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First Pacific Cptl (78JZ)

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Monday 25 February, 2002

First Pacific Cptl

Indofood 2001 Results

First Pacific Capital (1997) Ld
25 February 2002



FIRST PACIFIC COMPANY LIMITED

PRESS RELEASE

Monday, 25 February 2002


INDOFOOD 2001 FINANCIAL RESULTS

Net sales and net profit both increased by 15%

Debts of US$165 million and Rp347 billion or equivalent to a total of
approximately US$200 million repaid; Significant improvement of debt equity
ratio

Share buy back in progress; 25% repurchased up to 21 February 2002


The attached press release has today been published by Indofood.


Indofood is based in Jakarta and is listed on the Jakarta and Surabaya stock
exchanges. The principal businesses of Indofood are Instant Noodles, Flour and
Edible Oils & Fats, and it also has interests in Snack Foods, Baby Foods, Food
Seasonings and Distribution. Further information on Indofood can be found at
www.indofood.co.id .


As at 31 December 2001, First Pacific had a 48.7 per cent economic interest in
Indofood. As a consequence of Indofood's share buy back program, First Pacific's
economic interest in Indofood is currently 49.2 per cent.

                                     * * *

For further information, please contact:

PT Indofood Sukses Makmur Tbk

Djoko Wibowo     Tel:      (62-21) 522 8822 ext. 134 or 790

Investor Relations Department

Herlinda Zulkarnaen     Tel:      (62-21) 522 8822 ext. 648 or 649

Manager, Investor Relations



Information about First Pacific can also be accessed on:

Web Site:      www.firstpacco.com

Email:      [email protected]





                                 Press Release

INDOFOOD 2001 FINANCIAL RESULTS


  • NET SALES AND NET PROFIT BOTH INCREASED BY 15% ;


  • DEBTS OF US$. 165 MILLION AND RP. 347 BILLION OR EQUIVALENT TO A TOTAL OF
    APPROXIMATELY US$. 200 MILLION REPAID ; SIGNIFICANT IMPROVEMENT OF DEBT
    EQUITY RATIO ;

  • SHARE BUY BACK IN PROGRESS ; 25% REPURCHASED UP TO FEB. 21 '02.

                                    =======


Eva Riyanti Hutapea, CEO and President Director of Indofood announced today the
Company's consolidated operating results for the year ended December 31, 2001,
which recorded net sales of Rp.14.6 trillion (2000 : Rp. 12.7 trillion), an
increase of 15% over 2000, whereas net income also increased by 15% to Rp. 746.3
billion (2000: Rp. 646.2 billion). After taking into account the new accounting
principle on 'Derivative Instruments and Hedging Activities' SFAS No. 55 which
took effect on January 1, 2001, Indofood's net profit was reduced by Rp. 80
billion without which, Indofood's net profit would have been Rp. 826 billion,
reflecting a growth of 28% over 2000.


Following are Hutapea's comments on Indofood's 2001 financial results :


 1. The sales revenues of the three principal divisions, i.e. Noodles, Edible Oil
    & Fats (Branded & Commodity) and Flour divisions all recorded improvements
    in sales revenues. Noodles recorded sales of Rp. 4,892 billion (2000 : Rp.
    4,424 billion), a 11% year-on-year improvement, Edible Oils & Fats (Branded
    & Commodity) reached Rp. 2,699 billion (2000 : Rp. 2,601 billion), up 4% and
    Flour sales recorded 29% growth in sales to Rp. 4,322 billion (2000 : Rp.
    3,361 billion). All other operating divisions posted increases in their
    sales revenues in 2001, with year-on-year growth ranging between 10% and 62%
    over 2000, with the exception of baby foods division, which did not record
    comparable aid-related sales revenues in 2001.


 2. During 2001 Indofood made substantial loan repayments of US$. 165 million and
    Rp. 347 billion, or equivalent to a total of approximately US$. 200 million.
    The outstanding debts as of December 31, 2001 amounted to US$. 346 million
    and Rp. 2.2 trillion, or equivalent to a total of Rp. 5,8 trillion. These
    loan repayments have significantly improved Indofood's Debt-Equity ratio as
    of December 31, 2001 to 1.6 times (2000 : 2.1 times), while its Net-Gearing
    ratio improved to 1.3 times (2000 : 1.5 times). As at December 31, 2001,
    hedging contracts totaled US$. 310 million thereby covering approximately
    90% of Indofood's outstanding US dollar debts.


 3. Gross profit recorded improvement to Rp. 3,869 billion (2000 : Rp. 3,741
    billion). As of December 31, 2001, gross and operating margins were 26.4%
    and 13.9%, respectively.


