INFO MEMOINFO MEMO
20162016PTPT ARWANAARWANA CITRAMULIACITRAMULIA TbkTbk
To be the BestThe Top Ceramic TileThe Top Ceramic Tile ManufacturerManufacturer in 2016in 2016
Grou
p /C
ompa
ny
Coun
try
Produ
ction
(mill.
M2)
Insta
lled
capa
city
(mill.
M2)
Expo
rts sh
are
Turno
ver o
nly TI
LEse
gmen
t (mi
ll. €)
Tota
l turno
ver
(mill.
€)
Tile p
lants
/Lo
catio
n
Main
TileBra
nds /
Comp
anies
225-245 225-245 n.a.
2 SCG Group Thailand 206.0 225.0 11 755.0
907.0(tiles +
sanitaryware)
21 Thailand, 7Vietnam,
4 Indonesia, 1Philippines
Cotto, Prime,Mariwasa,
Sosuco,Campana, Kia,
DK, Trend
3 Lamosa Mexico 105-110(estimates)
140.0 19 551.0 n.a. 10 in Mexico
Lamosa,Porcelanite,
Firenze, Italica,Verve
4 Rak UAE 92.0 113.0 79 490.0
755.0(tiles sanitary
+tableware)
14 UAE, 1Bangladesh,
1 China, 1 India,1 Iran
RAK Ceramics,Elegance
5 Ceramica Carmelo Fior Brazil 80.0 80.0 12 172.0 172.0 4 in BrazilCecafi,
Pisoforte,Fioranno,
Idealle, Ariella
6 Grupo Fragnani Brazil 65.5 72.0 4 157.0 157.0 3 in BrazilIncefra, Incenor,
Tecnogres,Luxory
7 Grupo Cedasa Brazil 63.0 70.0 10 n.a. n.a. 1 in Brazil
Majopar,Cedasa,
Vistabella,Lorenzza
8 Pamesa Spain 60.3 60.3 79 312.0 424.0(tiles, other)
6 in SpainPamesa,
Pamesa Brazil
9 Kajaria India59.0
62.1 2 332.0342.0(tiles,
sanitaryware)11 in India Kajaria
10 Rovese Poland58.0
(estimates)68.7 n.a. n.a.
418.0(2014:tiles,
sanitaryware,others)
10 in Poland,Russia,
Romania, UK,Germany
Cersanit,Opoczno,
MeissenKeramik,
Pilkington, Mito19 Arwana Citramulia Indonesia 43.0 49.3 0 90.0 90.0 5 in Indonesia Arwana, UNO
AmericanOlean, Dal Tile,
KAI, KaremaMarazzi,
Marazzi, Ragno.estimates on official company data
USAMohawk Industries, Inc1 $ 3,013 mill.
$ 8,072 mill.(tiles, carpet,laminate &
wood)
17 in NorthAmerica,Mexico,Europe, Russia,
Grou
p /C
ompa
ny
Coun
try
Produ
ction
(mill.
M2)
Insta
lled
capa
city
(mill.
M2)
Expo
rts sh
are
Turno
ver o
nly TI
LEse
gmen
t (mi
ll. €)
Tota
l turno
ver
(mill.
€)
Tile p
lants
/Lo
catio
n
Main
TileBra
nds /
Comp
anies
225-245 225-245 n.a.
2 SCG Group Thailand 206.0 225.0 11 755.0
907.0(tiles +
sanitaryware)
21 Thailand, 7Vietnam,
4 Indonesia, 1Philippines
Cotto, Prime,Mariwasa,
Sosuco,Campana, Kia,
DK, Trend
3 Lamosa Mexico 105-110(estimates)
140.0 19 551.0 n.a. 10 in Mexico
Lamosa,Porcelanite,
Firenze, Italica,Verve
4 Rak UAE 92.0 113.0 79 490.0
755.0(tiles sanitary
+tableware)
14 UAE, 1Bangladesh,
1 China, 1 India,1 Iran
RAK Ceramics,Elegance
5 Ceramica Carmelo Fior Brazil 80.0 80.0 12 172.0 172.0 4 in BrazilCecafi,
Pisoforte,Fioranno,
Idealle, Ariella
6 Grupo Fragnani Brazil 65.5 72.0 4 157.0 157.0 3 in BrazilIncefra, Incenor,
Tecnogres,Luxory
7 Grupo Cedasa Brazil 63.0 70.0 10 n.a. n.a. 1 in Brazil
Majopar,Cedasa,
Vistabella,Lorenzza
8 Pamesa Spain 60.3 60.3 79 312.0 424.0(tiles, other)
6 in SpainPamesa,
Pamesa Brazil
9 Kajaria India59.0
62.1 2 332.0342.0(tiles,
sanitaryware)11 in India Kajaria
10 Rovese Poland58.0
(estimates)68.7 n.a. n.a.
