PT HANJAYA MANDALA SAMPOERNA Tbk.

Income Statement
Figures presented in mn Rupiah
2018 2019 2020 2021 2022 2023 F
Net revenue 106,741,891 106,055,176 92,245,210 98,874,784 111,211,321 118,262,301
Cost Of Goods Sold (81,251,100) (79,932,195) (73,653,975) (81,955,013) (94,053,123) (99,084,206)
Gross Profit 25,490,791 26,122,981 18,771,235 16,813,347 17,158,198 19,178,095
Selling expenses (6,296,611) (6,621,032) (6,258,339) (6,202,849) (6,739,702) (7,209,502)
General and administrative expenses (2,312,252) (2,424,862) (2,110,740) (2,113,563) (2,665,313) (2,851,102)
Operating expenses (8,608,863) (9,045,894) (8,369,079) (8,316,412) (9,405,015) (10,060,604)
Operating Profit 16,881,928 17,077,087 10,402,156 8,496,935 7,753,183 9,117,490
Other income 208,891 100,120 84,396 139,174 257,612 310,571
Other expenses (110,036) (74,773) (44,199) (5,379) (156,088) (78,095)
Finance income 1,003,937 1,198,798 765,556 483,575 463,898 553,939
Finance cost (30,495) (53,454) (49,983) (56,528) (50,049) (110,266)
Share of net results of associate 7,044 11,645 3,539 7,965 4,503 3,439
Profit before income taxes 17,961,269 18,259,423 11,161,466 9,152,166 8,273,059 9,797,079
Income tax expenses (4,422,851) (4,537,910) (2,580,088) (2,015,069) (1,949,315) (2,315,489)
Profit for the year 13,538,418 13,721,513 8,581,378 7,137,097 6,323,744 7,481,589
Other Comprehensive Income
Items that will not be reclassified to profit or loss:
Re-measurements on liabilities for employee bene 1,223,555 279,806 (130,614) 289,651 45,231
Related income tax (expense)/benefit (31,150) (69,546) 28,388 (63,665) (9,959)
Total 91,205 210,260 (102,226) 225,986 35,272
Items that will be reclassified to profit or loss:
Cash flow hedging reserve - (761) 760 1
Related income tax (expense)/benefit - 168 (168)
Cumulative translation adjustments (372) 257 (254) (7) 105
Total (372) 257 (847) 585 106
Other Comprehensive Income for the year, Net of 90,833 210,517 (103,073) 226,571 35,378
Total Comprehensive Income for the Year 13,629,251 13,932,030 8,478,305 7,363,668 6,359,122
Net Income for the year attributable to:
Owners of parent entity 13,538,418 13,721,513 8,581,378 7,137,097 6,323,744
Non-controlling interests - - - - -
Total comprehensive Income for the year attributable to:
Owners of parent entity 13,629,251 13,932,030 8,478,305 7,363,668 6,359,122
Non-controlling interests - - - - -
Total 13,629,251 13,932,030 8,478,305 7,363,668 6,359,122
Basic and diluted earnings per share 116 118 74 61 54

Net revenue breakdown

Export 408,000 408,189 218,581 154,036 222,316
Local
Machine-made clove cigarettes 74,291,064 74,394,399 61,232,038 65,243,968 72,572,279
Hand-rolled clove cigarettes 20,608,959 19,693,949 21,454,993 22,879,914 27,199,952
White cigarettes 10,903,794 11,068,430 8,923,619 9,424,048 9,281,003
Hand-rolled white cigarettes - - 16,951 544,898 851,894
Others 530,074 490,209 579,028 627,920 1,083,877
Total 106,741,891 106,055,176 92,425,210 98,874,784 111,211,321

COGS and SGA breakdown 2018 2019 2020 2021 2022

Excise tax stamps 60,785,011 60,186,747 56,729,129 65,048,704 74,591,387 78,691,372
Raw material 10,658,024 9,864,229 7,668,692 7,767,595 8,300,862
Salaries, wages, and employee benefits 5,028,390 4,829,679 4,991,759 4,514,618 4,925,756
Other overhead costs 3,283,000 3,297,999 3,653,675 4,239,428 4,391,848
Cost of merchandise inventory sold 3,289,911 3,295,602 2,289,109 2,262,189 3,758,344
Advertising and promotion 2,495,852 2,564,203 2,353,792 2,269,782 2,296,923
Depreciation 973,886 1,396,105 1,349,396 1,180,156 1,128,085
Management services 1,079,643 1,336,308 1,007,537 1,184,373 1,721,752
Transportation and distribution 737,057 768,898 719,194 774,287 918,043
Royalty 287,121 397,644 230,338 189,144 228,114
Professional fees 120,394 129,767 106,601 141,421 108,488
Travelling expense 134,635 109,048 - 14,164 57,167
Rent 302,657 105,514 98,449 144,282 134,730
Donations - - 143,090 105,646 77,097
Insurance 81,091 79,430 78,835 78,160 84,040
Security expenses 65,802 72,004 72,360 70,890 67,751
Supplies expenses - - - 33,049 57,433
Training and development 71,689 65,527 56,918 17,363 40,401
Cafetaria - - 73,774 73,031 75,103
Telephone and fascimile 55,957 57,501 97,738 104,603 89,914
Impairment losses of receivables - - - 22,338 83,524
Repair and maintenance 43,968 51,689 58,773 57,177 50,856
Information system maintenance 45,495 44,383 47,270 43,694 43,985
Research and development 49,495 43,972 - 53,546 57,285
Public relations 37,313 41,040 - 20,452 51,614
Others (less than Rp40 billion each) 233,572 240,800 196,625 98,969 117,636
Total 89,859,963 88,978,089 82,023,054 90,509,061 103,458,138 (109,144,810)
0.6764415316 0.676422113 0.6916241987 0.7186982528 0.7209813403

Net Financial Charges

Finance Income
Bank interest 924,562 1,175,600 654,562 461,154 323,352
ST receivable related parties 79,375 23,198 110,994 22,421 140,546
Total 1,003,937 1,198,798 765,556 483,575 463,898
Finance cost
Finance lease liabilities 10,936 29,138 24,070 19,672 20,468
ST borrowing related parties 724 1,447 5,400 10,558 1,578
Others 18,835 22,869 20,513 26,298 28,003
Total 30,495 53,454 49,983 56,528 50,049
Net Financial Charges 973,442 1,145,344 715,573 427,047 413,849

Forecast Variables 2018 2019 2020 2021 2022

Sales Growth -0.64% -13.02% 7.19% 12.48%
GPM 23.88% 24.63% 20.35% 17.00% 15.43%
SGA/Sales -8.07% -8.53% -9.07% -8.41% -8.46%
Other income -52.07% -15.71% 64.91% 85.10%
Dep exp/Gross prior year PPE -51.44% -54.97% -58.26% -63.51%
Interest exp/Prior year LTD -46.46% -11.98% -18.15% -14.43%
Finance income 19.41% -36.14% -36.83% -4.07%
Income tax exp/Pretax income -24.62% -24.85% -23.12% -22.02% -23.56%
NPM 12.68% 12.94% 9.30% 7.22% 5.69%
 PT HANJAYA MANDALA SAMPOERNA Tbk.
Income Statement
Horizontal Analysis
2019 2020 2021 2022 CAGR 4Y
Net revenue -0.64% -13.02% 7.19% 12.48% 1.03%
Cost Of Goods Sold -1.62% -7.85% 11.27% 14.76% 3.73%
Gross Profit 2.48% -28.14% -10.43% 2.05% -9.42%
0.71660725687306 Selling expenses 5.15% -5.48% -0.89% 8.65% 1.71%
General and administrative expenses 4.87% -12.95% 0.13% 26.11% 3.62%
Operating expenses 5.08% -7.48% -0.63% 13.09% 2.24%
Operating Profit 1.16% -39.09% -18.32% -8.75% -17.68%
Other income -52.07% -15.71% 64.91% 85.10% 5.38%
Other expenses -32.05% -40.89% -87.83% 2801.80% 9.13%
Finance income 19.41% -36.14% -36.83% -4.07% -17.55%
Finance cost 75.29% -6.49% 13.09% -11.46% 13.19%
Share of net results of associate 65.32% -69.61% 125.06% -43.47% -10.58%
Profit before income taxes -38.87% -18.00% -9.61% -17.62%
Income tax expenses 2.60% -43.14% -21.90% -3.26% -18.52%
Profit for the year 1.35% -37.46% -16.83% -11.40% -17.33%
Other Comprehensive Income
Items that will not be reclassified to profit or loss:
Re-measurements on liabilities for employee benefits -77.13% -146.68% -321.76% -84.38% -56.15%
Related income tax (expense)/benefit 123.26% -140.82% -324.27% -84.36% -24.80%
Total 130.54% -148.62% -321.07% -84.39% -21.14%
Items that will be reclassified to profit or loss:
Cash flow hedging reserve #VALUE! #VALUE! -199.87% -99.87%
Related income tax (expense)/benefit #VALUE! #VALUE! -200.00% -100.00%
Cumulative translation adjustments -169.09% -198.83% -97.24% -1600.00%
Total -169.09% -429.57% -169.07% -81.88%
Other Comprehensive Income for the year, Net of Tax 131.76% -148.96% -319.82% -84.39% -21.00%
Total Comprehensive Income for the Year 2.22% -39.15% -13.15% -13.64% -17.35%
Net Income for the year attributable to:
Owners of parent entity 1.35% -37.46% -16.83% -11.40% -17.33%
Non-controlling interests
Total comprehensive Income for the year attributable to:
Owners of parent entity 2.22% -39.15% -13.15% -13.64% -17.35%
Non-controlling interests
Total 2.22% -39.15% -13.15% -13.64% -17.35%
Basic and diluted earnings per share 1.72% -37.29% -17.57% -11.48% -17.40%

Net revenue breakdown

Export 0.05% -46.45% -29.53% 44.33% -14.08%
Local
Machine-made clove cigarettes 0.14% -17.69% 6.55% 11.23% -0.58%
Hand-rolled clove cigarettes -4.44% 8.94% 6.64% 18.88% 7.18%
White cigarettes 1.51% -19.38% 5.61% -1.52% -3.95%
Hand-rolled white cigarettes #DIV/0! #DIV/0! 3114.55% 56.34%
Others -7.52% 18.12% 8.44% 72.61% 19.58%
Total -0.64% -12.85% 6.98% 12.48% 1.03%

