IDX LQ45 February 2015 PDF

IDX LQ45
February 2015
Contents
Forewords
LQ45 Index Constituents for the period of February July 2015
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.
ANTM
Aneka Tambang Tbk. [S] (Metal and Mineral Mining, 23) ....................................................................................................................
18
6.
ASII
Astra International Tbk. [S] (Automotive and Components, 42) ........................................................................................................
22
7.
ASRI
Alam Sutera Realty Tbk. [S] (Property and Real Estate, 61) ..............................................................................................................
26
8.
BBCA
Bank Central Asia Tbk. (Bank, 81)...................................................................................................................................................................
30
9.
BBNI
Bank Negara Indonesia (Persero) Tbk. (Bank, 81) ..................................................................................................................................
34
10.
BBRI
Bank Rakyat Indonesia (Persero) Tbk. (Bank, 81) .................................................................................................................................
38
11.
BBTN
Bank Tabungan Negara (Persero) Tbk. (Bank, 81). ................................................................................................................................
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.
ICBP
Indofood CBP Sukses Makmur Tbk. [S] (Food and Beverages, 51)
.............................................................................................
74
20.
INCO
Vale Indonesia Tbk. [S] (Metal and Mineral Mining, 23) ........................................................................................................................
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.
LPPF
Matahari Department Store Tbk. (Retail Trade, 93) ................................................................................................................................
106
28.
LSIP
PP London Sumatera Tbk. [S] (Plantation,12) ...........................................................................................................................................
110
29.
MNCN
Media Nusantara Citra Tbk. [S] (Advertising, Printing and Media,95) ............................................................................................
114
118
30.
MPPA
Matahari Putra Prima Tbk. [S] (Retail Trade,93) .......................................................................................................................................
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.
SCMA
Surya Citra Media Tbk. [S] (Advertising, Printing And Media, 95) ....................................................................................................
138
36.
SILO
Siloam International Hospitals Tbk. [S] (Healthcare, 96).......................................................................................................................
142
37.
SMGR
Semen Indonesia (Persero) Tbk. [S] (Cement, 31)..................................................................................................................................
146
38.
SMRA
Summarecon Agung Tbk. [S] (Property and Real Estate, 61) ...............................................................................
150
39.
SSMS
Sawit Sumbermas Sarana Tbk. [S] (Plantation, 12) ..............................................................................................
154
40.
TBIG
Tower Bersama Infrastructure Tbk. (Non Building Construction, 75).....................................................................
158
41.
TLKM
Telekomunikasi Indonesia (Persero) Tbk. [S] (Telecommunication, 73) .......................................................................................
162
42.
UNTR
United Tractors Tbk. [S] (Wholesale (Durable and Non-Durable Goods, 91).........................................................
166
43.
UNVR
Unilever Indonesia Tbk. [S] (Cosmetics and Household, 54)..............................................................................................................
170
44.
WIKA
Wijaya Karya (Persero) Tbk. [S] (Building Construction, 62) ..............................................................................................................
174
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 Value =
Base Price x Number of Shares
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
x 100%
DAR =
Total Assets
10. Debt to Equity Ratio (DER)

Total Liabilities
DER =
x 100%
Total Equity
11. Return on Assets (ROA)
ROA =
Profit for the period

Total Assets
x 100%
12. Return on Equity (ROE)

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 2015
Research and Development Division

Indonesia Stock Exchange
2015 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 2015
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, consultation and services.
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. The companys oil palm plantations and its mill are located in South Kalimantan. The
subsidiaries plantations and mills are located in Java, Sumatera, Kalimantan, and Sulawesi.
PT Astra International Tbk. is the parent entity of the Company, whereas Jardine Matheson
Holdings Ltd, incorporated in Bermuda, is its ultimate parent entity.
As of December 31st, 2014, the Company and subsidiaries had 35,351 permanent
employees.
February 2015
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 2015
As of 30 January 2015
Main Board
Industry Sector : Agriculture (1)
Industry Sub Sector : Plantation (12)
Individual Index
:
Listed Shares
:
Market Capitalization :
1,799.995
1,574,745,000
36,612,821,250,000
28 | 36.6T | 0.69% | 64.44%
40 | 10.8T | 0.74% | 68.05%
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. 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 Nurwahyu Harahap
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 2015)

1. 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
2013
2014
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
515.00
244.00
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
09-May-14
09-Oct-14
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
14-May-14
14-Oct-14
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
12-May-14
10-Oct-14
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
30-May-14
28-Oct-14
F/I
F
I
F
B
F
F
F
F
F
I
F
F
I
I
I
F
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
:
:
:
:
:
:
:
:
:
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*
Closing Price
Volume
(Mill. Sh)
30,000
16.0
26,250
14.0
22,500
12.0
18,750
10.0
15,000
8.0
11,250
6.0
7,500
4.0
3,750
2.0
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Closing Price*, Jakarta Composite Index (IHSG) and

Agriculture Index
January 2011 - January 2015
45%
41.9%
30%
15%
-3.2%
-13.2%
-15%
-30%
-45%
-60%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013
Volume (Million Sh.)

Value (Billion Rp)
Frequency (Thou. X)
Days
273
6,072
135
247
268
5,693
126
246
388
7,542
167
244
439
10,816
436
242
25
602
28
21
27,000
16,550
21,700
21,700
24,000
17,800
19,700
19,700
25,750
13,100
25,100
25,100
29,850
19,250
24,250
24,250
26,150
23,150
23,250
23,250
12.64
33.17
3.31
21.94
15.46
3.85
15.62
19.34
3.41
14.98
17.46
3.27
Price (Rupiah)
High
Low
Close
Close*
13.68
PER (X)
1.79
PER Industry (X)
4.06
PBV (X)
* Adjusted price after corporate action
2014 Jan-15
Freq.
Volume
Value
Day
TRADING ACTIVITIES
Closing Price* and Trading Volume

Astra Agro Lestari Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
27,000
23,250
23,400
23,250
24,200
23,950
23,800
23,700
22,850
22,200
22,950
22,900
Low
21,000
21,100
21,550
22,350
22,400
22,500
22,700
19,000
18,100
16,550
20,400
20,500
Close
21,700
21,850
22,700
23,150
23,600
23,500
23,500
21,500
19,300
21,450
22,400
21,700
(X)
17,601
12,465
13,880
9,975
12,117
7,249
7,950
11,095
11,760
15,106
9,018
7,255
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
25,800
25,750
27,900
29,475
29,850
29,350
28,175
26,700
26,050
23,500
25,450
24,550
20,650
21,250
24,400
25,125
26,600
26,050
25,600
25,500
22,775
19,250
22,775
22,350
21,475
25,500
26,000
29,400
27,325
28,175
26,700
25,500
23,000
23,500
24,000
24,250
44,874
32,016
42,550
36,774
32,492
26,838
36,013
30,897
36,936
49,512
32,960
33,746
40,059
37,535
37,625
29,006
30,003
28,216
35,895
41,565
42,691
57,643
31,250
27,072
875,810
879,827
991,848
788,587
842,728
770,842
954,698
1,087,452
1,018,059
1,222,233
749,632
634,605
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
26,150 23,150 23,250
27,912
24,553
601,935
21
(Thou. Sh.) (Million Rp)

40,233
959,441
25,441
564,248
30,884
691,672
24,194
552,655
29,036
686,010
14,836
343,715
17,996
417,329
21,690
471,543
18,119
375,898
26,569
494,785
13,667
300,152
9,946
214,498
21
18
23
20
21
20
21
19
20
21
22
21
AALI AstraAgroLestariTbk.[S]
Financial Data and Ratios
Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)
BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
1,240,781
838,190
227,769
709,090
611,181
TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value)
Cash & Cash Equivalents
Assets
Receivables
98,832
16,358
50,068
20,554
47,451
Inventories
624,694
769,903
1,249,050
802,978
1,278,120
Current Assets
2,051,177
1,886,387
1,780,395
1,691,694
2,403,615
Fixed Assets
2,686,910
3,424,194
4,918,673
6,493,712 16,154,714
180,232
285,155
150,998
Other Assets
Total Assets
16.07%
21.71%
20.48%
Long Term Liabilities

Total Liabilities
403,741
1,061,852
1,440,351
2,600,540
272,690
337,986
453,869
1,334,542
1,778,337
15,000
11,250
7,500
24.03%
3,750
3,759,265
4,110,955
936,066
2,609,888
3,054,409
4,695,331
6,720,843
33.25%
71.76%
53.72%
43.14%
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
Growth (%)
Current Liabilities
422,305
8,791,799 10,204,495 12,419,820 14,963,190 18,558,329
Growth (%)
Liabilities
18,750
2010
2011
2012
2013
Dec-14
TOTAL EQUITY (Bill. Rp)

Authorized Capital
Paid up Capital
1,575
1,575
1,575
1,575
1,575
500
500
500
500
500
Retained Earnings
6,340,711
7,268,639
8,158,203
Total Equity
7,457,257
8,426,158
9,365,411 10,267,859 11,837,486
Paid up Capital (Shares)

Par Value
12.99%
Growth (%)
11.15%
11,837
11,194
8,908
8,087,559 10,548,430
9.64%
7,457
8,426
9,365
10,268
6,622
15.29%
4,336
INCOME STATEMENTS
Total Revenues
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Growth (%)
21.81%
7.35%
9.60%
28.65%
Cost of Revenues
5,234,372
6,837,674
7,206,837
8,593,064 11,354,037
Gross Profit
3,609,349
3,934,908
4,357,482
4,081,935
4,951,794
645,309
601,976
832,589
1,476,864
1,261,804
Expenses (Income)
Operating Profit
Growth (%)
Other Income (Expenses)
Income before Tax
Tax
2,049
8,843,721 10,772,582 11,564,319 12,674,999 16,305,831

-237
2010
2011
2012
2013
Dec-14
TOTAL REVENUES (Bill. Rp)

16,306
15,188
2,964,040
3,332,932
3,524,893
2,605,071
3,689,990
860,388
834,367
1,004,627
701,983
1,068,715
2,103,652
2,498,565
2,520,266
1,903,088
2,621,275
18.77%
0.87%
-24.49%
37.74%
Growth (%)
10,773
12,602
10,017
11,564
12,675
8,844
7,431
4,845
2,260
Period Attributable
2,016,780
2,405,564
2,410,259
1,801,397
2,503,695
Comprehensive Income
2,103,652
2,498,565
2,453,654
1,936,250
2,584,645
Comprehensive Attributable
2,016,780
2,405,564
2,346,203
1,833,891
2,468,076
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Current Ratio (%)
193.17
130.97
68.46
45.00
58.47
Dividend (Rp)
830.00
995.00
685.00
675.00
244.00
EPS (Rp)
1,280.70
1,527.59
1,530.57
1,143.93
1,589.91
BV (Rp)
4,735.53
5,350.81
5,947.26
6,520.33
7,517.08
DAR (X)
0.15
0.17
0.25
0.31
0.36
RATIOS
0.18
0.21
0.33
0.46
0.57
ROA (%)
23.93
24.48
20.29
12.72
14.12
ROE (%)
28.21
29.65
26.91
18.53
22.14
GPM (%)
40.81
36.53
37.68
32.20
30.37
OPM (%)
NPM (%)
23.79
23.19
21.79
15.01
16.08
Payout Ratio (%)
64.81
65.14
44.75
59.01
15.35
3.17
4.59
3.48
2.69
1.01
DER(X)
Yield (%)
-326
2010
2011
2012
2013
Dec-14
PROFIT FOR THE PERIOD (Bill. Rp)

2,499
2,621
2,520
2,519
2,104
1,903
2,005
1,490
976
462
-52
2010
2011
2012
2013
Dec-14
COMPANY REPORT
ADHI
ADHI KARYA (PERSERO) TBK.
Company Profile
ADHI has managed to show its ability as a leading construction company in Southeast
Asia, through competitiveness and proven experience by running successful construction
projects. ADHI could not have achieved success without the support and participation of
the public. ADHI plays an active role in developing CSR programs as well as the Companys
Partnership and Environmental Preservation Program.
In accordance with the Long-Term Business Plan of ADHI 2012-2016, the Company plans
for corporate activities in five business lines in order to increase the value of ADHI. Those
business lines are Construction, EPC, Property, Realty and Investment in Infrastructure.
In our core business lines of construction and EPC services, our business development
strategy is focused on continuously enhancing our professionalism through quality
products and timely deliveries. Here, the role of ALC (ADHI Learning Center) comes into
the forefront. ALC has been in operations for more than a year, and its benefits are
already felt. Through ALC, ADHI personnel are equipped with the passion to excel, and
to always strive for quality by working intelligently and efficiently. With such passion, we
form another subsidiary entity specialize in building construction Adhi Persada Gedung
(APG).
In addition to the Construction and EPC businesses, the Company has operated and
profited from the Property and Realty businesses through two subsidiary entities, namely
Adhi Persada Properti (APP) and Adhi Persada Realti (APR). Expanding from the Property
business base, the Company has also made plans to develop four-star hotels in Blok-M
area Jakarta, and Surabaya; and three-star hotels in Bekasi and Medan. This move is
designed to strengthen our Property business structure in the future, in addition to reap
the benefit of recurring income. Meanwhile, in the Realty business, we are adopting a
strategy of not only developing landed houses, but also managing commercial areas
(malls, lifestyle centers and shopping complexes) also with the aim of strengthening our
recurring income. From the point of view of market demand, the need for precast
concrete has grown significantly in support of major infrastructure projects. Modern
project management also requires applications in precast concrete technology that can
enhance project executions, whether in the form of concrete piles or other products. In
order to manage the business professionally, independent, and fast emerging, the
Company plan to establish a new subsidiary namely Adhi Persada Beton (APB).
February 2015
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.
ADHI Adhi Karya (Persero) Tbk. [S]

Main Board
Industry Sector : Property, Real Estate And Building Construction (6)
Industry Sub Sector : Building Construction (62)
Individual Index
:
Listed Shares
:
2,463.333
1,801,320,000
6,655,877,400,000
123 | 6.66T | 0.13% | 89.46%
18 | 18.4T | 1.27% | 47.56%
COMPANY HISTORY
Established Date
: 11-Mar-1960
Listing Date
: 18-Mar-2004
Under Writer IPO :
PT Ciptadana Sekuritas
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Imam Santoso Ernawi
2. Achmad Gani Ghazali Akman
3. Bobby A.A. Nazief
4. Muchlis R. Luddin *)
5. Murhadi *)
6. Suroyo Alimoeso
BOARD OF DIRECTORS
1. Kiswodarmawan
2. BEP Adji Satmoko
3. Djoko Prabowo
4. Giri Sudaryono
5. Pundjung Setya Brata
6. Supardi

1. Negara Republik Indonesia
2. Public (<5%)
918,680,000 :
882,640,000 :
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
04-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
07-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. Muchlis R. Luddin
2. Salim Siagian
3. Syaiful
CORPORATE SECRETARY
Ki Syahgolang Permata
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; kiki@adhi.co.id

Closing
Price*
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-11
Jan-12
Jan-13
Jan-14
Jan-15

Property, Real Estate and Bulding Construction Index
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Adhi Karya (Persero) Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
930
850
850
900
830
800
820
720
610
580
520
640
Low
760
750
760
820
740
740
700
510
450
455
445
435
Close
790
830
840
820
780
800
710
580
510
530
460
580
(X)
4,882
3,295
6,687
14,093
5,278
3,127
6,361
6,573
4,259
6,873
13,367
11,915
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
1,850
2,390
3,110
3,335
3,340
3,150
3,420
3,230
3,160
2,920
2,810
3,625
1,425
1,755
2,275
2,675
2,950
2,620
2,725
3,025
2,740
2,320
2,435
2,780
1,780
2,340
2,995
2,985
3,130
2,785
3,110
3,070
2,765
2,755
2,780
3,480
34,825
51,624
53,545
86,169
50,309
45,534
77,411
40,426
30,838
58,999
56,416
81,342
523,862
769,177
573,781
890,637
514,322
320,944
678,458
298,984
165,105
424,212
568,723
933,533
885,065
1,595,184
1,597,729
2,676,720
1,636,032
925,441
2,147,006
938,382
494,676
1,142,279
1,501,669
2,875,053
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
3,780
3,320
3,695
64,117
576,447
2,067,005
21

113,072
95,505
75,255
60,185
98,898
80,322
172,522
148,957
95,026
75,050
53,179
40,725
100,864
75,362
119,233
70,518
60,629
33,605
84,676
45,079
134,909
65,650
359,328
198,452
21
18
23
20
21
20
21
19
20
21
22
21
330%
301.6%
275%
220%
175.4%
165%
110%
55%
41.9%
-55%
-110%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
1,468
989
87
247
2,209
2,571
105
246
5,112
11,472
341
244
6,662
18,415
667
242
576
2,067
64
21
930
435
580
580
2,100
570
1,760
1,760
4,000
1,460
1,510
1,510
3,625
1,425
3,480
3,480
3,780
3,320
3,695
3,695
14.84
17.34
2.68
6.70
9.57
1.76
46.54
16.29
4.10
49.41
17.39
4.36
Price (Rupiah)
High
Low
Close
Close*
5.72
PER (X)
11.09
PER Industry (X)
1.05
PBV (X)
2014 Jan-15

Book End : December
Public Accountant : Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
242,118
552,203
948,846
1,939,960
811,412
Receivables
1,353,192
1,657,080
2,332,098
2,705,085
3,214,051
Inventories
61,766
68,562
116,552
161,560
132,014
Investment
197,497
197,644
62,804
60,034
45,250
Fixed Assets
186,401
220,861
187,437
271,257
496,096
65,081
27,893
BALANCE SHEET
Other Assets
Total Assets
Assets
8,387
18,154
34,248
4,927,696
6,112,954
7,872,074
24.05%
28.78%
Growth (%)
9,720,962 10,458,882
23.49%
6,750
4,500
2,250
-
843,331
192,017
200,920
211,800
771,500
2,214,234
3,132,496
4,276,690
4,767,420
4,923,213
Total Liabilities
4,059,941
5,122,586
6,691,155
8,172,499
8,707,338
26.17%
30.62%
22.14%
6.54%
Growth (%)
9,000
7.59%
Trade Payable
Bank Payable
Liabilities
11,250
2010
2011
2012
2013
2014

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
Retained Earnings
668,355
790,784
943,642
1,307,301
1,509,579
Total Equity
867,755
990,368
1,180,919
1,548,463
1,751,543
14.13%
19.24%
31.12%
13.11%

Par Value
1,752
1,752
1,394
1,181
990
1,037
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
5,674,980
6,695,112
7,627,703
9,799,598
8,653,578
17.98%
13.93%
28.47%
-11.69%
Growth (%)
Cost of Revenues
Gross Profit
4,964,348
5,960,704
6,671,815
8,606,444
7,655,377
710,632
799,042
1,043,220
1,247,711
1,016,588
Operating Expenses
340,978
385,498
531,378
425,009
278,322
Operating Profit
428,133
413,544
738,267
1,548
868
680
322
-35
2010
2011
2012
2013

9,800
9,800
8,654
-3.41%
Growth (%)
2014
7,628
7,800
-107,312
-87,164
-88,526
Income before Tax
320,820
326,380
423,315
714,365
594,553
Tax
130,627
143,687
209,998
305,927
267,896
190,194
182,693
213,318
408,438
326,657
-3.94%
16.76%
91.47%
-20.02%
Growth (%)
-108,337
-143,714
6,695
5,675
5,801
3,802
1,803
Period Attributable
189,484
182,116
211,590
405,977
324,071
181,525
182,727
213,651
409,862
326,616
180,815
182,150
211,924
407,401
324,031
RATIOS
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
32.35
30.33
23.49
67.61
EPS (Rp)
105.19
101.10
117.46
225.38
179.91
BV (Rp)
481.73
549.80
655.59
859.63
972.37
DAR (X)
0.82
0.84
0.85
0.84
0.83
DER(X)
4.68
5.17
5.67
5.28
4.97
ROA (%)
3.86
2.99
2.71
4.20
3.12
ROE (%)
21.92
18.45
18.06
26.38
18.65
GPM (%)
12.52
11.93
13.68
12.73
11.75
OPM (%)
7.54
6.18
8.53
NPM (%)
3.35
2.73
2.80
4.17
3.77
30.75
30.00
20.00
30.00
3.55
5.23
1.33
4.48
Dividend (Rp)
-196
2010
2011
Yield (%)
2013
2014

408
408
327
325
213
242
Payout Ratio (%)
2012
190
183
2010
2011
158
75
-8
2012
2013
2014
COMPANY REPORT
ADRO
ADARO ENERGY TBK.
Company Profile
PT Adaro Energy Tbk. was established July 28th, 2004. The Company is engaged in trading,
services, industry, coal hauling, workshop activities, mining and construction. The
Companys subsidiaries are engaged in coal mining, coal trading, mining contractor
services, infrastructure, coal logistics and power generation activities.
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.
Rasuna Said Block X-5, Kav. 1-2, South Jakarta.
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
from pit to port to power, including in mining, barging, shiploading, dredging, port services,
marketing and power generation.
The subsidiaries combine with a range of contractors to produce and deliver coal with
industry-leading efficiency and low cost.
As at September 30th, 2014 the Group had 7,427 permanent employees.
February 2015
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
ADRO Adaro Energy Tbk. [S]

Main Board
Industry Sector : Mining (2)
Industry Sub Sector : Coal Mining (21)
Individual Index
:
Listed Shares
:
90.909
31,985,962,000
31,985,962,000,000
30 | 32.0T | 0.60% | 65.69%

22 | 16.8T | 1.15% | 52.22%
COMPANY HISTORY
Established Date
: 28-Jul-2004
Listing Date
: 16-Jul-2008
Under Writer IPO :
PT Danatama Makmur
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
1. Edwin Soeryadjaya
2. Palgunadi Tatit Setyawan *)
3. Raden Pardede *)
4. Subianto
5. Theodore Permadi Rachmat
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 Salahuddin Uno
8. Siswanto Prawiroatmodjo

1. PT Adaro Strategic Investments
2. Garibaldi Thohir
3. Public (<5%)
14,045,425,500 :
1,976,632,654 :
15,963,903,846 :
Bonus
Cash
Year
2008
2009
2009
2010
2010
2011
2011
2012
2012
2012
2013
2013
2014
Shares
Dividend
11.80
12.00
17.00
9.85
20.50
USD 0.00235
USD 0.00575
USD 0.0013
USD 0.0011
USD 0.00126
USD 0.00125
USD 0.0011
USD 0.00094
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
26-May-14
24-Dec-14
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
28-May-14
29-Dec-14
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
02-Jun-14
02-Jan-15
43.91%
6.18%
49.91%
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
12-Jun-14
16-Jan-15
F/I
F
I
F
I
F
I
F
I
I
F
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
Mahardika Putranto
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 : www.adaro.com
Email
: mahardika.putranto@ptadaro.com
corsec@ptadaro.com
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-11
Jan-12
Jan-13
Jan-14
Jan-15

Mining Index
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Adaro Energy Tbk. [S]
Closing
Price*
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
Low
Close
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
(X)
43,230
28,318
46,772
37,572
48,050
19,872
20,831
44,376
63,571
63,762
41,895
41,384
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
1,110
995
1,040
1,205
1,320
1,340
1,210
1,350
1,390
1,185
1,150
1,145
870
880
945
930
1,100
1,130
1,080
1,170
1,150
920
980
995
950
995
980
1,185
1,225
1,175
1,185
1,315
1,175
1,135
1,080
1,040
67,166
52,885
59,759
55,961
60,224
59,842
58,308
67,428
58,209
87,590
55,494
47,125
1,717,526
1,197,188
1,369,759
1,295,481
1,439,612
1,173,729
1,079,081
1,186,836
927,416
1,641,955
1,174,713
1,050,501
1,651,052
1,126,593
1,357,397
1,355,337
1,768,558
1,460,502
1,241,003
1,515,182
1,196,582
1,706,381
1,247,984
1,123,969
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
1,050
925
1,000
70,943
1,137,115
1,117,884
21

1,713,532
4,350,610
1,202,450
2,872,429
1,404,886
3,245,738
1,105,133
2,502,053
1,735,498
4,063,096
834,507
2,009,815
1,032,290
2,644,882
1,384,272
3,166,937
1,819,818
3,335,150
1,830,149
3,396,335
1,180,537
2,322,064
1,070,469
1,977,409
21
18
23
20
21
20
21
19
20
21
22
21
60%
41.9%
40%
20%
-20%
-40%
-60.7%
-62.6%
-60%
-80%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
16,314
35,887
500
247
11,350
18,253
392
246
13,864
15,019
469
244
15,254
16,751
730
242
1,137
1,118
71
21
2,900
1,430
1,770
1,770
2,025
1,180
1,590
1,590
1,770
640
1,090
1,090
1,390
870
1,040
1,040
1,050
925
1,000
1,000
13.78
8.49
1.76
12.29
20.76
0.89
9.27
3.23
0.81
8.91
2.93
0.78
Price (Rupiah)
High
Low
Close
Close*
11.16
PER (X)
16.17
PER Industry (X)
2.56
PBV (X)
12
2014 Jan-15
ADRO AdaroEnergyTbk.[S]
Book End : December
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
5,452,079
5,067,851
4,838,559
8,354,692
19,882,443
Receivables
2,500,696
4,396,801
4,692,058
3,822,657
4,308,528
Inventories
287,700
475,345
623,589
1,260,706
1,312,814
BALANCE SHEET
Assets
Current Assets
9,963,569
11,765,957
13,672,171
16,820,685
27,694,019
Fixed Assets
8,688,881
12,988,087
17,106,385
20,930,154
20,099,303
Other Assets
Total Assets
60,000
72,839
125,873
96,226
248,811
268,383
51,315,458
64,714,116
82,623,566
91,540,444
27.86%
26.11%
27.67%
10.79%
20,000
-
5,786,294
7,065,795
8,695,486
9,493,041
9,888,130
16,101,244
22,103,586
27,056,457
33,927,838
40,694,438
Total Liabilities
21,887,538
29,169,380
35,751,943
43,420,880
50,582,568
33.27%
22.57%
21.45%
16.49%
Current Liabilities
80,000
40,132,728
Growth (%)
Growth (%)
Liabilities
100,000
40,000
2010
2011
2012
2013
Sep-14

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
4,871,077
8,542,056
10,314,612
14,940,038
16,877,973
18,245,190
22,146,078
28,962,172
39,202,687
40,957,876
21.38%
30.78%
35.36%
4.48%

Par Value
Retained Earnings
Total Equity
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
24,398,999
36,157,789
35,996,469
40,308,692
30,621,114
48.19%
-0.45%
11.98%
Growth (%)
28,962
32,602
22,146
24,247
18,245
15,892
7,536
2010
16,958,724
23,205,121
25,914,314
31,238,880
23,464,149
7,440,275
12,952,668
10,082,155
9,069,812
7,156,965
Expenses (Income)
1,052,473
1,313,246
1,994,321
2,514,135
1,394,378
Operating Profit
6,387,802
11,639,422
8,087,833
6,555,677
5,762,586
82.21%
-30.51%
-18.94%
-1,671,686
-2,547,745
-1,186,122
-1,411,062
-1,223,838
4,716,116
9,091,677
6,901,711
5,144,615
4,538,749
Growth (%)
40,958
-819
Gross Profit
Cost of Revenues
39,203
40,958
2011
2012
2013
Sep-14

40,309
36,158
40,309
35,996
30,621
32,086

Income before Tax
Tax
2,500,014
4,085,207
3,195,132
2,331,558
1,791,745
2,216,273
5,006,470
3,706,579
2,813,057
2,747,004
125.90%
-25.96%
-24.11%
Growth (%)
24,399
23,863
15,640
7,417
Period Attributable
2,219,020
4,990,610
3,726,305
2,837,204
2,692,367
2,220,879
5,073,546
3,691,474
2,765,793
-2,641,101
2,223,240
5,057,940
3,711,201
2,774,247
2,616,653
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
172.19
166.52
157.23
177.19
280.07
30.35
75.01
35.15
28.77
11.73
EPS (Rp)
69.37
156.03
116.50
88.70
84.17
BV (Rp)
570.41
692.37
905.47
1,225.62
1,280.50
DAR (X)
0.55
0.57
0.55
0.53
0.55
DER(X)
1.20
1.32
1.23
1.11
1.23
RATIOS
Current Ratio (%)
Dividend (Rp)
ROA (%)
5.52
9.76
5.73
3.40
3.00
ROE (%)
12.15
22.61
12.80
7.18
6.71
GPM (%)
30.49
35.82
28.01
22.50
23.37
OPM (%)
26.18
32.19
22.47
16.26
18.82
NPM (%)
9.08
13.85
10.30
6.98
8.97
43.75
48.08
30.17
32.43
13.93
1.19
4.24
2.21
2.64
1.00
Payout Ratio (%)

Yield (%)
-806
2010
2011
2012
2013
Sep-14

5,006
5,006
3,707
3,985
2,813
2,747
2013
Sep-14
2,964
2,216
1,943
921
-100
2010
2011
2012
13
COMPANY REPORT
AKRA
AKR CORPORINDO TBK.
Company Profile
As stated in Article 3 of the Companys Articles of Association, its scope of activities

comprises of chemical industry, general trading and distribution of primarily chemical
products and petroleum products and gas, engaging in the logistics business,
transportation (including for own use and for transport operations by land or sea and
operationsofpipeforseatransportationinfrastructure),rentalofwarehousesandstorage
tanks,includingworkshop,expeditionandpackaging,conductingabusinessandactingasa
representative and/or an agent, with distributorship agreements with foreign and local
entities,contractorsandotherservicesexceptlegalservices.
TheCompanyiscurrentlyengagedinthedistributionofpetroleumproductstoindustrial
customers, distribution and trading of chemical products (such as caustic soda, sodium
sulphate, PVC resin and soda ash) used by various industries in Indonesia in accordance
with distributorship agreements with foreign and local manufacturers, rental of
warehouses,transportationvehicles,tanksandotherlogisticservices.
TheCompanystarteditscommercialoperationsinJune1978.
The Company is domiciled at Wisma AKR, 8th Floor, JIn. Panjang No. 5, Kebon Jeruk,
Jakarta.ItsmajorbranchofficeislocatedatJIn.SumatraNo.5153,Surabaya.Othersales
offices also the tank terminals are located in Medan, Palembang, Lampung, Ciwandan
(Banten), Bandung, Semarang, Pontianak, Balikpapan, Banjarmasin, Stagen (South
Kalimantan),Makassar,ManadoandBali.TheCompanyalsohasarepresentativeofficein
Guigang,China.
February 2015
Disclaimer:
14
AKRA AKR Corporindo Tbk. [S]

Main Board
Industry Sector : Trade, Services & Investment (9)
Industry Sub Sector : Wholesale (Durable & Non-Durable Goods) (91)
Individual Index
:
Listed Shares
:
3,741.901
3,913,637,674
18,374,528,879,430
51 | 18.4T | 0.35% | 74.81%
44 | 9.99T | 0.69% | 70.83%
COMPANY HISTORY
Established Date
: 28-Nov-1977
Listing Date
: 03-Oct-1994
Under Writer IPO :
PT Lippo Securities
Phone : (021) 252-5666
Fax
: (021) 252-5028
1. Soegiarto Adikoesoemo
2. I Nyoman Mastra *)
3. Sabirin Saiman
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

1. PT Arthakencana Rayatama
2. Public (<5%)
2,302,390,320 :
1,611,247,354 :
Bonus
Cash
Year
1995
1994
1995
1995
1995
1996
2002
2003
2005
2005
2006
2007
2008
2009
2010
2010
2010
2011
2011
2012
2012
2013
2013
2014
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
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
05-Jun-14
09-Sep-14
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
10-Jun-14
12-Sep-14
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
06-Jun-14
10-Sep-14
58.83%
41.17%
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
24-Jun-14
26-Sep-14
F/I
I
F
I
B
F
F
F
F
F
F
F
F
F
I
I
F
I
F
I
F
I
F
I
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
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
MSOP V (2011) 3, I (2012) 2, I (2013) 1
MSOP V (2011) 3, I (2012) 2, II (2013) 1
MSOP I (2012) 2, II (2013) 1
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
22,714,000
9,996,174
200,000
T:
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
04-Apr-14
07-Oct-14
09-Oct-14
:
:
:
:
:
:
:
:
:
:
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
11-Apr-14
07-Oct-14
09-Oct-14
15
AKRA AKR Corporindo Tbk. [S]

Closing
Price*
Closing Price
Volume
(Mill. Sh)
6,000
48.0
5,250
42.0
4,500
36.0
3,750
30.0
3,000
24.0
2,250
18.0
1,500
12.0
750
6.0
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Trade, Sevices and Investment Index
Freq.
Volume
Value
Day
TRADING ACTIVITIES

AKR Corporindo Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
1,730
1,630
1,660
1,720
1,840
2,200
3,125
3,100
2,775
3,125
3,250
3,075
Low
1,390
1,350
1,420
1,450
1,580
1,770
2,100
2,450
2,150
2,200
2,750
2,900
Close
1,440
1,560
1,470
1,710
1,840
2,125
3,050
2,650
2,400
3,025
2,850
3,025
(X)
21,826
13,847
22,274
21,474
19,868
13,270
24,160
33,390
21,997
22,226
24,988
25,252
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
4,820
4,625
5,200
5,200
4,750
4,640
4,750
5,375
5,825
5,475
4,950
4,680
4,175
4,200
4,490
4,625
4,125
4,175
4,255
4,400
5,050
4,700
4,540
3,950
4,400
4,560
4,835
4,770
4,125
4,330
4,400
5,250
5,450
4,925
4,650
4,120
32,248
34,928
30,860
34,583
30,225
26,447
26,710
25,846
28,569
29,475
30,471
54,597
151,840
187,729
182,352
161,251
175,805
178,895
188,850
165,098
160,850
160,511
192,944
234,929
680,984
840,663
874,778
781,369
789,077
790,700
855,524
786,913
853,493
796,156
900,889
1,040,676
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
4,750
4,110
4,695
50,776
274,374
1,245,406
21

383,691
600,618
227,243
339,089
343,580
527,701
394,286
615,401
352,872
589,727
258,481
495,557
378,575
948,766
463,554 1,302,769
339,598
863,164
282,903
759,571
317,985
950,762
339,968 1,011,851
21
18
23
20
21
20
21
19
20
21
22
21
280%
240%
200%
176.2%
160%
120%
93.3%
80%
41.9%
40%
-40%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
4,083
9,005
265
247
3,297
12,604
275
246
2,637
12,158
251
244
2,141
9,991
385
242
274
1,245
51
21
Price (Rupiah)
High
Low
Close
Close*
3,250
1,350
3,025
3,025
4,700
3,000
4,150
4,150
6,100
3,475
4,375
4,375
5,825
3,950
4,120
4,120
4,750
4,110
4,695
4,695
21.15
19.08
3.80
26.19
15.42
3.17
20.90
22.13
2.84
23.82
22.53
3.23
22.62
PER (X)
16.89
PER Industry (X)
3.23
PBV (X)
16
2014 Jan-15
AKRA AKRCorporindoTbk.[S]
Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
614,272
1,329,789
1,884,943
820,065
736,395
5,267,992
Assets
Receivables
1,425,105
2,189,012
3,224,397
4,351,773
Inventories
936,187
1,250,135
1,415,169
1,823,246
1,417,840
Current Assets
4,846,702
5,239,361
7,414,601
7,723,315
7,978,283
Fixed Assets
2,325,695
2,437,215
3,177,350
4,226,692
4,286,018
40,371
24,372
20,218
19,476
Other Assets
Total Assets
20,410
7,665,590
8.38%
Growth (%)
Current Liabilities
Total Liabilities
8,308,244 11,787,525 14,633,141 15,757,355
9,750
6,500
24.14%
7.68%
3,250
-
3,860,012
5,142,386
6,593,292
7,579,206
797,412
873,528
2,435,399
2,676,688
2,493,962
4,806,757
4,733,540
7,577,785
9,269,980 10,073,168
-1.52%
60.09%
22.33%
8.66%
Growth (%)
13,000
41.88%
4,009,346
Liabilities
16,250
2010
2011
2012
2013
Sep-14

Authorized Capital
750,000
750,000
750,000
750,000
750,000
Paid up Capital
379,294
382,199
385,144
388,073
390,344
3,793
3,822
3,851
3,881
3,903
100
100
100
100
100

Par Value
Retained Earnings
1,213,492
2,222,920
2,931,851
3,289,047
3,613,977
Total Equity
2,858,833
3,574,704
4,209,740
5,363,161
5,684,187
25.04%
17.76%
27.40%
5.99%
Dec-11
Dec-12
Dec-13
Sep-14
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
5,684
4,210
4,525
3,575
3,365
2,859
2,205
1,046
10,320,713 18,805,950 21,673,954 22,337,928 16,989,121
82.22%
Growth (%)
Cost of Revenues
5,363
5,684
15.25%
3.06%
9,715,136 17,787,552 20,412,678 20,970,288
-114
2010
2012
2013
Sep-14
3,613,977
Gross Profit
605,578
1,018,398
1,261,276
1,367,641
3,613,977
Expenses (Income)
262,123
302,869
430,920
600,059
3,613,977
Operating Profit
343,455
715,529
830,356
767,582
762,717
108.33%
16.05%
-7.56%
Growth (%)
2011

21,674
22,338
22,338
18,806
16,989
17,781
-53,266
24,443
-20,673
-37,581
-55,659
Income before Tax
290,189
739,972
809,682
733,053
707,059
50,399
145,838
190,849
117,426
145,190
339,092
2,284,080
618,833
615,627
561,869
573.59%
-72.91%
-0.52%
Tax
Growth (%)
13,224
10,321
8,667
4,110
Period Attributable
310,916
2,293,427
649,314
648,250
578,653
311,166
2,331,631
755,870
980,588
515,313
290,721
2,339,138
775,371
969,250
532,556
RATIOS
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
Current Ratio (%)
120.89
135.73
144.19
117.14
105.27
Dividend (Rp)
167.00
225.00
105.00
115.00
50.00
EPS (Rp)
81.97
600.06
168.59
167.04
148.24
BV (Rp)
753.73
935.30
1,093.03
1,382.00
1,456.20
DAR (X)
0.63
0.57
0.64
0.63
0.64
DER(X)
1.68
1.32
1.80
1.73
1.77
ROA (%)
4.42
27.49
5.25
4.21
3.57
ROE (%)
11.86
63.90
14.70
11.48
9.88
GPM (%)
5.87
5.42
5.82
6.12
21.27
OPM (%)
3.33
3.80
3.83
3.44
4.49
NPM (%)
3.29
12.15
2.86
2.76
3.31
203.73
37.50
62.28
68.84
33.73
9.65
7.44
2.53
2.63
0.92
Payout Ratio (%)

Yield (%)
-447
2010
2011
2012
2013
Sep-14

2,284
2,284
1,818
1,352
886
619
616
562
2012
2013
Sep-14
339
420
-46
2010
2011
17
COMPANY REPORT
ANTM
ANEKA TAMBANG (PERSERO) TBK.
Company Profile
ANTAM is a vertically integrated, export-oriented, diversified mining and metals company.

With operations spread throughout the mineral-rich Indonesian archipelago, ANTAM
undertakes all activities from exploration, excavation, processing through to marketing of
nickel ore, ferronickel, gold, silver, bauxite and coal. The company has long term loyal blue
chip customers in Europe and Asia. Due to the vastness of the company's licensed
exploration areas as well as its known large holdings of high quality reserves and resources,
ANTAM has formed several joint ventures with international partners to profitably develop
geological ore bodies into profitable mines.
The company generates healthy cash flows, and has prudent capital management. The
company became a limited liability state-controlled company in 1968 with the merger of
several single commodity mining companies.
ANTAM's objectives are centered on increasing shareholder value. The company's main
objective is to enhance shareholder value by lowering costs while profitably expanding
operations in a sustainable manner. The strategy maintains focus on ANTAM's core business
of nickel, gold and bauxite with a view to maximizing output in order to increase cash
generation and lower unit costs. ANTAM plans to sustain growth through reliable expansion
projects, strategic alliances, increasing quality reserves and adding value by moving away
from selling raw materials and increasing processing activities. ANTAM will also maintain
financial strength. By generating as much cash as possible ANTAM ensures it will have
sufficient funds to repay debts, finance continued growth and pay dividends. Lowering costs
means operating more efficiently and productively, as well as increasing capacity to benefit
from economies of scale.
As a mining company, ANTAM realizes its operations have a direct impact on the surrounding
environment and nearby communities. Environmental sustainability and community
development are not viewed merely as being socially responsible, but also as risk
management. The characteristic of mining in Indonesia is that it plays a big role in the
development of remote areas and so given the mine's large role in community development
it is crucial to operate not as an outsider but as a member of the community and a good
corporate citizen and thereby reduce the likelihood of business interruptions. ANTAM
believes environmental sustainability and proactive community development are necessary
to successfully operate a mine. Serious attention to natural conservation efforts and
proactive participation in community development are one of the keys to successful mining
activities.
February 2015
Disclaimer:
18
ANTM AnekaTambang(Persero)Tbk.[S]
Main Board
Industry Sub Sector : Metal And Mineral Mining (23)
Individual Index
:
Listed Shares
:
589.554
9,538,459,750
10,158,459,633,750
86 | 10.2T | 0.19% | 83.70%

58 | 7.05T | 0.48% | 78.91%
COMPANY HISTORY
Established Date
: 05-Jul-1968
Listing Date
: 27-Nov-1997
Under Writer IPO :
PT Danareksa Sekuritas
PT Bahana Securities
PT Pentasena Arthasentosa
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. R. Sukhyar
2. Hikmahanto Juwana *)
3. Laode M. Kamaluddin *)
4. Robert A. Simanjuntak
5. Velix Vernando
6. Zaelani
BOARD OF DIRECTORS
1. Tato Miraza
2. Djaja M. Tambunan
3. Hari Widjajanto
4. Hendra Santika
5. I Made Surata
6. Tedy Badrujaman
AUDIT COMMITTEE
1. Laode M. Kamaluddin
2. Musyid Amal
3. Rukmana Nugraha Adhi
4. Zaelani
CORPORATE SECRETARY
Tri Hartono

2. Public (<5%)
6,200,000,000 :
3,338,459,750 :
Bonus
Cash
Year
1997
1997
1998
1998
1999
2000
2000
2001
2001
2001
2002
2003
2004
2005
2005
2006
2007
2008
2009
2010
2011
2012
2013
Shares
Dividend
11.00
11.59
50.00
53.87
79.19
80.00
75.66
100 : 55
47.10
46.77
34.42
38.60
19.60
128.48
150.05
325.58
215.23
57.47
25.38
70.71
90.99
47.09
9.67
Cum Date
29-Jun-98
01-Oct-98
29-Jun-99
04-Oct-99
05-Jun-00
23-Jul-01
23-Oct-01
10-Jul-02
05-Aug-02
28-Oct-02
17-Jul-03
18-Jun-04
23-Dec-04
20-Jun-05
22-Jun-06
21-Jun-07
17-Jul-08
17-Jun-09
28-Jun-10
06-Jul-11
27-Jun-12
29-May-13
29-Apr-14
Ex Date
30-Jun-98
02-Oct-98
30-Jun-99
05-Oct-99
06-Jun-00
24-Jul-01
24-Oct-01
11-Jul-02
06-Aug-02
29-Oct-02
18-Jul-03
21-Jun-04
27-Dec-04
21-Jun-05
23-Jun-06
22-Jun-07
18-Jul-08
18-Jun-09
29-Jun-10
07-Jul-11
28-Jun-12
30-May-13
30-Apr-14
Recording
Date
09-Jul-98
12-Oct-98
08-Jul-99
13-Oct-99
14-Jun-00
27-Jul-01
29-Oct-01
17-Jul-02
09-Aug-02
01-Nov-02
21-Jul-03
23-Jun-04
29-Dec-04
23-Jun-05
27-Jun-06
26-Jun-07
22-Jul-08
22-Jun-09
01-Jul-10
11-Jul-11
02-Jul-12
03-Jun-13
05-May-14
65.00%
35.00%
Payment
Date
06-Aug-98
09-Nov-98
06-Aug-99
10-Nov-99
28-Jun-00
10-Aug-01
12-Nov-01
30-Jul-02
23-Aug-02
15-Nov-02
05-Aug-03
30-Jun-04
10-Jan-05
30-Jun-05
11-Jul-06
06-Jul-07
01-Aug-08
03-Jul-09
15-Jul-10
25-Jul-11
16-Jul-12
18-Jun-13
20-May-14
F
F
F
F
F
F
F
B
F
F
F
F
I
F
F
F
F
F
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
Type of Listing
Negara RI (Seri A)
First Issue
Company Listing
Bonus Shares
Stock Split
Shares
1
430,769,000
799,999,999
676,922,950
7,630,767,800
Listing
Date
27-Nov-97
27-Nov-97
27-Nov-97
30-Jul-02
12-Jul-07
Trading
Date
16-Jun-10
27-Nov-97
31-Jul-98
30-Jul-02
12-Jul-07
HEAD OFFICE
Aneka Tambang Building
Jln. Letjen TB. Simatupang No. 1
Jakarta - 12530
Phone : (021) 780-5119, 789-1234, 781-2635
Fax
: (021) 781-2822, 789-1224
Homepage
Email
F/I
: www.antam.com
: corsec@antam.com
19
Closing
Price*
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-11
Jan-12
Jan-13
Jan-14
Jan-15

Mining Index
80%
60%
41.9%
40%
20%
-20%
-40%
-57.0%
-60.7%
-60%
-80%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
2011
2012
2013
2014 Jan-15

Value (Billion Rp)
Frequency (Thou. X)
Days
3,827
7,594
289
247
3,820
5,415
263
246
4,137
5,465
282
244
6,313
7,046
381
242
359
387
27
21
Price (Rupiah)
High
Low
Close
Close*
2,600
1,380
1,620
1,620
2,025
1,120
1,280
1,280
1,620
930
1,090
1,090
1,290
920
1,065
1,065
1,135
1,015
1,065
1,065
4.08
8.49
0.95
25.36
20.76
0.81
-13.51
3.23
0.84
-13.51
2.93
0.84
SHARES TRADED
8.03
PER (X)
16.17
PER Industry (X)
1.43
PBV (X)
20
Closing Price
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Aneka Tambang (Persero) Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
2,600
2,325
2,325
2,425
2,300
2,175
2,150
2,050
1,970
1,850
1,800
1,690
Low
2,175
2,150
2,100
2,250
2,100
1,990
1,970
1,720
1,400
1,380
1,580
1,580
Close
2,175
2,200
2,300
2,275
2,150
2,075
2,000
1,880
1,500
1,790
1,640
1,620
(X)
28,538
15,685
21,509
16,867
21,175
19,246
20,056
31,263
31,534
42,948
27,116
13,006
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
1,900
2,025
1,950
1,880
1,740
1,420
1,430
1,310
1,430
1,380
1,310
1,310
1,610
1,850
1,760
1,690
1,130
1,120
1,250
1,200
1,220
1,260
1,220
1,220
1,880
1,960
1,800
1,720
1,150
1,340
1,280
1,240
1,350
1,280
1,240
1,280
21,460
19,018
18,690
20,048
36,598
44,270
19,719
13,345
25,003
18,561
12,016
14,100
294,174
218,301
202,265
217,725
698,455
961,176
276,788
113,522
318,219
182,987
107,020
229,189
514,604
421,270
372,554
386,105
899,892
1,208,483
374,594
141,641
429,649
239,942
135,154
290,864
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
1,410
1,410
1,460
1,390
1,280
1,320
1,420
1,540
1,620
1,610
1,300
1,280
1,260
1,270
1,340
1,260
960
930
1,160
1,290
1,410
1,250
990
1,360
1,290
1,370
1,380
1,280
1,000
1,160
1,330
1,420
1,600
1,260
1,090
22,216
21,263
21,935
29,241
12,742
19,890
35,090
28,844
26,297
19,048
20,019
25,778
334,911
276,248
369,713
379,964
163,731
222,828
484,551
459,193
466,526
291,081
304,490
383,286
459,571
370,664
498,521
531,390
219,021
239,560
558,097
604,265
670,454
444,388
419,207
449,913
21
20
19
22
22
19
23
17
21
21
20
19
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
1,110
1,080
1,190
1,265
1,290
1,210
1,270
1,275
1,225
1,110
1,010
1,120
950
995
1,025
1,065
1,140
1,070
1,085
1,185
1,070
925
920
945
1,030
1,040
1,135
1,175
1,200
1,090
1,270
1,195
1,110
970
980
1,065
43,472
34,919
53,411
38,135
37,606
20,978
24,346
21,286
25,680
35,500
20,237
25,530
652,147
573,538
1,188,495
798,966
849,434
284,324
403,327
316,265
282,688
400,479
247,078
315,920
670,288
597,164
1,334,140
930,016
1,038,684
330,285
476,916
391,847
327,543
390,151
237,171
321,526
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
1,135
1,015
1,065
27,277
358,666
386,504
21

436,431 1,033,684
213,602
473,543
306,874
680,896
228,795
531,465
311,637
680,779
270,411
562,556
302,923
621,732
392,000
757,220
301,008
491,865
621,139 1,017,405
302,323
510,452
140,166
232,074
21
18
23
20
21
20
21
19
20
21
22
21
Book End : December
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
4,229,102
5,639,679
3,868,575
2,792,738
4,079,669
Receivables
1,693,318
1,347,420
1,846,918
1,189,692
550,925
Inventories
1,229,283
1,687,897
1,449,968
2,445,934
2,068,241
Current Assets
7,513,512
9,108,020
7,646,851
7,080,437
7,349,542
Fixed Assets
2,822,660
2,980,743
4,663,449
6,700,156
8,171,709
72,795
34,688
61,874
72,239
78,149
BALANCE SHEET
Other Assets
Total Assets
Assets
12,218,890 15,201,235 19,708,541 21,865,117 22,711,374
Current Liabilities
Total Liabilities
19,000
14,250
9,500
24.41%
29.65%
10.94%
3.87%
4,750
1,938,448
855,830
3,041,406
3,855,512
4,592,850
696,891
3,573,362
3,834,819
5,216,118
5,981,114
2,635,339
4,429,192
6,876,225
9,071,630 10,573,964
68.07%
55.25%
31.93%
16.56%
3,800,000
3,800,000
3,800,000
3,800,000
3,800,000
953,846
953,846
953,846
953,846
953,846
9,538
9,538
9,538
9,538
9,538
100
100
100
100
100
Growth (%)
Growth (%)
Liabilities
23,750
2010
2011
2012
2013
Sep-14

Authorized Capital
Paid up Capital
Par Value
Retained Earnings
8,508,828
Total Equity
9,583,550 10,772,044 12,832,316 12,793,488 12,137,410
INCOME STATEMENTS
Total Revenues
19.13%
-0.30%
Dec-11
Dec-12
Dec-13
Sep-14
8,744,300 10,346,433 10,449,886 11,298,322
5,812,495
Dec-10
Growth (%)
18.32%
1.00%
-5.13%
8.12%
5,807,220
7,318,735
8,427,158
9,682,521
2,937,080
3,027,698
2,022,728
1,615,801
520,777
968,494
1,014,820
1,126,864
1,194,769
640,262
1,968,586
2,012,878
895,864
421,032
-119,485
2.25%
-55.49%
-53.00%
Growth (%)
10,215
2013
9,584
7,597
4,979
2,361
2010
Gross Profit
Operating Profit
2012
12,137
-257
Cost of Revenues
Expenses (Income)
12,793
9,700,471 11,748,920 11,758,294 11,102,150
12.40%
Growth (%)
12,832
10,772
2011
Sep-14
5,291,718
10,346
11,298
10,450
11,298
8,744
8,993

Income before Tax
Tax
304,038
555,903
2,999,631
-553,962
-531,999
2,272,624
2,568,781
3,895,495
-132,930
-651,484
597,699
640,889
902,379
-542,878
-87,578
1,674,924
1,927,892
2,993,116
409,947
-563,906
15.10%
55.25%
-86.30%
Growth (%)
5,812
6,689
4,384
2,079
Period Attributable
1,683,400
1,927,890
2,993,115
409,944
-563,906
1,686,940
1,924,739
2,989,025
410,139
-563,840
1,695,415
1,924,737
2,989,024
410,135
-563,840
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
387.60
1,064.23
251.42
183.64
160.02
70.71
90.99
47.09
9.67
RATIOS
Current Ratio (%)
Dividend (Rp)
176.49
202.12
313.79
42.98
-59.12
BV (Rp)
1,004.73
1,129.33
1,345.32
1,341.25
1,272.47
DAR (X)
0.22
0.29
0.35
0.41
0.47
DER(X)
0.27
0.41
0.54
0.71
0.87
ROA (%)
13.71
12.68
15.19
1.87
-2.48
ROE (%)
17.48
17.90
23.32
3.20
-4.65
GPM (%)
33.59
29.26
19.36
14.30
8.96
OPM (%)
22.51
19.45
8.57
3.73
-2.06
NPM (%)
19.15
18.63
28.64
3.63
-9.70
Payout Ratio (%)
40.07
45.02
15.01
22.50
2.89
5.62
3.68
0.89
EPS (Rp)
Yield (%)
-226
2010
2011
2012
2013
Sep-14

2,993
2,993
2,282
1,675
1,928
1,570
410
859
Sep-14
147
2010
2011
2012
2013
-564
-564
21
COMPANY REPORT
ASII
ASTRA INTERNATIONAL TBK.
Company Profile
PT Astra International Tbk. was established in 1957 as PT Astra International Incorporated.
In 1990, the company changed its name to PT Astra International Tbk.
The scope of the companys activities as set out in its Articles of Association are to engage
in general trading, industry, mining, transportation, agriculture, construction and
consultancy services. The subsidiaries main activities are the assembly and distribution of
automobiles, motorcycles and related spare parts, heavy equipment sales and rentals,
mining and related services, development of plantation, financial services, infrastructure,
and information technology.
The Companyss largest shareholder is Jardine Cycle & Carriage Ltd. is a subsidiary of
Jardine Maheson Holdings Ltd, a company incorporated in Bermuda.
As at 30 September 2014, the Company and its subsidiaries had 218,127 employees.
February 2015
Disclaimer:
22
ASII
Astra International Tbk. [S]
Main Board
Industry Sector : Miscellaneous Industry (4)
Industry Sub Sector : Automotive And Components (42)
5,613.679
Individual Index
:
Listed Shares
:
40,483,553,140
Market Capitalization : 317,795,892,149,000
2 | 317.8T | 6.01% | 12.19%
4 | 71.1T | 4.89% | 21.43%
COMPANY HISTORY
Established Date
: 20-Feb-1957
Listing Date
: 04-Apr-1990
Under Writer IPO :
Phone : (021) 252-5666
Fax
: (021) 252-5028
1. Budi Setiadharma
2. Sidharta Utama *)
3. Soemadi Djoko Moerdjono Brotodiningrat *)
4. Anthony John Liddell Nightingale
5. Benjamin William Keswick
6. Chiew Sin Cheok
7. David Alexander Newbigging
8. Erry Firmansyah *)
9. Hisayuki Inoue *)
10. Jonathan Chang
11. Mark Spencer Greenberg
BOARD OF DIRECTORS
1. Prijono Sugiarto
2. Bambang Widjanarko Santoso
3. Djoko Pranoto
4. Gunawan Geniusahardja
5. Johannes Loman
7. Sudirman Maman Rusdi
8. Suparno Djasmin
9. 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
AMDI Building
Jln. Gaya Motor Raya No. 8 Sunter
Jakarta
Phone : (021) 653-10418
Fax
: (021) 653-04957
Homepage
Email

1. Jardine Cycle & Carriage Limited
2. Public (<5%)
20,276,860,040 :
20,206,693,100 :
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
2013
2014
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
152.00
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
22-May-14
14-Oct-14
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
28-May-14
17-Oct-14
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
23-May-14
15-Oct-14
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
12-Jun-14
31-Oct-14
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
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
23
ASII
Closing
Price*
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-11
Jan-12
Jan-13
Jan-14
Jan-15