418.0(2014:tiles,
sanitaryware,others)
10 in Poland,Russia,
Romania, UK,Germany
Cersanit,Opoczno,
MeissenKeramik,
Pilkington, Mito19 Arwana Citramulia Indonesia 43.0 49.3 0 90.0 90.0 5 in Indonesia Arwana, UNO
AmericanOlean, Dal Tile,
KAI, KaremaMarazzi,
Marazzi, Ragno.estimates on official company data
USAMohawk Industries, Inc1 $ 3,013 mill.
$ 8,072 mill.(tiles, carpet,laminate &
wood)
17 in NorthAmerica,Mexico,Europe, Russia,
Total CapacityTotal CapacityTo be the Best 2013 : 49,370,000 sqm/year
+8,000,000 sqm/year - Plant 4A
2016 : 57,370,000 sqm/year+8,000,000 sqm/year - Plant 5A
2018 : 63,870,000 sqm/year+6,000,000 sqm/year - Plant 5B
2019 : 69,370,000 sqm/year+6,000,000 sqm/year - Plant 4B
2020 : 75,370,000 sqm/year+6,000,000 sqm/year - Plant 5C
2013 : 49,370,000 sqm/year+8,000,000 sqm/year - Plant 4A
2016 : 57,370,000 sqm/year+8,000,000 sqm/year - Plant 5A
2018 : 63,870,000 sqm/year+6,000,000 sqm/year - Plant 5B
2019 : 69,370,000 sqm/year+6,000,000 sqm/year - Plant 4B
2020 : 75,370,000 sqm/year+6,000,000 sqm/year - Plant 5C
To be the BestISO 14001:2004Environmental Management System
ISO 9001:2000Quality Management System
ISO 13006:2010Ceramic tiles Definitions, classification,characteristics and marking
Plant I : June 22, 2012Plant II : September 21, 2011
Plant III : September 19, 2007
Plant I : November 21, 2002Plant II : April 26, 2007
Plant III : January 16, 2013
Plant V : March 28, 2016Plant IV : April 22, 2015Plant III : Januari 29, 2014
Plant I : May 07, 2013Plant II : May 07, 2013
2014 2013
To be the BestGreen Industry AwardGreen Industry Award
2012 2011
2015
To be the Best
Asia’s Best Companies 2015Best Managed Company & Most
Committed to Paying Good Dividends2014, 2015
Trifecta AwardFor Winning Three years in a Row
November 26, 2015
Certificate of Appreciation AwardFrom Indonesian Directorate of Taxes
April 23, 2015
Green Industry Award2011, 2012, 2013, 2014, 2015
Best of the Best AwardThe Top 50 Companies
2013, 2014, 2015
Capital Market Award 2014Best Stock Issuer
With Market CapitalizationUp To IDR 10 Trillion
May 13, 2014
Rekor Bisnis (ReBi)Ceramic Industry with the Most Factory
Location in Indonesia2010, 2011, 2013, 2014
Indonesia World-RecordFirst Ceramic IndustryThat Received Green IndustryCertificate fromthe Ministry of Industry &Ceramic Industry withthe Most Factory Locationof Republic of IndonesiaOctober 29, 2013
Forbes AsiaBest Under a Billion Dollar
December 9, 2014
Arwana Vision
To be the best companyin the ceramic tilesindustry,full of creativity andinnovation,and able to contribute tothe development of thecountry and the society
To be the best companyin the ceramic tilesindustry,full of creativity andinnovation,and able to contribute tothe development of thecountry and the society
1995Plant I, Tangerang
Plant IV, Ogan Ilir2013
Plant V, Mojokerto
Creativity5 Different Locations5 Different Locations
2015
2000
Plant III, Gresik
1997
Plant II, Serang
Sumatera2011= 10 & 2,6842012= 10 & 3,0822013= 10 & 3,4102014= 11 & 3,9742015= 11 & 4,201
Kalimantan2011= 5 & 1,4252012= 5 & 1,5602013= 5 & 1,7562014= 5 & 2,0452015= 5 & 2,203
Sulawesi2011= 4 & 7362012= 5 & 8662013= 5 & 9592014= 5 & 1,0732015= 5 & 1,126
Arwana’s Distributors & Outlets 2011-2015
Sorong
2015= 1 & 1
Creativity
Jayapura2011= 1 & 152012= 1 & 212013= 1 & 292014= 1 & 292015= 1 & 30
Jawa & Bali2011= 20 & 9,1952012= 20 & 10,1042013= 20 & 11,2992014= 21 & 13,4872015= 21 & 14,275
Ambon2011= 1 & 292012= 1 & 352013= 1 & 402014= 1 & 402015= 1 & 45
NUMBER OF SUB DISTRIBUTORS & OUTLETS2011 = 41 Sub Distributor & 14,084 outlet (18%)2012 = 42 Sub Distributor & 15,668 outlet (11%)2013 = 42 Sub Distributor & 17,493 outlet (12%)2014 = 44 Sub Distributor & 20,648 outlet (18%)2015 = 45 Sub Distributor & 21,881 outlet (5,9%)
Sorong
2015= 1 & 1
CreativityArwanaArwana’’ss Capacity ExpansionCapacity Expansion
1995
1997
2002
2004
2005
2006
2007
2009
2010
2011
2013
2015
2017
2018
2020
Year
40,870
41,370
57,370
63,370
69,370
75,370
49,370
