Golden Agri

Company FundamentalsCompany Fundamentals\Company Profile

COMPANY PROFILE Figures in Singapore Dollars

A Wright Investors' Service Research Report: Golden Agri-Resources Limited

440 Wheelers Farms Road Milford, CT 06461 U.S.A.

Wright Quality Rating:BAC15

Golden Agri-Resources Ltd (GAR) is an investment holding company. The Company's primary activities include cultivating and harvesting oil palm trees, processing fresh fruit bunches (FFB) into crude palm oil (CPO) and palm kernel (PK), to refining CPO into industrial and consumer products such as cooking oil, margarine and shortening. GAR cultivates approximately 442,500 hectares of oil palm plantations in Indonesia, including plasma. GAR operates in two business segments: Indonesia Agri-business, which is engaged ownership and cultivation of oil palm plantation, ownership and operation of mills and refineries and producer of consumer cooking oil and margarine in Indonesia, and China Agri-business, which is engaged in ownership and operation of port, oilseed storage, crushing and refineries and producer of refined edible oil and food products in China. In January 2011, the Company acquired the remaining 50% shares in its associated company, PT Dami Mas Sejahtera.

Stock Price (9/23/2011): 0.66

Stock Chart

Recent stock performance1 Week -3.6%4 Weeks 6.5%13 Weeks -2.9%52 Weeks 13.8%

Chairman & Chief Executive Franky Oesman Widjaja

President Muktar Widjaja

Chief Financial Officer Simon Lim

Officers

Earnings / Dividends (as of 6/30/2011) Earnings Dividends

Most Recent Qtr 0.02 0.01 Last 12 Months 0.18 0.01

Ratio AnalysisPrice / Earnings Ratio 3.67 Dividend Yield 1.52%

Key Data

Ticker: E5H

2010 Sales: 4,757,819,919

Major Industry: Food & Beverages

Sub Industry: Miscellaneous Food

Country: Singapore

Currency: Singapore Dollars

Fiscal Year Ends: December

Employees 31,448

Exchanges: SIN

Share Type: Ordinary

Market Capitalization: 8,011,526,782

Total Shares Outstanding: 12,138,676,942

Closely Held Shares: 5,071,129,976

Price / Sales Ratio 1.68 Payout Ratio 5.56% Price / Book Ratio 0.91 % Held by Insiders 41.78%

Address5 President John Kennedy Street Port Louis SINGAPORE

Phone +230 405 2000 Home Page http://www.goldenagri.com.sg

Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Company Fundamentals\Comparative Business Analysis

A Wright Investors' Service Research Report: Golden Agri-Resources Limited Provided By CorporateInformation.com

440 Wheelers Farms Road Milford, CT 06461 U.S.A.

Wright Comparative Business Analysis Report

Report Date: 9/23/2011

Company Description Golden Agri-Resources Ltd (GAR) is an investment holding company. The Company's primary activities include cultivating and harvesting oil palm trees, processing fresh fruit bunches (FFB) into crude palm oil (CPO) and palm kernel (PK), to refining CPO into industrial and consumer products such as cooking oil, margarine and shortening. GAR cultivates approximately 442,500 hectares of oil palm plantations in Indonesia, including plasma. GAR operates in two business segments: Indonesia Agri-business, which is engaged ownership and cultivation of oil palm plantation, ownership and operation of mills and refineries and producer of consumer cooking oil and margarine in Indonesia, and China Agri-business, which is engaged in ownership and operation of port, oilseed storage, crushing and refineries and producer of refined edible oil and food products in China. In January 2011, the Company acquired the remaining 50% shares in its associated company, PT Dami Mas Sejahtera.

Competitor Analysis

Golden Agri-Resources Limited operates in the Edible fats and oils sector. This analysis compares Golden Agri-Resources Limited with three other companies: Nisshin Oillio Group Ltd of Japan (2011 sales of 305.30 billion Japanese Yen [US$3.99 billion] of which 92% was Cooking Oil-related), Ruchi Soya Industries Ltd of India (2011 sales: 180.16 billion Indian Rupees [US$3.73 billion] ), and J-Oil Mills Incorporated which is based in Japan (2011 sales of 172.04 billion Japanese Yen [US$2.25 billion] of which 92% was Oil Manufacturing-Related Business). Note: not all of these companies have the same fiscal year: the most recent data for each company are being used.

Sales Analysis

Golden Agri-Resources Limited reported sales of 4.76 billion Singapore Dollars (US$3.68 billion) for the year ending December of 2010. This represents an increase of 43.0% versus 2009, when the company's sales were 3.33 billion Singapore Dollars. Sales of Indonesia Agribusiness saw an increase of 84.2% in 2010, from 2.44 billion Singapore Dollars to 4.49 billion Singapore Dollars.

Recent Sales at Golden Agri-Resources Limited

(Figures in Billions of Singapore Dollars) In 2010, sales in India were up at a rate that was much higher than the company as a whole: in this region, sales increased 232.1% to 768.81 million Singapore Dollars. Although the company's overall sales increased, sales were not up in all regions of the world: sales in Indonesia were down 3.0% (to 720.25 million Singapore Dollars) and sales in Europe fell 25.8% (to 71.25 million Singapore Dollars) and sales in other countries fell 13.6% (to 23.78 million Singapore Dollars) . During 2010, the company's sales increased at a faster rate than all three comparable companies. While Golden Agri-Resources Limited enjoyed a sales increase of 43.0%, the other companies saw smaller increases: Nisshin Oillio Group Ltd sales were up 1.3%, Ruchi Soya Industries Ltd increased 26.2%, and J-Oil Mills Incorporated experienced a sales decline of 2.7%. Golden Agri-Resources Limited

1.36

1.79

2.81

4.21

3.33

4.76

2005 2006 2007 2008 2009 2010

currently has 31,448 employees. With sales of 4.76 billion Singapore Dollars (US$3.68 billion) , this equates to sales of US$116,918 per employee.

Sales Comparisons (Most Recent Fiscal Year)

Recent Stock Performance

In recent years, this stock has performed terribly. In 2008, the stock traded as high as 1.90 Singapore Dollars, versus 0.66 Singapore Dollars on 9/23/2011. (In 2008, the stock retreated significantly from its high, and by the end of the year was at 0.21 Singapore Dollars). For the 52 weeks ending 9/23/2011, the stock of this company was up 13.8% to 0.66 Singapore Dollars. During the past 13 weeks, the stock has fallen 2.9%. During the past 52 weeks, the stock of Golden Agri-Resources Limited has outperformed the three comparable companies, which saw changes between -15.3% and 0.4%. During the 12 months ending 6/30/2011, earnings per share totalled 0.18 Singapore Dollars per share. Thus, the Price / Earnings ratio is 3.67. These 12 month earnings are greater than the earnings per share achieved during the last fiscal year of the company, which ended in December of 2010, when the company reported earnings of 0.16 per share. Earnings per share rose 109.2% in 2010 from 2009. Note that the earnings number Includes Or Excludes Extraordinary Charge Or Credit. The P/E ratio of 3.7 is much lower than the P/E ratios of all three comparable companies, which are currently trading between 16.3 and 21.8 times earnings. This company is currently trading at 1.68 times sales. This is at a higher ratio than all three comparable companies, which are trading between 0.20 and 0.23 times sales. Golden Agri-Resources Limited is trading at 0.91 times book value. Since the price to book ratio is less than 1, this means that theoretically, the net value of the assets is greater than the value of a company as a going concern.

Summary of company valuations

The market capitalization of this company is 8.01 billion Singapore Dollars (US$6.19 billion) . The capitalization of the floating stock (i.e., that which is not closely held) is 4.66 billion Singapore Dollars (US$3.60 billion) .

