Annual Report 2015 INDOFOOD

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LAPORAN TAHUNAN 2015 i

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To continuously improve our people, processes and technologies

To contribute to the welfare of the society and environment in a sustainable manner

To continuously improve stakeholders’ values

Memberikan solusi atas kebutuhan pangan secara berkelanjutan

Senantiasa meningkatkan kompetensi karyawan, proses produksi dan teknologi kami Memberikan kontribusi bagi kesejahteraan masyarakat dan lingkungan secara berkelanjutan Meningkatkan stakeholders’ values secara berkesinambungan

MISSION

Misi

VALUES

Nilai-Nilai

With as the basis of our way of life;

We treat our stakeholders with and We conduct our business with

together we to strive for and continuous

integrity ; discipline

“

”

respect ; innovation

excellence unite

Dengan sebagai falsafah hidup;

seluruh pemangku kepentingan dan secara bersama-sama membangun

yang berkelanjutan

untuk mencapai dan

Kami menjalankan usaha kami dengan menjunjung tinggi

integritas ; Kami menghargai disiplin

kesatuan

keunggulan inovasi

LAPORAN TAHUNAN 2015 ANNUAL REPORT 2015

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FINANCIAL HIGHLIGHTS

Ikhtisar Keuangan

In billion of Rupiah

unless otherwise stated 2015 2014 ⁵ 2013 2012 2011 Dalam miliar Rupiah

kecuali dinyatakan lain

Net Sales 64.061,9 63.594,5 55.623,7 50.201,5 45.768,1 Penjualan Neto

Gross Profit 17.258,1 17.128,8 13.606,1 13.591,3 12.664,1 Laba Bruto

Income from Operations (EBIT) 7.362,9 7.319,6 6.111,9 6.877,8 6.847,4 Laba Usaha (EBIT)

EBITDA ^9.810,6 ^9.440,5 ^8.069,1 ^8.567,8 ^8.360,0 EBITDA

Income for the Year ^3.709,5 ^5.229,5 ^3.416,6 ^4.779,4 ^4.891,7 Laba Tahun Berjalan

Attributable to:

- Equity Holders of the Parent Entity - Non-Controlling Interests

2.968,0 741,5

3.941,8 1.287,7

2.503,8 912,8

3.261,2 1.518,3

3.077,2 1.814,5

Yang Dapat Diatribusikan Kepada:

- Pemilik Entitas Induk - Kepentingan Nonpengendali Comprehensive Income for the Year 4.867,3 4.866,1 4.896,8 4.871,7 5.017,4 Laba Komprehensif Tahun Berjalan Attributable to:

- Equity Holders of the Parent Entity - Non-Controlling Interests

4.066,3 801,0

3.569,6 1.296,5

3.792,0 1.104,7

3.346,6 1.525,1

3.203,9 1.813,5

Yang Dapat Diatribusikan Kepada:

- Pemilik Entitas Induk - Kepentingan Nonpengendali Shares Outstanding (million) 8.780,4 8.780,4 8.780,4 8.780,4 8.780,4 Jumlah Saham yang Ditempatkan dan Disetor Penuh (juta) Basic Earnings Per Share Attributable

to Equity Holders of the Parent Entity (Rp) ¹

338 449 285 371 350 Laba Per Saham Dasar yang Dapat

Diatribusikan Kepada Pemilik Entitas Induk (Rp)¹

Current Assets 42.816,7 41.014,1 32.772,1 26.236,0 24.608,6 Aset Lancar

Current Liabilities 25.107,5 22.658,8 19.471,3 12.805,2 12.670,2 Liabilitas Jangka Pendek

Net Working Capital 17.709,2 18.355,3 13.300,8 13.430,8 11.938,4 Modal Kerja Bersih

Total Assets ^91.831,5 ^86.077,2 ^77.777,9 ^59.389,4 ^53.716,0 Total Aset

Capital Expenditures ² ^4.618,9 ^5.634,6 ^6.598,3 ^4.961,7 ^2.953,8 Pengeluaran Barang Modal ²

Total Equity³ ^43.121,6 ^40.274,2 ^36.884,1 ^34.140,2 ^31.601,2 Total Ekuitas ³

Non-controlling Interests ^15.852,2 ^15.169,8 ^14.092,1 ^12.934,0 ^12.213,4 Kepentingan Nonpengendali

Total Liabilities ^48.709,9 ^45.803,0 ^40.893,8 ^25.249,2 ^22.114,7 Total Liabilitas

Funded Debt ^27.605,8 ^26.933,6 ^27.356,1 ^15.323,6 ^13.686,2 Pinjaman yang Dikenakan Bunga

Gross Profit Margin 26,9% 26,9% 24,5% 27,1% 27,7% Marjin Laba Bruto

EBIT Margin 11,5% 11,5% 11,0% 13,7% 15,0% Marjin Laba Usaha (EBIT)

EBITDA Margin 15,3% 14,8% 14,5% 17,1% 18,3% Marjin EBITDA

Net Income Margin Attributable to Equity Holders of the Parent Entity

4,6% 6,2% 4,5% 6,5% 6,7% Marjin Laba Neto yang Dapat Diatribusikan Kepada Pemilik Entitas Induk Return on Assets (%) - Net Income ⁴ 4,2 6,4 5,0 8,5 9,7 Imbal Hasil atas Aset (%) - Laba Neto ⁴ Return on Assets (%) - EBIT ⁴ 8,3 8,9 8,9 12,2 13,5 Imbal Hasil atas Aset (%) - Laba Usaha ⁴

Return on Equity (%) ⁴ 8,9 13,6 9,6 14,5 17,3 Imbal Hasil atas Ekuitas (%) ⁴

Current Ratio (x) 1,71 1,81 1,68 2,05 1,94 Rasio Lancar (x]

Liabilities to Assets Ratio (x) 0,53 0,53 0,53 0,43 0,41 Rasio Liabilitas Terhadap Aset (x)

Liabilities to Equity Ratio (x) ³ 1,13 1,14 1,11 0,74 0,70 Rasio Liabilitas Terhadap Ekuitas (x) ³

Gearing Ratio - Gross (x) ³ 0,64 0,67 0,74 0,45 0,43 Gearing Ratio - Gross (x) ³

Gearing Ratio - Net (x) ³ 0,34 0,32 0,28 0,06 0,02 Gearing Ratio - Net (x) ³

1. Calculated based on weighted average number of shares 2. Including advance for purchases of assets

3. Taking into account Non-Controlling Interests 4. Return represents total return including Non-Controlling Interests

5. Restated

The figures are stated in Indonesian Language

1. Dihitung berdasarkan jumlah rata-rata tertimbang saham 2. Termasuk uang muka untuk pembelian aset

3. Dengan memperhitungkan Kepentingan Nonpengendali 4. Imbal hasil menampilkan total imbal hasil termasuk Kepentingan Nonpengendali

5. Disajikan kembali

Angka disajikan dalam Bahasa Indonesia

Date

Tanggal Corporate Action

Aksi Korporasi

Number of Shares Issued and Fully Paid

Jumlah Saham Ditempatkan dan Disetor Penuh

Par Value per Share (Rp)

Nilai Nominal per Saham (Rp)

17 May 1994 17 Mei 1994

Initial Public Offering (“IPO”) of 21,000,000 shares

Penawaran umum perdana (“IPO”) sebesar 21.000.000 saham

763.000.000 1.000

25 June 1996 25 Juni 1996

Par value split of the Company’s shares from Rp1,000 per share to Rp500 per share (stock split 1:2)

Pemecahan nilai nominal saham dari Rp1.000 per saham menjadi Rp500 per saham (pemecahan saham 1:2)

1.526.000.000 500

6 June 1997 6 Juni 1997

Right Issue I totaling 305,200,000 new shares

Penawaran umum terbatas I sejumlah 305.200.000 saham

1.831.200.000 500

20 July 2000 20 Juli 2000

Par value split of the Company’s shares from Rp500 per share to Rp100 per share (stock split 1:5)

Pemecahan nilai nominal saham dari Rp500 per saham menjadi Rp100 per saham (pemecahan saham 1:5)

