mppa (financial statement analysis)

7/29/2019 MPPA (Financial Statement Analysis)

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Sufian(29112017

MBA)X-47

July

2013

PTMatahariPutraPr

ima,

Tbk

PT Matahari Putra Prima, Tbk (MPPA)

Financial Statement Analysis


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TABLE OF CONTENTS

Indonesia macro-Economic Outlook ............................................................................................................................. 3

General Overview .................................................................................................................................................... 3

Macroeconomic overview........................................................................................................................................ 3

Gross Domestic Product (GDP).............................................................................................................................. 4

Unemployment Rate ................................................................................................................................................ 6

Outlook of Modern Retail Industry ....................................................................................................................... 6

Consumer Spending ................................................................................................................................................ 8

Inflation Rate ........................................................................................................................................................... 9

Company Overview ....................................................................................................................................................... 9

PT Matahari putra prima tbk (MPPA) Company Profile ................................................................................... 9

ownership and major holders ............................................................................................................................... 11

business activities and strategies .......................................................................................................................... 12

MPPA Company Performance Overview .................................................................................................................... 13

Financial performance Analysis .............................................................................................................................. 13

Financial Ratios ..................................................................................................................................................... 17

Profitability Ratios ................................................................................................................................................ 19

growth over prior year ......................................................................................................................................... 20

stock market snapshot .............................................................................................................................................. 21

competitors and industry analysis ................................................................................................................................ 21

direct competitors .................................................................................................................................................... 22

comparison with direct competitors financial ratios ................................................................................................ 23

comparison with direct competitors stock chart ...................................................................................................... 26

SWOT ANALYSIS ..................................................................................................................................................... 27

MPPAs Business Prospect (Forecast) ................................................................................................................. 28

Recommendation for improvement ............................................................................................................................. 29

References: .................................................................................................................................................................. 30


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INDONESIA MACRO-ECONOMIC OUTLOOK

GENERAL OVERVIEW

Indonesia lies between latitudes 11S and 6N, and longitudes 95E and 141E. It consists of

17,508 islands, about 6,000 of which are inhabited. These are scattered over both sides of

the equator. The largest are Java, Sumatra, Borneo (shared with Brunei and Malaysia), New

Guinea (shared with Papua New Guinea), and Sulawesi. Indonesia shares land borders with

Malaysia on Borneo, Papua New Guinea on the island of New Guinea, and East Timor on the

island of Timor. Indonesia shares maritime borders across narrow straits with Singapore,

Malaysia, the Philippines, and Palau to the north, and with Australia to the south. The capital,

Jakarta, is on Java and is the nation's largest city, followed by Surabaya, Bandung, Medan, and

Semarang.

MACROECONOMIC OVERVIEW

Indonesia has the largest economy in Southeast Asia and is one of the emerging market

economies of the world. The country is also a member of G-20 major economies and classified

as a newly industrialized country. It has a market economy in which the government plays a

significant role through ownership of state-owned enterprises (the central government owns

more than 160 enterprises) and the administration of prices of a range of basic goods including

fuel, rice, and electricity. In the aftermath of the financial and economic crisis that began in mid-

1997 the government took custody of a significant portion of private sector assets through

acquisition of nonperforming bank loans and corporate assets through the debt restructuring

process. Since 2004 the economy has recovered and growth has accelerated to over 6% in recent

years.

Indonesia regained its investment grade rating from Fitch Rating in late 2011, and from Moody's

