wnstream Integration of Cocoa

mpound, Coverture, Chocolate

utter.
Jatake Industrial Zone
1.2 Ha of Land
4 Storey Factory
5 Main Divisions
15 years –since 2005
30 years Experience

 Drinks – Chocolate, Coffee and Tea

Drinks
 Downstream Chocolate - Compound
& Coverture
 Functional Foods –Energy Enhancers,
 Biscuits
 Butter and Cocoa Powder
ey Man Of Danora

DANIEL SITORUS
• Business Owner of all of DANORA group of
Companies covering all 4 divisions;
• Internationally Connected to worldwide clients
(knows the buyers in Middle East, Eastern Europe,
Philippines), and International Logistics Expert for
sale of products worldwide;
• R&D specialist for the creation of beverages
ranging from Instant Coffee, Chocolate mix drinks,
Fruit flavoured drinks, and thereafter the creation
of functional foods (such as Chocolate Energy Mix),
biscuit, wafers and snacks; (holds all the FORMULA)
• Overall Operations Manager who knows all the
costs, to produce and impute into each of the
products intended for sale for all divisions.
ificate & Award

The company has also obtained the required certification from the
United States of America (Food & Drug Administration) FDA.

Danora has also received halal certification and is in the process of

administering BPOM RI
ificate & Award

In 2013 the Company received an

award from the Directorate General of
the Ministry of Trade's National Export
Development for the category of
Leading Export Potential
Drinks
Downstream Strategy
- Domestic Market

The company plans to enter the domestic downstream market by

producing chocolate-derived products, both for the industrial (bulk) and
direct consumer markets.

At present there are around 50 types of chocolate-derived products,

Danora will produce products that are considered to have a large
market potential.

Products considered to have market potential in Indonesia are: bottled

chocolate drinks (bottles and sachets), hagelslaag (bulk and branded),
chocolate bars, compound bars and small packaged cocoa powder
(pouch)

To support the downstream strategy, the company is planning to

develop a chocolate café shop & restaurant network in several major
cities in Indonesia.
 Low Investment (IDR 18B),
BUT
Market Capitalisation Potential =
IDR 2.5T (2nd year)
9x per annum return

• Identified Target Market is at least 72,500,000

drinkers (Children in Indonesia) a day against a
maximum capacity of only 600,000 per day, not
even 1% of the potential market

• High Gross Margin at 50%

• Product Taste is the best (market tested) against

competitors

• Unrivalled grammage at 40g per sachet

2.5T
• Marketing strategy is in place, penetration strategy
is set.

• Product Testing to market has been done, and has

been received well by market.

• Multi purpose usage: with Milk, topping on Ice

Cream, flavour enhancer
ora – Consumer Product
• In the context of developing its business,
Starting in 2019 it will produce end consumer
Product

• Products to be produced and marketed include:

Chocolate bottled drinks
Choco drinks Sachet
Chocolate bar
Hagelslaag
Pouched Cocoa powder mix
Branded Chocolate compound

• Danora already has premium drink recipes but

competitive prices

• The main target of marketing is the Indonesian

domestic market (BPOM permission for Rachova
has been obtained).
Chocolate Compound
and Coverture
nora – Manufacturing
• In the context of developing its business, in
2019 Danora decided to enter the
manufacturing business.

• cocoa powder will be further processed using

new machines to produce chocolate
compounds and Choco-Prep.

• The main ingredient of the compound is cocoa

powder (10-15%) mixed with other ingredients
such as milk, sugar, specialty fats and other
ingredients.

• The use of compounds is more applicable for:

coating, icing, filing and decorations

• The company has gained markets in China,

India and the Middle East
9T
1. 600MT per month Installed Capacity to be increased
to 1920MT per month. 23,040 MT Annually
2. High Gross Margin at 53%
3. Cash Generator
4. More Chocolate Content than competitors
5. Export Markets already available
6. Affordable Price due to convenient smaller sizes
200G
1. Blocks
2. Chips and buttons
7. Investment is only IDR 110M against IDR 9.7T Market
Capitalisation potential at 16x in 2 years time
8. Further offtake to biscuits