9.156.000.000 100

During 2001 Sepanjang 2001

Purchase of treasury stock totaling 125,368,500 shares Pembelian kembali treasury stock sejumlah 125.368.500 saham

9.156.000.000 100

During 2002 Sepanjang 2002

Issuance of 228,900,000 new shares for Employee Stock Ownership Program (“ESOP”) I

Penerbitan 228.900.000 saham baru sehubungan dengan program pemilikan saham karyawan perusahaan (“ESOP”) I

Purchase of treasury stock totaling 790,231,500 shares Pembelian kembali treasury stock sejumlah 790.231.500 saham

9.384.900.000

100

2003 2003

Issuance of 58,369,500 new shares for ESOP II

Penerbitan 58.369.500 saham baru sehubungan dengan ESOP II

9.443.269.500 100

2004 2004

Issuance of 919,500 new shares for ESOP III

Penerbitan 919.500 saham baru sehubungan dengan ESOP III

9.444.189.000 100

27 June 2008 27 Juni 2008

Redemption of 663,762,500 shares of treasury stock and sale of remaining 251,837,500 shares

Penarikan kembali atas 663.762.500 saham treasury stock dan penjualan kembali 251.837.500 saham

8.780.426.500 100

CHRONOLOGICAL SHARES LISTING AT IDX

Kronologis Pencatatan Saham di BEI

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CHRONOLOGICAL BOND ISSUANCE

Kronologis Penerbitan Obligasi

Description

Keterangan

Issuance Date

Tanggal Emisi

Due Date

Tanggal Jatuh Tempo

Tenor

(year) Jangka waktu

(tahun)

Amount

(in trillion Rupiah) Jumlah (dalam triliun Rupiah)

Coupon rate

Tingkat Bunga

Rating ^*

Peringkat ^*

Indofood Sukses Makmur Bond I

12 July 2000 12 July 2005 5 1,00 16,00% idAA+

Indofood Sukses Makmur Bond II

10 June 2003 10 June 2008 5 1,50 13,50% idAA

Indofood Sukses Makmur Bond III

13 July 2004 13 July 2009 5 1,00 12,50% idAA

Indofood Sukses Makmur Bond IV

15 May 2007 15 May 2012 5 2,00 10,0125% idAA+

Indofood Sukses Makmur Bond V

18 June 2009 18 June 2014 5 1,61 13,00% idAA

Indofood Sukses Makmur Bond VI

31 May 2012 31 May 2017 5 2,00 7,25% idAA+

Indofood Sukses Makmur Bond VII

13 June 2014 13 June 2019 5 2,00 10,125% idAA+

Rating Agency: Pefindo; rating issuance date; Pefindo gave the Company rating of idAA+ for PT Indofood Sukses Makmur Tbk Bond VI and VII for the year 2016 with fixed rate interest, covering the period from 7 April 2015 to 6 April 2016. Pefindo has affirmed its idAA+ rating PT Indofood Sukses Makmur Tbk Bond VI and VII for rating period from 8 April 2016 to 1 April 2017.

Perusahaan Pemeringkat: Pefindo; peringkat pada tanggal emisi/

penerbitan obligasi; Pefindo memberikan peringkat idAA+ atas obligasi PT Indofood Sukses Makmur Tbk VI dan VII tahun 2016 dengan tingkat bunga tetap untuk periode 7 April 2015 sampai dengan 6 April 2016. Pefindo telah memberikan peringkat idAA+

untuk obligasi PT Indofood Sukses Makmur Tbk VI dan VII untuk periode 8 April 2016 sampai dengan 1 April 2017.

*

As of 31 December 2015, PT Indofood Sukses Makmur Tbk (“Indofood” or the “Company”) 8,780,426,500 shares with a par value of Rp100 per share, were listed on the Indonesia Stock Exchange (“IDX”), with total registered shareholders exceeding 12,300. Share volume traded on the regular market during 2015 totaled 2,339,963,100 shares at prices ranging from Rp4,560 per share to Rp7,725 per share and closing at Rp5,175 per share.

Per 31 Desember 2015, sejumlah 8.780.426.500 saham PT Indofood Sukses Makmur Tbk (“Indofood” atau

“Perseroan”) dengan nilai nominal Rp100 per saham, tercatat pada Bursa Efek Indonesia (“BEI”), dengan jumlah pemegang saham melebihi 12.300. Volume saham yang diperdagangkan di pasar reguler selama tahun 2015 berjumlah 2.339.963.100 dengan harga berkisar antara Rp4.560 per saham hingga Rp7.725 per saham dan ditutup pada harga Rp5.175 per saham.

SHARE PRICE INFORMATION

Informasi Harga Saham

2015

Outstanding Share

(in Million) Saham beredar

(Dalam Juta)

Market Capitalization

(Rp Million) Kapitalisasi Pasar

(Dalam Juta)

Highest

Tertinggi

Lowest

Terendah

Closing

Penutupan

Trading Volume

Volume Perdagangan

I 8.780 65.414.177 7.725 6.850 7.450 763.603.800

II 8.780 57.731.304 7.500 6.425 6.575 593.013.900

III 8.780 48.292.346 6.750 4.560 5.500 513.077.800

IV 8.780 45.438.707 6.425 4.840 5.175 470.267.600

During the Year Selama Tahun

Laporan 8.780 45.438.707 7.725 4.560 5.175 2.339.963.100

2014

Outstanding Share

(in Million) Saham beredar

(Dalam Juta)

Market Capitalization

(Rp Million) Kapitalisasi Pasar

(Dalam Juta)

Highest

Tertinggi

Lowest

Terendah

Closing

Penutupan

Trading Volume

Volume Perdagangan

I 8.780 64.097.113 7.800 6.550 7.300 584.765.200

II 8.780 58.828.858 7.475 6.700 6.700 621.247.100

III 8.780 61.462.986 7.200 6.700 7.000 527.751.600

IV 8.780 59.267.879 7.025 6.325 6.750 534.467.800

During the Year Selama Tahun

Laporan 8.780 59.267.879 7.800 6.325 6.750 2.268.231.700

Share Price - Rupiah

Harga Saham - Rupiah JSX - CI IHSG

The figures are stated in Indonesian Language Angka disajikan dalam Bahasa Indonesia

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Laba Usaha (Triliun Rupiah)

Laba Tahun Berjalan Yang Dapat Diatribusikan Kepada Pemilik Entitas Induk (Triliun Rupiah)

PERFORMANCE GRAPHS

Grafik Kinerja Keuangan

Penjualan Neto (Triliun Rupiah) Net SaleS (tRIllIoN RuPIah)

INCoMe FRoM oPeRatIoNS / ebIt (tRIllIoN RuPIah)

INCoMe FoR the yeaR attRIbutable to equIty holdeRS oF the PaReNt eNtIty (tRIllIoN RuPIah)

Total Aset (Triliun Rupiah)

Total Ekuitas ¹ (Triliun Rupiah)

1. Taking into account Non-Controlling Interest 2. Restated

The figures are stated in Indonesian Language

1. Dengan memperhitungkan Kepentingan Nonpengendali 2. Disajikan kembali

Angka disajikan dalam Bahasa Indonesia total aSSetS (tRIllIoN RuPIah)

total equIty ¹ (tRIllIoN RuPIah)

45,77 53,72

31,60 6,85

3,08

50,20 59,39

34,14 6,88

3,26

55,62 77,78

36,88 6,11

2,50

63,59 86,08

40,27 7,32

3,94

64,06 91,83

43,12 7,36

2,97

2011 2012 2013 2014

²

2015

2011 2012 2013 2014

²

2015

2011 2012 2013 2014

²

2015

2

2011 2012 2013 2014

²

2015 2011

2012

2013

2014

²

2015

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LAPORAN TAHUNAN 2015 11

INDOFOOD

AT A GLANCE

Sekilas Indofood

Over the last two decades, Indofood has progressively transformed into a Total Food Solutions company with operations in all stages of food manufacturing, from the production of raw materials and their processing, to consumer products in the market. Today, it is renowned as a well-established company and a leading player in each business category in which it operates. In its business operations, Indofood capitalizes on economies of scale and a resilient business model with five complementary Strategic Business Groups (“Group”), namely:

Dalam dua dekade terakhir, Indofood telah bertransformasi menjadi sebuah perusahaan Total Food Solutions dengan kegiatan

operasional yang mencakup seluruh tahapan proses produksi makanan, mulai dari produksi dan pengolahan bahan baku hingga menjadi produk akhir yang tersedia di pasar. Kini Indofood dikenal sebagai perusahaan yang mapan dan terkemuka di setiap kategori bisnisnya. Dalam menjalankan kegiatan operasionalnya, Indofood memperoleh manfaat dari skala ekonomis serta ketangguhan model bisnisnya yang terdiri dari lima Kelompok Usaha Strategis (”Grup”) yang saling melengkapi sebagai berikut:

Supported by the strength of its product brands, the Group produces a diverse range of consumer branded products including noodles, dairy, snack foods, food seasonings, nutrition and special foods, and beverages.

