PT INDUSTRI JAMU DAN FARMASI SIDO MUNCUL TBK
Update - 1
stQuarter 2014
Disclaimer
No representation or warranty is made as to the accuracy, completeness or reliability of the information in the presentation. No copy or use of this presentation should occur without the permission of PT Industri Jamu Dan Farmasi Sido Muncul Tbk. This presentation should not be relied upon as a recommendation or forecast by PT Industri Jamu Dan Farmasi Sido Muncul Tbk.
Nothing in this release should be construed as either an offer to buy or sell or a solicitation of an offer to buy or sell shares in any jurisdiction.
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LIST OF CONTENT
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COMPANY OVERVIEW
BUSINESS OVERVIEW
OVERVIEW OF
HERBAL MEDICINE INDUSTRY
FINANCIAL HIGHLIGHTS
INVESTMENT HIGHLIGHTS
COMPANY OVERVIEW
COMPANY OVERVIEW
The Company was established in 1975 and is domiciled in Semarang and is primarily engaged in pharmaceutical and herbal medicine industry and general trading.
Currently, the Company operates a factory located at Jl. Soekarno Hatta km 28, Bergas Sub-District, Klepu, Semarang. The total area of the Company’s factory is 34 Ha with total building area of approximately 8,6 Ha
The Company has a distribution network that is divided into 3 areas, covering west Indonesia, middle Indonesian and East Indonesia.
Currently, the Company also distribute its products to several countries in America, Europe, Australia, Asia and Africa.
The Company continues to maintain product quality and innovation,
creating safe and efficacious products in order to accommodate the
health need of public.
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1940
The company began as a home industry managed by Mrs.
Rahkmat Sulistio in Yogyakarta
COMPANY’S HISTORY
1951
Sido Muncul was established as a modest company which means
"A dream comes true"
1970
A limited partnership was established under the name CV Industri Jamu &
Farmasi Sido Muncul.
1984
Pabrik was transferred to Lingkungan Industri Kecil in Jl Kaliwage, Semarang to increase the production capacity.
1997-2000
To anticipate the improvement in the future, Company built a larger factory and modern in 1997 in Klepu, Ungaran. The factory was inaugurated in 2000.
2009
The Company established PT Semarang Herbal Indo Plant which has business activity of processing extract herbal, trading, land transportation, and agriculture
2013
Initial Public Offering of Company
1986
The Company established PT Muncul Mekar which has business activities of trading, transportation, and agriculture
1975
The business of herbal medicine industry transformed into a limited liability company under the name PT Industri Jamu &
Farmasi Sido Muncul
MANAGEMENT TEAM
THE MANAGEMENT OF THE COMPANY HAS DEEP UNDERSTANDING & LONG EXPERIENCE IN JAMU & HERBAL MEDICINE INDUSTRY IN INDONESIA
Revi Firmansjah Sigit Hartojo Hadi Santoso
President Commissioner
Johan Hidayat Commissioner
Budi Setiawan Pranoto Independent Commissioner BOARD OF COMMISSIONER
BOARD OF DIRECTORS
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VISION DAN MISSION
Become herbal medicine, health food- beverage and herbal raw material processing company that provides benefit to the society and environment.
VISION MISSION
Develop herbal-based products that are rational, safe and truthful and are based on scientific research.
Develop continuous research on herbal medicines
Assist and encourage the government, educational
institutions, medical professionals to play more active roles in research and development of traditional medicines and
medications.
Improve public awareness on the importance of maintaining health through healthy lifestyle, the use of natural ingredients and naturopathy medication.
