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PT Matahari Putra Prima, Tbk

Sufian (29112017 MBA) X-47

July 2013
PT Matahari Putra Prima, Tbk (MPPA) Financial Statement Analysis

TABLE OF CONTENTS
Indonesia macro-Economic Outlook .............................................................................................................................3 General Overview ....................................................................................................................................................3 Macroeconomic overview ........................................................................................................................................3 Gross Domestic Product (GDP) ..............................................................................................................................4 Unemployment Rate ................................................................................................................................................6 Outlook of Modern Retail Industry .......................................................................................................................6 Consumer Spending ................................................................................................................................................8 Inflation Rate ...........................................................................................................................................................9 Company Overview .......................................................................................................................................................9 PT Matahari putra prima tbk (MPPA) Company Profile ...................................................................................9 ownership and major holders ............................................................................................................................... 11 business activities and strategies .......................................................................................................................... 12 MPPA Company Performance Overview .................................................................................................................... 13 Financial performance Analysis .............................................................................................................................. 13 Financial Ratios ..................................................................................................................................................... 17 Profitability Ratios ................................................................................................................................................ 19 growth over prior year ......................................................................................................................................... 20 stock market snapshot .............................................................................................................................................. 21 competitors and industry analysis ................................................................................................................................ 21 direct competitors .................................................................................................................................................... 22 comparison with direct competitors financial ratios ................................................................................................ 23 comparison with direct competitors stock chart ...................................................................................................... 26 SWOT ANALYSIS ..................................................................................................................................................... 27 MPPAs Business Prospect (Forecast) ................................................................................................................. 28 Recommendation for improvement ............................................................................................................................. 29 References: .................................................................................................................................................................. 30

INDONESIA MACRO-ECONOMIC OUTLOOK


GENERAL OVERVIEW

Indonesia lies between latitudes 11S and 6N, and longitudes 95E and 141E. It consists of 17,508 islands, about 6,000 of which are inhabited. These are scattered over both sides of the equator. The largest are Java, Sumatra, Borneo (shared with Brunei and Malaysia), New Guinea (shared with Papua New Guinea), and Sulawesi. Indonesia shares land borders with Malaysia on Borneo, Papua New Guinea on the island of New Guinea, and East Timor on the island of Timor. Indonesia shares maritime borders across narrow straits with Singapore, Malaysia, the Philippines, and Palau to the north, and with Australia to the south. The capital, Jakarta, is on Java and is the nation's largest city, followed by Surabaya, Bandung, Medan, and Semarang.

MACROECONOMIC OVERVIEW

Indonesia has the largest economy in Southeast Asia and is one of the emerging market economies of the world. The country is also a member of G-20 major economies and classified as a newly industrialized country. It has a market economy in which the government plays a significant role through ownership of state-owned enterprises (the central government owns more than 160 enterprises) and the administration of prices of a range of basic goods including fuel, rice, and electricity. In the aftermath of the financial and economic crisis that began in mid1997 the government took custody of a significant portion of private sector assets through acquisition of nonperforming bank loans and corporate assets through the debt restructuring process. Since 2004 the economy has recovered and growth has accelerated to over 6% in recent years. Indonesia regained its investment grade rating from Fitch Rating in late 2011, and from Moody's Rating in early 2012, after losing its investment grade rating in December 1997 at the onset of the Asian financial crisis which Indonesia spent more than Rp450 trillion ($50 billion) to bail out lenders from banks. Fitch raised Indonesia's long-term and local currency debt rating to BBBfrom BB+ with both ratings is stable. Fitch also predicted that economy will grow at least 6.0% on average per year through 2013, despite a less conducive global economic climate. Moodys
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raised Indonesia's foreign and local currency bond ratings to Baa3 from Ba1 with a stable outlook. Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a fiscal deficit below 3%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2013 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of high oil prices.

GROSS DOMESTIC PRODUCT (GDP)

The GDP in Indonesia was worth US$ 846.832 billion in 2012. It represents 1.37% of world economic. In the last 10 years, Indonesia GDP has a constant growth each year.

On the sector basis, the source of growth has started to be more balanced as the tradable sectors that accounted 46.9% of total GDP, rose by 4.5% YoY in the 2011, while non-tradable sectors grew by 8.3% YoY in the same period vs. 8.2% YoY last year. The strong pickup in tradable sector was driven by the manufacturing sector that grew by 6.2% YoY in 2011, the highest growth since 2004. The strong growth was driven by domestic-based manufacturing, such as iron, textile, food, and transportation industries. Expansion in manufacturing sector indicates improvement in the economic capacity, which will help sustain economic growth in the future.

