Together We Build a Better Future

Together We Build a Better Future
0
INDONESIA’S CEMENT INDUSTRY: NOW and THE FUTURE
SMGR Corporate Presentation
June 2013
Together We Build a Better Future
1
CEMENT INDUSTRY AT A GLANCE
2
Kuala
Lumpur
Singapore
1
SMGR
3
1
4
1
6
7
5
CEMENT INDUSTRY
• Design Capacity
• Production Capacity
• Domestic Growth
• Domestic Utilization
•Supply
 Domestic
 Export
 Import
:
:
:
:
2012
60.2 mio tons
54.2 mio tons
14.5%
98%
: 54.9 mio tons
: 0.2 mio tons
: 0.7 mio tons2)
2013F 1)
2014F 1)
65.6 mio tons
60.7 mio tons
10.0%
100%
74.0 mio tons
66.6 mio tons
9.0%
99%
60.5 mio tons
0.5 mio tons
3.0 mio tons 3)
65.9 mio tons
0.2 mio tons
3.0 mio tons3)
1) Based on the Company’s forecast
2) Imported cement by PT Semen Andalas (1.0 mio ton) and clinker by Bosawa and Kupang
3) Imported cement & clinker
DOMESTIC CAPACITY (2013)
1. SEMEN INDONESIA
- Semen Padang :
- Semen Gresik :
- Semen Tonasa :
2. Semen Andalas 2)
3. Semen Baturaja
4. Indocement TP
5. Holcim Indonesia
6. Semen Bosowa
7. Semen Kupang
TOTAL
Together We Build a Better Future
27.7 mn ton
6.4 mn ton
14.0 mn ton
7.3 mn ton
1.6 mn ton
1.3 mn ton
20.5 mn ton
10.4 mn ton
3.6 mn ton
0.5 mn ton
2
65.6 mn ton
2
DOMESTIC DEMAND VS NATIONAL CAPACITY (2012 – 2017)
‘000 tons
Installed Capacity
Real Production
Consumption
120.000
100.000
80.000
60.000
40.000
20.000
2012
2013F
2014F
2015F
2016F
2017F
ton(‘000)
2012
Installed Capacity
Real Production
Consumption
Surplus/deficit
Domestic Utilization
Export
Domestic
Consumption Growth
2013F
60,270
54,243
54,964
(721)
100%
200
66,420
61,106
60,460
646
99%
200
14.5%
10%
2014F
69,520
63,958
65,902
(1,943)
100%
200
9%
2015F
79,020
72,698
71,833
865
99%
200
9%
2016F
93,070
79,110
78,298
812
100%
200
9%
2017F
108,570
98,073
85,345
12,728
87%
200
9%
Together We Build a Better Future
3
CEMENT CAPACITY COULD ALMOST DOUBLE IN THE NEXT 5 YEARS
New Cement Capacity from Existing Players (2013 – 2017)
No
Company
Targeted Plant Location
Capacity
(mn tons)
1
Semen Indonesia
Java, Sumatera, Sulawesi
11.5
2
Indocement
Java, Kalimantan
8.8
1,560 (E)
3
Holcim
East Java
3.8
680 (E)
Brown/Greenfield
4
Bosowa
Java, Sulawesi
7.9
620
Cement Mill + Brownfield
5
Semen Andalas
Sumatera
1.6
300
Greenfield
6
Semen Baturaja
Sumatera
2.6
325
Greenfield/Brownfield
36.2
4,130
TOTAL
Investment
(US$ mn)
Remarks
970
Upgrading + green/brownfield
Cement Mill + brown/greenfield
New Cement Capacity from Potential Foreign and Domestic Players (By 2017)
No
Company
Targeted Plant
Location
1
Siam Cement (Thailand)
West Java
1.8
2
CNBM (China)
Central Java
3
Semen Merah Putih (Wilmar)
Banten
4
Anhui Conch Cement (China)
- Tanjung
- Tanah Grogot
- Pontianak
- West Papua
Various
- South Kalimantan
- East Kalimantan
- West Kalimantan
- West Papua
5
Ultratech
Wonogiri, Central Java
6
Semen Puger
East Java
7
Semen Barru
8
Semen Panasia
TOTAL
Capacity
(mn tons)
Pot. to be impl.
