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Food and Beverage Industry Analysis in Indonesia

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Food and Beverage Industry Analysis in Indonesia

  1. 1. Alfira Sari Eunike Yuliana Febrina Dialusi H.S Maria Felicia Micha Paramitha
  2. 2. INDONESIA MACROECONOMIC Based on GCI (Global Competitiveness Index), Indonesi a macroeconomic stands out from 139 countries at the 35 rank
  3. 3. GDP INDONESIA IN 1991-2000 Asian Financial Crisis Paul Krugman The Myth Asian Miracle OUTPUT, INCOME, & SPENDING :
  4. 4. GDP 2000-2013 Indonesia established reformation and economic stabilization Increasing of oil price in international commerce Bond-buying Internal Financial Weakness Consumer Sentiment
  5. 5. CIRCULATION OF MONEY IN INDONESIA : THE MONEY SUPPLY
  6. 6. INFLATION President Susilo Bambang Yudhoyono administration decided to reduce its massive fuel subsidiesin late 2005 due to the rising international oil price June 2013, gasoline was raised by 44 percent to IDR 6,500 (USD $0.66) and diesel by 22 percent to IDR 5,500 (USD $0.56) per liter Increasing of oil price in international commerce Employment, Unemployment, and Wages
  7. 7. BI RATE
  8. 8. UNEMPLOYMENT RATE 1986-2010 Many new jobs to Indonesia's job market especially the industry and service sector Asian Financial Crisis Impact from Asian Financial Crisis
  9. 9. UNEMPLOYMENT RATE 2000-2013 Decreasing number of unemployment rate reflects that government could provide more jobs opportunities for people and it will also be related to their welfare growth rate. Employment, Unemployment, and Wages
  10. 10. UNEMPLOYMENT RATES AND LABOR FORCE
  11. 11. POVERTY IN INDONESIA OUTPUT, INCOME, & SPENDING : The poor in Indonesia in September 2012 as many as 28.59 million people (11.7%) lower than in February 2004, which reached 36.1 million people (16.7%). In September 2012 amounted to Rp 259.520 per capita per month. World Bank indicates that Indonesian living on less than USD $1.25 a day
  12. 12. PT. INDOFOOD CBP, TBK Type : Public Company Product : Foods and Beverages Founded : 1990 Founder : Suduno Salim History : on 1990, as PT Panganjaya Intikusuma on 1994 Change its name into PT Indofood Already export into Australia, Europe and Asia ICBP was established as a separate entity in September 2009 and listed on the Indonesia Stock Exchange (“IDX”) on 7 October 2010.
  13. 13. SWOT Analysis Strengt h Weaknes s Oppor tunity Threat Strength • The biggest food company in Indonesia • Indofood brand is the most known food brand in Indonesia. • The product is practical and easy to find anywhere. • The product cost cheaper than their competitors. • Indofood distribute their food to a lot of country. SWOT ANALYSIS
  14. 14. SWOT Analysis Strengt h Weaknes s Oppor tunity Threat Weaknesses • Too much alternative products rather than focusing on one product. • Rising raw material price
  15. 15. SWOT Analysis Strengt h Weaknes s Oppor tunity Threat Opportunity • Can export their product to the whole world • Can do partnership with foreign food company • Can control the whole food market in Indonesia
  16. 16. SWOT Analysis Strengt h Weaknes s Oppor tunity Threa t Threats • Too much competitors • They don’t focused on one product • Competitors Innovation and Promotion are better • Bad Issues from other country about the health
  17. 17. PLC ANALYSIS The product of Indofood are in Maturity stage, with the sales which always increase, and leads the market share by 75% in Indonesia. Source: http://utharymaladhika.blogspot.com/2013/12/pt.htm
  18. 18. INDOFOOD’S PRODUCT COMPARE WITH OTHER Source: http://www.topbrand-award.com/top-brand-survey/surve result/top_brand_index_2014 Indofood’s product always dominant than other product
  19. 19. Source: http://www.4-traders.com/PT-INDOFOOD-CBP-SUKSES-MA-6919010/financials/ PT. INDOFOOD CBP Highlights
  20. 20. 2009 2010 2011 2012 2013
  21. 21. COMPANY STRATEGIES Market Penetration Strategy. This strategy seeks to increase market share of a product through marketing efforts greater. Can be implemented to increase the number of sales personnel, advertising, or other promotional efforts. Market Development Strategy. The goal to increase market share by introducing a product or service to new areas. Product Development Strategy. Increase sales by improving or modifying existing products.
