FIRST PACIFIC COMPANY LIMITED 第一太平有限公司
(Incorporated with limited liability under the laws of Bermuda)
Press Release
Friday, 30 October 2015
The 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 Perusahaan Perkebunan 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, snack foods, food seasonings, nutrition and special foods, and non- alcoholic beverages), 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
Head of Investor Relations Mobile: +852 6336 1411 Executive Vice President
Group Corporate Communications
Sara Cheung Tel: +852 2842 4336 Vice President
Group Corporate Communications
Consolidated net sales grew 1.5% to Rp47.56 trillion
Income from operations increased 1.0% to Rp5.42 trillion
Underlying performance, core profit declined 11.8% to Rp2.71 trillion
Jakarta, 30 October 2015 - PT lndofood Sukses Makmur Tbk ('lndofood' or the 'Company') today announced its financial results for the period ended 30 September 2015. Consolidated net sales grew 1.5% to Rp 47.56 trillion from Rp46.88 trillion in the same period as last year. The Company's Strategic Business Groups ('Group') namely Consumer Branded Products ('CBP'), Bogasari, Agribusiness, and Distribution Group contributed around 50 %, 24 %, 18% and 8% respectively.
Income from operations increased 1.0 % to Rp5.42 trillion from Rp5.37 trillion,while operating margin slightly declined to 11.4%. Income for the period attributable to equity holders of the parent entity declined 45.2% to Rp1.68 trillion from Rp3.07 trillion and net margin declined to 3.5% from 6.6%, mainly attributable to unrealized foreign exchange losses due to rupiah depreciation. Without taking into account non-recurring items and difference in foreign exchange rate,core profit, which reflect the underlying performance, declined 11.8% to Rp2.71 trillion from Rp3.07 trillion.
Anthoni Salim, the President Director and Chief Executive Officer of lndofood, said: 'Macro economic conditions continue to be challenging in recent months. The soft CPO price and weakness of rupiah undermine our net income, despite our core profit, which only weakened by 11.8%'.
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PT IND FOOD SUKSES MAKMUR Tbk
Sudirman Plaza
lndofood Tower, 25'' Floor
JI. Jend. Sudirman Kav.76 - 78 Jakarta 12910. Indonesia
T. +6221 5795 8822
F. +6221 5793 7373
www.indofood.co.id
About PT lndofood Sukses Makmur TbkPT 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 model with five complementary Strategic 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 product producers 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 expans ion 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.
Elly Putranti Corporate Secretary
PT lndofood Sukses Makmur TbkTel : +6221 5795 8822
Fax: +6221 5793 7373
Email: elly.putranti@indofood.co.id
2
AND SUBSIDIARIES SUDIRMAN PLAZA,INDOFOOD TOWER. 27th Floor, Jalon JenderolSudirman Kav.76-78.JokMa 1291C.INDONESIA Phone :( 62 • 21 ) 57958822 Fax :( 62 •21 ) 57935960 | ! '!;!!'!ft!,9,!! www.lndolood.com | |||||
