Upload
hoangmien
View
218
Download
0
Embed Size (px)
Citation preview
PT Austindo Nusantara Jaya Tbk Company Presentation
Achieving Success Through Principle Centered Management
PT Austindo Nusantara Jaya Tbk Company Presentation
Achieving Success Through Principle Centered Management
January 2014
Disclaimer
2
This presentation has been prepared by PT Austindo Nusantara Jaya Tbk (“ANJ” or “Company”) for informational purposes, and may contain projections and forward looking statements that reflect the Company’s current views with respect to future events and financial performance. These views are based on current assumptions which are subject to various risks and which may change over time. No assurance can be given that future events will occur, that projections will be achieved, or that the Company’s assumptions are correct. Actual results may differ materially from those projected. A prospective investor must make its own independent decision regarding investment in securities.
Opinions expressed herein reflect the judgment of the Company as of the date of this presentation and may be subject to change without notice if the Company becomes aware of any information, whether specific to the Company, its business, or in general, which may have a material impact on any such opinions.
The information is current only as of its date and shall not, under any circumstances, create any implication that the information contained therein is correct as of any time subsequent to the date thereof or that there has been no change in the financial condition or affairs of ANJ since such date. This presentation may be updated from time to time and there is no undertaking by ANJ to post any such amendments or supplements on this presentation.
The Company will not be responsible for any consequences resulting from the use of this presentation as well as the reliance upon any opinion or statement contained herein or for any omission.
Table of Contents
Section 1 Company Overview 4 - Introduction 5 - Corporate Structure Overview 6 - Management 7 Section 2 Business Profile 9 - Palm Oil 9 - Sago 13 - Renewable Energy 17 Section 3 Operational Highlights 19 - Palm Oil 19 - Sago 30 - Renewable Energy 31 - Other Investments 32 Section 4 Financial Highlights 33 - Income Statement 34 - Financial Position 36
3
Introduction
• Established in 1993.
• Listed on Indonesia Stock Exchange on 8 May 2013 (ANJT:IJ).
• Floating 10% of shares with IPO price IDR 1,200.
• Market capitalization as of 31 October 2013 was ~IDR 4.0tn at IDR 1,200/share.
5
PROFILE
BUSINESS
• Focus on food (palm oil & sago) and renewable energy.
• Less than 5% of investments remaining in legacy businesses
e.g. tobacco, power generation.
Notes
1. MDN is owned by George Tahija and his associates
2. AKJ is owned by Sjakon Tahija and his associates
3. Yayasan Tahija is a charitable organization for which Sjakon Tahija acts as
governor and George Tahija as comptroller
4. ANJA holds 99.998% and the remaining 0.002% is held by SMM
5. Remaining shares are held by ANJ
6. ANJA holds 99.95% and the remaining 0.05% is held by SMM
7. PI holds 95% and ANJ holds 1%
Oil Palm Plantation Sago Others
ANJA North Sumatra Plantation I
(99.996%)
ANJAS(4)
North Sumatra
Plantation II
(99.998%)
SMM(5)
Belitung Island
Plantation
(99.996%)
KAL(6)
West Kalimantan
Plantation
(99.95%)
AANE Biogas Project
(98.99%)
DGI(9)
(99.998%)
PJP(10)
(14.28%)
CGSS(9)
(5.00%)
ANJAP (8)
