PT Austindo Nusantara Jaya Tbk PT Austindo Nusantara - anj

PT Austindo Nusantara Jaya Tbk
Company Presentation
Achieving Success Through Principle Centered Management
January 2014
Disclaimer
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.
2
Table of Contents
Section 1
Company Overview
- Introduction
- Corporate Structure Overview
- Management
4
5
6
7
Section 2
Business Profile
- Palm Oil
- Sago
- Renewable Energy
9
9
13
17
Section 3
Operational Highlights
- Palm Oil
- Sago
- Renewable Energy
- Other Investments
19
19
30
31
32
Section 4
Financial Highlights
- Income Statement
- Financial Position
33
34
36
3
Section 1
COMPANY OVERVIEW
4
Introduction
PROFILE
BUSINESS
•
•
•
•
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.
•
•
Focus on food (palm oil & sago) and renewable energy.
Less than 5% of investments remaining in legacy businesses
e.g. tobacco, power generation.
5
Corporate Structure Overview
MDN(1)
(40.31%)
AKJ(2)
(40.31)
George Tahija
(4.69%)
PI
(20.00%)
ANJA
North Sumatra Plantation I
(99.996%)
Yayasan Tahija(3)
(<0.1%)
Sjakon Tahija
(4.68%)
Public
(10.00%)
ANJAP (8)
AANE
GMIT
Papua Sago Project
Biogas Project
Tobacco Processing
(99.50%)
(98.99%)
(99.99%)
LSP
(51%)
DGI(9)
(99.998%)
MLII
(11.88%)
BOGA
(99.999%)
CGSS(9)
(5.00%)
PMN(11)
(99.999%)
95.00%
SSM(7)
ANJAS(4)
North Sumatra
Plantation II
(99.998%)
GSB(5)
South Sumatra
Landbank (95.00%)
ATI
(99.998%)
20.00%
SMM(5)
Belitung Island
Plantation
(99.996%)
SKPI
PPM (5)
Papua Landbank
(95.00%)
AM
(15.87%)
KAL(6)
West Kalimantan
Plantation
(99.95%)
PMP (5)
Papua Landbank
PJP(10)
(14.28%)
SM
(99.996%)
(95.00%)
20.00%
BP
Oil Palm Plantation
Operating Oil Palm Plantations
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
Sago
Others
Oil Palm Minority Investments
4.
5.
6.
7.
ANJA holds 99.998% and the remaining 0.002% is held by SMM
Remaining shares are held by ANJ
ANJA holds 99.95% and the remaining 0.05% is held by SMM
PI holds 95% and ANJ holds 1%
8.
9.
10.
11.
ANJ holds 99.5% and the remaining 0.5% Is held by SMM
Project collaboration with Chevron
Project collaboration with Freeport
In liquidation
6
Experienced Management Team and Strong Corporate
Governance
An Average of Over 25 Years of Plantation Experience
Suwito
Anggoro
President
Director, ANJ
• Over 30 years of energy and
management experience
• Former President Director
and President Commissioner
of PT Chevron Pacific
Indonesia
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
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
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
Achmad Hadi
Fauzan
Director, ANJ
• Over 25 years of
agribusiness experience
• Former Director of
Corporate Affairs at PT
Sampoerna Agro Tbk
Bambang
Soerjanto
President
Director,
PPM & PMP
• Over 25 years of experience in
various industries such as
finance, oil and gas, shipping
and palm oil
Sucipto
Maridjan
Director, ANJ
• Over 20 years of
experience in resourcebased administrative
management and 15
years with ANJ
Handi Syarif
Operational
Director,
ANJ Agri Papua
• Over 25 years of operation
and supply chain
management experience in
multinational consumer
goods and logistics industry
7
Supported by a Reputable and Long-Standing
Board of Commissioners
A. Machribie
Reksohadiprodjo
Independent President
Commissioner
George S. Tahija
