Disclosure of Information Buyback of Shares – 22 March 2021

A. Introduction

The Company is planning to implement the buyback of shares issued by the Company and listed on the Indonesia Stock Exchange (“IDX”) (“Buyback of Shares”).

The Buyback of Shares of the Company will be conducted with reference to the provisions as stipulated in the Indonesian Financial Services Authority Regulation No. 30/POJK.04/2017 on the Buyback of Shares Issued by Public Companies (“OJK Regulation No. 30/2017”).

B. Estimation of Schedule, Cost of Buyback of Shares and Total Nominal Value of All Shares Bought Back

– Estimation of Schedule

The Buyback of Shares will be conducted only after the Company obtains shareholders’ approval through an Extraordinary General Meeting of Shareholders (“EGMS”) which is scheduled to be held on 28 April 2021 and will continue until the next Annual General Meeting of Shareholders which will be held at the latest on 30 June 2022.

– Cost of Buyback of Shares

The cost for the implementation of the Buyback of Shares shall be in the maximum of IDR150,000,000,000 (one hundred fifty billion Rupiah) including the broker fee and other fees in relation with the Buyback of Shares.

– Estimation of Total Nominal Value of the Buyback of Shares

The total shares that will be bought back is in the maximum of 0.922% (zero point nine two two percent) of the paid-up capital of the Company or in the maximum of 25,000,000 (twenty-five million) shares.

C. Explanation, Consideration and Reason of the Implementation of Buyback of Shares of the Company

The main reason of the Company in conducting the buyback of shares is with regards to the implementation of the Company’s Long Term Incentive Program. In addition, the Company considers that the Company’s current share price does not reflect the actual value/performance of the Company, although the Company has performed well.

For those reasons, the Company seeks a flexibility that will allow the Company to have a mechanism to maintain the stability of the Company’s shares price that could more reflect the Company’s value/performance.

The Company plans to keep the shares that have been bought back as treasury shares for a period of not more than 3 (three) years; however the Company may at any time, transfer such shares in accordance with Article 17 of OJK Regulation No. 30/2017 under the following manners:

(i) being sold through the mechanism of IDX or outside IDX;
(ii) being withdrawn by way of capital decrease;
(iii) used to implement shares ownership program for the employees and/or the board of directors and the board of commissioners;
(iv) for conversion of Securities to equity; and/or
(v) other as approved by the Indonesian Financial Services Authority.

D. Estimation of the Decrease of the Company’s Income as a Result from the Implementation of Buyback of Shares and Impact upon the Financing Cost of the Company

The Company estimates that there is no impact on the decrease of income resulting from the implementation the Buyback of Shares.

E. Pro Forma of Profit Per Company’s Share Upon the Implementation of Buyback of Shares by Taking into Account the Decrease of Income

Since there is no impact of decreasing income resulting from the Company’s Buyback of Shares, there will be no change in the Company’s pro forma profit.

F. Limit of Shares Price for the Buyback of Shares

The Buyback of Shares price will be determined based on the provisions stipulated in the OJK Regulation No. 30/2017.

G. Limit of the Buyback of Shares Period

The Buyback of Shares is planned to be implemented after the Company obtained approval of the EGMS on 28 April 2021 until the next Annual General Meeting of Shareholders of the Company which will be held at the latest on 30 June 2022.

H. Method Used for Buyback of Shares

The Buyback of Shares will be conducted through IDX or outside the IDX. The Company will appoint PT Indo Premier Sekuritas, which is a member to IDX, to exercise the Buyback of Shares through IDX.

I. Management Discussion and Analysis on the Impact of the Buyback of Shares on the Business Activity and Growth of the Company in the Future

Management believes that implementation of the Buyback of Shares will not cause any negative impact to the business activity and operational of the Company because the Company has sufficient working capital to manage the Company’s business activities.

Jakarta, 22 March 2021
The Board of Directors

Saratoga Strengthens Its Portfolio through New Investments in 2015

Jakarta, March 31, 2016 – PT Saratoga Investama Sedaya, Tbk. (IDX: SRTG) continued to receive more than one-hundred investment opportunities throughout 2015. Armed with measured and prudent strategies, Saratoga was able to book a net profit attributable to shareholders of IDR 923 billion, a 48% increase from last year. The profit growth was mainly driven by the realization of investment value to the amount of IDR 1.1 trillion in PT Merdeka Copper Gold Tbk., which in 2015 became a listed company on the IDX.

The low commodity prices and the dynamics in domestic economy throughout 2015 reduced net share profit from investee companies booked under equity method from IDR 764 billion to IDR 477 billion. The company also suffered from foreign exchange losses of IDR 272 billion and an increase in interest costs of IDR 91 billion.

