1. FUNDAMENTAL ANALYSIS OF
PT. INDOFOOD SUKSES MAKMUR TBK

2. COMPANY PROFILE
Started in 1990 incorporated as PT. Panganjaya Intikusuma and change of name to
PT. Indofood Sukses Makmur Tbk in 1994 and in the same time initial public
offering of 763 million shares at Rp.1000 par value per share, listing on the
Indonesia Stock Exchange.
Vision :
A Total Food Solutions Company
Mission :
 To provide sustainable solutions for food needs
 To continuously improve our people, processes and technologies
 To contribute to the welfare of the society and environment in a sustainable
manner
 To continuously improve stakeholders’ values
Company Segments :
 Consumer Branded Product;
 Bogasari;
 Agribusiness and;
 Distribution

3. FINANCIAL HIGHLIGHTS
 Indofood get increases in sales and income, the business become bigger and
still stabel in good condition. Net sales is Rp45.33 trillion in 2011 means that
there is an increases of 18% from Rp38,40 trillion in 2010 and 21% from
Rp.37,39 trillion in 2009.
 Total assests as per December 31, 2011 were 53,59 Trillion which increases of
13,3% as compared to Rp47,28 Trillion at the end of previous year and
increases of 33% as compared to Rp40,38 Trillon at sthe end 2009.
 Total equity increased by 27,2% to Rp31,61 Trillion in 2011 from Rp24,85
Trillion in 2010 and also increases about 60% from 15.5 trillion in 2009 to
24.85 trillion in 2010. This increase is due to income for the year attributble to
equity holders of the parent entity in 2011.
 In the other hand, liabilities in total of December 31, 2011 amounted to
Rp.21,98 Trillion, a decline of 2,0% from Rp.22,42 trillion last 2010 and 13%
decreases from Rp24,88 Trillion in last 2009, principally due to payment of
long-term bank loans in 2011.

4. FUNDAMENTAL ANALYSIS OF INDOFOOD
1. Short - Term Liquidty Ratio
2. Long -Term Solvency Ratios
3. Profitability Ratio
4. Market Price And Dividend Ratios

5. INDOFOOD RATIOS (2009-2011)
TYPICAL NAME OF
RATIO
NUMERATOR DENOMINATOR
USING APPROPRIATE INDOFOOD NUMBERS
OF APPLIED ON 31 DECEMBER OF YEAR
2009 2010 2011
Short- Term Liquidity Ratios
Current Ratio Current Assets Current Liabilities 1,16 2,04 1,91
Quick Ratio
Current Asset –
Current liabilities
Current Liabilities 0,16 1,04 0,91
Average Collection
period in days
Average AR x 365 Net Sales 22,41 25,53 26,69
Inventory Turn Over
COGS
Average Inventory at
Cost
5,26 4,59 5,01
Long-Term Solvency Ratios
Total Debt to Total
Assets (Debt Ratio)
Total Liabilities Total Assets 0,28 = 28% 0,21 = 21% 0,24 = 24%
Total Debt to Equity Total Liabilities
Stockholders
Equity/Total Equity
1,61 0,90 0,70
Interest Coverage
Income before Interest
and Taxes (Operating
Expense)
Interest Expenses 3,00 5,37 7,32

6. INDOFOOD RATIOS (2009-2011) – CON’T
TYPICAL NAME OF
RATIO
NUMERATOR DENOMINATOR
USING APPROPRIATE INDOFOOD NUMBERS
OF APPLIED ON 31 DECEMBER OF YEAR
2009 2010 2011
Profitability Ratios
Return on
Stockholders equity
(ROE) (%)
Net Income
Average
Stockholders Equity
30% 25% 22%
Gross Profit rate or
Percetage (%)
Gross Profit or Gross
Margin
Net Sales 28% 33% 28%
Return On Sales Net Income Sales 0,12 0,16 0,15
Asset Turn Over Net Sales
Average Total Asset
Available (Total
Assets)
0,93 0,81 0,85
Pretax Return on
Operating Assets/ROA
Operating Income Average Total Assets 11% 13% 13%
Earning Per Shares
(EPS) (Rp)
Net Income les
dividends on preferred
stock, if any
Average common
stocks outstanding
526,17 717,51 780,15
Market Price And Dividend Ratios
Price Earnings (P/E
Ratio)
Market Price of
common shares*
Earning Per Shares 6,75 6,79 5,90
Dividend-yield (%)
Dividends per
common share**
Market price of
common shares
1,3% 1,9% 2,9%
Dividend-payout (%)
Dividends per
common share
Earning Per Shares 9% 13% 17%

7. INDOFOOD RATIOS (2009-2011) – CON’T
* Market price of common share :
 Rp3.550 (2009);
Rp4874 (2010);
Rp4.600 (2011).
** Dividend Per Common Share :
 Rp47 (2009);
 Rp93 (2010);
 Rp133 (2011).

8. RECOMMENDATION TO A BANK AND
GROUP OF BONDHOLDERS
From the last three years compared, Indofood has a
good financial condition to give some debt by bank or
to buy they bonds by bondholders because:
 Have more liquid ratio which is means Indofood is
more capable paying its obligations;
 Debt ratio are lower than 1 which means that
Indofood has less debt than assets, it is indicates
that Indofood has less risk of its debt-load;
 Also have good ability to meet interest expenses;
 In connection with the bond offering, Indofood
obtained a rating of AA (2011) with stable outlook,
from Pefindo, which reflect the company has
strong capability to settle its long-term financial
liabilities as they mature.

9. RECOMMENDATION TO GROUP OF
STAKEHOLDERS AND POTENTIAL STAKEHOLDERS
From profitability and market price and dividend
ratios over the periode indicates that Indofood is one
of good company to invest because:
 They has good profit from the money shareholders
have invested (ROE) and;
 Their Return On Sales (ROS) indicates that the
company is growing efficient enough;
 Indofood dividend pay-out are also increased in
that three years compared and it is indicates a
solid policy by the company’s board of director.
So Indofood become more interesting company to
invest.

10. THANK YOU