Papua Sago Project
(99.50%)
LSP
(51%)
GSB(5)
South Sumatra
Landbank (95.00%)
PPM (5)
Papua Landbank
(95.00%)
PMP (5)
Papua Landbank
(95.00%)
GMIT Tobacco Processing
(99.99%)
MLII
(11.88%)
PMN(11)
(99.999%)
PI
(20.00%)
ATI
(99.998%)
AM
(15.87%)
SSM(7)
SM
(99.996%)
SKPI
BP
95.00%
20.00%
20.00%
MDN(1)
(40.31%)
AKJ(2)
(40.31) George Tahija
(4.69%)
Sjakon Tahija
(4.68%)
Yayasan Tahija(3)
(<0.1%)
Operating Oil Palm Plantations
8. ANJ holds 99.5% and the remaining 0.5% Is held by SMM
9. Project collaboration with Chevron
10. Project collaboration with Freeport
11. In liquidation
Oil Palm Minority Investments
6
Corporate Structure Overview
Public
(10.00%)
BOGA
(99.999%)
Experienced Management Team and Strong Corporate Governance
An Average of Over 25 Years of Plantation Experience
Achmad Hadi Fauzan Director, ANJ
• Over 25 years of agribusiness experience
• Former Director of Corporate Affairs at PT Sampoerna Agro Tbk
Istini Tatiek Siddharta Deputy President Director, ANJ
• Over 25 years of accounting and finance experience and 13 years with ANJ
• Former Partner of Siddharta, Siddharta & Harsono, a member firm of KPMG
Sucipto Maridjan Director, ANJ
• Over 20 years of experience in resource-based administrative management and 15 years with ANJ
Suwito Anggoro President Director, ANJ
• Over 30 years of energy and management experience
• Former President Director and President Commissioner of PT Chevron Pacific Indonesia
Handi Syarif Operational Director, ANJ Agri Papua
• Over 25 years of operation and supply chain management experience in multinational consumer goods and logistics industry
Geetha Govindan President Director, ANJ Agri
• Over 30 years of experience in the palm oil industry in Indonesia and Malaysia
• Joined ANJ Agri since January 2014
Aloysius D’Cruz Estate Director, ANJ Agri
• Over 35 years of agribusiness experience
• Former Joint President of Birla Laos plantation, a subsidiary of Aditya Birla Group
7
• Over 25 years of experience in various industries such as finance, oil and gas, shipping and palm oil
Bambang Soerjanto President Director, PPM & PMP
Supported by a Reputable and Long-Standing Board of Commissioners
A. Machribie Reksohadiprodjo
Independent President Commissioner
• Member of the ANJ Board of Commissioners since July 1996 and President Commissioner since September 2003
• Currently the President Director of PT Media Televisi Indonesia (Metro TV)
• Former Key Senior Advisor to Freeport-McMoran Copper & Gold Inc and former Commissioner of PT Freeport Indonesia
Sjakon G. Tahija
Commissioner
• Co-founder of ANJ and has served on the Board of Commissioners since 1985
• Practicing Vitreoretinal Consultant and founder of Klinik Mata Nusantara
George S. Tahija
Commissioner
• Co-owner and former President Director of ANJ. Mr. Tahija has been with the Company for more than 20 years
• Member of the Board of Trustees of Darden School, University of Virginia, member of the Board of Supervisors of Endeavor Indonesia, as well as Founder and Chairman of the Coral Triangle Center
Arifin M. Siregar
Independent Commissioner
• Member of the Board of Commissioners since April 2001
• President Commissioner of PT Airfast Indonesia and a member of the Board of Commissioners of PT Cabot Indonesia
• Former Governor of Bank Indonesia, Minister of Trade and Indonesian Ambassador to the United States of America
Istama T. Siddharta
Commissioner
• Member of the Board of Commissioners since July 2004