Required Investment IDR 110,000,000,000

Return of more than 8x per annum
 GLOBAL CONSUMPTION of COCOA
(Market Demand)
• Sources of future growth are from China, Indonesia and India
(average per capita consumption of 100 gr - 200 grams / year). •US$23B p.a.
• Market share of world chocolate food products is estimated to reach
USD 103.2 Billion (eq. Rp. 1,462 Trillion)
• This figure is equivalent to 72% of the Indonesian Budget for Fiscal Year
2017. (APBN Th.2017 = Rp. 2,070 T)
• Although the value of turnover in the United States is the largest
compared to other countries, it turns out that US per capita chocolate
consumption is still lower than other countries (6th order with an
average consumption of 6 kg of chocolate per capita per year).
• According to one report of the Risert Institute (zion research), the world
chocolate market share is expected to reach USD 161.56 in 2024
(Rp.2,294 Trillion), growing with a CAGR of around 7.0% between 2018
and 2024.
nora – Grinding

• Danora's current product is intermediate processed

chocolate in the form of:
Cocoa Butter
Cocoa Cake
Cocoa Powder

• Cocoa butter and cocoa powder are the main raw

materials for the industry: food, cosmetics and
pharmaceuticals.

• The biggest user of processed chocolate is the food

industry.

• Most Danora products are exported to foreign

countries
17T
 Danora Group’s Vision: a note

• As a closing note, the vision and plan of PT Danora Agro Prima is actually to become a food company that is not limited
to the chocolate industry and its derivatives.

• The world cycle in the chocolate industry and its derivatives alone, as stated earlier, in 2024 is estimated to reach Rp.
2,300 trillion more but in an effort to diversify business and growth plans, the Company has decided to enter the
functional food industry.

• This new business that is being prepared, is expected to be a qualified revenue generator to support the Danora
Group's business growth

• This functional food business will be conducted temporarily through a separate vehicle from PT Danora Agro Prima.
Investment
Features
 Borrower PT DNR, or any other company held by the Danora group
of companies, subject to the approval of the Majority
Shareholder

Investment Amount Minimum IDR 300,000,000,000 to Maximum IDR

500,000,000,000
Request - Danora Interest rates Year 1 - 8% p.a.
Year 2 - 12% p.a.
Year 3 - 16% p.a.
Year 4 - 20% p.a.
Year 5 - 24% p.a. Implied interest rate for 5
years 16% p.a.

Tenor Minimum 36 months to maximum 60 Months

Upfront Fee [100bps] of 1% flat based on Amount

Grace Period 6months grace period for interest payment

Security Plant, Property and Equipment

Pledge of shares (script worth at least 1.25x the
Outstanding Amount)

Security Security to be at least 1.25x Outstanding Amount at all

Coverage times.
 Publisher Golden Way
Business Field Food Processing Industry: Real Consumer Goods

Processed Cocoa Butter Manufacturing

Processed Cocoa Cake Manufacturing

Request – Danora
Primary Products Cocoa Liquor, Cocoa Butter, and Cocoa Cake
Chocolate Compound, Chocolate Chips, Chocolate Paste & coins

PACKET A
For International Markets, Majority for Export and some for
Local Indonesia market
Instrument Fixed Rate Bilateral Term Note
Tenor 3 years
Amount IDR 500,000,000 to IDR 1,000,000,000
Max Number of 5
Packets Total Packets = 150 available
Discount 20% Upfront, paid 3 days after settlement
Total Interest 20%
10% p.a. in year 2 and year 3

Total Commission 11%

3% - 5 days after Settlement
4% in year 2
4% in year 3
(if no marketing involved, paid to holder of Packet)
 Publisher Golden Way
Business Field Food Processing Industry: Real Consumer Goods

Processed Cocoa Butter Manufacturing

Processed Cocoa Cake Manufacturing

Request – Danora
Primary Products Cocoa Liquor, Cocoa Butter, and Cocoa Cake
Chocolate Compound, Chocolate Chips, Chocolate Paste & coins

For International Markets, Majority for Export and some for

PACKET B Instrument
Local Indonesia market
Fixed Rate Bilateral Term Note
Tenor 3 years
Amount IDR 1,500,000,000 to IDR 4,500,000,000
Max Number of 4
Packets Total Packets = 150 available
Discount 20% Upfront, Paid 3 days after settlement
Total Interest 18%
9% p.a. in year 2 and
9% p.a in year 3

Total Commission 9%
2% - 5 days after Settlement
3.5% in year 2
3.5% in year 3
(if no marketing involved, paid to Holder of Packet)
 Publisher Golden Way
Business Field Food Processing Industry: Real Consumer Goods

Processed Cocoa Butter Manufacturing

Processed Cocoa Cake Manufacturing

Request – Danora
Primary Products Cocoa Liquor, Cocoa Butter, and Cocoa Cake
Chocolate Compound, Chocolate Chips, Chocolate Paste & coins

PACKET C
For International Markets, Majority for Export and some for
Local Indonesia market
Instrument Fixed Rate Bilateral Term Note
Tenor 3 years
Amount IDR 5,500,000,000 to IDR 10,000,000,000
Max Number of 3
Packets Total Packets = 150 available
Discount 20% Upfront, Paid 3 days after settlement
Total Interest 18%
9% p.a. in year 2 and
9% p.a in year 3

Total Commission 11%

3% - 5 days after Settlement
4% in year 2
4% in year 3
(if no marketing involved, paid to Holder of Packet)
 22 Month Casfh low of Danora
with Breakdown per busines

1,127,181,595,631

334,354,145,631

Investment
Net CF Coverture
Net CF Compound
Net CF Cocoa Beans
Ending Cashflow
Polynomial (Ending
Cashflow)

300000000000

-300,000,000,000 -100,000,000,000 100,000,000,000 300,000,000,000 500,000,000,000 700,000,000,000 900,000,000,000 1,100,000,000,000

 STRATEGY IPO

The company plans to make a public offering (IPO) no later than 2022
The Company's NPAT is targeted to reach around Rp. 600 Billion - 700 Billion in the
first 2 (two) years after the IPO.

With an estimated valuation of the Company's shares in PER 10X – 20X: Company Country Market Capitalization PE Ratio EPS Share Price
SEKTOR MAKANAN BEI
PER 10X  M-Cap Rp. 6 T – 7 T PT Mayora Indah Tbk Indonesia IDR 65,900,000,000,000 41 IDR 71.2 IDR 2,918
PT Indofood Sukses Makmur Tbk Indonesia IDR 65,000,000,000,000 15 IDR 474.5 IDR 7,118
PER 12X  M-Cap Rp. 7.2 T – 8.4 T PT Tiga Pilar Sejahtera Tbk
PT Siantar Top Tbk
Indonesia
Indonesia
IDR
IDR
2,076,000,000,000
5,895,000,000,000
4.92
24.8
IDR
IDR
131.1
181.4
IDR
IDR
645
4,499
PER 14X  M-Cap Rp. 8.4 T – 9.8 T PT Indofood CBP Sukses Makmur Tbk
PT Wilmar Cahaya Indo Tbk
Indonesia
Indonesia
IDR
IDR
9,590,000,000,000
815,000,000,000
25.24
7.57
IDR
IDR
325.9
181.0
IDR
IDR
8,226
1,370

PER 16X  M-Cap Rp. 9.6 T –11,2 T PT Nippon Indosari Corporindo Tbk
PT Ultrajaya Milk Industry & Trading Tbk
Indonesia
Indonesia
IDR
IDR
7,609,000,000,000
16,175,000,000,000
44
23
IDR
IDR
27.4
61
IDR
IDR
1,206
1,398

PER 18X  M-Cap Rp. 10.8 T – 12.6 T PT Tribanyan Tirta Tbk

PT Campina Ice Cream Industry Tbk
Indonesia
Indonesia
IDR
IDR
2,400,000,000,000
2,413,000,000,000
9.83
55.56
IDR
IDR
72
7.4
IDR
IDR
705
410

PER 20X  M-Cap Rp. 12 T – 14 T

PT Buyung Putra Sembada Tbk Indonesia IDR 1,300,000,000,000 22.92 IDR 24.0 IDR 550
PT Sariguna Primatirta Indonesia IDR 2,400,000,000,000 35.16 IDR 31.0 IDR 1,090
GLOBAL COMPANIES ( IDR eq.) IDR 13,500
Rocky Mountain Choc. Factory USA IDR 970,650,000,000 22 IDR 7,425 IDR 163,350
Hershey,Inc USA IDR 292,950,000,000,000 27.81 IDR 49,410 IDR 1,374,092
Barry Callebaut Switzertland IDR 149,305,275,000,000 42.07 IDR 647,939 IDR 27,258,804
Mondelez International Inc. USA IDR 884,277,000,000,000 23.06 IDR 25,785 IDR 594,602
ChocoladeFabriken Lindt & Spungli AG Switzertland IDR 206,698,500,000,000 3.26 IDR 25,186,140 IDR 82,106,816
JB Foods Malaysia IDR 1,294,812,000,000 8.8 IDR 646 IDR 5,688
Tootsie Roll Indusry USA IDR 27,945,000,000,000 25.6 IDR 16,875 IDR 432,000
T h a nk You