1. Alfira Sari
Eunike Yuliana
Febrina Dialusi H.S
Maria Felicia
Micha Paramitha

3. INDONESIA MACROECONOMIC
Based on GCI (Global
Competitiveness Index), Indonesi a
macroeconomic stands out from
139 countries at the 35 rank

4. GDP INDONESIA IN 1991-2000
Asian Financial Crisis
Paul Krugman
The Myth Asian
Miracle
OUTPUT, INCOME,
& SPENDING :

5. GDP 2000-2013
Indonesia established
reformation and economic
stabilization
Increasing of oil price
in international
commerce
Bond-buying
Internal Financial Weakness
Consumer Sentiment

6. CIRCULATION OF MONEY IN INDONESIA
: THE MONEY SUPPLY

7. INFLATION
President Susilo Bambang
Yudhoyono administration
decided to reduce its massive
fuel subsidiesin late 2005 due
to the rising international oil
price
June 2013, gasoline was
raised by 44 percent to IDR
6,500 (USD $0.66) and
diesel by 22 percent to IDR
5,500 (USD $0.56) per liter
Increasing of oil price
in international
commerce
Employment, Unemployment,
and Wages

8. BI RATE

9. UNEMPLOYMENT
RATE 1986-2010
Many new jobs to
Indonesia's job market
especially the industry
and service sector
Asian Financial Crisis
Impact from
Asian Financial
Crisis

10. UNEMPLOYMENT
RATE 2000-2013
Decreasing number of unemployment
rate reflects that government could
provide more jobs opportunities for
people and it will also be related to their
welfare growth rate.
Employment, Unemployment,
and Wages

11. UNEMPLOYMENT RATES
AND LABOR FORCE

12. POVERTY IN INDONESIA
OUTPUT, INCOME,
& SPENDING :
The poor in Indonesia in September
2012 as many as 28.59 million
people (11.7%) lower than in
February 2004, which reached 36.1
million people (16.7%).
In September 2012 amounted to Rp
259.520 per capita per month.
World Bank indicates that
Indonesian living on less than USD
$1.25 a day

14. PT. INDOFOOD CBP, TBK
Type : Public Company
Product : Foods and Beverages
Founded : 1990
Founder : Suduno Salim
History : on 1990, as PT Panganjaya Intikusuma
on 1994 Change its name into PT Indofood
Already export into Australia, Europe and Asia
ICBP was established as a separate entity in September
2009 and listed on the Indonesia Stock Exchange (“IDX”) on 7 October
2010.

15. SWOT
Analysis
Strengt
h
Weaknes
s
Oppor
tunity
Threat
Strength
• The biggest food company in
Indonesia
• Indofood brand is the most known
food brand in Indonesia.
• The product is practical and easy to
find anywhere.
• The product cost cheaper than their
competitors.
• Indofood distribute their food to a lot
of country.
SWOT ANALYSIS

16. SWOT
Analysis
Strengt
h
Weaknes
s
Oppor
tunity
Threat
Weaknesses
• Too much alternative products rather
than focusing on one product.
• Rising raw material price

17. SWOT
Analysis
Strengt
h
Weaknes
s
Oppor
tunity
Threat
Opportunity
• Can export their product to the whole
world
• Can do partnership with foreign food
company
• Can control the whole food market in
Indonesia

18. SWOT
Analysis
Strengt
h
Weaknes
s
Oppor
tunity
Threa
t
Threats
• Too much competitors
• They don’t focused on one product
• Competitors Innovation and
Promotion are better
• Bad Issues from other country about
the health

19. PLC ANALYSIS
The product of Indofood are in Maturity stage, with the sales which
always increase, and leads the market share by 75% in Indonesia.
Source: http://utharymaladhika.blogspot.com/2013/12/pt.htm

20. INDOFOOD’S PRODUCT COMPARE WITH OTHER
Source: http://www.topbrand-award.com/top-brand-survey/surve
result/top_brand_index_2014
Indofood’s product always dominant than other
product

21. Source: http://www.4-traders.com/PT-INDOFOOD-CBP-SUKSES-MA-6919010/financials/
PT. INDOFOOD
CBP
Highlights

22. 2009 2010 2011 2012 2013

23. COMPANY STRATEGIES
Market Penetration Strategy. This strategy seeks to increase
market share of a product through marketing efforts
greater. Can be implemented to increase the number of sales
personnel, advertising, or other promotional efforts.
Market Development Strategy. The goal to increase market share
by introducing a product or service to new areas.
Product Development Strategy. Increase sales by improving or
modifying existing products.