• He is currently the President Director of PT Amalgamated Tricor
• Former Chairman of Siddharta, Siddharta & Widjaja, a member firm of KPMG
Anastasius Wahyuhadi
Commissioner
• Appointed as Commissioner in January 2006
• Has served as a board member of a number of ANJ’s subsidiaries & associates as well as multinational and national companies in Indonesia
• Appointed Commissioner of ANJ in March 2012
• Serves as the Secretary to the Centre for Strategic and International Studies Foundation
8
Josep Kristiadi
Independent Commissioner
Significant Plantable Landbank Supporting Future Plantings
KALIMANTAN
PAPUA SUMATRA
Medan
Jakarta
JAVA
SULAWESI
Landbank 16,307 ha
Plantable area 14,229 ha
Planted area 14,229 ha
Mature area 14,229 ha
Conservation 1,348 ha
Mill Capacity 60 MT/hr
Average age 17.0 years
Landbank 65,159 ha (4)
Plantable area (2) 40,500 ha
Planted area -
Mature area -
Conservation -
Mill Capacity -
Average age -
Landbank 17,998 ha
Plantable area (5) 12,030 ha
Planted area 11,096 ha
Mature area -
Conservation 5,545 ha
Mill Capacity 60 MT/hr in 2016
Average age 1.2 year
TOTAL
Landbank 139,038 ha
Plantable area (2) 96,526 ha (3)
Planted area 43,050 ha
Mature area 31,954 ha
Conservation 11,989 ha
Mill Capacity 180 MT/hr
Average age 11.9 years
PT Galempa Sejahtera
Bersama (“GSB”)
Landbank 20,000 ha
Plantable area (2) 12,042 ha (3)
Planted area -
Mature area -
Conservation 3,457
Mill Capacity -
Average age -
PT Austindo Nusantara Jaya
Agri Siais (“ANJAS”)
Landbank 9,639 ha
Plantable area 7,912 ha
Planted area 7,912 ha
Mature area 7,912 ha
Conservation 1,639 ha
Mill Capacity 60 MT/hr
Average age 6.0 years
PT Austindo Nusantara Jaya
Agri (“ANJA”)
Landbank 9,935 ha
Plantable area 9,813 ha
Planted area 9,813 ha
Mature Area 9,813 ha
Conservation -
Mill Capacity 60 MT/hr
Average age 18.6 years
Notes
1. As at 30 Septemnber 2013
2. Hectarage figures may change. Actual accurate plantable area and conservation area can only be determined after the completion of a detailed mapping process (which includes conservation area
study and land compensation process)
3. Plantable area may potentially increase by 4,300 ha depending upon the outcome of consultation and agreement in relation to compensation with local farmers
4. Of this 65,159 hectares, ANJ is currently entitled to apply for HGU rights in relation to an aggregate of 58,859 hectares.
5. Plantable area after deduction of area to fulfill RSPO requirement
Areas of new plantings
PT Sahabat Mewah dan
Makmur (“SMM”)
PT Permata Putera Mandiri (“PPM”)
PT Putera Manunggal Perkasa (“PMP”) PT Kayung Agro Lestari (“KAL”)
10
Landbank
11
-
11
-
32
- -
32
11
-
56
18
65
-
10
20
30
40
50
60
70
Sumatra Kalimantan Papua
In '0
00
he
ctar
e
Landbank As of 9M13
Immature Mature Planted Landrights
-
20
40
60
80
100
120
140
Landrights Plantablearea
Planted area Mature area
54 44
33 29
54 44
37 30
139
97
41 32
139
97
43 32
In '0
00
he
ctar
e
Landbank
2010 2011 2012 9M13
• The Papua palm oil project continues to make progress with the successful delivery of compensation for 57,674 ha as of 9M13.
• Total land compensated as of 3Q13 in South Sumatra, where progress remain slow, was 651 ha.
Papua Project Location
12
BORNEO
Papua
Sago & Palm Oil
Project
INDONESIA Papua
Kalimantan
Sumatra
Java
Oil Palm Plantation Area
Sago Area
• 40,000 ha of land concessions for sago harvesting.
• 40,500 ha estimated plantable area for palm oil
Sago - Introduction
14
What is
Sago?
