2019 annual report laporan tahunan pt indofood ......produksi dan pemasaran produk minyak goreng,...

2019 Annual ReportLaporan Tahunan PT INDOFOOD SUKSES MAKMUR Tbk

Indofood’s continued success is characterized by an unwavering focus to Stay Ahead Through Challenges. Like the athletes in a triathlon, whose endurance and determination are put to the test through different challenges, we strive to push our limits for growth and performance by staying nimble and embracing innovation in an increasingly complex business environment. As we begin the new decade, our goals are to build on our strengths in scaling new heights, and to turn our challenges into exciting opportunities.

Kesuksesan Indofood yang tetap berlanjut dicapai melalui keteguhan fokus untuk Tetap Terdepan dalam Melewati Tantangan. Seperti atlet-atlet triatlon, dimana daya tahan dan tekad diuji melalui berbagai tantangan, kami terus berupaya untuk meningkatkan pencapaian pertumbuhan dan kinerja kami dengan tetap sigap dan berinovasi dalam menghadapi lingkungan bisnis yang semakin kompleks. Dalam menghadapi dekade baru ini, tujuan kami adalah tetap berkembang melalui keunggulan kami, serta mengubah tantangan menjadi peluang.

1

ContentsDAFTAR ISI

Vision, Mission & ValuesVisi, Misi & Nilai-Nilai

3

Financial HighlightsIkhtisar Keuangan

4

Performance GraphsGrafik Kinerja Keuangan

5

Indofood at a GlanceSekilas Indofood

6

Shareholding StructureStruktur Pemegang Saham

8

Management StructureStruktur Manajemen

9

Business StructureStruktur Bisnis

10

Our BrandsMerek-Merek Kami

11

Diversified PortfolioAneka Ragam Portofolio

12

Brief History of the CompanyRiwayat Singkat Perseroan

14

Chronological Shares Listing at IDXKronologis Pencatatan Saham di BEI

16

Chronological Bond IssuanceKronologis Penerbitan Obligasi

17

Share Price InformationInformasi Harga Saham

18

Accolades & CertificationsPenghargaan & Sertifikasi

19

Message from the President CommissionerSambutan Komisaris Utama

22

Report of the President DirectorLaporan Direktur Utama

26

Management’sAnalysis & DiscussionAnalisa & Pembahasan oleh Manajemen

32

Operational ReviewUlasan Kinerja Operasional

42

Consumer Branded ProductsProduk Konsumen Bermerek

42

BogasariBogasari

52

AgribusinessAgribisnis

58

DistributionDistribusi

66

Corporate GovernanceTata Kelola Perusahaan

70

Audit Committee ReportLaporan Komite Audit

94

Corporate Human ResourcesSumber Daya Manusia

98

Corporate Social ResponsibilityTanggung Jawab Sosial Perusahaan

106

Board of CommissionersDewan Komisaris

132

Board of DirectorsDireksi

142

Subsidiaries, Associate Companies & Joint VenturesEntitas Anak, Entitas Asosiasi & Ventura Bersama

152

Professional AdvisorLembaga Profesional

154

Production FacilitiesFasilitas Produksi

156

AcknowledgementPernyataan

158

Independent Auditor’s ReportLaporan Auditor Independen

159

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2019 Annual Report

PT Indofood SukSeS MAkMuR TbkPT Indofood SukSeS MakMur Tbk

Indofood Tower, Sudirman Plaza, Jakarta - Indonesia

3

Laporan Tahunan 2019

VIsIon VISI

Mission MISI

A total Food solutions CompanyPerusahaan Total Food Solutions

To provide sustainable solutions for food needs

To continuously improve ourpeople, processes and technologies

To contribute to the welfare of the society and environment in a sustainable manner

To continuously improvestakeholders’ values

Memberikan solusi atas kebutuhan pangan secara berkelanjutan

Senantiasa meningkatkan kompetensi karyawan, proses produksi dan teknologi kami

Memberikan kontribusi bagi kesejahteraan masyarakat dan lingkungan secara berkelanjutan

Meningkatkan stakeholders’ values secara berkesinambungan

“With discipline as the basis of our way of life; We conduct our business with integrity; We treat our stakeholders with respect; and together we unite to strive for excellence and continuous innovation.”

“Dengan disiplin sebagai falsafah hidup; Kami menjalankan usaha kami dengan menjunjung tinggi integritas; Kami menghargai seluruh pemangku kepentingan dan secara bersama-sama membangun kesatuan untuk mencapai keunggulan dan inovasi yang berkelanjutan.”

VAlues nILaI-nILaI

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2019 Annual Report

PT Indofood SukSeS MAkMuR Tbk

FInAnCIAl HIgHlIgHtsIKHTISAR KEUANGAN

1 Calculated based on weighted average number of shares2 Including advance for purchases of assets3 Taking into account Non-Controlling Interests4 Return represents total return including Non-Controlling Interests The figures are stated in Indonesian language

1 Dihitung berdasarkan jumlah rata-rata tertimbang saham2 Termasuk uang muka untuk pembelian aset3 Dengan memperhitungan Kepentingan Nonpengendali4 Imbal hasil menampilkan total imbal hasil termasuk Kepentingan Nonpengendali

Angka disajikan dalam Bahasa Indonesia

In billions of Rupiahunless otherwise stated 2019 2018 2017 2016 2015

Dalam miliar Rupiahkecuali dinyatakan lain

Net Sales 76.593,0 73.394,7 70.186,6 66.659,5 64.061,9 Penjualan Neto

Gross Profit 22.716,4 20.212,0 19.770,0 19.337,6 17.258,1 Laba Bruto

Income from Operations (EBIT) 9.831,0 9.143,0 8.683,8 8.285,0 7.362,9 Laba Usaha (EBIT)

EBITDA 13.057,3 12.161,9 11.392,1 10.940,1 9.810,6 EBITDA

Income for the Year 5.902,7 4.961,9 5.097,3 5.266,9 3.709,5 Laba Tahun Berjalan

Attributable to:- Equity Holders of the Parent Entity 4.908,2 4.166,1 4.156,2 4.144,6 2.968,0

Yang Dapat Diatribusikan Kepada:- Pemilik Entitas Induk

- Non- Controlling Interests 994,6 795,8 941,0 1.122,3 741,5 - Kepentingan Nonpengendali

Comprehensive Income for the Year 6.588,7 6.350,8 4.991,3 4.984,3 4.867,3 Laba Komprehensif Tahun Berjalan

Attributable to:- Equity Holders of the Parent Entity 5.485,2 5.324,4 4.255,7 3.817,1 4.066,3

Yang Dapat Diatribusikan Kepada:- Pemilik Entitas Induk

- Non- Controlling Interests 1.103,5 1.026,4 735,6 1.167,2 801,0 - Kepentingan Nonpengendali

Shares Outstanding (million) 8.780,4 8.780,4 8.780,4 8.780,4 8.780,4 Jumlah Saham yang Ditempatkandan Disetor Penuh (juta)

Basic Earnings Per Share Attributable to Equity Holders of the Parent Entity (Rp) 1

559 474 473 472 338 Laba Per Saham Dasar yang Dapat Diatribusikan Kepada

Pemilik Entitas Induk (Rp) 1

Current Assets 31.403,4 33.272,6 32.948,1 28.985,4 42.816,7 Aset Lancar

Current Liabilities 24.686,9 31.204,1 21.637,8 19.219,4 25.107,5 Liabilitas Jangka Pendek

Net Working Capital 6.716,6 2.068,5 11.310,4 9.766,0 17.709,2 Modal Kerja Bersih

Total Assets 96.198,6 96.537,8 88.400,9 82.174,5 91.831,5 Total Aset

Capital Expenditures 2 4.463,8 7.236,2 6.723,7 3.111,7 4.618,9 Pengeluaran Barang Modal 2

Total Equity 3 54.202,5 49.916,8 47.102,8 43.941,4 43.121,6 Total Ekuitas 3

Non-Controlling Interests 16.424,5 16.302,5 15.800,2 14.967,1 15.852,2 Kepentingan Nonpengendali

Total Liabilities 41.996,1 46.621,0 41.298,1 38.233,1 48.709,9 Total Liabilitas

Funded Debt 22.977,2 29.729,3 24.320,0 22.422,1 27.605,8 Pinjaman yang Dikenakan Bunga

Gross Profit Margin 29,7% 27,5% 28,2% 29,0% 26,9% Marjin Laba Bruto

EBIT Margin 12,8% 12,5% 12,4% 12,4% 11,5% Marjin Laba Usaha (EBIT)

EBITDA Margin 17,0% 16,6% 16,2% 16,4% 15,3% Marjin EBITDA

Net Income Margin Attributable to Equity Holders of the Parent Entity

6,4% 5,7% 5,9% 6,2% 4,6% Marjin Laba Neto yang Dapat Diatribusikan Kepada Pemilik Entitas Induk

Return on Assets (%) - Net Income 4 6,1 5,4 6,0 6,1 4,2 Imbal Hasil atas Aset (%) - Laba Neto 4

Return on Assets (%) - EBIT 4 10,2 9,9 10,2 9,5 8,3 Imbal Hasil atas Aset (%) - Laba Usaha 4

Return on Equity (%) 4 11,3 10,2 11,1 12,1 8,9 Imbal Hasil atas Ekuitas (%) 4

Current Ratio (x) 1,27 1,07 1,52 1,51 1,71 Rasio Lancar (x)

Liabilities to Assets Ratio (x) 0,44 0,48 0,47 0,47 0,53 Rasio Liabilitas Terhadap Aset (x)

Liabilities to Equity Ratio (x) 3 0,77 0,93 0,88 0,87 1,13 Rasio Liabilitas Terhadap Ekuitas (x) 3

Gearing Ratio - Gross (x) 3 0,42 0,60 0,52 0,51 0,64 Gearing Ratio - Gross (x) 3

Gearing Ratio - Net (x) 3 0,17 0,42 0,23 0,21 0,34 Gearing Ratio - Net (x) 3

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PeRFoRmAnCe gRAPHsGRAFIK KINERJA KEUANGAN

Net SalesPenjualan Neto

Income for the Year Attributable to Equity Holders of the Parent EntityLaba Tahun Berjalan yang Dapat Diatribusikan Kepada Pemilik Entitas Induk

Total Equity*Total Ekuitas*

Total AssetsTotal Aset

Income from Operations/EBITLaba Usaha/EBIT

* Taking into account Non-Controlling Interests Dengan memperhitungan Kepentingan Nonpengendali

The figures are stated in Indonesian languageAngka disajikan dalam Bahasa Indonesia

64,06 66,6670,19 73,39 76,59

20192018201720162015

2,97

4,14 4,16 4,174,91

20192018201720162015

43,12 43,9447,10 49,92

54,20

20192018201720162015

91,83 82,17 88,4096,54 96,20

20192018201720162015

7,36 8,298,68 9,14

9,83

20192018201720162015

In trillions of Rupiah Dalam triliun Rupiah

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2019 Annual Report


InDoFooD At A glAnCeSEKILAS INDOFOOD

Over the last two decades, Indofood has progressively transformed into a Total Food Solutions company with operations in all stages of food manufacturing, from the production of raw materials and their processing, to consumer products in the market. Today, it is renowned as a well-established company and a leading player in each business category in which it operates. In its business operations, Indofood capitalizes on economies of scale and a resilient business model with four complementary Strategic Business Groups (“Group”), namely:

Dalam dua dekade terakhir, Indofood telah bertransformasi menjadi sebuah perusahaan Total Food Solutions dengan kegiatan operasional yang mencakup seluruh tahapan proses produksi makanan, mulai dari produksi dan pengolahan bahan baku hingga menjadi produk akhir yang tersedia di pasar. Kini Indofood dikenal sebagai perusahaan yang mapan dan terkemuka di setiap kategori bisnisnya. Dalam menjalankan kegiatan operasionalnya, Indofood memperoleh manfaat dari skala ekonomis serta ketangguhan model bisnisnya yang terdiri dari empat Kelompok Usaha Strategis (“Grup”) yang saling melengkapi sebagai berikut:

Consumer Branded Products (“CBP”)Produk Konsumen Bermerek (“CBP”)

Supported by the strength of its product brands, CBP Group produces a diverse range of consumer branded products including noodles, dairy, snack foods, food seasonings, nutrition and special foods, and beverages.

