CONFIDENTIAL INFORMATION MEMORANDUM

CONFIDENTIALINFORMATIONMEMORANDUM
ConfidentialInformationMemorandumispreparedbyPTGreenFood&Beverageforsubmissionto
PTCharoenPokphandTbk inconnectionwiththeplanofa100%ownershiptakeoverofPTGreen
Food&BeveragebyPTCharoenPokphandTbk.
InformationcontainedinConfidentialInformationMemorandumisconfidentialbyreferringto
conditionsstatedinNonDisclosureAgreement/Perjanjian Kerahasiaan Bersama,whichhasbeen
previouslysignedbetweenPTGreenFood&BeverageandPTCharoenPokphandTbk.
ConfidentialInformationMemorandumcomprisesofdescriptivematerials,financialstatements,
financialprojections,andotherdatathatarepresentedtoprovideinsightsbeforefurtherprocesses
andrelateddecisionmakingarecarriedout.Italsopresentsdatalinkedtoestimationswhose
accuracylevelisinlinewithcarryingdevelopmentsofbusinessassumptionsingeneral,industry
performanceinbeveragesector,andeconomyaswellasregulationsinIndonesia.
DespiteinformationinConfidentialInformationMemorandumarepresentedwithcurrentconditions,
PTGreenFood&Beveragedoesnotmakeanyexpressedwarrantyastotheaccuracy,completeness,
oromissionsfromerrors.ThisConfidentialInformationMemorandumisbeingdeliveredwiththe
understandingthatPTCharoenPokphandTbk willconductownindependentevaluationofthose
matterswhichitdeemsappropriatewithoutsolerelianceuponmaterialssetoutinthisConfidential
Informationmemorandum.

1 | ConfidentialInformationMemorandum,June2014

TABLEOFCONTENTS

CompanyOverview
Product Portfolio
ProductPortfolio
MarketProfile
ProductionCapacity
AssetsandFacilities
Company Structure
CompanyStructure
NewBusinessDevelopments
StrategicPlanning
ShareholderProfile
Financial Statements (Audited 2011 2013)
FinancialStatements(Audited2011
FinancialProjections(2014 2018)

2 | ConfidentialInformationMemorandum,June2014

COMPANYOVERVIEW

MOVINGFORWARD
2002 Present

2002

PTGreenfoodandBeverage
wasestablishedin2002in
Pandaan,EastJava,
Indonesia.Thecompany
producesdrinkingwater
d
d i ki
fromitsspringwatersource
inthevillageofRajeg,that
maintainitspristineorigin
throughthreesurrounding
mountains.

2010
2013

Currentowneracquiredthe
companyIn2010andputnew
visionanddirectionofthe
company,movingtowardsmore
h i
d t
tf li
comprehensiveproductportfolio.
GreenfoodMineralWaterhasbeen
inthemarketmorethantwoyears
anddistributedthroughoutEastern
Indonesiathatcoversareasuchas
EastJava,CentralJava,Kalimantan,
Makassar,WestNusaTenggara
(NTB),EastNusaTenggara(NTT),
andothercityasfarasTimikaand
Jayapura.Combinedwithcurrent
owners35yearsstrong
distributionexperience,the
companygrowswiftlyasoneofthe
majorplayerinthemarket.

Present
Forward

Thecompanyrestructured
theorganisationand
movingtowardsintegrated
beveragecompany.Several
newproductsare
developed.Simultaneously,
Companyinvestsnew
machineriestocaterthe
developmentsofnew
products.

3 | ConfidentialInformationMemorandum,June2014

COMPANYOVERVIEW

LOCATION
IntegratedWorkingLocationofAnOfficeandTwoFactories

TheCompanyisstrategicallylocatedinthehillyregionof
Pandaan (EastJava,Indonesia),wherenaturalwater
springsprovideidealsourceofwater.Thelocationis
surroundedbythreemountains;
M
Mount
t Penanggungan,
P
M
Mount
t Welirang
W li
and
d Mount
M
t
Arjuna.
Itintegratesanofficealongwithtwofactories,withtotal
areaapproximately20,000squaremeters.

4 | ConfidentialInformationMemorandum,June2014

PRODUCTPORTFOLIO

GENERALKNOWLEDGE

Drinking
Mineral
Water

Reverse

MineralWatercontains70% 80%naturalmineralsuchassaltsandsulfurcompounds.Healthyand
activepeoplerequiredifferenttypeofminerals.Whatpeopledrinkdeterminesufficientsupplyofthis
needs.Thenumberofeachtypeofmineralinwaterpackagingmayvarydependingonthequalityofits
waterresource.
GREENFOODproducesthistypeofproduct.

ReverseOsmosisiswaterpurificationtechnologythatusesasemipermeablemembrane.Themineral
contentofsuchproductisabout5%,whichissuitableforpeopleovertheageof45withsomeorgan
dysfunction especially kidneys and liver problem
dysfunction,especiallykidneysandliverproblem.

Osmosis

Distilled
Water

Distilledwatercontains0%ofmineral.Thistypeofwaternormallyconsumedbypeoplewhohaveclinical
healthproblems.Thelackofnaturallyoccurringmineralsindistilledwaterisassociatedwithpossible
cardiovasculareffectsinthelongrun.

5 | ConfidentialInformationMemorandum,June2014

PRODUCTPORTFOLIO

PRODUCTMATRIX
THREEPRODUCTCATEGORIESUNDERFOURMAINBRANDS

FlavouredDrink

DrinkingWater
GREENFOOD

Tea

FRUITAMAX

Gallon
Bottle

SERRR
JellyDrink

Cup
MYCHOICE

Cup

Bottle

PopDrink

Bottle

Cup

C
Cup

Sachet

Sachet

BottledTea

SqueezedCup
Cup

(underdevelopment)

SERRR
Cup

MobileWaterProject
(underdevelopment)

6 | ConfidentialInformationMemorandum,June2014

PRODUCTPORTFOLIO

THREEUNIQUEBRANDSFORMINERALWATER
INTARGETINGTHREEDIFFERENT SEGMENTEDMARKETS

HighEnd
Segment(20%)
GREENFOODBrand
MainBrand,bigmarginwith

limiteddistributionfor
metropolitan area
metropolitanarea.
Greenfood meansAllGreen

andNatural
MarketingTaglineisPurify

FromTheGreen,meaning
g
thenaturegivescleanand
healthywater
AttractiveDesign,withthe

cyclesofwater
Exclusivebottlewith

GREENFOODembossedlogo.

MiddleIncome
Segment(30%)
MYCHOICEBrand
SecondBrand,awiderange

brandthatcanmeetmost
customersocialclass
MarketingtaglineisStraightly

mychoice itmeantheallthe
bestforme.
SimpleDesign,strongsport

bluesandtransparentmeets
uniquedesignofwaterlabel.
Nicebottledesign.

LowEnd
Segment(50%)
SERRRBrand
AthirdBrandtargetinglowend

segment.SERRRisalocalslank
j y
meansjoyandbriskcomes
fromthewind
SERRRhastwoproducts;water

andtea.Itisthebiggest
revenuegeneratingproduct.
Marketingtaglineis

Nikmatnya bikin Serrrr

meansenjoyabledrinkand
briskwindyblows.
Funnydesign,strongredand

browncolourmadethisbrand
shows water and tea
showswaterandtea
character.
7 | ConfidentialInformationMemorandum,June2014

PRODUCTPORTFOLIO

BRAND:GREENFOOD
PRODUCT: DRINKINGWATER

8 | ConfidentialInformationMemorandum,June2014

PRODUCTPORTFOLIO

BRAND:MYCHOICE
PRODUCT: DRINKINGWATER

9 | ConfidentialInformationMemorandum,June2014

PRODUCTPORTFOLIO

BRAND:SERRR
PRODUCT: DRINKINGWATER

10 | ConfidentialInformationMemorandum,June2014

PRODUCTPORTFOLIO

BRAND:FRUITAMAX
PRODUCT: ALLVARIANTS FLAVOUREDDRINK

11 | ConfidentialInformationMemorandum,June2014

PRODUCTPORTFOLIO

BRAND:FRUITAMAX
PRODUCT: JELLYDRINK

12 | ConfidentialInformationMemorandum,June2014

PRODUCTPORTFOLIO

BRAND:SERRR
PRODUCT: BOTTLEDTEA,SACHETANDCUPS

13 | ConfidentialInformationMemorandum,June2014

MARKETPROFILE

DISTRIBUTIONCOVERAGE

CentralJava,EastJavaandBali:50%oftotalrevenue
,
AllKalimantanRegion:30%oftotalrevenue
NTT,NTB,Papua,Makassarandotherregion:20%oftotalrevenue

14 | ConfidentialInformationMemorandum,June2014

MARKETPROFILE

SWOTANALYSIS

Strength

Weakness

Opportunity

Threat

Strongbranding inthe
market
k t

Distribution iscenteredin
J
JavaandKalimantan
d K li
t

Other areaofdistributionis
openwithmobilewater
p
project

Peercompetitorcould
adoptthestrategywith
p
gy
accesstocapital

Limited capital
Limitedcapital

Lowerend marketisstill
verybig.Withcompetitive
price through integration
pricethroughintegration
thecompanycangrabthis
market

Fluctuation ofUSD
exchange rate affect raw
exchangerateaffectraw
material(bottleandcup)

Additionalsales from
supporting machines such
supportingmachinessuch
ascup,bottleand
corrugatedpaper

Government uncertaintyin
uncertainty in
policy

Attractive design
design

Highqualityartesianwell.
Greenfood hastwowell
licenses

15 | ConfidentialInformationMemorandum,June2014

MARKETPROFILE

MARKETCOMPETITION
ThebrandiswidelyacceptedinEastJava.BigcitiesinKalimantan,Sulawesi,NTBandNTT

Greenfood

MyChoice

Serrr

Mobile
WaterandJelly
y
Drink

wouldbereadytoacceptthisbrand.
Thesalesgrowthisthismarketis5%abovecompetingnewbrandinthenewarea.Therefore
The sales growth is this market is 5% above competing new brand in the new area Therefore
withrightstrategy,thebrandwouldbeabletocompeteinthosemarket.

ThisbrandstillhavealargepotentialinEastJavaassecondtiermarketsuchasMadura,
g p
,
Jember,KediriandTulungagung.Besideitspricerangethatiswidelyacceptedbythemarket,
thepositioningofthisproductalsocompetitivesincethemarketisclosetoproductionsite.Its
drinkingwater(cupsize)andteacuparebestsellinginseveralregencies.

Lowendsegmentwiththisbrandisstillverypromising.Itsdrinkingwater(cup)adteacup
aregrowingfastforthepasttwoyears.Smallercitieswithintheproductionsiteaswellas
KalimantanandEasat Javaispromisingstronggrowthinthenearfuture.Serrr teacupis
evenamarketleaderinseveralsmallcitieswhichcanbeasasolidbaseforexpansion.

WithmanyareasinIndonesiastillhavenoaccesstocleanandpotablewater,mobilewater
projectwouldprovideagoodopportunity.Lowinvestmentforthedistributorandlow
maintenancewouldmakeitcompetitive.JellydrinkiscommontofindinIndonesia,the
companywillmakethislikeableproductinsqueezetube,whereyoucankeepitforcouple
ll
k h l k bl
d
b
h
k
f
l
ofservings.
16 | ConfidentialInformationMemorandum,June2014

COMPANYSTRUCTURE

SYNERGYAMONGCOMPANIES
ExistingandFutureCompanies

PTCIPTA
SARI
KREATIF
(Di t ib ti )
(Distribution)

THERMO
THERMO
CUP
Company

PTGREENFOOD
&BEVERAGE

Corrugated
Paper
Company

Mobile
Water
j
Project

CV.IJOO
TRANSPORT
(Trucking)
THERMO
BOTTLE
Company

CUPAND
BOTTLELID
Company

ExistingCompany
ImmediateExpansion
LaterStageExpansion

17 | ConfidentialInformationMemorandum,June2014

COMPANYSTRUCTURE

OrganizationStructure

TotalEmployees:146People

18 | ConfidentialInformationMemorandum,June2014

NEWBUSINESSDEVELOPMENTS

BRAND:SEGARA,underdevelopment
PRODUCT: PREMIUMDRINKINGMINERALWATERFROMDEEPSEA

19 | ConfidentialInformationMemorandum,June2014

NEWBUSINESSDEVELOPMENTS

MOBILEWATERPROJECT(MWP)
TheFillingSystem

20 | ConfidentialInformationMemorandum,June2014

NEWBUSINESSDEVELOPMENTS

MOBILEWATERPROJECT(MWP)
FrontandBackSides

21 | ConfidentialInformationMemorandum,June2014

NEWBUSINESSDEVELOPMENTS

MOBILEWATERPROJECT(MWP)
AMarketResponseSample

22 | ConfidentialInformationMemorandum,June2014

STRATEGICPLANNING

Decreaseproductioncostthrough

RealisingMobileWaterProject.

internalcupproduction.Thiswill
reduceendsellingpricetoIDR
X/box.

Usingtheumbrellalicenseof
Greenfood,thismobile20
containercanbedeployedliterally
everywhere.Itonlyneedswater
sourcethatcanbeobtained
throughdrillingasatelliteguided
well.Suitableforremoteplaces
whereitisnotpossibletosetupa
factory

Withproductioninthesame
With production in the same

premises,thereisno
transportationcost
Thesecondoneistoproducethe

bottlesinternallyforthesame
reason
Bothcombinedstrategywould

increasetoplinerevenuetoUSD
12mnperyearaswellasincreasing
overallEBITDAmargintoroughly
24%

LongTerm5Y

MediumTerm3Y

ShortTerm1Y

Settingupinternalproductionof
corrugatedpaperforpackagingas
wellaslidproductiontoincrease
profitmarginandsecureraw
materialavailability.

Nationaldistribution,replacing

mobilewaterprojectwith
permanentproductionfacilityfor
potentiallocations.
Buildingnationwidebrandtobe
Building nationwide brand to be

themarketleaderinbeverage
industry
Increasingexportcontributionto

totalsalesusingGreenfood asthe
mainbrand
Makethecompanypublicthrough

IPO

23 | ConfidentialInformationMemorandum,June2014

SHAREHOLDERPROFILE

Biography
CHRISTIANLEEisthesole

shareholderofPTGreenFood
&Beverage
Heisnow47Yearsoldwith

educationbackground
Marketing,Finance,and
MagisterinLawdegree.Hehas
30yearsofsalesand
distributionexperience
In2004hepioneeredthefirst

distributionsalesstrategywith
mappingareasforseparate
salesfocuscoverageinretail
andgroceryoutlet.This
conceptwasadoptedbythe
principles.
Trainerinsalesmanship,sales

Highlight of
Highlightof
SalesmanshipAwards
PTIndofoodSukses Makmur,

BestDistributionaward,Best
GoldAwardRank2Nd 1992,
BestPlatinumRank1St1994
PTMayora Indonesia,Best

Distributionaward,2002&
2004
PTPerfeti Vanmelle Indonesia,
PT.Arnotts Indonesia,4Times

TopGunawardduringyear
2003 2006.
Sinde BudiSentosa,Best
Budi Sentosa, Best

DistributionAward20022004
PT.Amerta IndahOtsuka,Best

Distributorperformance2005
2007.

Distributorship
BestDistributorawardbyAsahi

BeerIndonesia,Krating Daeng
EnergyDrink,Ratu Ayu,Vitas
EnergyDrink,Pocari Sweat,
BrandKakiTiga ,TotalMineral
Water,CheersMineralWater,
CleoMineralWater,PepsiAnd
Fruitamin Pop Ice
Fruitamin,PopIce.
BestDistributorforIndofood

Sukses Makmur,(Sarimi,
Fritolays,Chitato,Chiki,Bolo),
Nutrifood Indonesia(Tropicana
Slim) Perffeti Vanmelle,
Slim),Perffeti
Van melle
Mayora AndKraftIndonesia,
andmanyotherssuchasBritish
AmericanTobacco,Baygon
(Bayer)andNivea (beiersdorfs)

supervisoryandsales
i
d l
managerialforotherdistributor
companyandprincipaloffices.
24 | ConfidentialInformationMemorandum,June2014

CO PACKINGOPPORTUNITY

TangMas
T
M istargetingmiddletolowerincomeconsumerswith
i
i
iddl
l
i
ih

affordabledrinkproductssuchasFrutang inplasticcuppackaging
andmarginalpremiumproducttargetingthemiddleupper
consumerssuchas2TangandZestea.
TangMas willstartcopackingwithGreenfood withintwomonths

p
g
g y
p
dependingonthetrademarksregistry.Boththecompanieshad
agreedtoproducemorethan500,000boxesamonthforastart.

IndoTeh
I d T h isproducedbyIndoTirta
i
d d b I d Ti thatisalsoproducingAquaria
h i l
d i A
i

mineralwater.ThecompanydistributesitsproductsinJava,Bali,
Kalimantan,Sulawesi,PapuaandEastTimor.
Forastart,IndoTirta willproduce150,000boxeswithpotential

increasetolargernumberdependsonthecapacityofGreenfood.
TheservicefeewillbearoundRp
The service fee will be around Rp 1,700whileproductioncostis
1 700 while production cost is

estimatedatRp 800toRp 900.

TheservicefeewillbearoundRp 1,750whileproductioncostis

estimatedatRp 800toRp 900.

25 | ConfidentialInformationMemorandum,June2014

FIXEDASSETS

TOTALNETBOOKVALUE:Rp 58.1billion

Rp

29.2 billion

16.4 billion
9.1 billion

2.1 billion
1.2 billion

Land

Buildings

Water Sources

Vehicles

Production
Facilities

26 | ConfidentialInformationMemorandum,June2014

3YEARSFINANCIALPROJECTIONMWP*

SALES ASSUMPTION MOBILE WATER PROJECT (MWP)

SALESASSUMPTIONMOBILEWATERPROJECT(MWP)
Remark
SalesofMobileWaterProjectUnit
RawMaterialSalesofMWPNov2014
Total