CONSOLIDATED STATEMENT OF FINANCIAL POSmON As olSeptember 30, 2015 (ExpressedIn Miiiions ol Rupiah, Unless Otherwise Stated) (Unaudtted) | CONSOLIDATED STATEMEHOF INCOME AND OTHER COMPREHENSIVEINCOME Forthe Nine· Months Period Ended September 30, 2015 (ExpressedInMillions ol Rupiah, Unless Otherwise Stated) (Unaudited) | CONSOLIDATED STATEMENTOF CASH FLOWS For the Nine· Months Period Ended September 30,2015 (ExpreaaedIn rmllona o Rupiah,Unle88 Otherwise Stated) (Unaudited) | ||||
Oecomber 31,20131 [)eJanuary1,201• ASSETS S.,,1'mber30,2015-(11Re,oled) -(!1Re,1a1e --- --- CURRENT ASSETS Cash andcashequiva ents 11,583,945 14,157,619 13,666,194 TlmeDeposl 3,398,300 Short·term iwes1men1S 1568,122 665,340 692,832 Acn ,..,,;voble Trade Thlrdpa,les ·nel 4,452,484 2,986,729 4,360,898 Ralaledparties 528 942 553,910 375,733 Non-uade Th dpanlos 361 156 496,276 322,114 Relattdpanles 358 938 302,755 208,269 lnYen1ories·ne1 8 805,733 8,454,845 8,160,539 Advances and deposits 1398,462 646,497 884,410 Prepaidlam 669 655 345,967 203,619 Futurecrop expenditures 101 737 161,819 143,896 Prepaij expenses aOO other currentassets 380,504 391,057 355,291 Assets oldisposalgroup cl ssffitd asheldlor sale 12 687 826 11,832,922 Tolal Curren! Aesela 42 897 504 40,995,736 32 772,095 NONCURRENT ASSETS Ctaimsfcw1axrefood 53,239 456,663 565,241 Plasma 1ecelvab1es •net 715,686 618,026 632,661 Oe1enedtax as.se1s •net 2 221 498 1,742,851 1415,894 Long·erm lnYOslmenls 1966,305 1,877,887 1,573,095 Piantotklns Ma1u eft)ntaOOns· nel 5 275 809 5,116,106 4 742,845 lmrna111replon1a1lons 3,392,535 3,197,449 2,847,525 lndusu1a1amber plonlatlons •nel 289,435 279,221 269,020 Fixed assets •nel 24,169,763 22,011,488 22,237,661 Oeler,edc:h.i.1es•net 655 875 596,345 529,943 Goo •ill 3,976,524 3,976,524 3 970,420 lnlan bleasse1s net 2 661 544 2,761,473 1931,957 Longlarm prepaymen 952 868 761,489 1280,156 Advances tor s1ock subscription Inassodale 259,700 Othe1non·cunent assets 1,64 0 2571,702,988 2.749, 727 Tolol Non C..ronlAesel1 47 971 338 45,098,530 4 5 005,845 TOTAL ASSETS 90.866.842 86,094,266 77,777,940 === | (lec,rnbef31,2013/ Oe1.2014 Janua1y 1 m LIABILITIES AND EOOITV Se1)1'mbef 30.2015 (AtReslaOed) ( 1R,s1a1edl | CONTINUINGOPERATIONS NET SALES COST OFGOODS SOLD GROSS PROF T Sel ngnod dis111Mon expens GeneralandadmlnlstratrYeexpe-nses Other oper.atlng ncome Other operatingeX'J)enses INCOME FROM OPERATION£ Finonceincoim Finance expanses Shore In ne1 oss 01assoclaies INCOME BEFORE INCOME TAX EXPENSE Income Tux Expense Net INCOME FORTHE PERIOD FROM CONTINUINGOPERATIONS A O$CONTINUEDOPERATICN | 2014 2015 (Nine Lion•) (Ni,oL on •I (A•Re,•!