Dengan didukung oleh kekuatan merek-merek produknya, Grup CBP memproduksi beragam produk konsumen bermerek antara lain mi instan, dairy, makanan ringan, penyedap makanan, nutrisi dan makanan khusus, dan minuman.

BogasariBogasari

Bogasari Group is primarily a producer of wheat flour as well as pasta, with business operations supported by its own shipping and packaging units.

Grup Bogasari memiliki kegiatan usaha utama memproduksi tepung terigu dan pasta, didukung oleh unit usaha perkapalan dan kemasan.

7


AgribusinessAgribisnis

Agribusiness Group’s principal activities range from research and development, seed breeding, oil palm cultivation and milling, to the production and marketing of branded cooking oils, margarine and shortening. The Group also cultivates and processes rubber, sugar cane and other crops.

Kegiatan usaha utama Grup Agribisnis meliputi penelitian dan pengembangan, pemuliaan benih bibit, pembudidayaan dan pengolahan kelapa sawit hingga produksi dan pemasaran produk minyak goreng, margarin dan shortening. Di samping itu, kegiatan usaha Grup ini juga mencakup pembudidayaan dan pengolahan karet dan tebu serta tanaman lainnya.

DistributionDistribusi

With the most extensive distribution network in Indonesia, Distribution Group distributes the majority of the consumer products manufactured by Indofood and its subsidiaries, as well as by third parties, to the market.

Dengan jaringan distribusi yang paling luas di Indonesia, Grup Distribusi mendistribusikan sebagian besar produk konsumen Indofood dan anak-anak perusahaannya, serta berbagai produk pihak ketiga.

Indofood has progressively transformed into a total Food solutions company with operations in all stages of food manufacturing.

”Indofood telah bertransformasi menjadi sebuah perusahaan Total Food Solutions dengan kegiatan operasional yang mencakup seluruh tahapan proses produksi makanan.

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2019 Annual Report


sHAReHolDIng stRuCtuReSTRUKTUR PEMEGANG SAHAM

* First Pacific Company Limited is a public listed company on the Hong Kong Stock Exchange. Mr. Anthoni Salim holds interests in and

controls directly and indirectly First Pacific Company Limited** Through First Pacific Investment Management Limited, an indirect subsidiary

of First Pacific Company Limited*** Does not include share ownership of BOC and BOD of the Company

The figures are stated in Indonesian Language

* First Pacific Company Limited merupakan suatu perusahaan yang tercatat di Bursa Efek Hong Kong. Bapak Anthoni Salim memiliki kepentingan dan memegang kendali baik secara langsung maupun tidak langsung di First Pacific Company Limited

** Melalui First Pacific Investment Management Limited, entitas anak tidak langsung dari First Pacific Company Limited

*** Tidak termasuk kepemilikan saham oleh Dewan Komisaris dan Direksi Perseroan


50,07%** 49,93%First Pacific Company Limited* Public | Publik

name of shareholder total shares Issued and Fully PaidJumlah Saham

Ditempatkan dan Disetor Penuh

Percentage of share ownership

Persentase Kepemilikan Saham

Nama Pemegang Saham

First Pacific InvestmentManagement Limited

4.396.103.450 50,07% First Pacific InvestmentManagement Limited

Commissioners & Directors: Komisaris & Direksi:

• Anthoni Salim (President Director) 1.329.770 0,02% Anthoni Salim (Direktur Utama) •

• Franciscus Welirang (Director) 250 0,00% Franciscus Welirang (Direktur) •

• Taufik Wiraatmadja (Director) 50.000 0,00% Taufik Wiraatmadja (Direktur) •

Public (with ownership interestbelow 5%)***

4.382.943.030 49,91% Publik (dengan kepemilikan sahamdibawah 5%)***

total 8.780.426.500 100% Jumlah

type of shareholder number of shareholders

JumlahPemegang Saham

Percentage of share ownership

Persentase Kepemilikan Saham

Tipe Pemegang Saham

Foreign Institutions 1.046 82,56% Badan Usaha Asing

Local Institutions 700 15,85% Badan Usaha Dalam Negeri

Foreign Individuals 132 0,10% Perorangan Asing

Local Individuals 15.537 1,49% Perorangan Dalam Negeri

total 17.415 100% Jumlah

9


mAnAgement stRuCtuReSTRUKTUR MANAJEMEN

Board of Commissioners

President Commissioner Manuel V. Pangilinan

Commissioner Benny S. Santoso

Commissioner Christopher H. Young

Commissioner Joseph H. P. Ng

Commissioner John W. Ryan

Independent Commissioner Utomo Josodirdjo

Independent Commissioner Bambang Subianto

Independent Commissioner Adi Pranoto Leman

Board of Directors

President Director Anthoni Salim

Director Franciscus Welirang

Director Tjhie Tje Fie (Thomas Tjhie)

Director Taufik Wiraatmadja

Director Moleonoto (Paulus Moleonoto)

Director Axton Salim

Director Joedianto Soejonopoetro

Director Hendra Widjaja

Corporate secretary

Victor Suhendra

operations

CONSUMER BRANDED PRODUCTS

Noodles Taufik Wiraatmadja

Dairy Axton Salim

Steven Tan

Snack Foods Suaimi Suriady

Food Seasonings Sulianto Pratama

Nutrition & Special Foods Robert Arifin

Beverages Sungkono Sadikin

Bambang Jokoraharjo

Packaging T. Eddy Hariyanto

T. Hanes Zen Sunjaya

Bertinus Tirtadihardja

International Operations Darmawan Sarsito (Kevin Sietho)

Tan Elly (Elly Betty)

BOGASARI Franciscus Welirang

AGRIBUSINESS

Plantations Mark J. Wakeford

Moleonoto (Paulus Moleonoto)

Edible Oils & Fats Suaimi Suriady

DISTRIBUTION Joedianto Soejonopoetro

Audit Committee

Chairman Utomo Josodirdjo(Independent Commissioner)

Members Adi Pranoto Leman(Independent Commissioner)

Timotius(External IndependentProfessional)

nomination and Remuneration Committee

Chairman Utomo Josodirdjo(Independent Commissioner)

Members Benny S. Santoso (Commissioner)

Melia Setiawati (GM of Compensation, Benefit & HR Administration)

Corporate Functions

Corporate Treasury Rusmin Kasim

Susanto Sentausa

Corporate Controller Hendra Widjaja

Corporate Legal Ayda Wijaya

Corporate Internal Audit Adrian Jogi

Corporate Information Technology Hantoro Tanoto

Corporate Secretary Tjhie Tje Fie (Thomas Tjhie)

Investor Relations Mark J. Wakeford

Corporate Procurement Alexander A. Aditio

Corporate Human Resources Franciscus Welirang

Corporate Communication Stefanus Indrayana

Enterprise Risk Management Adrian Jogi

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2019 Annual Report


the business activities of the Company in accordance with the Articles of Association are engaged in Industry, trading, Agriculture, Farming, Water management, Research, training and education, Construction, Real estate, Warehousing, Food and Beverage Accomodation, service, and Investment Holding. Business activities conducted by the Company include, among others, the flour milling industry, which itself is integrated with the Company’s subsidiary engaged in the field of consumer branded products; the agribusiness industry, which consists of oil palm plantations and related processing mills, as well as other types of plantations and processing operations; as well as distribution.

Kegiatan usaha Perseroan menurut

Anggaran Dasar bergerak di bidang

Industri, Perdagangan, Pertanian, Peternakan,

Pengelolaan Air, Penelitian, Pendidikan

dan Pelatihan, Konstruksi, Real Estat,

Pergudangan dan Penyimpanan, Penyediaan

Akomodasi Makanan dan Minuman, Jasa,

serta Investasi Penyertaan / Holding. Kegiatan

usaha yang dijalankan oleh Perseroan

meliputi antara lain, industri penggilingan

gandum menjadi tepung terigu yang

terintegrasi dengan kegiatan usaha anak

perusahaan di bidang industri konsumen

bermerek, industri agribisnis yang terdiri dari

perkebunan dan pengolahan kelapa sawit dan

tanaman lainnya, serta distribusi.

BusIness stRuCtuReSTRUKTUR BISNIS

Bogasari groupGrup Bogasari

Agribusiness groupGrup Agribisnis

Distribution groupGrup Distribusi

• Plantations Division Divisi Perkebunan

• Beverages Division Divisi Minuman

Consumer Branded Products group Grup Produk Konsumen Bermerek

• Noodles Division Divisi Mi Instan

• Dairy Division Divisi Dairy

• Snack Foods Division Divisi Makanan Ringan

• Food Seasonings Division Divisi Penyedap Makanan

• Nutrition & Special Foods Division Divisi Nutrisi & Makanan Khusus

• Edible Oils & Fats Division Divisi Minyak & Lemak Nabati

11


ouR BRAnDsMEREK-MEREK KAMI

* Licensed from PepsiCo Inc. Lisensi dari PepsiCo Inc.

** *

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2019 Annual Report


DIVeRsIFIeD PoRtFolIoANEKA RAGAM PORTOFOLIO

Consumer Branded Products

Bogasari

13


Agribusiness

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2019 Annual Report

PT INDOFOOD SUKSES MAKMUR Tbk

BRIeF HIstoRy oF tHe ComPAnyRIWAYAT SINGKAT PERSEROAN

PT Indofood Sukses Makmur Tbk (“Indofood” orthe “Company”), which was incorporated asPT Panganjaya Intikusuma in 1990, has various businesses that have been operational since the early 1980s.

PT Indofood Sukses Makmur Tbk (“Indofood” atau “Perseroan”), yang didirikan dengan nama PT Panganjaya Intikusuma di tahun 1990, memiliki berbagai kegiatan usaha yang telah beroperasi sejak awal tahun 1980an.

• Incorporated as PT Panganjaya Intikusuma.

Didirikan dengan nama PT Panganjaya Intikusuma.

• Entered the snack foods business through a joint venture (“JV”) with

Fritolay Netherlands Holding B.V., an affiliate of PepsiCo Inc. Memulai kegiatan usaha di

bidang makanan ringan melalui perusahaan patungan dengan Fritolay Netherlands Holding B.V., perusahaan afiliasi PepsiCo Inc.

• Renamed PT Indofood Sukses Makmur.

Mengganti nama menjadi PT Indofood Sukses Makmur.

• Listed on the Indonesia Stock Exchange (“IDX”). Mencatatkan saham di Bursa Efek Indonesia (“BEI”).

• Commenced backward integration with the acquisition of the

Bogasari flour mill. Memulai integrasi bisnis melalui

akuisisi pabrik penggilingan gandum Bogasari.

