|Public (SGX: P8Z)|
|Founder||Lim Gunawan Hariyanto|
|Products||Crude palm oil, palm kernel|
|Revenue||USD 6.63 billion (2016)|
|USD 1.188 billion (2016)|
|Total assets||USD 14.767 billion (2016)|
|Total equity||USD 7.522 billion (2016)|
Number of employees
|Subsidiaries||Bumitama Gunajaya Agro|
Bumitama Agri is the Singaporean subsidiary of parent company Bumitama Gunajaya Agro. Bumitama is an Indonesian oil palm plantation company which cultivates oil palm trees and produces crude palm oil (CPO). It was established in 1996 by the Harita Group with its first acquisition of land in Central Kalimantan. Bumitama owns over 190,000 hectares and has planted 140,000 hectares of oil palm trees, primarily in Central and West Kalimantan. Bumitama owns six CPO mills (five in Kalimantan and one in Riau), which produce more than 450,000 tons of CPO a year. Primary purchasers of their CPO include Wilmar International, the Sinar Mas Group and Musim Mas. In April 2012, Bumitama Agri presented an IPO on the Singapore Stock Exchange at a price of $0.745 per share. 
- 1 History
- 2 Business
- 3 Corporate social responsibility
- 4 Record
- 5 Initial public offering
- 6 Management
- 7 References
Bumitama is part of the Harita Group, which was founded in 1915 by Lim Tju King (an immigrant from the Fujian province of China). His son, Lim Hariyanto Wijaya Sarwono (president and chair of Harita Group), took over and moved into the timber business as a log dealer. He built a small factory and began manufacturing plywood in 1983.
With the help of his two sons, Lim Gunawan Hariyanto (CEO of Harita Group) and Gunardi Hariyanto Lim (Deputy CEO of Harita Group), the group entered the coal mining industry with the 1985 Kelian Equatorial Mining gold project (a joint venture, with Rio Tinto owning 90 percent and the Harita Group owning 10 percent) and the 1988 Lanna Harita coal project.
In 1996, Bumitama was established by the Harita Group with its acquisition of 17,500 hectares in Central Kalimantan and the company began its plantation business two years later. In 2002, the group increased its plantation size by buying out smaller planters. By 2007 Bumitama had 50,000 hectares in cultivation, and by 2010 another 50,000 hectares had been planted. As of March 2012, Bumitama had 118,000 hectares in cultivation; for comparison, Singapore (where Bumitama is publicly traded) covers about 69,300 hectares (693 km2).
In 2007, IOI Corporation bought 33 percent of PT Bumitama Gunajaya Agro as part of its plan for strategic investment in Indonesia. Bumitama would benefit from IOI's technical expertise and management support, since IOI has operations throughout the palm-oil supply chain and markets in more than 65 countries.
Land bank and plantations
Bumitama's primary business is cultivating oil palm trees, harvesting FFB and processing it into crude palm oil, and the company owns 190,000 hectares in Central and West Kalimantan. Of this, 119,000 hectares have been planted. The planted land consists of 89,000 hectares of nucleus plantations and 31,000 hectares of mature plantations. In 2011 Bumitama's plantations produced 1,065,644 metric tons of FFB, a yield of 16.3 metric tons per hectare. The company generally transports its harvested FFB to the CPO mills within 24 hours to ensure maximum freshness and yield.
As of 2014, 41% of Bumitama's land bank was partially or fully contested, meaning it faces limits to plantation development imposed by law, the Roundtable on Sustainable Palm Oil (RSPO), buyer and investor policies, or land disputes with communities and other companies.
Bumitama owns six CPO mills in Kalimantan and Riau, with a combined FFB processing capacity of 2,070,000 tons per year. In 2011 the company's CPO mills had an average oil-extraction rate (extracted CPO per unit of FFB) of 24 percent, one of the highest in the industry. Bumitama sells its CPO to international companies Wilmar, Sinar Mas and Musim Mas.
About 38 percent of the company's land is unplanted, and Bumitama will be able to increase their cultivated plantation land. Most of its palm trees are immature or young, with a weighted average age of five years. Since only 28 percent of the trees have reached peak production age, Bumitama expects FFB yield and CPO production to increase as more of the oil palm trees reach peak-production age.
As of March 2012 the group has built 23 schools in Central Kalimantan, West Kalimantan and Riau, provides scholarships for elementary- to tertiary-level students and sponsors training for teachers and principals. Bumitama provides free tuition, books, and school-bus transportation to all students at these schools.
