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IDX LQ45

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

No. Code Stock Name Page


1. AALI Astra Agro Lestari Tbk. [S] (Plantation, 12) ................................................................................................................................................. 2
2. ADHI Adhi Karya (Persero) Tbk. [S] (Building Construction, 62) .................................................................................... 6
3. ADRO Adaro Energy Tbk. [S] (Coal Mining, 21) ...................................................................................................................................................... 10
4. AKRA AKR Corporindo Tbk. [S] (Wholesale (Durable and Non-Durable Goods, 91)) ........................................................................ 14
5. ASII Astra International Tbk. [S] (Automotive and Components, 42) ........................................................................................................ 18
6. ASRI Alam Sutera Realty Tbk. [S] (Property and Real Estate, 61) .............................................................................................................. 22
7. BBCA Bank Central Asia Tbk. (Bank, 81)................................................................................................................................................................... 26
8. BBNI Bank Negara Indonesia (Persero) Tbk. (Bank, 81) .................................................................................................................................. 30
9. BBRI Bank Rakyat Indonesia (Persero) Tbk. (Bank, 81) ................................................................................................................................. 34
10. BDMN Bank Danamon Tbk. (Bank, 81). ....................................................................................................................................................................... 38
11. BKSL Sentul City Tbk. [S] (Property and Real Estate, 61). ............................................................................................................................... 42
12. BMRI Bank Mandiri (Persero) Tbk. (Bank, 81) ........................................................................................................................................................ 46
13. BMTR Global Mediacom Tbk. [S] (Investment Company, 98)........................................................................................................................... 50
14. BSDE Bumi Serpong Damai Tbk. [S] (Property and Real Estate, 61) .......................................................................................................... 54
15. CPIN Charoen Pokphand Indonesia Tbk. [S] (Animal Feed,36) .................................................................................................................... 58
16. CTRA Ciputra Development Tbk. [S] (Property and Real Estate,61) ............................................................................... 62
17. EXCL XL Axiata Tbk. [S] (Telecommunication,73) ................................................................................................................................................ 66
18. GGRM Gudang Garam Tbk. (Tobacco Manufacturers, 52) ................................................................................................................................. 70
19. HRUM Harum Energy Tbk. [S] (Coal Mining, 21)..................................................................................................................................................... 74
20. ICBP Indofood CBP Sukses Makmur Tbk. [S] (Food and Beverages, 51) ............................................................................................. 78
21. INDF Indofood Sukses Makmur Tbk. [S] (Food and Beverages, 51) .......................................................................................................... 82
22. INTP Indocement Tunggal Prakasa Tbk. [S] (Cement, 31).............................................................................................................................. 86
23. ITMG Indo Tambangraya Megah Tbk. [S] (Coal Mining, 21)............................................................................................................................ 90
24. JSMR Jasa Marga (Persero) Tbk. [S] (Toll Road, Airport, Harbor and Allied Products, 72) .............................................................. 94
25. KLBF Kalbe Farma Tbk. [S] (Pharmaceuticals, 53) .............................................................................................................................................. 98
26. LPKR Lippo Karawaci Tbk. [S] (Property and Real Estate, 61) ....................................................................................................................... 102
27. LSIP PP London Sumatera Tbk. [S] (Plantation,12) ........................................................................................................................................... 106
28. MAIN Malindo Feedmill Tbk. [S] (Animal Feed,36) ............................................................................................................................................... 110
29. MLPL Multipolar Tbk. [S] (Investment Company,98) ............................................................................................................................................ 114
30. MNCN Media Nusantara Citra Tbk. [S] (Advertising, Printing and Media,95) ............................................................................................ 118
31. PGAS Perusahaan Gas Negara (Persero) Tbk. [S] (Energy, 71).................................................................................................................... 122
32. PTBA Tambang Batubara Bukit Asam (Persero) Tbk. [S] (Coal Mining, 21) ............................................................................................ 126
33. PTPP PP (Persero) Tbk. [S] (Building Construction, 62) ................................................................................................ 130
34. PWON Pakuwon Jati Tbk. [S] (Property and Real Estate, 61) ........................................................................................................................... 134
35. SMGR Semen Indonesia (Persero) Tbk. [S] (Cement, 31).................................................................................................................................. 138
36. SMRA Summarecon Agung Tbk. [S] (Property and Real Estate, 61) ............................................................................... 142
37. SSIA Surya Semesta Internusa Tbk. [S] (Building Construction, 62) .......................................................................................................... 146
38. TAXI Express Transindo Utama Tbk. [S] (Transportation, 74) ....................................................................................... 150
39. TBIG Tower Bersama Infrastructure Tbk. (Non Building Construction, 75)..................................................................... 154
40. TLKM Telekomunikasi Indonesia (Persero) Tbk. [S] (Telecommunication, 73) ....................................................................................... 158
41. UNTR United Tractors Tbk. [S] (Wholesale (Durable and Non-Durable Goods, 91)......................................................... 162
42. UNVR Unilever Indonesia Tbk. [S] (Cosmetics and Household, 54).............................................................................................................. 166
43. VIVA Visi Media Asia Tbk. [S] (Advertising, Printing and Media, 95) .............................................................................. 170
44. WIKA Wijaya Karya (Persero) Tbk. [S] (Building Construction, 62) .............................................................................................................. 172
45. WSKT Waskita Karya (Persero) Tbk. [S] (Building Construction, 62) ............................................................................... 178
NOTES
1. Trading Volume, Value and Frequency :
Figure of trading volume, value, and frequency are calculated once. Trading Frequency refers to numbers of transaction.
2. Foreign Ownership
In September 1997, the foreign ownership limitation was abolished except for banks (49% of total listed shares). In May 1999, the
maximum number of listed shares and foreign ownership on banks company was set to 99%, based on Government regulation
dated May 7th, 1999.
3. Number of listed shares
This figures refers to the total number of shares that is already listed and can be traded at the exchange
4. Market Capitalization
This figures indicates the aggregate number of listed shares multiplied by regular market closing price
5. Jakarta Composite Index

Jakarta Composite Index =


(Regular Closing Price x Number of Shares )
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
DAR = x 100%
Total Assets

10. Debt to Equity Ratio (DER)


Total Liabilities
DER = x 100%
Total Equity

11. Return on Assets (ROA)


Profit for the period
ROA = x 100%
Total Assets

12. Return on Equity (ROE)


Profit for the period
ROE = x 100%
Total Equity

13. Gross Profit Margin (GPM)


Gross Profit
GPM = x 100%
Total Sales
14. Operating Profit Margin (OPM)
Operating Income
OPM = x 100%
Total Sales
15. Net Profit Margin (NPM)
Profit for period
NPM = x 100%
Total Sales

Dividend
16. Payout Ratio = x 100%
EPS

Dividend
17. Yield = x 100%
Closing Price

18. [S] Sharia Compliant Stock

19. Period Attribute : Profit for the period attributable to owners entity

20. Comprehensive Attribute : Comprehensive Income attributable to owners entity


FOREWORDS

This publication is designated as a service to domestic investors and other capital market participants, as part of the nation-wide efforts
in educating and improving the dissemination of capital market information. These efforts are important in carrying out the task of
expanding the domestic investor base.

To improve the future editions of this publication, the readers comments and feedback would be highly appreciated.

Jakarta, February 2014

Research and Development Division


Indonesia Stock Exchange

2014 Indonesia Stock Exchange. All rights reserved.

Disclaimer :

The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as
being those of the publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the
information contained within the publication it should not be by any person relied upon as the basis for taking any action or making any decision. The
Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts
and opinions stated or expressed or stated within this publication.
LQ45 Index Constituents
for the period of February July 2014
COMPANY REPORT

AALI
ASTRA AGRO LESTARI TBK.

Company Profile

PT Astra Agro Lestari Tbk. was established dated October 3rd, 1988. The scope of its
activities is to engage in plantation operation, general trading, manufacturing,
transportation,consultationandservices.

The Company has investments in subsidiaries which are engaged in oil palm and rubber
plantations and industrial activities. The Company commenced commercial operations in
1995.

PTAstraInternationalTbk.istheparententityoftheCompany,whereasJardineMatheson
HoldingsLtd,incorporatedinBermuda,isitsultimateparententity.

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

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

2 RESEARCH AND DEVELOPMENT DIVISION


AALI Astra Agro Lestari Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 1,662.576
Industry Sector : Agriculture (1) Listed Shares : 1,574,745,000
Industry Sub Sector : Plantation (12) Market Capitalization : 33,817,648,875,000
23 | 33.8T | 0.78% | 60.94%

52 | 5.68T | 0.51% | 76.01%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 03-Oct-1988 1. PT Astra International Tbk. 976,231,238 : 61.99%
Listing Date : 09-Dec-1997 2. PT Astra International Tbk. 278,599,850 : 17.69%
Under Writer IPO : 3. Public (<5%) 319,913,912 : 20.32%
PT ABN AMRO Hoare Govett Indonesia
Securities Administration Bureau : DIVIDEND ANNOUNCEMENT
PT Raya Saham Registra Bonus Cash Recording Payment
F/I
Plaza Central Building 2nd Fl. Year Shares Dividend Cum Date Ex Date Date Date
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1997 37.00 22-Jun-98 23-Jun-98 01-Jul-98 20-Jul-98 F
Phone : (021) 252-5666 1998 60.00 29-Oct-98 30-Oct-98 09-Nov-98 23-Nov-98 I
Fax : (021) 252-5028 1998 25.00 27-May-99 28-May-99 08-Jun-99 05-Jul-99 F
1999 5:1 27-May-99 28-May-99 08-Jun-99 05-Jul-99
BOARD OF COMMISSIONERS 1999 45.00 31-May-00 02-Jun-00 12-Jun-00 26-Jun-00 F
1. Prijono Sugiarto 2000 7.00 07-Jun-01 08-Jun-01 13-Jun-01 27-Jun-01 F
2. Anugerah Pekerti *) 2001 10.00 18-Jun-02 19-Jun-02 24-Jun-02 04-Jul-02 F
3. Chiew Sin Cheok 2002 60.00 05-Jun-03 06-Jun-03 10-Jun-03 24-Jun-03 F
4. Gunawan Geniusahardja 2003 90.00 04-Jun-04 07-Jun-04 09-Jun-04 23-Jun-04 F
5. Harbrinderjit Singh Dillon *) 2004 100.00 06-Dec-04 07-Dec-04 09-Dec-04 23-Dec-04 I
6. Patrick Morris Alexander *) 2004 150.00 06-Jun-05 07-Jun-05 09-Jun-05 23-Jun-05 F
7. Simon Collier Dixon 2005 325.00 12-May-06 15-May-06 17-May-06 01-Jun-06 F
*) Independent Commissioners 2006 95.00 17-Oct-06 18-Oct-06 20-Oct-06 10-Nov-06 I
2006 230.00 11-Jun-07 12-Jun-07 14-Jun-07 25-Jun-07 I
BOARD OF DIRECTORS 2007 190.00 19-Oct-07 22-Oct-07 24-Oct-07 02-Nov-07 I
1. Widya Wiryawan 2007 625.00 16-Jun-08 17-Jun-08 19-Jun-08 30-Jun-08 F
2. Bambang Palgoenadi 2008 350.00 23-Oct-08 24-Oct-08 28-Oct-08 11-Nov-08 I
3. Jamal Abdul Nasser 2008 155.00 04-Jun-09 05-Jun-09 09-Jun-09 23-Jun-09 F
4. Joko Supriyono 2009 220.00 30-Oct-09 02-Nov-09 04-Nov-09 11-Nov-09 I
5. Juddy Arianto 2009 685.00 08-Jun-10 09-Jun-10 11-Jun-10 25-Jun-10 F
6. Rudy 2010 190.00 26-Oct-10 27-Oct-10 29-Oct-10 12-Nov-10 I
2010 640.00 20-May-11 23-May-11 25-May-11 09-Jun-11 F
AUDIT COMMITTEE 2011 300.00 24-Oct-11 25-Oct-11 27-Oct-11 10-Nov-11 I
1. Anugerah Pekerti 2011 695.00 08-May-12 09-May-12 14-May-12 29-May-12 F
2. Purnama Setiawan 2012 230.00 16-Oct-12 17-Oct-12 19-Oct-12 05-Nov-12 I
3. Siti Nurwahyuningsih 2012 455.00 15-May-13 16-May-13 20-May-13 03-Jun-13 F
2013 160.00 02-Oct-13 03-Oct-13 07-Oct-13 23-Oct-13 I
CORPORATE SECRETARY
Rudy ISSUED HISTORY
Listing Trading
HEAD OFFICE No. Type of Listing Shares Date Date
Jln. Puloayang Raya Blok OR - I, 1. First Issue 125,800,000 09-Dec-97 09-Dec-97
Kawasan Industri Pulogadung 2. Company Listing 1,132,200,000 T: 09-Dec-97 : 21-Jul-98
Jakarta - 13930 3. Bonus Shares 251,600,000 06-Jul-99 06-Jul-99
Phone : (021) 461-6555 4. Option Conversion 12,005,000 T: 22-Apr-02 : 07-Jun-02
Fax : (021) 461-6682, (021) 461-6689 5. Option Conversion I & II 5,494,500 T: 10-Jun-02 : 22-Jan-03
6. Option Conversion II 16,161,500 T: 02-Jul-02 : 13-Jan-04
Homepage : www.astra-agro.co.id 7. Option Conversion I 60,000 T: 14-Jan-03 : 31-Jan-03
Email : Investor@astra-agro.co.id 8. Option Conversion I 102,000 20-Jan-03 20-Jan-03
9. Option Conversion II & III 7,048,500 T: 14-Jan-04 : 04-Mar-04
10. Option Conversion III 19,518,500 T: 15-Jan-04 : 13-May-05
11. Option Conversion II 1,947,000 T: 23-Jan-04 : 18-May-04
12. Option Conversion II & III 2,808,000 T: 12-Apr-04 : 23-Apr-04

RESEARCH AND DEVELOPMENT DIVISION 3


AALI Astra Agro Lestari Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Astra Agro Lestari Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
28,000 16.0 Jan-10 25,550 22,550 23,850 7,916 19,130 466,497 20
Feb-10 24,900 22,800 24,200 8,153 20,719 490,352 19
24,500 14.0 Mar-10 25,650 23,700 24,600 8,010 22,509 552,241 22
Apr-10 25,000 22,050 22,200 12,172 35,054 828,743 21
May-10 22,500 17,050 19,850 15,859 33,661 671,865 19
21,000 12.0
Jun-10 21,550 18,800 19,350 12,046 28,656 588,440 22
Jul-10 21,400 18,000 19,500 18,411 56,028 1,088,254 22
17,500 10.0
Aug-10 21,700 18,900 19,650 15,573 43,260 878,640 21
Sep-10 22,500 19,650 20,700 11,714 34,088 724,583 17
14,000 8.0
Oct-10 26,050 20,650 24,900 14,561 43,748 1,029,862 21
Nov-10 27,100 23,650 24,150 11,673 33,724 848,524 21
10,500 6.0 Dec-10 27,650 23,100 26,200 14,520 37,879 958,400 20

7,000 4.0 Jan-11 27,000 21,000 21,700 17,601 40,233 959,441 21


Feb-11 23,250 21,100 21,850 12,465 25,441 564,248 18
3,500 2.0 Mar-11 23,400 21,550 22,700 13,880 30,884 691,672 23
Apr-11 23,250 22,350 23,150 9,975 24,194 552,655 20
May-11 24,200 22,400 23,600 12,117 29,036 686,010 21
Jun-11 23,950 22,500 23,500 7,249 14,836 343,715 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 23,800 22,700 23,500 7,950 17,996 417,329 21
Aug-11 23,700 19,000 21,500 11,095 21,690 471,543 19
Sep-11 22,850 18,100 19,300 11,760 18,119 375,898 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 22,200 16,550 21,450 15,106 26,569 494,785 21
Agriculture Index Nov-11 22,950 20,400 22,400 9,018 13,667 300,152 22
January 2010 - January 2014 Dec-11 22,900 20,500 21,700 7,255 9,946 214,498 21
125%
Jan-12 22,550 20,550 20,600 10,520 17,532 382,289 21
100% Feb-12 23,000 20,300 22,300 10,953 26,112 569,072 21
Mar-12 23,350 18,500 23,350 11,605 26,569 592,007 21
75% Apr-12 23,750 21,000 21,400 10,260 24,103 544,061 20
71.6%
May-12 21,700 18,000 20,450 12,047 23,427 471,617 21
50% Jun-12 22,000 19,150 20,050 13,159 27,916 579,302 21
Jul-12 24,000 20,100 23,000 9,547 20,808 467,231 22
Aug-12 23,300 21,250 22,300 5,828 10,839 240,513 19
25%
Sep-12 23,400 19,350 21,950 14,218 33,952 728,250 20
8.5% Oct-12 22,100 20,200 20,950 8,856 18,910 398,764 22
-
Nov-12 21,300 17,950 18,000 7,904 15,084 297,057 20
-10.0%
Dec-12 19,750 17,800 19,700 10,801 22,617 422,905 18
-25%

Jan-13 20,850 18,750 18,850 10,591 20,796 409,347 21


-50% Feb-13 19,300 18,250 18,450 11,374 33,001 622,045 20
Mar-13 19,200 17,850 18,500 15,207 36,954 678,998 19
-75% Apr-13 18,700 17,300 17,700 10,808 21,488 388,219 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 19,500 16,900 19,500 16,961 35,698 646,786 22
Jun-13 21,000 17,800 19,700 17,880 42,231 814,363 19
Jul-13 19,900 15,500 15,550 13,025 21,333 370,322 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 19,800 13,100 19,750 19,132 37,761 640,710 17
Volume (Million Sh.) 408 273 268 388 40 Sep-13 21,750 18,350 19,500 15,471 52,971 1,097,030 21
Value (Billion Rp) 9,126 6,072 5,693 7,542 876 Oct-13 21,300 18,500 18,600 10,945 21,638 435,579 21
Frequency (Thou. X) 151 135 126 167 45 Nov-13 23,400 18,050 22,250 12,858 35,024 759,116 20
Days 245 247 246 244 20 Dec-13 25,750 22,250 25,100 12,429 28,622 679,065 19

Price (Rupiah) Jan-14 25,800 20,650 21,475 44,874 40,059 875,810 20


High 27,650 27,000 24,000 25,750 25,800
Low 17,050 16,550 17,800 13,100 20,650
Close 26,200 21,700 19,700 25,100 21,475
Close* 26,200 21,700 19,700 25,100 21,475

PER (X) 20.46 13.68 12.64 32.54 27.84


PER Industry (X) 0.14 1.79 33.17 20.59 20.99
PBV (X) 5.72 4.06 3.31 4.26 3.64
* Adjusted price after corporate action

4 RESEARCH AND DEVELOPMENT DIVISION


AALI Astra Agro Lestari Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 788,549 1,240,781 838,190 227,769 709,090 15,000

Receivables 156,724 98,832 16,358 50,068 20,554


610,031 624,694 769,903 1,249,050 802,978 12,000
Inventories
Current Assets 1,714,426 2,051,177 1,886,387 1,780,395 1,691,694
9,000
Fixed Assets 2,444,959 2,686,910 3,424,194 4,918,673 6,493,712
Other Assets 157,888 180,232 285,155 150,998 422,305
6,000
Total Assets 7,571,399 8,791,799 10,204,495 12,419,820 14,963,190
Growth (%) 16.12% 16.07% 21.71% 20.48% 3,000

Current Liabilities 938,976 1,061,852 1,440,351 2,600,540 3,759,265 -


Long Term Liabilities 205,807 272,690 337,986 453,869 936,066 2009 2010 2011 2012 2013
Total Liabilities 1,144,783 1,334,542 1,778,337 3,054,409 4,695,331
Growth (%) 16.58% 33.25% 71.76% 53.72%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 10,268
Paid up Capital 787,373 787,373 787,373 787,373 787,373 10,268
9,365
Paid up Capital (Shares) 1,575 1,575 1,575 1,575 1,575 8,426

Par Value 500 500 500 500 500


8,173

7,212
6,226
Retained Earnings 5,355,389 6,340,711 7,268,639 8,158,203 8,087,559
6,079

Total Equity 6,226,365 7,211,687 8,426,158 9,365,411 10,267,859


Growth (%) 15.82% 16.84% 11.15% 9.64% 3,984

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 1,889

Total Revenues 7,424,283 8,843,721 10,772,582 11,564,319 12,674,999


Growth (%) 19.12% 21.81% 7.35% 9.60%
-205

2009 2010 2011 2012 2013

Cost of Revenues 4,322,498 5,234,372 6,837,674 7,206,837 8,593,064


Gross Profit 3,101,785 3,609,349 3,934,908 4,357,482 4,081,935
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 491,567 610,638 601,976 832,589 1,476,864
Operating Profit 2,610,218 2,998,711 3,332,932 - - 12,675
12,675
11,564
Growth (%) 14.88% 11.15% 10,773
10,089

8,844
Other Income (Expenses) -109,792 -34,671 - - -
7,424
Income before Tax 2,500,426 2,964,040 3,332,932 3,524,893 2,605,071 7,504

Tax 770,778 860,388 834,367 1,004,627 701,983


Profit for the period 1,729,648 2,103,652 2,498,565 2,520,266 1,903,088
4,918

Growth (%) 21.62% 18.77% 0.87% -24.49%


2,332

Period Attributable 1,729,648 2,016,780 2,405,564 2,410,259 1,801,397 -253

Comprehensive Income 1,660,649 2,103,652 2,498,565 2,453,654 1,936,250 2009 2010 2011 2012 2013
Comprehensive Attributable - 2,016,780 2,405,564 2,346,203 1,833,891

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 182.58 193.17 130.97 68.46 45.00
2,499 2,520
Dividend (Rp) 905.00 830.00 995.00 685.00 160.00
1,098.37 1,280.70 1,527.59 1,530.57 1,143.93 2,104
EPS (Rp)
1,903
BV (Rp) 3,953.89 4,579.59 5,350.81 5,947.26 6,520.33 2,006

1,730
DAR (X) 0.15 0.15 0.17 0.25 0.31
1,492

DER(X) 0.18 0.19 0.21 0.33 0.46


ROA (%) 22.84 23.93 24.48 20.29 12.72 978

ROE (%) 27.78 29.17 29.65 26.91 18.53


GPM (%) 41.78 40.81 36.53 37.68 32.20 464

OPM (%) 35.16 33.91 30.94 - -


NPM (%) 23.30 23.79 23.19 21.79 15.01
-50

2009 2010 2011 2012 2013


Payout Ratio (%) 82.40 64.81 65.14 44.75 13.99
Yield (%) 3.98 3.17 4.59 3.48 0.64

RESEARCH AND DEVELOPMENT DIVISION 5


COMPANY REPORT

ADHI
ADHI KARYA (PERSERO) TBK.

Company Profile

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

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


CurrentlytheCompanysmainactivitiesareinconstruction,EPC,property,realestate,
InfrastructureInvestmentandprocurementservices

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

AsofDecember31st,2013,theCompanyhad1,325permanentemployees.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of
the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be by
any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice
action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

6 RESEARCH AND DEVELOPMENT DIVISION


ADHI Adhi Karya (Persero) Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 1,186.667
Industry Sector : Property, Real Estate And Building Construction (6) Listed Shares : 1,801,320,000
Industry Sub Sector : Building Construction (62) Market Capitalization : 3,206,349,600,000
162 | 3.21T | 0.07% | 93.88%

49 | 6.05T | 0.55% | 74.44%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 11-Mar-1960 1. Negara Republik Indonesia 918,680,000 : 51.00%
Listing Date : 18-Mar-2004 2. Public (<5%) 882,640,000 : 49.00%
Under Writer IPO :
PT Ciptadana Sekuritas DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Datindo Entrycom Year Shares Dividend Cum Date Ex Date Date Date
Wisma Sudirman - Puri Datindo 2003 12.30 07-Jul-04 08-Jul-04 12-Jul-04 23-Jul-04 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2005 19.56 17-Jun-05 20-Jun-05 22-Jun-05 06-Jul-05
Phone : (021) 570-9009 2005 12.98 20-Jul-06 21-Jul-06 25-Jul-06 08-Aug-06 F
Fax : (021) 570-9026 2006 10.61 17-Jul-07 18-Jul-07 20-Jul-07 03-Aug-07 F
2008 11.51 02-Jul-09 03-Jul-09 07-Jul-09 22-Jul-09 F
BOARD OF COMMISSIONERS 2009 28.26 30-Jun-10 01-Jul-10 05-Jul-10 19-Jul-10 F
1. Imam Santoso Ernawi 2010 32.35 04-Jul-11 05-Jul-11 07-Jul-11 20-Jul-11 F
2. Achmad Gani Ghazali A. 2011 30.33 05-Jun-12 06-Jun-12 08-Jun-12 22-Jun-12 F
3. Bobby A.A. Nazief 2012 23.49 13-May-13 14-May-13 16-May-13 29-May-13 F
4. Muchlis R. Luddin *) 2013 67.61 07-Apr-14 08-Apr-14 10-Apr-14 25-Apr-14 F
5. Murhadi *)
6. Suroyo Alimoeso ISSUED HISTORY
*) Independent Commissioners Listing Trading
No. Type of Listing Shares Date Date
BOARD OF DIRECTORS 1. First Issue 397,188,000 18-Mar-04 18-Mar-04
1. Kiswodarmawan 2. Company Listing 918,680,000 18-Mar-04 18-Mar-04
2. Anis Anjayani 3. Employee Management Buy Out (EMBO) 441,320,000 18-Mar-04 03-Jul-06
3. BEP Adji Satmoko 4. Employee Stock Allocation (ESA) 44,132,000 18-Mar-04 26-Jun-04
4. Djoko Prabowo
5. Giri Sudaryono
6. Supardi

AUDIT COMMITTEE
1. Murhadi
2. Salim Siagian
3. Syaiful

CORPORATE SECRETARY
M. Aprindy

HEAD OFFICE
Jln. Raya Pasar Minggu Km.18
Jakarta - 12510
Phone : (021) 797-5312
Fax : (021) 797-5311

Homepage : www.adhi.co.id
Email : adhi@adhi.co.id

RESEARCH AND DEVELOPMENT DIVISION 7


ADHI Adhi Karya (Persero) Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Adhi Karya (Persero) Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
4,000 240 Jan-10 425 390 405 4,651 91,954 37,614 20
Feb-10 405 370 390 1,403 34,699 13,313 19
3,500 210 Mar-10 450 380 440 5,352 128,895 54,921 22
Apr-10 640 435 590 15,799 643,765 363,176 21
May-10 590 410 490 5,174 149,934 73,525 19
3,000 180
Jun-10 640 455 620 7,698 235,268 134,928 22
Jul-10 670 560 650 9,178 327,722 199,206 22
2,500 150
Aug-10 690 570 660 5,671 202,433 131,258 21
Sep-10 1,020 640 960 12,718 326,527 273,447 17
2,000 120
Oct-10 1,090 950 1,000 7,814 174,830 177,657 21
Nov-10 1,000 870 890 3,533 49,095 45,811 21
1,500 90 Dec-10 1,010 770 910 32,541 429,282 395,801 20

1,000 60 Jan-11 930 760 790 4,882 113,072 95,505 21


Feb-11 850 750 830 3,295 75,255 60,185 18
500 30 Mar-11 850 760 840 6,687 98,898 80,322 23
Apr-11 900 820 820 14,093 172,522 148,957 20
May-11 830 740 780 5,278 95,026 75,050 21
Jun-11 800 740 800 3,127 53,179 40,725 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 820 700 710 6,361 100,864 75,362 21
Aug-11 720 510 580 6,573 119,233 70,518 19
Sep-11 610 450 510 4,259 60,629 33,605 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 580 455 530 6,873 84,676 45,079 21
Property, Real Estate and Bulding Construction Index Nov-11 520 445 460 13,367 134,909 65,650 22
January 2010 - January 2014 Dec-11 640 435 580 11,915 359,328 198,452 21
910%
Jan-12 720 570 690 8,235 193,549 126,624 21
780% Feb-12 750 680 710 4,743 129,177 92,626 21
Mar-12 800 700 800 4,622 107,316 79,249 21
650% Apr-12 1,040 750 990 11,373 306,721 280,632 20
May-12 1,140 940 970 7,410 202,611 210,502 21
520% Jun-12 1,010 860 990 3,027 59,294 56,177 21
Jul-12 1,050 860 910 4,409 84,526 79,675 22
Aug-12 960 830 900 4,771 85,274 76,887 19
390%
Sep-12 1,090 870 1,040 5,588 119,462 116,886 20
334.1%
Oct-12 1,440 1,000 1,410 12,885 284,217 345,507 22
260%
Nov-12 1,910 1,360 1,890 13,164 272,742 431,698 20
Dec-12 2,100 1,630 1,760 24,655 363,628 674,866 18
130% 149.6%

71.6% Jan-13 2,150 1,730 2,000 25,820 386,992 740,424 21


- Feb-13 2,650 1,990 2,575 17,280 317,854 723,135 20
Mar-13 3,175 2,400 3,100 17,226 224,360 635,962 19
-130% Apr-13 3,175 2,700 2,975 19,520 242,917 711,019 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 3,925 2,950 3,900 22,507 284,753 931,777 22
Jun-13 4,000 3,100 3,325 27,380 298,365 1,054,227 19
Jul-13 3,375 2,400 3,075 26,992 292,062 856,830 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 3,200 1,690 1,980 22,891 227,303 516,385 17
Volume (Million Sh.) 2,794 1,468 2,209 5,112 524 Sep-13 2,275 1,510 2,025 71,392 1,395,702 2,639,571 21
Value (Billion Rp) 1,901 989 2,571 11,472 885 Oct-13 2,150 1,830 1,950 44,551 759,652 1,504,721 21
Frequency (Thou. X) 112 87 105 341 35 Nov-13 1,970 1,570 1,600 22,975 298,528 524,666 20
Days 245 247 246 244 20 Dec-13 1,780 1,460 1,510 22,832 383,774 633,407 19

Price (Rupiah) Jan-14 1,850 1,425 1,780 34,825 523,862 885,065 20


High 1,090 930 2,100 4,000 1,850
Low 370 435 570 1,460 1,425
Close 910 580 1,760 1,510 1,780
Close* 910 580 1,760 1,510 1,780

PER (X) 8.65 5.72 14.84 11.35 13.38


PER Industry (X) 9.97 11.09 17.34 17.79 16.27
PBV (X) 1.90 1.05 2.68 2.06 2.43
* Adjusted price after corporate action

8 RESEARCH AND DEVELOPMENT DIVISION


ADHI Adhi Karya (Persero) Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 306,902 242,118 552,203 948,846 1,939,960 10,000

Receivables 1,789,279 1,657,387 1,657,080 2,332,098 2,705,085


510,174 61,766 68,562 116,552 161,560 8,000
Inventories
Investment 180,132 46,234 197,644 62,804 60,034
6,000
Fixed Assets 80,870 186,401 220,861 187,437 271,257
Other Assets 1,951 8,387 18,154 34,248 65,081
4,000
Total Assets 5,629,454 4,927,696 6,112,954 7,872,074 9,720,962
Growth (%) -12.47% 24.05% 28.78% 23.49% 2,000

Bank Payable - 192,017 200,920 211,800 -


Trade Payable 2,849,719 2,214,234 3,132,496 4,276,690 4,767,420 2009 2010 2011 2012 2013
Total Liabilities 4,888,581 4,059,941 5,122,586 6,691,155 8,172,499
Growth (%) -16.95% 26.17% 30.62% 22.14%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 544,000 544,000 544,000 544,000 544,000 1,548
Paid up Capital 180,132 180,132 180,132 180,132 180,132 1,548

Paid up Capital (Shares) 1,801 1,801 1,801 1,801 1,801 1,181


Par Value 100 100 100 100 100
1,233

990
Retained Earnings 528,868 668,355 790,784 943,642 1,307,301 861
917

Total Equity 731,200 861,113 990,368 1,180,919 1,548,463 731

Growth (%) 17.77% 15.01% 19.24% 31.12% 601

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 285

Total Revenues 7,714,614 5,674,980 6,695,112 7,627,703 9,799,598


Growth (%) -26.44% 17.98% 13.93% 28.47%
-31

2009 2010 2011 2012 2013

Cost of Revenues 7,059,135 4,964,348 5,960,704 6,671,815 8,606,444


Gross Profit 751,880 769,110 799,042 1,043,220 1,247,711
TOTAL REVENUES (Bill. Rp)
Operating Expenses 215,061 218,276 385,498 531,378 425,009
Operating Profit 536,819 550,834 413,544 - - 9,800
9,800

Growth (%) 2.61% -24.92%


7,715 7,628
7,800

6,695
Other Income (Expenses) -205,046 -230,014 -87,164 -88,526 -108,337
5,675
Income before Tax 331,773 320,820 326,380 423,315 714,365 5,801

Tax 168,850 130,627 143,687 209,998 305,927


Profit for the period 162,924 190,194 182,693 213,318 408,438
3,802

Growth (%) 16.74% -3.94% 16.76% 91.47%


1,803

Period Attributable 162,924 189,484 182,116 211,590 405,977 -196

Comprehensive Income 165,530 181,525 182,727 213,651 409,862 2009 2010 2011 2012 2013
Comprehensive Attributable - 180,815 182,150 211,924 407,401

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Dividend (Rp) 28.26 32.35 30.33 23.49 67.61
408
EPS (Rp) 90.45 105.19 101.10 117.46 225.38 408

BV (Rp) 405.92 478.05 549.80 655.59 859.63


DAR (X) 0.87 0.82 0.84 0.85 0.84 325

DER(X) 6.69 4.71 5.17 5.67 5.28


242 213
ROA (%) 2.89 3.86 2.99 2.71 4.20 190 183
163
ROE (%) 22.28 22.09 18.45 18.06 26.38 158

GPM (%) 9.75 13.55 11.93 13.68 12.73


OPM (%) 6.96 9.71 6.18 - - 75

NPM (%) 2.11 3.35 2.73 2.80 4.17


Payout Ratio (%) 31.24 30.75 30.00 20.00 30.00
-8

2009 2010 2011 2012 2013


Yield (%) 6.89 3.55 5.23 1.33 4.48

RESEARCH AND DEVELOPMENT DIVISION 9


COMPANY REPORT

ADRO
ADARO ENERGY TBK.

Company Profile

PTAdaroEnergyTbk.wasestablishedJuly28th,2004.TheCompanyisengagedintrading,
services, industry, coal hauling, workshop activities, mining and construction. The
Companys subsidiaries are engaged in coal mining, coal trading, mining contractor
services,infrastructure,coallogisticsandpowergenerationactivities.

The Company commenced its commercial operations in July 2005. The Companys head
office is domiciled in Jakarta and located at Menara Karya Building, 23rd Floor, Jln. H.R.
RasunaSaidBlockX5,Kav.12,SouthJakarta.

PT Adaro Energy Tbk is a vertically integrated group; in addition to its core mining
subsidiary Adaro Indonesia, it owns subsidiaries along the length of its coal supply chain
frompittoporttopower,includinginmining,barging,shiploading,dredging,portservices,
marketingandpowergeneration.

The subsidiaries combine with a range of contractors to produce and deliver coal with
industryleadingefficiencyandlowcost.

AsatDecember31st,2013theGrouphad8,986permanentemployees(unaudited).

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

10 RESEARCH AND DEVELOPMENT DIVISION


ADRO Adaro Energy Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 86.364
Industry Sector : Mining (2) Listed Shares : 31,985,962,000
Industry Sub Sector : Coal Mining (21) Market Capitalization : 30,386,663,900,000
27 | 30.4T | 0.70% | 63.84%

24 | 11.4T | 1.03% | 56.93%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 28-Jul-2004 1. PT Adaro Strategic Investments 14,045,425,500 : 43.91%
Listing Date : 16-Jul-2008 2. Garibaldi Thohir 1,986,032,654 : 6.21%
Under Writer IPO : 3. Public (<5%) 15,954,503,846 : 49.88%
PT Danatama Makmur
Securities Administration Bureau : DIVIDEND ANNOUNCEMENT
PT Ficomindo Buana Registrar Bonus Cash Recording Payment
F/I
Mayapada Tower 10th Fl. Suite 02 B Year Shares Dividend Cum Date Ex Date Date Date
Jln. Jend. Sudirman Kav. 28 Jakarta 12920 2008 11.80 25-Aug-09 26-Aug-09 28-Aug-09 11-Sep-09 F
Phone : (021) 521-2316, 521-2317 2009 12.00 11-Dec-09 14-Dec-09 16-Dec-09 30-Dec-09 I
Fax : (021) 521-2320 2009 17.00 02-Jun-10 03-Jun-10 07-Jun-10 18-Jun-10 F
2010 9.85 26-Nov-10 29-Nov-10 01-Dec-10 10-Dec-10 I
BOARD OF COMMISSIONERS 2010 20.50 27-May-11 30-May-11 01-Jun-11 09-Jun-11 F
1. Edwin Soeryadjaya 2011 21.35 28-Nov-11 29-Nov-11 01-Dec-11 09-Dec-11 I
2. Palgunadi Tatit Setyawan *) 2011 53.66 29-May-12 30-May-12 01-Jun-12 12-Jun-12 F
3. Raden Pardede *) 2012 12.13 29-May-12 30-May-12 01-Jun-12 12-Jun-12 I
4. Subianto 2012 10.65 26-Dec-12 27-Dec-12 02-Jan-13 15-Jan-13 I
5. Theodore Permadi Rachmat 2012 12.36 29-May-13 30-May-13 03-Jun-13 12-Jun-13 F
*) Independent Commissioners 2013 USD 0.00125 24-Dec-13 27-Dec-13 02-Jan-14 16-Jan-14 I

BOARD OF DIRECTORS ISSUED HISTORY


1. Garibaldi Thohir Listing Trading
2. Chia Ah Hoo No. Type of Listing Shares Date Date
3. Christian Ariano Rachmat 1. First Issue 11,139,331,000 16-Jul-08 16-Jul-08
4. David Tendian 2. Company Listing 20,846,631,000 16-Jul-08 16-Apr-09
5. Julius Aslan
6. M. Syah Indra Aman
7. Sandiaga S. Uno

AUDIT COMMITTEE
1. Palgunadi Tatit Setyawan
2. Irwandy Arif
3. Mamat Ma'mun

CORPORATE SECRETARY
Devindra Ratzarwin

HEAD OFFICE
Menara Karya 23rd Fl.
Jln. H.R. Rasuna Said, Blok X-5, Kav. 1 - 2
Jakarta - 12950
Phone : (021) 521-1265, 255-33040
Fax : (021) 579-44687, 579-44648

Homepage : www.adaro.com
Email : corsec@ptadaro.com
devindra.ratzarwin@ptadaro.com

RESEARCH AND DEVELOPMENT DIVISION 11


ADRO Adaro Energy Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Adaro Energy Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
3,000 400 Jan-10 2,075 1,730 1,890 61,583 2,799,639 5,331,665 20
Feb-10 1,960 1,760 1,830 62,241 2,100,343 3,875,968 19
2,625 350 Mar-10 1,980 1,820 1,960 53,408 2,193,373 4,134,081 22
Apr-10 2,250 1,970 2,200 47,066 2,289,030 4,885,796 21
May-10 2,175 1,700 2,000 62,496 2,256,118 4,396,708 19
2,250 300
Jun-10 2,100 1,820 1,990 46,897 1,804,252 3,538,083 22
Jul-10 2,100 1,940 2,000 22,120 1,301,338 2,636,195 22
1,875 250
Aug-10 2,150 1,880 1,900 33,954 1,342,163 2,723,121 21
Sep-10 2,150 1,760 2,025 63,258 2,156,620 4,227,054 17
1,500 200
Oct-10 2,300 2,000 2,100 27,439 1,524,272 3,226,243 21
Nov-10 2,500 2,100 2,325 23,353 1,733,585 4,064,785 21
1,125 150 Dec-10 2,650 2,250 2,550 19,294 1,414,180 3,587,072 20

750 100 Jan-11 2,900 2,225 2,250 43,230 1,713,532 4,350,610 21


Feb-11 2,500 2,250 2,450 28,318 1,202,450 2,872,429 18
375 50 Mar-11 2,475 2,175 2,200 46,772 1,404,886 3,245,738 23
Apr-11 2,350 2,200 2,200 37,572 1,105,133 2,502,053 20
May-11 2,475 2,200 2,450 48,050 1,735,498 4,063,096 21
Jun-11 2,500 2,250 2,450 19,872 834,507 2,009,815 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 2,700 2,450 2,650 20,831 1,032,290 2,644,882 21
Aug-11 2,700 1,990 2,025 44,376 1,384,272 3,166,937 19
Sep-11 2,125 1,430 1,720 63,571 1,819,818 3,335,150 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 2,150 1,500 2,025 63,762 1,830,149 3,396,335 21
Mining Index Nov-11 2,150 1,830 1,910 41,895 1,180,537 2,322,064 22
January 2010 - January 2014 Dec-11 2,025 1,730 1,770 41,384 1,070,469 1,977,409 21
125%
Jan-12 1,860 1,750 1,830 36,837 999,140 1,807,345 21
100% Feb-12 2,025 1,790 1,920 42,144 1,294,177 2,500,859 21
Mar-12 1,980 1,870 1,930 33,313 1,076,242 2,056,482 21
75% Apr-12 1,970 1,770 1,860 31,778 801,403 1,481,681 20
71.6%
May-12 1,880 1,460 1,470 31,426 824,427 1,400,499 21
50% Jun-12 1,490 1,180 1,450 48,253 1,628,248 2,145,363 21
Jul-12 1,630 1,320 1,460 39,070 896,114 1,301,281 22
Aug-12 1,610 1,330 1,370 25,007 589,119 876,431 19
25%
Sep-12 1,610 1,350 1,500 26,552 550,208 825,189 20
Oct-12 1,490 1,340 1,370 25,135 973,400 1,379,202 22
-
Nov-12 1,430 1,320 1,340 23,953 651,960 899,730 20
Dec-12 1,610 1,320 1,590 28,273 1,065,599 1,578,648 18
-25%

-40.2% Jan-13 1,770 1,590 1,650 35,702 693,704 1,175,414 21


-50% -45.7%
Feb-13 1,680 1,550 1,570 29,234 578,305 922,195 20
Mar-13 1,580 1,250 1,310 34,568 1,179,303 1,701,990 19
-75% Apr-13 1,370 1,190 1,230 28,764 699,841 898,296 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 1,240 920 930 40,369 1,088,707 1,179,144 22
Jun-13 930 750 860 46,114 1,004,249 849,300 19
Jul-13 860 670 700 38,801 1,288,624 930,027 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 940 640 930 42,185 1,653,523 1,307,578 17
Volume (Million Sh.) 22,915 16,314 11,350 13,864 1,718 Sep-13 1,030 870 900 45,303 1,566,310 1,494,923 21
Value (Billion Rp) 46,627 35,887 18,253 15,019 1,651 Oct-13 1,130 890 1,020 42,712 1,230,844 1,250,459 21
Frequency (Thou. X) 523 500 392 469 67 Nov-13 1,240 1,010 1,130 49,717 1,820,926 2,085,692 20
Days 245 247 246 244 20 Dec-13 1,250 1,040 1,090 35,467 1,059,797 1,223,837 19

Price (Rupiah) Jan-14 1,110 870 950 67,166 1,717,526 1,651,052 20


High 2,650 2,900 2,025 1,770 1,110
Low 1,700 1,430 1,180 640 870
Close 2,550 1,770 1,590 1,090 950
Close* 2,550 1,770 1,590 1,090 950

PER (X) 36.95 11.16 13.78 12.26 10.68


PER Industry (X) 17.69 16.17 8.49 19.30 13.24
PBV (X) 4.39 2.56 1.76 0.96 0.83
* Adjusted price after corporate action

12 RESEARCH AND DEVELOPMENT DIVISION


ADRO Adaro Energy Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 11,274,623 5,459,971 5,067,851 4,838,559 8,354,692 87,500

Receivables 2,903,619 2,504,335 4,396,801 4,692,058 3,822,657


250,450 288,732 475,345 623,589 1,260,706 70,000
Inventories
Current Assets 15,836,859 10,200,290 11,765,957 13,672,171 16,820,685
52,500
Fixed Assets 7,415,677 8,810,252 12,988,087 17,106,385 20,930,154
Other Assets 51,607 72,947 125,873 96,226 248,811
35,000
Total Assets 42,465,408 40,600,921 51,315,458 64,714,116 82,623,566
Growth (%) -4.39% 26.39% 26.11% 27.67% 17,500

Current Liabilities 7,996,026 5,793,531 7,065,795 8,695,486 9,493,041 -


Long Term Liabilities 16,957,448 16,176,838 22,103,586 27,056,457 33,927,838 2009 2010 2011 2012 2013
Total Liabilities 24,953,474 21,970,369 29,169,380 35,751,943 43,420,880
Growth (%) -11.95% 32.77% 22.57% 21.45%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 39,203
Paid up Capital 3,198,596 3,198,596 3,198,596 3,198,596 3,198,596 39,203

Paid up Capital (Shares) 31,986 31,986 31,986 31,986 31,986


28,962
Par Value 100 100 100 100 100
31,205

Retained Earnings 4,028,127 5,376,617 8,542,056 10,314,612 14,940,038 22,146


23,208

Total Equity 17,444,891 18,576,441 22,146,078 28,962,172 39,202,687 17,445 18,576

Growth (%) 6.49% 19.22% 30.78% 35.36% 15,211

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 7,213

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


Growth (%) -8.35% 46.45% -0.45% 11.98%
-784

2009 2010 2011 2012 2013

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


Gross Profit 11,037,897 7,732,042 12,952,668 10,082,155 9,069,812
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 1,109,450 957,764 1,313,246 1,994,321 2,514,135
Operating Profit 9,928,447 6,774,278 11,639,422 8,087,833 6,555,677 40,309
36,158 35,996
40,309

Growth (%) -31.77% 71.82% -30.51% -18.94%


32,086

26,938
Other Income (Expenses) -1,350,066 -1,724,360 -2,547,745 -1,186,122 -1,411,062 24,689
Income before Tax 8,578,381 5,049,918 9,091,677 6,901,711 5,144,615 23,863

Tax 4,119,101 2,668,668 4,085,207 3,195,132 2,331,558


Profit for the period 4,415,811 2,216,273 5,006,470 3,706,579 2,813,057
15,640

Growth (%) -49.81% 125.90% -25.96% -24.11%


7,417

Period Attributable 4,415,811 2,219,020 4,990,610 3,726,305 2,837,204 -806

Comprehensive Income 4,367,252 2,220,879 5,073,546 3,691,474 2,765,793 2009 2010 2011 2012 2013
Comprehensive Attributable - 2,223,240 5,057,940 3,711,201 2,774,247

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 198.06 176.06 166.52 157.23 177.19
5,006
Dividend (Rp) 29.00 30.35 75.01 35.14 - 5,006

4,416
EPS (Rp) 138.05 69.37 156.03 116.50 88.70
3,707
BV (Rp) 545.39 580.77 692.37 905.47 1,225.62 3,985

DAR (X) 0.59 0.54 0.57 0.55 0.53 2,813


2,964

DER(X) 1.43 1.18 1.32 1.23 1.11 2,216


ROA (%) 10.40 5.46 9.76 5.73 3.40 1,943

ROE (%) 25.31 11.93 22.61 12.80 7.18


GPM (%) 40.98 31.32 35.82 28.01 22.50 921

OPM (%) 36.86 27.44 32.19 22.47 16.26


NPM (%) 16.39 8.98 13.85 10.30 6.98
-100

2009 2010 2011 2012 2013


Payout Ratio (%) 21.01 43.75 48.08 30.17 -
Yield (%) 1.68 1.19 4.24 2.21 -

RESEARCH AND DEVELOPMENT DIVISION 13


COMPANY REPORT

AKRA
AKR CORPORINDO TBK.

Company Profile

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

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

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

The Company has ownership in subdidiaries: PT Usaha Era Pratama Nusantara, PT
Andahanesa Abadi, PT Arjuna Utama Kimia, PT Anugrah Karya Raya and subsidiaries, PT
JakartaTankTerminal,Khalista(Liuzhou)ChemicallndustriesLtd.,AKR(Guigang)PortCo.
Ltd.,AKR(Guangxi)CoalTradingCo.Ltd.,Guangxi(Guigang)AKRContainerPortCo.Ltd.,
AKR(Guigang)TransshipmentPortCo.Ltd.,PTAKRSeaTransport,PTAKRNiagaIndonesia,
PT AKR Transportasi Indonesia, PT Bumi Karunia Pertiwi, PT Sarana Tambang Utama, PT
RizkiTambangSelaras,PTMineralTambangWahana,andPTBarutaAbadi.

TheCompanyanditsSubsidiarieshadtotalpermanentemployeesof2,482asofDecember
31th,2013.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

14 RESEARCH AND DEVELOPMENT DIVISION


AKRA AKR Corporindo Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 3,506.786
Industry Sector : Trade, Services & Investment (9) Listed Shares : 3,880,727,500
Industry Sub Sector : Wholesale (Durable & Non-Durable Goods) (91) Market Capitalization : 17,075,201,000,000
44 | 17.1T | 0.39% | 73.09%

23 | 11.6T | 1.05% | 55.89%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 28-Nov-1977 1. PT Arthakencana Rayatama 2,296,640,320 : 59.18%
Listing Date : 03-Oct-1994 2. Public (<5%) 1,584,087,180 : 40.82%
Under Writer IPO :
PT Lippo Securities DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Raya Saham Registra Year Shares Dividend Cum Date Ex Date Date Date
Plaza Central Building 2nd Fl. 1995 80.00 27-Jan-95 30-Jan-95 06-Feb-95 28-Feb-95 I
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1994 50.00 11-Jul-95 12-Jul-95 20-Jul-95 11-Aug-95 F
Phone : (021) 252-5666 1995 80.00 17-Nov-95 20-Nov-95 28-Nov-95 18-Dec-95 I
Fax : (021) 252-5028 1996 10 : 6 26-Feb-96 27-Feb-96 06-Mar-96 29-Mar-96
1995 70.00 07-Jun-96 10-Jun-96 18-Jun-96 11-Jul-96 F
BOARD OF COMMISSIONERS 1996 50.00 23-Jun-97 24-Jun-97 01-Aug-97 26-Aug-97 F
1. Soegiarto Adikoesoemo 2002 25.00 03-Sep-03 04-Sep-03 08-Sep-03 19-Sep-03 F
2. I Nyoman Mastra *) 2003 50.00 28-Jun-04 29-Jun-04 01-Jul-04 14-Jul-04 F
3. Sabirin Saiman 2005 40.00 02-May-05 03-May-05 06-May-05 19-May-05
*) Independent Commissioners 2005 60.00 01-Sep-06 04-Sep-06 06-Sep-06 19-Sep-06 F
2006 65.00 27-Jun-07 28-Jun-07 02-Jul-07 16-Jul-07 F
BOARD OF DIRECTORS 2007 19.00 03-Jun-08 04-Jun-08 06-Jun-08 16-Jun-08 F
1. Haryanto Adikoesoemo 2008 21.00 09-Jun-09 10-Jun-09 12-Jun-09 19-Jun-09 F
2. Arief Budiman Utomo 2009 25.00 25-May-10 26-May-10 31-May-10 14-Jun-10 F
3. Bambang Soetiono Soedijanto 2010 30.00 19-Nov-10 22-Nov-10 24-Nov-10 09-Dec-10 I
4. Jimmy Tandyo 2010 135.00 11-Mar-11 14-Mar-11 16-Mar-11 29-Mar-11 I
5. Mery Sofi 2010 2.00 31-May-11 01-Jun-11 06-Jun-11 20-Jun-11 F
6. Nery Polim 2011 200.00 22-Aug-11 23-Aug-11 25-Aug-11 08-Sep-11 I
7. Suresh Vembu 2011 25.00 06-Jun-12 07-Jun-12 11-Jun-12 25-Jun-12 F
2012 40.00 26-Dec-12 27-Dec-12 02-Jan-13 16-Jan-13 I
AUDIT COMMITTEE 2012 65.00 31-May-13 03-Jun-13 05-Jun-13 20-Jun-13 F
1. I Nyoman Mastra 2013 50.00 18-Sep-13 19-Sep-13 23-Sep-13 04-Oct-13 I
2. Ngurah Gede
3. Subarto Zaini ISSUED HISTORY
Listing Trading
CORPORATE SECRETARY No. Type of Listing Shares Date Date
Harryati Utami 1. First Issue 15,000,000 03-Oct-94 03-Oct-94
2. Company Listing 50,000,000 T: 03-Oct-94 : 06-May-95
HEAD OFFICE 3. Bonus Shares 39,000,000 01-Apr-96 01-Apr-96
Wisma AKR 7th - 8th Fl. 4. Stock Split 2,600,000,000 T: 30-Sep-96 : 27-Jul-07
Jln. Panjang No. 5, Kebon Jeruk 5. Right Issue 1,043,658,500 T: 20-Dec-04 : 16-Feb-10
Jakarta 6. OPSI Conversion 18,292,500 T: 11-Apr-08 : 15-Oct-09
Phone : (021) 531-1110 7. Opsi MSOP Conversion I, II & III 26,537,500 T: 09-Apr-10 : 13-Oct-10
Fax : (021) 531-1185, 531-1388, 531-1128 8. Opsi MSOP Conversion I & III 447,500 T: 12-Apr-10 : 15-Apr-10
9. Opsi MSOP Conversion II, III & IV 28,607,500 T: 13-Apr-11 : 14-Apr-11
Homepage : www.akr.co.id 10. Opsi MSOP Conversion II, III, IV 432,500 12-Oct-11 12-Oct-11
Email : harryati.utami@akr.co.id 11. Opsi MSOP Conversion IV 195,000 T: 13-Oct-11 : 12-Apr-13
tami@akr.co.id 12. Opsi MSOP Conversion III, IV, V 28,907,500 09-Apr-12 09-Apr-12
13. Opsi MSOP Conversion III 550,000 10-Apr-12 10-Apr-12
14. Opsi MSOP Conversion IV, V 29,099,000 T: 09-Apr-13 : 10-Apr-13

RESEARCH AND DEVELOPMENT DIVISION 15


AKRA AKR Corporindo Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
AKR Corporindo Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
6,000 480 Jan-10 1,330 1,120 1,180 12,300 378,735 467,942 20
Feb-10 1,200 980 1,020 9,796 730,443 772,002 19
5,250 420 Mar-10 1,040 900 930 11,390 404,402 401,185 22
Apr-10 1,050 880 1,030 18,201 472,646 461,177 21
May-10 1,040 910 970 9,782 303,828 297,455 19
4,500 360
Jun-10 1,150 950 1,060 9,030 305,999 321,697 22
Jul-10 1,200 990 1,190 10,576 344,118 370,729 22
3,750 300
Aug-10 1,400 1,190 1,230 10,505 297,345 388,187 21
Sep-10 1,540 1,220 1,510 15,621 365,415 507,625 17
3,000 240
Oct-10 1,590 1,320 1,510 21,910 540,611 790,741 21
Nov-10 1,720 1,450 1,460 18,191 396,989 629,461 21
2,250 180 Dec-10 1,820 1,460 1,730 17,921 319,477 532,404 20

1,500 120 Jan-11 1,730 1,390 1,440 21,826 383,691 600,618 21


Feb-11 1,630 1,350 1,560 13,847 227,243 339,089 18
750 60 Mar-11 1,660 1,420 1,470 22,274 343,580 527,701 23
Apr-11 1,720 1,450 1,710 21,474 394,286 615,401 20
May-11 1,840 1,580 1,840 19,868 352,872 589,727 21
Jun-11 2,200 1,770 2,125 13,270 258,481 495,557 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 3,125 2,100 3,050 24,160 378,575 948,766 21
Aug-11 3,100 2,450 2,650 33,390 463,554 1,302,769 19
Sep-11 2,775 2,150 2,400 21,997 339,598 863,164 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 3,125 2,200 3,025 22,226 282,903 759,571 21
Trade, Sevices and Investment Index Nov-11 3,250 2,750 2,850 24,988 317,985 950,762 22
January 2010 - January 2014 Dec-11 3,075 2,900 3,025 25,252 339,968 1,011,851 21
420%
Jan-12 3,650 3,000 3,650 39,838 414,607 1,404,452 21
360% Feb-12 3,900 3,500 3,600 22,274 284,426 1,042,116 21
Mar-12 4,425 3,550 4,300 24,831 311,040 1,231,547 21
300% Apr-12 4,350 4,000 4,125 23,979 243,621 1,019,079 20
280.4% May-12 4,200 3,325 3,375 23,693 271,922 1,014,240 21
240% Jun-12 3,775 3,150 3,475 21,238 224,399 789,842 21
Jul-12 3,950 3,500 3,650 27,387 311,055 1,151,428 22
Aug-12 3,750 3,325 3,500 18,714 297,106 1,049,276 19
180% 180.6%
Sep-12 4,275 3,450 4,250 20,476 278,456 1,072,492 20
Oct-12 4,550 3,975 4,450 18,786 216,605 931,478 22
120%
Nov-12 4,700 4,225 4,300 17,677 217,527 962,649 20
Dec-12 4,325 3,950 4,150 16,535 226,058 935,688 18
71.6%
60%

Jan-13 4,200 3,775 3,875 23,466 315,427 1,245,106 21


- Feb-13 4,500 3,825 4,475 19,230 218,111 902,451 20
Mar-13 5,550 4,425 5,000 14,741 189,877 947,949 19
-60% Apr-13 5,350 4,850 5,150 17,228 166,257 851,310 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 5,500 4,850 5,350 19,669 183,716 958,295 22
Jun-13 6,100 4,625 5,300 31,480 288,147 1,525,542 19
Jul-13 5,450 4,325 4,325 26,256 227,366 1,090,451 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 4,950 3,475 3,975 22,430 245,307 1,040,139 17
Volume (Million Sh.) 4,860 4,083 3,297 2,637 152 Sep-13 4,650 3,500 4,000 22,308 275,681 1,093,424 21
Value (Billion Rp) 5,941 9,005 12,604 12,158 681 Oct-13 5,350 4,000 4,850 19,727 193,237 914,203 21
Frequency (Thou. X) 165 265 275 251 32 Nov-13 5,050 4,425 4,675 19,926 204,324 972,950 20
Days 245 247 246 244 20 Dec-13 4,975 4,350 4,375 14,061 129,874 616,656 19

Price (Rupiah) Jan-14 4,820 4,175 4,400 32,248 151,840 680,984 20


High 1,820 3,250 4,700 6,100 4,820
Low 880 1,350 3,000 3,475 4,175
Close 1,730 3,025 4,150 4,375 4,400
Close* 1,730 3,025 4,150 4,375 4,400

PER (X) 21.10 22.62 21.15 24.25 24.39


PER Industry (X) 21.27 16.89 19.08 15.43 17.12
PBV (X) 2.75 3.23 3.80 3.16 3.18
* Adjusted price after corporate action

16 RESEARCH AND DEVELOPMENT DIVISION


AKRA AKR Corporindo Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 273,694 691,848 1,329,789 1,884,943 820,065 15,000

Receivables 1,411,368 1,685,658 2,189,012 3,224,397 4,351,773


709,518 1,424,614 1,250,135 1,415,169 1,823,246 12,000
Inventories
Current Assets 2,694,116 4,028,178 5,239,361 7,414,601 7,723,315
9,000
Fixed Assets 2,859,238 3,037,893 2,437,215 3,177,350 4,226,692
Other Assets 41,770 54,569 40,371 24,372 20,218
6,000
Total Assets 6,059,070 7,665,590 8,308,244 11,787,525 14,633,141
Growth (%) 26.51% 8.38% 41.88% 24.14% 3,000

Current Liabilities 2,810,284 3,844,218 3,860,012 5,142,386 6,593,292 -


Long Term Liabilities 1,021,968 962,539 873,528 2,435,399 2,676,688 2009 2010 2011 2012 2013
Total Liabilities 3,832,253 4,806,757 4,733,540 7,577,785 9,269,980
Growth (%) 25.43% -1.52% 60.09% 22.33%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 750,000 750,000 750,000 750,000 750,000 5,363
Paid up Capital 313,829 379,294 382,199 385,144 388,073
Paid up Capital (Shares) 3,138 3,793 3,822 3,851 3,881 4,210
Par Value 100 100 100 100 100
4,269

3,575
Retained Earnings 1,106,861 1,213,492 2,222,920 2,931,851 3,289,047
3,175

Total Equity 1,741,060 2,386,407 3,574,704 4,209,740 5,363,161 2,386


Growth (%) 37.07% 49.79% 17.76% 27.40% 2,081 1,741

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 987

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


Growth (%) 36.11% 54.21% 15.25% 3.06%
-107

2009 2010 2011 2012 2013

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


Gross Profit 953,631 959,684 1,018,398 1,261,276 1,367,641
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 413,663 498,761 302,869 430,920 600,059
Operating Profit 539,968 460,923 715,529 830,356 767,582 21,674 22,338
22,338

Growth (%) -14.64% 55.24% 16.05% -7.56% 18,806


17,781

Other Income (Expenses) -71,713 -40,832 24,443 -20,673 -37,581


468,256 420,091 739,972 809,682 733,053 12,195
Income before Tax 13,224

Tax 128,359 80,999 145,838 190,849 117,426 8,960


Profit for the period 339,896 339,092 2,284,080 618,833 615,627
8,667

Growth (%) -0.24% 573.59% -72.91% -0.52%


4,110

Period Attributable 339,896 310,916 2,293,427 649,314 648,250 -447

Comprehensive Income 274,719 311,166 2,331,631 755,870 980,588 2009 2010 2011 2012 2013
Comprehensive Attributable - 290,721 2,339,138 775,371 969,250

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 95.87 104.79 135.73 144.19 117.14
2,284
Dividend (Rp) 25.00 167.00 225.00 105.00 50.00 2,284

EPS (Rp) 108.31 81.97 600.06 168.59 167.04


BV (Rp) 554.78 629.17 935.30 1,093.03 1,382.00 1,818

DAR (X) 0.63 0.63 0.57 0.64 0.63


1,352

DER(X) 2.20 2.01 1.32 1.80 1.73


ROA (%) 5.61 4.42 27.49 5.25 4.21 886

619 616
ROE (%) 19.52 14.21 63.90 14.70 11.48
340 339
GPM (%) 10.64 7.87 5.42 5.82 6.12 420

OPM (%) 6.03 3.78 3.80 3.83 3.44


NPM (%) 3.79 2.78 12.15 2.86 2.76
-46

2009 2010 2011 2012 2013


Payout Ratio (%) 23.08 203.73 37.50 62.28 29.93
Yield (%) 2.14 9.65 7.44 2.53 1.14

RESEARCH AND DEVELOPMENT DIVISION 17


COMPANY REPORT

ASII
ASTRA INTERNATIONAL TBK.

