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HIGHLIGHTS

  9m11 Performance: Sales Rp 3,343bn (+76%) and Net Income Current Period Rp 713bn (+232%) 

  Oil Palm and Rubber Plantation Age Profile 

  UNSP Credit Rating Upgrades

9m11 Performance – Income Statements

  PT Bakrie Sumatera Plantations Tbk (ticker: UNSP.JK)  has completed the Limited Review for 9m11 Financials and

booked Rp 713bn Net Income Current Period, or increased by 232% YoY, driven by higher productivity, favorable

business environment and a windfall from ex-Domba Mas debt restructuring.

  9m11 Sales grew by 76% YoY to Rp 3,343bn, on the back of increasing selling volume, higher selling prices and initial

contribution from Oleochemicals.

  However blended 9m11 Gross Margin softened mainly due to Oleochemicals’ relatively modest manufacturing margin.

  9m11 Operating Income and Ebitda grew 125% and 97% YoY respectively, also impacted by written-off of loan interest.

Income Statements (Rpbn)  9m10 9m11 YoY

Sales 1,896 3,343 76%

Gross Profit 783 1,236 58%

Operating Income 640 1,441 125%

Ebitda 826 1,629 97%

Net Income Current Period 215 713 232%

Margins

Gross Margin 41% 37%

Operating Margin 34% 43%Ebitda Margin 44% 49%

Net Margin 13% 21%UNSP-IR-2011 

9m11 Performance – Sales Breakdown

  9m11 Sales of Rp 3,343bn were 76% higher from last year, mostly driven by Palm Oil and Oleochemicals.

  CPO and Palm Kernel Sales in 9m11 grew by 70% and 90% YoY respectively as a result of higher sales volume and

significant price increases.

  Rubber continue to benefit from high price environment, 9m11 Sales reached Rp 894bn or grew 35% YoY.

  Oleochemicals booked Rp 328bn Sales in 9m11 or 10% of Total Sales - compared to just 1% contribution in FY10.

  Going forward, Oleochemicals contribution will increase align with its sequential production start-up.

Sales (Rpbn)  9m10 9m11 YoY

Crude Palm Oil 1,085 1,841 70%

Palm Kernel 147 280 90%

Rubber 663 894 35%

Oleochemicals 0 328 n.a.

Total Sales 1,896 3,343 76%

Sales Volume ( ‘000 MT) 

Crude Palm Oil 165,357 238,762 44%

Palm Kernel 38,764 53,938 39%

Rubber 25,348 21,435 -15%

Oleochemicals 0 28,438 n.a.

Average Selling Price (USD/MT) 

Crude Palm Oil 736 873 19%Palm Kernel 409 588 44%

Rubber 2,932 4,727 61%

Oleochemicals 0 1,308 n.a.UNSP-IR-2011 

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9m11 Performance – Palm Oil Production

  6m11 Factory production of CPO and PK reported strong growth at 34% and 31% YoY respectively boosted by higher

Fresh Fruit Bunch (FFB) production both nucleus and plasma, and increase in purchased FFB volume.

  Both nucleus and plasma booked higher FFB production in 9m11 as a result of improvement in fertilizer application,

maturing tree profile, also supported by more favorable weather in 2011.

  Increased of FFB third party purchase in 6m11 align with Management strategy to optimize factory utilization although

causing CPO extraction rate slightly decrease to 20%.

Factory Production (MT)  9m10 9m11 YoY

Crude Palm Oil 176,507 235,861 34%

CPO extraction rate 21% 20%

Palm Kernel 40,707 53,132 31%

Kernel extraction rate 5% 5%

FFB Production (MT) 

Nucleus 592,678 724,105 22%

Nucleus yield /Ha 9.6% 10.3%

Plasma 125,797 141,358 12%Plasma yield /Ha 9.9% 12.4%

Purchased 130,735 245,181 88%UNSP-IR-2011 

9m11 Performance – Rubber Production

  9m11 Rubber nucleus field production maintained at 14,819MT or slightly up by 1% YoY in spite of maturing tree profile

as well as ongoing replanting program.

  Rubber factory production, decreased to 21,179 ton in 9m11 or -12% YoY given to steady nucleus field production and

selective latex purchase to maintain high-quality standard.

Factory Production (MT)  9m10 9m11 YoY

Natural Rubber 22,120 21,179 -4%Field Production (MT) 

Nucleus 14,678 14,819 1%

Nucleus yield /Ha 1.0 1.1

Purchased 6,824 5,987 -12%UNSP-IR-2011 

Oil Palm and Rubber Plantation Age Profile

We are committed to improve disclosure to allow stakeholders and the general public better understand UNSP business

operations. Thus starting November 2011 Issue we will present new operational data; Oil Palm and Rubber Plantation Age

Profile which will be updated regularly.

  As per September 2011 UNSP is managing 124,734Ha of Planted Area with 15% Rubber and 85% Oil Palm.

  We maintain Oil Palm nucleus expansion program thus 94,805Ha of planted area has a healthy balance of 26%immature, 24% young age and 50% mature.

  19% of 18,476Ha Rubber nucleus already reached 17-20 years old, while the immature and young age dominated with

54%, therefore implying high prospect in the medium to long term.

Planted Area (Ha)  9m11

Oil Palm nucleus 94,805

Oil Palm plasma 11,453

Rubber nucleus 18,476

Total Planted Area 124,734UNSP-IR-2011 

0-4 yrs

26%

5-8

24%9-12

8%

13-16

27%

17-20

15%

Oil Palm nucleus age profile

(9m11)

UNSP-IR-2011

0-4 yrs

17%

5-8

37%9-12

13%

13-16

14%

17-20

19%

Rubber nucleus age profile

(9m11)

UNSP-IR-2011

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Caa2

UNSP Credit Rating Upgrades

UNSP has earned higher credit ratings from two established agencies; Moody's

Investors Service (“Moody’s”) and Standard & Poor’s Rating Services  (“S&P”). On a

Release dated 9 November 2011, Moody’s  has upgraded UNSP rating to Caa2.

Separately, on 9 November 2011, S&P has also raised the long-term corporate credit

rating on UNSP to CCC+. We believe these upgrades reflect improving confident

especially after successful debts refinancing early this November, which include the

repayment of USD185mn bonds.

We understand the ratings still implied concerns related to the maturing USD150mn

AGRI bonds due in July 2012. Therefore we are keen to inform all stakeholders that

UNSP has kicked start the refinancing process and expecting completion by early 2Q12.

For full Press Release and further rating information, please visit the respective agency’s website at www.moodys.com and

www.standardandpoors.com . 

PT Bakrie Sumatera Plantations Tbk is an integrated and sustainable agrobusiness that operates in the business field of oil palm plantation

and the production of palm oil and its derivatives; the business field of rubber plantation and the processing of natural rubber products;

and the business field of processing oleochemicals products.

The company has listed its shares in the Indonesia Stock Exchange since 1990 with ticker code UNSP.

Visit our website: www.bakriesumatera.com 

Mailing address: Contact:

PT Bakrie Sumatera Plantations Tbk Hadi Susilo

Corporate Center   Investor Relations 

Kompleks Rasuna Epicentrum email. hadi.s@bakriesumatera.com 

Bakrie Tower 18th-19th floor office. +62 21 2994 1286

Jl. H.R. Rasuna Said

Jakarta 12960, Indonesia

CCC+