Indonesia Food & Drink Report

MarketLine Industry Profile
Packaged Water in
Indonesia
December 2016
Reference Code: 0103-2908
Publication Date: December 2016
WWW.MARKETLINE.COM
MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED
Indonesia - Packaged Water 0103 - 2908 - 2015
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EXECUTIVE SUMMARY
Market value
The Indonesian packaged water market grew by 17.1% in 2015 to reach a value of $3,510.2 million.
Market value forecast

In 2020, the Indonesian packaged water market is forecast to have a value of $7,557.7 million, an increase of 115.3%
since 2015.
Market volume
The Indonesian packaged water market grew by 9.3% in 2015 to reach a volume of 10,306.6 million liters.
Market volume forecast

In 2020, the Indonesian packaged water market is forecast to have a volume of 17,679.8 million liters, an increase of
71.5% since 2015.
Geography segmentation
Indonesia accounts for 7.7% of the Asia-Pacific packaged water market value.
Market share
Groupe Danone SA is the leading player in the Indonesian packaged water market, generating a 40.7% share of the
market's value.
Market rivalry
Indonesia packaged water market has shown very strong growth rate since 2011. The market is highly concentrated,
with the top four leading players accounting for 57.8% of the market’s value, indicating moderate levels of rivalry
between players.

TABLE OF CONTENTS
Executive Summary ....................................................................................................................................................... 2
Market value............................................................................................................................................................... 2
Market value forecast ................................................................................................................................................. 2
Market volume............................................................................................................................................................ 2
Market volume forecast .............................................................................................................................................. 2
Geography segmentation ........................................................................................................................................... 2
Market share .............................................................................................................................................................. 2
Market rivalry.............................................................................................................................................................. 2
Market Overview ............................................................................................................................................................ 7
Market definition ......................................................................................................................................................... 7
Market analysis .......................................................................................................................................................... 7
Market Data ................................................................................................................................................................... 8
Market value............................................................................................................................................................... 8
Market volume............................................................................................................................................................ 9
Market Segmentation ................................................................................................................................................... 10
Geography segmentation ......................................................................................................................................... 10
Market share ............................................................................................................................................................ 11
Market distribution .................................................................................................................................................... 12
Market Outlook ............................................................................................................................................................. 13
Market value forecast ............................................................................................................................................... 13
Market volume forecast ............................................................................................................................................ 14
Five Forces Analysis .................................................................................................................................................... 15
Summary .................................................................................................................................................................. 15
Buyer power ............................................................................................................................................................. 16
Supplier power ......................................................................................................................................................... 17
New entrants ............................................................................................................................................................ 18
Threat of substitutes................................................................................................................................................. 19
Degree of rivalry ....................................................................................................................................................... 20
Leading Companies ..................................................................................................................................................... 21

Danone SA ............................................................................................................................................................... 21
PT Indofood Sukses Makmur Tbk ............................................................................................................................ 25
PT Indofood Sukses Makmur Tbk ............................................................................................................................ 29
PT Oasis Waters International ................................................................................................................................. 33
PT Tang Mas............................................................................................................................................................ 34
Macroeconomic Indicators ........................................................................................................................................... 35
Country data............................................................................................................................................................. 35
Methodology................................................................................................................................................................. 37
Industry associations ................................................................................................................................................ 38
Related MarketLine research ................................................................................................................................... 38
Appendix ...................................................................................................................................................................... 39
About MarketLine ..................................................................................................................................................... 39

LIST OF TABLES
Table 1: Indonesia packaged water market value: $ million, 2011–15 ........................................................................... 8
Table 2: Indonesia packaged water market volume: million liters, 2011–15 .................................................................. 9
Table 3: Indonesia packaged water market geography segmentation: $ million, 2015 ................................................ 10
Table 4: Indonesia packaged water market share: % share, by value, 2015 ............................................................... 11
Table 5: Indonesia packaged water market distribution: % share, by value, 2015 ....................................................... 12
Table 6: Indonesia packaged water market value forecast: $ million, 2015–20 ........................................................... 13
Table 7: Indonesia packaged water market volume forecast: million liters, 2015–20 ................................................... 14
Table 8: Danone SA: key facts ..................................................................................................................................... 21
Table 9: Danone SA: key financials ($) ........................................................................................................................ 22
Table 10: Danone SA: key financials (€) ...................................................................................................................... 22
Table 11: Danone SA: key financial ratios ................................................................................................................... 23
Table 12: PT Indofood Sukses Makmur Tbk: key facts ................................................................................................ 25
Table 13: PT Indofood Sukses Makmur Tbk: key financials ($) ................................................................................... 26
Table 14: PT Indofood Sukses Makmur Tbk: key financials (IDR) ............................................................................... 27
Table 15: PT Indofood Sukses Makmur Tbk: key financial ratios ................................................................................. 27
Table 16: PT Indofood Sukses Makmur Tbk: key facts ................................................................................................ 29
Table 17: PT Indofood Sukses Makmur Tbk: key financials ($) ................................................................................... 30
Table 18: PT Indofood Sukses Makmur Tbk: key financials (IDR) ............................................................................... 31
Table 19: PT Indofood Sukses Makmur Tbk: key financial ratios ................................................................................. 31
Table 20: PT Oasis Waters International: key facts ..................................................................................................... 33
Table 21: PT Tang Mas: key facts................................................................................................................................ 34
Table 22: Indonesia size of population (million), 2011–15 ........................................................................................... 35
Table 23: Indonesia gdp (constant 2005 prices, $ billion), 2011–15 ............................................................................ 35
Table 24: Indonesia gdp (current prices, $ billion), 2011–15........................................................................................ 35
Table 25: Indonesia inflation, 2011–15 ........................................................................................................................ 36
Table 26: Indonesia consumer price index (absolute), 2011–15 .................................................................................. 36
Table 27: Indonesia exchange rate, 2011–15 .............................................................................................................. 36