• Expanded its business integration by acquiring a group of companies involved in plantations, agribusiness and distribution.

Memperluas integrasi bisnisnya dengan mengakuisisi grup perusahaan yang bergerak

di bidang perkebunan, agribisnis dan distribusi.

• Entered the shipping business through the acquisition of PT Pelayaran Tahta Bahtera. Memulai kegiatan usaha di bidang perkapalan dengan mengakuisisi PT Pelayaran Tahta Bahtera.

• Listed the Agribusiness Group, Indofood Agri Resources Ltd. (“IndoAgri”), on the Singapore Stock Exchange (“SGX”).

Mencatatkan saham Grup Agribisnis, Indofood Agri Resources Ltd. (“IndoAgri”), di Singapore Stock Exchange (“SGX”).

• The Agribusiness Group expanded its plantation holdings by acquiring

PT PP London Sumatra Indonesia Tbk (“Lonsum”), an IDX-listed plantation company.

Grup Agribisnis memperluas perkebunannya dengan mengakuisisi PT PP London Sumatra Indonesia Tbk (“Lonsum”), sebuah perusahaan perkebunan yang sahamnya tercatat di BEI.

1990

1994

1995 1997

2005

2007

2019 Annual Report

15


• The CBP Group expanded its beverage business by entering the packaged water business, with the acquisition of packaged water assets including the Club brand.

Grup CBP mengembangkan kegiatan usaha minumannya dengan memasuki bidang usaha air minum dalam kemasan (“AMDK”) melalui akuisisi aset AMDK termasuk merek Club.

• The CBP Group acquired full ownership of the beverage and culinary products subsidiaries, in addition to the product distribution expansion of paper diapers business.

Grup CBP mengakuisisi seluruh kepemilikan saham pada anak

perusahaan di bidang minuman dan produk kuliner serta memperluas pendistribusian produk kegiatan usaha paper diaper.

• The Agribusiness Group ventured into the sugar business by acquiring PT Lajuperdana Indah.

Grup Agribisnis memasuki kegiatan usaha gula dengan mengakuisisi PT Lajuperdana Indah.

• The CBP Group entered the dairy business by acquiring PT Indolakto (“Indolakto”), one of the leading dairy producers in Indonesia.

Grup CBP memasuki kegiatan usaha dairy melalui akuisisi

PT Indolakto (“Indolakto”), salah satu produsen produk dairy terkemuka di Indonesia.

• Listed the CBP Group, PT Indofood CBP Sukses Makmur Tbk (“ICBP”),

on the IDX. Mencatatkan saham Grup CBP, PT Indofood CBP Sukses Makmur

Tbk (“ICBP”), di BEI.

• Listed PT Salim Ivomas Pratama Tbk (“SIMP”), a subsidiary of the Agribusiness Group, on the IDX.

Mencatatkan saham PT Salim Ivomas Pratama Tbk (“SIMP”), anak perusahaan pada Grup Agribisnis, di BEI.

• The CBP Group entered the beverage business.

Grup CBP memasuki kegiatan usaha minuman.

• The Agribusiness Group expanded its sugar business to Brazil and the Philippines through equity investment in Companhia Mineira de Açúcar e Álcool Participações (“CMAA”) and Roxas Holdings Inc. (“Roxas”).

Grup Agribisnis memperluas kegiatan usaha gula ke Brasil dan Filipina melalui penyertaan saham di Companhia Mineira de Açúcar e Álcool Participações (“CMAA”) dan Roxas Holdings Inc. (“Roxas”).

2014

2018

2013

2011

2010

2008


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2019 Annual Report


CHRonologICAlsHARes lIstIng At IDXKRONOLOGIS PENCATATAN SAHAM DI BEI

DateTanggal

Corporate ActionAksi Korporasi

number of shares Issued and Fully PaidJumlah Saham

Ditempatkan dan Disetor Penuh

Par Value per share (Rupiah)

Nilai Nominalper Saham

(Rupiah)

17 May 199417 Mei 1994

Initial Public Offering (“IPO”) of 21,000,000 shareswith offering price of Rp6,200 per sharePenawaran umum perdana (“IPO”) sejumlah 21.000.000 sahamdengan harga penawaran sebesar Rp6.200 per saham

763.000.000 1.000

25 June 199625 Juni 1996

Par value split of the Company’s shares from Rp1,000 per share to Rp500 per share (stock split 1:2)Pemecahan nilai nominal saham dari Rp1.000 per sahammenjadi Rp500 per saham (pemecahan saham 1:2)

1.526.000.000 500

6 June 19976 Juni 1997

Right Issue I totaling 305,200,000 new shareswith offering price of Rp3,300 per sharePenawaran umum terbatas I sejumlah 305.200.000 sahamdengan harga penawaran sebesar Rp3.300 per saham

1.831.200.000 500

20 July 200020 Juli 2000

Par value split of the Company’s shares from Rp500 per share to Rp100 per share (stock split 1:5)Pemecahan nilai nominal saham dari Rp500 per sahammenjadi Rp100 per saham (pemecahan saham 1:5)

9.156.000.000 100

During 2001Sepanjang 2001

Purchase of treasury stock totaling 125,368,500 sharesPembelian kembali saham treasuri sejumlah 125.368.500 saham

9.156.000.000 100

During 2002Sepanjang 2002

Issuance of 228,900,000 new shares for Employee Stock Ownership Program (“ESOP”) IPenerbitan 228.900.000 saham baru sehubungan dengan program pemilikan saham karyawan perusahaan (“ESOP”) I

9.384.900.000 100

Purchase of treasury stock totaling 790,231,500 sharesPembelian kembali saham treasuri sejumlah 790.231.500 saham

9.384.900.000 100

20032003

Issuance of 58,369,500 new shares for ESOP IIPenerbitan 58.369.500 saham baru sehubungan dengan ESOP II

9.443.269.500 100

20042004

Issuance of 919,500 new shares for ESOP IIIPenerbitan 919.500 saham baru sehubungan dengan ESOP III

9.444.189.000 100

27 June 200827 Juni 2008

Redemption of 663,762,500 shares of treasury stock and sale of remaining 251,837,500 sharesPenarikan kembali atas 663.762.500 saham treasuri dan penjualan kembali 251.837.500 saham

8.780.426.500 100

17


CHRonologICAlBonD IssuAnCeKRONOLOGIS PENERBITAN OBLIGASI

DescriptionKeterangan

Issuance DateTanggal Emisi

Due DateTanggal Jatuh

Tempo

tenor(year)

Jangka waktu(tahun)

Amount(in trillion Rupiah)

Jumlah(dalam triliun Rupiah)

Coupon RateTingkat Bunga

Rating *Peringkat *

Indofood SuksesMakmur Bond I

12 July 2000 12 July 2005 5 1,00 16,00% idAA+

Indofood SuksesMakmur Bond II

10 June 2003 10 June 2008 5 1,50 13,50% idAA

Indofood SuksesMakmur Bond III

13 July 2004 13 July 2009 5 1,00 12,50% idAA

Indofood SuksesMakmur Bond IV

15 May 2007 15 May 2012 5 2,00 10,0125% idAA+

Indofood SuksesMakmur Bond V

18 June 2009 18 June 2014 5 1,61 13,00% idAA

Indofood SuksesMakmur Bond VI

31 May 2012 31 May 2017 5 2,00 7,25% idAA+

Indofood SuksesMakmur Bond VII

13 June 2014 13 June 2019 5 2,00 10,125% idAA+

Indofood SuksesMakmur Bond VIII

26 May 2017 26 May 2022 5 2,00 8,70% idAA+

* Rating Agency: Pefindo; rating on the issuance date; Pefindo gave the rating of idAA+ for Bond VIII and PT Indofood Sukses Makmur Tbk covering the period from 4 April 2019 to 1 April 2020. Pefindo has affirmed its idAA+ rating for Bond VIII and PT Indofood Sukses Makmur Tbk covering the period from 2 April 2020 to 1 April 2021.

Perusahaan Pemeringkat: Pefindo; peringkat pada tanggal emisi/penerbitan obligasi; Pefindo memberikan peringkat idAA+ atas Obligasi VIII dan PT Indofood Sukses Makmur Tbk untuk periode 4 April 2019 sampai dengan 1 April 2020. Pefindo telah memberikan peringkat idAA+ atas Obligasi VIII dan PT Indofood Sukses Makmur Tbk untuk periode 2 April 2020 sampai dengan 1 April 2021.

18

2019 Annual Report


sHARe PRICe InFoRmAtIonINFORMASI HARGA SAHAM

As of 31 December 2019, the Company’s 8,780,426,500 shares with a par value of Rp100 per share, were listed on the IDX, with total registered shareholders exceeding 17,000. Share volume traded on the regular market during 2019 totaled 2,056,993,900 shares at prices ranging from Rp5,850 per share to Rp8,050 per share and closing at Rp7,925.

yearTahun

outstandingshare 1 3Saham

Beredar 1 3

marketCapitalization 2 3

KapitalisasiPasar 2 3

HighestTertinggi

lowestTerendah

ClosingPenutupan

tradingVolumeVolume

Perdagangan

2019 I 8.780 55.975.219 7.900 6.375 6.375 565.937.300

II 8.780 61.682.496 7.150 5.850 7.025 573.047.600

III 8.780 67.609.284 8.050 6.675 7.700 503.057.400

IV 8.780 69.584.880 8.050 7.275 7.925 414.951.600

During the yearSelama Tahun Laporan

8.780 69.584.880 8.050 5.850 7.925 2.056.993.900

2018 I 8.780 63.219.071 8.125 6.975 7.200 514.213.800

II 8.780 58.389.836 7.350 6.075 6.650 477.262.800

III 8.780 51.804.516 6.775 5.850 5.900 372.091.000

IV 8.780 65.414.177 7.550 5.500 7.450 532.479.000

During the yearSelama Tahun Laporan

8.780 65.414.177 8.125 5.500 7.450 1.896.046.600

Source | Sumber: IDX Monthly Statistics

1 In million2 In million Rupiah3 At the end of period

The figures are stated in Indonesian language

Per 31 Desember 2019, sejumlah 8.780.426.500 saham Perseroan dengan nilai nominal Rp100 per saham, tercatat pada BEI, dengan jumlah pemegang saham melebihi 17.000. Volume saham yang diperdagangkan di pasar reguler selama tahun 2019 berjumlah 2.056.993.900 dengan harga berkisar antara Rp5.850 per saham hingga Rp8.050 per saham dan ditutup pada harga Rp7.925.