Rating in early 2012, after losing its investment grade rating in December 1997 at the onset of

the Asian financial crisis which Indonesia spent more than Rp450 trillion ($50 billion) to bail out

lenders from banks. Fitch raised Indonesia's long-term and local currency debt rating to BBB-

from BB+ with both ratings is stable. Fitch also predicted that economy will grow at least 6.0%

on average per year through 2013, despite a less conducive global economic climate. Moodys
http://en.wikipedia.org/wiki/Indonesiahttp://en.wikipedia.org/wiki/Emerging_marketshttp://en.wikipedia.org/wiki/G-20_major_economieshttp://en.wikipedia.org/wiki/Newly_industrialized_countryhttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Fuelhttp://en.wikipedia.org/wiki/Ricehttp://en.wikipedia.org/wiki/Electricityhttp://en.wikipedia.org/wiki/Asian_financial_crisishttp://en.wikipedia.org/wiki/Non-performing_loanhttp://en.wikipedia.org/wiki/Debt_restructuringhttp://en.wikipedia.org/wiki/Fitch_Grouphttp://en.wikipedia.org/wiki/Moody%27s_Investors_Servicehttp://en.wikipedia.org/wiki/Moody%27s_Investors_Servicehttp://en.wikipedia.org/wiki/Moody%27s_Investors_Servicehttp://en.wikipedia.org/wiki/Moody%27s_Investors_Servicehttp://en.wikipedia.org/wiki/Fitch_Grouphttp://en.wikipedia.org/wiki/Debt_restructuringhttp://en.wikipedia.org/wiki/Non-performing_loanhttp://en.wikipedia.org/wiki/Asian_financial_crisishttp://en.wikipedia.org/wiki/Electricityhttp://en.wikipedia.org/wiki/Ricehttp://en.wikipedia.org/wiki/Fuelhttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Newly_industrialized_countryhttp://en.wikipedia.org/wiki/G-20_major_economieshttp://en.wikipedia.org/wiki/Emerging_marketshttp://en.wikipedia.org/wiki/Indonesia


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raised Indonesia's foreign and local currency bond ratings to Baa3 from Ba1 with a stable

outlook.

Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011,

respectively. The government made economic advances under the first administration of

President YUDHOYONO (2004-09), introducing significant reforms in the financial sector,

including tax and customs reforms, the use of Treasury bills, and capital market development and

supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and

joined China and India as the only G20 members posting growth in 2009. The government has

promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a

fiscal deficit below 3%, and historically low rates of inflation. Fitch and Moody's upgraded

Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles withpoverty and unemployment, inadequate infrastructure, corruption, a complex regulatory

environment, and unequal resource distribution among regions. The government in 2013 faces

the ongoing challenge of improving Indonesia's insufficient infrastructure to remove

impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy

program in the face of high oil prices.

GROSS DOMESTIC PRODUCT (GDP)

The GDP in Indonesia was worth US$ 846.832 billion in 2012. It represents 1.37% of world

economic. In the last 10 years, Indonesia GDP has a constant growth each year.


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On the sector basis, the source of growth has started to be more balanced as the tradable sectors

that accounted 46.9% of total GDP, rose by 4.5% YoY in the 2011, while non-tradable sectors

grew by 8.3% YoY in the same period vs. 8.2% YoY last year. The strong pickup in tradable

sector was driven by the manufacturing sector that grew by 6.2% YoY in 2011, the highest

growth since 2004. The strong growth was driven by domestic-based manufacturing, such asiron, textile, food, and transportation industries. Expansion in manufacturing sector indicates

improvement in the economic capacity, which will help sustain economic growth in the future.


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UNEMPLOYMENT RATE

With around 240 million people, Indonesia is the fourth most populous country in the world

(after China, India and the United States). Moreover, the country has a young population as

around half of the total population is below the age of 30 years. Combined, these two features

imply that Indonesia currently contains a large labor force; one that will grow larger in the

foreseeable future.

OUTLOOK OF MODERN RETAIL INDUSTRY

Strong underlying economic growth, large population (the worlds fourth largest and growing),

rising per-capita incomes and the continued development of organized retail infrastructure are

key factors behind the substantial growth forecast in Indonesian retail sales. In 2011 and 2012,

modern retail industry is estimated to grow by approximately 20% YoY each.

Retail I ndustry Growth
http://www.indonesia-investments.com/culture/population/item67http://www.indonesia-investments.com/culture/population/item67


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We are on the view that Indonesian modern retail industry still has large room to grow.

