food and beverage industry analysis in indonesia

FOOD AND BEVERAGE

Alfira SariEunike YulianaFebrina Dialusi H.SMaria FeliciaMicha Paramitha

MACROECONOMIC

INDONESIA

B YM

I C HA P A R A M

I T HA

INDONESIA MACROECONOMIC

Based on GCI (Global Competitiveness Index), Indonesi a macroeconomic stands out from 139 countries at the 35 rank

GDP INDONESIA IN 1991-2000

Asian Financial Crisis

Paul Krugman

The Myth Asian Miracle

OUTPUT, INCOME, & SPENDING :

GDP 2000-2013Indonesia established

reformation and economic stabilization

Increasing of oil price in

international commerce

Bond-buying

Internal Financial Weakness

Consumer Sentiment

CIRCULATION OF MONEY IN INDONESIA : THE MONEY SUPPLY

INFLATION

President Susilo Bambang Yudhoyono administration

decided to reduce its massive fuel subsidies in

late 2005 due to the rising international oil price

June 2013, gasoline was raised by 44 percent to IDR 6,500 (USD $0.66)

and diesel by 22 percent to IDR 5,500 (USD

$0.56) per liter

Increasing of oil price in

international commerce

Employment, Unemployment, and Wages

BI RATE

UNEMPLOYMENT RATE 1986-2010

Many new jobs to Indonesia's job

market especially the industry and service sector

Asian Financial Crisis

Impact from Asian Financial

Crisis

UNEMPLOYMENT RATE 2000-2013

Decreasing number of unemployment rate reflects that government could provide more

jobs opportunities for people and it will also be related to their

welfare growth rate.

Employment, Unemployment, and Wages

UNEMPLOYMENT RATES AND LABOR FORCE

POVERTY IN INDONESIAOUTPUT, INCOME,

& SPENDING :

The poor in Indonesia in September 2012 as many as 28.59 million people (11.7%) lower than in February 2004, which reached 36.1 million

people (16.7%).

In September 2012 amounted to Rp 259.520 per capita per

month.World Bank indicates that

Indonesian living on less than USD $1.25 a day

Click icon to add pictureCOMPANY ANALYSIS

OF PT.I

NDOFOOD AND

PT.ULTR

A MILK

BY:

Alfira Sari

PT. INDOFOOD CBP, TBK

Type : Public CompanyProduct : Foods and BeveragesFounded : 1990Founder : Suduno Salim

History : on 1990, as PT Panganjaya Intikusuma on 1994 Change its name into PT Indofood Already export into Australia, Europe and Asia ICBP was established as a separate entity in September 2009 and listed on the Indonesia Stock Exchange (“IDX”) on 7 October 2010.

SWOT Analy

sis

Strength

Weakness

Opportunit

y

Threat

Strength• The biggest food company in Indonesia• Indofood brand is the most known food brand in Indonesia.• The product is practical and easy to find anywhere.• The product cost cheaper than their competitors.• Indofood distribute their food to a lot of country.

SWOT ANALYSIS

SWOT Analy

sis

Strength

Weakness

Opportunit

y

Threat

Weaknesses• Too much alternative products rather than focusing on one product.• Rising raw material price

SWOT Analy

sis

Strength

Weakness

Opportuni

ty

Threat

Opportunity

• Can export their product to the whole world• Can do partnership with foreign food company• Can control the whole food market in Indonesia

SWOT Analy

sis

Strength

Weakness

Opportunit

y

Threat

Threats

• Too much competitors • They don’t focused on one product• Competitors Innovation and Promotion are better• Bad Issues from other country about the health

PLC ANALYSIS

The product of Indofood are in Maturity stage, with the sales which always increase, and leads the market share by 75% in Indonesia.

Source: http://utharymaladhika.blogspot.com/2013/12/pt.html

INDOFOOD’S PRODUCT COMPARE WITH OTHER

Source: http://www.topbrand-award.com/top-brand-survey/survey-result/top_brand_index_2014

Indofood’s product always dominant than other product

Source: http://www.4-traders.com/PT-INDOFOOD-CBP-SUKSES-MA-6919010/financials/

PT. INDOFOOD

CBPHighlights

2009 2010 2011 2012 2013

COMPANY STRATEGIES

Market Penetration Strategy. This strategy seeks to increase market share of a product through marketing efforts greater. Can be implemented to increase the number of sales personnel, advertising, or other promotional efforts.

Market Development Strategy. The goal to increase market share by introducing a product or service to new areas.

Product Development Strategy. Increase sales by improving or modifying existing products.

03/05/2023

PT. ULTR

AJAYA TB

K.

