FINANCIAL POSITION

Established, Leading & Growing Food Company

Consolidated Statements of Financial Position Debts & Cash
Foreign Total Rp
In Billion Rupiah 2015 2016 Rp Bn Rp Equiv (Bn)
Currency Bn

Short-term Debts 827.4 25.4 340.9 1,168.3

Total Current Assets 13,961.5 15,571.4
Short-term Debts & Trust Receipts 375.0 14.0 188.2 563.2
Cash and Cash Equivalents 7,657.5 8,372.0 Current Portion of Long-term Debts 452.4 11.4 152.7 605.1
Accounts Receivable 3,363.7 3,893.9
Inventories - Net 2,546.8 3,109.9 Long-term Debts 445.3 32.1 431.3 876.6
Other Current Assets 393.5 195.5 Bank Loans 445.3 31.8 426.7 872.0
Total Non Current Assets 12,599.1 13,330.6 Liability for Purchases of FA - 0.3 4.6 4.6
Fixed Assets - Net 6,555.7 7,114.3
Total Debts 1,272.7 57.5 772.2 2,044.9
Other Non-Current Assets 6,043.5 6,216.3
Total Assets 26,560.6 28,901.9
Cash and Cash Equivalents 6,499.7 139.4 1,872.3 8,372.0

Total Current Liabilities 6,002.3 6,469.8

Short-term Loans, Trust Receipts & Current
Maturities of Long-term Loans 1,437.5 1,168.3
Debts Composition
Accounts Payable 2,581.0 3,083.1
Other Current Liabilities 1,983.9 2,218.4
Total Non Current Liabilities 4,171.4 3,931.3
Long-term Loans 1,431.6 876.6
Other Non Current Liabilities 2,739.8 3,054.7
Total Liabilities 10,173.7 10,401.1
Total Equity 16,386.9 18,500.8

Ending Exchange Rate to USD 13,795 13,436

1 FULL YEAR 2016 RESULTS

FINANCIAL PERFORMANCE
Established, Leading & Growing Food Company
Financial & Operating Ratios Consolidated Statements of Income
2015 2016 In Billion Rupiah 2015 2016 Growth

Profitability Ratio Net Sales 31,741.1 34,466.1 8.6%

2) Cost of Goods Sold (22,122.0) (23,606.8) 6.7%
ROA 11.3% 13.1%
ROE
2)
18.9% 20.8% Gross Profit 9,619.1 10,859.3 12.9%
2) 3)
21.4% 24.4% Selling and Distribution Expenses (4,172.1) (4,269.6) 2.3%
ROCE
General and Administrative Expenses (1,539.2) (1,653.6) 7.4%
Other Operating Income 271.6 310.6 14.4%
Liquidity Ratio
Other Operating Expenses (187.2) (382.6) 104.3%
Current Ratio 2.33 2.41
Income From Operations (EBIT) 3,992.1 4,864.2 21.8%
EBITDA 4,690.9 5,617.8 19.8%
Debt Ratio
Finance income 530.7 503.6 -5.1%
Gross Gearing (incl. Trust Receipt) 0.18 0.11
Finance expenses (314.0) (179.0) -43.0%
Gross Gearing (excl. Trust Receipt) 0.17 0.10 Final tax on interest income (105.1) (100.3) -4.6%
Net Gearing (incl. Trust Receipt) (0.29) (0.34) Share in net income loss of associates (94.1) (99.2) 5.5%
Net Gearing (excl. Trust Receipt) (0.30) (0.35) Income Before Income Tax Expense 4,009.6 4,989.3 24.4%
Interest Coverage 18.7 32.2 Income Tax Expense (1,086.5) (1,358.0) 25.0%
Income for the Period 2,923.1 3,631.3 24.2%
1)
Earnings Per Share * 257 309 Equity holders of the parent entity 3,000.7 3,600.4 20.0%
Share Price 13,475 8,575 Non-controlling interests (77.6) 30.9 139.9%
1)
Market Cap. (Rp. Bn) 78,572 100,001 Core Profit 2,985.4 3,708.8 24.2%
Price / Book Value 5.08 5.69
Price / EPS 26.18 27.78 Gross Profit Margin 30.3% 31.5%
Enterprise Value (Rp Bn) EBIT Margin 12.6% 14.1%
74,716 94,611
Enterprise Value / EBITDA Multiple EBITDA Margin 14.8% 16.3%
15.93 16.84
1)
Net Income Margin 9.5% 10.4%
Sales Mix - (Overseas US$ 210.8 Mn)
Avg. Exchange Rate 13,449 13,322