LIST OF FIGURES
Figure 1: Indonesia packaged water market value: $ million, 2011–15 .......................................................................... 8
Figure 2: Indonesia packaged water market volume: million liters, 2011–15 ................................................................. 9
Figure 3: Indonesia packaged water market geography segmentation: % share, by value, 2015 ................................ 10
Figure 4: Indonesia packaged water market share: % share, by value, 2015 .............................................................. 11
Figure 5: Indonesia packaged water market distribution: % share, by value, 2015 ...................................................... 12
Figure 6: Indonesia packaged water market value forecast: $ million, 2015–20 .......................................................... 13
Figure 7: Indonesia packaged water market volume forecast: million liters, 2015–20.................................................. 14
Figure 8: Forces driving competition in the packaged water market in Indonesia, 2015 .............................................. 15
Figure 9: Drivers of buyer power in the packaged water market in Indonesia, 2015 .................................................... 16
Figure 10: Drivers of supplier power in the packaged water market in Indonesia, 2015 .............................................. 17
Figure 11: Factors influencing the likelihood of new entrants in the packaged water market in Indonesia, 2015 ......... 18
Figure 12: Factors influencing the threat of substitutes in the packaged water market in Indonesia, 2015 .................. 19
Figure 13: Drivers of degree of rivalry in the packaged water market in Indonesia, 2015 ............................................ 20
Figure 14: Danone SA: revenues & profitability............................................................................................................ 23
Figure 15: Danone SA: assets & liabilities ................................................................................................................... 24
Figure 16: PT Indofood Sukses Makmur Tbk: revenues & profitability ......................................................................... 27
Figure 17: PT Indofood Sukses Makmur Tbk: assets & liabilities ................................................................................. 28
Figure 18: PT Indofood Sukses Makmur Tbk: revenues & profitability ......................................................................... 31
Figure 19: PT Indofood Sukses Makmur Tbk: assets & liabilities ................................................................................. 32

MARKET OVERVIEW
Market definition
The packaged water market consists of retail sale packaged water. Packaged water is defined as all potable water
including water without added mineral/vitamin enhancement, flavorings or sugar/sweeteners, sold in large containers of
up to and including 10 liters.
The market is valued according to retail selling price (RSP) and includes any applicable taxes.
Any currency conversions used in the creation of this report have been calculated using constant 2015 annual average
exchange rates.
For the purpose of this report the global figure comprises of North America, South America, Europe, Asia-Pacific, Middle
East, and South Africa.
The Americas comprises Argentina, Brazil, Canada, Chile, Colombia, Mexico, and the United States.
North America comprises Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Belgium, the Czech Republic, Austria, Finland, Portugal, Ireland, Denmark, France, Germany,
Greece, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
For the purpose of this report Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Japan, India, Indonesia, Malaysia, New Zealand, Pakistan, the Philippines,
Singapore, South Korea, Hong Kong, Vietnam, Kazakhstan, Taiwan, and Thailand.
Middle East comprises of Egypt, Saudi Arabia, and the United Arab Emirates.
Market analysis
Indonesia packaged water market has shown very strong growth rate since 2011. This is predicted to remain stable until
2020. This is stronger than the average growth for the Asia-Pacific market.
Indonesian economy is largely driven by the household consumption, backed by the food and beverage industry.
Growing middle class population and increasing consumer spending on the food and beverages is an on-going trend in
the country. These factors expanded the Indonesian packaged water market at a high rate.
The Indonesian packaged water market generated total revenues of $3,510.2m in 2015, representing a compound
annual growth rate (CAGR) of 23.2% between 2011 and 2015. In comparison, the Thai and Chinese markets grew with
CAGRs of 15.2% and 19.9% respectively, over the same period, to reach respective values of $2,433.6m and
$25,748.8m in 2015.
Market consumption volume increased with a CAGR of 9.5% between 2011 and 2015, to reach a total of 10,306.6 million
liters in 2015. The market's volume is expected to rise to 17,679.8 million liters by the end of 2020, representing a CAGR
of 11.4% for the 2015-2020 period.
On- trade sales are the most lucrative for the Indonesian packaged water market in 2015, with total revenues of
$2,807.9m, equivalent to 80.0% of the market's overall value. In comparison, sales through convenience stores
generated revenues of $522.4m in 2015, equating to 14.9% of the market's aggregate revenues.
The performance of the market is forecast to decelerate, with an anticipated CAGR of 16.6% for the five-year period
2015 - 2020, which is expected to drive the market to a value of $7,557.7m by the end of 2020. Comparatively, the Thai
and Chinese markets will grow with CAGRs of 14.4% and 9.9% respectively, over the same period, to reach respective
values of $4,765.9m and $41,264.4m in 2020.

MARKET DATA
Market value
The Indonesian packaged water market grew by 17.1% in 2015 to reach a value of $3,510.2 million.
The compound annual growth rate of the market in the period 2011–15 was 23.2%.
Table 1: Indonesia packaged water market value: $ million, 2011–15
Year $ million IDR million € million % Growth

2011 1,522.4 20,393,669.3 1,372.2
2012 1,736.8 23,265,245.8 1,565.4 14.1%
2013 2,214.6 29,665,481.8 1,996.0 27.5%
2014 2,998.8 40,170,596.5 2,702.8 35.4%
2015 3,510.2 47,021,481.0 3,163.8 17.1%
CAGR: 2011–15 23.2%
SOURCE: MARKETLINE MARKETLINE
Figure 1: Indonesia packaged water market value: $ million, 2011–15

Market volume
The Indonesian packaged water market grew by 9.3% in 2015 to reach a volume of 10,306.6 million liters.
The compound annual growth rate of the market in the period 2011–15 was 9.5%.
Table 2: Indonesia packaged water market volume: million liters, 2011–15
Year million liters % Growth

2011 7,173.1
2012 7,531.2 5.0%
2013 8,449.0 12.2%
2014 9,425.7 11.6%
2015 10,306.6 9.3%
CAGR: 2011–15 9.5%
Figure 2: Indonesia packaged water market volume: million liters, 2011–15

