LAMPIRAN 1

Laporan Neraca PT Industri Jamu dan Farmasi Sido Muncul Tbk 2010-2013

(dalam jutaan rupiah kecuali dinyatakan lain)

Consolidated Balance Sheet 2010 2011 2012 2013

ASSETS
Cash 277,316 121,574 410,731 1,348,955
Time Deposit - - - 200,000
Investment - - - 61,816
Trade Receivables - gross 172,029 212,864 265,850 332,760
AFDA 4,927 4,927 4,927 2,785
Trade Receivables - net 167,102 207,937 260,923 329,975
Other Receivables - gross 235 180,641 665,766 132,000
AFDA - - - -
Other Receivables - net 235 180,641 665,766 132,000

Inventories - net 172,389 206,276 235,540 287,729

Prepaid Taxes 1,580 2,254 1,140 3,649
Other Current Assets 20,505 25,116 10,750 2,786
Total Current Assets 639,127 743,798 1,584,850 2,366,910
Down payment for the purchase of Fixed Assets 22,363 8,999 17,277 25,672
Investment in Associates - 101,754 101,903 -
Deferred Tax Assets 11,686 7,082 5,025 2,304
Property, Plant and Equipment - gross 314,646 424,582 595,042 756,477
Acc Depre & Impairment 98,083 117,736 153,248 200,101
Property, Plant and Equipment -net 216,563 306,846 441,794 556,376
Investment - - - 60
Other Non-Current Assets 463 179 150 185
Total Non-Current Assets 251,075 424,860 566,149 584,597
Total Assets 890,202 1,168,658 2,150,999 2,951,507
LIABILITIES & EQUITY
Short-term Bank Loans - 139 298,797 -
Trade Payables 98,644 155,313 192,776 175,019
Related Parties 84,324 31,139 29,615 19,597
Third Parties 14,320 124,174 163,161 155,422
Royalty Payable - - 28,736 9,459
Taxes Payable 143,326 110,817 238,146 96,662
Accrued Exp 17,876 55,508 19,440 37,827
Sales Advances 179 35,246 960 98
Other Payables 7,332 3,644 58,829 5,682
Third Parties Payables 5,554 235 48,041 3,821
Related Parties Payables 1,203 856 10,705 1,861
Loan to Shareholder 2,000 - -
Current Portion of non-current liabilities 500 500 83 -
Lease Payable 75 53 - -
Interest Bearing debt 500 2,500 83 -
Total Current Liabilities 267,357 360,667 837,684 324,747
Post-Employment Benefits 40,578 19,662 8,664 1,304
Loan to Shareholders 235,032 252,898
Other Long Term Debt 826 87 - -
Bank 583 83 - -
Lease Payables 243 4 - -
Total Non-Current Liabilities 276,436 272,647 8,664 1,304
Total Liabilities 543,793 633,314 846,348 326,051
Minority Interest 2 2 2 2
Capital Stock 36,000 36,000 1,130,000 1,500,000
Add Paid-in Capital - - - 692,376
Other Equity Component 50,325 59,325 (1,793) -
Unrealized Gain (Loss) on AFS Securities - - - 993
Retained Earnings 260,082 440,017 176,442 432,085
Total Equity 346,409 535,344 1,304,651 2,625,456
Total Liabilities and Equity 890,202 1,168,658 2,150,999 2,951,507

109
LAMPIRAN 2

Laporan Laba Rugi PT Jamu dan Farmasi Sido Muncul Tbk 2010-2013

(dalam jutaan rupiah keculai dinyatakan lain)

Consolidated Statement of Income 2010 2011 2012 2013

Sales 1,866,538 2,198,273 2,391,667 2,372,364
Cost of Goods Sold (1,180,604) (1,320,584) (1,471,020) (1,361,583)
Gross Profit 685,934 877,689 920,647 1,010,781

Operating Expenses:
Sales and Marketing Expenses 218,599 337,612 336,690 341,463
General and Administrative Expenses 132,263 101,128 79,604 152,907
Total Operating Expenses (350,862) (438,740) (416,294) (494,370)

Operating Income 335,072 438,949 504,353 516,411

Other Inc (Expenses):

Other Financial Income 6,653 11,215 8,490 134,601
Other Income 5,694 7,754 4,043 23,869
Interest & Financial Charges (3,875) (606) (708) (13,256)
Other Expenses (4,353) (2,268) (2,557) (78,967)
T. Other Inc (Exp) 4,119 16,095 9,268 66,247

Earning Before Taxes 339,191 455,044 513,621 582,658

Tax (102,022) (115,109) (126,083) (176,715)
Minority Interest - - - -
Other comprehensive income - - - 993

Net Income 237,169 339,935 387,538 406,936

Earning Per Share
(In Rupiah Full Amount) 6,588,028 9,442,639 342,953.98 27.13

110
LAMPIRAN 3

Laporan Arus Kas PT Jamu dan Farmasi Sido Muncul Tbk 2010-2013

(dalam jutaan rupiah keculai dinyatakan lain)

Consolidated Statement of Cash Flows 2010 2011 2012 2013

Cash Flows Form Operating Activities
Receipts From Customer 1,797,869 1,973,094 1,779,955 2,289,814
Payments to Supplier (1,330,298) (1,535,681) (1,741,125) (1,606,808)
Payments to Employee and Director (104,248) (124,116) (125,649) (165,280)
Payments of Taxes (67,894) (143,481) (1,743) (561,954)
Receipts From Tax Restitution - - 5,939 668
Receipts From Interest Income and Interest Deposit 6,972 12,991 6,306 2,785
Payments Financial Expenses (4,054) (605) (708) (13,339)
Receipt/(Payment) Others - Net 974 591 60,579 -
Net Cash Flows From Operating Activities 299,321 182,793 (16,446) (54,114)
Cash Flows From Investing Activities
Additions of Property, Plant and Equipment (57,685) (108,873) (173,202) (175,320)
Proceed From Sales of Property, Plant & Equipment 911 3,984 1,556 33,432
Advance From Purchase of Property, Plant & Equipment (38,768) (1,891) (8,278) (35,238)
Investments - (100,000) - (575,662)
Divestment of Investment - - - 658,313
Divestment of Associated Company - - - 101,000
Placement of Time Deposit - - - (200,000)
Net Cash Flows Used In Investing Activities (95,542) (206,780) (179,924) (193,475)
Cash Flows From Financing Activities
Receipt From Bank Loan - - 298,751 -
Payments to Bank Loan (70,670) (361) (593) (298,751)
Receipt From Shareholder Loan 81,215 19,866 0 573,805
Payments to Shareholder Loan - - (254,898) (9,500)
Payments of Financial Lease (343) (260) (57) -
Payments of Cash Dividen (96,667) (160,000) (651,113) (150,300)
Cash Receipts From Pain-In Capital 30,000 - 1,094,000 220,000
Decrease From Investment Proforma - - (563) -
Receipts From Additional Paid-In Capital 1,000 9,000 - -
Proceeds From Issuance of Share Capital - - - 870,000
Initial Public Offering Costs - - - (19,441)
Net Cash Flows From Financing Activities (55,465) (131,755) 485,527 1,185,813
Net Increase in Cash and Cash Equivalents 148,314 (155,742) 289,158 938,224
Exchange Rate On Cash and Cash Equivalents 235 - - -
Cash and Cash Equivalent at Beginning of Year 128,767 277,316 121,574 410,731
Cash and Cash Equivalent at End of Year 277,316 121,574 410,732 1,348,955

