26 February 2001
The attached press release has been issued by Indofood. First Pacific has a 48 per cent economic interest in Indofood, a leading processed-foods group with operations throughout Indonesia. Indofood is based in Jakarta, and is listed on the Jakarta and Surabaya stock exchanges. The principal businesses of Indofood are Instant Noodles, Flour and Edible Oils & Fats, and it also has interests in Snack Foods, Baby Foods, Food Seasonings and Distribution. Further information on Indofood can be found at www.indofood.co.id.
For further information, please contact:
PT Indofood Sukses Makmur Tbk
| Djoko Wibowo Investor Relations Department | Tel: (62-21) 522 8822 ext. 134 or 790 |
| Herlinda Zulkarnaen Manager, Investor Relations | Tel: (62-21) 522 8822 ext. 648 or 649 |
Eva Riyanti Hutapea, CEO and President Director of Indofood announced today the Company's consolidated operating results for the year ended December 31, 2000, which recorded net sales of Rp. 12.7 trillion, a growth of 10% over 1999.
All operating divisions registered higher sales volumes in 2000. The sales volumes of Noodles and Flour divisions reached 8.95 billion packs (11% growth) and 2.1 million tons (25% growth), respectively. The other divisions increased sales volumes ranging from 14% to 58% over 1999.
Hutapea stated also that Earnings Before Interest and Taxes (EBIT) for 2000 reached Rp. 2.4 trillion, a 5% growth over 1999 of Rp. 2.3 trillion, whereas the gross and operating margins for 2000 were 29.4% and 18.9%, respectively. However due to the deteriorating rupiah exchange rates, which reached Rp. 9,595 to US$. 1 at the end of 2000 from Rp. 7,100 for US$. 1 at the end of last year, net forex losses of the Company amounted to approximately Rp. 889 billion to the Company. As a result, the Company's net income reached only Rp. 646 billion, a decline of 54%, as compared to Rp. 1,395 billion in 1999, including the unrealized forex losses by the end of December amounted to Rp. 212 billion.
As of December 31, 2000, total assets amounted to Rp. 12.6 trillion, compared to Rp. 10.6 trillion in 1999, while the outstanding debts in foreign currency and shareholders' equity as of December 31, 2000 amounted to US$. 454 million and Rp. 3,1 trillion, respectively. The outstanding foreign currency debts as of December 31, 2000 represents approximately 68% of total borrowings.
During the year, the Company has been able to pay a significant amount of installments on its foreign currency debts amounting to US$. 251 million, causing a 36% decrease in its outstanding foreign currency debts from US$ 705 million at the beginning of the year. At the end of 2000, hedging contracts with a total value of US$ 343 million covered 76% of these foreign currency debts. Export revenues in 2000 reached approximately US$. 210 million. At the end of the year, the Company's Debt to Equity Ratio improved to 2.1 times, as compared to 2.4 times in 1999.
Hutapea disclosed the Board of Directors' intention to propose in June 2001 dividend payments from the Company's profit in 2000 at the next Annual General Meeting of Shareholders.
Hutapea likewise stated that Indofood is committed to the implementation of good corporate governance practices. In June 2000, the Company appointed Prof. Dr. Warren J. Keegan and Mr. Torstein Stephansen, as independent commissioners of the Company. Further, since last year the Company has progressively developed its homepage www.indofood.co.id as a reliable source of information for shareholders, investors and the general public.
| Jakarta, February 26, 2001 | PT INDOFOOD SUKSES MAKMUR TBK THE BOARD OF DIRECTORS |
Download the Consolidated Balance Sheets and Consolidated Statements Of Income in MS Excel 97 (file size 35K)
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