The Group is primarily a producer of wheat flour as well as pasta, with business operations supported by its own shipping and packaging units.

Dengan didukung oleh kekuatan merek-merek produknya, Grup CBP memproduksi beragam produk konsumen bermerek antara lain mi instan, dairy, makanan ringan, penyedap makanan, nutrisi dan makanan khusus, dan minuman.

Grup ini memiliki kegiatan usaha utama memproduksi tepung terigu dan pasta, didukung oleh unit usaha perkapalan dan kemasan.

The Group’s principal activities range from research and development, seed breeding, oil palm cultivation and milling, to the production and marketing of branded cooking oils, margarine and shortening.

The Group also cultivates and processes rubber, sugar cane and other crops.

Kegiatan usaha utama Grup Agribisnis meliputi penelitian dan pengembangan, pemuliaan benih bibit, pembudidayaan dan pengolahan kelapa sawit hingga produksi dan pemasaran produk minyak goreng, margarin dan shortening. Di samping itu, kegiatan usaha Grup ini juga mencakup pembudidayaan dan pengolahan karet dan tebu serta tanaman lainnya.

With the most extensive distribution network in Indonesia, the Group distributes the majority of the consumer products manufactured by Indofood and its subsidiaries, as well as by third parties, to the market.

Dengan jaringan distribusi yang paling luas di Indonesia, Grup ini mendistribusikan sebagian besar produk konsumen Indofood dan anak-anak perusahaannya, serta berbagai produk pihak ketiga.

The Group manages an integrated demand-driven operation with wide-ranging cultivation and processing capabilities, and produces branded products.

Grup ini menjalankan kegiatan usaha terintegrasi yang didorong oleh permintaan (integrated demand- driven operation) dengan kemampuan budidaya dan pengolahan yang beragam, serta memproduksi produk bermerek.

CoNSuMeR bRaNded PRoduCtS (“CbP”) PRoduk koNSuMeN beRMeRek (“CbP”)

bogaSaRI bogaSaRI

agRIbuSINeSS agRIbISNIS

dIStRIbutIoN dIStRIbuSI

CultIvatIoN & PRoCeSSed vegetableS budIdaya daN PeNgolahaN SayuRaN

ANNUAL REPORT 2015

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BRIEF HISTORY OF THE COMPANY

Riwayat Singkat Perseroan

PT Indofood Sukses Makmur Tbk, which was incorporated as PT Panganjaya Intikusuma in 1990, has various businesses that have been operational since the early 1980s.

PT Indofood Sukses Makmur Tbk, yang didirikan dengan nama PT Panganjaya Intikusuma di tahun 1990, memiliki berbagai kegiatan usaha yang telah beroperasi sejak awal tahun delapan-puluhan.

Memulai kegiatan usaha di bidang makanan ringan melalui perusahaan patungan dengan Fritolay Netherlands Holding B.V., perusahaan afiliasi PepsiCo Inc.

Didirikan dengan nama PT Panganjaya Intikusuma.

Incorporated as

PT Panganjaya Intikusuma.

Entered the snack foods business through a joint venture (“JV”) with Fritolay Netherlands Holding B.V., an afiliate of PepsiCo Inc.

The Agribusiness Group ventured into the sugar business by acquiring PT Lajuperdana Indah.

The CBP Group entered the dairy business by acquiring

PT Indolakto (“Indolakto”), one of the leading dairy producers in Indonesia.

Grup Agribisnis memasuki kegiatan usaha gula dengan mengakuisisi

PT Lajuperdana Indah.

Grup CBP memasuki kegiatan usaha dairy melalui akuisisi PT Indolakto (“Indolakto”), salah satu produsen produk dairy terkemuka di Indonesia.

Listed the CBP Group,

PT Indofood CBP Sukses Makmur Tbk (“ICBP”), on the IDX.

Listed PT Salim Ivomas Pratama Tbk (“SIMP”), a subsidiary of the Agribusiness Group, on the IDX.

Mencatatkan saham Grup CBP, PT Indofood CBP Sukses Makmur Tbk (“ICBP”), di BEI.

Mencatatkan saham

PT Salim Ivomas Pratama Tbk (“SIMP”), anak perusahaan pada Grup Agribisnis, di BEI.

Mengganti nama menjadi

PT Indofood Sukses Makmur. Memulai integrasi bisnis melalui akuisisi pabrik penggilingan gandum Bogasari.

Mencatatkan saham di BEI.

Renamed

PT Indofood Sukses Makmur.

Commenced backward integration with the acquisition of the Bogasari lour mill.

Listed on the IDX.

Expanded its business integration by acquiring a group of companies involved in plantations, agribusiness and distribution.

Memperluas integrasi bisnisnya dengan mengakuisisi grup perusahaan yang bergerak di bidang perkebunan, agribisnis dan distribusi.

Entered the shipping business through the acquisition of PT Pelayaran Tahta Bahtera.

Memulai kegiatan usaha di bidang perkapalan dengan mengakuisisi

PT Pelayaran Tahta Bahtera.

Listed the Agribusiness Group, Indofood Agri Resources Ltd.

(“IndoAgri”), on the SGX.

The Agribusiness Group expanded its plantation holdings by acquiring PT PP London Sumatra Indonesia Tbk (“Lonsum”), an IDX-listed plantation company.

Mencatatkan saham Grup Agribisnis, Indofood Agri Resources Ltd. (“IndoAgri”), di Bursa Efek Singapura (“SGX”).

Grup Agribisnis memperluas perkebunannya dengan mengakuisisi PT PP London Sumatra Indonesia Tbk (“Lonsum”), sebuah perusahaan perkebunan, yang sahamnya tercatat di BEI.

The CBP Group entered the beverage business through JV (“Joint Venture”) companies with Asahi Group Holdings Southeast Asia Pte. Ltd. (“Asahi”), established in 2012.

Entered the cultivation and vegetable processing business by acquiring China Minzhong Food Corporation Limited (“CMFC”), a SGX-listed integrated vegetable processing company in China.

The Agribusiness Group expanded its sugar business to Brazil and the Philippines through equity investment in Companhia Mineira de Açúcar e Álcool Participações (“CMAA”) and Roxas Holdings Inc. (“Roxas”).

Grup CBP memasuki kegiatan usaha minuman melalui perusahaan patungan dengan Asahi Group Holdings Southeast Asia Pte. Ltd. (“Asahi”), yang didirikan pada tahun 2012.

Memasuki kegiatan usaha budidaya dan pengolahan sayuran dengan mengakuisisi China Minzhong Food Corporation Limited (“CMFC”), sebuah perusahaan pemrosesan sayuran terintegrasi di Tiongkok, yang sahamnya tercatat di SGX.

Grup Agribisnis memperluas kegiatan usaha gula ke Brasil dan Filipina melalui penyertaan saham di Companhia Mineira de Açúcar e Álcool Participações (“CMAA”) dan Roxas Holdings Inc. (“Roxas”).

The CBP Group expanded its beverage business by entering the packaged water business, with the acquisition of packaged water assets including the Club brand.

Grup CBP mengembangkan kegiatan usaha minumannya dengan memasuki bidang usaha air minum dalam kemasan (“AMDK”) melalui akuisisi aset AMDK termasuk merek Club.