1) Attributable to equity holders of the parent entity

2) Returns represents total return including non-controlling interests
3) EBIT as numerator
*) EPS is calculated after stock split 1:2

2 FULL YEAR 2016 RESULTS

SEGMENT PERFORMANCE Established, Leading & Growing Food Company
Sales (Rp Billion) 1)
EBIT Margin
2015 2016
Segment
Inter Inter
External Total External Total 2015 2016
Segment Segment

Noodles 20,682.2 313.9 20,996.1 22,167.1 372.5 22,539.7 16.6% 17.2%

Dairy 5,879.5 0.3 5,879.8 6,802.9 4.1 6,807.0 9.7% 16.8%
Snack Foods 1,956.1 33.2 1,989.3 2,289.0 51.3 2,340.3 4.2% 5.3%
Food Seasonings 778.3 468.2 1,246.5 873.2 559.8 1,432.9 7.3% 7.0%
Nutrition & Special Foods 605.8 4.4 610.2 661.9 - 661.9 2.3% 4.6%
Beverages 1,839.1 2.9 1,842.0 1,672.0 0.8 1,672.8 -18.0% -20.1%
Sub Total 31,741.1 822.8 32,563.9 34,466.1 988.5 35,454.5
Elimination (822.8) (822.8) (988.5) (988.5)
Unallocated Income
(Expenses)
Total 31,741.1 - 31,741.1 34,466.1 - 34,466.1 12.6% 14.1%

Segment Contribution
Sales 2) EBIT 3)

1) EBIT margin per segment: before elimination and unallocated expenses

2) After elimination
3) After elimination and before unallocated expenses

3 FULL YEAR 2016 RESULTS

CASH FLOWS
Established, Leading & Growing Food Company
Consolidated Statements of Cash Flows
In Billion Rupiah 2015 2016

Net Cash Provided by Operating Activities 3,485.5 4,585.0

Net Cash Used in Investing Activities (2,047.4) (1,560.1)
Additions to Fixed assets (1,007.7) (905.4)
Proceeds from sale of fixed assets Deduction (addition) to investment in associates (561.0) 31.0
Acquisition of New Subsidiaries (58.1) -
Addition to available for sale assets (32.6) (559.3)
Advances for purchases of fixed assets (391.9) (159.2)
Proceeds from sale of fixed assets 3.8 32.9
Net Cash Used in Financing Activities (1,264.9) (2,159.2)
Proceeds from short-term bank loans 607.0 307.5
Proceeds from long-term bank loans 320.0 50.0
Proceeds from advances for stock subscription from NCI - 83.3
Payments of short-term bank loans (689.5) (537.5)
Payments of long-term bank loans (267.4) (528.4)
Payments of liability for purchases of fixed assets (12.5) (12.9)
Payments of dividends of ICBP (1,294.5) (1,492.7)
Payment of dividends to noncontrolling interests (26.0) (51.7)
Capital contribution from NCI 98.0 23.1
Net Effects of Changes in Exchange Rates on Cash & Cash Equivalents 144.4 (37.1)
Net Increase in Cash & Cash Equivalents 317.7 828.5
Cash & Cash Equivalents at Beginning of Year * 7,225.8 7,543.5
Cash & Cash Equivalents at End of Year * 7,543.5 8,372.0
* Cash & Cash Equivalents at Beginning & Ending after taking into account overdraft
For further information, please contact :

INVESTOR RELATION DIVISION

Clara Suraya +62 21 5795 8822 Ext 1109 E-mail : clara.suraya@icbp.indofood.co.id
Lanawati +62 21 5795 8822 Ext 1649 E-mail : lanawati@indofood.co.id

4 FULL YEAR 2016 RESULTS