PTKarwellIndonesiaTbk.

Business

Garments

CompanyStatus

PMDN

Underwriter

PTUsahaBersamaSekuritas

Shareholder
2000
PTKaryaEstetikamulia
VeraKarlineKwee
DragonInternationalInvestment
Ltd.BritishVirginIslands
PTMultiContinental
Cooperative
FransSeda
IgnatiusAbimanyu
Public

2005
PTKaryaEstetikamulia
DragonInternationalInvestment
Ltd.BritishVirginIslands
Cooperative
FransSeda
IgnatiusAbimanyu
Public

2001
51.53% PTKaryaEstetikamulia
4.17% DragonInternationalInvestment
Ltd.BritishVirginIslands
4.03% Cooperative
0.88% FransSeda
0.23% IgnatiusAbimanyu
0.20% Public
0.10%
38.86%

2002
51.53% PTKaryaEstetikamulia
DragonInternationalInvestmentLtd.BritishVirginIslands
3.52% Cooperative
0.23% FransSeda
0.20% IgnatiusAbimanyu
0.10% Public
44.42%

2006
53.23% PTKaryaEstetikamulia
DragonInternationalInvestment
3.52% Ltd.BritishVirginIslands
0.23% Cooperative
0.20% FransSeda
0.10% IgnatiusAbimanyu
42.72% Public

2007
53.23% PTKaryaEstetikamulia
BedmillLimited.,HongKong
3.52% DragonInternationalInvestment
0.23% Ltd.BritishVirginIslands
0.20% Public
0.10%
42.72%

2003
53.23%
3.52%
0.23%
0.20%
0.10%
42.72%

PTKaryaEstetikamulia
DragonInternationalInvestmentLtd.
BritishVirginIslands
Cooperative
FransSeda
IgnatiusAbimanyu
Public

2008
53.23% PTKaryaEstetikamulia
4.94% DragonInternationalInvestment
Ltd.BritishVirginIslands
3.52% Public
38.31%

2004
53.23% PTKaryaEstetikamulia
DragonInternationalInvestment
3.52% Ltd.BritishVirginIslands
0.23% Cooperative
0.20% FransSeda
0.10% IgnatiusAbimanyu
42.72% Public

53.23%
3.52%
0.23%
0.20%
0.10%
42.72%

2009
53.23% PTKaryaEstetikamulia
DragonInternationalInvestment
3.52% Ltd.BritishVirginIslands
43.25% Public

53.23%
3.52%
43.25%

Management & Number of Employees

Board of Directors

Number of Employees

2000 President Commissioner

Commissioners

Drs. Frans Seda

May. Jend. TNI (Purn.) Raden Purnomo, SE
Kopian Halim, Tjong Djun Sip

Board of Commissioners
President Director
Directors

Susanto
Harijanto Witono, Ridwan Halim,
Chandra Henwijaya, Pramudya Tamtama,
Mardi Loho

14,548

2001 President Commissioner

Commissioners

Drs. Frans Seda

May. Jend. TNI (Purn.) Raden Purnomo, SE, Kopian Halim,
Tjong Djun Sip, Chandra Henwijaya

President Director
Directors

Susanto
Harijanto Witono, Ridwan Halim, Bundani Karlan,
Pramudya Tamtama, Mardi Loho

11,440

2002 President Commissioner

Commissioners

Drs. Frans Seda

Kopian Halim, Tjong Djun Sip,
Chandra Henwijaya,
Mayjend. TNI (Purn) Raden Pramono, SE

President Director
Directors

Susanto
Harijanto Witono, SE., Ridwan Halim, SE.,
Ir. Bundani Karlan, MM., Pramudya Tamtomo, Mardi Loho

8,666

2003 President Commissioner

Commissioners

Drs. Frans Seda

Kopian Halim, Tjong Djun Sip,
Chandra Henwijaya,
Mayjend. TNI (Purn) Raden Pramono, SE

President Director
Directors

Susanto
Harijanto Witono, SE., Ridwan Halim, SE.,
Ir. Bundani Karlan, MM., Pramudya Tamtomo, Mardi Loho

9,279

2004 President Commissioner

Commissioners

Drs. Frans Seda

Kopian Halim
Chandra Henwijaya
Mayjend. TNI (Purn) Raden Pramono, SE

President Director
Directors

Susanto
Harijanto Witono, SE, Ridwan Halim, SE
Ir. Bundani Karlan, MM, Pramudyo Tamtomo
Mardi Loho

6,226

2005 President Commissioner

Commissioners

Drs. Frans Seda

Mardi Loho, Chandra Henwijaya,
Mayjend. TNI (Purn) Raden Pramono, SE

President Director
Directors

Susanto
Harijanto Witono, SE, Ridwan Halim, SE
Ir. Bundani Karlan, MM, Pramudyo Tamtomo

5,663

2006 President Commissioner

Commissioners

Drs. Frans Seda

Mardi Loho
Mayjend.TNI (Purn.) R. Pramono, SE

President Director
Directors

Susanto
Harijanto Witono, SE
Ridwan Halim, SE
Ir. Bundani Karlan, MM
Pramudyo Tamtomo