1995 2005

2008 2011

1990

2014

1994 1997 2007

2010

2013

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SHAREHOLDING STRUCTURE

Struktur Pemegang Saham

CAB Holdings Limited is an indirect subsidiary of First Pacific Company Limited, a public listed company on the Hong Kong Stock Exchange. Mr. Anthoni Salim holds interest in and controls directly and indirectly First Pacific Company Limited.

* * CAB Holdings Limited merupakan entitas anak yang secara

tidak langsung dimiliki oleh First Pacific Company Limited, suatu perusahaan yang tercatat di Bursa Efek Hongkong.

Bapak Anthoni Salim memiliki kepentingan dan memegang kendali atas First Pacific Company Limited baik langsung maupun tidak langsung.

Name of Shareholder

Nama Pemegang Saham Total Share Issued and Fully Paid

Jumlah Saham Ditempatkan dan Disetor Penuh Percentage of Ownership

Persentase Kepemilikan

CAB Holdings Limited CAB Holdings Limited

4.396.103.450 50,07%

Commissioners & Directors Komisaris & Direksi

- Anthoni Salim (President Director / Presiden Direktur) - Taufik Wiraatmadja (Director / Direktur)

- Franciscus Welirang (Director / Direktur)

1.329.770 50.000

250

0,02%

0,00%

Public (with ownership interest below 5%) **

Publik (dengan kepemilikan di bawah 5%) **

4.382.943.030 ^49,91%

Total Jumlah

8.780.426.500 100,00%

49,93%

PublIC 50,07%

Cab holdINgS

lIMIted *

* Independent Director / Direktur Independen

MANAGEMENT STRUCTURE

Struktur Manajemen

BOARD OF COMMISSIONERS

President Commissioner Commissioner

Commissioner Commissioner Commissioner

Independent Commissioner Independent Commissioner Independent Commissioner

Manuel V. Pangilinan Benny S. Santoso Edward A. Tortorici Robert Charles Nicholson Graham L. Pickles Utomo Josodirdjo Bambang Subianto Adi Pranoto Leman

BOARD OF DIRECTORS

President Director Director

Director Director Director Director Director Director Director Director

Anthoni Salim Franciscus Welirang Tjhie Tje Fie (Thomas Tjhie) Darmawan Sarsito (Kevin Sietho) Taufik Wiraatmadja

Moleonoto (Paulus Moleonoto) Axton Salim

Werianty Setiawan Joseph Bataona * Joedianto Soejonopoetro

OPERATIONS

CoNSuMeR bRaNded PRoduCtS Noodles

Dairy Snack Foods Food Seasonings Nutrition & Special Foods Beverages

Packaging

International Operations bogaSaRI

agRIbuSINeSS Plantations

Edible Oils & Fats dIStRIbutIoN CultIvatIoN &

PRoCeSSed vegetableS

Taufik Wiraatmadja Axton Salim Suaimi Suriady Sulianto Pratama Robert Arifin

Tjhie Tje Fie (Thomas Tjhie) Axton Salim

Eddy Hariyanto Bertinus Tirtadihardja

Darmawan Sarsito (Kevin Sietho) Franciscus Welirang

Mark Wakeford

Moleonoto (Paulus Moleonoto) Suaimi Suriady

Joedianto Soejonopoetro Lin Guo Rong

Ryan Siek Wei Ting

AUDIT COMMITTEE Chairman

Members

NOMINATION AND REMUNERATION COMMITTEE Chairman

Members

Utomo Josodirdjo Independent Commissioner Benny S. Santoso Commissioner Melia Setiawati

Sr. Manager of Corporate Human Resources Division

Utomo Josodirdjo Independent Commissioner Adi Pranoto Leman Independent Commissioner Hendra Susanto

External Independent Professional

CORPORATE FUNCTIONS Corporate Treasury

Corporate Controller Corporate Legal Corporate Internal Audit

Corporate Procurement

Corporate Human Resources Corporate Communication Enterprise Risk Management Corporate Information Technology

Investor Relations &

Corporate Secretary

Rusmin Kasim Susanto Sentausa Hendra Widjaja Ayda Wijaya Adrian Jogi Hantoro Tanoto Werianty Setiawan Jonathan A. Rahardjo Alexander A. Aditio Joseph Bataona Stefanus Indrayana Adrian Jogi

Corporate Secretary Elly Putranti

** **

The figures are stated in Indonesian Language Angka disajikan dalam Bahasa Indonesia Does not include share ownership of BOC and

BOD of the Company

Tidak termasuk kepemilikan saham oleh Dewan Komisaris &

Direksi Perseroan

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BUSINESS STRUCTURE

Struktur Bisnis

CoNSuMeR bRaNded

PRoduCtS gRouP bogaSaRI gRouP agRIbuSINeSS gRouP dIStRIbutIoN gRouP CultIvatIoN & PRoCeSSed vegetableS gRouP Grup Produk Konsumen

Bermerek

Grup Bogasari Grup Agribisnis Grup Distribusi

Grup Budidaya &

Pengolahan Sayuran

• NOODLES DIVISION

• FOOD SEASONINGS DIVISION

• PLANTATIONS DIVISION

• DAIRY DIVISION

• NUTRITION & SPECIAL FOODS DIVISION

• EDIBLE OILS & FATS DIVISION

• SNACK FOODS DIVISION

• BEVERAGES DIVISION Divisi Mi Instan

Divisi Penyedap Makanan

Divisi Perkebunan Divisi Dairy

Divisi Nutrisi & Makanan Khusus

Divisi Minyak & Lemak Nabati Divisi Makanan Ringan

Divisi Minuman

The business activities of the Company in accordance with the Articles of Association are engaged in manufacturing, trade, agribusiness and services.

Business activities conducted by the Company include, among others, the flour milling industry, which itself is integrated with the Company’s subsidiary engaged in the field of consumer branded products; the agribusiness industry, which consists of oil palm plantations and related processing mills, as well as other types of plantations and processing operations; cultivation and processed vegetables; as well as distribution.

Kegiatan usaha Perseroan menurut Anggaran Dasar bergerak di bidang industri, perdagangan, agribisnis dan jasa. Kegiatan usaha yang dijalankan oleh Perseroan meliputi antara lain, industri penggilingan gandum menjadi tepung terigu yang terintegrasi dengan kegiatan usaha anak perusahaan di bidang industri konsumen bermerek, industri agribisnis yang terdiri dari perkebunan dan pengolahan kelapa sawit dan tanaman lainnya, budidaya dan pengolahan sayuran, serta distribusi

OUR BRANDS

Merek-Merek Kami

* Licensed from PepsiCo Inc. / Lisensi dari PepsiCo Inc.

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DIVERSIFIED PORTFOLIO

Aneka Ragam Portofolio

18 19

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ACCOLADES & CERTIFICATIONS

Penghargaan & Sertifikasi

• ISO 9001:2008

• ISO 14001:2004 / SNI 19 - 14001:2005 (Environmental Management System - Requirements with guidance for use)

• ISO 14001:2004

• RSPO (Roundtable on Sustainable Palm Oil)

• ISPO (Indonesian Sustainable Palm Oil)

• SMK3 (Occupational Health and Safety Management)

• HACCP ISO 22000:2005 (Hazard Analysis Critical Control Point)

• BS OHSAS 18001:2007

• ISO 17025:2008

• FSSC 22000 (Food Safety System Certification)

• SNI (Indonesian National Standard)

• Halal

• GMP (Good Manufacturing Practices)

• PROPER (Performance Rating in Relation to Environmental Management)

• AIB International Consolidated Standards for Food Safety

• China Good Agricultural Practice

• BCS Öko-Garantie Organic Agricultural Production CeRtIFICatIoNS

CoRPoRate

bogaSaRI

agRIbuSINeSS

CultIvatIoN & PRoCeSSed vegetableS CoNSuMeR bRaNded PRoduCtS

• Best of the Best Award 2015 – The Top 50 Companies for 2015, from Forbes Indonesia

• Indonesia Most Admired Companies Award 2015 – Indonesia Most Admired Company, from Warta Ekonomi Magazine