Enhancing consumption, which contributes as much as 57.5% for Indonesian GDP growth of

6.4% in 1H12, large population of around 257 million, and increasing income per capita to overUSD 4,000 in 2012, support the growth of modern retail industry. Else, demographic factors

suggest scope for strong medium-to-long term growth in retail sales. The population is youthful

around 28.8% of people are aged fewer than 15, and around 5% are above 65 years. The

population itself also recorded an increasing middle-class society to over 40%, or amounted to

23 million families. Indonesian Retail Merchants Association (Aprindo) estimates that the

sales from national modern retail will lift by 15% YoY in 2012, or accounted to Rp 138 trillion,

with 1st and 2nd semester contribution of 40%: 60%.

With such supporting situation, many Indonesias major retailers, especially modern market

retailers that focus on food business, are expanding rapidly and the competition remains fierce in

the future. In the minimarts business segment, PT indomarco Prismatama, the owner ofIndomaret mini markets, and PT Sumber Alfaria Trijaya, which operates Alfamart, has dominate

the minimart business, with total of around 10,000 stores of minimarts. Meanwhile, in the

hypermarkets segments, Carrefour and Hypermart dominate with outlets of 85 and 75,

respectively, as of mid of November 2012.


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CONSUMER SPENDING

Consumer spending, also called consumer consumption or expenditure is the amount of money

that households spend on goods and services in order to satisfy their needs. Similar to GDP, the

amount of consumer spending in Indonesia has continuously increased since 2003 to 2012. In the

last quarter of 2012, its stated that consumer spending in 4th quarter has reached 368,212.80

billion. The figure below shows the trend of Indonesia consumer spending since 1st quarter of

2003 to 4th quarter of 2012.

From the chart shown in the figure below, it can be indicated that Indonesia economic is

performing well. The consumer expenditure is one of indicator to measure that the economy is in

healthy condition. So household spend more of their money to goods and services to satisfy their

needs


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INFLATION RATE

Indonesian statistic biro (BPS) reported that the inflation rate in Indonesia was recorded at 5.57%

in April 2013. The statistic shows that theres the variance of inflation rate since 2003 till present

(the figure below show the inflation rate from 2013 t0 2012). The average of inflation rate is

around 7.8 while the highest one was 18.38 around last quarter of 2005 and the lowest was 3.43

around April 2010.

COMPANY OVERVIEW

PT MATAHARI PUTRA PRIMA TBK (MPPA) COMPANY PROFILE

The Company is domiciled at Menara Matahari

20th floor, Boulevard Palem Raya # 7, Lippo

Village - Tangerang, Banten.

Homepage: www.matahari .co.id

Vision:To be consumers most preferred retailer

Mission: To consistently bring value fashion-right

products and services that enhances the consumers

quality of lifestyle


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PT Matahari Putra Prima, Tbk ("MPPA") is one of the largest hypermarket operators in

Indonesia namely Hypermart with total market share of 16.1% in 2011 (AC Nielsen). Under

Matahari Food Business, MPPA also operates Foodmart and Boston Health and Beauty Center

(Boston HBC). Through its subsidiaries, MPPA operates Books & Beyond and Timezone. As

of November 2nd, 2012, MPPA has operated 75 Hypermart, 26 Foodmart and 75 Boston HBC

stores with total operational space of more than 500,000 sqm. MPPA has received several awards

such as Museum Indonesia (MURI) records for displaying 219,860 page views in the internet.

MPPA also received Corporate Social Responsibility (CSR) Award from Seputar Indonesia

(Sindo) Newspaper, 2011 Retail Asia Top 500 Awards from Retail Asia, Euromonitor

International and KPMG, and 1st Ranking of SWA 100 Indonesia Best Public Companies in

2011. In line with the growth of modern retail industry in Indonesia and buyed by its huge

customer base, MPPA has a bright prospect ahead.