1 Dalam juta2 Dalam juta Rupiah3 Per akhir periode


IDX - CI I HSGShare Price I Harga Saham (Rupiah)

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

7.925

6.300

1.000

0

2.000

3.000

6.000

4.000

7.000

9.000

5.000

8.000

10.000

I

20192018

1st Quarter 1st Quarter2nd Quarter 2nd Quarter3rd Quarter 3rd Quarter4th Quarter 4th Quarter

19


ACColADes & CeRtIFICAtIonsPENGHARGAAN & SERTIFIKASI

AccoladesPenghargaan

Corporate | Perusahaan

• CSA Award 2019 – PT Indofood Sukses Makmur Tbk as the Chosen Public Company of the 42 Best Public Companies by Asosiasi Analis Efek Indonesia and CSA Research

• Indonesian Biodiversity Conservation Trust Fund (KEHATI) – PT Indofood Sukses Makmur Tbk as a Constituent of Sustainable Responsible Investment (SRI) – KEHATI INDEX 2019 by Yayasan Keanekaragaman Hayati Indonesia

• Bank Indonesia Award 2019 – PT Indofood Sukses Makmur Tbk as Best Bank Indonesia Statistics Corporate Respondent in Contact liason group by Bank Indonesia

• Indonesia The Best PR 2019 – PT Indofood Sukses Makmur Tbk as Corporate Communication Team of The Year 2019 in Consumer goods Industry Category by MIX Magazine and SWA Magazine

• PR Indonesia Award 2019 – Anthoni Salim as Most Popular Leader in Social Media in Private Public Company Sector CEO Category by PR Indonesia

• Social Business Innovation Award 2019 – Indofood as Top 5 Social Business Innovation Company 2019 in Food & Beverages Category by Warta Ekonomi Magazine

• University of Indonesia Awarding Night 2019 – Indofood as The Best Partner in Social Dedication Category by University of Indonesia

• CECT Sustainability Awards 2019 – PT Indofood Sukses Makmur Tbk for Overall Sustainability Performance in Consumer goods Category and for Iso 26000 (CsR guidance) in labour Practices Category by Trisakti University

• The 8th Indonesia Inhouse Magazine Awards 2019 – Media Indofood of PT Indofood Sukses Makmur Tbk as Silver Winner of the Best Private Company Category by Serikat Perusahaan Pers

Indomie as #1 in IndonesiaMost Chosen Brands 2019 by Kantar

20

2019 Annual Report


Consumer Branded Products | Produk Konsumen Bermerek

• SWA 100 Best Wealth Creator ASEAN Best Public Companies 2019 – PT Indofood CBP Sukses Makmur Tbk as Indonesia the Best Public Companies Based on Wealth Added Index or “WAI” (overall) (Ranked 10th); Indonesia the Best Public Companies on WAI 2019 in Food, Beverage & tobacco Industry Category (Ranked 3rd); AseAn the Best Public Companies Based on WAI 2019 in Food Beverage & tobacco Industry Category (Ranked 4th) by SWA Magazine

• 100 Best Listed Companies Awards 2019 – PT Indofood CBP Sukses Makmur Tbk as The Best Public Company 2019 in Food and Beverages Category by Majalah Investor• the 11th IICD Corporate Governance Conference and Award – PT Indofood CBP Sukses Makmur Tbk as Most Improved and top 50 of Big Capitalization Public listed Company by Indonesian Institute for Corporate Directorship• CSA Award 2019 – PT Indofood CBP Sukses Makmur Tbk as the Chosen Public Company of the 42 Best Public Companies by Asosiasi Analis Efek Indonesia and CSA Research• Subroto Award 2019 (Penghargaan Subroto 2019) – PT Indofood CBP Sukses Makmur Tbk, Noodles Division, East Java Branch as 3rd Winner for Energy Efficiency in the Category of Energy Management in Large Industry by Ministry of Energy

and Mineral Resources of the Republic of Indonesia

• Most Chosen Brand 2019 – Indomie as #1 Most Chosen Brand in Indonesia by Kantar• BrandZ Top 50 Most Valuable Indonesian Brands 2019 – Indomie (Ranked 14th) and as the most loved Indonesian Brand by WPP & Kantar• Indonesia WOW Brand 2019 – Indomie as Gold Champion in Pouch Instant Noodles Category by MarkPlus Inc.• The Indonesia’s Most Valuable Brands– Indomie (Ranked 13th) by Brand Finance plc.• Halal Award 2019 – Indomie as Premium Halal Top Brand 2019 in Instant Noodles Category by The Assessment Institute for Food, Drugs and Cosmetics, the Indonesian Council of Ulama (“LPPOM MUI”)• Indonesia WOW Brand 2019 – Pop Mie as Gold Champion in Cup Noodles Category by MarkPlus Inc.• The Indonesia’s Most Valuable Brands – Pop Mie (Ranked 100th) by Brand Finance plc.• BrandZ Top 50 Most Valuable Indonesian Brands 2019 – Supermi (Ranked 43th) by WPP & Kantar• Indonesia WOW Brand 2019 – Supermi as Bronze Champion in Pouch Instant Noodles Category by MarkPlus Inc.• The Indonesia’s Most Valuable Brands – Supermi (Ranked 85th) by Brand Finance plc.• BrandZ Top 50 Most Valuable Indonesian Brands 2019 – Sarimi (Ranked 45th) by WPP & Kantar• The Indonesia’s Most Valuable Brands – Sarimi (Ranked 84th) by Brand Finance plc.• Halal Award 2019 – Chitato as Halal Top Brand 2019 in Snack Food Category by LPPOM MUI• Reader’s Choice Award 2019 – Promina for Gold Award in Baby Porridge Category by Mother & Baby MagazineBogasari | Bogasari

• Halal Award 2019 – Segitiga Biru as Halal Top Brand 2019 in Flour Category by LPPOM MUIAgribusiness | Agribisnis

• the 11th IICD Corporate Governance Conference and Award – PT Salim Ivomas Pratama Tbk as Top 50 of mid Capitalization Public listed Company by Indonesian Institute for Corporate Directorship• Tempo Country Contributor Award 2019 – PT Salim Ivomas Pratama Tbk as Tax-Friendly Corporate by Tempo Media Group• the 11th IICD Corporate Governance Conference and Award – PT PP London Sumatra Indonesia Tbk as Best Right of shareholders and top 50 of mid Capitalization Public listed Company by Indonesian Institute for Corporate Directorship• CECT Sustainability Awards 2019 – PT PP London Sumatra Indonesia Tbk for Overall Sustainability Performance in Industry Based Agriculture Category by Trisakti University• Social Business Innovation and Green CEO Award 2019 – PT PP London Sumatra Indonesia Tbk as Top 5 Social Business Innovation Company 2019 in Plantation Category by Warta Ekonomi• Program Kampung Iklim (ProKlim) 2019 – 3 villages in Lubuk Raja Estate, 3 villages in Bukit Raja Estate and 1 village in Cibaliung estate, Riau, received awards for actively implementing ProKlim by Ministry of Environment and Forestry of the

Republic of Indonesia

• Sekolah Adiwiyata 2019 – 3 schools in PT Salim Ivomas Pratama Tbk’s estates in Riau, received awards for Sekolah Peduli dan Berbudaya lingkungan by the Riau Government• Indonesia Living Legend Brand – Bimoli as Indonesia Living Legend Brand (1968-2019) by SWA Magazine• Indonesia WOW Brand 2019 – Bimoli as Gold Champion in Cooking Oil Category by Markplus Inc.• The Indonesia’s Most Valuable Brands – Bimoli (Ranked 26th) by Brand Finance plc.• Halal Award 2019 – Bimoli as Premium Halal Top Brand in Cooking Oil Category by LPPOM MUI

21


CertificationsSertifikasi

CertificationsSertifikasi

IssuerLembaga Penerbit

expiry year*Tahun Kedaluwarsa*

Halal LPPOM MUI 2021

Halal Assurance System (Sistem Jaminan Halal) LPPOM MUI 2023

FSSC 22000 SAI Global Certification Services Pty Ltd

SGS United Kingdom Ltd

2021

ISO 22000 SGS United Kingdom Ltd

United Registrar of Systems Ltd. (URS Certification)

2022

SNI (Indonesian National Standard) Centre for Agro-Based Industry Certification Services (ABI PRO)

Ministry of Industry of the Republic of Indonesia

2023

ISO 50001 PT TÜV NORD Indonesia

TÜV SÜD Management Service GmbH

2022

AIB International Consolidated Standards for Prerequisite and Food Safety Programs

AIB International 2020

ISO 9001 Centre for Agro Based Industry Certification Services (ABICS)

PT Lloyd’s Register Indonesia

SAI Global Certification Services Pty Ltd

PT SGS Indonesia


PT TÜV NORD Indonesia

TÜV Rheinland Cert GmbH

2022

ISO 45001 SGS United Kingdom Ltd 2022

OHSAS 18001 PT Bureau Veritas Indonesia

PT SGS Indonesia

Sucofindo International Certification Services

2021

ISO 14001 SAI Global Certification Services Pty Ltd


Sucofindo International Certification Services

TÜV Rheinland Cert GmbH

2022

ISO 17025 National Accreditation Body of Indonesia (KAN) 2021

FSC (Forest Stewardship Council) Chain-of-Custody SGS South Africa (Pty) Ltd 2021

BRC Global Standard for Packaging and Packaging Material

DQS CFS GmbH (German Association for Sustainability) 2020

SMK3 (Occupational Safety and Health Management System)

Ministry of Manpower of the Republic of Indonesia 2022

PROPER (Company Performance Rating Program in Environmental Management)

Ministry of Environment and Forestry of the Republic of Indonesia

2019

ISPO (Indonesian Sustainable Palm Oil) PT AJA Sertifikasi Indonesia

PT Mutuagung Lestari

PT SAI Global Indonesia

PT TÜV NORD Indonesia

PT TÜV Rheinland Indonesia

2024

* The last expiration year of certificates owned by the Company and its subsidiaries Tahun kedaluwarsa terakhir dari sertifikat yang dimiliki oleh Perseroan dan entitas anak

Audit of some certifications conducted annuallyAudit atas beberapa sertifikasi dilakukan setiap tahun

22

2019 Annual Report


messAge FRom tHe PResIDent CommIssIoneRSAMBUTAN KOMISARIS UTAMA

23


Dear shareholders,

2019 proved to be a challenging year marked by global trade uncertainties and volatile commodity prices. Despite these challenges, Indofood as a Total Food Solutions company, has nevertheless demonstrated strong resilience with its robust business model and integrated value chain to achieve stable growth in both revenue and profitability in the year.

In the aftermath of trade tensions between major economies and restrained investments, the global economy grew at a lackluster pace of around 2% - 3%in 2019, its lowest since the global financial crisis in 2008-2009. At home, Indonesia’s GDP expanded by 5.0%, driven by strong government spending and growing household consumption. The stable Rupiah and inflation rate also helped to secure consumer confidence.

The Fast-Moving Consumer Goods (“FMCG”) industry expanded in value amid intensifying competition, especially in fast-growing categories. In agribusiness, Crude Palm Oil (“CPO”) prices stayed stubbornly low in the year averaging

Para Pemegang saham yang terhormat,

Tahun 2019 merupakan tahun yang penuh tantangan, yang ditandai dengan ketidakpastian akan perdagangangan dunia dan harga-harga komoditas. Terlepas dari berbagai tantangan ini, Indofood sebagai perusahaan Total Food Solutions, berhasil membuktikan ketangguhannya dengan didukung oleh model bisnisnya yang kuat serta mata rantai pasokan yang terintegrasi guna mencapai pertumbuhan pendapatan dan profitabilitas yang stabil di tahun 2019.

Seiring ketegangan perdagangan antara negara-negara maju dan rendahnya tingkat investasi, pertumbuhan ekonomi dunia melambat menjadi sekitar 2% - 3% di tahun 2019, terendah sejak krisis keuangan global di tahun 2008-2009. Di Indonesia, PDB tumbuh sebesar 5,0% yang didukung oleh belanja pemerintah dan tumbuhnya konsumsi rumah tangga. Nilai tukar Rupiah dan tingkat inflasi yang stabil juga membantu dalam mempertahankan tingkat kepercayaan konsumen.

