PT Gudang Garam Tbk.

Tobacco Manufacturers

Head Office Jl. Semampir II/1 Summary of Financial Statement

Kediri 64121, Jawa Timur
Phone (0354) 682-090-682-094 (Million Rupiah)
Fax (0354) 681-555 2011 2012 2013
Telex 31456 GGARAM KD Total Assets 39,088,705 41,509,325 50,770,251
Jakarta Rep. Office Jl. Jenderal A. Yani No. 79 Current Assets 30,381,754 29,954,021 34,604,461
Jakarta 10510 of which
Phone (021) 420-2460, 420-0579 Cash and cash equivalents 1,094,895 1,285,799 1,404,108
Fax (021) 421-2024 Trade receivables 923,522 1,382,539 2,196,086
Telex 49475 GGARAM IA Inventories 28,020,017 26,649,777 30,241,368
Surabaya Rep. Office Jl. Pengenal 7-15, Surabaya 60174 Non-Current Assets 8,706,951 11,555,304 16,165,790
Phone (031) 545-1701, 545-1721 of which
Fixed Assets-Net 8,189,881 10,389,326 14,788,915
Fax (031) 531-0592
Deffered tax Assets-net 37,597 43,901 58,145
Factory Jl.Semampir II/1, Kediri, Jawa Timur
Investments n.a n.a n.a
Business Cigarettes Other Assets 479,473 1,122,077 1,318,730
Company Status PMDN
Liabilities 14,537,777 14,903,612 21,353,980
Financial Performance: The Company booked net profit
Current Liabilities 13,534,319 13,802,317 20,094,580
at IDR 4.383 trillion in 2013, increase from IDR 4.068 trillion of which
in 2012. Short-term debt 6,163,978 8,164,350 12,978,791
Brief History: As one of Indonesias largest cigarette Trade payables 1,515,811 457,633 798,434
makers, PT Gudang Garam deals in droves of cloves to make Taxes and excise payable 5,453,491 4,795,912 5,765,314
Non-Current Liabilities 1,003,458 1,101,295 1,259,400
fragrant clove cigarettes, called kreteks. Founded in 1958 by
the Wonowidjojo family, Gudang Garam blends cloves with to- Shareholders' Equity 24,550,928 26,605,713 29,416,271
bacco to produce more than 70 billion cigarettes annually. Paid-up capital 962,044 962,044 962,044
The company owns a 514-acre tobacco complex on east- Paid-up capital
ern Java that includes machine-made and hand-rolled cigarette in excess of par value 53,700 53,700 53,700
Retained earnings 23,535,184 25,589,969 28,400,527
operations.
Gudang Garam is affi liated with other fi rms involved in Net Sales 41,884,352 49,028,696 55,436,954
banking, investing, and polyester fi lm production. The com- Cost of Goods Sold 31,754,984 39,843,974 44,563,096
panys dominance in Indonesia is under fi re from Philip Morris Gross Profit 10,129,368 9,184,722 10,873,858
International, which acquired rival PT Hanjaya Mandala Sampo- Operating Expenses 3,290,726 3,177,516 4,224,052
Operating Profit 6,838,642 6,007,206 6,649,806
erna in 2005.
Other Income (Expenses) (223,671) (476,560) (713,602)
Profit (loss) before Taxes 6,614,971 5,530,646 5,936,204
Comprehensive Profit (loss) 4,958,102 4,068,711 4,383,932

Per Share Data (Rp)

Earnings per Share 2,577 2,115 2,278
Equity per Share 12,760 13,828 15,288
Dividend per Share 1,000 800 800
Closing Price 62,050 56,300 42,000

Financial Ratios
PER (x) 24.08 26.62 18.43
PBV (x) 4.86 4.07 2.75
Dividend Payout (%) 38.81 37.83 n.a
Dividend Yield (%) 1.61 1.42 n.a

Current Ratio (x) 2.24 2.17 1.72

Debt to Equity (x) 0.59 0.56 0.73
Leverage Ratio (x) 0.37 0.36 0.42
Gross Profit Margin (x) 0.24 0.19 0.20
Operating Profit Margin (x) 0.16 0.12 0.12
Net Profit Margin (x) 0.12 0.08 0.08
Inventory Turnover (x) 1.13 1.50 1.47
Total Assets Turnover (x) 1.07 1.18 1.09
Shareholders
ROI (%) 12.68 9.80 8.63
PT Suryaduta Investama 69.29% ROE (%) 20.20 15.29 14.90
PT Suryamitra Kusuma 6.26%
PER = 20,10x ; PBV = 3,57x (June 2014)
Juni Setiawati Wonowidjojo 0.54%
Financial Year: December 31
Susilo Wonowidjojo 0.38% Public Accountant: Siddharta & Widjaja
Public 23.53%