(mn tons)
Investment
(US$ mn)
Remarks + Local Partner
1.8
360
Greenfield, Sukabumi
2.4
0
350
Greenfield, Semen Grobogan
11.5
4.5
n.a
Greenfield (PT Cemindo Gemilang –
Commercial)
13.7
3.8
3.8
3.8
2.4
3.8
2,350
400
600
600
750
Greenfield
Greenfield
Greenfield
Greenfield
Greenfield
4.5
0
827
Greenfield
0.6
0
n.a
Upgrading
South Sulawesi
3.3
0
470
Greenfield (Barru, South Sulawesi)
Central Java
2.0
2.0
240
40.3
12.1
Greenfield (Banyumas)
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4,470
4
COMPARISON: CEMENT CONSUMPTION PER CAPITA 2012
kg/capita
kg
1.800
1.600
1.400
1.200
1.000
800
600
400
223
200
0
a
di
In
s
ne
pi
a
si
ne
p
ili
Ph
do
In
nd
la
ai
Th
re
a
si
ay
al
po
m
na
et
Vi
M
a
ng
Si
a
in
Ch
Source: Deutsche, Indonesia Cement Association
Together We Build a Better Future
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INDONESIA’S SOLID ECONOMIC AND DOMESTIC CEMENT CONSUMPTION
GROWTH
(mio tons)
60.0
20.0%
Cement growth % (RHS)
17.7%
GDP growth % (RHS)
Domestic consumption (LHS)
54.9
50.0
48.0
40.0
40.8
38.1
9.7%
30.0
30.2
27.2
20.0
10.0
14.5%
11.5%
5.8%
5.8%
4.7%
Growth 5.6%
5.1%
:
1.1%
2002
2003
34.2
10.0%
7.2%
4.2%
5.4%
Growth
:
6.10%
6.3%
Growth
:
6.1%
6.6%
4.2%
9.7%
2004
2005
2006
Growth
4.60%
:
1.8%
6.0%
6.50%
Growth
: 6.80%
6.6%
22.9
Growth
:
6.00% (A)
19.4%
2.5%
1.8%
1.1%
0.0
32.1
27.5
Growth
:
4.4%
31.5
39.1
0.0%
2007
2008
2009
2010
2011
2012
5M2013
Source: Indonesian Cement Association & BPS Statistic
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SO FAR INFRASTRUCTURE EXPANSION RELATIVELY SLOW
Bag and Bulk cement consumption (million tons)
44.1
45
40
39.2
35
32.2
30
25
22.7
21.0
20
23.7
23.7
25.2
25.5
26.9
32.8
34.2
28.2
20.0
18.1
18.2
16.9
15
10.8
8.8
10
6.5
5
1.0
1.9
2.3
3.0
3.5
3.8
6.0
5.0
5.1
6.0
5.9
6.2
6.6
4.7
0
1997
1999
2001
2003
2005
Bagged Cement
2007
2009
2011
5M2013
Bulk Cement
Source: Indonesia Cement Association and the Company’s data
Together We Build a Better Future
7
DOMESTIC MARKET CONSUMPTION (2012)
Bulk
± 20%
Bag
± 80%
•
Ready-mix (infrastructure): ± 60%
•
Fabricator (pre-cast, fiber cement, cement based industry): ± 35%
•
Projects (mortar, render): ± 5%
•
Housing: ± 90%
•
Cement based industry: ± 10%
Key Drivers of Domestic cement demand:
Source: Internal Research
Retail (residential) sector is the largest
consumer of cement in Indonesia
• National Economic Growth
• Favorable Interest Rate Environment
• Infrastructure Expansion
• Per Capita Consumption increase from
current low levels
Together We Build a Better Future
8
MARKET UPDATE
SMGR Corporate Presentation
June 2013
Together We Build a Better Future
9
MARKET BY GEOGRAPHY
Population Distribution (2012)
Cement Distribution (5M 2013)
2

4
7.9%
7.1%
3
6
SP
1
SG

ST
5.9
2.4%
Papua
5.5%
1.5%
Bali & N T
Kalimantan
Sumatera
5
5.8%
21.5%
8.4%
Sumatera
Java
21.3%
57.5.%
Sulawesi
Java
55.2%
Domestic Market Share (5M-2013)
REGION
MARKET SHARE (%)