Company Profile

PTAstraInternationalTbk.wasestablishedin1957asPTAstraInternationalIncorporated.
In1990,thecompanychangeditsnametoPTAstraInternationalTbk.

ThescopeofthecompanysactivitiesassetoutinitsArticlesofAssociationaretoengage
in general trading, industry, mining, transportation, agriculture, construction and
consultancyservices.Thesubsidiariesmainactivitiesaretheassemblyanddistributionof
automobiles, motorcycles and related spare parts, heavy equipment sales and rentals,
mining and related services, development of plantation, financial services, infrastructure,
andinformationtechnology.

TheCompanysslargestshareholderisJardineCycle&CarriageLtdisasubsidiaryofJardine
MahesonHoldingsLtd,acompanyincorporatedinBermuda.

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

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

18 RESEARCH AND DEVELOPMENT DIVISION


ASII Astra International Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 4,594.635
Industry Sector : Miscellaneous Industry (4) Listed Shares : 40,483,553,140
Industry Sub Sector : Automotive And Components (42) Market Capitalization : 260,106,828,924,500
2 | 260.1T | 5.99% | 12.76%

1 | 63.6T | 5.77% | 5.77%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 20-Feb-1957 1. Jardine Cycle & Carriage Limited 20,276,860,040 : 50.09%
Listing Date : 04-Apr-1990 2. Public (<5%) 20,206,693,100 : 49.91%
Under Writer IPO :
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Raya Saham Registra Year Shares Dividend Cum Date Ex Date Date Date
Plaza Central Building 2nd Fl. 1990 100.00 05-Nov-90 06-Nov-90 13-Nov-90 27-Nov-90 I
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1990 150.00 02-May-91 03-May-91 13-May-91 10-Jun-91 F
Phone : (021) 252-5666 1991 100.00 12-Nov-91 13-Nov-91 20-Nov-91 16-Dec-91 I
Fax : (021) 252-5028 1991 125.00 17-Jun-92 18-Jun-92 25-Jun-92 24-Jul-92 F
1992 100.00 01-Jul-93 02-Jul-93 09-Jul-93 09-Aug-93 F
BOARD OF COMMISSIONERS 1993 225.00 13-Jun-94 14-Jun-94 21-Jun-94 21-Jul-94 F
1. Budi Setiadharma 1993 1:3 29-Jul-94 01-Aug-94 08-Aug-94 07-Sep-94 F
2. Anthony John Liddell Nightingale 1994 80.00 22-Jun-95 23-Jun-95 03-Jul-95 31-Jul-95 F
3. Benjamin William Keswick 1995 90.00 25-Jun-96 26-Jun-96 04-Jul-96 31-Jul-96 F
4. Chiew Sin Cheok 1996 120.00 30-Jun-97 01-Jul-97 09-Jul-97 29-Jul-97 F
5. David Alexander Newbigging 2003 50.00 01-Dec-03 02-Dec-03 04-Dec-03 18-Dec-03 I
6. Erry Firmansyah *) 2003 170.00 28-Jun-04 29-Jun-04 01-Jul-04 14-Jul-04 F
7. Hisayuki Inoue *) 2004 100.00 01-Nov-04 02-Nov-04 04-Nov-04 12-Nov-04 F
8. Jonathan Chang 2005 270.00 16-Jun-05 17-Jun-05 21-Jun-05 04-Jul-05
9. Mark Spencer Greenberg 2005 100.00 09-Nov-05 10-Nov-05 14-Nov-05 24-Nov-05 I
10. Soemadi Djoko Moerdjono Brotodiningrat *) 2005 340.00 15-Jun-06 16-Jun-06 20-Jun-06 04-Jul-06 F
*) Independent Commissioners 2006 150.00 20-Oct-06 30-Oct-06 01-Nov-06 15-Nov-06 I
2006 290.00 14-Jun-07 15-Jun-07 19-Jun-07 03-Jul-07 F
BOARD OF DIRECTORS 2007 160.00 29-Oct-07 30-Oct-07 01-Nov-07 15-Nov-07 I
1. Prijono Sugiarto 2008 300.00 28-Oct-08 29-Oct-08 31-Oct-08 14-Nov-08 I
2. Djoko Pranoto 2008 570.00 17-Jun-09 18-Jun-09 22-Jun-09 03-Jul-09 F
3. Gunawan Geniusahardja 2009 830.00 16-Jun-10 17-Jun-10 21-Jun-10 05-Jul-10 F
4. Johannes Loman 2010 470.00 27-Oct-10 28-Oct-10 01-Nov-10 15-Nov-10 I
5. Johny Darmawan Danusasmita 2011 600.00 26-Oct-11 27-Oct-11 31-Oct-11 14-Nov-11 I
6. Simon Collier Dixon 2011 1,380.00 16-May-12 21-May-12 23-May-12 06-Jun-12 F
7. Sudirman Maman Rusdi 2012 66.00 18-Oct-12 19-Oct-12 23-Oct-12 07-Nov-12 I
8. Widya Wiryawan 2012 150.00 20-May-13 21-May-13 23-May-13 07-Jun-13 F
2013 64.00 10-Oct-13 11-Oct-13 17-Oct-13 31-Oct-13 I
AUDIT COMMITTEE
1. Soemadi Djoko Moerdjono Brotodiningrat ISSUED HISTORY
2. Chiew Sin Cheok Listing Trading
3. Harry Wiguna No. Type of Listing Shares Date Date
4. Inget Sembiring 1. First Issue 30,000,000 04-Apr-90 04-Apr-90
2. Partial Listing 24,805,000 T: 04-Apr-90 : 04-Oct-90
CORPORATE SECRETARY 3. Company Listing 184,893,000 T: 18-Dec-91 : 02-Jan-92
Gita Tiffany Boer 4. Koperasi 2,500,000 T: 18-Dec-91 : 31-Dec-99
5. Right Issue 1,453,219,775 T: 03-Jan-94 : 21-Jan-03
HEAD OFFICE 6. Bonus Shares 871,912,800 08-Sep-94 08-Sep-94
Gedung AMDI 7. CB Conversion 280,837 T: 12-Mar-97 : 07-Aug-97
Jln. Gaya Motor Raya No. 8 Sunter 8. Stock Split 37,598,029,063 T: 01-Sep-97 : 05-Jun-12
Jakarta 9. Right Conversion 262,168,650 T: 24-Apr-00 : 19-Jan-04
Phone : (021) 653-10418 10. Option I 8,637,003 T: 16-Oct-00 : 16-Feb-01
Fax : (021) 653-04957 11. Option I Conversion 16,203,924 T: 31-Jul-01 : 26-Apr-02
12. Option II Conversion 30,903,088 T: 26-Apr-02 : 25-May-04
Homepage : www.astra.co.id
Email : gita.tiffanyboer@ai.astra.co.id

RESEARCH AND DEVELOPMENT DIVISION 19


ASII Astra International Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Astra International Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
10,000 240 Jan-10 36,500 33,200 35,950 22,946 85,776 3,000,682 20
Feb-10 37,050 32,750 36,250 18,048 96,912 3,389,851 19
8,750 210 Mar-10 44,050 35,900 41,900 21,483 114,202 4,525,172 22
Apr-10 48,150 41,900 47,150 28,903 106,447 4,732,781 21
May-10 47,150 36,050 43,150 47,944 155,094 6,330,370 19
7,500 180
Jun-10 50,250 41,950 48,300 31,878 99,163 4,509,862 22
Jul-10 52,800 45,900 50,700 26,514 88,613 4,334,658 22
6,250 150
Aug-10 51,150 46,250 47,600 43,255 117,841 5,657,856 21
Sep-10 60,750 47,700 56,700 30,503 88,766 4,847,381 17
5,000 120
Oct-10 60,200 55,500 57,000 34,859 84,089 4,815,487 21
Nov-10 58,400 51,750 51,900 38,884 101,694 5,647,237 21
3,750 90 Dec-10 54,900 48,800 54,550 37,913 127,743 6,712,077 20

2,500 60 Jan-11 55,050 45,250 48,900 64,822 188,808 9,245,116 21


Feb-11 53,450 47,400 52,050 38,264 146,051 7,289,652 18
1,250 30 Mar-11 58,250 52,300 57,000 40,364 99,865 5,492,743 23
Apr-11 58,500 53,600 56,150 35,963 91,805 5,134,338 20
May-11 62,150 55,800 58,750 31,103 79,319 4,668,750 21
Jun-11 64,250 55,950 63,550 29,158 74,147 4,395,238 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 75,950 64,600 70,500 35,960 84,447 5,852,767 21
Aug-11 72,750 60,850 66,150 67,327 133,636 9,085,095 19
Sep-11 71,800 55,000 63,650 64,076 121,029 7,758,524 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 70,000 57,300 69,000 51,096 100,835 6,582,050 21
Miscellaneous Industry Index Nov-11 72,000 65,500 70,900 40,280 67,618 4,676,338 22
January 2010 - January 2014 Dec-11 75,000 68,300 74,000 33,641 57,371 4,137,042 21
140%
Jan-12 79,650 73,500 78,900 31,100 60,335 4,672,194 21
120% Feb-12 79,200 67,100 70,850 68,125 130,669 9,466,255 21
Mar-12 74,200 68,750 73,950 48,766 83,919 5,984,168 21
100% Apr-12 77,100 70,650 71,000 37,681 68,944 5,052,940 20
May-12 74,250 64,200 64,300 46,178 90,988 6,242,152 21
87.9%
80% 82.0% Jun-12 64,200 6,400 6,850 61,324 816,809 6,070,144 21
71.6% Jul-12 7,100 6,250 7,000 65,520 943,478 6,342,540 22
Aug-12 7,400 6,600 6,750 44,874 635,813 4,486,738 19
60%
Sep-12 7,550 6,700 7,400 41,289 694,972 5,034,167 20
Oct-12 8,300 7,250 8,050 47,388 931,778 7,387,900 22
40%
Nov-12 8,000 7,200 7,250 59,594 832,310 6,351,667 20
Dec-12 7,700 6,800 7,600 58,107 918,874 6,627,662 18
20%

Jan-13 7,900 7,300 7,350 56,816 830,431 6,337,529 21


- Feb-13 8,000 7,400 7,950 39,847 683,833 5,281,553 20
Mar-13 8,300 7,500 7,900 54,594 849,305 6,681,437 19
-20% Apr-13 8,000 7,150 7,350 52,759 694,670 5,273,240 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 7,550 6,900 7,050 62,249 1,230,559 8,777,900 22
Jun-13 7,200 6,150 7,000 73,759 1,015,404 6,914,932 19
Jul-13 6,950 6,300 6,500 50,329 667,841 4,413,435 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 6,800 5,100 6,050 58,095 660,601 4,038,190 17
Volume (Million Sh.) 1,266 1,245 6,209 9,508 784 Sep-13 7,500 5,400 6,450 69,701 1,169,088 7,443,312 21
Value (Billion Rp) 58,503 74,318 73,719 66,334 5,339 Oct-13 7,250 6,300 6,650 54,573 553,688 3,722,910 21
Frequency (Thou. X) 383 532 610 669 86 Nov-13 6,850 6,150 6,250 54,611 662,358 4,332,899 20
Days 245 247 246 244 20 Dec-13 6,850 6,050 6,800 41,591 490,150 3,116,581 19

Price (Rupiah) Jan-14 7,400 6,250 6,425 86,235 784,137 5,339,224 20


High 60,750 75,950 79,650 8,300 7,400
Low 32,750 45,250 6,250 5,100 6,250
Close 54,550 74,000 7,600 6,800 6,425
Close* 5,455 7,400 7,600 6,800 6,425

PER (X) 15.37 14.03 13.70 15.33 14.49


PER Industry (X) 16.08 12.24 18.33 18.64 14.45
PBV (X) 4.48 3.95 3.43 2.79 2.64
* Adjusted price after corporate action

20 RESEARCH AND DEVELOPMENT DIVISION


ASII Astra International Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 8,732,000 7,005,000 13,111,000 11,055,000 18,557,000 225,000

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


7,282,000 10,842,000 11,990,000 15,285,000 14,433,000 180,000
Inventories
Current Assets 36,595,000 46,843,000 65,978,000 75,799,000 88,352,000
135,000
Fixed Assets 21,941,000 24,363,000 28,604,000 34,326,000 37,862,000
Other Assets 739,000 612,000 1,043,000 1,824,000 2,490,000
90,000
Total Assets 88,938,000 112,857,000 153,521,000 182,274,000 213,994,000
Growth (%) 26.89% 36.03% 18.73% 17.40% 45,000

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


Long Term Liabilities 13,271,000 17,044,000 29,312,000 38,282,000 36,667,000 2009 2010 2011 2012 2013
Total Liabilities 40,006,000 54,168,000 77,683,000 92,460,000 107,806,000
Growth (%) 35.40% 43.41% 19.02% 16.60%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 106,188
Paid up Capital 2,024,178 2,024,178 2,024,178 2,024,178 2,024,178 106,188

89,814
Paid up Capital (Shares) 4,048 4,048 4,048 40,484 40,484
500 500 500 50 50 75,838
Par Value
84,526

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


62,863

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


39,894
Growth (%) 23.60% 53.80% 18.43% 18.23% 41,201

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 19,539

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


Growth (%) 31.94% 25.06% 15.68% 3.10%
-2,124

2009 2010 2011 2012 2013

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


Gross Profit 22,771,000 26,874,000 32,034,000 36,200,000 35,311,000
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 10,015,000 12,149,000 14,202,000 8,302,000 7,788,000
Operating Profit 12,756,000 14,725,000 17,832,000 - - 188,053 193,880

Growth (%) 15.44% 21.10% 162,564


154,328

129,991
Other Income (Expenses) 1,079,000 1,410,000 7,940,000 - -
Income before Tax 16,402,000 21,031,000 25,772,000 27,898,000 27,523,000 114,777
98,526
Tax 3,958,000 4,027,000 4,695,000 5,156,000 5,226,000
Profit for the period 12,444,000 17,004,000 21,077,000 22,742,000 22,297,000
75,225

Growth (%) 36.64% 23.95% 7.90% -1.96%


35,674

Period Attributable 12,444,000 14,366,000 17,785,000 19,421,000 19,417,000 -3,878

Comprehensive Income 10,040,000 17,255,000 21,348,000 22,460,000 23,708,000 2009 2010 2011 2012 2013
Comprehensive Attributable - 14,641,000 18,058,000 19,053,000 20,137,000

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 136.88 126.18 136.40 139.91 124.20
22,742 22,297
Dividend (Rp) 830.00 470.00 1,980.00 216.00 64.00 21,077
EPS (Rp) 3,073.84 3,548.60 4,393.14 479.73 479.63
17,004
BV (Rp) 9,854.37 12,180.25 18,733.04 2,218.53 2,622.99 18,103

DAR (X) 0.45 0.48 0.51 0.51 0.50 12,444


13,463

DER(X) 1.00 1.10 1.02 1.03 1.02


ROA (%) 13.99 15.07 13.73 12.48 10.42 8,824

ROE (%) 31.19 34.48 27.79 25.32 21.00


GPM (%) 23.11 20.67 19.71 19.25 18.21 4,185

OPM (%) 12.95 11.33 10.97 - -


NPM (%) 12.63 13.08 12.97 12.09 11.50
-455

2009 2010 2011 2012 2013


Payout Ratio (%) 27.00 13.24 45.07 45.03 13.34
Yield (%) 2.39 0.86 2.68 2.84 0.94

RESEARCH AND DEVELOPMENT DIVISION 21


COMPANY REPORT

ASRI
ALAM SUTERA REALTY TBK.

Company Profile

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

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

ThemainrealestateprojectacquiredbytheCompanyandSubsidiariesrecentlyareAlam
SuteraResidentialprojectandSvarnaPadiprojectatPasarKemis,Tangerang.

AlamSuterabelievesthatallthedevelopmenteffortsmusttakeenvironmentalissuesinto
accountseriously.Theecofriendlydevelopmentmeantmorethanamarketinggimmick
it is the companys commitment. The Company is committed to do their part in the
handling of millions of tons of pollution in their environment every day, by setting an
examplehowtodevelopasustainablegreencommunity.

The Company has direct ownership in subsidiaries: PT Delta Mega Persada, PT Duta
Prakarsa Development, PT Nusa Cipta Pratama, PT Garuda Adhimatra Indonesia, and PT
TangerangMatraRealEstate.

TheCompanyandsubsidiarieshad1,261employeesasofDecember31th,2013.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

22 RESEARCH AND DEVELOPMENT DIVISION


ASRI Alam Sutera Realty Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 485.714
Industry Sector : Property, Real Estate And Building Construction (6) Listed Shares : 19,649,411,888
Industry Sub Sector : Property And Real Estate (61) Market Capitalization : 10,021,200,062,880
76 | 10.0T | 0.23% | 82.63%

17 | 17.1T | 1.55% | 48.48%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 03-Nov-1993 1. PT Manunggal Prime Development 5,225,856,000 : 26.60%
Listing Date : 18-Dec-2007 2. Tangerang Fajar Industrial Estate 2,982,450,000 : 15.18%
Under Writer IPO : 3. PT Tangerang Fajar Industrial Estate 1,971,650,000 : 10.03%
PT Ciptadana Securities 4. Public (<5%) 9,469,455,888 : 48.19%
Securities Administration Bureau :
PT Raya Saham Registra DIVIDEND ANNOUNCEMENT
Plaza Central Building 2nd Fl. Bonus Cash Recording Payment
F/I
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 Year Shares Dividend Cum Date Ex Date Date Date
Phone : (021) 252-5666 2008 0.69 03-Jul-09 06-Jul-09 09-Jul-09 24-Jul-09 F
Fax : (021) 252-5028 2009 1.05 20-Jul-10 21-Jul-10 23-Jul-10 06-Aug-10 F
2010 4.03 01-Jul-11 04-Jul-11 06-Jul-11 20-Jul-11 F
BOARD OF COMMISSIONERS 2011 6.13 05-Jul-12 06-Jul-12 10-Jul-12 24-Jul-12 F
1. Marzuki Usman 2012 14.60 25-Jun-13 26-Jun-13 28-Jun-13 12-Jul-13 F
2. Angeline Sutedja
3. Kristianto Sudiono ISSUED HISTORY
4. Pingki Elka Pangestu *) Listing Trading
5. Prasasto Sudyatmiko *) No. Type of Listing Shares Date Date
*) Independent Commissioners 1. First Issue 3,142,000,000 18-Dec-07 18-Dec-07
2. Company Listing 13,986,810,000 18-Dec-07 18-Aug-08
BOARD OF DIRECTORS 3. Warrant 4,974,500 11-Jun-09 11-Jun-09
1. Harjanto Tirtohadiguno 4. Warrant 40,050,000 18-Jun-09 18-Jun-09
2. Andrew Charles Walker 5. Warrant 1,000,000 19-Jun-09 19-Jun-09
3. Joseph Sanusi Tjong 6. Warrant 18,500,000 22-Jun-09 22-Jun-09
4. Lilia Setiprawarti Sukotjo 7. Warrant 20,000,000 28-Jul-09 28-Jul-09
5. Soelaeman Soemawinata 8. Warrant 250,000 12-Oct-09 12-Oct-09
9. Warrant 3,325,000 14-Oct-09 14-Oct-09
AUDIT COMMITTEE 10. Warrant 55,000,000 23-Oct-09 23-Oct-09
1. Prasasto Sudyatmiko 11. Warrant 45,500,000 27-Oct-09 27-Oct-09
2. Agus R. Panjaitan 12. Warrant 27,500,000 28-Oct-09 28-Oct-09
3. Satino 13. Warrant 63,108,500 29-Oct-09 29-Oct-09
14. Warrant 15,000,000 03-Nov-09 03-Nov-09
CORPORATE SECRETARY 15. Warrant 60,000,000 24-Nov-09 24-Nov-09
Hendra Kurniawan 16. Warrant 27,500,000 26-Nov-09 26-Nov-09
17. Warrant 388 03-Dec-09 03-Dec-09
HEAD OFFICE 18. Warrant 27,500,000 10-Dec-09 10-Dec-09
Wisma Argo Manunggal 18th Fl. 19. Warrant 277,976,000 14-Dec-09 14-Dec-09
Jln. Jend. Gatot Subroto Kav. 22 20. Warrant 15,000,000 15-Dec-09 15-Dec-09
Jakarta - 12930 21. Warrant 1,695,000 21-Dec-09 21-Dec-09
Phone : (021) 531-40628, 252-3838 22. Warrant 30,412,500 28-Dec-09 28-Dec-09
Fax : (021) 252-5050 23. Additional Listing without RI 1,786,310,000 25-Jan-12 25-Jan-12

Homepage : www.alam-sutera.com
Email : corsec@alam-sutera.com

RESEARCH AND DEVELOPMENT DIVISION 23


ASRI Alam Sutera Realty Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Alam Sutera Realty Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
1,200 7,200 Jan-10 118 103 109 10,132 1,684,788 184,241 20
Feb-10 141 108 136 23,405 4,589,029 592,735 19
1,050 6,300 Mar-10 171 132 164 18,621 3,365,306 497,356 22
Apr-10 225 164 215 36,473 5,312,287 1,058,509 21
May-10 225 132 170 34,855 9,896,529 1,842,298 19
900 5,400
Jun-10 195 162 183 17,755 2,199,381 391,028 22
Jul-10 220 178 205 16,716 2,882,832 575,462 22
750 4,500
Aug-10 210 177 178 18,700 1,740,934 336,021 21
Sep-10 210 180 205 25,103 2,333,177 455,386 17
600 3,600
Oct-10 290 200 265 27,171 3,606,905 906,899 21
Nov-10 320 265 280 19,783 2,309,919 673,270 21
450 2,700 Dec-10 310 275 295 12,442 1,004,337 295,880 20

300 1,800 Jan-11 310 230 245 19,196 1,651,106 445,752 21


Feb-11 255 225 245 9,005 590,906 142,983 18
150 900 Mar-11 290 240 285 12,373 937,975 249,543 23
Apr-11 305 265 295 10,749 1,006,591 287,673 20
May-11 325 280 310 12,896 1,311,172 398,549 21
Jun-11 345 305 325 12,324 1,143,722 370,811 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 450 315 420 21,840 2,374,352 899,084 21
Aug-11 450 360 420 24,237 2,168,218 894,522 19
Sep-11 440 340 385 25,423 2,016,360 811,334 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 500 340 435 45,657 3,459,789 1,508,461 21
Property, Real Estate and Bulding Construction Index Nov-11 470 395 425 31,786 2,106,554 934,363 22
January 2010 - January 2014 Dec-11 480 430 460 18,406 1,383,018 628,154 21
980%
Jan-12 520 455 485 24,608 3,163,247 1,462,365 21
840% Feb-12 610 480 570 26,234 3,013,912 1,651,814 21
Mar-12 630 560 620 22,571 2,116,918 1,272,835 21
700% Apr-12 650 560 600 28,484 1,831,503 1,099,178 20
May-12 620 510 540 22,850 1,453,973 832,432 21
560% Jun-12 570 455 490 27,226 4,923,539 2,336,855 21
Jul-12 520 455 460 27,925 1,557,100 754,451 22
Aug-12 495 430 440 28,541 1,985,545 910,746 19
420%
385.7% Sep-12 520 410 495 30,974 2,734,556 1,274,455 20
Oct-12 580 470 580 26,538 2,210,093 1,173,362 22
280%
Nov-12 620 550 610 15,187 2,653,169 1,535,319 20
Dec-12 640 550 600 15,745 1,766,756 1,065,978 18
140% 149.6%
71.6% Jan-13 810 600 770 28,260 2,758,752 2,724,524 21
- Feb-13 970 750 930 26,881 1,503,613 1,299,168 20
Mar-13 1,160 930 1,070 36,275 2,093,327 2,178,327 19
-140% Apr-13 1,090 970 1,050 41,384 2,555,637 2,636,209 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 1,130 1,020 1,060 43,176 2,136,655 2,296,257 22
Jun-13 1,080 720 750 65,671 4,696,607 4,021,982 19
Jul-13 800 650 700 45,919 1,984,976 1,452,171 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 830 445 550 45,493 2,264,238 1,407,217 17
Volume (Million Sh.) 40,925 20,150 29,410 31,672 2,182 Sep-13 760 450 600 58,331 3,063,421 1,822,815 21
Value (Billion Rp) 7,809 7,571 15,370 24,781 1,084 Oct-13 700 560 610 43,176 4,867,653 3,050,634 21
Frequency (Thou. X) 261 244 297 511 54 Nov-13 610 455 475 43,705 2,060,989 1,091,598 20
Days 245 247 246 244 20 Dec-13 530 425 430 32,921 1,686,157 800,565 19

Price (Rupiah) Jan-14 550 424 510 53,655 2,182,118 1,083,703 20


High 320 500 650 1,160 550
Low 103 225 410 425 424
Close 295 460 600 430 510
Close* 295 460 600 430 510

PER (X) 18.14 13.63 9.69 7.30 8.66


PER Industry (X) 9.97 11.09 17.34 17.79 16.27
PBV (X) 2.39 2.95 2.49 1.59 1.88
* Adjusted price after corporate action

24 RESEARCH AND DEVELOPMENT DIVISION


ASRI Alam Sutera Realty Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Rekan (Member of PKF International Ltd)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 430,593 732,357 844,906 1,641,316 890,181 15,000

Receivables 25,512 14,693 21,596 29,721 84,690


1,841,950 2,186,131 2,395,213 1,661,094 937,153 12,000
Inventories
Investment - 28,827 57,476 - 312,000
9,000
Fixed Assets 50,900 148,063 341,514 708,121 801,678
Other Assets 72,449 322,433 806,319 11,619 61,186
6,000
Total Assets 3,559,965 4,587,986 6,007,548 10,946,417 14,428,083
Growth (%) 28.88% 30.94% 82.21% 31.81% 3,000

Bank Payable - 554,227 795,658 45,000 -


Trade Payable 19,063 26,212 35,519 35,257 165,089 2009 2010 2011 2012 2013
Total Liabilities 1,624,837 2,371,566 3,220,676 6,214,543 9,096,298
Growth (%) 45.96% 35.80% 92.96% 46.37%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 2,400,000 24,000 2,400,000 2,400,000 2,400,000 5,332
Paid up Capital 1,786,310 1,786,310 1,786,310 1,964,941 1,964,941 5,332

4,732
Paid up Capital (Shares) 17,863 17,863 17,863 19,649 19,649
Par Value 100 100 100 100 100
4,244

Retained Earnings 167,392 448,273 977,938 2,050,204 2,640,107


3,156 2,787
Total Equity 1,927,423 2,208,305 2,786,872 4,731,875 5,331,785 2,208
14.57% 26.20% 69.79% 12.68% 1,927
Growth (%) 2,069

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 981

Total Revenues 403,627 765,213 1,381,046 2,446,414 3,684,240


Growth (%) 89.58% 80.48% 77.14% 50.60%
-107

2009 2010 2011 2012 2013

Cost of Revenues 241,599 349,046 566,656 979,517 1,846,814


Gross Profit 162,029 416,167 814,391 1,466,897 1,837,425
TOTAL REVENUES (Bill. Rp)
Operating Expenses 51,388 73,088 120,770 212,884 304,204
Operating Profit 110,641 343,079 693,620 1,254,013 1,533,221 3,684
3,684

Growth (%) 210.08% 102.18% 80.79% 22.27%


2,933

2,446
Other Income (Expenses) 7,170 -12,897 -22,477 90,182 -451,445
Income before Tax 117,811 330,182 671,143 1,344,195 1,081,776 2,181

Tax 23,634 39,287 68,407 128,103 192,199 1,381


Profit for the period 94,177 290,895 602,737 1,216,092 889,577
1,429

765
Growth (%) 208.88% 107.20% 101.76% -26.85%
678
404

Period Attributable 94,177 290,484 601,654 1,192,716 876,785 -74

Comprehensive Income 94,021 290,895 602,737 1,216,092 889,577 2009 2010 2011 2012 2013
Comprehensive Attributable - 290,484 601,654 1,192,716 876,785

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Dividend (Rp) 1.05 4.03 6.13 14.60 -
1,216
EPS (Rp) 5.27 16.26 33.68 60.70 44.62 1,216

BV (Rp) 107.90 123.62 156.01 240.82 271.35


890
DAR (X) 0.46 0.52 0.54 0.57 0.63 968

DER(X) 0.84 1.07 1.16 1.31 1.71


720

603
ROA (%) 2.65 6.34 10.03 11.11 6.17
ROE (%) 4.89 13.17 21.63 25.70 16.68 472

GPM (%) 40.14 54.39 58.97 59.96 49.87 291

OPM (%) 27.41 44.83 50.22 51.26 41.62 224

94
NPM (%) 23.33 38.01 43.64 49.71 24.15
Payout Ratio (%) 19.92 24.78 18.20 24.05 -
-24

2009 2010 2011 2012 2013


Yield (%) 1.00 1.37 1.33 2.43 -

RESEARCH AND DEVELOPMENT DIVISION 25


COMPANY REPORT

BBCA
BANK CENTRAL ASIA TBK.

Company Profile

PT Bank Central Asia Tbk. was established under the name N.V. Perseroan Dagang dan
Industrie Semarang Knitting Factory on October 10th, 1955. The name has changed for
severaltime,thelastchangewasonMay21st,1974,whichisPTBankCentralAsia.
The Bank began operations in banking since the date of October 12, 1956. The Bank
operates as a commercial bank. Bank engaged in banking and other financial services in
accordancewiththeregulationsapplicableinIndonesia.
Asof31December2013,BCAhad953domesticsbranchesand2overseasrepresentatives
locatedinSingaporeandHongKong.
BCAhasdirectandindirectownershipinsubsidiaries:BCAFinance,BCAFinanceLimited,
PTBankBCASyariah,PTBCASekuritas(formerlyPTDinamikaUsahaJaya)andPTCentral
SejahteraInsurance.
AsofDecember31st,2013,BCAhad21,281permanentemployees.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

26 RESEARCH AND DEVELOPMENT DIVISION


BBCA Bank Central Asia Tbk.
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 5,671.429
Industry Sector : Finance (8) Listed Shares : 24,408,459,120
Industry Sub Sector : Bank (81) Market Capitalization : 242,253,956,766,000
3 | 242.3T | 5.58% | 18.34%

9 | 27.7T | 2.51% | 34.10%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 10-Aug-1955 1. UOB Kay Hian Private Limited For Farindo Investment 11,125,990,000 : 45.13%
Listing Date : 31-May-2000 2. Public (<5%) 13,282,469,120 : 54.87%
Under Writer IPO :
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
PT Bahana Securities Bonus Cash Recording Payment
F/I
Securities Administration Bureau : Year Shares Dividend Cum Date Ex Date Date Date
PT Raya Saham Registra 2001 85.00 14-Nov-01 15-Nov-01 20-Nov-01 04-Dec-01 F
Plaza Central Building 2nd Fl. 2001 140.00 29-Oct-02 30-Oct-02 01-Nov-02 15-Nov-02 F
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 2002 225.00 03-Dec-03 04-Dec-03 08-Dec-03 19-Dec-03 F
Phone : (021) 252-5666 2003 225.00 30-Jun-04 01-Jul-04 06-Jul-04 20-Jul-04 F
Fax : (021) 252-5028 2004 50.00 22-Nov-04 23-Nov-04 25-Nov-04 08-Dec-04 F
2005 80.00 19-Jul-05 20-Jul-05 22-Jul-05 05-Aug-05
BOARD OF COMMISSIONERS 2005 50.00 06-Oct-05 07-Oct-05 11-Oct-05 25-Oct-05 F
1. Djohan Emir Setijoso 2005 90.00 06-Jun-06 07-Jun-06 09-Jun-06 23-Jun-06 F
2. Cyrillus Harinowo *) 2006 55.00 10-Oct-06 11-Oct-06 13-Oct-06 03-Nov-06 I
3. Raden Pardede *) 2006 115.00 08-Jun-07 11-Jun-07 13-Jun-07 27-Jun-07 I
4. Sigit Pramono *) 2007 55.00 29-Nov-07 30-Nov-07 04-Dec-07 18-Dec-07 I
5. Tonny Kusnadi 2007 63.50 12-Jun-08 13-Jun-08 17-Jun-08 01-Jul-08 F
*) Independent Commissioners 2008 35.00 15-Jan-09 16-Jan-09 20-Jan-09 30-Jan-09 I
2008 65.00 09-Jun-09 10-Jun-09 12-Jun-09 26-Jun-09 F
BOARD OF DIRECTORS 2009 40.00 12-Nov-09 13-Nov-09 17-Nov-09 02-Dec-09 I
1. Jahja Setiaatmadja 2009 70.00 31-May-10 01-Jun-10 03-Jun-10 17-Jun-10 F
2. Anthony Brent Elam 2010 42.50 19-Nov-10 22-Nov-10 24-Nov-10 09-Dec-10 I
3. Armand Wahyudi Hartono 2010 70.00 06-Jun-11 07-Jun-11 09-Jun-11 23-Jun-11 F
4. Dhalia Mansor Ariotedjo 2011 43.50 06-Dec-11 07-Dec-11 09-Dec-11 23-Dec-11 I
5. Erwan Yuris Ang 2011 113.50 08-Jun-12 11-Jun-12 13-Jun-12 27-Jun-12 F
6. Eugene Keith Galbraith 2012 43.50 03-Dec-12 04-Dec-12 06-Dec-12 20-Dec-12 I
7. Henry Koenaifi 2012 71.00 28-May-13 29-May-13 31-May-13 17-Jun-13 F
8. Renaldo Hector Barros 2013 45.00 28-Nov-13 29-Nov-13 03-Dec-13 17-Dec-13 I
9. Subur Tan
10. Suwignyo Budiman ISSUED HISTORY
Listing Trading
AUDIT COMMITTEE No. Type of Listing Shares Date Date
1. Sigit Pramono 1. First Issue 662,400,000 31-May-00 31-May-00
2. Ilham Ikhsan 2. Company Listing 2,252,146,140 T: 31-May-00 : 11-Jan-01
3. Inawaty Suwardi 3. Stock Split 21,199,350,480 T: 15-May-01 : 28-Jan-08
4. Option Conversion 210,852,000 T: 29-Nov-01 : 09-Nov-06
CORPORATE SECRETARY 5. Option Conversion MSOP 89,226,500 T: 04-Aug-03 : 29-Sep-04
Inge Setiawati 6. Partial Delisting -5,516,000 04-Jan-08 04-Jan-08

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

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

RESEARCH AND DEVELOPMENT DIVISION 27


BBCA Bank Central Asia Tbk.
TRADING ACTIVITIES
Closing Price* and Trading Volume
Bank Central Asia Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
12,000 560 Jan-10 5,150 4,725 5,000 13,903 203,974 1,004,908 20
Feb-10 5,100 4,425 4,875 14,815 258,457 1,222,503 19
10,500 490 Mar-10 5,850 4,800 5,500 12,983 370,441 1,962,251 22
Apr-10 6,200 5,400 5,450 14,597 594,084 3,341,963 21
May-10 5,600 4,825 5,550 26,162 473,921 2,472,420 19
9,000 420
Jun-10 6,000 5,250 5,950 14,774 250,339 1,413,108 22
Jul-10 6,300 5,500 5,950 12,580 203,533 1,205,702 22
7,500 350
Aug-10 6,150 5,650 5,800 13,290 194,802 1,156,077 21
Sep-10 6,900 5,850 6,700 13,878 234,257 1,497,921 17
6,000 280 Oct-10 7,100 6,550 7,000 17,064 266,959 1,829,882 21
Nov-10 7,200 6,050 6,050 23,971 298,407 2,031,688 21
4,500 210 Dec-10 6,750 6,150 6,400 29,198 935,024 6,186,651 20

3,000 140 Jan-11 6,650 5,300 5,650 36,521 515,715 3,024,334 21


Feb-11 6,450 5,550 6,300 19,474 309,683 1,855,713 18
1,500 70 Mar-11 7,000 6,300 6,950 21,965 301,403 2,028,622 23
Apr-11 7,700 6,800 7,400 16,724 217,742 1,561,623 20
May-11 7,500 7,000 7,100 19,416 205,970 1,481,677 21
Jun-11 7,700 7,000 7,650 17,083 216,573 1,572,104 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 8,500 7,550 8,300 22,050 235,954 1,889,559 21
Aug-11 8,850 7,250 8,000 37,790 465,218 3,714,097 19
Sep-11 8,500 6,950 7,700 33,396 339,968 2,651,632 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 8,150 7,050 8,100 29,893 311,498 2,412,690 21
Finance Index Nov-11 8,400 7,450 7,900 28,088 360,677 2,850,162 22
January 2010 - January 2014 Dec-11 8,250 7,700 8,000 17,092 193,852 1,543,490 21
140%
Jan-12 8,250 7,850 8,000 20,524 284,722 2,292,976 21
120% Feb-12 8,250 7,200 7,600 34,730 493,690 3,726,985 21
Mar-12 8,150 7,450 8,000 20,067 215,749 1,685,625 21
100% Apr-12 8,250 7,750 8,000 14,002 236,761 1,894,521 20
96.5%
May-12 8,100 7,000 7,000 22,561 398,309 2,996,959 21
87.8%
80% Jun-12 7,500 6,750 7,300 21,978 289,274 2,085,318 21
71.6% Jul-12 8,050 7,250 8,000 20,559 343,483 2,611,726 22
Aug-12 8,050 7,650 7,750 16,480 430,418 3,358,206 19
60%
Sep-12 8,150 7,750 7,900 17,988 284,480 2,266,305 20
Oct-12 8,250 7,800 8,200 15,210 322,195 2,599,470 22
40%
Nov-12 9,400 8,150 8,800 17,126 247,495 2,149,295 20
Dec-12 9,500 8,750 9,100 19,730 231,033 2,098,035 18
20%

Jan-13 9,750 8,850 9,650 22,825 280,620 2,589,237 21


- Feb-13 11,300 9,650 11,000 22,323 662,141 6,634,281 20
Mar-13 11,400 10,400 11,400 27,863 259,577 2,789,619 19
-20% Apr-13 11,250 10,450 10,750 25,790 316,861 3,437,786 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 11,150 10,350 10,350 26,204 253,379 2,749,582 22
Jun-13 10,350 8,900 10,000 46,266 521,956 5,000,323 19
Jul-13 10,450 9,100 10,400 31,898 236,737 2,350,258 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 10,950 8,500 9,050 33,059 300,896 2,901,118 17
Volume (Million Sh.) 4,284 3,674 3,778 3,958 367 Sep-13 12,500 8,450 10,000 39,349 344,117 3,377,809 21
Value (Billion Rp) 25,325 26,586 29,765 39,776 3,603 Oct-13 10,800 9,750 10,450 25,605 342,053 3,604,261 21
Frequency (Thou. X) 207 299 241 370 57 Nov-13 10,650 9,550 9,650 38,027 253,767 2,565,011 20
Days 245 247 246 244 20 Dec-13 9,850 9,250 9,600 30,855 186,366 1,776,805 19

Price (Rupiah) Jan-14 10,350 9,250 9,925 57,353 367,092 3,602,939 20


High 7,200 8,850 9,500 12,500 10,350
Low 4,425 5,300 6,750 8,450 9,250
Close 6,400 8,000 9,100 9,600 9,925
Close* 6,400 8,000 9,100 9,600 9,925

PER (X) 18.61 18.31 18.86 17.13 17.71


PER Industry (X) 16.00 6.61 6.58 17.01 18.74
PBV (X) 4.63 4.69 4.32 3.87 4.00
* Adjusted price after corporate action

28 RESEARCH AND DEVELOPMENT DIVISION


BBCA Bank Central Asia Tbk.
Financial Data and Ratios Book End : December
Public Accountant : Siddharta & Widjaja (Member of KPMG International)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash on Hand 8,865,151 9,639,057 10,355,620 11,054,208 16,284,142 500,000

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


69,562,763 21,159,270 22,166,868 47,310,371 89,463,509 400,000
Marketable Securities
Loans 119,595,661 150,016,746 198,440,354 252,760,457 306,679,132
300,000
Investment 1,952 38,501 171,728 104,246 182,544
Fixed Assets 2,971,269 3,406,957 4,144,659 6,406,625 7,440,017
200,000
Other Assets 3,325,651 3,682,901 4,185,031 6,265,653 6,564,382
Total Assets 282,392,294 324,419,069 381,908,353 442,994,197 496,304,573 100,000
Growth (%) 14.88% 17.72% 15.99% 12.03%
-
Deposits 247,628,653 277,530,635 326,894,554 372,837,307 413,036,948 2009 2010 2011 2012 2013
Taxes Payable 269,334 493,337 432,101 216,614 276,017
Fund Borrowings 730,333 448,721 449,188 128,018 500,952
Other Liabilities 2,375,459 2,812,014 3,483,582 5,620,847 5,768,437 TOTAL EQUITY (Bill. Rp)
Total Liabilities 254,535,601 290,311,225 339,881,013 390,067,244 432,337,895 63,967
Growth (%) 14.06% 17.07% 14.77% 10.84% 63,967

51,898

Authorized Capital 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000


50,917

42,027
Paid up Capital 1,540,938 1,540,938 1,540,938 1,540,938 1,540,938 34,108
37,868

Paid up Capital (Shares) 24,655 24,655 24,655 24,655 24,655 27,857


Par Value 63 63 63 63 63 24,819

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


Total Equity 27,856,693 34,107,844 42,027,340 51,897,942 63,966,678 11,770

Growth (%) 22.44% 23.22% 23.49% 23.25%


-1,279

2009 2010 2011 2012 2013


INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
Total Interest Income 22,931,153 20,660,602 24,566,852 28,885,290 34,277,149
Growth (%) -9.90% 18.91% 17.58% 18.67%
TOTAL INTEREST INCOME (Bill. Rp)

Interest Expenses 8,031,428 7,723,774 7,730,157 7,647,167 7,852,009 34,277

4,348,342 7,359,500 7,213,378 6,375,833 470,940


34,277

Other Operating Revenue 28,885


Other Operating Expenses 8,471,235 9,571,893 10,913,969 12,859,718 14,631,462 24,567
22,931
27,285

Income from Operations 8,518,883 10,400,190 13,296,775 14,255,568 17,078,667 20,661


Growth (%) 22.08% 27.85% 7.21% 19.80% 20,292

Non-Operating Revenues 426,209 253,079 321,983 430,478 736,939


13,300

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


Provision for Income Tax 2,137,850 2,173,996 2,800,960 2,967,586 3,559,367
6,307

Profit for the period 6,807,242 8,479,273 10,817,798 11,718,460 14,256,239 -686

Growth (%) 24.56% 27.58% 8.33% 21.66% 2009 2010 2011 2012 2013

Period Attributable 6,807,242 8,479,273 10,819,309 11,721,717 14,253,831


Comprehensive Income 6,807,242 8,789,687 10,770,209 11,898,523 13,004,312 PROFIT FOR THE PERIOD (Bill. Rp)
Comprehensive Attributable - 8,789,687 10,771,720 11,901,780 13,001,904
14,256
14,256

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 11,718


10,818
Dividend (Rp) 110.00 112.50 157.00 114.50 45.00 11,348

EPS (Rp) 276.10 343.92 438.83 475.43 578.13 8,479

1,129.86 1,383.40 1,704.62 2,104.97 2,594.47 6,807


8,440

BV (Rp)
DAR (X) 0.90 0.89 0.89 0.88 0.87 5,531

DER(X) 9.14 8.51 8.09 7.52 6.76


ROA (%) 2.41 2.61 2.83 2.65 2.87 2,623

ROE (%) 24.44 24.86 25.74 22.58 22.29


OPM (%) 37.15 50.34 54.12 49.35 49.83
-285

2009 2010 2011 2012 2013


NPM (%) 29.69 41.04 44.03 40.57 41.59
Payout Ratio (%) 39.84 32.71 35.78 24.08 7.78
Yield (%) 2.27 1.76 1.96 1.26 0.47

RESEARCH AND DEVELOPMENT DIVISION 29


COMPANY REPORT

BBNI
BANK NEGARA INDONESIA
(PERSERO) TBK.

Company Profile

PTBankNegaraIndonesia(Persero)Tbk.wasoriginallyestablishedinIndonesiaasacentral
bank under the name Bank Negara Indonesia dated July 5th, 1946. Subsequently, BNI
became Bank Negara Indonesia 1946 and changed its status to a stateowned
commercialbank.

BNIsscopeofactivityistoBNIsscopeofactivityistoengageingeneralbankingservices.

As of December 31st, 2013, BNI had 168 domestic branches, 912 domestic subbranches,
and592otheroutlet.Inaddition,BNIsnetworkalsoincluded4overseasbrancheslocated
inSingapore,HongKong,TokyoandLondonand1agencyinNewYork.

BNI has direct ownership in the following subsidiaries: PT BNI Life Insurance, PT BNI
Multifinance, PT BNI Securities, BNI Remittance Ltd. and PT Bank BNI Syariah. All of the
subsidiaries of BNI are domiciled in Jakarta, except for BNI Remittance Ltd. which is
domiciledinHongKong.

