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Falling Rupiah Hurts Profits at Mitra Adiperkasa
By Basten Gokkon on 07:02 pm Jul 31, 2014

Jakarta. Mitra Adiperkasa, the country’s largest high-end fashion and lifestyle retailer, reported lower profit in the first half of this year due to a weaker rupiah and rising costs.

Net income at Mitra Adiperkasa, or MAP, which also has the franchising rights for Starbucks Coffee, fell 31 percent to Rp 100.4 billion ($8.7 million) from January to June this year compared with the same period a year ago. Revenue increased by 25 percent to Rp 5.5 trillion, the company said in a statement on Thursday.

“Despite uncertainties, demand for our products and brands remained strong,” MAP corporate secretary Fetty Kwartati said in a press statement. “But our bottomline was, once again, impacted by a sluggish rupiah, higher interest and forex [foreign exchange] rates and escalating operating costs.”

The rupiah, which traded at 11,591 against the US dollar on Thursday, has declined 21 percent in the first half of this year compared to the same period last year, according to data from Bank Indonesia.

The total cost of goods sold and direct cost climbed 31.8 percent to Rp 2.9 trillion, according to MAP’s financial statement published at the Indonesia Stock Exchange (IDX) on Thursday.

Operating costs, which include selling and general expenses, rose 27.7 percent to Rp 2.3 trillion, while finance costs, which include interest expenses, also escalated by 76.7 percent to Rp 175 billion.

However, the company, which imports the bulk of its products, reported a Rp 12.4 billion gain from foreign-exchange transactions this year compared to a loss of Rp 10.6 billion a year ago.

“Going forward, we’ll continue to maintain our costs discipline and drive higher operational efficiency and productivity,” Fetty said in the statement.

Jakarta-based MAP opened 111 new retail outlets in the first half of this year, at a total rental cost of Rp 699 billion.

The company has 1,890 retail outlets in 61 major cities throughout Indonesia with franchise rights for top fashion brands, including Marks & Spencer, Topshop and the department stores Sogo and Seibu.

The company said in January that it had Rp 600 billion available to open at least 250 new outlets across the country this year.

MAP aims to bring new foreign brands to Indonesia this year.

Its latest franchise push is for Sephora, a French cosmetic and body care store, which opened its doors in July this year at Plaza Indonesia in Central Jakarta and Kota Kasablanka in South Jakarta.
noch der Link zum obigem Artikel: http://www.thejakartaglobe.com/business/falling-rupiah-hurts-profits-mitra-adiperkasa/
Mitra hat heute die Zahlen veröffentlicht. Ein weiteres Erfolgsjahr im Hinblick auf das Umsatzwachstum. Durch die Rupiah-Schwäche wurde jedoch erneut kein überragendes Nettoergebnis erzielt und ein gewinn nahe NULL. Jedoch wurden Weichen gestellt und der Markt scheint diese positiv zu bewerten. Es ging gleich 17% hoch vom 52-Wochentief.

Company to spin off its Active Business to enhance shareholder value

Jakarta, 31st March 2015 – Indonesia’s leading lifestyle retailer, PT Mitra Adiperkasa Tbk (MAP) today announced its financial results for full year 2014. Net revenue soared 21.4% to a record Rp 11.82 trillion – up from the Rp 9.73 trillion posted in 2013. Operating profit was
Rp 525 billion while net profit was Rp 73 billion.

Commenting on the full year 2014 results, Fetty Kwartati, Corporate Secretary of MAP said:
“It was another year of record net revenue for MAP but our bottomline was impacted by the weak rupiah and a few initiatives to improve our working capital.” Notwithstanding the impact on bottomline, the company opened 99 new stores to bring our total to 1,872 stores by end 2014 - including the launch of a few new retail concepts such as Sephora and Birkenstock among others. The company also won 2 prestigious awards in CSR and Investor Relations from FinanceAsia and found a strategic partner in Everstone Capital Singapore for Domino’s Pizza and Burger King. This collaborative partnership will provide funds to fulfill maximum potential of both brands.”