UNEMPLOYMENT RATE

With around 240 million people, Indonesia is the fourth most populous country in the world (after China, India and the United States). Moreover, the country has a young population as around half of the total population is below the age of 30 years. Combined, these two features imply that Indonesia currently contains a large labor force; one that will grow larger in the foreseeable future.

OUTLOOK OF MODERN RETAIL INDUSTRY

Strong underlying economic growth, large population (the worlds fourth largest and growing), rising per-capita incomes and the continued development of organized retail infrastructure are key factors behind the substantial growth forecast in Indonesian retail sales. In 2011 and 2012, modern retail industry is estimated to grow by approximately 20% YoY each.

Retail Industry Growth

We are on the view that Indonesian modern retail industry still has large room to grow. Enhancing consumption, which contributes as much as 57.5% for Indonesian GDP growth of 6.4% in 1H12, large population of around 257 million, and increasing income per capita to over USD 4,000 in 2012, support the growth of modern retail industry. Else, demographic factors suggest scope for strong medium-to-long term growth in retail sales. The population is youthful around 28.8% of people are aged fewer than 15, and around 5% are above 65 years. The population itself also recorded an increasing middle-class society to over 40%, or amounted to 23 million families. Indonesian Retail Merchants Association (Aprindo) estimates that the sales from national modern retail will lift by 15% YoY in 2012, or accounted to Rp 138 trillion, with 1st and 2nd semester contribution of 40%: 60%.

With such supporting situation, many Indonesias major retailers, especially modern market retailers that focus on food business, are expanding rapidly and the competition remains fierce in the future. In the minimarts business segment, PT indomarco Prismatama, the owner of Indomaret mini markets, and PT Sumber Alfaria Trijaya, which operates Alfamart, has dominate the minimart business, with total of around 10,000 stores of minimarts. Meanwhile, in the hypermarkets segments, Carrefour and Hypermart dominate with outlets of 85 and 75, respectively, as of mid of November 2012.

CONSUMER SPENDING

Consumer spending, also called consumer consumption or expenditure is the amount of money that households spend on goods and services in order to satisfy their needs. Similar to GDP, the amount of consumer spending in Indonesia has continuously increased since 2003 to 2012. In the last quarter of 2012, its stated that consumer spending in 4th quarter has reached 368,212.80 billion. The figure below shows the trend of Indonesia consumer spending since 1st quarter of 2003 to 4th quarter of 2012. From the chart shown in the figure below, it can be indicated that Indonesia economic is performing well. The consumer expenditure is one of indicator to measure that the economy is in healthy condition. So household spend more of their money to goods and services to satisfy their needs

INFLATION RATE

Indonesian statistic biro (BPS) reported that the inflation rate in Indonesia was recorded at 5.57% in April 2013. The statistic shows that theres the variance of inflation rate since 2003 till present (the figure below show the inflation rate from 2013 t0 2012). The average of inflation rate is around 7.8 while the highest one was 18.38 around last quarter of 2005 and the lowest was 3.43 around April 2010.

COMPANY OVERVIEW PT MATAHARI PUTRA PRIMA TBK (MPPA) COMPANY PROFILE

The Company is domiciled at Menara Matahari 20th floor, Boulevard Palem Raya # 7, Lippo Village - Tangerang, Banten. Homepage: www.matahari.co.id Vision: To be consumers most preferred retailer Mission: To consistently bring value fashion-right products and services that enhances the consumers quality of lifestyle

PT Matahari Putra Prima, Tbk ("MPPA") is one of the largest hypermarket operators in Indonesia namely Hypermart with total market share of 16.1% in 2011 (AC Nielsen). Under Matahari Food Business, MPPA also operates Foodmart and Boston Health and Beauty Center (Boston HBC). Through its subsidiaries, MPPA operates Books & Beyond and Tim ezone. As of November 2nd, 2012, MPPA has operated 75 Hypermart, 26 Foodmart and 75 Boston HBC stores with total operational space of more than 500,000 sqm. MPPA has received several awards such as Museum Indonesia (MURI) records for displaying 219,860 page views in the internet. MPPA also received Corporate Social Responsibility (CSR) Award from Seputar Indonesia (Sindo) Newspaper, 2011 Retail Asia Top 500 Awards from Retail Asia, Euromonitor International and KPMG, and 1st Ranking of SWA 100 Indonesia Best Public Companies in 2011. In line with the growth of modern retail industry in Indonesia and buyed by its huge customer base, MPPA has a bright prospect ahead. PT Matahari Putra Prima Tbk (MPPA) was established on March 11, 1986. Currently, MPPA through its Food Business Division (Matahari Food Business- MFB) engaged in FMCG industry in the form of Hypermarket and Supermarket, as well as Department Store through Matahari Department Store (20% ownership in joint venture with CVC Capital Partners). In addition, MPPA also has several supporting business i.e. Timezone family entertainment centers, Times bookstore, Restaurant Services and FMCG logistic and distribution. MPPAs hypermarket known as Hypermart is the second largest hypermarket in Indonesia with market share of 34.3% in 2011.
MPPAs business network:

