FIRST PACIFIC COMPANY LIMITED 第一太平有限公司
(Incorporated with limited liability under the laws of Bermuda)
Press Release
Friday, 20 March 2015
Indofood's 2014 financial resultsThe 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'S 2014 FINANCIAL RESULTS• Consolidated net sales grew 14.3% to Rp63.59 trillion
• Incarne from operations increased 17.9% to Rp7.21 trillion
• Incarne for the year attributable to equity holders of the parent entity grew 55.2% to Rp3.89 trillion
• Earnings per share ("EPS") increased to Rp442 from Rp285
Jakarta, 20 March 2015 - PT lndofood Sukses Makmur Tbk ("lndofood" or the "Company'') today announced its financial results far the year ended 31 December 2014. lndofood recorded consolidated net sales of Rp63.59 trillion, an increase of 14.3% from Rp55.62 trillion in 2013. Consumer Branded Products Group ("CBP") continued to be the biggest contributor to lndofood's consolidated net sales, contributing around 47%, followed by Bogasari, Agribusiness, and Distribution Group with around 25%,
20% and 8% contributions respectively.
The CBP Group, which consists of Noodles, Dairy, Snack Foods, Food Seasonings, Nutrition & Special Foods and Beverages Division, posted 20.9% growth in total sales value, primarily driven by higher average selling prices. Total sales value of Bogasari Group increased 6.7% due to higher average selling prices and volume. Agribusiness Group recorded 10.4% mainly as a results of higher average selling prices of palm products as well as higher edible oils and fats sales. Distribution Group also registered total sales value growth of 12.9%, primarily due to higher sales of CBP Group.
Gross profit for the year rose 25.3% to Rp17.05 trillion from Rp13.61 trillion in 2013, and gross profit margin increased to 26.8% from 24.5%. Despite higher operating expenses, incarne from operations grew 17.9% to Rp7.21 trillion from Rp6.11 trillion, while operating margin increased to 11.3% from 11.0%. Incarne for the year attributable to equity holders of the parent entity increased 55.2% to Rp3.89 trillion from Rp2.50 trillion on lower finance expense mainly due to lower net loss on foreign exchange from financing activities. Net profit margin increased to 6.1% from 4.5%. Without taking into account non recurring items and differences in foreign exchange, core profit increased 37.2% to Rp3.89 trillion from Rp2.84 trillion last year.
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
Anthoni Salim, the President Director and Chief Executive Officer of lndofood, said: "We are pleased to report that lndofood has performed well in 2014. We are optimistic but cautious as we enter 2015. We will continue to strengthen and expand our business domestically, identify opportunities regionally and internationally, while anticipating potential threats of ASEAN Economie Community that will be coming into effect. With clear objectives and strategie directions, the ability to adapt dynamically to market conditions, as well as discipline, we are confident that we would be well positioned to capture the opportunities and mitigate the challenges."
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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.
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,
201O. ICBP is one of the leading consumer branded product producers in Indonesia, with a wide range of consumer products. In 2013, ICSP 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"). 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 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.
2
For further information, please contaet: Werianty Setiawan
Director & Corporale Secretary
PT lndofood Sukses Makmur Tbk
Tel : +6221 5795 8822
Fax: +6221 5793 7373
Email: werianty@indofood.co.id
3
PT INDFOOD SUKSES MAKMURTbkANO SUBSIDIARIES
SUOIRIAAN PlAZA, INOOfOOO TOWER, 21111 Floo, Jolon Jenderal $udnnan Kav.76-78.o 12910, INDONESIA
l'hone:( 62-21) 57958822 Fax :(62-21)57935960 www.lndolood.com
CONSOUDATEDSTATEMENTOF ANANCIAL POSmON CONSOUDATED STATEMENT OFCOMPREHENSIVE INCOME CONSOUDATEDSTATEMENT OF CASH FLOWS Asol DecembF0r Ended December31, 2014 For the YearEnded December 31,2014
(Expreesed nMillionaof Rupiah,Untee1OtherwfseStated) (Expres.sed InMllllone otRuplah,Unless Otherwtse Stated) (Expressed n Mllllont of Rupei h,Unl t Othetwlae Stated)
Oettmbel'lt,20n .bi'!Uary1.2013/ Decembtf31,2013 Ja'luary l,20t31
ASSETS Oeoemberl1,2014 (AslleoOtodl December 31,2012 UABI UTIES ANO EOIJTY Dtc:lmber31,2014 (AslleoOiod) Cetember31,22014 2013 2014 2013
------- - ------ -------
UABI UTIES CONTINUIIIG OPERATIONS
CURRENT ASSETS
Cash and cash stPvaJents 14,157,619 13,666,194 13.345.661 CURRENT LIABILITIES NETSAL.ES e3,59>4,452 55,623,657 CASH FLOWS FROII OPERATI NG ACTIVInES
TlneDe ts 3,398,300
Short·letmbanlc.loans andoverdraft 5,061,833 4,625,586 2,613,840 COSTOF GOOOSSOLO 42017 559 Cash receilfdtrctn rustomers
Trust receiplSpayable 3,122,784 4,103,558 3,855,065 GROSS PROAT 17,04G,808 13,606,098 Cashpakltosupei rs
U36,,03868l,5:i4i6f!
