Wright Inverstor - TPS

Company FundamentalsCompany Fundamentals\Company Profile

COMPANY PROFILE Figures in Indonesian Rupiahs

A Wright Investors' Service Research Report: PT Tiga Pilar Sejahtera Food Terbuka

440 Wheelers Farms Road Milford, CT 06461 U.S.A.

Wright Quality Rating:DBNN

PT Tiga Pilar Sejahtera Food Tbk is an Indonesia-based food manufacturing company. The Company is engaged in noodles manufacturing and trading, which consist of dry noodle, instant noodle, vermicelli, snack, biscuit and candy industry, palm oil plantations and rice mill distribution. Its product lines include Ayam 2 Telor, Superior Spesial, Hahamie, Bihunku, Manami, Mikita, Mie Kremezz and Gulas.

Stock Price (5/25/2012): 590.00

Stock Chart

Recent stock performance1 Week 3.5%4 Weeks -14.5%13 Weeks 26.9%52 Weeks 0.8%

President Commissioner Priyo Hadi Sutanto

President Stefanus Joko Magoginta

Secretary Yulianni Liyuwardi

Officers

Earnings / Dividends (as of 12/31/2011) Earnings Dividends

Most Recent Qtr 33.77 0.00 Last 12 Months 74.22 0.00

Ratio AnalysisPrice / Earnings Ratio 7.95 Dividend Yield 0.00% Price / Sales Ratio 0.98 Payout Ratio 0.00% Price / Book Ratio 0.97 % Held by Insiders 48.48%

AddressProf Dr Supomo St No 233 JAKARTA 12870

Phone +62 21 831 8775

Key Data

Ticker: AISA

2011 Sales: 1,752,802,000,000

Major Industry: Food & Beverages

Sub Industry: Miscellaneous Food

Country: Indonesia

Currency: Indonesian Rupiahs

Fiscal Year Ends: December

Employees 2,059

Exchanges: JAK

Share Type: Series A

Market Capitalization: 1,726,340,000,000

Total Shares Outstanding: 2,926,000,000

Closely Held Shares: 1,418,457,050

INDONESIA Home Page http://www.tigapilar.com

Copyright ©2000-2012 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Company Fundamentals\Comparative Business Analysis

A Wright Investors' Service Research Report: PT Tiga Pilar Sejahtera Food Terbuka Provided By CorporateInformation.com

440 Wheelers Farms Road Milford, CT 06461 U.S.A.

Wright Comparative Business Analysis Report

Report Date: 5/25/2012

Company Description PT Tiga Pilar Sejahtera Food Tbk is an Indonesia-based food manufacturing company. The Company is engaged in noodles manufacturing and trading, which consist of dry noodle, instant noodle, vermicelli, snack, biscuit and candy industry, palm oil plantations and rice mill distribution. Its product lines include Ayam 2 Telor, Superior Spesial, Hahamie, Bihunku, Manami, Mikita, Mie Kremezz and Gulas.

Competitor Analysis

PT Tiga Pilar Sejahtera Food Terbuka operates in the Macaroni and spaghetti sector. This analysis compares PT Tiga Pilar Sejahtera Food Terbuka with three other companies: Consciencefood Holding Limited (2011 sales of 742.76 billion Indonesian Rupiahs [US$80.22 million] of which 98% was Instant Noodles), PT Delta Djakarta (2011 sales: 564.05 billion Indonesian Rupiahs [US$60.92 million] ), and Marutai Co., Ltd. which is based in Japan (2012 sales of 9.09 billion Japanese Yen [US$114.30 million] ). Note: not all of these companies have the same fiscal year: the most recent data for each company are being used.

Sales Analysis

PT Tiga Pilar Sejahtera Food Terbuka reported sales of 1.75 trillion Indonesian Rupiahs (US$189.30 million) for the year ending December of 2011. This represents an increase of 148.5% versus 2010, when the company's sales were 705.22 billion Indonesian Rupiahs. This was the third consecutive year of growth at PT Tiga Pilar Sejahtera Food Terbuka.

Recent Sales at PT Tiga Pilar Sejahtera Food Terbuka

(Figures in Trillions of Indonesian Rupiahs) During 2011, the company's sales increased at a faster rate than all three comparable companies. While PT Tiga Pilar Sejahtera Food Terbuka enjoyed a sales increase of 148.5%, the other companies saw smaller increases: Consciencefood Holding Limited sales were up 22.3%, PT Delta Djakarta increased 3.0%, and Marutai Co., Ltd. experienced growth of 32.0%. PT Tiga Pilar Sejahtera Food Terbuka currently has 2,059 employees. With sales of 1.75 trillion Indonesian Rupiahs (US$189.30 million) , this equates to sales of US$91,939 per employee.

Sales Comparisons (Most Recent Fiscal Year)

0

0

0

1

1

2

2006 2007 2008 2009 2010 2011

CompanyYear Ended

Sales (US$mlns)

Sales Growth

Sales/ Emp (US$) Largest Region

PT Tiga Pilar Sejahtera Food Terbuka Dec 2011 189.303 148.5% 91,939 N/A

Consciencefood Holding Limited Dec 2011 80.219 22.3% N/A N/A

PT Delta Djakarta Dec 2011 60.918 3.0% 157,004 N/A

Marutai Co., Ltd. Mar 2012 114.300 32.0% 761,997 N/A

Recent Stock Performance

For the 52 weeks ending 5/25/2012, the stock of this company was up 0.8% to 590.00 Indonesian Rupiahs. During the past 13 weeks, the stock has increased 26.9%. During the 12 months ending 12/31/2011, earnings per share totalled 74.22 Indonesian Rupiahs per share. Thus, the Price / Earnings ratio is 7.95. Earnings per share rose 80.4% in 2011 from 2010. This company is currently trading at 0.98 times sales. The three companies vary greatly in terms of price to sales ratio: trading from 0.39 times all the way up to 5.39 times their annual sales. PT Tiga Pilar Sejahtera Food Terbuka is trading at 0.97 times book value. Since the price to book ratio is less than 1, this means that theoretically, the net value of the assets is greater than the value of a company as a going concern.

Summary of company valuations

The market capitalization of this company is 1.73 trillion Indonesian Rupiahs (US$186.44 million) . The capitalization of the floating stock (i.e., that which is not closely held) is 889.45 billion Indonesian Rupiahs (US$96.06 million) .

Dividend Analysis

This company has paid no dividends during the last 12 months. The company has not paid any dividends during the previous 6 fiscal years.

Profitability Analysis On the 1.75 trillion Indonesian Rupiahs in sales reported by the company in 2011, the cost of goods sold totalled 1.28 trillion Indonesian Rupiahs, or 73.0% of sales (i.e., the gross profit was 27.0% of sales). This gross profit margin is lower than the company achieved in 2010, when cost of goods sold totalled 61.3% of sales. PT Tiga Pilar Sejahtera Food Terbuka's 2011 gross profit margin of 27.0% was lower than all three comparable companies (which had gross profits in 2011 between 29.5% and 72.3% of sales). The company's earnings before interest, taxes, depreciation and amorization (EBITDA) were 355.80 billion Indonesian Rupiahs, or 20.3% of sales. This EBITDA margin is worse than the company achieved in 2010, when the EBITDA margin was equal to 30.9% of sales. The three comparable companies had EBITDA margins that were all higher (between 24.1% and 45.4%) than that achieved by PT Tiga Pilar Sejahtera Food Terbuka. In 2011, earnings before extraordinary items at PT Tiga Pilar Sejahtera Food Terbuka were 126.91 billion Indonesian Rupiahs, or 7.2% of sales. This profit margin is lower than the level the company achieved in 2010, when the profit margin was 10.7% of sales. Earnings before extraordinary items have grown for each of the past 5 years (and since 2007, earnings before extraordinary items have grown a total of 705%). The company's return on equity in 2011 was 22.0%. This was an improvement over the 17.6% return the company achieved in 2010. (Extraordinary items have been excluded).

