Jakarta, 4 August 2016 – In the first half of 2016, PT Saratoga Investama Sedaya Tbk. (IDX Ticker: SRTG) enjoyed a 26% growth in investment portfolio from IDR 13.6 trillion on 31 December 2015 to IDR 17.1 trillion on 30 June 2016. The growth is mainly generated from higher market value of the Company’s investments in natural resources and supported by the strong performance sustained by investee companies in infrastructure and consumer sectors.

Starting from the first half of 2016, PT Saratoga Investama Sedaya Tbk. applies “PSAK 65: Exemption on the Consolidation” in reporting its financial performance. The new PSAK 65 allows Saratoga to apply fair valuation on its investment assets. As the change is applied prospectively, the company’s financial reports of 2016 cannot be compared with the financial reports of 2015.

Saratoga President Director Michael W.P. Soeryadjayaexplained that the fund accounting methodology provides a clearer representation on Saratoga’s performance as an active investment company in line with its effective business model of investing, growing and monetizing.

Saratoga Finance Director Jerry Ngo remarked that the change in the presentation of financial reporting was thoughtfully made to deliver clearer financial reports to facilitate shareholders, creditors, and other capital market professionals in assessing our Company’s performance and making a fair investment decision in the company.

With the new accounting presentation, Saratoga booked IDR 4.8 trillion profit attributable to shareholders, which includes one-off gain of IDR 2.2 trillion as a result of financial reporting presentation change and IDR 2.6 trillion contributed mostly by the increase in market value of Saratoga’s investment in Adaro Energy and Tower Bersama

Michael added that Saratoga has continued its disciplined approach in seizing investment opportunities. Earlier this year, Saratoga entered cold-chain logistics by acquiring a stake in PT Mulia Bosco Logistik (MGM Bosco). The deal gives an excellent opportunity for Saratoga to build a platform in the high-growth cold chain logistic sector, an interesting sector which aligns with the increasing demand of vital logistics infrastructure in the country.

Moreover, Saratoga is able to deliver full cycle of its business model (Invest-Grow-Monetize) through its recent divestment in PT Pulau Seroja Jaya at IDR 98 billion, generating an internal rate of return of 48 percent over 8 years. As part of its commitment to shareholders, Saratoga distributed dividend this year – the first since its IPO in 2013.

“Saratoga’s investment growth has proven that our investment strategy and business model have been successful in creating value for our investee companies. We believe that this strategy will strengthen Saratoga’s businesses, allowing it to grow its investment portfolio optimally and sustainably, making more significant contributions to the Indonesian economy,” he said.

Highlights of Investee Companies Performance

In the natural resources sector, PT Adaro Energy Tbk. (IDX ticker: ADRO) through PT Bhimasena Power Indonesia (BPI) achieved financial closing in June 2016 for its 2×1,000 MW power project in Batang Regency, Central Java.

Furthermore, Adaro through its subsidiary also signed a Share Sale Agreement with BHP Minerals Holdings Pty. Ltd. and BHP Minerals Asia Pacific Pty. Ltd. for the purchase and takeover of all shares in the Indomet Coal project, consisting of seven Coal Mining Business Work Agreements (PKP2B) in Central Kalimantan, for an overall transaction value of USD 120 million.

These achievements bring Adaro closer to its vision to be a leading Indonesian mining and energy group.

In the infrastructure sector, PT Lintas Marga Sedaya (LMS), the concession holder of 116.75-km Cikopo-Palimanan (Cipali) toll road saw an increase in traffic. During the 2016 Eid al-Fitr homecoming season, the total number of vehicles traveling through the Cipali Toll – both those that exited at the Palimanan toll gate (Cirebon-bound) and those that entered through the Palimanan toll gate (Jakarta-bound) on D-Day- 7 through D-Day + 7 (June 29 – July 14, 2016) – was recorded at more than a million vehicles.

In the first half of 2016, PT Triwahana Universal (TWU) stopped its production and discontinued procuring crude oil supply due to on-going discussion and clarification on the well-mouth crude oil purchase price formula with related parties. On 23 June 2016, the Minister of Oil & Gas issued a Decree No. 168.K/12/DJM.B/2016 that determined temporary crude oil price, which will be applied temporarily until further issuance of permanent regulation on crude oil price for mini refinery. As of the end of July 2016, the agreement on crude oil delivery for TWU is still being processed.