B Y :

F E B R I NA D

I AL U S I H

. S

24

PT. ULTRAJAYA, TBK

Type : Public Company

Product : Food and Beverages

Established : 1971Headquaters : Bandung

03/05/2023

PRODUCT

UHT FreshMilk

Sweetened

Condenses

Creamer

UHT Tea Drink

UHT Health Drink

26

03/05/2023

• Indonesia’s leading producers of dairy products and others Ready to Drink (RTD) beverages products.

• Largest producers of UHT products in the Asia Pacific.

• The distribution system covers more than 25,000 groceries which collectively supply to over 65,000 retail outlets.

• This location is very strategic• Strong brand value.• Computerized system/technological

S• High production cost• Too much focus on milk productW

• Milk consumption level in Indonesia still low compare to another country.

• Indonesia is the fourth most populated country in the world.O

• Competitive competition.• Natural disaster.• Negative issue toward the company.T

27Analysis

03/05/2023

28

PT. ULTRAJAYA

03/05/2023

STRATEGY PRODUCT

29

1. Extension of product line (new

product and flavor)

2. Maintain Product with good quality3. Building new

factory/new warehouse4. Regular

maintenance of production machine

PT. ULTRAJAYA’S PRODUCT COMPARE WITH OTHER

Source: http://www.topbrand-award.com/top-brand-survey/survey-result/top_brand_index_2014

PT. UltraJaya’s product which is Ultramilk is dominant in the market

MARKET SHARE

54%

20%

16%

3% 2%3%

Ultra MilkMiloYes!IndomilkRe-al-good

2010 2011 2012 2013

Net Sales 1,880.4 2,102.4 2,809.9 3,460.2

Gross Profit 592.2 625.7 901.7 1.013,8

Net Income 107.1 128.4 353.0 325

Operating Income 185.4 182.1 429.3 423.2

Income before Tax 156.8 203 458 436.7

Total Assets 2,007.0 2,180.5 2,420.8 2,811.6

Total Expense 406.8 443.6 449.1 551.2

Total Liabilities 783.4 828.5 744.3 796.5

Earnings per Share¹ 37 44 122

113

Ultrajaya Milk Industry's Financial Highlights:

NET SALES

Year 2011 Year 2012 Year 20130

1000

2000

3000

4000

GROSS PROFIT

Year 2011 Year 2012 Year 2013Gross Profit

0200400600800

10001200

Year 2011 Year 2012 Year 2013050

100150200250300350

NET INCOME

Year 2011 Year 2012 Year 20130100200300400500

OPERATING INCOME

INCOME BEFORE TAX

Year 2011 Year 2012 Year 20130100200300400500

Year 2011 Year 2012 Year 20130500

10001500200025003000

TOTAL ASSET

Year 2011 Year 2012 Year 20130100200300400500600

TOTAL EXPENSE

Year 2011 Year 2012 Year 2013700720740760780800820840

TOTAL LIABILITIES

03/05/2023

WWW.BLOOMBERG.COM 35

FINANCIAL

STATEM

ENT

ANALYSIS

BY:

Eunike

Yulia

naClick icon to add picture

HORIZONTAL

ANALYSIS

Horizontal AnalysisFor 2013 and 2012

ComparativeBalance Sheet

AmountHorizontal

Analysis (%)

Vertical Analysis

(%)

CURRENT ASSETSCash and Cash equivalent 611.624.871.676 535.889.526.748 75.735.344.928 14 20,51981Trade Receivables 368.549.136.075 297.400.522.080 71.148.613.995 24 4,544754Other Receivables:Third Party 6.667.801.268 5.814.947.244 852.854.024 15 0,054478Related Party 6.735.873.458 5.583.463.949 1.152.409.509 21 0,073612Inventories 534.977.217.239 334.169.035.934 200.808.181.305 60 12,82701Advance Payment 32.446.909.931 15.213.609.789 17.233.300.142 113 1,10081Prepaid Expenses 4.508.845.491 2.355.498.099 2.153.347.392 91 0,137549

1.565.510.655.138 1.196.426.603.843 369.084.051.295 31 23,57595

Non-Current Financial Asset 43.521.681.858 35.204.659.333 8.317.022.525 24 2,128054Investment in Assoaciates and Joint Venture 119.735.695.043 105.844.919.475 13.890.775.568 13 3,554195Investment in Long term Livestock 30.102.682.590 26.062.111.777 4.040.570.813 16 1,03385Fixed Assets 965.974.994.305 979.511.601.619 -13.536.607.314 -1 -3,46358Intangible Assets 18.694.072.362 17.933.194.395 760.877.967 4 0,194684Deffered Tax Asset 1.599.130.743 32.796.696 1.566.334.047 4.776 0,400774Other non-current Assets 66.482.070.103 59.777.494.891 6.704.575.212 11 1,715482