111
LAMPIRAN 4

Proyeksi Penjualan PT Jamu dan Farmasi Sido Muncul Tbk 2014-2016 Skenario Optimis (dalam jutaan rupiah keculai dinyatakan
lain)

Optimistic
Sales 2010 2011 2012 2013
2014 2015 2016
Herbal Medicine Category 482,523 586,722 785,253 1,030,507 1,352,360 1,774,735 2,329,029
Proportion 21.59% 33.84% 31.23% 31.23% 31.23% 31.23%
Energy Drink Category 1,201,982 1,339,653 1,266,185 1,013,114 1,058,704 1,106,346 1,156,131
Proportion 11.45% -5.48% -19.99% 4.50% 4.50% 4.50%
Beverage and Candy Category 139,762 229,729 198,868 159,646 183,593 211,132 242,802
Proportion 64.37% -13.43% -19.72% 15.00% 15.00% 15.00%
Healthy Drink Category 30,068 32,282 126,947 148,717 185,896 232,370 290,463
Proportion 7.36% 293.24% 17.15% 25.00% 25.00% 25.00%
Others Product Category 12,203 9,887 14,414 20,380 25,475 31,844 39,805
Proportion -18.98% 45.79% 41.39% 25.00% 25.00% 25.00%
Total Sales 1,866,538 2,198,273 2,391,667 2,372,364 2,806,028 3,356,427 4,058,230
Growth 17.77% 8.80% -0.81% 18.28% 19.61% 20.91%

112
LAMPIRAN 5

Proyeksi Penjualan PT Jamu dan Farmasi Sido Muncul Tbk 2014-2016 Skenario Netral (dalam jutaan rupiah keculai dinyatakan lain)

Neutral
Sales 2010 2011 2012 2013
2014 2015 2016
Herbal Medicine Category 482,523 586,722 785,253 1,030,507 1,236,608 1,483,930 1,780,716
Proportion 21.59% 33.84% 31.23% 20.00% 20.00% 20.00%
Energy Drink Category 1,201,982 1,339,653 1,266,185 1,013,114 1,058,704 1,106,346 1,156,131
Proportion 11.45% -5.48% -19.99% 4.50% 4.50% 4.50%
Beverage and Candy Category 139,762 229,729 198,868 159,646 183,593 211,132 242,802
Proportion 64.37% -13.43% -19.72% 15.00% 15.00% 15.00%
Healthy Drink Category 30,068 32,282 126,947 148,717 185,896 232,370 290,463
Proportion 7.36% 293.24% 17.15% 25.00% 25.00% 25.00%
Others Product Category 12,203 9,887 14,414 20,380 25,475 31,844 39,805
Proportion -18.98% 45.79% 41.39% 25.00% 25.00% 25.00%
Total Sales 1,866,538 2,198,273 2,391,667 2,372,364 2,690,277 3,065,622 3,509,917
Growth 17.77% 8.80% -0.81% 13.40% 13.95% 14.49%

113
LAMPIRAN 6

Proyeksi Penjualan PT Jamu dan Farmasi Sido Muncul Tbk 2014-2016 Skenario Pesimis (dalam jutaan rupiah keculai dinyatakan
lain)

Pesimistic
Sales 2010 2011 2012 2013
2014 2015 2016
Herbal Medicine Category 482,523 586,722 785,253 1,030,507 1,185,083 1,362,846 1,567,272
Proportion 21.59% 33.84% 31.23% 15.00% 15.00% 15.00%
Energy Drink Category 1,201,982 1,339,653 1,266,185 1,013,114 1,058,704 1,106,346 1,156,131
Proportion 11.45% -5.48% -19.99% 4.50% 4.50% 4.50%
Beverage and Candy Category 139,762 229,729 198,868 159,646 175,611 193,172 212,489
Proportion 64.37% -13.43% -19.72% 10.00% 10.00% 10.00%
Healthy Drink Category 30,068 32,282 126,947 148,717 178,460 214,152 256,983
Proportion 7.36% 293.24% 17.15% 20.00% 20.00% 20.00%
Others Product Category 12,203 9,887 14,414 20,380 24,456 29,347 35,217
Proportion -18.98% 45.79% 41.39% 20.00% 20.00% 20.00%
Total Sales 1,866,538 2,198,273 2,391,667 2,372,364 2,622,314 2,905,863 3,228,092
Growth 17.77% 8.80% -0.81% 10.54% 10.81% 11.09%

114
LAMPIRAN 7

Proyeksi Harga Pokok Penjualan, Beban Penjualan & Pemasaran, Beban

Administratif & Umum PT Jamu dan Farmasi Sido Muncul Tbk 2014-2016
Skenario Optimis (dalam jutaan rupiah keculai dinyatakan lain)
Optimistic
COGS, Sales & Marketing, G&A 2010 2011 2012 2013
2014 2015 2016
COGS
Raw Material and Packaging 1,085,658 1,173,715 1,253,965 1,157,850 1,122,411 1,342,571 1,623,292
58.16% 53.39% 52.43% 48.81% 40.00% 40.00% 40.00%
DL & Manufacturing Exp 997 5,541 7,904 4,281 5,120 6,191
0.00% 0.05% 0.23% 0.33% 0.15% 0.15% 0.15%
T. Manufacturing Cost 1,085,658 1,174,712 1,259,506 1,165,754 1,126,692 1,347,691 1,629,483
WIP - Beginning 2,536 2 56 90 536 204 243
WIP - Ending (2) (56) (90) (536) (204) (243) (294)
0.00% 0.00% 0.00% 0.02% 0.01% 0.01% 0.01%
COGM 1,088,192 1,174,658 1,259,472 1,165,308 1,127,024 1,347,651 1,629,432
FG - Beginning 21,887 50,613 52,788 55,272 79,868 75,697 90,544
Others (11) (6) (5)
FG - Ending (50,613) (52,788) (55,272) (79,868) (75,697) (90,544) (109,476)
2.71% 2.40% 2.31% 3.37% 2.70% 2.70% 2.70%
Direct Labor Expense 49,094 59,081 56,844 70,588 74,851 89,533 108,253
2.63% 2.69% 2.38% 2.98% 2.67% 2.67% 2.67%
Overhead Expense 72,055 89,019 157,194 150,288 112,241 134,257 162,329
3.86% 4.05% 6.57% 6.33% 4.00% 4.00% 4.00%
COGS 1,180,604 1,320,583 1,471,020 1,361,583 1,318,288 1,556,593 1,881,082
-3.18% 18.08% 20.85%
Sales and Marketing Expenses
Advertising and promotion exp 155,995 242,846 239,759 234,306 275,733 329,818 398,780
8.36% 11.05% 10.02% 9.88% 9.83% 9.83% 9.83%
Loading and unloading exp 25,387 32,122 44,204 34,666 43,008 51,444 62,201
1.36% 1.46% 1.85% 1.46% 1.53% 1.53% 1.53%
Bonus Outlet 22,386 41,557 33,754 27,462 39,696 47,482 57,410
1.20% 1.89% 1.41% 1.16% 1.41% 1.41% 1.41%
Salary and allowance 5,953 7,589 7,417 9,419 7,696 9,205 11,130
0.32% 0.35% 0.31% 0.40% 0.27% 0.27% 0.27%
Traveling 2,938 2,447 2,269 7,081 4,644 5,555 6,717
0.16% 0.11% 0.09% 0.30% 0.17% 0.17% 0.17%
Depreciation Exp 497 492 458 1,011 622 744 899
0.03% 0.02% 0.02% 0.04% 0.02% 0.02% 0.02%
Others 5,443 10,559 8,829 27,518 12,914 15,447 18,676
0.29% 0.48% 0.37% 1.16% 0.46% 0.46% 0.46%
Total 218,599 337,612 336,690 341,463 384,313 459,695 555,814
G&A
Salaries & Allowance 33,950 43,225 55,364 64,259 61,794 73,914 89,369
1.82% 1.97% 2.31% 2.71% 2.20% 2.20% 2.20%
Employment of benefit 9,870 9,210 10,228 13,417 13,616 16,287 19,692
0.53% 0.42% 0.43% 0.57% 0.49% 0.49% 0.49%
Taxation and tax penalty 73,660 11,502 42,900 44,040 52,678 63,693
3.95% 0.52% 0.00% 1.81% 1.57% 1.57% 1.57%
Repair and maintenance - - - 4,574 1,353 1,618 1,956
0.00% 0.00% 0.00% 0.19% 0.05% 0.05% 0.05%
Profesionall fees 642 9,776 2,392 5,104 5,572 6,665 8,058
0.03% 0.44% 0.10% 0.22% 0.20% 0.20% 0.20%
Permits - 2 37 3,387 1,013 1,212 1,465
0.00% 0.00% 0.00% 0.14% 0.04% 0.04% 0.04%
Traveling 2,288 2,516 1,882 4,283 3,481 4,164 5,035
0.12% 0.11% 0.08% 0.18% 0.12% 0.12% 0.12%
Depreciation Exp 1,003 547 579 3,865 1,864 2,230 2,696
0.05% 0.02% 0.02% 0.16% 0.07% 0.07% 0.07%
Others 10,850 24,350 9,122 11,118 17,811 21,305 25,760
0.58% 1.11% 0.38% 0.47% 0.63% 0.63% 0.63%
Total 132,263 101,128 79,604 152,907 150,544 180,073 217,725