Dividend Analysis

During the 12 months ending 6/30/2011, Golden Agri-Resources Limited paid dividends totalling 0.01 Singapore Dollars per share. Since the stock is currently trading at 0.66 Singapore Dollars, this implies a dividend yield of 1.5%. During the same 12 month period ended 6/30/2011, the Company reported earnings of 0.18 Singapore Dollars per share. Thus, the company paid 5.6% of its profits as dividends. Since the company is paying less than 10% of its earnings out in dividends, it is likely that this company believes that it has significant growth prospects, and has decided to pay only a modest dividend.

Profitability Analysis On the 4.76 billion Singapore Dollars in sales reported by the company in 2010, the cost of goods sold totalled 3.38 billion Singapore Dollars, or 71.0% of sales (i.e., the gross profit was 29.0% of sales). This gross profit margin is better than the company achieved in 2009, when cost of goods sold totalled 75.4% of sales. Golden Agri-Resources Limited's 2010 gross profit margin of 29.0% was better than all three comparable companies (which had gross profits in 2010 between 2.8% and 20.1% of sales). The company's earnings before interest, taxes, depreciation and amorization (EBITDA) were 847.57 million Singapore Dollars, or 17.8% of sales. This EBITDA to sales ratio is roughly on par with what the company achieved in 2009, when the EBITDA ratio was 16.7% of sales. The three comparable companies had EBITDA margins that were all less (between 2.8% and 6.3%) than that achieved by Golden Agri-Resources Limited. In 2010, earnings before extraordinary items at Golden Agri-Resources Limited were 1.93 billion Singapore Dollars, or 40.6% of sales. This profit margin is an improvement over the level the company achieved in 2009, when the profit margin was 26.5% of sales. The

CompanyYear Ended

Sales (US$blns)

Sales Growth

Sales/ Emp (US$) Largest Region

Golden Agri-Resources Limited Dec 2010 3.677 43.0% 116,918 Rest of Asia (41.3%)

Nisshin Oillio Group Ltd Mar 2011 3.993 1.3% 1,441,099 Japan (74.1%)

Ruchi Soya Industries Ltd Mar 2011 3.727 26.2% N/A N/A

J-Oil Mills Incorporated Mar 2011 2.250 -2.7% 2,108,994 Japan (100.0%)

Company Date P/EPrice/

BookPrice/ Sales

52 Wk Pr Chg

Golden Agri-Resources Limited 9/23/2011 3.7 0.91 1.68 13.80%

Nisshin Oillio Group Ltd 9/22/2011 21.8 0.57 0.20 -7.73%

Ruchi Soya Industries Ltd 9/23/2011 16.3 1.72 0.21 -15.31%

J-Oil Mills Incorporated 9/22/2011 16.9 0.61 0.23 0.42%

company's return on equity in 2010 was 25.3%. This was significantly better than the 13.2% return the company achieved in 2009. (Extraordinary items have been excluded).

Profitability Comparison

Inventory Analysis

As of December 2010, the value of the company's inventory totalled 1.10 billion Singapore Dollars. Since the cost of goods sold was 3.38 billion Singapore Dollars for the year, the company had 119 days of inventory on hand (another way to look at this is to say that the company turned over its inventory 3.1 times per year). This is an increase in days in inventory from December 2009, when the company had 694.17 million Singapore Dollars, which was only 101 days of sales in inventory. The 119 days in inventory is higher than the three comparable companies, which had inventories between 67 and 81 days sales at the end of 2010.

Financial Position

As of December 2010, the company's long term debt was 569.30 million Singapore Dollars and total liabilities (i.e., all monies owed) were 4.05 billion Singapore Dollars. The long term debt to equity ratio of the company is very low, at only 0.06. As of December 2010, the accounts receivable for the company were 301.24 million Singapore Dollars, which is equivalent to 23 days of sales. This is an improvement over the end of 2009, when Golden Agri-Resources Limited had 24 days of sales in accounts receivable. The 23 days of accounts receivable at Golden Agri-Resources Limited are lower than all three comparable companies: Nisshin Oillio Group Ltd had 68 days, Ruchi Soya Industries Ltd had 67 days, while J-Oil Mills Incorporated had 71 days outstanding at the end of the fiscal year 2010.

Financial Positions

Company Year

Gross Profit Margin

EBITDA Margin

Earns bef. extra

Golden Agri-Resources Limited 2010 29.0% 17.8% 40.6%

Golden Agri-Resources Limited 2009 24.6% 16.7% 26.5%

Nisshin Oillio Group Ltd 2011 18.0% 4.6% 0.7%

Ruchi Soya Industries Ltd 2011 N/A 2.8% 1.2%

J-Oil Mills Incorporated 2011 20.1% 6.3% 1.0%

Company YearLT Debt/ Equity

Days AR

Days Inv.

Golden Agri-Resources Limited 2010 0.06 23 119

Nisshin Oillio Group Ltd 2011 0.27 68 70

Ruchi Soya Industries Ltd 2011 0.37 67 67

J-Oil Mills Incorporated 2011 0.25 71 81

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Company Fundamentals\Summary Analysis

SUMMARY ANALYSIS: Golden Agri-Resources Limited Per Share- Singapore Dollars

Year Price Value Ratios Equity Capital Earnings Dividends

Fiscal Yr Ends:

December

Market Price Last

Price/ Earnings

Ratio

Price/ Book Ratio

Dividend Yield

% Earned Growth

% Profit Rate (ROE)

Book Value

Begin Yr

12 Month Earnings

Per Share%

Change

% Payout Ratio

12 Month Dividends Per Share

2002 D 0.03 6.2 0.2 0.0% 3.3% 3.3% 0.13 BE 0.00 n/c 0.0% 0.000

2003 D 0.05 13.7 0.4 0.0% 3.1% 3.1% 0.13 BE 0.00 -7.5% 0.0% 0.000

2004 D 0.10 9.1 0.8 0.0% 8.8% 8.8% 0.13 BE 0.01 185.3% 0.0% 0.000

2005 D 0.08 6.5 0.6 2.7% 7.8% 9.4% 0.13 BCE 0.01 12.5% 17.5% 0.002

2006 0.27 3.5 1.6 1.8% 41.8% 44.6% 0.17 BE 0.08 498.5% 6.2% 0.005

2007 0.94 5.8 3.5 0.9% 58.9% 60.6% 0.27 BCE 0.16 113.1% 5.5% A 0.009

2008 0.21 1.3 0.5 0.0% 38.7% 38.7% 0.42 BCE 0.16 0.8% 0.0% A 0.000

2009 0.51 6.7 0.9 0.8% 12.2% 12.8% 0.59 BE 0.08 -53.5% 5.4% A 0.004

2010 0.80 5.1 1.3 1.0% 23.9% 25.1% 0.63 BCE 0.16 109.2% 4.9% 0.008

9/23/2011 0.66 3.6 0.9 1.5% n/a n/a 0.72 0.18 n/c 5.6% 0.010

(A): ALL ITEMS ADJUSTED FOR STOCK SPLITS OR DIVIDENDS - 4% DIV ON 03/26/2009 &11.7:10 RIGHT ISSUE (08.87 DIV) ON 06/25/2009, 2:1 ON 02/20/2008, 2:1 ON 09/11/2007

(B): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT, INCLS 0.04 PRETAX CR AND NOM PRETAX CHG IN 2009, INCLS 0.21 PRETAX CR AND NOM PRETAX CHG IN 2008, INCLUDES .29 PRETAX CR IN 2007, INCLS 0.01 PRETAX CHG IN 2006, INCLS NOM PRETAX CR AND NOM PRETAX CHG IN 2005, INCLS NOM PRETAX CHG IN 2004, INCLS NOM PRETAX CHG IN 2002, INCLS 0.01 PRETAX CHG IN 2000