Since 2004, Bumitama has provided free medical services to employees and community residents by building medical centers and supplying drugs and doctors. The company sponsors periodic basic medical check-ups and medication from local doctors.
Houses of worship
The company has built houses of worship (primarily churches and mosques) for community residents.
Roundtable on Sustainable Palm Oil
Bumitama has been a member of the Roundtable on Sustainable Palm Oil (RSPO) since October 2007. The RSPO is a non-profit organization formed in 2004 to promote the growth and use of sustainable oil-palm products with credible global standards and shareholder engagement. According to critics, however, the RSPO greenwashes palm oil companies' destructive practices. At least three complaints have been filed against Bumitama Agri for violating RSPO principles, criteria and new-planting procedures.
- 2009 - Community Development - CSR Award (Head of Regency of East Kotawaringin District, Central Kalimantan)
- 2009 - Best Safety & Health Record (Zero Accident) in Palm Oil Mills (Head of Regency of Rokan Hulu District, Riau)
- 2009 - Best Palm Oil Mills (Head of Regency of Rokan Hulu District, Riau)
- 2010 - National Awards as a Company that Cares - Education (Ministry of Education and Culture, Indonesia)
- 2011 - ISO9001:2008 for Pundu Learning Centre (Sucofindo International Certificates Services)
- 2011 - National Awards as a Company that Cares - Education (Ministry of Education and Culture, Indonesia)
- 2012 - Best Safety & Health Record (Zero Accident) in Palm Oil Mills (Head of Regency of East Kotawaringin District, Central Kalimantan)
The planting program since 2004:
- 2004 - 7,719 hectares
- 2005 - 12,003 hectares
- 2006 - 12,419 hectares
- 2007 - 15,705 hectares
- 2008 - 13,857 hectares
- 2009 - 9,370 hectares
- 2010 - 11,564 hectares
- 2011 - 15,592 hectares
- 2012 - 14,907 hectares
Bumitama FFB production has increased at a compounded annual rate of 88.3 percent, from 3,582 tons in 2002 to 1,065,644 tons in 2011. Bumitama's fresh fruit bunch production since 2002:
- 2002 - 3,582 tons
- 2003 - 14,679 tons
- 2004 - 47,308 tons
- 2005 - 91,815 tons
- 2006 - 156,677 tons
- 2007 - 216,514 tons
- 2008 - 325,498 tons
- 2009 - 558,240 tons
- 2010 - 764,241 tons
- 2011 - 1,065,644 tons
- 2012 - 1,448,016 tons
FFB yield is the industry measurement for fresh fruit bunch per hectare, measured in metric tons and usually a function of tree maturity in that area:
- 2009 - 14.8 metric tons/hectare
- 2010 - 15.1 metric tons/hectare
- 2011 - 16.3 metric tons/hectare
- 2012 - 18.8 metric tons/hectare
Oil extraction rate
Oil extraction rate (OER) is the amount of CPO extracted per unit of FFB, measured as a percentage:
- 2009 - 22.3%
- 2010 - 22%
- 2011 - 24%
- 2012 - 23.8%
The company's CPO production:
- 2009 - 216,000 metric tons
- 2010 - 254,000 metric tons
- 2011 - 335,000 metric tons
- 2012 - 462,000 metric tons
- 2009 - $138 million (IDR 1,431,454,000,000)
- 2010 - $216 million (IDR 1,960,671,000,000)
- 2011 - $320 million (IDR 2,805,316,000,000)
- 2012 - $364 million (IDR 3,525,546,000,000)
- 2009 - $24 million (IDR 278,353,000,000)
- 2010 - $39 million (IDR 402,808,000,000)
- 2011 - $67 million (IDR 757,210,000,000)
- 2012 - $81 million (IDR 787,896,000,000)
Initial public offering
A total of 327,324,000 shares (297,570,000 shares and an additional 29,754,000 in greenshoe) were issued during the listing. During the book building phase the IPO was reportedly 31 times oversubscribed, the highest by any IPO in Singapore since 2007.
Bumitama's shares were priced at $0.745 for the IPO. On its first day of trading the stock closed at $0.98, 32 percent above its IPO price, valuing Bumitama's market capitalization at 1.7 billion Singapore dollars. Cornerstone investors for the IPO were Wilmar International, UOB Asset Management, Value Partners Hong Kong, Hwang Investment Management and Target Asset Management.
- Lim Gunawan Hariyanto - Executive chairman and chief executive officer
- Gunardi Hariyanto Lim - Deputy CEO
- Johannes Tanuwijaya - Chief strategy officer
- Sie Eddy Kurniawan - Chief financial officer
- Roebbianto - Chief operating officer
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