115
LAMPIRAN 8

Proyeksi Harga Pokok Penjualan, Beban Penjualan & Pemasaran, Beban

Administratif & Umum PT Jamu dan Farmasi Sido Muncul Tbk 2014-2016
Skenario Netral (dalam jutaan rupiah keculai dinyatakan lain)
Neutral
COGS, Sales & Marketing, G&A 2010 2011 2012 2013
2014 2015 2016
COGS
Raw Material and Packaging 1,085,658 1,173,715 1,253,965 1,157,850 1,210,625 1,379,530 1,579,462
58.16% 53.39% 52.43% 48.81% 45.00% 45.00% 45.00%
DL & Manufacturing Exp 997 5,541 7,904 4,104 4,677 5,354
0.00% 0.05% 0.23% 0.33% 0.15% 0.15% 0.15%
T. Manufacturing Cost 1,085,658 1,174,712 1,259,506 1,165,754 1,214,729 1,384,206 1,584,817
WIP - Beginning 2,536 2 56 90 536 195 222
WIP - Ending (2) (56) (90) (536) (195) (222) (255)
0.00% 0.00% 0.00% 0.02% 0.01% 0.01% 0.01%
COGM 1,088,192 1,174,658 1,259,472 1,165,308 1,215,069 1,384,179 1,584,785
FG - Beginning 21,887 50,613 52,788 55,272 79,868 (72,574) (72,574)
Others (11) (6) (5)
FG - Ending (50,613) (52,788) (55,272) (79,868) (72,574) (82,699) (94,685)
2.71% 2.40% 2.31% 3.37% 2.70% 2.70% 2.70%
Direct Labor Expense 49,094 59,081 56,844 70,588 71,763 81,776 93,627
2.63% 2.69% 2.38% 2.98% 2.67% 2.67% 2.67%
Overhead Expense 72,055 89,019 157,194 150,288 107,611 122,625 140,397
3.86% 4.05% 6.57% 6.33% 4.00% 4.00% 4.00%
COGS 1,180,604 1,320,583 1,471,020 1,361,583 1,401,738 1,433,306 1,651,550
2.95% 2.25% 15.23%
Sales and Marketing Expenses
Advertising and promotion exp 155,995 242,846 239,759 234,306 264,359 301,242 344,900
8.36% 11.05% 10.02% 9.88% 9.83% 9.83% 9.83%
Loading and unloading exp 25,387 32,122 44,204 34,666 41,234 46,987 53,797
1.36% 1.46% 1.85% 1.46% 1.53% 1.53% 1.53%
Bonus Outlet 22,386 41,557 33,754 27,462 38,058 43,368 49,654
1.20% 1.89% 1.41% 1.16% 1.41% 1.41% 1.41%
Salary and allowance 5,953 7,589 7,417 9,419 7,378 8,408 9,626
0.32% 0.35% 0.31% 0.40% 0.27% 0.27% 0.27%
Traveling 2,938 2,447 2,269 7,081 4,453 5,074 5,810
0.16% 0.11% 0.09% 0.30% 0.17% 0.17% 0.17%
Depreciation Exp 497 492 458 1,011 596 679 778
0.03% 0.02% 0.02% 0.04% 0.02% 0.02% 0.02%
Others 5,443 10,559 8,829 27,518 12,381 14,108 16,153
0.29% 0.48% 0.37% 1.16% 0.46% 0.46% 0.46%
Total 218,599 337,612 336,690 341,463 368,460 419,867 480,717
G&A
Salaries & Allowance 33,950 43,225 55,364 64,259 59,245 67,510 77,295
1.82% 1.97% 2.31% 2.71% 2.20% 2.20% 2.20%
Employment of benefit 9,870 9,210 10,228 13,417 13,054 14,876 17,031
0.53% 0.42% 0.43% 0.57% 0.49% 0.49% 0.49%
Taxation and tax penalty 73,660 11,502 42,900 42,223 48,114 55,087
3.95% 0.52% 0.00% 1.81% 1.57% 1.57% 1.57%
Repair and maintenance - - - 4,574 1,297 1,478 1,692
0.00% 0.00% 0.00% 0.19% 0.05% 0.05% 0.05%
Profesionall fees 642 9,776 2,392 5,104 5,342 6,087 6,970
0.03% 0.44% 0.10% 0.22% 0.20% 0.20% 0.20%
Permits - 2 37 3,387 971 1,107 1,267
0.00% 0.00% 0.00% 0.14% 0.04% 0.04% 0.04%
Traveling 2,288 2,516 1,882 4,283 3,338 3,803 4,355
0.12% 0.11% 0.08% 0.18% 0.12% 0.12% 0.12%
Depreciation Exp 1,003 547 579 3,865 1,787 2,037 2,332
0.05% 0.02% 0.02% 0.16% 0.07% 0.07% 0.07%
Others 10,850 24,350 9,122 11,118 17,077 19,459 22,279
0.58% 1.11% 0.38% 0.47% 0.63% 0.63% 0.63%
Total 132,263 101,128 79,604 152,907 144,334 164,471 188,308