  22. 22. 24
  23. 23. PT. ULTRAJAYA, TBK Type : Public Company Product : Food and Beverages Established : 1971 Headquaters : Bandung
  24. 24. PRODUCT UHT Fresh Milk Sweetened Condenses Creamer UHT Tea Drink UHT Health Drink 26
  25. 25. 27Analysis
  26. 26. 2 8 PT. ULTRAJAYA
  27. 27. STRATEGY PRODUCT 29
  28. 28. PT. ULTRAJAYA’S PRODUCT COMPARE WITH OTHER Source: http://www.topbrand-award.com/top-brand-survey/survey- result/top_brand_index_2014 PT. UltraJaya’s product which is Ultramilk is dominant in the market
  29. 29. MARKET SHARE 54% 21% 16% 3% 2% 4% Ultra Milk Milo Yes! Indomilk Realgood Other
  30. 30. 2010 2011 2012 2013 Net Sales 1,880.4 2,102.4 2,809.9 3,460.2 Gross Profit 592.2 625.7 901.7 1.013,8 Net Income 107.1 128.4 353.0 325 Operating Income 185.4 182.1 429.3 423.2 Income before Tax 156.8 203 458 436.7 Total Assets 2,007.0 2,180.5 2,420.8 2,811.6 Total Expense 406.8 443.6 449.1 551.2 Total Liabilities 783.4 828.5 744.3 796.5 Earnings per Share¹ 37 44 122 113 Ultrajaya Milk Industry's Financial Highlights:
  31. 31. NET SALES Year 2011 Year 2012 Year 2013 Series1 2102.4 2809.9 3460.2 0 1000 2000 3000 4000 GROSS PROFIT Year 2011 Year 2012 Year 2013 Gross Profit Series1 625.7 901.7 1013.8 0 200 400 600 800 1000 1200 Year 2011 Year 2012 Year 2013 Series1 128.4 253 325 0 50 100 150 200 250 300 350 NET INCOME Year 2011 Year 2012 Year 2013 Series1 182.1 429.3 423.2 0 100 200 300 400 500 OPERATING INCOME
  32. 32. INCOME BEFORE TAX Year 2011 Year 2012 Year 2013 Series1 203 458 436.7 0 100 200 300 400 500 Year 2011 Year 2012 Year 2013 Series1 2180.5 2420.8 2811.6 0 500 1000 1500 2000 2500 3000 TOTAL ASSET Year 2011 Year 2012 Year 2013 Series1 443.6 449.1 551.2 0 100 200 300 400 500 600 TOTAL EXPENSE Year 2011 Year 2012 Year 2013 Series1 828.5 744.3 796.5 700 720 740 760 780 800 820 840 TOTAL LIABILITIES
  33. 33. WWW.BLOOMBERG.COM 35
  34. 34. Horizontal Analysis For 2013 and 2012 Comparative Balance Sheet Amount Horizontal Analysis (%) Vertical Analysis (%) CURRENT ASSETS Cash and Cash equivalent 611.624.871.676 535.889.526.748 75.735.344.928 14 20,51981 Trade Receivables 368.549.136.075 297.400.522.080 71.148.613.995 24 4,544754 Other Receivables: Third Party 6.667.801.268 5.814.947.244 852.854.024 15 0,054478 Related Party 6.735.873.458 5.583.463.949 1.152.409.509 21 0,073612 Inventories 534.977.217.239 334.169.035.934 200.808.181.305 60 12,82701 Advance Payment 32.446.909.931 15.213.609.789 17.233.300.142 113 1,10081 Prepaid Expenses 4.508.845.491 2.355.498.099 2.153.347.392 91 0,137549 1.565.510.655.138 1.196.426.603.843 369.084.051.295 31 23,57595 Non-Current Financial Asset 43.521.681.858 35.204.659.333 8.317.022.525 24 2,128054 Investment in Assoaciates and Joint Venture 119.735.695.043 105.844.919.475 13.890.775.568 13 3,554195 Investment in Long term Livestock 30.102.682.590 26.062.111.777 4.040.570.813 16 1,03385 Fixed Assets 965.974.994.305 979.511.601.619 -13.536.607.314 -1 -3,46358 Intangible Assets 18.694.072.362 17.933.194.395 760.877.967 4 0,194684 Deffered Tax Asset 1.599.130.743 32.796.696 1.566.334.047 4.776 0,400774 Other non-current Assets 66.482.070.103 59.777.494.891 6.704.575.212 11 1,715482 1.246.110.327.004 1.224.366.778.186 21.743.548.818 2 5,563463 TOTAL ASSETS 2.811.620.982.142 2.420.793.382.029 390.827.600.113 16 100 Total Non-Current Assets 31 December 201231 December 2013 ASSETS NON-CURRENT ASSESTS Total Current Asset Increase (Decrease)