Rp
YearlyRevenue
GrossProfit
TargetSalesInUnit
15
Unit
5,000,000,000 75,000,000,000 37,500,000,000
15
Unit
9,000,000,000 27,000,000,000 1,350,000,000
102,000,000,000 38,850,000,000

Year

2014

Year

2015

SalesofMobileWaterProjectUnit
RawMaterialsalesExisting2014
RawMaterialSalesofMWPNov2015
Total

15
15
15

Unit
Unit
Unit

5,000,000,000 75,000,000,000
11,250,000,000 135,000,000,000
9,000,000,000 27,000,000,000
237,000,000,000

37,500,000,000
6,750,000,000
1,350,000,000
45,600,000,000

Year

2016

SalesofMobileWaterProjectUnit
MWPRawMaterialsales2014
MWPRawMaterialSales2015
RawMaterialSalesofMWPNov2016
Total

15
15
15
15

Unit
Unit
Unit
Unit

5,000,000,000
13,050,000,000
11,250,000,000
9,000,000,000
, , ,

37,500,000,000
7,830,000,000
6,750,000,000
1,350,000,000
, , ,
45,330,000,000

75,000,000,000
156,600,000,000
135,000,000,000
27,000,000,000
, , ,
393,600,000,000

*Thisfigureisnotincludedinthefinancialprojectionandvaluation

27 | ConfidentialInformationMemorandum,June2014

CONSOLDATEDFINANCIALSTATEMENT2011 2013(AUDITED)
(
)

Sales
Costofgoodssold
GrossProfit
p
g p
OperatingExpenses
Incomefromoperations
OtherIncome(Charges)net
Incomebeforetax
Incometax
NetIncome
RetainedEarnings,prioryear
RetainedEarnings,currentyear
NetIncome
InterestExpenses
Depreceiation
EBITDA

2011
3,628,413
3 628 413
(2,742,773)
885,639

((308,318)
, )
577,321
(192,273)
385,048

385,048

1,551,404
1,936,452

385,048
174,707
399,809
959,564
959 564

USD
%

12,000
2012
5,046,660
5 046 660
(3,830,150)
24% 1,216,511

((465,975)
, )
750,536
(317,859)
432,677

11% 432,677

1,936,452
2,369,129

432,677
304,908
438,120
26% 1,175,705
1 175 705

2013
8,081,484
8 081 484
(6,172,144)
24% 1,909,340

((670,414)
, )
1,238,926
(509,223)
729,702

9% 729,702

2,369,129
3,098,831

729,702
454,075
533,799
23% 1,717,577
1 717 577

24%

9%

21%

28 | ConfidentialInformationMemorandum,June2014

CONSOLIDATEDFINANCIALSTATEMENT2011 2013(AUDITED)
(
)

2011
ASSETS
CurrentAssets
CashonHand&inBank
AccountReceivableTrade
Account Receivable Others
AccountReceivable
Others
PrepaidExpense&Tax
Inventory
TotalCurrentAssets
Fixed Assets
FixedAssets
Atcost
Accumulateddepreciation
NetBookValue
Other Assets
OtherAssets
Haki
ShareatGFB
TotalOtherAssets
TOTAL ASSETS
TOTALASSETS

72,074
861,357
102,357
2,500
746,815
1,785,103

5,622,415
(1,269,932)
4,352,483

24,167
24,167
6,161,753
6 161 753

USD 12,000
2012
2013

27,349
927,807
30,772
2,500
1,097,142
2,085,571

7,162,104
(1,708,060)
5,454,044

24,167
24,167
7,563,781
7 563 781

38,474
936,928
827,094
5,000
1,438,461
3,245,957

7,205,437
(2,241,860)
4,963,578

4,225,417

4,225,417
12,434,952
12 434 952

29 | ConfidentialInformationMemorandum,June2014

CONSOLIDATEDFINANCIALSTATEMENT2011 2013(AUDITED)
(
)

LIABILITIES&EQUITY
CurrentLiabilities
BankLoan
AccountPayabletrade
AccruedPayableothers
AccruedExpense&TaxesPayable
TotalCurrentLiabilities
LongTermLiabilities
BankLoan
ShareholdersLoan
TotalLongTermLiabilities
Hakminoritas
Shareholders'Equity
q y
CapitalStock
RetainedEarning
TotalShareholders'Equity
TOTAL LIABILITIES & EQUITY
TOTALLIABILITIES&EQUITY