• Sago palms typically grow in forests, but can also be cultivated commercially
• They grow in clusters of 3 to 5 of different intervals and have a life span of approximately 10
years
• Sago starch is harvested from the trunk of the sago palm
• Starch content is highest when sago palms are in their flowering stage, at 9 to10 years old
• Harvesting is best performed within a window of 3 months prior to or after flower initiation stage
Terminology
“Rosette”
1
“Cluster”
2
“Trunk”
3
“Logs”
4
Uses of
Sago
• Noodle
• Nutritional “Rice”
• Bakery Products
• Beverages
• Confectioneries
• Dairy and Dessert Products
• Processed Food Products
• Dietary Fiber
• Modified Starch
• Paper
• Chemical
• Textile
• Metal and Adhesives
• Pharmaceutical /
Industrial Ethanol
• Dextrose Glucose
Food Industrial
Sago – sustainable and natural production model minimizes production costs
• Existing natural sago forests in
West Papua, Indonesia
• Water supply chain networks
developed by ANJ
• Growing cycle of ~10 years from
rosette to flowering stage
• Clusters produce several palms at
the same time
• Sago mill and related infrastructure
• 3,000 tons/mth of starch capacity
expandable to 5,000 tons/mth
• Only mature palm (in flowering
stage) will be harvested
• Processed into dry native sago
starch
1 2 3
4 5 6
ANJ’s Production Process for Sago Starch
15
Low initial capital outlay
Shorter payback period as ANJ's sago grows in natural forests
Capex required for mill and infrastructure only
Payback Period and
ROI
Less volatile due to specialized customer base Profit Margin
Low capex to vertically integrate into food products manufacturing
Food branding to attract pricing premium
Vertical Integration
Cost
Premium organic substitute to cassava
Less volatile and less commoditized
Not correlated to crude oil or vegetable oil prices
Pricing Structure
Perpetual economic life
Utilization of entire palm
Higher tolerance to pests, diseases, droughts and floods as it grows in swamp
areas
More stable starch production profile
Tree Characteristics
1
3
4
5
6
Does not require fertilizing or pest management
Requires some pruning
Low labor intensity
Estate Management
2
30-60% EBITDA margin
Volatile depending on CPO prices
40-50% EBITDA margin
Less volatile due to specialized customer base Profit Margin
Key Attractions of Sago
16
Renewable Energy
18
• Construction of first plant located in Belitung Island was completed in 2012.
• Power Purchase Agreement entered into with PLN in November 2012.
• Obtained a business license for electricity supply known as IULPTL (previously IUKU) and is now a licensed independent power producer (IPP).
Operational Highlights
• Weather effects resulted in lower production volume in Belitung plantation in 3Q 2013.
• North Sumatra 1 volume production improved further in 3Q 2013, but still trailing result in 3Q 2012.
• North Sumatra 2 volume production is higher by 19% compared to 2012.
20
Operating Plantation
1. PALM OIL
FFB Production
21
-
50,000
100,000
150,000
200,000
250,000
1Q
20
10
2Q
20
10
3Q
20
10
4Q
20
10
1Q
20
11
2Q
20
11
3Q
20
11
4Q
20
11
1Q
20
12
2Q
20
12
3Q
20
12
4Q
20
12
1Q
20
13
2Q
20
13
3Q
20
13
In t
on
ne
s
FFB Production - Internal
ANJA SMM SIAIS Combined
-
50
100
150
200
250
1Q
20
10
2Q
20
10
3Q
20
10
4Q
20
10
1Q
20
11
2Q
20
11
3Q
20
11
4Q
20
11
1Q
20
12
2Q
20
12
3Q
20
12
4Q
20
12
1Q
20
13
2Q
20
13
3Q
20
13
83 105
162 173
140 144 144 137 125
169
216
186
136 149
174
In '0
00
to
nn
es
FFB Production - Internal
• Production in Belitung (SMM) experienced an unexpected decline in the third quarter due to adverse weather conditions. Production in 9M13 declined 8.42% YoY to 190,856 ton.
• North Sumatra 1 (ANJA) experienced an agronomic resting period in 1Q13 resulting to lower production volumes. In 2Q13 the production level began to recover but remain lower year on year.
• North Sumatra 2 (SIAIS) volume production in 9M13 was 19% higher compared to 2012.
FFB Purchased
22
-
10,000
20,000
30,000
40,000
1Q
20
10
2Q
20
10
3Q
20
10
4Q
20
10
1Q
20
11
2Q
20
11
3Q
20
11
4Q
20
11
1Q
20
12
2Q
20
12
3Q
20
12
4Q
20
12
1Q
20
13
2Q
20
13
3Q
20
13
In t
on
ne
s
FFB Purchased from third parties
ANJA SMM SIAIS Combined
- 5
10 15 20 25 30 35 40
1Q
20
10
2Q
20
10
3Q
20
10
4Q
20
10
1Q
20
11
2Q
20
11
3Q
20
11
2Q
20
12
3Q
20
12
4Q
20
12
1Q
20
13
2Q
20
13
3Q
20
13
7
23 24 24
31 36
25
34 33
25 21
36 33
In '0
00
to
nn
es
FFB Purchased from third parties
• Total FFB purchased from third parties in 9M13 vs. 9M12 were 90,118 ton and 91,655 ton, or decreased 1.68% YoY.
Volume of CPO Production - Mixed
23
-
10
20
30
40
50
60
1Q
20
10
2Q
20
10
3Q
20
10
4Q
20
10
1Q
20
11
2Q
20
11
3Q
20
11
4Q
20
11
1Q
20
12
2Q
20
12
3Q
20
12
4Q
20
12
1Q
20
13
2Q
20
13
3Q
20
13
21
28
40 43
39 40 40 38 33
44
55
46
35 39
45
in '0
00
to
nn
es
Volume of CPO Production
-
10,000
20,000
30,000
40,000
50,000
60,0001
Q 2
01
0
2Q
20
10
3Q
20
10
4Q
20
10
1Q
20
11
2Q
20
11
3Q
20
11
4Q
20
11
1Q
20
12
2Q
20
12
3Q
20
12
4Q
20
12
1Q
20
13
2Q
20
13
3Q
20
13
In t
on
ne
s
Volume of CPO Production
ANJA SMM SIAIS Combined
• Total volume of CPO production in 9M13 vs. 9M12 were 118,838 ton and 131,812, or decreased 9.84% YoY.
Volume of PK Production - Mixed
24
• Total volume of PK production in 9M13 vs. 9M12 were 26,847 ton and 29,908 ton, or decreased 10.23% YoY.
- 2,000 4,000 6,000 8,000
10,000 12,000 14,000
1Q
20
10
2Q
20
10
3Q
20
10
4Q
20
10
1Q
20
11
2Q
20
11
3Q
20
11
4Q
20
11
1Q
20
12
2Q
20
12
3Q
20
12
4Q
20
12
1Q
20
13
2Q
20
13
3Q
20
13
In t
on
ne
s
Volume of PK Production
ANJA SMM SIAIS Combined
-
2
4
6
8
10
12
14
1Q
20
10
2Q
20
10
3Q
20
10
4Q
20
10
1Q
20
11
2Q
20
11
3Q
20
11
4Q
20
11
1Q
20
12
2Q
20
12
3Q
20
12
4Q
20
12
1Q
20
13
2Q
20
13
3Q
20
13
5 6
9 10 8 9 9 9
8
10
13
11
8 9
10
in '0
00
to
nn
es
Volume of PK Production
Extraction Rate - Internal
25
22.76%
21.77%
22.33% 22.36% 22.55%
21.40%
21.99%
20.50%
21.00%
21.50%
22.00%
22.50%
23.00%
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13
OER
Internal
17.00%
19.00%
21.00%
23.00%
25.00%
Jan
-10
Ap
r-1
0
Jul-
10
Oct
-10
Jan
-11
Ap
r-1
1
Jul-
11
Oct
-11
Jan
-12
Ap
r-1
2
Jul-
12
Oct
-12
Jan
-13
Ap
r-1
3
Jul-
13
OER
ANJA SMM SIAIS Combined
5.14%
4.92%
5.11% 5.10%
4.99%
4.86%
5.04%
4.70%
4.80%
4.90%
5.00%
5.10%
5.20%
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13
KER
Internal
2.00%
3.00%
4.00%
5.00%
6.00%
Jan
-10
Ap
r-1
0
Jul-
10
Oct
-10
Jan
-11
Ap
r-1
1
Jul-
11
Oct
-11
Jan
-12
Ap
r-1
2
Jul-
12
Oct
-12
Jan
-13
Ap
r-1
3
Jul-
13
KER
ANJA SMM SIAIS Combined
• OER in 9M13 and 9M12 were 21.96% and 22.25%.
• KER in 9M13 and 9M12 were 4.96% and 5.05%.
Sales Volume - Mixed
26
-
10,000
20,000
30,000
40,000
50,000
60,0001
Q 2
01
0
2Q
20
10
3Q
20
10
4Q
20
10
1Q
20
11
2Q
20
11
3Q
20
11
4Q
20
11
1Q
20
12
2Q
20
12
3Q
20
12
4Q
20
12
1Q
20
13
2Q
20
13
3Q
20
13
In t
on
ne
s
CPO Sales Volume
ANJA SMM SIAIS Combined
-
10
20
30
40
50
60
1Q
20
10
2Q
20
10
3Q
20
10
4Q
20
10
1Q
20
11
2Q
20
11
3Q
20
11
4Q
20
11
1Q
20
12
2Q
20
12
3Q
20
12
4Q
20
12
1Q
20
13
2Q
20
13
3Q
20
13
20 25
44 38
41 43
35 36 38 42
46 50
39 45 44
In '0
00
to
nn
es
CPO Sales Volume
• CPO sales volume in 9M13 increased slightly by 0.9% YoY to 128,217 ton.
Sales Volume - Mixed
27
-
5,000
10,000
15,0001
Q 2
01
0
2Q
20
10
3Q
20
10
4Q
20
10
1Q
20
11
2Q
20
11
3Q
20
11
4Q
20
11
1Q
20
12
2Q
20
12
3Q
20
12
4Q
20
12
1Q
20
13
2Q
20
13
3Q
20
13
In t
on
ne
s
PK Sales Volume
ANJA SMM SIAIS Combined
-
2
4
6
8
10
12
1Q
20
10
2Q
20
10
3Q
20
10
4Q
20
10
1Q
20
11
2Q
20
11
3Q
20
11
4Q
20
11
1Q
20
12
2Q
20
12
3Q
20
12
4Q
20
12
1Q
20
13
2Q
20
13
3Q
20
13
4 5
9
11
8 8 8 9 8
11 12
10 8
9 10
In '0
00
to
nn
es
Palm Kernel Sales Volume
• PK sales volume in 9M13 decreased by 9.54% YoY to 27,375 ton.
Sales Price
• Average CPO selling price ex-mill in 9M13 and 9M12 were USD 683/mt and USD 830/mt, or decreased 17.7% YoY.
• Actual CPO selling price were higher compared to the benchmark used (Rotterdam Quote minus Transport Cost to Belawan, Bulking & Docs, Export Tax, Freight Costs). Average premium obtained ~USD 30/mt.
28
835 870 790
658 670 698 679
471 459 386
303 302 337 354
0
200
400
600
800
1000
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13
In U
SD/m
t
Average Sales Price Ex-mill
CPO PK
500.00
600.00
700.00
800.00
900.00
1,000.00
1,100.00
1,200.00
In U
SD/m
t
CPO Price Rotterdam Benchmark vs. Actual
Rotterdam Benchmark Ex-mill
Operational Highlights
29
Planting Progress
Total land planted 3Q13: 43,050 ha FY12: 40,852 ha
• West Kalimantan estate will be fully planted by year end 2013 with total area of 12,030 ha.
• Papua land preparation progress much quicker than expected. First nursery is prepared and land clearing will start soon.
• South Sumatra land compensation progresses in a very cautious way. We start planting on 18 October 2013.
2. PALM OIL
Operational Highlights
• Construction is at machineries integration stage.
• Commissioning and trial production will start soon.
• Trial production period during which the product’s characteristics will be calibrated and transport logistics established will take about 6 months.
30
First Mill Construction
Progress
3. SAGO
Operational Highlights
31
AANE
• AANE is in final stage of its machineries installation, after a slight delay on importation, expected to complete and start electricity production at the end of November.
4. RENEWABLE ENERGY
DGI
• DGI unit 2 will resume production in December 2013, after extensive series on the whole machineries by the Operator.
Operational Highlights
32
• Lower than expected performances.
5. OTHER INVESTMENTS
Minority Interest in Palm Oil
Energy
Tobacco
• Absent of dividend from Puncajaya Power.
• Better sales and profit.
