.00
17.50
25.00
1.45
3.50

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

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

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

:
:
:
:
:

20.00%
12.00%
7.00%
7.00%
54.00%

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

F/I

F
F
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.
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

135

PWON Pakuwon Jati Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

440

4,000

385

3,500

330

3,000

275

2,500

220

2,000

165

1,500

110

1,000

55

500

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
January 2010 - January 2014
315%
270%
225%
180%
149.6%
145.0%

135%
90%

71.6%
45%
-45%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

SHARES TRADED

2010

2011

2012

Volume (Million Sh.)


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

3,180
2,457
184
245

2,148
1,921
137
247

11,909
3,536
218
246

26,640
8,934
480
244

976
299
49
20

Price (Rupiah)
High
Low
Close
Close*

1,060
490
900
217

1,100
670
750
188

880
170
225
225

430
220
270
270

340
261
307
307

19.88
11.09
3.17

14.14
17.34
3.46

10.90
17.79
3.37

12.39
16.27
3.83

33.01
PER (X)
9.97
PER Industry (X)
6.32
PBV (X)
* Adjusted price after corporate action

136

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Pakuwon Jati Tbk. [S]
January 2010 - January 2014

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

High
560
570
670
690
680
800
800
850
1,030
1,060
960
960

Low
490
510
550
580
520
620
680
660
790
920
870
880

Close
550
570
610
610
670
800
690
830
1,000
940
910
900

(X)
1,523
1,559
2,157
3,938
14,635
40,971
32,330
29,809
17,085
15,689
14,380
9,931

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

910
930
900
890
1,000
1,100
990
920
910
890
1,010
860

840
830
830
850
850
900
890
800
740
700
810
670

870
860
890
870
1,000
980
900
880
780
860
830
750

7,242
6,146
9,687
4,653
10,568
18,722
15,828
14,958
9,573
11,500
16,784
11,627

102,723
101,249
210,981
59,937
187,101
341,759
329,440
208,692
128,988
130,722
198,224
148,648

89,902
88,122
183,731
52,008
169,686
331,832
309,710
182,020
108,561
108,266
181,996
115,525

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

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

340

261

307

48,959

976,326

299,281

20

(Thou. Sh.) (Million Rp)


42,840
22,156
52,650
28,553
67,235
107,961
154,295
96,514
246,441
148,188
500,546
349,508
474,590
352,127
350,286
476,646
330,785
373,200
331,388
336,884
274,893
252,768
127,745
138,774

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

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-09

Dec-10

Dec-11

Dec-12

Dec-13

200,607

312,956

621,021

1,315,146

2,126,206

Receivables

44,965

123,814

116,796

138,509

166,915

Inventories

2,486

2,927

3,121

1,262,136

1,051,081

Investment

1,996,240

2,033,472

216

268,531

1,559,360

736,173

1,659,292

844,548

673,096

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Fixed Assets
Other Assets
Total Assets

Assets

Bank Payable
Trade Payable
Total Liabilities

8,000
6,000

14

11

11

3,476,870

3,937,326

5,744,711

7,565,820

9,298,245

13.24%

45.90%

31.70%

22.90%

2,000
-

Growth (%)

1,085,338

1,925,967

1,764,389

77,956

13,615

65,241

33,929

54,754

2,230,961

2,368,737

3,371,576

4,431,284

5,195,737

6.18%

42.34%

31.43%

17.25%

Growth (%)

Liabilities

10,000

4,000

2009

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


Authorized Capital

3,000,000

3,000,000

3,000,000

3,000,000

3,000,000

Paid up Capital

1,003,325

1,003,325

1,203,990

1,203,990

1,203,990

10,033

10,033

12,040

48,160

48,160

100

100

100

25

25

Paid up Capital (Shares)


Par Value
Retained Earnings

147,222

425,732

667,748

1,345,905

2,310,166

1,150,547

1,429,058

2,373,135

3,134,536

4,102,509

24.21%

66.06%

32.08%

30.88%

4,103
4,103

3,135
3,266

2,373
2,429

Total Equity

Growth (%)
INCOME STATEMENTS

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Total Revenues

697,388

1,228,008

1,478,105

2,165,397

3,029,797

76.09%

20.37%

46.50%

39.92%

Growth (%)
Cost of Revenues

434,073

663,998

743,405

931,477

1,264,879

Gross Profit

263,315

564,010

734,700

1,233,920

1,764,919

58,385

95,138

264,829

332,815

433,727

204,931

468,872

469,871

128.80%

0.21%

-1,825

-83,319

203,106

385,552

47,439

67,822
316,527

103.34%

Operating Expenses
Operating Profit

1,429
1,592

1,151

755

-82

2009

2010

2011

2012

2013

TOTAL REVENUES (Bill. Rp)


3,030
3,030

Growth (%)

2,165

2,412

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

155,666

Growth (%)

469,871

901,105

1,331,192

91,339

-134,609

194,644

378,531

766,496

1,136,548

19.59%

102.49%

48.28%

1,478

1,794

1,228
1,176

697
557

Period Attributable

155,666

272,358

346,859

747,989

1,132,820

Comprehensive Income

146,622

316,527

378,531

766,496

1,136,548

272,358

346,859

747,989

1,132,820

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

1.45

3.50

EPS (Rp)

15.52

27.15

28.81

15.53

23.52

BV (Rp)

114.67

142.43

197.11

65.09

85.19

DAR (X)

0.64

0.60

0.59

0.59

0.56

DER(X)

1.94

1.66

1.42

1.41

1.27

Comprehensive Attributable

RATIOS
Dividend (Rp)

-61

2009

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


1,137
1,137

905

766
673

ROA (%)

4.48

8.04

6.59

10.13

12.22

ROE (%)

13.53

22.15

15.95

24.45

27.70

GPM (%)

37.76

45.93

49.71

56.98

58.25

OPM (%)

29.39

38.18

31.79

NPM (%)

22.32

25.78

25.61

35.40

37.51

Payout Ratio (%)

5.03

22.53

Yield (%)

0.19

1.56

317

441

209

379

156

-23

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

137

C
CO
OM
MP
PA
AN
NY
Y R
RE
EP
PO
OR
RT
T

SMGR
SEMEN INDONESIA (PERSERO) TBK.

Company Profile
PT Semen Indonesia (Persero) Tbk. was established on March 25th, 1953. The scope of
activitiesoftheCompanyinaccordancewiththeArticlesofAssociationandbeingcarried
outduringthereportingperiodistoengageinthecementindustry.TheCompanysandits
subsidiariescementplantsarelocatedinGresikandTubaninEastJava,IndarunginWest
Sumatera,PangkepinSouthSulawesiandQuangNinhinVietnam.

AsofDecember31st,2013,theCompanyanditssubsidiarieshad6,971employees.

The subsidiaries of the company are established as Strategic Tools, in order to give the
maximumcontributions.Inaddition,theirexistenceisexpectedtoincurbeneficialsynergy
inordertoachievethepurposeinaccordancewiththestipulatedcorebusiness.Beloware
thesubsidiariesofthecompany:
PTSemenPadang,
PTSepatimBatamtama,
PTBimaSepajaAbadi,
PTSemenTonasa,
PTUnitedTractorsSemenGresik,
PTIndustriKemasanSemenGresik,
PTKawasanIndustriGresik,
PTSGGEnergiPrima,
PTSGGPrimaBeton,
ThangLongCementJointStockCompany,
ThangLongCementJointStockCompany2,
AnPhuCementJointStockCompany

TheCompanyhasseveralawardsin2013:GoldProperAward2013,IndonesiaSustanibility
Reporting Awards 2013 from National Centre for Sustainability Reporting, Indonesia CSR
Award 2013, Anugerah BUMN 2013, PT Semen Indonesia (Persero) Tbk. awarded
Champion SOE category Best Manufacturing Competitiveness and President Director
awardedasBestofManagementFeeCategory,etc.

January 2014
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 Semen Indonesia (Persero) Tbk. [S]


COMPANY REPORT : JANUARY 2014

As of 30 January 2014

Main Board
Industry Sector : Basic Industry And Chemicals (3)
Industry Sub Sector : Cement (31)

Individual Index
:
Listed Shares
:
Market Capitalization :

4,941.227
5,931,520,000
84,227,584,000,000

9 | 84.2T | 1.94% | 42.55%

7 | 28.8T | 2.61% | 29.05%

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
Wisma Sudirman - Puri Datindo
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. Farid Prawiranegara *)
4. Hadi Waluyo *)
5. Marwanto Harjowiryono
6. Muchammad Zaidun *)
7. Wahyu Hidayat
*) Independent Commissioners
BOARD OF DIRECTORS
1. Dwi Soetjipto
2. Ahyanizzaman
3. Amat Pria Darma
4. Gatot Kustyadji
5. Johan Samudra
6. Suharto
7. Suparni
AUDIT COMMITTEE
1. Hadi Waluyo
2. Achmad Jazidie
3. Sahat Pardede
4. Elok Tresnaningsih

SHAREHOLDERS (January 2014)


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

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

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

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

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

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

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

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
Gedung Utama Semen Gresik
Jln. Veteran
Gresik - 61122
Phone : (021) 526-1174 - 5, (031) 398-1731 - 2
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

1,600

17,500

1,400

15,000

1,200

12,500

1,000

10,000

800

7,500

600

5,000

400

2,500

200

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Basic Industry and Chemicals Index
January 2010 - January 2014
175%
150%
125%
100%
86.8%
86.2%

75%

71.6%

50%
25%
-25%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

2010

2011

2012

Volume (Million Sh.)


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

3,977
31,995
172
245

2,068
18,855
233
247

2,149
26,942
296
246

2,548
39,111
497
244

192
2,808
56
20

Price (Rupiah)
High
Low
Close
Close*

10,350
7,250
9,450
9,450

11,450
7,250
11,450
11,450

16,950
9,900
15,850
15,850

19,150
11,350
14,150
14,150

15,900
13,775
14,200
14,200

17.15
10.41
4.65

19.09
9.79
5.18

16.11
17.44
4.24

16.17
13.29
4.25

SHARES TRADED

15.43
PER (X)
12.86
PER Industry (X)
4.67
PBV (X)
* Adjusted price after corporate action

140

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Semen Indonesia (Persero) Tbk. [S]
January 2010 - January 2014

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

High
8,200
8,000
7,850
8,400
9,000
9,050
9,500
9,250
9,950
10,350
9,900
9,900

Low
7,500
7,250
7,250
7,350
7,600
7,950
8,650
8,400
8,650
9,600
9,050
9,050

Close
8,000
7,600
7,300
8,200
8,450
8,750
9,250
8,700
9,900
9,800
9,200
9,450

(X)
10,064
7,426
15,012
16,173
15,936
13,285
15,790
18,106
14,416
11,602
18,320
16,043

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

10,000
8,850
9,350
9,800
9,800
9,750
10,000
9,650
9,450
9,500
9,550
11,450

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

28,860
16,970
21,543
13,301
13,524
14,410
13,494
22,705
23,699
24,322
18,215
21,806

279,407
157,200
169,216
120,939
144,637
128,580
241,451
206,839
145,732
149,227
129,289
195,126

2,371,780
1,307,341
1,488,654
1,153,198
1,378,004
1,218,512
2,367,029
1,864,386
1,234,343
1,282,433
1,181,110
2,008,194

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

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

15,900 13,775 14,200

55,849

192,064

2,808,267

20

(Thou. Sh.) (Million Rp)


111,316
870,993
81,985
632,276
1,601,261 11,320,197
409,399 3,278,726
283,946 2,315,387
259,682 2,094,264
197,904 1,806,849
190,450 1,666,454
204,039 1,896,038
215,362 2,130,346
257,910 2,436,413
163,526 1,547,425

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

SMGR Semen Indonesia (Persero) Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Osman Bing Satrio & Eny (Member of Deloitte Touche Tohmatsu Limited)
Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Cash & Cash Equivalents

3,410,263

3,664,278

3,375,645

3,081,102

4,108,092

Receivables

1,439,816

1,764,284

1,864,177

2,522,529

2,916,062

Inventories

1,407,578

1,624,219

2,006,660 22,849,053

2,645,893

Current Assets

8,207,041

734,360

7,646,145

9,972,110

Fixed Assets

4,014,143

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

17,462

Long Term Liabilities


Total Liabilities

7,662,560 11,640,692 16,794,115 18,862,518


17,202

18,029

54,223

224,136

12,951,308 15,562,999 19,661,603 26,579,084 30,792,884

20.17%

Growth (%)
Current Liabilities

8,231,297

18,750
12,500

35.18%

15.85%

6,250
-

2,517,519

2,889,137

4,825,205

5,297,631

338,372

905,727

2,157,369

3,589,025

3,691,278

2,633,214

3,423,246

5,046,506

8,414,229

8,988,908

30.00%

47.42%

66.73%

6.83%

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 (%)

25,000

26.34%

2,294,842

Liabilities

31,250

2009

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


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

8,143,284

21,804
21,804

18,165
17,356

14,615

9,954,536 12,407,396 15,291,927 18,480,911

12,006
12,908

Total Equity

Growth (%)
INCOME STATEMENTS
Total Revenues

10,198

10,197,679 12,006,439 14,615,097 18,164,855 21,803,976

Dec-09

17.74%

21.73%

24.29%

20.03%

Dec-10

Dec-11

Dec-12

Dec-13

8,460

4,012

14,387,850 14,344,189 16,378,794 19,598,248 24,501,241

-0.30%

Growth (%)

14.18%

19.66%

25.02%

Cost of Revenues

7,613,709

7,534,079

8,891,868 10,300,667 13,557,147

Gross Profit

6,774,141

6,810,110

7,486,926

9,297,581 10,944,094

Expenses (Income)

2,431,578

2,321,085

2,594,794

3,116,058

4,023,694

Operating Profit

4,342,563

4,489,025

4,892,131

6,181,524

3.37%

8.98%

26.36%

-436

2009

2010

2011

2012

2013

TOTAL REVENUES (Bill. Rp)


24,501
24,501

Growth (%)

19,598
19,503

301,714

224,358

197,821

105,931

Income before Tax

4,655,188

4,722,623

5,089,952

6,287,454

6,920,400

Tax

1,302,433

1,063,509

1,134,680

1,360,814

1,566,101

Profit for the period

3,352,755

3,659,114

3,955,273

4,926,640

5,354,299

9.14%

8.09%

24.56%

8.68%

Other Income (Expenses)

Growth (%)

16,379
14,388

14,344

2009

2010

14,505

9,506

4,508

Period Attributable

3,352,755

3,633,220

3,925,442

4,847,252

5,370,247

Comprehensive Income

3,326,488

3,656,622

3,960,605

4,924,791

5,852,023

3,630,727

3,930,774

4,845,403

5,716,493

Comprehensive Attributable

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Current Ratio (%)

357.63

29.17

264.65

170.59

188.24

Dividend (Rp)

308.45

306.26

330.89

367.74

407.42

RATIOS

565.24

612.53

661.79

817.20

905.37

BV (Rp)

1,719.24

2,024.18

2,463.97

3,062.43

3,675.95

DAR (X)

0.20

0.22

0.26

0.32

0.29

DER(X)

0.26

0.29

0.35

0.46

0.41

ROA (%)

25.89

23.51

20.12

18.54

17.39

ROE (%)

32.88

30.48

27.06

27.12

24.56

GPM (%)

47.08

47.48

45.71

47.44

44.67

OPM (%)

30.18

31.30

29.87

31.54

NPM (%)

23.30

25.51

24.15

25.14

21.85

Payout Ratio (%)

54.57

50.00

50.00

45.00

45.00

4.09

3.24

2.89

2.32

2.88

EPS (Rp)

-490

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


5,354
4,927

5,354

4,262

3,353

3,659

3,955

3,170

Yield (%)

2,077

985

-107

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

141

C
CO
OM
MP
PA
AN
NY
Y R
RE
EP
PO
OR
RT
T

SMRA
SUMMARECON AGUNG TBK.

