xxiiiInstitute for Economic and Financial Research

IDX at GlanceThe merger of Surabaya Stock Exchange (SSX)

into Jakarta Stock Exchange (JSX) to become Indo-nesia Stock Exchange (IDX) has been effective since November 30, 2007, and started to operate for the first time on December 3, 2007. Now, the Exchange facilitates the trading of equities, bonds, and deriva-tives. The presence of this single Bourse will hopefully improve the capital market efficiency, and increase the capital market growth in our country, either in the number of issuers or the number of local and foreign investors. In the future, IDX expects that capital mar-ket will become one of the main pillars of the Indone-sias national economic development.

Use this DirectoryThe first section of this directory provides the lat-

est financial information on all companies listed on the Indonesia Stock Exchange (IDX). The companies are arranged by industries following by line of busi-ness. Within the same line of business the companies are placed in alphabetical order. Information on each company is provided in two pages. There are a total of 402 listed companies including 15 new companies as of the end of June 2010. This list of companies was also added though 10 companies were delisted by IDX, from July 2009 to the end of June 2010.

The second section provides a list of outstand-ing bonds and mutual funds on the Indonesia Stock Exchange.

The third section lists securities houses and bro-kers, underwriters, custodians, securities administra-tions bureau, trustees, guarantors, public accountants, appraisal company, and legal advisors.

To facilitate the easy use of this directory, the content of information provided for each company is described in the following order.

How to Use this Directory

Company Names, Business and AddressThe company name is preceded by PT, which is

Indonesian abbreviation for a limited liability com-pany. In addition to the address of companys head office, location of factory is also provided whenever applicable. The company status refers to the Indone-sian law which classifies companies into foreign joint venture (PMA) and wholly national owned (PMDN).

Company Activities and Financial Highlights

Financial PerformanceThe financial performance describes the most im-

portant financial highlights.

Brief HistoryFor each company a paragraph describes the

companys development and its main activities and products, among others its establishment, start-up of commercial operation, capacity of production, merg-ers, take-over, expansions, subsidiaries, branches, as-sociations and agreements with other companies. In case of banks, foreign exchange status is mentioned, which refers to license to operate in foreign exchange transactions.

Shareholders after ListingThe present majority shareholders are listed to-

gether with the percentage of shares owned.

Summary of Financial StatementsThe data provided in this section are derived

from the respective companys financial statements. As required by the Bapepam (Securities Supervisory Agency), the balance sheets and income statements of

xxiv Indonesian Capital Market Directory 2010

a company and its subsidiaries are consolidated if that company owns more than 50% shares of a subsidiary.

The definition of the items under balance sheet and income statement generally conforms to common accounting principles and practices, therefore it does not need further explanation. Due to the nature of their activities, there is a variation of items and its clas-sification in balance sheets and income statements. Components of equity are mentioned in balance sheets of all companies. In balance sheets of compa-nies other than banks and other credit institutions, current assets and current liabilities are specified and its components with relatively large figures are men-tioned, and depending on the availability of data the same treatment is applied to long-term liabilities. In balance sheets of banks, cash in hand and on banks and total deposits are divided into its components, and breakdown of borrowings is provided as far as data are available. In addition, for banks, other credit institu-tions and insurance companies breakdown of revenue and expense is provided.

Financial data for each company are provided for the past three years.

Financial RatiosThere is also variation in the financial ratios pro-

vided for banks, insurance companies and other com-panies. All ratios are computed in line with definitions commonly used for respective industry, some of which are self-explanatory such as debt to equity to total as-sets. Others are also in conformity with commonly used ratios which for clarity are defined below.

PER price earnings ratio or closing share price at the end of respec-tive financial statement period divided by earning per share.

PBV price book value or closing share price at the end of respective pe-riod divided by equity per share.

dividend pay out dividend per share divided by earnings per share.

dividend yield dividend per share divided by closing share price at the end of respective period.

ROI (Return on

Investment) profit after tax divided by total as-sets.

ROE (Return on Equity) profit after tax divided by equity current ratio current assets divided by current

liabilities.Leverage ratio total debt divided by total assets.gross profit margin gross profit divided by net salesoperating profit margin operating profit divided by net

salesnet profit margin profit after tax divided by net

salestotal asset turnover net sales divided by end of period

total assetsinventory turnover cost of goods sold divided by end

of period inventoryexpense ratio operating expense divided by pre-

miums receivedloss ratio claim paid divided by premium

receivedsolvency ratio equity divided by net premiums

(premiums after deduction of premiums for reinsurance)

cash and banks to demand deposits cash, Bank Indonesia and other

banks divided by demand depos-its

PER and PBV below the financial ratios are price earnings ratio and price book value ratio calculated by using the closing price at the end of June 2010.

The names of companys public accountants are provided.

Board of Commissioners and Board of Direc-tors

This section lists the names of President and Member of Board of Commissioners, and the names of President and Member of Board of Directors. Presi-dent Commissioner has supervisory role, and therefore has less power than the American type Chairman. But, President Director has more power than the President in an American type system. Number of companys employees is also given in this sub-section.

xxvInstitute for Economic and Financial Research

Listing HistoryListing of shares are sequenced chronologically

together with listing date, offering price and number of shares of the respective listing. First, second, and third issues means listing of shares originated from public offerings. Total shares listed refers to total listed shares multiplied by par value and is frequently less than or at most equal to the total issued and paid-up capital. The difference is the value of unlisted shares. In case one type of listing was undertaken on many dates within a month or year, only total listing of that type for the respective month or year is provided. The underwriters for company issue are also listed.

Stock Price, Frequency, Trading Days, Num-ber and Value of Shares Traded Market Capi-talization

Eighteen monthly data of stock price, number and value of shares traded, and market capitalization are provided for companies that listed their shares be-fore the end of June 2010, except for 15 new listed companies.

Stock Price and Traded ChartThe chart of stock price and number of shares

traded covers the period from January 2009 to the end of June 2010.

The following symbols and abbreviations are also used in this directory.

Symbols

_ zero or less than the last digit or decimaln.a. not available) includes in total or item above

Abbreviations

CS Common SharesDrs, Ir, SE, SH Academic degress in Indonesiaha 10,000 square metersNV a Dutch abbreviation for Naam looze Vennootschap which is similar to PTPMA (Penanaman Modal Asing) A company established under the foreign investment law.PMDN (Penanaman Modal Dalam Negeri) A company established under the domestic investment law.PS Preferred SharesPT (Perseroan Terbatas) A limited liability company