206 Indonesian Capital Market Directory 2014

PT Gudang Garam Tbk. Tobacco Manufacturers

Board of Commissioners Board of Directors

President Commissioner Juni Setiawati Wonowidjojo President Director Susilo Wonowidjojo
Commissioners Frank Willem van Gelder, Directors Buana Susilo, Istata Taswin Siddharta,
Lucas Mulia Suhardja, Gotama Hengdratsonata Heru Budiman, Fajar Sumeru,
Herry Susianto, Sony Sasono Rahmadi

Number of Employees 42,761

No Type of Listing Listing Date Trading Date Number of Shares Total Listed
per Listing Shares
1 First Issue 27-Aug-90 27-Aug-90 57,807,800 57,807,800
2 Partial Listing 27-Aug-90 27-Feb-91 38,396,600 96,204,400
3 Founders Shares 31-May-94 31-May-94 375,197,600 471,402,000
4 Cooperative 31-May-94 31-May-94 9,620,000 481,022,000
5 Stock Split 03-Jun-96 03-Jun-96 481,022,000 962,044,000
6 Bonus Shares 04-Jun-96 05-Jun-96 962,044,000 1,924,088,000

Underwriters
PT (Persero) Danareksa, PT MERINCORP
Stock Price, Frequency, Trading Days, Number and Value of Shares Traded and Market Capitalization
Stock Price Shares Traded Trading Listed Market
Month High Low Close Volume Value Frequency Day Shares Capitalization
(Rp) (Rp) (Rp) (Thousand Shares) (Rp Million) (Rp Million)
January-13 57,000 49,500 51,850 36,082.00 1,900,377.00 20,401 21 1,924,088,000 99,763,963.00
February-13 52,850 48,300 48,300 39,874.00 200,127.00 16,161 20 1,924,088,000 92,933,450.00
March-13 51,200 45,800 48,950 32,644.00 1,590,282.00 17,514 19 1,924,088,000 94,184,108.00
April-13 54,450 48,600 49,400 51,702.00 2,660,507.00 28,414 22 1,924,088,000 95,049,947.00
May-13 57,800 49,300 53,500 41,575.00 2,221,861.00 22,413 22 1,924,088,000 102,938,708.00
June-13 54,500 45,300 50,600 31,333.00 1,555,537.00 22,532 19 1,924,088,000 97,358,853.00
July-13 51,600 42,250 42,350 30,731.00 1,419,705.00 21,809 23 1,924,088,000 81,485,127.00
August-13 43,650 32,000 37,950 29,240.00 1,128,039.00 22,201 17 1,924,088,000 73,019,140.00
September-13 43,900 35,000 35,000 31,451.00 1,223,270.00 23,464 21 1,924,088,000 67,343,080.00
October-13 38,450 33,150 36,900 50,193.00 1,809,844.00 33,633 21 1,924,088,000 70,998,847.00
November-13 38,350 34,600 37,000 34,618.00 1,262,239.00 21,934 20 1,924,088,000 71,191,256.00
December-13 42,000 36,800 42,000 37,811.00 1,513,018.00 21,396 19 1,924,088,000 80,811,696.00
January-14 45,525 39,700 41,900 31,659.00 1,343,558.00 36,083 20 1,924,088,000 80,619,287.00
February-14 48,500 40,600 47,700 27,944.00 1,265,725.00 32,197 20 1,924,088,000 91,778,998.00
March-14 49,550 43,600 49,400 30,887.00 1,455,094.00 45,202 20 1,924,088,000 95,049,947.00
April-14 57,125 48,075 56,500 34,082.00 1,778,189.00 47,605 20 1,924,088,000 108,710,972.00
May-14 57,925 52,050 52,050 29,671.00 1,633,510.00 40,365 18 1,924,088,000 100,148,780.00
June-14 55,000 51,300 53,500 14,579.00 775,015.00 27,283 21 1,924,088,000 102,938,708.00

Stock Price and Traded Chart

Stock Price (Rp) Thousand Shares

60,000 4,500

4,000
50,000
3,500

40,000 3,000

2,500
30,000
2,000

20,000 1,500

1,000
10,000
500

- -
Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14

Institute for Economic and Financial Research 207