In the consumer sector, PT Mitra Pinasthika Mustika Tbk. (IDX ticker: MPMX), a leading consumer automotive company in Indonesia, continues to strengthen its business fundamentals, improve operational efficiency and employ strategic initiatives to increase competitiveness. As a result, MPMX booked 9 percent revenue growth to IDR 8.9 trillion in the first semester of 2016 compared to the same period last year. The Company also managed to book Net Profits Attributable to the Parent (NPATMI) of IDR 180 billion in the same period of 2016.

As part of its commitment to shareholders, MPMX paid out IDR 75.9 billion cash dividends, or 2.5 times greater than previous year. The dividends made up 26.6 percent of the profits attributable to owners of the parent companies.

***END***

Informasi Tambahan

Seperti telah disebutkan di atas, laporan keuangan Perseroan Semester I 2016 yang menggunakan metode nilai wajar tidak dapat dibandingkan dengan laporan keuangan tahun lalu. Seandainya Saratoga tetap menerapkan metode lama dalam menyampaikan laporan keuangannya, maka kinerja keuangan pada periode ini adalah sebagai berikut:

(Rp Miliar)	1H 2016	1H 2015	Perubahan
Pendapatan Neto	280	2,302	-88%
Beban Pokok Pendapatan	(277)	(1,804)	-85%
Laba Bruto	3	498	-99%
Beban Usaha	(96)	(129)	-25%
Pendapatan Non-Operasional	476	1,292	-63%
Laba Sebelum Pajak	383	1,662	-77%
Beban Pajak Penghasilan	(12)	(102)	-88%
Laba Periode Berjalan	371	1,560	-76%
Penghasilan Komprehensif Lain	682	(733)	-193%
Jumlah Penghasilan Komprehensif Periode Berjalan	1,053	827	27%
Laba yang Diatribusikan kepada:
Pemilik Perusahaan	392	1,191	-67%
Kepentingan Non-Pengendali	(21)	368	-106%
	371	1,560	-76%
Jumlah Penghasilan Komprehensif yang Diatribusikan kepada:
Pemilik Perusahaan	1,094	460	138%
Kepentingan Non-Pengendali	(41)	367	-111%
	1,052	827	27%

• Pendapatan Neto turun 88%, terutama dikarenakan penghentian produksi TWU sebagai akibat belum adanya kesepakatan atas formula harga beli minyak mentah di mulut sumur dengan pihak-pihak terkait.
• Pendapatan Non-Operasional turun 63%, terutama disebabkan oleh keuntungan one-off dari pencatatan MDKA di BEI yang terjadi di tahun lalu.
• Saratoga menghasilkan laba yang diatribusikan kepada pemilik perusahaan sebesar Rp 369 miliar pada semester ini dibandingkan dengan Rp 1,191 miliar untuk periode yang sama tahun lalu.

Jakarta, July 31, 2015 – PT Saratoga Investama Sedaya Tbk. (ticker: SRTG) first half result continues to prove up the resilience of its business model as it continues to invest and actively explore new opportunities throughout the three key sectors of natural resources, infrastructure, and consumer.

In the first semester of 2015, Saratoga posted Rp 1.2 trillion in profit attributable to shareholders, up 121% from Rp 542 billion for the same period last year.

The increase in net profits was partly due to the robust results of its refining business as well as on the one-off impact as a result of reclassification in PT Merdeka Copper Gold Tbk. (Ticker: MDKA) from the equity to cost method due to the dilution following Merdeka’s IPO.  MDKA’s IPO last June is part confirmation of Saratoga’s business model as it invests in early stage companies, develop them and position them for further growth and development potentials.

On the other hand, lower net share profit was recorded by 51.4% to Rp 244 billion this semester due to the decline income recognition from ADRO, TBIG and MPMX, compared to Rp 501 billion in the same period last year.

The company’s revenue in the period reached Rp2.3 trillion while its net asset value was at Rp 20 trillion based on the market value of its listed investee companies, as well as the book value of non-public investee companies. In line with the macro-economic themes, infrastructure now accounts for 60% of the portfolio with the recent milestones like the opening of the 116km Cikopo-Palimanan tollroad and the recent entry into Paiton Energy.

Saratoga President Director Michael W.P. Soeryadjaya remarked that as an active investment company, Saratoga always find ways to strengthen its investment portfolio to achieve continous growth in the long-term. “Amid the sluggish economic climate, Saratoga continues its strategy of looking at new opportunities that offer bright prospects, strengthen the existing investments and provide maximum added value to the Company. We are confident that the strategy will allow Saratoga to positively sustain its business growth,” said Michael in Jakarta, Friday (7/31).

