RNS Number:9478R
First Pacific Capital (1997) Ld
25 February 2002
FIRST PACIFIC COMPANY LIMITED
PRESS RELEASE
Monday, 25 February 2002
INDOFOOD 2001 FINANCIAL RESULTS
Net sales and net profit both increased by 15%
Debts of US$165 million and Rp347 billion or equivalent to a total of
approximately US$200 million repaid; Significant improvement of debt equity
ratio
Share buy back in progress; 25% repurchased up to 21 February 2002
The attached press release has today been published by Indofood.
Indofood is based in Jakarta and is listed on the Jakarta and Surabaya stock
exchanges. The principal businesses of Indofood are Instant Noodles, Flour and
Edible Oils & Fats, and it also has interests in Snack Foods, Baby Foods, Food
Seasonings and Distribution. Further information on Indofood can be found at
www.indofood.co.id .
As at 31 December 2001, First Pacific had a 48.7 per cent economic interest in
Indofood. As a consequence of Indofood's share buy back program, First Pacific's
economic interest in Indofood is currently 49.2 per cent.
* * *
For further information, please contact:
PT Indofood Sukses Makmur Tbk
Djoko Wibowo Tel: (62-21) 522 8822 ext. 134 or 790
Investor Relations Department
Herlinda Zulkarnaen Tel: (62-21) 522 8822 ext. 648 or 649
Manager, Investor Relations
Information about First Pacific can also be accessed on:
Web Site: www.firstpacco.com
Email: info@firstpac.com.hk
Press Release
INDOFOOD 2001 FINANCIAL RESULTS
• NET SALES AND NET PROFIT BOTH INCREASED BY 15% ;
• DEBTS OF US$. 165 MILLION AND RP. 347 BILLION OR EQUIVALENT TO A TOTAL OF
APPROXIMATELY US$. 200 MILLION REPAID ; SIGNIFICANT IMPROVEMENT OF DEBT
EQUITY RATIO ;
• SHARE BUY BACK IN PROGRESS ; 25% REPURCHASED UP TO FEB. 21 '02.
=======
Eva Riyanti Hutapea, CEO and President Director of Indofood announced today the
Company's consolidated operating results for the year ended December 31, 2001,
which recorded net sales of Rp.14.6 trillion (2000 : Rp. 12.7 trillion), an
increase of 15% over 2000, whereas net income also increased by 15% to Rp. 746.3
billion (2000: Rp. 646.2 billion). After taking into account the new accounting
principle on "Derivative Instruments and Hedging Activities" SFAS No. 55 which
took effect on January 1, 2001, Indofood's net profit was reduced by Rp. 80
billion without which, Indofood's net profit would have been Rp. 826 billion,
reflecting a growth of 28% over 2000.
Following are Hutapea's comments on Indofood's 2001 financial results :
1. The sales revenues of the three principal divisions, i.e. Noodles, Edible Oil
& Fats (Branded & Commodity) and Flour divisions all recorded improvements
in sales revenues. Noodles recorded sales of Rp. 4,892 billion (2000 : Rp.
4,424 billion), a 11% year-on-year improvement, Edible Oils & Fats (Branded
& Commodity) reached Rp. 2,699 billion (2000 : Rp. 2,601 billion), up 4% and
Flour sales recorded 29% growth in sales to Rp. 4,322 billion (2000 : Rp.
3,361 billion). All other operating divisions posted increases in their
sales revenues in 2001, with year-on-year growth ranging between 10% and 62%
over 2000, with the exception of baby foods division, which did not record
comparable aid-related sales revenues in 2001.
2. During 2001 Indofood made substantial loan repayments of US$. 165 million and
Rp. 347 billion, or equivalent to a total of approximately US$. 200 million.
The outstanding debts as of December 31, 2001 amounted to US$. 346 million
and Rp. 2.2 trillion, or equivalent to a total of Rp. 5,8 trillion. These
loan repayments have significantly improved Indofood's Debt-Equity ratio as
of December 31, 2001 to 1.6 times (2000 : 2.1 times), while its Net-Gearing
ratio improved to 1.3 times (2000 : 1.5 times). As at December 31, 2001,
hedging contracts totaled US$. 310 million thereby covering approximately
90% of Indofood's outstanding US dollar debts.
