ADDITIONAL INFORMATION TO THE SHAREHOLDERS Inggris.pdf · This Additional Information To The...

ADDITIONAL INFORMATION

THIS ADDITIONAL INFORMATION TO THE SHAREHOLDERS IS IMPORTANT AND REQUIRES THE

ATTENTION OF THE SHAREHOLDERS OF PT INDOFOOD CBP SUKSES MAKMUR

Consumer branded products industry, include among others

nutrition and special foods, as well as capital investments in subsidiaries engaged in the dairy

processing industry and other related products, snacks,

packaging.

Sudirman Plaza, Indofood Tower 23

This Additional Information To The Shareholders

the Company to acquire all shares of Pinehill Company Limited, a holding company duly

established under the laws of the British Virgin Islands

Limited, an affiliated party of the Company and Steele Lake Limited,

the Company.

The Board of Commissioners and the Board of Directors of the Company, severally and jointly,

are fully liable for the accuracy of all information or material facts contained in this

Information To The Shareholders

enquiries, and to the best of their knowledge and belief, there are no important

facts or the omissions of which would

Information To The Shareholders

This Additional Information To The Shareholders

INFORMATION TO THE SHAREHOLDERS

INFORMATION TO THE SHAREHOLDERS IS IMPORTANT AND REQUIRES THE

ATTENTION OF THE SHAREHOLDERS OF PT INDOFOOD CBP SUKSES MAKMUR

Principal Businesses

Consumer branded products industry, include among others, instant noodles, food seasonings,


processing industry and other related products, snacks, culinary food products,

Principal Office

Sudirman Plaza, Indofood Tower 23rd Floor

Jalan Jendral Sudirman Kav 76-78

Jakarta 12910 – Indonesia

Telephone : +62 (21) 5793 7500

Fax : +62 (21) 5793 7557

To The Shareholders is published in respect of the proposed plan of


established under the laws of the British Virgin Islands, which is owned by Pinehill Corpora

Limited, an affiliated party of the Company and Steele Lake Limited, a non


are fully liable for the accuracy of all information or material facts contained in this

Information To The Shareholders and confirm that, after conducting sufficient and reasonable

to the best of their knowledge and belief, there are no important

of which would cause the information or material facts in this

rmation To The Shareholders to be incorrect and/or misleading.

Information To The Shareholders is issued on 29

SHAREHOLDERS

INFORMATION TO THE SHAREHOLDERS IS IMPORTANT AND REQUIRES THE

ATTENTION OF THE SHAREHOLDERS OF PT INDOFOOD CBP SUKSES MAKMUR TBK., (“COMPANY”)

instant noodles, food seasonings,


culinary food products, beverages and

in respect of the proposed plan of


which is owned by Pinehill Corpora

a non-affiliated party of


are fully liable for the accuracy of all information or material facts contained in this Additional

sufficient and reasonable

to the best of their knowledge and belief, there are no important and relevant

n or material facts in this Additional

July 2020

This Additional Information To The Shareholders including its attachments such as the re-Issued

reports of the independent parties, is an addition and to complete the Information To The

Shareholders that has been announced by the Company on Monday, 8 June 2020 (“Info Memo

8 June 2020”), therefore this Additional Information To The Shareholders should be read together

and constitutes as an integral part of the Info Memo 8 June 2020.

Unless otherwise define in this Additional Information To The Shareholders, all definitions used herein

shall have the same meaning with all of the definitions used in the Info Memo 8 June 2020.

For easy reference for the Shareholders of the Company to read this Additional Information To The

Shareholders then the information stated in the comparable format.

Info Memo 8 June 2020

Additional Information

I. INTRODUCTION I. INTRODUCTION

Considering that the value of the Proposed

Transaction of USD2,998,000,000.- (two billion

nine hundred ninety eight million US Dollars)

which is equivalent to Rp41,675,198,000,000.-

(fourty one trillion six hundred seventy five

billion one hundred ninety eight million rupiah)(

by using the exchange rate of USD1.- (one US

Dollar) to Rp13,901.- (thirteen thousand nine

hundred and one rupiah) as of 31 December

2019), which if compared to the Company’s

equity as of 31 December 2019 amounting

Rp26,671,104,000,000.- (twenty six trillion six

hundred seventy one billion one hundred and

four million rupiah), has exceeded 50% (fifty

percent) of the Company’s equity, therefore

the Proposed Transaction is a material

transaction as described under the Regulation

No. IX.E.2, hence in accordance with the

Regulation No. IX.E.2, the Company is required

to obtain the approval from the GMS of the

Company before completing the Proposed

Transaction.

Considering that the value of the Proposed

Transaction of USD2,998,000,000 (two billion

nine hundred ninety eight million US Dollars)

which is equivalent to approximately

Rp41,675,198,000,000 (fourty one trillion six

hundred seventy five billion one hundred ninety

eight million rupiah) (by using the exchange

rate of USD1 (one US Dollar) to Rp13,901.-

(thirteen thousand nine hundred and one

Rupiah) as of December 31, 2019 which if

compared to the Company’s equity as of

31 December 2019 amounting to

Rp26,671,104,000,000.- (twenty six trillion six

hundred seventy one billion one hundred and

four million Rupiah), then the value of the

Proposed Transaction is approximately 156.26%

(one hundred fifty six point twenty six percent)

of the Company’s equity. Therefore the

Proposed Transaction is a material transaction

as described under the Regulation No. IX.E.2,

hence in accordance with the Regulation No.

IX.E.2, the Company is required to obtain the

approval from the GMS of the Company

before completing the Proposed Transaction.

In connection with the use of the Company

and the Target Company's financial statements

for the year ended on 31 December 2019 in

preparing the Appraisal Report, Fairness

Opinion Report of the Independent Party, can

be done considering that there is a relaxation

set forth by OJK according to Letter No. S-

101/D.04/2020 concerning the Extension of

Validity Period of Financial Report and

Appraisal Report in the Capital Market, the

Extension of Bookbuilding Period, and

Postponement/Cancellation of Public Offering.

II. INFORMATION OF THE PROPOSED

TRANSACTION

II. INFORMATION OF THE PROPOSED

TRANSACTION

3. Information of the parties in the Proposed

Transaction

3.1 Pinehill Corpora Limited (Pinehill Corpora)

Pinehill Corpora is a consortium indirectly

owned as to approximately 49% (forty

nine percent) by Mr. Anthoni Salim.

A relative of Mr. Anthoni Salim indirectly

owns approximately 8.3% (eight point

three percent) of Pinehill Corpora. The

remaining of around 42.7% (forty two point

seven percent) of Pinehill Corpora is held

by independent third parties.

3. Information of the parties in the Proposed

Transaction

3.1 Pinehill Corpora Limited (Pinehill Corpora)

Pinehill Corpora is a consortium indirectly

owned as to approximately 49% (forty nine

percent) by Mr. Anthoni Salim.

A relative of Mr. Anthoni Salim indirectly

owns approximately 8.3% (eight point

three percent) of Pinehill Corpora. The

remaining of around 42.7% (forty two point

seven percent) of Pinehill Corpora is held

by Kidston Holdings Limited and Amartha

Group Limited, both are independent third

parties.

VII. SUMMARY OF REPORTS AND OPINION OF

INDEPENDENT PARTIES

VII. SUMMARY OF REPORTS AND OPINION OF

INDEPENDENT PARTIES

Below is the summary of Independent Valuer

Report as stated in Equity Valuation Report No.

00160/2.0012-00/BS/04/0005/1/V/2020 dated

18 May 2020 and Fairness Opinion Report No.

00162/2.0012-00/BS/04/0005/1/V/2020 dated

22 May 2020.

Summary of Equity Valuation Report

a. Subject Company

Subject Company is 100% equity of PCL

which is a holding company that has four

subsidiaries primarily engages in the

instant noodles industry.

b. Purpose and Valuation Objective

This valuation is to provide an opinion of

Fair Market Value of 100% equity of PCL

for share acquisition purpose.

c. Valuation Date

Valuation date is 31 December 2019.

Below is the summary of Independent Valuer

Report which has been reissued as stated in

Equity Valuation Report No. 00197/2.0012-00/

BS/04/0005/1/VII/2020 dated 10 July 2020 and

Fairness Opinion Report No. 00198/2.0012-

00/BS/04/0005/1/VII/2020 dated 10 July 2020.

*) Definition that used in this section might be

different from definition in other section.

Summary of Equity Valuation Report

a. Subject Company

Subject Company is 100% equity of Pinehill

Company Limited (“PCL”). PCL is a

company duly incorporated in 24 April

1991, organized and existing under the

laws of the British Virgin Islands, holding

company that has four subsidiaries which

primarily engages in the instant noodle

industry. PCL and Subsidiaries (”PCL

Group”) is an instant noodle producer and

holder of Indomie brand license in Saudi

Arabia, Nigeria, Ghana, Turkey, Egypt,

Kenya, Morocco and Serbia. Besides

operating subsidiaries, PCL has several

non-operating sub holding entities which

used as parent company of the operating

subsidiaries.

b. Purpose and Valuation Objective

This valuation is to provide an opinion of

Fair Market Value of 100% equity of PCL for

shares acquisition purpose.

c. Valuation Date


d. General and Special Assumptions

General Assumption

- PCL is a non-operating holding

company and has investment both

directly and indirectly in subsidiaries

which are going concern companies

and will continue its operation for the

foreseeable future;

- PCL is assumed to have complied with

all applicable legal and law matters

specific to the industry in each country

in order to conduct its operational

activities;

- For the purpose of this valuation, we

have relied on the data and

information provided by PCL

Management, including financial

statement used as basis of this

valuation analysis, is assumed to be

true and correct, also there is no

information that is hidden or

intentionally hidden;

- Covid-19 pandemic which has

affected almost all parts of the world

has implication on social distancing

and access restriction as imposed by

each country including country where

the Subject Company is located, which

has occurred since the assignment is

granted until the issuance of this report,

therefore we cannot conduct direct

inspection to the assets of PCL and its

subsidiaries. In this valuation, we have

assumed that the assets are in good

condition and can operate normally.

We also assumed that the assets are in

a "free and clear" condition and

comply with applicable

regulations/permit requirements in

each country.

Special Assumptions

- We have received financial projection

and capital expenditure plan for each

operating entity from management

and assumed that the financial

projection and capital expenditure

plan will be realized;

- We understand that PCL and

subsidiaries (“PCL group”) activities are

mainly in production and of marketing

instant noodles with Indomie brand in

each entity geographical area. The

Indomie brand is owned by PT

Indofood Sukses Makmur Tbk (“INDF”)

and PCL group pay the royalty for

d. General and Special Assumptions

General Assumption

- PCL is a non-operating holding

company and have investment both

directly and indirectly in subsidiaries

which is a going concern company and

will continue its operation for the

foreseeable future;

- PCL is assumed to have complied with

all applicable legal and law matters

specific to the industry in each country

in order to conduct its operational

activities;

- For the purpose of this valuation, we

have relied on the data and

information provided by PCL

Management, including financial

statement that used as basis of this

valuation analysis, is assumed to be true

and correct, also there is no information

that is hidden or intentionally hidden;

- Covid-19 pandemic which has affected

almost all parts of the world has

implication on social distancing and

access restriction as imposed by each

country including country where the

Subject Company is located, which has

occurred since the assignment is

granted until the issuance of this report,

therefore we cannot conduct direct

inspection to the assets of PCL and its

subsidiaries. In this valuation, we have

assumed that the assets are in good

condition and can operate normally.

We also assumed that the assets are in

a "free and clear" condition and

comply with applicable

regulations/permit requirements in each

country.

Special Assumptions

- We have received financial projection

and capital expenditure plan for each

operating entity from management and

assumed that the financial projection

and capital expenditure plan will be

realized;

- We understand that PCL Group

activities are mainly in production and

marketing of instant noodles with

Indomie brand in each entity

geographical area. The Indomie brand

is owned by PT Indofood Sukses Makmur

Tbk (“INDF”) and PCL Group pay the

royalty for every sale on Indomie

every sale on Indomie produced. In this

valuation, INDF is assumed will continue

to provide PCL group the rights to

produce and market Indomie instant

noodles continuously, as well as

provide seasoning premix for the

production activity;

- We understand that several non-

operating sub-holding entities financial

statement were not audited as of

valuation date. In this valuation, we

have used the un-audited financial

statement as the basis of valuation;

- We understand that Indoadriatic

Industry d.o.o. Indija (“IAID”) is the

parent company of its operating

subsidiary and the subsidiary does not

release its financial report since IAID

ownerships in the company are 100%

therefore the subsidiary is fully

consolidated to the parent company

(without any minority interest). In this

valuation, we have valued

consolidated IAID only;

- We understand that Dufil Prima Foods

Plc (“DPFP”) is owned by Platinum

Stream Profits Limited (“PSPL”) and

Tolaram Africa Foods Pte Ltd. (“TAF”)

with ownership of 48.99% each and the

remaining ownership of 2.01% is owned

by other shareholders. In this valuation,

PSPL ownerships in DPFP is assumed as

majority ownership;

- We understand that Infinity FZCO

(“Infinity”), a direct subsidiary of DPFP,

has just established on 16 September

2019 and has not recorded the

financial statement as of valuation

date. In this valuation, we did not

consider the value of Infinity.

e. Valuation Approach and Method

In this valuation, we have adopted Market

Approach using Guideline Publicly Traded

Company method (“GPTC”) with the

consideration that there are comparable

produced. In this valuation, INDF is

assumed will continue to provide PCL

group the rights to produce and market

Indomie instant noodle continuously, as

well as provide seasoning premix for the

production activity;

- We understand that on the audit

process of PCL financial report is

included the audit of non-operating

sub-holding entities as follows:

- Timeby Group Ltd. (with ownership of

100% by Sawaz),

- Triumph Fame Investments Ltd. (with

ownership of 100% by Sawaz),

- Bellapeak Investments Ltd. (with

ownership of 100% by Sawaz), and

- Hearty Ivory Holdings Ltd. (with


However, the audited financial report of

those 4 sub-holding entities did not

release. In this valuation, we have used

those financial reports as the basis of

valuation;

- We understand that Indoadriatic

Industry d.o.o. Indija (“IAID”) is the

parent company of its operating

subsidiary, Indoserbia Food LLC which

does not release their audited financial

report since IAID ownerships in that

company is 100% therefore the

subsidiary is fully consolidated to the

parent company (without any minority

interest). In this valuation, we have

valued as consolidated IAID only;

- We understand that Dufil Prima Foods

PLC (“DPFP”) is owned by Platinum

Stream Profits Limited (“PSPL”) and

Tolaram Africa Foods Pte Ltd. with

ownership of 48.99% each and the

remaining ownership of 2.01% is owned

by other shareholders. In this valuation,

PSPL ownerships in DPFP is assumed as

majority ownership;

- We understand that Infinity FZCO

(“Infinity”), a direct subsidiary of DPFP,

has just established on 10 September

2019 and has not recorded the financial

statement as of valuation date. In this

valuation, we did not consider the value

of Infinity.

e. Valuation Approach and Method

In this valuation, we have adopted Market

Approach using Guideline Publicly Traded

Company (“GPTC”) method with the


companies. Furthermore, we also have

adopted Asset Approach using Adjusted

Book Value Method (“ABVM”) with the

consideration that the Subject Company is

a non-operating holding company and

only has asset in the form of investment in

subsidiaries with significant value.

Specifically, for operating subsidiaries, we

have adopted Income Approach using

Discounted Cash Flow method (“DCF”)

with consideration that the company has

been operating and is assumed to

continue its operation for the foreseeable

future and Market Approach using GPTC

method.

f. Subsequent Event

The Covid-19 pandemic followed by

uncertainty and deep contraction in the

global economy as well as in Indonesia

might adversely impact the value of the

asset and/or liabilities. In this analysis, we

have not considered the impact of any

subsequent event after the valuation

date.

g. Conclusion

Having considered all relevant information

and the prevailing market condition, we

are on the opinion that the Fair Market

Value of 100% equity of PCL on 31

December 2019 is USD2,863,374,000.- (two

billion eight hundred sixty three million three

hundred seventy four thousand United

States Dollars).

By using exchange rate as of valuation

date USD 1 = IDR13,901.- the Fair Market

Value of 100% equity of PCL on 31

December 2019 is Rp39,803,762,000,000.-

(thirty nine trillion eight hundred three billion

seven hundred and sixty two million rupiah).

Summary of Fairness Opinion Report

a. Subject of Fairness Analysis

Subject of fairness analysis is proposed

share acquisition of 100% equity of PCL

(“Proposed Transaction”).

b. Parties in the Proposed Transaction

- PT Indofood CBP Sukses Makmur Tbk

(“ICBP”);

- Pinehill Corpora Limited (“PCoL”);

- Steele Lake Limited (“SLL”);

- Pinehill Company Limited (“PCL”).

c. Purpose and Objective of Fairness Analysis

Purpose and objective of this assignment is

to provide Fairness Opinion on the

Proposed Transaction for information

disclosure to public.

companies. Furthermore, we also have

adopted Asset Approach using Adjusted

Book Value Method (“ABVM”) with

consideration that PCL is a non-operating

holding company and only has asset in

form of investment in subsidiaries with

significant value.

Specifically, for operating subsidiaries, we

have adopted (i) Income Approach using

Discounted Cash Flow method with

consideration that the company has been

operating and is assumed to continue its

operation for the foreseeable future and (ii)

Market Approach using GPTC method.

f. Subsequent Event





asset and/or liabilities. In this analysis, we

have not considered the impact of any

subsequent event after the valuation date.

g. Conclusion

Having considered all relevant information

and the prevailing market condition, we are

on the opinion that the Fair Market Value of

100% equity of PCL on 31 December 2019 is

USD2,863,374,000,- (two billion eight hundred

sixty three million three hundred seventy four

thousand United States Dollar).

By using exchange rate as of valuation date

USD 1 = IDR 13,901.- the Fair Market Value of

100% equity of PCL on 31 December 2019 is

Rp39,803,762,000,000,- (thirty nine trillion

eight hundred three billion seven hundred

sixty two million rupiah).

Summary of Fairness Opinion Report

a. Subject of Fairness Analysis

Subject of fairness analysis is proposed

acquisition of 100% equity of PCL

(“Proposed Transaction”).

b. Parties in the Proposed Transaction

- PT Indofood CBP Sukses Makmur Tbk

(“ICBP” or “Company”);

- Pinehill Corpora Limited (“PCoL”);

- Steele Lake Limited (“SLL”);

- Pinehill Company Limited (“PCL”).

c. Purpose and Objective of Fairness Analysis

Purpose and objective of this assignment is

to provide Fairness Opinion on the

Proposed Transaction for information

disclosure to the public.

d. Date of Fairness Analysis

Fairness analysis date is 31 December 2019.

e. Assumptions and Limiting Conditions

This Fairness Opinion is conducted with

limitations as follows:

- Due diligence on ICBP’s financial

statements is not conducted and the

review on information in financial

statement is only limited to the fairness

opinion needs;

- Due Diligence on legal aspects including

legal documents of subject of fairness

analysis is not conducted;

- Tax impact analysis for the parties

related to the Proposed Transaction;

- Other transaction other than stated in

subject fairness analysis.

Based on analysis to Proposed Transaction,

KJPP-RHR has several assumptions as

follows:

- KJPP-RHR assumed that the Proposed

Transaction will be executed as

described by ICBP’s management and

in accordance with the agreement as

well as the reliability of the information of

the Proposed Transaction as disclosed

by ICBP's management;

- KJPP-RHR also assumed that there are no

significant changes in the assumptions

used in the preparation of this Fairness

Opinion from the date of Fairness

Opinion publication to the effective

date of the Proposed Transaction;

- KJPP-RHR assumed that all data and

information received from ICBP’s

management regarding the Proposed

Transaction are accurate and correct,

also there is no hidden or deliberately

hidden information;

- The opinion should be viewed as a unity

and the use of some of this analysis and

information without considering the

overall information and analysis may

lead to misleading of the process

This Fairness Opinion report is related to the

Proposed Transaction classified as affiliate

transaction based on Bapepam Regulation

Number IX.E.1 regarding Affiliate

Transaction and Conflict of Interest of

Certain Transaction (”Regulation No. IX.E.1”)

and material transaction based on

Regulation No. IX.E.2. In terms of Transaction

classified as affiliate and material that do

not bear conflict of interest, then only need

to comply with provision in Regulation No.

IX.E.2.

d. Date of Fairness Analysis


e. Assumptions and Limiting Conditions

This Fairness Opinion is conducted with

limitation as follow:

- The Valuers did not carry out detailed

due diligence for the financial

statement information and the

company legal documents, but has

reviewed the relevant documents, data

and information regarding the valuation

assignment;

- Other transaction other than stated in

subject of fairness analysis.

Based on analysis to the Proposed

Transaction, KJPP RHR has several

assumptions as follows:

- KJPP-RHR assumed that the Proposed

Transaction will be executed as

described by ICBP’s management and in

accordance with the agreement as well

as the reliability of the information of the

Proposed Transaction as disclosed by

ICBP's management;

- KJPP-RHR also assumed that there is no

significant changes in the assumptions

that used in the preparation of this

Fairness Opinion from the date of Fairness

Opinion publication to the effective date

of the Proposed Transaction;

- KJPP-RHR assumed that all data and

information received from ICBP’s

management regarding the Proposed

Transaction are accurate and correct,

also there is no hidden information or

deliberately hidden;

- The opinion should be viewed as a unity

and the use of some of this analysis and

information without considering the

overall information and analysis may

lead to misleading of the process

underlying this opinion. The complexity of

the preparation process for this opinion

cannot be done without a complete

analysis;

- This opinion is prepared based on the

current financial, monetary, regulation

and market. Changes on any condition

beyond Company's control and any

related parties will give an

unpredictable impact and affect this

fairness opinion;

- KJPP-RHR has no liability to update the

Fairness Opinion if there are subsequent

events after the analysis date, but only

discloses in the report;

- This report is not intended to give a

recommendation to the shareholders to

approve or disapprove the Proposed

Transaction.

f. Valuation Approach and Method

- Transaction Analysis

Based on Conditional Shares Sale and

Purchase Agreement, the proposed

acquisition of 100% equity of PCL is

USD2,998,000,000.- (two billion nine

hundred ninety eight million United States

Dollars) (“Purchase Price”) which will be

paid proportionally at the purchase price

of PCoL and SLL.

underlying this opinion. The complexity of

the preparation process for this opinion

cannot be done without a complete

analysis;

- This opinion is prepared based on the

current financial, monetary, regulation

and market. Changes on any condition

beyond Company's control will give an

unpredictable impact and affect this

fairness opinion;

- KJPP-RHR has no liability to update the

Fairness Opinion if there are subsequent

events after the analysis date, but only

discloses in the report;

- This report is not intended to give a

recommendation to the shareholders to

approve or disapprove the Proposed

Transaction;

- The adjusted financial projection has

reflected the reasonableness of financial

projections made by management with

the ability to achieve it (fiduciary duty).

f. Valuation Approach and Method

- Proposed Transaction Analysis

ICBP plans to acquire PCL Group from

PCoL and SLL to strengthen its market

position as global instant noodle

producers, especially in 8 countries,

which PCL Group operates. Through this

plan, ICBP expects to create synergy

between ICBP and PCL in strengthening

its market position in instant noodle,

especially with Indomie brand, as well as

creating higher growth for both PCL

Group and ICBP. One of PCoL’s

shareholder is the affiliate party of ICBP.

Based on the Conditional Shares Sale

and Purchase Agreement (“CSPA”) that

had been signed by ICBP with PCoL and

SLL, Proposed Transaction is worth

USD2.998 billion to acquire 100% of PCL

shares. In the agreement, the sellers will

guarantee the annual average PCL

Group’s NPAT at USD128.5 million for the

first two years (year 2020 and 2021).

Through this plan, ICBP expects to create

synergy between ICBP and PCL in

strengthening its market position in instant

noodle, especially with Indomie brand,

also creating higher growth for both PCL

and ICBP, which will impact in value

enhancement to ICBP’s shareholders.

