mppa (financial statement analysis)
TRANSCRIPT
-
7/29/2019 MPPA (Financial Statement Analysis)
1/36
Sufian(29112017
MBA)X-47
July
2013
PTMatahariPutraPr
ima,
Tbk
PT Matahari Putra Prima, Tbk (MPPA)
Financial Statement Analysis
-
7/29/2019 MPPA (Financial Statement Analysis)
2/36
1
-
7/29/2019 MPPA (Financial Statement Analysis)
3/36
2
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
-
7/29/2019 MPPA (Financial Statement Analysis)
4/36
3
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 -
7/29/2019 MPPA (Financial Statement Analysis)
5/36
4
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.
-
7/29/2019 MPPA (Financial Statement Analysis)
6/36
5
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.
-
7/29/2019 MPPA (Financial Statement Analysis)
7/36
6
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 -
7/29/2019 MPPA (Financial Statement Analysis)
8/36
7
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.
-
7/29/2019 MPPA (Financial Statement Analysis)
9/36
8
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
-
7/29/2019 MPPA (Financial Statement Analysis)
10/36
9
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
-
7/29/2019 MPPA (Financial Statement Analysis)
11/36
10
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:
-
7/29/2019 MPPA (Financial Statement Analysis)
12/36
11
OWNERSHIP AND MAJOR HOLDERS
Shareholders (per 31 December 2012):
-
7/29/2019 MPPA (Financial Statement Analysis)
13/36
12
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
-
7/29/2019 MPPA (Financial Statement Analysis)
14/36
13
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
-
7/29/2019 MPPA (Financial Statement Analysis)
15/36
14
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
-
7/29/2019 MPPA (Financial Statement Analysis)
16/36
15
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.
-
7/29/2019 MPPA (Financial Statement Analysis)
17/36
16
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.
-
7/29/2019 MPPA (Financial Statement Analysis)
18/36
17
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.
-
7/29/2019 MPPA (Financial Statement Analysis)
19/36
18
-
7/29/2019 MPPA (Financial Statement Analysis)
20/36
19
PROFITABILITY RATIOS
If we compare to industry average as benchmark, then we will see the data as below:
-
7/29/2019 MPPA (Financial Statement Analysis)
21/36
20
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.
-
7/29/2019 MPPA (Financial Statement Analysis)
22/36
21
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 -
7/29/2019 MPPA (Financial Statement Analysis)
23/36
22
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.
-
7/29/2019 MPPA (Financial Statement Analysis)
24/36
23
COMPARISON WITH DIRECT COMPETITORS FINANCIAL RATIOS
-
7/29/2019 MPPA (Financial Statement Analysis)
25/36
24
-
7/29/2019 MPPA (Financial Statement Analysis)
26/36
25
-
7/29/2019 MPPA (Financial Statement Analysis)
27/36
26
COMPARISON WITH DIRECT COMPETITORS STOCK CHART
-
7/29/2019 MPPA (Financial Statement Analysis)
28/36
27
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
-
7/29/2019 MPPA (Financial Statement Analysis)
29/36
28
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.
-
7/29/2019 MPPA (Financial Statement Analysis)
30/36
29
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.
-
7/29/2019 MPPA (Financial Statement Analysis)
31/36
30
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 -
7/29/2019 MPPA (Financial Statement Analysis)
32/36
31
Exhibit 1INCOME STATEMENT
PT MATAHARI PUTRA PRIMA TBK
-
7/29/2019 MPPA (Financial Statement Analysis)
33/36
32
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¤cy=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=incomeStatement&period=A¤cy=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=balanceSheet&period=A¤cy=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=balanceSheet&period=A¤cy=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=cashFlow&period=A¤cy=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=cashFlow&period=A¤cy=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=cashFlow&period=A¤cy=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=cashFlow&period=A¤cy=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=balanceSheet&period=A¤cy=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=incomeStatement&period=A¤cy=native -
7/29/2019 MPPA (Financial Statement Analysis)
34/36
33
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
-
7/29/2019 MPPA (Financial Statement Analysis)
35/36
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¤cy=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=incomeStatement&period=A¤cy=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=balanceSheet&period=A¤cy=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=balanceSheet&period=A¤cy=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=cashFlow&period=A¤cy=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=cashFlow&period=A¤cy=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=cashFlow&period=A¤cy=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=cashFlow&period=A¤cy=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=balanceSheet&period=A¤cy=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=MPPA:IJ&dataset=incomeStatement&period=A¤cy=native -
7/29/2019 MPPA (Financial Statement Analysis)
36/36
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