Plant 3C Phase 2; Plant 2C Extension
Plant 2A Upgrade
Plant 4A
Plant 5A
Plant 5B
Plant 4B
Plant 5C
300 B300 B
300 B150 B2019
2018
2016
1995
1997
2002
2004
2005
2006
2007
2009
2010
2011
2013
2015
2017
2018
2020
Year
Installed Capacity(In Thousand m2)
27,400
22,400
17,370
12,040
2,800
7,490
10,775
40,870
34,280
Plant 1
Plant 2A
Plant 3A
Plant 2 Equipment Upgrade
Plant 3B
Plant 2B Phase 1
Plant 2C Phase 2
Plant 3C Phase 1
Plant 3C Phase 2; Plant 2C Extension
1,050 B2015 – 2020 :
Plant 1 Plant 2 Plant 3 Plant 4 Plant 5
11
Plant ITangerang, Banten (Operated June 1995) Starting Capacity: 2,880,000 sqm / year Current Capacity : 3,780,000 sqm / year ISO 9001 : 2000 Certified ISO 14001 : 2012 Certified
12
Plant IISerang, Banten (Operated July 1997) Starting Capacity : 4,500,000 sqm / year Current Capacity : 19,500,000 sqm / year ISO 9001 : 2000 Certified ISO 14001 : 2011 Certified
13
Plant IIIWringin Anom-Gresik, East Java(Operated May 2002) Starting Capacity : 3,600,000 sqm / year Current Capacity : 18,090,000 sqm / year ISO 9001 : 2007 Certified ISO 14001 : 2013 Certified
14
Ogan Ilir, South Sumatera(Operated September 2013)Current Capacity : 8,000,000 sqm / year SNI - ISO 13006 : 2010 Certified
Plant IV
ISO 9001 : 2008
15
Mojokerto, East Java(Operated January 2016)Current Capacity : 8,000,000 sqm / year
Plant V
SNI - ISO 13006 : 2010 Certified
Plant V
Plant V
1616
Plant V
1717
Arwana Vision
To be the best companyin the ceramic tilesindustry,full of creativity andInnovation,and able to contribute tothe development of thecountry and the society
To be the best companyin the ceramic tilesindustry,full of creativity andInnovation,and able to contribute tothe development of thecountry and the society
Innovation
Heat Recovery Heat Recovery
Multi Mill Continues (MMC)
To be the best companyin the ceramic tiles industry,full of creativity andinnovation,and able to contribute to thedevelopment of the countryand the society
Arwana Vision
To be the best companyin the ceramic tiles industry,full of creativity andinnovation,and able to contribute to thedevelopment of the countryand the society
Free Medical CareWorship Place
Renovation House Renovation
ContributeCorporate Social ResponsibilityCorporate Social Responsibility
2121
Scholarship
Blood DonationSchool Renovation
School Supplies Donation
Homecoming ProgramHomecoming Program
Orphanage Charity
GrowthStrategy Environment
Energy
Product
Technology
Human Resources
Environment
Energy
Product
Technology
Human Resources
Plant I Plant II
Environment
Plant III Plant IV
Plant V
EnergyProduction CostProduction Cost
29% 28% 27% 26% 25% 27% 29%
34% 35% 37% 40% 42%43% 42%
22% 23% 23% 22% 21% 19% 18%
15% 14% 13% 12% 12% 11% 11%
0%
20%
40%
60%
80%
100%
2010 2011 2012 2013 2014 2015 2016
Body Glaze Energy Other
29% 28% 27% 26% 25% 27% 29%
34% 35% 37% 40% 42%43% 42%
22% 23% 23% 22% 21% 19% 18%
15% 14% 13% 12% 12% 11% 11%
0%
20%
40%
60%
80%
100%
2010 2011 2012 2013 2014 2015 2016
Body Glaze Energy Other
(Q3)
Energy Cost
ReductionThroughHeat Recovery andMulti Layer HD
Energy
Energy Cost
Efficiency withMulti Mill
Continues(MMC)
Product (Capacity Utilization)
17.2%35.9%
9.7%
20.3%3.3%
10.5%7.12%
11%
15.1%
19.3%
2001(IPO) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016(Q3)
Production(in thousandsqm)
6.489 17.202 23.379 27.397 30.045 36.143 37.349 41.259 44.197 49.082 41.663 36.717
InstalledCapacity (inthousandsqm)
7.175 19.725 23.981 28.962 31.855 38.870 40.870 41.370 49.370 49.370 49.370 43.028
CapacityUtilization 90,44%
87% (Gasshortagein Plant 1
& 3)
97%
94%(MachineModification in Plant
1 & 2)
94% (HeatRecovery inPlant 2B &
3AB)
93%(Ramadhan Holiday)
91%(MachineryInstallation)
100%
Plant 1,2,3Utility 103%
Plant 4Utility 65%
Plant 1,2,3Utility 101%
Plant 4Utility 92%
84%
Plant 1,2,3,4Utility 91%
Plant 5Utility 79%
Heat Recovery
Technology
Kiln SPR System
Horizontal Dryer
Technology
Digital Printing
1. Corporate2. Plant I3. Plant II4. Plant III5. Plant IV6. Plant V
1. 2. 3.
