Group Members

Hanandi Rahmad Syahputra

Muchamad Adittya
Randy Khairufi
Renaldi Antoni Hamonangan
Rian Ananda Dwi Putra Leiden
Managing
Growth
PT SARATOGA INVESTAMA SEDAYA Tbk
 • Visi
• Perusahaan investasi kelas dunia di
Indonesia yang mengedepankan
karakter korporasi yang kuat untuk
Company Profile menciptakan nilai bagi para
pemangku kepentingan dan bangsa
Indonesia.
• Misi
• Menjadi mitra pilihan bagi investor
yang ingin turut serta berpartisipasi
dalam dinamika pertumbuhan
Indonesia.
 Saratoga, Perusahaan Investasi Aktif di Indonesia

▪ Perusahaan investasi aktif di Indonesia dengan estimasi Nilai Aktiva Bersih lebih dari USD 1.7 milyar
▪ Tercatat di BEI pada Juni 2013 termasuk 100 terbesar untuk kapitalisasi pasar saham di BEI
▪ Fokus pada peluang-peluang investasi pada tahap awal, pertumbuhan dan situasi khusus
▪ Aktif mendukung perusahaan-perusahaan investee dalam mengembangkan nilai investasi
▪ Berinvestasi di 3 sektor kunci perekonomian Indonesia: Produk & Jasa Konsumen, Infrastruktur dan Sumber
Daya Alam

Konsumen Infrastruktur Sumber Daya Alam

Layanan Pembangkit Menara

Otomotif Gaya Hidup Kesehatan Industrial Perkebunan Minyak & Gas Pertambangan
Listrik Telekomunikasi

22 Perusahaan Investee Operasional:

11 Perusahaan Tercatat & 11 Perusahaan Tertutup
>20,000 Karyawan

Data disajikan untuk tahun berakhir Desember 2017

Sumber: informasi Perusahaan
 Investment Team

Edwin Soeryadjaya
Founding partner

Chairman of Investment
Committee. More than 40 years
of experiences in investing in
Indonesia.

Michael Soeryadjaya Lany Wong Andi Esfandiari Devin Wirawan

Portfolio Director Investment Director
President Director Finance Director
Investment Committee Investment Committee
Investment Committee Investment Committee member. A cross between Specialist in Merger and
member. Specialist in Merger member. More than 20 years investment professional and Acquisition.
and Acquisition. experiences in Finance. corporate executive.
Saratoga – A Leading Active Investment Company

Company Profile

1 Founded in 1997
2 Listed on IDX in 2013,
ticker SRTG

3 59 Employees, of which half are

Investment Professionals
4 Focused on early-stage, growth-
stage, and special situation
opportunities
32%
5 Invested in key sectors of the
Indonesian economy: Consumer,
21%
Data as of June 2019
Infrastructure and Natural Source: Company information

Resources
Investment Approach

Strategy Target annual

Focus on early-stage, capital deployment
growth-stage, Special 100M – 200M USD with one
Why Saratoga?
situation opportunities to two new deals
✓ Proven Divestment track record

✓ Partner of choice of international

Sector Target IRR
renowned co-investors
Natural Resources, Target IRR 20% +
✓ Extensive Network of Indonesian
Infrastructure and
Consumer sectors industries
✓ Deep knowledge about the local
Geography investment requirement Investment Horizon
Indonesia, South East Asia Medium to long-term
and opportunistic on other
markets
Portofolio Investasi yang Terdiversifikasi

Tahap awal Tahap pertumbuhan Tahap tercatat dan blue chip

✓ Perusahan tahap awal memiliki potensi ✓ Dalam tahap ini perusahaan menghasilkan arus ✓ Perusahaan blue chip yang
peningkatan nilai yang tinggi kas yang sehat dan berkelanjutan menjadi pemimpin industrinya
✓ Kepemilikan yang berarti memungkinkan ✓ Memberikan potensi peningkatan nilai saat dengan pertumbuhandan
Saratoga untuk berpengaruh penting dalam perusahaan masuk ke fase mapan
% Sum of
peluang apresiasi modal
mengembangkan strategi untuk mencapai ✓ Saratoga berinvestasi jangka the Parts
imbal hasil yang baik panjang pada kategori ini (SOTP)

