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PUBLIC EXPOSE
KINERJA 2024
PT Widodo Makmur Perkasa Tbk
(IDX:WMPP)
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Indonesian Market Outlook A brief about Livestock, Beef & Poultry Industry
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Attractive consumer goods and agricultural commodities sector dynamics with solid growth prospects
Selected food market consumption in Indonesia (2024 and 2029E)
Beef Poultry Egg Corn Rice
CAGR
2.2% CAGR 2024-2029E at constant price (%) 2.6 5,2 3.9 1.1 0,7
2029E Qty (Thousand Tons) 863 5.959 6.833 19.253 37.521
IDR 1.150
Trillion** Value (Trillion IDR)* 117 221 192 105 517
2024 Qty (Thousand Tons) 760 4.658 5.817 17.236 33.766
IDR 1.031
Trillion** Value (Trillion IDR) 103 172 158 99 499
*) The 2029E estimated value is the result of calculations using projected prices; **) Contains
beef, poultry, egg, Corn, and rice • Indonesia’s selected food market consumptions are projected to increase during the
Beef and poultry consumption in Indonesia is still lower than beef and poultry 2024-2029E period in line with the growth of GDP per capita, which represent the increase in
consumption in Malaysia (2024) confidence among consumers and business.
FY 2024 - Consumption (kg/capita) • Demand for beef and poultry in Indonesia shows positive trajectory, given domination of
35,00
31,14 productive age population, growing middle-income class and substantial role of beef and poultry as
30,00 main animal protein sources in Indonesia (the world’s most populous Muslim-majority country).
25,00
• Low consumption of beef and poultry per capita in Indonesia in 2024 is still low compared to other
20,00 selected Southeast Asia Countries, indicates ample room for growth mainly supported by
15,74 Poultry progressing income per capita in Indonesia.
15,00
10,07 Beef
10,00 8,29 • Household consumption of beef and poultry per capita in Indonesia for 2029F are 1,67 kg/capita
5,59
4,32 4,66 and 8,29 kg/capita (OECD-FAO).
5,00 2,05 1,67 1,20
- • The total per capita all segments consumption of beef and poultry in Indonesia for 2029F are 2,89
Malaysia Viet Nam Philippines Indonesia Thailand kg/capita and 20,19 kg/capita (Susenas-BPS).
Source: OECD-FAO 3
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Beef Supply And Demand
National Production and Consumption Projections
Indonesia Beef Supply and Demand 2023 –2029*
1.200.000.000
❑ National beef consumption from 2023 to
1.000.000.000
2029 is projected to increase.
800.000.000
❑ National beef production has not yet been
600.000.000
able to meet the total national beef demand.
400.000.000
❑ The national beef deficit will be fulfilled
200.000.000
-
through the import of beef, both in the form of
2023 2024 *2025 *2026 *2027 *2028 *2029
Total Demand (kg/year) Production (kg)
live cattle and frozen/chilled beef.
Commodity Balance of Beef There is potential for additional consumption
Indicator 2023 2024 *2025 *2026 *2027 *2028 *2029
from the Free Nutritious Meals program
Total Population (people) 278.645.420 281.554.676 284.371.401 286.989.047 289.759.917 292.530.786 295.301.656
Consumption (kg/capita/year) 2,68 2,70 2,72 2,77 2,81 2,85 2,89 around 90 thousand ton/year start from
Makan Bergizi Gratis (kg/year) - - 90.213.323 90.213.323 90.213.323 90.213.323 90.213.323
Total Demand (kg/year) 746.769.726 760.197.625 863.703.534 885.172.983 904.438.690 923.926.063 943.635.109 2025.
Production (kg) 503.506.600 488.959.000 485.655.242 484.064.882 482.474.522 480.884.162 479.293.802
Surplus/Minus - 243.263.126 - 271.238.625 - 378.048.292 - 401.108.102 - 421.964.168 - 443.041.902 - 464.341.307
Fulfillment (%) 67% 64% 56% 55% 53% 52% 51%
Surplus/Minus (%) -33% -36% -44% -45% -47% -48% -49%
*2025-20339is a projected number
Source: Badan Pusat Statistika 2025, diolah oleh IRMAR
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SUPPLY & DEMAND
Production, Consumption, and Commodity Balance of Broiler Chicken Meat
Commodity Balance of Broiler Chicken Meat in Indonesia Based on GPS Import Data
Trend of Production & Consumption of Broiler Chicken Meat in Indonesia 2023 - *2029 Trend of Broiler Chicken Meat Balance in Indonesia 2023 – *2029 (kg)
6.000.000.000 1.400.000.000
5.000.000.000 1.200.000.000
4.000.000.000 1.000.000.000
3.000.000.000 800.000.000
2.000.000.000 600.000.000
1.000.000.000 400.000.000
- 200.000.000
2023 2024 *2025 *2026 *2027 *2028 *2029
-
Total Demand (kg/year) Production (kg) 2023 2024 *2025 *2026 *2027 *2028 *2029
Commodity Balance of Broiler Chicken Meat
Indicator 2023 2024 *2025 *2026 *2027 *2028 *2029
Demand for broiler chicken meat is projected to
Total Population (people) 278.645.420 281.554.676 284.371.401 286.989.047 289.759.917 292.530.786 295.301.656 continue increasing until 2029.
Consumption (kg/capita/year) 12,58 14,15 14,79 14,42 14,80 14,79 15,19
Makan Bergizi Gratis (kg/year) 437.052.387 437.052.387 437.052.387 437.052.387 437.052.387 Based on national chicken meat production and
Total Consumption (kg/year) 3.505.359.384 3.983.998.665 4.642.905.408 4.575.434.445 4.725.499.159 4.763.582.712 4.922.684.542
Export (kg/year) 170.603 2.999.770 2.999.770 2.999.770 2.999.770 2.999.770 2.999.770 national consumption needs, there is a surplus every
Total Demand (kg/year) 3.505.529.987 3.986.998.435 4.645.905.178 4.578.434.215 4.728.498.929 4.766.582.482 4.925.684.312
year.
Production (kg) 4.743.382.944 4.922.932.420 5.258.334.115 5.258.334.115 5.258.334.115 5.497.854.753 5.634.385.157
Surplus/Minus 1.237.852.958 935.933.984 612.428.937 679.899.900 529.835.186 731.272.271 708.700.845 There is potential for additional consumption from the
Fulfillment (%) 126% 119% 112% 113% 110% 113% 113%
Surplus/Minus (%) 26% 19% 12% 13% 10% 13% 13% Free Nutritious Meals program around 437 thousand
*Consumption per capita is based on Susenas and BPS projections.
*Population data is a projection by BPS. ton/year start from 2025.
*Production data is derived from processed GPS broiler import data.
Source: Susenas, Badan Pusat Statistika, GPPU 2025, diolah oleh IRMAR
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Business Lines in- Depth
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Key Milestones
“29 Years
Providing food for the Nation” PT Widodo
Makmur Unggas
Tbk
Poultry Poultry Abattoir
Abattoir Kerjasama
Girintontro, Pengembangan
Klaten, Central Java
Central Java Telua ayam cage
free
PT Pasir Tengah PT Cianjur Arta PT Langgeng PS Breeding Commercial Farm
Widodo Farm Wuryantoro,
Makmur Makmur Perkasa
Makmur Ricemill Gunungkidul, Central Java
Cooperatives Cattle Fattening Tegal, Feedmill Central Java
PT Pangan Makmur
Cianjur, West Java West Java Balaraja, GPS Breeding
Abattoir Perkasa
Cattle Banten Farm
Cianjur, Hatchery
Fattening Sukabumi, West
West Java Commodity Facililty
Klaten, Central Feedmill PT Widodofood PT Widodo Java
Cileungsi, Makmur Sejahtera Gunungkidul,
Java Cianjur, West Java Makmur Unggas
West Java Central Java
1995 2006 2013 2014 2016 2017 2018 2019 2020 2021 2023
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Business Lines
Consumer goods and agricultural commodities holistic integrated business with self-sustaining principles
INTEGRATED INTEGRATED MEAT AGRICULTURAL COMMODITIES ENGINEERING SERVICES
CATTLE FARM POULTRY FARM PROCESSING & PRODUCTS TRADING
• Focusing on Cattle Fattening • Focusing on Abattoir • Focusing on Meat Processing • Focusing on Internal • Focusing on Internal
• Main Product : Live Cattle Segment • Main Product : Beef Meat Commodity Feed Material Facilities Construction
• Largest cattle farm with • Main Product : Chicken • Biggest cattle abattoir with Supply • Renewable Energy
172,000 head/year capacity Carcass (Chicken Meat) 300 head/day capacity • Main Product : Feed Raw
• Biggest chicken abattoir with • 550 end product: Sausages, Material
12,000 birds/hour capacity Meatballs, Nuggets, Bakery, • Rice mill 50,000 mt/year
etc. capacity
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Business Description – Integrated Cattle Farm
The largest cattle farm in Indonesia
Operates The Biggest cattle farm in Indonesia with a capacity of 172,000 heads/year (Frost & Sullivan)
In Performing Our Commitment to ESG, We are Partnering with local farmers while maintaining a healthy and supportive environment for
both the livestock and surrounding community
In the fattening business, the majority of the young cattle comes from Australian and small portion is purchased locally
Cattle Farm Feed Mill Cross Breeding
• PT Pasir Tengah has 2 cattle farms: • Raw materials are locally grown and readily • In cooperation with UGM, WMP
available. has been developing ”SAPI GAMA”.
Cianjur – 130 hectares; and
• Production Capacity : 131,000 tonnes/yr • This program focuses on premium
Cariu – 35 hectares. breed cattle that is adaptive to the
• Supply are mainly sourced from Australia • Used mainly for internal consumption and
small portion is distributed to the assisted tropic, with double muscle and
• Revenue stream are from selling high quality live cattle tender meat.
plasma farmers.
• Supported by Renewable Energy – Installed 150 KWp capacity
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Business Description – Integrated Poultry Farm
Uniquely focus on downstream poultry products
Operates The Biggest Modern Poultry Abattoir in Indonesia in one location with a capacity of 12,000 heads/hour (Frost & Sullivan)
PT Widodo Makmur Unggas Tbk (“WMUU”) has been listed on Indonesia Stock Exchange on February 2021
In contrast to other poultry players that focus more on the feed or live birds segments, WMUU’s expansion plan and growth strategy will focus
on downstream products (carcass segment)
Poultry Farm Hatchery Feed Mill Abattoir
• GPS (Central Java) – 64,000 DOC GPS; • Central Java - 4,000,000 • Banten and East Java • Central Java – 12,000 heads/hour eq 79,380 tonnes/year, respectively.
• PS (West Java and Central Java) - eggs/month. combined capacity - • Supported by Renewable Energy – Installed 7,5 MWp capacity
440,000 DOC; 883,000 tonnes/year.
• Broiler Commercial: West Java,
Central Java – 6,800,000 DOC FS; and
• Layer Commercial Farm: Central
Java* – 26,000 Layer FS eq –
9,360,000 eggs/year. – Cage Free
newly developed
*)Under joint operation
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Business Description – Meat Processing
The largest modern cattle abattoir in Indonesia
Operates the Biggest Modern Cattle Abattoir in Indonesia at 300 heads/day for cattle (Frost & Sullivan)
The meat processed are distributed with our own brand across the nation
It produces various processed food based on beef and chicken sourced from its internal farms as well as frozen and imported chilled beef
The processed meat products are sold to the supermarkets and hospitality sector (e.g: hotels, restaurants and cafes)
Abattoir Leather Factory Procesed Meat Products
• West Java - 300 heads/day. • West Java - 2,000,000 sq feet / year • 4,600 tonnes of meat processed every year into a variety of around 550 products i.e.,
• Imported Frozen & Chill Fresh Beef • Supporting the fashion, automotive, upholstery, Sausage : 1,500 tonnes/year;
aviation, and most recently rail industries. Meat Ball : 900 tonnes/year;
• Collaborate with local airline Lion Air Group and Nugget : 700 tonnes/year; and
national rail service provider KAI. Chicken Parting: 1,500 tonnes/year.
