Summary of Financial Statement

226 Indonesian Capital Market Directory 2010

Chemical and Allied Products

(Million Rupiah) 2007 2008 2009

Head Offi ce Wisma Budi 8th & 9th Floor Jl. HR. Rasuna Said Kav. C-6, Jakarta 12940 Phone (021) 521-3383, 525-1223 Fax (021) 521-3282, 521-3392, 520-5829 Telex: 60674 SUBUDI IA E-mail: budiacid@centrin.net.id Branch Offi ce Jl. Ikan Kakap No. 9/12, Bandar Lampung Phone (0721) 486-122 Fax (0721) 486-754, 482-683Factories - Jl. Lintas Timur Km.154 Kec. Menggala Kab. Lampung Utara - Jl. Raya Kotabumi Ketapang Kec. Sungkai Selatan Kab. Lampung Utara - Jl. Jurusan Kotabumi Km. 75 Kec. Terbanggi Besar Kab. Lampung Tengah - Jl. Jurusan Menggala Km. 73-74 Kec. Terbanggi Besar Kab. Lampung Tengah Business Fully Integrated Cassava Based Industry Company Status PMDN

Shareholders PT Sungai Budi 25.83%PT Budi Delta Swakarya 25.41%PT Budi Acid Jaya Tbk (Treasury Stock) 1.57% Public 47.19%

PT Budi Acid Jaya Tbk.

Financial Performance: The Company booked net income amounted IDR146 billion in 2009, lower than last year income worth IDR32.9 billion.

Brief History: PT Budi Acid Jaya Tbk ( the Company ) is one of the company under Sungai Budi Group ( SBG ). SBG was established in Lampung in 1947, just in few years after the Indonesians indepen-dency. Nowadays SBG grew into one of the largest business group within the agribusiness sector in Indonesia.

The fi rst business of SBG was trading for coffee, black pepper, cassava chips and other agriculture commodities. Under the leader-ship of Mr. Widarto, as Chairman and Mr. Santoso Winata, as Deputy Chairman, SBG has been rapidly grown and performing its diversifi ca-tion outside Lampungs area especially in Java island as well as in other big cities in Indonesia. Nowadays, SBG is the main producer of tapioca starch as well as rice fl our, and one of the main player in the palm oil industry and its derivative products as well as series of products used as raw materials for food, paper, confectionery, chemicals and other industries.

The Company was established in 1979. In its early years, the Company had 1 (one) citric acid factory only. In line with the growth of SBG and in accordance with SBGs plan to conduct Initial Public Of-fering over the Companys shares, then in order to increase its value added, the Company was reorganized into a producer of cassava-based products with its main products in forms of tapioca starch and citric acid.

After passing through an extensive planning, in 1995 the Com-pany conducted Initial Public Offering over its shares. And as of the time, all SBGs business expansion related with cassava always man-aged by the Company. As a result, nowadays the Company and its subsidiaries owned the following production facilities:

13 Tapioca starch factories3 Citric acid factories1 Sulphuric Acid factory3 Plastic bag factories1 Glucose factory1 Glucose, fructose and malthodextrine factory1 Glucose and sorbitol factory2 Modifi ed Tapioca Starch factories

Total Assets 1,485,651 1,698,750 1,598,824

Current Assets 665,210 713,029 536,438

of which

Cash and cash equivalents 153,947 143,395 57,829

Trade receivables 263,919 164,503 207,021

Inventories 160,066 239,894 165,289

Non-Current Assets 820,441 985,721 1,062,386

of which

Fixed Assets-Net 796,624 971,180 1,054,857

Investments 2,100 2,100 2,100

Deffered Tax Assets-Net 11,639 7,042 552

Liabilities 821,355 1,050,659 816,201

Current Liabilities 412,457 680,717 514,068

of which

Bank Loans 48,776 171,096 214,329

Trade payables 75,851 67,286 86,915

Accrued Expenses 9,856 10,333 15,375

Non-Current Liabilities 408,898 369,942 302,133

Minority Interests in Subsidiaries 37,702 29,241 38,583

Shareholders' Equity 625,962 618,850 744,040

Paid-up capital 461,812 469,368 469,596

Paid-up capital

in excess of par value 96,486 96,486 96,486

Retained earnings (accumulated loss) 67,664 52,996 177,958

Net Sales 1,350,298 1,551,987 1,782,132

Cost of Goods Sold 1,136,511 1,331,548 1,520,875

Gross Profit 213,787 220,439 261,257

Operating Expenses 66,931 84,944 107,381

Operating Profit 146,856 135,495 153,876

Other Income (Expenses) (74,292) (99,929) 24,541

Profit (Loss) before Taxes 72,564 35,566 178,417

Profit (Loss) after Taxes 46,177 32,981 146,415

Per Share Data (Rp)