(C): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED IFRS 3 (REVISED) BUSINESS COMBINATIONS, IAS 27 (REVISED) CONSOLIDATED AND SEPARATED FINANCIAL STATEMENTS, IAS 39 (AMENDMENT) FINANCIAL INSTRUMENTS, IAS 1 (AMENDMENT), IAS 7 (AMENDMENT), IAS 17 (AMENDMENT), IAS 36 (AMENDMENT), IAS 38 (AMENDMENT), IFRS 2 (AMENDMENT), IFRS 8 (AMENDMENT), IFRIC 9 (AMENDMENT) IN 2010. NO SIGNIFICANT EARNINGS IMPACT, - ADOPTED ALL NEW REVISED IFRS AND NEW INTERPRETATIONS TO IFRS RELEVANT TO ITS OPERATIONS IN 2008, EARNINGS IMPACT IMMATERIAL, ADOPTED IAS 1 AMENDMENTS PRESENTATION OF FINANCIAL STATEMENTS - CAPITAL DISCLOSURES, IFRS 7 FINANCIAL INSTRUMENTS: DISCLOSURES, IFRIC 10 INTERIM FINANCIAL REPORTING AND IMPAIRMENT, EARNINGS IMPACT IMMATERIAL, ADOPTED IFRS 3, IFRS 5, IAS 1, IAS 2, IAS 8, IAS 10, IAS 16, IAS 17, IAS 21, IAS 24, IAS 27, IAS 28, IAS 32, IAS 33 FOR EARNINGS PER SHARE (REVISED 2003) AND IAS 39 FOR FINANCIAL INSTRUMENTS: RECOGNITION & MEASUREMENT (REVISED 2004), EARNINGS IMPACT IMMATERIAL

(D): ACCOUNTS CONVERTED USING YEAR-END EXCHANGE RATE OF 1.66301 FOR BALANCE SHEET & AVERAGE RATE OF 1.66542 FOR INCOME STATEMENT & CASH FLOW STATEMENT IN 2005, 1.63199 & 1.68554 IN 2004, 1.69799 & 1.74201 IN 2003, 1.73500 & 1.78667 IN 2002, 1.84699 & 1.79617 IN 2001, 1.73400 AND 1.72819 IN 2000

(E): BASED ON AVERAGE SHARES OUTSTANDING


Company Fundamentals\Sales Analysis

SALES ANALYSIS: Golden Agri-Resources Limited Figures in thousands of Singapore Dollars

Year

SalesCost of

Goods Sold

Earnings before Interest, Taxes,

Depreciation, and Amortization

(EBITDA)

After Tax Income before

Extraordinary Charges and

Credits Employees

Amount in

thousands

Year-to-year Growth

Amount in

thousands% of Sales

Amount in

thousands% of

Sales

Amount in

thousands% of

Sales Number

Sales Per

Employee

After Tax Income

Per Employee

2001 557,483 -16.9% 368,159 66.0% 28,949 5.2% -89,961 -

16.1% 33,600 16,592 -2,677

2002 923,344 65.6% 582,667 63.1% 198,233 21.5% 41,331 4.5% 33,230 27,786 1,244

2003 1,079,492 16.9% 743,305 68.9% 167,587 15.5% 38,535 3.6% 31,720 34,032 1,215

2004 1,280,523 18.6% 852,437 66.6% 311,203 24.3% 110,335 8.6% 31,448 40,719 3,509

2005 1,364,455 6.6% 985,264 72.2% 271,990 19.9% 124,244 9.1% n/a n/a n/a

2006 1,785,233 30.8% 1,304,621 73.1% 1,292,648 72.4% 743,644 41.7% n/a n/a n/a

2007 2,811,246 57.5% 1,763,385 62.7% 2,830,187 100.7% 1,747,945 62.2% n/a n/a n/a

2008 4,207,858 49.7% 2,907,858 69.1% 2,874,555 68.3% 1,948,283 46.3% n/a n/a n/a

2009 3,327,423 -20.9% 2,509,350 75.4% 1,016,924 30.6% 880,508 26.5% n/a n/a n/a

2010 4,757,820 43.0% 3,380,165 71.0% 2,795,772 58.8% 1,931,883 40.6% n/a n/a n/a


Company Fundamentals\Price Analysis

PRICE ANALYSIS: Golden Agri-Resources Limited Per Share- Singapore Dollars

QuarterHigh Price

Low Price

Closing Price

Quarterly %Change

12 months %Change

2002 Jan - Mar 0.032 0.022 0.028 n/a n/a

Apr - Jun 0.028 0.021 0.023 -16.0% n/a

Jul - Sep 0.025 0.020 0.022 -4.7% n/a

Oct - Dec 0.028 0.022 0.026 20.0% n/a

2003 Jan - Mar 0.033 0.026 0.032 20.8% 16.0%

Apr - Jun 0.051 0.031 0.043 34.5% 85.7%

Jul - Sep 0.066 0.042 0.063 46.2% 185.0%

Oct - Dec 0.068 0.049 0.054 -14.0% 104.2%

2004 Jan - Mar 0.081 0.054 0.079 46.9% 148.3%

Apr - Jun 0.083 0.077 0.082 2.8% 89.8%

Jul - Sep 0.095 0.082 0.092 12.2% 45.6%

Oct - Dec 0.104 0.091 0.103 12.0% 89.8%

2005 Jan - Mar 0.112 0.102 0.108 5.4% 36.1%

Apr - Jun 0.117 0.106 0.113 4.1% 37.8%

Jul - Sep 0.115 0.072 0.079 -29.4% -13.3%

Oct - Dec 0.093 0.070 0.082 2.8% -20.4%

2006 Jan - Mar 0.448 0.083 0.156 90.5% 43.9%

Apr - Jun 0.169 0.148 0.155 -0.7% 37.3%

Jul - Sep 0.208 0.150 0.195 26.4% 145.8%

Oct - Dec 0.287 0.193 0.267 36.7% 227.0%

2007 Jan - Mar 0.402 0.249 0.389 45.5% 149.6%

Apr - Jun 0.662 0.382 0.574 47.7% 271.4%

Jul - Sep 0.989 0.349 0.627 9.2% 220.9%

Oct - Dec 0.989 0.578 0.936 49.3% 250.4%

2008 Jan - Mar 1.899 0.623 0.879 -6.1% 126.1%

Apr - Jun 0.971 0.733 0.795 -9.5% 38.5%

Jul - Sep 0.808 0.252 0.278 -65.0% -55.6%

Oct - Dec 0.300 0.137 0.208 -25.4% -77.8%

2009 Jan - Mar 0.300 0.208 0.253 21.7% -71.3%

Apr - Jun 0.455 0.248 0.380 50.4% -52.2%

Jul - Sep 0.520 0.285 0.430 13.2% 54.6%

Oct - Dec 0.510 0.395 0.510 18.6% 145.7%

2010 Jan - Mar 0.655 0.490 0.580 13.7% 129.6%

Apr - Jun 0.625 0.480 0.530 -8.6% 39.5%

Jul - Sep 0.620 0.510 0.570 7.5% 32.6%

Oct - Dec 0.810 0.565 0.800 40.4% 56.9%

2011 Jan - Mar 0.830 0.610 0.690 -13.8% 19.0%

Apr - Jun 0.735 0.640 0.680 -1.4% 28.3%

9/23/2011 0.660 -2.9% 13.8%


Company Fundamentals\Earnings & Dividends Analysis

EARNINGS AND DIVIDENDS ANALYSIS: Golden Agri-Resources Limited Per Share- Singapore Dollars Fiscal Year Ends in December

(A): ALL ITEMS ADJUSTED FOR STOCK SPLITS OR DIVIDENDS - 4% DIV ON 03/26/2009 &11.7:10 RIGHT ISSUE (08.87 DIV) ON 06/25/2009, 2:1 ON 02/20/2008, 2:1 ON 09/11/2007

(B): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT, INCLS 0.04 PRETAX CR AND NOM PRETAX CHG IN 2009, INCLS 0.21 PRETAX CR AND NOM PRETAX CHG IN 2008, INCLUDES .29 PRETAX CR IN 2007, INCLS 0.01 PRETAX CHG IN 2006, INCLS NOM PRETAX CR AND NOM PRETAX CHG IN 2005, INCLS NOM PRETAX CHG IN 2004, INCLS NOM PRETAX CHG IN 2002