Commissioner
Sjakon G. Tahija
Commissioner
• Member of the ANJ Board of Commissioners
• Co-owner and former President Director of
since July 1996 and President Commissioner since
ANJ. Mr. Tahija has been with the Company
September 2003
for more than 20 years
• Co-founder of ANJ and has served
on the Board of Commissioners
since 1985
• Currently the President Director of PT Media
Televisi Indonesia (Metro TV)
• Practicing Vitreoretinal Consultant
and founder of Klinik Mata
Nusantara
• Former Key Senior Advisor to Freeport-McMoran
Copper & Gold Inc and former Commissioner of
PT Freeport Indonesia
Anastasius
Wahyuhadi
Commissioner
• 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
• Appointed as Commissioner
in January 2006
• Member of the Board of
Commissioners since April 2001
• Has served as a board
member of a number of ANJ’s
subsidiaries & associates as
well as multinational and
national companies in
Indonesia
• 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
Josep Kristiadi
Independent
Commissioner
• Appointed Commissioner of
ANJ in March 2012
• Serves as the Secretary to the
Centre for Strategic and
International Studies
Foundation
8
Section 2
BUSINESS PROFILE
PALM OIL
9
Significant Plantable Landbank Supporting Future Plantings
PT Austindo Nusantara Jaya
Agri (“ANJA”)
PT Austindo Nusantara Jaya
Agri Siais (“ANJAS”)
PT Galempa Sejahtera
Bersama (“GSB”)
TOTAL
Landbank
9,935 ha
Landbank
9,639 ha
Landbank
20,000 ha
Landbank
139,038 ha
Plantable area
9,813 ha
Plantable area
7,912 ha
Plantable area (2)
12,042 ha (3)
Plantable area (2)
96,526 ha (3)
Planted area
9,813 ha
Planted area
7,912 ha
Planted area
-
Planted area
43,050 ha
Mature Area
9,813 ha
Mature area
7,912 ha
Mature area
-
Mature area
31,954 ha
Conservation
-
Conservation
1,639 ha
Conservation
3,457
Conservation
11,989 ha
Mill Capacity
60 MT/hr
Mill Capacity
60 MT/hr
Mill Capacity
-
Mill Capacity
180 MT/hr
Average age
18.6 years
Average age
6.0 years
Average age
-
Average age
11.9 years
Areas of new plantings
Medan
KALIMANTAN
SULAWESI
PAPUA
SUMATRA
JAVA
PT Sahabat Mewah dan
Makmur (“SMM”)
Jakarta
PT Permata Putera Mandiri (“PPM”)
PT Kayung Agro Lestari (“KAL”)
PT Putera Manunggal Perkasa (“PMP”)
17,998 ha
Landbank
65,159 ha (4)
12,030 ha
Plantable area (2)
40,500 ha
Planted area
11,096 ha
Planted area
-
14,229 ha
Mature area
-
Mature area
-
Conservation
1,348 ha
Conservation
5,545 ha
Conservation
-
Mill Capacity
60 MT/hr
Mill Capacity
60 MT/hr in 2016
Mill Capacity
-
Average age
17.0 years
Average age
1.2 year
Average age
-
Landbank
16,307 ha
Landbank
Plantable area
14,229 ha
Plantable area
Planted area
14,229 ha
Mature area
(5)
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 compensatio n 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
10
Landbank
Landbank
Landbank
As of 9M13
139139
140
100
80
54 54
44 44
40
33 37
41 43
29 30 32 32
20
Landrights
2010
•
50
40
32 32
30
18
20
11
11
10
-
•
56
60
97 97
In '000 hectare
In '000 hectare
120
60
65
70
Plantable
area
2011
Planted area
Mature area
-
Sumatra
2012
9M13
-
-
-
Immature
Kalimantan
Mature
Planted
Papua
Landrights
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.
11
Papua Project Location
Papua
Sago & Palm Oil
Project
BORNEO
Kalimantan
Sumatra
Papua
• 40,000 ha of land concessions for sago
harvesting.