COGS and SGA breakdown

Excise tax stamps -0.98% -5.74% 14.67% 14.67% 5.25%
Raw material -7.45% -22.26% 1.29% 6.87% -6.06%
Salaries, wages, and employee benefits -3.95% 3.36% -9.56% 9.11% -0.51%
Other overhead costs 0.46% 10.78% 16.03% 3.60% 7.55%
Cost of merchandise inventory sold 0.17% -30.54% -1.18% 66.14% 3.38%
Advertising and promotion 2.74% -8.21% -3.57% 1.20% -2.06%
Depreciation 43.35% -3.35% -12.23% -4.75% 3.74%
Management services 23.77% -24.60% 17.13% 45.89% 12.38%
Transportation and distribution 4.32% -6.46% 7.66% 18.57% 5.64%
Royalty 38.49% -42.07% -17.88% 20.60% -5.59%
Professional fees 7.79% -17.85% 32.66% -23.29% -2.57%
Travelling expense -19.00% -100.00% #DIV/0! 303.61% -19.28%
Rent -65.14% -6.70% 46.56% -6.62% -18.32%
Donations #DIV/0! #DIV/0! -26.17% -27.02%
Insurance -2.05% -0.75% -0.86% 7.52% 0.90%
Security expenses 9.43% 0.49% -2.03% -4.43% 0.73%
Supplies expenses #DIV/0! #DIV/0! #DIV/0! 73.78%
Training and development -8.60% -13.14% -69.49% 132.68% -13.36%
Cafetaria #DIV/0! #DIV/0! -1.01% 2.84%
Telephone and fascimile 2.76% 69.98% 7.02% -14.04% 12.59%
 Impairment losses of receivables #DIV/0! #DIV/0! #DIV/0! 273.91%
Repair and maintenance 17.56% 13.71% -2.72% -11.06% 3.71%
Information system maintenance -2.44% 6.50% -7.57% 0.67% -0.84%
Research and development -11.16% -100.00% #DIV/0! 6.98% 3.72%
Public relations 9.99% -100.00% #DIV/0! 152.37% 8.45%
Others (less than Rp40 billion each) 3.09% -18.35% -49.67% 18.86% -15.76%
Total -0.98% -7.82% 10.35% 14.31% 3.59%

Net Financial Charges

Finance Income
Bank interest 27.15% -44.32% -29.55% -29.88% -23.10%
ST receivable related parties -70.77% 378.46% -79.80% 526.85% 15.35%
Total 19.41% -36.14% -36.83% -4.07% -17.55%
Finance cost
Finance lease liabilities 166.44% -17.39% -18.27% 4.05% 16.96%
ST borrowing related parties 99.86% 273.19% 95.52% -85.05% 21.50%
Others 21.42% -10.30% 28.20% 6.48% 10.42%
Total 75.29% -6.49% 13.09% -11.46% 13.19%
Net Financial Charges 17.66% -37.52% -40.32% -3.09% -19.25%

2023F
6.34%
16.22%
-8.51%
20.56%
-57.04%
-22.75%
19.41%
-23.63%
6.33%
 PT HANJAYA MANDALA SAMPOERNA Tbk.
Income Statement
Vertical Analysis
Average 2018 2019 2020 2021 2022
1.50% Net revenue 100.00% 100.00% 100.00% 100.00% 100.00%
4.14% Cost Of Goods Sold -76.12% -75.37% -79.85% -82.89% -84.57%
-8.51% Gross Profit 23.88% 24.63% 20.35% 17.00% 15.43%
1.86% Selling expenses -5.90% -6.24% -6.78% -6.27% -6.06%
4.54% General and administrative expenses -2.17% -2.29% -2.29% -2.14% -2.40%
2.51%
-16.25% Operating Profit 15.82% 16.10% 11.28% 8.59% 6.97%
20.56% Other income 0.20% 0.09% 0.09% 0.14% 0.23%
660.26% Other expenses -0.10% -0.07% -0.05% -0.01% -0.14%
-14.41% Finance income 0.94% 1.13% 0.83% 0.49% 0.42%
17.61% Finance cost -0.03% -0.05% -0.05% -0.06% -0.05%
19.33% Share of net results of associate 0.01% 0.01% 0.00% 0.01% 0.00%
-22.16% Profit before income taxes 16.83% 17.22% 12.10% 9.26% 7.44%
-16.43% Income tax expenses -4.14% -4.28% -2.80% -2.04% -1.75%
-16.08% Profit for the year 12.68% 12.94% 9.30% 7.22% 5.69%
Other Comprehensive Income
Items that will not be reclassified to profit or loss:
-157.49% Re-measurements on liabilities for employee benefits 1.15% 0.26% -0.14% 0.29% 0.04%
-106.55% Related income tax (expense)/benefit -0.03% -0.07% 0.03% -0.06% -0.01%
-105.89% Total 0.09% 0.20% -0.11% 0.23% 0.03%
Items that will be reclassified to profit or loss:
Cash flow hedging reserve 0.00% #VALUE! 0.00% 0.00% 0.00%
Related income tax (expense)/benefit 0.00% #VALUE! 0.00% 0.00% 0.00%
-516.29% Cumulative translation adjustments 0.00% 0.00% 0.00% 0.00% 0.00%
-212.40% Total 0.00% 0.00% 0.00% 0.00% 0.00%
-105.35% Other Comprehensive Income for the year, Net of Tax 0.09% 0.20% -0.11% 0.23% 0.03%
-15.93% Total Comprehensive Income for the Year 12.77% 13.14% 9.19% 7.45% 5.72%
Net Income for the year attributable to:
-16.08% Owners of parent entity 12.68% 12.94% 9.30% 7.22% 5.69%
Non-controlling interests
Total comprehensive Income for the year attributable t 0.00% 0.00% 0.00% 0.00% 0.00%
-15.93% Owners of parent entity 12.77% 13.14% 9.19% 7.45% 5.72%
Non-controlling interests
-15.93% Total 12.77% 13.14% 9.19% 7.45% 5.72%
-16.15% Ratios
GPM 23.88% 24.63% 20.35% 17.00% 15.43%
NPM 12.68% 12.94% 9.30% 7.22% 5.69%
OPM 15.82% 16.10% 11.28% 8.59% 6.97%
Net revenue breakdown
-7.90% Export 0.38% 0.38% 0.24% 0.16% 0.20%
#DIV/0! Local
0.06% Machine-made clove cigarettes 69.60% 70.15% 66.38% 65.99% 65.26%
7.51% Hand-rolled clove cigarettes 19.31% 18.57% 23.26% 23.14% 24.46%
-3.44% White cigarettes 10.22% 10.44% 9.67% 9.53% 8.35%
#DIV/0! Hand-rolled white cigarettes 0.00% 0.00% 0.02% 0.55% 0.77%
22.91% Others 0.50% 0.46% 0.63% 0.64% 0.97%
1.49% Total 100.00% 100.00% 100.20% 100.00% 100.00%

COGS and SGA breakdown

5.65% Excise tax stamps 56.95% 56.75% 61.50% 65.79% 67.07%
-5.39% Raw material 9.98% 9.30% 8.31% 7.86% 7.46%
-0.26% Salaries, wages, and employee benefits 4.71% 4.55% 5.41% 4.57% 4.43%
7.72% Other overhead costs 3.08% 3.11% 3.96% 4.29% 3.95%
8.65% Cost of merchandise inventory sold 3.08% 3.11% 2.48% 2.29% 3.38%
-1.96% Advertising and promotion 2.34% 2.42% 2.55% 2.30% 2.07%
5.76% Depreciation 0.91% 1.32% 1.46% 1.20% 1.01%
15.55% Management services 1.01% 1.26% 1.09% 1.19% 1.55%
6.02% Transportation and distribution 0.69% 0.72% 0.78% 0.78% 0.83%
-0.22% Royalty 0.27% 0.37% 0.25% 0.19% 0.21%
-0.17% Professional fees 0.11% 0.12% 0.12% 0.14% 0.10%
#DIV/0! Travelling expense 0.13% 0.10% 0.00% 0.01% 0.05%
-7.97% Rent 0.28% 0.10% 0.11% 0.15% 0.12%
#DIV/0! Donations 0.00% 0.00% 0.16% 0.11% 0.07%
0.97% Insurance 0.08% 0.07% 0.09% 0.08% 0.08%
0.87% Security expenses 0.06% 0.07% 0.08% 0.07% 0.06%
#DIV/0! Supplies expenses 0.00% 0.00% 0.00% 0.03% 0.05%
10.36% Training and development 0.07% 0.06% 0.06% 0.02% 0.04%
#DIV/0! Cafetaria 0.00% 0.00% 0.08% 0.07% 0.07%
16.43% Telephone and fascimile 0.05% 0.05% 0.11% 0.11% 0.08%
#DIV/0! Impairment losses of receivables 0.00% 0.00% 0.00% 0.02% 0.08%
4.37% Repair and maintenance 0.04% 0.05% 0.06% 0.06% 0.05%
-0.71% Information system maintenance 0.04% 0.04% 0.05% 0.04% 0.04%
#DIV/0! Research and development 0.05% 0.04% 0.00% 0.05% 0.05%
#DIV/0! Public relations 0.03% 0.04% 0.00% 0.02% 0.05%
-11.51% Others (less than Rp40 billion each) 0.22% 0.23% 0.21% 0.10% 0.11%
3.96% Total 84.18% 83.90% 88.92% 91.54% 93.03%
6.3371702E-09 8.0772498E-09

Net Financial Charges

Finance Income
-19.15% Bank interest 0.87% 1.11% 0.71% 0.47% 0.29%
188.68% ST receivable related parties 0.07% 0.02% 0.12% 0.02% 0.13%
-14.41% Total 0.94% 1.13% 0.83% 0.49% 0.42%
#DIV/0! Finance cost
33.71% Finance lease liabilities 0.01% 0.03% 0.03% 0.02% 0.02%
95.88% ST borrowing related parties 0.00% 0.00% 0.01% 0.01% 0.00%
11.45% Others 0.02% 0.02% 0.02% 0.03% 0.03%
17.61% Total 0.03% 0.05% 0.05% 0.06% 0.05%
-15.82%
AVERAGE
100.00%
-79.76%
20.26%
-6.25%
-2.26%

