FIRST PACIFIC COMPANY LIMITED 
By 第一太平有限公司
Press Release
Friday, 21 March 2014
Indofood Reported Double-Digit Top Line GrowthThe attached press release was released today in Jakarta by PT Indofood Sukses Makmur Tbk
("Indofood"), in which the First Pacific Group holds an economic interest of 50.1%.
PT Indofood Sukses Makmur Tbk (IDX:INDF) is a leading Total Food Solutions company with operations in all stages of food manufacturing from the production of raw materials and their processing through to consumer products and distribution to wholesalers and retailers. It is based and listed in Jakarta; its Consumer Branded Products subsidiary PT Indofood CBP Sukses Makmur Tbk ("ICBP") and agribusiness subsidiaries PT Salim Ivomas Pratama Tbk ("SIMP") and PT PP London Sumatra Indonesia Tbk ("Lonsum") are also listed in Jakarta. Two agribusiness subsidiaries, Indofood Agri Resources Ltd. ("IndoAgri") and China Minzhong Food Corporation Limited ("CMFC"), are listed in Singapore, and an agribusiness associate Roxas Holdings Inc. is listed in the Philippines. Through its five complementary strategic business groups, Indofood manufactures and distributes a wide range of food products: Consumer Branded Products ("CBP") (noodles, dairy, snack foods, food seasonings, nutrition and special foods and beverages), Bogasari (flour and pasta), Agribusiness (oil palm, rubber, sugar cane, cocoa and tea plantations, fresh and processed vegetables, cooking oils, margarine and shortening) ,Distribution and China Minzhong Group.
Indofood is one of the world's largest wheat flour instant noodle manufacturers by volume, one of the largest plantation companies by area and the largest flour miller in Indonesia. Indofood also has an extensive distribution network.
Further information on Indofood can be found at www.indofood.com
* * *
For further information, please contact:
John Ryan Tel: (852) 2842 4355
Executive Vice President Mobile: (852) 6336 1411
Group Corporate Communications
Sara Cheung Tel: (852) 2842 4336
Vice President
Group Corporate Communications
l'!!-!td.t!!,?rf!PRESS RELEASE For Immediate Release
INDOFOOD REPORTED DOUBLE-DIGIT TOP UNE GROWTH
• Consolidated net sales grew 15.0% to Rp57.73 trillion
• lncome for the year attributable to equity holders of the parent entity declined 23.2% to Rp2.50 trillion
• Earnings per share ("EPS") was Rp285
Jakarta, 21 March 2014 - PT lndofood Sukses Makmur Tbk ("lndofood" or the "Company") wishes to announce its financial results for the year ended 31 Oecember 2013. lndofood recorded consolidated net sales of Rp57.73 trillion, an increase of 15.0% from Rp50.20 trillion last year. In terms of contribution to consolidated net sales, the Company's 5 (five) Strategie Business Groups ("Group"), namely Consumer Branded Products ("CBP"), Bogasari, Agribusiness and Distribution Group contributed around 42%, 26%, 20% and 8% respectively; Cultivation & Processed Vegetables Group, which was started to be consolidated in September, contributed around 4% to the consolidated net sales.
Total sales value of CBP Group, which mainly consists of Noodles, Dairy, Snack Foods, Food Seasonings, Nutrition & Special Foods and Beverages Division grew 14.0%, mainly driven by higher sales volume across the main divisions of the Group and higher average selling prices. Bogasari Group posted 17.2% increase in total sales value on higher average selling price and volume. Agribusiness Group recorded 4.1% decline in total sales value mostly attributable to lower edible oil sales. Distribution Group registered a total sales value growth of 15.6%, primarily due to higher sales of CBP Group, while Cultivation & Processed Vegetables Group generated Rp2.11 trillion of sales value for the period of September to December.