Saratoga’s President Director, Michael W. P. Soeryadjaya said that macroeconomic conditions inevitably affected investee companies’ businesses, but with the right diversification strategy, experienced and solid management, supported by strong business fundamentals, Saratoga was able to overcome the headwinds and identified attractive investment opportunities.

New Investments

“Investment decisions made in 2015 went through a highly detailed and selective process. We are optimistic that the investments will strengthen Saratoga’s portfolio, create synergy, and allow us to maintain sustainable business growth,” Michael explained (31/03).

Michael added that Saratoga is aggressively seeking new investment opportunities whilst always maintaining the strict level of discipline that has shaped the firm. In 2015, we received more than 100 investment proposals, 39 of which made it to due dilligence stage, and we finally decided on 3 new investments valued at IDR 300 billion.

Share acquisition of PT Agra Energi Indonesia allows Saratoga to efficiently enter into early-stage oil and gas exploration business. The company mainly focuses on oil and gas assets and deep sea explorations in Eastern Indonesia.

Through share acquisition of PT Batu Hitam Perkasa, Saratoga entered an ownership in Paiton Energy, one of Indonesia’s largest IPP. Paiton Energy operates two power plants: Unit 7/8 and Unit 3 with total generating capacity of 2,035 MW, which are part of the 4GW Paiton Power Station supplying electricity to the Java-Bali power grid.

The third investment was into Heyokha, an investment fund that enables Saratoga to expand into investing in public equities and smaller PE opportunities.

In order to support investment activities, Saratoga successfully issued USD 100 million Exchangeable Bond (EB) at 3% fixed rate per annum maturing in year 5 with put option at year 3. This transaction marks a milestone as it is the first time that an Indonesian company tapped into the equity-linked bond market since 2010. The EB issuance not only reflects Saratoga’s ability to tap diverse funding sources whilst managing a cost effective funding, it also reflects Saratoga’s strategic initiative to monetize and fund its investments, a key part of our active investment operating model.

Saratoga’s Finance Director, Jerry Ngo added that source of cash throughout 2015 also originated from four investee companies, i.e. Adaro, MPM, TWU, and NRC in the form of dividend income totaling IDR 191 billion.

Highlights of Performance of Investee Companies

Consumer Sector

PT Mitra Pinasthika Mustika Tbk. (IDX: MPMX), an integrated automotive consumer company posted a consolidated revenue of IDR 16.6 trillion in 2015, 4.4% increase compared to last year. The revenue growth was propped by the distribution & retail and auto spare parts segments which contributed 86% to the group’s revenue as well as the company’s focus to increase positive cash flow growth.

Infrastructure Sector

PT Tower Bersama Infrastructure Tbk. (IDX: TBIG) successfully booked full-year revenue and EBITDA of IDR 3.4 trillion and IDR 2.9 trillion in 2015. TBIG had 19,796 tenants and 12,389 telecommunications sites. The company maintained strong funding from USD bonds and bank loan markets, including its achievement in issuing the lowest ever priced 7-year bond by an Indonesian corporate.

PT Lintas Marga Sedaya (LMS) delivered and successfully completed its project in 2015 by commercially opening the Cikopo-Palimanan (Cipali) Toll Road, the longest toll road section in the Trans Java network. The 116.75 km toll, inaugurated by President Joko Widodo in June 2015, bypasses five regencies in West Java, i.e. Purwakarta, Subang, Majalengka, Indramayu, and Cirebon. Not only does the new Toll Road shorten the travel duration to 1.5 – 2 hours, but it is also expected to create logistics efficiency and economic multiplier effect in the region.

Natural Resources Sector

PT Merdeka Copper Gold Tbk. (IDX: MDKA) successfully listed its shares on the IDX in June 2015. Earlier this year, MDKA secured USD 130 million syndication loan from three major banks to support its gold production in the Tujuh Bukit project, a vital national object declared by the Ministry of Energy and Mineral Resources.

In 2015, Sumatra Copper & Gold successfully achieved its first gold pour in its Tembang project, located in Central Sumatera. SUM is a gold producer listed on the ASX with projects in several locations in Sumatera, Indonesia.

PT Adaro Energy Tbk. (IDX: ADRO) continued to deliver operational excellence and resilient financial performance despite challenges in the coal market. The company booked net profit of USD 151 million and successfully lowered its coal cash cost to USD 27.98 per ton. The company maintained strong cash balance of US$702 million, which provides a strong support against the current downturn.

2016 Projections

Michael remarked that in 2016 Saratoga will continue to explore potential opportunities and closely manage its investment portfolios. This move has been undertaken by acquiring 5.63% of PT Mulia Bosco Logistik in early 2016. The transaction provides an excellent opportunity for Saratoga to build a platform in high growth cold chain logistics sector.

Early in the year, Saratoga divested its investment in tug-boats and barges charter company, Pulau Seroja Jaya. The divestment proceeds totalled IDR 98.6 billion.