2011

2012

2013

678,412
737,611
34,900

1,450,924

1,231,806
1,509,238
2,741,044

33,333
1,936,452
1,969,785
6,161,753

1,481,357
1,322,550

2,803,907

2,357,412

2,357,412

33,333
2,369,129
2,402,462
7,563,781

3,988,915
2,131,724
80,524

6,201,163

1,696,113
1,413,786
3,109,898
16,726

8,333
3,098,831
3,107,165
12,434,952

30 | ConfidentialInformationMemorandum,June2014

VALUATIONSCENARIOS

EBITDAMULTIPLESCENARIOS

PEMULTIPLESCENARIOS
9
12
15
18
20
EPS
PER9
PER12
PER15
PER18
PER20
2,432 21,891 29,188 36,485 43,782 48,647
EquityValue
6,567,321 8,756,428 10,945,536 13,134,643 14,594,047

MARKETCOMPARISON
CO
SO
Company
1 ADES

Currency
MarketCap
EBITDA
Rp
1,120,000,000,000 108,216,000,000
US$
93,333,333 9,018,000

EBITDA(X)
10.35

PER
16.26

2 ALTO

Rp
US$

1,180,000,000,000 41,698,000,000
98,333,333 3,474,833

28.30

51.13

3 Greenfood
G
f d

Rp
R
US$

144,000,000,000
144 000 000 000 20,610,926,220
20 610 926 220
12,000,000 1,717,577

6 99
6.99

16.45
16 45

31 | ConfidentialInformationMemorandum,June2014

5YearsProFormaIncomeStatements*
INCOMESTATEMENT

2013

2014

2015

2016

2017

2018

Sal es

Rp98,270,303,574

Rp112,057,992,720

Rp131,892,262,469

Rp155,237,130,449

Rp182,714,200,848

Rp215,054,623,655

Cos tofGoodSol d
RawMateri al

(52,094,725,365)

Rp(58,005,174,634)

Rp(68,272,093,152)

Rp(80,356,221,299)

Rp(94,579,323,358)

Rp(111,319,868,384)

(4,916,609,752)
(4 916 609 752)

Rp (4,857,619,751)
Rp
(4 857 619 751)

Rp (5,717,418,665)
Rp
(5 717 418 665)

Rp
Rp
(6 729 399 061)
(6,729,399,061)

Rp
Rp
(7 920 506 956)
(7,920,506,956)

Rp
Rp
(9 322 437 089)
(9,322,437,089)

Repai r&Mai ntenance

Laboratori um
Batubara
El ectri ci ty
Depreci ati on
Ongkos MuatBarang
Other
FactoryOverHead

(894,709,884)
(89,470,988)
(357,883,953)
(306,212,947)
(5,980,451,628)
(304,201,360)
(196,836,174)
(8,129,766,934)

Rp(1,087,796,247)
Rp(78,951,628)
Rp(348,538,327)
Rp(679,933,701)
Rp(9,130,451,628)
Rp(332,801,843)
Rp(214,739,809)
(11,873,213,183)

Rp(1,280,336,232)
Rp(92,926,070)
Rp(410,229,627)
Rp(800,281,996)
Rp(9,130,451,628)
Rp(391,707,785)
Rp(252,748,764)
(12,358,682,102)

Rp(1,506,955,138)
Rp(109,373,940)
Rp(482,840,076)
Rp(941,931,531)
Rp(9,130,451,628)
Rp(461,039,877)
Rp(297,485,176)
(12,930,077,367)

Rp(1,773,687,152)
Rp(128,733,197)
Rp(568,303,076)
Rp(1,108,654,008)
Rp(9,130,451,628)
Rp(542,644,227)
Rp(350,140,240)
(13,602,613,529)

Rp(2,087,629,868)
Rp(151,518,979)
Rp(668,892,749)
Rp(1,304,885,824)
Rp(7,880,451,628)
Rp(638,692,283)
Rp(412,115,081)
(13,144,186,412)

g nni ng
g
Fi ni shedGoodBegi
/Fi ni s hedGoodEndi ng

3,275,758,373
,
,
,
4,638,599,384

Rp
p
4,638,599,384
,
,
,
Rp7,151,549,423

Rp
p
7,151,549,423
,
,
,
Rp8,417,373,992

Rp
p
8,417,373,992
,
,
,
Rp9,907,245,201

Rp
p
9,907,245,201
,
,
,
Rp11,660,833,876

Rp
p
11,660,833,876
,
,
,
Rp13,724,802,063

TOTALCostofGoodSold

Rp(63,778,261,041)

Rp(72,223,057,530)

Rp(85,082,369,350)

Rp(98,525,826,518)

Rp(114,348,855,168)

Rp(131,722,523,698)