3. Gross profit recorded improvement to Rp. 3,869 billion (2000 : Rp. 3,741
billion). As of December 31, 2001, gross and operating margins were 26.4%
and 13.9%, respectively.
4. The total assets and shareholders' equity as of December 31, 2001 amounted to
Rp. 13.0 trillion and Rp. 3.6 trillion, respectively compared to Rp.12.6
trillion and Rp. 3.1 trillion, respectively in 2000.
The Board of Directors intend to propose dividend payments of 30% of its 2001
earnings at the coming AGM. In the near future, the Company has no intention to
undertake any acquisition.
Hutapea also reported that in connection with the share buy-back program,
Indofood has bought back 225.3 million shares up to February 21, 2002 at a total
cost of Rp. 153.1 billion, which represents 25% of the maximum number of shares
approved by its shareholders under this program, which will be implemented in
stages up to November 30, 2002.
Barring unforeseen circumstances, Hutapea indicated that Indofood is geared to
improve operations in 2002 and achieve a favorable turnaround from the
less-than-spectacular performance in 2001.
Jakarta, February 25, 2002 PT INDOFOOD SUKSES MAKMUR TBK
THE BOARD OF DIRECTORS
PT INDOFOOD SUKSES MAKMUR Tbk AND SUBSIDIARIES
GEDUNG ARIOBIMO SENTRAL, 12th Floor, Jl. HR Rasuna Said X-2 Kav. 5, Kuningan,
Jakarta Selatan 12950, INDONESIA
Phone : ( 62 - 21 ) 5228822 Fax : 5226014 / 5225960
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2001 AND 2000
( Amounts in Thousands Rupiah, except per Share data )
A S S E T S
2001 2000
Rp Rp
CURRENT ASSETS
Cash and cash equivalents 834,385,979 1,428,037,591
Time deposits 380,616,600 -
Short-term investments 119,324,551 157,982,013
Accounts receivable
Trade - net
Third parties 845,832,625 766,390,936
Related parties 83,561,659 63,975,753
Non - trade
Related parties 108,294,987 337,488,664
Others - net 92,213,438 91,429,868
Inventories - net 2,137,103,435 1,970,598,258
Advances and deposits 466,217,009 308,911,605
Prepaid taxes 157,206,260 79,138,589
Prepaid expenses and other current assets 22,239,958 67,039,458
Total Current Assets 5,246,996,501 5,270,992,735
NON - CURRENT ASSETS
Time and certificates of deposits - 489,083,578
Currency swap assets - net 1,527,741,717 1,353,037,947
Receivables from related parties 296,197,305 14,309,200
Deferred tax assets - net 25,670,710 23,932,823
Investments in shares of stocks 24,543,033 26,268,844
Property, plant and equipment - net 5,595,589,744 5,203,971,199
Deferred charges - net 93,524,621 71,835,853
Others 168,837,953 101,197,732
Total Non-Current Assets 7,732,105,083 7,283,637,176
TOTAL ASSETS 12,979,101,584 12,554,629,911
PT INDOFOOD SUKSES MAKMUR Tbk AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2001 AND 2000
( Amounts in Thousands Rupiah, except per Share data )
LIABILITIES AND STOCKHOLDERS' EQUITY
2001 2000
Rp Rp
CURRENT LIABILITIES
Short-term bank loans and overdraft 623,474,149 468,961,277
Trust receipts payable 254,249,673 313,577,035
Accounts payable
Trade
Third parties 1,232,864,208 891,873,028
Related parties 159,332,532 220,804,673
Non - trade
Related parties 1,424,812 1,326,653
Others 264,283,577 276,346,163
Accrued expenses 415,646,835 327,004,304
Taxes payable 194,237,343 227,892,364
Current maturities of long-term debts :
Loans 2,894,667,729 1,224,201,752
Obligations under capital leases 15,165,033 9,048,694
Total Current Liabilities 6,055,345,891 3,961,035,943
NON - CURRENT LIABILITIES
Long - term debts (net of current maturities)
Loans 1,242,767,330 3,690,201,806