24. 24

25. PT. ULTRAJAYA, TBK
Type : Public Company
Product : Food and
Beverages
Established : 1971
Headquaters : Bandung

26. PRODUCT
UHT Fresh
Milk
Sweetened
Condenses
Creamer
UHT Tea
Drink
UHT Health
Drink
26

27. 27Analysis

28. 2 8
PT.
ULTRAJAYA

29. STRATEGY PRODUCT
29

30. PT. ULTRAJAYA’S PRODUCT COMPARE WITH OTHER
Source: http://www.topbrand-award.com/top-brand-survey/survey-
result/top_brand_index_2014
PT. UltraJaya’s product which is Ultramilk
is dominant in the market

31. MARKET SHARE
54%
21%
16%
3% 2%
4%
Ultra Milk
Milo
Yes!
Indomilk
Realgood
Other

32. 2010 2011 2012 2013
Net Sales 1,880.4 2,102.4 2,809.9 3,460.2
Gross Profit 592.2 625.7 901.7 1.013,8
Net Income 107.1 128.4 353.0
325
Operating
Income
185.4 182.1 429.3
423.2
Income before
Tax
156.8 203 458
436.7
Total Assets 2,007.0 2,180.5 2,420.8 2,811.6
Total Expense 406.8 443.6 449.1 551.2
Total Liabilities 783.4 828.5 744.3 796.5
Earnings per
Share¹
37 44 122
113
Ultrajaya Milk Industry's Financial Highlights:

33. NET SALES
Year
2011
Year
2012
Year
2013
Series1 2102.4 2809.9 3460.2
0
1000
2000
3000
4000
GROSS PROFIT
Year
2011
Year
2012
Year
2013
Gross Profit
Series1 625.7 901.7 1013.8
0
200
400
600
800
1000
1200
Year
2011
Year
2012
Year
2013
Series1 128.4 253 325
0
50
100
150
200
250
300
350
NET INCOME
Year
2011
Year
2012
Year
2013
Series1 182.1 429.3 423.2
0
100
200
300
400
500
OPERATING INCOME

34. INCOME BEFORE
TAX
Year
2011
Year
2012
Year
2013
Series1 203 458 436.7
0
100
200
300
400
500
Year
2011
Year
2012
Year
2013
Series1 2180.5 2420.8 2811.6
0
500
1000
1500
2000
2500
3000
TOTAL ASSET
Year
2011
Year
2012
Year
2013
Series1 443.6 449.1 551.2
0
100
200
300
400
500
600
TOTAL EXPENSE
Year
2011
Year
2012
Year
2013
Series1 828.5 744.3 796.5
700
720
740
760
780
800
820
840
TOTAL LIABILITIES

35. WWW.BLOOMBERG.COM 35

38. Horizontal Analysis
For 2013 and 2012
Comparative
Balance Sheet
Amount
Horizontal
Analysis
(%)
Vertical
Analysis
(%)
CURRENT ASSETS
Cash and Cash equivalent 611.624.871.676 535.889.526.748 75.735.344.928 14 20,51981
Trade Receivables 368.549.136.075 297.400.522.080 71.148.613.995 24 4,544754
Other Receivables:
Third Party 6.667.801.268 5.814.947.244 852.854.024 15 0,054478
Related Party 6.735.873.458 5.583.463.949 1.152.409.509 21 0,073612
Inventories 534.977.217.239 334.169.035.934 200.808.181.305 60 12,82701
Advance Payment 32.446.909.931 15.213.609.789 17.233.300.142 113 1,10081
Prepaid Expenses 4.508.845.491 2.355.498.099 2.153.347.392 91 0,137549
1.565.510.655.138 1.196.426.603.843 369.084.051.295 31 23,57595
Non-Current Financial Asset 43.521.681.858 35.204.659.333 8.317.022.525 24 2,128054
Investment in Assoaciates and Joint Venture 119.735.695.043 105.844.919.475 13.890.775.568 13 3,554195
Investment in Long term Livestock 30.102.682.590 26.062.111.777 4.040.570.813 16 1,03385
Fixed Assets 965.974.994.305 979.511.601.619 -13.536.607.314 -1 -3,46358
Intangible Assets 18.694.072.362 17.933.194.395 760.877.967 4 0,194684
Deffered Tax Asset 1.599.130.743 32.796.696 1.566.334.047 4.776 0,400774
Other non-current Assets 66.482.070.103 59.777.494.891 6.704.575.212 11 1,715482
1.246.110.327.004 1.224.366.778.186 21.743.548.818 2 5,563463
TOTAL ASSETS 2.811.620.982.142 2.420.793.382.029 390.827.600.113 16 100
Total Non-Current Assets
31 December 201231 December 2013
ASSETS
NON-CURRENT ASSESTS
Total Current Asset
Increase (Decrease)

39. Horizontal Analysis (2013 and 2012) Comparative Balance Sheet
(con’t)
Amount
Horizontal
Analysis
(%)
Vertical
Analysis
(%)
SHORT TERM LIABILITIES
Short Term Loans 21.412.410.529 5.268.078.050 16.144.332.479 306 39,40379
Trade Payables 463.538.990.751 394.466.233.719 69.072.757.032 18 168,5872
Other Payables:
Related Party 102.562.222 102.562.222 #DIV/0! 0,250326
Derivative Payables 357.190.478 357.190.478 #DIV/0! 0,871802
Dividend Payable 14.826.576.643 15.816.567.871 -989.991.228 -6 -2,41629
Taxes Payables 22.410.075.747 57.854.467.257 -35.444.391.510 -61 -86,5098
73.915.874.428 51.171.595.269 22.744.279.159 44 55,51241
1.601.977.123 -1.601.977.123 -100 -3,90998
Current Maturities of Long Term Liabilities:
30.714.285.714 60.000.000.001 -29.285.714.287 -49 -71,4782
Lease Liabilities 726.348.705 6.643.609.853 -5.917.261.148 -89 -14,4424
Machinery Loans 5.789.737.791 5.789.737.791 #DIV/0! 14,13113
TOTAL SHORT TERM LIABILITIES 633.794.053.008 592.822.529.143 40.971.523.865 7 100
LONG TERM LIABILITY
Deffered Tax Liabilities 76.102.720.581 85.608.703.824 -9.505.983.243 -11 -23,2014
Employee Benefits 34.995.857.303 34.404.885.086 590.972.217 2 1,442397
Bank Loans 30.714.285.713 -30.714.285.713 -100 -74,965
Lease Liabilities 723.864.841 -723.864.841 -100 -1,76675
Machinery Loans 51.581.817.164 51.581.817.164 #DIV/0! 125,8968
TOTAL LONG TERM LIABILITIES 162.680.395.048 151.451.739.464 11.228.655.584 7 27,406
Share Capital 577.676.400.000 577.676.400.000
Additional Paid in Capital 51.130.441.727 51.130.441.727
Retained Earning:
Appropiated 74.300.000.000 39.000.000.000 35.300.000.000 91 9,032115
Unappropriated 1.294.930.340.599 1.004.984.228.158 289.946.112.441 29 74,18773
Equity Attributable to Owners of the Parent Entity 1.998.037.182.326 1.672.791.069.885 325.246.112.441 19 83,21984
Non Controlling Interests 17.109.351.760 3.728.043.537 13.381.308.223 359 3,423839
TOTAL EQUITY 2.015.146.534.086 1.676.519.113.422 338.627.420.664 20 86,64368
2.811.620.982.142 2.420.793.382.029 390.827.600.113 16 100TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
Bank Loans
Long term Loans- Net of Current Maturities:
LIABILITIES
Accruals
EQUITY
Short term Employee Benefits Liabilities
31 December 2013 31 December 2012
LIABILITIES AND SHAREHOLDERS' EQUITY
Increase (Decrease)

40. Horizontal Analysis (2013 and 2012)
Comparative Income
Statement
Year 2013 Year 2012 Amount Percentage
3.460.231.249.075 2.809.851.307.439 650.379.941.636 23,14641846
Cost of Goods Sold 2.446.448.128.599 1.908.109.047.237 538.339.081.362 28,21322409
Gross Profit 1.013.783.120.476 901.742.260.202 112.040.860.274 12,42493174
Operating Expense:
Selling Expenses 433.576.647.265 366.413.401.362 67.163.245.903 18,32990978
General and Administrative Expenses 117.578.345.972 82.694.854.869 34.883.491.103 42,18338754
Loss on Foreign Exchange Rate-Net 36.748.585.605 13.513.232.874 23.235.352.731 171,9451811
Loss on Sales of Fixed Assets 2.264.294.635 14.849.245.962 (12.584.951.327) -84,7514504
Others-Net 420.223.874 5.069.974.743 (4.649.750.869) -91,71151938
Total Operating Expense 590.588.097.351 472.400.760.324 118.187.337.027 25,01844767
Operating Income 423.195.023.125 429.341.499.878 (6.146.476.753) -1,431605553
Other Income(Expenses)
Finance Income 22.439.459.095 12.085.195.324 10.354.263.771 85,67725629
Finance Cost 7.955.069.915 11.948.954.781 (3.993.884.866) -33,42455419
Shares of Net income (loss) in Associates and Joint Venture 959.224.432 28.492.374.763 (27.533.150.331) -96,6333995
Total Other Income-Net 13.525.164.748 28.628.615.306 (15.103.450.558) -52,75648297
Profit Before Income - Net 436.720.187.873 457.970.115.184 (21.249.927.311) -4,640024885
Income Tax
122.665.084.500 111.603.230.250 11.061.854.250 9,911768884
11.072.317.291 7.064.734.551 4.007.582.740 56,72658627
Total Income Tax 111.592.767.209 104.538.495.699 7.054.271.510 6,74801322
Income for the year 325.127.420.664 353.431.619.485 (28.304.198.821) -8,008394626
Other Comprehensive Income
Total Comprehensive Income for the year 325.127.420.664 353.431.619.485 (28.304.198.821) -8,008394626
Income Attribute to:
Owners of the Company 325.246.112.441 352.965.099.993 (27.718.987.552) -7,853180825
Non-controlling Interest 118.691.777 466.519.492 (347.827.715) -74,55802404
Total Net Income for the Current year 325.127.420.664 353.431.619.485 (28.304.198.821) -8,008394626
Comprehensive Income Attributable to:
Owners of the Company 325.246.112.441 352.965.099.993 (27.718.987.552) -7,853180825
Non-controlling Interest 118.691.777 466.519.492 (347.827.715) -74,55802404
Total Net Comprehensive Income Current Year 325.127.420.664 353.431.619.485 (28.304.198.821) -8,008394626
Basic Earning per Share 113 122 (9) -7,37704918
Sales
Current
Deffered