Profitability Comparison

PT Tiga Pilar Sejahtera Food Terbuka reports profits by product line. During 2011, the itemized operating profits at all divisions were 307.85 billion Indonesian Rupiahs, which is equal to 17.6% of total sales. Of all the product lines, Food Manufacturing had the highest operating profits in 2011, with operating profits equal to 22.5% of sales. (This product line is the largest at PT Tiga Pilar Sejahtera Food Terbuka, and accounted for 54% of sales in 2011). Rice Products had the lowest operating profit margin in 2011, with the operating profit equal to only 12.0% of sales.

Company Date P/EPrice/

BookPrice/ Sales

52 Wk Pr Chg

PT Tiga Pilar Sejahtera Food Terbuka 5/25/2012 7.9 0.97 0.98 0.80%

Consciencefood Holding Limited 5/25/2012 4.0 0.93 0.70 -19.81%

PT Delta Djakarta 5/21/2012 19.0 5.49 5.39 50.79%

Marutai Co., Ltd. 5/25/2012 11.2 0.47 0.39 -7.46%

Company Year

Gross Profit Margin

EBITDA Margin

Earns bef. extra

PT Tiga Pilar Sejahtera Food Terbuka 2011 27.0% 20.3% 7.2%

PT Tiga Pilar Sejahtera Food Terbuka 2010 38.7% 30.9% 10.7%

Consciencefood Holding Limited 2011 29.5% 24.1% 17.6%

PT Delta Djakarta 2011 72.3% 39.8% 25.7%

Marutai Co., Ltd. 2012 N/A 45.4% 3.5%

Inventory Analysis As of December 2011, the value of the company's inventory totalled 439.53 billion Indonesian Rupiahs. Since the cost of goods sold was 1.28 trillion Indonesian Rupiahs for the year, the company had 125 days of inventory on hand (another way to look at this is to say that the company turned over its inventory 2.9 times per year). In terms of inventory turnover, this is a significant improvement over December 2010, when the company's inventory was 484.93 billion Indonesian Rupiahs, equivalent to 409 days in inventory.

Financial Position

As of December 2011, the company's long term debt was 827.27 billion Indonesian Rupiahs and total liabilities (i.e., all monies owed) were 1.75 trillion Indonesian Rupiahs. The long term debt to equity ratio of the company is 0.45. This is significantly lower than the long term debt to equity ratio as of in December 2010, when the long term debt to equity ratio stood at 1.02. As of December 2011, the accounts receivable for the company were 474.55 billion Indonesian Rupiahs, which is equivalent to 99 days of sales. This is higher than at the end of 2010, when PT Tiga Pilar Sejahtera Food Terbuka had 84 days of sales in accounts receivable.

Financial Positions

Company YearLT Debt/ Equity

Days AR

Days Inv.

PT Tiga Pilar Sejahtera Food Terbuka 2011 0.45 99 125

Consciencefood Holding Limited 2011 0.00 77 35

PT Delta Djakarta 2011 0.00 145 203

Marutai Co., Ltd. 2012 0.00 79 20

Copyright 2001-2012 The Winthrop Corporation Distributed by Wright Investors' Service, Inc.

All Rights Reserved

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Company Fundamentals\Summary Analysis

SUMMARY ANALYSIS: PT Tiga Pilar Sejahtera Food Terbuka Per Share- Indonesian Rupiahs

Year Price Value Ratios Equity Capital Earnings Dividends

Fiscal Yr Ends:

December

Market Price Last

Price/ Earnings

Ratio

Price/ Book Ratio

Dividend Yield

% Earned Growth

% Profit Rate (ROE)

Book Value Begin

Yr

12 Month Earnings

Per Share

% Change

% Payout Ratio

12 Month Dividends

Per Share

2003 194.59 n/c n/c 0.0% n/c n/c -73.99 BDE -15.30 n/c n/c 0.00

2004 181.61 2,333.2 2.3 0.0% 0.1% 0.1% 80.64 DE 0.08 n/c 0.0% 0.00

2005 185.94 n/c 2.4 0.0% n/c 0.0% 78.64 n/a n/c n/c 0.00

2006 151.34 1,458.3 1.9 0.0% 0.1% 0.1% 78.67 D 0.10 n/c 0.0% 0.00

2007 648.62 49.7 8.2 0.0% 16.6% 16.6% 78.77 D 13.04 12,466.6% 0.0% 0.00

2008 388.57 21.4 4.2 0.0% 19.8% 19.8% 91.82 D 18.19 39.5% 0.0% A 0.00

2009 329.14 13.7 1.5 0.0% 11.2% 11.2% 213.62 D 23.96 31.7% 0.0% 0.00

2010 713.14 17.3 3.0 0.0% 17.6% 17.6% 234.28 D 41.14 71.7% 0.0% 0.00

2011 495.00 6.7 1.6 0.0% 23.6% 23.6% 314.84 74.22 80.4% 0.0% A 0.00

5/25/2012 590.00 7.9 1.0 0.0% n/a n/a 606.45 74.22 n/c 0.0% 0.00

(A): ALL ITEMS ADJUSTED FOR STOCK SPLITS OR DIVIDENDS - 7:4 RIGHT ISSUE (09.375% DIV) ON 12/02/2011, 8:5 RIGHTS ISSUE (05.72%DIV) ON 05/08/2008

(B): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT

(C): NAME CHANGED FROM PT ASIA INTI SELERA TBK IN FEB 2004

(D): BASED ON AVERAGE SHARES OUTSTANDING, FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 2007 WERE 13, (U ): BASED ON AVERAGE SHARES OUTSTANDING

(E): , INCLS GAIN/(LOSS) FROM DISCONTINUED OPERATIONS EQUAL TO (0.90) IN 2003


Company Fundamentals\Sales Analysis

SALES ANALYSIS: PT Tiga Pilar Sejahtera Food Terbuka Figures in millions of Indonesian Rupiahs

Year

SalesCost of

Goods Sold

Earnings before Interest, Taxes,

Depreciation, and

Amortization (EBITDA)

After Tax Income before

Extraordinary Charges and

Credits Employees

Amount in

millions

Year-to-year

Growth

Amount in

millions% of Sales

Amount in

millions% of

Sales

Amount in

millions% of

Sales Number

Sales Per

Employee

After Tax Income

Per Employee

2002 35,764 -37.8% 35,087 98.1% 27,142 75.9% 10,805 30.2% n/a n/a n/a

2003 167,420 368.1% 112,432 67.2% 34,109 20.4% -8,461 -5.1% n/a n/a n/a

2004 228,437 36.4% 163,839 71.7% 39,502 17.3% 90 0.0% n/a n/a n/a

2005 229,973 0.7% 171,202 74.4% 46,892 20.4% 35 0.0% n/a n/a n/a

2006 333,455 45.0% 271,391 81.4% 56,278 16.9% 130 0.0% 1,567 212,798,341 82,961

2007 499,870 49.9% 392,216 78.5% 72,688 14.5% 15,760 3.2% 1,938 257,931,104 8,131,953