Human Resources
2929
In HouseTraining
5.4.
Human ResourcesArwanaArwana ManagementManagementArwanaArwana ManagementManagement
Edy Suyanto, S.E.Chief Operating Officer1996 - Current
Tandean Rustandy, M.BA.Chief Executive Officer1993 - Current
Ir. Rudy SujantoChief Financial Officer2009 - Current
Hatta Syafrudin S.H, M.SiIndependent Director2015 - Current
3030
Agustinus Kusnadi, SEV. P. Financial Controller2007 - Current
Rally Sudarta B. ComV.P. HR & GA2007 - Current
Ir. Lim Tjhiu IongV.P. Operation1994 - Current
Renny A. Sandi, SEV. P. Marketing2000 - Current
V.P. ProcurementLi Sufan Sufendi , ST
2014 - Current
Human ResourcesArwanaArwana Corporate StructureCorporate StructureArwanaArwana Corporate StructureCorporate Structure
3131
FINANCIAL PERFORMANCEFINANCIAL PERFORMANCE
3232
Net Sales & Net Profit20052005 -- 20162016
11%
21%
27%
13%
20%
20%
3333
8%
51%
28%10%
16%
20% 54% 26% 19% 23% 20%64%
50% 10%
73% 15%
CONSOLIDATED INCOME STATEMENT2013 2014 2015 2016 (Q3)
NET SALES 1.417.640 1.609.759 1.291.926 1.103.46631.981 33.255 32.645 32.291
COST OF GOODS SOLD 915.440 1.087.606 1.003.838 874.74120.652 22.468 25.365 25.598
GROSS PROFIT 502.200 522.153 288.088 228.72535,4% 32,4% 22,30% 20,73%
OPERATING EXPENSESSelling 115.894 134.546 137.713 107.945
2.614 2.780 3.480 3.159General and Administrative 41.944 39.998 40.807 33.495Total Operating Expenses 157.838 174.544 178.520 141.439
3.561 3.606 4.511 4.139INCOME FROM OPERATION 344.362 347.609 109.568 87.285
24,3% 21,60% 8,50% 7,91%OTHER INCOME (EXPENSE)
Gain (loss) on foreign exchange (24.999) (799) (9.237) 5.465Finance Income 2.370 2.321 1.617 37Finance Costs (7.317) (5.768) (8.485) (12.373)Others 1.934 5.322 2.051 2.925Total Other Income (Expense) (28.012) 1.076 (14.054) (3.946)
(632) 22 (355) (115)INCOME BEFORE INCOME TAX 316.350 348.685 95.514 83.340INCOME TAX EXPENSES -net 78.652 86.805 24.304 21.647NET INCOME BEFORE MINORITY INTERESTSON CONSOLIDATED NET INCOME OF SUBSIDIARIES 237.698 261.880 71.210 61.693
MINORITY INTERESTS ON CONSOLIDATED 2.534 2.365 1.428 803NET INCOME OF SUBSIDIARIESNET INCOME 235.164 259.515 69.782 60.890
16,6% 16,10% 5,40% 5,5%Total Sales (m2) 44.328.000 48.406.497 39.575.497 34.172.755Total Production (m2) 44.196.999 49.082.179 41.663.484 36.717.420
3434
CONSOLIDATED INCOME STATEMENT2013 2014 2015 2016 (Q3)
NET SALES 1.417.640 1.609.759 1.291.926 1.103.46631.981 33.255 32.645 32.291
COST OF GOODS SOLD 915.440 1.087.606 1.003.838 874.74120.652 22.468 25.365 25.598
GROSS PROFIT 502.200 522.153 288.088 228.72535,4% 32,4% 22,30% 20,73%
OPERATING EXPENSESSelling 115.894 134.546 137.713 107.945
2.614 2.780 3.480 3.159General and Administrative 41.944 39.998 40.807 33.495Total Operating Expenses 157.838 174.544 178.520 141.439
3.561 3.606 4.511 4.139INCOME FROM OPERATION 344.362 347.609 109.568 87.285
24,3% 21,60% 8,50% 7,91%OTHER INCOME (EXPENSE)
Gain (loss) on foreign exchange (24.999) (799) (9.237) 5.465Finance Income 2.370 2.321 1.617 37Finance Costs (7.317) (5.768) (8.485) (12.373)Others 1.934 5.322 2.051 2.925Total Other Income (Expense) (28.012) 1.076 (14.054) (3.946)
(632) 22 (355) (115)INCOME BEFORE INCOME TAX 316.350 348.685 95.514 83.340INCOME TAX EXPENSES -net 78.652 86.805 24.304 21.647NET INCOME BEFORE MINORITY INTERESTSON CONSOLIDATED NET INCOME OF SUBSIDIARIES 237.698 261.880 71.210 61.693