Company Profile
PT Summarecon Agung Tbk. was founded in 1975 by Mr. Soetjipto Nagaria and his
associates to undertake real estate construction and development. Starting with a 10
hectare of marsh land in the then backwaters of Jakarta, the founders managed to
transformthislocationofKelapaGadingintooneofthemostaffluentareasinJakarta.And
overtheyearsSummareconhasbuiltareputationasoneoftheleadingpropertyplayersin
Indonesia,especiallyinthedevelopmentoftownships.

TheCompanysheadofficeislocatedatPlazaSummarecon,Jln.PerintisKemerdekaanNo.
42,Jakarta.

TheCompanyhasneteffectivedirectandindirectownershipinsubsidiariesasfollows:
PTSerpongCiptaKreasi,
PTLestariMahadibya,
PTGadingOrchard,
PTCitraDamaiAgung,
PTUnotaPersadajaya,
PTBahagiaMakmursejati,
PTMakmurOrientJaya,
PTSummareconHotelindo,
PTOrientCity,
PTEskageTatananKota,
PTSummervillePropertyManagement,
PTSummbangtriKreasiPersada,
PTSummareconBaliIndah,
PTJayaBangunAbadi,
PTBaktiKaryaVita.

TheCompanyandsubsidiarieshad1,770permanentemployeesasofDecember31th,2013.

January 2014
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 : JANUARY 2014


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

As of 30 January 2014
Individual Index
:
Listed Shares
:
Market Capitalization :

1,569.175
14,426,781,680
13,777,576,504,400

55 | 13.8T | 0.32% | 76.96%


54 | 5.26T | 0.48% | 76.99%

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
BOARD OF DIRECTORS
1. Johanes Mardjuki
2. Adrianto Pitoyo Adhi
3. G.E. Lilies Yamin
4. Herman Nagaria
5. Lexy Arie Tumiwa
6. Liliawati Rahardjo
7. Sharif Benyamin
8. Soegianto Nagaria
9. Yong King Ching
AUDIT COMMITTEE
1. Edi Darnadi
2. Esther Melyani Homan
3. Poespita Pelangiwati
CORPORATE SECRETARY
Michael Yong
HEAD OFFICE
Jln. Perintis Kemerdekaan No. 42
Jakarta Timur
Phone : (021) 489-2107, 471-4567
Fax
: (021) 489-2976, 471-4486
Homepage
Email

: www.summarecon.com
: corp_secretary@summarecon.com

SHAREHOLDERS (January 2014)


1. PT Semarop Agung
2. PT Semarop Agung
3. PT Sinarmegah Jayasentosa
4. MEL BK NA S/A Stichting Dep Ap
5. Public (<5%)

1,855,985,872
1,812,802,632
942,080,224
810,000,000
9,005,912,952

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
1990
1991
1992
1992
1994
1993
1994
1994
1995
1996
1997
2000
2001
2001
2002
2003
2005
2005
2005
2006
2007
2008
2009
2010
2011
2012

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

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

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

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

:
:
:
:
:

12.00%
12.00%
6.00%
5.00%
65.00%

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

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

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

Type of Listing
First Issue
Partial Listing
Bonus Shares
Stock Dividend
Company Listing
Stock Dividen
Stock Split
Additional Listing without RI
Right Issue
Warrant

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:

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

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)

1,600

480

1,400

420

1,200

360

1,000

300

800

240

600

180

400

120

200

60

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
January 2010 - January 2014
455%
390%
325%
260%
235.1%
195%
149.6%

130%

71.6%

65%
-65%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

SHARES TRADED

2010

2011

2012

2013 Jan-14

Volume (Million Sh.)


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

3,511
3,108
86
245

1,838
1,996
74
247

2,879
4,594
109
246

6,799
9,117
262
244

485
434
28
20

Price (Rupiah)
High
Low
Close
Close*

1,300
570
1,090
545

1,320
840
1,240
620

2,100
1,100
1,900
950

3,050
660
780
780

980
745
955
955

21.93
11.09
3.44

17.30
17.34
3.59

9.59
17.79
2.57

11.74
16.27
3.15

RESEARCH AND DEVELOPMENT DIVISION

Freq.

Volume

Value

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

High
740
780
920
1,000
980
910
940
1,010
1,110
1,220
1,300
1,190

Low
570
670
710
810
660
720
830
880
910
1,030
1,100
1,050

Close
700
720
830
980
770
850
930
920
1,100
1,130
1,160
1,090

(X)
6,799
6,898
6,971
6,857
6,680
4,705
5,792
7,642
6,823
8,480
5,199
12,986

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

1,110
1,030
1,160
1,260
1,270
1,200
1,320
1,310
1,310
1,170
1,200
1,250

850
840
940
1,090
1,080
1,080
1,080
1,020
920
870
990
1,030

870
1,000
1,160
1,260
1,140
1,140
1,280
1,210
1,000
1,170
1,060
1,240

12,964
6,850
5,439
3,639
6,300
4,541
9,010
6,023
6,699
5,327
2,210
4,877

350,348
215,422
127,664
58,216
135,128
104,888
262,445
147,933
149,317
125,832
86,134
74,454

346,724
198,509
132,585
68,404
152,632
120,504
312,928
180,703
173,964
125,755
96,826
86,936

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

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

980

745

955

27,739

484,736

434,071

20

Jan-14

32.09
PER (X)
9.97
PER Industry (X)
3.50
PBV (X)
* Adjusted price after corporate action

144

Closing Price

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Summarecon Agung Tbk. [S]
January 2010 - January 2014

(Thou. Sh.) (Million Rp)


290,277
184,496
421,299
302,291
434,516
542,063
331,459
295,915
328,801
264,883
177,286
145,180
167,612
147,815
273,762
288,743
241,376
241,472
300,409
265,979
147,191
175,310
342,132
308,764

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

SMRA Summarecon Agung Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Cash & Cash Equivalents

633,169

1,120,483

1,495,901

2,427,999

2,544,845

Receivables

136,159

216,974

82,776

138,931

275,967

Inventories

712,901

1,308,433

2,741,082

2,819,764

3,058,266

Investment

12,085

1,282,418

1,929,125

3,699

284,282

Fixed Assets

308,637

379,106

304,427

282,418

351,832

254,769

67,756

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

100,817

118,369

4,460,277

6,139,640

Growth (%)

8,099,175 10,876,387 13,659,137

37.65%

31.92%

841,780

822,823

1,911,032

246,765

184,225

63,235

2,735,479

3,982,107

5,622,075

7,060,987

9,001,470

45.57%

41.18%

25.59%

27.48%

1,000,000

1,000,000

1,000,000

2,500,000

2,500,000

643,680

687,314

687,314

721,339

1,442,678

6,437

6,873

6,873

7,213

14,427

100

100

100

100

100

Retained Earnings

1,025,038

1,207,161

1,531,470

2,171,202

2,963,203

Total Equity

1,717,777

2,139,887

2,477,100

3,815,400

4,657,667

Growth (%)

5,500
2,750

181,665

Total Liabilities

8,250

25.59%

Trade Payable

11,000

34.29%

62,785

Bank Payable

Liabilities

13,750

2009

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


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

4,658
4,658

3,815
3,708

2,477

2,757

24.57%

Growth (%)
INCOME STATEMENTS
Total Revenues

15.76%

54.03%

22.08%

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

1,197,693

1,695,444

2,359,331

3,463,163

4,093,789

41.56%

39.16%

46.79%

18.21%

Growth (%)
Cost of Revenues

593,272

947,778

1,312,185

1,871,176

1,943,287

Gross Profit

604,420

747,666

1,047,145

1,591,987

2,150,503

Operating Expenses

286,050

370,007

482,671

581,085

803,365

Operating Profit

318,370

377,659

564,475

1,010,901

1,347,138

18.62%

49.47%

79.09%

33.26%

2,140
1,718
1,807

857

-93

2009

2010

2011

2012

2013

TOTAL REVENUES (Bill. Rp)


4,094
4,094

Growth (%)

3,463
3,259

Other Income (Expenses)

-75,374

-33,747

-33,559

-24,507

-27,712

Income before Tax

242,996

343,911

530,916

986,395

1,319,425

Tax
Profit for the period

74,793

109,574

142,209

194,309

223,537

168,203

234,337

388,707

792,086

1,095,888

39.32%

65.88%

103.77%

38.35%

Growth (%)

2,359
2,424

1,695
1,588

1,198

753

Period Attributable

168,203

233,478

392,019

797,814

1,102,177

Comprehensive Income

167,343

234,337

388,707

792,086

1,095,888

233,478

392,019

787,814

1,102,177

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

8.00

10.00

23.00

43.00

EPS (Rp)

26.13

33.97

57.04

110.60

76.40

BV (Rp)

266.87

311.34

360.40

528.93

322.85

DAR (X)

0.61

0.65

0.69

0.65

0.66

DER(X)

1.59

1.86

2.27

1.85

1.93

ROA (%)

3.77

3.82

4.80

7.28

8.02

Comprehensive Attributable

RATIOS
Dividend (Rp)

-82

2009

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


1,096
1,096

792

872

649

ROE (%)

9.79

10.95

15.69

20.76

23.53

GPM (%)

50.47

44.10

44.38

45.97

52.53

OPM (%)

26.58

22.27

23.93

29.19

32.91

NPM (%)

14.04

13.82

16.48

22.87

26.77

Payout Ratio (%)

30.61

29.44

40.33

38.88

1.33

0.92

1.85

2.26

Yield (%)

389
425

168

234

202

-22

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

145

OM
M PP A
AN
N YY RR EE PP O
O RR TT
CC O

SSIA
SURYA SEMESTA INTERNUSA TBK.

Company Profile
PT Surya Semesta Internusa Tbk. was established at June 15th, 1971. The scope of
companys activities especially engaged in industry, trade, construction, agriculture, mining
and services, including establishing a company in the field of building material, real estate,
industrial area, building management, and others.
Currently, the Company activities engaged in investing and providing management services
and training to subsidiaries that specializes in field of develop/manage industrial area, real
estate, construction services, hospitality and others.
The Company has direct ownership in subsidiaries:
PT Suryacipta Swadaya,
PT TCP Internusa,
PT Enercon Paradhya International,
PT Karsa Sedaya Sejahtera,
PT Sitiagung Makmur,
PT Suryalaya Anindita International, and
PT Surya Internusa Hotel.

January 2014
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

SSIA Surya Semesta Internusa Tbk. [S]


COMPANY REPORT : JANUARY 2014
Main Board
Industry Sector : Property, Real Estate And Building Construction (6)
Industry Sub Sector : Building Construction (62)

As of 30 January 2014
Individual Index
:
Listed Shares
:
Market Capitalization :

274.872
4,705,249,440
3,152,517,124,800

165 | 3.15T | 0.07% | 94.10%

30 | 8.66T | 0.78% | 61.85%

COMPANY HISTORY
Established Date
: 15-Jun-1971
Listing Date
: 27-Mar-1997
Under Writer IPO :
PT Aspac Uppindo Sekuritas
PT Usaha Bersama Sekuritas
Securities Administration Bureau :
PT Sinartama Gunita
Plaza BII Menara 1, 9th Fl.
Jln. M.H. Thamrin No. 51 Jakarta 10350
Phone : (021) 392-2332
Fax
: (021) 392-3003

SHAREHOLDERS (January 2014)


1. PT Arman Investments Utama
2. HSBC-Singapore Branch Private Banking Division
3. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2011
2011
2012

Shares

Dividend
4.50
6.50
30.00

Cum Date
14-Nov-11
12-Jun-12
10-May-13

Ex Date
15-Nov-11
13-Jun-12
13-May-13

387,847,976 :
259,563,000 :
4,057,838,464 :

Recording
Date
17-Nov-11
15-Jun-12
15-May-13

8.00%
6.00%
86.00%

Payment
F/I
Date
01-Dec-11 I
29-Jun-12 F
29-May-13 F

ISSUED HISTORY
BOARD OF COMMISSIONERS
1. Hagianto Kumala *)
2. Marseno Wirjosaputro *)
3. Royanto Rizal
4. Steen Dahl Poulsen
5. William Jusman
*) Independent Commissioners

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

Type of Listing
First Issue
Company Listing
CB Conversion
Additional Listing without RI
Right Issue
Stock Splits

Shares
135,000,000
540,000,000
64,611,500
209,027,500
227,673,360
3,528,937,080

Listing
Date
27-Mar-97
27-Mar-97
27-Mar-97
02-Dec-05
29-Jul-08
07-Jul-11

Trading
Date
27-Mar-97
06-Nov-97
06-Nov-97
02-Dec-05
29-Jul-08
07-Jul-11

BOARD OF DIRECTORS
1. Johannes Suriadjaja
2. Eddy Purwana Wikanta
3. Herman Gunadi (Not Affiliated)
4. The Jok Tung
AUDIT COMMITTEE
1. Marseno Wirjosaputro
2. Irwan Setia
3. Kardinal Alamsyah Karim
CORPORATE SECRETARY
Eddy Purwana Wikanta
HEAD OFFICE
Tempo Scan Lt. 5, Jln. H.R. Rasuna Said Kav. 3-4
Kel. Kuningan Timur, Kec. Setiabudi
Jakarta - 12950
Phone : (021) 526-2121, 527-2121
Fax
: (021) 526-7878
Homepage
Email

: www.suryainternusa.com
: eddy@nusarayacipta.com
inquiry@suryainternusa.com

RESEARCH AND DEVELOPMENT DIVISION

147

SSIA Surya Semesta Internusa Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

1,800

400

1,575

350

1,350

300

1,125

250

900

200

675

150

450

100

225

50

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
January 2010 - January 2014
2,310%
1,980%
1,650%
1,320%
990%
857.1%
660%
330%
149.6%
71.6%

-330%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

SHARES TRADED

2010

2011

2012

2013 Jan-14

Volume (Million Sh.)


