PT Ades Waters Indonesia Tbk.

(Formerly PT Ades Alfindo Putrasetia Tbk) Food and Beverages

Head Office Perkatoran Hijau Arkadia Summary of Financial Statement

Tower C 15th Floor
Jl. TB. Simatupang Kav. 88 (million rupiah)
Jakarta 12520 2005 2006 2007
Phone (021) 2754-5000
Total Assets 210,052 233,253 178,761
Fax (021) 7884-5549 Current Assets 60,794 50,039 33,121
Factories - Tapos Km. 1, Desa Kranji, Bogor of which
Jawa Barat Cash and cash equivalents 1,670 490 4,025
Phone (021) 875-3054, 875-3055 Trade receivables 22,341 21,017 16,567
Fax (021) 875-2970 Inventories 21,883 11,602 6,371
- Jl. Raya Pudak Payung No. 1 Non-Current Assets 149,258 183,214 145,640
Semarang Selatan, Jawa Tengah of which
Fixed Assets-Net 147,330 180,112 143,386
Phone (024) 475-062, 475-068,
Deffered Tax Assets 1,258 2,106 1,403
475-054
Fax (024) 475-074 Liabilities 297,953 449,948 111,655
- Desa Namo Riam, Current Liabilities 278,891 427,199 96,346
Kecamatan Pancur Batu of which
Kabupaten Deli Serdang Bank loans 225,895 381,089 16,887
Trade payables 6,130 6,214 3,840
Sumatera Utara
Taxes payable 1,120 822 796
Business Beverages (Bottled Mineral Water) Non-Current Liabilities 19,062 22,749 15,309
Company Status PMA Minority Interests in Subsidiaries n.a n.a n.a
Financial Performance: The Company was still suffer net loss Shareholders' Equity (87,901) (216,695) 67,106
at IDR154.851 billion in 2007, or rising from IDR128.794 billion Paid-up capital 149,720 149,720 589,897
net loss in 2006. The higher net loss was partly due to net sales Paid-up capital
decrease from IDR135 billion to IDR131 billion. in excess of par value 6,593 6,593 5,068
Brief History: The company supplied bottled water in plastic Retained earnings (accumulated loss) (244,214) (373,008) (527,859)
glass, plastic bottles and glass bottles. Production capacity in 1993 Net Sales 143,751 135,043 131,549
was 2.9 million liters per year. Operations are supported by two Cost of Goods Sold 120,220 126,676 131,830
bottling plants: one in Cibinong, West Java, and the other in Deli Gross Profit 23,531 8,367 (281)
Serdang, North Sumatra. The company’s bottled water has been Operating Expenses 141,185 135,881 122,752
exported to Singapore and Australia. In November 1993, the com- Operating Profit (117,654) (127,514) (123,033)
pany took over full ownership of PT Pamargha Indojatim, which Other Income (Expenses) 34 (1,608) (28,953)
operates in the same line of business. And on October 1996, buoyed Profit (Loss) before Taxes (117,620) (129,122) (151,986)
Profit (Loss) after Taxes (119,256) (128,794) (154,851)
by strong prospects in the bottled water industry, the company is
building a new water plant in Ujungpandang. The water source Per Share Data (Rp)
located in Maros, South Sulawesi will supply this plant which will Earnings (Loss) per Share (797) (860) (263)
have a 40 million liter capacity a year. Cost of the project has been Equity per Share (587) (1,447) 114
pegged at Rp 3 billion. Construction is slated to finish in the 2nd Dividend per Share n.a n.a n.a
semester of 1996 and commercial operations should commence in Closing Price 1,660 1,110 730
mid 1997. In October 2000, the company sold its AdeS, Desta, Vica, Financial Ratios
and Desca brands to Coca Cola as part of its debt restructuring PER (x) (2.08) (1.29) (2.78)
process. PBV (x) (2.83) (0.77) 6.42
Dividend Payout (%) n.a n.a n.a
Dividend Yield (%) n.a n.a n.a

