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Consumer Non-Durables

PT Indofood Sukses Makmur Tbk

Company Background

Indofood Sukses Makmur is the core unit of Salim Group, one of Southeast Asia's biggest family-run businesses. Anthoni Salim, the son of the ethnic Chinese conglomerate's founder Sudono, has been its president since 2004. Salim Group's Hong Kong investment arm First Pacific, which is also led by Anthoni, owns 50% of Indofood's shares.

Indofood is one of the few companies that Salim Group did not let go during the Asian financial crisis, which led to former Indonesian President Suharto's overthrow in 1998. The company recovered through public funded bailouts and Salim's investment vehicles, and has been diversifying in recent years. In 2010, Indofood floated shares of its consumer products division, which includes its core instant noodle business.

In 2013, Indofood expanded its overseas presence. Acquisitions included sugar producers in Brazil and the Philippines as well as Singapore-listed vegetable processor China Minzhong Food. Activity has slowed in 2014, but a return to focus on the domestic markets may be in the cards. Salim claims that global expansion will help bring technology and know-how to Indonesia.

Business Summary

PT Indofood Sukses Makmur Tbk engages in the food manufacturing and processing business. It operates through the following segments: Branded Products, Bogasari, Agribusiness, and Distribution. The Branded Products segment focuses on the production of a range of consumer branded products, which include noodles, dairy, snack foods, food seasonings, nutrition and special foods, and beverages. The Bogasari segment involves the production of wheat flour and pasta. The Agribusiness segment covers the research and development, seed breeding, oil palm cultivation and milling, and production and marketing of branded cooking oils, margarine, and shortening. The Distribution segment focuses on the distribution of the company and third-party products. The company was founded on August 14, 1990 and is headquartered in Jakarta, Indonesia.

Financial Highlights

Dec 2018 IDRUSD
Revenue73,394.72B5,155.28M
Gross Profit19,671.53B1,381.73M
Operating income7,982.92B560.72M
Income before tax7,446.96B523.07M
Net income4,166.10B292.62M
EBITDA10,922.26B767.18M
Diluted EPS474.470.03
Dividends Per Share2360.01
Total Assets96,537.79B6,713.33M
Total liabilities46,620.99B3,242.07M
Total equity33,614.28B2,337.57M
Operating cash flow5,935.82B416.93M
Currency in IDRCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 63,594.45B 64,061.94B 66,659.48B 70,186.61B 73,394.72B
Gross Profit 16,735.03B 16,830.40B 18,846.55B 19,259.92B 19,671.53B
Operating income 6,851.99B 6,743.77B 8,293.60B 8,505.63B 7,982.92B
Income before tax 6,340.18B 4,962.08B 7,385.22B 7,594.82B 7,446.96B
Net income 3,324.13B 2,571.96B 3,801.09B 4,156.22B 4,166.10B
EBITDA 9,245.30B 9,056.90B 10,877.57B 11,160.14B 10,922.26B
Diluted EPS 449 338 472 473.35 474.47
Dividends Per Share 220 168 235 237 236
Total Assets 86,077.25B 91,831.52B 82,174.51B 88,400.87B 96,537.79B
Total liabilities 45,803.05B 48,709.93B 38,233.09B 41,298.11B 46,620.99B
Total equity 25,104.40B 27,269.35B 28,974.28B 31,302.52B 33,614.28B
Operating cash flow 9,269.31B 4,559.43B 7,175.60B 6,507.80B 5,935.82B
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 5,360.37M 4,781.72M 5,011.83M 5,244.93M 5,155.28M
Gross Profit 1,410.59M 1,256.25M 1,416.99M 1,439.26M 1,381.73M
Operating income 577.55M 503.37M 623.55M 635.61M 560.72M
Income before tax 534.41M 370.38M 555.26M 567.54M 523.07M
Net income 280.19M 191.97M 285.78M 310.58M 292.62M
EBITDA 779.28M 676.02M 817.83M 833.97M 767.18M
Diluted EPS 0.03 0.02 0.03 0.03 0.03
Dividends Per Share 0.01 0.01 0.01 0.01 0.01
Total Assets 6,950.12M 6,661.69M 6,099.42M 6,515.63M 6,713.33M
Total liabilities 3,698.26M 3,533.54M 2,837.86M 3,043.89M 3,242.07M
Total equity 2,027.00M 1,978.19M 2,150.62M 2,307.16M 2,337.57M
Operating cash flow 781.31M 340.32M 539.50M 486.31M 416.93M

Valuation Measures

Dec 2018
PER15.70
ROA4.50%
ROE12.83%
Operating margin10.87%
Profit margin5.67%

Key executives

  • President Director: Anthoni Salim
  • Head-Information Technology: Hantoro Tanoto
  • Director: Axton Salim
  • Director: Tje Fie Tjhie
  • Director: Taufik Wiraatmadja

Shareholders

  • First Pacific Co. Ltd. (50.0%)
  • The Vanguard Group, Inc. (1.7%)
  • Dimensional Fund Advisors LP (1.4%)
  • BlackRock Fund Advisors (1.2%)
  • PT Schroder Investment Management Indonesia (0.7%)
  • The Caisse de depot et placement du Quebec (0.3%)
  • SSgA Funds Management, Inc. (0.3%)
  • BlackRock Advisors (UK) Ltd. (0.3%)
  • Canada Pension Plan Investment Board (0.2%)
  • Oldfield Partners LLP (0.2%)

Contact Details

  • Website:http://www.indofood.com
  • Address: Sudirman Plaza, Indofood Tower, 27/F, Jalan Jenderal Sudirman, Jakarta, 12910, Indonesia
  • Phone: +62.21.5795.8822

Related Companies

  • Sari Indah Pte Ltd.
  • PT Prima Intipangan Sejati
  • Ocean 21 Pte Ltd.
  • PT Indofood Fritolay Makmur
  • PT Indofood CBP Sukses Makmur Tbk
  • PT Indosentra Pelangi
  • PT Indolakto
  • Drayton Pte Ltd.
  • Pacsari Pte Ltd.
  • Indofood Agri Resources Ltd.
  • Indofood Singapore Holdings Pte. Ltd.
  • PT Bogasari Flour Mills
  • Indofood International Finance Ltd.
  • PT Surya Rengo Containers

Competitors

  • Del Monte Pacific Limited
Last Updated on 14 Feb, 2020

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