1Q17 RESULT PRESENTATION Jakarta, 28 April 2017
1Q17 Results Presentation, 28 April 2017 Highlights 1Q17 • Inflation rate increased from 3.02% YoY (FY16) to 3.61% (1Q17) • Rupiah strengthened from 13,436 (FY16) to closing at 13,321 (1Q17) • CPO prices (CIF Rotterdam) strengthened from US$ 627 / MT (1Q16) to US$ 775 / MT (1Q17) 2
1Q17 Results Presentation, 28 April 2017 CPO Price Monthly Average CPO Price (CIF Rotterdam) 954 894 842 810 771 756 734 723 706 704 683 672 669 662 652 638 561 552 528 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 Nov-16 Jan-17 Mar-17 Source : Oil World (in US$/Ton) 3
1Q17 Results Presentation, 28 April 2017 Financial Performance Rp Bn 1Q16 1Q17 Growth 1Q16 1Q17 Net Sales 16,515.8 17,834.9 8.0% Gross Profit Margin 27.9% 30.1% Cost of Goods Sold (11,901.6) (12,464.3) 4.7% EBIT Margin 11.4% 14.5% Gross Profit 4,614.2 5,370.5 16.4% EBITDA Margin 15.1% 18.1% Net Income Margin 1) Selling & distribution expenses (1,859.3) (1,919.2) 3.2% 6.6% 6.8% General & administrative expenses (863.0) (890.1) 3.1% EPS 1) Other operating income 136.6 170.9 25.1% 124 137 Other operating expenses (149.5) (144.5) -3.4% ROA 2) 3) Income From Operations (EBIT) 1,878.9 2,587.6 37.7% 4.5% 6.4% ROE 2) 3) EBITDA 2,487.4 3,233.8 30.0% 9.5% 12.5% ROCE 2) 3) Finance income 373.5 193.6 -48.2% 10.6% 12.8% Finance expenses (408.1) (324.1) -20.6% Final tax on interest income (35.2) (30.3) -13.8% Share in net loss of associates (78.4) (70.0) -10.8% Income Before Income Tax Expense 1,730.7 2,356.8 36.2% Income tax expense (468.2) (594.7) 27.0% Income for the period from continuing operations 1,262.4 1,762.1 39.6% Income for the period from a discontinued operation 100.8 0.0 -100.0% Income for the period 1,363.2 1,762.1 29.3% Equity holders of the parent entity 1,085.5 1,204.9 11.0% Non-controlling interests 277.7 557.2 100.6% Core Profit 1) 1,016.6 1,190.1 17.1% 1) Attributable to equity holders of the parent entity 2) Returns represent total return including non-controlling interests 3) Trailing 4
1Q17 Results Presentation, 28 April 2017 Changes in Sales and EBIT Sales (Rp Bn) EBIT (Rp Bn) * 17,834.9 46.9 1,137.3 576.4 8.2 2,561.2 339.6 ( ) 204.7 16,515.8 ( ) 160.7 245.4 1,891.8 + 1,319.1 + 669.4 1Q16 CBP Bogasari Agribusiness Distribution 1Q17 1Q16 CBP Bogasari Agribusiness Distribution 1Q17 * After elimination and before unallocated expenses (other operating income and other operating expenses) 5
1Q17 Results Presentation, 28 April 2017 Segment Contribution Sales (Rp Bn) 1) EBIT (Rp Bn) 2) 2,561.2 17,834.9 1.5% 16,515.8 7.5% 1,891.8 7.9% Distribution 30.8% 21.6% 1.6% 16.4% 11.2% Agribusiness 11.4% 20.9% 23.8% 24.0% Bogasari Consumer Branded 56.3% Products 50.0% 51.9% 63.2% 1Q16 1Q17 1Q16 1Q17 1) After elimination 2) After elimination and before unallocated expenses (other operating income and other operating expenses) 6
1Q17 Results Presentation, 28 April 2017 CBP Sales (Rp Bn) EBIT (Rp Bn)* 15.9% 13.9% 8,964.2 8,621.0 1,426.9 1,196.4 1Q16 1Q17 1Q16 1Q17 Sales Growth 4.0% EBIT Growth 19.3% * Before elimination and unallocated expenses (other operating income and other operating expenses) 7
1Q17 Results Presentation, 28 April 2017 Bogasari Sales (Rp Bn) EBIT (Rp Bn)* 9.2% 6.7% 4,947.9 4,600.2 453.5 306.1 1Q16 1Q17 1Q16 1Q17 Sales Growth -7.0% Volume Growth (Food Flour) 4% EBIT Growth -32.5% * Before elimination and unallocated expenses (other operating income and other operating expenses) 8
1Q17 Results Presentation, 28 April 2017 Agribusiness Sales (Rp Bn) EBIT (Rp Bn)* 18.0% 6.7% 787.9 4,383.8 3,138.7 211.6 1Q16 1Q17 1Q16 1Q17 Sales Growth 39.7% EBIT Growth 272.4% * Before elimination and unallocated expenses (other operating income and other operating expenses) 9
1Q17 Results Presentation, 28 April 2017 Distribution Sales (Rp Bn) EBIT (Rp Bn)* 2.9% 2.4% 39.0 1,345.1 1,298.2 30.8 1Q16 1Q17 1Q16 1Q17 Sales Growth 3.6% EBIT Growth 26.8% * Before elimination and unallocated expenses (other operating income and other operating expenses) 10
1Q17 Results Presentation, 28 April 2017 Financial Position Rp Billion FY16 1Q17 Growth Cash & Cash Equivalent 13,362.2 13,302.4 -0.4% Total Assets 82,174.5 84,697.5 3.1% Total Equity 43,941.4 45,874.9 4.4% Total Funded Debt 22,422.1 22,673.8 1.1% - Fcy (in US$ mn) * 620.8 600.1 -3.3% - Rupiah 14,080.9 14,679.8 4.3% Rp Billion FY16 1Q17 Growth Short Term Debt & Trust Receipt 6,916.6 7,766.6 12.3% Current Maturities 3,617.6 3,210.1 -11.3% Long Term Debt 11,887.9 11,697.1 -1.6% Total Funded Debt 22,422.1 22,673.8 1.1% Note: * Including Trust Receipts: US$90.7 Mn (FY16) and US$31.9 Mn (1Q17) 11
1Q17 Results Presentation, 28 April 2017 Debt Composition 51.6% 53.0% 62.8% 64.7% 48.4% 47.0% 37.2% 35.3% FY16 1Q17 FY16 1Q17 Foreign Currency Debt Rupiah Debt Short Term & T/R Long Term Debt Times FY16 1Q17 Gross Gearing 0.51 0.49 Net Gearing 0.21 0.20 Interest Coverage Ratio * 6.9 7.8 * Trailing for 1Q17 figure 12
1Q17 Results Presentation, 28 April 2017 Cash Flow Rp Billion 1Q16 1Q17 Net Cash Provided by Operating Activities 430.9 268.6 Net Cash Used in Investing Activities (1,488.9) (1,484.3) Net Cash Provided by Financing Activities 1,131.9 1,190.2 Net Effects of Changes in Exchange Rates on Cash & Cash (171.6) (34.2) Equivalents Net Decrease in Cash & Cash Equivalents (97.7) (59.8) Cash & Cash Equivalents at Beginning of Period * 12,962.0 13,362.2 Cash & Cash Equivalents at End of Period * 12,864.4 13,302.4 * Cash & Cash Equivalents – Beginning & End after taking into account overdraft 13
1Q17 Results Presentation, 28 April 2017 Capital Expenditure Budget Group Budget 17 CBP 4,621 Bogasari 1,976 Agribusiness 2,054 Distribution 441 Total 9,091 14
1Q17 Results Presentation, 28 April 2017 APPENDIX 15
1Q17 Results Presentation, 28 April 2017 Segment Performance: Indofood Volume 1) EBIT Margin 2) Sales (Rp Bn) EBIT (Rp Bn) Division 1Q16 1Q17 Growth Growth 1Q16 1Q17 Growth 1Q16 1Q17 Consumer Branded Products 8,621.0 8,964.2 4.0% 1,196.4 1,426.9 19.3% 13.9% 15.9% Bogasari 4,947.9 4,600.2 -7.0% 4% 453.5 306.1 -32.5% 9.2% 6.7% Agribusiness 3,138.7 4,383.8 39.7% 211.6 787.9 272.4% 6.7% 18.0% Distribution 1,298.2 1,345.1 3.6% 30.8 39.0 26.8% 2.4% 2.9% Total 18,005.8 19,293.4 7.2% 1,892.2 2,559.8 35.3% Elimination (1,490.0) (1,458.5) (0.4) 1.4 Unallocated Income (Expenses) (13.0) 26.4 Net 16,515.8 17,834.9 8.0% 1,878.9 2,587.6 37.7% 11.4% 14.5% 1) Food Flour only 2) EBIT margin per segment: Before elimination and unallocated expenses 16
1Q17 Results Presentation, 28 April 2017 Segment Performance: ICBP (based on ICBP figures) Sales (Rp Bn) Volume EBIT (Rp Bn) EBIT Margin ¹⁾ Division 1Q16 1Q17 Growth Growth 1Q16 1Q17 Growth 1Q16 1Q17 Noodles 5,963.2 6,120.1 2.6% 0% 958.3 1,167.7 21.8% 16.1% 19.1% Dairy 1,702.9 1,858.7 9.1% 11% 315.2 287.4 -8.8% 18.5% 15.5% Snack Foods 567.2 759.0 33.8% 43% 42.4 54.8 29.2% 7.5% 7.2% Food Seasonings 308.2 394.4 28.0% 10% 27.3 29.7 9.1% 8.9% 7.5% Nutrition & Special Foods 156.6 173.7 10.9% 7.3 8.3 13.3% 4.6% 4.7% 10% Beverages 463.0 405.1 -12.5% (51.4) (63.9) -24.3% -11.1% -15.8% -7% Elimination (238.9) (252.9) (1.9) 2.1 Unallocated Income (Expenses) 34.4 30.4 Net 8,922.1 9,458.1 6.0% 1,331.5 1,516.4 13.9% 14.9% 16.0% 1) EBIT margin per segment: Before elimination and unallocated expenses 17
1Q17 Results Presentation, 28 April 2017 Segment Performance: Agribusiness (based on SIMP figures) Sales (Rp Bn) Volume EBIT (Rp Bn) EBIT Margin ¹⁾ Division 1Q16 1Q17 Growth Growth 1Q16 1Q17 Growth 1Q16 1Q17 Plantations 1,803.0 2,774.6 53.9% 146.3 791.8 441.3% 8.1% 28.5% CPO 6% PK, PKO, PKE 23% Sugar -48% Rubber 6% Edible Oils & Fats 2,080.2 2,682.9 29.0% 123.8 70.5 -43.1% 6.0% 2.6% Elimination (736.1) (1,056.6) (42.0) (38.0) Unallocated Income (Expenses) (44.6) (40.3) Net 3,147.0 4,400.8 39.8% 183.5 784.0 327.2% 5.8% 17.8% 1) EBIT margin per segment: Before elimination and unallocated expenses 18
1Q17 Results Presentation, 28 April 2017 Combined Plantations Area as of Mar 31, 2017 In Hectar Increase/ Oil Palm Plantations Profile 31 Dec, 2016 31 Mar, 2017 (Decrease) Nucleus Total Planted Area 300,536 300,646 110 7 - 20 yrs, Over 20 49% yrs, 28% Planted Oil Palm 247,430 247,234 (196) - Mature 203,501 208,722 5,221 - Immature 43,929 38,512 (5,417) Immature, 4 - 6 yrs, Other Crops 16% 7% - Rubber 20,115 19,968 (147) - Sugar 13,249 13,587 338 - Others* 19,742 19,857 115 * Mainly industrial timber, cocoa and tea 19
1Q17 Results Presentation, 28 April 2017 Plantation Highlights 1Q16 1Q17 Growth Planted Area (Ha) (Nucleus) 246,132 247,234 0.4% Mature Area (Ha) 193,496 208,722 7.9% FFB Production (Ths MT) (Nucleus) 639 743 16.2% FFB Yield (Nucleus) (MT/Ha) 3.3 3.6 CPO Production (Ths MT) 186 208 11.5% CPO Extraction Rate (%) 22.5 21.9 PK Production (Ths MT) 44 51 16.3% PKO & PKE Production (Ths MT) 11 5 -52.4% PK Extraction Rate (%) 5.3 5.3 20
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