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COMPANY PROFILE
PT. PAN BROTHERS Tbk
&
SUBSIDIARIES
With Integrity, Commitment, Precision, and Passion for The Company Enhancement
CONTENTS
COMPANY OVERVIEW 3
PT. Pan Brothers Tbk. & Subsidiaries
FINANCIAL OVERVIEW 15
APPENDIX 19
2
COMPANY OVERVIEW
3
PT. PAN BROTHERS Tbk.
PT. Pan Brothers Tbk. & Subsidiaries
Indonesia’s largest listed garment manufacturer.
Well-established business founded in 1980 and listed on the Indonesia Stock Exchange since 1990.
Strong export focus-markets include US, Europe, Asia,
Canada, and Australia.
Long-standing relationships with many leading global fashion and apparel brands, with a strong CSR/ethics focus.
Plants located in Tangerang, West Java and Central Java with 22,186
year.
Plants located in Tangerang, West Java and Central Java with 22,186machines and a production capacity of 75 million pieces of garment per
year.
Selective expansion into both upstream and downstream segments.
4
GROUP STRUCTURE
PT. Pan Brothers Tbk. & Subsidiaries
PT. PAN BROTHERS TBK.
PT. Trisetijo Manunggal
Utama
26.33%
Public
53.81%
PT. Ganda Sawit Utama
19.86%
Continent 8 Pte. Ltd. (51.00%)
PT. Hollit International (51.04%)
PT. Pancaprima Ekabrothers (99.91%)
PT. Ocean Asia Industry (51.00%)
PT. Apparelindo Prima Sentosa (99.00%)
PT. Eco Smart Garment Indonesia (85.00%)
Cosmic Gear Limited (51.00%)
PT. Prima Sejati Sejahtera (99.00%)
PT. Teodore Pan Garmindo (51.00%)
PT. Victory Pan Multitex (51.00%)
5
GROUP OVERVIEW
• Started in 1980.
• Manufactures
Woven
Garments such
as Padded and
Light Weight
Jackets, Pants,
Shorts and
Casual Pants as
well as Cut and
Sewn Knit
Garments such
as Polo Shirts,
Golf Shirts,
Track Suits,
Sweat Suits
• Acquired in
2005.
• Manufactures
Technical,
Functional and
Active Wear
Jackets and
Outer Wear
suited for
Snow
Boarding,
Skiing, Jogging,
Hiking, and
other Sports
and Outdoor
Activities
• Established in
2013 as a JV
with
Mitsubishi.
• Planned to
build 7 garment
manufacturing
facilities
• 4 Facilities
already built in
2014.
PT. Pan Brothers Tbk. & Subsidiaries
• Established in
2014.
• Manufactures
Technical,
Functional and
Active Wear
Jackets and
Outer Wear
suited for Snow
Boarding,
Skiing, Jogging,
Hiking, and
other Sports
and Outdoor
Activities
• Established in
2014.
• Manufactures
Cut and Sewn
Knit Garments
such as Polo
Shirts, Golf
Shirts, Track
Suits, Sweat
Suits
Garment ManufacturingBusiness
Group
Companies
Brief
Description
PT Teodore
Pan Garmindo
“TPG”
PT Prima Sejati
Sejahtera
“PSS”
PT Eco Smart
Garment
Indonesia“ESGI”
PT Pancaprima
Ekabrothers
“PPEB”
PT Pan
Brothers Tbk
“PBT”
6
• Started in 2013.
• Incorporated in
Indonesia to
engage in
apparel retail
business
• Launched its
women’s
fashion brand,
Zoe in 2013.
• JV men’s
fashion brand ,
Salt n Pepper in
2015.
• Started in 2012.
• Produces
various kinds of
knit fabrics,
such as single
knits and
double knits
(Single Jersey
and Lycra Single
Jersey, Pique
and Lacoste,
Fleece / French
Terry Interloop
/ Lycra
Interloop,
Jacquard
Jersey) and flat
knits.
• Established in
2014.
• Produces
various Sewing
and embroidery
thread.
• Incorporated in
Hong Kong to
help the group
better cater the
international
market.
