Jakarta, 28 October 2016 Results Presentation
Highlights Inflation rate increased from 3.35% YoY (FY15) to 3.07% () Rupiah strengthened from 13,795 (FY15) to closing at 12,998 () CPO prices (CIF Rotterdam) strengthened from US$ 632 / MT (9M15) to US$ 687 / MT () 2
CPO Price Monthly Average CPO Price (CIF Rotterdam) 827 916 858 954 894 842 706 723 669 662 652 638 528 552 561 683 704 672 771 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Source : Oil World (in US$/Ton) 3
Financial Performance Rp Bn 9M15 Growth 9M15 Net Sales 47,564.0 49,865.9 4.8% Gross Profit Margin 27.1% 29.2% Cost of Goods Sold (34,696.9) (35,304.0) 1.7% EBIT Margin 11.4% 11.9% Gross Profit 12,867.1 14,561.9 13.2% EBITDA Margin 15.3% 15.9% Selling & distribution expenses (5,203.4) (5,517.4) 6.0% Net Income Margin 1) 3.5% 6.5% General & administrative expenses (2,581.2) (2,919.1) 13.1% Other operating income 595.6 308.8-48.2% EPS 1) 192 369 Other operating expenses (253.4) (502.1) 98.1% Income From Operations (EBIT) 5,424.8 5,932.1 9.4% ROA 2) 3) 3.7% 6.2% EBITDA 7,272.0 7,931.1 9.1% ROE 2) 3) 8.1% 13.2% Finance income 457.0 904.3 97.9% ROCE 2) 3) 10.3% 11.0% Finance expenses (2,975.2) (1,191.7) -59.9% Share in net losses of associates (283.8) (187.0) -34.1% Income Before Income Tax Expense 2,622.8 5,457.8 108.1% Income tax expense (937.4) (1,627.6) 73.6% Income for the period from continuing operations 1,685.4 3,830.2 127.3% Income for the period from a discontinued operation 422.1 269.6-36.1% Income for the period 2,107.5 4,099.8 94.5% Equity holders of the parent entity 1,683.6 3,240.1 92.5% Non-controlling interests 423.9 859.7 102.8% Core Profit 1) 2,707.3 3,121.2 15.3% 1) Attributable to equity holders of the parent entity 2) Returns represent total return including non-controlling interests 3) Trailing 4
Changes in Sales and EBIT Sales (Rp Bn) EBIT (Rp Bn) * 47,564.0 2,018.3 52.8 103.4 127.4 49,865.9 5,082.5 850.8 ( ) 285.9 112.1 18.3 6,125.4 + 2,301.9 + 1,042.9 9M15 CBP Bogasari Agribusiness Distribution 9M15 CBP Bogasari Agribusiness Distribution * After elimination and before unallocated expenses (other operating income and other operating expenses) 5
Segment Contribution Sales (Rp Bn) 1) EBIT (Rp Bn) 2) Distribution Agribusiness Bogasari 47,564.0 49,865.9 8.0% 7.8% 18.3% 17.7% 23.8% 22.8% 5,082.5 2.5% 20.4% 17.9% 6,125.4 2.4% 15.1% 19.5% Consumer Branded Products 49.9% 51.7% 59.2% 63.0% 9M15 9M15 1) After elimination 2) After elimination and before unallocated expenses (other operating income and other operating expenses) 6
CBP Sales (Rp Bn) EBIT (Rp Bn)* 12.6% 14.7% 23,839.4 25,915.1 3,007.3 3,816.0 9M15 9M15 Sales Growth 8.7% EBIT Growth 26.9% * Before elimination and unallocated expenses (other operating income and other operating expenses) 7
Bogasari Sales (Rp Bn) EBIT (Rp Bn)* 8.6% 6.5% 14,009.9 14,337.1 907.3 1,237.2 9M15 9M15 Sales Growth 2.3% Volume Growth (Food Flour) 4% EBIT Growth 36.4% * Before elimination and unallocated expenses (other operating income and other operating expenses) 8
Agribusiness Sales (Rp Bn) EBIT (Rp Bn)* 10.3% 9.0% 10,050.9 10,252.0 1,036.9 925.6 9M15 9M15 Sales Growth 2.0% EBIT Growth -10.7% * Before elimination and unallocated expenses (other operating income and other operating expenses) 9
Distribution Sales (Rp Bn) EBIT (Rp Bn)* 3.4% 3.7% 3,804.3 3,931.7 129.1 147.4 9M15 9M15 Sales Growth 3.3% EBIT Growth 14.2% * Before elimination and unallocated expenses (other operating income and other operating expenses) 10
Financial Position Rp Billion FY15 Growth Cash & Cash Equivalent 13,076.1 11,477.9-12.2% Total Assets 91,831.5 92,429.8 0.7% Total Equity 43,121.6 44,905.6 4.1% Total Funded Debt 27,605.8 27,693.8 0.3% - Fcy (in US$ mn) * 822.5 1,068.5 29.9% - Rupiah 16,258.9 13,804.8-15.1% Rp Billion FY15 Growth Short Term Debt & Trust Receipt 7,719.1 8,199.6 6.2% Current Maturities 2,992.7 4,274.2 42.8% Long Term Debt 16,894.0 15,220.0-9.9% Total Funded Debt 27,605.8 27,693.8 0.3% Note: * Including Trust Receipts: US$ 11.1 Mn (FY15) and US$ 23.5 Mn () 11
Debt Composition 58.9% 49.8% 61.2% 55.0% 41.1% 50.2% 38.8% 45.0% FY15 FY15 Foreign Currency Debt Rupiah Debt Short Term & T/R Long Term Debt Times FY15 Gross Gearing 0.64 0.62 Net Gearing 0.34 0.36 Interest Coverage Ratio * 6.4 6.6 * Trailing for figures 12
Cash Flow Rp Billion 9M15 Net Cash Generated from Operating Activities 2,918.3 1,823.5 Net Cash Used in Investing Activities (5,068.6) (3,346.2) Net Cash Provided by / (Used in) Financing Activities (1,212.9) 302.1 Net Effects of Changes in Exchange Rates on Cash & Cash Equivalents 842.2 (263.4) Net Decrease in Cash & Cash Equivalents (2,521.0) (1,484.2) Cash & Cash Equivalents at Beginning of Period * 14,040.4 12,962.0 Cash & Cash Equivalents at End of Period * 11,519.4 11,477.9 * Cash & Cash Equivalents Beginning & End after taking into account overdraft 13
Capital Expenditure Budget Group / Division Budget 16 CBP 3,865 Bogasari 1,367 Agribusiness 1,968 Distribution 375 Total 7,574 14
APPENDIX 15
Segment Performance: Indofood Division Sales (Rp Bn) Volume 1) EBIT (Rp Bn) EBIT Margin 2) 9M15 Growth Growth 9M15 Growth 9M15 Consumer Branded Products 23,839.4 25,915.1 8.7% 3,007.3 3,816.0 26.9% 12.6% 14.7% Bogasari 1) 14,009.9 14,337.1 2.3% 4% 907.3 1,237.2 36.4% 6.5% 8.6% Agribusiness 10,050.9 10,252.0 2.0% 1,036.9 925.6-10.7% 10.3% 9.0% Distribution 3,804.3 3,931.7 3.3% 129.1 147.4 14.2% 3.4% 3.7% Total 51,704.5 54,435.9 5.3% 5,080.6 6,126.2 20.6% Elimination (4,140.5) (4,570.0) 1.9 (0.8) Unallocated Income (Expenses) 342.2 (193.3) Net 47,564.0 49,865.9 4.8% 5,424.8 5,932.1 9.4% 11.4% 11.9% 1) Food Flour only 2) EBIT margin per segment: Before elimination and unallocated expenses 16
Segment Performance: ICBP (based on ICBP figures) Division Sales (Rp Bn) Volume EBIT (Rp Bn) EBIT Margin ¹) 9M15 Growth Growth 9M15 Growth 9M15 Noodles 16,017.7 17,262.2 7.8% 1% 2,862.1 2,977.9 4.0% 17.9% 17.3% Dairy 4,337.9 5,232.7 20.6% 22% 404.3 970.7 140.1% 9.3% 18.5% Snack Foods 1,544.1 1,798.4 16.5% 19% 89.3 114.3 28.1% 5.8% 6.4% Food Seasonings 999.6 1,093.8 9.4% -1% 77.9 82.8 6.3% 7.8% 7.6% Nutrition & Special Foods 455.3 485.0 6.5% 3% 8.9 30.2 237.9% 2.0% 6.2% Beverages 1,373.9 1,311.0-4.6% 3% (317.8) (218.5) 31.2% -23.1% -16.7% Elimination (632.7) (711.9) (0.7) (1.6) Unallocated Income (Expenses) 72.5 13.1 Net 24,095.8 26,471.3 9.9% 3,196.6 3,968.9 24.2% 13.3% 15.0% 1) EBIT margin per segment: Before elimination and unallocated expenses 17
Segment Performance: Agribusiness (based on SIMP figures) Division Sales (Rp Bn) Volume EBIT (Rp Bn) EBIT Margin ¹) 9M15 Growth Growth 9M15 Growth 9M15 Plantations 6,589.1 6,279.6-4.7% 995.9 1,002.9 0.7% 15.1% 16.0% CPO -13% PK, PKO, PKE -16% Sugar 16% Rubber -22% Edible Oils & Fats 6,243.3 7,117.2 14.0% 155.8 185.7 19.2% 2.5% 2.6% Elimination (2,772.2) (3,129.0) 0.4 (98.3) Unallocated Income (Expenses) 13.0 (87.6) Net 10,060.3 10,267.7 2.1% 1,165.0 1,002.6-13.9% 11.6% 9.8% 1) EBIT margin per segment: Before elimination and unallocated expenses 18
Combined Plantations Area as of Sep 30, 2016 In Hectar Dec 31, 2015 Sep 30, 2016 Increase/ (Decrease) Oil Palm Plantations Profile Nucleus Total Planted Area 300,633 300,696 63 Planted Oil Palm 246,359 247,145 786 - Mature 187,400 198,934 11,534 - Immature 58,959 48,211 (10,748) 7-20 yrs, 47% Over 20 yrs, 29% Other Crops - Rubber 21,338 20,130 (1,208) - Sugar 13,358 13,263 (95) - Others* 19,578 20,158 580 4-6 yrs, 4% Immature, 20% * Mainly industrial timber, cocoa and tea 19
Plantation Highlights 9M15 Growth Planted Area (Ha) (Nucleus) 246,065 247,145 0.4% Mature Area (Ha) 188,423 198,934 5.6% FFB Production (Ths MT) (Nucleus) 2,443 2,070-15.3% FFB Yield (Nucleus) (MT/Ha) 13.0 10.4 CPO Production (Ths MT) 719 573-20.3% CPO Extraction Rate (%) 22.2 21.8 PK Production (Ths MT) 167 137-17.8% PKO & PKE Production (Ths MT) 30 29-3.8% PK Extraction Rate (%) 5.2 5.2 20
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