2019 Annual Report Laporan Tahunan PT INDOFOOD SUKSES .
2019Annual ReportLaporan TahunanPT INDOFOOD SUKSES MAKMUR Tbk
Indofood’s continued success is characterizedby an unwavering focus to Stay Ahead ThroughChallenges. Like the athletes in a triathlon,whose endurance and determination are put tothe test through different challenges, we striveto push our limits for growth and performance bystaying nimble and embracing innovation in anincreasingly complex business environment. Aswe begin the new decade, our goals are to buildon our strengths in scaling new heights, andto turn our challenges into exciting opportunities.Kesuksesan Indofood yang tetap berlanjutdicapai melalui keteguhan fokus untuk TetapTerdepan dalam Melewati Tantangan. Sepertiatlet-atlet triatlon, dimana daya tahan dan tekaddiuji melalui berbagai tantangan, kami terusberupaya untuk meningkatkan pencapaianpertumbuhan dan kinerja kami dengan tetapsigap dan berinovasi dalam menghadapilingkungan bisnis yang semakin kompleks. Dalammenghadapi dekade baru ini, tujuan kami adalahtetap berkembang melalui keunggulan kami, sertamengubah tantangan menjadi peluang.
ContentsDaftar IsiVision, Mission & ValuesVisi, Misi & Nilai-Nilai3Share Price InformationInformasi Harga Saham18Audit Committee ReportLaporan Komite Audit94Financial HighlightsIkhtisar Keuangan4Accolades & CertificationsPenghargaan & Sertifikasi19Corporate Human ResourcesSumber Daya Manusia98Performance GraphsGrafik Kinerja Keuangan5Message fromthe President CommissionerSambutan Komisaris Utama22Corporate Social ResponsibilityTanggung Jawab SosialPerusahaan106Indofood at a GlanceSekilas Indofood6Report of the President DirectorLaporan Direktur Utama26Board of CommissionersDewan Komisaris132Shareholding StructureStruktur Pemegang Saham832Board of DirectorsDireksi142Management StructureStruktur Manajemen9Management’sAnalysis & DiscussionAnalisa & Pembahasan olehManajemen152Operational ReviewUlasan Kinerja Operasional42Subsidiaries, AssociateCompanies & Joint VenturesEntitas Anak, Entitas Asosiasi& Ventura BersamaBusiness StructureStruktur Bisnis10Our BrandsMerek-Merek Kami11Consumer Branded ProductsProduk Konsumen Bermerek42Professional AdvisorLembaga Profesional154Diversified PortfolioAneka Ragam Portofolio12BogasariBogasari52Production FacilitiesFasilitas Produksi156Brief History of the CompanyRiwayat Singkat Pernyataan158Chronological SharesListing at IDXKronologis PencatatanSaham di BEI16DistributionDistribusi66Independent Auditor’s ReportLaporan Auditor Independen159Chronological Bond IssuanceKronologis Penerbitan Obligasi17Corporate GovernanceTata Kelola Perusahaan701
2019 Annual ReportIndofood Tower, Sudirman Plaza, Jakarta - Indonesia2PTMakmurTbk TbkPTIndofoodIndofoodSuksesSuksesMakmur
Laporan Tahunan 2019Vision VISIA Total Food Solutions CompanyPerusahaan Total Food SolutionsMission MISITo provide sustainable solutions forfood needsMemberikan solusi atas kebutuhanpangan secara berkelanjutanTo continuously improve ourpeople, processes and technologiesSenantiasa meningkatkankompetensi karyawan, prosesproduksi dan teknologi kamiTo contribute to the welfare of thesociety and environment ina sustainable mannerTo continuously improvestakeholders’ valuesMemberikan kontribusi bagikesejahteraan masyarakat danlingkungan secara berkelanjutanMeningkatkan stakeholders’ valuessecara berkesinambunganValues NILAI-NILAI“With discipline as the basis ofour way of life; We conduct ourbusiness with integrity; We treatour stakeholders with respect;and together we unite to strivefor excellence and continuousinnovation.”“Dengan disiplin sebagai falsafahhidup; Kami menjalankan usahakami dengan menjunjung tinggiintegritas; Kami menghargaiseluruh pemangku kepentingan dansecara bersama-sama membangunkesatuan untuk mencapaikeunggulan dan inovasi yangberkelanjutan.”3
2019 Annual ReportFinancial HighlightsIkhtisar KeuanganIn billions of RupiahDalam miliar Rupiah20192018201720162015Net alan NetoGross Profit22.716,420.212,019.770,019.337,617.258,1Laba Brutounless otherwise statedIncome from Operations (EBIT)EBITDAIncome for the Yearkecuali dinyatakan lain9.831,09.143,08.683,88.285,07.362,9Laba Usaha A5.902,74.961,95.097,35.266,93.709,5Laba Tahun BerjalanAttributable to:Yang Dapat Diatribusikan Kepada:- Equity Holders of the Parent Entity4.908,24.166,14.156,24.144,62.968,0- Pemilik Entitas Induk994,6795,8941,01.122,3741,5- Kepentingan ba Komprehensif Tahun Berjalan5.485,25.324,44.255,73.817,14.066,3- Pemilik Entitas Induk1.103,51.026,4735,61.167,2801,0- Kepentingan mlah Saham yang Ditempatkandan Disetor Penuh (juta)559474473472338Laba Per Saham Dasaryang Dapat Diatribusikan KepadaPemilik Entitas Induk (Rp) 1Current Assets31.403,433.272,632.948,128.985,442.816,7Aset LancarCurrent 5Liabilitas Jangka Pendek- Non- Controlling InterestsComprehensive Income for the YearAttributable to:Yang Dapat Diatribusikan Kepada:- Equity Holders of the Parent Entity- Non- Controlling InterestsShares Outstanding (million)Basic Earnings Per ShareAttributable to Equity Holders ofthe Parent Entity (Rp) 1Net Working Capital6.716,62.068,511.310,49.766,017.709,2Modal Kerja l Aset4.463,87.236,26.723,73.111,74.618,9Pengeluaran Barang Modal 2Total Equity 354.202,549.916,847.102,843.941,443.121,6Total Ekuitas 3Kepentingan NonpengendaliTotal AssetsCapital Expenditures2Non-Controlling otal 9Total LiabilitasFunded an yang Dikenakan BungaGross Profit Margin29,7%27,5%28,2%29,0%26,9%Marjin Laba BrutoEBIT Margin12,8%12,5%12,4%12,4%11,5%Marjin Laba Usaha (EBIT)EBITDA Margin17,0%16,6%16,2%16,4%15,3%Marjin EBITDANet Income Margin Attributable to EquityHolders of the Parent Entity6,4%5,7%5,9%6,2%4,6%Marjin Laba Neto yang Dapat DiatribusikanKepada Pemilik Entitas Induk6,15,46,06,14,2Imbal Hasil atas Aset (%) - Laba Neto 410,29,910,29,58,3Imbal Hasil atas Aset (%) - Laba Usaha 411,310,211,112,18,9Imbal Hasil atas Ekuitas (%) 4Return on Assets (%) - Net Income 4Return on Assets (%) - EBIT4Return on Equity (%) 41234Current Ratio (x)1,271,071,521,511,71Rasio Lancar (x)Liabilities to Assets Ratio (x)0,440,480,470,470,53Rasio Liabilitas Terhadap Aset (x)Liabilities to Equity Ratio (x) 30,770,930,880,871,13Rasio Liabilitas Terhadap Ekuitas (x) 3Gearing Ratio - Gross (x) 30,420,600,520,510,64Gearing Ratio - Gross (x) 3Gearing Ratio - Net (x)0,170,420,230,210,34Gearing Ratio - Net (x) 33Calculated based on weighted average number of sharesIncluding advance for purchases of assetsTaking into account Non-Controlling InterestsReturn represents total return including Non-Controlling InterestsThe figures are stated in Indonesian language4PT Indofood Sukses Makmur Tbk1234Dihitung berdasarkan jumlah rata-rata tertimbang sahamTermasuk uang muka untuk pembelian asetDengan memperhitungan Kepentingan NonpengendaliImbal hasil menampilkan total imbal hasil termasuk Kepentingan NonpengendaliAngka disajikan dalam Bahasa Indonesia