SMGR
INTP
SMCB
1. JAVA
39.1
40.5
18.4
2.0
-
2. SUMATERA
45.5
13.0
13.8
3.0
16.0
3. SULAWESI
64.1
14.8
0.9
20.0
4. KALIMANTAN
51.0
28.6
11.3
5. NUSA TENGGR.
41.9
31.8
6. EASTERN IND.
53.6
43.7
TOTAL
INDONESIA
BSWA ANDLS BTRJA
KPG
-
-
9.0
-
-
-
-
9.0
-
-
-
3.7
16.5
-
-
6.0
24.3
0.8
21.1
-
-
30.9
14.3
5.3
3.4
1.9
0.3
Together We Build a Better Future
10
MARKET UPDATE - Cement Consumption 5M-2013
5M 2013 – Domestic Consumption (mio tons)
5M 2013 - SMGR Sales Volume (million tons)
DESCRIPTION
DOMESTIC
Gresik
Padang
Tonasa
EXPORT
GRAND TOTAL
5M-13
5M-12
10,017,522
8,512,926
17.7
4,259,574
21.8
2,582,087
8.3
1,671,265
21.5
89,907
29,246
207.4
10,107,429
8,542,172
18.3
5,190,159
2,796,549
2,030,813
CHANGE (%)
AREA
5M 2013
5M 2012
CHANGE (%)
Jakarta
2,177,464
2,033,529
7.1
Banten
1,382,750
1,256,732
10.0
West Java
3,288,320
3,038,365
8.2
Central Java
2,578,205
2,256,123
14.3
368,214
310,430
18.6
2,869,734
2,647,113
8.4
12,664,688
11,542,291
9.7
Sumatera
4,932,070
4,896,337
0.7
Kalimantan
1,803,045
1,678,952
7.4
Sulawesi
1,622,599
1,617,705
0.3
Nusa Tenggara
1,355,331
1,154,576
17.4
556,752
512,975
8.5
22,934,485
21,402,837
7.2
Export Cement
85,240
43,508
95.9
Export Clinker
21,467
100,416
(78.6)
106,707
143,924
(25.9)
23,041,192
21,546,761
6.9
Yogyakarta
East Java
Total Java
Maluku & Papua
TOTAL
INDONESIA
Industry Sales Type (mio tons)
5M-13
5M-12
YoY Change
Bag
18.2 (79.5%)
17.4 (81.7%)
4.6%
Bulk
4.7 (20.5%)
3.9 (18.3%)
20.5%
Total Export
GRAND TOTAL
*) Source: Indonesia Cement Association, un-audited figures
Together We Build a Better Future
11
COMPANY PROFILE
SMGR Corporate Presentation
June 2013
Together We Build a Better Future
12
SMGR IS THE #1 CEMENT COMPANY IN INDONESIA
BRIEF HISTORY
 1957 : Inauguration of Gresik I, installed capacity of 250,000 ton cement per annum
 1991 : Initial Public Offering, Market Cap.: IDR0.63tn, resulting shareholding structure post IPO:
 1995
 1998
 2006
 2010
 2011
 2012
● Government of Republic of Indonesia: 73%
● Public: 27%
: Acquisition of PT Semen Padang (Persero) and PT Semen Tonasa (Persero)
: Cemex became a strategic partner, Market Cap.: IDR4.9tn
: Blue Valley Holdings bought Cemex’s 24.9% stake in SMGR, Market Cap.: IDR21.5tn
: In March 31, Blue Valley Holdings sold all of its stake ownership in SMGR, Market Cap per April 30, 2010: IDR72.1tn
: Total installed capacity of 20.00mm tons, Market Cap per June 29, 2012: IDR67.0tn
: Acquisition of Thang Long Cement Vietnam, Total installed capacity of 2.3mm tons, Market Cap Dec 19th, 2012: IDR91.9tn
SMGR CAPACITY BUILD-OUT (MM TONS)
30.0
Post-consolidated capacity
Installed capacity: 25.3 mio tons (2012)
including TLCC
25.0
20.0
15.0
10.0
5.0
Pre-consolidated capacity
_
_
_
_
_
_
19
57
19 70
19 80
19 8
19 4
8
19 5
86
19 90
19 9
19 5
9
19 7
98
20 0
20 6
0
20 7
0
20 8
0
20 9
1
20 0
1
20 1
12
0.0
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13
FOCUSES IN CORE BUSINESS
OWNERSHIP STRUCTURE1
The Government of the Republic of Indonesia
51.01%
Public
48.99%
PT Semen Indonesia (Persero) Tbk.
99.99%
PT Semen Gresik
PT Semen Padang
Name
Activities
% Ownership
1. Igasar
Cement distribution & Trading
12.00%
2. Sepatim B
General trading, cement packaging 85.00%
3. Bima SA
General trading, cement packaging 80.00%
4. SUPS
Cement Packaging
10.00%
99.99%
70.00%
PT Semen Tonasa
Thang Long Cement, VN
Name
Activities
% Ownership
Name
Activities
% Ownership
1. UTSG
Limestone & Clay Mining
55.00%
1. UTSG
Limestone & Clay Mining
55.00%
2. IKSG
Packaging Paper
60.00%
2. IKSG
Cement Packaging
60.00%
3. KIG
Industrial Estate
65.00%
3. KIG
Industrial Estate
65.00%
4. Swadaya Graha
Conyractor & Machine Fabricator 25.00%
4. Swadaya Gra
Steel fabrication, contractor
25.00%
5. Varia Usaha
Transport and general trading
24.90%
5. Varia Usaha
Transport and general trading
24.90%
6. Eternit Gresik
Building materials
17.60%
6. Eternit Gresik Building materials
17.60%
7. SGG Energy Prima Coal Mining and Trading
97.00%
7. SGG Prima Coal Trading Coal
99.99%
8. SGG Prima Beton Ready Mix Concrete
99.99%
8. SGG Prima Beton Ready Mix Concrete
99.99%
¹ As of Dec 18, 2012
Together We Build a Better Future
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SMGR’s PRODUCTION FACILITIES ARE WELL SUPPORTED BY
STRATEGICALLY LOCATED MARKETING AND DISTRIBUTION FACILITIES
Aceh
Kuala Lumpur
Belawan
Singapore
Bitung
Batam
Pontianak
Palu
Samarinda
Kalimantan
Teluk
Bayur
Sorong
Sulawesi
Maluku
Sumatera
Banjarmasin
Installed Cap.:
Jakarta
Tanjung Priok
Tuban
Java
Packing Plant
Port
Warehouse
Ambon
Papua
Ciwandan
6.4 mn tons
Cement Plant
Biringkasi
West Java
Serang
Tangerang
Bogor
Cibitung
Bandung
Tasik Malaya
Cirebon
Narogong
Central Java
Tegal
Purwokerto
Kudus
Magelang
Solo/Palur
Alas Tuwo
Mojopahit
Sayung
Gresik
Pelabuhan Tuban
Surabaya
Bali
Makassar
Lombok
Installed Cap.:
7.3 mn tons
Pelabuhan Gresik
DI Yogyakarta
LempuyanganEast Java
Janti
Margomulyo
Tanjung Wangi
Bangkalan
Swabina
Bali
Tabanan
Denpasar
Singarajan
Installed Cap.:
14.0 mn tons
 Total production 2012: 22.8 mn tons and targetted 2013 domestic: 26.0 mn tons and TLCC: 2.0 mn tons
 Operate 8 special sea ports: Padang, Tuban, Gresik, Biringkassi, Dumai, Ciwandan, Banyuwangi and Sorong
 20 large packing plants: Aceh, Belawan, Padang, Dumai, Batam, Ciwandan (2 Units), Tanjung Priok, Tuban,
Gresik, Banyuwangi, Banjarmasin, Samarinda, Celukan Bawang, Tonasa, Makassar, Palu, Bitung, Ambon and
Sorong
 Supported by warehouses in all areas of Java, Bali, Sumatra, Kalimantan, Sulawesi and Papua
 Nationwide distribution networks
15
FINANCIAL UPDATE
SMGR Corporate Presentation
June 2013
Together We Build a Better Future
16
FINANCIAL SUMMARY: FY2012 RESULTS
Description
(Rp bn)
FY 2011
Net Revenue
16,379
FY 2012
19,598
Change
(%)
19.7
Cost of Revenue
8,892
10,300
15.8
Gross Profit
7,487
9,297
24.2
Operating Expenses
2,595
3,116
20.1
Operating Income
4,892
6,181
26.4
EBITDA2)
5,402
6,869
27.2
Net Income
3,925
4,847
23.5
662
817
23.5
EPS (Rp)
EBITDA (Rp billion)
6.869
7.000
6.000
5.000
4.000
3.000
2.000
1.000
0
3,867
4,773
2009
2010
4,970
2,849
2,234
2007
2008
2011
2012
EBITDA Margin (%)
FY07
FY08
FY09
FY10
FY11
FY12
29.7
31.7
33.2
34.6
33.0
35.0
NET INCOME (Rp billion)
4847
5.000
2,524
4.000
3.000
3,326
3,633
1,775
1,296
2.000
1.000
0
2007
2008
2009