1.246.110.327.004 1.224.366.778.186 21.743.548.818 2 5,563463TOTAL ASSETS 2.811.620.982.142 2.420.793.382.029 390.827.600.113 16 100

Total Non-Current Assets

31 December 201231 December 2013

ASSETS

NON-CURRENT ASSESTS

Total Current Asset

Increase (Decrease)

Horizontal Analysis (2013 and 2012)Comparative Balance

Sheet (con’t)

Amount

Horizontal Analysis

(%)

Vertical Analysis

(%)

SHORT TERM LIABILITIESShort Term Loans 21.412.410.529 5.268.078.050 16.144.332.479 306 39,40379Trade Payables 463.538.990.751 394.466.233.719 69.072.757.032 18 168,5872Other Payables:Related Party 102.562.222 102.562.222 #DIV/0! 0,250326Derivative Payables 357.190.478 357.190.478 #DIV/0! 0,871802Dividend Payable 14.826.576.643 15.816.567.871 -989.991.228 -6 -2,41629Taxes Payables 22.410.075.747 57.854.467.257 -35.444.391.510 -61 -86,5098

73.915.874.428 51.171.595.269 22.744.279.159 44 55,512411.601.977.123 -1.601.977.123 -100 -3,90998

Current Maturities of Long Term Liabilities:30.714.285.714 60.000.000.001 -29.285.714.287 -49 -71,4782

Lease Liabilities 726.348.705 6.643.609.853 -5.917.261.148 -89 -14,4424Machinery Loans 5.789.737.791 5.789.737.791 #DIV/0! 14,13113TOTAL SHORT TERM LIABILITIES 633.794.053.008 592.822.529.143 40.971.523.865 7 100

LONG TERM LIABILITYDeffered Tax Liabilities 76.102.720.581 85.608.703.824 -9.505.983.243 -11 -23,2014Employee Benefits 34.995.857.303 34.404.885.086 590.972.217 2 1,442397

Bank Loans 30.714.285.713 -30.714.285.713 -100 -74,965Lease Liabilities 723.864.841 -723.864.841 -100 -1,76675Machinery Loans 51.581.817.164 51.581.817.164 #DIV/0! 125,8968TOTAL LONG TERM LIABILITIES 162.680.395.048 151.451.739.464 11.228.655.584 7 27,406

Share Capital 577.676.400.000 577.676.400.000Additional Paid in Capital 51.130.441.727 51.130.441.727Retained Earning:Appropiated 74.300.000.000 39.000.000.000 35.300.000.000 91 9,032115Unappropriated 1.294.930.340.599 1.004.984.228.158 289.946.112.441 29 74,18773Equity Attributable to Owners of the Parent Entity 1.998.037.182.326 1.672.791.069.885 325.246.112.441 19 83,21984Non Controlling Interests 17.109.351.760 3.728.043.537 13.381.308.223 359 3,423839TOTAL EQUITY 2.015.146.534.086 1.676.519.113.422 338.627.420.664 20 86,64368

2.811.620.982.142 2.420.793.382.029 390.827.600.113 16 100TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

Bank Loans

Long term Loans- Net of Current Maturities:

LIABILITIES

Accruals

EQUITY

Short term Employee Benefits Liabilities

31 December 2013 31 December 2012

LIABILITIES AND SHAREHOLDERS' EQUITY

Increase (Decrease)

Horizontal Analysis (2013 and 2012) Comparative Income Statement

Year 2013 Year 2012 Amount Percentage3.460.231.249.075 2.809.851.307.439 650.379.941.636 23,14641846

Cost of Goods Sold 2.446.448.128.599 1.908.109.047.237 538.339.081.362 28,21322409Gross Profit 1.013.783.120.476 901.742.260.202 112.040.860.274 12,42493174Operating Expense:Selling Expenses 433.576.647.265 366.413.401.362 67.163.245.903 18,32990978General and Administrative Expenses 117.578.345.972 82.694.854.869 34.883.491.103 42,18338754Loss on Foreign Exchange Rate-Net 36.748.585.605 13.513.232.874 23.235.352.731 171,9451811Loss on Sales of Fixed Assets 2.264.294.635 14.849.245.962 (12.584.951.327) -84,7514504Others-Net 420.223.874 5.069.974.743 (4.649.750.869) -91,71151938Total Operating Expense 590.588.097.351 472.400.760.324 118.187.337.027 25,01844767Operating Income 423.195.023.125 429.341.499.878 (6.146.476.753) -1,431605553Other Income(Expenses)Finance Income 22.439.459.095 12.085.195.324 10.354.263.771 85,67725629Finance Cost 7.955.069.915 11.948.954.781 (3.993.884.866) -33,42455419Shares of Net income (loss) in Associates and Joint Venture 959.224.432 28.492.374.763 (27.533.150.331) -96,6333995Total Other Income-Net 13.525.164.748 28.628.615.306 (15.103.450.558) -52,75648297Profit Before Income - Net 436.720.187.873 457.970.115.184 (21.249.927.311) -4,640024885Income Tax