PT Matahari Putra Prima Tbk (MPPA) was established on March 11, 1986. Currently, MPPA

through its Food Business Division (Matahari Food Business- MFB) engaged in FMCG industry

in the form of Hypermarket and Supermarket, as well as Department Store through Matahari

Department Store (20% ownership in joint venture with CVC Capital Partners). In addition,

MPPA also has several supporting business i.e. Timezone family entertainment centers, Times

bookstore, Restaurant Services and FMCG logistic and distribution. MPPAs hypermarket

known as Hypermart is the second largest hypermarket in Indonesia with market share of

34.3% in 2011.

MPPAs business network:


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OWNERSHIP AND MAJOR HOLDERS

Shareholders (per 31 December 2012):


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BUSINESS ACTIVITIES AND STRATEGIES

The core retail business of Matahari Group

The Company's core key retail business activities include active retail operation within FMCG

(Fast Moving Consumers Goods) industry through hypermarket and supermarket formats,

supported by several other minor smaller businesses such as health and beauty centers, family

entertainment centers, international bookstores, restaurant services and FMCG logistic and

distribution.

In addition, the Company also has a strategic alliance with its strategic international partner in

owning and managing the Indonesia's leading department store chain, Matahari Department

Store.

Supported by Nationwide Network

In the past six years, the number of Hypermart outlet has increased 23.0% a year on the average.

In 2005, the number of Hypermart outlet was 17 units and increased to 59 units in 2011. This

retail networks are spread over 32 cities in Indonesia. Besides, Hypermart is backed up with

three distribution centers which have an important role in the distribution of goods to Hypermart

and Foodmart. The warehouses of the three distribution centers are located in Surabaya, Balaraja

and Cibitung. Up to September 2011, MPPA has opened 5 of 15 new stores which will increase

about 102,500 sqm sales area. The new stores are located in North Lippo Karawaci, Ciputra

World Surabaya, Serang, Kediri and Gresik, while the rest is planned to be opened in Kudus,

Batu Malang, Cirebon, Ciputra Sraya (Sumatera), Gorontalo, Sidoarjo and Palembang.

Furthermore, MPPA plans to open 15 new stores in 2012 and about 80 new stores in the next


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five years. We believe, thus extensive distribution network will boost MPPA sales in the

subsequent periods

MPPA COMPANY PERFORMANCE OVERVIEW

FINANCIAL PERFORMANCE ANALYSIS

Up to Sept 2012, MPPA booked accumulated revenue of Rp 7.9 trillion, reflecting 13.4% (qoq)

growth from 2011. About 95% of MPPAs revenue in 2012 was from Matahari Food Business

(MFB), which include Hypermart, Foodmart and Boston. MFB booked a significant revenue

MPPAs distribution


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growth of 14.3% YoY, supported by its comparable store growth which grew significantly by

7.6% YTD, outperformed its competitor which grew by approximately 1.0% to 6.2%. Supported

by additional 15.5% sales area from Hypermart new stores which will be opened during 2012

and buoyed by the seasonal factor, we estimate MPPA sales in 2012 will increase by 18.4% qoq

or increase by 9.9% YoY to Rp 9.4 trillion.

MPPA Financial Statement (Performance) Summary


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Income statement

Year on year Matahari Putra Prima, Tbk grew revenues 22 % from 8,909tn to 10.868tn while net

income improved 109.97% from 105.037bn to 220.547bn.

The complete income statement can be seen in Exhibit 1.

Balance sheet

Matahari Putra Prima Tbk has a debt to total capital ratio of 21.56%, a lower figure than the

previous years 26.46%. Additionally, there are enough liquid assets to satisfy current

obligations. Accounts Receivable is among the industry's worst with 1.31 days worth of salesoutstanding. This implies that revenues are not being collected in an efficient manner. Last,

inventories seem to be well managed as the Inventory Processing Period is typical for the

industry, at 59.91 days.

The complete balance sheet can be seen in Exhibit 2.


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Cash flow

In 2012, Matahari Putra Prima Tbk did not generate a significant amount of cash. However, cash

flow from investing totalled 2.819tn, indicating this company earned more from the sale of

existing assets than it spent on the purchase of new assets. In addition, the company used

80.413bn for operation while cash used for financing totalled 2.786tn.

The complete cash flow can be seen in Exhibit 3.