2010
2011
2012
NET INCOME Margin (%)
FY07
FY08
FY09
FY10
FY11
FY12
18.5
20.7
23.1
25.3
24.0
24.7
Together We Build a Better Future
17
FINANCIAL HIGHLIGHT – 1Q 2013
Description
(Rp bn)
1Q
2012
1Q
2013
Change
(%)
Ratio (%)
Formula
1Q
2012
1Q
2013
32.9
33.6
258.3
24.7
Net Revenue
4.284
5,584
29.4
Ebitda margin
Ebitda / Revenue
Cost of Revenue
2,362
3,058
29.5
Interest coverage (x)
Ebitda / Interest expense
Gross Profit
1,922
2,484
29.3
Cost ratio
[COGS + Opex] / Revenue
70,7
71,2
669
879
31.6
Total debt to equity *)
Total debt / Total equity
48.5
44.0
Operating Income
1,254
1,605
28.0
Total debt to asset *)
Total debt / Total asset
29,7
31.7
EBITDA
1,410
1,862
32.0
*) Total debt calculated from interest bearing debt
Net Income
1,011
1,236
22.3
170
208
22.3
Operating Expenses
EPS (Rp)
Together We Build a Better Future
18
STRONG BALANCE SHEET AND RETURNS
Cash balance (IDR bn)
Total debt (IDR bn)
* Include short term investment
3,850
3,846
2008
5,283
2009
3,905
3,682
2010
2011
1,871
3317
2012
Debt/EBITDA
686
251
199
2008
2009
2010
2011
2012
Return on Assets
2,00x
0.56x
24.0%
2012
2008
25.8%
23.5%
20.1%
18.2%
2010
2011
2012
0,35x
0,06x
0,04x
2008
2009
0,14x
2010
2011
2009
The projected adjusted debt/EBITDA of 2.0x and
operating margin below 20-%23% to maintain rating
level from Moody’s Investors Service.
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19
REGULAR DIVIDEND PAYMENTS WITH ATTRACTIVE YIELD
Total Dividen Pay Out
2500,0
1829,5 1816,7
2000,0
1500,0
1000,0
1962,7
2181,3
1261,7
REGULAR DIVIDENDS
887,7
500,0
0,0
2007
2008
2009
2010
2011
2012
total dividen (IDR billion)
SMGR DIVIDEND PAY OUT RATIO IN THE LAST 6 YEARS
Average: 50%
50%
2007
50%
2008
55%
2009
50%
2010
50%
2011
Key determinants of
dividend policy:
• Historical dividend payout
trends
• Comparison with peers
• Projected cash-flows
available for dividends
(after taking into account
potential expansionary
capex etc)
• Analyst and investor
expectations
• Shareholder profile
45%
2012
Together We Build a Better Future
20
STRATEGIC PROJECTS
SMGR Corporate Presentation
June 2013
Together We Build a Better Future
21
SMGR LONG TERM STRATEGIC FOCUS
THE OVERALL
STRATEGY
COMBINES
6 CRITICAL
ELEMENTS
1. Undertake Capacity Growth
2. Manage Energy Security
3. Enhance Company Image
SMGR
4. Move Closer To The Customer
5. Enable Corporate Growth
6. Manage Key Risks
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22
CEMENT PLANTS PROJECTS
Capacity Investment
(mn tons) (US$ mn)
Construction
Start
Completed
Indarung VI-SumBar
3.0
352
2013
Q4-2015
Rembang-Java 2
3.0
403
2013
Q2-2016
TOTAL CAPEX
6.0
755
Tuban
New Plants
Location
Tuban’s view
Preheater Tuban IV
Tonasa
Pyroprocessing Tonasa V
Raw Mill Dept. Tonasa V
Tonasa
These strategic projects will ensure sustainability of
the Company’s market leadership
ESP Power Plant
Jetty Extension Area
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23
INSTALLED CAPACITY (Mio Ton)
Installed Capacity
39,3
25,3
17,1
18
19
19
30
31,8
40,8
33,3
20,2
2007 2008 2009 2010 2011 2012 2013 2014F 2015F 2016F 2017F
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24
SEMEN INDONESIA POTENTIAL SYNERGIES
Potential synergies in:
- Investment
- Production,
- Marketing,
- Procurement,
- etc.