• Engages in
product
development
and material
sourcing.
• Incorporated in
Singapore.
• Engages in
sourcing
activities that
will allow the
Group’s
products to
reach more
international
markets.
• Acquired in
2011.
• A product
development
company
focusing on the
development
and creation of
latest trends in
styling,
finishing and
material.
• Also manages
the collection
and
production of
world
renowned
fashion
brands.
GROUP OVERVIEWRetailFabric Supply
Sewing &
Embroidery
Thread
Product Development and Buying AgentBusiness
Group
Companies
Brief
Description
PT Hollit
International“Hollit”
PT. Pan Brothers Tbk. & Subsidiaries
PT Apparelindo
Prima Sentosa
“APS”
PT Ocean
Asia Industry“OAI”
PT Victory
Pan Multitex“VPM”
Cosmic Gear
Limited“Cosmic”
Continent 8
Pte Ltd“C8”
7
PBRX MILESTONE
PT. Pan Brothers Tbk. & Subsidiaries
2013
2007
1980
2005
2012
2008
2011
Expansion of PPEB at
Sukabumi (Woven
Factory)
Expansion of PPEB at
Sukabumi (Woven
Factory)
Established PBT (Cut & Sewn
Knit OEM Factory)
Established PBT (Cut & Sewn
Knit OEM Factory)
a) Expansion of PPEB at
Boyolali (Woven Factory)
b) Expansion of PBT at
Sragen (Woven Factory)
a) Expansion of PPEB at
Boyolali (Woven Factory)
b) Expansion of PBT at
Sragen (Woven Factory)
Acquired PPEB (Light &
Heavy Woven Jacket
Factory)
Acquired PPEB (Light &
Heavy Woven Jacket
Factory)
Set up OAI (Apparel
material manufacturer)
Set up OAI (Apparel
material manufacturer)
a) Expansion of PBT at
Boyolali (Woven Factory)
b) Expansion of PPEB at
Boyolali
(Woven Factory)
a) Expansion of PBT at
Boyolali (Woven Factory)
b) Expansion of PPEB at
Boyolali
(Woven Factory)
a) Set up APS (Apparel
Retail and Brand)
b) Set up ESGI (Woven
Factory)
a) Set up APS (Apparel
Retail and Brand)
b) Set up ESGI (Woven
Factory)
2014
Set up Cosmic Gear
(Product
Development)
Set up Cosmic Gear
(Product
Development)
8
a) Set up TPG at Bandung
(Cut & Sewn Knit Factory)
b) Set up VPM at Bandung
(Sewing and Embroidery
thread)
c) Set up PSS at Boyolali
(Woven Factory)
a) Set up TPG at Bandung
(Cut & Sewn Knit Factory)
b) Set up VPM at Bandung
(Sewing and Embroidery
thread)
c) Set up PSS at Boyolali
(Woven Factory)
CUSTOMERSCUSTOMERS By Sales Year 2015
PT. Pan Brothers Tbk. & Subsidiaries9
MITSUBISHI
INDUSTRY OUTLOOK•Textile and garment exports from Indonesia are expected to grow from US$13.2bn in 2015 to US$ 75.3bn in 2030
•Proportion of Indonesian exports in total global demand to rise from 1.8% in 2015 to 5% in 2030.
Strong Outlook Despite Global Uncertainties
• Rebate 10 % on new machineries investment or replacement on textile industry
• Issued economic policies package, among others for labour intensive industries (Tax incentive, Electricity tariff discount, and employee tax deduction).
• Expected Signed Free trade Agreement with Europe in 2017
Indonesian Government Support on Textile &
Garment Industry
•China faces rising labor cost and lack of labor supply.
•India & Bangladesh are constrained by inadequate infrastructure and rising labor wages.
•Vietnam & Cambodia have smaller workforce relative to Indonesia and are constrained by rising labor cost.
Key Asian Garment Suppliers Face Growth
Constraints
•Indonesia has huge population of more than 260 million.
•In 2030, it is expected the middle class income earners will contribute up to US$ 1.7bn to the country’s GDP (86% of the total GDP).