Miscellaneous Industry Index
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
55,050
53,450
58,250
58,500
62,150
64,250
75,950
72,750
71,800
70,000
72,000
75,000
Low
45,250
47,400
52,300
53,600
55,800
55,950
64,600
60,850
55,000
57,300
65,500
68,300
Close
48,900
52,050
57,000
56,150
58,750
63,550
70,500
66,150
63,650
69,000
70,900
74,000
(X)
64,822
38,264
40,364
35,963
31,103
29,158
35,960
67,327
64,076
51,096
40,280
33,641
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
7,400
7,000
8,000
8,050
7,800
7,525
8,050
8,000
7,750
7,075
7,200
7,475
6,250
6,225
6,725
7,350
7,075
7,075
7,325
7,550
6,950
6,325
6,700
6,850
6,425
6,950
7,375
7,425
7,075
7,275
7,725
7,575
7,050
6,775
7,125
7,425
86,235
81,243
94,022
91,055
76,478
72,784
70,195
67,060
71,620
92,669
59,454
65,313
784,137
984,624
1,300,924
1,107,076
925,623
680,106
797,969
493,646
652,110
963,442
514,457
623,730
5,339,224
6,596,656
9,611,270
8,532,595
6,955,904
4,942,665
6,102,553
3,789,351
4,783,683
6,379,608
3,588,238
4,447,913
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
8,100
7,000
7,850
80,784
804,490
6,050,554
21

188,808 9,245,116
146,051 7,289,652
99,865 5,492,743
91,805 5,134,338
79,319 4,668,750
74,147 4,395,238
84,447 5,852,767
133,636 9,085,095
121,029 7,758,524
100,835 6,582,050
67,618 4,676,338
57,371 4,137,042
21
18
23
20
21
20
21
19
20
21
22
21
60%
50%
44.3%
41.9%
41.3%
40%
30%
20%
10%
-10%
-20%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
1,245
74,318
532
247
6,209
73,719
610
246
9,508
66,334
669
244
9,828
71,070
928
242
804
6,051
81
21
Price (Rupiah)
High
Low
Close
Close*
75,950
45,250
74,000
7,400
79,650
6,250
7,600
7,600
8,300
5,100
6,800
6,800
8,050
6,225
7,425
7,425
8,100
7,000
7,850
7,850
13.70
18.33
3.43
14.18
13.91
2.59
15.56
14.44
2.60
16.45
14.57
2.75
14.03
PER (X)
12.24
PER Industry (X)
3.95
PBV (X)
24
2014 Jan-15
ASII
Book End : December
BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Assets
7,005,000 13,111,000 11,055,000 18,557,000 20,902,000
Receivables
23,919,000 37,405,000 38,608,000 51,645,000 54,759,000
Inventories
10,842,000 11,990,000 15,285,000 14,433,000 16,986,000
Current Assets
46,843,000 65,978,000 75,799,000 88,352,000 97,241,000
Fixed Assets
22,141,000 28,604,000 34,326,000 37,862,000 41,250,000
Other Assets
Total Assets
612,000
1,043,000
1,824,000
2,490,000
2,869,000
112,857,000 153,521,000 182,274,000 213,994,000 236,029,000
36.03%
17.40%
142,500
95,000
47,500
Current Liabilities
36,482,000 48,371,000 54,178,000 71,139,000 73,523,000
17,686,000 29,312,000 38,282,000 36,667,000 42,182,000
Total Liabilities
54,168,000 77,683,000 92,460,000 107,806,000 115,705,000
Growth (%)
18.73%
190,000
10.30%
Growth (%)
43.41%
19.02%
16.60%
7.33%
Liabilities
237,500
2010
2011
2012
2013
Dec-14

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

Par Value
4,048
4,048
40,484
40,484
40,484
500
500
50
50
50
Retained Earnings
44,731,000 55,628,000 66,289,000 77,076,000 87,459,000
Total Equity
58,689,000 75,838,000 89,814,000 106,188,000 120,324,000
29.22%
Growth (%)
INCOME STATEMENTS
Total Revenues
Gross Profit
Expenses (Income)
Operating Profit
18.43%
18.23%
89,814
91,915
75,838
68,359
58,689
13.31%
44,803
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
21,247
129,038,000 162,564,000 188,053,000 193,880,000 201,701,000
25.98%
Growth (%)
Cost of Revenues
120,324
106,188
115,471
15.68%
3.10%
4.03%
-2,309
2010
2011
2012
2013
Dec-14
103,117,000 130,530,000 151,853,000 158,569,000 162,892,000

25,921,000 32,034,000 36,200,000 35,311,000 38,809,000
4,890,000 14,202,000
-
8,302,000
-
7,788,000 11,457,000
-
Growth (%)
188,053
193,880
2012
2013
201,701
193,880
162,564
154,328

Income before Tax
Tax
21,031,000 25,772,000 27,898,000 27,523,000 27,352,000

4,027,000
4,695,000
5,156,000
5,226,000
5,227,000
17,004,000 21,077,000 22,742,000 22,297,000 22,125,000
23.95%
Growth (%)
7.90%
-1.96%
129,038
114,777
75,225
-0.77%
35,674
Period Attributable
14,366,000 17,785,000 19,421,000 19,417,000 19,181,000
17,255,000 21,348,000 22,460,000 23,708,000 22,151,000
14,641,000 18,058,000 19,053,000 20,137,000 18,867,000
-3,878
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Current Ratio (%)
128.40
136.40
139.91
124.20
132.26
Dividend (Rp)
470.00
1,980.00
216.00
216.00
64.00
RATIOS
EPS (Rp)
3,548.60
4,393.14
479.73
479.63
473.80
BV (Rp)
14,497.00
18,733.04
2,218.53
2,622.99
2,972.17
DAR (X)
0.48
0.51
0.51
0.50
0.49
DER(X)
0.92
1.02
1.03
1.02
0.96
ROA (%)
15.07
13.73
12.48
10.42
9.37
ROE (%)
28.97
27.79
25.32
21.00
18.39
GPM (%)
20.09
19.71
19.25
18.21
19.24
OPM (%)
NPM (%)
13.18
12.97
12.09
11.50
10.97
Payout Ratio (%)
13.24
45.07
45.03
45.04
13.51
0.86
2.68
2.84
3.18
0.86
2010
2011
Dec-14

22,742
22,297
22,125
2012
2013
Dec-14
21,077
18,103
17,004
13,463
Yield (%)
8,824
4,185
-455
2010
2011
25
COMPANY REPORT
ASRI
ALAM SUTERA REALTY TBK.
Company Profile
PT Alam Sutera Realty Tbk. was established on November 3rd, 1993. The Company
commenced its operational activity and purchased the land in 1999.
The Companys activities are developing and manage housing. Group is domiciled at Wisma
Argo Manunggal, Jln. Jend. Gatot Subroto Kav. 22, Jakarta and has real estate projects
which are located in:
Kec. Serpong, Kab. Tangerang, and Kec. Pasar Kemis, Kab. Tangerang, Province
Banten,
Kec. Cibitung, Kab Bekasi, Province West Java,
Kec. Setia Budi, Jakarta Selatan,
Kec. Kuta Selatan, Badung, Bali.
And owns lands for development located in:
Kec. Pinang, Kec. Pasar Kemis, Kab. Tangerang, Province Banten,
Kec. Pacet, Kab. Cianjur, Province West Java
Kec. Tanjung Pinang, Province Riau,
Kec. Denpasar Selatan and Badung, Bali.
The main real estate project owned by the Company and Subsidiaries recently are Alam
Sutera Residential and Commercial projects in Serpong, and Suvarna Padi and Suvarna
Sutera projects in Pasar Kemis, Tangerang.
Alam Sutera believes that all the development efforts must take environmental issues into
account seriously. The eco-friendly development meant more than a marketing gimmick
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
example how to develop a sustainable green community.
The Company has direct ownership in subsidiaries: PT Delta Mega Persada, PT Duta
Prakarsa Development, PT Nusa Cipta Pratama, PT Garuda Adhimatra Indonesia, PT
Tangerang Matra Real Estate, Alam Sutera International Pte. Ltd., and Alam Synergy Pte.
Ltd.
The Company and subsidiaries had 1,323 employees as September 30th, 2014.
February 2015
Disclaimer:
26
ASRI Alam Sutera Realty Tbk. [S]

Main Board
Industry Sub Sector : Property And Real Estate (61)
Individual Index
:
Listed Shares
:
566.667
19,649,411,888
11,691,400,073,360
76 | 11.7T | 0.22% | 81.67%
32 | 12.1T | 0.83% | 61.91%
COMPANY HISTORY
Established Date
: 03-Nov-1993
Listing Date
: 18-Dec-2007
Under Writer IPO :
PT Ciptadana Securities
Phone : (021) 252-5666
Fax
: (021) 252-5028
1. Marzuki Usman
2. Angeline Sutedja
3. Kristianto Sudiono
4. Pingki Elka Pangestu *)
5. Prasasto Sudyatmiko *)
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. Hidajat Hoesni
3. Sri Wahyuni Sujono
CORPORATE SECRETARY
Hendra Kurniawan
HEAD OFFICE
Wisma Argo Manunggal 18th Fl.
Jln. Jend. Gatot Subroto Kav. 22
Jakarta - 12930
Phone : (021) 3043-8888, 252-3838
Fax
: (021) 252-5050
Homepage
Email

1. PT Manunggal Prime Development
2. Tangerang Fajar Industrial Estate
3. PT Tangerang Fajar Industrial Estate
4. Public (<5%)
5,161,690,364
2,982,450,000
1,971,650,000
9,533,621,524
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
:
:
:
:
26.27%
15.18%
10.03%
48.52%
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
nathan@alam-sutera.com
27
ASRI Alam Sutera Realty Tbk. [S]

Closing
Price*
Closing Price
Volume
(Mill. Sh)
1,200
4,000
1,050
3,500
900
3,000
750
2,500
600
2,000
450
1,500
300
1,000
150
500
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Freq.
Volume
Value
Day
TRADING ACTIVITIES

Alam Sutera Realty Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
310
255
290
305
325
345
450
450
440
500
470
480
Low
230
225
240
265
280
305
315
360
340
340
395
430
Close
245
245
285
295
310
325
420
420
385
435
425
460
(X)
19,196
9,005
12,373
10,749
12,896
12,324
21,840
24,237
25,423
45,657
31,786
18,406
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
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
550
605
680
645
550
499
560
570
510
490
565
610
424
500
560
525
494
435
440
497
451
430
444
497
510
575
595
530
500
442
525
510
455
464
560
560
53,655
46,156
54,398
44,870
34,759
38,963
53,818
36,313
40,311
49,400
43,394
48,903
2,182,118
2,449,458
2,986,797
1,895,164
1,321,748
782,146
2,225,772
1,908,074
906,677
1,057,391
1,656,102
3,168,955
1,083,703
1,364,848
1,854,302
1,085,403
683,943
360,303
1,155,784
1,010,420
442,646
484,283
834,439
1,743,856
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
620
550
595
29,139
1,821,531
1,069,965
21

1,651,106
445,752
590,906
142,983
937,975
249,543
1,006,591
287,673
1,311,172
398,549
1,143,722
370,811
2,374,352
899,084
2,168,218
894,522
2,016,360
811,334
3,459,789 1,508,461
2,106,554
934,363
1,383,018
628,154
21
18
23
20
21
20
21
19
20
21
22
21
280%
240%
200%
175.4%
160%
120%
95.1%
80%
41.9%
40%
-40%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
20,150
7,571
244
247
29,410
15,370
297
246
31,672
24,781
511
244
22,540
12,104
545
242
1,822
1,070
29
21
500
225
460
460
650
410
600
600
1,160
425
430
430
680
424
560
560
620
550
595
595
9.69
17.34
2.49
9.64
9.57
1.58
10.08
16.29
1.81
10.71
17.39
1.92
Price (Rupiah)
High
Low
Close
Close*
13.63
PER (X)
11.09
PER Industry (X)
2.95
PBV (X)
28
2014 Jan-15
ASRI AlamSuteraRealtyTbk.[S]
Book End : December
Public Accountant : Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Rekan (Member of PKF International Ltd)
BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
732,357
844,906
1,641,316
890,181
1,050,434
Assets
Receivables
14,693
21,596
29,721
84,690
117,978
Inventories
2,186,131
2,395,213
1,661,094
937,153
424,945
Investment
148,063
341,514
708,121
801,678
923,815
806,319
11,619
61,186
76,311
Fixed Assets
Other Assets
Total Assets
322,433
4,587,986
Growth (%)
Bank Payable
Trade Payable
Total Liabilities
6,007,548 10,946,417 14,428,083 16,347,587
30.94%
82.21%
31.81%
10,500
7,000
3,500
-
554,227
795,658
45,000
200,000
35,519
35,257
165,089
150,700
2,371,566
3,220,676
6,214,543
35.80%
92.96%
46.37%
12.83%
24,000
2,400,000
2,400,000
2,400,000
2,400,000
1,786,310
1,786,310
1,964,941
1,964,941
1,964,941
17,863
17,863
19,649
19,649
19,649
100
100
100
100
100
448,273
977,938
2,050,204
2,640,107
5,319
2,216,421
2,786,872
4,731,875
5,331,785
1,529,499
25.74%
69.79%
12.68%
-71.31%
Growth (%)
14,000
13.30%
26,212
Liabilities
17,500
2010
2011
2012
2013
Sep-14
9,096,298 10,263,175
Authorized Capital
Paid up Capital
Par Value
Retained Earnings
Total Equity
Growth (%)
INCOME STATEMENTS
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
Total Revenues
790,934
1,381,046
2,446,414
3,684,240
2,823,715
74.61%
77.14%
50.60%
Growth (%)
384,485
566,656
979,517
1,846,814
1,118,043
406,449
814,391
1,466,897
1,837,425
1,705,672
73,088
120,770
212,884
304,204
291,666
333,360
693,620
1,254,013
1,533,221
1,414,007
108.07%
80.79%
22.27%
Growth (%)
2,787
3,156
2,216
1,529
2,069
981
2010
Gross Profit
Operating Profit
4,244
-107
Cost of Revenues
Operating Expenses
5,332
4,732
5,332
2011
Income before Tax

Tax
2013
Sep-14

3,684
3,684
2,824
2,933
2012
-3,178
-22,477
90,182
-451,445
-378,225
330,182
671,143
1,344,195
1,081,776
1,035,781
39,287
68,407
128,103
192,199
145,608
290,895
602,737
1,216,092
889,577
890,173
107.20%
101.76%
-26.85%
Growth (%)
2,446
2,181
1,381
1,429
791
678
Period Attributable
290,484
601,654
1,192,716
876,785
818,918
290,895
602,737
1,216,092
889,577
890,173
290,484
601,654
1,192,716
876,785
818,918
RATIOS
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
4.03
6.13
14.60
EPS (Rp)
16.26
33.68
60.70
44.62
41.68
BV (Rp)
124.08
156.01
240.82
271.35
77.84
DAR (X)
0.52
0.54
0.57
0.63
0.63
DER(X)
1.07
1.16
1.31
1.71
6.71
ROA (%)
6.34
10.03
11.11
6.17
5.45
ROE (%)
13.12
21.63
25.70
16.68
58.20
GPM (%)
51.39
58.97
59.96
49.87
60.41
OPM (%)
42.15
50.22
51.26
41.62
50.08
Dividend (Rp)
NPM (%)
36.78
43.64
49.71
24.15
31.52
Payout Ratio (%)
24.78
18.20
24.05
1.37
1.33
2.43
Yield (%)
-74
2010
2011
2012
2013
Sep-14

1,216
1,216
968
890
890
2013
Sep-14
603
720
472
291
224
-24
2010
2011
2012
29
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
several time, the last change was on May 21st, 1974, which is PT Bank Central Asia.
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
accordance with the regulations applicable in Indonesia.
As of 30 September 2014, BCA had 958 domestics branches and 2 overseas representatives
located in Singapore and Hong Kong.
BCA has direct and indirect ownership in subsidiaries: PT BCA Finance, BCA Finance
Limited, PT Bank BCA Syariah, PT BCA Sekuritas, PT Asuransi Umum BCA, and PT Central
Santosa Finance.
As of September 30th, 2014, BCA had 22,759 permanent employees.
February 2015
Disclaimer:
30
BBCA Bank Central Asia Tbk.

Main Board
Industry Sector : Finance (8)
Industry Sub Sector : Bank (81)
7,642.857
Individual Index
:
Listed Shares
:
24,408,459,120
1 | 326.5T | 6.17% | 6.17%
5 | 51.8T | 3.56% | 24.99%
COMPANY HISTORY
Established Date
: 10-Aug-1955
Listing Date
: 31-May-2000
Under Writer IPO :
Phone : (021) 252-5666
Fax
: (021) 252-5028
1. Djohan Emir Setijoso
2. Cyrillus Harinowo *)
3. Raden Pardede *)
4. Sigit Pramono *)
5. Tonny Kusnadi
BOARD OF DIRECTORS
1. Jahja Setiaatmadja
2. Suwignyo Budiman
3. Anthony Brent Elam
4. Armand Wahyudi Hartono
5. Dhalia Mansor Ariotedjo
6. Erwan Yuris Ang
7. Eugene Keith Galbraith
8. Henry Koenaifi
9. Rudy Susanto
10. Subur Tan
AUDIT COMMITTEE
1. Sigit Pramono
2. Ilham Ikhsan
3. Inawaty Suwardi
CORPORATE SECRETARY
Inge Setiawati
HEAD OFFICE
Menara BCA 20th Fl. Grand Indonesia
Jln. M.H. Thamrin No. 1
Jakarta - 10310

1. UOB Kay Hian Private Limited For Farindo Investment
2. Public (<5%)
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
2013
2014
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
120.00
50.00
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
29-Apr-14
04-Dec-14
11,125,990,000 :
13,529,019,212 :
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
05-May-14
09-Dec-14
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
30-Apr-14
05-Dec-14
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
20-May-14
23-Dec-14
I
F
F
F
F
I
F
I
I
I
F
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
Phone : (021) 571-1250

Fax
: (021) 570-1865
Homepage
Email
F/I
: www.klikbca.com
: inge_setiawati@bca.co.id
31
BBCA Bank Central Asia Tbk.

Closing
Price*
Closing Price
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
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Finance Index
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Bank Central Asia Tbk.
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
6,650
6,450
7,000
7,700
7,500
7,700
8,500
8,850
8,500
8,150
8,400
8,250
Low
5,300
5,550
6,300
6,800
7,000
7,000
7,550
7,250
6,950
7,050
7,450
7,700
Close
5,650
6,300
6,950
7,400
7,100
7,650
8,300
8,000
7,700
8,100
7,900
8,000
(X)
36,521
19,474
21,965
16,724
19,416
17,083
22,050
37,790
33,396
29,893
28,088
17,092
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
10,350
10,550
11,125
11,250
11,525
11,400
11,800
11,850
13,125
13,575
13,525
13,425
9,925
10,225
10,600
11,000
10,775
11,000
11,600
11,200
13,075
13,050
13,100
13,125
57,353
46,542
59,990
53,682
45,146
43,261
44,924
49,417
58,544
69,752
58,896
63,765
367,092
430,305
436,023
669,676
265,133
268,220
396,445
215,348
350,704
587,562
286,375
241,069
3,602,939
4,418,825
4,599,025
7,354,376
2,967,458
2,959,465
4,549,613
2,519,575
4,353,955
7,528,035
3,745,157
3,172,351
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
13,425 12,800 13,375
53,863
273,651
3,592,271
21

515,715 3,024,334
309,683 1,855,713
301,403 2,028,622
217,742 1,561,623
205,970 1,481,677
216,573 1,572,104
235,954 1,889,559
465,218 3,714,097
339,968 2,651,632
311,498 2,412,690
360,677 2,850,162
193,852 1,543,490
21
18
23
20
21
20
21
19
20
21
22
21
120%
107.4%
100%
80%
60%
59.6%
40%
41.9%
20%
-20%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
3,674
26,586
299
247
3,778
29,765
241
246
3,958
39,776
370
244
4,514
51,771
651
242
274
3,592
54
21
8,850
5,300
8,000
8,000
9,500
6,750
9,100
9,100
12,500
8,450
9,600
9,600
13,575
9,250
13,125
13,125
13,425
12,800
13,375
13,375
18.86
6.58
4.32
16.61
17.20
3.70
19.90
27.72
4.33
20.28
25.28
4.41
Price (Rupiah)
High
Low
Close
Close*
18.31
PER (X)
6.61
PER Industry (X)
4.69
PBV (X)
32
2014 Jan-15
9,250
9,700
10,150
10,425
10,775
10,700
10,875
10,950
11,625
12,050
12,500
12,825
BBCA BankCentralAsiaTbk.
Book End : December
Public Accountant : Siddharta & Widjaja (Member of KPMG International)

BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
Cash on Hand
Placements with Other Banks
Marketable Securities
Loans
Assets
9,639,057 10,355,620 11,054,208 16,284,142 12,296,737

61,326,849 43,010,506 28,802,130 12,254,043 16,106,740
21,159,270 22,166,868 47,310,371 89,463,509
1,536,424
150,016,746 198,440,354 252,760,457 306,679,132 324,322,039

38,501
171,728
104,246
Fixed Assets
3,406,957
4,144,659
6,406,625
7,440,017
8,172,373
Other Assets
3,682,901
4,185,031
6,265,653
6,564,382
8,594,257
Investment
Total Assets
324,419,069 381,908,353 442,994,197 496,304,573 537,210,075
17.72%
Growth (%)
Deposits
Taxes Payable
Fund Borrowings
Other Liabilities
Total Liabilities
182,544 52,881,221
15.99%
12.03%
8.24%
432,101
216,614
448,721
449,188
128,018
2,812,014
3,483,582
5,620,847
276,017
403,212
215,000
107,500
-
500,952
4,265,087
2010
5,768,437 10,188,026
17.07%
14.77%
10.84%
6.62%
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
24,655
24,655
24,655
24,655
24,655
63
63
63
63
63
Par Value
322,500
2011
2012
2013
Retained Earnings
28,528,020 36,581,874 45,534,178 56,928,028 67,274,025
Total Equity
34,107,844 42,027,340 51,897,942 63,966,678 74,721,823
23.22%
Growth (%)
23.49%
23.25%
Sep-14
290,311,225 339,881,013 390,067,244 432,337,895 460,973,058
Growth (%)
430,000
277,530,635 326,894,554 372,837,307 413,036,948 435,691,573

493,337
Liabilities
537,500
74,722
74,722
63,967
51,898
59,479
42,027
44,235
34,108
28,992
13,749
16.81%
-1,494
INCOME STATEMENTS
Total Interest Income
Dec-10
Dec-11
Dec-12
Dec-13
18.91%
17.58%
18.67%
Interest Expenses
7,723,774
7,730,157
7,647,167
7,852,009
8,616,345
Other Operating Revenue
7,359,500
7,213,378
6,375,833
470,940
1,225,012
Income from Operations
Income Before Tax
2012
2013
Sep-14
TOTAL INTEREST INCOME (Bill. Rp)
9,571,893 10,913,969 12,859,718 14,631,462 14,787,623
34,277
34,277
253,079
27.85%
7.21%
19.80%
321,983
430,478
736,939
32,180
28,885
24,567
27,285
10,400,190 13,296,775 14,255,568 17,078,667 15,300,936
Growth (%)
Non-Operating Revenues
2011
20,660,602 24,566,852 28,885,290 34,277,149 32,179,535
Growth (%)
Other Operating Expenses
2010
Sep-14
20,661
20,292
89,567
13,300
10,653,269 13,618,758 14,686,046 17,815,606 15,390,503

2,800,960
2,173,996
8,479,273 10,817,798 11,718,460 14,256,239 12,212,379
27.58%
Growth (%)
2,967,586
8.33%
3,559,367
3,178,124
Provision for Income Tax
6,307
-686
21.66%
2010
Period Attributable
8,479,273 10,819,309 11,721,717 14,253,831 12,195,122
8,789,687 10,770,209 11,898,523 13,004,312 12,553,626
8,789,687 10,771,720 11,901,780 13,001,904 12,536,369
2011
2012
2013
Sep-14

14,256
14,256
RATIOS
Dividend (Rp)
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
112.50
157.00
114.50
165.00
50.00
343.92
438.83
475.43
578.13
494.63
BV (Rp)
1,383.40
1,704.62
2,104.97
2,594.47
3,030.70
DAR (X)
0.89
0.89
0.88
0.87
0.86
DER(X)
8.51
8.09
7.52
6.76
6.17
EPS (Rp)
ROA (%)
2.61
2.83
2.65
2.87
2.27
ROE (%)
24.86
25.74
22.58
22.29
16.34
OPM (%)
50.34
54.12
49.35
49.83
47.55
NPM (%)
41.04
44.03
40.57
41.59
37.95
Payout Ratio (%)
32.71
35.78
24.08
28.54
10.11
1.76
1.96
1.26
1.72
0.38
Yield (%)
10,818
12,212
11,718
11,348
8,479
8,440
5,531
2,623
-285
2010
2011
2012
2013
Sep-14
33
COMPANY REPORT
BBNI
BANK NEGARA INDONESIA
(PERSERO) TBK.
Company Profile
PT Bank Negara Indonesia (Persero) Tbk. was originally established in Indonesia as a central
bank under the name Bank Negara Indonesia dated July 5th, 1946. Subsequently, BNI
became Bank Negara Indonesia 1946 and changed its status to a state-owned
commercial bank.
BNIs scope of activity is to engage in general banking services.
As of December 30th, 2014, BNI had 168 domestic branches, 912 domestic sub-branches,
and 644 other outlet. In addition, BNIs network also included 4 overseas branches located
in Singapore, Hong Kong, Tokyo and London and 1 agency in New York.
BNI has direct ownership in the following subsidiaries: PT BNI Life Insurance, PT BNI
Multifinance, PT BNI Securities and subsidiaries, 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 domiciled in Hong Kong.
As of December 30th, 2014, BNI had 23,189 permanent employees and 3,347 nonpermanent employees.
February 2015
Disclaimer:
34
BBNI BankNegaraIndonesia(Persero)Tbk.
Main Board
30.060
Individual Index
:
Listed Shares
18,462,169,893
:
9 | 115.4T | 2.18% | 43.02%

6 | 35.6T | 2.45% | 27.44%
COMPANY HISTORY
Established Date
: 05-Jul-1946
Listing Date
: 25-Nov-1996
Under Writer IPO :
PT BNI Securities
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
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
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. Suwoko Singoastro
10. Yap Tjay Soen

2. Public (<5%)
11,189,193,875 :
7,459,462,583 :
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
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. Tubagus Chairul Amachi
CORPORATE SECRETARY
Tribuana Tunggadewi
HEAD OFFICE
BNI Building 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
35
BBNI BankNegaraIndonesia(Persero)Tbk.
Closing
Price*
Volume
(Mill. Sh)
6,400
400
5,600
350
4,800
300
4,000
250
3,200
200
2,400
150
1,600
100
800
50
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Finance Index
75%
64.5%
59.6%
60%
45%
41.9%
30%
15%
-15%
-30%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
7,868
29,825
290
247
7,063
26,382
250
246
7,390
32,587
384
244
6,987
35,598
696
242
605
3,684
59
21
4,600
2,975
3,800
3,800
4,225
3,325
3,700
3,700
5,600
3,375
3,950
3,950
6,300
3,660
6,100
6,100
6,300
5,725
6,250
6,250
9.58
6.58
1.59
8.14
17.20
1.54
10.55
27.72
1.86
10.81
25.28
1.91
Price (Rupiah)
High
Low
Close
Close*
11.83
PER (X)
6.61
PER Industry (X)
1.87
PBV (X)
36
2014 Jan-15
Closing Price
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Bank Negara Indonesia (Persero) Tbk.
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
3,925
3,575
4,000
4,175
4,100
3,900
4,500
4,600
4,250
4,125
4,050
4,025
Low
3,075
3,150
3,550
3,850
3,750
3,550
3,775
3,700
2,975
3,125
3,550
3,675
Close
3,225
3,550
3,975
4,050
3,875
3,875
4,450
4,125
3,725
4,025
3,800
3,800
(X)
28,789
15,096
22,145
20,942
18,988
20,760
21,591
26,054
34,141
35,268
25,267
20,690
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
4,420
4,770
5,325
5,325
5,150
4,930
5,300
5,525
5,975
5,950
6,100
6,300
3,660
4,125
4,450
4,700
4,720
4,710
4,740
4,995
5,350
4,975
5,550
5,700
4,360
4,550
4,960
4,815
4,775
4,765
5,100
5,350
5,525
5,950
6,025
6,100
55,797
68,732
79,616
54,018
63,923
57,179
61,719
57,420
50,664
61,498
41,672
43,951
479,251
712,946
765,650
556,377
667,971
461,000
656,779
522,073
574,054
722,117
418,868
450,256
1,966,311
3,157,847
3,726,665
2,802,548
3,279,251
2,221,427
3,287,150
2,731,897
3,261,277
4,009,779
2,435,083
2,718,387
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
6,300
5,725
6,250
59,023
605,276
3,684,362
21

1,025,789 3,525,260
458,732 1,557,467
678,079 2,531,016
550,731 2,197,504
514,867 2,001,771
472,644 1,783,047
700,897 2,850,203
792,573 3,298,381
652,860 2,428,834
851,192 3,126,593
593,385 2,292,416
576,138 2,232,935
21
18
23
20
21
20
21
19
20
21
22
21
BBNI Bank Negara Indonesia (Persero) Tbk.

Book End : December
BALANCE SHEET
Dec-10
Dec-11
5,480,703
6,197,731
Dec-12
Dec-13
Dec-14
Cash on Hand
Assets
7,969,378 10,089,927 11,435,686
38,385,316 49,328,028 32,616,662 23,472,702 14,527,422
13,181,480
Loans
7,627,768
9,800,970 11,965,698
6,237,356
129,399,567 163,533,423 193,834,670 243,757,807 270,651,986

24,398
24,335
24,026
Fixed Assets
3,838,079
4,052,708
4,591,588
5,513,569
6,222,050
Other Assets
4,162,883
4,655,153
3,312,032
3,156,891
3,369,915
Investment
Total Assets
Taxes Payable
248,580,529 299,058,161 333,303,506 386,654,815 416,573,708
20.31%
Growth (%)
Deposits
39,507
11.45%
16.01%
7.74%
145,021
171,716
323,957
5,473,480
8,725,796
8,749,762 18,950,523 11,212,265
Other Liabilities
6,593,058
6,750,931
4,158,421
Paid up Capital
Par Value
Retained Earnings
Total Equity
170,000
85,000
-
5,707,851
2010
2011
2012
2013
5,218,778
21.25%
10.93%
16.98%
2014
215,431,004 261,215,137 289,778,215 338,971,310 341,148,654
Growth (%)
Authorized Capital
255,000
317,563
Fund Borrowings
Total Liabilities
340,000
197,700,436 238,314,269 260,906,084 295,075,178 317,070,426

182,128
Liabilities
425,000
0.64%
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

9,054,807
9,054,807
9,054,807
9,054,807
9,054,807
18,649
18,649
18,649
18,649
18,649
61,021
61,021
43,525
48,573
36,125
33,120
47,684
37,843
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
23,676
9,990,436 14,422,051 20,070,536 27,011,835 35,078,159

33,119,626 37,843,024 43,525,291 47,683,505 61,021,308
14.26%
Growth (%)
15.02%
9.55%
11,228
27.97%
-1,220
INCOME STATEMENTS
Dec-10
Dec-11
Dec-12
Dec-13
2011
2012
2013
2014
18,837,397 20,691,796 22,704,515 26,450,708 33,364,942
9.84%
9.73%
Interest Expenses
7,099,714
7,495,982
7,245,524
7,392,427 10,968,641
7,044,087
7,601,475
8,445,813
9,440,904 10,715,356
9,643,357 11,134,002 12,739,104 14,572,688 16,103,374
5,509,018
Growth (%)
7,242,583
31.47%
Growth (%)
16.50%
26.14%
19.31%
29.83%
18.96%
258,539
59,362
178,019
-23,558
218,725
5,485,460
7,461,308
8,899,562 11,278,165 13,524,310
1,382,262
1,653,090
1,851,200
2,220,224
4,103,198
5,808,218
7,048,362
9,057,941 10,829,379
41.55%
21.35%
Growth (%)

33,365
33,365
26,451
26,558
8,641,023 11,218,803 13,346,291
Income Before Tax
2010
Dec-14
28.51%
2,694,931
18,837
19,752
12,946
6,139
-667
19.56%
Period Attributable
4,101,706
5,825,904
7,046,145
9,054,345 10,782,628
4,673,461
5,991,144
7,202,604
6,243,854 11,914,732
4,673,494
6,007,817
7,200,391
6,240,258 11,867,981
20,692
22,705
2010
2011
2012
2013
2014

10,829
10,829
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
65.98
62.48
113.35
145.71
219.95
312.40
377.84
485.52
578.20
BV (Rp)
1,775.98
2,029.26
2,333.96
2,556.94
3,272.16
DAR (X)
0.87
0.87
0.87
0.88
0.82
DER(X)
6.50
6.90
6.66
7.11
5.59
ROA (%)
1.65
1.94
2.11
2.34
2.60
ROE (%)
12.39
15.35
16.19
19.00
17.75
OPM (%)
29.25
35.00
38.06
42.41
40.00
NPM (%)
21.78
28.07
31.04
34.24
32.46
Payout Ratio (%)
30.00
20.00
30.00
30.01
1.70
1.64
3.06
3.69
RATIOS
Dividend (Rp)
EPS (Rp)
Yield (%)
9,058
8,620
7,048
5,808
6,411
4,103
4,202
1,993
-217
2010
2011
2012
2013
2014
37
COMPANY REPORT
BBRI
BANK RAKYAT INDONESIA (PERSERO) TBK.
Company Profile
Bank Rakyat Indonesia (BRI) is the oldest commercial bank in Indonesia, established on
December 16, 1895, in Purwokerto, Central Java. The stateowned bank went public in
2003 and the Indonesian government holds the majority of its shares with 56.75%,
followedbypublic.
Since its inception, BRIs strategies have been mostly focused on the development of
micro, small and medium business segments. In so doing, BRI takes into account its core
competencies at all organization level. With strategic positioning in Indonesian banking
industrysupportedbystrongbasisofcorecompetenciesinmicrobusinesssegmentsince
1984,BRIwillbeabletoachieveitsoptimalperformanceincomingyears.
AsofDecember2014,BRIservesitcustomersthroughmorethan10.000outletsspreads
alloverIndonesia
1HeadOffice
19RegionalOffices
1HeadofAuditOffice
17RegionalAuditOffices
461BranchesOffices(including1SpecialBranchand3overseasoffices)
584SubBranchOffices
5,293BRIUnits(MicroOutlet)
971CashCounters
2,457TerasBRI
610TerasMobile
Since2009,allofBRIsoutletsaboveareconnectedinrealtimeonlinebyBRINETS.BRIalso
provideaccesstoitsbankingservicesthroughitselectronicchannel;
20,792ATMslinkedtoATMBersama,ATMPrima,ATMLink,Cirrus,andMaestro
131,204ElectronicDataCaptures(EDC)
392CashDepositMachine
55EBuzz
February 2015
Disclaimer:
38
BBRI Bank Rakyat Indonesia (Persero) Tbk.

Main Board
2,668.571
Individual Index
:
Listed Shares
:
24,422,470,380
5 | 285.1T | 5.39% | 28.54%
1 | 91.9T | 6.32% | 6.32%
COMPANY HISTORY
Established Date
: 16-Dec-1895
Listing Date
: 10-Nov-2003
Under Writer IPO :
PT Bahana Securuties
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Mustafa Abubakar *)
2. Adhyaksa Dault *)
3. Ahmad Fuad *)
4. Dwijanti Tjahjaningsih
5. Hermanto Siregar *)
6. Heru Lelono
7. Mustafa Abubakar *)
8. Vincentius Sonny Loho
BOARD OF DIRECTORS
1. 2. Achmad Baiquni
3. Agus Toni Soetirto
4. Asmawi Syam
5. Djarot Kusumayakti
6. Gatot Mardiwasisto
7. Randi Anto
8. Sulaiman Arif Arianto
9. Suprajarto
AUDIT COMMITTEE
1. Bunasor Sanim
2. Adhyaksa Dault
3. Dedi Budiman Hakim
4. H.C. Royke Singgih
5. Hermanto Siregar
6. Syahrir Nasution

2. Public (<5%)
14,000,000,000 :
10,669,162,000 :
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
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 III
MSOP Conversion I
MSOP Conversion 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
CORPORATE SECRETARY
Budi Satria
HEAD OFFICE
BRI I Building, 20th Fl.
Jln. Jend. Sudirman No. 44 - 46
Jakarta - 10210
Phone : (021) 251-0244, 250-0124, 251-0315, 575-1966
Fax
: (021) 570-0916, 575-2010
Homepage
Email
F/I
: www.bri.co.id
: ir@bri.co.id
39
BBRI BankRakyatIndonesia(Persero)Tbk.
Closing
Price*
Volume
(Mill. Sh)
14,000
160
12,250
140
10,500
120
8,750
100
7,000
80
5,250
60
3,500
40
1,750
20
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Finance Index
140%
125.6%
120%
100%
80%
60%
59.6%
40%
41.9%
20%
-20%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
10,695
65,512
625
247
9,285
62,701
514
246
9,932
78,393
730
244
9,096
91,875
1,071
242
608
7,101
84
21
Price (Rupiah)
High
Low
Close
Close*
10,750
4,525
6,750
6,750
7,850
5,150
6,950
6,950
9,950
6,200
7,250
7,250
12,200
7,000
11,650
11,650
12,100
11,325
11,675
11,675
9.18
6.58
2.64
8.38
17.20
2.25
11.86
27.72
2.94
11.88
25.28
2.95
10.89
PER (X)
6.61
PER Industry (X)
3.34
PBV (X)
40
2014 Jan-15
Closing Price
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Bank Rakyat Indonesia (Persero) Tbk.
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
10,750
5,000
5,800
6,650
6,600
6,550
6,950
7,250
7,000
6,900
7,050
7,050
Low
4,550
4,525
4,725
5,650
6,000
6,100
6,500
6,000
5,000
5,150
6,350
6,350
Close
4,850
4,700
5,750
6,450
6,350
6,500
6,900
6,550
5,850
6,750
6,500
6,750
(X)
61,584
40,858
49,894
40,870
51,052
32,120
39,796
65,988
83,219
78,267
47,974
33,776
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
8,850
9,850
10,500
10,250
11,050
10,400
12,200
11,375
11,175
11,075
11,550
11,725
7,000
8,125
9,025
9,350
9,950
9,850
10,100
10,600
10,150
10,000
10,600
11,000
934,659
1,015,064
903,601
844,361
556,095
668,924
838,066
733,194
785,001
852,028
424,706
540,205
7,534,215
9,180,632
8,566,209
8,340,740
5,802,044
6,771,119
9,411,432
8,022,874
8,367,361
8,958,410
4,720,140
6,200,187
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
12,100 11,325 11,675
607,503
7,101,489
21
8,325
87,119
9,275
87,543
9,575 111,431
9,900 103,234
10,200
68,949
10,325
73,158
11,200
91,236
11,050
96,070
10,425
91,480
11,075 112,523
11,525
65,560
82,491
11,650
84,255

1,216,289 7,347,324
826,733 3,940,203
902,204 4,679,484
822,859 5,088,510
872,410 5,479,711
568,618 3,613,773
846,164 5,683,819
1,085,504 7,162,598
1,302,285 7,936,656
1,026,080 6,364,672
743,521 4,986,130
482,459 3,228,750
21
18
23
20
21
20
21
19
20
21
22
21
BBRI Bank Rakyat Indonesia (Persero) Tbk.

Book End : December
BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Cash on Hand
Loans
Assets
9,975,712 10,525,973 13,895,464 19,171,778 22,469,167

83,272,140 73,596,356 66,242,928 36,306,883 62,035,442
22,514,663 33,917,516 41,136,880 42,673,665 84,168,460
222,851
164,689
196,742
Fixed Assets
1,568,945
1,852,818
2,804,366
3,972,612
5,917,470
Other Assets
4,880,779
5,293,505
5,961,840
7,004,037
8,792,889
Total Assets
648,000
232,972,784 269,454,726 336,081,042 419,144,730 479,211,143

133,888
Investment
Liabilities
810,000
404,285,602 469,899,284 551,336,790 626,182,926 801,955,021
16.23%
Growth (%)
17.33%
13.58%
486,000
324,000
162,000
28.07%
-
Deposits
Taxes Payable
1,930,923
1,105,997
895,695
1,266,018
8,454,545 13,097,916 10,888,755
9,084,913 24,986,862
Other Liabilities
9,766,026
3,242,346
9,520,061
9,758,418
2011
2012
2013
Dec-14
59,805
Fund Borrowings
Total Liabilities
2010
338,812,712 388,288,508 452,945,001 507,972,602 622,321,846
3,487,261
367,612,492 420,078,955 486,455,011 546,855,504 704,217,592
14.27%
Growth (%)
15.80%
12.42%
97,737
28.78%
91,456
79,327
Authorized Capital
Paid up Capital
Par Value
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

6,167,291
6,167,291
6,167,291
6,167,291
6,167,291
12,335
24,669
24,669
24,669
24,669
500
250
250
250
250
64,882
72,799
49,820
54,142
36,673
35,485
Retained Earnings
27,123,160 40,019,254 55,080,238 70,868,083 88,761,688
Total Equity
36,673,110 49,820,329 64,881,779 79,327,422 97,737,429
35.85%
Growth (%)
30.23%
22.26%
16,828
23.21%
-1,829
INCOME STATEMENTS
Dec-10

Dec-12
Dec-13
2010
Dec-14
2011
2012
2013
Dec-14
44,615,162 48,164,348 49,610,421 59,461,084 75,122,213
7.96%
Growth (%)
Interest Expenses
Dec-11
3.00%
19.86%
26.34%

75,122
11,726,559 13,737,272 13,126,655 15,354,813 23,679,803

5,544,533
5,775,975
8,389,732
8,348,459
9,299,140
16,113,692 17,085,627 19,491,032 22,380,778 26,660,314
71,591
59,461
59,461
14,402,001 17,584,230 22,682,538 26,127,577 28,361,877
Growth (%)
22.10%
28.99%
15.19%
8.55%
1,171,650
1,177,034
1,782,489
2,497,196
44,615
48,164
49,610
2011
2012
47,331
35,201
506,229
23,071
Income Before Tax

14,908,230 18,755,880 23,859,572 27,910,066 30,859,073

3,435,845
5,172,192
6,555,736
6,605,228
11,472,385 15,087,996 18,687,380 21,354,330 24,253,845
31.52%
Growth (%)
Period Attributable
3,667,884
23.86%
14.27%
2010
2013
Dec-14
11,472,385 15,082,939 18,680,884 21,344,130 24,241,650

11,558,751 15,296,501 18,681,350 19,916,654 24,759,999
11,558,751 15,288,295 18,652,098 19,913,198 24,744,791

24,254
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dividend (Rp)
115.97
122.28
225.23
257.33
EPS (Rp)
930.10
611.41
757.26
865.22
982.67
BV (Rp)
2,973.19
2,019.54
2,630.08
3,215.65
3,961.93
DAR (X)
0.91
0.89
0.88
0.87
0.88
DER(X)
10.02
8.43
7.50
6.89
7.21
ROA (%)
2.84
3.21
3.39
3.41
3.02
ROE (%)
31.28
30.28
28.80
26.92
24.82
OPM (%)
32.28
36.51
45.72
43.94
37.75
NPM (%)
25.71
31.33
37.67
35.91
32.29
Payout Ratio (%)
12.47
20.00
29.74
29.74
1.10
1.81
3.24
3.55
Yield (%)
-1,189
13.58%
RATIOS
10,941
21,354
18,687
21,354
15,088
16,998
12,642
11,472
8,285
3,929
-427
2010
2011
2012
2013
Dec-14
41
COMPANY REPORT
BBTN
BANK TABUNGAN NEGARA (PERSERO) TBK.
Company Profile
PTBankTabunganNegara(Persero)Tbk.orBankBTNwasestablishedin1897underthe
nameofPostspaarBank.ThenamewaschangedtoBankTabunganPosin1950andfinally
became Bank Tabungan Negara in 1963. Bank BTN successfully done The Initial Public
Offering(IPO)andlistedontheIndonesiaStockExchangeon17December2009,andwas
the first Indonesian bank to securitize mortgage through Asset Backed Securities
CollectiveInvestmentContracts(KIKEBA)scheme.BankBTNengagedinactivitiesbasedon
ShariaprinciplesonDecember15,2004.
Bank BTN is a fully commercial bank that focuses on the housing finance. Bank BTN has
been doing mortgage business for more than six decades of consistency by providing a
variety of housing products and services, particularly through the Home Ownership Loan
(mortgage), both Subsidized Mortgages for lowermiddle segment as well as Non
SubsidizedMortgagesformiddleanduppersegments.
As of Dec 31, 2014, the Bank has 87 branches (including 22 sharia branches), 247 sub
branches (including 21 sharia subbranches), 486 cash offices (including 7 sharia cash
offices),and2,922SOPPs(SystemonlinePaymentPoint/onlinePostoffice).
February 2015
Disclaimer:
42
BBTN Bank Tabungan Negara (Persero) Tbk.

Main Board
Individual Index
:
Listed Shares
:
129.783
10,461,796,000
10,409,487,020,000
84 | 10.4T | 0.20% | 83.31%
28 | 13.3T | 0.92% | 58.43%
COMPANY HISTORY
Established Date
: 30-Nov-1934
Listing Date
: 17-Dec-2009
Under Writer IPO :
PT Mandiri Sekuritas
PT CIMB Securities Indonesia
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Mardiasmo *)
2. Agung Kuswandono
3. Amanah Abdulkadir *)
4. Herman Hidayat
5. Maulana Ibrahim *)
6. Sahala Lumban Gaol *)
BOARD OF DIRECTORS
1. Maryono
2. Hulmansyah
3. Iman Nugroho Soeko
4. Irman A Zahiruddin
5. Mansyur S. Nasution
6. Rico Rizal Budidarmo

2. Public (<5%)
6,354,000,000 :
4,213,470,707 :
Bonus
Cash
Year
2009
2010
2011
2012
2013
Shares
Dividend
15.09
31.19
25.31
38.74
44.36
Cum Date
10-Jun-10
10-Jun-11
10-May-12
26-Apr-13
18-Mar-14
Recording
Date
15-Jun-10
15-Jun-11
15-May-12
01-May-13
21-Mar-14
Ex Date
11-Jun-10
13-Jun-11
11-May-12
29-Apr-13
19-Mar-14
60.13%
39.87%
Payment
Date
29-Jun-10
30-Jun-11
30-May-12
10-May-13
07-Apr-14
F
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Type of Listing
First Issue
Company Listing
MESOP Conversion I
MESOP Conversion I & II
MESOP Conversion I
Right Issue
MESOP Conversion I, II & III
MESOP Conversion II & III
MESOP Conversion III
MESOP Conversion II
MESOP Conversion I & III
Shares
2,360,057,000
6,263,228,575
122,369,000
5,670,000
1,999,000
1,497,728,925
208,387,000
159,500
104,500
11,500
2,081,000
T:
T:
T:
T:
T:
T:
T:
Listing
Date
17-Dec-09
17-Dec-09
08-Feb-11
06-Feb-12
14-Feb-12
07-Dec-12
07-Feb-13
14-Mar-14
19-Mar-14
22-Jul-14
20-Aug-14
:
:
:
:
:
:
:
Trading
Date
17-Dec-09
17-Dec-09
13-Aug-14
14-Aug-14
16-Mar-12
07-Dec-12
17-Jul-13
17-Mar-14
23-Jul-14
19-Aug-14
20-Aug-14
AUDIT COMMITTEE
1. Sahala Lumban Gaol
2. M. Rowi Qohar
3. Maulana Ibrahim
4. Sondang Gayatri
5. Waldy Gutama
CORPORATE SECRETARY
Eko Waluyo
HEAD OFFICE
Menara Bank BTN
Jln. Gajah Mada No. 1
Jakarta - 10130
Phone : (021) 633-6789, 633-2666
Fax
: (021) 634-6704
Homepage
Email
F/I
: www.btn.co.id
: eko.waluyo@btn.co.id
43

Closing
Price*
Closing Price
Volume
(Mill. Sh)
1,800
1,600
1,575
1,400
1,350
1,200
1,125
1,000
900
800
675
600
450
400
225
200
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Finance Index
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Bank Tabungan Negara (Persero) Tbk.
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
1,780
1,440
1,710
1,790
1,720
1,700
1,820
1,740
1,620
1,540
1,490
1,290
Low
1,180
1,260
1,340
1,660
1,590
1,590
1,620
1,350
1,000
1,050
1,210
1,180
Close
1,330
1,330
1,680
1,710
1,660
1,690
1,700
1,560
1,210
1,440
1,250
1,210
(X)
34,997
14,140
26,923
12,729
12,410
8,329
22,042
13,235
16,853
13,687
20,559
6,786
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
1,270
1,250
1,220
1,440
1,390
1,400
1,380
1,420
1,460
1,650
1,720
1,610
1,180
1,160
1,160
1,200
1,190
1,130
1,240
1,280
1,250
1,360
1,420
1,440
1,200
1,220
1,200
1,380
1,200
1,290
1,370
1,310
1,440
1,520
1,610
1,450
11,071
8,442
3,803
14,473
5,250
6,698
7,747
5,178
12,362
12,271
15,597
9,276
302,240
170,762
62,277
365,152
81,787
139,270
193,721
119,668
317,570
306,185
1,585,209
308,764
369,927
205,487
74,561
486,519
107,075
177,699
255,431
162,886
423,906
452,863
2,241,325
476,736
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
1,640
1,680
1,740
1,720
1,510
1,400
1,250
1,200
1,160
1,030
1,020
990
1,450
1,530
1,610
1,470
1,260
1,010
1,020
880
840
910
900
820
1,620
1,630
1,700
1,490
1,420
1,150
1,040
950
930
970
970
870
12,496
16,891
15,925
13,858
24,534
19,347
17,377
12,813
29,196
17,269
10,701
10,010
502,676
460,352
556,705
462,242
686,550
347,074
380,644
270,433
430,902
337,041
240,433
155,875
774,616
741,687
936,218
745,326
950,640
411,522
430,266
285,056
418,199
325,799
230,220
145,999
21
20
19
22
22
19
23
17
21
21
20
19
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
970
1,145
1,355
1,525
1,175
1,090
1,230
1,215
1,180
1,195
1,155
1,240
835
890
1,015
1,140
1,070
980
1,030
1,045
1,070
1,070
1,090
1,120
900
1,080
1,285
1,155
1,090
1,040
1,080
1,115
1,170
1,120
1,130
1,205
18,385
37,825
39,910
55,199
36,625
25,604
48,574
42,735
32,063
27,396
16,256
21,919
275,674
1,429,330
1,270,021
1,598,310
903,411
570,012
1,654,735
1,333,365
968,580
644,155
447,183
566,006
252,515
1,502,277
1,539,871
2,048,453
1,011,693
589,252
1,874,974
1,517,629
1,090,634
728,263
498,895
662,843
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
1,230
980
995
44,134
1,247,054
1,302,876
21

868,919 1,245,353
411,907
555,751
695,738 1,055,066
309,689
536,800
198,403
327,942
173,340
285,095
470,080
809,924
205,907
322,612
278,246
347,429
225,007
297,558
276,832
376,344
118,683
145,472
21
18
23
20
21
20
21
19
20
21
22
21
80%
60%
59.6%
40%
41.9%
20%
-20%
-38.0%
-40%
-60%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
4,233
6,305
203
247
3,953
5,434
112
246
4,831
6,396
200
244
11,661
13,317
402
242
1,247
1,303
44
21
Price (Rupiah)
High
Low
Close
Close*
1,820
1,000
1,210
1,163
1,720
1,130
1,450
1,450
1,740
820
870
870
1,525
835
1,205
1,205
1,230
980
995
995
11.06
6.58
1.46
5.88
17.20
0.80
12.64
27.72
1.08
10.44
25.28
0.89
10.42
PER (X)
6.61
PER Industry (X)
1.46
PBV (X)
44
2014 Jan-15

Book End : December
BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
362,769
512,399
694,941
924,451
920,482
Cash on Hand
Loans
Assets
2,374,930
928,357
9,777,564 11,466,296
733,953
1,013,796
4,839,268
1,496,455
4,201,682
5,436,970
-
Fixed Assets
1,460,837
1,497,455
1,582,812
1,522,724
1,488,383
Other Assets
512,830
626,938
759,956
783,770
1,007,989
Total Assets
120,000
47,977,801 62,619,586 75,410,705 99,330,214 114,339,226

-
Investment
Liabilities
150,000
68,385,539 89,121,459 111,748,593 131,169,730 144,575,961
30.32%
Growth (%)
25.39%
17.38%
90,000
60,000
30,000
10.22%
-
Deposits
Taxes Payable
Fund Borrowings
3,399,787
5,695,307
6,737,260
7,073,035
6,998,213
Other Liabilities
1,825,584
2,258,809
2,441,809
2,882,703
3,079,486
Total Liabilities
2010
48,104,318 62,762,985 81,374,686 96,482,879 107,649,946
2011
2012
2013
Dec-14
61,938,261 81,799,816 101,469,722 119,612,977 132,369,555
32.07%
Growth (%)
24.05%
17.88%
10.66%
12,206
11,557
11,819
10,279
Authorized Capital
Paid up Capital
10,239,216 10,239,216 10,239,216 10,239,216 10,239,216

4,357,029
4,404,536
5,178,220
8,714
8,809
10,356
7,322
5,282,427 25,283,848
10,565
10,568
500
500
500
500
500
Retained Earnings
1,262,197
1,157,372
3,175,036
4,328,008
4,974,952
Total Equity
6,447,278
7,321,643 10,278,871 11,556,753 12,206,406
Par Value
9,408
6,447
6,997
4,586
13.56%
Growth (%)
40.39%
12.43%
2,175
5.62%
-236
INCOME STATEMENTS
Dec-10
Dec-11
6,498,752
7,556,104
Dec-12
Dec-13
16.71%
22.27%
18.77%
3,143,934
3,770,231
4,091,760
5,129,554
7,342,747
487,890
512,017
571,494
763,983
894,820
2,247,211
2,720,117
3,213,561
3,849,042
4,041,294
1,263,717
1,525,749
1,870,969
2,135,909
1,546,212
20.74%
22.63%
14.16%
-27.61%
Interest Expenses
2012
2013
Dec-14

12,807
10,783
10,783
8,819
7,556
8,583
Growth (%)
2011
8,818,579 10,782,877 12,807,328
16.27%
Growth (%)
2010
Dec-14
6,499
6,383
-13,495
-3,489
-7,767
4,862
1,960
1,250,222
1,522,260
1,863,202
2,140,771
1,548,172
334,284
403,599
499,240
578,610
432,580
915,938
1,118,661
1,363,962
1,562,161
1,115,592
22.13%
21.93%
14.53%
-28.59%
Income Before Tax
4,184
Growth (%)
Period Attributable
915,938
1,118,661
1,363,962
1,562,161
1,115,592
915,938
1,026,201
1,357,839
1,443,057
1,115,625
915,938
1,026,201
1,357,839
1,443,057
1,115,625
1,984
-216
2010
2011
2012
2013
Dec-14