41. Horizontal Analysis
For 2012 and 2011
Comparative Balance
Sheet
Amount
Horizantal
Analysis(%)
Vertical
Analysis(%)
CURRENT ASSETS
Cash and Cash equivalent 535.889.526.748 242.776.108.938 293.113.417.810 121 100,0183374
Trade Receivables 297.400.522.080 255.494.585.569 41.905.936.511 16 14,2994549
Dividend Receivable 15.000.000.000 -15.000.000.000 -100 -5,11841141
Other Receivables: 0
Third Party 5.814.947.244 2.240.562.103 3.574.385.141 160 1,219678246
Related Party 5.583.463.949 2.753.599.225 2.829.864.724 103 0,965627459
Inventories 334.169.035.934 368.496.687.848 -34.327.651.914 -9 -11,7135363
Advance Payment 15.213.609.789 13.432.806.003 1.780.803.786 13 0,607659094
Prepaid Expenses 2.355.498.099 3.172.576.015 -817.077.916 -26 -0,2788094
1.196.426.603.843 903.366.925.701 293.059.678.142 32 100
0
0
Non-Current Financial Asset 35.204.659.333 181.132.177 35.023.527.156 19.336 14,57632113
Investment in Assoaciates and Joint Venture 105.844.919.475 77.352.544.712 28.492.374.763 37 11,85814331
Investment in Long term Livestock 26.062.111.777 55.788.603.908 -29.726.492.131 -53 -12,3717664
Fixed Assets 979.511.601.619 1.069.735.963.102 -90.224.361.483 -8 -37,5501662
Intangible Assets 17.933.194.395 17.933.194.395 #DIV/0! 7,463554407
Deffered Tax Asset 32.796.696 341.096.413 -308.299.717 -90 -0,1283102
Other non-current Assets 59.777.494.891 73.750.253.044 -13.972.758.153 -19 -5,81527409
1.224.366.778.186 1.277.149.593.356 -52.782.815.170 -4 -21,967498
TOTAL ASSETS 2.420.793.382.029 2.180.516.519.057 240.276.862.972 11 100
ASSETS
Total Current Asset
NON-CURRENT ASSESTS
Total Non-Current Assets
31 December 2012 31 December 2011
Increase (Decrease)

