FIRST PACIFIC COMPANY LIMITED 第一太平有限公司
(Incorporated with limited liability under the laws of Bermuda)
Press Release
Thursday, 30 April 2015
Indofood financial results for the period ended 31 March 2015The attached press release was released today in Jakarta by PT Indofood Sukses Makmur Tbk
("Indofood" IDX:INDF), in which the First Pacific Group holds an economic interest of 50.1%.
Indofood 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 the market. It is based and listed in Indonesia; its Consumer Branded Products subsidiary PT Indofood CBP Sukses Makmur Tbk and agribusiness subsidiaries PT Salim Ivomas Pratama Tbk and PT PP London Sumatra Indonesia Tbk are also listed in Indonesia. Two other subsidiaries, Indofood Agri Resources Ltd. and China Minzhong Food Corporation Limited, 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 (noodles, dairy, non-alcoholic beverages, snack foods, food seasonings, and nutrition and special foods), Bogasari (flour and pasta), Agribusiness (oil palm, rubber, sugar cane, cocoa and tea plantations, cooking oils, margarine and shortenings), Distribution and Cultivation & Processed Vegetables (fresh and processed vegetables).
Indofood is one of the world's largest manufacturer by volume of wheat-based instant noodles, one of the largest plantation companies by area and the largest flour miller in Indonesia. Indofood also has an extensive distribution network across Indonesia.
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
PRESS RELEASE For Immediate Release INDOFOOD FINANCIAL RESULTS FOR THE PERIOD ENDED 31 MARCH 2015• Consolidated net sales declined 0.1% to Rp15.02 trillion
• lncome from operations rose 9.5% to Rp1.75 trillion
• lncome for the period attributable to equity holders of the parent entity declined 37.3%
to Rp870.1 billion
• Earnings per share was Rp99
Jakarta, 30 Aprii 2015 - PT lndofood Sukses Makmur Tbk ("lndofood" or the "Company'') today announced its financial results for the period ended 31 March 2015. Consolidated net sales was flat, approximately Rp15.02 trillion. Consumer Branded Product ("CBP"), Bogasari, Agribusiness and Distribution Group contributed 52%, 25%, 15%, and 8% respectively.
lncome from operations increased 9.5% to Rp1.75 trillion from Rp1.60 trillion, and operating margin expanded to 11.6% from 10.6%. lncome for the period attributable to equity holders of the parent entity declined 37.3% to Rp870.1 billion from Rp1.39 trillion and net margin decreased to 5.8% from 9.2% mainly due to unrealized foreign exchange loss as a result of weaker rupiah. Without taking into account non-recurring items and difference in foreign exchange rate, core profit, which reflect the underlying performance, grew 11.6% to Rp1.05 trillion from Rp939.9 billion.
Anthoni Salim, the President Director and Chief Executive Officer of lndofood, said: "Domestic macra economy remains subdued in the early 2015. Despite tougher market conditions and continuous depreciation of rupiah, our underlying performance remains resilient, as reflected in our core profit."
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About PT lndofood Sukses Makmur Tbk
PT lndofood Sukses Makmur Tbk ("lndofood") (IDX: INDF) is a leading Total Food Solutions Company with operation spanning from the production of raw materials and their processing, to consumer products in the market.
PT IND FOOD SUKSES MAKMUR Tbk
Sudirman Plaza
lndofood Tower, 25'" Floor
Jl. Jend. Sudirman Kav. 76 - 78
Jakarta 1291O. Indonesia
T. +6221 5795 8822
F. +6221 5793 7373
www.indofood co.id
lndofood capitalizes on a resilient business mode! with 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 October 7,
2010. ICBP is one of the leading consumer branded produciproducers in Indonesia, with a wide range of consumer products. In 2013, ICBP started its non-alcoholic beverage business, and has current product portfolio of ready-to-drink tea and coffee, packaged water, carbonated soft drinks and fruit juice drinks.
• Bogasari. The Group is primarily a producer of wheat flour as well as pasta, with business operations supported by its own shipping and packaging units.
• Agribusiness. The Group is led by lndofood Agri Resources Ltd. ("lndoAgri"), listed on the Singapore Stock Exchange ("SGX"). Both 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 principal activities range from research and development, seed breeding, oil palm cultivation and milling to the production and marketing of branded cooking oils, margarine and shortening. In addition, the Group is also involved in the cultivation and processing of rubber and sugar cane, as well as other crops. In 2013, lndoAgri initiated expansion of its global business through equity investment in the sugar business in Brazil and the Philippines.
• Distribution. With the most extensive distribution network in Indonesia, this Group distributes the majority of lndofood's and its subsidiaries' consumer products, as well as other third-party products.
