IDX-LQ45-February-2015 PDF

IDX LQ45
February 2015
Contents
Forewords
LQ45 Index Constituents for the period of February – July 2015
No. Code Stock Name Page

1. AALI Astra Agro Lestari Tbk. [S] (Plantation, 12) ................................................................................................................................................. 2
2. ADHI Adhi Karya (Persero) Tbk. [S] (Building Construction, 62) .................................................................................... 6
3. ADRO Adaro Energy Tbk. [S] (Coal Mining, 21) ...................................................................................................................................................... 10
4. AKRA AKR Corporindo Tbk. [S] (Wholesale (Durable and Non-Durable Goods, 91)) ........................................................................ 14
5. ANTM Aneka Tambang Tbk. [S] (Metal and Mineral Mining, 23) .................................................................................................................... 18
6. ASII Astra International Tbk. [S] (Automotive and Components, 42) ........................................................................................................ 22
7. ASRI Alam Sutera Realty Tbk. [S] (Property and Real Estate, 61) .............................................................................................................. 26
8. BBCA Bank Central Asia Tbk. (Bank, 81)................................................................................................................................................................... 30
9. BBNI Bank Negara Indonesia (Persero) Tbk. (Bank, 81) .................................................................................................................................. 34
10. BBRI Bank Rakyat Indonesia (Persero) Tbk. (Bank, 81) ................................................................................................................................. 38
11. BBTN Bank Tabungan Negara (Persero) Tbk. (Bank, 81). ................................................................................................................................ 42
12. BMRI Bank Mandiri (Persero) Tbk. (Bank, 81) ........................................................................................................................................................ 46
13. BMTR Global Mediacom Tbk. [S] (Investment Company, 98)........................................................................................................................... 50
14. BSDE Bumi Serpong Damai Tbk. [S] (Property and Real Estate, 61) .......................................................................................................... 54
15. CPIN Charoen Pokphand Indonesia Tbk. [S] (Animal Feed,36) .................................................................................................................... 58
16. CTRA Ciputra Development Tbk. [S] (Property and Real Estate,61) ............................................................................... 62
17. EXCL XL Axiata Tbk. [S] (Telecommunication,73) ................................................................................................................................................ 66
18. GGRM Gudang Garam Tbk. (Tobacco Manufacturers, 52) ................................................................................................................................. 70
19. ICBP Indofood CBP Sukses Makmur Tbk. [S] (Food and Beverages, 51) ............................................................................................. 74
20. INCO Vale Indonesia Tbk. [S] (Metal and Mineral Mining, 23) ........................................................................................................................ 78
21. INDF Indofood Sukses Makmur Tbk. [S] (Food and Beverages, 51) .......................................................................................................... 82
22. INTP Indocement Tunggal Prakasa Tbk. [S] (Cement, 31).............................................................................................................................. 86
23. ITMG Indo Tambangraya Megah Tbk. [S] (Coal Mining, 21)............................................................................................................................ 90
24. JSMR Jasa Marga (Persero) Tbk. [S] (Toll Road, Airport, Harbor and Allied Products, 72) .............................................................. 94
25. KLBF Kalbe Farma Tbk. [S] (Pharmaceuticals, 53) .............................................................................................................................................. 98
26. LPKR Lippo Karawaci Tbk. [S] (Property and Real Estate, 61) ....................................................................................................................... 102
27. LPPF Matahari Department Store Tbk. (Retail Trade, 93) ................................................................................................................................ 106
28. LSIP PP London Sumatera Tbk. [S] (Plantation,12) ........................................................................................................................................... 110
29. MNCN Media Nusantara Citra Tbk. [S] (Advertising, Printing and Media,95) ............................................................................................ 114
30. MPPA Matahari Putra Prima Tbk. [S] (Retail Trade,93) ....................................................................................................................................... 118
31. PGAS Perusahaan Gas Negara (Persero) Tbk. [S] (Energy, 71).................................................................................................................... 122
32. PTBA Tambang Batubara Bukit Asam (Persero) Tbk. [S] (Coal Mining, 21) ............................................................................................ 126
33. PTPP PP (Persero) Tbk. [S] (Building Construction, 62) ................................................................................................ 130
34. PWON Pakuwon Jati Tbk. [S] (Property and Real Estate, 61) ........................................................................................................................... 134
35. SCMA Surya Citra Media Tbk. [S] (Advertising, Printing And Media, 95) .................................................................................................... 138
36. SILO Siloam International Hospitals Tbk. [S] (Healthcare, 96)....................................................................................................................... 142
37. SMGR Semen Indonesia (Persero) Tbk. [S] (Cement, 31).................................................................................................................................. 146
38. SMRA Summarecon Agung Tbk. [S] (Property and Real Estate, 61) ............................................................................... 150
39. SSMS Sawit Sumbermas Sarana Tbk. [S] (Plantation, 12) .............................................................................................. 154
40. TBIG Tower Bersama Infrastructure Tbk. (Non Building Construction, 75)..................................................................... 158
41. TLKM Telekomunikasi Indonesia (Persero) Tbk. [S] (Telecommunication, 73) ....................................................................................... 162
42. UNTR United Tractors Tbk. [S] (Wholesale (Durable and Non-Durable Goods, 91)......................................................... 166
43. UNVR Unilever Indonesia Tbk. [S] (Cosmetics and Household, 54).............................................................................................................. 170
44. WIKA Wijaya Karya (Persero) Tbk. [S] (Building Construction, 62) .............................................................................................................. 174
45. WSKT Waskita Karya (Persero) Tbk. [S] (Building Construction, 62) ............................................................................... 178
NOTES
1. Trading Volume, Value and Frequency :
Figure of trading volume, value, and frequency are calculated once. Trading Frequency refers to numbers of transaction.
2. Foreign Ownership
In September 1997, the foreign ownership limitation was abolished except for banks (49% of total listed shares). In May 1999, the
maximum number of listed shares and foreign ownership on banks company was set to 99%, based on Government regulation
dated May 7th, 1999.
3. Number of listed shares
This figures refers to the total number of shares that is already listed and can be traded at the exchange
4. Market Capitalization
This figures indicates the aggregate number of listed shares multiplied by regular market closing price
5. Jakarta Composite Index
Jakarta Composite Index =

∑ (Regular Closing Price x Number of Shares )
Base Value
Base Value =
∑( Base Price x Number of Shares )
Regular Closing Price
Individual Index =
Base Price
6. To calculate the Jakarta Composite Index and Stock Individual Index, Base Price and Base Value are adjusted when bonus and
rights issues, share splits and consolidations are made. Base price for new listed companies is IPO price.
7. Earnings Per Share (EPS)
The figure of EPS is derived by dividing Profit for the period attribute to owner’s entity by number of issued shares. We annualized
the EPS when interim reports are used (see the Financial statement dates and Financial Year Ends).
8. Book Value per Share (BV)
The figure of BV is derived by dividing the Total Shareholders’ Equity by number of issued shares.
9. Debt to Assets Ratio (DAR)
Total Liabilities
DAR = x 100%
Total Assets
10. Debt to Equity Ratio (DER)

Total Liabilities
DER = x 100%
Total Equity
11. Return on Assets (ROA)

Profit for the period
ROA = x 100%
Total Assets
12. Return on Equity (ROE)

Profit for the period
ROE = x 100%
Total Equity
13. Gross Profit Margin (GPM)

Gross Profit
GPM = x 100%
Total Sales
14. Operating Profit Margin (OPM)
Operating Income
OPM = x 100%
Total Sales
15. Net Profit Margin (NPM)
Profit for period
NPM = x 100%
Total Sales
Dividend
16. Payout Ratio = x 100%
EPS
Dividend
17. Yield = x 100%
Closing Price
18. [S] Sharia Compliant Stock
19. Period Attribute : Profit for the period attributable to owner’s entity
20. Comprehensive Attribute : Comprehensive Income attributable to owner’s entity

FOREWORDS
This publication is designated as a service to domestic investors and other capital market participants, as part of the nation-wide efforts
in educating and improving the dissemination of capital market information. These efforts are important in carrying out the task of
expanding the domestic investor base.
To improve the future editions of this publication, the readers’ comments and feedback would be highly appreciated.
Jakarta, February 2015
Research and Development Division

Indonesia Stock Exchange
© 2015 Indonesia Stock Exchange. All rights reserved.
Disclaimer :
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as
being those of the publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the
information contained within the publication it should not be by any person relied upon as the basis for taking any action or making any decision. The
Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts
and opinions stated or expressed or stated within this publication.
LQ45 Index Constituents
for the period of February – July 2015
COMPANY REPORT
AALI
ASTRA AGRO LESTARI TBK.
Company Profile
PT Astra Agro Lestari Tbk. was established dated October 3rd, 1988. The scope of its
activities is to engage in plantation operation, general trading, manufacturing,
transportation, consultation and services.
The Company has investments in subsidiaries which are engaged in oil palm and rubber
plantations and industrial activities. The Company commenced commercial operations in
1995. The company’s oil palm plantations and its mill are located in South Kalimantan. The
subsidiaries’ plantations and mills are located in Java, Sumatera, Kalimantan, and Sulawesi.
PT Astra International Tbk. is the parent entity of the Company, whereas Jardine Matheson
Holdings Ltd, incorporated in Bermuda, is its ultimate parent entity.
As of December 31st, 2014, the Company and subsidiaries had 35,351 permanent
employees.
February 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or
of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be
by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any
advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.
2 RESEARCH AND DEVELOPMENT DIVISION

AALI Astra Agro Lestari Tbk. [S]
COMPANY REPORT : JANUARY 2015 As of 30 January 2015
Main Board Individual Index : 1,799.995
Industry Sector : Agriculture (1) Listed Shares : 1,574,745,000
Industry Sub Sector : Plantation (12) Market Capitalization : 36,612,821,250,000
28 | 36.6T | 0.69% | 64.44%
40 | 10.8T | 0.74% | 68.05%
COMPANY HISTORY SHAREHOLDERS (January 2015)

Established Date : 03-Oct-1988 1. PT Astra International Tbk. 976,231,238 : 61.99%
Listing Date : 09-Dec-1997 2. PT Astra International Tbk. 278,599,850 : 17.69%
Under Writer IPO : 3. Public (<5%) 319,913,912 : 20.32%
PT ABN AMRO Hoare Govett Indonesia
Securities Administration Bureau : DIVIDEND ANNOUNCEMENT
PT Raya Saham Registra Bonus Cash Recording Payment
F/I
Plaza Central Building 2nd Fl. Year Shares Dividend Cum Date Ex Date Date Date
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1997 37.00 22-Jun-98 23-Jun-98 01-Jul-98 20-Jul-98 F
Phone : (021) 252-5666 1998 60.00 29-Oct-98 30-Oct-98 09-Nov-98 23-Nov-98 I
Fax : (021) 252-5028 1998 25.00 27-May-99 28-May-99 08-Jun-99 05-Jul-99 F
1999 5:1 27-May-99 28-May-99 08-Jun-99 05-Jul-99 B
BOARD OF COMMISSIONERS 1999 45.00 31-May-00 02-Jun-00 12-Jun-00 26-Jun-00 F
1. Prijono Sugiarto 2000 7.00 07-Jun-01 08-Jun-01 13-Jun-01 27-Jun-01 F
2. Anugerah Pekerti *) 2001 10.00 18-Jun-02 19-Jun-02 24-Jun-02 04-Jul-02 F
3. Chiew Sin Cheok 2002 60.00 05-Jun-03 06-Jun-03 10-Jun-03 24-Jun-03 F
4. Gunawan Geniusahardja 2003 90.00 04-Jun-04 07-Jun-04 09-Jun-04 23-Jun-04 F
5. Harbrinderjit Singh Dillon *) 2004 100.00 06-Dec-04 07-Dec-04 09-Dec-04 23-Dec-04 I
6. Simon Collier Dixon 2004 150.00 06-Jun-05 07-Jun-05 09-Jun-05 23-Jun-05 F
*) Independent Commissioners 2005 325.00 12-May-06 15-May-06 17-May-06 01-Jun-06 F
2006 95.00 17-Oct-06 18-Oct-06 20-Oct-06 10-Nov-06 I
BOARD OF DIRECTORS 2006 230.00 11-Jun-07 12-Jun-07 14-Jun-07 25-Jun-07 I
1. Widya Wiryawan 2007 190.00 19-Oct-07 22-Oct-07 24-Oct-07 02-Nov-07 I
2. Bambang Palgoenadi 2007 625.00 16-Jun-08 17-Jun-08 19-Jun-08 30-Jun-08 F
3. Jamal Abdul Nasser 2008 350.00 23-Oct-08 24-Oct-08 28-Oct-08 11-Nov-08 I
4. Joko Supriyono 2008 155.00 04-Jun-09 05-Jun-09 09-Jun-09 23-Jun-09 F
5. Juddy Arianto 2009 220.00 30-Oct-09 02-Nov-09 04-Nov-09 11-Nov-09 I
6. Rudy 2009 685.00 08-Jun-10 09-Jun-10 11-Jun-10 25-Jun-10 F
2010 190.00 26-Oct-10 27-Oct-10 29-Oct-10 12-Nov-10 I
AUDIT COMMITTEE 2010 640.00 20-May-11 23-May-11 25-May-11 09-Jun-11 F
1. Anugerah Pekerti 2011 300.00 24-Oct-11 25-Oct-11 27-Oct-11 10-Nov-11 I
2. Purnama Setiawan 2011 695.00 08-May-12 09-May-12 14-May-12 29-May-12 F
3. Siti Nurwahyu Harahap 2012 230.00 16-Oct-12 17-Oct-12 19-Oct-12 05-Nov-12 I
2012 455.00 15-May-13 16-May-13 20-May-13 03-Jun-13 F
CORPORATE SECRETARY 2013 160.00 02-Oct-13 03-Oct-13 07-Oct-13 23-Oct-13 I
Rudy 2013 515.00 09-May-14 12-May-14 14-May-14 30-May-14 F
2014 244.00 09-Oct-14 10-Oct-14 14-Oct-14 28-Oct-14 I
HEAD OFFICE
Jln. Puloayang Raya Blok OR - I ISSUED HISTORY
Kawasan Industri Pulogadung Listing Trading
Jakarta - 13930 No. Type of Listing Shares Date Date
Phone : (021) 461-6555 1. First Issue 125,800,000 09-Dec-97 09-Dec-97
Fax : (021) 461-6682, (021) 461-6689 2. Company Listing 1,132,200,000 T: 09-Dec-97 : 21-Jul-98
3. Bonus Shares 251,600,000 06-Jul-99 06-Jul-99
Homepage : www.astra-agro.co.id 4. Option Conversion 12,005,000 T: 22-Apr-02 : 07-Jun-02
Email : Investor@astra-agro.co.id 5. Option Conversion I & II 5,494,500 T: 10-Jun-02 : 22-Jan-03
6. Option Conversion II 16,161,500 T: 02-Jul-02 : 13-Jan-04
7. Option Conversion I 60,000 T: 14-Jan-03 : 31-Jan-03
8. Option Conversion I 102,000 20-Jan-03 20-Jan-03
9. Option Conversion II & III 7,048,500 T: 14-Jan-04 : 04-Mar-04
10. Option Conversion III 19,518,500 T: 15-Jan-04 : 13-May-05
11. Option Conversion II 1,947,000 T: 23-Jan-04 : 18-May-04
12. Option Conversion II & III 2,808,000 T: 12-Apr-04 : 23-Apr-04
RESEARCH AND DEVELOPMENT DIVISION 3

TRADING ACTIVITIES
Closing Price* and Trading Volume
Astra Agro Lestari Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
Price* January 2011 - January 2015 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
30,000 16.0 Jan-11 27,000 21,000 21,700 17,601 40,233 959,441 21
Feb-11 23,250 21,100 21,850 12,465 25,441 564,248 18
26,250 14.0 Mar-11 23,400 21,550 22,700 13,880 30,884 691,672 23
Apr-11 23,250 22,350 23,150 9,975 24,194 552,655 20
May-11 24,200 22,400 23,600 12,117 29,036 686,010 21
22,500 12.0
Jun-11 23,950 22,500 23,500 7,249 14,836 343,715 20
Jul-11 23,800 22,700 23,500 7,950 17,996 417,329 21
18,750 10.0
Aug-11 23,700 19,000 21,500 11,095 21,690 471,543 19
Sep-11 22,850 18,100 19,300 11,760 18,119 375,898 20
15,000 8.0
Oct-11 22,200 16,550 21,450 15,106 26,569 494,785 21
Nov-11 22,950 20,400 22,400 9,018 13,667 300,152 22
11,250 6.0 Dec-11 22,900 20,500 21,700 7,255 9,946 214,498 21
7,500 4.0 Jan-12 22,550 20,550 20,600 10,520 17,532 382,289 21

Feb-12 23,000 20,300 22,300 10,953 26,112 569,072 21
3,750 2.0 Mar-12 23,350 18,500 23,350 11,605 26,569 592,007 21
Apr-12 23,750 21,000 21,400 10,260 24,103 544,061 20
May-12 21,700 18,000 20,450 12,047 23,427 471,617 21
Jun-12 22,000 19,150 20,050 13,159 27,916 579,302 21
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
Jul-12 24,000 20,100 23,000 9,547 20,808 467,231 22
Aug-12 23,300 21,250 22,300 5,828 10,839 240,513 19
Sep-12 23,400 19,350 21,950 14,218 33,952 728,250 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-12 22,100 20,200 20,950 8,856 18,910 398,764 22
Agriculture Index Nov-12 21,300 17,950 18,000 7,904 15,084 297,057 20
January 2011 - January 2015 Dec-12 19,750 17,800 19,700 10,801 22,617 422,905 18
45%
41.9%
Jan-13 20,850 18,750 18,850 10,591 20,796 409,347 21
30% Feb-13 19,300 18,250 18,450 11,374 33,001 622,045 20
Mar-13 19,200 17,850 18,500 15,207 36,954 678,998 19
Apr-13 18,700 17,300 17,700 10,808 21,488 388,219 22
15% May-13 19,500 16,900 19,500 16,961 35,698 646,786 22
Jun-13 21,000 17,800 19,700 17,880 42,231 814,363 19
- Jul-13 19,900 15,500 15,550 13,025 21,333 370,322 23
-3.2% Aug-13 19,800 13,100 19,750 19,132 37,761 640,710 17
Sep-13 21,750 18,350 19,500 15,471 52,971 1,097,030 21
-15% -13.2%
Oct-13 21,300 18,500 18,600 10,945 21,638 435,579 21
Nov-13 23,400 18,050 22,250 12,858 35,024 759,116 20
-30% Dec-13 25,750 22,250 25,100 12,429 28,622 679,065 19
Jan-14 25,800 20,650 21,475 44,874 40,059 875,810 20

-45%
Feb-14 25,750 21,250 25,500 32,016 37,535 879,827 20
Mar-14 27,900 24,400 26,000 42,550 37,625 991,848 20
-60% Apr-14 29,475 25,125 29,400 36,774 29,006 788,587 20
Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 May-14 29,850 26,600 27,325 32,492 30,003 842,728 18
Jun-14 29,350 26,050 28,175 26,838 28,216 770,842 21
Jul-14 28,175 25,600 26,700 36,013 35,895 954,698 18
SHARES TRADED 2011 2012 2013 2014 Jan-15 Aug-14 26,700 25,500 25,500 30,897 41,565 1,087,452 20
Volume (Million Sh.) 273 268 388 439 25 Sep-14 26,050 22,775 23,000 36,936 42,691 1,018,059 22
Value (Billion Rp) 6,072 5,693 7,542 10,816 602 Oct-14 23,500 19,250 23,500 49,512 57,643 1,222,233 23
Frequency (Thou. X) 135 126 167 436 28 Nov-14 25,450 22,775 24,000 32,960 31,250 749,632 20
Days 247 246 244 242 21 Dec-14 24,550 22,350 24,250 33,746 27,072 634,605 20
Price (Rupiah) Jan-15 26,150 23,150 23,250 27,912 24,553 601,935 21

High 27,000 24,000 25,750 29,850 26,150
Low 16,550 17,800 13,100 19,250 23,150
Close 21,700 19,700 25,100 24,250 23,250
Close* 21,700 19,700 25,100 24,250 23,250
PER (X) 13.68 12.64 21.94 15.62 14.98

PER Industry (X) 1.79 33.17 15.46 19.34 17.46
PBV (X) 4.06 3.31 3.85 3.41 3.27
* Adjusted price after corporate action

Financial Data and Ratios Book End : December
Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network)
BALANCE SHEET Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(Million Rp except Par Value) Assets Liabilities
Cash & Cash Equivalents 1,240,781 838,190 227,769 709,090 611,181 18,750
Receivables 98,832 16,358 50,068 20,554 47,451

624,694 769,903 1,249,050 802,978 1,278,120 15,000
Inventories
Current Assets 2,051,177 1,886,387 1,780,395 1,691,694 2,403,615
11,250
Fixed Assets 2,686,910 3,424,194 4,918,673 6,493,712 16,154,714
Other Assets 180,232 285,155 150,998 422,305 403,741
7,500
Total Assets 8,791,799 10,204,495 12,419,820 14,963,190 18,558,329
Growth (%) 16.07% 21.71% 20.48% 24.03% 3,750
Current Liabilities 1,061,852 1,440,351 2,600,540 3,759,265 4,110,955 -

Long Term Liabilities 272,690 337,986 453,869 936,066 2,609,888 2010 2011 2012 2013 Dec-14
Total Liabilities 1,334,542 1,778,337 3,054,409 4,695,331 6,720,843
Growth (%) 33.25% 71.76% 53.72% 43.14%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 11,837
Paid up Capital 787,373 787,373 787,373 787,373 787,373
11,194
10,268
Paid up Capital (Shares) 1,575 1,575 1,575 1,575 1,575 9,365
Par Value 500 500 500 500 500 8,426
7,457
8,908
Retained Earnings 6,340,711 7,268,639 8,158,203 8,087,559 10,548,430

Total Equity 7,457,257 8,426,158 9,365,411 10,267,859 11,837,486 6,622
Growth (%) 12.99% 11.15% 9.64% 15.29% 4,336
INCOME STATEMENTS Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 2,049
Total Revenues 8,843,721 10,772,582 11,564,319 12,674,999 16,305,831

Growth (%) 21.81% 7.35% 9.60% 28.65%
-237
2010 2011 2012 2013 Dec-14
Cost of Revenues 5,234,372 6,837,674 7,206,837 8,593,064 11,354,037

Gross Profit 3,609,349 3,934,908 4,357,482 4,081,935 4,951,794
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 645,309 601,976 832,589 1,476,864 1,261,804
Operating Profit - - - - - 16,306
Growth (%) 15,188
12,675
11,564
Other Income (Expenses) - - - - - 10,773
12,602
Income before Tax 2,964,040 3,332,932 3,524,893 2,605,071 3,689,990 10,017 8,844
Tax 860,388 834,367 1,004,627 701,983 1,068,715 7,431
Profit for the period 2,103,652 2,498,565 2,520,266 1,903,088 2,621,275

Growth (%) 18.77% 0.87% -24.49% 37.74%
4,845
2,260
Period Attributable 2,016,780 2,405,564 2,410,259 1,801,397 2,503,695 -326
Comprehensive Income 2,103,652 2,498,565 2,453,654 1,936,250 2,584,645 2010 2011 2012 2013 Dec-14
Comprehensive Attributable 2,016,780 2,405,564 2,346,203 1,833,891 2,468,076
RATIOS Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 193.17 130.97 68.46 45.00 58.47
2,621
Dividend (Rp) 830.00 995.00 685.00 675.00 244.00 2,499 2,520
EPS (Rp) 1,280.70 1,527.59 1,530.57 1,143.93 1,589.91

2,519
2,104
BV (Rp) 4,735.53 5,350.81 5,947.26 6,520.33 7,517.08 2,005
1,903
DAR (X) 0.15 0.17 0.25 0.31 0.36

DER(X) 0.18 0.21 0.33 0.46 0.57 1,490
ROA (%) 23.93 24.48 20.29 12.72 14.12

28.21 29.65 26.91 18.53 22.14
976
ROE (%)
GPM (%) 40.81 36.53 37.68 32.20 30.37 462
OPM (%) - - - - -
NPM (%) 23.79 23.19 21.79 15.01 16.08
-52
2010 2011 2012 2013 Dec-14

Payout Ratio (%) 64.81 65.14 44.75 59.01 15.35
Yield (%) 3.17 4.59 3.48 2.69 1.01

COMPANY REPORT
ADHI
ADHI KARYA (PERSERO) TBK.
Company Profile
ADHI has managed to show its ability as a leading construction company in Southeast
Asia, through competitiveness and proven experience by running successful construction
projects. ADHI could not have achieved success without the support and participation of
the public. ADHI plays an active role in developing CSR programs as well as the Company’s
Partnership and Environmental Preservation Program.
In accordance with the Long-Term Business Plan of ADHI 2012-2016, the Company plans
for corporate activities in five business lines in order to increase the value of ADHI. Those
business lines are Construction, EPC, Property, Realty and Investment in Infrastructure.
In our core business lines of construction and EPC services, our business development
strategy is focused on continuously enhancing our professionalism through quality
products and timely deliveries. Here, the role of ALC (ADHI Learning Center) comes into
the forefront. ALC has been in operations for more than a year, and its benefits are
already felt. Through ALC, ADHI personnel are equipped with the passion to excel, and
to always strive for quality by working intelligently and efficiently. With such passion, we
form another subsidiary entity –specialize in building construction– Adhi Persada Gedung
(APG).
In addition to the Construction and EPC businesses, the Company has operated and
profited from the Property and Realty businesses through two subsidiary entities, namely
Adhi Persada Properti (APP) and Adhi Persada Realti (APR). Expanding from the Property
business base, the Company has also made plans to develop four-star hotels in Blok-M
area Jakarta, and Surabaya; and three-star hotels in Bekasi and Medan. This move is
designed to strengthen our Property business structure in the future, in addition to reap
the benefit of recurring income. Meanwhile, in the Realty business, we are adopting a
strategy of not only developing landed houses, but also managing commercial areas
(malls, lifestyle centers and shopping complexes) also with the aim of strengthening our
recurring income. From the point of view of market demand, the need for precast
concrete has grown significantly in support of major infrastructure projects. Modern
project management also requires applications in precast concrete technology that can
enhance project executions, whether in the form of concrete piles or other products. In
order to manage the business professionally, independent, and fast emerging, the
Company plan to establish a new subsidiary namely Adhi Persada Beton (APB).
February 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of
the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be by
any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice
action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

ADHI Adhi Karya (Persero) Tbk. [S]
Industry Sector : Property, Real Estate And Building Construction (6) Listed Shares : 1,801,320,000
Industry Sub Sector : Building Construction (62) Market Capitalization : 6,655,877,400,000
123 | 6.66T | 0.13% | 89.46%
18 | 18.4T | 1.27% | 47.56%

Established Date : 11-Mar-1960 1. Negara Republik Indonesia 918,680,000 : 51.00%
Listing Date : 18-Mar-2004 2. Public (<5%) 882,640,000 : 49.00%
Under Writer IPO :
PT Ciptadana Sekuritas DIVIDEND ANNOUNCEMENT
Securities Administration Bureau : Bonus Cash Recording Payment
F/I
PT Datindo Entrycom Year Shares Dividend Cum Date Ex Date Date Date
Puri Datindo - Wisma Sudirman 2003 12.30 07-Jul-04 08-Jul-04 12-Jul-04 23-Jul-04 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2005 19.56 17-Jun-05 20-Jun-05 22-Jun-05 06-Jul-05
Phone : (021) 570-9009 2005 12.98 20-Jul-06 21-Jul-06 25-Jul-06 08-Aug-06 F
Fax : (021) 570-9026 2006 10.61 17-Jul-07 18-Jul-07 20-Jul-07 03-Aug-07 F
2008 11.51 02-Jul-09 03-Jul-09 07-Jul-09 22-Jul-09 F
BOARD OF COMMISSIONERS 2009 28.26 30-Jun-10 01-Jul-10 05-Jul-10 19-Jul-10 F
1. Imam Santoso Ernawi 2010 32.35 04-Jul-11 05-Jul-11 07-Jul-11 20-Jul-11 F
2. Achmad Gani Ghazali Akman 2011 30.33 05-Jun-12 06-Jun-12 08-Jun-12 22-Jun-12 F
3. Bobby A.A. Nazief 2012 23.49 13-May-13 14-May-13 16-May-13 29-May-13 F
4. Muchlis R. Luddin *) 2013 67.61 04-Apr-14 07-Apr-14 10-Apr-14 25-Apr-14 F
5. Murhadi *)
6. Suroyo Alimoeso ISSUED HISTORY
*) Independent Commissioners Listing Trading
No. Type of Listing Shares Date Date
BOARD OF DIRECTORS 1. First Issue 397,188,000 18-Mar-04 18-Mar-04
1. Kiswodarmawan 2. Company Listing 918,680,000 18-Mar-04 18-Mar-04
2. BEP Adji Satmoko 3. Employee Management Buy Out (EMBO) 441,320,000 18-Mar-04 03-Jul-06
3. Djoko Prabowo 4. Employee Stock Allocation (ESA) 44,132,000 18-Mar-04 26-Jun-04
4. Giri Sudaryono
5. Pundjung Setya Brata
6. Supardi
AUDIT COMMITTEE
1. Muchlis R. Luddin
2. Salim Siagian
3. Syaiful
CORPORATE SECRETARY
Ki Syahgolang Permata
HEAD OFFICE
Jln. Raya Pasar Minggu Km.18
Jakarta - 12510
Phone : (021) 797-5312
Fax : (021) 797-5311
Homepage : www.adhi.co.id
Email : adhi@adhi.co.id; kiki@adhi.co.id

TRADING ACTIVITIES
Adhi Karya (Persero) Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
4,000 240 Jan-11 930 760 790 4,882 113,072 95,505 21
Feb-11 850 750 830 3,295 75,255 60,185 18
3,500 210 Mar-11 850 760 840 6,687 98,898 80,322 23
Apr-11 900 820 820 14,093 172,522 148,957 20
May-11 830 740 780 5,278 95,026 75,050 21
3,000 180
Jun-11 800 740 800 3,127 53,179 40,725 20
Jul-11 820 700 710 6,361 100,864 75,362 21
2,500 150
Aug-11 720 510 580 6,573 119,233 70,518 19
Sep-11 610 450 510 4,259 60,629 33,605 20
2,000 120
Oct-11 580 455 530 6,873 84,676 45,079 21
Nov-11 520 445 460 13,367 134,909 65,650 22
1,500 90 Dec-11 640 435 580 11,915 359,328 198,452 21
1,000 60 Jan-12 720 570 690 8,235 193,549 126,624 21

Feb-12 750 680 710 4,743 129,177 92,626 21
500 30 Mar-12 800 700 800 4,622 107,316 79,249 21
Apr-12 1,040 750 990 11,373 306,721 280,632 20
May-12 1,140 940 970 7,410 202,611 210,502 21
Jun-12 1,010 860 990 3,027 59,294 56,177 21
Jul-12 1,050 860 910 4,409 84,526 79,675 22
Aug-12 960 830 900 4,771 85,274 76,887 19
Sep-12 1,090 870 1,040 5,588 119,462 116,886 20
Property, Real Estate and Bulding Construction Index Nov-12 1,910 1,360 1,890 13,164 272,742 431,698 20
330%
301.6% Jan-13 2,150 1,730 2,000 25,820 386,992 740,424 21
275% Feb-13 2,650 1,990 2,575 17,280 317,854 723,135 20
Mar-13 3,175 2,400 3,100 17,226 224,360 635,962 19
220% Apr-13 3,175 2,700 2,975 19,520 242,917 711,019 22
May-13 3,925 2,950 3,900 22,507 284,753 931,777 22
165% 175.4% Jun-13 4,000 3,100 3,325 27,380 298,365 1,054,227 19
Jul-13 3,375 2,400 3,075 26,992 292,062 856,830 23
Aug-13 3,200 1,690 1,980 22,891 227,303 516,385 17
110%
Sep-13 2,275 1,510 2,025 71,392 1,395,702 2,639,571 21
Oct-13 2,150 1,830 1,950 44,551 759,652 1,504,721 21
55%
41.9% Nov-13 1,970 1,570 1,600 22,975 298,528 524,666 20
Dec-13 1,780 1,460 1,510 22,832 383,774 633,407 19
-
Jan-14 1,850 1,425 1,780 34,825 523,862 885,065 20

-55% Feb-14 2,390 1,755 2,340 51,624 769,177 1,595,184 20
Mar-14 3,110 2,275 2,995 53,545 573,781 1,597,729 20
-110% Apr-14 3,335 2,675 2,985 86,169 890,637 2,676,720 20
Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 May-14 3,340 2,950 3,130 50,309 514,322 1,636,032 18
Jun-14 3,150 2,620 2,785 45,534 320,944 925,441 21
Jul-14 3,420 2,725 3,110 77,411 678,458 2,147,006 18
SHARES TRADED 2011 2012 2013 2014 Jan-15 Aug-14 3,230 3,025 3,070 40,426 298,984 938,382 20
Volume (Million Sh.) 1,468 2,209 5,112 6,662 576 Sep-14 3,160 2,740 2,765 30,838 165,105 494,676 22
Value (Billion Rp) 989 2,571 11,472 18,415 2,067 Oct-14 2,920 2,320 2,755 58,999 424,212 1,142,279 23
Frequency (Thou. X) 87 105 341 667 64 Nov-14 2,810 2,435 2,780 56,416 568,723 1,501,669 20
Days 247 246 244 242 21 Dec-14 3,625 2,780 3,480 81,342 933,533 2,875,053 20
Price (Rupiah) Jan-15 3,780 3,320 3,695 64,117 576,447 2,067,005 21

High 930 2,100 4,000 3,625 3,780
Low 435 570 1,460 1,425 3,320
Close 580 1,760 1,510 3,480 3,695
Close* 580 1,760 1,510 3,480 3,695
PER (X) 5.72 14.84 6.70 46.54 49.41

PER Industry (X) 11.09 17.34 9.57 16.29 17.39
PBV (X) 1.05 2.68 1.76 4.10 4.36

Public Accountant : Aryanto, Amir Jusuf, Mawar & Saptoto (Member of RSM International)
Cash & Cash Equivalents 242,118 552,203 948,846 1,939,960 811,412 11,250
Receivables 1,353,192 1,657,080 2,332,098 2,705,085 3,214,051

61,766 68,562 116,552 161,560 132,014 9,000
Inventories
Investment 197,497 197,644 62,804 60,034 45,250
6,750
Fixed Assets 186,401 220,861 187,437 271,257 496,096
Other Assets 8,387 18,154 34,248 65,081 27,893
4,500
Total Assets 4,927,696 6,112,954 7,872,074 9,720,962 10,458,882
Growth (%) 24.05% 28.78% 23.49% 7.59% 2,250
Bank Payable 843,331 192,017 200,920 211,800 771,500 -

Trade Payable 2,214,234 3,132,496 4,276,690 4,767,420 4,923,213 2010 2011 2012 2013 2014
Growth (%) 26.17% 30.62% 22.14% 6.54%
Authorized Capital 544,000 544,000 544,000 544,000 544,000 1,752
Paid up Capital 180,132 180,132 180,132 180,132 180,132 1,752
1,548
Paid up Capital (Shares) 1,801 1,801 1,801 1,801 1,801
Par Value 100 100 100 100 100
1,394
1,181
Retained Earnings 668,355 790,784 943,642 1,307,301 1,509,579 990
1,037
868
Total Equity 867,755 990,368 1,180,919 1,548,463 1,751,543
Growth (%) 14.13% 19.24% 31.12% 13.11% 680
INCOME STATEMENTS Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 322
Total Revenues 5,674,980 6,695,112 7,627,703 9,799,598 8,653,578

Growth (%) 17.98% 13.93% 28.47% -11.69%
-35
2010 2011 2012 2013 2014
Cost of Revenues 4,964,348 5,960,704 6,671,815 8,606,444 7,655,377

Gross Profit 710,632 799,042 1,043,220 1,247,711 1,016,588
Operating Expenses 340,978 385,498 531,378 425,009 278,322
Operating Profit 428,133 413,544 - - 738,267 9,800
9,800
Growth (%) -3.41% 8,654

7,628
7,800
6,695
Other Income (Expenses) -107,312 -87,164 -88,526 -108,337 -143,714
5,675
Income before Tax 320,820 326,380 423,315 714,365 594,553 5,801
Tax 130,627 143,687 209,998 305,927 267,896

Profit for the period 190,194 182,693 213,318 408,438 326,657
3,802
Growth (%) -3.94% 16.76% 91.47% -20.02%

1,803
Period Attributable 189,484 182,116 211,590 405,977 324,071 -196
Comprehensive Income 181,525 182,727 213,651 409,862 326,616 2010 2011 2012 2013 2014
Comprehensive Attributable 180,815 182,150 211,924 407,401 324,031
Dividend (Rp) 32.35 30.33 23.49 67.61 -
408
EPS (Rp) 105.19 101.10 117.46 225.38 179.91 408
BV (Rp) 481.73 549.80 655.59 859.63 972.37 327

DAR (X) 0.82 0.84 0.85 0.84 0.83 325
DER(X) 4.68 5.17 5.67 5.28 4.97

242 213
ROA (%) 3.86 2.99 2.71 4.20 3.12 190 183
ROE (%) 21.92 18.45 18.06 26.38 18.65 158
GPM (%) 12.52 11.93 13.68 12.73 11.75

OPM (%) 7.54 6.18 - - 8.53 75
NPM (%) 3.35 2.73 2.80 4.17 3.77

Payout Ratio (%) 30.75 30.00 20.00 30.00 -
-8
2010 2011 2012 2013 2014

Yield (%) 3.55 5.23 1.33 4.48 -

COMPANY REPORT
ADRO
ADARO ENERGY TBK.
Company Profile
PT Adaro Energy Tbk. was established July 28th, 2004. The Company is engaged in trading,
services, industry, coal hauling, workshop activities, mining and construction. The
Company’s subsidiaries are engaged in coal mining, coal trading, mining contractor
services, infrastructure, coal logistics and power generation activities.
The Company commenced its commercial operations in July 2005. The Company’s head
office is domiciled in Jakarta and located at Menara Karya Building, 23rd Floor, Jln. H.R.
Rasuna Said Block X-5, Kav. 1-2, South Jakarta.
PT Adaro Energy Tbk. is a vertically integrated group; in addition to its core mining
subsidiary Adaro Indonesia, it owns subsidiaries along the length of its coal supply chain
from pit to port to power, including in mining, barging, shiploading, dredging, port services,
marketing and power generation.
The subsidiaries combine with a range of contractors to produce and deliver coal with
industry-leading efficiency and low cost.
As at September 30th, 2014 the Group had 7,427 permanent employees.
February 2015
Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the
publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the
publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

ADRO Adaro Energy Tbk. [S]
Main Board Individual Index : 90.909
Industry Sector : Mining (2) Listed Shares : 31,985,962,000
Industry Sub Sector : Coal Mining (21) Market Capitalization : 31,985,962,000,000
30 | 32.0T | 0.60% | 65.69%
22 | 16.8T | 1.15% | 52.22%

Established Date : 28-Jul-2004 1. PT Adaro Strategic Investments 14,045,425,500 : 43.91%
Listing Date : 16-Jul-2008 2. Garibaldi Thohir 1,976,632,654 : 6.18%
Under Writer IPO : 3. Public (<5%) 15,963,903,846 : 49.91%
PT Danatama Makmur
PT Ficomindo Buana Registrar Bonus Cash Recording Payment
F/I
Mayapada Tower 10th Fl. Suite 02 B Year Shares Dividend Cum Date Ex Date Date Date
Jln. Jend. Sudirman Kav. 28 Jakarta 12920 2008 11.80 25-Aug-09 26-Aug-09 28-Aug-09 11-Sep-09 F
Phone : (021) 521-2316, 521-2317 2009 12.00 11-Dec-09 14-Dec-09 16-Dec-09 30-Dec-09 I
Fax : (021) 521-2320 2009 17.00 02-Jun-10 03-Jun-10 07-Jun-10 18-Jun-10 F
2010 9.85 26-Nov-10 29-Nov-10 01-Dec-10 10-Dec-10 I
BOARD OF COMMISSIONERS 2010 20.50 27-May-11 30-May-11 01-Jun-11 09-Jun-11 F
1. Edwin Soeryadjaya 2011 USD 0.00235 28-Nov-11 29-Nov-11 01-Dec-11 09-Dec-11 I
2. Palgunadi Tatit Setyawan *) 2011 USD 0.00575 29-May-12 30-May-12 01-Jun-12 12-Jun-12 F
3. Raden Pardede *) 2012 USD 0.0013 29-May-12 30-May-12 01-Jun-12 12-Jun-12 I
4. Subianto 2012 USD 0.0011 26-Dec-12 27-Dec-12 02-Jan-13 15-Jan-13 I
5. Theodore Permadi Rachmat 2012 USD 0.00126 29-May-13 30-May-13 03-Jun-13 12-Jun-13 F
*) Independent Commissioners 2013 USD 0.00125 24-Dec-13 27-Dec-13 02-Jan-14 16-Jan-14 I
2013 USD 0.0011 26-May-14 28-May-14 02-Jun-14 12-Jun-14 F
BOARD OF DIRECTORS 2014 USD 0.00094 24-Dec-14 29-Dec-14 02-Jan-15 16-Jan-15 I
1. Garibaldi Thohir
2. Chia Ah Hoo ISSUED HISTORY
3. Christian Ariano Rachmat Listing Trading
4. David Tendian No. Type of Listing Shares Date Date
5. Julius Aslan 1. First Issue 11,139,331,000 16-Jul-08 16-Jul-08
6. M. Syah Indra Aman 2. Company Listing 20,846,631,000 16-Jul-08 16-Apr-09
7. Sandiaga Salahuddin Uno
8. Siswanto Prawiroatmodjo
AUDIT COMMITTEE
1. Palgunadi Tatit Setyawan
2. Irwandy Arif
3. Mamat Ma'mun
CORPORATE SECRETARY
Mahardika Putranto
HEAD OFFICE
Menara Karya 23rd Fl.
Jln. H.R. Rasuna Said, Blok X-5, Kav. 1 - 2
Jakarta - 12950
Phone : (021) 521-1265, 255-33040
Fax : (021) 579-44687, 579-44648
Homepage : www.adaro.com
Email : mahardika.putranto@ptadaro.com
corsec@ptadaro.com

TRADING ACTIVITIES
Adaro Energy Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
3,000 400 Jan-11 2,900 2,225 2,250 43,230 1,713,532 4,350,610 21
Feb-11 2,500 2,250 2,450 28,318 1,202,450 2,872,429 18
2,625 350 Mar-11 2,475 2,175 2,200 46,772 1,404,886 3,245,738 23
Apr-11 2,350 2,200 2,200 37,572 1,105,133 2,502,053 20
May-11 2,475 2,200 2,450 48,050 1,735,498 4,063,096 21
2,250 300
Jun-11 2,500 2,250 2,450 19,872 834,507 2,009,815 20
Jul-11 2,700 2,450 2,650 20,831 1,032,290 2,644,882 21
1,875 250
Aug-11 2,700 1,990 2,025 44,376 1,384,272 3,166,937 19
Sep-11 2,125 1,430 1,720 63,571 1,819,818 3,335,150 20
1,500 200
Oct-11 2,150 1,500 2,025 63,762 1,830,149 3,396,335 21
Nov-11 2,150 1,830 1,910 41,895 1,180,537 2,322,064 22
1,125 150 Dec-11 2,025 1,730 1,770 41,384 1,070,469 1,977,409 21
750 100 Jan-12 1,860 1,750 1,830 36,837 999,140 1,807,345 21

Feb-12 2,025 1,790 1,920 42,144 1,294,177 2,500,859 21
375 50 Mar-12 1,980 1,870 1,930 33,313 1,076,242 2,056,482 21
Apr-12 1,970 1,770 1,860 31,778 801,403 1,481,681 20
May-12 1,880 1,460 1,470 31,426 824,427 1,400,499 21
Jun-12 1,490 1,180 1,450 48,253 1,628,248 2,145,363 21
Jul-12 1,630 1,320 1,460 39,070 896,114 1,301,281 22
Aug-12 1,610 1,330 1,370 25,007 589,119 876,431 19
Sep-12 1,610 1,350 1,500 26,552 550,208 825,189 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-12 1,490 1,340 1,370 25,135 973,400 1,379,202 22
Mining Index Nov-12 1,430 1,320 1,340 23,953 651,960 899,730 20
January 2011 - January 2015 Dec-12 1,610 1,320 1,590 28,273 1,065,599 1,578,648 18
60%
Jan-13 1,770 1,590 1,650 35,702 693,704 1,175,414 21
40% 41.9% Feb-13 1,680 1,550 1,570 29,234 578,305 922,195 20
Mar-13 1,580 1,250 1,310 34,568 1,179,303 1,701,990 19
Apr-13 1,370 1,190 1,230 28,764 699,841 898,296 22
20%
May-13 1,240 920 930 40,369 1,088,707 1,179,144 22
Jun-13 930 750 860 46,114 1,004,249 849,300 19
- Jul-13 860 670 700 38,801 1,288,624 930,027 23
Aug-13 940 640 930 42,185 1,653,523 1,307,578 17
Sep-13 1,030 870 900 45,303 1,566,310 1,494,923 21
-20%
Oct-13 1,130 890 1,020 42,712 1,230,844 1,250,459 21
Nov-13 1,240 1,010 1,130 49,717 1,820,926 2,085,692 20
-40% Dec-13 1,250 1,040 1,090 35,467 1,059,797 1,223,837 19
Jan-14 1,110 870 950 67,166 1,717,526 1,651,052 20

-60% -60.7%
-62.6% Feb-14 995 880 995 52,885 1,197,188 1,126,593 20
Mar-14 1,040 945 980 59,759 1,369,759 1,357,397 20
-80% Apr-14 1,205 930 1,185 55,961 1,295,481 1,355,337 20
Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 May-14 1,320 1,100 1,225 60,224 1,439,612 1,768,558 18
Jun-14 1,340 1,130 1,175 59,842 1,173,729 1,460,502 21
Jul-14 1,210 1,080 1,185 58,308 1,079,081 1,241,003 18
SHARES TRADED 2011 2012 2013 2014 Jan-15 Aug-14 1,350 1,170 1,315 67,428 1,186,836 1,515,182 20
Volume (Million Sh.) 16,314 11,350 13,864 15,254 1,137 Sep-14 1,390 1,150 1,175 58,209 927,416 1,196,582 22
Value (Billion Rp) 35,887 18,253 15,019 16,751 1,118 Oct-14 1,185 920 1,135 87,590 1,641,955 1,706,381 23
Frequency (Thou. X) 500 392 469 730 71 Nov-14 1,150 980 1,080 55,494 1,174,713 1,247,984 20
Days 247 246 244 242 21 Dec-14 1,145 995 1,040 47,125 1,050,501 1,123,969 20
Price (Rupiah) Jan-15 1,050 925 1,000 70,943 1,137,115 1,117,884 21

High 2,900 2,025 1,770 1,390 1,050
Low 1,430 1,180 640 870 925
Close 1,770 1,590 1,090 1,040 1,000
Close* 1,770 1,590 1,090 1,040 1,000
PER (X) 11.16 13.78 12.29 9.27 8.91

PER Industry (X) 16.17 8.49 20.76 3.23 2.93
PBV (X) 2.56 1.76 0.89 0.81 0.78

BALANCE SHEET Dec-10 Dec-11 Dec-12 Dec-13 Sep-14 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
Cash & Cash Equivalents 5,452,079 5,067,851 4,838,559 8,354,692 19,882,443 100,000
Receivables 2,500,696 4,396,801 4,692,058 3,822,657 4,308,528

287,700 475,345 623,589 1,260,706 1,312,814 80,000
Inventories
Current Assets 9,963,569 11,765,957 13,672,171 16,820,685 27,694,019
60,000
Fixed Assets 8,688,881 12,988,087 17,106,385 20,930,154 20,099,303
Other Assets 72,839 125,873 96,226 248,811 268,383
40,000
Total Assets 40,132,728 51,315,458 64,714,116 82,623,566 91,540,444
Growth (%) 27.86% 26.11% 27.67% 10.79% 20,000

Long Term Liabilities 16,101,244 22,103,586 27,056,457 33,927,838 40,694,438 2010 2011 2012 2013 Sep-14
Growth (%) 33.27% 22.57% 21.45% 16.49%
39,203
Paid up Capital 3,198,596 3,198,596 3,198,596 3,198,596 3,198,596 40,958

Par Value 100 100 100 100 100
32,602
28,962
Retained Earnings 4,871,077 8,542,056 10,314,612 14,940,038 16,877,973 22,146

18,245,190 22,146,078 28,962,172 39,202,687 40,957,876
24,247
Total Equity 18,245

Growth (%) 21.38% 30.78% 35.36% 4.48% 15,892
INCOME STATEMENTS Dec-10 Dec-11 Dec-12 Dec-13 Sep-14 7,536
Total Revenues 24,398,999 36,157,789 35,996,469 40,308,692 30,621,114

Growth (%) 48.19% -0.45% 11.98%
-819
2010 2011 2012 2013 Sep-14
Cost of Revenues 16,958,724 23,205,121 25,914,314 31,238,880 23,464,149

Gross Profit 7,440,275 12,952,668 10,082,155 9,069,812 7,156,965
Expenses (Income) 1,052,473 1,313,246 1,994,321 2,514,135 1,394,378
Operating Profit 6,387,802 11,639,422 8,087,833 6,555,677 5,762,586 40,309
36,158 35,996
Growth (%) 82.21% -30.51% -18.94%
40,309
30,621
32,086
Other Income (Expenses) -1,671,686 -2,547,745 -1,186,122 -1,411,062 -1,223,838 24,399

Income before Tax 4,716,116 9,091,677 6,901,711 5,144,615 4,538,749 23,863
Tax 2,500,014 4,085,207 3,195,132 2,331,558 1,791,745

15,640
Growth (%) 125.90% -25.96% -24.11%

7,417
Comprehensive Income 2,220,879 5,073,546 3,691,474 2,765,793 -2,641,101 2010 2011 2012 2013 Sep-14
RATIOS Dec-10 Dec-11 Dec-12 Dec-13 Sep-14 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 172.19 166.52 157.23 177.19 280.07
5,006
Dividend (Rp) 30.35 75.01 35.15 28.77 11.73 5,006
EPS (Rp) 69.37 156.03 116.50 88.70 84.17

3,707
BV (Rp) 570.41 692.37 905.47 1,225.62 1,280.50 3,985
DAR (X) 0.55 0.57 0.55 0.53 0.55 2,813 2,747

DER(X) 1.20 1.32 1.23 1.11 1.23
2,964
2,216
ROA (%) 5.52 9.76 5.73 3.40 3.00 1,943
ROE (%) 12.15 22.61 12.80 7.18 6.71

GPM (%) 30.49 35.82 28.01 22.50 23.37 921
OPM (%) 26.18 32.19 22.47 16.26 18.82

NPM (%) 9.08 13.85 10.30 6.98 8.97
-100
2010 2011 2012 2013 Sep-14

Payout Ratio (%) 43.75 48.08 30.17 32.43 13.93
Yield (%) 1.19 4.24 2.21 2.64 1.00

COMPANY REPORT
AKRA
AKR CORPORINDO TBK.
Company Profile

As stated in Article 3 of the Company’s Articles of Association, its scope of activities
comprises of chemical industry, general trading and distribution of primarily chemical
products and petroleum products and gas, engaging in the logistics business,
transportation (including for own use and for transport operations by land or sea and
operations of pipe for sea transportation infrastructure), rental of warehouses and storage
tanks, including workshop, expedition and packaging, conducting a business and acting as a
representative and/or an agent, with distributorship agreements with foreign and local
entities, contractors and other services except legal services.

The Company is currently engaged in the distribution of petroleum products to industrial
customers, distribution and trading of chemical products (such as caustic soda, sodium
sulphate, PVC resin and soda ash) used by various industries in Indonesia in accordance
with distributorship agreements with foreign and local manufacturers, rental of
warehouses, transportation vehicles, tanks and other logistic services.

The Company started its commercial operations in June 1978.

The Company is domiciled at Wisma AKR, 8th Floor, JIn. Panjang No. 5, Kebon Jeruk,
Jakarta. Its major branch office is located at JIn. Sumatra No. 51‐53, Surabaya. Other sales
offices also the tank terminals are located in Medan, Palembang, Lampung, Ciwandan
(Banten), Bandung, Semarang, Pontianak, Balikpapan, Banjarmasin, Stagen (South
Kalimantan), Makassar, Manado and Bali. The Company also has a representative office in
Guigang, China.
February 2015
Disclaimer:

AKRA AKR Corporindo Tbk. [S]
Industry Sector : Trade, Services & Investment (9) Listed Shares : 3,913,637,674
Industry Sub Sector : Wholesale (Durable & Non-Durable Goods) (91) Market Capitalization : 18,374,528,879,430
51 | 18.4T | 0.35% | 74.81%
44 | 9.99T | 0.69% | 70.83%

Established Date : 28-Nov-1977 1. PT Arthakencana Rayatama 2,302,390,320 : 58.83%
Listing Date : 03-Oct-1994 2. Public (<5%) 1,611,247,354 : 41.17%
Under Writer IPO :
PT Lippo Securities DIVIDEND ANNOUNCEMENT
F/I
PT Raya Saham Registra Year Shares Dividend Cum Date Ex Date Date Date
Plaza Central Building 2nd Fl. 1995 80.00 27-Jan-95 30-Jan-95 06-Feb-95 28-Feb-95 I
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1994 50.00 11-Jul-95 12-Jul-95 20-Jul-95 11-Aug-95 F
Phone : (021) 252-5666 1995 80.00 17-Nov-95 20-Nov-95 28-Nov-95 18-Dec-95 I
Fax : (021) 252-5028 1995 10 : 6 26-Feb-96 27-Feb-96 06-Mar-96 29-Mar-96 B
1995 70.00 07-Jun-96 10-Jun-96 18-Jun-96 11-Jul-96 F
BOARD OF COMMISSIONERS 1996 50.00 23-Jun-97 24-Jun-97 01-Aug-97 26-Aug-97 F
1. Soegiarto Adikoesoemo 2002 25.00 03-Sep-03 04-Sep-03 08-Sep-03 19-Sep-03 F
2. I Nyoman Mastra *) 2003 50.00 28-Jun-04 29-Jun-04 01-Jul-04 14-Jul-04 F
3. Sabirin Saiman 2005 40.00 02-May-05 03-May-05 06-May-05 19-May-05
*) Independent Commissioners 2005 60.00 01-Sep-06 04-Sep-06 06-Sep-06 19-Sep-06 F
2006 65.00 27-Jun-07 28-Jun-07 02-Jul-07 16-Jul-07 F
BOARD OF DIRECTORS 2007 19.00 03-Jun-08 04-Jun-08 06-Jun-08 16-Jun-08 F
1. Haryanto Adikoesoemo 2008 21.00 09-Jun-09 10-Jun-09 12-Jun-09 19-Jun-09 F
2. Arief Budiman Utomo 2009 25.00 25-May-10 26-May-10 31-May-10 14-Jun-10 F
3. Bambang Soetiono Soedijanto 2010 30.00 19-Nov-10 22-Nov-10 24-Nov-10 09-Dec-10 I
4. Jimmy Tandyo 2010 135.00 11-Mar-11 14-Mar-11 16-Mar-11 29-Mar-11 I
5. Mery Sofi 2010 2.00 31-May-11 01-Jun-11 06-Jun-11 20-Jun-11 F
6. Nery Polim 2011 200.00 22-Aug-11 23-Aug-11 25-Aug-11 08-Sep-11 I
7. Suresh Vembu 2011 25.00 06-Jun-12 07-Jun-12 11-Jun-12 25-Jun-12 F
2012 40.00 26-Dec-12 27-Dec-12 02-Jan-13 16-Jan-13 I
AUDIT COMMITTEE 2012 65.00 31-May-13 03-Jun-13 05-Jun-13 20-Jun-13 F
1. I Nyoman Mastra 2013 50.00 18-Sep-13 19-Sep-13 23-Sep-13 04-Oct-13 I
2. Ngurah Gede 2013 65.00 05-Jun-14 06-Jun-14 10-Jun-14 24-Jun-14 F
3. Subarto Zaini 2014 50.00 09-Sep-14 10-Sep-14 12-Sep-14 26-Sep-14 I
CORPORATE SECRETARY ISSUED HISTORY

Harryati Utami Listing Trading
HEAD OFFICE 1. First Issue 15,000,000 03-Oct-94 03-Oct-94
Wisma AKR 7th - 8th Fl. 2. Company Listing 50,000,000 T: 03-Oct-94 : 06-May-95
Jln. Panjang No. 5, Kebon Jeruk 3. Bonus Shares 39,000,000 01-Apr-96 01-Apr-96
Jakarta 4. Stock Split 2,600,000,000 T: 30-Sep-96 : 27-Jul-07
Phone : (021) 531-1110 5. Right Issue 1,043,658,500 T: 20-Dec-04 : 16-Feb-10
Fax : (021) 531-1185, 531-1388, 531-1128 6. OPSI Conversion 18,292,500 T: 11-Apr-08 : 15-Oct-09
7. Opsi MSOP Conversion I, II & III 26,537,500 T: 09-Apr-10 : 13-Oct-10
Homepage : www.akr.co.id 8. Opsi MSOP Conversion I & III 447,500 T: 12-Apr-10 : 15-Apr-10
Email : harryati.utami@akr.co.id 9. Opsi MSOP Conversion II, III & IV 28,607,500 T: 13-Apr-11 : 14-Apr-11
tami@akr.co.id 10. Opsi MSOP Conversion II, III, IV 432,500 12-Oct-11 12-Oct-11
11. Opsi MSOP Conversion IV 195,000 T: 13-Oct-11 : 12-Apr-13
12. Opsi MSOP Conversion III, IV, V 28,907,500 09-Apr-12 09-Apr-12
13. Opsi MSOP Conversion III 550,000 10-Apr-12 10-Apr-12
14. Opsi MSOP Conversion IV, V 29,099,000 T: 09-Apr-13 : 10-Apr-13
15. MSOP V (2011) 3, I (2012) 2, I (2013) 1 22,714,000 T: 04-Apr-14 : 11-Apr-14
16. MSOP V (2011) 3, I (2012) 2, II (2013) 1 9,996,174 07-Oct-14 07-Oct-14
17. MSOP I (2012) 2, II (2013) 1 200,000 09-Oct-14 09-Oct-14

TRADING ACTIVITIES
AKR Corporindo Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
6,000 48.0 Jan-11 1,730 1,390 1,440 21,826 383,691 600,618 21
Feb-11 1,630 1,350 1,560 13,847 227,243 339,089 18
5,250 42.0 Mar-11 1,660 1,420 1,470 22,274 343,580 527,701 23
Apr-11 1,720 1,450 1,710 21,474 394,286 615,401 20
May-11 1,840 1,580 1,840 19,868 352,872 589,727 21
4,500 36.0
Jun-11 2,200 1,770 2,125 13,270 258,481 495,557 20
Jul-11 3,125 2,100 3,050 24,160 378,575 948,766 21
3,750 30.0
Aug-11 3,100 2,450 2,650 33,390 463,554 1,302,769 19
Sep-11 2,775 2,150 2,400 21,997 339,598 863,164 20
3,000 24.0
Oct-11 3,125 2,200 3,025 22,226 282,903 759,571 21
Nov-11 3,250 2,750 2,850 24,988 317,985 950,762 22
2,250 18.0 Dec-11 3,075 2,900 3,025 25,252 339,968 1,011,851 21
1,500 12.0 Jan-12 3,650 3,000 3,650 39,838 414,607 1,404,452 21

Feb-12 3,900 3,500 3,600 22,274 284,426 1,042,116 21
750 6.0 Mar-12 4,425 3,550 4,300 24,831 311,040 1,231,547 21
Apr-12 4,350 4,000 4,125 23,979 243,621 1,019,079 20
May-12 4,200 3,325 3,375 23,693 271,922 1,014,240 21
Jun-12 3,775 3,150 3,475 21,238 224,399 789,842 21
Jul-12 3,950 3,500 3,650 27,387 311,055 1,151,428 22
Aug-12 3,750 3,325 3,500 18,714 297,106 1,049,276 19
Sep-12 4,275 3,450 4,250 20,476 278,456 1,072,492 20
Trade, Sevices and Investment Index Nov-12 4,700 4,225 4,300 17,677 217,527 962,649 20
280%
Jan-13 4,200 3,775 3,875 23,466 315,427 1,245,106 21
240% Feb-13 4,500 3,825 4,475 19,230 218,111 902,451 20
Mar-13 5,550 4,425 5,000 14,741 189,877 947,949 19
200% Apr-13 5,350 4,850 5,150 17,228 166,257 851,310 22
May-13 5,500 4,850 5,350 19,669 183,716 958,295 22
176.2%
160% Jun-13 6,100 4,625 5,300 31,480 288,147 1,525,542 19
Jul-13 5,450 4,325 4,325 26,256 227,366 1,090,451 23
Aug-13 4,950 3,475 3,975 22,430 245,307 1,040,139 17
120%
Sep-13 4,650 3,500 4,000 22,308 275,681 1,093,424 21
93.3% Oct-13 5,350 4,000 4,850 19,727 193,237 914,203 21
80%
Nov-13 5,050 4,425 4,675 19,926 204,324 972,950 20
Dec-13 4,975 4,350 4,375 14,061 129,874 616,656 19
40% 41.9%
Jan-14 4,820 4,175 4,400 32,248 151,840 680,984 20

- Feb-14 4,625 4,200 4,560 34,928 187,729 840,663 20
Mar-14 5,200 4,490 4,835 30,860 182,352 874,778 20
-40% Apr-14 5,200 4,625 4,770 34,583 161,251 781,369 20
Jun-14 4,640 4,175 4,330 26,447 178,895 790,700 21
Jul-14 4,750 4,255 4,400 26,710 188,850 855,524 18
Value (Billion Rp) 9,005 12,604 12,158 9,991 1,245 Oct-14 5,475 4,700 4,925 29,475 160,511 796,156 23
Days 247 246 244 242 21 Dec-14 4,680 3,950 4,120 54,597 234,929 1,040,676 20
Price (Rupiah) Jan-15 4,750 4,110 4,695 50,776 274,374 1,245,406 21

High 3,250 4,700 6,100 5,825 4,750
Low 1,350 3,000 3,475 3,950 4,110
Close 3,025 4,150 4,375 4,120 4,695
Close* 3,025 4,150 4,375 4,120 4,695
PER (X) 22.62 21.15 26.19 20.90 23.82

PER Industry (X) 16.89 19.08 15.42 22.13 22.53
PBV (X) 3.23 3.80 3.17 2.84 3.23

Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited)
Cash & Cash Equivalents 614,272 1,329,789 1,884,943 820,065 736,395 16,250
Receivables 1,425,105 2,189,012 3,224,397 4,351,773 5,267,992

936,187 1,250,135 1,415,169 1,823,246 1,417,840 13,000
Inventories
Current Assets 4,846,702 5,239,361 7,414,601 7,723,315 7,978,283
9,750
Fixed Assets 2,325,695 2,437,215 3,177,350 4,226,692 4,286,018
Other Assets 20,410 40,371 24,372 20,218 19,476
6,500
Total Assets 7,665,590 8,308,244 11,787,525 14,633,141 15,757,355
Growth (%) 8.38% 41.88% 24.14% 7.68% 3,250

Long Term Liabilities 797,412 873,528 2,435,399 2,676,688 2,493,962 2010 2011 2012 2013 Sep-14
Growth (%) -1.52% 60.09% 22.33% 8.66%
379,294 382,199 385,144 388,073 390,344 5,363
Paid up Capital 5,684

4,210
Par Value 100 100 100 100 100
4,525
3,575
3,365
2,859
Total Equity 2,858,833 3,574,704 4,209,740 5,363,161 5,684,187
Growth (%) 25.04% 17.76% 27.40% 5.99% 2,205
Total Revenues 10,320,713 18,805,950 21,673,954 22,337,928 16,989,121

Growth (%) 82.22% 15.25% 3.06%
-114
2010 2011 2012 2013 Sep-14
Cost of Revenues 9,715,136 17,787,552 20,412,678 20,970,288 3,613,977

Gross Profit 605,578 1,018,398 1,261,276 1,367,641 3,613,977
Expenses (Income) 262,123 302,869 430,920 600,059 3,613,977
Operating Profit 343,455 715,529 830,356 767,582 762,717 21,674 22,338
Growth (%) 108.33% 16.05% -7.56%

22,338
18,806
16,989
17,781
Other Income (Expenses) -53,266 24,443 -20,673 -37,581 -55,659

10,321
Tax 50,399 145,838 190,849 117,426 145,190
Profit for the period 339,092 2,284,080 618,833 615,627 561,869
8,667
Growth (%) 573.59% -72.91% -0.52%

4,110
Period Attributable 310,916 2,293,427 649,314 648,250 578,653 -447
Comprehensive Income 311,166 2,331,631 755,870 980,588 515,313 2010 2011 2012 2013 Sep-14
Comprehensive Attributable 290,721 2,339,138 775,371 969,250 532,556
Current Ratio (%) 120.89 135.73 144.19 117.14 105.27
2,284
Dividend (Rp) 167.00 225.00 105.00 115.00 50.00 2,284
EPS (Rp) 81.97 600.06 168.59 167.04 148.24

BV (Rp) 753.73 935.30 1,093.03 1,382.00 1,456.20 1,818
DAR (X) 0.63 0.57 0.64 0.63 0.64

1.68 1.32 1.80 1.73 1.77
1,352
DER(X)
ROA (%) 4.42 27.49 5.25 4.21 3.57
619 616
886
ROE (%) 11.86 63.90 14.70 11.48 9.88 562

339
GPM (%) 5.87 5.42 5.82 6.12 21.27 420
OPM (%) 3.33 3.80 3.83 3.44 4.49

NPM (%) 3.29 12.15 2.86 2.76 3.31
-46
2010 2011 2012 2013 Sep-14

Payout Ratio (%) 203.73 37.50 62.28 68.84 33.73
Yield (%) 9.65 7.44 2.53 2.63 0.92

COMPANY REPORT
ANTM
ANEKA TAMBANG (PERSERO) TBK.
Company Profile
ANTAM is a vertically integrated, export-oriented, diversified mining and metals company.

