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Company Presentation 2Q and 1H 2012 Results

15 Aug 2012

Presentation Outline

Plantation Highlights

Financial Highlights

Strategies
g
and Expansion
p

A
Appendix
di

Integrated Agribusiness with Leading Brands

S ti 1
Section
Plantation Highlights
g g

Planted Area
In Ha

30 Jun
2012

Planted Area
Planted Oil Palm
Mature
Immature
Other Crops
Rubber
Sugar cane
Others(3)

(1)

31 Dec Increase/
2011 (Decrease)

257,867

254,989

2,878

220,178
172,397
47 781
47,781

216,837
158,163
58 674
58,674

3,341
14,234
(10 893)
(10,893)

37,689
21 813
21,813
12,323
3,553

38,152
22 185
22,185
12,255
3,712

(463)
(372)
68
(159)

Oil Palm Age Profile


Average age 12 years
(2)

>20years,
24%

Immature,
22%

720years,
36%

YoungTrees
40%

46years,
18%

Mature
78%

((1)) Exclude p
plasma area. As at 30 Jun 2012,, the Group
p has 82,552
,
Ha of p
planted oil p
palm p
plasma area. Out of which,, 906 Ha
are new planting
in 1H12with Leading Brands
Integrated
Agribusiness
(2) New plantings for oil palm at 3,463 Ha and replanted area at 600 Ha.
(3) Cocoa and Tea

Oil Palm Plantation Highlights


1H12

1H11

(Ha)

220,178

205,199

7% 220,178

205,199

7%

216,837

(Ha)

172,397

154,939

11% 172,397

154,939

11%

158,163

1,845

1,705

8%

960

913

5%

3,797

1,333

1,264

5%

703

675

4%

2,797

512

441

16%

257

238

8%

1,000

FFB Yield Nucleus (MT/Ha)

7.7

8.2

4.1

4.4

CPO Production (000 MT)


CPO Extraction Rate (%)

400

381

210

205

21.8%

22.4%

21.8%

22.5%

22.1%

CPO Yield Nucleus (MT/Ha)

1.7

1.8

0.9

1.0

3.9

PK Production (000 MT)


PK Extraction Rate (%)

93

87

48

47

5.0%

5.1%

5.0%

5.1%

Planted Area
Mature Area

(1)

(1)

FFB (000 MT)


- Nucleus production
- Purchase from external

Growth

5%

2Q12

7%

2Q11

Growth

FY11

17.7
2%

3%

838

195
5.2%

Integrated Agribusiness with Leading Brands

(1) Exclude plasma area. As at 30 Jun 2012, the Group has 82,552 ha of planted oil palm plasma area.

Oil Palm Plantation Production Trend


'000MT

YOYGrowth

FFB

723

774

759

728
675

591

630

589

522

FFBNucleus
2Q : 4%
1H : 5%

703

FFB External
FFB
External
157

1Q10

157

2Q10

188

3Q10

238

4Q10

203

1Q11

238

2Q11

FFB - Nucleus

268

3Q11

291

4Q11

255

1Q12

257

2Q : 8%
1H : 16%

2Q12

FFB - External

Total CPO
'000
000MT
MT
201
154

216

205

225

232
190

176

169

210

Integrated Agribusiness with Leading Brands

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

TotalCPO
2Q : 2%
1H : 5%
1H

2Q12

S ti 2
Section
Financial Highlights
g g

Results Summary
Rpbn

Revenue

4,000
3,500
3 000
3,000

Financial Highlights

Revenue grew 18% and 14% in 2Q12 and 1H12


respectively mainly due to higher sales volume off CPO
C O
and edible oils & fats products

EBITDA declined 8% yoy in 2Q12 on higher production


cost and operating expenses. On YTD basis, it declined
14% mainly due to lower ASP of palm products and
rubber, higher production cost and higher operating
expenses
expenses.

Strong liquidity with cash levels of Rp5.2 trillion (S$707


million) and a low net gearing ratio of 0.07x.

2,500
2,000
1,500
,
1,000
500

1,400

2Q12

1Q12

4Q11

3Q11

2Q11

1Q11

4Q10

3Q10

2Q10

1Q10

Rpbn

EBITDA*

1,200
1,000

Operational Highlights

800
600

Positive growth for production with both FFB nucleus


and CPO in 1H12 growing 5% yoy to 1,333,000 tonnes
and 400,000 tonnes, respectively.