Indonesian Retail Outlook
PT. Pan Brothers Tbk. & Subsidiaries
Source: Citi Investment Research & Analysis; McKinsey Consumer Insight; Index Valuation Division API Publication; Goverment Policy Package;BPS
10
INTEGRATED BUSINESS MODEL
PT. Pan Brothers Tbk. & Subsidiaries
Fibre Production
Spinning, Fabric
weaving, knitting,
finishing
Designing, cutting,
sewing, buttonholing,
ironing
Marketing and
distributionRetail Outlets
Raw Material Production
Textile Manufacturing
Apparel Manufacturing
Branded Apparel Players
Retailers
• Actively pursuing JV / M&A opportunities
into spinning & fabric mills sector.
• Set up Victory Pan Multitex as Sewing and
Embroidery Thread manufacturer in 2014.
• Acquired Hollit International, a product
development company.
• Established Apparelindo Prima Sentosa to
increase presence in apparel retail business,
with in-house brand, ZOE & JV SnP
• JV / M&A with some local brands and multi-
brand retailer.
�� �
Upstream expansion Downstream expansion
�
• Joint Venture with Mitsubishi to set up 7
factories in Central Java area and already
built 4 factories in 2014, expansion expected
to finish in 2016
• Set up Prima Sejati Sejahtera in Boyolali in
Central Java in 2014
• Set up Teodore Pan Garmindo in West Java
in 2014.
Garment Manufacturing
11
KEY PILLARS OF FURTHER GROWTH
Upstream – Category Expansion
• Expansion into new sectors, such as:
• Spinning mills
• Fabric mills (synthetic woven fabric)
• Target route: JV or M&A
• VPM (Victory Pan Multitex) at West Java in 2014
Manufacturing Expansion
• Domestic
• JV with Mitsubishi (ESGI) increasing capacity up to 48 million pcs in 3 years
• TPG (Teodore Pan Garmindo) at West Java
• Target M&A at Central Java
• Regional
• Expansion to other countries to increase diversification and better reach the addressed markets.
• Target countries: Vietnam and other prospect countries.
Downstream – Channel Expansion
• Continuous expansion of brand, ZOE, SnP, FTL, and Asylum.
• Joint venture with local and overseas partners for retail brands.
• Collaboration with global fashion brand.
• Planning to enter the e-commerce sector.
• Target route: JV or M&A
Product Optimalization
• Increasing capability in embroidery facility, printing facility, and laundry facility.
PT. Pan Brothers Tbk. & Subsidiaries12
GARMENT MANUFACTURING
PT. Pan Brothers Tbk. & Subsidiaries
Buying agents
Rep offices
Plants
Indonesia
Singapore
Hong Kong
Taiwan
Indonesia
Tangerang
Sukabumi & Bandung
Boyolali
Sragen
CategoryTotal Machines
(Units)
Manufacturing Capacity
(‘000pcs)
Mix catagories (Technical , Woven
Garment and Cut & Sewn Knit)22,186 75,000
Production and distribution spread across key Asian markets
Manufacturing Capabilities
Strong manufacturing capabilities with production plants in Indonesia
Key production facilities
State of the art production facilities are situated across Tangerang, Sukabumi,
Bandung, Boyolali and Sragen
Strategically positioned throughout Asia with representative offices in
Taiwan, Singapore and HK to serve customers in regional & global markets
Maintains close proximity to both customers and fabric suppliers for the most
efficient coordination of orders and samples
13
ACCREDITATIONS AND AWARD