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

307
182
8
192

6,293
3,246
121
247

8,712
8,955
233
246

6,856
7,921
308
244

487
321
27
20

Price (Rupiah)
High
Low
Close
Close*

950
270
930
233

1,360
270
720
720

1,330
700
1,080
1,080

1,660
510
560
560

750
540
670
670

12.42
11.09
2.82

6.87
17.34
3.04

4.07
17.79
1.09

4.86
16.27
1.31

RESEARCH AND DEVELOPMENT DIVISION

Freq.

Volume

Value

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

High
305
380
385
420
420
430
450
450
510
640
860
950

Low
270
290
300
340
300
300
350
350
360
405
500
630

Close
305
305
380
410
390
390
440
445
495
560
630
930

(X)
340
145
262
993
71
96
65
52
292
561
1,645
3,809

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

980
1,170
1,190
1,170
1,340
1,360
1,360
455
445
430
420
740

800
980
1,050
1,090
1,140
1,270
325
350
305
270
360
385

970
1,100
1,100
1,130
1,330
1,360
425
420
360
395
375
720

4,113
4,483
3,447
2,240
9,325
6,591
22,916
17,913
9,381
12,545
6,135
22,183

102,768
88,936
64,596
36,601
192,251
145,123
1,466,179
1,038,706
379,750
657,715
328,544
1,791,592

93,954
95,780
71,802
41,299
236,311
190,796
592,101
429,153
152,573
240,241
125,959
976,482

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

950
970
1,060
1,200
1,230
1,040
1,160
1,210
1,330
1,310
1,210
1,160

700
850
850
1,000
870
800
990
1,070
1,170
1,100
1,050
1,000

900
910
1,020
1,200
910
980
1,150
1,170
1,320
1,180
1,120
1,080

24,858
13,839
16,068
18,889
26,196
19,350
20,473
14,030
16,278
28,219
19,200
15,232

1,276,553
793,419
842,729
840,011
976,408
792,516
677,361
335,388
468,652
859,806
516,312
332,959

1,080,662
722,019
779,174
927,503
1,031,839
744,115
727,907
382,269
585,179
1,018,759
592,263
363,196

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

1,390
1,520
1,630
1,620
1,660
1,650
1,330
970
910
900
830
780

1,030
1,320
1,410
1,500
1,460
1,190
900
510
630
690
700
550

1,390
1,500
1,620
1,580
1,660
1,300
940
700
720
800
730
560

26,407
22,506
26,919
21,899
31,465
35,142
34,962
22,730
31,766
25,811
13,379
15,352

719,658
536,899
750,796
379,354
637,197
705,415
653,844
535,299
729,837
657,119
234,917
315,968

888,338
745,680
1,149,978
592,354
995,669
953,651
707,779
421,640
559,929
518,704
178,699
209,019

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

750

540

670

27,480

486,609

321,249

20

Jan-14

9.46
PER (X)
9.97
PER Industry (X)
1.26
PBV (X)
* Adjusted price after corporate action

148

Closing Price

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Surya Semesta Internusa Tbk. [S]
January 2010 - January 2014

(Thou. Sh.) (Million Rp)


17,661
4,931
18,092
5,519
291
837
6,205
2,397
1,191
452
49,107
19,591
2,643
1,047
158
399
1,137
2,566
3,875
6,918
100,807
57,722
85,265
100,855

19
15
16
20
15
14
9
11
12
20
21
20

SSIA Surya Semesta Internusa Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)
Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Cash & Cash Equivalents

209,696

244,929

584,075

1,890,287

1,692,417

Receivables

358,543

453,313

619,991

383,348

698,778

Inventories

5,359

6,464

8,262

163,816

458,902

Investment

22,822

122,637

514,112

100,066

475,832

Fixed Assets

635,607

658,512

482,930

607,715

942,495

907

8,794

14,023

2,382,642

2,937,938

4,854,633

5,814,435

6.58%

23.31%

65.24%

19.77%

1,250
-

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

2,235,442

Growth (%)
Bank Payable

518,562

466,117

623,786

505,025

Trade Payable

191,957

210,045

219,660

155,721

346,350

1,417,350

1,428,911

1,736,789

3,185,004

3,202,661

0.82%

21.55%

83.38%

0.55%

Total Liabilities

Growth (%)

Liabilities

6,250
5,000
3,750
2,500

2009

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


Authorized Capital

800,000

800,000

800,000

800,000

800,000

Paid up Capital

588,156

588,156

588,156

588,156

588,156

1,176

1,176

4,705

4,705

4,705

500

500

125

125

125

-117,305

-1,717

234,591

911,259

1,461,242

Paid up Capital (Shares)


Par Value
Retained Earnings
Total Equity

758,093

Growth (%)
INCOME STATEMENTS
Total Revenues

869,080

1,201,149

1,669,629

2,611,774

14.64%

38.21%

39.00%

56.43%

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

1,484,102

1,690,096

2,878,775

3,564,594

4,582,741

13.88%

70.33%

23.82%

28.56%

Growth (%)
1,136,303

1,211,694

2,096,390

2,268,932

3,262,614

Gross Profit

347,799

478,402

782,385

1,295,662

1,320,128

Operating Expenses

261,621

317,565

397,296

356,257

346,886

86,178

160,836

385,090

939,405

973,242

86.63%

139.43%

143.94%

3.60%

Cost of Revenues

Operating Profit

Growth (%)

2,612
2,612

2,079

1,670
1,546

1,013

1,201
869

758

481

-52

2009

2010

2011

2012

2013

TOTAL REVENUES (Bill. Rp)


4,583
4,583

3,565
3,648

Other Income (Expenses)


Income before Tax

25,493

33,837

-61,442

-66,313

112,830

195,858

385,090

877,963

906,929

Tax

58,648

55,536

106,914

139,345

160,313

Profit for the period

54,182

140,323

278,175

738,618

746,616

158.98%

98.24%

165.52%

1.08%

Growth (%)

2,879
2,713

1,778

1,484

1,690

843

Period Attributable

54,182

115,588

257,481

707,253

691,140

Comprehensive Income

17,599

139,685

272,759

739,522

746,549

114,951

252,065

708,157

691,073

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

11.00

30.00

EPS (Rp)

46.06

98.26

54.72

150.31

146.89

BV (Rp)

644.47

738.82

255.28

354.84

555.08

DAR (X)

0.63

0.60

0.59

0.66

0.55

DER(X)

1.87

1.64

1.45

1.91

1.23

ROA (%)

2.42

5.89

9.47

15.21

12.84

Comprehensive Attributable

RATIOS
Dividend (Rp)

ROE (%)

7.15

16.15

23.16

44.24

28.59

GPM (%)

23.43

28.31

27.18

36.35

28.81

OPM (%)

5.81

9.52

13.38

26.35

21.24

NPM (%)

3.65

8.30

9.66

20.72

16.29

Payout Ratio (%)

20.10

19.96

Yield (%)

1.53

2.78

-92

2009

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


739

747

2012

2013

747

594

442

278
290

140
137

54

-15

2009

2010

2011

RESEARCH AND DEVELOPMENT DIVISION

149

OM
M PP A
AN
N YY RR EE PP O
O RR TT
CC O

TAXI
EXPRESS TRANSINDO UTAMA TBK.

Company Profile
PT Express Transindo Utama Tbk. was established at June 11th, 1981. The scope of companys
activities is mainly to engage in land transportation services.
Commercially started operational activities in April 1989 as a subsidiary company of Rajawali
Corpora, PT Express Transindo Utama Tbk. now one of the largest taxi operator in Indonesia,
providing taxi services and value added transporation business (VATB) services. With more
than 8,000 licensed taxi fleets and fully supported by more than 18,000 qualified drivers, we
are ready to service our customer with high quality services.
Providing land transport services to cater to all of customers needs, PT Express Transindo
Utama Tbk. offer regular, premium taxi, and Value Added Transport Business (consist of
premium rental services and bus rental services). PT Express Transindo Utama Tbk. has been
serving its basis in the Greater Jakarta area and has expanded to serve other major cities
including Medan, Surabaya, Semarang, Bandung, Bali, and Lombok.
As of December 31st, 2013 the Group had 1,889 and 1,507 employees, permanent and
contractual (unaudited).

January 2014
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

TAXI Express Transindo Utama Tbk. [S]


COMPANY REPORT : JANUARY 2014

As of 30 January 2014

Development Board
Industry Sector : Infrastructure, Utilities And Transportation (7)
Industry Sub Sector : Transportation (74)

Individual Index
:
Listed Shares
:
Market Capitalization :

314.286
2,145,600,000
3,776,256,000,000

150 | 3.78T | 0.09% | 92.93%

41 | 7.11T | 0.64% | 69.73%

COMPANY HISTORY
Established Date
: 11-Jun-1981
Listing Date
: 02-Nov-2012

SHAREHOLDERS (January 2014)


1. PT Rajawali Corpora
3. Public (<5%)

Under Writer IPO :


PT Mandiri Sekuritas
Securities Administration Bureau :
PT Adimitra Transferindo

DIVIDEND ANNOUNCEMENT
Bonus
Cash

Plaza Property 2nd Fl. Komp. Pertokoan Pulomas Blok VIII No. 1

Year
2012

Shares

Dividend
10.00

1,094,310,000 :
1,051,290,000 :

Cum Date
29-Jul-13

Ex Date
30-Jul-13

Recording
Date
01-Aug-13

51.00%
49.00%

Payment
F/I
Date
22-Aug-13 F

Jln. Perintis Kemerdekaan Jakarta 13210


Phone : (021) 478-81515 (Hunting)
Fax
: (021) 470-9697
BOARD OF COMMISSIONERS
1. Stephen K. Sulistyo
2. Darjoto Setyawan
3. Paul Capelle *)
4. S.Y. Wenas *)
5. Tan Tjoe Liang
*) Independent Commissioners

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

Shares
1,051,280,000
1,094,320,000

Listing
Date
02-Nov-12
02-Nov-12

Trading
Date
02-Nov-12
02-Nov-12

BOARD OF DIRECTORS
1. Daniel Podiman
2. David Santoso
3. Herwan Gozali
4. Shafruhan Sinungan
AUDIT COMMITTEE
1. S.Y. Wenas
2. Fastabiqul K. Algatot
3. Paul Capelle
CORPORATE SECRETARY
Merry Anggraini
HEAD OFFICE
Express Building
Jln. Sukarjo Wiryopranoto No. 11
Jakarta - 11160
Phone : (021) 265-07000
Fax
: (021) 265-07008
Homepage
Email

: www.expressgroup.co.id
: investor.relation@expressgroup.co.id

RESEARCH AND DEVELOPMENT DIVISION

151

TAXI Express Transindo Utama Tbk. [S]


Closing
Price*

Closing Price
Volume
(Mill. Sh)

2,000

480

1,750

420

1,500

360

1,250

300

1,000

240

750

180

500

120

250

60

Nov-12

Feb-13

May-13

Aug-13

Nov-13

Closing Price*, Jakarta Composite Index (IHSG) and


Infrastructure, Utilities and Transportation Index
November 2012 - January 2014
245%
210%
198.3%
175%
140%
105%
70%
35%
4.9%
1.8%

-35%

Nov 12

Feb 13

May 13

Aug 13

Nov 13

SHARES TRADED

2012

Volume (Million Sh.)