Edible oil business continued to perform well with a 11%


volume growth in 1H12 yoy, supported by the expanded
refining capacity

400
200

Integrated Agribusiness with Leading Brands


2Q12

1Q12

4Q11

3Q11

2Q11

1Q11

4Q10

3Q10

2Q10

1Q10

* EBITDA excluding biological asset gains/(losses) and forex gains/(losses)

Sales Volume
Edible Oils & Fats sales volume growth supported by the expanded refining capacity

1H12

1H11

Growth

2Q12

402

382

5%

220

194

13%

829

Palm Kernel

94

84

11%

45

44

3%

193

Rubber

76
7.6

90
9.0

(15%)

38
3.8

47
4.7

(20%)

17 1
17.1

423

382

11%

217

202

8%

772

In '000 MT

2Q11 Growth FY11

Plantation
CPO

Edible Oils & Fats


Cooking Oil, Margarine
and Coconut Oil

Integrated Agribusiness with Leading Brands

CPO, PK and Edible Oils & Fats


Sales Volume Trend
YOYGrowth

CPO and PK - Sales Volume

'000MT

244
220

155

194

187

182

171

220

204

CPOsalesvolume
2Q : 13%
1H : 5%

182

PKsalesvolume

2Q : 3%
1H : 11%
46

52

35

40

1Q10

2Q10

3Q10

4Q10

40

44

50

1Q11

2Q11

3Q11

CPO sales volume

'000MT

164

59

49

45

4Q11

1Q12

2Q12

PK sales volume

Edible Oils & Fats Sales Volume


179

186

202

203

180

187

206

217

154

EdibleOils&Fats
2Q : 8%
1H : 11%
%

Integrated Agribusiness with Leading Brands

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

CPO, PK and Rubber


Average Selling Price (ASP) Trend

7,873
6,597

YOYGrowth

CPO and PK - ASP

Rp/kg

6,796

8,286

7,697

7,404

6,838

6,807

6,944

7,484

8,089

5,936

PKASP

5,107
3,140

1Q10

3,725

2Q10

3,991

4,158

3,933

4,160

3,269

3Q10

4Q10

1Q11
CPO ASP

2Q11

CPOASP
2Q : 5%
1H : (2%)

3Q11

4Q11

1Q12

2Q
1H

: (30%)
(
)
: (35%)

2Q12

PK ASP

Rubber ASP
Rp/kg
41,839

24,943

27,773

26,382

38,769

36,417

36,897
32,784

29,172

28,649

RubberASP
2Q : (26%)
1H : (24%)

Integrated Agribusiness with Leading Brands

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

10

10

Financial Summary
Attributable profit declined 23% yoy in 1H12 mainly attributable to lower operating profit and dilution
impact from the listing of SIMP in June 2011

In Rp Bn

1H12

1H11

YoY
Growth

2Q12

2Q11

YoY
Growth

FY11

Sales

6,980

6,135

14%

3,780

3,208

18%

12,605

EBITDA*

1,747

2,024

(14%)

823

895

(8%)

3,794

EBITDA %

25%

33%

22%

28%

1,481

1,872

662

806

21%

31%

18%

25%

N t profit
Net
fit

1 047
1,047

1 295
1,295

446

561

Net profit %

15%

21%

12%

17%

Attributable profit

631

823

254

309

Attributable profit %

9%

13%

7%

10%

EPS (fully diluted) - Rp

438

569

176

213

Operating profit**
Operating profit %

(21%)
(19%)
(23%)
(23%)

30%

(18%)

3,353
27%

(21%)

2 641
2,641
21%

(18%)

1,490
12%

(17%)

1,031

Integrated Agribusiness with Leading Brands


* EBITDA excluding biological asset gains/(losses) and forex gains/(losses)
** Operating profit excluding biological asset gains/(losses)

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Segmental Results
SALES

EBITDA

EBITDA%

In Rp Bn

1H12

1H11

1H12

1H11

1H12

1H11

Plantations

,
4,103

4,212
,

1,431
,

1,931
,

35%

46%

Edible Oil & Fats

5,096

4,654

271

106

5%

2%

(2,219)

(2,731)

45

n/m

n/m

6 980
6,980

6 135
6,135

1 747
1,747

2 024
2,024

25%

33%

76

1,749

2,100

25%

34%

Elimination &
Adjustments
Sub total
Sub-total
Net Forex Gain
Total

6,980

6,135

(1)

(13)

(1)

Integrated Agribusiness with Leading Brands


(1)

Net effects arising from elimination of unrealised profit of inter-division inventories, SFRS adjustment and regional office costs