57,335,336 (30,730,271)
Short-term investmen1S 665,340 692,832 552,726 Tradepayabaes
Payments forprOOuctJonardoperalng e penses
Accounts re09i'vable
Thirdparties 3,307,564 3,400,715 2,288,717
Se!ling anddlstribution expenses (8,247,224) (4,771,507)
Payments of!mp f'eS
l ::m:55t t
Relotedporties 531,400 277,135 211,104 Generaiand adminsi lratiYe expenses (3,128,237) (3,277,191) Cashgenera.te:l11001operfl:i:lns 12,485,406 1,455,044
Trade Other payables- Thrdparties 1,303,173 1,172,720 1,143,628 01heroperating lnçome 727,004 1,053,109 ReceitSolintHestirrcome 866,191 513,735
lhidparties- nel 2,966,72'1 4,360,898 2,696,937
Accrued expenses 2,051,104 1,513,147 1,252,849 01heroperana expenses Payments dinlerestexpmse (1,e28,t72
Short-term employee be11efi1S iabil y 728,613 770,224 621.265 INCOl.!E FROM 0PER4TIONS : n:ms)·net (2,318,$44 1,972,114)
Retatedparies 553,910 375,733 339.888 l3)es p.1yable 47111,296 305,536 317,874 ---·--·- 58271 uR
Non-IJade
Current ma1urities of bng-term debts Financeincome 612,581 605,996 Nel C.sh Pr1>Yided by 0pen11r19 ActtYmet -- n8s.
Bank.loans 1,091,748 954,135 491,524 Flnance expenses (1,552,958) (2,699,911)
Thìrdpanei s 496,276 322,114 385,191 Bondspayable andSukuk IP ahpayables 2,336,642 Shareinnetloss or assoolates CASH FLOWSFROIIINVESnNG4CTIVtnES
Relaledparlies 302,755 208,269 219,383
Uabiliry for purchases of fixedassets 11,34SI 11,111 8,334
Uabities diredlISsCICiatewith disposalgroup cl>LSsifltdashelds tof s31e 4,176,022 ----- -----
INCOME BEFORE INCOME TAX EXPENSE 6.2 .2$7 4 000751
edslrom sa!e dblgo(errn irmrnants 88,312
F'flx:laedslromsa.tedfixedas ts 42,561 73,212
lnv S·ntt 8,454,845 8,160,539 7,786,166
To1al
UabJities
marre Tax Etpense·Net (t,828,217) (1'176,600)
-loixe:lasse1Sandpbr131i0ns l4,749,42t) (5,3S1,482)
AdYanc:es
Currerd
22,681,686 1$,471,3Diit ................rlopo$is 4,003,38 (3,318,300)
""'deposils 546,497 884,410 393,212 JNCOME FOR THE VEAR Mloancesbpm:hasesd3!ò'iZis (472,31 (1,181,632) Prepaidtvces 345,967 203,611 176,537 NON-CIJRRENT UABIUTIES BEFORE PRO FORMA ADJUSMENT 4,401,080 2 824,151 Mlimlr>IU9lleasse1S (367,756)
t.ong.termdetiU·netoiQirTentmallriles Pro f«rm. Adj.Js&mefi 1,749 -.."'lili.......totstod
FuUoaopo>jlOrdilros 161,811
143,896 122,141 Bont.kms 12,828,553 13,294,577 3,992,605 INOOME FOR THE VEAR FROM
ODeftije'*'ilassocdes (29$.015) (1,418,760)
PrepaidOlpeosesandothef"''""asset391,057 355,291 217,928 -p;ryallle 3.185,401 1,993,227 4,323,442 OONTitUNGOPERATIONS 4,401,080 2,825,1l00 .U.aeatpOlq)!OIIèJes -J; (146,968)
l.lalili!y bpudrases otixeda""'
25..W.