(C): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED IFRS 3 (REVISED) BUSINESS COMBINATIONS, IAS 27 (REVISED) CONSOLIDATED AND SEPARATED FINANCIAL STATEMENTS, IAS 39 (AMENDMENT) FINANCIAL INSTRUMENTS, IAS 1 (AMENDMENT), IAS 7 (AMENDMENT), IAS 17 (AMENDMENT), IAS 36 (AMENDMENT), IAS 38 (AMENDMENT), IFRS 2 (AMENDMENT), IFRS 8 (AMENDMENT), IFRIC 9 (AMENDMENT) IN 2010. NO SIGNIFICANT EARNINGS IMPACT, - ADOPTED ALL NEW REVISED IFRS AND NEW INTERPRETATIONS TO IFRS RELEVANT TO ITS OPERATIONS IN 2008, EARNINGS IMPACT IMMATERIAL, ADOPTED IAS 1 AMENDMENTS PRESENTATION OF FINANCIAL STATEMENTS - CAPITAL DISCLOSURES, IFRS 7 FINANCIAL INSTRUMENTS: DISCLOSURES, IFRIC 10 INTERIM FINANCIAL REPORTING AND IMPAIRMENT, EARNINGS IMPACT IMMATERIAL, ADOPTED IFRS 3, IFRS 5, IAS 1, IAS 2, IAS 8, IAS 10, IAS 16, IAS 17, IAS 21, IAS 24, IAS 27, IAS 28, IAS 32, IAS 33 FOR EARNINGS PER SHARE (REVISED 2003) AND IAS 39 FOR FINANCIAL INSTRUMENTS: RECOGNITION & MEASUREMENT (REVISED 2004), EARNINGS IMPACT IMMATERIAL

Fiscal Years

Earnings Per Share Dividends Per Share

12 Months Quarterly Reported Earnings 12 Months Quarterly Reported Dividends

Earnings%

ChangeQ1

Mar.Q2

Jun.Q3

Sep.Q4

Dec. Dividends%

ChangeQ1

Mar.Q2

Jun.Q3

Sep.Q4

Dec.%

Payout

2000 0.00 -85.4% n/a n/a n/a n/a 0.000 n/c n/a n/a n/a 0.000 27.4%

2001 D

E -0.01 n/c n/a 0.00 n/a -0.01 0.000 n/c n/a n/a n/a 0.000 0.0%

2002 D

BE 0.00 n/c n/a 0.00 n/a 0.00 0.000 n/c n/a n/a n/a 0.000 0.0%

2003 D

BE 0.00 -7.5% 0.00 0.00 -0.00 0.00 0.000 n/c n/a n/a n/a 0.000 0.0%

2004 D

BE 0.01 185.3% 0.01 0.01 0.00 -0.00 0.000 n/c n/a n/a n/a 0.000 0.0%

2005 D

BCE 0.01 12.5% 0.00 0.00 0.00 0.00 0.002 n/c n/a n/a n/a 0.002 0.0%

2006 BE 0.08 498.5% 0.03 0.02 0.02 0.01 0.005 114.5% n/a n/a n/a 0.005 2.9%

2007 BCE 0.16 113.1% 0.03 0.03 0.02 0.08 A 0.004 -6.4% 0.004 0.000 n/a 0.004 6.1%

2008 BCE 0.16 0.8% 0.05 0.08 0.02 0.01 n/a n/c n/a 0.007 n/a n/a 6.7%

2009 BE 0.08 -53.5% 0.00 0.01 0.01 0.06 A 0.004 n/c n/a 0.000 n/a 0.004 0.4%

2010 BCE 0.16 109.2% 0.00 0.01 0.01 0.14 0.008 89.7% n/a 0.000 n/a 0.008 3.1%

2011 n/a n/c 0.02 0.02 n/a n/a n/a n/c n/a n/a n/a n/a n/c

(D): ACCOUNTS CONVERTED USING YEAR-END EXCHANGE RATE OF 1.66301 FOR BALANCE SHEET & AVERAGE RATE OF 1.66542 FOR INCOME STATEMENT & CASH FLOW STATEMENT IN 2005, 1.63199 & 1.68554 IN 2004, 1.69799 & 1.74201 IN 2003, 1.73500 & 1.78667 IN 2002, 1.84699 & 1.79617 IN 2001

(E): BASED ON AVERAGE SHARES OUTSTANDING


Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size

Balance Sheet - (Common Size): Golden Agri-Resources Limited Figures are expressed as Percent of Total Assets. Total Assets are in millions of Singapore Dollars.

Fiscal Year 2010 2009 2008 2007 2006

Fiscal Year End Date 12/31/2010 12/31/2009 12/31/2008 12/31/2007 12/31/2006

Assets

Total Assets 12,961.6 11,082.1 9,824.7 7,190.7 4,543.7

Cash & Short Term Investments

2.7% 4.5% 2.0% 2.9% 4.5%

Cash 2.2% 3.0% 1.6% 0.9% 1.9%

Short Term Investments 0.6% 1.5% 0.4% 2.0% 2.6%

Receivables (Net) 2.3% 1.9% 2.9% 3.3% 2.4%

Inventories -Total 8.5% 6.3% 4.7% 7.1% 6.0%

Raw Materials 3.3% 2.4% 1.0% 3.3% 2.6%

Work in Process

Finished Goods 1.2% 1.2% 0.9% 1.5% 1.2%

Progress Payments & Other

4.0% 2.7% 2.9% 2.3% 2.2%

Prepaid Expenses 1.1% 0.7% 0.6% 1.1% 0.9%

Other Current Assets 0.1% 0.7% 0.1% 0.9% 0.5%

Current Assets - Total 14.8% 14.0% 10.4% 15.3% 14.3%

Long Term Receivables 1.5% 2.0% 1.8% 2.4% 4.7%

Investment in Associated Companies

0.1% 0.1% 0.1% 0.4% 0.6%

Other Investments 0.5% 0.3% 0.4% 0.5% 0.0%

Property Plant and Equipment - Gross

87.5% 88.5% 91.3% 85.9% 88.7%

Accumulated Depreciation 5.7% 6.5% 6.6% 7.0% 10.1%

Property Plant and Equipment – Net

81.8% 82.0% 84.6% 79.0% 78.6%

Other Assets 1.3% 1.6% 2.8% 2.5% 1.8%

Deferred Charges 0.1% 0.1% 0.1% 0.1% 0.2%

Tangible Other Assets 0.0% 0.0% 1.0% 0.0% 0.0%

Intangible Other Assets 1.2% 1.5% 1.7% 2.4% 1.6%

Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%

Liabilities & Shareholders' Equity

Total Liabilities & Shareholders' Equity

12,961.6 11,082.1 9,824.7 7,190.7 4,543.7

Accounts Payable 3.2% 3.4% 1.1% 1.3% 3.5%

Short Term Debt & Current Portion of Long Term Debt

5.4% 4.0% 5.7% 7.0% 6.7%

Accrued Payroll

Income Taxes Payable 0.5% 0.4% 0.5% 0.6% 0.1%

Dividends Payable

Other Current Liabilities 1.4% 1.4% 0.8% 1.4% 1.5%

Current Liabilities - Total 10.5% 9.2% 8.0% 10.4% 11.7%

Long Term Debt 4.4% 4.7% 3.6% 4.6% 9.8%

Long Term Debt Excluding Capitalized Leases

4.4% 4.7% 3.6% 4.6% 9.8%

Capitalized Lease Obligations

0.0% 0.0% 0.0% 0.0% 0.0%

Provision for Risks and Charges

0.3% 0.3% 0.2%

Deferred Income 0.0% 0.0% 0.0% 0.0%

Deferred Taxes 16.0% 15.6% 19.1% 17.2% 13.2%

Deferred Taxes - Credit 16.2% 15.9% 19.2% 17.4% 14.0%

Deferred Taxes - Debit 0.1% 0.2% 0.2% 0.2% 0.8%

Deferred Tax Liability in Untaxed Reserves

Other Liabilities 0.0% 0.0% 0.0% 0.3% 0.4%

Total Liabilities 31.3% 29.8% 30.9% 32.4% 35.1%

Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest 1.2% 1.2% 1.4% 1.6% 7.3%

Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock Issued for ESOP

ESOP Guarantees - Preferred Issued

Common Equity 67.6% 69.0% 67.7% 66.0% 57.6%


100.0% 100.0% 100.0% 100.0% 100.0%


Financial Statement Analyses\Balance Sheet - Year-Year % Change

Balance Sheet - (Year to Year Percent Change): Golden Agri-Resources Limited Figures are the Percent Changes from the Prior Year.

