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REVIEW ON FINANCIAL STATEMENTS

MANAGEMENT DISCUSSION & ANALYSIS QUARTER ENDED 30 SEPTEMBER, 2017

each section dividers REVIEW ON FINANCIAL STATEMENTS MANAGEMENT DISCUSSION & ANALYSIS QUARTER ENDED 30 SEPTEMBER, 2017
CONSOLIDATED STATEMENTS OF COMP. INCOME

CONSOLIDATED STATEMENTS OF COMP. INCOME

(IN MILLIONS OF RUPIAH)

(IN MILLIONS OF RUPIAH)

Description Sales COGS Gross Profit Less: SG&A * Others EBIT (ex-FX) * Forex Gain/(Loss) EBIT
Description Sales COGS Gross Profit Less: SG&A * Others EBIT (ex-FX) * Forex Gain/(Loss) EBIT
Description
Sales
COGS
Gross Profit
Less:
SG&A *
Others
EBIT (ex-FX) *
Forex Gain/(Loss)
EBIT *
EBITDA (ex-FX) *
GP margin
EBIT margin (ex-FX)
EBITDA margin (ex-FX)
9M 2017 9M 2016 Variance % Q3 2017 Q2 2017 Variance % Q3 2017 Q3
9M 2017
9M 2016
Variance
%
Q3 2017
Q2 2017
Variance
%
Q3 2017
Q3 2016
Variance
%
4,057,805
3,960,194
97,611
2 %
1,350,503
1,438,557
(88,054)
-6%
1,350,503
1,210,380
140,123
12%
(3,590,004)
(3,224,749)
(39,192)
-3%
244,097
25%
467,801
735,445
(267,644)
126,656
175,518
(48,862)
126,656
230,630
(103,974)
(335,389)
(288,755)
46,634
16%
(115,049)
(123,238)
(8,189)
-7%
(115,049)
(93,258)
21,791
23%
(2,535)
2,567
(5,102)
-199%
(241)
527
(768)
-146%
(241)
924
(1,165)
-126%
129,877
449,257
(41,441)
-78%
(126,930)
-92%
(13,922)
(30,933)
(17,011)
-55%
(6,551)
(3,793)
2,758
73%
(6,551)
(20,632)
(14,081)
-68%
115,955
418,324
(44,199)
-90%
(112,849)
-96%
293,006
596,143
(41,331)
-38%
(122,316)
-65%
11.5%
18.6%
9.4%
12.2%
9.4%
3.2%
11.3%
0.8%
3.7%
0.8%
7.2%
15.1%
4.9%
7.5%
4.9%

188,663

19.1%

11.4%

15.6%

365,255

11%

(1,223,847)

(1,263,039)

365,255 11% (1,223,847) (1,263,039) (1,223,847) (979,750)

(1,223,847)

(979,750)

(319,380)

-71%

11,366

52,807

11,366

138,296

(302,369)

-72%

4,815

49,014

(302,369) -72% 4,815 49,014 4,815 117,664

4,815

117,664

(303,137)

-51%

66,347

107,678

66,347

* 9M 2017 & Q2 2017 results are adjusted for non-recurring tax related expenses of IDR10.5 billion

Comments:

Q3 2017 Sales:

expenses of IDR10.5 billion Comments:  Q3 2017 Sales: 1) decreased by 6% QoQ mainly due

1)

decreased by 6% QoQ mainly due to: Feed segment (decrease by 6%) and Breeder segment (decrease by 11%)

2)

increased by 12% YoY mainly due to: Feed segment (increase by 20%) and Consumer Foods segment (increase by 87%)

3)

Consumer Foods segment recorded sales growth of 87% YoY & 8% QoQ and volume growth of 71% YoY & 14% QoQ

The decrease in Q3 2017 EBIT (ex-FX) by Rp41.4 billion QoQ is mainly due to:

- Feed, Breeder and Broiler divisions EBIT (ex-FX) declined by Rp19.1 billion, Rp29.0 billion and Rp1.7 billion respectively. The Feed division was

affected by an increase in cost of raw materials, the Breeder division was affected by higher depletion/culling costs and the Broiler division

was affected by a slightly higher Feed input cost (Feed ASP increased by 1.5% in Q3 2017)