Sumber Daya Alam

Sihayo Copper Gold Emas Merdeka Copper Gold Emas & Tembaga Adaro Energy Batubara &
53%
Agra Energi Indonesia Minyak & Gas Provident Agro Perkebunan Energi
Interra Resources Minyak & Gas

Tenaga Listrik Gorontalo Energi Nusa Raya Cipta Konstruksi Tower Menara
Infrastruktur

Seroja Investment Perkapalan Bersama Telekomunikasi

Infrastructure
30%

Mitra Pinasthika Mustika Otomotif

SC Technology Investment Gilang Agung Persada Gaya hidup
II Provident Growth Fund
Konsumen

Bumi Hijau Asri Properti

Mulia Bosco Logistik
17%
Logistik
Awal Bros Hospital Kesehatan
Deltomed Obat herbal
Aneka Gas Industri Gas Industri

Data disajikan untuk tahun berakhir December 2018

Sumber: informasi Perusahaan
Kinerja 2018 - Ringkasan Aktivitas Investasi

Investasi and Divestasi Rincian Penghasilan Dividen

Dinyatakan dalam milyar Rupiah

Dinyatakan dalam milyar Rupiah 900
1000 883
2,500 2,254 TWU
800
Jumlah Investasi 622 MPMX
2,000
600
Jumlah Divestasi PALM
1,500 1,359 400 270 268 NRCA
1,000 200 TBIG
649
543 558 0 ADRO
419
500 2014 2015 2016 2017 2018
98
-
- Milyar Rupiah 2015 2016 2017 2018
2015 2016 2017 2018 ADRO 174 219 295 483

Ringkasan TBIG - 190 222 251

NRCA 5 3 5 7

❖ Penghasilan dividen mencapai rekor baru yang diberikan oleh 6 PALM - 132 79 117
perusahaan investasi. Hal ini sebagai tanda adanya pertumbuhan MPMX 15 59 282 -
bisnis dan operasional yang positif dari perusahaan investasi.
TWU 74 19 - -
❖ Jumlah investasi dan divestasi sesuai dengan rencana di tahun
BHP - - - 40
berjalan.
Deltomed - - - 2
Data disajikan untuk tahun berakhir December 2018
IDR/USD pada 31 Desember 2018 : 14.481 Jumlah dividen 268 622 883 900
Sumber: informasi Perusahaan
Jumlah perusahaan
investasi 4 6 5 6
 Diversified Sources of Cash and Liquidity

Multiple sources of cash and liquidity

Potential Divestment Investment income

Interest income Dividend Income

Blue Chip Listed Investee

Other listed investee companies** Unlisted investee companies
companies* Contributed by investee companies

ADTV - IDR 102 billion Potential sources of liquidity as of June 2019

* Consist of Adaro Energy and Tower Bersama

** Consist of Provident Agro, Mitra Pinasthika Mustika, Seroja Investment Limited, Nusa Raya Cipta, Sihayo Gold, and Interra Resources, Merdeka Copper Gold and etc.

Data as of June 2019

Source: Company information
 Strong Capital Structure

Capital structure Debt Funding sources

Figures in IDR 21,338
billion
Terus melakukan diversifikasi sumber pendanaan dan mengelola
biaya secara efektif.
LTV Leverage yang sehat adalah bagian penting dari investasi aktif
(Loan to Value) model operasi.
2,540 12%

Net Debt Sum of Investee Company Value Current Debt Funding Structure
❖ Bank Loans
o Revolving credit facility
o Bilateral Loan
❖ Banking partners: ING, Natixis, DBS, MUFG and
HSBC, SCB

Data as of June 2019

Source: Company information
 Balance Sheet (Assets)