• Bisnis Indonesia Award 2015 – Best Listed Company in the Consumer Goods Industry Category, from Bisnis Indonesia

• Obsession Awards 2015 – Best Private Sector Achievers in the Consumer Goods Category, from Obsession Media Group (OMG)

• Brand Finance plc Brand Rating 2015 – Indofood, Most Valuable Indonesian Brands (ranked 36^th), from Brand Finance, SWA Magazine and WIR

• Peduli Gizi 2015 – The most innovative food industry in developing food products and nutrition programs, from Pergizi Pangan Indonesia and GAPMMI

• Peduli Gizi 2015 – Healthy Breakfast Education for 12,000 students and 300 teachers in primary schools, as well as 1,000 university students in 10 districts of Java island, from Pergizi Pangan Indonesia and GAPMMI

• Halal Award 2015 – Segitiga Biru, in Flour Category, from LPPOM MUI

• Nutritional Food Products Award (Peduli Gizi) 2015 – Chesa, the first premix product category to make instant chocolate cake, from the Food and Nutrition Society of Indonesia (Pergizi Pangan) and Indonesian Food and Beverage Association (GAPMMI)

• Brandz Top 50 Most Valuable Indonesian Brands 2015 – Bimoli, one of the Top 50 Most Valuable Indonesian Brands, from Millward Brown and WPP

• Indonesia Best Brand Award 2015 – Bimoli, Double Platinum Achievement of Indonesian Best Brand Award in Cooking Oil Category, from SWA Magazine and MARS

• Indonesian Customer Satisfaction Award 2015 – Bimoli, The Best in Achieving Total Customer Satisfaction in Cooking Oil Category, from Frontier Consulting and SWA Magazine

• National Leading Dragon Head Enterprise – Fujian Minzhong Organic Food Co. Ltd., Recognition as a leading agricultural enterprise in the PRC with high growth potential and for its contribution to the agricultural industry in the PRC, from the Government of the PRC

• Investor Awards 2015 – Best Listed Companies, Top Performing Listed Companies in Food and Beverages Sector, from Investor Magazine

• Corporate Governance Award 2015 – Top 50 Public Listed Companies, from the Indonesian Institute for Corporate Directorship

• Badan POM Awards 2015 – Food Seasonings Division, Appreciation for the Effort to Protect Consumers through Processed Food Production Compliance and Distribution, as well as Effort to Enter into Global Market through Export, from the National Agency of Drug and Food Control (Badan POM RI)

• Brand Finance plc Brand Rating 2015 – Indomie, Best Intangible Brand Value, from Brand Finance, SWA Magazine and WIR

• Brand Finance plc Brand Rating 2015 – Indomie, Most Improved Brand By Absolute Value Growth, from Brand Finance, SWA Magazine and WIR

• Brand Finance plc Brand Rating 2015 – Indomie, Most Valuable Indonesian Brands (ranked 13^th), from Brand Finance, SWA Magazine and WIR

• Brandz Top 50 Most Valuable Indonesian Brands 2015 – Indomie, one of the Top 50 Most Valuable Indonesian Brands, from Millward Brown and WPP

• Indonesia WOW Brand 2015 – Indomie, Gold Champion in Pouch Noodles Category, from MarkPlus, Inc.

• Indonesia Original Brand 2015 – Indomie, The 1^st Champion in Instant Noodle Category, from SWA Magazine

• Indonesia Best Brand Award 2015 – Indomie, Double Platinum Achievement of Indonesian Best Brand Award in Instant Noodle Category, from SWA Magazine and MARS

• Brand Footprint Award 2015 – Indomie, Brand Footprint Indonesia (ranked 1^st), from Kantar World Panel

• Halal Awards 2015 – Indomie, Halal Top Brand in Instant Noodles Category, from Foods, Medicines and Cosmetics Assessment Agency of The Indonesian Council of Ulama (LPPOM MUI)

• Brandz Top 50 Most Valuable Indonesian Brands 2015 – Supermi, one of the Top 50 Most Valuable Indonesian Brands, from Millward Brown and WPP

• Indonesia WOW Brand 2015 – Supermi, Bronze Champion in Pouch Noodles Category, from MarkPlus, Inc.

• Brand Finance plc Brand Rating 2015 – Supermi, Most Valuable Indonesian Brands (ranked 52^nd), from Brand Finance, SWA Magazine and WIR

• Brandz Top 50 Most Valuable Indonesian Brands 2015 – Sarimi, one of the Top 50 Most Valuable Indonesian Brands, from Millward Brown and WPP

• Brand Finance plc Brand Rating 2015 – Sarimi, Most Valuable Indonesian Brands (ranked 60^th), from Brand Finance, SWA Magazine and WIR

• Indonesia WOW Brand 2015 – Pop Mie, Gold Champion in Cup Noodles Category, from MarkPlus, Inc.

• Indonesia Best Brand Award 2015 – Pop Mie, Platinum Achievement of Indonesia Best Brand Award in Instant Cup Noodle Category, from SWA Magazine and MARS

• Brand Finance plc Brand Rating 2015 – Pop Mie, Most Valuable Indonesian Brands (ranked 82^nd), from Brand Finance, SWA Magazine and WIR

• Brand Finance plc Brand Rating 2015 – Indomilk, Most Valuable Indonesian Brands (ranked 41^st), from Brand Finance, SWA Magazine and WIR

• Indonesia Original Brand 2015 – Cap Enaak, The 1^st Champion in Sweetened Condensed Milk Category, from SWA Magazine

• Indonesia Living Legend Brands 2015 – Kecap Piring Lombok, The Indonesia Living Legend Brand 64 Years Old, from SWA Magazine

• Indonesia Original Brand 2015 – Indofood, The 1^st Champion in Instant Seasoning Category, from SWA Magazine

• Readers Choice Award 2015 – SUN, The 5^th Favorite Product for Baby (age 0 – 12 months) in Nutrition & Supplement Category, from Mother & Baby Indonesia

• Innovative Nutritional Food Products Appreciation Award 2015 – PT Nestlé Indofood Citarasa Indonesia, innovative development of Bumbu Indofood Rawon, from the Food and Nutrition Society of Indonesia (“Pergizi Pangan”) and Indonesian Food and Beverage Association (“GAPMMI”)

• Nutritional Food Products Award (Peduli Gizi) 2015 – SUN Milk Cereal Chicken Kampong & Spinach, Innovative Product in Breastfeeding Supplementary Food Category with fortification of high iron, zinc and calcium, 11 vitamins and 8 minerals to support the development of kids age 6-24 months, from the Pergizi Pangan and GAPMMI

• Zero Accident Award 2015 – Nutrition and Special Foods Division, appreciation on the achievement of zero accidents, from the Ministry of Manpower of the Republic of Indonesia

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MESSAGE OF THE

PRESIDENT COMMISSIONER

Sambutan Komisaris Utama

Manuel V. Pangilinan

President Commissioner

Dear Shareholders,

Para Pemegang Saham yang Terhormat,

The recovery in advanced economies has been disappointing, and emerging and developing economies also continued to be sluggish. This leads to lower commodity demand and price drops, including that of CPO. This year, gross domestic product (“GDP”) growth stood around 4.8%, the slowest in the past six years. Consumer confidence and purchasing power weakened; as a result, household consumption has eased, growing only 5%, the slowest in five years. The demand for key fast moving consumer goods (“FMCG”), including that of the food and beverage (“F&B”) sector, was stagnant.

Pemulihan ekonomi di negara-negara maju tidak berjalan sesuai harapan, dan perekonomian negara-negara berkembang juga terus menunjukkan perlambatan. Hal ini berakibat pada turunnya permintaan dan jatuhnya harga-harga komoditas, termasuk CPO. Di tahun 2015, pertumbuhan produk domestik bruto (“PDB”) hanya sebesar 4,8%, merupakan tingkat pertumbuhan terendah dalam enam tahun terakhir ini. Tingkat kepercayaan dan daya beli konsumen melemah; sehingga, konsumsi rumah tangga mengalami perlambatan dimana hanya tumbuh sekitar 5%, terendah dalam kurun waktu lima tahun terakhir. Permintaan untuk produk-produk fast moving consumer goods (“FMCG”), termasuk sektor makanan dan minuman, cenderung stagnan.