1,562
1,562
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
31.19
25.31
38.74
44.36
EPS (Rp)
105.11
126.99
131.70
147.86
105.57
BV (Rp)
739.87
831.15
992.51
1,093.89
1,155.07
DAR (X)
0.91
0.92
0.91
0.91
0.92
DER(X)
9.61
11.17
9.87
10.35
10.84
RATIOS
Dividend (Rp)
1,364
1,119
1,243
1,116
916
925
ROA (%)
1.34
1.26
1.22
1.19
0.77
ROE (%)
14.21
15.28
13.27
13.52
9.14
OPM (%)
19.45
20.19
21.22
19.81
12.07
NPM (%)
14.09
14.80
15.47
14.49
8.71
Payout Ratio (%)
29.68
19.93
29.41
30.00
1.90
2.09
2.67
5.10
Yield (%)
606
287
-31
2010
2011
2012
2013
Dec-14
45
COMPANY REPORT
BMRI
BANK MANDIRI (PERSERO) TBK.
Company Profile
Bank Mandiri was formed on 2 October 1998, as part of the government of Indonesias
bankrestructuringprogram.BankMandiriisthelargestbankinIndonesia.BankMandiri
offersacomprehensiverangeoffinancialsolutionstoprivateandstateownedlargeand
mediumcorporations,smallandmicrobusinessesaswellasretailconsumers.
Amidstthevariousexternalchallenges,MandiriGroupsuccessfullyachievedanumberof
importantmilestones.Inconnectionwiththevariousimprovementstobusinessprocesses,
Mandiri Group conducted disciplined supervision over the microfinancial and macro
external parameters so as to serve as an early warning system. The supervision process
was carried out proactively based on the principles of good corporate governance and
focusedonstrengtheningthefoundationsforachievingourgoalsinourthree(3)business
focusareas(wholesaletransactions,retaildepositsandpayments,andretailfinancing),as
wellasinternalcontrols,improvedriskmanagement,andenhancementstoinfrastructure
andhumanresources.
In line with the product development and the increasing complexity of transactions,
Management has also taken steps to optimize the Internal Audit function, both in
assuranceandadvisoryterms,byenhancingthecapacityofauditors.Suchcapacityisnot
just limited to auditing knowledge and skills, but also extends to knowledge of products
andbankingoperations.
February 2015
Disclaimer:
46
BMRI Bank Mandiri (Persero) Tbk.
Main Board
1,657.293
Individual Index
:
Listed Shares
23,099,999,999
:
7 | 254.1T | 4.81% | 38.52%

3 | 72.6T | 5.00% | 16.54%
COMPANY HISTORY
Established Date
: 02-Oct-1998
Listing Date
: 14-Jul-2003
Under Writer IPO :
PT ABN AMRO Asia Securities Indonesia
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Mahmuddin Yasin
2. Abdul Azis
3. Anton Hermanto Gunawan *)
4. Askolani
5. Aviliani *)
6. Krisna Wijaya *)
7. Pradjoto *)

2. Public (<5%)
14,000,000,000 :
9,333,333,332 :
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
I
I
F
F
F
F
ISSUED HISTORY
BOARD OF DIRECTORS
1. Budi Gunadi Sadikin
2. Sentot A. Sentausa
3. Sunarso
4. Abdul Rachman
5. Fransisca N. Mok
6. Hery Gunardi
7. Kresno Sediarsi
8. Ogi Prastomiyono
9. Pahala N. Mansury
10. Riswinandi
11. Royke Tumilaar
AUDIT COMMITTEE
1. Krisna Wijaya
2. Anton Hermanto Gunawan
3. Askolani
4. Aviliani
5. Budi Sulistio
6. Ridwan Darmawan Ayub
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
MSOP Conversion I, II & III
MSOP Conversion I & III
MSOP Conversion 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
Rohan Hafas
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
47

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-11
Jan-12
Jan-13
Jan-14
Jan-15

Finance Index
90%
75%
73.4%
60%
59.6%
45%
41.9%
30%
15%
-15%
-30%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
13,518
86,219
598
247
7,902
57,019
411
246
8,627
74,504
638
244
7,379
72,645
872
242
515
5,623
66
21
8,150
5,100
6,750
6,750
8,900
6,000
8,100
8,100
10,750
6,250
7,850
7,850
11,000
7,600
10,775
10,775
11,375
10,600
11,000
11,000
11.63
6.58
2.47
10.06
17.20
2.06
13.05
27.72
2.54
13.32
25.28
2.59
Price (Rupiah)
High
Low
Close
Close*
12.62
PER (X)
6.61
PER Industry (X)
2.51
PBV (X)
48
2014 Jan-15
Closing Price
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Bank Mandiri (Persero) Tbk.
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
6,900
6,250
6,800
7,250
7,350
7,250
8,150
8,100
7,300
7,300
7,400
7,000
Low
5,350
5,350
5,700
6,550
6,800
6,700
7,150
6,650
5,100
5,500
6,300
6,200
Close
5,950
5,800
6,800
7,150
7,200
7,200
7,850
6,850
6,300
7,150
6,400
6,750
(X)
59,751
44,183
53,774
36,842
31,537
32,742
34,821
55,412
75,984
63,194
63,227
46,300
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
9,525 7,600 8,700

9,650 8,400 9,100
10,250 9,000 9,450
10,350 9,525 9,825
10,825 9,775 10,175
10,250 9,625 9,725
11,000 9,625 10,250
10,650 10,025 10,375
10,700 9,825 10,075
10,375 9,300 10,350
10,725 10,100 10,525
10,875 10,125 10,775
76,373
76,609
87,370
83,068
67,908
62,399
87,146
59,900
67,815
91,426
54,054
57,885
650,120
701,451
821,343
758,989
527,196
585,096
885,176
443,282
578,571
651,302
359,724
416,710
5,508,866
6,330,151
7,785,861
7,503,307
5,392,549
5,798,770
9,132,248
4,620,858
5,988,220
6,403,397
3,761,633
4,418,807
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
11,375 10,600 11,000
66,447
515,375
5,623,454
21

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

Book End : December
BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Cash on Hand
Loans
Assets
9,521,713 11,357,523 15,286,190 19,051,934 20,704,563

8,559,665 51,393,062 48,238,225 45,113,834 61,117,605
27,247,529 12,002,918 10,769,775 26,802,548 40,465,158
232,545,259 298,988,258 370,570,356 450,634,798 505,394,870
Investment
7,218,361
Fixed Assets
5,527,000
6,589,594
Other Assets
5,384,797
7,249,901
Total Assets
Taxes Payable
Fund Borrowings
616,821
766,524
7,002,690
7,645,598
8,928,856
7,339,965
8,908,732 11,239,398
449,774,551 551,891,704 635,618,708 733,099,762 855,039,673
22.70%
Growth (%)
Deposits
38,785 11,366,225
15.17%
15.34%
16.63%
761,737
2,662,421
2,126,864
345,000
172,500
-
2010
2011
2012
2013
Dec-14
5,634,838 11,703,498 11,608,832 15,997,188 24,227,104

10,338,954 15,378,187 13,002,765 14,166,214 16,370,686
Total Liabilities
382,453,091 489,237,296 559,085,843 644,309,166 750,195,111
27.92%
Growth (%)
14.28%
15.24%
16.43%
Authorized Capital
16,000,000 16,000,000 16,000,000 16,000,000 16,000,000
Paid up Capital
10,498,247 11,666,667 11,666,667 11,666,667 11,666,667
Par Value
517,500
1,875,141
Other Liabilities
690,000
369,842,016 397,046,488 456,854,700 521,439,569 600,980,756

750,432
Liabilities
862,500
20,996
23,333
23,333
23,333
23,333
500
500
500
500
500
Retained Earnings
24,442,187 33,505,527 46,079,465 59,631,998 74,042,745
Total Equity
42,070,036 62,654,408 76,532,865 88,790,596 104,844,562
48.93%
Growth (%)
22.15%
16.02%

104,845
104,843
88,791
76,533
83,455
62,654
62,067
42,070
40,679
19,291
18.08%
-2,097
INCOME STATEMENTS
Dec-10
Dec-12
Dec-13
11.19%
12.78%
18.00%
24.75%
8,432,817 11,768,351 11,897,822 14,686,637 14,687,815
12,074,973 16,312,021 18,913,028 21,500,987 25,374,351
13,742,020 16,348,933 19,625,447 23,551,711 25,978,106
Growth (%)
Income Before Tax
2011
2012
2013
Dec-14

62,638
14,413,041 15,954,037 15,019,850 17,432,216 23,505,518
2010
Dec-14
33,931,650 37,730,019 42,550,442 50,208,842 62,637,942
Growth (%)
Interest Expenses
Dec-11
230,142
18.97%
20.04%
20.01%
10.30%
163,102
878,821
510,126
29,909
62,637
50,209
49,859
37,081
33,932
37,730
42,550
24,303
13,972,162 16,512,035 20,504,268 24,061,837 26,008,015
4,602,936
3,816,150
9,369,226 12,695,885 16,043,618 18,829,934 20,654,783
35.51%
Growth (%)
4,460,650
26.37%
5,231,903
17.37%
5,353,232
11,525
-1,253
9.69%
Period Attributable
9,218,298 12,246,044 15,504,067 18,203,753 19,871,873
9,369,226 12,479,456 16,256,581 17,996,086 21,482,680
9,218,298 12,029,615 15,717,030 17,369,905 20,699,770
2010
2011
2012
2013
Dec-14

20,655
18,830
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dividend (Rp)
140.24
104.97
199.33
234.05
EPS (Rp)
439.04
524.83
664.46
780.16
851.65
BV (Rp)
2,003.67
2,685.19
3,279.98
3,805.31
4,493.34
DAR (X)
0.85
0.89
0.88
0.88
0.88
DER(X)
9.09
7.81
7.31
7.26
7.16
ROA (%)
2.08
2.30
2.52
2.57
2.42
ROE (%)
22.27
20.26
20.96
21.21
19.70
OPM (%)
40.50
43.33
46.12
46.91
41.47
NPM (%)
27.61
33.65
37.70
37.50
32.97
Payout Ratio (%)
31.94
20.00
30.00
30.00
2.16
1.56
2.46
2.98
RATIOS
Yield (%)
16,044
16,443
12,696
12,229
9,369
8,015
3,801
-413
2010
2011
2012
2013
Dec-14
49
COMPANY REPORT
BMTR
GLOBAL MEDIACOM TBK.
Company Profile
The Company is supported by two main lines of businesses that have generated major
revenuecontribution,namely,contentandadvertisingbasedmediamanagedbyPTMedia
NusantaraCitraTbk.(MNC)andsubscriptionbasedmedia,managedbyPTMNCSkyVision
Tbk (MSKY). Besides content and advertisingbased media and subscriptionbased media,
The Company is also engaged in the investment, infrastructure, new media (news portal
andonlinehomeshopping).
The Company focuses targets for its business lines mainly MNC and MNC Sky Vision.
Through FTA TV, MNC targets to be the leading national TV among others by increasing
audiencesharethroughbroadcastinghighqualityTVprogramminganddevelopingcontent
business.ThroughSINDOTV,MNCalsotargetstotransformlocalTVSindoTVintonational
TVnetworkbyintegratingexisting40regionalbroadcasters.ThroughMNCSkyVision,the
company targets to improve the servicequality delivered to the subscribers byproviding
anddevelopingexclusivecontentstosuitmarketdemandsandthustoincreasesubscribers
byenhancinggoodrelationshipswithnewandloyalcustomers.
TheCompanyhasitsexcellenceinprovidingthesrengthofitscorebusiness(FTA&PayTV)
and broadcast distinguished porgrams that attract more viewership especially women.
Through MSKY, the Company also has a competitive edge as it controls its sales and
distributions and has close to 20 exclusive TV channels, leveraging in particular its local
contentlibrary.
February 2015
Disclaimer:
50
BMTR GlobalMediacomTbk.[S]
Main Board
Industry Sub Sector : Investment Company (98)
Individual Index
:
Listed Shares
:
1,509.812
14,198,613,922
26,338,428,825,310
32 | 26.3T | 0.50% | 66.71%

35 | 11.3T | 0.78% | 64.26%
COMPANY HISTORY
Established Date
: 30-Jun-1981
Listing Date
: 17-Jul-1995
Under Writer IPO :
PT Makindo
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
1. Rosano Barack
2. Bambang Rudijanto Tanoesoedibyo
3. Chang Long Jong
4. Kardinal Alamsyah Karim *)
5. Lei Zhang
6. Mohamed Idwan Ganie *)
BOARD OF DIRECTORS
1. Hary Tanoesoedibjo
2. David Fernando Audy
3. Handhianto Suryo Kentjono
4. Indra Pudjiastuti Prastomiyono
5. Oerianto Guyandi
AUDIT COMMITTEE
1. Kardinal Alamsyah Karim
2. Hery Kusnanto
3. Mohamed Idwan Ganie
CORPORATE SECRETARY
Syafril Nasution
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
: www.mediacom.co.id
: syafril.nasution@mncgroup.com

1. DB AG HK S/A PT MNC Investama Tbk.-2059974012
2. PT MNC Investama Tbk.
3. UBS AG Singapore S/A PT MNC Investama Tbk.-20911442
4. Public (<5%)
Bonus
Cash
Year
1995
1996
1997
2000
2001
2002
2003
2005
2006
2007
2008
2009
2010
2012
2013
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
25.00
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
16-Oct-14
3,276,739,030
2,059,100,000
1,113,323,970
7,749,450,922
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
21-Oct-14
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
17-Oct-14
:
:
:
:
23.08%
14.50%
7.84%
54.58%
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
04-Nov-14
F/I
F
F
F
F
F
F
F
S
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.
Type of Listing
First Issue
Company Listing
Convertible Bond
Option Conversion
ESOP Conversion
Right Issue
Bonus Shares
Stock Split
ESOP Conversion I
ESOP Conversion I & II
ESOP Conversion I, II & III
ESOP Conversion II & III
ESOP Conversion II, III, IV & V
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
ESOP Conversion IV & V
145,911,872
T:
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
28-May-14
:
:
:
:
:
:
:
:
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
20-Nov-14
51
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-11
Jan-12
Jan-13
Jan-14
Jan-15

350%
300%
250%
200%
199.2%
150%
100%
93.3%
50%
41.9%
-50%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
7,802
6,106
131
247
9,619
17,238
358
246
7,927
17,013
484
244
5,634
11,270
526
242
441
793
61
21
Price (Rupiah)
High
Low
Close
Close*
1,140
560
990
990
2,625
980
2,400
2,400
2,800
1,370
1,900
1,900
2,500
1,375
1,425
1,425
2,015
1,390
1,855
1,855
16.21
19.08
2.34
43.04
15.42
2.00
22.00
22.13
1.29
28.63
22.53
1.68
SHARES TRADED
70.40
PER (X)
16.89
PER Industry (X)
1.63
PBV (X)
52
2014 Jan-15
Closing Price
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Global Mediacom Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
770
900
900
870
840
870
890
890
890
850
1,070
1,140
Low
560
710
750
700
710
750
810
700
740
750
790
960
Close
720
890
840
750
840
840
870
770
820
800
980
990
(X)
13,084
8,926
13,280
9,483
16,802
8,093
9,106
6,066
8,965
4,553
17,702
14,476
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
1,950
2,185
2,500
2,405
2,290
2,200
2,145
2,045
2,125
1,965
2,000
1,610
1,780
1,745
2,115
2,100
2,050
2,000
1,900
1,745
1,885
1,745
1,605
1,375
1,850
2,185
2,350
2,190
2,050
2,125
1,920
1,935
1,945
1,960
1,605
1,425
29,385
34,222
36,263
42,963
47,499
84,349
42,640
42,518
41,246
55,469
28,501
40,757
195,531
170,355
293,514
559,651
551,725
985,902
663,996
614,598
406,747
352,204
203,819
635,529
364,107
327,917
694,364
1,270,060
1,208,378
2,107,593
1,341,742
1,158,193
803,456
666,963
358,803
968,053
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
2,015
1,390
1,855
60,991
440,605
793,168
21

636,476
415,505
823,568
634,291
497,457
404,603
368,590
284,932
1,570,436 1,181,554
1,653,609 1,256,582
289,997
247,567
299,919
232,788
211,406
168,273
61,201
77,013
976,165
808,327
410,227
397,335
21
18
23
20
21
20
21
19
20
21
22
21
Book End : December
Public Accountant : Osman Bing Satrio & Eny (Member of Deloitte Touche Tohmatsu Limited)
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
1,141,628
8,962,428
952,529
1,529,588
3,681,151
Receivables
2,453,904
2,843,567
3,113,957
3,630,541
3,645,516
Inventories
1,106,101
1,041,615
1,636,122
1,803,445
1,900,168
Current Assets
5,937,277
6,584,939 10,781,083
9,748,947 12,371,114
Fixed Assets
2,793,271
2,905,092
3,734,879
4,906,183
5,621,499
551,502
629,706
605,330
824,763
1,213,404
BALANCE SHEET
Other Assets
Total Assets
Assets
14,355,319 15,111,603 19,995,526 21,069,471 26,032,085
Growth (%)
15,750
10,500
32.32%
5.37%
23.55%
5,250
-
3,217,986
1,984,770
2,481,608
3,681,058
3,456,823
1,527,219
2,311,045
3,218,162
4,035,376
6,910,464
Total Liabilities
4,745,205
4,295,815
5,699,770
7,716,434 10,367,287
-9.47%
32.68%
35.38%
34.35%
Growth (%)
21,000
5.27%
Current Liabilities
Liabilities
26,250
2010
2011
2012
2013
Sep-14

Authorized Capital
1,500,000
1,500,000
1,500,000
1,500,000
5,575,000
Paid up Capital
1,377,021
1,379,116
1,396,796
1,405,270
1,411,508
13,770
13,791
13,968
14,053
14,115
100
100
100
100
100
Retained Earnings
3,912,989
4,556,723
5,670,496
5,956,634
6,293,669
Total Equity
9,610,114 10,815,788 14,295,756 13,353,037 15,664,798

Par Value
12.55%
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
Dec-11
6,326,514
7,162,935
Growth (%)
32.17%
-6.59%
Dec-12
Dec-13
Sep-14
8,925,419 10,019,977
8,007,460
13.22%
24.61%
17.31%
12.26%
12,469
9,610
3,590,617
3,919,690
4,753,060
5,486,919
4,673,589
2,735,897
3,243,245
4,172,359
4,533,058
3,333,871
Expenses (Income)
1,540,298
1,646,710
1,610,968
3,021,595
1,649,107
Growth (%)
6,078
2,882
2011
1,596,535
2,561,391
1,511,463
1,684,764
Tax
345,087
432,765
567,902
481,817
486,613
850,512
1,163,770
1,993,489
1,029,646
1,198,151
36.83%
71.30%
-48.35%
Growth (%)
2013
Sep-14
10,020
8,925
10,020
1,195,599
2012
7,976
Income before Tax
10,816
9,274
2010
Gross Profit
13,353
-313
Cost of Revenues
Operating Profit
15,665
14,296
6,327
8,007
7,163
5,932
3,888
1,844
Period Attributable
578,865
779,363
1,299,085
620,395
689,906
786,373
1,190,493
2,068,219
1,101,619
1,247,065
533,904
796,711
1,369,492
692,368
738,820
RATIOS
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
184.50
331.77
434.44
264.84
357.88
10.00
24.00
25.00
Current Ratio (%)

Dividend (Rp)
EPS (Rp)
42.04
56.51
93.00
44.15
48.88
BV (Rp)
697.89
784.25
1,023.47
950.21
1,109.79
DAR (X)
0.33
0.28
0.29
0.37
0.40
DER(X)
0.49
0.40
0.40
0.58
0.66
ROA (%)
5.92
7.70
9.97
4.89
4.60
ROE (%)
8.85
10.76
13.94
7.71
7.65
GPM (%)
43.24
45.28
46.75
45.24
41.63
OPM (%)
NPM (%)
13.44
16.25
22.33
10.28
14.96
Payout Ratio (%)
23.79
25.81
56.63
1.54
1.00
1.32
Yield (%)
-200
2010
2011
2012
2013
Sep-14

1,993
1,993
1,587
1,164
1,030
1,180
1,198
851
773
367
-40
2010
2011
2012
2013
Sep-14
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.
Nowadays,theCompanyhasbecomealeadingpropertydeveloperinIndonesiawiththe
mainpropertyprojectssituatedinSerpong(BSDCity),anddiversifyingtoJakarta,Bekasi,
Cibubur, Surabaya, Medan and Balikpapan, also expanding to Samarinda, Manado and
Palembang.
Since2008,theCompanyhasbecomeapubliccompanythatlistedintheIndonesiaStock
Exchange. In end of 2010, the Company has done the acquisition process on affiliated
companies in PT Duta Pertiwi Tbk., PT Sinar Mas Teladan and PT Sinar Mas Wisesa. The
acquisition is expected to increase Companys performance particularly due to higher
revenueportfolioandbusinessdiversification.
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.
AsofSeptember30th,2014,theCompanyhad1,968employees.
February 2015
Disclaimer:
54
BSDE Bumi Serpong Damai Tbk. [S]

Main Board
Individual Index
:
Listed Shares
:
395.687
18,371,846,392
37,111,129,711,840
27 | 37.1T | 0.70% | 63.75%
45 | 9.86T | 0.68% | 71.51%
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
PT Sinartama Gunita
Sinar Mas Land Plaza Menara I 9th Fl.
Jln. M.H. Thamrin No. 51 Jakarta 10350
Phone : (021) 392-2332
Fax
: (021) 392-3003
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

1. PT Paraga Arta Mida
2. PT Ekacentra Usahamaju
3. Public (<5%)
4,676,426,830 :
4,658,107,000 :
9,037,312,562 :
Bonus
Cash
Year
2008
2009
2010
2012
2013
Shares
Dividend
4.00
6.00
6.00
15.00
15.00
Cum Date
01-Jul-09
01-Jul-10
05-Jul-11
21-Jun-13
12-Jun-14
Ex Date
02-Jul-09
02-Jul-10
06-Jul-11
24-Jun-13
13-Jun-14
Recording
Date
06-Jul-09
06-Jul-10
08-Jul-11
26-Jun-13
17-Jun-14
25.45%
25.35%
49.20%
Payment
Date
22-Jul-09
20-Jul-10
22-Jul-11
10-Jul-13
01-Jul-14
F
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
Type of Listing
First Issue
Company Listing
Right Issue I
Add. Listing without Right Issue
Shares
1,093,562,000
9,842,060,870
6,561,373,722
874,849,800
Listing
Date
06-Jun-08
06-Jun-08
21-Dec-10
16-May-14
Trading
Date
06-Jun-08
01-Feb-09
21-Dec-10
16-May-14
BOARD OF DIRECTORS
1. Franciscus Xaverius Ridwan Darmali
2. Hermawan Wijaya
3. Hongky Jeffry Nantung
4. Liauw Herry Hendarta
5. Lie Jani Harjanto
6. Michael J.P. Widjaja
7. Monik William
8. Petrus Kusuma
9. Syukur Lawigena
AUDIT COMMITTEE
1. Susiyati Bambang Hirawan
2. Edwin Hidayat
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
F/I
: www.bsdcity.com
: hermawan.wijaya@sinarmasland.com
55

Closing
Price*
Closing Price
Volume
(Mill. Sh)
2,400
560
2,100
490
1,800
420
1,500
350
1,200
280
900
210
600
140
300
70
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

180%
Volume
Value
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
940
750
840
960
940
920
1,060
1,080
1,050
950
980
1,010
Low
700
630
670
810
860
810
850
810
730
760
820
840
Close
720
670
840
920
910
900
1,020
1,040
870
920
850
980
(X)
15,703
10,313
10,660
8,170
8,076
5,026
9,762
11,015
12,876
12,037
9,220
9,577
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
1,600
1,600
1,750
1,705
1,620
1,610
1,685
1,655
1,660
1,610
1,790
1,895
1,200
1,405
1,490
1,455
1,510
1,425
1,470
1,525
1,510
1,420
1,510
1,620
1,440
1,535
1,635
1,560
1,610
1,485
1,585
1,605
1,545
1,605
1,770
1,805
37,323
33,288
49,830
41,654
25,751
29,429
41,820
35,408
38,489
44,191
25,353
38,562
489,096
536,893
1,086,155
642,305
310,042
250,899
581,695
402,011
410,647
469,700
415,384
571,770
698,307
824,896
1,786,918
1,023,903
488,501
386,497
937,267
642,263
651,533
713,262
676,549
1,026,692
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
2,185
1,790
2,020
54,447
1,380,570
2,725,175
21

509,989
405,075
326,149
219,786
348,553
263,526
278,955
247,648
268,681
243,513
171,264
149,631
517,923
497,968
391,705
385,835
384,121
340,537
339,536
301,160
290,994
261,508
449,764
424,577
21
18
23
20
21
20
21
19
20
21
22
21
175.4%
150%
129.5%
120%
90%
60%
41.9%
30%
-30%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
4,278
3,741
122
247
9,294
11,108
223
246
11,028
17,817
404
244
6,167
9,857
441
242
1,381
2,725
54
21
Price (Rupiah)
High
Low
Close
Close*
1,080
630
980
980
1,490
930
1,110
1,110
2,200
1,090
1,290
1,290
1,895
1,200
1,805
1,805
2,185
1,790
2,020
2,020
13.12
17.34
1.84
8.39
9.57
1.68
7.76
16.29
1.89
8.68
17.39
2.11
16.94
PER (X)
11.09
PER Industry (X)
2.08
PBV (X)
56
Freq.
Day
TRADING ACTIVITIES

Bumi Serpong Damai Tbk. [S]
2014 Jan-15

Book End : December
Public Accountant : Mulyamin Sensi Suryanto & Lianny (Member of Moore Stephens International Ltd.)
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
3,545,385
3,479,092
3,961,465
4,331,624
3,443,717
86,978
83,188
110,327
293,671
Inventories
2,883,392
3,012,273
3,374,802
3,796,776
4,852,849
Investment
663,567
636,702
769,378
1,652,477
706,658
Fixed Assets
51,304
486,920
415,371
437,868
551,607
4,238
5,849
415
415
415
BALANCE SHEET
Assets
Receivables
Other Assets
Total Assets
11,694,748 12,787,377 16,756,718 22,572,159 27,286,573
9.34%
Growth (%)
11,000
20.89%
5,500
-
143,500
97,000
91,000
1,362,669
1,569,020
15,540
44,602
177,681
95,715
127,630
4,279,479
4,530,152
6,225,014
9,156,861
9,704,482
5.86%
37.41%
47.10%
5.98%
Growth (%)
16,500
34.71%
Trade Payable
Total Liabilities
22,000
31.04%
Bank Payable
Liabilities
27,500
2010
2011
2012
2013
Sep-14

Authorized Capital
4,000,000
4,000,000
4,000,000
4,000,000
4,000,000
Paid up Capital
1,749,700
1,749,700
1,749,700
1,749,700
1,837,185
17,497
17,497
17,497
17,497
18,372
100
100
100
100
100
Retained Earnings
1,088,782
1,828,867
2,939,944
5,368,885
8,300,134
Total Equity
7,415,269
8,257,225 10,531,704 13,415,298 17,582,090

Par Value
11.35%
Growth (%)
INCOME STATEMENTS
Total Revenues
27.55%
27.38%
31.06%
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
2,477,203
2,806,339
3,727,812
5,741,264
3,906,241
13.29%
32.84%
54.01%
Growth (%)
1,021,278
1,346,826
1,575,447
948,735
1,785,061
2,380,986
4,165,817
2,957,505
Operating Expenses
657,349
824,506
949,431
1,256,190
1,070,435
Operating Profit
870,475
960,555
1,431,555
2,909,627
1,887,070
10.35%
49.03%
103.25%
Growth (%)
10,532
10,409
7,415
8,257
6,822
3,235
2010
949,379
Gross Profit
13,415
13,995
-352
1,527,824
Cost of Revenues
17,582
2011
2012
2013

5,741
5,741
3,906
4,570
-11,950
155,769
221,921
322,189
54,727
Income before Tax
893,706
1,170,231
1,696,564
3,278,954
3,552,456
Tax
142,407
158,197
217,705
373,306
224,957
519,704
1,012,034
1,478,859
2,905,649
3,327,499
94.73%
46.13%
96.48%
Growth (%)
Sep-14
3,728
3,399
2,477
2,806
2,228
1,056
Period Attributable
394,403
840,780
1,286,047
2,691,396
3,206,827
519,810
1,012,301
1,480,581
2,909,347
3,325,592
394,494
840,949
1,287,149
2,695,880
3,203,745
RATIOS
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
6.00
15.00
15.00
EPS (Rp)
22.54
48.05
73.50
153.82
174.55
BV (Rp)
423.80
471.92
601.91
766.72
957.01
DAR (X)
0.37
0.35
0.37
0.41
0.36
DER(X)
0.58
0.55
0.59
0.68
0.55
ROA (%)
4.44
7.91
8.83
12.87
12.19
ROE (%)
7.01
12.26
14.04
21.66
18.93
GPM (%)
61.68
63.61
63.87
72.56
75.71
OPM (%)
35.14
34.23
38.40
50.68
48.31
NPM (%)
20.98
36.06
39.67
50.61
85.18
Payout Ratio (%)
26.62
20.41
9.75
0.67
1.35
1.16
Dividend (Rp)
Yield (%)
-115
2010
2011
2012
2013
Sep-14

3,327
2,906
3,327
2,649
1,970
1,479
1,012
1,291
520
612
-67
2010
2011
2012
2013
Sep-14
57
COMPANY REPORT
CPIN
CHAROEN POKPHAND INDONESIA TBK.
Company Profile
PT Charoen Pokphand Indonesia Tbk. was established dated January 7th, 1972. The
Companystarteditscommercialoperationsin1972.
TheCompanyisengagedinpoultryfeed,breedingandcultivationofbroilertogetherwith
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
territoryofRepublicofIndonesia.
The Companys branches are located in Sidoardjo, Medan, Tangerang, Cirebon, Balaraja,
Serang,Lampung,Denpasar,Surabaya,Semarang,Makasar,andSalatiga.
TheCompanyhasdirectandindirectownershipinsubsidiaries:
PTCharoenPokphandJayaFarm,
PTPrimafoodInternational,
PTVistaGrain,
PTPolyPackagingIndustry,
PTFeprotamaPertiwi,
PTAgricoInternational,
PTSaranaProteindoUtama
PTSingaMasInternational
PTPrimaRitelIndonesia
PTPrimaPersadaPropertindo.
TheCompanyandSubsidiarieshad4,618employeesasofSeptember30th,2014.
February 2015
Disclaimer:
58
CPIN Charoen Pokphand Indonesia Tbk. [S]

Main Board
Industry Sector : Basic Industry And Chemicals (3)
Industry Sub Sector : Animal Feed (36)
Individual Index
:
Listed Shares
:
18,012.479
16,398,000,000
64,854,090,000,000
17 | 64.9T | 1.23% | 55.35%
41 | 10.2T | 0.70% | 68.75%
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
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
1. Hadi Gunawan Tjoe
2. Herman Sugianto *)
3. Jiacipto Jiaravanon
4. Jialipto Jiaravanon
5. Suparman Satrodimedjo *)
6. Tjiu Thomas Effendy
BOARD OF DIRECTORS
1. Rusmin Riyadi
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 Sastrodimedjo
5. Yustinus Eddy Tiono
CORPORATE SECRETARY
Hadijanto Kartika
HEAD OFFICE
Jln. Ancol VIII/1
Jakarta 14430

1. PT Central Agromina
2. Public (<5%)
9,106,385,410 :
7,291,614,590 :
Bonus
Cash
Year
1990
1991
1992
1992
1993
1993
1993
1994
1995
1997
1996
1999
2001
2002
2006
2009
2010
2011
2012
2013
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
39.80
42.00
46.00
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
16-Jun-11
07-Jun-12
28-Jun-13
30-Jun-14
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
17-Jun-11
08-Jun-12
01-Jul-13
01-Jul-14
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
21-Jun-11
12-Jun-12
03-Jul-13
03-Jul-14
55.53%
44.47%
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
05-Jul-11
26-Jun-12
17-Jul-13
18-Jul-14
F
F
I
F
I
I
F
F
I
B
F
F
F
F
F
F
F
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) 692-7068

Fax
: (62-021) 690-7324
Homepage
Email
F/I
: www.cp.co.id
: hadijanto@cp.co.id
59

Closing
Price*
Closing Price
Volume
(Mill. Sh)
5,600
640
4,900
560
4,200
480
3,500
400
2,800
320
2,100
240
1,400
160
700
80
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Basic Industry and Chemicals Index
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Charoen Pokphand Indonesia Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
1,900
1,730
2,025
2,050
1,960
2,025
2,875
2,925
2,975
2,850
2,725
2,450
Low
1,380
1,460
1,480
1,910
1,830
1,830
1,990
2,225
1,910
2,125
2,175
2,050
Close
1,490
1,520
2,025
1,930
1,930
1,990
2,725
2,750
2,400
2,675
2,300
2,150
(X)
38,004
28,352
47,145
24,105
26,170
19,160
27,950
56,102
50,440
34,599
27,967
28,085
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
4,225
4,245
4,500
4,280
4,025
3,940
4,070
4,080
4,345
4,250
4,160
4,230
3,260
3,840
3,950
3,770
3,690
3,700
3,750
3,845
3,800
3,700
3,725
3,700
4,135
4,235
3,995
3,770
3,775
3,770
3,950
3,845
4,240
4,200
4,110
3,780
52,996
39,926
52,039
55,123
36,562
37,159
38,918
36,653
51,557
46,971
32,369
47,461
197,493
164,966
218,463
207,713
202,005
94,959
702,054
123,617
196,641
165,721
150,127
159,444
749,683
664,928
911,471
833,655
788,856
363,997
2,740,259
493,004
815,987
661,121
589,361
621,438
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
4,025
3,725
3,955
47,230
169,097
657,060
21

518,564
857,993
388,787
613,020
820,665 1,411,264
298,075
583,449
306,123
580,528
341,579
660,625
434,797 1,026,968
751,536 1,976,446
668,175 1,670,181
367,795
913,970
284,756
706,453
304,442
689,839
21
18
23
20
21
20
21
19
20
21
22
21
210%
180%
150%
120%
120.9%
90%
60%
41.9%
33.2%
30%
-30%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
5,485
11,691
408
247
3,173
9,087
237
246
2,832
11,754
389
244
2,583
10,234
528
242
169
657
47
21
2,975
1,380
2,150
2,150
3,650
2,100
3,650
3,650
5,550
2,550
3,375
3,375
4,500
3,260
3,780
3,780
4,025
3,725
3,955
3,955
22.33
9.79
7.32
21.87
6.83
5.56
27.14
16.60
5.68
28.40
16.29
5.94
Price (Rupiah)
High
Low
Close
Close*
14.95
PER (X)
10.41
PER Industry (X)
5.70
PBV (X)
60
2014 Jan-15

Book End : December
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
1,316,840
876,198
954,694
1,146,852
766,268
Receivables
946,603
1,381,707
1,846,576
2,531,089
3,269,351
Inventories
1,554,780
2,339,543
3,366,317
4,044,737
4,385,153
Current Assets
4,274,636
5,250,245
7,180,890
8,824,900
9,789,680
Fixed Assets
1,931,069
3,198,604
4,593,000
6,389,545
8,372,371
51,645
46,105
49,920
67,834
BALANCE SHEET
Other Assets
Total Assets
Assets
46,685
6,518,276

Total Liabilities
16,000
12,000
8,000
35.74%
39.56%
27.32%
22.27%
4,000
1,461,341
1,575,552
2,167,652
2,327,048
3,385,307
574,899
1,083,182
2,004,511
3,444,249
4,929,348
2,036,240
2,658,734
4,172,163
5,771,297
8,314,655
30.57%
56.92%
38.33%
44.07%
400,000
400,000
400,000
400,000
400,000
16,398
163,980
163,980
163,980
163,980
1,640
16,398
16,398
16,398
16,398
10
10
10
10
10
Growth (%)
Current Liabilities
8,848,204 12,348,627 15,722,197 19,224,022
Growth (%)
Liabilities
20,000
2010
2011
2012
2013
Sep-14

Authorized Capital
Paid up Capital
Par Value
Retained Earnings
4,173,277
5,876,112
7,871,460
9,648,061 10,606,367
Total Equity
4,482,036
6,189,470
8,176,464
9,950,900 10,909,367
38.10%
32.10%
21.70%
9.63%
Dec-11
Dec-12
Dec-13
Sep-14
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
Gross Profit
Expenses (Income)
Operating Profit
8,176
8,684
6,189
6,458
4,482
4,233
2,007
15,077,822 17,957,972 21,310,925 25,662,992 21,783,415
19.10%
Growth (%)
Cost of Revenues
10,909
9,951
18.67%
20.42%
-218
2010
3,754,114
3,924,246
4,491,512
5,149,808
916,695
915,033
1,032,832
1,571,511
1,086,340
2,837,419
3,009,213
3,458,680
3,758,297
2,302,848
6.05%
14.94%
8.66%
3,389,188
Tax
2013
Sep-14

25,663
25,663
-19,192
-34,633
-82,181
-126,964
-197,890
2,818,227
2,974,580
3,376,499
3,451,333
2,104,958
598,366
612,083
695,627
922,643
392,129
2,219,861
2,362,497
2,680,872
2,528,690
1,712,829
6.43%
13.48%
-5.68%
Growth (%)
21,783
21,311
17,958
20,428
Income before Tax
2012
11,323,708 14,033,726 16,819,413 20,513,184 18,394,227
Growth (%)
2011
15,078
15,192
9,957
4,722
Period Attributable
2,210,266
2,355,475
2,684,064
2,530,909
1,712,614
2,219,861
2,362,497
2,680,872
2,528,690
1,712,829
2,210,266
2,355,475
2,684,064
2,530,909
1,712,614
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
292.51
333.23
331.28
379.23
289.18
39.80
42.00
46.00
46.00
RATIOS
Current Ratio (%)
Dividend (Rp)
EPS (Rp)
1,347.89
143.64
163.68
154.34
104.44
BV (Rp)
2,733.28
377.45
498.63
606.84
665.29
DAR (X)
0.31
0.30
0.34
0.37
0.43
DER(X)
0.45
0.43
0.51
0.58
0.76
ROA (%)
34.06
26.70
21.71
16.08
8.91
ROE (%)
49.53
38.17
32.79
25.41
15.70
GPM (%)
24.90
21.85
21.08
20.07
15.56
OPM (%)
18.82
16.76
16.23
14.64
10.57
NPM (%)
14.72
13.16
12.58
9.85
7.86
Payout Ratio (%)
2.95
29.24
28.10
29.80
Yield (%)
2.16
1.95
1.26
1.36
-513
2010
2011
2012
2013
Sep-14

2,681
2,681
2,220
2,362
2,529
2,134
1,713
1,587
1,040
493
-54
2010
2011
2012
2013
Sep-14
61
C
CO
OM
MP
PA
AN
NY
Y R
RE
EP
PO
OR
RT
T
CTRA
CIPUTRA DEVELOPMENT TBK.
Company Profile
PTCiputraDevelopmentTbk.isoneofIndonesialeadingpropertycompanies.Established
onOctober22nd,1981,thedevelopmentoflargescaleresidentialandcommercialproperties
istheexpertiseandcorebusinessofCiputraDevelopment.
The Companys head office is located at Jln. Prof. DR. Satrio Kav. 6, South Jakarta. The
Company started commercial operations in 1984. PT Sang Pelopor is the ultimate parent
companyoftheCompanyandSubsidiaries.
The Companys business scope consists of the development and sale of real estate,
apartments, office spaces, shopping centers, recreational places and their facilities and
provision of services related to the design, development and maintenance of housing
facilities, including but not limited to golf courses, family clubs, restaurants and other
recreationcentersandtheirfacilities.
TheCompanyhasdirectandindirectsubsidiaries:
PTCiputraPropertyTbk.,
PTCiputraSuryaTbk.,
PTCiputraResidence,
PTCiputraGrahaMitra,
PTCiputraIndah,
PTCiputraRayaSejahtera,
PTCitraTumbuhBahagia,
PTPentaOktoeneatama,
PTCitralandGrahaRealty,and
LongFieldEnterprisesLimited.
AsofSeptember30th,2014,theCompanyandsubsidiarieshad2,566employees.
February 2015
Disclaimer:
62
CTRA Ciputra Development Tbk. [S]

Main Board
Individual Index
:
Listed Shares
:
316.280
15,165,815,994
21,838,775,031,360
44 | 21.8T | 0.41% | 72.18%
60 | 6.84T | 0.47% | 79.86%
COMPANY HISTORY
Established Date
: 22-Oct-1981
Listing Date
: 28-Mar-1994
Under Writer IPO :
PT Bapindo Bumi Securities
PT Baring Securities
PT Indovest Securities
PT Inter-Pacific Securities
PT EDI Indonesia
Wisma SMR 10th Fl.
Jln. Yos Sudarso Kav. 89 Jakarta 14350
Phone : (021) 650-5829, 652-1010
Fax
: (021) 650-5987
1. Ciputra
2. Cosmas Batubara *)
3. Dian Sumeler
4. Widigdo Sukarman *)
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

1. PT Sang Pelopor
2. Credit Suisse AG Singapore Trust A/C Clients - 2023
3. Public (<5%)
Bonus
Cash
Year
1994
1995
1996
2000
2010
2011
2012
2013
Shares
Dividend
89.00
80.00
41.00
20 : 23
6.00
7.00
12.00
19.00
Cum Date
19-Jul-95
17-Jul-96
07-Jul-97
14-Nov-00
25-Jul-11
24-Jul-12
05-Jul-13
03-Jul-14
Ex Date
20-Jul-95
18-Jul-96
08-Jul-97
15-Nov-00
26-Jul-11
25-Jul-12
08-Jul-13
04-Jul-14
4,644,750,000 :
1,168,660,076 :
9,352,405,918 :
Recording
Date
28-Jul-95
26-Jul-96
16-Jul-97
20-Nov-00
28-Jul-11
27-Jul-12
10-Jul-13
08-Jul-14
30.63%
7.71%
61.66%
Payment
Date
25-Aug-95
23-Aug-96
14-Aug-97
04-Dec-00
11-Aug-11
10-Aug-12
24-Jul-13
22-Jul-14
F
F
F
B
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
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 Brotosiswojo
HEAD OFFICE
Ciputra World 1 DBS Bank Tower 39th Floor
Jln. Prof. DR. Satrio Kav. 3-5
Jakarta - 12940
Phone : (021) 2988-5858, 2988-6868, 2988-7878
Fax
: (021) 2988-5858
Homepage
Email
F/I
: www.ciputradevelopment.com
: investor@ciputra.com
tulus@ciputra.com
lina@ciputra.com
63

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-11
Jan-12
Jan-13
Jan-14
Jan-15

385%
330%
311.4%
275%
220%
175.4%
165%
110%
55%
41.9%
-55%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013
2014 Jan-15

Value (Billion Rp)
Frequency (Thou. X)
Days
3,233
1,435
68
247
5,344
3,743
96
246
7,702
7,932
252
244
6,412
6,845
326
242
400
567
24
21
640
290
540
540
850
530
800
800
1,660
690
750
750
1,370
750
1,250
1,250
1,540
1,265
1,440
1,440
14.28
17.34
1.43
11.65
9.57
1.16
16.12
16.29
1.78
18.57
17.39
2.05
Price (Rupiah)
High
Low
Close
Close*
16.58
PER (X)
11.09
PER Industry (X)
1.07
PBV (X)
64
Closing Price
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Ciputra Development Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
365
320
380
400
435
460
550
600
580
540
540
640
Low
300
290
300
360
365
410
425
480
400
445
470
500
Close
305
310
370
390
415
430
550
500
510
490
490
540
(X)
6,463
3,720
6,633
4,834
6,726
5,450
6,398
6,649
7,958
4,924
3,200
5,428
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
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
890
1,075
1,215
1,245
1,165
1,115
1,285
1,250
1,215
1,145
1,360
1,370
750
825
950
975
975
915
925
1,125
990
940
1,110
1,150
855
975
1,160
1,015
1,055
925
1,155
1,215
1,015
1,145
1,310
1,250
26,138
32,859
31,909
35,036
25,946
20,398
31,650
22,305
30,700
30,348
15,214
23,067
668,360
757,992
677,349
643,602
539,769
361,390
724,249
230,736
557,735
469,685
300,576
480,618
553,096
725,870
741,908
693,465
582,155
369,902
831,982
278,171
609,379
482,997
368,513
607,496
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
1,540
1,265
1,440
23,557
400,391
567,209
21

303,391
100,459
166,002
50,088
310,564
105,731
218,733
83,783
305,850
125,770
231,730
99,127
513,521
249,550
351,157
188,620
236,714
120,070
200,292
101,183
155,959
78,501
238,772
132,399
21
18
23
20
21
20
21
19
20
21
22
21

Book End : December
BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
2,235,938
2,109,130
2,708,109
3,463,817
2,898,648
Assets
Receivables
312,316
324,816
580,855
779,270
893,408
Inventories
2,154,509
2,675,218
3,310,134
4,891,787
5,764,895
Investment
136,304
1,233,460
360,672
255,963
298,027
2,012,890
2,383,992
1,240,096
1,779,149
1,975,548
276,140
442,465
894,675
942,894
Fixed Assets
Other Assets
Total Assets
9,378,342 11,524,867 15,023,392 20,114,871 22,268,150
Growth (%)
9,000
33.89%
10.70%
4,500
-
282,159
801,939
1,470,810
2,728,066
3,334,577
27,157
27,963
10,495
662,647
880,617
2,126,198
3,877,433
Growth (%)
13,500
30.36%
Trade Payable
Total Liabilities
18,000
22.89%
Bank Payable
Liabilities
22,500
2010
2011
2012
2013
Sep-14
6,542,647 10,349,358 11,607,958
82.36%
68.74%
58.18%
12.16%
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
15,166
15,166
15,166
15,166
15,166
250
250
250
250
250
1,714,219
2,308,318

Par Value
Retained Earnings
Total Equity
207,726
441,555
924,494
7,252,144
7,647,434
8,480,745
5.45%
10.90%
Growth (%)
INCOME STATEMENTS
Total Revenues
9,765,513 10,660,191
15.15%
9.16%
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
1,692,687
2,178,331
3,322,669
5,077,062
4,226,921
28.69%
52.53%
52.80%
Growth (%)
8,486
7,252
7,647
10,660
8,481
6,311
4,136
1,961
-213
2010
Cost of Revenues
957,985
1,135,339
1,656,106
2,530,589
2,034,635
Gross Profit
734,702
1,042,992
1,666,563
2,546,473
2,192,286
Operating Expenses
359,782
503,533
686,190
894,946
728,560
Operating Profit
374,920
539,459
980,373
1,651,527
1,463,727
43.89%
81.73%
68.46%
Growth (%)
9,766
10,660
2011
2012
2013
Sep-14

5,077
5,077
4,227
4,041
104,819
79,319
49,038
57,964
-51,964
Income before Tax
482,273
618,778
1,029,411
1,709,492
1,411,762
93,022
124,766
180,028
296,103
225,277
389,251
494,011
849,383
1,413,388
1,186,485
26.91%
71.94%
66.40%
Tax
Growth (%)
3,323
3,006
2,178
1,970
1,693
934
Period Attributable
257,960
324,824
589,100
976,715
882,249
389,252
494,011
849,383
1,413,388
1,186,485
257,961
324,824
589,100
976,715
882,249
RATIOS
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
6.00
7.00
12.00
19.00
EPS (Rp)
17.01
21.42
38.84
64.40
58.17
BV (Rp)
478.19
504.25
559.20
643.92
702.91
DAR (X)
0.23
0.34
0.44
0.51
0.52
DER(X)
0.29
0.51
0.77
1.06
1.09
ROA (%)
4.15
4.29
5.65
7.03
5.33
ROE (%)
5.37
6.46
10.02
14.47
11.13
GPM (%)
43.40
47.88
50.16
50.16
51.86
OPM (%)
22.15
24.76
29.51
32.53
34.63
NPM (%)
23.00
22.68
25.56
27.84
28.07
Payout Ratio (%)
35.27
32.68
30.89
29.50
1.71
1.30
1.50
2.53
Dividend (Rp)
Yield (%)
-102
2010
2011
2012
2013
Sep-14

1,413
1,413
1,186
1,125
849
837
548
389
494
260
-28
2010
2011
2012
2013
Sep-14
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. which previously known as PT Excelcomindo Pratama Tbk., was initially
established under the name PT Grahametropolitan Lestari, was established on October 6th,
1989.
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.
On 26 September 2013, the Company signed a Conditional Sale Purchase Agreement of PT
AXIS Telekom Indonesia (AXIS) with Saudi Telecom Company (STC) and Teleglobal
Investment B.V. (Teleglobal). Under the agreement, Teleglobal shall sell and the Company
shall purchase Teleglobals share ownership in AXIS under certain conditions.
Extraordinary General Meeting of Shareholders of the Company on 5 February 2014
approved the acquisition and merger plan of the Company and AXIS. On 19 March 2014 the
sale and purchase transaction has become effective. The Company accounts for the
acquisition of AXIS by applying the acquisition method. Subsequently, the Company and
AXIS merged effective as at 8 April 2014. At the effective date of merger, all asset and
liabilities of AXIS were transferred to the Company and according to law, the legal entity of
AXIS was dissolved.
February 2015
Disclaimer:
66
EXCL XL Axiata Tbk. [S]

Main Board
Industry Sector : Infrastructure, Utilities And Transportation (7)
Industry Sub Sector : Telecommunication (73)
Individual Index
:
Listed Shares
:
240.000
8,534,490,667
40,965,555,201,600
24 | 41.0T | 0.77% | 61.52%
46 | 9.61T | 0.66% | 72.17%
COMPANY HISTORY
Established Date
: 06-Oct-1989
Listing Date
: 29-Sep-2005
Under Writer IPO :
PT CIMB Niaga Securities
PT GK Goh Indonesia
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Tan Sri Dato' Ir. Muhammad Radzi bin Haji Mansor
2. Azran Osman Rani
3. Chari TVT
4. Peter J. Chambers *)
5. Yasmin Stamboel Wirjawan *)
6. Dato' Sri Jamaludin bin Ibrahim

1. Axiata Investments (Indonesia) Sdn. Bhd.
2. Public (<5%)
Bonus
Cash
Year
2006
2007
2010
2011
2012
2013
Shares
Dividend
7.00
20.00
107.00
129.88
135.00
64.00
Cum Date
22-May-07
28-Apr-08
11-May-11
20-Apr-12
02-May-13
13-May-14
Ex Date
23-May-07
29-Apr-08
12-May-11
23-Apr-12
03-May-13
14-May-14
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
19-May-14
66.49%
33.51%
Payment
Date
11-Jun-07
16-May-08
31-May-11
09-May-12
22-May-13
04-Jun-14
I
F
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
Type of Listing
First Issue
Company Listing
Right Issue
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. Mohamed Adlan bin Ahmad Tajudin
4. Williem Lucas Timmermans
5. Ongki Kurniawan
AUDIT COMMITTEE
1. Peter J. Chambers
2. Haryanto Thamrin
3. Paul Capelle
4. Yasmin Stamboel Wirjawan
CORPORATE SECRETARY
Murni Nurdini
HEAD OFFICE
Grha XL
Jln. DR. Ide Anak Agung Gde Agung Lot. E4 - 7 No. 1
Kawasan Mega Kuningan, Jakarta Selatan - 12950
Phone : (021) 576-1881
Fax
: (021) 576-1880
Homepage
Email
F/I
: www.xl.co.id
: murni@xl.co.id
67

Closing
Price*
Volume
(Mill. Sh)
7,400
800
6,475
700
5,550
600
4,625
500
3,700
400
2,775
300
1,850
200
925
100
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Infrastructure, Utilities and Transportation Index
50%
41.9%
40%
34.8%
30%
20%
10%
-8.6%
-10%
-20%
-30%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
1,467
8,209
130
247
2,364
14,149
134
246
2,047
10,130
191
244
1,790
9,610
357
242
230
1,060
47
21
Price (Rupiah)
High
Low
Close
Close*
7,100
3,675
4,525
4,525
7,400
4,400
5,700
5,700
6,050
3,750
5,200
5,200
7,075
3,990
4,865
4,865
5,000
4,300
4,800
4,800
17.71
17.53
3.16
42.97
12.11
2.90
-34.55
20.04
2.97
-34.09
18.82
2.93
13.62
PER (X)
11.09
PER Industry (X)
2.82
PBV (X)
68
2014 Jan-15
Closing Price
Freq.
Volume
Value
Day
TRADING ACTIVITIES

XL Axiata Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
5,950
5,800
5,900
7,100
7,000
6,300
6,350
5,800
5,650
5,700
5,550
4,750
Low
4,975
4,975
5,250
5,500
6,050
5,700
5,700
4,600
3,675
4,425
4,500
4,150
Close
5,250
5,700
5,450
6,800
6,150
6,150
5,750
5,050
4,975
5,000
4,650
4,525
(X)
4,925
4,978
4,143
8,002
17,490
14,706
10,177
16,016
14,667
12,608
10,207
11,596
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
5,300
5,000
4,550
5,175
5,575
5,450
5,525
6,025
7,075
6,300
5,525
5,150
4,850
4,300
3,990
4,365
4,860
4,900
5,000
5,375
5,400
5,125
4,980
4,580
4,850
4,650
4,400
5,175
5,475
5,100
5,400
5,950
6,200
5,525
5,100
4,865
22,225
32,727
33,592
28,635
26,302
28,657
20,387
31,608
34,983
32,758
27,877
37,529
99,350
103,733
97,339
305,643
109,043
67,767
53,902
337,915
190,918
156,530
126,255
141,702
503,950
480,312
421,072
1,568,654
573,104
345,596
286,216
1,932,196
1,228,932
919,631
658,998
691,756
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
5,000
4,300
4,800
47,136
229,930
1,060,346
21

56,510
311,674
130,463
685,980
116,397
655,579
82,986
505,343
292,579 1,875,647
180,249 1,088,323
108,508
657,815
97,839
512,779
87,788
444,954
395,922
79,468
83,184
405,435
669,847
150,947
21
18
23
20
21
20
21
19
20
21
22
21

Book End : December
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
366,161
998,113
791,805
1,317,996
6,951,316
Receivables
558,601
669,978
597,077
1,332,444
264,902
Inventories
61,044
66,595
49,807
49,218
77,237
2,228,017
3,387,237
3,658,985
BALANCE SHEET
Current Assets
Fixed Assets
Other Assets
Total Assets
Assets
23,197,199 25,614,830 29,643,274 30,928,452 35,859,030

1,793,181
2,050,802
431,359
468,199
412,648
27,251,281 31,170,654 35,455,705 40,277,626 63,706,488
Growth (%)
Current Liabilities
5,844,114 13,309,762
4,563,033
14.38%
13.75%
8,728,212
8,739,996
13.60%
45,000
30,000
15,000
7,931,046 15,398,292
10,973,174
Total Liabilities
15,536,207 17,478,142 20,085,669 24,977,479 49,745,863
8,749,930 11,345,673 17,046,433 34,347,571
12.50%
14.92%
24.35%
99.16%
2,265,000
2,265,000
2,265,000
2,265,000
2,265,000
850,800
851,857
852,628
853,449
853,449
8,508
8,519
8,526
8,534
8,534
100
100
100
100
100
5,507,942
7,426,556
9,063,057
8,966,866
7,509,832
Growth (%)
60,000
58.17%
Liabilities
75,000
2010
2011
2012
2013
Dec-14

Authorized Capital
Paid up Capital
Par Value
Retained Earnings
Total Equity
11,715,074 13,692,512 15,370,036 15,300,147 13,960,625
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
16.88%
12.25%
-0.45%
-8.75%
Dec-11
Dec-12
Dec-13
Dec-14
7.18%
12.06%
1.41%
10.32%
Cost of Revenues
Gross Profit
Operating Profit
12,235
9,099
5,964
2,828
-307
2010
4,352,463
1,658,288
428,412
-61.90%
-74.17%
Tax
-915,830
-637,624
-601,042
-268,621
-1,498,198
3,867,981
3,864,643
3,751,421
1,389,667
-1,069,786
976,720
1,034,542
-986,774
356,850
178,723
2,891,261
2,830,101
2,764,647
1,032,817
-891,063
-2.12%
-2.31%
-62.64%
N/A
Growth (%)
2011
2012
2013
Dec-14

23,460
21,265
Income before Tax
13,961
11,715
12,674,828 14,210,511 16,617,343 19,606,772 23,031,603
Growth (%)
15,300
17,458,639 18,712,778 20,969,806 21,265,060 23,460,015
Growth (%)
Expenses (Income)
15,370
13,693
17,459
20,970
21,265
2012
2013
18,713
16,927
12,589
8,251
3,913
Period Attributable
2,891,261
2,830,101
2,764,647
1,032,817
-891,063
2,891,261
2,830,101
2,743,915
1,055,965
-917,315
2,891,261
2,830,101
2,743,915
1,055,965
-891,063
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
48.83
38.81
41.86
73.69
86.44
107.00
129.88
135.00
64.00
RATIOS
Current Ratio (%)
Dividend (Rp)
339.83
332.23
324.25
121.02
-104.41
BV (Rp)
1,376.95
1,607.37
1,802.67
1,792.74
1,635.79
DAR (X)
0.57
0.56
0.57
0.62
0.78
DER(X)
1.33
1.28
1.31
1.63
3.56
ROA (%)
10.61
9.08
7.80
2.56
-1.40
ROE (%)
24.68
20.67
17.99
6.75
-6.38
GPM (%)
OPM (%)
20.76
7.80
1.83
NPM (%)
16.56
15.12
13.18
4.86
-3.80
Payout Ratio (%)
31.49
39.09
41.63
52.89
2.02
2.87
2.37
1.23
EPS (Rp)
Yield (%)
-425
2010
2011
Dec-14

2,891
2,830
2,765
2,891
2,133
1,033
1,374
616
Dec-14
-143
2010
2011
2012
2013
-901
-891
69
COMPANY REPORT
GGRM
GUDANG GARAM TBK.
Company Profile
PT Gudang Garam Tbk. previously named as PT Perusahaan Rokok Tjap Gudang Garam
Kediri (PT Gudang Garam), was established on June 30th, 1971. The Company is a
continuation of a Proprietorship which was established in 1958. In 1969, the Company
changed its legal status to a Partnership and in 1971 it was further changed its existing
legalentityasaLimitedLiabilityCompany.Commercialoperationwascommencedin1958.
The Company is engaged in cigarette industry and other related cigarette industry
activities.PTSuryaDutaInvestaistheCompanysultimateparent.
The Companys Head Office at Jln. Semampir II/1, Kediri, East Java, and its plants are
located in Kediri, Gempol, and SoloKartasura. The Company also has representative
offices, which are Jakarta Representative Office at Jln. Jenderal A. Yani 79, Jakarta and
SurabayaRepresentativeOfficeatJln.Pengenal715,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)andMachinemadeKretekCigarette(SKM)thathasbeendistributedboth
nationwideandworldwide.
Measuredbytotalasset,productssalesgain,numberofemployees,taxandcustomsand
other contributions, PT Gudang Garam Tbk. has become a national cigarette company
whichgivessignificantcontributionforIndonesia.
Thecompanyhasdirectownershipinsubsidiaries:
PTSuryaPamenang,
PTSuryaMadistrindo,
PTGrahaSuryaMedia,
PTSuryaAir,and
PTSuryaIntiTembakau.
TheendofSeptember2014,theCompanyandsubsidiarieshad46,410employees.
February 2015
Disclaimer:
70
GGRM Gudang Garam Tbk.