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OWNERSHIP AND MAJOR HOLDERS

Shareholders (per 31 December 2012):

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BUSINESS ACTIVITIES AND STRATEGIES

The core retail business of Matahari Group The Company's core key retail business activities include active retail operation within FMCG (Fast Moving Consumers Goods) industry through hypermarket and supermarket formats, supported by several other minor smaller businesses such as health and beauty centers, family entertainment centers, international bookstores, restaurant services and FMCG logistic and distribution. In addition, the Company also has a strategic alliance with its strategic international partner in owning and managing the Indonesia's leading department store chain, Matahari Department Store.

Supported by Nationwide Network In the past six years, the number of Hypermart outlet has increased 23.0% a year on the average. In 2005, the number of Hypermart outlet was 17 units and increased to 59 units in 2011. This retail networks are spread over 32 cities in Indonesia. Besides, Hypermart is backed up with three distribution centers which have an important role in the distribution of goods to Hypermart and Foodmart. The warehouses of the three distribution centers are located in Surabaya, Balaraja and Cibitung. Up to September 2011, MPPA has opened 5 of 15 new stores which will increase about 102,500 sqm sales area. The new stores are located in North Lippo Karawaci, Ciputra World Surabaya, Serang, Kediri and Gresik, while the rest is planned to be opened in Kudus, Batu Malang, Cirebon, Ciputra Sraya (Sumatera), Gorontalo, Sidoarjo and Palembang. Furthermore, MPPA plans to open 15 new stores in 2012 and about 80 new stores in the next

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five years. We believe, thus extensive distribution network will boost MPPA sales in the subsequent periods

MPPAs distribution network

MPPA COMPANY PERFORMANCE OVERVIEW FINANCIAL PERFORMANCE ANALYSIS

Up to Sept 2012, MPPA booked accumulated revenue of Rp 7.9 trillion, reflecting 13.4% (qoq) growth from 2011. About 95% of MPPAs revenue in 2012 was from Matahari Food Business (MFB), which include Hypermart, Foodmart and Boston. MFB booked a significant revenue
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growth of 14.3% YoY, supported by its comparable store growth which grew significantly by 7.6% YTD, outperformed its competitor which grew by approximately 1.0% to 6.2%. Supported by additional 15.5% sales area from Hypermart new stores which will be opened during 2012 and buoyed by the seasonal factor, we estimate MPPA sales in 2012 will increase by 18.4% qoq or increase by 9.9% YoY to Rp 9.4 trillion.

MPPA Financial Statement (Performance) Summary

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Income statement Year on year Matahari Putra Prima, Tbk grew revenues 22 % from 8,909tn to 10.868tn while net income improved 109.97% from 105.037bn to 220.547bn. The complete income statement can be seen in Exhibit 1.

Balance sheet Matahari Putra Prima Tbk has a debt to total capital ratio of 21.56%, a lower figure than the previous years 26.46%. Additionally, there are enough liquid assets to satisfy current obligations. Accounts Receivable is among the industry's worst with 1.31 days worth of sales outstanding. This implies that revenues are not being collected in an efficient manner. Last, inventories seem to be well managed as the Inventory Processing Period is typical for the industry, at 59.91 days. The complete balance sheet can be seen in Exhibit 2.

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Cash flow In 2012, Matahari Putra Prima Tbk did not generate a significant amount of cash. However, cash flow from investing totalled 2.819tn, indicating this company earned more from the sale of existing assets than it spent on the purchase of new assets. In addition, the company used 80.413bn for operation while cash used for financing totalled 2.786tn. The complete cash flow can be seen in Exhibit 3.

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FINANCIAL RATIOS

The PT Matahari Putra Prima Tbk financial analysis covers the income statement and ratio trendcharts with balance sheets and cash flows presented on an annual basis (please look at the Exhibit 1, 2 and 3). The report outlines the main financial ratios pertaining to profitability, margin analysis, asset turnover, credit ratios, and companys long-term solvency. This sort of company's information will assist and strengthen companys decision-making processes.

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PROFITABILITY RATIOS

If we compare to industry average as benchmark, then we will see the data as below:

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GROWTH OVER PRIOR YEAR

Year on year, growth in dividends per-share fell 98% while earnings per share excludig extraordinary items rose109.97%. Additionally when measured on a five year annualized basis, both dividend per share and earnings per share growth ranked in-line with the industry average relative to its peers.

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STOCK MARKET SNAPSHOT

Comparative analysis

1 week

1 month

6 months

1 year

5 years

Matahari Putra Prima Tbk PT JSX COMPOSITE INDEX

-8.93% -5.55%

+5.15% -7.25%

+102.38% +2.32%

+242.21% +11.28%

+530.38% +98.01%

COMPETITORS AND INDUSTRY ANALYSIS


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DIRECT COMPETITORS

In the part that describes PT Matahari Putra Prima Tbk competitors and the industry in whole, the information about company's financial ratios is compared to those of its competitors and to the industry. The unique analysis of the market and companys competitors along with detailed information about the internal and external factors affecting the relevant industry will help to manage MPPA business environment. The companys business and sales activities will be boosted by gaining an insight into its competitors businesses.

The closest domestic competitor that is quite similar with the retail industry with PT Matahari Putra Prima, Tbk is PT Ramayana Lestari Sentosa, Tbk. So we are going to focus only to one competitor and compare their performance in this paper-assignment.

PT Ramayana Lestari Sentosa Tbk operates a chain of department stores in Indonesia. Its stores offer various items, such as clothes, accessories, bags, shoes, cosmetics, and daily needs. As of December 31, 2012, PT Ramayana Lestari Sentosa Tbk operated 103 Ramayana stores, 7 Robinson stores, and 3 Cahaya stores located in Jakarta, Java, Sumatera, Bali, Kalimantan, Nusa Tenggara, Sulawesi, and Papua. The company was founded in 1983 and is headquartered in Jakarta, Indonesia. PT Ramayana Lestari Sentosa Tbk is a subsidiary of PT Ramayana Makmursentosa.

Below is the benchmark of Retail industry and showing the position of PT Matahari Putra Prima, Tbk in the industry average as comparison.

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COMPARISON WITH DIRECT COMPETITORS FINANCIAL RATIOS

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COMPARISON WITH DIRECT COMPETITORS STOCK CHART

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PT Matahari Putra Prima Tbk (MPPA) [2.675 -25 (-0.9%)] posted a net profit in the first quarter 2013 amounted to 63.2 billion. Rose when compared with the same period in 2012 amounted to 25.00 billion. Accordingly, earnings per share equivalent to Rp 11.29 per sheet.

SWOT ANALYSIS

SWOT-analysis carried out for PT Matahari Putra Prima Tbk involves specifying the objective of the company's business and identifies the different factors that are favorable and unfavorable to achieving that objective. SWOT-analysis helps to understand companys strengths, weaknesses, opportunities, and possible threats against it.

Strengths: having proven track record as modern food retailer. extensive store network coverage and nationwide distribution. flexible store locations and size in order to meet local needs. strong supplier relationship and logistics

Weaknesses:
low entry in the industry. large amount of debt will make MPPA more risky

Opportunites: many potential areas for new Hypermart outlets in Kalimantan, Sulawesi and East Indonesia. Positive outlook of Indonesia economy as well a retail industry

Threats: newcomers with strong capital may give more competition

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MPPAS BUSINESS PROS PECT (FORECAST)

Thanks to demographic bonus, of which around 66% of Indonesian is between productive age of 15 years and 64 years, and around 40% of Indonesian also represents a middle-class society which has an increasing welfare, then we estimate that modern retail industry will still booked a positive growth in medium to long term time. In 2012, the Indonesian modern retail industry is estimated to grow by 15% or reach total sales of Rp. 138 trillion. Particularly for Indonesian modern food retail, it still has a large room to grow, since currently it only represents around 11% of total national food retail industry. With such conducive environment plus MPPAs strategy to established a compact scale of stores in strategic area, thus we estimate that MPPAs net revenue could hit Rp 11,7 trillion in 2012, or grow by 31.2% YoY, and 24.4% CAGR growth during 2011 2017 periods.