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

2,315
1,664
28
37

8,335
10,490
161
244

200
323
9
20

920
570
870
870

1,950
750
1,460
1,460

1,770
1,410
1,760
1,760

23.28
17.53
2.72

24.75
18.40
4.09

29.84
18.52
4.93

Price (Rupiah)
High
Low
Close
Close*
PER (X)
PER Industry (X)
PBV (X)
* Adjusted price after corporate action

152

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Express Transindo Utama Tbk. [S]
November 2012 - January 2014

Month
Nov-12
Dec-12

High
920
900

Low
570
820

Close
850
870

(X)
22,048
6,388

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

890
880
1,020
1,330
1,620
1,610
1,610
1,790
1,950
1,770
1,660
1,580

750
800
800
990
1,240
1,210
1,270
1,060
1,190
1,500
1,330
1,390

860
830
1,000
1,310
1,540
1,350
1,580
1,410
1,500
1,500
1,570
1,460

6,918
7,811
9,931
13,196
18,301
15,121
10,949
18,186
16,184
17,464
18,534
8,772

550,106
678,819
896,050
1,163,294
1,127,154
817,693
771,180
693,280
542,901
408,967
449,805
235,293

460,312
572,408
805,809
1,368,627
1,492,879
1,120,654
1,115,113
1,029,433
818,004
672,344
679,088
355,814

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

Jan-14

1,770

1,410

1,760

8,744

199,585

323,178

20

(Thou. Sh.) (Million Rp)


1,910,695 1,315,228
404,340
348,470

19
18

TAXI Express Transindo Utama Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Osman Bing Satrio & Eny (Member of Deloitte Touche Tohmatsu Limited)
Dec-12

Dec-13

149,732

315,528

Receivables

74,342

143,887

Inventories

11,259

13,518

543,098

596,730

1,162,216

1,393,331

BALANCE SHEET

Dec-09

Dec-10

Dec-11

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Assets

Cash & Cash Equivalents

Current Assets
Fixed Assets
Other Assets
Total Assets

5,044

3,903

1,782,788

2,137,040

Growth (%)

1,350
900
450
-

373,180

575,015

Long Term Liabilities

722,783

764,874

1,095,963

1,339,888

Total Liabilities

1,800

19.87%

Current Liabilities

Liabilities

2,250

2012

2013

22.26%

Growth (%)

TOTAL EQUITY (Bill. Rp)


Authorized Capital

540,000

540,000

Paid up Capital

214,560

214,560

2,146

2,146

100

100

Retained Earnings

150,208

261,175

Total Equity

686,825

797,152

Paid up Capital (Shares)


Par Value

797
797

687
635

472

16.06%

Growth (%)
INCOME STATEMENTS

Dec-09

Dec-10

Dec-11

Total Revenues

Dec-12

Dec-13

520,863

686,917

31.88%

Growth (%)
Cost of Revenues

337,327

466,438

Gross Profit

183,536

220,479

76,586

46,525

Expenses (Income)
Operating Profit

309

147

-16

2012

2013

TOTAL REVENUES (Bill. Rp)


687
687

Growth (%)
521
547

Income before Tax

106,949

173,954

Tax

-27,588

41,343

79,362

132,611

Other Income (Expenses)

Profit for the period

407

267

67.10%

Growth (%)

126

Period Attributable

79,159

132,423

Comprehensive Income

80,189

131,783

Comprehensive Attributable

79,987

131,596

Dec-12

Dec-13

145.53

103.78

10.00

RATIOS
Current Ratio (%)
Dividend (Rp)

Dec-09

Dec-10

Dec-11

EPS (Rp)

36.89

61.72

BV (Rp)

320.11

371.53

DAR (X)

0.61

0.63

-14

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


133
133

106

79
79

DER(X)

1.60

1.68

ROA (%)

4.45

6.21

ROE (%)

11.55

16.64

GPM (%)

35.24

32.10

OPM (%)

NPM (%)

15.24

19.31

Payout Ratio (%)

27.10

1.15

Yield (%)

51

24

-3

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

153

OM
M PP A
AN
N YY RR EE PP O
O RR TT
CC O

TBIG
TOWER BERSAMA INFRASTRUCTURE TBK.

Company Profile
PT Tower Bersama Infrastructure Tbk. (the Company) was established based on the
Notarial deed No. 14 dated 8 November 2004.
The business activities of the Company, among others are to carry on the business of
telecommunications support services including lease and maintenance of Base Transceiver
Station (BTS), consultation service and conducting investment or participation to other
companies. The Company started its business activities in 2004. Currently, the Company's
main activity is investing in subsidiaries
The Company through subsidiaries has direct and indirect shareholding greater than 50% in
the following subsidiaries:
PT Telenet Internusa,
PT United Towerindo and subsidiary,
PT Tower Bersama and subsidiaries,
PT Tower One and subsidiary,
PT Triaka Bersama and subsidiary,
PT Metric Solusi Integrasi and subsidiary,
PT Solusi Menara Indonesia,
TBG Global Pte. Ltd. and subsidiary, and
PT Menara Bersama Terpadu.

January 2014
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 : JANUARY 2014

As of 30 January 2014

Main Board
Industry Sector : Infrastructure, Utilities And Transportation (7)
Industry Sub Sector : Non Building Construction (75)

Individual Index
:
Listed Shares
:
Market Capitalization :

306.173
4,796,526,199
29,738,462,433,800

29 | 29.7T | 0.68% | 65.22%

70 | 4.09T | 0.37% | 83.70%

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
Wisma Sudirman - Puri Datindo
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Edwin Soeryadjaya
2. Herry Tjahjana *)
3. Mustofa *)
4. Wahyuni Bahar *)
5. Winato Kartono
*) Independent Commissioners

SHAREHOLDERS (January 2014)


1. PT Wahana Anugerah Sejahtera
2. PT Provident Capital Indonesia
3. JPMCC-SPO Partners II LP
4. PT Indosat Tbk.
5. Public (<5%)

1,451,015,336
1,179,140,806
242,107,700
239,826,310
1,684,436,047

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2010
2013
2013

Shares

Dividend
25.00
60.00
60.00

Cum Date
10-Jun-11
18-Sep-13
18-Sep-13

Ex Date
13-Jun-11
19-Sep-13
19-Sep-13

Recording
Date
15-Jun-11
23-Sep-13
23-Sep-13

:
:
:
:
:

30.25%
24.58%
5.05%
5.00%
35.12%

Payment
F/I
Date
28-Jun-11 F
03-Oct-13 I
03-Oct-13 I

ISSUED HISTORY
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 Andi
CORPORATE SECRETARY
Helmy Yusman Santoso
HEAD OFFICE
Gedung Barclays House, Lt. 6
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*

Closing Price
Volume
(Mill. Sh)

6,800

800

5,950

700

5,100

600

4,250

500

3,400

400

2,550

300

1,700

200

850

100

Oct-10

Oct-11

Oct-12

Oct-13

Closing Price*, Jakarta Composite Index (IHSG) and


Infrastructure, Utilities and Transportation Index
October 2010 - January 2014
175%
158.3%

150%

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Tower Bersama Infrastructure Tbk.
October 2010 - January 2014

Month
Oct-10
Nov-10
Dec-10

High
2,625
3,300
2,800

Low
2,150
2,550
2,450

Close
2,550
2,725
2,500

(X)
9,538
21,360
4,626

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

2,725
2,450
2,475
2,475
2,425
2,450
2,500
2,275
2,300
2,075
2,400
2,400

2,375
2,300
2,175
2,175
2,175
2,150
2,225
1,830
1,810
1,860
2,000
2,150

2,425
2,350
2,225
2,425
2,225
2,375
2,225
2,200
2,000
2,075
2,125
2,375

9,179
4,100
4,010
8,810
3,011
3,502
2,386
3,396
3,506
2,169
2,192
1,611

94,332
36,123
50,779
245,263
484,010
48,712
39,317
29,944
39,860
20,555
26,421
21,057

237,684
85,574
114,563
568,530
1,083,414
111,124
93,454
63,922
84,945
41,196
57,531
48,186

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

2,425
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

6,500

5,450

6,200

15,844

78,490

481,002

20

(Thou. Sh.) (Million Rp)


941,019 2,100,474
418,107 1,102,879
108,256
281,550

4
21
20

125%
100%
75%
50%
25%

20.9%
15.7%

-25%

Oct 10

Oct 11

Oct 12

Oct 13

SHARES TRADED

2010

2011

2012

Volume (Million Sh.)


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

1,467
3,485
36
45

1,136
2,590
48
247

2,610
10,086
60
246

2,054
11,783
152
244

78
481
16
20

Price (Rupiah)
High
Low
Close
Close*

3,300
2,150
2,500
2,500

2,725
1,810
2,375
2,375

6,150
2,325
5,700
5,700

6,650
4,450
5,800
5,800

6,500
5,450
6,200
6,200

21.89
11.09
4.00

33.28
17.53
6.44

25.29
18.40
6.90

27.04
18.52
7.38

34.87
PER (X)
14.36
PER Industry (X)
5.31
PBV (X)
* Adjusted price after corporate action

156

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

TBIG Tower Bersama Infrastructure Tbk.


Financial Data and Ratios

Book End : December

Public Accountant : Tanubrata Sutanto Fahmi & Rekan (Member of BDO International Limited)
Dec-10

Dec-11

Dec-12

Dec-13

1,047,454

499,552

507,253

647,186

Receivables

144,144

159,200

166,615

637,105

Inventories

47,321

33,545

228,771

328,078

1,543,036

1,186,268

2,301,229

2,598,596

202,280

383,713

87,100

219,516

5,246

4,699

4,151

BALANCE SHEET

Dec-09

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Assets

Cash & Cash Equivalents

Current Assets
Fixed Assets

Other Assets

5,176,442

Total Assets

Growth (%)

6,880,206 14,317,483 18,719,211

11,250
7,500

108.10%

30.74%

3,750

2,182,014

3,930,922

459,148

869,746

2,398,767

3,305,251

Total Liabilities

2,857,915

4,174,997 10,072,090 14,605,172

2010

7,890,076 10,674,250

46.09%

141.25%

45.01%

1,442,012

1,442,012

1,442,012

1,442,012

455,670

455,670

479,653

479,653

4,557

4,557

4,797

4,797

100

100

100

100

493,059

859,972

1,701,907

2,662,109

Growth (%)

15,000

32.91%

Long Term Liabilities

Current Liabilities

Liabilities

18,750

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


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

2,144,324

Growth (%)
INCOME STATEMENTS

Dec-09

Total Revenues

Gross Profit
Expenses (Income)
Operating Profit

4,245,393

4,114,039

26.16%

56.93%

-3.09%

Dec-10

Dec-11

Dec-12

Dec-13

671,360

970,026

1,715,421

2,690,500

44.49%

76.84%

56.84%

Growth (%)
Cost of Revenues

2,705,209

98,196

143,262

263,837

395,796

573,164

826,764

1,451,584

2,294,704

86,877

119,278

171,195

242,434

486,287

707,486

1,280,389

2,052,270

45.49%

80.98%

60.28%

-126,990

-194,538

-367,141

-874,894

359,297

512,948

913,248

1,177,376

4,114

2012

2013

3,379

2,705
2,513

Total Equity

4,245
4,245

2,144

1,647

781

-85

2010

2011

TOTAL REVENUES (Bill. Rp)


2,691
2,691

Growth (%)

2,142

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

19,919

20,600

-14,167

-174,148

339,378

492,348

927,415

1,351,524

45.07%

88.37%

45.73%

Growth (%)

1,715
1,593

970
1,044

671
495

Period Attributable

326,729

474,358

841,935

1,247,994

Comprehensive Income

351,962

494,491

821,596

935,985

Comprehensive Attributable

339,378

476,411

745,869

858,498

Dec-10

Dec-11

Dec-12

Dec-13

336.07

136.39

105.46

66.11

25.00

120.00

EPS (Rp)

71.70

104.10

175.53

260.19

BV (Rp)

470.59

593.68

885.10

857.71

DAR (X)

0.55

0.61

0.70

0.78

DER(X)

1.33

1.54

2.37

3.55

RATIOS
Current Ratio (%)
Dividend (Rp)

Dec-09

-54

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


1,352
1,352

927

1,076

800

ROA (%)

6.56

7.16

6.48

7.22

ROE (%)

15.83

18.20

21.85

32.85

GPM (%)

85.37

85.23

84.62

85.29

OPM (%)

72.43

72.93

74.64

76.28

NPM (%)

50.55

50.76

54.06

50.23

Payout Ratio (%)

34.87

46.12

1.00

2.07

Yield (%)

492
524

339
249

-27

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

157

COMPANY REPORT

TLKM
TELEKOMUNIKASI INDONESIA
(PERSERO) TBK.

Company Profile
PT Telekomunikasi Indonesia (Persero) Tbk. (Telkom) is the principal provider of local,
domestic and international telecommunications services in Indonesia, as well as the
leading provider of mobile cellular services through our majority-owned subsidiary,
Telkomsel. Telkom also provides services in information, media and edutainment, including
cloud-based and server-based managed services, e-Payment and IT enabler services, PayTV, as well as e-Commerce and other portal services. Our objective is to become a leading
TIMES player in the region.
Telkom growth strategy is broadly based on the principle of 'first thing first' and focused on
future anticipated growth areas. This strategy is implemented by allocating our resources
primarily for investments in human capital, in increasing our cellular business, in expanding
our broadband penetration in Indonesia, and international expansion.
Telkom also provides a wide range of other communication services, including telephone
network interconnection services, multimedia, data and internet communication-related
services, satellite transponder leasing, leased line, intelligent network and related services,
cable television, and VoIP services.
The Company and its Subsidiaries (the Group) had approximately 25,011 employees as of
December 31st, 2013.