Gross profit for the period increased 5.4% to Rp14.33 trillion from Rp13.59 trillion in the same period last year and gross margin declined to 24.8% from 27.1%, on lower gross profit achieved by most business groups, due to higher raw materia! cost, salary, wages & employee benefits and utilities, as well as lower average selling price for Agribusiness Group. lncome from operations declined 2.3% to Rp6.72 trillion from Rp6.88 trillion, while operating margin decreased to 11.6% from 13.7% on higher operating expenses, mainly higher salary, wages & employee benefits, freight and handling expenses,
as well as A&P. lncome for the year attributable to equity holders of the parent entity declined 23.2% to /t3
PT IND FOOD SUKSES MAKMUR Tbk
Sud1rman Plaza
lndofood Tower,25'" Floor
Jl. Jend.Sudriman Kav. 76 ·78
Jakana 12910, Indonesia
T. +6221 5795 8822
F. +6221 5793 7373 www.indofood.co.id
Rp2.50 trillion from Rp3.27 trillion mainly due to foreign exchange loss; net margin decreased to 4.3%
from 6.5%. Excluding non recurring items and difference in foreign exchange, core profit increased
3.0% to Rp3.37 trillion from Rp3.27 trillion last year.
Anthoni Salim, the President Director and Chief Executive Officer of lndofood, said: "We are pleased that our underlying performance, as reflected in our core profit continue to show growth, despite various challenges. We will exercise caution and continue to be prudent in managing company, while pursuing
growth and sustaining our performance."
About PT lndofood Sukses Makmur Tbk
--- End---
PT lndofood Sukses Makmur Tbk ("lndofood") (IDX: INDF) is a leading Total Food Solutions company with operations in ali stages of food manufacturing from the production of raw materials and their processing through to consumer products on the market.
lndofood operates five complementary Strategie Business Groups ("Group"), namely:
• Consumer Branded Products, its business activities are conducted by PT lndofood CBP Sukses
Makmur Tbk ("ICBP"), which was listed on Indonesia Stock Exchange ("IDX") since 7 October
2010. ICBP is one of the leading packaged food producers in Indonesia, with a wide range of packaged food products. ICBP brands are among the strongest brands with the most significant mindshare in Indonesia far consumer food brands.
• Bogasari, primarily a producer of wheat flour as well as pasta. lts business operations are supported by shipping and packaging units.
• Agribusiness. The Group is led by lndofood Agri Resources Ltd. ("lndoAgri"), listed on the
Singapore Stock Exchange. 8oth of lndoAgri's two operating subsidiaries PT Salim lvomas Pratama Tbk and PT PP London Sumatra Indonesia Tbk are listed on the IDX. The Group's business principal activities range from research and development, seed breeding, oil palm cultivation and milling; as well as the production and marketing of branded cooking oils, margarine and shortening. In addition, the Group is also involved in the cultivation and processing of rubber, sugar cane as well as other crops.
• Distribution, which boasts the most extensive distribution network in Indonesia. lt distributes the
majority of lndofood's and its subsidiaries' consumer products as well as third-party products.
• Cultivation & Processed Vegetables. The business activities are conducted by China Minzhong
Food Corporation Limited which is listed on the SGX and is an integrated vegetable processing
