Shareholders

Total Shares 8,780,426,500

Subsidiary
 Update Maret 2024

Business Structure
Branded Consumer Products
Source: Annual Report ICBP 2022
Source: webiste [Link]
BOGASARI
AGRIBISNIS
Source: Annual Report 2022

Source: Annual Report 2022

Source: Website [Link]
Source: Annual Report
 DISTRIBUTION

Source: Annual Report

Update Juni 2023

Source : Annual Report
Source: company presentation agribisnis
P
 Source : Annual Report

Instant Noodle Production Process

Source: webiste [Link]

Updated Yearly

Sankey Chart for Income Statement

in Million IDR
Revenue Composition
Revenue vs Net Income
in Million IDR
Statement of Financial Position
in Million IDR
 Revenue Growth
2019 - 2023 45.8%
Net Income Growth
2019 - 2023 94.7%
PROFIT OR LOSS STATEMENT

INDF
in Million IDR

Q2 2024 Q1 2024

REVENUE

Net Sales 57,296,309 30,791,538

Cost of Goods Sold (37,490,126) -65.4% (20,279,982)

GROSS PROFIT 19,806,183 34.6% 10,511,556

Selling and distribution expenses (5,946,178) -10.4% (3,099,198)

General and administrative expenses (2,840,061) -5.0% (1,482,386)

Gain (loss) from fair value of biological assets 91,392 0.2% 68,267

Other operating income 863,967 1.5% 534,766

Other operating expenses (224,275) -0.4% (115,322)

INCOME FROM OPERATIONS 11,751,028 20.5% 6,417,683

Finance income 1,088,326 1.9% 459,545

Finance expenses (5,164,608) -9.0% (2,355,335)

Final tax on interest income (143,212) -0.2% (66,518)

Share in net gains/(losses) of associates and jo (51,297) -0.1% 17,784

INCOME BEFORE INCOME TAX EXPENSE 7,480,237 13.1% 4,473,159

Income tax expense (1,637,858) -2.9% (931,111)

INCOME FOR THE PERIOD 5,842,379 10.2% 3,542,048

NET (LOSS) PROFIT ATTRIBUTABLE TO :

Non-controlling interest 1,988,142 1,092,294
34.0% 30.8%

Net Profit 5 multiple 29,211,895 17,710,240

Net Profit 7 multiple 40,896,653 24,794,336
Net Profit 10 multiple 58,423,790 35,420,480

EARNING PER SHARE (EPS) 439 279

EPS 5 multiple 2,195 1,395
EPS 7 multiple 3,073 1,953
EPS 10 multiple 4,390 2,790

RELATED PARTIES
Transactions with Related Parties
Accounts Receivable - Trade 1,093,284 0.53% 1,454,357
Accounts Receivable - Non-trade 414,856 0.20% 423,988
Trade Payables 189,807 0.19% 205,219
Due to Related Parties 627,213 0.64% 627,213
Sales 4,984,461 8.69% 2,801,431
Purchases 310,302 0.82% 184,464
Royalty and Technical Income 40,007 4.63% 6,343
Pump service expense and other
Rental Expense
Outsourcing Expense 233,168 2.40% 122,061
Insurance Expenses 8,776 1.00% 38,496
V-SAT Expenses
Consultancy Expenses
Insurance Expenses

Details of Revenue
Related parties 4,984,461 8.7% 2,801,431
Third parties 52,311,848 91.3% 27,990,107
Total Sales 57,296,309 100.0% 30,791,538

Details of suppliers with purchases transactions that represnet more than 10% of revenue
None