122.665.084.500 111.603.230.250 11.061.854.250 9,91176888411.072.317.291 7.064.734.551 4.007.582.740 56,72658627

Total Income Tax 111.592.767.209 104.538.495.699 7.054.271.510 6,74801322Income for the year 325.127.420.664 353.431.619.485 (28.304.198.821) -8,008394626Other Comprehensive IncomeTotal Comprehensive Income for the year 325.127.420.664 353.431.619.485 (28.304.198.821) -8,008394626Income Attribute to:Owners of the Company 325.246.112.441 352.965.099.993 (27.718.987.552) -7,853180825Non-controlling Interest 118.691.777 466.519.492 (347.827.715) -74,55802404Total Net Income for the Current year 325.127.420.664 353.431.619.485 (28.304.198.821) -8,008394626Comprehensive Income Attributable to:Owners of the Company 325.246.112.441 352.965.099.993 (27.718.987.552) -7,853180825Non-controlling Interest 118.691.777 466.519.492 (347.827.715) -74,55802404Total Net Comprehensive Income Current Year 325.127.420.664 353.431.619.485 (28.304.198.821) -8,008394626Basic Earning per Share 113 122 (9) -7,37704918

Sales

CurrentDeffered


Comparative Balance Sheet

AmountHorizantal

Analysis(%)Vertical

Analysis(%)

CURRENT ASSETSCash and Cash equivalent 535.889.526.748 242.776.108.938 293.113.417.810 121 100,0183374Trade Receivables 297.400.522.080 255.494.585.569 41.905.936.511 16 14,2994549Dividend Receivable 15.000.000.000 -15.000.000.000 -100 -5,11841141Other Receivables: 0Third Party 5.814.947.244 2.240.562.103 3.574.385.141 160 1,219678246Related Party 5.583.463.949 2.753.599.225 2.829.864.724 103 0,965627459Inventories 334.169.035.934 368.496.687.848 -34.327.651.914 -9 -11,7135363Advance Payment 15.213.609.789 13.432.806.003 1.780.803.786 13 0,607659094Prepaid Expenses 2.355.498.099 3.172.576.015 -817.077.916 -26 -0,2788094

1.196.426.603.843 903.366.925.701 293.059.678.142 32 10000

Non-Current Financial Asset 35.204.659.333 181.132.177 35.023.527.156 19.336 14,57632113Investment in Assoaciates and Joint Venture 105.844.919.475 77.352.544.712 28.492.374.763 37 11,85814331Investment in Long term Livestock 26.062.111.777 55.788.603.908 -29.726.492.131 -53 -12,3717664Fixed Assets 979.511.601.619 1.069.735.963.102 -90.224.361.483 -8 -37,5501662Intangible Assets 17.933.194.395 17.933.194.395 #DIV/0! 7,463554407Deffered Tax Asset 32.796.696 341.096.413 -308.299.717 -90 -0,1283102Other non-current Assets 59.777.494.891 73.750.253.044 -13.972.758.153 -19 -5,81527409

1.224.366.778.186 1.277.149.593.356 -52.782.815.170 -4 -21,967498TOTAL ASSETS 2.420.793.382.029 2.180.516.519.057 240.276.862.972 11 100

ASSETS

Total Current Asset

NON-CURRENT ASSESTS


31 December 2012 31 December 2011Increase (Decrease)

Horizontal Analysis (2012 and 2011) Comparative Balance Sheet (con’t)

AmountHorizontal

Analysis Vertical

Analysis (%)

SHORT TERM LIABILITIESShort Term Loans 5.268.078.050 52.025.954.226 -46.757.876.176 -90 246,579275Trade Payables: 394.466.233.719 409.839.689.103 -15.373.455.384 -4 81,072448Dividend Payables 15.816.567.871 1.818.867.953 13.997.699.918 770 -73,817354Taxes Payables 57.854.467.257 11.440.362.917 46.414.104.340 406 -244,766383

51.171.595.269 23.438.969.844 27.732.625.425 118 -146,248958Short term Employee Benefits Liabilities 1.601.977.123 5.646.049.107 -4.044.071.984 -72 21,3265533

60.000.000.001 85.000.000.001 -25.000.000.000 -29 131,838364Lease Liabilities 6643609853 22575250000 -15.931.640.147 -71 84,0160546TOTAL CURRENT LIABILITIES 592.822.529.143 611.785.143.151 -18.962.614.008 -3 1000NON CURRENT LIABILITIESDeffered Tax Liabilities 85.608.703.824 92.981.738.094 -7.373.034.270 -8 38,8819509Deffered Gain of Lease Transactions 0 #DIV/0! 0

34.404.885.086 27.420.225.662 6.984.659.424 25 -36,8338427Bank Loans 30.714.285.713 90.714.285.713 -60.000.000.000 -66 316,412073Lease Liabilities 723.864.841 5.643.812.500 -4.919.947.659 -87 25,9455139TOTAL LONG TERM LIABILITIES 151.451.739.464 216.760.061.969 -65.308.322.505 -30 1000

Share Capital 577.676.400.000 577.676.400.000 0 0 0Additional Paid in Capital -Net 51.130.441.727 51.130.441.727 0 0 0Retained Earning:Appropiated 39.000.000.000 29.000.000.000 10.000.000.000 34 4,16186556Unappropriated 1.004.984.228.158 690.902.948.165 314.081.279.993 45 130,716406Equity Attributable to Owners of the Parent Entity 1.672.791.069.885 1.348.709.789.892 324.081.279.993 24 134,878272Non Controlling Interests 3.728.043.537 3.261.524.045 466.519.492 14 0,19415914TOTAL EQUITIES 1.676.519.113.422 1.351.971.313.937 324.547.799.485 24 135,072431

2.420.793.382.029 2.180.516.519.057 240.276.862.972 11 100

31 December 2011


TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

Current Maturities of Long Term Liabilities:Bank Loans

Employee Benefits Long Term Loans-Net of Current Maturities:

EQUITY

LIABILITIES

Accruals

31 December 2012Increase (Decrease)


Year 2012 Year 2011 Amount Percentage2.809.851.307.439 2.102.383.741.532 707.467.565.907 33,6507343

Cost of Goods Sold 1.908.109.047.237 1.476.677.453.814 431.431.593.423 29,216373Gross Profit 901.742.260.202 625.706.287.718 276.035.972.484 44,115902- Selling Expenses 366.413.401.362 361.471.509.271 4.941.892.091 1,3671595General and Administrative Expenses 82.694.854.869 82.175.860.795 518.994.074 0,63156512Loss on Foreign Exchange Rate-Net 13.513.232.874 3.326.924.340 10.186.308.534 306,177944Loss on Sales of Fixed Assets 14.849.245.962 16.036.601.532 (1.187.355.570) -7,4040349Others-Net 5.069.974.743 26.050.938.438 (20.980.963.695) -80,538226- Operating Income 429.341.499.878 136.644.453.342 292.697.046.536 214,203387- Finance Income 12.085.195.324 16.416.994.017 (4.331.798.693) -26,386065Finance Cost 11.948.954.781 27.643.885.877 (15.694.931.096) -56,775416Shares of Net income (loss) in Associates and Joint Venture 28.492.374.763 31.400.344.946 (2.907.970.183) -9,2609498Other Incomes (Expenses) - Net 28.628.615.306 20.173.453.086 8.455.162.220 41,91232Profit Before Income - Net 457.970.115.184 156.817.906.428 301.152.208.756 192,039427Tax Income (Expense) -

111.603.230.250 33.309.294.000 78.293.936.250 235,0513237.064.734.551 4.940.731.624 2.124.002.927 42,9896438

Net Income For the current year 353.431.619.485 128.449.344.052 224.982.275.433 175,15253Other Comprehensive Income - Other Comprehensive Income for the current year 353.431.619.485 128.449.344.052 224.982.275.433 175,15253Income Attribute to: - Owners of the Company 352.965.099.993 128.358.526.507 224.606.573.486 174,983758Non-controlling Interest 466.519.492 90.817.545 375.701.947 413,688728Total Net Income for the Current year 353.431.619.485 128.449.344.052 224.982.275.433 175,15253Income Attributable to: - Owners of the Company 352.965.099.993 128.358.526.507 224.606.573.486 174,983758Non-controlling Interest 466.519.492 90.817.545 375.701.947 413,688728Total Net Comprehensive Income Current Year 353.431.619.485 128.449.344.052 224.982.275.433 175,15253Basic Earning per Share 122 44 78 177,272727