Based on the CSPA, there is a potential

that the purchase price might be

adjusted if the annual average of the

guaranteed profit of USD128.5 million for

the first two years is not achieved.

Furthermore, the Company is also faced

with risk on approval of the Proposed

Transaction execution, which is

determined by the shareholders in the

general meeting of shareholders.

In relation that Proposed Transaction will

be funded mostly using bank loan, which

is until the issuance of this report, the

Company has not officially signed any

loan agreement with banks, therefore

the Company may deal with possibility of

the Proposed Transaction funding

uncertainty.

Hereby convey that the Company is still

in final discussion process with banks as

creditors of the loan to finance the

acquisition.

Protracted condition of Covid-19

pandemic may affect both the

Company nor PCL Group business

activities, therefore can affect each

company performance.

Income Statement

PCL Group’s revenue increased by 17%

from USD334.5 million in 2017 to USD391.3

million in 2018, mainly as a result of

revenue increase in Egypt. Total revenue

for 2019 increased by 36% to USD533.5

million from USD391.3 million in 2018,

which was mainly attributable to growth

in sales from Saudi Arabia, Egypt and

Turkey.

Income for the year attributable to

owners of the company decreased by

10% from USD46.5 million in 2017 to

USD41.8 million in 2018, despite the

increase in revenue. This decrease was

mainly attributable to the lower share in

net profit of an associate.

Income for the year attributable to

owners of the company increased by 3%

to USD43.2 million in 2019, mainly due to

increase in revenue, partly offset by

increase in finance cost from bank loan

in head office and lower net profit from

associate.

Core profit (which represents the profit

attributable to owners of the Company

excluding the effects of foreign

exchange and loan interest expenses in

Head Office) was decreased by 1% from

USD55.5 million in 2017 to USD55.1 million

in 2018. In 2019, core profit increased by

41% to USD77.6 million in 2019 from

- Qualitative and Quantitative Analysis

Purpose and Benefit of the Proposed

Transaction

Through this Proposed Transaction, ICBP

can achieve their strategic position

which is in line with its long-term business

plan in strengthening its market position

in 8 (eight) operating countries of PCL,

as well as contributing a significant

growth through their synergy plan.

USD55.1 million in 2018.

Financial Position

Total asset of PCL Group increased from

USD366.8 million in 2017 to USD394.5

million in 2018, mainly due to increase in

cash and cash equivalent and

investment in associate. PCL Group’s

total asset was USD356.2 million in 2019,

decrease from USD394.5 million in 2018,

mainly due to decrement of other

receivable from related parties, offset by

higher balance of investment in an

associate.

Total liabilities decreased from USD271.9

million in 2017 to USD263.3 million in 2018

mainly due to lower bank borrowings.

Total liabilities of the PCL Group in 2019

were USD109.9 million, lower by USD153.5

million compared to USD263.3 million in

2018, as a result of repayment of interest-

bearing bank borrowings.

Total equity increased to USD246.3 million

in 2019 mainly due to additional of share

capital of USD138.9 million in 2019.

Cash Flow

Net cash flow from operating activities

amounted to USD42.8 million in 2017

increased to USD 73.7 million in 2018 and

decreased to USD 52.6 million in 2019

mainly due to increment of interest

expense.

Net cash flow from investment activities

amounted to USD12.3 million in 2017 and

USD3.7 million in 2018 was came from

dividend received which compensated

with the payment of fixed assets. Net

cash flow used for investing activities in

2019 is USD114.5 million, mainly for the

acquisition of subsidiaries.

In 2019, net cash flow from financing

activities amounted to USD70.4 million

was mainly from repayment from related

parties, proceed from loan, and from

issuance of new shares which

compensated with the repayment of net

bank loan.

- Qualitative and Quantitative Analysis

Purpose and Benefit of the Proposed

Transaction for ICBP

Through this Proposed Transaction, ICBP

can achieve their strategic position

which is in line with its long-term business

plan in strengthening its market position

in 8 operating countries of PCL Group, as

well as contributing a significant growth

through their synergy plan.



strengthening its market position in

instant noodles, especially with Indomie

brand, as well as creating higher growth

for both PCL and ICBP, which will have

impact in value enhancement to ICBP’s

shareholders.

Financial Analysis Before and After

Proposed Transaction

Based on the financial statement

proforma after the Proposed Transaction

as of 31 December 2019, profit margin

except gross profit margin slightly

decrease due to record of professional

fee on Proposed Transaction cost. While

Debt to Equity Ratio (DER) and Debt to

Assets Ratio (DAR) experience a

significant jump since Proposed

Transaction is mostly funded by loan.

Return on Assets (ROA) and Return on

Equity (ROE) also experience a decrease

due to increase in professional fee cost

and increase in total assets and total

equity.

Incremental Analysis

Based on incremental analysis, by

exercising Proposed Transaction, ICBP

are able to increase both of its revenue

and net profit up to 20% per year in

average, compared to if the Proposed

Transaction is not exercised.



strengthening its market position in instant

noodle, especially with Indomie brand,

as well as creating higher growth for both

PCL and ICBP, which will have impact in

value enhancement to ICBP’s

shareholders.

Financial Analysis Before and After

Proposed Transaction

Based on the financial statement

proforma after the Proposed Transaction

as of 31 December 2019, profit margin

except gross profit margin slightly

decrease due to record of professional

fee on the Proposed Transaction cost.

While Debt to Equity Ratio (DER) and

Debt to Assets Ratio (DAR) experience a

significant jump since the Proposed

Transaction is mostly funded by loan.

Return on Assets (ROA) and Return on

Equity (ROE) also experience a decrease

due to increase in professional fee cost

and increase in total assets and equity.


ICBP’s management projects that for the

next five years, its consolidated revenue

will increase by 8.03% average per year.

After the Proposed Transaction, ICBP’s

consolidated revenue is projected to

increase with higher rate, at the average

of 10.55% per year, caused by PCL Group

revenue growth that is projected to

increase at the average of 20.41% per

year particularly due to revenue

increment in Saudi Arabia, Egypt and

Turkey region, where PCL Group market

potency is still growing and the current

instant noodle consumption per capita is

less than quarter compared to

consumption per capita of ICBP’s instant

noodle product in Indonesia.

In line with projection of its consolidated

revenue, ICBP’s consolidated net income

is also projected to grow higher after the

Proposed Transaction compared to

consolidated net income projection

before the Proposed Transaction.

Based on incremental analysis, by

exercising the Proposed Transaction, the

Company is able to increase both its

revenue and net profit in the range of

10% - 30% per year, compared if the

Proposed Transaction is not exercised,

which is mainly contributed from PCL

- Transaction Value Analysis

Fairness of the Proposed Transaction was

analyzed by comparing the Proposed

Transaction value which is defined in the

CSPA and Fair Market Value of Subject

Transaction as of 31 December 2019.

Based on the Equity Valuation Report No.

00160/2.0012-00/BS/04/0005/1/V/2020

dated 18 May 2020, KJPP-RHR is on the

opinion that the Fair Market Value of

100% equity of PCL is USD2,863,374,000.-

(two billion eight hundred sixty three

million three hundred and seventy four

thousand United States Dollars) or

equivalent to Rp39,803,762,000,000.-

(thirty nine trillion eight hundred three

billion seven hundred and sixty two

million rupiah).

Group’s net income although there is

increment in loan interest rate to

financing the Proposed Transaction. In

long-term, this acquisition tends to

generate an increase return over the

time, in connection with Target Group

which is still have an opportunity to

increase exponentially.

Despite of increase in net income, there

is also significant spike on the interest

paid by the Company since the

financing of the Proposed Transaction is

mainly through bank loan. Based on the

increment, interest rate (gross) for JPY

loan is about 1.4% per annum and USD

loan is about 2.7% per annum for 5 years

period.

Sensitivity Analysis

Sensitivity Analysis was conducted

through analysis on increment or

decrement on PCL Group sales by 5%,

using assumption that 5% decrease on

PCL Group’s sales will not significantly

affect ICBP operational performance in

general, since the PCL Group’s

contribution for the first 3 years is only

about 30% from ICBP’s projected net

profit before the Proposed Transaction.

Based on financial feasibility analysis on

Purchase Price and financial projection

of PCL Group, feasibility parameters

indicate positive result and Proposed

Transaction is feasible to exercise.

Changes in the exchange rates used by

the PCL Group will affect the Company’s

financial projections after the Proposed

Transaction.

- Transaction Value Analysis

Fairness of the Proposed Transaction was

analyzed by comparing the Proposed

Transaction value which is defined in the

CSPA and Fair Market Value of Subject

Transaction as of 31 December 2019.


00197/2.0012-00/BS/04/0005/1/VII/2020

dated 10 July 2020, KJPP-RHR is on the

opinion that the Fair Market Value of

100% equity of PCL is USD2,863,374,000.-

(two billion eight hundred sixty three

million three hundred seventy four

thousand United States Dollar) or

equivalent to Rp39,803,762,000,000.-

(thirty nine trillion eight hundred three

billion seven hundred sixty two million

Rupiah). Based on that report, the lower

limit and higher limit of fairness of

Based on the Conditional Shares Sale and

Purchase Agreement between ICBP and

PCoL and SLL, the Purchase Price is


hundred and ninety eight million United

States Dollars).

Based on the above analysis, the

Proposed Transaction is 4.70% (four point

seven zero percent) higher than the Fair

Market Value, therefore the Proposed

Transaction is considered fair as the

Transaction value is within the maximum

deviation range of 7.5% from Fair Market

Value (maximum limit set forth in

Regulation No. VIII.C.3 regarding

Guidelines for Business Valuation and

Reporting in Capital Market).

g. Subsequent Event





assets, liabilities and/or the fairness

opinion. In this analysis, we have not

considered the impact of any subsequent

event after the date of analysis.

h. Appraisal on the Fairness of the Proposed

Transaction

Having considered fairness analysis on

Proposed Transaction covering transaction

analysis, quantitative and qualitative

analysis, fairness of transaction value

analysis and analysis on relevant factors,

we are on the opinion that the overall

Proposed Transaction is fair.

Proposed Transaction is

USD2,648,621,000.-and USD3,078,127,000.-

Based on the CSPA between ICBP and

PCoL and SLL, the Purchase Price is


hundred ninety eight million United States

Dollar).

Based on the above analysis, the

Proposed Transaction value is 4.70% (four

point seven zero percent) higher than

the Fair Market Value, therefore the

Proposed Transaction is considered fair

as the Transaction value is within the

maximum deviation range of 7.5% from

Fair Market Value (maximum limit set

forth in Regulation No. VIII.C.3 regarding

Guidelines for Business Valuation and

Reporting in Capital Market).

g. Subsequent Event





asset, liabilities and/or the fairness opinion.

In this analysis, we have not considered the

impact of any subsequent event after the

date of analysis.

Difference of exchange rates in Rupiah

to USD currency between analysis date

and report date is about 4%. Difference

in this exchange rate will have impact to

Fair Market Value and Purchase Price in

Rupiah. However, we prompted that this

information is not intended to update or

change the valuation conclusion.

In relation that Proposed Transaction will be

funded mostly using loan, which is until the

issuance of this report, the Company has

not officially signed any loan agreement

with banks, therefore the Company may

deal with possibility of the Proposed

Transaction funding uncertainty.

h. Fairness Opinion of the Proposed

Transaction

Having considered fairness analysis on the

Proposed Transaction covering transaction

analysis, qualitative and quantitative

analysis, fairness of transaction value

analysis and analysis on relevant factors, we

are on the opinion that the overall


VIII. EXTRAORDINARY GENERAL MEETING OF

SHAREHOLDERS

VIII. EXTRAORDINARY GENERAL MEETING OF

SHAREHOLDERS

In relation to the Proposed Transaction, the

Company intends to seek approval from the

Company's EGMS which will be held on

Wednesday, 15 July 2020 to comply with the

provisions in the Regulation No. IX.E.2 and the

Company's Articles of Association, with the

required quorum and approval as follows:

The Company’s EGMS must be attended by

the Shareholders of the Company

representing at least 3/4 (three fourth) of the

total number of shares issued by the Company

with valid voting rights, and a decision is valid

if approved by more than 3/4 (three fourth) of

all shares with valid voting rights present at the

Company’s EGMS.

Agenda of the EGMS of the Company

The approval of the proposed acquisition of all

shares of Pinehill Company Limited, a holding

company duly established under the laws of

the British Virgin Islands which is owned by

Pinehill Corpora Limited, an affiliated party of

the Company and Steele Lake Limited, a non-

affiliated party of the Company.

The Important dates relate to the

implementation of the Company’s EGMS are

as follows:

In relation to the Proposed Transaction, the

Company intends to seek approval from the

Company's Extraordinary General Meeting of

Shareholders (“EGMS”) which will be held on

Monday, 3 Agustus 2020, to comply with the

provisions in the Regulation No. IX.E.2 and the

Company's Articles of Association, with the

required quorum and approval as follows:

The EGMS must be attended by the

Shareholders of the Company representing at

least 3/4 (three fourth) of the total number of

shares issued by the Company with valid voting

rights, and a decision is valid if approved by

more than 3/4 (three fourth) of all shares with

valid voting rights present at the EGMS.

In the event that the quorum of the first EGMS is

not achieved, then not earlier than 10 (ten)

days and not later than 21 (twenty one) days

after the first EGMS, a second EGMS may be

held. The second EGMS shall be lawful and

entitled to adopt a binding resolution if

attended or represented by the shareholders

or legal representatives representing at least

2/3 (two thirds) of the total number of shares

with valid voting rights and approved by more

than 3/4 (three fourths) of the total number of

shares with valid voting rights present at the

second EGMS.

If the quorum of the second EGMS is not

achieved, then upon the request of the Board

of Directors of the Company, the third EGMS

may be held with the quorum, the number of

votes to adopt a resolution, the invitation and

the time of holding the third EGMS to be

determined by OJK.

Agenda of the EGMS of the Company:

The approval of the proposed acquisition of all

shares of Pinehill Company Limited, a holding

company duly established under the laws of

the British Virgin Islands, which is owned by

Pinehill Corpora Limited, an affiliated party of

the Company and Steele Lake Limited, a non-

affiliated party of the Company.

The Important dates and estimated schedule

for the implementation of the EGMS are as

follows:

Events Date

Announcement of the

Company’s EGMS and

Disclosure of Information

regarding the Proposed

Transaction in the newspaper

and the Company’s website

8 June

2020

Date of determination of the list

of shareholders who are entitled

to attend the Company’s EGMS

(Recording Date)

22 June

2020

Invitation for the Company’s

EGMS in the newspaper and the

Company’s website

23 June

2020

EGMS of the Company 15 July

2020

Announcement of the

Company’s EGMS result in a

newspaper and the Company’s

website

17 July

2020

Events Date

Announcement of the

Company’s EGMS and Disclosure

of Information regarding the

Proposed Transaction in the

newspaper and Company’s

website

8 June

2020

Date of determination of the list

of shareholders who are entitled

to attend the Company’s EGMS

(Recording Date)

22 June

2020

Invitation for the EGMS in the


website

23 June

2020

Re-Invitation for the EGMS in the


website

29 July

2020

EGMS of the Company 3 August

2020

Announcement of the EGMS

result in the newspaper and the

Company’s website

5 August

2020

IX. RECOMMENDATION FROM THE BOARD OF

DIRECTORS AND THE BOARD OF

COMMISSIONERS

IX. RECOMMENDATION FROM THE BOARD OF

DIRECTORS AND THE BOARD OF

COMMISSIONERS

The Board of Directors and Board of

Commissioners of the Company have

received reports and opinions from the

appointed independent parties and have

considered the benefits of the Proposed

Transaction and believe that this Proposed

Transaction is in the best interest of the

Company.

Therefore, the Board of Directors and Board of

Commissioners of the Company recommend

to all Shareholders of the Company to

approve the Proposed Transaction at the

Company’s EGMS, which will be held on

Wednesday, 15 July 2020.

The Board of Directors and Board of

Commissioners of the Company have received

reports and opinions from the appointed

independent parties and have considered the

benefits of the Proposed Transaction and

believe that this Proposed Transaction is in the

best interest of the Company.

Although the Proposed Transaction is a

transaction with an affiliated party of the

Company considering that one of the Sellers,

namely Pinehill Corpora is an affiliated party of

the Company, the Board of Directors believes

that the Proposed Transaction does not contain

a conflict of interest as referred to in Regulation

No. IX.E.1.

Therefore, the Board of Directors and Board of

Commissioners of the Company recommend to

all Shareholders of the Company to approve

the Proposed Transaction at the EGMS, which

will be held on Monday, 3 August 2020.

X. ADDITIONAL INFORMATION X. ADDITIONAL INFORMATION

If the Shareholders of the Company require

further information relating to the Proposed

Transaction, the Shareholders may contact the

Company on any business day during working

hours at the following address:

PT Indofood CBP Sukses Makmur Tbk

Sudirman Plaza, Indofood Tower 23th Floor,

Jalan Jendral Sudirman Kav 76-78,


Telephone : +62 (21) 5795 8822

Facsimile : +62 (21) 5793 7373

If the Shareholders of the Company require

further information relating to the Proposed

Transaction, the Shareholders may contact the

Company on any business day during working

hours at the following address:


Sudirman Plaza, Indofood Tower 23th Floor,

Jalan Jendral Sudirman Kav 76-78,


Telephone : +62 (21) 5795 8822

Facsimile : +62 (21) 5793 7373

This page is intentionally left blank

ATTACHMENTS

Attachment: Equity valuation of the Target Company


Laporan Ringkas

Penilaian Ekuitas

Pinehill Company Limited

Summary Report

Equity Valuation of


No. Laporan/ No. Report : 00197/2.0012-00/BS/04/0005/1/VII/2020

Tanggal/ Date : 10 Juli/July 2020

VALUATION & ADVISORY SERVICES i

Kepada / To : Direktur / Directors Ref. : RHR00C2I0220045.0

PT Indofood CBP Sukses Makmur Tbk No. Report / Report No. : 00197/2.0012-00/BS/04/0005/1/VII/2020

Sudirman Plaza, Tanggal / Date : 10 Juli/July 2020

Indofood Tower 23rd Floor,

Jl. Jend. Sudirman Kav.76-78,

Jakarta 12910

Laporan Ringkas

Penilaian Ekuitas


Summary Report

Equity Valuation of


Dengan Hormat,

Menyambung instruksi PT Indofood CBP Sukses Makmur

Tbk (”ICBP”) sesuai dengan kontrak No.

RHR00C2I0220045.0 tanggal 12 Februari 2020 dan

amendemen No. RHR00C2I0220045.1 tanggal 8 Mei

2020 untuk memberikan opini Nilai Pasar Wajar atas

100% Ekuitas Pinehill Company Limited (“PCL”), dengan

ini kami menyatakan bahwa kami telah melakukan

investigasi atas objek penilaian, dan menyampaikan

laporan ini untuk Pemberi Tugas dan Pengguna Laporan.

Dear Sir/Madam,

Following instruction of PT Indofood CBP Sukses Makmur

Tbk (”ICBP”) under contract No. RHR00C2I0220045.0

dated 12 February 2020 and amendment No.

RHR00C2I0220045.1 date 8 May 2020, to form an

opinion of Fair Market Value of 100% Equity of Pinehill

Company Limited (“PCL”), we hereby declare that we have

completed our investigation and submit the attached

valuation report for the Client and Intended User.

Laporan ini merupakan revisi dari laporan Penilaian

Ekuitas No. 00194/2.0012-00/BS/04/0005/1/VII/2020

tanggal 6 Juli 2020, sehingga dengan ini kami

menyatakan bahwa laporan tersebut sudah tidak lagi

berlaku sejak laporan ini diterbitkan. Revisi yang

dilakukan mencakup tambahan informasi pada surat

pengantar.

This report is the revision of Equity Valuation Report No.

No. 00194/2.0012-00/BS/04/0005/1/VII/2020 dated 6

July 2020, therefore we hereby declare that the report has

no longer valid. The revision covers additional information

on covering letter.

1. Status Penilai

Pekerjaan penilaian ini dilaksanakan oleh penilai

independen yang merupakan Penilai Publik dan salah

satu rekan pada KJPP Rengganis, Hamid & Rekan

(KJPP-RHR). Penilai Publik dan KJPP-RHR telah

memiliki perizinan dan terdaftar sebagai Penilai

Publik di Kementerian Keuangan Republik Indonesia

dan Otoritas Jasa Keuangan – OJK.

1. Valuer Status

This valuation assignment has been carried out by

independent valuer who is a Public Valuer and one of

partners in KJPP Rengganis, Hamid & Rekan (“KJPP

RHR”). The Public Valuer and KJPP-RHR has a business

permit and registered as Public Valuer in the Ministry

of Finance and Financial Services Authority – OJK.

VALUATION & ADVISORY SERVICES ii

KJPP-RHR telah menjalin kerjasama aliansi strategis

dengan CBRE, yang merupakan perusahaan

konsultan properti global terintegrasi yang terdaftar

di Bursa Efek New York.

Penilaian ini dilakukan secara objektif dan tidak

memihak serta Penilai juga tidak mempunyai potensi

benturan kepentingan dengan objek penilaian,

pemberi tugas dan pengguna laporan.

Seluruh penilai, tenaga ahli dan staf pelaksana

dalam penugasan ini adalah satu kesatuan tim

penugasan di bawah koordinasi Penilai berizin atau

penanggung jawab penilaian yang mempunyai

kompetensi untuk melakukan penilaian.

KJPP RHR has established a strategic alliance with

CBRE, an integrated global property consultant listed

in New York Stock Exchange.

This valuation is carried out in an objective and

impartial manner where the Valuers do not have a

potential conflict of interest with the subject company,

the client and the intended user.

All valuers, experts and executive staffs in this

valuation are acted as a unified assignment team

under the coordination of a licensed Public Valuer or

person in charge of the valuation who have the

competence to conduct valuation.

2. Pemberi Tugas 2. Client

Pemberi tugas adalah ICBP, dengan uraian sebagai

berikut.

The Client is ICBP, with details as follow:

Industri Makanan dan Minuman Bidang Usaha /

Business Sector Food and Beverages Industry


Jl. Jend. Sudirman Kav 76-78

Jakarta 12910

Alamat /

Address



Jakarta 12910

+6221 5793 7500 Telepon /

Telephone +6221 5793 7500

+6221 5793 7557 Faksimile /

Facsimile +6221 5793 7557

[email protected] E-mail [email protected]

https://www.indofoodcbp.com/ Website https://www.indofoodcbp.com/

3. Pengguna Laporan 3. Intended User

Pengguna Laporan adalah ICBP. Intended User is ICBP.

4. Objek Penilaian dan Kepemilikan 4. Subject Company and Ownership Right

Objek penilaian adalah 100% ekuitas PCL. Subject Company is 100% equity of PCL.

Informasi Ringkas PCL

PCL adalah perusahaan yang didirikan pada 24 April

1991, berorganisasi dan berada di bawah hukum

Kepulauan Virgin Britania Raya. PCL adalah

perusahan induk dari empat anak perusahaan yang

kegiatan usaha utamanya bergerak dalam bidang

industri mi instan. PCL dan entitas anak (“Grup PCL”)

adalah produsen mi instan dan pemegang lisensi

merek Indomie di Arab Saudi, Nigeria, Ghana, Turki,

Mesir, Kenya, Moroko, dan Serbia. Selain entitas anak

yang beroperasi, PCL memiliki beberapa entitas

subholding yang tidak beroperasi yang berfungsi

sebagai entitas induk dari entitas anak yang

beroperasi.

Brief Information of PCL

PCL is a company duly incorporated in 24 April 1991,

organized and existing under the laws of the British

Virgin Islands. PCL is a holding company that has four

subsidiaries which primarily engages in the instant

noodle industry. PCL and subsidiaries (“PCL group”)

is an instant noodle producer and holder of Indomie

license in Saudi Arabia, Nigeria, Ghana, Turkey,

Egypt, Kenya, Morocco and Serbia. Besides operating

subsidiaries, PCL has several non-operating sub

holding which used as parent company of the

operating subsidiaries.