TOTAL - 0.0% -
Key Management Compensation
Salaries and other short-term compensation benefits
% of Revenue 0.0% 0.0%
% of Net profit 0.0% 0.0%

there is no quarterly data for key management compensation

Q1 2024 FY 2023 Q3 2023 Q2 2023

111,703,611 83,888,200 56,086,595

-65.9% (75,653,142) -67.7% (57,704,702) -68.8% (38,780,656) -69.1%

34.1% 36,050,469 32.3% 26,183,498 31.2% 17,305,939 30.9%

-10.1% (11,273,970) -10.1% (8,242,916) -9.8% (5,511,645) -9.8%

-4.8% (5,097,825) -4.6% (3,812,653) -4.5% (2,517,223) -4.5%

0.2% 12,873 0.0% 20,239 0.0% (44,602) -0.1%

1.7% 1,029,649 0.9% 695,474 0.8% 509,824 0.9%

-0.4% (1,057,598) -0.9% (620,661) -0.7% (883,884) -1.6%

20.8% 19,663,598 17.6% 14,222,981 17.0% 8,858,409 15.8%

1.5% 1,965,094 1.8% 1,123,208 1.3% 2,575,624 4.6%

-7.6% (3,524,625) -3.2% (2,521,821) -3.0% (1,645,296) -2.9%

-0.2% (174,330) -0.2% (115,873) -0.1% (75,058) -0.1%

0.1% (2,314,353) -2.1% 111,218 0.1% 24,953 0.0%

14.5% 15,615,384 14.0% 12,819,713 15.3% 9,738,632 17.4%

-3.0% (4,121,651) -3.7% (3,017,307) -3.6% (2,262,471) -4.0%

11.5% 11,493,733 10.3% 9,802,406 11.7% 7,476,161 13.3%

3,346,714 2,719,642 1,909,900

29.1% 27.7% 25.5%

57,468,665 49,012,030 37,380,805

80,456,131 68,616,842 52,333,127
114,937,330 98,024,060 74,761,610

928 807 634

4,640 4,035 3,170
6,496 5,649 4,438
 9,280 8,070 6,340

0.71% 1,150,616 0.63% 1,009,615 0.54% 888,296 0.47%

0.22% 412,658 0.22% 369,550 0.20% 345,498 0.17%
0.21% 180,996 0.21% 169,912 0.19% 153,123 0.17%
0.67% 630,713 0.73% 600,613 0.67% 600,613 0.66%
9.10% 8,364,837 7.49% 5,943,850 7.09% 4,027,478 7.18%
0.91% 541,239 0.71% 396,243 0.68% 270,305 0.69%
1.18% 90,909 8.82% 57,513 8.27% 51,667 10.13%

2.66% 450,325 2.75% 335,264 2.78% 226,295 2.82%

0.84% 16,160 0.99% 130,329 1.08% 83,366 1.04%

9.1% 8,364,837 7.5% 5,943,850 7.1% 4,027,478 7.2%

90.9% 103,338,774 92.5% 77,944,350 92.9% 52,059,117 92.8%
100.0% 111,703,611 100.0% 83,888,200 100.0% 56,086,595 100.0%

