PT BAKRIE SUMATERA PLANTATIONS Tbk. Public Expose

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PT BAKRIE SUMATERA PLANTATIONS Tbk.

Public Expose

Jakarta, 13 Oktober 2008

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This presentation contains forward looking statements Such statements are made based upon our current

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This presentation contains forward looking statements. Such statements are made based upon our current

plans, expectations, estimates, assumptions and beliefs concerning future events impacting us and, therefore, involve a number of risks and uncertainties. In light of these risks, uncertainties and assumptions, the forward-looking events or circumstances discussed in this

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Ringkasan

Pertumbuhan volume produksi mendukung kondisi operasional perusahaan

Kinerja keuangan perusahaan pada kwartal 4 2008 berpotensi melemah akibat dari penurunan tajam harga CPOKinerja keuangan perusahaan pada kwartal 4 2008 berpotensi melemah akibat dari penurunan tajam harga CPO dan pelemahan harga karet ¾ Namun, peningkatan volume produksi dan penguatan nilai tukar USD diharapkan akan mampu memitigasi dampak penurunan harga jual komoditas tersebut Laba bersih semester I 2008 perusahaan sudah melampaui angka laba bersih satu tahun penuh 2007 Tidak ada hutang yg jatuh tempo dalam jangka pendek ‐komponen terbesar hutang perusahaan adalah obligasi jangka panjang US$160m (jatuh tempo pada 2011)

Tingkat bunga hutang juga adalah ‘fixed’ sebesar 10 75% (bunga yang sangat atraktif pada saat ini) Tingkat bunga hutang juga adalah fixed sebesar 10.75% (bunga yang sangat atraktif pada saat ini)

Dampak dari penurunan harga komoditas menimbulkan sentimen yang negatif terhadap sektor perkebunan ¾ Seluruh saham sektor perkebunan mengalami penurunan yang signifikan, bukan hanya BSP

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Tinjauan Keuangan 1H08

(IDR mn) new

1Q08

2Q08

1H07

1H08

QoQ∆

YoY∆

Revenue 677,815 902,586 638,029 1,580,401 33.2% 147.7% COGS 401,702 612,916 405,150 1,014,618 52.6% 150.4% Gross Profit 276,113 289,670 232,878 565,783 4.9% 143.0% gross profit margin 40.7% 32.1% 36.5% 35.8% ‐8.6% ‐0.7% EBITDA 246,768 237,733 196,321 484,501 ‐3.7% 146.8% EBITDA margin 36.4% 26.3% 30.8% 30.7% ‐10.1% ‐0.1% fi % % Net Profit 165,044 161,403 75,024 326,447 ‐2.2% 335.1% net profit margin 24.3% 17.9% 11.8% 20.7% ‐6.5% 8.9%

Revenues (IDR bn) EBITDA (IDR bn)

1,949 1 580 2,000 2,500 345 3 584.3 484.5 400 500 600 414 434 637 1,424 1,206 283 449 543 525 375 696 883 1,181 1,580 500 1,000 1,500 2,000 259.8 279.2 345.3 100 200 300 3 414 434 637 -2004 2005 2006 2007 1H08

Rubber Palm oil

0

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Rasio Keuangan Perusahaan

g

(IDR mn)

1Q08

2Q08

1H07

1H08

QoQ∆

YoY∆

Total Assets 4,417,207 4,670,552 2,324,282 4,670,552 5.7% 100.9% Cash&ST Investments 769,726 745,952 184,700 745,952 ‐3.1% 303.9% Total Liabilities 1,865,840 2,044,475 1,641,540 2,044,475 9.6% 24.5% Interest bearing debts 1,532,788 1,536,402 1,348,960 1,536,402 0.2% 13.9% Total Equity 2,551,024 2,625,054 682,514 2,625,054 2.9% 284.6%

