QUARTERLY UPDATE

FIRST HALF 2014 RESULTS

Debts & Cash
Debts Composition
Consolidated Statements of Financial Position
In Billion Rupiah 2013 1H 14
Total Current Assets 32,464.5 38,588.8
Cash & Cash Equivalents 13,666.2 14,346.5
Accounts Receivable - Net 4,959.4 5,558.9
Inventories - Net 8,160.5 10,121.8
Other Current Assets 5,678.3 8,561.7
Total Non Current Assets 45,628.3 47,663.5
Plantations, Property, Plant & Equipment - Net 30,887.3 32,437.5
Other Non-Current Assets 14,741.0 15,226.0
Total Assets 78,092.8 86,252.3
Total Current Liabilities 19,471.3 23,599.5
Short-term Loans, Trust Receipts & Current
Maturities of Long-term Loans 12,031.8 12,711.8
Trade & Other Current Liabilities 7,439.5 10,887.7
Total Non Current Liabilities 20,248.5 23,036.5
Long-term Loans 15,324.3 18,021.2
Other Non-Current Liabilities 4,924.1 5,015.3
Total Liabilities 39,719.8 46,636.0
Total Equity 38,373.1 39,616.4
Ending Exchange Rate to USD 12,189 11,969
Rp Bn
Foreign
Currency
Rp Equiv
(Bn)
Total Rp
Bn
Short-term Debts 4,806.1 660.5 7,905.7 12,711.8
Short-term Debts & Trust Receipts 3,346.2 636.0 7,612.8 10,959.1
Current Portion of Long-term Debts 1,459.9 24.5 292.8 1,752.7
Long-term Debts 8,193.6 821.1 9,827.6 18,021.2
Bank Loans 4,210.0 818.2 9,793.5 14,003.5
Bonds 3,983.6 - - 3,983.6
Liability for Purchases of Fixed Assets - 2.9 34.2 34.2
Liability for Purchases of Fixed Assets - - -
Total Debts 12,999.8 1,481.6 17,733.2 30,733.0
Cash and Cash Equivalents 9,171.1 432.4 5,175.4 14,346.5
QUARTERLY UPDATE
FIRST HALF 2014 RESULTS
85%
15% Domestic
Overseas
Consolidated Statements of Income Financial & Operating Ratios
Sales Mix Overseas
US$441.8 mn
1) Attributable to equity holders of the parent entity
2) Returns represents total return including non-controlling interests
3) Based on trailing numerator for 1H14 figure
4) EBIT as numerator
* Restated
In Billion Rupiah 1H13 1H 14 Growth
Net Sales 26,932.9 34,066.1 26.5%
Cost of Goods Sold 20,468.7 24,704.7 20.7%
Gross Profit 6,464.3 9,361.4 44.8%
Selling and Distribution Expenses (2,233.9) (3,063.2) 37.1%
General and Administrative Expenses (1,468.2) (2,043.4) 39.2%
Other operating income 349.9 316.0 -9.7%
Other operating expenses (184.3) (179.7) -2.5%
Income From Operations (EBIT) 2,927.8 4,391.1 50.0%
EBITDA 3,890.3 5,575.5 43.3%
Finance income 265.1 507.8 91.6%
Finance expenses (598.3) (825.1) 37.9%
Share in net income (loss) of associates 99.2 (73.9) -174.5%
Income Before Income Tax 2,693.8 3,999.9 48.5%
Income Tax Expense - Net (625.0) (1,014.5) 62.3%
Income before pro forma adjustment 2,068.8 2,985.4 44.3%
Pro forma adjustment (1.1) - -100.0%
Income for the year 2,067.7 2,985.4 44.4%
Equity holders of the parent entity 1,703.4 2,289.2 34.4%
Non-controlling interests 364.4 696.2 91.1%
Core Profit
1)
1,774.0 2,246.9 26.7%
Gross Profit Margin 24.0% 27.5%
EBIT Margin 10.9% 12.9%
EBITDA Margin 14.4% 16.4%
Net Income Margin
1)
6.3% 6.7%
Avg. Exchange Rate 9,750 11,751
*
2013 1H 14
Profitability Ratio
ROA
2) 3)
5.0% 5.7%
ROE
2) 3)
9.4% 11.7%
ROCE
2) 3) 4)
11.7% 13.3%
Liquidity Ratio
Current Ratio
1.67 1.64
Debt Ratio
Gross Gearing (incl. Trust Receipt)
0.71 0.78
Gross Gearing (excl. Trust Receipt)
0.61 0.66
Net Gearing (incl. Trust Receipt)
0.27 0.26