42. Horizontal Analysis (2012 and 2011) Comparative Balance Sheet
(con’t)
Amount
Horizontal
Analysis
Vertical
Analysis (%)
SHORT TERM LIABILITIES
Short Term Loans 5.268.078.050 52.025.954.226 -46.757.876.176 -90 246,579275
Trade Payables: 394.466.233.719 409.839.689.103 -15.373.455.384 -4 81,072448
Dividend Payables 15.816.567.871 1.818.867.953 13.997.699.918 770 -73,817354
Taxes Payables 57.854.467.257 11.440.362.917 46.414.104.340 406 -244,766383
51.171.595.269 23.438.969.844 27.732.625.425 118 -146,248958
Short term Employee Benefits Liabilities 1.601.977.123 5.646.049.107 -4.044.071.984 -72 21,3265533
60.000.000.001 85.000.000.001 -25.000.000.000 -29 131,838364
Lease Liabilities 6643609853 22575250000 -15.931.640.147 -71 84,0160546
TOTAL CURRENT LIABILITIES 592.822.529.143 611.785.143.151 -18.962.614.008 -3 1000
NON CURRENT LIABILITIES
Deffered Tax Liabilities 85.608.703.824 92.981.738.094 -7.373.034.270 -8 38,8819509
Deffered Gain of Lease Transactions 0 #DIV/0! 0
34.404.885.086 27.420.225.662 6.984.659.424 25 -36,8338427
Bank Loans 30.714.285.713 90.714.285.713 -60.000.000.000 -66 316,412073
Lease Liabilities 723.864.841 5.643.812.500 -4.919.947.659 -87 25,9455139
TOTAL LONG TERM LIABILITIES 151.451.739.464 216.760.061.969 -65.308.322.505 -30 1000
Share Capital 577.676.400.000 577.676.400.000 0 0 0
Additional Paid in Capital -Net 51.130.441.727 51.130.441.727 0 0 0
Retained Earning:
Appropiated 39.000.000.000 29.000.000.000 10.000.000.000 34 4,16186556
Unappropriated 1.004.984.228.158 690.902.948.165 314.081.279.993 45 130,716406
Equity Attributable to Owners of the Parent Entity 1.672.791.069.885 1.348.709.789.892 324.081.279.993 24 134,878272
Non Controlling Interests 3.728.043.537 3.261.524.045 466.519.492 14 0,19415914
TOTAL EQUITIES 1.676.519.113.422 1.351.971.313.937 324.547.799.485 24 135,072431
2.420.793.382.029 2.180.516.519.057 240.276.862.972 11 100
31 December 2011
LIABILITIES AND SHAREHOLDERS' EQUITY
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
Current Maturities of Long Term Liabilities:
Bank Loans
Employee Benefits Long Term Loans-Net of Current Maturities:
EQUITY
LIABILITIES
Accruals
31 December 2012
Increase (Decrease)

43. Horizontal Analysis (2012 and 2011)
Comparative Income
Statement
Year 2012 Year 2011 Amount Percentage
2.809.851.307.439 2.102.383.741.532 707.467.565.907 33,6507343
Cost of Goods Sold 1.908.109.047.237 1.476.677.453.814 431.431.593.423 29,216373
Gross Profit 901.742.260.202 625.706.287.718 276.035.972.484 44,115902
-
Selling Expenses 366.413.401.362 361.471.509.271 4.941.892.091 1,3671595
General and Administrative Expenses 82.694.854.869 82.175.860.795 518.994.074 0,63156512
Loss on Foreign Exchange Rate-Net 13.513.232.874 3.326.924.340 10.186.308.534 306,177944
Loss on Sales of Fixed Assets 14.849.245.962 16.036.601.532 (1.187.355.570) -7,4040349
Others-Net 5.069.974.743 26.050.938.438 (20.980.963.695) -80,538226-
Operating Income 429.341.499.878 136.644.453.342 292.697.046.536 214,203387-
Finance Income 12.085.195.324 16.416.994.017 (4.331.798.693) -26,386065
Finance Cost 11.948.954.781 27.643.885.877 (15.694.931.096) -56,775416
Shares of Net income (loss) in Associates and Joint Venture 28.492.374.763 31.400.344.946 (2.907.970.183) -9,2609498
Other Incomes (Expenses) - Net 28.628.615.306 20.173.453.086 8.455.162.220 41,91232
Profit Before Income - Net 457.970.115.184 156.817.906.428 301.152.208.756 192,039427
Tax Income (Expense) -
111.603.230.250 33.309.294.000 78.293.936.250 235,051323
7.064.734.551 4.940.731.624 2.124.002.927 42,9896438
Net Income For the current year 353.431.619.485 128.449.344.052 224.982.275.433 175,15253
Other Comprehensive Income -
Other Comprehensive Income for the current year 353.431.619.485 128.449.344.052 224.982.275.433 175,15253
Income Attribute to: -
Owners of the Company 352.965.099.993 128.358.526.507 224.606.573.486 174,983758
Non-controlling Interest 466.519.492 90.817.545 375.701.947 413,688728
Total Net Income for the Current year 353.431.619.485 128.449.344.052 224.982.275.433 175,15253
Income Attributable to: -
Owners of the Company 352.965.099.993 128.358.526.507 224.606.573.486 174,983758
Non-controlling Interest 466.519.492 90.817.545 375.701.947 413,688728
Total Net Comprehensive Income Current Year 353.431.619.485 128.449.344.052 224.982.275.433 175,15253
Basic Earning per Share 122 44 78 177,272727
Sales
Current Tax
Deffered Tax