“Saratoga’s investments will continue to target Indonesia’s fundamental sectors of Natural Resources, Infrastructure, and Consumer Goods and Services. We are optimistic that Saratoga’s performance will improve in line with the increasingly positive national economic prospects,” he added.

About PT Saratoga Investama Sedaya Tbk.

Founded in 1998, PT Saratoga Investama Sedaya Tbk. 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 more information on PT Saratoga Investama Sedaya Tbk. please visit: www.saratoga-investama.com

For further information, please contact:

General
Ira Dompas
Corporate Secretary
E: ira.dompas@saratoga-investama.com

Financial
Leona Karnali
Investor Relations
E: investor.relations@saratoga-investama.com

Sumatra Copper & Gold’s First Gold Pour at Tembang

On 29 September 2015, Sumatra Copper & Gold plc (ticker code: SUM. AX), one of PT Saratoga Investama Sedaya Tbk.’s investee companies listed on the Australian Securities Exchange, announced its first gold pour at the Tembang Gold Project located in Southern Sumatera, Indonesia.

Saratoga made its first investment in Sumatra Copper & Gold in December 2012 and continued to hold 27.41% effective ownership in the company as of 30 June 2015.

The ASX announcement can be viewed here: announcement

Share Purchase in One of Indonesia’s Largest IPP

On 19 August 2015, PT Saratoga Investama Sedaya Tbk. signed a sales and purchase agreement to acquire 16.67% of PT Batu Hitam Perkasa. PT Batu Hitam Perkasa is an investment-holding company which holds 5% shares of PT Paiton Energy.

PT Paiton Energy is one of the largest Independent Power Producer (IPP) in Indonesia that owns the license to build, own and operate fired/thermal power located in the Paiton power plant complex in Probolinggo Regency, East Java, Indonesia. PT Paiton Energy operates two coal fired/thermal power plant units: Unit 7/8 and Unit plant 3 with a total generating capacity of 2,035MW.

Saratoga’s investment in PT Paiton Energy aligns with Indonesian government plan to build 35,000MW power generation in the country over the next five years.

As an active investment company, Saratoga continues to explore investment opportunities in the three key drivers of Indonesia’s economy: Infrastructure, Consumers Products and Services and Natural Resources. This transaction is intended as part of Saratoga’s effort in strengthening its investment portfolio.

Notification to OJK and IDX regarding the purchase can be viewed here: download

Saratoga Business Fundamentals Strengthen in 2014

  • Saratoga investee companies contributed Rp 943 billion in net profit
  • Saratoga investee companies achieved key milestones in line with 2014 target
  • Saratoga targets US$50-100 million in new and follow-on investments to fortify its investment portfolio in 2015

Jakarta, March 30, 2015 – PT Saratoga Investama Sedaya, Tbk. (ticker code: SRTG) managed to post a 226% growth in net profit to Rp 803 billion in 2014 from Rp 246 billion in 2013, attributable to the Company’s shareholders. Such business growth was consistently strengthened by its primary business sectors, namely infrastructure and natural resources.

PT Saratoga Investama Sedaya, Tbk. President Director Sandiaga S. Uno said that amid the challenging macroeconomic conditions throughout 2014, Saratoga was able to maintain its growth momentum and continuously to strengthen its business fundamentals in a positive manner. The remarkable business achievement became an indicator that the investment strategy executed both prudently and in a measured manner was capable of addressing the dynamic market conditions.

“We are very grateful for the outstanding performance attained by the company in 2014. Lintas Marga Sedaya, a Saratoga investee company responsible the construction of the 116 km Cikampek – Palimanan toll road, has achieved more than 80% completion of the construction. Tri Wahana Universal, our investee company in oil refinery, has managed to increase its daily average production from 8,736 bopd to 13,976 bopd. In addition, Provident Agro, our investee company in palm oil plantation, booked Rp 168 billion in profit courtesy of the plantations that have reached the avearage productive age of 7 years,” said Sandiaga in Jakarta (3/30).

With the support of sound business fundamentals among the investee companies, Saratoga is optimistic of continuing and sustaining its growth momentum despite the major challenges ahead. The company will consistently explore every investment opportunity to further raise its corporate value and contribute more to Indonesia’s economy.

According to Sandiaga, Saratoga will continue to strengthen the three pillars of its investment portfolio, particularly in the infrastructure and consumer sectors, as both have huge growth potential in Indonesia. The infrastructure sector, as the main catalyst of Indonesia’s economy, has attracted greater attention from the government, which for its part delivered positive signals when it shifted fuel subsidies for infrastructure development.

As an active investment company, Saratoga considered more than 100 investment opportunities in 2014, fairly stable compared to the opportunites in the previous year. Through filtering and strict due diligence, Saratoga finally added two more investments in 2014, namely PT Gilang Agung Persada (GAP) and PT Trimitra Karya Jaya (TKJ).