0.0% - 0.0% - 0.0% - 0.0%

1,011,127
0.9% 0.0% 0.0%
8.8% 0.0% 0.0%
 Q1 2023 2022 2021

30,542,703 110,830,272 99,345,618

(21,056,798) -68.9% (76,858,593) -69.3% (66,871,514) -67.3%

9,485,905 31.1% 33,971,679 30.7% 32,474,104 32.7%

(2,972,967) -9.7% (10,640,348) -9.6% (10,047,519) -10.1%

(1,220,021) -4.0% (4,648,354) -4.2% (5,294,066) -5.3%

(11,850) 0.0% (136,112) -0.1% 112,690 0.1%

358,690 1.2% 2,098,014 1.9% 922,600 0.9%

(671,250) -2.2% (951,769) -0.9% (1,252,960) -1.3%

4,968,507 16.3% 19,693,110 17.8% 16,914,849 17.0%

2,270,021 7.4% 596,234 0.5% 397,344 0.4%

(779,479) -2.6% (7,998,890) -7.2% (2,884,772) -2.9%

(36,485) -0.1% (94,870) -0.1% (72,738) -0.1%

50,317 0.2% 123,181 0.1% 133,970 0.1%

6,472,881 21.2% 12,318,765 11.1% 14,488,653 14.6%

(1,391,193) -4.6% (3,126,196) -2.8% (3,258,958) -3.3%

5,081,688 16.6% 9,192,569 8.3% 11,229,695 11.3%

1,232,012 2,833,475 3,567,441

24.2% 30.8% 31.8%

25,408,440 45,962,845 56,148,475

35,571,816 64,347,983 78,607,865
50,816,880 91,925,690 112,296,950

438 724 873

2,190 3,620 4,365
3,066 5,068 6,111
 4,380 7,240 8,730

1,331,655 0.73% 1,475,001 0.83% 1,395,975 0.78%

380,939 0.21% 418,341 0.23% 644,187 0.37%
153,717 0.18% 134,726 0.16% 122,736 0.14%
600,613 0.70% 600,613 0.69% 618,913 0.67%
2,261,641 7.40% 9,055,235 8.18% 8,626,846 8.68%
150,572 0.72% 404,095 0.53% 327,414 0.49%
12,917 3.60% 123,046 5.86% 110,095 11.93%

98,460 2.35% 423,834 2.78% 415,795 2.70%

38,076 0.91% 146,383 0.96% 145,069 0.95%

2,261,641 7.4% 9,055,235 8.2% 8,626,846 8.7%

28,281,062 92.6% 101,775,037 91.8% 90,718,772 91.3%
30,542,703 100.0% 110,830,272 100.0% 99,345,618 100.0%

- 0.0% - 0.0% - 0.0%

 986,095 982,942
0.0% 0.9% 1.0%
0.0% 10.7% 8.8%
 2020 2019 2018

81,731,469 76,592,955 73,394,728

(54,979,425) -67.3% (53,876,594) -70.3% (53,182,723) -72.5%

26,752,044 32.7% 22,716,361 29.7% 20,212,005 27.5%

(9,007,860) -11.0% (8,489,356) -11.1% (7,817,444) -10.7%

(5,087,140) -6.2% (4,697,173) -6.1% (4,466,279) -6.1%

3,108 0.0% 190,353 0.2% (30,882) 0.0%

792,250 1.0% 869,970 1.1% 1,524,070 2.1%

(563,315) -0.7% (759,131) -1.0% (278,450) -0.4%

12,889,087 15.8% 9,831,024 12.8% 9,143,020 12.5%

1,770,540 2.2% 829,833 1.1% 517,470 0.7%

(1,875,812) -2.3% (1,727,018) -2.3% (2,022,215) -2.8%

(103,840) -0.1% (79,326) -0.1% (96,570) -0.1%

(253,641) -0.3% (105,116) -0.1% (94,739) -0.1%

12,426,334 15.2% 8,749,397 11.4% 7,446,966 10.1%

(3,674,268) -4.5% (2,846,668) -3.7% (2,485,115) -3.4%

8,752,066 10.7% 5,902,729 7.7% 4,961,851 6.8%

2,296,434 994,557 795,750

26.2% 16.8% 16.0%

43,760,330 29,513,645 24,809,255

61,264,462 41,319,103 34,732,957
87,520,660 59,027,290 49,618,510

735 559 474

3,675 2,795 2,370
5,145 3,913 3,318
 7,350 5,590 4,740

1,113,519 0.68% 1,277,677 1.33% 1,143,472 1.19%

601,605 0.36% 227,094 0.22% 219,116 0.23%
79,604 0.09% 148,468 0.35% 65,398 0.13%
516,143 0.62% 509,859 1.21% 427,859 0.90%
9,256,721 10.10% 8,138,115 10.63% 8,152,645 11.11%
313,874 0.57% 178,468 0.33% 1,805,665 3.40%
234,902 29.64% 317,317 36.47% 285,921 18.76%
7,822 0.06% 6,959 0.05% 7,416 0.06%
6,139 0.05% 12,272 0.09% 12,758 0.10%
404,094 2.87% 386,543 2.93% 306,354 2.50%
151,844 1.08% 157,169 1.19% 160,291 1.31%
20,346 0.14% 28,943 0.22% 30,181 0.25%
21,565 2.73% 1,022 0.01% 494 0.00%
1,245 0.01% 25,540 2.92% 21,621 1.41%