As of December 31st, 2013, BNI had 22,477 permanent employees and 3,623 non
permanentemployees.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

30 RESEARCH AND DEVELOPMENT DIVISION


BBNI Bank Negara Indonesia (Persero) Tbk.
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 20.970
Industry Sector : Finance (8) Listed Shares : 18,462,169,893
Industry Sub Sector : Bank (81) Market Capitalization : 80,495,060,733,480
12 | 80.5T | 1.85% | 48.16%

10 | 25.4T | 2.31% | 36.41%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 05-Jul-1946 1. Negara Republik Indonesia 11,189,193,875 : 60.00%
Listing Date : 25-Nov-1996 2. Public (<5%) 7,272,976,018 : 40.00%
Under Writer IPO :
PT Bahana Securities DIVIDEND ANNOUNCEMENT
PT BNI Securities Bonus Cash Recording Payment
F/I
PT Danareksa Sekuritas Year Shares Dividend Cum Date Ex Date Date Date
PT Pentasena Arthasentosa 1996 13.00 06-May-97 07-May-97 16-May-97 14-Jun-97 F
Securities Administration Bureau : 1997 14.00 30-Jun-98 01-Jul-98 10-Jul-98 08-Aug-98 F
PT Datindo Entrycom 2001 4.41 09-Oct-02 10-Oct-02 14-Oct-02 28-Oct-02 F
Wisma Sudirman - Puri Datindo 2002 6.30 23-Oct-03 24-Oct-03 28-Oct-03 05-Nov-03 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2003 23.71 01-Jul-04 02-Jul-04 07-Jul-04 21-Jul-04 F
Phone : (021) 570-9009 2005 118.07 23-Jun-05 24-Jun-05 28-Jun-05 07-Jul-05
Fax : (021) 570-9026 2005 53.26 15-Jun-06 16-Jun-06 20-Jun-06 04-Jul-06 F
2006 72.50 19-Jun-07 20-Jun-07 22-Jun-07 02-Jul-07 F
BOARD OF COMMISSIONERS 2007 29.40 17-Jun-08 18-Jun-08 20-Jun-08 04-Jul-08 F
1. Peter Benyamin Stock *) 2008 8.00 18-Jun-09 19-Jun-09 23-Jun-09 07-Jul-09 F
2. A. Pandu Djajanto 2009 9.44 25-Nov-09 26-Nov-09 01-Dec-09 11-Dec-09 I
3. Achil Ridwan Djayadiningrat *) 2009 47.48 08-Jun-10 09-Jun-10 11-Jun-10 25-Jun-10 F
4. B.S. Kusmuljono *) 2010 65.98 10-Jun-11 13-Jun-11 15-Jun-11 30-Jun-11 F
5. Daniel Theodore Sparringa 2011 62.48 10-May-12 11-May-12 15-May-12 30-May-12 F
6. Fero Poerbonegoro *) 2012 113.35 26-Apr-13 29-Apr-13 01-May-13 16-May-13 F
7. Kiagus Ahmad Badaruddin 2013 145.71 28-Apr-14 29-Apr-14 02-May-14 19-May-14 F
8. Tirta Hidayat
*) Independent Commissioners ISSUED HISTORY
Listing Trading
BOARD OF DIRECTORS No. Type of Listing Shares Date Date
1. Gatot Mudhiantoro Suwondo 1. Negara RI (Seri A) 1 25-Nov-96 -
2. Adi Setianto 2. First Issue 1,085,032,000 25-Nov-96 25-Nov-96
3. Ahdi Jumhari Luddin 3. Company Listing 3,255,095,999 25-Nov-96 28-Jun-97
4. Darmadi Sutanto 4. Partial Delisting -43,401,280 02-Jul-99 02-Jul-99
5. Felia Salim 5. Right Issue 151,904,480,000 05-Jul-99 05-Jul-99
6. Honggo Widjoyo Kangmasto 6. Additional Listing 41,375,391,255 20-Apr-01 20-Apr-01
7. Krishna R. Suparto 7. Partial Delisting -343,540,085 12-Dec-01 12-Dec-01
8. Sutanto 8. Reverse Split -184,084,187,364 23-Dec-03 23-Dec-03
9. Sutirta Budiman 9. Right Issue 1,974,563,625 13-Aug-07 13-Aug-07
10. Suwoko Singoastro 10. Partial Delisting -2,233,046 31-Aug-07 31-Aug-07
11. Yap Tjay Soen 11. Right Issue 3,340,968,788 29-Dec-10 29-Dec-10

AUDIT COMMITTEE
1. Achil Ridwan Djayadiningrat
2. Bambang Hendrajatin
3. Darminto

CORPORATE SECRETARY
Tribuana Tunggadewi

HEAD OFFICE
Gedung BNI 24th Fl.
Jln. Jend. Sudirman Kav. 1
Jakarta - 10220
Phone : (021) 251-1946
Fax : (021) 251-1214, 1961, 1075, 572-8805, 8053, 8295

Homepage : www.bni.co.id
Email : tribuana.tunggadewi@bni.co.id

RESEARCH AND DEVELOPMENT DIVISION 31


BBNI Bank Negara Indonesia (Persero) Tbk.
TRADING ACTIVITIES
Closing Price* and Trading Volume
Bank Negara Indonesia (Persero) Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
5,600 3,200 Jan-10 2,025 1,890 1,930 10,453 230,206 453,565 20
Feb-10 1,960 1,730 1,910 12,968 288,634 536,732 19
4,900 2,800 Mar-10 2,350 1,850 2,275 16,181 777,770 1,631,702 22
Apr-10 2,600 2,225 2,600 10,596 657,589 1,574,987 21
May-10 2,575 2,200 2,500 11,196 549,945 1,317,421 19
4,200 2,400
Jun-10 2,525 2,300 2,350 7,563 331,047 798,275 22
Jul-10 3,100 2,275 3,025 13,283 549,744 1,513,592 22
3,500 2,000
Aug-10 3,475 2,875 3,475 13,428 1,183,682 3,617,166 20
Sep-10 4,000 3,350 3,675 20,103 597,806 2,183,192 17
2,800 1,600 Oct-10 4,150 3,625 3,900 18,266 347,336 1,342,999 21
Nov-10 4,100 3,625 4,050 14,479 465,575 1,784,933 21
2,100 1,200 Dec-10 5,100 3,600 3,875 35,752 4,036,939 14,493,792 20

1,400 800 Jan-11 3,925 3,075 3,225 28,789 1,025,789 3,525,260 21


Feb-11 3,575 3,150 3,550 15,096 458,732 1,557,467 18
700 400 Mar-11 4,000 3,550 3,975 22,145 678,079 2,531,016 23
Apr-11 4,175 3,850 4,050 20,942 550,731 2,197,504 20
May-11 4,100 3,750 3,875 18,988 514,867 2,001,771 21
Jun-11 3,900 3,550 3,875 20,760 472,644 1,783,047 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 4,500 3,775 4,450 21,591 700,897 2,850,203 21
Aug-11 4,600 3,700 4,125 26,054 792,573 3,298,381 19
Sep-11 4,250 2,975 3,725 34,141 652,860 2,428,834 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 4,125 3,125 4,025 35,268 851,192 3,126,593 21
Finance Index Nov-11 4,050 3,550 3,800 25,267 593,385 2,292,416 22
January 2010 - January 2014 Dec-11 4,025 3,675 3,800 20,690 576,138 2,232,935 21
210%
Jan-12 3,950 3,600 3,625 33,481 1,088,649 4,024,984 21
180% Feb-12 3,775 3,325 3,775 49,190 1,450,572 5,117,308 21
Mar-12 4,000 3,625 4,000 22,662 523,737 2,006,312 21
150% Apr-12 4,225 3,825 4,025 17,676 488,524 1,941,702 20
May-12 4,050 3,575 3,700 15,982 420,781 1,619,666 21
129.4%
120% Jun-12 3,850 3,500 3,825 12,717 317,367 1,188,374 21
Jul-12 3,975 3,725 3,975 13,102 357,854 1,381,432 22
Aug-12 4,000 3,625 3,725 16,897 480,873 1,833,994 19
90% 87.8%
Sep-12 3,975 3,725 3,925 16,128 490,626 1,896,606 20
71.6% Oct-12 3,950 3,775 3,850 14,881 500,990 1,933,721 22
60%
Nov-12 3,850 3,525 3,700 20,135 446,149 1,632,538 20
Dec-12 3,800 3,525 3,700 16,684 497,250 1,805,016 18
30%

Jan-13 3,925 3,650 3,925 21,824 618,278 2,347,177 21


- Feb-13 4,625 3,950 4,600 24,739 733,921 3,138,250 20
Mar-13 5,100 4,475 5,050 30,569 659,186 3,126,953 19
-30% Apr-13 5,450 4,850 5,400 30,309 640,452 3,265,931 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 5,600 4,875 4,875 33,765 679,580 3,560,565 22
Jun-13 4,900 3,975 4,300 46,190 901,397 4,012,428 19
Jul-13 4,425 3,775 4,275 34,934 583,563 2,426,709 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 4,375 3,375 3,850 29,977 612,307 2,370,950 17
Volume (Million Sh.) 10,016 7,868 7,063 7,390 479 Sep-13 5,000 3,400 4,075 37,673 629,913 2,594,062 21
Value (Billion Rp) 31,248 29,825 26,382 32,587 1,966 Oct-13 4,875 4,100 4,800 28,491 415,673 1,893,006 21
Frequency (Thou. X) 184 290 250 384 56 Nov-13 4,825 4,050 4,100 34,672 463,162 2,040,459 20
Days 244 247 246 244 20 Dec-13 4,275 3,700 3,950 30,571 452,169 1,810,642 19

Price (Rupiah) Jan-14 4,420 3,660 4,360 55,797 479,251 1,966,311 20


High 5,100 4,600 4,225 5,600 4,420
Low 1,730 2,975 3,325 3,375 3,660
Close 3,875 3,800 3,700 3,950 4,360
Close* 3,875 3,800 3,700 3,950 4,360

PER (X) 17.62 11.83 9.58 8.45 9.33


PER Industry (X) 16.00 6.61 6.58 17.01 18.74
PBV (X) 2.18 1.87 1.59 1.61 1.78
* Adjusted price after corporate action

32 RESEARCH AND DEVELOPMENT DIVISION


BBNI Bank Negara Indonesia (Persero) Tbk.
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash on Hand 4,903,316 5,480,703 6,197,731 7,969,378 10,089,927 387,500

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


19,197,927 13,181,480 7,627,768 9,800,970 11,965,698 310,000
Marketable Securities
Loans 113,922,685 129,399,567 163,533,423 193,834,670 243,757,807
232,500
Investment 51,267 24,398 24,335 24,026 39,507
Fixed Assets 3,707,940 3,838,079 4,052,708 4,591,588 5,513,569
155,000
Other Assets 2,898,406 4,162,883 4,655,153 3,312,032 3,156,891
Total Assets 227,496,967 248,580,529 299,058,161 333,303,506 386,654,815 77,500
Growth (%) 9.27% 20.31% 11.45% 16.01%
-
Deposits 192,288,136 197,700,436 238,314,269 260,906,084 295,075,178 2009 2010 2011 2012 2013
Taxes Payable 94,036 182,128 145,021 171,716 323,957
Fund Borrowings 5,569,805 5,623,480 8,725,796 8,749,762 -
Other Liabilities 5,133,675 6,403,952 6,750,931 4,158,421 5,707,851 TOTAL EQUITY (Bill. Rp)
Total Liabilities 208,322,445 215,431,004 261,215,137 289,778,215 338,971,310 47,684
Growth (%) 3.41% 21.25% 10.93% 16.98% 43,525
37,843
Authorized Capital 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 33,120
37,956

Paid up Capital 7,789,288 9,054,807 9,054,807 9,054,807 9,054,807


28,229

Paid up Capital (Shares) 15,274 18,649 18,649 18,649 18,649


19,144
Par Value 7,500 & 7,500 & 375 7,500 & 7,500 & 375 7,500 & 7,500 & 375 7,500 & 7,500 & 375 7,500 & 7,500 & 375
18,501

Retained Earnings 4,662,449 9,990,436 14,422,051 20,070,536 27,011,835


Total Equity 19,143,582 33,119,626 37,843,024 43,525,291 47,683,505 8,774

Growth (%) 73.01% 14.26% 15.02% 9.55%


-954

2009 2010 2011 2012 2013


INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
Total Interest Income 19,446,766 18,837,397 20,691,796 22,704,515 26,450,708
Growth (%) -3.13% 9.84% 9.73% 16.50%
TOTAL INTEREST INCOME (Bill. Rp)

Interest Expenses 8,313,998 7,116,680 7,495,982 7,245,524 7,392,427 26,451


26,451

Other Operating Revenue 4,295,385 7,061,053 7,601,475 8,445,813 9,440,904 22,705


20,692
Other Operating Expenses 7,991,230 9,643,357 11,134,002 12,739,104 14,572,688 21,055
19,447 18,837
Income from Operations 3,386,114 5,509,018 7,242,583 8,641,023 11,218,803
Growth (%) 62.69% 31.47% 19.31% 29.83% 15,659

Non-Operating Revenues 57,835 -23,558 218,725 258,539 59,362


10,263

Income Before Tax 3,443,949 5,485,460 7,461,308 8,899,562 11,278,165


4,867

Provision for Income Tax 957,230 1,382,262 1,653,090 1,851,200 2,220,224


Profit for the period 2,486,719 4,103,198 5,808,218 7,048,362 9,057,941 -529

Growth (%) 65.00% 41.55% 21.35% 28.51% 2009 2010 2011 2012 2013

Period Attributable 2,486,719 4,101,706 5,825,904 7,046,145 9,054,345


Comprehensive Income 2,483,995 4,673,461 5,991,144 7,202,604 6,243,854 PROFIT FOR THE PERIOD (Bill. Rp)
Comprehensive Attributable - 4,673,494 6,007,817 7,200,391 6,240,258
9,058
9,058

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 7,048


Dividend (Rp) 56.92 65.98 62.48 113.35 145.71 7,210

5,808
EPS (Rp) 162.81 219.95 312.40 377.84 485.52
5,362

BV (Rp) 1,253.35 1,775.98 2,029.26 2,333.96 2,556.94 4,103


DAR (X) 0.92 0.87 0.87 0.87 0.88 3,514

2,487
DER(X) 10.88 6.50 6.90 6.66 7.11
ROA (%) 1.09 1.65 1.94 2.11 2.34 1,667

ROE (%) 12.99 12.39 15.35 16.19 19.00


OPM (%) 17.41 29.25 35.00 38.06 42.41
-181

2009 2010 2011 2012 2013


NPM (%) 12.79 21.78 28.07 31.04 34.24
Payout Ratio (%) 34.96 30.00 20.00 30.00 30.01
Yield (%) 2.87 1.70 1.64 3.06 3.69

RESEARCH AND DEVELOPMENT DIVISION 33


COMPANY REPORT

BBRI
BANK RAKYAT INDONESIA (PERSERO) TBK.

Company Profile

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

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

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

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

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

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

34 RESEARCH AND DEVELOPMENT DIVISION


BBRI Bank Rakyat Indonesia (Persero) Tbk.
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 1,902.857
Industry Sector : Finance (8) Listed Shares : 24,422,470,380
Industry Sub Sector : Bank (81) Market Capitalization : 203,317,065,913,500
6 | 203.3T | 4.68% | 33.32%

2 | 58.8T | 5.33% | 11.09%

COMPANY HISTORY
COMPANY HISTORY SHAREHOLDERS (January 2014)
Established Date : 16-Dec-1895 1. Negara Republik Indonesia 14,000,000,000 : 56.75%
Listing Date : 10-Nov-2003 2. Public (<5%) 10,422,470,380 : 43.25%
Under Writer IPO :
PT Bahana Securuties DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Datindo Entrycom Year Shares Dividend Cum Date Ex Date Date Date
Wisma Sudirman - Puri Datindo 2003 84.19 06-Jul-04 07-Jul-04 09-Jul-04 23-Jul-04 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2005 152.88 16-Jun-05 17-Jun-05 21-Jun-05 05-Jul-05
Phone : (021) 570-9009 2005 156.18 21-Jun-06 22-Jun-06 26-Jun-06 10-Jul-06 F
Fax : (021) 570-9026 2006 173.04 13-Jun-07 14-Jun-07 18-Jun-07 02-Jul-07 F
2007 196.34 18-Jun-08 19-Jun-08 23-Jun-08 07-Jul-08 F
BOARD OF COMMISSIONERS 2008 168.82 16-Jun-09 17-Jun-09 19-Jun-09 03-Jul-09 F
1. Bunasor Sanim *) 2009 132.08 28-Jun-10 29-Jun-10 01-Jul-10 15-Jul-10 F
2. Adhyaksa Dault *) 2010 45.93 17-Dec-10 20-Dec-10 22-Dec-10 30-Dec-10 I
3. Ahmad Fuad *) 2010 70.04 27-May-11 30-May-11 01-Jun-11 15-Jun-11 F
4. Aviliani *) 2011 122.28 26-Apr-12 27-Apr-12 01-May-12 15-May-12 F
5. Hermanto Siregar 2012 225.23 26-Mar-13 27-Mar-13 01-Apr-13 15-Apr-13 F
6. Heru Lelono 2013 257.33 28-Apr-14 29-Apr-14 02-May-14 14-May-14 F
7. Mustafa Abubakar *)
8. Vincentius Sonny Loho ISSUED HISTORY
*) Independent Commissioners Listing Trading
No. Type of Listing Shares Date Date
BOARD OF DIRECTORS 1. First Issue 4,764,705,000 10-Nov-03 10-Nov-03
1. Sofyan Basir 2. Company Listing 6,882,352,950 T: 10-Nov-03 : 31-May-04
2. Achmad Baiquni 3. MSOP Conversion 114,572,000 T: 24-Nov-04 : 11-Nov-05
3. Agus Toni Soetirto 4. MSOP Conversion I & II 333,519,000 T: 16-Nov-05 : 18-Oct-07
4. Asmawi Syam 5. MSOP Conversion II 8,879,000 T: 25-Sep-06 : 12-Nov-09
5. Djarot Kusumayakti 6. MSOP Conversion I, II & III 59,421,500 T: 23-Nov-06 : 27-Dec-07
6. Gatot Mardiwasisto 7. MSOP Conversion II & III 36,021,500 T: 24-Nov-06 : 26-Jun-09
7. Lenny Sugihat 8. MSOP Conversion I 256,500 T: 09-Jan-07 : 26-May-08
8. Randi Anto 9. MSOP Conversion III 11,609,000 T: 25-Jun-07 : 15-Nov-10
9. Sarwono Sudarto 10. MSOP Conversion I & III 2,493,500 T: 21-Nov-07 : 08-Aug-08
10. Sulaiman Arif Arianto 11. MSOP Conversion I & II 199,500 T: 27-Mar-08 : 27-May-08
11. Suprajarto 12. MSOP Conversion III 2,227,000 T: 05-Aug-08 : 22-Dec-08
13. MSOP Conversion I 532,500 T: 28-Aug-08 : 13-Nov-08
AUDIT COMMITTEE 14. MSOP Conversion II 49,500 T: 02-Sep-08 : 14-Oct-08
1. Bunasor Sanim 15. MSOP Conversion I & II 95,500 11-Nov-08 11-Nov-08
2. Adhyaksa Dault 16. Delisting of shares Negara RI -5,698,760 07-Jan-11 07-Jan-11
3. Ahmad Fuad 17. Stock Split 12,211,235,190 11-Jan-11 11-Jan-11
4. Dedi Budiman Hakim
5. H.C. Royke Singgih HEAD OFFICE
6. Hermanto Siregar Gedung BRI I, 20th Fl.
7. Syahrir Nasution Jln. Jend. Sudirman No. 44 - 46
8. Vincentius Sonny Loho Jakarta - 10210
Phone : (021) 653-10418
CORPORATE SECRETARY Fax : (021) 653-04957
Budi Satria
Homepage : www.bri.co.id
Email : ir@bri.co.id

RESEARCH AND DEVELOPMENT DIVISION 35


BBRI Bank Rakyat Indonesia (Persero) Tbk.
TRADING ACTIVITIES
Closing Price* and Trading Volume
Bank Rakyat Indonesia (Persero) Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
10,000 160 Jan-10 8,300 7,500 7,650 18,811 340,767 2,662,527 20
Feb-10 7,700 6,950 7,150 20,338 348,268 2,560,878 19
8,750 140 Mar-10 8,450 7,100 8,250 27,637 615,677 4,736,692 22
Apr-10 9,050 7,950 8,950 24,877 530,633 4,529,233 21
May-10 9,100 7,600 8,600 21,790 469,303 3,908,927 19
7,500 120
Jun-10 9,750 8,300 9,300 12,801 321,511 2,873,248 22
Jul-10 10,150 9,000 9,900 13,978 337,411 3,259,346 22
6,250 100
Aug-10 9,850 8,800 9,300 26,105 447,646 4,199,651 21
Sep-10 10,800 9,350 10,000 23,114 371,217 3,697,678 17
5,000 80 Oct-10 11,900 9,850 11,400 26,113 325,997 3,506,412 21
Nov-10 12,800 10,500 10,500 25,045 359,466 4,199,435 21
3,750 60 Dec-10 11,700 9,800 10,500 37,298 451,843 4,792,357 20

2,500 40 Jan-11 10,750 4,550 4,850 61,584 1,216,289 7,347,324 21


Feb-11 5,000 4,525 4,700 40,858 826,733 3,940,203 18
1,250 20 Mar-11 5,800 4,725 5,750 49,894 902,204 4,679,484 23
Apr-11 6,650 5,650 6,450 40,870 822,859 5,088,510 20
May-11 6,600 6,000 6,350 51,052 872,410 5,479,711 21
Jun-11 6,550 6,100 6,500 32,120 568,618 3,613,773 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 6,950 6,500 6,900 39,796 846,164 5,683,819 21
Aug-11 7,250 6,000 6,550 65,988 1,085,504 7,162,598 19
Sep-11 7,000 5,000 5,850 83,219 1,302,285 7,936,656 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 6,900 5,150 6,750 78,267 1,026,080 6,364,672 21
Finance Index Nov-11 7,050 6,350 6,500 47,974 743,521 4,986,130 22
January 2010 - January 2014 Dec-11 7,050 6,350 6,750 33,776 482,459 3,228,750 21
175%
Jan-12 7,200 6,750 6,850 34,105 648,419 4,500,394 21
150% Feb-12 7,250 6,550 6,900 43,956 881,221 6,030,387 21
Mar-12 7,050 6,400 6,950 62,379 955,267 6,378,821 21
125% Apr-12 7,150 6,450 6,650 35,173 698,250 4,789,501 20
113.5% May-12 6,700 5,600 5,650 68,285 1,252,556 7,711,374 21
100% Jun-12 6,350 5,150 6,350 50,200 914,692 5,396,595 21
Jul-12 7,050 6,250 7,000 44,178 824,887 5,468,998 22
87.8%
Aug-12 7,550 6,650 6,950 31,723 669,590 4,725,231 19
75%
71.6% Sep-12 7,500 6,900 7,450 33,450 576,211 4,172,024 20
Oct-12 7,850 7,300 7,400 33,323 627,187 4,743,720 22
50%
Nov-12 7,350 7,000 7,050 43,834 731,065 5,243,316 20
Dec-12 7,250 6,800 6,950 33,266 505,350 3,540,891 18
25%

Jan-13 8,000 7,000 7,950 49,574 820,165 6,223,729 21


- Feb-13 9,450 7,900 9,450 38,683 620,764 5,227,378 20
Mar-13 9,450 8,500 8,750 47,866 684,003 5,985,374 19
-25% Apr-13 9,400 8,250 9,400 45,151 778,102 6,767,136 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 9,950 8,900 8,900 50,832 689,578 6,403,815 22
Jun-13 8,850 7,050 7,750 92,127 1,301,703 10,051,448 19
Jul-13 8,350 7,150 8,250 61,555 762,741 5,927,722 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 8,450 6,250 6,600 75,898 1,110,192 7,784,877 17
Volume (Million Sh.) 4,920 10,695 9,285 9,932 935 Sep-13 8,650 6,200 7,250 80,681 1,165,249 8,756,072 21
Value (Billion Rp) 44,926 65,512 62,701 78,393 7,534 Oct-13 8,500 7,250 7,900 60,781 735,834 5,882,615 21
Frequency (Thou. X) 278 625 514 730 87 Nov-13 8,050 7,200 7,450 66,249 674,880 5,169,069 20
Days 245 247 246 244 20 Dec-13 7,750 6,750 7,250 60,169 589,234 4,213,752 19

Price (Rupiah) Jan-14 8,850 7,000 8,325 87,119 934,659 7,534,215 20


High 12,800 10,750 7,850 9,950 8,850
Low 6,950 4,525 5,150 6,200 7,000
Close 10,500 6,750 6,950 7,250 8,325
Close* 5,250 6,750 6,950 7,250 8,325

PER (X) 11.29 10.89 9.18 8.69 9.97


PER Industry (X) 16.00 6.61 6.58 17.01 18.74
PBV (X) 3.53 3.34 2.64 2.43 2.78
* Adjusted price after corporate action

36 RESEARCH AND DEVELOPMENT DIVISION


BBRI Bank Rakyat Indonesia (Persero) Tbk.
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash on Hand 8,139,304 9,975,712 10,525,973 13,895,464 19,171,778 637,500

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


24,478,132 22,514,663 33,917,516 41,136,880 42,673,665 510,000
Marketable Securities
Loans 194,242,503 232,972,784 269,454,726 336,081,042 419,144,730
382,500
Investment 111,461 133,888 164,689 196,742 222,851
Fixed Assets 1,366,212 1,568,945 1,852,818 2,804,366 3,972,612
255,000
Other Assets 5,235,421 4,880,779 5,293,505 5,961,840 7,004,037
Total Assets 316,947,029 404,285,602 469,899,284 551,336,790 626,182,926 127,500
Growth (%) 27.56% 16.23% 17.33% 13.58%
-
Deposits 260,378,168 338,812,712 388,288,508 452,945,001 507,972,602 2009 2010 2011 2012 2013
Taxes Payable 343,492 1,930,923 1,105,997 895,695 1,266,018
Fund Borrowings 13,611,399 8,454,545 13,097,916 10,888,755 9,084,913
Other Liabilities 7,068,716 9,766,026 9,520,061 9,758,418 3,242,346 TOTAL EQUITY (Bill. Rp)
Total Liabilities 289,689,648 367,612,492 420,078,955 486,455,011 546,855,504 79,327
Growth (%) 26.90% 14.27% 15.80% 12.42% 79,327

64,882

Authorized Capital 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000


63,145

49,820
Paid up Capital 6,164,926 6,167,291 6,167,291 6,167,291 6,167,291
46,962

Paid up Capital (Shares) 12,330 12,335 24,669 24,669 24,669 36,673

Par Value 500 500 250 250 250 30,779


27,257

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


Total Equity 27,257,381 36,673,110 49,820,329 64,881,779 79,327,422 14,596

Growth (%) 34.54% 35.85% 30.23% 22.26%


-1,587

2009 2010 2011 2012 2013


INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
Total Interest Income 35,334,131 44,615,162 48,164,348 49,610,421 59,461,084
Growth (%) 26.27% 7.96% 3.00% 19.86%
TOTAL INTEREST INCOME (Bill. Rp)

Interest Expenses 12,284,636 11,726,559 13,737,272 13,126,655 15,354,813 59,461

3,269,594 5,544,533 5,775,975 8,389,732 8,348,459


59,461

Other Operating Revenue 49,610


48,164
Other Operating Expenses 11,959,515 16,113,692 17,085,627 19,491,032 22,380,778 47,331
44,615
Income from Operations 8,560,659 14,402,001 17,584,230 22,682,538 26,127,577 35,334
Growth (%) 68.23% 22.10% 28.99% 15.19% 35,201

Non-Operating Revenues 1,330,569 506,229 1,171,650 1,177,034 1,782,489


23,071

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


Provision for Income Tax 2,582,936 3,435,845 3,667,884 5,172,192 6,555,736
10,941

Profit for the period 7,308,292 11,472,385 15,087,996 18,687,380 21,354,330 -1,189

Growth (%) 56.98% 31.52% 23.86% 14.27% 2009 2010 2011 2012 2013

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


Comprehensive Income 7,308,292 11,558,751 15,296,501 18,681,350 19,916,654 PROFIT FOR THE PERIOD (Bill. Rp)
Comprehensive Attributable - 11,558,751 15,288,295 18,652,098 19,913,198
21,354
18,687
21,354

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13


Dividend (Rp) 132.08 115.97 122.28 225.23 257.33 16,998
15,088

EPS (Rp) 592.73 930.10 611.41 757.26 865.22 11,472


2,210.68 2,973.19 2,019.54 2,630.08 3,215.65
12,642

BV (Rp)
DAR (X) 0.91 0.91 0.89 0.88 0.87 8,285
7,308
DER(X) 10.63 10.02 8.43 7.50 6.89
ROA (%) 2.31 2.84 3.21 3.39 3.41 3,929

ROE (%) 26.81 31.28 30.28 28.80 26.92


OPM (%) 24.23 32.28 36.51 45.72 43.94
-427

2009 2010 2011 2012 2013


NPM (%) 20.68 25.71 31.33 37.67 35.91
Payout Ratio (%) 22.28 12.47 20.00 29.74 29.74
Yield (%) 1.73 1.10 1.81 3.24 3.55

RESEARCH AND DEVELOPMENT DIVISION 37


COMPANY REPORT

BDMN
BANK DANAMON INDONESIA TBK.

Company Profile

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

As of 31 December 2013, The Banks operated 79 conventional main branches, 1,458
conventional subbranches and Danamon Simpan Pinjam, and 160 Sharia branches and
subbranches.

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

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

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

As of December 31st, 2013,the Bank andSubsidiarieshad46,976 permanent employees,
20,753nonpermanentemployees,and756outsourceemployees.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

38 RESEARCH AND DEVELOPMENT DIVISION


BDMN Bank Danamon Indonesia Tbk.
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 2.451
Industry Sector : Finance (8) Listed Shares : 9,488,796,931
Industry Sub Sector : Bank (81) Market Capitalization : 41,181,378,680,540
19 | 41.2T | 0.95% | 57.68%

48 | 6.32T | 0.57% | 73.89%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 16-Jul-1956 1. Asia Financial (Indonesia) Pte. Ltd. 6,457,558,472 : 67.37%
Listing Date : 06-Dec-1989 2. JPMCB-Franklin Templeton Investment Funds -2157804 613,019,888 : 6.40%
Under Writer IPO : 3. Public (<5%) 2,418,218,571 : 26.23%
PT Aseam Indonesia PT IFI
PT Mutual International Finance Corporation DIVIDEND ANNOUNCEMENT
Bank Pembangunan Indonesia Bonus Cash Recording Payment
F/I
Securities Administration Bureau : Year Shares Dividend Cum Date Ex Date Date Date
PT Raya Saham Registra 1990 50.00 18-Sep-90 19-Sep-90 26-Sep-90 26-Oct-90 I
Plaza Central Building 2nd Fl. 1990 150.00 06-Jun-91 07-Jun-91 14-Jun-91 26-Jul-91 F
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1991 150.00 27-May-92 29-May-92 06-Jun-92 13-Jul-92 F
Phone : (021) 252-5666 1992 150.00 01-Jul-93 02-Jul-93 09-Jul-93 09-Aug-93 F
Fax : (021) 252-5028 1993 27-Sep-93 28-Sep-93 05-Oct-93 26-Oct-93
1993 50.00 10-Jun-94 11-Jun-94 20-Jun-94 20-Jul-94 F
BOARD OF COMMISSIONERS 1994 60.00 05-Jul-95 06-Jul-95 14-Jul-95 14-Aug-95 F
1. Ng Kee Choe 1996 08-Jan-96 09-Jan-96 17-Jan-96 15-Feb-96
2. Benedictus Raksaka Mahi 1995 100.00 13-May-96 14-May-96 23-May-96 20-Jun-96 F
3. Ernest Wong Yuen Weng 1996 55.00 15-May-97 16-May-97 27-May-97 25-Jun-97 F
4. Gan Chee Yen 2001 5.85 10-Dec-01 11-Dec-01 19-Dec-01 28-Dec-01 I
5. Harry Arief Soepardi Sukadis *) 2002 19.00 16-Dec-02 17-Dec-02 19-Dec-02 27-Dec-02 I
6. Johanes Berchmans Kristiadi Pudjosukanto *) 2002 20.97 27-Jun-03 30-Jun-03 02-Jul-03 09-Jul-03 F
7. Manggi Taruna Habir *) 2003 85.00 18-Mar-04 19-Mar-04 24-Mar-04 08-Apr-04 I
8. Milan Robert Shuster *) 2003 39.50 05-May-04 06-May-04 10-May-04 14-May-04 F
*) Independent Commissioners 2004 178.73 08-Dec-04 09-Dec-04 13-Dec-04 22-Dec-04 I
2005 66.65 17-Jun-05 20-Jun-05 22-Jun-05 30-Jun-05
BOARD OF DIRECTORS 2005 203.45 15-Jun-06 16-Jun-06 20-Jun-06 04-Jul-06 F
1. Henry Ho Hon Cheong 2006 132.87 14-May-07 15-May-07 21-May-07 05-Jun-07 I
2. Ali Rukmijah (Ali Yong) 2007 208.90 16-May-08 17-May-08 22-May-08 05-Jun-08 F
3. Fransiska Oei Lan Siem 2008 90.82 18-Jun-09 19-Jun-09 23-Jun-09 07-Jul-09 F
4. Herry Hykmanto 2009 90.97 21-May-10 24-May-10 26-May-10 10-Jun-10 F
5. Kanchan Keshav Nijasure 2010 119.87 21-Apr-11 25-Apr-11 27-Apr-11 10-May-11 F
6. Khoe Minhari Handikusuma 2011 104.43 19-Apr-12 20-Apr-12 24-Apr-12 08-May-12 F
7. Michellina Laksmi Triwardhanny 2012 125.58 30-May-13 31-May-13 04-Jun-13 19-Jun-13 F
8. Muliadi Rahardja
9. Pradip Chhadva ISSUED HISTORY
10. Satinder Pal Singh Ahluwalia Listing Trading
11. Vera Eve Lim No. Type of Listing Shares Date Date
1. First Issue 12,000,000 06-Dec-89 06-Dec-89
AUDIT COMMITTEE 2. Partial Listing 22,400,000 T: 02-Aug-91 : 09-Aug-91
1. Milan Robert Shuster 3. Bonus Shares 146,400,000 T: 15-Nov-93 : 16-Feb-96
2. Amir Abadi Jusuf 4. Right Issue 220,255,901,301 T: 19-Jan-94 : 28-Sep-11
3. Felix Oentoeng Soebagjo 5. Company Listing 155,200,000 20-May-96 20-May-96
4. Johanes Brachmans Kristiadi Pudjosukanto 6. Stock Split 1,120,000,000 23-Jun-97 23-Jun-97
7. Partial Delisting -7,325,068,100 T: 11-Jun-99 : 17-Jul-01
CORPORATE SECRETARY 8. Add Listing (Bank PDFCI) 44,921,250,000 04-Jan-00 04-Jan-00
Dini Herdini 9. Add Listing (Merger) 230,663,750,000 04-Jul-00 04-Jul-00
10. Reverse Stocks -480,682,079,120 T: 17-Jul-01 : 22-Jan-03
HEAD OFFICE 11. Option Conversion 34,886,500 T: 07-Jul-05 : 14-Dec-06
Menara Bank Danamon 5th Fl. 12. ESOP Conversion I & II 46,979,955 T: 20-Dec-06 : 15-Sep-08
Jln. Prof. DR. Satrio Kav. E4/6 13. ESOP Conversion II 4,813,000 T: 21-Dec-06 : 05-Jul-10
Jakarta - 12950 14. ESOP Conversion I 25,528,645 T: 11-Jan-07 : 30-Jun-09
Phone : (021) 579-91001, 579-91002, 57991003 15. ESOP Conversion I, II & III 24,953,800 T: 04-Jul-07 : 05-Aug-08
Fax : (021) 579-91056, 579-91160, 579-91161 16. ESOP Conversion I & III 10,709,800 T: 08-Aug-07 : 08-Oct-09
Homepage : www.danamon.co.id 17. ESOP Conversion III 12,474,900 T: 09-Aug-07 : 05-Jul-11
Email : corpsec@danamon.co.id 18. ESOP Conversion II & III 27,974,450 T: 10-Aug-07 : 30-Jun-10
dini.herdini@danamon.co.id 19. ESOP Conversion I ,II & III 10,721,800 T: 25-May-09 : 02-Nov-09

RESEARCH AND DEVELOPMENT DIVISION 39


BDMN Bank Danamon Indonesia Tbk.
TRADING ACTIVITIES
Closing Price* and Trading Volume
Bank Danamon Indonesia Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
6,800 160 Jan-10 5,500 4,500 4,850 11,971 210,289 1,035,947 20
Feb-10 5,250 4,275 4,975 8,549 156,246 748,943 19
5,950 140 Mar-10 5,600 4,925 5,200 9,823 155,844 813,485 22
Apr-10 5,850 5,050 5,800 8,012 156,137 852,641 21
May-10 5,850 4,600 5,150 13,915 192,135 978,883 19
5,100 120
Jun-10 5,550 4,850 5,400 10,532 145,832 759,263 22
Jul-10 5,800 5,100 5,350 10,029 134,178 733,677 22
4,250 100
Aug-10 5,500 5,050 5,350 8,182 124,817 661,449 21
Sep-10 6,150 5,200 5,800 9,655 162,947 921,656 17
3,400 80 Oct-10 7,100 5,750 6,700 8,444 112,560 699,504 21
Nov-10 7,100 6,050 6,500 6,408 93,494 624,814 21
2,550 60 Dec-10 6,900 5,550 5,700 15,537 155,712 942,856 20

1,700 40 Jan-11 6,300 5,000 5,950 26,593 426,366 2,432,269 21


Feb-11 6,700 5,800 6,400 11,329 251,224 1,566,612 18
850 20 Mar-11 6,750 6,250 6,550 11,838 153,811 989,453 23
Apr-11 6,600 6,100 6,200 15,185 228,125 1,433,474 20
May-11 6,300 5,800 6,200 12,109 135,057 818,527 21
Jun-11 6,200 5,800 6,000 9,351 94,198 564,195 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 6,150 5,300 5,450 15,084 209,474 1,191,173 21
Aug-11 5,650 4,650 5,200 14,471 129,948 680,526 19
Sep-11 5,650 4,325 4,600 18,712 223,155 1,085,833 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 5,200 3,975 4,975 16,137 130,305 609,407 21
Finance Index Nov-11 5,100 4,275 4,400 10,146 63,837 300,069 22
January 2010 - January 2014 Dec-11 4,500 4,075 4,100 9,886 82,644 371,371 21
150%
Jan-12 4,950 4,050 4,525 14,610 149,484 682,866 21
125% Feb-12 4,875 4,150 4,475 14,160 105,397 481,623 21
Mar-12 4,675 4,250 4,600 11,739 92,658 415,994 21
100% Apr-12 6,900 5,100 5,600 15,866 335,437 2,105,800 19
87.8% May-12 6,050 5,050 5,300 11,053 159,441 908,753 21
75% Jun-12 6,100 4,900 6,000 9,743 184,143 1,061,616 21
71.6%
Jul-12 6,400 5,800 6,050 9,046 153,355 938,026 22
Aug-12 6,150 5,900 6,000 5,951 55,552 333,483 19
50%
Sep-12 6,250 5,900 6,250 5,758 73,236 444,509 20
Oct-12 6,300 5,950 6,100 5,284 75,858 465,425 22
25%
Nov-12 6,250 5,400 5,400 6,851 85,402 514,273 20
Dec-12 5,800 5,450 5,650 7,807 65,572 361,207 18
-
-3.4%
Jan-13 6,150 5,550 6,100 7,571 56,779 335,688 21
-25% Feb-13 6,300 5,850 6,300 7,890 62,369 376,393 20
Mar-13 6,550 5,950 6,450 12,926 137,157 851,929 19
-50% Apr-13 6,500 6,150 6,450 10,178 101,041 633,995 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 6,550 5,600 5,750 16,442 172,983 1,037,448 22
Jun-13 5,900 5,350 5,850 19,510 119,021 667,544 19
Jul-13 5,850 4,950 5,200 14,402 71,313 390,928 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 4,750 3,725 4,050 16,042 127,817 556,372 17
Volume (Million Sh.) 1,800 2,128 1,536 1,358 117 Sep-13 4,225 3,825 3,975 19,112 172,943 711,519 21
Value (Billion Rp) 9,773 12,043 8,714 6,931 480 Oct-13 4,325 3,950 4,300 9,737 138,723 582,844 21
Frequency (Thou. X) 121 171 118 157 26 Nov-13 4,350 3,725 3,800 14,127 85,921 339,954 20
Days 245 247 245 244 20 Dec-13 3,950 3,550 3,775 9,151 111,517 446,812 19

Price (Rupiah) Jan-14 4,650 3,590 4,340 25,586 116,578 480,337 20


High 7,100 6,750 6,900 6,550 4,650
Low 4,275 3,975 4,050 3,550 3,590
Close 5,700 4,100 5,650 3,775 4,340
Close* 5,535 4,100 5,650 3,775 4,340

PER (X) 16.64 11.65 13.27 9.03 10.38


PER Industry (X) 16.00 6.61 6.58 17.01 18.74
PBV (X) 2.60 1.52 1.88 1.19 1.36
* Adjusted price after corporate action

40 RESEARCH AND DEVELOPMENT DIVISION


BDMN Bank Danamon Indonesia Tbk.
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash on Hand 2,117,368 1,985,338 1,895,058 2,456,567 2,943,909 187,500

Placements with Other Banks 4,189,435 9,257,137 13,231,882 6,360,607 7,399,600


4,431,548 5,323,969 4,819,809 7,306,823 7,727,116 150,000
Marketable Securities
Loans 58,367,570 73,268,325 85,462,799 90,828,149 103,468,254
112,500
Investment 64,419 6,150,515 12,175 12,175 1,509,036
Fixed Assets 1,802,274 1,771,489 1,898,695 2,095,756 2,199,165
75,000
Other Assets 4,509,726 3,315,859 3,687,492 3,917,135 -
Total Assets 98,597,953 118,206,573 141,934,432 155,791,308 184,237,348 37,500
Growth (%) 19.89% 20.07% 9.76% 18.26%
-
Deposits 68,654,042 81,580,282 88,792,218 92,722,287 110,856,360 2009 2010 2011 2012 2013
Taxes Payable 192,041 183,020 225,311 303,747 234,131
Fund Borrowings 2,393,561 2,481,832 6,917,352 11,020,112 16,068,471
Other Liabilities 2,607,984 3,551,136 4,585,804 5,633,726 5,790,232 TOTAL EQUITY (Bill. Rp)
Total Liabilities 82,695,967 99,597,545 116,097,931 122,282,171 152,684,365 31,553
Growth (%) 20.44% 16.57% 5.33% 24.86% 31,553
28,733
25,837

Authorized Capital 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000


25,116

Paid up Capital 5,303,992 5,317,363 5,901,122 5,901,122 5,901,122 18,450


18,679

15,806
Paid up Capital (Shares) 8,390 8,417 9,585 9,585 9,585
Par Value 50,000 & 500 50,000 & 500 50,000 & 500 50,000 & 500 50,000 & 500 12,243

Retained Earnings 7,741,634 9,873,803 12,334,684 15,231,383 18,069,427


Total Equity 15,805,751 18,449,787 25,836,501 28,733,311 31,552,983 5,806

Growth (%) 16.73% 40.04% 11.21% 9.81%


-631

2009 2010 2011 2012 2013


INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
Total Interest Income 17,666,110 14,417,745 16,882,491 18,858,281 20,130,837
Growth (%) -18.39% 17.10% 11.70% 6.75%
TOTAL INTEREST INCOME (Bill. Rp)

Interest Expenses 7,469,309 4,509,295 6,033,390 5,936,173 6,599,794 20,131


18,858
901,103 3,583,835 4,213,121 4,648,599 5,155,638 17,666
20,131

Other Operating Revenue 16,882


Other Operating Expenses 8,611,794 9,235,221 10,279,972 11,852,315 13,568,854 16,024
14,418
Income from Operations 2,782,112 4,630,064 5,234,709 6,182,854 5,605,158
Growth (%) 66.42% 13.06% 18.11% -9.34% 11,917

Non-Operating Revenues -411,552 -628,533 -623,153 -696,175 -74,945


7,811

Income Before Tax 2,370,560 4,001,531 4,611,556 5,486,679 5,530,213


Provision for Income Tax 756,838 1,017,770 1,162,523 1,369,531 1,370,893
3,704

Profit for the period 1,613,722 2,983,761 3,449,033 4,117,148 4,159,320 -403

Growth (%) 84.90% 15.59% 19.37% 1.02% 2009 2010 2011 2012 2013

Period Attributable 1,613,722 2,883,468 3,336,266 4,011,873 4,041,684


Comprehensive Income 1,532,533 3,384,200 3,373,192 4,081,947 4,076,753 PROFIT FOR THE PERIOD (Bill. Rp)
Comprehensive Attributable - 3,284,301 3,260,335 3,978,860 3,961,471
4,117 4,159
4,159

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 3,449

90.97 119.87 104.43 125.58 - 2,984


Dividend (Rp)
3,311

EPS (Rp) 192.33 342.57 348.08 418.57 421.68


1,883.79 2,191.93 2,695.61 2,997.85 3,292.04
2,462

BV (Rp)
1,614
DAR (X) 0.84 0.84 0.82 0.78 0.83 1,614

DER(X) 5.23 5.40 4.49 4.26 4.84


ROA (%) 1.64 2.52 2.43 2.64 2.26 765

ROE (%) 10.21 16.17 13.35 14.33 13.18


OPM (%) 15.75 32.11 31.01 32.79 27.84
-83

2009 2010 2011 2012 2013


NPM (%) 9.13 20.70 20.43 21.83 20.66
Payout Ratio (%) 47.30 34.99 30.00 30.00 -
Yield (%) 2.00 2.10 2.55 2.22 -

RESEARCH AND DEVELOPMENT DIVISION 41


COMPANY REPORT

BKSL
SENTUL CITY TBK.

Company Profile

PT Sentul City Tbk. first established with the name of PT Sentragriya Kharisma dated April
16th, 1993. The Company started commercial activities since 1995.

The scope of company activities include the areas of development, sales, operations,
leasing and rehabilitation of buildings designated for office buildings, shopping centers,
recreational and other purposes, the real estate development and make good investments
of foreign companies and domestic, either through subsidiaries or joint ventures with other
parties. To achieve the aims and these objectives, the Company may conduct business
activities as follows:
- In the field of development: planning, implementation, construction along with its
facilities and general contractor (general contractor) which includes the construction
of residential areas (real estate), flat, buildings, offices, apartments/condominiums,
shopping (malls and plazas), hospitals, praying facilities, water park, home store
(shop), schools and commercial buildings in general.
- In the field of trade-related real estate and property: sales and purchases house
buildings, office buildings, buildings shopping, indoor units of apartments, office space,
retail space and others.
- In the field of services: leasing and property management services, the industrial,
office buildings, theme parks/recreation, park management and security (guard), and
related fields.

As of December 31st, 2013 the Company had 344 permanent employees.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

42 RESEARCH AND DEVELOPMENT DIVISION


BKSL Sentul City Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Development Board Individual Index : 10.711
Industry Sector : Property, Real Estate And Building Construction (6) Listed Shares : 31,396,905,010
Industry Sub Sector : Property And Real Estate (61) Market Capitalization : 4,866,520,276,550
127 | 4.87T | 0.11% | 90.70%

36 | 7.92T | 0.72% | 66.44%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 16-Apr-1993 1. PT Citra Kharisma Komunika 5,007,879,767 : 15.00%
Listing Date : 28-Jul-1997 2. PT Citra Kharisma Komunika 3,747,891,369 : 11.00%
Under Writer IPO : 3. HSBC-Singapore Branch Private 2,254,266,127 : 7.00%
PT Trimega SecurindoLestari 4. Public (<5%) 20,386,867,747 : 67.00%
Securities Administration Bureau :
PT Sirca Datapro Perdana DIVIDEND ANNOUNCEMENT
Wisma Sirca Bonus Cash Recording Payment
F/I
Jln. Johar No.18, Menteng, Jakarta 10340 Year Shares Dividend Cum Date Ex Date Date Date
Phone : (021) 314-0032, 390-5920, 390-0645 -
Fax : (021) 390-0671, 390-0652
ISSUED HISTORY
BOARD OF COMMISSIONERS Listing Trading
1. Antonius Prijohandojo Kristanto No. Type of Listing Shares Date Date
2. Basyir Ahmad Barmawi *) 1. First Issue 400,000,000 28-Jul-97 28-Jul-97
3. Edison Mawikere *) 2. Company Listing 1,030,000,000 28-Jul-97 28-Jul-97
4. Laurie Kumala 3. Right Issue 4,004,000,000 03-Aug-99 03-Aug-99
5. Reina Kumala Kwee 4. Reverse Split -4,075,500,000 01-Aug-06 01-Aug-06
6. Soemarso Slamet Rahardjo *) 5. Right Issue 8,151,000,000 10-Oct-06 10-Oct-06
7. Sumarsono 6. Additional Listing without RI 507,508,598 02-Oct-09 02-Oct-09
*) Independent Commissioners 7. Right Issue 15,025,512,897 01-Feb-10 01-Feb-10
8. Warrant 850,105 03-Aug-10 03-Aug-10
BOARD OF DIRECTORS 9. Warrant 25,000 05-Aug-10 05-Aug-10
1. Kwee Cahyadi Kumala 10. Warrant 142,500 06-Aug-10 06-Aug-10
2. Andrian Budi Utama 11. Warrant 924,801 09-Aug-10 09-Aug-10
3. Hartan Gunadi Harja 12. Warrant 2,400,886,000 10-Aug-10 10-Aug-10
4. Fransetya Hasudungan Hutabarat 13. Warrant 1,097,555,109 11-Aug-10 11-Aug-10
5. Kwee Liana Kumala 14. Additional Listing without RI 2,854,000,000 19-Aug-11 19-Aug-11
6. Motinggo Soputan
7. Redjianto Setiadi
8. Syukurman Larosa

AUDIT COMMITTEE
1. Soemarso Slamet Rahardjo
2. Mawar Inviolata Rohana Napitupulu
3. Rusdy Daryono

CORPORATE SECRETARY
Kwee Liana Kumala

HEAD OFFICE
Gedung Menara Sudirman 25th Fl
Jln. Jend. Sudirman Kav. 60
Jakarta - 12190
Phone : (021) 879-26555; 879-23959, 522-6818
Fax : (021) 879-26565, 879-23951, 522-6818

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

RESEARCH AND DEVELOPMENT DIVISION 43


BKSL Sentul City Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Sentul City Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
340 3,200 Jan-10 99 85 89 9,336 608,714 56,485 20
Feb-10 92 82 88 5,410 788,702 74,694 19
298 2,800 Mar-10 116 87 100 17,465 1,578,655 162,313 22
Apr-10 168 100 163 42,736 5,787,726 752,553 21
May-10 166 92 130 37,582 4,617,691 646,123 19
255 2,400
Jun-10 144 118 131 27,833 3,625,759 466,040 22
Jul-10 131 105 119 16,278 3,225,077 352,997 22
213 2,000
Aug-10 120 96 104 13,570 838,271 90,899 21
Sep-10 128 101 116 13,779 1,942,364 224,466 17
170 1,600
Oct-10 129 115 117 12,245 1,335,124 164,705 21
Nov-10 119 100 105 6,029 572,466 63,388 21
128 1,200 Dec-10 117 105 109 5,542 417,970 45,390 20

85 800 Jan-11 111 95 99 8,240 494,702 51,458 21


Feb-11 111 95 104 6,831 426,197 44,507 18
43 400 Mar-11 107 97 101 8,270 557,005 56,881 23
Apr-11 108 101 106 6,369 400,562 41,797 20
May-11 127 102 116 13,459 1,509,054 176,192 21
Jun-11 125 109 119 7,865 2,243,421 237,833 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 199 118 192 24,429 4,584,513 678,424 21
Aug-11 325 175 295 30,967 7,824,168 1,552,074 19
Sep-11 320 215 250 22,266 2,768,214 785,815 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 310 205 285 33,604 4,410,097 1,218,368 21
Property, Real Estate and Bulding Construction Index Nov-11 280 230 250 15,044 1,806,767 456,089 22
January 2010 - January 2014 Dec-11 275 235 265 16,613 2,708,095 695,177 21
315%
Jan-12 285 240 245 17,540 1,891,469 489,355 21
270% Feb-12 265 230 240 16,490 1,393,219 339,383 21
Mar-12 265 235 250 15,681 2,007,911 498,442 21
225% Apr-12 325 250 315 38,795 6,033,477 1,753,194 20
May-12 330 240 250 26,168 7,211,664 2,135,336 21
180% Jun-12 255 195 230 19,725 2,435,952 545,224 21
Jul-12 245 210 220 13,155 1,577,271 358,234 22
149.6% Aug-12 225 184 191 9,592 961,797 195,590 19
135%
Sep-12 220 186 210 11,901 1,333,847 274,943 20
Oct-12 210 189 193 13,511 833,154 164,110 22
90%
Nov-12 205 185 190 16,818 1,281,531 251,376 20
71.6%
55.5% Dec-12 197 184 189 12,452 1,894,857 397,763 18
45%

Jan-13 285 189 255 24,842 4,419,555 1,077,623 21


- Feb-13 305 240 295 23,002 3,984,078 1,075,830 20
Mar-13 340 280 310 39,896 6,244,766 1,924,867 19
-45% Apr-13 315 250 285 39,444 7,053,954 1,939,697 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 315 260 305 31,057 4,680,750 1,351,265 22
Jun-13 305 225 245 20,036 2,017,136 533,858 19
Jul-13 255 220 250 12,627 1,470,768 357,053 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 275 169 195 13,921 5,374,016 1,334,643 17
Volume (Million Sh.) 25,339 29,733 28,856 44,569 1,604 Sep-13 230 180 205 29,553 4,283,944 856,667 21
Value (Billion Rp) 3,100 5,995 7,403 11,393 267 Oct-13 230 191 215 20,303 1,808,211 358,312 21
Frequency (Thou. X) 208 194 212 299 25 Nov-13 210 170 173 23,564 1,610,543 297,182 20
Days 245 247 246 244 20 Dec-13 181 157 157 20,765 1,621,228 285,969 19

Price (Rupiah) Jan-14 178 149 155 25,046 1,603,996 267,186 20


High 168 325 330 340 178
Low 82 95 184 157 149
Close 109 265 189 157 155
Close* 109 265 189 157 155

PER (X) 47.51 60.95 26.85 4.92 4.86


PER Industry (X) 9.97 11.09 17.34 17.79 16.27
PBV (X) 0.76 1.81 1.23 0.70 0.69
* Adjusted price after corporate action

44 RESEARCH AND DEVELOPMENT DIVISION


BKSL Sentul City Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Tanubrata Sutanto Fahmi & Rekan (Member of BDO International Limited)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 13,804 190,979 88,820 76,911 493,413 11,250

Receivables 147,969 170,912 310,059 464,954 669,173


1,151,548 1,222,819 1,124,722 1,253,660 5,069,547 9,000
Inventories
Investment 24,595 1,558,284 1,559,624 1,787,841 37,500
6,750
Fixed Assets 34,110 28,622 45,363 126,265 1,305,493
Other Assets - - - 35,756
4,500
Total Assets 2,784,022 4,814,315 5,290,383 6,154,231 10,665,713
Growth (%) 72.93% 9.89% 16.33% 73.31% 2,250

Bank Payable - 336,714 602,856 1,515,819 -


Trade Payable 54,375 54,044 56,420 70,062 280,973 2009 2010 2011 2012 2013
Total Liabilities 500,157 690,154 695,847 1,337,823 3,785,871
Growth (%) 37.99% 0.82% 92.26% 182.99%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 4,250,000 13,500,000 13,500,000 13,500,000 13,500,000 6,880
Paid up Capital 1,981,251 3,833,841 4,119,241 4,119,241 4,119,241 6,880

Paid up Capital (Shares) 10,017 28,543 31,397 31,397 31,397


Par Value 2,000 & 400 & 100 2,000 & 400 & 100 2,000 & 400 & 100 2,000 & 400 & 100 2,000 & 400 & 100
5,476

4,816
4,595
-126,737 -71,061 64,507 285,630 915,858 4,107
Retained Earnings
4,073

Total Equity 2,282,497 4,106,829 4,594,536 4,816,408 6,879,843


Growth (%) 79.93% 11.88% 4.83% 42.84% 2,669
2,282

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 1,266

Total Revenues 162,659 443,548 457,833 622,705 961,988


Growth (%) 172.69% 3.22% 36.01% 54.49%
-138

2009 2010 2011 2012 2013

Cost of Revenues 83,616 231,005 221,458 279,001 364,924


Gross Profit 79,042 212,543 236,374 343,704 597,064
TOTAL REVENUES (Bill. Rp)
Operating Expenses 56,692 75,696 110,506 -109,963 528,245
Operating Profit 22,350 136,847 125,868 233,741 68,819 962

Growth (%) 512.28% -8.02% 85.70% -70.56%


962

766

Other Income (Expenses) -12,844 -33,386 30,986 14,604 571,311 623

Income before Tax 9,507 103,461 156,854 248,345 640,130


458
569

444
Tax 7,049 20,301 20,404 27,419 35,034
Profit for the period 2,457 83,160 136,450 220,926 605,096
373

Growth (%) 3,284.37% 64.08% 61.91% 173.89% 163


177

Period Attributable 2,457 65,489 135,568 221,123 630,229 -19

Comprehensive Income 2,457 83,214 136,512 220,980 605,151 2009 2010 2011 2012 2013
Comprehensive Attributable - 65,544 135,629 221,176 630,284

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Dividend (Rp) - - - - -
605
EPS (Rp) 0.25 2.29 4.32 7.04 20.07 605

BV (Rp) 227.86 143.88 146.34 153.40 219.12


DAR (X) 0.18 0.14 0.13 0.22 0.35 482

DER(X) 0.22 0.17 0.15 0.28 0.55


0.09 1.73 2.58 3.59 5.67
358

ROA (%)
ROE (%) 0.11 2.02 2.97 4.59 8.80 221
235

GPM (%) 48.59 47.92 51.63 55.20 62.07 136


83
OPM (%) 13.74 30.85 27.49 37.54 7.15 111

NPM (%) 1.51 18.75 29.80 35.48 62.90 2.5

Payout Ratio (%) - - - - -


-12

2009 2010 2011 2012 2013


Yield (%) - - - - -

RESEARCH AND DEVELOPMENT DIVISION 45


COMPANY REPORT

BMRI
BANK MANDIRI (PERSERO) TBK.

Company Profile

PT Bank Mandiri (Persero) Tbk. was formed on October 2, 1998 as part of the government
of Indonesias bank restructuring program. Bank Mandiri is the largest bank in Indonesia.

To support the achievement of the vision of Bank Mandiri To be Indonesias most admired
and progressive financial institution Bank Mandiri changing the structure of its
organization into Strategic Business Units (SBU). The SBU is consists of three major groups,
namely:
1. Business Units,
2. Corporate Center,
3. Shared Services.

As of December 31st, 2013 the Bank had 12 regional offices, 70 area offices, 992 branch
offices, 687 Mandiri Mitra Usaha offices, 301 cash outlets. PT Bank Mandiri (Persero) Tbk.
has several branch offices in overseas: Cayman Islands, Singapore, Hong Kong, Timor Leste
and Shanghai (RRC).

Bank Mandiri is well supported by its subsidiaries. There are, PT Bank Syariah Mandiri, PT
Usaha Gedung Mandiri, PT Bumi Daya Plaza, Bank Mandiri (Europe) Limited, PT Mandiri
Sekuritas, PT Bank Sinar Harapan Bali, PT Mandiri Tunas Finance, Mandiri International
Remittance Sendirian Berhad, PT AXA Mandiri Financial Services, and PT Mandiri AXA
General Insurance.