MAP is also currently undertaking a strategic initiative to conduct an internal reorganization and process a spin-off of its Active business comprising Sports, Golf, Kids ,Lifestyle, Payless (under PT Putra Agung Lestari) and Garment Manufacturing (under PT Mitra Garindo Perkasa) to PT MAP Aktif Adiperkasa (MAA), its wholly-owned subsidiary. This internal reorganization will allow Active to operate as an independent company and increase its focus to unlock the enormous potential of the Active business in Indonesia. It would also provide an opportunity for the Active business under MAA to raise its own capital including a future IPO.

MAP is also pleased to announce the issuance of an Rp 1,500 billion unsecured bond with zero coupon and 5 year maturity, which will be subscribed by Asia Sportswear Holdings Pte Ltd and novated to MAA at the same time as the internal reorganization. MAP intends to use the proceeds to repay existing debt resulting in lower leverage level of interest bearing debt, as well as future interest payments.

Lastly, the internal reorganization has provided MAP an opportunity to bring in an experienced and value-added partner in Montage Company Limited, a subsidiary of funds advised by CVC Capital Partners, for the Active business. MAP will issue an option for 30% of the Active business under MAA, which will be mandatorily exercised upon an IPO of MAA.

The internal reorganization, the issuance of the bond and the issuance of the option are subject to shareholders and regulatory approval. Additional information will be provided in due course.

About PT Mitra Adiperkasa Tbk
As of February 2015, MAP operates 1,871 retail outlets in 65 major cities throughout Indonesia. The major retail concepts under the group among others: Department Stores: Sogo, Debenhams, Seibu and Galleries Lafayette; Fashion & Lifestyle: Zara, Marks & Spencer, Topman, Topshop, Next, Kipling, Lacoste, Nautica, Massimo Dutti, Staccato, DKNY, Crabtree & Evelyn, Swarovski, Zara Home and Sephora; Sports: Converse, Golf House, Payless ShoeSource, Oakley, Planet Sports, Reebok, Rockport, Skechers, Sports Station, The Athlete's Foot and The Sports Warehouse; Food & Beverage: Starbucks, Burger King, Domino’s Pizza, Pizza Marzano, Krispy Kreme, Cold Stone Creamery Ice Cream, Godiva and Chatterbox; Kids: Kidz Station, Oshkosh B’Gosh, Barbie Boutique and Stride Rite; Others: Kinokuniya and Alun Alun. For more information about MAP please visit www.map-indonesia.com

For more information, please contact:
Fetty Kwartati
Corporate Secretary
PT Mitra Adiperkasa Tbk
Wisma 46, 8th fl. - Kota BNI,
Jl. Jend. Sudirman Kav. 1
Jakarta 10220

Phone : 021 575 0755
Fax : 021 574 0150
Email : fetty.kwartati@map.co.id

Quelle: http://www.map-indonesia.com/
CVC will bei Mitra einsteigen und soll den Laden zurück in die Profitabilität bringen. Mit einem solchen Partner steigen erhebliche Potenziale. Denn der Umsatzwachstum stimmt, nur die Profitabilität war zuletzt eher dürftig:

Indonesia retailer partners with London fund in turnaround bid

JAKARTA -- Mitra Adiperkasa, which operates stores of major foreign brands such as Starbucks and Zara in Indonesia under franchise contracts, will partner with London-based private equity firm CVC Capital Partners to reverse a steep decline in profits.

Mitra said in a Tuesday news release it will spin off its apparel and goods brands categorized under sports, golf, kids and lifestyle, a shoe retail chain called Payless, as well as their local production units into a single, wholly owned subsidiary called MAP Aktif Adiperkasa. Fetty Kwartati, a company spokeswoman, said the new entity will account for about a third of the group's revenue and profit.

MAP Aktif will issue a 1.5 trillion rupiah ($120 million) bond with a five year maturity and zero coupon to Asia Sportswear Holdings, a unit of CVC, to pay down debt. In return, Mitra has agreed to give Montage Company, another unit of CVC, options to own up to 30% of MAP Aktif's shares when it launches an initial public offering, as early as 2019. Kwartati said CVC will send members to the management board to help bring operational expertise. The plans are subject to approval at a shareholders meeting scheduled for May.

Investors welcomed Mitra's plan, sending the company's shares 17% higher by Tuesday's close. Shares on Monday were down 28% from a year earlier. CVC, which usually buys shares at a discount and sells them for a higher price after ramping up the company's value, is well known among analysts in Indonesia for boosting profits at Matahari Department Store, after buying the company in 2010.