Conduct intensive corporate social responsibility (CSR)
Manage an environmentally friendly company
To become a worldwide herbal medicine company
DESY SULISTIO HIDAYAT
IRWAN HIDAYAT
SOFYAN HIDAYAT
JOHAN HIDAYAT
SANDRA LINATA HIDAYAT DAVID
HIDAYAT
COMPANY SHAREHOLDING STRUCTURE AFTER INITIAL PUBLIC OFFERING
PUBLIC
40.05% 8.10% 8.10% 8.10% 8.10% 8.10%
99.99%
99.99%
19.00%
INVESTMENT HIGHLIGHTS
INVESTMENT HIGHLIGHTS
Product innovation
Strong brand equity and market share leader
Largest herbal medicine and healthy products Company with solid and long track record
Strong distribution network
Vertically integrated business model
Intensive R&D
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BUSINESS OVERVIEW
COMPANY’S PRODUCTS
HERBAL MEDICINE CATEGORIES
HEALTHY DRINK CANDY & DRINKS SUPPLEMENTS & OTHERS
The Company has over 200 products. The followings are some examples of the Company’s major selling products.
Tolak Angin Variants
ENERGY DRINK
Traditional Herbal Medicine
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PRODUCTION FACILITIES AND SUPPORT
SEMARANG
Company has equipped the factory with various supporting facilities which have been fulfilled the pharmacy standard. Those are the supporting facilities in the factory:
Currently, Company has a factory in Jalan Soekarno Hatta Km. 28 Kecamatan Bergas - Klepu, Semarang.
Currently, Company has a factory in Jalan Soekarno Hatta Km. 28 Kecamatan Bergas - Klepu, Semarang.
FACILITIES AND PRODUCTION MACHINE
WITH CPOB DAN CPOTB STANDARIZATION CERTIFIED LABORATORY ISO-17205 DEMINERALIZATION WATER TREATMENT AND DISPOSAL
HOLISTIC CLINIC AGROWISATA LAND
SIMPLICIA SIMPLICIA
SORTING SORTING
CLEAN SIMPLICIA CLEAN SIMPLICIA
WASHING WASHING
RAW MATERIAL HANDLING
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FORMULATION FORMULATION
PERCOLATION PERCOLATION
STERILIZATION STERILIZATION
CLEAN SIMPLICIA CLEAN SIMPLICIA
DRYING DRYING
ROUGH MILLING
ROUGH MILLING
EVAPORATION EVAPORATION
PACKAGING PACKAGING MILLING
MILLING
LIQUID &
CONDENSED EXTRACT LIQUID &
CONDENSED EXTRACT
PACKAGING PACKAGING
POWDER EXTRACT POWDER EXTRACT
EXTRACTION PROCESS
RAW MATERIAL
RAW MATERIAL
ROUGH MILLING ROUGH MILLING
FORMULATION FORMULATION
SIEVING SIEVING
DRY FRYING DRY FRYING
FINE MILLING FINE MILLING MIXING
MIXING PACKAGING
PACKAGING
POWDER HERBAL MEDICINE PROCESS
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EXTRACT EXTRACT
DRYING
DRYING MILLING MILLING MIXING MIXING
Others Material Others Material
SIEVING SIEVING
PACKAGING PACKAGING MIXING
MIXING
INSTANT POWDER HERBAL MEDICINE PROCESS
EXTRACT
EXTRACT DRYING DRYING
Others Material
MIXING MIXING
PACKAGING PACKAGING MOULDING
MOULDING
EXTRACT
EXTRACT DRYING DRYING
Bahan Pembantu
MIXING
MIXING MOULDING MOULDING
PILL PROCESS
TABLET PROCESS
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EXTRACT EXTRACT
DRYING DRYING
Others Material
MIXING MIXING
PACKAGING PACKAGING FILLING
FILLING SORTING SORTING
CAPSULE PROCESS
EXTRACT EXTRACT
COOKING COOKING
Others Material
MIXING MIXING
QUARANTINE QUARANTINE FILLING FILLING COOLING
COOLING
PACKAGING PACKAGING
LIQUID PROCESS
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EXTRACTION EXTRACTION
COOKING COOKING
Others Material
MIXING
MIXING MOULDING MOULDING COOLING COOLING
PACKAGING PACKAGING
CANDY PROCESS
DISTRIBUTION SYSTEM
JAKARTA & WEST INDONESIA EAST JAVA & EAST INDONESIA FACTORY
MAIN DISTRIBUTION
CENTRAL JAVA
WHOLESALE, SUPERMARKET, STORE, RETAILER
END CUSTOMER
JAKARTA & WEST INDONESIA
EAST JAVA & EAST INDONESIA CENTRAL JAVA
Tangerang, Kebon Jeruk, Bekasi, Cipete, Karawang, Cawang, Tambun, Pondok Labu, bangka, Belitung, Padang, Jambi, Bengkulu, Pontianak, Palembang, Pekanbaru, Bandar Lampung, Batam, Ketapang, Medan