To maximize the market potential in the consumer sector, Saratoga in 2014 acquired 4.17% of PT GAP shares, a company operating in fashion, lifestyle and luxurious brands with a value of US$5 million.

In line with its long-term vision toward high-value metal commodities, Saratoga also acquired 80% of PT Trimitra shares, which controls a 25.7% ownership in copper and gold mining projects as of December 31, 2014.

Saratoga executed several financing activities as part of risk management in 2014 by:

  • Aligning its loan tenor with the duration of its investments
  • Managing its exposure to foreign exchange risk by converting a US$57.5 million loan to become rupiah-denominated Medium Term Notes (MTN) through private placement
  • Reducing our effective US dollar interest loan rate from 5.32% to 4.29%

In 2014, Saratoga’s strong commitment to continuously develop and ensure transparency as well as good corporate governance, has allowed the Company to secure an A (idn) rating with stable outlook from Fitch Rating. We are the first Indonesian investment company to receive such rating from Fitch.

Performance of Investee Companies

  • Consumer Sector

Although the consumer sector faced challenges in 2014, PT Mitra Pinasthika Mustika, Tbk. (ticker code: MPMX), an integrated consumer automotive company in Indonesia booked a 16% sales growth to Rp 16.1 trillion and Rp 487 billion in net profit. Its strong business fundamentals was reflected in higher sales figures, but the result was offset by conservative provisioning in connection with its financing business.

  • Infrastructure Sector

PT Lintas Marga Sedaya, the concession holder for the 116 km Cikampek – Palimanan toll road that is part of the Trans Java tollway, has completed more than 80% of its construction. The toll project is expected to start operating before the Idul Fitri holiday this year.

In the telecommunications tower business, PT Tower Bersama Infrastructure, Tbk. (ticker code: TBIG), generated Rp 2.7 trillion in EBITDA, up 23% from Rp 2.2 trillion in the previous year.

Meanwhile in the power plant business, PT Medco Power Indonesia (MPI), an electricity-generating company that focuses on renewable sources, achieved financial closure of US$1.17 billion for its 330 MW Sarulla Geothermal project in 2014.

In the oil refinery business, PT Tri Wahana Universal (TWU) posted Rp 6.1 trillion in sales, or up 69% from 2013, courtesy of higher oil refinery production from 8,736 barrels per day to 13,976 barrels per day.

  • Natural Resources Sector

In the coal sector, PT Adaro Energy, Tbk. (ticker code: ADRO) throughout 2014 managed to cope with the challenging commodity cycle. From its coal production of 56.2 million metric tons, ADRO generated US$3.3 billion in revenue and US$183.5 million in net profit.

In the plantation business, PT Provident Agro, Tbk. (ticker code: PALM) posted a turn-around result of Rp 168 billion in profit for 2014 from previously suffering a loss of Rp 417 billion. The achievement reflected a more matured plantation profile with an average age of 7 years. The result also included a one-off sale of one of the plantations.

2015 Projection

Saratoga Chief Financial Officer Jerry Ngo said that the Company will strive for more positive growth and target US$50-100 million in new and follow-on investments to fortify its investment portfolio.

“Although macroeconomic conditions will continue to be dynamic in 2015, we are confident that they will lead us to investment opportunities in strategic sectors in Indonesia. Through measured and prudent strategies, Saratoga will continue to focus on investments in sectors that offer long-term prospects,” said Jerry.

Saratoga Financial Performance for 2014/2013                                        In Rp (billion)

Description20142013Growth (%)
Net revenue6,1243,65867%
Cost of revenue5,3853,28664%
Gross profit73937398%
Other income683215217%
Net profit attributable to shareholders 803 246 227%
    
    
Available for sale financial assets2,0912,333(10)%
Investment in share of stocks10,64510,946(3)%
Total Assets16,34716,2091%
Total Equity11,57910,6679%
Net Asset Value – market value22,24817,78925%
    
Total investment per sector   
Consumer2,3561,92822%
Infrastructure3,1944,449(28)%
Natural Resources7,1876,9024%
Total12,73713,2794%

–       End    –

 About PT Saratoga Investama Sedaya Tbk.

Founded in 1998, PT Saratoga Investama Sedaya, Tbk. (Saratoga) 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 opportunites 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 more information on PT Saratoga Investama Sedaya Tbk. please visit: www.saratoga-investama.com

For further information, please contact:

General
Ira Dompas
Corporate Secretary
E: ira.dompas@saratoga-investama.com

Financial
Leona Karnali
Investor Relations
E: investor.relations@saratoga-investama.com

Saratoga Q3 2014 Results

Jakarta, October 29, 2014 – PT Saratoga Investama Sedaya, Tbk. (ticker code: SRTG) continued its positive growth in financial performance. For the nine months period as of 30 September 2014, the company posted IDR 762 billion in net profit attributable to shareholders, from loss of IDR 91 billion in the same period of 2013.