GrossProfit

Rp34,492,042,533

Rp39,834,935,190

Rp46,809,893,119

Rp56,711,303,931

Rp68,365,345,680

Rp83,332,099,957

35%

36%

35%

37%

37%

39%

(5,681,250,000)
(78,650,000)
(21,782,900)
(25,665,000)
(54,037,579)
(205,780,000)
(55,800,000)
(75,688,520)
(1,789,964,459)
(266,180,000)
(308,680,900)

Rp(7,344,609,097)
Rp(76,504,075)
Rp(25,357,161)
Rp (19,700,357)
Rp(108,430,318)
Rp(129,166,480)
Rp(36,029,655)
Rp(71,439,129)
Rp(1,834,376,594)
Rp(290,366,314)
Rp(276,512,605)

Rp(8,644,605,237)
Rp(90,045,299)
Rp(29,845,380)
Rp(23,187,321)
Rp(127,622,489)
Rp(152,028,953)
Rp(42,406,906)
Rp(84,083,858)
Rp(2,159,061,334)
Rp(341,761,165)
Rp(325,455,349)

Rp(10,174,696,269)
Rp(105,983,275)
Rp(35,127,998)
Rp (27,291,466)
Rp(150,211,610)
Rp(178,938,005)
Rp(49,912,908)
Rp(98,966,661)
Rp(2,541,214,167)
Rp(402,252,729)
Rp(383,060,792)

Rp(11,975,623,952)
Rp(124,742,381)
Rp(41,345,676)
Rp (32,122,072)
Rp(176,799,160)
Rp(210,610,146)
Rp(58,747,524)
Rp(116,483,823)
Rp(2,991,010,684)
Rp(473,451,717)
Rp(450,862,794)

Rp(14,095,309,998)
Rp(146,821,789)
Rp(48,663,862)
Rp (37,807,681)
Rp(208,092,620)
Rp(247,888,152)
Rp(69,145,839)
Rp(137,101,465)
Rp(3,520,419,727)
Rp(557,252,695)
Rp(530,665,532)

Rp(8,563,479,358)

Rp(10,212,491,785)

Rp(12,020,103,290)

Rp(14,147,655,879)

Rp(16,651,799,929)

Rp(19,599,169,360)

Di rectLabor
rect Labor

OperatingExpense
Sal ary&Al l owance
Offi ceSuppl i es
Insurance
Legal Document
El ectri ci ty&Tel epon
Travel l i ngExp
Entertai nment
Repai r&Mai ntenance
Promoti onExpenses
Trans portati on
Others
TOTALOPERATINGEXPENSE

OperatingProfit
OtherIncome(Charges )net
EarningBeforeTax(EBT)
Incometax
NetProfit

9%

9%

9%

9%

Rp25,928,563,175

Rp29,622,443,405

Rp34,789,789,829

26.4%

26.4%

27.4%

28.3%

29.6%

Rp(6,110,679,672)

Rp(7,245,710,523)

Rp(9,952,665,019)

Rp(6,236,760,000)

Rp(3,742,056,000)

Rp(1,247,352,000)

Rp19,817,883,503

Rp22,376,732,882

Rp24,837,124,809

Rp36,326,888,052

Rp47,971,489,751

Rp62,485,578,597

Rp42,563,648,052

9%

Rp51,713,545,751

9%

Rp63,732,930,597

(5,594,183,220)

(6,209,281,202)

(9,081,722,013)

(11,992,872,438)

(15,621,394,649)

Rp19,817,883,503

Rp16,782,549,661

Rp18,627,843,607

Rp27,245,166,039

Rp35,978,617,313

Rp46,864,183,948

20%

15%

14%

25%

18%

20%

22%

I nte re s tExpe ns e
De pre ci a ti on

Rp(5,540,527,286)

Rp(7,245,710,523)

Rp(9,952,665,019)

Rp(6,236,760,000)

Rp(3,742,056,000)

Rp(1,247,352,000)

Rp(7,000,593,024)

Rp(9,130,451,628)

Rp(9,130,451,628)

Rp(9,130,451,628)

Rp(9,130,451,628)

Rp(7,880,451,628)

EBI TDA

Rp32,359,003,813

Rp38,752,895,033

Rp43,920,241,457

Rp51,694,099,680

Rp60,843,997,379

Rp71,613,382,225

32 | ConfidentialInformationMemorandum,June2014

*ThisfiguredoesnotincludecopackingandMWPincome

5YearsProFormaIncomeStatements
BALANCESHEET

Asset
CurrentAssets
CashonHand&inBank
TradeReceivables
OtherReceivables
PrepaidExpense&Tax
Inventory
TOTALCURRENTASSETS

30 ARDays

2013

2014

2015

2016

2017

2018

Rp
p
, ,
461,688,207
Rp11,243,137,490
Rp9,925,133,227
Rp60,000,000
Rp17,261,529,658
Rp38,951,488,582

