United Tractors

PT United Tractors Tbk is the largest distributor of heavy equipment in Indonesia. The company controls about 40 to 45 percent of Indonesia's heavy equipment market.

United Tractors has three business units:

Construction Machinery
Mining Contracting
Mining

United Tractors is a subsidiary of Astra International, Indonesia's largest diversified conglomerate.

Profile

Industry Sector Trade, Services & Investment
Industry Sub Sector Wholesale
Established 13 October 1972
Listed 19 September 1989
Listed Company Code UNTR
Listed Shares 3,730,135,136
Dividend Yes
Major Shareholders (>5%) Astra International (59.50%)
Key Subsidiaries Pamapersada Nusantara
United Tractors Pandu Engineering
Tuah Turangga Agung
Andalan Multi Kencana

Main commodities

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Business Summary

The machinery business unit of United Tractors is the sole distributor for heavy equipment on the Indonesian market. Its machinery products (which are used in mining, plantation, construction, forestry, material handling and transportation) include Komatsu, UD Trucks, Scania, Bomag, Komatsu Forest and Tadano. The company also provides after sales services through its distribution network which consists of 18 branches, 22 support offices and 12 representative offices.

The mining contracting business segment, which is carried out by the company's subsidiary Pamapersada Nusantara, provides mining services, including mine planning, exploration, infrastructure construction, mining, transportation, barging and loading. It is Indonesia's largest mining contractor and its activities are conducted throughout all well known coal mining areas in Indonesia.

The mining business unit covers United Tractor's activities as a coal mine operator, carried out by Prima Multi Mineral (a subsidiary of Pamapersada Nusantara). In South Kalimantan, Prima Multi Mineral owns high quality coal reserves of 6,700 kcal (adb) with production capacity of three million tons per year. Coal mining is also carried out by Tuah Turangga Agung, which was acquired in 2008 and is located in Central Kalimantan. It has concession rights to a coal mining area of 4,897 hectares for 30 years. Production capacity amounts to 2.5 million tons per year. Through several acquisitions, United Tractors currently manages nine mining concession areas with estimated coal reserves totaling 424 million tons, ranging from medium to high quality coal.


United Tractors' Revenue Contribution by business unit:

     2010    2011    2012
Construction Machinery
   8.4%    9.9%   10.4%
Mining Contracting
  45.4%   40.7%   50.0%
Mining
  46.3%   49.4%   39.6%

Source: United Tractors, Annual Report 2012


United Tractors' Financial Highlights:

       2008      2009      2010      2011      2012
Net Revenue   27,903.2   29,241.9   37,323.9   55,052.6   55,953.9
Gross Profit    5,499.2    6,671.1    6,795.7   10,193.5   10,521.0
Profit before Tax    3,851.9    5,444.2    5,061.3    7,784.6    7,446.8
Net Income    2,660.7    3,817.5    3,872.9    5,900.9    5,779.7
Total Assets   22,847.7   24,404.8   29,700.9   46,440.1   50,300.6
Total Liabilities   22,847.7   24,404.8   29,700.9   46,440.1   50,300.6
Earnings per Share¹       884     1,147     1,164     1,657     1,549
Cash Dividend per Share¹       320       460       430       635       620
P/E Ratio (x)      4.98     13.51     20.45     15.90     12.72

in billion IDR rupiah unless otherwise stated
¹ in IDR rupiah
Source: United Tractors, Annual Report 2012


Future Projection United Tractors' Financial Highlights:

        2011       2012      2013F      2014F      2015F
Net Revenue    55,052.6    55,953.9    51,334.0    63,689.0    73,532.0
Net Income     5,900.9     5,779.7     4,326.0     6,224.0     6,735.0
Earnings per Share¹      1,657      1,549      1,159      1,668      1,805
P/E Ratio (x)       15.9       12.7       14.7       10.2        9.5

in billion IDR rupiah unless otherwise stated
¹ in IDR rupiah
Sources: JP Morgan Securities & United Tractors, Annual Report 2012

Contact Details

Jalan Raya Bekasi Km. 22,
Cakung Jakarta - 13910
Phone: +62 21 2457 9999
Fax: +62 21 460-0657
Email: ir@unitedtractors.com
www.unitedtractors.com

Location