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    4Q 2006

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    doansiscus
    - The company posted a 16.9% increase in net sales to Rp21.94 trillion in 2006 driven by strong sales growth across divisions. - Gross profit increased 17.1% to Rp5.18 trillion with a gross margin of 23.6%. EBIT increased 18.8% to Rp1.98 trillion and EBIT margin improved to 9.0%. - Net income significantly improved to Rp661.21 billion mainly due to higher EBIT, lower financing charges, and foreign exchange gains.

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    4Q 2006

    Uploaded by

    doansiscus
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    - The company posted a 16.9% increase in net sales to Rp21.94 trillion in 2006 driven by strong sales growth across divisions. - Gross profit increased 17.1% to Rp5.18 trillion with a gross margin of 23.6%. EBIT increased 18.8% to Rp1.98 trillion and EBIT margin improved to 9.0%. - Net income significantly improved to Rp661.21 billion mainly due to higher EBIT, lower financing charges, and foreign exchange gains.

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    - The company posted a 16.9% increase in net sales to Rp21.94 trillion in 2006 driven by strong sales growth across divisions. - Gross profit increased 17.1% to Rp5.18 trillion with a gross margin of 23.6%. EBIT increased 18.8% to Rp1.98 trillion and EBIT margin improved to 9.0%. - Net income significantly improved to Rp661.21 billion mainly due to higher EBIT, lower financing charges, and foreign exchange gains.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    20 views2 pages

    4Q 2006

    Uploaded by

    doansiscus
    - The company posted a 16.9% increase in net sales to Rp21.94 trillion in 2006 driven by strong sales growth across divisions. - Gross profit increased 17.1% to Rp5.18 trillion with a gross margin of 23.6%. EBIT increased 18.8% to Rp1.98 trillion and EBIT margin improved to 9.0%. - Net income significantly improved to Rp661.21 billion mainly due to higher EBIT, lower financing charges, and foreign exchange gains.

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    YEAR ENDED DECEMBER 31, 2006 (AUDITED)

    SALES Rp21,941.6 Bn EBIT Rp1,975.7 Bn


    1%
    14% 15% 33%

    SALES MIX EXPORT US$270.9 Mn


    CBP Noodles
    2%
    Export 11%

    14% 27%

    CBP Others Bogasari


    56%

    33%

    5%

    Edible Oils & Fats Distribution

    Local 89%

    GROUP HIGHLIGHTS The Group posted a 16.9% increase in net sales to Rp21.94 tr (FY05: Rp18.76 tr) mainly driven by strong growth in sales volume across most of the divisions, resulting improved distribution network and focused marketing strategy. Sales growths recorded by Consumer Branded Products (CBP), Bogasari, Edible Oils & Fats (EOF) and Distribution are 18.6%, 13.6%, 8.6% and 32.3%, respectively. Noodles, Food Seasonings, Snack Foods, and Nutrition & Special Foods are part of CBP. Sales contributions were 38% from CBP, 33% from Bogasari, 15% from EOF and 14% from Distribution in FY06; compared to 37%, 34%, 16% and 13%, respectively in FY05. Gross Profit increased 17.1% to Rp5.18 tr (FY05 : Rp4.42 tr). Gross margin stood at 23.6%. EBIT increased 18.8% to Rp1.98 tr (FY05 : Rp1.66 tr) and EBIT margin improved to 9.0% (FY05: 8.9%). The relative increase in selling expenses, arising from higher transport cost and advertising & promotion spendings; was balanced with the relative reduction of general & administrative expenses. Net income significantly improved to Rp661.21 bn (FY05: Rp124.02 bn), mainly due to higher EBIT, lower net interest and other financing charges, absence of Principal-Only Swap related costs, as well as foreign exchange gain as a result of the strengthening of Rupiah. Capital expenditures for the year were Rp417.74 bn (FY05: Rp520.34 bn). ROA and ROE ratios improved to 4.3% and 14.3% (2005: 0.8% and 2.9%) with the significant increase in net income. Gross and net gearing ratios improved to 1.47 times and 1.11 times (31 Dec 2005: 1.59 and 1.36 times). EV/EBITDA improved to 6.7 (31 Dec 2005: 6.1) mainly due to the sharp increase in share price to Rp1,350 (31 Dec 2005: Rp910) Net cash provided from operations improved to Rp1,486.05 bn (31 Dec 2005 : Rp800.68 bn), driven by strong operating profit growth. Subsequent event : The RTO transaction of IndoAgri (formerly CityAxis) was completed 23 January 2007. Subsequent placement of new consolidated share and listing in the Singapore Stock Exchange took place in February 2007. CONSOLIDATED STATEMENTS OF INCOME
    (In Bn Rp)
    2006
    Net Sales Cost of Goods Sold Gross Profit Gross Margin Operating Expenses Selling Expenses General & Administrative Expenses Total Operating Expenses Income from Operations EBIT Margin Other Income (Charges): Interest income Interest & other financing charges Gain (Losses) on foreign exchange-net Others-net Other Charges - Net Income Before Tax Expense Tax Expense Income Before Minority Interest Minority Interest in Net Earnings of Subs Net Income Net Profit Margin
    Average Exchange Rate to US$

    CONSOLIDATED BALANCE SHEETS


    (In Bn Rp)
    Dec 31, 2006
    Current Assets Cash & cash equivalents Accounts receivable - net Inventories - net Others Total Current Assets Non Current Assets Plantation and property, plant & equipment - net Others TOTAL ASSETS 1,794.5 1,668.5 2,975.3 1,019.3 7,457.6

    2005
    18,764.7 14,341.5 4,423.1 23.6% 1,727.9 1,032.7 2,760.6 1,662.5 8.9%

    Dec 31, 2005


    970.9 1,704.4 2,691.7 1,104.6 6,471.6

    21,941.6 16,760.4 5,181.2 23.6% 2,077.4 1,128.0 3,205.5 1,975.7 9.0%

    6,998.3 1,656.6 16,112.5

    6,374.2 1,940.3 14,786.1

    63.3 (816.2) 95.4 (92.9) (750.5) 1,225.2 473.2 752.0 (90.8) 661.2 3.0%
    Rp9,148

    15.9 (827.8) (478.3) 53.4 (1,236.7) 425.8 188.8 237.0 (113.0) 124.0 0.7%
    Rp9,756

    Current Liabilities Bank loans , trust receipts and current maturities of LTD Trade & other current liabilities Total Current Liabilities Non Current Liabilities Long-term debt-net of current maturities Other non-current liabilities Goodwill Minority Interest Net Shareholders' Equity TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
    Ending Exchange Rate to US$

    4,175.6 2,097.5 6,273.1 3,075.5 1,171.8 3.3 657.7 4,931.1 16,112.5 Rp9,020

    2,152.4 2,250.5 4,402.9 4,682.4 953.9 3.5 435.1 4,308.4 14,786.1 Rp9,830

    CONSOLIDATED STATEMENTS OF CASH FLOWS


    2006
    Cash Flow From Operating Activities: Cash received from customers Cash paid to suppliers Payments of operating expenses Payment to employees Payments of interest, taxes and other receipt - net Net Cash Provided by Operating Activities Cash Flow From Investing Activities: Proceeds from sales of property, plant and equipment Addition of property, plant and equipment and other assets Acquisitions of new subsidiaries Proceeds from termination of derivative transactions Compensation received resulting from JV transaction Addition in short-term investments Others Net Cash provided by (Used in) Investing Activities Cash Flow From Financing Activities: Proceeds (Payment) from long-term and short-term debts and obligation under capital lease Proceeds from (payment for redemption of) guaranteed notes, IDR Bonds and convertible bonds Proceeds from collections of long-term receivables from a third Payment of dividends to minority shareholders of Subs and Cash devidends Net Cash provided by (Used in) Financing Activities Net Increase (Decrease) in Cash & Cash Equivalents Cash & Cash Equivalents Acquired from Acquired Companies Cash & Cash Equivalents at beginning of period Cash & Cash Equivalents at end of period 22,020.7 (13,836.1) (3,738.9) (1,890.4) (1,069.3) 1,486.1 42.4 (417.7) (395.9) (771.2)

    FINANCIAL / OPERATING RATIO


    2006
    Gross Margin EBIT Margin EBITDA Margin 2) ROA 2) ROE 1) ROCE (Times) Current Ratio Gearing: Gross Net Interest Coverage Price / Earnings Per Share Price / Book Value EV / EBITDA Multiple Share Price of Indofood (Rp), EOP Market Capitalization (Bn Rp), EOP Earnings Per Share (Rp) EV (Bn Rp) EBITDA (Bn Rp)
    Note: 1) EBIT as Numerator

    (In Bn Rp) 2005


    18,588.9 (11,472.5) (3,350.9) (1,718.4) (1,246.3) 800.7 63.4 (520.3) (151.8) 920.8 130.0 (219.0) (296.4) (73.4)

    2005
    23.6% 8.9% 12.2% 0.8% 2.9% 13.6%

    23.6% 9.0% 12.1% 4.3% 14.3% 16.2%

    1.2 1.47 1.11 3.2 17.4 2.3 6.7 1,350 11,513.6 77.5 17,627.9 2,648.6

    1.5 1.59 1.36 2.8 62.6 1.8 6.1 910 7,761.0 14.5 14,059.9 2,286.5

    1,498.2 (1,443.6)

    1,303.1 (2,473.9) 352.0 (364.8) (1,183.6) (456.3) 33.1 1,394.1 970.9

    (43.6) 11.0 725.8 97.7 970.9 1,794.5

    2) Net Income as Numerator

    SEGMENT HIGHLIGHTS
    SALES - (Bn Rp) SEGMENT EXTERNAL Consumer Branded Products Noodles Food Seasonings Snack Foods Nutrition & Special Foods Sub total Bogasari Edible Oils & Fats Plantations Cooking Oils & Fats Commodity Sub total Distribution Total Elimination Grand Total 2006 INTER SEGMENT 2005 INTER SEGMENT EBIT MARGIN 2006 TOTAL 2005

    TOTAL

    EXTERNAL

    7,165.0 226.4 389.0 363.2 8,143.6 7,285.3

    165.9 135.6 1.9 303.4 1,712.1

    7,330.8 362.0 390.9 363.2 8,446.9 8,997.4

    6,034.9 184.4 299.6 348.2 6,867.0 6,460.1

    143.4 112.4 1.6 257.4 1,463.3

    6,178.3 296.7 301.2 348.2 7,124.4 7,923.4

    3.7% 3.6% 4.2% 7.0% 3.9% 11.4%

    3.8% * -7.1% 4.0% 8.9% 3.6% 9.3% *

    414.9 2,265.7 699.2 3,379.8 3,132.9 21,941.6 21,941.6

    889.8 743.7 17.7 1,651.2 3,666.7 (3,666.7) -

    1,304.7 3,009.4 716.9 5,031.1 3,132.9 25,608.3 (3,666.7) 21,941.6

    225.6 1,992.5 850.9 3,069.1 2,368.4 18,764.7 18,764.7

    941.5 587.2 35.3 1,564.0 3,284.7 (3,284.7) -

    1,167.1 2,579.7 886.2 4,633.1 2,368.4 22,049.3 (3,284.7) 18,764.7

    41.8% 1.0% -6.5% 10.5% 0.2% 7.4%

    47.4% 2.0% -1.0% 12.9% 0.0% 7.2%

    9.0%

    8.9%

    * Restated: Flour Division inter-segment sales to noodles is based on market price

    DEBTS
    PARTICULARS
    Short-term Debts Short-term bank loans & overdraft Trust receipts payable Current portion of long-term debts Total Long-term Debts - net Bank loans (*) Rupiah bonds Obligations under capital leases Total Total Debts

    CASH AND CASH EQUIVALENT


    Total Debts Bn Rp

    Bn. Rp

    USD Conv to US$ Mn Bn. Rp


    230.5 698.6 929.1 22% 526.2 526.2 17% 1,455.3 20% 25.6 77.5 103.0

    1,809.2 820.6 616.7 3,246.5 78% 357.2 2,192.1 2,549.3 83% 5,795.8 80%

    2,039.7 820.6 1,315.3 4,175.6 100% 883.3 2,192.1 3,075.5 100% 7,251.0 100%

    In Rupiah In Foreign Currency Total ( Bn Rp )

    Rp Rp Rp

    755.9 1,038.6 1,794.5

    FOR FURTHER INFORMATION, PLEASE CONTACT

    58.3 58.3 161.3

    INVESTOR RELATIONS DIVISION


    (62 21) 522 8822

    Note: (*) Net of discount and / or deferred issuance costs

    Mrs. Herlinda Zulkarnaen Mrs. Helen Hendiyanto

    Ext. 648/649 Ext. 109/649

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