Tiga Pilar Sejahtera Food Tbk AISA

Company Report : July 2008 As of 31 July 2008

Development Board Individual Index : 56.754
Industry Sector : Consumer Goods Industry (5) Listed Shares : 1,672,000,000
Industry Sub Sector : Food And Beverages (51) Market Capitalization : 852,720,000,000

COMPANY HISTORY SHAREHOLDERS (July 2008)

Established Date : 26-Jan-1990 1. Primanex Pte. Ltd 307,168,050 18.00%
Listing Date : 11-Jun-1997 2. Pandawa Treasures Pte. Ltd 307,168,050 18.00%
Under Writer IPO : 3. PT Permata Handrawina Sakti 192,858,000 12.00%
PT Trimegah Securindolestari 4. Basinale Investments Ltd 136,220,000 8.00%
Securities Administration Bureau : 5. PT Tiga Pilar Sekuritas 94,833,000 6.00%
PT Sinartama Gunita
Plaza BII Menara 3, 12th Fl. DIVIDEND ANNOUNCEMENT
Jl. MH. Thamrin No. 51 Jakarta 10350 Bonus Cash Cum Ex Recording Payment
Phone : 392-2332 Year Shares Devidend Date Date Date Date F/I
Fax : 392-3003 1996 60.00 21-Jul-97 22-Jul-97 30-Jul-97 30-Aug-97 F

BOARD OF COMMISSIONERS ISSUED HISTORY

1. Priyo Hadi Sutanto Listing Trading
2. Budhi Istanto Type of Listing Shares Date Date
3. Hans Moniaga 1. First Issue 45,000,000 11-Jun-97 11-Jun-97
4. Haryadi *) 2. Company Listing 90,000,000 T : 11-Jun-97 : 14-Jan-98
5. Kang Hongkie Widjaja 3. Additional Listing 230,000,000 11-Nov-02 11-Nov-02
6. Woerjatmoko *) 4. Right Issue 547,500,000 20-Nov-03 20-Nov-03
*) Independent Commissioners 5. CB Conversion 132,500,000 01-Dec-03 01-Dec-03
6. Right Issue 627,000,000 30-May-08 30-May-08
BOARD OF DIRECTORS
1. Stefanus Joko Mogoginta
2. Herry Beng Koestanto
3. Marsono

AUDIT COMMITTEE
1. Woerjatmoko
2. Sri Wahyuni
3. Trisnawan Widodo

CORPORATE SECRETARY
Yulianni Liyuwardi

HEAD OFFICE:
Alun Graha 1st Fl., Jl. Prof. Dr.Supomo No. 233
Jakarta - 12870
Phone : (021) 831-8775
Fax : (021) 831-1215

Homepage : http://www.tigapilar.com
Email : -

research and product development

D I V I S I O N 1
Tiga Pilar Sejahtera Food Tbk AISA
TRADING ACTIVITIES
CLOSING PRICE* AND TRADING VOLUME
875 140
TIGA PILAR SEJAHTERA FOOD TBK Closing Price Freq. Volume Value
JANUARY 2004 - JULY 2008 Month High Low Close (X) (Thou. Sh) (Million Rp) Day
Jan-04 235 205 210 371 6,572 1,431 20
750 120
Feb-04 220 210 210 115 2,459 533 18
Mar-04 210 160 200 66 1,424 287 13
Closing Price*

Apr-04 210 180 205 63 510 102 17

625 100
May-04 195 175 195 16 114 21 6
Jun-04 230 195 230 41 189 41 15
Jul-04 200 180 180 12 113 20 6
500 80
Aug-04 170 105 125 26 429 61 12
Sep-04 130 110 130 21 370 45 7

Volume (Million Shares)