company in the People's Republic of China. lts main activities range from the cultivation and processing of both fresh and processed vegetables, as well as their sales and marketing.
;11A For further information, please contaet:
([!v) Werianty Setiawan
Director & Corporale Secretary
PT lndofood Sukses Makmur Tbk
Tel : +62 21 5795 8822 ext. 1215
Fax: +62 21 5793 7373
Email: werianty@indofood . co . id
2
PT INDFOOD SUKSES MAKMURTbkANO SUBSIDIARIES
SUOIAMAli!PLAZAI, IIIOOFOOO TOWER,27th Aoor, Jalan Jenderal Sud rmanKav.76-76,Jakarta 12910,INDONESIA
Pnone :( 62 - 21) 57958822 Fax :(62 - 21) 57935960 www.lndotood.com
CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENT OF CASH FLOWS December 31,2013 Year EndedDecember 31,2013 Year Ended December 31,2013
( Expressed In Mllllons olRuplah,Unless Otherwlse Stated ) ( ExpressedIn Mllllona ot Ruplah,Unleaa Otherwlae Stated) ( Expreaaed InMlll lons oRl uplah,Unlell Otherwlae Stated )
JnJ.y1,2011l Jan..ry1,20111 2012 2011
-3 1,2012 -31 ,2011 0ocomber312,010 December!1,2012 December31,2011 Oocember31,2010 2012 2011 2013 (AJ.-ed) (AJ-!od)
ASSETS
-Oocomber31,2013 -(AJmlllod)-
(As-ted)
-(Asra1Jtod) LIABLmES ANO EQUITY
-Doce-mbor 31'2013 -(As m-toted) --(As-te-d)-
(AJretlaled)
--2013
- -(Asmtoted)
(Asra1Jted)
CASHFLOWSFROM OPEIIAnNGAcnYmES
---- ---- ----
C""IOCiiV!dlroMWShlrners 57,335336 50,231,316 45,5311, 44
C""pailtoOJI'!Ii
C3sl1andcash eq!Ì'IaleMs 13,666,194 13,345,881 13,055 188 10,445,849 CURRENT LIABIL!TIES NETSALE5 57,731,998 50,201,548 45788,144 PayiTllrislorproiJ
rmecleposls 3,398,300
SlxlrHermbank toansard averdraf1 4,625586 2,613,840 2,842,973 2,360,484 3 025 3 411880
Trur spayable 4,103 558 3,856,065 2,160,600 1,760,829 ODS1OFGOODS501.0 43,402,144 36,610,248 33 104064 c""11""""-"<lromopeOO>ns 9, ,051 7 ,555
Thirdpa.nies 3,400715 2,288,717 1,684,283 1,619,474 GROSS PROFIT 14,329,854 13,591,300 12,684080 Payrrer
Shcrl-1ennirweslrnelis 692,832 552,726 574,600 461,725 Trade payall!es ReceIS olinterestiloor:'le 513 735 552,050 436,111
Accoonls-
Relatedparties 277 135 211,104 242,862 204 480 "':::";:.,)-'"' 1 972,114) (2,246,693) (1,827,359
9103
Accruad expenses 1,513147 1,252,849 1,023,095 1,147,523 Seli'jjanclclsuì>utionexpenses (4,862,078) (4,074,620) (3,616,925) 6,928790 7,419,046 4 976,035
Thrdparlios •nel 4,053,300 2,696,937 2,652,704 2,281,010 Shortenm elfl)k>yee benefi s ialòy 770,224 621,265 516,046 543,777 Gem ood admiristra."N-e expenses (3,378,636) (2 763,411) (2,322,654)
ReR!parties
375,733
339,888 342,798 167,732
Tax"paya!le 305,536 317,874 418,046 466,905
Otherqeraingilcorne 939,421 573,831 479757 CASHFLOWSFROMINVESTIIGACTIVmES Prooeedstmmsaoolfixedasse!Sard
Non-ll'alle eu....malloiliesollorq-lerm debls Otherq eraliBjexperoes (309,578) (356,826) Olherno>MerlasseS 73,212 298,407 50,553
Bankloans 954935 491,524 1,039,225 947,928 Addtionstolixodassetsardplarjal . (4,4501, 22) (2,914,960) Bondspayable 2,336,642 1,962,558 1NCOMEFROMOPERATION$ 6,717,981 6,877,782 6,847,432 Ove$nentoin&c1epos1,s 3 398,300
Re IC!parlies 208,269 219,383 364,881 139,550 Uabili1y 1ot purdla
1-lofies· nel 8,160,539 7,786,166 6,547,161 5,652,736 Flnanr:eleasellal les
5_0 lli_ Filcm:::e iooame 605,996 554,407 437523 _lioota(l:Wardadv...,ltrstocksubsaillioo
Tolal Current l biiiUes 19,471309 12,805,200 12,670,150 9,704,369 Filanceexpenses (2,772,827) (1,082 319) (936,219) •assoo.-.s !' 418,760) t35,1601 (81,210)
Share nnet ncome (losses) olassociates 115,808 (32,910)