Sales

Current TaxDeffered Tax

HORIZONTAL

ANALYSIS



AmountHorizontal

Analysis (%)Horizontal

Analysis (%)

CURRENT ASSETSCash and Cash equivalent 5.526.173 5.484.318 41.855 1 2,92023513Short Term Investment 72.000 21.280 50.720 238 3,53874867Account Receivable

Third Parties - Net 738.533 642.371 96.162 15 6,7092498Related Parties 1.716.020 1.586.052 129.968 8 9,06790393Non Trade:Third Parties 41.134 75.163 -34.029 -45 -2,3742129Related Parties 53.728 55.748 -2.020 -4 -0,14093597Inventories - Net 2.868.722 1.812.887 1.055.835 58 73,665905Advances and Deposits 222.935 163.246 59.689 37 4,16451832Prepaid Taxes 36.484 15.098 21.386 142 1,49210724Prepaid Expenses and Other Current Assets 45.986 32.277 13.709 42 0,95648079

11.321.715 9.888.440 1.433.275 14 100

Deffered Tax Assets - Net 231.593 162.100 69.493 43 1,9776095Long Term Investments 308.219 151.495 156.724 103 4,46000131Fixed Assets - Net 4.844.407 3.839.756 1.004.651 26 28,5900358Deffered Charges - Net 57.320 42.264 15.056 36 0,42845882

1.424.030 1.424.030 0 0 0Intagible Asset - Net 1.931.957 2.065.195 -133.238 -6 -3,79164426Advances for Stock Subscription in Associate 259.700 259.700 #DIV/0! 7,39045928Other Non Current Assets 888.529 180.200 708.329 393 20,1573994

9.945.755 7.865.040 2.080.715 26 59,2123199TOTAL ASSETS 21.267.470 17.753.480 3.513.990 20 100

NON-CURRENT ASSESTS


Trade:

Goodwill


ASSETS

Total Current Asset

Increase (Decrease)

Horizontal Analysis (2013 and 2012)

Comparative Balance Sheet (con’t)

AmountHorizontal

Analysis (%)

Vertical Analysis (%)

CURRENT LIABILITIESShort Term Bank Loans and Overdraft 557.484 400.396 157.088 39 14,0621755Trust Receipt Payable 421.896 182.229 239.667 132 21,4544677Account Payable 0

0Third Parties 1.628.821 1.193.345 435.476 36 38,9828627Related Parties 508.281 391.835 116.446 30 10,4239922Non Trade: 0

289.802 269.630 20.172 7 1,80575349103.698 73.560 30.138 41 2,6978881

Accrued Expenses 848.674 846.929 1.745 0 0,1562086119.218 96.052 23.166 24 2,07376985

Taxes Payable 61.339 85.766 -24.427 -28 -2,18665182Current Maturities of Long term debts 0Bank Loans 146.259 31.411 114.848 366 10,2809427Liability for Purchases of Fixed Assets 11.111 8.334 2.777 33 0,24859099TOTAL CURRENT LIABILITIES 4.696.583 3.579.487 1.117.096 31 100

0NON CURRENT LIABILITY 0Long term debts net of Current Maturities 1.346.781 602.833 743.948 123 66,5966041Bank Loans 0

36.511 37.780 -1.269 -3 -0,11359812Advances for Stock Subscription from non Controlling Interest 213.150 213.150 #DIV/0! 19,0807236Deffered Tax Liabilities - Net 498.504 530.291 -31.787 -6 -2,84550298Liabilities for Employee Benefits 1.210.210 1.016.550 193.660 19 17,3360213TOTAL NON CURRENT LIABILITIES 3.305.156 2.187.454 1.117.702 51 100,054248TOTAL LIABILITIES 8.001.739 5.766.941 2.234.798 39 200,054248

0Share Capital 583.095 583.095 0 0 0Additional Paid in Capital 5.985.469 5.985.469 0 0 0Difference from Changes in Equity of Subsidiaries 38.022 7.446 30.576 411 2,39074291Exchange Differences on Translation of Financial Statement 1.534 655 879 134 0,06872917Pro Forma Capital 0Retained Earnings 0Appropiated for General Reserves 15.000 10.000 5.000 50 0,39095089Unappropiated 5.963.662 4.827.947 1.135.715 24 88,801759Sub Total 12.586.782 11.414.612 1.172.170 10 91,6521819Non Controlling Interest 678.949 572.186 106.763 19 8,34781806TOTAL EQUITY 13.265.731 11.986.798 1.278.933 11 100

21.267.470 17.753.739 3.513.731 20 100TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

Trade:

Third PartiesRelated Parties

Short Term Employee Benefits Liability

Liability for Purchases of Fixed Assets

EQUITY

LIABILITIES



Increase (Decrease)