116
LAMPIRAN 9

Proyeksi Harga Pokok Penjualan, Beban Penjualan & Pemasaran, Beban

Administratif & Umum PT Jamu dan Farmasi Sido Muncul Tbk 2014-2016
Skenario Pesimis (dalam jutaan rupiah keculai dinyatakan lain)
Pesimistic
COGS, Sales & Marketing, G&A 2010 2011 2012 2013
2010 2011 2016
COGS
Raw Material and Packaging 1,085,658 1,173,715 1,253,965 1,157,850 1,279,840 1,418,228 1,575,495
58.16% 53.39% 52.43% 48.81% 48.81% 48.81% 48.81%
DL & Manufacturing Exp 997 5,541 7,904 4,000 4,433 4,924
0.00% 0.05% 0.23% 0.33% 0.15% 0.15% 0.15%
T. Manufacturing Cost 1,085,658 1,174,712 1,259,506 1,165,754 1,283,840 1,422,661 1,580,419
WIP - Beginning 2,536 2 56 90 536 190 211
WIP - Ending (2) (56) (90) (536) (190) (211) (234)
0.00% 0.00% 0.00% 0.02% 0.01% 0.01% 0.01%
COGM 1,088,192 1,174,658 1,259,472 1,165,308 1,284,186 1,422,640 1,580,396
FG - Beginning 21,887 50,613 52,788 55,272 79,868 (70,741) (78,390)
Others (11) (6) (5)
FG - Ending (50,613) (52,788) (55,272) (79,868) (70,741) (78,390) (87,082)
2.71% 2.40% 2.31% 3.37% 2.70% 2.70% 2.70%
Direct Labor Expense 49,094 59,081 56,844 70,588 69,950 77,514 86,109
2.63% 2.69% 2.38% 2.98% 2.67% 2.67% 2.67%
Overhead Expense 72,055 89,019 157,194 150,288 104,893 116,235 129,124
3.86% 4.05% 6.57% 6.33% 4.00% 4.00% 4.00%
COGS 1,180,604 1,320,583 1,471,020 1,361,583 1,468,156 1,467,258 1,630,157
7.83% -0.06% 11.10%
Sales and Marketing Expenses
Advertising and promotion exp 155,995 242,846 239,759 234,306 257,681 285,543 317,207
8.36% 11.05% 10.02% 9.88% 9.83% 9.83% 9.83%
Loading and unloading exp 25,387 32,122 44,204 34,666 40,192 44,538 49,477
1.36% 1.46% 1.85% 1.46% 1.53% 1.53% 1.53%
Bonus Outlet 22,386 41,557 33,754 27,462 37,097 41,108 45,667
1.20% 1.89% 1.41% 1.16% 1.41% 1.41% 1.41%
Salary and allowance 5,953 7,589 7,417 9,419 7,192 7,970 8,853
0.32% 0.35% 0.31% 0.40% 0.27% 0.27% 0.27%
Traveling 2,938 2,447 2,269 7,081 4,340 4,810 5,343
0.16% 0.11% 0.09% 0.30% 0.17% 0.17% 0.17%
Depreciation Exp 497 492 458 1,011 581 644 715
0.03% 0.02% 0.02% 0.04% 0.02% 0.02% 0.02%
Others 5,443 10,559 8,829 27,518 12,068 13,373 14,856
0.29% 0.48% 0.37% 1.16% 0.46% 0.46% 0.46%
Total 218,599 337,612 336,690 341,463 359,151 397,986 442,119
G&A
Salaries & Allowance 33,950 43,225 55,364 64,259 57,748 63,992 71,088
1.82% 1.97% 2.31% 2.71% 2.20% 2.20% 2.20%
Employment of benefit 9,870 9,210 10,228 13,417 12,724 14,100 15,664
0.53% 0.42% 0.43% 0.57% 0.49% 0.49% 0.49%
Taxation and tax penalty 73,660 11,502 42,900 41,157 45,607 50,664
3.95% 0.52% 0.00% 1.81% 1.57% 1.57% 1.57%
Repair and maintenance - - - 4,574 1,264 1,401 1,556
0.00% 0.00% 0.00% 0.19% 0.05% 0.05% 0.05%
Profesionall fees 642 9,776 2,392 5,104 5,207 5,770 6,410
0.03% 0.44% 0.10% 0.22% 0.20% 0.20% 0.20%
Permits - 2 37 3,387 947 1,049 1,165
0.00% 0.00% 0.00% 0.14% 0.04% 0.04% 0.04%
Traveling 2,288 2,516 1,882 4,283 3,253 3,605 4,005
0.12% 0.11% 0.08% 0.18% 0.12% 0.12% 0.12%
Depreciation Exp 1,003 547 579 3,865 1,742 1,931 2,145
0.05% 0.02% 0.02% 0.16% 0.07% 0.07% 0.07%
Others 10,850 24,350 9,122 11,118 16,645 18,445 20,491
0.58% 1.11% 0.38% 0.47% 0.63% 0.63% 0.63%
Total 132,263 101,128 79,604 152,907 140,688 155,900 173,188

117
LAMPIRAN 10

Proyeksi Laporan Laba Rugi PT Jamu dan Farmasi Sido Muncul Tbk 2014-2016 Skenario Optimis, Netral dan Pesimis (dalam jutaan
rupiah keculai dinyatakan lain)
Optimistic Neutral Pesimistic
Income Statement 2010 2011 2012 2013
2014 2015 2016 2014 2015 2016 2010 2011 2016
Sales 1,866,538 2,198,273 2,391,667 2,372,364 2,806,028 3,356,427 4,058,230 2,690,277 3,065,622 3,509,917 2,622,314 2,905,863 3,228,092
COGS 1,180,604 1,320,584 1,471,020 1,361,583 1,318,288 1,556,593 1,881,082 1,401,738 1,433,306 1,651,550 1,468,156 1,467,258 1,630,157
Gross Profit 685,934 877,689 920,647 1,010,781 1,487,740 1,799,834 2,177,148 1,288,539 1,632,316 1,858,367 1,154,158 1,438,604 1,597,935
OPEX:
Marketing and Sales Exp 218,599 337,612 336,690 341,463 384,313 459,695 555,814 368,460 419,867 480,717 359,151 397,986 442,119
G&A 132,263 101,128 79,604 152,907 150,544 180,073 217,725 144,334 164,471 188,308 140,688 155,900 173,188
T. OPEX 350,862 438,740 416,294 494,370 534,857 639,768 773,539 512,793 584,338 669,025 499,839 553,886 615,306
OPINC 335,072 438,949 504,353 516,411 952,884 1,160,066 1,403,609 775,746 1,047,978 1,189,342 654,319 884,718 982,629

Other Inc (Exp):

Other Financial Income 6,653 11,215 8,490 134,601 48,371 69,333 99,611 46,376 63,326 86,153 45,204 60,026 79,235
0.36% 0.51% 0.35% 5.67% 1.72% 2.07% 2.45% 1.72% 2.07% 2.45% 1.72% 2.07% 2.45%
Other Income 5,694 7,754 4,043 23,869 12,858 16,666 21,610 12,328 15,222 18,690 12,016 14,429 17,189
0.31% 0.35% 0.17% 1.01% 0.46% 0.50% 0.53% 0.46% 0.50% 0.53% 0.46% 0.50% 0.53%
Interest & Fin Charges (3,875) (606) (708) (13,256) - - - - - - - - -
-0.21% -0.03% -0.03% -0.56% -0.21% -0.21% -0.25% -0.21% -0.21% -0.25% -0.21% -0.21% -0.25%
Other Exp (4,353) (2,268) (2,557) (78,967) (26,460) (37,606) (55,790) (25,369) (34,348) (48,252) (24,728) (32,558) (44,378)
-0.23% -0.10% -0.11% -3.33% -0.94% -1.12% -1.37% -0.94% -1.12% -1.37% -0.94% -1.12% -1.37%
T. Other Inc (Exp) 4,119 16,095 9,268 66,247 34,769 48,393 65,431 33,335 44,200 56,590 32,493 41,896 52,047