Income Statement
34
In USD (thousands) 9M13 9M12 Diff %
Income 114,491 141,899 (27,408) -19.3%
Expenses 92,096 93,237 (1,141) -1.2%
Income before tax 22,395 48,662 (26,267) -54.0%
Net income from continuing operations 14,010 34,459 (20,449) -59.3%
Net income from discontinued operations - 56,703 (56,703) -100.0%
Net income for the year 14,010 91,162 (77,152) -84.6%
Non controlling interest 12 2,359 (2,347) -99.5%
Net income attributable to company owners 14,022 88,803 (74,781) -84.2%
EBITDA 26,220 52,213 (25,993) -49.8%
EBITDA margin 24.90% 40.80%
9M13 9M12 FY12
105.2 127.9 165.9 71.4 66.3
88.2 33.8 61.6
77.6
26.2 52.2
63.3
14.0
34.5
42.0
In U
SD m
illio
n
Financial Highlights
Revenues Cost of revenues Gross profit EBITDA Net income
• Total income for the first nine months of 2013 amounted to USD 114.5mn, a decline of 19.3% YoY.
• Net income for the same period from continuing operations was USD 14.0mn, down 59.3% YoY.
• The results were primarily driven by depressed CPO prices and lower than expected production volumes.
Income Statement
35
1Q13 2Q13 3Q13 1Q12 2Q12 3Q12
Income 35,483 39,864 39,144 41,245 49,269 51,385
Expenses 29,560 32,419 30,117 29,886 33,286 30,065
Income before tax 5,923 7,445 9,027 11,359 15,983 21,321
Net income from continuing operations 3,839 4,887 5,284 8,178 10,937 15,344
Net income from discontinued operations - - - 56,703 - -
Net income for the year 3,839 4,887 5,284 64,881 10,937 15,344
Non controlling interest 2 2 8 2,360 (2) -
Net income attributable to company owners 3,840 4,890 5,292 62,521 10,939 15,344
EBITDA 8,742 8,079 9,401 13,803 18,134 20,277
EBITDA margin 26.30% 22.20% 26.40% 36.50% 39.80% 45.50%
2013 2012In USD (thousands)
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13
37.8 45.5 44.6 38.0 33.2 36.5 35.6
21.2 25.1 20.0 21.9 22.0 25.7 23.6
16.6 20.4 24.5
16.1 11.2
10.7 12.0
13.8
18.1 20.3
11.4 8.7 8.1 9.4
8.2
10.9 15.3
7.5 3.8
4.9 5.3
In U
SD m
illio
n
Financial Highlights
Revenues Cost of revenues Gross profit EBITDA Net income
85%
90%
95%
100%
9M13 9M12
91.9% 92.7%
5.6% 3.9%
2.5% 3.5%
Revenues
Palm oil and palm kernel Tobacco Service concession revenue
Financial Position
36
In USD (thousands) 9M13 FY12 A Diff %
Current assets 87,095 109,319 (22,224) -20.3%
Non current assets 318,611 290,049 28,562 9.8%
Total assets 405,705 399,368 6,337 1.6%
Current liabilities 31,659 55,881 (24,222) -43.3%
Non current liabilities 14,327 15,818 (1,491) -9.4%
Total liabilities 45,985 71,699 (25,714) -35.9%
Equity attributable to company owners 359,139 326,962 32,177 9.8%
Total equity 359,720 327,669 32,051 9.8%
• Healthy balance sheet indicates 9M13 assets increased 1.6% to USD 405.7mn, mainly from palm oil land right processing in South Sumatra and Papua.
• Liabilities significantly decreased by USD 25.7mn with a USD 15.6mn reduction in taxes payable.
• Following the IPO in 1H13, total equity attributable to company owners increased 9.8% from USD 327mn in FY12 to USD 359mn.
• Total cash and cash equivalent amounted to USD 47.7mn as of 9M13.
Contact Us
If you need further information, please contact our Investor Relations Department:
PT Austindo Nusantara Jaya Tbk
Atrium Mulia, 3A Floor, Suite 3A-02
Jl. H.R. Rasuna Said Kav B.10-11
Jakarta 12910 - Indonesia
T: +62-21-29651777
F: +62-21-29651788
www.anj-group.com
37