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In this demanding economic climate, Indofood performed well, delivering top line growth and strengthening its market leading positions while maintaining a healthy balance sheet. The strategic direction to pursue growth through innovation was well executed, with the successful introduction of new product categories, and a record number of new product launches. While the ASEAN Economic Community (“AEC”) has not yet fully come into effect, we have taken steps to better prepare for the impact of AEC implementation. We have strengthened our market position domestically, and we continued to prepare ourselves to capture opportunities in other markets.

The Board of Commissioners (“BOC”) views that the Board of Directors (“BOD”) has effectively performed its management duties and delivered satisfying results.

As part of the Company’s commitment to implement the highest possible standard of corporate governance, two committees support the BOC. The Nomination and Remuneration Committee oversees recommendations on the nomination and remuneration of members of the BOC and the BOD, while the Audit Committee assists by closely reviewing the processes for financial reporting, internal control, and audit, as well as monitoring legal and regulatory compliance, codes of conduct and risk management.

The Annual General Meeting of Shareholders (“AGM”) in 2015 approved the resignation of all members of the BOC due to the expiration of their term of office, with

Mr. Hans Kartikahadi and Mr. Torstein Stephansen to step down as Independent Commissioners, with appreciation and gratitude for their valuable contributions and service to the Company. The AGM further approved the

re-appointment of all other existing BOC members, as well as newly appointing Mr. Adi Pranoto Leman and Mr. Bambang Subianto as Independent Commissioners.

The new term of office for the BOC will run from the closing of the AGM in 2015 until the closing of the AGM in the year 2018.

Di tengah iklim perekonomian yang penuh tantangan, Indofood berhasil meraih kinerja yang positif, dengan mencatatkan pertumbuhan penjualan dan memperkuat posisinya sebagai pemimpin pasar, sementara posisi keuangan Perseroan terjaga dengan sehat. Arahan strategis Perseroan untuk meraih pertumbuhan melalui inovasi telah dilaksanakan dengan baik, melalui keberhasilannya dalam peluncuran kategori-kategori produk yang baru, serta banyaknya peluncuran berbagai produk baru. Walaupun implementasi dari Masyarakat Ekonomi ASEAN (“MEA”) belum diberlakukan

sepenuhnya, kami telah mengambil langkah-langkah guna menyiapkan diri dari dampak pelaksanaan MEA.

Kami telah memperkuat posisi pasar kami di dalam negeri, serta terus menyiapkan diri untuk meraih peluang di pasar lainnya.

Dewan Komisaris berpendapat bahwa Direksi telah menjalankan tugas manajemennya secara efektif dan meraih hasil yang memuaskan.

Sebagai bagian dari komitmen Perseroan untuk melaksanakan standar tata kelola perusahaan yang tinggi, Dewan Komisaris dibantu oleh dua komite. Komite Nominasi dan Remunerasi bertugas memberikan rekomendasi terkait nominasi dan remunerasi bagi anggota Dewan Komisaris dan Direksi, sedangkan Komite Audit memberikan dukungan dengan melakukan kajian atas proses pelaporan keuangan, pengendalian internal dan audit, serta pengawasan atas kepatuhan terhadap hukum dan peraturan, kode etik dan manajemen risiko.

Di tahun 2015, Rapat Umum Pemegang Saham Tahunan (“RUPST”) menyetujui pengunduran diri seluruh anggota Dewan Komisaris Perseroan sehubungan dengan telah berakhirnya masa jabatan mereka, dengan disertai ucapan terima kasih dan penghargaan setinggi-tingginya atas pengabdian dan jasa-jasanya terhadap Perseroan.

Dengan pengunduran diri Bapak Hans Kartikahadi dan Bapak Torstein Stephansen dari jabatannya, RUPST selanjutnya menyetujui pengangkatan kembali anggota Dewan Komisaris lainnya serta mengangkat Bapak Adi Pranoto Leman dan Bapak Bambang Subianto sebagai Komisaris Independen yang baru. Dengan demikian, Dewan Komisaris yang baru mulai menjabat secara efektif terhitung sejak ditutupnya RUPST tersebut sampai dengan RUPST Perseroan pada tahun 2018.

Sincerely,

MaNuel v. PaNgIlINaN President Commissioner

April 2016 The general sentiment is that global economic

conditions will improve. A pick up in the global economy, combined with the potential impact of El Nino, may lead to higher commodity prices. On the domestic front, we are encouraged to see improvement in the economy during the fourth quarter of 2015, and expect this trend to continue into 2016. Indonesia’s GDP is predicted to grow 5.3% in 2016, driven by domestic private consumption and government spending, while inflation rate is targeted around 4.7%. If these conditions prevail, we expect to resume growth in both top line and bottom line during 2016. Still, we are also cautious in the potential of further weakening of the rupiah and slow recovery in the domestic economy.

Upon assessment of past performance and predicted outlook, the BOC remains satisfied that the business objectives and overall strategic direction undertaken by the BOD would enable the Company to dynamically adapt to market conditions and capture business opportunities.

In closing, I would like to extend my earnest thanks to all of our stakeholders for their continuing confidence and belief in Indofood. Together with our dedicated employees, strong management team, and supportive business partners, we trust that we shall confidently face the challenges and capture the opportunities of 2016.

Kondisi perekonomian global diperkirakan akan mengalami pemulihan. Peningkatan perekonomian global, serta potensi dampak dari El Nino, kemungkinan dapat berakibat pada kenaikan harga-harga komoditas.

Kami positif melihat peningkatan kondisi ekonomi domestik di kuartal empat tahun 2015, dan berharap bahwa tren ini dapat terus berlanjut di tahun 2016. PDB Indonesia diperkirakan akan tumbuh sebesar 5,3% di tahun 2016, didorong oleh konsumsi rumah tangga dan belanja pemerintah, sedangkan tingkat inflasi ditargetkan sekitar 4,7%. Jika kondisi ini dapat tercapai, kami mengharapkan akan kembali dapat meraih pertumbuhan penjualan dan profitabilitas di tahun 2016.

Namun demikan, kami juga tetap berhati-hati terhadap potensi pelemahan nilai tukar rupiah dan perlambatan pemulihan ekonomi domestik.

Setelah mengevaluasi kinerja Perseroan di tahun- tahun sebelumnya, serta prospek ke depannya, Dewan Komisaris puas bahwa sasaran dan arah strategis yang ditetapkan oleh Direksi memungkinkan untuk Perseroan terus beradaptasi secara dinamis dengan kondisi pasar dan meraih peluang-peluang usaha.

Sebagai penutup, saya ingin menyampaikan ucapan terima kasih kepada seluruh pemangku kepentingan atas kepercayaan dan keyakinannya kepada Indofood.

Dengan berbekal seluruh karyawan kami yang memiliki dedikasi tinggi, jajaran manajemen yang kokoh dan dukungan mitra-mitra usaha, kami yakin bahwa kami dapat menghadapi berbagai tantangan dan meraih peluang di tahun 2016.

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ANNUAL REPORT 2015

26

REPORT OF THE

PRESIDENT DIRECTOR

Laporan Direktur Utama

Anthoni Salim

President Director and CEO

Dear Shareholders,

Para Pemegang Saham yang Terhormat,

Slow global economic recovery has resulted in lower commodity prices, particularly that of CPO. This has impacted Indonesia’s economic growth, and made 2015 a challenging year for Indofood also.

Lambannya proses pemulihan perekonomian global telah menyebabkan turunnya harga berbagai komoditas,

terutama CPO. Hal ini telah memberikan dampak bagi pertumbuhan ekonomi Indonesia, sehingga tahun 2015 menjadi tahun yang penuh tantangan juga bagi Indofood.

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Amidst these conditions, Indofood delivered top line growth, albeit our overall performance fell short of expectations, mainly due to the lower CPO price and a weaker rupiah. In 2015 Indofood registered net sales of Rp64.01 trillion, an increase of around 0.7%. Core profit, which reflects our underlying performance, was

Rp3.56 trillion, a decline of 9.8%; while income for the year attributable to equity holders of the parent entity was Rp2.97 trillion, declining 24.7% mainly due to unrealized foreign exchange losses attributable to the depreciation of rupiah.