EBT 339,191 455,044 513,621 582,658 987,653 1,208,458 1,469,040 809,080 1,092,177 1,245,933 686,811 926,614 1,034,676
Tax 102,022 115,109 126,083 176,715 272,225 333,085 404,909 223,005 301,035 343,414 189,305 255,401 285,186
30.08% 25.30% 24.55% 30.33% 27.56% 27.56% 27.56% 27.56% 27.56% 27.56% 27.56% 27.56% 27.56%
Minority Interest - - - - - - - - - - - - -
Other comprehensive income - - - 993.00 - - - - - - - - -

NI 237,169 339,935 387,538 406,936 715,428 875,373 1,064,131 586,075 791,143 902,518 497,507 671,213 749,490
Growth 43.33% 14.00% 5.01% 75.81% 22.36% 21.56% 44.02% 34.99% 14.08% 22.26% 34.92% 11.66%
EPS (In Rupiah Full Amount) 6,588,028 9,442,639 342,954 27 48 58 71 39 53 60 33 45 50

118
LAMPIRAN 11

Proyeksi Properti, Pabrik dan Peralatan PT Jamu dan Farmasi Sido Muncul Tbk
2014-2016 Bagian 1 (dalam jutaan rupiah keculai dinyatakan lain)
PP&E 2010 2011 2012 2013 2014F 2015F 2016F
Land
Cost
Beginning 5,255 5,255 72,247 165,126 156,515 238,183 340,268
Additions - 66,992 86,042 14,389 81,668 102,085 -
Deductions - - 59 23,000 - - -
Reclass - - 6,896 - - - -
Ending 5,255 72,247 165,126 156,515 238,183 340,268 340,268
Buildings
Cost
Beginning 69,071 76,069 78,316 117,356 165,047 221,561 292,074
Additions 518 - 17,831 31,944 56,514 70,513 -
Deductions - - 219 - - - -
Reclass 6,480 2,247 21,428 15,747 - - -
Ending 76,069 78,316 117,356 165,047 221,561 292,074 292,074
Growth 0 0 -
Acc Depre
Beginning 13,125 16,949 20,911 25,578 32,108 40,874 52,430
Additions 3,824 3,962 4,854 6,530 8,766 11,556 7,926
Deductions - - 187 - - - -
Reclass - - - - - - -
Ending 16,949 20,911 25,578 32,108 40,874 52,430 60,356

Total 59,120 57,405 91,778 132,939 180,687 239,645 231,718

Machine
Cost
Beginning 133,814 147,119 214,957 252,123 345,356 514,121 615,611
Additions 13,305 41,209 37,166 93,330 168,765 101,490 -
Deductions - 10,679 - 382 - - -
Reclass - 37,308 - 285 - - -
Ending 147,119 214,957 252,123 345,356 514,121 615,611 615,611
Growth 0 0 -
Acc Depre
Beginning 43,679 60,435 72,082 99,730 133,198 183,457 243,637
Additions 16,756 20,761 27,648 33,761 50,259 60,180 60,180
Deductions - 9,114 - 293 - - -
Reclass - - - - - - -
Ending 60,435 72,082 99,730 133,198 183,457 243,637 303,818

Total 86,684 142,875 152,393 212,158 330,664 371,974 311,793

Equipment
Cost
Beginning 16,680 22,434 24,123 28,813 49,760 80,631 110,852
Additions 6,135 1,720 4,697 22,943 30,871 30,221 -
Deductions 381 31 7 1,996 - - -
Reclass - - - - - - -
Ending 22,434 24,123 28,813 49,760 80,631 110,852 110,852
Growth 1 0 -
Acc Depre
Beginning 11,400 13,350 15,956 18,717 23,478 32,588 45,112
Additions 2,324 2,628 2,765 5,622 9,110 12,524 12,524
Deductions 374 22 4 861 - - -
Reclass - - - - - - -
Ending 13,350 15,956 18,717 23,478 32,588 45,112 57,637

Total 9,084 8,167 10,096 26,282 48,044 65,740 53,216

119
LAMPIRAN 12

Proyeksi Properti, Pabrik dan Peralatan PT Jamu dan Farmasi Sido Muncul Tbk
2014-2016 Bagian 2 (dalam jutaan rupiah keculai dinyatakan lain)
Vehicles
Cost
Beginning 14,221 14,356 19,885 23,259 24,092 27,731 31,863
Additions 1,669 6,157 4,867 1,863 3,639 4,132 3,625
Deductions 1,534 628 2,457 1,030 - - -
Reclass - - 964 - - - -
Ending 14,356 19,885 23,259 24,092 27,731 31,863 35,488

Acc Depre
Beginning 6,168 7,257 8,636 9,049 10,924 12,994 15,209
Additions 1,493 1,769 2,304 2,715 2,070 2,215 2,326
Deductions 404 390 2,013 840 - - -
Reclass - - 122 - - - -
Ending 7,257 8,636 9,049 10,924 12,994 15,209 17,535

Total 7,099 11,249 14,210 13,168 14,737 16,654 17,953

Office Equipment
Cost
Beginning - 225 464 709 1,114 1,393 1,684
Additions 225 239 245 405 279 292 305
Deductions - - - - - - -
Reclass - - - - - - -
Ending 225 464 709 1,114 1,393 1,684 1,989

Acc Depre
Beginning - - 29 174 393 491 614
Additions - 29 145 219 98 123 146
Deductions - - - - - - -
Reclass - - - - - - -
Ending - 29 174 393 491 614 760

Total 225 435 535 721 901 1,070 1,229

Financial Lease (Vehicle)
Vehicle
Beginning 383 964 964 - - - -
Additions 581 - - - - - -
Deductions - - - - - - -
Reclass - - (964) - - - -
Ending 964 964 - - - - -

Acc Depre
Beginning 56 92 122 - - - -
Additions 36 30 - - - - -
Deductions - - - - - - -
Reclass - - (122) - - - -
Ending 92 122 - - - - -

Total 872 842 - - - - -

120
LAMPIRAN 13

Proyeksi Properti, Pabrik dan Peralatan PT Jamu dan Farmasi Sido Muncul Tbk
2014-2016 Bagian 3 (dalam jutaan rupiah keculai dinyatakan lain)
PP&E 2010 2011 2012 2013 2014F 2015F 2016F
Construction in Progress
Building
Beginning 3,407 10,916 13,626 7,656 6,130 - -
Additions 14,349 4,957 22,354 14,221 - - -
Deductions - - - - - - -
Reclass (6,840) (2,247) (28,324) (15,747) (6,130)
Ending 10,916 13,626 7,656 6,130 - - -

Machine and equipment

Beginning - 37,308 - - 8,463 - -
Additions 37,308 - - 8,748 - - -
Deductions - - - - - - -
Reclass - (37,308) - (285) (8,463) - -
Ending 37,308 - - 8,463 - - -

Total Ending 48,224 13,626 7,656 14,593 - - -

Total
Fixed Assets 314,646 424,582 595,042 756,477 1,083,620 1,392,352 1,396,283
Depreciation 98,083 117,736 153,248 200,101 270,404 357,002 440,106
Impairment - - - - - - -
Book Value 216,563 306,846 441,794 556,376 813,216 1,035,350 956,177

121
LAMPIRAN 14

Proyeksi Persediaan dan Perhitungan Perputaran Piutang PT Jamu dan Farmasi Sido Muncul Tbk 2014-2016 (dalam jutaan rupiah
keculai dinyatakan lain)
Optimistic Neutral Pesimistic
Inventories 2010 2011 2012 2013
2014 2015 2016 2014 2015 2016 2010 2011 2016

