PT Indofood Sukses Makmur Tbk (“Indofood”) today announced its financial results for the year ended December 31, 2010. Indofood recorded consolidated net sales of Rp38.40 trillion, increased 2.7% from Rp37.40 trillion in 2009. The improvement in sales was contributed by all the Strategic Business Group (“Group”) with the exception of Bogasari.
The Consumer Branded Product (“CBP”) Group, which consists of Noodles, Dairy, Food Seasonings, Snack Foods, Nutrition & Special Foods Divisions, contributed 46% of consolidated net sales in 2010, an increase from 43% in 2009, primarily due to the increase in sales volume across the divisions and higher average selling price for some categories.
Contribution from Bogasari Group declined to 26% to consolidated net sales in 2010 from 29% in 2009 due to lower flour price in conjunction with lower global wheat price. Contribution from Agribusiness and Distribution Group was relatively unchanged approximately 20% and 8%, respectively.
Gross profit increased 19.4% to Rp12.47 trillion in 2010 from Rp10.44 trillion in 2009 due to increase in sales across the Groups and lower raw material costs. Gross profit margin improved by 460 basis points to 32.5%. Operating profit grew 34.5% to Rp6.73 trillion in 2010 from Rp5.00 trillion in 2009 and operating margin improved to 17.5% in 2010 from 13.4% in 2009. Net income rose 42.2% to Rp2.95 trillion in 2010 from Rp2.08 trillion in 2009. The strength in the operational performance is reflected in the increase of core profit to Rp2.98 trillion in 2010 from Rp1.73 trillion in 2009.
Following the successful listing of PT Indofood CBP Sukses Makmur Tbk , our financial position strengthen, recording net gearing ratio of 0.16 times as at the end of 2010, improved significantly from 0.83 times a year ago.
Anthoni Salim, the President Director and Chief Executive Officer of Indofood, said: “We are pleased to have achieved solid results and sustained growth in our performance for six consecutive years. Our results reflect the underlying strength of our core businesses and management’s adeptness in responding to market opportunities and challenges. We will continue to evolve to address different challenges each year in order for us to achieve our objective: to sustain our growth and enhance the value of the company.”
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About PT Indofood Sukses Makmur Tbk
PT Indofood Sukses Makmur Tbk (“ISM”) (BEI : INDF) is a leading Total Food Solutions company with operations in all stages of food manufacturing from the production of raw materials and their processing through to consumer products on the retailer’s shelf.
ISM operates four complementary Strategic Business Groups, namely:
- Consumer Branded Products, its business activities are conducted by PT Indofood CBP Sukses Makmur Tbk (“ICBP”), which was listed on IDX since 7 October 2010. ICBP is one of the leading packaged food producers in Indonesia, with a wide range of packaged food products. ICBP brands are among the strongest brands with the most significant mindshare in Indonesia for consumer food brands.
- Bogasari, primarily a producer of wheat flour as well as pasta.
- Agribusiness, its business activities are concentrated in 2 publicly listed companies, yaitu Indofood Agri Resources Ltd., listed on the Singapore Stock Exchange, and PT PP London Sumatra Indonesia Tbk, listed on the Indonesia Stock Exchange. The group’s business principal activities range from research and development, oil seed breeding and cultivation as well as refining, branding and marketing of cooking oil, margarine and shortening. In addition, the group is also involved in the cultivation and processing of rubber, sugar cane, cocoa and tea.
- Distribution, boasts the most extensive distribution network in Indonesia. It distributes the majority of ISM’s and its subsidiaries’ consumer products as well as third party products.
For further information, please contact:
PT Indofood Sukses Makmur Tbk
Werianty Setiawan
Director & Corporate Secretary
Tel: +62 21 5795 8822 ext. 1215