With operations spread throughout the mineral-rich Indonesian archipelago, ANTAM
undertakes all activities from exploration, excavation, processing through to marketing of
nickel ore, ferronickel, gold, silver, bauxite and coal. The company has long term loyal blue
chip customers in Europe and Asia. Due to the vastness of the company's licensed
exploration areas as well as its known large holdings of high quality reserves and resources,
ANTAM has formed several joint ventures with international partners to profitably develop
geological ore bodies into profitable mines.
The company generates healthy cash flows, and has prudent capital management. The
company became a limited liability state-controlled company in 1968 with the merger of
several single commodity mining companies.
ANTAM's objectives are centered on increasing shareholder value. The company's main
objective is to enhance shareholder value by lowering costs while profitably expanding
operations in a sustainable manner. The strategy maintains focus on ANTAM's core business
of nickel, gold and bauxite with a view to maximizing output in order to increase cash
generation and lower unit costs. ANTAM plans to sustain growth through reliable expansion
projects, strategic alliances, increasing quality reserves and adding value by moving away
from selling raw materials and increasing processing activities. ANTAM will also maintain
financial strength. By generating as much cash as possible ANTAM ensures it will have
sufficient funds to repay debts, finance continued growth and pay dividends. Lowering costs
means operating more efficiently and productively, as well as increasing capacity to benefit
from economies of scale.
As a mining company, ANTAM realizes its operations have a direct impact on the surrounding
environment and nearby communities. Environmental sustainability and community
development are not viewed merely as being socially responsible, but also as risk
management. The characteristic of mining in Indonesia is that it plays a big role in the
development of remote areas and so given the mine's large role in community development
it is crucial to operate not as an outsider but as a member of the community and a good
corporate citizen and thereby reduce the likelihood of business interruptions. ANTAM
believes environmental sustainability and proactive community development are necessary
to successfully operate a mine. Serious attention to natural conservation efforts and
proactive participation in community development are one of the keys to successful mining
activities.
February 2015
Disclaimer:

ANTM Aneka Tambang (Persero) Tbk. [S]
Industry Sub Sector : Metal And Mineral Mining (23) Market Capitalization : 10,158,459,633,750
86 | 10.2T | 0.19% | 83.70%
58 | 7.05T | 0.48% | 78.91%

Established Date : 05-Jul-1968 1. Negara Republik Indonesia 6,200,000,000 : 65.00%
Listing Date : 27-Nov-1997 2. Public (<5%) 3,338,459,750 : 35.00%
Under Writer IPO :
PT Danareksa Sekuritas DIVIDEND ANNOUNCEMENT
PT Bahana Securities Bonus Cash Recording Payment
F/I
PT Pentasena Arthasentosa Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 1997 11.00 29-Jun-98 30-Jun-98 09-Jul-98 06-Aug-98 F
PT Datindo Entrycom 1997 11.59 01-Oct-98 02-Oct-98 12-Oct-98 09-Nov-98 F
Puri Datindo - Wisma Sudirman 1998 50.00 29-Jun-99 30-Jun-99 08-Jul-99 06-Aug-99 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 1998 53.87 04-Oct-99 05-Oct-99 13-Oct-99 10-Nov-99 F
Phone : (021) 570-9009 1999 79.19 05-Jun-00 06-Jun-00 14-Jun-00 28-Jun-00 F
2000 75.66 23-Oct-01 24-Oct-01 29-Oct-01 12-Nov-01 F
BOARD OF COMMISSIONERS 2001 100 : 55 10-Jul-02 11-Jul-02 17-Jul-02 30-Jul-02 B
1. R. Sukhyar 2001 47.10 05-Aug-02 06-Aug-02 09-Aug-02 23-Aug-02 F
2. Hikmahanto Juwana *) 2001 46.77 28-Oct-02 29-Oct-02 01-Nov-02 15-Nov-02 F
3. Laode M. Kamaluddin *) 2002 34.42 17-Jul-03 18-Jul-03 21-Jul-03 05-Aug-03 F
4. Robert A. Simanjuntak 2003 38.60 18-Jun-04 21-Jun-04 23-Jun-04 30-Jun-04 F
5. Velix Vernando 2004 19.60 23-Dec-04 27-Dec-04 29-Dec-04 10-Jan-05 I
6. Zaelani 2005 128.48 20-Jun-05 21-Jun-05 23-Jun-05 30-Jun-05
*) Independent Commissioners 2005 150.05 22-Jun-06 23-Jun-06 27-Jun-06 11-Jul-06 F
2006 325.58 21-Jun-07 22-Jun-07 26-Jun-07 06-Jul-07 F
BOARD OF DIRECTORS 2007 215.23 17-Jul-08 18-Jul-08 22-Jul-08 01-Aug-08 F
1. Tato Miraza 2008 57.47 17-Jun-09 18-Jun-09 22-Jun-09 03-Jul-09 F
2. Djaja M. Tambunan 2009 25.38 28-Jun-10 29-Jun-10 01-Jul-10 15-Jul-10 F
3. Hari Widjajanto 2010 70.71 06-Jul-11 07-Jul-11 11-Jul-11 25-Jul-11 F
4. Hendra Santika 2011 90.99 27-Jun-12 28-Jun-12 02-Jul-12 16-Jul-12 F
5. I Made Surata 2012 47.09 29-May-13 30-May-13 03-Jun-13 18-Jun-13 F
6. Tedy Badrujaman 2013 9.67 29-Apr-14 30-Apr-14 05-May-14 20-May-14 F
AUDIT COMMITTEE ISSUED HISTORY

1. Laode M. Kamaluddin Listing Trading
2. Musyid Amal No. Type of Listing Shares Date Date
3. Rukmana Nugraha Adhi 1. Negara RI (Seri A) 1 27-Nov-97 16-Jun-10
4. Zaelani 2. First Issue 430,769,000 27-Nov-97 27-Nov-97
3. Company Listing 799,999,999 27-Nov-97 31-Jul-98
CORPORATE SECRETARY 4. Bonus Shares 676,922,950 30-Jul-02 30-Jul-02
Tri Hartono 5. Stock Split 7,630,767,800 12-Jul-07 12-Jul-07
HEAD OFFICE
Aneka Tambang Building
Jln. Letjen TB. Simatupang No. 1
Jakarta - 12530
Phone : (021) 780-5119, 789-1234, 781-2635
Fax : (021) 781-2822, 789-1224
Homepage : www.antam.com
Email : corsec@antam.com

TRADING ACTIVITIES
Aneka Tambang (Persero) Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
2,600 480 Jan-11 2,600 2,175 2,175 28,538 436,431 1,033,684 21
Feb-11 2,325 2,150 2,200 15,685 213,602 473,543 18
2,275 420 Mar-11 2,325 2,100 2,300 21,509 306,874 680,896 23
Apr-11 2,425 2,250 2,275 16,867 228,795 531,465 20
May-11 2,300 2,100 2,150 21,175 311,637 680,779 21
1,950 360
Jun-11 2,175 1,990 2,075 19,246 270,411 562,556 20
Jul-11 2,150 1,970 2,000 20,056 302,923 621,732 21
1,625 300
Aug-11 2,050 1,720 1,880 31,263 392,000 757,220 19
Sep-11 1,970 1,400 1,500 31,534 301,008 491,865 20
1,300 240
Oct-11 1,850 1,380 1,790 42,948 621,139 1,017,405 21
Nov-11 1,800 1,580 1,640 27,116 302,323 510,452 22
975 180 Dec-11 1,690 1,580 1,620 13,006 140,166 232,074 21
650 120 Jan-12 1,900 1,610 1,880 21,460 294,174 514,604 21

Feb-12 2,025 1,850 1,960 19,018 218,301 421,270 21
325 60 Mar-12 1,950 1,760 1,800 18,690 202,265 372,554 21
Apr-12 1,880 1,690 1,720 20,048 217,725 386,105 20
May-12 1,740 1,130 1,150 36,598 698,455 899,892 21
Jun-12 1,420 1,120 1,340 44,270 961,176 1,208,483 21
Jul-12 1,430 1,250 1,280 19,719 276,788 374,594 22
Aug-12 1,310 1,200 1,240 13,345 113,522 141,641 19
Sep-12 1,430 1,220 1,350 25,003 318,219 429,649 20
Mining Index Nov-12 1,310 1,220 1,240 12,016 107,020 135,154 20
80%
Jan-13 1,450 1,280 1,360 22,216 334,911 459,571 21
60% Feb-13 1,410 1,260 1,290 21,263 276,248 370,664 20
Mar-13 1,410 1,270 1,370 21,935 369,713 498,521 19
40% 41.9% Apr-13 1,460 1,340 1,380 29,241 379,964 531,390 22
May-13 1,390 1,260 1,280 12,742 163,731 219,021 22
20% Jun-13 1,280 960 1,000 19,890 222,828 239,560 19
Jul-13 1,320 930 1,160 35,090 484,551 558,097 23
Aug-13 1,420 1,160 1,330 28,844 459,193 604,265 17
-
Sep-13 1,540 1,290 1,420 26,297 466,526 670,454 21
Oct-13 1,620 1,410 1,600 19,048 291,081 444,388 21
-20%
Nov-13 1,610 1,250 1,260 20,019 304,490 419,207 20
Dec-13 1,300 990 1,090 25,778 383,286 449,913 19
-40%
Jan-14 1,110 950 1,030 43,472 652,147 670,288 20

-57.0%
-60% -60.7% Feb-14 1,080 995 1,040 34,919 573,538 597,164 20
Mar-14 1,190 1,025 1,135 53,411 1,188,495 1,334,140 20
-80% Apr-14 1,265 1,065 1,175 38,135 798,966 930,016 20
Jun-14 1,210 1,070 1,090 20,978 284,324 330,285 21
Jul-14 1,270 1,085 1,270 24,346 403,327 476,916 18
Value (Billion Rp) 7,594 5,415 5,465 7,046 387 Oct-14 1,110 925 970 35,500 400,479 390,151 23
Frequency (Thou. X) 289 263 282 381 27 Nov-14 1,010 920 980 20,237 247,078 237,171 20
Days 247 246 244 242 21 Dec-14 1,120 945 1,065 25,530 315,920 321,526 20
Price (Rupiah) Jan-15 1,135 1,015 1,065 27,277 358,666 386,504 21

High 2,600 2,025 1,620 1,290 1,135
Low 1,380 1,120 930 920 1,015
Close 1,620 1,280 1,090 1,065 1,065
Close* 1,620 1,280 1,090 1,065 1,065
PER (X) 8.03 4.08 25.36 -13.51 -13.51

PER Industry (X) 16.17 8.49 20.76 3.23 2.93
PBV (X) 1.43 0.95 0.81 0.84 0.84

Receivables 1,693,318 1,347,420 1,846,918 1,189,692 550,925

1,229,283 1,687,897 1,449,968 2,445,934 2,068,241 19,000
Inventories
Current Assets 7,513,512 9,108,020 7,646,851 7,080,437 7,349,542
14,250
Fixed Assets 2,822,660 2,980,743 4,663,449 6,700,156 8,171,709
Other Assets 72,795 34,688 61,874 72,239 78,149
9,500
Total Assets 12,218,890 15,201,235 19,708,541 21,865,117 22,711,374
Growth (%) 24.41% 29.65% 10.94% 3.87% 4,750
Current Liabilities 1,938,448 855,830 3,041,406 3,855,512 4,592,850 -

Long Term Liabilities 696,891 3,573,362 3,834,819 5,216,118 5,981,114 2010 2011 2012 2013 Sep-14
Growth (%) 68.07% 55.25% 31.93% 16.56%
Authorized Capital 3,800,000 3,800,000 3,800,000 3,800,000 3,800,000 12,832 12,793
953,846 953,846 953,846 953,846 953,846 12,137
Paid up Capital
10,772
9,584
Par Value 100 100 100 100 100
10,215

7,597
Total Equity 9,583,550 10,772,044 12,832,316 12,793,488 12,137,410

Growth (%) 12.40% 19.13% -0.30% -5.13% 4,979
Total Revenues 8,744,300 10,346,433 10,449,886 11,298,322 5,812,495

Growth (%) 18.32% 1.00% 8.12%
-257
2010 2011 2012 2013 Sep-14
Cost of Revenues 5,807,220 7,318,735 8,427,158 9,682,521 5,291,718

Gross Profit 2,937,080 3,027,698 2,022,728 1,615,801 520,777
Expenses (Income) 968,494 1,014,820 1,126,864 1,194,769 640,262
Operating Profit 1,968,586 2,012,878 895,864 421,032 -119,485 11,298
10,346 10,450
Growth (%) 2.25% -55.49% -53.00%
11,298
8,744
8,993
Other Income (Expenses) 304,038 555,903 2,999,631 -553,962 -531,999

Income before Tax 2,272,624 2,568,781 3,895,495 -132,930 -651,484 6,689
5,812
Tax 597,699 640,889 902,379 -542,878 -87,578
Profit for the period 1,674,924 1,927,892 2,993,116 409,947 -563,906
4,384
Growth (%) 15.10% 55.25% -86.30%

2,079
Period Attributable 1,683,400 1,927,890 2,993,115 409,944 -563,906 -226
Comprehensive Income 1,686,940 1,924,739 2,989,025 410,139 -563,840 2010 2011 2012 2013 Sep-14
Comprehensive Attributable 1,695,415 1,924,737 2,989,024 410,135 -563,840
Current Ratio (%) 387.60 1,064.23 251.42 183.64 160.02
2,993
Dividend (Rp) 70.71 90.99 47.09 9.67 - 2,993
EPS (Rp) 176.49 202.12 313.79 42.98 -59.12

BV (Rp) 1,004.73 1,129.33 1,345.32 1,341.25 1,272.47 2,282
1,928
1,675
DAR (X) 0.22 0.29 0.35 0.41 0.47
0.27 0.41 0.54 0.71 0.87
1,570
DER(X)
ROA (%) 13.71 12.68 15.19 1.87 -2.48
410
859
ROE (%) 17.48 17.90 23.32 3.20 -4.65

Sep-14
GPM (%) 33.59 29.26 19.36 14.30 8.96 147
OPM (%) 22.51 19.45 8.57 3.73 -2.06 2010 2011 2012 2013
NPM (%) 19.15 18.63 28.64 3.63 -9.70
-564
-564
Payout Ratio (%) 40.07 45.02 15.01 22.50 -
Yield (%) 2.89 5.62 3.68 0.89 -

COMPANY REPORT
ASII
ASTRA INTERNATIONAL TBK.
Company Profile
PT Astra International Tbk. was established in 1957 as PT Astra International Incorporated.

In 1990, the company changed its name to PT Astra International Tbk.
The scope of the company’s activities as set out in its Articles of Association are to engage
in general trading, industry, mining, transportation, agriculture, construction and
consultancy services. The subsidiaries’ main activities are the assembly and distribution of
automobiles, motorcycles and related spare parts, heavy equipment sales and rentals,
mining and related services, development of plantation, financial services, infrastructure,
and information technology.
The Companys’s largest shareholder is Jardine Cycle & Carriage Ltd. is a subsidiary of
Jardine Maheson Holdings Ltd, a company incorporated in Bermuda.
As at 30 September 2014, the Company and its subsidiaries had 218,127 employees.
February 2015
Disclaimer:

ASII Astra International Tbk. [S]
Industry Sector : Miscellaneous Industry (4) Listed Shares : 40,483,553,140
Industry Sub Sector : Automotive And Components (42) Market Capitalization : 317,795,892,149,000
2 | 317.8T | 6.01% | 12.19%
4 | 71.1T | 4.89% | 21.43%

Established Date : 20-Feb-1957 1. Jardine Cycle & Carriage Limited 20,276,860,040 : 50.09%
Listing Date : 04-Apr-1990 2. Public (<5%) 20,206,693,100 : 49.91%
Under Writer IPO :
F/I
Plaza Central Building 2nd Fl. 1990 100.00 05-Nov-90 06-Nov-90 13-Nov-90 27-Nov-90 I
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1990 150.00 02-May-91 03-May-91 13-May-91 10-Jun-91 F
Fax : (021) 252-5028 1991 125.00 17-Jun-92 18-Jun-92 25-Jun-92 24-Jul-92 F
1992 100.00 01-Jul-93 02-Jul-93 09-Jul-93 09-Aug-93 F
BOARD OF COMMISSIONERS 1993 225.00 13-Jun-94 14-Jun-94 21-Jun-94 21-Jul-94 F
1. Budi Setiadharma 1993 1:3 29-Jul-94 01-Aug-94 08-Aug-94 07-Sep-94 F
2. Sidharta Utama *) 1994 80.00 22-Jun-95 23-Jun-95 03-Jul-95 31-Jul-95 F
3. Soemadi Djoko Moerdjono Brotodiningrat *) 1995 90.00 25-Jun-96 26-Jun-96 04-Jul-96 31-Jul-96 F
4. Anthony John Liddell Nightingale 1996 120.00 30-Jun-97 01-Jul-97 09-Jul-97 29-Jul-97 F
5. Benjamin William Keswick 2003 50.00 01-Dec-03 02-Dec-03 04-Dec-03 18-Dec-03 I
6. Chiew Sin Cheok 2003 170.00 28-Jun-04 29-Jun-04 01-Jul-04 14-Jul-04 F
7. David Alexander Newbigging 2004 100.00 01-Nov-04 02-Nov-04 04-Nov-04 12-Nov-04 F
8. Erry Firmansyah *) 2005 270.00 16-Jun-05 17-Jun-05 21-Jun-05 04-Jul-05
9. Hisayuki Inoue *) 2005 100.00 09-Nov-05 10-Nov-05 14-Nov-05 24-Nov-05 I
10. Jonathan Chang 2005 340.00 15-Jun-06 16-Jun-06 20-Jun-06 04-Jul-06 F
11. Mark Spencer Greenberg 2006 150.00 20-Oct-06 30-Oct-06 01-Nov-06 15-Nov-06 I
2007 160.00 29-Oct-07 30-Oct-07 01-Nov-07 15-Nov-07 I
BOARD OF DIRECTORS 2008 300.00 28-Oct-08 29-Oct-08 31-Oct-08 14-Nov-08 I
1. Prijono Sugiarto 2008 570.00 17-Jun-09 18-Jun-09 22-Jun-09 03-Jul-09 F
2. Bambang Widjanarko Santoso 2009 830.00 16-Jun-10 17-Jun-10 21-Jun-10 05-Jul-10 F
3. Djoko Pranoto 2010 470.00 27-Oct-10 28-Oct-10 01-Nov-10 15-Nov-10 I
4. Gunawan Geniusahardja 2011 600.00 26-Oct-11 27-Oct-11 31-Oct-11 14-Nov-11 I
5. Johannes Loman 2011 1,380.00 16-May-12 21-May-12 23-May-12 06-Jun-12 F
6. Simon Collier Dixon 2012 66.00 18-Oct-12 19-Oct-12 23-Oct-12 07-Nov-12 I
7. Sudirman Maman Rusdi 2012 150.00 20-May-13 21-May-13 23-May-13 07-Jun-13 F
8. Suparno Djasmin 2013 64.00 10-Oct-13 11-Oct-13 17-Oct-13 31-Oct-13 I
9. Widya Wiryawan 2013 152.00 22-May-14 23-May-14 28-May-14 12-Jun-14 F
2014 64.00 14-Oct-14 15-Oct-14 17-Oct-14 31-Oct-14 I
AUDIT COMMITTEE
1. Soemadi Djoko Moerdjono Brotodiningrat ISSUED HISTORY
2. Chiew Sin Cheok Listing Trading
3. Harry Wiguna No. Type of Listing Shares Date Date
4. Inget Sembiring 1. First Issue 30,000,000 04-Apr-90 04-Apr-90
2. Partial Listing 24,805,000 T: 04-Apr-90 : 04-Oct-90
CORPORATE SECRETARY 3. Company Listing 184,893,000 T: 18-Dec-91 : 02-Jan-92
Gita Tiffany Boer 4. Koperasi 2,500,000 T: 18-Dec-91 : 31-Dec-99
5. Right Issue 1,453,219,775 T: 03-Jan-94 : 21-Jan-03
HEAD OFFICE 6. Bonus Shares 871,912,800 08-Sep-94 08-Sep-94
AMDI Building 7. CB Conversion 280,837 T: 12-Mar-97 : 07-Aug-97
Jln. Gaya Motor Raya No. 8 Sunter 8. Stock Split 37,598,029,063 T: 01-Sep-97 : 05-Jun-12
Jakarta 9. Right Conversion 262,168,650 T: 24-Apr-00 : 19-Jan-04
Phone : (021) 653-10418 10. Option I 8,637,003 T: 16-Oct-00 : 16-Feb-01
Fax : (021) 653-04957 11. Option I Conversion 16,203,924 T: 31-Jul-01 : 26-Apr-02
12. Option II Conversion 30,903,088 T: 26-Apr-02 : 25-May-04
Homepage : www.astra.co.id
Email : gita.tiffanyboer@ai.astra.co.id

TRADING ACTIVITIES
Astra International Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
10,000 240 Jan-11 55,050 45,250 48,900 64,822 188,808 9,245,116 21
Feb-11 53,450 47,400 52,050 38,264 146,051 7,289,652 18
8,750 210 Mar-11 58,250 52,300 57,000 40,364 99,865 5,492,743 23
Apr-11 58,500 53,600 56,150 35,963 91,805 5,134,338 20
May-11 62,150 55,800 58,750 31,103 79,319 4,668,750 21
7,500 180
Jun-11 64,250 55,950 63,550 29,158 74,147 4,395,238 20
Jul-11 75,950 64,600 70,500 35,960 84,447 5,852,767 21
6,250 150
Aug-11 72,750 60,850 66,150 67,327 133,636 9,085,095 19
Sep-11 71,800 55,000 63,650 64,076 121,029 7,758,524 20
5,000 120
Oct-11 70,000 57,300 69,000 51,096 100,835 6,582,050 21
Nov-11 72,000 65,500 70,900 40,280 67,618 4,676,338 22
3,750 90 Dec-11 75,000 68,300 74,000 33,641 57,371 4,137,042 21
2,500 60 Jan-12 79,650 73,500 78,900 31,100 60,335 4,672,194 21

Feb-12 79,200 67,100 70,850 68,125 130,669 9,466,255 21
1,250 30 Mar-12 74,200 68,750 73,950 48,766 83,919 5,984,168 21
Apr-12 77,100 70,650 71,000 37,681 68,944 5,052,940 20
May-12 74,250 64,200 64,300 46,178 90,988 6,242,152 21
Jun-12 64,200 6,400 6,850 61,324 816,809 6,070,144 21
Jul-12 7,100 6,250 7,000 65,520 943,478 6,342,540 22
Aug-12 7,400 6,600 6,750 44,874 635,813 4,486,738 19
Sep-12 7,550 6,700 7,400 41,289 694,972 5,034,167 20
Miscellaneous Industry Index Nov-12 8,000 7,200 7,250 59,594 832,310 6,351,667 20
January 2011 - January 2015 Dec-12 7,700 6,800 7,600 58,107 918,874 6,627,662 18
60%
Jan-13 7,900 7,300 7,350 56,816 830,431 6,337,529 21
50% Feb-13 8,000 7,400 7,950 39,847 683,833 5,281,553 20
44.3% Mar-13 8,300 7,500 7,900 54,594 849,305 6,681,437 19
40% 41.9% Apr-13 8,000 7,150 7,350 52,759 694,670 5,273,240 22
41.3% May-13 7,550 6,900 7,050 62,249 1,230,559 8,777,900 22
30% Jun-13 7,200 6,150 7,000 73,759 1,015,404 6,914,932 19
Jul-13 6,950 6,300 6,500 50,329 667,841 4,413,435 23
Aug-13 6,800 5,100 6,050 58,095 660,601 4,038,190 17
20%
Sep-13 7,500 5,400 6,450 69,701 1,169,088 7,443,312 21
Oct-13 7,250 6,300 6,650 54,573 553,688 3,722,910 21
10%
Nov-13 6,850 6,150 6,250 54,611 662,358 4,332,899 20
Dec-13 6,850 6,050 6,800 41,591 490,150 3,116,581 19
-
Jan-14 7,400 6,250 6,425 86,235 784,137 5,339,224 20

-10% Feb-14 7,000 6,225 6,950 81,243 984,624 6,596,656 20
Mar-14 8,000 6,725 7,375 94,022 1,300,924 9,611,270 20
-20% Apr-14 8,050 7,350 7,425 91,055 1,107,076 8,532,595 20
Jun-14 7,525 7,075 7,275 72,784 680,106 4,942,665 21
Jul-14 8,050 7,325 7,725 70,195 797,969 6,102,553 18
Volume (Million Sh.) 1,245 6,209 9,508 9,828 804 Sep-14 7,750 6,950 7,050 71,620 652,110 4,783,683 22
Value (Billion Rp) 74,318 73,719 66,334 71,070 6,051 Oct-14 7,075 6,325 6,775 92,669 963,442 6,379,608 23
Days 247 246 244 242 21 Dec-14 7,475 6,850 7,425 65,313 623,730 4,447,913 20
Price (Rupiah) Jan-15 8,100 7,000 7,850 80,784 804,490 6,050,554 21

High 75,950 79,650 8,300 8,050 8,100
Low 45,250 6,250 5,100 6,225 7,000
Close 74,000 7,600 6,800 7,425 7,850
Close* 7,400 7,600 6,800 7,425 7,850
PER (X) 14.03 13.70 14.18 15.56 16.45

PER Industry (X) 12.24 18.33 13.91 14.44 14.57
PBV (X) 3.95 3.43 2.59 2.60 2.75

Receivables 23,919,000 37,405,000 38,608,000 51,645,000 54,759,000

10,842,000 11,990,000 15,285,000 14,433,000 16,986,000 190,000
Inventories
Current Assets 46,843,000 65,978,000 75,799,000 88,352,000 97,241,000
142,500
Fixed Assets 22,141,000 28,604,000 34,326,000 37,862,000 41,250,000
Other Assets 612,000 1,043,000 1,824,000 2,490,000 2,869,000
95,000
Total Assets 112,857,000 153,521,000 182,274,000 213,994,000 236,029,000
Growth (%) 36.03% 18.73% 17.40% 10.30% 47,500

Long Term Liabilities 17,686,000 29,312,000 38,282,000 36,667,000 42,182,000 2010 2011 2012 2013 Dec-14
Growth (%) 43.41% 19.02% 16.60% 7.33%
Paid up Capital 2,024,178 2,024,178 2,024,178 2,024,178 2,024,178 115,471
106,188
89,814
Par Value 500 500 50 50 50 91,915
75,838
58,689
58,689,000 75,838,000 89,814,000 106,188,000 120,324,000
68,359
Total Equity
Growth (%) 29.22% 18.43% 18.23% 13.31% 44,803
Total Revenues 129,038,000 162,564,000 188,053,000 193,880,000 201,701,000

Growth (%) 25.98% 15.68% 3.10% 4.03%
-2,309
2010 2011 2012 2013 Dec-14
Cost of Revenues 103,117,000 130,530,000 151,853,000 158,569,000 162,892,000

Gross Profit 25,921,000 32,034,000 36,200,000 35,311,000 38,809,000
Expenses (Income) 4,890,000 14,202,000 8,302,000 7,788,000 11,457,000
188,053 193,880
Growth (%) 193,880
162,564
154,328

Tax 4,027,000 4,695,000 5,156,000 5,226,000 5,227,000

Profit for the period 17,004,000 21,077,000 22,742,000 22,297,000 22,125,000 75,225
Growth (%) 23.95% 7.90% -1.96% -0.77%

35,674
Period Attributable 14,366,000 17,785,000 19,421,000 19,417,000 19,181,000

-3,878
Current Ratio (%) 128.40 136.40 139.91 124.20 132.26
22,742 22,297 22,125
Dividend (Rp) 470.00 1,980.00 216.00 216.00 64.00 21,077
EPS (Rp) 3,548.60 4,393.14 479.73 479.63 473.80
17,004
BV (Rp) 14,497.00 18,733.04 2,218.53 2,622.99 2,972.17 18,103
DAR (X) 0.48 0.51 0.51 0.50 0.49

13,463
DER(X) 0.92 1.02 1.03 1.02 0.96

ROA (%) 15.07 13.73 12.48 10.42 9.37 8,824
ROE (%) 28.97 27.79 25.32 21.00 18.39

GPM (%) 20.09 19.71 19.25 18.21 19.24 4,185
OPM (%) - - - - -
NPM (%) 13.18 12.97 12.09 11.50 10.97
-455
2010 2011 2012 2013 Dec-14

Payout Ratio (%) 13.24 45.07 45.03 45.04 13.51
Yield (%) 0.86 2.68 2.84 3.18 0.86

COMPANY REPORT
ASRI
ALAM SUTERA REALTY TBK.
Company Profile
PT Alam Sutera Realty Tbk. was established on November 3rd, 1993. The Company
commenced its operational activity and purchased the land in 1999.
The Company’s activities are developing and manage housing. Group is domiciled at Wisma
Argo Manunggal, Jln. Jend. Gatot Subroto Kav. 22, Jakarta and has real estate projects
which are located in:
• Kec. Serpong, Kab. Tangerang, and Kec. Pasar Kemis, Kab. Tangerang, Province
Banten,
• Kec. Cibitung, Kab Bekasi, Province West Java,
• Kec. Setia Budi, Jakarta Selatan,
• Kec. Kuta Selatan, Badung, Bali.
And owns lands for development located in:

• Kec. Pinang, Kec. Pasar Kemis, Kab. Tangerang, Province Banten,
• Kec. Pacet, Kab. Cianjur, Province West Java
• Kec. Tanjung Pinang, Province Riau,
• Kec. Denpasar Selatan and Badung, Bali.
The main real estate project owned by the Company and Subsidiaries recently are Alam
Sutera Residential and Commercial projects in Serpong, and Suvarna Padi and Suvarna
Sutera projects in Pasar Kemis, Tangerang.
Alam Sutera believes that all the development efforts must take environmental issues into
account seriously. The eco-friendly development meant more than a marketing gimmick—
it is the company’s commitment. The Company is committed to do their part in the
handling of millions of tons of pollution in their environment every day, by setting an
example how to develop a sustainable green community.
The Company has direct ownership in subsidiaries: PT Delta Mega Persada, PT Duta
Prakarsa Development, PT Nusa Cipta Pratama, PT Garuda Adhimatra Indonesia, PT
Tangerang Matra Real Estate, Alam Sutera International Pte. Ltd., and Alam Synergy Pte.
Ltd.
The Company and subsidiaries had 1,323 employees as September 30th, 2014.
February 2015
Disclaimer:

ASRI Alam Sutera Realty Tbk. [S]
Industry Sub Sector : Property And Real Estate (61) Market Capitalization : 11,691,400,073,360
76 | 11.7T | 0.22% | 81.67%
32 | 12.1T | 0.83% | 61.91%

Established Date : 03-Nov-1993 1. PT Manunggal Prime Development 5,161,690,364 : 26.27%
Listing Date : 18-Dec-2007 2. Tangerang Fajar Industrial Estate 2,982,450,000 : 15.18%
Under Writer IPO : 3. PT Tangerang Fajar Industrial Estate 1,971,650,000 : 10.03%
PT Ciptadana Securities 4. Public (<5%) 9,533,621,524 : 48.52%
Securities Administration Bureau :
PT Raya Saham Registra DIVIDEND ANNOUNCEMENT
Plaza Central Building 2nd Fl. Bonus Cash Recording Payment
F/I
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 Year Shares Dividend Cum Date Ex Date Date Date
Phone : (021) 252-5666 2008 0.69 03-Jul-09 06-Jul-09 09-Jul-09 24-Jul-09 F
2010 4.03 01-Jul-11 04-Jul-11 06-Jul-11 20-Jul-11 F
BOARD OF COMMISSIONERS 2011 6.13 05-Jul-12 06-Jul-12 10-Jul-12 24-Jul-12 F
1. Marzuki Usman 2012 14.60 25-Jun-13 26-Jun-13 28-Jun-13 12-Jul-13 F
2. Angeline Sutedja
3. Kristianto Sudiono ISSUED HISTORY
4. Pingki Elka Pangestu *) Listing Trading
5. Prasasto Sudyatmiko *) No. Type of Listing Shares Date Date
*) Independent Commissioners 1. First Issue 3,142,000,000 18-Dec-07 18-Dec-07
2. Company Listing 13,986,810,000 18-Dec-07 18-Aug-08
BOARD OF DIRECTORS 3. Warrant 4,974,500 11-Jun-09 11-Jun-09
1. Harjanto Tirtohadiguno 4. Warrant 40,050,000 18-Jun-09 18-Jun-09
2. Andrew Charles Walker 5. Warrant 1,000,000 19-Jun-09 19-Jun-09
3. Joseph Sanusi Tjong 6. Warrant 18,500,000 22-Jun-09 22-Jun-09
4. Lilia Setiprawarti Sukotjo 7. Warrant 20,000,000 28-Jul-09 28-Jul-09
5. Soelaeman Soemawinata 8. Warrant 250,000 12-Oct-09 12-Oct-09
9. Warrant 3,325,000 14-Oct-09 14-Oct-09
AUDIT COMMITTEE 10. Warrant 55,000,000 23-Oct-09 23-Oct-09
1. Prasasto Sudyatmiko 11. Warrant 45,500,000 27-Oct-09 27-Oct-09
2. Hidajat Hoesni 12. Warrant 27,500,000 28-Oct-09 28-Oct-09
3. Sri Wahyuni Sujono 13. Warrant 63,108,500 29-Oct-09 29-Oct-09
14. Warrant 15,000,000 03-Nov-09 03-Nov-09
CORPORATE SECRETARY 15. Warrant 60,000,000 24-Nov-09 24-Nov-09
Hendra Kurniawan 16. Warrant 27,500,000 26-Nov-09 26-Nov-09
17. Warrant 388 03-Dec-09 03-Dec-09
HEAD OFFICE 18. Warrant 27,500,000 10-Dec-09 10-Dec-09
Wisma Argo Manunggal 18th Fl. 19. Warrant 277,976,000 14-Dec-09 14-Dec-09
Jln. Jend. Gatot Subroto Kav. 22 20. Warrant 15,000,000 15-Dec-09 15-Dec-09
Jakarta - 12930 21. Warrant 1,695,000 21-Dec-09 21-Dec-09
Phone : (021) 3043-8888, 252-3838 22. Warrant 30,412,500 28-Dec-09 28-Dec-09
Fax : (021) 252-5050 23. Additional Listing without RI 1,786,310,000 25-Jan-12 25-Jan-12
Homepage : www.alam-sutera.com
Email : corsec@alam-sutera.com
nathan@alam-sutera.com

TRADING ACTIVITIES
Alam Sutera Realty Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
1,200 4,000 Jan-11 310 230 245 19,196 1,651,106 445,752 21
Feb-11 255 225 245 9,005 590,906 142,983 18
1,050 3,500 Mar-11 290 240 285 12,373 937,975 249,543 23
Apr-11 305 265 295 10,749 1,006,591 287,673 20
May-11 325 280 310 12,896 1,311,172 398,549 21
900 3,000
Jun-11 345 305 325 12,324 1,143,722 370,811 20
Jul-11 450 315 420 21,840 2,374,352 899,084 21
750 2,500
Aug-11 450 360 420 24,237 2,168,218 894,522 19
Sep-11 440 340 385 25,423 2,016,360 811,334 20
600 2,000
Oct-11 500 340 435 45,657 3,459,789 1,508,461 21
Nov-11 470 395 425 31,786 2,106,554 934,363 22
450 1,500 Dec-11 480 430 460 18,406 1,383,018 628,154 21
300 1,000 Jan-12 520 455 485 24,608 3,163,247 1,462,365 21

Feb-12 610 480 570 26,234 3,013,912 1,651,814 21
150 500 Mar-12 630 560 620 22,571 2,116,918 1,272,835 21
Apr-12 650 560 600 28,484 1,831,503 1,099,178 20
May-12 620 510 540 22,850 1,453,973 832,432 21
Jun-12 570 455 490 27,226 4,923,539 2,336,855 21
Jul-12 520 455 460 27,925 1,557,100 754,451 22
Aug-12 495 430 440 28,541 1,985,545 910,746 19
Sep-12 520 410 495 30,974 2,734,556 1,274,455 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-12 580 470 580 26,538 2,210,093 1,173,362 22
Property, Real Estate and Bulding Construction Index Nov-12 620 550 610 15,187 2,653,169 1,535,319 20
January 2011 - January 2015 Dec-12 640 550 600 15,745 1,766,756 1,065,978 18
280%
Jan-13 810 600 770 28,260 2,758,752 2,724,524 21
240% Feb-13 970 750 930 26,881 1,503,613 1,299,168 20
Mar-13 1,160 930 1,070 36,275 2,093,327 2,178,327 19
200% Apr-13 1,090 970 1,050 41,384 2,555,637 2,636,209 22
May-13 1,130 1,020 1,060 43,176 2,136,655 2,296,257 22
175.4%
160% Jun-13 1,080 720 750 65,671 4,696,607 4,021,982 19
Jul-13 800 650 700 45,919 1,984,976 1,452,171 23
Aug-13 830 445 550 45,493 2,264,238 1,407,217 17
120%
Sep-13 760 450 600 58,331 3,063,421 1,822,815 21
95.1% Oct-13 700 560 610 43,176 4,867,653 3,050,634 21
80%
Nov-13 610 455 475 43,705 2,060,989 1,091,598 20
Dec-13 530 425 430 32,921 1,686,157 800,565 19
40% 41.9%
Jan-14 550 424 510 53,655 2,182,118 1,083,703 20

- Feb-14 605 500 575 46,156 2,449,458 1,364,848 20
Mar-14 680 560 595 54,398 2,986,797 1,854,302 20
-40% Apr-14 645 525 530 44,870 1,895,164 1,085,403 20
Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 May-14 550 494 500 34,759 1,321,748 683,943 18
Jun-14 499 435 442 38,963 782,146 360,303 21
Jul-14 560 440 525 53,818 2,225,772 1,155,784 18
SHARES TRADED 2011 2012 2013 2014 Jan-15 Aug-14 570 497 510 36,313 1,908,074 1,010,420 20
Volume (Million Sh.) 20,150 29,410 31,672 22,540 1,822 Sep-14 510 451 455 40,311 906,677 442,646 22
Value (Billion Rp) 7,571 15,370 24,781 12,104 1,070 Oct-14 490 430 464 49,400 1,057,391 484,283 23
Frequency (Thou. X) 244 297 511 545 29 Nov-14 565 444 560 43,394 1,656,102 834,439 20
Days 247 246 244 242 21 Dec-14 610 497 560 48,903 3,168,955 1,743,856 20
Price (Rupiah) Jan-15 620 550 595 29,139 1,821,531 1,069,965 21

High 500 650 1,160 680 620
Low 225 410 425 424 550
Close 460 600 430 560 595
Close* 460 600 430 560 595
PER (X) 13.63 9.69 9.64 10.08 10.71

PER Industry (X) 11.09 17.34 9.57 16.29 17.39
PBV (X) 2.95 2.49 1.58 1.81 1.92

Public Accountant : Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Rekan (Member of PKF International Ltd)
Cash & Cash Equivalents 732,357 844,906 1,641,316 890,181 1,050,434 17,500
Receivables 14,693 21,596 29,721 84,690 117,978

2,186,131 2,395,213 1,661,094 937,153 424,945 14,000
Inventories
Investment - - - - -
10,500
Fixed Assets 148,063 341,514 708,121 801,678 923,815
Other Assets 322,433 806,319 11,619 61,186 76,311
7,000
Total Assets 4,587,986 6,007,548 10,946,417 14,428,083 16,347,587
Growth (%) 30.94% 82.21% 31.81% 13.30% 3,500
Bank Payable - 554,227 795,658 45,000 200,000 -

Trade Payable 26,212 35,519 35,257 165,089 150,700 2010 2011 2012 2013 Sep-14
Growth (%) 35.80% 92.96% 46.37% 12.83%
Authorized Capital 24,000 2,400,000 2,400,000 2,400,000 2,400,000 5,332
Paid up Capital 1,786,310 1,786,310 1,964,941 1,964,941 1,964,941 5,332
4,732
Par Value 100 100 100 100 100
4,244
Retained Earnings 448,273 977,938 2,050,204 2,640,107 5,319

3,156 2,787
Total Equity 2,216,421 2,786,872 4,731,875 5,331,785 1,529,499 2,216
Growth (%) 25.74% 69.79% 12.68% -71.31%
1,529
2,069
INCOME STATEMENTS Dec-10 Dec-11 Dec-12 Dec-13 Sep-14 981
Total Revenues 790,934 1,381,046 2,446,414 3,684,240 2,823,715

Growth (%) 74.61% 77.14% 50.60%
-107
2010 2011 2012 2013 Sep-14
Cost of Revenues 384,485 566,656 979,517 1,846,814 1,118,043

Gross Profit 406,449 814,391 1,466,897 1,837,425 1,705,672
Operating Profit 333,360 693,620 1,254,013 1,533,221 1,414,007 3,684
Growth (%) 108.07% 80.79% 22.27%

3,684
2,824
2,933
2,446
Other Income (Expenses) -3,178 -22,477 90,182 -451,445 -378,225
Income before Tax 330,182 671,143 1,344,195 1,081,776 1,035,781 2,181
Tax 39,287 68,407 128,103 192,199 145,608 1,381

Profit for the period 290,895 602,737 1,216,092 889,577 890,173 1,429
791
Growth (%) 107.20% 101.76% -26.85%
678
Period Attributable 290,484 601,654 1,192,716 876,785 818,918 -74
Comprehensive Income 290,895 602,737 1,216,092 889,577 890,173 2010 2011 2012 2013 Sep-14
Comprehensive Attributable 290,484 601,654 1,192,716 876,785 818,918
Dividend (Rp) 4.03 6.13 14.60 - -
1,216
EPS (Rp) 16.26 33.68 60.70 44.62 41.68 1,216
BV (Rp) 124.08 156.01 240.82 271.35 77.84

890 890
DAR (X) 0.52 0.54 0.57 0.63 0.63 968
DER(X) 1.07 1.16 1.31 1.71 6.71

603
6.34 10.03 11.11 6.17 5.45
720
ROA (%)
ROE (%) 13.12 21.63 25.70 16.68 58.20 472
GPM (%) 51.39 58.97 59.96 49.87 60.41 291
OPM (%) 42.15 50.22 51.26 41.62 50.08 224
NPM (%) 36.78 43.64 49.71 24.15 31.52

Payout Ratio (%) 24.78 18.20 24.05 - -
-24
2010 2011 2012 2013 Sep-14

Yield (%) 1.37 1.33 2.43 - -

COMPANY REPORT
BBCA
BANK CENTRAL ASIA TBK.
Company Profile
PT Bank Central Asia Tbk. was established under the name N.V. Perseroan Dagang dan
Industrie Semarang Knitting Factory on October 10th, 1955. The name has changed for
several time, the last change was on May 21st, 1974, which is PT Bank Central Asia.
The Bank began operations in banking since the date of October 12, 1956. The Bank
operates as a commercial bank. Bank engaged in banking and other financial services in
accordance with the regulations applicable in Indonesia.
As of 30 September 2014, BCA had 958 domestics branches and 2 overseas representatives
located in Singapore and Hong Kong.
BCA has direct and indirect ownership in subsidiaries: PT BCA Finance, BCA Finance
Limited, PT Bank BCA Syariah, PT BCA Sekuritas, PT Asuransi Umum BCA, and PT Central
Santosa Finance.
As of September 30th, 2014, BCA had 22,759 permanent employees.
February 2015
Disclaimer:

BBCA Bank Central Asia Tbk.
Industry Sector : Finance (8) Listed Shares : 24,408,459,120
Industry Sub Sector : Bank (81) Market Capitalization : 326,463,140,730,000
1 | 326.5T | 6.17% | 6.17%
5 | 51.8T | 3.56% | 24.99%

Established Date : 10-Aug-1955 1. UOB Kay Hian Private Limited For Farindo Investment 11,125,990,000 : 45.13%
Listing Date : 31-May-2000 2. Public (<5%) 13,529,019,212 : 54.87%
Under Writer IPO :
F/I
Securities Administration Bureau : Year Shares Dividend Cum Date Ex Date Date Date
PT Raya Saham Registra 2001 85.00 14-Nov-01 15-Nov-01 20-Nov-01 04-Dec-01 I
Plaza Central Building 2nd Fl. 2001 140.00 29-Oct-02 30-Oct-02 01-Nov-02 15-Nov-02 F
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 2002 225.00 03-Dec-03 04-Dec-03 08-Dec-03 19-Dec-03 F
Phone : (021) 252-5666 2003 225.00 30-Jun-04 01-Jul-04 06-Jul-04 20-Jul-04 F
Fax : (021) 252-5028 2004 50.00 22-Nov-04 23-Nov-04 25-Nov-04 08-Dec-04 F
2005 80.00 19-Jul-05 20-Jul-05 22-Jul-05 05-Aug-05
BOARD OF COMMISSIONERS 2005 50.00 06-Oct-05 07-Oct-05 11-Oct-05 25-Oct-05 I
1. Djohan Emir Setijoso 2005 90.00 06-Jun-06 07-Jun-06 09-Jun-06 23-Jun-06 F
2. Cyrillus Harinowo *) 2006 55.00 10-Oct-06 11-Oct-06 13-Oct-06 03-Nov-06 I
3. Raden Pardede *) 2006 115.00 08-Jun-07 11-Jun-07 13-Jun-07 27-Jun-07 I
4. Sigit Pramono *) 2007 55.00 29-Nov-07 30-Nov-07 04-Dec-07 18-Dec-07 I
5. Tonny Kusnadi 2007 63.50 12-Jun-08 13-Jun-08 17-Jun-08 01-Jul-08 F
*) Independent Commissioners 2008 35.00 15-Jan-09 16-Jan-09 20-Jan-09 30-Jan-09 I
2008 65.00 09-Jun-09 10-Jun-09 12-Jun-09 26-Jun-09 F
BOARD OF DIRECTORS 2009 40.00 12-Nov-09 13-Nov-09 17-Nov-09 02-Dec-09 I
1. Jahja Setiaatmadja 2009 70.00 31-May-10 01-Jun-10 03-Jun-10 17-Jun-10 F
2. Suwignyo Budiman 2010 42.50 19-Nov-10 22-Nov-10 24-Nov-10 09-Dec-10 I
3. Anthony Brent Elam 2010 70.00 06-Jun-11 07-Jun-11 09-Jun-11 23-Jun-11 F
4. Armand Wahyudi Hartono 2011 43.50 06-Dec-11 07-Dec-11 09-Dec-11 23-Dec-11 I
5. Dhalia Mansor Ariotedjo 2011 113.50 08-Jun-12 11-Jun-12 13-Jun-12 27-Jun-12 F
6. Erwan Yuris Ang 2012 43.50 03-Dec-12 04-Dec-12 06-Dec-12 20-Dec-12 I
7. Eugene Keith Galbraith 2012 71.00 28-May-13 29-May-13 31-May-13 17-Jun-13 F
8. Henry Koenaifi 2013 45.00 28-Nov-13 29-Nov-13 03-Dec-13 17-Dec-13 I
9. Rudy Susanto 2013 120.00 29-Apr-14 30-Apr-14 05-May-14 20-May-14 F
10. Subur Tan 2014 50.00 04-Dec-14 05-Dec-14 09-Dec-14 23-Dec-14 I
AUDIT COMMITTEE ISSUED HISTORY

1. Sigit Pramono Listing Trading
2. Ilham Ikhsan No. Type of Listing Shares Date Date
3. Inawaty Suwardi 1. First Issue 662,400,000 31-May-00 31-May-00
2. Company Listing 2,252,146,140 T: 31-May-00 : 11-Jan-01
CORPORATE SECRETARY 3. Stock Split 21,199,350,480 T: 15-May-01 : 28-Jan-08
Inge Setiawati 4. Option Conversion 210,852,000 T: 29-Nov-01 : 09-Nov-06
5. Option Conversion MSOP 89,226,500 T: 04-Aug-03 : 29-Sep-04
HEAD OFFICE 6. Partial Delisting -5,516,000 04-Jan-08 04-Jan-08
Menara BCA 20th Fl. Grand Indonesia
Jln. M.H. Thamrin No. 1
Jakarta - 10310
Phone : (021) 571-1250
Fax : (021) 570-1865
Homepage : www.klikbca.com
Email : inge_setiawati@bca.co.id

TRADING ACTIVITIES
Bank Central Asia Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
14,000 320 Jan-11 6,650 5,300 5,650 36,521 515,715 3,024,334 21
Feb-11 6,450 5,550 6,300 19,474 309,683 1,855,713 18
12,250 280 Mar-11 7,000 6,300 6,950 21,965 301,403 2,028,622 23
Apr-11 7,700 6,800 7,400 16,724 217,742 1,561,623 20
May-11 7,500 7,000 7,100 19,416 205,970 1,481,677 21
10,500 240
Jun-11 7,700 7,000 7,650 17,083 216,573 1,572,104 20
Jul-11 8,500 7,550 8,300 22,050 235,954 1,889,559 21
8,750 200
Aug-11 8,850 7,250 8,000 37,790 465,218 3,714,097 19
Sep-11 8,500 6,950 7,700 33,396 339,968 2,651,632 20
7,000 160
Oct-11 8,150 7,050 8,100 29,893 311,498 2,412,690 21
Nov-11 8,400 7,450 7,900 28,088 360,677 2,850,162 22
5,250 120 Dec-11 8,250 7,700 8,000 17,092 193,852 1,543,490 21
3,500 80 Jan-12 8,250 7,850 8,000 20,524 284,722 2,292,976 21

Feb-12 8,250 7,200 7,600 34,730 493,690 3,726,985 21
1,750 40 Mar-12 8,150 7,450 8,000 20,067 215,749 1,685,625 21
Apr-12 8,250 7,750 8,000 14,002 236,761 1,894,521 20
May-12 8,100 7,000 7,000 22,561 398,309 2,996,959 21
Jun-12 7,500 6,750 7,300 21,978 289,274 2,085,318 21
Jul-12 8,050 7,250 8,000 20,559 343,483 2,611,726 22
Aug-12 8,050 7,650 7,750 16,480 430,418 3,358,206 19
Sep-12 8,150 7,750 7,900 17,988 284,480 2,266,305 20
Finance Index Nov-12 9,400 8,150 8,800 17,126 247,495 2,149,295 20
120%
Jan-13 9,750 8,850 9,650 22,825 280,620 2,589,237 21
107.4%
100% Feb-13 11,300 9,650 11,000 22,323 662,141 6,634,281 20
Mar-13 11,400 10,400 11,400 27,863 259,577 2,789,619 19
Apr-13 11,250 10,450 10,750 25,790 316,861 3,437,786 22
80% May-13 11,150 10,350 10,350 26,204 253,379 2,749,582 22
Jun-13 10,350 8,900 10,000 46,266 521,956 5,000,323 19
60% 59.6% Jul-13 10,450 9,100 10,400 31,898 236,737 2,350,258 23
Aug-13 10,950 8,500 9,050 33,059 300,896 2,901,118 17
Sep-13 12,500 8,450 10,000 39,349 344,117 3,377,809 21
40% 41.9%
Oct-13 10,800 9,750 10,450 25,605 342,053 3,604,261 21
Nov-13 10,650 9,550 9,650 38,027 253,767 2,565,011 20
20% Dec-13 9,850 9,250 9,600 30,855 186,366 1,776,805 19
Jan-14 10,350 9,250 9,925 57,353 367,092 3,602,939 20

-
Feb-14 10,550 9,700 10,225 46,542 430,305 4,418,825 20
Mar-14 11,125 10,150 10,600 59,990 436,023 4,599,025 20
-20% Apr-14 11,250 10,425 11,000 53,682 669,676 7,354,376 20
Jun-14 11,400 10,700 11,000 43,261 268,220 2,959,465 21
Jul-14 11,800 10,875 11,600 44,924 396,445 4,549,613 18
Days 247 246 244 242 21 Dec-14 13,425 12,825 13,125 63,765 241,069 3,172,351 20
Price (Rupiah) Jan-15 13,425 12,800 13,375 53,863 273,651 3,592,271 21

High 8,850 9,500 12,500 13,575 13,425
Low 5,300 6,750 8,450 9,250 12,800
Close 8,000 9,100 9,600 13,125 13,375
Close* 8,000 9,100 9,600 13,125 13,375
PER (X) 18.31 18.86 16.61 19.90 20.28

PER Industry (X) 6.61 6.58 17.20 27.72 25.28
PBV (X) 4.69 4.32 3.70 4.33 4.41

Public Accountant : Siddharta & Widjaja (Member of KPMG International)
Cash on Hand 9,639,057 10,355,620 11,054,208 16,284,142 12,296,737 537,500
Placements with Other Banks 61,326,849 43,010,506 28,802,130 12,254,043 16,106,740

21,159,270 22,166,868 47,310,371 89,463,509 1,536,424 430,000
Marketable Securities
Loans 150,016,746 198,440,354 252,760,457 306,679,132 324,322,039
322,500
Investment 38,501 171,728 104,246 182,544 52,881,221
Fixed Assets 3,406,957 4,144,659 6,406,625 7,440,017 8,172,373
215,000
Other Assets 3,682,901 4,185,031 6,265,653 6,564,382 8,594,257
Total Assets 324,419,069 381,908,353 442,994,197 496,304,573 537,210,075 107,500
Growth (%) 17.72% 15.99% 12.03% 8.24%
-
Deposits 277,530,635 326,894,554 372,837,307 413,036,948 435,691,573 2010 2011 2012 2013 Sep-14
Taxes Payable 493,337 432,101 216,614 276,017 403,212
Fund Borrowings 448,721 449,188 128,018 500,952 4,265,087
Other Liabilities 2,812,014 3,483,582 5,620,847 5,768,437 10,188,026 TOTAL EQUITY (Bill. Rp)
Total Liabilities 290,311,225 339,881,013 390,067,244 432,337,895 460,973,058 74,722
Growth (%) 17.07% 14.77% 10.84% 6.62% 74,722
63,967

59,479
Paid up Capital 1,540,938 1,540,938 1,540,938 1,540,938 1,540,938 42,027

44,235

Par Value 63 63 63 63 63 28,992

Total Equity 34,107,844 42,027,340 51,897,942 63,966,678 74,721,823 13,749
Growth (%) 23.22% 23.49% 23.25% 16.81%

-1,494
2010 2011 2012 2013 Sep-14

INCOME STATEMENTS Dec-10 Dec-11 Dec-12 Dec-13 Sep-14
Total Interest Income 20,660,602 24,566,852 28,885,290 34,277,149 32,179,535
Growth (%) 18.91% 17.58% 18.67%
TOTAL INTEREST INCOME (Bill. Rp)
Interest Expenses 7,723,774 7,730,157 7,647,167 7,852,009 8,616,345 34,277

32,180
7,359,500 7,213,378 6,375,833 470,940 1,225,012
34,277
Other Operating Revenue 28,885

Other Operating Expenses 9,571,893 10,913,969 12,859,718 14,631,462 14,787,623 27,285
24,567
Income from Operations 10,400,190 13,296,775 14,255,568 17,078,667 15,300,936 20,661
Growth (%) 27.85% 7.21% 19.80% 20,292
Non-Operating Revenues 253,079 321,983 430,478 736,939 89,567

13,300
Income Before Tax 10,653,269 13,618,758 14,686,046 17,815,606 15,390,503

Provision for Income Tax 2,173,996 2,800,960 2,967,586 3,559,367 3,178,124
6,307
Profit for the period 8,479,273 10,817,798 11,718,460 14,256,239 12,212,379 -686
Growth (%) 27.58% 8.33% 21.66% 2010 2011 2012 2013 Sep-14

Comprehensive Income 8,789,687 10,770,209 11,898,523 13,004,312 12,553,626 PROFIT FOR THE PERIOD (Bill. Rp)
14,256
14,256
12,212
RATIOS Dec-10 Dec-11 Dec-12 Dec-13 Sep-14 11,718
10,818
Dividend (Rp) 112.50 157.00 114.50 165.00 50.00 11,348
EPS (Rp) 343.92 438.83 475.43 578.13 494.63 8,479
1,383.40 1,704.62 2,104.97 2,594.47 3,030.70

8,440
BV (Rp)
DAR (X) 0.89 0.89 0.88 0.87 0.86 5,531
DER(X) 8.51 8.09 7.52 6.76 6.17

ROA (%) 2.61 2.83 2.65 2.87 2.27 2,623
ROE (%) 24.86 25.74 22.58 22.29 16.34

OPM (%) 50.34 54.12 49.35 49.83 47.55
-285
2010 2011 2012 2013 Sep-14

NPM (%) 41.04 44.03 40.57 41.59 37.95
Payout Ratio (%) 32.71 35.78 24.08 28.54 10.11
Yield (%) 1.76 1.96 1.26 1.72 0.38

COMPANY REPORT
BBNI
BANK NEGARA INDONESIA
(PERSERO) TBK.
Company Profile
PT Bank Negara Indonesia (Persero) Tbk. was originally established in Indonesia as a central
bank under the name “Bank Negara Indonesia” dated July 5th, 1946. Subsequently, BNI
became “Bank Negara Indonesia 1946” and changed its status to a state-owned
commercial bank.
BNI’s scope of activity is to engage in general banking services.
As of December 30th, 2014, BNI had 168 domestic branches, 912 domestic sub-branches,
and 644 other outlet. In addition, BNI’s network also included 4 overseas branches located
in Singapore, Hong Kong, Tokyo and London and 1 agency in New York.
BNI has direct ownership in the following subsidiaries: PT BNI Life Insurance, PT BNI
Multifinance, PT BNI Securities and subsidiaries, BNI Remittance Ltd. and PT Bank BNI
Syariah. All of the subsidiaries of BNI are domiciled in Jakarta, except for BNI Remittance
Ltd. which is domiciled in Hong Kong.
As of December 30th, 2014, BNI had 23,189 permanent employees and 3,347 non-
permanent employees.
February 2015
Disclaimer:

BBNI Bank Negara Indonesia (Persero) Tbk.
9 | 115.4T | 2.18% | 43.02%
6 | 35.6T | 2.45% | 27.44%

Established Date : 05-Jul-1946 1. Negara Republik Indonesia 11,189,193,875 : 60.00%
Under Writer IPO :
PT Bahana Securities DIVIDEND ANNOUNCEMENT
PT BNI Securities Bonus Cash Recording Payment
F/I
PT Danareksa Sekuritas Year Shares Dividend Cum Date Ex Date Date Date
PT Pentasena Arthasentosa 1996 13.00 06-May-97 07-May-97 16-May-97 14-Jun-97 F
Securities Administration Bureau : 1997 14.00 30-Jun-98 01-Jul-98 10-Jul-98 08-Aug-98 F
PT Datindo Entrycom 2001 4.41 09-Oct-02 10-Oct-02 14-Oct-02 28-Oct-02 F
Puri Datindo - Wisma Sudirman 2002 6.30 23-Oct-03 24-Oct-03 28-Oct-03 05-Nov-03 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2003 23.71 01-Jul-04 02-Jul-04 07-Jul-04 21-Jul-04 F
Phone : (021) 570-9009 2005 118.07 23-Jun-05 24-Jun-05 28-Jun-05 07-Jul-05 F
2006 72.50 19-Jun-07 20-Jun-07 22-Jun-07 02-Jul-07 F
1. Peter Benyamin Stock *) 2008 8.00 18-Jun-09 19-Jun-09 23-Jun-09 07-Jul-09 F
2. A. Pandu Djajanto 2009 9.44 25-Nov-09 26-Nov-09 01-Dec-09 11-Dec-09 I
3. Achil Ridwan Djayadiningrat *) 2009 47.48 08-Jun-10 09-Jun-10 11-Jun-10 25-Jun-10 F
4. B.S. Kusmuljono *) 2010 65.98 10-Jun-11 13-Jun-11 15-Jun-11 30-Jun-11 F
5. Daniel Theodore Sparringa 2011 62.48 10-May-12 11-May-12 15-May-12 30-May-12 F
6. Fero Poerbonegoro *) 2012 113.35 26-Apr-13 29-Apr-13 01-May-13 16-May-13 F
7. Kiagus Ahmad Badaruddin 2013 145.71 28-Apr-14 29-Apr-14 02-May-14 19-May-14 F
8. Tirta Hidayat
*) Independent Commissioners ISSUED HISTORY
Listing Trading
BOARD OF DIRECTORS No. Type of Listing Shares Date Date
1. Gatot Mudhiantoro Suwondo 1. Negara RI (Seri A) 1 25-Nov-96 -
2. Adi Setianto 2. First Issue 1,085,032,000 25-Nov-96 25-Nov-96
3. Ahdi Jumhari Luddin 3. Company Listing 3,255,095,999 25-Nov-96 28-Jun-97
4. Darmadi Sutanto 4. Partial Delisting -43,401,280 02-Jul-99 02-Jul-99
5. Felia Salim 5. Right Issue 151,904,480,000 05-Jul-99 05-Jul-99
6. Honggo Widjoyo Kangmasto 6. Additional Listing 41,375,391,255 20-Apr-01 20-Apr-01
7. Krishna R. Suparto 7. Partial Delisting -343,540,085 12-Dec-01 12-Dec-01
8. Sutanto 8. Reverse Split -184,084,187,364 23-Dec-03 23-Dec-03
9. Suwoko Singoastro 9. Right Issue 1,974,563,625 13-Aug-07 13-Aug-07
10. Yap Tjay Soen 10. Partial Delisting -2,233,046 31-Aug-07 31-Aug-07
11. Right Issue 3,340,968,788 29-Dec-10 29-Dec-10
AUDIT COMMITTEE
1. Achil Ridwan Djayadiningrat
2. Bambang Hendrajatin
3. Tubagus Chairul Amachi
CORPORATE SECRETARY
Tribuana Tunggadewi
HEAD OFFICE
BNI Building 24th Fl.
Jln. Jend. Sudirman Kav. 1
Jakarta - 10220
Phone : (021) 251-1946
Fax : (021) 251-1214, 1961, 1075, 572-8805, 8053, 8295
Homepage : www.bni.co.id
Email : tribuana.tunggadewi@bni.co.id

TRADING ACTIVITIES
Bank Negara Indonesia (Persero) Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
6,400 400 Jan-11 3,925 3,075 3,225 28,789 1,025,789 3,525,260 21
Feb-11 3,575 3,150 3,550 15,096 458,732 1,557,467 18
5,600 350 Mar-11 4,000 3,550 3,975 22,145 678,079 2,531,016 23
Apr-11 4,175 3,850 4,050 20,942 550,731 2,197,504 20
May-11 4,100 3,750 3,875 18,988 514,867 2,001,771 21
4,800 300
Jun-11 3,900 3,550 3,875 20,760 472,644 1,783,047 20
Jul-11 4,500 3,775 4,450 21,591 700,897 2,850,203 21
4,000 250
Aug-11 4,600 3,700 4,125 26,054 792,573 3,298,381 19
Sep-11 4,250 2,975 3,725 34,141 652,860 2,428,834 20
3,200 200
Oct-11 4,125 3,125 4,025 35,268 851,192 3,126,593 21
Nov-11 4,050 3,550 3,800 25,267 593,385 2,292,416 22
2,400 150 Dec-11 4,025 3,675 3,800 20,690 576,138 2,232,935 21
1,600 100 Jan-12 3,950 3,600 3,625 33,481 1,088,649 4,024,984 21

Feb-12 3,775 3,325 3,775 49,190 1,450,572 5,117,308 21
800 50 Mar-12 4,000 3,625 4,000 22,662 523,737 2,006,312 21
Apr-12 4,225 3,825 4,025 17,676 488,524 1,941,702 20
May-12 4,050 3,575 3,700 15,982 420,781 1,619,666 21
Jun-12 3,850 3,500 3,825 12,717 317,367 1,188,374 21
Jul-12 3,975 3,725 3,975 13,102 357,854 1,381,432 22
Aug-12 4,000 3,625 3,725 16,897 480,873 1,833,994 19
Sep-12 3,975 3,725 3,925 16,128 490,626 1,896,606 20
75%
Jan-13 3,925 3,650 3,925 21,824 618,278 2,347,177 21
64.5%
60% Feb-13 4,625 3,950 4,600 24,739 733,921 3,138,250 20
59.6%
Mar-13 5,100 4,475 5,050 30,569 659,186 3,126,953 19
Apr-13 5,450 4,850 5,400 30,309 640,452 3,265,931 22
45% May-13 5,600 4,875 4,875 33,765 679,580 3,560,565 22
41.9%
Jun-13 4,900 3,975 4,300 46,190 901,397 4,012,428 19
30% Jul-13 4,425 3,775 4,275 34,934 583,563 2,426,709 23
Aug-13 4,375 3,375 3,850 29,977 612,307 2,370,950 17
Sep-13 5,000 3,400 4,075 37,673 629,913 2,594,062 21
15%
Oct-13 4,875 4,100 4,800 28,491 415,673 1,893,006 21
Nov-13 4,825 4,050 4,100 34,672 463,162 2,040,459 20
- Dec-13 4,275 3,700 3,950 30,571 452,169 1,810,642 19
Jan-14 4,420 3,660 4,360 55,797 479,251 1,966,311 20

-15%
Feb-14 4,770 4,125 4,550 68,732 712,946 3,157,847 20
Mar-14 5,325 4,450 4,960 79,616 765,650 3,726,665 20
-30% Apr-14 5,325 4,700 4,815 54,018 556,377 2,802,548 20
Jun-14 4,930 4,710 4,765 57,179 461,000 2,221,427 21
Jul-14 5,300 4,740 5,100 61,719 656,779 3,287,150 18
Days 247 246 244 242 21 Dec-14 6,300 5,700 6,100 43,951 450,256 2,718,387 20
Price (Rupiah) Jan-15 6,300 5,725 6,250 59,023 605,276 3,684,362 21

High 4,600 4,225 5,600 6,300 6,300
Low 2,975 3,325 3,375 3,660 5,725
Close 3,800 3,700 3,950 6,100 6,250
Close* 3,800 3,700 3,950 6,100 6,250
PER (X) 11.83 9.58 8.14 10.55 10.81

PER Industry (X) 6.61 6.58 17.20 27.72 25.28
PBV (X) 1.87 1.59 1.54 1.86 1.91

Cash on Hand 5,480,703 6,197,731 7,969,378 10,089,927 11,435,686 425,000

13,181,480 7,627,768 9,800,970 11,965,698 6,237,356 340,000
Loans 129,399,567 163,533,423 193,834,670 243,757,807 270,651,986
255,000
Investment 24,398 24,335 24,026 39,507 -
Fixed Assets 3,838,079 4,052,708 4,591,588 5,513,569 6,222,050
170,000
Other Assets 4,162,883 4,655,153 3,312,032 3,156,891 3,369,915
Total Assets 248,580,529 299,058,161 333,303,506 386,654,815 416,573,708 85,000
Growth (%) 20.31% 11.45% 16.01% 7.74%
-
Deposits 197,700,436 238,314,269 260,906,084 295,075,178 317,070,426 2010 2011 2012 2013 2014
Taxes Payable 182,128 145,021 171,716 323,957 317,563
Fund Borrowings 5,473,480 8,725,796 8,749,762 18,950,523 11,212,265
Growth (%) 21.25% 10.93% 16.98% 0.64% 61,021
47,684
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 43,525
Authorized Capital
48,573
37,843
Paid up Capital 9,054,807 9,054,807 9,054,807 9,054,807 9,054,807 33,120
36,125

Par Value 7,500 & 7,500 & 375 7,500 & 7,500 & 375 7,500 & 7,500 & 375 7,500 & 7,500 & 375 7,500 & 7,500 & 375
23,676

Total Equity 33,119,626 37,843,024 43,525,291 47,683,505 61,021,308 11,228
Growth (%) 14.26% 15.02% 9.55% 27.97%

-1,220
2010 2011 2012 2013 2014

INCOME STATEMENTS Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Growth (%) 9.84% 9.73% 16.50% 26.14%
7,044,087 7,601,475 8,445,813 9,440,904 10,715,356

33,365
Other Operating Revenue

26,451
Other Operating Expenses 9,643,357 11,134,002 12,739,104 14,572,688 16,103,374
22,705
26,558

18,837
Growth (%) 31.47% 19.31% 29.83% 18.96% 19,752
Non-Operating Revenues -23,558 218,725 258,539 59,362 178,019

12,946

6,139
Profit for the period 4,103,198 5,808,218 7,048,362 9,057,941 10,829,379 -667
Growth (%) 41.55% 21.35% 28.51% 19.56% 2010 2011 2012 2013 2014

10,829
10,829
Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 9,058

RATIOS
Dividend (Rp) 65.98 62.48 113.35 145.71 - 8,620
7,048
EPS (Rp) 219.95 312.40 377.84 485.52 578.20 5,808
1,775.98 2,029.26 2,333.96 2,556.94 3,272.16
6,411
BV (Rp)
4,103
DAR (X) 0.87 0.87 0.87 0.88 0.82 4,202
DER(X) 6.50 6.90 6.66 7.11 5.59

ROA (%) 1.65 1.94 2.11 2.34 2.60 1,993
ROE (%) 12.39 15.35 16.19 19.00 17.75

OPM (%) 29.25 35.00 38.06 42.41 40.00
-217
2010 2011 2012 2013 2014

NPM (%) 21.78 28.07 31.04 34.24 32.46
Payout Ratio (%) 30.00 20.00 30.00 30.01 -
Yield (%) 1.70 1.64 3.06 3.69 -

COMPANY REPORT
BBRI
BANK RAKYAT INDONESIA (PERSERO) TBK.
Company Profile
Bank Rakyat Indonesia (BRI) is the oldest commercial bank in Indonesia, established on
December 16, 1895, in Purwokerto, Central Java. The state‐owned bank went public in
2003 and the Indonesian government holds the majority of its shares with 56.75%,
followed by public.
Since its inception, BRI’s strategies have been mostly focused on the development of
micro, small and medium business segments. In so doing, BRI takes into account its core
competencies at all organization level. With strategic positioning in Indonesian banking
industry supported by strong basis of core competencies in micro business segment since
1984, BRI will be able to achieve its optimal performance in coming years.
As of December 2014, BRI serves it customers through more than 10.000 outlets spreads
all over Indonesia
 1 Head Office
 19 Regional Offices
 1 Head of Audit Office
 17 Regional Audit Offices
 461 Branches Offices (including 1 Special Branch and 3 overseas offices)
 584 Sub Branch Offices
 5,293 BRI Units (Micro Outlet)
 971 Cash Counters
 2,457 Teras BRI
 610 Teras Mobile
Since 2009, all of BRI’s outlets above are connected in real time online by BRINETS. BRI also
provide access to its banking services through its electronic channel;
 20,792 ATMs linked to ATM Bersama, ATM Prima, ATM Link, Cirrus, and Maestro
 131,204 Electronic Data Captures (EDC)
 392 Cash Deposit Machine
 55 E‐Buzz
February 2015
Disclaimer:

BBRI Bank Rakyat Indonesia (Persero) Tbk.
5 | 285.1T | 5.39% | 28.54%
1 | 91.9T | 6.32% | 6.32%

Established Date : 16-Dec-1895 1. Negara Republik Indonesia 14,000,000,000 : 56.75%
Under Writer IPO :
PT Bahana Securuties DIVIDEND ANNOUNCEMENT
F/I
2007 196.34 18-Jun-08 19-Jun-08 23-Jun-08 07-Jul-08 F
1. Mustafa Abubakar *) 2009 132.08 28-Jun-10 29-Jun-10 01-Jul-10 15-Jul-10 F
2. Adhyaksa Dault *) 2010 45.93 17-Dec-10 20-Dec-10 22-Dec-10 30-Dec-10 I
3. Ahmad Fuad *) 2010 70.04 27-May-11 30-May-11 01-Jun-11 15-Jun-11 F
4. Dwijanti Tjahjaningsih 2011 122.28 26-Apr-12 27-Apr-12 01-May-12 15-May-12 F
5. Hermanto Siregar *) 2012 225.23 26-Mar-13 27-Mar-13 01-Apr-13 15-Apr-13 F
6. Heru Lelono 2013 257.33 28-Apr-14 29-Apr-14 02-May-14 14-May-14 F
7. Mustafa Abubakar *)
8. Vincentius Sonny Loho ISSUED HISTORY
*) Independent Commissioners Listing Trading
BOARD OF DIRECTORS 1. First Issue 4,764,705,000 10-Nov-03 10-Nov-03
1. - 2. Company Listing 6,882,352,950 T: 10-Nov-03 : 31-May-04
2. Achmad Baiquni 3. MSOP Conversion 114,572,000 T: 24-Nov-04 : 11-Nov-05
3. Agus Toni Soetirto 4. MSOP Conversion I & II 333,519,000 T: 16-Nov-05 : 18-Oct-07
4. Asmawi Syam 5. MSOP Conversion II 8,879,000 T: 25-Sep-06 : 12-Nov-09
5. Djarot Kusumayakti 6. MSOP Conversion I, II & III 59,421,500 T: 23-Nov-06 : 27-Dec-07
6. Gatot Mardiwasisto 7. MSOP Conversion II & III 36,021,500 T: 24-Nov-06 : 26-Jun-09
7. Randi Anto 8. MSOP Conversion I 256,500 T: 09-Jan-07 : 26-May-08
8. Sulaiman Arif Arianto 9. MSOP Conversion III 11,609,000 T: 25-Jun-07 : 15-Nov-10
9. Suprajarto 10. MSOP Conversion I & III 2,493,500 T: 21-Nov-07 : 08-Aug-08
11. MSOP Conversion I & II 199,500 T: 27-Mar-08 : 27-May-08
AUDIT COMMITTEE 12. MSOP Conversion III 2,227,000 T: 05-Aug-08 : 22-Dec-08
1. Bunasor Sanim 13. MSOP Conversion I 532,500 T: 28-Aug-08 : 13-Nov-08
2. Adhyaksa Dault 14. MSOP Conversion II 49,500 T: 02-Sep-08 : 14-Oct-08
3. Dedi Budiman Hakim 15. MSOP Conversion I & II 95,500 11-Nov-08 11-Nov-08
4. H.C. Royke Singgih 16. Delisting of shares Negara RI -5,698,760 07-Jan-11 07-Jan-11
5. Hermanto Siregar 17. Stock Split 12,211,235,190 11-Jan-11 11-Jan-11
6. Syahrir Nasution
CORPORATE SECRETARY
Budi Satria
HEAD OFFICE
BRI I Building, 20th Fl.
Jln. Jend. Sudirman No. 44 - 46
Jakarta - 10210
Phone : (021) 251-0244, 250-0124, 251-0315, 575-1966
Fax : (021) 570-0916, 575-2010
Homepage : www.bri.co.id
Email : ir@bri.co.id

TRADING ACTIVITIES
Bank Rakyat Indonesia (Persero) Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
14,000 160 Jan-11 10,750 4,550 4,850 61,584 1,216,289 7,347,324 21
Feb-11 5,000 4,525 4,700 40,858 826,733 3,940,203 18
12,250 140 Mar-11 5,800 4,725 5,750 49,894 902,204 4,679,484 23
Apr-11 6,650 5,650 6,450 40,870 822,859 5,088,510 20
May-11 6,600 6,000 6,350 51,052 872,410 5,479,711 21
10,500 120
Jun-11 6,550 6,100 6,500 32,120 568,618 3,613,773 20
Jul-11 6,950 6,500 6,900 39,796 846,164 5,683,819 21
8,750 100
Aug-11 7,250 6,000 6,550 65,988 1,085,504 7,162,598 19
Sep-11 7,000 5,000 5,850 83,219 1,302,285 7,936,656 20
7,000 80 Oct-11 6,900 5,150 6,750 78,267 1,026,080 6,364,672 21
Nov-11 7,050 6,350 6,500 47,974 743,521 4,986,130 22
5,250 60 Dec-11 7,050 6,350 6,750 33,776 482,459 3,228,750 21
3,500 40 Jan-12 7,200 6,750 6,850 34,105 648,419 4,500,394 21

Feb-12 7,250 6,550 6,900 43,956 881,221 6,030,387 21
1,750 20 Mar-12 7,050 6,400 6,950 62,379 955,267 6,378,821 21
Apr-12 7,150 6,450 6,650 35,173 698,250 4,789,501 20
May-12 6,700 5,600 5,650 68,285 1,252,556 7,711,374 21
Jun-12 6,350 5,150 6,350 50,200 914,692 5,396,595 21
Jul-12 7,050 6,250 7,000 44,178 824,887 5,468,998 22
Aug-12 7,550 6,650 6,950 31,723 669,590 4,725,231 19
Sep-12 7,500 6,900 7,450 33,450 576,211 4,172,024 20
140%
Jan-13 8,000 7,000 7,950 49,574 820,165 6,223,729 21
125.6%
120% Feb-13 9,450 7,900 9,450 38,683 620,764 5,227,378 20
Mar-13 9,450 8,500 8,750 47,866 684,003 5,985,374 19
100% Apr-13 9,400 8,250 9,400 45,151 778,102 6,767,136 22
May-13 9,950 8,900 8,900 50,832 689,578 6,403,815 22
80% Jun-13 8,850 7,050 7,750 92,127 1,301,703 10,051,448 19
Jul-13 8,350 7,150 8,250 61,555 762,741 5,927,722 23
Aug-13 8,450 6,250 6,600 75,898 1,110,192 7,784,877 17
60% 59.6%
Sep-13 8,650 6,200 7,250 80,681 1,165,249 8,756,072 21
Oct-13 8,500 7,250 7,900 60,781 735,834 5,882,615 21
40% 41.9%
Nov-13 8,050 7,200 7,450 66,249 674,880 5,169,069 20
Dec-13 7,750 6,750 7,250 60,169 589,234 4,213,752 19
20%
Jan-14 8,850 7,000 8,325 87,119 934,659 7,534,215 20

- Feb-14 9,850 8,125 9,275 87,543 1,015,064 9,180,632 20
Mar-14 10,500 9,025 9,575 111,431 903,601 8,566,209 20
-20% Apr-14 10,250 9,350 9,900 103,234 844,361 8,340,740 20
Jun-14 10,400 9,850 10,325 73,158 668,924 6,771,119 21
Jul-14 12,200 10,100 11,200 91,236 838,066 9,411,432 18
Frequency (Thou. X) 625 514 730 1,071 84 Nov-14 11,550 10,600 11,525 65,560 424,706 4,720,140 20
Days 247 246 244 242 21 Dec-14 11,725 11,000 11,650 82,491 540,205 6,200,187 20
Price (Rupiah) Jan-15 12,100 11,325 11,675 84,255 607,503 7,101,489 21

High 10,750 7,850 9,950 12,200 12,100
Low 4,525 5,150 6,200 7,000 11,325
Close 6,750 6,950 7,250 11,650 11,675
Close* 6,750 6,950 7,250 11,650 11,675
PER (X) 10.89 9.18 8.38 11.86 11.88

PER Industry (X) 6.61 6.58 17.20 27.72 25.28
PBV (X) 3.34 2.64 2.25 2.94 2.95

Cash on Hand 9,975,712 10,525,973 13,895,464 19,171,778 22,469,167 810,000

22,514,663 33,917,516 41,136,880 42,673,665 84,168,460 648,000
Loans 232,972,784 269,454,726 336,081,042 419,144,730 479,211,143
486,000
Investment 133,888 164,689 196,742 222,851 -
Fixed Assets 1,568,945 1,852,818 2,804,366 3,972,612 5,917,470
324,000
Other Assets 4,880,779 5,293,505 5,961,840 7,004,037 8,792,889
Total Assets 404,285,602 469,899,284 551,336,790 626,182,926 801,955,021 162,000
Growth (%) 16.23% 17.33% 13.58% 28.07%
-
Deposits 338,812,712 388,288,508 452,945,001 507,972,602 622,321,846 2010 2011 2012 2013 Dec-14
Taxes Payable 1,930,923 1,105,997 895,695 1,266,018 59,805
Fund Borrowings 8,454,545 13,097,916 10,888,755 9,084,913 24,986,862
Growth (%) 14.27% 15.80% 12.42% 28.78%
91,456
79,327