Industri Fast-Moving Consumer Goods (“FMCG”) terus tumbuh di tengah persaingan yang semakin kompetitif, terutama pada kategori dengan tingkat pertumbuhan tinggi. Di sektor agribisnis, harga Crude Palm Oil (“CPO”) tetap melemah di tahun 2019

The BOC is satisfied with the leadership and performance of the BoD, particularly in its ability to adapt strategies and take appropriate measures to sustain the Group’s profitability and market leadership, maintain a healthy balance sheet, develop effective sustainability programs, and uphold good corporate governance in these trying times.Dewan Komisaris merasa puas dengan kepemimpinan dan kinerja Direksi, terutama dalam menjalankan strategi dan mengambil langkah-langkah yang tepat untuk mempertahankan tingkat profitabilitas dan kepemimpinan pasar, serta menjaga neraca keuangan yang sehat, mengembangkan program keberlanjutan yang efektif, dan menjalankan tata kelola perusahaan yang baik di masa yang penuh tantangan.

”

24

2019 Annual Report


US$572/MT, but picked up towards the end of the year to reach US$852/MT on 31 December 2019.

Against this backdrop, Indofood achieved its financial targets in 2019. Consolidated net sales grew by 4.4% with CBP and Bogasari being the key drivers. Core profit, a clear indicator of Indofood’s underlying performance for the year, grew by 22.6%.

The Board of Commissioners (“BOC”) is satisfied with the leadership and performance of the Board of Directors (“BOD”), particularly in its ability to adapt strategies and take appropriate measures to sustain the Group’s profitability and market leadership, maintain a healthy balance sheet, develop effective sustainability programs, and uphold good corporate governance in these trying times.

During 2019, the BOC met with the BOD regularly to supervise and advise on key issues related to strategy, financial results, progress of key initiatives, and sustainability and corporate governance, amongst others. Supporting the BOC in its supervisory function are the Audit Committee (“AC”) and the Nomination and Remuneration Committee (“NRC”). The AC oversees financial reporting, internal controls, compliance and risk management, while the NRC supervises the nomination and remuneration of Board members. Both committees met regularly and made relevant recommendations to the BOC in the year. The BOC is satisfied that the AC and the NRC have carried out their respective supervisory roles well.

At the Annual General Meeting held on 29 May 2019, Mr. Robert C. Nicholson and Mr. Sulianto Pratama stepped down from their respective roles in the BOC and the BOD. We are very grateful for their valuable service and contribution over the years. Robert is succeeded by Mr. John W. Ryan, who brings with him extensive experience in communications and sustainability. The BOC warmly welcomes John onboard and looks forward to working closely with him.

dengan rata-rata sebesar US$572/MT, namun mengalami peningkatan menjelang akhir tahun hingga mencapai US$852/MT per tanggal 31 Desember 2019.

Di tengah kondisi tersebut, Indofood berhasil mencapai target dari kinerja keuangannya di tahun 2019. Penjualan neto konsolidasi tumbuh 4,4%, terutama didukung oleh kinerja Grup CBP dan Bogasari. Core profit, yang mencerminkan kinerja operasional Indofood di tahun 2019, tumbuh sebesar 22,6%.

Dewan Komisaris merasa puas dengan kepemimpinan dan kinerja Direksi, terutama dalam menjalankan strategi dan mengambil langkah-langkah yang tepat untuk mempertahankan tingkat profitabilitas dan kepemimpinan pasar, serta menjaga neraca keuangan yang sehat, mengembangkan program keberlanjutan yang efektif, dan menjalankan tata kelola perusahaan yang baik di masa yang penuh tantangan.

Di sepanjang tahun 2019, Dewan Komisaris mengadakan pertemuan secara rutin dengan Direksi dalam rangka melakukan pengawasan dan memberikan saran terkait strategi, kinerja keuangan, perkembangan dari berbagai inisiatif penting, serta aspek keberlanjutan dan tata kelola perusahaan. Dalam menjalankan fungsi pengawasannya, Dewan Komisaris dibantu oleh Komite Audit dan Komite Nominasi dan Remunerasi. Komite Audit melakukan pengawasan atas pelaporan keuangan, pengendalian internal, kepatuhan terhadap peraturan dan pengelolaan risiko, sedangan Komite Nominasi dan Remunerasi melakukan supervisi dalam hal nominasi dan remunerasi anggota Dewan Komisaris dan Direksi. Di tahun 2019, kedua komite secara rutin menyelenggarakan rapat dan menyampaikan rekomendasi yang relevan kepada Dewan Komisaris. Dewan Komisaris menilai Komite Audit dan Komite Nominasi dan Remunerasi telah menjalankan peran mereka dengan baik.

Dalam Rapat Umum Pemegang Saham Tahunan yang diselenggarakan pada tanggal 29 Mei 2019, Bapak Robert C. Nicholson dan Bapak Sulianto Pratama mengundurkan diri dari jabatannya masing-masing di Dewan Komisaris dan Direksi. Kami menyampaikan terima kasih dan penghargaan yang setinggi-tingginya atas pengabdian dan jasa-jasa mereka terhadap Perseroan. Bapak Robert digantikan oleh Bapak John W. Ryan, yang memiliki banyak pengalaman di bidang komunikasi dan keberlanjutan. Dewan Komisaris menyambut bergabungnya Bapak John dan siap untuk bekerja sama dengan beliau.

24

2019 Annual Report


25


25


26

2019 Annual Report


RePoRt oF tHe PResIDent DIReCtoRLAPORAN DIREKTUR UTAMA

27


Despite the headwinds that arose from weak commodity prices, Indofood has shown its resilience as a total Food solutions company evidenced by its ability to stay Ahead through Challenges. the Company achieved its performance targets for 2019.Walaupun menghadapi tekanan akibat melemahnya harga-harga komoditas, Indofood telah menunjukkan ketangguhannya sebagai perusahaan Total Food Solutions, terbukti dari kemampuannya untuk Tetap Terdepan dalam Melewati Tantangan (Stay Ahead Through Challenges). Perseroan berhasil mencapai target kinerjanya untuk tahun 2019.

Dear shareholders,

The slowdown in global trade and investments, compounded by rising trade and geopolitical tensions, did not overshadow Indonesia’s strong market fundamentals during 2019. The domestic economy maintained its upward trajectory, buoyed by stable household consumption and government spending while inflation and the Rupiah exchange rate were kept on an even keel.

Despite the headwinds that arose from weak commodity prices, Indofood has shown its resilience as a Total Food Solutions company evidenced by its ability to Stay Ahead Through Challenges. The Company achieved its performance targets for 2019. Consolidated net sales grew by 4.4% with CBP and Bogasari being the key drivers. EBIT rose by 7.5% and EBIT margin was expanded to 12.8%. Core profit, a clear indicator of Indofood’s underlying performance for the year, grew by 22.6%.

”

Para Pemegang saham yang terhormat,

Melambatnya perdagangan dan investasi global, serta meningkatnya ketegangan perdagangan dan geopolitik, tidak mempengaruhi ketangguhan fundamental pasar Indonesia sepanjang tahun 2019. Perekonomian di dalam negeri berhasil mempertahankan arah pertumbuhannya, didukung oleh konsumsi rumah tangga dan belanja pemerintah yang stabil, serta tingkat inflasi dan nilai tukar Rupiah yang tetap terjaga.

Walaupun menghadapi tekanan akibat melemahnya harga-harga komoditas, Indofood telah menunjukkan ketangguhannya sebagai perusahaan Total Food Solutions, terbukti dari kemampuannya untuk Tetap Terdepan dalam Melewati Tantangan (Stay Ahead Through Challenges). Perseroan berhasil mencapai target kinerjanya untuk tahun 2019. Penjualan neto konsolidasi tumbuh sebesar 4,4%, yang terutama didukung oleh kinerja dari Grup CBP dan Bogasari. EBIT naik 7,5% dan marjin EBIT meningkat menjadi 12,8%. Sementara itu, core profit yang mencerminkan kinerja operasional Indofood di tahun 2019, tumbuh sebesar 22,6%.

28

2019 Annual Report


staying Ahead through Challenges

The CBP group managed to strengthen its top-line and drove market share through product portfolio optimization, new product launches, and effective brand campaigns in 2019. These endeavors were supported by higher domestic demand for almost all product categories that ICBP is in.

Capitalizing on ICBP’s presence in more than 60 countries, export sales was accelerated by increasing the number of SKUs available to overseas consumers. The synergistic partnership between the CBP and Distribution Groups supported the efforts to deepen our market penetration, as well as expand into new markets. Our Indomie brand is globally recognized and remains a popular choice of instant noodles locally and abroad. We are honoured that Indomie Fried Noodles Barbeque Chicken topped the LA Times’ Instant Ramen Power Rankings, amongst other notable industry accolades achieved by ICBP in 2019.

The focus on food service establishments provided another growth engine for ICBP. To capture opportunities from the growing number of Food and Beverages (“F&B”)outlets, we increased our food service offerings and drove sales through a variety of brand activations, such as co-creation of recipes with local chefs, cooking demonstrations, social media campaigns, as well as partnerships with small and medium enterprises (“SMEs”) engaged in food service businesses. On the operational front, the production capacities of our dairy and flexible packaging facilities were expanded by about 5%, while a new factory to produce seasonings for the instant noodles was completed in Palembang.

The Bogasari group recorded sales and EBIT growth, mainly driven by higher average selling prices. This reflected the full-year impact of the price increases in 2018, in response to higher international wheat prices. Bogasari continued to maintain its dominant position as the number one brand of flour and pasta trusted by generations of Indonesians. While per capita flour consumption in Indonesia is relatively low, we are optimistic of the inherent growth potential given Indonesians’ changing eating habits, including many who

28

2019 Annual Report


tetap terdepan dalam melewati tantangan

grup CBP berhasil memperkuat kinerja penjualan dan pangsa pasarnya melalui optimalisasi portofolio produk, peluncuran produk baru, serta brand campaign yang efektif di sepanjang tahun 2019. Upaya tersebut juga didukung oleh meningkatnya permintaan konsumen di dalam negeri pada hampir seluruh kategori produk yang dimiliki ICBP.

Dengan memanfaatkan kehadiran ICBP di lebih dari 60 negara, penjualan ekspor berhasil ditingkatkan melalui penambahan ragam produk yang ditawarkan bagi para konsumen di luar negeri. Sinergi kerjasama yang baik antara Grup CBP dan Distribusi telah mendukung upaya kami untuk terus memperluas dan memperdalam penetrasi pasar. Merek Indomie kami telah dikenal secara luas dan terus menjadi pilihan utama untuk produk mi instan bagi konsumen baik di dalam maupun luar negeri. Kami merasa bangga atas produk Indomie Mi Goreng Ayam Panggang yang berhasil memuncaki peringkat Instant Ramen Power Rankings di LA Times, salah satu dari banyak penghargaan penting lainnya yang berhasil diraih oleh ICBP di tahun 2019.