Main Board
Industry Sector : Consumer Goods Industry (5)
Industry Sub Sector : Tobacco Manufacturers (52)
2,255.610
Individual Index
:
Listed Shares
:
1,924,088,000
10 | 111.2T | 2.10% | 45.12%
27 | 14.0T | 0.97% | 57.51%
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
Phone : (021) 252-5666
Fax
: (021) 252-5028
1. Juni Setiawati Wonowidjojo
2. Frank Willem Van Gelder *)
3. Gotama Hengdratsonata *)
4. Lucas Mulia Suhardjo
BOARD OF DIRECTORS
1. Susilo Wonowidjojo
2. Buana Susilo
3. Herry Susianto
4. Heru Budiman
5. Istata Taswin Sidharta
6. Sony Sasono Rahmadi
AUDIT COMMITTEE
1. Frank Willem Van Gelder
2. Bambang Susilo
3. Jusuf Halim
CORPORATE SECRETARY
Heru Budiman
HEAD OFFICE
Jakarta: Jln. Jend. A. Yani No. 79, Jakarta - 10510
Kediri: Jl. Semampir II/1 Kediri 64121

1. PT Suryaduta Investama
2. PT Suryamitra Kusuma
3. Public (<5%)
1,333,146,800 :
120,442,700 :
470,498,500 :
Bonus
Cash
Year
1991
1992
1993
1994
1995
1995
1996
1997
1998
1999
2000
2001
2002
2003
2005
2005
2006
2007
2008
2009
2010
2011
2012
2013
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
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
06-Aug-14
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
07-Aug-14
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
11-Aug-14
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
25-Aug-14
F
F
F
B
F
F
F
F
F
I
F
F
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, (0354) 682-091

Fax
: (021) 424-3136, (0354) 681-555
Homepage
Email
F/I
: www.gudanggaramtbk.com
: corporate_secretary@gudanggaramtbk.com
71

Closing
Price*
Volume
(Mill. Sh)
68,000
16.0
59,500
14.0
51,000
12.0
42,500
10.0
34,000
8.0
25,500
6.0
17,000
4.0
8,500
2.0
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Consumer Goods Industry Index
120%
109.6%
100%
80%
60%
41.9%
40.8%
40%
20%
-20%
-40%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
332
15,706
185
247
370
20,026
228
246
447
20,285
272
244
270
14,031
406
242
32
1,822
52
21
Price (Rupiah)
High
Low
Close
Close*
67,000
33,300
62,050
62,050
63,800
45,900
56,300
56,300
57,800
32,000
42,000
42,000
64,250
39,700
60,700
60,700
64,000
51,900
57,800
57,800
26.62
19.75
4.07
18.67
15.98
2.75
21.67
24.22
3.66
20.63
25.21
3.49
24.08
PER (X)
16.22
PER Industry (X)
4.86
PBV (X)
72
2014 Jan-15
Closing Price
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Gudang Garam Tbk.
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
41,350
38,350
43,100
41,500
44,900
50,100
57,000
56,500
61,500
61,150
65,000
67,000
Low
34,000
33,300
35,850
40,000
40,350
43,300
47,400
46,900
47,400
51,000
56,000
59,100
Close
37,250
36,550
41,850
40,600
43,550
49,800
50,900
55,000
52,500
58,600
65,000
62,050
(X)
19,222
15,422
17,678
14,189
9,674
11,628
13,717
18,035
21,191
18,610
12,066
13,867
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
45,525
48,500
49,550
57,125
57,925
55,000
54,475
55,900
57,050
61,500
64,250
61,525
39,700
40,600
43,600
48,075
52,050
51,300
52,075
52,925
53,750
55,500
57,550
57,100
41,900
47,700
49,400
56,500
52,050
53,500
54,200
54,000
56,675
57,750
61,175
60,700
36,083
32,197
45,202
47,605
40,365
27,283
31,574
28,021
31,266
32,263
29,427
24,515
31,659
27,944
30,887
34,082
29,671
14,579
17,100
15,965
18,150
20,315
17,355
12,653
1,343,558
1,265,725
1,455,094
1,778,189
1,633,510
775,015
913,076
868,891
1,012,034
1,171,073
1,057,785
757,153
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
64,000 51,900 57,800
51,790
31,660
1,822,015
21

42,483 1,594,349
29,060 1,036,576
31,054 1,239,465
28,806 1,166,285
17,711
754,867
23,804 1,093,954
26,505 1,348,972
31,756 1,672,663
29,637 1,594,104
30,293 1,706,426
20,160 1,231,087
20,282 1,267,505
21
18
23
20
21
20
21
19
20
21
22
21

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

BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
1,249,249
1,094,895
1,285,799
1,404,108
1,403,964
915,004
937,987
1,382,539
2,196,086
1,610,411

Receivables
Assets
Inventories
20,174,168 28,020,017 26,649,777 30,241,368 33,521,222
Current Assets
22,908,293 30,381,754 29,954,021 34,604,461 37,991,611
Fixed Assets
Other Assets
Total Assets
7,406,632
411,400

Total Liabilities
479,473
1,122,077
1,318,730
729,639
30,741,679 39,088,705 41,509,325 50,770,251 56,579,914
27.15%
25,000
8,481,933 13,534,319 13,802,317 20,094,580 23,319,823
1,003,458
1,101,295
22.31%
37,500
12,500
939,470
6.19%
50,000
11.44%
Growth (%)
Current Liabilities
8,189,881 10,389,326 14,788,915 17,795,721
1,259,400
Liabilities
62,500
1,359,107
2010
2011
2012
2013
Sep-14
9,421,403 14,537,777 14,903,612 21,353,980 24,678,930
54.31%
2.52%
43.28%
15.57%
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 (%)

Authorized Capital
Paid up Capital
Par Value
Retained Earnings
20,181,418 23,382,278 25,471,948 28,261,414 30,764,987
Total Equity
21,320,276 24,550,928 26,605,713 29,416,271 31,900,984
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
8.37%
10.56%
8.45%
Dec-11
Dec-12
Dec-13
Sep-14
11.12%
17.06%
13.07%
18,885
12,378
5,870
2010
2011
2012
2013
Sep-14
28,826,410 31,754,984 39,843,974 44,563,096 38,488,344

8,865,587 10,129,368
9,184,722 10,873,858
Expenses (Income)
3,234,291
3,514,397
3,159,041
418,214
3,346,600
6,025,681
6,691,722
6,354,832
9,701,432
11.05%
Growth (%)

55,437
Income before Tax
5,631,296
Tax
1,416,507
4,214,789
Growth (%)
49,029
55,437
44,128
26,606
21,320
-638
Gross Profit
Operating Profit
24,551
25,393
31,901
37,691,997 41,884,352 49,028,696 55,436,954 48,189,776
Growth (%)
Cost of Revenues
15.15%
29,416
31,901
-495,035
-755,518
-926,209
6,614,971
5,530,646
5,936,204
5,428,623
1,656,869
-1,461,935
1,552,272
1,361,041
4,958,102
4,068,711
4,383,932
4,067,582
17.64%
-17.94%
7.75%
37,692
48,190
41,884
32,819
21,510
10,200
Period Attributable
4,146,282
4,894,057
4,013,758
4,328,736
4,042,843
4,214,789
4,958,102
4,068,711
4,383,932
4,067,582
4,146,282
4,894,057
4,013,758
4,328,736
4,042,843
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
Current Ratio (%)
270.08
224.48
217.02
172.21
162.92
Dividend (Rp)
880.00
1,000.00
800.00
800.00
EPS (Rp)
2,154.93
2,543.57
2,086.06
2,249.76
2,101.17
BV (Rp)
11,080.72
12,759.77
13,827.70
15,288.42
16,579.79
DAR (X)
0.31
0.37
0.36
0.42
0.44
DER(X)
0.44
0.59
0.56
0.73
0.77
ROA (%)
13.71
12.68
9.80
8.63
7.19
ROE (%)
19.77
20.20
15.29
14.90
12.75
GPM (%)
23.52
24.18
18.73
19.61
20.13
OPM (%)
12.29
12.07
13.19
NPM (%)
11.18
11.84
8.30
7.91
8.44
Payout Ratio (%)
40.84
39.31
38.35
35.56
2.20
1.61
1.42
1.90
RATIOS
Yield (%)
-1,109
2010
2011
2012
2013
Sep-14

4,958
4,958
4,215
4,069
4,384
4,068
3,947
2,935
1,924
912
-99
2010
2011
2012
2013
Sep-14
73
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.
Thescopeofitsactivitiescomprises,amongothers,themanufactureofnoodlesandfood
ingredients,culinaryfoodproducts,biscuits,snacks,nutritionandspecialfoods,packaging,
trading,transportation,warehousingandcoldstorage,managementservices,andresearch
anddevelopment.
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.
PTIndofoodSuksesMakmur,Indonesia,andFirstPacificCompanyLimited,HongKong,are
theparententityandtheultimateparententity,respectively,oftheCompany.
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.
The longterm investment in the associated entity are PT Nestle Indofood Citarasa
Indonesia,PTAsahiIndofoodBeverageMakmurandPTPrimaCahayaIndobeverages.As
ofSeptember30th,2014,theGrouphad30,096employees.
February 2015
Disclaimer:
74
ICBP IndofoodCBPSuksesMakmurTbk.[S]
Main Board
Industry Sub Sector : Food And Beverages (51)
Individual Index
:
Listed Shares
:
268.767
5,830,954,000
84,548,833,000,000
14 | 84.5T | 1.60% | 51.61%

47 | 9.59T | 0.66% | 72.83%
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
Phone : (021) 252-5666
Fax
: (021) 252-5028
2. Adi Pranoto Leman *)
3. Alamsyah
4. F.G. Winarno *)
5. Franciscus Welirang
6. Moleonoto
7. Wahjudi Prakarsa *)

1. PT Indofood Sukses Makmur Tbk.
2. Public (<5%)
4,664,763,000 :
1,166,191,000 :
Bonus
Cash
Year
2010
2011
2013
Shares
Dividend
116.00
169.00
190.00
Cum Date
21-Jun-11
13-Jul-12
10-Jul-14
Ex Date
22-Jun-11
16-Jul-12
11-Jul-14
Recording
Date
24-Jun-11
18-Jul-12
15-Jul-14
80.00%
20.00%
Payment
Date
07-Jul-11
31-Jul-12
05-Aug-14
F
F
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 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
Gideon Ariprastomo Putro
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
F/I
: www.indofoodcbp.com
: gideon.putro@icbp.indofood.co.id
75
Closing
Price*
Volume
(Mill. Sh)
16,000
64.0
14,000
56.0
12,000
48.0
10,000
40.0
8,000
32.0
6,000
24.0
4,000
16.0
2,000
8.0
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

245%
210%
206.9%
175%
140%
109.6%
105%
70%
41.9%
35%
-35%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
1,430
7,278
84
247
990
6,084
73
246
1,082
11,297
217
244
899
9,593
331
242
91
1,243
34
21
Price (Rupiah)
High
Low
Close
Close*
6,000
3,800
5,200
5,200
8,300
4,975
7,800
7,800
13,400
7,600
10,200
10,200
13,400
9,800
13,100
13,100
16,050
12,450
14,500
14,500
19.88
19.75
3.79
26.73
15.98
4.48
27.67
24.22
5.26
30.63
25.21
5.82
SHARES TRADED
14.69
PER (X)
16.22
PER Industry (X)
2.83
PBV (X)
76
2014 Jan-15
Closing Price
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Indofood CBP Sukses Makmur Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
5,150
4,675
5,300
5,450
5,400
5,450
5,800
6,000
5,600
5,750
5,300
5,250
Low
4,350
4,300
4,600
5,100
5,050
4,925
5,400
5,300
3,800
4,650
4,875
4,875
Close
4,575
4,575
5,300
5,400
5,050
5,400
5,800
5,300
4,925
5,300
5,150
5,200
(X)
15,091
7,386
8,462
5,234
4,707
4,174
5,994
7,456
11,353
5,355
5,991
3,224
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
11,700
11,350
11,300
10,275
10,400
10,275
10,575
10,650
11,400
11,575
11,450
13,400
11,000
11,175
10,100
10,000
10,200
10,000
10,450
10,500
11,350
11,050
11,250
13,100
31,608
33,839
40,130
31,126
22,065
21,362
21,883
27,066
25,934
33,698
18,187
24,568
68,488
78,008
124,778
113,027
55,236
46,268
78,643
74,737
57,043
77,025
56,536
69,230
734,990
852,458
1,318,297
1,131,541
557,582
465,777
812,824
781,831
629,638
858,355
624,570
825,565
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
16,050 12,450 14,500
33,591
90,954
1,243,010
21
9,900
10,450
9,950
9,800
9,925
9,875
9,950
10,100
10,500
10,500
10,800
11,150

248,406 1,177,703
120,754
540,317
167,772
824,126
109,382
584,014
108,877
569,475
81,379
418,328
118,404
673,478
128,240
727,782
159,002
800,880
279,275
53,012
89,997
458,703
44,489
224,012
21
18
23
20
21
20
21
19
20
21
22
21
Book End : December
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
3,407,687
4,420,644
5,484,318
5,526,173
6,271,561
Receivables
2,026,249
2,378,402
2,328,181
2,549,415
3,766,437
Inventories
1,422,466
1,629,883
1,812,887
2,868,722
2,596,730
Current Assets
7,017,835
8,580,311
9,888,440 11,321,715 13,143,083
Fixed Assets
2,304,588
2,590,036
3,839,756
4,844,407
5,367,105
136,855
169,718
888,529
175,523
BALANCE SHEET
Other Assets
Total Assets
Assets
13,361,313 15,222,857 17,753,480 21,267,470 23,847,327
Growth (%)
15,000
10,000
16.62%
19.79%
12.13%
5,000
-
2,701,200
2,988,540
3,579,487
4,696,583
5,702,545
1,297,932
1,524,544
2,187,195
3,305,156
3,626,126
Total Liabilities
3,999,132
4,513,084
5,766,682
8,001,739
9,328,671
12.85%
27.78%
38.76%
16.58%
Growth (%)
20,000
13.93%
Current Liabilities
Liabilities
25,000
2010
2011
2012
2013
Sep-14

Authorized Capital
750,000
750,000
750,000
750,000
750,000
Paid up Capital
583,095
583,095
583,095
583,095
583,095
5,831
5,831
5,831
5,831
5,831
100
100
100
100
100
Retained Earnings
2,344,832
3,643,786
4,837,947
5,978,662
6,940,967
Total Equity
8,919,546 10,709,773 11,986,798 13,265,731 14,518,656

Par Value
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
11.92%
10.67%
9.44%
Dec-11
Dec-12
Dec-13
Sep-14
11,987
7.83%
11.40%
16.31%
8,920
8,595
5,633
2,671
-290
2010
4,983,456
5,031,259
5,778,609
6,425,691
Expenses (Income)
2,451,679
2,423,258
2,936,549
3,653,767
3,514,809
Operating Profit
2,531,777
2,608,001
2,842,060
2,771,924
2,546,264
3.01%
8.97%
-2.47%
-12,635
136,909
185,130
195,066
170,551
2,519,142
2,744,910
3,027,190
2,966,990
2,716,815
666,913
678,545
744,819
733,699
708,531
1,827,909
2,066,365
2,282,371
2,235,040
2,008,284
13.05%
10.45%
-2.07%
Growth (%)
6,061,073
Tax
2012
2013
Sep-14

25,095
Growth (%)
22,784
25,095
21,575
19,975
Income before Tax
2011
12,976,664 14,335,896 15,796,183 18,668,990 16,722,847
Gross Profit
10,710
11,557
17,960,120 19,367,155 21,574,792 25,094,681 22,783,920
Growth (%)
Cost of Revenues
20.07%
14,519
13,266
14,519
17,960
19,367
14,856
9,737
4,617
Period Attributable
1,704,047
1,975,345
2,179,592
2,225,272
2,070,187
1,836,872
2,064,049
2,287,242
2,286,639
2,001,036
1,710,197
1,973,683
2,183,205
2,260,929
2,066,183
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
Current Ratio (%)
259.80
287.11
276.25
241.06
230.48
Dividend (Rp)
116.00
169.00
190.00
EPS (Rp)
292.24
338.77
373.80
381.63
355.03
BV (Rp)
1,529.69
1,836.71
2,055.72
2,275.05
2,489.93
DAR (X)
0.30
0.30
0.32
0.38
0.39
DER(X)
0.45
0.42
0.48
0.60
0.64
ROA (%)
13.68
13.57
12.86
10.51
8.42
ROE (%)
20.49
19.29
19.04
16.85
13.83
GPM (%)
27.75
25.98
26.78
25.61
26.60
OPM (%)
14.10
13.47
13.17
11.05
11.18
NPM (%)
10.18
10.67
10.58
8.91
8.81
Payout Ratio (%)
39.69
49.89
49.79
2.48
3.25
1.86
RATIOS
Yield (%)
-502
2010
2011
2012
2013
Sep-14

2,282
2,066
2,282
2,235
2,008
1,828
1,817
1,351
886
420
-46
2010
2011
2012
2013
Sep-14
77
CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT
INCO
VALE INDONESIA TBK.
Company Profile
PT Vale Indonesia Tbk. (formerly International Nickel Indonesia Tbk.) was established on
July 25th, 1968.
The Companys immediate parent company is Vale Canada Limited and e ultimate parent
entity is Vale S.A., a company established under the laws of the Federal Republic of Brazil.
The Companys plant is located in Sorowako, South Sulawesi and the registered office is
located in Jakarta.
The Companys main activities are exploration and mining, processing, storage,
transportation and marketing of nickel and associated mineral products. The Company
started its commercial operations in 1978.
PT Vale Indonesia Tbk. is one of the worlds premier producers of nickel. A versatile metal,
which is important in improving living standards and fostering economic growth. For more
than three decades, since the signing of its Contract of Work with the Indonesian
Government in 1968, the Company has provided skilled jobs, shown concern for the needs
of the communities in which it operates, benefited shareholders and contributed positively
to the Indonesian economy.
The total number of employees at December 31st, 2014 was 3,122.
February 2015
Disclaimer:
78
INCO ValeIndonesiaTbk.[S]
Main Board
Industry Sub Sector : Metal And Mineral Mining (23)
Individual Index
:
Listed Shares
:
1,408.163
9,936,338,720
34,280,368,584,000
29 | 34.3T | 0.65% | 65.09%

30 | 12.8T | 0.88% | 60.20%
COMPANY HISTORY
Established Date
: 25-Jul-1968
Listing Date
: 16-May-1990
Under Writer IPO :
PT Vale Indonesia Tbk.
Plaza Bapindo - Citibank Tower 22nd Fl.
Phone : (021) 524-9000
Fax
: (021) 524-9020
1. Jennifer Anne Maki
2. Stuart Alan Harshaw
3. Arief T. Surowidjojo *)
4. Gerd Peter Poppinga
5. Idrus Paturusi *)
6. Irwandi Arif *)
7. Kevin James Graham
8. Mark James Travers
9. Mikinobu Ogata
10. Nabuhiro Matsumoto
BOARD OF DIRECTORS
1. Nicolaas D. Kanter
2. Bernardus Irmanto
3. Febriany Eddy
4. Josimar S. Pires
AUDIT COMMITTEE
1. Irwandy Arif
2. Erry Firmansyah
3. Sidharta Utama
CORPORATE SECRETARY
Ratih Amri
HEAD OFFICE
Bapindo Plaza II, 22th Fl.
Jln. Jend Sudirman Kav. 54 - 55
Jakarta - 12190
Phone : (021) 524-9000, 524-9002
Fax
: (021) 524-9020
Homepage
Email
: www.vale.com/indonesia
: ratih.amri@valeinco.com
pti_corsec@valeinco.com

1. Vale Canada Limited
2. Sumitomo Metal Mining Co., Ltd.
3. Public (<5%)
5,835,607,960 :
1,996,281,680 :
2,104,449,080 :
Bonus
Cash
Year
1990
1991
1991
1991
1992
1993
1994
1994
1995
1995
1996
1996
1997
2002
2002
2003
2004
2004
2005
2005
2006
2006
2007
2007
2009
2010
2010
2011
2011
2012
2012
2013
2014
Shares
Dividend
USD 0.35
USD 0.15
USD 0.15
USD 0.15
USD 0.05
USD 0,05
USD 0,05
USD 0,05
USD 0,05
USD 0,05
USD 0.05
121.60
174.15
84.65
10.61
USD 0,15
USD 0.0125
USD 0.0975
USD 0.025
745.88
228.58
454.50
9,180.21
USD 0.02264
USD 0,01107
USD 0.02
USD 0.0146
USD 0.01
USD 0.0086
USD 0.00252
USD 0.00252
USD 0.00252
USD 0.01007
Cum Date
17-Sep-90
20-Mar-91
19-Sep-91
19-Mar-92
15-Apr-93
25-Apr-94
28-Oct-94
24-Apr-95
03-Nov-95
26-Apr-96
04-Nov-96
25-Apr-97
10-Nov-97
29-Apr-03
13-Nov-03
23-Apr-04
04-Nov-04
19-Apr-05
22-Nov-05
25-Apr-06
17-Nov-06
24-Apr-07
20-Nov-07
16-Apr-08
09-Dec-09
05-Oct-10
02-May-11
02-Nov-11
14-May-12
06-Dec-12
14-May-13
29-Nov-13
28-Nov-14
Ex Date
18-Sep-90
21-Mar-91
20-Sep-91
20-Mar-92
16-Apr-93
26-Apr-94
31-Oct-94
25-Apr-95
04-Nov-95
29-Apr-96
05-Nov-96
28-Apr-97
11-Nov-97
30-Apr-03
14-Nov-03
26-Apr-04
05-Nov-04
20-Apr-05
23-Nov-05
26-Apr-06
20-Nov-06
27-Apr-07
21-Nov-07
17-Apr-08
10-Dec-09
06-Oct-10
03-May-11
03-Nov-11
15-May-12
07-Dec-12
15-May-13
02-Dec-13
01-Dec-14
Recording
Date
25-Sep-90
28-Mar-91
30-Sep-91
27-Mar-92
23-Apr-93
03-May-94
07-Nov-94
02-May-95
14-Nov-95
07-May-96
13-Nov-96
06-May-97
19-Nov-97
02-May-03
18-Nov-03
28-Apr-04
09-Nov-04
25-Apr-05
25-Nov-05
28-Apr-06
22-Nov-06
27-Apr-07
23-Nov-07
21-Apr-08
14-Dec-09
08-Oct-10
05-May-11
07-Nov-11
21-May-12
11-Dec-12
17-May-13
04-Dec-13
03-Dec-14
58.73%
20.09%
21.18%
Payment
Date
25-Oct-90
30-Apr-91
30-Oct-91
30-Apr-92
21-May-93
01-Jun-94
07-Dec-94
02-Jun-95
13-Dec-95
05-Jun-96
12-Dec-96
04-Jun-97
18-Dec-97
19-May-03
05-Dec-03
13-May-04
25-Nov-04
10-May-05
08-Dec-05
12-May-06
05-Dec-06
11-May-07
07-Dec-07
06-May-08
29-Dec-09
22-Oct-10
20-May-11
21-Nov-11
01-Jun-12
27-Dec-12
31-May-13
18-Dec-13
17-Dec-14
F/I
I
I
I
F
F
I
F
I
F
I
F
I
F
F
F
F
F
F
F
F
F
I
F
I
I
F
I
F
I
F
I
I
ISSUED HISTORY
No.
1.
2.
3.
4.
Type of Listing
First Issue
Company Listing
Stock Split
Stock Split
Shares
49,681,694
198,726,774
745,225,404
8,942,704,848
Listing
Date
16-May-90
31-Jan-01
03-Aug-04
15-Jan-08
Trading
Date
16-May-90
31-Jan-01
03-Aug-04
15-Jan-08
79
Closing
Price*
Volume
(Mill. Sh)
5,200
160
4,550
140
3,900
120
3,250
100
2,600
80
1,950
60
1,300
40
650
20
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Mining Index
80%
60%
41.9%
40%
20%
-20%
-30.7%
-40%
-60%
-60.7%
-80%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
2,118
9,054
227
247
2,413
6,786
206
246
2,310
5,664
186
244
3,720
12,783
550
242
157
555
49
21
Price (Rupiah)
High
Low
Close
Close*
5,200
2,525
3,200
3,200
4,050
2,025
2,350
2,350
3,075
1,770
2,650
2,650
4,575
2,115
3,625
3,625
3,695
3,285
3,450
3,450
38.48
8.49
1.40
55.52
20.76
1.25
16.97
3.23
1.60
16.15
2.93
1.52
10.51
PER (X)
16.17
PER Industry (X)
1.98
PBV (X)
80
2014 Jan-15
Closing Price
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Vale Indonesia Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
5,000
5,200
5,150
5,100
5,000
4,850
4,600
4,325
4,050
3,725
3,650
3,300
Low
4,475
4,675
4,525
4,675
4,775
4,375
4,225
3,275
2,850
2,525
3,000
2,975
Close
4,600
5,050
4,775
4,975
4,775
4,500
4,250
3,650
3,025
3,650
3,050
3,200
(X)
19,615
15,698
27,569
22,181
14,242
14,822
17,072
21,889
21,706
25,349
15,009
11,353
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
4,050
4,050
3,625
3,375
3,125
2,675
2,900
2,475
3,100
2,950
2,750
2,475
3,150
3,425
3,300
3,025
2,250
2,200
2,400
2,250
2,250
2,500
2,025
2,100
4,000
3,625
3,375
3,100
2,500
2,675
2,425
2,300
2,950
2,700
2,075
2,350
16,222
21,630
16,820
17,770
21,967
21,761
13,954
10,714
18,317
12,939
19,826
14,110
136,649
244,576
176,733
235,208
224,183
238,700
127,868
94,081
251,490
134,995
282,528
265,884
488,753
896,760
606,434
752,854
596,323
579,306
345,078
223,583
686,458
360,581
645,022
605,288
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
2,900
3,075
2,850
2,850
2,850
2,575
2,175
2,525
2,725
2,750
2,650
2,800
2,350
2,600
2,350
2,375
2,450
1,920
1,770
1,770
2,200
2,250
2,300
2,300
2,750
2,700
2,375
2,850
2,550
2,025
1,770
2,300
2,250
2,475
2,400
2,650
16,519
15,878
18,082
11,715
9,351
14,312
26,994
22,109
17,867
12,214
9,622
11,825
264,254
189,153
156,260
243,235
115,097
129,454
275,925
259,951
239,312
142,143
97,518
197,647
707,204
535,185
416,753
608,803
304,185
294,878
550,652
543,386
586,568
359,087
241,610
515,246
21
20
19
22
22
19
23
17
21
21
20
19
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
2,800
2,650
2,850
3,745
4,240
3,965
4,025
4,185
4,575
3,825
4,175
4,145
2,115
2,230
2,390
2,815
3,430
3,525
3,525
3,785
3,710
3,455
3,625
3,525
2,305
2,390
2,820
3,550
3,915
3,555
4,025
4,180
3,750
3,790
3,985
3,625
28,319
26,254
42,732
44,937
57,730
27,874
40,957
51,392
64,604
63,431
53,963
48,022
285,267
267,495
554,968
476,712
454,246
191,590
310,152
260,878
295,695
220,286
201,141
201,988
707,505
658,048
1,485,366
1,599,051
1,775,539
711,230
1,162,055
1,044,808
1,224,296
807,541
778,894
828,546
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
3,695
3,285
3,450
49,254
157,356
555,099
21

217,052 1,032,126
182,851
911,378
263,637 1,259,948
224,850 1,095,998
181,462
878,385
138,739
634,003
154,731
679,451
196,592
752,722
124,389
431,854
234,798
736,607
105,240
349,325
93,821
291,926
21
18
23
20
21
20
21
19
20
21
22
21
Book End : December
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
3,628,270
3,619,538
1,665,551
2,454,245
4,598,087
Receivables
1,784,934
1,776,340
2,098,980
808,618
1,299,186
Inventories
915,630
1,480,541
1,478,050
1,852,721
1,722,942
6,389,598
7,077,773
5,462,486
6,840,464
8,387,544
BALANCE SHEET
Current Assets
Fixed Assets
Other Assets
Total Assets
Assets
13,148,353 14,321,555 15,709,602 20,267,120 19,693,572

115,107
142,431
164,602
173,142
19,663,930 21,956,911 22,560,884 27,989,330 29,011,670
11.66%
Growth (%)
18,000
12,000
24.06%
3.65%
6,000
-
1,419,395
1,621,522
1,601,981
2,072,403
2,265,827
3,162,931
4,292,565
4,312,636
4,882,883
4,219,368
Total Liabilities
4,582,326
5,914,086
5,914,617
6,955,286
6,485,195
29.06%
0.01%
17.59%
-6.76%
Growth (%)
24,000
2.75%
Current Liabilities
Liabilities
30,000
2010
2011
2012
2013
Sep-14

Authorized Capital
993,634
993,634
993,634
993,634
993,634
Paid up Capital
248,408
248,408
248,408
248,408
248,408
9,936
9,936
9,936
9,936
9,936
25
25
25
25
25

Par Value
Retained Earnings
Total Equity
INCOME STATEMENTS
6.37%
Dec-10
Dec-11
11,458,828 11,267,489
-1.67%
Growth (%)
3.76%
26.36%
Dec-12
Dec-13
Sep-14
9,354,052 11,308,498
9,431,291
-16.98%
7.10%
20.89%
16,043
16,646
2011
2012
5,855,856
6,594,195
7,742,015
9,591,999
6,571,375
5,602,972
4,673,294
1,612,037
1,716,499
2,859,916
248,727
522,779
578,237
855,918
555,964
5,354,246
4,150,514
1,033,800
860,581
2,303,953
-22.48%
-75.09%
-16.76%
Growth (%)
13,336
8,740
4,145
2010
Gross Profit
Operating Profit
15,082
-451
Cost of Revenues
Expenses (Income)
17,931
22,526
1,508,160 12,124,034 12,641,214 15,952,141 17,468,594

15,081,604 16,042,824 16,646,267 21,034,044 22,526,475
Growth (%)
Total Revenues
21,034
2013
Sep-14

11,459
11,308
11,267
9,431
9,354
9,121
-134,948
-48,858
-149,740
-180,099
-111,398
Income before Tax
5,219,297
4,101,656
884,060
680,482
2,192,555
Tax
1,292,652
1,075,093
231,393
206,222
600,696
3,926,645
3,026,563
652,667
474,260
1,591,859
-22.92%
-78.44%
-27.34%
Growth (%)
6,784
4,446
2,108
Period Attributable
3,926,645
3,026,563
652,667
474,260
1,591,859
3,926,645
3,026,563
652,667
526,530
1,591,859
3,926,645
3,026,563
652,667
526,530
1,591,859
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
450.16
436.49
340.98
330.07
370.18
Dividend (Rp)
303.50
169.38
49.01
30.14
123.81
EPS (Rp)
395.18
304.60
65.68
47.73
160.21
BV (Rp)
1,517.82
1,614.56
1,675.29
2,116.88
2,267.08
DAR (X)
0.23
0.27
0.26
0.25
0.22
DER(X)
0.30
0.37
0.36
0.33
0.29
ROA (%)
19.97
13.78
2.89
1.69
5.49
ROE (%)
26.04
18.87
3.92
2.25
7.07
GPM (%)
48.90
41.48
17.23
15.18
30.32
OPM (%)
46.73
36.84
11.05
7.61
24.43
NPM (%)
34.27
26.86
6.98
4.19
16.88
Payout Ratio (%)
76.80
55.61
74.61
63.15
77.28
6.23
5.29
2.09
1.14
3.30
RATIOS
Current Ratio (%)
Yield (%)
-229
2010
2011
2012
2013
Sep-14

3,927
3,927
3,027
3,126
2,325
1,592
1,524
653
723
474
-79
2010
2011
2012
2013
Sep-14
81
COMPANY REPORT
INDF
INDOFOOD SUKSES MAKMUR TBK.
Company Profile
PT Indofood Sukses Makmur Tbk. is a leading Total Food Solutions Company with
operation spanning from the production of raw materials and their processing, to
consumerproductsinthemarket.Indofoodcapitalizesonitsresilientbusinessmodelwith
five complementary Strategic Business Groups, namely: Consumer Branded Products. Its
business activities are conducted by PT Indofood CBP Sukses Makmur Tbk., which was
listedontheIndonesiaStockExchangefrom7October2010.
ICBPisoneoftheleadingconsumerbrandedproductproducersinIndonesia,withawide
rangeofconsumerproducts.In2013,ICBPstarteditsnonalcoholicbeveragebusiness,and
has current portfolio of readytodrink tea, packaged water, carbonated soft drinks and
fruitjuicedrinks.
Bogasari. The Group is primarily a producer of wheat flour and pasta, with business
operationssupportedbyitsownshippingandpackagingunits.
Agribusiness. The Group is led by Indofood Agri Resources Ltd., listed on the Singapore
StockExchange.BothofIndoAgrissubsidiaries,PTSalimIvomasPratamaTbk.andPTPP
London Sumatra Indonesia Tbk., are listed on the IDX. The Groups principal business
activities range from research and development, seed breeding, oil palm cultivation and
milling to the production and marketing of branded cooking oils, margarine and
shortening. In addition, the Group is also involved in the cultivation and processing of
rubberandsugarcaneaswellasothercrops.In2013,IndoAgriinitiatedexpansionofits
global business through equity investment in the sugar business in Brazil and the
Philippines.
Distribution. With the most extensive distribution network in Indonesia, this Group
distributes the majority of Indofoods and its subsidiaries consumer products as well as
otherthirdpartyproducts.
Cultivation & Processed Vegetables. This Group activities are conducted by China
Minzhong Food Corporation Limited, which is listed on the SGX and is an integrated
vegetableprocessingcompanyinthePeople'sRepublicofChina.
February 2015
Disclaimer:
82
INDF IndofoodSuksesMakmurTbk.[S]
Main Board
Industry Sub Sector : Food And Beverages (51)
Individual Index
:
Listed Shares
:
1,292.383
8,780,426,500
66,292,220,075,000
16 | 66.3T | 1.25% | 54.13%

19 | 17.3T | 1.19% | 48.75%
COMPANY HISTORY
Established Date
: 14-Aug-1990
Listing Date
: 14-Jul-1994
Under Writer IPO :
PT Merincorp
Phone : (021) 252-5666
Fax
: (021) 252-5028
1. Manuel V. Pangilinan
3. Edward Anthony Tortorici
4. Graham Leigh Pickles
5. Hans Kartikahadi *)
6. Robert Charles Nicholson
7. Torstein Stephansen *)
8. Utomo Josodirdjo *)
BOARD OF DIRECTORS
1. Anthoni Salim
2. Axton Salim
3. Darmawan Sarsito (Kevin Sietho)
5. Joseph Bataona
6. Moleonoto (Paulus Moleonoto)
7. Taufik Wiraatmadja
8. Tjhie Tje Fie (Thomas Tjhie)
AUDIT COMMITTEE
1. Hans Kartikahadi
2. Hendra Susanto
3. Timotius

1. CAB Holdings Limited
2. Public (<5%)
4,396,103,450 :
4,384,323,050 :
Bonus
Cash
Year
1994
1995
1996
2000
2001
2002
2003
2005
2005
2006
2007
2008
2009
2010
2011
2012
2013
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
142.00
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
15-Jul-14
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
18-Jul-14
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
16-Jul-14
50.07%
49.93%
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
08-Aug-14
F
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
CORPORATE SECRETARY
Werianty Setiawan
HEAD OFFICE
Sudirman Plaza, Indofood Tower 27th Fl.
Jakarta - 12190
Phone : (021) 5795-8822
Fax
: (021) 5793-7373
Homepage
Email
F/I
: www.indofood.com
: werianty@indofood.co.id
83
Closing
Price*
Volume
(Mill. Sh)
8,000
64.0
7,000
56.0
6,000
48.0
5,000
40.0
4,000
32.0
3,000
24.0
2,000
16.0
1,000
8.0
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

120%
109.6%
100%
80%
60%
52.5%
41.9%
40%
20%
-20%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
3,845
20,321
335
247
3,371
17,526
274
246
3,207
21,844
359
244
2,490
17,300
517
242
455
3,360
59
21
6,800
4,150
4,600
4,600
6,200
4,400
5,850
5,850
8,000
5,350
6,600
6,600
7,800
6,325
6,750
6,750
7,725
6,850
7,550
7,550
10.54
19.75
1.50
23.14
15.98
1.51
14.67
24.22
1.45
16.41
25.21
1.63
Price (Rupiah)
High
Low
Close
Close*
8.05
PER (X)
16.22
PER Industry (X)
1.28
PBV (X)
84
2014 Jan-15
Closing Price
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Indofood Sukses Makmur Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
5,100
4,900
5,450
5,700
5,750
5,850
6,500
6,800
6,250
5,750
5,250
4,875
Low
4,300
4,550
4,750
5,200
5,250
5,150
5,700
5,850
4,150
4,575
4,600
4,500
Close
4,700
4,750
5,400
5,550
5,400
5,750
6,350
6,100
5,050
5,250
4,700
4,600
(X)
29,796
15,394
27,762
17,178
18,291
19,672
22,022
34,598
51,427
36,536
38,862
23,694
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
7,350
7,175
7,800
7,475
7,150
6,950
7,150
7,200
7,125
7,025
6,900
6,775
6,550
6,825
6,900
6,900
6,700
6,700
6,700
6,875
6,825
6,375
6,400
6,325
6,975
7,175
7,300
7,050
6,825
6,700
7,075
6,875
7,000
6,825
6,700
6,750
39,285
35,519
44,656
41,446
41,676
41,644
44,580
41,427
41,539
55,424
48,393
41,362
194,431
171,841
280,916
221,397
277,765
173,202
206,306
169,528
220,047
188,136
172,125
214,262
1,339,609
1,205,017
2,058,174
1,587,966
1,926,273
1,181,682
1,441,386
1,191,886
1,542,026
1,271,028
1,144,873
1,410,046
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
7,725
6,850
7,550
59,020
454,670
3,360,218
21

364,749 1,725,256
853,054
180,015
313,582 1,581,400
212,478 1,161,362
270,736 1,497,017
268,060 1,463,174
267,156 1,590,534
378,704 2,396,653
588,035 3,052,287
388,580 2,046,847
371,421 1,822,817
241,411 1,130,332
21
18
23
20
21
20
21
19
20
21
22
21
Book End : December
BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
Assets
10,439,353 13,049,048 13,343,028 13,666,194 13,765,398
Receivables
2,686,273
3,669,305
3,485,461
4,959,416
Inventories
5,644,141
6,536,343
7,782,594
8,160,539 10,057,505
4,568,228
Current Assets
20,077,994 24,501,734 26,202,972 32,464,497 37,956,106
Fixed Assets
11,737,142 12,921,013 15,775,741 23,027,913 24,539,628
Other Assets
Total Assets
1,133,994
13.35%
2,748,446
2,127,923
10.71%
31.64%
70,000
52,500
35,000
10.38%
17,500
9,859,118 12,831,304 13,080,544 19,471,309 22,263,321
Growth (%)
Current Liabilities
1,216,694
47,275,955 53,585,933 59,324,207 78,092,789 86,194,995
12,563,999
Total Liabilities
22,423,117 21,975,708 25,181,533 39,719,660 45,428,294
9,144,404 12,100,989 20,248,351 23,164,973
-2.00%
14.59%
57.73%
14.37%
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 (%)
Liabilities
87,500
2010
2011
2012
2013
Sep-14

Authorized Capital
Paid up Capital
Par Value
Retained Earnings
Total Equity
Growth (%)
INCOME STATEMENTS
Total Revenues
31,610
Dec-10
27.19%
8.01%
12.39%
6.24%
Dec-11
Dec-12
Dec-13
Sep-14
24,853
24,134
15,817
7,501
38,403,360 45,332,256 50,059,427 57,731,998 50,393,490
18.04%
Growth (%)
10.43%
15.33%
-815
2010
Cost of Revenues
25,916,354 32,749,190 36,493,332 43,402,144 36,773,592
Gross Profit
12,487,006 12,583,066 13,566,095 14,329,854 13,619,898
Expenses (Income)
6,190,943
5,732,047
6,695,501
7,611,873
7,565,410
Operating Profit
6,296,063
6,851,019
6,870,594
6,717,981
6,054,488
8.81%
0.29%
-2.22%
Growth (%)
Income before Tax
45,332
-863,688
-498,630
-560,838
-2,051,023
-662,523
6,352,389
6,309,756
4,666,958
5,391,965
Tax
1,497,567
1,460,716
1,530,310
1,252,072
1,412,914
3,934,808
4,891,673
4,779,446
3,416,635
3,979,051
24.32%
-2.29%
-28.51%
2012
2013
Sep-14
57,732
57,732
5,432,375
Growth (%)
2011
45,955
40,767
34,143
32,450
9,110,852 11,020,235 12,744,836 13,609,258 15,382,715

24,852,838 31,610,225 34,142,674 38,373,129 40,766,701
38,373
40,767
50,393
50,059
38,403
34,177
22,400
10,623
Period Attributable
2,952,858
3,077,180
3,261,176
2,503,841
3,029,375
4,016,793
5,017,425
4,871,745
5,161,247
3,960,944
3,029,667
3,203,898
3,346,600
4,011,240
3,003,195
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
Current Ratio (%)
203.65
190.95
200.32
166.73
170.49
Dividend (Rp)
133.00
175.00
185.00
142.00
RATIOS
336.30
350.46
371.41
285.16
345.01
2,830.48
3,600.08
3,888.50
4,370.30
4,642.91
DAR (X)
0.47
0.41
0.42
0.51
0.53
DER(X)
0.90
0.70
0.74
1.04
1.11
EPS (Rp)
BV (Rp)
ROA (%)
8.32
9.13
8.06
4.38
4.62
ROE (%)
15.83
15.47
14.00
8.90
9.76
GPM (%)
32.52
27.76
27.10
24.82
27.03
OPM (%)
16.39
15.11
13.72
11.64
12.01
NPM (%)
10.25
10.79
9.55
5.92
7.90
Payout Ratio (%)
39.55
49.93
49.81
49.80
2.73
3.80
3.16
2.15
Yield (%)
-1,155
2010
2011
2012
2013
Sep-14

4,892
4,779
4,892
3,979
3,935
3,417
3,894
2,896
1,898
900
-98
2010
2011
2012
2013
Sep-14
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:
PTLenteraAbadiSejahtera,
PTDianAbadiPerkasa,
PTGunungTuaMandiri,and
PTIndomixPerkasa,
PTSariBhaktiSejati,
Indocement(CaymanIslands)Limited.
PTMakmurAbadiPerkasaMandiri,
TheCompanyalsohasindirectownershipinsubsidiaries:
PTSahabatMuliaSakti,
PTPionirbetonIndustri,
PTMineralIndustriSukabumi,
PTMandiriSejahteraSentra,
PTMultiBangunGalaxy,and
PTBahanaIndonor,
PTBhaktiSariPerkasaAbadi.
PTTarabatuhManunggal,
PTTerangPrakasaCipta,
AsofSeptember30th,2014,theGrouphadatotalof7,397permanentemployees.
February 2015
Disclaimer:
86
INTP Indocement Tunggal Prakarsa Tbk. [S]

Main Board
Industry Sub Sector : Cement (31)
Individual Index
:
Listed Shares
:
920.000
3,681,231,699
84,668,329,077,000
13 | 84.7T | 1.60% | 50.01%
15 | 20.5T | 1.41% | 43.58%
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
Phone : (021) 252-5666
Fax
: (021) 252-5028
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 *)
BOARD OF DIRECTORS
1. Christian Kartawijaya
3. Daniel Kundjono Adam
4. Daniel R. Fritz
5. Fransiscus Welirang
6. Hasan Imer
7. Kuky Permana Kumalaputra
8. Ramakanta Bhattacharjee
9. Tju Lie Sukanto
AUDIT COMMITTEE
1. I Nyoman Tjager
2. Jusuf Halim
3. Lindawati Gani

1. Birchwood Omnia Limited
2. PT Mekar Perkasa
3. Public (<5%)
1,877,480,863 :
479,735,234 :
1,324,015,602 :
Bonus
Cash
Year
1991
1991
1992
1993
1993
1994
1995
1995
1996
1996
2005
2006
2007
2008
2009
2010
2011
2012
2013
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
900.00
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
19-Jun-14
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
24-Jun-14
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
20-Jun-14
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
08-Jul-14
I
F
F
F
B
F
I
F
F
B
F
I
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
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
Pigo Pramusakti Kusdihardjo
HEAD OFFICE
Wisma Indocement 8th Fl.
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
87

Closing
Price*
Closing Price
Volume
(Mill. Sh)
28,000
24.0
24,500
21.0
21,000
18.0
17,500
15.0
14,000
12.0
10,500
9.0
7,000
6.0
3,500
3.0
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Freq.
Volume
Value
Day
TRADING ACTIVITIES

Indocement Tunggal Prakarsa Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
16,900
15,700
16,400
17,900
17,400
17,550
17,500
15,700
15,950
16,350
16,250
17,300
Low
12,750
13,600
14,100
15,800
16,300
16,350
15,300
13,400
10,700
11,700
14,400
15,000
Close
13,550
14,400
16,350
17,000
16,900
17,050
15,450
15,200
14,000
16,350
15,000
17,050
(X)
24,440
16,456
19,235
15,317
15,815
13,168
16,979
23,463
24,770
23,279
18,484
16,717
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
22,500
22,850
27,300
25,125
24,450
25,025
27,500
25,500
24,700
24,275
24,975
25,725
19,825
20,800
21,550
21,675
21,175
22,350
22,425
24,000
21,125
20,800
22,475
22,900
22,400
22,450
23,375
21,950
22,650
22,550
24,950
24,250
21,550
24,000
24,675
25,000
42,897
36,786
50,809
53,758
38,535
36,440
47,705
48,865
49,050
64,236
37,852
46,054
63,573
53,504
82,794
103,849
64,887
59,436
84,985
66,643
85,318
86,327
62,863
59,966
1,340,256
1,170,267
1,947,053
2,419,573
1,481,991
1,405,231
2,170,522
1,636,144
1,981,406
1,966,007
1,508,616
1,479,007
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
25,500 21,325 23,000
59,898
112,706
2,596,245
21

140,024 2,055,974
98,775 1,441,396
103,373 1,547,505
63,289 1,066,959
64,838 1,094,051
40,686
688,640
94,842 1,546,604
115,063 1,689,999
95,452 1,334,694
83,136 1,189,356
60,468
925,715
100,145 1,624,891
21
18
23
20
21
20
21
19
20
21
22
21
75%
60%
45%
43.3%
41.9%
33.2%
30%
15%
-15%
-30%
-45%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
1,060
16,206
228
247
841
16,063
217
246
955
20,627
314
244
874
20,506
553
242
113
2,596
60
21
Price (Rupiah)
High
Low
Close
Close*
17,900
10,700
17,050
17,050
23,250
15,800
22,450
22,450
27,400
16,500
20,000
20,000
27,500
19,825
25,000
25,000
25,500
21,325
23,000
23,000
17.35
9.79
4.26
14.69
6.83
3.20
18.57
16.60
3.96
17.09
16.29
3.64
17.43
PER (X)
10.41
PER Industry (X)
3.99
PBV (X)
88
2014 Jan-15

Book End : December
BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
Assets
4,684,870
6,864,567 10,474,126 12,595,187
9,625,181
Receivables
1,402,689
1,976,769
2,454,818
2,518,588
2,724,920
Inventories
1,299,549
1,327,720
1,470,305
1,473,645
1,913,646
Current Assets
7,484,807 10,314,573 14,579,400 16,846,248 14,771,427
Fixed Assets
7,702,770
7,638,064
7,935,224
102,661
128,546
141,371
Other Assets
Total Assets

Total Liabilities
324,750
483,788
15,346,146 18,151,331 22,755,160 26,607,241 26,397,171
22,000
16,500
11,000
18.28%
25.36%
16.93%
-0.79%
5,500
1,347,706
1,476,597
2,418,762
2,740,089
2,269,559
897,842
940,783
917,660
889,465
865,153
2,245,548
2,417,380
3,336,422
3,629,554
3,134,712
7.65%
38.02%
8.79%
-13.63%
Growth (%)
Current Liabilities
9,304,992 10,923,213
Growth (%)
Liabilities
27,500
2010
2011
2012
2013
Sep-14

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
3,681
3,681
3,681
3,681
3,681
500
500
500
500
500

Par Value
Retained Earnings
Total Equity
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
20.10%
23.42%
18.33%
1.24%
Dec-11
Dec-12
Dec-13
Sep-14
2013
Sep-14
19,419
13,101
13,771
9,026
4,280
11,137,805 13,887,892 17,290,337 18,691,286 14,166,879
24.69%
Growth (%)
24.50%
8.10%
-465
2010
Cost of Revenues
5,597,043
7,473,669
9,020,338 10,036,632
7,819,240
Gross Profit
5,540,762
6,414,223
8,269,999
8,654,654
6,347,639
Expenses (Income)
2,590,549
1,996,200
2,393,257
2,590,554
2,213,161
Operating Profit
4,061,213
4,418,023
5,876,742
6,064,100
4,134,478
8.79%
33.02%
3.19%
290,133
362,808
531,054
630,437
Growth (%)
187,263
4,248,476
4,708,156
6,239,550
6,595,154
4,764,915
Tax
1,023,795
1,106,640
1,476,162
1,582,860
1,045,483
3,224,681
3,601,516
4,763,388
5,012,294
3,719,432
11.69%
32.26%
5.23%
2012
17,290
18,691
Income before Tax
Growth (%)
2011

18,691
14,167
13,888
14,878
23,262
15,734
18,517
8,542,435 11,166,666 14,848,447 18,202,133 18,605,319

13,100,598 15,733,951 19,418,738 22,977,687 23,262,459
22,978
23,262
11,138
11,065
7,252
3,439
Period Attributable
3,224,942
3,596,918
4,760,382
5,010,240
3,716,295
3,224,681
3,601,516
4,763,388
5,217,953
3,631,434
3,224,942
3,596,918
4,760,382
5,215,899
3,628,297
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
Current Ratio (%)
555.37
698.54
602.76
614.81
650.85
Dividend (Rp)
263.00
293.00
450.00
900.00
RATIOS
876.05
977.10
1,293.15
1,361.02
1,009.52
BV (Rp)
3,558.75
4,274.10
5,275.07
6,241.85
6,319.21
DAR (X)
0.15
0.13
0.15
0.14
0.12
DER(X)
0.17
0.15
0.17
0.16
0.13
ROA (%)
21.01
19.84
20.93
18.84
14.09
ROE (%)
24.61
22.89
24.53
21.81
15.99
GPM (%)
49.75
46.19
47.83
46.30
44.81
OPM (%)
36.46
31.81
33.99
32.44
29.18
NPM (%)
28.95
25.93
27.55
26.82
26.25
Payout Ratio (%)
30.02
29.99
34.80
66.13
1.65
1.72
2.00
4.50
EPS (Rp)
Yield (%)
-374
2010
2011
2012
2013
Sep-14

4,763
3,990
3,225
5,012
3,719
3,602
2,967
1,945
922
-100
2010
2011
2012
2013
Sep-14
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.
In 2007, PT Indo Tambangraya Megah Tbk. was acquired by Banpu Group Thailand and
then in the month of December 2007 became a public company. Banpu, through PT
CentralinkWisesaInternational,owns77.60%ofshares.PTSigmaBuanaCemerlang,2.40%
sharesandtheremainingsharesareownedbythepublic.
In 2008, PT Centralink Wisesa International transferred 73.72% of its shares to Banpu
Minerals(Singapore)Pte.Ltd.thusmakingpublicsharesamountto26.28%.In2010,Banpu
Minerals (Singapore) Pte. Ltd. sold 8.72%of its shares to the public and thus maintained
majority ownership of 65% where the remainder was owned by the public in which,
individually,hadsharesoflessthan5%.
ThescopeofITMbusinessincludescoalminingoperations,processingandlogisticswhich
areintegratedinIndonesia.Thecompanyownsthemajorityofsharesinsevensubsidiaries
andoperatessixminingconcessionsintheislandofKalimantan,coveringEast,Centraland
SouthKalimantan.ITMalsoownsandoperatesTerminalBatubaraBontang(BontangCoal
Terminal/BoCT), three loading ports and Pembangkit Listrik Bontang [Bontang Electricity
Generator].
Those seven companies are PT Indominco Mandiri, PT Trubaindo Coal Mining, PT Jorong
BarutamaGrestonandPTKitadin(Embalut),PTBharintoEkatamaandPTKitadin(Tandung
Mayang),PTITMIndonesia,andPTTambangRayaUsahaTama.
February 2015
Disclaimer:
90
ITMG Indo Tambangraya Megah Tbk. [S]