• 40,500 ha estimated plantable area for
palm oil
INDONESIA
Java
Oil Palm Plantation Area
Sago Area
12
Section 2
BUSINESS PROFILE
SAGO
13
Sago - Introduction
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
“Rosette”
“Cluster”
1
2
“Logs”
“Trunk”
4
3
Terminology
Food
Industrial
• Noodle
Uses of
Sago
• Nutritional “Rice”
• Paper
• Bakery Products
• Chemical
• Beverages
• Textile
• Confectioneries
• Metal and Adhesives
• Dairy and Dessert Products
• Processed Food Products
• Pharmaceutical /
Industrial Ethanol
• Dietary Fiber
• Dextrose Glucose
• Modified Starch
14
ANJ’s Production Process for Sago Starch
Sago – sustainable and natural production model minimizes production costs
1
• Existing natural sago forests in
West Papua, Indonesia
2
• Growing cycle of ~10 years from
rosette to flowering stage
3
• Only mature palm (in flowering
stage) will be harvested
• Clusters produce several palms at
the same time
4
• Water supply chain networks
developed by ANJ
5
• Sago mill and related infrastructure
• 3,000 tons/mth of starch capacity
expandable to 5,000 tons/mth
6
• Processed into dry native sago
starch
15
Key Attractions of Sago
1
Tree Characteristics
 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
Estate Management
 Does not require fertilizing or pest management
 Requires some pruning
 Low labor intensity
Pricing Structure
 Premium organic substitute to cassava
 Less volatile and less commoditized
 Not correlated to crude oil or vegetable oil prices
Vertical Integration
Cost
 Low capex to vertically integrate into food products manufacturing
 Food branding to attract pricing premium
Profit Margin
 Less volatile due to specialized customer base
Payback Period and
ROI
 Low initial capital outlay
 Shorter payback period as ANJ's sago grows in natural forests
 Capex required for mill and infrastructure only
2
3
4
5
6
16
Section 2
BUSINESS PROFILE
RENEWABLE ENERGY
17
Renewable Energy
• 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).
18
Section 3
OPERATIONAL HIGHLIGHTS
PALM OIL
19
Operational Highlights
1. PALM OIL
Operating
Plantation
•
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
FFB Production
FFB Production - Internal
FFB Production - Internal
250,000
250
216
200
150,000
In '000 tonnes
100,000
50,000
162
150
100
173
186
169
140 144 144 137
105
174
136
125
149
83
50
3Q 2013
2Q 2013
1Q 2013
4Q 2012
3Q 2012
2Q 2012
1Q 2012
4Q 2011
3Q 2011
2Q 2011
1Q 2011
4Q 2010
3Q 2013
2Q 2013
1Q 2013
4Q 2012
2Q 2012
3Q 2012
Combined
3Q 2010
SIAIS
1Q 2012
4Q 2011
3Q 2011
2Q 2011
1Q 2011
4Q 2010
SMM
2Q 2010
ANJA
3Q 2010
2Q 2010
1Q 2010
-
1Q 2010
In tonnes
200,000
•
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.
21
FFB Purchased
FFB Purchased from third parties
FFB Purchased from third parties
•
21
3Q 2013
2Q 2013
1Q 2013
4Q 2012
3Q 2012
2Q 2012
3Q 2011
2Q 2011
3Q 2013
2Q 2013
1Q 2013
4Q 2012
2Q 2012
3Q 2012
Combined
1Q 2011
SIAIS
1Q 2012
4Q 2011
3Q 2011
2Q 2011
1Q 2011
4Q 2010
SMM
25
33
7
4Q 2010
ANJA
3Q 2010
2Q 2010
1Q 2010
-
36
34 33
25
23 24 24
3Q 2010
10,000
36
31
2Q 2010
20,000
40
35
30
25
20
15
10
5
-
1Q 2010
30,000
In '000 tonnes
In tonnes
40,000
Total FFB purchased from third parties in 9M13 vs. 9M12 were 90,118 ton and 91,655 ton, or
decreased 1.68% YoY.