VALUATION & ADVISORY SERVICES iii

Alamat kantor pusat PCL adalah Vistra Corporate

Services Centre, Wickhams Cay II, Road Town,

Tortola, VG1110, British Virgin Islands.

The address of its head office is Vistra Corporate



Kegiatan usaha PCL adalah perusahaan induk

investasi. Saat ini PCL memiliki penyertaan saham

pada entitas anak yang menjalankan kegiatan usaha

manufaktur makanan yang dibedakan berdasarkan

negara operasinya dengan rincian sebagai berikut

PCL business activity is investment holding company.

PCL currently has shares in several subsidiaries that

are engaged in food manufacturing divided based on

countries of operation with details as follows.

Negara Operasi Entitas Anak/Subsidiary Country of operation

Kerajaan Saudi Arabia Pinehill Arabia Food Ltd Kingdom of Saudi Arabia

Mesir, Kenya, Serbia,

Moroko

Salim Wazaran Group Limited

(melalui entitas/through Sawata, Transworld, Sawake, IAID,

Sawamag, dan IMDC)

Egypt, Kenya, Serbia,

Morocco

Nigeria, Ghana

Platinum Stream Profit Limited

(melalui entitas/through DPFP, DUFIL, NNL, PFML, ROL, IPTLE,

DUFIL Ghana)

Nigeria, Ghana

Turki Salim Wazaran Gida Sanayi Ve Yatirim Anonim Sirketi

(melalui entitas/through Adkoturk) Turkey

Grup PCL juga menjual produk mereka ke negara di

sekitarnya seperti yang terlihat pada peta di bawah.

PCL group also sells their products to surrounding

countries as can be seen on the map below.

Sumber/Source: PCL, Management

Objek penilaian yang dimaksud berbadan hukum

Perseroan Terbatas dimana kepemilikannya

didasarkan kepada ketentuan yang diatur secara sah

dalam Akta Pendirian Objek penilaian. Hak

kepemilikan atas Objek penilaian adalah

kepemilikan atas saham biasa yang bersifat

mayoritas.

Subject Company is an incorporated company with

limited liabilities where its ownership is based on the

provision stipulated legally in the Establishment Act of

the Subject Company. The ownership right of the

Subject Company is common shares that are majority.

5. Jenis Mata Uang yang Digunakan 5. Applicable Currency

Objek penilaian dinilai dengan menggunakan mata

uang Dolar Amerika Serikat (“USD”) yang dikonversi

ke Rupiah (“IDR“ atau “Rp“). Nilai tukar pada tanggal

penilaian adalah USD1 = Rp13.901 (kurs tengah

Bank Indonesia).

The subject company is valued using US Dollar currency

(“USD”) which is converted to Rupiah (“IDR“ or “Rp“).

The exchange rate at the date of valuation is USD1=

Rp13,901 (Bank Indonesia middle rate).

VALUATION & ADVISORY SERVICES iv

6. Maksud dan Tujuan Penilaian

Penilaian ini dimaksudkan untuk memberikan opini

Nilai Pasar Wajar atas 100% ekuitas PCL untuk tujuan

akusisi saham.

6. Purpose and Valuation Objective

This valuation is to provide an opinion of Fair Market

Value of 100% equity of PCL for share acquisition

purpose.

7. Dasar Nilai

Penilaian ini disusun mengikuti Standar Penilaian

Indonesia (“SPI”) dan Peraturan Bapepam No.

VIII.C.3, dimana dasar nilai yang sesuai untuk tujuan

penilaian ini adalah Nilai Pasar Wajar yang

didefinisikan sebagai berikut.

7. Valuation Basis

This valuation has been carried out according to

Indonesian Valuation Standard (“SPI”) and Bapepam

Regulation No. VIII.C.3, where the appropriate

valuation basis is Fair Market Value as defined as

follows:

“Nilai Pasar Wajar adalah perkiraan jumlah uang

pada Tanggal Penilaian (Cut Off Date) yang dapat

diperoleh dari suatu transaksi jual beli Obyek

Penilaian antara pembeli yang berminat membeli

(willing buyer) dan penjual yang berminat menjual

(willing seller) dalam suatu transaksi yang bersifat

layak dan wajar.” (Peraturan Bapepam No. VIII.C.3)

“Fair Market Value is the estimated amount of money

on the Valuation Date (Cut Off Date) that can be

obtained from a sale and purchase transaction of

valuation object between a willing buyer and a willing

seller in a reasonable and fair transaction.”

(Bapepam Regulation No. VIII.C.3)

8. Tanggal Penilaian

Tanggal penilaian adalah 31 Desember 2019.

8. Date of Valuation


9. Sifat dan Sumber Informasi yang Dapat Diandalkan

Informasi dan data yang relevan namun tidak

membutuhkan verifikasi, dapat disetujui untuk

digunakan sepanjang sumber data tersebut

dipublikasikan pada tingkat nasional maupun

internasional. Sumber data tersebut antara lain:

- Bank Indonesia atau bank sentral negara lain;

- Bursa Efek Indonesia atau bursa lainnya;

- Badan Pusat Statistik atau lembaga statistik lain;

- Data riset dari lembaga independen, namun tidak

terbatas pada Bloomberg, IMF, dan Bank Dunia;

dan

- Informasi dari media elektronik dan media cetak.

Detail informasi mengenai data yang digunakan

dapat dilihat pada Dasar Informasi pada Bab

Pendahuluan.

9. Nature and Sources of Reliable Information Data

The relevant unverified information and data could be

accepted to use as long as the source of the data is

published in domestic or international levels. The data

sources are as follows:

- Bank Indonesia or other country central bank;

- Indonesia Stock Exchange or other exchange;

- Statistics Indonesia or other statistic institution;

- Research data from independent institutions, but

not limited to Bloomberg, IMF, and World Bank;

and

- Information from the electronic and printed media.

Detail of information of applied data can be seen

in Basis Information on Introduction Chapter.

10. Tingkat Kedalaman Investigasi

Penilaian ini dilakukan dengan batasan investigasi

sebagai berikut:

a) Penilai melakukan penelaahan terhadap

dokumen, data, dan informasi yang relevan

terkait penugasan penilaian namun tidak

dilakukan uji tuntas detail atas informasi laporan

keuangan dan dokumen legalitas perusahaan;

10. Depth of Investigation

The valuation is conducted with limitation of

investigation as follow:

a) The Valuers has reviewed the relevant documents,

data, and information regarding the valuation

assignment but did not carry out detailed due

diligence for the financial statement information

and the company legal documents;

VALUATION & ADVISORY SERVICES v

b) Pengumpulan data dan informasi dari pihak

manajemen Perseroan bertujuan untuk

mendapatkan dokumen kelengkapan analisis

yang dibutuhkan dan selanjutnya diverifikasi

melalui wawancara langsung;

c) Terdapat data informasi yang relevan, yang

diambil dari sumber yang layak;

d) Penelaahan, perhitungan dan analisa dapat

dilakukan dengan baik tanpa terhalang oleh

informasi yang tersembunyi atau sengaja

disembunyikan;

e) Inspeksi tidak dapat dilakukan dikarenakan

wabah COVID-19. Maka dari itu, wawancara

dilakukan menggunakan panggilan konferensi

dengan manajemen perusahaan dan identifikasi

keberadaan fasilitas produksi dilakukan dengan

melakukan pengecekan melalui Google Maps,

sebagai pemenuhan atas Surat OJK Nomor S-

165/D.04/2020 tanggal 17 Juni 2020

mengenai Permohonan Relaksasi Terhadap

Penerapan Peraturan OJK Dengan

Menggunakan Petunjuk Teknis Khusus Standar

Penilaian Indonesia (SPI);

f) Kami hanya menerima laporan keuangan PCL

untuk tahun 2017 - 2019 dan tidak menerima

laporan keuangan PCL untuk tahun 2015 dan

2016. PCL merupakan entitas induk yang tidak

operasional dan hanya memiliki aset utama

berupa investasi saham di anak-anak

perusahaan sehingga ketidaktersediaan laporan

keuangan PCL untuk tahun 2015 dan 2016 tidak

mempengaruhi perhitungan Nilai Pasar Wajar

ekuitas PCL.

b) Data and information collection from the

Company management is to obtain documents

need for analysis and then verified through direct

interview;

c) Relevant data and information are obtained from

appropriate sources;

d) The investigation, calculation and analysis have

been done without any hidden information or

deliberately hidden;

e) Inspection could not be carried out due to COVID-

19 pandemic. Therefore, the interview was

conducted through conference call with the

Company’s management and identification of

production facility location was conducted by

using Google Maps, as fulfillment for Letter of

OJK No. S-165/D.04/2020 dated 17 June 2020

regarding the request for relaxation on

Application of OJK Regulation By Special

Technical Guidelines for Indonesian Valuation

Standards (SPI);

f) We only received the audited financial reports of

PCL for the year 2017-2019 and did not receive

the audited financial reports of PCL for the year

2015 and 2016. PCL is a non-operating holding

entity and only has main assets in form of

investment in subsidiaries, therefore the

unavailability of PCL’s financial report for the year

2015 and 2016 does not effect on calculation of

Fair Market Value of equity of PCL.

11. Asumsi dan Asumsi Khusus

Penilaian ini bergantung pada asumsi berikut:

Asumsi

a. PCL merupakan entitas induk yang tidak

beroperasi dan memiliki penyertaan baik secara

langsung maupun tidak langsung pada entitas

anak yang sedang beroperasi dan diasumsikan

akan melanjutkan kegiatan usahanya di masa

yang akan datang;

b. PCL diasumsikan telah memenuhi seluruh aspek

legal dan perundang-undangan yang berlaku

secara umum maupun spesifik terhadap

industrinya pada masing-masing negara agar

dapat melakukan kegiatan operasional;

11. Assumption and Special Assumption

This valuation is subject to the following assumption:

Assumption

a. PCL is a non-operating holding company and has

investment both directly and indirectly in

subsidiaries which is a going concern company

and will continue its operation for the foreseeable

future;

b. PCL is assumed to have complied with all

applicable legal and law matters specific to the

industry in each country in order to conduct its

operational activities;

VALUATION & ADVISORY SERVICES vi

c. Untuk tujuan penilaian, kami telah dilengkapi

data dan informasi yang disediakan oleh

Manajemen PCL, termasuk laporan keuangan

yang digunakan sebagai dasar dalam analisis

penilaian, diasumsikan akurat dan benar serta

tidak ada data dan informasi yang disembunyikan

atau sengaja disembunyikan;

d. Pandemi COVID-19 yang melanda hampir

seluruh dunia yang berimplikasi pada

pembatasan sosial maupun akses yang

diberlakukan oleh masing-masing negara

termasuk negara dimana lokasi objek penilaian

berada, terhitung sejak penugasan diberikan

sampai dengan penerbitan laporan ini, telah

berakibat tidak dapat dilakukannya inspeksi

langsung terhadap aset PCL dan entitas anak.

Dalam penilaian ini kami berasumsi bahwa aset

berada dalam kondisi baik dan dapat beroperasi

secara normal. Kami juga berasumsi bahwa aset

dalam kondisi “free and clear” dan memenuhi

peraturan/perijinan yang berlaku di negaranya.

Asumsi Khusus

a. Kami mengerti bahwa Dufil Prima Foods Plc

(“DPFP”) dimiliki oleh Platinum Stream Profits

Limited (“PSPL”) dan Tolaram Africa Foods Pte Ltd.

(“TAF”) dengan besaran kepemilikan yang sama

masing-masing sebesar 48,99% dan sisa

kepemilikan sebesar 2,01% dimiliki oleh

pemegang saham lain. Dalam penilaian ini,

kepemilikan PSPL pada DPFP diasumsikan

sebagai kepemilikan mayoritas;

b. Kami telah menerima proyeksi keuangan serta

rencana belanja modal untuk masing-masing

entitas yang beroperasi dari manajemen dan

mengasumsikan bahwa proyeksi keuangan dan

rencana belanja modal tersebut akan terlaksana;

c. Kami mengerti bahwa sebagian besar kegiatan

operasional Grup PCL adalah memproduksi dan

memasarkan mi instant merek Indomie pada

wilayah geografis masing-masing entitas. Merek

Indomie merupakan merek dagang dari PT

Indofood Sukses Makmur Tbk (“INDF”) dan PCL

group membayar royalti atas setiap penjualan

Indomie yang diproduksi. Dalam penilaian ini,

INDF diasumsikan akan terus memberikan PCL

group hak untuk memproduksi dan memasarkan

mi instant Indomie, termasuk menyediakan premix

bumbu untuk kegiatan produksi;

c. For the purpose of this valuation, we have relied

on the data and information provided by PCL

Management, including financial statement that

used as basis of this valuation analysis, is assumed

to be true and correct, also there is no information

that is hidden or intentionally hidden;

d. COVID-19 pandemic which has affected almost

all parts of the world has implication on social

distancing and access restriction as imposed by

each country including country where the Subject

Company is located, which has occurred since the

assignment is granted until the issuance of this

report, therefore we cannot conduct direct

inspection to the assets of PCL and its subsidiaries.

In this valuation, we have assumed that the assets

are in good condition and can operate normally.

We also assumed that the assets are in a "free and

clear" condition and comply with applicable

regulations/permit requirements in each country.

Special Assumptions

a. We understand that Dufil Prima Foods Plc

(“DPFP”) is owned by Platinum Stream Profits

Limited (“PSPL”) and Tolaram Africa Foods Pte

Ltd. (“TAF”) with ownership of 48.99% each and

the remaining ownership of 2.01% is owned by

other shareholders. In this valuation, PSPL

ownerships in DPFP is assumed as majority

ownership;

b. We have received financial projection and capital

expenditure plan for each operating entity from

management and assumed that the financial

projection and capital expenditure plan will be

realized;

c. We understand that PCL group activities are

mainly in production and marketing instant

noodles with Indomie brand in each entity

geographical area. The Indomie brand is owned

by PT Indofood Sukses Makmur Tbk (“INDF”) and

PCL group pay the royalty for every sale on

Indomie produced. In this valuation, INDF is

assumed will continue to provide PCL group the

rights to produce and market Indomie instant

noodle continuously, as well as provide

seasoning premix for the production activity;

VALUATION & ADVISORY SERVICES vii

d. Kami mengerti bahwa proses audit atas laporan

keuangan PCL juga termasuk audit atas entitas

sub-holding yang tidak beroperasi sebagai

berikut.

1) Timeby Group Ltd. (kepemilikan sebesar 100%

oleh Sawaz),

2) Triumph Fame Investments Limited (kepemilikan

sebesar 100% oleh Sawaz),

3) Bellapeak Investments Ltd (kepemilikan sebesar

100% oleh Sawaz), dan

4) Hearty Ivory Holdings Ltd (kepemilikan sebesar

100% oleh Sawaz),

Namun laporan keuangan auditan atas ke-4

entitas sub-holding tersebut tidak diterbitkan.

Dalam penilaian ini, kami menggunakan laporan

keuangan tersebut sebagai dasar penilaian;

e. Kami mengerti bahwa Indoadriatic Industry d.o.o.

Indija (“IAID”) merupakan entitas induk dari

entitas anak yang beroperasi dan entitas anak

yaitu Indoserbia Food LLC (“ISFL”) yang tidak

menerbitkan laporan keuangan auditan

dikarenakan kepemilikan IAID atas entitas tersebut

adalah 100% sehingga entitas anak

dikonsolidasikan secara penuh kepada entitas

induk (tanpa adanya kepentingan non-

pengendali). Dalam penilaian ini kami hanya

melakukan penilaian atas IAID yang

terkonsolidasi;

f. Kami mengerti bahwa Infinity FZCO (“Infinity”),

entitas anak langsung dari DPFP, baru didirikan

pada tanggal 10 September 2019 dan belum

mencatatkan laporan keuangan per tanggal

penilaian. Dalam penilaian ini, kami tidak

mempertimbangkan nilai dari Infinity.

d. We understand that on the audit process of PCL

financial report is included the audit of non-

operating sub-holding entities as follows.

1) Timeby Group Ltd. (with ownership of 100%

by Sawaz),

2) Triumph Fame Investments Limited (with


3) Bellapeak Investments Ltd (with ownership

of 100% by Sawaz), and

4) Hearty Ivory Holdings Ltd (with ownership

of 100% by Sawaz),

However, audited financial report of those 4 sub-

holding entities were not released. In this

valuation, we have used those financial reports

as the basis of valuation;

e. We understand that Indoadriatic Industry d.o.o.

Indija (“IAID”) is the parent company of its

operating subsidiary, Indoserbia Food LLC

(“ISFL”) which does not release their audited

financial report since IAID ownerships in that

company is 100% therefore the subsidiary is fully

consolidated to the parent company (without any

minority interest). In this valuation, we have

valued as consolidated IAID only;

f. We understand that Infinity FZCO (“Infinity”), a

direct subsidiary of DPFP, has just established on

10 September 2019 and has not recorded the

financial statement as of valuation date. In this

valuation, we did not consider the value of

Infinity.

12. Persyaratan atas Persetujuan untuk Publikasi

Laporan penilaian terbuka untuk publik kecuali

terdapat informasi yang bersifat rahasia, yang dapat

mempengaruhi operasional perusahaan.

12. Term on Approval for Publication

The valuation report is open to the public unless there

is information that is confidential, which may affect the

company's operations.

13. Konfirmasi Penilaian Dilakukan Berdasarkan SPI dan

Peraturan Terkait

Penilaian ini dilakukan sesuai dengan Kode Etik

Penilai Indonesia (KEPI), Standar Penilaian Indonesia

(SPI) Edisi VII – 2018 dan Peraturan Bapepam No.

VIII.C.3.

13. Confirmation on Indonesia Valuation Standard and

Related Regulation

This valuation is conducted based on Indonesian

Valuers Code of Ethics (KEPI), Indonesian Valuation

Standards (SPI) VII Edition – 2018 and Bapepam

Regulation No. VIII.C.3.

VALUATION & ADVISORY SERVICES viii

14. Pendekatan Penilaian dan Alasan Penggunaannya

Dalam penilaian ini kami menggunakan pendekatan

sebagai berikut.

14. Valuation Approach and Rationale

In this valuation we have adopted the following

valuation approaches.

Alasan Pendekatan /

Approach Rationale

Dapat diterapkan untuk penilaian entitas induk

maupun entitas anak dengan pertimbangan

bahwa terdapat perusahaan yang sebanding.

Pasar / Market

Applied to parent company and subsidiaries with


companies.

Dapat diterapkan pada entitas anak yang

beroperasi dengan pertimbangan Objek

Penilaian telah dan sedang beroperasi dan

diasumsikan akan melanjutkan kegiatan

operasionalnya di masa yang akan datang.

Pendapatan / Income

Applied to operating subsidiaries with

consideration that the Subject Company has been

operating and is assumed to continue its operation

for the foreseeable future.

Dapat diterapkan dengan pertimbangan Objek

Penilaian Perseroan merupakan entitas induk

yang tidak beroperasi dan hanya memiliki aset

berupa investasi pada entitas anak dengan nilai

yang cukup signifikan.

Aset / Asset

Applied with consideration that the Subject

Company is a non-operating holding company

and only has asset in form of investment in

subsidiaries with significant value.

15. Metode Penilaian

Dalam penilaian ini kami menerapkan metode

sebagai berikut:

15. Valuation Method

In this valuation, we have adopted the following

methods:

Pendekatan / Approach Metode

Pasar / Market

Metode Pembanding Perusahaan Tercatat di Bursa Efek/

Guideline Publicly Traded Company Method (“GPTC”)

Pendapatan / Income

Metode Diskonto Arus Kas /

Discounted Cash Flow Method (“DCF”)

Aset / Asset Adjusted Book Value Method (“ABVM”)

16. Kejadian Penting setelah Tanggal Penilaian

Pandemi COVID-19 yang diikuti dengan

ketidakpastian dan kontraksi yang mendalam pada

ekonomi global dan di Indonesia dapat berdampak

buruk pada nilai aset dan/atau kewajiban. Dalam

analisis ini, kami tidak mempertimbangkan dampak

dari peristiwa setelah tanggal penilaian.

16. Subsequent Event

The COVID-19 pandemic followed by uncertainty and

deep contraction in the global economy as well as in

Indonesia might adversely impact the value of the

asset and/or liabilities. In this analysis, we have not

considered the impact of any subsequent event after

the valuation date.

VALUATION & ADVISORY SERVICES ix

17. Kesimpulan Penilaian

Dengan mempertimbangkan seluruh informasi yang

relevan dan kondisi pasar yang berlaku, kami

berpendapat bahwa Nilai Pasar Wajar atas 100%

ekuitas PCL per tanggal 31 Desember 2019 adalah

17. Valuation Conclusion

Having considered all relevant information and the

prevailing market condition, we are on the opinion

that the Fair Market value of 100% equity of PCL on

31 December 2019 is

USD2,863,374,000/-

(DUA MILIAR DELAPAN RATUS ENAM PULUH TIGA JUTA

TIGA RATUS TUJUH PULUH EMPAT RIBU DOLAR AMERIKA SERIKAT)

(TWO BILLION EIGHT HUNDRED SIXTY THREE MILLION

THREE HUNDRED SEVENTY FOUR THOUSAND UNITED STATES DOLLAR)

Dengan menggunakan nilai tukar per tanggal

penilaian USD 1 = IDR 13.901, maka Nilai Pasar

Wajar atas 100% ekuitas Pinehill Company Limited

per tanggal 31 Desember 2019 adalah

By using exchange rate as of valuation date USD 1 =

IDR 13,901, the Fair Market Value of 100% equity of

PCL on 31 December 2019 is

Rp39,803,762,000,000/-

(TIGA PULUH SEMBILAN TRILIUN DELAPAN RATUS TIGA MILIAR TUJUH RATUS ENAM PULUH DUA JUTA RUPIAH)

(THIRTY NINE TRILLION EIGHT HUNDRED THREE BILLION SEVEN HUNDRED SIXTY TWO MILLION RUPIAH)

Kami menekankan untuk menggunakan laporan ini

dengan penuh kehati-hatian dan memahami seluruh

asumsi, batasan, kondisi, komentar dan detil keseluruhan

bagian laporan yang mendasari opini nilai dimaksud.

We prompted to use this valuation with great caution and

you have to fully understand that it is subject to

assumptions, limitations, conditions, comments and all

parts of this report which are adopted as the basis for this

valuation.

Hormat Kami / Your Sincerely,

Jakarta, 10 Juli/July 2020

KJPP Rengganis, Hamid & Rekan

Hamid Yusuf, MAPPI (Cert.), FRICS

Wakil Pemimpin Rekan – Penilai Properti dan Usaha

Vice Managing Partner – Property and Business Valuer

Ijin Penilai Publik / Licensed Valuer No. PB-1.08.00005

MAPPI No. 95-S-00631

STTD Bapepam / Bapepam Permit No. 04/BL/STTD-P/AB/2006

Attachment: Fairness opinion report on the Proposed Transaction


Laporan Ringkas

Pendapat Kewajaran

atas Rencana Akuisisi Pinehill Company Limited

Summary Report

Fairness Opinion

on Proposed Acquisition of Pinehill Company Limited

No. Laporan/ No. Report : 00198/2.0012-00/BS/04/0005/1/VII/2020

Tanggal/ Date : 10 Juli/July 2020

Kepada/To : Direktur/Directors Ref. : RHR00C2I0220045.0

PT Indofood CBP Sukses Makmur Tbk No. Report / Report No. : 00198/2.0012-00/BS/04/0005/1/VII/2020

Sudirman Plaza, Tanggal / Date : 10 Juli/July 2020

Indofood Tower 23rd Floor,

Jl. Jend. Sudirman Kav.76-78,

Jakarta 12910

Laporan Ringkas

Pendapat Kewajaran atas Rencana Akuisisi


Summary Report

Fairness Opinion on Proposed Acquisition

of Pinehill Company Limited

Dengan Hormat,

Menyambung instruksi PT Indofood CBP Sukses Makmur

Tbk (”ICBP” atau “Perseroan”) sesuai dengan kontrak No.

