PT BAKRIE SUMATERA PLANTATIONS Tbk. Public Expose

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1 PT BAKRIE SUMATERA PLANTATIONS Tbk. Public Expose Jakarta, 13 Oktober 2008 This presentation contains forward looking statements. Such statements are made based upon our current plans, expectations, estimates, assumptions and beliefs concerning future events impacting us and, therefore, involve a number of risks and uncertainties. In light of these risks, uncertainties and assumptions, the forward-looking events or circumstances discussed in this presentation might not occur, and our actual results could differ materially from those expressed or implied in our forward-looking statements. 1

2 Ringkasan Pertumbuhan volume produksi mendukung kondisi operasional perusahaan Kinerja keuangan perusahaan pada kwartal berpotensi melemah akibat dari penurunan tajam harga CPO dan pelemahan harga karet Namun, peningkatan volume produksi dan penguatan nilai tukar USD diharapkan akan mampu memitigasi dampak penurunan harga jual komoditas tersebut Laba bersih semester I 2008 perusahaan sudah melampaui angka laba bersih satu tahun penuh 2007 Tidak ada hutang yg jatuh tempo dalam jangka pendek komponen terbesar hutang perusahaan adalah obligasi jangka panjang US$160m (jatuh tempo pada 2011) Tingkat bunga hutang juga adalah fixed sebesar 10.75% (bunga yang sangat atraktif pada saat ini) Dampak dari penurunan harga komoditas menimbulkan sentimen yang negatif terhadap sektor perkebunan Seluruh saham sektor perkebunan mengalami penurunan yang signifikan, bukan hanya BSP 2

3 Tinjauan Keuangan 1H08 (IDR mn) new 1Q08 2Q08 1H07 1H08 QoQ YoY Revenue 677, , ,029 1,580, % 147.7% COGS 401, , ,150 1,014, % 150.4% Gross Profit 276, , , , % 143.0% gross profit margin 40.7% 32.1% 36.5% 35.8% 8.6% 0.7% EBITDA 246, , , , % 146.8% EBITDA margin 36.4% 26.3% 30.8% 30.7% 10.1% 0.1% Net Profit 165, ,403 75, , %% 335.1% net profit margin 24.3% 17.9% 11.8% 20.7% 6.5% 8.9% Revenues (IDR bn) EBITDA (IDR bn) ,500 2,000 1,500 1, ,949 1, , , , H08 Rubber Palm oil H08 3

4 Rasio Keuangan Perusahaan (IDR mn) 1Q08 2Q08 1H07 1H08 QoQ YoY Total Assets 4,417,207 4,670,552 2,324,282 4,670, % 100.9% Cash&ST Investments 769, , , , % 303.9% Total Liabilities 1,865,840 2,044,475 1,641,540 2,044, % 24.5% Interest bearing debts 1,532,788 1,536,402 1,348,960 1,536, % 13.9% Total Equity 2,551,024 2,625, ,514 2,625, % 284.6% Key Financial Ratios 1Q08 2Q08 1H07 1H08 QoQ YoY Net Debt/Equity Ratio (X) % 82.3% Net Debt/Total Assets (X) % 66.2% EPS (IDR) % 167.8% Net gearing ratio (x)

5 Profil Hutang Outstanding Debt Creditor Principal Interest Maturity Outstanding Balance Aug 2008 IDR USD BSP Bond USD 160 mn 10.75% ,000,000 RZB USD 15 mn Libor % ,000,000 Bank Niaga IDR 6 bn 15.00% & 14.50% ,438,745,270 Total BSP 3,438,745, ,000,000 ARBV unconsolidated ARBV Bond USD 150 mn % ,000,000 Spinnaker USD 12 mn % ,900,000 Total ARBV 160,900,000 Interest Expenses 1H08 (actual) 92,220 EBITDA 1H08 (actual) 484,501 Solvency Ratio 1H08 Bond Covenant EBITDA over Interest Ratio 5.25 EBITDA over Interest ratio > 2 Consolidated debt over EBITDA ratio < 3.5 5