Prepaidtaxes 203,619 176,537 119,958 76,153 NOH-CURRENT LIA81LITIES har 1:=ilg (146,968) 189,697) (145,488)
Ftetrecmpexpendi1ures 143,896 122,141 148,949 179,578
Long-1erm deb1s- nelolanent ma;mDes INCOME SEFOREllCOIIE TAX EXPENSE 4,666,958 6,316,960 6,347274
Sanklow 13,294,577 3,992,605 3,313,280 4,960,094
in:erests
11,ill_
Prepaexpensesand Olher 8oods payeandSlr!wkljarahpayab es 1,993,227 4,323,442 2,327,712 4,282,995 lnoomeTax E>pense-Net (1,252,072) (1,530,954) (14, 60,569) HaC8sh UsodIn
lllrlerltassats 355,291 217,929 102,665 127,188 liabi1y lotpurchaseso!ixed assets 36,511 37,780 33,575 9,819 INCOMEFOR'IliE YEAR BEFORE CASHFLOWSFROM ANANCING AcnvmES
(14 4018, 32) (5,0931, 17) (31, 05,675)
Financeleaselìabilìties
50_ Prooeedslromblg- nnbank
TotJI Cmnt Assets 32,464,497 26,235,990 24,608,559 20,015,049
Totallong-1ennrlebiJ 15,324 315 8.353.827 5,674,567 9,252,958 PROFORMA ADJUSTIIENT 3,414,886 4,786,006 4,886,705 Prooeeds!romsltcrt·!ermbdkln 9,131 519 1,022,360 3,423,492
ProForma Adjuslment 1,749 (6,560) 4 968 Prooeedslromarllanceslors1oci<nlro•
Dmerredtaxliablfrties. - net 1,278384 13, 62,434 1,470,720 1,573,087
---- nor>
Advances 1otocksulonlromnOIH:OiltroDinglnerests 213150 INCOMEFOR'IliE YEAR 3,416,635 4,779 446 4 891673 C corrlrbJtioolroonaJ
RRENT ASSETS Duetore atedparties 515,443 342,720 298,606 260,169 Paylll!rtsolsi'XI!Hermbri:toarti (8,598,230) (1,817,860) !2,873,49
Claims1ortaxreluoo 555,241 518,239 480,747 600,992 Liabililies lorem oyeebeneilts 2,729970 2,292,950 1,925,036 1,607,299 Pay1!011SOi cashrl'iir!oods 1 624,360) (1,536,575) 1,167,79
De!ened1ex "se!S -nel 1,249,370 904,782 669,810 494,176 TotalNon-çurrent Uabilities 20,248,351
12,443,988 9,444,572 12,825,056
lilarcialassecs 140,107 (18,619) 113,665
i>=IXll'
(552,396) (603,103) (345,886)
Estima1edia!:ilities lorasse1S dsmanUni gCOS1S 50923 92,037 75,643 131,543 Othercomprehenstve income 1 014,636) (709,509) (2 528,085)
Plasma rec:eitables - net 632,661 542,643 546,479 600,656 Other long-termpayables lbealzedgails(losses)oo a·taialile-lor-sale
(212,225) (42,7951 (81,4131
lo191emnliYOSimenls 1,573,095 295,565 86,219 24,464 TOTAL LIABL!TIES 39,719,660 25,249,188 22,114,722 22,529,445 Exdlargedillererceson oansOlon (14, 22) (6,365 (9,789
filWidsta:emenls 1,654,486 110,918 12087 Prooe!dslromÌIIIJil'Old l8!
of
Pia Fairvaluek>s
sarisÙ'IIIromcash tow hedgos b)'as.lls iar) - nelolòsuancecost 3,349,449
Marure[:lanlatiorn-nel 4,742,845 4,933,229 4,510,700 4,000,320 EQUITY Othercomprehenslve income 1,744,612 92,299 125,752 Prooeeds!romòsuar:ce d iq;al11:aids VI· oo! 1,990,616
PayiTllrloiR too:is iV (1,964,000)
mmre m. s 2,847,525 1,9886, 50 1,881,244 1,915,420 Capitai Sl!Xk ·Rp100(hllamoom)par Yalue per share
Au1honzed -30,1100,1100,1100shares
lssued.mluUy pao -8,780,426,500shares 878043 878,043 878,043 878,043
TOTALCOMPRBfEHSIVE NCOIIErot!THEYEAR
Pay1!0rtsolonanceoaselabiffies ()
NacashPmtrlodbye{llsedkl)flrlancq- 6,790594
762 w
Axedassecs-ne 23,027,913 15,805,224 12,941,630 11,754,863 Addilirmpad-"!!itai 522,249 522,249 522,249 522,249 lncomo fotlhe year 011ributableto: NETEFFECTSOFC!iANGESINEXCHANGE
De'.erred
Oiffereool lromchangesin""Uy olSubsidtaries Non-coolroiiiOJ rrterests 912,794 1,518,270 1,814 493 NETINCREASECASH
Goort1111 - net 3,970,420 3,878,674 3,878,674 3,878,674
aJld effectsot transactions with non-oontrollinginterests 6,579,227 6,524,586 6,520,486 5,945,575 TOIJI 3,416,635 4,779,446 4,891,673 ANOCASNEO/IVALEHTS 298,225 208,148 2,676,850
lnl"'