Fiscal Year 2010 2009 2008 2007 2006


Assets

Total Assets 17.0% 12.8% 36.6% 58.3% 53.6%


-28.8% 150.1% -5.7% 2.5% 22.3%

Cash -16.2% 116.5% 137.9% -26.0% 63.9%

Short Term Investments -54.8% 268.0% -69.8% 23.8% 2.8%

Receivables (Net) 39.5% -23.2% 19.1% 112.7% -13.3%

Inventories -Total 58.7% 48.8% -8.3% 86.8% 1.4%

Raw Materials 58.4% 165.8% -57.9% 104.9% 1.1%

Work in Process

Finished Goods 24.1% 52.4% -20.4% 94.2% -27.0%


74.0% 6.1% 71.2% 62.2% 28.8%

Prepaid Expenses 101.7% 23.1% -20.6% 87.8% 95.6%

Other Current Assets -88.5% 424.7% -79.1% 216.2% 28.2%

Current Assets - Total 23.1% 52.4% -7.1% 68.9% 8.1%

Long Term Receivables -10.9% 29.7% 0.7% -19.8% 35.8%


82.6% 42.1% -76.5% -1.3% -8.7%

Other Investments 72.2% -2.5% 0.3%


15.7% 9.3% 45.1% 53.4% 44.5%

Accumulated Depreciation 2.4% 10.5% 30.4% 9.3% -32.2%


16.8% 9.2% 46.4% 59.0% 69.0%

Other Assets -7.8% -36.0% 55.0% 121.8% 43.8%

Deferred Charges 10.6% 26.0% 11.7% -7.8% 12.9%

Tangible Other Assets -100.0%

Intangible Other Assets -9.0% -2.8% 0.0% 137.3% 48.7%

Total Assets 17.0% 12.8% 36.6% 58.3% 53.6%



17.0% 12.8% 36.6% 58.3% 53.6%

Accounts Payable 11.6% 250.4% 15.4% -41.1% -22.6%


57.1% -20.6% 10.2% 66.0% 4.3%

Accrued Payroll

Income Taxes Payable 20.3% 6.2% 4.1% 878.7% 35.7%

Dividends Payable

Other Current Liabilities 24.6% 88.4% -21.7% 52.8% -19.0%

Current Liabilities - Total 33.7% 28.9% 6.1% 39.5% -8.3%

Long Term Debt 9.7% 47.3% 7.2% -26.1% 28.4%


9.7% 47.3% 7.2% -26.0% 28.9%


-19.3% 286.0% -14.0% -95.9% -55.5%


26.0% 44.3%

Deferred Income

Deferred Taxes 20.0% -7.5% 51.7% 105.4% 324.2%

Deferred Taxes - Credit 19.1% -7.0% 51.0% 96.6% 270.5%

Deferred Taxes - Debit -40.9% 47.2% -0.5% -50.4% 18.5%


Other Liabilities 428.6% -100.0% 24.3% 499.3%


Non-Equity Reserves

Minority Interest 13.3% 0.6% 18.7% -65.9% 51.2%

Preferred Stock



Common Equity 14.5% 14.9% 40.1% 81.6% 57.0%


17.0% 12.8% 36.6% 58.3% 53.6%


Financial Statement Analyses\Balance Sheet - Five-Year Averages

Balance Sheet - (5 Year Averages): Golden Agri-Resources Limited Figures in millions of Singapore Dollars.

Fiscal Year 2010 2009 2008 2007 2006


Assets

Total Assets 9,120.5 7,120.0 5,348.6 3,837.4 2,865.4


293.2 256.0 186.4 160.5 131.9

Cash 184.6 139.2 78.0 56.0 53.5

Short Term Investments 108.5 116.8 108.4 104.5 78.4

Receivables (Net) 229.0 194.3 163.9 124.0 109.1

Inventories -Total 608.7 442.1 335.4 272.5 190.3

Raw Materials 228.6 167.2 126.4 121.5 84.3

Work in Process

Finished Goods 107.0 90.0 81.0 71.8 54.9


273.1 185.0 128.0 79.2 51.1

Prepaid Expenses 79.6 54.0 43.5 38.6 26.9

Other Current Assets 37.0 38.6 23.9 21.1 7.6

Current Assets - Total 1,247.5 985.1 753.0 616.6 465.7

Long Term Receivables 196.2 187.8 230.0 291.1 356.4


17.3 20.0 24.2 30.4 32.1

Other Investments 33.6 21.5 14.4 10.4 6.1


8,065.0 6,353.4 4,769.5 3,352.5 2,489.2

Accumulated Depreciation 613.6 600.9 571.2 544.7 539.3


7,451.4 5,752.5 4,198.3 2,807.8 1,949.9

Other Assets 174.5 153.1 128.6 81.0 55.2

Deferred Charges 9.8 8.8 7.8 7.2 6.7

Tangible Other Assets 19.4 19.4 21.9 2.6 3.7

Intangible Other Assets 145.4 124.9 98.9 71.2 44.8

Total Assets 9,120.5 7,120.0 5,348.6 3,837.4 2,865.4



9,120.5 7,120.0 5,348.6 3,837.4 2,865.4

Accounts Payable 231.6 188.3 124.6 113.5 104.9


500.1 419.7 377.3 347.9 359.3

Accrued Payroll

Income Taxes Payable 40.9 29.7 20.7 12.1 6.0

Dividends Payable

Other Current Liabilities 117.0 96.0 82.7 91.4 100.1

Current Liabilities - Total 889.6 733.7 605.2 565.0 570.4

Long Term Debt 442.8 398.3 383.2 385.2 373.0


442.6 397.6 382.5 384.5 372.2


0.3 0.7 0.7 0.7 0.7


Deferred Income 0.0

Deferred Taxes 1,503.4 1,116.1 776.8 404.0 154.0

Deferred Taxes - Credit 1,525.9 1,141.6

Deferred Taxes - Debit 22.5 25.5


Other Liabilities 8.0 8.3 8.2 8.9 4.7

Total Liabilities 2,863.0 2,267.4 1,778.0 1,363.2 1,102.0

Non-Equity Reserves 0.0 0.0

Minority Interest 173.5 186.8 170.6 153.0 145.9

Preferred Stock 0.0 0.0 0.0 0.0 0.0



Common Equity 6,084.1 4,665.8 3,400.0 2,321.3 1,617.5


9,120.5 7,120.0 5,348.6 3,837.4 2,865.4


Financial Statement Analyses\Income Statement - Common Size

Income Statement - (Common Size): Golden Agri-Resources Limited Figures are expressed as Percent of Net Sales or Revenues. Net Sales or Revenues are in millions of Singapore Dollars.

