Saratoga delivered solid result for the first semester of 2017, supported by the strong growth of investee companies

31 August, 2017

Saratoga delivered solid result for the first semester of 2017, supported by the
strong growth of investee companies

Jakarta, 31 August 2017 – Keeping up with the momentum from 2016, the overall portfolio
of PT Saratoga Investama Sedaya Tbk. (ticker code: SRTG) delivered solid result in the first
semester of 2017. A net profit of Rp 2.5 trillion was recorded with total assets under
management reaching Rp 27 trillion. The results were mainly driven by the strong growth of
the investee companies as well as the growing dividend distribution from a number of
investee companies.

We are proud to have delivered strong results to our shareholders, said Saratoga President
Director Michael W.P. Soeryadjaya. The overall portfolio did well in the first semester, and
we are glad to see the outstanding performance of our investee companies in their business
growth and earnings results. Going forward, Saratoga will continue to support its investee
companies in developing their businesses and strategic vision, said Michael in Jakarta

The contribution to net profit was driven by diversified sources in the portfolio including the
increase of the share price of the listed investee companies and dividend distribution from
investee companies. In the first semester of 2017, dividend income grew by 61% to Rp 371
billion compared to the same period last year, attributable to PT Tower Bersama
Infrastructure, Tbk. (ticker code: TBIG) with Rp 220 billion, PT Adaro Energy Tbk. (ticker
code: ADRO) with Rp 90 billion and PT Mitra Pinasthika Mustika Tbk. (ticker code: MPMX)
with Rp 54 billion. In addition, the increase in the price of shares of investee companies has
contributed Rp 2 trillion in unrealized income.

In terms of the new investment and divestment during the period, in the first quarter,
Saratoga divested PT Lintas Marga Sedaya (LMS), a toll-road operator that oversees the
operation of Cikopo-Palimanan stretch of toll-road.

In March, Saratoga acquired shares of PT Deltomed Laboratories through a Saratoga
subsidiary, PT. Saratoga Sentra Business. Saratoga has been increasing investments in the
consumer-related infrastructure sector since last year. It also made investments in coldchain
logistics and hospital operator group in 2016. We believe the sectors play an important
role in Indonesia as the economy and population continues to grow.. We are excited to
participate in the growth of the sector and support the expansion of the economy, said

We are pleased to welcome Deltomed as the latest addition to the portfolio, commented
Saratoga Chief Financial Officer Jerry Ngo. Our goal is to continue building a welldiversified
and balanced portfolio through the cycle of new investment, divestment and
growth of the existing companies. The overall portfolio did well in the first semester, and is
well positioned to ride through different investment environment scenarios we might face in
the second half of the year. We have also built strong diversified sources of liquidity through
investment activities, dividend income and strategic banking partners. This puts us in a
strong position in capturing interesting opportunities the market has to offer. Since the
Company started adopting the new accounting standards in 2016, the new approach allows
us to provide more transparency and corporate governance to its daily business activities
and reflect the true value growth of the company.

Performance of Investee Companies

In the natural resources sector, PT Adaro Energy Tbk. (ADRO) in the second quarter of
2017 produced 13.27 million tonnes (Mt) of coal from PT Adaro Indonesia (AI), PT Semesta
Centramas (SCM), PT Laskar Semesta Alam (LSA) and Adaro MetCoal Companies (AMC),
a slight increase compared to 13.23 Mt in the second quarter of 2016.

As Indonesia’s coal requirement grows, Adaro is committed to meet the nation’s growing
coal demand. The domestic sales portion for the first six months of 2017 was 23% while the
rest was exported. The top export destination countries are Malaysia (14%), China (11%)
and Japan (10%).

In the infrastructure sector, PT Medco Power Indonesia (MPI) achieved the operations of
the first commercial unit of Sarulla Geothermal Power Plant with a gross capacity of 110
MW, starting from March 18, 2017. The Sarulla project is one of the largest geothermal
plants in the world with a total gross capacity of 330 MW on one single contract and consists
of three phases. The second phase and third phase are scheduled to start commercial
operations end of 2017 and mid 2018, respectively. The electricity produced by Sarulla
Geothermal Power Plant is sold to Perusahaan Listrik Negara (PLN) over a 30-year period
under its PPA.

In the consumer sector, PT Mitra Pinasthika Mustika Tbk. (MPMX) a smart mobility
company in Indonesia, booked a net profit attributable to the parent company (NPATMI) of
Rp 323 billion throughout the first semester of 2017 or up 80 percent compared to the same
period last year, attributable to the Company’s internal restructuring to optimize the capital
structure and boost growth across all businesses. The 20 percent divestment of
MPMFinance produced a one-off gain of Rp 107 billion.

PT Gilang Agung Persada (GAP), a dedicated fashion and lifestyle brand management
company in Indonesia, managed to secure the distribution rights for Citizen timepieces. This
brand has a longstanding reputation in Indonesia. GAP had also been granted the right to
wholesale Casio products, owning to our success in retail distribution. This is a great
opportunity for GAP as the wholesale business is a significantly larger contributor of the
overall Casio business in Indonesia.




Saratoga Investor Relation Presentation - SIS 1H17

Saratoga Investor Relation Presentation - SIS 1H17

About PT Saratoga Investama Sedaya Tbk.

Founded in 1998, PT Saratoga Investama Sedaya TBk. (IDX ticker code: SRTG) is a leading active
investment company in Indonesia. Saratoga takes an active role in managing its investee companies
as well as in exploring investment opportunities in Indonesia.
Saratoga focuses on investment opportunities in the early-stage as well as in the growth stage, and
also in special conditions with emphasis on sectors that support Indonesian economic development,
such as consumer, infrastructure, and natural resources.
Saratoga’s vision is to continue to be the major active investment company in Indonesia as well as
the partner of choice for national and foreign investors, who wish to participate in the dynamic
growth of the Indonesian economy.

For further information on Saratoga, please visit

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