MARKET SEGMENTATION
Geography segmentation
Indonesia accounts for 7.7% of the Asia-Pacific packaged water market value.
China accounts for a further 56.2% of the Asia-Pacific market.
Table 3: Indonesia packaged water market geography segmentation: $ million, 2015
Geography 2015 %
China 25,748.8 56.2
Japan 6,860.8 15.0
Indonesia 3,510.2 7.7
India 2,623.0 5.7
Thailand 2,433.6 5.3
Rest of Asia-Pacific 4,658.5 10.2
Total 45,834.9 100.1%
Figure 3: Indonesia packaged water market geography segmentation: % share, by value, 2015

Market share
Groupe Danone SA is the leading player in the Indonesian packaged water market, generating a 40.7% share of the
market's value.
PT Indofood CBP Sukses Makmur Tbk accounts for a further 7.1% of the market.
Table 4: Indonesia packaged water market share: % share, by value, 2015
Company % Share
Groupe Danone SA 40.7%
PT Indofood CBP Sukses Makmur Tbk 7.1%
PT Tang Mas 6.2%
PT Oasis International 3.9%
Other 42.2%
Total 100%
Figure 4: Indonesia packaged water market share: % share, by value, 2015

Market distribution
On Trade form the leading distribution channel in the Indonesian packaged water market, accounting for a 80% share of
the total market's value.
Convenience Stores accounts for a further 14.9% of the market.
Table 5: Indonesia packaged water market distribution: % share, by value, 2015
Channel % Share
On Trade 80.0%
Convenience Stores 14.9%
Hypermarkets & Supermarkets 5.1%
Total 100%
Figure 5: Indonesia packaged water market distribution: % share, by value, 2015

MARKET OUTLOOK
Market value forecast
In 2020, the Indonesian packaged water market is forecast to have a value of $7,557.7 million, an increase of 115.3%
since 2015.
The compound annual growth rate of the market in the period 2015–20 is predicted to be 16.6%.
Table 6: Indonesia packaged water market value forecast: $ million, 2015–20
Year $ million IDR million € million % Growth

2015 3,510.2 47,021,481.0 3,163.8 17.1%
2016 4,073.2 54,562,937.7 3,671.2 16.0%
2017 4,731.1 63,375,846.3 4,264.1 16.2%
2018 5,512.1 73,838,421.1 4,968.1 16.5%
2019 6,441.9 86,293,139.8 5,806.1 16.9%
2020 7,557.7 101,239,902.9 6,811.8 17.3%
CAGR: 2015–20 16.6%
Figure 6: Indonesia packaged water market value forecast: $ million, 2015–20

Market volume forecast
In 2020, the Indonesian packaged water market is forecast to have a volume of 17,679.8 million liters, an increase of
71.5% since 2015.
The compound annual growth rate of the market in the period 2015–20 is predicted to be 11.4%.
Table 7: Indonesia packaged water market volume forecast: million liters, 2015–20
Year million liters % Growth

2015 10,306.6 9.3%
2016 11,337.3 10.0%
2017 12,584.4 11.0%
2018 14,031.6 11.5%
2019 15,715.3 12.0%
2020 17,679.8 12.5%
CAGR: 2015–20 11.4%
Figure 7: Indonesia packaged water market volume forecast: million liters, 2015–20

FIVE FORCES ANALYSIS
The packaged water market will be analyzed taking manufacturers of packaged water as players. The key buyers will be
taken as distributors and retailers of packaged water, and producers of packaging, packaged water ingredients and other
raw materials as the key suppliers.
Summary
Figure 8: Forces driving competition in the packaged water market in Indonesia, 2015
Indonesia packaged water market has shown very strong growth rate since 2011. The market is highly concentrated,
with the top four leading players accounting for 57.8% of the market’s value, indicating moderate levels of rivalry
between players.
Larger retailers, such as hypermarkets and supermarkets, can make large purchases and negotiate on price with
manufacturers, boosting buyer power. Retailers are unlikely to be swayed by brand loyalty, but they will have to stock
brands preferred by consumers. The threat of new entrants is moderate due to fair capital investments and the presence
of well-established brands. Substitutes to packaged water include functional drinks, juices and other healthy products,
which pose a moderate threat. High fixed costs and exit barriers intensify rivalry in the market.

Buyer power
Figure 9: Drivers of buyer power in the packaged water market in Indonesia, 2015
The main distribution channels for the packaged water market are on-trade outlets, which account for 80.0% of the total
market value. Thus, the size of the average buyer is large, which enhances their negotiating position and therefore
increases buyer power. Large retailers, such as supermarkets, can make large purchases and negotiate on price with
manufacturers, boosting buyer power.
Most raw materials are readily sourced from multiple suppliers, although their prices may fluctuate in response to supply
and demand from other product manufacturers. Market entry is relatively easy in principle, although the strong brands
and established distribution systems of the market leaders may be difficult for a new entrant to compete with. There are
many potential substitutes, which pose a moderate level of indirect competition for packaged water; however, the leading
manufacturers often produce the substitutes as well, limiting their impact. Overall, buyer power is assessed as strong.

Supplier power
Figure 10: Drivers of supplier power in the packaged water market in Indonesia, 2015
The primary inputs for packaged water manufacturers include water from several sources, calcium, magnesium, salts
and similar ingredients.
Some of these commodities, although available from several sources, are subject to price fluctuations. However, there
are usually substitutes available. For example, if calcium chloride becomes expensive or unobtainable then it can be
substituted by magnesium chloride and other similar products.
The power of packaging manufacturers is growing since there is a growing demand for more consumer and
environmentally friendly packaging.
Overall, supplier power is moderate in this market.