in million Rupiah
Years Common Size
ASSET
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Cash and equivalent 537,772 400,500 488,439 902,173 782,337 3.29% 2.40% 1.94% 3.39% 3.89%
Restricted cash 37,562 317,761 269,737 7,859 518 0.23% 1.90% 1.07% 0.03% 0.00%
Receivables 811,081 574,841 380,600 623,283 365,900 4.96% 3.44% 1.51% 2.34% 1.82%
Inventories 90,907 190,089 - - - 0.56% 1.14% - - -
Prepaid taxes 6,578 6,197 976 136 819 0.04% 0.04% 0.00% 0.00% 0.00%
Advances and prepaid expenses 130,213 56,089 667 12,569 1,662 0.80% 0.34% 0.00% 0.05% 0.01%
Assets held for sale 138,685 138,685 - - - 0.85% 0.83% - - -
Investment in equity securities 12,736,899 13,386,816 23,801,617 24,755,150 18,730,170 77.91% 80.15% 94.66% 92.96% 93.12%
Advances for investments in equity securities 431,012 111,107 68,548 93,657 97,302 2.64% 0.67% 0.27% 0.35% 0.48%
Equity share swap - 105,222 42,477 54,792 - 0.00% 0.63% 0.17% 0.21% -
Foreign currency option contracts - - - 52,065 49,675 - - - 0.20% 0.25%
Investment properties 113,037 114,896 84,635 122,807 82,328 0.69% 0.69% 0.34% 0.46% 0.41%
Fixed assets-net 1,150,943 1,189,171 6,278 4,957 - 7.04% 7.12% 0.02% 0.02% -
Intangible asset 1,940 1,516 222 43 - 0.01% 0.01% 0.00% 0.00% -
Deferred tax assets 3,129 3,458 - - - 0.02% 0.02% - - -
Goodwill 153,456 100,682 - - - 0.94% 0.60% - - -
Other assets 4,690 4,410 76 102 4,163 0.03% 0.03% 0.00% 0.00% 0.02%
Total Assets 16,347,904 16,701,440 25,144,272 26,629,593 20,114,874 100.00% 100.00% 100.00% 100.00% 100.00%
Source : Company’s Annual Report

 Company tend to increase the portion of “equity investment“ of SRTG as it has the biggest portion among other assets, can be seen through
2014 – 2018 where this is in line with the major business of the company.
 In 2016, company qualify to implement principle of PSAK 65 (IFRS 10) as investment entities. So, the report < 2015 and 2016 forward is
not comparable.
 Balance Sheet (Liabilities & Equity)
in million Rupiah
Years Common Size
LIABILITIES AND EQUITY
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Liabilities
Trade payables to third party 19,831 19,935 - - - 0.42% 0.38% - - -
Other payables to third party 66,314 44 201 85 309 1.39% 0.00% 0.00% 0.00% 0.01%
Advances from sale of investment 30,041 31,793 258,153 - - 0.63% 0.61% 4.47% - -
Accrued expenses 76,385 90,043 20,961 3,741 4,226 1.60% 1.72% 0.36% 0.09% 0.10%
Income tax payable 120,491 78,677 37,375 130,430 46,691 2.53% 1.51% 0.65% 3.00% 1.12%
Other tax payables 48,113 56,583 22,400 13,103 1,493 1.01% 1.08% 0.39% 0.30% 0.04%
Unearned revenue 11,283 11,306 - 1,362 5,204 0.24% 0.22% 0.00% 0.03% 0.13%
Derivative financial liabilities 1,984 41,905 - - - 0.04% 0.80% 0.00% 0.00% 0.00%
Borrowings 3,616,280 3,055,382 2,791,798 2,465,413 3,937,919 75.84% 58.52% 48.32% 56.78% 94.88%
Medium term notes 729,635 717,210 721,108 - - 15.30% 13.74% 12.48% 0.00% 0.00%
Exchangeable bond - 1,049,462 1,061,926 958,639 - 0.00% 20.10% 18.38% 22.08% 0.00%
Derivative financial liabilities - - - - 13,279 0.00% 0.00% 0.00% 0.00% 0.32%
Deferred tax liabilities 30,959 50,867 846,645 752,292 121,641 0.65% 0.97% 14.65% 17.32% 2.93%
Employee benefits liabilities 16,801 17,449 17,168 17,169 19,864 0.35% 0.33% 0.30% 0.40% 0.48%
Total Liabilities 4,768,117 5,220,656 5,777,735 4,342,234 4,150,626 100.00% 100.00% 100.00% 100.00% 100.00%

