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First Pacific Cptl (78JZ)

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Tuesday 06 November, 2001

First Pacific Cptl

Indofood 3rd Qtr Results 2001

First Pacific Capital (1997) Ld
6 November 2001

FIRST PACIFIC COMPANY LIMITED

PRESS RELEASE

Tuesday, 6 November 2001


INDOFOOD THIRD QUARTER FINANCIAL RESULTS

14% Growth in net sales and net income

Reduction of US Dollars obligations to US Dollars 348 million


The attached press release has been issued by Indofood today and is to be
published in Indonesian press tomorrow. First Pacific has a 48 per cent
economic interest in Indofood, a leading processed-foods group with operations
throughout Indonesia. 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 .

                                    * * *

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



Press Release


                   INDOFOOD THIRD QUARTER FINANCIAL RESULTS

                    14% Growth in net sales and net income

        Reduction of US Dollars obligations to US Dollars 348 million

Eva Riyanti Hutapea, President Director & CEO of Indofood announced today the
Company's consolidated operating results for the 9 months ended Sept.30, 2001,
which registered net sales of Rp. 10.7 trillion or 14% growth over the same
period last year. Further, Indofood recorded net income of Rp. 573.5 billion,
also a 14% growth compared to the same period of 2000.

Nearly all operating divisions recorded increased sales revenues, of which the
main drivers continue to be the noodles, flour as well as edible oils and fats
divisions contributing a total of 80% of the consolidated net sales.

The growth in net income was due mainly to the lower net losses on foreign
exchange as a result of the reduction of the Company's foreign currency
outstanding debts from US Dollars 452 million as of Sept.30, 2000 to US
Dollars 348 million as at Sept. 30, 2001. Gross and EBIT margins for the nine
months of 2001 of 26.1% and 14.3%, respectively, were lower than those for the
same period in 2000, as Indofood was not able to adjust accordingly its
selling prices in line with the increases in production costs and operating
expenses, due to the weakening of the Rupiah relative to the US Dollar for the
most part of the year, i.e. from an average exchange rate of Rp. 8,210 in 2000
to an average of Rp. 10,214 in 2001.

On a positive note, Hutapea added that as of September 30, 2001 Indofood had
hedging contracts amounting to US Dollars 310 million. Of the total US Dollars
outstanding debts at the end of the third quarter 2001, US Dollars 215 million
will not mature until mid 2002, and the remaining balance of US Dollars 133
million will mature thereafter in 2003 and 2005. The total assets was Rp. 12.5
trillion, of which cash totaled Rp. 1.1 trillion and shareholders' equity was
Rp. 3.5 trillion.

With the debt reductions in mid-2001, the Company's Debt To Equity and Net
Gearing Ratios improved to 1.5 and 1.2 respectively, at the end of September
2001.

Hutapea emphasized that in view of the current economic and business climate,
Indofood will concentrate more to the domestic market and will also continue
with programs which have been approved by the shareholders in the last
Extraordinary General Meeting held on May 16, 2001 such as the 'share buy
back' program and ESOP.

Barring unforeseen circumstances, Hutapea expressed her confidence that
Indofood can maintain its double digit growth on net sales and net income for
the whole of 2001 and stated that the Board of Directors plans to continue
proposing in the coming AGM for a dividend payment of around 30% of its 2001
earnings.

Jakarta, November 7, 2001 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
                          SEPTEMBER 30, 2001 AND 2000
            ( Amounts in Thousands Rupiah, except per Share data )

                                  (UNAUDITED)

                                  A S S E T S
                                                    2001             2000
                                                     Rp               Rp
CURRENT ASSETS

Cash and cash equivalents                          682,082,882    1,410,951,838

Short-term investments                             198,087,614      247,226,938

Time and certificates of deposits                  391,966,600         -

Accounts receivable
        Trade - net

          Third parties                            865,884,205      714,167,294

          Related parties                           76,051,692       54,566,037

        Non - trade

          Related parties                          351,123,244      212,750,225

          Others - net                             113,361,493       26,310,995

Inventories - net                                2,188,801,973    1,786,849,426

Advances and deposits                              298,369,248      185,824,669

Prepaid taxes                                      201,281,626      147,044,625

Prepaid expenses and other current assets           57,918,286       50,812,680

Total Current Assets                             5,424,928,863    4,836,504,727

NON - CURRENT ASSETS

Time and certificates of deposits                     -             517,199,494

Currency swap assets - net                       1,336,992,407    1,052,167,187

Receivables from related parties                    24,309,200       10,357,200

Deferred tax assets - net                           29,108,101       32,636,621

Investments in shares of stocks                     26,075,095       30,024,552

Property, plant and equipment - net              5,467,282,469    5,016,175,163

Deferred charges - net                              72,000,220       65,037,431

Others                                             104,401,820       67,067,146

Total Non Current Assets                         7,060,169,312    6,790,664,794

TOTAL ASSETS                                    12,485,098,175   11,627,169,521


                         PT INDOFOOD SUKSES MAKMUR Tbk

                               AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS
                          SEPTEMBER 30, 2001 AND 2000
            ( Amounts in Thousands Rupiah, except per Share data )