RHR00C2I0220045.0 tanggal 12 Februari 2020 dan

amandemen No. RHR00C2I0220045.1 tanggal 8 Mei

2020, untuk memberikan Pendapat Kewajaran atas

rencana akuisisi Pinehill Company Limited (“PCL”),

dengan ini kami menyatakan bahwa kami telah

melakukan analisis dan menyampaikan laporan ini untuk

Pemberi Tugas dan Pengguna Laporan.

Dear Sir/Madam,

Following instruction of PT Indofood CBP Sukses Makmur

Tbk (”ICBP” or ”the Company”) under contract No.

RHR00C2I0220045.0 dated 12 February 2020 and

amendment No. RHR00C2I0220045.1 dated 8 May

2020, to form Fairness Opinion on proposed acquisition

of Pinehill Company Limited (“PCL”), we hereby declare

that we have completed our analysis and submit the

attached report for the Client and Intended User.

Laporan ini merupakan revisi dari laporan Pendapat

Kewajaran No.00195/2.0012-00/BS/04/0005/1/VII/

2020 tanggal 6 Juli 2020, sehingga dengan ini kami

menyatakan bahwa laporan tersebut sudah tidak berlaku

sejak laporan ini diterbitkan. Revisi yang dilakukan

mencakup tambahan informasi pada analisis kewajaran.

This report is the revision of Fairness Opinion Report No.

No.00195/2.0012-00/BS/04/0005/1/VII/2020 dated 6

July 2020, therefore we hereby declare that the report has

no longer valid since this report is released. The revision

covers additional information on description of fairness

analysis.

1. Status Penilai

Pekerjaan penilaian ini dilaksanakan oleh penilai

independen yang merupakan Penilai Publik dan salah

satu rekan pada KJPP Rengganis, Hamid & Rekan

(KJPP-RHR). Penilai Publik dan KJPP-RHR telah

memiliki perizinan dan terdaftar sebagai Penilai

Publik di Kementerian Keuangan Republik Indonesia

dan Otoritas Jasa Keuangan – OJK.

KJPP-RHR telah menjalin kerjasama aliansi strategis

dengan CBRE, yang merupakan perusahaan

konsultan properti global terintegrasi yang terdaftar

di Bursa Efek New York.

1. Valuer Status

This valuation assignment has been carried out by

independent valuer who is a Public Valuer and one of

partners in KJPP Rengganis, Hamid & Rekan (“KJPP

RHR”). The Public Valuer and KJPP-RHR has a business

permit and registered as Public Valuer in the Ministry

of Finance and Financial Services Authority – OJK.

KJPP RHR has established a strategic alliance with

CBRE, an integrated global property consultant listed

in New York Stock Exchange.

VALUATION & ADVISORY SERVICES ii

Penilaian ini dilakukan secara objektif dan tidak

memihak serta Penilai juga tidak mempunyai potensi

benturan kepentingan dengan objek penilaian,

pemberi tugas dan pengguna laporan.

Seluruh penilai, tenaga ahli dan staf pelaksana

dalam penugasan ini adalah satu kesatuan tim

penugasan di bawah koordinasi Penilai berizin atau

penanggung jawab penilaian yang mempunyai

kompetensi untuk melakukan penilaian.

This valuation is carried out in an objective and

impartial manner where the Valuers do not have a

potential conflict of interest with the subject company,

the client and the intended user.

All valuers, experts and executive staffs in this

valuation are acted as a unified assignment team

under the coordination of a licensed Public Valuer or

person in charge of the valuation who have the

competence to conduct valuation.

2. Pemberi Tugas 2. Client

Pemberi tugas adalah ICBP, dengan uraian sebagai

berikut.

The Client is ICBP with details as follow:

Industri Makanan dan Minuman Bidang Usaha /

Business Sector Food and Beverages Industry



Jakarta 12910

Alamat /

Address



Jakarta 12910

+6221 5793 7500 Telepon /

Telephone +6221 5793 7500

+6221 5793 7557 Faksimile /

Facsimile +6221 5793 7557

[email protected] E-mail [email protected]

https://www.indofoodcbp.com/ Website https://www.indofoodcbp.com/

3. Pengguna Laporan 3. Intended User

Pengguna Laporan adalah ICBP. Intended User is ICBP.

4. Objek Analisis Kewajaran 4. Subject of Fairness Analysis

Objek analisis kewajaran adalah rencana akuisisi

100% ekuitas PCL (“Rencana Transaksi”).

Subject of fairness analysis is proposed acquisition of

100% equity of PCL (“Proposed Transaction”).

Sebelum Transaksi / Before Transaction Setelah Transaksi / After Transaction

Pihak-pihak yang terkait dalam Rencana Transaksi

adalah:

a. PT Indofood CBP Sukses Makmur Tbk (“ICBP” atau

“Perseroan”);

b. Pinehill Corpora Limited (“PCoL”);

c. Steele Lake Limited (“SLL”);

d. Pinehill Company Limited (“PCL” atau “Objek

Transaksi”).

Parties involved in the Proposed Transaction are:

a. PT Indofood CBP Sukses Makmur Tbk (“ICBP” or

“the Company”);

b. Pinehill Corpora Limited (“PCoL”);

c. Steele Lake Limited (“SLL”);

d. Pinehill Company Limited (“PCL” or “Subject

Transaction”).

51% 49% 100%

ICBP

PCL PCL

PCoL SLL

VALUATION & ADVISORY SERVICES iii


PCL adalah perusahaan yang yang didirikan pada 24

April 1991, berorganisasi dan berada di bawah

hukum Kepulauan Virgin Britania Raya. PCL adalah

perusahan induk dari empat anak perusahaan yang

kegiatan usaha utamanya bergerak dalam bidang

industri mi instan. PCL dan entitas anak (“Grup PCL”)

adalah produsen mi instan yang masing-masing anak

perusahaannya adalah pemegang lisensi merek

Indomie di Arab Saudi, Nigeria, Ghana, Turki, Mesir,

Kenya, Moroko dan Serbia. Selain entitas anak yang

beroperasi, PCL memiliki beberapa entitas subholding

yang tidak beroperasi yang berfungsi sebagai entitas

induk dari entitas anak yang beroperasi.

Alamat kantor pusat PCL adalah Vistra Corporate




PCL is a company duly incorporated in 24 April 1991,

organized and existing under the laws of the British

Virgin Islands. PCL is a holding company that has four

subsidiaries which primarily engages in the instant

noodle industry. PCL and its subsidiaries (“PCL

Group”) is an instant noodle producer which each of

its subsidiaries are holder of Indomie brand license in

Saudi Arabia, Nigeria, Ghana, Turkey, Egypt, Kenya,

Morocco and Serbia. Besides operating subsidiaries,

PCL has several non-operating sub holding which

used as parent company of the operating subsidiaries.

The address of its head office is Vistra Corporate



Kegiatan usaha PCL adalah perusahaan induk

investasi. Saat ini PCL memiliki penyertaan saham

pada entitas anak yang menjalankan kegiatan usaha

manufaktur makanan yang dibedakan berdasarkan

negara operasinya dengan rincian sebagai berikut

PCL business activity is investment holding company.

PCL currently has shares in several subsidiaries that

are engaged in food manufacturing divided based on

countries of operation with details as follows.

Negara Operasi Entitas Anak/Subsidiary Country of operation

Kerajaan Saudi Arabia Pinehill Arabia Food Ltd Kingdom of Saudi Arabia

Mesir, Kenya, Serbia,

Moroko

Salim Wazaran Group Limited

(melalui entitas/through Sawata, Transworld, Sawake, IAID,

Sawamag, dan IMDC)

Egypt, Kenya, Serbia,

Morocco

Nigeria, Ghana

Platinum Stream Profit Limited

(melalui entitas/through DPFP, DUFIL, NNL, PFML, ROL, IPTLE,

DUFIL Ghana)

Nigeria, Ghana

Turki Salim Wazaran Gida Sanayi Ve Yatirim Anonim Sirketi

(melalui entitas/through Adkoturk) Turkey

Grup PCL juga menjual produk mereka ke negara di

sekitarnya seperti yang terlihat pada peta di bawah.

PCL Group also sells their products to surrounding

countries as can be seen on the map below.

Sumber/Source: PCL, Management

VALUATION & ADVISORY SERVICES iv

5. Jenis Mata Uang yang Digunakan 5. Applicable Currency

Kami mengerti bahwa laporan keuangan Perseroan

disajikan dalam mata uang Indonesia Rupiah (“IDR”

atau “Rp”), namun laporan keuangan entitas yang

diakuisisi disajikan dalam mata uang Dolar Amerika

(“USD”) serta Rencana Transaksi adalah dalam mata

uang USD. Sebagai informasi, nilai tukar pada

tanggal analisis adalah USD1 = Rp13.901,- (kurs

tengah Bank Indonesia).

We understand that Company financial statement is

reported in Indonesian Rupiah (“IDR” or “Rp”), but the

acquired Company financial statement is reported in

United States Dollar (“USD”), also Proposed Transaction

is in USD. However, for your information only, the

exchange rate at the date of valuation is USD1=

Rp13,901/- (Bank Indonesia middle rate)

6. Maksud dan Tujuan Analisis Kewajaran

Maksud dan tujuan penugasan ini adalah

memberikan Pendapat Kewajaran atas rencana

akuisisi 100% ekuitas PCL (“Rencana Transaksi”)

sehubungan dengan keterbukaan informasi kepada

publik.

Laporan Pendapat Kewajaran ini berkaitan dengan

Rencana Transaksi yang tergolong ke dalam transaksi

afiliasi sesuai dengan Peraturan Bapepam IX.E.1

tentang Transaksi Afiliasi dan Benturan Kepentingan

Transaksi Tertentu dan transaksi material sesuai

dengan Peraturan Bapepam IX.E.2 tentang Transaksi

Material dan Perubahan Kegiatan Usaha Utama.

Dalam hal Rencana Transaksi tergolong ke dalam

transaksi afiliasi dan material yang tidak

mengandung benturan kepentingan, maka hanya

memenuhi ketentuan dalam Peraturan Bapepam

IX.E.2.

Sebagaimana diuraikan dalam Pendapat dari segi

hukum No. 1015864-v1 tanggal 22 Mei 2020, yang

diterbitkan oleh konsultan hukum independen

Hadiputranto Hadinoto & Partners, meskipun

Rencana Transaksi merupakan transaksi yang

dilakukan dengan pihak terafiliasi Perseroan, namun

berdasarkan pernyataan Direksi Perseroan, Rencana

Transaksi tidak berpotensi mengandung Benturan

Kepentingan sehingga Rencana Transaksi tidak

memerlukan persetujuan dari mayoritas pemegang

saham independen Perseroan sebagaimana

disyaratkan dalam Peraturan Bapepam IX.E.2.

Namun demikian, Perseroan harus mengumumkan

informasi-informasi sebagaimana disyaratkan dalam

Peraturan Bapepam IX.E.2 dalam 1 (satu) surat kabar

harian berbahasa Indonesia yang mempunyai

peredaran nasional.

6. Purpose and Objective of Fairness Analysis

Purpose and objective of this assignment is to provide

Fairness Opinion on proposed acquisition of 100%

equity of PCL (“Proposed Transaction”) in relation for

information disclosure to public.

This fairness opinion report is related to Proposed

Transaction classified as affiliate transaction based on

Bapepam Regulation Number IX.E.1 regarding

Affiliate Transaction and Conflict of Interest of Certain

Transaction and material transaction based on

Bapepam Regulation Number IX.E.2 regarding

Material Transaction and Changes in Main Business

Activities. In terms of Proposed Transaction classified

as affiliate and material that do not bear conflict of

interest, then only need to comply with provision in

Bapepam Regulation Number IX.E.2.

As described in legal opinion no. 1015864-v1 dated

22 May 2020 issued by independent legal consultant

Hadiputranto Hadinoto & Partners, although the

Proposed Transaction is a transaction conducted with

an affiliated party of the Company, based on the

statement from the Company's board of directors, the

Proposed Transaction does not have a potential to

contain a Conflict of Interest. Therefore, the Proposed

Transaction does not require the approval from the

majority of the independent shareholders of the

Company as required under Bapepam Regulation

Number IX.E.2. However, the Company must

announce the information as required under

Bapepam Regulation Number IX.E.2 in 1 (one) daily

newspaper with Indonesian language having a

nationwide circulation.

VALUATION & ADVISORY SERVICES v

7. Tanggal Analisis Kewajaran

Tanggal analisis kewajaran adalah 31 Desember

2019.

7. Date of Fairness Analysis


8. Tingkat Kedalaman Investigasi

Pemberian Pendapat Kewajaran dilakukan dengan

investigasi yang meliputi pengumpulan data dan

informasi dari pihak manajemen Perseroan yang

bertujuan untuk memperoleh dokumen kelengkapan

analisis yang dibutuhkan dan selanjutnya diverifikasi

melalui wawancara.

Penilai tidak melakukan kegiatan atau analisis

sebagai berikut:

a. Penilai tidak melakukan uji tuntas detail atas

informasi laporan keuangan dan dokumen

legalitas perusahaan namun melakukan

penelaahan terhadap dokumen, data, dan

informasi yang relevan terkait penugasan

penilaian;

b. Transaksi lain selain yang disebutkan dalam objek

analisis kewajaran.

8. Depth of Investigation

Fairness Opinion is conducted through an

investigation which includes data and information

collection from the Company management in order

to obtain the required documents for analysis and

subsequently verified through interviews.

Valuer does not conduct the following activities and

analysis:

a. The Valuers did not carry out detailed due diligence

for the financial statement information and the

company legal documents, but has reviewed the

relevant documents, data, and information

regarding the valuation assignment;

b. Other transaction other than stated in subject

fairness analysis.

9. Sifat dan Sumber Informasi yang Dapat Diandalkan

Informasi dan data yang relevan namun tidak

membutuhkan verifikasi, dapat disetujui untuk

digunakan sepanjang sumber data tersebut

dipublikasikan pada tingkat nasional maupun

internasional. Sumber data tersebut antara lain:

- Bank Indonesia atau bank sentral negara lain;

- Bursa Efek Indonesia atau bursa lainnya;

- Badan Pusat Statistik atau lembaga statistik lain;

- Data riset dari lembaga independen, namun tidak

terbatas pada Bloomberg, IMF, dan Bank Dunia;

dan

- Informasi dari media elektronik dan media cetak

Detail informasi mengenai data yang digunakan

dapat dilihat pada Dasar Informasi pada Bab

Pendahuluan.

9. Nature and Sources of Reliable Information Data

The relevant unverified information and data could be

accepted to use as long as the source of the data is

published in domestic or international levels. The data

sources are as follows:

- Bank Indonesia or other country central bank;

- Indonesia Stock Exchange or other exchange;

- Statistics Indonesia or other statistic institution;

- Research data from independent institutions, but

not limited to Bloomberg, IMF, and World Bank;

and

- Information from the electronic and printed media.

Detail of information of applied data can be seen in

Basis Information on Introduction Chapter.

10. Asumsi dan Asumsi Khusus

Pendapat kewajaran ini bergantung pada asumsi

berikut:

a. KJPP-RHR berasumsi bahwa Rencana Transaksi

akan dijalankan seperti yang telah diungkapkan

oleh manajemen ICBP dan sesuai dengan

kesepakatan serta keandalan informasi mengenai

rencana tersebut yang diungkapkan oleh

manajemen ICBP;

10. Assumption and Special Assumption

This fairness opinion is subject to the following

assumption:

a. KJPP-RHR assumed that the transaction will be

executed as described by ICBP’s management and

in accordance with the agreement as well as the

reliability of the information of the Proposed

Transaction as disclosed by the ICBP’s

management;

VALUATION & ADVISORY SERVICES vi

b. KJPP-RHR juga mengasumsikan bahwa tidak

terdapat perubahan signifikan atas asumsi-asumsi

yang digunakan dalam penyusunan Pendapat

Kewajaran ini antara penerbitan Pendapat

Kewajaran dengan tanggal efektif Rencana

Transaksi;

c. KJPP-RHR mengasumsikan bahwa seluruh data dan

informasi yang diperoleh dari manajemen ICBP

sehubungan dengan Rencana Transaksi adalah

akurat dan benar serta tidak ada informasi yang

disembunyikan atau sengaja disembunyikan;

d. Pendapat ini harus dipandang sebagai satu

kesatuan dan bahwa penggunaan sebagian dari

analisis ini dan informasi tanpa

mempertimbangkan keseluruhan informasi dan

analisis dapat menyebabkan pandangan yang

menyesatkan atas proses yang mendasari

pendapat tersebut. Penyusunan pendapat ini

merupakan suatu proses yang kompleks dan

mungkin tidak dapat dilakukan melalui analisis

yang tidak lengkap;

e. Pendapat ini disusun berdasarkan kondisi umum

keuangan, moneter, peraturan dan kondisi pasar

yang ada saat ini. Perubahan atas kondisi-kondisi

tertentu yang berada di luar kendali ICBP akan

dapat memberikan dampak yang tidak dapat

diprediksi dan dapat berpengaruh terhadap

Pendapat Kewajaran ini;

f. KJPP-RHR tidak berkewajiban untuk

memutakhirkan Pendapat Kewajaran apabila

terdapat kejadian-kejadian penting yang terjadi

setelah tanggal analisis (subsequent events),

namun hanya akan mengungkapkannya di dalam

laporan;

g. Laporan ini tidak dimaksudkan untuk memberi

rekomendasi kepada pemegang saham ICBP untuk

menyetujui atau tidak menyetujui Rencana

Transaksi tersebut.

h. Proyeksi keuangan yang telah disesuaikan yang

mencerminkan kewajaran proyeksi keuangan yang

dibuat oleh manajemen dengan kemampuan

pencapaiannya (fiduciary duty).

b. KJPP-RHR also assumed that there is no significant

changes in the assumptions that used in the

preparation of this Fairness Opinion from the date

of Fairness Opinion publication to the effective date

of the Proposed Transaction;

c. KJPP-RHR assumed that all data and information

received from ICBP’s management regarding the

Proposed Transaction are accurate and correct,

also there is no hidden information or deliberately

hidden;

d. The opinion should be viewed as a unity and the

use of some of this analysis and information without

considering the overall information and analysis

may lead to misleading of the process underlying

this opinion. The complexity of the preparation

process for this opinion cannot be done without a

complete analysis;

e. This opinion is prepared based on the current

financial, monetary, regulation and market.

Changes on any condition beyond ICBP's control

and any related parties will be give unpredictable

impact and affect this fairness opinion;

f. KJPP-RHR has no liability to update the Fairness

Opinion if there are subsequent events after the

analysis date, but only discloses in the report;

g. This report is not intended to give a

recommendation to the shareholders of ICBP to

approve or disapprove the Proposed Transaction.

h. The adjusted financial projection has reflected the

reasonableness of financial projections made by

management with the ability to achieve it (fiduciary

duty).

11. Persetujuan Publikasi

Laporan analisis ini terbuka untuk publik kecuali

terdapat informasi yang bersifat rahasia, yang dapat

mempengaruhi operasional Perseroan.

11. Approval for Publication

The analysis report is open to the public unless there

is information that is confidential, which may affect the

Company's operations.

VALUATION & ADVISORY SERVICES vii

12. Konfirmasi Analisis Dilakukan Berdasarkan SPI dan

Peraturan Terkait

Analisis kewajaran ini dilakukan sesuai dengan Kode

Etik Penilai Indonesia (KEPI), Standar Penilaian

Indonesia (SPI) Edisi VII – 2018 dan Peraturan

Bapepam No. VIII.C.3, Peraturan Bapepam No.

IX.E.1, dan Peraturan Bapepam No. IX.E.2.

12. Confirmation on Indonesia Valuation Standard and

Related Regulation

The fairness opinion is conducted based on

Indonesian Valuers Code of Ethics (KEPI), Indonesian

Valuation Standards (SPI) VII Edition – 2018 and

Bapepam Regulation No. VIII.C.3, Bapepam

Regulation No. IX.E.1, and Bapepam Regulation No.

IX.E.2.

13. Analisis Kewajaran

Analisis kewajaran Rencana Transaksi dilakukan

terhadap beberapa aspek berikut.

13. Fairness Analysis

The fairness analysis on Proposed Transaction is

based on several aspects as follows.

a. Analisis Rencana Transaksi;

ICBP berencana untuk mengakuisisi grup PCL dari

PCoL dan SLL untuk memperkuat posisi pasar ICBP

sebagai produsen mi instan global, khususnya

dalam 8 negara operasional Grup PCL. Dengan

rencana ini, ICBP berharap dapat menciptakan

sinergi usaha antara ICBP dan PCL dalam

memperkuat posisi pasar untuk produk mi instan,

khususnya dengan merek Indomie serta

menghasilkan pertumbuhan yang tinggi baik untuk

Grup PCL maupun ICBP. Salah satu pemegang

saham dari PCoL adalah pihak terafiliasi dari ICBP.

Berdasarkan Perjanjian Jual Beli Saham Bersyarat

(“PPJB”) yang telah ditandatangani oleh ICBP

dengan PCoL dan SLL, Rencana Transaksi bernilai

USD2,998 miliar untuk mengakuisisi 100% saham

PCL. Dalam perjanjian tersebut, para penjual

memberikan jaminan keuntungan yaitu nilai rata-

rata per tahun NPAT Grup PCL sebesar USD128,5

juta pada dua tahun pertama (tahun 2020 dan

2021).

Dengan rencana ini, ICBP berharap dapat

menciptakan sinergi usaha antara ICBP dan PCL

dalam memperkuat posisi pasar untuk produk mi

instan, khususnya dengan merek Indomie serta


PCL maupun ICBP, yang akan berdampak pada

peningkatan nilai bagi pemegang saham ICBP.

Berdasarkan Perjanjian Jual Beli Saham Bersyarat,

terdapat potensi atas penyesuaian harga

pembelian, dalam hal jaminan keuntungan yang

dijanjikan rata-rata sebesar USD128.500.000 per

tahun dalam dua tahun pertama tidak tercapai.

a. Proposed Transaction Analysis;

ICBP plans to acquire PCL group from PCoL and

SLL to strengthen its market position as global

instant noodle producers, especially in 8 countries,

which PCL group operates. Through this plan, ICBP

expects to create synergy between ICBP and PCL in

strengthening its market position in instant noodle,

especially with Indomie brand, as well as creating

higher growth for both PCL Group and ICBP. One

of PCoL’s shareholder is the affiliate party of ICBP.

Based on Conditional Shares Sale and Purchase

Agreement (“CSPA”) that had been signed by ICBP

with PCoL and SLL, Proposed Transaction is worth

USD2.998 billion to acquire 100% of PCL shares.

In the agreement, the sellers will guarantee the

annual average PCL Group’s NPAT at USD128.5

million for the first two years (year 2020 and 2021).

Through this plan, ICBP expects to create synergy

between ICBP and PCL in strengthening its market

position in instant noodle, especially with Indomie

brand, also creating higher growth for both PCL

and ICBP, which will impact in value enhancement

to ICBP’s shareholders.

Based on Conditional Shares Sale and Purchase

Agreement, there is a potential that the purchase

price might be adjusted if the annual average of the

guaranteed profit of USD128,500,000 for the first

two years is not achieved.

VALUATION & ADVISORY SERVICES viii

Selain itu, Perseroan juga dihadapkan pada risiko

atas persetujuan pelaksanaan Rencana Transaksi,

yang ditentukan oleh pemegang saham dalam

rapat umum pemegang saham.

Sehubungan dengan pembiayaan Rencana

Transaksi sebagian besar dilakukan menggunakan

pinjaman bank, yang mana sampai dengan

penerbitan laporan ini, Perseroan belum

menandatangani perjanjian pinjaman secara resmi

dengan pihak perbankan, sehingga Perseroan

menghadapi kemungkinan ketidakpastian

pendanaan Rencana Transaksi.

Bersama ini disampaikan bahwa Perseroan masih

dalam tahap pembicaraan akhir dengan pihak

bank kreditur atas pinjaman yang akan diambil

untuk membiayai akuisisi.

Kondisi pandemi Covid-19 yang cukup berlarut

juga dapat memberikan pengaruh terhadap

kegiatan usaha Perseroan maupun Grup PCL,

sehingga dapat mempengaruhi performa masing-

masing perusahaan.