New entrants
Figure 11: Factors influencing the likelihood of new entrants in the packaged water market in
Indonesia, 2015
The Indonesian packaged water market experienced rapid and strong market growth, which tends to encourage
newcomers. Large players like Groupe Danone and PT Indofood CBP Sukses Makmur Tbk dominate the market. The
four leading players wield significant power and benefit from scale economies, strong brands, and a diverse range of
products. Private labels also greatly influence the environment.
Players in the packaged water market can try to distinguish their products to some extent by stressing their health
benefits and taste. Although it would be difficult for a new entrant to compete with the brand strength and reach of
existing players, it may be possible to achieve small-scale success stressing a unique production method or nutritional
benefits.
Even if a new player opts for a business model in which much of the production process is performed by bottling partners
under license, there will still be a need to invest in manufacturing capacity in order to produce the concentrates. This will
generally be fairly capital-intensive and can restrict market entry. However, market niches can be exploited by new
entrants. Some of the larger players have already done this by catering for local tastes. Additionally, changing consumer
preferences cause a shift towards health-oriented wellness drinks.
Government regulation affects several aspects of packaged water manufacturing. For example, in most countries there
are requirements for food and drink to be prepared in hygienic conditions. Specific ingredients may be subject to
regulation: the natural low-calorie sweetener stevia has been used in Japan since 1971, whereas it was only permitted in
the EU in 2011 and in Indonesia only in 2012. Increasing regulation tends to discourage newcomers.
Overall, there is a moderate likelihood of new entrants.

Threat of substitutes
Figure 12: Factors influencing the threat of substitutes in the packaged water market in Indonesia,
2015
The substitutes for packaged water primarily include, functional drinks, juices and other healthy products.
Leading players tend to have diverse product ranges, which reduces the threat posed by substitutes. For example, Coca-
Cola is a major player in the soft drinks market as well as being a leading manufacturer of packaged water.
Overall, there is a moderate threat from substitutes.

Degree of rivalry
Figure 13: Drivers of degree of rivalry in the packaged water market in Indonesia, 2015
The Indonesian packaged water market is concentrated, with the top four leading players accounting for 57.8% of the
market’s value. The players in this market are fairly similar: most operate primarily in the food and drink industry. This
increases rivalry, and means that market fluctuations are likely to affect companies in the same way. Switching costs are
low: buyers can switch from one player to another without incurring costs. This boosts rivalry.
The ease of exit depends to some extent on the business model of the company. A company, which manufactures
packaged water in a single integrated process, will need to dispose of assets such as specialized equipment in order to
exit the market. On the other hand, a company of the same size that operates in conjunction with a network of bottling
partners will tend to have fewer assets, and exit is therefore easier.
The rapid growth of the market helps to decrease the intensity of rivalry.
Overall, there is a moderate degree of rivalry in the Indonesian packaged water market.

LEADING COMPANIES
Danone SA
Table 8: Danone SA: key facts
Head office: 17 Boulevard, Haussman, Paris 75009, FRA

Telephone: 33 1 44 35 20 20
Local office: Danone Ireland, Block 1 Deansgrange Business Park, Deansgrange,
Telephone: Co. Dublin, IRL
Website: www.danone.com
Financial year-end: December
Ticker: BN
Stock exchange: Paris (Euronext)
SOURCE: COMPANY WEBSITE MARKETLINE
Danone is a food processing company. The company produces and markets fresh dairy products, bottled water, early life
nutrition and medical nutrition products.
The company classifies its business operations into four reportable segments: Fresh Dairy Products, Waters, Early Life
Nutrition, and Medical Nutrition.
Under the Fresh Dairy Products segment, the company offers a range of yogurts, fermented dairy products, and other
specialty fresh dairy products. It commercializes products under the brands of Actimel, Activia, Fantasia, Danacol,
Densia, Danette, Danissimo, YoCrunch Danonino and Vitalinea, among others. The Activia brand has been developed
over 20 years and is available in 70 countries. Danonino is locally marketed under Fruchtswerge, Danoninho and Petit
Gervais brands and sold in more than 50 countries. In FY2015, the Fresh Dairy Products segment reported revenues of
EUR11,057 million, accounting for 50% of the company’s total revenues.
Under the Waters segment, the company produces and distributes variety of packaged natural, flavored, and vitamin-
enriched water. It provides bottled water, health drinks, functional beverages and aqua drinks. The company’s water
products are sold under various local brands including Villavicencio and Villa del Sur in Argentina, Fontvella and
Lanjaron in Spain, Zywiec Zdroj in Poland and Aqua in Indonesia; and international brands such as Bonafont in Mexico,
Brazil and Poland; Evian and Volvic in France, Germany, the UK and Japan; and Mizone in China and Indonesia. In
2014, the production of the company’s Waters segment represented nearly 25 billion liters. In FY2015, the Waters
segment reported revenues of EUR4,768 million, accounting for 21% of the company’s total revenues.
Through Early Life Nutrition segment, the company manufactures and distributes specialized food for babies and
children. Its products are sold under the brands of Bledina, Gallia, Bebelac Malyutka, Aptamil Gallia, Nutricia, Cow &
Gate, SGM, Milupa, Mellin and Dumex. In 2014, the segment produced 800 million tons of products. In FY2015, the
Early Life Nutrition segment reported revenues of EUR4,994 million, accounting for 22% of the company’s total revenue.
Under the Medical Nutrition segment, the company offers specialized food for frail elderly people, babies afflicted and for
people with particular medical conditions. These products are primarily designed for treatment of disease-related
malnutrition. Danone sells Medical Nutrition products under the brands of Nutricia, Nutrini, Fortimel, Nutrison, Neocate
and Fortifit, among others. The division’s largest facility is located in the Netherlands. In FY2015, the Medical Nutrition
reported revenues of EUR1,593 million, accounting for 7% of the company’s total revenue.

