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    PT Nippon Indosari Corpindo TBK: Credit Profile Financial Highlights

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    Raymond Sabater Jr.
    PT Nippon Indosari Corpindo Tbk (ROTI) produces bread and cake products in Indonesia. PEFINDO has affirmed ROTI's credit rating of idAA- and stable outlook. This rating reflects ROTI's strong market position and cash flow, but is constrained by risks from raw material costs and competition. The rating may be raised if ROTI maintains its market share during expansion, but could be lowered if expansion results fall short or its financial profile weakens.

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    PT Nippon Indosari Corpindo TBK: Credit Profile Financial Highlights

    Uploaded by

    Raymond Sabater Jr.
    13 views2 pages
    PT Nippon Indosari Corpindo Tbk (ROTI) produces bread and cake products in Indonesia. PEFINDO has affirmed ROTI's credit rating of idAA- and stable outlook. This rating reflects ROTI's strong market position and cash flow, but is constrained by risks from raw material costs and competition. The rating may be raised if ROTI maintains its market share during expansion, but could be lowered if expansion results fall short or its financial profile weakens.

    Original Description:

    A ROTI Analysis

    Original Title

    2017-03-08-ROTI

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    PT Nippon Indosari Corpindo Tbk (ROTI) produces bread and cake products in Indonesia. PEFINDO has affirmed ROTI's credit rating of idAA- and stable outlook. This rating reflects ROTI's strong market position and cash flow, but is constrained by risks from raw material costs and competition. The rating may be raised if ROTI maintains its market share during expansion, but could be lowered if expansion results fall short or its financial profile weakens.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    13 views2 pages

    PT Nippon Indosari Corpindo TBK: Credit Profile Financial Highlights

    Uploaded by

    Raymond Sabater Jr.
    PT Nippon Indosari Corpindo Tbk (ROTI) produces bread and cake products in Indonesia. PEFINDO has affirmed ROTI's credit rating of idAA- and stable outlook. This rating reflects ROTI's strong market position and cash flow, but is constrained by risks from raw material costs and competition. The rating may be raised if ROTI maintains its market share during expansion, but could be lowered if expansion results fall short or its financial profile weakens.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Press Release

    March 9, 2017

    PT Nippon Indosari Corpindo Tbk


    Analysts: Christyanto Wijaya / Martin Pandiangan
    Phone/Fax/E-mail: (62-21) 72782380/72782370 /christyanto.wijaya@pefindo.co.id / martin.pandiangan@pefindo.co.id
    CREDIT PROFILE FINANCIAL HIGHLIGHTS
    As of/for the year ended Dec-2016 Dec-2015 Dec-2014 Dec-2013
    Corporate Rating idAA-/Stable (Unaudited) (Audited) (Audited) (Audited)
    Total adjusted assets [IDR bn] 2,920.1 2,698.7 2,135.9 1,820.1
    Rated Issues Total adjusted debt [IDR bn] 996.0 994.4 835.4 656.4
    Shelf Reg. Bond I/2013 idAA- Total adjusted equity [IDR bn] 1,466.9 1,180.9 946.7 774.4
    Shelf Reg. Bond II/2015 idAA- Total sales [IDR bn] 2,521.8 2,174.5 1,880.3 1,505.5
    EBITDA [IDR bn] 563.2 531.6 361.2 274.3
    Rating Period Net income after MI [IDR bn] 280.8 270.5 188.6 157.9
    March 7, 2017 – March 1, 2018 EBITDA margin [%] 22.3 24.4 19.2 18.2
    Adjusted Debt/EBITDA [X] 1.8 1.9 2.3 2.4
    Rating History Adjusted Debt/Adjusted Equity [X] 0.7 0.8 0.9 0.8
    MAR 2016 idAA-/Stable FFO/Adjusted Debt [%] 40.1 36.3 29.0 26.7
    MAR 2015 idAA-/Stable EBITDA/IFCCI [X] 7.6 5.9 5.0 5.8
    MAR 2014 idAA-/Stable USD exchange rate [IDR/USD] 13,436 13,795 12,440 12,819
    MAR 2013 FFO= EBITDA – IFCCI + interest income – current tax expense
    idAA-/Stable
    EBITDA = (operating profit + depreciation exp. + amortization exp.)
    IFCCI = (gross interest expense + other financial charges + capitalized interest); foreign exchange loss not included
    MI = minority interest
    The above ratios have been computed based on information from the company and published accounts. Where applicable,
    some items have been reclassified according to PEFINDO’s definitions.