375 60 Oct-04 140 90 95 34 2,916 302 8
Nov-04 95 95 95 2 50 5 1
Dec-04 210 100 210 494 51,958 11,282 19
250 40 Jan-00 - - - - - - -
Jan-05 205 160 185 160 2,101 386 14
Feb-05 185 170 170 295 6,090 1,071 16
125 20 Mar-05 210 175 210 370 7,222 1,304 21
Apr-05 205 180 200 118 2,456 478 11
May-05 195 160 170 267 5,141 922 18
- - Jun-05 215 165 215 304 5,636 1,029 19
Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jul-05 210 180 205 184 3,938 793 19
Aug-05 210 130 190 214 3,792 715 15
Sep-05 200 160 185 183 4,292 817 15
CHANGE OF CLOSING PRICE, Oct-05 190 130 170 132 2,327 423 18
330% 330%
CONSUMER GOODS INDEX AND JAKARTA COMPOSITE INDEX
Nov-05 185 150 175 48 1,217 213 11
JANUARY 2004 - JULY 2008
Dec-05 215 160 215 89 5,732 1,049 11
275% 275% Jan-00 - - - - - - -
Jan-06 190 180 190 27 582 110 7
220% 220%
Feb-06 190 160 350 136 2,606 469 20
Mar-06 185 155 170 46 1,195 212 13
Apr-06 175 115 175 35 614 105 13
165% 165% May-06 165 160 160 5 69 11 3
Jun-06 185 170 180 8 64 11 3
Jul-06 - - 180 - - - -
110% 110%
Aug-06 - - 180 - - - -
Sep-06 - - 180 - - - -
55% 55% Oct-06 170 140 170 3 25 4 3
Nov-06 180 115 180 8 100 15 5
Jakarta Composite Index
Dec-06 175 150 175 15 345 57 4
0 Consumer Goods Index 0
Jan-00 - - - - - - -
Closing Price
Jan-07 179 130 179 17 1,663 271 6
-55% -55% Feb-07 - - 179 1 4,815 722 1
Mar-07 - - 179 - - - -
Apr-07 166 165 165 4 59,501 13,385 2
-110% -110%
May-07 190 165 180 9 131 22 5
Jan-04 Jan-05 Jan-06 Jan-07 Jan-08
Jun-07 - - 180 - - - -
Jul-07 180 120 175 5 33 5 3
SHARES TRADED 2004 2005 2006 2007 Jul-08 Aug-07 300 175 300 300 123,818 23,249 6
Volume (Million Sh) 67 50 6 981 1,251 Sep-07 560 320 550 4,379 99,119 44,026 17
Value (Billion Rp) 14 9 1 536 821 Oct-07 670 540 610 2,782 146,434 86,657 14
Frequency (X) 1,261 2,364 283 15,527 23,656 Nov-07 690 590 690 5,023 261,406 166,592 22
Days 142 188 71 92 142 Dec-07 750 680 750 3,007 284,056 201,234 16
Jan-00 - - - - - - -
Price (Rupiah) Jan-08 810 700 710 4,223 351,720 262,911 20
High 235 215 190 750 810 Feb-08 740 650 710 3,032 183,718 130,878 19
Low 90 130 115 120 460 Mar-08 720 620 680 3,551 210,556 143,986 18
Close 210 215 175 750 510 Apr-08 720 610 590 2,628 136,162 91,300 22
Close * 210 215 175 750 510 May-08 610 510 520 3,572 186,360 101,171 20
Jun-08 520 470 490 2,945 77,919 39,185 21
PER (X) 2,447.36 6,498.51 1,408.19 47.12 15.69 Jul-08 530 460 510 3,705 104,899 51,478 22
PER Industry (X) 6.01 16.55 16.98 11.98 15.01 Aug-08 - - - - - - -
PBV (X) 2.31 2.36 1.92 7.28 2.22 Sep-08 - - - - - - -
*) Adjusted price after corporate action Oct-08 - - - - - - -
Nov-08 - - - - - - -
Dec-08 - - - - - - -

research and product development

D I V I S I O N 2
Tiga Pilar Sejahtera Food Tbk AISA
Financial Data and Ratios
Public Accountant : Aryanto Amir Jusuf & Mawar Book End : December