  35. 35. Horizontal Analysis (2013 and 2012) Comparative Balance Sheet (con’t) Amount Horizontal Analysis (%) Vertical Analysis (%) SHORT TERM LIABILITIES Short Term Loans 21.412.410.529 5.268.078.050 16.144.332.479 306 39,40379 Trade Payables 463.538.990.751 394.466.233.719 69.072.757.032 18 168,5872 Other Payables: Related Party 102.562.222 102.562.222 #DIV/0! 0,250326 Derivative Payables 357.190.478 357.190.478 #DIV/0! 0,871802 Dividend Payable 14.826.576.643 15.816.567.871 -989.991.228 -6 -2,41629 Taxes Payables 22.410.075.747 57.854.467.257 -35.444.391.510 -61 -86,5098 73.915.874.428 51.171.595.269 22.744.279.159 44 55,51241 1.601.977.123 -1.601.977.123 -100 -3,90998 Current Maturities of Long Term Liabilities: 30.714.285.714 60.000.000.001 -29.285.714.287 -49 -71,4782 Lease Liabilities 726.348.705 6.643.609.853 -5.917.261.148 -89 -14,4424 Machinery Loans 5.789.737.791 5.789.737.791 #DIV/0! 14,13113 TOTAL SHORT TERM LIABILITIES 633.794.053.008 592.822.529.143 40.971.523.865 7 100 LONG TERM LIABILITY Deffered Tax Liabilities 76.102.720.581 85.608.703.824 -9.505.983.243 -11 -23,2014 Employee Benefits 34.995.857.303 34.404.885.086 590.972.217 2 1,442397 Bank Loans 30.714.285.713 -30.714.285.713 -100 -74,965 Lease Liabilities 723.864.841 -723.864.841 -100 -1,76675 Machinery Loans 51.581.817.164 51.581.817.164 #DIV/0! 125,8968 TOTAL LONG TERM LIABILITIES 162.680.395.048 151.451.739.464 11.228.655.584 7 27,406 Share Capital 577.676.400.000 577.676.400.000 Additional Paid in Capital 51.130.441.727 51.130.441.727 Retained Earning: Appropiated 74.300.000.000 39.000.000.000 35.300.000.000 91 9,032115 Unappropriated 1.294.930.340.599 1.004.984.228.158 289.946.112.441 29 74,18773 Equity Attributable to Owners of the Parent Entity 1.998.037.182.326 1.672.791.069.885 325.246.112.441 19 83,21984 Non Controlling Interests 17.109.351.760 3.728.043.537 13.381.308.223 359 3,423839 TOTAL EQUITY 2.015.146.534.086 1.676.519.113.422 338.627.420.664 20 86,64368 2.811.620.982.142 2.420.793.382.029 390.827.600.113 16 100TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Bank Loans Long term Loans- Net of Current Maturities: LIABILITIES Accruals EQUITY Short term Employee Benefits Liabilities 31 December 2013 31 December 2012 LIABILITIES AND SHAREHOLDERS' EQUITY Increase (Decrease)
  36. 36. Horizontal Analysis (2013 and 2012) Comparative Income Statement Year 2013 Year 2012 Amount Percentage 3.460.231.249.075 2.809.851.307.439 650.379.941.636 23,14641846 Cost of Goods Sold 2.446.448.128.599 1.908.109.047.237 538.339.081.362 28,21322409 Gross Profit 1.013.783.120.476 901.742.260.202 112.040.860.274 12,42493174 Operating Expense: Selling Expenses 433.576.647.265 366.413.401.362 67.163.245.903 18,32990978 General and Administrative Expenses 117.578.345.972 82.694.854.869 34.883.491.103 42,18338754 Loss on Foreign Exchange Rate-Net 36.748.585.605 13.513.232.874 23.235.352.731 171,9451811 Loss on Sales of Fixed Assets 2.264.294.635 14.849.245.962 (12.584.951.327) -84,7514504 Others-Net 420.223.874 5.069.974.743 (4.649.750.869) -91,71151938 Total Operating Expense 590.588.097.351 472.400.760.324 118.187.337.027 25,01844767 Operating Income 423.195.023.125 429.341.499.878 (6.146.476.753) -1,431605553 Other Income(Expenses) Finance Income 22.439.459.095 12.085.195.324 10.354.263.771 85,67725629 Finance Cost 7.955.069.915 11.948.954.781 (3.993.884.866) -33,42455419 Shares of Net income (loss) in Associates and Joint Venture 959.224.432 28.492.374.763 (27.533.150.331) -96,6333995 Total Other Income-Net 13.525.164.748 28.628.615.306 (15.103.450.558) -52,75648297 Profit Before Income - Net 436.720.187.873 457.970.115.184 (21.249.927.311) -4,640024885 Income Tax 122.665.084.500 111.603.230.250 11.061.854.250 9,911768884 11.072.317.291 7.064.734.551 4.007.582.740 56,72658627 Total Income Tax 111.592.767.209 104.538.495.699 7.054.271.510 6,74801322 Income for the year 325.127.420.664 353.431.619.485 (28.304.198.821) -8,008394626 Other Comprehensive