64,882
Paid up Capital 6,167,291 6,167,291 6,167,291 6,167,291 6,167,291
49,820
36,673
Par Value 500 250 250 250 250
35,485

Total Equity 36,673,110 49,820,329 64,881,779 79,327,422 97,737,429 16,828
Growth (%) 35.85% 30.23% 22.26% 23.21%

-1,829
2010 2011 2012 2013 Dec-14

Growth (%) 7.96% 3.00% 19.86% 26.34%
Other Operating Revenue 5,544,533 5,775,975 8,389,732 8,348,459 9,299,140 71,591
59,461
14,402,001 17,584,230 22,682,538 26,127,577 28,361,877 48,164 49,610

Income from Operations 44,615
Growth (%) 22.10% 28.99% 15.19% 8.55%
47,331
35,201
Non-Operating Revenues 506,229 1,171,650 1,177,034 1,782,489 2,497,196

23,071

Provision for Income Tax 3,435,845 3,667,884 5,172,192 6,555,736 6,605,228 10,941
Profit for the period 11,472,385 15,087,996 18,687,380 21,354,330 24,253,845 -1,189
Growth (%) 31.52% 23.86% 14.27% 13.58% 2010 2011 2012 2013 Dec-14

24,254
21,354
RATIOS Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
18,687
21,354
Dividend (Rp) 115.97 122.28 225.23 257.33 -

930.10 611.41 757.26 865.22 982.67 15,088
EPS (Rp)
16,998
BV (Rp) 2,973.19 2,019.54 2,630.08 3,215.65 3,961.93 12,642

11,472
DAR (X) 0.91 0.89 0.88 0.87 0.88
DER(X) 10.02 8.43 7.50 6.89 7.21
8,285
ROA (%) 2.84 3.21 3.39 3.41 3.02 3,929
ROE (%) 31.28 30.28 28.80 26.92 24.82

OPM (%) 32.28 36.51 45.72 43.94 37.75
-427
2010 2011 2012 2013 Dec-14

NPM (%) 25.71 31.33 37.67 35.91 32.29
Payout Ratio (%) 12.47 20.00 29.74 29.74 -
Yield (%) 1.10 1.81 3.24 3.55 -

COMPANY REPORT
BBTN
BANK TABUNGAN NEGARA (PERSERO) TBK.
Company Profile
PT Bank Tabungan Negara (Persero) Tbk. –or Bank BTN– was established in 1897 under the
name of Postspaar Bank. The name was changed to Bank Tabungan Pos in 1950 and finally
became Bank Tabungan Negara in 1963. Bank BTN successfully done The Initial Public
Offering (IPO) and listed on the Indonesia Stock Exchange on 17 December 2009, and was
the first Indonesian bank to securitize mortgage through Asset Backed Securities ‐
Collective Investment Contracts (KIK‐EBA) scheme. Bank BTN engaged in activities based on
Sharia principles on December 15, 2004.
Bank BTN is a fully commercial bank that focuses on the housing finance. Bank BTN has
been doing mortgage business for more than six decades of consistency by providing a
variety of housing products and services, particularly through the Home Ownership Loan
(mortgage), both Subsidized Mortgages for lower‐middle segment as well as Non‐
Subsidized Mortgages for middle and upper segments.
As of Dec 31, 2014, the Bank has 87 branches (including 22 sharia branches), 247 sub‐
branches (including 21 sharia sub‐branches), 486 cash offices (including 7 sharia cash
offices), and 2,922 SOPPs (System on‐line Payment Point/on‐line Post office).
February 2015
Disclaimer:

BBTN Bank Tabungan Negara (Persero) Tbk.
84 | 10.4T | 0.20% | 83.31%
28 | 13.3T | 0.92% | 58.43%

Established Date : 30-Nov-1934 1. Negara Republik Indonesia 6,354,000,000 : 60.13%
Listing Date : 17-Dec-2009 2. Public (<5%) 4,213,470,707 : 39.87%
Under Writer IPO :
PT Mandiri Sekuritas DIVIDEND ANNOUNCEMENT
PT CIMB Securities Indonesia Bonus Cash Recording Payment
F/I
PT Datindo Entrycom 2009 15.09 10-Jun-10 11-Jun-10 15-Jun-10 29-Jun-10 F
Puri Datindo - Wisma Sudirman 2010 31.19 10-Jun-11 13-Jun-11 15-Jun-11 30-Jun-11 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2011 25.31 10-May-12 11-May-12 15-May-12 30-May-12 F
Phone : (021) 570-9009 2012 38.74 26-Apr-13 29-Apr-13 01-May-13 10-May-13 F
Fax : (021) 570-9026 2013 44.36 18-Mar-14 19-Mar-14 21-Mar-14 07-Apr-14 F
BOARD OF COMMISSIONERS ISSUED HISTORY

1. Mardiasmo *) Listing Trading
2. Agung Kuswandono No. Type of Listing Shares Date Date
3. Amanah Abdulkadir *) 1. First Issue 2,360,057,000 17-Dec-09 17-Dec-09
4. Herman Hidayat 2. Company Listing 6,263,228,575 17-Dec-09 17-Dec-09
5. Maulana Ibrahim *) 3. MESOP Conversion I 122,369,000 T: 08-Feb-11 : 13-Aug-14
6. Sahala Lumban Gaol *) 4. MESOP Conversion I & II 5,670,000 T: 06-Feb-12 : 14-Aug-14
*) Independent Commissioners 5. MESOP Conversion I 1,999,000 T: 14-Feb-12 : 16-Mar-12
BOARD OF DIRECTORS 7. MESOP Conversion I, II & III 208,387,000 T: 07-Feb-13 : 17-Jul-13
1. Maryono 8. MESOP Conversion II & III 159,500 T: 14-Mar-14 : 17-Mar-14
2. Hulmansyah 9. MESOP Conversion III 104,500 T: 19-Mar-14 : 23-Jul-14
3. Iman Nugroho Soeko 10. MESOP Conversion II 11,500 T: 22-Jul-14 : 19-Aug-14
4. Irman A Zahiruddin 11. MESOP Conversion I & III 2,081,000 20-Aug-14 20-Aug-14
5. Mansyur S. Nasution
6. Rico Rizal Budidarmo
AUDIT COMMITTEE
1. Sahala Lumban Gaol
2. M. Rowi Qohar
3. Maulana Ibrahim
4. Sondang Gayatri
5. Waldy Gutama
CORPORATE SECRETARY
Eko Waluyo
HEAD OFFICE
Menara Bank BTN
Jln. Gajah Mada No. 1
Jakarta - 10130
Phone : (021) 633-6789, 633-2666
Fax : (021) 634-6704
Homepage : www.btn.co.id
Email : eko.waluyo@btn.co.id

TRADING ACTIVITIES
Bank Tabungan Negara (Persero) Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
1,800 1,600 Jan-11 1,780 1,180 1,330 34,997 868,919 1,245,353 21
Feb-11 1,440 1,260 1,330 14,140 411,907 555,751 18
1,575 1,400 Mar-11 1,710 1,340 1,680 26,923 695,738 1,055,066 23
Apr-11 1,790 1,660 1,710 12,729 309,689 536,800 20
May-11 1,720 1,590 1,660 12,410 198,403 327,942 21
1,350 1,200
Jun-11 1,700 1,590 1,690 8,329 173,340 285,095 20
Jul-11 1,820 1,620 1,700 22,042 470,080 809,924 21
1,125 1,000
Aug-11 1,740 1,350 1,560 13,235 205,907 322,612 19
Sep-11 1,620 1,000 1,210 16,853 278,246 347,429 20
900 800
Oct-11 1,540 1,050 1,440 13,687 225,007 297,558 21
Nov-11 1,490 1,210 1,250 20,559 276,832 376,344 22
675 600 Dec-11 1,290 1,180 1,210 6,786 118,683 145,472 21
450 400 Jan-12 1,270 1,180 1,200 11,071 302,240 369,927 21

Feb-12 1,250 1,160 1,220 8,442 170,762 205,487 21
225 200 Mar-12 1,220 1,160 1,200 3,803 62,277 74,561 21
Apr-12 1,440 1,200 1,380 14,473 365,152 486,519 20
May-12 1,390 1,190 1,200 5,250 81,787 107,075 21
Jun-12 1,400 1,130 1,290 6,698 139,270 177,699 21
Jul-12 1,380 1,240 1,370 7,747 193,721 255,431 22
Aug-12 1,420 1,280 1,310 5,178 119,668 162,886 19
Sep-12 1,460 1,250 1,440 12,362 317,570 423,906 20
Finance Index Nov-12 1,720 1,420 1,610 15,597 1,585,209 2,241,325 20
80%
Jan-13 1,640 1,450 1,620 12,496 502,676 774,616 21
60% Feb-13 1,680 1,530 1,630 16,891 460,352 741,687 20
59.6%
Mar-13 1,740 1,610 1,700 15,925 556,705 936,218 19
Apr-13 1,720 1,470 1,490 13,858 462,242 745,326 22
40% 41.9%
May-13 1,510 1,260 1,420 24,534 686,550 950,640 22
Jun-13 1,400 1,010 1,150 19,347 347,074 411,522 19
20% Jul-13 1,250 1,020 1,040 17,377 380,644 430,266 23
Aug-13 1,200 880 950 12,813 270,433 285,056 17
Sep-13 1,160 840 930 29,196 430,902 418,199 21
-
Oct-13 1,030 910 970 17,269 337,041 325,799 21
Nov-13 1,020 900 970 10,701 240,433 230,220 20
-20% Dec-13 990 820 870 10,010 155,875 145,999 19
Jan-14 970 835 900 18,385 275,674 252,515 20

-40% -38.0%
Feb-14 1,145 890 1,080 37,825 1,429,330 1,502,277 20
Mar-14 1,355 1,015 1,285 39,910 1,270,021 1,539,871 20
-60% Apr-14 1,525 1,140 1,155 55,199 1,598,310 2,048,453 20
Jun-14 1,090 980 1,040 25,604 570,012 589,252 21
Jul-14 1,230 1,030 1,080 48,574 1,654,735 1,874,974 18
Volume (Million Sh.) 4,233 3,953 4,831 11,661 1,247 Sep-14 1,180 1,070 1,170 32,063 968,580 1,090,634 22
Days 247 246 244 242 21 Dec-14 1,240 1,120 1,205 21,919 566,006 662,843 20
Price (Rupiah) Jan-15 1,230 980 995 44,134 1,247,054 1,302,876 21

High 1,820 1,720 1,740 1,525 1,230
Low 1,000 1,130 820 835 980
Close 1,210 1,450 870 1,205 995
Close* 1,163 1,450 870 1,205 995
PER (X) 10.42 11.06 5.88 12.64 10.44

PER Industry (X) 6.61 6.58 17.20 27.72 25.28
PBV (X) 1.46 1.46 0.80 1.08 0.89

Cash on Hand 362,769 512,399 694,941 924,451 920,482 150,000

928,357 733,953 1,013,796 4,201,682 5,436,970 120,000
Loans 47,977,801 62,619,586 75,410,705 99,330,214 114,339,226
90,000
Investment - - - - -
Fixed Assets 1,460,837 1,497,455 1,582,812 1,522,724 1,488,383
60,000
Other Assets 512,830 626,938 759,956 783,770 1,007,989
Total Assets 68,385,539 89,121,459 111,748,593 131,169,730 144,575,961 30,000
Growth (%) 30.32% 25.39% 17.38% 10.22%
-
Deposits 48,104,318 62,762,985 81,374,686 96,482,879 107,649,946 2010 2011 2012 2013 Dec-14
Taxes Payable - - - - -
Fund Borrowings 3,399,787 5,695,307 6,737,260 7,073,035 6,998,213
12,206
Growth (%) 32.07% 24.05% 17.88% 10.66% 11,557
11,819
10,279
4,357,029 4,404,536 5,178,220 5,282,427 25,283,848 7,322

Paid up Capital
6,447
8,714 8,809 10,356 10,565 10,568
6,997
Paid up Capital (Shares)

Par Value 500 500 500 500 500 4,586

Total Equity 6,447,278 7,321,643 10,278,871 11,556,753 12,206,406 2,175
Growth (%) 13.56% 40.39% 12.43% 5.62%

-236
2010 2011 2012 2013 Dec-14

Growth (%) 16.27% 16.71% 22.27% 18.77%
Other Operating Revenue 487,890 512,017 571,494 763,983 894,820 10,783

8,819
7,556
Growth (%) 20.74% 22.63% 14.16% -27.61% 6,499
6,383
Non-Operating Revenues -13,495 -3,489 -7,767 4,862 1,960 4,184

Provision for Income Tax 334,284 403,599 499,240 578,610 432,580 1,984
Profit for the period 915,938 1,118,661 1,363,962 1,562,161 1,115,592 -216
Growth (%) 22.13% 21.93% 14.53% -28.59% 2010 2011 2012 2013 Dec-14
Period Attributable 915,938 1,118,661 1,363,962 1,562,161 1,115,592

Comprehensive Income 915,938 1,026,201 1,357,839 1,443,057 1,115,625 PROFIT FOR THE PERIOD (Bill. Rp)
Comprehensive Attributable 915,938 1,026,201 1,357,839 1,443,057 1,115,625
1,562
1,562
1,364
RATIOS Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Dividend (Rp) 31.19 25.31 38.74 44.36 - 1,243
1,119 1,116
EPS (Rp) 105.11 126.99 131.70 147.86 105.57 916

925
BV (Rp) 739.87 831.15 992.51 1,093.89 1,155.07

DAR (X) 0.91 0.92 0.91 0.91 0.92 606
DER(X) 9.61 11.17 9.87 10.35 10.84

ROA (%) 1.34 1.26 1.22 1.19 0.77 287
ROE (%) 14.21 15.28 13.27 13.52 9.14

OPM (%) 19.45 20.19 21.22 19.81 12.07
-31
2010 2011 2012 2013 Dec-14

NPM (%) 14.09 14.80 15.47 14.49 8.71
Payout Ratio (%) 29.68 19.93 29.41 30.00 -
Yield (%) 1.90 2.09 2.67 5.10 -

COMPANY REPORT
BMRI
BANK MANDIRI (PERSERO) TBK.
Company Profile
Bank Mandiri was formed on 2 October 1998, as part of the government of Indonesia’s
bank restructuring program. Bank Mandiri is the largest bank in Indonesia. Bank Mandiri
offers a comprehensive range of financial solutions to private and state‐owned large and
medium corporations, small and micro businesses as well as retail consumers.
Amidst the various external challenges, Mandiri Group successfully achieved a number of
important milestones. In connection with the various improvements to business processes,
Mandiri Group conducted disciplined supervision over the micro‐financial and macro‐
external parameters so as to serve as an early warning system. The supervision process
was carried out proactively based on the principles of good corporate governance and
focused on strengthening the foundations for achieving our goals in our three (3) business
focus areas (wholesale transactions, retail deposits and payments, and retail financing), as
well as internal controls, improved risk management, and enhancements to infrastructure
and human resources.
In line with the product development and the increasing complexity of transactions,
Management has also taken steps to optimize the Internal Audit function, both in
assurance and advisory terms, by enhancing the capacity of auditors. Such capacity is not
just limited to auditing knowledge and skills, but also extends to knowledge of products
and banking operations.
February 2015
Disclaimer:

BMRI Bank Mandiri (Persero) Tbk.
7 | 254.1T | 4.81% | 38.52%
3 | 72.6T | 5.00% | 16.54%

Established Date : 02-Oct-1998 1. Negara Republik Indonesia 14,000,000,000 : 60.00%
Listing Date : 14-Jul-2003 2. Public (<5%) 9,333,333,332 : 40.00%
Under Writer IPO :
PT ABN AMRO Asia Securities Indonesia Bonus Cash Recording Payment
F/I
PT Datindo Entrycom 2003 50.00 16-Dec-03 17-Dec-03 19-Dec-03 30-Dec-03 I
Puri Datindo - Wisma Sudirman 2003 115.00 11-Jun-04 14-Jun-04 16-Jun-04 30-Jun-04 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2004 60.00 16-Dec-04 17-Dec-04 21-Dec-04 30-Dec-04 I
Phone : (021) 570-9009 2005 70.50 13-Jun-05 14-Jun-05 16-Jun-05 24-Jun-05
Fax : (021) 570-9026 2005 14.85 14-Jun-06 15-Jun-06 19-Jun-06 30-Jun-06 F
2006 70.02 19-Jun-07 20-Jun-07 22-Jun-07 29-Jun-07 F
1. Mahmuddin Yasin 2008 88.55 26-May-09 27-May-09 29-May-09 12-Jun-09 F
2. Abdul Azis 2009 19.26 02-Dec-09 03-Dec-09 07-Dec-09 22-Dec-09 I
3. Anton Hermanto Gunawan *) 2010 19.64 21-Dec-10 22-Dec-10 27-Dec-10 30-Dec-10 I
4. Askolani 2010 120.60 15-Jun-11 16-Jun-11 20-Jun-11 30-Jun-11 F
5. Aviliani *) 2011 104.97 15-May-12 16-May-12 22-May-12 05-Jun-12 F
6. Krisna Wijaya *) 2012 199.33 26-Apr-13 29-Apr-13 01-May-13 16-May-13 F
7. Pradjoto *) 2013 234.05 26-Mar-14 27-Mar-14 01-Apr-14 15-Apr-14 F
*) Independent Commissioners
ISSUED HISTORY
BOARD OF DIRECTORS Listing Trading
1. Budi Gunadi Sadikin No. Type of Listing Shares Date Date
2. Sentot A. Sentausa 1. First Issue 2,900,000,000 14-Jul-03 14-Jul-03
3. Sunarso 2. Company Listing 16,900,000,000 T: 14-Jul-03 : 30-Dec-03
4. Abdul Rachman 3. MSOP Conversion 598,938,831 T: 26-Jul-04 : 09-Jan-07
5. Fransisca N. Mok 4. Partial delisting 1 % -9,955,000 06-Dec-05 06-Dec-05
6. Hery Gunardi 5. MSOP Conversion I & II 32,316,636 T: 11-Dec-06 : 15-Dec-06
7. Kresno Sediarsi 6. MSOP Conversion I 10,547,213 T: 21-Mar-07 : 16-Jul-08
8. Ogi Prastomiyono 7. MSOP Conversion I, II & III 105,564,065 T: 10-May-07 : 02-Jun-08
9. Pahala N. Mansury 8. MSOP Conversion I & III 129,311,724 T: 14-May-07 : 28-May-08
10. Riswinandi 9. MSOP Conversion II & III 32,126,466 T: 14-Nov-07 : 19-May-10
11. Royke Tumilaar 10. MSOP Conversion III 86,224,280 T: 19-Nov-07 : 16-Dec-10
11. MSOP Conversion II & III 1,376,402 T: 17-Dec-08 : 08-May-09
AUDIT COMMITTEE 12. MSOP Conversion II 44,125 02-Jun-10 02-Jun-10
1. Krisna Wijaya 13. Right Issue 2,313,505,257 02-Mar-11 02-Mar-11
2. Anton Hermanto Gunawan
3. Askolani
4. Aviliani
5. Budi Sulistio
6. Ridwan Darmawan Ayub
CORPORATE SECRETARY
Rohan Hafas
HEAD OFFICE
Plaza Mandiri
Jln. Jend. Gatot Subroto Kav. 36 - 38
Jakarta - 12190
Phone : (021) 529-13321, 300-23166
Fax : (021) 526-3460
Homepage : www.bankmandiri.co.id
Email : cma@bankmandiri.co.id

TRADING ACTIVITIES
Bank Mandiri (Persero) Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
12,000 2,400 Jan-11 6,900 5,350 5,950 59,751 1,408,041 8,314,520 21
Feb-11 6,250 5,350 5,800 44,183 2,993,290 16,377,961 18
10,500 2,100 Mar-11 6,800 5,700 6,800 53,774 1,286,491 7,886,597 23
Apr-11 7,250 6,550 7,150 36,842 775,150 5,336,328 20
May-11 7,350 6,800 7,200 31,537 804,177 5,712,250 21
9,000 1,800
Jun-11 7,250 6,700 7,200 32,742 542,273 3,787,371 20
Jul-11 8,150 7,150 7,850 34,821 878,996 6,697,558 21
7,500 1,500
Aug-11 8,100 6,650 6,850 55,412 949,354 6,871,060 19
Sep-11 7,300 5,100 6,300 75,984 1,284,590 8,041,492 20
6,000 1,200 Oct-11 7,300 5,500 7,150 63,194 1,009,050 6,473,321 21
Nov-11 7,400 6,300 6,400 63,227 893,643 6,122,844 22
4,500 900 Dec-11 7,000 6,200 6,750 46,300 693,425 4,597,460 21
3,000 600 Jan-12 7,150 6,600 6,700 38,879 724,875 4,954,614 21

Feb-12 6,750 6,000 6,450 76,926 1,462,741 9,269,521 21
1,500 300 Mar-12 6,950 6,350 6,850 45,324 984,952 6,573,813 21
Apr-12 7,400 6,800 7,400 24,798 676,326 4,780,291 20
May-12 7,450 6,650 6,900 23,052 615,116 4,369,398 21
Jun-12 7,350 6,550 7,200 24,789 420,561 2,956,044 21
Jul-12 8,300 6,850 8,300 30,999 586,543 4,352,468 22
Aug-12 8,600 7,350 7,800 26,979 398,429 3,208,709 19
Sep-12 8,300 7,600 8,200 31,515 480,997 3,812,109 20
90%
Jan-13 9,050 8,000 9,050 36,696 517,167 4,358,835 21
75% Feb-13 10,150 8,700 10,050 33,818 567,187 5,224,978 20
73.4%
Mar-13 10,050 9,450 10,000 38,478 570,412 5,577,493 19
60% 59.6% Apr-13 10,750 9,800 10,500 33,768 525,014 5,402,910 22
May-13 10,550 9,700 9,700 47,425 748,146 7,579,728 22
45% Jun-13 9,900 8,250 9,000 68,921 871,631 7,848,472 19
41.9% Jul-13 9,050 7,450 8,900 68,683 837,483 7,032,852 23
Aug-13 8,900 6,250 7,100 67,391 1,083,003 8,108,305 17
30%
Sep-13 10,300 6,550 7,950 73,619 1,026,893 8,219,662 21
Oct-13 8,950 8,050 8,600 59,726 755,875 6,413,599 21
15%
Nov-13 8,600 7,350 7,650 67,113 754,337 5,883,592 20
Dec-13 8,000 7,300 7,850 41,923 370,112 2,853,587 19
-
Jan-14 9,525 7,600 8,700 76,373 650,120 5,508,866 20

-15% Feb-14 9,650 8,400 9,100 76,609 701,451 6,330,151 20
Mar-14 10,250 9,000 9,450 87,370 821,343 7,785,861 20
-30% Apr-14 10,350 9,525 9,825 83,068 758,989 7,503,307 20
Jun-14 10,250 9,625 9,725 62,399 585,096 5,798,770 21
Jul-14 11,000 9,625 10,250 87,146 885,176 9,132,248 18
Days 247 246 244 242 21 Dec-14 10,875 10,125 10,775 57,885 416,710 4,418,807 20
Price (Rupiah) Jan-15 11,375 10,600 11,000 66,447 515,375 5,623,454 21

High 8,150 8,900 10,750 11,000 11,375
Low 5,100 6,000 6,250 7,600 10,600
Close 6,750 8,100 7,850 10,775 11,000
Close* 6,750 8,100 7,850 10,775 11,000
PER (X) 12.62 11.63 10.06 13.05 13.32

PER Industry (X) 6.61 6.58 17.20 27.72 25.28
PBV (X) 2.51 2.47 2.06 2.54 2.59

Cash on Hand 9,521,713 11,357,523 15,286,190 19,051,934 20,704,563 862,500

27,247,529 12,002,918 10,769,775 26,802,548 40,465,158 690,000
Loans 232,545,259 298,988,258 370,570,356 450,634,798 505,394,870
517,500
Investment 7,218,361 38,785 11,366,225 616,821 766,524
Fixed Assets 5,527,000 6,589,594 7,002,690 7,645,598 8,928,856
345,000
Other Assets 5,384,797 7,249,901 7,339,965 8,908,732 11,239,398
Total Assets 449,774,551 551,891,704 635,618,708 733,099,762 855,039,673 172,500
Growth (%) 22.70% 15.17% 15.34% 16.63%
-
Deposits 369,842,016 397,046,488 456,854,700 521,439,569 600,980,756 2010 2011 2012 2013 Dec-14
Taxes Payable 750,432 761,737 2,662,421 2,126,864 1,875,141
Fund Borrowings 5,634,838 11,703,498 11,608,832 15,997,188 24,227,104
Growth (%) 27.92% 14.28% 15.24% 16.43% 104,843
88,791
76,533
Authorized Capital 16,000,000 16,000,000 16,000,000 16,000,000 16,000,000
83,455
10,498,247 11,666,667 11,666,667 11,666,667 11,666,667 62,654

Paid up Capital
62,067

42,070
Par Value 500 500 500 500 500 40,679

Total Equity 42,070,036 62,654,408 76,532,865 88,790,596 104,844,562 19,291
Growth (%) 48.93% 22.15% 16.02% 18.08%

-2,097
2010 2011 2012 2013 Dec-14

Growth (%) 11.19% 12.78% 18.00% 24.75%
8,432,817 11,768,351 11,897,822 14,686,637 14,687,815

62,637
Other Operating Revenue

50,209
Other Operating Expenses 12,074,973 16,312,021 18,913,028 21,500,987 25,374,351
42,550
49,859

18.97% 20.04% 20.01% 10.30% 33,932
Growth (%) 37,081
Non-Operating Revenues 230,142 163,102 878,821 510,126 29,909

24,303

11,525
Profit for the period 9,369,226 12,695,885 16,043,618 18,829,934 20,654,783 -1,253
Growth (%) 35.51% 26.37% 17.37% 9.69% 2010 2011 2012 2013 Dec-14

20,655
18,830
RATIOS Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 16,044
Dividend (Rp) 140.24 104.97 199.33 234.05 - 16,443
12,696
EPS (Rp) 439.04 524.83 664.46 780.16 851.65
2,003.67 2,685.19 3,279.98 3,805.31 4,493.34
12,229
BV (Rp) 9,369
DAR (X) 0.85 0.89 0.88 0.88 0.88 8,015
DER(X) 9.09 7.81 7.31 7.26 7.16

ROA (%) 2.08 2.30 2.52 2.57 2.42 3,801
ROE (%) 22.27 20.26 20.96 21.21 19.70

OPM (%) 40.50 43.33 46.12 46.91 41.47
-413
2010 2011 2012 2013 Dec-14

NPM (%) 27.61 33.65 37.70 37.50 32.97
Payout Ratio (%) 31.94 20.00 30.00 30.00 -
Yield (%) 2.16 1.56 2.46 2.98 -

COMPANY REPORT
BMTR
GLOBAL MEDIACOM TBK.
Company Profile
The Company is supported by two main lines of businesses that have generated major
revenue contribution, namely, content and advertising‐based media managed by PT Media
Nusantara Citra Tbk. (MNC) and subscription‐based media, managed by PT MNC Sky Vision
Tbk (MSKY). Besides content and advertising‐based media and subscription‐based media,
The Company is also engaged in the investment, infrastructure, new media (news portal
and online home shopping).
The Company focuses targets for its business lines mainly MNC and MNC Sky Vision.
Through FTA TV, MNC targets to be the leading national TV among others by increasing
audience share through broadcasting high quality TV programming and developing content
business. Through SINDOTV, MNC also targets to transform local TV SindoTV into national
TV network by integrating existing 40 regional broadcasters. Through MNC Sky Vision, the
company targets to improve the service quality delivered to the subscribers by providing
and developing exclusive contents to suit market demands and thus to increase subscribers
by enhancing good relationships with new and loyal customers.
The Company has its excellence in providing the srength of its core business (FTA & PayTV)
and broadcast distinguished porgrams that attract more viewership especially women.
Through MSKY, the Company also has a competitive edge as it controls its sales and
distributions and has close to 20 exclusive TV channels, leveraging in particular its local
content library.
February 2015
Disclaimer:

BMTR Global Mediacom Tbk. [S]
Industry Sub Sector : Investment Company (98) Market Capitalization : 26,338,428,825,310
32 | 26.3T | 0.50% | 66.71%
35 | 11.3T | 0.78% | 64.26%

Established Date : 30-Jun-1981 1. DB AG HK S/A PT MNC Investama Tbk.-2059974012 3,276,739,030 : 23.08%
Listing Date : 17-Jul-1995 2. PT MNC Investama Tbk. 2,059,100,000 : 14.50%
Under Writer IPO : 3. UBS AG Singapore S/A PT MNC Investama Tbk.-20911442 1,113,323,970 : 7.84%
PT Makindo 4. Public (<5%) 7,749,450,922 : 54.58%
PT Sirca Datapro Perdana DIVIDEND ANNOUNCEMENT
Wisma Sirca Bonus Cash Recording Payment
F/I
Jln. Johar No.18, Menteng, Jakarta 10340 Year Shares Dividend Cum Date Ex Date Date Date
Phone : (021) 314-0032, 390-5920, 390-0645 1995 15.00 19-Jun-96 20-Jun-96 28-Jun-96 26-Jul-96 F
Fax : (021) 390-0671, 390-0652 1996 20.00 05-May-97 06-May-97 15-May-97 03-Jun-97 F
1997 4.50 22-Jun-98 23-Jun-98 01-Jul-98 24-Jul-98 F
BOARD OF COMMISSIONERS 2000 15.00 28-May-01 29-May-01 01-Jun-01 18-Jun-01 F
1. Rosano Barack 2001 20.00 18-Jun-02 19-Jun-02 24-Jun-02 08-Jul-02 F
2. Bambang Rudijanto Tanoesoedibyo 2002 26.00 05-Jun-03 06-Jun-03 10-Jun-03 24-Jun-03 F
3. Chang Long Jong 2003 25.00 11-Jun-04 14-Jun-04 16-Jun-04 30-Jun-04 F
4. Kardinal Alamsyah Karim *) 2005 1:1 07-Jul-06 10-Jul-06 12-Jul-06 26-Jul-06 S
5. Lei Zhang 2006 4.00 11-Jul-07 12-Jul-07 16-Jul-07 30-Jul-07 F
6. Mohamed Idwan Ganie *) 2007 14.56 28-Nov-07 29-Nov-07 03-Dec-07 17-Dec-07 I
*) Independent Commissioners 2008 3.50 06-Nov-09 09-Nov-09 25-Nov-09 25-Nov-09 F
2009 5.00 03-Dec-10 06-Dec-10 09-Dec-10 23-Dec-10 F
BOARD OF DIRECTORS 2010 10.00 06-Dec-11 07-Dec-11 09-Dec-11 23-Dec-11 F
1. Hary Tanoesoedibjo 2012 24.00 10-Sep-13 11-Sep-13 13-Sep-13 27-Sep-13 F
2. David Fernando Audy 2013 25.00 16-Oct-14 17-Oct-14 21-Oct-14 04-Nov-14 F
3. Handhianto Suryo Kentjono
4. Indra Pudjiastuti Prastomiyono ISSUED HISTORY
5. Oerianto Guyandi Listing Trading
AUDIT COMMITTEE 1. First Issue 200,000,000 T: 17-Jul-95 : 10-Jun-10
1. Kardinal Alamsyah Karim 2. Company Listing 760,000,000 T: 17-Jul-95 : 11-Jun-10
2. Hery Kusnanto 3. Convertible Bond 57,000,000 T: 17-Jul-95 : 20-Feb-96
3. Mohamed Idwan Ganie 4. Option Conversion 1,088,576 T: 30-Apr-02 : 03-Jun-02
5. ESOP Conversion 84,293,938 T: 20-Jun-02 : 19-Sep-11
CORPORATE SECRETARY 6. Right Issue 266,978,118 28-Jul-04 28-Jul-04
Syafril Nasution 7. Bonus Shares 1,299,013,678 26-Jul-06 26-Jul-06
8. Stock Split 10,417,945,240 24-Apr-07 24-Apr-07
HEAD OFFICE 9. Additional Listing without RI 685,168,000 06-Jul-07 06-Jul-07
MNC Tower 27th - 29th Fl. 10. ESOP Conversion I 43,722,000 T: 17-Mar-11 : 07-Jun-11
Jln. Kebon Sirih 17 - 19 11. ESOP Conversion I & II 34,647,500 T: 23-Sep-11 : 12-Mar-12
Jakarta 12. ESOP Conversion I, II & III 106,578,500 T: 16-Mar-12 : 18-Oct-12
Phone : (021) 390-9211 13. ESOP Conversion II & III 5,838,500 28-Sep-12 28-Sep-12
Fax : (021) 390-9207, 230-5281, 392-7859 14. ESOP Conversion II, III, IV & V 62,991,500 29-May-13 29-May-13
15. Revision ESOP Conversion II, III, IV & V 8,000 21-Jun-13 21-Jun-13
Homepage : www.mediacom.co.id 16. ESOP Conversion III, IV & V 21,741,500 27-Nov-13 27-Nov-13
Email : syafril.nasution@mncgroup.com 17. ESOP Conversion IV & V 145,911,872 T: 28-May-14 : 20-Nov-14

TRADING ACTIVITIES
Global Mediacom Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
2,800 1,600 Jan-11 770 560 720 13,084 636,476 415,505 21
Feb-11 900 710 890 8,926 823,568 634,291 18
2,450 1,400 Mar-11 900 750 840 13,280 497,457 404,603 23
Apr-11 870 700 750 9,483 368,590 284,932 20
May-11 840 710 840 16,802 1,570,436 1,181,554 21
2,100 1,200
Jun-11 870 750 840 8,093 1,653,609 1,256,582 20
Jul-11 890 810 870 9,106 289,997 247,567 21
1,750 1,000
Aug-11 890 700 770 6,066 299,919 232,788 19
Sep-11 890 740 820 8,965 211,406 168,273 20
1,400 800
Oct-11 850 750 800 4,553 77,013 61,201 21
Nov-11 1,070 790 980 17,702 976,165 808,327 22
1,050 600 Dec-11 1,140 960 990 14,476 397,335 410,227 21
700 400 Jan-12 1,120 980 1,110 13,633 207,458 214,242 21

Feb-12 1,270 1,100 1,260 15,338 231,702 279,612 21
350 200 Mar-12 1,660 1,260 1,600 20,226 1,014,874 1,369,969 21
Apr-12 1,720 1,570 1,660 19,440 617,944 1,010,682 20
May-12 1,790 1,240 1,360 26,969 1,268,031 2,101,421 21
Jun-12 1,560 1,220 1,520 42,500 633,907 901,986 21
Jul-12 1,750 1,470 1,750 43,064 1,358,234 2,123,331 22
Aug-12 1,820 1,710 1,750 27,220 347,523 614,668 19
Sep-12 2,075 1,750 2,050 40,318 651,200 1,225,051 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-12 2,375 2,050 2,275 49,594 1,949,320 4,263,509 22
Trade, Sevices and Investment Index Nov-12 2,450 2,100 2,400 36,243 825,913 1,868,399 20
350%
Jan-13 2,575 2,150 2,175 46,238 522,750 1,240,680 21
300% Feb-13 2,350 2,050 2,300 55,245 480,534 1,079,567 20
Mar-13 2,550 2,275 2,325 34,193 627,244 1,518,188 19
250% Apr-13 2,400 2,050 2,175 38,596 460,369 1,017,507 22
May-13 2,800 2,075 2,600 51,309 1,054,035 2,583,137 22
200% Jun-13 2,600 1,860 2,150 46,999 857,900 1,830,708 19
199.2%
Jul-13 2,550 1,860 2,300 40,269 1,050,215 2,260,063 23
Aug-13 2,375 1,370 1,750 46,422 758,529 1,315,192 17
150%
Sep-13 2,125 1,620 1,930 36,501 600,980 1,138,921 21
Oct-13 2,200 1,810 1,910 31,060 882,237 1,828,517 21
100%
93.3% Nov-13 1,970 1,740 1,950 32,673 392,610 740,219 20
Dec-13 2,000 1,810 1,900 24,458 240,075 460,216 19
50%
41.9%
Jan-14 1,950 1,780 1,850 29,385 195,531 364,107 20
- Feb-14 2,185 1,745 2,185 34,222 170,355 327,917 20
Mar-14 2,500 2,115 2,350 36,263 293,514 694,364 20
-50% Apr-14 2,405 2,100 2,190 42,963 559,651 1,270,060 20
Jun-14 2,200 2,000 2,125 84,349 985,902 2,107,593 21
Jul-14 2,145 1,900 1,920 42,640 663,996 1,341,742 18
Value (Billion Rp) 6,106 17,238 17,013 11,270 793 Oct-14 1,965 1,745 1,960 55,469 352,204 666,963 23
Days 247 246 244 242 21 Dec-14 1,610 1,375 1,425 40,757 635,529 968,053 20
Price (Rupiah) Jan-15 2,015 1,390 1,855 60,991 440,605 793,168 21

High 1,140 2,625 2,800 2,500 2,015
Low 560 980 1,370 1,375 1,390
Close 990 2,400 1,900 1,425 1,855
Close* 990 2,400 1,900 1,425 1,855
PER (X) 70.40 16.21 43.04 22.00 28.63

PER Industry (X) 16.89 19.08 15.42 22.13 22.53
PBV (X) 1.63 2.34 2.00 1.29 1.68

Public Accountant : Osman Bing Satrio & Eny (Member of Deloitte Touche Tohmatsu Limited)
Cash & Cash Equivalents 1,141,628 8,962,428 952,529 1,529,588 3,681,151 26,250
Receivables 2,453,904 2,843,567 3,113,957 3,630,541 3,645,516

1,106,101 1,041,615 1,636,122 1,803,445 1,900,168 21,000
Inventories
Current Assets 5,937,277 6,584,939 10,781,083 9,748,947 12,371,114
15,750
Fixed Assets 2,793,271 2,905,092 3,734,879 4,906,183 5,621,499
Other Assets 551,502 629,706 605,330 824,763 1,213,404
10,500
Total Assets 14,355,319 15,111,603 19,995,526 21,069,471 26,032,085
Growth (%) 5.27% 32.32% 5.37% 23.55% 5,250

Growth (%) -9.47% 32.68% 35.38% 34.35%
Paid up Capital 1,377,021 1,379,116 1,396,796 1,405,270 1,411,508 14,296
13,353
Par Value 100 100 100 100 100 10,816
12,469
9,610
9,274
Total Equity 9,610,114 10,815,788 14,295,756 13,353,037 15,664,798

Growth (%) 12.55% 32.17% -6.59% 17.31% 6,078
Total Revenues 6,326,514 7,162,935 8,925,419 10,019,977 8,007,460

Growth (%) 13.22% 24.61% 12.26%
-313
2010 2011 2012 2013 Sep-14
Cost of Revenues 3,590,617 3,919,690 4,753,060 5,486,919 4,673,589

Gross Profit 2,735,897 3,243,245 4,172,359 4,533,058 3,333,871
Expenses (Income) 1,540,298 1,646,710 1,610,968 3,021,595 1,649,107
8,925
Growth (%)
10,020
8,007
7,976
7,163
Tax 345,087 432,765 567,902 481,817 486,613

Profit for the period 850,512 1,163,770 1,993,489 1,029,646 1,198,151
3,888
Growth (%) 36.83% 71.30% -48.35%

1,844
Period Attributable 578,865 779,363 1,299,085 620,395 689,906 -200
Comprehensive Income 786,373 1,190,493 2,068,219 1,101,619 1,247,065 2010 2011 2012 2013 Sep-14
Comprehensive Attributable 533,904 796,711 1,369,492 692,368 738,820
Current Ratio (%) 184.50 331.77 434.44 264.84 357.88
1,993
Dividend (Rp) 10.00 - 24.00 25.00 - 1,993
EPS (Rp) 42.04 56.51 93.00 44.15 48.88

BV (Rp) 697.89 784.25 1,023.47 950.21 1,109.79 1,587
0.33 0.28 0.29 0.37 0.40 1,164 1,198

DAR (X)
1,030
0.49 0.40 0.40 0.58 0.66
1,180
DER(X) 851
ROA (%) 5.92 7.70 9.97 4.89 4.60 773
ROE (%) 8.85 10.76 13.94 7.71 7.65

GPM (%) 43.24 45.28 46.75 45.24 41.63 367
OPM (%) - - - - -
NPM (%) 13.44 16.25 22.33 10.28 14.96
-40
2010 2011 2012 2013 Sep-14

Payout Ratio (%) 23.79 - 25.81 56.63 -
Yield (%) 1.54 - 1.00 1.32 -

C
COOM
MPPA
ANNY
Y R
REEP
POOR
RTT
BSDE
BUMI SERPONG DAMAI TBK.
Company Profile
PT Bumi Serpong Damai Tbk., which is also part of Sinar Mas Land, was established in 1984.
Nowadays, the Company has become a leading property developer in Indonesia with the
main property projects situated in Serpong (BSD City), and diversifying to Jakarta, Bekasi,
Cibubur, Surabaya, Medan and Balikpapan, also expanding to Samarinda, Manado and
Palembang.

Since 2008, the Company has become a public company that listed in the Indonesia Stock
Exchange. In end of 2010, the Company has done the acquisition process on affiliated
companies in PT Duta Pertiwi Tbk., PT Sinar Mas Teladan and PT Sinar Mas Wisesa. The
acquisition is expected to increase Company’s performance particularly due to higher
revenue portfolio and business diversification.

The Company’s purpose and objective is to engage in real estate development activities.
The Company has been developing a new city, which is a planned and integrated
residential area, with amenities/infrastructure, environmental facilities and parks, called
the BSD City.

As of September 30th, 2014, the Company had 1,968 employees.
February 2015
Disclaimer:

BSDE Bumi Serpong Damai Tbk. [S]
27 | 37.1T | 0.70% | 63.75%
45 | 9.86T | 0.68% | 71.51%

Established Date : 16-Jan-1984 1. PT Paraga Arta Mida 4,676,426,830 : 25.45%
Listing Date : 06-Jun-2008 2. PT Ekacentra Usahamaju 4,658,107,000 : 25.35%
PT CLSA Indonesia
PT Nusadana Capital Indonesia DIVIDEND ANNOUNCEMENT
PT Sinarmas Sekuritas Bonus Cash Recording Payment
F/I
PT Sinartama Gunita 2008 4.00 01-Jul-09 02-Jul-09 06-Jul-09 22-Jul-09 F
Sinar Mas Land Plaza Menara I 9th Fl. 2009 6.00 01-Jul-10 02-Jul-10 06-Jul-10 20-Jul-10 F
Jln. M.H. Thamrin No. 51 Jakarta 10350 2010 6.00 05-Jul-11 06-Jul-11 08-Jul-11 22-Jul-11 F

1. Muktar Widjaja Listing Trading
2. Benny Setiawan Santoso No. Type of Listing Shares Date Date
3. Edwin Hidayat Abdullah *) 1. First Issue 1,093,562,000 06-Jun-08 06-Jun-08
4. Franky Oesman Widjaja 2. Company Listing 9,842,060,870 06-Jun-08 01-Feb-09
5. Susiyati Bambang Hirawan *) 3. Right Issue I 6,561,373,722 21-Dec-10 21-Dec-10
6. Teddy Pawitra *) 4. Add. Listing without Right Issue 874,849,800 16-May-14 16-May-14
7. Teky Mailoa
8. Welly Setiawan Prawoko
BOARD OF DIRECTORS
1. Franciscus Xaverius Ridwan Darmali
2. Hermawan Wijaya
3. Hongky Jeffry Nantung
4. Liauw Herry Hendarta
5. Lie Jani Harjanto
6. Michael J.P. Widjaja
7. Monik William
8. Petrus Kusuma
9. Syukur Lawigena
AUDIT COMMITTEE
1. Susiyati Bambang Hirawan
2. Edwin Hidayat
3. Herawan Hadidjaja
CORPORATE SECRETARY
Hermawan Wijaya
HEAD OFFICE
Sinar Mas Land Plaza
Grand Boulevard, BSD Green Office Park
Tangerang - 15345
Phone : (021) 503-68368
Fax : (021) 537-3008
Homepage : www.bsdcity.com
Email : hermawan.wijaya@sinarmasland.com

TRADING ACTIVITIES
Bumi Serpong Damai Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
2,400 560 Jan-11 940 700 720 15,703 509,989 405,075 21
Feb-11 750 630 670 10,313 326,149 219,786 18
2,100 490 Mar-11 840 670 840 10,660 348,553 263,526 23
Apr-11 960 810 920 8,170 278,955 247,648 20
May-11 940 860 910 8,076 268,681 243,513 21
1,800 420
Jun-11 920 810 900 5,026 171,264 149,631 20
Jul-11 1,060 850 1,020 9,762 517,923 497,968 21
1,500 350
Aug-11 1,080 810 1,040 11,015 391,705 385,835 19
Sep-11 1,050 730 870 12,876 384,121 340,537 20
1,200 280
Oct-11 950 760 920 12,037 339,536 301,160 21
Nov-11 980 820 850 9,220 290,994 261,508 22
900 210 Dec-11 1,010 840 980 9,577 449,764 424,577 21
600 140 Jan-12 1,070 940 1,050 7,492 502,946 511,007 21

Feb-12 1,250 1,060 1,150 11,872 802,356 934,604 21
300 70 Mar-12 1,330 1,120 1,290 13,823 513,779 633,843 21
Apr-12 1,470 1,290 1,430 29,809 1,020,344 1,421,238 20
May-12 1,490 1,160 1,200 27,368 1,081,486 1,423,915 21
Jun-12 1,290 1,080 1,180 16,140 566,611 678,381 21
Jul-12 1,250 1,070 1,150 28,070 1,147,808 1,338,777 22
Aug-12 1,160 930 1,000 17,225 653,709 691,237 19
Sep-12 1,130 930 1,130 21,262 699,555 727,882 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-12 1,310 1,020 1,240 25,587 1,192,184 1,397,115 22
180%
175.4%
Jan-13 1,450 1,090 1,400 26,871 1,122,431 1,405,038 21
150% Feb-13 1,600 1,320 1,600 18,943 766,112 1,103,713 20
Mar-13 1,790 1,530 1,750 23,894 948,716 1,580,124 19
129.5% Apr-13 1,760 1,590 1,730 26,272 941,130 1,588,336 22
120% May-13 2,200 1,730 2,200 59,301 1,979,407 3,721,967 22
Jun-13 2,125 1,660 1,800 64,726 1,530,160 2,863,844 19
90% Jul-13 1,850 1,370 1,580 50,647 1,333,112 2,061,537 23
Aug-13 1,670 1,180 1,310 29,602 615,728 878,562 17
Sep-13 1,850 1,200 1,440 36,856 637,213 913,406 21
60%
Oct-13 1,650 1,390 1,570 27,378 544,059 848,331 21
41.9% Nov-13 1,580 1,330 1,350 19,446 284,234 407,498 20
30% Dec-13 1,480 1,220 1,290 19,589 325,381 444,297 19
Jan-14 1,600 1,200 1,440 37,323 489,096 698,307 20

-
Feb-14 1,600 1,405 1,535 33,288 536,893 824,896 20
Mar-14 1,750 1,490 1,635 49,830 1,086,155 1,786,918 20
-30% Apr-14 1,705 1,455 1,560 41,654 642,305 1,023,903 20
Jun-14 1,610 1,425 1,485 29,429 250,899 386,497 21
Jul-14 1,685 1,470 1,585 41,820 581,695 937,267 18
Volume (Million Sh.) 4,278 9,294 11,028 6,167 1,381 Sep-14 1,660 1,510 1,545 38,489 410,647 651,533 22
Days 247 246 244 242 21 Dec-14 1,895 1,620 1,805 38,562 571,770 1,026,692 20
Price (Rupiah) Jan-15 2,185 1,790 2,020 54,447 1,380,570 2,725,175 21

High 1,080 1,490 2,200 1,895 2,185
Low 630 930 1,090 1,200 1,790
Close 980 1,110 1,290 1,805 2,020
Close* 980 1,110 1,290 1,805 2,020
PER (X) 16.94 13.12 8.39 7.76 8.68

PER Industry (X) 11.09 17.34 9.57 16.29 17.39
PBV (X) 2.08 1.84 1.68 1.89 2.11

Public Accountant : Mulyamin Sensi Suryanto & Lianny (Member of Moore Stephens International Ltd.)
Receivables 86,978 83,188 110,327 293,671

2,883,392 3,012,273 3,374,802 3,796,776 4,852,849 22,000
Inventories
Investment 663,567 636,702 769,378 1,652,477 706,658
16,500
Fixed Assets 51,304 486,920 415,371 437,868 551,607
Other Assets 4,238 5,849 415 415 415
11,000
Total Assets 11,694,748 12,787,377 16,756,718 22,572,159 27,286,573
Growth (%) 9.34% 31.04% 34.71% 20.89% 5,500
Bank Payable 143,500 97,000 91,000 1,362,669 1,569,020 -

Growth (%) 5.86% 37.41% 47.10% 5.98%
Paid up Capital 1,749,700 1,749,700 1,749,700 1,749,700 1,837,185
Par Value 100 100 100 100 100
13,995
1,088,782 1,828,867 2,939,944 5,368,885 8,300,134 10,532

Retained Earnings
8,257
10,409
Total Equity 7,415,269 8,257,225 10,531,704 13,415,298 17,582,090 7,415

Growth (%) 11.35% 27.55% 27.38% 31.06% 6,822
Total Revenues 2,477,203 2,806,339 3,727,812 5,741,264 3,906,241

Growth (%) 13.29% 32.84% 54.01%
-352
2010 2011 2012 2013 Sep-14
Cost of Revenues 949,379 1,021,278 1,346,826 1,575,447 948,735

Gross Profit 1,527,824 1,785,061 2,380,986 4,165,817 2,957,505
Operating Expenses 657,349 824,506 949,431 1,256,190 1,070,435
Growth (%) 10.35% 49.03% 103.25%

5,741
3,906
4,570
Other Income (Expenses) -11,950 155,769 221,921 322,189 54,727 3,728
Income before Tax 893,706 1,170,231 1,696,564 3,278,954 3,552,456 3,399
2,806
2,477
Tax 142,407 158,197 217,705 373,306 224,957
2,228
Growth (%) 94.73% 46.13% 96.48%

1,056
Period Attributable 394,403 840,780 1,286,047 2,691,396 3,206,827 -115
Comprehensive Attributable 394,494 840,949 1,287,149 2,695,880 3,203,745
Dividend (Rp) 6.00 - 15.00 15.00 -
3,327
EPS (Rp) 22.54 48.05 73.50 153.82 174.55
2,906
3,327
BV (Rp) 423.80 471.92 601.91 766.72 957.01

DAR (X) 0.37 0.35 0.37 0.41 0.36 2,649
DER(X) 0.58 0.55 0.59 0.68 0.55

4.44 7.91 8.83 12.87 12.19
1,970
ROA (%) 1,479

ROE (%) 7.01 12.26 14.04 21.66 18.93 1,291
1,012
GPM (%) 61.68 63.61 63.87 72.56 75.71
520
OPM (%) 35.14 34.23 38.40 50.68 48.31 612
NPM (%) 20.98 36.06 39.67 50.61 85.18

Payout Ratio (%) 26.62 - 20.41 9.75 -
-67
2010 2011 2012 2013 Sep-14

Yield (%) 0.67 - 1.35 1.16 -

COMPANY REPORT
CPIN
CHAROEN POKPHAND INDONESIA TBK.
Company Profile
PT Charoen Pokphand Indonesia Tbk. was established dated January 7th, 1972. The
Company started its commercial operations in 1972.

The Company is engaged in poultry feed, breeding and cultivation of broiler together with
its processing, processed food, preservation of chicken and beef including cold storage
units, selling poultry feed, chicken and beef, materials from animal sources within the
territory of Republic of Indonesia.

The Company’s branches are located in Sidoardjo, Medan, Tangerang, Cirebon, Balaraja,
Serang, Lampung, Denpasar, Surabaya, Semarang, Makasar, and Salatiga.

The Company has direct and indirect ownership in subsidiaries:
 PT Charoen Pokphand Jaya Farm,
 PT Primafood International,
 PT Vista Grain,
 PT Poly Packaging Industry,
 PT Feprotama Pertiwi,
 PT Agrico International,
 PT Sarana Proteindo Utama
 PT Singa Mas International
 PT Prima Ritel Indonesia
 PT Prima Persada Propertindo.

The Company and Subsidiaries had 4,618 employees as of September 30th, 2014.
February 2015
Disclaimer:

CPIN Charoen Pokphand Indonesia Tbk. [S]
Industry Sector : Basic Industry And Chemicals (3) Listed Shares : 16,398,000,000
Industry Sub Sector : Animal Feed (36) Market Capitalization : 64,854,090,000,000
17 | 64.9T | 1.23% | 55.35%
41 | 10.2T | 0.70% | 68.75%

Established Date : 07-Jan-1972 1. PT Central Agromina 9,106,385,410 : 55.53%
Listing Date : 18-Mar-1991 2. Public (<5%) 7,291,614,590 : 44.47%
Under Writer IPO :
PT Danareksa DIVIDEND ANNOUNCEMENT
PT Makindo Bonus Cash Recording Payment
F/I
PT Asean Development Securities Year Shares Dividend Cum Date Ex Date Date Date
PT Surya Securities 1990 50.00 25-Jul-91 26-Jul-91 02-Aug-91 21-Aug-91 F
Securities Administration Bureau : 1991 175.00 03-Jun-92 04-Jun-92 15-Jun-92 22-Jun-92 F
PT Adimitra Transferindo 1992 200.00 30-Oct-92 02-Nov-92 09-Nov-92 17-Nov-92 I
Plaza Property 2nd Fl. Komp. Pertokoan Pulomas Blok VIII No. 1 1992 315.00 15-Jun-93 16-Jun-93 24-Jun-93 23-Jul-93 F
Jln. Perintis Kemerdekaan Jakarta 13210 1993 200.00 02-Dec-93 03-Dec-93 10-Dec-93 20-Dec-93 I
Phone : (021) 478-81515 (Hunting) 1993 73.00 22-Jul-94 25-Jul-94 01-Aug-94 01-Sep-94 I
Fax : (021) 470-9697 1993 73.00 22-Jul-94 25-Jul-94 01-Aug-94 01-Sep-94 F
1994 155.00 13-Jul-95 14-Jul-95 24-Jul-95 10-Aug-95 F
BOARD OF COMMISSIONERS 1995 230.00 21-Sep-95 22-Sep-95 02-Oct-95 09-Oct-95 I
1. Hadi Gunawan Tjoe 1997 4:1 06-Jun-97 09-Jun-97 17-Jun-97 01-Jul-97 B
2. Herman Sugianto *) 1996 20.00 27-Aug-97 28-Aug-97 05-Sep-97 01-Oct-97 F
3. Jiacipto Jiaravanon 1999 50.00 11-Sep-00 12-Sep-00 19-Sep-00 05-Oct-00 F
4. Jialipto Jiaravanon 2001 10.00 02-Aug-02 05-Aug-02 08-Aug-02 15-Aug-02 F
5. Suparman Satrodimedjo *) 2002 15.00 23-Sep-03 24-Sep-03 26-Sep-03 10-Oct-03 F
6. Tjiu Thomas Effendy 2006 38.00 30-Jul-07 31-Jul-07 02-Aug-07 16-Aug-07 F
*) Independent Commissioners 2009 196.00 22-Jun-10 23-Jun-10 25-Jun-10 09-Jun-10 F
2010 39.80 16-Jun-11 17-Jun-11 21-Jun-11 05-Jul-11 F
BOARD OF DIRECTORS 2011 42.00 07-Jun-12 08-Jun-12 12-Jun-12 26-Jun-12 F
1. Rusmin Riyadi 2012 46.00 28-Jun-13 01-Jul-13 03-Jul-13 17-Jul-13 F
2. Eddy Dharmawan Mansjoer 2013 46.00 30-Jun-14 01-Jul-14 03-Jul-14 18-Jul-14 F
3. Ferdiansyah Gunawan Tjoe
4. Jemmy ISSUED HISTORY
5. Ong Mei Sian Listing Trading
6. Peraphon Prayooravong No. Type of Listing Shares Date Date
7. Vinai Rakphongphairoj 1. First Issue 2,500,000 18-Mar-91 18-Mar-91
2. Partial Listing 5,000,000 18-Mar-91 18-Jun-91
AUDIT COMMITTEE 3. Company Listing 45,000,000 11-Nov-91 18-Nov-91
1. Herman Sugianto 4. Convertible Bonds 839,738 20-Oct-94 20-Oct-94
2. Petrus Julius 5. Convertible Bonds 2,967,029 01-Dec-94 01-Dec-94
3. Rudy Dharma Kusuma 6. Right Issue 56,306,767 07-Feb-95 07-Feb-95
4. Suparman Sastrodimedjo 7. Stock Split 112,613,534 26-May-97 26-May-97
5. Yustinus Eddy Tiono 8. Bonus Shares 56,306,767 02-Jul-97 02-Jul-97
9. Stock Split 1,126,135,340 15-Jan-01 15-Jan-01
CORPORATE SECRETARY 10. Right Issue 234,611,529 01-Aug-07 01-Aug-07
Hadijanto Kartika 11. Stock Split 1,642,280,704 01-Nov-07 01-Nov-07
12. Stock Split 13,138,245,632 08-Dec-10 08-Dec-10
HEAD OFFICE 13. Buy back -24,807,040 03-Jan-12 03-Jan-12
Jln. Ancol VIII/1
Jakarta 14430
Phone : (021) 692-7068

Fax : (62-021) 690-7324
Homepage : www.cp.co.id
Email : hadijanto@cp.co.id

TRADING ACTIVITIES
Charoen Pokphand Indonesia Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
5,600 640 Jan-11 1,900 1,380 1,490 38,004 518,564 857,993 21
Feb-11 1,730 1,460 1,520 28,352 388,787 613,020 18
4,900 560 Mar-11 2,025 1,480 2,025 47,145 820,665 1,411,264 23
Apr-11 2,050 1,910 1,930 24,105 298,075 583,449 20
May-11 1,960 1,830 1,930 26,170 306,123 580,528 21
4,200 480
Jun-11 2,025 1,830 1,990 19,160 341,579 660,625 20
Jul-11 2,875 1,990 2,725 27,950 434,797 1,026,968 21
3,500 400
Aug-11 2,925 2,225 2,750 56,102 751,536 1,976,446 19
Sep-11 2,975 1,910 2,400 50,440 668,175 1,670,181 20
2,800 320
Oct-11 2,850 2,125 2,675 34,599 367,795 913,970 21
Nov-11 2,725 2,175 2,300 27,967 284,756 706,453 22
2,100 240 Dec-11 2,450 2,050 2,150 28,085 304,442 689,839 21
1,400 160 Jan-12 2,550 2,100 2,500 28,901 362,122 843,531 21

Feb-12 2,875 2,425 2,675 22,290 354,584 947,040 21
700 80 Mar-12 2,775 2,525 2,750 16,781 233,594 623,275 21
Apr-12 2,825 2,625 2,750 14,447 163,751 443,008 20
May-12 2,800 2,550 2,625 16,503 200,774 536,404 21
Jun-12 3,425 2,325 3,425 21,919 274,107 792,772 21
Jul-12 3,425 2,925 3,200 23,542 261,769 823,958 22
Aug-12 3,200 2,600 2,700 23,263 254,560 729,813 19
Sep-12 3,025 2,650 3,025 19,062 243,921 697,362 20
Basic Industry and Chemicals Index Nov-12 3,475 3,000 3,425 17,577 190,871 612,019 20
210%
Jan-13 4,025 3,400 3,875 22,837 172,807 627,478 21
180% Feb-13 4,675 3,750 4,400 25,887 190,399 791,775 20
Mar-13 5,250 4,325 5,050 34,984 357,500 1,704,379 19
150% Apr-13 5,100 4,600 5,050 26,573 221,332 1,063,057 22
May-13 5,550 4,750 4,950 29,496 191,522 967,147 22
120% 120.9% Jun-13 5,150 4,275 5,150 45,241 269,464 1,289,057 19
Jul-13 5,150 4,125 4,300 44,340 242,064 1,093,933 23
Aug-13 4,375 2,550 3,375 35,992 253,915 878,789 17
90%
Sep-13 4,600 2,575 3,400 49,512 439,354 1,528,570 21
Oct-13 4,175 3,450 3,900 26,508 178,401 684,777 21
60%
Nov-13 4,000 3,400 3,400 25,525 174,913 655,437 20
41.9% Dec-13 3,575 3,100 3,375 22,346 140,288 469,316 19
30% 33.2%
Jan-14 4,225 3,260 4,135 52,996 197,493 749,683 20

- Feb-14 4,245 3,840 4,235 39,926 164,966 664,928 20
Mar-14 4,500 3,950 3,995 52,039 218,463 911,471 20
-30% Apr-14 4,280 3,770 3,770 55,123 207,713 833,655 20
Jun-14 3,940 3,700 3,770 37,159 94,959 363,997 21
Jul-14 4,070 3,750 3,950 38,918 702,054 2,740,259 18
Days 247 246 244 242 21 Dec-14 4,230 3,700 3,780 47,461 159,444 621,438 20
Price (Rupiah) Jan-15 4,025 3,725 3,955 47,230 169,097 657,060 21

High 2,975 3,650 5,550 4,500 4,025
Low 1,380 2,100 2,550 3,260 3,725
Close 2,150 3,650 3,375 3,780 3,955
Close* 2,150 3,650 3,375 3,780 3,955
PER (X) 14.95 22.33 21.87 27.14 28.40

PER Industry (X) 10.41 9.79 6.83 16.60 16.29
PBV (X) 5.70 7.32 5.56 5.68 5.94

Cash & Cash Equivalents 1,316,840 876,198 954,694 1,146,852 766,268 20,000
Receivables 946,603 1,381,707 1,846,576 2,531,089 3,269,351

1,554,780 2,339,543 3,366,317 4,044,737 4,385,153 16,000
Inventories
Current Assets 4,274,636 5,250,245 7,180,890 8,824,900 9,789,680
12,000
Fixed Assets 1,931,069 3,198,604 4,593,000 6,389,545 8,372,371
Other Assets 46,685 51,645 46,105 49,920 67,834
8,000
Total Assets 6,518,276 8,848,204 12,348,627 15,722,197 19,224,022
Growth (%) 35.74% 39.56% 27.32% 22.27% 4,000

Growth (%) 30.57% 56.92% 38.33% 44.07%
Paid up Capital 16,398 163,980 163,980 163,980 163,980 9,951
8,176
Par Value 10 10 10 10 10
8,684

6,458
Total Equity 4,482,036 6,189,470 8,176,464 9,950,900 10,909,367

4,482
Growth (%) 38.10% 32.10% 21.70% 9.63% 4,233
Total Revenues 15,077,822 17,957,972 21,310,925 25,662,992 21,783,415

Growth (%) 19.10% 18.67% 20.42%
-218
2010 2011 2012 2013 Sep-14
Cost of Revenues 11,323,708 14,033,726 16,819,413 20,513,184 18,394,227

Gross Profit 3,754,114 3,924,246 4,491,512 5,149,808 3,389,188
Expenses (Income) 916,695 915,033 1,032,832 1,571,511 1,086,340
Growth (%) 6.05% 14.94% 8.66%

25,663
21,311 21,783
20,428
17,958
15,078
Tax 598,366 612,083 695,627 922,643 392,129

9,957
Growth (%) 6.43% 13.48% -5.68%

4,722
Comprehensive Income 2,219,861 2,362,497 2,680,872 2,528,690 1,712,829 2010 2011 2012 2013 Sep-14
Current Ratio (%) 292.51 333.23 331.28 379.23 289.18
2,681
Dividend (Rp) 39.80 42.00 46.00 46.00 - 2,529
2,362
2,681
EPS (Rp) 1,347.89 143.64 163.68 154.34 104.44 2,220
BV (Rp) 2,733.28 377.45 498.63 606.84 665.29 2,134
1,713
DAR (X) 0.31 0.30 0.34 0.37 0.43
0.45 0.43 0.51 0.58 0.76
1,587
DER(X)
ROA (%) 34.06 26.70 21.71 16.08 8.91 1,040
ROE (%) 49.53 38.17 32.79 25.41 15.70

GPM (%) 24.90 21.85 21.08 20.07 15.56 493
OPM (%) 18.82 16.76 16.23 14.64 10.57

NPM (%) 14.72 13.16 12.58 9.85 7.86
-54
2010 2011 2012 2013 Sep-14

Payout Ratio (%) 2.95 29.24 28.10 29.80 -
Yield (%) 2.16 1.95 1.26 1.36 -

C
COOM
MPPA
ANNY
Y R
REEP
POOR
RTT
CTRA
CIPUTRA DEVELOPMENT TBK.
Company Profile
PT Ciputra Development Tbk. is one of Indonesia leading property companies. Established
on October 22nd, 1981, the development of large scale residential and commercial properties
is the expertise and core business of Ciputra Development.

The Company’s head office is located at Jln. Prof. DR. Satrio Kav. 6, South Jakarta. The
Company started commercial operations in 1984. PT Sang Pelopor is the ultimate parent
company of the Company and Subsidiaries.

The Company’s business scope consists of the development and sale of real estate,
apartments, office spaces, shopping centers, recreational places and their facilities and
provision of services related to the design, development and maintenance of housing
facilities, including but not limited to golf courses, family clubs, restaurants and other
recreation centers and their facilities.

The Company has direct and indirect subsidiaries:
 PT Ciputra Property Tbk.,
 PT Ciputra Surya Tbk.,
 PT Ciputra Residence,
 PT Ciputra Graha Mitra,
 PT Ciputra Indah,
 PT Ciputra Raya Sejahtera,
 PT Citra Tumbuh Bahagia,
 PT Penta Oktoeneatama,
 PT Citraland Graha Realty, and
 Long Field Enterprises Limited.

As of September 30th, 2014, the Company and subsidiaries had 2,566 employees.