Earnings (Loss) per Share 12 9 39

Equity per Share 169 165 198

Dividend per Share 2 n.a 9

Closing Price 310 130 220

Financial Ratios

PER (x) 24.80 14.80 5.64

PBV (x) 1.83 0.79 1.11

Dividend Payout (%) 16.00 n.a 23.79

Dividend Yield (%) 0.65 n.a 4.21

Current Ratio (x) 1.61 1.05 1.04

Debt to Equity (x) 1.31 1.70 1.10

Leverage Ratio (x) 0.55 0.62 0.51

Gross Profit Margin (x) 0.16 0.14 0.15

Operating Profit Margin (x) 0.11 0.09 0.09

Net Profit Margin (x) 3.42 2.13 8.22

Inventory Turnover (x) 7.10 5.55 9.20

Total Assets Turnover (x) 0.91 0.91 1.11

ROI (%) 3.11 1.94 9.16

ROE (%) 7.38 5.33 19.68

PER = 8.47x ; PBV = 1.06x (June 2010)

Financial Year: December 31

Public Accountant: Johan Malonda Astika & Co.

2010 2009

June June

Total Assets 1,731,000 1,690,000

Liabilities 969,000 946,000

Shareholders' Equity 724,000 707,000

Net Sales 939,000 793,000

Profit after Taxes 18,000 88,000

ROI (%) 1.04 5.21

ROE (%) 2.49 12.45

(million rupiah)

227Institute for Economic and Financial Research

Stock Price, Frequency, Trading Days, Number and Value of Shares Traded and Market Capitalization

Stock Price and Traded Chart

Chemical and Allied Products

No Type of Listing Listing Date Trading Date Number of Shares Total Listed per Listing Shares

PT Budi Acid Jaya Tbk.

Board of CommissionersPresident Commissioner WidartoCommissioners Djunaidi Nur, Victor Fungkong, Oey Alfred, Daniel Kandinata

Board of DirectorsPresident Director Santoso WinataVice President Director Sudarmo TasminDirectors Winoto Prajitno, Tan Anthony Sudirjo, Sugandhi, Oey Albert Number of Employees 3,601

1 First Issue 08-May-95 08-May-95 30,000,000 30,000,000 2 Company Listing 08-May-95 30-Nov-95 70,000,000 100,000,000 3 Bonus Shares 16-Aug-96 16-Aug-96 100,000,000 200,000,000 4 Bonus Shares 14-Aug-97 14-Aug-97 50,000,000 250,000,000 5 Additional Listing 05-Jan-99 05-Jan-99 12,500,000 262,500,000 6 Stock Split 28-Sep-99 28-Sep-99 787,500,000 1,050,000,000 7 Additional Listing Without Pre-emptive Rights 24-Feb-05 24-Feb-05 181,500,000 1,231,500,000 8 Right Issue 01-Aug-07 01-Aug-07 2,463,000,000 3,694,500,000 9 Warrant 23-Jan-08 23-Jan-08 810,000 3,695,310,000 10 Warrant 13-Feb-08 27-Feb-08 83,000 3,695,393,000 11 Warrant 10-Mar-08 31-Mar-08 1,131,500 3,696,524,500 12 Warrant 03-Apr-08 07-Apr-08 261,500 3,696,786,000 13 Warrant 07-May-08 15-May-08 86,680,000 3,783,466,000 14 Warrant 04-Jun-08 30-Jun-08 6,862,000 3,790,328,000 15 Warrant 02-Jul-08 21-Jul-08 3,691,000 3,794,019,000 16 Warrant 20-Aug-08 25-Aug-08 44,446,833 3,838,465,833 17 Warrant 03-Sep-08 29-Sep-08 2,174,000 3,840,639,833 18 Warrant 11-Aug-09 31-Aug-09 970,500 3,841,610,333 19 Warrant 02-Sep-09 09-Sep-09 851,000 3,842,461,333 20 Warrant 14-Oct-09 14-Oct-09 5,000 3,842,466,333 21 Warrant 21-Jan-10 29-Jan-10 50,166 3,842,516,499 22 Warrant 25-Feb-10 25-Feb-10 546,500 3,843,062,999 23 Warrant 02-Mar-10 31-Mar-10 3,809,000 3,846,871,999 24 Warrant 01-Apr-10 05-Apr-10 583,000 3,847,454,999 25 Warrant 09-Jun-10 22-Jun-10 3,460,000 3,850,914,999

Stock Price, Frequency, Trading Days, Number and Value of Shares Traded and Market Capitalization

Stock Price and Traded Chart

Underwriters PT Lippo Securities Tbk, PT Mandiri Sekuritas, PT Sinarmas Sekuritas

-

5

10

15

20

25

30

35

40

-

50

100

150

200

250

300

Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10

Million Shares Stock Price (Rp)