Fiscal Year 2010 2009 2008 2007 2006

Net Sales or Revenues 4,757.8 3,327.4 4,207.9 2,811.2 1,785.2

Cost of Goods Sold 71.0% 75.4% 69.1% 62.7% 73.1%

Depreciation, Depletion & Amortization 2.4% 3.0% 1.9% 2.7% 3.8%

Gross Income 26.6% 21.6% 28.9% 34.6% 23.1%

Selling, General & Administrative Expenses 7.5% 7.5% 5.7% 9.3% 8.8%

Other Operating Expenses 3.7% 0.4% 5.5% 0.0% 0.0%

Operating Expenses - Total 84.5% 86.3% 82.3% 74.7% 85.7%

Operating Income 15.5% 13.7% 17.7% 25.3% 14.3%

Extraordinary Credit - Pretax 39.2% 13.7% 49.5% 72.5% 54.5%

Extraordinary Charge - Pretax 0.2% 0.4% 0.0% 0.2% 2.0%

Non-Operating Interest Income 0.2% 0.3% 0.2% 0.4% 0.5%

Reserves - Increase/Decrease

Pretax Equity in Earnings 0.1% 0.0%

Other Income/Expense - Net 1.6% 0.3% -1.0% -0.0% 1.3%

Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA)

58.8% 30.6% 68.3% 100.7% 72.4%

Earnings before Interest & Taxes(EBIT) 56.4% 27.6% 66.4% 98.0% 68.6%

Interest Expense on Debt 1.4% 2.0% 1.3% 1.9% 3.0%

Interest Capitalized 0.0% 0.0% 0.0% 0.0% 0.0%

Pretax Income 55.0% 25.6% 65.0% 96.1% 65.6%

Income Taxes 13.8% -0.9% 17.6% 28.2% 17.8%


Equity in Earnings 0.0% 0.2% 0.1% 0.1% -0.0%

After Tax Other Income/Expense 0.0% 0.0% 0.0% 0.0% 0.0%

Discontinued Operations 0.0% 0.0%

Net Income before Extraordinary Items/Preferred Dividends

40.6% 26.5% 46.3% 62.2% 41.7%

Extraordinary Items & Gain/Loss Sale of Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Dividend Requirements 0.0% 0.0% 0.0% 0.0% 0.0%

Net Income after Preferred Dividends - available to Common

40.6% 26.5% 46.3% 62.2% 41.7%


Financial Statement Analyses\Income Statement - Year-Year % Change

Income Statement - (Year to Year Percent Change): Golden Agri-Resources Limited Figures are the Percent Changes from the Prior Year.

Fiscal Year 2010 2009 2008 2007 2006

Net Sales or Revenues 43.0% -20.9% 49.7% 57.5% 30.8%

Cost of Goods Sold 34.7% -13.7% 64.9% 35.2% 32.4%

Depreciation, Depletion & Amortization 13.4% 20.8% 7.9% 11.4% -31.4%

Gross Income 76.0% -41.0% 25.3% 135.7% 47.4%

Selling, General & Administrative Expenses 41.6% 4.2% -7.7% 66.8% 15.6%

Other Operating Expenses 1,346.0% -94.8%

Operating Expenses - Total 40.1% -17.1% 64.8% 37.3% 25.3%

Operating Income 61.3% -38.9% 4.9% 177.8% 77.3%

Extraordinary Credit - Pretax 308.8% -78.1% 2.2% 109.4% 4,386.4%

Extraordinary Charge - Pretax -32.9% 923.1% -70.9%

-86.3% 3,262.8%

Non-Operating Interest Income 18.3% 13.4% -24.5%

33.3% -33.0%


Pretax Equity in Earnings

Other Income/Expense - Net 609.9% -102.0%


174.9% -64.6% 1.6% 118.9% 375.3%

Earnings before Interest & Taxes(EBIT) 192.4% -67.1% 1.4% 124.9% 609.6%

Interest Expense on Debt -4.1% 19.5% 7.1% -2.4% 15.5%

Interest Capitalized

Pretax Income 207.9% -68.9% 1.3% 130.8% 829.6%

Income Taxes -104.0%

-6.2% 149.4%

Minority Interest 297.7% -83.8% -69.0%

50.8% 480.7%

Equity in Earnings -100.0% 46.4% 92.2%

After Tax Other Income/Expense

Discontinued Operations


119.4% -54.8% 11.5% 135.1% 498.5%

Extraordinary Items & Gain/Loss Sale of Assets

Preferred Dividend Requirements


119.4% -54.8% 11.5% 135.1% 498.5%


Financial Statement Analyses\Income Statement - Five-Year Averages

Income Statement - (5 Year Averages): Golden Agri-Resources Limited Figures in millions of Singapore Dollars.

Fiscal Year 2010 2009 2008 2007 2006

Net Sales or Revenues 3,377.9 2,699.2 2,289.9 1,664.2 1,286.6

Cost of Goods Sold 2,373.1 1,894.1 1,562.7 1,129.8 893.7

Depreciation, Depletion & Amortization 87.5 85.0 85.4 85.6 88.7

Gross Income 917.3 720.2 641.7 448.8 304.2

Selling, General & Administrative Expenses 253.2 209.1 182.8 157.1 127.1

Other Operating Expenses 83.5 48.7 46.3 0.0 0.0

Operating Expenses - Total 2,797.3 2,236.9 1,877.2 1,372.5 1,109.5

Operating Income 580.6 462.4 412.6 291.7 177.1

Extraordinary Credit - Pretax 1,483.0 1,114.2 1,022.9 606.6 199.0

Extraordinary Charge - Pretax 13.1 11.4 11.8 22.4 24.3

Non-Operating Interest Income 9.5 9.8 9.3 9.4 10.3


Pretax Equity in Earnings

Other Income/Expense - Net 13.6 -2.7 -2.4 3.9 -2.5


2,162.0 1,657.3 1,516.1 974.7 448.3

Earnings before Interest & Taxes(EBIT) 2,074.5 1,572.3 1,430.7 889.1 359.6

Interest Expense on Debt 58.9 55.3 52.0 51.0 54.0

Interest Capitalized 0.0 0.0 0.0 0.0 0.0

Pretax Income 2,015.6 1,517.0 1,378.7 838.1 305.6

Income Taxes 495.4 360.9 373.7 231.5 78.7

Minority Interest 73.1 70.3 70.5 53.6 14.6

Equity in Earnings 3.3 3.1 0.4 -0.1 -0.7

After Tax Other Income/Expense 0.0 0.0 0.0 0.0 0.0

Discontinued Operations


1,450.5 1,088.9 934.9 552.9 211.6

Extraordinary Items & Gain/Loss Sale of Assets 0.0 0.0 0.0 0.0 0.0

Preferred Dividend Requirements 0.0 0.0 0.0 0.0 0.0


1,450.5 1,088.9 934.9 552.9 211.6


Financial Statement Analyses\Sources of Capital - Net Change

Sources of Capital: Golden Agri-Resources Limited Currency figures are in millions of Singapore Dollars. Year to year % changes pertain to reported Balance Sheet values.