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FINANCIAL RATIOS

The PT Matahari Putra Prima Tbk financial analysis covers the income statement and ratio trend-

charts with balance sheets and cash flows presented on an annual basis (please look at the

Exhibit 1, 2 and 3). The report outlines the main financial ratios pertaining to profitability,

margin analysis, asset turnover, credit ratios, and companys long-term solvency. This sort of

company's information will assist and strengthen companys decision-making processes.


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PROFITABILITY RATIOS

If we compare to industry average as benchmark, then we will see the data as below:


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GROWTH OVER PRIOR YEAR

Year on year, growth in dividends per-share fell 98% while earnings per share excludig

extraordinary items rose109.97%. Additionally when measured on a five year annualized basis,

both dividend per share and earnings per share growth ranked in-line with the industry average

relative to its peers.


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STOCK MARKET SNAPSHOT

Comparative analysis

1 week 1 month 6 months 1 year 5 years

Matahari Putra Prima Tbk PT -8.93% +5.15% +102.38% +242.21% +530.38%

JSX COMPOSITE INDEX -5.55% -7.25% +2.32% +11.28% +98.01%

COMPETITORS AND INDUSTRY ANALYSIS
http://markets.ft.com/research/Markets/Tearsheets/Summary?s=581295http://markets.ft.com/research/Markets/Tearsheets/Summary?s=581295http://markets.ft.com/research/Markets/Tearsheets/Summary?s=581295


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DIRECT COMPETITORS

In the part that describes PT Matahari Putra Prima Tbk competitors and the industry in whole,

the information about company's financial ratios is compared to those of its competitors and tothe industry. The unique analysis of the market and companys competitors along with detailed

information about the internal and external factors affecting the relevant industry will help to

manage MPPA business environment. The companys business and sales activities will be

boosted by gaining an insight into its competitors businesses.

The closest domestic competitor that is quite similar with the retail industry with PT Matahari

Putra Prima, Tbk is PT Ramayana Lestari Sentosa, Tbk. So we are going to focus only to one

competitor and compare their performance in this paper-assignment.

PT Ramayana Lestari Sentosa Tbk operates a chain of department stores in Indonesia. Its

stores offer various items, such as clothes, accessories, bags, shoes, cosmetics, and daily needs.

As of December 31, 2012, PT Ramayana Lestari Sentosa Tbk operated 103 Ramayana stores, 7

Robinson stores, and 3 Cahaya stores located in Jakarta, Java, Sumatera, Bali, Kalimantan, Nusa

Tenggara, Sulawesi, and Papua. The company was founded in 1983 and is headquartered in

Jakarta, Indonesia. PT Ramayana Lestari Sentosa Tbk is a subsidiary of PT Ramayana

Makmursentosa.

Below is the benchmark of Retail industry and showing the position of PT Matahari Putra Prima,

Tbk in the industry average as comparison.


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COMPARISON WITH DIRECT COMPETITORS FINANCIAL RATIOS


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COMPARISON WITH DIRECT COMPETITORS STOCK CHART


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PT Matahari Putra Prima Tbk (MPPA) [2.675 -25 (-0.9%)] posted a net profit in the first quarter

2013 amounted to 63.2 billion. Rose when compared with the same period in 2012 amounted to

25.00 billion. Accordingly, earnings per share equivalent to Rp 11.29 per sheet.

SWOT ANALYSIS

SWOT-analysis carried out for PT Matahari Putra Prima Tbk involves specifying the objective

of the company's business and identifies the different factors that are favorable and unfavorable

to achieving that objective. SWOT-analysis helps to understand companys strengths,

weaknesses, opportunities, and possible threats against it.

Strengths:

having proven track recordas modern food retailer.extensive store networkcoverage and nationwidedistribution.

flexible store locations and

size in order to meet localneeds.

strong supplier relationshipand logistics

Weaknesses:

low entry in theindustry.

large amount of debt

will make MPPA morerisky

Opportunites:

many potential areas fornew Hypermart outletsin Kalimantan, Sulawesiand East Indonesia.