Laporan Tahunan 2019Performance GraphsGrafik kinerja KeuanganIn trillions of RupiahDalam triliun RupiahNet SalesPenjualan NetoIncome from Operations/EBITLaba 82019Income for the Year Attributable toEquity Holders of the Parent EntityLaba Tahun Berjalan yang Dapat DiatribusikanKepada Pemilik Entitas ,142015201620172018201996,5496,2020182019Total AssetsTotal Aset91,8382,1788,402,9720152019201520162017Total Equity*Total Ekuitas*43,1243,9447,1049,9254,20* Taking into account Non-Controlling InterestsDengan memperhitungan Kepentingan Nonpengendali20152016201720182019The figures are stated in Indonesian languageAngka disajikan dalam Bahasa Indonesia5
2019 Annual ReportIndofood at a GlanceSekilas IndofoodOver the last two decades, Indofood has progressivelytransformed into a Total Food Solutions company withoperations in all stages of food manufacturing, fromthe production of raw materials and their processing, toconsumer products in the market. Today, it is renownedas a well-established company and a leading playerin each business category in which it operates. In itsbusiness operations, Indofood capitalizes on economiesof scale and a resilient business model with fourcomplementary Strategic Business Groups (“Group”),namely:Dalam dua dekade terakhir, Indofood telahbertransformasi menjadi sebuah perusahaan Total FoodSolutions dengan kegiatan operasional yang mencakupseluruh tahapan proses produksi makanan, mulai dariproduksi dan pengolahan bahan baku hingga menjadiproduk akhir yang tersedia di pasar. Kini Indofood dikenalsebagai perusahaan yang mapan dan terkemuka disetiap kategori bisnisnya. Dalam menjalankan kegiatanoperasionalnya, Indofood memperoleh manfaat dariskala ekonomis serta ketangguhan model bisnisnya yangterdiri dari empat Kelompok Usaha Strategis (“Grup”)yang saling melengkapi sebagai berikut:Consumer Branded Products (“CBP”)Produk Konsumen Bermerek (“CBP”)Supported by the strength of its product brands, CBP Group produces a diverserange of consumer branded products including noodles, dairy, snack foods,food seasonings, nutrition and special foods, and beverages.Dengan didukung oleh kekuatan merek-merek produknya, Grup CBPmemproduksi beragam produk konsumen bermerek antara lain mi instan, dairy,makanan ringan, penyedap makanan, nutrisi dan makanan khusus, dan minuman.BogasariBogasariBogasari Group is primarily a producer of wheat flour as well as pasta, withbusiness operations supported by its own shipping and packaging units.Grup Bogasari memiliki kegiatan usaha utama memproduksi tepung terigu danpasta, didukung oleh unit usaha perkapalan dan kemasan.6PT Indofood Sukses Makmur Tbk
Laporan Tahunan 2019Indofood has progressively transformed intoa Total Food Solutions company with operations inall stages of food manufacturing.”Indofood telah bertransformasi menjadi sebuahperusahaan Total Food Solutions dengan kegiatanoperasional yang mencakup seluruh tahapan prosesproduksi makanan.AgribusinessAgribisnisAgribusiness Group’s principal activities range from research and development,seed breeding, oil palm cultivation and milling, to the production and marketingof branded cooking oils, margarine and shortening. The Group also cultivatesand processes rubber, sugar cane and other crops.Kegiatan usaha utama Grup Agribisnis meliputi penelitian dan pengembangan,pemuliaan benih bibit, pembudidayaan dan pengolahan kelapa sawit hinggaproduksi dan pemasaran produk minyak goreng, margarin dan shortening.Di samping itu, kegiatan usaha Grup ini juga mencakup pembudidayaan danpengolahan karet dan tebu serta tanaman lainnya.DistributionDistribusiWith the most extensive distribution network in Indonesia, Distribution Groupdistributes the majority of the consumer products manufactured by Indofoodand its subsidiaries, as well as by third parties, to the market.Dengan jaringan distribusi yang paling luas di Indonesia, Grup Distribusimendistribusikan sebagian besar produk konsumen Indofood dan anak-anakperusahaannya, serta berbagai produk pihak ketiga.7
2019 Annual ReportSHAREHOLDING STRUCTUREStruktur Pemegang SahamFirst Pacific Company Limited*Public Publik50,07%49,93%**Name of ShareholderFirst Pacific InvestmentManagement LimitedTotal Shares Issuedand Fully PaidJumlah SahamDitempatkan danDisetor PenuhPercentage ofShare OwnershipPersentaseKepemilikan Saham4.396.103.45050,07%First Pacific InvestmentManagement Limited1.329.7700,02%Anthoni Salim (Direktur Utama) 2500,00%Franciscus Welirang (Direktur) Commissioners & Directors:Komisaris & Direksi: Anthoni Salim (President Director) Franciscus Welirang (Director) Taufik Wiraatmadja (Director)Public (with ownership interestbelow 5%)***TotalType of Shareholder50.0000,00%Taufik Wiraatmadja (Direktur) 4.382.943.03049,91%Publik (dengan kepemilikan sahamdibawah 5%)***8.780.426.500100%JumlahNumber ofShareholdersJumlahPemegang SahamPercentage ofShare OwnershipPersentaseKepemilikan Saham1.04682,56%Badan Usaha AsingLocal Institutions70015,85%Badan Usaha Dalam NegeriForeign Individuals1320,10%Perorangan AsingLocal Individuals15.5371,49%Perorangan Dalam NegeriTotal17.415100%JumlahForeign Institutions8Nama Pemegang Saham*First Pacific Company Limited is a public listed company onthe Hong Kong Stock Exchange. Mr. Anthoni Salim holds interests in andcontrols directly and indirectly First Pacific Company Limited** Through First Pacific Investment Management Limited, an indirect subsidiaryof First Pacific Company Limited*** Does not include share ownership of BOC and BOD of the Company*The figures are stated in Indonesian LanguageAngka disajikan dalam Bahasa IndonesiaPT Indofood Sukses Makmur TbkTipe Pemegang SahamFirst Pacific Company Limited merupakan suatu perusahaan yang tercatatdi Bursa Efek Hong Kong. Bapak Anthoni Salim memiliki kepentingan danmemegang kendali baik secara langsung maupun tidak langsung diFirst Pacific Company Limited** Melalui First Pacific Investment Management Limited, entitas anak tidaklangsung dari First Pacific Company Limited*** Tidak termasuk kepemilikan saham oleh Dewan Komisaris dan DireksiPerseroan
Laporan Tahunan 2019MANAGEMENT STRUCTUREStruktur ManajemenBoard of CommissionersPresident CommissionerManuel V. PangilinanCommissionerBenny S. SantosoCommissionerChristopher H. YoungCommissionerJoseph H. P. NgCommissionerJohn W. RyanIndependent CommissionerUtomo JosodirdjoIndependent CommissionerBambang SubiantoIndependent CommissionerAdi Pranoto LemanBoard of DirectorsPresident DirectorAnthoni SalimDirectorFranciscus WelirangDirectorTjhie Tje Fie (Thomas Tjhie)DirectorTaufik WiraatmadjaDirectorMoleonoto (Paulus Moleonoto)DirectorAxton SalimDirectorJoedianto SoejonopoetroDirectorHendra WidjajaAudit CommitteeChairmanUtomo Josodirdjo(Independent Commissioner)MembersAdi Pranoto Leman(Independent Commissioner)Timotius(External IndependentProfessional)Nomination and Remuneration CommitteeChairmanUtomo Josodirdjo(Independent Commissioner)MembersBenny S. Santoso(Commissioner)Melia Setiawati(GM of Compensation, Benefit &HR Administration)OperationsCONSUMER BRANDED PRODUCTSCorporate FunctionsCorporate TreasuryRusmin KasimNoodlesTaufik WiraatmadjaDairyAxton SalimCorporate ControllerSusanto SentausaHendra WidjajaSteven TanCorporate LegalAyda WijayaSnack FoodsSuaimi SuriadyCorporate Internal AuditAdrian JogiFood SeasoningsSulianto PratamaCorporate Information TechnologyHantoro TanotoNutrition & Special FoodsRobert ArifinCorporate SecretaryTjhie Tje Fie (Thomas Tjhie)BeveragesSungkono SadikinInvestor RelationsMark J. WakefordBambang JokoraharjoCorporate ProcurementAlexander A. AditioT. Eddy HariyantoCorporate Human ResourcesFranciscus WelirangT. Hanes Zen SunjayaCorporate CommunicationStefanus IndrayanaBertinus TirtadihardjaEnterprise Risk ManagementAdrian JogiPackagingInternational OperationsDarmawan Sarsito (Kevin Sietho)Tan Elly (Elly Betty)BOGASARIFranciscus WelirangAGRIBUSINESSPlantationsMark J. WakefordMoleonoto (Paulus Moleonoto)Edible Oils & FatsSuaimi SuriadyDISTRIBUTIONJoedianto SoejonopoetroCorporate SecretaryVictor Suhendra9
2019 Annual ReportBusiness structureStruktur BisnisThe business activities of theCompany in accordance withthe Articles of Association areengaged in Industry, Trading,Agriculture, Farming, WaterManagement, Research, Trainingand Education, Construction,Real Estate, Warehousing, Foodand Beverage Accomodation,Service, and Investment Holding.Business activities conductedby the Company include, amongothers, the flour milling industry,which itself is integrated with theCompany’s subsidiary engagedin the field of consumer brandedproducts; the agribusinessindustry, which consists of oil palmplantations and related processingmills, as well as other typesof plantations and processingoperations; as well as distribution.Consumer Branded Products GroupGrup Produk Konsumen Bermerek Noodles DivisionDivisi Mi Instan Dairy DivisionDivisi Dairy Snack Foods DivisionDivisi Makanan Ringan Food Seasonings DivisionDivisi Penyedap Makanan Nutrition & Special Foods DivisionDivisi Nutrisi & Makanan Khusus Beverages DivisionDivisi MinumanBogasari GroupGrup BogasariKegiatan usaha Perseroan menurutAnggaran Dasar bergerak di bidangIndustri, Perdagangan, Pertanian, Peternakan,Pengelolaan Air, Penelitian, Pendidikandan Pelatihan, Konstruksi, Real Estat,Pergudangan dan Penyimpanan, PenyediaanAkomodasi Makanan dan Minuman, Jasa,serta Investasi Penyertaan / Holding. Kegiatanusaha yang dijalankan oleh PerseroanAgribusiness GroupGrup Agribisnis Plantations DivisionDivisi Perkebunan Edible Oils & Fats DivisionDivisi Minyak & Lemak Nabatimeliputi antara lain, industri penggilingangandum menjadi tepung terigu yangterintegrasi dengan kegiatan usaha anakperusahaan di bidang industri konsumenbermerek, industri agribisnis yang terdiri dariperkebunan dan pengolahan kelapa sawit dantanaman lainnya, serta distribusi.10PT Indofood Sukses Makmur TbkDistribution GroupGrup Distribusi
Laporan Tahunan 2019OUR BRANDSMerek-merek Kami**** Licensed from PepsiCo Inc.Lisensi dari PepsiCo Inc.11
2019 Annual ReportDiversified portfolioAneka Ragam PortofolioConsumer Branded ProductsBogasari12PT Indofood Sukses Makmur Tbk
Laporan Tahunan 2019Agribusiness13
2019 Annual ReportBrief History of the CompanyRiwayat Singkat PerseroanPT Indofood Sukses Makmur Tbk (“Indofood” orthe “Company”), which was incorporated asPT Panganjaya Intikusuma in 1990, has various businessesthat have been operational since the early 1980s.PT Indofood Sukses Makmur Tbk (“Indofood” atau“Perseroan”), yang didirikan dengan nama PT PanganjayaIntikusuma di tahun 1990, memiliki berbagai kegiatanusaha yang telah beroperasi sejak awal tahun 1980an.19902007 Incorporated as PT PanganjayaIntikusuma.Didirikan dengan namaPT Panganjaya Intikusuma.Mencatatkan saham Grup Agribisnis,Indofood Agri Resources Ltd.(“IndoAgri”), di Singapore StockExchange (“SGX”). Entered the snack foods businessthrough a joint venture (“JV”) withFritolay Netherlands Holding B.V.,an affiliate of PepsiCo Inc. The Agribusiness Group expandedits plantation holdings by acquiringPT PP London Sumatra IndonesiaTbk (“Lonsum”), an IDX-listedplantation company.Memulai kegiatan usaha dibidang makanan ringan melaluiperusahaan patungan denganFritolay Netherlands Holding B.V.,perusahaan afiliasi PepsiCo Inc.1994Grup Agribisnis memperluasperkebunannya denganmengakuisisi PT PP LondonSumatra Indonesia Tbk (“Lonsum”),sebuah perusahaan perkebunanyang sahamnya tercatat di BEI. Renamed PT Indofood SuksesMakmur.Mengganti nama menjadiPT Indofood Sukses Makmur. Listed on the Indonesia StockExchange (“IDX”).2005 Commenced backward integrationwith the acquisition of theBogasari flour mill.Memulai integrasi bisnis melaluiakuisisi pabrik penggilingangandum Bogasari.14PT Indofood Sukses Makmur Tbk Entered the shipping businessthrough the acquisition ofPT Pelayaran Tahta Bahtera.Memulai kegiatan usaha di bidangperkapalan dengan mengakuisisiPT Pelayaran Tahta Bahtera.Mencatatkan saham di Bursa EfekIndonesia (“BEI”).1995 Listed the Agribusiness Group,Indofood Agri Resources Ltd.(“IndoAgri”), on the Singapore StockExchange (“SGX”).1997 Expanded its business integrationby acquiring a group of companiesinvolved in plantations, agribusinessand distribution.Memperluas integrasi bisnisnyadengan mengakuisisi grupperusahaan yang bergerakdi bidang perkebunan, agribisnisdan distribusi.
Laporan Tahunan 201920182008 The Agribusiness Group venturedinto the sugar business byacquiring PT Lajuperdana Indah.Grup CBP mengakuisisi seluruhkepemilika
increasingly complex business environment. As we begin the new decade, our goals are to build . laporan tahunan 2019 VIsIon VISI Mission MISI A total Food solutions Company Perusahaan Total Food Solutions To provide sustainable solutions for . 2019 2018 2017 2016 2015 Dalam miliar Rupiah
Laporan Tahunan 2018 annual report Growth 05 pemegang saham yang terhormat, Suatu kehormatan bagi saya untuk menyambut para pemegang saham di dalam laporan Tahunan 2018 ini, yang merupakan laporan tahunan perseroan kedua, saat saya menjabat sebagai Komisaris Utama pT eagle High plantations Tbk. Sebagaimana
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