Yogyakarta, Tegal, Solo, Rembang, Majenang, Semarang, Kebumen, Cilacap, Purwokerto
Surabaya, Jember, Panorogo, Tuban, Bali, Kediri, Banyuwangi, Madura, Bojonegoro, Jombang, Sidoarjo, Gresik, Banjarmasin, Sampit, Pangkalan, Bundar, Samarinda, Berau, Tarakan, Lombok, Sumbawa, Pasuruan, Lumajang, Malang, Kupang, Atambua, Ruteng, Ende, Maumere, Makassar, Kendari, Palu, Gorontalo, Manado, Luwuk, Ternate, Tobelo, Ambon, Sorong, Nabire, Jayapura, Biak, Merauke, Medan
Batam Padang
Bangka Belitung Palembang
Bandar Lampung Bengkulu
Jambi
Samarinda Tarakan
Pontianak
Ketapang
Banjarmasin
Manado Gorontalo Palu
Kendari Makassar
Ambon Tobelo Ternate
Sorong Biak Manokwari
Nabire Timika
Jayapura
Merauke Atambua
Kupang Sumbawa
Lombok Bali Jakarta
Surabaya Yogyakarta CilacapSolo
Tangerang Purwakarta
Cilacap
Madura
Jombang
The Company is supported by over 108 Sub-Distributors and over 160,000 wholesalers that cover 76 major cities in Indonesia
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INTERNATIONAL DISTRIBUTION NETWORK
The Company products are sold in some countries in America, Europe, Asia, Africa and Australia due to the higher demand of Company’s products.
AFGANISTAN ALGERIA
AMERIKA SERIKAT
BRUNEI DARUSSALAM MALAYSIA
AUSTRALIA GHANA
HONGKONG JORDAN
KANADA
KOREA
MAURITIUS
SINGAPURA MONGOLIA
NIGERIA
QATAR
SURINAME
MARKETING STRATEGY
PRODUCT
The Company has succesfully implemented Integrated Marketing Communication Plus (5PTR) Strategy to maximize the brand equity and sales.
5PTR
RELATIONSHIP
The Company has received over 100 certifications and awards from various parties. The following are selected certifications, awards, and recognitions
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AWARDS AND CERTIFICATIONS
MINISTRY OF HEALTH
CPOB AND CPOTB CERTIFICATE The first Herbal Company in Indonesia with pharmacy standard
CONSULTING GROUP MARKETING MAGAZINE IN COLLABORATION WITH FRONTIER
CONSULTING GROUP TOP BRAND AWARD 2013 Tolak Angin and Kuku Bima MARKETEERS MAGAZINE IN
COLLABORATION WITH MARKPLUS INSIGHT
INDONESIA BRAND CHAMPION Herbal Medicine Category 2013 and Minor Health Category Pro 2013 – Tolak Angin
BLOOMBERG BUSINESSWEEK &
FRONTIER CONSULTING GROUP
CORPORATE IMAGE AWARD
Traditional Herbal Medicine Category 2012
FRONTIER CONSULTING GROUP
& SWA MAGAZINE
ICSA 2012
The Best in Achieving Total Customer Satisfaction – Kuku Bima TL
SWA & MARS MAGAZINES
INDONESIA BEST BRAND AWARD 2012 Tolak Angin
24 75
8 15 9 1 9 4 55
183 222
275
38 297
10 16 33
1 11 1 4
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3 8 17
Aceh Darussalam Sumatera Utara Sumatera Barat Jambi Riau Bangka Belitung Sumatera Selatan Lampung Banten Jawa Barat DKI Jakarta Jawa Tengah DI Yogyakarta Jawa Timur Bali Kalimantan Barat Kalimantan Selatan Kalimantan Tengah Kalimantan Timur Nusa Tenggara Barat Nusa Tenggara Timur Sulawesi Selatan Sulawesi Tenggara Sulawesi Utara Maluku
Jumlah Perusahaan
No. Province Company Brand
1. North Sumatera 41 125
2. Banten 43 404
3. West Java 124 1,044
4. DKI Jakarta 114 785
5. Central Java 112 2,443
6. DI Yogyakarta 35 208
7. East Java 131 992
8. Bali 4 27
9. South Kalimantan 10 46
10. South Sulawesi 16 29
DISTRIBUTION OF TRADITIONAL MEDICINE AND BPOM REGISTERED PRODUCT COMPANIES (2012)
SUMMARY OF DISTRIBUTION OF TRADITIONAL MEDICINE AND BPOM REGISTERED PRODUCT
COMPANIES (2008-2013)
In 2012, there are 1,358 herbal medicine companies where about 78% from total is from Java and there are 6,176 registered herbal medicine brand in BPOM (Indonesia’s Food & Drug Administration) during the period 2008 – May 2013.