    PEFINDO affirms “idAA-” ratings to PT Nippon Indosari Corpindo Tbk

    PEFINDO has affirmed its “idAA-” ratings for PT Nippon Indosari Corpindo Tbk (ROTI) and its Shelf-Registered Bond I/2013 and II/2015.
    The outlook for the corporate rating is “stable”.

    An obligor rated idAA differs from the highest rated obligors only to a small degree, and has a very strong capacity to meet its long-term
    financial commitments relative to that of other Indonesian obligors.

    The Minus (-) sign indicates that the rating is relatively weak within the respective rating category.

    The ratings reflect ROTI’s very strong market position as a mass producer of bread, strong cash flow protection and liquidity measures,
    and operational support from shareholding partners. However, the ratings are constrained by the Company’s exposure to the fluctuations
    of raw material and packaging material costs, as well as the tight competition in the bakery industry.

    The rating may be raised if the Company is able to maintain its market position in the entire bread market. The Company should also
    improve its financial profile, despite having high capital expenditure to finance its business expansion. In contrast, the rating will be
    lowered if the results of its expansion are not realized as targeted and/or its capital structure becomes substantially more aggressive.

    Established in 1995, ROTI produces several varieties of breads and cakes under the Sari Roti brand. It has 10 plants with 35 production
    lines in total. Revenue in 2016 came from the sales of white bread (61%), sweet bread (37%), and cakes and others (2%). As of
    December 31, 2016, ROTI’s shareholders consisted of PT Indoritel Makmur Internasional Tbk (31.504%); Bonlight Investments Limited
    (25.121%); Pasco Shikishima Corporation (8.501%); Sojitz Corporation (4.251%); and others including the public (30.623%).

    http://www.pefindo.com March 2017


    Press Release
    March 9, 2017

    DISCLAIMER
    PT Pemeringkat Efek Indonesia (PEFINDO) does not guarantee the accuracy, completeness, timeliness or availability of the contents of this report or publication. PEFINDO
    cannot be held liable for its use, its partial use, or its lack of use, in combination with other products or used solely, nor can it be held responsible for the result of its use or lack
    of its use in any investment or other kind of financial decision making on which this report or publication is based. In no event shall PEFINDO be held liable for any direct, indirect,
    incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses including but not limited to lost profits and opportunity
    costs in connection with any use of the contents of this report or publication. Credit analyses, including ratings, and statements in this report or publication are statements of
    opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold or sell any securities or to make any investment decision. The contents
    cannot be a substitute for the skill, judgment and experience of its users, its management employees and/or clients in making investment or other business decisions. PEFINDO
    also assumes no obligation to update the content following publication in any form. PEFINDO does not act as fiduciary or an investment advisor. While PEFINDO has obtained
    information from sources it believes to be reliable, PEFINDO does not perform an audit and does not undertake due diligence or independent verification of any information used
    as the basis of and presented in this report or publication. PEFINDO keeps the activities of its analytical units separate from its business units to preserve independence and
    objectivity of its analytical processes and products. As a result, certain units of PEFINDO may have information that is not available to other units. PEFINDO has established
    policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. PEFINDO may receive compensation
    for its ratings and other analytical work, normally from issuers of securities. PEFINDO reserves the right to disseminate its opinions and analyses. PEFINDO’s public ratings and
    analyses are made available on its website, http://www.pefindo.com (free of charge) and through other subscription-based services, and may be distributed through other means,
    including via PEFINDO publications and third party redistributors. Information in PEFINDO’s website and its use fall under the restrictions and disclaimer stated above.
    Reproduction of the content of this report, in full or in part, is subject to written approval from PEFINDO.

    http://www.pefindo.com March 2017

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