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PUBLIC
EXPOSE
PT Widodo Makmur Perkasa Tbk
Jakarta, 27 Juni 2024
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Indonesian Market Outlook A brief about Livestock, Beef & Poultry Industry
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Supply And Demand Beef
National Production and Consumption Projections
Indonesia Beef Supply and Demand 2018 – 2033* Comparison of Beef Production and Consumption in Indonesia 2018 – 2033* (ton)
Indonesia Beef Supply & Demand
Population Meat Production Growth/Years Consumption Growth/Years Surplus/Deficit (%) 1.000.000
Years
(000 head) (ton) (%) (ton) (%) (ton) Surplus/Deficit
900.000
2018 16.433 495.338 579.982 - 84.644 -15%
800.000
2019 16.930 511.445 3,3% 682.973 18% - 171.528 -25%
2020 17.440 458.471 -10,4% 624.171 -9% - 165.700 -27% 700.000
2021 18.054 454.493 -0,9% 687.160 10% - 232.667 -34% 600.000
2022 18.610 440.706 -3,0% 722.527 5% - 281.821 -39% 500.000
2023* 18.484 437.668 -0,7% 746.770 3,4% - 309.102 -41%
400.000
2024* 18.819 445.737 1,8% 760.198 1,8% - 314.461 -41%
300.000
2025* 19.131 453.269 1,7% 773.490 1,7% - 320.221 -41%
200.000
2026* 19.375 459.177 1,3% 794.960 2,8% - 335.783 -42%
2027* 19.577 463.952 1,0% 814.032 2,4% - 350.080 -43% 100.000
2028* 19.781 468.778 1,0% 833.486 2,4% - 364.709 -44% -
2018 2019 2020 2021 2022 2023* 2024* 2025* 2026* 2027* 2028* 2029* 2030* 2031* 2032* 2033*
2029* 19.986 473.653 1,0% 853.329 2,4% - 379.676 -44%
2030* 20.194 478.579 1,0% 873.567 2,4% - 394.988 -45% Meat Production (ton) Consumption (ton)
2031* 20.404 483.556 1,0% 894.207 2,4% - 410.651 -46%
2032* 20.616 488.585 1,0% 915.258 2,4% - 426.673 -47%
2033* 20.831 493.666 1,0% 936.726 2,3% - 443.060 -47%
*forecast
❑ National beef production is projected to continue increasing until the year 2033
❑ The increase in national beef production has not yet been able to meet the total national beef demand.
❑ The national beef deficit will be fulfilled through the import of beef, both in the form of live cattle and frozen/chilled beef.
Sumber : Statistics Indonesia, Ministry of Agriculture of the Republic Indonesia 2023, processed.
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Supply & Demand Poultry
Production, Consumption and Commodities Balance Sheet
Balance of Broiler Chicken Commodities in Indonesia Based on GPS Imports
Trends in Production & Consumption of Broiler Chicken Meat in Indonesia 2021 to 2025 Trends in Broiler Chicken Meat Balance in Indonesia from 2021 to 2025 (kg)
750.513.874
6.000.000.000
5.000.000.000
4.000.000.000
335.124.781 345.447.448
3.000.000.000 315.331.787
263.675.621
2.000.000.000
1.000.000.000
-
2021 2022 2023 2024 2025
2021 2022 2023 2024 2025
Total Demand (kg/Yr) Production (kg)
❑ The demand for broiler chicken meat is projected to continue
increasing until 2025.
❑ Based on national broiler chicken meat production and demand, there
is a surplus every year.
Sources: Susenas, Statistics Indonesia, GPPU 2023, Processed by Internal
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Attractive consumer goods and agricultural commodities sector dynamics with solid growth prospects
Selected food market consumption in Indonesia (2023 and 2028E)
Beef Poultry Egg Corn Rice
CAGR
1.5% CAGR 2023-2028E at constant price (%) 2.2 5,2 3.3 1.4 -0,86
2028E Qty (Thousand Tons) 833 5.690 6.624 26,655 21.617
IDR 940
Trillion** Value (Trillion IDR)* 107 205 177 160.1 292
2023 Qty (Thousand Tons) 747 4.407 5.619 24,880 22.575
IDR 858
Trillion** Value (Trillion IDR) 96 158 150 149.5 305
*) Forecasted value 2028E is at constant 2023 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 represents only 31% and 27 % of 2023-2028E period in line with the growth of GDP per capita, which represent the increase in
Malaysia’s, respectively (2023) confidence among consumers and business.
FY 2023 - Consumption (kg/capita) (million) • Demand for beef and poultry in Indonesia shows positive trajectory, given domination of
35,00 productive age population, growing middle-income class and substantial role of beef and poultry as
29,89 main animal protein sources in Indonesia (the world’s most populous Muslim-majority country).
30,00
25,00 • Low consumption of beef and poultry per capita in Indonesia in 2023 is still low compared to other
20,00
selected Southeast Asia Countries, indicates ample room for growth mainly supported by
Poultry progressing income per capita in Indonesia.
