Management Presentation PT Sumber Alfaria Trijaya Tbk As of March 31, 2015
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Management Presentation PT Sumber Alfaria Trijaya Tbk As of March 31, 2015 Confidential - Do not duplicate or distribute without written permission from the Company • Overview 1Q 2015 • Retail Industry Overview • Operation Performance • Financial Highlights Overview 1Q 2015 1. Overall sales were below expectation, mainly driven by weak purchasing power. 2. Total Indonesian grocery sales growth in 1Q ’15 was 10,7% YoY, with Modern Trade Channel sales growth of 10.8 % ( down from 16.5 % YoY ). 3. Mini Market Trade Channel sales growth was 11 % ( down from 20.6 % YoY ) but the Mini Market Trade Channel share to Indonesian Modern Trade increased from 18. 9 % to 19.4 &% YoY. 4. At the same time, Alfamart market share increased slightly from 29.6 % to 30.2 % in Indonesian Mini Market Modern Trade. 5. On going improvement in inventory management resulted in a slight reduction of inventory days. 6. Introduced new company logo accompanied by minor store re layout. 7. Setting up more solid foundation for online business. 8. Added 1 Alfamart new DC in Batam in February 2015. 9. YTD March 2015 total no of stores of Alfamart : 10,086, Alfamidi 809, Lawson 48, Dan Dan 58. Total net addition of 277 new stores ( 225 Alfamart, 48 Alfamidi, 4 Dan Dan ). Retail Industry Overview INDONESIA GROWTH Indonesia | FMCG Categories | Value | Q1 2015 vs 2014 Source: Nielsen Retail Audit MODERN TRADE CHANNEL GROWTH Minimarket continued to grow by 11.0% up to March 2015 Indonesia Modern Trade* | Nielsen FMCG Categories| Value % Growth by Channel 16.5 Indonesia Modern Trade 10.8 9.8 Indonesia Super/Hyper 10.6 20.6 Indonesia Minimarket 11.0 YTD Mar 14 YTD Mar 15 Source: Nielsen Retail Audit GROWTH BY DEPARTMENT Non food category grew higher than food, with personal care recorded growth of 12,7%. Indonesia Modern Trade| YTD Mar 2015 vs YTD Mar 2014 59 Category 10.8 Personal Care 12.7 Home Care 11.9 Food 10.1 Pharmaceutical 1.8 Non Food 12.1 Source: Nielsen Retail Audit TRADE CHANNEL CONTRIBUTION Excluding cigarette, trade channel contribution in terms of share among all channel remained stable,. However, there was a slight increase of market share of minimarket modern trade (including cigarette). Indonesia Total Grocery | Total 59 FMCG Indonesia Total Grocery | Total 59 FMCG Categories | YTD Mar 2015 Categories + Cigarette | YTD Mar 2015 59.5 57.9 56.3 57.7 57.7 75.3 73.6 72.5 73.8 73.5 15.9 15.6 15.5 15.2 15.2 9.0 9.0 8.9 8.6 8.7 24.6 26.5 28.2 27.1 27.1 15.7 17.4 18.6 17.6 17.9 2012 2013 2014 YTD Mar YTD Mar 2012 2013 2014 YTD Mar YTD Mar 2014 2015 2014 2015 Minimarket Super Hyper Traditional Stores Minimarket Super Hyper Traditional Stores Source: Nielsen Retail Audit ALFAMART MARKET SHARE YTD 2015 Alfamart had 30.2% market share to Indonesia MT Minimarket, 0.6% increase over last year Alfamart vs MT vs MT MM | Nielsen FMCG Categories Share to Indonesia MT Share to Indonesia MT MM 29.6 30.2 18.9 19.4 YTD Mar 14 YTD Mar 15 YTD Mar 14 YTD Mar 15 Source: Nielsen Retail Audit COMPETITION LANDSCAPE AS OF MARCH 2015 Store Number Jan 15 Mar 15 Alfamart 9.935 10.086 Alfa Midi 753 809 Alfa Express 33 - Lawson 49 48 Indomaret 10.510 10621 Starmart 134 107 Foodmart 55 68 Ramayana 104 103 Ranch Market 12 14 Farmers Market 14 14 Super Indo 124 123 Giant Ekspres 129 127 Hero 36 35 Hypermart 106 105 Lottemart Hypermarket 13 13 Giant Ekstra 55 53 Guardian 349 340 Boston 102 101 Watsons 44 45 Source: Nielsen Retail Audit Operation Performance ALFAMART GROUP AT A GLANCE We are one of the leading minimarket chain operators in Indonesia 11,000 + stores scattered in Indonesia 112,000+ employees 38 warehouses 500+ active Supplier 5.5 million + members No .of Store Description Concept Stores Selling space 90-100 m2 Small format with 4,000 SKUs 10,086 70% owned stores, 30% franchised Mostly located in residential area Selling space 250–300 m2 Larger format with >7,000 SKUs 809 Selling fresh products in addition to groceries Mostly located in residential area Selling space 44 – 184 m2 2,500 SKUs 48 Conceptually similar to 7/11 stores Mostly located in commercial area Selling space 100 m2 5,000 SKUs 58 Targeting middle and middle lower consumers for health and beauty related products Mostly located in residential / commercial area STORES GROWTH Geographic Breakdown Company Owned & Franchise Stores 10.758 11.001 7.9% 11.2% 14.1% 9.302 17.9% 18.3% 21.8% 2.941 2.973 7.715 38.2% 2.523 42.8% 42.3% 6.306 41.0% 2.065 41.2% 39.1% 5.221 1.687 1.282 7.817 8.028 6.779 53.9% 5.650 46.0% 43.6% 4.619 41.1% 40.5% 39.1% 3.939 2010 2011 2012 2013 2014 Q1 2015 2010 2011 2012 2013 2014 Q1 2015 Greater Jakarta Company Owned Franchise Java(Outside Greater Jakarta) Ouside Java Above are consolidated total number of Alfamart, Alfamidi, Lawson and Dan Dan stores Warehouse Java (22 warehouses) Outside Java (16 warehouses) Cileungsi 1 & 2 Semarang Medan 1 & 2a) Makassar 1 & 2a) Pekan Baru Jambi Jababeka 1 & 2a) Klaten Palembang Pontianak Cikokol Malang Lampung Banjarmasin Balaraja Sidoarjo Denpasar Lombok Bogor Jember Kotabumi Batam Bandung 1 & 2 Karawang Samarinda a) Manado Plumbon Rembang Cilacap Parung Surabaya – Rungkut a) Bitung 1 a) & 2 b) a) Alfamidi b) Dan Dan We have 38 warehouses scattered throughout Indonesia, as of 31 March 2014. 31 warehouses for Alfamart, 6 for Alfamidi and 1 for Dan Dan. Financial Highlights Income Statement Summary-Consolidated(Rp Billion) As of 31 March 2014 Revenue Gross Profit Audited Unaudited Audited Unaudited 41,773 7,672 12.6% 34,897 6,319 27,177 4,388 20,735 3,341 15,569 2,457 9,144 10,299 1,650 1,979 2010 2011 2012 2013 2014 Q1 Q1 2010 2011 2012 2013 2014 Q1 Q1 2014 2015 2014 2015 Net Profit EBITDA Audited Unaudited Audited Unaudited 2,520 569 572 2,030 18.15% 481 1,496 361 1,160 256 807 409 484 11 -39 2010 2011 2012 2013 2014 Q1 Q1 2010 2011 2012 2013 2014 Q1 Q1 2014 2015 2014 2015 Subsidiaries Include: PT Midi Utama Indonesia Tbk. , PT Sumber Indah Lestari, Alfamart Retail Asia Pte.Ltd (ARA) *) Total Comprehensive Income Attributable to Owners of The Parent Company in 2014 was Rp 534 billion; Q1 2015 Rp -39 billion Financial (Return & Leverage) ROAA (%) ROAE (%) Audited Unaudited Audited Unaudited 6.00 6.35 6.38 23,79 5.72 21,12 20,40 4.59 19,38 19,43 0.1 -0.28 0,43 -1.3 2010 2011 2012 2013 2013 Q1 Q1 2010 2011 2012 2013 2014 Q1 Q1 2014 2015 2014 2015 DER ( X ) Audited Unaudited 1,83 1,63 1,57 1,36 0,99 0,86 0,53 2010 2011 2012 2013 2014 31 Mar 31 Mar 2014 2015.