As of December 31st, 2013, Bank Mandiri employed 33,982 employees and operated 2,050
branches across Indonesia and 5 overseas branches.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

46 RESEARCH AND DEVELOPMENT DIVISION


BMRI Bank Mandiri (Persero) Tbk.
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 1,310.768
Industry Sector : Finance (8) Listed Shares : 23,099,999,999
Industry Sub Sector : Bank (81) Market Capitalization : 200,969,999,991,300
7 | 201.0T | 4.63% | 37.94%

4 | 50.2T | 4.55% | 20.21%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 02-Oct-1998 1. Negara Republik Indonesia 14,000,000,000 : 60.00%
Listing Date : 14-Jul-2003 2. Public (<5%) 9,099,999,999 : 40.00%
Under Writer IPO :
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
PT ABN AMRO Asia Securities Indonesia Bonus Cash Recording Payment
F/I
Securities Administration Bureau : Year Shares Dividend Cum Date Ex Date Date Date
PT Datindo Entrycom 2003 50.00 16-Dec-03 17-Dec-03 19-Dec-03 30-Dec-03 I
Wisma Sudirman - Puri Datindo 2003 115.00 11-Jun-04 14-Jun-04 16-Jun-04 30-Jun-04 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2004 60.00 16-Dec-04 17-Dec-04 21-Dec-04 30-Dec-04 I
Phone : (021) 570-9009 2005 70.50 13-Jun-05 14-Jun-05 16-Jun-05 24-Jun-05
Fax : (021) 570-9026 2005 14.85 14-Jun-06 15-Jun-06 19-Jun-06 30-Jun-06 F
2006 70.02 19-Jun-07 20-Jun-07 22-Jun-07 29-Jun-07 F
BOARD OF COMMISSIONERS 2007 186.00 19-Jun-08 20-Jun-08 24-Jun-08 03-Jul-08 F
1. Edwin Gerungan *) 2008 88.55 26-May-09 27-May-09 29-May-09 12-Jun-09 F
2. Abdul Aziz 2009 19.26 02-Dec-09 03-Dec-09 07-Dec-09 22-Dec-09 F
3. Agus Suprijanto 2010 19.64 21-Dec-10 22-Dec-10 27-Dec-10 30-Dec-10 I
4. Gunarni Soeworo *) 2010 120.60 15-Jun-11 16-Jun-11 20-Jun-11 30-Jun-11 F
5. Krisna Wijaya *) 2011 104.97 15-May-12 16-May-12 22-May-12 05-Jun-12 F
6. Pradjoto *) 2012 199.33 26-Apr-13 29-Apr-13 01-May-13 16-May-13 F
7. Wahyu Hidayat 2013 234.05 26-Mar-14 27-Mar-14 01-Apr-14 15-Apr-14 F
*) Independent Commissioners
ISSUED HISTORY
BOARD OF DIRECTORS Listing Trading
1. Budi Gunadi Sadikin No. Type of Listing Shares Date Date
2. Abdul Rachman 1. First Issue 2,900,000,000 14-Jul-03 14-Jul-03
3. Fransisca Nelwan Mok 2. Company Listing 16,900,000,000 T: 14-Jul-03 : 30-Dec-03
4. Hery Gunardi 3. MSOP Conversion 598,938,831 T: 26-Jul-04 : 09-Jan-07
5. Kresno Sediarsi 4. Partial delisting 1 % -9,955,000 06-Dec-05 06-Dec-05
6. Ogi Prastomiyono 5. MSOP Conversion I & II 32,316,636 T: 11-Dec-06 : 15-Dec-06
7. Pahala Nugraha Mansury 6. MSOP Conversion I 10,547,213 T: 21-Mar-07 : 16-Jul-08
8. Riswinandi 7. MSOP Conversion I, II & III 105,564,065 T: 10-May-07 : 02-Jun-08
9. Royke Tumilaar 8. MSOP Conversion I & III 129,311,724 T: 14-May-07 : 28-May-08
10. Sentot A. Sentausa 9. MSOP Conversion II & III 32,126,466 T: 14-Nov-07 : 19-May-10
11. Sunarso 10. MSOP Conversion III 86,224,280 T: 19-Nov-07 : 16-Dec-10
11. MSOP Conversion II & III 1,376,402 T: 17-Dec-08 : 08-May-09
AUDIT COMMITTEE 12. MSOP Conversion II 44,125 02-Jun-10 02-Jun-10
1. Gunarni Soeworo 13. Right Issue 2,313,505,257 02-Mar-11 02-Mar-11
2. Agus Suprijanto
3. Budi Sulistio
4. Krisna Wijaya
5. Wahyu Hidayat

CORPORATE SECRETARY
Nixon L.P. Napitupulu

HEAD OFFICE
Plaza Mandiri
Jln. Jend. Gatot Subroto Kav. 36 - 38
Jakarta - 12190
Phone : (021) 529-13321, 300-23166
Fax : (021) 526-3460

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

RESEARCH AND DEVELOPMENT DIVISION 47


BMRI Bank Mandiri (Persero) Tbk.
TRADING ACTIVITIES
Closing Price* and Trading Volume
Bank Mandiri (Persero) Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
12,000 2,400 Jan-10 4,950 4,500 4,675 22,719 491,391 2,332,239 20
Feb-10 4,725 4,150 4,475 20,417 535,563 2,390,152 19
10,500 2,100 Mar-10 5,650 4,400 5,350 26,160 798,081 3,951,369 22
Apr-10 5,800 4,950 5,800 28,179 1,028,306 5,408,909 21
May-10 5,850 4,700 5,350 27,917 770,414 4,037,840 19
9,000 1,800
Jun-10 6,100 5,100 6,000 22,274 581,387 3,297,928 22
Jul-10 6,300 5,600 6,000 23,214 509,689 3,041,572 22
7,500 1,500
Aug-10 6,100 5,450 5,900 22,731 441,460 2,596,339 21
Sep-10 7,250 5,800 7,200 26,623 500,635 3,241,511 17
6,000 1,200 Oct-10 7,200 6,600 7,000 27,983 539,179 3,698,200 21
Nov-10 7,250 6,350 6,400 22,119 374,801 2,610,067 21
4,500 900 Dec-10 6,900 6,100 6,500 27,959 499,676 3,283,238 20

3,000 600 Jan-11 6,900 5,350 5,950 59,751 1,408,041 8,314,520 21


Feb-11 6,250 5,350 5,800 44,183 2,993,290 16,377,961 18
1,500 300 Mar-11 6,800 5,700 6,800 53,774 1,286,491 7,886,597 23
Apr-11 7,250 6,550 7,150 36,842 775,150 5,336,328 20
May-11 7,350 6,800 7,200 31,537 804,177 5,712,250 21
Jun-11 7,250 6,700 7,200 32,742 542,273 3,787,371 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 8,150 7,150 7,850 34,821 878,996 6,697,558 21
Aug-11 8,100 6,650 6,850 55,412 949,354 6,871,060 19
Sep-11 7,300 5,100 6,300 75,984 1,284,590 8,041,492 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 7,300 5,500 7,150 63,194 1,009,050 6,473,321 21
Finance Index Nov-11 7,400 6,300 6,400 63,227 893,643 6,122,844 22
January 2010 - January 2014 Dec-11 7,000 6,200 6,750 46,300 693,425 4,597,460 21
140%
Jan-12 7,150 6,600 6,700 38,879 724,875 4,954,614 21
120% Feb-12 6,750 6,000 6,450 76,926 1,462,741 9,269,521 21
Mar-12 6,950 6,350 6,850 45,324 984,952 6,573,813 21
100% Apr-12 7,400 6,800 7,400 24,798 676,326 4,780,291 20
May-12 7,450 6,650 6,900 23,052 615,116 4,369,398 21
87.8%
80% 79.6%
Jun-12 7,350 6,550 7,200 24,789 420,561 2,956,044 21
71.6% Jul-12 8,300 6,850 8,300 30,999 586,543 4,352,468 22
Aug-12 8,600 7,350 7,800 26,979 398,429 3,208,709 19
60%
Sep-12 8,300 7,600 8,200 31,515 480,997 3,812,109 20
Oct-12 8,400 7,900 8,250 23,531 473,867 3,854,682 22
40%
Nov-12 8,900 8,150 8,250 25,336 417,060 3,548,485 20
Dec-12 8,450 7,700 8,100 38,789 660,905 5,339,337 18
20%

Jan-13 9,050 8,000 9,050 36,696 517,167 4,358,835 21


- Feb-13 10,150 8,700 10,050 33,818 567,187 5,224,978 20
Mar-13 10,050 9,450 10,000 38,478 570,412 5,577,493 19
-20% Apr-13 10,750 9,800 10,500 33,768 525,014 5,402,910 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 10,550 9,700 9,700 47,425 748,146 7,579,728 22
Jun-13 9,900 8,250 9,000 68,921 871,631 7,848,472 19
Jul-13 9,050 7,450 8,900 68,683 837,483 7,032,852 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 8,900 6,250 7,100 67,391 1,083,003 8,108,305 17
Volume (Million Sh.) 7,071 13,518 7,902 8,627 650 Sep-13 10,300 6,550 7,950 73,619 1,026,893 8,219,662 21
Value (Billion Rp) 39,889 86,219 57,019 74,504 5,509 Oct-13 8,950 8,050 8,600 59,726 755,875 6,413,599 21
Frequency (Thou. X) 298 598 411 638 76 Nov-13 8,600 7,350 7,650 67,113 754,337 5,883,592 20
Days 245 247 246 244 20 Dec-13 8,000 7,300 7,850 41,923 370,112 2,853,587 19

Price (Rupiah) Jan-14 9,525 7,600 8,700 76,373 650,120 5,508,866 20


High 7,250 8,150 8,900 10,750 9,525
Low 4,150 5,100 6,000 6,250 7,600
Close 6,500 6,750 8,100 7,850 8,700
Close* 6,392 6,750 8,100 7,850 8,700

PER (X) 14.81 12.62 11.63 10.73 11.89


PER Industry (X) 16.00 6.61 6.58 17.01 18.74
PBV (X) 3.29 2.51 2.47 2.19 2.42
* Adjusted price after corporate action

48 RESEARCH AND DEVELOPMENT DIVISION


BMRI Bank Mandiri (Persero) Tbk.
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash on Hand 8,867,881 9,521,713 11,357,523 15,286,190 19,051,934 737,500

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


18,153,392 27,247,529 12,002,918 10,769,775 26,802,548 590,000
Marketable Securities
Loans 184,690,704 232,545,259 298,988,258 370,570,356 450,634,798
442,500
Investment 186,848 7,218,361 38,785 11,366,225 616,821
Fixed Assets 4,963,306 5,527,000 6,589,594 7,002,690 7,645,598
295,000
Other Assets 3,812,265 5,384,797 7,249,901 7,339,965 8,908,732
Total Assets 394,616,604 449,774,551 551,891,704 635,618,708 733,099,762 147,500
Growth (%) 13.98% 22.70% 15.17% 15.34%
-
Deposits 330,336,908 369,842,016 397,046,488 456,854,700 521,439,569 2009 2010 2011 2012 2013
Taxes Payable 1,855,829 1,408,798 761,737 2,662,421 2,126,864
Fund Borrowings 3,944,356 5,634,838 11,703,498 11,608,832 15,997,188
Other Liabilities 9,132,586 10,338,954 15,378,187 13,002,765 14,166,214 TOTAL EQUITY (Bill. Rp)
Total Liabilities 359,318,341 407,704,515 489,237,296 559,085,843 644,309,166 88,791
Growth (%) 13.47% 20.00% 14.28% 15.24% 88,791

76,533

Authorized Capital 16,000,000 16,000,000 16,000,000 16,000,000 16,000,000


70,677

62,654

Paid up Capital 10,485,058 10,498,247 11,666,667 11,666,667 11,666,667


52,564

Paid up Capital (Shares) 20,970 20,996 23,333 23,333 23,333 41,543


35,109
Par Value 500 500 500 500 500 34,451

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


Total Equity 35,108,769 41,542,808 62,654,408 76,532,865 88,790,596 16,337

Growth (%) 18.33% 50.82% 22.15% 16.02%


-1,776

2009 2010 2011 2012 2013


INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
Total Interest Income 32,598,964 33,931,650 37,730,019 42,550,442 50,208,842
Growth (%) 4.09% 11.19% 12.78% 18.00%
TOTAL INTEREST INCOME (Bill. Rp)

Interest Expenses 15,821,849 14,413,041 15,954,037 15,019,850 17,432,216 50,209


50,209

Other Operating Revenue 5,484,363 8,432,817 11,768,351 11,897,822 14,686,637 42,550


Other Operating Expenses 10,009,867 12,074,973 16,312,021 18,913,028 21,500,987 39,966
37,730
32,599 33,932
Income from Operations 10,434,478 13,742,020 16,348,933 19,625,447 23,551,711
Growth (%) 31.70% 18.97% 20.04% 20.01% 29,724

Non-Operating Revenues 389,596 230,142 163,102 878,821 510,126


19,481

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


9,238

Provision for Income Tax 3,625,586 4,602,936 3,816,150 4,460,650 5,231,903


Profit for the period 7,198,488 9,369,226 12,695,885 16,043,618 18,829,934 -1,004

Growth (%) 30.16% 35.51% 26.37% 17.37% 2009 2010 2011 2012 2013

Period Attributable 7,198,488 9,218,298 12,246,044 15,504,067 18,203,753


Comprehensive Income 7,155,464 9,474,023 12,479,456 16,256,581 17,996,086 PROFIT FOR THE PERIOD (Bill. Rp)
Comprehensive Attributable - 9,323,095 12,029,615 15,717,030 17,369,905
18,830
18,830

16,044
RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
Dividend (Rp) 19.26 140.24 104.97 199.33 234.05 14,989

12,696
EPS (Rp) 343.27 439.04 524.83 664.46 780.16
11,147

9,369
BV (Rp) 1,674.23 1,978.56 2,685.19 3,279.98 3,805.31
7,198
DAR (X) 0.91 0.91 0.89 0.88 0.88 7,306

DER(X) 10.23 9.81 7.81 7.31 7.26


ROA (%) 1.82 2.08 2.30 2.52 2.57 3,465

ROE (%) 20.50 22.55 20.26 20.96 21.21


OPM (%) 32.01 40.50 43.33 46.12 46.91
-377

2009 2010 2011 2012 2013


NPM (%) 22.08 27.61 33.65 37.70 37.50
Payout Ratio (%) 5.61 31.94 20.00 30.00 30.00
Yield (%) 0.41 2.16 1.56 2.46 2.98

RESEARCH AND DEVELOPMENT DIVISION 49


COMPANY REPORT

BMTR
GLOBAL MEDIACOM TBK.

Company Profile

PT Global Mediacom Tbk. was established in Jakarta at June 30th, 1981, and at March 27th,
2007 the name of PT Bimantara Citra Tbk. was changed to PT Global Mediacom Tbk. The
Company started commercial operations in 1982.

In accordance with article 3 of the Companys Articles of Association, the scope of its
activities is in the fields of industry, mining, transportation, agriculture,
telecommunications, real estate, architecture, construction (developer), printing, services
and trade, media and investment. Currently, the Company is engaged in investment sector
and the parent company of several subsidiaries.

On December 31st, 2013, the Company and its subsidiaries (Group) had total employees
of 9,614.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

50 RESEARCH AND DEVELOPMENT DIVISION


BMTR Global Mediacom Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 1,505.742
Industry Sector : Trade, Services & Investment (9) Listed Shares : 14,052,702,050
Industry Sub Sector : Investment Company (98) Market Capitalization : 25,997,498,792,500
32 | 26.0T | 0.60% | 67.09%

20 | 14.0T | 1.26% | 52.52%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 30-Jun-1981 1. DB Ag HK S/A PT Bhakti Investama Tbk. Hy-2059974012 3,276,739,030 : 23.32%
Listing Date : 17-Jul-1995 2. PT MNC Investama Tbk. 2,774,323,970 : 19.74%
Under Writer IPO : 3. Public (<5%) 8,001,639,050 : 56.94%
PT Makindo
Securities Administration Bureau : DIVIDEND ANNOUNCEMENT
PT Sirca Datapro Perdana Bonus Cash Recording Payment
F/I
Wisma Sirca Year Shares Dividend Cum Date Ex Date Date Date
Jln. Johar No.18, Menteng, Jakarta 10340 1995 15.00 19-Jun-96 20-Jun-96 28-Jun-96 26-Jul-96 F
Phone : (021) 314-0032, 390-5920, 390-0645 1996 20.00 05-May-97 06-May-97 15-May-97 03-Jun-97 F
Fax : (021) 390-0671, 390-0652 1997 4.50 22-Jun-98 23-Jun-98 01-Jul-98 24-Jul-98 F
2000 15.00 28-May-01 29-May-01 01-Jun-01 18-Jun-01 F
BOARD OF COMMISSIONERS 2001 20.00 18-Jun-02 19-Jun-02 24-Jun-02 08-Jul-02 F
1. Rosano Barack 2002 26.00 05-Jun-03 06-Jun-03 10-Jun-03 24-Jun-03 F
2. Bambang Rudijanto Tanoesoedibyo 2003 25.00 11-Jun-04 14-Jun-04 16-Jun-04 30-Jun-04 F
3. Chang Long Jong 2005 1:1 07-Jul-06 10-Jul-06 12-Jul-06 26-Jul-06 S
4. Kardinal Alamsyah Karim *) 2006 4.00 11-Jul-07 12-Jul-07 16-Jul-07 30-Jul-07 F
5. Lei Zhang 2007 14.56 28-Nov-07 29-Nov-07 03-Dec-07 17-Dec-07 I
6. Mohamed Idwan Ganie *) 2008 3.50 06-Nov-09 09-Nov-09 25-Nov-09 25-Nov-09 F
*) Independent Commissioners 2009 5.00 03-Dec-10 06-Dec-10 09-Dec-10 23-Dec-10 F
2010 10.00 06-Dec-11 07-Dec-11 09-Dec-11 23-Dec-11 F
BOARD OF DIRECTORS 2012 24.00 10-Sep-13 11-Sep-13 13-Sep-13 27-Sep-13 F
1. Hary Tanoesoedibjo
2. David Fernando Audy ISSUED HISTORY
3. Handhianto Suryo Kentjono Listing Trading
4. Indra Pudjiastuti Prastomiyono No. Type of Listing Shares Date Date
5. Muhamad Budi Rustanto 1. First Issue 200,000,000 T: 17-Jul-95 : 10-Jun-10
6. Oerianto Guyandi 2. Company Listing 760,000,000 T: 17-Jul-95 : 11-Jun-10
3. Convertible Bond 57,000,000 T: 17-Jul-95 : 20-Feb-96
AUDIT COMMITTEE 4. Option Conversion 1,088,576 T: 30-Apr-02 : 03-Jun-02
1. Kardinal Alamsyah Karim 5. ESOP Conversion 84,293,938 T: 20-Jun-02 : 19-Sep-11
2. Hery Kusnanto 6. Right Issue 266,978,118 28-Jul-04 28-Jul-04
3. Mohamed Idwan Ganie 7. Bonus Shares 1,299,013,678 26-Jul-06 26-Jul-06
8. Stock Split 10,417,945,240 24-Apr-07 24-Apr-07
CORPORATE SECRETARY 9. Additional Listing without RI 685,168,000 06-Jul-07 06-Jul-07
Arya Mahendra Sinulingga 10. ESOP Conversion I 43,722,000 T: 17-Mar-11 : 07-Jun-11
11. ESOP Conversion I & II 34,647,500 T: 23-Sep-11 : 12-Mar-12
HEAD OFFICE 12. ESOP Conversion I, II & III 106,578,500 T: 16-Mar-12 : 18-Oct-12
MNC Tower 27th - 29th Fl. 13. ESOP Conversion II & III 5,838,500 28-Sep-12 28-Sep-12
Jln. Kebon Sirih 17 - 19 14. ESOP Conversion II, III, IV & V 62,991,500 29-May-13 29-May-13
Jakarta 15. Revision ESOP Conversion II, III, IV & V 8,000 21-Jun-13 21-Jun-13
Phone : (021) 390-9211 16. ESOP Conversion III, IV & V 21,741,500 27-Nov-13 27-Nov-13
Fax : (021) 390-9207, 230-5281, 392-7859

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

RESEARCH AND DEVELOPMENT DIVISION 51


BMTR Global Mediacom Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Global Mediacom Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
2,800 1,600 Jan-10 280 205 250 15,982 928,510 223,415 20
Feb-10 355 225 300 17,452 1,040,610 309,072 19
2,450 1,400 Mar-10 455 265 395 32,188 2,121,127 797,248 22
Apr-10 495 375 410 29,648 1,705,522 729,950 21
May-10 440 295 365 12,280 699,873 273,264 19
2,100 1,200
Jun-10 395 325 330 5,801 219,043 80,701 22
Jul-10 355 295 310 8,392 308,707 99,618 22
1,750 1,000
Aug-10 345 300 315 3,406 173,000 53,931 21
Sep-10 430 305 385 7,265 293,483 111,779 17
1,400 800
Oct-10 540 375 495 17,319 673,415 318,239 21
Nov-10 530 480 480 6,463 230,289 116,162 21
1,050 600 Dec-10 670 460 650 13,305 977,788 592,362 20

700 400 Jan-11 770 560 720 13,084 636,476 415,505 21


Feb-11 900 710 890 8,926 823,568 634,291 18
350 200 Mar-11 900 750 840 13,280 497,457 404,603 23
Apr-11 870 700 750 9,483 368,590 284,932 20
May-11 840 710 840 16,802 1,570,436 1,181,554 21
Jun-11 870 750 840 8,093 1,653,609 1,256,582 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 890 810 870 9,106 289,997 247,567 21
Aug-11 890 700 770 6,066 299,919 232,788 19
Sep-11 890 740 820 8,965 211,406 168,273 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 850 750 800 4,553 77,013 61,201 21
Trade, Sevices and Investment Index Nov-11 1,070 790 980 17,702 976,165 808,327 22
January 2010 - January 2014 Dec-11 1,140 960 990 14,476 397,335 410,227 21
1,260%
Jan-12 1,120 980 1,110 13,633 207,458 214,242 21
1,080% Feb-12 1,270 1,100 1,260 15,338 231,702 279,612 21
Mar-12 1,660 1,260 1,600 20,226 1,014,874 1,369,969 21
900% Apr-12 1,720 1,570 1,660 19,440 617,944 1,010,682 20
May-12 1,790 1,240 1,360 26,969 1,268,031 2,101,421 21
781.0%
720% Jun-12 1,560 1,220 1,520 42,500 633,907 901,986 21
Jul-12 1,750 1,470 1,750 43,064 1,358,234 2,123,331 22
Aug-12 1,820 1,710 1,750 27,220 347,523 614,668 19
540%
Sep-12 2,075 1,750 2,050 40,318 651,200 1,225,051 20
Oct-12 2,375 2,050 2,275 49,594 1,949,320 4,263,509 22
360%
Nov-12 2,450 2,100 2,400 36,243 825,913 1,868,399 20
Dec-12 2,625 2,300 2,400 23,246 512,440 1,265,081 18
180% 180.6%

71.6% Jan-13 2,575 2,150 2,175 46,238 522,750 1,240,680 21


- Feb-13 2,350 2,050 2,300 55,245 480,534 1,079,567 20
Mar-13 2,550 2,275 2,325 34,193 627,244 1,518,188 19
-180% Apr-13 2,400 2,050 2,175 38,596 460,369 1,017,507 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 2,800 2,075 2,600 51,309 1,054,035 2,583,137 22
Jun-13 2,600 1,860 2,150 46,999 857,900 1,830,708 19
Jul-13 2,550 1,860 2,300 40,269 1,050,215 2,260,063 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 2,375 1,370 1,750 46,422 758,529 1,315,192 17
Volume (Million Sh.) 9,371 7,802 9,619 7,927 196 Sep-13 2,125 1,620 1,930 36,501 600,980 1,138,921 21
Value (Billion Rp) 3,706 6,106 17,238 17,013 364 Oct-13 2,200 1,810 1,910 31,060 882,237 1,828,517 21
Frequency (Thou. X) 170 131 358 484 29 Nov-13 1,970 1,740 1,950 32,673 392,610 740,219 20
Days 245 247 246 244 20 Dec-13 2,000 1,810 1,900 24,458 240,075 460,216 19

Price (Rupiah) Jan-14 1,950 1,780 1,850 29,385 195,531 364,107 20


High 670 1,140 2,625 2,800 1,950
Low 205 560 980 1,370 1,780
Close 650 990 2,400 1,900 1,850
Close* 650 990 2,400 1,900 1,850

PER (X) 15.46 70.40 16.21 31.68 30.84


PER Industry (X) 21.27 16.89 19.08 15.43 17.12
PBV (X) 1.21 1.63 2.34 1.86 1.81
* Adjusted price after corporate action

52 RESEARCH AND DEVELOPMENT DIVISION


BMTR Global Mediacom Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Osman Bing Satrio & Eny (Member of Deloitte Touche Tohmatsu Limited)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,276,332 1,141,628 1,165,245 952,529 1,529,588 21,250

Receivables 2,076,270 2,453,904 2,407,692 3,113,957 3,630,541


1,131,998 1,106,101 1,134,041 1,636,122 1,803,445 17,000
Inventories
Current Assets 5,985,526 5,937,277 6,085,670 10,781,083 9,748,947
12,750
Fixed Assets 1,769,444 2,793,271 2,668,000 3,734,879 4,906,183
Other Assets 475,394 551,502 534,326 605,330 824,763
8,500
Total Assets 13,481,189 12,959,942 13,129,083 19,995,526 21,069,471
Growth (%) -3.87% 1.31% 52.30% 5.37% 4,250

Current Liabilities 1,952,037 3,197,581 3,223,411 2,481,608 3,681,058 -


Long Term Liabilities 2,293,188 1,547,624 1,518,217 3,218,162 4,035,376 2009 2010 2011 2012 Dec-13
Total Liabilities 4,245,225 4,745,205 4,741,628 5,699,770 7,716,434
Growth (%) 11.78% -0.08% 20.21% 35.38%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 14,296
Paid up Capital 1,376,290 1,377,021 1,379,116 1,396,796 1,405,270 14,374 13,353

Paid up Capital (Shares) 13,763 13,770 13,791 13,968 14,053


Par Value 100 100 100 100 100
11,441

Retained Earnings 3,402,240 3,912,989 4,109,251 5,670,496 5,956,634 8,387


8,509

7,051 7,382
Total Equity 7,050,623 7,381,739 8,387,455 14,295,756 13,353,037
Growth (%) 4.70% 13.62% 70.44% -6.59% 5,577

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 2,645

Total Revenues 5,034,905 6,326,514 1,573,888 8,925,419 10,019,977


Growth (%) 25.65% -75.12% 467.09% 12.26%
-287

2009 2010 2011 2012 Dec-13

Cost of Revenues 4,325,000 4,846,631 1,143,270 4,753,060 5,486,919


Gross Profit 709,905 1,479,883 430,618 4,172,359 4,533,058
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 4,325,000 4,846,631 1,143,270 1,610,968 3,021,595
Operating Profit 709,905 1,479,883 430,618 - - 10,020

108.46% -70.90% 8,925


Growth (%) 8,925

Other Income (Expenses) -119,449 -284,191 -54,156 - - 7,105


6,327
Income before Tax 590,884 1,195,599 376,462 2,561,391 1,511,463 5,035
5,284

Tax 259,422 345,087 94,283 567,902 481,817


Profit for the period 331,462 850,512 1,163,770 1,993,489 1,029,646 3,463

Growth (%) 156.59% 36.83% 71.30% -48.35% 1,574


1,642

Period Attributable 157,208 578,865 779,363 1,299,085 620,395 -179

Comprehensive Income 438,463 786,373 1,190,493 2,068,219 1,101,619 2009 2010 2011 2012 Dec-13
Comprehensive Attributable 270,340 533,904 796,711 1,369,492 692,368

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 306.63 185.68 188.80 434.44 264.84
1,993
Dividend (Rp) 5.00 10.00 - 24.00 - 1,993

EPS (Rp) 11.42 42.04 56.51 93.00 44.15


BV (Rp) 512.29 536.07 608.18 1,023.47 950.21 1,587

DAR (X) 0.31 0.37 0.36 0.29 0.37 1,164


1,180
1,030
DER(X) 0.60 0.64 0.57 0.40 0.58 851
ROA (%) 2.46 6.56 8.86 9.97 4.89 773

ROE (%) 4.70 11.52 13.88 13.94 7.71


331
GPM (%) 14.10 23.39 27.36 46.75 45.24 367

OPM (%) 14.10 23.39 27.36 - -


NPM (%) 6.58 13.44 73.94 22.33 10.28
-40

2009 2010 2011 2012 Dec-13


Payout Ratio (%) 43.77 23.79 - 25.81 -
Yield (%) 2.38 1.54 - 1.00 -

RESEARCH AND DEVELOPMENT DIVISION 53


C
COOM
MPPA
ANNY
Y R
REEP
POOR
RTT

BSDE
BUMI SERPONG DAMAI TBK.

Company Profile

PTBumiSerpongDamaiTbk.whichisalsopartofSinarMasLand,wasestablishedin1984
andstartedcommercialoperationsin1989.

The Companys purpose and objective is to engage in real estate development activities.
The Company has been developing a new city, which is a planned and integrated
residential area, with amenities/infrastructure, environmental facilities and parks, called
theBSDCity.

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

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

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

54 RESEARCH AND DEVELOPMENT DIVISION


BSDE Bumi Serpong Damai Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 282.074
Industry Sector : Property, Real Estate And Building Construction (6) Listed Shares : 17,496,996,592
Industry Sub Sector : Property And Real Estate (61) Market Capitalization : 25,195,675,092,480
33 | 25.2T | 0.58% | 67.67%

18 | 16.3T | 1.48% | 49.96%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 16-Jan-1984 1. PT Paraga Arta Mida 4,422,720,330 : 25.00%
Listing Date : 06-Jun-2008 2. PT Ekacentra Usahamaju 4,404,400,500 : 25.00%
Under Writer IPO : 3. Public (<5%) 8,669,875,762 : 50.00%
PT CLSA Indonesia
PT Nusadana Capital Indonesia DIVIDEND ANNOUNCEMENT
PT Sinarmas Sekuritas Bonus Cash Recording Payment
F/I
Securities Administration Bureau : Year Shares Dividend Cum Date Ex Date Date Date
PT Sinartama Gunita 2008 4.00 01-Jul-09 02-Jul-09 06-Jul-09 22-Jul-09 F
Plaza BII Menara 1, 9th Fl. 2009 6.00 01-Jul-10 02-Jul-10 06-Jul-10 20-Jul-10 F
Jln. M.H. Thamrin No. 51 Jakarta 10350 2010 6.00 05-Jul-11 06-Jul-11 08-Jul-11 22-Jul-11 F
Phone : (021) 392-2332 2012 15.00 21-Jun-13 24-Jun-13 26-Jun-13 10-Jul-13 F
Fax : (021) 392-3003
ISSUED HISTORY
BOARD OF COMMISSIONERS Listing Trading
1. Muktar Widjaja No. Type of Listing Shares Date Date
2. Benny Setiawan Santoso 1. First Issue 1,093,562,000 06-Jun-08 06-Jun-08
3. Edwin Hidayat Abdullah *) 2. Company Listing 9,842,060,870 06-Jun-08 01-Feb-09
4. Franky Oesman Widjaja 3. Right Issue I 6,561,373,722 21-Dec-10 21-Dec-10
5. Susiyati Bambang Hirawan *)
6. Teddy Pawitra *)
7. Teky Mailoa
8. Welly Setiawan Prawoko
*) Independent Commissioners

BOARD OF DIRECTORS
1. Fransciscus Xaverius Ridwan Darmali
2. Hermawan Wijaya
3. Hongky Jeffry Nantung
4. Liauw Herry Hendarta
5. Lie Jani Harjanto
6. Michael Jackson Purwanto Widjaja
7. Monik William (Non-affiliated)
8. Petrus Kusuma
9. Syukur Lawigena

AUDIT COMMITTEE
1. Susiyati Bambang Hirawan
2. Edwin Hidayat Abdullah
3. Herawan Hadidjaja

CORPORATE SECRETARY
Hermawan Wijaya

HEAD OFFICE
Sinar Mas Land Plaza
Grand Boulevard, BSD Green Office Park
Tangerang - 15345
Phone : (021) 503-68368
Fax : (021) 537-3008

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

RESEARCH AND DEVELOPMENT DIVISION 55


BSDE Bumi Serpong Damai Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Bumi Serpong Damai Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
2,400 2,400 Jan-10 890 820 840 11,989 424,505 364,169 20
Feb-10 940 600 610 14,413 2,235,099 1,424,313 19
2,100 2,100 Mar-10 640 580 610 10,217 905,354 561,893 22
Apr-10 890 600 840 33,927 1,887,323 1,412,792 21
May-10 850 550 690 14,135 634,216 444,924 19
1,800 1,800
Jun-10 790 600 720 9,415 498,352 356,669 22
Jul-10 820 690 810 10,754 484,418 372,317 22
1,500 1,500
Aug-10 880 780 820 7,110 277,928 229,581 21
Sep-10 990 790 960 7,229 261,087 232,622 17
1,200 1,200
Oct-10 1,160 770 840 18,785 542,241 514,289 21
Nov-10 990 800 990 12,636 437,080 393,657 21
900 900 Dec-10 1,000 850 900 16,955 624,861 570,535 20

600 600 Jan-11 940 700 720 15,703 509,989 405,075 21


Feb-11 750 630 670 10,313 326,149 219,786 18
300 300 Mar-11 840 670 840 10,660 348,553 263,526 23
Apr-11 960 810 920 8,170 278,955 247,648 20
May-11 940 860 910 8,076 268,681 243,513 21
Jun-11 920 810 900 5,026 171,264 149,631 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 1,060 850 1,020 9,762 517,923 497,968 21
Aug-11 1,080 810 1,040 11,015 391,705 385,835 19
Sep-11 1,050 730 870 12,876 384,121 340,537 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 950 760 920 12,037 339,536 301,160 21
Property, Real Estate and Bulding Construction Index Nov-11 980 820 850 9,220 290,994 261,508 22
January 2010 - January 2014 Dec-11 1,010 840 980 9,577 449,764 424,577 21
315%
Jan-12 1,070 940 1,050 7,492 502,946 511,007 21
270% Feb-12 1,250 1,060 1,150 11,872 802,356 934,604 21
Mar-12 1,330 1,120 1,290 13,823 513,779 633,843 21
225% Apr-12 1,470 1,290 1,430 29,809 1,020,344 1,421,238 20
May-12 1,490 1,160 1,200 27,368 1,081,486 1,423,915 21
180% Jun-12 1,290 1,080 1,180 16,140 566,611 678,381 21
Jul-12 1,250 1,070 1,150 28,070 1,147,808 1,338,777 22
149.6% Aug-12 1,160 930 1,000 17,225 653,709 691,237 19
135%
Sep-12 1,130 930 1,130 21,262 699,555 727,882 20
Oct-12 1,310 1,020 1,240 25,587 1,192,184 1,397,115 22
90%
78.3% Nov-12 1,290 1,180 1,210 11,502 584,368 723,218 20
71.6%
Dec-12 1,270 1,080 1,110 12,996 528,628 627,165 18
45%

Jan-13 1,450 1,090 1,400 26,871 1,122,431 1,405,038 21


- Feb-13 1,600 1,320 1,600 18,943 766,112 1,103,713 20
Mar-13 1,790 1,530 1,750 23,894 948,716 1,580,124 19
-45% Apr-13 1,760 1,590 1,730 26,272 941,130 1,588,336 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 2,200 1,730 2,200 59,301 1,979,407 3,721,967 22
Jun-13 2,125 1,660 1,800 64,726 1,530,160 2,863,844 19
Jul-13 1,850 1,370 1,580 50,647 1,333,112 2,061,537 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 1,670 1,180 1,310 29,602 615,728 878,562 17
Volume (Million Sh.) 9,212 4,278 9,294 11,028 489 Sep-13 1,850 1,200 1,440 36,856 637,213 913,406 21
Value (Billion Rp) 6,878 3,741 11,108 17,817 698 Oct-13 1,650 1,390 1,570 27,378 544,059 848,331 21
Frequency (Thou. X) 168 122 223 404 37 Nov-13 1,580 1,330 1,350 19,446 284,234 407,498 20
Days 245 247 246 244 20 Dec-13 1,480 1,220 1,290 19,589 325,381 444,297 19

Price (Rupiah) Jan-14 1,600 1,200 1,440 37,323 489,096 698,307 20


High 1,160 1,080 1,490 2,200 1,600
Low 550 630 930 1,090 1,200
Close 900 980 1,110 1,290 1,440
Close* 900 980 1,110 1,290 1,440

PER (X) 39.93 16.94 13.12 7.87 8.78


PER Industry (X) 9.97 11.09 17.34 17.79 16.27
PBV (X) 2.57 2.08 1.84 1.76 1.97
* Adjusted price after corporate action

56 RESEARCH AND DEVELOPMENT DIVISION


BSDE Bumi Serpong Damai Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Mulyamin Sensi Suryanto & Lianny (Member of Moore Stephens International Ltd.)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,049,739 3,545,385 3,479,092 3,961,465 4,331,624 23,750

Receivables 11,020 102,632 86,978 83,188 110,327


1,734,152 2,883,392 3,012,273 3,374,802 3,796,776 19,000
Inventories
Investment 38,360 80,376 636,702 769,378 1,652,477
14,250
Fixed Assets 113,330 365,038 486,920 415,371 437,868
Other Assets - 4,238 5,849 415 415
9,500
Total Assets 4,592,836 11,694,748 12,787,377 16,756,718 22,572,159
Growth (%) 154.63% 9.34% 31.04% 34.71% 4,750

Bank Payable - - 97,000 91,000 1,362,669 -


Trade Payable 22,130 15,540 44,602 177,681 95,715 2009 2010 2011 2012 2013
Total Liabilities 2,252,711 4,279,479 4,530,152 6,225,014 9,156,861
Growth (%) 89.97% 5.86% 37.41% 47.10%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 2,000,000 4,000,000 4,000,000 4,000,000 4,000,000 13,415
Paid up Capital 1,093,562 1,749,700 1,749,700 1,749,700 1,749,700
Paid up Capital (Shares) 10,936 17,497 17,497 17,497 17,497 10,532
Par Value 100 100 100 100 100
10,679

8,257
Retained Earnings 761,897 1,088,782 1,828,867 2,939,944 5,368,885
7,942

Total Equity 2,340,125 6,132,282 8,257,225 10,531,704 13,415,298 6,132


Growth (%) 162.05% 34.65% 27.55% 27.38% 5,205

2,340
INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 2,468

Total Revenues 1,270,592 2,477,203 2,806,339 3,727,812 5,741,264


Growth (%) 94.96% 13.29% 32.84% 54.01%
-268

2009 2010 2011 2012 2013

Cost of Revenues 637,957 940,509 1,021,278 1,346,826 1,575,447


Gross Profit 632,635 1,536,693 1,785,061 2,380,986 4,165,817
TOTAL REVENUES (Bill. Rp)
Operating Expenses 176,177 666,219 824,506 949,431 1,256,190
Operating Profit 456,458 870,475 960,555 1,431,555 2,909,627 5,741
5,741

Growth (%) 90.70% 10.35% 49.03% 103.25%


4,570

Other Income (Expenses) -80,289 -11,950 155,769 221,921 322,189 3,728

Income before Tax 376,169 662,111 1,170,231 1,696,564 3,278,954 3,399

2,806
2,477
Tax 67,430 142,407 158,197 217,705 373,306
Profit for the period 308,738 519,704 1,012,034 1,478,859 2,905,649
2,228

1,271
Growth (%) 68.33% 94.73% 46.13% 96.48%
1,056

Period Attributable 308,738 394,403 840,780 1,286,047 2,691,396 -115

Comprehensive Income 308,738 519,810 1,012,301 1,480,581 2,909,347 2009 2010 2011 2012 2013
Comprehensive Attributable - 394,494 840,949 1,287,149 2,695,880

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Dividend (Rp) 6.00 6.00 - 15.00 -
2,906
EPS (Rp) 28.23 22.54 48.05 73.50 153.82 2,906

BV (Rp) 213.99 350.48 471.92 601.91 766.72


DAR (X) 0.49 0.37 0.35 0.37 0.41 2,313

DER(X) 0.96 0.70 0.55 0.59 0.68


1,720
1,479
ROA (%) 6.72 4.44 7.91 8.83 12.87
ROE (%) 13.19 8.47 12.26 14.04 21.66 1,127
1,012

GPM (%) 49.79 62.03 63.61 63.87 72.56


520
OPM (%) 35.92 35.14 34.23 38.40 50.68 535
309
NPM (%) 24.30 20.98 36.06 39.67 50.61
Payout Ratio (%) 21.25 26.62 - 20.41 -
-58

2009 2010 2011 2012 2013


Yield (%) 0.68 0.67 - 1.35 -

RESEARCH AND DEVELOPMENT DIVISION 57


COMPANY REPORT

CPIN
CHAROEN POKPHAND INDONESIA TBK.

Company Profile

PT Charoen Pokphand Indonesia Tbk. was established dated January 7th, 1972. The
Company started its commercial operations in 1972.

The Company is engaged in poultry feed, breeding and cultivation of broiler together with
its processing, processed food, preservation of chicken and beef including cold storage
units, selling poultry feed, chicken and beef, materials from animal sources within the
territory of Republic of Indonesia.

The Companys branches are located in Sidoardjo, Medan, Tangerang, Balaraja, Serang,
Lampung, Denpasar, Surabaya, Semarang, Makasar, Salatiga, and Cirebon.

The Company has direct and indirect ownership in subsidiaries:


PT Charoen Pokphand Jaya Farm,
PT Primafood International,
PT Vista Grain,
PT Poly Packaging Industry,
PT Feprotama Pertiwi,
PT Agrico International,
PT Sarana Proteindo Utama.

The Company and Subsidiaries had 4,414 employees as of December 31st, 2013.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

58 RESEARCH AND DEVELOPMENT DIVISION


CPIN CharoenPokphandIndonesiaTbk.[S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 18,832.263
Industry Sector : Basic Industry And Chemicals (3) Listed Shares : 16,398,000,000
Industry Sub Sector : Animal Feed (36) Market Capitalization : 67,805,730,000,000
14 | 67.8T | 1.56% | 51.38%

25 | 9.86T | 0.89% | 57.82%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 07-Jan-1972 1. PT Central Agromina 9,106,385,410 : 55.53%
Listing Date : 18-Mar-1991 2. UBS AG Singapore Non-Treaty Omnibus Account 956,671,330 : 5.83%
Under Writer IPO : 3. Public (<5%) 6,334,943,260 : 38.64%
PT Danareksa
PT Makindo DIVIDEND ANNOUNCEMENT
PT Asean Development Securities Bonus Cash Recording Payment
F/I
PT Surya Securities Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 1990 50.00 25-Jul-91 26-Jul-91 02-Aug-91 21-Aug-91 F
PT Adimitra Transferindo 1991 175.00 03-Jun-92 04-Jun-92 15-Jun-92 22-Jun-92 F
Plaza Property 2nd Fl. Komp. Pertokoan Pulomas Blok VIII No. 1 1992 200.00 30-Oct-92 02-Nov-92 09-Nov-92 17-Nov-92 I
Jln. Perintis Kemerdekaan Jakarta 13210 1992 315.00 15-Jun-93 16-Jun-93 24-Jun-93 23-Jul-93 F
Phone : (021) 478-81515 (Hunting) 1993 200.00 02-Dec-93 03-Dec-93 10-Dec-93 20-Dec-93 I
Fax : (021) 470-9697 1993 73.00 22-Jul-94 25-Jul-94 01-Aug-94 01-Sep-94 I
1993 73.00 22-Jul-94 25-Jul-94 01-Aug-94 01-Sep-94 F
BOARD OF COMMISSIONERS 1994 155.00 13-Jul-95 14-Jul-95 24-Jul-95 10-Aug-95 F
1. Hadi Gunawan Tjoe 1995 230.00 21-Sep-95 22-Sep-95 02-Oct-95 09-Oct-95 I
2. Herman Sugianto *) 1997 4:1 06-Jun-97 09-Jun-97 17-Jun-97 01-Jul-97
3. Jiacipto Jiaravanon 1996 20.00 27-Aug-97 28-Aug-97 05-Sep-97 01-Oct-97 F
4. Jialipto Jiaravanon 1999 50.00 11-Sep-00 12-Sep-00 19-Sep-00 05-Oct-00 F
5. Suparman Satrodimedjo *) 2001 10.00 02-Aug-02 05-Aug-02 08-Aug-02 15-Aug-02 F
6. Tjiu Thomas Effendy 2002 15.00 23-Sep-03 24-Sep-03 26-Sep-03 10-Oct-03 F
*) Independent Commissioners 2006 38.00 30-Jul-07 31-Jul-07 02-Aug-07 16-Aug-07 F
2009 196.00 22-Jun-10 23-Jun-10 25-Jun-10 09-Jun-10 F
BOARD OF DIRECTORS 2010 25.00 24-Jan-11 25-Jan-11 27-Jan-11 09-Feb-11 I
1. Rusmin Ryadi 2010 39.80 16-Jun-11 17-Jun-11 21-Jun-11 05-Jul-11 F
2. Eddy Dharmawan Mansjoer 2011 42.00 07-Jun-12 08-Jun-12 12-Jun-12 26-Jun-12 F
3. Ferdiansyah Gunawan Tjoe 2012 46.00 28-Jun-13 01-Jul-13 03-Jul-13 17-Jul-13 F
4. Jemmy
5. Ong Mei Sian ISSUED HISTORY
6. Peraphon Prayooravong Listing Trading
7. Vinai Rakphongphairoj No. Type of Listing Shares Date Date
1. First Issue 2,500,000 18-Mar-91 18-Mar-91
AUDIT COMMITTEE 2. Partial Listing 5,000,000 18-Mar-91 18-Jun-91
1. Herman Sugianto 3. Company Listing 45,000,000 11-Nov-91 18-Nov-91
2. Petrus Julius 4. Convertible Bonds 839,738 20-Oct-94 20-Oct-94
3. Rudy Dharma Kusuma 5. Convertible Bonds 2,967,029 01-Dec-94 01-Dec-94
4. Suparman Satrodimedjo 6. Right Issue 56,306,767 07-Feb-95 07-Feb-95
5. Yustinus Eddy Tiono 7. Stock Split 112,613,534 26-May-97 26-May-97
8. Bonus Shares 56,306,767 02-Jul-97 02-Jul-97
CORPORATE SECRETARY 9. Stock Split 1,126,135,340 15-Jan-01 15-Jan-01
Hadijanto Kartika 10. Right Issue 234,611,529 01-Aug-07 01-Aug-07
11. Stock Split 1,642,280,704 01-Nov-07 01-Nov-07
HEAD OFFICE 12. Stock Split 13,138,245,632 08-Dec-10 08-Dec-10
Jln. Ancol VIII/1 13. Buy back -24,807,040 03-Jan-12 03-Jan-12
Jakarta 14430
Phone : (021) 691-9999
Fax : (021) 690-7324

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

RESEARCH AND DEVELOPMENT DIVISION 59


CPIN Charoen Pokphand Indonesia Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Charoen Pokphand Indonesia Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
5,600 320 Jan-10 2,400 2,100 2,200 5,927 63,527 143,594 20
Feb-10 2,250 1,990 2,000 2,420 20,586 42,834 19
4,900 280 Mar-10 2,925 1,990 2,800 7,269 93,556 229,251 22
Apr-10 3,025 2,625 3,000 4,630 353,273 608,764 21
May-10 3,050 2,325 2,750 7,446 86,841 234,992 19
4,200 240
Jun-10 3,850 2,600 3,550 13,676 138,881 461,581 22
Jul-10 5,350 3,300 5,200 15,643 140,470 599,314 22
3,500 200
Aug-10 6,550 4,550 6,450 12,224 82,784 443,285 21
Sep-10 8,750 6,000 8,700 14,543 83,028 649,717 17
2,800 160
Oct-10 8,800 7,100 8,550 19,425 132,011 1,069,620 21
Nov-10 9,800 8,450 9,600 16,912 215,029 1,977,728 21
2,100 120 Dec-10 9,600 1,650 1,840 33,787 460,274 1,101,932 20

1,400 80 Jan-11 1,900 1,380 1,490 38,004 518,564 857,993 21


Feb-11 1,730 1,460 1,520 28,352 388,787 613,020 18
700 40 Mar-11 2,025 1,480 2,025 47,145 820,665 1,411,264 23
Apr-11 2,050 1,910 1,930 24,105 298,075 583,449 20
May-11 1,960 1,830 1,930 26,170 306,123 580,528 21
Jun-11 2,025 1,830 1,990 19,160 341,579 660,625 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 2,875 1,990 2,725 27,950 434,797 1,026,968 21
Aug-11 2,925 2,225 2,750 56,102 751,536 1,976,446 19
Sep-11 2,975 1,910 2,400 50,440 668,175 1,670,181 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 2,850 2,125 2,675 34,599 367,795 913,970 21
Basic Industry and Chemicals Index Nov-11 2,725 2,175 2,300 27,967 284,756 706,453 22
January 2010 - January 2014 Dec-11 2,450 2,050 2,150 28,085 304,442 689,839 21
1,190%
Jan-12 2,550 2,100 2,500 28,901 362,122 843,531 21
1,020% Feb-12 2,875 2,425 2,675 22,290 354,584 947,040 21
Mar-12 2,775 2,525 2,750 16,781 233,594 623,275 21
850% 839.8% Apr-12 2,825 2,625 2,750 14,447 163,751 443,008 20
May-12 2,800 2,550 2,625 16,503 200,774 536,404 21
680% Jun-12 3,425 2,325 3,425 21,919 274,107 792,772 21
Jul-12 3,425 2,925 3,200 23,542 261,769 823,958 22
Aug-12 3,200 2,600 2,700 23,263 254,560 729,813 19
510%
Sep-12 3,025 2,650 3,025 19,062 243,921 697,362 20
Oct-12 3,200 2,925 3,125 15,684 168,547 516,572 22
340%
Nov-12 3,475 3,000 3,425 17,577 190,871 612,019 20
Dec-12 3,650 3,125 3,650 17,348 464,529 1,521,474 18
170%
86.2% Jan-13 4,025 3,400 3,875 22,837 172,807 627,478 21
71.6%
- Feb-13 4,675 3,750 4,400 25,887 190,399 791,775 20
Mar-13 5,250 4,325 5,050 34,984 357,500 1,704,379 19
-170% Apr-13 5,100 4,600 5,050 26,573 221,332 1,063,057 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 5,550 4,750 4,950 29,496 191,522 967,147 22
Jun-13 5,150 4,275 5,150 45,241 269,464 1,289,057 19
Jul-13 5,150 4,125 4,300 44,340 242,064 1,093,933 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 4,375 2,550 3,375 35,992 253,915 878,789 17
Volume (Million Sh.) 1,870 5,485 3,173 2,832 197 Sep-13 4,600 2,575 3,400 49,512 439,354 1,528,570 21
Value (Billion Rp) 7,563 11,691 9,087 11,754 750 Oct-13 4,175 3,450 3,900 26,508 178,401 684,777 21
Frequency (Thou. X) 154 408 237 389 53 Nov-13 4,000 3,400 3,400 25,525 174,913 655,437 20
Days 245 247 246 244 20 Dec-13 3,575 3,100 3,375 22,346 140,288 469,316 19

Price (Rupiah) Jan-14 4,225 3,260 4,135 52,996 197,493 749,683 20


High 9,800 2,975 3,650 5,550 4,225
Low 1,650 1,380 2,100 2,550 3,260
Close 1,840 2,150 3,650 3,375 4,135
Close* 1,840 2,150 3,650 3,375 4,135

PER (X) 13.67 14.95 22.33 18.79 23.02


PER Industry (X) 12.86 10.41 9.79 17.44 13.29
PBV (X) 6.78 5.70 7.32 5.75 7.04
* Adjusted price after corporate action

60 RESEARCH AND DEVELOPMENT DIVISION


CPIN Charoen Pokphand Indonesia Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 387,996 1,317 876,198 954,694 1,146,852 16,250

Receivables 869,233 946,603 1,381,707 1,846,576 2,531,089


1,575,018 1,554,780 2,339,543 3,366,317 4,044,737 13,000
Inventories
Current Assets 3,281,275 4,274,636 5,250,245 7,180,890 8,824,900
9,750
Fixed Assets 1,685,370 1,931,069 3,198,604 4,593,000 6,389,545
Other Assets 38,322 46,685 51,645 46,105 49,920
6,500
Total Assets 5,349,375 6,518,276 8,848,204 12,348,627 15,722,197
Growth (%) 21.85% 35.74% 39.56% 27.32% 3,250

Current Liabilities 1,805,400 1,461,341 1,575,552 2,167,652 2,327,048 -


Long Term Liabilities 592,301 574,899 1,083,182 2,004,511 3,444,249 2009 2010 2011 2012 2013
Total Liabilities 2,397,701 2,036,240 2,658,734 4,172,163 5,771,297
Growth (%) -15.08% 30.57% 56.92% 38.33%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 400,000 400,000 400,000 400,000 400,000 9,951
Paid up Capital 164,228 16,398 163,980 163,980 163,980 9,951

Paid up Capital (Shares) 3,285 1,640 16,398 16,398 16,398 8,176

Par Value 50 10 10 10 10
7,921

6,189
Retained Earnings 2,647,393 4,173,277 5,876,112 7,871,460 9,648,061
5,891

Total Equity 2,933,018 4,458,432 6,189,470 8,176,464 9,950,900 4,458


Growth (%) 52.01% 38.83% 32.10% 21.70% 3,861

2,933

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 1,831

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


Growth (%) 3.56% 19.10% 18.67% 20.42%
-199

2009 2010 2011 2012 2013

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


Gross Profit 2,869,085 3,754,114 3,924,246 4,491,512 5,149,808
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 812,204 993,116 915,033 1,032,832 1,571,511
Operating Profit 2,056,881 2,760,998 3,009,213 3,458,680 3,758,297 25,663
25,663

Growth (%) 34.23% 8.99% 14.94% 8.66% 21,311


20,428

17,958
Other Income (Expenses) 103,515 57,229 -34,633 -82,181 -126,964
14,559 15,078
Income before Tax 2,160,396 2,818,227 2,974,580 3,376,499 3,451,333 15,192

Tax 540,978 598,366 612,083 695,627 922,643


Profit for the period 1,619,418 2,219,861 2,362,497 2,680,872 2,528,690
9,957

Growth (%) 37.08% 6.43% 13.48% -5.68%


4,722

Period Attributable 1,619,418 2,210,266 2,355,475 2,684,064 2,530,909 -513

Comprehensive Income 1,612,710 2,219,861 2,362,497 2,680,872 2,528,690 2009 2010 2011 2012 2013
Comprehensive Attributable - 2,210,266 2,355,475 2,684,064 2,530,909

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 181.75 292.51 333.23 331.28 379.23
2,681
Dividend (Rp) 196.00 64.80 42.00 46.00 - 2,681
2,529
2,362
EPS (Rp) 493.04 1,347.89 143.64 163.68 154.34 2,220

BV (Rp) 892.97 2,718.89 377.45 498.63 606.84 2,134

0.45 0.31 0.30 0.34 0.37 1,619


DAR (X)
1,587

DER(X) 0.82 0.46 0.43 0.51 0.58


ROA (%) 30.27 34.06 26.70 21.71 16.08 1,040

ROE (%) 55.21 49.79 38.17 32.79 25.41


GPM (%) 19.71 24.90 21.85 21.08 20.07 493

OPM (%) 14.13 18.31 16.76 16.23 14.64


NPM (%) 11.12 14.72 13.16 12.58 9.85
-54

2009 2010 2011 2012 2013


Payout Ratio (%) 39.75 4.81 29.24 28.10 -
Yield (%) 8.71 3.52 1.95 1.26 -

RESEARCH AND DEVELOPMENT DIVISION 61


CC O
OMM PP A
ANN YY RR EE PP O
O RR TT

CTRA
CIPUTRA DEVELOPMENT TBK.

Company Profile

PT Ciputra Development Tbk. (the Company) was established on October 22nd, 1981 based
on Notarial Deed No. 22 by Hobropoerwanto, S.H., Notary in Jakarta.

Based on Article 3 of the Company's Articles of Association, the Companys business scope
include: development and construction, investment, service, industry and trading, by
establishing and running business in the areas of housing development (real estate), office
buildings, shopping centers and commercial centers and industrial facilities and areas, as
well as establishing and running businesses in fields that related to the planning, creation
and maintenance of housing facilities, including but not limited to golf courses, family clubs,
restaurants and other entertainment venues and facilities.

The Companys head office is located at Jalan Prof. DR. Satrio Kav. 6, South Jakarta. Its
project, namely Citra Housing 1, 2, and 5 is located in Kalideres, Jakarta.

PT Ciputra Development Tbk. is one of Indonesia leading property companies. Established in


1981, the development of large scale residential and commercial properties is the expertise
and core business of Ciputra Development.

The Company has direct and indirect subsidiaries:


PT Ciputra Property Tbk. and subsidiary (listed in IDX),
PT Ciputra Surya Tbk. and subsidiary (listed in IDX),
PT Ciputra Residence and subsidiary,
PT Ciputra Indah and subsidiary,
PT Ciputra Graha Mitra and subsidiary,
PT Ciputra Raya Sejahtera,
Long Field Enterprises Limited,
PT Penta Oktoeneatama and subsidiary,
PT Citraland Graha Realty, and
PT Citra Tumbuh Bahagia.

As of December 31st, 2013, the Company and subsidiaries had 2,306 employees.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of
the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be by
any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice
action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

62 RESEARCH AND DEVELOPMENT DIVISION


CTRA Ciputra Development Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 187.791
Industry Sector : Property, Real Estate And Building Construction (6) Listed Shares : 15,165,815,994
Industry Sub Sector : Property And Real Estate (61) Market Capitalization : 12,966,772,674,870
60 | 13.0T | 0.30% | 78.48%

66 | 4.31T | 0.39% | 82.17%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 22-Oct-1981 1. PT Sang Pelopor 4,644,750,000 : 30.63%
Listing Date : 28-Mar-1994 2. Credit Suisse AG Singapore Trust A/C Clients - 2023 1,202,678,976 : 7.93%
Under Writer IPO : 3. Public (<5%) 9,318,387,018 : 61.44%
PT Bapindo Bumi Securities
PT Baring Securities DIVIDEND ANNOUNCEMENT
PT Danareksa Sekuritas Bonus Cash Recording Payment
F/I
PT Indovest Securities Year Shares Dividend Cum Date Ex Date Date Date
PT Inter-Pacific Securities 1994 89.00 19-Jul-95 20-Jul-95 28-Jul-95 25-Aug-95 F
Securities Administration Bureau : 1995 80.00 17-Jul-96 18-Jul-96 26-Jul-96 23-Aug-96 F
PT EDI Indonesia 1996 41.00 07-Jul-97 08-Jul-97 16-Jul-97 14-Aug-97 F
Wisma SMR 10th Fl. 2000 20 : 23 14-Nov-00 15-Nov-00 20-Nov-00 04-Dec-00 F
Jln. Yos Sudarso Kav. 89 Jakarta 14350 2010 6.00 25-Jul-11 26-Jul-11 28-Jul-11 11-Aug-11 F
Phone : (021) 650-5829, 652-1010 2011 7.00 24-Jul-12 25-Jul-12 27-Jul-12 10-Aug-12 F
Fax : (021) 650-5987 2012 12.00 05-Jul-13 08-Jul-13 10-Jul-13 24-Jul-13 F

BOARD OF COMMISSIONERS ISSUED HISTORY


1. Ciputra Listing Trading
2. Cosmas Batubara *) No. Type of Listing Shares Date Date
3. Dian Sumeler 1. First Issue 50,000,000 28-Mar-94 28-Mar-94
4. Widigdo Sukarman *) 2. Company Listing 200,000,000 T: 28-Mar-94 : 18-Oct-94
*) Independent Commissioners 3. Stock Split 250,000,000 05-Aug-96 05-Aug-96
4. Right Issue 2,699,860,570 T: 08-Oct-96 : 27-Dec-06
BOARD OF DIRECTORS 5. Bonus Shares 862,500,000 04-Dec-00 04-Dec-00
1. Candra Ciputra 6. Additional Listing without RI 2,307,276,912 03-Apr-06 03-Apr-06
2. Budiarsa Sastrawinata 7. Warrant I 1,213,270,515 T: 06-Jun-07 : 03-Dec-09
3. Cakra Ciputra 8. Stock Splits 7,582,907,997 15-Jun-10 15-Jun-10
4. Harun Hajadi
5. Junita Ciputra
6. Rina Ciputra Sastrawinata
7. Tanan Herwandi Antonius
8. Tulus Santoso Brotosiswojo

AUDIT COMMITTEE
1. Widigdo Sukarman
2. Henk Wangitan
3. Melina Indrawati Sutandi

CORPORATE SECRETARY
Tulus Santoso

HEAD OFFICE
Jln. Prof. DR. Satrio Kav. 6
Jakarta - 12940
Phone : (021) 522-6868, 522-5858, 520-7333
Fax : (021) 520-5262

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

RESEARCH AND DEVELOPMENT DIVISION 63


CTRA Ciputra Development Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Ciputra Development Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
1,600 800 Jan-10 710 480 680 11,430 454,239 281,358 20
Feb-10 740 650 690 4,995 174,703 120,957 19
1,400 700 Mar-10 870 680 860 5,558 302,136 228,126 22
Apr-10 950 840 890 4,903 226,058 202,278 21
May-10 890 630 740 5,639 208,380 156,903 19
1,200 600
Jun-10 830 320 335 7,848 379,392 166,627 22
Jul-10 385 320 380 7,602 409,577 148,175 22
1,000 500
Aug-10 385 325 335 4,647 223,285 78,959 21
Sep-10 400 325 380 11,558 497,905 185,402 17
800 400
Oct-10 510 370 420 11,350 730,537 311,640 21
Nov-10 425 355 365 8,258 506,498 194,248 21
600 300 Dec-10 380 330 350 5,990 342,481 122,920 20

400 200 Jan-11 365 300 305 6,463 303,391 100,459 21


Feb-11 320 290 310 3,720 166,002 50,088 18
200 100 Mar-11 380 300 370 6,633 310,564 105,731 23
Apr-11 400 360 390 4,834 218,733 83,783 20
May-11 435 365 415 6,726 305,850 125,770 21
Jun-11 460 410 430 5,450 231,730 99,127 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 550 425 550 6,398 513,521 249,550 21
Aug-11 600 480 500 6,649 351,157 188,620 19
Sep-11 580 400 510 7,958 236,714 120,070 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 540 445 490 4,924 200,292 101,183 21
Property, Real Estate and Bulding Construction Index Nov-11 540 470 490 3,200 155,959 78,501 22
January 2010 - January 2014 Dec-11 640 500 540 5,428 238,772 132,399 21
560%
Jan-12 600 530 570 5,925 264,125 150,837 21
480% Feb-12 700 570 640 7,287 474,041 296,748 21
Mar-12 770 640 720 8,899 382,839 273,310 21
400% Apr-12 850 710 760 10,499 440,573 336,521 20
May-12 810 630 700 14,935 1,400,750 1,027,293 21
320% Jun-12 740 610 650 7,156 391,259 264,438 21
Jul-12 720 640 650 6,071 256,710 173,555 22
249.0% Aug-12 650 600 620 6,246 381,264 236,340 19
240%
Sep-12 720 620 710 7,414 267,635 180,482 20
Oct-12 730 660 680 8,059 435,341 303,526 22
160%
149.6% Nov-12 790 660 780 5,701 297,135 217,910 20
Dec-12 850 740 800 7,681 352,705 281,639 18
80%
71.6%
Jan-13 950 780 920 12,617 492,647 412,442 21
- Feb-13 1,140 860 1,110 13,284 441,451 428,604 20
Mar-13 1,160 1,020 1,080 14,637 631,303 690,134 19
-80% Apr-13 1,410 1,040 1,380 15,774 668,842 764,483 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 1,660 1,290 1,540 20,043 459,060 668,141 22
Jun-13 1,550 1,050 1,350 31,006 761,959 999,370 19
Jul-13 1,360 960 1,150 27,780 721,829 829,980 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 1,240 690 810 22,460 762,534 729,287 17
Volume (Million Sh.) 4,455 3,233 5,344 7,702 668 Sep-13 1,140 780 980 22,998 601,732 589,377 21
Value (Billion Rp) 2,198 1,435 3,743 7,932 553 Oct-13 1,110 840 1,030 28,391 744,894 709,533 21
Frequency (Thou. X) 90 68 96 252 26 Nov-13 1,060 700 730 24,531 793,303 643,125 20
Days 245 247 246 244 20 Dec-13 840 700 750 18,761 622,891 467,990 19

Price (Rupiah) Jan-14 890 750 855 26,138 668,360 553,096 20


High 950 640 850 1,660 890
Low 320 290 530 690 750
Close 350 540 800 750 855
Close* 350 540 800 750 855

PER (X) 20.58 16.58 14.28 12.14 13.83


PER Industry (X) 9.97 11.09 17.34 17.79 16.27
PBV (X) 1.08 1.07 1.43 1.21 1.38
* Adjusted price after corporate action

64 RESEARCH AND DEVELOPMENT DIVISION


CTRA Ciputra Development Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 2,009,262 2,235,938 2,109,130 2,708,109 3,463,817 21,250

Receivables 133,952 198,953 324,816 580,855 779,270


2,075,316 2,154,509 2,675,218 3,310,134 4,891,787 17,000
Inventories
Investment 376,090 535,290 1,233,460 360,672 255,963
12,750
Fixed Assets 1,524,697 2,012,890 2,383,992 1,240,096 1,779,149
Other Assets 260,187 276,140 442,465 - 894,675
8,500
Total Assets 8,553,946 9,378,342 11,524,867 15,023,392 20,114,871
Growth (%) 9.64% 22.89% 30.36% 33.89% 4,250

Bank Payable - - 801,939 1,470,810 2,728,066 -


Trade Payable 11,694 27,157 27,963 10,495 662,647 2009 2010 2011 2012 2013
Total Liabilities 1,592,921 2,126,198 3,877,433 6,542,647 10,349,358
Growth (%) 33.48% 82.36% 68.74% 58.18%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 9,766
Paid up Capital 3,791,454 3,791,454 3,791,454 3,791,454 3,791,454 9,766

8,481
Paid up Capital (Shares) 7,583 15,166 15,166 15,166 15,166 7,647
Par Value 500 250 250 250 250
7,773

Retained Earnings -50,133 207,726 441,555 924,494 1,714,219


5,781

4,647 4,905
Total Equity 4,647,176 4,905,036 7,647,434 8,480,745 9,765,513
Growth (%) 5.55% 55.91% 10.90% 15.15% 3,789

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 1,797

Total Revenues 1,332,372 1,692,687 2,178,331 3,322,669 5,077,062


Growth (%) 27.04% 28.69% 52.53% 52.80%
-195

2009 2010 2011 2012 2013

Cost of Revenues 733,065 957,985 1,135,339 1,656,106 2,530,589


Gross Profit 599,306 734,702 1,042,992 1,666,563 2,546,473
TOTAL REVENUES (Bill. Rp)
Operating Expenses 315,469 392,883 503,533 686,190 894,946
Operating Profit 283,837 341,819 539,459 980,373 1,651,527 5,077
5,077

Growth (%) 20.43% 57.82% 81.73% 68.46%


4,041

Other Income (Expenses) 18,506 137,638 79,319 49,038 57,964 3,323

Income before Tax 298,744 482,273 618,778 1,029,411 1,709,492 3,006

71,261 93,022 124,766 180,028 296,103 2,178


Tax
1,693
Profit for the period 227,483 389,251 494,011 849,383 1,413,388
1,970

1,332
Growth (%) 71.11% 26.91% 71.94% 66.40%
934

Period Attributable 227,483 257,960 324,824 589,100 976,715 -102

Comprehensive Income 136,328 389,252 494,011 849,383 1,413,388 2009 2010 2011 2012 2013
Comprehensive Attributable - 257,961 324,824 589,100 976,715

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Dividend (Rp) - 6.00 7.00 12.00 -
1,413
EPS (Rp) 30.00 17.01 21.42 38.84 64.40 1,413

BV (Rp) 612.85 323.43 504.25 559.20 643.92


DAR (X) 0.19 0.23 0.34 0.44 0.51 1,125

0.34 0.43 0.51 0.77 1.06 849


DER(X)
837

ROA (%) 2.66 4.15 4.29 5.65 7.03


ROE (%) 4.90 7.94 6.46 10.02 14.47 548
494
389
GPM (%) 44.98 43.40 47.88 50.16 50.16
227
OPM (%) 21.30 20.19 24.76 29.51 32.53 260

NPM (%) 17.07 23.00 22.68 25.56 27.84


Payout Ratio (%) - 35.27 32.68 30.89 -
-28

2009 2010 2011 2012 2013


Yield (%) - 1.71 1.30 1.50 -

RESEARCH AND DEVELOPMENT DIVISION 65


CC O
OMM PP A
ANN YY RR EE PP O
O RR TT

EXCL
XL AXIATA TBK.

Company Profile

PT XL Axiata Tbk. was established on October 6th, 1989 under the name of PT
Grahametropolitan Lestari.

The Companys majority shareholder, Axiata Investments (Indonesia) Sdn. Bhd. is a wholly
owned subsidiary of Axiata Investments (Labuan) Limited. Axiata Investments (Labuan)
Limited is a subsidiary of Axiata Group Berhad.

The Companys purpose is to provide telecommunications services and/or


telecommunications networks and/or multimedia services. The Company commenced its
commercial operations in 1996.

The Company has the subsidiaries which were established for issuance of bonds and loans:
GSM One (L) Ltd. Malaysia,
GSM Two (L) Ltd. Malaysia, and
Excelcomindo Finance Company B.V. Netherlands.

Throughout 2013 the Company has awarded:


Best Leader, Best Operation Manager, Best Recruitment Campaign, Best IT
Support
Contact Center Service Excellence Award 2013 Grade: Excellent
Telecom Asia Awards - Best Operator in Emerging Market
Most Admired Companies 2013
Service Quality Awards 2013, Peringkat: EMAS
Best Social Media Program of The Year, Best Use of Knowledge Management
Customer Relationship Excellence Awards
Digital Business Leader
Lifetime Achivement Awards
Indonesia Service to Care Champion 2013
The Most Youthful Brand 2013
Indonesia Most Admired Companies 2013 (WIMACO 2013)
The Best Public Companies Based on WAI

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

66 RESEARCH AND DEVELOPMENT DIVISION


EXCL XL Axiata Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 242.500
Industry Sector : Infrastructure, Utilities And Transportation (7) Listed Shares : 8,534,490,667
Industry Sub Sector : Telecommunication (73) Market Capitalization : 41,392,279,734,950
18 | 41.4T | 0.95% | 56.73%

37 | 7.64T | 0.69% | 67.13%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 06-Oct-1989 1. Axiata Investments (Indonesia) Sdn. Bhd. 5,674,125,290 : 66.49%
Listing Date : 29-Sep-2005 2. Public (<5%) 2,860,365,377 : 33.51%
Under Writer IPO :
PT CIMB Niaga Securities DIVIDEND ANNOUNCEMENT
PT GK Goh Indonesia Bonus Cash Recording Payment
F/I
Securities Administration Bureau : Year Shares Dividend Cum Date Ex Date Date Date
PT Datindo Entrycom 2006 7.00 22-May-07 23-May-07 25-May-07 11-Jun-07 I
Wisma Sudirman - Puri Datindo 2007 20.00 28-Apr-08 29-Apr-08 02-May-08 16-May-08 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2010 107.00 11-May-11 12-May-11 16-May-11 31-May-11 F
Phone : (021) 570-9009 2011 129.88 20-Apr-12 23-Apr-12 25-Apr-12 09-May-12 F
Fax : (021) 570-9026 2012 135.00 02-May-13 03-May-13 07-May-13 22-May-13 F

BOARD OF COMMISSIONERS ISSUED HISTORY


1. YBhg Tan Sri Dato' Muhammad Radzi bin H. Mansor Listing Trading
2. Azran Osman Rani No. Type of Listing Shares Date Date
3. James Carl Grinwis Maclaurin 1. First Issue 1,427,500,000 29-Sep-05 29-Sep-05
4. Peter J. Chambers *) 2. Company Listing 5,662,500,000 29-Sep-05 29-Sep-05
5. Wirjawan *) 3. Right Issue 1,418,000,000 16-Dec-09 16-Dec-09
6. Yasmin Stamboel Wirjawan *) 4. Additional Listing without RI 10,566,332 26-Apr-11 26-Apr-11
7. YBhg Dato' Sri Jamaludin bin Ibrahim 5. Long Term Incentive Program 7,710,279 16-Apr-12 16-Apr-12
*) Independent Commissioners 6. Long Term Incentive Program 8,214,056 12-Apr-13 12-Apr-13

BOARD OF DIRECTORS
1. Hasnul Suhaimi
2. Dian Siswarini
3. Joy Wahjudi
4. Mohamed Adlan bin Ahmad Tajudin
5. Ongki Kurniawan
6. P. Nicanor V. Santiago III
7. Williem Lucas Timmermans

AUDIT COMMITTEE
1. Peter J. Chambers
2. Djoko Susanto
3. Yasmin Stamboel Wirjawan

CORPORATE SECRETARY
Murni Nurdini

HEAD OFFICE
Menara Prima 8th Fl.
Jln. DR. Ide Anak Agung Gde Agung Lot. E4 - 7 No. 1,
Kawasan Mega Kuningan, Jakarta Selatan - 12950
Phone : (021) 579-59387
Fax : (021) 579-59928

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

RESEARCH AND DEVELOPMENT DIVISION 67


EXCL XL Axiata Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
XL Axiata Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
7,400 2,400 Jan-10 2,725 1,850 2,675 444 1,325 3,107 18
Feb-10 3,050 2,200 3,050 281 1,231 3,420 19
6,475 2,100 Mar-10 3,650 3,050 3,500 995 1,848,719 6,141,116 22
Apr-10 3,800 3,375 3,725 2,210 195,543 694,034 21
May-10 3,825 3,325 3,475 2,266 161,146 573,841 19
5,550 1,800
Jun-10 4,200 3,475 4,075 1,563 68,246 261,846 22
Jul-10 5,000 3,800 4,750 1,989 41,735 179,079 22
4,625 1,500
Aug-10 5,250 4,500 5,000 3,330 73,835 357,446 21
Sep-10 5,950 4,950 5,400 3,940 91,575 496,215 17
3,700 1,200
Oct-10 5,850 5,100 5,750 4,612 77,869 430,339 21
Nov-10 6,250 5,250 5,600 4,398 87,384 506,603 21
2,775 900 Dec-10 5,950 5,200 5,300 3,716 106,650 585,229 20

1,850 600 Jan-11 5,950 4,975 5,250 4,925 56,510 311,674 21


Feb-11 5,800 4,975 5,700 4,978 130,463 685,980 18
925 300 Mar-11 5,900 5,250 5,450 4,143 116,397 655,579 23
Apr-11 7,100 5,500 6,800 8,002 82,986 505,343 20
May-11 7,000 6,050 6,150 17,490 292,579 1,875,647 21
Jun-11 6,300 5,700 6,150 14,706 180,249 1,088,323 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 6,350 5,700 5,750 10,177 108,508 657,815 21
Aug-11 5,800 4,600 5,050 16,016 97,839 512,779 19
Sep-11 5,650 3,675 4,975 14,667 87,788 444,954 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 5,700 4,425 5,000 12,608 79,468 395,922 21
Infrastructure, Utilities and Transportation Index Nov-11 5,550 4,500 4,650 10,207 83,184 405,435 22
January 2010 - January 2014 Dec-11 4,750 4,150 4,525 11,596 150,947 669,847 21
315%
Jan-12 5,250 4,450 4,475 10,324 149,594 718,423 21
270% Feb-12 4,950 4,475 4,725 10,385 145,053 683,660 21
Mar-12 5,200 4,400 5,050 14,166 92,236 430,517 21
225% Apr-12 5,650 4,850 5,400 8,260 96,402 501,677 20
May-12 6,500 5,300 5,900 9,258 71,181 408,503 21
180% Jun-12 6,350 5,300 6,150 9,071 105,200 621,259 21
Jul-12 6,450 5,850 6,150 8,712 90,851 557,811 22
155.3%
Aug-12 7,200 6,150 7,200 8,436 109,861 709,880 19
135%
Sep-12 7,200 6,350 6,650 12,289 938,720 5,970,400 20
Oct-12 7,400 6,600 6,850 12,368 170,346 1,184,562 22
90%
Nov-12 6,800 5,000 5,150 20,756 232,169 1,437,261 20
71.6%
Dec-12 6,100 5,400 5,700 10,391 162,549 925,074 18
45%
32.1%
Jan-13 5,900 4,975 5,000 12,646 136,402 745,434 21
- Feb-13 6,000 4,975 5,450 20,158 170,736 921,705 20
Mar-13 5,450 5,150 5,250 12,633 159,235 841,208 19
-45% Apr-13 6,050 5,000 5,100 20,992 382,743 2,040,764 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 5,250 4,575 5,000 17,351 260,528 1,312,833 22
Jun-13 4,950 4,200 4,825 16,274 170,260 780,647 19
Jul-13 4,850 4,225 4,500 12,273 119,887 548,178 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 4,525 3,750 4,475 12,814 150,302 643,652 17
Volume (Million Sh.) 2,755 1,467 2,364 2,047 99 Sep-13 4,925 3,975 4,250 24,599 183,487 809,028 21
Value (Billion Rp) 10,232 8,209 14,149 10,130 504 Oct-13 4,900 4,125 4,475 14,003 127,756 584,006 21
Frequency (Thou. X) 30 130 134 191 22 Nov-13 5,200 4,400 5,000 14,996 111,870 535,369 20
Days 243 247 246 244 20 Dec-13 5,250 4,725 5,200 12,087 73,628 366,722 19

Price (Rupiah) Jan-14 5,300 4,850 4,850 22,225 99,350 503,950 20


High 6,250 7,100 7,400 6,050 5,300
Low 1,850 3,675 4,400 3,750 4,850
Close 5,300 4,525 5,700 5,200 4,850
Close* 5,300 4,525 5,700 5,200 4,850

PER (X) 15.60 13.62 17.71 36.30 33.85


PER Industry (X) 14.36 11.09 17.53 18.40 18.52
PBV (X) 3.85 2.82 3.16 2.92 2.72
* Adjusted price after corporate action

68 RESEARCH AND DEVELOPMENT DIVISION


EXCL XL Axiata Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 747,965 366,161 998,113 791,805 1,317,996 41,250

Receivables 454,063 558,601 669,978 597,077 1,332,444


19,886 61,044 66,595 49,807 49,218 33,000
Inventories
Current Assets 25,372,806 2,228,017 3,387,237 3,658,985 5,844,114
24,750
Fixed Assets 23,616,394 23,197,199 25,614,830 29,643,274 30,928,452
Other Assets 1,644,156 1,793,181 2,050,802 431,359 468,199
16,500
Total Assets 27,380,095 27,251,281 31,170,654 35,455,705 40,277,626
Growth (%) -0.47% 14.38% 13.75% 13.60% 8,250

Current Liabilities 6,008,894 4,563,033 8,728,212 8,739,996 7,931,046 -


Long Term Liabilities 12,568,088 10,973,174 8,749,930 11,345,673 17,046,433 2009 2010 2011 2012 2013
Total Liabilities 18,576,982 15,536,207 17,478,142 20,085,669 24,977,479
Growth (%) -16.37% 12.50% 14.92% 24.35%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 2,265,000 2,265,000 2,265,000 2,265,000 2,265,000 15,370 15,300
Paid up Capital 850,800 850,800 851,857 852,628 853,449 13,693
Paid up Capital (Shares) 8,508 8,508 8,519 8,526 8,534 11,715
Par Value 100 100 100 100 100
12,235

Retained Earnings 2,616,681 5,507,942 7,426,556 9,063,057 8,966,866 8,803


9,099

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


Growth (%) 33.08% 16.88% 12.25% -0.45% 5,964

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 2,828

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


Growth (%) 27.38% 7.18% 12.06% 1.41%
-307

2009 2010 2011 2012 2013

Cost of Revenues 11,242,207 12,674,828 14,210,511 16,617,343 19,606,772


Gross Profit 2,463,844 4,783,811 4,502,267 4,352,463 1,658,288
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 11,242,207 - - - -
Operating Profit 2,463,844 - - 4,352,463 1,658,288 20,970 21,265
21,265

Growth (%) -61.90% 18,713


17,459
16,927

Other Income (Expenses) -113,578 -915,830 -637,624 -601,042 -268,621 13,706

Income before Tax 2,350,266 3,867,981 3,864,643 3,751,421 1,389,667 12,589

Tax 640,798 976,720 1,034,542 -986,774 356,850


Profit for the period 1,709,468 2,891,261 2,830,101 2,764,647 1,032,817
8,251

Growth (%) 69.13% -2.12% -2.31% -62.64%


3,913

Period Attributable 1,709,468 2,891,261 2,830,101 2,764,647 1,032,817 -425

Comprehensive Income 1,709,468 2,891,261 2,830,101 2,743,915 1,055,965 2009 2010 2011 2012 2013
Comprehensive Attributable - 2,891,261 2,830,101 2,743,915 1,055,965

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 422.25 48.83 38.81 41.86 73.69
2,891 2,830
- 107.00 129.88 135.00 - 2,765
Dividend (Rp) 2,891

EPS (Rp) 200.92 339.83 332.23 324.25 121.02


BV (Rp) 1,034.69 1,376.95 1,607.37 1,802.67 1,792.74 2,301

DAR (X) 0.68 0.57 0.56 0.57 0.62 1,709


1,712

DER(X) 2.11 1.33 1.28 1.31 1.63


ROA (%) 6.24 10.61 9.08 7.80 2.56 1,033
1,122

ROE (%) 19.42 24.68 20.67 17.99 6.75


GPM (%) 17.98 27.40 24.06 20.76 7.80 532

OPM (%) 17.98 - - 20.76 7.80


NPM (%) 12.47 16.56 15.12 13.18 4.86
-58

2009 2010 2011 2012 2013


Payout Ratio (%) - 31.49 39.09 41.63 -
Yield (%) - 2.02 2.87 2.37 -

RESEARCH AND DEVELOPMENT DIVISION 69


COMPANY REPORT

GGRM
GUDANG GARAM TBK.

Company Profile

PT Gudang Garam Tbk. (the Company) previously named as PT Perusahaan Rokok Tjap
Gudang Garam Kediri (PT Gudang Garam), was established on June 30th, 1971.

The Company is engaged in cigarette industry and other related cigarette industry
activities. PT Surya Duta Investa is the Companys ultimate parent.

The Companys Head Office at Jln. Semampir II/1, Kediri, East Java, and its plants are
located in Kediri, Gempol, and Solo-Kartasura. The Company also has representative
offices, which are Jakarta Representative Office at Jln. Jenderal A. Yani 79, Jakarta and
Surabaya Representative Office at Jln. Pengenal 7 15, Surabaya.

The Company is a leading Kretek cigarette manufacturer in Indonesia which produces


various high quality products, varied from Corn Husk Cigarette (SKL), Handmade Kretek
Cigarette (SKT) and Machine-made Kretek Cigarette (SKM) that has been distributed both
nationwide and worldwide.

Measured by total asset, products sales gain, number of employees, tax and customs and
other contributions, PT Gudang Garam Tbk. has become a national cigarette company
which gives significant contribution for Indonesia.

The company has direct ownership in subsidiaries:


PT Surya Pamenang,
PT Surya Madistrindo,
PT Graha Surya Media,
PT Surya Air, and
PT Surya Inti Tembakau.

As of December 31st 2013, the Company and subsidiaries had 43,317 employees.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

70 RESEARCH AND DEVELOPMENT DIVISION


GGRM Gudang Garam Tbk.
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 1,635.122
Industry Sector : Consumer Goods Industry (5) Listed Shares : 1,924,088,000
Industry Sub Sector : Tobacco Manufacturers (52) Market Capitalization : 80,619,287,200,000
11 | 80.6T | 1.86% | 46.30%

14 | 18.9T | 1.72% | 43.74%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 26-Jun-1958 1. PT Suryaduta Investama 1,333,146,800 : 69.29%
Listing Date : 27-Aug-1990 2. PT Suryamitra Kusuma 120,442,700 : 6.26%
Under Writer IPO : 3. Public (<5%) 470,498,500 : 24.45%
PT Danareksa
PT Multicorp DIVIDEND ANNOUNCEMENT
PT Merincorp Bonus Cash Recording Payment
F/I
PT Surya Securities Year Shares Dividend Cum Date Ex Date Date Date
PT Ficonensia 1991 150.00 12-Jul-91 15-Jul-91 20-Jul-91 09-Aug-91
Securities Administration Bureau : 1992 150.00 22-Jul-93 23-Jul-93 30-Jul-93 23-Aug-93 F
PT Raya Saham Registra 1993 155.00 06-Jul-94 07-Jul-94 14-Jul-94 13-Aug-94 F
Plaza Central Building 2nd Fl. 1994 210.00 05-Jul-95 06-Jul-95 14-Jul-95 14-Aug-95 F
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1996 1:1 25-Apr-96 26-Apr-96 06-May-96 03-Jun-96
Phone : (021) 252-5666 1995 75.00 16-Jul-96 17-Jul-96 25-Jul-96 19-Aug-96 F
Fax : (021) 252-5028 1996 150.00 07-Jul-97 08-Jul-97 16-Jul-97 14-Aug-97 F
1997 120.00 03-Jul-98 07-Jul-98 15-Jul-98 13-Aug-98 F
BOARD OF COMMISSIONERS 1998 260.00 05-Jul-99 06-Jul-99 14-Jul-99 11-Aug-99 F
1. Juni Setiawati Wonowidjojo 1999 500.00 06-Jul-00 07-Jul-00 17-Jul-00 31-Jul-00 F
2. Frank Willem Van Gelder *) 2000 500.00 27-Nov-00 28-Nov-00 05-Dec-00 19-Dec-00 I
3. Lucas Mulia Suhardjo *) 2001 300.00 02-Jul-02 03-Jul-02 08-Jul-02 19-Jul-02 F
*) Independent Commissioners 2002 300.00 27-Jun-03 30-Jun-03 02-Jul-03 11-Jul-03 F
2003 300.00 16-Jul-04 19-Jul-04 21-Jul-04 04-Aug-04 F
BOARD OF DIRECTORS 2005 500.00 21-Jul-05 22-Jul-05 26-Jul-05 08-Aug-05
1. Susilo Wonowidjojo 2005 500.00 21-Jul-06 24-Jul-06 26-Jul-06 07-Aug-06 F
2. Buana Susilo 2006 250.00 23-Jul-07 24-Jul-07 26-Jul-07 09-Aug-07 F
3. Fajar Sumeru 2007 250.00 15-Jul-08 16-Jul-08 18-Jul-08 01-Aug-08 F
4. Herry Susianto 2008 350.00 14-Jul-09 15-Jul-09 17-Jul-09 30-Jul-09 F
5. Heru Budiman 2009 650.00 13-Jul-10 14-Jul-10 16-Jul-10 29-Jul-10 F
6. Istata Taswin Siddharta 2010 880.00 25-Jul-11 26-Jul-11 28-Jul-11 08-Aug-11 F
7. Sony Sasono Rahmadi 2011 1,000.00 30-Jul-12 31-Jul-12 02-Aug-12 16-Aug-12 F
2012 800.00 22-Jul-13 23-Jul-13 25-Jul-13 15-Aug-13 F
AUDIT COMMITTEE
1. Frank Willem van Gelder ISSUED HISTORY
2. Bambang Susilo Listing Trading
3. Jusuf Halim No. Type of Listing Shares Date Date
1. First Issue 57,807,800 27-Aug-90 27-Aug-90
CORPORATE SECRETARY 2. Partial Listing 38,396,600 27-Aug-90 27-Feb-91
Heru Budiman 3. Founders Shares 375,197,600 31-May-94 31-May-94
4. Koperasi 9,620,000 31-May-94 00-Jan-00
HEAD OFFICE 5. Stock Split 481,022,000 03-Jun-96 03-Jun-96
Jln. Jend. A. Yani No. 79 6. Bonus Shares 962,044,000 04-Jun-96 05-Jun-96
Jakarta - 10510
Phone : (021) 420-2460
Fax : (021) 424-3136

Homepage : www.gudanggaramtbk.com
Email : corporate_secretary@gudanggaramtbk.com

RESEARCH AND DEVELOPMENT DIVISION 71


GGRM Gudang Garam Tbk.
TRADING ACTIVITIES
Closing Price* and Trading Volume
Gudang Garam Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
68,000 32.0 Jan-10 24,300 20,650 24,000 6,103 29,594 683,961 20
Feb-10 26,500 23,550 26,050 3,791 18,728 461,129 19
59,500 28.0 Mar-10 28,000 24,600 24,750 7,514 25,311 665,026 22
Apr-10 28,500 24,750 27,600 9,299 25,106 673,756 21
May-10 38,150 27,400 33,700 12,065 57,347 1,862,994 19
51,000 24.0
Jun-10 35,450 29,450 34,200 13,049 39,162 1,294,682 22
Jul-10 36,000 32,750 35,000 8,293 20,012 696,081 22
42,500 20.0
Aug-10 41,100 34,600 39,400 6,779 47,307 1,563,843 21
Sep-10 51,600 39,400 51,600 9,809 28,137 1,295,333 17
34,000 16.0
Oct-10 52,500 45,900 47,700 12,651 35,210 1,729,745 21
Nov-10 48,600 40,700 40,700 9,492 48,751 1,940,010 21
25,500 12.0 Dec-10 46,100 36,900 40,000 14,804 30,575 1,259,668 20

17,000 8.0 Jan-11 41,350 34,000 37,250 19,222 42,483 1,594,349 21


Feb-11 38,350 33,300 36,550 15,422 29,060 1,036,576 18
8,500 4.0 Mar-11 43,100 35,850 41,850 17,678 31,054 1,239,465 23
Apr-11 41,500 40,000 40,600 14,189 28,806 1,166,285 20
May-11 44,900 40,350 43,550 9,674 17,711 754,867 21
Jun-11 50,100 43,300 49,800 11,628 23,804 1,093,954 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 57,000 47,400 50,900 13,717 26,505 1,348,972 21
Aug-11 56,500 46,900 55,000 18,035 31,756 1,672,663 19
Sep-11 61,500 47,400 52,500 21,191 29,637 1,594,104 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 61,150 51,000 58,600 18,610 30,293 1,706,426 21
Consumer Goods Industry Index Nov-11 65,000 56,000 65,000 12,066 20,160 1,231,087 22
January 2010 - January 2014 Dec-11 67,000 59,100 62,050 13,867 20,282 1,267,505 21
245%
Jan-12 63,250 55,400 57,000 17,928 24,428 1,440,624 21
210% Feb-12 59,850 50,050 56,750 24,119 33,685 1,855,940 21
Mar-12 57,300 51,400 55,050 20,086 30,356 1,645,012 21
175% 179.5% Apr-12 60,450 55,300 59,200 16,395 25,722 1,498,625 20
May-12 61,050 54,000 54,100 17,382 25,548 1,481,745 21
140% Jun-12 62,800 53,350 61,500 12,187 19,587 1,147,973 21
Jul-12 63,800 55,250 56,350 17,251 33,688 1,958,846 22
Aug-12 55,500 48,100 50,100 27,096 41,704 2,143,553 19
105%
92.2% Sep-12 50,500 45,900 46,450 18,256 26,130 1,247,867 20
Oct-12 53,600 46,250 49,150 18,562 34,242 1,718,568 22
70% 71.6%
Nov-12 53,000 46,050 52,850 22,959 43,229 2,115,356 20
Dec-12 60,450 52,500 56,300 15,404 31,454 1,771,421 18
35%

Jan-13 57,000 49,500 51,850 20,401 36,082 1,900,377 21


- Feb-13 52,850 48,300 48,300 16,161 39,784 2,000,127 20
Mar-13 51,200 45,800 48,950 17,514 32,644 1,590,282 19
-35% Apr-13 54,450 48,600 49,400 28,414 51,702 2,660,507 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 57,800 49,300 53,500 22,413 41,575 2,221,861 22
Jun-13 54,500 45,300 50,600 22,532 31,333 1,555,537 19
Jul-13 51,600 42,250 42,350 21,809 30,731 1,419,705 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 43,650 32,000 37,950 22,201 29,240 1,128,039 17
Volume (Million Sh.) 405 332 370 447 32 Sep-13 43,900 35,000 35,000 23,464 31,451 1,223,270 21
Value (Billion Rp) 14,126 15,706 20,026 20,285 1,344 Oct-13 38,450 33,150 36,900 33,633 50,193 1,809,844 21
Frequency (Thou. X) 114 185 228 272 36 Nov-13 38,350 34,600 37,000 21,934 34,618 1,262,239 20
Days 245 247 246 244 20 Dec-13 42,000 36,800 42,000 21,396 37,811 1,513,018 19

Price (Rupiah) Jan-14 45,525 39,700 41,900 36,083 31,659 1,343,558 20


High 52,500 67,000 63,800 57,800 45,525
Low 20,650 33,300 45,900 32,000 39,700
Close 40,000 62,050 56,300 42,000 41,900
Close* 40,000 62,050 56,300 42,000 41,900

PER (X) 18.56 24.08 26.62 18.73 18.68


PER Industry (X) 16.41 16.22 19.75 19.15 23.95
PBV (X) 3.63 4.86 4.07 2.85 2.85
* Adjusted price after corporate action

72 RESEARCH AND DEVELOPMENT DIVISION


GGRM Gudang Garam Tbk.
Financial Data and Ratios Book End : December
Public Accountant : Siddharta & Widjaja (Member of KPMG International)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,222,897 1,249,249 1,094,895 1,285,799 1,404,108 62,500

Receivables 1,038,958 915,004 937,987 1,382,539 2,196,086


16,853,310 20,174,168 28,020,017 26,649,777 30,241,368 50,000
Inventories
Current Assets 19,584,533 22,908,293 30,381,754 29,954,021 34,604,461
37,500
Fixed Assets 7,019,464 7,406,632 8,189,881 10,389,326 14,788,915
Other Assets 613,344 411,400 479,473 1,122,077 1,318,730
25,000
Total Assets 27,230,965 30,741,679 39,088,705 41,509,325 50,770,251
Growth (%) 12.89% 27.15% 6.19% 22.31% 12,500

Current Liabilities 7,961,279 8,481,933 13,534,319 13,802,317 20,094,580 -


Long Term Liabilities 887,145 939,470 1,003,458 1,101,295 1,259,400 2009 2010 2011 2012 2013
Total Liabilities 8,848,424 9,421,403 14,537,777 14,903,612 21,353,980
Growth (%) 6.48% 54.31% 2.52% 43.28%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 1,158,000 1,158,000 1,158,000 1,158,000 1,158,000 29,416
Paid up Capital 962,044 962,044 962,044 962,044 962,044 29,416

26,606
24,551
Paid up Capital (Shares) 1,924 1,924 1,924 1,924 1,924
21,197
Par Value 500 500 500 500 500
23,415

18,302
Retained Earnings 17,285,793 20,181,418 23,382,278 25,471,948 28,261,414
17,414

Total Equity 18,301,537 21,197,162 24,550,928 26,605,713 29,416,271


Growth (%) 15.82% 15.82% 8.37% 10.56% 11,414

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 5,413

Total Revenues 32,973,080 37,691,997 41,884,352 49,028,696 55,436,954


Growth (%) 14.31% 11.12% 17.06% 13.07%
-588

2009 2010 2011 2012 2013

Cost of Revenues 25,807,564 28,826,410 31,754,984 39,843,974 44,563,096


Gross Profit 7,165,516 8,865,587 10,129,368 9,184,722 10,873,858
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 1,958,679 3,007,726 3,514,397 3,159,041 418,214
Operating Profit 5,206,837 5,857,861 6,614,971 6,025,681 6,691,722 55,437
55,437

Growth (%) 12.50% 12.92% -8.91% 11.05% 49,029

44,128
41,884
37,692
Other Income (Expenses) -378,084 -226,565 - -495,035 -755,518 32,973
Income before Tax 4,828,213 5,631,296 6,614,971 5,530,646 5,936,204 32,819

Tax 1,342,312 1,416,507 1,656,869 -1,461,935 1,552,272


Profit for the period 3,485,901 4,214,789 4,958,102 4,068,711 4,383,932
21,510

Growth (%) 20.91% 17.64% -17.94% 7.75%


10,200

Period Attributable 3,485,901 4,146,282 4,894,057 4,013,758 4,328,736 -1,109

Comprehensive Income 3,455,702 4,214,789 4,958,102 4,068,711 4,383,932 2009 2010 2011 2012 2013
Comprehensive Attributable - 4,146,282 4,894,057 4,013,758 4,328,736

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 246.00 270.08 224.48 217.02 172.21
4,958
Dividend (Rp) 650.00 880.00 1,000.00 800.00 - 4,958

4,384
4,215 4,069
EPS (Rp) 1,811.72 2,154.93 2,543.57 2,086.06 2,249.76
BV (Rp) 9,511.80 11,016.73 12,759.77 13,827.70 15,288.42 3,947

3,486

DAR (X) 0.32 0.31 0.37 0.36 0.42


2,935

DER(X) 0.48 0.44 0.59 0.56 0.73


ROA (%) 12.80 13.71 12.68 9.80 8.63 1,924

ROE (%) 19.05 19.88 20.20 15.29 14.90


GPM (%) 21.73 23.52 24.18 18.73 19.61 912

OPM (%) 15.79 15.54 15.79 12.29 12.07


NPM (%) 10.57 11.18 11.84 8.30 7.91
-99

2009 2010 2011 2012 2013


Payout Ratio (%) 35.88 40.84 39.31 38.35 -
Yield (%) 3.02 2.20 1.61 1.42 -

RESEARCH AND DEVELOPMENT DIVISION 73


COMPANY REPORT

HRUM
HARUM ENERGY TBK.

Company Profile

PT Harum Energy Tbk. was originally established as PT Asia Antrasit dated October 12th,
1995.

The scope of its business activities are mainly to engage in mining, trading and services
industries. Currently, the main business activities of the Company are operating and
investing in coal mining, trading and services industries through its subsidiaries. The
Companystarteditscommercialoperationsin2007.TheCompanyanditssubsidiarieshad
995employeesinDecember31th,2013.

PT Harum Energy Tbk. is one of the leading thermal coal producers in Indonesia with
integratedminingoperationsinEastKalimantan.Throughitssubsidiariesandjointventure
company,theCompanyoperatesthreecoalminesandatugandbargeoperation.

The Company markets its coal to a diversified group of customers in various Asian
countries, such as Japan, South Korea, Taiwan, China and India, under both multiyear
contracts as well as spot contracts. The Company's customers include large coalfired
powergeneratingandmanufacturingcompanieslocatedthroughoutAsia.

TheCompanyhasownershipinterestdirectlyorindirectly,inthefollowingsubsidiaries:
PTMahakamSumberJaya,
PTLayarLintasJaya,
HarumEnergyAustraliaLtd.,
PTTambangBatubaraHarum,
HarumEnergyCapitalLtd.,
PTKaryaUsahaPertiwi.


January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

74 RESEARCH AND DEVELOPMENT DIVISION


HRUM Harum Energy Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 46.058
Industry Sector : Mining (2) Listed Shares : 2,703,620,000
Industry Sub Sector : Coal Mining (21) Market Capitalization : 6,475,169,900,000
103 | 6.48T | 0.15% | 87.56%

33 | 8.52T | 0.77% | 64.19%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 12-Oct-1995 1. PT Karunia Bara Perkasa 1,909,458,500 : 70.63%
Listing Date : 06-Oct-2010 2. Public (<5%) 794,161,500 : 29.37%
Under Writer IPO :
PT Ciptadana Securities DIVIDEND ANNOUNCEMENT
PT Mandiri Sekuritas Bonus Cash Recording Payment
F/I
Securities Administration Bureau : Year Shares Dividend Cum Date Ex Date Date Date
PT Datindo Entrycom 2010 244.10 30-May-11 31-May-11 03-Jun-11 17-Jun-11 F
Wisma Sudirman - Puri Datindo 2011 380.00 08-Jun-12 11-Jun-12 13-Jun-12 22-Jun-12 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2012 252.00 14-Jun-13 17-Jun-13 19-Jun-13 13-Jul-13 F
Phone : (021) 570-9009
Fax : (021) 570-9026 ISSUED HISTORY
Listing Trading
BOARD OF COMMISSIONERS No. Type of Listing Shares Date Date
1. Lawrence Barki 1. First Issue 200,000,000 06-Oct-10 06-Oct-10
2. Agus Rajani Panjaitan *) 2. Founder Divestment 300,000,000 06-Oct-10 06-Oct-10
3. Budi Rahardja 3. Over Allotment 50,000,000 06-Oct-10 06-Oct-10
4. Sony Budi Harsono *) 4. Company Listing 2,150,000,000 06-Oct-10 06-Oct-10
5. Yun Mulyana 5. EMSOP I 67,500 29-Dec-11 29-Dec-11
*) Independent Commissioners 6. EMSOP I 32,500 05-Jan-12 05-Jan-12
7. EMSOP I 100,000 06-Jan-12 06-Jan-12
BOARD OF DIRECTORS 8. EMSOP I 700,000 11-Jan-12 11-Jan-12
1. Ray Antonio Gunara 9. EMSOP I 2,195,000 17-Jan-12 17-Jan-12
2. David John Heap 10. EMSOP I 450,000 18-Jan-12 18-Jan-12
3. Eddy Sumarsono 11. EMSOP I 75,000 09-Jan-13 09-Jan-13
4. Kenneth Scott Andrew Thompson

AUDIT COMMITTEE
1. Agus Rajani Panjaitan
2. Simon Halim
3. Sony Budi Harsono

CORPORATE SECRETARY
Alexandra Mira Sukmawati

HEAD OFFICE
Jln. Alaydrus No. 80
Jakarta Pusat - 10130
Phone : (021) 634-5222
Fax : (021) 634-5221

Homepage : www.harumenergy.com
Email : corsec@harumenergy.com

RESEARCH AND DEVELOPMENT DIVISION 75


HRUM Harum Energy Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Harum Energy Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* October 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
12,000 480 Oct-10 6,250 5,200 5,850 13,106 616,082 3,313,064 18
Nov-10 7,500 5,700 6,800 14,074 326,375 2,098,719 21
10,500 420 Dec-10 9,300 6,700 9,000 9,938 153,334 1,190,619 20

Jan-11 9,900 7,850 7,950 16,665 167,756 1,522,888 21


9,000 360
Feb-11 8,850 7,800 8,250 12,047 90,045 750,518 18
Mar-11 9,200 8,000 8,950 16,155 125,252 1,106,944 23
7,500 300
Apr-11 9,650 8,800 9,600 10,989 94,679 875,894 20
May-11 9,600 9,000 9,150 10,224 371,793 3,386,010 21
6,000 240
Jun-11 9,800 8,900 9,550 10,455 124,702 1,165,277 20
Jul-11 10,700 9,400 9,700 11,670 104,088 1,037,826 21
4,500 180 Aug-11 9,950 7,400 7,750 24,480 215,394 1,846,874 19
Sep-11 8,950 6,300 7,100 23,986 208,796 1,600,802 20
3,000 120 Oct-11 8,500 5,900 7,850 24,421 236,783 1,717,275 21
Nov-11 8,400 6,700 6,700 19,886 187,053 1,414,934 22
1,500 60 Dec-11 7,600 6,600 6,850 18,064 174,210 1,216,834 21

Jan-12 7,650 6,750 7,600 13,157 133,467 972,512 21


Feb-12 9,000 7,450 8,800 14,546 176,333 1,459,716 21
Oct-10 Oct-11 Oct-12 Oct-13
Mar-12 8,850 7,900 8,150 13,495 127,098 1,057,144 21
Apr-12 8,450 7,100 7,150 20,900 185,916 1,434,320 20
May-12 7,400 6,000 6,100 24,298 195,195 1,310,667 21
Closing Price*, Jakarta Composite Index (IHSG) and Jun-12 6,150 5,100 5,700 27,831 250,729 1,425,599 21
Mining Index Jul-12 6,350 5,500 5,650 22,986 199,620 1,177,473 22
October 2010 - January 2014 Aug-12 6,350 5,500 5,850 12,096 155,985 930,617 19
100% Sep-12 6,500 5,800 5,900 14,366 174,280 1,075,603 20
Oct-12 5,950 5,300 5,400 12,203 100,626 561,569 22
80% Nov-12 5,550 4,950 5,000 8,090 74,548 395,433 20
Dec-12 6,250 4,875 6,000 16,661 179,121 1,007,799 18
60%
Jan-13 6,700 5,900 6,000 17,532 122,383 767,026 21
40% Feb-13 6,250 5,400 5,500 11,483 87,239 511,082 20
Mar-13 5,550 4,800 4,800 18,018 174,275 903,433 19
22.6% Apr-13 5,150 4,100 4,150 16,550 154,557 741,992 22
20%
May-13 4,500 3,725 3,925 21,482 178,916 720,133 22
Jun-13 4,175 3,025 3,025 23,240 122,349 437,137 19
-
Jul-13 3,375 2,600 2,600 17,348 133,089 393,305 23
Aug-13 3,300 2,350 3,225 17,505 184,011 521,635 17
-20% Sep-13 3,825 2,650 2,700 22,920 194,350 646,763 21
Oct-13 3,325 2,650 3,150 19,067 194,409 594,262 21
-40% Nov-13 3,700 3,150 3,300 14,639 174,952 610,100 20
-50.8% Dec-13 3,400 2,675 2,750 15,058 127,409 405,756 19
-60% -56.1%

Oct 10 Oct 11 Oct 12 Oct 13 Jan-14 2,850 2,285 2,395 31,736 179,606 448,012 20

SHARES TRADED 2010 2011 2012 2013 Jan-14


Volume (Million Sh.) 1,096 2,101 1,953 1,848 180
Value (Billion Rp) 6,602 17,642 12,808 7,253 448
Frequency (Thou. X) 37 199 201 215 32
Days 59 247 246 244 20

Price (Rupiah)
High 9,300 10,700 9,000 6,700 2,850
Low 5,200 5,900 4,875 2,350 2,285
Close 9,000 6,850 6,000 2,750 2,395
Close* 9,000 6,850 6,000 2,750 2,395

PER (X) 29.49 10.82 12.02 13.23 11.52


PER Industry (X) 17.69 16.17 8.49 19.30 13.24
PBV (X) 10.57 5.20 4.07 1.62 1.41
* Adjusted price after corporate action

76 RESEARCH AND DEVELOPMENT DIVISION


HRUM Harum Energy Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Osman Bing Satrio & Eny (Member of Deloitte Touche Tohmatsu Limited)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,029,592 1,660,807 1,569,658 2,225,266 6,250

Receivables 468,947 572,505 659,863 656,824


296,910 626,515 985,392 346,558 5,000
Inventories
Current Assets 1,808,378 2,866,473 3,245,066 3,492,764
3,750
Fixed Assets 1,011,109 1,077,768 1,185,287 1,423,950
Other Assets 15,134 18,274 23,877 21,713
2,500
Total Assets 3,470,174 4,645,148 5,208,642 5,897,221
Growth (%) 33.86% 12.13% 13.22% 1,250

Current Liabilities 866,081 1,070,554 1,036,181 1,011,515 -


Long Term Liabilities 59,203 17,613 27,518 39,355 2010 2011 2012 2013
Total Liabilities 925,284 1,088,167 1,063,699 1,050,871
Growth (%) 17.60% -2.25% -1.21%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 1,000,000 1,000,000 1,000,000 1,000,000 4,846
Paid up Capital 270,000 270,000 279,235 270,362 4,846

4,145
Paid up Capital (Shares) 2,700 2,700 2,792 2,704
3,557
Par Value 100 100 100 100
3,858

Retained Earnings 974,086 1,779,263 2,046,655 2,253,014


2,869

Total Equity 2,298,506 3,556,981 4,144,943 4,846,351 2,299

Growth (%) 54.75% 16.53% 16.92% 1,880

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 892

Total Revenues 4,486,422 7,296,631 10,088,722 10,270,969


Growth (%) 62.64% 38.27% 1.81%
-97

2010 2011 2012 2013

Cost of Revenues 2,909,766 4,322,420 7,004,135 8,116,717


Gross Profit 1,576,656 2,974,211 3,084,587 2,154,251
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 433,900 655,876 1,024,783 1,380,332
Operating Profit 1,142,756 - - - 10,089 10,271
10,271

Growth (%)
8,176
7,297
Other Income (Expenses) -47,311 - - -
Income before Tax 1,227,359 2,318,335 2,059,804 773,919 6,080

4,486
Tax 246,153 539,351 496,454 165,572
Profit for the period 981,206 1,778,984 1,563,350 608,348
3,985

Growth (%) 81.31% -12.12% -61.09%


1,890

Period Attributable 823,940 1,464,247 1,272,754 513,475 -205

Comprehensive Income 1,056,626 1,709,316 1,511,063 531,148 2010 2011 2012 2013
Comprehensive Attributable 899,360 1,394,579 1,221,303 435,580

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 208.80 267.76 313.18 345.30
1,779
Dividend (Rp) 244.10 380.00 252.00 - 1,779

1,563
EPS (Rp) 305.16 542.31 455.80 189.92
BV (Rp) 851.30 1,317.40 1,484.39 1,792.54 1,416

DAR (X) 0.27 0.23 0.20 0.18 981


1,053

DER(X) 0.40 0.31 0.26 0.22


ROA (%) 28.28 38.30 30.01 10.32 690
608
ROE (%) 42.69 50.01 37.72 12.55
GPM (%) 35.14 40.76 30.57 20.97 327

OPM (%) 25.47 - - -


NPM (%) 21.87 24.38 15.50 5.92
-36

2010 2011 2012 2013


Payout Ratio (%) 79.99 70.07 55.29 -
Yield (%) 2.71 5.55 4.20 -

RESEARCH AND DEVELOPMENT DIVISION 77


COMPANY REPORT

ICBP
INDOFOOD CBP SUKSES MAKMUR TBK.

Company Profile

PT Indofood CBP Sukses Makmur Tbk. was established in the Republic of Indonesia on
September2nd,2009.

The Company was the result of the spinoff of the Noodle Division and Food Ingredients
DivisionofPTIndofoodSuksesMakmurTbk.,thecontrollingshareholderoftheCompany,
andstartedtocarryouttherelatedbusinessoperationsonOctober1st,2009.

The Companys head office is located in Jakarta, while the Company and its Subsidiaries
factories are located in various locations in Java, Sumatera, Kalimantan, Sulawesi Islands
andMalaysia.

Thescopeofitsactivitiescomprises,amongothers,themanufactureofnoodlesandfood
ingredients,culinaryfoodproducts,biscuits,snacks,nutritionandspecialfoods,packaging,
trading,transportation,warehousingandcoldstorage,managementservices,andresearch
anddevelopment.

TheCompanyisanestablishedmarketleadingproducerofpackagedfoodproductswitha
diverse range of products providing everyday food solutions for consumers of all ages.
ManyofitsproductsbrandsareamongthestrongestbrandswithsignificantTopofMind
status in Indonesia and have gained the trust and loyalty of millions of consumers in
Indonesiafordecades.

TheCompanyhasdirectshareownershipsinthefollowingsubsidiaries:
DraytonPte.Ltd.,
Indofood(M)FoodIndustriesSdn.Bhd.,
PTSuryaRengoContainers,
PTIndofoodFritolayMakmur,
PTIndofoodAsahiSuksesBeverage,
PTIndofoodTsukishimaSuksesMakmur.

ThelongterminvestmentintheassociatedentityisPTNestleIndofoodCitarasaIndonesia
and PT Asahi Indofood Beverage Makmur. As of December 31st, 2013, the Group had
27,831employees.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

78 RESEARCH AND DEVELOPMENT DIVISION


ICBP Indofood CBP Sukses Makmur Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 203.892
Industry Sector : Consumer Goods Industry (5) Listed Shares : 5,830,954,000
Industry Sub Sector : Food And Beverages (51) Market Capitalization : 64,140,494,000,000
16 | 64.1T | 1.48% | 54.37%

26 | 9.32T | 0.84% | 58.67%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 02-Sep-2009 1. PT Indofood Sukses Makmur Tbk. 4,664,763,000 : 80.00%
Listing Date : 07-Oct-2010 2. Public (<5%) 1,166,191,000 : 20.00%
Under Writer IPO :
PT Kim Eng Securities DIVIDEND ANNOUNCEMENT
PT Credit Suisse Securities Indonesia Bonus Cash Recording Payment
F/I
PT Deutsche Securities Indonesia Year Shares Dividend Cum Date Ex Date Date Date
PT Mandiri Sekuritas 2010 116.00 21-Jun-11 22-Jun-11 24-Jun-11 07-Jul-11 F
Securities Administration Bureau : 2011 169.00 13-Jul-12 16-Jul-12 18-Jul-12 31-Jul-12 F
PT Raya Saham Registra
Plaza Central Building 2nd Fl. ISSUED HISTORY
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 Listing Trading
Phone : (021) 252-5666 No. Type of Listing Shares Date Date
Fax : (021) 252-5028 1. First Issue 1,166,191,000 07-Oct-10 07-Oct-10
2. Company Listing 4,664,763,000 07-Oct-10 07-Apr-11
BOARD OF COMMISSIONERS
1. Benny Setiawan Santoso
2. Adi Pranoto Leman *)
3. Alamsyah
4. F.G. Winarno *)
5. Franciscus Welirang
6. Moleonoto
7. Wahjudi Prakarsa *)
*) Independent Commissioners

BOARD OF DIRECTORS
1. Anthoni Salim
2. Axton Salim
3. Hendra Widjaja
4. Suaimi Suriady
5. Sulianto Pratama
6. Taufik Wiraatmadja
7. Tjhie Tje Fie
8. Werianty Setiawan
9. Yungky Setiawan

AUDIT COMMITTEE
1. Adi Pranoto Leman
2. Timotius
3. Wahjudi Prakarsa

CORPORATE SECRETARY
Elly Putranti

HEAD OFFICE
Sudirman Plaza, Indofood Tower 25th Fl.
Jln. Jend. Sudirman Kav. 76 - 78
Jakarta - 12910
Phone : (021) 5795-8822
Fax : (021) 5793-7373

Homepage : www.indofoodcbp.com
Email : elly.putranti@icbp.indofood.co.id

RESEARCH AND DEVELOPMENT DIVISION 79


ICBP Indofood CBP Sukses Makmur Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Indofood CBP Sukses Makmur Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* October 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
14,000 320 Oct-10 6,200 5,150 5,700 18,244 682,038 3,893,907 17
Nov-10 5,750 5,000 5,100 12,136 249,442 1,312,257 21
12,250 280 Dec-10 5,200 4,400 4,675 19,178 309,605 1,454,968 20

Jan-11 5,150 4,350 4,575 15,091 248,406 1,177,703 21


10,500 240
Feb-11 4,675 4,300 4,575 7,386 120,754 540,317 18
Mar-11 5,300 4,600 5,300 8,462 167,772 824,126 23
8,750 200
Apr-11 5,450 5,100 5,400 5,234 109,382 584,014 20
May-11 5,400 5,050 5,050 4,707 108,877 569,475 21
7,000 160
Jun-11 5,450 4,925 5,400 4,174 81,379 418,328 20
Jul-11 5,800 5,400 5,800 5,994 118,404 673,478 21
5,250 120 Aug-11 6,000 5,300 5,300 7,456 128,240 727,782 19
Sep-11 5,600 3,800 4,925 11,353 159,002 800,880 20
3,500 80 Oct-11 5,750 4,650 5,300 5,355 53,012 279,275 21
Nov-11 5,300 4,875 5,150 5,991 89,997 458,703 22
1,750 40 Dec-11 5,250 4,875 5,200 3,224 44,489 224,012 21

Jan-12 5,350 4,975 5,100 4,570 86,150 439,212 21


Feb-12 5,650 5,050 5,650 5,499 86,833 470,009 21
Oct-10 Oct-11 Oct-12 Oct-13
Mar-12 5,700 5,150 5,450 6,691 70,684 380,098 21
Apr-12 5,650 5,000 5,650 5,021 89,511 468,937 20
May-12 5,900 5,400 5,650 4,606 82,359 472,137 21
Closing Price*, Jakarta Composite Index (IHSG) and Jun-12 5,850 5,400 5,750 3,477 49,711 282,356 21
Consumer Goods Industry Index Jul-12 6,850 5,700 6,600 8,760 144,591 897,445 22
October 2010 - January 2014 Aug-12 6,850 6,400 6,550 5,188 58,263 385,634 19
150% Sep-12 6,650 6,150 6,350 7,021 67,678 431,645 20
Oct-12 7,750 6,300 7,150 9,940 111,373 787,349 22
125% Nov-12 7,550 6,900 7,400 5,982 74,371 536,371 20
Dec-12 8,300 7,300 7,800 6,712 68,335 532,860 18
100%
Jan-13 8,700 7,600 8,000 8,421 69,143 552,825 21
84.9%
75% Feb-13 8,650 7,900 8,500 7,470 78,410 638,909 20
Mar-13 9,900 8,200 9,600 13,589 108,935 974,749 19
57.2% Apr-13 11,700 9,500 11,450 23,016 106,833 1,118,431 22
50%
May-13 13,400 11,500 13,100 35,135 183,672 2,300,353 22
Jun-13 13,000 9,850 12,200 26,910 111,166 1,270,060 19
25% 23.2% Jul-13 12,500 10,350 11,200 20,502 81,983 913,934 23
Aug-13 11,650 8,700 10,000 15,325 68,204 680,778 17
- Sep-13 12,200 8,900 10,250 19,020 91,623 932,990 21
Oct-13 11,500 10,200 11,200 15,121 73,454 805,810 21
-25% Nov-13 11,300 9,750 10,000 19,144 71,526 740,344 20
Dec-13 10,300 9,550 10,200 12,888 36,835 368,146 19
-50%

Oct 10 Oct 11 Oct 12 Oct 13 Jan-14 11,700 9,900 11,000 31,608 68,488 734,990 20

SHARES TRADED 2010 2011 2012 2013 Jan-14


Volume (Million Sh.) 1,241 1,430 990 1,082 68
Value (Billion Rp) 6,661 7,278 6,084 11,297 735
Frequency (Thou. X) 50 84 73 217 32
Days 58 247 246 244 20

Price (Rupiah)
High 6,200 6,000 8,300 13,400 11,700
Low 4,400 3,800 4,975 7,600 9,900
Close 4,675 5,200 7,800 10,200 11,000
Close* 4,675 5,200 7,800 10,200 11,000

PER (X) 16.00 14.69 19.88 24.06 25.94


PER Industry (X) 16.41 16.22 19.75 19.15 23.95
PBV (X) 3.06 2.83 3.79 4.62 4.98
* Adjusted price after corporate action

80 RESEARCH AND DEVELOPMENT DIVISION


ICBP Indofood CBP Sukses Makmur Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 3,407,687 4,420,644 5,484,318 5,526,173 22,500

Receivables 2,026,249 2,378,402 2,328,181 2,549,415


1,422,466 1,629,883 1,812,887 2,868,722 18,000
Inventories
Current Assets 7,017,835 8,580,311 9,888,440 11,321,715
13,500
Fixed Assets 2,304,588 2,590,036 3,839,756 4,844,407
Other Assets 136,855 169,718 - 888,529
9,000
Total Assets 13,361,313 15,222,857 17,753,480 21,267,470
Growth (%) 13.93% 16.62% 19.79% 4,500

Current Liabilities 2,701,200 2,988,540 3,579,487 4,696,583 -


Long Term Liabilities 1,297,932 1,524,544 2,187,195 3,305,156 2010 2011 2012 2013
Total Liabilities 3,999,132 4,513,084 5,766,682 8,001,739
Growth (%) 12.85% 27.78% 38.76%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 750,000 750,000 750,000 750,000 13,266
Paid up Capital 583,095 583,095 583,095 583,095 11,987
Paid up Capital (Shares) 5,831 5,831 5,831 5,831 10,710
Par Value 100 100 100 100
10,560

8,920
Retained Earnings 2,344,832 3,643,786 4,837,947 5,978,662
7,853

Total Equity 8,919,546 10,709,773 11,986,798 13,265,731


Growth (%) 20.07% 11.92% 10.67% 5,147

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 2,441

Total Revenues 17,960,120 19,367,155 21,574,792 25,094,681


Growth (%) 7.83% 11.40% 16.31%
-265

2010 2011 2012 2013

Cost of Revenues 12,993,217 14,335,896 15,796,183 18,668,990


Gross Profit 4,966,903 5,031,259 5,778,609 6,425,691
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 2,322,011 2,423,258 -2,936,549 3,653,767
Operating Profit 2,644,892 2,608,001 2,842,060 2,771,924 25,095
25,095

Growth (%) -1.39% 8.97% -2.47% 21,575


19,367
19,975
17,960
Other Income (Expenses) -125,750 136,909 185,130 195,066
Income before Tax 2,519,142 2,744,910 3,027,190 2,966,990 14,856

Tax 666,913 678,545 -744,819 733,699


Profit for the period 1,827,909 2,066,365 2,282,371 2,235,040
9,737

Growth (%) 13.05% 10.45% -2.07%


4,617

Period Attributable 1,704,047 1,975,345 2,179,592 2,225,272 -502

Comprehensive Income 1,836,872 2,064,049 2,287,242 2,286,639 2010 2011 2012 2013
Comprehensive Attributable 1,710,197 1,973,683 2,183,205 2,260,929

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 259.80 287.11 276.25 241.06
2,282 2,235
Dividend (Rp) 116.00 169.00 - - 2,282

2,066
EPS (Rp) 292.24 338.77 373.80 381.63 1,828
BV (Rp) 1,529.69 1,836.71 2,055.72 2,275.05 1,817

DAR (X) 0.30 0.30 0.32 0.38


1,351

DER(X) 0.45 0.42 0.48 0.60


ROA (%) 13.68 13.57 12.86 10.51 886

ROE (%) 20.49 19.29 19.04 16.85


GPM (%) 27.66 25.98 26.78 25.61 420

OPM (%) 14.73 13.47 13.17 11.05


NPM (%) 10.18 10.67 10.58 8.91
-46

2010 2011 2012 2013


Payout Ratio (%) 39.69 49.89 - -
Yield (%) 2.48 3.25 - -

RESEARCH AND DEVELOPMENT DIVISION 81


COMPANY REPORT

INDF
INDOFOOD SUKSES MAKMUR TBK.

Company Profile

Over a number of decades PT Indofood Sukses Makmur Tbk. (Indofood) has been progressively
transformed to become a Total Food Solutions company with operations in all stages of food
manufacturing from the production of raw materials and their processing through to consumer
productsinthemarket.Today,itisrenownedasawellestablishedcompanyandaleadingplayerin
eachcategoryofbusinessinwhichitoperates.Initsbusinessoperations,Indofoodcapitalizesonits
resilientbusinessmodelwithfourcomplementaryStrategicBusinessGroups(Goup),namely:
ConsumerBrandedProducts(CBP).ItsbusinessactivitiesareconductedbyPTIndofood
CBPSuksesMakmurTbk(ICBP),whichwaslistedontheIndonesiaStockExchange(IDX)
on7October2010.ICBPisoneoftheleadingpackagedfoodproducersinIndonesia,witha
wide range of packaged food products. ICBP product brands are among the strongest
brandswiththemostsignificantmindshareinIndonesiaforconsumerfoodbrands.
Bogasari,primarilyaproducerofwheatflouraswellaspasta.Itsbusinessoperationsare
supportedbyshippingandpackagingunits.
Agribusiness.TheGroupisledbyIndofoodAgriResourcesLtd.(IndoAgri),listedonthe
Singapore Stock Exchange. Both of IndoAgris subsidiaries, PT Salim Ivomas Pratama Tbk
(SIMP),andPTPerusahaanPerkebunanLondonSumatraIndonesiaTbk(Lonsum),are
listed on the IDX. The Groups principal business activities range from research and
development,seedbreeding,oilpalmcultivationandmilling;aswellastheproductionand
marketingofbrandedcookingoils,margarineandshortening.Inaddition,theGroupisalso
involvedinthecultivationandprocessingofrubberandsugarcaneaswellasothercrops.
Distribution, which boasts the most extensive distribution network in Indonesia. It
distributes the majority of Indofoods and its subsidiaries consumer products as well as
thirdpartyproducts.

AsofDecember31st,2013,theCompanyanditsSubsidiarieshadatotalof84,871employees.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

82 RESEARCH AND DEVELOPMENT DIVISION


INDF Indofood Sukses Makmur Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 1,193.957
Industry Sector : Consumer Goods Industry (5) Listed Shares : 8,780,426,500
Industry Sub Sector : Food And Beverages (51) Market Capitalization : 61,243,474,837,500
17 | 61.2T | 1.41% | 55.78%

12 | 19.9T | 1.80% | 40.27%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 14-Aug-1990 1. CAB Holdings Limited 4,394,603,450 : 50.05%
Listing Date : 14-Jul-1994 2. Public (<5%) 4,385,823,050 : 49.95%
Under Writer IPO :
PT Merincorp DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Raya Saham Registra Year Shares Dividend Cum Date Ex Date Date Date
Plaza Central Building 2nd Fl. 1994 58.00 21-Jul-95 24-Jul-95 01-Aug-95 31-Aug-95 F
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1995 80.00 11-Jul-96 12-Jul-96 22-Jul-96 21-Aug-96 F
Phone : (021) 252-5666 1996 47.00 10-Jul-97 11-Jul-97 22-Jul-97 22-Aug-97 F
Fax : (021) 252-5028 2000 18.00 11-Jul-01 12-Jul-01 17-Jul-01 31-Jul-01 F
2001 25.00 09-Jul-02 10-Jul-02 15-Jul-02 29-Jul-02 F
BOARD OF COMMISSIONERS 2002 28.00 17-Jul-03 18-Jul-03 22-Jul-03 05-Aug-03 F
1. Manuel Valez Pangilinan 2003 28.00 15-Jul-04 16-Jul-04 20-Jul-04 02-Aug-04 F
2. Benny Setiawan Santoso 2005 17.50 26-Aug-05 29-Aug-05 31-Aug-05 15-Sep-05
3. Edward Anthony Tortorici 2005 5.00 20-Jul-06 21-Jul-06 25-Jul-06 08-Aug-06 F
4. Graham Leigh Pickles 2006 31.00 27-Jul-07 30-Jul-07 01-Aug-07 15-Aug-07 F
5. Hans Kartikahadi *) 2007 43.00 12-Aug-08 13-Aug-08 15-Aug-08 27-Aug-08 F
6. Robert Charles Nicholson 2008 47.00 02-Jul-09 03-Jul-09 07-Jul-09 22-Jul-09 F
7. Torstein Stephansen *) 2009 93.00 19-Jul-10 20-Jul-10 22-Jul-10 05-Aug-10 F
8. Utomo Josodirdjo *) 2010 133.00 26-Jul-11 27-Jul-11 29-Jul-11 09-Aug-11 F
*) Independent Commissioners 2011 175.00 17-Jul-12 18-Jul-12 20-Jul-12 03-Aug-12 F
2012 185.00 17-Jul-13 18-Jul-13 22-Jul-13 02-Aug-13 F
BOARD OF DIRECTORS
1. Anthoni Salim ISSUED HISTORY
2. Axton Salim Listing Trading
3. Darmawan Sarsito (Kevin Sietho) No. Type of Listing Shares Date Date
4. Franciscus Welirang 1. First Issue 21,000,000 14-Jul-94 14-Jul-94
5. Joseph Bataona 2. Founders Shares 742,000,000 T: 14-Jul-94 : 08-Feb-95
6. Moleonoto (Paulus Moleonoto) 3. Stock Split 8,087,800,000 T: 12-Aug-96 : 29-Sep-00
7. Taufik Wiraatmadja 4. Right Issue 305,200,000 24-Apr-97 24-Apr-97
8. Tjhie Tje Fie (Thomas Tjhie) 5. Option Conversion 287,269,500 T: 07-May-02 : 12-Jun-03
9. Werianty Setiawan 6. Option III Conversion 919,500 T: 06-Feb-04 : 24-May-04
7. Buy Back -663,762,500 28-Oct-08 28-Oct-08
AUDIT COMMITTEE
1. Hans Kartikahadi
2. Hendra Susanto
3. Timotius

CORPORATE SECRETARY
Werianty Setiawan

HEAD OFFICE
Sudirman Plaza, Indofood Tower 27th Fl.
Jln. Jend. Sudirman Kav. 76 - 78
Jakarta - 12190
Phone : (021) 5795-8822
Fax : (021) 5793-7373

Homepage : www.indofood.com
Email : werianty@indofood.co.id

RESEARCH AND DEVELOPMENT DIVISION 83


INDF Indofood Sukses Makmur Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Indofood Sukses Makmur Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
8,000 160 Jan-10 3,900 3,400 3,600 19,155 416,987 1,542,974 20
Feb-10 3,950 3,375 3,800 16,258 332,640 1,220,407 19
7,000 140 Mar-10 4,225 3,700 3,775 22,401 373,683 1,463,808 22
Apr-10 3,950 3,700 3,900 26,928 468,345 1,798,803 21
May-10 3,950 3,300 3,650 33,032 644,511 2,320,315 19
6,000 120
Jun-10 4,225 3,475 4,150 22,744 514,572 1,995,277 22
Jul-10 4,725 4,100 4,625 20,043 355,861 1,561,997 22
5,000 100
Aug-10 4,850 4,100 4,550 53,114 779,462 3,398,163 21
Sep-10 5,800 4,450 5,450 40,387 668,483 3,419,349 17
4,000 80
Oct-10 5,700 4,800 5,200 50,506 689,172 3,550,603 21
Nov-10 5,200 4,525 4,575 29,814 460,205 2,269,103 21
3,000 60 Dec-10 4,975 4,425 4,875 29,244 409,963 1,881,471 20

2,000 40 Jan-11 5,100 4,300 4,700 29,796 364,749 1,725,256 21


Feb-11 4,900 4,550 4,750 15,394 180,015 853,054 18
1,000 20 Mar-11 5,450 4,750 5,400 27,762 313,582 1,581,400 23
Apr-11 5,700 5,200 5,550 17,178 212,478 1,161,362 20
May-11 5,750 5,250 5,400 18,291 270,736 1,497,017 21
Jun-11 5,850 5,150 5,750 19,672 268,060 1,463,174 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 6,500 5,700 6,350 22,022 267,156 1,590,534 21
Aug-11 6,800 5,850 6,100 34,598 378,704 2,396,653 19
Sep-11 6,250 4,150 5,050 51,427 588,035 3,052,287 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 5,750 4,575 5,250 36,536 388,580 2,046,847 21
Consumer Goods Industry Index Nov-11 5,250 4,600 4,700 38,862 371,421 1,822,817 22
January 2010 - January 2014 Dec-11 4,875 4,500 4,600 23,694 241,411 1,130,332 21
245%
Jan-12 4,975 4,600 4,800 25,256 255,981 1,232,987 21
210% Feb-12 5,150 4,800 5,100 26,576 299,674 1,482,914 21
Mar-12 5,200 4,750 4,850 24,300 263,089 1,293,314 21
175% 179.5% Apr-12 4,900 4,575 4,850 27,216 372,042 1,763,910 20
May-12 4,900 4,625 4,725 22,748 270,366 1,297,395 21
140% Jun-12 4,875 4,400 4,850 18,225 207,237 984,904 21
Jul-12 5,650 4,825 5,400 31,601 412,934 2,195,788 22
Aug-12 5,500 5,100 5,400 18,695 231,332 1,238,115 19
105%
Sep-12 5,650 5,300 5,650 19,243 239,535 1,304,306 20
89.8%
Oct-12 6,200 5,550 5,700 18,532 354,341 2,056,934 22
70% 71.6%
Nov-12 5,900 5,500 5,850 17,512 227,499 1,300,727 20
Dec-12 6,200 5,450 5,850 24,477 236,709 1,375,205 18
35%

Jan-13 6,200 5,750 6,050 28,192 381,477 2,293,129 21


- Feb-13 7,300 5,950 7,300 28,087 302,233 1,969,793 20
Mar-13 8,000 7,100 7,450 30,888 288,028 2,147,746 19
-35% Apr-13 7,600 7,200 7,350 19,978 246,584 1,832,014 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 7,850 7,000 7,350 31,881 370,021 2,741,321 22
Jun-13 7,450 6,150 7,350 38,863 314,861 2,148,930 19
Jul-13 7,400 6,450 6,500 30,651 217,023 1,503,617 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 7,050 5,350 6,500 28,933 192,419 1,192,526 17
Volume (Million Sh.) 6,114 3,845 3,371 3,207 194 Sep-13 7,200 5,750 7,050 33,670 233,737 1,537,090 21
Value (Billion Rp) 26,422 20,321 17,526 21,844 1,340 Oct-13 7,450 6,600 6,650 33,020 303,938 2,126,484 21
Frequency (Thou. X) 364 335 274 359 39 Nov-13 6,850 6,200 6,650 31,088 195,086 1,283,220 20
Days 245 247 246 244 20 Dec-13 6,850 6,250 6,600 23,609 161,902 1,067,696 19

Price (Rupiah) Jan-14 7,350 6,550 6,975 39,285 194,431 1,339,609 20


High 5,800 6,800 6,200 8,000 7,350
Low 3,300 4,150 4,400 5,350 6,550
Close 4,875 4,600 5,850 6,600 6,975
Close* 4,875 4,600 5,850 6,600 6,975

PER (X) 14.50 8.05 10.54 22.61 23.90


PER Industry (X) 16.41 16.22 19.75 19.15 23.95
PBV (X) 2.55 1.28 1.50 1.50 1.59
* Adjusted price after corporate action

84 RESEARCH AND DEVELOPMENT DIVISION


INDF Indofood Sukses Makmur Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 4,474,830 10,439,353 13,049,048 13,343,028 13,666,194 87,500

Receivables 2,296,474 2,686,273 3,669,305 3,485,461 4,959,416


5,117,484 5,644,141 6,536,343 7,782,594 8,160,539 70,000
Inventories
Current Assets 12,954,813 20,077,994 24,501,734 26,202,972 32,464,497
52,500
Fixed Assets 10,808,449 11,737,142 12,921,013 15,775,741 23,027,913
Other Assets 2,044,473 1,133,994 1,216,694 - 2,748,446
35,000
Total Assets 40,382,953 47,275,955 53,585,933 59,324,207 78,092,789
Growth (%) 17.07% 13.35% 10.71% 31.64% 17,500

Current Liabilities 11,158,962 9,859,118 12,831,304 13,080,544 19,471,309 -


Long Term Liabilities 13,727,819 12,563,999 9,144,404 12,100,989 20,248,351 2009 2010 2011 2012 2013
Total Liabilities 24,886,781 22,423,117 21,975,708 25,181,533 39,719,660
Growth (%) -9.90% -2.00% 14.59% 57.73%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 38,373
Paid up Capital 878,043 878,043 878,043 878,043 878,043 38,373

34,143
Paid up Capital (Shares) 8,780 8,780 8,780 8,780 8,780 31,610

Par Value 100 100 100 100 100


30,545

Retained Earnings 6,991,568 9,110,852 11,020,235 12,744,836 13,609,258


22,717

Total Equity 10,155,495 16,784,671 31,610,225 34,142,674 38,373,129 16,785


Growth (%) 65.28% 88.33% 8.01% 12.39% 14,889

10,155

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 7,061

Total Revenues 37,140,830 38,403,360 45,332,256 50,059,427 57,731,998


Growth (%) 3.40% 18.04% 10.43% 15.33%
-767

2009 2010 2011 2012 2013

Cost of Revenues 27,018,884 25,932,908 32,749,190 36,493,332 43,402,144


Gross Profit 10,121,946 12,470,452 12,583,066 13,566,095 14,329,854
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 5,117,737 5,741,141 5,732,047 -6,695,501 7,611,873
Operating Profit 5,004,209 6,729,311 6,851,019 6,870,594 6,717,981 57,732
57,732

Growth (%) 34.47% 1.81% 0.29% -2.22% 50,059


45,332
45,955

37,141 38,403
Other Income (Expenses) -940,396 -1,296,936 -498,630 -560,838 -2,051,023
Income before Tax 4,063,813 5,432,375 6,352,389 6,309,756 4,666,958 34,177

Tax 1,207,032 1,497,567 1,460,716 -1,530,310 1,252,072


Profit for the period 2,856,781 3,934,808 4,891,673 4,779,446 3,416,635
22,400

Growth (%) 37.74% 24.32% -2.29% -28.51%


10,623

Period Attributable 2,075,861 2,952,858 3,077,180 3,261,176 2,503,841 -1,155

Comprehensive Income 2,726,309 4,016,793 5,017,425 4,871,745 5,161,247 2009 2010 2011 2012 2013
Comprehensive Attributable 1,946,495 3,029,667 3,203,898 3,346,600 4,011,240

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 116.09 203.65 190.95 200.32 166.73
4,892 4,779
Dividend (Rp) 93.00 133.00 175.00 185.00 - 4,892

EPS (Rp) 236.42 336.30 350.46 371.41 285.16 3,935


BV (Rp) 1,156.61 1,911.60 3,600.08 3,888.50 4,370.30 3,894

3,417

DAR (X) 0.62 0.47 0.41 0.42 0.51 2,857


2,896

DER(X) 2.45 1.34 0.70 0.74 1.04


ROA (%) 7.07 8.32 9.13 8.06 4.38 1,898

ROE (%) 28.13 23.44 15.47 14.00 8.90


GPM (%) 27.25 32.47 27.76 27.10 24.82 900

OPM (%) 13.47 17.52 15.11 13.72 11.64


NPM (%) 7.69 10.25 10.79 9.55 5.92
-98

2009 2010 2011 2012 2013


Payout Ratio (%) 39.34 39.55 49.93 49.81 -
Yield (%) 2.62 2.73 3.80 3.16 -

RESEARCH AND DEVELOPMENT DIVISION 85


C
COOM
MPPA
ANNY
Y R
REEP
POOR
R TT

INTP
INDOCEMENT TUNGGAL PRAKARSA TBK.

Company Profile

PT Indocement Tunggal Prakarsa Tbk. was incorporated on January 16th, 1985. The
Companystarteditscommercialoperationsin1985.

The scope of its activities comprises, among others, cement and building materials
manufacturing,mining,constructionandtrading.Currently,theCompanyandSubsidiaries
are involved in several businesses consisting of the manufacture and sale of cement (as
corebusiness)andreadymixconcrete,aggregatesandtrassquarrying.

TheCompanysheadofficeislocatedinJakartawhilethefactoriesarelocatedinCiteureup
WestJava,PalimananWestJava,andTarjunSouthKalimantan.

ThecementbusinessincludestheoperationsoftheCompanystwelve(12)plantslocated
inthreedifferentsites:nineattheCiteureupBogorsite,twoatthePalimananCirebon
siteandoneattheTarjunSouthKalimantansite.Themanufactureofreadymixconcrete,
cement distribution, and aggregates quarrying comprise the operations of most of the
CompanysSubsidiaries.

TheCompanyhasdirectownershipinsubsidiaries:
PTDianAbadiPerkasa,
PTGunungTuaMandiri,
PTIndomixPerkasa,
PTSariBhaktiSejati,
Indocement(CaymanIslands)Limited,and
PTLenteraAbadiSejahtera.

TheCompanyalsohasindirectownershipinsubsidiaries:
PTPionirbetonIndustri,
PTMandiriSejahteraSentra,
PTBahanaIndonor,
PTSahabatMuliaSakti,
PTMineralIndustriSukabumi,
PTMultiBangunGalaxy,and
PTBhaktiSariPerkasaAbadi.

As of December 31st, 2013, the Group had a total of 7,585 permanent employees
(unaudited).

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

86 RESEARCH AND DEVELOPMENT DIVISION


INTP Indocement Tunggal Prakarsa Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 896.000
Industry Sector : Basic Industry And Chemicals (3) Listed Shares : 3,681,231,699
Industry Sub Sector : Cement (31) Market Capitalization : 82,459,590,057,600
10 | 82.5T | 1.90% | 44.45%

16 | 17.4T | 1.57% | 46.93%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 16-Jan-1985 1. Birchwood Omnia Limited 1,877,480,863 : 51.00%
Listing Date : 05-Dec-1989 2. PT Mekar Perkasa 479,735,234 : 13.03%
Under Writer IPO : 3. Public (<5%) 1,324,015,602 : 35.97%
PT (Persero) Danareksa
PT Merchant Investment Corporation DIVIDEND ANNOUNCEMENT
PT Multicor Bonus Cash Recording Payment
F/I
Bank Pembangunan Indonesia Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 1991 150.00 13-Feb-91 14-Feb-91 21-Feb-91 15-Mar-91 I
PT Raya Saham Registra 1991 175.00 27-May-92 29-May-92 05-Jun-92 18-Jun-92 F
Plaza Central Building 2nd Fl. 1992 250.00 01-Jul-93 02-Jul-93 09-Jul-93 10-Aug-93 F
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1993 208.00 13-Jul-94 14-Jul-94 21-Jul-94 15-Aug-94 F
Phone : (021) 252-5666 1994 1:1 12-Aug-94 15-Aug-94 23-Aug-94 23-Sep-94
Fax : (021) 252-5028 1994 120.00 19-Jul-95 20-Jul-95 28-Jul-95 25-Aug-95 F
1995 40.00 23-Aug-95 24-Aug-95 01-Sep-95 29-Sep-95 I
BOARD OF COMMISSIONERS 1995 120.00 12-Jul-96 15-Jul-96 23-Jul-96 21-Aug-96 F
1. Albert Scheuer 1996 70.00 11-Jul-97 14-Jul-97 23-Jul-97 21-Aug-97 F
2. Bernhard Scheifele 1997 10 : 3 08-Sep-97 09-Sep-97 17-Sep-97 30-Sep-97 F
3. Daniel Hugues Jules Gauthier 2005 50.00 19-Jul-06 20-Jul-06 24-Jul-06 07-Aug-06 F
4. I Nyoman Tjager *) 2006 30.00 27-Jun-07 28-Jun-07 02-Jul-07 16-Jul-07 I
5. Lorenz Naeger 2007 40.00 05-Jun-08 06-Jun-08 10-Jun-08 24-Jun-08 F
6. Muhammad Jusuf Hamka *) 2008 150.00 02-Jun-09 03-Jun-09 05-Jun-09 19-Jun-09 F
7. Tedy Djuhar *) 2009 225.00 21-Jun-10 22-Jun-10 24-Jun-10 07-Jul-10 F
*) Independent Commissioners 2010 263.00 17-Jun-11 20-Jun-11 22-Jun-11 07-Jul-11 F
2011 293.00 18-Jun-12 19-Jun-12 21-Jun-12 05-Jul-12 F
BOARD OF DIRECTORS 2012 450.00 20-Jun-13 21-Jun-13 25-Jun-13 09-Jul-13 F
1. Daniel Eugene Antoine Lavalle
2. Benny Setiawan Santoso ISSUED HISTORY
3. Christian Kartawijaya Listing Trading
4. Daniel Robert Fritz No. Type of Listing Shares Date Date
5. Daniel Kundjono Adam 1. First Issue 89,832,150 05-Dec-89 05-Dec-89
6. Fransiscus Welirang 2. Koperasi 6,000,000 T: 26-Jun-92 : 31-Dec-99
7. Hasan Imer 3. Founders Shares 946,119 T: 07-Mar-94 : 02-Sep-94
8. Kuky Permana Kumalaputra 4. Convertible Bonds 8,555,640 T: 07-Mar-94 : 10-Nov-94
9. Ramakanta Bhattacharjee 5. Bonus Shares 599,790,020 T: 12-Sep-94 : 26-Sep-94
10. Tju Lie Sukanto 6. Company Listing 502,102,731 12-Sep-94 12-Sep-94
7. Stock Split 1,207,226,660 02-Sep-96 02-Sep-96
AUDIT COMMITTEE 8. Additional Listing 69,863,127 09-Jan-01 09-Jan-01
1. I Nyoman Tjager 9. Right Issue 1,196,907,072 24-Apr-01 24-Apr-01
2. Jusuf Halim 10. Warrant 8,180 12-May-03 12-May-03
3. Lindawati Gani

CORPORATE SECRETARY
Sahat Panggabean

HEAD OFFICE
Wisma Indocement 8th Fl.
Jln. Jend. Sudirman Kav. 70 - 71
Jakarta
Phone : (021) 251-0057, 570-3817
Fax : (021) 570-1693, 251-0066

Homepage : www.indocement.com
Email : corpsec@indocement.co.id
sahat.panggabean@indocement.co.id

RESEARCH AND DEVELOPMENT DIVISION 87


INTP Indocement Tunggal Prakarsa Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Indocement Tunggal Prakarsa Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
28,000 80.0 Jan-10 14,950 12,600 13,500 15,445 114,570 1,582,001 20
Feb-10 14,050 12,600 13,700 12,523 72,569 963,355 19
24,500 70.0 Mar-10 14,600 13,200 14,250 11,854 83,422 1,166,358 22
Apr-10 16,100 14,100 15,800 14,945 101,764 1,522,935 21
May-10 16,550 13,500 15,000 16,721 101,361 1,519,641 19
21,000 60.0
Jun-10 16,800 14,800 15,800 10,872 59,637 937,672 22
Jul-10 17,100 15,500 16,900 8,802 43,398 713,606 22
17,500 50.0
Aug-10 18,850 15,900 17,650 12,361 60,776 1,032,293 21
Sep-10 19,400 17,650 18,400 12,038 64,454 1,208,378 17
14,000 40.0
Oct-10 19,400 17,800 18,300 15,544 87,480 1,611,578 21
Nov-10 18,300 16,250 16,600 20,425 107,151 1,849,201 21
10,500 30.0 Dec-10 17,100 15,500 15,950 23,282 173,300 2,808,059 20

7,000 20.0 Jan-11 16,900 12,750 13,550 24,440 140,024 2,055,974 21


Feb-11 15,700 13,600 14,400 16,456 98,775 1,441,396 18
3,500 10.0 Mar-11 16,400 14,100 16,350 19,235 103,373 1,547,505 23
Apr-11 17,900 15,800 17,000 15,317 63,289 1,066,959 20
May-11 17,400 16,300 16,900 15,815 64,838 1,094,051 21
Jun-11 17,550 16,350 17,050 13,168 40,686 688,640 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 17,500 15,300 15,450 16,979 94,842 1,546,604 21
Aug-11 15,700 13,400 15,200 23,463 115,063 1,689,999 19
Sep-11 15,950 10,700 14,000 24,770 95,452 1,334,694 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 16,350 11,700 16,350 23,279 83,136 1,189,356 21
Basic Industry and Chemicals Index Nov-11 16,250 14,400 15,000 18,484 60,468 925,715 22
January 2010 - January 2014 Dec-11 17,300 15,000 17,050 16,717 100,145 1,624,891 21
140%
Jan-12 19,050 16,600 16,950 22,398 87,292 1,556,604 21
120% Feb-12 17,900 16,300 17,450 23,502 88,498 1,514,992 21
Mar-12 18,800 17,000 18,450 18,385 72,028 1,307,071 21
100% Apr-12 18,800 17,850 18,050 13,941 70,686 1,294,326 20
May-12 18,900 16,800 17,800 17,881 68,984 1,223,049 21
86.2%
80% Jun-12 17,600 15,800 17,350 16,882 71,934 1,226,581 21
71.6% Jul-12 22,000 17,400 21,500 18,249 87,400 1,660,463 22
61.7% Aug-12 21,500 19,200 20,250 17,525 52,402 1,067,337 19
60%
Sep-12 20,650 19,550 20,350 18,025 54,846 1,105,406 20
Oct-12 22,300 19,950 21,400 16,613 71,139 1,504,225 22
40%
Nov-12 23,250 21,150 23,250 16,524 59,652 1,332,810 20
Dec-12 23,250 21,800 22,450 16,591 56,310 1,270,025 18
20%

Jan-13 22,600 21,250 21,750 23,664 71,422 1,550,241 21


- Feb-13 22,150 21,350 21,950 16,173 69,389 1,501,495 20
Mar-13 23,550 21,850 23,300 23,869 94,226 2,139,138 19
-20% Apr-13 26,450 22,750 26,400 22,551 75,064 1,827,956 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 27,400 23,750 23,750 27,114 77,761 1,949,529 22
Jun-13 24,550 20,450 24,450 39,750 137,049 3,109,151 19
Jul-13 24,400 20,600 20,850 26,673 72,376 1,592,849 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 22,450 16,500 19,700 27,991 79,314 1,531,570 17
Volume (Million Sh.) 1,070 1,060 841 955 64 Sep-13 21,900 18,000 18,000 32,816 92,486 1,815,659 21
Value (Billion Rp) 16,915 16,206 16,063 20,627 1,340 Oct-13 21,000 18,000 20,900 28,227 66,651 1,308,829 21
Frequency (Thou. X) 175 228 217 314 43 Nov-13 21,200 18,250 18,850 25,471 62,059 1,201,282 20
Days 245 247 246 244 20 Dec-13 20,200 18,300 20,000 20,099 57,378 1,099,328 19

Price (Rupiah) Jan-14 22,500 19,825 22,400 42,897 63,573 1,340,256 20


High 19,400 17,900 23,250 27,400 22,500
Low 12,600 10,700 15,800 16,500 19,825
Close 15,950 17,050 22,450 20,000 22,400
Close* 15,950 17,050 22,450 20,000 22,400

PER (X) 18.21 17.43 17.35 15.30 17.14


PER Industry (X) 12.86 10.41 9.79 17.44 13.29
PBV (X) 4.49 3.99 4.26 3.41 3.82
* Adjusted price after corporate action

88 RESEARCH AND DEVELOPMENT DIVISION


INTP Indocement Tunggal Prakarsa Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 2,623,473 4,684,870 6,864,567 10,474,126 12,595,187 27,500

Receivables 1,361,164 1,402,690 1,976,769 2,454,818 2,518,588


1,269,425 1,299,549 1,327,720 1,470,305 1,473,645 22,000
Inventories
Current Assets 5,322,916 7,484,807 10,314,573 14,579,400 16,846,248
16,500
Fixed Assets 7,773,279 7,702,769 7,638,064 7,935,224 9,304,992
Other Assets 103,703 100,319 128,546 141,371 324,750
11,000
Total Assets 13,276,270 15,346,146 18,151,331 22,755,160 26,607,241
Growth (%) 15.59% 18.28% 25.36% 16.93% 5,500

Current Liabilities 1,771,031 1,347,706 1,476,597 2,418,762 2,740,089 -


Long Term Liabilities 801,045 897,842 940,783 917,660 889,465 2009 2010 2011 2012 2013
Total Liabilities 2,572,076 2,245,548 2,417,380 3,336,422 3,629,554
Growth (%) -12.70% 7.65% 38.02% 8.79%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 22,978
Paid up Capital 1,840,616 1,840,616 1,840,616 1,840,616 1,840,616 22,978

19,419
Paid up Capital (Shares) 3,681 3,681 3,681 3,681 3,681
Par Value 500 500 500 500 500
18,290

15,734
Retained Earnings 6,145,770 8,542,435 11,166,666 14,848,447 18,202,133 13,077
13,603

Total Equity 10,680,725 13,077,390 15,733,951 19,418,738 22,977,687 10,681

Growth (%) 22.44% 20.31% 23.42% 18.33% 8,915

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 4,228

Total Revenues 10,576,456 11,137,805 13,887,892 17,290,337 18,691,286


Growth (%) 5.31% 24.69% 24.50% 8.10%
-460

2009 2010 2011 2012 2013

Cost of Revenues 5,468,018 5,597,043 7,473,669 9,020,338 10,036,632


Gross Profit 5,108,439 5,540,762 6,414,223 8,269,999 8,654,654
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 1,415,133 1,520,732 1,996,200 2,393,257 2,590,554
Operating Profit 3,693,305 4,020,030 4,418,023 5,876,742 6,064,100 18,691
18,691
17,290
Growth (%) 8.85% 9.90% 33.02% 3.19%
14,878
13,888
Other Income (Expenses) 92,366 221,812 290,133 362,808 531,054 11,138
10,576
Income before Tax 3,796,327 4,248,476 4,708,156 6,239,550 6,595,154 11,065

Tax 1,047,741 1,023,795 1,106,640 1,476,162 1,582,860


Profit for the period 2,748,586 3,224,681 3,601,516 4,763,388 5,012,294
7,252

Growth (%) 17.32% 11.69% 32.26% 5.23%


3,439

Period Attributable 2,748,586 3,224,942 3,596,918 4,760,382 5,010,240 -374

Comprehensive Income 2,746,654 3,224,681 3,601,516 4,763,388 5,217,953 2009 2010 2011 2012 2013
Comprehensive Attributable - 3,224,942 3,596,918 4,760,382 5,215,899

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 300.55 555.37 698.54 602.76 614.81
5,012
Dividend (Rp) 225.00 263.00 293.00 450.00 - 5,012
4,763

EPS (Rp) 746.65 876.05 977.10 1,293.15 1,361.02


2,901.40 3,552.45 4,274.10 5,275.07 6,241.85 3,602
BV (Rp)
3,990

3,225
DAR (X) 0.19 0.15 0.13 0.15 0.14 2,749
2,967

DER(X) 0.24 0.17 0.15 0.17 0.16


ROA (%) 20.70 21.01 19.84 20.93 18.84 1,945

ROE (%) 25.73 24.66 22.89 24.53 21.81


GPM (%) 48.30 49.75 46.19 47.83 46.30 922

OPM (%) 34.92 36.09 31.81 33.99 32.44


NPM (%) 25.99 28.95 25.93 27.55 26.82
-100

2009 2010 2011 2012 2013


Payout Ratio (%) 30.13 30.02 29.99 34.80 -
Yield (%) 1.64 1.65 1.72 2.00 -

RESEARCH AND DEVELOPMENT DIVISION 89


COMPANY REPORT

ITMG
INDO TAMBANGRAYA MEGAH TBK.

Company Profile

Established in 1987, PT Indo Tambangraya Megah Tbk. is a renowned Indonesian coal


supplierfortheworldenergymarket.Thecompanystrivestosetthehigheststandardin
corporate governance as well as environmental, health and work safety compliance. All
activities are carried out in close cooperation with the local societies and other
stakeholders. Since its establishment, the Company has been recognized as a leading
producerofcoalandhasbuiltadiversifiedcustomerbase.

The scope of the Company business includes coal mining operations, processing and
logistics which are integrated in Indonesia. The company owns the majority of shares in
seven subsidiaries and operates six mining concessions in the island of Kalimantan,
covering East, Central and South Kalimantan. The Company also owns and operates
Terminal Batubara Bontang (Bontang Coal Terminal/BoCT), three loading ports and
PembangkitListrikBontang[BontangElectricityGenerator].

TheCompanyhasdirectandindirectownershipinthefollowingsubsidiaries:
PTIndomincoMandiri,
PTTrubaindoCoalMining,
PTJorongBarutamaGreston,
Kitadin,
PTBharintoEkatama,
PTITMIndonesia,and
PTTambangRayaUsahaTama.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

90 RESEARCH AND DEVELOPMENT DIVISION


ITMG Indo Tambangraya Megah Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 191.429
Industry Sector : Mining (2) Listed Shares : 1,129,925,000
Industry Sub Sector : Coal Mining (21) Market Capitalization : 30,281,990,000,000
28 | 30.3T | 0.70% | 64.54%

28 | 8.86T | 0.80% | 60.28%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 02-Sep-1987 1. Banpu Minerals (Singapore) Private Limited 734,452,000 : 65.00%
Listing Date : 18-Dec-2007 2. Public (<5%) 395,473,000 : 35.00%
Under Writer IPO :
PT UBS Securities Indonesia DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Datindo Entrycom Year Shares Dividend Cum Date Ex Date Date Date
Wisma Sudirman - Puri Datindo 2007 155.00 06-May-08 07-May-08 09-May-08 23-May-08 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2008 344.00 08-Oct-08 09-Oct-08 13-Oct-08 22-Nov-08 I
Phone : (021) 570-9009 2008 295.00 01-Dec-08 02-Dec-08 04-Dec-08 19-Dec-08 I
Fax : (021) 570-9026 2008 706.00 11-May-09 12-May-09 14-May-09 28-May-09 F
2009 678.00 20-Oct-09 21-Oct-09 23-Oct-09 01-Nov-09 I
BOARD OF COMMISSIONERS 2009 1,286.00 29-Apr-10 30-Apr-10 04-May-10 19-May-10 F
1. Ibrahim Yusuf *) 2010 795.00 28-Sep-10 29-Sep-10 01-Oct-10 15-Oct-10 I
2. Djisman S. Simandjuntak *) 2010 407.00 19-Apr-11 20-Apr-11 25-Apr-11 06-May-11 F
3. Lukmanul Hakim 2011 1,168.00 28-Sep-11 29-Sep-11 03-Oct-11 14-Oct-11 I
4. Rudijanto Boentoro 2011 1,168.00 28-Sep-11 29-Sep-11 03-Oct-11 14-Oct-11 I
5. Somruedee Chaimongkol 2012 1,666.00 29-Oct-12 30-Oct-12 01-Nov-12 14-Nov-12 I
6. Somyot Ruchirawat 2012 USD 1.464 26-Apr-13 29-Apr-13 01-May-13 15-May-13 F
*) Independent Commissioners 2013 1,014.00 29-Oct-13 30-Oct-13 01-Nov-13 15-Nov-13 I
2013 975.00 28-Apr-14 29-Apr-14 02-May-14 14-May-14 F
BOARD OF DIRECTORS
1. Pongsak Thongampai ISSUED HISTORY
2. A.H. Bramantya Putra Listing Trading
3. Edward Manurung (not affiliated) No. Type of Listing Shares Date Date
4. Hartono Widjaja 1. First Issue 225,985,000 18-Dec-07 18-Dec-07
5. Leksono Poeranto 2. Company Listing 903,940,000 18-Dec-07 18-Aug-08
6. Sean Trehane Pellow

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 : www.itmg.co.id
Email : roslini_o@banpuindo.co.id

RESEARCH AND DEVELOPMENT DIVISION 91


ITMG Indo Tambangraya Megah Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Indo Tambangraya Megah Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
58,000 160 Jan-10 34,500 30,150 31,400 17,037 51,045 1,659,622 20
Feb-10 32,300 28,100 31,600 22,456 53,092 1,612,335 19
50,750 140 Mar-10 39,750 31,500 38,050 13,813 37,458 1,317,729 22
Apr-10 40,600 37,500 39,050 11,229 24,097 936,776 21
May-10 39,300 29,850 36,000 16,618 43,988 1,536,731 19
43,500 120
Jun-10 39,450 33,200 37,150 9,357 18,299 667,453 22
Jul-10 39,200 36,750 37,500 7,059 13,700 522,901 22
36,250 100
Aug-10 41,000 37,500 39,200 6,941 16,121 632,650 21
Sep-10 41,750 36,550 41,600 17,772 161,965 6,015,653 17
29,000 80
Oct-10 50,100 40,900 45,200 11,635 29,006 1,304,371 21
Nov-10 55,300 45,200 49,050 15,731 38,063 1,896,326 21
21,750 60 Dec-10 53,000 46,000 50,750 19,033 42,305 2,105,659 20

14,500 40 Jan-11 57,950 43,700 46,300 29,196 64,211 3,267,046 21


Feb-11 48,650 43,650 45,700 22,560 40,535 1,874,932 18
7,250 20 Mar-11 51,400 39,900 46,200 49,551 90,260 4,107,414 23
Apr-11 50,250 46,650 46,800 24,415 41,472 1,992,811 20
May-11 48,000 44,400 47,000 22,941 46,175 2,148,862 21
Jun-11 47,500 44,000 44,750 11,842 21,509 989,239 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 52,000 44,500 50,500 22,708 52,561 2,535,598 21
Aug-11 51,350 40,000 43,150 21,131 42,572 1,939,362 19
Sep-11 47,000 37,500 39,250 23,568 38,180 1,631,637 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 45,100 34,300 44,650 20,495 36,042 1,454,671 21
Mining Index Nov-11 45,000 36,250 38,150 19,148 27,770 1,146,861 22
January 2010 - January 2014 Dec-11 40,450 34,950 38,650 18,594 30,704 1,170,734 21
125%
Jan-12 41,000 36,200 36,700 21,105 41,555 1,611,844 21
100% Feb-12 44,800 36,650 43,350 25,856 50,179 2,056,492 21
Mar-12 44,000 41,050 43,450 18,679 30,981 1,312,739 21
75% Apr-12 45,800 39,700 39,750 26,935 57,988 2,460,047 20
71.6%
May-12 40,000 33,750 33,800 22,768 42,236 1,542,196 21
50% Jun-12 37,700 30,150 35,950 19,026 37,526 1,306,401 21
Jul-12 38,400 34,600 35,550 14,604 26,101 971,835 22
Aug-12 38,500 35,600 38,200 10,062 19,174 713,606 19
25%
Sep-12 42,400 37,750 42,150 13,955 25,798 1,045,896 20
Oct-12 43,350 40,000 40,650 11,566 19,511 819,058 22
-
Nov-12 42,450 38,350 39,250 11,122 16,938 690,628 20
-16.4% Dec-12 42,350 38,100 41,550 10,232 17,955 725,896 18
-25%

-40.2% Jan-13 42,900 39,800 41,450 12,584 21,012 874,302 21


-50% Feb-13 41,350 39,550 40,250 9,584 14,731 596,005 20
Mar-13 40,750 33,250 35,500 18,901 28,118 1,045,558 19
-75% Apr-13 39,500 35,100 36,750 20,303 29,630 1,117,437 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 36,400 29,150 30,000 21,887 34,979 1,133,819 22
Jun-13 30,100 24,600 28,150 19,971 27,387 727,852 19
Jul-13 28,650 24,200 24,200 11,967 21,869 580,370 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 32,050 24,300 32,050 14,335 20,791 598,586 17
Volume (Million Sh.) 529 532 386 306 30 Sep-13 32,950 25,350 26,300 15,702 22,893 691,567 21
Value (Billion Rp) 20,208 24,259 15,257 9,905 793 Oct-13 34,000 25,300 29,900 17,831 27,916 839,402 21
Frequency (Thou. X) 169 286 206 196 40 Nov-13 33,150 27,700 28,700 19,593 39,139 1,190,698 20
Days 245 247 246 244 20 Dec-13 30,600 27,150 28,500 13,207 17,645 509,479 19

Price (Rupiah) Jan-14 28,700 24,850 26,800 40,294 30,444 792,755 20


High 55,300 57,950 45,800 42,900 28,700
Low 28,100 34,300 30,150 24,200 24,850
Close 50,750 38,650 41,550 28,500 26,800
Close* 50,750 38,650 41,550 28,500 26,800

PER (X) 31.29 8.74 11.38 11.28 10.61


PER Industry (X) 17.69 16.17 8.49 19.30 13.24
PBV (X) 8.86 4.46 4.84 2.73 2.56
* Adjusted price after corporate action

92 RESEARCH AND DEVELOPMENT DIVISION


ITMG Indo Tambangraya Megah Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 4,042,795 2,644,640 5,553,388 4,460,094 3,542,435 17,500

Receivables 1,354,003 1,359,610 2,321,598 2,439,567 2,383,251


612,466 633,245 970,013 1,459,919 1,483,112 14,000
Inventories
Current Assets 6,348,447 5,459,998 9,670,360 9,369,534 9,157,445
10,500
Fixed Assets 3,240,377 3,126,948 3,122,629 3,244,382 3,884,351
Other Assets 28,327 20,174 13,031 20,626 133,277
7,000
Total Assets 11,306,120 9,783,380 14,313,602 14,420,136 17,081,558
Growth (%) -13.47% 46.31% 0.74% 18.46% 3,500

Current Liabilities 3,209,739 2,976,449 4,087,383 4,225,993 4,597,250 -


Long Term Liabilities 668,026 333,578 425,489 500,771 657,807 2009 2010 2011 2012 2013
Total Liabilities 3,877,765 3,310,027 4,512,872 4,726,764 5,255,057
Growth (%) -14.64% 36.34% 4.74% 11.18%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 11,827
Paid up Capital 564,963 564,963 564,963 564,963 1,500,000 11,827

1,130 1,130 1,130 1,130 3,000 9,801 9,693


Paid up Capital (Shares)
Par Value 500 500 500 500 500
9,414

7,428
Retained Earnings 3,721,941 3,052,682 6,188,194 5,893,836 7,005,372 6,473
7,001

Total Equity 7,428,355 6,473,353 9,800,731 9,693,372 11,826,501


Growth (%) -12.86% 51.40% -1.10% 22.01% 4,589

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 2,176

Total Revenues 14,228,350 14,977,028 21,598,843 23,584,559 26,733,422


Growth (%) 5.26% 44.21% 9.19% 13.35%
-237

2009 2010 2011 2012 2013

Cost of Revenues 8,847,730 10,114,588 13,509,570 16,417,475 20,485,612


Gross Profit 5,380,621 4,862,440 8,089,273 7,167,085 6,247,810
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 1,269,578 1,604,252 1,678,967 1,451,061 2,309,778
Operating Profit 4,111,043 3,258,188 6,410,305 - - 26,733
26,733

Growth (%) -20.75% 96.74% 23,585


21,599
21,280

Other Income (Expenses) 194,886 -768,104 208,773 - -


14,228 14,977
Income before Tax 4,305,929 2,490,084 6,619,078 5,716,024 3,938,032 15,826

Tax 1,140,676 657,217 1,666,807 1,538,168 1,109,993


Profit for the period 3,165,253 1,832,868 4,952,271 4,177,856 2,828,039
10,373

Growth (%) -42.09% 170.19% -15.64% -32.31%


4,919

Period Attributable 3,165,253 1,832,868 4,952,271 4,177,856 2,828,039 -535

Comprehensive Income - 1,697,928 4,999,225 4,125,029 2,828,039 2009 2010 2011 2012 2013
Comprehensive Attributable - 1,697,928 4,999,225 4,125,029 2,828,039

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 197.79 183.44 236.59 221.71 199.19
4,952
Dividend (Rp) 1,964.00 1,202.00 2,336.00 1,666.00 1,989.00 4,952

4,178
EPS (Rp) 2,801.29 1,622.11 4,382.83 3,697.46 942.68
BV (Rp) 6,574.20 5,729.01 8,673.79 8,578.78 3,942.17 3,942

3,165
DAR (X) 0.34 0.34 0.32 0.33 0.31 2,828
2,932

DER(X) 0.52 0.51 0.46 0.49 0.44


28.00 18.73 34.60 28.97 16.56 1,833
ROA (%) 1,921

ROE (%) 42.61 28.31 50.53 43.10 23.91


GPM (%) 37.82 32.47 37.45 30.39 23.37 911

OPM (%) 28.89 21.75 29.68 - -


NPM (%) 22.25 12.24 22.93 17.71 10.58
-99

2009 2010 2011 2012 2013


Payout Ratio (%) 70.11 74.10 53.30 45.06 210.99
Yield (%) 6.18 2.37 6.04 4.01 6.98

RESEARCH AND DEVELOPMENT DIVISION 93


C
COOM
MPPA
ANNY
Y R
REEP
POOR
RTT

JSMR
JASA MARGA (PERSERO) TBK.

Company Profile

PT Jasa Marga (Persero) Tbk. was established dated September 10th, 1982, under the
framework of Government Regulation regarding the State Capital Investment for the
establishment of a StateOwned Company (Persero) in the area of management,
maintenance and development of toll roads and the detailed management regulations.
TheCompanycommenceditscommercialoperationsin1978.

Jasa Marga is a state owned company with the line business of planning, constructing,
operatingandmaintainingtollroadsalongwithdevelopingandmaximizingtheuseofland
in toll road areas and other related businesses. Jasa Margas business characteristics are
defensiveandresistanttofluctuatedconditionofglobaleconomy.

Forthesepurposes,theCompanyperformsthefollowingactivities:
1. Performtechnicalplanning,construction,operateand/ormaintenanceoftollroad;
2. Organizethelandintollroadarea(Rumijatol)andthelandtoborderonRumijatolfor
restareaandserviceincludingfacilitiesandotherbusinessoperatedeitherseparately
orincooperationwithotherparties;and

In additionto the main business activity, Company may run other supporting business
activities,subjecttolawsandregulations,involve:
1. PropertyDevelopmentintheareaoftollroadcorridor.
2. Development service for business related to transportation facilities,
liquid/solid/gasmaterialdistribution,networkofinformation,communicationand
technology,relatedtotollroadcorridor.
3. Tradeandserviceforconstruction,maintenanceandoperationoftollroad

TheCompanyisdomiciledinJakartaandiscurrentlyoperating25tollroadsmanagedbyits
9branchofficesandtheCompanysSubsidiaries.AsofDecember31st,2013theCompany
hadtotalpermanentemployeesof4,875persons.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

94 RESEARCH AND DEVELOPMENT DIVISION


JSMR Jasa Marga (Persero) Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 304.412
Industry Sector : Infrastructure, Utilities And Transportation (7) Listed Shares : 6,800,000,000
Industry Sub Sector : Toll Road, Airport, Harbor And Allied Products (72) Market Capitalization : 35,190,000,000,000
21 | 35.2T | 0.81% | 59.38%

22 | 11.8T | 1.07% | 54.84%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 01-Mar-1978 1. Negara Republik Indonesia 4,760,000,000 : 70.00%
Listing Date : 12-Nov-2007 2. Public (<5%) 2,040,000,000 : 30.00%
Under Writer IPO :
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
PT Bahana Securities Bonus Cash Recording Payment
F/I
PT Mandiri Sekuritas Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 2007 14.31 21-May-08 22-May-08 26-May-08 29-May-08 F
PT Datindo Entrycom 2008 52.00 18-Jun-09 19-Jun-09 23-Jun-09 07-Jul-09 F
Wisma Sudirman - Puri Datindo 2009 87.91 28-Jun-10 29-Jun-10 01-Jul-10 15-Jul-10 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2010 105.69 06-Jul-11 07-Jul-11 11-Jul-11 13-Jul-11 F
Phone : (021) 570-9009 2011 78.88 04-Jun-12 05-Jun-12 07-Jun-12 21-Jun-12 F
Fax : (021) 570-9026 2012 94.24 29-May-13 30-May-13 03-Jun-13 18-Jun-13 F
2013 78.61 04-Apr-14 07-Apr-14 09-Apr-14 23-Apr-14 F
BOARD OF COMMISSIONERS
1. Agoes Widjanarko ISSUED HISTORY
2. Akhmad Syakhroza Listing Trading
3. Boediarso Teguh Widodo No. Type of Listing Shares Date Date
4. Ibnu Purna Muchtar 1. First Issue 2,040,000,000 12-Nov-07 12-Nov-07
5. Michael Dendron Primanto *) 2. Negara RI (Seri A) 1 12-Nov-07 12-Nov-07
6. Samsoedin *) 3. Company Listing 4,759,999,999 12-Nov-07 10-May-08
*) Independent Commissioners

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 : www.jasamarga.com
Email : sekper@jasamarga.co.id
jasmar@jasamarga.com

RESEARCH AND DEVELOPMENT DIVISION 95


JSMR Jasa Marga (Persero) Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Jasa Marga (Persero) Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
7,000 160 Jan-10 1,900 1,770 1,800 7,773 151,173 277,498 20
Feb-10 1,800 1,660 1,780 4,287 50,755 88,599 19
6,125 140 Mar-10 1,840 1,730 1,790 7,732 156,449 279,869 22
Apr-10 2,150 1,780 2,075 24,979 720,011 1,426,713 21
May-10 2,075 1,750 1,970 10,682 217,164 421,065 19
5,250 120
Jun-10 2,200 1,900 2,025 11,022 211,349 435,942 22
Jul-10 2,725 2,000 2,675 12,444 284,982 664,587 22
4,375 100
Aug-10 3,025 2,525 2,925 9,876 177,397 491,645 21
Sep-10 3,375 2,900 3,200 9,894 176,359 523,935 17
3,500 80
Oct-10 3,900 3,175 3,750 10,770 193,517 677,678 21
Nov-10 3,775 3,350 3,475 14,041 270,049 954,411 21
2,625 60 Dec-10 3,600 3,150 3,425 9,386 144,135 488,862 20

1,750 40 Jan-11 3,575 2,925 3,000 12,779 197,010 636,186 21


Feb-11 3,200 2,950 3,175 6,832 104,194 320,670 18
875 20 Mar-11 3,425 3,150 3,400 13,551 195,067 642,378 23
Apr-11 3,525 3,250 3,300 13,158 174,537 587,008 20
May-11 3,525 3,275 3,475 9,957 193,346 663,699 21
Jun-11 3,650 3,325 3,625 7,995 175,397 603,870 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 4,000 3,550 3,975 11,849 191,975 722,040 21
Aug-11 4,175 3,625 4,000 11,334 229,033 896,266 19
Sep-11 4,275 3,400 3,975 16,354 225,381 885,369 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 3,975 3,550 3,850 17,076 175,397 665,325 21
Infrastructure, Utilities and Transportation Index Nov-11 4,000 3,675 3,875 8,082 85,380 330,751 22
January 2010 - January 2014 Dec-11 4,275 3,750 4,200 11,878 228,156 917,847 21
280%
Jan-12 4,575 4,125 4,375 12,368 230,785 993,508 21
240% Feb-12 4,775 4,325 4,700 12,003 265,300 1,209,137 21
Mar-12 5,150 4,625 5,150 14,902 168,517 813,781 21
200% Apr-12 5,700 4,875 5,350 19,314 230,817 1,196,346 20
179.7% May-12 5,550 4,925 5,150 23,617 448,775 2,326,901 21
160% Jun-12 5,450 4,975 5,400 14,761 232,464 1,199,371 21
Jul-12 5,950 5,300 5,700 14,029 167,905 944,446 22
Aug-12 6,000 5,550 5,750 12,949 157,924 899,890 19
120%
Sep-12 5,850 5,650 5,850 10,923 131,027 753,148 20
Oct-12 5,950 5,650 5,800 12,435 173,137 999,567 22
80%
71.6% Nov-12 5,850 5,650 5,700 9,709 152,420 876,690 20
Dec-12 5,850 5,450 5,450 9,539 159,861 908,441 18
40%
32.1%
Jan-13 5,700 5,100 5,500 17,310 287,693 1,560,093 21
- Feb-13 5,650 5,400 5,550 13,401 204,434 1,133,501 20
Mar-13 5,950 5,600 5,950 15,101 195,334 1,128,937 19
-40% Apr-13 6,750 5,900 6,700 14,419 221,969 1,418,115 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 6,950 6,500 6,700 17,482 146,129 973,809 22
Jun-13 6,800 5,700 6,050 25,472 256,837 1,596,449 19
Jul-13 6,400 5,200 5,350 20,579 159,785 952,854 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 6,150 5,300 5,450 18,323 152,358 868,013 17
Volume (Million Sh.) 2,753 2,175 2,519 2,300 182 Sep-13 5,850 5,050 5,200 19,992 204,787 1,144,362 21
Value (Billion Rp) 6,731 7,871 13,121 13,229 906 Oct-13 5,800 5,250 5,250 17,277 166,818 927,029 21
Frequency (Thou. X) 133 141 167 220 33 Nov-13 5,450 4,825 5,100 22,103 154,529 793,812 20
Days 245 247 246 244 20 Dec-13 5,350 4,525 4,725 18,175 149,099 732,436 19

Price (Rupiah) Jan-14 5,450 4,400 5,175 32,974 182,407 906,070 20


High 3,900 4,275 6,000 6,950 5,450
Low 1,660 2,925 4,125 4,525 4,400
Close 3,425 4,200 5,450 4,725 5,175
Close* 3,425 4,200 5,450 4,725 5,175

PER (X) 19.51 21.61 24.12 23.55 25.80


PER Industry (X) 14.36 11.09 17.53 18.40 18.52
PBV (X) 3.01 3.09 3.79 3.09 3.39
* Adjusted price after corporate action

96 RESEARCH AND DEVELOPMENT DIVISION


JSMR Jasa Marga (Persero) Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 3,314,003 4,011,590 3,764,009 4,302,382 3,514,061 28,750

Receivables 64,672 23,630 87,994 64,092 177,198


- - - - - 23,000
Inventories
Current Assets 3,430,338 4,090,141 3,996,741 4,531,117 3,746,345
17,250
Fixed Assets 9,863,302 13,694,508 15,945,902 422,507 593,028
Other Assets 392,755 259,058 440,239 289,155 130,965
11,500
Total Assets 16,174,264 18,952,129 21,432,134 24,753,551 28,366,345
Growth (%) 17.17% 13.09% 15.50% 14.60% 5,750

Current Liabilities 2,966,355 2,478,279 3,768,596 6,648,164 4,919,884 -


Long Term Liabilities 5,462,468 8,114,384 8,423,258 8,317,601 12,579,482 2009 2010 2011 2012 2013
Total Liabilities 8,428,823 10,592,663 12,191,853 14,965,766 17,499,365
Growth (%) 25.67% 15.10% 22.75% 16.93%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 9,520,000 9,520,000 9,520,000 9,520,000 9,520,000 10,867
Paid up Capital 3,400,000 3,400,000 3,400,000 3,400,000 3,400,000 9,788
9,240
Paid up Capital (Shares) 6,800 6,800 6,800 6,800 6,800
500 500 500 500 500 7,740
Par Value
8,650

7,183
Retained Earnings 1,457,048 2,015,210 2,602,769 2,753,965 3,449,446
6,433

Total Equity 7,183,379 7,740,014 9,240,280 9,787,786 10,866,980


Growth (%) 7.75% 19.38% 5.93% 11.03% 4,216

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 2,000

Total Revenues 3,692,000 4,378,584 4,960,473 9,070,219 10,294,668


Growth (%) 18.60% 13.29% 82.85% 13.50%
-217

2009 2010 2011 2012 2013

Cost of Revenues 2,175,779 2,390,392 2,679,084 6,094,983 7,631,490


Gross Profit 1,516,221 1,988,192 2,281,388 2,975,236 2,663,177
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 2,175,779 2,390,392 2,679,084 6,094,983 -
Operating Profit 1,516,221 1,988,192 2,281,388 2,975,236 2,663,177 10,295
10,295

Growth (%) 31.13% 14.75% 30.41% -10.49% 9,070

8,195

Other Income (Expenses) -422,327 -511,843 -554,914 -919,979 -948,522


Income before Tax 1,093,894 1,476,349 1,726,475 2,055,257 1,714,655 6,094

4,960
211,682 291,854 407,651 519,445 476,835 4,379
Tax 3,692
Profit for the period 882,212 1,184,496 1,318,824 1,535,812 1,237,821
3,994

Growth (%) 34.26% 11.34% 16.45% -19.40%


1,894

Period Attributable 882,212 1,193,487 1,339,462 1,602,090 1,336,317 -206

Comprehensive Income 992,694 1,186,036 1,321,582 1,536,346 1,236,627 2009 2010 2011 2012 2013
Comprehensive Attributable - 1,195,027 1,342,220 1,602,624 1,335,123

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 115.64 165.04 106.05 68.16 76.15
1,536
Dividend (Rp) 87.91 105.69 78.88 94.24 78.61
1,319
EPS (Rp) 129.74 175.51 196.98 235.60 196.52 1,184
1,238
BV (Rp) 1,056.38 1,138.24 1,358.86 1,439.38 1,598.09 1,223

DAR (X) 0.52 0.56 0.57 0.60 0.62 882


909

DER(X) 1.17 1.37 1.32 1.53 1.61


ROA (%) 5.45 6.25 6.15 6.20 4.36 596

ROE (%) 12.28 15.30 14.27 15.69 11.39


GPM (%) 41.07 45.41 45.99 32.80 25.87 283

OPM (%) 41.07 45.41 45.99 32.80 25.87


NPM (%) 23.90 27.05 26.59 16.93 12.02
-31

2009 2010 2011 2012 2013


Payout Ratio (%) 67.76 60.22 40.04 40.00 40.00
Yield (%) 4.86 3.09 1.88 1.73 1.66

RESEARCH AND DEVELOPMENT DIVISION 97


CC O
OMM PP A
ANN YY RR EE PP O
O RR TT

KLBF
KALBE FARMA TBK.

Company Profile

PT Kalbe Farma Tbk. was established dated September 10th, 1966, within the framework of
the Domestic Capital Investment Law.

The scope of activities of the Company comprises, among others, pharmaceuticals, trading
and representative. Currently, the Company is primarily engaged in the development,
manufacturing, and trading of pharmaceuticals preparation including medicines and
consumer health products. The Company started its commercial operations in 1966.

Kalbe has focused its business on four divisions: prescription pharmaceuticals, consumer
health products, nutritionals, and distribution and logistics. Supported by over 15,000
employees, inclusive of 4,000 sales and marketing professionals covering the entire
Indonesian archipelago, Kalbe maintains coverage of more than 70% of general
practitioners, 90% of specialists, 100% of hospitals, 100% of pharmacies across Indonesia
for the prescription pharmaceuticals market and 80% for the consumer health and
nutritionals markets.

The Companys production plants is located at Kawasan Industri Delta Silicon, Jln. M.H.
Thamrin, Block A3-1, Lippo Cikarang, Bekasi.

As of December 31st 2013, the Group had a combined total of 10,572 permanent
employees.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

98 RESEARCH AND DEVELOPMENT DIVISION


KLBF Kalbe Farma Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 13,703.306
Industry Sector : Consumer Goods Industry (5) Listed Shares : 46,875,122,110
Industry Sub Sector : Pharmaceuticals (53) Market Capitalization : 65,859,546,564,550
15 | 65.9T | 1.52% | 52.89%

13 | 19.4T | 1.75% | 42.02%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 10-Sep-1966 1. PT Gira Sole Prima 4,767,872,885 : 10.17%
Listing Date : 30-Jul-1991 2. PT Santa Seha Sanadi 4,545,646,840 : 9.70%
Under Writer IPO : 3. PT Diptanala Bahana 4,447,970,440 : 9.94%
PT Merincorp 4. Lucasta Murni Cemerlang 4,439,895,440 : 9.47%
PT Niaga Securities 5. PT Ladang Ira Panen 4,319,452,940 : 9.21%
Securities Administration Bureau : 6. PT Bina Arta Charisma 4,060,816,540 : 8.66%
PT Adimitra Transferindo 7. Public (<5%) 20,293,467,025 : 42.85%
Plaza Property 2nd Fl. Komp. Pertokoan Pulomas Blok VIII No. 1
Jln. Perintis Kemerdekaan Jakarta 13210 DIVIDEND ANNOUNCEMENT
Phone : (021) 478-81515 (Hunting) Bonus Cash Recording Payment
F/I
Fax : (021) 470-9697 Year Shares Dividend Cum Date Ex Date Date Date
1991 200.00 16-Apr-92 20-Apr-92 27-Apr-92 29-May-92 F
BOARD OF COMMISSIONERS 1992 1: 1 20-Oct-92 21-Oct-92 28-Oct-92 16-Nov-92
1. Johannes Setijono 1992 60.00 09-Dec-92 10-Dec-92 17-Dec-92 15-Jan-93 I
2. Farid Anfasa Moeloek *) 1992 70.00 30-Jun-93 01-Jul-93 08-Jul-93 06-Aug-93 F
3. Ferdinand Aryanto 1994 10 : 3 & 10 : 7 75.00 07-Jun-94 08-Jun-94 15-Jun-94 15-Jul-94 F
4. Jozef Darmawan Angkasa 1994 50.00 29-Aug-94 30-Aug-94 06-Sep-94 06-Oct-94 I
5. Santoso Oen 1994 85.00 10-Jul-95 11-Jul-95 19-Jul-95 18-Aug-95 F
6. Wahjudi Prakarsa *) 1995 115.00 09-Jul-96 10-Jul-96 18-Jul-96 15-Aug-96 F
*) Independent Commissioners 1996 75.00 23-Jul-97 24-Jul-97 01-Aug-97 29-Aug-97 F
1999 2.00 10-Nov-00 13-Nov-00 20-Nov-00 06-Dec-00 F
BOARD OF DIRECTORS 1999 100 : 88 10-Nov-00 13-Nov-00 20-Nov-00 06-Dec-00 F
1. Bernadette Ruth Irawaty Setiady 2002 2.00 25-Aug-03 26-Aug-03 28-Aug-03 11-Sep-03 F
2. Budi Dharma Wreksoatmodjo 2003 1.00 16-Aug-04 18-Aug-04 20-Aug-04 03-Sep-04 F
3. Herman Widjaja 2005 3.00 05-Jul-05 06-Jul-05 08-Jul-05 22-Jul-05
4. Ongkie Tedjasurja 2006 10.00 14-Jun-07 15-Jun-07 19-Jun-07 03-Jul-07 I
5. Vidjongtius 2007 10.00 31-Jul-08 01-Aug-08 05-Aug-08 20-Aug-08 F
2008 12.50 29-Jul-09 30-Jul-09 03-Aug-09 14-Aug-09 F
AUDIT COMMITTEE 2009 25.00 15-Jul-10 16-Jul-10 20-Jul-10 30-Jul-10 F
1. Farid A. Moeloek 2010 70.00 27-Jun-11 28-Jun-11 01-Jul-11 13-Jul-11 F
2. Dianawati Sugiarto 2011 95.00 28-Jun-12 29-Jun-12 03-Jul-12 17-Jul-12 F
3. Ichsan Gunawan 2012 19.00 13-Jun-13 14-Jun-13 18-Jun-13 02-Jul-13 F

CORPORATE SECRETARY ISSUED HISTORY


Vidjongtius Listing Trading
No. Type of Listing Shares Date Date
HEAD OFFICE 1. First Issue 10,000,000 30-Jul-91 30-Jul-91
Gedung Kalbe 3rd Fl. 2. Partial Listing 10,000,000 T: 30-Jul-91 : 30-Jan-92
Jln. Let. Jend. Suprapto Kav. 4, Cempaka Putih 3. Koperasi 500,000 T: 27-Feb-92 : 31-Dec-99
Jakarta - 10510 4. Company Listing 29,500,000 29-Apr-92 29-Apr-92
Phone : (021) 428-73688, 894-243908 5. Bonus Shares 2,026,400,000 T: 17-Nov-92 : 06-Dec-00
Fax : (021) 428-73678 6. Right Issue 8,000,000 T: 14-May-93 : 25-Jun-93
7. Dividen Shares 32,400,000 18-Jul-94 18-Jul-94
Homepage : www.kalbe.co.id 8. Stock Split 6,004,800,000 T: 07-Oct-96 : 02-Jan-04
Email : vidjongtius@kalbe.co.id 9. Additional Listing (Merger) 2,034,414,422 21-Dec-05 21-Dec-05
info@kalbe.co.id 10. Stock Splits 40,624,057,688 08-Oct-12 08-Oct-12
11. Decrease in Issued and Fully Paid Shares -3,904,950,000 13-Dec-13 13-Dec-13

RESEARCH AND DEVELOPMENT DIVISION 99


KLBF Kalbe Farma Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Kalbe Farma Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
1,600 320 Jan-10 1,540 1,290 1,540 10,843 546,542 760,159 20
Feb-10 1,640 1,430 1,560 9,652 491,564 767,800 19
1,400 280 Mar-10 1,900 1,570 1,870 27,381 1,292,608 2,247,853 22
Apr-10 2,125 1,800 2,075 29,043 1,329,016 2,672,996 21
May-10 2,125 1,620 1,880 31,887 1,142,739 2,166,262 19
1,200 240
Jun-10 2,150 1,780 2,100 20,196 763,008 1,505,050 22
Jul-10 2,550 2,000 2,450 21,430 856,260 1,995,278 22
1,000 200
Aug-10 2,475 2,225 2,325 13,405 319,097 746,780 21
Sep-10 2,725 2,300 2,550 14,065 374,294 946,092 17
800 160
Oct-10 2,725 2,500 2,675 15,376 475,379 1,248,286 21
Nov-10 4,100 2,675 3,500 26,804 932,118 2,980,808 21
600 120 Dec-10 3,825 2,975 3,250 29,162 709,139 2,415,538 20

400 80 Jan-11 3,375 2,450 2,825 31,889 512,854 1,539,793 21


Feb-11 3,000 2,700 2,925 12,472 175,174 503,579 18
200 40 Mar-11 3,400 2,875 3,400 26,005 409,546 1,256,625 23
Apr-11 3,725 3,350 3,575 21,717 366,099 1,318,778 20
May-11 3,600 3,225 3,575 27,352 309,123 1,078,937 21
Jun-11 3,575 3,225 3,375 19,396 206,133 693,300 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 3,700 3,400 3,475 23,402 357,183 1,269,992 21
Aug-11 3,550 2,900 3,475 18,325 192,858 638,119 19
Sep-11 3,725 2,650 3,250 22,062 249,601 835,454 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 3,550 2,975 3,475 26,568 182,564 622,602 21
Consumer Goods Industry Index Nov-11 3,600 3,300 3,525 17,036 129,667 451,000 22
January 2010 - January 2014 Dec-11 3,600 3,300 3,400 12,427 343,677 1,182,729 21
490%
Jan-12 3,650 3,375 3,525 15,399 122,271 428,028 21
420% 432.2%
Feb-12 3,600 3,400 3,500 18,914 172,533 602,764 21
Mar-12 3,550 3,375 3,550 18,538 283,565 982,054 21
350% Apr-12 4,050 3,400 4,025 31,628 485,446 1,795,766 20
May-12 4,025 3,750 3,875 39,920 454,029 1,783,899 21
280% Jun-12 4,000 3,700 3,775 30,929 384,956 1,485,524 21
Jul-12 3,900 3,675 3,825 32,278 394,523 1,497,405 22
Aug-12 4,000 3,750 3,875 33,041 255,670 999,731 19
210%
Sep-12 4,700 3,900 4,700 33,617 272,454 1,158,254 20
179.5%
Oct-12 4,975 910 970 54,533 779,898 998,575 22
140%
Nov-12 1,040 960 1,030 68,691 1,528,172 1,514,316 20
Dec-12 1,150 980 1,060 53,129 1,506,913 1,585,510 18
70% 71.6%
Jan-13 1,130 1,000 1,090 48,914 1,891,111 1,965,394 21
- Feb-13 1,300 1,070 1,290 69,492 1,682,306 1,946,563 20
Mar-13 1,380 1,190 1,240 51,451 1,724,553 2,181,688 19
-70% Apr-13 1,390 1,200 1,390 51,858 1,928,884 2,479,590 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 1,560 1,320 1,450 67,894 1,973,262 2,887,922 22
Jun-13 1,450 1,130 1,440 76,854 1,752,293 2,311,851 19
Jul-13 1,500 1,300 1,430 100,827 1,558,750 2,191,524 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 1,510 1,110 1,350 71,639 1,391,354 1,888,689 17
Volume (Million Sh.) 9,232 3,434 6,640 19,997 1,482 Sep-13 1,440 1,180 1,180 92,703 1,885,390 2,494,405 21
Value (Billion Rp) 20,453 11,391 14,832 25,755 2,037 Oct-13 1,390 1,220 1,300 82,161 1,732,152 2,302,731 21
Frequency (Thou. X) 249 259 431 823 115 Nov-13 1,370 1,200 1,220 55,361 1,256,613 1,624,072 20
Days 245 247 246 244 20 Dec-13 1,260 1,160 1,250 54,113 1,220,791 1,480,756 19

Price (Rupiah) Jan-14 1,455 1,260 1,405 115,285 1,481,958 2,036,864 20


High 4,100 3,725 4,975 1,560 1,455
Low 1,290 2,450 910 1,000 1,260
Close 3,250 3,400 1,060 1,250 1,405
Close* 650 680 1,060 1,250 1,405

PER (X) 25.66 22.43 30.38 32.17 36.16


PER Industry (X) 16.41 16.22 19.75 19.15 23.95
PBV (X) 6.14 5.30 7.30 7.40 8.31
* Adjusted price after corporate action

100 RESEARCH AND DEVELOPMENT DIVISION


KLBF Kalbe Farma Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,562,664 1,901,872 2,291,336 1,859,663 1,426,461 12,500

Receivables 1,318,080 1,363,957 1,635,311 1,938,156 2,273,379


1,561,382 1,550,829 1,705,189 2,115,484 3,053,495 10,000
Inventories
Current Assets 4,701,893 5,037,270 5,956,123 6,441,711 7,497,319
7,500
Fixed Assets 1,398,128 1,605,266 1,860,288 2,254,763 2,925,547
Other Assets 26,101 47,115 286,899 - 357,861
5,000
Total Assets 6,482,447 7,032,497 8,274,554 9,417,957 11,315,061
Growth (%) 8.49% 17.66% 13.82% 20.14% 2,500

Current Liabilities 1,574,137 1,146,489 1,630,589 1,891,618 264,059 -


Long Term Liabilities 117,375 113,872 128,031 154,696 174,513 2009 2010 2011 2012 2013
Total Liabilities 1,691,775 1,260,580 1,758,619 2,046,314 438,572
Growth (%) -25.49% 39.51% 16.36% -78.57%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 850,000 850,000 850,000 1,700,000 850,000 8,500
Paid up Capital 507,801 507,801 507,801 507,801 507,801 8,500

7,372
Paid up Capital (Shares) 10,156 10,156 10,156 60,936 50,780 6,516
Par Value 50 50 50 50&10 10
6,766

5,374
Retained Earnings 4,529,299 5,581,254 6,407,439 7,250,739 7,633,188
5,032
4,310
Total Equity 4,310,438 5,373,784 6,515,935 7,371,644 8,499,958
Growth (%) 24.67% 21.25% 13.13% 15.31% 3,298

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 1,564

Total Revenues 9,087,348 10,226,789 10,911,860 13,636,405 16,002,131


Growth (%) 12.54% 6.70% 24.97% 17.35%
-170

2009 2010 2011 2012 2013

Cost of Revenues 4,575,407 5,060,404 5,360,687 7,102,971 8,323,018


Gross Profit 4,511,940 5,166,386 5,551,173 6,533,434 7,679,113
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 2,946,066 3,375,482 3,563,914 4,225,417 5,106,591
Operating Profit 1,565,875 1,790,904 1,987,259 - - 16,002
16,002

Growth (%) 14.37% 10.96% 13,636


12,738

10,912
Other Income (Expenses) -94,803 -20,469 - - - 10,227
9,087
Income before Tax 1,471,072 1,770,435 1,987,259 2,308,017 2,572,523 9,473

Tax 421,405 426,636 464,303 532,918 602,070


Profit for the period 1,049,667 1,343,799 1,522,957 1,775,099 1,970,452
6,209

Growth (%) 28.02% 13.33% 16.56% 11.01%


2,944

Period Attributable 1,049,667 1,266,330 1,482,237 1,733,928 1,919,508 -320

Comprehensive Income 929,004 1,346,098 1,539,721 1,772,035 2,004,244 2009 2010 2011 2012 2013
Comprehensive Attributable - 1,288,627 1,498,877 1,730,864 1,952,589

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 298.70 439.36 365.27 340.54 2,839.26
1,970
Dividend (Rp) 25.00 70.00 95.00 19.00 - 1,970

1,775
EPS (Rp) 103.35 124.69 145.95 28.45 37.80 1,523
BV (Rp) 424.42 529.12 641.58 120.97 167.39 1,568

1,344
DAR (X) 0.26 0.18 0.21 0.22 0.04
1,167
1,050
DER(X) 0.39 0.23 0.27 0.28 0.05
ROA (%) 16.19 19.11 18.41 18.85 17.41 765

ROE (%) 24.35 25.01 23.37 24.08 23.18


GPM (%) 49.65 50.52 50.87 47.91 47.99 363

OPM (%) 17.23 17.51 18.21 - -


NPM (%) 11.55 13.14 13.96 13.02 12.31
-39

2009 2010 2011 2012 2013


Payout Ratio (%) 24.19 56.14 65.09 66.77 -
Yield (%) 1.92 2.15 2.79 1.79 -

RESEARCH AND DEVELOPMENT DIVISION 101


COMPANY REPORT

LPKR
LIPPO KARAWACI TBK.

Company Profile

PT Lippo Karawaci Tbk. was established under the name PT Tunggal Reksakencana dated
October 15th, 1990.

The Companys scope of activities include real estate, urban development, land purchasing
and clearing, land cut and fill, land development and excavation, infrastructure
development planning, developing, leasing, selling and managing of buildings, houses,
offices and industrial estates, hotels, hospitals, commercial centers and sports centers,
supporting infrastructure, including but not limited to golf courses, club houses,
restaurants, other entertainment centers, medical laboratories, medical pharmacies and
related facilities, directly or by investment or capital divestment; build and operate
environment infrastructure, build and manage public facilities and accommodation services
and operating activities in services consisting of public transportation, security services and
other supporting services, except for legal and taxation services.

The main activities of the Company include urban development, large scale integrated
development, retail malls, healthcare, hospitals & infrastructure, also property & portfolio
management.

The Company creates well-planned developments that circumvent traffic congestion, are
flood-free, and possess world-class infrastructure. The Company is driven by its vision of
impacting lives, while continuously creating value for its stakeholders. The needs of the
growing middle, upper middle and upper classes of Indonesia are met by the quality of the
services offered through each business segment, while sustainable growth is achieved
through a balanced portfolio of development projects supported and sustained by a stable
level of recurring income from healthcare, hotel leisure & hospitality, infrastructure, and
fee-based income as Retail Estate Investment Trust (REIT) and property managers.

The company is one of the incorporated in the business group Lippo Group.

As of December 31st, 2013, the Company and subsidiaries had 6,168 employees.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

102 RESEARCH AND DEVELOPMENT DIVISION


LPKR Lippo Karawaci Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 243.239
Industry Sector : Property, Real Estate And Building Construction (6) Listed Shares : 23,077,689,619
Industry Sub Sector : Property And Real Estate (61) Market Capitalization : 21,923,805,138,050
39 | 21.9T | 0.50% | 70.83%

11 | 22.7T | 2.06% | 38.47%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 15-Oct-1990 1. Pacific Asia Holding Ltd 4,126,619,908 : 17.88%
Listing Date : 28-Jun-1996 2. Public (<5%) 18,951,069,711 : 82.12%
Under Writer IPO :
PT Pentasena Arthasentosa DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Sharestar Indonesia Year Shares Dividend Cum Date Ex Date Date Date
Beritasatu Plasa 7th Fl. 1995 40.00 05-Dec-96 06-Dec-96 16-Dec-96 14-Jan-97 F
Jln. Jend. Gatot Subroto Kav. 35 - 36 Jakarta 12950 1997 10.00 13-Jan-98 14-Jan-98 22-Jan-98 20-Feb-98 F
Phone : (021) 527-7966 2005 10.00 19-Aug-05 22-Aug-05 24-Aug-05 08-Sep-05
Fax : (021) 527-7967 2005 9.99 01-Dec-06 04-Dec-06 06-Dec-06 20-Dec-06 F
2006 4.62 04-Dec-07 05-Dec-07 07-Dec-07 27-Dec-07 F
BOARD OF COMMISSIONERS 2010 2.88 11-Nov-10 12-Nov-10 16-Nov-10 01-Dec-10 I
1. Theo L. Sambuaga 2010 4.33 05-Oct-11 06-Oct-11 10-Oct-11 24-Oct-11 F
2. Agum Gumelar *) 2011 7.79 27-Aug-12 28-Aug-12 30-Aug-12 13-Sep-12 F
3. Farid Harianto *) 2012 11.85 29-Nov-13 02-Dec-13 04-Dec-13 18-Dec-13 F
4. Jonathan Limbong Parapak *)
5. Muladi *) ISSUED HISTORY
6. Surjadi Soedirdja *) Listing Trading
7. Tanri Abeng *) No. Type of Listing Shares Date Date
8. Viven Gouw Setiabudi 1. First Issue 30,800,000 28-Jun-96 28-Jun-96
*) Independent Commissioners 2. Company Listing 244,000,000 T: 28-Jun-96 : 28-Feb-97
3. Convertible Bond 105,072,500 28-Jun-96 28-Jun-96
BOARD OF DIRECTORS 4. Right Issue 5,815,239,737 T: 16-Jan-98 : 30-Dec-10
1. Ketut Budi Wijaya 5. Add Listing (Merger) 1,063,275,250 02-Aug-04 02-Aug-04
2. Djoko Harjono 6. Warrant 279,099 T: 28-Jul-05 : 17-May-06
3. Jenny Kuistono 7. Stock Split 13,314,419,679 T: 28-Jul-06 : 26-Dec-07
4. Rahmawaty 8. Warrant I 1,054,603,354 T: 23-Nov-06 : 05-Dec-07
5. Roberto Fernandez Feliciano 9. Additional Listing without RI 1,450,000,000 08-Jun-11 08-Jun-11
6. Tjokro Libianto

AUDIT COMMITTEE
1. Farid Harianto
2. Herbudianto
3. Indra Simarta

CORPORATE SECRETARY
Jenny Kuistono

HEAD OFFICE
Menara Matahari 22nd Fl., Jln. Boulevard Palem Raya No. 7
Lippo Karawaci
Tangerang - 15811
Phone : (021) 256-69000
Fax : (021) 256-69099

Homepage : www.lippokarawaci.co.id
Email : corsec@lippokarawaci.co.id

RESEARCH AND DEVELOPMENT DIVISION 103


LPKR Lippo Karawaci Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Lippo Karawaci Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
2,000 4,800 Jan-10 570 495 530 23,664 1,233,356 661,903 20
Feb-10 540 480 500 22,917 1,174,940 604,342 19
1,750 4,200 Mar-10 640 495 600 42,531 2,248,912 1,226,475 22
Apr-10 640 560 580 45,163 2,523,205 1,506,615 21
May-10 580 345 425 37,234 2,301,167 1,109,630 19
1,500 3,600
Jun-10 570 390 500 43,871 3,190,792 1,470,903 22
Jul-10 510 470 485 23,872 1,501,556 743,918 22
1,250 3,000
Aug-10 530 480 500 17,114 2,766,583 1,410,083 21
Sep-10 600 470 560 16,997 1,916,803 1,071,823 17
1,000 2,400
Oct-10 710 530 620 32,731 12,440,504 7,118,366 21
Nov-10 700 610 680 22,790 3,305,245 2,223,488 21
750 1,800 Dec-10 750 620 680 22,743 2,236,131 1,532,688 20

500 1,200 Jan-11 750 510 570 28,801 3,093,422 1,933,172 21


Feb-11 610 500 540 18,516 2,130,767 1,182,383 18
250 600 Mar-11 620 530 610 19,855 2,184,902 1,233,282 23
Apr-11 810 590 780 18,261 2,741,114 1,948,330 20
May-11 810 610 680 22,025 4,006,475 2,803,561 21
Jun-11 680 620 650 18,941 3,595,616 2,349,313 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 780 630 780 23,869 1,698,345 1,189,915 21
Aug-11 870 640 740 27,728 2,175,672 1,672,375 19
Sep-11 760 620 680 26,990 1,736,178 1,226,393 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 680 570 640 23,229 1,379,677 873,259 21
Property, Real Estate and Bulding Construction Index Nov-11 680 600 630 11,310 988,661 630,004 22
January 2010 - January 2014 Dec-11 680 620 660 10,394 891,879 575,944 21
315%
Jan-12 690 650 670 7,523 673,010 452,467 21
270% Feb-12 730 660 700 10,764 1,138,080 798,503 21
Mar-12 830 680 800 16,038 1,807,733 1,321,460 21
225% Apr-12 850 790 830 12,981 1,125,450 926,085 20
May-12 830 740 790 7,519 1,009,310 813,505 21
180% Jun-12 810 720 800 8,994 864,314 662,445 21
Jul-12 910 790 890 11,596 1,077,348 903,591 22
149.6% Aug-12 1,010 830 870 14,052 1,025,678 946,477 19
135%
Sep-12 990 870 990 10,666 710,159 659,702 20
Oct-12 990 900 930 11,956 750,374 715,666 22
90% 95.9%
Nov-12 1,090 910 1,070 22,082 1,517,269 1,484,768 20
71.6%
Dec-12 1,120 970 1,000 18,552 1,234,505 1,262,027 18
45%

Jan-13 1,050 980 1,030 18,954 1,044,107 1,060,012 21


- Feb-13 1,130 1,000 1,130 19,101 1,320,934 1,410,229 20
Mar-13 1,380 1,100 1,370 27,626 1,944,365 2,354,312 19
-45% Apr-13 1,420 1,270 1,350 47,000 1,764,716 2,375,613 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 1,840 1,330 1,840 69,663 4,005,347 6,269,291 22
Jun-13 1,850 1,400 1,520 56,929 2,584,811 4,219,775 19
Jul-13 1,520 1,070 1,280 59,085 2,688,034 3,436,476 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 1,420 850 1,150 45,795 1,988,899 2,346,408 17
Volume (Million Sh.) 36,839 26,623 12,933 26,782 2,156 Sep-13 1,370 930 1,090 64,901 2,818,915 3,229,906 21
Value (Billion Rp) 20,680 17,618 10,947 33,257 2,025 Oct-13 1,190 990 1,130 68,222 2,516,548 2,710,895 21
Frequency (Thou. X) 352 250 153 548 37 Nov-13 1,150 860 910 41,217 2,116,780 2,026,117 20
Days 245 247 246 244 20 Dec-13 990 870 910 29,306 1,988,284 1,817,800 19

Price (Rupiah) Jan-14 1,000 855 950 37,016 2,155,619 2,024,577 20


High 750 870 1,120 1,850 1,000
Low 345 500 650 850 855
Close 680 660 1,000 910 950
Close* 680 660 1,000 910 950

PER (X) 27.99 26.26 9.30 17.25 18.01


PER Industry (X) 9.97 11.09 17.34 17.79 16.27
PBV (X) 1.91 1.62 2.01 1.52 1.59
* Adjusted price after corporate action

104 RESEARCH AND DEVELOPMENT DIVISION


LPKR Lippo Karawaci Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,533,260 3,660,087 2,174,561 3,337,357 1,855,052 32,500

Receivables 6,492,548 812,686 923,556 605,801 781,409


230,806 7,068,539 7,892,171 10,504,910 13,894,009 26,000
Inventories
Investment 498,496 1,052,210 2,963,651 85,784 130,431
19,500
Fixed Assets 1,245,661 1,206,375 210,276 2,222,377 2,810,892
Other Assets 197,543 269,536 419,508 - 60,968
13,000
Total Assets 12,127,644 16,155,385 18,259,171 24,869,296 31,300,362
Growth (%) 33.21% 13.02% 36.20% 25.86% 6,500

Bank Payable - - 70,825 59,680 -


Trade Payable 294,507 275,531 416,871 575,701 397,748 2009 2010 2011 2012 2013
Total Liabilities 6,838,712 7,975,968 8,850,153 13,399,189 17,122,789
Growth (%) 16.63% 10.96% 51.40% 27.79%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 4,000,000 6,400,000 6,400,000 6,400,000 6,400,000 14,178
Paid up Capital 1,730,215 2,162,769 2,307,769 2,307,769 2,307,769 14,178

Paid up Capital (Shares) 17,302 21,628 23,078 23,078 23,078 11,470

Par Value 100 100 100 100 100


11,285

9,409
Retained Earnings 1,778,486 2,254,001 2,907,500 3,790,222 4,748,453 7,710
8,393

Total Equity 4,887,241 7,709,908 9,409,018 11,470,106 14,177,573


Growth (%) 57.76% 22.04% 21.91% 23.60% 5,501
4,887

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 2,609

Total Revenues 2,565,101 3,125,313 4,189,580 6,160,214 6,666,214


Growth (%) 21.84% 34.05% 47.04% 8.21%
-284

2009 2010 2011 2012 2013

Cost of Revenues 1,378,533 1,601,542 2,293,260 3,339,267 3,619,572


Gross Profit 1,186,568 1,523,770 1,896,320 2,820,947 3,046,643
TOTAL REVENUES (Bill. Rp)
Operating Expenses 705,861 802,411 968,324 1,271,753 1,103,623
Operating Profit 480,707 721,359 927,996 1,549,193 1,943,020 6,666
6,160
Growth (%) 50.06% 28.65% 66.94% 25.42%
6,666

5,306

Other Income (Expenses) 30,731 -8,262 56,814 27,895 -18,190 4,190


Income before Tax 526,658 719,254 984,810 1,577,088 1,924,830
3,125
3,946

Tax 90,173 124,733 170,716 254,241 332,339 2,565


Profit for the period 436,485 594,521 814,094 1,322,847 1,592,491
2,586

Growth (%) 36.21% 36.93% 62.49% 20.38%


1,227

Period Attributable 436,485 525,346 708,282 1,060,222 1,228,230 -133

Comprehensive Income 388,053 568,603 579,917 2,482,548 1,676,148 2009 2010 2011 2012 2013
Comprehensive Attributable - 499,428 474,105 2,219,923 1,311,887

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Dividend (Rp) - 7.21 7.79 11.85 -
1,592
EPS (Rp) 25.23 24.29 30.69 45.94 53.22 1,592

BV (Rp) 282.46 356.48 407.71 497.02 614.34 1,323

DAR (X) 0.56 0.49 0.48 0.54 0.55 1,268

DER(X) 1.40 1.03 0.94 1.17 1.21


814
3.60 3.68 4.46 5.32 5.09
943

ROA (%)
595
ROE (%) 8.93 7.71 8.65 11.53 11.23
436
618

GPM (%) 46.26 48.76 45.26 45.79 45.70


OPM (%) 18.74 23.08 22.15 25.15 29.15 293

NPM (%) 17.02 19.02 19.43 21.47 23.89


Payout Ratio (%) - 29.68 25.38 25.79 -
-32

2009 2010 2011 2012 2013


Yield (%) - 1.06 1.18 1.19 -

RESEARCH AND DEVELOPMENT DIVISION 105


CC O
OMM PP A
ANN YY RR EE PP O
O RR TT

LSIP
PP LONDON SUMATRA INDONESIA TBK.
Company Profile

PT Perusahaan Perkebunan London Sumatra Indonesia Tbk. was established December


18th, 1962.

The Company commenced its commercial operations in 1963 and engaged in the
plantation business located in North Sumatera, South Sumatera, Java, East Kalimantan,
North Sulawesi, and South Sulawesi with a total planted area of 110,579 hectares as of
December 31st, 2013. The main products are crude palm oil and rubber, and small
quantities of cocoa, tea and seeds.

The Company is domiciled in Jakarta while operational branch offices located in Medan,
Palembang, Makassar, Surabaya and Samarinda. The Companys registered office address
is at Prudential Tower 15th Fl., Jln. Jend. Sudirman Kav. 79, Jakarta.

Lonsums 38 inti estates (Company owned) and 14 plasma estates (smallholder farmer),
which are currently operational in Sumatra, Java, Kalimantan and Sulawesi, make use of
advanced research and development as well as agro-management expertise and a highly
skilled and an experienced workforce. The scope of the business has broadened to include
plant breeding, planting, harvesting, milling, processing and the selling of palm products,
rubber, cocoa and tea. The Company now has 20 factories which are operational in
Sumatra, Java and Sulawesi. Lonsum is known in the industry for the quality of its oil palm
an cocoa seeds, and this high-tech business is now a major growth driver for the Company.

PT Salim Ivomas Pratama Tbk. (SIMP) and First Pacific Company Limited, Hong Kong, are
the parent companies and the ultimate parent companies of the Group.

The Company has direct and indirect ownership in


PT Multi Agro Kencana Prima,
Lonsum Singapore Pte. Ltd.,
PT Tani Musi Persada,
PT Sumatera Agri Sejahtera,
PT Tani Andalas Sejahtera,
Agri Investments Pte., Ltd., and
Sumatera Bioscience Pte. Ltd. Singapore.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

106 RESEARCH AND DEVELOPMENT DIVISION


LSIP PP London Sumatra Indonesia Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Development Board Individual Index : 427.097
Industry Sector : Agriculture (1) Listed Shares : 6,822,863,965
Industry Sub Sector : Plantation (12) Market Capitalization : 11,291,839,862,075
68 | 11.3T | 0.26% | 80.68%

29 | 8.68T | 0.79% | 61.07%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 18-Dec-1962 1. PT Salim Ivomas Pratama 4,058,425,010 : 59.48%
Listing Date : 05-Jul-1996 2. Public (<5%) 2,764,438,955 : 40.52%
Under Writer IPO :
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Raya Saham Registra Year Shares Dividend Cum Date Ex Date Date Date
Plaza Central Building 2nd Fl. 1997 10 : 14 23-Jul-97 24-Jul-97 01-Aug-97 25-Aug-97 F
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1996 110.00 23-Jul-97 24-Jul-97 01-Aug-97 25-Aug-97 F
Phone : (021) 252-5666 1997 30.00 14-Jul-98 15-Jul-98 23-Jul-98 20-Aug-98 F
Fax : (021) 252-5028 2005 75.00 20-Jul-06 21-Jul-06 25-Jul-06 07-Aug-06 F
2008 208.00 26-May-09 27-May-09 29-May-09 05-Jun-09 F
BOARD OF COMMISSIONERS 2009 209.00 17-Jun-10 18-Jun-10 22-Jun-10 06-Jul-10 F
1. Franciscus Welirang 2010 61.00 16-Jun-11 17-Jun-11 21-Jun-11 06-Jul-11 F
2. Axton Salim 2011 100.00 05-Jun-12 06-Jun-12 08-Jun-12 22-Jun-12 F
3. Edy Sugito *) 2012 66.00 14-Jun-13 17-Jun-13 19-Jun-13 03-Jul-13 F
4. Hans Ryan Aditio
5. Hendra Widjaja ISSUED HISTORY
6. Monang Silalahi *) Listing Trading
7. Tengku Alwin Aziz *) No. Type of Listing Shares Date Date
8. Werianty Setiawan 1. First Issue 38,800,000 05-Jul-96 05-Jul-96
*) Independent Commissioners 2. Company Listing 163,538,872 05-Jul-96 05-Jul-96
3. Bonus Shares 283,274,421 26-Aug-97 26-Aug-97
BOARD OF DIRECTORS 4. Additional Listing without RI 280,096,500 24-Jun-04 24-Jun-04
1. Benny Tjoeng 5. Mandatory Convertible Note Conversion 329,519,500 22-Sep-04 22-Sep-04
2. Joefly Joesoef Bahroeny 6. Mandatory Convertible Note Conversion 269,343,500 02-Nov-07 02-Nov-07
3. Mark Julian Wakeford 7. Stock Splits 5,458,291,172 25-Feb-11 25-Feb-11
4. Paulus Moleonoto
5. Sonny Lianto
6. Tio Eddy Hariyanto
7. Tjhie Tje Fie (Thomas Tjhie)

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 : www.londonsumatra.com
Email : lonsum@londonsumatra.com
endah.resmiati@londonsumatra.com

RESEARCH AND DEVELOPMENT DIVISION 107


LSIP PP London Sumatra Indonesia Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
PP London Sumatra Indonesia Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
3,200 160 Jan-10 9,450 8,300 8,500 7,841 72,414 646,565 20
Feb-10 9,150 8,100 9,000 6,799 46,904 405,180 19
2,800 140 Mar-10 10,100 8,700 9,800 7,774 65,792 619,454 22
Apr-10 10,350 9,300 9,700 6,865 41,000 402,659 21
May-10 9,850 7,300 8,300 9,304 52,879 452,700 19
2,400 120
Jun-10 8,750 7,900 8,300 10,802 67,806 569,071 22
Jul-10 9,200 7,450 8,850 21,897 187,398 1,525,686 22
2,000 100
Aug-10 9,950 8,750 9,350 12,866 90,865 856,025 21
Sep-10 10,500 9,200 9,850 10,845 59,922 589,248 17
1,600 80
Oct-10 12,000 9,700 11,700 9,535 71,835 767,402 21
Nov-10 12,800 11,100 11,350 7,368 40,398 480,575 21
1,200 60 Dec-10 12,850 11,100 12,850 10,091 161,822 1,902,153 20

800 40 Jan-11 13,000 11,200 11,800 12,316 71,801 867,920 21


Feb-11 12,000 2,100 2,150 13,520 97,341 931,577 18
400 20 Mar-11 2,425 2,125 2,275 23,339 518,476 1,182,549 23
Apr-11 2,475 2,275 2,450 12,961 380,973 906,012 20
May-11 2,525 2,300 2,425 16,005 365,400 882,264 21
Jun-11 2,450 2,250 2,325 9,902 243,655 567,749 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 2,425 2,225 2,350 10,700 261,351 607,726 21
Aug-11 2,425 2,100 2,400 10,196 209,783 487,230 19
Sep-11 2,450 1,710 2,050 13,810 122,610 261,295 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 2,300 1,730 2,200 18,353 270,922 553,930 21
Agriculture Index Nov-11 2,400 2,050 2,375 10,456 225,400 514,122 22
January 2010 - January 2014 Dec-11 2,400 2,075 2,250 10,742 159,936 354,428 21
125%
Jan-12 2,500 2,175 2,425 11,452 198,053 474,007 21
100% Feb-12 2,825 2,425 2,650 14,768 308,800 813,243 21
Mar-12 3,000 2,600 2,875 16,140 255,649 715,984 21
75% Apr-12 3,150 2,775 2,925 13,819 275,157 807,841 20
71.6%
May-12 2,925 2,275 2,400 17,778 343,268 870,742 21
50% Jun-12 2,775 2,375 2,675 14,991 205,735 529,766 21
Jul-12 3,050 2,625 2,750 13,935 313,397 887,075 22
Aug-12 2,925 2,400 2,400 15,952 412,381 1,090,181 19
25%
Sep-12 2,600 2,325 2,450 16,586 456,401 1,129,082 20
8.5% Oct-12 2,450 2,250 2,325 14,768 375,878 876,755 22
-
-2.6% Nov-12 2,450 1,840 1,870 13,104 264,249 577,970 20
Dec-12 2,325 1,830 2,300 16,652 334,739 679,771 18
-25%

Jan-13 2,525 2,150 2,200 17,678 323,112 747,259 21


-50% Feb-13 2,325 2,025 2,075 14,561 260,360 572,168 20
Mar-13 2,125 1,810 1,930 22,788 292,084 572,071 19
-75% Apr-13 1,930 1,520 1,520 18,150 267,715 477,137 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 1,940 1,490 1,920 24,889 393,131 672,303 22
Jun-13 1,980 1,670 1,720 34,477 528,876 966,936 19
Jul-13 1,740 1,120 1,120 39,032 633,985 848,808 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 1,500 960 1,490 41,005 883,004 1,082,001 17
Volume (Million Sh.) 959 2,928 3,744 6,246 1,055 Sep-13 1,670 1,260 1,270 42,086 794,744 1,163,598 21
Value (Billion Rp) 9,217 8,117 9,452 10,205 1,739 Oct-13 1,640 1,230 1,600 32,600 804,006 1,161,385 21
Frequency (Thou. X) 122 162 180 338 73 Nov-13 1,870 1,600 1,840 26,145 553,262 971,603 20
Days 245 247 246 244 20 Dec-13 2,050 1,740 1,930 24,982 511,934 970,207 19

Price (Rupiah) Jan-14 1,980 1,470 1,655 72,532 1,054,575 1,738,764 20


High 12,850 13,000 3,150 2,525 1,980
Low 7,300 1,710 1,830 960 1,470
Close 12,850 2,250 2,300 1,930 1,655
Close* 2,570 2,250 2,300 1,930 1,655

PER (X) 16.97 7.34 13.98 22.30 19.12


PER Industry (X) 0.14 1.79 33.17 20.59 20.99
PBV (X) 3.85 2.63 2.50 2.10 1.80
* Adjusted price after corporate action

108 RESEARCH AND DEVELOPMENT DIVISION


LSIP PP London Sumatra Indonesia Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 682,249 1,160,688 2,063,982 1,799,137 1,401,395 8,750

Receivables 77,406 38,802 112,071 52,132 116,796


192,133 264,473 368,244 645,954 374,485 7,000
Inventories
Current Assets 964,362 1,487,257 2,567,657 2,593,816 1,999,126
5,250
Fixed Assets 1,603,497 1,728,694 1,824,630 2,229,928 2,776,825
Other Assets 81,949 93,111 87,691 61,331 63,000
3,500
Total Assets 4,852,277 5,561,433 6,791,859 7,551,796 7,974,876
Growth (%) 14.61% 22.12% 11.19% 5.60% 1,750

Current Liabilities 686,189 621,593 531,326 792,482 804,428 -


Long Term Liabilities 352,623 385,735 421,109 479,601 556,461 2009 2010 2011 2012 2013
Total Liabilities 1,038,812 1,007,328 952,435 1,272,083 1,360,889
Growth (%) -3.03% -5.45% 33.56% 6.98%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 800,000 800,000 800,000 800,000 800,000 6,614
6,280
Paid up Capital 682,286 682,286 682,286 682,286 682,286 6,614

5,839
Paid up Capital (Shares) 1,365 1,365 6,823 6,823 6,823
Par Value 500 500 100 100 100 4,554
5,265

Retained Earnings 2,100,867 2,841,507 4,126,893 4,560,793 4,879,977 3,813


3,915

Total Equity 3,813,465 4,554,105 5,839,424 6,279,713 6,613,987


Growth (%) 19.42% 28.22% 7.54% 5.32% 2,566

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 1,217

Total Revenues 3,199,687 3,592,658 4,686,457 4,211,578 4,133,679


Growth (%) 12.28% 30.45% -10.13% -1.85%
-132

2009 2010 2011 2012 2013

Cost of Revenues 1,809,194 1,821,244 2,324,138 2,530,503 2,880,220


Gross Profit 1,390,493 1,771,414 2,362,319 1,681,075 1,253,459
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 371,842 371,894 356,795 357,102 227,810
Operating Profit 1,018,651 1,399,520 2,005,524 1,323,973 1,025,649 4,686
4,212
4,686

Growth (%) 37.39% 43.30% -33.98% -22.53% 4,134


3,593
3,730

3,200
Other Income (Expenses) -10,512 -17,738 84,989 48,110 -28,658
Income before Tax 1,008,139 1,381,782 2,090,513 1,372,083 996,991 2,774

Tax 300,652 348,453 389,000 256,544 228,366


Profit for the period 707,487 1,033,329 1,701,513 1,115,539 768,625
1,818

Growth (%) 46.06% 64.66% -34.44% -31.10%


862

Period Attributable 707,487 1,033,329 1,701,580 1,116,186 769,493 -94

Comprehensive Income - 1,033,329 1,701,513 1,122,575 788,003 2009 2010 2011 2012 2013
Comprehensive Attributable - 1,033,329 1,701,580 1,123,222 788,871

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 140.54 239.27 483.25 327.30 248.52
1,702
Dividend (Rp) 209.00 61.00 100.00 66.00 - 1,702

EPS (Rp) 518.47 757.25 249.39 163.60 112.78


BV (Rp) 2,794.62 3,337.39 855.86 920.39 969.39 1,354

1,116
1,033
DAR (X) 0.21 0.18 0.14 0.17 0.17
1,007

DER(X) 0.27 0.22 0.16 0.20 0.21 769


707
ROA (%) 14.58 18.58 25.05 14.77 9.64 660

ROE (%) 18.55 22.69 29.14 17.76 11.62


GPM (%) 43.46 49.31 50.41 39.92 30.32 313

OPM (%) 31.84 38.96 42.79 31.44 24.81


NPM (%) 22.11 28.76 36.31 26.49 18.59
-34

2009 2010 2011 2012 2013


Payout Ratio (%) 40.31 8.06 40.10 40.34 -
Yield (%) 2.50 0.47 4.44 2.87 -

RESEARCH AND DEVELOPMENT DIVISION 109


COMPANY REPORT

MAIN
MALINDO FEEDMILL TBK.

Company Profile

PT Malindo Feedmill Tbk. was established in 1997 and The company is one of the growing
main played in agri-food industry.

The company produces and trades animal feed, particularly broiler breeder feed, broiler
layer feed, layer breeder feed and Commercial Day Chicks (DOC). The company also invests
in subsidiaries that produces and markets parent stock DOC, Commercial DOC and Broiler
chickens.

The company commenced commercial operations in 1998. The Company is domiciled in


Duta Mas Fatmawati, Jln. RS Fatmawati No. 39, Jakarta. The Companys plants are located
in Jakarta, East Java and Banten, while its farms are located in West Java, Central Java, East
Java, Sumatera and South Kalimantan.

The company produce variety of feed to suits market requirements and customers needs.
The main type of feed produce are:
a. Poultry feed from breeder feed, broiler feed and layer feed.
b. Fish feed.

The Company and Subsidiaries had a total of 2,989 permanent employees as of December
31st, 2013.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

110 RESEARCH AND DEVELOPMENT DIVISION


MAIN Malindo Feedmill Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Development Board Individual Index : 1,855.114
Industry Sector : Basic Industry And Chemicals (3) Listed Shares : 1,695,000,000
Industry Sub Sector : Animal Feed (36) Market Capitalization : 5,534,175,000,000
115 | 5.53T | 0.13% | 89.24%

42 | 6.95T | 0.63% | 70.36%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 10-Jun-1997 1. Dragon Amity Ltd 1,001,675,000 : 59.00%
Listing Date : 27-Jan-2006 2. Public (<5%) 693,325,000 : 41.00%
Under Writer IPO :
PT CIMB-GK Securities Indonesia DIVIDEND ANNOUNCEMENT
PT Republik Securities Bonus Cash Recording Payment
F/I
PT Makinta Securities Year Shares Dividend Cum Date Ex Date Date Date
PT Nusadana Capital Indonesia 2005 70.00 27-Jul-06 28-Jul-06 01-Aug-06 15-Aug-06 F
PT Equity Development Securities 2006 25.00 09-Nov-06 10-Nov-06 14-Nov-06 28-Nov-06 I
Securities Administration Bureau : 2006 63.00 09-Oct-07 10-Oct-07 17-Oct-07 31-Oct-07 I
PT Sinartama Gunita 2007 25.00 17-Dec-08 18-Dec-08 22-Dec-08 30-Dec-08 F
Plaza BII Menara 1, 9th Fl. 2008 4.00 06-Aug-09 07-Aug-09 11-Aug-09 26-Aug-09 F
Jln. M.H. Thamrin No. 51 Jakarta 10350 2009 56.00 06-Sep-10 07-Sep-10 16-Sep-10 30-Sep-10 F
Phone : (021) 392-2332 2010 70.00 17-Dec-10 20-Dec-10 22-Dec-10 28-Dec-10 I
Fax : (021) 392-3003 2010 23.00 16-Sep-11 19-Sep-11 21-Sep-11 29-Sep-11 F
2011 25.00 06-Dec-12 07-Dec-12 11-Dec-12 27-Dec-12 F
BOARD OF COMMISSIONERS 2012 36.00 08-Nov-13 11-Nov-13 13-Nov-13 27-Nov-13 F
1. Lau Bong Wong
2. Tan Lai Kai ISSUED HISTORY
3. Yongkie Handaya *) Listing Trading
*) Independent Commissioners No. Type of Listing Shares Date Date
1. First Issue 61,000,000 10-Feb-06 10-Feb-06
BOARD OF DIRECTORS 2. Company Listing 278,000,000 10-Feb-06 10-Oct-06
1. Lau Chia Nguang 3. Stock Splits 1,356,000,000 15-Jun-11 15-Jun-11
2. Abdul Azim Bin Mohamad Zabidi
3. Lau Tuang Nguang
4. Mazlan bin A. Talib
5. Ong Beng Siong
6. Tang Ung Lee
7. Teoh Bee Tang

AUDIT COMMITTEE
1. Yongkie Handaya
2. Evyliana Diapary
3. Koh Kim Chui
4. Rachmad

CORPORATE SECRETARY
Rudy Hartono Husin

HEAD OFFICE
Jln. R.S. Fatmawati No. 39
Komplek Duta Mas Fatmawati Blok A1 No. 30 - 32
Cipete Utara Kebayoran Baru, Jakarta - 12150
Phone : (021) 766-1727, 722-8383
Fax : (021) 766-1728, 723-7778

Homepage : www.malindofeedmill.co.id
Email : rudy.hartono@malindofeedmill.co.id

RESEARCH AND DEVELOPMENT DIVISION 111


MAIN Malindo Feedmill Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Malindo Feedmill Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
4,200 160 Jan-10 920 880 920 139 432 389 16
Feb-10 1,130 890 910 265 5,197 4,689 16
3,675 140 Mar-10 1,150 890 1,150 130 1,013 968 22
Apr-10 1,180 900 970 87 878 880 21
May-10 970 950 970 23 335 323 9
3,150 120
Jun-10 - - 970 10 59,349 57,569 2
Jul-10 - - 970 11 4,838 4,838 3
2,625 100
Aug-10 1,300 1,050 1,300 16 6,214 6,604 8
Sep-10 1,460 1,130 1,320 50 1,000 1,201 9
2,100 80
Oct-10 1,350 1,020 1,180 38 5,084 5,751 12
Nov-10 3,750 1,260 3,375 7,001 51,889 99,381 13
1,575 60 Dec-10 3,625 2,700 3,200 3,811 15,668 52,413 20

1,050 40 Jan-11 3,450 2,850 3,350 1,528 4,479 14,861 21


Feb-11 3,925 3,325 3,925 2,065 13,347 46,571 18
525 20 Mar-11 5,300 3,975 5,300 4,573 17,481 80,893 23
Apr-11 5,850 5,200 5,800 5,264 41,545 228,571 20
May-11 6,000 5,250 5,700 5,726 39,029 220,871 21
Jun-11 5,700 1,000 1,010 4,599 77,410 157,183 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 1,110 1,000 1,070 12,764 288,410 304,139 21
Aug-11 1,280 890 1,180 17,939 287,369 330,011 19
Sep-11 1,220 940 1,060 12,260 185,239 205,788 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 1,140 990 1,030 13,953 201,605 214,965 21
Basic Industry and Chemicals Index Nov-11 1,110 890 930 15,060 185,824 178,979 22
January 2010 - January 2014 Dec-11 980 890 980 13,083 144,441 134,624 21
2,240%
Jan-12 1,180 960 1,040 16,430 232,418 261,039 21
1,920% Feb-12 1,090 980 1,030 36,526 195,120 200,352 21
1734.3% Mar-12 1,090 1,000 1,060 21,390 149,683 156,411 21
1,600% Apr-12 1,210 1,010 1,130 11,084 125,168 133,182 20
May-12 1,400 1,130 1,190 20,295 200,009 258,717 21
1,280% Jun-12 1,490 1,070 1,490 19,769 188,984 244,570 21
Jul-12 1,790 1,420 1,640 18,270 209,275 338,938 22
Aug-12 1,640 1,450 1,480 17,577 146,068 223,268 19
960%
Sep-12 1,570 1,320 1,540 22,474 172,813 252,549 20
Oct-12 1,670 1,500 1,640 28,306 274,007 438,097 22
640%
Nov-12 2,150 1,610 2,150 15,958 248,284 461,939 20
Dec-12 2,500 1,970 2,375 14,299 219,325 491,050 18
320%

Jan-13 2,725 2,250 2,525 27,046 315,891 772,837 21


86.2%
- Feb-13 3,050 2,350 3,025 18,921 369,736 988,763 20
71.6%
Mar-13 3,375 2,900 3,100 22,309 261,965 819,735 19
-320% Apr-13 3,125 2,600 2,800 30,637 361,448 1,031,438 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 4,300 2,675 3,725 30,222 298,429 1,018,737 22
Jun-13 3,825 3,050 3,650 21,064 195,444 695,785 19
Jul-13 3,725 3,075 3,125 19,894 191,633 649,081 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 3,400 2,200 2,575 15,967 113,986 328,458 17
Volume (Million Sh.) 152 1,486 2,361 2,625 54 Sep-13 3,550 2,525 3,475 17,975 151,729 486,905 21
Value (Billion Rp) 235 2,117 3,460 7,996 182 Oct-13 3,650 3,250 3,375 15,752 127,338 438,814 21
Frequency (Thou. X) 12 109 242 247 11 Nov-13 3,475 2,950 3,375 14,959 131,610 429,357 20
Days 151 247 246 244 20 Dec-13 3,375 3,000 3,175 12,234 105,457 335,707 19

Price (Rupiah) Jan-14 3,565 3,180 3,265 11,481 54,179 181,938 20


High 3,750 6,000 2,500 4,300 3,565
Low 880 890 960 2,200 3,180
Close 3,200 980 2,375 3,175 3,265
Close* 640 980 2,375 3,175 3,265

PER (X) 6.03 8.10 13.31 16.66 17.13


PER Industry (X) 12.86 10.41 9.79 17.44 13.29
PBV (X) 4.20 3.94 5.90 6.23 6.41
* Adjusted price after corporate action

112 RESEARCH AND DEVELOPMENT DIVISION


MAIN Malindo Feedmill Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Anwar & Rekan (Member of DFK International)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 69,766 118,971 87,179 90,563 82,819 2,250

Receivables 134,908 112,697 174,385 231,252 303,120


121,535 116,963 239,006 262,603 391,892 1,800
Inventories
Current Assets 549,324 507,412 720,454 894,204 996,981
1,350
Fixed Assets 292,012 420,295 561,328 854,678 1,128,473
Other Assets - 93 130 - 127
900
Total Assets 885,348 966,319 1,327,801 1,799,882 2,214,399
Growth (%) 9.15% 37.41% 35.55% 23.03% 450

Current Liabilities 415,555 356,573 515,044 852,741 986,471 -


Long Term Liabilities 351,142 353,902 390,932 265,270 365,444 2009 2010 2011 2012 2013
Total Liabilities 766,696 710,475 905,977 1,118,011 1,351,916
Growth (%) -7.33% 27.52% 23.40% 20.92%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 58,587 58,587 58,587 58,587 58,587 862
Paid up Capital 33,900 33,900 33,900 33,900 33,900 862

Paid up Capital (Shares) 339 339 1,695 1,695 1,695 682


Par Value 100 100 20 20 20
687

Retained Earnings 187,224 324,476 490,749 751,129 931,356


422
511

Total Equity 120,794 258,046 421,825 681,871 862,483


Growth (%) 113.63% 63.47% 61.65% 26.49% 335
258

121
INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 159

Total Revenues 1,868,616 2,036,519 2,634,461 3,349,567 4,193,082


Growth (%) 8.99% 29.36% 27.14% 25.18%
-17

2009 2010 2011 2012 2013

Cost of Revenues 1,636,114 1,648,161 2,173,770 2,711,125 3,475,173


Gross Profit 232,502 388,358 460,691 638,442 717,909
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 100,613 129,007 150,161 190,701 341,424
Operating Profit 131,889 259,351 310,530 447,741 376,485 4,193
4,193

Growth (%) 96.64% 19.73% 44.19% -15.91%


3,350
3,338

Other Income (Expenses) -19,527 -34,446 -45,919 -64,665 -65,597 2,634


Income before Tax 112,362 224,905 264,611 383,076 310,888 2,482

2,037
1,869
Tax 36,906 44,999 59,645 80,655 69,255
Profit for the period 75,456 179,906 204,966 302,421 241,633
1,627

Growth (%) 138.42% 13.93% 47.55% -20.10%


772

Period Attributable 75,456 179,966 205,258 302,755 241,247 -84

Comprehensive Income 75,970 179,906 204,966 302,421 -241,633 2009 2010 2011 2012 2013
Comprehensive Attributable - 179,966 205,258 302,755 241,247

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 132.19 142.30 139.88 104.86 101.07
302
Dividend (Rp) 56.00 93.00 25.00 36.00 - 302

EPS (Rp) 222.59 530.87 121.10 178.62 142.33 242


BV (Rp) 356.32 761.20 248.86 402.28 508.84 241

205
DAR (X) 0.87 0.74 0.68 0.62 0.61 180
179

DER(X) 6.35 2.75 2.15 1.64 1.57


ROA (%) 8.52 18.62 15.44 16.80 10.91 117

62.47 69.72 48.59 44.35 28.02 75


ROE (%)
GPM (%) 12.44 19.07 17.49 19.06 17.12 56

OPM (%) 7.06 12.73 11.79 13.37 8.98


NPM (%) 4.04 8.83 7.78 9.03 5.76
-6

2009 2010 2011 2012 2013


Payout Ratio (%) 25.16 17.52 20.64 20.15 -
Yield (%) 6.22 2.91 2.55 1.52 -

RESEARCH AND DEVELOPMENT DIVISION 113


COMPANY REPORT

MLPL
MULTIPOLAR TBK.

Company Profile


PTMultipolarTbk.wasestablishedonDecember4th,1975.Currently,theCompanyprimarily
engaged in the field of telecommunications, informatics industry, general trade including
import trade, export, interinsulair, local and retail, services development and property
management/real estate, renting spaces in the store. Last parent Company and its
subsidiaries are Lanius Limited. Company started commercial operations on December 4,
1975.

TheCompanyhasdirectownershipinthefollowingsubsidiaries:
PTMatahariPutraPrimaTbk.,
PTMatahariPacific,
PTNadyaPutraInvestama,
PTKharismaArthaSejati,
PTReksaPuspitaKarya,
PTMultipolarTechnologyTbk,
PTSuryaCiptaInvestama,
PTGeneralArthaSejati,
PTAirPasifikUtama,
PTCahayaArthaSejati,
PrimeStarInvestmentPte.Ltd.,
PTMultipolarMultimediaPrima,
PTPrimaCakrawalaSentosa,and
PacificEmeraldPte.Ltd.

NumberofEmployeesoftheCompanyonDecember31st,2013was16,402Employees.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

114 RESEARCH AND DEVELOPMENT DIVISION


MLPL Multipolar Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Development Board Individual Index : 47.829
Industry Sector : Trade, Services & Investment (9) Listed Shares : 10,064,747,323
Industry Sub Sector : Investment Company (98) Market Capitalization : 4,196,999,633,691
138 | 4.20T | 0.10% | 91.84%

32 | 8.57T | 0.78% | 63.41%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 04-Dec-1975 1. Cyport Limited 2,714,279,928 : 26.97%
Listing Date : 06-Nov-1989 2. Grandhill Asia Limited 508,464,505 : 5.05%
Under Writer IPO : 3. Public (<5%) 6,842,002,890 : 67.98%
PT Finconesia
PT Multicor DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Sharestar Indonesia Year Shares Dividend Cum Date Ex Date Date Date
Beritasatu Plasa 7th Fl. 1989 185.00 21-Sep-90 24-Sep-90 28-Sep-90 10-Oct-90 F
Jln. Jend. Gatot Subroto Kav. 35 - 36 Jakarta 12950 1991 240.00 08-Oct-91 09-Oct-91 18-Oct-91 06-Nov-91 F
Phone : (021) 527-7966 1992 1:2 240.00 09-Oct-92 10-Oct-92 19-Oct-92 06-Nov-92 F
Fax : (021) 527-7967 1992 35.00 12-Oct-93 13-Oct-93 20-Oct-93 06-Nov-93 F
1994 45.00 10-Oct-94 11-Oct-94 18-Oct-94 16-Nov-94
BOARD OF COMMISSIONERS 1995 55.00 11-Oct-95 12-Oct-95 20-Oct-95 16-Nov-95 F
1. Theo L. Sambuaga 1995 16.00 03-Oct-96 04-Oct-96 14-Oct-96 12-Nov-96 F
2. Isnandar Rachmat Ali *) 2006 1.00 15-Jun-07 18-Jun-07 20-Jun-07 04-Jul-07 F
3. Jeffrey Koes Wonsono 2007 1.00 15-Apr-08 16-Apr-08 18-Apr-08 05-May-08 I
4. Jonathan L. Parapak *) 2010 10.00 07-Mar-11 08-Mar-11 10-Mar-11 24-Mar-11 F
5. Vivien G. Setiabudi 2011 1.00 22-May-12 23-May-12 25-May-12 07-Jun-12 F
*) Independent Commissioners 2012 1.00 16-May-13 17-May-13 21-May-13 04-Jun-13 F

BOARD OF DIRECTORS ISSUED HISTORY


1. Eddy H. Handoko Listing Trading
2. Bunjamin J. Mailool No. Type of Listing Shares Date Date
3. Harijono Suwarno 1. First Issue 4,328,000 06-Nov-89 06-Nov-89
4. Lina H. Latif 2. Company Listing 7,100,000 T: 16-Jul-90 : 24-Jul-90
5. Reynold Pena Ong 3. Bonus Shares 22,856,000 09-Nov-92 09-Nov-92
6. Richard H. Setiadi 4. Right Issue 12,555,991,940 T: 12-Jul-96 : 03-Jun-10
5. Stock Split 137,136,000 01-Apr-97 01-Apr-97
AUDIT COMMITTEE 6. Additional Listing 89,000,000 27-Jul-00 27-Jul-00
1. Isnandar Rachmat Ali 7. Warrant 560 T: 02-Dec-09 : 10-Dec-09
2. Ridwan Masui 8. Reverse Stocks -5,088,869,670 07-Apr-10 07-Apr-10
3. A. Sonny Soedjadi 9. Warrant II 2,337,204,493 T: 07-Mar-11 : 17-Apr-13

CORPORATE SECRETARY
Chrysologus RN Sinulingga

HEAD OFFICE
Menara Matahari 21st Fl.
Jln. Bolevar Palem Raya No. 7, Lippo Karawaci 1200
Tangerang - 15811
Phone : (021) 546-8888
Fax : (021) 547-5147

Homepage : www.multipolar-group.com
Email : multipolar@multipolar.co.id
chrys.sinulingga@multipolar-group.com

RESEARCH AND DEVELOPMENT DIVISION 115


MLPL Multipolar Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Multipolar Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
800 640 Jan-10 106 59 103 13,628 1,401,115 125,448 20
Feb-10 109 59 63 15,303 1,122,944 88,884 19
700 560 Mar-10 84 57 69 12,791 906,629 62,814 22
Apr-10 270 65 123 14,338 1,084,111 138,274 21
May-10 124 75 97 7,264 414,961 48,282 19
600 480
Jun-10 110 93 98 4,829 161,872 16,427 22
Jul-10 100 87 95 2,699 64,436 5,979 22
500 400
Aug-10 104 91 95 5,247 137,092 13,240 21
Sep-10 137 94 128 9,036 401,444 49,490 17
400 320
Oct-10 255 130 225 27,876 1,970,756 401,355 21
Nov-10 250 200 220 8,417 541,901 122,735 21
300 240 Dec-10 380 220 300 33,338 2,478,418 773,936 20

200 160 Jan-11 340 270 310 13,075 1,001,415 312,641 21


Feb-11 320 235 245 9,390 654,138 180,207 18
100 80 Mar-11 265 230 260 8,518 412,376 101,411 23
Apr-11 270 250 255 23,397 484,726 126,786 20
May-11 285 240 250 21,858 542,904 142,048 21
Jun-11 260 205 210 4,027 217,135 49,387 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 255 200 225 28,275 672,730 153,637 21
Aug-11 230 179 180 8,966 324,053 66,157 19
Sep-11 184 126 141 18,634 275,799 44,633 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 158 124 148 5,499 158,937 22,172 21
Trade, Sevices and Investment Index Nov-11 164 136 147 3,654 133,045 19,709 22
January 2010 - January 2014 Dec-11 157 145 151 2,320 45,292 6,829 21
455%
Jan-12 170 150 154 3,022 84,982 13,217 21
390% Feb-12 159 141 142 2,879 66,719 9,829 21
Mar-12 147 132 139 1,122 28,162 3,863 21
325% Apr-12 138 111 125 4,642 115,738 14,197 20
May-12 155 118 128 8,149 253,772 35,544 21
260% Jun-12 128 114 121 1,153 44,931 5,339 21
Jul-12 141 121 136 3,234 96,631 12,758 22
Aug-12 139 122 125 2,219 96,862 12,858 19
195% 181.3%
180.6% Sep-12 255 124 220 20,725 1,176,791 221,252 20
Oct-12 240 190 191 5,888 340,658 71,176 22
130%
Nov-12 265 180 235 14,277 724,236 163,780 20
Dec-12 250 205 205 4,626 251,045 57,032 18
65% 71.6%

Jan-13 335 200 330 9,377 841,644 227,666 21


- Feb-13 520 330 450 39,631 3,933,731 1,656,719 20
Mar-13 730 450 570 47,231 3,952,072 2,350,772 19
-65% Apr-13 620 520 590 22,933 1,351,481 770,465 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 800 580 780 34,991 2,357,161 1,657,469 22
Jun-13 820 485 580 40,297 2,538,156 1,560,206 19
Jul-13 660 485 530 26,801 1,378,244 781,146 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 590 390 435 13,776 765,372 381,446 17
Volume (Million Sh.) 10,686 4,923 3,281 20,093 487 Sep-13 445 315 350 28,136 1,395,162 523,027 21
Value (Billion Rp) 1,847 1,226 621 10,516 191 Oct-13 415 350 405 12,381 791,087 309,259 21
Frequency (Thou. X) 155 148 72 291 17 Nov-13 420 360 370 8,908 487,111 188,560 20
Days 245 247 246 244 20 Dec-13 380 350 360 6,556 301,598 109,588 19

Price (Rupiah) Jan-14 438 350 417 17,036 486,526 191,141 20


High 380 340 265 820 438
Low 57 124 111 200 350
Close 300 151 205 360 417
Close* 300 151 205 360 417

PER (X) 0.82 7.62 6.19 1.77 2.04


PER Industry (X) 21.27 16.89 19.08 15.43 17.12
PBV (X) 0.48 0.14 0.22 0.40 0.47
* Adjusted price after corporate action

116 RESEARCH AND DEVELOPMENT DIVISION


MLPL Multipolar Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 2,428,942 3,403,788 2,039,663 2,875,259 4,301,461 21,250

Receivables 247,055 436,243 223,397 231,454 349,050


1,233,082 1,057,447 1,413,534 2,064,262 2,925,163 17,000
Inventories
Current Assets 5,924,727 7,006,683 5,999,664 6,961,406 12,055,961
12,750
Fixed Assets 2,282,299 2,012,332 2,262,732 2,593,069 30,192,440
Other Assets 288,502 203,597 401,349 203,426 425,192
8,500
Total Assets 11,868,377 14,016,686 14,314,707 14,088,183 20,255,269
Growth (%) 18.10% 2.13% -1.58% 43.77% 4,250

Current Liabilities 3,625,814 3,705,603 4,042,864 4,671,652 7,851,921 -


Long Term Liabilities 4,799,972 1,810,532 2,123,104 2,363,458 3,426,221 2009 2010 2011 2012 2013
Total Liabilities 8,425,786 5,516,135 6,165,968 7,035,110 11,278,142
Growth (%) -34.53% 11.78% 14.10% 60.31%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 3,742,500 3,742,500 3,742,500 3,742,500 3,742,500 8,977
1,550,058 2,153,183 2,153,183 2,153,183 2,386,904 8,501
Paid up Capital 8,977

8,149
Paid up Capital (Shares) 6,785 7,728 7,728 7,728 10,065 7,053
Par Value 500 & 125
7,146

2000 & 500 & 100 2000 & 500 & 100 2000 & 500 & 100 2000 & 500 & 100

Retained Earnings 50,952 2,864,964 2,808,007 2,828,916 4,233,942


5,314

Total Equity 1,586,463 8,500,551 8,148,739 7,053,073 8,977,127


Growth (%) 435.82% -4.14% -13.45% 27.28% 3,483

1,586
INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 1,652

Total Revenues 10,885,698 9,537,671 10,332,842 12,642,770 14,671,670


Growth (%) -12.38% 8.34% 22.36% 16.05%
-180

2009 2010 2011 2012 2013

Cost of Revenues 7,214,164 7,366,240 8,534,649 10,393,875 12,020,863


Gross Profit 3,671,534 2,171,431 1,798,193 2,248,895 2,650,807
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 3,126,424 2,155,536 1,819,895 2,025,794 884,612
Operating Profit 545,110 15,895 -21,702 223,101 1,766,195 14,672
14,672

Growth (%) -97.08% N/A N/A 691.66% 12,643


10,886
11,679

10,333
Other Income (Expenses) -212,660 -144,584 110,934 -68,020 -981 9,538

Income before Tax 343,210 -123,008 89,232 155,081 1,765,214 8,686

Tax 82,573 -16,904 -6,806 -11,502 119,304


Profit for the period 260,637 5,627,111 96,038 166,583 1,645,910
5,693

Growth (%) 2,058.98% -98.29% 73.46% 888.04%


2,700

Period Attributable 260,637 5,627,111 20,318 28,636 1,415,091 -293

Comprehensive Income 110,691 2,830,626 153,136 255,939 1,623,148 2009 2010 2011 2012 2013
Comprehensive Attributable - 2,830,626 77,415 117,992 1,392,329

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 163.40 189.08 148.40 149.01 153.54
5,627
Dividend (Rp) - 10.00 1.00 1.00 - 5,742

EPS (Rp) 38.41 728.19 2.63 3.71 140.60


BV (Rp) 233.81 1,100.03 1,054.51 912.72 891.94 4,570

DAR (X) 0.71 0.39 0.43 0.50 0.56


3,399

DER(X) 5.31 0.65 0.76 1.00 1.26


ROA (%) 2.20 40.15 0.67 1.18 8.13
1,646
2,228

ROE (%) 16.43 66.20 1.18 2.36 18.33


GPM (%) 33.73 22.77 17.40 17.79 18.07 1,056

261 96 167
OPM (%) 5.01 0.17 -0.21 1.76 12.04
NPM (%) 2.39 59.00 0.93 1.32 11.22
-115

2009 2010 2011 2012 2013


Payout Ratio (%) - 1.37 38.03 26.99 -
Yield (%) - 3.33 0.66 0.49 -

RESEARCH AND DEVELOPMENT DIVISION 117


COMPANY REPORT

MNCN
MEDIA NUSANTARA CITRA TBK.
Company Profile

PT Media Nusantara Citra Tbk. has core businesses in content and the ownership and
operations of 3 out of the 10 national FreeToAir televisions in Indonesia. MNC have 3
FreeToAir (FTA) TVs RCTI, MNCTV and GlobalTV as well as 16 channels created and
produced by MNC that is broadcasted on PayTV. Currently, MNC also have other media
based business that supports the core businesses of MNC. Those businesses consist of
radio,printmedia,talentmanagement,andaproductionhouse.MNCwasestablishedon
June17,1997.

Based on the Company's Articles of Association, the purposes and objectives of the
Company is to engage in the industries of general trading, development, industry,
agriculture, transportation, printing, multimedia through other telecomunication
equipment,serviceandinvestment.

The Companyis part of Mediacom Group. The Company has ownership in the following
subsidiaries:
Broadcasting:
1. PTRajawaliCitraTelevisiIndonesia(RCTI)
2. PTGlobalInformasiBermutu
3. PTCiptaTelevisiPendidikanIndonesia
4. PTMNCNetworks
5. MediaNusantaraCitraB.V.
6. MNCInternationalMiddleEastLimited

Printandonline:
1. PTMediaNusantaraInformasiandsubsidiary
2. PTMNIGlobal
3. PTMNIPublishinganditssubsidiary
4. PTOkezoneIndonesia(Okezone)

Advertisingagency:
1. PTCrossMediaInternasional(CMI)anditssubsidiaries

Contentproduction:
1. PTMNCPictures

Talentmanagement:
1. PTStarMediaNusantara

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

118 RESEARCH AND DEVELOPMENT DIVISION


MNCN Media Nusantara Citra Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 248.333
Industry Sector : Trade, Services & Investment (9) Listed Shares : 14,099,463,000
Industry Sub Sector : Advertising, Printing And Media (95) Market Capitalization : 31,512,299,805,000
25 | 31.5T | 0.73% | 62.42%

21 | 13.9T | 1.26% | 53.78%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 17-Jun-1997 1. PT Global Mediacom Tbk 8,329,662,142 : 59.08%
Listing Date : 22-Jun-2007 2. PT Global Mediacom Tbk 790,000,000 : 5.60%
Under Writer IPO : 3. Public (<5%) 4,979,800,858 : 35.32%
PT Bhakti Securities
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT BSR Indonesia Year Shares Dividend Cum Date Ex Date Date Date
Komplek Perkantoran ITC Roxy Mas Blok E1 No. 10 - 11 2007 5.00 01-Dec-08 02-Dec-08 04-Dec-08 19-Dec-08 F
Jln. K.H. Hasyim Ashari Jakarta 10150 2009 5.00 02-Oct-09 05-Oct-09 07-Oct-09 21-Oct-09 I
Phone : (021) 631-7828 2009 7.00 29-Nov-10 30-Nov-10 02-Dec-10 17-Dec-10 F
Fax : (021) 631-7827 2010 15.00 29-Nov-11 30-Nov-11 02-Dec-11 16-Dec-11 F
2011 35.00 22-Jun-12 25-Jun-12 27-Jun-12 11-Jul-12 F
BOARD OF COMMISSIONERS 2012 55.00 06-Sep-13 09-Sep-13 11-Sep-13 25-Sep-13 F
1. Rosano Barack 2013 25.00 24-Jan-13 27-Dec-13 02-Jan-14 16-Jan-14 I
2. Adam Chesnoff
3. Bambang Rudijanto Tanoesoedibjo ISSUED HISTORY
4. Irman Gusman *) Listing Trading
5. Sutanto *) No. Type of Listing Shares Date Date
*) Independent Commissioners 1. First Issue 4,125,000,000 22-Jun-07 22-Jun-07
2. Company Listing 9,625,000,000 T: 22-Jun-07 : 22-Feb-08
BOARD OF DIRECTORS 3. EMSOP Conversion II 23,504,500 T: 29-Nov-10 : 06-Jan-11
1. Hary Tanoesoedibjo 4. EMSOP Conversion II & III 52,960,500 T: 17-Feb-11 : 19-Jul-11
2. Jarod Suwahjo 5. EMSOP Conversion II, III & IV 37,076,500 T: 26-Jul-11 : 21-May-12
3. Kanti Mirdiati Irmansyah 6. EMSOP Conversion III & IV 3,988,000 04-Aug-11 04-Aug-11
4. Nana Puspa Dewi 7. EMSOP Conversion II, III, IV & V 79,965,500 T: 23-May-12 : 15-Jun-12
8. ESOP/MSOP Conversion II, III, IV & V 8,114,000 T: 22-Oct-12 : 19-Nov-12
AUDIT COMMITTEE 9. ESOP/MSOP Conversion III, IV & V 517,500 T: 29-Oct-12 : 01-Nov-12
1. Irman Gusman 10. ESOP/MSOP III, IV, V & VI 143,344,500 T: 29-May-13 : 27-Nov-13
2. Hery Kusnanto 11. Revision ESOP/MSOP III, IV, V & VI -8,000 24-Jun-13 24-Jun-13
3. Kardinal A. Karim

CORPORATE SECRETARY
Arya Mahendra Sinulingga

HEAD OFFICE
MNC Tower 27th Fl.
Jln. Kebon Sirih Kav. 17 - 19
Jakarta - 10340
Phone : (021) 390-0885
Fax : (021) 392-0109, 390-4965, 392-7859

Homepage : www.mncgroup.com
Email : am.sinulingga@mncgroup.com

RESEARCH AND DEVELOPMENT DIVISION 119


MNCN Media Nusantara Citra Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Media Nusantara Citra Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
3,800 720 Jan-10 250 205 230 6,337 375,244 87,349 20
Feb-10 290 210 250 10,021 581,786 153,363 19
3,325 630 Mar-10 380 220 325 17,774 1,228,053 390,066 22
Apr-10 490 315 420 24,129 1,682,392 712,345 21
May-10 460 310 390 12,279 736,435 296,971 19
2,850 540
Jun-10 435 330 360 5,371 196,782 80,410 22
Jul-10 360 270 300 13,649 529,914 160,110 22
2,375 450
Aug-10 310 275 280 3,887 215,530 66,881 21
Sep-10 450 275 420 11,034 489,826 187,102 17
1,900 360
Oct-10 640 405 610 14,235 822,313 437,429 21
Nov-10 700 570 650 9,432 471,278 301,656 21
1,425 270 Dec-10 960 630 940 13,445 540,397 439,242 20

950 180 Jan-11 950 770 890 11,100 348,111 304,762 21


Feb-11 1,120 840 1,100 31,933 730,773 705,128 18
475 90 Mar-11 1,100 890 940 26,436 399,894 402,126 23
Apr-11 970 770 880 35,111 453,877 396,511 20
May-11 970 840 970 27,488 543,312 480,557 21
Jun-11 980 880 920 31,276 412,478 383,978 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 1,120 900 1,070 49,015 691,090 701,813 21
Aug-11 1,110 850 990 31,528 375,778 376,359 19
Sep-11 1,160 930 1,020 25,754 289,015 304,520 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 1,100 950 1,100 22,245 296,723 314,146 21
Trade, Sevices and Investment Index Nov-11 1,150 1,060 1,130 16,678 1,624,613 1,665,479 22
January 2010 - January 2014 Dec-11 1,400 1,130 1,310 38,694 1,034,546 1,325,977 21
1,680%
Jan-12 1,400 1,270 1,350 31,240 804,498 1,057,519 21
1,440% Feb-12 1,670 1,350 1,670 39,530 805,338 1,203,976 21
Mar-12 1,980 1,640 1,880 58,505 1,174,895 2,121,799 21
1,200% Apr-12 2,250 1,830 2,250 31,437 517,956 1,015,824 20
May-12 2,350 1,760 1,850 32,759 769,427 1,560,239 21
960% 964.3% Jun-12 2,200 1,650 1,990 45,066 627,127 1,195,392 21
Jul-12 2,425 1,930 2,375 29,540 419,081 903,152 22
Aug-12 2,350 2,050 2,125 15,701 279,093 617,221 19
720%
Sep-12 2,600 2,100 2,600 22,091 414,742 969,614 20
Oct-12 2,875 2,575 2,825 30,045 412,681 1,129,092 22
480%
Nov-12 2,825 2,300 2,675 46,576 863,864 2,162,569 20
Dec-12 2,750 2,350 2,500 23,808 439,992 1,130,358 18
240%
180.6%
Jan-13 2,650 2,275 2,375 34,386 642,003 1,559,472 21
71.6%
- Feb-13 2,975 2,300 2,950 26,895 380,307 980,432 20
Mar-13 3,275 2,750 2,825 30,497 358,184 1,053,598 19
-240% Apr-13 3,275 2,850 3,125 25,671 1,047,479 2,498,012 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 3,675 3,025 3,350 40,792 827,156 2,754,723 22
Jun-13 3,350 2,425 3,125 52,067 641,136 1,868,702 19
Jul-13 3,375 2,650 3,100 37,323 386,505 1,188,245 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 3,375 2,350 2,950 40,251 459,397 1,292,266 17
Volume (Million Sh.) 7,870 7,200 7,529 6,802 342 Sep-13 3,375 2,700 2,700 37,027 594,473 1,829,040 21
Value (Billion Rp) 3,313 7,361 15,067 18,835 821 Oct-13 3,025 2,475 2,500 42,841 679,718 1,829,601 21
Frequency (Thou. X) 142 347 406 435 58 Nov-13 2,725 2,325 2,675 39,727 547,552 1,370,696 20
Days 245 247 246 244 20 Dec-13 2,750 2,400 2,625 27,379 238,428 610,480 19

Price (Rupiah) Jan-14 2,650 2,180 2,235 58,448 341,933 821,125 20


High 960 1,400 2,875 3,675 2,650
Low 205 770 1,270 2,275 2,180
Close 940 1,310 2,500 2,625 2,235
Close* 940 1,310 2,500 2,625 2,235

PER (X) 17.73 15.73 19.59 21.85 18.61


PER Industry (X) 21.27 16.89 19.08 15.43 17.12
PBV (X) 2.72 2.65 4.78 4.81 4.10
* Adjusted price after corporate action

120 RESEARCH AND DEVELOPMENT DIVISION


MNCN Media Nusantara Citra Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Osman Bing Satrio & Eny (Member of Deloitte Touche Tohmatsu Limited)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,118,477 1,080,409 837,230 528,415 574,761 10,000

Receivables 1,833,387 2,202,994 2,558,400 2,615,430 3,062,803


951,030 915,310 894,311 1,139,486 1,332,726 8,000
Inventories
Current Assets 4,785,995 5,201,103 6,018,612 6,766,799 6,811,828
6,000
Fixed Assets 1,009,469 1,040,165 971,773 985,995 1,542,677
Other Assets 140,869 196,697 119,761 38,494 56,382
4,000
Total Assets 7,641,364 8,196,543 8,798,230 8,960,942 9,615,280
Growth (%) 7.27% 7.34% 1.85% 7.30% 2,000

Current Liabilities 1,351,966 2,604,665 1,227,364 1,250,225 1,606,491 -


Long Term Liabilities 1,402,931 155,762 736,363 413,555 265,215 2009 2010 2011 2012 2013
Total Liabilities 2,754,897 2,760,427 1,963,727 1,663,780 1,871,706
Growth (%) 0.20% -28.86% -15.27% 12.50%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 7,744
Paid up Capital 1,375,000 1,377,350 4,000,000 1,395,613 1,409,946 7,744
7,297
6,835
Paid up Capital (Shares) 13,750 13,774 40,000 13,956 14,099
Par Value 100 100 100 100 100
6,164

4,767
Retained Earnings 846,019 1,482,241 2,345,128 3,511,354 4,085,903 4,286
4,584

Total Equity 4,286,176 4,767,037 6,834,503 7,297,162 7,743,574


Growth (%) 11.22% 43.37% 6.77% 6.12% 3,005

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 1,425

Total Revenues 3,923,845 4,855,907 5,390,474 6,265,260 6,522,347


Growth (%) 23.75% 11.01% 16.23% 4.10%
-155

2009 2010 2011 2012 2013

Cost of Revenues 3,316,621 3,666,775 2,617,157 2,856,657 2,850,657


Gross Profit 607,224 1,189,132 2,773,317 3,408,603 2,850,657
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 3,316,621 3,666,775 1,262,793 1,147,895 1,278,161
Operating Profit 607,224 1,189,132 - - - 6,522
6,522
6,265
Growth (%) 95.83% 5,390
5,192
4,856
Other Income (Expenses) -46,672 -164,063 - - - 3,924
Income before Tax 560,692 1,025,069 1,510,524 2,260,708 2,393,529 3,861

Tax 164,024 280,850 385,353 497,689 583,687


Profit for the period 396,668 744,219 1,125,171 1,763,019 1,809,842
2,531

Growth (%) 87.62% 51.19% 56.69% 2.66%


1,200

Period Attributable 396,668 730,218 1,070,203 1,657,087 1,691,172 -130

Comprehensive Income 385,617 696,011 1,153,383 1,781,284 1,791,090 2009 2010 2011 2012 2013
Comprehensive Attributable - 664,540 1,098,415 1,675,352 1,672,420

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 354.00 199.68 490.37 541.25 424.02
1,763 1,810
Dividend (Rp) 12.00 15.00 35.00 55.00 25.00 1,810

EPS (Rp) 28.85 53.02 26.76 118.74 119.95


BV (Rp) 311.72 346.10 170.86 522.86 549.21 1,441

1,125
DAR (X) 0.36 0.34 0.22 0.19 0.19
1,071

DER(X) 0.64 0.58 0.29 0.23 0.24


744
ROA (%) 5.19 9.08 12.79 19.67 18.82 702

ROE (%) 9.25 15.61 16.46 24.16 23.37 397


GPM (%) 15.48 24.49 51.45 54.40 43.71 333

OPM (%) 15.48 24.49 - - -


NPM (%) 10.11 15.33 20.87 28.14 27.75
-36

2009 2010 2011 2012 2013


Payout Ratio (%) 41.60 28.29 130.82 46.32 20.84
Yield (%) 5.71 1.60 2.67 2.20 0.95

RESEARCH AND DEVELOPMENT DIVISION 121


COMPANY REPORT

PGAS
PERUSAHAAN GAS NEGARA
(PERSERO) TBK.

Company Profile

PTPerusahaanGasNegara(Persero)Tbk.originallynamedFirmaL.J.N.Eindhoven&Co.Gravenhage,
wasestablishedin1859.OnMay13th,1965,theCompanywasstatedasstateownedenterpriseand
knownasPerusahaanNegaraGas(PN.Gas).

ThestatusoftheCompanywaschangedfromapublicserviceenterprise(Perum)toastateowned
limited liability company (Persero) and the name was changed to PT Perusahaan Gas Negara
(Persero)basedonGovernmentRegulationNo.37year1994.

The Companys purposes are to implement and support the Governments economic and national
developmentprograms,particularlyindevelopingusesofnaturalgasforthebenefitofthepublicas
well as in the supply of a sufficient volume and quality of gas for public consumption. To achieve
these objectives, the Company carries out planning, construction, operating and development of
natural gas downstream business which includes processing, transporting, storing and trading,
planning, construction, production development, supplying and distribution of processed gas; or
other businesses which support the foregoing activities in accordance with prevailing laws and
regulations. Currently, the Companys principal business was the distribution and transmission of
naturalgastoindustrial,commercialandhouseholdusers.

To achieve responsive sales target, the Company has divided its business areas into four Strategic
BusinessUnits(SBU),asfollows:
1. SBUDistributionRegionI,WesternJavaRegionuntilSouthSumatera,
2. SBUDistributionRegionII,EasternJavaRegion,
3. SBUDistributionRegionIII,NorthernSumateraRegionandtheRiauIslands,
4. SBUSumateraJavaTransmission.

TheCompanycommencedtheconstructionofSouthSumateraWestJavagastransmissionIandII
willexpectedopereatingmaximumcapacityof460mmscfdand520mmscfd(unaudited).

Thecompanyhasownershipinsubsidiaries:PTTransportasiGasIndonesia(Transgasindo),PGNEuro
Finance 2003 Limited, PT PGAS Telekomunikasi Nusantara, PT PGAS Solution, PT Saka Energi
Indonesia, PT Gagas Energi Indonesia, and PT PGN LNG Indonesia. As of December 31st, 2013, the
CompanyandSubsidiarieshadatotalof1,920employees.


January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publicat

122 RESEARCH AND DEVELOPMENT DIVISION


PGAS Perusahaan Gas Negara (Persero) Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 1,590.000
Industry Sector : Infrastructure, Utilities And Transportation (7) Listed Shares : 24,241,508,196
Industry Sub Sector : Energy (71) Market Capitalization : 115,631,994,094,920
8 | 115.6T | 2.66% | 40.61%

6 | 29.7T | 2.69% | 26.44%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 01-Feb-1905 1. Negara Republik Indonesia 13,809,038,756 : 56.96%
Listing Date : 15-Dec-2003 2. Public (<5%) 10,432,469,440 : 43.04%
Under Writer IPO :
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
PT ABN AMRO Asia Securities Indonesia Bonus Cash Recording Payment
F/I
Securities Administration Bureau : Year Shares Dividend Cum Date Ex Date Date Date
PT Datindo Entrycom 2003 60.10 18-Jun-04 21-Jun-04 23-Jun-04 07-Jul-04 F
Wisma Sudirman - Puri Datindo 2004 1.71 23-Dec-04 27-Dec-04 29-Dec-04 30-Dec-04 I
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2005 51.38 22-Jun-05 23-Jun-05 27-Jun-05 08-Jul-05
Phone : (021) 570-9009 2005 104.43 30-Jun-06 03-Jul-06 05-Jul-06 14-Jul-06 F
Fax : (021) 570-9026 2006 208.45 22-Jun-07 25-Jun-07 27-Jun-07 11-Jul-07 F
2008 41.74 15-Jul-09 16-Jul-09 21-Jul-09 04-Aug-09 F
BOARD OF COMMISSIONERS 2009 10.00 08-Dec-09 09-Dec-09 11-Dec-09 23-Dec-09 I
1. Bayu Krisnamurthi 2009 144.20 08-Jul-10 09-Jul-10 13-Jul-10 27-Jul-10 F
2. Firmanzah 2010 10.20 27-Dec-10 28-Dec-10 30-Dec-10 04-Jan-11 I
3. Kiagus Ahmad Badaruddin 2010 144.24 19-Jul-11 20-Jul-11 22-Jul-11 04-Aug-11 F
4. M. Zamkhani 2011 10.87 30-Nov-11 01-Dec-11 05-Dec-11 16-Dec-11 I
5. Pudja Sunasa *) 2011 123.75 12-Jun-12 13-Jun-12 15-Jun-12 29-Jun-12 F
6. Widya Purnama *) 2012 202.77 10-May-13 13-May-13 15-May-13 29-May-13 F
*) Independent Commissioners 2013 210.40 28-Apr-14 29-Apr-14 02-May-14 19-May-14 F

BOARD OF DIRECTORS ISSUED HISTORY


1. Hendi Prio Santoso Listing Trading
2. Djoko Saputro No. Type of Listing Shares Date Date
3. Hendi Kusnadi 1. First Issue 1,296,296,000 15-Dec-03 15-Dec-03
4. Jobi Triananda Hasjim 2. Company Listing 3,024,691,000 T: 15-Dec-03 : 15-Jun-04
5. M. Riza Pahlevi Tabrani 3. MSOP Conversion 215,637,305 T: 13-Dec-04 : 28-Dec-06
6. Muhammad Wahid Sutopo 4. MSOP Conversion II 3,261,500 T: 10-Nov-06 : 16-Feb-07
5. ESOP Conversion 53,551,388 T: 18-Jan-08 : 19-Feb-08
AUDIT COMMITTEE 6. Stock Split 18,373,748,772 04-Aug-08 04-Aug-08
1. Pudja Sunasa 7. Dana Proyek Pemerintah Conversion 1,274,322,231 T: 16-Apr-09 : 16-Oct-09
2. Gunawan Indradi
3. Imbuh Sulistyarini
4. Mohamad Slamet Wibowo
5. Shalahuddin Haikal

CORPORATE SECRETARY
Heri Yusup

HEAD OFFICE
Jln. K.H. Zainul Arifin No. 20
Jakarta - 11140
Phone : (021) 633-4838
Fax : (021) 633-1632

Homepage : www.pgn.co.id
Email : heri.yusup@pgn.co.id

RESEARCH AND DEVELOPMENT DIVISION 123


PGAS Perusahaan Gas Negara (Persero) Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Perusahaan Gas Negara (Persero) Tbk. [S] Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
6,400 320 Jan-10 4,075 3,650 3,775 44,943 1,002,028 3,808,868 20
Feb-10 3,775 3,500 3,625 22,168 577,102 2,111,200 19
5,600 280 Mar-10 4,400 3,625 4,250 37,776 1,241,685 5,007,390 22
Apr-10 4,350 3,900 4,100 35,271 881,280 3,599,898 21
May-10 4,100 3,250 3,900 34,545 924,035 3,426,968 19
4,800 240
Jun-10 4,000 3,625 3,875 26,959 688,332 2,632,119 22
Jul-10 4,175 3,800 4,050 28,540 767,983 3,080,172 22
4,000 200
Aug-10 4,200 3,850 4,000 20,978 534,731 2,155,757 21
Sep-10 4,100 3,725 3,850 47,032 1,003,349 3,915,422 17
3,200 160
Oct-10 4,200 3,800 4,050 47,910 1,203,704 4,787,956 21
Nov-10 4,600 4,025 4,300 30,895 862,133 3,726,637 21
2,400 120 Dec-10 4,650 4,150 4,425 21,681 466,014 2,035,413 20

1,600 80 Jan-11 4,500 3,875 4,225 26,664 743,884 3,107,955 21


Feb-11 4,300 3,475 3,550 45,031 838,222 3,214,807 18
800 40 Mar-11 3,900 3,500 3,900 56,620 1,354,368 5,004,188 23
Apr-11 4,050 3,775 4,000 27,808 760,375 3,001,507 20
May-11 4,250 3,900 4,050 26,581 918,787 3,766,922 21
Jun-11 4,075 3,900 4,025 18,063 461,564 1,843,643 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 4,125 3,850 3,975 28,033 677,815 2,688,936 21
Aug-11 4,000 2,925 2,950 88,001 1,991,726 6,642,358 19
Sep-11 2,975 2,025 2,675 71,256 1,410,779 3,769,027 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 3,100 2,400 2,950 51,740 1,088,971 3,038,698 21
Infrastructure, Utilities and Transportation Index Nov-11 3,175 2,850 3,075 29,870 716,594 2,175,410 22
January 2010 - January 2014 Dec-11 3,250 3,000 3,175 19,074 532,789 1,688,283 21
125%
Jan-12 3,500 3,050 3,375 27,122 470,932 1,557,024 21
100% Feb-12 3,775 3,300 3,750 27,960 535,228 1,895,258 21
Mar-12 3,850 3,575 3,800 25,231 392,942 1,470,645 21
75% Apr-12 3,825 3,300 3,350 24,434 465,723 1,652,881 20
71.6%
May-12 4,000 3,350 3,700 34,239 905,887 3,409,283 21
50% Jun-12 3,700 3,275 3,525 31,672 804,437 2,822,960 21
Jul-12 3,825 3,475 3,800 29,674 632,860 2,324,863 22
32.1% Aug-12 3,825 3,600 3,700 21,472 493,571 1,824,200 19
25%
20.8% Sep-12 4,200 3,675 4,125 23,478 639,777 2,546,133 20
Oct-12 4,650 4,025 4,650 24,945 723,985 3,145,063 22
-
Nov-12 4,800 4,450 4,525 27,061 648,018 2,967,230 20
Dec-12 4,650 4,375 4,600 21,842 477,616 2,171,383 18
-25%

Jan-13 4,725 4,450 4,675 33,296 535,744 2,462,840 21


-50% Feb-13 4,875 4,575 4,800 27,481 517,665 2,446,564 20
Mar-13 6,100 4,850 5,950 37,631 684,572 3,657,960 19
-75% Apr-13 6,350 5,550 6,250 29,703 573,930 3,376,638 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 6,450 5,500 5,500 39,143 655,792 4,013,862 22
Jun-13 5,800 4,600 5,750 59,111 873,388 4,642,986 19
Jul-13 6,050 5,350 5,900 50,191 572,520 3,265,952 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 6,000 4,875 5,400 38,726 416,560 2,206,294 17
Volume (Million Sh.) 10,152 11,496 7,191 7,074 731 Sep-13 5,600 4,975 5,200 48,396 718,169 3,806,937 21
Value (Billion Rp) 40,288 39,942 27,787 37,444 3,299 Oct-13 5,500 4,975 5,100 50,291 579,000 3,018,710 21
Frequency (Thou. X) 399 489 319 505 106 Nov-13 5,100 4,450 4,850 53,784 531,321 2,588,151 20
Days 245 247 246 244 20 Dec-13 4,950 4,375 4,475 37,139 414,903 1,956,824 19

Price (Rupiah) Jan-14 4,780 4,120 4,770 106,143 731,381 3,299,365 20


High 4,650 4,500 4,800 6,450 4,780
Low 3,250 2,025 3,050 4,375 4,120
Close 4,425 3,175 4,600 4,475 4,770
Close* 4,425 3,175 4,600 4,475 4,770

PER (X) 17.19 12.49 12.61 10.92 11.64


PER Industry (X) 14.36 11.09 17.53 18.40 18.52
PBV (X) 7.73 4.48 4.90 3.73 3.98
* Adjusted price after corporate action

124 RESEARCH AND DEVELOPMENT DIVISION


PGAS Perusahaan Gas Negara (Persero) Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 6,593,237 11,065,595 10,356,369 15,157,322 16,200,470 62,500

Receivables 1,711,200 1,946,894 2,043,553 2,550,177 3,875,102


14,120 14,046 11,836 23,644 179,329 50,000
Inventories
Current Assets 9,263,401 13,858,679 13,656,295 19,183,520 21,847,077
37,500
Fixed Assets 17,329,189 16,781,897 15,866,650 16,378,657 22,542,829
Other Assets 7,136 23,056 38,309 21,425 50,620
25,000
Total Assets 28,670,440 32,087,431 30,976,446 37,791,930 53,536,157
Growth (%) 11.92% -3.46% 22.00% 41.66% 12,500

Current Liabilities 3,729,795 4,035,777 2,483,317 4,571,487 10,868,753 -


Long Term Liabilities 12,162,831 12,950,699 11,308,417 10,449,604 9,204,335 2009 2010 2011 2012 2013
Total Liabilities 15,892,626 16,986,477 13,791,734 15,021,091 20,073,088
Growth (%) 6.88% -18.81% 8.91% 33.63%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 7,000,000 7,000,000 7,000,000 7,000,000 12,024,600 33,463
Paid up Capital 2,424,151 2,424,151 2,424,151 2,424,151 4,164,206 33,463

Paid up Capital (Shares) 24,242 24,242 24,242 24,242 24,242


Par Value 100 100 100 100 172
26,637

22,771
Retained Earnings 8,022,835 10,317,327 12,257,199 16,847,739 25,725,467
19,810
17,185
Total Equity 11,732,080 13,868,573 17,184,712 22,770,838 33,463,069 13,869
Growth (%) 18.21% 23.91% 32.51% 46.96% 12,984
11,732

INCOME STATEMENTS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 6,157

Total Revenues 18,024,279 19,765,716 19,567,407 24,914,688 36,828,609


Growth (%) 9.66% -1.00% 27.33% 47.82%
-669

2009 2010 2011 2012 2013

Cost of Revenues 7,219,992 7,223,570 7,793,751 10,676,664 19,429,817


Gross Profit 10,804,287 12,542,146 11,773,656 14,238,024 17,398,792
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 3,128,261 3,506,421 4,051,278 4,389,290 5,942,474
Operating Profit 7,676,026 9,035,725 7,722,378 9,848,734 11,456,318 36,829
36,829

Growth (%) 17.71% -14.54% 27.53% 16.32%


29,316

24,915
Other Income (Expenses) 571,147 -972,551 -68,189 1,255,405 2,348,434
Income before Tax 8,247,172 8,063,174 7,654,189 11,104,139 13,804,752 19,766 19,567
18,024
21,803

Tax 1,814,304 1,599,774 1,535,979 2,253,611 2,836,789


Profit for the period 6,432,868 6,463,400 6,118,210 8,850,528 10,967,963
14,290

Growth (%) 0.47% -5.34% 44.66% 23.92%


6,776

Period Attributable 6,432,868 6,239,361 5,933,063 8,614,862 10,558,743 -737

Comprehensive Income 6,229,043 6,268,010 6,163,463 8,843,202 10,898,403 2009 2010 2011 2012 2013
Comprehensive Attributable - 6,081,362 5,964,373 8,603,365 10,481,609

RATIOS Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 248.36 343.40 549.92 419.63 201.01
10,968
Dividend (Rp) 154.20 154.44 134.62 202.77 - 10,968

EPS (Rp) 265.37 257.38 244.75 355.38 435.56 8,851


BV (Rp) 483.97 572.10 708.90 939.33 1,380.40 8,730

DAR (X) 0.55 0.53 0.45 0.40 0.37 6,433 6,463 6,118
6,493

DER(X) 1.35 1.22 0.80 0.66 0.60


ROA (%) 22.44 20.14 19.75 23.42 20.49 4,256

ROE (%) 54.83 46.60 35.60 38.87 32.78


GPM (%) 59.94 63.45 60.17 57.15 47.24 2,018

OPM (%) 42.59 45.71 39.47 39.53 31.11


NPM (%) 35.69 32.70 31.27 35.52 29.78
-219

2009 2010 2011 2012 2013


Payout Ratio (%) 58.11 60.00 55.00 57.06 -
Yield (%) 3.95 3.49 4.24 4.41 -

RESEARCH AND DEVELOPMENT DIVISION 125


COMPANY REPORT

PTBA
TAMBANG BATUBARA
BUKIT ASAM (PERSERO) TBK.

Company Profile

PT Tambang Batubara Bukit Asam (Persero) Tbk. was established on March 2, 1981. In
1993, the Company was appointed by the Indonesian Government to develop a Coal
BriquetteOperatingUnit.

The head office located at Jln. Parigi No. 1, Tanjung Enim 31716, Sumatera Selatan,
Indonesia.TherepresentativeofficelocatedatMenaraKadinIndonesia15thFloor,Jln.H.R.
RasunaSaidBlokX5Kav.23,Jakarta12950.

ThescopeofactivitiesoftheCompanyanditssubsidiariescomprisescoalminingactivities,
including general surveying, exploration, exploitation, processing, refining, transportation
and trading, maintenance of special coal port facilities for internal and external needs,
operationofsteampowerplantsforinternalandexternalneedsandprovidingconsulting
servicesrelatedtothecoalminingindustryaswellasitsderivativeproduct.

Thecompanyhasdirectownershipinsubsidiaries:
PTBatubaraBukitKendi,
PTBukitAsamPrima,
PTInternationalPrimaCoal,
PTBukitAsamMetanaOmbilin,
PTBukitAsamMetanaEnim,
PTBukitAsamMetanaPeranap,and
PTBukitAsamBanko.

AsofDecember31st2013,theCompanyhadatotalof3,115permanentemployees.

January 2014

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

126 RESEARCH AND DEVELOPMENT DIVISION


PTBA Tambang Batubara Bukit Asam (Persero) Tbk. [S]
COMPANY REPORT : JANUARY 2014 As of 30 January 2014
Main Board Individual Index : 1,608.696
Industry Sector : Mining (2) Listed Shares : 2,304,131,850
Industry Sub Sector : Coal Mining (21) Market Capitalization : 21,313,219,612,500
40 | 21.3T | 0.49% | 71.32%

35 | 8.44T | 0.76% | 65.72%

COMPANY HISTORY SHAREHOLDERS (January 2014)


Established Date : 02-Mar-1981 1. Negara Republik Indonesia 1,498,087,500 : 65.02%
Listing Date : 23-Dec-2002 2. PT Tambang Batubara Bukit Asam (Persero) Tbk. 129,997,500 : 5.64%
Under Writer IPO : 3. Public (<5%) 676,046,850 : 29.34%
PT Danareksa Sekuritas
Securities Administration Bureau : DIVIDEND ANNOUNCEMENT
PT Datindo Entrycom Bonus Cash Recording Payment
F/I
Wisma Sudirman - Puri Datindo Year Shares Dividend Cum Date Ex Date Date Date
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2002 41.75 21-May-03 22-May-03 26-May-03 27-May-03 F
Phone : (021) 570-9009 2003 58.00 09-Jun-04 10-Jun-04 14-Jun-04 21-Jun-04 F
Fax : (021) 570-9026 2004 5.80 22-Dec-04 23-Dec-04 28-Dec-04 29-Dec-04 I
2005 87.48 05-Jul-05 06-Jul-05 08-Jul-05 22-Jul-05
BOARD OF COMMISSIONERS 2005 101.54 02-Jun-06 05-Jun-06 07-Jun-06 16-Jun-06 F
1. Agus Suhartono 2006 105.39 29-May-07 30-May-07 04-Jun-07 15-Jun-07 I
2. Leonard 2007 164.97 18-Jun-08 19-Jun-08 23-Jun-08 07-Jul-08 F
3. Robert Heri 2009 66.75 25-Nov-09 26-Nov-09 01-Dec-09 15-Dec-09 I
4. S. Koesnaryo *) 2009 466.65 26-May-10 27-May-10 01-Jun-10 15-Jun-10 F
5. Seger Budiarjo 2010 66.75 20-Dec-10 21-Dec-10 23-Dec-10 29-Dec-10 I
6. Thamrin Sihite *) 2010 456.37 04-Jul-11 05-Jul-11 07-Jul-11 21-Jul-11 F
*) Independent Commissioners 2011 103.46 28-Nov-11 29-Nov-11 01-Dec-11 15-Dec-11 I
2011 700.48 29-May-12 30-May-12 01-Jun-12 15-Jun-12 F
BOARD OF DIRECTORS 2012 720.75 20-May-13 21-May-13 23-May-13 07-Jun-13 F
1. Milawarma 2013 461.97 28-Apr-14 29-Apr-14 02-May-14 16-May-14 F
2. Achmad Sudarto
3. Anung Dri Prasetya ISSUED HISTORY
4. Heri Supriyanto Listing Trading
5. Muhammad Jamil No. Type of Listing Shares Date Date
6. Maizal Gazali 1. First Issue 346,500,000 23-Dec-02 23-Dec-02
2. Company Listing 1,785,000,000 23-Dec-02 23-Dec-02
AUDIT COMMITTEE 3. Warrant 172,631,850 T: 14-Dec-04 : 28-Dec-05
1. S. Koesnaryo
2. Helmi Mahfud
3. Nuhindro Priagung Widodo
4. Seger Budiarjo

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 : www.ptba.com
Email : jpramono@bukitasam.co.id

RESEARCH AND DEVELOPMENT DIVISION 127


PTBA Tambang Batubara Bukit Asam (Persero) Tbk. [S]
TRADING ACTIVITIES
Closing Price* and Trading Volume
Tambang Batubara Bukit Asam (Persero) Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2010 - January 2014 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
26,000 40.0 Jan-10 18,600 16,400 17,200 13,807 59,002 1,040,617 20
Feb-10 17,150 15,050 15,600 15,194 57,860 924,563 19
22,750 35.0 Mar-10 17,950 15,500 17,400 20,711 112,695 1,861,446 22
Apr-10 19,350 17,250 18,600 19,665 121,327 2,206,683 21
May-10 18,650 15,550 17,450 18,971 111,078 1,925,313 19
19,500 30.0
Jun-10 17,650 16,050 17,250 16,672 77,431 1,301,872 22
Jul-10 17,500 16,300 16,700 18,269 78,724 1,318,650 22
16,250 25.0
Aug-10 18,500 15,950 17,500 19,647 99,232 1,700,714 21
Sep-10 20,700 17,400 19,450 13,621 64,444 1,220,283 17
13,000 20.0
Oct-10 21,000 19,100 19,650 12,259 51,610 1,033,287 21
Nov-10 21,900 18,700 18,700 16,201 64,273 1,303,983 21
9,750 15.0 Dec-10 23,450 18,700 22,950 16,595 58,401 1,253,204 20

6,500 10.0 Jan-11 26,000 19,350 19,750 31,410 102,110 2,225,262 21


Feb-11 20,700 18,750 20,050 22,423 76,819 1,522,754 18
3,250 5.0 Mar-11 21,550 19,800 21,000 22,536 96,718 1,994,258 23
Apr-11 22,800 21,000 22,300 13,575 49,553 1,098,839 20
May-11 22,450 20,600 21,250 13,591 51,249 1,098,047 21
Jun-11 21,500 20,350 20,800 14,856 61,338 1,277,009 20
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Jul-11 21,650 20,550 21,300 16,518 56,206 1,189,290 21
Aug-11 21,500 17,450 19,050 19,027 64,261 1,240,174 19
Sep-11 19,950 13,700 16,800 20,250 43,682 752,747 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-11 18,800 13,600 18,350 27,223 76,241 1,238,794 21
Mining Index Nov-11 18,500 16,500 17,000 15,147 40,315 711,620 22
January 2010 - January 2014 Dec-11 17,750 16,200 17,350 13,830 38,098 653,219 21
125%
Jan-12 20,250 17,300 20,150 15,251 52,009 999,520 21
100% Feb-12 21,150 19,900 20,750 13,083 79,652 1,651,883 21
Mar-12 21,100 20,050 20,500 12,467 60,156 1,240,929 21
75% Apr-12 20,600 18,000 18,450 14,159 52,472 1,012,647 20
71.6%
May-12 18,550 15,000 15,000 19,856 67,653 1,133,883 21
50% Jun-12 15,250 12,950 14,650 25,436 108,437 1,509,872 21
Jul-12 16,450 14,450 15,900 17,145 46,768 723,145 22
Aug-12 16,000 13,500 14,600 13,578 48,346 720,762 19
25%
Sep-12 17,000 13,800 16,200 16,341 61,071 953,500 20
Oct-12 16,900 15,550 16,000 10,502 41,017 668,623 22
-
Nov-12 16,900 13,800 14,000 14,844 36,151 564,858 20
Dec-12 16,000 13,650 15,100 16,876 51,945 774,274 18
-25%

-40.2% Jan-13 17,000 15,250 15,500 18,751 48,043 775,403 21


-50% -48.0% Feb-13 15,800 14,700 15,100 15,553 36,334 556,775 20
Mar-13 15,550 13,500 14,400 15,521 51,161 758,208 19
-75% Apr-13 15,500 14,550 15,250 13,609 73,416 1,119,626 22
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 May-13 15,650 12,100 12,200 20,997 103,759 1,496,445 22
Jun-13 13,350 11,200 13,300 28,007 64,863 795,670 19
Jul-13 13,700 9,700 9,950 18,764 40,845 481,465 23
SHARES TRADED 2010 2011 2012 2013 Jan-14 Aug-13 12,650 9,900 12,100 16,624 45,370 515,876 17
Volume (Million Sh.) 956 757 706 653 109 Sep-13 14,150 12,000 12,750 14,849 40,865 540,723 21
Value (Billion Rp) 17,091 15,002 11,954 8,819 1,028 Oct-13 14,100 12,100 12,150 12,379 25,773 335,993 21
Frequency (Thou. X) 202 230 190 214 45 Nov-13 12,750 11,500 12,000 24,137 70,921 852,812 20
Days 245 247 246 244 20 Dec-13 12,100 10,150 10,200 14,770 52,142 590,411 19

Price (Rupiah) Jan-14 10,600 8,975 9,250 44,679 108,649 1,027,710 20


High 23,450 26,000 21,150 17,000 10,600
Low 15,050 13,600 12,950 9,700 8,975
Close 22,950 17,350 15,100 10,200 9,250
Close* 22,950 17,350 15,100 10,200 9,250

PER (X) 26.32 12.95 15.33 14.17 12.85


PER Industry (X) 17.69 16.17 8.49 19.30 13.24
PBV (X) 8.31 4.90 4.09 3.52 3.19
* Adjusted price after corporate action

128 RESEARCH AND DEVELOPMENT DIVISION


PTBA Tambang Batubara Bukit Asam (Persero) Tbk. [S]
Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)

BALANCE SHEET Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 4,709,104 5,054,075 6,791,291 5,917,034 3,343,905 13,750

Receivables 1,491,460 997,178 1,180,195 1,545,556 1,427,572


409,901 423,678 64,483 765,964 901,952 11,000
Inventories
Current Assets 6,783,391 6,645,953 8,859,260 8,718,297 6,479,783
8,250
Fixed Assets 371,523 921,005 1,140,466 1,853,447 2,803,393
Other Assets 30,107 57,588 50,949 97,886 119,746
5,500
Total Assets 8,078,578 8,722,699 11,507,104 12,728,981 11,677,155
Growth (%) 7.97% 31.92% 10.62% -8.26% 2,750

Current Liabilities 1,380,908 1,147,728 1,912,423 1,770,664 2,260,956 -


Long Term Liabilities 911,832 1,133,723 1,429,679 2,453,148 1,864,630 2009 2010 2011 2012 2013
Total Liabilities 2,292,740 2,281,451 3,342,102 4,223,812 4,125,586
Growth (%) -0.49% 46.49% 26.38% -2.33%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 8,505
8,165
Paid up Capital 1,152,066 1,152,066 1,152,066 1,152,066 1,152,066 8,505

7,552
Paid up Capital (Shares) 2,304 2,304 2,304 2,304 2,304
6,367
Par Value 500 500 500 500 500
6,770

5,701
Retaine