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DOMESTIC SUPPLIES
Source: Capricorn Indonesia Consult, September 2013 Source: Capricorn Indonesia Consult, September 2013
Number of Company
HERBAL MEDICINE PRODUCTION GROWTH IN INDONESIA
HERBAL MEDICINE PRODUCTION GROWTH
The higher demand of herbal medicine market has prompted some big herbal medicine companies increase their production by continuing to research and improvements in production technology. In this condition, the production of Indonesian herbal medicine in the last 5 years has increased quite high, Source: Capricorn Indonesia Consult, September 2013
GROWTH OF HERBAL MEDICINE CONSUMPTION IN
INDONESIA GROWTH OF HERBAL MEDICINE CONSUMPTION BASED ON TYPE
Consumption of herbal medicine in Indonesia in the period 2008-2012 increased by 35.1%
Consumption of herbal liquid and tablet continues to rise, while the powder type tends to fall. The medicine herbal consumers lately tend to prefer the practical way consumption in liquid and tablet/caplet form.
(in kilograms) (in kilograms)
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HERBAL MEDICINE CONSUMPTION AND PHARMACY
Source: Capricorn Indonesia Consult, September 2013 Source: Capricorn Indonesia Consult, September 2013 6,246,899
8,486,411
11,655,233
15,504,572
20,818,639
2008 2009 2010 2011 2012
4,153,752
5,650,233
7,768,761
10,336,958
13,888,553
1,968,216 2,680,585
3,637,594
4,846,384
6,298,019
124,931 155,593 248,879 321,229 632,067
2008 2009 2010 2011 2012
L iquid Powder Tablet
COMPANY’S POSITION – HERBAL MEDICINE COLD SYMPTOMS
Increased consumption of herbal medicine coupled with an increasingly modern production technology has led to the production of herbal medicine increased rapidly. In the period 2008-2012, the production of herbal medicine colds recorded increased an average of 34% per year. Production of herbal medicine which in 2008 amounted to 3,941.8 tonnes in 2012 has increased to 12,709.1 tons
PRODUCTION OF HERBAL MEDICINE COLD SYMPTOMS
(in kilogram)
TOLAK ANGIN MARKET SHARE
No. Company Brand Market
Share
1. Sidomuncul Tolak Angin 75.10%
2. Competitor 1 Herbal Medicini 1 5.00%
3. Competitor 2 Herbal Medicine 2 2.00%
4. Competitor 3 Herbal Medicine 3 1.02%
5. Others (below 1%) - 16.88%
Source: Capricorn Indonesia Consult, September 2013
Sumber: Capricorn Indonesia Consult, September 2013 3,941,845
5,291,927
7,203,371
9,518,534
12,709,147
2008 2009 2010 2011 2012
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COMPANY’S POSITION – ENERGY DRINK
PRODUCTION OF ENERGY DRINK ENERGY DRINK MARKET SHARE
(in liters)
No. Company Brand Market
Share
1. Sidomuncul Kuku Bima Ener-G 60.02%
2. Competitor 1 Energy Drink 1 12.01%
3. Competitor 2 Energy Drink 2 8.01%
4. Competitor 3 Energy Drink 3 4.01%
5. Competitor 4 Energy Drink 4 2.32%
6. Others (below 1%) 13.63%
Source: Capricorn Indonesia Consult, September 2013
Source: Capricorn Indonesia Consult, September 2013
Market demand and industry developments have prompted increased production of energy drinks in Indonesia. During the period 2008-2012 the production of energy drinks in Indonesia on average each year increased 23.9%. Production of energy drinks in 2008 amounted to 425.8 million liters, and continue to increase to 1 billion liters by 2012.