Fokus pada sektor food service juga telah menjadi pendorong pertumbuhan bagi ICBP. Guna meraih peluang dari semakin banyaknya outlet makanan & minuman, kami telah memperluas ragam produk yang ditujukan ke sektor ini serta mendorong penjualan melalui berbagai kegiatan brand activation, seperti pembuatan berbagai resep dengan para koki lokal, demo memasak, kampanye di media sosial, kemitraan dengan berbagai Usaha Kecil dan Menengah (“UKM”) di bidang food service. Di sisi operasional, kapasitas produksi dairy dan kemasan fleksibel telah ditingkatkan sekitar 5%, sementara pembangunan pabrik baru untuk memproduksi minyak dan bumbu mi instan di Palembang juga telah diselesaikan.

grup Bogasari berhasil mencatatkan pertumbuhan penjualan dan EBIT, terutama didorong oleh kenaikan harga jual rata-rata. Kenaikan tersebut merupakan dampak satu tahun penuh atas kenaikan harga yang dilakukan di tahun 2018 akibat naiknya harga gandum internasional. Bogasari tetap dapat mempertahankan kepemimpinannya di pasar tepung terigu dan pasta di Indonesia dengan mereknya yang telah dipercaya oleh para konsumen dari generasi ke generasi. Walaupun konsumsi tepung terigu per kapita di Indonesia masih relatif rendah, kami merasa optimis akan potensi pertumbuhan ke depannya seiring

29


are switching from rice to bread and noodles. The boom in F&B businesses, including the escalation of high-end bakeries, has further reinforced the demand prospects for wheat-based products.

We have been expanding our flour mills to ensure sufficient capacity to capture market growth. Achievements in 2019 included an 8% capacity increase completing a four-year upgrading program, with state-of-the-art technology for the existing mills in Jakarta and Surabaya, and the construction of two additional production lines at the Cibitung factory scheduled to conclude within the next few years. The packing machines were upgraded with an automatic bag palletizer to drive productivity and operational efficiency.

The Agribusiness group faced a challenging year on the back of declines in CPO production and commodity prices. CPO output fell by 9% year-on-year due to nucleus replanting programs, and lower supply from smallholders. Although CPO prices began to pick-up significantly during 4Q 2019, the average price for 2019 (CIF Rotterdam) came in at US$572 per ton or 5% lower than the previous year.

Notwithstanding the negative production growth that prevailed across the palm industry, our downstream business delivered a strong performance with double-digit profitability growth. The market share for Bimoli, our top-selling brand of consumer cooking oil, improved.

To ensure steady supplies of CPO for Edible Oils and Fats (“EOF”) production, about 1,500 hectares of new plantings were achieved while some 4,000 hectares of oil palm estates were replanted during the year using the latest high yielding, disease resistant oil palm seeds from our own R&D seed production facilities. In terms of capacity expansion, we completed a new 45 MT FFB/hour palm oil mill in Central Kalimantan in September. Our chocolate factory with Daitocacao was completed in April 2019 and has started operations.

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dengan perubahan kebiasaan makan warga Indonesia, termasuk sebagian yang beralih dari nasi menjadi lebih memilih roti dan mi. Berkembangnya sektor kuliner di Indonesia, termasuk tumbuhnya jumlah bakery untuk pasar menengah ke atas, terus memperkuat prospek permintaan akan produk-produk berbasis gandum.

Kami telah meningkatkan kapasitas pabrik penggilingan gandum kami guna memastikan kecukupan kapasitas produksi dalam memenuhi pertumbuhan pasar. Pencapaian di tahun 2019 meliputi diselesaikannya program peremajaan pabrik yang telah dilakukan selama empat tahun terakhir dengan total peningkatan kapasitas sebesar 8%, yang memanfaatkan teknologi terkini untuk pabrik-pabrik di Jakarta dan Surabaya, serta telah dimulainya pembangunan dua lini produksi baru sebagai tambahan kapasitas di pabrik Cibitung yang dijadwalkan akan selesai dalam beberapa tahun ke depan. Mesin-mesin pengemasan juga telah diremajakan melalui otomatisasi bag palletizer guna meningkatkan produktivitas dan efisiensi operasional.

Tahun 2019 merupakan tahun yang penuh tantangan bagi grup Agribisnis karena mengalami penurunan produksi CPO serta harga komoditas. Produksi CPO turun sebesar 9% terutama disebabkan oleh program penanaman kembali di perkebunan inti, serta turunnya pasokan dari para petani. Walaupun terjadi pemulihan harga CPO di kuartal keempat tahun 2019, harga rata-rata untuk tahun 2019 (CIF Rotterdam) tercatat sebesar US$572 per ton atau 5% lebih rendah dari tahun sebelumnya.

Di tengah melemahnya pertumbuhan produksi di seluruh industri kelapa sawit, kegiatan usaha kami di sektor hilir berhasil meraih kinerja positif dengan pertumbuhan profitabilitas sebesar double-digit. Pangsa pasar Bimoli, sebagai merek unggulan kami untuk produk minyak goreng, telah meraih peningkatan.

Guna menjamin kestabilan pasokan CPO untuk produksi Minyak dan Lemak Nabati, telah diselesaikan penanaman baru sekitar 1.500 hektar, sedangkan sekitar 4.000 hektar perkebunan kelapa sawit telah ditanam kembali sepanjang tahun 2019 dengan memanfaatkan benih bibit terbaru yang unggul dan tahan penyakit dari fasilitas penelitian dan pengembangan produksi benih bibit kami. Dalam hal peningkatan kapasitas, di bulan September kami telah menyelesaikan pembangunan pabrik kelapa sawit baru berkapasitas 45 ton TBS per jam di Kalimantan Tengah. Pabrik cokelat kami yang bekerjasama dengan Daitocacao telah selesai pembangunannya di bulan April 2019 dan kini telah beroperasi.

30 PT INDOFOOD SUKSES MAKMUR Tbk

The Distribution group, which is core to our integrated business model, and differentiates us from our competitors, continued to focus on deepening our distribution penetration and widening the market reach, especially in the rural districts. To ensure the swift supply of Indofood products in response to customer demands, the number of registered retail outlets we serve has increased to more than 700,000. The Customer Relationship Management and Account Salesman Mandiri programs introduced in the previous year have been key to the Group’s sales and service quality improvements. We continued to monitor these programs closely to ensure their optimum operation. Divisional sales teams were successfully implemented during the year, which allowed them to be more focused in reaching sales potential.

Driving organizational excellence

Effective Human Resource (“HR”) management and good Information Technology (“IT”) support have been key enablers in our drive to Stay Ahead Through Challenges. During the year, we continued to strengthen our talent development programs and succession planning initiatives, while the digitization of business processes and workflows have contributed to increased productivity and efficiency.

As the leader of multiple industries in Indonesia, we are committed to upholding a high standard of corporate governance. We have also been taking strides to improve our accountability to stakeholders on material Environmental, Social and Governance factors. More details of these programs can be found in the Corporate Social Responsibilities (“CSR”) and Corporate Governance section of this Annual Report.

outlook 2020

Barring projected declines in the developed markets, global economic growth is likely to be well-supported by emerging and developing countries. As for Indonesia, the country’s auspicious macroeconomic outlook and favorable demographics will continue to provide future growth opportunities for Indofood.

2019 Annual Report

grup Distribusi, yang merupakan bagian inti dari model bisnis kami yang terintegrasi dan membedakan kami dengan perusahaan lainnya, terus memfokuskan pada pendalaman penetrasi distribusi dan perluasan jangkauan pasar, terutama di daerah-daerah pedesaan. Guna memastikan pasokan produk Indofood yang cepat seiring dengan permintaan konsumen, jumlah outlet ritel teregistrasi yang kami layani telah meningkat menjadi lebih dari 700.000. Program Customer Relationship Management dan Account Salesman Mandiri yang diluncurkan pada tahun sebelumnya telah menjadi kunci bagi peningkatan penjualan dan kualitas pelayanan Grup. Kami terus memonitor program-program tersebut secara cermat guna menjamin tercapainya operasi yang optimal. Tim penjualan per divisi telah berhasil di implementasikan di tahun 2019, sehingga mereka lebih fokus dalam mencapai potensi penjualan.

meningkatkan Keunggulan organisasi

Dukungan manajemen Sumber Daya Manusia (“SDM”) dan Teknologi Informasi (“TI”) yang efektif telah menjadi faktor penting bagi kami untuk Tetap Terdepan dalam Melewati Tantangan. Di sepanjang tahun 2019, kami terus memperkuat program pengembangan SDM dan inisiatif perencanaan suksesi, sedangkan digitalisasi yang dilakukan pada proses bisnis dan alur kerja telah menghasilkan peningkatan produktivitas dan efisiensi.

Sebagai pemimpin pasar dalam berbagai industri di Indonesia, kami berkomitmen penuh pada penerapan standar yang tinggi dalam tata kelola perusahaan. Kami juga telah mengambil langkah-langkah untuk meningkatkan tanggung jawab kami terhadap para pemangku kepentingan pada faktor Lingkungan, Sosial dan Tata Kelola Perusahaan yang material. Uraian lebih lanjut dari program-program tersebut dapat dilihat pada bagian Tanggung Jawab Sosial Perusahaan dan Tata Kelola Perusahaan dari Laporan Tahunan ini.

Pandangan 2020

Di tengah proyeksi perlambatan ekonomi negara maju, pertumbuhan ekonomi dunia diperkirakan akan didukung oleh negara-negara berkembang. Sedangkan untuk Indonesia sendiri, profil demografi dan prospek makroekonomi Indonesia akan terus memberikan peluang pertumbuhan bagi Indofood di masa mendatang.

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2019 Annual Report


mAnAgement’s AnAlysIs& DIsCussIonANALISA & PEMBAHASAN OLEH MANAJEMEN

In the aftermath of trade tensions between major economies and restrained investment, Indonesia’s GDP expanded by 5.0% driven by strong government spending and growing household consumption. The stable Rupiah and inflation rate also helped to secure consumer confidence. FMCG industry expanded in value amid intensifying competition, especially in fast-growing category. However, agribusiness was challenged by low commodity prices throughout 2019.

Against these backdrop, Indofood achieved its financial targets with sales growth of 4.4% and EBIT margin improvement to 12.8%.

Seiring ketegangan perdagangan antara negara-negara maju dan rendahnya tingkat investasi, PDB Indonesia tumbuh sebesar 5,0% yang didukung oleh belanja pemerintah dan tumbuhnya konsumsi rumah tangga. Nilai tukar Rupiah dan tingkat inflasi yang stabil juga membantu dalam mempertahankan tingkat kepercayaan konsumen. Industri FMCG terus tumbuh di tengah persaingan yang semakin kompetitif, terutama pada kategori dengan tingkat pertumbuhan tinggi. Namun demikian, kegiatan usaha agribisnis menghadapi tantangan atas rendahnya harga komoditas sepanjang tahun 2019.

Di tengah kondisi tersebut, Indofood berhasil mencapai target dari kinerja keuangannya dengan pertumbuhan penjualan sebesar 4,4% dan marjin EBIT yang meningkat menjadi 12,8%.

33


Statement of Profit or Loss andother Comprehensive Income

net sales

The Company booked consolidated net sales of Rp76.59 trillion in 2019, an increase of 4.4% from Rp73.39 trillion in 2018 driven by sales growth of CBP and Bogasari Group. During 2019, the Company recorded overseas sales of around US$598 million or around 11% of consolidated net sales.

In 2019, the CBP Group posted a 10.4% growth in total sales value of Rp42.75 trillion as compared to Rp38.71 trillion in 2018, driven by higher sales volume and average selling price (“ASP”).

Bogasari’s total sales value increased 7.5% to Rp22.84 trillion in 2019 from Rp21.25 trillion in 2018 mainly on higher ASP in response to the increase in wheat cost.