Fiscal Year 2010 2009 2008 2007 2006


Total Capital 9,480.0 8,299.5 7,139.6 5,190.8 3,392.0

Percent of Total Capital

Short Term Debt 7.3% 5.3% 7.8% 9.7% 9.0%

Long Term Debt 6.0% 6.3% 4.9% 6.3% 13.1%

Other Liabilities 0.0% 0.0% 0.0% 0.4% 0.5%



Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%

Retained Earnings 73.0% 68.0% 68.9% 58.7% 46.2%

Common Equity 92.4% 92.1% 93.2% 91.5% 77.1%

Total Capital 100.0% 100.0% 100.0% 100.0% 100.0%

Year to Year Net Changes

Short Term Debt 25.2 -11.5 5.1 20.1 1.3

Long Term Debt 5.0 16.7 2.4 -11.6 9.8

Other Liabilities 0.1 0.0 -2.1 0.4 1.4

Total Liabilities 74.9 26.4 70.9 73.2 52.4

Minority Interest 1.8 0.1 2.1 -21.9 11.2

Preferred Stock 0.0 0.0 0.0 0.0 0.0

Retained Earnings 127.6 72.8 186.9 148.0 123.9

Common Equity 111.2 99.2 190.4 213.4 94.9

Total Capital 118.0 116.0 194.9 179.9 116.0

Year to Year Percent Changes

Short Term Debt 57.1% -20.6% 10.2% 66.0% 4.3%

Long Term Debt 9.7% 47.3% 7.2% -26.1% 28.4%

Other Liabilities 428.6% -100.0% 24.3% 499.3%


Minority Interest 13.3% 0.6% 18.7% -65.9% 51.2%

Preferred Stock

Retained Earnings 22.6% 14.8% 61.3% 94.4% 378.2%

Common Equity 14.5% 14.9% 40.1% 81.6% 57.0%

Total Capital 14.2% 16.2% 37.5% 53.0% 52.0%

Total Liabilities & Common Equity

Total Liabilities 4,050.9 3,301.6 3,037.5 2,328.5 1,596.5

Net Change in Liabilities as % of Total Liabilities

18.5% 8.0% 23.3% 31.4% 32.8%

Common Equity 8,757.6 7,645.4 6,653.0 4,749.1 2,615.3

Net Change in Common Equity as % of Common Equity

12.7% 13.0% 28.6% 44.9% 36.3%

Cash Flow

Operating Activities 227.3 377.1 604.6 253.0 106.9

Financing Activities 250.3 410.5 -109.4 540.6 145.4

Investing Activities 637.8 568.2 483.8 807.0 167.4Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios

Accounting Ratios: Golden Agri-Resources Limited

Fiscal Year 2010 2009 2008 2007 2006


Receivables Turnover 15.8 15.4 15.0 11.9 16.1

Receivables - Number of Days

19.8 27.3 22.4 22.5 24.4

Inventory Turnover 3.6 4.3 6.0 4.5 4.8

Inventory - Number of Days 100.5 84.4 61.2 80.9 75.7

Gross Property, Plant & Equipment Turnover

0.4 0.3 0.5 0.5 0.4

Net Property, Plant & Equipment Turnover

0.4 0.4 0.5 0.5 0.5

Depreciation, Depletion & Amortization % of Gross Property, Plant & Equipment

1.0% 1.0% 0.9% 1.2% 1.7%

Depreciation, Depletion & Amortization Year to Year Change

1.3 1.7 0.6 0.8 -3.1

Depreciation, Depletion & Amortization Year to Year % Change

13.4% 20.8% 7.9% 11.4% -31.4%


Financial Ratio Analyses\Asset Utilization

Asset Utilization: Golden Agri-Resources Limited Figures are expressed as the ratio of Net Sales. Net Sales are in millions of Singapore Dollars.

Fiscal Year 2010 2009 2008 2007 2006


Net Sales 4,757.8 3,327.4 4,207.9 2,811.2 1,785.2

Cash & Cash Equivalents 7.4% 14.9% 4.7% 7.5% 11.5%

Short-Term Investments 1.5% 4.9% 1.0% 5.2% 6.6%

Accounts Receivable 6.3% 6.5% 6.7% 8.4% 6.2%

Inventories 23.2% 20.9% 11.1% 18.1% 15.3%

Other Current Assets 0.2% 2.2% 0.3% 2.4% 1.2%

Total Current Assets 40.2% 46.7% 24.2% 39.1% 36.4%

Total Long Term Receivables & Investments

5.8% 8.1% 5.1% 8.3% 13.5%

Long Term Receivables 4.2% 6.7% 4.1% 6.1% 12.0%

Investments in Associated Companies

0.3% 0.3% 0.2% 1.0% 1.5%

Other Investments 1.3% 1.1% 0.9% 1.3% 0.0%

Property, Plant & Equipment - Gross

238.5% 294.6% 213.1% 219.8% 225.7%

Accumulated Depreciation 15.5% 21.7% 15.5% 17.8% 25.6%

Property Plant & Equipment - Net

223.0% 273.0% 197.6% 202.0% 200.1%

Other Assets 3.4% 5.3% 6.5% 6.3% 4.5%

Total Assets 272.4% 333.1% 233.5% 255.8% 254.5%Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio Analyses\Employee Efficiency

Employee Efficiency: Golden Agri-Resources Limited Values per Employee are in Singapore Dollars.

Fiscal Year 2004

Fiscal Year End Date 12/31/2004

Employees 31,448

Values per Employee

Sales 40,719

Net Income 3,509

Cash Earnings 9,011

Working Capital 598

Total Debt 21,400

Total Capital 57,696

Total Assets 70,756

Year to Year % Change per Employee

Employees

Sales

Net Income

Cash Earnings

Working Capital

Total Debt

Total Capital

Total Assets Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio Analyses\Fixed Charges Coverage

Fixed Charges Coverage: Golden Agri-Resources Limited

Fiscal Year 2010 2009 2008 2007 2006


EBIT/Total Interest Expense 41.6 13.7 49.6 52.4 22.7

EBIT/Net Interest 50.2 15.9 58.1 66.1 26.8

EBIT/(Total Interest Exp + Pfd Div)

41.6 13.7 49.6 52.4 22.7

EBIT/Dividends on Common Shares

44.2 233.8 21.4 25.9 57.2

EBIT/(Dividends on Common + Pfd)

44.2 233.8 21.4 25.9 57.2

EBITDA/Total Interest Expense

43.4 15.1 51.1 53.8 24.0

EBITDA/Net Interest 52.3 17.6 59.8 68.0 28.3

EBITDA/(Total Interest Exp + Pfd Div)

43.4 15.1 51.1 53.8 24.0

EBITDA/Dividends on Com Shares

46.1 259.1 22.1 26.6 60.3

EBITDA/(Dividends on Com + Pfd)

46.1 259.1 22.1 26.6 60.3


Financial Ratio Analyses\Leverage Analysis

Leverage Analysis: Golden Agri-Resources Limited

Fiscal Year 2010 2009 2008 2007 2006


Long Term Debt % of EBIT 21.2% 56.5% 12.6% 11.9% 36.3%

Long Term Debt % of EBITDA

20.4% 51.0% 12.3% 11.6% 34.4%

Long Term Debt % of Total Assets

4.4% 4.7% 3.6% 4.6% 9.8%

Long Term Debt % of Total Capital

6.0% 6.3% 4.9% 6.3% 13.1%

Long Term Debt % of Com Equity

6.5% 6.8% 5.3% 6.9% 17.0%

Total Debt % of EBIT 47.1% 104.7% 32.5% 30.3% 61.2%

Total Debt % of EBITDA 45.2% 94.5% 31.6% 29.5% 57.9%

Total Debt % of Total Assets 9.7% 8.7% 9.2% 11.6% 16.5%

Total Debt % of Total Capital 13.3% 11.6% 12.7% 16.1% 22.1%

Total Debt % of Total Capital & Short Term Debt

12.4% 11.0% 11.8% 14.6% 20.3%

Total Debt % of Common Equity

14.4% 12.6% 13.7% 17.6% 28.6%

Minority Interest % of EBIT 5.7% 14.7% 4.8% 4.1% 27.1%

Minority Interest % of EBITDA 5.5% 13.3% 4.7% 4.0% 25.7%

Minority Interest % of Total Assets

1.2% 1.2% 1.4% 1.6% 7.3%

Minority Interest % of Total Capital

1.6% 1.6% 1.9% 2.2% 9.8%

Minority Interest % of Com Equity

1.7% 1.8% 2.0% 2.4% 12.7%

Preferred Stock % of EBIT 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of EDITDA 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of Total Assets