February 2015
Disclaimer:

CTRA Ciputra Development Tbk. [S]
44 | 21.8T | 0.41% | 72.18%
60 | 6.84T | 0.47% | 79.86%

Established Date : 22-Oct-1981 1. PT Sang Pelopor 4,644,750,000 : 30.63%
Listing Date : 28-Mar-1994 2. Credit Suisse AG Singapore Trust A/C Clients - 2023 1,168,660,076 : 7.71%
PT Bapindo Bumi Securities
PT Baring Securities DIVIDEND ANNOUNCEMENT
PT Danareksa Sekuritas Bonus Cash Recording Payment
F/I
PT Indovest Securities Year Shares Dividend Cum Date Ex Date Date Date
PT Inter-Pacific Securities 1994 89.00 19-Jul-95 20-Jul-95 28-Jul-95 25-Aug-95 F
Securities Administration Bureau : 1995 80.00 17-Jul-96 18-Jul-96 26-Jul-96 23-Aug-96 F
PT EDI Indonesia 1996 41.00 07-Jul-97 08-Jul-97 16-Jul-97 14-Aug-97 F
Wisma SMR 10th Fl. 2000 20 : 23 14-Nov-00 15-Nov-00 20-Nov-00 04-Dec-00 B
Jln. Yos Sudarso Kav. 89 Jakarta 14350 2010 6.00 25-Jul-11 26-Jul-11 28-Jul-11 11-Aug-11 F
Phone : (021) 650-5829, 652-1010 2011 7.00 24-Jul-12 25-Jul-12 27-Jul-12 10-Aug-12 F
Fax : (021) 650-5987 2012 12.00 05-Jul-13 08-Jul-13 10-Jul-13 24-Jul-13 F
2013 19.00 03-Jul-14 04-Jul-14 08-Jul-14 22-Jul-14 F
BOARD OF COMMISSIONERS
1. Ciputra ISSUED HISTORY
2. Cosmas Batubara *) Listing Trading
3. Dian Sumeler No. Type of Listing Shares Date Date
4. Widigdo Sukarman *) 1. First Issue 50,000,000 28-Mar-94 28-Mar-94
*) Independent Commissioners 2. Company Listing 200,000,000 T: 28-Mar-94 : 18-Oct-94
3. Stock Split 250,000,000 05-Aug-96 05-Aug-96
BOARD OF DIRECTORS 4. Right Issue 2,699,860,570 T: 08-Oct-96 : 27-Dec-06
1. Candra Ciputra 5. Bonus Shares 862,500,000 04-Dec-00 04-Dec-00
2. Budiarsa Sastrawinata 6. Additional Listing without RI 2,307,276,912 03-Apr-06 03-Apr-06
3. Cakra Ciputra 7. Warrant I 1,213,270,515 T: 06-Jun-07 : 03-Dec-09
4. Harun Hajadi 8. Stock Splits 7,582,907,997 15-Jun-10 15-Jun-10
5. Junita Ciputra
6. Rina Ciputra Sastrawinata
7. Tanan Herwandi Antonius
8. Tulus Santoso Brotosiswojo
AUDIT COMMITTEE
1. Widigdo Sukarman
2. Henk Wangitan
3. Melina Indrawati Sutandi
CORPORATE SECRETARY
Tulus Santoso Brotosiswojo
HEAD OFFICE
Ciputra World 1 DBS Bank Tower 39th Floor
Jln. Prof. DR. Satrio Kav. 3-5
Jakarta - 12940
Phone : (021) 2988-5858, 2988-6868, 2988-7878
Fax : (021) 2988-5858
Homepage : www.ciputradevelopment.com
Email : investor@ciputra.com
tulus@ciputra.com
lina@ciputra.com

TRADING ACTIVITIES
Ciputra Development Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
1,600 800 Jan-11 365 300 305 6,463 303,391 100,459 21
Feb-11 320 290 310 3,720 166,002 50,088 18
1,400 700 Mar-11 380 300 370 6,633 310,564 105,731 23
Apr-11 400 360 390 4,834 218,733 83,783 20
May-11 435 365 415 6,726 305,850 125,770 21
1,200 600
Jun-11 460 410 430 5,450 231,730 99,127 20
Jul-11 550 425 550 6,398 513,521 249,550 21
1,000 500
Aug-11 600 480 500 6,649 351,157 188,620 19
Sep-11 580 400 510 7,958 236,714 120,070 20
800 400
Oct-11 540 445 490 4,924 200,292 101,183 21
Nov-11 540 470 490 3,200 155,959 78,501 22
600 300 Dec-11 640 500 540 5,428 238,772 132,399 21
400 200 Jan-12 600 530 570 5,925 264,125 150,837 21

Feb-12 700 570 640 7,287 474,041 296,748 21
200 100 Mar-12 770 640 720 8,899 382,839 273,310 21
Apr-12 850 710 760 10,499 440,573 336,521 20
May-12 810 630 700 14,935 1,400,750 1,027,293 21
Jun-12 740 610 650 7,156 391,259 264,438 21
Jul-12 720 640 650 6,071 256,710 173,555 22
Aug-12 650 600 620 6,246 381,264 236,340 19
Sep-12 720 620 710 7,414 267,635 180,482 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-12 730 660 680 8,059 435,341 303,526 22
Property, Real Estate and Bulding Construction Index Nov-12 790 660 780 5,701 297,135 217,910 20
January 2011 - January 2015 Dec-12 850 740 800 7,681 352,705 281,639 18
385%
Jan-13 950 780 920 12,617 492,647 412,442 21
330% Feb-13 1,140 860 1,110 13,284 441,451 428,604 20
311.4% Mar-13 1,160 1,020 1,080 14,637 631,303 690,134 19
275% Apr-13 1,410 1,040 1,380 15,774 668,842 764,483 22
May-13 1,660 1,290 1,540 20,043 459,060 668,141 22
220% Jun-13 1,550 1,050 1,350 31,006 761,959 999,370 19
Jul-13 1,360 960 1,150 27,780 721,829 829,980 23
175.4% Aug-13 1,240 690 810 22,460 762,534 729,287 17
165%
Sep-13 1,140 780 980 22,998 601,732 589,377 21
Oct-13 1,110 840 1,030 28,391 744,894 709,533 21
110%
Nov-13 1,060 700 730 24,531 793,303 643,125 20
Dec-13 840 700 750 18,761 622,891 467,990 19
55%
41.9%
Jan-14 890 750 855 26,138 668,360 553,096 20
- Feb-14 1,075 825 975 32,859 757,992 725,870 20
Mar-14 1,215 950 1,160 31,909 677,349 741,908 20
-55% Apr-14 1,245 975 1,015 35,036 643,602 693,465 20
Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 May-14 1,165 975 1,055 25,946 539,769 582,155 18
Jun-14 1,115 915 925 20,398 361,390 369,902 21
Jul-14 1,285 925 1,155 31,650 724,249 831,982 18
Volume (Million Sh.) 3,233 5,344 7,702 6,412 400 Sep-14 1,215 990 1,015 30,700 557,735 609,379 22
Value (Billion Rp) 1,435 3,743 7,932 6,845 567 Oct-14 1,145 940 1,145 30,348 469,685 482,997 23
Days 247 246 244 242 21 Dec-14 1,370 1,150 1,250 23,067 480,618 607,496 20
Price (Rupiah) Jan-15 1,540 1,265 1,440 23,557 400,391 567,209 21

High 640 850 1,660 1,370 1,540
Low 290 530 690 750 1,265
Close 540 800 750 1,250 1,440
Close* 540 800 750 1,250 1,440
PER (X) 16.58 14.28 11.65 16.12 18.57

PER Industry (X) 11.09 17.34 9.57 16.29 17.39
PBV (X) 1.07 1.43 1.16 1.78 2.05

Receivables 312,316 324,816 580,855 779,270 893,408

2,154,509 2,675,218 3,310,134 4,891,787 5,764,895 18,000
Inventories
Investment 136,304 1,233,460 360,672 255,963 298,027
13,500
Fixed Assets 2,012,890 2,383,992 1,240,096 1,779,149 1,975,548
Other Assets 276,140 442,465 - 894,675 942,894
9,000
Total Assets 9,378,342 11,524,867 15,023,392 20,114,871 22,268,150
Growth (%) 22.89% 30.36% 33.89% 10.70% 4,500
Bank Payable 282,159 801,939 1,470,810 2,728,066 3,334,577 -

Growth (%) 82.36% 68.74% 58.18% 12.16%
Paid up Capital 3,791,454 3,791,454 3,791,454 3,791,454 3,791,454 10,660
9,766
7,647
Par Value 250 250 250 250 250 7,252
8,486
Retained Earnings 207,726 441,555 924,494 1,714,219 2,308,318

6,311
Total Equity 7,252,144 7,647,434 8,480,745 9,765,513 10,660,191

Growth (%) 5.45% 10.90% 15.15% 9.16% 4,136
Total Revenues 1,692,687 2,178,331 3,322,669 5,077,062 4,226,921

Growth (%) 28.69% 52.53% 52.80%
-213
2010 2011 2012 2013 Sep-14
Cost of Revenues 957,985 1,135,339 1,656,106 2,530,589 2,034,635

Gross Profit 734,702 1,042,992 1,666,563 2,546,473 2,192,286
Operating Profit 374,920 539,459 980,373 1,651,527 1,463,727 5,077
Growth (%) 43.89% 81.73% 68.46%

5,077
4,227
4,041
Other Income (Expenses) 104,819 79,319 49,038 57,964 -51,964 3,323
93,022 124,766 180,028 296,103 225,277 2,178

Tax
1,693
Profit for the period 389,251 494,011 849,383 1,413,388 1,186,485
1,970
Growth (%) 26.91% 71.94% 66.40%

934
Comprehensive Income 389,252 494,011 849,383 1,413,388 1,186,485 2010 2011 2012 2013 Sep-14
Dividend (Rp) 6.00 7.00 12.00 19.00 -
1,413
EPS (Rp) 17.01 21.42 38.84 64.40 58.17 1,413
478.19 504.25 559.20 643.92 702.91 1,186

BV (Rp)
DAR (X) 0.23 0.34 0.44 0.51 0.52 1,125
0.29 0.51 0.77 1.06 1.09 849

DER(X)
4.15 4.29 5.65 7.03 5.33
837
ROA (%)
ROE (%) 5.37 6.46 10.02 14.47 11.13 494
389
548
GPM (%) 43.40 47.88 50.16 50.16 51.86

OPM (%) 22.15 24.76 29.51 32.53 34.63 260
NPM (%) 23.00 22.68 25.56 27.84 28.07

Payout Ratio (%) 35.27 32.68 30.89 29.50 -
-28
2010 2011 2012 2013 Sep-14

Yield (%) 1.71 1.30 1.50 2.53 -

CC O
OMM PP A
ANN YY RR EE PP O
O RR TT
EXCL
XL AXIATA TBK.
Company Profile
PT XL Axiata Tbk. which previously known as PT Excelcomindo Pratama Tbk., was initially
established under the name PT Grahametropolitan Lestari, was established on October 6th,
1989.
The Company’s majority shareholder, Axiata Investments (Indonesia) Sdn. Bhd. is a wholly
owned subsidiary of Axiata Investments (Labuan) Limited. Axiata Investments (Labuan)
Limited is a subsidiary of Axiata Group Berhad.
The Company’s purpose is to provide telecommunications services and/or

telecommunications networks and/or multimedia services. The Company commenced its
commercial operations in 1996.
The Company has the subsidiaries which were established for issuance of bonds and loans:
• GSM One (L) Ltd. Malaysia,
• GSM Two (L) Ltd. Malaysia.
On 26 September 2013, the Company signed a Conditional Sale Purchase Agreement of PT

AXIS Telekom Indonesia (AXIS) with Saudi Telecom Company (STC) and Teleglobal
Investment B.V. (Teleglobal). Under the agreement, Teleglobal shall sell and the Company
shall purchase Teleglobal’s share ownership in AXIS under certain conditions.
Extraordinary General Meeting of Shareholders of the Company on 5 February 2014

approved the acquisition and merger plan of the Company and AXIS. On 19 March 2014 the
sale and purchase transaction has become effective. The Company accounts for the
acquisition of AXIS by applying the acquisition method. Subsequently, the Company and
AXIS merged effective as at 8 April 2014. At the effective date of merger, all asset and
liabilities of AXIS were transferred to the Company and according to law, the legal entity of
AXIS was dissolved.
February 2015
Disclaimer:

EXCL XL Axiata Tbk. [S]
Industry Sector : Infrastructure, Utilities And Transportation (7) Listed Shares : 8,534,490,667
Industry Sub Sector : Telecommunication (73) Market Capitalization : 40,965,555,201,600
24 | 41.0T | 0.77% | 61.52%
46 | 9.61T | 0.66% | 72.17%

Established Date : 06-Oct-1989 1. Axiata Investments (Indonesia) Sdn. Bhd. 5,674,125,290 : 66.49%
Listing Date : 29-Sep-2005 2. Public (<5%) 2,860,365,377 : 33.51%
Under Writer IPO :
PT CIMB Niaga Securities DIVIDEND ANNOUNCEMENT
PT GK Goh Indonesia Bonus Cash Recording Payment
F/I
PT Datindo Entrycom 2006 7.00 22-May-07 23-May-07 25-May-07 11-Jun-07 I
Puri Datindo - Wisma Sudirman 2007 20.00 28-Apr-08 29-Apr-08 02-May-08 16-May-08 F
Phone : (021) 570-9009 2011 129.88 20-Apr-12 23-Apr-12 25-Apr-12 09-May-12 F
Fax : (021) 570-9026 2012 135.00 02-May-13 03-May-13 07-May-13 22-May-13 F
2013 64.00 13-May-14 14-May-14 19-May-14 04-Jun-14 F
1. Tan Sri Dato' Ir. Muhammad Radzi bin Haji Mansor ISSUED HISTORY
2. Azran Osman Rani Listing Trading
3. Chari TVT No. Type of Listing Shares Date Date
4. Peter J. Chambers *) 1. First Issue 1,427,500,000 29-Sep-05 29-Sep-05
5. Yasmin Stamboel Wirjawan *) 2. Company Listing 5,662,500,000 29-Sep-05 29-Sep-05
6. Dato' Sri Jamaludin bin Ibrahim 3. Right Issue 1,418,000,000 16-Dec-09 16-Dec-09
*) Independent Commissioners 4. Additional Listing without RI 10,566,332 26-Apr-11 26-Apr-11
5. Long Term Incentive Program 7,710,279 16-Apr-12 16-Apr-12
6. Long Term Incentive Program 8,214,056 12-Apr-13 12-Apr-13
BOARD OF DIRECTORS
1. Hasnul Suhaimi
2. Dian Siswarini
3. Mohamed Adlan bin Ahmad Tajudin
4. Williem Lucas Timmermans
5. Ongki Kurniawan
AUDIT COMMITTEE
1. Peter J. Chambers
2. Haryanto Thamrin
3. Paul Capelle
4. Yasmin Stamboel Wirjawan
CORPORATE SECRETARY
Murni Nurdini
HEAD OFFICE
Grha XL
Jln. DR. Ide Anak Agung Gde Agung Lot. E4 - 7 No. 1
Kawasan Mega Kuningan, Jakarta Selatan - 12950
Phone : (021) 576-1881
Fax : (021) 576-1880
Homepage : www.xl.co.id
Email : murni@xl.co.id

TRADING ACTIVITIES
XL Axiata Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
7,400 800 Jan-11 5,950 4,975 5,250 4,925 56,510 311,674 21
Feb-11 5,800 4,975 5,700 4,978 130,463 685,980 18
6,475 700 Mar-11 5,900 5,250 5,450 4,143 116,397 655,579 23
Apr-11 7,100 5,500 6,800 8,002 82,986 505,343 20
May-11 7,000 6,050 6,150 17,490 292,579 1,875,647 21
5,550 600
Jun-11 6,300 5,700 6,150 14,706 180,249 1,088,323 20
Jul-11 6,350 5,700 5,750 10,177 108,508 657,815 21
4,625 500
Aug-11 5,800 4,600 5,050 16,016 97,839 512,779 19
Sep-11 5,650 3,675 4,975 14,667 87,788 444,954 20
3,700 400
Oct-11 5,700 4,425 5,000 12,608 79,468 395,922 21
Nov-11 5,550 4,500 4,650 10,207 83,184 405,435 22
2,775 300 Dec-11 4,750 4,150 4,525 11,596 150,947 669,847 21
1,850 200 Jan-12 5,250 4,450 4,475 10,324 149,594 718,423 21

Feb-12 4,950 4,475 4,725 10,385 145,053 683,660 21
925 100 Mar-12 5,200 4,400 5,050 14,166 92,236 430,517 21
Apr-12 5,650 4,850 5,400 8,260 96,402 501,677 20
May-12 6,500 5,300 5,900 9,258 71,181 408,503 21
Jun-12 6,350 5,300 6,150 9,071 105,200 621,259 21
Jul-12 6,450 5,850 6,150 8,712 90,851 557,811 22
Aug-12 7,200 6,150 7,200 8,436 109,861 709,880 19
Sep-12 7,200 6,350 6,650 12,289 938,720 5,970,400 20
Infrastructure, Utilities and Transportation Index Nov-12 6,800 5,000 5,150 20,756 232,169 1,437,261 20
50%
Jan-13 5,900 4,975 5,000 12,646 136,402 745,434 21
40% 41.9%
Feb-13 6,000 4,975 5,450 20,158 170,736 921,705 20
34.8% Mar-13 5,450 5,150 5,250 12,633 159,235 841,208 19
30% Apr-13 6,050 5,000 5,100 20,992 382,743 2,040,764 22
May-13 5,250 4,575 5,000 17,351 260,528 1,312,833 22
20% Jun-13 4,950 4,200 4,825 16,274 170,260 780,647 19
Jul-13 4,850 4,225 4,500 12,273 119,887 548,178 23
Aug-13 4,525 3,750 4,475 12,814 150,302 643,652 17
10%
Sep-13 4,925 3,975 4,250 24,599 183,487 809,028 21
Oct-13 4,900 4,125 4,475 14,003 127,756 584,006 21
-
Nov-13 5,200 4,400 5,000 14,996 111,870 535,369 20
Dec-13 5,250 4,725 5,200 12,087 73,628 366,722 19
-10% -8.6%
Jan-14 5,300 4,850 4,850 22,225 99,350 503,950 20

-20% Feb-14 5,000 4,300 4,650 32,727 103,733 480,312 20
Mar-14 4,550 3,990 4,400 33,592 97,339 421,072 20
-30% Apr-14 5,175 4,365 5,175 28,635 305,643 1,568,654 20
Jun-14 5,450 4,900 5,100 28,657 67,767 345,596 21
Jul-14 5,525 5,000 5,400 20,387 53,902 286,216 18
Days 247 246 244 242 21 Dec-14 5,150 4,580 4,865 37,529 141,702 691,756 20
Price (Rupiah) Jan-15 5,000 4,300 4,800 47,136 229,930 1,060,346 21

High 7,100 7,400 6,050 7,075 5,000
Low 3,675 4,400 3,750 3,990 4,300
Close 4,525 5,700 5,200 4,865 4,800
Close* 4,525 5,700 5,200 4,865 4,800
PER (X) 13.62 17.71 42.97 -34.55 -34.09

PER Industry (X) 11.09 17.53 12.11 20.04 18.82
PBV (X) 2.82 3.16 2.90 2.97 2.93

Cash & Cash Equivalents 366,161 998,113 791,805 1,317,996 6,951,316 75,000
Receivables 558,601 669,978 597,077 1,332,444 264,902

61,044 66,595 49,807 49,218 77,237 60,000
Inventories
Current Assets 2,228,017 3,387,237 3,658,985 5,844,114 13,309,762
45,000
Fixed Assets 23,197,199 25,614,830 29,643,274 30,928,452 35,859,030
Other Assets 1,793,181 2,050,802 431,359 468,199 412,648
30,000
Total Assets 27,251,281 31,170,654 35,455,705 40,277,626 63,706,488
Growth (%) 14.38% 13.75% 13.60% 58.17% 15,000

Growth (%) 12.50% 14.92% 24.35% 99.16%
Authorized Capital 2,265,000 2,265,000 2,265,000 2,265,000 2,265,000 15,370 15,300
Paid up Capital 850,800 851,857 852,628 853,449 853,449 13,693 13,961
Par Value 100 100 100 100 100
12,235

9,099
Total Equity 11,715,074 13,692,512 15,370,036 15,300,147 13,960,625

Growth (%) 16.88% 12.25% -0.45% -8.75% 5,964
Total Revenues 17,458,639 18,712,778 20,969,806 21,265,060 23,460,015

Growth (%) 7.18% 12.06% 1.41% 10.32%
-307
2010 2011 2012 2013 Dec-14
Cost of Revenues - - - - -
Gross Profit - - - - -
Expenses (Income) 12,674,828 14,210,511 16,617,343 19,606,772 23,031,603
Operating Profit - - 4,352,463 1,658,288 428,412 23,460
Growth (%) -61.90% -74.17% 20,970 21,265
18,713
21,265
17,459
Other Income (Expenses) -915,830 -637,624 -601,042 -268,621 -1,498,198 16,927
Income before Tax 3,867,981 3,864,643 3,751,421 1,389,667 -1,069,786

Tax 976,720 1,034,542 -986,774 356,850 178,723
12,589
Profit for the period 2,891,261 2,830,101 2,764,647 1,032,817 -891,063 8,251
Growth (%) -2.12% -2.31% -62.64% N/A

3,913
Period Attributable 2,891,261 2,830,101 2,764,647 1,032,817 -891,063 -425
Comprehensive Income 2,891,261 2,830,101 2,743,915 1,055,965 -917,315 2010 2011 2012 2013 Dec-14
Comprehensive Attributable 2,891,261 2,830,101 2,743,915 1,055,965 -891,063
Current Ratio (%) 48.83 38.81 41.86 73.69 86.44
2,891 2,830 2,765
Dividend (Rp) 107.00 129.88 135.00 64.00 - 2,891
EPS (Rp) 339.83 332.23 324.25 121.02 -104.41

BV (Rp) 1,376.95 1,607.37 1,802.67 1,792.74 1,635.79 2,133
DAR (X) 0.57 0.56 0.57 0.62 0.78

1,033
1.33 1.28 1.31 1.63 3.56
1,374
DER(X)
ROA (%) 10.61 9.08 7.80 2.56 -1.40 616
ROE (%) 24.68 20.67 17.99 6.75 -6.38 Dec-14

GPM (%) - - - - - -143
2010 2011 2012 2013

OPM (%) - - 20.76 7.80 1.83
NPM (%) 16.56 15.12 13.18 4.86 -3.80
-901
-891
Payout Ratio (%) 31.49 39.09 41.63 52.89 -
Yield (%) 2.02 2.87 2.37 1.23 -

COMPANY REPORT
GGRM
GUDANG GARAM TBK.
Company Profile
PT Gudang Garam Tbk. previously named as PT Perusahaan Rokok Tjap “Gudang Garam”
Kediri (PT Gudang Garam), was established on June 30th, 1971. The Company is a
continuation of a Proprietorship which was established in 1958. In 1969, the Company
changed its legal status to a Partnership and in 1971 it was further changed its existing
legal entity as a Limited Liability Company. Commercial operation was commenced in 1958.
The Company is engaged in cigarette industry and other related cigarette industry
activities. PT Surya Duta Investa is the Company’s ultimate parent.
The Company’s Head Office at Jln. Semampir II/1, Kediri, East Java, and its plants are
located in Kediri, Gempol, and Solo‐Kartasura. The Company also has representative
offices, which are Jakarta Representative Office at Jln. Jenderal A. Yani 79, Jakarta and
Surabaya Representative Office at Jln. Pengenal 7 – 15, Surabaya.
The Company is a leading Kretek cigarette manufacturer in Indonesia which produces
various high quality products, varied from Corn Husk Cigarette (SKL), Handmade Kretek
Cigarette (SKT) and Machine‐made Kretek Cigarette (SKM) that has been distributed both
nationwide and worldwide.
Measured by total asset, products sales gain, number of employees, tax and customs and
other contributions, PT Gudang Garam Tbk. has become a national cigarette company
which gives significant contribution for Indonesia.

The company has direct ownership in subsidiaries:
 PT Surya Pamenang,
 PT Surya Madistrindo,
 PT Graha Surya Media,
 PT Surya Air, and
 PT Surya Inti Tembakau.
The end of September 2014, the Company and subsidiaries had 46,410 employees.
February 2015
Disclaimer:

GGRM Gudang Garam Tbk.
Industry Sector : Consumer Goods Industry (5) Listed Shares : 1,924,088,000
Industry Sub Sector : Tobacco Manufacturers (52) Market Capitalization : 111,212,286,400,000
10 | 111.2T | 2.10% | 45.12%
27 | 14.0T | 0.97% | 57.51%

Established Date : 26-Jun-1958 1. PT Suryaduta Investama 1,333,146,800 : 69.29%
Listing Date : 27-Aug-1990 2. PT Suryamitra Kusuma 120,442,700 : 6.26%
PT Danareksa
PT Multicorp DIVIDEND ANNOUNCEMENT
PT Merincorp Bonus Cash Recording Payment
F/I
PT Surya Securities Year Shares Dividend Cum Date Ex Date Date Date
PT Ficonensia 1991 150.00 12-Jul-91 15-Jul-91 20-Jul-91 09-Aug-91
PT Raya Saham Registra 1993 155.00 06-Jul-94 07-Jul-94 14-Jul-94 13-Aug-94 F
Plaza Central Building 2nd Fl. 1994 210.00 05-Jul-95 06-Jul-95 14-Jul-95 14-Aug-95 F
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1995 1:1 25-Apr-96 26-Apr-96 06-May-96 03-Jun-96 B
1997 120.00 03-Jul-98 07-Jul-98 15-Jul-98 13-Aug-98 F
BOARD OF COMMISSIONERS 1998 260.00 05-Jul-99 06-Jul-99 14-Jul-99 11-Aug-99 F
1. Juni Setiawati Wonowidjojo 1999 500.00 06-Jul-00 07-Jul-00 17-Jul-00 31-Jul-00 F
2. Frank Willem Van Gelder *) 2000 500.00 27-Nov-00 28-Nov-00 05-Dec-00 19-Dec-00 I
3. Gotama Hengdratsonata *) 2001 300.00 02-Jul-02 03-Jul-02 08-Jul-02 19-Jul-02 F
4. Lucas Mulia Suhardjo 2002 300.00 27-Jun-03 30-Jun-03 02-Jul-03 11-Jul-03 F
*) Independent Commissioners 2003 300.00 16-Jul-04 19-Jul-04 21-Jul-04 04-Aug-04 F
2005 500.00 21-Jul-05 22-Jul-05 26-Jul-05 08-Aug-05 F
1. Susilo Wonowidjojo 2006 250.00 23-Jul-07 24-Jul-07 26-Jul-07 09-Aug-07 F
2. Buana Susilo 2007 250.00 15-Jul-08 16-Jul-08 18-Jul-08 01-Aug-08 F
3. Herry Susianto 2008 350.00 14-Jul-09 15-Jul-09 17-Jul-09 30-Jul-09 F
4. Heru Budiman 2009 650.00 13-Jul-10 14-Jul-10 16-Jul-10 29-Jul-10 F
5. Istata Taswin Sidharta 2010 880.00 25-Jul-11 26-Jul-11 28-Jul-11 08-Aug-11 F
6. Sony Sasono Rahmadi 2011 1,000.00 30-Jul-12 31-Jul-12 02-Aug-12 16-Aug-12 F
2012 800.00 22-Jul-13 23-Jul-13 25-Jul-13 15-Aug-13 F
AUDIT COMMITTEE 2013 800.00 06-Aug-14 07-Aug-14 11-Aug-14 25-Aug-14 F
1. Frank Willem Van Gelder
2. Bambang Susilo ISSUED HISTORY
3. Jusuf Halim Listing Trading
CORPORATE SECRETARY 1. First Issue 57,807,800 27-Aug-90 27-Aug-90
Heru Budiman 2. Partial Listing 38,396,600 27-Aug-90 27-Feb-91
3. Founders Shares 375,197,600 31-May-94 31-May-94
HEAD OFFICE 4. Koperasi 9,620,000 31-May-94 00-Jan-00
Jakarta: Jln. Jend. A. Yani No. 79, Jakarta - 10510 5. Stock Split 481,022,000 03-Jun-96 03-Jun-96
Kediri: Jl. Semampir II/1 Kediri 64121 6. Bonus Shares 962,044,000 04-Jun-96 05-Jun-96
Phone : (021) 420-2460, (0354) 682-091
Fax : (021) 424-3136, (0354) 681-555
Homepage : www.gudanggaramtbk.com
Email : corporate_secretary@gudanggaramtbk.com

TRADING ACTIVITIES
Gudang Garam Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
68,000 16.0 Jan-11 41,350 34,000 37,250 19,222 42,483 1,594,349 21
Feb-11 38,350 33,300 36,550 15,422 29,060 1,036,576 18
59,500 14.0 Mar-11 43,100 35,850 41,850 17,678 31,054 1,239,465 23
Apr-11 41,500 40,000 40,600 14,189 28,806 1,166,285 20
May-11 44,900 40,350 43,550 9,674 17,711 754,867 21
51,000 12.0
Jun-11 50,100 43,300 49,800 11,628 23,804 1,093,954 20
Jul-11 57,000 47,400 50,900 13,717 26,505 1,348,972 21
42,500 10.0
Aug-11 56,500 46,900 55,000 18,035 31,756 1,672,663 19
Sep-11 61,500 47,400 52,500 21,191 29,637 1,594,104 20
34,000 8.0
Oct-11 61,150 51,000 58,600 18,610 30,293 1,706,426 21
Nov-11 65,000 56,000 65,000 12,066 20,160 1,231,087 22
25,500 6.0 Dec-11 67,000 59,100 62,050 13,867 20,282 1,267,505 21
17,000 4.0 Jan-12 63,250 55,400 57,000 17,928 24,428 1,440,624 21

Feb-12 59,850 50,050 56,750 24,119 33,685 1,855,940 21
8,500 2.0 Mar-12 57,300 51,400 55,050 20,086 30,356 1,645,012 21
Apr-12 60,450 55,300 59,200 16,395 25,722 1,498,625 20
May-12 61,050 54,000 54,100 17,382 25,548 1,481,745 21
Jun-12 62,800 53,350 61,500 12,187 19,587 1,147,973 21
Jul-12 63,800 55,250 56,350 17,251 33,688 1,958,846 22
Aug-12 55,500 48,100 50,100 27,096 41,704 2,143,553 19
Sep-12 50,500 45,900 46,450 18,256 26,130 1,247,867 20
Consumer Goods Industry Index Nov-12 53,000 46,050 52,850 22,959 43,229 2,115,356 20
120%
109.6% Jan-13 57,000 49,500 51,850 20,401 36,082 1,900,377 21
100% Feb-13 52,850 48,300 48,300 16,161 39,784 2,000,127 20
Mar-13 51,200 45,800 48,950 17,514 32,644 1,590,282 19
80% Apr-13 54,450 48,600 49,400 28,414 51,702 2,660,507 22
May-13 57,800 49,300 53,500 22,413 41,575 2,221,861 22
60% Jun-13 54,500 45,300 50,600 22,532 31,333 1,555,537 19
Jul-13 51,600 42,250 42,350 21,809 30,731 1,419,705 23
41.9% Aug-13 43,650 32,000 37,950 22,201 29,240 1,128,039 17
40% 40.8%
Sep-13 43,900 35,000 35,000 23,464 31,451 1,223,270 21
Oct-13 38,450 33,150 36,900 33,633 50,193 1,809,844 21
20%
Nov-13 38,350 34,600 37,000 21,934 34,618 1,262,239 20
Dec-13 42,000 36,800 42,000 21,396 37,811 1,513,018 19
-
Jan-14 45,525 39,700 41,900 36,083 31,659 1,343,558 20

-20% Feb-14 48,500 40,600 47,700 32,197 27,944 1,265,725 20
Mar-14 49,550 43,600 49,400 45,202 30,887 1,455,094 20
-40% Apr-14 57,125 48,075 56,500 47,605 34,082 1,778,189 20
Jun-14 55,000 51,300 53,500 27,283 14,579 775,015 21
Jul-14 54,475 52,075 54,200 31,574 17,100 913,076 18
Volume (Million Sh.) 332 370 447 270 32 Sep-14 57,050 53,750 56,675 31,266 18,150 1,012,034 22
Days 247 246 244 242 21 Dec-14 61,525 57,100 60,700 24,515 12,653 757,153 20
Price (Rupiah) Jan-15 64,000 51,900 57,800 51,790 31,660 1,822,015 21

High 67,000 63,800 57,800 64,250 64,000
Low 33,300 45,900 32,000 39,700 51,900
Close 62,050 56,300 42,000 60,700 57,800
Close* 62,050 56,300 42,000 60,700 57,800
PER (X) 24.08 26.62 18.67 21.67 20.63

PER Industry (X) 16.22 19.75 15.98 24.22 25.21
PBV (X) 4.86 4.07 2.75 3.66 3.49

Public Accountant : Siddharta & Widjaja (Member of KPMG International)
Receivables 915,004 937,987 1,382,539 2,196,086 1,610,411

20,174,168 28,020,017 26,649,777 30,241,368 33,521,222 50,000
Inventories
Current Assets 22,908,293 30,381,754 29,954,021 34,604,461 37,991,611
37,500
Fixed Assets 7,406,632 8,189,881 10,389,326 14,788,915 17,795,721
Other Assets 411,400 479,473 1,122,077 1,318,730 729,639
25,000
Total Assets 30,741,679 39,088,705 41,509,325 50,770,251 56,579,914
Growth (%) 27.15% 6.19% 22.31% 11.44% 12,500

Growth (%) 54.31% 2.52% 43.28% 15.57%
Paid up Capital 962,044 962,044 962,044 962,044 962,044 31,901
29,416
26,606
Par Value 500 500 500 500 500 21,320
25,393

18,885
Total Equity 21,320,276 24,550,928 26,605,713 29,416,271 31,900,984

Growth (%) 15.15% 8.37% 10.56% 8.45% 12,378
Total Revenues 37,691,997 41,884,352 49,028,696 55,436,954 48,189,776

Growth (%) 11.12% 17.06% 13.07%
-638
2010 2011 2012 2013 Sep-14
Cost of Revenues 28,826,410 31,754,984 39,843,974 44,563,096 38,488,344

Gross Profit 8,865,587 10,129,368 9,184,722 10,873,858 9,701,432
Expenses (Income) 3,234,291 3,514,397 3,159,041 418,214 3,346,600
Operating Profit - - 6,025,681 6,691,722 6,354,832 55,437
Growth (%) 11.05% 49,029

55,437
48,190
41,884
37,692
44,128
Other Income (Expenses) - - -495,035 -755,518 -926,209

Tax 1,416,507 1,656,869 -1,461,935 1,552,272 1,361,041

Growth (%) 17.64% -17.94% 7.75%

10,200
Period Attributable 4,146,282 4,894,057 4,013,758 4,328,736 4,042,843 -1,109
Current Ratio (%) 270.08 224.48 217.02 172.21 162.92
4,958
Dividend (Rp) 880.00 1,000.00 800.00 800.00 -
4,384
4,958
4,215 4,069 4,068

EPS (Rp) 2,154.93 2,543.57 2,086.06 2,249.76 2,101.17
BV (Rp) 11,080.72 12,759.77 13,827.70 15,288.42 16,579.79 3,947
DAR (X) 0.31 0.37 0.36 0.42 0.44

0.44 0.59 0.56 0.73 0.77
2,935
DER(X)
ROA (%) 13.71 12.68 9.80 8.63 7.19 1,924
ROE (%) 19.77 20.20 15.29 14.90 12.75

GPM (%) 23.52 24.18 18.73 19.61 20.13 912
OPM (%) - - 12.29 12.07 13.19

NPM (%) 11.18 11.84 8.30 7.91 8.44
-99
2010 2011 2012 2013 Sep-14

Payout Ratio (%) 40.84 39.31 38.35 35.56 -
Yield (%) 2.20 1.61 1.42 1.90 -

COMPANY REPORT
ICBP
INDOFOOD CBP SUKSES MAKMUR TBK.
Company Profile
PT Indofood CBP Sukses Makmur Tbk. was established in the Republic of Indonesia on
September 2nd, 2009.

The Company was the result of the spin‐off of the Noodle Division and Food Ingredients
Division of PT Indofood Sukses Makmur Tbk., the controlling shareholder of the Company,
and started to carry out the related business operations on October 1st, 2009.

The scope of its activities comprises, among others, the manufacture of noodles and food
ingredients, culinary food products, biscuits, snacks, nutrition and special foods, packaging,
trading, transportation, warehousing and cold storage, management services, and research
and development.

The Company’s head office is located in Jakarta, while the Company and its Subsidiaries’
factories are located in various locations in Java, Sumatera, Kalimantan, Sulawesi Islands
and Malaysia.

PT Indofood Sukses Makmur, Indonesia, and First Pacific Company Limited, Hong Kong, are
the parent entity and the ultimate parent entity, respectively, of the Company.

The Company is an established market‐leading producer of packaged food products with a
diverse range of products providing everyday food solutions for consumers of all ages.
Many of its products brands are among the strongest brands with significant Top‐of‐Mind
status in Indonesia and have gained the trust and loyalty of millions of consumers in
Indonesia for decades.

The Company has direct share ownerships in the following subsidiaries:
 Drayton Pte. Ltd.,
 Indofood (M) Food Industries Sdn. Bhd.,
 PT Surya Rengo Containers,
 PT Indofood Fritolay Makmur,
 PT Indofood Asahi Sukses Beverage,
 PT Indofood Tsukishima Sukses Makmur.

The long‐term investment in the associated entity are PT Nestle Indofood Citarasa
Indonesia, PT Asahi Indofood Beverage Makmur and PT Prima Cahaya Indobeverages. As
of September 30th, 2014, the Group had 30,096 employees.
February 2015
Disclaimer:

ICBP Indofood CBP Sukses Makmur Tbk. [S]
Industry Sub Sector : Food And Beverages (51) Market Capitalization : 84,548,833,000,000
14 | 84.5T | 1.60% | 51.61%
47 | 9.59T | 0.66% | 72.83%

Established Date : 02-Sep-2009 1. PT Indofood Sukses Makmur Tbk. 4,664,763,000 : 80.00%
Under Writer IPO :
PT Kim Eng Securities DIVIDEND ANNOUNCEMENT
PT Credit Suisse Securities Indonesia Bonus Cash Recording Payment
F/I
PT Deutsche Securities Indonesia Year Shares Dividend Cum Date Ex Date Date Date
PT Mandiri Sekuritas 2010 116.00 21-Jun-11 22-Jun-11 24-Jun-11 07-Jul-11 F
Securities Administration Bureau : 2011 169.00 13-Jul-12 16-Jul-12 18-Jul-12 31-Jul-12 F
PT Raya Saham Registra 2013 190.00 10-Jul-14 11-Jul-14 15-Jul-14 05-Aug-14 F
Plaza Central Building 2nd Fl.
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 ISSUED HISTORY
Phone : (021) 252-5666 Listing Trading
Fax : (021) 252-5028 No. Type of Listing Shares Date Date
1. First Issue 1,166,191,000 07-Oct-10 07-Oct-10
BOARD OF COMMISSIONERS 2. Company Listing 4,664,763,000 07-Oct-10 07-Apr-11
1. Benny Setiawan Santoso
2. Adi Pranoto Leman *)
3. Alamsyah
4. F.G. Winarno *)
5. Franciscus Welirang
6. Moleonoto
7. Wahjudi Prakarsa *)
BOARD OF DIRECTORS
1. Anthoni Salim
2. Axton Salim
3. Hendra Widjaja
4. Suaimi Suriady
5. Sulianto Pratama
6. Taufik Wiraatmadja
7. Tjhie Tje Fie
8. Werianty Setiawan
9. Yungky Setiawan
AUDIT COMMITTEE
1. Adi Pranoto Leman
2. Timotius
3. Wahjudi Prakarsa
CORPORATE SECRETARY
Gideon Ariprastomo Putro
HEAD OFFICE
Sudirman Plaza, Indofood Tower 25th Fl.
Jln. Jend. Sudirman Kav. 76 - 78
Jakarta - 12910
Phone : (021) 5795-8822
Fax : (021) 5793-7373
Homepage : www.indofoodcbp.com
Email : gideon.putro@icbp.indofood.co.id

TRADING ACTIVITIES
Indofood CBP Sukses Makmur Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
16,000 64.0 Jan-11 5,150 4,350 4,575 15,091 248,406 1,177,703 21
Feb-11 4,675 4,300 4,575 7,386 120,754 540,317 18
14,000 56.0 Mar-11 5,300 4,600 5,300 8,462 167,772 824,126 23
Apr-11 5,450 5,100 5,400 5,234 109,382 584,014 20
May-11 5,400 5,050 5,050 4,707 108,877 569,475 21
12,000 48.0
Jun-11 5,450 4,925 5,400 4,174 81,379 418,328 20
Jul-11 5,800 5,400 5,800 5,994 118,404 673,478 21
10,000 40.0
Aug-11 6,000 5,300 5,300 7,456 128,240 727,782 19
Sep-11 5,600 3,800 4,925 11,353 159,002 800,880 20
8,000 32.0
Oct-11 5,750 4,650 5,300 5,355 53,012 279,275 21
Nov-11 5,300 4,875 5,150 5,991 89,997 458,703 22
6,000 24.0 Dec-11 5,250 4,875 5,200 3,224 44,489 224,012 21
4,000 16.0 Jan-12 5,350 4,975 5,100 4,570 86,150 439,212 21

Feb-12 5,650 5,050 5,650 5,499 86,833 470,009 21
2,000 8.0 Mar-12 5,700 5,150 5,450 6,691 70,684 380,098 21
Apr-12 5,650 5,000 5,650 5,021 89,511 468,937 20
May-12 5,900 5,400 5,650 4,606 82,359 472,137 21
Jun-12 5,850 5,400 5,750 3,477 49,711 282,356 21
Jul-12 6,850 5,700 6,600 8,760 144,591 897,445 22
Aug-12 6,850 6,400 6,550 5,188 58,263 385,634 19
Sep-12 6,650 6,150 6,350 7,021 67,678 431,645 20
Consumer Goods Industry Index Nov-12 7,550 6,900 7,400 5,982 74,371 536,371 20
245%
Jan-13 8,700 7,600 8,000 8,421 69,143 552,825 21
210% 206.9% Feb-13 8,650 7,900 8,500 7,470 78,410 638,909 20
Mar-13 9,900 8,200 9,600 13,589 108,935 974,749 19
175% Apr-13 11,700 9,500 11,450 23,016 106,833 1,118,431 22
May-13 13,400 11,500 13,100 35,135 183,672 2,300,353 22
140% Jun-13 13,000 9,850 12,200 26,910 111,166 1,270,060 19
Jul-13 12,500 10,350 11,200 20,502 81,983 913,934 23
109.6% Aug-13 11,650 8,700 10,000 15,325 68,204 680,778 17
105%
Sep-13 12,200 8,900 10,250 19,020 91,623 932,990 21
Oct-13 11,500 10,200 11,200 15,121 73,454 805,810 21
70%
Nov-13 11,300 9,750 10,000 19,144 71,526 740,344 20
Dec-13 10,300 9,550 10,200 12,888 36,835 368,146 19
41.9%
35%
Jan-14 11,700 9,900 11,000 31,608 68,488 734,990 20

- Feb-14 11,350 10,450 11,175 33,839 78,008 852,458 20
Mar-14 11,300 9,950 10,100 40,130 124,778 1,318,297 20
-35% Apr-14 10,275 9,800 10,000 31,126 113,027 1,131,541 20
Jun-14 10,275 9,875 10,000 21,362 46,268 465,777 21
Jul-14 10,575 9,950 10,450 21,883 78,643 812,824 18
Volume (Million Sh.) 1,430 990 1,082 899 91 Sep-14 11,400 10,500 11,350 25,934 57,043 629,638 22
Days 247 246 244 242 21 Dec-14 13,400 11,150 13,100 24,568 69,230 825,565 20
Price (Rupiah) Jan-15 16,050 12,450 14,500 33,591 90,954 1,243,010 21

High 6,000 8,300 13,400 13,400 16,050
Low 3,800 4,975 7,600 9,800 12,450
Close 5,200 7,800 10,200 13,100 14,500
Close* 5,200 7,800 10,200 13,100 14,500
PER (X) 14.69 19.88 26.73 27.67 30.63

PER Industry (X) 16.22 19.75 15.98 24.22 25.21
PBV (X) 2.83 3.79 4.48 5.26 5.82

Receivables 2,026,249 2,378,402 2,328,181 2,549,415 3,766,437

1,422,466 1,629,883 1,812,887 2,868,722 2,596,730 20,000
Inventories
Current Assets 7,017,835 8,580,311 9,888,440 11,321,715 13,143,083
15,000
Fixed Assets 2,304,588 2,590,036 3,839,756 4,844,407 5,367,105
Other Assets 136,855 169,718 - 888,529 175,523
10,000
Total Assets 13,361,313 15,222,857 17,753,480 21,267,470 23,847,327
Growth (%) 13.93% 16.62% 19.79% 12.13% 5,000

Growth (%) 12.85% 27.78% 38.76% 16.58%
Paid up Capital 583,095 583,095 583,095 583,095 583,095 14,519
13,266
10,710
Par Value 100 100 100 100 100
11,557
8,920
8,595
Total Equity 8,919,546 10,709,773 11,986,798 13,265,731 14,518,656

Growth (%) 20.07% 11.92% 10.67% 9.44% 5,633
Total Revenues 17,960,120 19,367,155 21,574,792 25,094,681 22,783,920

Growth (%) 7.83% 11.40% 16.31%
-290
2010 2011 2012 2013 Sep-14
Cost of Revenues 12,976,664 14,335,896 15,796,183 18,668,990 16,722,847

Gross Profit 4,983,456 5,031,259 5,778,609 6,425,691 6,061,073
Expenses (Income) 2,451,679 2,423,258 2,936,549 3,653,767 3,514,809
22,784
Growth (%) 3.01% 8.97% -2.47%
25,095
21,575
19,367
19,975
17,960
Other Income (Expenses) -12,635 136,909 185,130 195,066 170,551
Tax 666,913 678,545 744,819 733,699 708,531

9,737
Growth (%) 13.05% 10.45% -2.07%

4,617
Current Ratio (%) 259.80 287.11 276.25 241.06 230.48
2,282 2,235
Dividend (Rp) 116.00 169.00 - 190.00 - 2,066 2,008
2,282
EPS (Rp) 292.24 338.77 373.80 381.63 355.03 1,828

BV (Rp) 1,529.69 1,836.71 2,055.72 2,275.05 2,489.93 1,817
DAR (X) 0.30 0.30 0.32 0.38 0.39

0.45 0.42 0.48 0.60 0.64
1,351
DER(X)
ROA (%) 13.68 13.57 12.86 10.51 8.42 886
ROE (%) 20.49 19.29 19.04 16.85 13.83

GPM (%) 27.75 25.98 26.78 25.61 26.60 420
OPM (%) 14.10 13.47 13.17 11.05 11.18

NPM (%) 10.18 10.67 10.58 8.91 8.81
-46
2010 2011 2012 2013 Sep-14

Payout Ratio (%) 39.69 49.89 - 49.79 -
Yield (%) 2.48 3.25 - 1.86 -

CC O
OMM PP A
ANN YY RR EE PP O
O RR TT
INCO
VALE INDONESIA TBK.
Company Profile
PT Vale Indonesia Tbk. (formerly International Nickel Indonesia Tbk.) was established on
July 25th, 1968.
The Company’s immediate parent company is Vale Canada Limited and e ultimate parent
entity is Vale S.A., a company established under the laws of the Federal Republic of Brazil.
The Company’s plant is located in Sorowako, South Sulawesi and the registered office is
located in Jakarta.
The Company’s main activities are exploration and mining, processing, storage,
transportation and marketing of nickel and associated mineral products. The Company
started its commercial operations in 1978.
PT Vale Indonesia Tbk. is one of the world’s premier producers of nickel. A versatile metal,
which is important in improving living standards and fostering economic growth. For more
than three decades, since the signing of its Contract of Work with the Indonesian
Government in 1968, the Company has provided skilled jobs, shown concern for the needs
of the communities in which it operates, benefited shareholders and contributed positively
to the Indonesian economy.
The total number of employees at December 31st, 2014 was 3,122.
February 2015
Disclaimer:

INCO Vale Indonesia Tbk. [S]
Industry Sub Sector : Metal And Mineral Mining (23) Market Capitalization : 34,280,368,584,000
29 | 34.3T | 0.65% | 65.09%
30 | 12.8T | 0.88% | 60.20%

Established Date : 25-Jul-1968 1. Vale Canada Limited 5,835,607,960 : 58.73%
Listing Date : 16-May-1990 2. Sumitomo Metal Mining Co., Ltd. 1,996,281,680 : 20.09%
PT Danareksa Sekuritas
PT Vale Indonesia Tbk. Bonus Cash Recording Payment
F/I
Plaza Bapindo - Citibank Tower 22nd Fl. Year Shares Dividend Cum Date Ex Date Date Date
Jln. Jend. Sudirman Kav. 54 - 55, Jakarta 12190 1990 USD 0.35 17-Sep-90 18-Sep-90 25-Sep-90 25-Oct-90 I
Phone : (021) 524-9000 1991 USD 0.15 20-Mar-91 21-Mar-91 28-Mar-91 30-Apr-91
Fax : (021) 524-9020 1991 USD 0.15 19-Sep-91 20-Sep-91 30-Sep-91 30-Oct-91 I
1991 USD 0.15 19-Mar-92 20-Mar-92 27-Mar-92 30-Apr-92 I
BOARD OF COMMISSIONERS 1992 USD 0.05 15-Apr-93 16-Apr-93 23-Apr-93 21-May-93 F
1. Jennifer Anne Maki 1993 USD 0,05 25-Apr-94 26-Apr-94 03-May-94 01-Jun-94 F
2. Stuart Alan Harshaw 1994 USD 0,05 28-Oct-94 31-Oct-94 07-Nov-94 07-Dec-94 I
3. Arief T. Surowidjojo *) 1994 USD 0,05 24-Apr-95 25-Apr-95 02-May-95 02-Jun-95 F
4. Gerd Peter Poppinga 1995 USD 0,05 03-Nov-95 04-Nov-95 14-Nov-95 13-Dec-95 I
5. Idrus Paturusi *) 1995 USD 0,05 26-Apr-96 29-Apr-96 07-May-96 05-Jun-96 F
6. Irwandi Arif *) 1996 USD 0.05 04-Nov-96 05-Nov-96 13-Nov-96 12-Dec-96 I
7. Kevin James Graham 1996 121.60 25-Apr-97 28-Apr-97 06-May-97 04-Jun-97 F
8. Mark James Travers 1997 174.15 10-Nov-97 11-Nov-97 19-Nov-97 18-Dec-97 I
9. Mikinobu Ogata 2002 84.65 29-Apr-03 30-Apr-03 02-May-03 19-May-03 F
10. Nabuhiro Matsumoto 2002 10.61 13-Nov-03 14-Nov-03 18-Nov-03 05-Dec-03 F
*) Independent Commissioners 2003 USD 0,15 23-Apr-04 26-Apr-04 28-Apr-04 13-May-04 F
2004 USD 0.0125 04-Nov-04 05-Nov-04 09-Nov-04 25-Nov-04 F
BOARD OF DIRECTORS 2004 USD 0.0975 19-Apr-05 20-Apr-05 25-Apr-05 10-May-05 F
1. Nicolaas D. Kanter 2005 USD 0.025 22-Nov-05 23-Nov-05 25-Nov-05 08-Dec-05 F
2. Bernardus Irmanto 2005 745.88 25-Apr-06 26-Apr-06 28-Apr-06 12-May-06 F
3. Febriany Eddy 2006 228.58 17-Nov-06 20-Nov-06 22-Nov-06 05-Dec-06 F
4. Josimar S. Pires 2006 454.50 24-Apr-07 27-Apr-07 27-Apr-07 11-May-07 F
2007 9,180.21 20-Nov-07 21-Nov-07 23-Nov-07 07-Dec-07 I
AUDIT COMMITTEE 2007 USD 0.02264 16-Apr-08 17-Apr-08 21-Apr-08 06-May-08 F
1. Irwandy Arif 2009 USD 0,01107 09-Dec-09 10-Dec-09 14-Dec-09 29-Dec-09 I
2. Erry Firmansyah 2010 USD 0.02 05-Oct-10 06-Oct-10 08-Oct-10 22-Oct-10 I
3. Sidharta Utama 2010 USD 0.0146 02-May-11 03-May-11 05-May-11 20-May-11 F
2011 USD 0.01 02-Nov-11 03-Nov-11 07-Nov-11 21-Nov-11 I
CORPORATE SECRETARY 2011 USD 0.0086 14-May-12 15-May-12 21-May-12 01-Jun-12 F
Ratih Amri 2012 USD 0.00252 06-Dec-12 07-Dec-12 11-Dec-12 27-Dec-12 I
2012 USD 0.00252 14-May-13 15-May-13 17-May-13 31-May-13 F
HEAD OFFICE 2013 USD 0.00252 29-Nov-13 02-Dec-13 04-Dec-13 18-Dec-13 I
Bapindo Plaza II, 22th Fl. 2014 USD 0.01007 28-Nov-14 01-Dec-14 03-Dec-14 17-Dec-14 I
Jln. Jend Sudirman Kav. 54 - 55
Jakarta - 12190 ISSUED HISTORY
Phone : (021) 524-9000, 524-9002 Listing Trading
1. First Issue 49,681,694 16-May-90 16-May-90
Homepage : www.vale.com/indonesia 2. Company Listing 198,726,774 31-Jan-01 31-Jan-01
Email : ratih.amri@valeinco.com 3. Stock Split 745,225,404 03-Aug-04 03-Aug-04
pti_corsec@valeinco.com 4. Stock Split 8,942,704,848 15-Jan-08 15-Jan-08

TRADING ACTIVITIES
Vale Indonesia Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
5,200 160 Jan-11 5,000 4,475 4,600 19,615 217,052 1,032,126 21
Feb-11 5,200 4,675 5,050 15,698 182,851 911,378 18
4,550 140 Mar-11 5,150 4,525 4,775 27,569 263,637 1,259,948 23
Apr-11 5,100 4,675 4,975 22,181 224,850 1,095,998 20
May-11 5,000 4,775 4,775 14,242 181,462 878,385 21
3,900 120
Jun-11 4,850 4,375 4,500 14,822 138,739 634,003 20
Jul-11 4,600 4,225 4,250 17,072 154,731 679,451 21
3,250 100
Aug-11 4,325 3,275 3,650 21,889 196,592 752,722 19
Sep-11 4,050 2,850 3,025 21,706 124,389 431,854 20
2,600 80
Oct-11 3,725 2,525 3,650 25,349 234,798 736,607 21
Nov-11 3,650 3,000 3,050 15,009 105,240 349,325 22
1,950 60 Dec-11 3,300 2,975 3,200 11,353 93,821 291,926 21
1,300 40 Jan-12 4,050 3,150 4,000 16,222 136,649 488,753 21

Feb-12 4,050 3,425 3,625 21,630 244,576 896,760 21
650 20 Mar-12 3,625 3,300 3,375 16,820 176,733 606,434 21
Apr-12 3,375 3,025 3,100 17,770 235,208 752,854 20
May-12 3,125 2,250 2,500 21,967 224,183 596,323 21
Jun-12 2,675 2,200 2,675 21,761 238,700 579,306 21
Jul-12 2,900 2,400 2,425 13,954 127,868 345,078 22
Aug-12 2,475 2,250 2,300 10,714 94,081 223,583 19
Sep-12 3,100 2,250 2,950 18,317 251,490 686,458 20
Mining Index Nov-12 2,750 2,025 2,075 19,826 282,528 645,022 20
80%
Jan-13 2,900 2,350 2,750 16,519 264,254 707,204 21
60% Feb-13 3,075 2,600 2,700 15,878 189,153 535,185 20
Mar-13 2,850 2,350 2,375 18,082 156,260 416,753 19
40% 41.9% Apr-13 2,850 2,375 2,850 11,715 243,235 608,803 22
May-13 2,850 2,450 2,550 9,351 115,097 304,185 22
20% Jun-13 2,575 1,920 2,025 14,312 129,454 294,878 19
Jul-13 2,175 1,770 1,770 26,994 275,925 550,652 23
Aug-13 2,525 1,770 2,300 22,109 259,951 543,386 17
-
Sep-13 2,725 2,200 2,250 17,867 239,312 586,568 21
Oct-13 2,750 2,250 2,475 12,214 142,143 359,087 21
-20%
Nov-13 2,650 2,300 2,400 9,622 97,518 241,610 20
-30.7% Dec-13 2,800 2,300 2,650 11,825 197,647 515,246 19
-40%
Jan-14 2,800 2,115 2,305 28,319 285,267 707,505 20

-60% -60.7% Feb-14 2,650 2,230 2,390 26,254 267,495 658,048 20
Mar-14 2,850 2,390 2,820 42,732 554,968 1,485,366 20
-80% Apr-14 3,745 2,815 3,550 44,937 476,712 1,599,051 20
Jun-14 3,965 3,525 3,555 27,874 191,590 711,230 21
Jul-14 4,025 3,525 4,025 40,957 310,152 1,162,055 18
Days 247 246 244 242 21 Dec-14 4,145 3,525 3,625 48,022 201,988 828,546 20
Price (Rupiah) Jan-15 3,695 3,285 3,450 49,254 157,356 555,099 21

High 5,200 4,050 3,075 4,575 3,695
Low 2,525 2,025 1,770 2,115 3,285
Close 3,200 2,350 2,650 3,625 3,450
Close* 3,200 2,350 2,650 3,625 3,450
PER (X) 10.51 38.48 55.52 16.97 16.15

PER Industry (X) 16.17 8.49 20.76 3.23 2.93
PBV (X) 1.98 1.40 1.25 1.60 1.52

Receivables 1,784,934 1,776,340 2,098,980 808,618 1,299,186

915,630 1,480,541 1,478,050 1,852,721 1,722,942 24,000
Inventories
Current Assets 6,389,598 7,077,773 5,462,486 6,840,464 8,387,544
18,000
Fixed Assets 13,148,353 14,321,555 15,709,602 20,267,120 19,693,572
Other Assets 115,107 142,431 - 164,602 173,142
12,000
Total Assets 19,663,930 21,956,911 22,560,884 27,989,330 29,011,670
Growth (%) 11.66% 2.75% 24.06% 3.65% 6,000

Growth (%) 29.06% 0.01% 17.59% -6.76%
Paid up Capital 248,408 248,408 248,408 248,408 248,408 21,034

16,043 16,646
Par Value 25 25 25 25 25 15,082
17,931

13,336
Total Equity 15,081,604 16,042,824 16,646,267 21,034,044 22,526,475

Growth (%) 6.37% 3.76% 26.36% 7.10% 8,740
Total Revenues 11,458,828 11,267,489 9,354,052 11,308,498 9,431,291

Growth (%) -1.67% -16.98% 20.89%
-451
2010 2011 2012 2013 Sep-14
Cost of Revenues 5,855,856 6,594,195 7,742,015 9,591,999 6,571,375

Gross Profit 5,602,972 4,673,294 1,612,037 1,716,499 2,859,916
Expenses (Income) 248,727 522,779 578,237 855,918 555,964
Operating Profit 5,354,246 4,150,514 1,033,800 860,581 2,303,953 11,459 11,267 11,308
Growth (%) -22.48% -75.09% -16.76% 9,431

9,354
9,121

Income before Tax 5,219,297 4,101,656 884,060 680,482 2,192,555 6,784
Tax 1,292,652 1,075,093 231,393 206,222 600,696

Profit for the period 3,926,645 3,026,563 652,667 474,260 1,591,859
4,446
Growth (%) -22.92% -78.44% -27.34%

2,108
Period Attributable 3,926,645 3,026,563 652,667 474,260 1,591,859 -229
Comprehensive Income 3,926,645 3,026,563 652,667 526,530 1,591,859 2010 2011 2012 2013 Sep-14
Comprehensive Attributable 3,926,645 3,026,563 652,667 526,530 1,591,859
Current Ratio (%) 450.16 436.49 340.98 330.07 370.18
3,927
Dividend (Rp) 303.50 169.38 49.01 30.14 123.81 3,927
EPS (Rp) 395.18 304.60 65.68 47.73 160.21 3,027

BV (Rp) 1,517.82 1,614.56 1,675.29 2,116.88 2,267.08 3,126
DAR (X) 0.23 0.27 0.26 0.25 0.22

0.30 0.37 0.36 0.33 0.29
2,325
DER(X)
1,592
ROA (%) 19.97 13.78 2.89 1.69 5.49 1,524
ROE (%) 26.04 18.87 3.92 2.25 7.07

653
GPM (%) 48.90 41.48 17.23 15.18 30.32 723 474
OPM (%) 46.73 36.84 11.05 7.61 24.43

NPM (%) 34.27 26.86 6.98 4.19 16.88
-79
2010 2011 2012 2013 Sep-14

Payout Ratio (%) 76.80 55.61 74.61 63.15 77.28
Yield (%) 6.23 5.29 2.09 1.14 3.30

COMPANY REPORT
INDF
INDOFOOD SUKSES MAKMUR TBK.
Company Profile
PT Indofood Sukses Makmur Tbk. is a leading Total Food Solutions Company with
operation spanning from the production of raw materials and their processing, to
consumer products in the market. Indofood capitalizes on its resilient business model with
five complementary Strategic Business Groups, namely: Consumer Branded Products. Its
business activities are conducted by PT Indofood CBP Sukses Makmur Tbk., which was
listed on the Indonesia Stock Exchange from 7 October 2010.
ICBP is one of the leading consumer branded product producers in Indonesia, with a wide
range of consumer products. In 2013, ICBP started its non‐alcoholic beverage business, and
has current portfolio of ready‐to‐drink tea, packaged water, carbonated soft drinks and
fruit juice drinks.
Bogasari. The Group is primarily a producer of wheat flour and pasta, with business
operations supported by its own shipping and packaging units.
Agribusiness. The Group is led by Indofood Agri Resources Ltd., listed on the Singapore
Stock Exchange. Both of IndoAgri’s subsidiaries, PT Salim Ivomas Pratama Tbk. and PT PP
London Sumatra Indonesia Tbk., are listed on the IDX. The Group’s principal business
activities range from research and development, seed breeding, oil palm cultivation and
milling to the production and marketing of branded cooking oils, margarine and
shortening. In addition, the Group is also involved in the cultivation and processing of
rubber and sugar cane as well as other crops. In 2013, IndoAgri initiated expansion of its
global business through equity investment in the sugar business in Brazil and the
Philippines.
Distribution. With the most extensive distribution network in Indonesia, this Group
distributes the majority of Indofood’s and its subsidiaries’ consumer products as well as
other third‐party products.
Cultivation & Processed Vegetables. This Group activities are conducted by China
Minzhong Food Corporation Limited, which is listed on the SGX and is an integrated
vegetable processing company in the People's Republic of China.
February 2015
Disclaimer:

INDF Indofood Sukses Makmur Tbk. [S]
Industry Sub Sector : Food And Beverages (51) Market Capitalization : 66,292,220,075,000
16 | 66.3T | 1.25% | 54.13%
19 | 17.3T | 1.19% | 48.75%

Established Date : 14-Aug-1990 1. CAB Holdings Limited 4,396,103,450 : 50.07%
Under Writer IPO :
PT Merincorp DIVIDEND ANNOUNCEMENT
F/I
Plaza Central Building 2nd Fl. 1994 58.00 21-Jul-95 24-Jul-95 01-Aug-95 31-Aug-95 F
Fax : (021) 252-5028 2000 18.00 11-Jul-01 12-Jul-01 17-Jul-01 31-Jul-01 F
2001 25.00 09-Jul-02 10-Jul-02 15-Jul-02 29-Jul-02 F
1. Manuel V. Pangilinan 2003 28.00 15-Jul-04 16-Jul-04 20-Jul-04 02-Aug-04 F
2. Benny Setiawan Santoso 2005 17.50 26-Aug-05 29-Aug-05 31-Aug-05 15-Sep-05
3. Edward Anthony Tortorici 2005 5.00 20-Jul-06 21-Jul-06 25-Jul-06 08-Aug-06 F
4. Graham Leigh Pickles 2006 31.00 27-Jul-07 30-Jul-07 01-Aug-07 15-Aug-07 F
5. Hans Kartikahadi *) 2007 43.00 12-Aug-08 13-Aug-08 15-Aug-08 27-Aug-08 F
6. Robert Charles Nicholson 2008 47.00 02-Jul-09 03-Jul-09 07-Jul-09 22-Jul-09 F
7. Torstein Stephansen *) 2009 93.00 19-Jul-10 20-Jul-10 22-Jul-10 05-Aug-10 F
8. Utomo Josodirdjo *) 2010 133.00 26-Jul-11 27-Jul-11 29-Jul-11 09-Aug-11 F
2012 185.00 17-Jul-13 18-Jul-13 22-Jul-13 02-Aug-13 F
1. Anthoni Salim
2. Axton Salim ISSUED HISTORY
3. Darmawan Sarsito (Kevin Sietho) Listing Trading
4. Franciscus Welirang No. Type of Listing Shares Date Date
5. Joseph Bataona 1. First Issue 21,000,000 14-Jul-94 14-Jul-94
6. Moleonoto (Paulus Moleonoto) 2. Founders Shares 742,000,000 T: 14-Jul-94 : 08-Feb-95
7. Taufik Wiraatmadja 3. Stock Split 8,087,800,000 T: 12-Aug-96 : 29-Sep-00
8. Tjhie Tje Fie (Thomas Tjhie) 4. Right Issue 305,200,000 24-Apr-97 24-Apr-97
9. Werianty Setiawan 5. Option Conversion 287,269,500 T: 07-May-02 : 12-Jun-03
6. Option III Conversion 919,500 T: 06-Feb-04 : 24-May-04
AUDIT COMMITTEE 7. Buy Back -663,762,500 28-Oct-08 28-Oct-08
1. Hans Kartikahadi
2. Hendra Susanto
3. Timotius
CORPORATE SECRETARY
Werianty Setiawan
HEAD OFFICE
Sudirman Plaza, Indofood Tower 27th Fl.
Jakarta - 12190
Phone : (021) 5795-8822
Fax : (021) 5793-7373
Homepage : www.indofood.com
Email : werianty@indofood.co.id

TRADING ACTIVITIES
Indofood Sukses Makmur Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
8,000 64.0 Jan-11 5,100 4,300 4,700 29,796 364,749 1,725,256 21
Feb-11 4,900 4,550 4,750 15,394 180,015 853,054 18
7,000 56.0 Mar-11 5,450 4,750 5,400 27,762 313,582 1,581,400 23
Apr-11 5,700 5,200 5,550 17,178 212,478 1,161,362 20
May-11 5,750 5,250 5,400 18,291 270,736 1,497,017 21
6,000 48.0
Jun-11 5,850 5,150 5,750 19,672 268,060 1,463,174 20
Jul-11 6,500 5,700 6,350 22,022 267,156 1,590,534 21
5,000 40.0
Aug-11 6,800 5,850 6,100 34,598 378,704 2,396,653 19
Sep-11 6,250 4,150 5,050 51,427 588,035 3,052,287 20
4,000 32.0
Oct-11 5,750 4,575 5,250 36,536 388,580 2,046,847 21
Nov-11 5,250 4,600 4,700 38,862 371,421 1,822,817 22
3,000 24.0 Dec-11 4,875 4,500 4,600 23,694 241,411 1,130,332 21
2,000 16.0 Jan-12 4,975 4,600 4,800 25,256 255,981 1,232,987 21

Feb-12 5,150 4,800 5,100 26,576 299,674 1,482,914 21
1,000 8.0 Mar-12 5,200 4,750 4,850 24,300 263,089 1,293,314 21
Apr-12 4,900 4,575 4,850 27,216 372,042 1,763,910 20
May-12 4,900 4,625 4,725 22,748 270,366 1,297,395 21
Jun-12 4,875 4,400 4,850 18,225 207,237 984,904 21
Jul-12 5,650 4,825 5,400 31,601 412,934 2,195,788 22
Aug-12 5,500 5,100 5,400 18,695 231,332 1,238,115 19
Sep-12 5,650 5,300 5,650 19,243 239,535 1,304,306 20
120%
109.6% Jan-13 6,200 5,750 6,050 28,192 381,477 2,293,129 21

100% Feb-13 7,300 5,950 7,300 28,087 302,233 1,969,793 20
Mar-13 8,000 7,100 7,450 30,888 288,028 2,147,746 19
Apr-13 7,600 7,200 7,350 19,978 246,584 1,832,014 22
80% May-13 7,850 7,000 7,350 31,881 370,021 2,741,321 22
Jun-13 7,450 6,150 7,350 38,863 314,861 2,148,930 19
60% Jul-13 7,400 6,450 6,500 30,651 217,023 1,503,617 23
52.5% Aug-13 7,050 5,350 6,500 28,933 192,419 1,192,526 17
Sep-13 7,200 5,750 7,050 33,670 233,737 1,537,090 21
40% 41.9%
Oct-13 7,450 6,600 6,650 33,020 303,938 2,126,484 21
Nov-13 6,850 6,200 6,650 31,088 195,086 1,283,220 20
20% Dec-13 6,850 6,250 6,600 23,609 161,902 1,067,696 19
Jan-14 7,350 6,550 6,975 39,285 194,431 1,339,609 20

-
Feb-14 7,175 6,825 7,175 35,519 171,841 1,205,017 20
Mar-14 7,800 6,900 7,300 44,656 280,916 2,058,174 20
-20% Apr-14 7,475 6,900 7,050 41,446 221,397 1,587,966 20
Jun-14 6,950 6,700 6,700 41,644 173,202 1,181,682 21
Jul-14 7,150 6,700 7,075 44,580 206,306 1,441,386 18
Days 247 246 244 242 21 Dec-14 6,775 6,325 6,750 41,362 214,262 1,410,046 20
Price (Rupiah) Jan-15 7,725 6,850 7,550 59,020 454,670 3,360,218 21

High 6,800 6,200 8,000 7,800 7,725
Low 4,150 4,400 5,350 6,325 6,850
Close 4,600 5,850 6,600 6,750 7,550
Close* 4,600 5,850 6,600 6,750 7,550
PER (X) 8.05 10.54 23.14 14.67 16.41

PER Industry (X) 16.22 19.75 15.98 24.22 25.21
PBV (X) 1.28 1.50 1.51 1.45 1.63

Receivables 2,686,273 3,669,305 3,485,461 4,959,416 4,568,228

5,644,141 6,536,343 7,782,594 8,160,539 10,057,505 70,000
Inventories
Current Assets 20,077,994 24,501,734 26,202,972 32,464,497 37,956,106
52,500
Fixed Assets 11,737,142 12,921,013 15,775,741 23,027,913 24,539,628
Other Assets 1,133,994 1,216,694 - 2,748,446 2,127,923
35,000
Total Assets 47,275,955 53,585,933 59,324,207 78,092,789 86,194,995
Growth (%) 13.35% 10.71% 31.64% 10.38% 17,500

Growth (%) -2.00% 14.59% 57.73% 14.37%
Paid up Capital 878,043 878,043 878,043 878,043 878,043 40,767
38,373
34,143
Par Value 100 100 100 100 100
32,450
24,853
24,134
Total Equity 24,852,838 31,610,225 34,142,674 38,373,129 40,766,701

Growth (%) 27.19% 8.01% 12.39% 6.24% 15,817
Total Revenues 38,403,360 45,332,256 50,059,427 57,731,998 50,393,490

Growth (%) 18.04% 10.43% 15.33%
-815
2010 2011 2012 2013 Sep-14
Cost of Revenues 25,916,354 32,749,190 36,493,332 43,402,144 36,773,592

Gross Profit 12,487,006 12,583,066 13,566,095 14,329,854 13,619,898
Expenses (Income) 6,190,943 5,732,047 6,695,501 7,611,873 7,565,410
Growth (%) 8.81% 0.29% -2.22% 50,393

57,732
50,059
45,332
45,955
38,403
Other Income (Expenses) -863,688 -498,630 -560,838 -2,051,023 -662,523
Tax 1,497,567 1,460,716 1,530,310 1,252,072 1,412,914

Growth (%) 24.32% -2.29% -28.51%

10,623
Current Ratio (%) 203.65 190.95 200.32 166.73 170.49
4,892 4,779
Dividend (Rp) 133.00 175.00 185.00 142.00 - 4,892
EPS (Rp) 336.30 350.46 371.41 285.16 345.01 3,935 3,979

BV (Rp) 2,830.48 3,600.08 3,888.50 4,370.30 4,642.91 3,894
3,417
DAR (X) 0.47 0.41 0.42 0.51 0.53

0.90 0.70 0.74 1.04 1.11
2,896
DER(X)
ROA (%) 8.32 9.13 8.06 4.38 4.62 1,898
ROE (%) 15.83 15.47 14.00 8.90 9.76

GPM (%) 32.52 27.76 27.10 24.82 27.03 900
OPM (%) 16.39 15.11 13.72 11.64 12.01

NPM (%) 10.25 10.79 9.55 5.92 7.90
-98
2010 2011 2012 2013 Sep-14

Payout Ratio (%) 39.55 49.93 49.81 49.80 -
Yield (%) 2.73 3.80 3.16 2.15 -

C
COOM
MPPA
ANNY
Y R
REEP
POOR
R TT
INTP
INDOCEMENT TUNGGAL PRAKARSA TBK.
Company Profile
PT Indocement Tunggal Prakarsa Tbk. was incorporated on January 16th, 1985. The
Company started its commercial operations in 1985.

The scope of its activities comprises, among others, cement and building materials
manufacturing, mining, construction and trading. Currently, the Company and Subsidiaries
are involved in several businesses consisting of the manufacture and sale of cement (as
core business) and ready mix concrete, aggregates and trass quarrying.

The Company’s head office is located in Jakarta while the factories are located in Citeureup
‐ West Java, Palimanan ‐ West Java, and Tarjun ‐ South Kalimantan.

The cement business includes the operations of the Company’s twelve (12) plants located
in three different sites: nine at the Citeureup ‐ Bogor site, two at the Palimanan ‐ Cirebon
site and one at the Tarjun ‐ South Kalimantan site. The manufacture of ready‐mix concrete,
cement distribution, and aggregates quarrying comprise the operations of most of the
Company’s Subsidiaries.

The Company has direct ownership in subsidiaries:
 PT Dian Abadi Perkasa,  PT Lentera Abadi Sejahtera,
 PT Indomix Perkasa,  PT Gunung Tua Mandiri, and
 PT Sari Bhakti Sejati,  Indocement (Cayman Islands) Limited.
 PT Makmur Abadi Perkasa Mandiri,

The Company also has indirect ownership in subsidiaries:
 PT Pionirbeton Industri,  PT Sahabat Mulia Sakti,
 PT Mandiri Sejahtera Sentra,  PT Mineral Industri Sukabumi,
 PT Bahana Indonor,  PT Multi Bangun Galaxy, and
 PT Tarabatuh Manunggal,  PT Bhakti Sari Perkasa Abadi.
 PT Terang Prakasa Cipta,

As of September 30th, 2014, the Group had a total of 7,397 permanent employees.