The Agribusiness Group recorded total sales of Rp13.60 trillion in 2019, a decrease of 3.2% from Rp14.05 trillion in 2018, mainly due to lower ASP of palm products.

Total sales value of the Distribution Group decreased by 24.7% to Rp4.14 trillion in 2019 from Rp5.50 trillion in 2018, mainly due to the full year impact from the consolidation of NICI into ICBP’s Food Seasonings Division.

Gross Profit and Income from Operations (EBIT)

The Company’s gross profit increased 12.4% to Rp22.72 trillion in 2019 from Rp20.21 trillion in 2018, on the back of higher sales. The gross margin has increased to 29.7% from 27.5% in the previous year.

Despite higher operating expenses, EBIT still grew 7.5% to Rp9.83 trillion in 2019 from Rp9.14 trillion in 2018, and EBIT margin expanded to 12.8% from 12.5%. Operating expenses increased by 16.4% mainly due to higher selling, distribution and general & administrative expenses, as well as foreign exchange loss from operating activities in 2019 vs a gain in 2018.

Income for the year

Income for the year was Rp5.90 trillion, an increase of 19.0% from Rp4.96 trillion in 2018 primarily due to better operational result, also supported by foreign exchange gain from financing activities. After taking into account non-controlling interests, income for the year attributable

laporan laba Rugi danPenghasilan Komprehensif lain

Penjualan neto

Perseroan membukukan penjualan neto konsolidasi sebesar Rp76,59 triliun di tahun 2019, meningkat 4,4% dari Rp73,39 triliun di tahun 2018, didorong oleh peningkatan penjualan Grup CBP dan Bogasari. Sepanjang tahun 2019, Perseroan mencatatkan penjualan di luar Indonesia sebesar US$598 juta atau sekitar 11% dari penjualan neto konsolidasi.

Di tahun 2019, Grup CBP membukukan pertumbuhan total nilai penjualan sebesar 10,4% menjadi Rp42,75 triliun dibandingkan dengan Rp38,71 triliun di tahun 2018, didorong terutama oleh kenaikan volume penjualan dan harga jual rata-rata yang lebih tinggi.

Total nilai penjualan Bogasari naik 7,5% menjadi Rp22,84 triliun di tahun 2019 dari Rp21,25 triliun di tahun 2018 akibat kenaikan harga jual rata-rata yang lebih tinggi seiring peningkatan biaya bahan baku gandum.

Grup Agribisnis membukukan total nilai penjualan sebesar Rp13,60 triliun di tahun 2019, turun 3,2% dari Rp14,05 triliun di tahun 2018, terutama karena lebih rendahnya harga jual rata-rata untuk produk sawit.

Total nilai penjualan Grup Distribusi turun 24,7% menjadi Rp4,14 triliun di tahun 2019 dari Rp5,50 triliun di tahun 2018, terutama karena dampak satu tahun penuh dari konsolidasi NICI ke dalam Divisi Penyedap Makanan ICBP.

laba Bruto dan laba usaha (eBIt)

Seiring kenaikan penjualan, laba bruto Perseroan meningkat 12,4% menjadi Rp22,72 triliun di tahun 2019 dari Rp20,21 triliun di tahun 2018. Marjin laba bruto naik menjadi 29,7% di tahun 2019 dari 27,5% di tahun sebelumnya.

Meskipun beban operasi meningkat, EBIT tetap tumbuh 7,5% menjadi Rp9,83 triliun dari Rp9,14 triliun di tahun 2018, dan marjin EBIT meningkat menjadi 12,8% dari 12,5%. Beban operasi naik 16,4% terutama meningkatnya beban penjualan, distribusi dan umum & administrasi, selain Perseroan mencatatkan rugi neto selisih kurs dari aktivitas operasi di tahun 2019 dibandingkan dengan laba neto selisih kurs pada tahun 2018.

laba tahun Berjalan

Laba tahun berjalan mencapai Rp5,90 triliun, naik 19,0% dari Rp4,96 triliun di tahun 2018 terutama karena membaiknya kinerja operasional serta didukung juga oleh laba neto selisih kurs dari aktivitas pendanaan. Setelah memperhitungkan kepentingan nonpengendali, laba tahun berjalan yang dapat diatribusikan kepada

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2019 Annual Report


to equity holders of the parent entity increased 17.8% to Rp4.91 trillion from Rp4.17 trillion in 2018. Excluding non-recurring items and difference in foreign exchange, core profit increased by 22.6% to Rp4.90 trillion as compared to Rp3.99 trillion in 2018.

other Comprehensive Income and total Comprehensive Income for the year

The Company booked other comprehensive income of Rp685.9 billion in 2019, compared with Rp1.39 trillion in the previous year. The difference was mainly from re-measurement gains of employees’ benefit liabilities and exchange differences on translation of financial statements.

Hence, total comprehensive income for 2019 was Rp6.59 trillion, or an increase of 3.7% from Rp6.35 trillion in previous year.

statement of Financial Position

total Assets

The Company’s total assets as of 31 December 2019 were Rp96.20 trillion, a decrease of 0.4% from Rp96.54 trillion as of 31 December 2018. This consisted of total current assets and total non-current assets of Rp31.40 trillion and Rp64.80 trillion respectively, compared to Rp33.27 trillion and Rp63.27 trillion at the end of 2018. The decrease in total current assets was mainly due to lower net inventories and short term investments, while the increase in total non-current assets was primarily attributed to an increase in net fixed assets in relation to capacity expansion.

total liabilities

The Company booked total liabilities as of 31 December 2019 of Rp42.00 trillion, a decrease of 9.9% from Rp46.62 trillion as of 31 December 2018 mainly due to lower funded debt. The total liabilities at the end of 2019 consisted of total current liabilities of Rp24.69 trillion and total non-current liabilities of Rp17.31 trillion, as compared to Rp31.20 trillion and Rp15.42 trillion as at end of 2018 respectively. The decrease in total current liabilities was primarily due to lower short-term debt, while the increase in total non-current liabilities was mainly due to higher long-term debt.

The Company’s financial position continued to be healthy. Gross debt to equity and net debt to equity ratios were 0.42 times and 0.17 times in 2019 compared to 0.60 times and 0.42 times in 2018.

pemilik entitas induk naik 17,8% menjadi Rp4,91 triliun dari Rp4,17 triliun di tahun 2018. Dengan tidak memperhitungkan akun non-recurring dan selisih kurs, core profit naik 22,6% menjadi Rp4,90 triliun dibandingkan Rp3,99 triliun di tahun 2018.

Penghasilan Komprehensif lain dan total laba Komprehensif tahun Berjalan

Perseroan membukukan penghasilan komprehensif lain sebesar Rp685,9 miliar di tahun 2019, dibandingkan dengan Rp1,39 triliun di tahun sebelumnya. Perbedaan tersebut terutama berasal dari laba pengukuran kembali atas liabilitas imbalan kerja karyawan dan selisih kurs atas penjabaran laporan keuangan.

Sehingga total laba komprehensif tahun berjalan di tahun 2019 mencapai Rp6,59 triliun, atau meningkat 3,7% dari Rp6,35 triliun di tahun sebelumnya.

laporan Posisi Keuangan

total Aset

Total aset Perseroan pada tanggal 31 Desember 2019 mencapai Rp96,20 triliun, turun 0,4% dari Rp96,54 triliun pada tanggal 31 Desember 2018. Total aset pada akhir tahun 2019 terdiri dari total aset lancar sebesar Rp31,40 triliun dan total aset tidak lancar sebesar Rp64,80 triliun, sedangkan di akhir tahun 2018 masing-masing mencapai Rp33,27 triliun dan Rp63,27 triliun. Total aset lancar mengalami penurunan terutama disebabkan oleh turunnya persediaan neto dan investasi jangka pendek, sedangkan total aset tidak lancar meningkat terutama karena kenaikan aset tetap neto sehubungan dengan peningkatan kapasitas.

total liabilitas

Perseroan membukukan total liabilitas pada tanggal 31 Desember 2019 sebesar Rp42,00 triliun, turun 9,9% dari Rp46,62 triliun pada tanggal 31 Desember 2018 terutama disebabkan oleh penurunan utang. Total liabilitas pada akhir tahun 2019 terdiri dari total liabilitas jangka pendek sebesar Rp24,69 triliun dan total liabilitas jangka panjang sebesar Rp17,31 triliun, sedangkan di akhir tahun 2018 masing-masing mencapai Rp31,20 triliun dan Rp15,42 triliun. Total liabilitas jangka pendek mengalami penurunan terutama disebabkan oleh turunnya utang jangka pendek sedangkan total liabilitas jangka panjang meningkat terutama karena naiknya utang jangka panjang.

Posisi keuangan Perseroan tetap berada pada kondisi yang sehat. Rasio utang kotor terhadap ekuitas dan rasio utang bersih terhadap ekuitas, masing-masing sebesar 0,42 kali dan 0,17 kali di tahun 2019 dibandingkan dengan 0,60 kali dan 0,42 kali di tahun 2018.

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total equity

As of 31 December 2019, the Company’s total equity was Rp54.20 trillion compared with Rp49.92 trillion as of 31 December 2018, mainly due to earnings generated in 2019 net of dividend payment for the financial year 2018.

solvency

Total liabilities to total equity ratio was 0.77 times in 2019, a decrease from 0.93 times in 2018.

Interest coverage ratio decreased to 7.6 times in 2019 from 7.8 times in 2018, mainly attributable to the increase in interest expense in conjunction with higher average total funded debt.

Collectibility

Total trade accounts receivable as of 31 December 2019 was Rp5.41 trillion, of which around 77% are current.

statement of Cash Flows

Net cash flow provided by operating activities increased to Rp13.34 trillion in 2019 from Rp5.94 trillion in 2018, primarily due to improvements in operational performance.

Net cash flow used in investing activities was Rp583.8 billion in 2019, as compared with Rp11.22 trillion in previous year mainly due to lower capital expenditure and additional investments, as well as there was proceeds from short-term investments in 2019.

The Company recorded net cash flow used in financing activities in 2019 amounting to Rp7.66 trillion mainly for payment of loans and dividend; while in 2018 net cash flow provided by financing activities was Rp48.1 billion mainly from net additional loan net of dividend payment.

Related Party transactions

Related parties include companies under the same ownership as the Company and the Salim Group. The Company believes that transactions between

total ekuitas

Pada tanggal 31 Desember 2019 total ekuitas mencapai Rp54,20 triliun dibandingkan dengan Rp49,92 triliun pada tanggal 31 Desember 2018. Kenaikan ini terutama karena laba yang dihasilkan di sepanjang tahun 2019 dikurangi dengan pembayaran dividen untuk tahun buku 2018.

Kemampuan membayar utang

Rasio total liabilitas terhadap total ekuitas menjadi 0,77 kali di tahun 2019, turun dari 0,93 kali di tahun 2018.

Rasio interest coverage turun menjadi 7,6 kali di tahun 2019 dari 7,8 kali di tahun 2018, terutama dikarenakan oleh lebih tingginya beban bunga seiring dengan naiknya rata-rata total funded debt.

Kolektibilitas

Total piutang usaha pada tanggal 31 Desember 2019 mencapai Rp5,41 triliun, dimana sekitar 77% merupakan piutang usaha lancar.

laporan Arus Kas

Kas neto yang diperoleh dari aktivitas operasi naik menjadi Rp13,34 triliun di tahun 2019 dari Rp5,94 triliun di tahun 2018, terutama disebabkan oleh meningkatnya kinerja operasional.