 4. The total assets and shareholders' equity as of December 31, 2001 amounted to
    Rp. 13.0 trillion and Rp. 3.6 trillion, respectively compared to Rp.12.6
    trillion and Rp. 3.1 trillion, respectively in 2000.


The Board of Directors intend to propose dividend payments of 30% of its 2001
earnings at the coming AGM. In the near future, the Company has no intention to
undertake any acquisition.


Hutapea also reported that in connection with the share buy-back program,
Indofood has bought back 225.3 million shares up to February 21, 2002 at a total
cost of Rp. 153.1 billion, which represents 25% of the maximum number of shares
approved by its shareholders under this program, which will be implemented in
stages up to November 30, 2002.


Barring unforeseen circumstances, Hutapea indicated that Indofood is geared to
improve operations in 2002 and achieve a favorable turnaround from the
less-than-spectacular performance in 2001.


Jakarta, February 25, 2002       PT INDOFOOD SUKSES MAKMUR TBK

                          THE BOARD OF DIRECTORS



                                  PT INDOFOOD SUKSES MAKMUR Tbk AND SUBSIDIARIES
                   GEDUNG ARIOBIMO SENTRAL, 12th Floor, Jl. HR Rasuna Said X-2 Kav. 5, Kuningan,

                                         Jakarta Selatan 12950, INDONESIA
                                Phone : ( 62 - 21 ) 5228822 Fax : 5226014 / 5225960
                                            CONSOLIDATED BALANCE SHEETS
                                            DECEMBER 31, 2001 AND 2000
                              ( Amounts in Thousands Rupiah, except per Share data )

                                                    A S S E T S
                                                                           2001                       2000
                                                                            Rp                         Rp
CURRENT ASSETS
Cash and cash equivalents                                                    834,385,979              1,428,037,591
Time deposits                                                                380,616,600               -
Short-term investments                                                       119,324,551                157,982,013
Accounts receivable
    Trade - net
         Third parties                                                       845,832,625                766,390,936
         Related parties                                                      83,561,659                 63,975,753
    Non - trade
         Related parties                                                     108,294,987                337,488,664
         Others - net                                                         92,213,438                 91,429,868
Inventories - net                                                          2,137,103,435              1,970,598,258
Advances and deposits                                                        466,217,009                308,911,605
Prepaid taxes                                                                157,206,260                 79,138,589
Prepaid expenses and other current assets                                     22,239,958                 67,039,458
Total Current Assets                                                       5,246,996,501              5,270,992,735
NON - CURRENT ASSETS
Time and certificates of deposits                                            -                          489,083,578
Currency swap assets - net                                                 1,527,741,717              1,353,037,947
Receivables from related parties                                             296,197,305                 14,309,200
Deferred tax assets - net                                                     25,670,710                 23,932,823
Investments in shares of stocks                                               24,543,033                 26,268,844
Property, plant and equipment - net                                        5,595,589,744              5,203,971,199
Deferred charges - net                                                        93,524,621                 71,835,853
Others                                                                       168,837,953                101,197,732
Total Non-Current Assets                                                   7,732,105,083              7,283,637,176
TOTAL ASSETS                                                              12,979,101,584             12,554,629,911




                                    PT INDOFOOD SUKSES MAKMUR Tbk AND SUBSIDIARIES
                                             CONSOLIDATED BALANCE SHEETS
                                              DECEMBER 31, 2001 AND 2000
                                ( Amounts in Thousands Rupiah, except per Share data )
                                         LIABILITIES AND STOCKHOLDERS' EQUITY
                                                                               2001                       2000
                                                                                Rp                         Rp
CURRENT LIABILITIES
Short-term bank loans and overdraft                                              623,474,149               468,961,277
Trust receipts payable                                                           254,249,673               313,577,035
Accounts payable
    Trade
       Third parties                                                           1,232,864,208               891,873,028
       Related parties                                                           159,332,532               220,804,673
    Non - trade
       Related parties                                                             1,424,812                 1,326,653
       Others                                                                    264,283,577               276,346,163
Accrued expenses                                                                 415,646,835               327,004,304
Taxes payable                                                                    194,237,343               227,892,364
Current maturities of long-term debts :
    Loans                                                                      2,894,667,729             1,224,201,752
    Obligations under capital leases                                              15,165,033                 9,048,694
Total Current Liabilities                                                      6,055,345,891             3,961,035,943
NON - CURRENT LIABILITIES
Long - term debts (net of current maturities)
    Loans                                                                      1,242,767,330             3,690,201,806
    Bonds payable                                                                981,100,000               975,700,000
    Obligations under capital leases                                              41,404,584                 7,067,179
                                                                               2,265,271,914             4,672,968,985
Deferred tax liabilities - net                                                   277,391,305               147,215,889
Other non - current liabilities                                                   60,695,718                80,928,391
Total Non - Current Liabilities                                                2,603,358,937             4,901,113,265
MINORITY INTERESTS IN NET ASSETS OF SUBSIDIARIES                                 758,816,200               633,767,899
STOCKHOLDERS' EQUITY
Capital stock - Rp 100 par value
    Authorized - 30,000,000,000 shares
    Issued and fully paid - 9,156,000,000 shares                                 915,600,000               915,600,000
Additional paid-in capital                                                       963,760,000               963,760,000
Treasury stock - 125,368,500 shares                                             (77,612,911)               -
Differences arising from restructuring transactions among entities             (917,740,765)             (917,740,765)
under common control
Unrealized gains on investments in marketable securities - net                     5,150,092                 6,191,153
Retained earnings
    Appropriated                                                                  25,000,000                20,000,000
    Unappropriated                                                             2,647,424,140             2,070,902,416
Total Stockholders' Equity                                                     3,561,580,556             3,058,712,804
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                    12,979,101,584            12,554,629,911





                                   PT INDOFOOD SUKSES MAKMUR Tbk AND SUBSIDIARIES
                                          CONSOLIDATED STATEMENTS OF INCOME

                                    FOR THE YEAR ENDED DECEMBER 31, 2001 AND 2000

                              ( Amounts in Thousands Rupiah, except Income per Share )
                                                                              2001                      2000
                                                                               Rp                        Rp
NET SALES                                                                    14,644,598,015            12,702,238,659
COST OF GOODS SOLD                                                           10,776,075,123             8,961,595,892
GROSS PROFIT                                                                  3,868,522,892             3,740,642,767
OPERATING EXPENSES
Selling                                                                       1,158,024,174               867,833,370
General and administrative                                                      676,039,055               476,478,327
Total Operating Expenses                                                      1,834,063,229             1,344,311,697
INCOME FROM OPERATIONS                                                        2,034,459,663             2,396,331,070
OTHER INCOME ( CHARGES )
Interest income                                                                 170,351,972               206,171,228
Interest and other financing charges                                          (637,160,003)             (629,663,871)
Losses on foreign exchange - net of gain on the changes in fair               (369,563,886)             (889,497,141)
values of currency swap assets
Others - net                                                                     78,252,107                35,606,153
Other Charges - Net                                                           (758,119,810)           (1,277,383,631)
INCOME BEFORE PROVISION FOR INCOME TAX                                        1,276,339,853             1,118,947,439
PROVISION FOR INCOME TAX
    Current                                                                   (214,855,648)             (252,683,240)
    Deferred                                                                  (146,274,255)              (89,146,203)
                                                                              (361,129,903)             (341,829,443)
INCOME BEFORE MINORITY INTERESTS IN NET EARNINGS OF SUBSIDIARIES                915,209,950               777,117,996
MINORITY INTERESTS IN NET EARNINGS OF SUBSIDIARIES -                          (126,181,255)             (130,945,662)
Net
INCOME BEFORE TRANSITION ADJUSTMENT ON ADPTION OF NEW ACCOUNTING                789,028,695               646,172,334
PRINCIPLE
TRANSITION ADJUSTMENT ON ADOPTION OF                                           (42,698,973)               -

NEW ACCOUNTING PRINCIPLE - Net of Tax Effect
NET INCOME                                                                      746,329,722               646,172,334
INCOME PER SHARE
Income from operations                                                                  223                       262
Net income                                                                               82                        71
                                                                           Jakarta, February 25, 2002

                                                                             The Board of Directors

                                                                          PT INDOFOOD SUKSES MAKMUR Tbk
Notes:   1.   The above consolidated financial statements were audited by Prasetio Utomo & Co. whose report thereon
              dated February 11, 2002 expressed an unqualified opinion.
         2.   Transition adjustment on adoption of new accounting principle arises from the initial adoption of
              Statement of Financial Accounting Standards No. 55, ' Accounting for Derivative Instruments and Hedging
              Activities ', which took effect on January 1, 2001.
         3.   Income per share is computed based on the weighted average number of outstanding shares during the
              year. For purposes of the income per share computation, the stock split made in the year 2000 was
              retroactively effected as if it occurred at the beginning of the year.
         4.   The foreign exchange rates used as at December 31, 2001 and 2000, were Rp 10,400 and Rp 9,595 to US$ 1
              , respectively.





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