Current Ratio (x) 0.22 0.12 0.34

Debt to Equity (x) n.a n.a n.a
Leverage Ratio (x) 1.42 1.93 0.62
Gross Profit Margin (x) 0.16 0.06 n.a
Operating Profit Margin (x) n.a n.a n.a
Net Profit Margin (x) n.a n.a n.a
Inventory Turnover (x) 5.49 10.92 20.69
Total Assets Turnover (x) 0.68 0.58 0.74
ROI (%) (56.77) (55.22) (86.62)
ROE (%) 135.67 59.44 (230.76)

PER = -178.50x ; PBV = 15.60x (June 2008)

Financial Year: December 31
Shareholders Public Accountant: Siddharta Siddharta & Widjaja
Waters Partners Bottling S.A. 91.94%
UBS AG Singapore-UBS Equities 209114 2.88%
Public 5.18%

94 Indonesian Capital Market Directory 2008

PT Ades Waters Indonesia Tbk Tbk.
(Formerly PT Ades Alfindo Putrasetia Tbk) Food and Beverages

Board of Commissioners Board of Directors

President Commissioner Hanjaya Limanto President Director Agoes Soewandi Wangsapoetra
Commissioners Danny Yuwono, Wagiyono Director M. Wisnu Adjie

Number of Employees 1,383

No Type of Listing Listing Date Trading Date Number of Shares Total Listed
per Listing Shares

1 First Issue 13-Jun-94 13-Jun-94 15,000,000 15,000,000

2 Company Listing 13-Jun-94 02-Jan-95 23,000,000 38,000,000
3 Bonus Shares 07-Aug-97 07-Aug-97 38,000,000 76,000,000
4 Right Issue 11-Jun-04 11-Jun-04 73,720,000 149,720,000
5 Right Issue 28-Dec-08 28-Dec-08 440,176,800 589,896,800

Underwriter
PT Pentasena Arthasentosa

Stock Price, Frequency, Trading Days, Number and Value of Shares Traded and Market Capitalization
Stock Price Shares Traded Trading Listed Market
Month High Low Close Volume Value Frequency Day Shares Capitalization
(Rp) (Rp) (Rp) (Thousand Shares) (Rp Million) (Rp Million)
January-07 1,150 950 960 387.00 405.00 94 16 149,720,000.00 143,731.00
February-07 1,100 950 1,000 375.00 375.00 115 11 149,720,000.00 149,720.00
March-07 1,000 910 930 764.00 732.00 100 14 149,720,000.00 139,240.00
April-07 1,100 900 960 1,962.00 1,930.00 173 11 149,720,000.00 143,731.00
May-07 950 900 900 762.00 708.00 94 16 149,720,000.00 134,748.00
June-07 900 810 890 586.00 516.00 192 12 149,720,000.00 133,251.00
July-07 920 800 800 674.00 586.00 81 16 149,720,000.00 119,776.00
August-07 810 590 650 1,171.00 821.00 141 20 149,720,000.00 97,316.00
September-07 790 620 790 25.00 16.00 7 6 149,720,000.00 118,279.00
October-07 1,020 750 890 5,837.00 5,125.00 599 6 149,720,000.00 133,251.00
November-07 980 640 800 13,611.00 10,722.00 1,348 22 149,720,000.00 119,776.00
December-07 930 640 730 7,645.00 6,155.00 1,139 16 589,896,800.00 430,625.00
January-08 790 510 590 3,542.00 2,476.00 386 19 589,896,800.00 348,039.00
February-08 640 500 580 1,544.00 903.00 283 18 589,896,800.00 342,140.00
March-08 600 460 480 645.00 347.00 65 12 589,896,800.00 283,150.00
April-08 500 320 445 985.00 427.00 50 13 589,896,800.00 262,504.00
May-08 780 400 780 1,975.00 1,364.00 350 15 589,896,800.00 460,120.00
June-08 1,700 900 1,700 19,121.00 24,617.00 1,982 7 589,896,800.00 1,002,825.00

Stock Price and Traded Chart

Stock Price (Rp) Thousand Shares
1,800 8,000

1,600 7,000
1,400
6,000
1,200
5,000
1,000
4,000
800
3,000
600
400 2,000

200 1,000

- -
Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun-
07 07 07 07 07 07 07 07 07 07 07 07 08 08 08 08 08 08

Institute for Economic and Financial Research 95