• Cultivation & Processed Vegetables. Cultivation and processed vegetables group activities are conducted by China Minzhong Food Corporation Limited ("CMFC"), which is listed on the SGX and is an integrated vegetable processing company in the People's Republic of China. Through its decades of experience, CMFC has developed an integrated demand-driven operation with wide-ranging cultivation and processing capabilities. In addition, CMFC also has a branded products operation.
For further information, please contact:
Werianty Setiawan
Director & Corporale Secretary
PT lndofood Sukses Makmur Tbk
Tel : +6221 5795 8822
Fax:+6221 57937373
Email: werianty@indofood.co.id
PT INDFOOD SUKSES MAKMURTbk
ANO SUBSIDIARIES
SUDAI MAN PI..AZA, INDOFOOD TOWER,27th Floor. JalanJenderalSudirman Kav.76·78,Jakarta 12910.INDONESIA
Phone :( 62 - 21 ) 57958822 Fax :( 62- 21) 57935960 wwwlnd o ood.com
CONSOUDATEO STATEMENT OF RNANC AL POSITOI N CONSOLIDAlED STATEMENT OF COMPREHENSIVEINCOME CONSOLIDATED STATEMENT OF CASH FLOWS Aa ol Mareh 31, 2015 For the Three •Montha PerlodEnded March31,2015 ForlheThreeM· onths PerlodEndad March 31,2015
(Expressed n Mllllons or Ru p ah,Unel sa Otherwlaa Statad) (Expressad In Mllllons of Ruplah,Un ess Olherwlsa Stated) (Expressed n Mllllona of Ruplah,Unlesa Otherwlaa Statad) (Unaudl tad} (Unaudltad) (Unaudlted)
-3 1!,0131 -31 ,!013/ 2014
Deeanber31,2014 II"""Y ,!OII Deoember31,2014 J.,lllljl,ll1l 4 2015 (Tlw1oUolllhs) 15 14
ASS ETS
-March31 21115 (AsRestoledJ
-(AIRestslod) UABIUTIES AmlEQUilY
-llll th31,21115
-IAIRestoledJ-
(AI ROI1sled) (Tlw1ollomh ) (A111esta1ed) (Throollonr>t) (Throollonr>t)
CURRENT ASSETS UABIUTIES COIITINUNI G OPERA110NS
Cash andcashnts 13,014 179 14,157619 13 6661,94 CURRENT LIABILmES NET SALES 15,021,122 15,031,512 CASHFLOWSmOiol Of'ERA NG A V111ES
Sllort-tecmbank loans and overdrafl 5,0790, 42 5,069,833 46, 255, 86 CDSTOFGOOOSSOLO 10 913,166 111, 95954 Cash receWadfrom customars 14,545,219 16,568,316
TlmeOeposlls 3,398,300 Trus rcceiptspayablo 4,136,056 3,9227, 84 41, 03,558 GROSS PRORT 4,107,956 3,835,558 Cash paidlo suppilSfS (9,228,765)
Tradopayab&ls Paymerolslor producticnandcperalngoxpenses 974,478 (3,5751, 75)
Shc erm inveslments 687,118 665,340 692,832
Aocounts raoeivable
Thìr!lpanios 32, 978, 91 3,307,564 3,400,715 Sellni g anddistrbiulion O>pensos (16, 82,872) (1,301,698) Paymerolsloef11lloyoos 264,842 _u.m,;rrn
Rolalcdpamos 468,965 539,400 2n,135 Generaiand admni si trative expenses (809,815) (883,741) Cashgeneratedltomoperalicns 595,024 2,837000
Trado Olhor payables •Thrld partes 13, 22,887 13,03,973 1,172,720 Other operatingincorne 232,975 129,403 piS clntetOSIInoomo 186,512 155,006
Ac:crued expenses 1,9534, 97 2,051,104 1,5131, 47 Other opera1ng expenses (2011, 39) Parmeruof lnteress expense (3284, 00) (362,204)
liWdparties- net 34,15,587 2,986,729 4,360,898
SllorHerm employoobeneltsliablitiy 929,115 7286,13 no,224 INCOMEFROIIOPERATIONS 1,749,923 1,5983, 83 PaymeNsol taxes• net (304,232) (615,459)
Relatodparties 6221,68 553 910 375 733 TO>ospayable 835,963 479 296 3055, 38 Otoorsr · nel 128,078 133,933
Cll'ren malll'iliesol long-elrm dellts Flnanco nocmo 1862, 53 883,353 Net Caoh Provlcledby Operating Aleo 276,9821 ,948,276
Non·trado
Bankloans 1,174,234 1,091,748 954,935 Finance expenses (767 5 ) (400,604)
llorspayablo and StrkJk ljarahpayables 2,336,642
Uabilty forpurchases olfixedassets 11,936 11,349 11,111 Sharein net losso/ assocai les (70,634) (44,788)
Re alllllpa!l os 326 706 302,755 208,269 lnvenicrloS MI 9,344,613 8,454,845 8 160,539
l.iabililies direcdy assodated wnhdisposalgroup ... od as helJslcrsalo 4,297,642 4,178 022 ----
CASHFLOWSFROI.I NVESIIHG ACTIVmES
INCOMEBEFOREINCOME TAX EXPENSE 1,098 046 2,036 344 Proceodslrcm sa!e ollxod assots 5,026 77, 93
Tolal Cu"""Ul abllllos 23,507,008 22,681 686 19,4713, 09 lncome Tax Expense-Net (320,969) (5261, 47)
Addltionstoflxed assotsandplarttalicrls (929,819! (1'195,759!