Better performances generated by investee companies provided positive contribution toward Saratoga’s financial fundamental. In the January – September 2014 period, Saratoga’s revenue reached IDR 4.7 trillion, up 105% from IDR 2.3 trillion in the third quarter of 2013. This is mainly driven by the increase production of PT Tri Wahana Universal the consolidated subsidiary operating in oil refinery business.

Meanwhile, Saratoga’s Net Asset Value (NAV) was up 22% to IDR 21.7 trillion compared to IDR 17.8 trillion at the end of 2013. Its NAV is based on the market value of investee companies that have shares listed on the exchange and the book value of non-listed investee companies.

Saratoga’s President Director Sandiaga S. Uno praised the strong performance of investee companies amid the economic slowdown. He further said that contributions from operational activities underpined the robust growth.

“We hope that the positive trend continues in the next quarter and we really appreciate the hard work of investee companies management teams to deliver the strong result,” said Sandiaga in Jakarta, Wednesday (10/29).

Saratoga continues to actively explore new investments in consumer, infrastructure, and natural resources sector. Saratoga’s Finance Director Jerry Ngo added that one of the active steps done by Saratoga as of the third quarter of this year is to invest in the consumer sector. In July of 2014, Saratoga signed a deal to acquire a strategic 4.17% stake in PT Gilang Agung Persada (GAP), a company that manages well-known lifestyle and luxury brands, for a total of US$5 million. The acquisition also paves the way for Saratoga to place US$ 167,000 in exchangable bonds, which if executed, will raise Saratoga’s effective share ownership in PT GAP up to 5.83%.

Performance of Non Listed Companies

To enhance the corporate value, Sandiaga further explained, infrastructure has been one of the business sectors to have captured the focus of Saratoga. Not only does infrastructure continue to offer immense business potential in Indonesia, the sector also contributes significantly to the national economy.

As of the third quarter of 2014, several non-listed investee companies in the infrastructure sector enjoyed fairly remarkable progress, for instance, PT Lintas Marga Sedaya (LMS), PT Medco Power Indonesia (MPI) and PT Tri Wahana Universal (TWU).

PT Lintas Marga Sedaya (LMS), the concession holder for the 116 km Cikampek-Palimanan part of Trans Java toll road has completed 61% of the contruction. The construction phase is currently proceeding well and the toll road is expected to start operating next year.

In the power plant business, PT Medco Power Indonesia (MPI), an operating power generation company focusing on renewable sources, increased its gas-fired generating capacity from 200 MW to 220 MW through the efficiency enhancement from single to combined cycle operation. MPI continues to make progress in its various mini hydro and geothermal projects including the Sarulla 3 X 110 MW geothermal project. MPI together with Sarulla consortium reached financial closing for US$ 1.17 billion. The commercial operations for the Sarulla Project on first Phase is targetted to start in 2016.

In the oil refinery business, PT Tri Wahana Universal (TWU) recorded IDR 4.7 trillion in sales, up 82% from the same period last year, mainly due to its increment in refinery production. As its mini oil refinery facility located only 5 km from Banyu Urip oil field, TWU enjoys the low logistics cost, which is typically a major cost in the oil refinery business.

Business Development of Listed Investee Companies

Consumer Sector

PT Mitra Pinasthika Mustika Tbk (MPMX), a growing consumer automotive company, generated IDR 12 trillion in revenue by the end of third quarter of 2014, up 16.5% from IDR 10.3 trillion during the same period in 2013. Through its subsidiary PT Mitra Pinasthika Mustika Auto (MPMAuto), MPMX officially opened its third Nissan-Datsun car dealership in Cilacap, Central Java. Meanwhile, through its subsidiary MPM Global Pte. Ltd., MPMX have successfully issued USD 200 million worth of 5 year senior notes at 6.75% coupon rate reflecting investor’s trust to the company strengths in executing its growth plans. The funds will be used to refinance debt, allowing for more efficient financing costs.

Infrastructure Sector

In the telecommunication tower business, PT Tower Bersama Infrastructure Tbk (TBIG) displayed a consistently positive performance by generating IDR 1.299 trillion in EBITDA in the first semester of 2014, up 24.8% versus the comparable six month period in 2013. As of 30 June 2014, TBIG had 18,028 tenants and 11,266 telecommunication sites. The company’s telecommunication sites comprised of 10,159 telecommunication towers, 977 shelter only sites, and 130 DAS networks.

Natural Resources Sector

PT Adaro Energy, Tbk. (ADRO) managed to generate a 18.44% income gain to US$7.6 million in the first semester of 2014 from US$6.4 million in the same period the previous year. By the second quarter of 2014, the company produced a total of 13.84 million tons, leaving it in a well-placed position to reach its target of producing 54-56 million tons in 2014.