Finished Goods 50,613 52,787 55,272 79,868 220,054 238,584 262,211 216,158 228,794 243,752 213,870 223,415 234,264
2.71% 2.40% 2.31% 3.37% 3.37% 3.37% 3.37% 3.37% 3.37% 3.37% 3.37% 3.37% 3.37%
Work in process 2 56 90 536 634 758 917 608 693 793 592 657 729
0.00% 0.00% 0.00% 0.02% 0.02% 0.02% 0.02% 0.02% 0.02% 0.02% 0.02% 0.02% 0.02%
Raw Material 121,601 153,191 179,720 206,350 590,438 638,312 699,356 580,370 613,018 651,663 574,459 599,122 627,150
7% 7% 8% 9% 8.70% 8.70% 8.70% 8.70% 8.70% 8.70% 8.70% 8.70% 8.70%
Fuel 173 150 150 259 693 753 830 680 721 770 673 704 739
0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
Alcohol - 92 92 716 1,240 1,407 1,618 1,206 1,319 1,453 1,185 1,271 1,368
0.00% 0.00% 0.00% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03%
Total 172,389 206,276 235,324 287,729 813,060 879,814 964,932 799,021 844,545 898,430 790,779 825,168 864,250
Receivable Turnover
Trade Receivables Collection Period 31.95 36.53 46.05 46.05 46.05 46.05 46.05 46.05 46.05 46.05 46.05 46.05
Other Receivables Collection Period 15.02 64.59 61.37 61.37 61.37 61.37 61.37 61.37 61.37 61.37 61.37 61.37

122
LAMPIRAN 15

Proyeksi Laporan Neraca PT Jamu dan Farmasi Sido Muncul Tbk 2014-2016
Skenario Optimis (dalam jutaan rupiah keculai dinyatakan lain)
Optimistic
Balance Sheet 2010 2011 2012 2013
2014 2015 2016
ASSETS
Cash 277,316 121,574 410,731 1,348,955 1,031,052 1,315,489 2,007,076
Time Deposit - - - 200,000 - - -
Investment - - - 61,816 - - -
Trade Receivables - net 167,102 207,937 260,923 329,975 351,232 420,673 509,214
AFDA 4,927 4,927 4,927 2,785 2,785.00 2,785.00 2,785.00
2.86% 2.31% 1.85% 0.84% 0.84% 0.84% 0.84%
Trade Receivables - gross 172,029 212,864 265,850 332,760 354,017 423,458 511,999
Other Receivables - net 235 180,641 665,766 132,000 471,798 564,341 682,340
AFDA - - - - - - -
Other Receivables - gross 235 180,641 665,766 132,000 471,798 564,341 682,340
Inventories 172,389 206,276 235,540 287,729 813,060 879,814 964,932
Prepaid Taxes 1,580 2,254 1,140 3,649 4,316 5,163 6,242
0.08% 0.10% 0.05% 0.15% 0.15% 0.15% 0.15%
Other CA 20,505 25,116 10,750 2,786 19,698 23,562 28,489
1.10% 1.14% 0.45% 0.12% 0.70% 0.70% 0.70%
T.CA 639,127 743,798 1,584,850 2,366,910 2,691,157 3,209,042 4,198,293

Down payment for the purchase of Fixes Assets 22,363 8,999 17,277 25,672 23,935 28,630 34,616
1.20% 0.41% 0.72% 1.08% 0.85% 0.85% 0.85%
Investment in Associates - 101,754 101,903 - 62,361 93,241 93,960
0% 5% 4% 0% 2% 3% 2%
Deferred Tax Assets 11,686 7,082 5,025 2,304 8,807 7,915 8,694
0.63% 0.32% 0.21% 0.10% 0.31% 0.24% 0.21%
PP&E - net 216,563 306,846 441,794 556,376 813,216 1,035,350 956,177
Acc Depre & Impairment 98,083 117,736 153,248 200,101 270,404 357,002 440,106
PP&E - gross 314,646 424,582 595,042 756,477 1,083,620 1,392,352 1,396,283
Investment - - - 60 71 85 103
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Other NCA 463 179 150 185 330 285 348
0.02% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
T.NCA 251,075 424,860 566,149 584,597 908,720 1,165,506 1,093,898
T.ASSETS 890,202 1,168,658 2,150,999 2,951,507 3,599,877 4,374,548 5,292,191
LIABILITIES & EQUITY
Short-term Bank Loans - 139 298,797 - - - -
Trade Payables 98,644 155,313 192,776 175,019 194,934 247,116 301,802
Related Parties 84,324 31,139 29,615 19,597 56,110 45,987 55,132
4.52% 1.42% 1.24% 0.83% 2.00% 1.37% 1.36%
Third Parties 14,320 124,174 163,161 155,422 138,823 201,129 246,670
0.77% 5.65% 6.82% 6.55% 4.95% 5.99% 6.08%
Royalty Payable - - 28,736 9,459 11,226 13,428 16,235
0.00% 0.00% 1.20% 0.40% 0.40% 0.40% 0.40%
Taxes Payable 143,326 110,817 238,146 96,662 96,662 96,662 96,662
8% 5% 10% 4% 0.00% 0.00% 0.00%
Accrued Exp 17,876 55,508 19,440 37,827 41,319 53,744 55,608
0.96% 2.53% 0.81% 1.59% 1.47% 1.60% 1.37%
Sales Advances 179 35,246 960 98 11,625 17,302 9,882
0.01% 1.60% 0.04% 0.00% 0.41% 0.52% 0.24%
Other Payables 7,332 3,644 58,829 5,682 22,854 30,875 44,981
0.39% 0.17% 2.46% 0.24% 0.81% 0.92% 1.11%
T.CL 267,357.00 360,667.00 837,684.00 324,747.00 378,619.97 459,126.27 525,171.30

Post-Employment Benefits 40,578 19,662 8,664 1,304 24,452 18,318 18,611

2.17% 0.89% 0.36% 0.05% 0.87% 0.55% 0.46%
Loan to Shareholders 235,032 252,898 - - -
12.59% 11.50% 0.00% 0.00% 0.00% 0.00% 0.00%
Other LTD 826.00 87.00 - - - - -
T.NCL 276,436 272,647 8,664 1,304 24,452 18,318 18,611
T.LIABILITIES 543,793 633,314 846,348 326,051 403,072 477,444 543,782

Minority Interest 2.00 2.00 2.00 2.00 2.00 2.00 2.00

Capital Stock 36,000 36,000 1,130,000 1,500,000 1,500,000 1,500,000 1,500,000
Add Paid-in Capital 692,376 692,376 692,376 692,376
Other Equity Component 50,325 59,325 (1,793) - - - -
Unrealized Gain (Loss) on AFS Securities 993 - - -
R/E 260,082 440,017 176,442 432,085 1,004,427 1,704,726 2,556,030
T.EQUITY 346,409 535,344 1,304,651 2,625,456 3,196,805.22 3,897,104 4,748,408
T.LIABILITIES & EQUITY 890,202 1,168,658 2,150,999 2,951,507 3,599,877 4,374,548 5,292,191