Despite subdued consumer demand, I am pleased to report that the CBP Group has performed very well, delivering top line and bottom line growth while strengthening its position in the market. The Group’s unrelenting determination to pursue growth through optimization of portfolios and innovations was manifested in the entry of new categories and a record high of over 60 new product launches across market segments.

The Group continued to sharpen its communication strategies, improve its category management in both traditional and modern channels, as well as expand and deepen distribution penetration. As a result, our key brands have gained strength in the market. The Group’s operational pillars have been further boosted with the completion of new beverage and noodle factories.

Impacted by weaker macroeconomic conditions, the flour industry worsened during the year, registering a slight decline. Competition also escalated, particularly from domestic players, which put pressure on smaller players in the market. During the year, the Bogasari Group focused on implementing targeted marketing activities and deepening its distribution penetration, thus successfully strengthening its market leadership.

Simultaneously, the Group also upgraded the technology in its Jakarta mills and increased its capacity to meet future demand.

Ditengah kondisi ini Indofood tetap membukukan pertumbuhan penjualan, meskipun pencapaian untuk keseluruhan kinerja perusahaan masih dibawah ekspektasi terutama akibat turunnya harga CPO dan melemahnya nilai tukar rupiah. Di tahun 2015 total penjualan neto tercatat Rp 64,01 triliun, meningkat sebesar 0,7%. Core profit, yang mencerminkan kinerja operasional Perseroan mencapai Rp 3,56 triliun, turun sebesar 9,8%; sedangkan laba tahun berjalan yang dapat diatribusikan kepada pemilik entitas induk tercatat Rp2,97 triliun, turun 24,7% terutama akibat kerugian selisih kurs yang belum terealisasi.

Meskipun permintaan konsumen masih lemah, saya gembira untuk melaporkan bahwa Grup CBP berhasil meraih kinerja yang baik dengan membukukan pertumbuhan penjualan dan laba neto, serta berhasil memperkuat posisinya di pasar. Determinasi yang kuat dari Grup CBP untuk meraih pertumbuhan melalui optimisasi portofolio dan inovasi diwujudkan dengan memasuki kategori-kategori usaha yang baru dan meluncurkan lebih dari 60 produk baru untuk berbagai segmen pasar. Grup ini terus mempertajam strategi komunikasinya, menyempurnakan category management di outlet ritel tradisional maupun moderen, serta memperluas dan memperdalam penetrasi distribusinya. Dengan demikian, kami berhasil memperkuat posisi merek-merek utama kami di pasar. Pilar operasional Grup telah diperkuat dengan selesainya pembangunan pabrik-pabrik minuman dan mi instan baru.

Kondisi makro ekonomi yang melemah juga berdampak kepada industri tepung terigu yang mengalami sedikit penurunan selama tahun 2015. Persaingan juga meningkat, terutama dari para pemain domestik, yang mana hal ini telah mempersulit posisi para pemain berskala kecil di pasar. Sepanjang tahun 2015 Grup Bogasari berhasil memperkuat posisi kepemimpinan pasarnya dengan memfokuskan perhatiannya pada pelaksanaan kegiatan pemasaran yang tepat sasaran dan memperdalam penetrasi distribusinya. Selain itu, Grup ini juga terus melakukan peremajaan teknologi pada pabrik di Jakarta dan meningkatkan kapasitasnya guna memenuhi permintaan di masa mendatang.

The Agribusiness Group’s 2015 results were adversely impacted by weaker commodity prices, particularly for CPO and rubber, although our CPO production did increase during the year. Under this tough condition, the Group focused its efforts on cost saving initiatives by improving internal control and increasing productivity, while cautiously expanding its plantation area through new plantings. Capital expenditure was prioritized for the maintenance of immature plantations and building facilities and infrastructures in South Sumatra and Kalimantan required to support the processing of fresh fruit bunches (“FFB”) from newly matured areas. With RSPO- and ISPO-certified CPO production, the Group remains committed to sustainability.

In our efforts to continually strengthen Indofood’s position in the market, the Distribution Group expanded its coverage areas, deepened distribution penetration, strengthened its organization, and enhanced its capabilities in managing its supply chain. In addition, the Group has also started to develop e-commerce business platforms through a collaboration with another party, to address the growing importance of e-commerce among Indonesian consumers.

The ASEAN Economic Community (“AEC”) may bring us many potential challenges in Indonesia and opportunities in the region. Indonesia continues to be an appealing market for regional and global players.

In preparation for its full implementation, we have improved our competitive advantage. In our effort to capture opportunities in the region, we reviewed and strengthened our international division organization.

With these steps, I am confident that we are able to weather the challenges and capture opportunities in this integrated market.

Lemahnya harga berbagai komoditas, terutama CPO dan karet di sepanjang tahun 2015 berdampak negatif terhadap kinerja Grup Agribisnis, meskipun produksi CPO mengalami peningkatan. Di tengah kondisi yang sulit ini, Grup Agribisnis memfokuskan upayanya pada inisiatif-inisiatif penghematan biaya melalui penyempurnaan pengendalian internal dan peningkatan produktivitas, sementara perluasan area perkebunan melalui penanaman baru dilakukan secara berhati- hati. Belanja modal diprioritaskan pada pemeliharaan perkebunan yang belum menghasilkan dan pembangunan fasilitas dan infrastruktur di Sumatera Selatan dan Kalimantan, yang dibutuhkan untuk memproses tandan buah segar (“TBS”) dari area yang baru menghasilkan.

Grup tetap berkomitmen terhadap praktik yang berkelanjutan dengan produksi CPO yang telah memenuhi sertifikasi RSPO dan ISPO.

Dalam upayanya untuk terus memperkuat posisi Indofood di pasar, Grup Distribusi memperluas area jangkauannya, memperdalam penetrasi distribusinya, memperkuat organisasinya, serta meningkatkan kemampuannya dalam mengelola mata rantai pasokannya. Selain itu, Grup ini juga mulai mengembangkan platform untuk bisnis e-commerce melalui kerjasama dengan pihak lain, seiring dengan meningkatnya peran e-commerce bagi para konsumen Indonesia.

Masyarakat Ekonomi ASEAN (“MEA”) akan membuka berbagai tantangan di Indonesia maupun peluang di kawasan regional. Indonesia tetap merupakan pasar yang menarik bagi para pemain regional dan global.

Untuk itu kami mempersiapkan diri menyambut pelaksanaan MEA secara menyeluruh dengan meningkatkan keunggulan kompetitif kami. Dalam upaya kami untuk dapat menangkap peluang di kawasan regional, kami menelaah kembali dan memperkuat organisasi divisi internasional kami. Dengan langkah- langkah tersebut, saya percaya bahwa kami mampu menghadapi berbagai tantangan sekaligus meraih peluang dari pasar yang terintegrasi.

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ANNUAL REPORT 2015

30

Sepanjang tahun 2015, Indofood terus melaksanakan standar tata kelola yang tinggi, dan secara konsisten mematuhi semua persyaratan dan peraturan yang ditetapkan oleh para pembuat kebijakan. Selain itu, kami juga telah melakukan penyempurnaan tata kelola, melalui penyiapan berbagai piagam.

Kami sangat percaya akan pentingnya menjadi warga korporasi yang baik, serta aktif terlibat dalam meningkatkan taraf hidup masyarakat dimana kami beroperasi, secara berkelanjutan. Sepanjang tahun 2015, kami terus berpartisipasi aktif dalam program gerakan Scaling Up Nutrition (“SUN”), sebagai upaya berskala global dari berbagai pihak, untuk menghapuskan terjadinya segala bentuk malnutrisi.

Dalam hal ini, Indofood menjabat sebagai wakil ketua dari SUN Business Network Advisory Committee.