In the plantation business, PT Provident Agro, Tbk. (PALM) successfully posted IDR 516 billion in sales in the first semester of 2014, up 73% from the same period the previous year. As its plantation starting to enter productive age, PALM managed to book IDR 47 billion in the first semester of 2014. PALM currently has 45,618 Ha of the total planted area (nucleus and plasma) with the composition of mature plants and immature plants of 26,974 Ha and 18,644 Ha.

Saratoga Financial performance Table*

In IDR Billions

DescriptionQ3 2014Q3 2013Change (%)
Revenue4.6532.272105%
Profit attributed to shareholders762(91)
 30 Sep 201431 Dec 2013 
Investment breakdown in three main sectors = Consumer : Infrastructure: Natural Resources18:24:5816:25:58
Total equity attributed to shareholders11.10510.4107%
Net Asset Value (NAV)21.70217.78922%

– End –

About PT Saratoga Investama Sedaya Tbk.

Founded in 1998, Saratoga Investama Sedaya (Saratoga) 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 opportunites 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 more information on PT Saratoga Investama Sedaya Tbk. please visit : www.saratoga-investama.com

For further information, please contact:

General
Ira Dompas
Corporate Secretary
E:  ira.dompas@saratoga-investama.com

Financial
Leona Karnali
Investor Relations
E:  investor.relations@saratoga-investama.com

Saratoga Acquires PT GAP Shares

Jakarta, Agustus 12, 2014 – PT Saratoga Investama Sedaya, Tbk. (“Saratoga”, ticker code: SRTG) agreed to acquire a strategic stake in PT Gilang Agung Persada (PT GAP), a well-known fashion, lifestyle and luxurious brands based in Indonesia. The investment forms part of Saratoga’s ongoing investments into Indonesia’s consumer sector this year.

On 30 July 2014, Saratoga signed agreements to purchase, for the total amount of USD 5 million dollar, 4.17% effective shareholding in PT GAP. In connection with this transaction, Saratoga also subscribed to USD 167,000 in exchangeable bonds, which if exercised, will enable Saratoga to increase its stake in PT GAP by up to additional 1.67%, for effective shareholding of up to 5.83%.

PT. GAP manages well-known fashion, lifestyle and luxurious brands such as Guess, Celine, Givenchy, La Senza, Gap, Banana Republic, Raoul and VNC, and timepiece brands such as Guess watches, Gc, Nautica, Swarovski, Superdry and Victorinox Swiss Army in the rapidly growing Indonesian consumer market.

Saratoga President Director, Sandiaga S. Uno commented, “This is an excellent opportunity for Saratoga to strengthen its investments into the consumer sector and provide a well-positioned platform to capitalize on the exceptional growth in Indonesia’s market, which is driven by favorable demographics and a growing affluent middle income class.”

Almost half of Indonesia’s total population of 253 million belongs to the middle class, which represents a consumer market with strong potential for growth. “Through the acquisition of PT GAP shares, Saratoga intends to strengthen its investment portfolio in the consumer sector, similar to what we have achieved in our two other sector focuses, namely infrastructure and natural resources,” said Sandiaga in Jakarta, Tuesday (12/8).

PT GAP President Director, Ronnie Bong said, “Indonesia,  is one of the most important growth stories in the region.  We hold Saratoga in high regard for their strong presence and reputation in Indonesia. With this alliance, we look forward to taking the existing business to new heights. We are excited with the investment by Saratoga. With the assistance of Saratoga, we look forward to accelerating our growth and successfully nurturing our existing brand portfolio and bringing in even more exciting brands for our valued customers in Indonesia.”

Sandiaga added that the fashion industry is a remarkable business as reflected by 2013 data from the Ministry of Trade. Out of the creative industry’s total contribution of Rp 642 trillion to Indonesia’s GDP, the fashion business was responsible for Rp 181 trillion or 2% of the Indonesia’s national GDP.

“The fashion industry is a highly strategic sector amid the steadily rising demands and lifestyles of the Indonesian public. We are optimistic that Saratoga’s investment in PT GAP will further raise Saratoga’s value and benefit its shareholders,” added Sandiaga.

Through prudent portfolio management, Saratoga’s investee companies achieved strong operating performance, contributing to the Saratoga’s positive first half 2014 financial results.

In the first six months of 2014, Saratoga posted profit attributable to shareholders in the amount of IDR 542 billion, up 242% from IDR 158 billion in the same period in 2013. Such growth was particularly supported by profit from Saratoga’s investee companies. The positive performance is also reflected in Saratoga’s Net Asset Value (NAV), which increased by 24.5% to US$1.82 billion compared to US$1.46 billion by the end of 2013.

***End***

About PT Saratoga Investama Sedaya Tbk.