Bonds payable 981,100,000 975,700,000
Obligations under capital leases 41,404,584 7,067,179
2,265,271,914 4,672,968,985
Deferred tax liabilities - net 277,391,305 147,215,889
Other non - current liabilities 60,695,718 80,928,391
Total Non - Current Liabilities 2,603,358,937 4,901,113,265
MINORITY INTERESTS IN NET ASSETS OF SUBSIDIARIES 758,816,200 633,767,899
STOCKHOLDERS' EQUITY
Capital stock - Rp 100 par value
Authorized - 30,000,000,000 shares
Issued and fully paid - 9,156,000,000 shares 915,600,000 915,600,000
Additional paid-in capital 963,760,000 963,760,000
Treasury stock - 125,368,500 shares (77,612,911) -
Differences arising from restructuring transactions among entities (917,740,765) (917,740,765)
under common control
Unrealized gains on investments in marketable securities - net 5,150,092 6,191,153
Retained earnings
Appropriated 25,000,000 20,000,000
Unappropriated 2,647,424,140 2,070,902,416
Total Stockholders' Equity 3,561,580,556 3,058,712,804
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 12,979,101,584 12,554,629,911
PT INDOFOOD SUKSES MAKMUR Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2001 AND 2000
( Amounts in Thousands Rupiah, except Income per Share )
2001 2000
Rp Rp
NET SALES 14,644,598,015 12,702,238,659
COST OF GOODS SOLD 10,776,075,123 8,961,595,892
GROSS PROFIT 3,868,522,892 3,740,642,767
OPERATING EXPENSES
Selling 1,158,024,174 867,833,370
General and administrative 676,039,055 476,478,327
Total Operating Expenses 1,834,063,229 1,344,311,697
INCOME FROM OPERATIONS 2,034,459,663 2,396,331,070
OTHER INCOME ( CHARGES )
Interest income 170,351,972 206,171,228
Interest and other financing charges (637,160,003) (629,663,871)
Losses on foreign exchange - net of gain on the changes in fair (369,563,886) (889,497,141)
values of currency swap assets
Others - net 78,252,107 35,606,153
Other Charges - Net (758,119,810) (1,277,383,631)
INCOME BEFORE PROVISION FOR INCOME TAX 1,276,339,853 1,118,947,439
PROVISION FOR INCOME TAX
Current (214,855,648) (252,683,240)
Deferred (146,274,255) (89,146,203)
(361,129,903) (341,829,443)
INCOME BEFORE MINORITY INTERESTS IN NET EARNINGS OF SUBSIDIARIES 915,209,950 777,117,996
MINORITY INTERESTS IN NET EARNINGS OF SUBSIDIARIES - (126,181,255) (130,945,662)
Net
INCOME BEFORE TRANSITION ADJUSTMENT ON ADPTION OF NEW ACCOUNTING 789,028,695 646,172,334
PRINCIPLE
TRANSITION ADJUSTMENT ON ADOPTION OF (42,698,973) -
NEW ACCOUNTING PRINCIPLE - Net of Tax Effect
NET INCOME 746,329,722 646,172,334
INCOME PER SHARE
Income from operations 223 262
Net income 82 71
Jakarta, February 25, 2002
The Board of Directors
PT INDOFOOD SUKSES MAKMUR Tbk
Notes: 1. The above consolidated financial statements were audited by Prasetio Utomo & Co. whose report thereon
dated February 11, 2002 expressed an unqualified opinion.
2. Transition adjustment on adoption of new accounting principle arises from the initial adoption of
Statement of Financial Accounting Standards No. 55, " Accounting for Derivative Instruments and Hedging
Activities ", which took effect on January 1, 2001.
3. Income per share is computed based on the weighted average number of outstanding shares during the
year. For purposes of the income per share computation, the stock split made in the year 2000 was
retroactively effected as if it occurred at the beginning of the year.
4. The foreign exchange rates used as at December 31, 2001 and 2000, were Rp 10,400 and Rp 9,595 to US$ 1
, respectively.
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