0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of Total Capital

0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of Total Equity

0.0% 0.0% 0.0% 0.0% 0.0%

Common Equity % of Total Assets

67.6% 69.0% 67.7% 66.0% 57.6%

Common Equity % of Total Capital

92.4% 92.1% 93.2% 91.5% 77.1%

Total Capital % of Total Assets

73.1% 74.9% 72.7% 72.2% 74.7%

Capital Expenditure % of Sales

9.2% 11.2% 8.2% 6.2% 8.6%

Fixed Assets % of Common Equity

121.1% 118.8% 125.0% 119.6% 136.6%

Working Capital % of Total Capital

5.8% 6.5% 3.2% 6.8% 3.4%

Dividend Payout 3.1% 0.4% 6.7% 6.1% 2.9%

Funds From Operations % of Total Debt

57.9% 44.7% 56.0% 71.7% 35.9%


Financial Ratio Analyses\Liquidity Analysis

Liquidity Analysis: Golden Agri-Resources Limited

Fiscal Year 2010 2009 2008 2007 2006


Total Current Assets % Net Sales

40.2% 46.7% 24.2% 39.1% 36.4%

Cash % of Current Assets 14.7% 21.5% 15.2% 5.9% 13.5%

Cash & Equivalents % of Current Assets

18.5% 32.0% 19.5% 19.2% 31.6%

Quick Ratio 0.5 0.7 0.6 0.6 0.6

Receivables % of Current Assets

15.7% 13.9% 27.6% 21.5% 17.0%

Receivable Turnover - number of days

19.8 27.3 22.4 22.5 24.4

Inventories % of Current Assets

57.6% 44.7% 45.7% 46.3% 41.9%

Inventory Turnover - number of days

100.5 84.4 61.2 80.9 75.7

Inventory to Cash & Equivalents - number of days

115.6 257.7 153.3 149.1 271.8

Receivables % of Total Assets

2.3% 1.9% 2.9% 3.3% 2.4%

Current Ratio 1.4 1.5 1.3 1.5 1.2

Total Debt % of Total Capital 12.4% 11.0% 11.8% 14.6% 20.3%

Funds from Operations % of Current Liabilities

53.7% 42.2% 64.4% 80.2% 50.3%

Funds from Operations % of Long Term Debt

128.3% 82.7% 144.4% 181.8% 60.4%

Funds from Operations % of Total Debt

57.9% 44.7% 56.0% 71.7% 35.9%

Funds from Operations % of Total Capital

7.7% 5.2% 7.1% 11.5% 7.9%

Cash Flow (in milllions of Singapore Dollars)

Operating Activities 227.3 377.1 604.6 253.0 106.9

Financing Activities 250.3 410.5 -109.4 540.6 145.4

Investing Activities 637.8 568.2 483.8 807.0 167.4Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio Analyses\Per-Share Ratios

Per Share Data: Golden Agri-Resources Limited Figures are expressed as per unit of respective shares. Figures are in Singapore Dollars.

Fiscal Year 2010 2009 2008 2007 2006


Sales 0.39 0.27 0.37 0.25 0.18

Operating Income 0.06 0.04 0.07 0.06 0.03

Pre-tax Income 0.22 0.07 0.24 0.24 0.12

Net Income (Continuing Operations)

0.22 0.07 0.24 0.24 0.12

Net Income Before Extra Items

0.16 0.07 0.17 0.15 0.08

Extraordinary Items 0.00 0.00 0.00 0.00 0.00

Net Income After Extraordinary Items

0.16 0.07 0.17 0.15 0.08

Net Income Available to Common Shares

0.16 0.08 0.17 0.16 0.08

Fully Diluted Earnings 0.16 0.08 0.17 0.16 0.08

Common Dividends 0.01 0.00 0.01 0.00

Cash Earnings 0.06 0.04 0.05 0.06 0.03

Book Value 0.72 0.63 0.59 0.42 0.27

Retained Earnings 0.57 0.46 0.44 0.27 0.16

Assets 1.07 0.91 0.87 0.64 0.46Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio Analyses\Profitability Growth

Profitability Analysis: Golden Agri-Resources Limited Currency figures are in Singapore Dollars.

Fiscal Year 2010 2009 2008 2007 2006


Gross Income Margin 26.6% 21.6% 28.9% 34.6% 23.1%

Operating Income Margin 15.5% 13.7% 17.7% 25.3% 14.3%

Pretax Income Margin 55.0% 25.6% 65.0% 96.1% 65.6%

EBIT Margin 56.4% 27.6% 66.4% 98.0% 68.6%

Net Income Margin 40.6% 26.5% 46.3% 62.2% 41.7%

Return on Equity - Total 23.6% 12.3% 34.2% 47.5% 34.7%

Return on Invested Capital 20.9% 11.5% 29.7% 38.0% 25.2%

Return on Assets 16.5% 9.1% 23.4% 30.4% 20.9%

Asset Turnover 0.4 0.3 0.4 0.4 0.4

Financial Leverage 14.4% 12.6% 13.7% 17.6% 28.6%

Interest Expense on Debt 64,480,502 67,239,018 56,287,065 52,558,766 53,826,285

Effective Tax Rate 25.0% 27.1% 29.3% 27.1%

Cash Flow % Sales 15.4% 12.9% 12.1% 21.3% 15.0%

Selling, General & Administrative Expenses % of Sales

7.5% 7.5% 5.7% 9.3% 8.8%

Research & Development Expense

Operating Income Return On Total Capital

14.2% 16.2% 37.5% 53.0% 52.0%


Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance

Wright Quality Rating - Investment Acceptance: Golden Agri-Resources Limited Currency figures are in millions of U.S. Dollars.

Wright Quality Rating BAC15

Investment Acceptance Rating BAC15

Total Market Value of Shares Outstanding - Three Year Average 5,336

- Current Year 6,172

Public Market Value (Excludes Closely Held) - Three Year Average 3,107

- Current Year 3,594

Trading Volume - Three Year Average 0

- Current Year 0

Turnover Rate - Three Year Average 0.0%

- Current Year 0.0%

Stock Exchange Listings SIN

Number of Institutional Investors 0

Number of Shareholders 43,491

Closely Held Shares as % of Total Shares Outstanding 41.8%Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Wright Quality Rating Analyses\Financial Strength

Wright Quality Rating - Financial Strength: Golden Agri-Resources Limited


Financial Strength Rating BAC15

Total Shareholders' Equity (Millions of U.S. Dollars) 7,166

Total Shareholders' Equity as % Total Capital 92.4%

Preferred Stock as % of Total Capital 0.0%

Long Term Debt as % of Total Capital 6.0%

Long Term Debt (Millions of Singapore Dollars) 571

Lease Obligations (Millions of Singapore Dollars) 0

Long Term Debt including Leases (Millions of Singapore Dollars) 571

Total Debt as % of Total Capital 13.6%

Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred Dividends

12.8

Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred Dividends

15.5

Quick Ratio (Cash & Receivables / Current Liabilities) 0.5

Current Ratio (Current Assets / Current Liabilities) 1.5Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Wright Quality Rating Analyses\Profitability & Stability

Wright Quality Rating - Profitability & Stability: Golden Agri-Resources Limited


Profitability & Stability Rating BAC15

Profit Rate of Earnings on Equity Capital - Time-Weighted Normal 31.6%

- Basic Trend -4.0%

Cash Earnings Return on Equity - Time-Weighted Average 10.5%

- Basic Trend -1.5%

Cash Earnings Return on Equity - Stability Index 67.3%

Return On Assets (Time-Weighted Average) 0.4%

Pre-Tax Income as % of Total Assets (Time-Weighted Average) 5.7%

Operating Income as % of Total Assets (Time-Weighted Average) 6.2%

Operating Income as % of Total Capital (Adjusted Rate) 11.4%

Pre-Tax Income as % of Total Assets (Time-Weighted Average) 5.7%

Operating Income as % of Total Assets (Time-Weighted Average) 6.2%

Operating Income as % of Total Capital (Adjusted Rate) 11.4%Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Wright Quality Rating Analyses\Corporate Growth

Wright Quality Rating - Corporate Growth: Golden Agri-Resources Limited Figures are expressed on a Per Share Basis.

Wright Quality Rating BAC15 Growth Rating BAC15Normal Earnings Growth 2.6%

Cash Earnings Growth 15.0%

Cash Earnings Stability Index 68.7%

Earned Equity Growth 25.0%

Dividend Growth 12.2%

Operating Income Growth 16.9%

Assets Growth 21.8%

Sales/Revenues Growth 17.7%Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

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