11.75%
0.15%
-0.07%
0.76%
-0.05%
0.01%
12.57%
-3.00%
9.57%

0.32%
-0.03%
0.09%

0.00%
0.00%
0.09%
9.65%

9.57%

0.00%
9.65%
 9.65%

20.26%
9.57%
11.75%

0.27%

67.47%
21.75%
9.64%
0.27%
0.64%
100.04%

61.61%
8.58%
4.73%
3.68%
2.87%
2.33%
1.18%
1.22%
0.76%
0.26%
0.12%
0.06%
0.15%
0.07%
0.08%
0.07%
0.02%
0.05%
0.04%
0.08%
 0.02%
0.05%
0.04%
0.04%
0.03%
0.17%
88.31%

0.69%
0.07%
0.76%

0.02%
0.00%
0.02%
0.05%
 PT HANJAYA MANDALA SAMPOERNA Tbk.
Balance Sheet
Figures presented in mn Rupiah
2018 2019 2020 2021
ASSETS
Current Assets
Cash and cash equivalents 15,516,439.0 18,820,695.0 15,804,309.0 17,843,656.0
Trade receivables 3,507,601 3,254,954 3,648,322 2,380,793
Third parties 3,370,321 3,118,541 3,507,586 2,175,531
Related parties 137,280 136,413 140,736 205,262
Other receivables 307,734 531,287 453,192 515,806
Third parties 299,975 527,407 450,703 489,408
Related parties 7,759 3,880 2,489 26,398
Loan to related party
Other short term financial asset 1,273,838 401,155 709,535 21,198
Inventories 15,183,197 16,376,231 18,093,707 17,781,747
Prepaid tax 1,009,794 56,970 70,482 131,408
Corporate income tax 47,426 53,184 53,433 99,063
Other taxes 962,368 3,786 17,049 32,345
Advances for purchase of tobacco 883,936 952,616 526,602 726,606
Prepayments 148,944 71,933 73,723 141,104
Other current asset 1,231,174 1,711,766 1,780,787
Total current assets 37,831,483 45,540,226 41091638 41,323,105

Non-current assets
Advance for acquisition of fixed assets 19,661
Investment in associate 70,426 81,651 80,356 85,194
Investment properties 465,004 443,339 422,148 400,645
Gross Fixed Asset 13,110,284 14,041,202 14,301,395 14,370,155
Acc depreciation -5,821,849 -6,743,290 -7,718,587 -8,331,512
Fixed assets 7,288,435 7,297,912 6,582,808 6,038,643
Land for development 108,449 108,956 109,367 110,702
Deffered tax assets 335,166 345,043 393,862 312,903
Goodwill 60,423 60,423 60,423 60,423
Other non-current assets 443,034 868,467 933,428 4,758,813
Total non-current assets 8770937 9,205,791 8,582,392 11,767,323
TOTAL ASSETS 46,602,420 50,902,806 49,674,030 53,090,428

LIABILITIES
Current liabilities
Trade and other payables 3,450,070 3,802,004 3,467,567 4,244,097
Third parties 2,652,273 2,655,512 2,674,932 3,337,905
Related parties 797,797 1,146,492 792,635 906,192
Derivative financial liabilities
Taxes payable 1,687,831 2,389,662 2,527,904 1,532,275
Corporate income tax 825,924 1,396,478 1,125,857 639,320
Other taxes 861,907 993,184 1,402,047 892,955
Excise tax payable 2,670,180 5,423,392 9,547,748 14,835,154
Accruals 238,625 189,849 241,167 258,028
Employee benefit liabilities
current 651,225 691,046 779,018 813,273
Deffered revenue
current 61,657 63,896 63,057 43,294
Other short term finance liability - 7,265 78,971
Lease liabilities
current 34,411 160,562 117,373 159,167
Total current liabilities 8,793,999 12,727,676 16,743,834 21,964,259

Non-current liabilities
Employee benefit liabilities 2,202,332 2,129,454 2,440,176 1,733,500
Deffered tax liabilities 537 1,108
Lease liabilities 80649 256,648 194,117 187,787
Deffered revenue 167187 109,298 53,940 12,368
Total non-current liabilities 2,450,168 2,495,400 2,688,770 1,934,763
Total liabilities 11,244,167 15,223,076 19,432,604 23,899,022

EQUITY
Share capital 465,272 465,272 465,272 465,272
Additional paid-in capital 20,546,151 20,568,076 20,586,373 20,640,641
Cumulative translation adjustment 645,882 646,139 645,885 645,878
Other reserves -29,721 -29,721 -29,721 -29,721
Retained earnings 13,730,669 14,029,964 8,573,617 7,469,336
appropriated 95,000 95,000 95,000 95,000
unappropriated 13,635,669 13,934,964 8,478,617 7,374,336
Total Equity 35,358,253 35,679,730 30,241,426 29,191,406
TOTAL LIABILITIES AND EQUITY 46,602,420 50,902,806 49,674,030 53,090,428

Balanced check 0 0 0 0

FIXED ASSET BREAKDOWN

Acquisition cost
Direct Ownership
Land 279,035 279,035 278,997 286,907
Buildings and improvement 3,362,765 3,795,311 3,851,082 3,912,300
Machinery and equipment 6,995,414 7,621,582 7,871,293 7,859,794
Furniture, fixture office, lab equipm 1,111,981 1,143,173 1,191,729 1,172,840
Transportation equipment 9,554 4,836 4,836 1,583
Construction in progress:
Buildings 374,566 25,205 54,330 72,657
Machinery and equipment 759,207 278,997 155,242 126,035
Furniture, fixture office, lab eq 36,778 30,123 39,256 26,881
Total Direct Ownership 12,929,300 13,178,262 13,446,765 13,458,997
Right of Use Assets
Buildings and improvement 0 262,647 297,227 426,801
Transportation equipment 180,984 600,293 557,403 484,357
Total Right of Use Assets 180,984 862,940 854,630 911,158
Total acquisition cost 13,110,284 14,041,202 14,301,395 14,370,155
Acc Depreciation
Direct Ownership -5,748,817 -6,467,510 -7,300,029 -7,909,864
Right of use assets -73,032 -275,780 -418,558 -421,648
Total acc depreciation -5,821,849 -6,743,290 -7,718,587 -8,331,512
Net book value 7,288,435 7,297,912 6,582,808 6,038,643

Forecast Variables 2018 2019 2020 2021

Accounts receivable turnover rate 30.432 32.583 25.284 41.530
Trade receivable third parties proportion 96.09% 95.81% 96.14% 91.38%
Others receivable third parties proportion 97.48% 99.27% 99.45% 94.88%
Others receivable turnover rate 346.864 199.619 203.546 191.690
Inventory turnover rate 7.030 6.476 5.098 5.560
Prepaid income tax/total tax 1.07% 1.17% 2.07% 4.92%
Dep exp/Gross prior year PPE 7.03% 6.95% 4.29%
Capex 930,918 260,193 68,760
Capex/Sales 0.88% 0.28% 0.07%
Accounts payable turnover rate 23.551 21.024 21.241 19.310
Trade payable third parties proportion 76.88% 69.85% 77.14% 78.65%
Taxes Payable/income tax 0.187 0.308 0.436 0.317
Excise tax Payable/Excise tax 0.04 0.09 0.17 0.23

Dividend 12,480,930 13,632,478 13,934,906 8,467,956

Payout ratio -92% -99% -162% -119%
Outstanding shares
RNA Tbk. PT HANJAYA MANDALA SAMPOERN
Balance Sheet
iah Horizontal Analysis
2022 2023 F 2019
ASSETS
Current Assets
3,283,118.0 16,165,674.4 Cash and cash equivalents 21.30%
2,945,727 3,520,838.56 Trade receivables
2,843,594 3,351,479 Third parties -7.47%
102,133 169,359 Related parties -0.63%
448,158 446,478 Other receivables
259,687 400,961 Third parties 75.82%
188,471 45,517 Related parties -49.99%
12,496,000 0 Loan to related party
0 0 Other short term financial asset -68.51%
18,375,217 18,139,619 Inventories 7.86%
109,563 102,073 Prepaid tax
79,354 70,796 Corporate income tax 12.14%
30,209 31,277 Other taxes -99.61%
1,429,352 1,611,828 Advances for purchase of tobacco 7.77%
25,661 92,273 Prepayments -51.70%
2,250,202 2,592,144 Other current asset
41,362,998 42,670,927 Total current assets 20.38%
40.13%
Non-current assets 41.01%
1,280,099 Advance for acquisition of fixed assets
88,091 93,327 Investment in associate 15.94%
379,622 360,850 Investment properties -4.66%
15,823,424 17,893,014
-9,125,995 -10,067,046
6,697,429 7,825,968 Fixed assets 0.13%
114,742 116,381 Land for development 0.47%
443,080 485,331 Deffered tax assets 2.95%
60,423 60,423 Goodwill 0.00%
4,360,508 4,686,672 Other non-current assets 96.03%
13,423,994 13,628,952 Total non-current assets 4.96%
54,786,992 56,299,879.46 TOTAL ASSETS 9.23%

LIABILITIES
Current liabilities
5,538,570 5,834,839 Trade and other payables
4,379,497 4,613,765 Third parties 0.12%
1,159,073 1,221,074 Related parties 43.71%
Derivative financial liabilities
3,008,604 3,636,779 Taxes payable 41.58%
841,170 907,379 Corporate income tax 69.08%
2,167,434 2,729,400 Other taxes 15.23%
14,373,931 15,451,541 Excise tax payable 41.58%
245,028 250,262 Accruals -20.44%
Employee benefit liabilities
812,614 859,667 current 6.11%
 Deffered revenue
36,083 31,962 current 3.63%
46,625 13,764 Other short term finance liability
Lease liabilities
147,512 212,256 current 366.60%
24,545,594 26,291,070 Total current liabilities 44.73%

Non-current liabilities
1,719,666 1,891,633 Employee benefit liabilities -3.31%
4842 5,810 Deffered tax liabilities
337,115 414,606 Lease liabilities 218.23%
9607 5,172 Deffered revenue -34.63%
2,071,230 2,317,220 Total non-current liabilities 1.85%
26,616,824 28,608,290 Total liabilities 35.39%

EQUITY
465,272 465,272 Share capital 0.00%
20,623,215 20,642,542 Additional paid-in capital 0.11%
645,983 645,983 Cumulative translation adjustment 0.04%
-29,721 -29,721 Other reserves 0.00%
6,465,419 5,967,513 Retained earnings
95,000 95,000 appropriated 0.00%
6,370,419 5,872,513 unappropriated 2.19%
28,170,168 27,691,589 Total Equity 0.91%
54,786,992 56,299,879.46 TOTAL LIABILITIES AND EQUITY 9.23%