MINORITY INTERESTS ON CONSOLIDATED 2.534 2.365 1.428 803NET INCOME OF SUBSIDIARIESNET INCOME 235.164 259.515 69.782 60.890
16,6% 16,10% 5,40% 5,5%Total Sales (m2) 44.328.000 48.406.497 39.575.497 34.172.755Total Production (m2) 44.196.999 49.082.179 41.663.484 36.717.420
1Q - 16 1Q - 15 % 2Q - 16 2Q - 15 % 3Q - 16 3Q - 15 %
NET SALES 390.403.430.667 358.973.573.636 8,76% 358.153.820.270 276.372.994.990 29,59% 354.908.661.879 284.542.866.795 24,73%32.201 33.903 -5,02% 32.127 32.216 -0,28% 32.558 31.830 2,29%
COST OF GOODS SOLD 312.035.246.336 252.594.075.477 23,53% 283.692.710.517 216.879.161.918 30,81% 279.013.299.588 231.214.219.300 20,67%25.737 23.856 7,88% 25.447 25.281 0,66% 25.596 25.865 -1,04%
GROSS PROFIT 78.368.184.331 106.379.498.159 -26,33% 74.461.109.753 59.493.833.072 25,16% 75.895.362.291 53.328.647.495 42,32%20,1% 29,6% 20,8% 21,5% 21,4% 18,7%
OPERATING EXPENSE 2.905 3.554 -18,25% 3.156 3.389 -6,87% 3.443 3.449 -0,16%Selling 35.222.122.943 37.626.240.431 -6,39% 35.186.038.082 29.072.844.814 21,03% 37.536.465.215 30.832.862.196 21,74%General and Administrative 11.929.637.993 11.840.371.986 0,75% 11.246.358.717 11.006.472.124 2,18% 10.318.860.274 10.433.775.193 -1,10%Total Operating Expense 47.151.760.936 49.466.612.417 -4,68% 46.432.396.799 40.079.316.938 15,85% 47.855.325.489 41.266.637.389 15,97%
3.889 4.672 -16,75% 4.165 4.672 -10,85% 4.390 4.616 -4,90%INCOME FROM OPERATION 31.216.423.395 56.912.885.742 -45,15% 28.028.712.954 19.414.516.134 44,37% 28.040.036.802 12.062.010.106 132,47%
8,0% 15,9% 7,8% 7,0% 7,9% 4,2%
OTHER INCOME (EXPENSE)Interest Expense (2.766.844.174) (877.260.957) -215,40% (3.002.437.287) (1.296.823.397) -131,52% (6.566.296.366) (1.807.990.158) 263,18%Gain (Loss) on foreign exchange 2.973.638.690 (3.743.299.395) 179,44% 3.169.329.634 (2.279.950.989) 239,01% (678.280.211) (8.366.143.514) -91,89%Others 434.231.951 1.018.616.855 -57,37% 1.117.530.810 1.345.117.816 -16,92% 1.373.494.545 (445.219.902) -408,50%Total Other Income (Expense) 641.026.467 (3.601.943.497) -117,80% 1.284.423.157 (2.231.656.570) -157,55% (5.871.082.032) (10.619.353.574) -44,71%
INCOME BEFORE INCOME TAX 31.857.449.862 53.310.942.245 -40,24% 29.313.136.111 17.182.859.564 70,60% 22.168.954.770 1.442.656.532 1436,68%8,2% 14,9% 8,2% 6,2% 6,2% 0,5%
INCOME TAX EXPENSECurrent 8.821.702.800 14.030.929.251 -37,13% 8.310.366.000 4.870.883.551 70,61% 6.349.035.350 1.360.008.973 366,84%Deferred (593.091.055) (659.475.661) -10,07% (732.631.926) (657.268.154) 11,47% (508.817.573) (710.253.090) -28,36%
INCOME TAX EXPENSE 8.228.611.745 13.371.453.590 -38,46% 7.577.734.074 4.213.615.397 79,84% 5.840.217.777 649.755.883 798,83%
NET INCOME BEFORE MINORITY INTERESTSON CONSOLIDATED NET INCOME OF SUBS 23.628.838.117 39.939.488.655 -40,84% 21.735.402.037 12.969.244.167 67,59% 16.328.736.994 792.900.649 1959,37%
6,1% 11,1% 6,1% 4,7% 4,6% 0,3%MINORITY INTERESTS ON CONSOLIDATEDNET INCOME OF SUBS 603.622.546 331.605.888 82,03% 169.101.796 121.929.555 38,69% 30.536.247 160.004.611 -80,92%
NET INCOME 23.025.215.571 39.607.882.767 -41,87% 21.566.300.241 12.847.314.612 67,87% 16.298.200.747 632.896.038 2475,18%5,9% 11,0% 6,0% 4,6% 4,6% 0,2%