PT. Pan Brothers Tbk. & Subsidiaries
ACCREDITATIONS AWARDS
Best of The
Best Award
2015
Indonesia
Export Award
2015
�ISO 9001:2008
�ISO 14001
�WRAP
�GSV
�SA 8000
�OHSAS
�CT-PAT
SA 8000
ISO 9001:2008
ISO 14001:2004
Note:
ISO 9001 : Quality Management System
ISO 14001 : Environment Management System
WRAP : Workplace Environment Management System
GSV similar to CT-PAT : Global Security Verification Program
SA 8000 : Social Accountability Management System
OHSAS 18001 : Occupational Health & Safety Management System
Green
Industry
Award 2015
Best Textile &
Garment
Company 2014
Award
APTI
2015
Award
GCG
2015
14
Sustainable
Business Award
2013
FINANCIAL OVERVIEW
15
FINANCIAL HIGHLIGHT
PT. Pan Brothers Tbk. & Subsidiaries
SALES (US$m)
NET INCOME (US$m) / Margin %EBITDA (US$m) / Margin %
GROSS PROFIT (US$m) / Margin %
Margin
(%)11.1% 11.1% 12.3% 11.7%
Margin
(%)6.9% 7.0% 7.7% 6.4% Margin
(%)3.0% 2.4% 3.1% 2.7%
7.4 6.9
10.4 9.3 8.6
2011 2012 2013 2014 2015
17.3 20.1
26.1 21.7
28.5
2011 2012 2013 2014 2015
27.7 31.7
41.8 39.6
53.6
2011 2012 2013 2014 2015
249.0 286.6
339.7 338.5
418.6
2011 2012 2013 2014 2015
12.8%
2.0%6.8%
16
GLOBAL PRESENCE – BY SALES
PT. Pan Brothers Tbk. & Subsidiaries
2011 2012 2013 2014 2015
32.61% 30.77% 30.46%25.47%
28.27%
49.72%
35.06%30.43%
28.97% 19.87%
17.40%
33.02%38.78%
44.44%50.76%
0.27% 1.15% 0.33% 1.11% 1.05%
OTHERS
ASIA
EUROPE
USA
17
FINANCIAL HIGHLIGHT
PT. Pan Brothers Tbk. & Subsidiaries
TOTAL DEBT & CASH (US$m)
OUSTANDING SHARES (mn shares) DEBT / EBITDA (x)
DEBT / EQUITY (x)
3,063.86 3,065.61 3,084.90
6,478.30 6,478.30
2011 2012 2013 2014 2015
3.3 3.5 3.0
4.4 4.9
2011 2012 2013 2014 2015
0.7 0.8 0.8
0.5
0.7
2011 2012 2013 2014 2015
57.1 70.0
78.7
95.4
140.4
19.7 17.7
38.4
127.8
73.6
2011 2012 2013 2014 2015
Total Debt
Total Cash
18
APPENDIX
19
SUMMARY – Income Statement
PT. Pan Brothers Tbk. & Subsidiaries
(US$m) 2011 2012 2013 2014 2015
Net sales 249.0 286.6 339.7 338.5 418.6
% growth 157.5 115.1 118.5 99.6 123.6
COGS -221.3 -254.9 -297.9 -298.9 -364.9
% of sales -88.9 -88.9 -87.7 -88.3 -87.2
Gross profit 27.7 31.7 41.8 39.6 53.6
% margin 11.1 11.1 12.3 11.7 12.8
Selling expenses -4.3 -4.0 -5.5 -5.3 -8.5
% of sales -1.7 -1.4 -1.6 -1.6 -2.0
G&A -13.7 -13.8 -17.5 -20.7 -27.9
% sales -5.5 -4.8 -5.2 -6.1 -6.7
Operating profit 9.7 14.0 18.8 13.4 17.1
% margin 3.9 4.9 5.5 3.9 4.1
% growth 147.3 143.5 134.5 74.0 127.5
Net interest expense -1.5 -1.9 -4.7 -0.9 3.8
Other income (expenses) 0.0 -4.9 -6.0 -0.5 5.6
Profit before tax 9.4 9.0 12.7 12.9 11.5
Income tax expense -2.0 -2.1 -2.3 -3.6 2.9
Profit for the year 7.4 6.9 10.4 9.3 8.6
% margin 3.0 2.4 3.1 2.7 2.0
% growth 187.0 93.2 150.7 96.7 92.4
Net Profit (Loss) attributable to
equity holders7.4 7.5 10.5 9.6 9.4
% margin 3.0 2.6 3.1 3.0 2.2
20
SUMMARY – Balance Sheet
PT. Pan Brothers Tbk. & Subsidiaries
(US$m) 2011 2012 2013* 2014* 2015
Cash and bank balances 19.7 17.7 38.4 127.8 73.6
Trade receivables 35.7 52.7 45.3 51.8 65.7
Inventories 48.0 54.1 55.6 67.4 88.6
Other current assets 18.8 23.1 30.9 37.3 82.6
Total current assets 122.3 147.6 170.2 284.2 310.6
Tangible assets 43.9 53.0 56.8 75.8 122.9
Intangible assets 3.4 3.4 3.4 3.2 3.1
Other 4.4 4.3 3.7 4.0 6.5
Total non-current assets 51.6 60.7 63.9 83.0 132.3