4,577

2007 President Commissioner

Commissioners

Drs. Frans Seda

Mardi Loho, Ardyan Susanto,
Mayjend. TNI (Purn.) Raden Pramono, SE

President Director
Directors

Susanto
Harijanto Witono, SE, Ridwan Halim, SE,
Ir. Bundani Karlan, MM, Pramudyo Tamtomo

3,329

2008 President Commissioner

Commissioners

Drs. Frans Seda

Mardi Loho, Ardyan Susanto,
Mayjend. TNI (Purn.) Raden Pramono, SE

President Director
Directors

Susanto
Harijanto Witono, SE, Ridwan Halim, SE,
Ir. Bundani Karlan, MM, Pramudyo Tamtomo

4,466

2009 President Commissioner

Commissioners

Drs. Frans Seda

Mardi Loho
Mayjend. TNI (Purn.) Raden Pramono, SE
Ardyan Susanto

President Director
Directors

Susanto
Harijanto Witono, SE
Ridwan Halim, SE
Ir. Bundani Karlan, MM
Pramudyo Tamtomo

1,279

Total Assets
Current Assets
of which
Cash on hand and in banks
Cash and cash equivalents
Time deposits
Trade receivables
Inventories
Time deposit
Receivable from affiliates
Non-current Assets
of which
Fixed Asset Net
Deffered Tax Assets-Net
Investments
Other Assets
Liabilities
Current Liabilities
of which
Bank loans
Bank borrowings
Short-term debts
Trade payables
Taxes payable
Accrued expenses
Current maturities of
long-term debt
Long-term Liabilities
of which
Bank borrowings
Non-Current Liabilities
Minority Interests in Subsidiaries
Shareholders' Equity
Paid-up capital
Paid-up capital
in excess of par value
Revaluation of fixed assets
Retained earnings accumulated loss)

1998

1999

2000

698,008
520,774

576,630
327,263

725,625
453,202

141,014

77,127

98,839

(million rupiah)
2001

2002

2003

2004

2005

500,208
249,003

491,824
266,549

412,820
192,866

514,999
282,555

492,063
265,736

98,059

50,893

49,985

57,225
53,598

122,904
180,583

74,162
126,285

133,171
146,646

36,818
102,217

71,454
113,039

28,223
86,557

64,864
135,218

83,051
112,364

60,535

131,583

136,187

116,818

225,275

219,954

232,444

226,327

9,458
124,929

46,523
14,170
7,153
38,944

40,812
17,284
4,848
32,897

41,424
9,599
2,544
51,383

30,271
86,428

26,750
91,035

34,706
101,530

50,155
12,140
239
39,536

520,189
505,618

384,741
353,445

559,070
496,882

425,344
412,226

422,433
418,658

369,948
342,686

475,660
437,299

455,145
435,422

411,699

298,929

309,950

276,703

244,062

224,767

235,648

58,286
5,664

25,909
2,513

124,399
3,231

89,344
2,220

141,467
3,072

101,217
1,608

180,308
1,293

11,067

26,086

56,727

10,054

3,504

5,210

5,461

3,064

177,819
293,559

191,889
293,559

166,555
293,576

74,864
293,576

265,866

5,500

5,500

5,500

5,500

3,775
(3,408)
72,799
293,576
5,500

27,262
(5,836)
48,708
293,576
5,500

38,361
(5,339)
44,677
293,576
5,500

152,904
1,501

19,723
(9,121)
46,038
293,576
5,500

(121,240)

(107,170)

(132,521)

(224,212)

(226,277)

(250,368)

(254,399)

(253,038)

Net Sales
Cost of Good Sold
Gross Profit
Operating Expenses
Operating Profit
Other Income (Expenses)
Profit (Loss) before Taxes
Profit (Loss) after Taxes

1,155,340
919,364
235,975
75,228
160,747
(284,127)
(123,380)
(118,986)

781,564
640,010
141,554
71,276
70,277
(40,957)
29,320
21,365

914,367
753,379
160,988
86,054
74,934
(107,288)
(32,354)
(25,330)

848,306
754,573
93,733
91,502
2,231
(76,543)
(74,312)
(66,239)

540,637
505,464
35,173
47,380
(12,207)
675
(11,532)
(2,056)

525,007
479,285
45,722
57,263
(11,541)
(18,078)
(29,619)
(24,135)

583,340
504,436
78,904
48,582
30,322
(28,624)
1,698
448

720,097
646,734
73,362
44,310
29,052
(34,394)
(5,341)
1,361

Per Share Data (Rp)

Earnings (Loss) per Share
Equity per Share
Dividend per Share
Closing Price

(203)
303
700

36
327
25
800

(43)
284
600

(113)
128
400

(4)
124
n.a
350

(41)
83
n.a
410

1
76
n.a
410

2
78
n.a
200

Financial Ratios
PER (x)
PBV (x)
Dividend Payout (%)
Dividend Yield (%)