The company has presence in more than 130 countries across the five continents. Geographically, the company
operates through three regions: Europe, CIS (Community of Independent States) & North America, and ALMA (Asia-
Pacific/Latin America/Middle East/Africa). In FY2015, Europe accounted for 40% of the total revenue, followed by ALMA
(40%) and CIS & North America (20%).
At the end of December 2015, Danone had 194 production facilities, among which 186 production sites are spread
across 60 countries.
Danone operates two international research centers in France and the Netherlands, and five specialized centers in
Singapore, Spain, Russia, China and France. In FY2015, the company invested EUR307 million in research and
development (R&D) activities.
The company’s key subsidiaries include Danone GmbH, Danone Hayat, Danone India, Nutricia Baby OY Ltd, Danone
Dnipro, Danone China, Zywiec Zdroj, Danone S.p.A., and Milupa SA, among others.
In Ireland, the company sells its products under Evian, Bonafont and other brand names.
Key Metrics
The company recorded revenues of $29,744 million in the fiscal year ending December 2015, an increase of 6.0%
compared to fiscal 2014. Its net income was $1,703 million in fiscal 2015, compared to a net income of $1,485 million in
the preceding year.
Table 9: Danone SA: key financials ($)
$ million 2011 2012 2013 2014 2015

Revenues 25,637.7 27,696.1 28,265.4 28,061.0 29,743.9
Net income (loss) 2,217.7 2,219.0 2,057.1 1,485.1 1,702.7
Total assets 37,725.3 39,199.7 41,045.8 42,132.7 43,413.4
Total liabilities 21,536.8 22,937.0 26,806.9 26,545.5 26,683.5
Employees 101,885 102,401 104,642 99,927 99,771
SOURCE: COMPANY FILINGS MARKETLINE
Table 10: Danone SA: key financials (€)
€ million 2011 2012 2013 2014 2015

Revenues 19,318.0 20,869.0 21,298.0 21,144.0 22,412.0
Net income (loss) 1,671.0 1,672.0 1,550.0 1,119.0 1,283.0
Total assets 28,426.0 29,537.0 30,928.0 31,747.0 32,712.0

Table 11: Danone SA: key financial ratios
Ratio 2011 2012 2013 2014 2015

Profit margin 8.6% 8.0% 7.3% 5.3% 5.7%
Revenue growth 13.6% 8.0% 2.1% (0.7%) 6.0%
Asset growth 1.4% 3.9% 4.7% 2.6% 3.0%
Liabilities growth 0.0% 6.5% 16.9% (1.0%) 0.5%
Debt/asset ratio 57.1% 58.5% 65.3% 63.0% 61.5%
Return on assets 5.9% 5.8% 5.1% 3.6% 4.0%
Revenue per employee $251,634 $270,467 $270,116 $280,815 $298,121
Profit per employee $21,766 $21,669 $19,658 $14,862 $17,066
Figure 14: Danone SA: revenues & profitability

Figure 15: Danone SA: assets & liabilities

PT Indofood Sukses Makmur Tbk
Table 12: PT Indofood Sukses Makmur Tbk: key facts
Sudirman Plaza, Indofood Tower, 27th Floor, JI Jend, Sudirman, Kav.

Head office:
76-78, Jakarta, IDN
Telephone: 62 21 57958822
Fax: 62 21 57935960
Website: www.indofood.com
Ticker: INDF
Stock exchange: Indonesia Stock Exchange
Indofood is a vertically integrated food producer in Indonesia. The company’s product portfolio includes instant noodles,
dairy, pasta, food seasonings, flour, nutrition and special food, and snack foods. It also focuses on oil palm seed
breeding, cultivation along with refining, branding and marketing of cooking oils, margarine and shortening. The company
classifies its business operations into five reportable segments: Consumer Branded Products Business Group, Bogasari
Business Group, Agribusiness Group, Distribution Business Group, and Cultivation and Processed Vegetables Business
Group.
The company classifies its Consumer Branded Products (CBP) business group into six divisions: Noodles, Dairy, Food
Seasonings, Snack Foods, Nutrition and Special Foods and Beverages. Its Noodles division offers a wide range of
instant bag noodles, instant cup noodles, egg noodles and instant vermicelli with a capacity of more than 15 billion packs
per annum. It sells these products under various brands including Supermi, Indomie, Sarimi, Pop Mie, Sakura, and Mi
Telur Cap 3 Ayam, among others. Dairy division manufactures and sells sweetened and condensed milk, ultra-high
temperature milk, sterilized bottled milk, pasteurized liquid milk, powdered milk, butter and ice cream. It offers these
products under Indomilk, Cap Enaak, Tiga Sapi, Kremer, Orchid Butter, Indoeskrim and Milkuat brands, among others.
Food Seasonings division produces various culinary products for the Indofood group and NICI, a joint venture with Nestle
SA. NICI markets the culinary products including soy sauce, chili sauce, tomato sauce and instant seasonings under the
brands Indofood, Piring Lombok, Indofood Racik and Maggi. It also offers cordial syrups under the brand Indofood
Freiss.Foods division produces and sells variety of biscuits including snacks made from potato, cassava, soybean,
purple sweet potato and crackers. It sells these products under the Trenz, Wonderland and Dueto brands. Indofood
operates its CBP businesses through its subsidiary, PT Indofood CBP Sukses Makmur Tbk (ICBP).
The Nutrition and Special Foods division offers specialty foods including infant cereals and biscuits, cereal, puddings and
snacks for children, milk products for expectant and lactating mothers, and cereal drinks for young adults. It sells these
products under Promina, SUN, Govit and Provita brands. The division produces about 25,000 tons of specialty foods
every year.
Indofood's Beverages division offers a broad range of beverage products including ready-to-drink tea and coffee,
packaged water, carbonated soft drinks and fruit juice drinks. It offers these products under various brands including Ichi
Ocha, Tekita, Caféla, Club, 7Up, Tropicana, Twister and Fruitamin, among others. The company operates this division
through the two joint venture companies: PT Asahi Indofood Beverage Makmur, and PT Indofood Asahi Sukses
Beverage.

In FY2015, the Consumer Branded Products business group reported revenues of IDR31,735,954 million, accounting for
45.5% of the company's total revenue. Bogasari Business Group (Bogasari) manufactures wheat flour under Kunci Biru,
Segitiga Biru, Cakra Kembar and Lencana Merah brands. It also produces pasta under the brand La Fontefor domestic
and export market. Bogasari manufactures polypropylene bags for its packaging requirements. Bogasari Group is the
largest integrated flour miller in Indonesia, which operates two flour mills one in Surabaya and the other in Jakarta. It also
owns and operates five panamax and five supramax vessels under its maritime unit. In FY2015, the Bogasari business
group reported revenues of IDR19,176,993 million, accounting for 27.5% of the company's total revenue.
The company's Agribusiness Group is a vertically integrated and diversified group, with operations comprising research
and development, seed breeding, oil palm cultivation, milling, manufacturing and marketing of cooking oil, margarine and
shortening. It also cultivates and processes rubber, sugar cane and other crops. Indofood operated its Agribusiness
Group through its subsidiaries PT Salim Ivomas Pratama Tbk and PT PP London Sumatra Indonesia Tbk. In FY2015,
the Agribusiness Group reported revenue of IDR13,802,960 million, accounting for 19.8% of the company's total
revenues.
The Distribution Business Group operates an extensive distribution network in Indonesia. Its distribution networks include
several branches, stock points and retail outlets. The Distribution Business Group also sells third-party products. In
FY2015, the Distribution Business Group reported revenues of IDR4,978,314 million, accounting for 7.1% of the
company's total revenues.
Indofood also operates Cultivation and Processed Vegetables Business Group. The Cultivation and Processed
Vegetables Business Group involves in cultivation, processing and production of branded products. The company
operates this business group through China Minzhong Food Corporation Limited (CMFC). CMFC manages cultivating
land in seven provinces in the China and maintains network of fresh and semi-processed vegetables suppliers in
fourteen provinces. In FY2015, the Cultivation and Processed Vegetables Business Group did not generate any revenue.
Key Metrics
The company recorded revenues of $5,406 million in the fiscal year ending December 2015, an increase of .7%
compared to fiscal 2014. Its net income was $250 million in fiscal 2015, compared to a net income of $333 million in the
preceding year.
Table 13: PT Indofood Sukses Makmur Tbk: key financials ($)
$ million 2011 2012 2013 2014 2015

Revenues 3,825.2 4,236.1 4,693.6 5,366.2 5,405.7
Net income (loss) 259.7 275.7 211.1 332.6 250.4
Total assets 4,521.7 5,011.4 6,549.0 7,263.4 7,748.9

Table 14: PT Indofood Sukses Makmur Tbk: key financials (IDR)
IDR million 2011 2012 2013 2014 2015

Revenues 45,332,256.0 50,201,548.0 55,623,657.0 63,594,452.0 64,061,947.0
Net income (loss) 3,077,180.0 3,267,736.0 2,502,092.0 3,941,794.0 2,967,951.0
Total assets 53,585,933.0 59,389,405.0 77,611,416.0 86,077,251.0 91,831,526.0
Total liabilities 34,189,136.0 38,183,127.0 54,182,020.0 60,972,851.0 64,562,175.0
Table 15: PT Indofood Sukses Makmur Tbk: key financial ratios
Ratio 2011 2012 2013 2014 2015

Profit margin 6.8% 6.5% 4.5% 6.2% 4.6%
Revenue growth 18.0% 10.7% 10.8% 14.3% 0.7%
Asset growth 13.3% 10.8% 30.7% 10.9% 6.7%
Liabilities growth 12.1% 11.7% 41.9% 12.5% 5.9%
Debt/asset ratio 63.8% 64.3% 69.8% 70.8% 70.3%
Return on assets 6.1% 5.8% 3.7% 4.8% 3.3%
Figure 16: PT Indofood Sukses Makmur Tbk: revenues & profitability

Figure 17: PT Indofood Sukses Makmur Tbk: assets & liabilities

PT Indofood Sukses Makmur Tbk
Table 16: PT Indofood Sukses Makmur Tbk: key facts
Sudirman Plaza, Indofood Tower, 27th Floor, JI Jend, Sudirman, Kav.

Head office:
76-78, Jakarta, IDN
Telephone: 62 21 57958822
Fax: 62 21 57935960
Website: www.indofood.com
Ticker: INDF
Stock exchange: Indonesia Stock Exchange
Indofood is a vertically integrated food producer in Indonesia. The company’s product portfolio includes instant noodles,
dairy, pasta, food seasonings, flour, nutrition and special food, and snack foods. It also focuses on oil palm seed
breeding, cultivation along with refining, branding and marketing of cooking oils, margarine and shortening. The company
classifies its business operations into five reportable segments: Consumer Branded Products Business Group, Bogasari
Business Group, Agribusiness Group, Distribution Business Group, and Cultivation and Processed Vegetables Business
Group.
The company classifies its Consumer Branded Products (CBP) business group into six divisions: Noodles, Dairy, Food
Seasonings, Snack Foods, Nutrition and Special Foods and Beverages. Its Noodles division offers a wide range of
instant bag noodles, instant cup noodles, egg noodles and instant vermicelli with a capacity of more than 15 billion packs
per annum. It sells these products under various brands including Supermi, Indomie, Sarimi, Pop Mie, Sakura, and Mi
Telur Cap 3 Ayam, among others. Dairy division manufactures and sells sweetened and condensed milk, ultra-high
temperature milk, sterilized bottled milk, pasteurized liquid milk, powdered milk, butter and ice cream. It offers these
products under Indomilk, Cap Enaak, Tiga Sapi, Kremer, Orchid Butter, Indoeskrim and Milkuat brands, among others.
Food Seasonings division produces various culinary products for the Indofood group and NICI, a joint venture with Nestle
SA. NICI markets the culinary products including soy sauce, chili sauce, tomato sauce and instant seasonings under the
brands Indofood, Piring Lombok, Indofood Racik and Maggi. It also offers cordial syrups under the brand Indofood
Freiss.Foods division produces and sells variety of biscuits including snacks made from potato, cassava, soybean,
purple sweet potato and crackers. It sells these products under the Trenz, Wonderland and Dueto brands. Indofood
operates its CBP businesses through its subsidiary, PT Indofood CBP Sukses Makmur Tbk (ICBP).
The Nutrition and Special Foods division offers specialty foods including infant cereals and biscuits, cereal, puddings and
snacks for children, milk products for expectant and lactating mothers, and cereal drinks for young adults. It sells these
products under Promina, SUN, Govit and Provita brands. The division produces about 25,000 tons of specialty foods
every year.
Indofood's Beverages division offers a broad range of beverage products including ready-to-drink tea and coffee,
packaged water, carbonated soft drinks and fruit juice drinks. It offers these products under various brands including Ichi
Ocha, Tekita, Caféla, Club, 7Up, Tropicana, Twister and Fruitamin, among others. The company operates this division
through the two joint venture companies: PT Asahi Indofood Beverage Makmur, and PT Indofood Asahi Sukses
Beverage.