$d) | CASlt FLOWS FROIA OPERATING ACTIVITIES CoshreNedfrom custome1s Cashpaidlo S>Jppi••• Poymens for p-odJctionondopemtingexpenses Paymens to employees Coshgenero1edlromorotions Receiptsof interes1income P.1ymen1s of meres1exp(lnse Po.ymen1s of 1::ixes•net Olher receipt·nel NelC.oh Provided by Ope1111ng Aellvlll CASlt FLOWS FROIA INVESTING CTIVITIES Pro:oodslrooisoleso Adotonstoli,edosso aod ontliions Acqu hion bsidiil'ies.neli'ed AckitiMshorMerm ines1mem Admces or proj3cts m:1 ixOO ::isoots ln·oes1menl inossoci::lles Cnpit::ilizOO U1urec::rreuopexpend!ures ln·ots1menl intimedeJX1sits AOJticntointagibleasse(s 1n...es1men1inconvMi en01es NelC.oh U...In nvet1lngAeliri es CASlt FLOWS FROIA AllANCINGACTIVITIES Proceedstiomshon·term Mnk oJns Proceeds ftomlong·term Mnk locns Non·oontrollingshJ1eholders oddtionalcaphol oon1ri00tions to o Subsidbry Proceeds of long-lerm borrowings from 1el;i1edparties P.iymen sof shorMerm bank lo.:rns Poymenlsolcosh dividends Po.ymens of ong-1erm t:onk lo;in, Poymenlsolcosh dividends by Subsidiaries lo !'IO!'KOl'ltrollingin1ereSls PJrchose ol1reoS>Jry s1ocia SJbsdiary Paymen o1lobill)'!or purehose c11ix.00 assets Pro:eedsf1omis.suonoeol Rupioh t:or'lds VII· net Paymento1 Rllp.lhbonds V NelC.oh Provided by (UoeenclngAe!vl eo NET EFFECTS Of CHANGESINEXCHANGE RATES ONCASHANDCASHEOUIVALEITTS NET CREASE (OECREASEI NClSHANOCASHEOUIVALENTS | 2015 2014 1mnoMon11>s1 (linol on•I | |
---- ---- LIABILITIES CURRENT LIABILITIES ShorHerm bank loansandoverclrort 6,427,766 5,069,833 Trust receipts payae 4,219,454 3,922,784 Tmdo poy.,bles Thid parties 3,434,884 3,307,564 Relo1edp.,nies 507,061 539,400 Olher poyall es •Thirdponies 1,468,919 1,303,973 Accrued expenses 1,476,600 2,051,104 Shon-terme'l)loyee benefits liablity 657,641 728,613 Taxes poy.,ble 641,283 479,296 Curren! maturi1es o1long·1erm debts Bank loans 2,899,482 1,091,748 8onds payable and Sukut ljorah payables Uablitytorpurchases ol ixedesse1s 13,477 11,349 llallllilles directly assocL11ad ,;1h disposal groupclossi ledasholds or sole 5,046,980 4,176,022 Total Current Uabitilie9 26,793,559 22,681,686 NON-UARENT LIABILITIES Long-1e,mdobis ·ne101current ma1Ur 1es Bank ans 12,092,278 12,826,553 8ondspayoble 3,988,312 3,985,409 Uablity or purchases ol ixedesse1s 28_,.310 25 9J.! T01al Longorm deblo 16,108,900 16,837,876 Dererred tnx liob111ties • net 1,121,014 1,011,716 Dua10 related paslies 432,319 523,202 llabllllles lor erT'l)loyee benellts 5,149,088 4,706,587 Estima1ed inbiities1or assetslisnum!ingeosts 64,821 59,001 Olher long-term payable A''ances for stock subSriptlonlromnon-comrolllno ilteres1s T01 1Nor>rrLleblll11ee 22, 876, 1 42 23r1 38,38i TOTAL LIABILITIES 49, 669, 701 45, 820,068 EQUITV Copi1a1s1ock • Rp100 (lullomounijpar value pershare Authorized ·30,000,000,000 shores Issuedond ully paid·B,S0,426,500 shores 878,043 878,043 Acl:11tionolpoid-lncap 10I 522,249 522,249 Unrealizedg::ilns on oYoiable·tor saleflnanclalassets 977,219 539,039 Oi1etence romchongesInequl y olS.bsldlories Mdeffects 01transact onswith non-oon1ro111ng Interests 6,661,529 6,637,221 Exchange ditterences on translation o1 fin.1ncl1Istatements 991,701 520,453 Reservo oldisposolgroup asheld1or sale 355,806 387,359 Retained eatnlngs Ap!J(opniltedlor general reserve 95,000 90,000 Unappro1>lo1ed ::m Equtty A1tnbutablo10 Equtty Hodoro o11ho Paroo1Enttty ---- 25,104,400 Nor-conlrollng nlereett -15-,48-0,450 -15,-169,7-98 T01ol Equl1y 41,199,14-1 40,274,19-8 TOTAL LIABILITIES ANOEOOITV | 4,625,586 4,103,558 3,400,715 277,135 1,172,720 1,513,147 770,224 305,536 954,935 2,336,642 11,111 ---- 19,471,309 13,294,577 1,993,227 3.