February 2015
Disclaimer:

INTP Indocement Tunggal Prakarsa Tbk. [S]
Industry Sub Sector : Cement (31) Market Capitalization : 84,668,329,077,000
13 | 84.7T | 1.60% | 50.01%
15 | 20.5T | 1.41% | 43.58%

Established Date : 16-Jan-1985 1. Birchwood Omnia Limited 1,877,480,863 : 51.00%
Listing Date : 05-Dec-1989 2. PT Mekar Perkasa 479,735,234 : 13.03%
PT (Persero) Danareksa
PT Merchant Investment Corporation DIVIDEND ANNOUNCEMENT
PT Multicor Bonus Cash Recording Payment
F/I
Bank Pembangunan Indonesia Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 1991 150.00 13-Feb-91 14-Feb-91 21-Feb-91 15-Mar-91 I
PT Raya Saham Registra 1991 175.00 27-May-92 29-May-92 05-Jun-92 18-Jun-92 F
Plaza Central Building 2nd Fl. 1992 250.00 01-Jul-93 02-Jul-93 09-Jul-93 10-Aug-93 F
Phone : (021) 252-5666 1993 1:1 12-Aug-94 15-Aug-94 23-Aug-94 23-Sep-94 B
1995 40.00 23-Aug-95 24-Aug-95 01-Sep-95 29-Sep-95 I
1. Albert Scheuer 1996 70.00 11-Jul-97 14-Jul-97 23-Jul-97 21-Aug-97 F
2. Bernhard Scheifele 1996 10:3 08-Sep-97 09-Sep-97 17-Sep-97 30-Sep-97 B
3. Daniel Hugues Jules Gauthier 2005 50.00 19-Jul-06 20-Jul-06 24-Jul-06 07-Aug-06 F
4. I Nyoman Tjager *) 2006 30.00 27-Jun-07 28-Jun-07 02-Jul-07 16-Jul-07 I
5. Lorenz Naeger 2007 40.00 05-Jun-08 06-Jun-08 10-Jun-08 24-Jun-08 F
6. Muhammad Jusuf Hamka *) 2008 150.00 02-Jun-09 03-Jun-09 05-Jun-09 19-Jun-09 F
7. Tedy Djuhar *) 2009 225.00 21-Jun-10 22-Jun-10 24-Jun-10 07-Jul-10 F
2011 293.00 18-Jun-12 19-Jun-12 21-Jun-12 05-Jul-12 F
BOARD OF DIRECTORS 2012 450.00 20-Jun-13 21-Jun-13 25-Jun-13 09-Jul-13 F
1. Christian Kartawijaya 2013 900.00 19-Jun-14 20-Jun-14 24-Jun-14 08-Jul-14 F
2. Benny Setiawan Santoso
3. Daniel Kundjono Adam ISSUED HISTORY
4. Daniel R. Fritz Listing Trading
5. Fransiscus Welirang No. Type of Listing Shares Date Date
6. Hasan Imer 1. First Issue 89,832,150 05-Dec-89 05-Dec-89
7. Kuky Permana Kumalaputra 2. Koperasi 6,000,000 T: 26-Jun-92 : 31-Dec-99
8. Ramakanta Bhattacharjee 3. Founders Shares 946,119 T: 07-Mar-94 : 02-Sep-94
9. Tju Lie Sukanto 4. Convertible Bonds 8,555,640 T: 07-Mar-94 : 10-Nov-94
5. Bonus Shares 599,790,020 T: 12-Sep-94 : 26-Sep-94
AUDIT COMMITTEE 6. Company Listing 502,102,731 12-Sep-94 12-Sep-94
1. I Nyoman Tjager 7. Stock Split 1,207,226,660 02-Sep-96 02-Sep-96
2. Jusuf Halim 8. Additional Listing 69,863,127 09-Jan-01 09-Jan-01
3. Lindawati Gani 9. Right Issue 1,196,907,072 24-Apr-01 24-Apr-01
10. Warrant 8,180 12-May-03 12-May-03
CORPORATE SECRETARY
Pigo Pramusakti Kusdihardjo
HEAD OFFICE
Wisma Indocement 8th Fl.
Jakarta
Phone : (021) 251-0057, 570-3817
Fax : (021) 570-1693, 251-0066
Homepage : www.indocement.com
Email : corpsec@indocement.co.id
sahat.panggabean@indocement.co.id

TRADING ACTIVITIES
Indocement Tunggal Prakarsa Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
28,000 24.0 Jan-11 16,900 12,750 13,550 24,440 140,024 2,055,974 21
Feb-11 15,700 13,600 14,400 16,456 98,775 1,441,396 18
24,500 21.0 Mar-11 16,400 14,100 16,350 19,235 103,373 1,547,505 23
Apr-11 17,900 15,800 17,000 15,317 63,289 1,066,959 20
May-11 17,400 16,300 16,900 15,815 64,838 1,094,051 21
21,000 18.0
Jun-11 17,550 16,350 17,050 13,168 40,686 688,640 20
Jul-11 17,500 15,300 15,450 16,979 94,842 1,546,604 21
17,500 15.0
Aug-11 15,700 13,400 15,200 23,463 115,063 1,689,999 19
Sep-11 15,950 10,700 14,000 24,770 95,452 1,334,694 20
14,000 12.0
Oct-11 16,350 11,700 16,350 23,279 83,136 1,189,356 21
Nov-11 16,250 14,400 15,000 18,484 60,468 925,715 22
10,500 9.0 Dec-11 17,300 15,000 17,050 16,717 100,145 1,624,891 21
7,000 6.0 Jan-12 19,050 16,600 16,950 22,398 87,292 1,556,604 21

Feb-12 17,900 16,300 17,450 23,502 88,498 1,514,992 21
3,500 3.0 Mar-12 18,800 17,000 18,450 18,385 72,028 1,307,071 21
Apr-12 18,800 17,850 18,050 13,941 70,686 1,294,326 20
May-12 18,900 16,800 17,800 17,881 68,984 1,223,049 21
Jun-12 17,600 15,800 17,350 16,882 71,934 1,226,581 21
Jul-12 22,000 17,400 21,500 18,249 87,400 1,660,463 22
Aug-12 21,500 19,200 20,250 17,525 52,402 1,067,337 19
Sep-12 20,650 19,550 20,350 18,025 54,846 1,105,406 20
Basic Industry and Chemicals Index Nov-12 23,250 21,150 23,250 16,524 59,652 1,332,810 20
75%
Jan-13 22,600 21,250 21,750 23,664 71,422 1,550,241 21
60% Feb-13 22,150 21,350 21,950 16,173 69,389 1,501,495 20
Mar-13 23,550 21,850 23,300 23,869 94,226 2,139,138 19
45% 43.3% Apr-13 26,450 22,750 26,400 22,551 75,064 1,827,956 22
41.9% May-13 27,400 23,750 23,750 27,114 77,761 1,949,529 22
33.2% Jun-13 24,550 20,450 24,450 39,750 137,049 3,109,151 19
30%
Jul-13 24,400 20,600 20,850 26,673 72,376 1,592,849 23
Aug-13 22,450 16,500 19,700 27,991 79,314 1,531,570 17
15%
Sep-13 21,900 18,000 18,000 32,816 92,486 1,815,659 21
Oct-13 21,000 18,000 20,900 28,227 66,651 1,308,829 21
-
Nov-13 21,200 18,250 18,850 25,471 62,059 1,201,282 20
Dec-13 20,200 18,300 20,000 20,099 57,378 1,099,328 19
-15%
Jan-14 22,500 19,825 22,400 42,897 63,573 1,340,256 20

-30% Feb-14 22,850 20,800 22,450 36,786 53,504 1,170,267 20
Mar-14 27,300 21,550 23,375 50,809 82,794 1,947,053 20
-45% Apr-14 25,125 21,675 21,950 53,758 103,849 2,419,573 20
Jun-14 25,025 22,350 22,550 36,440 59,436 1,405,231 21
Jul-14 27,500 22,425 24,950 47,705 84,985 2,170,522 18
Volume (Million Sh.) 1,060 841 955 874 113 Sep-14 24,700 21,125 21,550 49,050 85,318 1,981,406 22
Days 247 246 244 242 21 Dec-14 25,725 22,900 25,000 46,054 59,966 1,479,007 20
Price (Rupiah) Jan-15 25,500 21,325 23,000 59,898 112,706 2,596,245 21

High 17,900 23,250 27,400 27,500 25,500
Low 10,700 15,800 16,500 19,825 21,325
Close 17,050 22,450 20,000 25,000 23,000
Close* 17,050 22,450 20,000 25,000 23,000
PER (X) 17.43 17.35 14.69 18.57 17.09

PER Industry (X) 10.41 9.79 6.83 16.60 16.29
PBV (X) 3.99 4.26 3.20 3.96 3.64

Receivables 1,402,689 1,976,769 2,454,818 2,518,588 2,724,920

1,299,549 1,327,720 1,470,305 1,473,645 1,913,646 22,000
Inventories
Current Assets 7,484,807 10,314,573 14,579,400 16,846,248 14,771,427
16,500
Fixed Assets 7,702,770 7,638,064 7,935,224 9,304,992 10,923,213
Other Assets 102,661 128,546 141,371 324,750 483,788
11,000
Total Assets 15,346,146 18,151,331 22,755,160 26,607,241 26,397,171
Growth (%) 18.28% 25.36% 16.93% -0.79% 5,500

Long Term Liabilities 897,842 940,783 917,660 889,465 865,153 2010 2011 2012 2013 Sep-14
Growth (%) 7.65% 38.02% 8.79% -13.63%
22,978
Paid up Capital 1,840,616 1,840,616 1,840,616 1,840,616 1,840,616 23,262
19,419
Par Value 500 500 500 500 500 15,734
18,517

13,771
Total Equity 13,100,598 15,733,951 19,418,738 22,977,687 23,262,459

Growth (%) 20.10% 23.42% 18.33% 1.24% 9,026
Total Revenues 11,137,805 13,887,892 17,290,337 18,691,286 14,166,879

Growth (%) 24.69% 24.50% 8.10%
-465
2010 2011 2012 2013 Sep-14
Cost of Revenues 5,597,043 7,473,669 9,020,338 10,036,632 7,819,240

Gross Profit 5,540,762 6,414,223 8,269,999 8,654,654 6,347,639
Expenses (Income) 2,590,549 1,996,200 2,393,257 2,590,554 2,213,161
17,290
Growth (%) 8.79% 33.02% 3.19%
18,691
14,878
13,888 14,167
Other Income (Expenses) 187,263 290,133 362,808 531,054 630,437 11,138

Tax 1,023,795 1,106,640 1,476,162 1,582,860 1,045,483

Growth (%) 11.69% 32.26% 5.23%

3,439
Current Ratio (%) 555.37 698.54 602.76 614.81 650.85
5,012
Dividend (Rp) 263.00 293.00 450.00 900.00 - 4,763
EPS (Rp) 876.05 977.10 1,293.15 1,361.02 1,009.52

3,602 3,719
BV (Rp) 3,558.75 4,274.10 5,275.07 6,241.85 6,319.21 3,990
3,225
DAR (X) 0.15 0.13 0.15 0.14 0.12
0.17 0.15 0.17 0.16 0.13
2,967
DER(X)
ROA (%) 21.01 19.84 20.93 18.84 14.09 1,945
ROE (%) 24.61 22.89 24.53 21.81 15.99

GPM (%) 49.75 46.19 47.83 46.30 44.81 922
OPM (%) 36.46 31.81 33.99 32.44 29.18

NPM (%) 28.95 25.93 27.55 26.82 26.25
-100
2010 2011 2012 2013 Sep-14

Payout Ratio (%) 30.02 29.99 34.80 66.13 -
Yield (%) 1.65 1.72 2.00 4.50 -

COMPANY REPORT
ITMG
INDO TAMBANGRAYA MEGAH TBK.
Company Profile
Established in 1987, PT Indo Tambangraya Megah Tbk. is a renowned Indonesian coal
supplier for the world energy market. The company strives to set the highest standard in
corporate governance as well as environmental, health and work safety compliance. All
activities are carried out in close cooperation with the local societies and other
stakeholders. Since its establishment, the Company has been recognized as a leading
producer of coal and has built a diversified customer base.
In 2007, PT Indo Tambangraya Megah Tbk. was acquired by Banpu Group Thailand and
then in the month of December 2007 became a public company. Banpu, through PT
Centralink Wisesa International, owns 77.60% of shares. PT Sigma Buana Cemerlang, 2.40%
shares and the remaining shares are owned by the public.
In 2008, PT Centralink Wisesa International transferred 73.72% of its shares to Banpu
Minerals (Singapore) Pte. Ltd. thus making public shares amount to 26.28%. In 2010, Banpu
Minerals (Singapore) Pte. Ltd. sold 8.72% of its shares to the public and thus maintained
majority ownership of 65% where the remainder was owned by the public in which,
individually, had shares of less than 5%.
The scope of ITM business includes coal mining operations, processing and logistics which
are integrated in Indonesia. The company owns the majority of shares in seven subsidiaries
and operates six mining concessions in the island of Kalimantan, covering East, Central and
South Kalimantan. ITM also owns and operates Terminal Batubara Bontang (Bontang Coal
Terminal/BoCT), three loading ports and Pembangkit Listrik Bontang [Bontang Electricity
Generator].

Those seven companies are PT Indominco Mandiri, PT Trubaindo Coal Mining, PT Jorong
Barutama Greston and PT Kitadin (Embalut), PT Bharinto Ekatama and PT Kitadin (Tandung
Mayang), PT ITM Indonesia, and PT Tambang Raya Usaha Tama.

February 2015
Disclaimer:

ITMG Indo Tambangraya Megah Tbk. [S]
50 | 18.9T | 0.36% | 74.46%
43 | 10.1T | 0.69% | 70.14%

Established Date : 02-Sep-1987 1. Banpu Minerals (Singapore) Private Limited 736,071,000 : 65.14%
Listing Date : 18-Dec-2007 2. Public (<5%) 393,854,000 : 34.86%
Under Writer IPO :
PT UBS Securities Indonesia DIVIDEND ANNOUNCEMENT
F/I
Puri Datindo - Wisma Sudirman 2007 155.00 06-May-08 07-May-08 09-May-08 23-May-08 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2008 344.00 08-Oct-08 09-Oct-08 13-Oct-08 22-Nov-08 I
Phone : (021) 570-9009 2008 295.00 01-Dec-08 02-Dec-08 04-Dec-08 19-Dec-08 I
Fax : (021) 570-9026 2008 706.00 11-May-09 12-May-09 14-May-09 28-May-09 F
2009 678.00 20-Oct-09 21-Oct-09 23-Oct-09 01-Nov-09 I
BOARD OF COMMISSIONERS 2009 1,286.00 29-Apr-10 30-Apr-10 04-May-10 19-May-10 F
1. Ibrahim Yusuf 2010 795.00 28-Sep-10 29-Sep-10 01-Oct-10 15-Oct-10 I
2. Djisman S. Simandjuntak 2010 407.00 19-Apr-11 20-Apr-11 25-Apr-11 06-May-11 F
3. Lukmanul Hakim 2011 1,168.00 28-Sep-11 29-Sep-11 03-Oct-11 14-Oct-11 I
4. Rudijanto Boentoro 2012 1,666.00 29-Oct-12 30-Oct-12 01-Nov-12 14-Nov-12 F
5. Somruedee Chaimongkol 2012 1,464.00 26-Apr-13 29-Apr-13 01-May-13 15-May-13 F
6. Somyot Ruchirawat 2013 1,014.00 29-Oct-13 30-Oct-13 01-Nov-13 15-Nov-13 I
*) Independent Commissioners 2013 975.00 28-Apr-14 29-Apr-14 02-May-14 14-May-14 F
2014 1,100.00 29-Oct-14 30-Oct-14 03-Nov-14 14-Nov-14 I
BOARD OF DIRECTORS
1. Pongsak Thongampai ISSUED HISTORY
2. A.H Bramantya Putra Listing Trading
3. Edward Manurung No. Type of Listing Shares Date Date
4. Leksono Poeranto 1. First Issue 225,985,000 18-Dec-07 18-Dec-07
2. Company Listing 903,940,000 18-Dec-07 18-Aug-08
AUDIT COMMITTEE
1. Ibrahim Yusuf
2. Rudi Riady
3. Sidharta Utama
CORPORATE SECRETARY
Roslini Onwardi
HEAD OFFICE
Pondok Indah Office Tower III, 3rd Fl.
Jln. Sultan Iskandar Muda, Pondok Indah Kav. V-TA
Jakarta Selatan - 12310
Phone : (021) 293-28100
Fax : (021) 293-27999
Homepage : www.itmg.co.id
Email : roslini_o@banpuindo.co.id

TRADING ACTIVITIES
Indo Tambangraya Megah Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
58,000 16.0 Jan-11 57,950 43,700 46,300 29,196 64,211 3,267,046 21
Feb-11 48,650 43,650 45,700 22,560 40,535 1,874,932 18
50,750 14.0 Mar-11 51,400 39,900 46,200 49,551 90,260 4,107,414 23
Apr-11 50,250 46,650 46,800 24,415 41,472 1,992,811 20
May-11 48,000 44,400 47,000 22,941 46,175 2,148,862 21
43,500 12.0
Jun-11 47,500 44,000 44,750 11,842 21,509 989,239 20
Jul-11 52,000 44,500 50,500 22,708 52,561 2,535,598 21
36,250 10.0
Aug-11 51,350 40,000 43,150 21,131 42,572 1,939,362 19
Sep-11 47,000 37,500 39,250 23,568 38,180 1,631,637 20
29,000 8.0
Oct-11 45,100 34,300 44,650 20,495 36,042 1,454,671 21
Nov-11 45,000 36,250 38,150 19,148 27,770 1,146,861 22
21,750 6.0 Dec-11 40,450 34,950 38,650 18,594 30,704 1,170,734 21
14,500 4.0 Jan-12 41,000 36,200 36,700 21,105 41,555 1,611,844 21

Feb-12 44,800 36,650 43,350 25,856 50,179 2,056,492 21
7,250 2.0 Mar-12 44,000 41,050 43,450 18,679 30,981 1,312,739 21
Apr-12 45,800 39,700 39,750 26,935 57,988 2,460,047 20
May-12 40,000 33,750 33,800 22,768 42,236 1,542,196 21
Jun-12 37,700 30,150 35,950 19,026 37,526 1,306,401 21
Jul-12 38,400 34,600 35,550 14,604 26,101 971,835 22
Aug-12 38,500 35,600 38,200 10,062 19,174 713,606 19
Sep-12 42,400 37,750 42,150 13,955 25,798 1,045,896 20
Mining Index Nov-12 42,450 38,350 39,250 11,122 16,938 690,628 20
45%
41.9%
Jan-13 42,900 39,800 41,450 12,584 21,012 874,302 21
30% Feb-13 41,350 39,550 40,250 9,584 14,731 596,005 20
Mar-13 40,750 33,250 35,500 18,901 28,118 1,045,558 19
15% Apr-13 39,500 35,100 36,750 20,303 29,630 1,117,437 22
May-13 36,400 29,150 30,000 21,887 34,979 1,133,819 22
- Jun-13 30,100 24,600 28,150 19,971 27,387 727,852 19
Jul-13 28,650 24,200 24,200 11,967 21,869 580,370 23
Aug-13 32,050 24,300 32,050 14,335 20,791 598,586 17
-15%
Sep-13 32,950 25,350 26,300 15,702 22,893 691,567 21
Oct-13 34,000 25,300 29,900 17,831 27,916 839,402 21
-30%
Nov-13 33,150 27,700 28,700 19,593 39,139 1,190,698 20
Dec-13 30,600 27,150 28,500 13,207 17,645 509,479 19
-45%
Jan-14 28,700 24,850 26,800 40,294 30,444 792,755 20

-60% -60.7% Feb-14 28,550 25,100 26,000 34,416 23,323 622,390 20
-69.2% Mar-14 26,150 22,350 24,350 41,387 38,547 941,922 20
-75% Apr-14 26,725 23,950 25,475 37,248 41,019 1,032,303 20
Jun-14 30,100 26,500 27,000 25,672 15,751 444,016 21
Jul-14 27,600 24,850 26,150 35,242 21,517 568,758 18
Volume (Million Sh.) 532 386 306 436 38 Sep-14 29,500 25,075 25,975 27,702 15,967 432,678 22
Days 247 246 244 242 21 Dec-14 18,900 15,050 15,375 49,907 55,439 918,673 20
Price (Rupiah) Jan-15 16,750 14,275 16,750 48,405 38,476 585,918 21

High 57,950 45,800 42,900 30,250 16,750
Low 34,300 30,150 24,200 15,050 14,275
Close 38,650 41,550 28,500 15,375 16,750
Close* 38,650 41,550 28,500 15,375 16,750
PER (X) 8.74 11.38 11.39 6.32 6.88

PER Industry (X) 16.17 8.49 20.76 3.23 2.93
PBV (X) 4.46 4.84 2.72 1.47 1.60

Receivables 1,359,610 2,321,598 2,439,567 2,383,251 2,311,492

633,245 970,013 1,459,919 1,483,112 1,863,634 14,000
Inventories
Current Assets 5,459,998 9,670,360 9,369,534 9,157,445 7,082,961
10,500
Fixed Assets 3,126,948 3,122,629 3,244,382 3,884,351 3,552,816
Other Assets 20,174 13,031 20,626 133,277 135,142
7,000
Total Assets 9,783,380 14,313,602 14,420,136 17,081,558 16,258,180
Growth (%) 46.31% 0.74% 18.46% -4.82% 3,500

Long Term Liabilities 333,578 425,489 500,771 657,807 554,074 2010 2011 2012 2013 Dec-14
Growth (%) 36.34% 4.74% 11.18% -3.28%
Paid up Capital 564,963 564,963 564,963 1,500,000 564,963 11,857
11,175
Paid up Capital (Shares) 1,130 1,130 1,130 3,000 1,130 9,801 9,693
Par Value 500 500 500 500 500

9,438

7,019
Total Equity 6,473,353 9,800,731 9,693,372 11,826,501 11,175,288

Growth (%) 51.40% -1.10% 22.01% -5.51% 4,601
Total Revenues 14,977,028 21,598,843 23,584,559 26,733,422 24,158,858

Growth (%) 44.21% 9.19% 13.35% -9.63%
-237
2010 2011 2012 2013 Dec-14
Cost of Revenues 10,114,588 13,509,570 16,417,475 20,485,612 19,083,801

Gross Profit 4,862,440 8,089,273 7,167,085 6,247,810 5,075,057
Expenses (Income) 1,604,252 1,678,967 1,451,061 2,309,778 1,816,452
Operating Profit 3,258,188 6,410,305 - - - 26,733
23,585 24,159
Growth (%) 96.74%
26,733
21,599
21,280
Other Income (Expenses) -768,104 208,773 - - -

14,977
Tax 657,217 1,666,807 1,538,168 1,109,993 768,694

Growth (%) 170.19% -15.64% -32.31% -11.96%

4,919
Current Ratio (%) 183.44 236.59 221.71 199.19 156.40
4,952
Dividend (Rp) 1,202.00 1,168.00 3,130.00 1,989.00 1,100.00 4,952
4,178
EPS (Rp) 1,622.11 4,382.83 3,697.46 942.68 2,203.61
BV (Rp) 5,729.01 8,673.79 8,578.78 3,942.17 9,890.29 3,942
DAR (X) 0.34 0.32 0.33 0.31 0.31 2,828

2,490
0.51 0.46 0.49 0.44 0.45
2,932
DER(X)
18.73 34.60 28.97 16.56 15.31 1,833
ROA (%) 1,921
ROE (%) 28.31 50.53 43.10 23.91 22.28

GPM (%) 32.47 37.45 30.39 23.37 21.01 911
OPM (%) 21.75 29.68 - - -

NPM (%) 12.24 22.93 17.71 10.58 10.31
-99
2010 2011 2012 2013 Dec-14

Payout Ratio (%) 74.10 26.65 84.65 210.99 49.92
Yield (%) 2.37 3.02 7.53 6.98 7.15

C
COOM
MPPA
ANNY
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POOR
RTT
JSMR
JASA MARGA (PERSERO) TBK.
Company Profile
Jasa Marga is a state owned company with the line business of planning, constructing,
operating and maintaining toll roads along with developing and maximizing the use of land
in toll road areas and other related businesses. Jasa Marga’s business caracteristics are
defensive and resistant to fluctuated condition of global economy.
Based on the toll road concessions granted directly from the Government, Jasa Marga
currently manages and operates 13 toll road concessions through its nine branch offices
and one subsidiary
Apart from developing more toll roads to add the length of the toll roads operated, the
Company also develops other businesses by capitalizing various assets owned such as the
following:
 Utility and land rent.
 Rest area and property development.
 Advertisement
 Various services, including toll road operation from other parties.
Going forward, the Company’s business prospect will be robust as it is supported by new
concessions with sound financial feasibility that is integrated with existing concession
portfolio, strong and trusted financial structure, as well as assets utilization in prospective
businesses, which, in turn will support the Company’s sustainable growth.

February 2015
Disclaimer:

JSMR Jasa Marga (Persero) Tbk. [S]
Industry Sub Sector : Toll Road, Airport, Harbor And Allied Products (72) Market Capitalization : 48,960,000,000,000
20 | 49.0T | 0.93% | 58.24%
33 | 11.5T | 0.79% | 62.70%

Established Date : 01-Mar-1978 1. Negara Republik Indonesia 4,760,000,000 : 70.00%
Under Writer IPO :
F/I
PT Mandiri Sekuritas Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 2007 14.31 21-May-08 22-May-08 26-May-08 29-May-08 F
PT Datindo Entrycom 2008 52.00 18-Jun-09 19-Jun-09 23-Jun-09 07-Jul-09 F
Puri Datindo - Wisma Sudirman 2009 87.91 28-Jun-10 29-Jun-10 01-Jul-10 15-Jul-10 F
Fax : (021) 570-9026 2012 94.24 29-May-13 30-May-13 03-Jun-13 18-Jun-13 F
2013 78.61 04-Apr-14 07-Apr-14 10-Apr-14 23-Apr-14 F
1. Agoes Widjanarko ISSUED HISTORY
2. Akhmad Syakhroza Listing Trading
3. Boediarso Teguh Widodo No. Type of Listing Shares Date Date
4. Ibnu Purna Muchtar 1. First Issue 2,040,000,000 12-Nov-07 12-Nov-07
5. Michael Dendron Primanto *) 2. Negara RI (Seri A) 1 12-Nov-07 12-Nov-07
6. Samsoedin *) 3. Company Listing 4,759,999,999 12-Nov-07 10-May-08
BOARD OF DIRECTORS
1. Adityawarman
2. Abdul Hadi
3. Hasanudin
4. Muh Najib Fauzan
5. Reynaldi Hermansjah
AUDIT COMMITTEE
1. Michael Dendron Primanto
2. Agita Widjajanto
3. Rustam Wahyudi
CORPORATE SECRETARY
David Wijayatno
HEAD OFFICE
Plaza Tol Taman Mini Indonesia Indah
Jakarta - 13550
Phone : (021) 841-3630
Fax : (021) 840-1533, 841-3540
Homepage : www.jasamarga.com
Email : sekper@jasamarga.co.id
jasmar@jasamarga.com

TRADING ACTIVITIES
Jasa Marga (Persero) Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
7,400 160 Jan-11 3,575 2,925 3,000 12,779 197,010 636,186 21
Feb-11 3,200 2,950 3,175 6,832 104,194 320,670 18
6,475 140 Mar-11 3,425 3,150 3,400 13,551 195,067 642,378 23
Apr-11 3,525 3,250 3,300 13,158 174,537 587,008 20
May-11 3,525 3,275 3,475 9,957 193,346 663,699 21
5,550 120
Jun-11 3,650 3,325 3,625 7,995 175,397 603,870 20
Jul-11 4,000 3,550 3,975 11,849 191,975 722,040 21
4,625 100
Aug-11 4,175 3,625 4,000 11,334 229,033 896,266 19
Sep-11 4,275 3,400 3,975 16,354 225,381 885,369 20
3,700 80
Oct-11 3,975 3,550 3,850 17,076 175,397 665,325 21
Nov-11 4,000 3,675 3,875 8,082 85,380 330,751 22
2,775 60 Dec-11 4,275 3,750 4,200 11,878 228,156 917,847 21
1,850 40 Jan-12 4,575 4,125 4,375 12,368 230,785 993,508 21

Feb-12 4,775 4,325 4,700 12,003 265,300 1,209,137 21
925 20 Mar-12 5,150 4,625 5,150 14,902 168,517 813,781 21
Apr-12 5,700 4,875 5,350 19,314 230,817 1,196,346 20
May-12 5,550 4,925 5,150 23,617 448,775 2,326,901 21
Jun-12 5,450 4,975 5,400 14,761 232,464 1,199,371 21
Jul-12 5,950 5,300 5,700 14,029 167,905 944,446 22
Aug-12 6,000 5,550 5,750 12,949 157,924 899,890 19
Sep-12 5,850 5,650 5,850 10,923 131,027 753,148 20
Infrastructure, Utilities and Transportation Index Nov-12 5,850 5,650 5,700 9,709 152,420 876,690 20
120%
Jan-13 5,700 5,100 5,500 17,310 287,693 1,560,093 21
100% 102.8% Feb-13 5,650 5,400 5,550 13,401 204,434 1,133,501 20
Mar-13 5,950 5,600 5,950 15,101 195,334 1,128,937 19
80% Apr-13 6,750 5,900 6,700 14,419 221,969 1,418,115 22
May-13 6,950 6,500 6,700 17,482 146,129 973,809 22
60% Jun-13 6,800 5,700 6,050 25,472 256,837 1,596,449 19
Jul-13 6,400 5,200 5,350 20,579 159,785 952,854 23
41.9% Aug-13 6,150 5,300 5,450 18,323 152,358 868,013 17
40%
34.8% Sep-13 5,850 5,050 5,200 19,992 204,787 1,144,362 21
Oct-13 5,800 5,250 5,250 17,277 166,818 927,029 21
20%
Nov-13 5,450 4,825 5,100 22,103 154,529 793,812 20
Dec-13 5,350 4,525 4,725 18,175 149,099 732,436 19
-
Jan-14 5,450 4,400 5,175 32,974 182,407 906,070 20

-20% Feb-14 5,525 4,975 5,375 30,448 196,866 1,037,649 20
Mar-14 6,025 4,750 6,000 31,058 234,470 1,337,548 20
-40% Apr-14 6,175 5,700 5,900 31,308 206,360 1,240,359 20
Jun-14 6,050 5,800 5,975 22,644 90,733 540,393 21
Jul-14 6,500 5,925 6,425 30,588 211,439 1,322,874 18
Days 247 246 244 242 21 Dec-14 7,050 6,675 7,050 28,826 94,777 653,785 20
Price (Rupiah) Jan-15 7,250 6,925 7,200 27,993 127,295 896,176 21

High 4,275 6,000 6,950 7,075 7,250
Low 2,925 4,125 4,525 4,400 6,925
Close 4,200 5,450 4,725 7,050 7,200
Close* 4,200 5,450 4,725 7,050 7,200
PER (X) 21.61 24.12 24.04 34.16 34.89

PER Industry (X) 11.09 17.53 12.11 20.04 18.82
PBV (X) 3.09 3.79 2.96 4.20 4.29

Receivables 23,630 87,994 64,092 177,198 148,829

- - - - - 26,000
Inventories
Current Assets 4,090,141 3,996,741 4,531,117 3,746,345 3,641,372
19,500
Fixed Assets 10,327,354 15,945,902 422,507 593,028 701,727
Other Assets 259,058 440,239 289,155 130,965 121,561
13,000
Total Assets 18,952,129 21,432,134 24,753,551 28,366,345 31,857,948
Growth (%) 13.09% 15.50% 14.60% 12.31% 6,500

Growth (%) 15.10% 22.75% 16.93% 16.76%
10,867
Paid up Capital 3,400,000 3,400,000 3,400,000 3,400,000 3,400,000 11,436
9,788
8,359
Par Value 500 500 500 500 500
9,103

6,770
Total Equity 8,359,466 9,240,280 9,787,786 10,866,980 11,424,996

Growth (%) 10.54% 5.93% 11.03% 5.13% 4,437
Total Revenues 4,378,584 4,960,473 9,070,219 10,294,668 9,175,319

Growth (%) 13.29% 82.85% 13.50% -10.87%
-229
2010 2011 2012 2013 Dec-14
Expenses (Income) - 2,679,084 6,094,983 7,631,490 6,131,283
Operating Profit - 2,281,388 2,975,236 2,663,177 3,044,036 10,295
30.41% -10.49% 14.30% 9,070 9,175

Growth (%)
10,295
8,195
Other Income (Expenses) -511,843 -554,914 -919,979 -948,522 -1,222,062

4,960
Tax 291,854 407,651 519,445 476,835 606,642 4,379

3,994
Growth (%) 11.34% 16.45% -19.40% -1.82%

1,894
Current Ratio (%) 165.04 106.05 68.16 76.15 84.43
1,536
Dividend (Rp) 105.69 78.88 94.24 78.61 -
1,319
EPS (Rp) 175.51 196.98 235.60 196.52 206.39 1,184
1,238 1,215
BV (Rp) 1,229.33 1,358.86 1,439.38 1,598.09 1,680.15 1,223
DAR (X) 0.56 0.57 0.60 0.62 0.64

1.27 1.32 1.53 1.61 1.79
909
DER(X)
ROA (%) 6.25 6.15 6.20 4.36 3.81 596
ROE (%) 14.17 14.27 15.69 11.39 10.64

GPM (%) - - - - - 283
OPM (%) - 45.99 32.80 25.87 33.18

NPM (%) 27.05 26.59 16.93 12.02 13.25
-31
2010 2011 2012 2013 Dec-14

Payout Ratio (%) 60.22 40.04 40.00 40.00 -
Yield (%) 3.09 1.88 1.73 1.66 -

C
COOM
MPPA
ANNY
Y R
REEP
POOR
RTT
KLBF
KALBE FARMA TBK.
Company Profile
PT Kalbe Farma Tbk. was established dated September 10th, 1966, within the framework of
the Domestic Capital Investment Law.

The scope of activities of the Company comprises, among others, pharmaceuticals, trading
and representative. Currently, the Company is primarily engaged in the development,
manufacturing, and trading of pharmaceuticals preparation including medicines and
consumer health products. The Company started its commercial operations in 1966.

The Subsidiaries are engaged in the Pharmaceutical: PT Bintang Toedjoe, PT Hexpharm
Jaya Laboratories, PT Saka Farma Laboratories, PT Finusolprima Farma Internasional,
PT Bifarma Adiluhung, Innogene Kalbiotech Pte. Ltd., PT Dankos Farma, PT Pharma Metric
Labs., PT KalGen DNA. Health Foods and Drinks: PT Sanghiang Perkasa, PT Kalbe Morinaga
Indonesia, PT Hale International, PT Kalbe Milko Indonesia. Sale and Distribution: PT
Enseval Putera Megatrading Tbk., PT Tri Sapta Jaya, PT Millenia Dharma Insani, PT Enseval
Medika Prima, PT Global Chemindo Megatrading, PT Renalmed Tiara Utama, Kalbe Vision
Pte. Ltd., Kalbe International Pte. Ltd., Asiawide Kalbe Philippines, Inc.

The Company’s production plants is located at Kawasan Industri Delta Silicon, Jln. M.H.
Thamrin, Block A3‐1, Lippo Cikarang, Bekasi.

As of September 30th, 2014, the Group had a combined total of 12,134 permanent
employees.
February 2015
Disclaimer:

KLBF Kalbe Farma Tbk. [S]
Industry Sub Sector : Pharmaceuticals (53) Market Capitalization : 87,422,102,735,150
11 | 87.4T | 1.65% | 46.77%
13 | 22.0T | 1.52% | 40.74%

Established Date : 10-Sep-1966 1. PT Gira Sole Prima 4,767,872,885 : 10.17%
Listing Date : 30-Jul-1991 2. PT Santa Seha Sanadi 4,550,646,840 : 9.71%
Under Writer IPO : 3. PT Diptanala Bahana 4,447,970,440 : 9.49%
PT Merincorp 4. Lucasta Murni Cemerlang 4,439,895,440 : 9.47%
PT Niaga Securities 5. PT Ladang Ira Panen 4,319,452,940 : 9.21%
Securities Administration Bureau : 6. PT Bina Arta Charisma 4,058,666,540 : 8.66%
PT Adimitra Transferindo 7. Public (<5%) 20,290,617,025 : 43.29%
Plaza Property 2nd Fl. Komp. Pertokoan Pulomas Blok VIII No. 1
Jln. Perintis Kemerdekaan Jakarta 13210 DIVIDEND ANNOUNCEMENT
Phone : (021) 478-81515 (Hunting) Bonus Cash Recording Payment
F/I
Fax : (021) 470-9697 Year Shares Dividend Cum Date Ex Date Date Date
1991 200.00 16-Apr-92 20-Apr-92 27-Apr-92 29-May-92 F
BOARD OF COMMISSIONERS 1991 1: 1 20-Oct-92 21-Oct-92 28-Oct-92 16-Nov-92 B
1. Johannes Setijono 1992 60.00 09-Dec-92 10-Dec-92 17-Dec-92 15-Jan-93 I
2. Farid Anfasa Moeloek *) 1992 70.00 30-Jun-93 01-Jul-93 08-Jul-93 06-Aug-93 F
3. Ferdinand Aryanto 1993 10 : 3 & 10 : 7 75.00 07-Jun-94 08-Jun-94 15-Jun-94 15-Jul-94 F
4. Jozef Darmawan Angkasa 1994 50.00 29-Aug-94 30-Aug-94 06-Sep-94 06-Oct-94 I
5. Lucky Surjadi Slamet *) 1994 85.00 10-Jul-95 11-Jul-95 19-Jul-95 18-Aug-95 F
6. Santoso Oen 1995 115.00 09-Jul-96 10-Jul-96 18-Jul-96 15-Aug-96 F
*) Independent Commissioners 1996 75.00 23-Jul-97 24-Jul-97 01-Aug-97 29-Aug-97 F
1999 2.00 10-Nov-00 13-Nov-00 20-Nov-00 06-Dec-00 F
BOARD OF DIRECTORS 1999 100 : 88 10-Nov-00 13-Nov-00 20-Nov-00 06-Dec-00 F
1. Bernadette Ruth Irawaty Setiady 2002 2.00 25-Aug-03 26-Aug-03 28-Aug-03 11-Sep-03 F
2. Budi Dharma Wreksoatmodjo 2003 1.00 16-Aug-04 18-Aug-04 20-Aug-04 03-Sep-04 F
3. Bujung Nugroho 2005 3.00 05-Jul-05 06-Jul-05 08-Jul-05 22-Jul-05 F
4. Ongkie Tedjasurja 2006 10.00 14-Jun-07 15-Jun-07 19-Jun-07 03-Jul-07 I
5. Vidjongtius 2007 10.00 31-Jul-08 01-Aug-08 05-Aug-08 20-Aug-08 F
2008 12.50 29-Jul-09 30-Jul-09 03-Aug-09 14-Aug-09 F
AUDIT COMMITTEE 2009 25.00 15-Jul-10 16-Jul-10 20-Jul-10 30-Jul-10 F
1. Lucky Surjadi Slamet 2010 70.00 27-Jun-11 28-Jun-11 01-Jul-11 13-Jul-11 F
2. Kai Arief Iman Selomulya 2011 95.00 28-Jun-12 29-Jun-12 03-Jul-12 17-Jul-12 F
3. Kurniawan Tedjo 2012 19.00 13-Jun-13 14-Jun-13 18-Jun-13 02-Jul-13 F
2013 17.00 13-Jun-14 16-Jun-14 18-Jun-14 02-Jul-14 F
CORPORATE SECRETARY
Vidjongtius ISSUED HISTORY
Listing Trading
HEAD OFFICE No. Type of Listing Shares Date Date
Kalbe Building 3rd Fl. 1. First Issue 10,000,000 30-Jul-91 30-Jul-91
Jln. Let. Jend. Suprapto Kav. 4, Cempaka Putih 2. Partial Listing 10,000,000 T: 30-Jul-91 : 30-Jan-92
Jakarta - 10510 3. Koperasi 500,000 T: 27-Feb-92 : 31-Dec-99
Phone : (021) 428-73688, 894-243908 4. Company Listing 29,500,000 29-Apr-92 29-Apr-92
Fax : (021) 428-73678 5. Bonus Shares 2,026,400,000 T: 17-Nov-92 : 06-Dec-00
6. Right Issue 8,000,000 T: 14-May-93 : 25-Jun-93
Homepage : www.kalbe.co.id 7. Dividen Shares 32,400,000 18-Jul-94 18-Jul-94
Email : vidjongtius@kalbe.co.id 8. Stock Split 6,004,800,000 T: 07-Oct-96 : 02-Jan-04
info@kalbe.co.id 9. Additional Listing (Merger) 2,034,414,422 21-Dec-05 21-Dec-05
10. Stock Splits 40,624,057,688 08-Oct-12 08-Oct-12
11. Decrease in Issued and Fully Paid Shares -3,904,950,000 13-Dec-13 13-Dec-13

TRADING ACTIVITIES
Kalbe Farma Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
2,000 320 Jan-11 3,375 2,450 2,825 31,889 512,854 1,539,793 21
Feb-11 3,000 2,700 2,925 12,472 175,174 503,579 18
1,750 280 Mar-11 3,400 2,875 3,400 26,005 409,546 1,256,625 23
Apr-11 3,725 3,350 3,575 21,717 366,099 1,318,778 20
May-11 3,600 3,225 3,575 27,352 309,123 1,078,937 21
1,500 240
Jun-11 3,575 3,225 3,375 19,396 206,133 693,300 20
Jul-11 3,700 3,400 3,475 23,402 357,183 1,269,992 21
1,250 200
Aug-11 3,550 2,900 3,475 18,325 192,858 638,119 19
Sep-11 3,725 2,650 3,250 22,062 249,601 835,454 20
1,000 160
Oct-11 3,550 2,975 3,475 26,568 182,564 622,602 21
Nov-11 3,600 3,300 3,525 17,036 129,667 451,000 22
750 120 Dec-11 3,600 3,300 3,400 12,427 343,677 1,182,729 21
500 80 Jan-12 3,650 3,375 3,525 15,399 122,271 428,028 21

Feb-12 3,600 3,400 3,500 18,914 172,533 602,764 21
250 40 Mar-12 3,550 3,375 3,550 18,538 283,565 982,054 21
Apr-12 4,050 3,400 4,025 31,628 485,446 1,795,766 20
May-12 4,025 3,750 3,875 39,920 454,029 1,783,899 21
Jun-12 4,000 3,700 3,775 30,929 384,956 1,485,524 21
Jul-12 3,900 3,675 3,825 32,278 394,523 1,497,405 22
Aug-12 4,000 3,750 3,875 33,041 255,670 999,731 19
Sep-12 4,700 3,900 4,700 33,617 272,454 1,158,254 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-12 4,975 910 970 54,533 779,898 998,575 22
Consumer Goods Industry Index Nov-12 1,040 960 1,030 68,691 1,528,172 1,514,316 20
January 2011 - January 2015 Dec-12 1,150 980 1,060 53,129 1,506,913 1,585,510 18
210%
Jan-13 1,130 1,000 1,090 48,914 1,891,111 1,965,394 21
180% 180.5% Feb-13 1,300 1,070 1,290 69,492 1,682,306 1,946,563 20
Mar-13 1,380 1,190 1,240 51,451 1,724,553 2,181,688 19
150% Apr-13 1,390 1,200 1,390 51,858 1,928,884 2,479,590 22
May-13 1,560 1,320 1,450 67,894 1,973,262 2,887,922 22
120% Jun-13 1,450 1,130 1,440 76,854 1,752,293 2,311,851 19
109.6% Jul-13 1,500 1,300 1,430 100,827 1,558,750 2,191,524 23
Aug-13 1,510 1,110 1,350 71,639 1,391,354 1,888,689 17
90%
Sep-13 1,440 1,180 1,180 92,703 1,885,390 2,494,405 21
Oct-13 1,390 1,220 1,300 82,161 1,732,152 2,302,731 21
60%
Nov-13 1,370 1,200 1,220 55,361 1,256,613 1,624,072 20
41.9% Dec-13 1,260 1,160 1,250 54,113 1,220,791 1,480,756 19
30%
Jan-14 1,455 1,260 1,405 115,285 1,481,958 2,036,864 20

- Feb-14 1,480 1,360 1,450 90,285 1,393,045 1,969,357 20
Mar-14 1,495 1,400 1,465 100,433 1,431,485 2,067,755 20
-30% Apr-14 1,550 1,455 1,545 90,527 1,213,480 1,838,928 20
Jun-14 1,670 1,560 1,660 94,173 726,980 1,181,149 21
Jul-14 1,800 1,640 1,730 88,132 1,239,481 2,139,985 18
Value (Billion Rp) 11,391 14,832 25,755 22,039 1,700 Oct-14 1,715 1,595 1,705 92,218 1,088,205 1,816,283 23
Frequency (Thou. X) 259 431 823 1,088 67 Nov-14 1,795 1,650 1,750 77,230 739,375 1,265,949 20
Days 247 246 244 242 21 Dec-14 1,835 1,715 1,830 79,479 1,036,522 1,844,446 20
Price (Rupiah) Jan-15 1,880 1,775 1,865 67,451 931,699 1,699,637 21

High 3,725 4,975 1,560 1,835 1,880
Low 2,450 910 1,000 1,260 1,775
Close 3,400 1,060 1,250 1,830 1,865
Close* 680 1,060 1,250 1,830 1,865
PER (X) 22.43 30.38 30.53 43.27 44.10

PER Industry (X) 16.22 19.75 15.98 24.22 25.21
PBV (X) 5.30 7.30 6.89 9.30 9.48

Receivables 1,363,957 1,635,311 1,938,156 2,273,379 2,416,777

1,561,382 1,705,189 2,115,484 3,053,495 3,049,478 10,000
Inventories
Current Assets 5,031,545 5,956,123 6,441,711 7,497,319 7,874,202
7,500
Fixed Assets 1,605,266 1,860,288 2,254,763 2,925,547 3,253,620
Other Assets 37,325 286,899 - 357,861 353,807
5,000
Total Assets 7,032,497 8,274,554 9,417,957 11,315,061 12,017,763
Growth (%) 17.66% 13.82% 20.14% 6.21% 2,500

Growth (%) 39.53% 16.36% 37.57% -0.69%
Authorized Capital 850,000 850,000 1,700,000 850,000 850,000 9,222
Paid up Capital 507,801 507,801 507,801 507,801 468,751 9,222
8,500
Par Value 50 50 50&10 10 10
7,341
6,516
5,772
5,459
Total Equity 5,771,917 6,515,935 7,371,644 8,499,958 9,222,109

Growth (%) 12.89% 13.13% 15.31% 8.50% 3,578
Total Revenues 10,226,789 10,911,860 13,636,405 16,002,131 12,758,469

Growth (%) 6.70% 24.97% 17.35%
-184
2010 2011 2012 2013 Sep-14
Cost of Revenues 5,060,404 5,360,687 7,102,971 8,323,018 6,627,471

Gross Profit 5,166,386 5,551,173 6,533,434 7,679,113 6,130,999
Expenses (Income) 3,395,951 3,563,914 4,225,417 5,106,591 4,143,179
Growth (%)
16,002
13,636
12,758
10,912
12,738
Tax 426,636 464,303 532,918 602,070 461,789

Growth (%) 13.33% 16.56% 11.01%

2,944
Current Ratio (%) 438.87 365.27 340.54 283.93 301.66
1,970
Dividend (Rp) 70.00 95.00 19.00 17.00 - 1,970
1,775
EPS (Rp) 126.66 145.95 28.45 37.80 31.72 1,523 1,526
BV (Rp) 568.33 641.58 120.97 167.39 196.74 1,568
1,344
DAR (X) 0.18 0.21 0.22 0.25 0.23
0.22 0.27 0.28 0.33 0.30
1,167
DER(X)
ROA (%) 19.11 18.41 18.85 17.41 12.70 765
ROE (%) 23.28 23.37 24.08 23.18 16.55

GPM (%) 50.52 50.87 47.91 47.99 48.05 363
OPM (%) - - - - -
NPM (%) 13.14 13.96 13.02 12.31 11.96
-39
2010 2011 2012 2013 Sep-14

Payout Ratio (%) 55.27 65.09 66.77 44.97 -
Yield (%) 2.15 2.79 1.79 1.36 -

COMPANY REPORT
LPKR
LIPPO KARAWACI TBK.
Company Profile
PT Lippo Karawaci Tbk. was established under the name PT Tunggal Reksakencana dated
October 15th, 1990.
The Company’s scope of activities include real estate, urban development, land purchasing
and clearing, land cut and fill, land development and excavation, infrastructure
development planning, developing, leasing, selling and managing of buildings, houses,
offices and industrial estates, hotels, hospitals, commercial centers and sports centers,
supporting infrastructure, including but not limited to golf courses, club houses,
restaurants, other entertainment centers, medical laboratories, medical pharmacies and
related facilities, directly or by investment or capital divestment; build and operate
environment infrastructure, build and manage public facilities and accommodation services
and operating activities in services consisting of public transportation, security services and
other supporting services, except for legal and taxation services.
The main activities of the Company include urban development, large scale integrated
development, retail malls, healthcare, hospitals & infrastructure, also property & portfolio
management.
The Company creates well-planned developments that circumvent traffic congestion, are
flood-free, and possess world-class infrastructure. The Company is driven by its vision of
impacting lives, while continuously creating value for its stakeholders. The needs of the
growing middle, upper middle and upper classes of Indonesia are met by the quality of the
services offered through each business segment, while sustainable growth is achieved
through a balanced portfolio of development projects supported and sustained by a stable
level of recurring income from healthcare, hotel leisure & hospitality, infrastructure, and
fee-based income as Retail Estate Investment Trust (REIT) and property managers.
The company is one of the incorporated in the business group Lippo Group.
As of September 30th, 2014, the Company and subsidiaries had 10,540 employees.
February 2015
Disclaimer:

LPKR Lippo Karawaci Tbk. [S]
34 | 26.2T | 0.50% | 67.70%
12 | 24.2T | 1.66% | 39.23%

Established Date : 15-Oct-1990 1. Pacific Asia Holding Ltd. 3,676,619,908 : 15.93%
Listing Date : 28-Jun-1996 2. Credit Suisse AG SG Traccl PT Metropolis Propertindo 1,212,280,000 : 5.25%
Under Writer IPO : 3. Bank Julius Baer And Co Ltd S/A Pacific Asia Holding 450,000,000 : 1.95%
PT Pentasena Arthasentosa 4. Public (<5%) 17,738,789,711 : 76.87%
PT Sharestar Indonesia DIVIDEND ANNOUNCEMENT
Beritasatu Plasa 7th Fl. Bonus Cash Recording Payment
F/I
Jln. Jend. Gatot Subroto Kav. 35 - 36 Jakarta 12950 Year Shares Dividend Cum Date Ex Date Date Date
Phone : (021) 527-7966 1995 40.00 05-Dec-96 06-Dec-96 16-Dec-96 14-Jan-97 F
Fax : (021) 527-7967 1997 10.00 13-Jan-98 14-Jan-98 22-Jan-98 20-Feb-98 F
2005 10.00 19-Aug-05 22-Aug-05 24-Aug-05 08-Sep-05
BOARD OF COMMISSIONERS 2005 9.99 01-Dec-06 04-Dec-06 06-Dec-06 20-Dec-06 F
1. Theo L. Sambuaga 2006 4.62 04-Dec-07 05-Dec-07 07-Dec-07 27-Dec-07 F
2. Agum Gumelar *) 2010 2.88 11-Nov-10 12-Nov-10 16-Nov-10 01-Dec-10 I
3. Benny Haryanto Djie 2010 4.33 05-Oct-11 06-Oct-11 10-Oct-11 24-Oct-11 F
4. Farid Harianto *) 2011 7.79 27-Aug-12 28-Aug-12 30-Aug-12 13-Sep-12 F
5. Muladi *) 2012 11.85 29-Nov-13 02-Dec-13 04-Dec-13 18-Dec-13 F
6. Surjadi Soedirdja *) 2013 14.05 02-Dec-14 03-Dec-14 05-Dec-14 19-Dec-14 F
7. Sutiyoso *)
8. Tanri Abeng *) ISSUED HISTORY
9. Viven Gouw Setiabudi Listing Trading
*) Independent Commissioners No. Type of Listing Shares Date Date
1. First Issue 30,800,000 28-Jun-96 28-Jun-96
BOARD OF DIRECTORS 2. Company Listing 244,000,000 T: 28-Jun-96 : 28-Feb-97
1. Ketut Budi Wijaya 3. Convertible Bond 105,072,500 28-Jun-96 28-Jun-96
2. Djoko Harjono 4. Right Issue 5,815,239,737 T: 16-Jan-98 : 30-Dec-10
3. Jenny Kuistono 5. Add Listing (Merger) 1,063,275,250 02-Aug-04 02-Aug-04
4. Ninik Prajitno 6. Warrant 279,099 T: 28-Jul-05 : 17-May-06
5. Rahmawaty 7. Stock Split 13,314,419,679 T: 28-Jul-06 : 26-Dec-07
6. Tjokro Libianto 8. Warrant I 1,054,603,354 T: 23-Nov-06 : 05-Dec-07
7. Stephen Choo Kooi Yoon 9. Additional Listing without RI 1,450,000,000 08-Jun-11 08-Jun-11
AUDIT COMMITTEE
1. Muladi
2. Indra Simarta
3. Herbudianto
CORPORATE SECRETARY
Jenny Kuistono
HEAD OFFICE
Menara Matahari 22nd Fl., Jln. Boulevard Palem Raya No. 7
Lippo Karawaci
Tangerang - 15811
Phone : (021) 256-69000
Fax : (021) 256-69099
Homepage : www.lippokarawaci.co.id
Email : corsec@lippokarawaci.co.id

TRADING ACTIVITIES
Lippo Karawaci Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
2,000 2,400 Jan-11 750 510 570 28,801 3,093,422 1,933,172 21
Feb-11 610 500 540 18,516 2,130,767 1,182,383 18
1,750 2,100 Mar-11 620 530 610 19,855 2,184,902 1,233,282 23
Apr-11 810 590 780 18,261 2,741,114 1,948,330 20
May-11 810 610 680 22,025 4,006,475 2,803,561 21
1,500 1,800
Jun-11 680 620 650 18,941 3,595,616 2,349,313 20
Jul-11 780 630 780 23,869 1,698,345 1,189,915 21
1,250 1,500
Aug-11 870 640 740 27,728 2,175,672 1,672,375 19
Sep-11 760 620 680 26,990 1,736,178 1,226,393 20
1,000 1,200
Oct-11 680 570 640 23,229 1,379,677 873,259 21
Nov-11 680 600 630 11,310 988,661 630,004 22
750 900 Dec-11 680 620 660 10,394 891,879 575,944 21
500 600 Jan-12 690 650 670 7,523 673,010 452,467 21

Feb-12 730 660 700 10,764 1,138,080 798,503 21
250 300 Mar-12 830 680 800 16,038 1,807,733 1,321,460 21
Apr-12 850 790 830 12,981 1,125,450 926,085 20
May-12 830 740 790 7,519 1,009,310 813,505 21
Jun-12 810 720 800 8,994 864,314 662,445 21
Jul-12 910 790 890 11,596 1,077,348 903,591 22
Aug-12 1,010 830 870 14,052 1,025,678 946,477 19
Sep-12 990 870 990 10,666 710,159 659,702 20
Property, Real Estate and Bulding Construction Index Nov-12 1,090 910 1,070 22,082 1,517,269 1,484,768 20
January 2011 - January 2015 Dec-12 1,120 970 1,000 18,552 1,234,505 1,262,027 18
180%
175.4%
Jan-13 1,050 980 1,030 18,954 1,044,107 1,060,012 21
150% Feb-13 1,130 1,000 1,130 19,101 1,320,934 1,410,229 20
Mar-13 1,380 1,100 1,370 27,626 1,944,365 2,354,312 19
Apr-13 1,420 1,270 1,350 47,000 1,764,716 2,375,613 22
120% May-13 1,840 1,330 1,840 69,663 4,005,347 6,269,291 22
Jun-13 1,850 1,400 1,520 56,929 2,584,811 4,219,775 19
90% Jul-13 1,520 1,070 1,280 59,085 2,688,034 3,436,476 23
Aug-13 1,420 850 1,150 45,795 1,988,899 2,346,408 17
Sep-13 1,370 930 1,090 64,901 2,818,915 3,229,906 21
60% 59.9% Oct-13 1,190 990 1,130 68,222 2,516,548 2,710,895 21
41.9% Nov-13 1,150 860 910 41,217 2,116,780 2,026,117 20
30% Dec-13 990 870 910 29,306 1,988,284 1,817,800 19
Jan-14 1,000 855 950 37,016 2,155,619 2,024,577 20

-
Feb-14 960 910 940 39,852 2,392,473 2,240,643 20
Mar-14 1,295 920 1,085 61,757 2,407,412 2,582,770 20
-30% Apr-14 1,220 1,040 1,070 47,022 1,840,563 2,076,457 20
Jun-14 1,065 930 960 28,924 1,476,320 1,487,519 21
Jul-14 1,180 945 1,100 38,898 2,232,519 2,453,791 18
Volume (Million Sh.) 26,623 12,933 26,782 23,222 2,548 Sep-14 1,080 935 940 49,324 1,734,697 1,771,314 22
Value (Billion Rp) 17,618 10,947 33,257 24,164 2,691 Oct-14 1,080 885 1,070 68,627 2,797,512 2,764,165 23
Frequency (Thou. X) 250 153 548 527 60 Nov-14 1,180 1,005 1,165 33,157 1,493,052 1,613,526 20
Days 247 246 244 242 21 Dec-14 1,195 970 1,020 49,252 1,979,358 2,101,691 20
Price (Rupiah) Jan-15 1,155 980 1,135 59,914 2,548,120 2,690,503 21

High 870 1,120 1,850 1,295 1,155
Low 500 650 850 855 980
Close 660 1,000 910 1,020 1,135
Close* 660 1,000 910 1,020 1,135
PER (X) 26.26 9.30 17.10 16.76 18.65

PER Industry (X) 11.09 17.34 9.57 16.29 17.39
PBV (X) 1.62 2.01 1.48 1.44 1.60

Receivables 875,949 923,556 605,801 781,409 904,523

7,068,539 7,892,171 10,504,910 13,894,009 17,052,382 29,000
Inventories
Investment 534,224 2,963,651 85,784 130,431 117,659
21,750
Fixed Assets 1,206,375 210,276 2,222,377 2,810,892 3,041,393
Other Assets 269,536 419,508 - 60,968 96,673
14,500
Total Assets 16,155,385 18,259,171 24,869,296 31,300,362 35,676,691
Growth (%) 13.02% 36.20% 25.86% 13.98% 7,250
Bank Payable - 70,825 59,680 102,933 -

Growth (%) 10.96% 51.40% 27.79% 12.56%
Paid up Capital 2,162,769 2,307,769 2,307,769 2,307,769 2,307,769 16,403
14,178
Par Value 100 100 100 100 100
13,057
11,470

9,711
8,179
Total Equity 8,179,417 9,409,018 11,470,106 14,177,573 16,403,127
Growth (%) 15.03% 21.91% 23.60% 15.70% 6,364
Total Revenues 3,125,313 4,189,580 6,160,214 6,666,214 6,120,999

Growth (%) 34.05% 47.04% 8.21%
-328
2010 2011 2012 2013 Sep-14
Cost of Revenues 1,601,542 2,293,260 3,339,267 3,619,572 3,253,673

Gross Profit 1,523,770 1,896,320 2,820,947 3,046,643 2,867,326
Operating Expenses 694,474 968,324 1,271,753 1,103,623 1,136,375
Operating Profit - 927,996 1,549,193 1,943,020 1,730,951 6,666
6,160 6,121
Growth (%) 66.94% 25.42%
6,666
5,306
Other Income (Expenses) - 56,814 27,895 -18,190 -77,835 4,190

Income before Tax 719,254 984,810 1,577,088 1,924,830 1,653,116
3,125
3,946
Tax 124,733 170,716 254,241 332,339 235,291

Profit for the period 594,521 814,094 1,322,847 1,592,491 1,417,825 2,586
Growth (%) 36.93% 62.49% 20.38%

1,227
Period Attributable 525,346 708,282 1,060,222 1,228,230 1,053,466 -133
Comprehensive Income 568,603 579,917 2,482,548 1,676,148 1,685,589 2010 2011 2012 2013 Sep-14
Comprehensive Attributable 499,428 474,105 2,219,923 1,311,887 1,321,231
Dividend (Rp) 7.21 7.79 11.85 14.05 -
1,592
EPS (Rp) 24.29 30.69 45.94 53.22 45.65 1,592
1,418
BV (Rp) 378.19 407.71 497.02 614.34 710.78 1,323
DAR (X) 0.49 0.48 0.54 0.55 0.54 1,268
DER(X) 0.98 0.94 1.17 1.21 1.17

814
3.68 4.46 5.32 5.09 3.97
943
ROA (%)
595
ROE (%) 7.27 8.65 11.53 11.23 8.64 618
GPM (%) 48.76 45.26 45.79 45.70 46.84

OPM (%) - 22.15 25.15 29.15 28.28 293
NPM (%) 19.02 19.43 21.47 23.89 23.16

Payout Ratio (%) 29.68 25.38 25.79 26.40 -
-32
2010 2011 2012 2013 Sep-14

Yield (%) 1.06 1.18 1.19 1.54 -

COMPANY REPORT
LPPF
MATAHARI DEPARTMENT STORE TBK.
Company Profile
PT Matahari Department Store Tbk. was established under the name PT Stephens Utama
International Leasing Corp. dated April 1st, 1982. The Company started its commercial
operations in 1982.
Since 30 October 2009, th Company has engaged in the reail bussiness for several types of
products such as clothes, accessories, bags, shoes, cosmetics, and household appliances,
and management consulting service.
The Company’s operational head office is located in Menara Matahari 15th Fl., Jln.
Boulevard Palem Raya No. 7, Lippo Karawaci - Tangerang, Banten, and the stores are
located in cities throughout Indonesia. As of 30 September 2014, the Company operates
126 stores.
Parent company is PT Indonesia Meadow and PT Indonesia Meadow parent company is

Meadow Asia Holding Ltd., a company domiciled in Cayman Islands.
February 2015
Disclaimer:

LPPF Matahari Department Store Tbk.
Development Board Individual Index : 351.767
Industry Sub Sector : Retail Trade (93) Market Capitalization : 45,300,678,192,000
22 | 45.3T | 0.86% | 59.96%
11 | 24.6T | 1.69% | 37.56%

Established Date : 01-Apr-1982 1. PT Multipolar Tbk. 597,529,500 : 20.48%
Listing Date : 09-Oct-1989 2. Asia Color Company Limited 175,051,631 : 6.00%
PT Aseam Indonesia
PT Finconesia DIVIDEND ANNOUNCEMENT
PT Multicor Bonus Cash Recording Payment
F/I
PT Bank Pembangunan Indonesia Year Shares Dividend Cum Date Ex Date Date Date
PT Danareksa 1990 5:1 50.00 11-Jul-90 12-Jul-90 20-Jul-90 22-Aug-90 I
PT Sharestar Indonesia 1991 1 :2 175.00 13-Jul-92 14-Jul-92 21-Jul-92 11-Aug-92 F
Beritasatu Plasa 7th Fl. 1992 75.00 10-Jun-93 11-Jun-93 19-Jun-93 19-Jul-93 F
Jln. Jend. Gatot Subroto Kav. 35 - 36 Jakarta 12950 1993 5:1 50.00 21-Jul-94 22-Jul-94 29-Jul-94 26-Aug-94 F
Phone : (021) 527-7966 1994 75.00 23-Jun-95 26-Jun-95 04-Jul-95 03-Aug-95 F
1996 50.00 07-Jul-97 08-Jul-97 16-Jul-97 15-Aug-97 F
BOARD OF COMMISSIONERS 2010 32.25 10-Jun-11 13-Jun-11 15-Jun-11 30-Jun-11 F
1. John Bellis *) 2010 14.00 22-Aug-11 23-Aug-11 25-Aug-11 15-Sep-11 F
2. Henry Jani Liando 2013 157.70 11-Jun-14 12-Jun-14 16-Jun-14 30-Jun-14 F
3. Jonathan Limbong Parapak *)
4. Rene Mang Wing Ming ISSUED HISTORY
5. Sigit Prasetya Listing Trading
6. William Travis Saucer No. Type of Listing Shares Date Date
*) Independent Commissioners 1. First Issue 2,140,000 09-Oct-89 09-Oct-89
2. Partial Listing 2,250,000 12-Apr-90 24-Apr-90
BOARD OF DIRECTORS 3. Bonus Shares 878,000 27-Aug-90 27-Aug-90
1. Bunjamin Jonathan Mailool 4. Bonus Shares 10,536,000 13-Aug-92 13-Aug-92
2. Andre Rumantir 5. Dividen Shares 3,160,800 02-Sep-94 02-Sep-94
3. Andy N. Purwohardono 6. Company Listing 11,880,000 11-Jun-97 11-Jun-97
4. Larry Michael Remsen 7. Right Issue 1,295,481,600 19-Jul-01 19-Jul-01
5. Wai Hoong Fock 8. Reverse Stocks -1,061,061,120 09-Nov-09 09-Nov-09
AUDIT COMMITTEE
1. John Bellis
2. Isnandar Rachmat Ali
3. Prawiro Widjaja
CORPORATE SECRETARY
Miranti Hadisusilo
HEAD OFFICE
Menara Matahari 15th Fl.
Jln. Bulevar Palem Raya No. 7, Lippo Karawaci - 1200
Tangerang - 15811
Phone : (021) 546-9333, 547-5333, 547-5758
Fax : (021) 547-5650
Homepage :-
Email : miranti.hadisusilo@matahari.co.id

TRADING ACTIVITIES
Matahari Department Store Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
18,000 3,200 Jan-11 - - 2,550 1 0.3 0.8 1
Feb-11 - - 2,550 - - - -
15,750 2,800 Mar-11 2,700 2,550 2,700 3 3 8 2
Apr-11 2,550 2,550 2,550 1 0.5 1 1
May-11 2,550 2,550 2,550 1 1 3 1
13,500 2,400
Jun-11 2,400 2,400 2,400 2 1 2 1
Jul-11 2,750 2,400 2,700 8 4 10 2
11,250 2,000
Aug-11 - - 2,700 - - - -
Sep-11 - - 2,700 3 2,863,941 7,749,826 1
9,000 1,600
Oct-11 2,700 2,700 2,700 2 1 3 1
Nov-11 3,000 2,800 3,000 4 4 10 3
6,750 1,200 Dec-11 3,000 2,300 2,400 6 5 12 4
4,500 800 Jan-12 2,300 2,300 2,300 5 21 47 2

Feb-12 - - 2,300 - - - -
2,250 400 Mar-12 - - 2,300 - - - -
Apr-12 2,300 2,300 2,300 4 11 24 4
May-12 2,500 2,500 2,500 2 2 5 2
Jun-12 - - 2,500 - - - -
Jul-12 2,500 2,500 2,500 3 17 43 3
Aug-12 2,600 2,500 2,600 3 7 18 2
Sep-12 2,700 2,700 2,700 1 1 3 1
Closing Price*, Jakarta Composite Index (IHSG) and Oct-12 - - 2,700 - - - -
Trade, Sevices and Investment Index Nov-12 - - 2,700 - - - -
January 2011 - January 2015 Dec-12 - - 2,700 - - - -
595%
Jan-13 - - 2,700 - - - -
510% 508.8% Feb-13 3,375 2,500 3,375 8 8 20 2
Mar-13 11,550 4,200 11,000 5,694 2,299,282 17,961,295 5
425% Apr-13 12,200 11,000 12,100 16,693 158,212 1,822,277 22
May-13 14,200 11,950 13,000 15,960 94,072 1,243,071 22
340% Jun-13 13,050 9,750 11,600 20,216 159,803 1,792,094 19
Jul-13 13,250 10,500 12,450 19,188 99,430 1,158,399 23
Aug-13 14,500 10,500 12,450 39,379 254,031 3,143,021 17
255%
Sep-13 13,600 10,000 10,500 30,316 109,528 1,229,329 21
Oct-13 13,300 10,300 12,300 15,842 54,281 633,331 21
170%
Nov-13 12,200 10,550 11,550 15,927 65,331 745,396 20
Dec-13 11,400 10,300 11,000 14,073 45,788 493,022 19
85% 93.3%
41.9% Jan-14 13,075 10,800 11,625 32,152 56,432 661,262 20

- Feb-14 15,000 11,475 14,000 47,132 131,382 1,738,718 20
Mar-14 15,000 12,900 13,900 50,174 338,527 4,466,054 20
-85% Apr-14 15,500 13,675 15,000 44,656 114,974 1,700,858 20
Jun-14 14,550 13,500 13,800 37,570 61,124 855,042 21
Jul-14 15,450 13,475 14,500 36,632 83,450 1,204,403 18
Volume (Million Sh.) 2,864 0.06 3,340 1,724 447 Sep-14 17,100 15,650 16,225 66,159 97,910 1,593,883 22
Value (Billion Rp) 7,750 0.1 30,221 24,572 6,762 Oct-14 16,350 14,250 14,625 54,089 112,386 1,724,398 23
Frequency (Thou. X) 0.03 0.02 193 568 59 Nov-14 15,700 14,025 15,000 47,206 75,862 1,121,722 20
Days 17 14 191 242 21 Dec-14 15,850 14,025 15,000 52,839 99,075 1,469,530 20
Price (Rupiah) Jan-15 16,200 14,125 15,525 58,908 446,605 6,762,194 21

High 3,000 2,700 14,500 18,000 16,200
Low 2,300 2,300 2,500 10,800 14,125
Close 2,400 2,700 11,000 15,000 15,525
Close* 2,400 2,700 11,000 15,000 15,525
PER (X) 15.04 10.22 27.91 30.96 32.04

PER Industry (X) 16.89 19.08 15.42 22.13 22.53
PBV (X) -2.59 -4.08 -41.08 -241.68 -250.14

Cash & Cash Equivalents 956,105 918,974 999,872 772,217 785,895 6,250
Receivables 23,723 66,273 73,574 62,932 109,381

400,784 462,013 519,601 723,809 955,231 5,000
Inventories
Current Assets 1,471,328 1,567,335 1,744,220 1,703,067 2,117,507
3,750
Fixed Assets 572,099 622,891 694,005 727,186 725,954
Other Assets 12,044 15,796 21,908 28,268 24,577
2,500
Total Assets 5,413,870 2,422,472 2,929,752 2,936,882 3,408,372
Growth (%) -55.25% 20.94% 0.24% 16.05% 1,250

Long Term Liabilities 2,874,728 3,416,580 2,691,079 1,828,073 712,261 2010 2011 2012 2013 Dec-14
Growth (%) 18.10% -5.14% -23.51% -13.11%
Paid up Capital 386,794 386,794 386,794 386,794 386,794 1,074

178
Par Value 5,000 & 350 & 100 5,000 & 350 & 100 5,000 & 350 & 100 5,000 & 350 & 100 5,000 & 350 & 100
319
2011 2012 2013
Retained Earnings 492,262 482,727 1,253,608 2,403,768 3,362,730

-436 2010 Dec-14
Total Equity 1,074,248 -2,702,413 -1,931,532 -781,372 177,590
Growth (%) N/A 28.53% 59.55% N/A -1,192 -781
INCOME STATEMENTS Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 -1,947
4,091,903 4,700,712 5,616,932 6,754,326 7,925,547 -1,932

Total Revenues
Growth (%) 14.88% 19.49% 20.25% 17.34%
-2,702
-2,702
Cost of Revenues 1,458,713 1,595,216 1,910,789 2,391,274 2,877,507

Gross Profit 2,633,190 3,105,496 3,706,143 4,363,052 5,048,040
Expenses (Income) 1,539,854 1,864,195 2,121,792 2,548,184 2,964,128
Growth (%) 13.53% 27.64% 14.55% 14.82% 6,754

6,729
5,617
Other Income (Expenses) -234,742 -505,707 -425,356 -291,246 -233,368 5,352
4,701
Tax 234,057 269,946 388,114 373,462 431,426 3,974
Profit for the period 624,537 465,648 770,881 1,150,160 1,419,118 2,596
Growth (%) -25.44% 65.55% 49.20% 23.38%

1,218
Period Attributable 624,537 465,648 770,881 1,150,160 1,419,118 -160
Comprehensive Income 624,537 465,648 770,881 1,150,160 1,419,118 2010 2011 2012 2013 Dec-14
Comprehensive Attributable 624,537 465,648 770,881 1,150,160 1,419,118
Current Ratio (%) 100.44 91.75 80.37 90.10 84.08
1,419
Dividend (Rp) 46.25 - - 157.70 -
1,378
EPS (Rp) 214.04 159.58 264.19 394.17 486.35 1,150

BV (Rp) 368.16 -926.14 -661.96 -267.78 60.86 1,143
DAR (X) 0.80 2.12 1.66 1.27 0.95 909
771
DER(X) 4.04 -1.90 -2.52 -4.76 18.19 625
ROA (%) 11.54 19.22 26.31 39.16 41.64
674
466
ROE (%) 58.14 -17.23 -39.91 -147.20 799.10 439
GPM (%) 64.35 66.06 65.98 64.60 63.69 205
OPM (%) 26.72 26.41 28.21 26.87 26.29

NPM (%) 15.26 9.91 13.72 17.03 17.91
-30
2010 2011 2012 2013 Dec-14

Payout Ratio (%) 21.61 - - 40.01 -
Yield (%) 1.81 - - 1.43 -

CC O
OMM PP A
ANN YY RR EE PP O
O RR TT
LSIP
PP LONDON SUMATRA INDONESIA TBK.
Company Profile
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk. was established December

18th, 1962. The Company commenced its commercial operations in 1963 and engaged in
the plantation business located in North Sumatera, South Sumatera, Java, East Kalimantan,
North Sulawesi, and South Sulawesi with a total planted area of 110,656 hectares as of
September 30th, 2014. The main products are crude palm oil and rubber, and small
quantities of cocoa, tea and seeds.
The Company is domiciled in Jakarta with operational branch offices located in Medan,
Palembang, Makassar, Surabaya and Samarinda. The Company’s registered office address
is at Prudential Tower 15th Fl., Jln. Jend. Sudirman Kav. 79, Jakarta.
Lonsum’s 38 inti estates (Company owned) and 14 plasma estates (smallholder farmer),
which are currently operational in Sumatra, Java, Kalimantan and Sulawesi, make use of
advanced research and development as well as agro-management expertise and a highly
skilled and an experienced workforce. The scope of the business has broadened to include
plant breeding, planting, harvesting, milling, processing and the selling of palm products,
rubber, cocoa and tea. The Company now has 20 factories which are operational in
Sumatra, Java and Sulawesi. Lonsum is known in the industry for the quality of its oil palm
an cocoa seeds, and this high-tech business is now a major growth driver for the Company.
In addition to the development of its own plantations, the Company is developing

plantations on behalf of local smallholders (plasma plantations) in line with the “nucleus-
plasma” plantation scheme that was selected when the Company expanded its plantations.
PT Salim Ivomas Pratama Tbk. (SIMP) and First Pacific Company Limited, Hong Kong, are
the parent company and the ultimate parent company of the Group. As of September 30th,
2014, the Group has a total of 14,952 permanent employees.
The subsidiaries controlled by the Company either directly or indirectly are as follows:
• PT Multi Agro Kencana Prima,
• Lonsum Singapore Pte. Ltd.,
• PT Tani Musi Persada,
• PT Sumatra Agri Sejahtera,
• PT Tani Andalas Sejahtera,
• Agri Investments Pte., Ltd., and
• Sumatera Bioscience Pte. Ltd. Singapore.
February 2015
Disclaimer:

LSIP PP London Sumatra Indonesia Tbk. [S]
72 | 12.6T | 0.24% | 80.77%
26 | 15.3T | 1.05% | 56.55%