9,256,721 11.3% 8,138,115 10.6% 8,152,645 11.1%

72,474,748 88.7% 68,454,840 89.4% 65,242,083 88.9%
81,731,469 100.0% 76,592,955 100.0% 73,394,728 100.0%

- 0.0% - 0.0% 0.0%

887,970 894,417 968,945
1.1% 1.2% 1.3%
10.1% 15.2% 19.5%
 INDF
in Million IDR

STATEMENT OF FINANCIAL POSITION Q2 2024

ASSET
Cash and Cash Equivalent 35,736,399
Account Receivable 9,466,721
Inventory 16,858,345
Investments 9,832,107
Other Current Assets 4,683,487
Total Current Assets 76,577,059

Investment 9,621,585
Fixed Asset - neto 47,087,069
Goodwill 56,352,086
Other non-Current Assets 11,546,212
Total non-Current Assets 124,606,952

TOTAL ASSETS 201,184,011

LIABILITIES
Account Payable 5,267,103
Bonds payable 44,913,702
Bank Loan 28,484,890
Other Liabilities 19,594,991
Total Liabilities 98,260,686

EQUITY
Share Capital + Additional paid-in capital 1,161,775
Retained Earnings 48,670,921
Others 53,090,629
Total Equity 102,923,325

TOTAL LIABILITIES + EQUITY 201,184,011

-
Inventory
Average Inventory
Average Receivables
Average Payable
COGS
Days Inventory Outstanding (Days)
Days Sales Outstanding (Days)
Days Payable Outstanding (Days)
Cash Conversion Cycle (DAYS)
 Q1 2024 FY 2023 2022

36,475,371 28,575,968 25,945,916

10,318,544 7,978,466 8,280,536
15,031,776 15,213,497 16,517,373
8,799,796 8,113,389 976,134
4,306,102 3,220,477 3,156,709
74,931,589 63,101,797 54,876,668

10,124,324 10,116,620 12,906,555

47,224,346 47,295,092 47,410,528
56,352,086 56,352,086 56,358,190
9,685,900 9,722,362 8,881,359
123,386,656 123,486,160 125,556,632

198,318,245 186,587,957 180,433,300

4,809,369 5,353,795 5,372,311

43,324,769 42,125,127 42,967,686
28,919,814 22,324,743 21,460,035
17,286,465 16,319,401 17,010,230
94,340,417 86,123,066 86,810,262

1,161,775 1,161,775 1,161,775

49,620,427 47,164,083 41,298,161
53,195,626 52,139,033 51,163,102
103,977,828 100,464,891 93,623,038

198,318,245 186,587,957 180,433,300

- - -
15,865,435 14,600,605
8,129,501 7,953,289
5,363,053 5,264,723
75,653,142 76,858,593
77 69
27 26
26 25
77 71
 2021 2020 2019

29,478,126 17,336,960 13,745,118

7,626,041 6,429,130 5,406,033
12,683,836 11,150,432 9,658,705
1,153,637 1,275 55,492
3,241,759 3,500,441 2,538,097
54,183,399 38,418,238 31,403,445

12,102,197 11,682,021 4,419,700

46,751,821 45,862,919 43,072,504
56,462,875 56,462,875 4,305,329
9,771,548 10,710,463 12,997,581
125,088,441 124,718,278 64,795,114

179,271,840 163,136,516 96,198,559

5,157,135 4,407,555 4,521,883

38,951,532 1,996,572 1,994,153
18,809,500 50,369,006 19,959,100
29,367,164 27,225,339 15,520,935
92,285,331 83,998,472 41,996,071

1,161,775 1,161,775 1,161,775

37,126,406 31,115,800 26,779,999
48,698,328 46,860,469 26,260,714
86,986,509 79,138,044 54,202,488

179,271,840 163,136,516 96,198,559

- - -
11,917,134 10,404,569 10,651,431
7,027,586 5,917,582 5,404,002
4,782,345 4,464,719 4,275,414
66,871,514 54,979,425 53,876,594
65 69 72
26 26 26
26 30 29
65 66 69
 2018