0 0
-

FIXED ASSET BREAKDOWN

Acquisition cost
Direct Ownership
286,907 Land 0.00%
4,135,487 Buildings and improvement 12.86%
8,274,330 Machinery and equipment 8.95%
1,117,883 Furniture, fixture office, lab equipment 2.81%
0 Transportation equipment -49.38%
Construction in progress:
199,764 Buildings -93.27%
586,726 Machinery and equipment -63.25%
19,411 Furniture, fixture office, lab equip -18.10%
14,620,508 Total Direct Ownership 1.93%
Right of Use Assets
448,606 Buildings and improvement #DIV/0!
754,310 Transportation equipment 231.68%
1,202,916 Total Right of Use Assets 376.80%
15,823,424 Total acquisition cost 7.10%
Acc Depreciation
-8,588,978 Direct Ownership 12.50%
-537,017 Right of use assets 277.62%
-9,125,995 Total acc depreciation 15.83%
 6,697,429 Net book value 0.13%

2022 2023F
37.753 33.589
96.53% 95.19%
57.95% 89.81%
248.152 264.879
6.052 6.520
4.07% 3.06%
5.53% 5.95%
1,453,269 2,069,590
1.31% 1.75%
16.981 16.981
79.07% 79.07%
0.432 0.392
0.19 0.20

7,362,934 7,979,495
-116% -106.66%
116,318.10
A MANDALA SAMPOERNA Tbk.
Balance Sheet
Horizontal Analysis
2020 2021 2022 4Y CAGR AVERAGE

-16.03% 12.90% -81.60% -32.18% -15.86%

12.48% -37.98% 30.71% -4.16% -0.57%

3.17% 45.85% -50.24% -7.13% -0.46%

-14.54% 8.59% -46.94% -3.54% 5.73%

-35.85% 960.59% 613.96% 122.00% 372.18%

76.87% -97.01% 58848.96% -100.00% 14690.08%

10.49% -1.72% 3.34% 4.89% 4.99%

0.47% 85.40% -19.90% 13.73% 19.53%

350.32% 89.72% -6.60% -57.91% 83.46%
-44.72% 37.98% 96.72% 12.77% 24.44%
2.49% 91.40% -81.81% -35.57% -9.91%
4.03% 26.36% 15.20%
-9.77% 0.56% 0.10% 2.26% 2.82%
35.96% 44.03% 43.03% 44.42% 40.79%
41.33% 38.46% 43.18% 7.94% 41.00%
6410.85% 6410.85%
-1.59% 6.02% 3.40% 5.75% 5.94%
-4.78% -5.09% -5.25% -4.95% -4.94%

-9.80% -8.27% 10.91% -2.09% -1.76%

0.38% 1.22% 3.65% 1.42% 1.43%
14.15% -20.56% 41.60% 7.23% 9.54%
0.00% 0.00% 0.00% 0.00% 0.00%
7.48% 409.82% -8.37% 77.12% 126.24%
-6.77% 37.11% 14.08% 11.23% 12.34%
-2.41% 6.88% 3.20% 4.13% 4.22%

0.73% 24.78% 31.20% 13.36% 14.21%

-30.86% 14.33% 27.91% 9.79% 13.77%

5.79% -39.39% 96.35% 15.55% 26.08%

-19.38% -43.21% 31.57% 0.46% 9.51%
41.17% -36.31% 142.73% 25.93% 40.70%
76.05% 55.38% -3.11% 52.32% 42.47%
27.03% 6.99% -5.04% 0.66% 2.14%

12.73% 4.40% -0.08% 5.69% 5.79%

 -1.31% -31.34% -16.66% -12.54% -11.42%
-100.00% -40.96% -70.48%

-26.90% 35.61% -7.32% 43.89% 92.00%

31.55% 31.18% 11.75% 29.25% 29.80%

14.59% -28.96% -0.80% -6.00% -4.62%

106.33% 337.00% 221.67%
-24.36% -3.26% 79.52% 42.99% 67.53%
-50.65% -77.07% -22.32% -51.04% -46.17%
7.75% -28.04% 7.05% -4.11% -2.85%
27.65% 22.98% 11.37% 24.04% 24.35%

0.00% 0.00% 0.00% 0.00% 0.00%

0.09% 0.26% -0.08% 0.09% 0.09%
-0.04% 0.00% 0.02% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00%

-39.16% -13.02% -13.61% -17.33% -15.90%
-15.24% -3.47% -3.50% -5.52% -5.33%
-2.41% 6.88% 3.20% 4.13% 4.22%

-0.01% 2.84% 0.00% 0.70% 0.71%

1.47% 1.59% 5.70% 5.31% 5.41%
3.28% -0.15% 5.27% 4.29% 4.34%
4.25% -1.59% -4.69% 0.13% 0.20%
0.00% -67.27% -100.00% -100.00% -54.16%

115.55% 33.73% 174.94% -14.54% 57.74%

-44.36% -18.81% 365.53% -6.24% 59.78%
30.32% -31.52% -27.79% -14.77% -11.77%
2.04% 0.09% 8.63% 3.12% 3.17%

13.17% 43.59% 5.11% #DIV/0! #DIV/0!

-7.14% -13.10% 55.73% 42.88% 66.79%
-0.96% 6.61% 32.02% 60.56% 103.62%
1.85% 0.48% 10.11% 4.81% 4.89%

12.87% 8.35% 8.59% 10.56% 10.58%

51.77% 0.74% 27.36% 64.67% 89.37%
14.46% 7.94% 9.54% 11.89% 11.94%
-9.80% -8.27% 10.91% -2.09% -1.76%

100
 PT HANJAYA MANDALA SAMPOERNA Tbk.
Balance Sheet
Vertical Analysis
2018 2019 2020 2021
ASSETS
Current Assets
Cash and cash equivalents 33.30% 36.97% 31.82% 33.61%
Trade receivables 7.53% 6.39% 7.34% 4.48%
Third parties 7.23% 6.13% 7.06% 4.10%
Related parties 0.29% 0.27% 0.28% 0.39%
Other receivables
Third parties 0.64% 1.04% 0.91% 0.92%
Related parties 0.02% 0.01% 0.01% 0.05%
Loan to related party 0.00% 0.00% 0.00% 0.00%
Other short term financial asset 2.73% 0.79% 1.43% 0.04%
Inventories 32.58% 32.17% 36.42% 33.49%
Prepaid tax 2.17% 0.11% 0.14% 0.25%
Corporate income tax 0.10% 0.10% 0.11% 0.19%
Other taxes 2.07% 0.01% 0.03% 0.06%
Advances for purchase of tobacco 1.90% 1.87% 1.06% 1.37%
Prepayments 0.32% 0.14% 0.15% 0.27%
Other current asset 0.00% 2.42% 3.45% 3.35%
Total current assets 81.18% 89.47% 82.72% 77.84%

Non-current assets
Advance for acquisition of fixed assets 0.00% 0.00% 0.00% 0.04%
Investment in associate 0.15% 0.16% 0.16% 0.16%
Investment properties 1.00% 0.87% 0.85% 0.75%

Fixed assets 15.64% 14.34% 13.25% 11.37%

Land for development 0.23% 0.21% 0.22% 0.21%
Deffered tax assets 0.72% 0.68% 0.79% 0.59%
Goodwill 0.13% 0.12% 0.12% 0.11%
Other non-current assets 0.95% 1.71% 1.88% 8.96%
Total non-current assets 18.82% 18.09% 17.28% 22.16%
TOTAL ASSETS 100.00% 100.00% 100.00% 100.00%

LIABILITIES
Current liabilities
Trade and other payables
Third parties 5.69% 5.22% 5.38% 6.29%
Related parties 1.71% 2.25% 1.60% 1.71%
Derivative financial liabilities 0.00% 0.00% 0.00% 0.00%
Taxes payable
Corporate income tax 1.77% 2.74% 2.27% 1.20%
Other taxes 1.85% 1.95% 2.82% 1.68%
Excise tax payable 5.73% 10.65% 19.22% 27.94%
Accruals 0.51% 0.37% 0.49% 0.49%
Employee benefit liabilities
current 1.40% 1.36% 1.57% 1.53%
Deffered revenue
current 0.13% 0.13% 0.13% 0.08%
Other short term finance liability #VALUE! 0.01% 0.00% 0.15%
Lease liabilities 0.00% 0.00% 0.00% 0.00%
current 0.07% 0.32% 0.24% 0.30%
Total current liabilities 18.87% 25.00% 33.71% 41.37%

Non-current liabilities
Employee benefit liabilities 4.73% 4.18% 4.91% 3.27%
Deffered tax liabilities 0.00% 0.00% 0.00% 0.00%
Lease liabilities 0.17% 0.50% 0.39% 0.35%
Deffered revenue 0.36% 0.21% 0.11% 0.02%
Total non-current liabilities 5.26% 4.90% 5.41% 3.64%
Total liabilities 24.13% 29.91% 39.12% 45.02%

EQUITY
Share capital 1.00% 0.91% 0.94% 0.88%
Additional paid-in capital 44.09% 40.41% 41.44% 38.88%
Cumulative translation adjustment 1.39% 1.27% 1.30% 1.22%
Other reserves -0.06% -0.06% -0.06% -0.06%
Retained earnings 29.46% 27.56% 17.26% 14.07%
appropriated 0.20% 0.19% 0.19% 0.18%
unappropriated 29.26% 27.38% 17.07% 13.89%
Total Equity 75.87% 70.09% 60.88% 54.98%
TOTAL LIABILITIES AND EQUITY 100.00% 100.00% 100.00% 100.00%

FIXED ASSET BREAKDOWN

Acquisition cost
Direct Ownership
Land 0.60% 0.55% 0.56% 0.54%
Buildings and improvement 7.22% 7.46% 7.75% 7.37%
Machinery and equipment 15.01% 14.97% 15.85% 14.80%
Furniture, fixture office, lab equipment 2.39% 2.25% 2.40% 2.21%
Transportation equipment 0.02% 0.01% 0.01% 0.00%
Construction in progress: 0.00% 0.00% 0.00% 0.00%
Buildings 0.80% 0.05% 0.11% 0.14%
Machinery and equipment 1.63% 0.55% 0.31% 0.24%
Furniture, fixture office, lab equipm 0.08% 0.06% 0.08% 0.05%
Total Direct Ownership 27.74% 25.89% 27.07% 25.35%
Right of Use Assets 0.00% 0.00% 0.00% 0.00%
Buildings and improvement 0.00% 0.52% 0.60% 0.80%
Transportation equipment 0.39% 1.18% 1.12% 0.91%
Total Right of Use Assets 0.39% 1.70% 1.72% 1.72%
Total acquisition cost 28.13% 27.58% 28.79% 27.07%
Acc Depreciation 0.00% 0.00% 0.00% 0.00%
Direct Ownership -12.34% -12.71% -14.70% -14.90%
Right of use assets -0.16% -0.54% -0.84% -0.79%
Total acc depreciation -12.49% -13.25% -15.54% -15.69%
Net book value 15.64% 14.34% 13.25% 11.37%
POERNA Tbk.