Total Sales (m²) 12.123.930 10.588.215 14,50% 11.148.217 8.578.769 29,95% 10.900.808 8.939.407 21,94%Total Production (m²) 12.003.971 12.255.044 -2,05% 12.855.726 9.730.519 32,12% 11.857.723 8.799.791 34,75%3535
1Q - 16 1Q - 15 % 2Q - 16 2Q - 15 % 3Q - 16 3Q - 15 %
NET SALES 390.403.430.667 358.973.573.636 8,76% 358.153.820.270 276.372.994.990 29,59% 354.908.661.879 284.542.866.795 24,73%32.201 33.903 -5,02% 32.127 32.216 -0,28% 32.558 31.830 2,29%
COST OF GOODS SOLD 312.035.246.336 252.594.075.477 23,53% 283.692.710.517 216.879.161.918 30,81% 279.013.299.588 231.214.219.300 20,67%25.737 23.856 7,88% 25.447 25.281 0,66% 25.596 25.865 -1,04%
GROSS PROFIT 78.368.184.331 106.379.498.159 -26,33% 74.461.109.753 59.493.833.072 25,16% 75.895.362.291 53.328.647.495 42,32%20,1% 29,6% 20,8% 21,5% 21,4% 18,7%
OPERATING EXPENSE 2.905 3.554 -18,25% 3.156 3.389 -6,87% 3.443 3.449 -0,16%Selling 35.222.122.943 37.626.240.431 -6,39% 35.186.038.082 29.072.844.814 21,03% 37.536.465.215 30.832.862.196 21,74%General and Administrative 11.929.637.993 11.840.371.986 0,75% 11.246.358.717 11.006.472.124 2,18% 10.318.860.274 10.433.775.193 -1,10%Total Operating Expense 47.151.760.936 49.466.612.417 -4,68% 46.432.396.799 40.079.316.938 15,85% 47.855.325.489 41.266.637.389 15,97%
3.889 4.672 -16,75% 4.165 4.672 -10,85% 4.390 4.616 -4,90%INCOME FROM OPERATION 31.216.423.395 56.912.885.742 -45,15% 28.028.712.954 19.414.516.134 44,37% 28.040.036.802 12.062.010.106 132,47%
8,0% 15,9% 7,8% 7,0% 7,9% 4,2%
OTHER INCOME (EXPENSE)Interest Expense (2.766.844.174) (877.260.957) -215,40% (3.002.437.287) (1.296.823.397) -131,52% (6.566.296.366) (1.807.990.158) 263,18%Gain (Loss) on foreign exchange 2.973.638.690 (3.743.299.395) 179,44% 3.169.329.634 (2.279.950.989) 239,01% (678.280.211) (8.366.143.514) -91,89%Others 434.231.951 1.018.616.855 -57,37% 1.117.530.810 1.345.117.816 -16,92% 1.373.494.545 (445.219.902) -408,50%Total Other Income (Expense) 641.026.467 (3.601.943.497) -117,80% 1.284.423.157 (2.231.656.570) -157,55% (5.871.082.032) (10.619.353.574) -44,71%
INCOME BEFORE INCOME TAX 31.857.449.862 53.310.942.245 -40,24% 29.313.136.111 17.182.859.564 70,60% 22.168.954.770 1.442.656.532 1436,68%8,2% 14,9% 8,2% 6,2% 6,2% 0,5%
INCOME TAX EXPENSECurrent 8.821.702.800 14.030.929.251 -37,13% 8.310.366.000 4.870.883.551 70,61% 6.349.035.350 1.360.008.973 366,84%Deferred (593.091.055) (659.475.661) -10,07% (732.631.926) (657.268.154) 11,47% (508.817.573) (710.253.090) -28,36%
INCOME TAX EXPENSE 8.228.611.745 13.371.453.590 -38,46% 7.577.734.074 4.213.615.397 79,84% 5.840.217.777 649.755.883 798,83%
NET INCOME BEFORE MINORITY INTERESTSON CONSOLIDATED NET INCOME OF SUBS 23.628.838.117 39.939.488.655 -40,84% 21.735.402.037 12.969.244.167 67,59% 16.328.736.994 792.900.649 1959,37%
6,1% 11,1% 6,1% 4,7% 4,6% 0,3%MINORITY INTERESTS ON CONSOLIDATEDNET INCOME OF SUBS 603.622.546 331.605.888 82,03% 169.101.796 121.929.555 38,69% 30.536.247 160.004.611 -80,92%
NET INCOME 23.025.215.571 39.607.882.767 -41,87% 21.566.300.241 12.847.314.612 67,87% 16.298.200.747 632.896.038 2475,18%5,9% 11,0% 6,0% 4,6% 4,6% 0,2%