425,820,849
528,904,296
651,359,970
832,834,638
1,001,966,600
2008 2009 2010 2011 2012
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PRODUCT CONTRIBUTION
PRODUCT CONTRIBUTION TO SALES Per 31 Mar 2014 (Unaudited)
GROSS PROFIT MIX Sales Mix
26% 27% 33% 43% 42% 46%
64% 61% 53%
43% 40% 37%
7% 10% 11% 7%
10% 7%
2% 1% 2% 6% 8% 8%
1% 0% 1% 1% 1% 1%
2010 2011 2012 2013 Mar-13 Mar-14
47% 47% 56% 66% 62% 67%
47% 46%
35%
24% 21% 22%
2% 4% 4% 3%
7% 3%
3% 2% 4% 5% 9% 7%
1% 1% 1% 2% 1% 1%
2010 2011 2012 2013 Mar-13 Mar-14
PRODUCT CONTRIBUTION TO GP Per 31 Mar 2014 (Unaudited)
Herbal Medicine
67%
Energy Drink 22%
Beverage &
Confectioner y 3%
Healthy Drink 7%
Others 1%
Herbal Medicine
46%
Energy Drink 37%
Beverage &
Confectionery 8%
Healthy Drink 8%
Others 1%
(Unaudited) (Unaudited)
PRODUCT CONTRIBUTION
(in Million Rupiah)GROSS PROFIT MIX Sales Mix
(Unaudited) 482,523 586,722 785,253 1,030,507 238,200 241,055 1,201,982 1,339,653
1,266,185
1,013,114 223,090
192,153 139,762 229,729
266,666
159,646
54,672 38,963 30,068 32,282 59,149
148,717 42,857 42,725
12,203 9,887 14,414 20,380 4,823 5,131
2010 2011 2012 2013 Mar-13 Mar-14
319,913 412,108 512,577 662,244 111,252 131,704 321,891 401,669
321,243
243,988
37,926
42,273 17,093 36,857
41,376 33,031
13,122
5,844
17,421 19,116 34,039 53,616
16,285 13,672
9,616 7,939 11,412 17,374 1,687 2,618
2010 2011 2012 2013 Mar-13 Mar-14
(Unaudited)
290,202 1,168,658 2,150,999 2,951,507 1,980,975 2,946,025
346,409 535,344 1,304,651 2,625,456 1,452,671 2,741,366
2010 2011 2012 2013 Mar-13 Mar-14
Asset Equity
(in million Rupiah)
The Company’s Asset & Equity increased in the last four years, with CAGR of assets and equity respectively 117% and 96%.
The Company’s Asset & Equity growth y.o.y Mar 2014 respectively 49% and 89%
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BALANCE SHEET ANALYSIS
(Unaudited)
237,169 339,935 387,538 406,936 78,320 115,910
2010 2011 2012 2013 Mar-13 Mar-14
1,866,538 2,198,273 2,391,667 2,372,364 563,642 520,027
2010 2011 2012 2013 Mar-13 Mar-14
SALES NET PROFIT
(in million Rupiah)
The Company’s sales y.o.y Mar 2014 decline by -8% and net profit growth by 48%.
The increasing of Company’s net profit y.o.y Mar 2014 caused by sales mix and the increase of financial income..