E,!M. d...dr:aslrar:qrnd
Assetsolrlsposal,...,dassliedulleldtors.lo 11.832.922 -- - -----
TolalLong-termdebts ....!!.!!!.lli.
A OtSCOtmNUE
OOPERATION lldCosiiUserllt -
--===-= 2
TotriCirrrerrtAIM!t
40,9$5,736
32,772,095 26,235,990 Drrlrrnedtrxi:r-s·net
..-....
...
1,174,397
1,278,.384
1,362,04
INOOME FOR THE VEAR FROM
-ilror-brlrbrrs 5,126,863 9,131,519
DuetJrebl!d panies 523.202 515,443 342,720 A OtSCOtmNUEOOPERATION
3,434,347 2,721,170 2,292,950
CASti FLOWS FROII RIWKliiGACTMIIES
NON-CURRENT ASSETS
Edmaled lallltiul,.b coru 59.001 50,922 92,037 IHOOME FORTHE TEAR l'loceedsRI>Iol9lml>ri!ilo.To 2,447,317 9,332,199
otrer ir>lq-lr!rmpoyolile 13e,tss -Ril-dl;palr-VI·"" 1,989,645
Actrr.nceslorstocti subs ton tomnon-coniolnginllftsts Olher contpr0-) Clllrgìtt205,786 117,017
TOltiNon.eunenc u.bllil:i 20,248,351 12,443,968 lhe.11lodps(loslosj01l'l_,..·., ...... (27,412) 140,107 -i
Plosma recellables- net 618,026 632,661 542,643 Exclron9odltlor""'s"'borrst:rtiondhnclol rror>c213,150
Defe'red laX asselS·nel 1,587,470 1,249,370 904,782 TOTALLIABIUTIES 44,710.501 31,71,1660 25,249,168 stalements (319,181) 1,390,021 P;)'llllsharl-tom lo-lbrrs (3,805,066 (8,518,230)
Fii v&Je gain(loss)al'isingfromcash ftow hedgt$ Paymol2,340,000
LOOIJ·Itrmhmtnrtnà 1,877,667 1,573,015 295,555 Pdcasllrt.ilends 1,24U2t (1,624,380)
EQUITV P;ymontsdb-9-tormbonkhl•" (1,109,732 (1,0I4,e38)
Plantlloru Capitaistock- Ap100lfuD amountlpat valueper share TOTAL COMPREIIENSIVE I NCOME FOR THE VEAR 4,812,618 PorrnJrJsofC3Shdtvl:fMd:sbySubsidbf.tsto non{)QnùOiln;irttrtsts
Mature anlaOOns-nel 5,116,106 4,742,845 4,933,229 Au1horized •30,000,000,000sht lls = illrryfQ s; ,:J s
l416867,,25l
(552,316)
lmmalureplanta:lions 3,117,441 2,847,525 1,988,650 lssueand fulyl paid8,7$0,"26 500 shaJes 878,043 878,043 878,043 lncometor lhe year lltrlbutlbltlo: tt 185 2
Addi on31p3ld-nl C31 522,249 522,241 522,249 ECJIY holdersollhel)arenlentity 3,885,375 2,503,841
ln:tustrial mbef planta.tions• nel 279,221 289,020 Unrealzedgains onavailable -lors· alelinanciDiasse s 531.031 554,051 464,664 Non-eonlrollingilteresls 1.260.048 NetCashProvidedbrfinanc:;.gActlvities 1,402,739 6,7110,594
Fò::enet 22,011,488 22,237,661 15,805,224 Oltference fr(lmch:mges In equity(IlSubsldkules T01al 5,146,323 3,416,635
andeffects of lransactions wilhnon-controllnglnteursiS 5,637,221 6,571,227 6,524,586
Deferredc:harges nel 598,345 529,143 433,640 Exchange Cifferences on rans alol no lnancloJ slalem&nsl
520,453 1,288,568 74,337 T01alcomprehensive lnCCIMt RATESON CASH ANO CASH EQUIVALENTS
Proforma c::Jpìt31 (2,437) for thtyear attr!iMable to :