                                  (UNAUDITED)
                     LIABILITIES AND STOCKHOLDERS' EQUITY

                                             2001                2000
                                              Rp                  Rp
CURRENT LIABILITIES
Short-term bank loans and overdraft        471,538,247              529,326,538

Trust receipts payable                     275,047,135             -

Accounts payable

 Trade

     Third parties                       1,111,556,415              991,536,750

     Related parties                       211,054,399              203,275,697

 Non - trade

     Third parties                         437,682,786              114,963,537

     Related parties                          -                       2,243,530

Accrued expenses                           450,402,003              431,032,083

Taxes payable                              190,221,608              236,357,053

Current maturities of long-term debts :

 Loans                                   2,505,344,531            1,123,921,070

 Obligations under capital leases            4,582,761                6,708,501

Total Current Liabilities                5,657,429,885            3,639,364,759

NON - CURRENT LIABILITIES

Deferred tax liabilities - net             224,577,856               91,666,826

Long - term debts (net of current maturities)

 Loans                                   1,298,560,504            3,287,242,304

 Bonds payable                             979,750,000              974,350,000

 Obligations under capital leases            4,835,034                1,693,980

                                         2,283,145,538            4,263,286,284

Other Non - Current Liabilities            115,469,039               80,872,954

Total Non - Current Liabilities          2,623,192,433            4,435,826,064

MINORITY INTERESTS IN NET ASSETS OF
SUBSIDIARIES                               735,838,391              636,081,567
STOCKHOLDERS' EQUITY

Capital stock - Rp 100 par value

 Authorized - 30,000,000,000 shares

 Issued and fully paid - 9,156,000,000     915,600,000              915,600,000
 shares

Additional paid-in capital                 963,760,000              963,760,000

Differences arising from restructuring transactions
 among entities under common control     (917,740,765)            (917,740,765)

Unrealized gains on investments in
marketable                                   7,469,593                5,008,902

securities - net

Retained earnings

 Appropriated                               25,000,000               20,000,000

 Unappropriated                          2,474,548,638            1,929,268,994

Total Stockholders' Equity               3,468,637,466            2,915,897,131

TOTAL LIABILITIES AND STOCKHOLDERS'     12,485,098,175           11,627,169,521
EQUITY


                         PT INDOFOOD SUKSES MAKMUR Tbk

                               AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF INCOME

             FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000

           ( Amounts in Thousands Rupiah, except Income per Share )

                                  (UNAUDITED)
                                                  2001              2000
                                                   Rp                Rp

NET SALES                                     10,690,913,740      9,369,512,512

COST OF GOODS SOLD                             7,904,284,117      6,498,200,131

GROSS PROFIT                                   2,786,629,623      2,871,312,381

OPERATING EXPENSES

Selling                                          796,257,070        621,511,886

General and administrative                       460,749,317        341,240,265

Total Operating Expenses                       1,257,006,387        962,752,151

INCOME FROM OPERATIONS                         1,529,623,236      1,908,560,230

OTHER INCOME ( CHARGES )

Equity in net earnings (losses) of investees       (523,283)          4,220,931

- net

Interest income                                  138,251,206        158,731,593

Interest and other financing charges           (495,797,628)      (461,176,443)

Losses on foreign exchange - net               (271,044,326)      (773,409,875)

Others - net                                      21,875,447         11,716,306

Other Charges - Net                            (607,238,584)    (1,059,917,488)

INCOME BEFORE PROVISION FOR INCOME TAX           922,384,652        848,642,742

PROVISION FOR INCOME TAX
      Current                                    174,237,661        210,134,977
      Deferred                                    72,186,688         24,893,343

                                                 246,424,349        235,028,320

INCOME BEFORE MINORITY INTERESTS
      IN NET EARNINGS OF SUBSIDIARIES            675,960,303        613,614,422

MINORITY INTERESTS IN NET EARNINGS
      OF SUBSIDIARIES - Net                    (102,506,081)      (109,075,510)

NET INCOME                                       573,454,222        504,538,912

INCOME FROM OPERATIONS PER SHARE                         167                208

NET INCOME PER SHARE                                      63                 55

                                             Jakarta, November 7, 2001

                                               The Board of Directors

                                           PT INDOFOOD SUKSES MAKMUR Tbk

Note:  1.  The dollar rates used as at September 30, 2001 and 2000, were Rp
           9,675 and Rp 8,780 to US$ 1, respectively.

       2.  Income per share is computed based on the average number of shares
           outstanding during the period. 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.


                                             

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