Main Board
Individual Index
:
Listed Shares
:
119.643
1,129,925,000
18,926,243,750,000
50 | 18.9T | 0.36% | 74.46%
43 | 10.1T | 0.69% | 70.14%
COMPANY HISTORY
Established Date
: 02-Sep-1987
Listing Date
: 18-Dec-2007
Under Writer IPO :
PT UBS Securities Indonesia
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Ibrahim Yusuf
2. Djisman S. Simandjuntak
3. Lukmanul Hakim
4. Rudijanto Boentoro
5. Somruedee Chaimongkol
6. Somyot Ruchirawat
BOARD OF DIRECTORS
1. Pongsak Thongampai
2. A.H Bramantya Putra
3. Edward Manurung
4. Leksono Poeranto

1. Banpu Minerals (Singapore) Private Limited
2. Public (<5%)
Bonus
Cash
Year
2007
2008
2008
2008
2009
2009
2010
2010
2011
2012
2012
2013
2013
2014
Shares
Dividend
155.00
344.00
295.00
706.00
678.00
1,286.00
795.00
407.00
1,168.00
1,666.00
1,464.00
1,014.00
975.00
1,100.00
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
29-Oct-12
26-Apr-13
29-Oct-13
28-Apr-14
29-Oct-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
30-Oct-12
29-Apr-13
30-Oct-13
29-Apr-14
30-Oct-14
736,071,000 :
393,854,000 :
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
01-Nov-12
01-May-13
01-Nov-13
02-May-14
03-Nov-14
65.14%
34.86%
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-Nov-12
15-May-13
15-Nov-13
14-May-14
14-Nov-14
F
I
I
F
I
F
I
F
I
F
F
I
F
I
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
91

Closing
Price*
Closing Price
Volume
(Mill. Sh)
58,000
16.0
50,750
14.0
43,500
12.0
36,250
10.0
29,000
8.0
21,750
6.0
14,500
4.0
7,250
2.0
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Mining Index
45%
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Indo Tambangraya Megah Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
57,950
48,650
51,400
50,250
48,000
47,500
52,000
51,350
47,000
45,100
45,000
40,450
Low
43,700
43,650
39,900
46,650
44,400
44,000
44,500
40,000
37,500
34,300
36,250
34,950
Close
46,300
45,700
46,200
46,800
47,000
44,750
50,500
43,150
39,250
44,650
38,150
38,650
(X)
29,196
22,560
49,551
24,415
22,941
11,842
22,708
21,131
23,568
20,495
19,148
18,594
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
28,700
28,550
26,150
26,725
30,250
30,100
27,600
29,450
29,500
27,050
21,300
18,900
24,850
25,100
22,350
23,950
24,875
26,500
24,850
25,775
25,075
19,350
17,350
15,050
26,800
26,000
24,350
25,475
28,650
27,000
26,150
28,175
25,975
21,175
19,025
15,375
40,294
34,416
41,387
37,248
30,442
25,672
35,242
36,220
27,702
81,720
54,192
49,907
30,444
23,323
38,547
41,019
26,577
15,751
21,517
26,395
15,967
76,365
64,940
55,439
792,755
622,390
941,922
1,032,303
724,102
444,016
568,758
744,484
432,678
1,613,718
1,230,510
918,673
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
16,750 14,275 16,750
48,405
38,476
585,918
21

64,211 3,267,046
40,535 1,874,932
90,260 4,107,414
41,472 1,992,811
46,175 2,148,862
21,509
989,239
52,561 2,535,598
42,572 1,939,362
38,180 1,631,637
36,042 1,454,671
27,770 1,146,861
30,704 1,170,734
21
18
23
20
21
20
21
19
20
21
22
21
41.9%
30%
15%
-15%
-30%
-45%
-60%
-60.7%
-69.2%
-75%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
532
24,259
286
247
386
15,257
206
246
306
9,905
196
244
436
10,066
494
242
38
586
48
21
Price (Rupiah)
High
Low
Close
Close*
57,950
34,300
38,650
38,650
45,800
30,150
41,550
41,550
42,900
24,200
28,500
28,500
30,250
15,050
15,375
15,375
16,750
14,275
16,750
16,750
11.38
8.49
4.84
11.39
20.76
2.72
6.32
3.23
1.47
6.88
2.93
1.60
8.74
PER (X)
16.17
PER Industry (X)
4.46
PBV (X)
92
2014 Jan-15

Book End : December
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
2,644,640
5,553,388
4,460,094
3,542,435
2,812,028
Receivables
1,359,610
2,321,598
2,439,567
2,383,251
2,311,492
Inventories
633,245
970,013
1,459,919
1,483,112
1,863,634
Current Assets
5,459,998
9,670,360
9,369,534
9,157,445
7,082,961
Fixed Assets
3,126,948
3,122,629
3,244,382
3,884,351
3,552,816
20,174
13,031
20,626
133,277
135,142
BALANCE SHEET
Other Assets
Total Assets
Assets
9,783,380 14,313,602 14,420,136 17,081,558 16,258,180
Current Liabilities
Total Liabilities
14,000
10,500
7,000
46.31%
0.74%
18.46%
-4.82%
3,500
2,976,449
4,087,383
4,225,993
4,597,250
4,528,818
333,578
425,489
500,771
657,807
554,074
3,310,027
4,512,872
4,726,764
5,255,057
5,082,892
36.34%
4.74%
11.18%
-3.28%
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
564,963
564,963
564,963
1,500,000
564,963
1,130
1,130
1,130
3,000
1,130
500
500
500
500
500
7,005,372
6,288,935
Growth (%)
Growth (%)
Liabilities
17,500
2010
2011
2012
2013
Dec-14

Authorized Capital
Paid up Capital
Par Value
Retained Earnings
3,052,682
6,188,194
5,893,836
Total Equity
6,473,353
9,800,731
9,693,372 11,826,501 11,175,288
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
-1.10%
22.01%
-5.51%
Dec-11
Dec-12
Dec-13
Dec-14
9,801
9,693
11,175
2011
2012
9,438
7,019
6,473
4,601
2,182
14,977,028 21,598,843 23,584,559 26,733,422 24,158,858
44.21%
Growth (%)
Cost of Revenues
51.40%
11,827
11,857
9.19%
13.35%
-9.63%
-237
2010
2013
Dec-14
10,114,588 13,509,570 16,417,475 20,485,612 19,083,801
Gross Profit
4,862,440
8,089,273
7,167,085
6,247,810
5,075,057
Expenses (Income)
1,604,252
1,678,967
1,451,061
2,309,778
1,816,452
Operating Profit
3,258,188
6,410,305
96.74%
Growth (%)

26,733
26,733
21,599
24,159
23,585
21,280

Income before Tax
Tax
-768,104
208,773
2,490,084
6,619,078
5,716,024
3,938,032
3,258,605
657,217
1,666,807
1,538,168
1,109,993
768,694
1,832,868
4,952,271
4,177,856
2,828,039
2,489,911
170.19%
-15.64%
-32.31%
-11.96%
Growth (%)
14,977
15,826
10,373
4,919
Period Attributable
1,832,868
4,952,271
4,177,856
2,828,039
2,489,911
1,697,928
4,999,225
4,125,029
2,828,039
2,489,911
1,697,928
4,999,225
4,125,029
2,828,039
2,489,911
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
183.44
236.59
221.71
199.19
156.40
Dividend (Rp)
1,202.00
1,168.00
3,130.00
1,989.00
1,100.00
EPS (Rp)
1,622.11
4,382.83
3,697.46
942.68
2,203.61
BV (Rp)
5,729.01
8,673.79
8,578.78
3,942.17
9,890.29
DAR (X)
0.34
0.32
0.33
0.31
0.31
DER(X)
0.51
0.46
0.49
0.44
0.45
ROA (%)
18.73
34.60
28.97
16.56
15.31
ROE (%)
28.31
50.53
43.10
23.91
22.28
GPM (%)
32.47
37.45
30.39
23.37
21.01
OPM (%)
21.75
29.68
NPM (%)
12.24
22.93
17.71
10.58
10.31
Payout Ratio (%)
74.10
26.65
84.65
210.99
49.92
2.37
3.02
7.53
6.98
7.15
RATIOS
Current Ratio (%)
Yield (%)
-535
2010
2011
2012
2013
Dec-14

4,952
4,952
4,178
3,942
2,828
2,490
2,932
1,833
1,921
911
-99
2010
2011
2012
2013
Dec-14
93
C
CO
OM
MP
PA
AN
NY
Y R
RE
EP
PO
OR
RT
T
JSMR
JASA MARGA (PERSERO) TBK.
Company Profile
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 caracteristics are
defensiveandresistanttofluctuatedconditionofglobaleconomy.
Based on the toll road concessions granted directly from the Government, Jasa Marga
currently manages and operates 13 toll road concessions through its nine branch offices
andonesubsidiary
Apart from developing more toll roads to add the length of the toll roads operated, the
Companyalsodevelopsotherbusinessesbycapitalizingvariousassetsownedsuchasthe
following:
Utilityandlandrent.
Restareaandpropertydevelopment.
Advertisement
Variousservices,includingtollroadoperationfromotherparties.
Goingforward,theCompanysbusinessprospectwillberobustasitissupportedbynew
concessions with sound financial feasibility that is integrated with existing concession
portfolio,strongandtrustedfinancialstructure,aswellasassetsutilizationinprospective
businesses,which,inturnwillsupporttheCompanyssustainablegrowth.
February 2015
Disclaimer:
94
JSMR JasaMarga(Persero)Tbk.[S]
Main Board
Industry Sub Sector : Toll Road, Airport, Harbor And Allied Products (72)
Individual Index
:
Listed Shares
:
423.529
6,800,000,000
48,960,000,000,000
20 | 49.0T | 0.93% | 58.24%

33 | 11.5T | 0.79% | 62.70%
COMPANY HISTORY
Established Date
: 01-Mar-1978
Listing Date
: 12-Nov-2007
Under Writer IPO :
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Agoes Widjanarko
2. Akhmad Syakhroza
3. Boediarso Teguh Widodo
4. Ibnu Purna Muchtar
5. Michael Dendron Primanto *)
6. Samsoedin *)

2. Public (<5%)
4,760,000,000 :
2,040,000,000 :
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
10-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
95
Closing
Price*
Volume
(Mill. Sh)
7,400
160
6,475
140
5,550
120
4,625
100
3,700
80
2,775
60
1,850
40
925
20
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

120%
102.8%
100%
80%
60%
41.9%
34.8%
40%
20%
-20%
-40%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
2,175
7,871
141
247
2,519
13,121
167
246
2,300
13,229
220
244
1,929
11,543
342
242
127
896
28
21
Price (Rupiah)
High
Low
Close
Close*
4,275
2,925
4,200
4,200
6,000
4,125
5,450
5,450
6,950
4,525
4,725
4,725
7,075
4,400
7,050
7,050
7,250
6,925
7,200
7,200
24.12
17.53
3.79
24.04
12.11
2.96
34.16
20.04
4.20
34.89
18.82
4.29
21.61
PER (X)
11.09
PER Industry (X)
3.09
PBV (X)
96
2014 Jan-15
Closing Price
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Jasa Marga (Persero) Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
3,575
3,200
3,425
3,525
3,525
3,650
4,000
4,175
4,275
3,975
4,000
4,275
Low
2,925
2,950
3,150
3,250
3,275
3,325
3,550
3,625
3,400
3,550
3,675
3,750
Close
3,000
3,175
3,400
3,300
3,475
3,625
3,975
4,000
3,975
3,850
3,875
4,200
(X)
12,779
6,832
13,551
13,158
9,957
7,995
11,849
11,334
16,354
17,076
8,082
11,878
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
5,450
5,525
6,025
6,175
6,175
6,050
6,500
6,625
6,475
6,450
7,075
7,050
4,400
4,975
4,750
5,700
5,850
5,800
5,925
6,100
6,150
5,825
6,325
6,675
5,175
5,375
6,000
5,900
5,875
5,975
6,425
6,200
6,450
6,350
6,750
7,050
32,974
30,448
31,058
31,308
21,239
22,644
30,588
32,799
23,935
30,188
25,934
28,826
182,407
196,866
234,470
206,360
110,940
90,733
211,439
94,443
106,343
197,573
202,949
94,777
906,070
1,037,649
1,337,548
1,240,359
669,436
540,393
1,322,874
594,250
677,115
1,217,762
1,345,264
653,785
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
7,250
6,925
7,200
27,993
127,295
896,176
21

197,010
636,186
104,194
320,670
642,378
195,067
174,537
587,008
193,346
663,699
175,397
603,870
191,975
722,040
229,033
896,266
225,381
885,369
665,325
175,397
85,380
330,751
917,847
228,156
21
18
23
20
21
20
21
19
20
21
22
21
Book End : December
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
4,011,590
3,764,009
4,302,382
3,514,061
3,290,784
Receivables
23,630
87,994
64,092
177,198
148,829
Inventories
4,090,141
3,996,741
4,531,117
3,746,345
3,641,372
10,327,354 15,945,902
422,507
593,028
701,727
289,155
130,965
121,561
BALANCE SHEET
Current Assets
Fixed Assets
Other Assets
Total Assets
Assets
259,058
440,239
18,952,129 21,432,134 24,753,551 28,366,345 31,857,948
13.09%
Growth (%)
19,500
13,000
14.60%
12.31%
6,500
4,919,884
4,312,917
2,478,279
3,768,596
6,648,164
8,114,384
8,423,258
8,317,601 12,579,482 16,120,036
Total Liabilities
26,000
15.50%
Current Liabilities
Liabilities
32,500
2010
2011
2012
2013
Dec-14
10,592,663 12,191,853 14,965,766 17,499,365 20,432,952
Growth (%)
15.10%
22.75%
16.93%
16.76%
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
Retained Earnings
2,015,210
2,602,769
2,753,965
3,449,446
4,009,692
Total Equity
8,359,466
9,240,280
9,787,786 10,866,980 11,424,996

Par Value
10.54%
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
Dec-11
4,378,584
4,960,473
Growth (%)
5.93%
11.03%
Dec-12
Dec-13
Dec-14
9,070,219 10,294,668
9,175,319
13.29%
82.85%
5.13%
13.50%
-10.87%
-
Cost of Revenues
Gross Profit
Expenses (Income)
2,679,084
6,094,983
7,631,490
6,131,283
Operating Profit
2,281,388
2,975,236
2,663,177
3,044,036
30.41%
-10.49%
14.30%
Growth (%)
9,103
11,425
10,867
11,436
8,359
9,240
9,788
6,770
4,437
2,104
-229
2010
2011
2012
2013
Dec-14

10,295
9,175
9,070
10,295
8,195

Income before Tax
Tax
-511,843
-554,914
-919,979
-948,522
-1,222,062
1,476,349
1,726,475
2,055,257
1,714,655
1,821,974
291,854
407,651
519,445
476,835
606,642
1,184,496
1,318,824
1,535,812
1,237,821
1,215,332
11.34%
16.45%
-19.40%
-1.82%
Growth (%)
6,094
4,379
4,960
3,994
1,894
Period Attributable
1,193,487
1,339,462
1,602,090
1,336,317
1,403,428
1,186,036
1,321,582
1,536,346
1,236,627
1,215,847
1,195,027
1,342,220
1,602,624
1,335,123
1,403,944
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Current Ratio (%)
165.04
106.05
68.16
76.15
84.43
Dividend (Rp)
105.69
78.88
94.24
78.61
RATIOS
175.51
196.98
235.60
196.52
206.39
BV (Rp)
1,229.33
1,358.86
1,439.38
1,598.09
1,680.15
DAR (X)
0.56
0.57
0.60
0.62
0.64
DER(X)
1.27
1.32
1.53
1.61
1.79
EPS (Rp)
ROA (%)
6.25
6.15
6.20
4.36
3.81
ROE (%)
14.17
14.27
15.69
11.39
10.64
GPM (%)
OPM (%)
45.99
32.80
25.87
33.18
NPM (%)
27.05
26.59
16.93
12.02
13.25
Payout Ratio (%)
60.22
40.04
40.00
40.00
3.09
1.88
1.73
1.66
Yield (%)
-206
2010
2011
2012
2013
Dec-14

1,536
1,319
1,184
1,238
1,215
2013
Dec-14
1,223
909
596
283
-31
2010
2011
2012
97
C
CO
OM
MP
PA
AN
NY
Y R
RE
EP
PO
OR
RT
T
KLBF
KALBE FARMA TBK.
Company Profile
PTKalbeFarmaTbk.wasestablisheddatedSeptember10th,1966,withintheframeworkof
theDomesticCapitalInvestmentLaw.
ThescopeofactivitiesoftheCompanycomprises,amongothers,pharmaceuticals,trading
and representative. Currently, the Company is primarily engaged in the development,
manufacturing, and trading of pharmaceuticals preparation including medicines and
consumerhealthproducts.TheCompanystarteditscommercialoperationsin1966.
The Subsidiaries are engaged in the Pharmaceutical: PT Bintang Toedjoe, PT Hexpharm

JayaLaboratories,PTSakaFarmaLaboratories,PTFinusolprimaFarmaInternasional,
PTBifarmaAdiluhung,InnogeneKalbiotechPte.Ltd.,PTDankosFarma,PTPharmaMetric
Labs.,PTKalGenDNA.HealthFoodsandDrinks:PTSanghiangPerkasa,PTKalbeMorinaga
Indonesia, PT Hale International, PT Kalbe Milko Indonesia. Sale and Distribution: PT
EnsevalPuteraMegatradingTbk.,PTTriSaptaJaya,PTMilleniaDharmaInsani,PTEnseval
MedikaPrima,PTGlobalChemindoMegatrading,PTRenalmedTiaraUtama,KalbeVision
Pte.Ltd.,KalbeInternationalPte.Ltd.,AsiawideKalbePhilippines,Inc.
The Companys production plants is located at Kawasan Industri Delta Silicon, Jln. M.H.
Thamrin,BlockA31,LippoCikarang,Bekasi.
As of September 30th, 2014, the Group had a combined total of 12,134 permanent
employees.
February 2015
Disclaimer:
98
KLBF Kalbe Farma Tbk. [S]

Main Board
Industry Sub Sector : Pharmaceuticals (53)
Individual Index
:
Listed Shares
:
18,189.798
46,875,122,110
87,422,102,735,150
11 | 87.4T | 1.65% | 46.77%
13 | 22.0T | 1.52% | 40.74%
COMPANY HISTORY
Established Date
: 10-Sep-1966
Listing Date
: 30-Jul-1991
Under Writer IPO :
PT Merincorp
PT Niaga Securities
PT Adimitra Transferindo

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
4,550,646,840
4,447,970,440
4,439,895,440
4,319,452,940
4,058,666,540
20,290,617,025
:
:
:
:
:
:
:
10.17%
9.71%
9.49%
9.47%
9.21%
8.66%
43.29%
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
1. Johannes Setijono
2. Farid Anfasa Moeloek *)
3. Ferdinand Aryanto
4. Jozef Darmawan Angkasa
5. Lucky Surjadi Slamet *)
6. Santoso Oen
BOARD OF DIRECTORS
1. Bernadette Ruth Irawaty Setiady
2. Budi Dharma Wreksoatmodjo
3. Bujung Nugroho
4. Ongkie Tedjasurja
5. Vidjongtius
AUDIT COMMITTEE
1. Lucky Surjadi Slamet
2. Kai Arief Iman Selomulya
3. Kurniawan Tedjo
CORPORATE SECRETARY
Vidjongtius
HEAD OFFICE
Kalbe Building 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
Bonus
Cash
Year
1991
1991
1992
1992
1993
1994
1994
1995
1996
1999
1999
2002
2003
2005
2006
2007
2008
2009
2010
2011
2012
2013
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
17.00
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
13-Jun-14
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
18-Jun-14
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
16-Jun-14
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
02-Jul-14
F/I
F
B
I
F
F
I
F
F
F
F
F
F
F
F
I
F
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
:
:
:
:
:
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

Closing
Price*
Closing Price
Volume
(Mill. Sh)
2,000
320
1,750
280
1,500
240
1,250
200
1,000
160
750
120
500
80
250
40
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Freq.
Volume
Value
Day
TRADING ACTIVITIES

Kalbe Farma Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
3,375
3,000
3,400
3,725
3,600
3,575
3,700
3,550
3,725
3,550
3,600
3,600
Low
2,450
2,700
2,875
3,350
3,225
3,225
3,400
2,900
2,650
2,975
3,300
3,300
Close
2,825
2,925
3,400
3,575
3,575
3,375
3,475
3,475
3,250
3,475
3,525
3,400
(X)
31,889
12,472
26,005
21,717
27,352
19,396
23,402
18,325
22,062
26,568
17,036
12,427
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
1,250
54,113
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
1,455
1,480
1,495
1,550
1,660
1,670
1,800
1,700
1,710
1,715
1,795
1,835
1,260
1,360
1,400
1,455
1,535
1,560
1,640
1,580
1,640
1,595
1,650
1,715
1,405 115,285
1,450
90,285
1,465 100,433
1,545
90,527
1,540
54,597
1,660
94,173
1,730
88,132
1,660 113,962
1,700
91,511
1,705
92,218
1,750
77,230
1,830
79,479
1,481,958
1,393,045
1,431,485
1,213,480
933,943
726,980
1,239,481
1,752,185
907,341
1,088,205
739,375
1,036,522
2,036,864
1,969,357
2,067,755
1,838,928
1,482,209
1,181,149
2,139,985
2,873,280
1,522,631
1,816,283
1,265,949
1,844,446
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
1,880
1,775
1,865
931,699
1,699,637
21

512,854 1,539,793
175,174
503,579
409,546 1,256,625
366,099 1,318,778
309,123 1,078,937
206,133
693,300
357,183 1,269,992
192,858
638,119
249,601
835,454
182,564
622,602
129,667
451,000
343,677 1,182,729
21
18
23
20
21
20
21
19
20
21
22
21
210%
180%
180.5%
150%
120%
109.6%
90%
60%
41.9%
30%
-30%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
3,434
11,391
259
247
6,640
14,832
431
246
19,997
25,755
823
244
13,944
22,039
1,088
242
932
1,700
67
21
3,725
2,450
3,400
680
4,975
910
1,060
1,060
1,560
1,000
1,250
1,250
1,835
1,260
1,830
1,830
1,880
1,775
1,865
1,865
30.38
19.75
7.30
30.53
15.98
6.89
43.27
24.22
9.30
44.10
25.21
9.48
Price (Rupiah)
High
Low
Close
Close*
22.43
PER (X)
16.22
PER Industry (X)
5.30
PBV (X)
100
2014 Jan-15
67,451

Book End : December
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
1,901,872
2,291,336
1,859,663
1,426,461
1,609,375
Receivables
1,363,957
1,635,311
1,938,156
2,273,379
2,416,777
Inventories
1,561,382
1,705,189
2,115,484
3,053,495
3,049,478
Current Assets
5,031,545
5,956,123
6,441,711
7,497,319
7,874,202
Fixed Assets
1,605,266
1,860,288
2,254,763
2,925,547
3,253,620
357,861
353,807
BALANCE SHEET
Other Assets
Total Assets
Assets
37,325
286,899
7,032,497
8,274,554

Total Liabilities
10,000
7,500
5,000
17.66%
13.82%
20.14%
6.21%
2,500
1,146,489
1,630,589
1,891,618
2,640,590
2,610,290
113,872
128,031
154,696
174,513
185,364
1,260,361
1,758,619
2,046,314
2,815,103
2,795,654
39.53%
16.36%
37.57%
-0.69%
Growth (%)
Current Liabilities
9,417,957 11,315,061 12,017,763
Growth (%)
Liabilities
12,500
2010
2011
2012
2013
Sep-14

Authorized Capital
850,000
850,000
1,700,000
850,000
850,000
Paid up Capital
507,801
507,801
507,801
507,801
468,751
10,156
10,156
60,936
50,780
46,875
50
50
50&10
10
10
5,581,254
6,407,439
7,250,739
7,633,188
8,323,068

Par Value
Retained Earnings
Total Equity
5,771,917
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
6,515,935
7,371,644
8,499,958
9,222,109
12.89%
13.13%
15.31%
8.50%
Dec-11
Dec-12
Dec-13
Sep-14
6.70%
24.97%
17.35%
7,372
7,341
5,772
5,459
3,578
1,697
2010
5,060,404
5,360,687
7,102,971
8,323,018
6,627,471
Gross Profit
5,166,386
5,551,173
6,533,434
7,679,113
6,130,999
Expenses (Income)
3,395,951
3,563,914
4,225,417
5,106,591
4,143,179
Growth (%)
Tax
2011
2012
2013
Sep-14

16,002
16,002
13,636
12,738
Income before Tax
6,516
-184
Cost of Revenues
9,222
10,226,789 10,911,860 13,636,405 16,002,131 12,758,469
Growth (%)
Operating Profit
8,500
9,222
1,770,435
1,987,259
2,308,017
2,572,523
1,987,820
426,636
464,303
532,918
602,070
461,789
1,343,799
1,522,957
1,775,099
1,970,452
1,526,031
13.33%
16.56%
11.01%
Growth (%)
10,227
12,758
10,912
9,473
6,209
2,944
Period Attributable
1,286,330
1,482,237
1,733,928
1,919,508
1,486,756
1,346,098
1,539,721
1,772,035
2,004,244
1,527,966
1,288,627
1,498,877
1,730,864
1,952,589
1,487,525
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
438.87
365.27
340.54
283.93
301.66
70.00
95.00
19.00
17.00
EPS (Rp)
126.66
145.95
28.45
37.80
31.72
BV (Rp)
568.33
641.58
120.97
167.39
196.74
DAR (X)
0.18
0.21
0.22
0.25
0.23
DER(X)
0.22
0.27
0.28
0.33
0.30
ROA (%)
19.11
18.41
18.85
17.41
12.70
ROE (%)
23.28
23.37
24.08
23.18
16.55
GPM (%)
50.52
50.87
47.91
47.99
48.05
OPM (%)
NPM (%)
13.14
13.96
13.02
12.31
11.96
Payout Ratio (%)
55.27
65.09
66.77
44.97
2.15
2.79
1.79
1.36
RATIOS
Current Ratio (%)
Dividend (Rp)
Yield (%)
-320
2010
2011
2012
2013
Sep-14

1,970
1,775
1,970
1,526
1,523
1,568
1,344
1,167
765
363
-39
2010
2011
2012
2013
Sep-14
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 September 30th, 2014, the Company and subsidiaries had 10,540 employees.
February 2015
Disclaimer:
102
LPKR Lippo Karawaci Tbk. [S]

Main Board
Individual Index
:
Listed Shares
:
290.606
23,077,689,619
26,193,177,717,565
34 | 26.2T | 0.50% | 67.70%
12 | 24.2T | 1.66% | 39.23%
COMPANY HISTORY
Established Date
: 15-Oct-1990
Listing Date
: 28-Jun-1996
Under Writer IPO :
PT Sharestar Indonesia
Beritasatu Plasa 7th Fl.
Jln. Jend. Gatot Subroto Kav. 35 - 36 Jakarta 12950
Phone : (021) 527-7966
Fax
: (021) 527-7967
1. Theo L. Sambuaga
2. Agum Gumelar *)
3. Benny Haryanto Djie
4. Farid Harianto *)
5. Muladi *)
6. Surjadi Soedirdja *)
7. Sutiyoso *)
8. Tanri Abeng *)
9. Viven Gouw Setiabudi
BOARD OF DIRECTORS
1. Ketut Budi Wijaya
2. Djoko Harjono
3. Jenny Kuistono
4. Ninik Prajitno
5. Rahmawaty
6. Tjokro Libianto
7. Stephen Choo Kooi Yoon

1. Pacific Asia Holding Ltd.
2. Credit Suisse AG SG Traccl PT Metropolis Propertindo
3. Bank Julius Baer And Co Ltd S/A Pacific Asia Holding
4. Public (<5%)
Bonus
Cash
Year
1995
1997
2005
2005
2006
2010
2010
2011
2012
2013
Shares
Dividend
40.00
10.00
10.00
9.99
4.62
2.88
4.33
7.79
11.85
14.05
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
02-Dec-14
3,676,619,908
1,212,280,000
450,000,000
17,738,789,711
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
05-Dec-14
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
03-Dec-14
:
:
:
:
15.93%
5.25%
1.95%
76.87%
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
19-Dec-14
F
F
F
F
I
F
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
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. Muladi
2. Indra Simarta
3. Herbudianto
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
103

Closing
Price*
Closing Price
Volume
(Mill. Sh)
2,000
2,400
1,750
2,100
1,500
1,800
1,250
1,500
1,000
1,200
750
900
500
600
250
300
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

180%
120%
90%
60%
59.9%
41.9%
30%
-30%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
26,623
17,618
250
247
12,933
10,947
153
246
26,782
33,257
548
244
23,222
24,164
527
242
2,548
2,691
60
21
870
500
660
660
1,120
650
1,000
1,000
1,850
850
910
910
1,295
855
1,020
1,020
1,155
980
1,135
1,135
9.30
17.34
2.01
17.10
9.57
1.48
16.76
16.29
1.44
18.65
17.39
1.60
26.26
PER (X)
11.09
PER Industry (X)
1.62
PBV (X)
104
Volume
Value
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
750
610
620
810
810
680
780
870
760
680
680
680
Low
510
500
530
590
610
620
630
640
620
570
600
620
Close
570
540
610
780
680
650
780
740
680
640
630
660
(X)
28,801
18,516
19,855
18,261
22,025
18,941
23,869
27,728
26,990
23,229
11,310
10,394
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
1,000
960
1,295
1,220
1,160
1,065
1,180
1,240
1,080
1,080
1,180
1,195
855
910
920
1,040
1,035
930
945
1,060
935
885
1,005
970
950
940
1,085
1,070
1,035
960
1,100
1,070
940
1,070
1,165
1,020
37,016
39,852
61,757
47,022
29,729
28,924
38,898
43,011
49,324
68,627
33,157
49,252
2,155,619
2,392,473
2,407,412
1,840,563
1,310,521
1,476,320
2,232,519
1,402,081
1,734,697
2,797,512
1,493,052
1,979,358
2,024,577
2,240,643
2,582,770
2,076,457
1,437,331
1,487,519
2,453,791
1,610,434
1,771,314
2,764,165
1,613,526
2,101,691
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
1,155
980
1,135
59,914
2,548,120
2,690,503
21

3,093,422 1,933,172
2,130,767 1,182,383
2,184,902 1,233,282
2,741,114 1,948,330
4,006,475 2,803,561
3,595,616 2,349,313
1,698,345 1,189,915
2,175,672 1,672,375
1,736,178 1,226,393
1,379,677
873,259
988,661
630,004
891,879
575,944
21
18
23
20
21
20
21
19
20
21
22
21
175.4%
150%
Price (Rupiah)
High
Low
Close
Close*
Freq.
Day
TRADING ACTIVITIES

Lippo Karawaci Tbk. [S]
2014 Jan-15

Book End : December
BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
3,660,087
2,174,561
3,337,357
1,855,052
1,830,889
923,556
605,801
781,409
904,523
Assets
Receivables
875,949
Inventories
7,068,539
Investment
534,224
2,963,651
85,784
130,431
117,659
1,206,375
210,276
2,222,377
2,810,892
3,041,393
269,536
419,508
60,968
96,673
Fixed Assets
Other Assets
Total Assets
16,155,385 18,259,171 24,869,296 31,300,362 35,676,691
13.02%
Growth (%)
Bank Payable
Trade Payable
Total Liabilities
7,892,171 10,504,910 13,894,009 17,052,382
275,531
7,975,968
Growth (%)
36.20%
25.86%
29,000
21,750
14,500
13.98%
7,250
-
70,825
59,680
102,933
416,871
575,701
397,748
356,062
Liabilities
36,250
2010
2011
2012
2013
Sep-14
8,850,153 13,399,189 17,122,789 19,273,564
10.96%
51.40%
27.79%
12.56%
Authorized Capital
6,400,000
6,400,000
6,400,000
6,400,000
6,400,000
Paid up Capital
2,162,769
2,307,769
2,307,769
2,307,769
2,307,769
21,628
23,078
23,078
23,078
23,078
100
100
100
100
100
Retained Earnings
2,254,001
2,907,500
3,790,222
4,748,453
5,481,919
Total Equity
8,179,417
9,409,018 11,470,106 14,177,573 16,403,127

Par Value
15.03%
Growth (%)
INCOME STATEMENTS
Total Revenues
21.91%
23.60%
15.70%
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
3,125,313
4,189,580
6,160,214
6,666,214
6,120,999
34.05%
47.04%
8.21%
Growth (%)
1,601,542
2,293,260
3,339,267
3,619,572
1,523,770
1,896,320
2,820,947
3,046,643
2,867,326
694,474
968,324
1,271,753
1,103,623
1,136,375
927,996
1,549,193
1,943,020
1,730,951
66.94%
25.42%
Growth (%)
11,470
13,057
9,711
8,179
9,409
6,364
3,018
2010
Gross Profit
Operating Profit
14,178
-328
Cost of Revenues
Operating Expenses
16,403
16,403
2011
2012
2013
Sep-14
3,253,673
6,160
6,666
6,666
6,121
5,306

Income before Tax
56,814
27,895
-18,190
-77,835
719,254
984,810
1,577,088
1,924,830
1,653,116
Tax
124,733
170,716
254,241
332,339
235,291
594,521
814,094
1,322,847
1,592,491
1,417,825
36.93%
62.49%
20.38%
Growth (%)
4,190
3,946
3,125
2,586
1,227
Period Attributable
525,346
708,282
1,060,222
1,228,230
1,053,466
568,603
579,917
2,482,548
1,676,148
1,685,589
499,428
474,105
2,219,923
1,311,887
1,321,231
RATIOS
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
7.21
7.79
11.85
14.05
EPS (Rp)
24.29
30.69
45.94
53.22
45.65
BV (Rp)
378.19
407.71
497.02
614.34
710.78
DAR (X)
0.49
0.48
0.54
0.55
0.54
DER(X)
0.98
0.94
1.17
1.21
1.17
ROA (%)
3.68
4.46
5.32
5.09
3.97
Dividend (Rp)
ROE (%)
7.27
8.65
11.53
11.23
8.64
GPM (%)
48.76
45.26
45.79
45.70
46.84
OPM (%)
22.15
25.15
29.15
28.28
NPM (%)
19.02
19.43
21.47
23.89
23.16
Payout Ratio (%)
29.68
25.38
25.79
26.40
1.06
1.18
1.19
1.54
Yield (%)
-133
2010
2011
2012
2013
Sep-14

1,592
1,418
1,592
1,323
1,268
814
943
595
618
293
-32
2010
2011
2012
2013
Sep-14
105
COMPANY REPORT
LPPF
MATAHARI DEPARTMENT STORE TBK.
Company Profile
PT Matahari Department Store Tbk. was established under the name PT Stephens Utama
International Leasing Corp. dated April 1st, 1982. The Company started its commercial
operations in 1982.
Since 30 October 2009, th Company has engaged in the reail bussiness for several types of
products such as clothes, accessories, bags, shoes, cosmetics, and household appliances,
and management consulting service.
The Companys operational head office is located in Menara Matahari 15th Fl., Jln.
Boulevard Palem Raya No. 7, Lippo Karawaci - Tangerang, Banten, and the stores are
located in cities throughout Indonesia. As of 30 September 2014, the Company operates
126 stores.
Parent company is PT Indonesia Meadow and PT Indonesia Meadow parent company is
Meadow Asia Holding Ltd., a company domiciled in Cayman Islands.
February 2015
Disclaimer:
106
LPPF Matahari Department Store Tbk.

Development Board
Industry Sub Sector : Retail Trade (93)
Individual Index
:
Listed Shares
:
351.767
2,917,918,080
45,300,678,192,000
22 | 45.3T | 0.86% | 59.96%
11 | 24.6T | 1.69% | 37.56%
COMPANY HISTORY
Established Date
: 01-Apr-1982
Listing Date
: 09-Oct-1989
Under Writer IPO :
PT Aseam Indonesia
PT Finconesia
PT Multicor
PT Bank Pembangunan Indonesia
PT Danareksa
Phone : (021) 527-7966
Fax
: (021) 527-7967
1. John Bellis *)
2. Henry Jani Liando
3. Jonathan Limbong Parapak *)
4. Rene Mang Wing Ming
5. Sigit Prasetya
6. William Travis Saucer
BOARD OF DIRECTORS
1. Bunjamin Jonathan Mailool
2. Andre Rumantir
3. Andy N. Purwohardono
4. Larry Michael Remsen
5. Wai Hoong Fock

1. PT Multipolar Tbk.
2. Asia Color Company Limited
3. Public (<5%)
597,529,500 :
175,051,631 :
2,145,336,949 :
Bonus
Cash
Year
1990
1990
1991
1992
1993
1994
1995
1996
2010
2010
2013
Shares
5:1
1 :2
5:1
Dividend
50.00
100.00
175.00
75.00
50.00
75.00
75.00
50.00
32.25
14.00
157.70
Cum Date
11-Jul-90
02-Jul-91
13-Jul-92
10-Jun-93
21-Jul-94
23-Jun-95
09-Jul-96
07-Jul-97
10-Jun-11
22-Aug-11
11-Jun-14
Ex Date
12-Jul-90
03-Jul-91
14-Jul-92
11-Jun-93
22-Jul-94
26-Jun-95
10-Jul-96
08-Jul-97
13-Jun-11
23-Aug-11
12-Jun-14
Recording
Date
20-Jul-90
10-Jul-91
21-Jul-92
19-Jun-93
29-Jul-94
04-Jul-95
18-Jul-96
16-Jul-97
15-Jun-11
25-Aug-11
16-Jun-14
20.48%
6.00%
73.52%
Payment
Date
22-Aug-90
12-Aug-91
11-Aug-92
19-Jul-93
26-Aug-94
03-Aug-95
16-Aug-96
15-Aug-97
30-Jun-11
15-Sep-11
30-Jun-14
I
F
F
F
F
F
F
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
Type of Listing
First Issue
Partial Listing
Bonus Shares
Bonus Shares
Dividen Shares
Company Listing
Right Issue
Reverse Stocks
Right Issue
Shares
2,140,000
2,250,000
878,000
10,536,000
3,160,800
11,880,000
1,295,481,600
-1,061,061,120
2,652,652,800
Listing
Date
09-Oct-89
12-Apr-90
27-Aug-90
13-Aug-92
02-Sep-94
11-Jun-97
19-Jul-01
09-Nov-09
04-Dec-09
Trading
Date
09-Oct-89
24-Apr-90
27-Aug-90
13-Aug-92
02-Sep-94
11-Jun-97
19-Jul-01
09-Nov-09
04-Dec-09
AUDIT COMMITTEE
1. John Bellis
2. Isnandar Rachmat Ali
3. Prawiro Widjaja
CORPORATE SECRETARY
Miranti Hadisusilo
HEAD OFFICE
Menara Matahari 15th Fl.
Jln. Bulevar Palem Raya No. 7, Lippo Karawaci - 1200
Tangerang - 15811
Phone : (021) 546-9333, 547-5333, 547-5758
Fax
: (021) 547-5650
Homepage
Email
F/I
:: miranti.hadisusilo@matahari.co.id
107

Closing
Price*
Closing Price
Volume
(Mill. Sh)
18,000
3,200
15,750
2,800
13,500
2,400
11,250
2,000
9,000
1,600
6,750
1,200
4,500
800
2,250
400
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Freq.
Volume
Value
Day
TRADING ACTIVITIES

Matahari Department Store Tbk.
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
2,700
2,550
2,550
2,400
2,750
2,700
3,000
3,000
Low
2,550
2,550
2,550
2,400
2,400
2,700
2,800
2,300
Close
2,550
2,550
2,700
2,550
2,550
2,400
2,700
2,700
2,700
2,700
3,000
2,400
(X)
1
3
1
1
2
8
3
2
4
6
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
2,300
2,300
2,500
2,500
2,600
2,700
-
2,300
2,300
2,500
2,500
2,500
2,700
-
2,300
2,300
2,300
2,300
2,500
2,500
2,500
2,600
2,700
2,700
2,700
2,700
5
4
2
3
3
1
-
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
3,375
11,550
12,200
14,200
13,050
13,250
14,500
13,600
13,300
12,200
11,400
2,500
4,200
11,000
11,950
9,750
10,500
10,500
10,000
10,300
10,550
10,300
2,700
3,375
11,000
12,100
13,000
11,600
12,450
12,450
10,500
12,300
11,550
11,000
8
5,694
16,693
15,960
20,216
19,188
39,379
30,316
15,842
15,927
14,073
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
13,075
15,000
15,000
15,500
15,175
14,550
15,450
18,000
17,100
16,350
15,700
15,850
10,800
11,475
12,900
13,675
13,500
13,500
13,475
13,725
15,650
14,250
14,025
14,025
11,625
14,000
13,900
15,000
14,525
13,800
14,500
16,275
16,225
14,625
15,000
15,000
32,152
47,132
50,174
44,656
27,255
37,570
36,632
71,943
66,159
54,089
47,206
52,839
56,432
131,382
338,527
114,974
66,252
61,124
83,450
487,072
97,910
112,386
75,862
99,075
661,262
1,738,718
4,466,054
1,700,858
970,987
855,042
1,204,403
7,064,996
1,593,883
1,724,398
1,121,722
1,469,530
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
16,200 14,125 15,525
58,908
446,605
6,762,194
21

0.3
0.8
3
8
0.5
1
1
3
1
2
4
10
2,863,941 7,749,826
1
3
4
10
5
12
21
11
2
17
7
1
-
1
2
1
1
1
2
1
1
3
4
47
24
5
43
18
3
-
2
4
2
3
2
1
-
8
20
2,299,282 17,961,295
158,212 1,822,277
94,072 1,243,071
159,803 1,792,094
99,430 1,158,399
254,031 3,143,021
109,528 1,229,329
54,281
633,331
65,331
745,396
45,788
493,022
2
5
22
22
19
23
17
21
21
20
19
595%
510%
508.8%
425%
340%
255%
170%
93.3%
85%
41.9%
-85%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
2,864
7,750
0.03
17
0.06
0.1
0.02
14
3,340
30,221
193
191
1,724
24,572
568
242
447
6,762
59
21
Price (Rupiah)
High
Low
Close
Close*
3,000
2,300
2,400
2,400
2,700
2,300
2,700
2,700
14,500
2,500
11,000
11,000
18,000
10,800
15,000
15,000
16,200
14,125
15,525
15,525
10.22
19.08
-4.08
27.91
15.42
-41.08
30.96
22.13
-241.68
32.04
22.53
-250.14
15.04
PER (X)
16.89
PER Industry (X)
-2.59
PBV (X)
108
2014 Jan-15

Book End : December
BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
956,105
918,974
999,872
772,217
785,895
Assets
Receivables
23,723
66,273
73,574
62,932
109,381
Inventories
400,784
462,013
519,601
723,809
955,231
1,471,328
1,567,335
1,744,220
1,703,067
2,117,507
572,099
622,891
694,005
727,186
725,954
Current Assets
Fixed Assets
Other Assets
Total Assets
5,000
3,750
12,044
15,796
21,908
28,268
24,577
5,413,870
2,422,472
2,929,752
2,936,882
3,408,372
-55.25%
20.94%
0.24%
16.05%
1,250
-
Growth (%)
Current Liabilities
1,464,894
1,708,305
2,170,205
1,890,181
2,518,521
2,874,728
3,416,580
2,691,079
1,828,073
712,261
Total Liabilities
4,339,622
5,124,885
4,861,284
3,718,254
3,230,782
18.10%
-5.14%
-23.51%
-13.11%
Growth (%)
Liabilities
6,250
2,500
2010
2011
2012
2013
Dec-14

Authorized Capital
486,114
486,114
486,114
386,794
386,794
Paid up Capital
386,794
386,794
386,794
386,794
386,794
2,918
2,918
2,918
2,918
2,918

Par Value
Retained Earnings
Total Equity
5,000 & 350 & 100 5,000 & 350 & 100 5,000 & 350 & 100 5,000 & 350 & 100 5,000 & 350 & 100
492,262
482,727
1,253,608
2,403,768
3,362,730
1,074,248
-2,702,413
-1,931,532
-781,372
177,590
N/A
28.53%
59.55%
N/A
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
4,091,903
4,700,712
5,616,932
6,754,326
7,925,547
14.88%
19.49%
20.25%
17.34%
Growth (%)
Cost of Revenues
1,458,713
1,595,216
1,910,789
2,391,274
2,877,507
Gross Profit
2,633,190
3,105,496
3,706,143
4,363,052
5,048,040
Expenses (Income)
1,539,854
1,864,195
2,121,792
2,548,184
2,964,128
Operating Profit
1,093,336
1,241,301
1,584,351
1,814,868
2,083,912
13.53%
27.64%
14.55%
14.82%
Growth (%)
1,074
1,074
2011
319
-436
-234,742
-505,707
-425,356
-291,246
-233,368
Income before Tax
858,594
735,594
1,158,995
1,523,622
1,850,544
Tax
234,057
269,946
388,114
373,462
431,426
624,537
465,648
770,881
1,150,160
1,419,118
Dec-14
-781
-1,192
-1,947
-1,932
-2,702
-2,702

7,926
6,754
-25.44%
65.55%
49.20%
23.38%
5,617
5,352
Growth (%)
178
2013
2010
6,729
2012
4,092
4,701
3,974
2,596
1,218
Period Attributable
624,537
465,648
770,881
1,150,160
1,419,118
624,537
465,648
770,881
1,150,160
1,419,118
624,537
465,648
770,881
1,150,160
1,419,118
RATIOS
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
100.44
91.75
80.37
90.10
84.08
46.25
157.70
Current Ratio (%)

Dividend (Rp)
EPS (Rp)
214.04
159.58
264.19
394.17
486.35
BV (Rp)
368.16
-926.14
-661.96
-267.78
60.86
DAR (X)
0.80
2.12
1.66
1.27
0.95
DER(X)
4.04
-1.90
-2.52
-4.76
18.19
ROA (%)
11.54
19.22
26.31
39.16
41.64
ROE (%)
58.14
-17.23
-39.91
-147.20
799.10
GPM (%)
64.35
66.06
65.98
64.60
63.69
OPM (%)
26.72
26.41
28.21
26.87
26.29
NPM (%)
15.26
9.91
13.72
17.03
17.91
Payout Ratio (%)
21.61
40.01
1.81
1.43
Yield (%)
-160
2010
2011
2012
2013
Dec-14

1,419
1,378
1,150
1,143
771
909
625
674
466
439
205
-30
2010
2011
2012
2013
Dec-14
109
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 110,656 hectares as of
September 30th, 2014. The main products are crude palm oil and rubber, and small
quantities of cocoa, tea and seeds.
The Company is domiciled in Jakarta with 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.
In addition to the development of its own plantations, the Company is developing
plantations on behalf of local smallholders (plasma plantations) in line with the nucleusplasma plantation scheme that was selected when the Company expanded its plantations.
PT Salim Ivomas Pratama Tbk. (SIMP) and First Pacific Company Limited, Hong Kong, are
the parent company and the ultimate parent company of the Group. As of September 30th,
2014, the Group has a total of 14,952 permanent employees.
The subsidiaries controlled by the Company either directly or indirectly are as follows:
PT Multi Agro Kencana Prima,
Lonsum Singapore Pte. Ltd.,
PT Tani Musi Persada,
PT Sumatra Agri Sejahtera,
PT Tani Andalas Sejahtera,
Agri Investments Pte., Ltd., and
Sumatera Bioscience Pte. Ltd. Singapore.
February 2015
Disclaimer:
110
LSIP
PP London Sumatra Indonesia Tbk. [S]
Main Board
Individual Index
:
Listed Shares
:
474.839
6,822,863,965
12,554,069,695,600
72 | 12.6T | 0.24% | 80.77%
26 | 15.3T | 1.05% | 56.55%
COMPANY HISTORY
Established Date
: 18-Dec-1962
Listing Date
: 05-Jul-1996
Under Writer IPO :
Phone : (021) 252-5666
Fax
: (021) 252-5028
2. Axton Salim
3. Edy Sugito *)
4. Hans Ryan Aditio
5. Hendra Widjaja
6. Monang Silalahi *)
7. Tengku Alwin Aziz *)
BOARD OF DIRECTORS
1. Benny Tjoeng
2. Joefly Joesoef Bahroeny
3. Mark Julian Wakeford
4. Moleonoto (Paulus Moleonoto)
5. Tio Eddy Hariyanto
6. Tjhie The Fie (Thomas Tjhie)

1. PT Salim Ivomas Pratama
2. Public (<5%)
4,058,425,010 :
2,764,438,955 :
Bonus
Cash
Year
1996
1996
1997
2005
2008
2009
2010
2011
2012
2013
Shares
10 : 14
Dividend
110.00
30.00
75.00
208.00
209.00
61.00
100.00
66.00
46.00
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
16-Jun-14
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
17-Jun-14
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
19-Jun-14
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
03-Jul-14
B
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
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
: endah.resmiati@londonsumatra.com
lonsum@londonsumatra.com
111

TRADING ACTIVITIES

Closing
Price*
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-11
Jan-12
Jan-13
Jan-14
Jan-15

Agriculture Index
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Freq.
High
Low Close
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
(X)
12,316
13,520
23,339
12,961
16,005
9,902
10,700
10,196
13,810
18,353
10,456
10,742
Volume
Value

71,801
867,920
97,341
931,577
518,476 1,182,549
380,973
906,012
365,400
882,264
243,655
567,749
261,351
607,726
209,783
487,230
122,610
261,295
270,922
553,930
225,400
514,122
159,936
354,428
Day
LSIP
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
2,500
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
1,980
2,110
2,400
2,480
2,465
2,400
2,315
2,150
1,930
1,980
2,060
2,040
1,470
1,625
2,020
2,120
2,185
2,175
1,995
1,855
1,715
1,735
1,865
1,845
1,655
2,070
2,210
2,450
2,310
2,315
2,100
1,870
1,900
1,945
1,985
1,890
72,532
50,243
69,302
56,810
43,233
40,198
55,975
67,017
61,978
54,897
44,540
40,505
1,054,575
849,896
901,196
770,823
459,812
381,878
494,979
593,511
713,775
498,181
492,111
355,184
1,738,764
1,599,785
2,009,766
1,800,557
1,076,352
874,975
1,073,280
1,193,758
1,330,095
933,410
968,338
689,206
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
2,070
1,805
1,840
45,212
435,491
844,838
21
60%
41.9%
40%
20%
-3.2%
-20%
-27.6%
-40%
-60%
-80%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
2,928
8,117
162
247
3,744
9,452
180
246
6,246
10,205
338
244
7,566
15,288
657
242
435
845
45
21
13,000
1,710
2,250
2,250
3,150
1,830
2,300
2,300
2,525
960
1,930
1,930
2,480
1,470
1,890
1,890
2,070
1,805
1,840
1,840
13.98
33.17
2.50
17.11
15.46
1.99
13.84
19.34
1.84
13.48
17.46
1.79
Price (Rupiah)
High
Low
Close
Close*
7.34
PER (X)
1.79
PER Industry (X)
2.63
PBV (X)
112
2014 Jan-15
LSIP
Book End : December
BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
1,160,688
2,063,982
1,799,137
1,401,395
1,384,390
Assets
Receivables
38,802
112,071
52,132
116,796
84,350
Inventories
264,473
368,244
645,954
374,485
447,890
Current Assets
1,487,257
2,567,657
2,593,816
1,999,126
1,961,487
Fixed Assets
1,728,694
1,824,630
2,229,928
2,776,825
3,125,798
Other Assets
Total Assets
5,250
93,111
87,691
61,331
63,000
63,767
6,791,859
7,551,796
7,974,876
8,478,446
22.12%
11.19%
5.60%
6.31%
1,750
-
Current Liabilities
621,593
531,326
792,482
804,428
813,392
385,735
421,109
479,601
556,461
666,363
1,007,328
952,435
1,272,083
1,360,889
1,479,755
-5.45%
33.56%
6.98%
8.73%
Total Liabilities
7,000
5,561,433
Growth (%)
Growth (%)
Liabilities
8,750
3,500
2010
2011
2012
2013
Sep-14

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
6,823
6,823
6,823
6,823
500
100
100
100
100
2,841,507
4,126,893
4,560,793
4,879,977
5,264,894

Par Value
Retained Earnings
Total Equity
4,554,105
Growth (%)
INCOME STATEMENTS
Total Revenues
5,839,424
6,279,713
6,613,987
6,998,691
28.22%
7.54%
5.32%
5.82%
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
3,592,658
4,686,457
4,211,578
4,133,679
3,524,123
30.45%
-10.13%
-1.85%
Growth (%)
1,821,244
2,324,138
2,530,503
2,880,220
2,260,126
1,771,414
2,362,319
1,681,075
1,253,459
1,263,997
371,894
356,795
357,102
227,810
327,277
1,399,520
2,005,524
1,323,973
1,025,649
936,720
43.30%
-33.98%
-22.53%
Growth (%)
6,614
4,554
4,143
2,715
1,288
2011
2012
2013
4,686
4,212
4,686
4,134
3,593
Income before Tax

Tax
-17,738
84,989
48,110
-28,658
-31,513
1,381,782
2,090,513
1,372,083
996,991
905,207
348,453
389,000
256,544
228,366
206,573
1,033,329
1,701,513
1,115,539
768,625
698,634
64.66%
-34.44%
-31.10%
Growth (%)
Sep-14
3,524
3,730
6,999
5,571
2010
Gross Profit
Operating Profit
5,839
6,280
-140
Cost of Revenues
Expenses (Income)
6,999
2,774
1,818
862
Period Attributable
1,033,329
1,701,580
1,116,186
769,493
698,636
1,033,329
1,701,513
1,122,575
788,003
698,423
1,033,329
1,701,580
1,123,222
788,871
698,425
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
239.27
483.25
327.30
248.52
241.15
61.00
100.00
66.00
46.00
RATIOS
Current Ratio (%)
Dividend (Rp)
757.25
249.39
163.60
112.78
102.40
BV (Rp)
3,337.39
855.86
920.39
969.39
1,025.77
DAR (X)
0.18
0.14
0.17
0.17
0.17
DER(X)
EPS (Rp)
0.22
0.16
0.20
0.21
0.21
ROA (%)
18.58
25.05
14.77
9.64
8.24
ROE (%)
22.69
29.14
17.76
11.62
9.98
GPM (%)
49.31
50.41
39.92
30.32
35.87
OPM (%)
38.96
42.79
31.44
24.81
26.58
NPM (%)
28.76
36.31
26.49
18.59
19.82
Payout Ratio (%)
8.06
40.10
40.34
40.79
Yield (%)
0.47
4.44
2.87
2.38
-94
2010
2011
2012
2013
Sep-14