15,00
10,61 Beef
9,40 • Household consumption of beef and poultry per capita in Indonesia for 2028F are 1,74 kg/capita
10,00 8,03
5,44 5,42 5,10 and 8,6 kg/capita (OECD-FAO).
5,00 2,33 1,67 1,19
- • The total per capita all segments consumption of beef and poultry in Indonesia for 2028F are 2,85
Malaysia Philippines Vietnam Indonesia Thailand kg/capita and 19,45 kg/capita (Susenas, Badan Pusat Statistika).
Source: OECD-FAO
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Business Lines in- Depth
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Business Lines
Consumer goods and agricultural commodities holistic integrated business with self-sustaining principles
INTEGRATED INTEGRATED MEAT AGRICULTURAL COMMODITIES CONSTRUCTION & RENEWABLE
CATTLE FARM POULTRY FARM PROCESSING & PRODUCTS TRADING ENERGY
• 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 • Main Product : Renewable
172,000 head/year capacity Carcass (Chicken Meat) 300 head/day capacity • Main Product : Feed Raw Energy Installation
• 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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Key Milestones
“28 Years
Providing food for the Nation”
Poultry PT Widodo
Poultry Abattoir
Abattoir Makmur Perkasa
Girintontro,
Klaten, Tbk
Central Java
Central Java
MTN Issuance
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 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 FY22, revenue from the fattening business made up most of the Integrated Cattle Farm’s total revenue
✓ 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)
✓ In FY22, the majority of WMUU’s revenue was contributed by 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 / • 4,600 tonnes of meat processed every year into a variety of around 550 products i.e.,
• Imported Frozen & Chill Fresh Beef year ✓ Sausage : 1,500 tonnes/year;
✓ Meat Ball : 900 tonnes/year;
✓ Nugget : 700 tonnes/year; and
✓ 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 – Construction & Energy
Commitment to green and sustainable farming
✓ 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 and Subsidiaries Expansion
Consolidated Group Revenue Performance Revenue Contributor
7.000 2022 2023
6.235
6.000
4% 9%
5.000
4.290 5% 1%
4.000 30%
18% 19%
3.031
3.000 55%
18%
2.000
41%
907
1.000
-
2020 2021 2022 2023
POULTRY CATTLE MEAT COMMODITY CONSTRUCTION
IDR bn
Note: 2023 numbers are presented from unaudited report 15
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+130.5%
Ebitda & Net Profit
Net Profit EBITDA
301 679
300 600
81
100 400 329
(100) 2020 2021 2022 2023 200
(29)
(300) -
(317) 2020 2021 2022 2023
(500) (200)
(700) (400)
(900) (600) (528)
(881)
IDR bn IDR bn
• 2022 to 2023 performance suffered due to the effect of foot and mouth diseases in Indonesia, the
impact was amplified due to the increase in raw materials of feed for poultry and lower selling price in
the market.
• This disease also impacted EBITDA, which recorded at – IDR 528bn as of FY23, significant decrease from
2022. The Group has made certain attempts to maintain its efficiency.
• While FY23 net profit significantly dropped to - IDR 881bn in 2023 drop amidst the impact of slower
cattle business, increase in raw materials of poultry feeds, and limited working capital.
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Consolidated Group Financial Performance
Total Assets Total Equity
7.000 2.500 2.418
6.070
6.000 2.097
5.656
2.000
5.007
5.000
1.500
4.000 3.701
1.218
1.105
3.000
1.000
2.000
500
1.000
- -
2020 2021 2022 2023 2020 2021 2022 2023
IDR bn IDR bn
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Financial Ratios (Consolidated)
20,0% 2,50
12,4% 2,30
10,0% 7,3%
0,0% 5,3% -5,2% 2,00
2,2%
-10,0%
-17,6%
-15,1% 1,46
-20,0% 1,50 1,42
-30,0%
1,02 1,00
-40,0% 1,00 0,87
1,00 0,76
-50,0%
-60,0% 0,50
-70,0% -72,3%
-80,0% 0,00
2020 2021 2022 2023 2020 2021 2022 2023
ROE 7,3% 12,4% -15,1% -72,3% Current Ratio 1,02 1,46 0,87 0,76
ROA 2,2% 5,3% -5,2% -17,6% Debt to Equity 1,00 1,00 1,42 2,30
ROE ROA Current Ratio Debt to Equity
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Note: 2023 numbers are presented from unaudited report
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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 14 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Ministry of Agriculture
p.3
unresolved
org
Pusat Statistika
p.5
unresolved
org
PT Widodo Poultry Abattoir Abattoir
p.8
unresolved
org
PT Pasir Tengah
p.8 ×2
unresolved
org
PT Cianjur Arta
p.8
unresolved
org
PT Pangan Makmur Cianjur
p.8
unresolved
org
PT Widodofood
p.8
unresolved
org
PT Widodo
p.8
unresolved
org
Indonesia Stock Exchange
p.10
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