Advances and depo 10,27 684 646,497 8844,10 Advancelor projeandliledassets !262,724 (311,383
Prepaidlaxos
424,212
345,967 2036,19 NON-CURRENT LIABILmES INCOMEFORme PEIIIOOFROM lnvestmentInassodes 238,454
Fulll'o crop expendilureo 210,841 161,819 143 896
LOng-termCletlts•nel01ctnent maturmes CONTINUINO OPEIIAnONS 777,on 1,S101, 97
Bank loans 12,954,245 12,828,553 13,294,5n
M:llon nshM-1tlrmlrwes1merts (80,985)
Gapilalizedlulll'e cane crops expendillrreo (33,086) (43,183)
Prepaid expenses and otllerameniasse1s 492,513 391 057 3552, 91 llorpayable 3,986,458 3 985,409 19, 93,227 A OISCOIITINUEO OPERA110N
.,Simef!!in timodeposits (1,242,589)
LiabiHty fOfpurchases olfixed assets _.1I.lli_
1M11 INCOMEFORme PERIOOFROM Ml'ances!or stock sun assoaates (68,200)
Assets of disposaigroopdassiiOdasholor salo 12 1213,69 11,832,922 ----
Toilii Ciorrent Asset.s 42 315 822 40,995,736 32,n2 095
NON-CURRENT ASSETS
TolalLong-lermdebls 16,9679, 58 16,837,876 15,324,315 A OISCOIITINUEO OPERA110N 208,902 261,328 lnvestmentinconvertiblenotes (57,020) (1,540,042) (2,930,301)
Oefenedfaxl abili1ies•nel 1,062,791 1 011,716 1,109,020 INCOMEFORmE PERIOO 985,979 1,n1,525 lorelatod pales 730,438 623,202 515,443
l.iabililieslor employ"berefiiS 48, 516, 80 47,06,587 4,073,515 Other comprehonslvolncome(loss)
imated liabilllles tor assetsdismantfingcosts 63,223 59 001 50,923 UnrealilAld g ns( csses) oo avalable-lcr solefironcialassels 140,204 28,748
Olhor lcng·lermpayab e 136,166 Exchange ditferencesonlranslationof inanclal 206,no 1,091,399
Clalmsfar ax refund 456,833 456,683 565 241 ::S,!=:8n tram non-controlling lntelests
lli,lM statemen1S 109,835 (9871, 43) Procoods ol long-term bcrro.r.gsiroolrelatedpaos 129,000
Plasmarecelvablos •net 680,857 618,026 832,681
23,676,290 23 138 382
21,422,532 Falr valuo galn (loss)arlslng romcashllow hedgos (57,874) 21,149
Romoasuremont odl ofinedbenefit obllgaticn
Cspital contriDutìon tramnon-controlingintewst 2,887 99,269
Procoodsirool adlanceslor S10dtsub5cq>licnlrorn
Oe erredlax assels·nel 1,984 971 1,742,851 1 415,894 TOTALLIABIUTIES 47,183,298 45 820 068 40,S93,841
Other comprehens>i eineome(lossos) 207,616 (924,688)
non-controlng n1ereS!s 14,700
long·elrmirwestments 1,967,832 1,877 887 1 573 095
Paymenls clsholerm bank lcans (1,481,565) (713,834) Paymetls of loog-lermbankloans (287,328) (202,129)
PlaMatlons EQUITY TOTALCOIIPRE/1ENSIVEINCOME FOR THEPERIOO 1,193,595
846,857
Purchaso of treasury slock by a Som ary (89,733) (59,694)
Mature pemetions•noi 54,176,09 5,116,106 4 742,845 Captai slock •Rp OO(UIamoontpl ar valueper sharo lncornefor lhop«todallrlbutablelo: Pay...,olcashdWrlorbySillsidialicslo
Immature planloaoi s 2 983,606 31, 97 449 2 847525 lssued andlully pad- 8780,426,500shares 878,043 878,043 878,043 Eqrltyllorsol lheparemonl)i' 870,081 1,3875, 34 NelC.shProvlcledby Flnancing Alllos ----n-6 , 9) 2,287,320
Adidffionalpari-incapilal 522,249 522,249 522,249 Non-conlrollngintereSis 115 898 383991
Industriai mbcr plantatioos· not 283,006 279,221 289,020