1,702
1,702
1,354
1,116
1,033
1,007
769
699
660
313
-34
2010
2011
2012
2013
Sep-14
113
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 Free-To-Air televisions in Indonesia. MNC have 3
Free-To-Air (FTA) TVs - RCTI, MNCTV and GlobalTV - as well as 16 channels created and
produced by MNC that is broadcasted on Pay-TV. Currently, MNC also have other media
based business that supports the core businesses of MNC. Those businesses consist of
radio, print media, talent management, and a production house. MNC was established on
June 17, 1997.
The scope of Company's activities is to engage in general trading, construction, industrial,
agricultural, transportation, printing, multimedia through satellite and other
telecommunications peripheral, services and investments.
The Company is part of Mediacom Group. The Company has ownership in the following
subsidiaries:
Broadcasting :
1. PT Rajawali Citra Televisi Indonesia (RCTI)
2. PT Global Informasi Bermutu
3. PT Cipta Televisi Pendidikan Indonesia
4. PT MNC Networks and subsidiaries
5. Media Nusantara Citra B.V.
6. MNC International Middle East Limited and subsidiaries.
Print and online :
1. PT Media Nusantara Informasi and subsidiary
2. PT MNI Global
3. PT MNI Publishing and its subsidiary
4. PT Okezone Indonesia (Okezone)
Advertising agency :
1. PT Cross Media Internasional (CMI) and subsidiaries
Content production :
1. PT MNC Pictures
Talent management :
1. PT Star Media Nusantara
The Company started its commercial operations in December 2001. The Company and its
subsidiaries have a total of 6,924 employees as of September 30th, 2014.
February 2015
Disclaimer:
114
MNCN MediaNusantaraCitraTbk.[S]
Main Board
Industry Sub Sector : Advertising, Printing And Media (95)
Individual Index
:
Listed Shares
:
317.778
14,276,088,500
40,829,613,110,000
25 | 40.8T | 0.77% | 62.29%

50 | 8.02T | 0.55% | 74.65%
COMPANY HISTORY
Established Date
: 17-Jun-1997
Listing Date
: 22-Jun-2007
Under Writer IPO :
PT Bhakti Securities
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
1. Rosano Barack
2. Adam Chesnoff
3. Bambang Rudijanto Tanoesoedibjo
4. Irman Gusman *)
5. Sutanto *)
BOARD OF DIRECTORS
1. Hary Tanoesoedibjo
2. Nana Puspa Dewi
3. Diana Airin
4. Jarod Suwahjo
5. Kanti Mirdiati Imansyah
AUDIT COMMITTEE
1. Irman Gusman
2. Hery Kusnanto
3. Kardinal A. Karim

1. PT Global Mediacom Tbk.
2. PT Global Mediacom Tbk.
3. Public (<5%)
8,187,694,626 :
790,000,000 :
5,298,393,874 :
Bonus
Cash
Year
2007
2009
2009
2010
2011
2012
2013
2013
Shares
Dividend
5.00
5.00
7.00
15.00
35.00
55.00
25.00
35.00
Cum Date
01-Dec-08
02-Oct-09
29-Nov-10
29-Nov-11
22-Jun-12
06-Sep-13
24-Dec-13
14-Oct-14
Recording
Date
04-Dec-08
07-Oct-09
02-Dec-10
02-Dec-11
27-Jun-12
11-Sep-13
02-Jan-14
17-Oct-14
Ex Date
02-Dec-08
05-Oct-09
30-Nov-10
30-Nov-11
25-Jun-12
09-Sep-13
27-Dec-13
15-Oct-14
57.35%
5.53%
37.12%
Payment
Date
19-Dec-08
21-Oct-09
17-Dec-10
16-Dec-11
11-Jul-12
25-Sep-13
16-Jan-14
31-Oct-14
F
I
F
F
F
F
I
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
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 Conversion III, IV, V & VI
Revision ESOP/MSOP Conversion III, IV, V & VI
ESOP/MSOP Conversion 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
176,625,500
T:
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
28-May-14
:
:
:
:
:
:
:
:
:
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
19-Nov-14
CORPORATE SECRETARY
Syafril Nasution
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
: syafril.nasution@mncgroup.com
115
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-11
Jan-12
Jan-13
Jan-14
Jan-15

315%
270%
225%
207.5%
180%
135%
90%
93.3%
45%
41.9%
-45%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
7,200
7,361
347
247
7,529
15,067
406
246
6,802
18,835
435
244
3,081
8,020
567
242
413
1,161
58
21
Price (Rupiah)
High
Low
Close
Close*
1,400
770
1,310
1,310
2,875
1,270
2,500
2,500
3,675
2,275
2,625
2,625
3,230
2,180
2,540
2,540
2,905
2,460
2,860
2,860
19.59
19.08
4.78
26.86
15.42
4.78
19.58
22.13
4.14
22.05
22.53
4.66
15.73
PER (X)
16.89
PER Industry (X)
2.65
PBV (X)
116
2014 Jan-15
Closing Price
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Media Nusantara Citra Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
950
1,120
1,100
970
970
980
1,120
1,110
1,160
1,100
1,150
1,400
Low
770
840
890
770
840
880
900
850
930
950
1,060
1,130
Close
890
1,100
940
880
970
920
1,070
990
1,020
1,100
1,130
1,310
(X)
11,100
31,933
26,436
35,111
27,488
31,276
49,015
31,528
25,754
22,245
16,678
38,694
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
2,650
2,535
2,850
2,940
2,830
2,900
2,800
2,980
3,230
3,200
2,820
2,555
2,180
2,200
2,470
2,600
2,585
2,605
2,550
2,640
2,650
2,690
2,265
2,180
2,235
2,535
2,630
2,715
2,830
2,760
2,615
2,805
3,195
2,800
2,405
2,540
58,448
46,230
49,623
44,177
32,371
30,902
41,980
40,202
41,293
56,669
64,961
60,432
341,933
333,935
301,730
294,985
190,004
153,671
222,941
189,092
189,308
171,058
382,816
309,297
821,125
789,549
791,129
809,448
514,792
427,351
590,045
537,696
558,581
499,114
934,593
746,815
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
2,905
2,460
2,860
58,171
413,394
1,160,725
21

348,111
304,762
730,773
705,128
399,894
402,126
453,877
396,511
543,312
480,557
412,478
383,978
691,090
701,813
375,778
376,359
289,015
304,520
296,723
314,146
1,624,613 1,665,479
1,034,546 1,325,977
21
18
23
20
21
20
21
19
20
21
22
21
Book End : December
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
1,080,409
837,230
528,415
574,761
3,050,923
Receivables
2,202,994
2,558,400
2,615,430
3,062,803
3,161,866
Inventories
915,310
894,311
1,139,486
1,332,726
1,448,102
Current Assets
5,201,103
6,018,612
6,766,799
6,811,828
9,649,983
Fixed Assets
1,040,165
971,773
985,995
1,542,677
2,133,061
56,382
489,897
BALANCE SHEET
Other Assets
Total Assets
Assets
196,697
119,761
38,494
8,196,543
8,798,230
8,960,942
7.34%
1.85%
7.30%
2,604,665
1,227,364
1,250,225
155,762
736,363
413,555
2,760,427
1,963,727
Growth (%)
Current Liabilities
Total Liabilities
Growth (%)
9,615,280 13,897,910
Liabilities
15,000
12,000
9,000
6,000
44.54%
3,000
1,606,491
2,003,143
265,215
3,126,220
1,663,780
1,871,706
5,129,363
-28.86%
-15.27%
12.50%
174.05%
2010
2011
2012
2013
Sep-14

Authorized Capital
4,000,000
4,000,000
4,000,000
4,000,000
4,000,000
Paid up Capital
1,377,350
4,000,000
1,395,613
1,409,946
1,392,847
13,774
40,000
13,956
14,099
13,928
100
100
100
100
100
Retained Earnings
1,482,241
2,345,128
3,511,354
4,085,903
4,982,034
Total Equity
5,436,116
6,834,503
7,297,162
7,743,574
8,768,547
25.72%
6.77%
6.12%
13.24%

Par Value
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
4,855,907
5,390,474
6,265,260
6,522,347
5,044,131
11.01%
16.23%
4.10%
Growth (%)
2,529,341
2,617,157
2,856,657
2,850,657
2,128,824
2,326,566
2,773,317
3,408,603
2,850,657
2,915,307
165,200
1,262,793
1,147,895
1,278,161
939,329
Growth (%)
5,436
5,191
3,402
1,613
2012
2013
Sep-14
6,265
6,522
6,522
1,025,069
1,510,524
2,260,708
2,393,529
1,975,978
Tax
280,850
385,353
497,689
583,687
493,588
744,219
1,125,171
1,763,019
1,809,842
1,482,390
51.19%
56.69%
2.66%
Income before Tax
2011
5,192
7,297
6,980
2010
Gross Profit
Operating Profit
6,835
7,744
-175
Cost of Revenues
Expenses (Income)
8,769
8,769
Growth (%)
4,856
5,390
5,044
3,861
2,531
1,200
Period Attributable
730,218
1,070,203
1,657,087
1,691,172
1,388,844
696,011
1,153,383
1,781,284
1,791,090
1,525,655
664,540
1,098,415
1,675,352
1,672,420
1,432,109
RATIOS
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
199.68
490.37
541.25
424.02
481.74
15.00
35.00
55.00
60.00
Current Ratio (%)

Dividend (Rp)
EPS (Rp)
53.02
26.76
118.74
119.95
99.71
BV (Rp)
394.68
170.86
522.86
549.21
629.54
DAR (X)
0.34
0.22
0.19
0.19
0.37
DER(X)
0.51
0.29
0.23
0.24
0.58
ROA (%)
9.08
12.79
19.67
18.82
10.67
ROE (%)
13.69
16.46
24.16
23.37
16.91
GPM (%)
47.91
51.45
54.40
43.71
57.80
OPM (%)
NPM (%)
15.33
20.87
28.14
27.75
29.39
Payout Ratio (%)
28.29
130.82
46.32
50.02
1.60
2.67
2.20
2.29
Yield (%)
-130
2010
2011
2012
2013
Sep-14

1,763
1,810
1,810
1,482
1,441
1,125
1,071
744
702
333
-36
2010
2011
2012
2013
Sep-14
117
COMPANY REPORT
MPPA
MATAHARI PUTRA PRIMA TBK.
Company Profile
PT Matahari Putra Prima Tbk. was established on March 11th, 1986. The Company operates
a chain of stores which sell such items as daily needs.
The Company is domiciled at Menara Matahari 20th Floor, Boulevard Palem Raya No. 7,
Lippo Karawaci - Tangerang, Banten. The Company started commercial operations in 1986.
As at December 31st, 2014 the Company has a Subsidiary, PT Matahari Super Ekonomi
which started its commercial operation in 1994 and engaged in retail, with ownership of
99.2%. The Company operates Hypermart, Foodmart and Boston Health & Beauty stores in
267 locations in Jakarta and other cities in Indonesia. The Immediate Parent Company is PT
Multipolar Tbk., which is the Companys major shareholder. The Ultimate Parent of the
Company is Lanius Limited.
The Company has approximately 13.689 employees as at December 31st, 2014.
February 2015
Disclaimer:
118
MPPA Matahari Putra Prima Tbk. [S]

Main Board
Industry Sub Sector : Retail Trade (93)
Individual Index
:
Listed Shares
:
1,597.646
5,377,962,800
20,436,258,640,000
47 | 20.4T | 0.39% | 73.37%
10 | 27.1T | 1.86% | 35.87%
COMPANY HISTORY
Established Date
: 11-Mar-1986
Listing Date
: 21-Dec-1992
Under Writer IPO :
PT Jardine Fleming Nusantara
PT Lippo Securities
Phone : (021) 527-7966
Fax
: (021) 527-7967
1. John Bellis
2. Ali Chendra
3. Chua Siang Hwee, Jeffrey *)
4. Johanes Jany
5. Steve A. Martin *)
6. Theo L. Sambuaga
7. Travis Saucer *)
BOARD OF DIRECTORS
1. Bunjamin J. Mailool
2. Carmelito Jimenez Regalado
3. Ishak Kurniawan
4. Lina Haryanti Latif
5. Noel Trinder
6. Richard H. Setiadi
AUDIT COMMITTEE
1. William Travis Saucer
2. Ganesh Chander Grover
3. Utomo Santoso
CORPORATE SECRETARY
Danny Kojongian
HEAD OFFICE
Menara Matahari- Lippo Life 20th Fl.
Boulevard Palem Raya 7, Karawaci
Tangerang

1. DBS Bank Ltd. S/A PT Multipolar Tbk.
2. DBS Bank Ltd. SA Prime Star Investment Pte. Ltd.
3. PT Multipolar Tbk
4. Public (<5%)
Bonus
Cash
Year
1993
1994
1995
1996
1999
2000
2001
2002
2003
2005
2005
2006
2007
2009
2010
2010
2011
2012
2013
Shares
1:2
Dividend
100.00
35.00
50.00
15.00
16.50
31.00
11.00
12.00
13.00
14.00
25.00
10.40
11.50
16.10
180.00
300.00
6.00
186.00
186.00
Cum Date
06-Jun-94
27-Jun-95
05-Jul-96
11-Jul-97
28-Jul-00
18-Jun-01
19-Apr-02
10-Jun-03
14-Jun-04
14-Jun-05
25-Apr-06
22-May-07
15-Apr-08
07-Jun-10
23-Dec-10
07-Mar-11
30-Apr-12
15-May-13
05-May-14
Ex Date
07-Jun-94
28-Jun-95
08-Jul-96
14-Jul-97
31-Jul-00
19-Jun-01
22-Apr-02
11-Jun-03
15-Jun-04
15-Jun-05
26-Apr-06
23-May-07
16-Apr-08
08-Jun-10
27-Dec-10
08-Mar-11
01-May-12
16-May-13
06-May-14
2,701,386,000
1,402,947,000
5,108
1,273,624,692
Recording
Date
14-Jun-94
06-Jul-95
16-Jul-96
23-Jul-97
08-Aug-00
22-Jun-01
25-Apr-02
13-Jun-03
17-Jun-04
17-Jun-05
28-Apr-06
25-May-07
18-Apr-08
10-Jun-10
29-Dec-10
10-Mar-11
03-May-12
20-May-13
08-May-14
:
:
:
:
50.23%
26.09%
0.00%
23.68%
Payment
Date
14-Jul-94
04-Aug-95
14-Aug-96
21-Aug-97
23-Aug-00
06-Jul-01
08-May-02
27-Jun-03
01-Jul-04
01-Jul-05
12-May-06
08-Jun-07
05-May-08
23-Jun-10
10-Jan-11
22-Mar-11
16-May-12
29-May-13
19-May-14
F
F
F
F
F
F
F
F
F
F
I
I
F
I
F
F
F
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
Type of Listing
First Issue
Company Listing
CB Conversion
Bonus Shares
Right Issue
Stock Split
Warrant
Delisted Treasury Stock
Shares
8,700,000
33,366,320
8,051,274 T:
100,215,406
4,110,590,000 T:
450,999,000
864,624,800 T:
-198,584,000
Listing
Date
21-Dec-92
21-Dec-92
19-Jul-93 :
15-Jul-94
30-Jun-95 :
15-Sep-97
24-Sep-09 :
23-Jul-13
Trading
Date
21-Dec-92
21-Dec-92
17-Oct-94
15-Jul-94
16-Feb-07
15-Sep-97
15-Jul-10
23-Jul-13
Phone : (021) 547-5478

Fax
: (021) 547,5673, 547-5650, 547-5757
Homepage
Email
F/I
: www.mataharigroup.co.id
: danny.kojongian@hypermart.co.id
119

Closing
Price*
Closing Price
Volume
(Mill. Sh)
4,000
640
3,500
560
3,000
480
2,500
400
2,000
320
1,500
240
1,000
160
500
80
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Freq.
Volume
Value
Day
TRADING ACTIVITIES

Matahari Putra Prima Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
1,820
1,770
1,850
1,450
1,400
1,430
1,310
1,330
1,180
1,010
990
960
Low
1,470
1,440
1,390
1,390
1,330
1,210
1,180
1,050
840
860
900
900
Close
1,680
1,760
1,430
1,390
1,340
1,210
1,220
1,170
940
990
940
920
(X)
13,526
10,101
17,149
4,357
3,753
6,246
8,715
9,192
4,798
6,194
3,654
1,565
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
960
970
950
940
970
960
1,120
1,330
1,630
1,600
1,600
1,330
910
910
840
870
850
890
960
910
1,280
1,460
950
1,040
920
930
880
940
940
960
1,020
1,290
1,500
1,510
1,330
1,150
1,374
4,901
4,960
1,563
2,035
2,133
3,982
11,930
11,229
5,137
9,938
5,601
20,571
30,362
33,299
15,097
29,919
54,947
31,578
182,567
142,859
79,736
109,812
56,270
19,147
28,385
30,280
13,696
27,779
50,794
33,311
209,632
210,894
122,065
155,895
66,849
21
21
21
20
21
21
22
19
20
22
19
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
1,330
1,900
1,950
2,025
2,525
3,150
3,000
2,525
2,225
2,475
2,475
2,050
1,080
1,230
1,690
1,600
1,760
2,225
1,980
1,800
1,800
2,025
1,970
1,840
1,220
1,780
1,820
1,990
2,425
2,925
2,425
2,150
2,050
2,400
1,990
1,940
8,016
17,145
6,263
9,290
14,479
19,045
19,628
8,660
10,914
8,799
7,279
10,218
95,364
2,238,349
1,201,762
162,030
632,628
356,820
441,101
278,973
291,423
543,862
423,849
491,440
113,111
4,178,771
2,384,897
296,089
1,325,297
967,543
1,123,951
633,042
591,414
1,256,005
959,690
952,824
21
20
19
22
22
19
23
17
21
21
20
19
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
2,020
2,225
2,755
3,025
3,100
3,385
3,500
3,145
3,500
3,345
3,375
3,665
1,720
2,000
2,100
2,450
2,465
2,850
2,675
2,650
3,005
2,650
2,980
3,050
2,005
2,165
2,685
2,770
3,100
3,125
2,945
3,080
3,150
3,145
3,265
3,050
15,355
13,543
22,424
21,586
19,245
15,931
19,715
25,031
24,841
39,355
35,027
30,107
1,067,464
953,123
1,005,504
637,742
822,381
770,793
698,384
675,132
1,183,344
1,012,928
505,329
457,043
2,017,903
2,018,158
2,388,968
1,782,415
2,317,655
2,451,819
2,093,143
2,008,343
3,816,651
3,059,473
1,603,980
1,547,231
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
3,985
2,825
3,800
52,197
965,027
3,152,305
21

128,336
211,742
93,453
152,560
129,087
205,461
24,982
35,520
21,780
29,822
34,273
45,737
65,314
80,412
86,622
106,151
41,748
43,638
48,107
45,145
39,314
36,938
11,264
10,427
21
18
23
20
21
20
21
19
20
21
22
21
180%
153.3%
150%
120%
93.3%
90%
60%
41.9%
30%
-30%
-60%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
724
1,004
89
247
787
969
65
245
7,158
14,783
140
244
9,789
27,106
282
242
965
3,152
52
21
Price (Rupiah)
High
Low
Close
Close*
1,850
840
920
920
1,630
840
1,150
1,150
3,150
1,080
1,940
1,940
3,665
1,720
3,050
3,050
3,985
2,825
3,800
3,800
26.89
19.08
1.67
23.45
15.42
3.17
34.76
22.13
6.19
43.30
22.53
7.72
42.65
PER (X)
16.89
PER Industry (X)
0.90
PBV (X)
120
2014 Jan-15

Book End : December
BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
2,565,235
1,403,075
1,361,736
1,302,610
747,710
Assets
Receivables
199,285
257,596
43,338
414,042
383,264
Inventories
969,713
1,266,120
1,670,574
2,273,548
2,655,023
Current Assets
5,407,395
3,618,563
5,084,740
4,167,989
3,904,064
Fixed Assets
1,503,459
1,643,505
775,125
1,086,757
1,272,601
126,392
10,000
7,500
310,902
126,162
183,642
175,619
Total Assets
11,420,600 10,308,169
8,225,206
6,579,518
5,827,294
Growth (%)
-9.74%
-20.21%
-20.01%
-11.43%
2,500
-
Other Assets
Current Liabilities
3,063,982
2,960,433
2,715,926
3,037,430
2,749,630
1,162,586
1,664,288
1,663,526
247,118
228,978
Total Liabilities
4,226,568
4,624,721
4,379,452
3,284,548
2,978,608
9.42%
-5.30%
-25.00%
-9.31%
Growth (%)
Liabilities
12,500
5,000
2010
2011
2012
2013
Dec-14

Authorized Capital
5,400,000
5,400,000
540,000
540,000
540,000
Paid up Capital
2,788,273
2,788,273
278,827
268,898
268,898
5,577
5,577
5,577
5,378
5,378
500
500
50
50
50
Retained Earnings
4,150,741
2,642,389
2,831,270
2,251,464
1,805,180
Total Equity
7,194,032
5,683,448
3,845,754
3,294,970
2,848,686
-21.00%
-32.33%
-14.32%
-13.54%
Dec-11
Dec-12
Dec-13
Dec-14

Par Value
7,194
7,194
5,683
5,726
3,846
4,259
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
8,544,778
22.00%
9.61%
14.08%
Cost of Revenues
6,677,889
7,351,010
Gross Profit
1,866,889
1,557,601
1,897,561
1,888,820
2,354,457
-3,708,368
1,393,229
1,555,054
1,300,345
1,642,796
342,507
588,475
711,661
71.81%
20.93%
Expenses (Income)
Operating Profit
1,324
-144
2010
2011
Tax
-44,418
-3,454
19,177
5,575,257
164,372
298,089
585,021
730,838
-243,991
44,073
58,611
140,116
176,821
120,299
239,478
444,905
554,017
-97.93%
99.07%
85.78%
24.52%
5,819,248
Growth (%)
2013
Dec-14

13,590
11,913
10,868
11,913
Income before Tax
2012
8,970,603 10,023,943 11,235,948
Growth (%)
2,849
8,908,611 10,868,164 11,912,763 13,590,405
4.26%
Growth (%)
3,295
2,791
9,483
8,545
8,909
2010
2011
7,052
4,622
2,192
Period Attributable
5,800,640
105,037
220,547
444,905
554,017
5,906,019
120,301
238,448
444,905
554,017
5,887,411
105,039
219,517
444,905
554,017
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
176.48
122.23
187.22
137.22
141.99
RATIOS
Current Ratio (%)
480.00
6.00
186.00
186.00
EPS (Rp)
1,040.18
18.84
39.55
82.73
103.02
BV (Rp)
1,290.05
1,019.17
689.63
612.68
529.70
DAR (X)
0.37
0.45
0.53
0.50
0.51
DER(X)
0.59
0.81
1.14
1.00
1.05
ROA (%)
50.95
1.17
2.91
6.76
9.51
ROE (%)
80.89
2.12
6.23
13.50
19.45
GPM (%)
21.85
17.48
17.46
15.86
17.32
OPM (%)
3.15
4.94
5.24
NPM (%)
68.10
1.35
2.20
3.73
4.08
Payout Ratio (%)
46.15
31.85
470.30
224.83
Yield (%)
32.21
0.65
16.17
9.59
Dividend (Rp)
-238
2012
2013
Dec-14

5,819
4,632
3,445
2,258
1,071
120
239
2011
2012
445
554
2013
Dec-14
-116
2010
121
COMPANY REPORT
PGAS
PERUSAHAAN GAS NEGARA
(PERSERO) TBK.
Company Profile
PT Perusahaan Gas Negara (Persero) Tbk. was established in 1859. On May 13th, 1965, the Company
was stated as state owned enterprise and known as Perusahaan Negara Gas (PN. Gas).
The status of the Company was changed from a public service enterprise (Perum) to a state-owned
limited liability company (Persero) and the name was changed to PT Perusahaan Gas Negara
(Persero) based on Government Regulation No. 37 year 1994.
The Companys purposes are to implement and support the Governments economic and national
development programs, particularly in developing uses of natural gas for the benefit of the public as
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
natural gas to industrial, commercial and household users.
To achieve responsive sales target, the Company has divided its business areas into four Strategic
Business Units (SBU), as follows:
1. SBU Distribution Region I, Western Java Region until South Sumatera ,
2. SBU Distribution Region II, Eastern Java Region,
3. SBU Distribution Region III, Northern Sumatera Region and the Riau Islands,
4. SBU Sumatera-Java Transmission.
The Company commenced the construction of South Sumatera West Java gas transmission I and II
will expected opereating maximum capacity of 460 mmscfd and 520 mmscfd (unaudited).
The company has ownership in subsidiaries: PT Transportasi Gas Indonesia (Transgasindo), PGN Euro
Finance 2003 Limited, PT PGAS Telekomunikasi Nusantara, PT PGAS Solution, PT Saka Energi
Indonesia, PT Gagas Energi Indonesia, PT PGN LNG Indonesia, and PT Permata Graha Nusantara. As of
September 30th, 2014, the Company and Subsidiaries had a total of 2,226 employees.
February 2015
Disclaimer:
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
PGAS Perusahaan Gas Negara (Persero) Tbk. [S]

Main Board
Industry Sub Sector : Energy (71)
1,683.333
Individual Index
:
Listed Shares
:
24,241,508,196
8 | 122.4T | 2.32% | 40.84%
9 | 29.1T | 2.00% | 34.01%
COMPANY HISTORY
Established Date
: 01-Feb-1905
Listing Date
: 15-Dec-2003
Under Writer IPO :
PT ABN AMRO Asia Securities Indonesia
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Bayu Krisnamurthi
2. A. Edy Hermantoro
3. Firmanzah
4. M. Zamkhani
5. Pudja Sunasa *)
6. Widya Purnama *)
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. Imbuh Sulistyarini
3. Mohamad Slamet Wibowo
4. Kanyatama P. Mulyono
5. Gunawan Indradi

2. Public (<5%)
13,809,038,756 :
10,432,469,440 :
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
123

Closing
Price*
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-11
Jan-12
Jan-13
Jan-14
Jan-15

Freq.
Volume
Value
Day
TRADING ACTIVITIES

Perusahaan Gas Negara (Persero) Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
4,500
4,300
3,900
4,050
4,250
4,075
4,125
4,000
2,975
3,100
3,175
3,250
Low
3,875
3,475
3,500
3,775
3,900
3,900
3,850
2,925
2,025
2,400
2,850
3,000
Close
4,225
3,550
3,900
4,000
4,050
4,025
3,975
2,950
2,675
2,950
3,075
3,175
(X)
26,664
45,031
56,620
27,808
26,581
18,063
28,033
88,001
71,256
51,740
29,870
19,074
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
4,780
5,075
5,350
5,575
5,800
5,575
6,125
6,100
6,100
6,075
6,225
6,075
4,120
4,660
4,850
5,100
5,250
5,200
5,400
5,700
5,825
5,600
5,825
5,775
4,770 106,143
4,900
61,662
5,125
73,931
5,325
62,511
5,425
39,910
5,575
46,024
5,900
53,554
5,800
53,579
6,000
55,429
5,950
58,653
5,950
44,381
6,000
56,406
731,381
432,426
547,714
494,101
403,160
388,534
391,901
296,364
355,364
516,524
382,941
424,716
3,299,365
2,115,770
2,773,081
2,620,377
2,219,449
2,098,889
2,259,475
1,739,898
2,126,646
3,001,773
2,307,438
2,521,726
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
6,050
4,995
5,050
887,651
4,816,967
21

743,884 3,107,955
838,222 3,214,807
1,354,368 5,004,188
760,375 3,001,507
918,787 3,766,922
461,564 1,843,643
677,815 2,688,936
1,991,726 6,642,358
1,410,779 3,769,027
1,088,971 3,038,698
716,594 2,175,410
532,789 1,688,283
21
18
23
20
21
20
21
19
20
21
22
21
60%
45%
41.9%
34.8%
30%
15%
12.8%
-15%
-30%
-45%
-60%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
11,496
39,942
489
247
7,191
27,787
319
246
7,074
37,444
505
244
5,365
29,084
712
242
888
4,817
93
21
4,500
2,025
3,175
3,175
4,800
3,050
4,600
4,600
6,450
4,375
4,475
4,475
6,225
4,120
6,000
6,000
6,050
4,995
5,050
5,050
12.61
17.53
4.90
10.27
12.11
3.24
15.09
20.04
4.24
12.70
18.82
3.57
Price (Rupiah)
High
Low
Close
Close*
12.49
PER (X)
11.09
PER Industry (X)
4.48
PBV (X)
124
2014 Jan-15
92,906

Book End : December
BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
Assets
11,065,595 10,356,369 15,157,322 16,200,470 14,912,760
Receivables
1,946,894
2,043,553
2,550,177
3,875,102
5,259,125
Inventories
14,046
11,836
23,644
179,329
627,090
Current Assets
13,858,679 13,656,295 19,183,520 21,847,077 23,209,001
Fixed Assets
16,781,897 15,866,650 16,378,657 22,542,829 23,183,494
Other Assets
Total Assets
23,056
-3.46%
Growth (%)
Current Liabilities
38,309
21,425
50,620
86,856
32,087,431 30,976,446 37,791,930 53,536,157 66,156,833
4,035,777
2,483,317
22.00%
30,000
15,000
4,571,487 10,868,753
5,593,558
Total Liabilities
16,986,477 13,791,734 15,021,091 20,073,088 31,878,281
-18.81%
45,000
23.57%
12,950,699 11,308,417 10,449,604
Growth (%)
60,000
41.66%
8.91%
9,204,335 26,284,724
33.63%
58.81%
Liabilities
75,000
2010
2011
2012
2013
Sep-14

Authorized Capital
7,000,000
7,000,000
7,000,000 12,024,600
7,000,000
Paid up Capital
2,424,151
2,424,151
2,424,151
4,164,206
2,424,151
24,242
24,242
24,242
24,242
24,242
100
100
100
172
100

Par Value
Retained Earnings
10,317,327 12,257,199 16,847,739 25,725,467 26,574,709
Total Equity
15,100,954 17,184,712 22,770,838 33,463,069 34,278,552
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
Gross Profit
32.51%
46.96%
2.44%
Dec-11
Dec-12
Dec-13
Sep-14
-1.00%
7,223,570
27.33%
47.82%
27,286
2013
Sep-14
22,771
20,293
15,101
17,185
13,300
6,307
-686
2010
4,051,278
4,389,290
Operating Profit
9,035,725
7,722,378
9,848,734 11,456,318
-14.54%
27.53%
36,829
9,399,281
16.32%
36,829
30,696
24,915
29,316
-972,551
-68,189
1,255,405
2,348,434
256,653
Income before Tax
8,063,174
7,654,189 11,104,139 13,804,752
9,655,934
Tax
1,599,774
1,535,979
2,253,611
2,836,789
2,186,100
6,463,400
6,118,210
8,850,528 10,967,963
7,469,833
-5.34%
Growth (%)
2012
5,942,474 26,574,709
3,506,421
Growth (%)
2011
7,793,751 10,676,664 19,429,817 26,574,709
12,542,146 11,773,656 14,238,024 17,398,792 26,574,709
Expenses (Income)
34,279
19,765,716 19,567,407 24,914,688 36,828,609 30,695,558
Growth (%)
Cost of Revenues
13.80%
33,463
34,279
44.66%
21,803
19,766
19,567
2010
2011
14,290
23.92%
6,776
Period Attributable
6,239,361
5,933,063
8,614,862 10,558,743
7,227,008
6,268,010
6,163,463
8,843,202 10,898,403
7,357,730
6,081,362
5,964,373
8,603,365 10,481,609
7,115,510
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
Current Ratio (%)
343.40
549.92
419.63
201.01
414.92
Dividend (Rp)
154.44
134.62
202.77
210.40
EPS (Rp)
257.38
244.75
355.38
435.56
298.13
BV (Rp)
622.94
708.90
939.33
1,380.40
1,414.04
DAR (X)
0.53
0.45
0.40
0.37
0.48
DER(X)
RATIOS
1.12
0.80
0.66
0.60
0.93
ROA (%)
20.14
19.75
23.42
20.49
11.29
ROE (%)
42.80
35.60
38.87
32.78
21.79
GPM (%)
63.45
60.17
57.15
47.24
86.58
OPM (%)
45.71
39.47
39.53
31.11
30.62
NPM (%)
32.70
31.27
35.52
29.78
24.34
Payout Ratio (%)
60.00
55.00
57.06
48.31
3.49
4.24
4.41
4.70
Yield (%)
-737
2012
2013
Sep-14

10,968
10,968
8,851
7,470
8,730
6,463
6,118
2010
2011
6,493
4,256
2,018
-219
2012
2013
Sep-14
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
Briquette Operating Unit.
The head office located at Jln. Parigi No. 1, Tanjung Enim 31716, Sumatera Selatan. The
representative office located at Menara Kadin Indonesia 15th Floor, Jln. H.R. Rasuna Said
Blok X-5 Kav. 2-3, Jakarta 12950.
The scope of activities of the Company and its subsidiaries comprises coal mining activities,
including general surveying, exploration, exploitation, processing, refining, transportation
and trading, maintenance of special coal port facilities for internal and external needs,
operation of steam power plants for internal and external needs and providing consulting
services related to the coal mining industry as well as its derivative products.
The company has direct ownership in subsidiaries:
PT Batubara Bukit Kendi,
PT Bukit Asam Prima,
PT International Prima Coal,
PT Bukit Asam Metana Ombilin,
PT Bukit Asam Metana Enim,
PT Bukit Asam Metana Peranap, and
PT Bukit Asam Banko.
The Company has an ownership interest in the following joint venture entities:
PT Bukit Pembangkit Innovative, Tanjung Enim Sumatera Selatan, Independent
power,
PT Bukit Asam Transpacific Railway, Jakarta, Coal transportation services,
PT Huadian Bukit Asam Power, Tanjung Enim, Sumatera Selatan, Independent
power producer.
As of December 31st 2014, the Company had a total of 2,903 permanent employees.
February 2015
Disclaimer:
126
PTBA Tambang Batubara Bukit Asam (Persero) Tbk. [S]

Main Board
Individual Index
:
Listed Shares
:
1,978.261
2,304,131,850
26,209,499,793,750
33 | 26.2T | 0.50% | 67.20%
49 | 9.12T | 0.63% | 74.10%
COMPANY HISTORY
Established Date
: 02-Mar-1981
Listing Date
: 23-Dec-2002
Under Writer IPO :
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Agus Suhartono *)
2. Leonard
3. Robert Heri
4. S. Koesnaryo *)
5. Seger Budiarjo
6. Thamrin Sihite *)
BOARD OF DIRECTORS
1. Milawarma
2. Achmad Sudarto
3. Anung Dri Prasetya
4. Heri Supriyanto
5. M Jamil
6. Maizal Gazali
AUDIT COMMITTEE
1. S. Koesnaryo
2. Helmi Mahfud
3. Nuhindro Priagung Widodo
4. Seger Budiarjo

2. PT Tambang Batu Bara Bukit Asam (Persero) Tbk.
3. Public (<5%)
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
127

Closing
Price*
Closing Price
Volume
(Mill. Sh)
26,000
24.0
22,750
21.0
19,500
18.0
16,250
15.0
13,000
12.0
9,750
9.0
6,500
6.0
3,250
3.0
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Mining Index
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Tambang Batubara Bukit Asam (Persero)
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
26,000
20,700
21,550
22,800
22,450
21,500
21,650
21,500
19,950
18,800
18,500
17,750
Low
19,350
18,750
19,800
21,000
20,600
20,350
20,550
17,450
13,700
13,600
16,500
16,200
Close
19,750
20,050
21,000
22,300
21,250
20,800
21,300
19,050
16,800
18,350
17,000
17,350
(X)
31,410
22,423
22,536
13,575
13,591
14,856
16,518
19,027
20,250
27,223
15,147
13,830
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
10,600
9,750
9,650
10,375
11,900
11,550
11,700
13,900
14,150
13,625
13,575
13,650
8,975
9,100
9,125
9,275
9,650
10,250
10,350
11,450
12,600
11,100
11,875
12,200
9,250
9,575
9,325
9,875
10,700
10,725
11,650
13,350
13,200
12,950
13,150
12,500
44,679
32,839
31,705
37,927
38,397
33,290
27,074
44,905
42,360
42,019
24,797
30,786
108,649
63,663
71,519
93,241
110,174
72,603
46,806
84,949
51,496
46,227
40,529
39,684
1,027,710
597,991
681,021
911,383
1,171,293
794,402
522,367
1,111,304
687,303
578,241
519,174
519,559
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
12,525 10,100 11,375
41,254
60,844
690,666
21

102,110 2,225,262
76,819 1,522,754
96,718 1,994,258
49,553 1,098,839
51,249 1,098,047
61,338 1,277,009
56,206 1,189,290
64,261 1,240,174
43,682
752,747
76,241 1,238,794
40,315
711,620
38,098
653,219
21
18
23
20
21
20
21
19
20
21
22
21
80%
60%
41.9%
40%
20%
-20%
-40%
-52.5%
-60.7%
-60%
-80%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013
2014 Jan-15

Value (Billion Rp)
Frequency (Thou. X)
Days
757
15,002
230
247
706
11,954
190
246
653
8,819
214
244
830
9,122
431
242
61
691
41
21
Price (Rupiah)
High
Low
Close
Close*
26,000
13,600
17,350
17,350
21,150
12,950
15,100
15,100
17,000
9,700
10,200
10,200
14,150
8,975
12,500
12,500
12,525
10,100
11,375
11,375
15.33
8.49
4.09
12.87
20.76
3.11
13.65
3.23
3.53
12.43
2.93
3.21
12.95
PER (X)
16.17
PER Industry (X)
4.90
PBV (X)
128

Book End : December
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
5,054,075
6,791,291
5,917,034
3,343,905
4,039,267
Receivables
997,178
1,180,195
1,545,556
1,427,572
1,439,401
Inventories
423,678
64,483
765,964
901,952
1,033,360
6,645,953
8,859,260
8,718,297
6,479,783
7,416,805
921,005
1,140,466
1,853,447
2,803,393
3,987,565
57,588
50,949
97,886
119,746
119,719
BALANCE SHEET
Current Assets
Fixed Assets
Other Assets
Total Assets
Assets
8,722,699 11,507,104 12,728,981 11,677,155 14,812,023
Growth (%)
9,000
6,000
10.62%
-8.26%
26.85%
3,000
-
1,148,036
1,912,423
1,770,664
2,260,956
3,574,129
1,133,415
1,429,679
2,453,148
1,864,630
2,567,052
Total Liabilities
2,281,451
3,342,102
4,223,812
4,125,586
6,141,181
46.49%
26.38%
-2.33%
48.86%
Growth (%)
12,000
31.92%
Current Liabilities
Liabilities
15,000
2010
2011
2012
2013
Dec-14

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
5,182,763
6,906,491
7,410,590
8,093,505
9,205,393
Total Equity
6,441,248
8,165,002
8,505,169
7,551,569
8,670,842
26.76%
4.17%
-11.21%
14.82%
Dec-11
Dec-12
Dec-13
Dec-14

Par Value
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
33.79%
9.57%
-3.32%
16.67%
Cost of Revenues
4,258,988
5,302,592
6,505,932
7,745,646
9,056,219
Gross Profit
3,650,166
5,278,978
5,088,125
3,463,573
4,021,743
Expenses (Income)
1,050,516
1,219,874
1,494,615
1,310,735
1,711,545
4,059,104
3,593,510
2,152,838
2,310,198
-11.47%
-40.09%
7.31%
Growth (%)
7,552
6,441
6,770
5,035
3,300
1,565
-170
2010
Income before Tax

Tax
318,077
308,524
364,528
2,599,650
4,059,104
3,911,587
2,461,362
2,674,726
600,713
971,037
1,002,166
607,081
655,512
1,998,937
3,088,067
2,909,421
1,854,281
2,019,214
54.49%
-5.79%
-36.27%
8.89%
Growth (%)
2011
2012
2013
Dec-14

13,078
9,229
11,594
11,209
2012
2013
10,582
11,594
8,671
8,505
7,909,154 10,581,570 11,594,057 11,209,219 13,077,962
Growth (%)
Operating Profit
8,165
8,505
7,909
6,864
4,498
2,133
Period Attributable
2,008,891
3,085,836
2,900,113
1,826,144
2,016,171
2,010,313
3,085,862
2,269,074
2,351,350
2,123,653
2,000,359
3,083,631
2,259,766
2,323,213
2,120,610
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Current Ratio (%)
578.90
463.25
492.37
286.59
207.51
Dividend (Rp)
523.12
803.94
720.75
461.97
EPS (Rp)
871.86
1,339.26
1,258.66
792.55
875.02
BV (Rp)
2,795.52
3,543.63
3,691.27
3,277.40
3,763.17
DAR (X)
0.26
0.29
0.33
0.35
0.41
RATIOS
-232
2010
2011
Dec-14

3,088
3,088
2,909
2,458
1,999
2,019
1,854
1,828
0.35
0.41
0.50
0.55
0.71
ROA (%)
22.92
26.84
22.86
15.88
13.63
ROE (%)
31.03
37.82
34.21
24.55
23.29
GPM (%)
46.15
49.89
43.89
30.90
30.75
OPM (%)
38.36
30.99
19.21
17.66
NPM (%)
25.27
29.18
25.09
16.54
15.44
Payout Ratio (%)
60.00
60.03
57.26
58.29
2.28
4.63
4.77
4.53
DER(X)
Yield (%)
1,198
568
-62
2010
2011
2012
2013
Dec-14
129
COMPANY REPORT
PTPP
PEMBANGUNAN PERUMAHAN
(PERSERO) TBK.
Company Profile
PT Pembangunan Perumahan (Persero) Tbk. was established dated August 26th, 1953.
The Company's goals 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, enhancement in
construction capability services, information technology, tourism, hotels business service,
engineering and planning service, development services to produce high quality and highly
competitive goods and/or service, 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 Company's vision: "PT PP
(Persero) Tbk Vision".
The vision shall become strategic guide lines in facing future challenge, which is: "To
become a leading construction and investment company which provides high added values
to all of its stakeholders". The Company's new vision: "To Be a Leader in Construstion and
Investment Company in Indonesia which Internationally Competitive".
As of December 31st, 2014 the Company had 1,687 employees.
February 2015
Disclaimer:
130
PTPP PP (Persero) Tbk. [S]

Main Board
Individual Index
:
Listed Shares
:
699.107
4,842,436,500
18,958,138,897,500
49 | 19.0T | 0.36% | 74.10%
48 | 9.37T | 0.64% | 73.47%
COMPANY HISTORY
Established Date
: 26-Aug-1953
Listing Date
: 09-Feb-2010
Under Writer IPO :
PT DBS Vickers Securities Indonesia
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

2. Public (<5%)
2,469,642,760 :
2,372,793,740 :
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
Recording
Date
14-Jul-10
12-Jul-11
12-Jun-12
27-May-13
24-Apr-14
51.00%
49.00%
Payment
Date
28-Jul-10
15-Jul-11
15-Jun-12
10-Jun-13
07-May-14
F/I
F
F
F
F
F
ISSUED HISTORY
1. Djoko Murjanto
2. Aryanto Sutadi *)
3. Eddy Purwanto
4. Husein Thaib *)
5. Muhammad Khoerur Roziqin
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. Ketut Darmawan
4. Tumiyana
5. Wayan Karioka
6. Lukman Hidayat
AUDIT COMMITTEE
1. Aryanto Sutadi
2. Handoko Tripriyono
3. Sularso
CORPORATE SECRETARY
Taufik Hidayat
HEAD OFFICE
Plaza PP
Jln. Letjend. T.B. Simatupang No. 57,
Pasar Rebo, Jakarta - 13760
Phone : (021) 840-3883
Fax
: (021) 840-3890
Homepage
Email
: www.pt-pp.com
: corsec@pt-pp.com
131

Closing
Price*
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-11
Jan-12
Jan-13
Jan-14
Jan-15

400%
300%
250%
200%
175.4%
150%
100%
41.9%
50%
-50%
-100%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
2,943
1,576
86
247
4,253
2,931
85
246
8,579
10,203
318
244
4,619
9,366
376
242
403
1,503
56
21
820
265
485
485
950
475
830
830
1,780
760
1,160
1,160
3,625
1,105
3,575
3,575
3,925
3,475
3,915
3,915
12.98
17.34
2.43
13.35
9.57
2.83
44.75
16.29
8.06
49.01
17.39
8.82
9.78
PER (X)
11.09
PER Industry (X)
1.65
PBV (X)
132
Volume
Value
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
820
640
710
740
710
680
680
640
485
355
340
530
Low
630
550
570
640
630
640
620
455
265
280
315
320
Close
630
580
710
700
680
670
640
455
330
345
315
485
(X)
6,962
4,470
7,237
4,861
2,708
1,043
2,870
10,000
22,104
7,489
2,000
14,591
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
1,370
1,465
1,850
1,960
1,990
1,900
2,420
2,505
2,535
2,650
3,070
3,625
1,105
1,295
1,385
1,630
1,780
1,710
1,795
2,200
2,100
2,135
2,545
3,060
1,350
1,405
1,830
1,845
1,910
1,850
2,260
2,465
2,150
2,630
3,060
3,575
18,040
25,148
30,450
34,058
24,955
17,958
42,486
33,365
34,176
39,143
33,238
43,018
347,504
496,128
618,599
562,369
332,727
257,943
462,899
266,229
272,040
400,368
263,067
339,061
443,365
694,477
1,026,256
1,009,244
625,382
464,091
998,247
641,406
638,895
945,914
753,555
1,125,226
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
3,925
3,475
3,915
56,124
403,485
1,503,473
21

240,500
172,143
187,951
109,693
356,739
221,654
237,350
166,047
106,685
70,249
62,668
39,098
255,058
147,697
234,732
122,068
427,552
188,543
310,223
102,824
53,301
17,721
470,020
218,008
21
18
23
20
21
20
21
19
20
21
22
21
389.4%
350%
Price (Rupiah)
High
Low
Close
Close*
Freq.
Day
TRADING ACTIVITIES

PP (Persero) Tbk. [S]
2014 Jan-15

Book End : December
Public Accountant : Soejatna, Mulyana & Rekan

BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
959,609
1,306,110
1,303,124
2,396,802
2,408,126
Assets
Receivables
2,051,473
1,284,675
1,633,937
2,187,005
3,135,044
Inventories
1,509,428
1,586,309
1,565,642
177,419
2,570,346
Investment
287,389
243,697
222,844
289,598
417,692
Fixed Assets
77,127
75,997
72,775
141,882
493,576
5,444,074
6,933,354
Other Assets
Total Assets
Growth (%)
8,550,851 12,415,669 14,611,865
27.36%
23.33%
45.20%
9,000
6,000
3,000
-
912,003
1,115,578
836,766
891,868
2,384,646
3,463,503
4,243,610
6,300,346
7,021,633
Total Liabilities
4,182,231
5,507,914
6,895,001 10,430,922 12,221,595
31.70%
25.18%
51.28%
17.17%
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
484,244
484,244
484,244
484,244
484,244
4,842
4,842
4,842
4,842
4,842
100
100
100
100
100
315,433
479,030
709,439
1,037,220
1,442,959
1,261,843
1,425,440
1,655,849
1,984,747
2,390,270
12.96%
16.16%
19.86%
20.43%
Growth (%)
12,000
17.69%
Trade Payable
Bank Payable
Liabilities
15,000
2010
2011
2012
2013
Dec-14

Authorized Capital
Paid up Capital
Par Value
2,390
1,985
2,148
1,656
1,710
Retained Earnings
Total Equity
Growth (%)
1,425
1,262
1,272
834
INCOME STATEMENTS
Total Revenues
Dec-10
Dec-11
4,401,229
6,231,898
41.59%
Growth (%)
Dec-12
Dec-13
Dec-14
28.43%
45.63%
6.62%
3,983,232
5,526,136
Gross Profit
514,624
785,922
854,505
1,272,922
Operating Expenses
122,430
130,981
143,681
199,537
275,958
Operating Profit
392,194
654,940
710,825
1,073,385
1,256,702
66.99%
8.53%
51.01%
17.08%
Cost of Revenues
Growth (%)
395
8,003,873 11,655,844 12,427,371

-43
2010
2012
2013
Dec-14
7,149,367 10,382,923 10,894,711

1,532,660
-65,528
-236,464
-165,433
-306,495
-337,257
Income before Tax
326,666
418,476
545,392
766,890
919,445
Tax
125,018
178,253
235,709
346,170
387,380
201,648
240,223
309,683
420,720
532,065
19.13%
28.91%
35.86%
26.47%

12,427
11,656
11,656
8,004
9,278
6,232
6,900
Growth (%)
2011
4,401
4,522
2,145
Period Attributable
201,648
240,223
309,683
420,708
531,951
201,648
240,223
309,683
420,720
532,065
201,648
240,223
309,683
420,708
531,951
RATIOS
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dividend (Rp)
14.57
14.88
19.19
26.06
EPS (Rp)
41.64
49.61
63.95
86.88
109.85
-233
2010
2011
2012
2013
Dec-14

532
507
BV (Rp)
260.58
294.36
341.95
409.87
493.61
DAR (X)
0.77
0.79
0.81
0.84
0.84
DER(X)
3.31
3.86
4.16
5.26
5.11
ROA (%)
3.70
3.46
3.62
3.39
3.64
ROE (%)
15.98
16.85
18.70
21.20
22.26
GPM (%)
11.69
12.61
10.68
10.92
12.33
OPM (%)
8.91
10.51
8.88
9.21
10.11
NPM (%)
4.58
3.85
3.87
3.61
4.28
34.99
30.00
30.01
30.00
1.82
3.07
2.31
2.25
421
421
310
335
240
249
202
163
77
Payout Ratio (%)

Yield (%)
-8
2010
2011
2012
2013
Dec-14
133
COMPANY REPORT
PWON
PAKUWON JATI TBK.
Company Profile
PT Pakuwon Jati Tbk. is a diversified real estate developer focused in Jakarta and Surabaya.
The Company's portfolio of prime properties includes retail, residential, commercial and
hospitality developments
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, marketing and operational management.
Based on Companys Article of Associations, the Company is engaged in business:
1) Shopping center named as Tunjungan Plaza,
2) Business center named as Menara Mandiri,
3) Five-Star hotel named as Sheraton Surabaya Hotel and Towers,
4) Real estate business Pakuwon City
5) Real estate business Grand Pakuwon, which are all situated in Surabaya.
The Company has direct and indirect ownership in subsidiaries:
1) PT Artisan Wahyu,
2) PT Elite Prima Hutama,
3) PT Pakuwon Sentra Wisata,
4) PT Pakuwon Regency,
5) PT Grama Pramesi Siddhi,
6) Pakuwon Prima Pte. Ltd. Singapore,
7) Artius Grandis Pte. Ltd.
8) PT Centrum Utama Prima.
The company started commercial operations in May 1986. The Company and its
subsidiaries has total number of employees of 2,028 as of September 30, 2014.
February 2015
Disclaimer:
134
PWON PakuwonJatiTbk.[S]

Main Board
Individual Index
:
Listed Shares
:
1,923.744
48,159,602,400
24,031,641,597,600
38 | 24.0T | 0.45% | 69.58%

56 | 7.76T | 0.53% | 77.90%
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
Wisma Sirca
Phone : (021) 314-0032, 390-5920, 390-0645
Fax
: (021) 390-0671, 390-0652
1. Alexander Tedja
2. Agus Soesanto *)
3. Dyah Pradnyaparamita Duarsa *)
BOARD OF DIRECTORS
1. Richard Adisastra
2. Alexander Stephanus Ridwan Suhendra
3. Eiffel Tedja
4. Irene Tedja
5. Minarto
6. Sutandi Purnomosidi
7. Wong Boon Siew Ivy
AUDIT COMMITTEE
1. Agus Soesanto
2. Antoius 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
: minarto@pakuwon.com

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
Bonus
Cash
Year
1990
1991
1991
1991
1992
1993
1994
1995
1996
2011
2012
2013
Shares
Dividend
50.00
75.00
30.00
2:1
25.00
25.00
20.00
17.50
25.00
1.45
3.50
4.50
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
17-Jul-14
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
18-Jul-14
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
22-Jul-14
:
:
:
:
:
20.90%
12.62%
7.39%
7.15%
51.95%
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
12-Aug-14
F/I
F
F
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
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
Closing
Price*
Volume
(Mill. Sh)
560
4,000
490
3,500
420
3,000
350
2,500
280
2,000
210
1,500
140
1,000
70
500
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

180%
175.4%
150%
132.7%
120%
90%
60%
41.9%
30%
-30%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
2,148
1,921
137
247
11,909
3,536
218
246
26,640
8,934
480
244
19,148
7,765
674
242
6,716
3,274
113
21
Price (Rupiah)
High
Low
Close
Close*
1,100
670
750
188
880
170
225
225
430
220
270
270
555
261
515
515
545
462
499
499
14.14
17.34
3.46
11.48
9.57
3.17
14.14
16.29
4.57
13.70
17.39
4.42
19.88
PER (X)
11.09
PER Industry (X)
3.17
PBV (X)
136
2014 Jan-15
Closing Price
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Pakuwon Jati Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
910
930
900
890
1,000
1,100
990
920
910
890
1,010
860
Low
840
830
830
850
850
900
890
800
740
700
810
670
Close
870
860
890
870
1,000
980
900
880
780
860
830
750
(X)
7,242
6,146
9,687
4,653
10,568
18,722
15,828
14,958
9,573
11,500
16,784
11,627
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
340
355
392
392
408
400
449
500
445
450
525
555
261
303
323
338
353
337
344
390
391
376
429
456
307
330
350
352
408
349
415
435
404
450
515
515
48,959
45,367
52,428
61,363
43,214
36,740
50,717
84,200
77,849
63,633
55,333
54,593
976,326
1,135,771
1,413,058
1,702,129
1,025,350
791,084
1,380,171
4,427,598
2,110,045
1,644,833
1,190,333
1,351,233
299,281
374,607
511,373
622,424
388,372
293,337
550,046
1,911,446
890,296
684,270
555,625
683,696
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
545
462
499 112,556
6,716,000
3,274,163
21

102,723
89,902
101,249
88,122
210,981
183,731
52,008
59,937
187,101
169,686
331,832
341,759
329,440
309,710
208,692
182,020
108,561
128,988
130,722
108,266
198,224
181,996
148,648
115,525
21
18
23
20
21
20
21
19
20
21
22
21
Book End : December
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
321,523
621,021
1,315,146
2,126,206
4,503,413
Receivables
123,815
116,796
138,509
166,915
264,794
Inventories
2,927
3,121
1,262,136
1,051,081
1,213,816
Investment
1,996,240
2,033,472
216
268,531
16,154
Fixed Assets
1,451,333
1,659,292
844,548
673,096
776,413
11
11
BALANCE SHEET
Other Assets
Total Assets
Assets
14
11
5,744,711
7,565,820
16.56%
31.70%
22.90%
37.48%
2,750
-
1,085,338
1,925,967
1,764,389
1,570,245
13,615
65,241
33,929
54,754
106,671
2,368,737
3,371,576
4,431,284
5,195,737
7,351,285
42.34%
31.43%
17.25%
41.49%
Bank Payable
Total Liabilities
8,250
Growth (%)
Trade Payable
11,000
4,928,510
9,298,245 12,783,359
Growth (%)
Liabilities
13,750
5,500
2010
2011
2012
2013
Sep-14

Authorized Capital
3,000,000
3,000,000
3,000,000
3,000,000
3,000,000
Paid up Capital
1,003,325
1,203,990
1,203,990
1,203,990
1,203,990
10,033
12,040
48,160
48,160
48,160
100
100
25
25
25
425,732
667,748
1,345,905
2,310,166
3,409,138
2,026,577
2,373,135
3,134,536
4,102,509
5,432,074
17.10%
32.08%
30.88%
32.41%

Par Value
Retained Earnings
Total Equity
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
1,228,008
1,478,105
2,165,397
3,029,797
2,716,697
20.37%
46.50%
39.92%
Growth (%)
4,103
4,324
3,135
3,216
2,027
2,373
2,108
1,000
-109
2010
Cost of Revenues
668,475
743,405
931,477
1,264,879
1,091,231
Gross Profit
559,533
734,700
1,233,920
1,764,919
1,625,466
Operating Expenses
173,907
264,829
332,815
433,727
114,999
Operating Profit
5,432
5,432
Growth (%)
2011
Income before Tax