Reserveoldis salgroup as held for sale 387,359 E(J,Iiyl h(I!Jersof heporenlen1ily 3,528,115 3,792,041
ln13f19ibleassets·net 2,761,473 1,931,957 2,065,195 Re1ained earmngs Non-ronlrolllngillerests 1.284.503
Long-term pepayments 761,481 1,280,156 456,732 Approprlated orgeneraireseNe 10,000 85,000 80,000 To1al CISH INO CISi Er:IJIVIL ISAT BEGINNING Of IEAA 13,22ll,485
AdYances tor stO!); subscriptionInassociate 259.700
Unoppropriattd
Equy Attrrb4.rtable toEquy HolclenoltheParent Ent y
-f31JH t
13524258
23,429,396 21,206,278
BASIC EIAIIIIGS PERSHAAE fAOM OOITWUINGa>I.RIIIOttS CASHAHO CASHEQUWILEIIr.l ATENOOf
VEAR
Total Non-Current Ataett 44,839,321 33,153,415 =: == = ==r
,1. 57,611i1 13,666,1'114
Other non-o.men1assets 1,702,988 2,749,727 1,330,943
Non-corfrollìng lrrterms 15,528.042 ,•••62,360 12,933,959
ITTitiBtJIIBLE IO EaJIIl HotDERS Of litE PIRENT ENnll
P •-1
3_72
2_2_5
ClshandeashequllalentseonsiSIOf :
1
---
TotalEquitr 41,228.376 34,140,237 BASIC EAitiPERSHirRE FIIOM l DISCOOUEO a>ERAI100 117,370
(lr.tlamourrO 70 60 Nel 14,157,805
TOTAL ASSETS 85,938,885 77,611,416 59,381,405 TOTAL UABIUnES ANO EOUITV 35,138,885
ITTitiBtJIIBLE IO tamHotDI.RS Of ntEPAAENT !HTITI Q.e,a;,j -'.1!1.JJjJ
illl.IDl
Notes : 1. The Olbovtnrormo: hon1s txtroctad lrom tht c:onsolido.tid nanc:::ial sto.l91l'Milflts of PT ln®food SuksesMTbk and bas ol o.cembtf 31,2014the yeo.r theo ended, prepared by lhe Compan(:s rmanagimenlm accorcbnot Jakarta,March 20,2015
Wìh kldonesian Frnonr:iol Ar:counting Stond3ids.whiclr havoboon arrditadl'lrMantono,Suhermon &Surjo ("PSS).a mtmbor trm ot ErMI & Vaudi10rs. in aa:ordanco •Uh Slr>ndruds on Auditing 1$lobi$hod by tho lndooosi3n lnslluro
of CerUied Pubtìr; Acoourtants, with an unQUalilrod audc Ol)inion.asstored in tlrereport daledMarcii 12,2015 rrolirdJdod intlrs )Jiblrcolion. Such audrt report c:cnlarns an Emplrasis olMa•er paragrap,,• irdr desat>es restatadcronsolidmed finoncialstlllementsasol Otarni>er 31,2013.
Howaver,lhe audoipinlon oPl SSisnoc modlied wlh rtspOCt10 suc:h man8f.Theabo'le financialinlorma!ÌM'Idoesnot conlaintheoonsolìd3Sadstataments of changesin II(JJity and C3$h nows, andnotes to thtlnancblSUifemtnts. The B011rd ol Dlrmor8
2.Basic oamrngs poi slrarolor tho YOOt ondadOocembe31. 2014 and 20t31scronrpuedbasedon1howeigh1adav01agoof tho '- ot lssuad and lully porr:t shares cUing tiro respodive periods.
3.The lortògn oxcllongo rotos used ot Dor:ombrlr 31, 2014 and 2013-•Rp12,440 and Rp12,189 rospr>cliYvly to US$1.
PTINDOFOOD SUKSUMAKMUR Tbk
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