6 Pergerakan Harga Komoditas (USD/tonne) 1,400 1,200 1, International CPO Price (USD/tonne) International RSS Price ASP (IDR mn/tonne) 1Q08 2Q08 1H07 1H08 QoQ YoY CPO % 5.8% 64.4% 4% Rubber % 33.2% 6

7 Produksi TBS 1Q08 2Q08 1H07 1H08 YoY YTD Aug 07 YTD Aug 08 YoY Production Volume (tonnes) Existing Business Units 88, , , , % 277, , % New Business Units 15,890 20,314 19,313 36, % 38,332 55, % Total FFB Home Grown 104, , , , % 315, , % FFB ARBV 86,574 65, , , % 164, , % FFB Plasma 51,955 47,637 76,043 99, % 107, , % Total 243, , , , % 587, , % 1Q08 2Q08 1H07 1H08 YoY YTD Aug 07 YTD Aug 08 YoY Yield (tonnes/ha) FFB Nucleus % % FFB Plasma % % Rubber % % 7

8 Pergerakan Harga Saham Sektor Perkebunan Last Price Date CPO JAKAGRI AALI IJ UNSP IJ LSIP IJ SGRO IJ IOI MK SIME MK KLK MK KUL MK WIL SP IFAR SP GGR SP 1/1/ , ,000 2,275 10,650 3, /26/ , , ,550 1, /2/ , , ,550 1, /3/ , , ,550 1, /6/ , , ,675 1, % Changing Date YTD 1/1/ /6/ % % % % % % % % % % % % % Day to Day 9/26/ /6/ % % % % % % % 0.76% % -4.35% % % % 10/3/ /6/ % % % % % % -3.90% 0.76% -7.73% -1.79% % -8.33% -8.20% (USD/tonne) 1,400 CPO Price BSP Share Price (IDR) 3,000 1,200 2,500 1, , ,000 1,500 1, , CPO Price (LHS) Share Price (RHS) 8

9 Tinjauan Industri 9

10 Prospek Harga CPO nes) Prod duction per Ha (ton Comparison of Edible Oils Palm Oil Rapeseed Oil Soybean Oil (USD/tonne) 1,800 1,600 1,400 1,200 1, Edible Oils Price Chart Production Cost (US$/tonnes) Source: Internal Estimation CPO Price Rapeseed Price Soybean Price Source: Oil WOrld CPO merupakan minyak nabati yang paling mampu memenuhi permintaan kebutuhan minyak nabati di masa depan Produktivitas tertinggi namun biaya produksi terendah dibanding jenis minyak nabati lainnya Diskon atas harga CPO dibanding harga minyak nabati lainnya tidak dapat dijustifikasi Anggapan bahwa konsumsi CPO tidak baik bagi kesehatan sudah berkurang Perbedaan tarif impor antara CPO dan minyak kedelai semakin kecil Adanya proyek biodiesel meningkatkan kebutuhan akan minyak nabati 10

11 Driver Permintaan CPO Global Edible Oil Consumers 2007 Other 39.50% Brazil 3.60% India 9.30% USA, 10.70% EU 18.30% China 18.60% Per Capita Edible Oil Consumption 2007 (Kg/capita) EU-27 USA World China Indonesia India Source: Oil World. Source: Oil World. Level of Inventory of Edible Oils Source: Oil World. 11

12 Prospek Harga Karet Produksi karet alam hanya tumbuh 2% pada 2007 sedangkan permintaan meningkat 6% Tingkat penetrasi kendaraan bermotor di China dan India masih sangat rendah Natural Rubber Supply & Demand Natural vs Synthetic Rubber Prices ('000 tonnes) (US$/tonne) 10,000 9,500 9,000 8,500 3,000 2,000 1, NR prices-ny TSR SR prices-usa SBR ,000 FY05 FY06 FY07 0 4Q06 1Q07 2Q07 3Q07 4Q07 NR production NR consumption 12

13 Terima Kasih 13