BALANCE SHEET Dec-2004 Dec-2005 Dec-2006 Dec-2007 Jun-2008

TOTAL ASSETS AND LIABILITIES
(Million Rp except Par Value) (in Billion Rupiah)
Cash & Cash Equivalents 12,240 13,886 13,999 14,709 18,547 1,000
Accounts Receivable 36,486 56,874 60,813 81,268 82,292 Assets Liabilities
800
Inventories 43,809 51,093 74,615 109,426 230,807
Current Assets 136,355 142,050 170,645 226,961 332,288 600

Fixed Assets 217,596 207,028 177,231 275,606 275,606

400
Other Assets - - - - -
Total Assets 372,438 357,786 363,933 515,609 891,671
200
Growth (%) -3.93% 1.72% 41.68% 72.94%

0
Current Liabilities 134,508 173,794 157,840 301,804 359,784 2004 2005 2006 2007 Jun-08
Long Term Liabilities 142,802 88,828 110,796 102,741 147,127
Total Liabilities 277,310 262,621 268,636 404,545 506,911
Growth (%) -5.30% 2.29% 50.59% 25.30% TOTAL EQUITY (in Billion Rupiah)

384
Minority Interest 108 109 111 120 380 384

Authorized Capital 400,000 400,000 400,000 400,000 400,000

Paid up Capital 249,500 249,500 249,500 249,500 249,500 308

Paid up Capital (Shares) 1,045 1,045 1,045 1,045 1,045

231

Par Value 500 & 200 500 & 200 500 & 200 500 & 200 500 & 200
Retained Earnings -175,861 -175,827 -175,697 -159,937 -132,757 154

111
Total Equity 95,021 95,055 95,185 110,945 384,380 95 95 95
Growth (%) 0.04% 0.14% 16.56% 246.46% 77

INCOME STATEMENTS (Million Rp)

2004 2005 2006 2007 Jun-08
Total Revenues 228,437 229,973 333,455 499,870 281,949
Growth (%) 0.67% 45.00% 49.91%
TOTAL REVENUES (in Billion Rupiah)
Expenses 178,856 190,297 290,509 411,780 212,549
500
Gross Profit 49,581 39,676 42,946 88,090 69,400 500

Operating Expenses 24,219 12,530 15,657 32,192 20,654

Operating Profit 25,362 27,146 27,289 55,899 48,746 400

333
Growth (%) 7.03% 0.53% 104.84%
300
282
228 230
Other Income (Expenses) -25,223 -27,271 -26,094 -37,036 -14,472
200

Income before Tax 139 -125 1,195 18,863 34,274

Tax 49 -161 1,063 3,095 7,072
100

Minority Interest 0 -1 -2 -8 -21

Net Income 90 35 130 15,760 27,180 0

Growth (%) -61.44% 275.62% 12,035.40% 2004 2005 2006 2007 Jun-08

RATIOS
Current Ratio (%) 101.37 81.74 108.11 75.20 92.36 TOTAL INCOME (in Billion Rupiah)
Dividend (Rp) - - - - - 27.18
EPS (Rp) 0.09 0.03 0.12 15.08 26.01 27

BV (Rp) 90.93 90.96 91.09 106.17 367.83

22

DAR (X) 0.74 0.73 0.74 0.78 0.57

15.76
DER(X) 2.92 2.76 2.82 3.65 1.32 16

ROA (%) 0.04 -0.03 0.33 3.66 3.84

ROE (%) 0.15 -0.13 1.26 17.00 8.92 11

GPM (%) 21.70 17.25 12.88 17.62 24.61

5

OPM (%) 11.10 11.80 8.18 11.18 17.29

0.09 0.03 0.13
NPM (%) 0.04 0.02 0.04 3.15 9.64 0

Payout Ratio (%) - - - - - 2004 2005 2006 2007 Jun-08

Yield (%) - - - - -

Disclaimer:
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of the
institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be by any person
relied upon as the basis for taking any action or making any decision. The Jakarta Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice action taken or decision
made on the basis of the facts and opinions stated or expressed or stated within this publication.

research and product development

D I V I S I O N 3