2008 489,172 -2.1% 299,277 61.2% 143,787 29.4% 28,686 5.9% 2,063 237,116,820 13,904,993

2009 533,194 9.0% 331,776 62.2% 163,202 30.6% 37,787 7.1% 1,925 276,983,896 19,629,610

2010 705,220 32.3% 432,449 61.3% 272,988 38.7% 75,234 10.7% 1,816 388,337,004 41,428,414

2011 1,752,802 148.5% 1,279,624 73.0% 362,167 20.7% 126,906 7.2% 2,059 851,288,004 61,634,774


Company Fundamentals\Price Analysis

PRICE ANALYSIS: PT Tiga Pilar Sejahtera Food Terbuka Per Share- Indonesian Rupiahs

QuarterHigh Price

Low Price

Closing Price

Quarterly %Change

12 months

%Change

2003 Jan - Mar 319.986 198.910 298.365 n/a n/a

Apr - Jun 302.689 172.965 177.289 -40.6% n/a

Jul - Sep 220.531 129.724 164.317 -7.3% n/a

Oct - Dec 194.586 90.807 194.586 18.4% n/a

2004 Jan - Mar 203.234 138.372 172.965 -11.1% -42.0%

Apr - Jun 198.910 151.345 198.910 15.0% 12.2%

Jul - Sep 172.965 90.807 112.427 -43.5% -31.6%

Oct - Dec 181.614 77.834 181.614 61.5% -6.7%

2005 Jan - Mar 181.614 138.372 181.614 0.0% 5.0%

Apr - Jun 185.938 138.372 185.938 2.4% -6.5%

Jul - Sep 181.614 112.427 159.993 -14.0% 42.3%

Oct - Dec 185.938 112.427 185.938 16.2% 2.4%

2006 Jan - Mar 164.317 134.048 147.020 -20.9% -19.0%

Apr - Jun 159.993 99.455 155.669 5.9% -16.3%

Jul - Sep 0.000 0.000 138.372 -11.1% -13.5%

Oct - Dec 155.669 99.455 151.345 9.4% -18.6%

2007 Jan - Mar 154.804 112.427 102.050 -32.6% -30.6%

Apr - Jun 164.317 142.696 104.644 2.5% -32.8%

Jul - Sep 484.303 103.779 475.654 354.5% 243.8%

Oct - Dec 648.620 467.006 648.620 36.4% 328.6%

2008 Jan - Mar 700.509 536.192 588.082 -9.3% 476.3%

Apr - Jun 622.675 429.714 448.000 -23.8% 328.1%

Jul - Sep 521.143 406.857 457.143 2.0% -3.9%

Oct - Dec 448.000 329.143 388.571 -15.0% -40.1%

2009 Jan - Mar 388.571 320.000 342.857 -11.8% -41.7%

Apr - Jun 406.857 333.714 388.571 13.3% -13.3%

Jul - Sep 420.571 365.714 374.857 -3.5% -18.0%

Oct - Dec 374.857 269.714 329.143 -12.2% -15.3%

2010 Jan - Mar 324.571 274.286 315.429 -4.2% -8.0%

Apr - Jun 521.143 297.143 475.429 50.7% 22.4%

Jul - Sep 612.571 411.429 585.143 23.1% 56.1%

Oct - Dec 786.286 512.000 713.143 21.9% 116.7%

2011 Jan - Mar 749.714 576.000 731.429 2.6% 131.9%

Apr - Jun 758.857 566.857 603.429 -17.5% 26.9%

Jul - Sep 740.571 548.571 612.571 1.5% 4.7%

Oct - Dec 658.286 440.000 495.000 -19.2% -30.6%

2012 Jan - Mar 540.000 440.000 510.000 3.0% -30.3%

5/25/2012 590.000 26.9% 0.8%


Company Fundamentals\Earnings & Dividends Analysis

EARNINGS AND DIVIDENDS ANALYSIS: PT Tiga Pilar Sejahtera Food Terbuka Per Share- Indonesian Rupiahs Fiscal Year Ends in December

(A): ALL ITEMS ADJUSTED FOR STOCK SPLITS OR DIVIDENDS - 7:4 RIGHT ISSUE (09.375% DIV) ON 12/02/2011, 8:5 RIGHTS ISSUE (05.72%DIV) ON 05/08/2008

(B): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT

(C): NAME CHANGED FROM PT ASIA INTI SELERA TBK IN FEB 2004

(D): BASED ON AVERAGE SHARES OUTSTANDING, FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED DEC 2007 WERE 13, (U ): BASED ON AVERAGE SHARES OUTSTANDING

(E): , INCLS GAIN/(LOSS) FROM DISCONTINUED OPERATIONS EQUAL TO (0.90) IN 2003

Fiscal Years

Earnings Per Share Dividends Per Share

12 Months Quarterly Reported Earnings 12 Months Quarterly Reported Dividends

Earnings%

ChangeQ1

Mar.Q2

Jun.Q3

Sep.Q4

Dec. Dividends%

ChangeQ1

Mar.Q2

Jun.Q3

Sep.Q4

Dec.%

Payout

2001 -324.39 n/c -201.31

-39.11 121.70 -

205.66 0.00 n/c n/a n/a n/a 0.00 0.0%

2002 C

BD 46.16 n/c -11.13 7.89 -55.57 104.97 0.00 n/c n/a n/a n/a 0.00 0.0%

2003 BDE -15.30 n/c -

11.27 -4.78 4.81 -4.06 0.00 n/c n/a n/a n/a 0.00 0.0%

2004 DE 0.08 n/c -0.43 0.66 1.89 -2.03 0.00 n/c n/a n/a n/a 0.00 0.0%

2005 n/a n/c n/a 0.03 n/a -0.20 0.00 n/c n/a n/a n/a 0.00 0.0%

2006 D 0.10 n/c 1.57 0.12 -1.06 -0.52 0.00 n/c n/a n/a n/a 0.00 0.0%

2007 D 13.04 12,466.6% 0.31 5.92 4.09 2.72 0.00 n/c n/a n/a n/a 0.00 0.0%

2008 D 18.19 39.5% 4.06 10.81 1.78 1.55 A 0.00 n/c n/a n/a n/a 0.00 0.0%

2009 D 23.96 31.7% 3.07 9.45 2.20 9.23 0.00 n/c n/a n/a n/a 0.00 0.0%

2010 D 41.14 71.7% 3.16 12.53 -0.94 26.39 0.00 n/c n/a n/a n/a 0.00 0.0%

2011 74.22 80.4% 13.54 12.84 14.07 33.77 A 0.00 n/c n/a n/a n/a 0.00 0.0%


Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size

Balance Sheet - (Common Size): PT Tiga Pilar Sejahtera Food Terbuka Figures are expressed as Percent of Total Assets. Total Assets are in millions of Indonesian Rupiahs.