In the first semester, a number of Saratoga investee companies turned in further significant growth and new acquired businesses further bolstered Saratoga’s investment portfolio

In the infrastructure sector, PT Lintas Marga Sedaya (LMS) since 13 June 2015 has commenced operations of the 116.75 kilometer Cikopo-Palimanan (Cipali) toll road. This longest toll road in Indonesia contributes significant benefits to the economic sector, particularly reducing travel durations and lowering logisitic costs through the North Java Coast Road (pantura). Based on Information available, the 2015 homecoming (Mudik) season saw 70% of travelers from the greater Jakarta (Jabodetabek) area making use of the the Cipali toll road.

Together with PT Agung Indonesia Mandiri, Saratoga have signed an CSPA to aquire 16.67%shares of PT Batu Hitam Perkasa (BHP) on 14 July 2015 . BHP holds 5 percent of shares in PT Paiton Energy, an electricity-generating company, which has secured a license to construct, own and operate a coal steam generator located at the Paiton Power Plant complex in Probolinggo Regency, East Java. Paiton operates two electricity generators: unit 7/8 and unit 3 for a total generating capacity of 2,035MW.

In the natural resources sector, Saratoga’s investee company PT Merdeka Copper Gold Tbk was successfully listed on the Indonesia Stock Exchange (IDX) on 19 June 2015. Merdeka is the first pre-producing mineral mining company successfully listed its shares on the Indonesia Stock Exchange (IDX). Merdeka shares saw an oversubscription at the upper price range, proving the high trust among investors to place their funds in the gold, silver and other mineral mining services offered by Merdeka.

Furthermore, Saratoga through its investee company PT Surya Nuansa Ceria (PT SNC) has signed a working agreement with PT Puncak Jaya Berlima to establish PT Agra Energi Indonesia to explore oil and gas. Saratoga controls up to 30 percent of shares worth US$7.5 million.

In the consumer sector, Saratoga together with its investee company PT Mitra Pinasthika Mustika Tbk. (MPM) and Golden Valley Advisors Inc. (Golden Valley) signed a Conditional Sales and Purchase Agreement (CSPA) to acquire 51 percent of PT Express Transindo Utama Tbk. (Express) shares from PT Rajawali Corpora (Rajawali) on 6 July 2015. The transaction is expected to be finalized this year.

“The recent results, albeit challenging, is a testament to the resilience of the company’s business model and to the robustness of its portfolio.  We will continue to diversify and strengthen our portfolio by exploring further investment opportunities and believe that the current conditions are constructive for further investments in our focused sector.  Not withstanding the current macro challenges, we are confident of the Indonesian economy’s long-term prospects and on our firm’s potential to continue to create value for our shareholders” said Jerry Ngo, Saratoga Financial Director.

–   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:

Jakarta, 10 June 2015 – The Annual General Meeting Shareholders (RUPST) of PT Saratoga Investama Sedaya Tbk. (stock code: SRTG) today approved the use of the entire net profit for the 2014 financial year to as capital. This decision reflects the high commitment and support of shareholders to continually strengthen the company’s business in order to optimize business opportunities in 2015.

In 2014, Saratoga recorded a net profit increase of up to 226% to Rp 803 billion from Rp 246 billion in 2013. The achievement was driven by increased revenue of 67% to Rp 6.1 trillion. Business growth was followed by strengthening fundamental investment companies, mainly in two sectors – infrastructure and natural resources.

Meanwhile, the Extraordinary General Meeting Shareholders (RUPSLB) approved the resignation of Sandiaga Salahuddin Uno as the president director of PT Saratoga Investama Sedaya Tbk. and appointed Michael W.P. Soeryadjaya as his successor. Sandiaga’s resignation was a personal decision to pursue personal aspirations. He will continue to remain as one of the major shareholders in Saratoga.

After the RUPSLB, Sandiaga expressed his gratitude for the support of the entire management, staff, business partners as well as the shareholders and stakeholders while under his leadership at Saratoga. Due to the solid support and cooperation, Saratoga has become an active investment company, expanding rapidly and is supported by very strong business fundamentals.