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External Revenue Breakdown


By Geographical Location

1H12

Indonesia,
Indonesia
81%

1H11

Asia,7%

Asia,8%
Indonesia,
Indonesia
80%

Europe,4%

Europe,8%

America,7%

America,1%

Africa,Middle
East&
Oceania 2%
Oceania,2%

,
Africa,Middle
Integrated Agribusiness with Leading Brands
East&
Oceania,2%

13

13

Financial Position
Strong liquidity with cash levels of Rp5.2 trillion and a low net gearing ratio of 0.07x
In Rp Bn

30-Jun-12

31-Dec-11

TOTAL ASSETS

33 850
33,850

33 207
33,207

Cash

5,246

6,535

TOTAL LIABILITIES

11 777
11,777

11 766
11,766

Interest Bearing Debt

6,846

7,260

TOTAL EQUITY*

22,073

21,441

Net Debt / EBITDA Ratio (Annualised)

0.5x

0.2x

Net Debt / Total Equity Ratio

0.07x

0.03x

9,325

8,909

Integrated
Agribusiness
with Leading
Brands
Net Assets
Value
per Share

(in Rupiah)

*Total equity includes shareholders funds and minority interests.

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S ti 3
Section
Strategies
g
and Expansion
p

15

2012 Strategies and Expansion

Focus expansion on new plantings of palm oil and sugar plantations

Completed 40 MT FFB per hour palm oil mill in Kalimantan in 2Q12

Completed the expansion of sugar mill and refinery in Central Java from 3,000
TCD to 4,000 TCD in 2Q 2012, increasing the capacity to 720,000 MT of cane per
annum

p
to complete
p
another palm
p
oil mill in South Sumatra in 2013
Expect

To invest in additional 4 units of tugboats and barges for CPO transportation to


our refineries
fi
i

At new Jakarta refinery in Tanjung Priok, added bottling and margarine plant in

Integrated Agribusiness with Leading Brands

1Q 2012

16

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S ti 4
Section
Appendix
pp

17

Diversified and Integrated Agribusiness Group with


Leading Brands
Capturing value across the entire supply chain
Upstream
R&D

Plantations

Downstream
Mills

Edible oils
and fats

Seed breeding

Finished
products

Distribution

Nucleus planted oil palm of


220 178 ha*
220,178
ha
Integrated Agribusiness with
Leading
DiversifiedBrands
across palm oil, rubber,
and sugar
Advanced
g
agriculture
research centre

Leading
g oil and
cooking
margarine
brands

* As of 30 Jun 2012
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Corporate Structure

83.8%

Indofood Singapore
68 95%
H ldi
Holdings
Pte
Pt68.95%
Ltd

Public
30.5% *

6.7%

69.5% *

72.00%
72.0%

Minority
Interest

Public

1.3%

20.0%

Public
40.5%
59.5%

Integrated Agribusiness with Leading Brands

* Based on total number issued shares, excluding 11,000,000 shares held in treasury by the company.

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Strategically Located Operations


Spanning the Entire Supply Chain
North
Sumatra

Riau

Kalimantan

South Sumatra

Facilities

Units

Annual capacity (tonnes)


Annualcapacity(tonnes)

Integrated
Agribusiness with
Leading Brands
Palmoilmill
21
4,860,000

FFB

Crumbrubberfacility

42,720

Dryrubber

Sheetrubberfacilityy

11,100
,

Dryrubber
y

Facilities

Town/City

Cocoa

Oil Palm

Tea

Sugar Cane

Refinery

Rubber

Copra Mill

Sugar Mill

Supply Chain

Units

Annual capacity (tonnes)


Annualcapacity(tonnes)

Sugarmill&refinery

2,160,000

Sugarcane

Refinery

1,425,000

CPO

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Contact Us

Indofood Agri Resources Ltd.


8 Eu Tong Sen Street
#16-96/97 The Central
Singapore 059818
Tel: +65 6557 2389
Fax: +65 6557 2387
www.indofoodagri.com

This presentation was prepared solely and exclusively for the parties presently being invited for the purpose of
discussion. Neither this presentation nor any of its content may be reproduced, disclosed or used without the prior
written consent of Indofood Agri Resources Ltd.
This presentation may contain statements that convey future oriented expectations which represent the Companys
present views on the probable future events and financial plans. Such views are presented on the basis of current
assumptions are exposed to various risks,
assumptions,
risks and are subject to considerable changes at any time.
time Presented
Integrated
Agribusiness
with
Leading
Brands
assumptions are presumed correct at the, and based on the data available on the, date at which this presentation is
assembled. The Company warrants no assurance that such outlook will, in part or as a whole, eventually be
materialized. Actual results may diverge significantly from those projected.
Indofood Agri Resources Ltd.
Ltd All rights reserved.
reserved

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