Furthermore, the Company is also faced with risk

on approval of the Proposed Transaction execution,

which is determined by shareholders in the

shareholders meeting.

In relation that Proposed Transaction will be funded

mostly using bank loan, which is until the issuance

of this report, the Company has not officially signed

any loan agreement with banks, therefore the

Company may deal with possibility of Proposed

Transaction funding uncertainty.

Hereby convey that the Company is still in final

discussion process with banks as creditors of the

loan to finance the acquisition.

Protracted condition of Covid-19 pandemic may

affect both the Company nor PCL Group business

activities, therefore can affect each company

performance.


PCL adalah perusahaan yang didirikan pada 24

April 1991, berorganisasi dan berada di bawah

hukum Kepulauan Virgin Britania Raya. PCL adalah

perusahan induk dari empat anak perusahaan

yang kegiatan usaha utamanya bergerak dalam

bidang industri mi instan. Grup PCL adalah

produsen mi instan yang masing-masing anak

perusahaannya adalah pemegang lisensi merek

Indomie di Arab Saudi, Nigeria, Ghana, Turki,

Mesir, Kenya, Moroko dan Serbia.

Laba Rugi

Pendapatan Grup PCL naik 17% dari USD334,5

juta di 2017 menjadi USD391,3 juta di 2018,

terutama disebabkan oleh naiknya pendapatan di

Mesir. Pendapatan di 2019 naik 36% menjadi

USD533,5 juta dari USD391,3 juta di 2018,

terutama disebabkan oleh naiknya pendapatan di

Saudi Arabia, Mesir, dan Turki.

Laba tahun berjalan yang dapat diatribusikan

kepada pemilik perusahaan turun 10% dari

USD46,5 juta di 2017 menjadi USD41,8 juta di


PCL is a company duly incorporated in 24 April

1991, organized and existing under the laws of the

British Virgin Islands. PCL is a holding company that

has four subsidiaries which primarily engages in the

instant noodle industry. PCL group is an instant

noodle producer which each of its subsidiaries are

holder of Indomie brand license in Saudi Arabia,

Nigeria, Ghana, Turkey, Egypt, Kenya, Morocco

and Serbia.

Income Statement

PCL Group’s revenue increased by 17% from

USD334.5 million in 2017 to USD391.3 million in

2018, mainly as a result of revenue increase in

Egypt. Total revenue for 2019 increased by 36% to

USD533.5 million from USD391.3 million in 2018,

which was mainly attributable to growth in sales

from Saudi Arabia, Egypt and Turkey.

Income for the year attributable to owners of PCL

decreased by 10% from USD46.5 million in 2017

to USD41.8 million in 2018, despite the increase in

VALUATION & ADVISORY SERVICES ix

2018, meskipun pendapatan mengalami kenaikan.

Penurunan tersebut terutama disebabkan oleh lebih

rendahnya bagian atas laba neto entitas asosiasi.

Laba tahun berjalan yang dapat diatribusikan

kepada pemilik perusahaan naik 3% menjadi

USD43,2 juta di 2019, terutama karena naiknya

pendapatan yang sebagian dikompensasi dengan

naiknya beban keuangan atas pinjaman bank di

kantor pusat dan lebih rendahnya laba neto entitas

asosiasi.

Core profit (yang menunjukkan laba yang

diatribusikan kepada pemilik perusahaan diluar

faktor selisih kurs dan beban bunga pinjaman di

Kantor Pusat) turun sebesar 1% dari USD55,5 juta

di 2017 menjadi USD55,1 juta di 2018. Pada

tahun 2019, core profit naik 41% menjadi sebesar

USD77,6 juta di 2019 dari USD55,1 juta di 2018.

Posisi Keuangan

Total aset Grup PCL naik dari USD366,8 juta di

2017 menjadi USD394,5 juta di 2018, terutama

naiknya kas dan setara kas serta investasi pada

entitas asosiasi. Total aset Grup PCL sebesar

USD356,2 juta di 2019, turun dari USD394,5 juta

di 2018, terutama karena turunnya piutang lain-

lain dari pihak berelasi dan dikompensasi dengan

lebih tingginya nilai investasi pada entitas asosiasi.

Total liabilitas turun dari USD271,9 juta di 2017

menjadi USD263,3 juta di 2018 terutama karena

turunnya pinjaman bank. Total liabilitas Grup PCL

sebesar USD109,9 juta di 2019, turun sebesar

USD153,5 juta dibandingkan dengan USD263,3

juta di 2018, terutama karena pembayaran

pinjaman bank.

Total ekuitas naik menjadi USD246,3 juta di 2019

terutama dari penambahan modal saham sebesar

USD138,9 juta di 2019.

Arus Kas

Arus kas neto yang diperoleh dari aktivitas operasi

sebesar USD42,8 juta di 2017 naik menjadi

USD73,7 juta di 2018 dan turun menjadi USD52,6

revenue. This decrease was mainly attributable to

the lower share in net profit of an associate.

Income for the year attributable to owners of PCL

increased by 3% to USD43.2 million in 2019,

mainly due to increase in revenue, partly offset by

increase in finance cost from bank loan in head

office and lower net profit from associate.

Core profit (which represents the profit attributable

to owners of the Company excluding the effects of

foreign exchange and loan interest expenses in

Head Office) was decreased by 1% from USD55.5

million in 2017 to USD55.1 million di 2018. In

2019, core profit increased by 41% to USD77.6

million in 2019 from USD55.1 million in 2018.

Financial Position

Total asset of PCL Group increased from USD366.8

million in 2017 to USD394.5 million in 2018,

mainly due to increase in cash and cash equivalent

and investment in associate. PCL Group’s total

asset as of 31 December 2019 was USD356.2

million, decrease from USD394.5 million as at 31

December 2018. The decrease was mainly due to

decrement of receivable from other related parties,

offset by higher balance of investment in an

associate.

Total liabilities decreased from USD271.9 million in

2017 to USD263.3 million in 2018 mainly due to

lower bank borrowings. Total liabilities of the PCL

Group as at 2019 were USD109.9 million, decline

of USD153.5 million, compared to USD263.3

million as at 2018, mainly a result of repayment of

interest-bearing bank borrowings.

Total equity increased to USD246.3 million as at 31

December 2019 mainly due to additional share

capital of USD138.9 million in 2019.

Cash Flow

Net cash flow from operating activities amounted

USD42.8 million in 2017 increased to USD 73.7

million in 2018 and decreased to USD 52.6 million

VALUATION & ADVISORY SERVICES x

juta di 2019 terutama karena meningkatnya

pembayaran beban bunga.

Arus kas neto yang diperoleh dari aktivitas investasi

sebesar USD12,3 juta di 2017 dan USD3,7 juta di

2018 berasal dari penerimaan deviden dan

dikompensasi dengan pembayaran pembelian aset

tetap. Arus kas neto digunakan untuk aktivitas

investasi di 2019 sebesar USD114,5 juta, terutama

untuk akuisisi entitas anak.

Di 2019, arus kas neto yang diperoleh dari aktivitas

pendanaan sebesar USD70,4 juta terutama dari

penerimaan pelunasan dari piutang berelasi,

penerimaan pinjaman serta penerbitan saham

baru yang dikompensasi dengan pembayaran

pinjaman bank neto.

in 2019 mainly due to increment of interest

expense.

Net cash flow from investment activities amounted

to USD12.3 million in 2017 and USD3.7 million in

2018 was dividend receive which compensated with

the payment of fixed assets. Net cash flow used for

investing activities in 2019 is USD114.5 million

mainly for acquisition of subsidiaries.

In 2019, net cash flow from funding activities

amounted USD70.4 million mainly from repayment

from related parties, proceed of loan, and from

issuance of share which compensated with the

repayment of net bank loan.

b. Analisis Kualitatif dan Kuantitatif;

Tujuan dan Manfaat Rencana Transaksi

Dengan melaksanakan Rencana Transaksi, ICBP

dapat memperoleh posisi strategis yang sejalan

dengan rencana bisnis jangka panjangnya dengan

memperkuat posisi pasarnya pada 8 negara lokasi

grup PCL beroperasi serta memberikan kontribusi

berupa pertumbuhan yang cukup tinggi melalui

sinergi yang akan dilakukan.

Dengan rencana ini, ICBP berharap dapat

menciptakan sinergi usaha antara ICBP dan PCL

dalam memperkuat posisi pasar untuk produk mie

instant, khususnya dengan merek Indomie serta


PCL maupun ICBP, yang akan berdampak pada

peningkatan nilai bagi pemegang saham ICBP.

Analisis Keuangan Sebelum dan Sesudah Transaksi

Berdasarkan proforma laporan keuangan per 31

Desember 2019 sesudah transaksi, marjin laba

kecuali marjin laba kotor mengalami sedikit

penurunan karena pencatatan biaya jasa

profesional atas Rencana Transaksi. Sementara

rasio utang terhadap ekuitas (DER) dan rasio utang

terhadap aset (DAR) mengalami peningkatan yang

signifikan karena sebagian besar dana atas

Rencana Transaksi dibiayai melalui pinjaman.

Return on Assets (ROA) dan Return on Equity (ROE)

juga mengalami penurunan karena adanya

b. Qualitative and Quantitative Analysis;

Purpose and Benefit of the Proposed Transaction

Through this Proposed Transaction, ICBP can

achieve their strategic position which is in line with

its long-term business plan in strengthening its

market position in 8 operating countries of PCL, as

well as contributing a significant growth through

their synergy plan.

Through this plan, ICBP expects to create synergy

between ICBP and PCL in strengthening its market

position in instant noodle, especially with Indomie

brand, as well as creating higher growth for both

PCL and ICBP, which will have impact in value

enhancement to ICBP’s shareholders.

Financial Analysis Before and After Proposed

Transaction

Based on the financial statement proforma after

Proposed Transaction as of 31 December 2019,

profit margin except gross profit margin slightly

decrease due to record of professional fee on

Proposed Transaction cost. While Debt to Equity

Ratio (DER) and Debt to Assets Ratio (DAR)

experience a significant jump since Proposed

Transaction is mostly funded by loan. Return on

Assets (ROA) and Return on Equity (ROE) also

experience a decrease due to increase in

VALUATION & ADVISORY SERVICES xi

peningkatan pada jasa professional serta kenaikan

pada total aset dan total ekuitas.

Analisis Inkremental

Manajemen ICBP memproyeksikan dalam lima

tahun ke depan, pendapatan konsolidasian akan

mengalami peningkatan dengan rata-rata sebesar

8,03% per tahun. Setelah Rencana Transaksi,

pendapatan konsolidasian ICBP diproyeksikan

mengalami peningkatan yang lebih tinggi dengan

rata-rata sekitar 10,55% per tahun, yang

disebabkan oleh pertumbuhan pendapatan grup

PCL yang diproyeksikan mencapai rata-rata

20,41% per tahun terutama karena naiknya

pendapatan di wilayah Saudi Arabia, Mesir, dan

Turki, di mana potensi pasar Grup PCL sedang

berkembang dan saat ini rata-rata konsumsi mi

instan per kapita kurang dari seperempat tingkat

konsumsi per kapita produk mi instan ICBP di

Indonesia.

Sejalan dengan proyeksi pendapatan

konsolidasian, laba bersih konsolidasian ICBP juga

diasumsikan mengalami pertumbuhan yang lebih

tinggi setelah Rencana Transaksi dibandingkan

dengan proyeksi laba bersih konsolidasian sebelum

Rencana Transaksi.

Berdasarkan analisis inkremental, dengan

Rencana Transaksi yang dilakukan, Perseroan

dapat meningkatkan pendapatan maupun laba

bersih berkisar sekitar 10% – 30% per tahun, jika

dibandingkan dengan tanpa dilakukannya

Rencana Transaksi, yang mana terutama

dikontribusikan dari laba bersih Grup PCL

meskipun terdapat kenaikan beban bunga

pinjaman bank untuk membiayai Rencana

Transaksi. Dalam jangka panjang, akuisisi ini

cenderung memberikan imbal hasil yang

meningkat seiring waktu, sehubungan dengan

Grup PCL yang masih berpeluang untuk meningkat

secara eksponensial.

Meskipun terdapat peningkatan pada laba bersih,

juga terjadi lonjakan signifikan pada beban bunga

yang dibayarkan oleh Perseroan karena

pendanaan atas Rencana Transaksi sebagian besar

dilakukan menggunakan pinjaman bank.

Berdasarkan penambahan tersebut, besaran

professional fee cost and increase in total assets

and equity.


ICBP’s management projects that for the next five

years, its consolidated revenue will increase by

8.03% per year. After the Proposed Transaction,

ICBP’s consolidated revenue is projected to increase

with higher rate, at the average of 10.55% per year,

caused by PCL group revenue growth that is

projected to increase at the average of 20.41% per

year particularly due to revenue increment in Saudi

Arabia, Egypt and Turkey region, where PCL Group

market potency is still growing and the current

instant noodle consumption per capita is less than

quarter compared to consumption per capita of

ICBP’s instant noodle product in Indonesia.

In line with projection of its consolidated revenue,

ICBP’s consolidated net income is also projected to

grow higher after the Proposed Transaction

compared to consolidated net income projection

before the Proposed Transaction.

Based on incremental analysis, by exercising the

Proposed Transaction, the Company is able to

increase both its revenue and net profit in the range

of 10% - 30% per year, compared if the Proposed

Transaction is not exercised, which is mainly

contributed from PCL Group’s net income although

there is increment in loan interest rate to financing

the Proposed Transaction. In long-term, this

acquisition tends to generate an increase return

over the time, in connection with PCL Group which

is still have an opportunity to increase exponentially.

Despite of increase in net income, there is also

significant spike on the interest paid by the

Company since the financing of the Proposed

Transaction is mainly through bank loan. Based on

the increment, interest rate (gross) for JPY loan is

VALUATION & ADVISORY SERVICES xii

tingkat bunga (gross) untuk pinjaman JPY sekitar

1,4% per tahun dan pinjaman USD sekitar 2,7% per

tahun dengan jangka waktu 5 tahun.

about 1.4% per annum and USD loan is about 2.7%

per annum for 5 years period.

Analisis Sensitivitas

Analisis sensitivitas dilakukan dengan menguji

sensitivitas pada kenaikan atau penurunan

penjualan Grup PCL sebesar 5%.

Dengan asumsi adanya penurunan penjualan

sebesar 5% dari Grup PCL tidak terlalu

mempengaruhi kinerja operasional ICBP secara

umum, dikarenakan kontribusi dari Grup PCL

dalam 3 tahun pertama yang hanya berkisar 30%

dari proyeksi laba bersih ICBP sebelum Rencana

Transaksi.

Berdasarkan analisis kelayakan keuangan atas

Harga Pembelian dan proyeksi keuangan Grup

PCL, parameter kelayakan mengindikasikan hasil

yang positif.

Perubahan nilai tukar mata uang yang digunakan

Grup PCL akan berpengaruh terhadap proyeksi

keuangan Perseroan setelah Rencana Transaksi.

Sensitivity Analysis

Sensitivity analysis was conducted through analysis

on increment or decrement on PCL Group’s sales

by 5%.

Using assumption that 5% decrease on PCL Group’s

sales will not significantly affect ICBP operational

performance in general, since the PCL Group’s

contribution for the first 3 years is only about 30%

from ICBP’s projected net profit before the Proposed

Transaction.

Based on financial feasibility analysis on Purchase

Price and financial projection of PCL Group,

feasibility parameters indicate positive result.

Changes in the exchange rates used by the PCL

Group will affect the Company's financial

projections after the Proposed Transaction.

c. Analisis Nilai Transaksi;

Analisis kewajaran Rencana Transaksi dilakukan

dengan membandingkan nilai Rencana Transaksi

yang disebutkan dalam Perjanjian Jual Beli Saham

Bersyarat dan Nilai Pasar Wajar Objek Transaksi

per 31 Desember 2019.

Berdasarkan Laporan Penilaian Ekuitas

No. 00197/2.0012-00/BS/04/0005/1/VII/2020

tanggal 10 Juli 2020, KJPP-RHR berpendapat

bahwa Nilai Pasar Wajar atas 100% ekuitas PCL

adalah USD2.863.374.000/- (dua miliar delapan

ratus enam puluh tiga juta tiga ratus tujuh puluh

empat ribu dolar Amerika) atau setara dengan

Rp39.803.762.000.000,- (tiga puluh sembilan

triliun delapan ratus tiga miliar tujuh ratus enam

puluh dua juta Rupiah). Berdasarkan laporan

tersebut, maka batas bawah dan batas atas

kewajaran Rencana Transaksi masing-masing

adalah sebesar USD2.648.621.000/- dan

USD3.078.127.000/-.

c. Transaction Value Analysis;

Fairness of Proposed Transaction was analyzed by

comparing Proposed Transaction value which is

defined in the Conditional Shares Sale and

Purchased Agreement and Fair Market Value of

Subject Transaction as of 31 December 2019.


00197/2.0012-00/BS/04/0005/1/VII/2020 dated

10 July 2020, KJPP-RHR is on the opinion that the

Fair Market Value of 100% equity of PCL is

USD2,863,374,000/- (two billion eight hundred

sixty three million three hundred seventy four

thousand United States Dollar) or equivalent to

Rp39,803,762,000,000/- (thirty nine trillion eight

hundred three billion seven hundred sixty two

million Rupiah). Based on that report, the lower limit

and higher limit of fairness of Proposed Transaction

is USD2,648,621,000/- and USD3,078,127,000/-

VALUATION & ADVISORY SERVICES xiii

Berdasarkan Perjanjian Jual Beli Saham Bersyarat

antara ICBP dengan PCol dan SLL, Harga

Pembelian adalah USD2.998.000.000/- (dua

miliar sembilan ratus sembilan puluh delapan juta

Dolar Amerika Serikat).

Berdasarkan analisis di atas, nilai Rencana

Transaksi adalah 4,70% (empat koma tujuh nol

persen) lebih tinggi dari Nilai Pasar Wajar,

sehingga Rencana Transaksi dapat dikatakan wajar

karena masih dalam deviasi maksimum 7,5% dari

Nilai Pasar Wajar Objek Transaksi (batas

maksimum dinyatakan dalam peraturan No.

VIII.C.3 tentang Pedoman untuk Penilaian dan

Laporan Penilaian Usaha di Pasar Modal).

Based on the Conditional Shares Sale and Purchase

Agreement between ICBP and PCoL and SLL, the

Purchase Price is USD2,998,000,000/- (two billion

nine hundred ninety eight million United States

Dollar).

Based on the above analysis, the Proposed

Transaction is 4.70% (four point seven zero percent)

higher than the Fair Market Value, therefore the

Proposed Transaction is considered fair as the

Transaction value is within the maximum deviation

range of 7.5% from Fair Market Value (maximum

limit set forth in Regulation No. VIII.C.3 regarding

Guidelines for Business Valuation and Reporting in

Capital Market.

14. Kejadian Penting setelah Tanggal Analisis

Pandemi COVID-19 yang diikuti dengan

ketidakpastian dan kontraksi yang mendalam pada

ekonomi global dan di Indonesia dapat berdampak

buruk pada nilai aset, kewajiban dan/atau opini

kewajaran. Dalam analisis ini, kami tidak

mempertimbangkan dampak dari peristiwa setelah

tanggal analisis.

Perbedaan nilai tukar Rupiah terhadap mata uang

USD antara tanggal penilaian dan tanggal laporan

adalah sekitar 4%. Perbedaan nilai tukar mata uang

ini akan berdampak pada Nilai Pasar Wajar dan

Harga Pembelian dalam Rupiah. Namun kami

menekankan bahwa informasi ini tidak dimaksudkan

untuk memutakhirkan atau merubah hasil penilaian.

Sehubungan dengan pembiayaan Rencana Transaksi

sebagian besar dilakukan menggunakan pinjaman

bank, yang mana sampai dengan penerbitan laporan

ini, Perseroan belum menandatangani perjanjian

pinjaman secara resmi dengan pihak perbankan,

sehingga Perseroan menghadapi kemungkinan

ketidakpastian pendanaan Rencana Transaksi.

14. Subsequent Event

The COVID-19 pandemic followed by uncertainty and

deep contraction in the global economy as well as in

Indonesia might adversely impact the value of the

asset, liabilities and/or the fairness opinion. In this

analysis, we have not considered the impact of any

subsequent event after the date of analysis.

Difference of exchange rates in Rupiah to USD

currency between valuation date and report date is

about 4%. Difference in this exchange rate will have

impact to Fair Market Value and Purchase Price in

Rupiah. However, we prompted that this information

is not intended to update or change the valuation

conclusion.

In relation that Proposed Transaction will be funded

mostly using bank loan, which is until the issuance of

this report, the Company has not officially signed any

loan agreement with banks, therefore the Company

may deal with possibility of Proposed Transaction

funding uncertainty.

VALUATION & ADVISORY SERVICES xiv

15. Kesimpulan

Dengan mempertimbangkan seluruh informasi yang

relevan dan kondisi pasar yang berlaku, serta

melakukan analisis kualitatif dan kuantitatif, analisis

terhadap kewajaran nilai Transaksi, dan analisis atas

faktor-faktor yang relevan, maka kami beropini

bahwa secara keseluruhan Rencana Transaksi

adalah wajar.

15. Conclusion

Having considered all relevant information and the

prevailing market condition, and analysis on the

Transaction covering transaction analysis,

quantitative and qualitative analysis, transaction

value fairness analysis and analysis on relevant

factors, we are on the opinion that the overall


Kami menekankan untuk menggunakan laporan ini

dengan penuh kehati-hatian dan memahami seluruh

asumsi, batasan, kondisi, komentar dan detil

keseluruhan bagian laporan yang mendasari opini

dimaksud.

We prompted to use this valuation with great caution

and you have to fully understand that it is subject to

assumptions, limitations, conditions, comments and

all parts of this report which are adopted as the basis

for this opinion.

Hormat Kami / Your Sincerely,

Jakarta, 10 Juli/July 2020

KJPP Rengganis, Hamid & Rekan

Hamid Yusuf, MAPPI (Cert.), FRICS

Wakil Pemimpin Rekan – Penilai Properti dan Usaha

Vice Managing Partner – Property and Business Valuer

Ijin Penilai Publik / Licensed Valuer No. PB-1.08.00005

MAPPI No. 95-S-00631

STTD Bapepam / Bapepam Permit No. 04/BL/STTD-P/AB/2006

Attachment: Report of the unaudited pro forma consolidated financial

information of the Company

PT Indofood CBP Sukses Makmur Tbkdan entitas anaknya/and its subsidiaries

Informasi keuangan konsolidasian proforma yang tidak diaudit tanggal31 Desember 2019 dan untuk tahun yang berakhir pada tanggal tersebutbeserta laporan asurans praktisi independen/Unaudited pro forma consolidated financial information as ofDecember 31, 2019 and for the year then endedwith independent assurance practitioner’s report

The original pro forma consolidated financial information includedherein are in the Indonesian language.

PT INDOFOOD CBP SUKSES MAKMUR TBKDAN ENTITAS ANAKNYA

INFORMASI KEUANGAN KONSOLIDASIANPROFORMA YANG TIDAK DIAUDIT

TANGGAL 31 DESEMBER 2019DAN UNTUK TAHUN YANG BERAKHIR

PADA TANGGAL TERSEBUT

PT INDOFOOD CBP SUKSES MAKMUR TBKAND ITS SUBSIDIARIES

UNAUDITED PRO FORMA CONSOLIDATEDFINANCIAL INFORMATIONAS OF DECEMBER 31, 2019

AND FOR THE YEAR THEN ENDED

Daftar Isi Table of Contents

Halaman/Page

Laporan Asurans Praktisi Independen Independent Assurance Practitioner’s Report

Laporan Posisi Keuangan Konsolidasian Proformayang Tidak Diaudit……………….……………… 1 - 3

Unaudited Pro FormaConsolidated Statement of

…………………………………..Financial Position

Laporan Laba Rugi dan Penghasilan KomprehensifLainnya Konsolidasian Proforma yang TidakDiaudit……………….…………………….. 4 - 5

Unaudited Pro FormaConsolidated Statement of Profit or Loss and

……………………Other Comprehensive Income

Catatan atas Informasi Keuangan KonsolidasianProforma yang Tidak Diaudit….......................... 6 - 24

Notes to the Unaudited Pro Forma….………….. Consolidated Financial Information

**************************


Laporan asurans praktisi independen dan catatan atas informasikeuangan konsolidasian proforma yang tidak diaudit terlampir harus

dibaca sehubungan dengan informasi keuangan konsolidasianproforma yang tidak diaudit di atas.

The accompanying independent assurance practitioner’s reportand notes to the unaudited pro forma consolidated financial

information should be read in conjunction with the aboveunaudited pro forma consolidated financial information.

1


LAPORAN POSISI KEUANGAN KONSOLIDASIANPROFORMA YANG TIDAK DIAUDIT

Tanggal 31 Desember 2019 (Disajikan dalam Jutaan Rupiah,

Kecuali Dinyatakan Lain)


UNAUDITED PRO FORMA CONSOLIDATEDSTATEMENT OF FINANCIAL POSITION

As of December 31, 2019 (Expressed in Millions of Rupiah,

Unless Otherwise Stated)

Saldo Historis 31 Desember 2019/Historical Balances as of December 31, 2019

Saldo PT Indofood Pinehill Proforma CBP Sukses Company Penyesuaian Konsolidasian Makmur Tbk Limited Proforma (Tidak Diaudit)/

dan Entitas dan Entitas (Tidak Diaudit)/ Pro FormaAnaknya/ Anaknya/ Pro Forma Consolidated

and its and its Adjustments Balances Subsidiaries Subsidiaries Total (Unaudited) (Unaudited)

ASET ASSETS

ASET LANCAR CURRENT ASSETSKas dan setara kas 8.359.164 938.112 9.297.276 (4.675.379)5a 4.621.897 Cash and cash equivalentsPiutang Accounts receivable

Usaha - neto 4.049.290 1.516.876 5.566.166 (375.379)5b 5.190.787 Trade - netBukan usaha 82.660 - 82.660 (24.042)5b 58.618 Non-trade

Persediaan - neto 3.840.690 665.300 4.505.990 - 4.505.990 Inventories - netUang muka dan jaminan 169.941 - 169.941 - 169.941 Advances and depositsPajak dibayar di muka 77.638 - 77.638 - 77.638 Prepaid taxesBeban dibayar di muka dan Prepaid expenses and

aset lancar lainnya 45.542 269.334 314.876 - 314.876 other current assets

Total Aset Lancar 16.624.925 3.389.622 20.014.547 (5.074.800) 14.939.747 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETSAset pajak tangguhan - neto 533.188 14.280 547.468 - 547.468 Deferred tax assets - netInvestasi jangka panjang 3.890.271 674.526 4.564.797 5.490.0695c 10.054.866 Long-term investmentsAset tetap - neto 11.342.412 811.285 12.153.697 450.8215d 12.604.518 Fixed assets - netBeban ditangguhkan - neto 108.686 - 108.686 512.9485e 621.634 Deferred charges - netGoodwill 1.775.839 - 1.775.839 50.668.8645f 52.444.703 GoodwillAset tak berwujud - neto 2.011.090 - 2.011.090 - 2.011.090 Intangible assets - netAset tidak lancar lainnya 2.422.903 44.688 2.467.591 - 2.467.591 Other non-current assets

Total Aset Tidak Lancar 22.084.389 1.544.779 23.629.168 57.122.702 80.751.870 Total Non-current Assets

TOTAL ASET 38.709.314 4.934.401 43.643.715 52.047.902 95.691.617 TOTAL ASSETS






2


LAPORAN POSISI KEUANGAN KONSOLIDASIANPROFORMA YANG TIDAK DIAUDIT (lanjutan)




UNAUDITED PRO FORMA CONSOLIDATEDSTATEMENT OF FINANCIAL POSITION (continued)

As of December 31, 2019(Expressed in Millions of Rupiah,






LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS LIABILITIES

LIABILITAS JANGKA PENDEK CURRENT LIABILITIESUtang bank jangka pendek dan cerukan 458.108 - 458.108 - 458.108 Short-term bank loans and overdraftUtang Accounts payable

Usaha 2.635.433 972.356 3.607.789 (194.614)5b 3.413.175 TradeBukan usaha 622.221 - 622.221 (24.042)5b 598.179 Non-trade

Beban akrual dan liabilitas imbalan Accrued expenses and short-termkerja jangka pendek 2.098.771 - 2.098.771 (180.765)5b 1.918.006 employee benefits liability

Utang pajak 545.825 235.377 781.202 - 781.202 Taxes payableUtang bank jangka panjang yang jatuh Current maturities of tempo dalam waktu satu tahun 196.001 - 196.001 - 196.001 long-term bank loansLiabilitas jangka pendek lainnya - 137.650 137.650 - 137.650 Other current liabilities

Total Liabilitas Jangka Pendek 6.556.359 1.345.383 7.901.742 (399.421) 7.502.321 Total Current Liabilities

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIESUtang jangka panjang - setelah dikurangi bagian yang jatuh Long-term debts - tempo dalam waktu satu tahun net of current maturities

Utang bank 1.694.785 - 1.694.785 28.497.0505g 30.191.835 Bank loansUtang jangka panjang lainnya 7.290 30.752 38.042 - 38.042 Other long-term debts

Liabilitas pajak tangguhan - neto 364.894 - 364.894 97.2535i 462.147 Deferred tax liabilities - netLiabilitas imbalan kerja karyawan 3.414.882 133.945 3.548.827 - 3.548.827 Liabilities for employee benefitsLiabilitas jangka panjang lainnya - - - 9.035.6505h 9.035.650 Other long-term liabilities

Total Liabilitas Jangka Panjang 5.481.851 164.697 5.646.548 37.629.953 43.276.501 Total Non-current Liabilities

TOTAL LIABILITAS 12.038.210 1.510.080 13.548.290 37.230.532 50.778.822 TOTAL LIABILITIES






3


LAPORAN POSISI KEUANGAN KONSOLIDASIANPROFORMA YANG TIDAK DIAUDIT (lanjutan)




UNAUDITED PRO FORMA CONSOLIDATEDSTATEMENT OF FINANCIAL POSITION (continued)

As of December 31, 2019(Expressed in Millions of Rupiah,






LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY(lanjutan) (continued)

EKUITAS EQUITY

Modal saham 583.095 1.930.551 2.513.646 (1.930.551)5j 583.095 Capital stockTambahan modal disetor 5.985.469 - 5.985.469 - 5.985.469 Additional paid-in capitalSelisih atas perubahan ekuitas entitas anak Difference from changes in equity of dan dampak transaksi dengan kepentingan Subsidiaries and transactions nonpengendali (550.276) - (550.276) - (550.276) effect with non-controlling interestsSelisih kurs atas penjabaran Exchange differences on translation laporan keuangan (11.040) (6.234) (17.274) 6.2345j (11.040) of financial statements

Difference from restructuringSelisih atas transaksi restrukturisasi transactions among entities antar entitas sepengendali - (682.790) (682.790) 682.7905j - under common controlLaba yang belum terealisasi dari Unrealized gains on aset keuangan tersedia untuk dijual 798.386 - 798.386 - 798.386 available-for-sale financial assetsKomponen ekuitas lain - 31.277 31.277 (31.277)5j - Other components of equitySaldo laba 18.495.204 1.150.260 19.645.464 (1.170.193)5j 18.475.271 Retained earnings

Ekuitas yang Dapat Diatribusikan Equity Attributable to Equity kepada Pemilik Entitas Induk 25.300.838 2.423.064 27.723.902 (2.442.997) 25.280.905 Holders of the Parent Entity

Kepentingan Nonpengendali 1.370.266 1.001.257 2.371.523 17.260.367 19.631.890 Non-controlling Interests

TOTAL EKUITAS 26.671.104 3.424.321 30.095.425 14.817.370 44.912.795 TOTAL EQUITY

TOTAL LIABILITAS DAN EKUITAS 38.709.314 4.934.401 43.643.715 52.047.902 95.691.617 TOTAL LIABILITIES AND EQUITY






4


LAPORAN LABA RUGI DAN PENGHASILANKOMPREHENSIF LAINNYA KONSOLIDASIAN

PROFORMA YANG TIDAK DIAUDITUntuk Tahun Yang Berakhir pada




UNAUDITED PRO FORMA CONSOLIDATEDSTATEMENT OF PROFIT OR LOSS AND OTHER

COMPREHENSIVE INCOMEFor the Year Ended December 31, 2019

(Expressed in Millions of Rupiah,Unless Otherwise Stated)





PENJUALAN NETO 42.296.703 - 42.296.703 - 42.296.703 NET SALESBEBAN POKOK PENJUALAN 27.892.690 - 27.892.690 - 27.892.690 COST OF GOODS SOLD

LABA BRUTO 14.404.013 - 14.404.013 - 14.404.013 GROSS PROFIT

Beban penjualan dan distribusi (5.006.244) - (5.006.244) - (5.006.244) Selling and distribution expensesBeban umum dan General and administrative

administrasi (2.119.627) - (2.119.627) (26.578)5k (2.146.205) expensesPenghasilan operasi lain 434.257 - 434.257 - 434.257 Other operating incomeBeban operasi lain (312.282) - (312.282) - (312.282) Other operating expenses

LABA USAHA 7.400.117 - 7.400.117 (26.578) 7.373.539 INCOME FROM OPERATIONSPenghasilan keuangan 289.408 - 289.408 - 289.408 Finance incomeBeban keuangan (161.444) - (161.444) - (161.444) Finance expensesPajak final atas penghasilan bunga (43.233) - (43.233) - (43.233) Final tax on interest incomeBagian atas rugi neto entitas asosiasi Share in net losses of dan ventura bersama (47.876) - (47.876) - (47.876) associates and joint ventures

LABA SEBELUM BEBAN INCOME BEFOREPAJAK PENGHASILAN 7.436.972 - 7.436.972 (26.578) 7.410.394 INCOME TAX EXPENSE

Beban pajak penghasilan (2.076.943) - (2.076.943) 6.6455l (2.076.298) Income tax expense

LABA TAHUN BERJALAN 5.360.029 - 5.360.029 (19.933) 5.340.096 INCOME FOR THE YEAR

Penghasilan komprehensif lain Other comprehensive incomePos yang tidak akan direklasifikasi Items that will not be reclassified to ke laba rugi setelah pajak: profit or loss, net of tax:Laba pengukuran kembali atas liabilitas Re-measurement gains imbalan kerja karyawan 27.542 - 27.542 - 27.542 of employees’ benefit liabilitiesBagian penghasilan komprehensif lain Share of other comprehensive dari entitas asosiasi dan income of associates and ventura bersama 66 - 66 - 66 joint ventures

Pos yang dapat direklasifikasi Items that may be reclassifiedke laba rugi: to profit or loss:

Laba yang belum terealisasi dari aset Unrealized gains on keuangan tersedia untuk dijual 346.080 - 346.080 - 346.080 available-for-sale financial assetsSelisih kurs atas penjabaran Exchange differences on translation

laporan keuangan 2.772 - 2.772 - 2.772 of financial statements

Penghasilan komprehensif lain Other comprehensive incometahun berjalan 376.460 - 376.460 - 376.460 for the year

TOTAL LABA KOMPREHENSIF TOTAL COMPREHENSIVETAHUN BERJALAN 5.736.489 - 5.736.489 (19.933) 5.716.556 INCOME FOR THE YEAR






5


LAPORAN LABA RUGI DAN PENGHASILANKOMPREHENSIF LAINNYA KONSOLIDASIANPROFORMA YANG TIDAK DIAUDIT (lanjutan)

Untuk Tahun Yang Berakhir padaTanggal 31 Desember 2019

(Disajikan dalam Jutaan Rupiah,Kecuali Dinyatakan Lain)


UNAUDITED PRO FORMA CONSOLIDATEDSTATEMENT OF PROFIT OR LOSS AND OTHER

COMPREHENSIVE INCOME (continued)For the Year Ended December 31, 2019


Saldo Historis tahun yang berakhir31 Desember 2019/HistoricalBalances for the year ended

December 31, 2019

Laba tahun berjalan yang dapatdiatribusikan kepada:

Income for the year attributable to:

Pemilik entitas induk 5.038.789 Equity holders of the parent entityKepentingan nonpengendali 321.240 Non-controlling interests

Total 5.360.029 Total

Total laba komprehensif tahunberjalan yang dapat diatribusikankepada:

Total comprehensive income forthe year attributable to:


5.736.489Total Total

Saldo Proforma Konsolidasian(Tidak Diaudit)/Pro Forma

Consolidated Balances (Unaudited)

Laba tahun berjalan yang dapatdiatribusikan kepada:

Income for the year attributable to:


Total 5.340.096 Total

Total laba komprehensif tahunberjalan yang dapat diatribusikankepada:

Total comprehensive income forthe year attributable to:


5.716.556Total Total



CATATAN ATAS INFORMASI KEUANGANKONSOLIDASIAN PROFORMA

YANG TIDAK DIAUDITTanggal 31 Desember 2019 dan untuk

Tahun yang Berakhir pada Tanggal Tersebut(Disajikan dalam Jutaan Rupiah,



NOTES TO THE UNAUDITED PRO FORMACONSOLIDATED FINANCIAL INFORMATION

As of December 31, 2019 andfor the Year Then Ended


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1. LATAR BELAKANG DILAKUKANNYA RENCANATRANSAKSI

1. BACKGROUND OF THE PROPOSEDTRANSACTIONS

PT Indofood CBP Sukses Makmur Tbk(“Perusahaan” atau “Pembeli”) didirikan di RepublikIndonesia pada tanggal 2 September 2009berdasarkan Akta Notaris HerdimansyahChaidirsyah, S.H., No. 25. Akta pendirian inidisahkan oleh Menteri Hukum dan Hak AsasiManusia Republik Indonesia pada tanggal30 September 2009 dalam Surat KeputusanNo. AHU-46861.AH.01.01 dan diumumkan dalamBerita Negara Republik Indonesia No. 69 TambahanNo. 15189 tanggal 27 Agustus 2010. Perubahanterakhir Anggaran Dasar Perusahaan sehubungandengan persetujuan pemegang saham atasperubahan nllai nominal saham Perusahaan dariRp100 (angka penuh) per saham menjadi Rp50(angka penuh) per saham yang dimuat dalam AktaNotaris Kumala Tjahjani Widodo, S.H. M.H. MknNo. 8, tanggal 3 Juni 2016 dan telah disetujui olehMenteri Hukum dan Hak Asasi Manusia RepublikIndonesia berdasarkan Surat Keputusan No. AHU-0077941.AH.01.11.TAHUN 2016 tanggal23 Juni 2016.

PT Indofood CBP Sukses Makmur Tbk(the “Company” or the “Purchaser”) was establishedin the Republic of Indonesia on September 2, 2009based on the Notarial Deed No. 25 of HerdimansyahChaidirsyah, S.H. The deed of establishment wasapproved by the Minister of Laws and Human Rightsof the Republic of Indonesia in its Decision LetterNo. AHU-46861.AH.01.01 dated September 30,2009 and was published in Supplement No. 15189of State Gazette No. 69 dated August 27, 2010. Thelatest amendments of the Company’s Articles ofAssociation were in connection with theshareholders’ approval for the change in the parvalue of the Company’s share of stock from Rp100(full amount) per share to Rp50 (full amount) pershare as stipulated in Notarial Deed No. 8 of KumalaTjahjani Widodo, S.H. M.H. Mkn, dated June 3,2016. The amendments were approved by theMinister of Laws and Human Rights of the Republicof Indonesia in its Decision LetterNo. AHU-0077941.AH.01.11.TAHUN 2016 datedJune 23, 2016.

Perusahaan merupakan hasil pengalihan kegiatanusaha Divisi Mi Instan dan Divisi Bumbu PenyedapPT Indofood Sukses Makmur Tbk (ISM), pemegangsaham pengendali Perusahaan, dan mulaimelakukan kegiatan usahanya sejak tanggal1 Oktober 2009.

The Company was the result of the spin-off ofNoodle Division and Food Ingredients Division of PTIndofood Sukses Makmur Tbk (ISM), the controllingshareholder of the Company, and started to carryout the related business operations onOctober 1, 2009.

Berdasarkan Perjanjian Penggabungan Usahaantara Perusahaan, PT Ciptakemas Abadi (CKA),PT Gizindo Primanusantara (GPN), PT IndosentraPelangi (ISP) dan PT Indobiskuit Mandiri Makmur(IMM) yang diaktakan oleh HerdimansyahChaidirsyah, S.H., dalam Akta Notaris No. 172tanggal 23 Desember 2009, perusahaan-perusahaan tersebut setuju untuk melakukanpenggabungan usaha. Untuk menjalankan transaksipenggabungan usaha tersebut, dan sesuai denganmetode konversi saham yang disepakati,Perusahaan menerbitkan saham baru sehinggajumlah saham yang ditempatkan menjadi466.476.178 saham.

Pursuant to the Merger Agreement among theCompany, PT Ciptakemas Abadi (CKA), PT GizindoPrimanusantara (GPN), PT Indosentra Pelangi(ISP) and PT Indobiskuit Mandiri Makmur (IMM) ascovered by Notarial Deed No. 172 of HerdimansyahChaidirsyah, S.H., dated December 23, 2009, thesaid entities agreed and entered into a mergertransaction. In effecting the merger transaction, andpursuant to the agreed method of share conversion,the Company issued new shares such that its totalissued shares became 466,476,178 shares.

Seperti yang tercantum pada Pasal 3 AnggaranDasar Perusahaan, ruang lingkup kegiatanPerusahaan terdiri dari, antara lain, produksi mi danbumbu penyedap, produk makanan kuliner, biskuit,makanan ringan, nutrisi dan makanan khusus,minuman non-alkohol, kemasan, perdagangan,transportasi, pergudangan dan pendinginan, jasamanajemen serta penelitian dan pengembangan.

As stated in Article 3 of the Company’s Articles ofAssociation, the scope of its activities comprises,among others, the manufacture of noodles and foodingredients, culinary food products, biscuits, snacks,nutrition and special foods, non-alcoholicbeverages, packaging, trading, transportation,warehousing and cold storage, managementservices, and research and development.











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1. LATAR BELAKANG DILAKUKANNYA RENCANATRANSAKSI (lanjutan)

1. BACKGROUND OF THE PROPOSEDTRANSACTIONS (continued)

Kantor pusat Perusahaan berlokasi di SudirmanPlaza, Indofood Tower, Lantai 23, Jalan JenderalSudirman, Kav. 76 - 78, Jakarta, Indonesia,sedangkan pabrik Perusahaan dan Entitas Anakberlokasi di berbagai tempat di Pulau Jawa,Sumatera, Kalimantan, Sulawesi dan Malaysia.

The Company’s head office is located at SudirmanPlaza, Indofood Tower, 23rd Floor, Jalan JenderalSudirman, Kav. 76 - 78, Jakarta, Indonesia, whilethe Company and its Subsidiaries’ factories arelocated in various locations in Java, Sumatera,Kalimantan, Sulawesi Islands and Malaysia.

ISM, Indonesia, dan First Pacific Company Limited(“FPCL”), Hong Kong, masing-masing adalahentitas induk dan entitas induk terakhir Perusahaan.

ISM, Indonesia, and First Pacific Company Limited(“FPCL”), Hong Kong, are the parent entity and theultimate parent entity, respectively, of the Company.

Pada bulan Februari 2020, Pembeli telahmendapatkan penawaran akuisisi dan memberikantanggapan kepada Pinehill Corpora Limited(“Pinehill Corpora”), pihak berelasi, dan Steele LakeLimited (“Steele Lake”), keduanya secarabersama-sama disebut sebagai “Para Penjual”,keduanya didirikan berdasarkan hukum negaraBritish Virgin Islands, untuk menjajaki dan menilaipenawaran untuk mengakuisisi seluruh saham milikPara Penjual dalam Pinehill Company Limited(“Perusahaan Target”), suatu perusahaan indukyang memiliki 4 (empat) entitas anak (“GrupTarget”). Kegiatan utama Grup Target bergerakdibidang industri pembuatan mie instan di KerajaanSaudi Arabia, Federal Republik Nigeria, Turki,Republik Mesir, Republik Kenya, Kerajaan Maroccodan Republik Serbia, dengan menggunakan merk“Indomie” berdasarkan perjanjian lisensi denganISM, entitas induk Perusahaan.

In February 2020, the Purchaser has received theacquisition offering and has responded to PinehillCorpora Limited (“Pinehill Corpora”), related party,and Steele Lake Limited (“Steele Lake”), bothhereinafter are referred to as the ”Sellers”, both dulyestablished under the laws of British Virgin Islands,to explore and assess the offer to acquire all of theissued shares of the Sellers in Pinehill CompanyLimited (“Target Company”), a holding companywhich currently owns 4 (four) subsidiaries (“TargetGroup”). Target Group is primarily engaged in themanufacturing of instant noodles in Kingdom ofSaudi Arabia, Federal Republic of Nigeria, Turkey,Republic of Egypt, Republic of Kenya, Kingdom ofMorocco and Republic of Serbia, using the“Indomie” trademark under the licensing agreementwith ISM, parent entity of the Company.

Pada tanggal 22 Mei 2020, Pembeli mengadakanPerjanjian Jual Beli Saham Bersyarat (selanjutnyadisebut “Perjanjian”) dengan Para Penjual terkaitdengan akuisisi yang telah disebutkan di atas.

On May 22, 2020, the Purchaser entered into aConditional Shares Sale and Purchase Agreement(hereinafter referred to as the "Agreement") with theSellers relating to the above said acquisition.

Syarat dan ketentuan penting yang disepakatidalam Perjanjian tersebut adalah sebagai berikut:

The significant terms and condition on the saidAgreement is as follows:

- Pada tanggal Perjanjian, Para Penjualmerupakan seluruh pemegang saham yangsecara bersama-sama memiliki 138.878.588(angka penuh) (seratus tiga puluh delapan jutadelapan ratus tujuh puluh delapan ribu limaratus delapan puluh delapan) saham biasayang telah disetor penuh, yang merupakan100% (seratus persen) dari seluruh sahamyang telah diterbitkan oleh Perusahaan Target.

- At the date of the Agreement, the Sellers areall shareholders who together own138,878,588 (full amount) (one hundred thirtyeight million eight hundred seventy eightthousand and five hundred eighty eight)fully paid ordinary shares representing 100%(one hundred per cent) of the total issuedshares in the Target Company.











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Syarat dan ketentuan penting yang disepakatidalam Perjanjian tersebut adalah sebagai berikut:(lanjutan)

The significant terms and condition on the saidAgreement is as follows: (continued)

- Pada tanggal Perjanjian, Perusahaan Targetmerupakan perusahaan holding yang saat initerdaftar dan memiliki secara sah:

- At date of the Agreement, the Target Companyis engaged as the holding company whichcurrently is registered and owns legally:

a. 59% (lima puluh sembilan persen) sahambiasa yang telah disetor penuh dalamPinehill Arabia Food Limited, suatuperseroan terbatas yang didirikan danberdiri berdasarkan hukum negaraKerajaan Saudi Arabia, yang kegiatanusaha utamanya bergerak dalam bidangindustri manufaktur mi instan di KerajaanSaudi Arabia (selanjutnya disebut “PAFL”).

a. 59% (fifty nine percent) of the fully paidordinary shares in Pinehill Arabia FoodLimited, a limited liability company dulyorganized and existing under the laws ofthe Kingdom of Saudi Arabia, whichprimary engages in the instant noodlemanufacturing industry in Kingdom ofSaudi Arabia (hereinafter referred to as the“PAFL”).

b. 100% (seratus persen) saham biasa yangtelah disetor penuh dalam PlatinumStream Profits Limited, suatu perseroanterbatas yang didirikan dan berdiriberdasarkan hukum negara British VirginIslands (selanjutnya disebut “Platinum”).

b. 100% (hundred percent) of the fully paidordinary shares in Platinum Stream ProfitsLimited, a limited liability company dulyorganized and existing under the laws ofthe British Virgin Islands (hereinafterreferred to as the “Platinum”).

Platinum merupakan perusahaan holdingyang saat ini memiliki secara sah 48,99%(empat puluh delapan koma sembilanpuluh sembilan persen) saham biasa yangtelah disetor penuh dalam Dufil PrimaFoods PLC, suatu perseroan terbuka yangdidirikan dan berdiri berdasarkan hukumnegara Federal Republik Nigeria(selanjutnya disebut “Dufil”). Dufil dan anakperusahaan yang dikonsolidasikanbergerak di bidang industri manufaktur miinstan, tepung terigu dan minyak goreng dinegara Federal Republik Nigeria danRepublik Ghana (selanjutnya disebut“Grup Dufil”).

Platinum is engaged as the holdingcompany which owns legally 48.99% (fortyeight point ninety nine percent) of fully paidordinary shares in Dufil Prima Foods PLC,a public limited liability company dulyorganized and existing under the laws ofthe Federal Republic of Nigeria(hereinafter referred to as the “Dufil”). Dufiland its consolidated subsidiaries engagesin the instant noodle, flour and cooking oilmanufacturing industry in the FederalRepublic of Nigeria and the Republic ofGhana (hereinafter referred to as the “DufilGroup”).











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c. 59% (lima puluh sembilan persen) sahambiasa yang telah disetor penuh dalamSalim Wazaran Group Limited, suatuperseroan terbatas yang didirikan danberdiri berdasarkan hukum negara BritishVirgin Islands (selanjutnya disebut“Sawaz”).

c. 59% (fifty nine percent) of the fully paidordinary shares in Salim Wazaran GroupLimited, a limited liability company dulyorganized and existing under the laws ofthe British Virgin Islands (hereinafterreferred to as the “Sawaz”).

Sawaz adalah perusahaan holding yangsaat ini baik langsung maupun tidaklangsung memiliki paling sedikit sekitar80% (delapan puluh persen) saham biasayang telah disetor penuh dalam anakperusahaan konsolidasiannya, yangsemuanya bergerak di bidang industrimanufaktur mi instan di masing-masingjurisdiksinya, yaitu Republik Mesir,Republik Kenya, Kerajaan Marocco danRepublik Serbia (selanjutnya disebut “GrupSawaz”).

Sawaz is engaged as the holdingcompany and currently owns directlyand/or indrectly not less thanapproximately 80% (eighty per cent) offully paid ordinary shares in itsconsolidated subsidiaries respectively,whose all engages in the instant noodlemanufacturing industry in its jurisdictionrespectively, such as Republic of Egypt,Republic of Kenya, Kingdom of Morocco,and Republic of Serbia (hereinafterreferred to as the “Sawaz Group”).

d. 59% (lima puluh sembilan persen) sahambiasa yang telah disetor penuh dalamSalim Wazaran Gida Sanayi Ve YatirimAnonim Sirketi, suatu perusahaan jointstock yang didirikan dan berdiriberdasarkan hukum negara Republik Turki(selanjutnya disebut “SubHoldco Turkey”).

d. 59% (fifty nine percent) of the fully paidordinary shares in Salim Wazaran GidaSanayi Ve Yatirim Anonim Sirketi, a jointstock company duly organized and existingunder the laws of the Republic of Turkey(hereinafter referred to as the “SubHoldcoTurkey”).

SubHoldco Turkey adalah perusahaanholding yang saat ini memiliki 80%(delapan puluh persen) saham biasa yangtelah disetor penuh dalam Adkoturk GidaSanayi Ve Ticaret Limited Şirketi, suatuperseroan terbatas yang didirikan danberdiri berdasarkan hukum negaraRepublik Turki (selanjutnya disebut“Adkoturk”); (SubHoldco Turkey danAdkoturk selanjutnya disebut “GrupAdkoturk”).

SubHoldco Turkey is a holding companywhich currently owns 80% (eighty percent)of fully paid ordinary shares in AdkoturkGida Sanayi Ve Ticaret Limited Şirketi, alimited liability company duly organizedand existing under the laws of theRepublic of Turkey (hereinafter referred toas the “Adkoturk”); (SubHoldco Turkeyand Adkoturk hereinafter referrred to asthe “Adkoturk Group”).

- Para Penjual telah menawarkan dan setujuuntuk menjual dan mengalihkan semuasahamnya dalam Perusahaan Target kepadaPembeli yang telah setuju untuk membeli danmenerima pengalihan seluruh sahamPerusahaan Target milik Para Penjual, dengansyarat dan kondisi yang ditetapkan dalamPerjanjian.

- The Sellers have offerred and agreed to selland transfer all of their shares in the TargetCompany to the Purchaser who has agreed tobuy and receive the transfer all of the shares ofthe Target Company owned by the Sellers, withthe terms and conditions as described in theAgreement.











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- Penyelesaian Rencana Transaksi akantergantung pada pemenuhan Persyaratan Awalberikut di bawah ini:

- The Completion of the Proposed Transactionshall be subject to the satisfaction of thefollowing Pre-Conditions:

a. Pembeli telah mengumumkanRencana Transaksi dalam 1 (satu) suratkabar harian dengan peredaran nasionalsebagaimana disyaratkan dalamPeraturan Nomor IX.E.2 LampiranKeputusan Ketua Badan Pengawas PasarModal dan Lembaga Keuangan (Bapepam& LK) No. Kep-614/BL/2011, tanggal28 November 2011 mengenai TransaksiMaterial dan Perubahan Kegiatan UsahaUtama (“Peraturan IX.E.2”).

a. Purchaser has announced the ProposedTransaction in 1 (one) daily newspaperwith the national circulation as requiredunder the Regulation Number IX.E.2, theAttachment to the Decree of the Chairmanof Capital Market Supervisory Board andFinancial Institution (Bapepam&LK) No.Kep-614/BL/2011, dated November 28,2011 regarding the Transaction Materialand Changes of the Major Line of Business(“Rule IX.E.2”).

b. Pembeli telah mendapatkan persetujuandari Rapat Umum Pemegang Saham LuarBiasa (“RUPSLB”) Pembeli sebagaimanayang disyaratkan dalam Peraturan IX.E.2.

c. FPCL telah mendapatkan persetujuan dariRUPSLB FPCL sebagaimana yangdisyaratkan dalam Peraturan PencatatanBursa Efek Hong Kong (“HKSE”).

- Pembeli akan menggunakan semua upayayang wajar untuk memastikan RUPSLBPembeli dan FPCL dilakukan sebelum tanggal28 Agustus 2020.

b. Purchaser has obtained the approval fromits Extraordinary General Meeting ofShareholders (“EGMS”) as required inaccordance with the Rule IX.E.2.

c. FPCL has obtained the approval from itsEGMS as required in accordance with theStock Exchange of Hong Kong (“HKSE”)Listing Rules.

- The Purchaser shall use all reasonableendeavours to rocure that an EGMS of thePurchaser and FPCL to be held no later thanon August 28, 2020.











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- Setelah Persyaratan Awal terpenuhi, masing-masing Pihak akan menggunakan semuaupaya yang wajar untuk memenuhiPersyaratan Lanjutan berikut di bawah ini:

- Upon the fulfilment of the Pre-Conditions, eachof the Parties shall use all reasonableendeavours to fullfill the following Post-Conditions:

a. Para Penjual masing-masing telahmemberikan salinan keputusan yangdiambil oleh direksi dan pemegang sahamPara Penjual (jika disyaratkan) yangmenyetujui dan meratifikasi pembuatandan pemenuhan oleh Para Penjualkewajibannya berdasarkan Perjanjian dansemua aspek yang disyaratkansehubungan dengan Rencana Transaksi.

b. Para Penjual masing-masing telahmemberikan kepada Pembeli salinanpersetujuan tertulis atau pengabaian darikreditur (dalam hal diperlukan) yangdisyaratkan bagi Para Penjual untukmenjual dan mengalihkan Saham-SahamYang Dijual berdasarkan Perjanjian.

a. The delivery by each of the Sellers to thePurchaser of copies of the resolutionspassed by the board of directos and bythe shareholders of the Sellers (if sorequired) approving and ratifying theentry into and performance by the Sellersof its obligation under the Agreement andall matters required in respect of theProposed Transaction.

b. The delivery by each of the Sellers to thePurchaser of copies of all prior writtenconsent or waiver from their respectivecreditor (as the case maybe) as requiredfor the Sellers to sell and transfer the SaleShares pursuant to the Agreement.

c. Pembeli telah menyerahkan kepada ParaPenjual salinan persetujuan tertulis ataupengabaian dari para kreditur Pembelidan/atau induk perusahaannya, ISM(dalam hal diperlukan) yang disyaratkanbagi Pembeli dan/atau ISM berdasarkanperjanjian pinjaman yang masih berlakuuntuk membeli Saham-Saham Yang Dijualberdasarkan Perjanjian.

d. Konfirmasi dari Pembeli bahwa Pembelitelah menandatangani perjanjian fasilitasdengan para krediturnya sehubungandengan Fasilitas Pinjaman Sindikasi danPembeli telah memenuhi semuapersyaratan penarikan Fasilitas PinjamanSindikasi.

c. The delivery by the Purchaser to theSellers of copies of all prior written consentor waiver from the respective creditors ofthe Purchaser and/or its parent company,ISM (as the case maybe) which requiredfor the Purchaser and/or ISM under theexisting financing agreement of thePurchaser and/or ISM to purchase of theSale Shares pursuant to the Agreement.

d. The written confirmation from thePurchaser that it has signed the facilityagreement with its creditors regarding theSyndicated Loan Facility and thePurchaser has satisfied all conditionsprecedent to drawdown the SyndicatedLoan Facility.











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- Para Penjual telah setuju dan dengan inimemberikan jaminan kepada Pembeli atas nilairata-rata NPAT Grup Target sebesarUS$128.500.000 (“Keuntungan yang Dijamin”)untuk periode 1 Januari 2020 sampai dengan31 Desember 2021 (“Periode Yang Dijamin”),dengan ketentuan jika Keuntungan YangDijamin dengan toleransi deviasi sebesar 5%(lima persen), tidak tercapai oleh Grup Targetmaka akan dilakukan penyesuaian terhadapHarga Pembelian. Akan tetapi jika AktualKeuntungan Grup Target setelahmemperhitungkan toleransi deviasi sebesar5% (lima persen), tercapai maka tidak adapenyesuaian kenaikan Harga Pembelian.

- The Sellers have agreed and hereby extend tothe Purchaser its guarantee on the averageNPAT of the Target Group (“GuaranteedProfit”) amounting to US$128,500,000 for theperiod January 1, 2020 to December 31, 2021(“Guaranteed Period”), provided that if theGuaranteed Profit aftertaking into account a5% (five percent) deviation tolerance, is notachieved by the Target Group then thePurchase Consideration shall be adjusted.However if the Actual Profit of the Target Groupafter taking into account a 5% (five percent)deviation tolerance, is achieved then noupward adjustment of the PurchaseConsideration will be made.

- Keuntungan Yang Dijamin akan diuji denganmerujuk pada Aktual Keuntungan Grup Targetdalam Laporan Keuangan Grup Target yangakan diterbitkan paling lambat akhir bulan April2022. Untuk keperluan tersebut, Pembeli akanmenerbitkan Surat Konfirmasi kepada ParaPenjual paling lambat 10 (sepuluh) Hari Kerjasejak diterbitkannya Laporan Keuangan GrupTarget, yang memuat perhitungan KeuntunganYang Dijamin, nilai penyesuaian (jika ada).

- The Guaranteed Profit shall be tested byreference to the Actual Profit of the TargetGroup as stated in the Financial Report TargetGroup which will be released no later than April2022. For that purposes, the Purchaser shallissue the Confirmation Notice to the Sellers nolater than 10 (ten) Business Days from theissuance of the Financial Report Target Group,regarding the calculation of the GuaranteedProfit, and the adjustment value, if applied.

- Guna menjamin pembayaran nilai penyesuaiansebagaimana diuraikan di atas, Para Penjualtelah setuju bagi Pembeli untuk menahanpembayaran sebagian Harga Pembelian, danbaru akan dibayarkan oleh Pembeli kepadaPara Penjual pada tanggal 30 April 2022 atautanggal lain setelah penyesuaian HargaPembelian ditentukan secara definitif. Sebagaiakibat dari penyesuaian Harga Pembelian,jumlah pembayaran yang ditahan akandikurangi dengan jumlah yang setara dengannilai penyesuaian yang disebutkan dalam SuratKonfirmasi, selanjutnya sisa jumlahpembayaran yang ditahan (jika ada) bersamadengan satu kali kompensasi sebesar 2,63%dari sisa jumlah pembayaran yang ditahantersebut harus dibayar oleh Pembeli kepadaPara Penjual secara proporsional pada tanggal30 April 2022 atau tanggal lain setelahpenyesuaian Harga Pembelian ditentukansecara definitif.

- To secure the payment of such adjustmentvalue as described above, the Sellers haveagreed for the Purchaser to retain its paymentfor partial of the Purchase Consideration, andshall be paid by the Purchaser to the Sellers onApril 30, 2022 or such later date as anyadjustment to the Purchase Consideration isdefinitively determined. As a result of anyadjustment to the Purchase Consideration, theretention amount would be reduced by anamount equal to the amount of the adjustmentvalue as stated in the Confirmation Letter,following which the remaining balance of theretention amount (if any) together with one timecompensation of 2.63% of such remainingbalance of the retention amount should be paidby Purchaser to the Sellers proportionally onApril 30, 2022 or such later date as anyadjustment to the Purchase Consideration isdefinitively determined.











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- Sehubungan dengan pembayaran sisa jumlahpembayaran yang ditahan sebagaimanadiuraikan di atas, berdasarkan kesepakatanbersama Para Pihak dapat memperpanjangjangka waktu pembayaran tersebut, untuk itudalam waktu 1 (satu) bulan sebelum tanggaljatuh tempo pembayaran tersebut, Pembeliharus mengirimkan surat permohonanperpanjangan kepada Para Penjual untukpersetujuan mereka, termasuk syarat danketentuan yang mengatur perpanjangantersebut. Dalam hal tidak tercapai kesepakatandi antara Para Pihak maka pada tanggal jatuhtempo pembayaran, Pembeli harus membayarsecara penuh sisa jumlah pmbayaran yangditahan tersebut termasuk kompensasi padatanggal jatuh temponya

- In connection with the payment of theremaining balance of the retention amount asdescribed above,the Parties may by mutualagreement extend such payment period,therefore within 1 (one) month before the duedate of such payment, the Purchaser mustsend an extension request letter to the Sellersfor their approval, including the terms andconditions governing such extension. In theevent no agreement between the Parties thenthe Purchaser must pay in full the remainingbalance of the retention amount together withthe compensation on the due date.

- Tanggal penyelesaian yang disepakati yaitutanggal yang jatuh pada 5 (lima) Hari Kerjasetelah tanggal dimana semua PersyaratanRencana Transaksi dipenuhi atau diabaikan(sesuai kasusnya) sesuai dengan Perjanjianatau (jika diijinkan oleh hukum dan peraturanyang bersangkutan) pada tanggal lain yangdisepakati secara tertulis oleh Para Pihak, akantetapi tidak melebihi Tanggal Batas Akhir, yaitu31 Desember 2020 (“Tanggal Penyelesaian”).

- The agreed completion date means a datefalling 5 (five) Business Days following the dateupon which all of the Proposed TransactionConditions are satisfied or (to the extentpermitted by applicable laws and regulations)waived (as the case may be) in accordancewith this Agreement or on such other date asmay be agreed in writing by the Parties, but nolater than the Long Stop Date, meansDecember 31, 2020 (“Completion Date”).











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- Harga pembelian atas Saham-saham YangDijual telah disepakati sebesarUS$2.998.000.000 (angka penuh) (dua miliarsembilan ratus sembilan puluh delapan juta USDolar) yang akan dibayar oleh Pembeli kepadaPara Penjual secara proporsional yang terdiridari Harga Pembelian Pinehill Corpora danHarga Pembelian Steele Lake.

- Harga Pembelian akan dibayarkan olehPembeli kepada Para Penjual secaraproporsional adalah sebagai berikut:a. Harga Pembelian Pinehill Corpora akan

dibayar sebagai berikut:i. pembayaran sebesar

US$1.197.480.000 (angka penuh)(satu miliar seratus sembilan puluhtujuh juta empat ratus delapan puluhribu US Dolar) akan dilakukan olehPembeli kepada Pinehill Corporapada Tanggal Penyelesaian.

ii. pembayaran sebesarUS$331.500.000 (angka penuh)(tiga ratus tiga puluh satu juta limaratus ribu US Dolar) akan dibayaroleh Pembeli kepada PinehillCorpora pada tanggal 30 April 2022;dengan tergantung pada dan sesuaidengan ketentuan dalam Perjanjian.

- The purchase consideration in respect of theSale Shares has been agreed in amount ofUS$2,998,000,000 (full amount) (two billionnine hundred and ninety eight million USDollars) which shall be paid by the Purchaserin proportion corresponding to the PurchaseConsideration Pinehill Corpora and PurchaseConsideration Steele Lake.

- The Purchase Consideration shall be paid bythe Purchaser to each of the Sellersproportionally are as follows:a. Purchase Consideration of Pinehill

Corpora shall be paid as follows:i. the payment of US$1,197,480,000

(full amount) (one billion one hundredninety seven million four hundred andeighty thousand US Dollars) shall bemade by the Purchaser to PinehillCorpora on the Completion Date.

ii. the payment of US$331,500,000(full amount) (three hundred thirty onemillion and five hundred thousand USDollars) shall be paid by thePurchaser to Pinehill Corpora April30, 2022 which is subject to andaccordance with the provisions in theAgreement.

b. Harga Pembelian Steele Lake akandibayar sebagai berikut:i. pembayaran sebesar

US$1.150.520.000 (angka penuh)(satu miliar seratus lima puluh jutalima ratus dua puluh ribu US Dolar)akan dibayar oleh Pembeli kepadaSteele Lake pada TanggalPenyelesaian;

ii. pembayaran sebesarUS$318.500.000 (angka penuh) (tigaratus delapan belas juta lima ratusribu US Dolar) akan dibayar olehPembeli kepada Steele Lake padatanggal 30 April 2022 dengantergantung pada dan sesuai denganketentuan dalam Perjanjian.

b. Purchase Consideration of Steele Lakeshall be paid as follows:i. the payment of US$1,150,520,000

(full amount) (one billion one hundredfifty million five hundred and twentythousand US Dollars) shall be madeby the Purchaser to Steele Lake on theCompletion Date.

ii. the payment of US$318,500,000 (fullamount) (three hundred eighteenmillion and five hundred thousand USDollars) shall be paid by the Purchaserto Steele Lake on April 30, 2022 whichis subject to and in accordance withthe provisions in the Agreement.

- Penyelesaian Rencana Transaksi akandilakukan pada Tanggal Penyelesaian dikantor Pembeli atau tempat lain yangdisepakati oleh Para Pihak.

- Completion of the Proposed Transaction shalltake place on the Completion Date at thePurchaser’s office or such other place asmutually agreed by the Parties.











15

2. AKUNTANSI KOMBINASI BISNIS 2. ACCOUNTING FOR BUSINESS COMBINATION

Berdasarkan latar belakang Rencana Transaksisebagaimana dijelaskan dalam Catatan 1, makafakta-fakta berikut ini menjadi pertimbanganakuntansi kombinasi bisnis dalam penyusunaninformasi keuangan proforma yang tidak diaudit.

Based on the background of the ProposedTransaction as disclosed in Note 1, the followingfacts were taken into consideration in accounting forbusiness combination in the preparation of theunaudited pro forma consolidated financialinformation.

Rencana Transaksi seluruh saham PerusahaanTarget dilakukan antara Pembeli dengan ParaPenjual.

The Proposed Transaction of the all shares of theTarget Company was conducted by the Purchaserwith the Sellers.

Pinehill Corpora dimiliki oleh Bpk. Anthoni Salimsecara tidak langsung sekitar sebesar 49% (empatpuluh sembilan persen) dan sisanya sekitar sebesar51% (lima puluh satu persen) dimiliki oleh pihak lain(termasuk kerabat Bpk. Anthoni Salim).

Pinehill Corpora is indirectly owned approximately49% (forty nine percent) byMr. Anthoni Salim and the remaining approximately51% (fifty-one percent) is held by other parties(including a relative of Mr. Anthoni Salim).

Steele Lake adalah bukan pihak terafiliasiPerusahaan dan bukan pihak terafiliasi Bpk. AnthoniSalim.

Steele Lake is a non-affiliated party of the Companyand non-affiliated party of Mr. Anthoni Salim.

Struktur kepemilikan saham Perusahaan Targetsebelum Rencana Transaksi adalah:

The structure of shareholdings of the TargetCompany before the Proposed Transaction is asfollows:

Struktur kepemilikan saham Perusahaan Targetsetelah Rencana Transaksi adalah:

The structure of shareholdings of the TargetCompany after the Proposed Transaction is asfollows:

49% 8,30% 42,70% 100%

51%Perusahaan

Target/TargetCompany

49%

Pihak Ketiga/Third Party

Bpk./Mr. Anthoni Salim(kepemilikan tidaklangsung/indirect

ownership)

Kerabat/A relative ofBpk./Mr. Anthoni Salim

(kepemilikan tidaklangsung/indirect ownership )

Pihak Ketiga/Third Party

Pinehill Corpora Steele Lake

100%

Perusahaan Target/Target Company

(Pinehill Company Limited)

Pembeli/Purchaser(PT Indofood CBP Sukses

Makmur Tbk)











16

2. AKUNTANSI KOMBINASI BISNIS (lanjutan) 2. ACCOUNTING FOR BUSINESS COMBINATION(continued)

Struktur kepemilikan saham Pembeli adalah: The structure of shareholdings of the Purchaser isas follows:

*)Bapak Anthoni Salim memiliki kepentingan dan memegang kendali secara langsung maupun tidak langsung di FPCL/Mr. Anthoni Salim holds interests in and controls directly and indirectly FPCL.

Berdasarkan informasi di atas:a. Bpk. Anthoni Salim memiliki penyertaan secara

tidak langsung hanya sebesar 49% (empatpuluh sembilan persen) saham PinehillCorpora;

b. Seluruh pemegang saham Pinehill Corporamasing-masing setuju untuk menjualkepemilikan sahamnya di Perusahaan Targetkepada Pembeli;

c. Keputusan untuk menjual kepemilikan sahamatas Perusahaan Target yang dimiliki olehmasing-masing pemegang saham PinehillCorpora dan Steele Lake diputuskan secaraindependen oleh masing-masing pemegangsaham tersebut; dan

d. Bpk. Anthoni Salim merupakan pengendalitidak langsung di Pembeli.

Based on the above-mentioned information:a. Mr. Anthoni Salim has 49% (forty nine percent)

indirect share ownership in Pinehill Corpora.

b. All Pinehill Corpora shareholders agreed to selltheir shares ownership in Target Company tothe Purchaser;

c. The decision to sell the share ownership ofTarget Company which owned by eachshareholder of Pinehill Corpora and Steele Lakewas independently decided by eachshareholder; and

d. Mr. Anthoni Salim indirectly controls thePurchaser.

PSAK 22 “Kombinasi Bisnis” mengatur sebagaiberikut:

PSAK 22, “Business Combination”, states thefollowing:

Paragraf 7, “Pihak pengakuisisi yaitu entitas yangmemperoleh pengendalian atas pihak yangdiakuisisi.”

Paragraph 7, “The acquirer is the entity that obtainscontrol of another entity, i.e. the acquiree.”

Paragraf 8, “Pihak pengakuisisi mengidentifikasitanggal akuisisi, yaitu tanggal pihak pengakuisisimemperoleh pengendalian atas pihak yangdiakuisisi.”

Paragraph 8, “The acquirer shall identify theacquisition date, which is the date on which itobtains control of the acquiree.”

PSAK 38 “Kombinasi Bisnis Entitas Sepengendali”mengatur sebagai berikut:

PSAK 38, “Business Combination of Entities UnderCommon Control”, states the following :

Paragraf 4, “Kombinasi bisnis entitas sepengendaliadalah kombinasi bisnis yang seluruh entitas ataubisnis yang bergabung, pada akhirnyadikendalikan oleh pihak yang sama (baik sebelummaupun sesudah kombinasi bisnis) danpengendaliannya tidak bersifat sementara.”

Paragraph 4 “Business combination of entitiesunder common control is a business combination inwhich all of the combining entities or businesses areultimately controlled by the same party or parties(both before and after the business combination),and that control is not transitory.”

19,47%

FPCL*)

Pembeli/Purchaser

ISM80,53%

Publik/Public

50,07%











17

2. AKUNTANSI KOMBINASI BISNIS (lanjutan) 2. ACCOUNTING FOR BUSINESS COMBINATION(continued)

Paragraf 7, “Transaksi kombinasi bisnis entitassepengendali, berupa pengalihan bisnis yangdilakukan dalam rangka reorganisasi entitas-entitas yang berada dalam suatu kelompok usahayang sama, bukan suatu perubahan kepemilikandalam arti substansi ekonomi, sehingga transaksitersebut tidak dapat menimbulkan laba atau rugibagi kelompok usaha secara keseluruhan ataupunbagi entitas individual dalam kelompok usahatersebut.”

Paragraph 7, “Transactions of businesscombination of entities under common control, in theform of transfer of business in context of entitieswithin a group reorganisation, not a change inownership in term of economic substance, as suchtransaction do not arise any profit or loss to thegroup as a whole or individual entity within thegroup”

PSAK 65 “Laporan Keuangan Konsolidasian”mengatur sebagai berikut:

PSAK 65, “Consolidated Financial Statements”,states the following :

Pedoman Penerapan 35, “Investor yang memilikilebih dari setengah hak suara investee memilikikekuasaan dalam situasi berikut, kecuali paragrafPP36 atau PP37 diterapkan:a. aktivitas relevan diarahkan oleh suara dari

pemilik hak suara mayoritas, ataub. mayoritas anggota organ pengatur yang

mengarahkan aktivitas relevan ditunjukmelalui pemilihan dari pemilik hak suaramayoritas.”

Application Guidance 35, “An investor that holdsmore than half of the voting rights of an investee haspower in the following situations, unless paragraphPP36 or paragraph PP37 applies:a. the relevant activities are directed by a vote of

the holder of the majority of the voting rights, orb. a majority of the members of the governing

body that directs the relevant activities areappointed by a vote of the holder of the majorityof the voting rights.”

Dengan demikian, Rencana Transaksi seluruhsaham Perusahaan Target bukan merupakankombinasi bisnis entitas sepengendali dalamlingkup PSAK 38 sehingga perlakuan akuntansinyaberdasarkan PSAK 22 dengan pertimbangansebagai berikut:a. Bpk. Anthoni Salim sebagai pengendali tidak

langsung Pembeli, secara tidak langsunghanya memiliki sekitar 49% saham PinehillCorpora dan pemegang saham lainnyamengambil keputusan secara independendalam Pinehill Corpora untuk menjualkepemilikan saham di Perusahaan Target;dan

b. Transaksi pembelian saham PerusahaanTarget dari Steele Lake merupakan transaksidengan pihak ketiga yang tidak terafiliasidengan Pembeli.

Accordingly, the Proposed Transaction of all sharesof the Target Company is not a businesscombination of entities under common control withinscope of PSAK 38 and, therefore, is accounted forunder PSAK 22 based on the followingconsiderations:a. Mr. Anthoni Salim as the indirect controlling

party of the Purchaser, indirectly only ownsapproximately 49% of the outstanding shares ofPinehill Corpora and the other shareholdersmake independent decisions with regards toPinehill Corpora to sell the share ownership ofTarget Company; and

b. The acquisition transaction of TargetCompany’s shares from Steele Lake is atransaction with a non-affiliated third party of thePurchaser.











18

3. SUMBER LAPORAN INFORMASI KEUANGANHISTORIS

3. SOURCE OF HISTORICAL FINANCIALINFORMATION REPORT

Informasi keuangan historis diambil dari laporankeuangan konsolidasian Perusahaan dan EntitasAnaknya dan Pinehill Company Limited dan EntitasAnaknya (Grup Target) tanggal 31 Desember 2019dan untuk tahun yang berakhir pada tanggaltersebut, yang masing-masing telah diaudit olehkantor akuntan publik Purwantono, Sungkoro &Surja, Indonesia dan Pinebridge LLP, Singapura.

The historical financial information are taken fromthe consolidated financial statements of theCompany and its Subsidiaries and PinehillCompany Limited and its Subsidiaries (TargetGroup) as of December 31, 2019 and for the yearthen ended, which was audited by public accountingfirms Purwantono, Sungkoro & Surja, Indonesia andPinebridge LLP, Singapore, respectively.

Direksi Perusahaan Target mempertimbangkanbahwa nilai tercatat aset keuangan dan liabilitaskeuangan dicatat pada biaya diamortisasi padalaporan posisi keuangan kurang lebih sebesar nilaiwajarnya, dengan pengecualian pada aset tetapseperti dijelaskan dalam Catatan 5c.

The directors of the Target Company consider thatthe carrying amounts of financial assets andfinancial liabilities recorded at amortised costs in theconsolidated statements of financial positionapproximate their fair values, with the exception offixed assets, as disclosed in Note 5c.

Opini audit yang dikeluarkan oleh kantor akuntanpublik terkait dengan laporan keuangankonsolidasian Perusahaan dan Entitas Anaknya danPinehill Company Limited dan Entitas Anaknya(Grup Target) tanggal 31 Desember 2019 dan untuktahun yang berakhir pada tanggal tersebut adalahopini tanpa modifikasian.

The audit opinion issued by the public accountingfirms relating to the consolidated financialstatements of the Company and its Subsidiaries andPinehill Company Limited and its Subsidiaries(Target Group) as of December 31, 2019 and for theyear then ended were unmodified opinion.

4. ASUMSI-ASUMSI DASAR SIGNIFIKAN YANGDIGUNAKAN DALAM PENYUSUNANINFORMASI KEUANGAN KONSOLIDASIANPROFORMA YANG TIDAK DIAUDIT

4. SIGNIFICANT BASIC ASSUMPTIONS USED INTHE PREPARATION OF THE UNAUDITED PROFORMA CONSOLIDATED FINANCIALINFORMATION

Tujuan informasi keuangan konsolidasian proformayang tidak diaudit adalah untuk mengilustrasikandampak akuisisi terhadap informasi keuangankonsolidasian Perusahaan dan Entitas Anaknyayang terjadi pada tanggal 31 Desember 2019.

The purpose of the unaudited pro formaconsolidated financial information is to illustrate theimpact of the acquisition to the Company and itsSubsidiaries’ consolidated financial information,which incurred as of December 31, 2019.

Ikhtisar asumsi-asumsi dasar signifikan padatanggal 31 Desember 2019 yang digunakanmanajemen dalam penyusunan informasi keuangankonsolidasian proforma yang tidak diaudit padatanggal 31 Desember 2019 dan untuk tahun yangberakhir pada tanggal tersebut adalah sebagaiberikut:

The summary of significant basic assumptions as ofDecember 31, 2019 used in the preparation of theunaudited pro forma consolidated financialinformation as of December 31, 2019 and for theyear then ended are as follows:

a. Pembeli dan Para Penjual diasumsikan telahmemenuhi seluruh syarat dan ketentuan yangberlaku terkait dengan akuisisi.

a. The Purchaser and the Sellers assumed havecomplied with all of the terms and conditionrelating to the acqusition.

b. Pada tanggal 31 Desember 2019, nilai tukaryang digunakan untuk 1 Dolar Amerika Serikat(“US$”) adalah sebesar Rp13.901, sesuaidengan rata-rata kurs jual dan beli yangditerbitkan oleh Bank Indonesia pada tanggaltransaksi perbankan terakhir untuk periodeyang bersangkutan.

b. As at December 31, 2019, the rate of exchangeused for United States Dollar (“US$”) 1 wasRp13,901, which was the average of the sellingand buying rates of exchange prevailing at thelast banking transaction date of the period, aspublished by Bank Indonesia.











19

4. ASUMSI-ASUMSI DASAR SIGNIFIKAN YANGDIGUNAKAN DALAM PENYUSUNANINFORMASI KEUANGAN KONSOLIDASIANPROFORMA YANG TIDAK DIAUDIT (lanjutan)

4. SIGNIFICANT BASIC ASSUMPTIONS USED INTHE PREPARATION OF THE UNAUDITED PROFORMA CONSOLIDATED FINANCIALINFORMATION (continued)

Ikhtisar asumsi-asumsi dasar signifikan padatanggal 31 Desember 2019 yang digunakanmanajemen dalam penyusunan informasi keuangankonsolidasian proforma yang tidak diaudit padatanggal 31 Desember 2019 dan untuk tahun yangberakhir pada tanggal tersebut adalah sebagaiberikut: (lanjutan)

The summary of significant basic assumptions as ofDecember 31, 2019 used in the preparation of theunaudited pro forma consolidated financialinformation as of December 31, 2019 and for theyear then ended are as follows: (continued)

c. Nilai akuisisi Perusahaan Target olehPerusahaan sebesar US$2.998.000.000(angka penuh) atau setara denganRp41.675.198. Estimasi biaya profesionalterkait akuisisi adalah Rp26.578.

c. The total acquisition cost of Target Company bythe Company amounting to US$2,998,000,000(full amount) or equivalent to Rp41,675,198.The estimated professional fees related to theacquisition amounting to Rp26,578.

d. Sumber pendanaan Perusahaan untuktransaksi akuisisi dan biaya jasa profesionalberasal dari kas Perusahaan, utang bankjangka panjang, dan liabilitas jangka panjanglainnya masing-masing sebesarUS$300.000.000 (angka penuh) atau setaradengan Rp4.170.300, US$2.050.000.000(angka penuh) atau setara denganRp28.497.050, dan US$650.000.000 (angkapenuh) atau setara dengan Rp9.035.650.

d. The financing for the acquisition transactionand professional fees derived from theCompany’s cash, long-term bank loans, andother long-term liabilities amounting toUS$300,000,000 (full amount) or equivalent toRp4,170,300, US$2,050,000,000 (full amount)or equivalent to Rp28,497,050, andUS$650,000,000 (full amount) or equivalent toRp9,035,650, respectively.

e. Biaya-biaya yang timbul sehubungan dengantransaksi akuisisi diasumsikan sebesarRp512.948 dan Rp26.578, terdiri dari biayaprovisi atas utang bank jangka panjang danbiaya jasa profesional (terdiri dari biaya akuntanpublik/auditor independen, biaya Lembagapenilai publik/biaya penilaian, biaya konsultanhukum dan biaya notaris). Informasi keuangankonsolidasian proforma tidak memperhitungkanbiaya-biaya dan pajak lainnya, jika ada, yangmungkin timbul dari transaksi tersebut.

e. The expenditures arose from the acquisitiontransactions assumed amounting to Rp512,948and Rp26,578, consist of provision cost oflongterm bank loans and professional fees(consist of independent auditor fee, appraiserfee, legal fee and notarial fee), respectively.The other expenditures and taxes was nottaken into account in the pro formaconsolidated financial information, if any, whichcan arise from the said transaction.

f. Laporan keuangan konsolidasian PinehillCompany Limited dan Entitas Anaknya (GrupTarget) telah disesuaikan dengan StandarAkuntansi Keuangan di Indonesia (SAK), yangmencakup Pernyataan dan Interpretasi yangdikeluarkan oleh Dewan Standar AkuntansiKeuangan Ikatan Akuntan Indonesia.

f. The consolidated financial statements ofPinehill Company Limited and its Subsidiaries(Target Group) have been adjusted inaccordance with the Indonesian FinancialAccounting Standards (SAK), which comprisethe Statements and Interpretations issued bythe Board of Financial Accounting Standards ofthe Institute of Indonesia CharteredAccountants.











20

5. PENJELASAN ATAS PENYESUAIANPROFORMA

5. EXPLANATION ON PRO FORMAADJUSTMENTS

Ikhtisar penjelasan atas penyesuaian proformasignifikan yang digunakan manajemen dalampenyusunan informasi keuangan konsolidasianproforma yang tidak diaudit adalah sebagai berikut:

The summary of explanation on significant proforma adjustments used by the management in thepreparation of the unaudited pro forma consolidatedfinancial information are as follows:

a. Kas dan setara kas a. Cash and cash equivalents

Kas dan setara kas mengalami penurunanterutama dikarenakan oleh sebagai berikut:1. pembayaran biaya akuisisi sebesar

US$298.000.000 (angka penuh) atausetara dengan Rp4.142.498;

2. pembayaran biaya provisi atas utang bankjangka panjang sebesar Rp512.948;

3. pembayaran biaya jasa profesionalsebesar Rp26.578; dan

4. penurunan pajak penghasilan badansebesar Rp6.645 terkait denganpembayaran biaya jasa profesional di atas.

The cash and cash equivalents decreasedmainly due to as follows:1. the payment of acquisition cost amounting

to US$298,000,000 (full amount) orequivalent to Rp4,142,498;

2. the payment of provision cost of long-termbank loans amounting to Rp512,948;

3. the payment of professional feesamounting to Rp26,578; and

4. the deduction of corporate income taxexpense amounting to Rp6,645 relating tothe above payment of professional fees.

b. Investasi jangka panjang b. Long-term investments

Investasi jangka panjang mengalamipeningkatan dikarenakan alokasi goodwill atasnilai tercatat investasi di Dufil, entitas asosiasi,sebesar Rp5.490.069.

The long-term investments increased mainlydue to the goodwill allocated to the carryingamount of investments in Dufil, an associate,amounting to Rp5,490,069.

c. Aset tetap - neto c. Fixed assets - net

Aset tetap - neto mengalami peningkatansebesar Rp450.821 yang berasal dari dampakpenyesuaian terhadap nilai wajar aset tetapGrup Target sehubungan dengan alokasiselisih lebih nilai agregat dari biaya akusisi danjumlah kepentingan nonpengendali atas jumlahneto teridentifikasi dari aset teridentifikasi yangdiperoleh dan liabilitas yang diambil-alih

The fixed assets - net increased amounting toRp450,821 due to the effect of adjustment tofair value of Target Group’s fixed asset relatedto the excess allocation of the aggregate of theacquisition cost and the amount recognizedwith non-controlling interest over the netidentifiable assets acquired and liabilitiesassumed.

d. Beban ditangguhkan - neto d. Deferred charges - net

Beban ditangguhkan - neto mengalamipeningkatan terkait dengan biaya provisisebesar Rp512.948 atas utang bank jangkapanjang sebesar Rp28.497.050 dengan asumsitarif biaya provisi sebesar 1,8%.

The deferred charges - net increased mainlyrelated to the provision cost amounting toRp512,948 derived from long-term bank loansamounting to Rp28,497,050 with assumedprovision rate cost of 1.8%.











21

5. PENJELASAN ATAS PENYESUAIANPROFORMA (lanjutan)

5. EXPLANATION ON PRO FORMA ADJUSTMENTS(continued)

Ikhtisar penjelasan atas penyesuaian proformasignifikan yang digunakan manajemen dalampenyusunan informasi keuangan konsolidasianproforma yang tidak diaudit adalah sebagai berikut:(lanjutan)

The summary of explanation on significant proforma adjustments used by the management in thepreparation of the unaudited pro forma consolidatedfinancial information are as follows: (continued)

e. Goodwill e. Goodwill

Goodwill mengalami peningkatan terutamadikarenakan alokasi goodwill atas transaksiakuisisi Grup Target oleh Perusahaan. Goodwilltimbul atas selisih lebih nilai agregat dari biayaakusisi dan jumlah kepentingan nonpengendaliatas jumlah neto teridentifikasi dari asetteridentifikasi yang diperoleh dan liabilitas yangdiambil-alih. Rincian goodwill yang timbul daritransaksi akuisisi adalah sebagai berikut:

Goodwill increased mainly due to the goodwillallocated from the acquisition transaction of theTarget Group by the Company. The goodwillderived from the excess of the aggregate of theacquisition cost and the amount recognizedwith non-controlling interest over the netidentifiable assets acquired and liabilitiesassumed. The details of the goodwill arose fromthe acquisition transactions are as follows:

31 Desember 2019/December 31, 2019

Aset teridentifikasi 5.385.222 Identifiable assetsLiabilitas yang diambil-alih (1.607.333) Liabilities assumed

Jumlah aset neto teridentifikasi 3.777.889 Net identifiable assetsKepentingan nonpengendali pada

bagian proporsional atas asetneto teridentifikasi (1.001.257)

Non-controlling interests measuredat the proportionate share of the

net identifiable assets

Jumlah aset neto teridentifikasi,setelah kepentingannonpengendali 2.776.632

Net identifiable assets,net of non-controlling interests

31 Desember 2019/December 31, 2019

Biaya akusisi 41.675.198 Acquisition costKepentingan nonpengendali 17.260.367 Non-controlling interest

Sub-total 58.935.565 Sub-totalJumlah aset neto teridentifikasi,

setelah kepentingannonpengendali (2.776.632)

Net identifiable assets,net of non-controlling interests

Goodwill 56.158.933 Goodwill











22


5. EXPLANATION ON PRO FORMAADJUSTMENTS (continued)



e. Goodwill (lanjutan) e. Goodwill (continued)

Selisih lebih nilai agregat dari biaya akusisi danjumlah kepentingan nonpengendali atas jumlahneto teridentifikasi dari aset teridentifikasi yangdiperoleh dan liabilitas yang diambil-alih,diestimasi dialokasikan sebagai goodwillsebesar Rp50.668.864 dan sebagai nilaitercatat investasi jangka panjang sebesarRp5.490.069.

The excess of the aggregate of the acquisitioncost and the amount recognized with non-controlling interest over the net identifiableassets acquired and liabilities assumed, isestimated allocated as goodwill ofRp50,668,864 and in the carrying amount of thelong-term investment Rp5,490,069.

f. Utang bank jangka panjang f. Long-term bank loans

Utang bank jangka panjang mengalamikenaikan terkait dengan kenaikanutang bank jangka panjang sebagaisumber pendanaan Perusahaan sebesarUS$2.050.000.000 (angka penuh) atau setaradengan Rp28.497.050.

The long-term bank loans increased mainlyrelated to the increase of long-term bank loansas the Company’s source of financingamounting to US$2,050,000,000 (full amount)or equivalent to Rp28,497,050.

g. Liabilitas jangka panjang lainnya g. Other long-term liabilities

Liabilitas jangka panjang lainnya, sepertidijelaskan dalam Catatan 1, kepada PinehillCorpora dan Steele Lake masing-masingsebesar US$331.500.000 (angka penuh) atausetara dengan Rp4.608.182 danUS$318.500.000 (angka penuh) atau setaradengan Rp4.427.468.

The other long-term liabilities, as described inNote 1, amounting to US$331,500,000 (fullamount) or equivalent to Rp4,608,182 andUS$318,500,000 (full amount) or equivalent toRp4,427,468, respectively.

h. Liabilitas pajak tangguhan - neto h. Deferred tax liabilities - net

Liabilitas pajak tangguhan - neto mengalamikenaikan terkait pengaruh pajak tangguhanatas nilai wajar aset tetap tertentu sebesarRp389.011 dengan tarif pajak 25%, sehinggamenghasilkan liabilitas pajak tangguhansebesar Rp97.253.

Deferred tax liabilities - net increased mainlyrelated to the deferred tax effect from fair valueof certain fixed assets amounting toRp389,011, with 25% of tax rate, resulting todeferred tax liabilities of Rp97,253.











23





i. Modal saham, selisih kurs atas penjabaranlaporan keuangan, selisih atas transaksirestrukturisasi antar entitas sepengendali,komponen ekuitas lain dan saldo laba

i. Capital stock, exchange differences ontranslation of financial statements, differencefrom restructuring transactions among entitiesunder common control, other components ofequity and retained earnings

Komponen ekuitas berupa modal saham,selisih kurs atas penjabaran laporan keuangan,selisih atas transaksi restrukturisasi antarentitas sepengendali dan komponen ekuitaslain dieliminasi sebesar nilai ekuitasPerusahaan atas Grup Target. Rincianeliminasi komponen ekuitas tersebut adalahsebagai berikut:

1. modal saham: Rp1.930.551;2. selisih kurs atas penjabaran laporan

keuangan: Rp6.234;3. selisih atas transaksi restrukturisasi antar

entitas sepengendali: Rp682.790;

4. komponen ekuitas lain: Rp31.277; dan

5. saldo laba dari Grup Target: Rp1.150.260.

The equity components consisting of capitalstock, exchange differences on translation offinancial statements, difference fromrestructuring transactions among entities undercommon control and other components ofequity were eliminated amounted to theCompany’s equity value of the Target Group.The details of elimination on the said equitycomponents are as follows:1. capital stock: Rp1,930,551;2. exchange differences on translation of

financial statements: Rp6,234;3. difference from restructuring transactions

among entities under common control:Rp682,790;

4. other components of equity: Rp31,277;and

5. retained earnings of Target Group:Rp1,150,260.

Saldo laba atas penyesuaian proforma padalaporan laba rugi dan penghasilankomprehensif lain konsolidasian: Rp19.933.

Retained earnings from the pro formaadjustments on the consolidated statement ofprofit or loss and other comprehensive income:Rp19,933.

j. Beban umum dan administrasi j. General and administrative expenses

Beban umum dan administrasi mengalamikenaikan terutama dikarenakan oleh biaya jasaprofesional terkait dengan transaksi akusisisebesar Rp26.578.

The general and administrative expensesincreased mainly related to the professionalfees related to the acquisition transactionamounting to Rp26,578.











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k. Beban pajak penghasilan k. Income tax expense

Penurunan pajak penghasilan sebesar Rp6.645terkait dengan pembayaran biaya jasaprofesional sebesar Rp26.578.

The deduction of income tax expenseamounting to Rp6,645 relating to the paymentof professional fees amounting to Rp26,578.

6. PENYELESAIAN INFORMASI KEUANGANKONSOLIDASIAN PROFORMA YANG TIDAKDIAUDIT

6. COMPLETION OF THE UNAUDITED PROFORMA CONSOLIDATED FINANCIALINFORMATION

Manajemen Perusahaan bertanggung jawab ataspenyusunan informasi keuangan konsolidasianproforma yang tidak diaudit yang telah diselesaikanpada tanggal 10 Juli 2020.

Management of the Company is responsible for thepreparation for the unaudited pro formaconsolidated financial information, which werecompleted on July 10, 2020.

Informasi keuangan konsolidasian proforma yangtidak diaudit ini disusun untuk memenuhi PeraturanOtoritas Jasa Keuangan (“OJK") sehubungandengan akuisisi Perusahaan Target olehPerusahaan.

The unaudited pro forma consolidated financialinformation is prepared in order to meet theRegulation of Financial Services Authority (“OJK”) inrespect to the acquisition of Target Company by theCompany.

7. PENERBITAN KEMBALI INFORMASIKEUANGAN KONSOLIDASIAN PROFORMAYANG TIDAK DIAUDIT

7. REISSUANCE OF THE UNAUDITED PRO FORMACONSOLIDATED FINANCIAL INFORMATION

Perusahaan sebelumnya telah menerbitkaninformasi keuangan konsolidasian proforma yangtidak diaudit tanggal 31 Desember 2019 dan untuktahun yang berakhir pada tanggal tersebut padatanggal 22 Mei 2020. Pada tanggal 10 Juli 2020,Perusahaan menerbitkan kembali informasikeuangan konsolidasian proforma yang tidak diauditpada tanggal 10 Juli 2020 dengan perubahandan/atau penambahan pengungkapan padainformasi keuangan konsolidasian proforma yangtidak diaudit.

The Company previously issued the unaudited proforma consolidated financial information as ofDecember 31, 2019 and for the year then ended onMay 22, 2020. On July 10, 2020, the Companyreissued its unaudited consolidated pro formafinancial information on July 10, 2020 with revisionsand/or additions to the disclosures in the unauditedconsolidated pro forma financial information.

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