8,809,253
5,401,971
11,644,156
4,118,936
3,298,302
33,272,618

4,171,390
42,388,236
4,320,534
12,385,018
63,265,178

96,537,796

4,028,945
1,992,058
22,444,332
18,155,661
46,620,996

1,161,775
23,303,960
25,451,065
49,916,800

96,537,796

-
 INDF
in Million IDR

CASHFLOW STATEMENT Q2 2024

Cash flows from operating activites

Cash received from customers 56,185,034
Cash paid to suppliers (29,939,784)
Receipts/(payments) others (19,629,494)
Net cash flows provided from operating activities 6,615,756
Cash flows from investing activites

Additions to fixed assets plantations and payments of advances

(3,347,254)
for fixed assets

Additions from short-term investments (1,718,718)

Proceeds from sale of fixed assets 50,858
Acquisition of a new Subsidiary, net of cash acquired -
Receipts/(payments) others (123,422)
Net cash flows provided from investing activities (5,138,536)
Cash flows from financing activites

Payment of cash dividends by subsidiaries to non-controlling

(682,839)
interests

Receipts/(payments) others 5,486,454

Net cash flows provided from financing activities 4,803,615

Net impact of changes in exchange rates on cash and cash

879,598
equivalents

Net increase/(decrease) in cash and cash equivalents 7,160,433

Q1 2024 FY 2023 Q3 2023 Q2 2023

28,649,523 112,104,124 82,971,340 55,828,585

(15,990,327) (56,028,686) (47,078,305) (32,034,102)
(9,554,382) (37,614,814) (28,128,805) (18,385,579)
3,104,814 18,460,624 7,764,230 5,408,904

(800,463) (3,687,802) (2,463,295) (1,685,762)

(686,407) (7,137,255) (2,189,824) (2,099,433)

19,257 360,284 328,561 29,484
- - - -
(66,528) (311,078) (220,767) (135,564)
(1,534,141) (10,775,851) (4,545,325) (3,891,275)

(259,989) (3,934,360) (3,557,632) (368,038)

6,295,201 (955,486) 2,608,614 2,287,374

6,035,212 (4,889,846) (949,018) 1,919,336

293,518 (164,875) (140,130) (573,777)

7,899,403 2,630,052 2,129,757 2,863,188

Q1 2023 2022 2021 2020

28,038,056 110,669,817 98,434,144 81,974,807

(17,484,523) (61,407,297) (50,101,494) (39,571,039)
(8,416,694) (35,638,325) (33,640,009) (28,548,271)
2,136,839 13,624,195 14,692,641 13,855,497

(1,136,290) (3,741,651) (4,594,593) (4,398,300)

(909,543) 177,502 (1,152,401) 54,371

11,534 74,491 71,904 42,691
- - - (32,936,976)
(91,450) (409,845) (814,585) (398,383)
(2,125,749) (3,899,503) (6,489,675) (37,636,597)

(123,508) (4,201,345) (4,126,638) (3,578,763)

(279,481) (10,127,843) 7,979,062 30,864,272

(402,989) (14,329,188) 3,852,424 27,285,509

(520,653) 1,072,286 93,277 98,540

(912,552) (3,532,210) 12,148,667 3,602,949

2019 2018

76,785,002 73,491,800
(35,293,255) (38,135,479)
(28,147,253) (29,420,492)
13,344,494 5,935,829

(4,463,812) (7,236,247)

4,063,511 -
72,954 59,956
- (58,198)
(256,479) (3,989,193)
(583,826) (11,223,682)

(1,974,386) (3,484,931)

(5,685,849) 2,699,814

(7,660,235) 48,125

(160,160) 335,967

4,940,273 (4,903,761)
 Working Capital

2023 2022 2021

∆ Account Receivables 302,070 (654,495) (1,196,911)
∆ Inventories 1,303,876 (3,833,537) (1,533,404)
∆ Investments (7,137,255) 177,503 (1,152,362)
∆ Other Current Assets (63,768) 85,050 258,682
Change in Current Assets (5,595,077) (4,225,479) (3,623,995)