Founded by Edwin Soeryadjaya and Sandiaga S. Uno in 1998, PT Saratoga Investama Sedaya, Tbk. (“Saratoga” 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 has proven its success in generating profitable investments in various sectors, that promote economic growth in Indonesia. Saratoga focuses on investment opportunites 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 more information on PT Saratoga Investama Sedaya, Tbk. please visit :
www.saratoga-investama.com

For further inquiries, please contact:

General
Ira Dompas
Corporate Secretary
E:  ira.dompas@saratoga-investama.com

Financial
Leona Karnali
Investor Relations
E:  investor.relations@saratoga-investama.com

Saratoga First Half 2014 Results

Jakarta, August 4, 2014 – PT Saratoga Investama Sedaya, Tbk. (Saratoga or ticker code: SRTG) in the first half (H1) of 2014 successfully attained a positive performance. The solid business growth of its investee companies continued to be the primary factor enabling the Company to strengthen its fundamentals.

In the first six months of 2014, Saratoga successfully booked profit attributable to shareholders of IDR 542 billion, increased by 242% compared to IDR 158 billion in the same period in 2013, mainly driven by profit from investee companies and production increase in oil refinery business.

In this period, Saratoga net revenues was up 165% to reach IDR 3.09 trillion from IDR 1.17 trillion in the same period in 2013, mainly contributed from the oil refinery business. While Saratoga Net Asset Value (NAV) increased by 24.5% to USD 1.82 billion compared to USD 1.46 billion at the end of 2013. Net Asset Value is calculated based on market value for the listed investee companies and book value for the non-listed investee companies.

Proceed from dividend income from listed investee companies such as PT Adaro Energy, Tbk. (ADRO), PT Tower Bersama Infrastructure, Tbk. (TBIG) and PT Nusa Cipta Raya, Tbk. (NRCA) increased by 93.2% to IDR 226 billion. This is driven by improvement in our investee companies’ performance as well as additional dividend from NRCA in which we only started investing last year.

Saratoga’s President Director, Sandiaga S. Uno said that positive results in the first semester of 2014 was contributed by all of the Company’s main business sectors namely consumer, infrastructure and natural resources. With solid results from its investee companies, Saratoga maintained its position as an investment company with positive growth amid dynamic domestic and global conditions.

“Although the economy continues to face numerous challenges, we are grateful that Saratoga managed to sustain its business acceleration, which allowed the Company’s financial performance to continue growing positively. We will continue striving to explore new investments and maintain this momentum by encouraging investee companies under Saratoga to further develop and raise their added value,” said Sandiaga in Jakarta, Monday (4/08).

To bolster its investment portfolio, Saratoga in the first semester of 2014 has executed several additional investments in our existing portfolio in the consumer and natural resources sector. In the consumer sector, Saratoga added further investments of IDR 24 billion in PT Mitra Pinasthika Mustika, Tbk. (MPMX), a fast-growing automotive consumer company in Indonesia.

The Company has also strengthened its natural resources business, especially in gold mining, in the 1st semester of 2014, through its three investee companies, including Finders Resources, Sumatera Gold and Copper and Sihayo which operate in different sites throughout Indonesia.

“Investments to the existing portfolio in the first semester of 2014 are according to the Company’s plans and strategy. In taking note of the prospects in the three sectors we develop, the Company is optimistic that such investments will further raise the Company’s values in the near future,” added Sandiaga.

Saratoga’s Chief Financial Officer, Jerry Ngo explained that as of the first semester of 2014, Saratoga’s investee companies continued their business expansion both organically and inorganically. This strategy has proven to boost their performances to grow further and become major players in their respective industries.

The business development of Saratoga’s investee companies are positive and indicate strong growth. This condition will certainly serve as an asset in facing market competitiveness once the 2014 political year has ended,” said Jerry.

Business Development of Investee Companies 

Consumer Sector

As one of the shareholders in MPMX, Saratoga continues to support this automotive consumer company to maximize its business potential through an expansive strategy. For instance, in the first semester of 2014, MPMX entered the business of selling four-wheel vehicles through MPMAuto. In March, MPMAuto launched its first Nissan dealership in Tanjung Priok and is aiming to open 7-10 more dealerships with sales target of 4,000 Nissan and Datsun cars by the end of 2014.

To further enhance the capability of its services, MPMRent, a subsidiary of MPMX, made investment in creating driving school in Bogor, West Java, aiming to ensure and provide the best service quality to its national and multinational clients throughout Indonesia. MPMRent is one of the fastest growing business units of MPMX, with 14.5% growth in its fleet to 15,460 units in the first semester of 2014.

Meanwhile, to strengthen its financing services business, MPMX has completed the merger between MPMFinance and Sasana Artha Finance (SAF), by engaging a leading Japanese financial company, JACSS Co. Ltd. through strategic partnership. In May 2014, the two corporate entities became MPMFinance.