22
Volume of CPO Production - Mixed
Volume of CPO Production
Volume of CPO Production
60,000
60
30,000
20,000
10,000
40
43
40
30
39 40 40 38
44
45
46
35
33
39
28
21
20
10
3Q 2013
2Q 2013
1Q 2013
4Q 2012
3Q 2012
2Q 2012
1Q 2012
4Q 2011
3Q 2011
2Q 2011
1Q 2011
4Q 2010
3Q 2010
3Q 2013
2Q 2013
1Q 2013
4Q 2012
2Q 2012
3Q 2012
Combined
2Q 2010
SIAIS
1Q 2012
4Q 2011
3Q 2011
2Q 2011
1Q 2011
4Q 2010
SMM
1Q 2010
ANJA
3Q 2010
2Q 2010
1Q 2010
-
•
55
50
40,000
in '000 tonnes
In tonnes
50,000
Total volume of CPO production in 9M13 vs. 9M12 were 118,838 ton and 131,812, or
decreased 9.84% YoY.
23
Volume of PK Production - Mixed
Volume of PK Production
•
8
9
9
9
2Q 2011
3Q 2011
4Q 2011
10
1Q 2011
9
6
11
10
8
8
9
10
3Q 2013
2Q 2013
1Q 2013
4Q 2012
3Q 2012
2Q 2012
1Q 2012
4Q 2010
5
3Q 2010
3Q 2013
2Q 2013
1Q 2013
4Q 2012
2Q 2012
3Q 2012
Combined
13
2Q 2010
SIAIS
1Q 2012
4Q 2011
3Q 2011
2Q 2011
1Q 2011
4Q 2010
SMM
14
12
10
8
6
4
2
-
1Q 2010
ANJA
3Q 2010
2Q 2010
in '000 tonnes
14,000
12,000
10,000
8,000
6,000
4,000
2,000
1Q 2010
In tonnes
Volume of PK Production
Total volume of PK production in 9M13 vs. 9M12 were 26,847 ton and 29,908 ton, or
decreased 10.23% YoY.
24
Extraction Rate - Internal
OER
22.76%
22.33% 22.36%
22.50%
25.00%
22.55%
21.99%
21.77%
22.00%
21.00%
21.40%
21.50%
23.00%
19.00%
21.00%
Internal
ANJA
SMM
KER
5.14%
5.11%
5.04%
4.99%
5.00%
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
5.00%
4.00%
4.92%
4.86%
4.90%
3.00%
4.80%
Internal
ANJA
SMM
SIAIS
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
Apr-12
Jan-12
3Q13
Oct-11
2Q13
Jul-11
1Q13
Apr-11
4Q12
Jan-11
3Q12
Oct-10
2Q12
Jul-10
1Q12
Apr-10
2.00%
4.70%
•
•
Combined
6.00%
5.10%
5.10%
SIAIS
KER
Jan-10
5.20%
Apr-12
3Q13
Jan-12
2Q13
Oct-11
1Q13
Jul-11
4Q12
Apr-11
3Q12
Jan-11
2Q12
Oct-10
1Q12
Jul-10
20.50%
Apr-10
17.00%
Jan-10
23.00%
OER
Combined
OER in 9M13 and 9M12 were 21.96% and 22.25%.
KER in 9M13 and 9M12 were 4.96% and 5.05%.
25
•
ANJA
SMM
SIAIS
3Q 2013
39
3Q 2013
50
2Q 2013
46
1Q 2013
60
4Q 2012
42
3Q 2012
38
35 36
2Q 2012
1Q 2012
20
4Q 2011
10,000
30
41 43
3Q 2011
20,000
40
38
2Q 2011
30,000
44
1Q 2011
50
4Q 2010
CPO Sales Volume
3Q 2010
50,000
2Q 2010
40,000
In '000 tonnes
60,000
1Q 2010
Combined
2Q 2013
1Q 2013
4Q 2012
3Q 2012
2Q 2012
1Q 2012
4Q 2011
3Q 2011
2Q 2011
1Q 2011
4Q 2010
3Q 2010
2Q 2010
1Q 2010
In tonnes
Sales Volume - Mixed
CPO Sales Volume
45 44
25
20
10
-
CPO sales volume in 9M13 increased slightly by 0.9% YoY to 128,217 ton.