45. Horizontal Analysis
For 2013 and 2012
Comparative
Balance Sheet
Amount
Horizontal
Analysis (%)
Horizontal
Analysis (%)
CURRENT ASSETS
Cash and Cash equivalent 5.526.173 5.484.318 41.855 1 2,92023513
Short Term Investment 72.000 21.280 50.720 238 3,53874867
Account Receivable
Third Parties - Net 738.533 642.371 96.162 15 6,7092498
Related Parties 1.716.020 1.586.052 129.968 8 9,06790393
Non Trade:
Third Parties 41.134 75.163 -34.029 -45 -2,3742129
Related Parties 53.728 55.748 -2.020 -4 -0,14093597
Inventories - Net 2.868.722 1.812.887 1.055.835 58 73,665905
Advances and Deposits 222.935 163.246 59.689 37 4,16451832
Prepaid Taxes 36.484 15.098 21.386 142 1,49210724
Prepaid Expenses and Other Current Assets 45.986 32.277 13.709 42 0,95648079
11.321.715 9.888.440 1.433.275 14 100
Deffered Tax Assets - Net 231.593 162.100 69.493 43 1,9776095
Long Term Investments 308.219 151.495 156.724 103 4,46000131
Fixed Assets - Net 4.844.407 3.839.756 1.004.651 26 28,5900358
Deffered Charges - Net 57.320 42.264 15.056 36 0,42845882
1.424.030 1.424.030 0 0 0
Intagible Asset - Net 1.931.957 2.065.195 -133.238 -6 -3,79164426
Advances for Stock Subscription in Associate 259.700 259.700 #DIV/0! 7,39045928
Other Non Current Assets 888.529 180.200 708.329 393 20,1573994
9.945.755 7.865.040 2.080.715 26 59,2123199
TOTAL ASSETS 21.267.470 17.753.480 3.513.990 20 100
NON-CURRENT ASSESTS
Total Non-Current Assets
Trade:
Goodwill
31 December 2013 31 December 2012
ASSETS
Total Current Asset
Increase (Decrease)

46. Horizontal Analysis (2013 and 2012)
Comparative Balance Sheet
(con’t)
Amount
Horizontal
Analysis
(%)
Vertical
Analysis (%)
CURRENT LIABILITIES
Short Term Bank Loans and Overdraft 557.484 400.396 157.088 39 14,0621755
Trust Receipt Payable 421.896 182.229 239.667 132 21,4544677
Account Payable 0
0
Third Parties 1.628.821 1.193.345 435.476 36 38,9828627
Related Parties 508.281 391.835 116.446 30 10,4239922
Non Trade: 0
289.802 269.630 20.172 7 1,80575349
103.698 73.560 30.138 41 2,6978881
Accrued Expenses 848.674 846.929 1.745 0 0,1562086
119.218 96.052 23.166 24 2,07376985
Taxes Payable 61.339 85.766 -24.427 -28 -2,18665182
Current Maturities of Long term debts 0
Bank Loans 146.259 31.411 114.848 366 10,2809427
Liability for Purchases of Fixed Assets 11.111 8.334 2.777 33 0,24859099
TOTAL CURRENT LIABILITIES 4.696.583 3.579.487 1.117.096 31 100
0
NON CURRENT LIABILITY 0
Long term debts net of Current Maturities 1.346.781 602.833 743.948 123 66,5966041
Bank Loans 0
36.511 37.780 -1.269 -3 -0,11359812
Advances for Stock Subscription from non Controlling Interest 213.150 213.150 #DIV/0! 19,0807236
Deffered Tax Liabilities - Net 498.504 530.291 -31.787 -6 -2,84550298
Liabilities for Employee Benefits 1.210.210 1.016.550 193.660 19 17,3360213
TOTAL NON CURRENT LIABILITIES 3.305.156 2.187.454 1.117.702 51 100,054248
TOTAL LIABILITIES 8.001.739 5.766.941 2.234.798 39 200,054248
0
Share Capital 583.095 583.095 0 0 0
Additional Paid in Capital 5.985.469 5.985.469 0 0 0
Difference from Changes in Equity of Subsidiaries 38.022 7.446 30.576 411 2,39074291
Exchange Differences on Translation of Financial Statement 1.534 655 879 134 0,06872917
Pro Forma Capital 0
Retained Earnings 0
Appropiated for General Reserves 15.000 10.000 5.000 50 0,39095089
Unappropiated 5.963.662 4.827.947 1.135.715 24 88,801759
Sub Total 12.586.782 11.414.612 1.172.170 10 91,6521819
Non Controlling Interest 678.949 572.186 106.763 19 8,34781806
TOTAL EQUITY 13.265.731 11.986.798 1.278.933 11 100
21.267.470 17.753.739 3.513.731 20 100TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
Trade:
Third Parties
Related Parties
Short Term Employee Benefits Liability
Liability for Purchases of Fixed Assets
EQUITY
LIABILITIES
31 December 2013 31 December 2012
LIABILITIES AND SHAREHOLDERS' EQUITY
Increase (Decrease)

47. Horizontal Analysis (2013 and 2012) Comparative Income
Statement
Year 2013 Year 2012 Amount Percentage
25.094.681 21.716.913 3.377.768 15,55362864
Cost of Goods Sold 18.668.990 15.913.098 2.755.892 17,31838766
Gross Profit 6.425.691 5.803.815 621.876 10,71495215
Selling and Distribution Expenses 2.551.509 2.089.647 461.862 22,10239337
General and Administrative Expenses 1.139.810 868.477 271.333 31,24239329
Other Operating Income 300.272 181.993 118.279 64,99096119
Other Operating Expense 262.720 178.434 84.286 47,23651322
Income from Operations 2.771.924 2.849.250 (77.326) -2,713907169
Finance Income 371.573 234.247 137.326 58,62444343
Finance Expenses 165.225 53.697 111.528 207,6987541
Share in Net Income (loss) of Associates 11.282 4.594 6.688 145,5811929
Income before Income Tax Expense 2.966.990 3.034.394 (67.404) -2,221333156
Income Tax Expense - Net 733.699 745.463 (11.764) -1,578079663
Income for the year before Pro Forma Adjustment 2.233.291 2.288.931 (55.640) -2,430829064
Pro Forma Adjustment 1.749 6.560 (4.811) -73,33841463
Income for the year 2.235.040 2.282.371 (47.331) -2,073764519
Other Comprehensive Income -
Unrealized Gains on Available for Sale Financial Assets 50.720 4.000 46.720 1168
879 871 8 0,918484501
51.599 4.871 46.728 959,3102032
Total Comprehensive Income for the year 2.286.639 2.287.242 (603) -0,026363629
Income for the year Attributable to: -
Equity Holders of the Parent Entity 2.225.272 2.179.592 45.680 2,095805086
Non Controlling Interest 9.768 102.779 (93.011) -90,49611302
Total Comprehensive Income for the year 2.235.040 2.282.371 (47.331) -2,073764519
Total Comprehensive Income for the year attributable to: -
Eqity Holders of the Parent Entity 2.260.929 2.183.205 77.724 3,56008712
Non Controlling Interest 25.710 104.037 (78.327) -75,28763805
2.286.639 2.287.242 (603) -0,026363629
BasicEarning per Share Attributable to Equity Holders of the Parent Entity 382 374 8 2,139037433
Sales
Exchange Differences on Translation of Financial Statements
Other Comprehensive Income
Total

48. Horizontal Analysis
For 2012 and 2011
Comparative
Balance Sheet
Amount
Horizontal
Analysis(%)
Vertical
Analysis(%)
CURRENT ASSETS
Cash and Cash equivalent 5.484.318 4.420.644 1.063.674 24 81,3126228
Short Term Investment 21.280 17.280 4.000 23 0,30578024
Account Receivable 0
0
Third Parties - Net of Allowance for impairment Losses 642.371 638.191 4.180 1 0,31954035
Related Parties 1.586.052 1.622.138 -36.086 -2 -2,7585964
Non - Trade: 0
Third Parties 75.163 64.845 10.318 16 0,78876013
Related Parties 55.748 53.228 2.520 5 0,19264155
Inventories - Net 1.812.887 1.629.883 183.004 11 13,9897518
Advances and deposits 163.246 114.452 48.794 43 3,73006026
Prepaid Taxes 15.098 210 14.888 7.090 1,13811405
Prepaid Expenses and Other Current Assets 32.277 19.440 12.837 66 0,98132524
9.888.440 8.580.311 1.308.129 15 100
0
0
Deffered Tax Assets - Net 162.100 119.168 42.932 36 1,69649924
Long term Investments 151.495 83.201 68.294 82 2,69870305
Fixed Assets - Net of Accumulated depreciation 3.839.756 2.590.036 1.249.720 48 49,3838869
Deffered Charges - Net 42.264 57.960 -15.696 -27 -0,6202425
1.424.030 1.424.030 0 0 0
Intagible Asset - Net 2.065.195 2.198.433 -133.238 -6 -5,2650276
Other Non Current Assets 180.200 169.718 10.482 6 0,4142063
7.865.040 6.642.546 1.222.494 18 48,3080253
TOTAL ASSETS 17.753.480 15.222.857 2.530.623 17 100
31 December 2012 31 December 2011
ASSETS
Total Current Asset
Increase (Decrease)
NON-CURRENT ASSESTS
Total Non-Current Assets
Trade:
Goodwill