Change in Current Liabilities 2,188,562 (9,677,462) 12,427,529

Change in Working Capital (3,406,515) (13,902,941) 8,803,534

Free Cash Flow

2023 2022 2021
Net Income 11,493,733 9,192,569 11,229,695
Depreciation & Amortization 3,908,709 3,911,244 3,870,832
Capital Expenditure (3,687,802) (3,741,651) (4,594,593)
Change in Working Capital (3,406,515) (13,902,941) 8,803,534

FCF 14,772,822 9,882,544 10,098,048

Owner's Earnings 8,308,125 (4,540,779) 19,309,468
 (in million IDR)

2020 2019
(1,023,097) (4,062)
(1,491,727) 1,985,451
54,217 4,063,444
(962,344) 760,205
(3,422,951) 6,805,038

3,289,013 (6,517,240)

(133,938) 287,798

2020 2019
8,752,066 5,902,729
3,654,729 3,226,240
(4,398,300) (4,463,812)
(133,938) 287,798

9,457,197 8,880,682
7,874,557 4,952,955
LK INDF FY 2020
Fair value of identifiable assets and liabilities of PCL and its subsidiaries at the date of acquisition:

Million IDR
Assets
Cash and cash equivalents 1,385,452
Other current assets 3,317,125
Property, plant and equipment 1,338,482
Long-term investments (DPFP) 6,596,056
Other non-current assets 58,436
total assets 12,695,551
Liabilities
Other short-term liabilities 1,709,010
Long-term liabilities 196,838
total liabilities 1,905,848
Fair value of identifiable net assets 10,789,703
Non-controlling interest in proportionate share of identifiable net assets of PCL subsidiaries (19,141,291)
Goodwill on acquisition 52,230,316
Transaction value of acquisition of 100% shares of PCL 43,878,728
Less cash and cash equivalents of acquired subsidiaries (1,385,452)
Less retention value (9,556,300) paid in Q2 2022 amounting to
Acquired subsidiaries, net of cash and overdraft acquired 32,936,976

37.6%
Acquisition offer Febuary 2020
Signing of conditional share purchase agreement May 2020
Completion of acquisition August 27, 2020

Purchase of PCL shares by ICBP: 2,998,000,000

Pinehill Corpora shares 51%
USD 1,197,480,000 at the settlement date
USD 331,500,000 on April 30, 2022 or other date after purchase price adjustm
USD 1,528,980,000
Steele Lake shares 49%
USD 1,150,520,000 at the settlement date
USD 318,500,000 on April 30, 2022 or other date after purchase price adjustm
USD 1,469,020,000

USD 650,000,000 Retention value paid on April 30, 2022 or other date after p
 Total Cashflow for the acquisition of PCL by ICBP:
August 27, 2020 32,936,976
Q2 2022 9,331,551
42,268,527

Payment of acquisition transaction in 2020 with bank loan

Issuance of bonds in 2021 to repay bank loans with a tenor of :

USD Coupons Coupon payments 31 Desember 2020 31 Desember 2021

US dollar bonds - 2031 1,150,000,000 3.40% June and December 16,409,356 16,409,356
US dollar bonds - 2051 600,000,000 4.75% June and December 8,561,403 8,561,403
US dollar bonds - 2032 600,000,000 3.54% April and October 8,561,403 8,561,403
US dollar bonds - 2052 400,000,000 4.81% April and October 5,707,602 5,707,602
2,750,000,000 39,239,764 39,239,764

paid in Q2 2022 amounting to IDR 9,331,551 million (other current liabilities)

te after purchase price adjustment

te after purchase price adjustment

l 30, 2022 or other date after purchase price adjustment

31 Desember 2022 31 Desember 2023
18,090,650 17,728,400
9,438,600 9,249,600
9,438,600 9,249,600
6,292,400 6,166,400
43,260,250 42,394,000