2022

5.99%
5.38%
5.19%
0.19%

0.47%
0.34%
22.81%
0.00%
33.54%
0.20%
0.14%
0.06%
2.61%
0.05%
4.11%
75.50%

2.34%
0.16%
0.69%

12.22%
0.21%
0.81%
0.11%
7.96%
24.50%
100.00%

7.99%
2.12%
0.00%

1.54%
3.96%
26.24%
0.45%

1.48%
 0.07%
0.09%
0.00%
0.27%
44.80%

3.14%
0.01%
0.62%
0.02%
3.78%
48.58%

0.85%
37.64%
1.18%
-0.05%
11.80%
0.17%
11.63%
51.42%
100.00%

0.52%
7.55%
15.10%
2.04%
0.00%
0.00%
0.36%
1.07%
0.04%
26.69%
0.00%
0.82%
1.38%
2.20%
28.88%
0.00%
-15.68%
-0.98%
-16.66%
12.22%
 PT HANJAYA MANDALA SAMPOERNA Tbk. -336,627
Balance Sheet
Figures presented in mn Rupiah
2023F
Cash Flows From Operating Activities
Net Income 7,481,589
Adjustments -336,627
Depreciation and Amortization 941,051
Change in Net Working Capital
Change in Trade receivables -575,112
Change in Other receivables 1,680
Change in Inventories 235,598
Change in Prepaid tax 7,490
Change in Advances for purchase of tobacco -182,476
Change in Prepayments -66,612
Change in Other current asset -341,942
Change in Trade and other payables 296,269
Change in Taxes Payable 628,175
Change in Excise tax Payable 1,082,844
Net Cash Provided by Operating Activities 9,171,929

Cash Flows From Investing Activities

Change in Loan to Related Party 12,496,000
Change in advancement of acquisition FA 1,280,099
Purchase of fixed asset (2,069,590)
Others (356,518)
Net Cash Used in Investing Activities 11,349,990

Cash Flows From Financing Activities

Change in Long-term Debt 320,805
Change in equity 19,327
Dividend (7,979,495)
Net Cash Used in Financing Activities (7,639,363)

Net (Decrease) Increase in Cash on Hand and in Banks 12,882,556

Cash on Hand and in Banks at Beginning of Year 3,283,118
Cash on Hand and in Banks at End of Year 16,165,674
 PT HANJAYA MANDALA SAMPOERNA Tbk.
Cash Flow Statement
Figures presented in mn Rupiah
2018 2019 2020
Cash flows from operating activities
Cash receipt from customers 116,739,187 116,293,601 102,261,954
Cash payment to suppliers (29,605,986) (29,410,669) (25,176,350)
Cash payments to employees (4,814,044) (4,609,160) (4,652,805)
Corporate income tax paid (4,412,498) (4,630,741) (2,948,120)
Cash receipt from claim for tax refunds 376,689 70,268
Excise tax paid (59,128,307) (61,538,037) (58,236,919)
Finance costs (30,495) (53,454) (49,983)
Finance income 1,001,440 1,112,910 812,774
Other operating activites 67,497 (18,483) (127,780)
Net cash flows generated from operating activities 20,193,483 17,145,967 11,953,039

Cash flow from investing activities

Loans provided/receipt of other receivables from related parties (5,443) 1,391
Loan repayment from related party
Decreas/(increase) in other short-term financial asset 1,100,408 872,683 (308,380)
Proceed from business transfer 89,939

Proceeds from sale of fixed assets of fixed assets and assets

of disposal group classified as assets held for sale 137,904 29,724 5,255
Receipt of dividend from associate - 420 4,834
Payments for:
Purchase of fixed assets (984,541) (959,537) (566,828)
Purchase of investment properties (4,676) -
Payments of advances for acquisition of fixed assets
Net cash flows (used in)/generated from investing activities 333,591 (56,710) (863,728)

Cash flows from financing activities

Proceeds (payment) from other short-term financial liability - 7,265 (7,265)
Repayments of finance leases (31,442)
Lease payment - (159,788) (163,526)
Dividend paid to shareholders (12,480,930) (13,632,478) (13,934,906)
Net cash flows used in financing activities (12,512,372) (13,785,001) (14,105,697)

Net increase in cash and cash equivalents 8,014,702 3,304,256 (3,016,386)

Cash and cash equivalents at beginning of the year 7,501,737 15,516,439 18,820,695
Cash and cash equivalents at end of the year 15,516,439 18,820,695 15,804,309
-92.19% -99.35% -162.39%

PT HANJAYA MANDALA SAMPOERNA Tbk.

Cash Inflow and Cash Outflow
Figures presented in mn Rupiah
2018 2019 2020
CASH INFLOW
Cash Flows From Operating Activities
Cash receipt from customers 116,739,187 116,293,601 102,261,954
Cash receipt from claim for tax refunds 376,689 70,268
Finance income 1,001,440 1,112,910 812,774
Other operating activites 67,497
Cash inflow from operating activities 118,184,813 117,406,511 103,144,996
Cash Flows From Investing Activities
Loans provided/receipt of other receivables from related parties 1,391
Loan repayment from related party
Decrease/(increase) in other short-term financial asset 1,100,408 872,683
Proceed from business transfer 89,939

Proceeds from sale of fixed assets of fixed assets and assets

of disposal group classified as assets held for sale 137,904 29,724 5,255
Receipt of dividend from associate - 420 4,834
Purchase of investment properties -
Cash inflow from investing activities 1,328,251 902,827 11,480
Cash Flows From Financing Activities
Proceeds (payment) from other short-term financial liability - 7,265
Cash inflow from financing activities - 7,265 -
Total Cash Inflow 119,513,064 118,316,603 103,156,476

CASH OUTFLOW
Cash Flows From Operating Activities
Cash payment to suppliers (29,605,986) (29,410,669) (25,176,350)
Cash payments to employees (4,814,044) (4,609,160) (4,652,805)
Corporate income tax paid (4,412,498) (4,630,741) (2,948,120)
Excise tax paid (59,128,307) (61,538,037) (58,236,919)
Finance costs (30,495) (53,454) (49,983)
Other operating activites (18,483) (127,780)
Cash outflow from operating activities (97,991,330) (100,260,544) (91,191,957)
Cash Flows From Investing Activities
Loans provided/receipt of other receivables from related parties (5,443)
Decrease/ (increase) in other short-term financial asset (308,380)
Payments for:
Purchase of fixed assets (984,541) (959,537) (566,828)
Purchase of investment properties (4,676) -
Payments of advances for acquisition of fixed assets
Cash outflow from investing activities (994,660) (959,537) (875,208)
Cash Flows From Financing Activities
Proceeds (payment) from other short-term financial liability (7,265)
Repayments of finance leases (31,442)
Lease payment - (159,788) (163,526)
Dividend paid to shareholders (12,480,930) (13,632,478) (13,934,906)
Cash outflow from financing activities (12,512,372) (13,792,266) (14,105,697)
Total cash outflow (111,498,362) (115,012,347) (106,172,862)
Net increase in cash and cash equivalents 8,014,702 3,304,256 (3,016,386)
 PT HANJAYA MANDALA SA
Cash Flow Statem
Horizontal Analy
2021 2022
Cash flows from operating activities
110,817,468 123,381,594 Cash receipt from customers
(24,769,324) (31,254,003) Cash payment to suppliers
(4,936,203) (4,791,601) Cash payments to employees
(6,325,778) (1,909,078) Corporate income tax paid
10,325 137,002 Cash receipt from claim for tax refunds
(64,983,313) (78,717,641) Excise tax paid
(56,528) (50,049) Finance costs
517,905 383,298 Finance income
27,854 175,814 Other operating actibites
10,302,406 7,355,336 9,171,929 Net cash flows generated from operating activities

Cash flow from investing activities

(23,910) (13,188,150) Loans provided/receipt of other receivables from related parties
1,063,150 Loan repayment from related party
688,337 21,198 Decreas/(increase) in other short-term financial asset
Proceed from business transfer

Proceeds from sale of fixed assets of fixed assets and assets

59,622 6,446 of disposal group classified as assets held for sale
3,127 1,606 Receipt of dividend from associate
Payments for:
(392,609) (898,723) Purchase of fixed assets
19,542 Purchase of investment properties
(19,661) (1,280,099) Payments of advances for acquisition of fixed assets
334,448 (14,274,572) 11,349,990 Net cash flows (used in)/generated from investing activities

Cash flows from financing activities

78,971 (32,346) Proceeds (payment) from other short-term financial liability
(278,368) Repayments of finance leases
(208,522) (246,022) Lease payment
(8,467,956) (7,362,934) Dividend paid to shareholders
(8,597,507) (7,641,302) (7,639,363) Net cash flows used in financing activities

2,039,347 (14,560,538) Net increase in cash and cash equivalents

15,804,309 17,843,656 Cash and cash equivalents at beginning of the year
17,843,656 3,283,118 Cash and cash equivalents at end of the year
-118.65% -116.43%

PT HANJAYA MANDA
Cash Inflow and Cash Out
Figures presente
2021 2022 2021
CASH INFLOW
Cash Flows From Operating Activities
110,817,468 123,381,594 Cash receipt from customers
10,325 137,002 Cash receipt from claim for tax refunds
517,905 383,298 Finance income
 27,854 175,814 Other operating activites
111,373,552 124,077,708 Cash inflow from operating activities
Cash Flows From Investing Activities
Loans provided/receipt of other receivables from related parties
1,063,150 Loan repayment from related party
688,337 21,198 Decrease/(increase) in other short-term financial asset
Proceed from business transfer