Established Date : 18-Dec-1962 1. PT Salim Ivomas Pratama 4,058,425,010 : 59.48%
Under Writer IPO :
F/I
Plaza Central Building 2nd Fl. 1996 10 : 14 23-Jul-97 24-Jul-97 01-Aug-97 25-Aug-97 B
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1996 110.00 23-Jul-97 24-Jul-97 01-Aug-97 25-Aug-97 F
2008 208.00 26-May-09 27-May-09 29-May-09 05-Jun-09 F
1. Franciscus Welirang 2010 61.00 16-Jun-11 17-Jun-11 21-Jun-11 06-Jul-11 F
2. Axton Salim 2011 100.00 05-Jun-12 06-Jun-12 08-Jun-12 22-Jun-12 F
3. Edy Sugito *) 2012 66.00 14-Jun-13 17-Jun-13 19-Jun-13 03-Jul-13 F
4. Hans Ryan Aditio 2013 46.00 16-Jun-14 17-Jun-14 19-Jun-14 03-Jul-14 F
5. Hendra Widjaja
6. Monang Silalahi *) ISSUED HISTORY
7. Tengku Alwin Aziz *) Listing Trading
8. Werianty Setiawan No. Type of Listing Shares Date Date
*) Independent Commissioners 1. First Issue 38,800,000 05-Jul-96 05-Jul-96
2. Company Listing 163,538,872 05-Jul-96 05-Jul-96
BOARD OF DIRECTORS 3. Bonus Shares 283,274,421 26-Aug-97 26-Aug-97
1. Benny Tjoeng 4. Additional Listing without RI 280,096,500 24-Jun-04 24-Jun-04
2. Joefly Joesoef Bahroeny 5. Mandatory Convertible Note Conversion 329,519,500 22-Sep-04 22-Sep-04
3. Mark Julian Wakeford 6. Mandatory Convertible Note Conversion 269,343,500 02-Nov-07 02-Nov-07
4. Moleonoto (Paulus Moleonoto) 7. Stock Splits 5,458,291,172 25-Feb-11 25-Feb-11
5. Tio Eddy Hariyanto
6. Tjhie The Fie (Thomas Tjhie)
AUDIT COMMITTEE
1. Monang Silalahi
2. Hendra Susanto
3. Timotius
CORPORATE SECRETARY
Endah Resmiati Madnawidjaja
HEAD OFFICE
Prudential Tower 15th Fl.
Jln. Jend. Sudirman Kav. 79
Jakarta - 12910
Phone : (021) 5795-7718
Fax : (021) 5795-7719
Homepage : www.londonsumatra.com
Email : endah.resmiati@londonsumatra.com
lonsum@londonsumatra.com

TRADING ACTIVITIES
PP London Sumatra Indonesia Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
3,200 160 Jan-11 13,000 11,200 11,800 12,316 71,801 867,920 21
Feb-11 12,000 2,100 2,150 13,520 97,341 931,577 18
2,800 140 Mar-11 2,425 2,125 2,275 23,339 518,476 1,182,549 23
Apr-11 2,475 2,275 2,450 12,961 380,973 906,012 20
May-11 2,525 2,300 2,425 16,005 365,400 882,264 21
2,400 120
Jun-11 2,450 2,250 2,325 9,902 243,655 567,749 20
Jul-11 2,425 2,225 2,350 10,700 261,351 607,726 21
2,000 100
Aug-11 2,425 2,100 2,400 10,196 209,783 487,230 19
Sep-11 2,450 1,710 2,050 13,810 122,610 261,295 20
1,600 80
Oct-11 2,300 1,730 2,200 18,353 270,922 553,930 21
Nov-11 2,400 2,050 2,375 10,456 225,400 514,122 22
1,200 60 Dec-11 2,400 2,075 2,250 10,742 159,936 354,428 21
800 40 Jan-12 2,500 2,175 2,425 11,452 198,053 474,007 21

Feb-12 2,825 2,425 2,650 14,768 308,800 813,243 21
400 20 Mar-12 3,000 2,600 2,875 16,140 255,649 715,984 21
Apr-12 3,150 2,775 2,925 13,819 275,157 807,841 20
May-12 2,925 2,275 2,400 17,778 343,268 870,742 21
Jun-12 2,775 2,375 2,675 14,991 205,735 529,766 21
Jul-12 3,050 2,625 2,750 13,935 313,397 887,075 22
Aug-12 2,925 2,400 2,400 15,952 412,381 1,090,181 19
Sep-12 2,600 2,325 2,450 16,586 456,401 1,129,082 20
Agriculture Index Nov-12 2,450 1,840 1,870 13,104 264,249 577,970 20
60%
Jan-13 2,525 2,150 2,200 17,678 323,112 747,259 21
40% 41.9% Feb-13 2,325 2,025 2,075 14,561 260,360 572,168 20
Mar-13 2,125 1,810 1,930 22,788 292,084 572,071 19
Apr-13 1,930 1,520 1,520 18,150 267,715 477,137 22
20% May-13 1,940 1,490 1,920 24,889 393,131 672,303 22
Jun-13 1,980 1,670 1,720 34,477 528,876 966,936 19
- Jul-13 1,740 1,120 1,120 39,032 633,985 848,808 23
-3.2%
Aug-13 1,500 960 1,490 41,005 883,004 1,082,001 17
Sep-13 1,670 1,260 1,270 42,086 794,744 1,163,598 21
-20%
Oct-13 1,640 1,230 1,600 32,600 804,006 1,161,385 21
-27.6%
Nov-13 1,870 1,600 1,840 26,145 553,262 971,603 20
-40% Dec-13 2,050 1,740 1,930 24,982 511,934 970,207 19
Jan-14 1,980 1,470 1,655 72,532 1,054,575 1,738,764 20

-60%
Feb-14 2,110 1,625 2,070 50,243 849,896 1,599,785 20
Mar-14 2,400 2,020 2,210 69,302 901,196 2,009,766 20
-80% Apr-14 2,480 2,120 2,450 56,810 770,823 1,800,557 20
Jun-14 2,400 2,175 2,315 40,198 381,878 874,975 21
Jul-14 2,315 1,995 2,100 55,975 494,979 1,073,280 18
Days 247 246 244 242 21 Dec-14 2,040 1,845 1,890 40,505 355,184 689,206 20
Price (Rupiah) Jan-15 2,070 1,805 1,840 45,212 435,491 844,838 21

High 13,000 3,150 2,525 2,480 2,070
Low 1,710 1,830 960 1,470 1,805
Close 2,250 2,300 1,930 1,890 1,840
Close* 2,250 2,300 1,930 1,890 1,840
PER (X) 7.34 13.98 17.11 13.84 13.48

PER Industry (X) 1.79 33.17 15.46 19.34 17.46
PBV (X) 2.63 2.50 1.99 1.84 1.79

Receivables 38,802 112,071 52,132 116,796 84,350

264,473 368,244 645,954 374,485 447,890 7,000
Inventories
Current Assets 1,487,257 2,567,657 2,593,816 1,999,126 1,961,487
5,250
Fixed Assets 1,728,694 1,824,630 2,229,928 2,776,825 3,125,798
Other Assets 93,111 87,691 61,331 63,000 63,767
3,500
Total Assets 5,561,433 6,791,859 7,551,796 7,974,876 8,478,446
Growth (%) 22.12% 11.19% 5.60% 6.31% 1,750
Current Liabilities 621,593 531,326 792,482 804,428 813,392 -

Total Liabilities 1,007,328 952,435 1,272,083 1,360,889 1,479,755
Growth (%) -5.45% 33.56% 6.98% 8.73%
682,286 682,286 682,286 682,286 682,286 6,614
Paid up Capital 6,999
6,280
5,839
Par Value 500 100 100 100 100
5,571
4,554
4,143
Total Equity 4,554,105 5,839,424 6,279,713 6,613,987 6,998,691

Growth (%) 28.22% 7.54% 5.32% 5.82% 2,715
Total Revenues 3,592,658 4,686,457 4,211,578 4,133,679 3,524,123

Growth (%) 30.45% -10.13% -1.85%
-140
2010 2011 2012 2013 Sep-14
Cost of Revenues 1,821,244 2,324,138 2,530,503 2,880,220 2,260,126

Gross Profit 1,771,414 2,362,319 1,681,075 1,253,459 1,263,997
Expenses (Income) 371,894 356,795 357,102 227,810 327,277
Operating Profit 1,399,520 2,005,524 1,323,973 1,025,649 936,720 4,686
4,212 4,134
Growth (%) 43.30% -33.98% -22.53%
4,686
3,593 3,524
3,730
Other Income (Expenses) -17,738 84,989 48,110 -28,658 -31,513

Income before Tax 1,381,782 2,090,513 1,372,083 996,991 905,207 2,774
Tax 348,453 389,000 256,544 228,366 206,573

Profit for the period 1,033,329 1,701,513 1,115,539 768,625 698,634 1,818
Growth (%) 64.66% -34.44% -31.10%

862
Period Attributable 1,033,329 1,701,580 1,116,186 769,493 698,636 -94
Comprehensive Income 1,033,329 1,701,513 1,122,575 788,003 698,423 2010 2011 2012 2013 Sep-14
Comprehensive Attributable 1,033,329 1,701,580 1,123,222 788,871 698,425
Current Ratio (%) 239.27 483.25 327.30 248.52 241.15
1,702
Dividend (Rp) 61.00 100.00 66.00 46.00 - 1,702
EPS (Rp) 757.25 249.39 163.60 112.78 102.40

BV (Rp) 3,337.39 855.86 920.39 969.39 1,025.77 1,354
1,116
1,033
DAR (X) 0.18 0.14 0.17 0.17 0.17
0.22 0.16 0.20 0.21 0.21
1,007
DER(X) 769
699
ROA (%) 18.58 25.05 14.77 9.64 8.24 660
ROE (%) 22.69 29.14 17.76 11.62 9.98

GPM (%) 49.31 50.41 39.92 30.32 35.87 313
OPM (%) 38.96 42.79 31.44 24.81 26.58

NPM (%) 28.76 36.31 26.49 18.59 19.82
-34
2010 2011 2012 2013 Sep-14

Payout Ratio (%) 8.06 40.10 40.34 40.79 -
Yield (%) 0.47 4.44 2.87 2.38 -

COMPANY REPORT
MNCN
MEDIA NUSANTARA CITRA TBK.
Company Profile
PT Media Nusantara Citra Tbk. has core businesses in content and the ownership and
operations of 3 out of the 10 national Free-To-Air televisions in Indonesia. MNC have 3
Free-To-Air (FTA) TVs - RCTI, MNCTV and GlobalTV - as well as 16 channels created and
produced by MNC that is broadcasted on Pay-TV. Currently, MNC also have other media
based business that supports the core businesses of MNC. Those businesses consist of
radio, print media, talent management, and a production house. MNC was established on
June 17, 1997.
The scope of Company's activities is to engage in general trading, construction, industrial,

agricultural, transportation, printing, multimedia through satellite and other
telecommunications peripheral, services and investments.
The Company is part of Mediacom Group. The Company has ownership in the following
subsidiaries:
Broadcasting :
1. PT Rajawali Citra Televisi Indonesia (RCTI)
2. PT Global Informasi Bermutu
3. PT Cipta Televisi Pendidikan Indonesia
4. PT MNC Networks and subsidiaries
5. Media Nusantara Citra B.V.
6. MNC International Middle East Limited and subsidiaries.
Print and online :
1. PT Media Nusantara Informasi and subsidiary
2. PT MNI Global
3. PT MNI Publishing and its subsidiary
4. PT Okezone Indonesia (Okezone)
Advertising agency :
1. PT Cross Media Internasional (CMI) and subsidiaries
Content production :
1. PT MNC Pictures
Talent management :
1. PT Star Media Nusantara
The Company started its commercial operations in December 2001. The Company and its
subsidiaries have a total of 6,924 employees as of September 30th, 2014.
February 2015
Disclaimer:

MNCN Media Nusantara Citra Tbk. [S]
Industry Sub Sector : Advertising, Printing And Media (95) Market Capitalization : 40,829,613,110,000
25 | 40.8T | 0.77% | 62.29%
50 | 8.02T | 0.55% | 74.65%

Established Date : 17-Jun-1997 1. PT Global Mediacom Tbk. 8,187,694,626 : 57.35%
Listing Date : 22-Jun-2007 2. PT Global Mediacom Tbk. 790,000,000 : 5.53%
PT Bhakti Securities
F/I
PT BSR Indonesia Year Shares Dividend Cum Date Ex Date Date Date
Komplek Perkantoran ITC Roxy Mas Blok E1 No. 10 - 11 2007 5.00 01-Dec-08 02-Dec-08 04-Dec-08 19-Dec-08 F
Jln. K.H. Hasyim Ashari Jakarta 10150 2009 5.00 02-Oct-09 05-Oct-09 07-Oct-09 21-Oct-09 I
Phone : (021) 631-7828 2009 7.00 29-Nov-10 30-Nov-10 02-Dec-10 17-Dec-10 F
Fax : (021) 631-7827 2010 15.00 29-Nov-11 30-Nov-11 02-Dec-11 16-Dec-11 F
2011 35.00 22-Jun-12 25-Jun-12 27-Jun-12 11-Jul-12 F
BOARD OF COMMISSIONERS 2012 55.00 06-Sep-13 09-Sep-13 11-Sep-13 25-Sep-13 F
1. Rosano Barack 2013 25.00 24-Dec-13 27-Dec-13 02-Jan-14 16-Jan-14 I
2. Adam Chesnoff 2013 35.00 14-Oct-14 15-Oct-14 17-Oct-14 31-Oct-14 F
3. Bambang Rudijanto Tanoesoedibjo
4. Irman Gusman *) ISSUED HISTORY
5. Sutanto *) Listing Trading
*) Independent Commissioners No. Type of Listing Shares Date Date
1. First Issue 4,125,000,000 22-Jun-07 22-Jun-07
BOARD OF DIRECTORS 2. Company Listing 9,625,000,000 T: 22-Jun-07 : 22-Feb-08
1. Hary Tanoesoedibjo 3. EMSOP Conversion II 23,504,500 T: 29-Nov-10 : 06-Jan-11
2. Nana Puspa Dewi 4. EMSOP Conversion II & III 52,960,500 T: 17-Feb-11 : 19-Jul-11
3. Diana Airin 5. EMSOP Conversion II, III & IV 37,076,500 T: 26-Jul-11 : 21-May-12
4. Jarod Suwahjo 6. EMSOP Conversion III & IV 3,988,000 04-Aug-11 04-Aug-11
5. Kanti Mirdiati Imansyah 7. EMSOP Conversion II, III, IV & V 79,965,500 T: 23-May-12 : 15-Jun-12
8. ESOP/MSOP Conversion II, III, IV & V 8,114,000 T: 22-Oct-12 : 19-Nov-12
AUDIT COMMITTEE 9. ESOP/MSOP Conversion III, IV & V 517,500 T: 29-Oct-12 : 01-Nov-12
1. Irman Gusman 10. ESOP/MSOP Conversion III, IV, V & VI 143,344,500 T: 29-May-13 : 27-Nov-13
2. Hery Kusnanto 11. Revision ESOP/MSOP Conversion III, IV, V & VI -8,000 24-Jun-13 24-Jun-13
3. Kardinal A. Karim 12. ESOP/MSOP Conversion V & VI 176,625,500 T: 28-May-14 : 19-Nov-14
CORPORATE SECRETARY
Syafril Nasution
HEAD OFFICE
MNC Tower 27th Fl.
Jln. Kebon Sirih Kav. 17 - 19
Jakarta - 10340
Phone : (021) 390-0885
Fax : (021) 392-0109, 390-4965, 392-7859
Homepage : www.mncgroup.com
Email : syafril.nasution@mncgroup.com

TRADING ACTIVITIES
Media Nusantara Citra Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
3,800 720 Jan-11 950 770 890 11,100 348,111 304,762 21
Feb-11 1,120 840 1,100 31,933 730,773 705,128 18
3,325 630 Mar-11 1,100 890 940 26,436 399,894 402,126 23
Apr-11 970 770 880 35,111 453,877 396,511 20
May-11 970 840 970 27,488 543,312 480,557 21
2,850 540
Jun-11 980 880 920 31,276 412,478 383,978 20
Jul-11 1,120 900 1,070 49,015 691,090 701,813 21
2,375 450
Aug-11 1,110 850 990 31,528 375,778 376,359 19
Sep-11 1,160 930 1,020 25,754 289,015 304,520 20
1,900 360
Oct-11 1,100 950 1,100 22,245 296,723 314,146 21
Nov-11 1,150 1,060 1,130 16,678 1,624,613 1,665,479 22
1,425 270 Dec-11 1,400 1,130 1,310 38,694 1,034,546 1,325,977 21
950 180 Jan-12 1,400 1,270 1,350 31,240 804,498 1,057,519 21

Feb-12 1,670 1,350 1,670 39,530 805,338 1,203,976 21
475 90 Mar-12 1,980 1,640 1,880 58,505 1,174,895 2,121,799 21
Apr-12 2,250 1,830 2,250 31,437 517,956 1,015,824 20
May-12 2,350 1,760 1,850 32,759 769,427 1,560,239 21
Jun-12 2,200 1,650 1,990 45,066 627,127 1,195,392 21
Jul-12 2,425 1,930 2,375 29,540 419,081 903,152 22
Aug-12 2,350 2,050 2,125 15,701 279,093 617,221 19
Sep-12 2,600 2,100 2,600 22,091 414,742 969,614 20
315%
Jan-13 2,650 2,275 2,375 34,386 642,003 1,559,472 21
270% Feb-13 2,975 2,300 2,950 26,895 380,307 980,432 20
Mar-13 3,275 2,750 2,825 30,497 358,184 1,053,598 19
225% Apr-13 3,275 2,850 3,125 25,671 1,047,479 2,498,012 22
207.5% May-13 3,675 3,025 3,350 40,792 827,156 2,754,723 22
180% Jun-13 3,350 2,425 3,125 52,067 641,136 1,868,702 19
Jul-13 3,375 2,650 3,100 37,323 386,505 1,188,245 23
Aug-13 3,375 2,350 2,950 40,251 459,397 1,292,266 17
135%
Sep-13 3,375 2,700 2,700 37,027 594,473 1,829,040 21
Oct-13 3,025 2,475 2,500 42,841 679,718 1,829,601 21
90% 93.3%
Nov-13 2,725 2,325 2,675 39,727 547,552 1,370,696 20
Dec-13 2,750 2,400 2,625 27,379 238,428 610,480 19
45% 41.9%
Jan-14 2,650 2,180 2,235 58,448 341,933 821,125 20
- Feb-14 2,535 2,200 2,535 46,230 333,935 789,549 20
Mar-14 2,850 2,470 2,630 49,623 301,730 791,129 20
-45% Apr-14 2,940 2,600 2,715 44,177 294,985 809,448 20
Jun-14 2,900 2,605 2,760 30,902 153,671 427,351 21
Jul-14 2,800 2,550 2,615 41,980 222,941 590,045 18
Days 247 246 244 242 21 Dec-14 2,555 2,180 2,540 60,432 309,297 746,815 20
Price (Rupiah) Jan-15 2,905 2,460 2,860 58,171 413,394 1,160,725 21

High 1,400 2,875 3,675 3,230 2,905
Low 770 1,270 2,275 2,180 2,460
Close 1,310 2,500 2,625 2,540 2,860
Close* 1,310 2,500 2,625 2,540 2,860
PER (X) 15.73 19.59 26.86 19.58 22.05

PER Industry (X) 16.89 19.08 15.42 22.13 22.53
PBV (X) 2.65 4.78 4.78 4.14 4.66

Cash & Cash Equivalents 1,080,409 837,230 528,415 574,761 3,050,923 15,000
Receivables 2,202,994 2,558,400 2,615,430 3,062,803 3,161,866

915,310 894,311 1,139,486 1,332,726 1,448,102 12,000
Inventories
Current Assets 5,201,103 6,018,612 6,766,799 6,811,828 9,649,983
9,000
Fixed Assets 1,040,165 971,773 985,995 1,542,677 2,133,061
Other Assets 196,697 119,761 38,494 56,382 489,897
6,000
Total Assets 8,196,543 8,798,230 8,960,942 9,615,280 13,897,910
Growth (%) 7.34% 1.85% 7.30% 44.54% 3,000

Long Term Liabilities 155,762 736,363 413,555 265,215 3,126,220 2010 2011 2012 2013 Sep-14
Growth (%) -28.86% -15.27% 12.50% 174.05%
Paid up Capital 1,377,350 4,000,000 1,395,613 1,409,946 1,392,847 8,769
7,744
13,774 40,000 13,956 14,099 13,928 7,297
Paid up Capital (Shares) 6,835
Par Value 100 100 100 100 100
6,980
5,436
5,191
Total Equity 5,436,116 6,834,503 7,297,162 7,743,574 8,768,547

Growth (%) 25.72% 6.77% 6.12% 13.24% 3,402
Total Revenues 4,855,907 5,390,474 6,265,260 6,522,347 5,044,131

Growth (%) 11.01% 16.23% 4.10%
-175
2010 2011 2012 2013 Sep-14
Cost of Revenues 2,529,341 2,617,157 2,856,657 2,850,657 2,128,824

Gross Profit 2,326,566 2,773,317 3,408,603 2,850,657 2,915,307
Expenses (Income) 165,200 1,262,793 1,147,895 1,278,161 939,329
6,265
Growth (%)
6,522
5,390
4,856 5,044
5,192
Other Income (Expenses) - - - - -

Tax 280,850 385,353 497,689 583,687 493,588

2,531
Growth (%) 51.19% 56.69% 2.66%

1,200
Period Attributable 730,218 1,070,203 1,657,087 1,691,172 1,388,844 -130
Comprehensive Attributable 664,540 1,098,415 1,675,352 1,672,420 1,432,109
Current Ratio (%) 199.68 490.37 541.25 424.02 481.74
1,763 1,810
Dividend (Rp) 15.00 35.00 55.00 60.00 - 1,810
EPS (Rp) 53.02 26.76 118.74 119.95 99.71 1,482
BV (Rp) 394.68 170.86 522.86 549.21 629.54 1,441
1,125
DAR (X) 0.34 0.22 0.19 0.19 0.37
0.51 0.29 0.23 0.24 0.58
1,071
DER(X)
744
ROA (%) 9.08 12.79 19.67 18.82 10.67 702
ROE (%) 13.69 16.46 24.16 23.37 16.91

GPM (%) 47.91 51.45 54.40 43.71 57.80 333
OPM (%) - - - - -
NPM (%) 15.33 20.87 28.14 27.75 29.39
-36
2010 2011 2012 2013 Sep-14

Payout Ratio (%) 28.29 130.82 46.32 50.02 -
Yield (%) 1.60 2.67 2.20 2.29 -

COMPANY REPORT
MPPA
MATAHARI PUTRA PRIMA TBK.
Company Profile
PT Matahari Putra Prima Tbk. was established on March 11th, 1986. The Company operates
a chain of stores which sell such items as daily needs.
The Company is domiciled at Menara Matahari 20th Floor, Boulevard Palem Raya No. 7,
Lippo Karawaci - Tangerang, Banten. The Company started commercial operations in 1986.
As at December 31st, 2014 the Company has a Subsidiary, PT Matahari Super Ekonomi
which started its commercial operation in 1994 and engaged in retail, with ownership of
99.2%. The Company operates Hypermart, Foodmart and Boston Health & Beauty stores in
267 locations in Jakarta and other cities in Indonesia. The Immediate Parent Company is PT
Multipolar Tbk., which is the Company’s major shareholder. The Ultimate Parent of the
Company is Lanius Limited.
The Company has approximately 13.689 employees as at December 31st, 2014.
February 2015
Disclaimer:

MPPA Matahari Putra Prima Tbk. [S]
Industry Sub Sector : Retail Trade (93) Market Capitalization : 20,436,258,640,000
47 | 20.4T | 0.39% | 73.37%
10 | 27.1T | 1.86% | 35.87%

Established Date : 11-Mar-1986 1. DBS Bank Ltd. S/A PT Multipolar Tbk. 2,701,386,000 : 50.23%
Listing Date : 21-Dec-1992 2. DBS Bank Ltd. SA Prime Star Investment Pte. Ltd. 1,402,947,000 : 26.09%
Under Writer IPO : 3. PT Multipolar Tbk 5,108 : 0.00%
PT Jardine Fleming Nusantara 4. Public (<5%) 1,273,624,692 : 23.68%
PT Lippo Securities
PT Sharestar Indonesia Bonus Cash Recording Payment
F/I
Beritasatu Plasa 7th Fl. Year Shares Dividend Cum Date Ex Date Date Date
Jln. Jend. Gatot Subroto Kav. 35 - 36 Jakarta 12950 1993 1:2 100.00 06-Jun-94 07-Jun-94 14-Jun-94 14-Jul-94 F
Phone : (021) 527-7966 1994 35.00 27-Jun-95 28-Jun-95 06-Jul-95 04-Aug-95 F
1996 15.00 11-Jul-97 14-Jul-97 23-Jul-97 21-Aug-97 F
BOARD OF COMMISSIONERS 1999 16.50 28-Jul-00 31-Jul-00 08-Aug-00 23-Aug-00 F
1. John Bellis 2000 31.00 18-Jun-01 19-Jun-01 22-Jun-01 06-Jul-01 F
2. Ali Chendra 2001 11.00 19-Apr-02 22-Apr-02 25-Apr-02 08-May-02 F
3. Chua Siang Hwee, Jeffrey *) 2002 12.00 10-Jun-03 11-Jun-03 13-Jun-03 27-Jun-03 F
4. Johanes Jany 2003 13.00 14-Jun-04 15-Jun-04 17-Jun-04 01-Jul-04 F
5. Steve A. Martin *) 2005 14.00 14-Jun-05 15-Jun-05 17-Jun-05 01-Jul-05
6. Theo L. Sambuaga 2005 25.00 25-Apr-06 26-Apr-06 28-Apr-06 12-May-06 F
7. Travis Saucer *) 2006 10.40 22-May-07 23-May-07 25-May-07 08-Jun-07 I
*) Independent Commissioners 2007 11.50 15-Apr-08 16-Apr-08 18-Apr-08 05-May-08 I
2009 16.10 07-Jun-10 08-Jun-10 10-Jun-10 23-Jun-10 F
BOARD OF DIRECTORS 2010 180.00 23-Dec-10 27-Dec-10 29-Dec-10 10-Jan-11 I
1. Bunjamin J. Mailool 2010 300.00 07-Mar-11 08-Mar-11 10-Mar-11 22-Mar-11 F
2. Carmelito Jimenez Regalado 2011 6.00 30-Apr-12 01-May-12 03-May-12 16-May-12 F
3. Ishak Kurniawan 2012 186.00 15-May-13 16-May-13 20-May-13 29-May-13 F
4. Lina Haryanti Latif 2013 186.00 05-May-14 06-May-14 08-May-14 19-May-14 F
5. Noel Trinder
6. Richard H. Setiadi ISSUED HISTORY
Listing Trading
AUDIT COMMITTEE No. Type of Listing Shares Date Date
1. William Travis Saucer 1. First Issue 8,700,000 21-Dec-92 21-Dec-92
2. Ganesh Chander Grover 2. Company Listing 33,366,320 21-Dec-92 21-Dec-92
3. Utomo Santoso 3. CB Conversion 8,051,274 T: 19-Jul-93 : 17-Oct-94
4. Bonus Shares 100,215,406 15-Jul-94 15-Jul-94
CORPORATE SECRETARY 5. Right Issue 4,110,590,000 T: 30-Jun-95 : 16-Feb-07
Danny Kojongian 6. Stock Split 450,999,000 15-Sep-97 15-Sep-97
7. Warrant 864,624,800 T: 24-Sep-09 : 15-Jul-10
HEAD OFFICE 8. Delisted Treasury Stock -198,584,000 23-Jul-13 23-Jul-13
Menara Matahari- Lippo Life 20th Fl.
Boulevard Palem Raya 7, Karawaci
Tangerang
Phone : (021) 547-5478
Fax : (021) 547,5673, 547-5650, 547-5757
Homepage : www.mataharigroup.co.id
Email : danny.kojongian@hypermart.co.id

TRADING ACTIVITIES
Matahari Putra Prima Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
4,000 640 Jan-11 1,820 1,470 1,680 13,526 128,336 211,742 21
Feb-11 1,770 1,440 1,760 10,101 93,453 152,560 18
3,500 560 Mar-11 1,850 1,390 1,430 17,149 129,087 205,461 23
Apr-11 1,450 1,390 1,390 4,357 24,982 35,520 20
May-11 1,400 1,330 1,340 3,753 21,780 29,822 21
3,000 480
Jun-11 1,430 1,210 1,210 6,246 34,273 45,737 20
Jul-11 1,310 1,180 1,220 8,715 65,314 80,412 21
2,500 400
Aug-11 1,330 1,050 1,170 9,192 86,622 106,151 19
Sep-11 1,180 840 940 4,798 41,748 43,638 20
2,000 320
Oct-11 1,010 860 990 6,194 48,107 45,145 21
Nov-11 990 900 940 3,654 39,314 36,938 22
1,500 240 Dec-11 960 900 920 1,565 11,264 10,427 21
1,000 160 Jan-12 960 910 920 1,374 20,571 19,147 21

Feb-12 970 910 930 4,901 30,362 28,385 21
500 80 Mar-12 950 840 880 4,960 33,299 30,280 21
Apr-12 940 870 940 1,563 15,097 13,696 20
May-12 970 850 940 2,035 29,919 27,779 21
Jun-12 960 890 960 2,133 54,947 50,794 21
Jul-12 1,120 960 1,020 3,982 31,578 33,311 22
Aug-12 1,330 910 1,290 11,930 182,567 209,632 19
Sep-12 1,630 1,280 1,500 11,229 142,859 210,894 20
Trade, Sevices and Investment Index Nov-12 1,600 950 1,330 9,938 109,812 155,895 19
180%
Jan-13 1,330 1,080 1,220 8,016 95,364 113,111 21
150% 153.3% Feb-13 1,900 1,230 1,780 17,145 2,238,349 4,178,771 20
Mar-13 1,950 1,690 1,820 6,263 1,201,762 2,384,897 19
120% Apr-13 2,025 1,600 1,990 9,290 162,030 296,089 22
May-13 2,525 1,760 2,425 14,479 632,628 1,325,297 22
90% 93.3% Jun-13 3,150 2,225 2,925 19,045 356,820 967,543 19
Jul-13 3,000 1,980 2,425 19,628 441,101 1,123,951 23
Aug-13 2,525 1,800 2,150 8,660 278,973 633,042 17
60%
Sep-13 2,225 1,800 2,050 10,914 291,423 591,414 21
41.9% Oct-13 2,475 2,025 2,400 8,799 543,862 1,256,005 21
30%
Nov-13 2,475 1,970 1,990 7,279 423,849 959,690 20
Dec-13 2,050 1,840 1,940 10,218 491,440 952,824 19
-
Jan-14 2,020 1,720 2,005 15,355 1,067,464 2,017,903 20

-30% Feb-14 2,225 2,000 2,165 13,543 953,123 2,018,158 20
Mar-14 2,755 2,100 2,685 22,424 1,005,504 2,388,968 20
-60% Apr-14 3,025 2,450 2,770 21,586 637,742 1,782,415 20
Jun-14 3,385 2,850 3,125 15,931 770,793 2,451,819 21
Jul-14 3,500 2,675 2,945 19,715 698,384 2,093,143 18
Volume (Million Sh.) 724 787 7,158 9,789 965 Sep-14 3,500 3,005 3,150 24,841 1,183,344 3,816,651 22
Value (Billion Rp) 1,004 969 14,783 27,106 3,152 Oct-14 3,345 2,650 3,145 39,355 1,012,928 3,059,473 23
Days 247 245 244 242 21 Dec-14 3,665 3,050 3,050 30,107 457,043 1,547,231 20
Price (Rupiah) Jan-15 3,985 2,825 3,800 52,197 965,027 3,152,305 21

High 1,850 1,630 3,150 3,665 3,985
Low 840 840 1,080 1,720 2,825
Close 920 1,150 1,940 3,050 3,800
Close* 920 1,150 1,940 3,050 3,800
PER (X) 42.65 26.89 23.45 34.76 43.30

PER Industry (X) 16.89 19.08 15.42 22.13 22.53
PBV (X) 0.90 1.67 3.17 6.19 7.72

Cash & Cash Equivalents 2,565,235 1,403,075 1,361,736 1,302,610 747,710 12,500
Receivables 199,285 257,596 43,338 414,042 383,264

969,713 1,266,120 1,670,574 2,273,548 2,655,023 10,000
Inventories
Current Assets 5,407,395 3,618,563 5,084,740 4,167,989 3,904,064
7,500
Fixed Assets 1,503,459 1,643,505 775,125 1,086,757 1,272,601
Other Assets 126,392 310,902 126,162 183,642 175,619
5,000
Total Assets 11,420,600 10,308,169 8,225,206 6,579,518 5,827,294
Growth (%) -9.74% -20.21% -20.01% -11.43% 2,500

Long Term Liabilities 1,162,586 1,664,288 1,663,526 247,118 228,978 2010 2011 2012 2013 Dec-14
Growth (%) 9.42% -5.30% -25.00% -9.31%
Authorized Capital 5,400,000 5,400,000 540,000 540,000 540,000 7,194
Paid up Capital 2,788,273 2,788,273 278,827 268,898 268,898 7,194

Par Value 500 500 50 50 50
5,726

4,259
Total Equity 7,194,032 5,683,448 3,845,754 3,294,970 2,848,686 3,295

2,849
Growth (%) -21.00% -32.33% -14.32% -13.54% 2,791
Total Revenues 8,544,778 8,908,611 10,868,164 11,912,763 13,590,405

Growth (%) 4.26% 22.00% 9.61% 14.08%
-144
2010 2011 2012 2013 Dec-14
Cost of Revenues 6,677,889 7,351,010 8,970,603 10,023,943 11,235,948

Gross Profit 1,866,889 1,557,601 1,897,561 1,888,820 2,354,457
Expenses (Income) -3,708,368 1,393,229 1,555,054 1,300,345 1,642,796
Operating Profit - - 342,507 588,475 711,661 13,590
Growth (%) 71.81% 20.93% 11,913

11,913
10,868
Other Income (Expenses) - - -44,418 -3,454 19,177 9,483 8,545 8,909
Income before Tax 5,575,257 164,372 298,089 585,021 730,838

7,052
Tax -243,991 44,073 58,611 140,116 176,821

Profit for the period 5,819,248 120,299 239,478 444,905 554,017 4,622
Growth (%) -97.93% 99.07% 85.78% 24.52%

2,192
Period Attributable 5,800,640 105,037 220,547 444,905 554,017 -238
Comprehensive Income 5,906,019 120,301 238,448 444,905 554,017 2010 2011 2012 2013 Dec-14
Comprehensive Attributable 5,887,411 105,039 219,517 444,905 554,017
Current Ratio (%) 176.48 122.23 187.22 137.22 141.99
5,819
Dividend (Rp) 480.00 6.00 186.00 186.00 -
EPS (Rp) 1,040.18 18.84 39.55 82.73 103.02
BV (Rp) 1,290.05 1,019.17 689.63 612.68 529.70 4,632
DAR (X) 0.37 0.45 0.53 0.50 0.51

3,445
DER(X) 0.59 0.81 1.14 1.00 1.05

ROA (%) 50.95 1.17 2.91 6.76 9.51 2,258
ROE (%) 80.89 2.12 6.23 13.50 19.45

GPM (%) 21.85 17.48 17.46 15.86 17.32 1,071
445 554
120 239
OPM (%) - - 3.15 4.94 5.24
NPM (%) 68.10 1.35 2.20 3.73 4.08
-116
2010 2011 2012 2013 Dec-14

Payout Ratio (%) 46.15 31.85 470.30 224.83 -
Yield (%) 32.21 0.65 16.17 9.59 -

COMPANY REPORT
PGAS
PERUSAHAAN GAS NEGARA
(PERSERO) TBK.
Company Profile
PT Perusahaan Gas Negara (Persero) Tbk. was established in 1859. On May 13th, 1965, the Company
was stated as state owned enterprise and known as Perusahaan Negara Gas (PN. Gas).
The status of the Company was changed from a public service enterprise (Perum) to a state-owned
limited liability company (Persero) and the name was changed to PT Perusahaan Gas Negara
(Persero) based on Government Regulation No. 37 year 1994.
The Company’s purposes are to implement and support the Government’s economic and national
development programs, particularly in developing uses of natural gas for the benefit of the public as
well as in the supply of a sufficient volume and quality of gas for public consumption. To achieve
these objectives, the Company carries out planning, construction, operating and development of
natural gas downstream business which includes processing, transporting, storing and trading,
planning, construction, production development, supplying and distribution of processed gas; or
other businesses which support the foregoing activities in accordance with prevailing laws and
regulations. Currently, the Company’s principal business was the distribution and transmission of
natural gas to industrial, commercial and household users.
To achieve responsive sales target, the Company has divided its business areas into four Strategic
Business Units (SBU), as follows:
1. SBU Distribution Region I, Western Java Region until South Sumatera ,
2. SBU Distribution Region II, Eastern Java Region,
3. SBU Distribution Region III, Northern Sumatera Region and the Riau Islands,
4. SBU Sumatera-Java Transmission.
The Company commenced the construction of South Sumatera – West Java gas transmission I and II
will expected opereating maximum capacity of 460 mmscfd and 520 mmscfd (unaudited).
The company has ownership in subsidiaries: PT Transportasi Gas Indonesia (Transgasindo), PGN Euro
Finance 2003 Limited, PT PGAS Telekomunikasi Nusantara, PT PGAS Solution, PT Saka Energi
Indonesia, PT Gagas Energi Indonesia, PT PGN LNG Indonesia, and PT Permata Graha Nusantara. As of
September 30th, 2014, the Company and Subsidiaries had a total of 2,226 employees.
February 2015
Disclaimer:
otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publicat

PGAS Perusahaan Gas Negara (Persero) Tbk. [S]
Industry Sub Sector : Energy (71) Market Capitalization : 122,419,616,389,800
8 | 122.4T | 2.32% | 40.84%
9 | 29.1T | 2.00% | 34.01%

Established Date : 01-Feb-1905 1. Negara Republik Indonesia 13,809,038,756 : 56.96%
Under Writer IPO :
PT ABN AMRO Asia Securities Indonesia Bonus Cash Recording Payment
F/I
Puri Datindo - Wisma Sudirman 2004 1.71 23-Dec-04 27-Dec-04 29-Dec-04 30-Dec-04 I
Phone : (021) 570-9009 2005 104.43 30-Jun-06 03-Jul-06 05-Jul-06 14-Jul-06 F
2008 41.74 15-Jul-09 16-Jul-09 21-Jul-09 04-Aug-09 F
BOARD OF COMMISSIONERS 2009 10.00 08-Dec-09 09-Dec-09 11-Dec-09 23-Dec-09 I
1. Bayu Krisnamurthi 2009 144.20 08-Jul-10 09-Jul-10 13-Jul-10 27-Jul-10 F
2. A. Edy Hermantoro 2010 10.20 27-Dec-10 28-Dec-10 30-Dec-10 04-Jan-11 I
3. Firmanzah 2010 144.24 19-Jul-11 20-Jul-11 22-Jul-11 04-Aug-11 F
4. M. Zamkhani 2011 10.87 30-Nov-11 01-Dec-11 05-Dec-11 16-Dec-11 I
5. Pudja Sunasa *) 2011 123.75 12-Jun-12 13-Jun-12 15-Jun-12 29-Jun-12 F
6. Widya Purnama *) 2012 202.77 10-May-13 13-May-13 15-May-13 29-May-13 F
*) Independent Commissioners 2013 210.40 28-Apr-14 29-Apr-14 02-May-14 19-May-14 F
BOARD OF DIRECTORS ISSUED HISTORY

1. Hendi Prio Santoso Listing Trading
2. Djoko Saputro No. Type of Listing Shares Date Date
3. Hendi Kusnadi 1. First Issue 1,296,296,000 15-Dec-03 15-Dec-03
4. Jobi Triananda Hasjim 2. Company Listing 3,024,691,000 T: 15-Dec-03 : 15-Jun-04
5. M. Riza Pahlevi Tabrani 3. MSOP Conversion 215,637,305 T: 13-Dec-04 : 28-Dec-06
6. Muhammad Wahid Sutopo 4. MSOP Conversion II 3,261,500 T: 10-Nov-06 : 16-Feb-07
5. ESOP Conversion 53,551,388 T: 18-Jan-08 : 19-Feb-08
AUDIT COMMITTEE 6. Stock Split 18,373,748,772 04-Aug-08 04-Aug-08
1. Pudja Sunasa 7. Dana Proyek Pemerintah Conversion 1,274,322,231 T: 16-Apr-09 : 16-Oct-09
2. Imbuh Sulistyarini
3. Mohamad Slamet Wibowo
4. Kanyatama P. Mulyono
5. Gunawan Indradi
CORPORATE SECRETARY
Heri Yusup
HEAD OFFICE
Jln. K.H. Zainul Arifin No. 20
Jakarta - 11140
Phone : (021) 633-4838
Fax : (021) 633-1632
Homepage : www.pgn.co.id
Email : heri.yusup@pgn.co.id

TRADING ACTIVITIES
Perusahaan Gas Negara (Persero) Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
6,400 320 Jan-11 4,500 3,875 4,225 26,664 743,884 3,107,955 21
Feb-11 4,300 3,475 3,550 45,031 838,222 3,214,807 18
5,600 280 Mar-11 3,900 3,500 3,900 56,620 1,354,368 5,004,188 23
Apr-11 4,050 3,775 4,000 27,808 760,375 3,001,507 20
May-11 4,250 3,900 4,050 26,581 918,787 3,766,922 21
4,800 240
Jun-11 4,075 3,900 4,025 18,063 461,564 1,843,643 20
Jul-11 4,125 3,850 3,975 28,033 677,815 2,688,936 21
4,000 200
Aug-11 4,000 2,925 2,950 88,001 1,991,726 6,642,358 19
Sep-11 2,975 2,025 2,675 71,256 1,410,779 3,769,027 20
3,200 160
Oct-11 3,100 2,400 2,950 51,740 1,088,971 3,038,698 21
Nov-11 3,175 2,850 3,075 29,870 716,594 2,175,410 22
2,400 120 Dec-11 3,250 3,000 3,175 19,074 532,789 1,688,283 21
1,600 80 Jan-12 3,500 3,050 3,375 27,122 470,932 1,557,024 21

Feb-12 3,775 3,300 3,750 27,960 535,228 1,895,258 21
800 40 Mar-12 3,850 3,575 3,800 25,231 392,942 1,470,645 21
Apr-12 3,825 3,300 3,350 24,434 465,723 1,652,881 20
May-12 4,000 3,350 3,700 34,239 905,887 3,409,283 21
Jun-12 3,700 3,275 3,525 31,672 804,437 2,822,960 21
Jul-12 3,825 3,475 3,800 29,674 632,860 2,324,863 22
Aug-12 3,825 3,600 3,700 21,472 493,571 1,824,200 19
Sep-12 4,200 3,675 4,125 23,478 639,777 2,546,133 20
60%
Jan-13 4,725 4,450 4,675 33,296 535,744 2,462,840 21
45% Feb-13 4,875 4,575 4,800 27,481 517,665 2,446,564 20
41.9%
Mar-13 6,100 4,850 5,950 37,631 684,572 3,657,960 19
34.8%
30% Apr-13 6,350 5,550 6,250 29,703 573,930 3,376,638 22
May-13 6,450 5,500 5,500 39,143 655,792 4,013,862 22
15% Jun-13 5,800 4,600 5,750 59,111 873,388 4,642,986 19
12.8%
Jul-13 6,050 5,350 5,900 50,191 572,520 3,265,952 23
Aug-13 6,000 4,875 5,400 38,726 416,560 2,206,294 17
-
Sep-13 5,600 4,975 5,200 48,396 718,169 3,806,937 21
Oct-13 5,500 4,975 5,100 50,291 579,000 3,018,710 21
-15%
Nov-13 5,100 4,450 4,850 53,784 531,321 2,588,151 20
Dec-13 4,950 4,375 4,475 37,139 414,903 1,956,824 19
-30%
Jan-14 4,780 4,120 4,770 106,143 731,381 3,299,365 20

-45% Feb-14 5,075 4,660 4,900 61,662 432,426 2,115,770 20
Mar-14 5,350 4,850 5,125 73,931 547,714 2,773,081 20
-60% Apr-14 5,575 5,100 5,325 62,511 494,101 2,620,377 20
Jun-14 5,575 5,200 5,575 46,024 388,534 2,098,889 21
Jul-14 6,125 5,400 5,900 53,554 391,901 2,259,475 18
Days 247 246 244 242 21 Dec-14 6,075 5,775 6,000 56,406 424,716 2,521,726 20
Price (Rupiah) Jan-15 6,050 4,995 5,050 92,906 887,651 4,816,967 21

High 4,500 4,800 6,450 6,225 6,050
Low 2,025 3,050 4,375 4,120 4,995
Close 3,175 4,600 4,475 6,000 5,050
Close* 3,175 4,600 4,475 6,000 5,050
PER (X) 12.49 12.61 10.27 15.09 12.70

PER Industry (X) 11.09 17.53 12.11 20.04 18.82
PBV (X) 4.48 4.90 3.24 4.24 3.57

Receivables 1,946,894 2,043,553 2,550,177 3,875,102 5,259,125

14,046 11,836 23,644 179,329 627,090 60,000
Inventories
Current Assets 13,858,679 13,656,295 19,183,520 21,847,077 23,209,001
45,000
Fixed Assets 16,781,897 15,866,650 16,378,657 22,542,829 23,183,494
Other Assets 23,056 38,309 21,425 50,620 86,856
30,000
Total Assets 32,087,431 30,976,446 37,791,930 53,536,157 66,156,833
Growth (%) -3.46% 22.00% 41.66% 23.57% 15,000

Growth (%) -18.81% 8.91% 33.63% 58.81%
33,463
Paid up Capital 2,424,151 2,424,151 2,424,151 4,164,206 2,424,151 34,279

Par Value 100 100 100 172 100
27,286
22,771
20,293
17,185
Total Equity 15,100,954 17,184,712 22,770,838 33,463,069 34,278,552 15,101
Growth (%) 13.80% 32.51% 46.96% 2.44% 13,300
Total Revenues 19,765,716 19,567,407 24,914,688 36,828,609 30,695,558

Growth (%) -1.00% 27.33% 47.82%
-686
2010 2011 2012 2013 Sep-14
Cost of Revenues 7,223,570 7,793,751 10,676,664 19,429,817 26,574,709

Gross Profit 12,542,146 11,773,656 14,238,024 17,398,792 26,574,709
Expenses (Income) 3,506,421 4,051,278 4,389,290 5,942,474 26,574,709
Growth (%) -14.54% 27.53% 16.32%

36,829
30,696
24,915
29,316
Other Income (Expenses) -972,551 -68,189 1,255,405 2,348,434 256,653

19,766 19,567
Tax 1,599,774 1,535,979 2,253,611 2,836,789 2,186,100

14,290
Growth (%) -5.34% 44.66% 23.92%

6,776
Current Ratio (%) 343.40 549.92 419.63 201.01 414.92
10,968
Dividend (Rp) 154.44 134.62 202.77 210.40 - 10,968
EPS (Rp) 257.38 244.75 355.38 435.56 298.13 8,851

BV (Rp) 622.94 708.90 939.33 1,380.40 1,414.04 8,730
7,470
DAR (X) 0.53 0.45 0.40 0.37 0.48 6,463 6,118
1.12 0.80 0.66 0.60 0.93
6,493
DER(X)
ROA (%) 20.14 19.75 23.42 20.49 11.29 4,256
ROE (%) 42.80 35.60 38.87 32.78 21.79

GPM (%) 63.45 60.17 57.15 47.24 86.58 2,018
OPM (%) 45.71 39.47 39.53 31.11 30.62

NPM (%) 32.70 31.27 35.52 29.78 24.34
-219
2010 2011 2012 2013 Sep-14

Payout Ratio (%) 60.00 55.00 57.06 48.31 -
Yield (%) 3.49 4.24 4.41 4.70 -

COMPANY REPORT
PTBA
TAMBANG BATUBARA
BUKIT ASAM (PERSERO) TBK.
Company Profile
PT Tambang Batubara Bukit Asam (Persero) Tbk. was established on March 2, 1981. In
1993, the Company was appointed by the Indonesian Government to develop a Coal
Briquette Operating Unit.
The head office located at Jln. Parigi No. 1, Tanjung Enim 31716, Sumatera Selatan. The
representative office located at Menara Kadin Indonesia 15th Floor, Jln. H.R. Rasuna Said
Blok X-5 Kav. 2-3, Jakarta 12950.
The scope of activities of the Company and its subsidiaries comprises coal mining activities,
including general surveying, exploration, exploitation, processing, refining, transportation
and trading, maintenance of special coal port facilities for internal and external needs,
operation of steam power plants for internal and external needs and providing consulting
services related to the coal mining industry as well as its derivative products.
The company has direct ownership in subsidiaries:

• PT Batubara Bukit Kendi,
• PT Bukit Asam Prima,
• PT International Prima Coal,
• PT Bukit Asam Metana Ombilin,
• PT Bukit Asam Metana Enim,
• PT Bukit Asam Metana Peranap, and
• PT Bukit Asam Banko.
The Company has an ownership interest in the following joint venture entities:
• PT Bukit Pembangkit Innovative, Tanjung Enim Sumatera Selatan, Independent
power,
• PT Bukit Asam Transpacific Railway, Jakarta, Coal transportation services,
• PT Huadian Bukit Asam Power, Tanjung Enim, Sumatera Selatan, Independent
power producer.
As of December 31st 2014, the Company had a total of 2,903 permanent employees.
February 2015
Disclaimer:

PTBA Tambang Batubara Bukit Asam (Persero) Tbk. [S]
33 | 26.2T | 0.50% | 67.20%
49 | 9.12T | 0.63% | 74.10%

Listing Date : 23-Dec-2002 2. PT Tambang Batu Bara Bukit Asam (Persero) Tbk. 129,997,500 : 5.64%
PT Danareksa Sekuritas
PT Datindo Entrycom Bonus Cash Recording Payment
F/I
Puri Datindo - Wisma Sudirman Year Shares Dividend Cum Date Ex Date Date Date
Fax : (021) 570-9026 2004 5.80 22-Dec-04 23-Dec-04 28-Dec-04 29-Dec-04 I
2005 87.48 05-Jul-05 06-Jul-05 08-Jul-05 22-Jul-05
BOARD OF COMMISSIONERS 2005 101.54 02-Jun-06 05-Jun-06 07-Jun-06 16-Jun-06 F
1. Agus Suhartono *) 2006 105.39 29-May-07 30-May-07 04-Jun-07 15-Jun-07 I
2. Leonard 2007 164.97 18-Jun-08 19-Jun-08 23-Jun-08 07-Jul-08 F
3. Robert Heri 2009 66.75 25-Nov-09 26-Nov-09 01-Dec-09 15-Dec-09 I
4. S. Koesnaryo *) 2009 466.65 26-May-10 27-May-10 01-Jun-10 15-Jun-10 F
5. Seger Budiarjo 2010 66.75 20-Dec-10 21-Dec-10 23-Dec-10 29-Dec-10 I
6. Thamrin Sihite *) 2010 456.37 04-Jul-11 05-Jul-11 07-Jul-11 21-Jul-11 F
*) Independent Commissioners 2011 103.46 28-Nov-11 29-Nov-11 01-Dec-11 15-Dec-11 I
2011 700.48 29-May-12 30-May-12 01-Jun-12 15-Jun-12 F
BOARD OF DIRECTORS 2012 720.75 20-May-13 21-May-13 23-May-13 07-Jun-13 F
1. Milawarma 2013 461.97 28-Apr-14 29-Apr-14 02-May-14 16-May-14 F
2. Achmad Sudarto
3. Anung Dri Prasetya ISSUED HISTORY
4. Heri Supriyanto Listing Trading
5. M Jamil No. Type of Listing Shares Date Date
6. Maizal Gazali 1. First Issue 346,500,000 23-Dec-02 23-Dec-02
2. Company Listing 1,785,000,000 23-Dec-02 23-Dec-02
AUDIT COMMITTEE 3. Warrant 172,631,850 T: 14-Dec-04 : 28-Dec-05
1. S. Koesnaryo
2. Helmi Mahfud
3. Nuhindro Priagung Widodo
4. Seger Budiarjo
CORPORATE SECRETARY
Joko Pramono
HEAD OFFICE
Menara Kadin Indonesia 15th Fl. & 9th Fl.
Jln. H.R. Rasuna Said X-5, Kav. 2 & 3
Jakarta - 12950
Phone : (021) 525-4014
Fax : (021) 525-4002
Homepage : www.ptba.com
Email : jpramono@bukitasam.co.id

TRADING ACTIVITIES
Tambang Batubara Bukit Asam (Persero) Closing Price Freq. Volume Value
Day
Closing Volume
26,000 24.0 Jan-11 26,000 19,350 19,750 31,410 102,110 2,225,262 21
Feb-11 20,700 18,750 20,050 22,423 76,819 1,522,754 18
22,750 21.0 Mar-11 21,550 19,800 21,000 22,536 96,718 1,994,258 23
Apr-11 22,800 21,000 22,300 13,575 49,553 1,098,839 20
May-11 22,450 20,600 21,250 13,591 51,249 1,098,047 21
19,500 18.0
Jun-11 21,500 20,350 20,800 14,856 61,338 1,277,009 20
Jul-11 21,650 20,550 21,300 16,518 56,206 1,189,290 21
16,250 15.0
Aug-11 21,500 17,450 19,050 19,027 64,261 1,240,174 19
Sep-11 19,950 13,700 16,800 20,250 43,682 752,747 20
13,000 12.0
Oct-11 18,800 13,600 18,350 27,223 76,241 1,238,794 21
Nov-11 18,500 16,500 17,000 15,147 40,315 711,620 22
9,750 9.0 Dec-11 17,750 16,200 17,350 13,830 38,098 653,219 21
6,500 6.0 Jan-12 20,250 17,300 20,150 15,251 52,009 999,520 21

Feb-12 21,150 19,900 20,750 13,083 79,652 1,651,883 21
3,250 3.0 Mar-12 21,100 20,050 20,500 12,467 60,156 1,240,929 21
Apr-12 20,600 18,000 18,450 14,159 52,472 1,012,647 20
May-12 18,550 15,000 15,000 19,856 67,653 1,133,883 21
Jun-12 15,250 12,950 14,650 25,436 108,437 1,509,872 21
Jul-12 16,450 14,450 15,900 17,145 46,768 723,145 22
Aug-12 16,000 13,500 14,600 13,578 48,346 720,762 19
Sep-12 17,000 13,800 16,200 16,341 61,071 953,500 20
Mining Index Nov-12 16,900 13,800 14,000 14,844 36,151 564,858 20
80%
Jan-13 17,000 15,250 15,500 18,751 48,043 775,403 21
60% Feb-13 15,800 14,700 15,100 15,553 36,334 556,775 20
Mar-13 15,550 13,500 14,400 15,521 51,161 758,208 19
40% 41.9% Apr-13 15,500 14,550 15,250 13,609 73,416 1,119,626 22
May-13 15,650 12,100 12,200 20,997 103,759 1,496,445 22
20% Jun-13 13,350 11,200 13,300 28,007 64,863 795,670 19
Jul-13 13,700 9,700 9,950 18,764 40,845 481,465 23
Aug-13 12,650 9,900 12,100 16,624 45,370 515,876 17
-
Sep-13 14,150 12,000 12,750 14,849 40,865 540,723 21
Oct-13 14,100 12,100 12,150 12,379 25,773 335,993 21
-20%
Nov-13 12,750 11,500 12,000 24,137 70,921 852,812 20
Dec-13 12,100 10,150 10,200 14,770 52,142 590,411 19
-40%
-52.5% Jan-14 10,600 8,975 9,250 44,679 108,649 1,027,710 20

-60% -60.7% Feb-14 9,750 9,100 9,575 32,839 63,663 597,991 20
Mar-14 9,650 9,125 9,325 31,705 71,519 681,021 20
-80% Apr-14 10,375 9,275 9,875 37,927 93,241 911,383 20
Jun-14 11,550 10,250 10,725 33,290 72,603 794,402 21
Jul-14 11,700 10,350 11,650 27,074 46,806 522,367 18
Days 247 246 244 242 21 Dec-14 13,650 12,200 12,500 30,786 39,684 519,559 20
Price (Rupiah) Jan-15 12,525 10,100 11,375 41,254 60,844 690,666 21

High 26,000 21,150 17,000 14,150 12,525
Low 13,600 12,950 9,700 8,975 10,100
Close 17,350 15,100 10,200 12,500 11,375
Close* 17,350 15,100 10,200 12,500 11,375
PER (X) 12.95 15.33 12.87 13.65 12.43

PER Industry (X) 16.17 8.49 20.76 3.23 2.93
PBV (X) 4.90 4.09 3.11 3.53 3.21

Receivables 997,178 1,180,195 1,545,556 1,427,572 1,439,401

423,678 64,483 765,964 901,952 1,033,360 12,000
Inventories
Current Assets 6,645,953 8,859,260 8,718,297 6,479,783 7,416,805
9,000
Fixed Assets 921,005 1,140,466 1,853,447 2,803,393 3,987,565
Other Assets 57,588 50,949 97,886 119,746 119,719
6,000
Total Assets 8,722,699 11,507,104 12,728,981 11,677,155 14,812,023
Growth (%) 31.92% 10.62% -8.26% 26.85% 3,000

Growth (%) 46.49% 26.38% -2.33% 48.86%
8,505
Paid up Capital 1,152,066 1,152,066 1,152,066 1,152,066 1,152,066 8,165
7,552
8,505

6,441
Par Value 500 500 500 500 500 6,770

5,035
Total Equity 6,441,248 8,165,002 8,505,169 7,551,569 8,670,842

Growth (%) 26.76% 4.17% -11.21% 14.82% 3,300
Total Revenues 7,909,154 10,581,570 11,594,057 11,209,219 13,077,962

Growth (%) 33.79% 9.57% -3.32% 16.67%
-170
2010 2011 2012 2013 Dec-14
Cost of Revenues 4,258,988 5,302,592 6,505,932 7,745,646 9,056,219

Gross Profit 3,650,166 5,278,978 5,088,125 3,463,573 4,021,743
Expenses (Income) 1,050,516 1,219,874 1,494,615 1,310,735 1,711,545
Operating Profit - 4,059,104 3,593,510 2,152,838 2,310,198 13,078
Growth (%) -11.47% -40.09% 7.31% 11,594 11,209

11,594
10,582
Other Income (Expenses) - - 318,077 308,524 364,528 9,229
7,909
Income before Tax 2,599,650 4,059,104 3,911,587 2,461,362 2,674,726
6,864
Tax 600,713 971,037 1,002,166 607,081 655,512

Growth (%) 54.49% -5.79% -36.27% 8.89%

2,133
Current Ratio (%) 578.90 463.25 492.37 286.59 207.51
3,088
Dividend (Rp) 523.12 803.94 720.75 461.97 - 3,088
2,909
EPS (Rp) 871.86 1,339.26 1,258.66 792.55 875.02

BV (Rp) 2,795.52 3,543.63 3,691.27 3,277.40 3,763.17 2,458
2,019
1,999
0.26 0.29 0.33 0.35 0.41 1,854
DAR (X)
1,828
DER(X) 0.35 0.41 0.50 0.55 0.71

ROA (%) 22.92 26.84 22.86 15.88 13.63 1,198
ROE (%) 31.03 37.82 34.21 24.55 23.29

GPM (%) 46.15 49.89 43.89 30.90 30.75 568
OPM (%) - 38.36 30.99 19.21 17.66

NPM (%) 25.27 29.18 25.09 16.54 15.44
-62
2010 2011 2012 2013 Dec-14

Payout Ratio (%) 60.00 60.03 57.26 58.29 -
Yield (%) 2.28 4.63 4.77 4.53 -

COMPANY REPORT
PTPP
PEMBANGUNAN PERUMAHAN
(PERSERO) TBK.
Company Profile
PT Pembangunan Perumahan (Persero) Tbk. was established dated August 26th, 1953.
The Company's goals and objectives are to take part in construction business industry,
fabrication industry, rental service, agency, investment, agro industry, engineering
procurement and constructions (EPC), trades, site area management, enhancement in
construction capability services, information technology, tourism, hotels business service,
engineering and planning service, development services to produce high quality and highly
competitive goods and/or service, and to generate profit to add value to the entity by
applying limited liability company principles.
The current business activities of the Company are in construction services, real estate
(developer), properties and investment in infrastructure and energy.
To increase value to the Company, the management adopts a corporate strategies on the
basis of four business pillars: Construction, EPC (Energy, Oil & Gas), Investment and
Property. To achieve the goals, the Company adopted the Company's vision: "PT PP
(Persero) Tbk Vision".
The vision shall become strategic guide lines in facing future challenge, which is: "To
become a leading construction and investment company which provides high added values
to all of its stakeholders". The Company's new vision: "To Be a Leader in Construstion and
Investment Company in Indonesia which Internationally Competitive".
As of December 31st, 2014 the Company had 1,687 employees.
February 2015
Disclaimer:

PTPP PP (Persero) Tbk. [S]
49 | 19.0T | 0.36% | 74.10%
48 | 9.37T | 0.64% | 73.47%

Established Date : 26-Aug-1953 1. Negara Republik Indonesia 2,469,642,760 : 51.00%
Listing Date : 09-Feb-2010 2. Public (<5%) 2,372,793,740 : 49.00%
Under Writer IPO :
PT Mandiri Sekuritas DIVIDEND ANNOUNCEMENT
F/I
PT DBS Vickers Securities Indonesia Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 2009 10.11 09-Jul-10 12-Jul-10 14-Jul-10 28-Jul-10 F
PT BSR Indonesia 2010 14.57 07-Jul-11 08-Jul-11 12-Jul-11 15-Jul-11 F
Komplek Perkantoran ITC Roxy Mas Blok E1 No. 10 - 11 2011 14.88 07-Jun-12 08-Jun-12 12-Jun-12 15-Jun-12 F
Jln. K.H. Hasyim Ashari Jakarta 10150 2012 19.19 22-May-13 23-May-13 27-May-13 10-Jun-13 F
Phone : (021) 631-7828 2013 26.06 21-Apr-14 22-Apr-14 24-Apr-14 07-May-14 F
Fax : (021) 631-7827
ISSUED HISTORY
BOARD OF COMMISSIONERS Listing Trading
1. Djoko Murjanto No. Type of Listing Shares Date Date
2. Aryanto Sutadi *) 1. Negara RI (Seri A) 1 09-Feb-10 00-Jan-00
3. Eddy Purwanto 2. Penawaran Umum 1,038,976,500 09-Feb-10 09-Feb-10
4. Husein Thaib *) 3. Company Listing 2,469,642,759 09-Feb-10 09-Feb-10
5. Muhammad Khoerur Roziqin 4. PP Employees Cooperative 1,333,817,240 09-Feb-10 08-Oct-10
BOARD OF DIRECTORS
1. Bambang Triwibowo
2. Harry Nugroho
3. Ketut Darmawan
4. Tumiyana
5. Wayan Karioka
6. Lukman Hidayat
AUDIT COMMITTEE
1. Aryanto Sutadi
2. Handoko Tripriyono
3. Sularso
CORPORATE SECRETARY
Taufik Hidayat
HEAD OFFICE
Plaza PP
Jln. Letjend. T.B. Simatupang No. 57,
Pasar Rebo, Jakarta - 13760
Phone : (021) 840-3883
Fax : (021) 840-3890
Homepage : www.pt-pp.com
Email : corsec@pt-pp.com

TRADING ACTIVITIES
PP (Persero) Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
4,000 240 Jan-11 820 630 630 6,962 240,500 172,143 21
Feb-11 640 550 580 4,470 187,951 109,693 18
3,500 210 Mar-11 710 570 710 7,237 356,739 221,654 23
Apr-11 740 640 700 4,861 237,350 166,047 20
May-11 710 630 680 2,708 106,685 70,249 21
3,000 180
Jun-11 680 640 670 1,043 62,668 39,098 20
Jul-11 680 620 640 2,870 255,058 147,697 21
2,500 150
Aug-11 640 455 455 10,000 234,732 122,068 19
Sep-11 485 265 330 22,104 427,552 188,543 20
2,000 120
Oct-11 355 280 345 7,489 310,223 102,824 21
Nov-11 340 315 315 2,000 53,301 17,721 22
1,500 90 Dec-11 530 320 485 14,591 470,020 218,008 21
1,000 60 Jan-12 610 475 570 8,204 288,312 152,115 21

Feb-12 680 550 640 6,652 326,259 195,562 21
500 30 Mar-12 670 600 630 4,896 200,951 127,218 21
Apr-12 720 610 700 8,208 485,613 319,004 20
May-12 760 590 600 7,221 384,823 258,898 21
Jun-12 620 530 610 3,859 201,669 108,323 21
Jul-12 650 580 600 2,427 210,891 127,057 22
Aug-12 680 550 570 4,330 253,171 158,175 19
Sep-12 760 570 730 5,160 320,054 215,131 20
Property, Real Estate and Bulding Construction Index Nov-12 930 740 930 10,295 519,428 423,177 20
400%
389.4%
Jan-13 900 760 870 16,564 617,373 522,744 21
350%
Feb-13 940 860 920 11,923 419,197 378,668 20
300% Mar-13 1,230 890 1,200 17,716 790,488 798,175 19
Apr-13 1,430 1,130 1,420 19,097 690,182 884,041 22
250% May-13 1,750 1,410 1,750 24,287 727,035 1,131,154 22
Jun-13 1,780 1,250 1,350 36,109 812,645 1,189,127 19
200%
Jul-13 1,530 950 1,420 37,739 873,532 1,103,275 23
175.4%
Aug-13 1,530 830 1,060 31,214 672,174 765,094 17
150%
Sep-13 1,270 840 1,120 51,644 1,283,678 1,414,590 21
100% Oct-13 1,440 1,060 1,310 34,973 898,458 1,077,363 21
Nov-13 1,350 1,100 1,150 19,864 372,873 448,996 20
41.9%
50% Dec-13 1,250 1,110 1,160 17,127 421,327 489,944 19
-
Jan-14 1,370 1,105 1,350 18,040 347,504 443,365 20
-50% Feb-14 1,465 1,295 1,405 25,148 496,128 694,477 20
Mar-14 1,850 1,385 1,830 30,450 618,599 1,026,256 20
-100% Apr-14 1,960 1,630 1,845 34,058 562,369 1,009,244 20
Jun-14 1,900 1,710 1,850 17,958 257,943 464,091 21
Jul-14 2,420 1,795 2,260 42,486 462,899 998,247 18
Days 247 246 244 242 21 Dec-14 3,625 3,060 3,575 43,018 339,061 1,125,226 20
Price (Rupiah) Jan-15 3,925 3,475 3,915 56,124 403,485 1,503,473 21

High 820 950 1,780 3,625 3,925
Low 265 475 760 1,105 3,475
Close 485 830 1,160 3,575 3,915
Close* 485 830 1,160 3,575 3,915
PER (X) 9.78 12.98 13.35 44.75 49.01

PER Industry (X) 11.09 17.34 9.57 16.29 17.39
PBV (X) 1.65 2.43 2.83 8.06 8.82

Public Accountant : Soejatna, Mulyana & Rekan
Cash & Cash Equivalents 959,609 1,306,110 1,303,124 2,396,802 2,408,126 15,000
Receivables 2,051,473 1,284,675 1,633,937 2,187,005 3,135,044

1,509,428 1,586,309 1,565,642 177,419 2,570,346 12,000
Inventories
Investment 287,389 243,697 222,844 289,598 417,692
9,000
Fixed Assets 77,127 75,997 72,775 141,882 493,576
Other Assets - - - -
6,000
Total Assets 5,444,074 6,933,354 8,550,851 12,415,669 14,611,865
Growth (%) 27.36% 23.33% 45.20% 17.69% 3,000
Bank Payable 912,003 1,115,578 836,766 891,868 -

Trade Payable 2,384,646 3,463,503 4,243,610 6,300,346 7,021,633 2010 2011 2012 2013 Dec-14
Growth (%) 31.70% 25.18% 51.28% 17.17%
Paid up Capital 484,244 484,244 484,244 484,244 484,244
Paid up Capital (Shares) 4,842 4,842 4,842 4,842 4,842 2,148 1,985
Par Value 100 100 100 100 100 1,656

1,710
Retained Earnings 315,433 479,030 709,439 1,037,220 1,442,959 1,425

1,262
Total Equity 1,261,843 1,425,440 1,655,849 1,984,747 2,390,270 1,272
Growth (%) 12.96% 16.16% 19.86% 20.43%

834
Total Revenues 4,401,229 6,231,898 8,003,873 11,655,844 12,427,371

Growth (%) 41.59% 28.43% 45.63% 6.62%
-43
2010 2011 2012 2013 Dec-14
Cost of Revenues 3,983,232 5,526,136 7,149,367 10,382,923 10,894,711

Gross Profit 514,624 785,922 854,505 1,272,922 1,532,660
Operating Profit 392,194 654,940 710,825 1,073,385 1,256,702 12,427
11,656
Growth (%) 66.99% 8.53% 51.01% 17.08% 11,656

9,278

6,232
Tax 125,018 178,253 235,709 346,170 387,380
4,401
Profit for the period 201,648 240,223 309,683 420,720 532,065 4,522
Growth (%) 19.13% 28.91% 35.86% 26.47%

2,145
Comprehensive Income 201,648 240,223 309,683 420,720 532,065 2010 2011 2012 2013 Dec-14
Dividend (Rp) 14.57 14.88 19.19 26.06 -
532
EPS (Rp) 41.64 49.61 63.95 86.88 109.85
507
BV (Rp) 260.58 294.36 341.95 409.87 493.61 421

DAR (X) 0.77 0.79 0.81 0.84 0.84 421
DER(X) 3.31 3.86 4.16 5.26 5.11 335

310
ROA (%) 3.70 3.46 3.62 3.39 3.64 240
15.98 16.85 18.70 21.20 22.26
249
202
ROE (%)
GPM (%) 11.69 12.61 10.68 10.92 12.33 163
OPM (%) 8.91 10.51 8.88 9.21 10.11 77
NPM (%) 4.58 3.85 3.87 3.61 4.28

Payout Ratio (%) 34.99 30.00 30.01 30.00 -
-8
2010 2011 2012 2013 Dec-14

Yield (%) 1.82 3.07 2.31 2.25 -

COMPANY REPORT
PWON
PAKUWON JATI TBK.
Company Profile
PT Pakuwon Jati Tbk. is a diversified real estate developer focused in Jakarta and Surabaya.
The Company's portfolio of prime properties includes retail, residential, commercial and
hospitality developments
Established in 1982 and listed on both the Jakarta and Surabaya Stock exchanges since
1989, Pakuwon Jati is an established brand name with over 25 years of experience
successfully developing, marketing and operating properties. The Company is vertically
integrated across the full real estate value chain from land acquisition, property
development, marketing and operational management.
Based on Company’s Article of Associations, the Company is engaged in business:

1) Shopping center named as Tunjungan Plaza,
2) Business center named as Menara Mandiri,
3) Five-Star hotel named as Sheraton Surabaya Hotel and Towers,
4) Real estate business Pakuwon City
5) Real estate business Grand Pakuwon, which are all situated in Surabaya.
The Company has direct and indirect ownership in subsidiaries:

1) PT Artisan Wahyu,
2) PT Elite Prima Hutama,
3) PT Pakuwon Sentra Wisata,
4) PT Pakuwon Regency,
5) PT Grama Pramesi Siddhi,
6) Pakuwon Prima Pte. Ltd. Singapore,
7) Artius Grandis Pte. Ltd.
8) PT Centrum Utama Prima.
The company started commercial operations in May 1986. The Company and its
subsidiaries has total number of employees of 2,028 as of September 30, 2014.
February 2015
Disclaimer:

PWON Pakuwon Jati Tbk. [S]
38 | 24.0T | 0.45% | 69.58%
56 | 7.76T | 0.53% | 77.90%

