CONSOLIDATED BALANCE SHEETS

AS AT 31 DESEMBER 2009-2013

A ASSET 2009 2010 2011

kas dan setara kas Cash and CE 8,732 7,005 13,111
investasi lainya Other Investmen 39 73 79
piutang Account Receviable 18,504 25,822 37,405
persedian Inventories 7,282 10,842 11,990
Biaya Dibayar di Muka Prepaid Expenses 739 1,379 2,203
Kumpulkan Pajak Prabayar Accumulate Tax Prepay 1,299 1,722 1,190
Total Current Asset 36,595 46,843 65,978

Aktiva Tetap Fixed Assets 24,555 28,888 41,212

Less : Acc. Depr 11,157 14,950 20,247
Net Fix. Asset 35,712 43,838 61,459

Investment, LT 14,357 18,727 21,651

Deferred tas assets 814 1,083 1,408
Orther Assets, LT 1,460 2,366 3,025
Total 16,631 22,176 26,084

Total Assets 88,938 112,857 153,521

B LIABILITY
Catatan Hutang Notes Payable 8,824 13,114 16,359
Hutang Account Payable 9,708 13,964 20,223
Accrued Taxes
Pajak yang masih harus dibayar 1,403 1,281 1,596
Other Accrued Liab. 6,800 8,765 10,193
Total Current Liab 26,735 37,124 48,371
Long-Term Debt 13,271 17,044 29,312
Total Debt 40,006 54,168 77,683

C SHARE HOLDERS EQUITY

Com. Stock ($1 par) 2,024 2,024 2,024
Add Pd in Capital 2,284 2,555 1,106
Retained Earnings 35,586 44,731 57,319
Minority Equity 9,038 9,379 15,389
Total Equity 48,932 58,689 75,838
Total Liab/Equity 88,938 112,857 153,521
- - -
 CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED
31 DECEMBER 2009-2013
D INCOME STATEMENT
Penjualan Bersih Net Sales 98,526 129,991 162,564
biaya pokok Cost of Good Sold (75,755) (103,117) (130,530)
Gross Profit 22,771 26,874 32,034

SG&A Expense (10,015) (12,149) (14,336)

EBIT 12,756 14,725 17,698

Interest Income 563 502 696

Foreign exchange gain/loss 88 (26) 118
Interest Expense (485) (484) (710)
Other Income 3,480 6,314 7,970
3,646 6,306 8,074
EBT 16,402 21,031 25,772

pendapatan pajak Income Taxes (3,958) (4,027) (4,695)

EAT 12,444 17,004 21,077

deviden kas Cash Dividends (2,404) (2,638) 0

Increase in RE 10,040 14,366 21,077
 2012 2013
11,055 18,557
172 262
46,291 51,645
15,285 14,433
1,491 1,172
1,505 2,283
75,799 88,352

52,811 58,844
22,187 29,252
74,998 88,096

25,180 29,419
1,957 2,488
4,340 5,639
31,477 37,546

182,274 213,994

19,591 24,549
19,887 30,129
1,886 1,600
12,814 14,861
54,178 71,139
38,282 36,667
92,460 107,806

2,024 2,024
1,106 1,139
68,071 80,775
18,613 22,250
89,814 106,188
182,274 213,994
- -
S OF INCOME

188,053 193,880
(151,853) (158,569)
36,200 35,311

(16,444) (17,117)
19,756 18,194

691 943
(215) (751)
(1,021) (1,109)
8,687 10,246
8,142 9,329
27,898 27,523

(5,156) (5,226)
22,742 22,297

0 0
22,742 22,297
1 . FINANCIAL RATIO

1.1 RATIO

1.1.1. CURRENT (CURRENT ASSET/CURRENT LIABILITIES)

YEAR 2009 2010 2011 2012 2013

ASII 1.37 1.26 1.36 1.40 1.24
INDUSTRY

1.45

1.4

1.35
ASII
1.3 INDUSTRY

1.25

1.2

1.15
2009 2010 2011 2012 2013

1.1.2. ACID-TEST (QUICK) (CURRENT ASSET-INVENTORY/CURRENT LIABILITIES

YEAR 2009 2010 2011 2012 2013
ASII 1.10 0.97 1.12 1.12 1.04
INDUSTRY

1.15

1.1

1.05
ASII
1 INDUSTRY

0.95

0.9

0.85
2009 2010 2011 2012 2013

1.2 LEVERAGE
1.2.1 DEBT TO EQUITY (TOTAL DEBT/SHARE HOLDER EQUITY)
YEAR 2009 2010 2011 2012 2013
ASII 0.82 0.92 1.02 1.03 1.02
INDUSTRY

1.2

0.8
ASII
0.6 INDUSTRY

0.4

0.2

0
2009 2010 2011 2012 2013

1.2.2. DEBT TO TOTAL ASSET (TOTAL DEBT/TOTAL ASSETS)

YEAR 2009 2010 2011 2012 2013
ASII 0.45 0.48 0.51 0.51 0.50
INDUSTRY

0.52
0.51
0.5
0.49
0.48
ASII
0.47
INDUSTRY
0.46
0.45
0.44
0.43
0.42
2009 2010 2011 2012 2013

1.3 COVERAGE RATIO

INTEREST COVERAGE (EBIT/INTEREST CHARGEST)

YEAR 2009 2010 2011 2012 2013
ASII 3.67 2.33 2.22 2.27 1.78
INDUSTRY
 4

3.5

2.5
ASII
2 INDUSTRY

1.5

0.5

0
1 2 3 4 5

1.4 ACTIVITY RATIO

1.4.1. RECEIVABLE TURNOVER

YEAR 2009 2010 2011 2012 2013

ASII 5.32 5.03 4.35 4.06 3.75
INDUSTRY

4
ASII
3 INDUSTRY

0
1 2 3 4 5

1.4.2 PAYABLE TURNOVER

YEAR 2009 2010 2011 2012 2013

ASII (REAL) -7.80 -7.38 -6.45 -7.64 -5.26
ASII + 7.01 8.41
INDUSTRY

8.5

8
ASII
 9

8.5

8
ASII
7.5 INDUSTRY

6.5

6
1 2 3 4 5

1.4.3. INVENTORY TURNOVER

YEAR 2009 2010 2011 2012 2013

ASII -10.40 -9.51 -10.89 -9.93 -10.99
ASII 10.40 9.51
INDUSTRY

10.6

10.4

10.2

10
ASII
9.8 INDUSTRY

9.6

9.4

9.2

9
1 2 3 4 5

1.4.4. TOTAL ASSET TURNOVER

YEAR 2009 2010 2011 2012 2013

ASII 1.11 1.15 1.06 1.03 0.91
INDUSTRY

1.4

1.2

0.8 ASII
INDUSTRY
0.6
 1.4

1.2

0.8 ASII
INDUSTRY
0.6

0.4

0.2

0
1 2 3 4 5

1.5 PROFITABILITY RATIOS

1.5.1. GROSS PROFIT MARGIN

YEAR 2009 2010 2011 2012 2013

ASII 0.23 0.21 0.20 0.19 0.18
INDUSTRY

0.25

0.2

0.15
ASII
INDUSTRY
0.1

0.05

0
1 2 3 4 5

1.5.2. NET PROFIT MARGIN

YEAR 2009 2010 2011 2012 2013

ASII 0.13 0.13 0.13 0.12 0.12
INDUSTRY

0.135

0.13

0.125

ASII
0.12
INDUSTRY

0.115
 0.135

0.13

0.125

ASII
0.12
INDUSTRY

0.115

0.11

0.105
1 2 3 4 5

1.5.3. RETURN ON INVERTMENT

YEAR 2009 2010 2011 2012 2013

ASII 0.14 0.15 0.14 0.12 0.10
INDUSTRY

0.16

0.14

0.12

0.1
ASII
0.08 INDUSTRY

0.06

0.04

0.02

0
1 2 3 4 5

1.5.4. RETURN ON EQUITY

YEAR 2009 2010 2011 2012 2013

ASII 0.25 0.29 0.28 0.25 0.21
INDUSTRY

0.35

0.3

0.25

0.2 ASII
INDUSTRY
0.15

0.1
 0.35

0.3

0.25

0.2 ASII
INDUSTRY
0.15

0.1

0.05

0
1 2 3 4 5

2 . COMMOND SIZE

2.1. COMMOND SIZE - BALANCE SHEET

REGULAR (BILLIONS OF IDR)
ASSETS 2009 2010 2011 2012 2013
CASH 8,732 7,005 13,111 11,055 18,557
AR 18,504 25,822 37,405 46,291 51,645
INV 7,282 10,842 11,990 15,285 14,433
OTHER CA 2,038 3,101 3,393 2,996 3,455
TOT CA 36,556 46,770 65,899 75,627 88,090
NET FA 35,712 43,838 61,459 74,998 88,096
LT INV 14,357 18,727 21,651 25,180 29,419
OTHER LT 1,460 2,366 3,025 4,340 5,639
TOT ASSETS 51,529 64,931 86,135 104,518 123,154

REGULAR (BILLIONS OF IDR)

LIAB + EQUITY 2009 2010 2011 2012 2013
NOTE PAY 8,824 13,114 16,359 19,591 24,549
ACCT PAY 9,708 13,964 20,223 19,887 30,129
ACCR TAX 1,403 1,281 1,596 1,886 1,600
OTHER ACCR 6,800 8,765 10,193 12,814 14,861
TOT CA 26,735 37,124 48,371 54,178 71,139
TOT CL 26,735 37,124 48,371 54,178 71,139
LT DEBT 13,271 17,044 29,312 38,282 36,667
EQUITY #REF! #REF! #REF! #REF! #REF!
TOT L+E #REF! #REF! #REF! #REF! #REF!

2.2. COMMOND SIZE - INCOME STATEMENT

REGULAR (BILLIONS OF IDR)
2009 2010 2011 2012 2013
NET SALES 98,526 129,991 162,564 188,053 193,880
COGS 75,755 103,117 ### (151,853) (158,569)
GROSS PROFIT 22,771 26,874 32,034 36,200 35,311
 ADM 10,015 12,149 (14,336) (16,444) (17,117)
EBIT 12,756 14,725 17,698 19,756 18,194
INT EXP 3,480 6,314 7,970 8,687 10,246
EBT 16,402 21,031 25,772 27,898 27,523
EAT 12,444 17,004 21,077 22,742 22,297
CASH DIV 2,404 2,638 0 0 0

3 . INDEX ANALYSES

3.1. INDEXED BALANCE SHEETS

REGULAR (BILLIONS OF IDR)
ASSETS 2009 2010 2011 2012 2013
CASH
AR
INV
OTHER CA
TOT CA 0
NET FA
LT INV
OTHER LT
TOT ASSETS 0

INDEXED BALANCE SHEETS

REGULAR (BILLIONS OF IDR)
LIAB + EQUITY 2009 2010 2011 2012 2013
NOTE PAY 290
ACCT PAY 81
ACCR TAX 13
OTHER ACCR 15
TOT CA 399
TOT CL 399
LT DEBT 150
EQUITY 674
TOT L+E 1223

3.2. INDEXED - INCOME STATEMENT

REGULAR (BILLIONS OF IDR)
2009 2010 2011 2012 2013
NET SALES
COGS
GROSS PROFIT
ADM
EBIT
INT EXP
EBT
EAT
CASH DIV
 ASII
INDUSTRY

ENT LIABILITIES)

ASII
INDUSTRY
ASII
INDUSTRY

ASII
INDUSTRY
ASII
INDUSTRY

AVG COLLECTION PERIOD

YEAR 2009 2010 2011 2012 2013

ASII 68.55 72.51 83.98 89.85 97.23
INDUSTRY

120

100

80
ASII ASII
INDUSTRY 60 INDUSTRY

40

20

0
1 2 3 4 5

PAYABLE TURNOVER IN DAY

YEAR 2009 2010 2011 2012 2013

ASII 52.07 43.40 #DIV/0! #DIV/0! #DIV/0!
INDUSTRY

54

52

50

48
ASII ASII
 54

52

50

48
ASII ASII
INDUSTRY 46 INDUSTRY
44

42

40

38
1 2 3 4 5

ASII
INDUSTRY

ASII
INDUSTRY
ASII
INDUSTRY

ASII
INDUSTRY

ASII
INDUSTRY
ASII
INDUSTRY

ASII
INDUSTRY

ASII
INDUSTRY
ASII
INDUSTRY

COMMON - SIZE (%)

2009 2010 2011 2012 2013
16.95 10.79 15.22 10.58 15.07
35.91 39.77 43.43 44.29 41.94
14.13 16.70 13.92 14.62 11.72
3.96 4.78 3.94 2.87 2.81
70.94 72.03 76.51 72.36 71.53
69.30 67.51 71.35 71.76 71.53
27.86 28.84 25.14 24.09 23.89
2.83 3.64 3.51 4.15 4.58
100.00 100.00 100.00 100.00 100.00

COMMON - SIZE (%)

2009 2010 2011 2012 2013
#REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF!

COMMON - SIZE (%)

2009 2010 2011 2012 2013
100.00 100.00 100.00 100.00 100.00
76.89 79.33 (80.29) (80.75) (81.79)
23.11 20.67 19.71 19.25 18.21
 10.16 9.35 (8.82) (8.74) (8.83)
12.95 11.33 10.89 10.51 9.38
3.53 4.86 4.90 4.62 5.28
16.65 16.18 15.85 14.84 14.20
12.63 13.08 12.97 12.09 11.50
2.44 2.03 - - -

INDEXED (%)
2009 2010 2011 2012 2013

INDEXED (%)
2009 2010 2011 2012 2013

COMMON - SIZE (%)

2009 2010 2011 2012 2013