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RECOMMENDATION FOR IMPROVEMENT

By looking at all the information of MPPAs financial statement analysis and SWOT, I can conclude and give some suggestion for its future development, which is stated as follow: 1. Expand to Eastern Indonesia for further growth 2. Capturing wider market by cooperates with a state commercial bank in Indonesia.
3.

Add new stores to boost sales

4. Focus on its main business, which is retail business particularly food business under the name of Hypermart and Foodmart. 5. Prudent strategy to secure the market; through continuous expansion, intensive promotion through discount program coupled with cost efficiency.

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REFERENCES:

PT Matahari Putra Prima Tbk (MPPA) 2012 Annual Report Pefindo: equity & index valuation division (MPPA, Primary report February 15th, 2012) Pefindo: equity & index valuation division (MPPA, Secondary report November 26th, 2012) MPPA company report (February 2013) by Public Accountant: RSM Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International) http://en.wikipedia.org/wiki/Economy_of_Indonesia http://www.indexmundi.com/indonesia/economy_profile.html http://www.tradingeconomics.com/indonesia http://www.mataharigroup.co.id http://www.bi.go.id/sdds/default.asp#FinancialSector http://markets.ft.com/research/Markets/Tearsheets/Business-profile?s=MPPA:JKT http://investing.businessweek.com/research/stocks/financials/ratios.asp?ticker=MPPA:IJ http://www.ipotnews.com/index.php?level2=&level3=&level4=&id=2165160&popular= http://finance.yahoo.com/q?s=MPPA.JK http://www.reuters.com/finance/stocks/overview?symbol=MPPA.JK

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Exhibit 1 INCOME STATEMENT


PT MATAHARI PUTRA PRIMA TBK

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Exhibit 2 BALANCE SHEET


PT MATAHARI PUTRA PRIMA TBK
Annual

Income Statement Balance Sheet Cash Flow

Currency in Millions of Indonesian Rupiahs

As of:

Dec 31 2009 IDR

Dec 31 2010 Restated IDR

Dec 31 2011 Reclassified IDR

Dec 31 2012 IDR

Assets Cash and Equivalents Short-Term Investments Trading Asset Securities TOTAL CASH AND SHORT TERM INVESTMENTS Accounts Receivable Other Receivables TOTAL RECEIVABLES Inventory Prepaid Expenses Other Current Assets TOTAL CURRENT ASSETS Gross Property Plant and Equipment Accumulated Depreciation NET PROPERTY PLANT AND EQUIPMENT Long-Term Investments Deferred Tax Assets, Long Term Other Intangibles Other Long-Term Assets 2,252,173.0 1,158,205.0 6,163.0 2,565,235.0 1,384,627.0 4,918.0 1,403,075.0 382,970.0 1,672.0 1,361,736.0 1,553,980.0 --

3,416,541.0

3,954,780.0

1,787,717.0

2,915,716.0

30,993.0 136,935.0 167,928.0 1,171,805.0 260,092.0 49,873.0 5,066,239.0 4,000,233.0 -1,821,740.0 2,178,493.0 206,209.0 50,423.0 12,477.0 3,046,303.0

20,305.0 178,980.0 199,285.0 969,713.0 218,397.0 65,220.0 5,407,395.0 2,854,950.0 -1,351,491.0 1,503,459.0 1,098,945.0 304,730.0 -3,106,071.0

34,711.0 304,499.0 339,210.0 1,266,120.0 19,028.0 199,688.0 3,611,763.0 3,181,966.0 -1,538,461.0 1,643,505.0 945,603.0 276,883.0 251.0 3,830,164.0

43,338.0 316,042.0 359,380.0 1,670,574.0 14,592.0 124,478.0 5,084,740.0 1,603,900.0 -828,775.0 775,125.0 29,526.0 113,255.0 1,188.0 2,221,372.0