Established Date : 20-Sep-1982 1. Burgami Investments Limited 10,063,591,200 : 20.90%
Listing Date : 09-Oct-1989 2. JPMBLSA Re:JPMIB - PT Pakuwon Ar 6,080,129,840 : 12.62%
Under Writer IPO : 3. Concord Media Investment Ltd 3,556,800,000 : 7.39%
PT Danareksa (Persero) 4. Raylight Investments Limited 3,441,204,000 : 7.15%
PT Aseam Indonesia 5. Public (<5%) 25,017,877,360 : 51.95%
PT Inter-Pacific Financial Corporation
F/I
Phone : (021) 314-0032, 390-5920, 390-0645 1990 50.00 08-Jun-90 11-Jun-90 15-Jun-90 22-Jul-90
Fax : (021) 390-0671, 390-0652 1991 75.00 28-Feb-91 01-Mar-91 08-Mar-91 08-Apr-91
1991 30.00 10-Jun-92 12-Jun-92 19-Jun-92 20-Jul-92 F
BOARD OF COMMISSIONERS 1991 2:1 23-Nov-92 24-Nov-92 01-Dec-92 23-Dec-92 F
1. Alexander Tedja 1992 25.00 09-Aug-93 10-Aug-93 18-Aug-93 18-Sep-93 F
2. Agus Soesanto *) 1993 25.00 12-Jul-94 13-Jul-94 20-Jul-94 19-Aug-94 F
3. Dyah Pradnyaparamita Duarsa *) 1994 20.00 05-Jul-95 06-Jul-95 14-Jul-95 11-Aug-95 F
*) Independent Commissioners 1995 17.50 30-May-96 31-May-96 10-Jun-96 08-Jul-96 F
1996 25.00 27-Jun-97 30-Jun-97 08-Jul-97 06-Aug-97 F
BOARD OF DIRECTORS 2011 1.45 09-Oct-12 10-Oct-12 12-Oct-12 25-Oct-12 F
1. Richard Adisastra 2012 3.50 08-Oct-13 09-Oct-13 11-Oct-13 25-Oct-13 F
2. Alexander Stephanus Ridwan Suhendra 2013 4.50 17-Jul-14 18-Jul-14 22-Jul-14 12-Aug-14 F
3. Eiffel Tedja
4. Irene Tedja ISSUED HISTORY
5. Minarto Listing Trading
6. Sutandi Purnomosidi No. Type of Listing Shares Date Date
7. Wong Boon Siew Ivy 1. First Issue 3,000,000 09-Oct-89 09-Oct-89
2. Company Listing 17,000,000 09-Oct-89 09-Oct-89
AUDIT COMMITTEE 3. Right Issue 50,000,000 01-Oct-91 01-Oct-91
1. Agus Soesanto 4. Bonus Shares 35,000,000 24-Dec-92 24-Dec-92
2. Antoius Susanto 5. Right Issue 5,000 18-Jul-94 29-Jul-94
3. Lisawati 6. Right Issue 4,300 18-Jul-94 05-Aug-94
7. Right Issue 6,500 18-Jul-94 10-Aug-94
CORPORATE SECRETARY 8. Right Issue 21,625 18-Jul-94 11-Aug-94
Minarto 9. Right Issue 30,450 18-Jul-94 16-Aug-94
10. Right Issue 1,650 18-Jul-94 19-Aug-94
HEAD OFFICE 11. Right Issue 20,500 18-Jul-94 19-Aug-94
EastCoast Center 5th Fl. 12. Right Issue 20,078,445 18-Jul-94 24-Aug-94
Pakuwon Town Square - Pakuwon City 13. Right Issue 9,804,048 18-Jul-94 30-Aug-94
Jln. Kejawan Putih Mutiara No. 17, Surabaya 14. Right Issue 74,483,629 18-Jul-94 31-Aug-94
Phone : (031) 582-08788 15. Right Issue 543,853 18-Jul-94 01-Sep-94
Fax : (031) 582-08798 16. Stock Split 210,000,000 29-Jan-96 29-Jan-96
17. Add. Listing without RI 247,000,000 03-Feb-06 03-Feb-06
Homepage : www.pakuwon.com 18. Add. Listing without RI (canceled) -247,000,000 20-Mar-06 20-Mar-06
Email : minarto@pakuwon.com 19. CB Conversion 22,705,000 21-Mar-06 21-Mar-06
20. CB Conversion 224,295,000 27-Mar-06 27-Mar-06
21. CB Conversion 876,577,000 08-Aug-06 08-Aug-06
22. Stock Split 6,174,308,000 19-Sep-07 19-Sep-07
23. Bonus Shares 2,315,365,500 22-Aug-08 22-Aug-08
24. Right Issue 2,006,650,100 02-Jan-12 02-Jan-12
25. Stock Split 36,119,701,800 30-Mar-12 30-Mar-12

TRADING ACTIVITIES
Pakuwon Jati Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
560 4,000 Jan-11 910 840 870 7,242 102,723 89,902 21
Feb-11 930 830 860 6,146 101,249 88,122 18
490 3,500 Mar-11 900 830 890 9,687 210,981 183,731 23
Apr-11 890 850 870 4,653 59,937 52,008 20
May-11 1,000 850 1,000 10,568 187,101 169,686 21
420 3,000
Jun-11 1,100 900 980 18,722 341,759 331,832 20
Jul-11 990 890 900 15,828 329,440 309,710 21
350 2,500
Aug-11 920 800 880 14,958 208,692 182,020 19
Sep-11 910 740 780 9,573 128,988 108,561 20
280 2,000
Oct-11 890 700 860 11,500 130,722 108,266 21
Nov-11 1,010 810 830 16,784 198,224 181,996 22
210 1,500 Dec-11 860 670 750 11,627 148,648 115,525 21
140 1,000 Jan-12 810 740 790 16,231 1,093,273 738,333 21

Feb-12 870 780 820 19,327 240,501 198,973 21
70 500 Mar-12 880 199 205 14,461 233,067 169,374 21
Apr-12 210 196 205 14,165 384,695 77,176 20
May-12 205 187 188 10,811 272,709 53,115 21
Jun-12 194 170 194 13,375 281,939 51,964 21
Jul-12 235 194 225 25,803 795,941 169,716 22
Aug-12 230 200 225 12,187 1,099,613 241,673 19
Sep-12 275 215 270 16,415 610,396 146,478 20
Closing Price*, Jakarta Composite Index (IHSG) and Oct-12 305 250 280 34,467 1,312,257 361,147 22
Property, Real Estate and Bulding Construction Index Nov-12 280 215 230 20,718 4,744,453 1,132,903 20
180%
175.4%
Jan-13 285 220 275 33,019 1,794,827 468,474 21
150% Feb-13 365 270 360 37,849 2,265,935 696,864 20
Mar-13 390 330 385 39,189 2,099,959 754,102 19
132.7% Apr-13 410 345 405 55,798 2,863,722 1,079,612 22
120% May-13 430 370 420 63,308 5,045,118 2,006,700 22
Jun-13 425 305 345 53,787 2,935,423 1,041,998 19
90% Jul-13 390 310 380 40,125 2,138,014 729,542 23
Aug-13 390 240 290 26,014 1,402,520 447,531 17
Sep-13 310 250 285 38,823 1,910,635 551,184 21
60%
Oct-13 320 260 310 41,350 1,643,983 475,042 21
Nov-13 315 250 250 26,908 1,219,425 331,106 20
30% 41.9% Dec-13 290 250 270 23,647 1,320,513 351,679 19
Jan-14 340 261 307 48,959 976,326 299,281 20

-
Feb-14 355 303 330 45,367 1,135,771 374,607 20
Mar-14 392 323 350 52,428 1,413,058 511,373 20
-30% Apr-14 392 338 352 61,363 1,702,129 622,424 20
Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 May-14 408 353 408 43,214 1,025,350 388,372 18
Jun-14 400 337 349 36,740 791,084 293,337 21
Jul-14 449 344 415 50,717 1,380,171 550,046 18
SHARES TRADED 2011 2012 2013 2014 Jan-15 Aug-14 500 390 435 84,200 4,427,598 1,911,446 20
Volume (Million Sh.) 2,148 11,909 26,640 19,148 6,716 Sep-14 445 391 404 77,849 2,110,045 890,296 22
Value (Billion Rp) 1,921 3,536 8,934 7,765 3,274 Oct-14 450 376 450 63,633 1,644,833 684,270 23
Frequency (Thou. X) 137 218 480 674 113 Nov-14 525 429 515 55,333 1,190,333 555,625 20
Days 247 246 244 242 21 Dec-14 555 456 515 54,593 1,351,233 683,696 20
Price (Rupiah) Jan-15 545 462 499 112,556 6,716,000 3,274,163 21

High 1,100 880 430 555 545
Low 670 170 220 261 462
Close 750 225 270 515 499
Close* 188 225 270 515 499
PER (X) 19.88 14.14 11.48 14.14 13.70

PER Industry (X) 11.09 17.34 9.57 16.29 17.39
PBV (X) 3.17 3.46 3.17 4.57 4.42

Cash & Cash Equivalents 321,523 621,021 1,315,146 2,126,206 4,503,413 13,750
Receivables 123,815 116,796 138,509 166,915 264,794

2,927 3,121 1,262,136 1,051,081 1,213,816 11,000
Inventories
Investment 1,996,240 2,033,472 216 268,531 16,154
8,250
Fixed Assets 1,451,333 1,659,292 844,548 673,096 776,413
Other Assets - 14 11 11 11
5,500
Total Assets 4,928,510 5,744,711 7,565,820 9,298,245 12,783,359
Growth (%) 16.56% 31.70% 22.90% 37.48% 2,750
Bank Payable 1,085,338 1,925,967 1,764,389 1,570,245 -

Growth (%) 42.34% 31.43% 17.25% 41.49%
Paid up Capital 1,003,325 1,203,990 1,203,990 1,203,990 1,203,990 5,432

4,103
Par Value 100 100 25 25 25
4,324
Retained Earnings 425,732 667,748 1,345,905 2,310,166 3,409,138 3,135

3,216
Total Equity 2,026,577 2,373,135 3,134,536 4,102,509 5,432,074 2,373

2,027
Growth (%) 17.10% 32.08% 30.88% 32.41% 2,108
Total Revenues 1,228,008 1,478,105 2,165,397 3,029,797 2,716,697

Growth (%) 20.37% 46.50% 39.92%
-109
2010 2011 2012 2013 Sep-14
Cost of Revenues 668,475 743,405 931,477 1,264,879 1,091,231

Gross Profit 559,533 734,700 1,233,920 1,764,919 1,625,466
2,717
Growth (%)
3,030
2,412
2,165
Income before Tax 385,626 469,871 901,105 1,331,192 1,510,468 1,794
1,478
Tax 69,099 91,339 134,609 194,644 173,334 1,228
Profit for the period 316,527 378,531 766,496 1,136,548 1,337,133
1,176
Growth (%) 19.59% 102.49% 48.28%

557
Comprehensive Attributable 272,358 346,859 747,989 1,132,820 1,315,690
Dividend (Rp) - 1.45 3.50 4.50 -
1,337
EPS (Rp) 27.15 28.81 15.53 23.52 27.32 1,337
1,137
BV (Rp) 201.99 197.11 65.09 85.19 112.79
DAR (X) 0.48 0.59 0.59 0.56 0.58 1,064
DER(X) 1.17 1.42 1.41 1.27 1.35 766

6.42 6.59 10.13 12.22 10.46
792
ROA (%)
ROE (%) 15.62 15.95 24.45 27.70 24.62
379
519
GPM (%) 45.56 49.71 56.98 58.25 59.83 317
OPM (%) - - - - - 246
NPM (%) 25.78 25.61 35.40 37.51 49.22

Payout Ratio (%) - 5.03 22.53 19.13 -
-27
2010 2011 2012 2013 Sep-14

Yield (%) - 0.19 1.56 1.67 -

COMPANY REPORT
SCMA
SURYA CITRA MEDIA TBK.
Company Profile
PT Surya Citra Media Tbk. was established on January 29th, 1999. The Company started its
commercial operations in 2002.
Company's scope of activities in the field of business related to multimedia services,

including producing local television programs and sell them to Subsidiary.
The Company is domiciled in SCTV Tower - Senayan City, Jln. Asia Afrika Lot 19, Jakarta. PT
Elang Mahkota Teknologi Tbk is the ultimate parent entity of the Company and
subsidiaries.
Subsidiaries directly owned by the Company are as follows:

• PT Surya Citra Televisi (SCTV),
• PT Indosiar Visual Mandiri,
• PT Bangka Tele Vision,
• PT Screenplay Produksi, and
• PT Surya Citra Pesona (51%).
As of September 30, 2014, the Company and Subsidiaries have 2,580 employees.
February 2015
Disclaimer:

SCMA Surya Citra Media Tbk. [S]
Industry Sub Sector : Advertising, Printing And Media (95) Market Capitalization : 49,932,768,214,110
19 | 49.9T | 0.94% | 57.31%
25 | 15.6T | 1.07% | 55.49%

Established Date : 29-Jan-1999 1. PT Elang Mahkota Teknologi 8,914,176,761 : 60.97%
Under Writer IPO :
PT CLSA Indonesia DIVIDEND ANNOUNCEMENT
F/I
Plaza Central Building 2nd Fl. 2002 15.00 20-Aug-02 21-Aug-02 26-Aug-02 09-Sep-02 I
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 2002 30.00 01-Jul-03 02-Jul-03 04-Jul-03 18-Jul-03 F
Phone : (021) 252-5666 2003 5.00 05-Aug-04 06-Aug-04 10-Aug-04 25-Aug-04 F
2004 25.00 08-Dec-05 09-Dec-05 13-Dec-05 28-Dec-05 F
1. Raden Soeyono 2006 8.00 15-Dec-06 18-Dec-06 20-Dec-06 05-Jan-07 I
2. Glenn Muhammad Surya Yusuf *) 2007 20.00 01-Aug-07 02-Aug-07 06-Aug-07 21-Aug-07 I
3. Jay Geoffrey Wacher 2007 8.00 10-Sep-08 11-Sep-08 15-Sep-08 29-Sep-08 F
4. Suryani Zaini *) 2008 40.00 16-Dec-08 17-Dec-08 19-Dec-08 08-Jan-09 F
2009 170.00 16-Jun-10 17-Jun-10 21-Jun-10 05-Jul-10 F
BOARD OF DIRECTORS 2010 60.00 08-Nov-10 09-Nov-10 11-Nov-10 23-Nov-10 I
1. Sutanto Hartono 2010 225.00 27-Jun-11 28-Jun-11 01-Jul-11 12-Jul-11 F
2. Grace Wiranata 2011 35.00 27-Jun-11 28-Jun-11 01-Jul-11 12-Jul-11 I
3. Harsiwi Achmad 2011 125.00 14-Jun-12 15-Jun-12 19-Jun-12 03-Jul-12 F
4. Lie Halim 2012 48.00 06-May-13 07-May-13 10-May-13 24-May-13 F
5. Alvin Widarta Sariaatmadja 2013 15.00 21-Nov-13 22-Nov-13 26-Nov-13 10-Dec-13 I
2013 51.00 18-Aug-14 19-Aug-14 21-Aug-14 04-Sep-14 F
AUDIT COMMITTEE
1. Glenn Muhammad Surya Yusuf ISSUED HISTORY
2. Emmanuel Bambang Suyitno Listing Trading
3. M. Risanggono Soemaryono No. Type of Listing Shares Date Date
1. First Issue 375,000,000 16-Jul-02 16-Jul-02
CORPORATE SECRETARY 2. First Issue (Green Shoe) 56,250,000 16-Jul-02 16-Jul-02
Hardijanto Saroso 3. Company Listing 1,443,750,000 T: 16-Jul-02 : 28-Feb-03
4. Warrant 18,750,000 05-Mar-03 05-Mar-03
HEAD OFFICE 5. ESOP Conversion 56,250,000 T: 23-May-08 : 14-Jun-12
SCTV Tower -Senayan City 6. Stock Splits 7,800,000,000 29-Oct-12 29-Oct-12
Jln. Asia Afrika Lot. 19 7. Merger with IDKM 4,871,601,234 01-May-13 01-May-13
Jakarta - 10270
Phone : (021) 279-35599
Fax : (021) 279-35598
Homepage : www.scm.co.id
Email : hardijanto.s@scm.co.id

TRADING ACTIVITIES
Surya Citra Media Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
4,200 800 Jan-11 3,725 3,250 3,450 271 2,538 8,852 19
Feb-11 3,825 3,300 3,800 135 3,470 11,977 12
3,675 700 Mar-11 4,200 3,500 4,050 340 3,512 13,706 18
Apr-11 4,200 3,800 4,200 138 1,396 5,703 18
May-11 5,050 4,000 4,950 563 5,426 24,255 21
3,150 600
Jun-11 6,050 4,525 5,700 965 10,342 51,121 20
Jul-11 6,650 5,500 6,550 818 11,313 69,776 21
2,625 500
Aug-11 7,000 5,500 6,000 576 3,883 23,607 19
Sep-11 6,000 4,575 6,000 818 3,129 17,510 20
2,100 400
Oct-11 6,400 5,000 6,350 643 22,958 135,661 21
Nov-11 7,700 5,500 7,550 1,011 47,075 315,609 22
1,575 300 Dec-11 8,200 7,650 7,850 623 8,280 65,741 21
1,050 200 Jan-12 9,600 7,850 9,300 712 6,653 57,811 20

Feb-12 9,400 8,400 8,700 589 8,775 77,400 20
525 100 Mar-12 8,900 8,050 8,050 900 16,027 136,459 21
Apr-12 8,500 7,950 8,500 568 21,942 184,003 20
May-12 9,500 8,000 8,950 1,139 87,104 752,304 21
Jun-12 10,200 8,500 9,500 627 9,114 82,791 19
Jul-12 11,050 9,450 10,350 1,960 116,666 1,168,577 22
Aug-12 10,500 9,850 9,900 842 10,523 107,052 19
Sep-12 11,000 9,850 11,000 1,809 13,824 143,872 20
Trade, Sevices and Investment Index Nov-12 2,375 1,970 2,175 1,712 131,821 278,835 20
490%
Jan-13 2,500 2,175 2,375 2,844 74,017 168,664 21
420% Feb-13 2,975 2,150 2,575 7,347 114,123 268,789 20
381.0% Mar-13 2,925 2,450 2,775 5,901 158,946 415,150 19
350% Apr-13 2,950 2,625 2,800 4,171 177,045 482,182 20
May-13 3,125 2,625 2,900 7,102 224,109 651,217 22
280% Jun-13 2,950 2,250 2,725 8,696 192,983 503,785 19
Jul-13 2,925 2,300 2,675 7,002 124,551 329,380 23
Aug-13 3,000 2,300 2,500 5,905 140,977 378,417 17
210%
Sep-13 2,750 2,300 2,550 7,547 167,051 421,739 21
Oct-13 2,575 2,150 2,350 9,540 196,809 473,590 21
140%
Nov-13 2,975 2,250 2,850 22,527 652,332 1,798,826 20
93.3% Dec-13 2,875 2,450 2,625 10,133 252,342 676,768 19
70%
41.9% Jan-14 2,750 2,530 2,650 24,535 120,592 313,839 20
- Feb-14 2,805 2,410 2,805 46,992 310,886 785,287 20
Mar-14 3,300 2,700 3,200 60,060 357,086 1,066,820 20
-70% Apr-14 3,415 3,000 3,150 45,515 201,924 655,546 20
Jun-14 3,615 3,100 3,585 30,599 387,714 1,298,374 21
Jul-14 3,900 3,250 3,800 41,264 519,179 1,817,851 18
Volume (Million Sh.) 123 515 2,475 4,606 408 Sep-14 4,190 3,725 3,825 46,879 173,175 681,805 22
Value (Billion Rp) 744 3,288 6,569 15,573 1,408 Oct-14 3,935 3,325 3,380 79,426 339,658 1,192,961 23
Days 232 242 242 242 21 Dec-14 3,510 3,190 3,500 40,549 921,781 3,194,315 20
Price (Rupiah) Jan-15 3,730 3,205 3,415 62,923 408,147 1,407,805 21

High 8,200 11,150 3,125 4,200 3,730
Low 3,250 1,950 2,150 2,410 3,205
Close 7,850 2,250 2,625 3,500 3,415
Close* 1,570 2,250 2,625 3,500 3,415
PER (X) 16.64 24.03 29.99 34.72 33.87

PER Industry (X) 16.89 19.08 15.42 22.13 22.53
PBV (X) 10.09 10.02 13.76 16.34 15.95

Cash & Cash Equivalents 712,212 716,717 927,423 1,043,283 905,570 4,500
Receivables 575,046 627,045 721,898 1,014,685 1,394,048

199,946 164,427 222,674 374,639 446,691 3,600
Inventories
Current Assets 1,516,473 1,534,252 1,917,041 2,570,167 2,934,735
2,700
Fixed Assets 361,173 328,681 326,717 724,970 725,746
Other Assets 18,199 17,323 17,729 22,115 28,519
1,800
Total Assets 2,515,567 2,511,222 2,893,172 4,010,166 4,418,811
Growth (%) -0.17% 15.21% 38.61% 10.19% 900
Current Liabilities 427,559 971,757 416,149 705,700 835,681 -

Total Liabilities 1,028,801 1,006,950 704,733 1,220,709 1,287,452
Growth (%) -2.12% -30.01% 73.22% 5.47%
Paid up Capital 480,389 483,602 487,500 731,080 731,080 3,131
2,789
Par Value 250 250 50 50 50
2,493
2,188
Retained Earnings 453,446 467,143 1,136,538 184,867 2,084,744

1,487 1,504
1,854
Total Equity 1,486,752 1,504,271 2,188,439 2,789,457 3,131,358

Growth (%) 1.18% 45.48% 27.46% 12.26% 1,215
Total Revenues 1,927,997 2,306,735 2,240,085 3,694,748 3,093,160

Growth (%) 19.64% -2.89% 64.94%
-63
2010 2011 2012 2013 Sep-14
Expenses (Income) 1,135,863 1,083,940 1,035,222 1,935,962 2,084,744
Operating Profit 792,134 1,222,795 1,204,863 1,758,786 1,471,776 3,695
Growth (%) 54.37% -1.47% 45.97%

3,695
3,093
2,941
Other Income (Expenses) -70,438 -19,447 -5,396 5,309 1,398 2,307 2,240
Income before Tax 721,696 1,203,347 1,199,467 1,764,095 1,473,173 2,187 1,928
Tax 191,569 290,760 286,455 448,139 370,929
Profit for the period 530,127 912,588 913,013 1,285,897 1,102,245 1,434
Growth (%) 72.14% 0.05% 40.84%

680
Period Attributable 530,127 912,705 913,013 1,280 1,105,566 -74
Comprehensive Attributable 530,127 912,705 913,013 1,280 1,105,566
Current Ratio (%) 354.68 157.88 460.66 364.20 351.18
1,286
Dividend (Rp) 285.00 160.00 48.00 66.00 - 1,286
1,102
EPS (Rp) 275.88 471.83 93.64 0.09 75.61
BV (Rp) 773.72 777.64 224.46 190.78 214.16 1,024
913 913
DAR (X) 0.41 0.40 0.24 0.30 0.29

0.69 0.67 0.32 0.44 0.41
761
DER(X) 530
ROA (%) 21.07 36.34 31.56 32.07 24.94 499
ROE (%) 35.66 60.67 41.72 46.10 35.20

GPM (%) - - - - - 237
OPM (%) 41.09 53.01 53.79 47.60 47.58

NPM (%) 27.50 39.56 40.76 34.80 35.63
-26
2010 2011 2012 2013 Sep-14

Payout Ratio (%) 103.30 33.91 51.26 75,411.53 -
Yield (%) 8.03 2.04 2.13 2.51 -

COMPANY REPORT
SILO
SILOAM INTERNATIONAL HOSPITAL TBK.
Company Profile
PT Siloam International Hospitals Tbk. established under the name PT Sentralindo Wirasta
dated August 3, 1996. The scope of the Company's main activity is in the field of public health
services, including establishing and / or acquire and manage hospitals, clinics, maternity
homes, facilities and supporting infrastructure pre healthcare, organizing and
implementation of health care and organizing public health care insurance.
The Company started commercial operations in 2010 after the restructuring of hospital units
PT Lippo Karawaci Tbk. The main activity of the Company is engaged in the field of public
health services are set up and manage a hospital. Work area hospital units of the Company
and its Subsidiaries include several towns on the island of Sumatra, Java, Bali, Kalimantan
and Sulawesi. The Company is the parent company of PT Megapratama Karya Persada with
the last of the parent entity is PT Lippo Karawaci Tbk. As of September 30th, 2014, the
Company and its subsidiaries have 3,645 permanent employees.
The company owns directly or indirectly more than 50% of the shares of subsidiaries are PT
Aritasindo Permaisemesta, PT Perdana Kencana Mandiri, PT Multiselaras Anugerah, PT Nusa
Medika Perkasa, PT Siloam Graha Utama and Subsidiaries, PT East Jakarta Medika, PT Guchi
Kencana Emas and Subsidiaries, PT Golden First Atlanta, PT Prawira Tata Semesta and
Subsidiaries, PT Balikpapan Damai Husada, PT Siloam Emergency Services, PT Medika
Harapan Cemerlang Indonesia, PT Pancawarna Semesta and Subsidiaries, PT Diagram
Healthcare Indonesia, PT Adamanisa Karya Sejahtera, PT Brenada Karya Bangsa, PT Harmoni
Selaras Indah, PT Kusuma Primadana and Subsidiaries, PT Adijay a Buana Sakti dan Entitas
Anak PT Siloam Sumsel Kemitraan, PT RS Siloam Hospital Sumsel, PT Optimum Karya
Persada, PT Rosela Indah Cipta, PT Sembada Karya Megah, PT Trijaya Makmur Bersama, PT
Visindo Galaxi Jaya, PT Tunggal Pilar Perkasa and Subsidiaries, PT Tirtasari Kencana, PT
Gramari Prima Nusa, PT Krisolis Jaya Mandiri, PT Kusuma Bhakti Anugerah, PT Agung Cipta
Raya, PT Bina Cipta Semesta, PT Mega Buana Bhakti, PT Taruna Perkasa Megah, PT Tataka
Bumi Karya, PT Tataka Karya Indah, PT Siloam Medika Cemerlang, PT Koridor Usaha Maju
and Subsidiaries, PT Medika Sarana Traliansia and Subsidiaries, PT Trisaka Reksa Waluya, PT
Berlian Cahaya Indah, PT Mahkota Buana Selaras, PT Rashal Siar Cakra Medika, PT Genta
Ray a Internusa, PT Indah Kemilau Abadi, PT Inti Pratama Medika, PT Karya Pesona
Cemerlang, PT Mulia Pratama Cemerlang, PT Persada Dunia Semesta, PT Sentra Sehat
Sejahtera.
February 2015
Disclaimer:

SILO Siloam International Hospitals Tbk. [S]
Industry Sub Sector : Healthcare (96) Market Capitalization : 15,491,740,000,000
59 | 15.5T | 0.29% | 77.36%
14 | 20.8T | 1.43% | 42.17%

Established Date : 03-Aug-1996 1. PT Megapratama Karya Persada 699,000,000 : 60.46%
Listing Date : 12-Sep-2013 2. PT Safira Prima Utama 100,000,000 : 8.65%
PT Ciptadana Securities
PT Sharestar Indonesia Bonus Cash Recording Payment
F/I
Beritasatu Plasa 7th Fl. Year Shares Dividend Cum Date Ex Date Date Date
Jln. Jend. Gatot Subroto Kav. 35 - 36 Jakarta 12950 -
Phone : (021) 527-7966
Fax : (021) 527-7967 ISSUED HISTORY
Listing Trading
BOARD OF COMMISSIONERS No. Type of Listing Shares Date Date
1. Ketut Budi Wijaya 1. First Issue 156,100,000 12-Sep-13 12-Sep-13
2. Farid Harianto *) 2. Company Listing 1,000,000,000 12-Sep-13 12-Sep-13
3. Jonathan L. Parapak *)
4. Lambock V. Nahattands
5. Muladi *)
6. Rahmawaty
7. Theo L. Sambuaga
BOARD OF DIRECTORS
1. Romeo Fernandez Lledo
2. Anang Prayudi
3. Andry
4. George Mathew
5. Grace Frelita Indradjaja
6. Kailas N Raina
AUDIT COMMITTEE
1. Farid Harianto
2. Lie Kwang Tak
3. Siswanto Pramono
CORPORATE SECRETARY
Sugianganto Budisuharto
HEAD OFFICE
Siloam Hospitals, 5th Floor
Jln. Siloam No. 6, Lippo Village
Tangerang - 15811
Phone : (021) 256-68000
Fax : (021) 546-0075
Homepage : www.siloamhospitals.com
Email : corporate.secretary@siloamhospitals.com

TRADING ACTIVITIES
Siloam International Hospitals Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
Price* September 2013 - January 2015 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
16,000 160 Sep-13 11,000 9,050 10,400 6,040 110,105 1,098,723 13
Oct-13 11,050 9,950 10,150 5,130 175,460 1,838,018 21
14,000 140 Nov-13 10,350 9,050 9,600 2,776 68,670 674,356 20
Dec-13 9,700 9,250 9,500 1,293 81,196 773,923 18
12,000 120
Jan-14 9,650 9,200 9,625 4,505 139,774 1,335,343 20
Feb-14 10,550 9,500 10,500 6,310 233,380 2,325,902 20
10,000 100
Mar-14 11,400 9,550 10,300 9,465 262,183 2,781,056 20
Apr-14 11,000 9,400 11,000 7,308 271,019 2,886,239 20
8,000 80
May-14 15,000 11,000 15,000 5,769 250,496 3,134,771 18
Jun-14 15,150 13,950 14,450 5,181 149,703 2,187,636 21
6,000 60 Jul-14 15,000 13,100 14,300 5,816 84,216 1,200,511 18
Aug-14 15,950 14,000 15,075 6,452 95,928 1,454,766 20
4,000 40 Sep-14 17,500 14,700 15,025 11,156 116,205 1,813,276 22
Oct-14 15,500 13,125 13,775 5,972 41,486 590,341 23
2,000 20 Nov-14 15,400 12,800 13,625 6,991 44,745 637,273 20
Dec-14 14,700 13,375 13,700 5,539 28,758 403,657 20
Jan-15 14,000 13,000 13,400 4,003 38,835 525,611 21

Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14
Closing Price*, Jakarta Composite Index (IHSG) and

Trade, Sevices and Investment Index
September 2013 - January 2015
70%
60%
50%
40%
38.9%
30%
20% 21.4%
19.0%
10%
-10%
Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14
SHARES TRADED 2013 2014 Jan-15

Volume (Million Sh.) 435 1,718 39
Value (Billion Rp) 4,385 20,751 526
Frequency (Thou. X) 15 80 4
Days 72 242 21
Price (Rupiah)
High 11,050 17,500 14,000
Low 9,050 9,200 13,000
Close 9,500 13,700 13,400
Close* 9,500 13,700 13,400
PER (X) 220.23 218.72 213.93

PER Industry (X) 15.42 22.13 22.53
PBV (X) 6.70 9.38 9.17

Cash & Cash Equivalents 168,708 515,438 398,954 2,875
Receivables 187,067 270,802 354,659

75,352 94,831 97,181 2,300
Inventories
Current Assets 456,737 907,465 892,760
1,725
Fixed Assets 865,292 1,402,270 1,540,492
Other Assets 33,310 - 15,992
1,150
Total Assets 1,586,226 2,600,775 2,855,064
Growth (%) 63.96% 9.78% 575
Current Liabilities 267,633 295,921 492,798 -

Long Term Liabilities 1,073,752 665,862 673,403 2012 2013 Sep-14
Total Liabilities 1,341,585 961,783 1,166,202
Growth (%) -28.31% 21.25%
Authorized Capital 400,000 400,000 400,000 1,689
1,639
Paid up Capital 100,000 115,610 115,610 1,689
Paid up Capital (Shares) 1,000 1,156 1,156

Par Value 100 100 100
1,344
Retained Earnings 156,238 206,109 260,419

1,000
Total Equity 244,641 1,638,992 1,688,862

Growth (%) 569.96% 3.04% 655
245
Total Revenues 1,788,083 2,503,600 2,415,292

Growth (%) 40.02%
-34
2012 2013 Sep-14
Cost of Revenues 1,343,268 1,844,902 1,748,120

Gross Profit 444,815 658,698 667,172
Expenses (Income) 353,346 580,013 566,541
Operating Profit 91,468 78,685 100,630 2,504
2,415
Growth (%) -13.98%
2,504
1,993
1,788
Other Income (Expenses) -14,447 -6,924 -36,305
Income before Tax 77,022 71,761 64,325 1,482
Tax 25,062 21,569 13,016

Profit for the period 51,960 50,192 51,310
971
Growth (%) -3.40%

461
Period Attributable 50,461 49,870 54,310 -50
Comprehensive Income 51,960 50,192 51,310 2012 2013 Sep-14

Comprehensive Attributable 50,461 49,870 54,310
Current Ratio (%) 170.66 306.66 181.16
52 51
50
Dividend (Rp) - - - 52
EPS (Rp) 50.46 43.14 46.98

BV (Rp) 244.64 1,417.69 1,460.83 41
DAR (X) 0.85 0.37 0.41

5.48 0.59 0.69
31
DER(X)
ROA (%) 3.28 1.93 1.80 20
ROE (%) 21.24 3.06 3.04

GPM (%) 24.88 26.31 27.62 10
OPM (%) 5.12 3.14 4.17

NPM (%) 2.91 2.00 2.12
-1
2012 2013 Sep-14

Payout Ratio (%) - - -
Yield (%) - - -

CC O
OMM PP A
ANN YY RR EE PP O
O RR TT
SMGR
SEMEN INDONESIA (PERSERO) TBK.
Company Profile
PT Semen Indonesia (Persero) Tbk. was established on March 25th, 1953 The Company
commenced commercial operations on August 7, 1957. The Company's controlling
shareholder is the Government of the Republic of Indonesia.
The scope of activities of the Company in accordance with the Articles of Association and
being carried out during the reporting period is to engage in the cement industry. The
Company’s and its subsidiaries’ cement plants are located in Gresik and Tuban in East Java,
Indarung in West Sumatera, Pangkep in South Sulawesi and Quang Ninh in Vietnam. The
Group' products are marketed domestically and internationally.
As of December 31st, 2014, the Company and its subsidiaries had 6,976 employees.
The subsidiaries of the company are established as Strategic Tools, in order to give the
maximum contributions. In addition, their existence is expected to incur beneficial synergy
in order to achieve the purpose in accordance with the stipulated core business. Below are
the subsidiaries of the company:
• PT Semen Padang, • PT SGG Energi Prima,
• PT Sepatim Batamtama, • PT SGG Prima Beton,
• PT Bima Sepaja Abadi, • PT Krakatau Semen Indonesia,
• PT Semen Tonasa, • PT Sinergi Informatika Semen Indonesia,
• PT Semen Gresik, • Thang Long Cement Joint Stock Company,
• PT United Tractors Semen Gresik, • Thang Long Cement Joint Stock Company 2,
• PT Industri Kemasan Semen Gresik, • An Phu Cement Joint Stock Company.
• PT Kawasan Industri Gresik,
This 2014 Indonesian Cement obtain an award given by the Economic News media through
the "Living Legend Company & Everlasting Brand Award 2014". This award is a token of
appreciation for businesses both SOEs and private companies that have existed for more
than 50 years and has a good performance. Assessment of these companies is done not
only in terms of age and performance, but also innovation and strategy in the face of crisis.
February 2015
Disclaimer:

SMGR Semen Indonesia (Persero) Tbk. [S]
Industry Sub Sector : Cement (31) Market Capitalization : 86,451,904,000,000
12 | 86.5T | 1.64% | 48.41%
7 | 33.9T | 2.33% | 29.77%

Established Date : 25-Mar-1953 1. Pemerintah RI QQ Menteri Keuangan RI 3,025,406,000 : 51.01%
Under Writer IPO :
PT Buanamas Investindo DIVIDEND ANNOUNCEMENT
PT Ficorinvest Bonus Cash Recording Payment
F/I
PT Indovest Securities Year Shares Dividend Cum Date Ex Date Date Date
PT Merchant Investment Corporation 1991 284.70 12-Jun-92 15-Jun-92 22-Jun-92 13-Jul-92 F
PT Multicor 1992 267.75 14-Jun-93 15-Jun-93 24-Jun-93 22-Jul-93 F
PT Nikko Securities Indonesia 1993 164.18 13-Jul-94 14-Jul-94 21-Jul-94 19-Aug-94 F
PT Nomura Indonesia 1994 184.51 03-Jul-95 04-Jul-95 12-Jul-95 11-Aug-95 F
PT Primarindo Daya Investama 1995 109.62 11-Jul-96 12-Jul-96 22-Jul-96 20-Aug-96 F
1996 147.87 08-Jul-97 09-Jul-97 18-Jul-97 15-Aug-97 F
PT Datindo Entrycom 1998 135.06 13-Jul-99 14-Jul-99 22-Jul-99 20-Aug-99 F
2003 174.68 23-Jul-04 26-Jul-04 28-Jul-04 11-Aug-04 F
BOARD OF COMMISSIONERS 2003 112.73 22-Dec-04 23-Dec-04 28-Dec-04 07-Jan-05 F
1. Mahendra Siregar 2004 39.67 05-Jan-05 06-Jan-05 10-Jan-05 18-Jan-05 I
2. Achmad Jazidie 2005 267.51 18-Jul-05 19-Jul-05 21-Jul-05 01-Aug-05
3. Hadi Waluyo *) 2005 443.12 21-Jul-06 24-Jul-06 26-Jul-06 09-Aug-06 F
4. Marwanto Harjowiryono 2006 1,092.06 19-Jul-07 20-Jul-07 24-Jul-07 07-Aug-07 F
5. Muchammad Zaidun *) 2007 149.66 29-May-08 30-May-08 03-Jun-08 17-Jun-08 F
6. Sony Subrata *) 2008 215.19 21-Jul-09 22-Jul-09 24-Jul-09 07-Aug-09 F
7. Wahyu Hidayat 2009 58.00 07-Dec-09 08-Dec-09 10-Dec-09 23-Dec-09 I
2010 58.00 27-Dec-10 28-Dec-10 30-Dec-10 04-Jan-11 I
BOARD OF DIRECTORS 2010 248.26 27-Jul-11 28-Jul-11 01-Aug-11 15-Aug-11 F
1. Suparni 2011 330.89 17-Jul-12 18-Jul-12 20-Jul-12 03-Aug-12 F
2. Ahyanizzaman 2012 367.74 29-May-13 30-May-13 03-Jun-13 17-Jun-13 F
3. Amat Pria Darma 2013 407.42 28-Apr-14 29-Apr-14 02-May-14 19-May-14 F
4. Gatot Kustyadji
5. Johan Samudra ISSUED HISTORY
6. Rizkan Chandra Listing Trading
7. Suharto No. Type of Listing Shares Date Date
1. First Issue 40,000,000 08-Jul-91 08-Jul-91
AUDIT COMMITTEE 2. Partial Listing 30,000,000 08-Jul-91 17-May-92
1. Hadi Waluyo 3. Company Listing 78,288,000 02-Jun-95 02-Jun-95
2. Achmad Jazidie 4. Right Issue 444,864,000 10-Aug-95 10-Aug-95
3. Elok Tresnaningsih 5. Stock Split 5,338,368,000 07-Aug-07 07-Aug-07
4. Sahat Pardede
CORPORATE SECRETARY
Agung Wiharto
HEAD OFFICE
The East Tower, 18th Fl., Jl. Dr. Ide Anak Agung Gde Agung
Kav. E.3.2 No.1, Jakarta - 12950
Semen Gresik Main Building, Jln. Veteran, Gresik - 61122
Phone : (021) 526-11745, (031) 398-17312
Fax : (021) 526-1176, (031) 398-3209
Homepage : www.semengresik.com
Email : corp.sec@sg.sggrp.com
agungw@sg.sggrp.com

TRADING ACTIVITIES
Semen Indonesia (Persero) Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
20,000 56.0 Jan-11 10,000 7,250 7,750 28,860 279,407 2,371,780 21
Feb-11 8,850 7,800 8,650 16,970 157,200 1,307,341 18
17,500 49.0 Mar-11 9,350 8,250 9,100 21,543 169,216 1,488,654 23
Apr-11 9,800 9,100 9,500 13,301 120,939 1,153,198 20
May-11 9,800 9,200 9,700 13,524 144,637 1,378,004 21
15,000 42.0
Jun-11 9,750 9,150 9,600 14,410 128,580 1,218,512 20
Jul-11 10,000 9,350 9,450 13,494 241,451 2,367,029 21
12,500 35.0
Aug-11 9,650 8,400 9,100 22,705 206,839 1,864,386 19
Sep-11 9,450 7,400 8,300 23,699 145,732 1,234,343 20
10,000 28.0
Oct-11 9,500 7,700 9,500 24,322 149,227 1,282,433 21
Nov-11 9,550 8,650 9,250 18,215 129,289 1,181,110 22
7,500 21.0 Dec-11 11,450 9,300 11,450 21,806 195,126 2,008,194 21
5,000 14.0 Jan-12 12,950 10,750 11,300 31,022 210,657 2,414,273 21

Feb-12 11,700 10,400 11,250 29,475 290,757 3,283,417 21
2,500 7.0 Mar-12 12,650 11,050 12,250 23,712 156,721 1,871,958 21
Apr-12 12,650 11,600 12,150 17,193 134,207 1,629,480 20
May-12 12,400 10,400 10,950 23,702 217,770 2,436,384 21
Jun-12 11,650 9,900 11,300 24,678 150,083 1,665,904 21
Jul-12 13,600 11,250 12,950 25,606 178,845 2,139,748 22
Aug-12 13,500 11,700 12,400 24,809 148,524 1,869,739 19
Sep-12 14,550 12,100 14,450 22,738 153,409 2,076,999 20
Basic Industry and Chemicals Index Nov-12 15,300 14,200 14,800 19,316 158,215 2,325,714 20
100%
Jan-13 16,500 14,800 15,750 36,762 178,167 2,774,872 21
80% Feb-13 17,350 15,650 17,350 25,757 127,417 2,087,807 20
Mar-13 19,050 16,750 17,700 33,701 163,665 2,914,490 19
Apr-13 19,000 17,550 18,400 30,277 174,546 3,160,011 22
60% May-13 19,150 17,800 18,000 34,933 170,557 3,163,710 22
48.0% Jun-13 18,100 15,100 17,100 62,937 338,786 5,634,798 19
40% Jul-13 17,350 14,500 15,200 56,573 251,155 3,838,600 23
33.2% Aug-13 16,100 11,350 12,600 48,611 218,078 2,926,645 17
41.9%
Sep-13 16,100 12,000 13,000 58,179 271,286 3,754,482 21
20%
Oct-13 14,900 12,650 14,350 42,313 256,768 3,562,387 21
Nov-13 14,450 12,500 12,800 40,588 214,362 2,844,746 20
- Dec-13 14,250 12,550 14,150 26,707 183,705 2,448,156 19
Jan-14 15,900 13,775 14,200 55,849 192,064 2,808,267 20

-20%
Feb-14 15,275 13,500 15,000 52,652 170,519 2,515,811 20
Mar-14 17,400 14,600 15,800 61,774 237,643 3,743,636 20
-40% Apr-14 17,050 14,800 14,850 69,330 235,917 3,757,029 20
Jun-14 15,475 14,700 15,075 53,891 171,469 2,598,357 21
Jul-14 17,150 14,950 16,575 58,210 200,012 3,265,081 18
Days 247 246 244 242 21 Dec-14 16,800 15,350 16,200 62,239 123,648 2,004,124 20
Price (Rupiah) Jan-15 16,475 13,950 14,575 86,580 270,215 4,033,800 21

High 11,450 16,950 19,150 17,400 16,475
Low 7,250 9,900 11,350 13,500 13,950
Close 11,450 15,850 14,150 16,200 14,575
Close* 11,450 15,850 14,150 16,200 14,575
PER (X) 17.15 19.09 15.63 17.63 15.86

PER Industry (X) 10.41 9.79 6.83 16.60 16.29
PBV (X) 4.65 5.18 3.85 4.09 3.68

Receivables 1,764,284 1,864,177 2,522,529 2,916,062 3,432,557

1,624,219 2,006,660 22,849,053 2,645,893 2,811,704 28,000
Inventories
Current Assets 7,345,868 7,646,145 8,231,297 9,972,110 11,648,545
21,000
Fixed Assets 7,662,560 11,640,692 16,794,115 18,862,518 20,221,067
Other Assets 17,202 18,029 54,223 224,136 326,264
14,000
Total Assets 15,562,999 19,661,603 26,579,084 30,792,884 34,314,666
Growth (%) 26.34% 35.18% 15.85% 11.44% 7,000

Long Term Liabilities 905,727 2,157,369 3,589,025 3,691,278 4,038,945 2010 2011 2012 2013 Dec-14
Growth (%) 47.42% 66.73% 6.83% 3.60%
Paid up Capital 593,152 593,152 593,152 593,152 593,152
23,486 21,804
18,165
Par Value 100 100 100 100 100 18,695
12,139,753 14,615,097 18,164,855 21,803,976 25,002,452 12,140

Total Equity
13,903
Growth (%) 20.39% 24.29% 20.03% 14.67% 9,112
Total Revenues 14,344,189 16,378,794 19,598,248 24,501,241 26,987,035

Growth (%) 14.18% 19.66% 25.02% 10.15%
-470
2010 2011 2012 2013 Dec-14
Cost of Revenues 7,534,079 8,891,868 10,300,667 13,557,147 15,388,431

Gross Profit 6,810,110 7,486,926 9,297,581 10,944,094 11,598,604
Expenses (Income) 2,300,165 2,594,794 3,116,058 4,023,694 4,507,838
Operating Profit 4,509,944 4,892,131 6,181,524 - - 26,987
24,501
Growth (%) 8.47% 26.36% 24,501
19,598
Other Income (Expenses) 212,679 197,821 105,931 - - 19,503
16,379
14,505
Tax 1,063,509 1,134,680 1,360,814 1,566,101 1,517,189

Growth (%) 8.09% 24.56% 8.68% 4.10%

4,508
Current Ratio (%) 291.79 264.65 170.59 188.24 220.90
5,574
306.26 330.89 367.74 407.42 - 5,354
Dividend (Rp) 5,354
4,927
EPS (Rp) 612.53 661.79 817.20 905.37 938.35
BV (Rp) 2,046.65 2,463.97 3,062.43 3,675.95 4,215.18 3,955
3,659
4,262
DAR (X) 0.22 0.26 0.32 0.29 0.27

DER(X) 0.28 0.35 0.46 0.41 0.37
3,170
ROA (%) 23.51 20.12 18.54 17.39 16.24 2,077
ROE (%) 30.14 27.06 27.12 24.56 22.29

GPM (%) 47.48 45.71 47.44 44.67 42.98 985
OPM (%) 31.44 29.87 31.54 - -

NPM (%) 25.51 24.15 25.14 21.85 20.65
-107
2010 2011 2012 2013 Dec-14

Payout Ratio (%) 50.00 50.00 45.00 45.00 -
Yield (%) 3.24 2.89 2.32 2.88 -

CC O
OMM PP A
ANN YY RR EE PP O
O RR TT
SMRA
SUMMARECON AGUNG TBK.
Company Profile
PT Summarecon Agung Tbk. was founded in 1975 to undertake real estate construction
and development. The Company’s scope of activities engaged in the field of real estate
development as well as supporting facilities and operating within the services and trade.
Currently, the scope of the company's business is engaged in the sales / leasing of real
estate, shopping centers, office facilities, as well as a means supporting.
The Company started commercial operations in 1976. PT Semarop Great was the last of
the parent entity of the Company and its Subsidiaries (hereinafter together referred to as
the "Group") and the Company's direct parent entity.
Summarecon's business units are now grouped into three distinct activities :
1. Property Development
Property Development is Summarecon's core business. This business unit develops
property products for sale such as residential house, apartment, landplots and commercial
shoplots. These property projects are integral to the development of a township's
residential and commercial development and include supporting facilities such as
education facilities, sports and recreation, places of worship and healthcare facilities.
2. Property Investment and Management
This business unit develops properties which are retained and leased out, particularly retail
shopping malls. The revenue stream from shopping malls and other rental properties
provide stable and consistent recurring incomes to the company. In each township
development is an area designated as a central business district wherein a shopping mall
will provide for full range of facilities that meets the needs of modern society.
3. Leisure, Hospitality and Others
Summarecon is also developing other properties including offices which are intended for
own corporate use, hotels and residential buildings to further support facilities in its
township.
To ensure the availabilty of ready-to-develop land, company has been continuously
acquiring land for potential future developments in existing locations and in any new
strategic/potential locations. Our current available landbank are more than 1,500 ha
(existing and new location). Company also strengthening the business portfolio by
developing the investment properties, leisure and hospitality that will provide a consistent
stream of recurring revenues. The Company and Subsidiaries had 2,020 permanent
employees at September 30th, 2014.
February 2015
Disclaimer:

SMRA Summarecon Agung Tbk. [S]
39 | 23.8T | 0.45% | 70.03%
55 | 7.83T | 0.54% | 77.37%

Established Date : 26-Nov-1975 1. PT Semarop Agung 1,855,985,872 : 12.86%
Listing Date : 07-May-1990 2. PT Semarop Agung 1,812,802,632 : 12.57%
Under Writer IPO : 3. PT Sinarmegah Jayasentosa 942,080,224 : 6.53%
PT Danareksa Sekuritas 4. BNYM S/A Stichting Dep Apg Str 810,000,000 : 5.61%
PT Multicor 5. Public (<5%) 9,005,912,952 : 62.43%
F/I
Phone : (021) 314-0032, 390-5920, 390-0645 1990 194.00 31-May-91 03-Jun-91 10-Jun-91 25-Jul-91 F
Fax : (021) 390-0671, 390-0652 1991 142.00 16-Jul-92 17-Jul-92 24-Jul-92 24-Aug-92 F
1992 60.00 13-Jul-93 14-Jul-93 21-Jul-93 31-Jul-93 F
1. Soetjipto Nagaria 1993 2:1 16-Feb-94 17-Feb-94 24-Feb-94 23-Mar-94 B
2. Edi Darnadi *) 1993 50 : 3 62.00 22-Jul-94 25-Jul-94 01-Aug-94 01-Sep-94 F
3. Esther Melyani Homan *) 1994 2:1 125.00 15-Dec-94 16-Dec-94 23-Dec-94 16-Jan-95 I
4. Harto Djojo Nagaria 1994 89.00 21-Jul-95 24-Jul-95 01-Aug-95 30-Aug-95 F
*) Independent Commissioners 1995 100 : 4 20.00 09-Jul-96 10-Jul-96 18-Jul-96 16-Aug-96 F
1996 11.00 28-Jul-97 29-Jul-97 06-Aug-97 04-Sep-97 F
BOARD OF DIRECTORS 1996 100 : 3 28-Jul-97 29-Jul-97 06-Aug-97 04-Sep-97 S
1. Johanes Mardjuki 2000 25.00 24-Jul-01 25-Jul-01 01-Aug-01 20-Aug-01 F
2. Adrianto Pitoyo Adhi 2001 30.00 15-Jul-02 16-Jul-02 19-Jul-02 02-Aug-02 F
3. Ge Lilies Yamin 2001 10 : 1 15-Jul-02 16-Jul-02 19-Jul-02 02-Aug-02 F
4. Herman Nagaria 2002 10.00 15-Jul-03 16-Jul-03 18-Jul-03 21-Jul-03 F
5. Lexy Arie Tumiwa 2003 15.00 16-Jul-04 19-Jul-04 21-Jul-04 04-Aug-04 F
6. Liliawati Rahardjo 2005 18.00 18-Jul-05 19-Jul-05 20-Jul-05 03-Aug-05
7. Sharif Benyamin 2005 15.00 13-Jul-06 14-Jul-06 18-Jul-06 01-Aug-06 F
8. Soegianto Nagaria 2005 5:2 13-Jul-06 14-Jul-06 18-Jul-06 01-Aug-06 S
9. Yong King Ching 2006 13.00 08-Jun-07 11-Jun-07 13-Jun-07 27-Jun-07 I
2007 11.00 21-May-08 22-May-08 26-May-08 09-Jun-08 F
AUDIT COMMITTEE 2008 3.00 30-Jun-09 01-Jul-09 03-Jul-09 17-Jul-09 F
1. Edi Darnadi 2009 8.00 27-May-10 31-May-10 02-Jun-10 15-Jun-10 F
2. Neneng Martini 2010 10.00 28-Jun-11 30-Jun-11 04-Jul-11 18-Jul-11 I
3. Poespita Pelangiwati 2011 23.00 27-Jun-12 28-Jun-12 02-Jul-12 16-Jul-12 F
2012 1:1 43.00 26-Jun-13 27-Jun-13 01-Jul-13 15-Jul-13 B
CORPORATE SECRETARY 2013 23.00 10-Jul-14 11-Jul-14 15-Jul-14 05-Aug-14 F
Michael Yong
ISSUED HISTORY
HEAD OFFICE Listing Trading
Jln. Perintis Kemerdekaan No. 42 No. Type of Listing Shares Date Date
Jakarta Timur 1. First Issue 6,667,000 07-May-90 07-May-90
Phone : (021) 489-2107, 471-4567 2. Partial Listing 16,666,700 26-Jan-94 26-Jan-94
Fax : (021) 489-2976, 471-4486 3. Bonus Shares 11,282,833,556 T: 24-Mar-94 : 15-Jul-13
4. Stock Dividend 6,000,000 12-Sep-94 12-Sep-94
Homepage : www.summarecon.com 5. Company Listing 64,999,300 17-Jan-95 17-Jan-95
Email : corp_secretary@summarecon.com 6. Stock Dividen 50,345,760 T: 19-Aug-96 : 02-Aug-02
7. Stock Split 1,664,183,040 T: 11-Nov-96 : 12-Aug-02
8. Additional Listing without RI 433,926,000 T: 17-Nov-05 : 23-Oct-12
9. Right Issue 459,014,453 25-Jul-07 25-Jul-07
10. Warrant 442,145,871 T: 17-Jan-08 : 25-Jun-10

TRADING ACTIVITIES
Summarecon Agung Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
1,800 480 Jan-11 1,110 850 870 12,964 350,348 346,724 21
Feb-11 1,030 840 1,000 6,850 215,422 198,509 18
1,575 420 Mar-11 1,160 940 1,160 5,439 127,664 132,585 23
Apr-11 1,260 1,090 1,260 3,639 58,216 68,404 20
May-11 1,270 1,080 1,140 6,300 135,128 152,632 21
1,350 360
Jun-11 1,200 1,080 1,140 4,541 104,888 120,504 20
Jul-11 1,320 1,080 1,280 9,010 262,445 312,928 21
1,125 300
Aug-11 1,310 1,020 1,210 6,023 147,933 180,703 19
Sep-11 1,310 920 1,000 6,699 149,317 173,964 20
900 240
Oct-11 1,170 870 1,170 5,327 125,832 125,755 21
Nov-11 1,200 990 1,060 2,210 86,134 96,826 22
675 180 Dec-11 1,250 1,030 1,240 4,877 74,454 86,936 21
450 120 Jan-12 1,400 1,170 1,200 6,429 134,454 169,578 21

Feb-12 1,320 1,100 1,290 7,872 229,937 286,861 21
225 60 Mar-12 1,610 1,250 1,570 9,064 274,582 391,369 21
Apr-12 1,870 1,570 1,730 17,128 854,547 1,410,931 20
May-12 1,830 1,420 1,420 12,631 270,187 441,513 21
Jun-12 1,620 1,370 1,620 7,451 150,482 226,314 21
Jul-12 1,700 1,530 1,620 7,648 137,647 221,865 22
Aug-12 1,660 1,380 1,470 7,030 113,212 178,266 19
Sep-12 1,690 1,470 1,680 7,395 122,714 195,074 20
245%
Jan-13 1,950 1,710 1,890 17,801 305,075 560,276 21
210% Feb-13 2,500 1,860 2,325 15,874 289,483 603,334 20
205.6%
Mar-13 2,525 2,150 2,475 11,644 264,854 626,267 19
175% 175.4% Apr-13 2,675 2,150 2,600 14,632 373,884 882,856 22
May-13 3,050 2,550 2,800 18,664 314,882 885,175 22
140% Jun-13 2,825 1,150 1,290 25,478 422,548 991,867 19
Jul-13 1,320 940 1,000 35,902 1,100,648 1,152,747 23
Aug-13 1,070 660 780 27,271 870,003 779,300 17
105%
Sep-13 1,050 690 930 29,817 1,024,278 909,108 21
Oct-13 1,140 880 1,050 30,037 896,981 898,351 21
70%
Nov-13 1,080 780 900 19,911 566,805 507,534 20
Dec-13 960 750 780 14,769 369,297 319,726 19
41.9%
35%
Jan-14 980 745 955 27,739 484,736 434,071 20

- Feb-14 1,085 910 1,005 32,185 680,056 676,697 20
Mar-14 1,180 980 1,065 27,115 528,787 573,389 20
-35% Apr-14 1,150 940 1,110 26,857 587,245 633,586 20
Jun-14 1,270 1,090 1,135 21,300 275,513 325,634 21
Jul-14 1,405 1,095 1,350 41,560 757,675 977,499 18
Days 247 246 244 242 21 Dec-14 1,615 1,300 1,520 29,385 550,649 842,088 20
Price (Rupiah) Jan-15 1,760 1,470 1,650 40,621 660,999 1,064,832 21

High 1,320 2,100 3,050 1,615 1,760
Low 840 1,100 660 745 1,470
Close 1,240 1,900 780 1,520 1,650
Close* 620 950 780 1,520 1,650
PER (X) 21.93 17.30 10.21 18.61 20.20

PER Industry (X) 11.09 17.34 9.57 16.29 17.39
PBV (X) 3.44 3.59 2.42 4.00 4.34

Receivables 211,327 82,776 138,931 275,967 116,606

1,308,433 2,741,082 2,819,764 3,058,266 3,117,939 12,000
Inventories
Investment 4,029 1,929,125 3,699 284,282 -
9,000
Fixed Assets 379,106 304,427 282,418 351,832 407,100
Other Assets 118,369 254,769 - 67,756 122,888
6,000
Total Assets 6,139,640 8,099,175 10,876,387 13,659,137 14,131,119
Growth (%) 31.92% 34.29% 25.59% 3.46% 3,000
Bank Payable 773,047 841,780 822,823 1,911,032 2,704,077 -

Growth (%) 41.18% 25.59% 27.48% -3.95%
Paid up Capital 687,314 687,314 721,339 1,442,678 1,442,678 5,485
4,658
Par Value 100 100 100 100 100
4,366
3,815

3,247
Total Equity 2,157,533 2,477,100 3,815,400 4,657,667 5,485,110 2,477

2,158
Growth (%) 14.81% 54.03% 22.08% 17.77% 2,128
Total Revenues 1,700,832 2,359,331 3,463,163 4,093,789 3,645,554

Growth (%) 38.72% 46.79% 18.21%
-110
2010 2011 2012 2013 Sep-14
Cost of Revenues 947,778 1,312,185 1,871,176 1,943,287 1,821,279

Gross Profit 753,054 1,047,145 1,591,987 2,150,503 1,824,275
Operating Expenses 354 482,671 581,085 803,365 649,572
41.48% 79.09% 33.26% 3,646

Growth (%)
4,094
3,463
3,259

2,359
Income before Tax 343,911 530,916 986,395 1,319,425 1,082,847 2,424
Tax 109,574 142,209 194,309 223,537 206,898 1,701
Profit for the period 234,337 388,707 792,086 1,095,888 875,949 1,588
Growth (%) 65.88% 103.77% 38.35%

753
Period Attributable 233,478 392,019 797,814 1,102,177 883,626 -82
Comprehensive Income 234,337 388,707 792,086 1,095,888 875,949 2010 2011 2012 2013 Sep-14
Comprehensive Attributable 233,478 392,019 787,814 1,102,177 883,626
Dividend (Rp) 10.00 23.00 43.00 23.00 -
1,096
EPS (Rp) 33.97 57.04 110.60 76.40 61.25 1,096
BV (Rp) 313.91 360.40 528.93 322.85 380.20 876

792
DAR (X) 0.65 0.69 0.65 0.66 0.61 872
DER(X) 1.85 2.27 1.85 1.93 1.58

3.82 4.80 7.28 8.02 6.20
649
ROA (%)
ROE (%) 10.86 15.69 20.76 23.53 15.97 389
425
GPM (%) 44.28 44.38 45.97 52.53 50.04 234

OPM (%) 23.46 23.93 29.19 32.91 32.22 202
NPM (%) 13.78 16.48 22.87 26.77 24.03

Payout Ratio (%) 29.44 40.33 38.88 30.11 -
-22
2010 2011 2012 2013 Sep-14

Yield (%) 0.92 1.85 2.26 2.95 -

COMPANY REPORT
SSMS
SAWIT SUMBERMAS SARANA TBK.
Company Profile
PT Sawit Sumbermas Sarana Tbk. was established in Jakarta dated November 22, 1995. The
scope of Company’s activities is agriculture, trade, and industry.
The Company commenced its commercial operations in 2005. The company is primarily
involved in the operations of oil palm plantations and a palm oil mill which produces crude
palm oil and palm kernel with processing capacities of 90 MT of fresh fruit bunches (FFB) per
hour. On April 12, 2013, the Company has started the production of the second palm oil mill
with processing capacities of 60 MT per hour. The oil palm plantation and both palm oil mill
are located in Arut Selatan, Kotawaringin Barat, Central Kalimantan.
As of September 30th, 2014, the Company and its subsidiaries have 3,645 permanent
employees.
The Company’s ownership interests in the consolidated subsidiaries, are as follows:

• PT Kalimantan Sawit Abadi
• PT Mitra Mendawai Sejati
• PT Sawit Mandiri Lestari
• PT Ahmad Saleh
February 2015
Disclaimer:

SSMS Sawit Sumbermas Sarana Tbk. [S]
58 | 15.7T | 0.30% | 77.07%
17 | 19.2T | 1.32% | 46.29%

Established Date : 22-Nov-1995 1. PT Citra Borneo Indah 2,520,000,000 : 26.46%
Listing Date : 12-Dec-2013 2. PT Mandiri Indah Lestari 1,300,000,000 : 13.65%
Under Writer IPO : 3. PT Prima Sawit Borneo 1,300,000,000 : 13.65%
PT BNP Paribas Securities Indonesia 4. PT Putra Borneo Agro Lestari 1,300,000,000 : 13.65%
PT Mandiri Sekuritas 5. Jemmy Adriyanor 802,500,000 : 8.43%
PT RHB OSK Securities Indonesia 6. Jery Borneo Putra 802,500,000 : 8.43%
Securities Administration Bureau : 7. Public (<5%) 1,500,000,000 : 15.73%
PT Datindo Entrycom
Puri Datindo - Wisma Sudirman DIVIDEND ANNOUNCEMENT
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 Bonus Cash Recording Payment
F/I
Phone : (021) 570-9009 Year Shares Dividend Cum Date Ex Date Date Date
Fax : (021) 570-9026 -

1. Bungaran Saragih Listing Trading
2. Marzuki Usman *) No. Type of Listing Shares Date Date
*) Independent Commissioners 1. First Issue 1,500,000,000 12-Dec-13 12-Dec-13
2. Company Listing 8,025,000,000 12-Dec-13 12-Dec-13
BOARD OF DIRECTORS
1. Rimbun Situmorang
2. Harry Mohammad Nadir
3. Ramzi Sastra
4. Vallauthan Subraminam
AUDIT COMMITTEE
1. Marzuki Usman
2. Wahyudi Susanto
3. Zulfitry Ramdan
CORPORATE SECRETARY
Hadi Susilo
HEAD OFFICE
Equity Tower 43th Fl., Suite 43 D, SCBD Lot. 9
Jln. Jend. Sudirman Kav. 52-53
Jakarta - 12190
Phone : (021) 2903-5401
Fax : (021) 2903-5405
Homepage : www.ssms.co.id
Email : hadi@ssms.co.id
corporate@ssms.co.id

TRADING ACTIVITIES
Sawit Sumbermas Sarana Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
Price* December 2013 - January 2015 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
1,800 320 Dec-13 850 670 820 40,829 1,031,455 790,493 11
1,575 280 Jan-14 940 780 840 90,546 1,525,166 1,313,401 20

Feb-14 1,000 795 995 124,186 1,968,412 1,819,170 20
Mar-14 1,105 970 1,035 151,752 2,801,526 2,882,007 20
1,350 240
Apr-14 1,215 1,035 1,200 124,281 1,499,197 1,678,780 20
May-14 1,330 1,185 1,245 109,941 1,336,469 1,694,579 18
1,125 200
Jun-14 1,305 1,230 1,245 138,806 853,528 1,084,394 21
Jul-14 1,290 1,130 1,265 96,713 850,674 1,029,194 18
900 160
Aug-14 1,360 1,245 1,305 95,927 994,842 1,280,910 20
Sep-14 1,450 1,255 1,265 191,666 1,626,852 2,252,941 22
675 120 Oct-14 1,285 970 1,245 132,232 1,118,780 1,343,498 23
Nov-14 1,490 1,105 1,460 121,970 1,046,976 1,364,530 20
450 80 Dec-14 1,700 1,430 1,665 73,625 953,444 1,460,547 20
225 40 Jan-15 1,735 1,605 1,650 106,690 964,382 1,624,413 21
Dec-13 Mar-14 Jun-14 Sep-14 Dec-14
Closing Price*, Jakarta Composite Index (IHSG) and

Agriculture Index
December 2013 - January 2015
140%
129.2%
120%
100%
80%
60%
40%
25.6%
20%
12.2%
-
-20%
Dec 13 Mar 14 Jun 14 Sep 14 Dec 14
SHARES TRADED 2013 2014 Jan-15

Volume (Million Sh.) 1,031 16,576 964
Value (Billion Rp) 790 19,204 1,624
Frequency (Thou. X) 41 1,452 107
Days 11 242 21
Price (Rupiah)
High 850 1,700 1,735
Low 670 780 1,605
Close 820 1,665 1,650
Close* 820 1,665 1,650
PER (X) 13.54 25.60 25.36

PER Industry (X) 15.46 19.34 17.46
PBV (X) 3.37 5.78 5.73

Cash & Cash Equivalents 416,254 929,469 1,022,700 3,875
Receivables 23,408 199,500 125,521

99,053 45,809 108,959 3,100
Inventories
Current Assets 545,163 1,957,546 2,052,841
2,325
Fixed Assets 651,905 593,891 581,167
Other Assets 86,850 250,512 257,220
1,550
Total Assets 2,113,611 3,701,917 3,775,149
Growth (%) 75.15% 1.98% 775
Current Liabilities 557,642 697,129 465,604 -

Long Term Liabilities 1,089,928 688,518 565,134 2012 2013 Sep-14
Total Liabilities 1,647,570 1,385,647 1,030,739
Growth (%) -15.90% -25.61%
Authorized Capital 1,500,000 3,210,000 3,210,000 2,744
Paid up Capital 412,500 952,500 952,500 2,744
2,316
Paid up Capital (Shares) 4,125 9,525 9,525
Par Value 100 100 100
2,185
Retained Earnings 6,619 443,443 858,650

1,625
Total Equity 466,041 2,316,270 2,744,410

Growth (%) 397.01% 18.48% 1,065
466
Total Revenues 1,880,275 1,962,435 1,557,026

Growth (%) 4.37%
-55
2012 2013 Sep-14
Cost of Revenues 891,088 949,458 751,048

Gross Profit 989,187 1,012,977 805,978
Expenses (Income) 113,249 74,648 201,516
Operating Profit 875,938 938,329 604,461 1,962
1,880
Growth (%) 7.12%
1,962
1,557
1,562
Other Income (Expenses) -110,764 -84,910 27,547

Income before Tax 765,173 853,419 632,009 1,162
Tax 203,478 221,750 154,368

Profit for the period 561,695 631,669 477,641
761
Growth (%) 12.46%

361
Period Attributable 473,980 576,824 464,707 -39
Comprehensive Income 344,844 631,669 477,641 2012 2013 Sep-14

Comprehensive Attributable 337,535 576,824 464,707
Current Ratio (%) 97.76 280.80 440.90
632
Dividend (Rp) - - - 632
562
EPS (Rp) 114.90 60.56 48.79
478
BV (Rp) 112.98 243.18 288.13 503
DAR (X) 0.78 0.37 0.27

3.54 0.60 0.38
374
DER(X)
ROA (%) 26.58 17.06 12.65 245
ROE (%) 120.52 27.27 17.40

GPM (%) 52.61 51.62 51.76 116
OPM (%) 46.59 47.81 38.82

NPM (%) 29.87 32.19 30.68
-13
2012 2013 Sep-14

Payout Ratio (%) - - -
Yield (%) - - -

CC O
OMM PP A
ANN YY RR EE PP O
O RR TT
TBIG
TOWER BERSAMA INFRASTRUCTURE TBK.
Company Profile
PT Tower Bersama Infrastructure Tbk. (TBIG) was established dated 8 November 2004. TBIG
is a provider of telecommunications infrastructure for the placement of BTS by
telecommunications operators in Indonesia. TBIG is publicly listed on the Indonesian Stock
Exchange and is majority owned by Saratoga Capital and Provident Capital.
The business activities of the Company, among others are to carry on the business of
telecommunications support services including lease and maintenance of Base Transceiver
Station (BTS), consultation service and conducting investment or participation to other
companies. The Company started its business activities in 2004. Currently, the Company's
main activity is investing in subsidiaries
As one of the leading independent tower companies in Indonesia, we are pleased to

announce our strong financial and operational results for 2013. We organically added 2,985
telecommunication tenants to our existing portfolio, which includes 1,811
telecommunication towers. This demonstrates our unique capability to execute on large
orders from our telecommunication customers.
The Company through subsidiaries has direct and indirect shareholding greater than 50% in
the following subsidiaries:
• PT Telenet Internusa,
• PT United Towerindo and subsidiary,
• PT Tower Bersama and subsidiaries,
• PT Tower One and subsidiary,
• PT Triaka Bersama,
• PT Metric Solusi Integrasi and subsidiary,
• PT Solusi Menara Indonesia,
• TBG Global Pte. Ltd. and subsidiary, and
• PT Menara Bersama Terpadu.
All subsidiaries are domiciled in Jakarta and their address is the same as the Company’s
address, except for TBG Global Pte. Ltd., which is domiciled in Singapore.
On 30 December 2014 the Company and subsidiaries employed 556 staffs.
February 2015
Disclaimer:

TBIG Tower Bersama Infrastructure Tbk.
Industry Sub Sector : Non Building Construction (75) Market Capitalization : 45,566,998,890,500
21 | 45.6T | 0.86% | 59.10%
37 | 11.1T | 0.77% | 65.80%

Established Date : 08-Nov-2004 1. PT Wahana Anugerah Sejahtera 1,442,915,336 : 30.08%
Listing Date : 26-Oct-2010 2. PT Provident Capital Indonesia 1,211,140,806 : 25.25%
Under Writer IPO : 3. JPMCC-SPO Partners II LP 273,013,100 : 5.69%
PT UBS Securities Indonesia 4. Public (<5%) 1,869,456,957 : 38.98%
PT Indo Premier Securities
PT Datindo Entrycom Bonus Cash Recording Payment
F/I
Puri Datindo - Wisma Sudirman Year Shares Dividend Cum Date Ex Date Date Date
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2010 25.00 10-Jun-11 13-Jun-11 15-Jun-11 28-Jun-11 F
Phone : (021) 570-9009 2013 60.00 18-Sep-13 19-Sep-13 23-Sep-13 03-Oct-13 I
Fax : (021) 570-9026
ISSUED HISTORY
BOARD OF COMMISSIONERS Listing Trading
1. Edwin Soeryadjaya No. Type of Listing Shares Date Date
2. Herry Tjahjana *) 1. First Issue 551,111,000 26-Oct-10 26-Oct-10
3. Mustofa *) 2. Company Listing 4,005,588,889 26-Oct-10 26-Oct-10
4. Wahyuni Bahar *) 3. Additional Listing without RI 239,826,310 30-Jul-12 30-Jul-12
5. Winato Kartono
BOARD OF DIRECTORS
1. Herman Setya Budi
2. Budianto Purwahjo
3. Gusandi Sjamsudin
4. Hardi Wijaya Liong
5. Helmi Yusman Santoso
AUDIT COMMITTEE
1. Mustofa
2. Aria Kanaka
3. Ignatius Andi
CORPORATE SECRETARY
Helmy Yusman Santoso
HEAD OFFICE
Barclays House Building, 6th Fl.
Jln. Jenderal Sudirman Kav. 22 - 23
Jakarta - 12920
Phone : (021) 571-1946, 292-48900
Fax : (021) 571-2344
Homepage : www.tower-bersama.com
Email : helmy@tower-bersama.com
corporate.secretary@tower-bersama.com

TRADING ACTIVITIES
Tower Bersama Infrastructure Tbk. Closing Price Freq. Volume Value
Day
Closing Volume
10,000 560 Jan-11 2,725 2,375 2,425 9,179 94,332 237,684 21
Feb-11 2,450 2,300 2,350 4,100 36,123 85,574 18
8,750 490 Mar-11 2,475 2,175 2,225 4,010 50,779 114,563 23
Apr-11 2,475 2,175 2,425 8,810 245,263 568,530 20
May-11 2,425 2,175 2,225 3,011 484,010 1,083,414 21
7,500 420
Jun-11 2,450 2,150 2,375 3,502 48,712 111,124 20
Jul-11 2,500 2,225 2,225 2,386 39,317 93,454 21
6,250 350
Aug-11 2,275 1,830 2,200 3,396 29,944 63,922 19
Sep-11 2,300 1,810 2,000 3,506 39,860 84,945 20
5,000 280
Oct-11 2,075 1,860 2,075 2,169 20,555 41,196 21
Nov-11 2,400 2,000 2,125 2,192 26,421 57,531 22
3,750 210 Dec-11 2,400 2,150 2,375 1,611 21,057 48,186 21
2,500 140 Jan-12 2,425 2,325 2,400 1,737 39,087 92,982 21