Income Total Comprehensive Income for the year 325.127.420.664 353.431.619.485 (28.304.198.821) -8,008394626 Income Attribute to: Owners of the Company 325.246.112.441 352.965.099.993 (27.718.987.552) -7,853180825 Non-controlling Interest 118.691.777 466.519.492 (347.827.715) -74,55802404 Total Net Income for the Current year 325.127.420.664 353.431.619.485 (28.304.198.821) -8,008394626 Comprehensive Income Attributable to: Owners of the Company 325.246.112.441 352.965.099.993 (27.718.987.552) -7,853180825 Non-controlling Interest 118.691.777 466.519.492 (347.827.715) -74,55802404 Total Net Comprehensive Income Current Year 325.127.420.664 353.431.619.485 (28.304.198.821) -8,008394626 Basic Earning per Share 113 122 (9) -7,37704918 Sales Current Deffered
  37. 37. Horizontal Analysis For 2012 and 2011 Comparative Balance Sheet Amount Horizantal Analysis(%) Vertical Analysis(%) CURRENT ASSETS Cash and Cash equivalent 535.889.526.748 242.776.108.938 293.113.417.810 121 100,0183374 Trade Receivables 297.400.522.080 255.494.585.569 41.905.936.511 16 14,2994549 Dividend Receivable 15.000.000.000 -15.000.000.000 -100 -5,11841141 Other Receivables: 0 Third Party 5.814.947.244 2.240.562.103 3.574.385.141 160 1,219678246 Related Party 5.583.463.949 2.753.599.225 2.829.864.724 103 0,965627459 Inventories 334.169.035.934 368.496.687.848 -34.327.651.914 -9 -11,7135363 Advance Payment 15.213.609.789 13.432.806.003 1.780.803.786 13 0,607659094 Prepaid Expenses 2.355.498.099 3.172.576.015 -817.077.916 -26 -0,2788094 1.196.426.603.843 903.366.925.701 293.059.678.142 32 100 0 0 Non-Current Financial Asset 35.204.659.333 181.132.177 35.023.527.156 19.336 14,57632113 Investment in Assoaciates and Joint Venture 105.844.919.475 77.352.544.712 28.492.374.763 37 11,85814331 Investment in Long term Livestock 26.062.111.777 55.788.603.908 -29.726.492.131 -53 -12,3717664 Fixed Assets 979.511.601.619 1.069.735.963.102 -90.224.361.483 -8 -37,5501662 Intangible Assets 17.933.194.395 17.933.194.395 #DIV/0! 7,463554407 Deffered Tax Asset 32.796.696 341.096.413 -308.299.717 -90 -0,1283102 Other non-current Assets 59.777.494.891 73.750.253.044 -13.972.758.153 -19 -5,81527409 1.224.366.778.186 1.277.149.593.356 -52.782.815.170 -4 -21,967498 TOTAL ASSETS 2.420.793.382.029 2.180.516.519.057 240.276.862.972 11 100 ASSETS Total Current Asset NON-CURRENT ASSESTS Total Non-Current Assets 31 December 2012 31 December 2011 Increase (Decrease)
  38. 38. Horizontal Analysis (2012 and 2011) Comparative Balance Sheet (con’t) Amount Horizontal Analysis Vertical Analysis (%) SHORT TERM LIABILITIES Short Term Loans 5.268.078.050 52.025.954.226 -46.757.876.176 -90 246,579275 Trade Payables: 394.466.233.719 409.839.689.103 -15.373.455.384 -4 81,072448 Dividend Payables 15.816.567.871 1.818.867.953 13.997.699.918 770 -73,817354 Taxes Payables 57.854.467.257 11.440.362.917 46.414.104.340 406 -244,766383 51.171.595.269 23.438.969.844 27.732.625.425 118 -146,248958 Short term Employee Benefits Liabilities 1.601.977.123 5.646.049.107 -4.044.071.984 -72 21,3265533 60.000.000.001 85.000.000.001 -25.000.000.000 -29 131,838364 Lease Liabilities 6643609853 22575250000 -15.931.640.147 -71 84,0160546 TOTAL CURRENT LIABILITIES 592.822.529.143 611.785.143.151 -18.962.614.008 -3 1000 NON CURRENT LIABILITIES Deffered Tax Liabilities 85.608.703.824 92.981.738.094 -7.373.034.270 -8 38,8819509 Deffered Gain of Lease Transactions 0 #DIV/0! 