Key Financial Ratios

1Q08

2Q08

1H07

1H08 QoQ∆ YoY∆

Net Debt/Equity Ratio (X) 0.3 0.3 1.7 0.30 0.7% ‐82.3% Net Debt/Total Assets (X) 0.2 0.2 0.5 0.17 ‐2.0% ‐66.2%

EPS (IDR) 43.6 42.6 32.2 86.18 ‐2.2% 167.8%

Net gearing ratio (x)

5.27 5.0 6.0 0.26 0.88 1.06 1.31 1.0 2.0 3.0 4.0 5.0 -2003 2004 2005 2006 2007

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Profil Hutang

g

Outstanding Debt

IDR USD Outstanding Balance Aug 2008 Creditor Principal Interest Maturity

BSP Bond USD 160 mn 10.75% 2011 160,000,000 RZB USD 15 mn Libor + 2.75% 2009 15,000,000 Bank Niaga IDR 6 bn 15.00% & 14.50% 2010 3,438,745,270 ‐ Total BSP 3,438,745,270 175,000,000 ARBV ‐ unconsolidated ARBV unconsolidated ARBV Bond USD 150 mn 10.875% 2012 150,000,000 Spinnaker USD 12 mn 10.800% 2012 10,900,000 Total ARBV 160,900,000

Interest Expenses

1H08 (actual)

92,220

EBITDA

1H08 (actual)

484,501

S l

i 1 08

Bond Covenant

Solvency Ratio‐ 1H08

EBITDA over Interest Ratio

5.25

Bond Covenant EBITDA over Interest ratio > 2 Consolidated debt over EBITDA ratio < 3.5 5

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Pergerakan Harga Komoditas

1,400

(USD/tonne)

International CPO Price

(USD/tonne)

International RSS Price

400 600 800 1,000 1,200 150 200 250 300 350 -200 400 -50 100

ASP (IDR mn/tonne)

1Q08

2Q08

1H07

1H08

QoQ∆

YoY∆

CPO

8 28

8 76

5 21

8 56

5 8%

64 4%

CPO

8.28

8.76

5.21

8.56 5.8%

64.4%

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Produksi TBS

1Q08 2Q08 1H07 1H08 YoY∆ YTD Aug 07 YTD Aug 08 YoY∆

Production Volume (tonnes) Existing Business Units 88,956 101,129 187,400 190,085 1.4% 277,201 277,855 0.2% New Business Units 15,890 20,314 19,313 36,204 87.5% 38,332 55,715 45.3% Total FFB Home Grown 104,846 121,443 206,713 226,289 9.5% 315,533 333,570 5.7% FFB ‐ ARBV 86,574 65,121 119,452 151,695 27.0% 164,502 200,860 22.1% FFB ‐ Plasma 51,955 47,637 76,043 99,593 31.0% 107,791 132,312 22.7% Total 243,375, 234,201, 402,208, 477,577, 18.7% 587,826, 666,742, 13.4%

1Q08 2Q08 1H07 1H08 YoY∆ YTD Aug 07 YTD Aug 08 YoY∆

Yield (tonnes/ha)

FFB ‐ Nucleus 14.59 15.70 19.60 15.70 ‐19.9% 22.27 16.32 ‐26.7% FFB ‐ Plasma 17.45 16.16 12.71 16.16 27.1% 13.41 16.10 20.0% Rubber 1.45 1.41 1.26 1.41 12.0% 1.18 1.38 16.8%