Under the leadership of Sandiaga, Saratoga has had a long track record of creating and improving corporate value for its stakeholders. Through a careful, disciplined and measurable investment approach as well as supported by conservative funding, Saratoga successfully nurtured investment firms to grow as major business players in the sector. At the end of 2014, Saratoga’s investment portfolio value reached Rp 22.2 trillion, an increase from Rp 17.8 trillion in 2013.

In an effort to strengthen the investment portfolio, the Company invested Rp 583 billion in 2014 – of which Rp 336 billion was for new investments and Rp 247 billion was to strengthen existing investments. Saratoga is extremely careful and highly selective in determining investments. Of the total 139 new opportunities considered in 2014, the Company only chose two new investments, namely PT Gilang Agung Persada (GAP), a company in the luxury fashion & lifestyle brand management company, and PT Merdeka Copper Gold, a gold and copper mining company, through PT Trimitra Karya Jaya. PT Merdeka Copper Gold’s inaugural listing in the Indonesia Stock Exchange is scheduled for June 2015.

Sandiaga is delighted to have been able to lay a solid foundation at Saratoga. This is strengthened by The Company’s consistent achievements in delivering successful investment results that give significant added value for its stakeholders. There will be one key important milestone under Saratoga infrastructure sector that will happen during this month of June. One of the investee companies in the infrastructure sector – PT Lintas Marga Sedaya – will inaugurate the operation of the Cikopo-Palimanan toll road (Cipali) as part of the Trans Java toll. The Cipali toll road – at 116 km – is a significant portion of the toll roads in Indonesia, which now totals 820 km (data from BPJT, April 2015).

Cipali’s operations will provide many benefits, both for the community around the toll road and for the national economy, as it will encourage the growth of new economic centers, improving the efficiency of travel time and reducing logistical costs. The successful development of the Cipali toll is expected to accelerate the development of infrastructure, especially other toll roads in Indonesia.

“I am grateful and proud to have been part of Saratoga’s remarkable business growth. As an active investment company, Saratoga actively tries to optimize every new business opportunity, so as to create new jobs and contribute to the growth of Indonesia’s economy, and the improvement and quality of life. With solid fundamentals and strategies that have been tested, Saratoga’s business future is very bright,” said Sandiaga.

Investment in 2015

Saratoga President Director Michael W.P. Soeryadjaya showed his appreciation of Sandiaga’s decisions and thanked and congratulated him on Saratoga’s robust performance under his leadership. Going forward, Saratoga will continue to strengthen its business by optimizing investment opportunities in the three main sectors, namely consumer, infrastructure and natural resources. With growing number of population, the middle class and purchasing power, business opportunities in Indonesia are indeed promising.

“Saratoga is set to enter the new era and will continue to strengthen its position as an active investment company and will keep creating optimal added values for stakeholders. With ever-stronger capital and more solid investment portfolios, we believe Saratoga will be able to optimize its future growth. We will continue to focus on prudent, disciplined and measured investment strategies to ensure optimized added value for shareholders and stakeholders,” said Michael.

Saratoga Finance Director Jerry Ngo added that as part of investment strategies this year, on 21 May 2015, Saratoga through its subsidiary PT Surya Nuansa Ceria (SNC), signed an operational agreement with PT Puncak Jaya Berlima to set up PT Agra Energi Indonesia, an early-stage oil and gas exploration company, with a 30% ownership stake worth USD7.5 million.

Funding in 2015

On 26 May 2015, Saratoga through its subsidiary Delta Investment Horizon Ltd (Delta) issued five-year bonds scheduled to mature in 2020. The bonds can be converted into shares or exchangable bonds (EB) with a coupon set at 3% (YTM 3.75%) with a nominal value of USD100 million.

The EB is exchangeble to PT Tower Bersama Infrastructure Tbk shares (stock code: TBIG) at a premium of 22.5%, which is equivalent to Rp 10,706.7 per share. The shares represent 2.6% of TBIG’s total fully paid shares outstanding. Saratoga is planning to use the funds generated from EB to finance its new investments, settle a portion of its debts and support the company’s operations.

“The issuance of the Exchangeable Bond (EB) is one of our strategies in diversifying our funding sources. We are the first Indonesian company that issued equity-based bonds since 2010. We are very proud and pleased that the EB issuance was such a success, which is a testament to investors’ confidence in Saratoga’s solid business model and track records. We believe with our conservative leverage and welll-executed funding strategy, Saratoga can continue its investment strategy actively to generate positive results,” said Jerry.

 – 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 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: