GGRM Gudang Garam Tbk.

COMPANY REPORT : FEBRUARY 2013

Main Board
Industry Sector : Consumer Goods Industry (5)
Industry Sub Sector : Tobacco Manufacturers (52)

As of 28 February 2013
:
1,884.878
Individual Index
1,924,088,000
:
Listed Shares
Market Capitalization : 92,933,450,400,000

9 | 99.8T | 2.33% | 41.91%

12 | 20.0T | 1.79% | 41.73%

COMPANY HISTORY
Established Date : 26-Jun-1958
Listing Date
: 27-Aug-1990
Under Writer IPO :
PT Danareksa
PT Multicorp
PT Merincorp
PT Surya Securities
PT Ficonensia
Securities Administration Bureau :
PT Raya Saham Registra
Plaza Central Building 2nd Fl.
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930
Phone : 252-5666
Fax
: 252-5028
BOARD OF COMMISSIONERS
1. Juni Setiawati Wonowidjojo
2. Frank Willem Van Gelder *)
3. Lucas Mulia Suhardjo *)
4. Yudiono Muktiwidjojo *)
*) Independent Commissioners
BOARD OF DIRECTORS
1. Susilo Wonowidjojo
2. Buana Susilo
3. Fajar Sumeru
4. Ginawati
5. Herry Susianto
6. Heru Budiman
7. Istata Taswin Sidharta
8. Sony Sasono Rahmadi
AUDIT COMMITTEE
1. Frank Willem van Gelder
2. Bambang Susilo
3. Jusuf Halim
CORPORATE SECRETARY
Heru Budiman
HEAD OFFICE
Jln. Jend. A. Yani No. 79
Jakarta - 10510
Phone : (021) 420-2460
Fax
: (021) 424-3136
Homepage
Email

: www.gudanggaramtbk.com
: corporate_secretary@gudanggaramtbk.com

SHAREHOLDERS (February 2013)

1. PT Suryaduta Investama
2. PT Suryamitra Kusuma
3. Public (<5%)

1,333,146,800 :
120,442,700 :
470,498,500 :

DIVIDEND ANNOUNCEMENT
Bonus
Cash
Year Shares Dividend Cum Date
150.00
12-Jul-91
1991
1992
150.00
22-Jul-93
06-Jul-94
1993
155.00
1994
210.00
05-Jul-95
1996
1:1
25-Apr-96
1995
75.00
16-Jul-96
1996
150.00
07-Jul-97
1997
120.00
03-Jul-98
1998
260.00
05-Jul-99
1999
500.00
06-Jul-00
2000
500.00 27-Nov-00
2001
300.00
02-Jul-02
2002
300.00 27-Jun-03
300.00
2003
16-Jul-04
21-Jul-05
2005
500.00
2005
500.00
21-Jul-06
2006
250.00
23-Jul-07
2007
250.00
15-Jul-08
2008
350.00
14-Jul-09
2009
650.00
13-Jul-10
2010
880.00
25-Jul-11
2011
1,000.00
30-Jul-12

Ex Date
15-Jul-91
23-Jul-93
07-Jul-94
06-Jul-95
26-Apr-96
17-Jul-96
08-Jul-97
07-Jul-98
06-Jul-99
07-Jul-00
28-Nov-00
03-Jul-02
30-Jun-03
19-Jul-04
22-Jul-05
24-Jul-06
24-Jul-07
16-Jul-08
15-Jul-09
14-Jul-10
26-Jul-11
31-Jul-12

Recording
Date
20-Jul-91
30-Jul-93
14-Jul-94
14-Jul-95
06-May-96
25-Jul-96
16-Jul-97
15-Jul-98
14-Jul-99
17-Jul-00
05-Dec-00
08-Jul-02
02-Jul-03
21-Jul-04
26-Jul-05
26-Jul-06
26-Jul-07
18-Jul-08
17-Jul-09
16-Jul-10
28-Jul-11
02-Aug-12

69.29%
6.26%
24.45%

Payment
Date
09-Aug-91
23-Aug-93
13-Aug-94
14-Aug-95
03-Jun-96
19-Aug-96
14-Aug-97
13-Aug-98
11-Aug-99
31-Jul-00
19-Dec-00
19-Jul-02
11-Jul-03
04-Aug-04
08-Aug-05
07-Aug-06
09-Aug-07
01-Aug-08
30-Jul-09
29-Jul-10
08-Aug-11
16-Aug-12

F/I

F
F
F
F
F
F
F
F
I
F
F
F
F
F
F
F
F
F
F

ISSUED HISTORY
No.
1.
2.
3.
4.
5.
6.

Type of Listing
First Issue
Partial Listing
Founders Shares
Koperasi
Stock Split
Bonus Shares

Shares
57,807,800
38,396,600
375,197,600
9,620,000
481,022,000
962,044,000

Listing
Date
27-Aug-90
27-Aug-90
31-May-94
31-May-94
03-Jun-96
04-Jun-96

Trading
Date
27-Aug-90
27-Feb-91
31-May-94
00-Jan-00
03-Jun-96
05-Jun-96

GGRM Gudang Garam Tbk.

TRADING ACTIVITIES

Closing Price* and Trading Volume

Gudang Garam Tbk.
January 2009 - February 2013

Closing Price
Volume
(Mill. Sh)

68,000

32.0

59,500

28.0

51,000

24.0

42,500

20.0

34,000

16.0

25,500

12.0

17,000

8.0

8,500

4.0

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Closing Price*, Jakarta Composite Index (IHSG) and

Consumer Goods Industry Index
January 2009 - February 2013

Low
4,375
5,100
4,925
5,900
7,200
10,700
11,750
14,050
13,700
11,900
13,500
17,200

Close
5,400
5,200
5,900
7,450
11,350
12,550
14,100
14,300
14,900
14,300
17,250
21,550

Volume
Value
Freq.
(X) (Thou. Sh.) (Million Rp)

Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09

High
5,400
6,250
6,000
7,550
12,000
12,750
15,100
15,450
15,050
14,900
17,600
21,800

Day

Closing
Price*

2,281
3,201
2,408
2,152
3,704
5,539
5,222
3,313
2,721
4,921
5,436
5,563

9,864
15,651
11,250
14,275
77,318
51,797
26,439
22,834
12,620
16,175
41,296
26,293

46,268
88,084
61,004
92,162
687,554
580,205
349,802
329,861
184,088
224,665
687,000
503,779

19
20
20
20
20
22
21
20
18
22
20
19

Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10

24,300
26,500
28,000
28,500
38,150
35,450
36,000
41,100
51,600
52,500
48,600
46,100

20,650
23,550
24,600
24,750
27,400
29,450
32,750
34,600
39,400
45,900
40,700
36,900

24,000
26,050
24,750
27,600
33,700
34,200
35,000
39,400
51,600
47,700
40,700
40,000

6,103
3,791
7,514
9,299
12,065
13,049
8,293
6,779
9,809
12,651
9,492
14,804

29,594
18,728
25,311
25,106
57,347
39,162
20,012
47,307
28,137
35,210
48,751
30,575

683,961
461,129
665,026
673,756
1,862,994
1,294,682
696,081
1,563,843
1,295,333
1,729,745
1,940,010
1,259,668

20
19
22
21
19
22
22
21
17
21
21
20

Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

41,350
38,350
43,100
41,500
44,900
50,100
57,000
56,500
61,500
61,150
65,000
67,000

34,000
33,300
35,850
40,000
40,350
43,300
47,400
46,900
47,400
51,000
56,000
59,100

37,250
36,550
41,850
40,600
43,550
49,800
50,900
55,000
52,500
58,600
65,000
62,050

19,222
15,422
17,678
14,189
9,674
11,628
13,717
18,035
21,191
18,610
12,066
13,867

42,483
29,060
31,054
28,806
17,711
23,804
26,505
31,756
29,637
30,293
20,160
20,282

1,594,349
1,036,576
1,239,465
1,166,285
754,867
1,093,954
1,348,972
1,672,663
1,594,104
1,706,426
1,231,087
1,267,505

21
18
23
20
21
20
21
19
20
21
22
21

Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12

63,250
59,850
57,300
60,450
61,050
62,800
63,800
55,500
50,500
53,600
53,000
60,450

55,400
50,050
51,400
55,300
54,000
53,350
55,250
48,100
45,900
46,250
46,050
52,500

57,000
56,750
55,050
59,200
54,100
61,500
56,350
50,100
46,450
49,150
52,850
56,300

17,928
24,119
20,086
16,395
17,382
12,187
17,251
27,096
18,256
18,562
22,959
15,404

24,428
33,685
30,356
25,722
25,548
19,587
33,688
41,704
26,130
34,242
43,229
31,454

1,440,624
1,855,940
1,645,012
1,498,625
1,481,745
1,147,973
1,958,846
2,143,553
1,247,867
1,718,568
2,115,356
1,771,421

21
21
21
20
21
21
22
19
20
22
20
18

Jan-13
Feb-13

57,000 49,500 51,850

52,850 48,300 48,300

20,401
16,161

36,082
39,784

1,900,377
2,000,127

21
20

Month

1,470%
1,260%
1,050%

991.5%

840%
630%
420%

397.2%

210%

233.7%

-210%

Jan 09

Jan 10

Jan 11

Jan 12

Jan 13

SHARES TRADED

2009

2010

2011

Volume (Million Sh.)

Value (Billion Rp)
Frequency (Thou. X)
Days

326
3,834
46
241

405
14,126
114
245

332
15,706
185
247

370
20,026
228
246

76
3,901
37
41

21,800
4,375
21,550
21,550

52,500
20,650
40,000
40,000

67,000
33,300
62,050
62,050

63,800
45,900
56,300
56,300

57,000
48,300
48,300
48,300

12.00
18.56
PER (X)
20.07
16.41
PER Industry (X)
2.27
3.63
PBV (X)
* Adjusted price after corporate action

24.08
16.22
4.86

26.70
19.75
4.23

22.91
21.70
3.63

Price (Rupiah)
High
Low
Close
Close*

2012 Feb-13

GGRM Gudang Garam Tbk.

