MAP ANNOUNCES 21.4% SURGE IN NET REVENUE TO A RECORD RP 11.82 TRILLION FOR FULL YEAR 2014
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:
- Sogo, Debenhams, Seibu and Galleries Lafayette.
- Zara, Marks & Spencer, Topman, Topshop, Next, Kipling, Lacoste, Nautica, Massimo Dutti, Staccato, DKNY, Crabtree & Evelyn, Swarovski, Zara Home and Sephora.
- Converse, Golf House, Payless ShoeSource, Oakley, Planet Sports, Reebok, Rockport, Skechers, Sports Station, The Athlete’s Foot and The Sports Warehouse.
- Starbucks, Burger King, Domino’s Pizza, Pizza Marzano, Krispy Kreme, Cold Stone Creamery Ice Cream, Godiva and Chatterbox.
- Kidz Station, Oshkosh B’Gosh, Barbie Boutique and Stride Rite.
- 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 (direct)
Fax : 021 574 0150
Email : fetty.kwartati@map.co.id