Equity
Share capital at par Rp100 authorized 9.766.680.000, paid-up  Borrowings dominate liabilities of SRTG
271,297 271,297 271,297 271,297 271,297
2.712.967.000 in selected years and it is categorized as
APIC 2,570,074 2,570,074 5,184,989 5,184,989 5,185,019
Treasury stock - (5,905) (9,389) (5,406) (3,984) long term debt
Share-based payments 6,330 19,732 24,037 30,831 46,124  Majority of borrowings are from
Difference in translation of financial statement in foreign currency 1,038,100 1,535,999 26,762 26,767 26,813
Unrealized gain (loss) on investments in equity securities 646,584 (356,702) 1,473,563 1,515,892 -
different foreign banks in terms Rp and
Cash flow hedge reserve (244,837) (466,954) - - - US$
Revaluation reserve of associates fixed asset 382,989 368,861 - - -
Other equity components 191,260 13,171 23,282 24,500 24,500
Retain Earning 6,152,917 6,582,350 11,989,793 14,984,136 10,105,699
Equity attributable to owner 11,014,714 10,531,923 18,984,334 22,033,006 15,655,468
Non Controlling interest 565,073 948,861 382,203 254,353 308,780
Total Equity 11,579,787 11,480,784 19,366,537 22,287,359 15,964,248

Total Liabilities and Equity 16,347,904 16,701,440 25,144,272 26,629,593 20,114,874 Source : Company’s Annual Report
 Income Statement
in million Rupiah
PROFIT/LOSS 2014 2015 2016 2017 2018
Sales of goods 6,123,875 4,282,278 - - -
Net gain on investments - - 6,343,889 2,356,526 (7,251,251)
Dividend, interest, and other investment income 187,971 76,011 785,113 1,539,443 1,146,608
Gain from dilution effect of investment - 1,031,441 - - -
Net share of profit of equity-accounted investees 764,106 477,293 - - -
Other income - 8,273 34,165 15,200
Gain on fair value of exchangeable bonds - 268,545 - - -
Changes of fair value of investment properties - - - (22,830) 1,188  Biggest revenue of SRTG comes from
Operating expenses (224,137) (300,293) (143,619) (212,717) (138,387) company’s investment to its associates
Cost of goods sold (5,385,075) (3,318,226) - - -
Cost of revenue from floating storage and offloading - - - - -
Bad debt expense - - (54,068) (44,825) (36,708)
 In 2018 SRTG burdened by negative
Loss on settlement of receivable - - (19,303) - - revenue due to declined share price of its
Loss on vair value of equity swap - (77,712) - - - investee that is ADRO and TBIG
Net loss on exchange rate differences (53,361) (210,543) - - -
Net loss on derivative financial instruments 1,765 (47,743) - - -
Loss on impairment of AFS (102,105) (85,555) (123,238) - -  Taking notes that the loss was unrealized
Tax expenses - - (15,592) as it is direct investment and has no
(49,104)
Other expenses (14,671) (49,105) (4,066) (22,034) impact on company’s cash flow
Net (loss) on exchange rate diff. - - 90,695 (27,864) (150,383)
Gain on fair value equity swap - - 24,323 12,315 24,360
Loss on fair value of exchangeable bonds - - (250,445) (65,636) 7,086  Operating expenses mainly came from
Net gain on other derivatife financial Instruments - - 226,007 52,065 28,306 compensation and benefits
Interest expenses (278,917) (369,922) (282,834) (348,016) (281,971)
Profit Before Tax 1,019,451 1,676,469 6,585,135 3,250,592 (6,685,056)

Income tax expense

Current (8,022) (13,546) (53,116) (182,789) (80,762)
Deferred (125,143) (211,311) (828,594) 93,835 630,986
(133,165) (224,857) (881,710) (88,954) 550,224
Net Income 1,019,451 1,676,469 6,585,135 3,250,592 (6,685,056)
Source : Company’s Annual Report
Annual Growth
Year 2014 2015 2016 2017 2018
Total Assets 100% 102% 151% 106% 76%
Total Liabilities 100% 109% 111% 75% 96%
Total Equity 100% 99% 169% 115% 72%
Sales/Revenues 100% 70% 175% 53% -156%
Net Income 100% 164% 393% 55% -194%

Ratios 2014 2015 2016 2017 2018

Financial Ratios ROI - - 26.65% 9.52% -38.71%

ROE 7.65% 12.64% 29.45% 14.19% -38.43%

ROA 5.42% 8.69% 22.68% 11.87% -30.50%

Current Ratio 4.33 5.36 3.36 10.40 19.88

Quick Ratio 4.09 4.70 3.36 10.40 19.88
LT Debt Ratio 0.27 0.29 0.22 0.16 0.20

DAR 0.29 0.31 0.23 0.16 0.21

DER 0.41 0.45 0.30 0.19 0.26
Sustainable Growth Rate (g*)