Proceeds from sale of fixed assets of fixed assets and assets

59,622 6,446 of disposal group classified as assets held for sale
3,127 1,606 Receipt of dividend from associate
19,542 Purchase of investment properties
770,628 1,092,400 Cash inflow from investing activities
Cash Flows From Financing Activities
78,971 Proceeds (payment) from other short-term financial liability
78,971 - Cash inflow from financing activities
112,223,151 125,170,108 Total Cash Inflow

CASH OUTFLOW
Cash Flows From Operating Activities
(24,769,324) (31,254,003) Cash payment to suppliers
(4,936,203) (4,791,601) Cash payments to employees
(6,325,778) (1,909,078) Corporate income tax paid
(64,983,313) (78,717,641) Excise tax paid
(56,528) (50,049) Finance costs
Other operating activites
(101,071,146) (116,722,372) Cash outflow from operating activities
Cash Flows From Investing Activities
(23,910) (13,188,150) Loans provided/receipt of other receivables from related parties
Decrease/ (increase) in other short-term financial asset
Payments for:
(392,609) (898,723) Purchase of fixed assets
Purchase of investment properties
(19,661) (1,280,099) Payments of advances for acquisition of fixed assets
(436,180) (15,366,972) Cash outflow from investing activities
Cash Flows From Financing Activities
(32,346) Proceeds (payment) from other short-term financial liability
Repayments of finance leases
(208,522) (246,022) Lease payment
(8,467,956) (7,362,934) Dividend paid to shareholders
(8,676,478) (7,641,302) Cash outflow from financing activities
(110,183,804) (139,730,646) Total cash outflow
2,039,347 (14,560,538) Net increase in cash and cash equivalents
HANJAYA MANDALA SAMPOERNA Tbk.
Cash Flow Statement
Horizontal Analysis
2019 2020 2021 2022 4Y CAGR AVERAGE

-0.38% -12.07% 8.37% 11.34% 1.39% 1.81%

-0.66% -14.40% -1.62% 26.18% 1.36% 2.38%
-4.26% 0.95% 6.09% -2.93% -0.12% -0.04%
4.95% -36.34% 114.57% -69.82% -18.90% 3.34%
-100.00% #DIV/0! -85.31% 1226.90% -22.34% #DIV/0!
4.08% -5.36% 11.58% 21.14% 7.42% 7.86%
75.29% -6.49% 13.09% -11.46% 13.19% 17.61%
11.13% -26.97% -36.28% -25.99% -21.34% -19.53%
-127.38% 591.34% -121.80% 531.20% 27.04% 218.34%
-15.09% -30.29% -13.81% -28.61% -22.31% -21.95%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-100.00% #DIV/0! -1818.91% 55057.47% 601.59% #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-20.69% -135.34% -323.21% -96.92% -62.74% -144.04%
-100.00% #DIV/0! #DIV/0! #DIV/0! -100.00% #DIV/0!
-78.45% -82.32% 1034.58% -89.19%

-53.50% 196.16%
#DIV/0! 1050.95% -35.31% -48.64% #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-2.54% -40.93% -30.74% 128.91% -2.25% 13.68%
-100.00% #DIV/0! #DIV/0! -100.00% -100.00% #DIV/0!
#DIV/0! #DIV/0! #DIV/0! 6410.85% #DIV/0! #DIV/0!
-117.00% 1423.06% -138.72% -4368.10% #NUM! -800.19%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! -200.00% -1187.01% -140.96% #DIV/0! #DIV/0!
-100.00% #DIV/0! #DIV/0! #DIV/0! -100.00% #DIV/0!
#DIV/0! 2.34% 27.52% 17.98% #DIV/0! #DIV/0!
9.23% 2.22% -39.23% -13.05% -12.36% -10.21%
10.17% 2.33% -39.05% -11.12% -11.60% -9.42%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-58.77% -191.29% -167.61% -813.98% #NUM! -307.91%
106.84% 21.30% -16.03% 12.90% 24.19% 31.25%
21.30% -16.03% 12.90% -81.60% -32.18% -15.86%

PT HANJAYA MANDALA SAMPOERNA Tbk.

ash Inflow and Cash Outflow ( Horizontal Analysis)
Figures presented in mn Rupiah
2018 2019 2020 2021 4Y CAGR AVERAGE

-0.38% -12.07% 8.37% 11.34% 1.39% 1.81%

-100.00% #DIV/0! -85.31% 1226.90% -22.34% #DIV/0!
11.13% -26.97% -36.28% -25.99% -21.34% -19.53%
-100.00% #DIV/0! #DIV/0! 531.20% 27.04% #DIV/0!
-0.66% -12.15% 7.98% 11.41% 1.22% 1.64%

#DIV/0! #DIV/0! -100.00% #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-20.69% -100.00% #DIV/0! -96.92% -62.74% #DIV/0!
-100.00% #DIV/0! #DIV/0! #DIV/0! -100.00% #DIV/0!

-78.45% -82.32% 1034.58% -89.19% -53.50% 196.16%

#DIV/0! 1050.95% -35.31% -48.64% #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! -100.00% #DIV/0! #DIV/0!
-32.03% -98.73% 6612.79% 41.75% -4.77% 1630.95%

#DIV/0! -100.00% #DIV/0! -100.00% #DIV/0! #DIV/0!

#DIV/0! -100.00% #DIV/0! -100.00% #DIV/0! #DIV/0!
-1.00% -12.81% 8.79% 11.54% 1.16% 1.63%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

-0.66% -14.40% -1.62% 26.18% 1.36% 2.38%

-4.26% 0.95% 6.09% -2.93% -0.12% -0.04%
4.95% -36.34% 114.57% -69.82% -18.90% 3.34%
4.08% -5.36% 11.58% 21.14% 7.42% 7.86%
75.29% -6.49% 13.09% -11.46% 13.19% 17.61%
#DIV/0! 591.34% -100.00% #DIV/0! #DIV/0! #DIV/0!
2.32% -9.05% 10.83% 15.49% 4.47% 4.90%

-100.00% #DIV/0! #DIV/0! 55057.47% 601.59% #DIV/0!

#DIV/0! #DIV/0! -100.00% #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-2.54% -40.93% -30.74% 128.91% -2.25% 13.68%
-100.00% #DIV/0! #DIV/0! #DIV/0! -100.00% #DIV/0!
#DIV/0! #DIV/0! #DIV/0! 6410.85% #DIV/0! #DIV/0!
-3.53% -8.79% -50.16% 3423.08% 98.26% 840.15%

#DIV/0! #DIV/0! -100.00% #DIV/0! #DIV/0! #DIV/0!

-100.00% #DIV/0! #DIV/0! #DIV/0! -100.00% #DIV/0!
#DIV/0! 2.34% 27.52% 17.98% #DIV/0! #DIV/0!
9.23% 2.22% -39.23% -13.05% -12.36% -10.21%
10.23% 2.27% -38.49% -11.93% -11.60% -9.48%
3.15% -7.69% 3.78% 26.82% 5.80% 6.51%
-58.77% -191.29% -167.61% -813.98% #NUM! -307.91%
 1000

2018 2019 2020

CFO 20,193 17,146 11,953
CFI 334 (57) (864)
CFF (12,512) (13,785) (14,106)
25,000
334
20,000
15,000
334
10,000 20,193
17,146
5,000 11,953 10,302 7,355
0 (57) (864)
-5,000 (8,598)
(12,512) (13,785) (14,275)
(14,106)
-10,000
-15,000
(7,641)
-20,000
-25,000
2018 2019 2020 2021 2022

CFO CFI CFF

PT HANJAYA MANDALA SAMPOERNA Tbk.

Cash Inflow and Cash Outflow (Vertical Analysis)
Figures presented in mn Rupiah
2018 2019 2020
CASH INFLOW
Cash Flows From Operating Activities
Cash receipt from customers 97.68% 98.29% 99.13%
Cash receipt from claim for tax refunds 0.32% 0.00% 0.07%
Finance income 0.84% 0.94% 0.79%
Other operating activites 0.06% 0.00% 0.00%
Cash inflow from operating activities 98.89% 99.23% 99.99%
Cash Flows From Investing Activities
Loans provided/receipt of other receivables from related parties 0.00% 0.00% 0.00%
Loan repayment from related party 0.00% 0.00% 0.00%
Decrease/(increase) in other short-term financial asset 0.92% 0.74% 0.00%
Proceed from business transfer 0.08% 0.00% 0.00%

Proceeds from sale of fixed assets of fixed assets and assets of

disposal group classified as assets held for sale 0.12% 0.03% 0.01%
Receipt of dividend from associate 0.00% 0.00% 0.00%
Purchase of investment properties 0.00% 0.00% 0.00%
Cash inflow from investing activities 1.11% 0.76% 0.01%
Cash Flows From Financing Activities
Proceeds (payment) from other short-term financial liability 0.00% 0.01% 0.00%
Cash inflow from financing activities 0.00% 0.01% 0.00%
Total Cash Inflow 100.00% 100.00% 100.00%

CASH OUTFLOW
Cash Flows From Operating Activities
Cash payment to suppliers 26.55% 25.57% 23.71%
Cash payments to employees 4.32% 4.01% 4.38%
Corporate income tax paid 3.96% 4.03% 2.78%
Excise tax paid 53.03% 53.51% 54.85%
Finance costs 0.03% 0.05% 0.05%
Other operating activites 0.00% 0.02% 0.12%
Cash outflow from operating activities 87.89% 87.17% 85.89%
Cash Flows From Investing Activities
Loans provided/receipt of other receivables from related parties 0.00% 0.00% 0.00%
Decrease/ (increase) in other short-term financial asset 0.00% 0.00% 0.29%
Payments for: 0.00% 0.00% 0.00%
Purchase of fixed assets 0.88% 0.83% 0.53%
Purchase of investment properties 0.00% 0.00% 0.00%
Payments of advances for acquisition of fixed assets 0.00% 0.00% 0.00%
Cash outflow from investing activities 0.89% 0.83% 0.82%
Cash Flows From Financing Activities
Proceeds (payment) from other short-term financial liability 0.00% 0.00% 0.01%
Repayments of finance leases 0.03% 0.00% 0.00%
Lease payment 0.00% 0.14% 0.15%
Dividend paid to shareholders 11.19% 11.85% 13.12%
Cash outflow from financing activities 11.22% 11.99% 13.29%
Total cash outflow 100.00% 100.00% 100.00%
 2018 2019
2021 2022 Cash receipt 116,739,187 116,293,601
10,302 7,355 Cash payment (29,605,986) (29,410,669)
334 (14,275) Cash payment (4,814,044) (4,609,160)
(8,598) (7,641) Corporate inc (4,412,498) (4,630,741)
Cash receipt f 376,689
Excise tax pa (59,128,307) (61,538,037)
Finance costs (30,495) (53,454)
34 Finance inco 1,001,440 1,112,910
Other operatin 67,497 (18,483)
302 7,355