In FY2015, the Consumer Branded Products business group reported revenues of IDR31,735,954 million, accounting for
45.5% of the company's total revenue. Bogasari Business Group (Bogasari) manufactures wheat flour under Kunci Biru,
Segitiga Biru, Cakra Kembar and Lencana Merah brands. It also produces pasta under the brand La Fontefor domestic
and export market. Bogasari manufactures polypropylene bags for its packaging requirements. Bogasari Group is the
largest integrated flour miller in Indonesia, which operates two flour mills one in Surabaya and the other in Jakarta. It also
owns and operates five panamax and five supramax vessels under its maritime unit. In FY2015, the Bogasari business
group reported revenues of IDR19,176,993 million, accounting for 27.5% of the company's total revenue.
The company's Agribusiness Group is a vertically integrated and diversified group, with operations comprising research
and development, seed breeding, oil palm cultivation, milling, manufacturing and marketing of cooking oil, margarine and
shortening. It also cultivates and processes rubber, sugar cane and other crops. Indofood operated its Agribusiness
Group through its subsidiaries PT Salim Ivomas Pratama Tbk and PT PP London Sumatra Indonesia Tbk. In FY2015,
the Agribusiness Group reported revenue of IDR13,802,960 million, accounting for 19.8% of the company's total
revenues.
The Distribution Business Group operates an extensive distribution network in Indonesia. Its distribution networks include
several branches, stock points and retail outlets. The Distribution Business Group also sells third-party products. In
FY2015, the Distribution Business Group reported revenues of IDR4,978,314 million, accounting for 7.1% of the
company's total revenues.
Indofood also operates Cultivation and Processed Vegetables Business Group. The Cultivation and Processed
Vegetables Business Group involves in cultivation, processing and production of branded products. The company
operates this business group through China Minzhong Food Corporation Limited (CMFC). CMFC manages cultivating
land in seven provinces in the China and maintains network of fresh and semi-processed vegetables suppliers in
fourteen provinces. In FY2015, the Cultivation and Processed Vegetables Business Group did not generate any revenue.
Key Metrics
The company recorded revenues of $5,406 million in the fiscal year ending December 2015, an increase of .7%
compared to fiscal 2014. Its net income was $250 million in fiscal 2015, compared to a net income of $333 million in the
preceding year.
Table 17: PT Indofood Sukses Makmur Tbk: key financials ($)
$ million 2011 2012 2013 2014 2015

Revenues 3,825.2 4,236.1 4,693.6 5,366.2 5,405.7
Net income (loss) 259.7 275.7 211.1 332.6 250.4
Total assets 4,521.7 5,011.4 6,549.0 7,263.4 7,748.9

Table 18: PT Indofood Sukses Makmur Tbk: key financials (IDR)
IDR million 2011 2012 2013 2014 2015

Revenues 45,332,256.0 50,201,548.0 55,623,657.0 63,594,452.0 64,061,947.0
Net income (loss) 3,077,180.0 3,267,736.0 2,502,092.0 3,941,794.0 2,967,951.0
Total assets 53,585,933.0 59,389,405.0 77,611,416.0 86,077,251.0 91,831,526.0
Total liabilities 34,189,136.0 38,183,127.0 54,182,020.0 60,972,851.0 64,562,175.0
Table 19: PT Indofood Sukses Makmur Tbk: key financial ratios
Ratio 2011 2012 2013 2014 2015

Profit margin 6.8% 6.5% 4.5% 6.2% 4.6%
Revenue growth 18.0% 10.7% 10.8% 14.3% 0.7%
Asset growth 13.3% 10.8% 30.7% 10.9% 6.7%
Liabilities growth 12.1% 11.7% 41.9% 12.5% 5.9%
Debt/asset ratio 63.8% 64.3% 69.8% 70.8% 70.3%
Return on assets 6.1% 5.8% 3.7% 4.8% 3.3%
Figure 18: PT Indofood Sukses Makmur Tbk: revenues & profitability

Figure 19: PT Indofood Sukses Makmur Tbk: assets & liabilities

PT Oasis Waters International
Table 20: PT Oasis Waters International: key facts
Jl. Cinere Raya Blok NB 11, Bukit Cinere Indah, Cinere, Depok, 16514,
Head office:
Indonesia
Telephone: 62 21 3211 7887
Website: www.oasis.co.id
PT Oasis Waters International (Oasis Waters) is an Indonesian manufacturer and distributor of packed drinking water.
The company operates as a subsidiary of Hyflux Ltd., a provider of engineering, procurement and construction (EPC)
services for energy and water treatment plants. Oasis Waters offers its packaged deinking waters under Oasis brand
name. The company was established in 1984 and is based in Depok, Indonesia.
Key Metrics
As a privately held company, PT Oasis International is not required to publish its financial statements.