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TOTAL ASSETS

10,560,144.0

11,420,600.0

10,308,169.0

8,225,206.0

LIABILITIES & EQUITY Accounts Payable Accrued Expenses Current Portion of Long-Term Debt/Capital Lease Current Income Taxes Payable Other Current Liabilities, Total Unearned Revenue, Current TOTAL CURRENT LIABILITIES Long-Term Debt Minority Interest Unearned Revenue, Non-Current Pension & Other Post-Retirement Benefits Deferred Tax Liability Non-Current Other Non-Current Liabilities TOTAL LIABILITIES Common Stock Additional Paid in Capital Retained Earnings Treasury Stock Comprehensive Income and Other TOTAL COMMON EQUITY TOTAL EQUITY TOTAL LIABILITIES AND EQUITY 1,294,678.0 587,383.0 1,013,936.0 40,850.0 166,716.0 41,431.0 3,144,994.0 3,223,331.0 93,929.0 307,996.0 --322,796.0 6,999,117.0 2,360,537.0 -1,333,077.0 -123,236.0 -103,280.0 3,467,098.0 3,561,027.0 10,560,144.0 987,993.0 489,424.0 370,000.0 61,562.0 1,110,258.0 44,745.0 3,063,982.0 799,680.0 52,574.0 263,251.0 -1,070.0 98,585.0 4,226,568.0 2,788,273.0 324,652.0 4,150,741.0 -123,236.0 1,028.0 7,141,458.0 7,194,032.0 11,420,600.0 1,290,377.0 599,302.0 779,431.0 36,913.0 252,312.0 2,098.0 2,960,433.0 1,493,545.0 50,340.0 10,247.0 111,067.0 2,308.0 47,121.0 4,624,721.0 2,688,981.0 324,652.0 2,642,389.0 -123,236.0 100,322.0 5,633,108.0 5,683,448.0 10,308,169.0 1,422,313.0 581,462.0 535,000.0 14,992.0 160,061.0 2,098.0 2,715,926.0 1,467,340.0 30.0 8,149.0 126,636.0 -61,401.0 4,379,452.0 268,898.0 324,652.0 2,831,270.0 -33,873.0 454,777.0 3,845,724.0 3,845,754.0 8,225,206.0

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Exhibit 3 CASH FLOW


PT MATAHARI PUTRA PRIMA TBK (MPPA)
Annual

Income Statement Balance Sheet Cash Flow

Currency in Millions of Indonesian Rupiahs


NET INCOME Depreciation & Amortization

As of:

Dec 31 2009 IDR

Dec 31 2010 Restated IDR 5,800,640.0 315,912.0 -315,912.0 --5,524,330.0 -6,744.0 585,478.0 -61,672.0 21,411.0 --37,236.0 4,821,883.0 4,577,161.0 640,494.0 640,494.0 -3,801,225.0 -3,801,225.0 769,925.0

Dec 31 2011 Reclassified IDR 105,037.0 258,847.0 -258,847.0 218.0 -166,415.0 -197,687.0 -320,157.0 14,500.0 --46,965.0 1,192,144.0 170,952.0 2,745,000.0 2,745,000.0 -1,642,868.0 -1,642,868.0 --

Dec 31 2012 IDR

300,035.0 493,891.0 55,561.0 549,452.0 --177,984.0 558,443.0 1,229,946.0 -525,191.0 7,140.0 210,834.0 -37,818.0 -1,431,236.0 3,692,395.0 3,692,395.0 -2,689,513.0 -2,689,513.0 8,946.0

220,547.0 294,094.0 -294,094.0 245.0 -119,673.0 -395,213.0 -372,340.0 90,339.0 -35,343.0 2,052,585.0 2,819,419.0 1,177,331.0 1,177,331.0 -1,430,000.0 -1,430,000.0 --

Amortization of Goodwill and Intangible Assets DEPRECIATION & AMORTIZATION, TOTAL Amortization of Deferred Charges Other Operating Activities Change in Accounts Receivable CASH FROM OPERATIONS Capital Expenditure Sale of Property, Plant, and Equipment Divestitures Sale (Purchase) of Real Estate Properties Investments in Marketable & Equity Securities CASH FROM INVESTING Long-Term Debt Issued TOTAL DEBT ISSUED Long Term Debt Repaid TOTAL DEBT REPAID Issuance of Common Stock

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Repurchase of Common Stock Common Dividends Paid TOTAL DIVIDEND PAID Other Financing Activities CASH FROM FINANCING Foreign Exchange Rate Adjustments Miscellaneous Cash Flow Adjustments NET CHANGE IN CASH

----301,031.0 710,797.0 --509,507.0

--2,014,943.0 -2,014,943.0 -91,729.0 -4,497,478.0 -13,582.0 -338,517.0 313,062.0

--2,581,422.0 -2,581,422.0 -49,983.0 -1,529,273.0 -1,526.0 --1,162,160.0

-2,420,083.0 -32,268.0 -32,268.0 -81,327.0 -2,786,347.0 6,002.0 -475,626.0 -41,339.0

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