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Pergerakan Harga Saham Sektor Perkebunan

g

Last Price Date CPO JAKAGRI AALI IJ UNSP IJ LSIP IJ SGRO IJ IOI MK SIME MK KLK MK KUL MK WIL SP IFAR SP GGR SP

995.0 28,0002,754.76 2,275 3,45010,650 7.75 11.90 17.40 7.95 5.39 2.42 1.06 730.00 1,466.73 13,250 730 3,550 1,750 4.42 6.60 9.75 5.75 2.73 0.82 0.37 667.50 1,489.57 12,950 710 3,550 1,690 4.20 6.60 9.60 5.50 2.53 0.77 0.33 657.50 1,489.57 12,950 710 3,550 4.101,690 6.60 9.05 5.60 2.40 0.72 0.31 1/1/2008 9/26/2008 10/2/2008 10/3/2008 , , , , 610.00 1,200.30 10,000 460 2,675 1,420 3.94 6.65 8.35 5.50 2.09 0.66 0.28 % Changing Date YTD -38.69% -56.43% -64.29% -79.78% -74.88% -58.84% -49.16% -44.12% -52.01% -30.82% -61.22% -72.73% -73.58% Day to Day -16.44% -18.17% -24.53% -36.99% -24.65% -18.86% -10.86% 0.76% -14.36% -4.35% -23.44% -19.02% -23.29% -7.22% -19.42% -22.78% -35.21% -24.65% -15.98% -3.90% 0.76% -7.73% -1.79% -12.92% -8.33% -8.20% 1/1/2008 - 10/6/2008 9/26/2008-10/6/2008 10/3/2008-10/6/2008 10/6/2008 3,000 1,400 (IDR) (USD/tonne) CPO Price – BSP Share Price

422 511 704 873 1 121 1 000 1,500 2,000 2,500 600 800 1,000 1,200 360 887 1,297 1,121 ‐ 500 1,000 ‐ 200 400 CPO Price (LHS) Share Price (RHS)

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Tinjauan Industri

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Prospek Harga CPO

p

g

Comparison of Edible Oils

Palm Oil

1,800

(USD/tonne)

Edible Oils Price Chart 5 6 nes) 600 800 1,000 1,200 1,400 1,600 2 3 4 du ct ion pe r H a ( ton Rapeseed Oil Soybean Oil -200 400 0 1 200 250 300 350 400 450 500

Production Cost (US$/tonnes)

Pr

od

Source: Oil WOrld

– CPO merupakan minyak nabati yang paling mampu memenuhi permintaan kebutuhan minyak nabati di masa depan

CPO Price Rapeseed Price Soybean Price

Source: Internal Estimation

masa depan

• Produktivitas tertinggi namun biaya produksi terendah dibanding jenis minyak nabati lainnya – Diskon atas harga CPO dibanding harga minyak nabati lainnya tidak dapat dijustifikasi

• Anggapan bahwa konsumsi CPO tidak baik bagi kesehatan sudah berkurang • Perbedaan tarif impor antara CPO dan minyak kedelai semakin kecilPerbedaan tarif impor antara CPO dan minyak kedelai semakin kecil

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Driver

Permintaan CPO

EU

Global Edible Oil Consumers 2007

70 (Kg/capita)

Per Capita Edible Oil Consumption 2007

EU 18.30% Other 39.50% 57.4 54.1 23.2 _22.0 _{20 8} 30 40 50 60 70 China 18.60% USA, 10.70% India 9.30% Brazil 3.60% 20.8 12.3 0 10 20

EU-27 USA World China Indonesia India

Source: Oil World. Source: Oil World.

Level of Inventory of Edible Oils

11

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Prospek Harga Karet

Produksi karet alam hanya tumbuh 2% pada 2007 sedangkan permintaan meningkat 6% Tingkat penetrasi kendaraan bermotor di China dan India masih sangat rendah

Natural Rubber Supply & Demand Natural vs Synthetic Rubber Prices

(US$/tonne) ('000 t ) 2529 2235 2314 2250 2113 1948 2256 1969 2,000 3,000 (US$/tonne) 9,500 10,000 ('000 tonnes) 1948 1873 1969 1710 0 1,000 4Q06 1Q07 2Q07 3Q07 4Q07 NR prices-NY TSR20 SR prices-USA SBR 8,000 8,500 9,000

FY05 FY06 FY07 4Q06 1Q07 2Q07 3Q07 4Q07

FY05 FY06 FY07

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