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Business Description – Agriculture Commodities Trading
Integral part of the business ecosystem to drive cost efficiency
The source of supply for the raw materials for the feed in internal group cattle and poultry business
Carries out Rice Production and Commercialization as well as Commodity Trading
This business unit produce premium rice from its own rice mill and engages in commodity trading of corn, sugar and soybean
Furthermore, this business unit is the source of supply for raw materials for feed in the group’s cattle and poultry business
Warehouse Rice Mill
1. Central Java – 3,000 mt; and 1. Central Java – 50,000 mt/year; and
2. West Java - 5,000 mt.
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Business Description – Engineering Services
Operates in the infrastructure construction & renewable energy sector for the internal group
The business has two main workstreams:
• Construction focuses on supporting the construction of WMP’s other business lines
• Renewable Energy as part of WMP’s sustainability initiatives, this business line is contracted to oversee the installation of renewable
energy infrastructure including solar panels and wind power in all group facilities
The current projects are mainly in support of Widodo Makmur Group
In-house Projects Renewable Energy
• Internal Group Capex Delivery. • The Company is contracted to oversee
• Most of the projects of companies within our group are the installation of the renewable
contracted to this subsidiaries. energy infrastructures including solar
panels in all the Group’s facilities.
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Financial Focal Point
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Revenue
Consolidated Group Revenue Performance Revenue Contributor
7.000
6.235
2023 2024
6.000
5.000 9% 10%
4.290
1% 0%
4.000
30%
3.031 19%
3.000 21%
56%
2.000
13%
907 41%
1.000 573
0
2020 2021 2022 2023 2024
IDR Bn POULTRY CATTLE MEAT COMMODITY CONSTRUCTION
Note: 2023 numbers are presented from unaudited report 15
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+130.5%
Ebitda & Net Profit
Net Profit EBITDA
400 301 800 679
200 600
81
329
0 400
2020 2021 2022 2023 2024
-200 200
-400 0
-317 2020 2021 2022 2023 2024
-600 -200
-29
-800 -596 -400
-389
-1000 -881 -600
-528
IDR bn IDR bn
• 2023 to 2024 performance still suffered due to the continuous effect of FMD & LSD in Indonesia that raise again in the
early 2024. This is also exacerbated by the condition of the purchasing power of the Indonesian people which has not
fully recovered, resulting in the price of a number of food items falling, including beef and chicken.
• On the other side, The EBITDA & net loss from 2023 to 2024 has improved. This shows that the Company has made
certain attempts to maintain its efficiency.
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Consolidated Group Financial Performance
Total Assets Total Equity
7.000 7.000
6.070 6.070
6.000 5.656 6.000 5.656
5.007 5.007
5.000 4.661 5.000 4.661
4.000 3.701 4.000 3.701
3.000 3.000
2.000 2.000
1.000 1.000
0 0
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
IDR bn IDR bn
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Financial Ratios (Consolidated)
20,00% 7
12,40%
7,30%
6 5,72
0,00% 5,30% -5,20%
2,20%
-12,80%
-15,10%
-17,60% 5
-20,00%
4
-40,00% 3,11
3
-60,00% 2,79
1,89
-72,30% 2
1,46
1,02
-80,00% -86,04% 0,76
1 1,34 0,59
0,87
-100,00% 0
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
ROE 7,30% 12,40% -15,10% -72,30% -86,04% Curent Ratio 1,02 1,46 0,87 0,76 0,59
ROA 2,20% 5,30% -5,20% -17,60% -12,80% DER 2,79 1,34 1,89 3,11 5,72
ROE ROA Curent Ratio DER
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T H AN K Y O U Head Office : Gedung Graha Widodo Makmur Jalan Raya Cilangkap No. 58, Jakarta Timur 13870 Telp. (62 21) 8430 6787 / 88 Faks. (62 21) 8430 6790 / 91
Names mentioned 12 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Pusat Statistika
p.4 ×2
unresolved
org
PT Pasir Tengah
p.7 ×2
unresolved
org
PT Cianjur Arta
p.7
unresolved
org
PT Pangan Makmur Cianjur
p.7
unresolved
org
PT Widodofood
p.7
unresolved
org
PT Widodo
p.7
unresolved
org
Indonesia Stock Exchange
p.10
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