123
LAMPIRAN 16

Proyeksi Laporan Neraca PT Jamu dan Farmasi Sido Muncul Tbk 2014-2016
Skenario Netral (dalam jutaan rupiah keculai dinyatakan lain)
Neutral
Balance Sheet 2010 2011 2012 2013
2014 2015 2016
ASSETS
Cash 277,316 121,574 410,731 1,348,955 968,050 1,246,248 1,897,679
Time Deposit - - - 200,000 - - -
Investment - - - 61,816 - - -
Trade Receivables - net 167,102 207,937 260,923 329,975 336,629 383,984 440,037
AFDA 4,927 4,927 4,927 2,785 2,785.00 2,785.00 2,785.00
2.86% 2.31% 1.85% 0.84% 0.84% 0.84% 0.84%
Trade Receivables - gross 172,029 212,864 265,850 332,760 339,414 386,769 442,822
Other Receivables - net 235 180,641 665,766 132,000 452,336 515,446 590,148
AFDA - - - - - - -
Other Receivables - gross 235 180,641 665,766 132,000 452,336 515,446 590,148
Inventories 172,389 206,276 235,540 287,729 799,021 844,545 898,430
Prepaid Taxes 1,580 2,254 1,140 3,649 4,138 4,715 5,399
0.08% 0.10% 0.05% 0.15% 0.15% 0.15% 0.15%
Other CA 20,505 25,116 10,750 2,786 18,886 21,521 24,640
1.10% 1.14% 0.45% 0.12% 0.70% 0.70% 0.70%
T.CA 639,127 743,798 1,584,850 2,366,910 2,579,060 3,016,458 3,856,333

Down payment for the purchase of Fixes Assets 22,363 8,999 17,277 25,672 22,948 26,150 29,939
1.20% 0.41% 0.72% 1.08% 0.85% 0.85% 0.85%
Investment in Associates - 101,754 101,903 - 59,788 85,163 81,265
0% 5% 4% 0% 2% 3% 2%
Deferred Tax Assets 11,686 7,082 5,025 2,304 8,444 7,229 7,519
0.63% 0.32% 0.21% 0.10% 0.31% 0.24% 0.21%
PP&E - net 216,563 306,846 441,794 556,376 813,216 1,035,350 956,177
Acc Depre & Impairment 98,083 117,736 153,248 200,101 270,404 357,002 440,106
PP&E - gross 314,646 424,582 595,042 756,477 1,083,620 1,392,352 1,396,283
Investment - - - 60 68 78 89
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Other NCA 463 179 150 185 231 263 301
0.02% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
T.NCA 251,075 424,860 566,149 584,597 904,695 1,154,232 1,075,290
T.ASSETS 890,202 1,168,658 2,150,999 2,951,507 3,483,755 4,170,690 4,931,623
LIABILITIES & EQUITY
Short-term Bank Loans - 139 298,797 - - - -
Trade Payables 98,644 155,313 192,776 175,019 186,892 225,706 261,025
Related Parties 84,324 31,139 29,615 19,597 53,795 42,003 47,683
4.52% 1.42% 1.24% 0.83% 2.00% 1.37% 1.36%
Third Parties 14,320 124,174 163,161 155,422 133,097 183,703 213,342
0.77% 5.65% 6.82% 6.55% 4.95% 5.99% 6.08%
Royalty Payable - - 28,736 9,459 10,763 12,264 14,042
0.00% 0.00% 1.20% 0.40% 0.40% 0.40% 0.40%
Taxes Payable 143,326 110,817 238,146 96,662 96,662 96,662 96,662
8% 5% 10% 4% 0.00% 0.00% 0.00%
Accrued Exp 17,876 55,508 19,440 37,827 39,615 49,088 48,095
0.96% 2.53% 0.81% 1.59% 1.47% 1.60% 1.37%
Sales Advances 179 35,246 960 98 11,146 15,803 8,547
0.01% 1.60% 0.04% 0.00% 0.41% 0.52% 0.24%
Other Payables 7,332 3,644 58,829 5,682 21,911 28,200 38,904
0.39% 0.17% 2.46% 0.24% 0.81% 0.92% 1.11%
T.CL 267,357.00 360,667.00 837,684.00 324,747.00 366,988.92 427,721.88 467,274.79

Post-Employment Benefits 40,578 19,662 8,664 1,304 23,443 16,731 16,096

2.17% 0.89% 0.36% 0.05% 0.87% 0.55% 0.46%
Loan to Shareholders 235,032 252,898 - - -
12.59% 11.50% 0.00% 0.00% 0.00% 0.00% 0.00%
Other LTD 826.00 87.00 - - - - -
T.NCL 276,436 272,647 8,664 1,304 23,443 16,731 16,096
T.LIABILITIES 543,793 633,314 846,348 326,051 390,432 444,453 483,371

Minority Interest 2.00 2.00 2.00 2.00 2.00 2.00 2.00

Capital Stock 36,000 36,000 1,130,000 1,500,000 1,500,000 1,500,000 1,500,000
Add Paid-in Capital 692,376 692,376 692,376 692,376
Other Equity Component 50,325 59,325 (1,793) - - - -
Unrealized Gain (Loss) on AFS Securities 993 - - -
R/E 260,082 440,017 176,442 432,085 900,945 1,533,859 2,255,874
T.EQUITY 346,409 535,344 1,304,651 2,625,456 3,093,323.05 3,726,237 4,448,252
T.LIABILITIES & EQUITY 890,202 1,168,658 2,150,999 2,951,507 3,483,755 4,170,690 4,931,623

124
LAMPIRAN 17

Proyeksi Laporan Neraca PT Jamu dan Farmasi Sido Muncul Tbk 2014-2016
Skenario Pesimis (dalam jutaan rupiah keculai dinyatakan lain)
Pesimistic
Balance Sheet 2010 2011 2012 2013
2010 2011 2016
ASSETS
Cash 277,316 121,574 410,731 1,348,955 920,911 1,135,282 1,705,809
Time Deposit - - - 200,000 - - -
Investment - - - 61,816 - - -
Trade Receivables - net 167,102 207,937 260,923 329,975 328,055 363,828 404,481
AFDA 4,927 4,927 4,927 2,785 2,785.00 2,785.00 2,785.00
2.86% 2.31% 1.85% 0.84% 0.84% 0.84% 0.84%
Trade Receivables - gross 172,029 212,864 265,850 332,760 330,840 366,613 407,266
Other Receivables - net 235 180,641 665,766 132,000 440,909 488,584 542,763
AFDA - - - - - - -
Other Receivables - gross 235 180,641 665,766 132,000 440,909 488,584 542,763
Inventories 172,389 206,276 235,540 287,729 790,779 825,168 864,250
Prepaid Taxes 1,580 2,254 1,140 3,649 4,033 4,470 4,965
0.08% 0.10% 0.05% 0.15% 0.15% 0.15% 0.15%
Other CA 20,505 25,116 10,750 2,786 18,409 20,399 22,661
1.10% 1.14% 0.45% 0.12% 0.70% 0.70% 0.70%
T.CA 639,127 743,798 1,584,850 2,366,910 2,503,095 2,837,731 3,544,929