Total assets 173.9 208.3 234.1 367.3 442.8
Short-term borrowings 56.6 69.8 0.0 8.4 5.5
Trade payables 25.6 40.3 45.7 48.8 60.4
Other current liabilities 5.9 5.3 5.1 17.1 20.4
Total current liabilities 88.1 115.4 50.8 74.4 86.3
Long-term borrowings 0.5 0.2 78.4 82.9 134.9
Other long-term liabilities 4.7 4.9 6.6 8.5 5.7
Total non-current liabilities 5.2 5.1 85 91.4 140.7
Total liabilities 93.3 120.5 135.9 165.8 226.9
Shareholders' funds
Total shareholders' funds 78.6 85.2 95.7 186.2 197.0
Non-controlling interest 2.0 2.6 2.5 15.3 18.9
* As restated on PSAK No.24 (Revised 2013) 21
RETAIL
PT. Pan Brothers Tbk. & Subsidiaries
ZOE
22
Zoe side with STYLE over trends, think TIMELESS is
never outdated. Zoe don’t believe MINIMALISM
as underdressed – Zoe are confident to let our
personality shines and use our clothes to
enhance it. For us, the charm is in the MIX.
The essence is EFFORTLESS CHIC.
Zoe are an INDONESIAN BRAND, but Zoe source
our fabrics from around the world. Our design,
sourcing & production teams serve not us only,
but also well-known international brands.
Zoe take pride in our VALUE & QUALITY.
23 PT. Pan Brothers Tbk. & Subsidiaries
Salt n Pepper is a contemporary menscasual brand for upper middle class.
Inspired by designs and trends in the USAand Europe, Salt n Pepper is tailored tobring the latest trends in a perfect fitting forAsian sizes.
It’s a catchy brand, unisex, global meaningand easy for people to remember
Just like how food is tasteless without saltand pepper, we believe that clothes need tohave details added to make it look great
Other brand in Salt n Pepper is FTL andAsylum
RETAIL
GARMENT MAKING PROCESS
PT. Pan Brothers Tbk. & Subsidiaries
Warehouse Fabric Inspection Lab Test
Cutting
Embroidery/PrintNeedle DetectionInspection
Sewing
24
PT. Pan Brothers Tbk.Address : Jl. Siliwangi No. 178, Jatiuwung, Tangerang 15133, Indonesia
Phone : 6221-5900 718 Fax : 6221-5900 717
Email : apbrxswk@pbrx.co.id/ pbt@pbrx.co.id
Website : www.panbrotherstbk.com
PT. Pan Brothers Tbk. & Subsidiaries25
THANK YOU
PT. Pan Brothers Tbk. & Subsidiaries
STRICLY PRIVATE AND CONFIDENTIAL
DISCLAIMER
This document is intended to be general information for discussion purposes only and does not create any legally binding obligations on the part of PBRX. The information contained in this
document is based on materials we believe to be reliable, however we do not represent that it accurate, current, complete, or error free. Information in this document constitute our judgment
as of the period of preparing the document and are subject to change without notice. Any opinion in this information may not necessarily represent the opinion of PBRX or any entity in the
PBRX and Group. Any person and entity receiving this information shall treat the information as confidential and not misuse, copy, disclose, or distribute, in whole or in part, without PBRX
express written permission. PBRX disclaims all liability for any direct, indirect, consequential or other losses or damages incurred by anyone that may arise from any reliance on this document
or for the reliability, accuracy, completeness or timeliness thereof.
26
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