Arus kas neto yang digunakan untuk aktivitas investasi mencapai Rp583,8 miliar di tahun 2019, dibandingkan dengan Rp11,22 triliun di tahun sebelumnya terutama karena belanja modal dan penambahan investasi yang lebih rendah, serta adanya penerimaan investasi jangka pendek di tahun 2019.

Perseroan mencatatkan arus kas neto yang digunakan untuk aktivitas pendanaan di tahun 2019 sebesar Rp7,66 triliun terutama untuk pembayaran utang dan dividen; sedangkan di tahun 2018 tercatat arus kas neto yang tersedia dari aktivitas pendanaan sebesar Rp48,1 miliar yang terutama berasal dari tambahan utang setelah dikurangi pembayaran dividen.

Transaksi dengan Pihak-Pihak yang Berelasi

Pihak-pihak yang berelasi mencakup perusahaan-perusahaan di bawah kepemilikan yang sama yaitu Perseroan dan Grup Salim. Perseroan meyakini bahwa

36

2019 Annual Report


PT Indofood Sukses Makmur Tbk and its subsidiaries (the “Group”) with related parties during 2019 were conducted fairly and on an arm’s length basis. The transactions with related parties were as follows:

1. The Group sold finished goods to related parties. Sales to related parties accounted for about 10.63% of the consolidated net sales for the year ended 31 December 2019.

2. The Group purchased inventories from related parties. Purchases from related parties accounted for about 0.33% of the consolidated total cost of goods sold for the year ended 31 December 2019.

3. The Group provided loans to officers and employees subject to certain criteria and terms depending on the level of the officer/employee. These loans to officers and employees are collected through salary deductions.

4. SIMP and its subsidiaries utilized pump services from PT Sarana Tempa Perkasa (“STP”).

5. The Group and its subsidiaries leased VSAT facilities from PT Primacom Interbuana (“PI”) for communication purposes among the head office, representative offices and estates, and to improve network and installation of communication systems to the Group.

6. The Group purchased and rented transportation equipment and spare parts from PT Indomobil Sukses Internasional Tbk (“ISI”) and subsidiaries.

7. PT Mega Citra Perdana (“MCP”) and its subsidiaries obtained rental services for heavy equipment and office space from PT Rimba Mutiara Kusuma (“RMK”).

8. Based on a distribution agreement between SIMP and Shanghai Resources International Trading Co. Ltd., China (“SRIT”), the latter was appointed as a distributor for the edible oil and fats products of the SIMP in China at selling prices that are revisited periodically referring to market’s condition. This agreement is valid until 31 December 2019.

9. PT Nugraha Indah Citarasa Indonesia (“NICI”) has a manufacturing and supply agreement with ICBP whereby ICBP’s Food Seasonings Division manufactures, packs and supplies NICI’s products at the agreed prices.

berbagai transaksi antara PT Indofood Sukses Makmur Tbk dan Entitas Anak (“Grup”) dengan pihak-pihak berelasi di sepanjang tahun 2019 dilakukan secara umum dan wajar (arm’s length basis and fair). Transaksi-transaksi tersebut adalah sebagai berikut:

1. Grup menjual barang jadi kepada pihak-pihak berelasi. Penjualan kepada pihak-pihak berelasi adalah sebesar 10,63% dari penjualan neto konsolidasian untuk tahun yang berakhir pada tanggal 31 Desember 2019.

2. Grup membeli persediaan dari pihak-pihak berelasi. Pembelian dari pihak-pihak berelasi adalah sebesar 0,33% dari total beban pokok penjualan konsolidasian untuk tahun yang berakhir pada tanggal 31 Desember 2019.

3. Grup memberikan pinjaman kepada karyawan dan pegawai dengan kriteria dan syarat tertentu, sesuai dengan jenjang kepegawaian. Pinjaman karyawan dan pegawai ini dilunasi dengan cara pemotongan gaji.

4. SIMP dan Entitas Anaknya menggunakan jasa pompa dari PT Sarana Tempa Perkasa (“STP”).

5. Grup dan Entitas Anaknya menyewa fasilitas VSAT dari PT Primacom Interbuana (“PI”) untuk tujuan komunikasi antara kantor pusat, kantor perwakilan dan perkebunan, serta meningkatkan jaringan dan pemasangan sistem komunikasi kepada Grup.

6. Grup membeli dan menyewa kendaraan bermotor dan suku cadang dari PT Indomobil Sukses Internasional Tbk (“ISI”) dan entitas anak.

7. PT Mega Citra Perdana (“MCP”) dan Entitas Anaknya memperoleh jasa sewa alat-alat berat dan ruang kantor dari PT Rimba Mutiara Kusuma (“RMK”).

8. Berdasarkan perjanjian distribusi yang diadakan oleh SIMP dengan Shanghai Resources International Trading Co. Ltd., China (“SRIT”), SRIT telah ditunjuk sebagai distributor bagi produk minyak dan lemak nabati SIMP di wilayah Tiongkok pada harga jual yang ditinjau secara periodik sesuai kondisi pasar dengan mempertimbangkan perkembangan harga pasar. Perjanjian ini berlaku sampai dengan tanggal 31 Desember 2019.

9. PT Nugraha Indah Citarasa Indonesia (“NICI”) memiliki perjanjian produksi dan pengadaan barang dengan ICBP dimana Divisi Penyedap Makanan memproduksi, mengemas dan memasok produk NICI dengan harga yang disepakati bersama.

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10. NICI has a distribution agreement with PT Indomarco Adi Prima (“IAP”) for the distribution of NICI’s culinary products in Indonesia. As compensation, NICI gives a distribution margin at a certain percentage of the invoiced sales to IAP.

11. The Group entered into a supply agreement with PT Fast Food Indonesia Tbk (“FFI”) whereby the Group supplies, sells and delivers certain products to FFI subjected to certain specifications as determined by FFI at the agreed prices. The said agreement will expire on several dates up to 31 December 2019 and have been extended up to 31 December 2022.

12. The Group entered into supply agreement with PT Nippon Indosari Corpindo Tbk (“NIC”) whereby the Group supplies, sells and delivers certain products to NIC subjected to certain specifications as determined by NIC at agreed prices. The said agreement will expire on 31 December 2019 and have been extended up to 31 December 2022.

13. The amounts due to PT Gapura Usahatama (“GPU”) and PT Purwa Wana Lestari (“PWL”), the non-controlling shareholders of SBN and MCP, represent the unsecured loans (collateral-free) obtained by SBN as well as MCP and its subsidiaries. The loans obtained from GPU and PWL bear interest at commercial rates.

14. The Group sells their certain finished goods to PT Indomarco Prismatama (“IPT”), PT Inti Cakrawala Citra (“ICC”) and PT Lion Superindo (“LS”).

15. The Group entered into human resources services agreements with PT Sumberdaya Dian Mandiri (“SDDM”) and PT Primajasa Tunas Mandiri (“PTM”).

16. The Group entered into technical services agreements with Pinehill Arabia Food Ltd. (“Pinehill”), Dufil Prima Foods Plc (“Dufil Prima”), Salim Wazaran Brinjikji Co. Ltd. (“SAWAB”), Salim Wazaran Bashary Food Co. Ltd. (“SAWABASH”), Salim Wazaran Kenya Co. Ltd. (“SAWAKE”), Salim Wazaran Abu Elata Co. (“SAWATA”), Adkoturk Gida Sanayi Ve Ticaret Ltd Sirketi (“Adkoturk”), Salim Wazaran Maghreb Manufacturing Co. (“SAWAMAG”), IndoAdriatic Industry D.O.O (“Indoadriatic”) and Salim Wazaran Yahya Food MFG PLC (“SAWAYA”). Based on these agreements, the Group agreed to provide technical and administrative assistance to these related parties. In addition, the Company grants exclusive licenses to Dufil Prima and Pinehill and non-exclusive licenses to SAWAB, SAWABASH, SAWATA, SAWAYA, SAWAMAG, SAWAKE, Adkoturk and Indoadriatic to use the “Indomie” brand

10. NICI memiliki perjanjian distribusi dengan PT Indomarco Adi Prima (“IAP”) untuk distribusi produk kuliner NICI di Indonesia. Sebagai kompensasi, NICI memberikan marjin distribusi sebesar persentase tertentu dari nilai penjualan ke IAP.

11. Grup mengadakan perjanjian supply dengan PT Fast Food Indonesia Tbk (“FFI”) dimana Grup menyediakan, memasok dan menyerahkan produk-produk tertentu kepada FFI dengan spesifikasi tertentu yang ditentukan oleh FFI dan dengan harga yang disepakati. Perjanjian tersebut berakhir pada beberapa tanggal hingga 31 Desember 2019 dan telah diperpanjang hingga tanggal 31 Desember 2022.

12. Grup mengadakan perjanjian supply dengan PT Nippon Indosari Corpindo Tbk (“NIC”) dimana Grup menyediakan, memasok dan menyerahkan produk-produk tertentu kepada NIC dengan spesifikasi tertentu yang ditentukan oleh NIC dan dengan harga yang disepakati. Perjanjian tersebut berakhir pada tanggal 31 Desember 2019 dan telah diperpanjang hingga tanggal 31 Desember 2022.

13. Utang kepada PT Gapura Usahatama (“GPU”) dan PT Purwa Wana Lestari (“PWL”), pemegang saham nonpengendali SBN dan MCP, merupakan pinjaman tanpa jaminan (collateral-free) yang diperoleh SBN serta MCP dan Entitas Anak. Pinjaman yang diperoleh dari GPU dan PWL dikenakan bunga pada tingkat suku bunga komersial.

14. Grup menjual barang jadi tertentu kepada PT Indomarco Prismatama (“IPT”), PT Inti Cakrawala Citra (“ICC”) dan PT Lion Superindo (“LS”).

15. Grup mengadakan perjanjian jasa tenaga kerja dengan PT Sumberdaya Dian Mandiri (“SDDM”) dan PT Primajasa Tunas Mandiri (“PTM”).

16. Grup mengadakan perjanjian-perjanjian jasa teknik dengan Pinehill Arabia Food Ltd. (“Pinehill”), Dufil Prima Foods Plc (“Dufil Prima”), Salim Wazaran Brinjikji Co. Ltd. (“SAWAB”), Salim Wazaran Bashary Food Co. Ltd. (“SAWABASH”), Salim Wazaran Kenya Co. Ltd. (“SAWAKE”), Salim Wazaran Abu Elata Co. (“SAWATA”), Adkoturk Gida Sanayi Ve Ticaret Ltd Sirketi (“Adkoturk”), Salim Wazaran Maghreb Manufacturing Co. (“SAWAMAG”), IndoAdriatic Industry D.O.O (“Indoadriatic”) dan Salim Wazaran Yahya Food MFG PLC (“SAWAYA”). Berdasarkan perjanjian-perjanjian ini, Grup setuju untuk memberikan bantuan teknik dan administrasi kepada pihak-pihak berelasi tersebut. Sebagai tambahan, Perseroan memberikan exclusive license kepada Dufil Prima dan Pinehill dan non-exclusive license kepada SAWAB, SAWABASH, SAWATA, SAWAYA, SAWAMAG, SAWAKE, Adkoturk

38

2019 Annual Report


in their certain territories. Also, the Company grants exclusive licenses to Pinehill to use “Pop Mie” and “Supermi” brands in certain countries.

17. The Group acquired insurance policies obtained from PT Asuransi Central Asia (“

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