Down payment for the purchase of Fixes Assets 22,363 8,999 17,277 25,672 22,368 24,787 27,535
1.20% 0.41% 0.72% 1.08% 0.85% 0.85% 0.85%
Investment in Associates - 101,754 101,903 - 58,278 80,725 74,739
0% 5% 4% 0% 2% 3% 2%
Deferred Tax Assets 11,686 7,082 5,025 2,304 8,231 6,852 7,612
0.63% 0.32% 0.21% 0.10% 0.31% 0.24% 0.24%
PP&E - net 216,563 306,846 441,794 556,376 813,216 1,035,350 956,177
Acc Depre & Impairment 98,083 117,736 153,248 200,101 270,404 357,002 440,106
PP&E - gross 314,646 424,582 595,042 756,477 1,083,620 1,392,352 1,396,283
Investment - - - 60 66 73 82
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Other NCA 463 179 150 185 225 249 277
0.02% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
T.NCA 251,075 424,860 566,149 584,597 902,384 1,148,037 1,066,423
T.ASSETS 890,202 1,168,658 2,150,999 2,951,507 3,405,479 3,985,768 4,611,352
LIABILITIES & EQUITY
Short-term Bank Loans - 139 298,797 - - - -
Trade Payables 98,644 155,313 192,776 175,019 182,171 213,943 240,066
Related Parties 84,324 31,139 29,615 19,597 52,436 39,814 43,854
4.52% 1.42% 1.24% 0.83% 2.00% 1.37% 1.36%
Third Parties 14,320 124,174 163,161 155,422 129,735 174,130 196,212
0.77% 5.65% 6.82% 6.55% 4.95% 5.99% 6.08%
Royalty Payable - - 28,736 9,459 10,491 11,625 12,914
0.00% 0.00% 1.20% 0.40% 0.40% 0.40% 0.40%
Taxes Payable 143,326 110,817 238,146 96,662 96,662 96,662 96,662
8% 5% 10% 4% 0.00% 0.00% 0.00%
Accrued Exp 17,876 55,508 19,440 37,827 38,614 46,529 44,233
0.96% 2.53% 0.81% 1.59% 1.47% 1.60% 1.37%
Sales Advances 179 35,246 960 98 10,864 14,979 7,861
0.01% 1.60% 0.04% 0.00% 0.41% 0.52% 0.24%
Other Payables 7,332 3,644 58,829 5,682 21,358 26,730 35,780
0.39% 0.17% 2.46% 0.24% 0.81% 0.92% 1.11%
T.CL 267,357.00 360,667.00 837,684.00 324,747.00 360,159.85 410,469.31 437,516.88

Post-Employment Benefits 40,578 19,662 8,664 1,304 22,851 15,859 14,804

2.17% 0.89% 0.36% 0.05% 0.87% 0.55% 0.46%
Loan to Shareholders 235,032 252,898 - - -
12.59% 11.50% 0.00% 0.00% 0.00% 0.00% 0.00%
Other LTD 826.00 87.00 - - - - -
T.NCL 276,436 272,647 8,664 1,304 22,851 15,859 14,804
T.LIABILITIES 543,793 633,314 846,348 326,051 383,011 426,328 452,321

Minority Interest 2.00 2.00 2.00 2.00 2.00 2.00 2.00

Capital Stock 36,000 36,000 1,130,000 1,500,000 1,500,000 1,500,000 1,500,000
Add Paid-in Capital 692,376 692,376 692,376 692,376
Other Equity Component 50,325 59,325 (1,793) - - - -
Unrealized Gain (Loss) on AFS Securities 993 - - -
R/E 260,082 440,017 176,442 432,085 830,090 1,367,061 1,966,653
T.EQUITY 346,409 535,344 1,304,651 2,625,456 3,022,468 3,559,439.06 4,159,031
T.LIABILITIES & EQUITY 890,202 1,168,658 2,150,999 2,951,507 3,405,479 3,985,768 4,611,352

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LAMPIRAN 18

Perhitungan Weighted Average Cost of Capital Pada Proyeksi Laporan Keuangan PT Jamu dan Farmasi Sido Muncul Tbk 2014-2016
Optimistic Neutral Pesimistic
WACC 2014 2015 2016 2014 2015 2016 2014 2015 2016
Cost of Debt 8.87% 8.87% 8.87% 8.87% 8.87% 8.87% 8.87% 8.87% 8.87%
Cost of Equity 15.24% 15.24% 15.24% 15.24% 15.24% 15.24% 15.24% 15.24% 15.24%
Tax Rate 30.33% 30.33% 30.33% 30.33% 30.33% 30.33% 30.33% 30.33% 30.33%
Debt Proportion 11.20% 10.91% 10.28% 11.21% 10.66% 9.80% 11.25% 10.70% 9.81%
Equity Proportion 88.80% 89.09% 89.72% 88.79% 89.34% 90.20% 88.75% 89.30% 90.19%
WACC 14.22% 14.25% 14.31% 14.22% 14.27% 14.35% 14.22% 14.27% 14.35%

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LAMPIRAN 19

Valuasi Nilai Intrinsik Atau Harga Wajar Saham PT Jamu dan Farmasi Sido Muncul Tbk 2014-2016 Metode Free Cash Flow to the
Firm (FCFF) Skenario Optimis (dalam jutaan rupiah kecuali dinyatakan lain)

Optimistic
FCFF
2014 2015 2016 Terminal Value
EBIT 987,653 1,208,458 1,469,040
Tax 30.33% 30.33% 30.33%
EBIT *(1-Tax) 688,106 841,943 1,023,493
Change In Net Working Capital (882,285) (179,063) (240,171)
Depreciation & Amortization 70,303 86,598 83,103
Capital Expenditure 327,143 308,732 3,930
FCFF 1,313,552 798,872 1,342,837
Terminal Value 16,703,763
WACC 14.22% 14.25% 14.31% 14.31%
Present Value 1,149,999 612,045 899,131 11,184,436

Value of Operating Assets 13,845,611.96

Cash & Marketable Securities 1,031,052.16
Value of Debt -
Value of Firm 14,876,664
Share Outstanding (full amount) 15,000,000,000
Share Price(in Rupiah full amount) 991.78

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LAMPIRAN 20

Valuasi Nilai Intrinsik Atau Harga Wajar Saham PT Jamu dan Farmasi Sido Muncul Tbk 2014-2016 Metode Free Cash Flow to the
Firm (FCFF) Skenario Netral (dalam jutaan rupiah kecuali dinyatakan lain)

Neutral
FCFF
2014 2015 2016 Terminal Value
EBIT 809,080 1,092,177 1,245,933
Tax 30.33% 30.33% 30.33%
EBIT *(1-Tax) 563,693 760,930 868,052
Change In Net Working Capital (841,694) (118,885) (151,347)
Depreciation & Amortization 70,303 86,598 83,103
Capital Expenditure 327,143 308,732 3,930
FCFF 1,148,548 657,680 1,098,573
Terminal Value 13,596,745
WACC 14.22% 14.27% 14.35% 14.35%
Present Value 1,005,549 503,667 734,750 9,093,810

Value of Operating Assets 11,337,775.97

Cash & Marketable Securities 968,050.46
Value of Debt -
Value of Firm 12,305,826
Share Outstanding (full amount) 15,000,000,000
Share Price(in Rupiah full amount) 820.39

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LAMPIRAN 21

Valuasi Nilai Intrinsik Atau Harga Wajar Saham PT Jamu dan Farmasi Sido Muncul Tbk 2014-2016 Metode Free Cash Flow to the
Firm (FCFF) Skenario Netral (dalam jutaan rupiah kecuali dinyatakan lain)

Pesimistic
FCFF
2014 2015 2016 Terminal Value
EBIT 686,811 926,614 1,034,676
Tax 30.33% 30.33% 30.33%
EBIT *(1-Tax) 478,508 645,580 720,868
Change In Net Working Capital (817,861) (87,358) (109,259)
Depreciation & Amortization 70,303 86,598 83,103
Capital Expenditure 327,143 308,732 3,930
FCFF 1,039,529 510,804 909,300
Terminal Value 11,255,046
WACC 14.22% 14.27% 14.35% 14.35%
Present Value 910,132 391,211 608,171 7,527,761

Value of Operating Assets 9,437,274.31

Cash & Marketable Securities 920,911.28
Value of Debt -
Value of Firm 10,358,186
Share Outstanding (full amount) 15,000,000,000
Share Price(in Rupiah full amount) 690.55

129