With the consistent growth and expansion of its business units, MPMX is in very healthy state and successfully booked IDR 3.6 trillion in revenue in Q1 2014, with net profit at IDR 152 billion, up 32% from IDR 115 billion in the same period of 2013

Infrastructure Sector

To maximize its positive telecommunication business potentials, TBIG has built its unique capability to execute on large orders from its telecommunication customers and continued to have robust orders from its customers for build-to-suit towers and collocations.

This year, the company is aiming to add 3,000-3,300 tenants. Meanwhile, as of the first quarter of 2014, TBIG managed to add 723 tenants and 516 new towers in 207 collocations.  In Q1 2014 TBIG has a total of 10,572 towers and 17,222 tenancies.

To support its business expansion, TBIG has secured strong funding sources. In June of 2014, TBIG had signed two bank loan series worth US$215 million and IDR 1 trillion.

Meanwhile, Saratoga’s investee company in the toll road sector, PT Lintas Marga Sedaya (LMS) has continued to make progress in developing the Cikampek-Palimaman (Cirebon) toll road. The land clearing process for the construction has reached 100%, with the construction phase now ongoing. By the end of June , the construction process has reached approximately 38.23%.

In the power plant business, the performance of PT Medco Power Indonesia (MPI) has grown further solid. Its net profit as of the first semester was up 84% from the first semester in 2013. In May 2014, MPI, as part of the consortium, achieved the financial closing for Sarulla Project (3 X 110 MW), the world’s largest single-contract geothermal power project. The financing agreement was signed with Japan Bank for International Cooperation (“JBIC”), Asian Development Bank (“ADB”) and six other commercial banks for the amount of USD 1.17 billion. The first unit of Sarulla is expected to achieve commercial operations in 2016 with the remaining units coming into operations within the following 24 months

In the oil refinery business, PT Tri Wahana Universal (TWU) last year managed to record a positive performance. In the first semester of 2014, sales were up as much as 170% and contributed significantly to Saratoga’s consolidated revenue TWU was able to raise its production capacity from 6,000 to 18,000 barrels of oil per day (bopd). To date, TWU is the only privately owned oil refinery in Indonesia.

Natural Resources Sector

Amid the massive challenges faced by the coal industry, PT Adaro Energy, Tbk. (ADRO) still turned in a positive fundamental performance. With its solid operational performance, ADRO’s financial performance was equally strong. In the first quarter of 2014, ADRO’s net profit was up 344% to reach US$131 million, with revenue up 14% to become US$845 million. Global credit rating agency Fitch Rating also gave a “BB+” with stable outlook for the PT Adaro Indonesia (AI) bonds worth US$800 million.

In the plantation business, PT Provident Agro, Tbk. (PALM) managed to raise its sales to IDR 516 billion in first semester 2014, an increase of 73% compared to the same period last year. As a result of strong sales which is supported by the increment of CPO quantity and price, PALM has delivered IDR 47 billion in 1H 2014. PALM currently owns 45,618 Ha of total planted area (nucleus and plasma) with the composition of mature plants and immature plants are 26,974 Ha and 18,644 Ha.

Saratoga Financial Highlight*

In IDR bio

Keterangan1H 20141H 2013Change (%)
Net Revenues3,0911,165165%
Profit attributable to Saratoga Shareholders542158242%
                                                                 30 Jun 2014 31 Des 2013 Change (%)
Total Investment per segmentConsumerInfrastructureNatural resourcesTotal Investment2,249
2,967
7,14712,363
1,927
3,002**
6,903 11,832**
17%
(1%)
6%4%
Portfolio composition :Consumer & Infrastructure : Natural Resources 42 : 5848 : 52 
Total Assets15,76916,210(3%)
Total equity attributable to Saratoga Sahreholders10,93210,4105%
Net Asset Value (NAV)USD 1,82 billionUSD 1,46 billion24,5%

Note to editor:
*Except for PALM in which we used actual 1H 2014 result, the listed companies’ financial results are estimated based on publicly available information at the time of reporting.
**Exclude IDR 1,447 billion non-cash transaction of TBIG shares in PT Wahana Anugerah Sejahtera

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About PT Saratoga Investama Sedaya Tbk.

Founded by Edwin Soeryadjaya and Sandiaga S. Uno in 1998, PT Saratoga Investama Sedaya, Tbk. (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 has proven its success in generating profitable investments in various sectors, that promote economic growth in Indonesia. Saratoga focuses on investment opportunites 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 more information on PT Saratoga Investama Sedaya, Tbk. please visit :
www.saratoga-investama.com

For further inquiries, please contact:

General
Ira Dompas
Corporate Secretary
E:  ira.dompas@saratoga-investama.com

Financial
Leona Karnali
Investor Relations
E:  investor.relations@saratoga-investama.com