(in million Rupiah)
INCOME STATEMENT ANALYSIS
-8%
(Unaudited) (Unaudited)
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FINANCIAL RATIO ANALYSIS
Description 31 March 2014
(Unaudited) 31 December 2013 31 December 2012 31 December 2011 31 December 2010
Sales Growth, yoy -7.7% -0.8% 8.8% 17.8% n.A
Gross Profit Growth, yoy 8.8% 9.8% 4.9% 28.0% n.A
Operating Profit Growth, yoy 19.0% 2.4% 14.9% 31.0% n.A
Net Profit Growth, yoy 48.0% 5.0% 14.0% 43.3% n.A
Gross Margin 37.7% 42.6% 38.5% 39.9% 36.7%
Operating Margin 23.0% 21.8% 21.1% 20.0% 18.0%
Pre-tax Margin 28.3% 24.6% 21.5% 20.7% 18.2%
Net Profit Margin 22.3% 17.2% 16.2% 15.5% 12.7%
Return On Assets - 13.8% 18.0% 29.0% 26.6%
Return on Equity - 15.5% 29.7% 63.5% 68.4%
Main Office:
Gedung Menara Suara Merdeka Lantai 16 Jl Pandanaran No.30 Semarang 50134, Indonesia Phone: (+6224) 7692-8811 Fax: (+6224) 7692-8815 Website: www.sidomuncul.com
Factory:
Jl Soekarno Hatta km 28
Kecamatan Bergas, Klepu
Semarang 50552, Indonesia
Phone: (+62298) 523-515
Fax: (+62298) 523-509
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BALANCE SHEET
Description 31 March 2014 (Unaudited)
31 December 2013
31 December 2012
31 December 2011
31 December 2010
ASSET
Current Asset 2,201,449 2,366,910 1,584,850 743,798 639,127
Non-Current Asset 744,576 584,597 566,149 424,860 251,075
LIABILITIES
Current Liabilities 205,710 324,747 837,684 360,667 267,357
Non-Current Liabilities -1,051 1,304 8,664 272,647 276,436
EQUITY 2,741,366 2,625,456 1,304,651 535,344 346,409
TOTAL LIABILITIES AND
EQUITY 2,946,025 2,951,507 2,150,999 1,168,658 890,202
(in million Rupiah)
INCOME STATEMENT
(in million Rupiah)
Description 31 March 2014 (Unaudited)
31 December 2013
31 December 2012
31 December 2011
31 December 2010
Sales 520,028 2,372,364 2,391,667 2,198,273 1,866,538
Cost of Goods Sold (323,915) (1,361,583) (1,471,020) (1,320,584) (1,180,604)
Gross Profit 196,113 1,010,781 920,647 877,689 685,934
Selling and Marketing Expenses (53,455) (341,463) (336,690) (337,612) (218,599)
General and Administrative Expenses (23,196) (152,907) (79,604) (101,128) (132,263)
Other Finance Income 28,559 134,601 5,905 11,215 6,653
Other Finance Cost (1,999) (13,256) (708) (606) (3,875)
Other Income 2,196 23,869 6,628 7,754 5,694
Other Expense (1,264) (78,967) (2,557) (2,268) (4,353)
Profit before Income Tax 146,953 582,658 513,621 455,044 339,191
Income Tax Expenses (31,043) (176,715) (126,083) (115,109) (102,022)
Other Comprehensive Income - 993 - - -
Comprehensive Income for the
Year 115,910 406,936 387,538 339,935 237,169
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CASHFLOW STATEMENT
(in million Rupiah)
Description 31 March 2014 (Unaudited)
31 December 2013
31 December 2012
31 December 2011
31 December 2010
Net Cash Provided by
Operating Activities (14,934) (54,114) (16,446) 182,793 299,321
Net Cash Used in
Investing Activities 34,246 (193,475) (179,925) (206,780) (95,542)
Net Cash Used in
Financing Activities - 1,185,813 485,527 (131,755) (55,465)
NET INCREASE IN CASH
AND CASH EQUIVALENTS 19,312 938,224 289,157 (155,742) 148,314
CASH AND CASH EQUIVALENTS
AT BEGINNING OF YEAR
1,348,955 410,731 121,574 277,316 128,767
CASH AND CASH EQUIVALENTS AT END OF YEAR
1,368,267 1,348,955 410,731 121,574 277,316