Tax
2013
3,030
2,717
3,030
385,626
469,871
901,105
1,331,192
1,510,468
69,099
91,339
134,609
194,644
173,334
316,527
378,531
766,496
1,136,548
1,337,133
19.59%
102.49%
48.28%
Growth (%)
Sep-14
2,165
2,412
2012
1,794
1,228
1,478
1,176
557
Period Attributable
272,358
346,859
747,989
1,132,820
1,315,690
316,527
378,531
766,496
1,136,548
1,337,133
272,358
346,859
747,989
1,132,820
1,315,690
RATIOS
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
1.45
3.50
4.50
EPS (Rp)
27.15
28.81
15.53
23.52
27.32
BV (Rp)
201.99
197.11
65.09
85.19
112.79
DAR (X)
0.48
0.59
0.59
0.56
0.58
DER(X)
1.17
1.42
1.41
1.27
1.35
ROA (%)
6.42
6.59
10.13
12.22
10.46
ROE (%)
15.62
15.95
24.45
27.70
24.62
GPM (%)
45.56
49.71
56.98
58.25
59.83
Dividend (Rp)
OPM (%)
NPM (%)
25.78
25.61
35.40
37.51
49.22
Payout Ratio (%)
5.03
22.53
19.13
Yield (%)
0.19
1.56
1.67
-61
2010
2011
2012
2013
Sep-14

1,337
1,337
1,137
1,064
766
792
519
317
379
246
-27
2010
2011
2012
2013
Sep-14
137
COMPANY REPORT
SCMA
SURYA CITRA MEDIA TBK.
Company Profile
PT Surya Citra Media Tbk. was established on January 29th, 1999. The Company started its
commercial operations in 2002.
Company's scope of activities in the field of business related to multimedia services,
including producing local television programs and sell them to Subsidiary.
The Company is domiciled in SCTV Tower - Senayan City, Jln. Asia Afrika Lot 19, Jakarta. PT
Elang Mahkota Teknologi Tbk is the ultimate parent entity of the Company and
subsidiaries.
Subsidiaries directly owned by the Company are as follows:
PT Surya Citra Televisi (SCTV),
PT Indosiar Visual Mandiri,
PT Bangka Tele Vision,
PT Screenplay Produksi, and
PT Surya Citra Pesona (51%).
As of September 30, 2014, the Company and Subsidiaries have 2,580 employees.
February 2015
Disclaimer:
138
SCMA Surya Citra Media Tbk. [S]

Main Board
Industry Sub Sector : Advertising, Printing And Media (95)
Individual Index
:
Listed Shares
:
1,552.273
14,621,601,234
49,932,768,214,110
19 | 49.9T | 0.94% | 57.31%
25 | 15.6T | 1.07% | 55.49%
COMPANY HISTORY
Established Date
: 29-Jan-1999
Listing Date
: 16-Jul-2002
Under Writer IPO :
PT CLSA Indonesia
Phone : (021) 252-5666
Fax
: (021) 252-5028
1. Raden Soeyono
2. Glenn Muhammad Surya Yusuf *)
3. Jay Geoffrey Wacher
4. Suryani Zaini *)
BOARD OF DIRECTORS
1. Sutanto Hartono
2. Grace Wiranata
3. Harsiwi Achmad
4. Lie Halim
5. Alvin Widarta Sariaatmadja
AUDIT COMMITTEE
1. Glenn Muhammad Surya Yusuf
2. Emmanuel Bambang Suyitno
3. M. Risanggono Soemaryono
CORPORATE SECRETARY
Hardijanto Saroso
HEAD OFFICE
SCTV Tower -Senayan City
Jln. Asia Afrika Lot. 19
Jakarta - 10270

1. PT Elang Mahkota Teknologi
2. Public (<5%)
8,914,176,761 :
5,707,424,473 :
Bonus
Cash
Year
2002
2002
2003
2004
2004
2005
2006
2007
2007
2008
2008
2009
2010
2010
2011
2011
2012
2013
2013
Shares
Dividend
15.00
30.00
5.00
35.00
25.00
50.16
8.00
20.00
8.00
40.00
130.00
170.00
60.00
225.00
35.00
125.00
48.00
15.00
51.00
Cum Date
20-Aug-02
01-Jul-03
05-Aug-04
23-Jun-05
08-Dec-05
22-Jun-06
15-Dec-06
01-Aug-07
10-Sep-08
16-Dec-08
19-Jun-09
16-Jun-10
08-Nov-10
27-Jun-11
27-Jun-11
14-Jun-12
06-May-13
21-Nov-13
18-Aug-14
Ex Date
21-Aug-02
02-Jul-03
06-Aug-04
24-Jun-05
09-Dec-05
23-Jun-06
18-Dec-06
02-Aug-07
11-Sep-08
17-Dec-08
22-Jun-09
17-Jun-10
09-Nov-10
28-Jun-11
28-Jun-11
15-Jun-12
07-May-13
22-Nov-13
19-Aug-14
Recording
Date
26-Aug-02
04-Jul-03
10-Aug-04
28-Jun-05
13-Dec-05
27-Jun-06
20-Dec-06
06-Aug-07
15-Sep-08
19-Dec-08
24-Jun-09
21-Jun-10
11-Nov-10
01-Jul-11
01-Jul-11
19-Jun-12
10-May-13
26-Nov-13
21-Aug-14
60.97%
39.03%
Payment
Date
09-Sep-02
18-Jul-03
25-Aug-04
12-Jul-05
28-Dec-05
11-Jul-06
05-Jan-07
21-Aug-07
29-Sep-08
08-Jan-09
07-Jul-09
05-Jul-10
23-Nov-10
12-Jul-11
12-Jul-11
03-Jul-12
24-May-13
10-Dec-13
04-Sep-14
I
F
F
F
F
F
I
I
F
F
F
F
I
F
I
F
F
I
F
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
Type of Listing
First Issue
First Issue (Green Shoe)
Company Listing
Warrant
ESOP Conversion
Stock Splits
Merger with IDKM
Shares
375,000,000
56,250,000
1,443,750,000 T:
18,750,000
56,250,000 T:
7,800,000,000
4,871,601,234
Listing
Date
16-Jul-02
16-Jul-02
16-Jul-02 :
05-Mar-03
23-May-08 :
29-Oct-12
01-May-13
Trading
Date
16-Jul-02
16-Jul-02
28-Feb-03
05-Mar-03
14-Jun-12
29-Oct-12
01-May-13
Phone : (021) 279-35599

Fax
: (021) 279-35598
Homepage
Email
F/I
: www.scm.co.id
: hardijanto.s@scm.co.id
139

Closing
Price*
Closing Price
Volume
(Mill. Sh)
4,200
800
3,675
700
3,150
600
2,625
500
2,100
400
1,575
300
1,050
200
525
100
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
3,725
3,825
4,200
4,200
5,050
6,050
6,650
7,000
6,000
6,400
7,700
8,200
Low
3,250
3,300
3,500
3,800
4,000
4,525
5,500
5,500
4,575
5,000
5,500
7,650
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
9,600
9,400
8,900
8,500
9,500
10,200
11,050
10,500
11,000
11,150
2,375
2,400
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
2,500
2,975
2,925
2,950
3,125
2,950
2,925
3,000
2,750
2,575
2,975
2,875
2,175
2,150
2,450
2,625
2,625
2,250
2,300
2,300
2,300
2,150
2,250
2,450
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
2,750
2,805
3,300
3,415
3,415
3,615
3,900
4,200
4,190
3,935
3,485
3,510
Jan-15
3,730
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Surya Citra Media Tbk. [S]
Close
3,450
3,800
4,050
4,200
4,950
5,700
6,550
6,000
6,000
6,350
7,550
7,850
(X)
271
135
340
138
563
965
818
576
818
643
1,011
623
7,850 9,300
8,400 8,700
8,050 8,050
7,950 8,500
8,000 8,950
8,500 9,500
9,450 10,350
9,850 9,900
9,850 11,000
1,950 1,950
1,970 2,175
2,100 2,250
712
589
900
568
1,139
627
1,960
842
1,809
1,481
1,712
1,865
6,653
8,775
16,027
21,942
87,104
9,114
116,666
10,523
13,824
20,626
131,821
71,973
57,811
77,400
136,459
184,003
752,304
82,791
1,168,577
107,052
143,872
134,399
278,835
164,575
20
20
21
20
21
19
22
19
20
22
20
18
2,375
2,575
2,775
2,800
2,900
2,725
2,675
2,500
2,550
2,350
2,850
2,625
2,844
7,347
5,901
4,171
7,102
8,696
7,002
5,905
7,547
9,540
22,527
10,133
74,017
114,123
158,946
177,045
224,109
192,983
124,551
140,977
167,051
196,809
652,332
252,342
168,664
268,789
415,150
482,182
651,217
503,785
329,380
378,417
421,739
473,590
1,798,826
676,768
21
20
19
20
22
19
23
17
21
21
20
19
2,530
2,410
2,700
3,000
3,015
3,100
3,250
3,690
3,725
3,325
3,055
3,190
2,650
2,805
3,200
3,150
3,170
3,585
3,800
4,110
3,825
3,380
3,210
3,500
24,535
46,992
60,060
45,515
31,337
30,599
41,264
55,141
46,879
79,426
60,418
40,549
120,592
310,886
357,086
201,924
256,918
387,714
519,179
696,177
173,175
339,658
320,661
921,781
313,839
785,287
1,066,820
655,546
813,709
1,298,374
1,817,851
2,697,996
681,805
1,192,961
1,054,759
3,194,315
20
20
20
20
18
21
18
20
22
23
20
20
3,205
3,415
62,923
408,147
1,407,805
21

2,538
8,852
3,470
11,977
3,512
13,706
1,396
5,703
5,426
24,255
10,342
51,121
11,313
69,776
3,883
23,607
3,129
17,510
22,958
135,661
47,075
315,609
8,280
65,741
19
12
18
18
21
20
21
19
20
21
22
21
490%
420%
381.0%
350%
280%
210%
140%
93.3%
70%
41.9%
-70%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
123
744
7
232
515
3,288
14
242
2,475
6,569
99
242
4,606
15,573
563
242
408
1,408
63
21
8,200
3,250
7,850
1,570
11,150
1,950
2,250
2,250
3,125
2,150
2,625
2,625
4,200
2,410
3,500
3,500
3,730
3,205
3,415
3,415
24.03
19.08
10.02
29.99
15.42
13.76
34.72
22.13
16.34
33.87
22.53
15.95
Price (Rupiah)
High
Low
Close
Close*
16.64
PER (X)
16.89
PER Industry (X)
10.09
PBV (X)
140
2014 Jan-15

Book End : December
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
712,212
716,717
927,423
1,043,283
905,570
Receivables
575,046
627,045
721,898
1,014,685
1,394,048
Inventories
199,946
164,427
222,674
374,639
446,691
1,516,473
1,534,252
1,917,041
2,570,167
2,934,735
361,173
328,681
326,717
724,970
725,746
BALANCE SHEET
Current Assets
Fixed Assets
Other Assets
Total Assets
Assets
2,700
18,199
17,323
17,729
22,115
28,519
2,511,222
2,893,172
4,010,166
4,418,811
-0.17%
15.21%
38.61%
10.19%
900
-
Current Liabilities
427,559
971,757
416,149
705,700
835,681
601,242
35,194
288,585
515,010
451,771
1,028,801
1,006,950
704,733
1,220,709
1,287,452
-2.12%
-30.01%
73.22%
5.47%
1,500,000
1,500,000
1,500,000
2,900,000
2,900,000
480,389
483,602
487,500
731,080
731,080
1,922
1,934
9,750
14,622
14,622
250
250
50
50
50
453,446
467,143
1,136,538
184,867
2,084,744
1,486,752
1,504,271
2,188,439
2,789,457
3,131,358
1.18%
45.48%
27.46%
12.26%
Total Liabilities
3,600
2,515,567
Growth (%)
Growth (%)
Liabilities
4,500
1,800
2010
2011
2012
2013
Sep-14

Authorized Capital
Paid up Capital
Par Value
Retained Earnings
Total Equity
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
1,927,997
2,306,735
2,240,085
3,694,748
3,093,160
19.64%
-2.89%
64.94%
Growth (%)
-
Gross Profit
1,135,863
1,083,940
1,035,222
1,935,962
2,084,744
792,134
1,222,795
1,204,863
1,758,786
1,471,776
54.37%
-1.47%
45.97%
Operating Profit
Growth (%)
2,188
2,493
1,854
1,487
1,504
2010
2011
1,215
576
-63
Cost of Revenues
Expenses (Income)
3,131
2,789
3,131
2012
2013
Sep-14

3,695
3,695
3,093
2,941
-70,438
-19,447
-5,396
5,309
1,398
Income before Tax
721,696
1,203,347
1,199,467
1,764,095
1,473,173
Tax
191,569
290,760
286,455
448,139
370,929
530,127
912,588
913,013
1,285,897
1,102,245
72.14%
0.05%
40.84%
Growth (%)
2,187
2,307
2,240
2011
2012
1,928
1,434
680
Period Attributable
530,127
912,705
913,013
1,280
1,105,566
530,127
912,588
913,013
1,285,897
1,102,245
530,127
912,705
913,013
1,280
1,105,566
RATIOS
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
Current Ratio (%)
354.68
157.88
460.66
364.20
351.18
Dividend (Rp)
285.00
160.00
48.00
66.00
EPS (Rp)
275.88
471.83
93.64
0.09
75.61
BV (Rp)
773.72
777.64
224.46
190.78
214.16
DAR (X)
0.41
0.40
0.24
0.30
0.29
DER(X)
0.69
0.67
0.32
0.44
0.41
ROA (%)
21.07
36.34
31.56
32.07
24.94
ROE (%)
35.66
60.67
41.72
46.10
35.20
GPM (%)
OPM (%)
41.09
53.01
53.79
47.60
47.58
NPM (%)
27.50
39.56
40.76
34.80
35.63
103.30
33.91
51.26
75,411.53
8.03
2.04
2.13
2.51
Payout Ratio (%)

Yield (%)
-74
2010
2013
Sep-14

1,286
1,286
1,102
1,024
913
913
2011
2012
761
530
499
237
-26
2010
2013
Sep-14
141
COMPANY REPORT
SILO
SILOAM INTERNATIONAL HOSPITAL TBK.
Company Profile
PT Siloam International Hospitals Tbk. established under the name PT Sentralindo Wirasta
dated August 3, 1996. The scope of the Company's main activity is in the field of public health
services, including establishing and / or acquire and manage hospitals, clinics, maternity
homes, facilities and supporting infrastructure pre healthcare, organizing and
implementation of health care and organizing public health care insurance.
The Company started commercial operations in 2010 after the restructuring of hospital units
PT Lippo Karawaci Tbk. The main activity of the Company is engaged in the field of public
health services are set up and manage a hospital. Work area hospital units of the Company
and its Subsidiaries include several towns on the island of Sumatra, Java, Bali, Kalimantan
and Sulawesi. The Company is the parent company of PT Megapratama Karya Persada with
the last of the parent entity is PT Lippo Karawaci Tbk. As of September 30th, 2014, the
Company and its subsidiaries have 3,645 permanent employees.
The company owns directly or indirectly more than 50% of the shares of subsidiaries are PT
Aritasindo Permaisemesta, PT Perdana Kencana Mandiri, PT Multiselaras Anugerah, PT Nusa
Medika Perkasa, PT Siloam Graha Utama and Subsidiaries, PT East Jakarta Medika, PT Guchi
Kencana Emas and Subsidiaries, PT Golden First Atlanta, PT Prawira Tata Semesta and
Subsidiaries, PT Balikpapan Damai Husada, PT Siloam Emergency Services, PT Medika
Harapan Cemerlang Indonesia, PT Pancawarna Semesta and Subsidiaries, PT Diagram
Healthcare Indonesia, PT Adamanisa Karya Sejahtera, PT Brenada Karya Bangsa, PT Harmoni
Selaras Indah, PT Kusuma Primadana and Subsidiaries, PT Adijay a Buana Sakti dan Entitas
Anak PT Siloam Sumsel Kemitraan, PT RS Siloam Hospital Sumsel, PT Optimum Karya
Persada, PT Rosela Indah Cipta, PT Sembada Karya Megah, PT Trijaya Makmur Bersama, PT
Visindo Galaxi Jaya, PT Tunggal Pilar Perkasa and Subsidiaries, PT Tirtasari Kencana, PT
Gramari Prima Nusa, PT Krisolis Jaya Mandiri, PT Kusuma Bhakti Anugerah, PT Agung Cipta
Raya, PT Bina Cipta Semesta, PT Mega Buana Bhakti, PT Taruna Perkasa Megah, PT Tataka
Bumi Karya, PT Tataka Karya Indah, PT Siloam Medika Cemerlang, PT Koridor Usaha Maju
and Subsidiaries, PT Medika Sarana Traliansia and Subsidiaries, PT Trisaka Reksa Waluya, PT
Berlian Cahaya Indah, PT Mahkota Buana Selaras, PT Rashal Siar Cakra Medika, PT Genta
Ray a Internusa, PT Indah Kemilau Abadi, PT Inti Pratama Medika, PT Karya Pesona
Cemerlang, PT Mulia Pratama Cemerlang, PT Persada Dunia Semesta, PT Sentra Sehat
Sejahtera.
February 2015
Disclaimer:
142
SILO Siloam International Hospitals Tbk. [S]

Main Board
Industry Sub Sector : Healthcare (96)
Individual Index
:
Listed Shares
:
148.889
1,156,100,000
15,491,740,000,000
59 | 15.5T | 0.29% | 77.36%
14 | 20.8T | 1.43% | 42.17%
COMPANY HISTORY
Established Date
: 03-Aug-1996
Listing Date
: 12-Sep-2013
Under Writer IPO :
PT Ciptadana Securities
Phone : (021) 527-7966
Fax
: (021) 527-7967
1. Ketut Budi Wijaya
2. Farid Harianto *)
3. Jonathan L. Parapak *)
4. Lambock V. Nahattands
5. Muladi *)
6. Rahmawaty
7. Theo L. Sambuaga

1. PT Megapratama Karya Persada
2. PT Safira Prima Utama
3. Public (<5%)
699,000,000 :
100,000,000 :
357,100,000 :
Bonus
Cash
Year
-
Shares
Dividend
Cum Date
Ex Date
Recording
Date
60.46%
8.65%
30.89%
Payment
F/I
Date
ISSUED HISTORY
No. Type of Listing
1. First Issue
2. Company Listing
Shares
156,100,000
1,000,000,000
Listing
Date
12-Sep-13
12-Sep-13
Trading
Date
12-Sep-13
12-Sep-13
BOARD OF DIRECTORS
1. Romeo Fernandez Lledo
2. Anang Prayudi
3. Andry
4. George Mathew
5. Grace Frelita Indradjaja
6. Kailas N Raina
AUDIT COMMITTEE
1. Farid Harianto
2. Lie Kwang Tak
3. Siswanto Pramono
CORPORATE SECRETARY
Sugianganto Budisuharto
HEAD OFFICE
Siloam Hospitals, 5th Floor
Jln. Siloam No. 6, Lippo Village
Tangerang - 15811
Phone : (021) 256-68000
Fax
: (021) 546-0075
Homepage
Email
: www.siloamhospitals.com
: corporate.secretary@siloamhospitals.com
143

Closing
Price*
TRADING ACTIVITIES
Volume
(Mill. Sh)
16,000
160
14,000
140
12,000
120
10,000
100
8,000
80
6,000
60
4,000
40
2,000
20
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14

September 2013 - January 2015
70%
60%
50%
40%
38.9%
30%
21.4%
19.0%
20%
10%
-10%
Sep 13
Dec 13
Mar 14
Jun 14
Sep 14
Dec 14
SHARES TRADED
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
435
4,385
15
72
1,718
20,751
80
242
39
526
4
21
11,050
9,050
9,500
9,500
17,500
9,200
13,700
13,700
14,000
13,000
13,400
13,400
220.23
15.42
6.70
218.72
22.13
9.38
213.93
22.53
9.17
Price (Rupiah)
High
Low
Close
Close*
PER (X)
PER Industry (X)
PBV (X)
144
2014 Jan-15
Closing Price
Low Close
9,050 10,400
9,950 10,150
9,050 9,600
9,250 9,500
Freq.
Volume
Value
Day

Siloam International Hospitals Tbk. [S]
September 2013 - January 2015
Month
Sep-13
Oct-13
Nov-13
Dec-13
High
11,000
11,050
10,350
9,700
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
9,650
10,550
11,400
11,000
15,000
15,150
15,000
15,950
17,500
15,500
15,400
14,700
9,625
10,500
10,300
11,000
15,000
14,450
14,300
15,075
15,025
13,775
13,625
13,700
4,505
6,310
9,465
7,308
5,769
5,181
5,816
6,452
11,156
5,972
6,991
5,539
139,774
233,380
262,183
271,019
250,496
149,703
84,216
95,928
116,205
41,486
44,745
28,758
1,335,343
2,325,902
2,781,056
2,886,239
3,134,771
2,187,636
1,200,511
1,454,766
1,813,276
590,341
637,273
403,657
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
14,000 13,000 13,400
4,003
38,835
525,611
21
9,200
9,500
9,550
9,400
11,000
13,950
13,100
14,000
14,700
13,125
12,800
13,375
(X)
6,040
5,130
2,776
1,293

110,105 1,098,723
175,460 1,838,018
68,670
674,356
81,196
773,923
13
21
20
18

Book End : December
Dec-12
Dec-13
Sep-14
168,708
515,438
398,954
Receivables
187,067
270,802
354,659
Inventories
75,352
94,831
97,181
Current Assets
456,737
907,465
892,760
Fixed Assets
865,292
1,402,270
1,540,492
BALANCE SHEET
Dec-10
Dec-11
Assets
Other Assets
Total Assets
1,725
33,310
15,992
2,600,775
2,855,064
63.96%
9.78%
575
-
267,633
295,921
492,798
1,073,752
665,862
673,403
Total Liabilities
1,341,585
961,783
1,166,202
-28.31%
21.25%
Current Liabilities
2,300
1,586,226
Growth (%)
Growth (%)
Liabilities
2,875
1,150
2012
2013
Sep-14

Authorized Capital
400,000
400,000
400,000
Paid up Capital
100,000
115,610
115,610
1,000
1,156
1,156
100
100
100

Par Value
Retained Earnings
156,238
206,109
260,419
Total Equity
244,641
1,638,992
1,688,862
569.96%
3.04%
Growth (%)
INCOME STATEMENTS
Dec-10
Dec-11
Total Revenues
Dec-12
Dec-13
Sep-14
1,788,083
2,503,600
2,415,292
40.02%
Growth (%)
1,844,902
444,815
658,698
667,172
Expenses (Income)
353,346
580,013
566,541
91,468
78,685
100,630
655
245
311

2,504
2,415
2,504
1,993
-14,447
-6,924
Income before Tax
77,022
71,761
64,325
Tax
25,062
21,569
13,016
51,960
50,192
51,310
Sep-14
1,000
1,748,120
-13.98%
Growth (%)
2013
1,344
2012
1,343,268
Operating Profit
1,689
-34
Gross Profit
Cost of Revenues
1,639
1,689
-36,305
1,788
1,482
971
-3.40%
Growth (%)
461
Period Attributable
50,461
49,870
54,310
51,960
50,192
51,310
50,461
49,870
54,310
Dec-12
Dec-13
Sep-14
170.66
306.66
181.16
RATIOS
Current Ratio (%)
Dividend (Rp)
Dec-10
Dec-11
EPS (Rp)
50.46
43.14
46.98
BV (Rp)
244.64
1,417.69
1,460.83
DAR (X)
0.85
0.37
0.41
DER(X)
5.48
0.59
0.69
ROA (%)
3.28
1.93
1.80
ROE (%)
21.24
3.06
3.04
GPM (%)
24.88
26.31
27.62
OPM (%)
5.12
3.14
4.17
NPM (%)
2.91
2.00
2.12
Payout Ratio (%)
Yield (%)
-50
2012
2013
Sep-14

52
50
51
2013
Sep-14
52
41
31
20
10
-1
2012
145
CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT
SMGR
SEMEN INDONESIA (PERSERO) TBK.
Company Profile
PT Semen Indonesia (Persero) Tbk. was established on March 25th, 1953 The Company
commenced commercial operations on August 7, 1957. The Company's controlling
shareholder is the Government of the Republic of Indonesia.
The scope of activities of the Company in accordance with the Articles of Association and
being carried out during the reporting period is to engage in the cement industry. The
Companys and its subsidiaries cement plants are located in Gresik and Tuban in East Java,
Indarung in West Sumatera, Pangkep in South Sulawesi and Quang Ninh in Vietnam. The
Group' products are marketed domestically and internationally.
As of December 31st, 2014, the Company and its subsidiaries had 6,976 employees.
The subsidiaries of the company are established as Strategic Tools, in order to give the
maximum contributions. In addition, their existence is expected to incur beneficial synergy
in order to achieve the purpose in accordance with the stipulated core business. Below are
the subsidiaries of the company:
PT Semen Padang,
PT SGG Energi Prima,
PT Sepatim Batamtama,
PT SGG Prima Beton,
PT Bima Sepaja Abadi,
PT Krakatau Semen Indonesia,
PT Semen Tonasa,
PT Sinergi Informatika Semen Indonesia,
PT Semen Gresik,
Thang Long Cement Joint Stock Company,
PT United Tractors Semen Gresik,
Thang Long Cement Joint Stock Company 2,
PT Industri Kemasan Semen Gresik,
An Phu Cement Joint Stock Company.
PT Kawasan Industri Gresik,
This 2014 Indonesian Cement obtain an award given by the Economic News media through
the "Living Legend Company & Everlasting Brand Award 2014". This award is a token of
appreciation for businesses both SOEs and private companies that have existed for more
than 50 years and has a good performance. Assessment of these companies is done not
only in terms of age and performance, but also innovation and strategy in the face of crisis.
February 2015
Disclaimer:
146
SMGR Semen Indonesia (Persero) Tbk. [S]

Main Board
Industry Sub Sector : Cement (31)
Individual Index
:
Listed Shares
:
5,071.717
5,931,520,000
86,451,904,000,000
12 | 86.5T | 1.64% | 48.41%
7 | 33.9T | 2.33% | 29.77%
COMPANY HISTORY
Established Date
: 25-Mar-1953
Listing Date
: 08-Jul-1991
Under Writer IPO :
PT Buanamas Investindo
PT Ficorinvest
PT Indovest Securities

PT Multicor
PT Nikko Securities Indonesia
PT Nomura Indonesia
PT Primarindo Daya Investama
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Mahendra Siregar
2. Achmad Jazidie
3. Hadi Waluyo *)
4. Marwanto Harjowiryono
5. Muchammad Zaidun *)
6. Sony Subrata *)
7. Wahyu Hidayat
BOARD OF DIRECTORS
1. Suparni
2. Ahyanizzaman
3. Amat Pria Darma
4. Gatot Kustyadji
5. Johan Samudra
6. Rizkan Chandra
7. Suharto
AUDIT COMMITTEE
1. Hadi Waluyo
2. Achmad Jazidie
3. Elok Tresnaningsih
4. Sahat Pardede

1. Pemerintah RI QQ Menteri Keuangan RI
2. Public (<5%)
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/I
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
The East Tower, 18th Fl., Jl. Dr. Ide Anak Agung Gde Agung
Kav. E.3.2 No.1, Jakarta - 12950

Semen Gresik Main Building, Jln. Veteran, Gresik - 61122
Phone : (021) 526-11745, (031) 398-17312
Fax
: (021) 526-1176, (031) 398-3209
Homepage : www.semengresik.com
Email
: corp.sec@sg.sggrp.com
agungw@sg.sggrp.com
147

Closing
Price*
Closing Price
Volume
(Mill. Sh)
20,000
56.0
17,500
49.0
15,000
42.0
12,500
35.0
10,000
28.0
7,500
21.0
5,000
14.0
2,500
7.0
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Low Close
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
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Semen Indonesia (Persero) Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
10,000
8,850
9,350
9,800
9,800
9,750
10,000
9,650
9,450
9,500
9,550
11,450
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
15,900
15,275
17,400
17,050
16,050
15,475
17,150
16,900
16,500
16,325
16,350
16,800
13,775
13,500
14,600
14,800
14,175
14,700
14,950
16,100
14,700
14,500
15,000
15,350
14,200
15,000
15,800
14,850
14,725
15,075
16,575
16,225
15,425
15,875
16,000
16,200
55,849
52,652
61,774
69,330
66,131
53,891
58,210
55,142
60,859
73,117
45,771
62,239
192,064
170,519
237,643
235,917
273,242
171,469
200,012
133,507
164,556
161,075
109,742
123,648
2,808,267
2,515,811
3,743,636
3,757,029
4,131,554
2,598,357
3,265,081
2,210,220
2,624,106
2,483,215
1,736,450
2,004,124
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
16,475 13,950 14,575
86,580
270,215
4,033,800
21
(X)
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 2,371,780
157,200 1,307,341
169,216 1,488,654
120,939 1,153,198
144,637 1,378,004
128,580 1,218,512
241,451 2,367,029
206,839 1,864,386
145,732 1,234,343
149,227 1,282,433
129,289 1,181,110
195,126 2,008,194
21
18
23
20
21
20
21
19
20
21
22
21
100%
80%
60%
48.0%
40%
33.2%
41.9%
20%
-20%
-40%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
2,068
18,855
233
247
2,149
26,942
296
246
2,548
39,111
497
244
2,173
33,878
715
242
270
4,034
87
21
Price (Rupiah)
High
Low
Close
Close*
11,450
7,250
11,450
11,450
16,950
9,900
15,850
15,850
19,150
11,350
14,150
14,150
17,400
13,500
16,200
16,200
16,475
13,950
14,575
14,575
19.09
9.79
5.18
15.63
6.83
3.85
17.63
16.60
4.09
15.86
16.29
3.68
17.15
PER (X)
10.41
PER Industry (X)
4.65
PBV (X)
148
2014 Jan-15

Book End : December
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
3,664,278
3,375,645
3,081,102
4,108,092
4,925,950
Receivables
1,764,284
1,864,177
2,522,529
2,916,062
3,432,557
Inventories
1,624,219
2,006,660 22,849,053
2,645,893
2,811,704
Current Assets
7,345,868
7,646,145
9,972,110 11,648,545
Fixed Assets
7,662,560 11,640,692 16,794,115 18,862,518 20,221,067
BALANCE SHEET
Other Assets
Total Assets
Assets
17,202

Total Liabilities
54,223
224,136
326,264
15,562,999 19,661,603 26,579,084 30,792,884 34,314,666
26.34%
Growth (%)
Current Liabilities
18,029
8,231,297
21,000
14,000
15.85%
11.44%
7,000
-
2,889,137
4,825,205
5,297,631
5,273,269
905,727
2,157,369
3,589,025
3,691,278
4,038,945
3,423,246
5,046,506
8,414,229
8,988,908
9,312,214
47.42%
66.73%
6.83%
3.60%
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
Growth (%)
28,000
35.18%
2,517,519
Liabilities
35,000
2010
2011
2012
2013
Dec-14

Authorized Capital
Paid up Capital
25,002
21,804
23,486

Par Value
Retained Earnings
Total Equity
5,932
5,932
5,932
5,932
5,932
100
100
100
100
100
18,165
18,695
14,615
9,954,536 12,407,396 15,291,927 18,480,911 21,630,157

12,139,753 14,615,097 18,164,855 21,803,976 25,002,452
20.39%
Growth (%)
24.29%
20.03%
13,903
12,140
14.67%
9,112
INCOME STATEMENTS
Total Revenues
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
4,321
14,344,189 16,378,794 19,598,248 24,501,241 26,987,035
14.18%
Growth (%)
19.66%
25.02%
10.15%
Cost of Revenues
7,534,079
Gross Profit
6,810,110
7,486,926
9,297,581 10,944,094 11,598,604
Expenses (Income)
2,300,165
2,594,794
3,116,058
4,023,694
4,507,838
Operating Profit
4,509,944
4,892,131
6,181,524
8.47%
26.36%
212,679
197,821
105,931
Income before Tax
4,722,623
5,089,952
6,287,454
6,920,400
7,090,766
Tax
1,063,509
1,134,680
1,360,814
1,566,101
1,517,189
3,659,114
3,955,273
4,926,640
5,354,299
5,573,577
8.09%
24.56%
8.68%
4.10%
Growth (%)
-470
2010
2011
2012
2013
Dec-14
8,891,868 10,300,667 13,557,147 15,388,431

26,987
24,501
24,501
19,598
19,503
16,379
14,344
14,505
Growth (%)
9,506
4,508
Period Attributable
3,633,220
3,925,442
4,847,252
5,370,247
5,565,858
3,656,622
3,960,605
4,924,791
5,852,023
5,587,346
3,630,727
3,930,774
4,845,403
5,716,493
5,576,106
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Current Ratio (%)
291.79
264.65
170.59
188.24
220.90
Dividend (Rp)
306.26
330.89
367.74
407.42
RATIOS
-490
2010
2011
612.53
661.79
817.20
905.37
938.35
BV (Rp)
2,046.65
2,463.97
3,062.43
3,675.95
4,215.18
DAR (X)
0.22
0.26
0.32
0.29
0.27
0.28
0.35
0.46
0.41
0.37
ROA (%)
23.51
20.12
18.54
17.39
16.24
ROE (%)
30.14
27.06
27.12
24.56
22.29
GPM (%)
47.48
45.71
47.44
44.67
42.98
OPM (%)
31.44
29.87
31.54
NPM (%)
25.51
24.15
25.14
21.85
20.65
Payout Ratio (%)
50.00
50.00
45.00
45.00
3.24
2.89
2.32
2.88
DER(X)
2013
Dec-14

5,574
5,354
4,927
5,354
EPS (Rp)
2012
4,262
3,659
3,955
3,170
2,077
Yield (%)
985
-107
2010
2011
2012
2013
Dec-14
149
CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT
SMRA
SUMMARECON AGUNG TBK.
Company Profile
PT Summarecon Agung Tbk. was founded in 1975 to undertake real estate construction
and development. The Companys scope of activities engaged in the field of real estate
development as well as supporting facilities and operating within the services and trade.
Currently, the scope of the company's business is engaged in the sales / leasing of real
estate, shopping centers, office facilities, as well as a means supporting.
The Company started commercial operations in 1976. PT Semarop Great was the last of
the parent entity of the Company and its Subsidiaries (hereinafter together referred to as
the "Group") and the Company's direct parent entity.
Summarecon's business units are now grouped into three distinct activities :
1. Property Development
Property Development is Summarecon's core business. This business unit develops
property products for sale such as residential house, apartment, landplots and commercial
shoplots. These property projects are integral to the development of a township's
residential and commercial development and include supporting facilities such as
education facilities, sports and recreation, places of worship and healthcare facilities.
2. Property Investment and Management
This business unit develops properties which are retained and leased out, particularly retail
shopping malls. The revenue stream from shopping malls and other rental properties
provide stable and consistent recurring incomes to the company. In each township
development is an area designated as a central business district wherein a shopping mall
will provide for full range of facilities that meets the needs of modern society.
3. Leisure, Hospitality and Others
Summarecon is also developing other properties including offices which are intended for
own corporate use, hotels and residential buildings to further support facilities in its
township.
To ensure the availabilty of ready-to-develop land, company has been continuously
acquiring land for potential future developments in existing locations and in any new
strategic/potential locations. Our current available landbank are more than 1,500 ha
(existing and new location). Company also strengthening the business portfolio by
developing the investment properties, leisure and hospitality that will provide a consistent
stream of recurring revenues. The Company and Subsidiaries had 2,020 permanent
employees at September 30th, 2014.
February 2015
Disclaimer:
150
SMRA Summarecon Agung Tbk. [S]

Main Board
Individual Index
:
Listed Shares
:
2,711.140
14,426,781,680
23,804,189,772,000
39 | 23.8T | 0.45% | 70.03%
55 | 7.83T | 0.54% | 77.37%
COMPANY HISTORY
Established Date
: 26-Nov-1975
Listing Date
: 07-May-1990
Under Writer IPO :
PT Multicor
Wisma Sirca
Phone : (021) 314-0032, 390-5920, 390-0645
Fax
: (021) 390-0671, 390-0652
1. Soetjipto Nagaria
2. Edi Darnadi *)
3. Esther Melyani Homan *)
4. Harto Djojo Nagaria
BOARD OF DIRECTORS
1. Johanes Mardjuki
2. Adrianto Pitoyo Adhi
3. Ge 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. Neneng Martini
3. Poespita Pelangiwati
CORPORATE SECRETARY
Michael Yong

1. PT Semarop Agung
2. PT Semarop Agung
3. PT Sinarmegah Jayasentosa
4. BNYM S/A Stichting Dep Apg Str
5. Public (<5%)
1,855,985,872
1,812,802,632
942,080,224
810,000,000
9,005,912,952
Bonus
Cash
Year
1990
1991
1992
1992
1993
1993
1994
1994
1995
1996
1996
2000
2001
2001
2002
2003
2005
2005
2005
2006
2007
2008
2009
2010
2011
2012
2013
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
23.00
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
10-Jul-14
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
15-Jul-14
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
11-Jul-14
:
:
:
:
:
12.86%
12.57%
6.53%
5.61%
62.43%
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
05-Aug-14
F/I
F
F
F
F
B
F
I
F
F
F
S
F
F
F
F
F
F
S
I
F
F
F
I
F
B
F
ISSUED HISTORY
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
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
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
:
:
:
:
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
151

Closing
Price*
Closing Price
Volume
(Mill. Sh)
1,800
480
1,575
420
1,350
360
1,125
300
900
240
675
180
450
120
225
60
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Freq.
Volume
Value
Day
TRADING ACTIVITIES

Summarecon Agung Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
1,110
1,030
1,160
1,260
1,270
1,200
1,320
1,310
1,310
1,170
1,200
1,250
Low
850
840
940
1,090
1,080
1,080
1,080
1,020
920
870
990
1,030
Close
870
1,000
1,160
1,260
1,140
1,140
1,280
1,210
1,000
1,170
1,060
1,240
(X)
12,964
6,850
5,439
3,639
6,300
4,541
9,010
6,023
6,699
5,327
2,210
4,877
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
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
980
1,085
1,180
1,150
1,305
1,270
1,405
1,415
1,350
1,310
1,475
1,615
745
910
980
940
1,080
1,090
1,095
1,270
1,195
1,040
1,220
1,300
955
1,005
1,065
1,110
1,255
1,135
1,350
1,340
1,220
1,260
1,460
1,520
27,739
32,185
27,115
26,857
19,968
21,300
41,560
32,205
40,295
34,690
29,571
29,385
484,736
680,056
528,787
587,245
420,392
275,513
757,675
483,471
662,162
627,001
458,840
550,649
434,071
676,697
573,389
633,586
515,282
325,634
977,499
646,706
836,334
749,899
615,277
842,088
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
1,760
1,470
1,650
40,621
660,999
1,064,832
21

350,348
346,724
215,422
198,509
127,664
132,585
58,216
68,404
135,128
152,632
104,888
120,504
262,445
312,928
147,933
180,703
149,317
173,964
125,832
125,755
86,134
96,826
74,454
86,936
21
18
23
20
21
20
21
19
20
21
22
21
245%
210%
205.6%
175%
175.4%
140%
105%
70%
41.9%
35%
-35%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013
2014 Jan-15

Value (Billion Rp)
Frequency (Thou. X)
Days
1,838
1,996
74
247
2,879
4,594
109
246
6,799
9,117
262
244
6,517
7,826
363
242
661
1,065
41
21
Price (Rupiah)
High
Low
Close
Close*
1,320
840
1,240
620
2,100
1,100
1,900
950
3,050
660
780
780
1,615
745
1,520
1,520
1,760
1,470
1,650
1,650
17.30
17.34
3.59
10.21
9.57
2.42
18.61
16.29
4.00
20.20
17.39
4.34
21.93
PER (X)
11.09
PER Industry (X)
3.44
PBV (X)
152

Book End : December
BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
1,120,483
1,495,901
2,427,999
2,544,845
1,435,824
Assets
Receivables
211,327
82,776
138,931
275,967
116,606
Inventories
1,308,433
2,741,082
2,819,764
3,058,266
3,117,939
Investment
4,029
1,929,125
3,699
284,282
379,106
304,427
282,418
351,832
407,100
254,769
67,756
122,888
Fixed Assets
Other Assets
Total Assets
118,369
6,139,640
Growth (%)
8,099,175 10,876,387 13,659,137 14,131,119
6,000
25.59%
3.46%
3,000
-
773,047
841,780
822,823
1,911,032
2,704,077
181,665
246,765
184,225
63,235
53,355
3,982,107
5,622,075
7,060,987
9,001,470
8,646,009
41.18%
25.59%
27.48%
-3.95%
1,000,000
1,000,000
2,500,000
2,500,000
2,500,000
687,314
687,314
721,339
1,442,678
1,442,678
6,873
6,873
7,213
14,427
14,427
100
100
100
100
100
Retained Earnings
1,207,161
1,531,470
2,171,202
2,963,203
3,515,013
Total Equity
2,157,533
2,477,100
3,815,400
4,657,667
5,485,110
14.81%
54.03%
22.08%
17.77%
Growth (%)
9,000
34.29%
Trade Payable
Total Liabilities
12,000
31.92%
Bank Payable
Liabilities
15,000
2010
2011
2012
2013
Sep-14

Authorized Capital
Paid up Capital
Par Value
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
1,700,832
2,359,331
3,463,163
4,093,789
3,645,554
38.72%
46.79%
18.21%
Growth (%)
947,778
1,312,185
1,871,176
1,943,287
1,821,279
753,054
1,047,145
1,591,987
2,150,503
1,824,275
354
482,671
581,085
803,365
649,572
398,986
564,475
1,010,901
1,347,138
1,174,703
41.48%
79.09%
33.26%
Growth (%)
3,815
4,366
3,247
2,158
2,477
2,128
1,009
2010
Gross Profit
Operating Profit
4,658
-110
Cost of Revenues
Operating Expenses
5,485
5,485
2011
2012
2013
Sep-14

4,094
3,646
4,094
3,463
3,259
-55,075
-33,559
-24,507
-27,712
-91,856
Income before Tax
343,911
530,916
986,395
1,319,425
1,082,847
Tax
109,574
142,209
194,309
223,537
206,898
234,337
388,707
792,086
1,095,888
875,949
65.88%
103.77%
38.35%
Growth (%)
2,359
2,424
1,701
1,588
753
Period Attributable
233,478
392,019
797,814
1,102,177
883,626
234,337
388,707
792,086
1,095,888
875,949
233,478
392,019
787,814
1,102,177
883,626
RATIOS
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
Dividend (Rp)
10.00
23.00
43.00
23.00
EPS (Rp)
33.97
57.04
110.60
76.40
61.25
BV (Rp)
313.91
360.40
528.93
322.85
380.20
DAR (X)
0.65
0.69
0.65
0.66
0.61
DER(X)
1.85
2.27
1.85
1.93
1.58
ROA (%)
3.82
4.80
7.28
8.02
6.20
ROE (%)
10.86
15.69
20.76
23.53
15.97
GPM (%)
44.28
44.38
45.97
52.53
50.04
OPM (%)
23.46
23.93
29.19
32.91
32.22
NPM (%)
13.78
16.48
22.87
26.77
24.03
Payout Ratio (%)
29.44
40.33
38.88
30.11
0.92
1.85
2.26
2.95
Yield (%)
-82
2010
2011
2012
2013
Sep-14

1,096
1,096
876
792
872
649
389
425
234
202
-22
2010
2011
2012
2013
Sep-14
153
COMPANY REPORT
SSMS
SAWIT SUMBERMAS SARANA TBK.
Company Profile
PT Sawit Sumbermas Sarana Tbk. was established in Jakarta dated November 22, 1995. The
scope of Companys activities is agriculture, trade, and industry.
The Company commenced its commercial operations in 2005. The company is primarily
involved in the operations of oil palm plantations and a palm oil mill which produces crude
palm oil and palm kernel with processing capacities of 90 MT of fresh fruit bunches (FFB) per
hour. On April 12, 2013, the Company has started the production of the second palm oil mill
with processing capacities of 60 MT per hour. The oil palm plantation and both palm oil mill
are located in Arut Selatan, Kotawaringin Barat, Central Kalimantan.
As of September 30th, 2014, the Company and its subsidiaries have 3,645 permanent
employees.
The Companys ownership interests in the consolidated subsidiaries, are as follows:
PT Kalimantan Sawit Abadi
PT Mitra Mendawai Sejati
PT Sawit Mandiri Lestari
PT Ahmad Saleh
February 2015
Disclaimer:
154
SSMS Sawit Sumbermas Sarana Tbk. [S]

Main Board
Individual Index
:
Listed Shares
:
246.269
9,525,000,000
15,716,250,000,000
58 | 15.7T | 0.30% | 77.07%
17 | 19.2T | 1.32% | 46.29%
COMPANY HISTORY
Established Date
: 22-Nov-1995
Listing Date
: 12-Dec-2013
Under Writer IPO :
PT BNP Paribas Securities Indonesia
PT RHB OSK Securities Indonesia
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Bungaran Saragih
2. Marzuki Usman *)

1. PT Citra Borneo Indah
2. PT Mandiri Indah Lestari
3. PT Prima Sawit Borneo
4. PT Putra Borneo Agro Lestari
5. Jemmy Adriyanor
6. Jery Borneo Putra
7. Public (<5%)
2,520,000,000
1,300,000,000
1,300,000,000
1,300,000,000
802,500,000
802,500,000
1,500,000,000
Bonus
Cash
Year
-
Shares
Dividend
Cum Date
Ex Date
Recording
Date
:
:
:
:
:
:
:
26.46%
13.65%
13.65%
13.65%
8.43%
8.43%
15.73%
Payment
F/I
Date
ISSUED HISTORY
No. Type of Listing
1. First Issue
2. Company Listing
Shares
1,500,000,000
8,025,000,000
Listing
Date
12-Dec-13
12-Dec-13
Trading
Date
12-Dec-13
12-Dec-13
BOARD OF DIRECTORS
1. Rimbun Situmorang
2. Harry Mohammad Nadir
3. Ramzi Sastra
4. Vallauthan Subraminam
AUDIT COMMITTEE
1. Marzuki Usman
2. Wahyudi Susanto
3. Zulfitry Ramdan
CORPORATE SECRETARY
Hadi Susilo
HEAD OFFICE
Equity Tower 43th Fl., Suite 43 D, SCBD Lot. 9
Jln. Jend. Sudirman Kav. 52-53
Jakarta - 12190
Phone : (021) 2903-5401
Fax
: (021) 2903-5405
Homepage
Email
: www.ssms.co.id
: hadi@ssms.co.id
corporate@ssms.co.id
155

Closing
Price*
Volume
(Mill. Sh)
Closing Price
Low
670
Close
820
(X)
40,829
940
1,000
1,105
1,215
1,330
1,305
1,290
1,360
1,450
1,285
1,490
1,700
780
795
970
1,035
1,185
1,230
1,130
1,245
1,255
970
1,105
1,430
840
995
1,035
1,200
1,245
1,245
1,265
1,305
1,265
1,245
1,460
1,665
90,546
124,186
151,752
124,281
109,941
138,806
96,713
95,927
191,666
132,232
121,970
73,625
1,525,166
1,968,412
2,801,526
1,499,197
1,336,469
853,528
850,674
994,842
1,626,852
1,118,780
1,046,976
953,444
1,313,401
1,819,170
2,882,007
1,678,780
1,694,579
1,084,394
1,029,194
1,280,910
2,252,941
1,343,498
1,364,530
1,460,547
20
20
20
20
18
21
18
20
22
23
20
20
1,735
1,605
1,650 106,690
964,382
1,624,413
21
1,575
280
1,350
240
1,125
200
900
160
675
120
450
80
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
225
40
Jan-15
Jun-14
Sep-14
Dec-14

Agriculture Index
December 2013 - January 2015
140%
129.2%
120%
100%
80%
60%
40%
25.6%
20%
12.2%
-20%
Dec 13
Mar 14
Jun 14
Sep 14
Dec 14
SHARES TRADED
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
1,031
790
41
11
16,576
19,204
1,452
242
964
1,624
107
21
850
670
820
820
1,700
780
1,665
1,665
1,735
1,605
1,650
1,650
13.54
15.46
3.37
25.60
19.34
5.78
25.36
17.46
5.73
Price (Rupiah)
High
Low
Close
Close*
PER (X)
PER Industry (X)
PBV (X)
156
2014 Jan-15
Value
High
850
320
Mar-14
Volume
Month
Dec-13
1,800
Dec-13
Freq.
Day
TRADING ACTIVITIES

Sawit Sumbermas Sarana Tbk. [S]

1,031,455
790,493
11

Book End : December
Dec-12
Dec-13
Sep-14
416,254
929,469
1,022,700
Receivables
23,408
199,500
125,521
Inventories
99,053
45,809
108,959
Current Assets
545,163
1,957,546
2,052,841
Fixed Assets
651,905
593,891
581,167
BALANCE SHEET
Dec-10
Dec-11
Assets
Other Assets
Total Assets
2,325
86,850
250,512
257,220
3,701,917
3,775,149
75.15%
1.98%
775
-
557,642
697,129
465,604
1,089,928
688,518
565,134
Total Liabilities
1,647,570
1,385,647
1,030,739
-15.90%
-25.61%
1,500,000
3,210,000
3,210,000
412,500
952,500
952,500
4,125
9,525
9,525
100
100
100
Current Liabilities
3,100
2,113,611
Growth (%)
Growth (%)
Liabilities
3,875
1,550
2012
2013
Sep-14

Authorized Capital
Paid up Capital
Par Value
Retained Earnings
Total Equity
6,619
443,443
858,650
466,041
2,316,270
2,744,410
397.01%
18.48%
Dec-12
Dec-13
Sep-14
1,880,275
1,962,435
1,557,026
Growth (%)
INCOME STATEMENTS
Dec-10
Dec-11
Total Revenues
4.37%
Growth (%)
2,316
2,185
1,625
1,065
466
505
-55
2012
Cost of Revenues
891,088
949,458
Gross Profit
989,187
1,012,977
805,978
Expenses (Income)
113,249
74,648
201,516
Operating Profit
875,938
938,329
604,461
2013
Sep-14
751,048
7.12%
Growth (%)
2,744
2,744

1,880
1,962
1,962
1,557
1,562
-110,764
-84,910
27,547
Income before Tax
765,173
853,419
632,009
Tax
203,478
221,750
154,368
561,695
631,669
477,641
1,162
761
12.46%
Growth (%)
361
Period Attributable
473,980
576,824
464,707
344,844
631,669
477,641
337,535
576,824
464,707
Dec-12
Dec-13
Sep-14
97.76
280.80
440.90
RATIOS
Current Ratio (%)
Dividend (Rp)
Dec-10
Dec-11
EPS (Rp)
114.90
60.56
48.79
BV (Rp)
112.98
243.18
288.13
DAR (X)
0.78
0.37
0.27
DER(X)
3.54
0.60
0.38
ROA (%)
26.58
17.06
12.65
ROE (%)
120.52
27.27
17.40
GPM (%)
52.61
51.62
51.76
OPM (%)
46.59
47.81
38.82
NPM (%)
29.87
32.19
30.68
Payout Ratio (%)
Yield (%)
-39
2012
2013
Sep-14

632
632
562
478
503
374
245
116
-13
2012
2013
Sep-14
157
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. (TBIG) was established dated 8 November 2004. TBIG
is a provider of telecommunications infrastructure for the placement of BTS by
telecommunications operators in Indonesia. TBIG is publicly listed on the Indonesian Stock
Exchange and is majority owned by Saratoga Capital and Provident Capital.
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
As one of the leading independent tower companies in Indonesia, we are pleased to
announce our strong financial and operational results for 2013. We organically added 2,985
telecommunication tenants to our existing portfolio, which includes 1,811
telecommunication towers. This demonstrates our unique capability to execute on large
orders from our telecommunication customers.
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,
PT Metric Solusi Integrasi and subsidiary,
PT Solusi Menara Indonesia,
TBG Global Pte. Ltd. and subsidiary, and
PT Menara Bersama Terpadu.
All subsidiaries are domiciled in Jakarta and their address is the same as the Companys
address, except for TBG Global Pte. Ltd., which is domiciled in Singapore.
On 30 December 2014 the Company and subsidiaries employed 556 staffs.
February 2015
Disclaimer:
158
TBIG Tower Bersama Infrastructure Tbk.