0 34.404.885.086 27.420.225.662 6.984.659.424 25 -36,8338427 Bank Loans 30.714.285.713 90.714.285.713 -60.000.000.000 -66 316,412073 Lease Liabilities 723.864.841 5.643.812.500 -4.919.947.659 -87 25,9455139 TOTAL LONG TERM LIABILITIES 151.451.739.464 216.760.061.969 -65.308.322.505 -30 1000 Share Capital 577.676.400.000 577.676.400.000 0 0 0 Additional Paid in Capital -Net 51.130.441.727 51.130.441.727 0 0 0 Retained Earning: Appropiated 39.000.000.000 29.000.000.000 10.000.000.000 34 4,16186556 Unappropriated 1.004.984.228.158 690.902.948.165 314.081.279.993 45 130,716406 Equity Attributable to Owners of the Parent Entity 1.672.791.069.885 1.348.709.789.892 324.081.279.993 24 134,878272 Non Controlling Interests 3.728.043.537 3.261.524.045 466.519.492 14 0,19415914 TOTAL EQUITIES 1.676.519.113.422 1.351.971.313.937 324.547.799.485 24 135,072431 2.420.793.382.029 2.180.516.519.057 240.276.862.972 11 100 31 December 2011 LIABILITIES AND SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Current Maturities of Long Term Liabilities: Bank Loans Employee Benefits Long Term Loans-Net of Current Maturities: EQUITY LIABILITIES Accruals 31 December 2012 Increase (Decrease)
  39. 39. Horizontal Analysis (2012 and 2011) Comparative Income Statement Year 2012 Year 2011 Amount Percentage 2.809.851.307.439 2.102.383.741.532 707.467.565.907 33,6507343 Cost of Goods Sold 1.908.109.047.237 1.476.677.453.814 431.431.593.423 29,216373 Gross Profit 901.742.260.202 625.706.287.718 276.035.972.484 44,115902 - Selling Expenses 366.413.401.362 361.471.509.271 4.941.892.091 1,3671595 General and Administrative Expenses 82.694.854.869 82.175.860.795 518.994.074 0,63156512 Loss on Foreign Exchange Rate-Net 13.513.232.874 3.326.924.340 10.186.308.534 306,177944 Loss on Sales of Fixed Assets 14.849.245.962 16.036.601.532 (1.187.355.570) -7,4040349 Others-Net 5.069.974.743 26.050.938.438 (20.980.963.695) -80,538226- Operating Income 429.341.499.878 136.644.453.342 292.697.046.536 214,203387- Finance Income 12.085.195.324 16.416.994.017 (4.331.798.693) -26,386065 Finance Cost 11.948.954.781 27.643.885.877 (15.694.931.096) -56,775416 Shares of Net income (loss) in Associates and Joint Venture 28.492.374.763 31.400.344.946 (2.907.970.183) -9,2609498 Other Incomes (Expenses) - Net 28.628.615.306 20.173.453.086 8.455.162.220 41,91232 Profit Before Income - Net 457.970.115.184 156.817.906.428 301.152.208.756 192,039427 Tax Income (Expense) - 111.603.230.250 33.309.294.000 78.293.936.250 235,051323 7.064.734.551 4.940.731.624 2.124.002.927 42,9896438 Net Income For the current year 353.431.619.485 128.449.344.052 224.982.275.433 175,15253 Other Comprehensive Income - Other Comprehensive Income for the current year 353.431.619.485 128.449.344.052 224.982.275.433 175,15253 Income Attribute to: - Owners of the Company 352.965.099.993 128.358.526.507 224.606.573.486 174,983758 Non-controlling Interest 466.519.492 90.817.545 375.701.947 413,688728 Total Net Income for the Current year 353.431.619.485 128.449.344.052 224.982.275.433 175,15253 Income Attributable to: - Owners of the Company 352.965.099.993 128.358.526.507 224.606.573.486 174,983758 Non-controlling Interest 466.519.492 90.817.545 375.701.947 413,688728 Total Net Comprehensive Income Current Year 353.431.619.485 128.449.344.052 224.982.275.433 175,15253 Basic Earning per Share 122 44 78 177,272727 Sales Current Tax Deffered Tax
  40. 40. Horizontal Analysis For 2013 and 2012 Comparative Balance Sheet Amount Horizontal Analysis (%) Horizontal Analysis (%) CURRENT ASSETS Cash and Cash equivalent 5.526.173 5.484.318 41.855 1 2,92023513 Short Term Investment 72.000 21.280 50.720 238 3,53874867 Account Receivable Third Parties - Net 738.533 642.371 96.162 15 6,7092498 Related Parties 1.716.020 1.586.052 129.968 8 9,06790393 Non Trade: Third Parties 41.134 75.163 -34.029 -45 -2,3742129 Related Parties 53.728 55.748 -2.020 -4 -0,14093597 Inventories - Net 2.868.722 1.812.887 1.055.835 58 73,665905 Advances and Deposits 