Kami juga melakukan investasi bagi masyarakat melalui berbagai program pengembangan masyarakat, seperti Beasiswa Indofood (“BISMA”), pelatihan guru dan Indofood Riset Nugraha (“IRN”), yang merupakan bantuan beasiswa bagi para akademisi dan mahasiswa terbaik dari universitas-universitas di seluruh Indonesia untuk melakukan penelitian di bidang kualitas pangan dan diversifikasi pangan bagi peningkatan ketahanan pangan dan nutrisi.

Di tahun 2015, RUPST menyetujui pengunduran diri seluruh anggota Direksi Perseroan sehubungan dengan telah berakhirnya masa jabatan mereka, dengan disertai ucapan terima kasih dan penghargaan setinggi-tingginya atas pengabdian dan jasa-jasanya terhadap Perseroan. RUPST selanjutnya menyetujui pengangkatan kembali seluruh anggota Direksi yang ada serta mengangkat Bapak Joedianto Soejonopoetro sebagai anggota Direksi yang baru. Dengan demikian, Direksi yang baru mulai menjabat secara efektif terhitung sejak ditutupnya RUPST tersebut sampai dengan RUPST Perseroan pada tahun 2018.

Memasuki tahun 2016, kami memandang positif akan pemulihan iklim makro ekonomi secara keseluruhan, namun tetap berhati-hati terhadap potensi pelemahan nilai tukar rupiah dan perlambatan pemulihan ekonomi domestik. Kami akan terus berupaya meraih pertumbuhan yang berkelanjutan, baik secara organik maupun anorganik, serta mempertahankan posisi keuangan yang sehat. Kami akan terus mendorong budaya inovasi di seluruh organisasi, mengoptimalkan Throughout 2015, Indofood continued to implement the

highest standards of good governance, consistently complying with all requirements and regulations set forth by various regulatory bodies. Furthermore, we initiated the improvement of governance by developing various charters.

We firmly believe in the importance of good corporate citizenship, and actively engage in improving the quality of life in the communities where we operate, in a sustainable manner. During 2015, we continued to participate in the Scaling Up Nutrition (“SUN”) movement program, which is a multi-agency effort on a global scale to eliminate all forms of malnutrition. Indofood serves as a co-chair of the SUN Business Network Advisory Committee. We also invested in our community by conducting various community development programs such as Indofood Scholarship (“BISMA”), teacher training, and Indofood Riset Nugraha (“IRN”), which is a study grant awarded to excellent academics and undergraduates from universities across Indonesia to pursue research in food quality and food diversification for the improvement of food and nutrition security.

The AGM in 2015 approved the resignation of all members of the BOD due to the expiration of their term of office, with appreciation and gratitude for their valuable contributions and service to the Company.

The AGM further approved the re-appointment of all existing BOD members, as well as newly appointed Mr.

Joedianto Soejonopoetro to the board. The new term of office for the BOD will commence from the closing of the AGM in 2015 until the closing of the AGM in the year 2018.

Entering 2016, we are positive on improvements in the wider macroeconomic climate, but remain cautious about the possibility of further weakening of the rupiah and slow recovery in the domestic economy. We will continue to pursue sustainable growth, both organically and inorganically, while maintaining a healthy financial position. We will further foster an innovation culture across the organization, optimize product portfolios

to fulfill the life journeys of consumers and to address the needs of all market segments, enhance operational pillars to ensure competitiveness, and expand our distribution network. We will continue to progressively upgrade technology and expand capacity to meet rising demand.

In closing, I would like to thank all of our stakeholders for their continuing trust and belief in Indofood. Without the dedicated teamwork of the entire Indofood team, the unwavering support of our partners, the wisdom and guidance from our BOC and the strong leadership of our management, all of our efforts and achievements would not have been possible.

portofolio produk bagi seluruh perjalanan hidup

konsumen, serta memenuhi kebutuhan seluruh segmen pasar, memperkuat pilar-pilar operasional untuk meningkatkan daya saing, dan memperluas jaringan distribusi. Kami akan terus melakukan peremajaan teknologi dan meningkatkan kapasitas produksi untuk memenuhi permintaan pasar yang terus meningkat.

Sebagai penutup, saya menyampaikan ucapan terima kasih kepada seluruh pemangku kepentingan atas kepercayaan dan keyakinannya terhadap Indofood.

Tanpa dedikasi dan kerjasama dari seluruh tim Indofood, dukungan tanpa henti dari para mitra usaha, kearifan dan arahan dari Dewan Komisaris, serta kepemimpinan dari jajaran manajemen, semua upaya dan pencapaian ini tidak akan dapat tercapai.

Sincerely,

aNthoNI SalIM President Director and CEO

April 2016

(18)

Slow global economic recovery has resulted in lower commodity prices, particularly that of CPO. This has impacted Indonesia’s economic growth, and made 2015 a challenging year for Indofood also.

Amidst these conditions, Indofood delivered top line growth, albeit our overall performance fell short of expectations, mainly due to the lower CPO price and a weaker rupiah. In 2015 Indofood registered net sales of Rp64.06 trillion, an increase of around 0.7%. Core profit, which reflects our underlying performance, was Rp3.56 trillion, a decline of 9.8%; while income for the year attributable to equity holders of the parent entity was Rp2.97 trillion, declining 24.7% mainly due to unrealized foreign exchange losses attributable to the depreciation of the rupiah.

Lambannya proses pemulihan perekonomian global telah menyebabkan turunnya harga berbagai komoditas, terutama CPO. Hal ini telah memberikan dampak bagi pertumbuhan ekonomi Indonesia, sehingga tahun 2015 menjadi tahun yang penuh tantangan juga bagi Indofood.

Ditengah kondisi ini Indofood tetap membukukan pertumbuhan penjualan, meskipun pencapaian untuk keseluruhan kinerja perusahaan masih dibawah ekspektasi terutama akibat turunnya harga CPO dan melemahnya nilai tukar rupiah. Di tahun 2015 total penjualan neto tercatat Rp 64,06 triliun, meningkat sebesar 0,7%. Core profit, yang mencerminkan kinerja operasional Perseroan mencapai Rp3,56 triliun, turun sebesar 9,8%; sedangkan laba tahun berjalan yang dapat diatribusikan kepada pemilik entitas induk tercatat Rp2,97 triliun, turun 24,7% terutama akibat kerugian selisih kurs yang belum terealisasi.

SaleS CoNtRIbutIoN ¹

ebIt CoNtRIbutIoN ²

2014

³

2014

³

2015

CBP Bogasari Agribusiness Distribution

1. After elimination

2. After elimination and before unallocated expenses 3. Restated

1. Sesudah eliminasi

2. Sesudah eliminasi dan sebelum beban operasi lain yang tidak dialokasikan

3. Disajikan kembali

The Company booked consolidated net sales of Rp64.06 trillion in 2015, an increase of 0.7% from Rp63.59 trillion in 2014 mainly driven by sales growth of the CBP Group and partly offset with the decreases at the Agribusiness and Bogasari Groups. During 2015 the Company recorded overseas sales of around US$402 million or around 8% of consolidated net sales.

The CBP Group continues to be the biggest contributor to consolidated net sales at 49.3%. The remaining contributions by Bogasari, Agribusines

Annual Report 2015 INDOFOOD

CONTENTS

To continuously improve our people, processes and technologies

MISSION

seluruh pemangku kepentingan dan secara bersama-sama membangun

CHRONOLOGICAL SHARES LISTING AT IDX

SHARE PRICE INFORMATION

PERFORMANCE GRAPHS

INCoMe FRoM oPeRatIoNS / ebIt (tRIllIoN RuPIah)

INDOFOOD

CoNSuMeR bRaNded PRoduCtS (“CbP”) PRoduk koNSuMeN beRMeRek (“CbP”)

BRIEF HISTORY OF THE COMPANY

SHAREHOLDING STRUCTURE

Cab holdINgS

MANAGEMENT STRUCTURE

BOARD OF COMMISSIONERS

OPERATIONS

BUSINESS STRUCTURE

CoNSuMeR bRaNded

• SNACK FOODS DIVISION

OUR BRANDS

• BS OHSAS 18001:2007

CultIvatIoN & PRoCeSSed vegetableS CoNSuMeR bRaNded PRoduCtS

MESSAGE OF THE

REPORT OF THE