Main Board
Industry Sub Sector : Non Building Construction (75)
Individual Index
:
Listed Shares
:
469.136
4,796,526,199
45,566,998,890,500
21 | 45.6T | 0.86% | 59.10%
37 | 11.1T | 0.77% | 65.80%
COMPANY HISTORY
Established Date
: 08-Nov-2004
Listing Date
: 26-Oct-2010
Under Writer IPO :
PT UBS Securities Indonesia
PT Indo Premier Securities
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026

1. PT Wahana Anugerah Sejahtera
2. PT Provident Capital Indonesia
3. JPMCC-SPO Partners II LP
4. Public (<5%)
1,442,915,336
1,211,140,806
273,013,100
1,869,456,957
Bonus
Cash
Year
2010
2013
Shares
Dividend
25.00
60.00
Cum Date
10-Jun-11
18-Sep-13
Ex Date
13-Jun-11
19-Sep-13
Recording
Date
15-Jun-11
23-Sep-13
:
:
:
:
30.08%
25.25%
5.69%
38.98%
Payment
F/I
Date
28-Jun-11 F
03-Oct-13 I
ISSUED HISTORY
1. Edwin Soeryadjaya
2. Herry Tjahjana *)
3. Mustofa *)
4. Wahyuni Bahar *)
5. Winato Kartono
No.
1.
2.
3.
Type of Listing
First Issue
Company Listing
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
Barclays House Building, 6th Fl.
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
159

Closing
Price*
Closing Price
Volume
(Mill. Sh)
10,000
560
8,750
490
7,500
420
6,250
350
5,000
280
3,750
210
2,500
140
1,250
70
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Freq.
Volume
Value
Day
TRADING ACTIVITIES

Tower Bersama Infrastructure Tbk.
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
2,725
2,450
2,475
2,475
2,425
2,450
2,500
2,275
2,300
2,075
2,400
2,400
Low
2,375
2,300
2,175
2,175
2,175
2,150
2,225
1,830
1,810
1,860
2,000
2,150
Close
2,425
2,350
2,225
2,425
2,225
2,375
2,225
2,200
2,000
2,075
2,125
2,375
(X)
9,179
4,100
4,010
8,810
3,011
3,502
2,386
3,396
3,506
2,169
2,192
1,611
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
6,500
6,400
6,300
6,550
7,675
8,150
8,425
8,975
8,500
8,900
9,600
9,925
5,450
5,900
5,950
6,000
6,250
7,275
7,575
7,525
7,750
7,275
8,600
9,225
6,200
6,250
6,000
6,500
7,675
8,050
8,300
7,875
8,000
8,900
9,425
9,700
15,844
15,184
21,353
18,543
23,273
24,458
27,935
49,485
48,615
36,163
19,278
22,809
78,490
50,094
342,321
82,766
105,396
81,865
75,908
89,868
175,440
166,436
216,488
44,148
481,002
302,873
2,002,123
512,340
723,323
632,943
601,985
732,040
1,430,263
1,376,488
1,915,170
423,075
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
9,800
9,200
9,500
21,572
75,856
722,206
21

94,332
237,684
36,123
85,574
50,779
114,563
245,263
568,530
484,010 1,083,414
48,712
111,124
39,317
93,454
29,944
63,922
39,860
84,945
20,555
41,196
26,421
57,531
21,057
48,186
21
18
23
20
21
20
21
19
20
21
22
21
315%
280.0%
270%
225%
180%
135%
90%
45%
41.9%
34.8%
-45%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
1,136
2,590
48
247
2,610
10,086
60
246
2,054
11,783
152
244
1,509
11,134
323
242
76
722
22
21
Price (Rupiah)
High
Low
Close
Close*
2,725
1,810
2,375
2,375
6,150
2,325
5,700
5,700
6,650
4,450
5,800
5,800
9,925
5,450
9,700
9,700
9,800
9,200
9,500
9,500
33.28
17.53
6.44
22.29
12.11
6.76
30.65
20.04
10.60
30.02
18.82
10.39
21.89
PER (X)
11.09
PER Industry (X)
4.00
PBV (X)
160
2014 Jan-15

Book End : December
Public Accountant : Tanubrata Sutanto Fahmi & Rekan (Member of BDO International Limited)
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
1,047,454
499,552
507,253
647,186
900,576
Receivables
144,144
159,200
166,615
637,105
560,783
Inventories
47,321
33,545
228,771
328,078
404,377
1,543,036
1,186,268
2,301,229
2,598,596
3,152,206
207,550
383,713
87,100
219,516
473,559
5,246
4,699
4,151
7,091
BALANCE SHEET
Current Assets
Fixed Assets
Other Assets
Total Assets
Assets
5,176,442
Growth (%)
6,880,206 14,317,483 18,719,211 22,034,082
13,500
9,000
108.10%
30.74%
17.71%
4,500
2,182,014
3,930,922
9,124,102
7,890,076 10,674,250
8,778,951
459,148
869,746
2,398,767
3,305,251
Total Liabilities
2,857,915
4,174,997 10,072,090 14,605,172 17,903,053
46.09%
141.25%
45.01%
22.58%
1,442,012
1,442,012
1,442,012
1,442,012
1,442,012
455,670
455,670
479,653
479,653
479,653
4,557
4,557
4,797
4,797
4,797
100
100
100
100
100
493,059
859,972
1,701,907
2,662,109
3,675,818
2,318,527
2,705,209
4,245,393
4,114,039
4,131,029
16.68%
56.93%
-3.09%
0.41%
Growth (%)
18,000
32.91%
Current Liabilities
Liabilities
22,500
2010
2011
2012
2013
Dec-14

Authorized Capital
Paid up Capital
Par Value
Retained Earnings
Growth (%)
INCOME STATEMENTS
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Total Revenues
671,360
970,026
1,715,421
2,690,500
3,306,812
44.49%
76.84%
56.84%
22.91%
Growth (%)
Cost of Revenues
Gross Profit
Expenses (Income)
Operating Profit
98,196
143,262
263,837
395,796
509,820
573,164
826,764
1,451,584
2,294,704
2,796,992
86,877
119,278
171,195
242,434
291,688
486,287
707,486
1,280,389
2,052,270
2,505,304
45.49%
80.98%
60.28%
22.07%
Growth (%)
4,114
4,131
2012
2013
Dec-14
3,492
2,705
2,597
Total Equity
4,245
4,387
2,319
1,702
807
-88
2010
2011

3,307
3,239
2,691
2,691

Income before Tax
Tax
-126,990
-194,538
-367,141
-874,894
-1,074,741
359,297
512,948
913,248
1,177,376
1,430,563
19,919
20,600
-14,167
-174,148
58,459
339,378
492,348
927,415
1,351,524
1,372,104
45.07%
88.37%
45.73%
1.52%
2,142
1,715
1,593
970
1,044
Growth (%)
671
495
Period Attributable
326,729
474,358
841,935
1,247,994
1,301,496
351,962
494,491
821,596
935,985
1,356,503
339,378
476,411
745,869
858,498
1,289,300
RATIOS
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
336.07
136.39
105.46
66.11
34.55
25.00
60.00
EPS (Rp)
71.70
104.10
175.53
260.19
271.34
BV (Rp)
508.82
593.68
885.10
857.71
861.25
DAR (X)
0.55
0.61
0.70
0.78
0.81
Current Ratio (%)

Dividend (Rp)
DER(X)
1.23
1.54
2.37
3.55
ROA (%)
6.56
7.16
6.48
7.22
6.23
ROE (%)
14.64
18.20
21.85
32.85
33.21
GPM (%)
85.37
85.23
84.62
85.29
84.58
OPM (%)
72.43
72.93
74.64
76.28
75.76
NPM (%)
50.55
50.76
54.06
50.23
41.49
Payout Ratio (%)
34.87
23.06
1.00
1.03
Yield (%)
4.33
-54
2010
2011
2012
2013
Dec-14

1,352
1,372
2013
Dec-14
1,352
927
1,076
800
492
524
339
249
-27
2010
2011
2012
161
COMPANY REPORT
TLKM
TELEKOMUNIKASI INDONESIA
(PERSERO) TBK.
Company Profile
We are a state-owned enterprise that operates in the telecommunications and network
services sector in Indonesia. We are subject to the prevailing laws and regulations in this
country. Given its status as a state-owned enterprise whose shares are traded on the stock
market, the Government of the Republic of Indonesia is the Companys majority
shareholder, while the remaind of the Companys common stock is owned by the public.
The Companys shares are traded on the Indonesia Stock Exchange (IDX) and the New York
Stock Exchange (NYSE).
As stated in our Articles of Association, our business is to provide telecommunications
networks and telecommunications and information services, and to optimize the
Companys resources. To attain the aforementioned objectives, the Company may
undertake business activities that incorporate the following:
1.
Main Business
a.
To plan, build, deliver, develop, operate, marketor sell/lease, and maintain

telecommunications and information networks in the broadest sense with
respect to provisions of laws and regulations.
b.
To plan, develop, deliver, market or sell and improve telecommunications and

information services in the broadest sense with respect to provisions of laws
and regulations.
2.
Supporting Business
a.
To provide payment transaction and

telecommunications and information networks.
remittance
services
via
b.
To carry out activities and other undertakings in respect of optimizing the

Companys resources, among others the utilization of the Companys property,
plant and equipment and movable assets, information system facilities,
education and training facilities and maintenance and repair facilities.
February 2015
Disclaimer:
162
TLKM Telekomunikasi Indonesia (Persero) Tbk. [S]

Main Board
Industry Sub Sector : Telecommunication (73)
1,487.243
Individual Index
:
Listed Shares
:
100,799,996,400
4 | 285.3T | 5.40% | 23.15%
2 | 75.8T | 5.22% | 11.54%
COMPANY HISTORY
Established Date
: 24-Sep-1991
Listing Date
: 14-Nov-1995
Under Writer IPO :
PT Makindo
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Hendri Saparini
2. Dolfie Othniel Fredric Palit
3. Hadiyanto
4. Imam Apriyanto Putro
5. Johnny Swandi Sjam *)
6. Parikesit Suprapto
7. Virano Gazi Nasution *)
BOARD OF DIRECTORS
1. Alex J Sinaga
2. Abdus Somad Arief
3. Dian Rachmawan
4. Herdy Rosadi Harman
5. Heri Sunaryadi
6. Honesti Basyir
7. Indra Utoyo
8. Muhammad Awaluddin
AUDIT COMMITTEE
1. Johnny Swandi Sjam
2. Agus Yulianto
3. Parikesit Suprapto
4. Tjatur Purwadi
5. Virano Nasution
CORPORATE SECRETARY
Honesti Basyir
HEAD OFFICE
Graha Merah Putih 5th Fl.
Jln. Gatot Subroto No. 52
Jakarta

2. Public (<5%)
51,602,353,560 :
49,197,642,840 :
Bonus
Cash
Year
1995
1996
1997
1997
1998
1998
1998
1999
1999
2000
2000
2001
2002
2003
2004
2005
2005
2006
2006
2007
2007
2007
2008
2009
2009
2010
2010
2011
2012
2013
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
102.40
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
28-Apr-14
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
29-Apr-14
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
02-May-14
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
19-May-14
F
F
F
F
F
B
F
F
F
I
F
F
F
F
I
F
I
F
I
F
F
F
I
F
I
F
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
Phone : (021) 521-5109

Fax
: (021) 522-0500
Homepage
Email
F/I
: www.telkom.co.id
: honesti@telkom.co.id
163

TRADING ACTIVITIES
Closing Price
Volume
(Mill. Sh)
3,000
3,200
2,625
2,800
2,250
2,400
1,875
2,000
1,500
1,600
1,125
1,200
750
800
375
400
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

Freq.
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
8,050
7,850
7,550
7,850
7,800
7,750
7,400
7,900
7,900
7,750
7,650
7,500
Low
7,100
7,350
6,600
6,950
7,400
6,800
6,900
7,000
6,900
7,000
7,150
6,900
Close
7,550
7,450
7,350
7,700
7,700
7,350
7,350
7,250
7,600
7,400
7,350
7,050
(X)
43,651
18,451
45,513
32,395
17,375
29,350
21,068
32,676
32,016
33,231
20,061
21,893
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
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
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
2,275
2,420
2,340
2,380
2,700
2,550
2,710
2,800
3,010
2,930
2,830
2,890
2,060
2,170
2,130
2,150
2,275
2,405
2,465
2,590
2,675
2,680
2,590
2,725
Jan-15
2,930
2,780
Volume
Value

640,069 4,825,430
582,326 4,376,284
671,840 4,780,703
410,474 3,028,509
321,219 2,442,955
376,497 2,756,735
388,155 2,783,117
595,530 4,422,141
510,065 3,802,903
560,071 4,100,951
265,993 1,978,916
312,305 2,234,952
422,690
479,535
362,222
657,218
662,037
418,912
473,400
440,719
367,817
560,211
426,698
516,125
Day
Closing
Price*

Telekomunikasi Indonesia (Persero) Tbk. [S]
21
18
23
20
21
20
21
19
20
21
22
21
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
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
2,275
2,325
2,215
2,265
2,575
2,465
2,650
2,665
2,915
2,750
2,825
2,865
73,661
89,854
138,480
92,955
85,833
85,531
86,242
105,961
103,021
136,701
95,257
93,946
2,046,978 4,477,865
2,341,555 5,388,836
3,078,227 6,852,057
2,509,934 5,764,026
2,521,242 6,220,057
5,009,842 12,180,200
2,002,276 5,218,503
2,532,990 6,865,678
2,088,870 5,878,718
2,888,270 8,092,823
1,713,846 4,692,945
1,493,266 4,209,293
20
20
20
20
18
21
18
20
22
23
20
20
2,830
89,423
1,809,529
21
90%
76.9%
75%
60%
45%
41.9%
34.8%
30%
15%
-15%
-30%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
5,635
41,534
348
247
5,788
48,078
318
246
15,741
77,223
706
244
30,227
75,841
1,187
242
1,810
5,149
89
21
8,050
6,600
7,050
1,410
9,950
6,650
9,050
1,810
12,900
1,950
2,150
2,150
3,010
2,060
2,865
2,865
2,930
2,780
2,830
2,830
9.92
17.53
2.72
15.26
12.11
2.80
18.92
20.04
3.57
18.69
18.82
3.53
Price (Rupiah)
High
Low
Close
Close*
9.18
PER (X)
11.09
PER Industry (X)
2.33
PBV (X)
164
2014 Jan-15
5,148,840

Book End : December
BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
Assets
9,120,000
9,634,000 13,118,000 14,696,000 17,834,000
Receivables
4,433,000
5,250,000
5,409,000
6,421,000
8,060,000
Inventories
515,000
758,000
579,000
509,000
676,000
Current Assets
18,729,000 21,258,000 27,973,000 33,075,000 33,411,000
Fixed Assets
75,832,000 74,897,000 77,047,000 86,761,000 93,779,000
Other Assets
Total Assets
12,000
100,501,000 103,054,000 111,369,000 127,951,000 138,275,000
2.54%
60,000
Current Liabilities
20,473,000 22,189,000 24,107,000 28,437,000 33,365,000
23,613,000 19,884,000 20,284,000 22,090,000 24,046,000
Total Liabilities
44,086,000 42,073,000 44,391,000 50,527,000 57,411,000
-4.57%
5.51%
14.89%
90,000
30,000
Growth (%)
8.07%
120,000
8.07%
Growth (%)
13.82%
Liabilities
150,000
2010
2011
2012
2013
Sep-14
13.62%
Authorized Capital
Paid up Capital
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
100,800
100,800
250
250
250
50
50
Retained Earnings
41,908,000 47,054,000 52,777,000 58,628,000 60,131,000
Total Equity
56,415,000 60,981,000 66,978,000 77,424,000 80,864,000
77,424
80,864
80,864
66,978
64,368
56,415
60,981
47,871
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
8.09%
9.83%
15.60%
4.44%
Dec-11
Dec-12
Dec-13
Sep-14
3.96%
7.27%
7.55%
-1,617
2010
Cost of Revenues
Gross Profit
Operating Profit
14,879
69,177,000 71,918,000 77,143,000 82,967,000 65,841,000
Growth (%)
Expenses (Income)
31,375
2013
Sep-14
82,967
- 25,698,000 27,846,000 22,132,000

82,967
8.36%
Growth (%)
2012
46,254,000 49,970,000 51,445,000 55,121,000 60,131,000

-
2011
69,177
71,918
77,143
65,841
66,042
21,416,000 20,857,000 24,228,000 27,149,000 21,715,000
5,546,000
5,387,000
-1,470,000
-417,000
-1,507,000
Income before Tax

Tax
-1,091,000
-697,000
-5,866,000
6,859,000
15,870,000 15,470,000 18,362,000 20,290,000 16,280,000
-2.52%
Growth (%)
18.69%
49,116
5,435,000
32,191
10.50%
15,266
Period Attributable
11,537,000 10,965,000 12,850,000 14,205,000 11,446,000
15,904,000 15,481,000 18,388,000 20,402,000 16,268,000
11,571,000 10,976,000 12,876,000 14,317,000 11,434,000
RATIOS
Current Ratio (%)
Dividend (Rp)
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
91.48
95.80
116.04
116.31
100.14
322.59
371.05
436.10
102.40
572.27
543.90
637.40
140.92
113.55
BV (Rp)
2,798.36
3,024.85
3,322.32
768.10
802.22
DAR (X)
0.44
0.41
0.40
0.39
0.42
DER(X)
0.78
0.69
0.66
0.65
0.71
ROA (%)
15.79
15.01
16.49
15.86
11.77
ROE (%)
28.13
25.37
27.41
26.21
20.13
GPM (%)
OPM (%)
33.31
33.56
33.61
NPM (%)
22.94
21.51
23.80
24.46
24.73
Payout Ratio (%)
56.37
68.22
68.42
72.66
4.06
5.26
4.82
4.76
EPS (Rp)
-1,659
2010
2011
2012
2013
Sep-14

20,290
18,362
20,290
15,870
15,470
2010
2011
16,280
16,151
12,012
Yield (%)
7,873
3,733
-406
2012
2013
Sep-14
165
COMPANY REPORT
UNTR
UNITED TRACTORS TBK.
Company Profile
PT United Tractors Tbk. was established on October 13th, 1972, under the name of PT Inter
Astra Motor Works, as heavy equipment distributor in Indonesia. The Company
commenced commercial operations in 1973.
The principal activities of the Company and its subsidiaries include sales and rental of
heavy equipment (Construction machineries) and related after sales services, coal mining
and mining contracting. Included in mining contracting is integrated mining contracting
service.
The Company is controlled by its immediate parent company PT Astra International Tbk, a
company incorporated in Indonesia. PT Astra International Tbk's largest shareholder is
Jardine Cycle & Carriage Ltd, a company incorporated in Singapore. Jardine Cycle &
Carriage Ltd is a subsidiary of Jardine Matheson Holdings Ltd, a company incorporated in
Bermuda.
The Company is domiciled in Jakarta with 19 branches, 22 site offices and 11
representative offices throughout Indonesia.
The company has direct ownership in domestic and foreign subsidiaries:
PT Pamapersada Nusantara,
PT United Tractors Pandu Engineering,
PT Andalan Multi Kencana,
PT Bina Pertiwi,
UT Heavy Industry(S) Pte. Ltd.,
PT Universal Tekno Reksajaya,
PT Tambang Supra Perkasa.
As of December 31st, 2014, the Group had approximately 28,786 employees.
February 2015
Disclaimer:
166
UNTR United Tractors Tbk. [S]

Main Board
Industry Sub Sector : Wholesale (Durable & Non-Durable Goods) (91)
Individual Index
:
Listed Shares
:
21,307.748
3,730,135,136
66,769,418,934,400
15 | 66.8T | 1.26% | 52.87%
16 | 20.2T | 1.39% | 44.97%
COMPANY HISTORY
Established Date
: 13-Oct-1972
Listing Date
: 19-Sep-1989
Under Writer IPO :
PT Aseam Indonesia
PT (Persero) Danareksa
PT Finconesia
Phone : (021) 252-5666
Fax
: (021) 252-5028
1. Prijono Sugiarto
2. Anugerah Pekerti *)
3. David Alexander Newbigging
5. Soegito *)
6. Stephen Z. Satyahadi *)
7. Sudiarso Prasetio
BOARD OF DIRECTORS
1. Djoko Pranoto
2. Edhie Sarwono
3. Gidion Hasan
4. Iman Nurwahyu
5. Loudy Irwanto Ellias
AUDIT COMMITTEE
1. Stephen Z. Satyahadi
2. Lindawati Gani
3. Wiltarsa Halim
CORPORATE SECRETARY
Sara K. Loebis
HEAD OFFICE
Jln. Raya Bekasi Km. 22
Jakarta - 13910
Phone : (021) 460-5959 - 79
Fax
: (021) 460-0655, 460-0677
Homepage
Email
: www.unitedtractors.com
: sarakl@unitedtractors.com
ir@unitedtractors.com

2. Public (<5%)
2,219,317,358 :
1,510,817,778 :
Bonus
Cash
Year
1989
1990
1990
1990
1991
1991
1992
1992
1993
1993
1993
1994
1994
1995
1995
1996
1996
1999
2004
2005
2005
2006
2006
2007
2007
2008
2008
2009
2010
2010
2011
2011
2012
2012
2013
2013
2014
Shares
Dividend
100.00
165.00
175.00
185.00
175.00
175.00
70.00
160.00
100.00
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
515.00
195.00
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
14-May-14
09-Oct-14
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
20-May-14
14-Oct-14
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
16-May-14
10-Oct-14
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
05-Jun-14
28-Oct-14
F/I
I
I
F
I
F
I
F
I
B
F
I
F
I
F
I
F
B
I
F
I
F
I
F
I
F
F
I
F
I
F
I
F
I
F
I
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
7.
8.
Type of Listing
First Issue
Partial Listing
Right Issue
Company Listing
Bonus Shares
Stock Split
ESOP Conversion
ESOP Conversion II
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:
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
:
:
:
:
:
:
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
167

Closing
Price*
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-11
Jan-12
Jan-13
Jan-14
Jan-15

Freq.
Volume
Value
Day
TRADING ACTIVITIES

United Tractors Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
26,600
23,600
24,550
23,500
24,550
25,000
27,750
27,650
25,300
25,750
26,950
26,500
Low
19,800
21,300
19,900
21,300
21,550
22,500
24,350
22,000
18,700
18,950
23,000
23,900
Close
21,350
23,200
21,700
23,250
23,000
24,900
27,300
23,600
22,000
24,600
23,350
26,350
(X)
35,213
20,039
38,544
22,269
22,746
17,639
22,369
29,111
42,163
32,974
30,291
24,597
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
21,200
19,300
20,950
22,100
22,500
23,200
25,350
24,500
22,500
20,575
19,350
18,275
18,500
17,725
18,600
19,850
20,750
21,700
22,250
22,050
19,825
16,700
17,700
16,425
19,300
18,975
20,750
21,700
21,675
23,100
22,900
22,150
19,900
18,375
18,325
17,350
45,472
52,632
47,174
49,419
45,767
38,741
46,771
64,706
69,814
83,741
70,373
57,332
60,972
90,170
79,381
83,360
62,208
50,682
55,653
77,392
87,634
156,783
113,167
87,212
1,184,893
1,659,792
1,582,790
1,769,643
1,366,231
1,149,000
1,307,864
1,807,628
1,850,874
2,831,116
2,106,631
1,551,160
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
18,275 16,850 17,900
52,951
63,591
1,113,496
21

184,338 4,118,210
86,752 1,962,451
156,803 3,481,506
94,830 2,115,683
107,066 2,428,895
107,180 2,491,370
107,048 2,717,984
116,704 2,870,942
133,920 2,952,558
114,092 2,584,136
106,637 2,656,512
78,359 1,958,313
21
18
23
20
21
20
21
19
20
21
22
21
125%
100%
93.3%
75%
41.9%
50%
25%
-23.4%
-25%
-50%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
1,394
32,339
338
247
1,711
39,788
446
246
1,120
20,486
330
244
1,005
20,168
672
242
64
1,113
53
21
Price (Rupiah)
High
Low
Close
Close*
27,750
18,700
26,350
26,350
33,400
16,600
19,700
19,700
22,000
13,650
19,000
19,000
25,350
16,425
17,350
17,350
18,275
16,850
17,900
17,900
12.54
19.08
2.27
14.66
15.42
1.99
10.17
22.13
1.68
10.49
22.53
1.74
16.76
PER (X)
16.89
PER Industry (X)
3.57
PBV (X)
168
2014 Jan-15

Book End : December
Dec-10
Dec-11
Dec-12
1,343,220
7,135,386
3,995,265
Receivables
5,349,688
9,969,714
9,894,656 11,814,937 13,586,675
Inventories
6,931,631
7,129,459
7,173,704
BALANCE SHEET
Dec-13
Dec-14
Assets
7,935,870 10,059,803
6,176,470
7,770,086
Current Assets
15,532,762 25,625,578 22,048,115 27,814,126 33,579,799
Fixed Assets
11,039,320 13,670,208 15,196,476 14,574,384 13,625,012
Other Assets
Total Assets
29,700,914 46,440,062 50,300,633 57,362,244 60,292,031
56.36%
28,000
Current Liabilities
9,919,225 14,930,069 11,327,164 14,560,664 16,297,816
3,616,283
Total Liabilities
6,672,912
14.04%
42,000
14,000
4,006,045
8.31%
56,000
5.11%
Growth (%)
7,152,682
Liabilities
70,000
2010
5,417,481
2011
2012
2013
Dec-14
13,535,508 18,936,114 18,000,076 21,713,346 21,715,297
39.90%
-4.94%
20.63%
0.01%
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
831,719
932,534
932,534
932,534
932,534
Growth (%)

Authorized Capital
Paid up Capital
Par Value
3,327
3,730
3,730
3,730
3,730
250
250
250
250
250
Retained Earnings
11,139,012 15,342,706 18,382,728 21,062,159 24,420,272
Total Equity
16,165,406 27,503,948 32,300,557 35,648,898 38,576,734
38,577
35,649
38,434
32,301
27,504
30,594
22,753
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
17.44%
10.37%
8.21%
Dec-11
Dec-12
Dec-13
Dec-14
47.50%
1.64%
-8.83%
4.17%
7,072
-769
2010
2011
2012
2013
Dec-14
30,528,174 44,859,041 45,432,916 41,495,567 41,071,359
Gross Profit
6,795,698 10,193,521 10,520,999
9,516,818 12,070,409
Expenses (Income)
1,734,438
2,408,944
3,074,244
2,929,481
5,448,551
Operating Profit
16,165
14,913
37,323,872 55,052,562 55,953,915 51,012,385 53,141,768
Growth (%)
Cost of Revenues
70.14%

55,053
55,954
53,142
51,012
55,954
Growth (%)
44,539
5,061,260
7,784,577
7,446,755
6,587,337
6,621,858
Tax
1,186,745
1,885,071
1,693,413
1,788,559
1,781,888
3,874,515
5,899,506
5,753,342
4,798,778
4,839,970
52.26%
-2.48%
-16.59%
0.86%

Income before Tax
Growth (%)
37,324
33,125
21,710
10,296
Period Attributable
3,872,931
5,900,908
5,779,675
4,833,699
5,369,621
3,924,382
5,863,471
5,860,188
6,254,474
4,923,458
3,922,798
5,858,137
5,777,296
6,065,925
5,435,880
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Current Ratio (%)
156.59
171.64
194.65
191.02
206.04
Dividend (Rp)
590.00
820.00
830.00
690.00
195.00
EPS (Rp)
1,164.13
1,581.96
1,549.45
1,295.85
1,439.52
BV (Rp)
4,859.03
7,373.45
8,659.35
9,557.00
10,341.91
DAR (X)
0.46
0.41
0.36
0.38
0.36
RATIOS
-1,119
2010
2011
2012
2013
Dec-14

5,900
5,753
5,900
4,799
4,840
2013
Dec-14
4,696
3,875
3,493
0.84
0.69
0.56
0.61
0.56
ROA (%)
13.05
12.70
11.44
8.37
8.03
ROE (%)
23.97
21.45
17.81
13.46
12.55
GPM (%)
18.21
18.52
18.80
18.66
22.71
OPM (%)
NPM (%)
10.38
10.72
10.28
9.41
9.11
Payout Ratio (%)
50.68
51.83
53.57
53.25
13.55
2.48
3.11
4.21
3.63
1.12
DER(X)
Yield (%)
2,289
1,086
-118
2010
2011
2012
169
CC O
OM
M PP A
AN
N YY RR EE PP O
O RR TT
UNVR
UNILEVER INDONESIA TBK.
Company Profile
PT Unilever Indonesia Tbk. was established on December 5th, 1933. Unilever Indonesia has
grown to be a leading company of Home and Personal Care as well as Foods and Ice Cream
products in Indonesia.
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 its commercial
operations in 1933.
Unilever Indonesias portfolio includes many of the worlds best known and well-loved
brands, such as:
Lifebuoy
Sunlight
Axe
Lipton
Super Pell
Bango
Blue Band
Lux
Surf
Brylcreem
Molto
Unilever Food Solutions
Pond's
Vaseline
Buavita
Rexona
Vixal
Cif
Citra
Rinso
Wall's Taste Joy
Clear
Royco
Wipol Karbol
Sariwangi
Wipol Ultra Protection
Close Up
She
Zwitsal
Domestos
Dove
The Companys factories are located at Jln. Jababeka 9 Blok D, Jln. Jababeka Raya Blok O,
Jln. Jababeka V Blok V No. 14-16, Jababeka Industrial Estate Cikarang, Bekasi, West Java,
and Jln. Rungkut Industri IV No. 5-11, Rungkut Industrial Estate, Surabaya.
February 2015
Disclaimer:
170
UNVR UnileverIndonesiaTbk.[S]
Main Board
Industry Sub Sector : Cosmetics And Household (54)
183,407.567
Individual Index
:
Listed Shares
7,630,000,000
:
6 | 273.3T | 5.17% | 33.71%

29 | 13.0T | 0.90% | 59.32%
COMPANY HISTORY
Established Date
: 05-Dec-1933
Listing Date
: 11-Jan-1982
Under Writer IPO :
PT Aseam Indonesia
PT Danareksa
Phone : (021) 527-7966
Fax
: (021) 527-7967
1. Maurits Daniel Rudolf Lalisang
2. Bambang Subianto *)
3. Cyrillus Harinowo *)
4. Erry Firmansyah *)
5. Hikmahanto Juwana *)
BOARD OF DIRECTORS
1. Hemant Bakshi
2. Ainul Yaqin
3. Annemarieke Edwardine Eva de Haan
4. Debora Herawati Sadrach
5. Enny Hartati
6. Hadrianus Setiawan
7. Ramakrishnan Raghuraman
8. Sancoyo Antarikso
9. Tevilyan
AUDIT COMMITTEE
1. Erry Firmansyah
2. Benny Redjo Setyono
3. Muhammad Saleh
CORPORATE SECRETARY
Sancoyo Antarikso
HEAD OFFICE
Graha Unilever
Jln. Jend. Gatot Subroto Kav. 15
Jakarta - 12930
Phone : (021) 526-2112, 5299-6468, 5299-6847
Fax
: (021) 526-4020
Homepage
Email
: www.unilever.com; www.unilever.co.id
: unvr.indonesia@unilever.com

1. Unilever Indonesia Holding BV
2. Public (<5%)
6,484,877,500 :
1,145,122,500 :
Bonus
Cash
Year
1989
1990
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2003
2004
2004
2005
2005
2005
2006
2006
2007
2007
2008
2008
2009
2009
2010
2010
2011
2011
2012
2012
2013
2013
2013
2014
Shares
6:1
Dividend
600.00
690.00
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
900.00
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
371.00
371.00
336.00
Cum Date
from
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
26-Jun-14
26-Jun-14
02-Dec-14
Ex Date
27-Oct-89
23-Oct-90
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
11-Feb-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
27-Jun-14
27-Jun-14
03-Dec-14
Recording
Date
until
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
01-Jul-14
01-Jul-14
05-Dec-14
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-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
15-Jul-14
15-Jul-14
12-Dec-14
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
F
F
I
ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.
Type of Listing
First Issue
Bonus Shares
Bonus Shares
Company Listing
Stock Split
Stock Split
Shares
9,200,000
1,533,334
717,891
64,848,775
686,700,000
6,867,000,000
Listing
Date
11-Jan-82
15-Dec-89
22-Sep-93
02-Jan-98
06-Nov-00
03-Sep-03
Trading
Date
11-Jan-82
15-Dec-89
22-Sep-93
02-Jan-98
06-Nov-00
03-Sep-03
171
Closing
Price*
Volume
(Mill. Sh)
38,000
40.0
33,250
35.0
28,500
30.0
23,750
25.0
19,000
20.0
14,250
15.0
9,500
10.0
4,750
5.0
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

140%
123.2%
120%
109.6%
100%
80%
60%
41.9%
40%
20%
-20%
Jan 11
Jan 12
SHARES TRADED
Value (Billion Rp)
Frequency (Thou. X)
Days
Price (Rupiah)
High
Low
Close
Close*
Jan 13
Jan 15
2011
2012
2013
557
8,847
175
247
552
12,558
225
246
608
16,506
285
244
435
13,031
453
242
40
1,368
36
21
19,000
13,800
18,800
18,800
28,500
17,500
20,850
20,850
37,350
20,900
26,000
26,000
33,000
25,800
32,300
32,300
36,275
32,100
35,825
35,825
32.87
19.75
40.09
37.06
15.98
46.63
45.65
24.22
45.03
50.63
25.21
49.95
34.45
PER (X)
16.22
PER Industry (X)
38.97
PBV (X)
172
Jan 14
2014 Jan-15
Closing Price
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Unilever Indonesia Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
16,650
16,200
16,950
15,650
15,300
15,350
15,900
17,400
17,750
16,500
18,400
19,000
Low
13,800
14,100
15,250
14,900
14,650
14,600
14,700
15,000
14,000
15,250
15,450
17,100
Close
15,050
16,200
15,300
15,300
14,700
14,900
15,600
16,900
16,500
15,650
18,200
18,800
(X)
16,428
11,599
15,300
17,329
10,563
9,679
12,108
20,492
17,471
17,533
12,590
13,898
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
28,775
28,650
31,350
30,975
30,850
30,550
33,000
32,100
32,100
32,200
32,000
32,300
25,800
27,525
27,525
28,500
28,800
29,200
29,250
29,500
31,025
29,625
29,700
30,525
28,550
28,575
29,250
29,250
29,125
29,275
30,750
31,025
31,800
30,400
31,800
32,300
44,445
35,716
47,590
46,776
31,684
35,479
39,880
32,144
29,938
45,092
30,080
33,887
49,313
35,118
47,568
36,990
34,883
39,009
40,817
24,671
22,402
42,228
28,440
33,894
1,352,166
990,814
1,377,944
1,102,426
1,051,523
1,161,481
1,262,274
774,229
708,602
1,308,739
877,909
1,063,175
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
36,275 32,100 35,825
35,934
40,100
1,368,300
21

48,440
732,617
27,234
412,351
59,981
967,698
57,709
878,710
43,392
648,620
28,109
419,148
41,466
628,166
63,871 1,043,194
46,683
763,768
897,769
56,126
43,802
722,503
40,609
732,748
21
18
23
20
21
20
21
19
20
21
22
21
Book End : December
BALANCE SHEET
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
317,759
336,143
229,690
261,202
473,529
Assets
Receivables
1,752,633
2,188,280
2,261,941
3,279,694
4,630,886
Inventories
1,574,060
1,812,821
2,061,899
2,084,331
2,299,960
Current Assets
3,748,130
4,446,219
5,035,962
5,862,939
7,520,219
Fixed Assets
4,148,778
5,314,311
6,283,479
6,874,177
7,049,929
50,377
75,705
70,456
69,271
80,493
Other Assets
Total Assets
8,701,262 10,482,312 11,984,979

Total Liabilities
13,000
9,750
6,500
20.47%
14.34%
-37.54%
102.67%
3,250
4,402,940
6,474,594
7,535,896
8,419,442
8,892,043
249,469
326,781
480,718
674,076
805,199
4,652,409
6,801,375
8,016,614
9,093,518
9,697,242
46.19%
17.87%
13.43%
6.64%
Growth (%)
Current Liabilities
7,485,249 15,170,111
Growth (%)
Liabilities
16,250
2010
2011
2012
2013
Sep-14

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

Par Value
Retained Earnings
3,873,119
3,504,268
4,933,326
4,082,370
5,300,569
Total Equity
4,048,853
3,680,937
3,968,365
4,254,670
5,472,869
-9.09%
7.81%
7.21%
28.63%
Dec-11
Dec-12
Dec-13
Sep-14
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
Gross Profit
Expenses (Income)
Operating Profit
4,356
4,049
3,681
3,968
4,255
3,240
2,123
1,007
19,690,239 23,469,218 27,303,248 30,757,435 26,089,807
19.19%
Growth (%)
Cost of Revenues
5,473
5,473
16.34%
12.65%
-109
2010
2011
2012
2013
Sep-14
9,485,274 11,462,805 13,414,122 14,978,947 13,359,185

10,204,965 12,006,413 13,889,126 15,778,488 12,730,622
5,659,198
6,431,614
7,391,019
8,614,043
7,246,487
6,498,107
7,164,445
5,484,135
10.25%
Growth (%)

30,757
27,303
30,757
26,090
23,469
24,483

Income before Tax
-31,342
-5,637
-63,587
4,545,767
5,574,799
6,466,765
7,158,808
5,420,548
Tax
1,161,119
1,410,495
1,627,620
1,806,183
1,371,619
3,384,648
4,164,304
4,839,145
5,352,625
4,048,929
23.04%
16.21%
10.61%
Growth (%)
19,690
18,208
11,934
5,659
Period Attributable
3,386,970
4,163,369
4,839,277
5,352,625
4,048,929
3,384,648
4,164,304
4,839,145
5,352,625
4,048,929
3,386,970
4,163,369
4,839,277
5,352,625
4,048,929
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
85.13
68.67
66.83
69.64
84.57
Dividend (Rp)
444.00
546.00
634.00
701.00
336.00
EPS (Rp)
443.90
545.66
634.24
701.52
530.66
BV (Rp)
530.65
482.43
520.10
557.62
717.28
DAR (X)
0.53
0.65
0.67
1.21
0.64
DER(X)
1.15
1.85
2.02
2.14
1.77
RATIOS
Current Ratio (%)
ROA (%)
38.90
39.73
40.38
71.51
26.69
ROE (%)
83.60
113.13
121.94
125.81
73.98
GPM (%)
51.83
51.16
50.87
51.30
48.80
OPM (%)
23.80
23.29
21.02
NPM (%)
17.19
17.74
17.72
17.40
15.52
100.02
100.06
99.96
99.93
63.32
2.69
2.90
3.04
2.70
1.06
Payout Ratio (%)

Yield (%)
-615
2010
2011
2012
2013
Sep-14

5,353
4,839
5,353
4,164
4,049
4,261
3,385
3,169
2,077
985
-107
2010
2011
2012
2013
Sep-14
173
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WIKA
WIJAYA KARYA (PERSERO) TBK.
Company Profile
PT Wijaya Karya (Persero) Tbk. established dated 29 March 1960.
The purpose and objectives of the Company is to engage in the construction industry,
manufacturing industry, conversion industry, rental, agency services, investment, agroindustry, renewable energy and conversion energy , trading, engineering, procurement,
construction, area (industrial zone) management , service capacity upgrades in the field of
construction , information technology for engineering and planning services, by applying the
principles of limited liability companies.
The Company is domiciled at Jln. D.I. Panjaitan Kav. 9, Jakarta. The main activities
throughout Indonesia and overseas. The Company started its activities commercially in 1961.
The Company directly owned more than 50% shares on subsidiaries as follows:
PT Wijaya Karya Beton,
PT Wijaya Karya Realty,
PT Wijaya Karya Industri dan Konstruksi,
PT Wijaya Karya Rekayasa Konstruksi,
PT Wijaya Karya Bangunan Gedung,
PT Sarana Karya.
The entire subsidiaries are domiciled in Indonesia. Number of Employees of the Company
on September 30th, 2014 are 1,813 employes.
February 2015
Disclaimer:
174
WIKA Wijaya Karya (Persero) Tbk. [S]

Main Board
Individual Index
:
Listed Shares
:
891.667
6,149,225,000
23,028,847,625,000
42 | 23.0T | 0.44% | 71.35%
20 | 16.9T | 1.16% | 49.91%
COMPANY HISTORY
Established Date
: 11-Mar-1960
Listing Date
: 29-Oct-2007
Under Writer IPO :
PT CIMB-GK Securities Indonesia
PT Indo Premier Securities
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Basoeki Hadimoeljono
2. Abdul Rahman Pelu
3. B. Didik Prasetyo
4. Bakti Santoso Luddin *)
5. Soepomo
6. Thamrin Abdullah *)
BOARD OF DIRECTORS
1. Bintang Perbowo
2. Adji Firmantoro
3. Bambang Pramujo
4. Budi Harto
5. Destiawan Soewardjono
6. Ganda Kusuma

2. Public (<5%)
4,000,000,000 :
2,149,225,000 :
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
65.05%
34.95%
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
9,974,000
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
01-Jul-14
30-Dec-13
AUDIT COMMITTEE
1. Bakti Santoso Luddin
2. Arzul Andaliza
3. Mukti Wibowo
4. Slamet Wibowo
5. Thamrin Abdullah
CORPORATE SECRETARY
Suradi
HEAD OFFICE
WIKA Building
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
: suradi@wika.co.id
175

Closing
Price*
Closing Price
Volume
(Mill. Sh)
3,800
240
3,325
210
2,850
180
2,375
150
1,900
120
1,425
90
950
60
475
30
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15

455%
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Wijaya Karya (Persero) Tbk. [S]
Month
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
High
700
680
710
700
710
700
690
680
610
600
520
650
Low
590
600
600
660
660
640
650
560
450
450
470
465
Close
610
660
670
670
690
660
680
580
490
520
470
610
(X)
7,891
4,073
6,958
7,560
3,019
2,028
4,419
3,545
4,595
11,628
3,385
9,881
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
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
1,985
2,185
2,505
2,535
2,475
2,345
2,860
2,990
2,950
2,935
3,140
3,895
1,580
1,900
2,120
2,050
2,230
2,145
2,205
2,595
2,580
2,420
2,750
3,015
1,950
2,145
2,390
2,265
2,345
2,215
2,650
2,870
2,605
2,860
3,005
3,680
39,945
57,551
53,471
88,318
48,610
29,386
53,246
42,619
48,236
56,541
36,189
52,094
484,540
850,413
842,897
1,193,527
678,582
300,893
583,781
442,129
379,891
487,366
317,504
394,563
901,013
1,734,639
1,956,887
2,718,051
1,597,528
677,128
1,491,132
1,229,926
1,065,777
1,313,689
936,247
1,292,573
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
3,795
3,455
3,745
52,642
422,511
1,535,100
21

316,051
202,032
114,366
73,484
143,658
92,449
148,172
100,902
98,903
68,033
95,426
63,532
150,923
101,290
115,101
70,332
95,568
52,881
160,637
85,900
59,665
29,849
382,183
230,029
21
18
23
20
21
20
21
19
20
21
22
21
442.8%
390%
325%
260%
195%
175.4%
130%
65%
41.9%
-65%
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
SHARES TRADED
2011
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
1,881
1,171
69
247
3,477
3,843
131
246
7,059
13,754
406
244
6,956
16,915
606
242
423
1,535
53
21
710
450
610
610
1,650
600
1,480
1,480
2,900
1,350
1,580
1,580
3,895
1,580
3,680
3,680
3,795
3,455
3,745
3,745
17.75
17.34
3.21
17.02
9.57
3.01
42.35
16.29
4.79
43.10
17.39
4.88
Price (Rupiah)
High
Low
Close
Close*
9.15
PER (X)
11.09
PER Industry (X)
1.66
PBV (X)
176
2014 Jan-15

Book End : December
Public Accountant : Hadori Sugiarto Adi & Rekan (Member of HLB International)
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
1,227,705
1,244,316
1,499,143
1,386,707
1,728,665
Receivables
1,422,090
420,573
1,978,912
2,132,198
2,769,859
Inventories
682,563
872,775
1,138,080
1,118,390
969,280
Investment
147,800
164,989
1,208,327
1,583,043
1,860,838
Fixed Assets
405,546
753,148
1,168,757
1,640,292
2,333,816
417,006
73,252
71,743
73,673
BALANCE SHEET
Other Assets
Total Assets
Assets
75,040
6,286,305
8,322,980 10,945,209 12,594,963 15,023,627
32.40%
Growth (%)
31.51%
15.07%
9,750
6,500
3,250
-
2,834,043
1,221,036
2,119,188
2,529,217
3,061,518
3,529,758
Total Liabilities
4,369,537
6,103,604
8,131,204
9,368,004 10,301,810
39.69%
33.22%
15.21%
9.97%
1,600,000
1,600,000
1,600,000
1,600,000
1,600,000
600,154
602,727
610,563
613,997
614,923
6,002
6,027
6,106
6,140
6,149
100
100
100
100
100
608,013
854,681
1,196,354
1,202,095
1,431,818
1,916,768
2,219,376
2,814,006
3,226,959
4,721,817
15.79%
26.79%
14.67%
46.32%
Dec-12
Dec-13
Sep-14
9,816,086 11,884,668
8,605,350
Growth (%)
13,000
19.28%
Trade Payable
Bank Payable
Liabilities
16,250
2010
2011
2012
2013
Sep-14

Authorized Capital
Paid up Capital
Par Value
Retained Earnings
Total Equity
Growth (%)
INCOME STATEMENTS
Total Revenues
Dec-10
Dec-11
6,022,922
7,741,827
28.54%
Growth (%)
26.79%
21.07%
2,814
2,795
1,917
2,219
1,832
869
2010
5,390,012
6,978,414
8,902,209 10,562,234
7,665,883
632,910
864,935
1,111,382
1,583,448
1,106,313
Operating Expenses
195,457
211,194
265,965
367,486
281,467
Operating Profit
477,611
653,741
845,417
1,215,962
824,846
36.88%
29.32%
43.83%
Growth (%)
3,227
3,759
-94
Gross Profit
Cost of Revenues
4,722
4,722
2011
2012
2013

11,885
11,885
9,816
8,605
9,460
-4,285
-24,134
-37,501
-199,272
Income before Tax
473,326
629,607
807,916
1,016,690
745,063
Tax
162,085
238,660
302,791
392,319
260,587
311,241
390,946
505,125
624,372
484,476
25.61%
29.21%
23.61%
Growth (%)
Sep-14
7,742
-79,783
7,036
6,023
4,611
2,187
Period Attributable
284,922
354,499
457,858
569,940
400,705
311,241
401,828
508,764
624,372
484,476
284,922
366,375
461,134
569,940
400,705
RATIOS
Dec-10
Dec-11
Dec-12
Dec-13
Sep-14
Dividend (Rp)
17.08
17.28
22.32
27.82
EPS (Rp)
47.47
58.82
74.99
92.82
65.16
BV (Rp)
319.38
368.22
460.89
525.57
767.87
DAR (X)
0.70
0.73
0.74
0.74
0.69
DER(X)
2.28
2.75
2.89
2.90
2.18
ROA (%)
4.95
4.70
4.62
4.96
3.22
ROE (%)
16.24
17.62
17.95
19.35
10.26
GPM (%)
10.51
11.17
11.32
13.32
12.86
OPM (%)
7.93
8.44
8.61
10.23
9.59
NPM (%)
5.17
5.05
5.15
5.25
5.63
35.99
29.38
29.76
29.97
2.51
2.83
1.51
1.76
Payout Ratio (%)

Yield (%)
-238
2010
2011
2012
2013
Sep-14

624
624
505
484
497
391
370
311
242
115
-12
2010
2011
2012
2013
Sep-14
177
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WSKT
WASKITA KARYA (PERSERO) TBK.
Company Profile
The Company was first established as a foreign company under the name "Volker
Aaneming Maatschappij NV" which later became nationalized State Company (PN) Waskita
Karja on March 29, 1961, and the Company at the time was based in Jakarta.
Overall, projects sources from the government still present the most appeal. Civil projects
are continually driven grow and justify investment in new resources (particularly
construction equipment), while building projects still experience selective growth rate. The
Companys primary product are building and civil construction, as well as EPC. These three
types of service are offered to two principal markets, namely the government and private
sector. The Company must continue to be selective and carefully weigh risks in accepting
projects from private entities for the construction of buildings and civil items.
The Company is currently striving to expand its precast concrete business. The Company
employs two means to meet its need for precast concrete, namely by procuring the same
from external sources and by producing them internally.
The Companys strategy is realized by achieving the set targets in terms of contract value,
revenue and profit, by employing the following strategies and policies:
Continuing focus on the core business, supplemented by expansion into new
markets in the relevant business sectors: precast concrete, realty and toll road
investment;
Focus on the government sector and potential civil projects, particularly largescale infrastructure projects;
Enhancement of competitive advantage through improvements in work systems
and capital structure;
Enrichment of experience through strategic partnering and EPC activities;
Focus on the application of value engineering;
Enhancement of profit margin through cost reduction programs and business
diversification;
Expansion of overseas market share;
Upgrading of IT system through the use of the Microsoft Dynamic application.
The Company remains convinced that management preparedness, supported by good
corporate governance, sustainable human resources development and programmed
business strategies, will open opportunities for growth and contribute towards achieving
an even better future for the Company.
February 2015
Disclaimer:
178
WSKT Waskita Karya (Persero) Tbk. [S]

Main Board
Individual Index
:
Listed Shares
:
451.316
9,727,504,205
16,682,669,711,575
55 | 16.7T | 0.32% | 76.16%
31 | 12.6T | 0.87% | 61.07%
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)
PT Datindo Entrycom
Phone : (021) 570-9009
Fax
: (021) 570-9026
1. Mohamad Hasan
2. Arif Baharudin
3. Imam Majdi Achid
4. Iwan Nursyirwan Diar *)
5. Kohirin Suganda Saputra *)
6. Satya Arinanto

1. Pemerintah Republik Indonesia
2. Public (<5%)
6,549,921,000 :
3,177,583,205 :
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
67.33%
32.67%
Payment
F/I
Date
29-May-13 F
19-May-14 F
ISSUED HISTORY
No.
1.
2.
3.
Type of Listing
First Issue
Company Listing
MESOP I
Shares
3,082,315,000
6,549,921,000
95,268,205 T:
Listing
Date
19-Dec-12
19-Dec-12
23-May-14 :
Trading
Date
19-Dec-12
19-Dec-12
15-Dec-14
BOARD OF DIRECTORS
1. Muhammad Choliq
2. Adi Wibowo
3. Agus Sugiono
4. Desi Arryani
5. Didi Triyono
6. Tunggul Rajagukguk
AUDIT COMMITTEE
1. Iwan Nursyirwan Diar
2. Agus Suparto
3. Arif Baharudin
4. Mohammad Danial
CORPORATE SECRETARY
Antonius Yulianto TN
HEAD OFFICE
Gedung Waskita 9th Fl.
Jln. M.T. Haryono Kav. No. 10
Cawang, Jakarta - 13340
Phone : (021) 850-8510
Fax
: (021) 850-8506
Homepage
Email
: www.waskita.co.id
: anton@waskita.co.id; waskita@waskita.co.id
haris@waskita.co.id
179

Closing
Price*
Closing Price
Volume
(Mill. Sh)
1,800
1,600
1,575
1,400
1,350
1,200
1,125
1,000
900
800
675
600
450
400
225
200
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14

315%
285.4%
Freq.
Volume
Value
Day
TRADING ACTIVITIES

Waskita Karya (Persero) Tbk. [S]
Month
Dec-12
High
490
Low
420
Close
450
(X)
17,534
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
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
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
580
690
820
800
800
720
870
950
945
985
1,060
1,550
402
535
645
665
705
640
665
785
820
800
940
1,040
540
665
760
745
720
680
810
905
835
970
1,045
1,470
45,714
39,580
48,633
44,750
23,385
25,205
48,388
40,511
44,374
47,946
32,150
60,018
1,361,373
1,445,390
1,772,927
1,653,393
703,583
717,438
1,657,700
1,277,869
1,365,148
1,467,392
864,321
1,285,521
694,196
913,294
1,326,054
1,230,960
533,679
487,344
1,311,470
1,125,149
1,201,303
1,312,756
873,185
1,619,692
20
20
20
20
18
21
18
20
22
23
20
20
Jan-15
1,740
1,355
1,715
70,104
1,483,277
2,224,845
21

1,432,023
622,792
270%
225%
180%
135%
90%
73.1%
45%
23.7%
-45%
Dec 12
Jun 13
Dec 13
Jun 14
Dec 14
SHARES TRADED
2012
2013

Value (Billion Rp)
Frequency (Thou. X)
Days
1,432
623
18
6
16,180
10,728
440
244
15,572
12,629
501
242
1,483
2,225
70
21
490
420
450
450
1,080
400
405
405
1,550
402
1,470
1,470
1,740
1,355
1,715
1,715
17.04
17.34
2.16
10.60
9.57
1.64
84.55
16.29
5.90
98.64
17.39
6.88
Price (Rupiah)
High
Low
Close
Close*
PER (X)
PER Industry (X)
PBV (X)
180
2014 Jan-15

Book End : December
Public Accountant : Doli, Bambang, Sulistiyanto, Dadang & Ali (Member of BKR International)
Dec-11
Dec-12
Dec-13
Dec-14
583,188
2,183,783
1,119,694
1,675,283
Receivables
1,563,705
1,971,997
2,342,084
2,990,509
Inventories
351,259
412,538
292,227
604,279
Investment
7,315
50,352
70,168
659,691
192,399
239,934
415,440
621,792
21,180
33,023
BALANCE SHEET
Dec-10
Assets
Fixed Assets
Other Assets
Total Assets
6,919
19,036
5,116,002
8,366,244
63.53%
Growth (%)
8,788,303 12,542,041
5.04%
7,800
5,200
2,600
-
1,204,968
822,776
874,808
1,917,129
Trade Payable
1,661,714
2,002,815
2,291,268
2,571,795
Total Liabilities
4,495,779
6,359,169
6,404,866
9,693,211
41.45%
0.72%
51.34%
206,900
2,600,000
2,600,000
2,600,000
18,000,000
963,233
963,224
966,634
18
9,632
9,632
9,666
1,000,000
100
100
100
Growth (%)
10,400
42.71%
Bank Payable
Liabilities
13,000
2011
2012
2013
Dec-14

Authorized Capital
Paid up Capital
2,849
2,383
2,426
Par Value
Retained Earnings
-31,978
215,174
563,911
954,024
Total Equity
620,222
2,007,075
2,383,437
2,848,830
223.61%
18.75%
19.53%
Growth (%)
2,007
1,931
1,436
941
INCOME STATEMENTS
Dec-10
Total Revenues
Dec-11
Dec-12
7,274,167
8,808,416
21.09%
Growth (%)
Dec-13
Dec-14
9,686,610 10,286,813
9.97%
6.20%
6,610,973
8,076,158
8,775,914
9,177,917
Gross Profit
687,395
824,835
1,012,371
1,306,012
Operating Expenses
202,362
196,307
305,473
366,629
Cost of Revenues
Operating Profit
620
446
Growth (%)
-49
2011
2012
2013
Dec-14

10,287
9,687
8,808
9,687
7,274
-153,207
-168,615
Income before Tax
331,827
459,913
611,201
755,602
Tax
159,838
205,882
243,230
254,389
171,989
254,031
367,970
501,213
47.70%
44.85%
36.21%
-95,698
-183,781
7,711
5,734
Growth (%)
3,758
1,782
Period Attributable
171,989
254,031
368,060
501,531
172,457
254,363
366,629
497,058
172,457
254,363
366,719
497,375
Dec-11
Dec-12
Dec-13
Dec-14
2.11
11.46
EPS (Rp)
9,554.96
26.37
38.21
51.88
BV (Rp)
34,456.80
208.37
247.44
294.72
DAR (X)
0.88
0.76
0.73
0.77
DER(X)
7.25
3.17
2.69
3.40
ROA (%)
3.36
3.04
4.19
4.00
ROE (%)
27.73
12.66
15.44
17.59
GPM (%)
9.45
9.36
10.45
12.70
OPM (%)
NPM (%)
2.36
2.88
3.80
4.87
Payout Ratio (%)
8.00
30.00
Yield (%)
0.47
2.83
RATIOS
Dividend (Rp)
Dec-10
-194
2011
2012
2013
Dec-14

501
443
368
368
254
293
218
172
143
68
-7
2011
2012
2013
Dec-14
181

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IDX LQ45

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

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

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

Astra International Tbk. [S] (Automotive and Components, 42) ........................................................................................................

Bank Central Asia Tbk. (Bank, 81)...................................................................................................................................................................

Bank Negara Indonesia (Persero) Tbk. (Bank, 81) ..................................................................................................................................

Bank Rakyat Indonesia (Persero) Tbk. (Bank, 81) .................................................................................................................................

Bank Tabungan Negara (Persero) Tbk. (Bank, 81). ................................................................................................................................

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

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

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

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

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

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

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

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

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

Matahari Department Store Tbk. (Retail Trade, 93) ................................................................................................................................

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

Matahari Putra Prima Tbk. [S] (Retail Trade,93) .......................................................................................................................................

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

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

Siloam International Hospitals Tbk. [S] (Healthcare, 96).......................................................................................................................

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

Sawit Sumbermas Sarana Tbk. [S] (Plantation, 12) ..............................................................................................

Tower Bersama Infrastructure Tbk. (Non Building Construction, 75).....................................................................

Telekomunikasi Indonesia (Persero) Tbk. [S] (Telecommunication, 73) .......................................................................................

Unilever Indonesia Tbk. [S] (Cosmetics and Household, 54)..............................................................................................................

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

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

Trading Volume, Value and Frequency :

Number of listed shares

Jakarta Composite Index

(Regular Closing Price x Number of Shares )

Jakarta Composite Index =

Base Price x Number of Shares

Regular Closing Price

Earnings Per Share (EPS)

Book Value per Share (BV)

Debt to Assets Ratio (DAR)

10. Debt to Equity Ratio (DER)

Profit for the period

12. Return on Equity (ROE)

Profit for period

16. Payout Ratio =

Research and Development Division

2015 Indonesia Stock Exchange. All rights reserved.

LQ45 Index Constituents

RESEARCH AND DEVELOPMENT DIVISION

AALI Astra Agro Lestari Tbk. [S]

28 | 36.6T | 0.69% | 64.44%

40 | 10.8T | 0.74% | 68.05%

SHAREHOLDERS (January 2015)

RESEARCH AND DEVELOPMENT DIVISION

AALI Astra Agro Lestari Tbk. [S]

Closing Price*, Jakarta Composite Index (IHSG) and

Volume (Million Sh.)

RESEARCH AND DEVELOPMENT DIVISION

Closing Price* and Trading Volume

26,150 23,150 23,250

(Thou. Sh.) (Million Rp)