4,020,486 (866,250)
NET SALES
in Million IDR

Description 2018 2019 2020

Consumer Branded Product 38,465,641 52.4% 42,481,496 55.5% 46,686,448 57.1%

Bogasari 17,263,966 23.5% 18,253,766 23.8% 18,357,923 22.5%
Agribusiness 12,168,507 16.6% 11,717,573 15.3% 12,125,512 14.8%
Distribution 5,496,614 7.5% 4,140,120 5.4% 4,561,586 5.6%

Total Sales 73,394,728 100.0% 76,592,955 100.0% 81,731,469 100.0%

COST OF GOODS SOLD

in Million IDR

Description 2018 2019 2020

Raw materials used 34,662,360 47.2% 36,730,003 48.0% 38,232,013 46.8%

Production expenses 16,267,787 22.2% 15,740,844 20.6% 15,422,571 18.9%
Work in-process inventories (20,269) 0.0% 33,626 0.0% 11,465 0.0%
Finished goods inventories 2,272,845 3.1% 1,372,121 1.8% 1,313,376 1.6%

COST OF GOODS SOLD 53,182,723 72.5% 53,876,594 70.3% 54,979,425 67.3%

GROSS PROFIT 20,212,005 22,716,361 26,752,044

27.54% 29.66% 32.73%
 2021 2022 Q1 2023 Q2 2023 Q3 2023

56,640,187 57.0% 64,934,753 58.6% 18,427,867 60.3% 34,084,864 60.8% 51,007,329 60.8%
21,259,559 21.4% 25,967,302 23.4% 7,156,148 23.4% 12,801,899 22.8% 18,560,266 22.1%
16,424,726 16.5% 13,696,658 12.4% 2,990,255 9.8% 5,583,233 10.0% 8,998,442 10.7%
5,021,146 5.1% 6,231,559 5.6% 1,968,433 6.4% 3,616,599 6.4% 5,322,163 6.3%

99,345,618 100.0% 110,830,272 100.0% 30,542,703 100.0% 56,086,595 100.0% 83,888,200 100.0%

2021 2022 Q1 2023 Q2 2023 Q3 2023

49,182,414 49.5% 57,326,171 51.7% 16,322,405 53.4% 27,010,608 48.2% 40,162,649 47.9%
16,483,951 16.6% 18,133,271 16.4% 4,622,871 15.1% 9,351,745 16.7% 14,486,958 17.3%
(75,466) -0.1% 8,101 0.0% (28,303) -0.1% (10,298) 0.0% (14,258) 0.0%
1,280,615 1.3% 1,391,050 1.3% 139,825 0.5% 2,428,601 4.3% 3,069,353 3.7%

66,871,514 67.3% 76,858,593 69.3% 21,056,798 68.9% 38,780,656 69.1% 57,704,702 68.8%

32,474,104 33,971,679 9,485,905 17,305,939 26,183,498

32.69% 30.65% 31.06% 30.86% 31.21%
 FORECASTING Q3 2024

FY 2023 Q1 2024 Q2 2024 OPTIMIS MODERAT

68,250,295 61.10% 19,467,564 63.2% 36,583,992 63.9%

24,183,042 21.65% 6,644,304 21.6% 12,072,657 21.1%
12,314,691 11.02% 2,701,087 8.8% 5,040,106 8.8%
CONFIDENTIAL
6,955,583 6.23% 1,978,583 6.4% 3,599,554 6.3%

111,703,611 100.00% 30,791,538 100.0% 57,296,309 100.0% - 0.0% -

FY 2023 Q1 2024 Q2 2024

52,869,571 47.33% 13,995,619 45.5% 26,381,709 46.0%

18,874,433
(12,700)
16.90%
-0.01%
4,991,227
(9,709)
16.2%
0.0%
9,722,036
(29,141)
17.0%
-0.1%
CONFIDENTIAL
3,921,838 3.51% 1,302,845 4.2% 1,415,522 2.5%

75,653,142 67.73% 20,279,982 65.9% 37,490,126 65.4% - #DIV/0! -

36,050,469 10,511,556 19,806,183 - -

32.27% 34.14% 34.57% #DIV/0! #DIV/0!
ASTING Q3 2024

MODERAT CONSERVATIVE

FIDENTIAL

0.0% - 0.0%

FIDENTIAL

#DIV/0! - #DIV/0!