Urvoalzodgalnsonavallable·IOlofinancialassels 875,083 539,039 554,051 Total
Rxedassels• nel 222,96,486 22,011 468 22,2376,61 Citference tramchanges neqtrtyof Subsidai ries NETEFFEC11i OFCHANGESINEXCHANGE
Oe errodcllarges· nel 610,404 596,345 529,943 andef1ects of transactio'tSwilhnon·control nglnterasts 6,642,833 6 837,221 65, 79,227 Totalcomprellenslvelncome RA1ES ONCASii ANO CASHEOOVALENTS 244,641 (405,467) Exchango differoncasonlrans allcnolllnanoalSlalemeniS 600,435 520,453 12, 68,568 !or1lleperiod allrlbulablolo:
GcodwJI 3 976 524 3,976,524 3 970 420 Roserve cldisposalgroup ashefar sale 339,288 387,359 Eqrityho" ollheparen1en l) 1,051,431 583,5116 NETINCREASE/(DECREAS[)CASHANO CASHEOIIVALENTS (11, 80,611) 899,828
tmangle assoiS. net 2,728,184 2,761,473 1,9319,57 Aetained eamings Nof'H:lOnlrollnglnterests 142,164 263 271
Approprlaled fargonera reserve 90,000 900, 00 85,000 Total 1,193,595 846,857 CASHANOCASiiEOUIVALENTSA BEGINN!NGOFPERIOO 1,4040,4351 35 , 18, 709 long-lermprepaymeniS 935 957 761 489 1,2801,56 unappropnalllll 16,411,215 15,530,036 126, 86,831
AdvanceslostocksOOscriplicn nassocOte . 259700 Eqully AttrlbutablaloEqullyHolclenol!haParenEl nUI)' 261, 58,946 25 104 400 22,7919, 69 BASICEARIINGSPERSHAREFROIIOOHTINUNI GOI'ERAT!OOS CASHANilCASiiEOUIVALE/IlS AT1IIEENOOFPElliOD 12,859,824 14,416,537
ATTRIBIJTA8LE TOEllii!YHOlDERSOfl!IEPAROO001TY
Other nor>(U'Ienlasse1s 19,43 588 1,702,968 2,7497,'Non-ccnlrolllng lnle152, 194, 13 15,169,798 14,0921, 30 (lul..aun!J = - 79 == = 1=3=3
Toilll Non.CuorentAssets 46,245 835 45,098,530 45,005,845 Cosh ondcashequlvllenllconsl o :
Tolal Eqully 41,378,359 40 ',6840, 99 BASICEAJIIINGSPERSHAREFIIOII AOISWITIJEOOPERAT10H Cash andcash"!JivaieoiS 13,014,179 14,576,791
ATTRIBIJTABLE TOEilii!YIKIJ)EIISOFl!IEPAROOOOITY Overdrall (154,355) (158,254) TOTAL ASSETS 68,561,657 86,094,266 n,m,94o TOTALLIABIUTIES ANOEQUfTY 88,561,887 86 094,266 n,m,94o (lul-n!l 20 25 Net 12,859,824 14,418,537
Noles: 1.Tha abovolnl anclal nformatlonls dertved1rom lheconsollda ed flnanclalsta emenl as olMarch 31,2015,Docemller 31,2014,and Docemller 31,2013/January1, 2014 and lor lh& lhree-months pertod ended March31,2015 and 2014:and IS unaudled. Jakarta, Aprii30,2015
2. The oonsolidaled flnancialposiUonas o!Docember 31,2014,and Docember 31,2013/January 1,2014 and lheconsolidaled sla ement oclomprehensiveinoome lor lhe lhree-monlhs periodended March31,2014 werereslaleddueloimplemen ation olcertain rovised
lndonasian FinancialAccounting Slandard(PSAK) effeclive y onJanuary 1,2015. Certaininlormaiol n such as consol da ed slalemenl ol changesin equily and nolesto lheconsolidaed financialslalemeniS arenoiincluded in lhe inlormalion presenledabove. The Board of O rectors
3. The forelgnexchangerales used o ranslale lheforelgn currency monelary assets and llablllleslo Ru>al hcurrency as ol March 31,2015,December31,2014, and December31,2013/January l,2014 were Rp130, 84,Rp12,440 andRp12,169, respectlvely, oUS$1 PT INDOFOOD SUKSES MAKMUR Tbk
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