Positive outlook ofIndonesia economy aswell a retail industry

Threats:

newcomers with strongcapital may give morecompetition


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MPPAS BUSINESS PROSPECT (FORECAST)

Thanks to demographic bonus, of which around 66% of Indonesian is between productive age of

15 years and 64 years, and around 40% of Indonesian also represents a middle-class society

which has an increasing welfare, then we estimate that modern retail industry will still booked a

positive growth in medium to long term time. In 2012, the Indonesian modern retail industry is

estimated to grow by 15% or reach total sales of Rp. 138 trillion. Particularly for Indonesian

modern food retail, it still has a large room to grow, since currently it only represents around

11% of total national food retail industry. With such conducive environment plus MPPAs

strategy to established a compact scale of stores in strategic area, thus we estimate that MPPAs

net revenue could hit Rp 11,7 trillion in 2012, or grow by 31.2% YoY, and 24.4% CAGR growth

during 20112017 periods.


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RECOMMENDATION FOR IMPROVEMENT

By looking at all the information of MPPAs financial statement analysis and SWOT, I can

conclude and give some suggestion for its future development, which is stated as follow:

1. Expand to Eastern Indonesia for further growth

2. Capturing wider market by cooperates with a state commercial bank in Indonesia.

3. Add new stores to boost sales

4. Focus on its main business, which is retail businessparticularly food business under the

name of Hypermart and Foodmart.

5. Prudent strategy to secure the market; through continuous expansion, intensive promotion

through discount program coupled with cost efficiency.


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REFERENCES:

PT Matahari Putra Prima Tbk (MPPA) 2012 Annual Report

Pefindo: equity & index valuation division (MPPA, Primary reportFebruary 15th, 2012)

Pefindo: equity & index valuation division (MPPA, Secondary reportNovember 26th, 2012)

MPPA company report (February 2013) by Public Accountant: RSM Aryanto, Amir Jusuf,

Mawar & Saptoto (Member of RSM International)

http://en.wikipedia.org/wiki/Economy_of_Indonesia

http://www.indexmundi.com/indonesia/economy_profile.html

http://www.tradingeconomics.com/indonesia

http://www.mataharigroup.co.id

http://www.bi.go.id/sdds/default.asp#FinancialSector

http://markets.ft.com/research/Markets/Tearsheets/Business-profile?s=MPPA:JKT

http://investing.businessweek.com/research/stocks/financials/ratios.asp?ticker=MPPA:IJ

http://www.ipotnews.com/index.php?level2=&level3=&level4=&id=2165160&popular=

http://finance.yahoo.com/q?s=MPPA.JK

http://www.reuters.com/finance/stocks/overview?symbol=MPPA.JK
http://en.wikipedia.org/wiki/Economy_of_Indonesiahttp://www.indexmundi.com/indonesia/economy_profile.htmlhttp://www.tradingeconomics.com/indonesiahttp://www.mataharigroup.co.id/http://www.bi.go.id/sdds/default.asp#FinancialSectorhttp://markets.ft.com/research/Markets/Tearsheets/Business-profile?s=MPPA:JKThttp://investing.businessweek.com/research/stocks/financials/ratios.asp?ticker=MPPA:IJhttp://www.ipotnews.com/index.php?level2=&level3=&level4=&id=2165160&popularhttp://finance.yahoo.com/q?s=MPPA.JKhttp://www.reuters.com/finance/stocks/overview?symbol=MPPA.JKhttp://www.reuters.com/finance/stocks/overview?symbol=MPPA.JKhttp://finance.yahoo.com/q?s=MPPA.JKhttp://www.ipotnews.com/index.php?level2=&level3=&level4=&id=2165160&popularhttp://investing.businessweek.com/research/stocks/financials/ratios.asp?ticker=MPPA:IJhttp://markets.ft.com/research/Markets/Tearsheets/Business-profile?s=MPPA:JKThttp://www.bi.go.id/sdds/default.asp#FinancialSectorhttp://www.mataharigroup.co.id/http://www.tradingeconomics.com/indonesiahttp://www.indexmundi.com/indonesia/economy_profile.htmlhttp://en.wikipedia.org/wiki/Economy_of_Indonesia