Year 2013 Year 2012 Amount Percentage25.094.681 21.716.913 3.377.768 15,55362864

Cost of Goods Sold 18.668.990 15.913.098 2.755.892 17,31838766Gross Profit 6.425.691 5.803.815 621.876 10,71495215Selling and Distribution Expenses 2.551.509 2.089.647 461.862 22,10239337General and Administrative Expenses 1.139.810 868.477 271.333 31,24239329Other Operating Income 300.272 181.993 118.279 64,99096119Other Operating Expense 262.720 178.434 84.286 47,23651322Income from Operations 2.771.924 2.849.250 (77.326) -2,713907169Finance Income 371.573 234.247 137.326 58,62444343Finance Expenses 165.225 53.697 111.528 207,6987541Share in Net Income (loss) of Associates 11.282 4.594 6.688 145,5811929Income before Income Tax Expense 2.966.990 3.034.394 (67.404) -2,221333156Income Tax Expense - Net 733.699 745.463 (11.764) -1,578079663Income for the year before Pro Forma Adjustment 2.233.291 2.288.931 (55.640) -2,430829064Pro Forma Adjustment 1.749 6.560 (4.811) -73,33841463Income for the year 2.235.040 2.282.371 (47.331) -2,073764519Other Comprehensive Income - Unrealized Gains on Available for Sale Financial Assets 50.720 4.000 46.720 1168

879 871 8 0,91848450151.599 4.871 46.728 959,3102032

Total Comprehensive Income for the year 2.286.639 2.287.242 (603) -0,026363629Income for the year Attributable to: - Equity Holders of the Parent Entity 2.225.272 2.179.592 45.680 2,095805086Non Controlling Interest 9.768 102.779 (93.011) -90,49611302Total Comprehensive Income for the year 2.235.040 2.282.371 (47.331) -2,073764519Total Comprehensive Income for the year attributable to: - Eqity Holders of the Parent Entity 2.260.929 2.183.205 77.724 3,56008712Non Controlling Interest 25.710 104.037 (78.327) -75,28763805

2.286.639 2.287.242 (603) -0,026363629Basic Earning per Share Attributable to Equity Holders of the Parent Entity 382 374 8 2,139037433

Sales

Exchange Differences on Translation of Financial StatementsOther Comprehensive Income

Total



AmountHorizontal

Analysis(%)Vertical

Analysis(%)

CURRENT ASSETSCash and Cash equivalent 5.484.318 4.420.644 1.063.674 24 81,3126228Short Term Investment 21.280 17.280 4.000 23 0,30578024Account Receivable 0

0Third Parties - Net of Allowance for impairment Losses 642.371 638.191 4.180 1 0,31954035Related Parties 1.586.052 1.622.138 -36.086 -2 -2,7585964Non - Trade: 0Third Parties 75.163 64.845 10.318 16 0,78876013Related Parties 55.748 53.228 2.520 5 0,19264155Inventories - Net 1.812.887 1.629.883 183.004 11 13,9897518Advances and deposits 163.246 114.452 48.794 43 3,73006026Prepaid Taxes 15.098 210 14.888 7.090 1,13811405Prepaid Expenses and Other Current Assets 32.277 19.440 12.837 66 0,98132524

9.888.440 8.580.311 1.308.129 15 10000

Deffered Tax Assets - Net 162.100 119.168 42.932 36 1,69649924Long term Investments 151.495 83.201 68.294 82 2,69870305Fixed Assets - Net of Accumulated depreciation 3.839.756 2.590.036 1.249.720 48 49,3838869Deffered Charges - Net 42.264 57.960 -15.696 -27 -0,6202425

1.424.030 1.424.030 0 0 0Intagible Asset - Net 2.065.195 2.198.433 -133.238 -6 -5,2650276Other Non Current Assets 180.200 169.718 10.482 6 0,4142063

7.865.040 6.642.546 1.222.494 18 48,3080253TOTAL ASSETS 17.753.480 15.222.857 2.530.623 17 100


ASSETS

Total Current Asset

Increase (Decrease)

NON-CURRENT ASSESTS


Trade:

Goodwill

Horizontal Analysis (2012 and 2011)


(con’t)

Amount

Horizontal Analysis

(%)

Vertical Analysis

(%)

CURRENT LIABILITIESShort Term Bank Loans and Overdraft 400.396 417.851 -17.455 -4 -2,95373Trust Receipt Payable 182.229 210.744 -28.515 -14 -4,82531Account Payable 0

0Third Parties 1.193.345 966.691 226.654 23 38,35437Related Parties 391.835 307.376 84.459 27 14,29214Non Trade: 0