Fiscal Year 2011 2010 2009 2008 2007

Fiscal Year End Date 12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007

Assets

Total Assets 3,586,037.0 1,930,368.0 1,346,768.0 1,016,436.0 514,233.3

Cash & Short Term Investments

22.4% 0.8% 1.5% 2.7% 5.0%

Cash 16.9% 0.8% 1.4% 1.3% 0.4%

Short Term Investments 5.6% 0.0% 0.1% 1.4% 4.6%

Receivables (Net) 13.2% 8.4% 10.8% 8.3% 15.8%

Inventories -Total 12.3% 25.1% 19.8% 20.1% 21.3%

Raw Materials 6.6% 16.6% 10.1% 8.5% 14.2%

Work in Process

Finished Goods 0.5% 1.5% 2.5% 2.6% 1.4%

Progress Payments & Other

5.2% 7.0% 7.3% 9.0% 5.6%

Prepaid Expenses 0.2% 0.1% 0.1% 0.3% 0.5%

Other Current Assets 0.0% 0.0% 0.0% 0.4% 1.6%

Current Assets - Total 48.1% 34.5% 32.3% 31.8% 44.1%

Long Term Receivables 1.2% 2.2% 0.5%

Investment in Associated Companies

0.0% 0.0% 0.0% 0.0% 0.0%

Other Investments 0.0% 0.0% 0.0% 0.0% 0.0%

Property Plant and Equipment - Gross

48.6% 65.3% 67.8% 84.0% 73.6%

Accumulated Depreciation

10.6% 16.4% 16.6% 16.6% 20.0%

Property Plant and Equipment – Net

38.0% 48.9% 51.3% 67.3% 53.6%

Other Assets 12.7% 14.4% 16.5% 0.9% 1.8%

Deferred Charges 4.3% 7.4% 0.0% 0.0% 0.0%

Tangible Other Assets 0.4% 2.9% 15.3% 0.9% 1.8%

Intangible Other Assets 7.9% 4.0% 1.1% 0.0% 0.0%

Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%

Liabilities & Shareholders' Equity

Total Liabilities & Shareholders' Equity

3,586,037.0 1,930,368.0 1,346,768.0 1,016,436.0 514,233.3

Accounts Payable 0.8% 2.3% 1.7% 1.9% 15.9%

Short Term Debt & Current Portion of Long Term Debt

21.6% 22.0% 20.9% 30.2% 39.2%

Accrued Payroll 0.2% 0.1% 0.1% 0.1% 0.1%

Income Taxes Payable 1.3% 1.0% 0.9% 1.3% 0.8%

Dividends Payable

Other Current Liabilities 1.4% 1.5% 3.9% 2.3% 2.6%

Current Liabilities - Total 25.4% 26.8% 27.5% 35.9% 58.7%

Long Term Debt 23.1% 31.2% 39.9% 25.0% 19.0%

Long Term Debt Excluding Capitalized Leases

23.0% 29.9% 36.9% 21.4% 18.8%

Capitalized Lease Obligations

0.1% 1.3% 3.1% 3.6% 0.3%

Provision for Risks and Charges

0.5% 0.6% 0.6% 0.6% 0.9%

Deferred Income 0.0% 0.0% 0.0% 0.0% 0.0%

Deferred Taxes -0.1% -0.2% 0.1% -0.0% -0.3%

Deferred Taxes - Credit 0.0% 0.2% 0.1% 0.0%

Deferred Taxes - Debit 0.1% 0.3% 0.0% 0.1% 0.3%

Deferred Tax Liability in Untaxed Reserves

Other Liabilities 0.0% 11.0% 0.1% 0.1% 0.0%

Total Liabilities 48.9% 69.4% 68.2% 61.5% 78.4%

Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest 1.6% 0.7% 0.0% 0.0% 0.0%

Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock Issued for ESOP

ESOP Guarantees - Preferred Issued

Common Equity 49.5% 29.8% 31.8% 38.4% 21.6%


100.0% 100.0% 100.0% 100.0% 100.0%


Financial Statement Analyses\Balance Sheet - Year-Year % Change

Balance Sheet - (Year to Year Percent Change): PT Tiga Pilar Sejahtera Food Terbuka Figures are the Percent Changes from the Prior Year.

Fiscal Year 2011 2010 2009 2008 2007


Assets

Total Assets 85.8% 43.3% 32.5% 97.7% 41.7%


5,116.0% -24.7% -24.7% 6.0% -27.0%

Cash 3,838.0% -17.7% 38.8% 636.2% 21.9%

Short Term Investments 273,920.5% -96.0% -86.6% -42.2% -29.2%

Receivables (Net) 191.1% 12.4% 73.0% 3.2% 33.6%

Inventories -Total -9.4% 81.5% 30.9% 86.6% 46.7%

Raw Materials -26.1% 136.5% 56.4% 18.6% 60.4%

Work in Process

Finished Goods -39.5% -13.7% 27.9% 258.4% 10.9%


36.7% 37.7% 7.6% 215.0% 29.2%

Prepaid Expenses 197.9% 41.9% -41.6% 33.2% 7,352.4%

Other Current Assets -100.0% -46.7%

Current Assets - Total 159.2% 53.2% 34.7% 42.2% 33.0%

Long Term Receivables 1.8% -57.1%


-100.0% 19.4% -1.0%

Other Investments 6.9% 3.6%


38.2% 38.1% 7.0% 125.6% 46.3%


20.2% 42.3% 32.0% 64.6% 26.2%


44.2% 36.7% 0.9% 148.3% 55.5%

Other Assets 63.9% 25.0% 2,304.9% 0.0% -0.0%

Deferred Charges 6.8%

Tangible Other Assets -72.4% -72.8% 2,141.1% 0.0% -0.0%

Intangible Other Assets 269.7% 410.6%

Total Assets 85.8% 43.3% 32.5% 97.7% 41.7%



85.8% 43.3% 32.5% 97.7% 41.7%

Accounts Payable -32.5% 93.4% 22.0% -76.9% 141.9%


82.6% 50.7% -8.4% 52.3% 70.1%

Accrued Payroll 226.4% 28.8% 85.6% 63.4% 47.2%

Income Taxes Payable 151.6% 62.5% -15.4% 215.8% 779.4%

Dividends Payable

Other Current Liabilities 82.2% -46.3% 121.4% 77.7% 194.1%

Current Liabilities - Total 75.9% 39.8% 1.7% 20.8% 91.2%

Long Term Debt 37.5% 11.9% 111.8% 159.2% -8.1%


43.0% 16.2% 128.1% 125.5% -9.2%


-90.8% -40.3% 13.8% 2,509.9% 710.3%


40.9% 46.9% 30.8% 27.6% 13.2%

Deferred Income

Deferred Taxes -364.5%

Deferred Taxes - Credit -92.0% 154.0% 757.3%

Deferred Taxes - Debit -35.1% 2,355.6% -48.7% -62.1% 19.6%


Other Liabilities -99.2% 31,156.9% -47.6% 1,639.5% -0.3%


Non-Equity Reserves

Minority Interest 307.9% 3,273.8% 9.0% 225.2% 7.8%

Preferred Stock



Common Equity 208.2% 34.4% 9.7% 252.1% 16.6%


85.8% 43.3% 32.5% 97.7% 41.7%


Financial Statement Analyses\Balance Sheet - Five-Year Averages

Balance Sheet - (5 Year Averages): PT Tiga Pilar Sejahtera Food Terbuka Figures in millions of Indonesian Rupiahs.

Fiscal Year 2011 2010 2009 2008 2007


Assets

Total Assets 1,678,768.5 1,034,117.7 719,375.1 524,331.1 388,845.3


178,696.4 24,798.8 26,990.6 33,839.8 37,004.8

Cash 130,781.5 10,153.5 7,471.9 3,883.7 1,804.9

Short Term Investments 47,914.9 14,645.3 19,518.7 29,956.1 35,199.9

Receivables (Net) 189,555.7 106,808.5 85,578.5 63,859.7 52,715.3

Inventories -Total 301,050.8 228,068.8 141,301.8 96,620.2 61,148.4

Raw Materials 170,639.9 132,361.9 72,970.9 49,859.7 34,454.3

Work in Process

Finished Goods 22,524.3 20,357.3 16,202.1 10,953.3 6,911.1


107,886.6 75,349.6 52,128.8 35,410.0 19,147.6

Prepaid Expenses 3,576.0 2,015.6 1,745.0 1,518.4

Other Current Assets 2,518.9 2,518.9 3,802.9 3,922.7 3,400.9

Current Assets - Total 675,397.8 364,210.6 259,418.8 199,760.8 155,152.4

Long Term Receivables 7,336.3


9.6 14.0 18.0 22.0 20.4

Other Investments 17.6 11.4 5.6 0.0 0.0


1,029,906.1 733,067.7 532,348.9 400,940.5 277,726.5


238,728.2 178,721.6 127,252.0 90,411.6 61,120.4


791,177.9 554,346.1 405,096.9 310,528.9 216,606.1

Other Assets 194,222.4 105,264.8 51,705.0 9,216.4 9,730.0

Deferred Charges 59,435.2 28,739.4 0.0 0.0 0.0

Tangible Other Assets 59,340.2 58,084.6 48,684.8 9,216.4 9,730.0

Intangible Other Assets 75,447.0 18,440.8 3,020.2 0.0 0.0

Total Assets 1,678,768.5 1,034,117.7 719,375.1 524,331.1 388,845.3



1,678,768.5 1,034,117.5 719,374.9 524,330.9 388,845.1

Accounts Payable 39,699.0 40,438.0 38,322.6 41,579.4 42,394.6


397,619.2 266,477.4 208,812.4 169,906.8 118,999.6

Accrued Payroll 2,950.8 1,355.2

Income Taxes Payable 19,196.3 9,804.9 6,086.5 3,866.1 1,160.9

Dividends Payable

Other Current Liabilities 33,969.0 24,559.6 19,674.8 10,714.6 7,208.2

Current Liabilities - Total 493,434.2 342,635.0 273,735.0 226,504.8 169,985.2

Long Term Debt 463,588.9 319,439.4 216,125.4 136,524.6 117,428.0


442,489.2 298,758.8 200,276.0 128,903.0 117,039.0


21,099.7 20,680.5 15,849.3 7,621.5 388.9


9,362.4 6,918.0 5,364.0 4,424.8 3,236.2

Deferred Income 0.0 0.0 0.0 0.0 0.0

Deferred Taxes -1,518.8 -951.2 -575.4 -981.0 -790.6

Deferred Taxes - Credit

Deferred Taxes - Debit 2,603.8 1,979.4 889.4


Other Liabilities 43,129.7 42,808.6 439.0 318.2 144.6

Total Liabilities 1,007,996.4 710,849.8 495,088.0 366,791.4 290,003.4

Non-Equity Reserves 0.0 0.0 0.0 0.0 0.0

Minority Interest 14,718.5 3,069.7 230.5 167.3 111.7

Preferred Stock 0.0 0.0 0.0 0.0 0.0



Common Equity 656,053.6 320,198.2 224,056.6 157,372.4 98,730.2


1,678,768.5 1,034,117.5 719,374.9 524,330.9 388,845.1


Financial Statement Analyses\Income Statement - Common Size

Income Statement - (Common Size): PT Tiga Pilar Sejahtera Food Terbuka Figures are expressed as Percent of Net Sales or Revenues. Net Sales or Revenues are in millions of Indonesian Rupiahs.

Fiscal Year 2011 2010 2009 2008 2007

Net Sales or Revenues 1,752,802.0 705,220.0 533,194.0 489,172.0 499,870.5

Cost of Goods Sold 73.0% 61.3% 62.2% 61.2% 78.5%

Depreciation, Depletion & Amortization

3.4% 13.0% 9.5% 8.0% 4.3%

Gross Income 23.6% 25.7% 28.2% 30.8% 17.3%

Selling, General & Administrative Expenses

5.9% 7.6% 8.3% 7.7% 6.0%

Other Operating Expenses 0.8% 0.2% 0.2% 0.1% 0.0%

Operating Expenses - Total 83.1% 82.1% 80.2% 76.9% 88.8%

Operating Income 16.9% 17.9% 19.8% 23.1% 11.2%

Extraordinary Credit - Pretax 0.0% 0.0% 0.0% 0.0% 0.0%

Extraordinary Charge - Pretax 0.0% 0.0% 0.0% 0.0% 0.0%

Non-Operating Interest Income 0.1% 0.0% 0.1% 0.1% 0.3%

Reserves - Increase/Decrease 0.0% 0.0% 0.0% 0.0% 0.0%

Pretax Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%

Other Income/Expense - Net 0.2% 7.8% 1.2% -1.8% -1.2%

Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA)

20.7% 38.7% 30.6% 29.4% 14.5%

Earnings before Interest & Taxes(EBIT)

17.3% 25.7% 21.1% 21.4% 10.3%

Interest Expense on Debt 7.3% 12.4% 11.2% 10.6% 6.5%

Interest Capitalized 0.5% 0.0% 0.0% 0.0% 0.0%

Pretax Income 10.6% 13.4% 9.8% 10.8% 3.8%

Income Taxes 2.0% 2.1% 2.7% 3.2% 0.6%


Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%

After Tax Other Income/Expense 0.0% 0.0% 0.0% -1.8% 0.0%

Discontinued Operations 0.0% 0.0% 0.0%

Net Income before Extraordinary Items/Preferred Dividends

7.2% 10.7% 7.1% 5.9% 3.2%

Extraordinary Items & Gain/Loss Sale of Assets

0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Dividend Requirements 0.0% 0.0% 0.0% 0.0% 0.0%

Net Income after Preferred Dividends - available to Common

7.2% 10.7% 7.1% 5.9% 3.2%


Financial Statement Analyses\Income Statement - Year-Year % Change

Income Statement - (Year to Year Percent Change): PT Tiga Pilar Sejahtera Food Terbuka Figures are the Percent Changes from the Prior Year.

Fiscal Year 2011 2010 2009 2008 2007

Net Sales or Revenues 148.5% 32.3% 9.0% -2.1% 49.9%

Cost of Goods Sold 195.9% 30.3% 10.9% -23.7% 44.5%

Depreciation, Depletion & Amortization -35.5% 80.2% 30.3% 82.7% 0.3%

Gross Income 128.6% 20.3% -0.2% 74.8% 111.6%


93.3% 21.1% 17.0% 24.7% 157.4%

Other Operating Expenses 878.3% 33.4% 298.9% 18.1% -86.9%

Operating Expenses - Total 151.6% 35.3% 13.7% -15.3% 45.0%

Operating Income 134.8% 19.8% -6.6% 102.1% 104.8%

Extraordinary Credit - Pretax

Extraordinary Charge - Pretax

Non-Operating Interest Income 654.9% -1.5% -50.1% -46.4% -37.2%

Reserves - Increase/Decrease

Pretax Equity in Earnings

Other Income/Expense - Net -93.0% 733.6% -203.3%


32.7% 67.3% 13.5% 97.8% 29.2%

Earnings before Interest & Taxes(EBIT) 67.1% 61.4% 7.2% 104.1% 46.7%

Interest Expense on Debt 46.0% 45.5% 15.7% 59.5% -3.9%

Interest Capitalized

Pretax Income 96.6% 79.6% -1.0% 180.8% 1,478.5%

Income Taxes 138.9% 0.8% -5.6% 400.5% 191.1%


Equity in Earnings

After Tax Other Income/Expense

Discontinued Operations


68.7% 99.1% 31.7% 82.0% 12,022.9%


Preferred Dividend Requirements


68.7% 99.1% 31.7% 82.0% 12,022.9%


Financial Statement Analyses\Income Statement - Five-Year Averages

Income Statement - (5 Year Averages): PT Tiga Pilar Sejahtera Food Terbuka Figures in millions of Indonesian Rupiahs.

Fiscal Year 2011 2010 2009 2008 2007

Net Sales or Revenues 796,051.7 512,182.3 417,132.9 356,181.5 291,831.1

Cost of Goods Sold 547,068.4 345,421.8 293,172.4 259,585.0 222,216.0

Depreciation, Depletion & Amortization

52,375.5 44,814.5 30,729.5 23,832.7 18,355.3

Gross Income 196,607.8 121,946.1 93,231.1 72,763.9 51,259.9


53,643.1 35,373.1 26,424.1 21,834.1 18,554.5

Other Operating Expenses 3,476.2 968.4 782.6 630.6 1,003.2

Operating Expenses - Total 656,563.2 426,577.8 351,108.6 305,882.4 260,129.0

Operating Income 139,488.5 85,604.5 66,024.3 50,299.1 31,702.1

Extraordinary Credit - Pretax 0.0 0.0 0.0 0.0 0.0

Extraordinary Charge - Pretax 0.0 0.0 0.0 0.0 0.0

Non-Operating Interest Income 1,043.1 940.1 1,210.3 1,236.5

Reserves - Increase/Decrease 0.0 0.0 0.0 0.0 0.0

Pretax Equity in Earnings 0.0 0.0 0.0 0.0 0.0

Other Income/Expense - Net 10,059.2 10,429.4 -1,394.8 -3,539.0 -1,262.4


202,966.4 141,788.6 96,569.4 71,829.4 49,893.8

Earnings before Interest & Taxes(EBIT)

150,590.9 96,974.1 65,839.9 47,996.7 31,538.5

Interest Expense on Debt 71,751.7 53,041.5 40,587.7 32,634.3 28,131.9

Interest Capitalized 1,890.2

Pretax Income 80,729.4 43,932.6 25,252.2 15,362.4 3,406.6

Income Taxes 16,635.2 9,802.2 6,823.0 3,910.6 1,034.0

Minority Interest 5,465.6 857.0 15.4

Equity in Earnings 0.0 0.0 0.0 0.0 0.0

After Tax Other Income/Expense -1,754.0 -1,754.0 -1,754.0 -1,754.0 0.0

Discontinued Operations


56,874.5 31,519.3 16,479.5 8,940.1 1,510.7


0.0 0.0 0.0 0.0 0.0

Preferred Dividend Requirements 0.0 0.0 0.0 0.0 0.0


56,874.5 31,519.3 16,479.5 8,940.1 1,510.7


Financial Statement Analyses\Sources of Capital - Net Change

Sources of Capital: PT Tiga Pilar Sejahtera Food Terbuka Currency figures are in millions of Indonesian Rupiahs. Year to year % changes pertain to reported Balance Sheet values.

Fiscal Year 2011 2010 2009 2008 2007


Total Capital 2,660,090.0 1,191,512.0 966,362.0 644,860.0 208,980.8

Percent of Total Capital

Short Term Debt 29.1% 35.6% 29.1% 47.6% 96.5%

Long Term Debt 31.1% 50.5% 55.6% 39.4% 46.9%

Other Liabilities 0.1% 17.8% 0.1% 0.2% 0.0%



Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%

Retained Earnings 18.4% -1.5% -9.7% -20.4% -76.5%

Common Equity 66.7% 48.3% 44.3% 60.6% 53.1%

Total Capital 100.0% 100.0% 100.0% 100.0% 100.0%

Year to Year Net Changes

Short Term Debt 35,031.1 14,266.0 -2,579.3 10,546.1 8,307.0

Long Term Debt 22,582.9 6,394.8 28,368.1 15,589.9 -860.9

Other Liabilities -21,024.2 21,124.4 -61.6 122.0 -0.0

Total Liabilities 41,292.0 42,239.8 29,251.1 22,222.2 13,568.2

Minority Interest 4,405.0 1,388.1 3.5 26.9 0.9

Preferred Stock 0.0 0.0 0.0 0.0 0.0

Retained Earnings 50,839.9 7,535.5 3,778.6 2,868.7 1,576.0

Common Equity 119,869.9 14,732.1 3,778.6 27,971.1 1,576.0

Total Capital 146,857.8 22,515.0 32,150.2 43,587.9 716.0

Year to Year Percent Changes

Short Term Debt 82.6% 50.7% -8.4% 52.3% 70.1%

Long Term Debt 37.5% 11.9% 111.8% 159.2% -8.1%

Other Liabilities -99.2% 31,156.9% -47.6% 1,639.5% -0.3%



Preferred Stock

Retained Earnings

Common Equity 208.2% 34.4% 9.7% 252.1% 16.6%

Total Capital 123.3% 23.3% 49.9% 208.6% 3.5%

Total Liabilities & Common Equity

Total Liabilities 1,753,220.0 1,340,300.0 917,902.0 625,391.0 403,168.8

Net Change in Liabilities as % of Total Liabilities

23.6% 31.5% 31.9% 35.5% 33.7%

Common Equity 1,774,462.0 575,763.0 428,442.0 390,656.0 110,944.8

Net Change in Common Equity as % of Common Equity

67.6% 25.6% 8.8% 71.6% 14.2%

Cash Flow

Operating Activities -25,726.0 -67,990.0 15,741.0 33,594.0 44,649.1

Financing Activities 1,453,145.0 181,634.0 237,572.0 611,553.0 75,851.8

Investing Activities 803,573.0 124,075.0 252,978.0 640,320.0 119,728.8Copyright ©2000-2012 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios

Accounting Ratios: PT Tiga Pilar Sejahtera Food Terbuka

Fiscal Year 2011 2010 2009 2008 2007


Receivables Turnover 3.7 4.3 3.7 5.8 6.2

Receivables - Number of Days

66.4 79.7 78.4 61.6 51.9

Inventory Turnover 2.8 1.1 1.4 1.9 4.3

Inventory - Number of Days 131.8 317.4 259.3 191.2 85.6

Gross Property, Plant & Equipment Turnover

1.0 0.6 0.6 0.6 1.3

Net Property, Plant & Equipment Turnover

1.3 0.7 0.8 0.7 1.8

Depreciation, Depletion & Amortization % of Gross Property, Plant & Equipment

3.4% 7.3% 5.6% 4.6% 5.6%

Depreciation, Depletion & Amortization Year to Year Change

-3,250.7 4,076.3 1,182.0 1,765.6 7.3

Depreciation, Depletion & Amortization Year to Year % Change

-35.5% 80.2% 30.3% 82.7% 0.3%


Financial Ratio Analyses\Asset Utilization

Asset Utilization: PT Tiga Pilar Sejahtera Food Terbuka Figures are expressed as the ratio of Net Sales. Net Sales are in millions of Indonesian Rupiahs.

Fiscal Year 2011 2010 2009 2008 2007


Net Sales 1,752,802.0 705,220.0 533,194.0 489,172.0 499,870.5

Cash & Cash Equivalents 45.9% 2.2% 3.8% 5.6% 5.1%

Short-Term Investments 11.4% 0.0% 0.3% 2.8% 4.8%

Accounts Receivable 27.1% 23.1% 27.2% 17.1% 16.3%

Inventories 25.1% 68.8% 50.1% 41.7% 21.9%

Other Current Assets 0.0% 0.0% 0.0% 0.9% 1.6%

Total Current Assets 98.5% 94.4% 81.5% 66.0% 45.4%

Total Long Term Receivables & Investments

2.5% 6.1% 0.0% 0.0% 0.5%

Long Term Receivables 2.5% 6.1% 0.5%

Investments in Associated Companies

0.0% 0.0% 0.0% 0.0% 0.0%

Other Investments 0.0% 0.0% 0.0% 0.0% 0.0%

Property, Plant & Equipment - Gross

99.4% 178.9% 171.3% 174.5% 75.7%

Accumulated Depreciation 21.8% 45.0% 41.8% 34.6% 20.5%

Property Plant & Equipment - Net

77.7% 133.9% 129.5% 139.9% 55.1%

Other Assets 25.9% 39.3% 41.6% 1.9% 1.8%

Total Assets 204.6% 273.7% 252.6% 207.8% 102.9%Copyright ©2000-2012 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio Analyses\Employee Efficiency

Employee Efficiency: PT Tiga Pilar Sejahtera Food Terbuka Values per Employee are in Indonesian Rupiahs.

Fiscal Year 2011 2010 2009 2008 2007

Fiscal Year End Date

12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007

Employees 2,059 1,816 1,925 2,063 1,938

Values per Employee

Sales 851,288,004 388,337,004 276,983,896 237,116,820 257,931,104

Net Income 61,634,774 41,428,414 19,629,610 13,904,993 8,131,953

Cash Earnings -12,494,415 -37,439,427 8,177,143 16,284,052 23,038,745

Working Capital 395,699,369 81,340,859 33,239,481 -20,254,484 -38,618,589

Total Debt 777,810,588 564,632,159 425,331,948 271,873,970 154,549,117

Total Capital 1,291,932,977 656,118,943 502,006,234 312,583,616 107,833,247

Total Assets 1,741,640,117 1,062,977,974 699,619,740 492,698,013 265,342,243

Year to Year % Change per Employee

Employees 13.4% -5.7% -6.7% 6.4% 23.7%

Sales 119.2% 40.2% 16.8% -8.1% 21.2%

Net Income 48.8% 111.1% 41.2% 71.0% 9,702.1%

Cash Earnings -557.9% -49.8% -29.3%

Working Capital 386.5% 144.7% -572.6%

Total Debt 37.8% 32.8% 56.4% 75.9% 7.6%

Total Capital 96.9% 30.7% 60.6% 189.9% -16.3%

Total Assets 63.8% 51.9% 42.0% 85.7% 14.6%Copyright ©2000-2012 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio Analyses\Fixed Charges Coverage

Fixed Charges Coverage: PT Tiga Pilar Sejahtera Food Terbuka

Fiscal Year 2011 2010 2009 2008 2007


EBIT/Total Interest Expense 2.4 2.1 1.9 2.0 1.6

EBIT/Net Interest 2.4 2.1 1.9 2.0 1.6

EBIT/(Total Interest Exp + Pfd Div)

2.4 2.1 1.9 2.0 1.6

EBIT/Dividends on Common Shares

EBIT/(Dividends on Common + Pfd)

EBITDA/Total Interest Expense

2.8 3.1 2.7 2.8 2.2

EBITDA/Net Interest 2.9 3.1 2.7 2.8 2.3

EBITDA/(Total Interest Exp + Pfd Div)

2.8 3.1 2.7 2.8 2.2

EBITDA/Dividends on Com Shares

EBITDA/(Dividends on Com + Pfd)


Financial Ratio Analyses\Leverage Analysis

Leverage Analysis: PT Tiga Pilar Sejahtera Food Terbuka

Fiscal Year 2011 2010 2009 2008 2007


Long Term Debt % of EBIT 273.0% 331.6% 478.3% 242.2% 190.7%

Long Term Debt % of EBITDA

228.4% 220.3% 329.3% 176.5% 134.7%

Long Term Debt % of Total Assets

23.1% 31.2% 39.9% 25.0% 19.0%

Long Term Debt % of Total Capital

31.1% 50.5% 55.6% 39.4% 46.9%

Long Term Debt % of Com Equity

46.6% 104.5% 125.5% 65.0% 88.3%

Total Debt % of EBIT 528.4% 565.3% 728.6% 535.3% 583.5%

Total Debt % of EBITDA 442.2% 375.6% 501.7% 390.1% 412.1%

Total Debt % of Total Assets 44.7% 53.1% 60.8% 55.2% 58.2%

Total Debt % of Total Capital 60.2% 86.1% 84.7% 87.0% 143.3%

Total Debt % of Total Capital & Short Term Debt

46.6% 63.5% 65.6% 58.9% 72.9%

Total Debt % of Common Equity

90.3% 178.1% 191.1% 143.6% 270.0%

Minority Interest % of EBIT 19.3% 7.9% 0.4% 0.4% 0.2%

Minority Interest % of EBITDA 16.1% 5.2% 0.3% 0.3% 0.2%

Minority Interest % of Total Assets

1.6% 0.7% 0.0% 0.0% 0.0%

Minority Interest % of Total Capital

2.2% 1.2% 0.0% 0.1% 0.1%

Minority Interest % of Com Equity

3.3% 2.5% 0.1% 0.1% 0.1%

Preferred Stock % of EBIT 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of EDITDA 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of Total Assets

0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of Total Capital

0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of Total Equity

0.0% 0.0% 0.0% 0.0% 0.0%

Common Equity % of Total Assets

49.5% 29.8% 31.8% 38.4% 21.6%

Common Equity % of Total Capital

66.7% 48.3% 44.3% 60.6% 53.1%

Total Capital % of Total Assets

74.2% 61.7% 71.8% 63.4% 40.6%

Capital Expenditure % of Sales

22.3% 1.8% 3.0% 62.0% 24.0%

Fixed Assets % of Common Equity

76.7% 164.0% 161.2% 175.2% 248.4%

Working Capital % of Total Capital

30.6% 12.4% 6.6% -6.5% -35.8%

Dividend Payout 0.0% 0.0% 0.0% 0.0% 0.0%

Funds From Operations % of Total Debt

-1.6% -6.6% 1.9% 6.0% 14.9%


Financial Ratio Analyses\Liquidity Analysis

Liquidity Analysis: PT Tiga Pilar Sejahtera Food Terbuka

Fiscal Year 2011 2010 2009 2008 2007


Total Current Assets % Net Sales

98.5% 94.4% 81.5% 66.0% 45.4%

Cash % of Current Assets 35.0% 2.3% 4.3% 4.2% 0.8%

Cash & Equivalents % of Current Assets

46.6% 2.3% 4.7% 8.4% 11.3%

Quick Ratio 1.4 0.3 0.4 0.3 0.4

Receivables % of Current Assets

27.5% 24.5% 33.4% 26.0% 35.8%

Receivable Turnover - number of days

66.4 79.7 78.4 61.6 51.9

Inventories % of Current Assets

25.5% 72.8% 61.5% 63.2% 48.2%

Inventory Turnover - number of days

131.8 317.4 259.3 191.2 85.6

Inventory to Cash & Equivalents - number of days

659.1 11.5 27.6 48.0 84.4

Receivables % of Total Assets

13.2% 8.4% 10.8% 8.3% 15.8%

Current Ratio 1.9 1.3 1.2 0.9 0.8

Total Debt % of Total Capital 46.6% 63.5% 65.6% 58.9% 72.9%

Funds from Operations % of Current Liabilities

-2.8% -13.1% 4.2% 9.2% 14.8%

Funds from Operations % of Long Term Debt

-3.1% -11.3% 2.9% 13.2% 45.6%

Funds from Operations % of Total Debt

-1.6% -6.6% 1.9% 6.0% 14.9%

Funds from Operations % of Total Capital

-1.0% -5.7% 1.6% 5.2% 21.4%

Cash Flow (in milllions of Indonesian Rupiahs)

Operating Activities -25,726.0 -67,990.0 15,741.0 33,594.0 44,649.1

Financing Activities 1,453,145.0 181,634.0 237,572.0 611,553.0 75,851.8

Investing Activities 803,573.0 124,075.0 252,978.0 640,320.0 119,728.8Copyright ©2000-2012 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio Analyses\Per-Share Ratios

Per Share Data: PT Tiga Pilar Sejahtera Food Terbuka Figures are expressed as per unit of respective shares. Figures are in Indonesian Rupiahs.

Fiscal Year 2011 2010 2009 2008 2007


Sales 599.04 385.63 291.56 267.49 413.69

Operating Income 101.40 69.11 57.67 61.78 46.26

Pre-tax Income 63.29 51.50 28.68 28.97 15.61

Net Income (Continuing Operations)

41.14

Net Income Before Extra Items

43.37 41.14 20.66 15.69 13.04

Extraordinary Items 0.00

Net Income After Extraordinary Items

43.37 41.14 20.66 15.69 13.04

Net Income Available to Common Shares

74.22 41.14 23.96 18.19 13.04

Fully Diluted Earnings 74.22 41.14 21.47 16.30 11.24

Common Dividends 0.00 0.00 0.00 0.00 0.00

Cash Earnings -15.05 -37.18 9.98 21.30 36.95

Book Value 606.45 314.84 234.28 213.62 91.82

Retained Earnings 167.56 -9.90 -51.11 -71.77 -132.36

Assets 1,225.58 1,055.57 736.44 555.81 425.57Copyright ©2000-2012 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio Analyses\Profitability Growth

Profitability Analysis: PT Tiga Pilar Sejahtera Food Terbuka Currency figures are in Indonesian Rupiahs.

Fiscal Year 2011 2010 2009 2008 2007

Fiscal Year End Date

12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007

Gross Income Margin

23.6% 25.7% 28.2% 30.8% 17.3%

Operating Income Margin

16.9% 17.9% 19.8% 23.1% 11.2%

Pretax Income Margin

10.6% 13.4% 9.8% 10.8% 3.8%

EBIT Margin 17.3% 25.7% 21.1% 21.4% 10.3%

Net Income Margin

7.2% 10.7% 7.1% 5.9% 3.2%

Return on Equity - Total

10.8% 15.0% 9.2% 11.4% 15.3%

Return on Invested Capital

8.8% 10.4% 7.4% 9.6% 11.7%

Return on Assets

8.1% 9.1% 6.9% 8.5% 9.8%

Asset Turnover

0.5 0.4 0.4 0.5 1.0

Financial Leverage

90.3% 178.1% 191.1% 143.6% 270.0%

Interest Expense on Debt

127,352,000,000 87,207,000,000 59,928,000,000 51,801,000,000 32,470,536,290

Effective Tax Rate

19.0% 15.7% 27.9% 29.2% 16.4%

Cash Flow % Sales

-1.5% -9.6% 3.0% 6.9% 8.9%

Selling, General & Administrative Expenses % of Sales

5.9% 7.6% 8.3% 7.7% 6.0%

Research & Development Expense

Operating Income Return On Total Capital

123.3% 23.3% 49.9% 208.6% 3.5%


Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance

Wright Quality Rating - Investment Acceptance: PT Tiga Pilar Sejahtera Food Terbuka Currency figures are in millions of U.S. Dollars.

Wright Quality Rating DBNN

Investment Acceptance Rating DBNN

Total Market Value of Shares Outstanding - Three Year Average 169

- Current Year 180

Public Market Value (Excludes Closely Held) - Three Year Average 87

- Current Year 93

Trading Volume - Three Year Average 0

- Current Year 0

Turnover Rate - Three Year Average 0.0%

- Current Year 0.0%

Stock Exchange Listings JAK

Number of Institutional Investors 0

Number of Shareholders

Closely Held Shares as % of Total Shares Outstanding 48.5%Copyright ©2000-2012 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Wright Quality Rating Analyses\Financial Strength

Wright Quality Rating - Financial Strength: PT Tiga Pilar Sejahtera Food Terbuka


Financial Strength Rating DBNN

Total Shareholders' Equity (Millions of U.S. Dollars) 195

Total Shareholders' Equity as % Total Capital 66.7%

Preferred Stock as % of Total Capital 0.0%

Long Term Debt as % of Total Capital 31.2%

Long Term Debt (Millions of Indonesian Rupiahs) 827,273

Lease Obligations (Millions of Indonesian Rupiahs) 2,267

Long Term Debt including Leases (Millions of Indonesian Rupiahs) 829,540

Total Debt as % of Total Capital 46.6%

Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred Dividends

2.5

Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred Dividends

2.5

Quick Ratio (Cash & Receivables / Current Liabilities) 1.4

Current Ratio (Current Assets / Current Liabilities) 1.9Copyright ©2000-2012 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Wright Quality Rating Analyses\Profitability & Stability

Wright Quality Rating - Profitability & Stability: PT Tiga Pilar Sejahtera Food Terbuka


Profitability & Stability Rating DBNN

Profit Rate of Earnings on Equity Capital - Time-Weighted Normal 14.0%

- Basic Trend 2.1%

Cash Earnings Return on Equity - Time-Weighted Average 4.9%

- Basic Trend -4.0%

Cash Earnings Return on Equity - Stability Index 12.0%

Return On Assets (Time-Weighted Average) 11.9%

Pre-Tax Income as % of Total Assets (Time-Weighted Average) 4.1%

Operating Income as % of Total Assets (Time-Weighted Average) 8.5%

Operating Income as % of Total Capital (Adjusted Rate) 24.7%

Pre-Tax Income as % of Total Assets (Time-Weighted Average) 4.1%

Operating Income as % of Total Assets (Time-Weighted Average) 8.5%

Operating Income as % of Total Capital (Adjusted Rate) 24.7%Copyright ©2000-2012 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Wright Quality Rating Analyses\Corporate Growth

Wright Quality Rating - Corporate Growth: PT Tiga Pilar Sejahtera Food Terbuka Figures are expressed on a Per Share Basis.

Wright Quality Rating DBNN Growth Rating DBNNNormal Earnings Growth 20.0%

Cash Earnings Growth -25.0%

Cash Earnings Stability Index 18.5%

Earned Equity Growth 14.0%

Dividend Growth 0.0%

Operating Income Growth 25.0%

Assets Growth 25.0%

Sales/Revenues Growth 23.0%Copyright ©2000-2012 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

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