Total Sales (m²) 12.123.930 10.588.215 14,50% 11.148.217 8.578.769 29,95% 10.900.808 8.939.407 21,94%Total Production (m²) 12.003.971 12.255.044 -2,05% 12.855.726 9.730.519 32,12% 11.857.723 8.799.791 34,75%
Q3 2016 Q3 2015 %NET SALES 1.103.465.913.016 919.889.435.421 19,96%
32.291 32.729 -1,34%
COST OF GOODS SOLD 874.741.256.440 700.687.456.695 24,84%25.598 24.930 2,68%
GROSS PROFIT 228.724.656.576 219.201.978.726 4,34%20,7% 23,8%
OPERATING EXPENSE 3.159 3.470 -8,97%
Selling 107.944.626.240 97.531.947.441 10,68%General and Administrative 33.494.856.984 33.280.619.303 0,64%Total Operating Expense 141.439.483.224 130.812.566.744 8,12%
4.139 4.654 -11,07%
INCOME FROM OPERATION 87.285.173.352 88.389.411.982 -1,25%7,9% 9,6%
OTHER INCOME (EXPENSE)Interest Expense (12.335.577.827) (3.982.074.512) 209,78%Gain (Loss) on foreign exchange 5.464.688.113 (14.389.393.898) -137,98%Others 2.925.257.206 1.918.514.769 52,48%Total Other Income (Expense) (3.945.632.508) (16.452.953.641) -76,02%
INCOME BEFORE INCOME TAX 83.339.540.844 71.936.458.341 15,85%
INCOME TAX EXPENSECurrent 23.481.104.150 20.261.821.775 15,89%Deferred (1.834.540.554) (2.026.996.905) -9,49%
INCOME TAX EXPENSE 21.646.563.596 18.234.824.870 18,71%
NET INCOME BEFORE MINORITY INTERESTS 61.692.977.248 53.701.633.471 14,88%ON CONSOLIDATED NET INCOME OF SUBSIDIARIES 5,6% 5,8%
MINORITY INTERESTS ON CONSOLIDATED 803.260.589 613.540.054 30,92%NET INCOME OF SUBSIDIARIES
NET INCOME 60.889.716.659 53.088.093.417 14,70%5,5% 5,8%
Total Sales (m²) 34.172.755 28.106.391 21,58%Total Production (m²) 36.717.420 30.785.354 19,27%
3636
Q3 2016 Q3 2015 %NET SALES 1.103.465.913.016 919.889.435.421 19,96%
32.291 32.729 -1,34%
COST OF GOODS SOLD 874.741.256.440 700.687.456.695 24,84%25.598 24.930 2,68%
GROSS PROFIT 228.724.656.576 219.201.978.726 4,34%20,7% 23,8%
OPERATING EXPENSE 3.159 3.470 -8,97%
Selling 107.944.626.240 97.531.947.441 10,68%General and Administrative 33.494.856.984 33.280.619.303 0,64%Total Operating Expense 141.439.483.224 130.812.566.744 8,12%
4.139 4.654 -11,07%
INCOME FROM OPERATION 87.285.173.352 88.389.411.982 -1,25%7,9% 9,6%
OTHER INCOME (EXPENSE)Interest Expense (12.335.577.827) (3.982.074.512) 209,78%Gain (Loss) on foreign exchange 5.464.688.113 (14.389.393.898) -137,98%Others 2.925.257.206 1.918.514.769 52,48%Total Other Income (Expense) (3.945.632.508) (16.452.953.641) -76,02%
INCOME BEFORE INCOME TAX 83.339.540.844 71.936.458.341 15,85%
INCOME TAX EXPENSECurrent 23.481.104.150 20.261.821.775 15,89%Deferred (1.834.540.554) (2.026.996.905) -9,49%
INCOME TAX EXPENSE 21.646.563.596 18.234.824.870 18,71%
NET INCOME BEFORE MINORITY INTERESTS 61.692.977.248 53.701.633.471 14,88%ON CONSOLIDATED NET INCOME OF SUBSIDIARIES 5,6% 5,8%
MINORITY INTERESTS ON CONSOLIDATED 803.260.589 613.540.054 30,92%NET INCOME OF SUBSIDIARIES
NET INCOME 60.889.716.659 53.088.093.417 14,70%5,5% 5,8%
Total Sales (m²) 34.172.755 28.106.391 21,58%Total Production (m²) 36.717.420 30.785.354 19,27%
Profitability Ratios 2008 2009 2010 2011 2012 2013 2014 2015 2016(3Q)
Gross Profit Margin 31% 30% 32% 31% 34% 35% 32% 22% 21%
Net Profit Margin 8% 9% 9,5% 10,3% 14,2% 17,0% 16,1% 5,4% 5,5%
Return on Equity 19% 19% 19% 20% 26% 31% 29% 8% 7%
Return on Assets 7% 8% 9% 11% 17% 21% 21% 5% 4%