222.935 163.246 59.689 37 4,16451832 Prepaid Taxes 36.484 15.098 21.386 142 1,49210724 Prepaid Expenses and Other Current Assets 45.986 32.277 13.709 42 0,95648079 11.321.715 9.888.440 1.433.275 14 100 Deffered Tax Assets - Net 231.593 162.100 69.493 43 1,9776095 Long Term Investments 308.219 151.495 156.724 103 4,46000131 Fixed Assets - Net 4.844.407 3.839.756 1.004.651 26 28,5900358 Deffered Charges - Net 57.320 42.264 15.056 36 0,42845882 1.424.030 1.424.030 0 0 0 Intagible Asset - Net 1.931.957 2.065.195 -133.238 -6 -3,79164426 Advances for Stock Subscription in Associate 259.700 259.700 #DIV/0! 7,39045928 Other Non Current Assets 888.529 180.200 708.329 393 20,1573994 9.945.755 7.865.040 2.080.715 26 59,2123199 TOTAL ASSETS 21.267.470 17.753.480 3.513.990 20 100 NON-CURRENT ASSESTS Total Non-Current Assets Trade: Goodwill 31 December 2013 31 December 2012 ASSETS Total Current Asset Increase (Decrease)
  41. 41. Horizontal Analysis (2013 and 2012) Comparative Balance Sheet (con’t) Amount Horizontal Analysis (%) Vertical Analysis (%) CURRENT LIABILITIES Short Term Bank Loans and Overdraft 557.484 400.396 157.088 39 14,0621755 Trust Receipt Payable 421.896 182.229 239.667 132 21,4544677 Account Payable 0 0 Third Parties 1.628.821 1.193.345 435.476 36 38,9828627 Related Parties 508.281 391.835 116.446 30 10,4239922 Non Trade: 0 289.802 269.630 20.172 7 1,80575349 103.698 73.560 30.138 41 2,6978881 Accrued Expenses 848.674 846.929 1.745 0 0,1562086 119.218 96.052 23.166 24 2,07376985 Taxes Payable 61.339 85.766 -24.427 -28 -2,18665182 Current Maturities of Long term debts 0 Bank Loans 146.259 31.411 114.848 366 10,2809427 Liability for Purchases of Fixed Assets 11.111 8.334 2.777 33 0,24859099 TOTAL CURRENT LIABILITIES 4.696.583 3.579.487 1.117.096 31 100 0 NON CURRENT LIABILITY 0 Long term debts net of Current Maturities 1.346.781 602.833 743.948 123 66,5966041 Bank Loans 0 36.511 37.780 -1.269 -3 -0,11359812 Advances for Stock Subscription from non Controlling Interest 213.150 213.150 #DIV/0! 19,0807236 Deffered Tax Liabilities - Net 498.504 530.291 -31.787 -6 -2,84550298 Liabilities for Employee Benefits 1.210.210 1.016.550 193.660 19 17,3360213 TOTAL NON CURRENT LIABILITIES 3.305.156 2.187.454 1.117.702 51 100,054248 TOTAL LIABILITIES 8.001.739 5.766.941 2.234.798 39 200,054248 0 Share Capital 583.095 583.095 0 0 0 Additional Paid in Capital 5.985.469 5.985.469 0 0 0 Difference from Changes in Equity of Subsidiaries 38.022 7.446 30.576 411 2,39074291 Exchange Differences on Translation of Financial Statement 1.534 655 879 134 0,06872917 Pro Forma Capital 0 Retained Earnings 0 Appropiated for General Reserves 15.000 10.000 5.000 50 0,39095089 Unappropiated 5.963.662 4.827.947 1.135.715 24 88,801759 Sub Total 12.586.782 11.414.612 1.172.170 10 91,6521819 Non Controlling Interest 678.949 572.186 106.763 19 8,34781806 TOTAL EQUITY 13.265.731 11.986.798 1.278.933 11 100 21.267.470 17.753.739 3.513.731 20 100TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Trade: Third Parties Related Parties Short Term Employee Benefits Liability Liability for Purchases of Fixed Assets EQUITY LIABILITIES 31 December 2013 31 December 2012 LIABILITIES AND SHAREHOLDERS' EQUITY Increase (Decrease)