49. Horizontal Analysis (2012 and 2011) Comparative Balance
Sheet (con’t)
Amount
Horizontal
Analysis
(%)
Vertical
Analysis
(%)
CURRENT LIABILITIES
Short Term Bank Loans and Overdraft 400.396 417.851 -17.455 -4 -2,95373
Trust Receipt Payable 182.229 210.744 -28.515 -14 -4,82531
Account Payable 0
0
Third Parties 1.193.345 966.691 226.654 23 38,35437
Related Parties 391.835 307.376 84.459 27 14,29214
Non Trade: 0
269.630 97.056 172.574 178 29,20296
73.560 58.265 15.295 26 2,588219
Accrued Expenses 846.929 621928 225.001 36 38,07465
96.052 76.119 19.933 26 3,373061
Taxes Payable 85.766 226.251 -140.485 -62 -23,7729
Current Maturities of Long term debts 0
Bank Loans 31.411 31.411 #DIV/0! 5,315367
Liability for Purchases of Fixed Assets 8.334 6.259 2.075 33 0,351131
TOTAL CURRENT LIABILITIES 3.579.487 2.988.540 590.947 20 100
0
NON CURRENT LIABILITY 0
Long term debts net of Current Maturities 602.833 111.932 490.901 439 74,08138
Bank Loans 0
37.780 33.575 4.205 13 0,634572
0
Deffered Tax Liabilities - Net 530.291 563.433 -33.142 -6 -5,00143
Liabilities for Employee Benefits 1.016.291 815.604 200.687 25 30,28547
TOTAL NON CURRENT LIABILITIES 2.187.195 1.524.544 662.651 43 100
TOTAL LIABILITIES 5.766.682 4.513.084 1.253.598 28 100
0
Share Capital 583.095 583.095 0 0 0
Additional Paid in Capital 5.985.469 5.985.469 0 0 0
Difference from Changes in Equity of Subsidiaries 7.446 4.704 2.742 58 0,214718
Foreign Exchange Differences from financial statement Translation 655 216 439 203 0,034377
0
Retained Earnings 0
Appropiated for General Reserves 10.000 5.000 5.000 100 0,391535
Unappropiated 4.827.947 3.638.786 1.189.161 33 93,11963
11.414.612 10.216.838 1.197.774 12 93,79409
Non Controlling Interest 572.186 492.935 79.251 16 6,205908
TOTAL EQUITY 11.986.798 10.709.773 1.277.025 12 100
17.753.480 15.222.857 2.530.623 17 100
Liability for Purchases of Fixed Assets
31 December 2012 31 December 2011
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Trade:
Third Parties
Related Parties
Short Term Employee Benefits Liability
Increase (Decrease)
EQUITY
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
Sub Total

50. Horizontal Analysis (2012 and 2011) Comparative Income
Statement
Year 2012 Year 2011 Amount Percentage
21.574.792 19.367.155 2.207.637 11,3988709
Cost of Goods Sold 15.796.183 14.335.896 1.460.287 10,1862276
Gross Profit 5.778.609 5.031.259 747.350 14,8541349
-
Selling and Distribution Expenses 2.073.497 1.798.508 274.989 15,2898402
General and Administrative Expenses 867.432 592.140 275.292 46,4910325
Other Operating Income 179.521 126.762 52.759 41,6205172
Other Operating Expenses 175.141 158.625 16.516 10,4119779
Income from Operations 2.842.060 2.608.748 233.312 8,9434472-
Finance Income 234.211 183.453 50.758 27,6681221-
Finance Expenses 53.675 46.544 7.131 15,3209866
Share in net Income (loss) of Associate 4.594 747 3.847 514,993307
Income before Tax 3.027.190 2.744.910 282.280 10,2837616
Income Tax Expense - Net 744.819 678.545 66.274 9,76707514
Income for the year 2.282.371 2.066.365 216.006 10,4534291
Other Comprehensive Income -
4.000 2.080 1.920 92,3076923
871 236 635 269,067797
Other Comprehensive Income 4.871 2.316 2.555 110,319516
Total Comprehensive Income for the year 2.287.242 2.064.049 223.193
Income for the year Attributable to: -
Equity Holders of the Parent Entity 2.179.592 1.975.345 204.247
Non Controlling Interests 102.779 91.020 11.759 12,9191387
2.282.371 2.066.365 216.006 10,4534291
Total Comprehensive Income for the year attributable to: -
Equity Holders of the Parent Entity 2.183.205 1.973.683 209.522
Non Controlling Interests 104.037 90.366 13.671 15,1284775
2.287.242 2.064.049 223.193 10,8133576
Basic Earnings per Share Attributable to Equity Holders of the Parent Entity 374 339 35 10,3244838
Foreign Exchange Differences from Financial Statements Translation
Total
Total
Sales
Unrealized gains (losses) on available for sale Financial Assets

53. 1. Current Ratio
2. Acid Test Ratio

54. 3. Account Receivable
Turnover
4. Days' Sales in Account
Receivable

55. 5. Inventory Turnover
6. Operating Income Return on
Investment

56. 7. Operating Profit Margin
8. Total Asset Turnover

57. 9. Fixed Assets Turnover
10. Debt Ratio

58. 11. Times Interest Earned
12. Return on Equity