269.630 97.056 172.574 178 29,2029673.560 58.265 15.295 26 2,588219

Accrued Expenses 846.929 621928 225.001 36 38,0746596.052 76.119 19.933 26 3,373061

Taxes Payable 85.766 226.251 -140.485 -62 -23,7729Current Maturities of Long term debts 0Bank Loans 31.411 31.411 #DIV/0! 5,315367Liability for Purchases of Fixed Assets 8.334 6.259 2.075 33 0,351131TOTAL CURRENT LIABILITIES 3.579.487 2.988.540 590.947 20 100

0NON CURRENT LIABILITY 0Long term debts net of Current Maturities 602.833 111.932 490.901 439 74,08138Bank Loans 0

37.780 33.575 4.205 13 0,6345720Deffered Tax Liabilities - Net 530.291 563.433 -33.142 -6 -5,00143Liabilities for Employee Benefits 1.016.291 815.604 200.687 25 30,28547TOTAL NON CURRENT LIABILITIES 2.187.195 1.524.544 662.651 43 100TOTAL LIABILITIES 5.766.682 4.513.084 1.253.598 28 100

0Share Capital 583.095 583.095 0 0 0Additional Paid in Capital 5.985.469 5.985.469 0 0 0Difference from Changes in Equity of Subsidiaries 7.446 4.704 2.742 58 0,214718Foreign Exchange Differences from financial statement Translation 655 216 439 203 0,0343770Retained Earnings 0Appropiated for General Reserves 10.000 5.000 5.000 100 0,391535Unappropiated 4.827.947 3.638.786 1.189.161 33 93,11963

11.414.612 10.216.838 1.197.774 12 93,79409Non Controlling Interest 572.186 492.935 79.251 16 6,205908TOTAL EQUITY 11.986.798 10.709.773 1.277.025 12 100

17.753.480 15.222.857 2.530.623 17 100

Liability for Purchases of Fixed Assets


LIABILITIES AND SHAREHOLDERS' EQUITYLIABILITIES

Trade:

Third PartiesRelated Parties

Short Term Employee Benefits Liability

Increase (Decrease)

EQUITY

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

Sub Total


Year 2012 Year 2011 Amount Percentage21.574.792 19.367.155 2.207.637 11,3988709

Cost of Goods Sold 15.796.183 14.335.896 1.460.287 10,1862276Gross Profit 5.778.609 5.031.259 747.350 14,8541349- Selling and Distribution Expenses 2.073.497 1.798.508 274.989 15,2898402General and Administrative Expenses 867.432 592.140 275.292 46,4910325Other Operating Income 179.521 126.762 52.759 41,6205172Other Operating Expenses 175.141 158.625 16.516 10,4119779Income from Operations 2.842.060 2.608.748 233.312 8,9434472- Finance Income 234.211 183.453 50.758 27,6681221- Finance Expenses 53.675 46.544 7.131 15,3209866Share in net Income (loss) of Associate 4.594 747 3.847 514,993307Income before Tax 3.027.190 2.744.910 282.280 10,2837616Income Tax Expense - Net 744.819 678.545 66.274 9,76707514Income for the year 2.282.371 2.066.365 216.006 10,4534291Other Comprehensive Income -

4.000 2.080 1.920 92,3076923871 236 635 269,067797

Other Comprehensive Income 4.871 2.316 2.555 110,319516Total Comprehensive Income for the year 2.287.242 2.064.049 223.193 Income for the year Attributable to: - Equity Holders of the Parent Entity 2.179.592 1.975.345 204.247 Non Controlling Interests 102.779 91.020 11.759 12,9191387

2.282.371 2.066.365 216.006 10,4534291Total Comprehensive Income for the year attributable to: - Equity Holders of the Parent Entity 2.183.205 1.973.683 209.522 Non Controlling Interests 104.037 90.366 13.671 15,1284775

2.287.242 2.064.049 223.193 10,8133576Basic Earnings per Share Attributable to Equity Holders of the Parent Entity 374 339 35 10,3244838

Foreign Exchange Differences from Financial Statements Translation

Total

Total

Sales

Unrealized gains (losses) on available for sale Financial Assets

1. Current Ratio

2. Acid Test Ratio

3. Account Receivable Turnover

4. Days' Sales in Account Receivable

5. Inventory Turnover

6. Operating Income Return on Investment

7. Operating Profit Margin

8. Total Asset Turnover

9. Fixed Assets Turnover

10. Debt Ratio

11. Times Interest Earned

12. Return on Equity

food and beverage industry analysis in indonesia

Economy & Finance