Return on Investment 11% 11% 14% 17% 27% 33% 35% 8% 9%
3737
Solvability Ratios
Current Ratio 76% 79% 97% 102% 136% 130% 168% 102% 124%
Debt to Equity Ratio 158% 138% 112% 72% 52% 48% 38% 60% 66%
Gearing Ratio 71% 63% 48% 33% 11% 5% 2% 1% 11%
Debt to Assets 61% 58% 52% 42% 34% 32% 28% 37% 40%
PRODUCTION UNIT COST Q3 2015 Q3 2016 % WEIGHTEXCHANGE RATE 13.268 13.328 0,5%
PRODUCTION COST PER UNITBody 2.803 2.668 -4,8%Glaze 4.651 4.422 -4,9%
Total Raw Material Cost per m2 7.454 7.090 -4,9% -1,5%Direc Labor Cost 854 894 4,7% 0,2%
VARIABLE MANUFACTURING COSTNatural Gas 8.320 8.454 1,6% 0,5%Electricity 2.191 2.079 -5,1% -0,5%Spare Parts 766 1.029 34,3% 1,1%Packing Materials 1.215 1.469 20,9% 1,0%Supporting Materials 251 266 6,0% 0,1%Diesel Oil and Lubricant 141 135 -4,3% 0,0%Total Variablle Manufacturing Cost 12.884 13.432 4,3% 2,2%
TOTAL VARIABLE PRODUCTION COST 21.192 21.416 1,1% 0,9%
FIXED PRODUCTION COST PER UNITDepreciation 1.776 1.891 6,5% 0,5%Salary 1.214 1.296 6,8% 0,3%Others 475 636 33,9% 0,7%
TOTAL FIXED PRODUCTION COST 3.465 3.823 10,3% 1,5%
TOTAL PRODUCTION COST PER UNIT 24.657 25.239 2,4% 3838
PRODUCTION UNIT COST Q3 2015 Q3 2016 % WEIGHTEXCHANGE RATE 13.268 13.328 0,5%
PRODUCTION COST PER UNITBody 2.803 2.668 -4,8%Glaze 4.651 4.422 -4,9%
Total Raw Material Cost per m2 7.454 7.090 -4,9% -1,5%Direc Labor Cost 854 894 4,7% 0,2%
VARIABLE MANUFACTURING COSTNatural Gas 8.320 8.454 1,6% 0,5%Electricity 2.191 2.079 -5,1% -0,5%Spare Parts 766 1.029 34,3% 1,1%Packing Materials 1.215 1.469 20,9% 1,0%Supporting Materials 251 266 6,0% 0,1%Diesel Oil and Lubricant 141 135 -4,3% 0,0%Total Variablle Manufacturing Cost 12.884 13.432 4,3% 2,2%
TOTAL VARIABLE PRODUCTION COST 21.192 21.416 1,1% 0,9%
FIXED PRODUCTION COST PER UNITDepreciation 1.776 1.891 6,5% 0,5%Salary 1.214 1.296 6,8% 0,3%Others 475 636 33,9% 0,7%
TOTAL FIXED PRODUCTION COST 3.465 3.823 10,3% 1,5%
TOTAL PRODUCTION COST PER UNIT 24.657 25.239 2,4%
415.1
483.2
604.8
768.5
909.94 894.73
18.3% 19.0% 19.6%
25.9%
30.6%28.5%
15%
20%
25%
30%
35%
500
600
700
800
900
1000
Profitability Ratio - ROE
3939
63.9 79.0 94.7
156.5
235.2 259.52
69.78
348.3
415.1
7.8%
0%
5%
10%
15%
0
100
200
300
400
2009 2010 2011 2012 2013 2014 2015
Net Profit Equity ROE
97%
102%
117%
130%
161%
102%
124%
95%
78%
100%
120%
140%
160%
180%
Liquidity Ratio – Current ratio
4040
76% 79%
97%78%
66%
33%
11%5% 2% 1%
11%
0%
20%
40%
60%
80%
2008 2009 2010 2011 2012 2013 2014 2015 2016 (Q3)
Current Ratio Gearing Ratio
37,490
28,725
INDONESIAN CERAMIC DEMAND
Total House needed per Year Unit
Population Growth 1.3% per year 839,500
House refurbishment 5% per year 3,238,580
251,850,000 x 1.3%
3.9
251,850,000 x 1.3%
3.9
64,771,600 x 5%House refurbishment 5% per year 3,238,580
House Back Log 1,360,000
5,438,080
13,600,000
10 year
13,600,000
10 year
64,771,600 x 5%64,771,600 x 5%
CERAMIC DEMAND = 435,046,400 M2CERAMIC DEMAND = 435,046,400 M2
Installed Capacity Ceramic DemandCapacity Utility Output
2013 420 80% 330 3602014 450 80% 360 4002015 550 65% 360 3502016 550 73% 400 400
Installed Capacity Ceramic DemandCapacity Utility Output
2013 420 80% 330 3602014 450 80% 360 4002015 550 65% 360 3502016 550 73% 400 400
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