- Partially offset by Consumer Foods division’s EBIT (ex-FX) loss decreasing by Rp8.3 billion

Q3 2017 SG&A costs is lower by Rp8.2 billion QoQ mainly due to higher Q2 2017 SG&A costs for Staff costs (13 th month bonus payment in June 2017) and A&P costs for the Consumer Foods division (TV commercial & promotion costs)

Forex losses in Q3 2017 is mainly due to hedging cost and settlement of USD bank borrowings; USD bank borrowings as at 30 September, 2017

borrowings; USD bank borrowings as at 30 September, 2017 amounted to USD8 million (or 5.6% of

amounted to USD8 million (or 5.6% of total bank borrowings) and have been fully hedged at average rate of 13,492

2017 amounted to USD8 million (or 5.6% of total bank borrowings) and have been fully hedged

1

CONSOLIDATED STATEMENTS OF COMP. INCOME

 

(IN MILLIONS OF RUPIAH)

 

Feed

9M 2017

9M 2016

Variance

Q3 2017

Q2 2017

Variance

Q3 2017

Q3 2016

Variance

Sales

2,649,364

2,559,334

3.5%

882,053

933,632

-5.5%

882,053

733,916

20.2%

EBIT (ex-FX) *

231,544

437,615

(206,071)

62,097

81,167

(19,070)

62,097

113,288

(51,191)

EBIT margin

8.7%

17.1%

7.0%

8.7%

7.0%

15.4%

ASP

6,160

6,330

-2.7%

6,170

6,080

1.5%

6,170

6,230

-1.0%

Quantity Sold

436,000

396,000

10.1%

145,000

155,000

-6.5%

145,000

120,000

20.8%

* 9M 2017 & Q2 2017 results are adjusted for non-recurring tax related expenses of Rp9.354 billion

Comments:

The decrease in Q3 2017 EBIT (ex-FX) YoY is mainly due to:

1) an increase in overall cost of raw materials (in Rp) Corn cost was higher by 24%, while SBM was lower by 6% 2) a decrease in Feed ASP by 1.0% (mainly due to decrease in layer feed ASP by 9%) 3) partially offset by an increase in quantity sold by 20.8%

The decrease in Q3 2017 EBIT (ex-FX) QoQ is mainly due to:

1) an increase in overall cost of raw materials (in Rp) Corn cost was higher by 7%, while SBM was lower by 5%

2)

3) partially offset by an increase in feed ASP by 1.5% (mainly due to increase in Broiler & Breeder feed ASP by

a decrease in quantity sold by 6.5% due to Lebaran seasonality in Q2 2017

1.2%)

Feed ASP for in October 2017 ranged between Rp6,150 Rp6,250 /kg

due to Lebaran seasonality in Q2 2017 1.2%)  Feed ASP for in October 2017 ranged

2

TREND ANALYSIS FEED DIVISION

18.7% 17.0% 16.9% 15.4% 13.4% 12.1% 11.5% 10.6% 8.7% 7.0% 5.5% 162.9 161.4 140.0 109.4
18.7%
17.0%
16.9%
15.4%
13.4%
12.1%
11.5%
10.6%
8.7%
7.0%
5.5%
162.9 161.4
140.0
109.4 94.5
113.3
95.2
88.3
81.2
62.1
43.7
Q1'15
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
EBIT (ex-FX) - IDR bn
EBIT (ex-FX) margin (%)

6,100

6,180

6,220

6,250

6,440

6,320

6,230

6,260

6,230

6,080

6,170

6,230 6,260 6,230 6 , 0 8 0 6 , 1 7 0 131 136  

131

136

 

135

 

133

 

132

144

 

120

129

136

 

155

 

145

Q1'15

Q2'15

Q3'15

Q4'15

Q1'16

Q2'16

Quantity sold ('000)

Q3'16

Q4'15 Q1'16 Q2'16 Quantity sold ('000) Q3'16 ASP (Rp) Q4'16 Q1'17 Q2'17 Q3'17 3

ASP (Rp)

Q4'16

Q1'17 Q2'17 Q3'17
Q1'17
Q2'17
Q3'17

3

CONSOLIDATED STATEMENTS OF COMP. INCOME

 

(IN MILLIONS OF RUPIAH)

 