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Exhibit 1INCOME STATEMENT

PT MATAHARI PUTRA PRIMA TBK


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Exhibit 2BALANCE SHEET

PT MATAHARI PUTRA PRIMA TBK

Annual

Income Statement Balance Sheet Cash Flow

Currency inMillions of Indonesian Rupiahs

As of:Dec 31 2009IDR

Dec 31 2010RestatedIDR

Dec 31 2011ReclassifiedIDR

Dec 31 2012IDR

Assets

Cash and Equivalents 2,252,173.0 2,565,235.0 1,403,075.0 1,361,736.0

Short-Term Investments 1,158,205.0 1,384,627.0 382,970.0 1,553,980.0

Trading Asset Securities 6,163.0 4,918.0 1,672.0 --

TOTAL CASH AND SHORT TERMINVESTMENTS

3,416,541.0 3,954,780.0 1,787,717.0 2,915,716.0

Accounts Receivable 30,993.0 20,305.0 34,711.0 43,338.0

Other Receivables 136,935.0 178,980.0 304,499.0 316,042.0

TOTAL RECEIVABLES 167,928.0 199,285.0 339,210.0 359,380.0

Inventory 1,171,805.0 969,713.0 1,266,120.0 1,670,574.0

Prepaid Expenses 260,092.0 218,397.0 19,028.0 14,592.0

Other Current Assets 49,873.0 65,220.0 199,688.0 124,478.0

TOTAL CURRENT ASSETS 5,066,239.0 5,407,395.0 3,611,763.0 5,084,740.0

Gross Property Plant and Equipment 4,000,233.0 2,854,950.0 3,181,966.0 1,603,900.0

Accumulated Depreciation -1,821,740.0 -1,351,491.0 -1,538,461.0 -828,775.0

NET PROPERTY PLANT AND EQUIPMENT 2,178,493.0 1,503,459.0 1,643,505.0 775,125.0

Long-Term Investments 206,209.0 1,098,945.0 945,603.0 29,526.0

Deferred Tax Assets, Long Term 50,423.0 304,730.0 276,883.0 113,255.0

Other Intangibles 12,477.0 -- 251.0 1,188.0

Other Long-Term Assets 3,046,303.0 3,106,071.0 3,830,164.0 2,221,372.0
http://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=incomeStatement&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=incomeStatement&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=cashFlow&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=cashFlow&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=cashFlow&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=cashFlow&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=incomeStatement&period=A&currency=native


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TOTAL ASSETS 10,560,144.0 11,420,600.0 10,308,169.0 8,225,206.0

LIABILITIES & EQUITY

Accounts Payable 1,294,678.0 987,993.0 1,290,377.0 1,422,313.0

Accrued Expenses 587,383.0 489,424.0 599,302.0 581,462.0

Current Portion of Long-Term Debt/Capital Lease 1,013,936.0 370,000.0 779,431.0 535,000.0