Net Gearing (excl. Trust Receipt)
0.16 0.14
Interest Coverage
3)
7.9 7.4
Earnings Per Share
1)
285 261
Share Price
6,600 6,700
Market Cap. (Rp. Bn)
57,951 58,829
Price / Book Value
2.45 2.41
Price / EPS
3)
23.14 19.03
Enterprise Value (Rp Bn)
82,967 90,437
Enterprise Value / EBITDA Multiple
3)
9.43 8.63
QUARTERLY UPDATE
FIRST HALF 2014 RESULTS
Segment Contribution
Segment Performance
EBIT
3)
1)
1) EBIT per segment: Before elimination and unallocated expenses
2) After elimination
3) After elimination and before unallocated expenses
* Restated
Sales
2)
*
* *
Sales (Rp Billion)
1H13 1H 14
External
Inter
Segment
Total External
Inter
Segment
Total 1H13 1H 14
Consumer Branded Products 12,101.2 53.0 12,154.2 14,991.5 51.3 15,042.9 12.8% 10.8%
Bogasari 7,138.4 1,904.1 9,042.5 8,172.3 2,046.5 10,218.7 9.0% 8.1%
Agribusiness 5,545.3 879.4 6,424.7 5,851.2 1,105.1 6,956.3 4.8% 15.7%
Distribution 2,148.0 - 2,148.0 2,468.5 - 2,468.5 3.6% 4.1%
Cultivation and Processed
Vegetables - - - 2,582.5 3.5 2,586.0 - 23.6%
Sub Total 26,932.9 2,836.5 29,769.4 34,066.1 3,206.4 37,272.5
Elimination - (2,836.5) (2,836.5) - (3,206.4) (3,206.4)
Unallocated Income (Expenses)
Total 26,932.9 - 26,932.9 34,066.1 - 34,066.1 10.9% 12.9%
Segment
EBIT Margin
1)
*
*
QUARTERLY UPDATE
FIRST HALF 2014 RESULTS
For further information, please contact:
Consolidated Statements of Cash Flows
INVESTOR RELATIONS DIVISION
Werianty Setiawan +62 21 5795 8822 Ext. 1215 E-mail: werianty@indofood.co.id
Clara Suraya +62 21 5795 8822 Ext. 1109 E-mail: clara.suraya@icbp.indofood.co.id
Cash & Cash Equivalents at Beginning & Ending after taking into account overdraft
** Restated
**
**
In Billion Rupiah 1H13 1H 14
Net Cash Flow from Operating Activities 2,177.0 3,953.7
Net Cash Flow from Investing Activities (5,246.9) (5,947.7)
Proceeds from sale of fixed assets and other non-current assets 62.7 18.8
Additions to fixed assets and plantations (2,409.4) (2,435.5)
Addition to intangible assets - (367.8)
Advance for purchases of Fixed assets (302.2) (274.2)
Acquisition of Subsidiaries, net of cash acquired (330.0) (35.0)
Investments in associates (2,267.9) (94.2)
Investments in time deposits - (2,651.6)
Capitalized future cane crop expenditures - (108.3)
Net Cash Flow from Financing Activities 2,920.0 2,908.1
Proceeds in short term bank loans 2,653.1 3,681.6
Proceeds from issuance of Rupiah Bonds VII - Net - 1,989.5
Proceeds from long term bank loans 1,459.3 1,370.8
Capital contribution from non-controlling interests 51.1 147.5
Proceeds from Advance for Subcription from non-controlling interests - 19.6
Payment of short term bank loans (872.4) (1,877.5)
Payment of Rupiah Bond V - (1,610.0)
Payment of long term bank loan (360.2) (585.8)
Purchase of treasury stock by a subsidiary - (166.3)
Investment in convertible notes - (57.0)
Payments of cash dividends by subsidiaries to non controlling interest (9.5) (4.4)
Payment of liability for purchases of fixed assets (1.4) -
Net Effects of Changes in Exchange Rates on Cash & Cash Equivalents 100.8 (113.6)
Net Increase (Decrease) in Cash & Cash Equivalents (49.1) 800.5
Cash & Cash Equivalents at Beginning of Period * 13,217.6 13,518.7
Cash & Cash Equivalents at End of Period * 13,168.6 14,319.3
**