PT Tang Mas
Table 21: PT Tang Mas: key facts
JL. Puri Kencana, Perkantoran Puri Niaga I, Blok K7 No. 3 V-W, Jl. Puri
Head office:
Kencana, Kembangan District, Jakarta, IDN
Telephone: 62 2158 23560
Fax: 62 2158 23561
Website: www.duatang.com
PT Tang Mas (PT Tang Mas) is a producer and marketer of non-alcoholic beverages. The company’s product portfolio
includes packaged water, tea, iced rtd tea drink, orange juice and tamarind juice. These products are marketed under the
brands of Zestea, 2tang, Frutang and Tjatoet. PT Tang Mas operates through two manufacturing facilities in Indonesia.
The company operates as a subsidiary of 2Tang Group. PT Tang Mas is headquartered in Jakarta, Indonesia.
Key Metrics
As a privately held company, PT Tang Mas is not required to publish its financial statements.

MACROECONOMIC INDICATORS
Country data
Table 22: Indonesia size of population (million), 2011–15
Year Population (million) % Growth

2011 243.8 1.3%
2012 246.9 1.3%
2013 249.9 1.2%
2014 252.8 1.2%
2015 255.7 1.1%
Table 23: Indonesia gdp (constant 2005 prices, $ billion), 2011–15
Year Constant 2005 Prices, $ billion % Growth

2011 402.3 6.5%
2012 427.5 6.3%
2013 452.2 5.8%
2014 475.3 5.1%
2015 501.4 5.5%
Table 24: Indonesia gdp (current prices, $ billion), 2011–15
Year Current Prices, $ billion % Growth

2011 846.0 19.3%
2012 877.8 3.8%
2013 870.3 (0.9%)
2014 856.8 (1.5%)
2015 964.9 12.6%

Table 25: Indonesia inflation, 2011–15
Year Inflation Rate (%)

2011 5.4%
2012 4.3%
2013 6.4%
2014 6.1%
2015 6.1%
Table 26: Indonesia consumer price index (absolute), 2011–15
Year Consumer Price Index (2005 = 100)

2011 153.4
2012 160.0
2013 170.2
2014 180.6
2015 191.7
Table 27: Indonesia exchange rate, 2011–15
Year Exchange rate ($/IDR) Exchange rate (€/IDR)

2011 8,724.1100 12,137.0000
2012 9,364.9074 11,991.2000
2013 10,426.4000 13,871.6000
2014 11,850.9000 15,716.3000
2015 13,395.6000 14,862.5318

METHODOLOGY
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checked and presented in a consistent and accessible style.
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analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
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profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
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- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry associations
International Council of Beverages Associations
1101 16th Street, NW, Washington, DC 20036 USA
Tel.: 1 202 463 6790
Fax: 1 202 463 8172
www.icba-net.org
Related MarketLine research

Industry Profile
Packaged Water in Asia-Pacific
Global Packaged Water
Packaged Water in the United States

APPENDIX
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MarketLine Industry Profile

Reference Code: 0103-2908

Publication Date: December 2016

Indonesia - Packaged Water 0103 - 2908 - 2015

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

Market value forecast

Market volume forecast

Indonesia - Packaged Water 0103 - 2908 - 2015

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

Market value forecast ................................................................................................................................................. 2

Market volume forecast .............................................................................................................................................. 2

Geography segmentation ........................................................................................................................................... 2

Market share .............................................................................................................................................................. 2

Market Overview ............................................................................................................................................................ 7

Market definition ......................................................................................................................................................... 7

Market analysis .......................................................................................................................................................... 7

Market Data ................................................................................................................................................................... 8

Market Segmentation ................................................................................................................................................... 10

Geography segmentation ......................................................................................................................................... 10

Market share ............................................................................................................................................................ 11

Market distribution .................................................................................................................................................... 12

Market Outlook ............................................................................................................................................................. 13

Market value forecast ............................................................................................................................................... 13

Market volume forecast ............................................................................................................................................ 14

Five Forces Analysis .................................................................................................................................................... 15

Buyer power ............................................................................................................................................................. 16

Supplier power ......................................................................................................................................................... 17

New entrants ............................................................................................................................................................ 18

Degree of rivalry ....................................................................................................................................................... 20

Leading Companies ..................................................................................................................................................... 21

Indonesia - Packaged Water 0103 - 2908 - 2015

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

PT Indofood Sukses Makmur Tbk ............................................................................................................................ 25

PT Indofood Sukses Makmur Tbk ............................................................................................................................ 29

PT Oasis Waters International ................................................................................................................................. 33

Macroeconomic Indicators ........................................................................................................................................... 35

Industry associations ................................................................................................................................................ 38

Related MarketLine research ................................................................................................................................... 38

About MarketLine ..................................................................................................................................................... 39

Indonesia - Packaged Water 0103 - 2908 - 2015

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Table 8: Danone SA: key facts ..................................................................................................................................... 21

Table 9: Danone SA: key financials ($) ........................................................................................................................ 22

Table 10: Danone SA: key financials (€) ...................................................................................................................... 22

Table 11: Danone SA: key financial ratios ................................................................................................................... 23

Table 12: PT Indofood Sukses Makmur Tbk: key facts ................................................................................................ 25

Table 16: PT Indofood Sukses Makmur Tbk: key facts ................................................................................................ 29

Table 20: PT Oasis Waters International: key facts ..................................................................................................... 33

Table 21: PT Tang Mas: key facts................................................................................................................................ 34

Table 22: Indonesia size of population (million), 2011–15 ........................................................................................... 35

Table 24: Indonesia gdp (current prices, $ billion), 2011–15........................................................................................ 35

Table 25: Indonesia inflation, 2011–15 ........................................................................................................................ 36

Table 26: Indonesia consumer price index (absolute), 2011–15 .................................................................................. 36

Table 27: Indonesia exchange rate, 2011–15 .............................................................................................................. 36

Indonesia - Packaged Water 0103 - 2908 - 2015

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Figure 14: Danone SA: revenues & profitability............................................................................................................ 23

Figure 15: Danone SA: assets & liabilities ................................................................................................................... 24

Indonesia - Packaged Water 0103 - 2908 - 2015