Current Income Taxes Payable 40,850.0 61,562.0 36,913.0 14,992.0

Other Current Liabilities, Total 166,716.0 1,110,258.0 252,312.0 160,061.0

Unearned Revenue, Current 41,431.0 44,745.0 2,098.0 2,098.0

TOTAL CURRENT LIABILITIES 3,144,994.0 3,063,982.0 2,960,433.0 2,715,926.0

Long-Term Debt 3,223,331.0 799,680.0 1,493,545.0 1,467,340.0

Minority Interest 93,929.0 52,574.0 50,340.0 30.0

Unearned Revenue, Non-Current 307,996.0 263,251.0 10,247.0 8,149.0

Pension & Other Post-Retirement Benefits -- -- 111,067.0 126,636.0

Deferred Tax Liability Non-Current -- 1,070.0 2,308.0 --

Other Non-Current Liabilities 322,796.0 98,585.0 47,121.0 61,401.0

TOTAL LIABILITIES 6,999,117.0 4,226,568.0 4,624,721.0 4,379,452.0

Common Stock 2,360,537.0 2,788,273.0 2,688,981.0 268,898.0

Additional Paid in Capital -- 324,652.0 324,652.0 324,652.0

Retained Earnings 1,333,077.0 4,150,741.0 2,642,389.0 2,831,270.0

Treasury Stock -123,236.0 -123,236.0 -123,236.0 -33,873.0

Comprehensive Income and Other -103,280.0 1,028.0 100,322.0 454,777.0

TOTAL COMMON EQUITY 3,467,098.0 7,141,458.0 5,633,108.0 3,845,724.0

TOTAL EQUITY 3,561,027.0 7,194,032.0 5,683,448.0 3,845,754.0

TOTAL LIABILITIES AND EQUITY 10,560,144.0 11,420,600.0 10,308,169.0 8,225,206.0


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34

Exhibit 3CASH FLOW

PT MATAHARI PUTRA PRIMA TBK (MPPA)

Annual

Income Statement Balance Sheet Cash Flow

Currency inMillions of Indonesian Rupiahs

As of:Dec 31 2009IDR

Dec 31 2010RestatedIDR

Dec 31 2011ReclassifiedIDR

Dec 31 2012IDR

NET INCOME 300,035.0 5,800,640.0 105,037.0 220,547.0

Depreciation & Amortization 493,891.0 315,912.0 258,847.0 294,094.0

Amortization of Goodwill and Intangible Assets 55,561.0 -- -- --

DEPRECIATION & AMORTIZATION, TOTAL 549,452.0 315,912.0 258,847.0 294,094.0

Amortization of Deferred Charges -- -- 218.0 245.0

Other Operating Activities -177,984.0 -5,524,330.0 -166,415.0 -119,673.0

Change in Accounts Receivable 558,443.0 -6,744.0 -- --

CASH FROM OPERATIONS 1,229,946.0 585,478.0 197,687.0 395,213.0

Capital Expenditure -525,191.0 -61,672.0 -320,157.0 -372,340.0

Sale of Property, Plant, and Equipment 7,140.0 21,411.0 14,500.0 90,339.0

Divestitures 210,834.0 -- -- --

Sale (Purchase) of Real Estate Properties -- -37,236.0 -46,965.0 35,343.0

Investments in Marketable & Equity Securities 37,818.0 4,821,883.0 1,192,144.0 2,052,585.0

CASH FROM INVESTING -1,431,236.0 4,577,161.0 170,952.0 2,819,419.0

Long-Term Debt Issued 3,692,395.0 640,494.0 2,745,000.0 1,177,331.0

TOTAL DEBT ISSUED 3,692,395.0 640,494.0 2,745,000.0 1,177,331.0

Long Term Debt Repaid -2,689,513.0 -3,801,225.0 -1,642,868.0 -1,430,000.0

TOTAL DEBT REPAID -2,689,513.0 -3,801,225.0 -1,642,868.0 -1,430,000.0

Issuance of Common Stock 8,946.0 769,925.0 -- --
http://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=incomeStatement&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=incomeStatement&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=cashFlow&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=cashFlow&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=cashFlow&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=cashFlow&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=incomeStatement&period=A&currency=native


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Repurchase of Common Stock -- -- -- -2,420,083.0

Common Dividends Paid -- -2,014,943.0 -2,581,422.0 -32,268.0

TOTAL DIVIDEND PAID -- -2,014,943.0 -2,581,422.0 -32,268.0

Other Financing Activities -301,031.0 -91,729.0 -49,983.0 -81,327.0

CASH FROM FINANCING 710,797.0 -4,497,478.0 -1,529,273.0 -2,786,347.0

Foreign Exchange Rate Adjustments -- -13,582.0 -1,526.0 6,002.0

Miscellaneous Cash Flow Adjustments -- -338,517.0 -- -475,626.0

NET CHANGE IN CASH 509,507.0 313,062.0 -1,162,160.0 -41,339.0

mppa (financial statement analysis)

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