§.?11 '''is:324,3Ts 1,109,020 515,443 4,073,515 50,923 136,166 21,422,532 40, 893, 841 878,043 522,249 554,051 6,579,227 1,286,568 85,000 .J1.8.B.§._8_3-t 22,791,969 -14,092-,130 36,884,0-99 | 47,564,001 46,881,975 M, 9li&9._3_ _3!,33,50_ 12, 867,1 06 12,544,525 (5,203,416) (4,469,829) (2,581,156) (2,802,482) 595,624 353,531 ! 253.388) ! 235,908! .m.11r 5,369,837 | 46,191,826 50,889,310 125,719,328) (27,189,436) 11,100,412) (10,501,007) ! 4, 505, 948) {4, 661, 600) 4,866,138 8,537,267 456,800 627,020 (1,078,452) (1,196,063) (1,339,306) (1,625,180) | |||
456,976 505,863 (2,975,222) (1,121,006) (283,754) (41,358) | 13.135 21, 354 U 18.m 6.m.m 13,208 23,895 (2,802,536! (3,331,629) (1,061,676 (34,952) (460,900) (395,397) (365,819) (238,454) (239,075) (122,870) (3,781,512) (367,756) {57.0201 !5,068,625J {8,1 73,868' 3,737,235 4,736,904 1,024,193 1,639,439 485,662 167,146 129,000 (2,827,893) (2,358,042) (1,931,694! (1,246,821) (1,102,450 (795,362) (573,16•) (466,472) (151,903) (166,257) (1,868) (2,133) 1,989,645 (],§]Q QQQ) (1, 212,882) 1,886, 049 842.1 87 11, 880 (2,521,005) 88,459 | |||||
2,622,772 4,713,336 | ||||||
(937,370J (1,263,836J | ||||||
1,665,402 3,449,500 422,103 591,926 | ||||||
INCOME FORTHEPERIOD FROM A OSCONTINUED OPERATICN INCOME FORTHE PERIOD Other comprehensiveIncome (loss) Unre::i1ized¢ns tlowts)ontl'::li e- or-:sale1l nc:bl assets Ex:dlonge ci'erences on transta.11on olfinnnc:ial stJte,mnts Fairvaluegain (loss) misilglromcash 'O'N hedges Remeo.surememofdefined bemllt oblig:nlon Other comprohenalvoIncome (loasos} TOTAL COMPREHENSIVEINCOME FORTHE PERIOD Incomefor tho period ottrlbu111blo 10 : Equ y holdersol1'11parent En Non-contlolllng Interests Total Totalcomprehensive locomG lor hoperiod attrlbutablol : Equ y holders ol1'10 parent ,n Non·contlo11ing Interests TOlal 6ASC EARIIOOSPER SHAREFRO!ACOIITII I.IIIGOPERATIO!S AT1Ra!UTISLE TO EQUITY HOLDERSOFTHE PAREI T EIITITY (lulamounij 8ASC EIRIIIGSPER SHAREFRO!AA SCOIITIUEDOPERAIIOfl AT1Ra!UTISLE TO EQUITY HOLDERSOFTHEPAREIITEITITY (lullarnounj | ||||||
2,107,505 4,041,426 439,460 (31,418) 424,320 (66,462) (14,310) 79,773 -£833,56 Jll,illl (40,372) 2,941,089 4,001,054 | ||||||
1,683,590 3,071,686 423,915 m.z e | ||||||
2,107,505 4,041,426 2,526,637 3,034,306 412 452 !l2§, 74 152 294 40 5_6 | ||||||
CASHANO CASHEQUIVALENTS TTHESEGIN!,100 OFPERIOD 14, 040,43513, 518,709CASHAND CASHEQUIVALENTS ATENDOf PEOD 11,519,430 13,607,166 C.ohondcaoh «1ui,en1aconsbt o1: Coshandc::isheq.r v::ilents 11,563,945 13,765,396 0Jerdroft L !158.230! Nel | ||||||
Noles: 1.The financialinlorma1on asoland tor ha nine months ended September 30,2015 and 2014 is unaudited. Jakarta, October 30, 2015
after the restatement of the financialstatement asdescribedin point 3 belOw. | ||||||
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