(3.45)
2.31
-

21.98
2.45
68.70
3.13

(13.91)
2.12
-

(3.55)
3.14
-

(99.95)
2.82
n.a
n.a

(9.97)
4.94
n.a
n.a

537.35
5.39
n.a
n.a

86.30
2.55
n.a
n.a

1.03
2.93
0.75
0.20
0.14
n.a.
5.09
1.66
(17.05)
(66.91)

0.93
2.01
0.67
0.18
0.09
0.03
5.07
1.36
3.71
11.13

0.91
3.36
0.77
0.18
0.08
n.a.
5.14
1.26
(3.49)
(15.21)

0.60
5.68
0.85
0.11
n.a.
7.38
1.70
(13.24)
(88.48)

0.64
5.80
0.86
0.07
n.a
n.a
4.47
1.10
(0.42)
(2.82)

0.56
7.60
0.90
0.09
n.a
n.a
5.54
1.27
(5.85)
(49.55)

0.65
10.65
0.92
0.14
5.20
0.08
3.73
1.13
0.09
1.00

0.61
9.89
0.92
0.10
4.03
0.19
5.76
1.46
0.28
2.96

1999
(17.39)
7.91
(32.35)
(117.96)

2000
25.84
(13.20)
16.99
(218.56)

2001
(31.07)
(55.05)
(7.22)
161.50

2002
(1.68)
(2.76)
(36.27)
(96.90)

2003
(16.06)
(33.09)
(2.89)
1,073.88

Current Ratio (x)

Debt to Equity (x)
Leverage Ratio (x)
Gross Profit Margin (x)
Operating Profit Margin (x)
Net Profit Margin (x)
Inventory Turnover (x)
Total Assets Turnover (x)
ROI (%)
ROE (%)

1
2
3
4

Growth (%)
Indicators
Total Asset
Share Holder's Equity
Net Sales/Revenue
Net Provit

1998

2004
24.75
(8.28)
11.11
(101.86)

2005
(4.45)
3.05
23.44
203.79

SUMMARY OF FINANCIAL STATEMENT

PT. Karwell Indonesia Tbk. (KARW)

(millionrupiah)
2006
2007
TotalAssets
CurrentAssets
ofwhich
CashandCashEquivalents
Tradereceivables
Inventories
NonCurrentAssets
ofwhich
FixedAssetsNet
DefferedTaxAssetsNet
Investments
OtherAssets

2008

321,196
164,672

302,517
183,397

152,434
69,681

36,073
40,173
64,049
156,524

3,030
83,798
84,493
119,120

1,673
12,221
18,449
82,753

34,254
7,420
n.a.
17,697

32,830
22,488
3,805 n.a.
n.a.
n.a.
501
7

Liabilities
CurrentLiabilities
ofwhich
Bankloans
Tradepayables
Taxespayable
NonCurrentLiabilities
MinorityInterestsinSubsidiaries

335,525
331,537

323,759
238,572

234,068
231,767

222,821
61,595
1,593
3,987
26

102,389
82,607
1,593
85,187
145

108,073
13,691
709
2,300
145

Shareholders'Equity
Paidupcapital
Paidupcapital
inexcessofparvalue
Retainedearnings(accumulatedloss)

(27,967)
293,576

(21,386)
293,576

(81,779)
293,576

5,500
(327,043)

5,500
(320,463)

5,500
(380,855)

NetSales
CostofGoodsSold
GrossProfit
OperatingExpenses
OperatingProfit(Loss)
OtherIncome(Expenses)
Profit(Loss)beforeTaxes
Profit(Loss)afterTaxes

273,123
266,944
6,179
70,472
(64,293)
(10,056)
(74,348)
(74,430)

340,051
294,482
45,569
24,349
21,219
(11,466)
9,753
6,020

277,713
274,342
3,371
20,618
(17,247)
(37,799)
(55,046)
(60,392)

PerShareData(Rp)
Earnings(Loss)perShare
EquityperShare
DividendperShare
ClosingPrice

(127)
(48)
n.a
105

10
(36)
n.a
400

(103)
(139)
n.a
104

FinancialRatios
PER(x)
PBV(x)
DividendPayout(%)
DividendYield(%)

(0.83)
(2.20)
n.a
n.a

39.01
(10.98)
n.a
n.a

(1.01)
(0.75)
n.a
n.a

0.50
(12.00)
1.04
0.02
n.a
n.a
4.17
0.85
(23.17)
266.14

0.77
(15.14)
1.07
0.13
6.24
1.77
3.49
1.12
1.99
(28.15)

0.30
(2.86)
1.54
0.01
n.a
n.a
14.87
1.82
(39.62)
73.85

CurrentRatio(x)
DebttoEquity(x)
LeverageRatio(x)
GrossProfitMargin(x)
OperatingProfitMargin(x)
NetProfitMargin(x)
InventoryTurnover(x)
TotalAssetsTurnover(x)
ROI(%)
ROE(%)
PER=2.25x;PBV=0.06x(June2009)
FinancialYear:December31
PublicAccountant:Tjahjadi,Pradhono&Teramiharja