Feb-12 2,625 2,350 2,600 3,580 166,531 420,776 21
1,250 70 Mar-12 3,075 2,550 2,950 6,803 785,692 2,271,438 21
Apr-12 3,200 2,925 3,050 4,439 143,343 437,376 20
May-12 3,200 2,900 3,200 5,069 155,205 472,268 21
Jun-12 3,400 2,975 3,275 5,533 124,903 401,083 21
Jul-12 4,000 3,250 3,925 4,930 141,729 505,148 22
Aug-12 4,200 3,700 3,875 5,661 133,336 522,447 19
Sep-12 4,500 3,800 4,450 4,660 116,837 476,198 20
315%
Jan-13 6,350 5,350 5,900 8,721 83,157 485,791 21
280.0%
270% Feb-13 5,950 5,200 5,600 10,457 142,992 791,870 20
Mar-13 6,150 5,550 6,050 7,436 144,157 817,677 19
225% Apr-13 6,200 5,450 5,650 6,920 130,555 746,627 22
May-13 6,200 5,350 6,000 8,781 100,319 561,365 22
180% Jun-13 6,000 4,450 5,200 17,149 172,755 861,019 19
Jul-13 5,800 4,900 5,700 9,548 118,866 621,488 23
Aug-13 6,650 5,100 5,200 13,449 168,488 1,003,989 17
135%
Sep-13 6,100 5,200 5,850 15,926 78,464 440,692 21
Oct-13 6,000 5,350 5,700 24,056 134,815 759,917 21
90%
Nov-13 6,500 5,600 6,000 20,908 231,330 1,417,115 20
Dec-13 6,250 5,300 5,800 9,086 547,707 3,275,237 19
45% 41.9%
34.8%
Jan-14 6,500 5,450 6,200 15,844 78,490 481,002 20
- Feb-14 6,400 5,900 6,250 15,184 50,094 302,873 20
Mar-14 6,300 5,950 6,000 21,353 342,321 2,002,123 20
-45% Apr-14 6,550 6,000 6,500 18,543 82,766 512,340 20
Jun-14 8,150 7,275 8,050 24,458 81,865 632,943 21
Jul-14 8,425 7,575 8,300 27,935 75,908 601,985 18
Days 247 246 244 242 21 Dec-14 9,925 9,225 9,700 22,809 44,148 423,075 20
Price (Rupiah) Jan-15 9,800 9,200 9,500 21,572 75,856 722,206 21

High 2,725 6,150 6,650 9,925 9,800
Low 1,810 2,325 4,450 5,450 9,200
Close 2,375 5,700 5,800 9,700 9,500
Close* 2,375 5,700 5,800 9,700 9,500
PER (X) 21.89 33.28 22.29 30.65 30.02

PER Industry (X) 11.09 17.53 12.11 20.04 18.82
PBV (X) 4.00 6.44 6.76 10.60 10.39

Public Accountant : Tanubrata Sutanto Fahmi & Rekan (Member of BDO International Limited)
Cash & Cash Equivalents 1,047,454 499,552 507,253 647,186 900,576 22,500
Receivables 144,144 159,200 166,615 637,105 560,783

47,321 33,545 228,771 328,078 404,377 18,000
Inventories
Current Assets 1,543,036 1,186,268 2,301,229 2,598,596 3,152,206
13,500
Fixed Assets 207,550 383,713 87,100 219,516 473,559
Other Assets - 5,246 4,699 4,151 7,091
9,000
Total Assets 5,176,442 6,880,206 14,317,483 18,719,211 22,034,082
Growth (%) 32.91% 108.10% 30.74% 17.71% 4,500
Current Liabilities 459,148 869,746 2,182,014 3,930,922 9,124,102 -

Growth (%) 46.09% 141.25% 45.01% 22.58%
Authorized Capital 1,442,012 1,442,012 1,442,012 1,442,012 1,442,012
4,245 4,114 4,131
Paid up Capital 455,670 455,670 479,653 479,653 479,653 4,387

Par Value 100 100 100 100 100
3,492
2,705
Retained Earnings 493,059 859,972 1,701,907 2,662,109 3,675,818
2,597 2,319
Total Equity 2,318,527 2,705,209 4,245,393 4,114,039 4,131,029
Growth (%) 16.68% 56.93% -3.09% 0.41% 1,702
Total Revenues 671,360 970,026 1,715,421 2,690,500 3,306,812

Growth (%) 44.49% 76.84% 56.84% 22.91%
-88
2010 2011 2012 2013 Dec-14
Cost of Revenues 98,196 143,262 263,837 395,796 509,820

Gross Profit 573,164 826,764 1,451,584 2,294,704 2,796,992
Expenses (Income) 86,877 119,278 171,195 242,434 291,688
Growth (%) 45.49% 80.98% 60.28% 22.07% 3,239
2,691
2,691
Other Income (Expenses) -126,990 -194,538 -367,141 -874,894 -1,074,741

359,297 512,948 913,248 1,177,376 1,430,563
2,142
Income before Tax 1,715

Tax 19,919 20,600 -14,167 -174,148 58,459 1,593
Profit for the period 339,378 492,348 927,415 1,351,524 1,372,104 970
1,044
45.07% 88.37% 45.73% 1.52% 671

Growth (%)
495
Comprehensive Income 351,962 494,491 821,596 935,985 1,356,503 2010 2011 2012 2013 Dec-14
Comprehensive Attributable 339,378 476,411 745,869 858,498 1,289,300
Current Ratio (%) 336.07 136.39 105.46 66.11 34.55
1,352 1,372
Dividend (Rp) 25.00 - - 60.00 - 1,352
EPS (Rp) 71.70 104.10 175.53 260.19 271.34

BV (Rp) 508.82 593.68 885.10 857.71 861.25 1,076
927
DAR (X) 0.55 0.61 0.70 0.78 0.81
800
DER(X) 1.23 1.54 2.37 3.55 4.33

ROA (%) 6.56 7.16 6.48 7.22 6.23 492
524
ROE (%) 14.64 18.20 21.85 32.85 33.21 339
GPM (%) 85.37 85.23 84.62 85.29 84.58 249
OPM (%) 72.43 72.93 74.64 76.28 75.76

NPM (%) 50.55 50.76 54.06 50.23 41.49
-27
2010 2011 2012 2013 Dec-14

Payout Ratio (%) 34.87 - - 23.06 -
Yield (%) 1.00 - - 1.03 -

COMPANY REPORT
TLKM
TELEKOMUNIKASI INDONESIA
(PERSERO) TBK.
Company Profile
We are a state-owned enterprise that operates in the telecommunications and network

services sector in Indonesia. We are subject to the prevailing laws and regulations in this
country. Given its status as a state-owned enterprise whose shares are traded on the stock
market, the Government of the Republic of Indonesia is the Company’s majority
shareholder, while the remaind of the Company’s common stock is owned by the public.
The Company’s shares are traded on the Indonesia Stock Exchange (IDX) and the New York
Stock Exchange (NYSE).
As stated in our Articles of Association, our business is to provide telecommunications
networks and telecommunications and information services, and to optimize the
Company’s resources. To attain the aforementioned objectives, the Company may
undertake business activities that incorporate the following:
1. Main Business
a. To plan, build, deliver, develop, operate, marketor sell/lease, and maintain
telecommunications and information networks in the broadest sense with
respect to provisions of laws and regulations.
b. To plan, develop, deliver, market or sell and improve telecommunications and
information services in the broadest sense with respect to provisions of laws
and regulations.
2. Supporting Business
a. To provide payment transaction and remittance services via
telecommunications and information networks.
b. To carry out activities and other undertakings in respect of optimizing the
Company’s resources, among others the utilization of the Company’s property,
plant and equipment and movable assets, information system facilities,
education and training facilities and maintenance and repair facilities.
February 2015
Disclaimer:

TLKM Telekomunikasi Indonesia (Persero) Tbk. [S]
Industry Sub Sector : Telecommunication (73) Market Capitalization : 285,263,989,812,000
4 | 285.3T | 5.40% | 23.15%
2 | 75.8T | 5.22% | 11.54%

Established Date : 24-Sep-1991 1. Negara Republik Indonesia 51,602,353,560 : 51.19%
Under Writer IPO :
PT Bahana Securities DIVIDEND ANNOUNCEMENT
F/I
PT Makindo Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 1995 24.48 07-Jun-96 10-Jun-96 18-Jun-96 17-Jul-96 F
PT Datindo Entrycom 1996 41.25 13-May-97 14-May-97 23-May-97 20-Jun-97 F
Puri Datindo - Wisma Sudirman 1997 32.75 22-May-98 25-May-98 02-Jun-98 01-Jul-98 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 1997 15.75 23-Nov-98 24-Nov-98 02-Dec-98 30-Dec-98 F
Phone : (021) 570-9009 1998 35.69 24-May-99 25-May-99 02-Jun-99 01-Jul-99 F
Fax : (021) 570-9026 1998 50 : 4 24-Jun-99 25-Jun-99 05-Jul-99 02-Aug-99 B
1998 15.30 24-May-99 25-May-99 02-Jun-99 30-Dec-99 F
BOARD OF COMMISSIONERS 1999 53.88 26-Apr-00 27-Apr-00 05-May-00 22-May-00 F
1. Hendri Saparini 1999 53.88 09-Oct-00 10-Oct-00 18-Oct-00 01-Nov-00 F
2. Dolfie Othniel Fredric Palit 2000 44.08 31-May-01 01-Jun-01 07-Jun-01 21-Jun-01 I
3. Hadiyanto 2000 44.08 10-Oct-01 11-Oct-01 17-Oct-01 31-Oct-01 F
4. Imam Apriyanto Putro 2001 210.82 24-Jul-02 25-Jul-02 30-Jul-02 12-Aug-02 F
5. Johnny Swandi Sjam *) 2002 331.16 03-Jun-03 04-Jun-03 06-Jun-03 12-Jun-03 F
6. Parikesit Suprapto 2003 301.95 23-Aug-04 24-Aug-04 26-Aug-04 07-Sep-04 F
7. Virano Gazi Nasution *) 2004 7.11 23-Dec-04 27-Dec-04 29-Dec-04 06-Jan-05 I
*) Independent Commissioners 2005 144.90 15-Jul-05 18-Jul-05 20-Jul-05 03-Aug-05
2005 218.86 21-Jul-06 24-Jul-06 26-Jul-06 09-Aug-06 F
BOARD OF DIRECTORS 2006 48.45 21-Dec-06 22-Dec-06 27-Dec-06 02-Jan-07 I
1. Alex J Sinaga 2006 254.76 20-Jul-07 23-Jul-07 25-Jul-07 08-Aug-07 F
2. Abdus Somad Arief 2007 48.45 29-Nov-07 30-Nov-07 04-Dec-07 18-Dec-07 I
3. Dian Rachmawan 2007 309.42 11-Jul-08 14-Jul-08 16-Jul-08 31-Jul-08 F
4. Herdy Rosadi Harman 2007 97.73 09-Oct-08 10-Oct-08 14-Oct-08 28-Oct-08 F
5. Heri Sunaryadi 2008 296.94 07-Jul-09 08-Jul-09 10-Jul-09 27-Jul-09 F
6. Honesti Basyir 2009 26.65 09-Dec-09 10-Dec-09 14-Dec-09 29-Dec-09 I
7. Indra Utoyo 2009 261.41 07-Jul-10 08-Jul-10 12-Jul-10 26-Jul-10 F
8. Muhammad Awaluddin 2010 26.75 22-Dec-10 23-Dec-10 28-Dec-10 11-Jan-11 I
2010 295.84 13-Jun-11 14-Jun-11 16-Jun-11 01-Jul-11 F
AUDIT COMMITTEE 2011 371.05 05-Jun-12 06-Jun-12 08-Jun-12 22-Jun-12 F
1. Johnny Swandi Sjam 2012 436.10 29-May-13 30-May-13 03-Jun-13 18-Jun-13 F
2. Agus Yulianto 2013 102.40 28-Apr-14 29-Apr-14 02-May-14 19-May-14 F
3. Parikesit Suprapto
4. Tjatur Purwadi ISSUED HISTORY
5. Virano Nasution Listing Trading
1. Negara RI (Seri A) 1 14-Nov-95 -
CORPORATE SECRETARY 2. Negara RI (Seri B) (C/ L) 7,466,665,999 14-Nov-95 -
Honesti Basyir 3. First Issue 933,333,000 14-Nov-95 14-Nov-95
4. First Issue (LN) 700,000,000 14-Nov-95 14-Nov-95
HEAD OFFICE 5. First Issue (divesment) 233,334,000 14-Nov-95 14-Nov-95
Graha Merah Putih 5th Fl. 6. Bonus Shares 746,666,640 03-Aug-99 03-Aug-99
Jln. Gatot Subroto No. 52 7. Stock Split 10,079,999,640 28-Sep-04 28-Sep-04
Jakarta 8. Stock Split 86,247,402,484 28-Aug-13 28-Aug-13
Phone : (021) 521-5109
Fax : (021) 522-0500
Homepage : www.telkom.co.id
Email : honesti@telkom.co.id

TRADING ACTIVITIES
Telekomunikasi Indonesia (Persero) Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
3,000 3,200 Jan-11 8,050 7,100 7,550 43,651 640,069 4,825,430 21
Feb-11 7,850 7,350 7,450 18,451 582,326 4,376,284 18
2,625 2,800 Mar-11 7,550 6,600 7,350 45,513 671,840 4,780,703 23
Apr-11 7,850 6,950 7,700 32,395 410,474 3,028,509 20
May-11 7,800 7,400 7,700 17,375 321,219 2,442,955 21
2,250 2,400
Jun-11 7,750 6,800 7,350 29,350 376,497 2,756,735 20
Jul-11 7,400 6,900 7,350 21,068 388,155 2,783,117 21
1,875 2,000
Aug-11 7,900 7,000 7,250 32,676 595,530 4,422,141 19
Sep-11 7,900 6,900 7,600 32,016 510,065 3,802,903 20
1,500 1,600
Oct-11 7,750 7,000 7,400 33,231 560,071 4,100,951 21
Nov-11 7,650 7,150 7,350 20,061 265,993 1,978,916 22
1,125 1,200 Dec-11 7,500 6,900 7,050 21,893 312,305 2,234,952 21
750 800 Jan-12 7,150 6,800 6,850 26,490 422,690 2,940,995 21

Feb-12 7,100 6,650 7,050 23,979 479,535 3,300,302 21
375 400 Mar-12 7,150 6,700 7,000 23,842 362,222 2,513,536 21
Apr-12 8,700 7,050 8,500 25,908 657,218 5,090,323 20
May-12 8,500 7,000 7,800 29,209 662,037 5,266,928 21
Jun-12 8,250 7,250 8,150 26,128 418,912 3,261,173 21
Jul-12 9,300 7,950 9,100 27,541 473,400 4,128,298 22
Aug-12 9,850 8,750 9,300 28,777 440,719 4,056,309 19
Sep-12 9,750 9,150 9,450 25,722 367,817 3,476,829 20
90%
Jan-13 9,800 8,800 9,700 36,521 503,515 4,706,492 21
75% 76.9% Feb-13 10,950 9,550 10,750 33,202 490,700 4,847,559 20
Mar-13 11,150 10,250 11,000 48,503 431,788 4,644,566 19
60% Apr-13 12,500 10,400 11,700 47,977 628,400 7,176,984 22
May-13 12,900 11,050 11,050 53,417 600,206 7,142,391 22
45% Jun-13 11,700 9,500 11,250 69,132 840,094 8,855,033 19
41.9% Jul-13 12,200 10,500 11,900 62,831 1,036,661 11,830,601 23
34.8% Aug-13 12,200 1,980 2,200 55,347 800,356 5,440,892 17
30%
Sep-13 2,450 1,950 2,100 88,615 3,130,995 6,767,447 21
Oct-13 2,375 2,100 2,350 73,248 2,393,760 5,401,091 21
15%
Nov-13 2,350 2,025 2,175 71,880 2,327,085 5,106,312 20
Dec-13 2,200 1,980 2,150 65,021 2,557,552 5,303,635 19
-
Jan-14 2,275 2,060 2,275 73,661 2,046,978 4,477,865 20

-15% Feb-14 2,420 2,170 2,325 89,854 2,341,555 5,388,836 20
Mar-14 2,340 2,130 2,215 138,480 3,078,227 6,852,057 20
-30% Apr-14 2,380 2,150 2,265 92,955 2,509,934 5,764,026 20
Jun-14 2,550 2,405 2,465 85,531 5,009,842 12,180,200 21
Jul-14 2,710 2,465 2,650 86,242 2,002,276 5,218,503 18
Volume (Million Sh.) 5,635 5,788 15,741 30,227 1,810 Sep-14 3,010 2,675 2,915 103,021 2,088,870 5,878,718 22
Value (Billion Rp) 41,534 48,078 77,223 75,841 5,149 Oct-14 2,930 2,680 2,750 136,701 2,888,270 8,092,823 23
Frequency (Thou. X) 348 318 706 1,187 89 Nov-14 2,830 2,590 2,825 95,257 1,713,846 4,692,945 20
Days 247 246 244 242 21 Dec-14 2,890 2,725 2,865 93,946 1,493,266 4,209,293 20
Price (Rupiah) Jan-15 2,930 2,780 2,830 89,423 1,809,529 5,148,840 21

High 8,050 9,950 12,900 3,010 2,930
Low 6,600 6,650 1,950 2,060 2,780
Close 7,050 9,050 2,150 2,865 2,830
Close* 1,410 1,810 2,150 2,865 2,830
PER (X) 9.18 9.92 15.26 18.92 18.69

PER Industry (X) 11.09 17.53 12.11 20.04 18.82
PBV (X) 2.33 2.72 2.80 3.57 3.53

Receivables 4,433,000 5,250,000 5,409,000 6,421,000 8,060,000

515,000 758,000 579,000 509,000 676,000 120,000
Inventories
Current Assets 18,729,000 21,258,000 27,973,000 33,075,000 33,411,000
90,000
Fixed Assets 75,832,000 74,897,000 77,047,000 86,761,000 93,779,000
Other Assets - 12,000 - - -
60,000
Total Assets 100,501,000 103,054,000 111,369,000 127,951,000 138,275,000
Growth (%) 2.54% 8.07% 14.89% 8.07% 30,000

Growth (%) -4.57% 5.51% 13.82% 13.62%
77,424
Paid up Capital 5,040,000 5,040,000 5,040,000 5,040,000 5,040,000 80,864
20,160 20,160 20,160 100,800 100,800 66,978

Paid up Capital (Shares)
60,981
Par Value 250 250 250 50 50
64,368
56,415

47,871
Total Equity 56,415,000 60,981,000 66,978,000 77,424,000 80,864,000

Growth (%) 8.09% 9.83% 15.60% 4.44% 31,375
Total Revenues 69,177,000 71,918,000 77,143,000 82,967,000 65,841,000

Growth (%) 3.96% 7.27% 7.55%
-1,617
2010 2011 2012 2013 Sep-14
Expenses (Income) 46,254,000 49,970,000 51,445,000 55,121,000 60,131,000
82,967 77,143
Growth (%) 8.36% 69,177
71,918
65,841
66,042
Other Income (Expenses) -1,507,000 -1,091,000 -1,470,000 -697,000 -417,000

Tax 5,546,000 5,387,000 -5,866,000 6,859,000 5,435,000

32,191
Growth (%) -2.52% 18.69% 10.50%

15,266
Current Ratio (%) 91.48 95.80 116.04 116.31 100.14
20,290
Dividend (Rp) 322.59 371.05 436.10 102.40 - 20,290
18,362
EPS (Rp) 572.27 543.90 637.40 140.92 113.55 15,870 16,280
15,470
BV (Rp) 2,798.36 3,024.85 3,322.32 768.10 802.22 16,151
DAR (X) 0.44 0.41 0.40 0.39 0.42

12,012
DER(X) 0.78 0.69 0.66 0.65 0.71

ROA (%) 15.79 15.01 16.49 15.86 11.77 7,873
ROE (%) 28.13 25.37 27.41 26.21 20.13

GPM (%) - - - - - 3,733
OPM (%) - - 33.31 33.56 33.61

NPM (%) 22.94 21.51 23.80 24.46 24.73
-406
2010 2011 2012 2013 Sep-14

Payout Ratio (%) 56.37 68.22 68.42 72.66 -
Yield (%) 4.06 5.26 4.82 4.76 -

COMPANY REPORT
UNTR
UNITED TRACTORS TBK.
Company Profile
PT United Tractors Tbk. was established on October 13th, 1972, under the name of PT Inter
Astra Motor Works, as heavy equipment distributor in Indonesia. The Company
commenced commercial operations in 1973.
The principal activities of the Company and its subsidiaries include sales and rental of
heavy equipment (Construction machineries) and related after sales services, coal mining
and mining contracting. Included in mining contracting is integrated mining contracting
service.
The Company is controlled by its immediate parent company PT Astra International Tbk, a
company incorporated in Indonesia. PT Astra International Tbk's largest shareholder is
Jardine Cycle & Carriage Ltd, a company incorporated in Singapore. Jardine Cycle &
Carriage Ltd is a subsidiary of Jardine Matheson Holdings Ltd, a company incorporated in
Bermuda.
The Company is domiciled in Jakarta with 19 branches, 22 site offices and 11

representative offices throughout Indonesia.
The company has direct ownership in domestic and foreign subsidiaries:

• PT Pamapersada Nusantara,
• PT United Tractors Pandu Engineering,
• PT Andalan Multi Kencana,
• PT Bina Pertiwi,
• UT Heavy Industry(S) Pte. Ltd.,
• PT Universal Tekno Reksajaya,
• PT Tambang Supra Perkasa.
As of December 31st, 2014, the Group had approximately 28,786 employees.
February 2015
Disclaimer:

UNTR United Tractors Tbk. [S]
Industry Sub Sector : Wholesale (Durable & Non-Durable Goods) (91) Market Capitalization : 66,769,418,934,400
15 | 66.8T | 1.26% | 52.87%
16 | 20.2T | 1.39% | 44.97%

Established Date : 13-Oct-1972 1. PT Astra International Tbk. 2,219,317,358 : 59.50%
Listing Date : 19-Sep-1989 2. Public (<5%) 1,510,817,778 : 40.50%
Under Writer IPO :
PT Aseam Indonesia DIVIDEND ANNOUNCEMENT
PT (Persero) Danareksa Bonus Cash Recording Payment
F/I
PT Finconesia Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 1989 100.00 05-Jan-90 06-Jan-90 11-Jan-90 31-Jan-90 I
PT Raya Saham Registra 1990 165.00 08-Jun-90 11-Jun-90 15-Jun-90 29-Jun-90
Plaza Central Building 2nd Fl. 1990 175.00 20-Nov-90 21-Nov-90 28-Nov-90 12-Dec-90 I
Jln. Jend. Sudirman Kav. 47 - 48 Jakarta 12930 1990 185.00 06-Jun-91 07-Jun-91 14-Jun-91 28-Jun-91 F
1992 70.00 11-Nov-92 12-Nov-92 19-Nov-92 15-Dec-92 I
1. Prijono Sugiarto 1993 100.00 11-Nov-93 12-Nov-93 19-Nov-93 15-Dec-93 I
2. Anugerah Pekerti *) 1993 1:3 23-Feb-94 24-Feb-94 03-Mar-94 01-Apr-94 B
3. David Alexander Newbigging 1993 50.00 15-Jun-94 16-Jun-94 23-Jun-94 23-Jul-94 F
4. Simon Collier Dixon 1994 40.00 11-Nov-94 16-Nov-94 23-Nov-94 15-Dec-94 I
5. Soegito *) 1994 70.00 22-Jun-95 23-Jun-95 03-Jul-95 31-Jul-95 F
6. Stephen Z. Satyahadi *) 1995 45.00 22-Nov-95 23-Nov-95 01-Dec-95 29-Dec-95 I
7. Sudiarso Prasetio 1995 85.00 20-Jun-96 21-Jun-96 01-Jul-96 31-Jul-96 F
*) Independent Commissioners 1996 60.00 21-Nov-96 22-Nov-96 02-Dec-96 27-Dec-96 I
1996 100.00 26-Jun-97 27-Jun-97 07-Jul-97 28-Jul-97 F
BOARD OF DIRECTORS 1999 5:9 08-Jun-00 09-Jun-00 14-Jun-00 23-Jun-00 B
1. Djoko Pranoto 2004 20.00 30-Nov-04 01-Dec-04 03-Dec-04 17-Dec-04 I
2. Edhie Sarwono 2005 35.00 23-Jun-05 22-Jun-05 27-Jun-05 11-Jul-05
3. Gidion Hasan 2005 110.00 12-Jun-06 13-Jun-06 15-Jun-06 29-Jun-06 F
4. Iman Nurwahyu 2006 45.00 13-Oct-06 16-Oct-06 18-Oct-06 03-Nov-06 I
5. Loudy Irwanto Ellias 2006 85.00 20-Jun-07 21-Jun-07 25-Jun-07 08-Jul-07 F
2007 60.00 10-Oct-07 11-Oct-07 18-Oct-07 01-Nov-07 I
AUDIT COMMITTEE 2007 150.00 10-Jun-08 11-Jun-08 13-Jun-08 27-Jun-08 F
1. Stephen Z. Satyahadi 2008 100.00 23-Oct-08 24-Oct-08 28-Oct-08 11-Nov-08 I
2. Lindawati Gani 2008 220.00 11-Jun-09 12-Jun-09 16-Jun-09 26-Jun-09 F
3. Wiltarsa Halim 2009 330.00 14-Jun-10 15-Jun-10 17-Jun-10 01-Jul-10 F
2010 160.00 27-Oct-10 28-Oct-10 01-Nov-10 12-Nov-10 I
CORPORATE SECRETARY 2010 430.00 31-May-11 01-Jun-11 06-Jun-11 13-Jun-11 F
Sara K. Loebis 2011 185.00 27-Oct-11 28-Oct-11 01-Nov-11 11-Nov-11 I
2011 635.00 11-May-12 14-May-12 16-May-12 30-May-12 F
HEAD OFFICE 2012 210.00 16-Oct-12 17-Oct-12 19-Oct-12 02-Nov-12 I
Jln. Raya Bekasi Km. 22 2012 620.00 14-May-13 15-May-13 17-May-13 31-May-13 F
Jakarta - 13910 2013 175.00 02-Oct-13 03-Oct-13 07-Oct-13 23-Oct-13 I
Phone : (021) 460-5959 - 79 2013 515.00 14-May-14 16-May-14 20-May-14 05-Jun-14 F
Fax : (021) 460-0655, 460-0677 2014 195.00 09-Oct-14 10-Oct-14 14-Oct-14 28-Oct-14 I
Homepage : www.unitedtractors.com ISSUED HISTORY

Email : sarakl@unitedtractors.com Listing Trading
ir@unitedtractors.com No. Type of Listing Shares Date Date
1. First Issue 2,700,000 19-Sep-89 19-Sep-89
2. Partial Listing 8,436,000 T: 26-Dec-89 : 27-Feb-91
3. Right Issue 2,151,579,636 T: 27-May-91 : 06-Jun-11
4. Company Listing 11,864,000 T: 25-Mar-92 : 01-Apr-92
5. Bonus Shares 351,900,000 T: 04-Apr-94 : 26-Jun-00
7. ESOP Conversion 1,201,500 T: 27-May-03 : 12-Jun-03
8. ESOP Conversion II 43,254,000 T: 11-Jun-03 : 14-Jul-05

TRADING ACTIVITIES
United Tractors Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
34,000 40.0 Jan-11 26,600 19,800 21,350 35,213 184,338 4,118,210 21
Feb-11 23,600 21,300 23,200 20,039 86,752 1,962,451 18
29,750 35.0 Mar-11 24,550 19,900 21,700 38,544 156,803 3,481,506 23
Apr-11 23,500 21,300 23,250 22,269 94,830 2,115,683 20
May-11 24,550 21,550 23,000 22,746 107,066 2,428,895 21
25,500 30.0
Jun-11 25,000 22,500 24,900 17,639 107,180 2,491,370 20
Jul-11 27,750 24,350 27,300 22,369 107,048 2,717,984 21
21,250 25.0
Aug-11 27,650 22,000 23,600 29,111 116,704 2,870,942 19
Sep-11 25,300 18,700 22,000 42,163 133,920 2,952,558 20
17,000 20.0
Oct-11 25,750 18,950 24,600 32,974 114,092 2,584,136 21
Nov-11 26,950 23,000 23,350 30,291 106,637 2,656,512 22
12,750 15.0 Dec-11 26,500 23,900 26,350 24,597 78,359 1,958,313 21
8,500 10.0 Jan-12 29,550 25,950 28,350 26,564 106,698 2,974,251 21

Feb-12 30,200 26,550 29,000 31,229 109,199 3,126,712 21
4,250 5.0 Mar-12 33,000 28,800 33,000 25,920 83,932 2,549,628 21
Apr-12 33,400 29,500 29,600 28,884 84,467 2,621,880 20
May-12 30,400 22,600 23,100 45,171 147,630 3,890,521 21
Jun-12 25,250 21,050 21,350 52,967 227,318 5,067,510 21
Jul-12 24,100 20,600 21,000 52,875 214,943 4,706,426 22
Aug-12 22,450 19,850 20,050 34,436 156,431 3,347,510 19
Sep-12 23,100 19,050 20,700 44,887 164,019 3,434,137 20
125%
Jan-13 22,000 19,250 19,750 37,566 137,029 2,832,813 21
100% Feb-13 20,250 18,800 19,300 28,991 103,417 1,998,532 20
93.3% Mar-13 20,650 17,150 18,200 32,376 126,007 2,424,466 19
Apr-13 19,400 17,700 17,750 24,930 101,694 1,879,304 22
75% May-13 18,200 16,200 16,300 28,432 106,717 1,837,046 22
Jun-13 18,200 15,500 18,200 41,315 128,783 2,184,264 19
50% 41.9% Jul-13 18,200 16,000 16,800 24,018 65,178 1,091,719 23
Aug-13 19,000 13,650 15,800 23,353 72,694 1,173,353 17
Sep-13 18,300 15,500 16,300 25,190 89,382 1,498,912 21
25%
Oct-13 18,900 16,400 17,500 20,649 52,815 949,367 21
Nov-13 20,900 17,200 18,250 25,361 87,744 1,709,298 20
- Dec-13 19,550 17,900 19,000 17,545 48,524 906,953 19
Jan-14 21,200 18,500 19,300 45,472 60,972 1,184,893 20

-25% -23.4%
Feb-14 19,300 17,725 18,975 52,632 90,170 1,659,792 20
Mar-14 20,950 18,600 20,750 47,174 79,381 1,582,790 20
-50% Apr-14 22,100 19,850 21,700 49,419 83,360 1,769,643 20
Jun-14 23,200 21,700 23,100 38,741 50,682 1,149,000 21
Jul-14 25,350 22,250 22,900 46,771 55,653 1,307,864 18
Days 247 246 244 242 21 Dec-14 18,275 16,425 17,350 57,332 87,212 1,551,160 20
Price (Rupiah) Jan-15 18,275 16,850 17,900 52,951 63,591 1,113,496 21

High 27,750 33,400 22,000 25,350 18,275
Low 18,700 16,600 13,650 16,425 16,850
Close 26,350 19,700 19,000 17,350 17,900
Close* 26,350 19,700 19,000 17,350 17,900
PER (X) 16.76 12.54 14.66 10.17 10.49

PER Industry (X) 16.89 19.08 15.42 22.13 22.53
PBV (X) 3.57 2.27 1.99 1.68 1.74

Receivables 5,349,688 9,969,714 9,894,656 11,814,937 13,586,675

6,931,631 7,129,459 7,173,704 6,176,470 7,770,086 56,000
Inventories
Current Assets 15,532,762 25,625,578 22,048,115 27,814,126 33,579,799
42,000
Fixed Assets 11,039,320 13,670,208 15,196,476 14,574,384 13,625,012
Other Assets - - - - -
28,000
Total Assets 29,700,914 46,440,062 50,300,633 57,362,244 60,292,031
Growth (%) 56.36% 8.31% 14.04% 5.11% 14,000

Growth (%) 39.90% -4.94% 20.63% 0.01%
Paid up Capital 831,719 932,534 932,534 932,534 932,534 38,434 35,649
32,301
250 250 250 250 250 27,504
Par Value
30,594

22,753
Total Equity 16,165,406 27,503,948 32,300,557 35,648,898 38,576,734 16,165

Growth (%) 70.14% 17.44% 10.37% 8.21% 14,913
Total Revenues 37,323,872 55,052,562 55,953,915 51,012,385 53,141,768

Growth (%) 47.50% 1.64% -8.83% 4.17%
-769
2010 2011 2012 2013 Dec-14
Cost of Revenues 30,528,174 44,859,041 45,432,916 41,495,567 41,071,359

Gross Profit 6,795,698 10,193,521 10,520,999 9,516,818 12,070,409
Expenses (Income) 1,734,438 2,408,944 3,074,244 2,929,481 5,448,551
Operating Profit - - - - - 55,053 55,954
53,142
55,954
51,012
Growth (%)
44,539
37,324
Tax 1,186,745 1,885,071 1,693,413 1,788,559 1,781,888

21,710
Growth (%) 52.26% -2.48% -16.59% 0.86%

10,296
Current Ratio (%) 156.59 171.64 194.65 191.02 206.04
5,900 5,753
Dividend (Rp) 590.00 820.00 830.00 690.00 195.00 5,900
EPS (Rp) 1,164.13 1,581.96 1,549.45 1,295.85 1,439.52 4,799 4,840
BV (Rp) 4,859.03 7,373.45 8,659.35 9,557.00 10,341.91 4,696
3,875
DAR (X) 0.46 0.41 0.36 0.38 0.36
3,493
DER(X) 0.84 0.69 0.56 0.61 0.56

ROA (%) 13.05 12.70 11.44 8.37 8.03 2,289
ROE (%) 23.97 21.45 17.81 13.46 12.55

GPM (%) 18.21 18.52 18.80 18.66 22.71 1,086
OPM (%) - - - - -
NPM (%) 10.38 10.72 10.28 9.41 9.11
-118
2010 2011 2012 2013 Dec-14

Payout Ratio (%) 50.68 51.83 53.57 53.25 13.55
Yield (%) 2.48 3.11 4.21 3.63 1.12

CC O
OMM PP A
ANN YY RR EE PP O
O RR TT
UNVR
UNILEVER INDONESIA TBK.
Company Profile
PT Unilever Indonesia Tbk. was established on December 5th, 1933. Unilever Indonesia has
grown to be a leading company of Home and Personal Care as well as Foods and Ice Cream
products in Indonesia.
The Company is engaged in the manufacturing, marketing and distribution of consumer

goods including soaps, detergents, margarine, dairy based foods, ice cream, cosmetic
products, tea based beverages and fruit juice. The Company commenced its commercial
operations in 1933.
Unilever Indonesia’s portfolio includes many of the world’s best known and well-loved
brands, such as:
• Axe • Lifebuoy • Sunlight
• Bango • Lipton • Super Pell
• Blue Band • Lux • Surf
• Brylcreem • Molto • Unilever Food Solutions
• Buavita • Pond's • Vaseline
• Cif • Rexona • Vixal
• Citra • Rinso • Wall's Taste Joy
• Clear • Royco • Wipol Karbol
• Close Up • Sariwangi • Wipol Ultra Protection
• Domestos • She • Zwitsal
• Dove
The Company’s factories are located at Jln. Jababeka 9 Blok D, Jln. Jababeka Raya Blok O,
Jln. Jababeka V Blok V No. 14-16, Jababeka Industrial Estate Cikarang, Bekasi, West Java,
and Jln. Rungkut Industri IV No. 5-11, Rungkut Industrial Estate, Surabaya.
February 2015
Disclaimer:

UNVR Unilever Indonesia Tbk. [S]
Industry Sub Sector : Cosmetics And Household (54) Market Capitalization : 273,344,750,000,000
6 | 273.3T | 5.17% | 33.71%
29 | 13.0T | 0.90% | 59.32%

Established Date : 05-Dec-1933 1. Unilever Indonesia Holding BV 6,484,877,500 : 84.99%
Listing Date : 11-Jan-1982 2. Public (<5%) 1,145,122,500 : 15.01%
Under Writer IPO :
PT Aseam Indonesia DIVIDEND ANNOUNCEMENT
PT Danareksa Bonus Cash Recording Payment
F/I
PT Merchant Investment Corporation Year Shares Dividend Cum Date Ex Date Date Date
1989 6:1 600.00 from 27-Oct-89 until 26-Jun-90 I
Securities Administration Bureau : 1990 690.00 23-Oct-90 04-Jul-91 I&F
PT Sharestar Indonesia 1992 780.00 20-Feb-92 20-Aug-93 I&F
Beritasatu Plasa 7th Fl. 1993 810.00 21-Oct-93 29-Jul-94 I&F
Jln. Jend. Gatot Subroto Kav. 35 - 36 Jakarta 12950 1994 860.00 03-Nov-94 28-Jul-95 I&F
Phone : (021) 527-7966 1995 920.00 06-Nov-95 26-Jul-96 I&F
Fax : (021) 527-7967 1996 1,010.00 04-Nov-96 27-Aug-97 I&F
1997 1,110.00 03-Nov-97 07-Aug-98 I&F
BOARD OF COMMISSIONERS 1998 1,320.00 18-Nov-98 27-Jul-99 I&F
1. Maurits Daniel Rudolf Lalisang 1999 25,000.00 03-Nov-99 20-Jul-00 I&F
2. Bambang Subianto *) 2000 690.00 28-Nov-00 01-Aug-01 I&F
3. Cyrillus Harinowo *) 2001 1,150.00 19-Nov-01 22-Nov-02 I&F
4. Erry Firmansyah *) 2002 900.00 11-Feb-03 04-Aug-03 I&F
5. Hikmahanto Juwana *) 2003 50.00 17-Feb-04 18-Feb-04 20-Feb-04 05-Mar-04 I

2004 70.00 02-Dec-04 03-Dec-04 06-Dec-04 17-Dec-04 I
BOARD OF DIRECTORS 2004 60.00 04-Mar-05 07-Mar-05 09-Mar-05 24-Mar-05 I
1. Hemant Bakshi 2005 80.00 08-Jul-05 11-Jul-05 13-Jul-05 27-Jul-05 I
2. Ainul Yaqin 2005 60.00 05-Dec-05 06-Dec-05 08-Dec-05 21-Dec-05 I
3. Annemarieke Edwardine Eva de Haan 2005 120.00 22-Jun-06 23-Jun-06 27-Jun-06 11-Jul-06 F
4. Debora Herawati Sadrach 2006 80.00 29-Nov-06 30-Nov-06 04-Dec-06 18-Dec-06 I
5. Enny Hartati 2006 125.00 22-Jun-07 25-Jun-07 27-Jun-07 11-Jul-07 F
6. Hadrianus Setiawan 2007 90.00 28-Nov-07 29-Nov-07 03-Dec-07 14-Dec-07 I
7. Ramakrishnan Raghuraman 2007 167.00 26-Jun-08 27-Jun-08 01-Jul-08 11-Jul-08 F
8. Sancoyo Antarikso 2008 95.00 26-Nov-08 27-Nov-08 01-Dec-08 15-Dec-08 I
9. Tevilyan 2008 220.00 26-Jun-09 29-Jun-06 01-Jul-09 14-Jul-09 F
2009 100.00 25-Nov-09 26-Nov-09 01-Dec-09 15-Dec-09 I
AUDIT COMMITTEE 2009 299.00 28-Jun-10 29-Jun-10 01-Jul-10 13-Jul-10 F
1. Erry Firmansyah 2010 100.00 26-Nov-10 29-Nov-10 01-Dec-10 15-Dec-10 I
2. Benny Redjo Setyono 2010 344.00 27-Jun-11 28-Jun-11 01-Jul-11 13-Jul-11 F
3. Muhammad Saleh 2011 250.00 06-Dec-11 07-Dec-11 09-Dec-11 15-Dec-11 I
2011 296.00 27-Jun-12 28-Jun-12 02-Jul-12 13-Jul-12 F
CORPORATE SECRETARY 2012 300.00 10-Dec-12 11-Dec-12 13-Dec-12 20-Dec-12 I
Sancoyo Antarikso 2012 334.00 28-Jun-13 01-Jul-13 03-Jul-13 16-Jul-13 F
2013 330.00 02-Dec-13 03-Dec-13 05-Dec-13 12-Dec-13 I
HEAD OFFICE 2013 371.00 26-Jun-14 27-Jun-14 01-Jul-14 15-Jul-14 F
Graha Unilever 2013 371.00 26-Jun-14 27-Jun-14 01-Jul-14 15-Jul-14 F
Jln. Jend. Gatot Subroto Kav. 15 2014 336.00 02-Dec-14 03-Dec-14 05-Dec-14 12-Dec-14 I
Jakarta - 12930
Phone : (021) 526-2112, 5299-6468, 5299-6847 ISSUED HISTORY
Fax : (021) 526-4020 Listing Trading
Homepage : www.unilever.com; www.unilever.co.id 1. First Issue 9,200,000 11-Jan-82 11-Jan-82
Email : unvr.indonesia@unilever.com 2. Bonus Shares 1,533,334 15-Dec-89 15-Dec-89
3. Bonus Shares 717,891 22-Sep-93 22-Sep-93
4. Company Listing 64,848,775 02-Jan-98 02-Jan-98
5. Stock Split 686,700,000 06-Nov-00 06-Nov-00

TRADING ACTIVITIES
Unilever Indonesia Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
38,000 40.0 Jan-11 16,650 13,800 15,050 16,428 48,440 732,617 21
Feb-11 16,200 14,100 16,200 11,599 27,234 412,351 18
33,250 35.0 Mar-11 16,950 15,250 15,300 15,300 59,981 967,698 23
Apr-11 15,650 14,900 15,300 17,329 57,709 878,710 20
May-11 15,300 14,650 14,700 10,563 43,392 648,620 21
28,500 30.0
Jun-11 15,350 14,600 14,900 9,679 28,109 419,148 20
Jul-11 15,900 14,700 15,600 12,108 41,466 628,166 21
23,750 25.0
Aug-11 17,400 15,000 16,900 20,492 63,871 1,043,194 19
Sep-11 17,750 14,000 16,500 17,471 46,683 763,768 20
19,000 20.0
Oct-11 16,500 15,250 15,650 17,533 56,126 897,769 21
Nov-11 18,400 15,450 18,200 12,590 43,802 722,503 22
14,250 15.0 Dec-11 19,000 17,100 18,800 13,898 40,609 732,748 21
9,500 10.0 Jan-12 24,450 18,200 19,600 16,752 38,440 761,415 21

Feb-12 20,050 17,500 19,250 17,028 31,412 606,182 21
4,750 5.0 Mar-12 20,200 18,600 20,000 14,713 27,939 543,448 21
Apr-12 20,750 18,750 19,850 14,599 31,656 615,568 20
May-12 22,450 19,700 20,550 16,221 45,658 965,430 21
Jun-12 25,500 20,000 22,900 15,235 37,485 842,684 21
Jul-12 25,250 22,350 24,250 16,534 35,057 828,065 22
Aug-12 27,350 23,800 27,100 13,551 24,914 635,793 19
Sep-12 28,500 25,100 26,050 20,640 43,814 1,177,790 20
140%
Jan-13 23,150 20,900 22,050 23,609 61,636 1,347,431 21
120% 123.2%
Feb-13 23,300 21,650 22,850 17,807 44,383 1,001,564 20
109.6% Mar-13 23,100 21,700 22,800 16,433 50,808 1,147,414 19
100% Apr-13 26,250 22,150 26,250 15,906 50,732 1,178,848 22
May-13 34,500 24,800 30,500 21,913 57,502 1,657,707 22
80% Jun-13 31,550 25,550 30,750 34,773 62,429 1,795,607 19
Jul-13 34,600 26,000 31,800 24,938 45,612 1,435,491 23
Aug-13 32,350 26,600 31,200 25,112 39,989 1,191,169 17
60%
Sep-13 33,300 30,100 30,150 28,077 50,371 1,587,564 21
Oct-13 37,350 29,600 30,000 26,976 54,142 1,698,290 21
40% 41.9%
Nov-13 30,800 25,700 26,600 27,121 53,564 1,502,119 20
Dec-13 27,300 25,100 26,000 22,404 36,810 963,138 19
20%
Jan-14 28,775 25,800 28,550 44,445 49,313 1,352,166 20

- Feb-14 28,650 27,525 28,575 35,716 35,118 990,814 20
Mar-14 31,350 27,525 29,250 47,590 47,568 1,377,944 20
-20% Apr-14 30,975 28,500 29,250 46,776 36,990 1,102,426 20
Jun-14 30,550 29,200 29,275 35,479 39,009 1,161,481 21
Jul-14 33,000 29,250 30,750 39,880 40,817 1,262,274 18
Days 247 246 244 242 21 Dec-14 32,300 30,525 32,300 33,887 33,894 1,063,175 20
Price (Rupiah) Jan-15 36,275 32,100 35,825 35,934 40,100 1,368,300 21

High 19,000 28,500 37,350 33,000 36,275
Low 13,800 17,500 20,900 25,800 32,100
Close 18,800 20,850 26,000 32,300 35,825
Close* 18,800 20,850 26,000 32,300 35,825
PER (X) 34.45 32.87 37.06 45.65 50.63

PER Industry (X) 16.22 19.75 15.98 24.22 25.21
PBV (X) 38.97 40.09 46.63 45.03 49.95

Cash & Cash Equivalents 317,759 336,143 229,690 261,202 473,529 16,250
Receivables 1,752,633 2,188,280 2,261,941 3,279,694 4,630,886

1,574,060 1,812,821 2,061,899 2,084,331 2,299,960 13,000
Inventories
Current Assets 3,748,130 4,446,219 5,035,962 5,862,939 7,520,219
9,750
Fixed Assets 4,148,778 5,314,311 6,283,479 6,874,177 7,049,929
Other Assets 50,377 75,705 70,456 69,271 80,493
6,500
Total Assets 8,701,262 10,482,312 11,984,979 7,485,249 15,170,111
Growth (%) 20.47% 14.34% -37.54% 102.67% 3,250

Growth (%) 46.19% 17.87% 13.43% 6.64%
Paid up Capital 76,300 76,300 76,300 76,300 76,300 5,473

4,049 3,968
Par Value 10 10 10 10 10 3,681
4,356

3,240
Total Equity 4,048,853 3,680,937 3,968,365 4,254,670 5,472,869

Growth (%) -9.09% 7.81% 7.21% 28.63% 2,123
Total Revenues 19,690,239 23,469,218 27,303,248 30,757,435 26,089,807

Growth (%) 19.19% 16.34% 12.65%
-109
2010 2011 2012 2013 Sep-14
Cost of Revenues 9,485,274 11,462,805 13,414,122 14,978,947 13,359,185

Gross Profit 10,204,965 12,006,413 13,889,126 15,778,488 12,730,622
Expenses (Income) 5,659,198 6,431,614 7,391,019 8,614,043 7,246,487
Growth (%) 10.25% 27,303

30,757
26,090
23,469
24,483
Other Income (Expenses) - - -31,342 -5,637 -63,587 19,690
Tax 1,161,119 1,410,495 1,627,620 1,806,183 1,371,619

11,934
Growth (%) 23.04% 16.21% 10.61%

5,659
Current Ratio (%) 85.13 68.67 66.83 69.64 84.57
5,353
Dividend (Rp) 444.00 546.00 634.00 701.00 336.00 5,353
4,839
EPS (Rp) 443.90 545.66 634.24 701.52 530.66 4,164 4,049
BV (Rp) 530.65 482.43 520.10 557.62 717.28 4,261
3,385
DAR (X) 0.53 0.65 0.67 1.21 0.64
1.15 1.85 2.02 2.14 1.77
3,169
DER(X)
ROA (%) 38.90 39.73 40.38 71.51 26.69 2,077
ROE (%) 83.60 113.13 121.94 125.81 73.98

GPM (%) 51.83 51.16 50.87 51.30 48.80 985
OPM (%) - - 23.80 23.29 21.02

NPM (%) 17.19 17.74 17.72 17.40 15.52
-107
2010 2011 2012 2013 Sep-14

Payout Ratio (%) 100.02 100.06 99.96 99.93 63.32
Yield (%) 2.69 2.90 3.04 2.70 1.06

CC O
OMM PP A
ANN YY RR EE PP O
O RR TT
WIKA
WIJAYA KARYA (PERSERO) TBK.
Company Profile
PT Wijaya Karya (Persero) Tbk. established dated 29 March 1960.
The purpose and objectives of the Company is to engage in the construction industry,
manufacturing industry, conversion industry, rental, agency services, investment, agro-
industry, renewable energy and conversion energy , trading, engineering, procurement,
construction, area (industrial zone) management , service capacity upgrades in the field of
construction , information technology for engineering and planning services, by applying the
principles of limited liability companies.
The Company is domiciled at Jln. D.I. Panjaitan Kav. 9, Jakarta. The main activities
throughout Indonesia and overseas. The Company started its activities commercially in 1961.
The Company directly owned more than 50% shares on subsidiaries as follows:
• PT Wijaya Karya Beton,
• PT Wijaya Karya Realty,
• PT Wijaya Karya Industri dan Konstruksi,
• PT Wijaya Karya Rekayasa Konstruksi,
• PT Wijaya Karya Bangunan Gedung,
• PT Sarana Karya.
The entire subsidiaries are domiciled in Indonesia. Number of Employees of the Company
on September 30th, 2014 are 1,813 employes.
February 2015
Disclaimer:

WIKA Wijaya Karya (Persero) Tbk. [S]
42 | 23.0T | 0.44% | 71.35%
20 | 16.9T | 1.16% | 49.91%

Under Writer IPO :
PT CIMB-GK Securities Indonesia DIVIDEND ANNOUNCEMENT
F/I
PT Indo Premier Securities Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 2007 5.97 06-Jun-08 09-Jun-08 11-Jun-08 25-Jun-08 F
Puri Datindo - Wisma Sudirman 2009 10.02 27-May-10 31-May-10 02-Jun-10 16-Jun-10 F
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 2010 17.08 06-Jun-11 07-Jun-11 09-Jun-11 23-Jun-11 F
Phone : (021) 570-9009 2011 17.28 23-May-12 24-May-12 28-May-12 11-Jun-12 F
Fax : (021) 570-9026 2012 22.32 29-May-13 30-May-13 03-Jun-13 14-Jun-13 F
2013 27.82 28-Apr-14 29-Apr-14 02-May-14 13-May-14 F
1. Basoeki Hadimoeljono ISSUED HISTORY
2. Abdul Rahman Pelu Listing Trading
3. B. Didik Prasetyo No. Type of Listing Shares Date Date
4. Bakti Santoso Luddin *) 1. First Issue 1,846,154,000 29-Oct-07 29-Oct-07
5. Soepomo 2. Negara RI (Seri A) 1 29-Oct-07 29-Oct-07
6. Thamrin Abdullah *) 3. Company Listing 3,999,999,999 29-Oct-07 29-Oct-07
*) Independent Commissioners 4. ESOP II 213,500 T: 16-Dec-09 : 22-Dec-09
5. MSOP I 2,183,500 T: 24-May-10 : 30-Jun-10
BOARD OF DIRECTORS 6. MSOP II 908,000 T: 24-May-10 : 30-Jun-10
1. Bintang Perbowo 7. MSOP I & II 152,081,500 T: 22-Nov-10 : 05-Jan-11
2. Adji Firmantoro 8. ESOP/MSOP I & II 137,504,500 T: 20-May-11 : 01-Jul-13
3. Bambang Pramujo 9. ESOP/MSOP II 9,974,000 T: 22-Nov-11 : 01-Jul-14
4. Budi Harto 10. ESOP/MSOP I 206,000 30-Dec-13 30-Dec-13
5. Destiawan Soewardjono
6. Ganda Kusuma
AUDIT COMMITTEE
1. Bakti Santoso Luddin
2. Arzul Andaliza
3. Mukti Wibowo
4. Slamet Wibowo
5. Thamrin Abdullah
CORPORATE SECRETARY
Suradi
HEAD OFFICE
WIKA Building
Jln. D.I. Panjaitan Kav. 9
Jakarta - 13340
Phone : (021) 819-2808, 850-8640, 850-8650
Fax : (021) 819-1235, 859-11969
Homepage : www.wika.co.id
Email : suradi@wika.co.id

TRADING ACTIVITIES
Wijaya Karya (Persero) Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
3,800 240 Jan-11 700 590 610 7,891 316,051 202,032 21
Feb-11 680 600 660 4,073 114,366 73,484 18
3,325 210 Mar-11 710 600 670 6,958 143,658 92,449 23
Apr-11 700 660 670 7,560 148,172 100,902 20
May-11 710 660 690 3,019 98,903 68,033 21
2,850 180
Jun-11 700 640 660 2,028 95,426 63,532 20
Jul-11 690 650 680 4,419 150,923 101,290 21
2,375 150
Aug-11 680 560 580 3,545 115,101 70,332 19
Sep-11 610 450 490 4,595 95,568 52,881 20
1,900 120
Oct-11 600 450 520 11,628 160,637 85,900 21
Nov-11 520 470 470 3,385 59,665 29,849 22
1,425 90 Dec-11 650 465 610 9,881 382,183 230,029 21
950 60 Jan-12 720 600 710 4,827 208,891 137,097 21

Feb-12 780 660 730 4,265 209,034 153,646 21
475 30 Mar-12 920 730 910 7,608 497,042 399,840 21
Apr-12 980 880 980 8,877 258,868 238,228 20
May-12 1,110 890 920 10,137 316,373 322,511 21
Jun-12 1,050 870 1,050 9,383 224,325 217,163 21
Jul-12 1,070 980 1,000 6,930 133,608 137,739 22
Aug-12 1,130 980 1,050 7,231 155,121 164,671 19
Sep-12 1,270 1,050 1,210 7,417 159,355 184,402 20
455%
442.8%
Jan-13 1,730 1,470 1,650 25,183 446,947 726,586 21
390% Feb-13 1,780 1,590 1,770 22,785 521,572 871,607 20
Mar-13 2,075 1,680 2,025 39,561 759,537 1,407,679 19
325% Apr-13 2,475 1,950 2,400 27,075 501,903 1,087,356 22
May-13 2,900 2,375 2,825 24,613 424,941 1,105,249 22
260% Jun-13 2,875 1,930 2,050 45,363 735,887 1,669,932 19
Jul-13 2,325 1,590 2,075 48,860 935,852 1,864,035 23
Aug-13 2,250 1,350 1,740 38,418 604,516 1,095,151 17
195%
175.4% Sep-13 2,125 1,620 1,920 52,542 912,763 1,717,307 21
Oct-13 2,125 1,820 1,920 31,706 501,965 982,191 21
130%
Nov-13 1,950 1,600 1,650 27,137 392,473 683,096 20
Dec-13 1,810 1,540 1,580 22,377 320,791 543,658 19
65%
41.9%
Jan-14 1,985 1,580 1,950 39,945 484,540 901,013 20
- Feb-14 2,185 1,900 2,145 57,551 850,413 1,734,639 20
Mar-14 2,505 2,120 2,390 53,471 842,897 1,956,887 20
-65% Apr-14 2,535 2,050 2,265 88,318 1,193,527 2,718,051 20
Jun-14 2,345 2,145 2,215 29,386 300,893 677,128 21
Jul-14 2,860 2,205 2,650 53,246 583,781 1,491,132 18
Days 247 246 244 242 21 Dec-14 3,895 3,015 3,680 52,094 394,563 1,292,573 20
Price (Rupiah) Jan-15 3,795 3,455 3,745 52,642 422,511 1,535,100 21

High 710 1,650 2,900 3,895 3,795
Low 450 600 1,350 1,580 3,455
Close 610 1,480 1,580 3,680 3,745
Close* 610 1,480 1,580 3,680 3,745
PER (X) 9.15 17.75 17.02 42.35 43.10

PER Industry (X) 11.09 17.34 9.57 16.29 17.39
PBV (X) 1.66 3.21 3.01 4.79 4.88

Public Accountant : Hadori Sugiarto Adi & Rekan (Member of HLB International)
Receivables 1,422,090 420,573 1,978,912 2,132,198 2,769,859

682,563 872,775 1,138,080 1,118,390 969,280 13,000
Inventories
Investment 147,800 164,989 1,208,327 1,583,043 1,860,838
9,750
Fixed Assets 405,546 753,148 1,168,757 1,640,292 2,333,816
Other Assets 75,040 417,006 73,252 71,743 73,673
6,500
Total Assets 6,286,305 8,322,980 10,945,209 12,594,963 15,023,627
Growth (%) 32.40% 31.51% 15.07% 19.28% 3,250
Bank Payable - - - 2,834,043 -

Trade Payable 1,221,036 2,119,188 2,529,217 3,061,518 3,529,758 2010 2011 2012 2013 Sep-14
Growth (%) 39.69% 33.22% 15.21% 9.97%
Paid up Capital 600,154 602,727 610,563 613,997 614,923 4,722

Par Value 100 100 100 100 100 3,227
3,759
608,013 854,681 1,196,354 1,202,095 1,431,818 2,814

Retained Earnings
2,219
2,795
Total Equity 1,916,768 2,219,376 2,814,006 3,226,959 4,721,817

1,917
Growth (%) 15.79% 26.79% 14.67% 46.32% 1,832
Total Revenues 6,022,922 7,741,827 9,816,086 11,884,668 8,605,350

Growth (%) 28.54% 26.79% 21.07%
-94
2010 2011 2012 2013 Sep-14
Cost of Revenues 5,390,012 6,978,414 8,902,209 10,562,234 7,665,883

Gross Profit 632,910 864,935 1,111,382 1,583,448 1,106,313
Operating Profit 477,611 653,741 845,417 1,215,962 824,846 11,885
Growth (%) 36.88% 29.32% 43.83%

11,885
9,816
9,460 8,605
Income before Tax 473,326 629,607 807,916 1,016,690 745,063 7,036

6,023
Tax 162,085 238,660 302,791 392,319 260,587
4,611
Growth (%) 25.61% 29.21% 23.61%

2,187
Comprehensive Income 311,241 401,828 508,764 624,372 484,476 2010 2011 2012 2013 Sep-14
Dividend (Rp) 17.08 17.28 22.32 27.82 -
624
EPS (Rp) 47.47 58.82 74.99 92.82 65.16 624
BV (Rp) 319.38 368.22 460.89 525.57 767.87 505 484

DAR (X) 0.70 0.73 0.74 0.74 0.69 497
391
DER(X) 2.28 2.75 2.89 2.90 2.18
311
4.95 4.70 4.62 4.96 3.22
370
ROA (%)
ROE (%) 16.24 17.62 17.95 19.35 10.26 242
GPM (%) 10.51 11.17 11.32 13.32 12.86

OPM (%) 7.93 8.44 8.61 10.23 9.59 115
NPM (%) 5.17 5.05 5.15 5.25 5.63

Payout Ratio (%) 35.99 29.38 29.76 29.97 -
-12
2010 2011 2012 2013 Sep-14

Yield (%) 2.51 2.83 1.51 1.76 -

CC O
OMM PP A
ANN YY RR EE PP O
O RR TT
WSKT
WASKITA KARYA (PERSERO) TBK.
Company Profile
The Company was first established as a foreign company under the name "Volker
Aaneming Maatschappij NV" which later became nationalized State Company (PN) Waskita
Karja on March 29, 1961, and the Company at the time was based in Jakarta.
Overall, projects sources from the government still present the most appeal. Civil projects
are continually driven grow and justify investment in new resources (particularly
construction equipment), while building projects still experience selective growth rate. The
Company’s primary product are building and civil construction, as well as EPC. These three
types of service are offered to two principal markets, namely the government and private
sector. The Company must continue to be selective and carefully weigh risks in accepting
projects from private entities for the construction of buildings and civil items.
The Company is currently striving to expand its precast concrete business. The Company
employs two means to meet its need for precast concrete, namely by procuring the same
from external sources and by producing them internally.
The Company’s strategy is realized by achieving the set targets in terms of contract value,
revenue and profit, by employing the following strategies and policies:
• Continuing focus on the core business, supplemented by expansion into new
markets in the relevant business sectors: precast concrete, realty and toll road
investment;
• Focus on the government sector and potential civil projects, particularly large-
scale infrastructure projects;
• Enhancement of competitive advantage through improvements in work systems
and capital structure;
• Enrichment of experience through strategic partnering and EPC activities;
• Focus on the application of value engineering;
• Enhancement of profit margin through cost reduction programs and business
diversification;
• Expansion of overseas market share;
• Upgrading of IT system through the use of the Microsoft Dynamic application.
The Company remains convinced that management preparedness, supported by good
corporate governance, sustainable human resources development and programmed
business strategies, will open opportunities for growth and contribute towards achieving
an even better future for the Company.
February 2015
Disclaimer:

WSKT Waskita Karya (Persero) Tbk. [S]
55 | 16.7T | 0.32% | 76.16%
31 | 12.6T | 0.87% | 61.07%

Established Date : 01-Jan-1961 1. Pemerintah Republik Indonesia 6,549,921,000 : 67.33%
Under Writer IPO :
PT Bahana Securities (affiliated) DIVIDEND ANNOUNCEMENT
PT Danareksa Sekuritas (affiliated) Bonus Cash Recording Payment
F/I
PT Mandiri Sekuritas (affiliated) Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 2012 2.11 10-May-13 13-May-13 15-May-13 29-May-13 F
PT Datindo Entrycom 2013 11.46 28-Apr-14 29-Apr-14 02-May-14 19-May-14 F
Puri Datindo - Wisma Sudirman
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220 ISSUED HISTORY
Phone : (021) 570-9009 Listing Trading
1. First Issue 3,082,315,000 19-Dec-12 19-Dec-12
BOARD OF COMMISSIONERS 2. Company Listing 6,549,921,000 19-Dec-12 19-Dec-12
1. Mohamad Hasan 3. MESOP I 95,268,205 T: 23-May-14 : 15-Dec-14
2. Arif Baharudin
3. Imam Majdi Achid
4. Iwan Nursyirwan Diar *)
5. Kohirin Suganda Saputra *)
6. Satya Arinanto
BOARD OF DIRECTORS
1. Muhammad Choliq
2. Adi Wibowo
3. Agus Sugiono
4. Desi Arryani
5. Didi Triyono
6. Tunggul Rajagukguk
AUDIT COMMITTEE
1. Iwan Nursyirwan Diar
2. Agus Suparto
3. Arif Baharudin
4. Mohammad Danial
CORPORATE SECRETARY
Antonius Yulianto TN
HEAD OFFICE
Gedung Waskita 9th Fl.
Jln. M.T. Haryono Kav. No. 10
Cawang, Jakarta - 13340
Phone : (021) 850-8510
Fax : (021) 850-8506
Homepage : www.waskita.co.id
Email : anton@waskita.co.id; waskita@waskita.co.id
haris@waskita.co.id

TRADING ACTIVITIES
Waskita Karya (Persero) Tbk. [S] Closing Price Freq. Volume Value
Day
Closing Volume
Price* December 2012 - January 2015 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
1,800 1,600 Dec-12 490 420 450 17,534 1,432,023 622,792 6
1,575 1,400 Jan-13 490 425 470 16,190 795,507 361,316 21

Feb-13 630 460 610 25,036 1,549,717 829,186 20
Mar-13 730 580 720 36,894 1,497,699 977,725 19
1,350 1,200
Apr-13 800 660 770 28,087 1,190,414 861,257 22
May-13 1,080 770 1,050 38,880 1,506,312 1,351,118 22
1,125 1,000
Jun-13 1,060 710 770 68,307 2,193,824 1,872,431 19
Jul-13 850 620 790 48,239 1,511,901 1,144,500 23
900 800
Aug-13 830 445 550 37,846 1,206,295 744,295 17
Sep-13 680 450 590 50,717 1,781,255 1,024,650 21
675 600 Oct-13 650 550 600 31,903 1,227,099 738,953 21
Nov-13 610 440 455 29,709 907,064 452,235 20
450 400 Dec-13 485 400 405 27,797 812,597 370,734 19
225 200 Jan-14 580 402 540 45,714 1,361,373 694,196 20

Feb-14 690 535 665 39,580 1,445,390 913,294 20
Mar-14 820 645 760 48,633 1,772,927 1,326,054 20
Apr-14 800 665 745 44,750 1,653,393 1,230,960 20
Dec-12 Jun-13 Dec-13 Jun-14 Dec-14
May-14 800 705 720 23,385 703,583 533,679 18
Jun-14 720 640 680 25,205 717,438 487,344 21
Jul-14 870 665 810 48,388 1,657,700 1,311,470 18
Closing Price*, Jakarta Composite Index (IHSG) and Aug-14 950 785 905 40,511 1,277,869 1,125,149 20
Property, Real Estate and Bulding Construction Index Sep-14 945 820 835 44,374 1,365,148 1,201,303 22
December 2012 - January 2015 Oct-14 985 800 970 47,946 1,467,392 1,312,756 23
315% Nov-14 1,060 940 1,045 32,150 864,321 873,185 20
285.4% Dec-14 1,550 1,040 1,470 60,018 1,285,521 1,619,692 20
270%
Jan-15 1,740 1,355 1,715 70,104 1,483,277 2,224,845 21
225%
180%
135%
90%
73.1%
45%
23.7%
-
-45%
Dec 12 Jun 13 Dec 13 Jun 14 Dec 14
SHARES TRADED 2012 2013 2014 Jan-15

Volume (Million Sh.) 1,432 16,180 15,572 1,483
Value (Billion Rp) 623 10,728 12,629 2,225
Frequency (Thou. X) 18 440 501 70
Days 6 244 242 21
Price (Rupiah)
High 490 1,080 1,550 1,740
Low 420 400 402 1,355
Close 450 405 1,470 1,715
Close* 450 405 1,470 1,715
PER (X) 17.04 10.60 84.55 98.64

PER Industry (X) 17.34 9.57 16.29 17.39
PBV (X) 2.16 1.64 5.90 6.88

Public Accountant : Doli, Bambang, Sulistiyanto, Dadang & Ali (Member of BKR International)
Cash & Cash Equivalents 583,188 2,183,783 1,119,694 1,675,283 13,000
Receivables 1,563,705 1,971,997 2,342,084 2,990,509

351,259 412,538 292,227 604,279 10,400
Inventories
Investment 7,315 50,352 70,168 659,691
7,800
Fixed Assets 192,399 239,934 415,440 621,792
Other Assets 6,919 19,036 21,180 33,023
5,200
Total Assets 5,116,002 8,366,244 8,788,303 12,542,041
Growth (%) 63.53% 5.04% 42.71% 2,600
Bank Payable 1,204,968 822,776 874,808 1,917,129 -

Trade Payable 1,661,714 2,002,815 2,291,268 2,571,795 2011 2012 2013 Dec-14
Total Liabilities 4,495,779 6,359,169 6,404,866 9,693,211
Growth (%) 41.45% 0.72% 51.34%
Authorized Capital 206,900 2,600,000 2,600,000 2,600,000
2,849
Paid up Capital 18,000,000 963,233 963,224 966,634
Paid up Capital (Shares) 18 9,632 9,632 9,666 2,383
2,426
Par Value 1,000,000 100 100 100 2,007

Retained Earnings -31,978 215,174 563,911 954,024 1,931
Total Equity 620,222 2,007,075 2,383,437 2,848,830 1,436
Growth (%) 223.61% 18.75% 19.53%

941
620
Total Revenues 7,274,167 8,808,416 9,686,610 10,286,813

Growth (%) 21.09% 9.97% 6.20%
-49
2011 2012 2013 Dec-14
Cost of Revenues 6,610,973 8,076,158 8,775,914 9,177,917

Gross Profit 687,395 824,835 1,012,371 1,306,012
Operating Expenses 202,362 196,307 305,473 366,629
Operating Profit - - - - 10,287
9,687
Growth (%) 9,687
8,808
7,274
-153,207 -168,615 -95,698 -183,781
7,711
Other Income (Expenses)

Income before Tax 331,827 459,913 611,201 755,602 5,734
Tax 159,838 205,882 243,230 254,389

Growth (%) 47.70% 44.85% 36.21%

1,782
Period Attributable 171,989 254,031 368,060 501,531 -194
Comprehensive Income 172,457 254,363 366,629 497,058 2011 2012 2013 Dec-14
Comprehensive Attributable 172,457 254,363 366,719 497,375
Dividend (Rp) - 2.11 11.46 -
501
EPS (Rp) 9,554.96 26.37 38.21 51.88
BV (Rp) 34,456.80 208.37 247.44 294.72 443
368
DAR (X) 0.88 0.76 0.73 0.77 368
DER(X) 7.25 3.17 2.69 3.40

293
254
ROA (%) 3.36 3.04 4.19 4.00
ROE (%) 27.73 12.66 15.44 17.59 218
172
GPM (%) 9.45 9.36 10.45 12.70 143
OPM (%) - - - -
68
NPM (%) 2.36 2.88 3.80 4.87

Payout Ratio (%) - 8.00 30.00 -
-7
2011 2012 2013 Dec-14

Yield (%) - 0.47 2.83 -

IDX-LQ45-February-2015 PDF

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IDX LQ45

No. Code Stock Name Page

Jakarta Composite Index =

10. Debt to Equity Ratio (DER)

11. Return on Assets (ROA)

12. Return on Equity (ROE)

13. Gross Profit Margin (GPM)

18. [S] Sharia Compliant Stock

20. Comprehensive Attribute : Comprehensive Income attributable to owner’s entity

Jakarta, February 2015

Research and Development Division

© 2015 Indonesia Stock Exchange. All rights reserved.

ASTRA AGRO LESTARI TBK.

2 RESEARCH AND DEVELOPMENT DIVISION

40 | 10.8T | 0.74% | 68.05%

COMPANY HISTORY SHAREHOLDERS (January 2015)

RESEARCH AND DEVELOPMENT DIVISION 3

7,500 4.0 Jan-12 22,550 20,550 20,600 10,520 17,532 382,289 21

Jan-14 25,800 20,650 21,475 44,874 40,059 875,810 20

Price (Rupiah) Jan-15 26,150 23,150 23,250 27,912 24,553 601,935 21

PER (X) 13.68 12.64 21.94 15.62 14.98

4 RESEARCH AND DEVELOPMENT DIVISION

Receivables 98,832 16,358 50,068 20,554 47,451

Current Liabilities 1,061,852 1,440,351 2,600,540 3,759,265 4,110,955 -

Retained Earnings 6,340,711 7,268,639 8,158,203 8,087,559 10,548,430

Growth (%) 12.99% 11.15% 9.64% 15.29% 4,336

INCOME STATEMENTS Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 2,049

Total Revenues 8,843,721 10,772,582 11,564,319 12,674,999 16,305,831

2010 2011 2012 2013 Dec-14

Cost of Revenues 5,234,372 6,837,674 7,206,837 8,593,064 11,354,037

Growth (%) 15,188

Tax 860,388 834,367 1,004,627 701,983 1,068,715 7,431

Profit for the period 2,103,652 2,498,565 2,520,266 1,903,088 2,621,275

Period Attributable 2,016,780 2,405,564 2,410,259 1,801,397 2,503,695 -326

EPS (Rp) 1,280.70 1,527.59 1,530.57 1,143.93 1,589.91

DAR (X) 0.15 0.17 0.25 0.31 0.36

ROA (%) 23.93 24.48 20.29 12.72 14.12

2010 2011 2012 2013 Dec-14

RESEARCH AND DEVELOPMENT DIVISION 5

6 RESEARCH AND DEVELOPMENT DIVISION

18 | 18.4T | 1.27% | 47.56%

COMPANY HISTORY SHAREHOLDERS (January 2015)

RESEARCH AND DEVELOPMENT DIVISION 7

1,000 60 Jan-12 720 570 690 8,235 193,549 126,624 21

Jan-14 1,850 1,425 1,780 34,825 523,862 885,065 20

Price (Rupiah) Jan-15 3,780 3,320 3,695 64,117 576,447 2,067,005 21

PER (X) 5.72 14.84 6.70 46.54 49.41

8 RESEARCH AND DEVELOPMENT DIVISION

Receivables 1,353,192 1,657,080 2,332,098 2,705,085 3,214,051

Bank Payable 843,331 192,017 200,920 211,800 771,500 -

INCOME STATEMENTS Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 322

Total Revenues 5,674,980 6,695,112 7,627,703 9,799,598 8,653,578

2010 2011 2012 2013 2014

Cost of Revenues 4,964,348 5,960,704 6,671,815 8,606,444 7,655,377

Growth (%) -3.41% 8,654

Tax 130,627 143,687 209,998 305,927 267,896

Growth (%) -3.94% 16.76% 91.47% -20.02%

Period Attributable 189,484 182,116 211,590 405,977 324,071 -196

BV (Rp) 481.73 549.80 655.59 859.63 972.37 327

DER(X) 4.68 5.17 5.67 5.28 4.97

GPM (%) 12.52 11.93 13.68 12.73 11.75

NPM (%) 3.35 2.73 2.80 4.17 3.77

2010 2011 2012 2013 2014