Portofolio Investasi Saratoga Makin Meningkat Didorong Kinerja Positif Perusahaan Investasi

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.

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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.