January 2014
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 : JANUARY 2014

As of 30 January 2014

Main Board
Industry Sector : Infrastructure, Utilities And Transportation (7)
Industry Sub Sector : Telecommunication (73)

1,195.575
Individual Index
:
Listed Shares
:
100,799,996,400
Market Capitalization : 229,319,991,810,000

4 | 229.3T | 5.28% | 23.62%

3 | 50.5T | 4.57% | 15.66%

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
Wisma Sudirman - Puri Datindo
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Jusman Syafii Djamal
2. Imam Apriyanto
3. Hadiyanto
4. Johnny Swandi Sjam *)
5. Parikesit Suprapto
6. Virano Gazi Nasution *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Arief Yahya
2. Honesti Basyir
3. Indra Utoyo
4. Muhamad Awaluddin
5. Priyantono Rudito
6. Ririek Adriansyah
7. Rizkan Chandra
8. Sukardi Silalahi
AUDIT COMMITTEE
1. Johnny Swandi Sjam
2. Agus Yulianto
3. Parikesit Suprapto
4. Sahat Pardede
5. Virano Gazi Nasution
CORPORATE SECRETARY
Honesti Basyir
HEAD OFFICE
Graha Citra Caraka 5th Fl.
Jln. Gatot Subroto No. 52
Jakarta
Phone : (021) 521-5109
Fax
: (021) 522-0500
Homepage
Email

SHAREHOLDERS (January 2014)


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
1999
1998
1999
1999
2000
2000
2001
2002
2003
2004
2005
2005
2006
2006
2007
2007
2007
2008
2009
2009
2010
2010
2011
2012

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

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

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

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

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

F/I

F
F
F
F
F
F
F
F
I
F
F
F
F
I
F
I
F
I
F
F
F
I
F
I
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
: honesti@telkom.co.id

RESEARCH AND DEVELOPMENT DIVISION

159

TLKM Telekomunikasi Indonesia (Persero) Tbk. [S]


TRADING ACTIVITIES
Volume
(Mill. Sh)

2,600

480

2,275

420

1,950

360

1,625

300

1,300

240

975

180

650

120

325

60

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Infrastructure, Utilities and Transportation Index
January 2010 - January 2014
120%
100%
80%
71.6%
60%
40%
32.1%
20%

19.1%

-20%
-40%

Jan 10

Jan 11

SHARES TRADED
Volume (Million Sh.)
Value (Billion Rp)
Frequency (Thou. X)
Days
Price (Rupiah)
High
Low
Close
Close*

Jan 12

Jan 14

2010

2011

2012

6,841
56,889
423
245

5,635
41,534
348
247

5,788
48,078
318
246

15,741
77,223
706
244

2,047
4,478
74
20

9,800
6,950
7,950
1,590

8,050
6,600
7,050
1,410

9,950
6,650
9,050
1,810

12,900
1,950
2,150
2,150

2,275
2,060
2,275
2,275

9.18
11.09
2.33

9.92
17.53
2.72

14.70
18.40
2.98

15.55
18.52
3.15

13.89
PER (X)
14.36
PER Industry (X)
3.61
PBV (X)
* Adjusted price after corporate action

160

Jan 13

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

Closing
Price*

Closing Price* and Trading Volume


Telekomunikasi Indonesia (Persero) Tbk. [S]
January 2010 - January 2014

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

High
9,700
9,450
8,800
8,350
8,050
8,100
8,450
9,000
9,450
9,800
9,150
8,300

Low
9,200
8,200
7,950
7,500
6,950
7,450
7,600
8,000
8,600
8,850
7,750
7,650

Close
9,350
8,300
8,050
7,850
7,750
7,700
8,450
8,650
9,200
9,100
7,950
7,950

(X)
20,466
21,760
48,566
48,650
35,324
26,651
32,139
26,178
21,676
32,013
77,869
31,995

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

8,050
7,850
7,550
7,850
7,800
7,750
7,400
7,900
7,900
7,750
7,650
7,500

7,100
7,350
6,600
6,950
7,400
6,800
6,900
7,000
6,900
7,000
7,150
6,900

7,550
7,450
7,350
7,700
7,700
7,350
7,350
7,250
7,600
7,400
7,350
7,050

43,651
18,451
45,513
32,395
17,375
29,350
21,068
32,676
32,016
33,231
20,061
21,893

640,069
582,326
671,840
410,474
321,219
376,497
388,155
595,530
510,065
560,071
265,993
312,305

4,825,430
4,376,284
4,780,703
3,028,509
2,442,955
2,756,735
2,783,117
4,422,141
3,802,903
4,100,951
1,978,916
2,234,952

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

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

422,690
479,535
362,222
657,218
662,037
418,912
473,400
440,719
367,817
560,211
426,698
516,125

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

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

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

Jan-14

2,275

2,060

2,275

73,661

2,046,978

20

(Thou. Sh.) (Million Rp)


343,755 3,245,848
374,201 3,260,891
687,405 5,704,868
698,151 5,567,192
686,175 5,233,080
475,632 3,744,786
540,356 4,302,992
500,322 4,280,165
430,504 3,918,038
443,145 4,065,168
1,214,710 10,016,453
446,590 3,549,809

4,477,865

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

TLKM Telekomunikasi Indonesia (Persero) Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
Dec-09

Dec-10

Cash & Cash Equivalents

7,085,460

9,119,849

9,634,000 13,118,000 14,696,000

Receivables

3,917,709

4,433,849

5,250,000

5,409,000

6,421,000

Inventories

435,244

515,536

758,000

579,000

509,000

BALANCE SHEET

Dec-11

Dec-12

Dec-13

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Assets

Current Assets

16,186,024 18,730,627 21,258,000 27,973,000 33,075,000

Fixed Assets

76,419,897 75,832,408 74,897,000 77,047,000 86,761,000

Other Assets
Total Assets

2,234,288 81,027,820

12,000

97,559,606 99,758,447 103,054,000 111,369,000 127,951,000

2.25%

55,000

Current Liabilities

26,717,414 20,472,898 22,189,000 24,107,000 28,437,000

Long Term Liabilities

20,919,098 22,870,786 19,884,000 20,284,000 22,090,000

Total Liabilities

47,636,512 43,343,684 42,073,000 44,391,000 50,527,000

-9.01%

-2.93%

8.07%

82,500

27,500

Growth (%)

3.30%

110,000

14.89%

Growth (%)

5.51%

Liabilities

137,500

2009

2010

2011

2012

2013

13.82%
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

20,160

20,160

100,800

250

250

250

250

50

Retained Earnings

36,467,205 15,336,746 47,054,000 52,777,000 58,628,000

Total Equity

38,989,747 44,418,742 60,981,000 66,978,000 77,424,000

77,424
77,424

66,978
60,981
61,630

44,419
45,835

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09

13.92%

37.29%

9.83%

15.60%

Dec-10

Dec-11

Dec-12

Dec-13

38,990

30,041

14,246

64,596,635 68,629,181 71,918,000 77,143,000 82,967,000

6.24%

Growth (%)

4.79%

7.27%

7.55%

Cost of Revenues

41,993,494 46,138,061 49,970,000 51,445,000 55,121,000

Gross Profit

22,603,141 22,491,120 21,948,000 25,698,000 27,846,000

Expenses (Income)

41,993,494 46,138,061 49,970,000 51,445,000

Operating Profit

22,603,141 22,491,120 21,948,000 25,698,000 27,846,000

-1,548

2009

2010

2011

-2.41%

17.09%

2013

TOTAL REVENUES (Bill. Rp)

82,967
82,967

-0.50%

Growth (%)

2012

8.36%
64,597

68,629

71,918

77,143

66,042

Other Income (Expenses)


Income before Tax
Tax
Profit for the period

-253,853

-1,074,769

-1,091,000

-1,470,000

-697,000

22,349,288 21,416,351 20,857,000 24,228,000 27,149,000


6,373,076

5,546,039

5,387,000

-5,866,000

15,976,212 15,870,312 15,470,000 18,362,000 20,290,000

-0.66%

Growth (%)

-2.52%

18.69%

49,116

6,859,000
32,191

10.50%
15,266

Period Attributable

15,976,212 11,537,000 10,965,000 12,850,000 14,205,000

Comprehensive Income

11,332,140 15,904,000 15,481,000 18,388,000 20,402,000

Comprehensive Attributable

RATIOS
Current Ratio (%)
Dividend (Rp)

2009

2010

2011

2012

2013

- 11,571,000 10,976,000 12,876,000 14,317,000

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

60.58

91.49

95.80

116.04

116.31

288.06

322.59

371.05

436.10

792.47

572.27

543.90

637.40

140.92

BV (Rp)

1,934.02

2,203.31

3,024.85

3,322.32

768.10

DAR (X)

0.49

0.43

0.41

0.40

0.39

DER(X)

1.22

0.98

0.69

0.66

0.65

ROA (%)

16.38

15.91

15.01

16.49

15.86

ROE (%)

40.98

35.73

25.37

27.41

26.21

GPM (%)

34.99

32.77

30.52

33.31

33.56

OPM (%)

34.99

32.77

30.52

33.31

33.56

NPM (%)

24.73

23.12

21.51

23.80

24.46

Payout Ratio (%)

36.35

56.37

68.22

68.42

3.05

4.06

5.26

4.82

EPS (Rp)

-1,659

PROFIT FOR THE PERIOD (Bill. Rp)


20,290
18,362

20,290

15,976

15,870

15,470

2009

2010

2011

16,151

12,012

Yield (%)

7,873

3,733

-406

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

161

COMPANY REPORT

UNTR
UNITED TRACTORS TBK.

Company Profile
PT United Tractors Tbk. (the Company) was established on October 13th, 1972, as heavy
equipment distributor in Indonesia. The Company commenced commercial operations in
1973.
The Company is the leading and the largest distributor of heavy equipments in the
Indonesia, providing products from world-renowned brands such as Komatsu, UD Trucks,
Scania, Bomag, Tadano, and Komatsu Forest.
The Company, through its majority shareholder, PT Astra International Tbk., is part of
Jardine Matheson Holdings Ltd. The Company is domiciled in Jakarta with 18 branches, 22
site offices and 12 representative offices throughout Indonesia. The head office is located
at Jln. Raya Bekasi Km. 22, Cakung, Jakarta.
The company has direct ownership in domestic and foreign subsidiaries:
PT Pamapersada Nusantara,
PT Tuah Turangga Agung,
PT United Tractors Pandu Engineering,
UT Heavy Industry(S) Pte. Ltd.,
PT Andalan Multi Kencana,
PT Bina Pertiwi, and
PT Universal Tekno Reksajaya.
As of December 31st, 2013, the Group had approximately 20,070 employees.

January 2014
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 : JANUARY 2014

As of 30 January 2014

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

Individual Index
:
Listed Shares
:
Market Capitalization :

22,974.276
3,730,135,136
71,991,608,124,800

13 | 72.0T | 1.66% | 49.81%

8 | 28.1T | 2.55% | 31.59%

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

SHAREHOLDERS (January 2014)


1. PT Astra International Tbk.
2. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash

HEAD OFFICE
Jln. Raya Bekasi Km. 22
Jakarta - 13910
Phone : (021) 460-5959 - 79
Fax
: (021) 460-0655, 460-0677

ISSUED HISTORY

BOARD OF COMMISSIONERS
1. Prijono Sugiarto
2. Anugerah Pekerti *)
3. David Alexander Newbigging
4. Simon Collier Dixon
5. Soegito *)
6. Stephen Z. Satyahadi *)
7. Sudiarso Prasetio
*) Independent Commissioners
BOARD OF DIRECTORS
1. Djoko Pranoto
2. Edhie Sarwono
3. Gidion Hasan
4. Iman Nurwahyu
5. Loudly Irwanto Ellias
AUDIT COMMITTEE
1. Stephen Z. Satyahadi
2. Lindawati Gani
3. Wiltarsa Halim
CORPORATE SECRETARY
Sara K. Loebis

Homepage
Email

: www.unitedtractors.com
: sarakl@unitedtractors.com
ir@unitedtractors.com

No.
1.
2.
3.
4.
5.
6.
7.
8.

Shares

Dividend
100.00
165.00
175.00
185.00
175.00
175.00
70.00
160.00
100.00

Year
1989
1990
1990
1990
1991
1991
1992
1992
1993
1994
1993
1994
1994
1995
1995
1996
1996
2000
2004
2005
2005
2006
2006
2007
2007
2008
2008
2009
2010
2010
2011
2011
2012
2012
2013

Phone : (021) 252-5666


Fax
: (021) 252-5028

2,219,317,358 :
1,510,817,778 :

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

Type of Listing
First Issue
Partial Listing
Right Issue
Company Listing
Bonus Shares
Stock Split
ESOP Conversion
ESOP Conversion II

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

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

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

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:

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

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

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
F
I
F
I
F
I
F
I

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-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Trade, Sevices and Investment Index
January 2010 - January 2014
245%
210%
180.6%

175%
140%
105%
70%

71.6%

35%

27.9%

-35%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

2010

2011

2012

Volume (Million Sh.)


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

1,235
23,438
237
245

1,394
32,339
338
247

1,711
39,788
446
246

1,120
20,486
330
244

61
1,185
45
20

Price (Rupiah)
High
Low
Close
Close*

26,100
14,950
23,800
22,882

27,750
18,700
26,350
26,350

33,400
16,600
19,700
19,700

22,000
13,650
19,000
19,000

21,200
18,500
19,300
19,300

16.76
16.89
3.57

12.54
19.08
2.27

15.73
15.43
2.09

15.98
17.12
2.13

SHARES TRADED

20.44
PER (X)
21.27
PER Industry (X)
4.91
PBV (X)
* Adjusted price after corporate action

164

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


United Tractors Tbk. [S]
January 2010 - January 2014

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

High
18,850
17,400
19,050
20,100
19,600
19,700
20,300
20,200
20,850
22,250
26,100
24,650

Low
15,500
14,950
16,700
18,250
15,650
17,100
18,000
18,250
18,400
20,200
21,600
22,200

Close
16,850
17,150
18,350
19,500
18,350
18,750
20,150
18,400
20,450
22,200
23,000
23,800

(X)
25,109
21,752
20,634
17,980
29,283
19,858
14,949
19,188
19,053
16,905
17,125
15,030

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

26,600
23,600
24,550
23,500
24,550
25,000
27,750
27,650
25,300
25,750
26,950
26,500

19,800
21,300
19,900
21,300
21,550
22,500
24,350
22,000
18,700
18,950
23,000
23,900

21,350
23,200
21,700
23,250
23,000
24,900
27,300
23,600
22,000
24,600
23,350
26,350

35,213
20,039
38,544
22,269
22,746
17,639
22,369
29,111
42,163
32,974
30,291
24,597

184,338
86,752
156,803
94,830
107,066
107,180
107,048
116,704
133,920
114,092
106,637
78,359

4,118,210
1,962,451
3,481,506
2,115,683
2,428,895
2,491,370
2,717,984
2,870,942
2,952,558
2,584,136
2,656,512
1,958,313

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

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

21,200 18,500 19,300

45,472

60,972

1,184,893

20

(Thou. Sh.) (Million Rp)


137,915 2,367,106
113,284 1,855,232
133,516 2,353,927
97,846 1,885,482
152,795 2,656,423
92,824 1,714,404
70,228 1,352,063
106,866 2,023,497
85,272 1,697,651
80,634 1,675,683
85,068 2,008,087
78,465 1,848,169

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

UNTR United Tractors Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)
Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Cash & Cash Equivalents

2,769,187

1,343,220

7,135,386

3,995,265

7,935,870

Receivables

4,549,566

5,349,688

9,969,714

9,894,656 11,814,937

Inventories

3,966,358

6,931,631

7,129,459

7,173,704

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Assets

6,176,470

Current Assets

11,969,001 15,532,762 25,625,578 22,048,115 27,814,126

Fixed Assets

11,835,726 13,261,374 13,670,208 15,196,476 14,574,384

Other Assets
Total Assets

24,404,828 29,700,914 46,440,062 50,300,633 57,362,244

21.70%

Growth (%)

56.36%

8.31%

9,919,225 14,930,069 11,327,164 14,560,664


3,616,283

Total Liabilities

25,000

7,225,966
3,227,782

6,672,912

37,500

12,500

Long Term Liabilities

4,006,045

50,000

14.04%

Current Liabilities

Liabilities

62,500

2009

7,152,682

2010

2011

2012

2013

10,453,748 13,535,508 18,936,114 18,000,076 21,713,346

29.48%

39.90%

-4.94%

20.63%

1,500,000

1,500,000

1,500,000

1,500,000

1,500,000

831,719

831,719

932,534

932,534

932,534

3,327

3,327

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

35,649
32,301

35,649

27,504
28,377

8,896,251 11,139,012 15,342,706 18,382,728 21,062,159


21,104

Total Equity

13,843,710 16,136,338 27,503,948 32,300,557 35,648,898

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09

70.45%

17.44%

10.37%

Dec-10

Dec-11

Dec-12

Dec-13

13,844

16,136

13,832

6,559

29,241,883 37,323,872 55,052,562 55,953,915 51,012,385

27.64%

Growth (%)
Cost of Revenues

16.56%

47.50%

1.64%

-8.83%

-713

2009

2010

2011

2012

2013

22,570,824 30,528,174 44,859,041 45,432,916 41,495,567

Gross Profit

6,671,059

6,795,698 10,193,521 10,520,999

9,516,818

Expenses (Income)

1,404,587

1,633,177

2,408,944

3,074,244

2,929,481

Operating Profit

5,266,472

5,162,521

TOTAL REVENUES (Bill. Rp)


55,053

55,954
51,012

55,954

-1.97%

Growth (%)

44,539

168,662

-123,852

Income before Tax

5,444,238

5,061,260

7,784,577

7,446,755

6,587,337

Tax

1,594,543

1,186,745

1,885,071

1,693,413

1,788,559

Profit for the period

3,849,695

3,874,515

5,899,506

5,753,342

4,798,778

0.64%

52.26%

-2.48%

-16.59%

Other Income (Expenses)

Growth (%)

37,324
33,125

29,242

21,710

10,296

Period Attributable

3,849,695

3,872,931

5,900,908

5,779,675

4,833,699

Comprehensive Income

3,817,541

3,924,382

5,863,471

5,860,188

6,254,474

3,922,798

5,858,137

5,777,296

6,065,925

Comprehensive Attributable

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Current Ratio (%)

165.64

156.59

171.64

194.65

191.02

Dividend (Rp)

330.00

590.00

820.00

830.00

175.00

EPS (Rp)

1,157.15

1,164.13

1,581.96

1,549.45

1,295.85

BV (Rp)

4,161.17

4,850.30

7,373.45

8,659.35

9,557.00

DAR (X)

0.43

0.46

0.41

0.36

0.38

RATIOS

-1,119

2009

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


5,900

5,753

5,900

4,799
4,696

3,850

3,875

2009

2010

3,493

0.76

0.84

0.69

0.56

0.61

ROA (%)

15.77

13.05

12.70

11.44

8.37

ROE (%)

27.81

24.01

21.45

17.81

13.46

GPM (%)

22.81

18.21

18.52

18.80

18.66

OPM (%)

18.01

13.83

NPM (%)

13.17

10.38

10.72

10.28

9.41

Payout Ratio (%)

28.52

50.68

51.83

53.57

13.50

2.13

2.48

3.11

4.21

0.92

DER(X)

Yield (%)

2,289

1,086

-118

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

165

C
CO
OM
MP
PA
AN
NY
Y R
RE
EP
PO
OR
RT
T

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, tea based beverages and fruit juice. The Company commenced commercial
operationsin1933.

Unilever Indonesias portfolio includes many of the worlds best known and wellloved
brands,suchas:
Pepsodent,
Ponds,
Lux,
Lifebuoy,
Dove,
Sunsilk,
Clear,
Rexona,
Vaseline,
Rinso,
Molto,
Sunlight,
Walls,
BlueBand,
Royco,
Bangoandmanymore.
TheCompanysfactoriesarelocatedatJln.Jababeka9BlokD,Jln.JababekaRayaBlokO,
Jln. Jababeka V Blok V No. 1416, Jababeka Industrial Estate Cikarang, Bekasi, West Java,
andJln.RungkutIndustriIVNo.511,RungkutIndustrialEstate,Surabaya.

January 2014
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 : JANUARY 2014

As of 30 January 2014

Main Board
Industry Sector : Consumer Goods Industry (5)
Industry Sub Sector : Cosmetics And Household (54)

146,162.904
Individual Index
:
Listed Shares
:
7,630,000,000
Market Capitalization : 217,836,500,000,000

5 | 217.8T | 5.02% | 28.63%

19 | 14.2T | 1.29% | 51.25%

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. Peter Frank ter Kulve
2. Bambang Subianto *)
3. Cyrillus Harinowo *)
4. Erry Firmansyah *)
5. Hikmahanto Juwana *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Maurits Daniel Rudolf Lalisang
2. Ainul Yaqin
3. Debora Herawati Sadrach
4. Enny Hartati
5. Tevilyan Yudhistira Rusli
6. Hadrianus Setiawan
7. Ira Noviarti
8. Ramakrishnan Raghuraman
9. Sancoyo Antarikso
10. Vishal Gupta
AUDIT COMMITTEE
1. Cyrillus Harinowo
2. Benny Redjo Setyono
3. Tjan Hong Tjhiang
CORPORATE SECRETARY
Sancoyo Antarikso
HEAD OFFICE
Graha Unilever
Jln. Jend. Gatot Subroto Kav. 15
Jakarta - 12930
Phone : (021) 526-2112
Fax
: (021) 526-4020
Homepage
Email

: www.unilever.com; www.unilever.co.id
: unvr.indonesia@unilever.com

SHAREHOLDERS (January 2014)


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
2002
2003
2003
2004
2004
2005
2005
2005
2006
2006
2007
2007
2008
2008
2009
2009
2010
2010
2011
2011
2012
2012
2013

Shares
6:1

Dividend
600.00
470.00
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
400.00
500.00
50.00
80.00
70.00
60.00
80.00
60.00
120.00
80.00
125.00
90.00
167.00
95.00
220.00
100.00
299.00
100.00
344.00
250.00
296.00
300.00
334.00
330.00

Cum Date
from

11-Feb-03
16-Jul-03
17-Feb-04
15-Jul-04
02-Dec-04
04-Mar-05
08-Jul-05
05-Dec-05
22-Jun-06
29-Nov-06
22-Jun-07
28-Nov-07
26-Jun-08
26-Nov-08
26-Jun-09
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

Ex Date
27-Oct-89
27-Feb-91
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
13-Feb-03
17-Jul-03
18-Feb-04
16-Jul-04
03-Dec-04
07-Mar-05
11-Jul-05
06-Dec-05
23-Jun-06
30-Nov-06
25-Jun-07
29-Nov-07
27-Jun-08
27-Nov-08
29-Jun-06
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

Recording
Date
until

17-Feb-03
21-Jul-03
20-Feb-04
20-Jul-04
06-Dec-04
09-Mar-05
13-Jul-05
08-Dec-05
27-Jun-06
04-Dec-06
27-Jun-07
03-Dec-07
01-Jul-08
01-Dec-08
01-Jul-09
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

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-Mar-03
04-Aug-03
05-Mar-04
03-Aug-04
17-Dec-04
24-Mar-05
27-Jul-05
21-Dec-05
11-Jul-06
18-Dec-06
11-Jul-07
14-Dec-07
11-Jul-08
15-Dec-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

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

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

Type of Listing
First Issue
Bonus Shares
Company Listing
Stock Split

Shares
9,200,000
2,251,225 T:
64,848,775
7,553,700,000 T:

Listing
Date
11-Jan-82
15-Dec-89 :
02-Jan-98
06-Nov-00 :

RESEARCH AND DEVELOPMENT DIVISION

Trading
Date
11-Jan-82
22-Sep-93
02-Jan-98
03-Sep-03

167

UNVR Unilever Indonesia Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

36,000

40.0

31,500

35.0

27,000

30.0

22,500

25.0

18,000

20.0

13,500

15.0

9,000

10.0

4,500

5.0

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Consumer Goods Industry Index
January 2010 - January 2014
245%
210%
179.5%

175%

158.4%
140%
105%
70%

71.6%

35%
-35%

Jan 10

Jan 11

SHARES TRADED
Volume (Million Sh.)
Value (Billion Rp)
Frequency (Thou. X)
Days
Price (Rupiah)
High
Low
Close
Close*

Jan 12

Jan 14

2010

2011

2012

515
7,928
127
245

557
8,847
175
247

552
12,558
225
246

608
16,506
285
244

49
1,352
44
20

19,200
10,550
16,500
16,500

19,000
13,800
18,800
18,800

28,500
17,500
20,850
20,850

37,350
20,900
26,000
26,000

28,775
25,800
28,550
28,550

34.45
16.22
38.97

32.87
19.75
40.09

36.37
19.15
36.00

39.94
23.95
39.53

37.17
PER (X)
16.41
PER Industry (X)
31.12
PBV (X)
* Adjusted price after corporate action

168

Jan 13

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Unilever Indonesia Tbk. [S]
January 2010 - January 2014

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

High
11,750
11,700
13,200
14,000
16,550
18,900
17,350
17,150
17,250
19,200
17,500
17,000

Low
10,950
10,550
11,300
12,000
13,600
15,000
16,300
15,950
15,950
16,850
15,000
15,000

Close
11,300
11,500
12,150
13,850
15,600
17,000
16,950
16,100
16,850
17,450
15,000
16,500

(X)
5,909
4,558
7,296
6,233
10,001
12,810
14,001
12,188
11,202
10,736
17,104
15,223

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

16,650
16,200
16,950
15,650
15,300
15,350
15,900
17,400
17,750
16,500
18,400
19,000

13,800
14,100
15,250
14,900
14,650
14,600
14,700
15,000
14,000
15,250
15,450
17,100

15,050
16,200
15,300
15,300
14,700
14,900
15,600
16,900
16,500
15,650
18,200
18,800

16,428
11,599
15,300
17,329
10,563
9,679
12,108
20,492
17,471
17,533
12,590
13,898

48,440
27,234
59,981
57,709
43,392
28,109
41,466
63,871
46,683
56,126
43,802
40,609

732,617
412,351
967,698
878,710
648,620
419,148
628,166
1,043,194
763,768
897,769
722,503
732,748

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

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

28,775 25,800 28,550

44,445

49,313

1,352,166

20

(Thou. Sh.) (Million Rp)


30,857
347,247
17,150
192,747
41,522
500,726
31,299
397,505
45,746
686,004
45,361
755,493
48,902
818,405
41,934
696,369
49,461
826,348
46,924
819,428
70,085 1,158,321
729,446
45,919

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

UNVR Unilever Indonesia Tbk. [S]


Financial Data and Ratios

Book End : December

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

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

858,322

317,759

336,143

229,690

261,202

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Cash & Cash Equivalents

Assets

Receivables

1,345,255

1,752,633

2,188,280

2,261,941

3,279,694

Inventories

1,340,036

1,574,060

1,812,821

2,061,899

2,084,331

Current Assets

3,598,793

3,748,130

4,446,219

5,035,962

5,862,939

68,371

4,148,778

5,314,311

6,283,479

6,874,177

50,377

75,705

70,456

69,271

8,701,262 10,482,312 11,984,979

7,485,249

Fixed Assets
Other Assets
Total Assets

55,058
7,484,990

Current Liabilities
Long Term Liabilities
Total Liabilities

10,000
7,500
5,000

16.25%

20.47%

14.34%

-37.54%

2,500

3,454,869

4,402,940

6,474,594

7,535,896

8,419,442

321,546

249,469

326,781

480,718

674,076

3,776,415

4,652,409

6,801,375

8,016,614

9,093,518

23.20%

46.19%

17.87%

13.43%

Growth (%)

Growth (%)

Liabilities

12,500

2009

2010

2011

2012

2013

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

Retained Earnings

3,530,519

3,873,119

3,504,268

4,933,326

4,082,370

Total Equity

3,702,819

4,045,419

3,680,937

3,968,365

4,254,670

9.25%

-9.01%

7.81%

7.21%

Dec-10

Dec-11

Dec-12

Dec-13

Paid up Capital (Shares)


Par Value

4,255

4,045

4,255

3,703

3,968
3,681

3,387

2,519

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-09

1,651

783

18,246,872 19,690,239 23,469,218 27,303,248 30,757,435

7.91%

Growth (%)

19.19%

16.34%

12.65%

-85

2009

2010

2011

2013

9,485,274 11,462,805 13,414,122 14,978,947

Cost of Revenues

9,200,878

Gross Profit

9,045,994 10,204,965 12,006,413 13,889,126 15,778,488

Expenses (Income)

4,831,103

5,662,340

6,431,614

7,391,019

8,614,043

Operating Profit

4,214,891

4,542,625

5,574,799

6,498,107

7,164,445

7.78%

22.72%

16.56%

10.25%

TOTAL REVENUES (Bill. Rp)


30,757
30,757

Growth (%)

2012

27,303
23,469

24,483

33,699

-3,982

-31,342

-5,637

Income before Tax

4,248,590

4,538,643

5,574,799

6,466,765

7,158,808

Tax

1,205,236

1,153,995

1,410,495

-1,627,620

1,806,183

Profit for the period

3,043,354

3,384,648

4,164,304

4,839,145

5,352,625

11.21%

23.04%

16.21%

10.61%

Other Income (Expenses)

Growth (%)

18,247

19,690

18,208

11,934

5,659

Period Attributable

3,043,354

3,386,970

4,163,369

4,839,277

5,352,625

Comprehensive Income

3,044,107

3,384,648

4,164,304

4,839,145

5,352,625

3,386,970

4,163,369

4,839,277

5,352,625

Comprehensive Attributable

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Current Ratio (%)

104.17

85.13

68.67

66.83

69.64

Dividend (Rp)

399.00

444.00

546.00

634.00

330.00

EPS (Rp)

398.87

443.90

545.66

634.24

701.52

BV (Rp)

485.30

530.20

482.43

520.10

557.62

DAR (X)

0.50

0.53

0.65

0.67

1.21

RATIOS

-615

2009

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


5,353
4,839

5,353

4,164
4,261

3,043

3,385

3,169

1.02

1.15

1.85

2.02

2.14

ROA (%)

40.66

38.90

39.73

40.38

71.51

ROE (%)

82.19

83.67

113.13

121.94

125.81

GPM (%)

49.58

51.83

51.16

50.87

51.30

OPM (%)

23.10

23.07

23.75

23.80

23.29

NPM (%)

16.68

17.19

17.74

17.72

17.40

100.03

100.02

100.06

99.96

47.04

3.61

2.69

2.90

3.04

1.27

DER(X)

Payout Ratio (%)


Yield (%)

2,077

985

-107

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

169

CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT

VIVA
PT VISI MEDIA ASIA TBK.

Company Profile
PT Visi Media Asia Tbk. (VIVA) was established in the Republic of Indonesia on November
8, 2004. the scope of the Companys activity is conducting, among others, trading, and
management consulting services. Currently, the Company is engaged as a holding company
of its Subsidiaries which are engaged in media and services.
PT Visi Media Asia Tbk. focused on delivering news, sports and lifestyle content through the
convergence of broadcast, online, and mobile platforms. VIVA provides content, community
and commerce, providing customers with a unique 360 degree experience.
Through synergies and integrated operations, VIVA is able to drive cost efficiencies resulting
in affordable access for consumers and better market positioning. Key synergies to date
include, but are not limited to, joint advertising sales between tvOne, ANTV and Vivanews,
and cooperation on IP networks to ensure operational stability.
The ultimate parent company of the Company is PT Bakrie Global Ventura. The Company is
part of the Bakrie Group.
The Company has direct ownership in Subsidiaries as follows:
PT Lativi Mediakarya
PT Asia Global Media
PT Redal Semesta
PT Viva Media Baru
PT Intermedia Capital
PT Digital Media Asia
The Group had 2,482 permanent employees as of December 31st, 2013.

January 2014
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

VIVA Visi Media Asia Tbk. [S]

COMPANY REPORT : JANUARY 2014

As of 30 January 2014

Main Board
Industry Sector : Trade, Services & Investment (9)
Industry Sub Sector : Advertising, Printing And Media (95)

Individual Index
:
Listed Shares
:
Market Capitalization :

90.667
16,464,270,400
4,478,281,548,800

134 | 4.48T | 0.10% | 91.44%


62 | 4.56T | 0.41% | 80.59%

COMPANY HISTORY
Established Date
: 08-Nov-2004
Listing Date
: 21-Nov-2011
Under Writer IPO :
PT Danatama Makmur
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

SHAREHOLDERS (January 2014)


1. Raiffeisen Bank International AG, Singapore Branch
2. PT Bakrie Global Ventura
3. Credit Suisse AG Sg Br S/A PT Bakrie Global Ventura-2023
4. DBS Vickers (Hongkong) Ltd A/C Client
5. Public (<5%)
DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
-

Shares

Dividend

Cum Date

Ex Date

2,755,000,000
1,611,736,000
1,422,000,000
1,034,820,000
9,640,714,400

Recording
Date

:
:
:
:
:

16.73%
9.79%
8.64%
6.29%
58.55%

Payment
F/I
Date

ISSUED HISTORY
BOARD OF COMMISSIONERS
1. Anindya Novyan Bakrie
2. Omar Luthfi Anwar
3. Raden Mas Djoko Setiotomo *)
4. Rosan Perkasa Roeslani
5. Setyanto Prawira Santosa *)
6. Rachmat Gobel *)
*) Independent Commissioners

No.
1.
2.
3.
4.

Type of Listing
First Issue Seri A
Company Listing Seri A
Company Listing Seri B
Warrant I

Shares
1,667,000,000
12,762,460,000
1,034,820,000
999,990,400 T:

Listing
Date
21-Nov-11
21-Nov-11
21-Nov-11
31-May-12 :

Trading
Date
21-Nov-11
21-Nov-11
21-Nov-11
24-May-13

BOARD OF DIRECTORS
1. Erick Thohir
2. Otis Hahijari
3. Anindra Ardiansyah Bakrie
4. Raden Mas Harlin Erlianto Rahardjo
5. Charlie Kasim
6. Tae Hoon David T. Khim
7. Robertus B. Kurniawan
AUDIT COMMITTEE
1. R.M. Djoko Setiotomo
2. Ivan Permana
3. Robertus Bismarka Kurniawan
CORPORATE SECRETARY
Neil Ricardo Tobing
HEAD OFFICE
Wisma Bakrie 2, 7th Fl.
Jln. H.R. Rasuna Said Kav. B2
Jakarta - 12920
Phone : (021) 579-45711
Fax
: (021) 579-45715
Homepage
Email

: www.viva.co.id
: corsec@viva.co.id
ntobing@viva.co.id

RESEARCH AND DEVELOPMENT DIVISION

171

VIVA Visi Media Asia Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

1,000

2,400

875

2,100

750

1,800

625

1,500

500

1,200

375

900

250

600

125

300

Nov-11

May-12

Nov-12

May-13

Nov-13

Closing Price*, Jakarta Composite Index (IHSG) and


Trade, Sevices and Investment Index
November 2011 - January 2014
100%
75%
50%

42.0%

25%

20.1%

-25%
-39.6%

-50%
-75%
-100%

Nov 11

May 12

Nov 12

May 13

Nov 13

2011

2012

1,689
699
16
29

3,056
1,437
53
243

36,679
12,685
333
244

193
55
8
20

580
390
520
520

900
265
560
560

750
111
275
275

288
250
272
272

305.68
PER (X)
16.89
PER Industry (X)
5.04
PBV (X)
* Adjusted price after corporate action

118.83
19.08
5.16

113.63
15.43
2.26

112.39
17.12
2.24

SHARES TRADED
Volume (Million Sh.)
Value (Billion Rp)
Frequency (Thou. X)
Days
Price (Rupiah)
High
Low
Close
Close*

172

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Visi Media Asia Tbk. [S]
November 2011 - January 2014

Month
Nov-11
Dec-11

High
550
580

Low
390
490

Close
530
520

(X)
8,583
7,128

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

630
560
530
540
810
900
730
770
670
570
710
700

510
500
480
480
485
600
580
620
430
265
480
450

540
510
510
495
780
730
720
680
520
540
680
560

6,389
1,093
744
1,644
1,654
662
206
1,510
4,540
21,102
3,847
9,766

163,865
134,896
14,196
73,316
49,311
63,443
546,183
92,936
53,190
606,296
371,976
886,441

87,649
73,859
7,137
36,766
30,212
50,803
128,093
59,612
28,232
234,638
226,059
473,799

21
21
20
20
21
19
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

660
750
620
720
580
490
415
345
260
255
300
290

470
495
465
530
440
340
245
111
148
194
220
265

540
590
540
560
465
400
335
165
230
240
285
275

8,327
27,278
19,984
40,834
32,250
24,953
20,855
66,603
55,435
21,344
11,502
4,089

975,860
1,645,224
1,535,850
3,812,373
2,872,143
2,702,698
2,912,570
8,157,092
5,316,402
2,947,431
2,828,387
973,035

494,188
945,115
835,403
2,312,393
1,477,086
1,115,495
1,052,457
1,469,671
1,191,245
763,086
785,487
243,023

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

Jan-14

288

250

272

8,087

193,468

55,098

20

(Thou. Sh.) (Million Rp)


573,129
275,151
1,115,879
423,610

8
21

VIVA Visi Media Asia Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Tjiendradjaja & Handoko Tomo (Member of Mazars Moores Rowland Indonesia)
Dec-10

Dec-11

Dec-12

Dec-13

Cash & Cash Equivalents

436,309

561,873

554,954

815,880

Receivables

317,857

333,018

584,687

850,910

Inventories

91,473

149,637

65,578

57,361

1,167,392

1,167,392

1,340,859

2,509,765

469,007

469,007

494,485

933,019

BALANCE SHEET

Dec-09

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Assets

Current Assets
Fixed Assets
Other Assets
Total Assets

5,000
3,750

9,593

9,593

10,320

9,227

2,417,561

2,417,561

2,993,376

5,303,084

23.82%

77.16%

1,250
-

Growth (%)
Current Liabilities

352,705

681,701

367,285

371,757

Long Term Liabilities

642,476

140,576

947,530

2,844,551

Total Liabilities

995,181

822,276

1,314,815

3,216,308

-17.37%

59.90%

144.62%

Growth (%)

Liabilities

6,250

2,500

2010

2011

2012

2013

TOTAL EQUITY (Bill. Rp)


Authorized Capital

4,350

4,349,857

4,349,857

4,349,857

Paid up Capital

1,537

1,703,514

1,704,330

1,803,513

15,464

15,464

15,472

16,464

Paid up Capital (Shares)

1,000 & 2,518 100 & 251.8 100 & 251.8 100 & 251.8

Par Value
Retained Earnings

-372,516

-372,516

-299,594

-192,203

1,595,284

1,595,284

1,678,561

2,086,775

5.22%

24.32%

2,087
2,087

1,595

1,595

2010

2011

1,679

1,661

1,235

Total Equity

Growth (%)
INCOME STATEMENTS

Dec-09

Total Revenues

Dec-10

Dec-11

Dec-12

Dec-13

889,101

992,635

1,241,437

1,674,375

11.64%

25.06%

34.87%

Growth (%)
823,286

840,277

982,484

1,087,554

65,815

152,358

258,953

586,821

65,815

152,358

258,953

586,821

131.49%

69.96%

126.61%

-76,766

-110,779

-74,874

-344,054

Income before Tax

-10,950

41,579

184,079

242,767

Tax

-14,606

15,273

111,154

136,972

26,306

72,925

105,796

619.50%

177.21%

45.07%

Cost of Revenues
Gross Profit
Expenses (Income)
Operating Profit

810

384

-42

2012

2013

TOTAL REVENUES (Bill. Rp)


1,674
1,674

Growth (%)

1,241

1,333

Other Income (Expenses)

3,656

Profit for the period

Growth (%)

991

889

993

650

308

3,656

26,260

72,922

107,392

Comprehensive Income

26,306

72,925

105,796

Comprehensive Attributable

26,260

72,922

107,392

Dec-10

Dec-11

Dec-12

Dec-13

330.98

171.25

365.07

675.11

Period Attributable

RATIOS
Current Ratio (%)
Dividend (Rp)

Dec-09

0.24

1.70

4.71

6.52

BV (Rp)

103.16

103.16

108.49

126.75

DAR (X)

0.41

0.34

0.44

0.61

DER(X)

0.62

0.52

0.78

1.54

ROA (%)

0.15

1.09

2.44

1.99

ROE (%)

0.23

1.65

4.34

5.07

GPM (%)

7.40

15.35

20.86

35.05

OPM (%)

7.40

15.35

20.86

35.05

NPM (%)

EPS (Rp)

-33

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


106
106

73

84

63

0.41

2.65

5.87

6.32

Payout Ratio (%)

Yield (%)

41

26
19

3.7
-2

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

173

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WIKA
WIJAYA KARYA (PERSERO) TBK.

Company Profile
PTWijayaKarya(Persero)Tbk.,("Perseroan")wasbornoutofthenationalizationprocessof
a Dutch company bearing the name Naamloze Vennotschap Technische Handel
MaatschappijenBouwbedijfVisenCo.orNVVisenCo.PursuantToGovernmentRegulation
No.2/1960andMinisterofPublicWorksandElectricPower(PUTL)DecreeNo.5dated11
March1960.

InaccordancewithArticle3oftheArticlesofAssociation,thepurposeandobjectivesofthe
Company is to engage in the construction industry, manufacturing industry, conversion
industry, rental, agency services, investment, agroindustry, renewable energy and
conversionenergy,trading,engineering,procurement,construction,area(industrialzone)
management,servicecapacityupgradesinthefieldofconstruction,informationtechnology
for engineering and planning services, by applying the principles of limited liability
companies.

TheCompanyisdomiciledatdiJl.D.I.PanjaitanKav.9,EastJava.

TheCompanydirectlyownedmorethan50%sharesonsubsidiariesasfollows:
PTWijayaKaryaBeton
PTWijayaKaryaRealty
PTWijayaKaryaIndustridanKonstruksi
PTWijayaKaryaInsanPertiwi
PTWijayaKaryaBangunanGedung

January 2014
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

WIKA Wijaya Karya (Persero) Tbk. [S]

COMPANY REPORT : JANUARY 2014


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

As of 30 January 2014
Individual Index
:
Listed Shares
:
Market Capitalization :

464.286
6,139,968,000
11,972,937,600,000

64 | 12.0T | 0.28% | 79.63%


31 | 8.65T | 0.78% | 62.64%

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
Wisma Sudirman - Puri Datindo
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
BOARD OF COMMISSIONERS
1. Basoeki Hadimoeljono
2. Abdul Rahman Pelu
3. Arie Setiadi Moerwanto
4. Bakti Santoso Ludin *)
5. Soepomo
6. Taslim Z. Yunus *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Bintang Perbowo
2. Adji Firmantoro
3. Bambang Pramujo
4. Budi Harto
5. Destiawan Soewardjono
6. Ganda Kusuma
7. Ikuten Sinulingga

SHAREHOLDERS (January 2014)


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

4,000,000,000 :
2,139,968,000 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2007
2008
2009
2010
2011
2012
2013

Shares

Dividend
5.97
8.03
10.02
17.08
17.28
22.32
27.82

Cum Date
06-Jun-08
18-Jun-09
27-May-10
06-Jun-11
23-May-12
29-May-13
28-Apr-14

Recording
Date
11-Jun-08
23-Jun-09
02-Jun-10
09-Jun-11
28-May-12
03-Jun-13
02-May-14

Ex Date
09-Jun-08
19-Jun-09
31-May-10
07-Jun-11
24-May-12
30-May-13
29-Apr-14

65.15%
34.85%

Payment
Date
25-Jun-08
07-Jul-09
16-Jun-10
23-Jun-11
11-Jun-12
14-Jun-13
13-May-14

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
717,000
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
23-Dec-13
30-Dec-13

AUDIT COMMITTEE
1. Taslim Z. Yunus
2. Arzul Andaliza
3. Bakti Santoso Luddin
4. M. Slamet Wibowo
5. Mukti Wibowo
CORPORATE SECRETARY
Natal Argawan Pardede
HEAD OFFICE
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
: natal.argawan@wika.co.id

RESEARCH AND DEVELOPMENT DIVISION

175

WIKA Wijaya Karya (Persero) 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-10

Jan-11

Jan-12

Jan-13

Jan-14

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
January 2010 - January 2014
840%
720%
600%
490.9%

480%
360%
240%

149.6%

120%

71.6%
-120%

Jan 10

Jan 11

Jan 12

Jan 13

Jan 14

SHARES TRADED

2010

2011

2012

Volume (Million Sh.)


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

6,396
3,257
130
245

1,881
1,171
69
247

3,477
3,843
131
246

7,059
13,754
406
244

485
901
40
20

770
300
680
680

710
450
610
610

1,650
600
1,480
1,480

2,900
1,350
1,580
1,580

1,985
1,580
1,950
1,950

9.15
11.09
1.66

17.75
17.34
3.21

18.65
17.79
3.13

23.02
16.27
3.86

Price (Rupiah)
High
Low
Close
Close*

14.26
PER (X)
9.97
PER Industry (X)
2.25
PBV (X)
* Adjusted price after corporate action

176

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Closing Price

Freq.

Volume

Value

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Wijaya Karya (Persero) Tbk. [S]
January 2010 - January 2014

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

High
340
340
365
440
430
455
570
630
740
770
720
710

Low
315
300
325
345
310
325
415
490
580
660
620
620

Close
315
335
350
425
355
430
540
590
670
720
630
680

(X)
3,412
2,503
5,165
23,526
9,063
12,971
12,742
10,769
15,432
16,873
8,674
8,795

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

700
680
710
700
710
700
690
680
610
600
520
650

590
600
600
660
660
640
650
560
450
450
470
465

610
660
670
670
690
660
680
580
490
520
470
610

7,891
4,073
6,958
7,560
3,019
2,028
4,419
3,545
4,595
11,628
3,385
9,881

316,051
114,366
143,658
148,172
98,903
95,426
150,923
115,101
95,568
160,637
59,665
382,183

202,032
73,484
92,449
100,902
68,033
63,532
101,290
70,332
52,881
85,900
29,849
230,029

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

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

1,985

1,580

1,950

39,945

484,540

901,013

20

(Thou. Sh.) (Million Rp)


103,177
33,770
108,275
34,899
123,467
354,525
1,584,617
643,345
411,763
152,940
543,537
216,952
731,427
361,431
311,209
547,292
476,688
722,088
512,661
712,205
255,744
171,452
218,130
321,454

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

WIKA Wijaya Karya (Persero) Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Hadori Sugiarto Adi & Rekan (Member of HLB International)
Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Cash & Cash Equivalents

1,210,888

1,227,705

1,244,316

1,499,143

1,386,707

Receivables

1,353,339

1,422,090

420,573

1,978,912

2,132,198

Inventories

1,044,473

853,257

872,775

1,138,080

1,118,390

Investment

121,509

150,108

164,989

1,208,327

1,583,043

Fixed Assets

332,207

405,546

753,148

1,168,757

1,640,292

417,006

73,252

71,743

BALANCE SHEET

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Other Assets
Total Assets

Assets

52,924

75,040

5,700,614

6,286,305

Growth (%)

8,322,980 10,945,209 12,594,963

10.27%

32.40%

8,250
5,500
2,750
-

1,163,020

1,221,036

2,119,188

2,529,217

3,061,518

Total Liabilities

4,064,899

4,369,537

6,103,604

8,131,204

9,368,004

7.49%

39.69%

33.22%

15.21%

1,600,000

1,600,000

1,600,000

1,600,000

1,600,000

584,637

600,154

602,727

610,563

613,997

5,846

6,002

6,027

6,106

6,140

100

100

100

100

100

386,017

608,453

854,681

1,196,354

1,202,095

1,532,941

1,801,624

2,219,376

2,814,006

3,226,959

17.53%

23.19%

26.79%

14.67%

Dec-12

Dec-13

Growth (%)

11,000

15.07%

Trade Payable

Bank Payable

31.51%

Liabilities

13,750

2009

2010

2011

2012

2013

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-09

Dec-10

Dec-11

6,590,857

6,022,922

7,741,827

-8.62%

28.54%

Growth (%)

26.79%

21.07%

5,967,732

5,390,012

6,978,414

645,733

673,068

864,935

1,111,382

Operating Expenses

160,782

195,457

211,194

265,965

367,486

Operating Profit

484,951

477,611

653,741

845,417

1,215,962

-1.51%

36.88%

29.32%

43.83%

Growth (%)

2,814
2,219

2,569

1,910

1,533

1,802

1,252

594

9,816,086 11,884,668

Gross Profit

Cost of Revenues

3,227
3,227

-65

2009

2010

2011

2012

2013

8,902,209 10,562,234
1,583,448

TOTAL REVENUES (Bill. Rp)


11,885
11,885

9,816
9,460

-136,842

-4,285

-24,134

-37,501

-199,272

Income before Tax

348,109

473,326

629,607

807,916

1,016,690

Tax

141,585

162,085

238,660

302,791

392,319

Profit for the period

206,524

311,241

390,946

505,125

624,372

50.70%

25.61%

29.21%

23.61%

Other Income (Expenses)

Growth (%)

7,742
6,591
7,036

6,023

4,611

2,187

Period Attributable

206,524

284,922

354,499

457,858

569,940

Comprehensive Income

189,222

311,241

401,828

508,764

624,372

284,922

366,375

461,134

569,940

Comprehensive Attributable

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dividend (Rp)

10.02

17.08

17.28

22.32

EPS (Rp)

35.33

47.47

58.82

74.99

92.82

BV (Rp)

262.20

300.19

368.22

460.89

525.57

DAR (X)

0.71

0.70

0.73

0.74

0.74

DER(X)

2.65

2.43

2.75

2.89

2.90

ROA (%)

3.62

4.95

4.70

4.62

4.96

ROE (%)

13.47

17.28

17.62

17.95

19.35

GPM (%)

9.80

11.18

11.17

11.32

13.32

OPM (%)

7.36

7.93

8.44

8.61

10.23

NPM (%)

3.13

5.17

5.05

5.15

5.25

28.37

35.99

29.38

29.76

3.08

2.51

2.83

1.51

RATIOS

Payout Ratio (%)


Yield (%)

-238

2009

2010

2011

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


624
624

505
497

391
311

370

242

207

115

-12

2009

2010

2011

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

177

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WSKT
WASKITA KARYA (PERSERO) TBK.

Company Profile
the objectives of the Company are to execute and support the Government policy and
programs in economic area and national development in general, construction industry,
fabrication, rental services, agent services, investment, agro industry, trading, zone
management,increaseabilityinthefieldofconstructionservices,informationtechnology,
andtourismanddeveloperwithimplementationingoodcorporategovernance.

Inordertoachievetheobjectives,theCompanyisengagedinfollowingactivities:
Construction work, mining services, integrated work of Engineering, Procurement, and
Construction (EPC), Design and Build, management consultant service, building
management, building components and raw material fabrication, component and
constructiontoolsfabrication,fabricationofmetals,woods,rubber,andplasticfabrication,
leasing on construction equipments, agent for raw materials, building components and
constructionequipment,investmentand/orbusinessmanagementinareaofbasicfacility
andinfrastructureandindustry,performingactivitiesinagroindustryfield,exportimport,
general trading, region management, system development, service in information
technologyandtourismandroyaltydevelopment.

The Company's business activities, which has been executed by the Company is
construction activities and integrated work Enginering, Procurement and Construction
(EPC).

TheCompanyhas50%directandindirectownershipinterestinsubsidiariesand/orhasthe
controlofthesubsidariesmanagementwhichconsolidatedisPTWaskitaSangirEnergi.

TheCompanyhaspermanentemployeesamountedto996staffsasofDecember31st,2013
respectively.

January 2014
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

WSKT Waskita Karya (Persero) Tbk. [S]


COMPANY REPORT : JANUARY 2014
Main Board
Industry Sector : Property, Real Estate And Building Construction (6)
Industry Sub Sector : Building Construction (62)

As of 30 January 2014
Individual Index
:
Listed Shares
:
Market Capitalization :

142.105
9,632,236,000
5,201,407,440,000

125 | 5.20T | 0.12% | 90.47%

45 | 6.54T | 0.59% | 72.16%

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
Wisma Sudirman - Puri Datindo
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. Imam Majdi Achid
4. Iwan Nursyirwan Diar *)
5. Kohirin Suganda Saputra *)
6. Satya Arinanto
*) Independent Commissioners

SHAREHOLDERS (January 2014)


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

6,549,921,000 :
3,082,315,000 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year
2012
2013

Shares

Dividend
2.11
11.46

Cum Date
10-May-13
28-Apr-14

Ex Date
13-May-13
29-Apr-14

Recording
Date
15-May-13
02-May-14

68.00%
32.00%

Payment
F/I
Date
29-May-13 F
19-May-14 F

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

Shares
3,082,315,000
6,549,921,000

Listing
Date
19-Dec-12
19-Dec-12

Trading
Date
19-Dec-12
19-Dec-12

BOARD OF DIRECTORS
1. Muhammad Choliq
2. Didi Triyono
3. Adhi Wibowo
4. Agus Sugiono
5. Desi Arryani
6. Tunggul Rajagukguk
AUDIT COMMITTEE
1. Iwan Nursyirwan Diar
2. Agus Suprapto
3. Arif Baharudin
4. Mohammad Danial
CORPORATE SECRETARY
Haris Gunawan
HEAD OFFICE
Gedung Waskita
Jln. M.T. Haryono Kav. No. 10
Cawang, Jakarta - 13340
Phone : (021) 850-8510
Fax
: (021) 850-8506
Homepage
Email

: www.waskita.co.id
: munib@waskita.co.id
haris@waskita.co.id

RESEARCH AND DEVELOPMENT DIVISION

179

WSKT Waskita Karya (Persero) Tbk. [S]


Closing
Price*

Volume
(Mill. Sh)

Closing Price
Low
420

Close
450

(X)
17,534

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

580

402

540

45,714

1,361,373

694,196

20

1,050

1,400

900

1,200

750

1,000

600

800

450

600

300

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

150

200

Jan-14

Jun-13

Sep-13

Dec-13

Closing Price*, Jakarta Composite Index (IHSG) and


Property, Real Estate and Bulding Construction Index
December 2012 - January 2014
140%
120%
100%
80%
60%
40%
21.3%
12.2%

20%

3.3%

-20%

Dec 12

Mar 13

Jun 13

Sep 13

Dec 13

SHARES TRADED

2012

Volume (Million Sh.)


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

1,432
623
18
6

16,180
10,728
440
244

1,361
694
46
20

490
420
450
450

1,080
400
405
405

580
402
540
540

17.04
17.34
2.16

24.76
17.79
1.85

33.02
16.27
2.47

Price (Rupiah)
High
Low
Close
Close*
PER (X)
PER Industry (X)
PBV (X)
* Adjusted price after corporate action

180

2013 Jan-14

RESEARCH AND DEVELOPMENT DIVISION

Value

High
490

1,600

Mar-13

Volume

Month
Dec-12

1,200

Dec-12

Freq.

Day

TRADING ACTIVITIES

Closing Price* and Trading Volume


Waskita Karya (Persero) Tbk. [S]
December 2012 - January 2014

(Thou. Sh.) (Million Rp)


1,432,023
622,792

WSKT Waskita Karya (Persero) Tbk. [S]


Financial Data and Ratios

Book End : December

Public Accountant : Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)
Dec-12

Dec-13

Cash & Cash Equivalents

2,183,783

1,119,694

Receivables

1,971,997

2,342,084

Inventories

412,538

292,227

Investment

50,352

70,168

Fixed Assets

239,934

415,440

BALANCE SHEET

Dec-09

Dec-10

Dec-11

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

(Million Rp except Par Value)

Assets

Other Assets
Total Assets

19,036

21,180

8,366,244

8,788,303

Growth (%)

8,000
6,000
4,000

5.04%

2,000
-

822,776

874,808

Trade Payable

2,002,815

2,291,268

Total Liabilities

6,359,169

6,404,866

Bank Payable

Liabilities

10,000

2012

2013

0.72%

Growth (%)

TOTAL EQUITY (Bill. Rp)


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

2,600,000

2,600,000

963,233

963,224

9,632

9,632

100

100

215,174

563,911

2,007,075

2,383,437

2,383
2,383

2,007
1,897

1,411

Total Equity

18.75%

Growth (%)
INCOME STATEMENTS

Dec-09

Dec-10

Dec-11

Total Revenues

Dec-12

Dec-13

8,808,416

9,686,610

9.97%

Growth (%)
8,076,158

8,775,914

Gross Profit

824,835

1,012,371

Operating Expenses

196,307

305,473

Operating Profit

628,528

Cost of Revenues

925

439

-48

2012

2013

TOTAL REVENUES (Bill. Rp)


9,687
9,687

Growth (%)

8,808

7,711

-168,615

Other Income (Expenses)

-95,698

Income before Tax

459,913

611,201

Tax

205,882

243,230

Profit for the period

254,031

367,970

5,734

3,758

44.85%

Growth (%)

1,782

Period Attributable

254,031

368,060

Comprehensive Income

254,363

366,629

366,719

Dec-12

Dec-13

2.11

11.46

EPS (Rp)

26.37

38.21

BV (Rp)

208.37

247.44

DAR (X)

0.76

0.73

DER(X)

3.17

2.69

ROA (%)

3.04

4.19

ROE (%)

12.66

15.44

GPM (%)

9.36

10.45

OPM (%)

7.14

NPM (%)

2.88

3.80

Payout Ratio (%)

8.00

30.00

Yield (%)

0.47

2.83

Comprehensive Attributable

RATIOS
Dividend (Rp)

Dec-09

Dec-10

Dec-11

-194

2012

2013

PROFIT FOR THE PERIOD (Bill. Rp)


368
368

293

254

218

143

68

-7

2012

RESEARCH AND DEVELOPMENT DIVISION

2013

181

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