Rp
p 18,342,458,907
, , ,
Rp9,338,166,060
Rp9,925,133,227
Rp60,000,000
Rp19,683,386,480
Rp57,349,144,674

Rp
p 1,026,888,261
, , ,
Rp10,991,021,872
Rp9,925,133,227
Rp60,000,000
Rp23,167,346,772
Rp45,170,390,133

Rp
p 11,847,099,881
, , ,
Rp12,936,427,537
Rp9,925,133,227
Rp60,000,000
Rp27,267,956,176
Rp62,036,616,821

Rp
p 30,557,110,405
, , ,
Rp15,226,183,404
Rp9,925,133,227
Rp60,000,000
Rp32,094,401,688
Rp87,862,828,724

Rp
p 57,807,022,321
, , ,
Rp17,921,218,638
Rp9,925,133,227
Rp60,000,000
Rp37,775,112,413
Rp123,488,486,599

FixedAssets
p
Less:Accum.Depreciation

Rp86,465,249,267 Rp110,465,249,267 Rp110,465,249,267 Rp110,465,249,267 Rp110,465,249,267 Rp110,465,249,267

Rp
p ((26,902,319,238)
, , , ) Rp
p (36,032,770,866)
( , , , ) Rp
p (45,163,222,494)
( , , , ) Rp
p (54,293,674,123)
( , , , ) Rp
p (63,424,125,751)
( , , , ) Rp
p (71,304,577,379)
( , , , )
Rp59,562,930,029 Rp74,432,478,401 Rp65,302,026,773 Rp56,171,575,144 Rp47,041,123,516 Rp39,160,671,888

Haki
ShareatGFB
TOTALASSETS

Rp50,705,000,000 50,705,000,000 50,705,000,000 50,705,000,000 50,705,000,000 50,705,000,000

Rp149,219,418,611 Rp182,486,623,075 Rp161,177,416,905 Rp168,913,191,966 Rp185,608,952,240 Rp213,354,158,486

CurrentLiabilities
BankLoan
TradePayable
Otherpayable
AccruedExpense&TaxesPayable
TOTALCURRENTLIABILITIES

30 APDays
30 APDays

Rp
p 47,866,982,570
, , ,
Rp
p 41,142,550,324
, , ,
Rp
p 20,789,200,000
, , ,
Rp
p 20,789,200,000
, , ,
Rp
p 20,789,200,000
, , ,
Rp
p

Rp25,580,687,229 Rp6,775,524,601 Rp7,981,025,149 Rp9,260,834,170 Rp10,767,177,131 Rp12,437,399,429

Rp966,287,369 Rp966,287,369 Rp966,287,369 Rp966,287,369 Rp966,287,369 Rp966,287,369
Rp74,413,957,168 Rp48,884,362,294 Rp29,736,512,518 Rp31,016,321,539 Rp32,522,664,500 Rp13,403,686,798

WORKINGCAPITAL

Rp(24,467,513,196) Rp(19,322,048,019) Rp(3,931,315,557) Rp(4,766,206,048) Rp(5,609,858,417) Rp(6,705,523,661)

LongTermLiabilities
BankLoan
ShareholdersLoan
TOTALLONGTERMLIABILITIES

Rp20,353,350,324 Rp62,367,600,000 Rp41,578,400,000 Rp20,789,200,000 Rp Rp

Rp16,965,428,924 Rp16,965,428,924 Rp16,965,428,924 Rp16,965,428,924 Rp16,965,428,924 Rp16,965,428,924
Rp37,318,779,248 Rp79,333,028,924 Rp58,543,828,924 Rp37,754,628,924 Rp16,965,428,924 Rp16,965,428,924

HakMinoritas
Equity
Capital
RetainedEarning
Profit(Loss)fortheyear
TOTALSHAREHOLDERS'EQUITY
TOTALLIABILITIES&EQUITY

Rp200,708,031
Rp100,000,000 Rp100,000,000 100,000,000 100,000,000 100,000,000 100,000,000
Rp57,988,371,081 Rp74,770,920,743 Rp93,398,764,350 Rp120,643,930,389 Rp156,622,547,702 Rp203,486,731,650
Rp58,088,371,081 Rp74,870,920,743 Rp93,498,764,350 Rp120,743,930,389 Rp156,722,547,702 Rp203,586,731,650
Rp169,821,107,497 Rp203,088,311,961 Rp181,779,105,791 Rp189,514,880,851 Rp206,210,641,126 Rp233,955,847,372

33 | ConfidentialInformationMemorandum,June2014

*ThisfiguredoesnotincludecopackingandMWPincome