598)
(14,275)

(7,641) 2018 2019

Cash receipt 116,739 116,294
Cash receipt f 377 -
021 2022
Finance inco 1,001 1,113
CFF Other operatin 67 -
Cash inflow f 118 117

140,000

120,000 1,001 1,113

377 -
67 -
100,000

80,000

60,000 116,739 116,294

10
40,000
Vertical Analysis Cash Inflow and Outflow
20,000

2021 2022
-
2018 2019

98.75% 98.57% Cash receipt from customers Cash

0.01% 0.11% Finance income Othe
0.46% 0.31%
 0.02% 0.14%
99.24% 99.13% Cash payment t
Cash payments
0.00% 0.00% Corporate inco
0.00% 0.85% Excise tax pai
0.61% 0.02% Finance costs
0.00% 0.00% Other operating

0.05% 0.01%
0.00% 0.00%
0.02% 0.00%
0.69% 0.87%

0.07% 0.00%
0.07% 0.00%
100.00% 100.00% 0
(29,606) (29,411) (25,176) (24,769) (31,254)
-20,000
(2,948)
(4,653) (4,936)
(6,326)
(4,412)
(4,814) (4,631)
(4,609) (1,909)
(4,792)
-40,000
22.48% 22.37% 25,000
4.48% 3.43% -60,000 (58,237)
5.74% 1.37% (59,128) (61,538) (64,983)
-80,000 (78,718)
58.98% 56.34% 20,000
0.05% 0.04% -100,000 25,000 0%
0.00% 0.00%
20,193 -5%
91.73% 83.53% -120,000 15,000
20,000 17,146
-140,000 -10
0.02% 9.44%
2018 2019 2020 2021 2022
0.00% 0.00% 15,000
10,000 -15
-13.81%
0.00% 0.00% Cash payment to suppliers -15.09%
Cash payments to employees 10,302
11,953 Corporate income tax paid
Excise tax paid Finance costs Other operating activites
0.36% 0.64% 10,000 -20
0.00% 0.00% 5,000 7,355
0.02% 0.92% -25
0.40% 11.00% 5,000
-28.61% -30
- -30.29%
2018 2019 2020 2021 2022
0.00% 0.02% 0 -35
0.00% 0.00% 2018 2019 2020 2021 2022
0.19% 0.18%
Net cash flows generated from operating activities
7.69% 5.27%
Row 93
7.87% 5.47%
100.00% 100.00%
 2020 2021 2022
102,261,954 110,817,468 123,381,594
(25,176,350) (24,769,324) (31,254,003)
(4,652,805) (4,936,203) (4,791,601)
(2,948,120) (6,325,778) (1,909,078)
70,268 10,325 137,002
(58,236,919) (64,983,313) (78,717,641)
(49,983) (56,528) (50,049)
812,774 517,905 383,298
(127,780) 27,854 175,814

1000

2020 2021 2022

102,262 110,817 123,382
70 10 137
813 518 383
- 28 176
103 111 124

383
1,001 1,113 137
377 - 518 176
67 - 10
813 28
70
-

116,739 123,382
116,294 110,817
102,262

2018 2019 2020 2021 2022

Cash receipt from customers Cash receipt from claim for tax refunds
Finance income Other operating activites
 2018 2019 2020 2021 2022
(29,606) (29,411) (25,176) (24,769) (31,254)
(4,814) (4,609) (4,653) (4,936) (4,792)
(4,412) (4,631) (2,948) (6,326) (1,909)
(59,128) (61,538) (58,237) (64,983) (78,718)
(30) (53) (50) (57) (50)
- (18) (128) - -

(24,769) (31,254)
(4,936)
(6,326) (1,909)
(4,792)

(64,983)
(78,718)

0%

-5%

-10%
2021 2022
-13.81% -15%
11,953
loyees 10,302
Corporate income tax paid
Other operating activites
-20%
7,355
-25%

-28.61% -30%
30.29%
2020 2021 2022
-35%
2020 2021 2022

erated from operating activities

2018 2019 2020 2021 2022

Net cash flows 20,193 17,146 11,953 10,302 7,355
-15.09% -30.29% -13.81% -28.61%

1000
 HMSP
Expressed in Thousand USD
2018 2019 2020
Current Asset 37,831,483 45,540,226 41,091,638
Current Liability 8,793,999 12,727,676 16,743,834
Inventory 15,183,197 16,376,231 18,093,707
Cash and Cash Equivalent 15,516,439 18,820,695 15,804,309
Fixed Asset 8,770,937 9,205,791 8,582,392
Total Asset 46,602,420 50,902,806 49,674,030
Total Liability 11,244,167 15,223,076 19,432,604
Equity 35,358,253 35,679,730 30,241,426
COGS (81,251,100) (79,932,195) (73,653,975)
Non-Current Liabilities 2,450,168 2,495,400 2,688,770
Revenue 106,741,891 106,055,176 92,245,210
Gross Profit 25,490,791 26,122,981 18,771,235
Net Income 13,538,418 13,721,513 8,581,378
Account Receivable 3,507,601 3,254,954 3,648,322
Account Payable 3,450,070 3,802,004 3,467,567
OCF #REF! #REF! #REF!
debt 115,060 424,475 311,490
Price per Share 3,810 1,490 1,505
Book Value per Share 303.80 306.56 259.84
Enterprise Value 419517571.4 142,884,751.90 149,550,905.60
EBITDA 17,855,814 18,224,003 11,509,070
LT Debt 80,649 256,648 194,117.0

Liquidity Ratio
Current Ratio 4.30x 3.58x 2.45x
Quick Ratio 2.58x 2.29x 1.37x
NWC 0.62x 0.64x 0.49x
Operating Cash to Liabilities #REF! #REF! #REF!
Cash Ratio 1.76x 1.48x 0.94x
Cash Turnover 6.88x 5.64x 5.84x
Solvency Ratio
Total Debt Ratio 0.25% 0.83% 0.63%
Debt/Equity Ratio 0.33% 1.19% 1.03%
Equity Multiplier 1.32x 1.43x 1.64x
Long-term Debt Ratio 0.17% 0.50% 0.39%
Profitability Ratio
Gross Profit Margin 23.88% 24.63% 20.35%
Net Profit Margin 12.68% 12.94% 9.30%
Return on Assets (ROA) 29.05% 26.96% 17.28%
EBITDA Margin 16.73% 17.18% 12.48%
Return on Equity (ROE) 38.29% 38.46% 28.38%
Asset Management/Turnover Ratio
Payable Turnover 46.59x 22.04x 20.26x
Days Sales in Payable 7.83 16.56 18.01
Inventory Turnover 4.89x 5.07x 4.27x
Days Sales In Inventory 74.59 72.06 85.41
Receivables Turnover 20.20x 31.37x 26.73x
Days Sales in Receivables 18.07 11.64 13.66
ccc 84.82 67.14 81.05
Fixed Asset Turnover 13.63x 11.80x 10.37x
NWC Turnover 1.66x 1.46x 1.28x
Total Asset Turnover 2.38x 2.18x 1.83x
Market Value Ratio
Earning per Share (EPS) 116 118 74
Price to Earning Ratio (PER) 32.84x 12.63x 20.34x
Price to Book Value (PBV) 12.54x 4.86x 5.79x
EV/EBITDA 23.49x 7.84x 12.99x
 2021 2022
41,323,105 41,362,998
21,964,259 24,545,594
17,781,747 18,375,217
17,843,656 3,283,118
11,767,323 13,423,994
53,090,428 54,786,992
23,899,022 26,616,824
29,191,406 28,170,168
(81,955,013) (94,053,123)
1,934,763 2,071,230
98,874,784 111,211,321
16,813,347 17,158,198
7,137,097 6,323,744
2,380,793 2,945,727
4,244,097 5,538,570
#REF! #REF!
425,925 531,252
965 840
250.82 242.04
90,736,882.50 128,105,970.50
9,357,242 8,666,985
187,787.0 337,115.0

4Y CAGR 5Y Average
1.88x 1.69x -20.89% 2.78x
1.07x 0.94x -22.35% 1.65x
0.36x 0.31x -16.22% 0.49x
#REF! #REF! #REF! #REF!
0.81x 0.13x -47.53% 1.03x
5.54x 33.87x 48.96% 11.55x

0.80% 0.97% 40.78% 0.01x

1.46% 1.89% 55.16% 0.01x
1.82x 1.94x 10.22% 1.63x
0.35% 0.62% 37.32% 0.00x

17.00% 15.43% -10.35% 0.20x

7.22% 5.69% -18.17% 0.10x
13.44% 11.54% -20.61% 0.20x
9.46% 7.79% -17.38% 0.13x
24.45% 22.45% -12.50% 0.30x

21.25x 19.23x -19.85% 25.88x

17.17 18.98 24.76% 15.71x
4.57x 5.20x 1.54% 4.80x
79.89 70.16 -1.52% 76.42x
32.80x 41.76x 19.90% 30.57x
11.13 8.74 -16.60% 12.65x
73.84 59.92 -8.32% 73.35x
9.72x 8.83x -10.29% 10.87x
1.57x 1.87x 3.07% 1.57x
1.92x 2.06x -3.51% 2.07x