Financial Data and Ratios
Public Accountant : Siddharta & Widjaja (Member of KPMG International)

Book End : December

Dec-08

Dec-09

Dec-10

Dec-11

Sep-12

Cash & Cash Equivalents

1,134,826

1,222,897

1,249,249

1,094,895

1,464,145

Receivable

2,098,598

1,038,958

915,004

937,987

1,208,829

BALANCE SHEET
(Million Rp except Par Value)

TOTAL ASSETS AND LIABILITIES (Bill. Rp)

Assets

Liabilities

41,250
33,000

Inventories

13,528,987 16,853,310 20,174,168 28,020,017 26,766,505

Current Assets

17,008,576 19,584,533 22,908,293 30,381,754 30,208,026

Fixed Assets

6,608,094

7,019,464

7,406,632

8,189,881

9,473,842

Other Assets

444,490

613,344

411,400

479,473

1,002,468

Total Assets

24,072,959 27,230,965 30,741,679 39,088,705 40,728,153

13.12%

Growth (%)

12.89%

27.15%

24,750
16,500
8,250

4.19%
-

Current Liabilities
Long Term Liabilities
Total Liabilities

7,670,532
883,156

887,145

8,553,688

8,848,424

Authorized Capital
Paid up Capital
Paid up Capital (Shares)

8,481,933 13,534,319 14,044,923

939,470

1,003,458

2008

2009

2010

2011

Sep-12

1,103,524

9,421,403 14,537,777 15,148,447

3.45%

6.48%

54.31%

4.20%

81,004

123,114

1,158,000

1,158,000

1,158,000

1,158,000

1,158,000

962,044

962,044

962,044

962,044

962,044

1,924

1,924

1,924

1,924

1,924

500

500

500

500

500

Growth (%)
Minority Interest

7,961,279

TOTAL EQUITY (Billion Rupiah)

24,551

25,580

21,197
18,302

20,361

15,519
15,143

Par Value
Retained Earnings

14,503,522 17,285,793 20,181,418 23,382,278 24,464,238

Total Equity

15,519,266 18,301,537 21,197,162 24,550,928 25,579,706

Growth (%)
INCOME STATEMENTS
Total Revenues

Dec-08

15.82%

15.82%

4.19%

Dec-09

Dec-10

Dec-11

Sep-12

4,707

-512

2008

30,251,643 32,973,080 37,691,997 41,884,352 35,599,132

9.00%

Growth (%)
Expenses

17.93%

9,925

14.31%

2009

2011

Sep-12

11.12%
TOTAL REVENUES (Billion Rupiah)

25,095,136 25,807,564 28,826,410 31,754,984 28,897,504

Gross Profit

5,156,507

7,165,516

8,865,587 10,129,368

6,701,628

Operating Expenses

1,990,872

1,958,679

3,007,726

3,514,397

2,310,278

Operating Profit

3,165,635

5,206,837

5,857,861

6,614,971

4,391,350

64.48%

12.50%

12.92%

-509,102

-378,084

-226,565

2,656,344

4,828,213

5,631,296

6,614,971

4,057,126

775,852

1,342,312

1,416,507

1,656,869

1,014,422

-30,199

-68,507

1,880,492

3,455,702

4,146,282

4,958,102

3,042,704

83.77%

19.98%

19.58%

41,884
37,692

41,884

Growth (%)

2010

33,340

30,252

35,599

32,973

24,796

Other Income (Expenses)

Income before Tax
Tax

-334,224
16,251

7,707

Minority Interest
Net Income

Growth (%)

2008

Dec-08

Dec-09

Dec-10

Dec-11

Sep-12

Current Ratio (%)

221.74

246.00

270.08

224.48

215.08

Dividend (Rp)

350.00

650.00

880.00

1,000.00

EPS (Rp)

977.34

1,796.02

2,154.93

2,576.86

1,581.37

BV (Rp)

8,065.78

9,511.80

11,016.73

12,759.77

13,294.46

DAR (X)

0.36

0.32

0.31

0.37

0.37

DER(X)

0.55

0.48

0.44

0.59

0.59

RATIOS

-838

2009

2010

2011

Sep-12

NET INCOME (Billion Rupiah)

4,958
4,958

4,146
3,456

3,947

3,043
2,935

ROA (%)

11.03

17.73

18.32

16.92

9.96

ROE (%)

17.12

26.38

26.57

26.94

15.86

GPM (%)

17.05

21.73

23.52

24.18

18.83

OPM (%)

10.46

15.79

15.54

15.79

12.34

NPM (%)

6.22

10.48

11.00

11.84

8.55

35.81

36.19

40.84

38.81

8.24

3.02

2.20

1.61

Payout Ratio (%)

Yield (%)

1,880
1,924

912

-99

2008

2009

2010

2011

Sep-12