• How much the company can increase it’s sales without sell new equity?
• Growth or new sales required new assets
• As equity grows through retained profits, the firm can borrow more money without altering the
capital structure
• It then limit the growth rate in sales (the limit is the rate at which owner’s equity expand)
• A company sustainable growth rate is nothing more than its growth rate in equity or is the
maximum rate at which a firm can increase sales without raising new equity or increasing its
𝐶ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝐸𝑞𝑢𝑖𝑡𝑦 𝑅𝑒𝑡𝑒𝑛𝑡𝑖𝑜𝑛 𝑅𝑎𝑡𝑒 𝑥 𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠
financial leverage.
g*= = 𝐸𝑞𝑢𝑖𝑡𝑦 (𝑏𝑒𝑔𝑖𝑛𝑛𝑖𝑛𝑔 𝑜𝑓 𝑝𝑒𝑟𝑖𝑜𝑑)
𝐸𝑞𝑢𝑖𝑡𝑦 (𝑏𝑒𝑔𝑖𝑛𝑛𝑖𝑛𝑔 𝑜𝑓 𝑝𝑒𝑟𝑖𝑜𝑑)
g*= 𝑝𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 𝑥 𝑅𝑒𝑡𝑒𝑛𝑡𝑖𝑜𝑛 𝑅𝑎𝑡𝑒 𝑥 𝐴𝑠𝑠𝑒𝑡𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑅𝑎𝑡𝑖𝑜 𝑥 𝐴𝑠𝑠𝑒𝑡𝑠 𝑡𝑜 𝐸𝑞𝑢𝑖𝑡𝑦 𝑅𝑎𝑡𝑖𝑜 𝑏𝑜𝑝
g*= P x R x A x T = R x T x ROA
Sales Growth (g) > Sustainable Growth Rate (g*)

• Improve Operations (increasing profit margin and assets turnover ratio)

• Alter its financial policies (increasing retention ratio and financial leverage/assets to equity ratio)

Balanced Growth
• Stable financial policies (R and T constant)
• Constant debt to equity ratio
• g*= R x T x ROA
• Unbalance growth (g ≠ g*)
• g>g* (cash deficits) - rapidly growing
• g<g* (cash surpluses) - Slowly expanding
• Sustainable growth challenge : managing the surpluses or deficits caused by unbalanced growth
Saratoga’s Sustainable Growth Rate (g*)

𝐶ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝐸𝑞𝑢𝑖𝑡𝑦 𝑅𝑒𝑡𝑒𝑛𝑡𝑖𝑜𝑛 𝑅𝑎𝑡𝑒 𝑥 𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠

g*=𝐸𝑞𝑢𝑖𝑡𝑦 (𝑏𝑒𝑔𝑖𝑛𝑛𝑖𝑛𝑔 𝑜𝑓 𝑝𝑒𝑟𝑖𝑜𝑑) = 𝐸𝑞𝑢𝑖𝑡𝑦 (𝑏𝑒𝑔𝑖𝑛𝑛𝑖𝑛𝑔 𝑜𝑓 𝑝𝑒𝑟𝑖𝑜𝑑)
g*= 𝑝𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 𝑥 𝑅𝑒𝑡𝑒𝑛𝑡𝑖𝑜𝑛 𝑅𝑎𝑡𝑒 𝑥 𝐴𝑠𝑠𝑒𝑡𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑅𝑎𝑡𝑖𝑜 𝑥 𝐴𝑠𝑠𝑒𝑡𝑠 𝑡𝑜 𝐸𝑞𝑢𝑖𝑡𝑦 𝑅𝑎𝑡𝑖𝑜 𝑏𝑜𝑝
g*= P x R x A x T = R x T x ROA
Year 2013 2014 2015 2016 2017 2018
Revenues/Sales 3.658.760 6.123.875 4.282.278 7.478.300 3.966.650 (6.187.160)
Net Income no need 886.286 1.451.612 5.703.425 3.161.638 (6.134.832)
Dividend no need - (140.193) (252.108) (235.800) (200.759)
Equity 10.667.709 11.579.787 11.480.784 19.366.537 22.287.359 15.964.248
Assets no need 16347904 16701410 25144272 26629593 20114874