61 54 -17.40% 84.60x
15.82x 15.56x -17.04% 19.44x
3.85x 3.47x -27.47% 6.10x
9.70x 14.78x -10.94% 13.76x
 GGRM
Expressed in Million IDR
2017 2018 2019 2020
Current Asset 43,764,490 45,284,719 52,081,133 49,537,929
Current Liability 22,611,042 22,003,567 25,258,727 17,009,992
Inventory 38,056,863 38,695,520 43,018,974 40,016,438
Cash and Cash Equivalent 2,329,179 2,034,169 3,571,886 4,774,272
Fixed Asset 21,408,575 22,758,558 25,373,983 27,678,244
Total Asset 66,759,930 69,097,219 78,647,274 78,191,409
Total Liability 24,572,266 23,963,934 27,716,516 19,668,941
Equity 42,187,664 45,133,285 50,930,758 58,522,468
COGS 65,084,263 77,063,336 87,740,564 97,089,067
Non-Current Liabilities 1,961,224 1,960,367 2,457,789 2,658,949
Revenue 83,305,925 95,707,663 110,523,819 114,477,311
Gross Profit 18,221,662 18,644,327 22,783,255 17,388,244
Net Income 7,753,648 7,791,822 10,880,701 7,647,725
Account Receivable 2,229,097 1,725,933 1,875,909 2,556,127
Account Payable 1,213,634 1,129,544 1,297,463 1,123,703
OCF 8,204,579 11,224,700 11,174,403 17,477,714
debt 20,600,000 17,322,145 17,413,106 6,185,893
Price per Share 83,625 53,000 41,000
Book Value per Share 21,926 23,457 26,470 30,416
Enterprise Value 154,705,244 175,231,561 175,231,561 70,975,564
EBITDA 13,495,942 13,386,740 17,622,839 12,810,174
LT Debt 176,667 156,667

Liquidity Ratio
Current Ratio 2.06x 2.06x 2.91x
Quick Ratio 0.30x 0.36x 0.56x
NWC 0.3x 0.3x 0.4x
Operating Cash to Liabilities 0.51x 0.44x 1.03x
Cash Ratio 0.09x 0.141x 0.281x
Cash Turnover 47.05x 30.94x 23.98x
Solvency Ratio
Total Debt Ratio 25.07% 22.14% 7.91%
Debt/Equity Ratio 38.38% 34.19% 10.57%
Equity Multiplier 1.53x 1.54x 1.34x
Long-term Debt Ratio 0.22% 0.20%
Profitability Ratio
Gross Profit Margin 19.48% 20.61% 15.19%
Net Profit Margin 8.14% 9.84% 6.68%
Return on Assets (ROA) 11.28% 13.83% 9.78%
EBITDA Margin 13.99% 15.94% 11.19%
Return on Equity (ROE) 17.26% 21.36% 13.07%
Asset Management/Turnover Ratio
Payable Turnover 65.78x 72.30x 80.20x
Days Sales in Payable 5.55 5.05 4.55
Inventory Turnover 2.01x 2.15x 2.34x
Days Sales In Inventory 181.76 169.97 156.08
Receivables Turnover 48.40x 61.37x 51.66x
Days Sales in Receivables 7.54 5.96 7.08
ccc 183.76 170.88 158.62
Fixed Asset Turnover 3.98x 4.17x 3.98x
NWC Turnover 1.43x 1.50x 1.42x
Total Asset Turnover 1.41x 1.50x 1.46x
Market Value Ratio
Earning per Share (EPS) 4,049.59 5,654.96 3,974.70
Price to Earning Ratio (PER) 20.65x 7.25x 10.32x
Price to Book Value (PBV) 3.57x 1.55x 1.35x
EV/EBITDA 13.09x 9.94x 5.54x
 2021 2022
59,312,578 55,445,127
28,369,283 29,125,010
47,606,791 47,739,541
4,169,740 4,407,033
29,823,806 32,497,502
89,964,369 88,562,617
30,676,095 30,706,651
59,288,274 57,855,966
110,608,655 113,587,089
2,306,812 1,581,641
124,881,266 124,682,692
14,272,611 11,095,603
5,605,315 2,779,739
2,773,872 2,181,496
1,002,233 1,308,958
5,325,167 9,867,984
10,103,003 10,136,469
30,600 18,000
30,814 30,069
66,659,510 55,675,793
10,241,585 6,890,706
122,667 65,385

4Y CAGR 5Y Average
2.09x 1.90x -1.93% 2.21x
0.41x 0.26x -3.05% 0.38x
0.3x 0.3x -3.09% 0.35x
0.19x 0.34x -9.72% 0.50x
0.15x 0.15x 13.11% 0.16x
29.95x 28.29x -11.94% 32.04x

11.23% 11.45% -17.80% 0.16x

17.04% 17.52% -17.80% 0.24x
1.52x 1.53x 0.00% 1.49x
0.14% 0.07% #DIV/0! 0.00x

11.43% 8.90% -17.79% 0.15x

4.49% 2.23% -27.66% 0.06x
6.23% 3.14% -27.37% 0.09x
 8.20% 5.53% -20.72% 0.11x
9.45% 4.80% -27.37% 0.13x

104.06x 98.29x 10.56% 84.13x

3.51 3.71 -9.55% 4.47x
2.52x 2.38x 4.37% 2.28x
144.57 153.19 -4.19% 161.12x
46.86x 50.32x 0.98% 51.72x
7.81 7.27 -0.90% 7.13x
148.88 156.75 -3.90% 163.78x
4.01x 7.67x 17.86% 4.76x
1.45x 1.45x 0.27% 1.45x
1.49x 1.40x -0.22% 1.45x

2,913.21 1,444.70 -22.72% 3607.43x

10.50x 12.46x -11.87% 12.24x
0.99x 0.60x -35.99% 1.61x
6.51x 8.08x -11.36% 8.63x
 WIIM
Expressed in Million IDR
2017 2018 2019 2020
Current Asset 861,172 888,980 948,430 1,288,719
Current Liability 160,791 150,202 157,444 351,791
Inventory 668,157 652,608 552,889 668,515
Cash and Cash Equivalent 58,422 87,068 265,019 429,555
Fixed Asset 312,881 319,991 329,062 298,905
Total Asset 1,225,712 1,255,574 1,299,522 1,614,442
Total Liability 247,621 250,337 266,351 428,590
Equity 978,091 1,005,237 1,033,171 1,185,852
COGS 566,828 523,318 539,964 548,398
Non-Current Liabilities 86,830 100,135 108,907 76,799
Revenue 992,731 959,739 966,324 1,168,351
Gross Profit 425,903 436,420 426,360 619,952
Net Income 40,539 51,087 27,273 172,250
Account Receivable 57,168 61,017 65,470 99,621
Account Payable 35,888 82,882 84,199 242,048
OCF 194,599 140,978 199,249 215,555
debt 77,751 19,326 57,304 27,057
Price per Share 290 141 168 540
Book Value per Share 466 479 492 565
Enterprise Value 616,021 212,213 131,806 732,957
EBITDA 95,807 108,145 90,108 267,808
LT Debt 29,194 18,283

Liquidity Ratio
Current Ratio 5.92x 6.02x 3.66x
Quick Ratio 1.57x 2.51x 1.76x
NWC 0.6x 0.6x 0.6x
Operating Cash to Liabilities 0.94x 1.27x 0.61x
Cash Ratio 0.58x 1.683x 1.221x
Cash Turnover 11.02x 3.65x 2.72x
Solvency Ratio
Total Debt Ratio 1.54% 4.41% 1.68%
Debt/Equity Ratio 1.92% 5.55% 2.28%
Equity Multiplier 1.25x 1.26x 1.36x
Long-term Debt Ratio 2.25% 1.13%
Profitability Ratio
Gross Profit Margin 45.47% 44.12% 53.06%
Net Profit Margin 5.32% 2.82% 14.74%
Return on Assets (ROA) 4.07% 2.10% 10.67%
EBITDA Margin 11.27% 9.32% 22.92%
Return on Equity (ROE) 5.08% 2.64% 14.53%
Asset Management/Turnover Ratio
Payable Turnover 8.81x 6.46x 3.36x
Days Sales in Payable 41.42 56.47 108.57
Inventory Turnover 0.79x 0.90x 0.90x
Days Sales In Inventory 460.60 407.44 406.47
Receivables Turnover 16.24x 15.28x 14.15x
Days Sales in Receivables 22.47 23.95 25.86
ccc 441.65 374.92 323.75
Fixed Asset Turnover 2.96x 3.08x 4.05x
NWC Turnover 0.60x 0.57x 0.59x
Total Asset Turnover 0.77x 0.76x 0.80x
Market Value Ratio
Earning per Share (EPS) 26.55 14.17 89.52
Price to Earning Ratio (PER) 5.31x 38.10x 6.03x
Price to Book Value (PBV) 0.29x 1.10x 0.96x
EV/EBITDA 1.96x 1.46x 2.74x
 2021 2022
1,590,984 1,876,124
542,580 661,605
853,564 917,376
522,156 712,075
278,219 260,434
1,891,170 2,168,794
572,785 667,866
1,318,385 1,500,928
660,788 959,699
30,204 6,262
1,303,776 1,737,992
642,987 778,293
176,668 249,332
99,430 123,808
451,697 491,096 Shares outs 2099.9 2099.9 2099.9
179,922 300,474 Market cap 608971 296085.9 352783.2
10,089 7,568 Net debt 5,813.20 -85,132.45 (222,291.9)
428 630 Minority interest 1,236.8 1,259.5 1,314.9
628 724 616,021.00 212,212.98 131,806.20
388,347 602,731
261,128 354,102
7,073 3,982

4Y CAGR 5Y Average
2.93x 2.84x -16.80% 4.27x
1.36x 1.45x -2.04% 1.73x
0.6x 0.6x -1.23% 0.58x
0.33x 0.45x -16.60% 0.72x
0.96x 1.08x 16.73% 1.10x
2.50x 2.44x -31.40% 4.47x

0.53% 0.35% -31.00% 0.02x

0.77% 0.50% -28.44% 0.02x
1.43x 1.44x 3.71% 1.35x
0.37% 0.18% #DIV/0! 0.01x

49.32% 44.78% -0.38% 0.47x

13.55% 14.35% 28.13% 0.10x
9.34% 11.50% 29.65% 0.08x
20.03% 20.37% 15.96% 0.17x
13.40% 16.61% 34.46% 0.10x

1.90x 2.04x -30.67% 4.52x

191.60 179.28 44.24% 115.47x
0.87x 1.08x 8.14% 0.91x
420.38 336.77 -7.53% 406.33x
13.10x 15.57x -1.05% 14.87x
27.94 23.51 1.13% 24.75x
256.71 180.99 -19.99% 315.61x
4.84x 13.35x 45.75% 5.65x
0.54x 0.61x 0.20% 0.58x
0.74x 0.86x 2.57% 0.79x

91.82 129.58 48.63% 70.33x

4.66x 4.86x -2.18% 11.79x
0.68x 0.87x 31.09% 0.78x
1.49x 1.70x -3.49% 1.87x
 2099.9 2099.9 2072
1133946 898757.2 1305360
-402,497.86 (512,066.8) (704,507.4)
1,509.2 1,656.8 1,877.9
732,957.30 388,347.24 602,730.52