  42. 42. Horizontal Analysis (2013 and 2012) Comparative Income Statement Year 2013 Year 2012 Amount Percentage 25.094.681 21.716.913 3.377.768 15,55362864 Cost of Goods Sold 18.668.990 15.913.098 2.755.892 17,31838766 Gross Profit 6.425.691 5.803.815 621.876 10,71495215 Selling and Distribution Expenses 2.551.509 2.089.647 461.862 22,10239337 General and Administrative Expenses 1.139.810 868.477 271.333 31,24239329 Other Operating Income 300.272 181.993 118.279 64,99096119 Other Operating Expense 262.720 178.434 84.286 47,23651322 Income from Operations 2.771.924 2.849.250 (77.326) -2,713907169 Finance Income 371.573 234.247 137.326 58,62444343 Finance Expenses 165.225 53.697 111.528 207,6987541 Share in Net Income (loss) of Associates 11.282 4.594 6.688 145,5811929 Income before Income Tax Expense 2.966.990 3.034.394 (67.404) -2,221333156 Income Tax Expense - Net 733.699 745.463 (11.764) -1,578079663 Income for the year before Pro Forma Adjustment 2.233.291 2.288.931 (55.640) -2,430829064 Pro Forma Adjustment 1.749 6.560 (4.811) -73,33841463 Income for the year 2.235.040 2.282.371 (47.331) -2,073764519 Other Comprehensive Income - Unrealized Gains on Available for Sale Financial Assets 50.720 4.000 46.720 1168 879 871 8 0,918484501 51.599 4.871 46.728 959,3102032 Total Comprehensive Income for the year 2.286.639 2.287.242 (603) -0,026363629 Income for the year Attributable to: - Equity Holders of the Parent Entity 2.225.272 2.179.592 45.680 2,095805086 Non Controlling Interest 9.768 102.779 (93.011) -90,49611302 Total Comprehensive Income for the year 2.235.040 2.282.371 (47.331) -2,073764519 Total Comprehensive Income for the year attributable to: - Eqity Holders of the Parent Entity 2.260.929 2.183.205 77.724 3,56008712 Non Controlling Interest 25.710 104.037 (78.327) -75,28763805 2.286.639 2.287.242 (603) -0,026363629 BasicEarning per Share Attributable to Equity Holders of the Parent Entity 382 374 8 2,139037433 Sales Exchange Differences on Translation of Financial Statements Other Comprehensive Income Total
  43. 43. Horizontal Analysis For 2012 and 2011 Comparative Balance Sheet Amount Horizontal Analysis(%) Vertical Analysis(%) CURRENT ASSETS Cash and Cash equivalent 5.484.318 4.420.644 1.063.674 24 81,3126228 Short Term Investment 21.280 17.280 4.000 23 0,30578024 Account Receivable 0 0 Third Parties - Net of Allowance for impairment Losses 642.371 638.191 4.180 1 0,31954035 Related Parties 1.586.052 1.622.138 -36.086 -2 -2,7585964 Non - Trade: 0 Third Parties 75.163 64.845 10.318 16 0,78876013 Related Parties 55.748 53.228 2.520 5 0,19264155 Inventories - Net 1.812.887 1.629.883 183.004 11 13,9897518 Advances and deposits 163.246 114.452 48.794 43 3,73006026 Prepaid Taxes 15.098 210 14.888 7.090 1,13811405 Prepaid Expenses and Other Current Assets 32.277 19.440 12.837 66 0,98132524 9.888.440 8.580.311 1.308.129 15 100 0 0 Deffered Tax Assets - Net 162.100 119.168 42.932 36 1,69649924 Long term Investments 151.495 83.201 68.294 82 2,69870305 Fixed Assets - Net of Accumulated depreciation 3.839.756 2.590.036 1.249.720 48 49,3838869 Deffered Charges - Net 42.264 57.960 -15.696 -27 -0,6202425 1.424.030 1.424.030 0 0 0 Intagible Asset - Net 2.065.195 2.198.433 -133.238 -6 -5,2650276 Other Non Current Assets 180.200 169.718 10.482 6 0,4142063 7.865.040 6.642.546 1.222.494 18 48,3080253 TOTAL ASSETS 17.753.480 15.222.857 2.530.623 17 100 31 December 2012 31 December 2011 ASSETS Total Current Asset Increase (Decrease) NON-CURRENT ASSESTS Total Non-Current Assets Trade: Goodwill
  44. 44. Horizontal Analysis (2012 and 2011) Comparative Balance Sheet (con’t) Amount Horizontal Analysis (%) Vertical Analysis (%) CURRENT LIABILITIES Short Term Bank Loans and Overdraft 400.396 417.851 -17.455 -4 -2,95373 Trust Receipt Payable 182.229 210.744 -28.515 -14 -4,82531 Account Payable 0 0 Third Parties 1.193.345 966.691 226.654 23 38,35437 Related Parties 391.835 307.376 84.459 27 14,29214 Non Trade: 0 269.630 97.056 172.574 178 29,20296 73.560 58.265 15.295 26 2,588219 Accrued Expenses 846.929 621928 225.001 36 38,07465 96.052 76.119 19.933 26 3,373061 Taxes Payable 85.766 226.251 -140.485 -62 -23,7729 Current Maturities of Long term debts 0 Bank Loans 31.411 31.411 #DIV/0! 