2014 2015 2016 2017 2018

Profit Margin P 14.47% 33.90% 76.27% 79.71% 99.15%
Retention Ratio R 100.00% 90.34% 95.58% 92.54% 103.27%
Asset Turnover Ratio (times) A 0.37 0.26 0.30 0.15 -0.31
Asset to Equity Ratio (times) T 1.53 1.44 2.19 1.38 0.90
Sustainable Growth Rate 8.31% 11.33% 47.48% 15.11% -28.43%
Actual Sales Growth Rate 67% -30% 75% -47% -256%
ROA 5.42% 8.69% 22.68% 11.87% -30.50%
RxT 1.53 1.30 2.09 1.27 0.93
Saratoga’s Sustainable Growth Challenge (2014-2018)
?

?
The Solution of Cash Deficits or Cash Surpluses

Cash deficits can be managed by

• Increasing financial leverage.

• Reducing the dividend pay out ratio.
• Increasing prices.
• Merging with a cash cow.
• Selling new equity.

Cash surpluses can be managed by

• Ignore the problem.
• Reducing financial leverage.
• Returning money to shareholders.
• Cutting prices.
• Buying growth
Saratoga’s Sustainable Growth Challenge (2014-2018)
• 2014 : rapid growth and cash deficit (positive net income)
Saratoga Revenues and net Income Q3 2019
• 2015 : negative growth and positive ROA (positive net income)
• Revenues : 7.135.114 (in millions of rupiah)
• 2016 : rapid growth and cash deficit (positive net income)
• Net Income : 7.015.980 (in millions of rupiah)
• 2017 : negative growth and positive ROA (positive net income)
• 2018 : negative growth and negative ROA (negative net income)
Case of negative growth : is it a cash deficit or case surplus?
• Ideally, an increase in assets will increase the company sales/revenues.
• But if the growth is negative then its indicates that the company is not effective to use the
increase in it’s assets to increase its sales, the result is a decrease in sales or even negative
revenues.
• Saratoga is an investment company, it’s possible if the negative revenues occurs on their
operations.
• It’s like, they buy goods, but the goods price is decreased before they sale it, not how they able
to sale the goods or not.
• The answer is still ambiguous for us, although theoretically it’s a cash surplus, but because the
problem lies on price, then the best option is they must wait until the price be back or even
higher than the acquired price (increasing prices).
• So, because their growth on 2017 and 2018 are negative growth and the solution increasing
price, then their conditions on 2017 and 2018 are cash deficits.
• How they increase the prices? Just ignore the problems and wait.
Macroeconomic Analysis
• Fundamental analysis has 2 factors : Internal and External
• Internal factors : ROE, DER, NPM (financial statement analysis)
• External factors : inflation, interest rate, tax, exchange rate, external rate, GDP growth,
recession, war (macroeconomic analysis)
• Saratoga bought the investee companies mostly just based on the internal factors, because
the external factors are not easy to predict, it is considered as systematic risk.
• A systematic risk will affect all sectors of the market but can be controlled.

Indonesia macroeconomic
• The Indonesian economy is projected to continue the positive momentum amid the rising ris
• Projection for 2020 based on Advertorial RAPBN 2020 published by Kemenkeu RI (vs outlook
• Economic Growth : 5.3% (+1%)
• Inflation : 3.1% (+0%)
• Rupiah Exchange Rate : 14.400 Rp / USD (+150)
• Interest Rate : 5.4% (-0.2%)
• Oil price : 65 USD / barrel (+2)
• Gas lifting : 1191 thousand barrel / day (+119)
• The Other factors
• Hongkong’s recession
• Slow world economic growth
What are the indications of macroeconomic factors on the Saratoga business growth?

• More that 50% of Saratoga investment portfolio is on natural resources like oil, gas, copper,
gold, energy, and coal
• The stability on natural resources price will naturally effect Saratoga investment, such as oil
price that predicted to be decreased due to world economic recession
• The recession will affect oil consumption, causing over supply and the demand of oil will be
decreased
• Moreover, the recession of Hongkong can affect Indonesia economic although not significant,
its because Hongkong is one of the biggest 10 investors Indonesia.
• Overall, although the world economic is slowing down, the Indonesia’s economic is still
predicted to be good because it has a strong domestic market.
• So, based on Saratoga portfolio that already has a strong internal fundamental factors, the
analysis of external factors still implies good macroeconomic conditions for Indonesia, Saratoga