26
•
ANJA
SMM
SIAIS
8
3Q 2013
10
2Q 2013
8
1Q 2013
4Q 2012
11
3Q 2012
11
2Q 2012
1Q 2012
8
4Q 2011
4
8
3Q 2011
5
8
9
2Q 2011
9
1Q 2011
4Q 2010
5,000
12
10
8
6
4
2
3Q 2010
15,000
2Q 2010
10,000
In '000 tonnes
3Q 2013
PK Sales Volume
1Q 2010
Combined
2Q 2013
1Q 2013
4Q 2012
3Q 2012
2Q 2012
1Q 2012
4Q 2011
3Q 2011
2Q 2011
1Q 2011
4Q 2010
3Q 2010
2Q 2010
1Q 2010
In tonnes
Sales Volume - Mixed
Palm Kernel Sales Volume
12
9 10
PK sales volume in 9M13 decreased by 9.54% YoY to 27,375 ton.
27
Sales Price
CPO Price
Rotterdam Benchmark vs. Actual
Average Sales Price
Ex-mill
835
870
In USD/mt
800
600
1,200.00
790
658
471
459
386
400
303
670
302
698
337
1,100.00
679
354
200
In USD/mt
1000
1,000.00
900.00
800.00
700.00
600.00
500.00
0
1Q12
2Q12
3Q12
CPO
4Q12
1Q13
2Q13
3Q13
PK
Rotterdam
Benchmark
Ex-mill
•
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
Operational Highlights
2. PALM OIL
•
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.
Planting Progress
Total land planted
3Q13: 43,050 ha
FY12: 40,852 ha
29
Operational Highlights
3. SAGO
First Mill
Construction
Progress
•
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
Operational Highlights
4. RENEWABLE ENERGY
•
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.
•
DGI unit 2 will resume production in December 2013, after
extensive series on the whole machineries by the Operator.
AANE
DGI
31
Operational Highlights
5. OTHER INVESTMENTS
Minority Interest in
Palm Oil
•
Lower than expected performances.
Energy
•
Absent of dividend from Puncajaya Power.
Tobacco
•
Better sales and profit.
32
SECTION 4
FINANCIAL HIGHLIGHTS
33
Income Statement
In USD (thousands)
9M13
9M12
Diff
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%
56,703
(56,703) -100.0%
14,010
91,162
(77,152)
-84.6%
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%
Income
Net income from discontinued operations
-
Net income for the year
Non controlling interest
In USD million
Financial Highlights
14.0
26.2
33.8
71.4
34.5
52.2
61.6
66.3
105.2
127.9
9M13
Revenues
9M12
Cost of revenues
Gross profit
•
42.0
63.3
77.6
•
88.2
165.9
•
FY12
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.
34
Income Statement
2013
In USD (thousands)
1Q13
2012
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
-
-
-
56,703
Net income for the year
3,839
4,887
5,284
64,881
Non controlling interest
2
2
8
2,360
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
26.30%
22.20%
26.40%
36.50%
39.80%
45.50%
Net income from discontinued operations
EBITDA margin
In USD million
Financial Highlights
10.9
18.1
15.3
20.3
20.4
24.5
25.1
7.5
11.4
16.1
20.0
21.9
37.8
45.5
44.6
1Q12
2Q12
3Q12
8.2
13.8
16.6
21.2
-
-
10,937
(2)
15,344
-
Revenues
100%
3.8
8.7
11.2
22.0
4.9
8.1
10.7
25.7
38.0
33.2
36.5
35.6
4Q12
1Q13
2Q13
3Q13
5.3
9.4
12.0
23.6
95%
90%
2.5%
3.5%
5.6%
3.9%
91.9%
92.7%
85%
Revenues
Cost of revenues
Gross profit
EBITDA
Net income
9M13
Palm oil and palm kernel
9M12
Tobacco
Service concession revenue
35
Financial Position
In USD (thousands)
9M13
FY12 A
Current assets
87,095
109,319
(22,224)
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%
•
•
•
•
Diff
%
-20.3%
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.
36
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
E: investor.relations@anj-group.com
www.anj-group.com
37
END OF PRESENTATION
THANK YOU
38