-
#DIV/0!
 INDF
in Million IDR
Q2 2024 Q3 2023

REVENUE
Net Sales 57,296,309 83,888,200
Cost of Goods Sold (37,490,126) -65.4% (57,704,702) -68.8%
GROSS PROFIT 19,806,183 34.6% 26,183,498 31.2%
Selling and distribution expenses (5,946,178) -10.4% (8,242,916) -9.8%
General and administrative expenses (2,840,061) -5.0% (3,812,653) -4.5%
Gain (loss) from fair value of biological assets 91,392 0.2% 20,239 0.0%
Other operating income 863,967 1.5% 695,474 0.8%
Other operating expenses (224,275) -0.4% (620,661) -0.7%
INCOME FROM OPERATIONS 11,751,028 20.5% 14,222,981 17.0%
Finance income 1,088,326 1.9% 1,123,208 1.3%
Finance expenses (5,164,608) -9.0% (2,521,821) -3.0%
Final tax on interest income (143,212) -0.2% (115,873) -0.1%
Share in net gains/(losses) of associates and joint ventures (51,297) -0.1% 111,218 0.1%
INCOME BEFORE INCOME TAX EXPENSE 7,480,237 13.1% 12,819,713 15.3%
Income tax expense (1,637,858) -2.9% (3,017,307) -3.6%
INCOME FOR THE PERIOD 5,842,379 10.2% 9,802,406 11.7%

EPS 439.00 807.00

Number of Share Sheets 8,780,426,500 8,780,426,500
Closing Price 06/09/2024 7,025 7,025
P/E 8.0 6.5

Note:
NCI cukup signifikan, Forecast EPS tidak memperhitungkan NCI
 FORECASTING Q3 2024

OPTIMIS MODERAT CONSERVATIVE

CONFIDENTIAL
 INDF
in Million IDR STATEMENT OF FINANCIAL POSITION
ASSET
INDICATOR Cash and Cash Equivalent
Predictibility Account Receivable
- Business Inventory
- Revenue Investments
- Cashflow Other Current Assets
Durability Total Current Assets
Capability
- Market Share Investment
- Management to stakeholder Fixed Asset - neto
Goodwill
Valuation = Today Assets + Next Cashflow in Million IDR Other non-Current Assets
Total non-Current Assets
Today Assets -
Next Cashflow - TOTAL ASSETS
2024
2025 LIABILITIES
2026 Account Payable
2027 Bonds payable
2028 Bank Loan
Other Liabilities
Total - Total Liabilities
Market cap
difference between total valuation and market
cap
- EQUITY
#DIV/0! Share Capital + Additional paid-in capital
#DIV/0! Retained Earnings
Others
Total Equity

TOTAL LIABILITIES + EQUITY

Q2 2024 Qualitative by Value!
*Valuation
35,736,399 -
9,466,721 -
16,858,345 -
9,832,107 -
4,683,487 -
76,577,059 -
-
9,621,585
47,087,069
-
- CONFIDENTIAL
56,352,086 -
11,546,212 -
124,606,952 -
-
201,184,011 -

5,267,103 -
44,913,702 -
28,484,890 -
19,594,991 -
98,260,686
 1,161,775
48,670,921
53,090,629
102,923,325

201,184,011 -
No. Q1 2024 Indicator

CONFIDENTIAL

Notes:
Conditions as reported in Q1 2024

No. Q2 2024 Indicator

CONFIDENTIAL
 Note:
Condition as reported in Q1 2024

No Strength Description

CONFIDENTIAL
Note:
The main power of the company to run its business in order to survive

No Downside :

CONFIDENTIAL
Note:
Worst case scenario that could disrupt the company's business, may or may not
happen