5,315367 Liability for Purchases of Fixed Assets 8.334 6.259 2.075 33 0,351131 TOTAL CURRENT LIABILITIES 3.579.487 2.988.540 590.947 20 100 0 NON CURRENT LIABILITY 0 Long term debts net of Current Maturities 602.833 111.932 490.901 439 74,08138 Bank Loans 0 37.780 33.575 4.205 13 0,634572 0 Deffered Tax Liabilities - Net 530.291 563.433 -33.142 -6 -5,00143 Liabilities for Employee Benefits 1.016.291 815.604 200.687 25 30,28547 TOTAL NON CURRENT LIABILITIES 2.187.195 1.524.544 662.651 43 100 TOTAL LIABILITIES 5.766.682 4.513.084 1.253.598 28 100 0 Share Capital 583.095 583.095 0 0 0 Additional Paid in Capital 5.985.469 5.985.469 0 0 0 Difference from Changes in Equity of Subsidiaries 7.446 4.704 2.742 58 0,214718 Foreign Exchange Differences from financial statement Translation 655 216 439 203 0,034377 0 Retained Earnings 0 Appropiated for General Reserves 10.000 5.000 5.000 100 0,391535 Unappropiated 4.827.947 3.638.786 1.189.161 33 93,11963 11.414.612 10.216.838 1.197.774 12 93,79409 Non Controlling Interest 572.186 492.935 79.251 16 6,205908 TOTAL EQUITY 11.986.798 10.709.773 1.277.025 12 100 17.753.480 15.222.857 2.530.623 17 100 Liability for Purchases of Fixed Assets 31 December 2012 31 December 2011 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Trade: Third Parties Related Parties Short Term Employee Benefits Liability Increase (Decrease) EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Sub Total
  45. 45. Horizontal Analysis (2012 and 2011) Comparative Income Statement Year 2012 Year 2011 Amount Percentage 21.574.792 19.367.155 2.207.637 11,3988709 Cost of Goods Sold 15.796.183 14.335.896 1.460.287 10,1862276 Gross Profit 5.778.609 5.031.259 747.350 14,8541349 - Selling and Distribution Expenses 2.073.497 1.798.508 274.989 15,2898402 General and Administrative Expenses 867.432 592.140 275.292 46,4910325 Other Operating Income 179.521 126.762 52.759 41,6205172 Other Operating Expenses 175.141 158.625 16.516 10,4119779 Income from Operations 2.842.060 2.608.748 233.312 8,9434472- Finance Income 234.211 183.453 50.758 27,6681221- Finance Expenses 53.675 46.544 7.131 15,3209866 Share in net Income (loss) of Associate 4.594 747 3.847 514,993307 Income before Tax 3.027.190 2.744.910 282.280 10,2837616 Income Tax Expense - Net 744.819 678.545 66.274 9,76707514 Income for the year 2.282.371 2.066.365 216.006 10,4534291 Other Comprehensive Income - 4.000 2.080 1.920 92,3076923 871 236 635 269,067797 Other Comprehensive Income 4.871 2.316 2.555 110,319516 Total Comprehensive Income for the year 2.287.242 2.064.049 223.193 Income for the year Attributable to: - Equity Holders of the Parent Entity 2.179.592 1.975.345 204.247 Non Controlling Interests 102.779 91.020 11.759 12,9191387 2.282.371 2.066.365 216.006 10,4534291 Total Comprehensive Income for the year attributable to: - Equity Holders of the Parent Entity 2.183.205 1.973.683 209.522 Non Controlling Interests 104.037 90.366 13.671 15,1284775 2.287.242 2.064.049 223.193 10,8133576 Basic Earnings per Share Attributable to Equity Holders of the Parent Entity 374 339 35 10,3244838 Foreign Exchange Differences from Financial Statements Translation Total Total Sales Unrealized gains (losses) on available for sale Financial Assets
  46. 46. 1. Current Ratio 2. Acid Test Ratio
  47. 47. 3. Account Receivable Turnover 4. Days' Sales in Account Receivable
  48. 48. 5. Inventory Turnover 6. Operating Income Return on Investment
  49. 49. 7. Operating Profit Margin 8. Total Asset Turnover
  50. 50. 9. Fixed Assets Turnover 10. Debt Ratio
  51. 51. 11. Times Interest Earned 12. Return on Equity

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