Breeder

9M 2017

9M 2016

Variance

Q3 2017

Q2 2017

Variance

Q3 2017

Q3 2016

Variance

Sales

863,444

885,986

-2.5%

274,556

306,872

-10.5%

274,556

296,043

-7.3%

EBIT (ex-FX) *

(75,672)

44,097

(119,769)

(48,368)

(19,397)

(28,971)

(48,368)

24,683

(73,051)

EBIT margin

-8.8%

5.0%

-17.6%

-6.3%

-17.6%

8.3%

ASP

4,500

4,700

-4.3%

4,300

4,600

-6.5%

4,300

5,000

-14.0%

Quantity Sold (mn)

158.7

156.2

1.6%

52.0

54.0

-3.7%

52.0

49.2

5.7%

* 9M 2017 & Q2 2017 results are adjusted for non-recurring tax related expenses of Rp1.160 billion

Comments:

Sales revenue for Q3 2017 decreased by 7.3% YoY and 10.5% QoQ, respectively. The YoY decrease is mainly due to a decrease in ASP by 14.0%, while the QoQ decrease is mainly due to a decrease in ASP by 6.5% and a decrease in quantity sold by 3.7%

EBIT (ex-FX) in Q3 2017 reported a negative YoY swing of Rp73.1 billion and an increased QoQ loss of Rp29.0 billion, respectively. The YoY swing and increased QoQ loss were mainly due to:

1)

higher depletion/culling costs from reduction of Parent Stock & hatching eggs in July & September 2017

2)

a decrease in ASP by 14.0% (YoY) and by 6.5% (QoQ)

To address potential oversupply in the market during the Suro-Safar religious observance (October-November), the Government has instructed producers to reduce hatching eggs by 6% per week in September & October 2017

On the decision by the Business Competition Supervisory Commission (“KPPU”) against the 12 major poultry integrators, on

allegations of cartel practices, the appeal is currently being heard in the High Court

DOC ASP in October 2017 ranged between Rp4,000 Rp4,700 /DOC

appeal is currently being heard in the High Court  DOC ASP in October 2017 ranged

4

TREND ANALYSIS BREEDER DIVISION

5,000 5,000 4,700 4,400 4,600 4,200 4,300 4,300 3,600 3,800 4,000 7.2% 8.3% 2.3% 0.4%
5,000
5,000
4,700
4,400
4,600
4,200
4,300
4,300
3,600
3,800
4,000
7.2%
8.3%
2.3%
0.4%
-0.9%
-2.8%
-6.3%
-15.9%
-17.6%
-24.7%
EBIT (ex-FX) margin (%)
ASP (Rp)
-37.3%
3,800 4,000 4,200 4,300 4,700 5,000 5,000 4,400 4,600 4,300 3,600 54.2 54.0 53.5 52.7
3,800
4,000
4,200
4,300
4,700
5,000
5,000
4,400
4,600
4,300
3,600
54.2
54.0
53.5
52.7
52.7
52.0
50.5
50.1
50.3
49.7
49.2
Q1'15
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Quantity sold (mn)
ASP (Rp)

5

CONSOLIDATED STATEMENTS OF COMP. INCOME

 

(IN MILLIONS OF RUPIAH)

 

Broiler

9M 2017

9M 2016

Variance

Q3 2017

Q2 2017

Variance

Q3 2017

Q3 2016

Variance

Sales

438,731

453,878

-3.3%

152,969

160,268

-4.6%

152,969

158,526

-3.5%

EBIT (ex-FX)

8,364

4,795

3,569

6,404

8,123

(1,719)

6,404

10,732

(4,328)

EBIT margin

1.9%

1.1%

4.2%

5.1%

4.2%

6.8%

ASP

16,900

17,600

-4.0%

17,300

17,000

1.8%

17,300

18,400

-6.0%

Quantity Sold (mn kg)

23.0

22.5

2.2%

7.9

8.5

-7.1%

7.9

7.6

3.9%

Comments:

Sales revenue for Q3 2017 decreased by 4.6% QoQ, mainly due to a decrease in quantity sold (per kg) of 7.1% as a result of Lebaran seasonality in Q2 2017

Sales revenue for Q3 2017 decreased 3.5% YoY, mainly due to a decrease in ASP by 6.0%, partially off-set by an increase in quantity sold (per kg) of 3.9%. The lower ASP in Q3 2017 is mainly due to a combination of softer consumer purchasing power and moderate oversupply of broilers; the oversupply issue is being addressed by the culling in PS DOC numbers & hatching eggs (see discussion in Breeder segment)

