PTSiwaniMakmurTbk.

(FormerlyPTVanderHorstIndonesiaTbk)

Business

Packaging

CompanyStatus

PMDN

Underwriter

PTDanareksaSekuritas

Shareholder
2000
PTVDHTeguhSakti
PTVDHLimited
Public

2001
31.85% PTVDHTeguhSakti
17.15% L&MGroupInvestmentLimited,Singapore
51.00% Public

2005
PTVDHTeguhSakti
L&MGroupInvestmentLimited,Singapore
PTKapitaSecurindo
PTSuryaRayaGunaPerkasa
PTYulieSekurindoTbk
Public

2002
31.85% PTVDHTeguhSakti
19.83% L&MGroupInvestmentLimited,Singapore
48.32% PTYulieSekurindo
PTSuryaRayaGunaPerkasa
Public

2006
27.54%
11.89%
8.65%
8.42%
8.39%
35.11%

PTVDHTeguhSakti
L&MGroupInvestmentLimited,Singapore
PTKapitaSecurindo
PTSuryaRayaGunaPerkasa
PTYulieSekurindoTbk
Public

2003
27.54%
11.89%
9.83%
8.42%
42.32%

PTVDHTeguhSakti
L&MGroupInvestmentLimited,Singapore
PTYulieSekurindo
PTSuryaRayaGunaPerkasa
Public

27.54%
11.89%
8.65%
8.42%
8.39%
35.11%

PTVDHTeguhSakti
L&MGroupInvestmentLimited,Singapore
PTKapitaSecurindo
PTSuryaRayaGunaPerkasa
PTYulieSekurindoTbk
Public

2007
27.54%
11.89%
8.65%
8.42%
8.39%
35.11%

PTVDHTeguhSakti
L&MGroupInvestmentLimited,Singapore
PTKapitaSecurindo
PTSuryaRayaGunaPerkasa
PTYulieSekurindoTbk
Public

2004
27.54%
11.89%
8.58%
8.42%
43.57%

PTVDHTeguhSakti
L&MGroupInvestmentLimited,Singapore
PTSuryaRayaGunaPerkasa
Public

27.54%
11.89%
8.65%
8.42%
8.39%
35.11%

PTVDHTeguhSakti
L&MGroupInvestmentLimited,Singapore
PTKapitaSecurindo
PTSuryaRayaGunaPerkasa
PTYulieSekurindoTbk
Public

2008

27.54%
11.89%
8.42%
52.15%

2009
27.54%
11.89%
8.65%
8.42%
8.39%
35.11%

Management & Number of Employees

Board of Commissioners

Board of Directors

Number of Employees

2000

President Commissioner
Commissioners

Johnlin Yuwono
Wisnoentoro Martokoesoemo,
Freddie Heng Kim Chuan

President Director
Vice President Director
Directors

Kodyat Samadikun
Chan Huan Hin, Wee Boon Chye
Oktavianus Sinata, Djaka Sadijanta Tjahjakartana

251

2001

President Commissioner
Commissioners

William Soeryadjaya
Marcel Tjia Han Liong, Andi Atmo K., Windarto Welim

President Director
Vice President Director
Directors

Edward Seky Soeryadjaya

Djohan Sutanto
Oktavianus Sinata, Stefanus Ginting, Sandiaga Salahuddin Uno,

237

2002

President Commissioner
Commissioners

William Soeryadjaya
Andi Atmo Kusuma Sastro, Tan Beng Lim

President Director
Vice President Director

Edward Seky Soeryadjaya

Djohan Sutanto

238

2003

President Commissioner
Commissioners

William Soeryadjaya
Andi Atmo Kusuma Sastro, Tan Beng Lim

President Director
Vice President Director

Edward Seky Soeryadjaya

Djohan Sutanto

229

2004

President Commissioner
Commissioners

William Soeryadjaya
Ir. Musthafa Zuhad Mughni
Dave Akbarshah Fikarno Laksono

President Director
Directors

Edward Seky Soeryadjaya

Mario Triyono Mustafa, Stanley Wiranata
Andreas Tjahjadi

217

2005

President Commissioner
Commissioners

Ir. Musthafa Zuhad Mughni

Leo Nababan
Dave Akbarshah Fikarno Laksono

President Director
Directors

Edward Seky Soeryadjaya

Mario Triyono Mustafa, Stanley Wiranata
Effendi Pasaribu, SH

234

2006

President Commissioner
Commissioners

Ir. Musthafa Zuhad Mughni

Leo Nababan
Dave Akbarshah Fikarno Laksono

President Director
Vice President Director
Directors

Edward Seky Soeryadjaya

Mario Triyono
Stanley Wiranata

235

2007

President Commissioner
Commissioners

Ir. Musthafa Zuhad Mughni

Leo Nababan, Dave Akbarshah Fikarno Laksono

President Director
Directors

Edward Seky Soeryadjaya

Mario Triyono, Herman Koswara,

237

2008

President Commissioner
Commissioners

Ir. Musthafa Zuhad Mughni

Leo Nababan, Dave Akbarshah Fikarno Laksono

President Director
Directors

Edward Seky Soeryadjaya

Mario Triyono, Herman Koswara,

262

2009

President Commissioner
Commissioners

Andiatmo Koesoemoastoro
Leo Nababan
Dave Akbarshah Fikarno
Mario Triyono

President Director
Directors

Edward Seky Soeryadjaya

Icas Mathias Gaffar
Aditya Wisnuwardana Seky Soeryadjaya

195

Total Assets
Current Assets
of which
Cash on hand and in banks
Cash and cash equivalents
Time deposits
Trade receivables
Inventories
Receivable from affiliates
Non-current Assets
of which
Fixed Asset Net
Deffered Tax Assets
Investments
Other Assets
Liabilities
Current Liabilities
of which
Bank loans
Short-term debt
Bank borrowings
Trade payables
Taxes payable
Accrued expenses
Deferred income
Current maturities of
long-term debt
Long-term Liabilities
of which
Bank borrowings
Government of Indonesia
Non-Current Liabilities
Minority Interests in Subsidiaries

1998

1999

2000

59,918
44,632

63,275
49,403

80,640
63,896

15,629

33,594

8,271

(million rupiah)
2001

2,002

2,003

2004

2005

79,144
25,465

79,831
27,355

53,343
31,536

56,765
31,340

65,112
42,081

3,695

3,353

3,668

8,501
13,238

2,927
4,996

6,577
7,466

8,404
10,261

10,154
10,580

13,192

11,665

11,410

19,508

2,093

2,207

5,333

34,171

4,938
4,938

4,703
4,703

15,442
14,907

12,705
8,115

480

3,520

4,726

5,416

535

4,590

52,476

21,807

25,424

23,031

18,192

20,412

21,924

19,531

12,790
8,835

15,092
11,260

16,417
12,503

22,560
19,621

6,301
1,036

7,073
1,997

9,200
244

16,682
771,254

1,157

1,731

2,162

1,747

3,955

3,832

3,914

2,939

67,041
46,250

38,251
46,250

40,348
46,250

42,552
46,250

375

375

4,125

4,125

4,125

4,125

4,125

18,197

24,823

16,064

16,666

(12,124)

(10,027)

(7,823)

Net Sales
Cost of Good Sold
Gross Profit
Operating Expenses
Operating Profit
Other Income (Expenses)
Profit (Loss) before Taxes
Profit (Loss) after Taxes

32,224
31,636
588
3,468
(2,880)
14,236
11,355
9,122

37,483
30,150
7,333
4,031
3,301
802
4,104
3,592

67,042
49,627
17,415
6,740
10,675
4,596
15,272
8,626

76,730
57,829
18,901
8,443
10,458
(3,480)
6,978
3,075

69,223
55,463
13,760
7,891
5,869
(2,530)
3,339
1,064

66,890
53,922
12,968
7,117
5,851
(33,432)
(27,580)
(29,295)

76,519
63,301
13,218
8,023
5,195
(1,869)
3,326
2,096

89,371
77,122
12,249
7,451
4,798
(1,271)
3,528
2,204

Per Share Data (Rp)

Earnings (Loss) per Share
Equity per Share
Dividend per Share
Closing Price

114
687
325

45
732
800

108
815
140

33
718
5
245

12
725
n.a
195

(317)
414
n.a
210

23
436
n.a
265

24
460
n.a
165

Financial Ratios
PER (x)
PBV (x)
Dividend Payout (%)
Dividend Yield (%)

2.85
0.47
-

17.82
1.09
-

1.30
0.17
-

7.37
0.34
0.15
0.02

16.95
0.27
n.a
n.a

(0.66)
0.51
n.a
n.a

11.69
0.61
n.a
n.a

6.92
0.36
n.a
n.a

9.04
0.09
0.08
0.02
n.a.
0.28
6.33
0.54
15.22
16.59

10.50
0.08
0.07
0.20
0.09
0.10
4.04
0.59
5.68
6.13

4.29
0.24
0.19
0.26
0.16
0.13
4.84
0.83
10.70
13.23

3.14
0.19
0.16
0.25
0.14
0.04
5.47
0.97
3.89
4.63

3.10
0.19
0.16
0.20
0.08
0.02
6.63
0.87
1.33
1.59

2.80
0.39
0.28
0.19
0.09
n.a
5.65
1.25
(54.92)
(76.59)

2.51
0.41
0.29
0.17
0.07
0.03
5.70
1.35
3.69
5.20

2.14
0.53
0.35
0.14
0.05
0.02
6.97
1.37
3.39
5.18

1999
5.60
6.53
16.32
(61)

2000
27.44
11.31
78.86
140

2001
(1.86)
1.90
14.45
(64)

2,002
0.87
0.91
(9.78)
(65)

2,003
(33.18)
(42.94)
(3.37)
(2,853)

2004
6.42
5.48
14.40
(107)

2005
14.70
5.46
16.80
5

1998

66,439
46,250

16,298
11,058

375

Growth (%)
Indicators
Total Asset
Share Holder's Equity
Net Sales/Revenue
Net Provit

65,198
40,000

11,389
11,109

14,605

1
2
3
4

58,572
40,000

8,682
9,549

Shareholders' Equity
Paid-up capital
Paid-up capital
in excess of par value
Revaluation of fixed assets
Retained earnings

Current Ratio (x)

Debt to Equity (x)
Leverage Ratio (x)
Gross Profit Margin (x)
Operating Profit Margin (x)
Net Profit Margin (x)
Inventory Turnover (x)
Total Assets Turnover (x)
ROI (%)
ROE (%)

54,980
40,000

13,466
8,370

SUMMARY OF FINANCIAL STATEMENT

PT Siwani Makmur (SIMA)

2006

(millionrupiah)
2007

2008

TotalAssets
CurrentAssets
ofwhich
Cashandcashequivalents
Tradereceivables
Inventories
NonCurrentAssets
ofwhich
FixedAssetsNet
DefferedtaxAssets
Investments

68,544
45,178

75,453
24,453

66,266
17,191

8,145
12,256
13,146
23,366

5,205
10,601
6,882
51,000

1,117
563
11,589
49,075

19,866
n.a
n.a

46,525
105
35,000

41,895
2,638
3,500

Liabilities
CurrentLiabilities
ofwhich
Tradepayables
Taxespayable
Currentmaturities
oflongtermdebt
NonCurrentLiabilities

24,902
16,898

36,247
31,618

36,033
34,989

11,521
291

12,061
192

6,593
48

4,737
8,004

18,759
4,629

25,330
1,044

Shareholders'Equity
Paidupcapital
Paidupcapital
inexcessofparvalue
Retainedearnings

43,642
46,250

39,206
46,250

30,233
46,250

4,125
(6,733)

4,125
(11,169)

4,125
(20,142)

NetSales
CostofGoodsSold
GrossProfit
OperatingExpenses
OperatingProfit(Loss)
OtherIncome(Expenses)
ProfitbeforeTaxes
ProfitafterTaxes

91,097
80,538
10,559
8,318
2,242
(220)
2,022
1,090

80,823
77,766
3,056
7,732
(4,675)
(1,098)
(5,773)
(4,436)

20,152
24,353
(4,201)
5,671
(9,872)
(1,634)
(11,506)
(8,973)

PerShareData(Rp)
EarningsperShare
EquityperShare
DividendperShare
ClosingPrice

12
472
n.a
175

(48)
424
n.a
220

(97)
327
n.a
100

FinancialRatios
PER(x)
PBV(x)
DividendPayout(%)
DividendYield(%)

14.84
0.37
n.a
n.a

(4.59)
0.52
n.a
n.a

(1.03)
0.31
n.a
n.a

2.67
0.57
0.36
0.12
0.02
0.01
6.13
1.33
1.59
2.50

0.77
0.92
0.48
0.04
n.a
n.a
11.30
1.07
(5.88)
(11.31)

0.49
1.19
0.54
n.a
n.a
n.a
2.10
0.30
(13.54)
(29.68)

CurrentRatio(x)
DebttoEquity(x)
LeverageRatio(x)
GrossProfitMargin(x)
OperatingProfitMargin(x)
NetProfitMargin(x)
InventoryTurnover(x)
TotalAssetsTurnover(x)
ROI(%)
ROE(%)
PER=0.98x;PBV=0.38x(June2009)
FinancialYear:December31
PublicAccountant:YansenPasaribu