Harry Su, head of research at local brokerage Bahana Securities, said the deal can help Mitra "create synergy with Matahari" in areas such as inventory management and cross selling.

The move came after Mitra suffered a steep decline in profit. On Tuesday, Mitra reported a net profit of 74 billion rupiah ($5.62 million) for the year ended Dec. 31, a 77% decline from the previous year. Despite a 21% increase in revenue to 11.82 trillion rupiah, the company was hit hard by weak purchasing power amid a slowdown in economic growth, and higher import costs because of the weak rupiah.

Mitra has already started to scale back on the expansion of its store network. It opened only 99 stores in 2014 compared to nearly 400 stores in 2013. The company also sold a part of its stake in subsidiaries that operate Domino's Pizza and Burger King stores to Everstone Capital, another private equity firm.

Quelle: http://asia.nikkei.com/Business/AC/Indonesia-retailer-partne…
Enorme Chancen nach CVC Kooperation: DIe Details UOB KayHian:

Mitra Adiperkasa (MAPI IJ)
CVC: Knight In Shining Armour With Ability To Generate Shareholder Return

We view the deal between CVC and MAPI positively on the back of: a) lower interest cost, which is expected to boost MAPI’s 2015 net income by fourfold yoy, b) operational improvement leading to potential value creation as CVC has delivered fivefold return post acquiring LPPF, c) listing of MAP as a catalyst to MAPI, d) gradual recovery in F&B beverage business beyond 24 months, and e) attractive P/B valuation.


• Potential investment by CVC. MAPI announced a deal with CVC, the former controlling shareholder of LPPF. First, MAPI will issue a 5-year Rp1.5t bond to CVC at 0% interest. Second, MAPI will inject its operations in sports (Sport Station, Planet Sports, Reebok, Adidas), golf (Golf House, Top Golf, Pro Golf), kids (Kidz Station), Payless shoes and garment manufacturing into MAP Aktif Adi Perkasa (MAP). Third, CVC will be given an option to convert the Rp1.5t loan into 30% of MAP. Finally, there could be a listing of MAP in 4-5 years’ time.

• Immediate impact: Lower interest cost and consensus expects potential 400%+ yoy growth in 2015 net income. In 2014, MAPI chalked up debt of Rp1,567b and the zero-interest bond will be used to repay outstanding loans. MAPI paid Rp381.9b in interest cost in 2014 and the immediate impact of this ransaction will be the elimination of MAPI’s interest cost and increase profit. Assuming a 25% tax rate, MAPI’s 2014 net income of Rp74.1b could have risen to Rp360.5b, a 486.5% yoy increase.

• CVC delivered multi-baggers return in LPPF. CVC has a positive track record with Matahari Department Store (LPPF) and Linknet (LINK). CVC purchased LPPF on 25 Jan 10 at a market cap equivalent of US$850b. After growing net profit from Rp624.5b in 2010 to Rp1,419b in 2014, LPPF has grown to become a US$4.3b company, a five-folds return in four years. CVC’s investment in LINK was done at market cap equivalent of US$808m on 11 Jun 11 and its market capitalisation today is US$1.4b.

• Impact on other divisions within MAPI. The investment by CVC could translate into operational improvement, better working capital management and margin improvement. MAPI told us the knowledge brought in by CVC (inventory management, merchandising, working capital management, store efficiency, store presentation) could be applied in other divisions within MAPI, such as fashion and food & beverage.

Operations not fully recovered. MAPI’s operations have yet to recover. In 1Q15, sales grew 12-13% yoy, same-store sales grew 6-7% yoy and heavy discounts are still being offered. Burger King and Domino are still suffering losses of Rp60b. Fortunately, the elimination of interest cost could push 2015 net income higher and the partial sale of Burger King could lower the losses.

• A rupiah depreciation to raise COGS and higher prices lead to lower sales volume.
• Earnings miss in 2015.

• 2016F PE on a par with retail sector’s. Based on Bloomberg consensus, MAPI is trading at 32.3x 2015F PE and 19.3x 2016F PE. Valuation appears high because of the recent heavy discounting due to inventory mismanagement but MAPI is trading near 1SD below in terms of P/B. In term of 2016F PE, MAPI is trading on a par with that of Indonesia’s retail sector.

Quelle: http://www.utrade.com.hk/en/regional-morning-notes/20150408.…

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