EBIT (ex-FX) decreased slightly by Rp1.7 billion QoQ, which is mainly due to the decrease in quantity sold (per kg) by 7.1% and higher production cost due to the increase in Feed ASP by 1.5%

Broiler ASP in October 2017 ranged between Rp14,000 Rp17,000 /kg

cost due to the increase in Feed ASP by 1.5%  Broiler ASP in October 2017

6

TREND ANALYSIS BROILER DIVISION

17,800 17,000 17,600 18,400 17,100 16,600 17,000 17,300 16,300 15,600 15,800 6.8% 5.1% 3.5% 4.2%
17,800
17,000
17,600
18,400
17,100
16,600
17,000
17,300
16,300
15,600
15,800
6.8%
5.1%
3.5%
4.2%
2.7%
0.8%
-1.1%
-4.2%
-4.9%
-9.5%
-12.4%
EBIT (ex-FX) margin (%)
ASP (Rp)
17,800 17,000 17,600 18,400 17,100 17,000 17,300 16,600 16,300 15,600 15,800 8.5 8.5 7.9 7.6
17,800
17,000
17,600
18,400
17,100
17,000
17,300
16,600
16,300
15,600
15,800
8.5
8.5
7.9
7.6
7.6
7.1
6.6
6.7
6.4
6.0
5.9
Q1'15
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Quantity sold (mn kg)
ASP (Rp)

7

CONSOLIDATED STATEMENTS OF COMP. INCOME

 

(IN MILLIONS OF RUPIAH)

 

Consumer Foods

9M 2017

9M 2016

Variance

Q3 2017

Q2 2017

Variance

Q3 2017

Q3 2016

Variance

Sales

106,266

60,997

74.2%

40,925

37,785

8.3%

40,925

21,895

86.9%

EBIT (ex-FX)

(34,358)

(37,250)

2,892

(8,766)

(17,086)

8,320

(8,766)

(10,407)

1,641

EBIT margin

-32.3%

-61.1%

-21.4%

-45.2%

-21.4%

-47.5%

ASP

43,000

40,100

7.2%

42,100

44,300

-5.0%

42,100

38,600

9.1%

Quantity Sold (MT)

2,471

1,522

62.4%

972

854

13.8%

972

567

71.4%

Comments:

Sales revenue for Q3 2017 increased by 86.9% YoY and 8.3% QoQ. The increase in sales revenue is mainly due to increases in sales volume of 71.4% YoY and 13.8% QoQ and an increase in ASP by 9.1% YoY. The increase in sales volume in Q3 2017 is mainly due to:

1) sales promotions in the traditional and modern market channels and via greater brand awareness through

social media and launch of nationwide Sunny Gold TV commercial in April 2017. The TV commercial can also be viewed on YouTube at https://www.youtube.com/watch?v=X7fdIK5gkZU

2) for the period 9M 2017, 200 additional new distribution channels were added (1H 2017: 130)

The decrease in EBIT (ex-FX) QoQ loss in Q3 2017 of Rp8.3 billion is mainly due to higher A&P expenses in Q2 2017 for the cost of the Sunny Gold TV commercial of Rp8.3 billion (Q3 2017: Rp3.0 billion)

A&P expenses in Q2 2017 for the cost of the Sunny Gold TV commercial of Rp8.3

8

TREND ANALYSIS CONSUMER FOODS DIVISION

-65.4% -72.8% -63.0% -91.2% -83.1% -57.5% -47.5% -40.3% -30.9% -45.2% -21.4% 972 854 649 645
-65.4%
-72.8%
-63.0%
-91.2%
-83.1%
-57.5%
-47.5%
-40.3%
-30.9%
-45.2%
-21.4%
972
854
649
645
567
531
392
395
424
370
351
Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17
Q1'15
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Quantity sold (MT)
EBIT (ex-FX) margin (%)
41,300
41,100
41,500
40,800
42,700
44,300
42,100
40,600
40,100
39,200
38,600
972
854
649 645
567
531
424
392 395
370 351
Q1'15
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Quantity sold (MT)
ASP (Rp)

9