1
3
2
SMGR's existing plant locations
Packing plants
Warehouses
Sea port
TLCC – Existing plants
TLCC – Expansion projects
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25
SGG HOLISTIC TRANSFORMATION
Thn
1991
2003-5
1995
Independent Company
Post-Acquisition
Consolidated
and Synergy
2011
Business
Expansion
SG
GO PUBLIC
1 IPO (SG became the
first state-owned
Enterprise to go
public on IDX).
Operating Company
2
The process of consolidation of
SP, SG and ST through the
acquisition method.
Operating Holding
Background changes Company Name:
PT Semen Gresik (Persero). Tbk
3
• Implementation of
Synergy & Practice GCG
program consistently.
Functional Holding
4
Business
Expansion
Strategic Holding
PT Semen Indonesia (Persero) Tbk.
1. Creates Strategic Holding, to Enhance Competitiveness and to Increase Bargaining Power
2. Separates and Optimize the Role or Function of Holding and Operating Co.
3. Tax Considerations, in order to implement the Best Form of Holding
4. Support the Future Company Vision
5. Faces Challenging Environment and Business Competition
6. Optimize Performance through increased Consolidation and Synergy
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CONCLUSION: WHY SMGR?
SMGR Corporate Presentation
June 2013
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SMGR’s COMPARATIVE & COMPETITIVE ADVANTAGE DRIVES SMGR TO BE
THE MARKET LEADER IN INDONESIA
 Outstanding business performance
Strengths of SMGR
Experienced
management
team
Outstanding
business
performance
Favorable
industry
outlook
Conservative
capital
structure and
financial
policies
Outstanding
performance
Robust cash flow
generation
– Leading cement player in Indonesia with over 43.% market share based on
sales volume for 4M-2013 and approximately 41% share of total installed
cement capacity (Source: Indonesia Cement Association (“ASI”))
– Strategically plants location is close to key markets throughout the country
– As of Dec 2012, acquired Thang Long Cement Company, Vietnam by 70%
share with installed capacity 2.3 mio tons per annum
– Substantial growth opportunities through expansion and optimization
– Superior distribution network and strong brands recognition
– Long-term access to raw materials for cement production and coal for fuel
consumption
– Concerns on environmental and Corporate Social Responsibility programs to
ensure sustainable growth.
 Favourable industry outlook
– Cement consumption pretty much in-line with Indonesian economic growth
– Real estate and infrastructure projects and declining interest rates key
demand drivers
– High barriers to entry (plant, distribution and brand investment costs)
– Disciplined investment on supply side
 Robust cash flow generation
– Historically strong revenue, margin and price trends
– High plant utilization and strong focus on cost and revenue management
 Conservative capital structure and financial policies
– [Investment grade-like credit metrics]
– Conservative capital structure policy; low use of leverage
– Access to capital markets for expansion initiatives
 Experienced management team
– Experienced and successful management team
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THANK YOU
IMPORTANT NOTICE
THIS PRESENTATION IS NOT AND DOES NOT CONSTITUTE OR FORM PART OF, AND IS NOT MADE IN CONNECTION WITH, ANY OFFER FOR SALE OR SUBSCRIPTION OF OR SOLICITATION,
RECOMMENDATION OR INVITATION OF ANY OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN
CONNECTION WITH ANY CONTRACT, COMMITMENT OR INVESTMENT DECISION WHATSOEVER.
THE SLIDES USED IN THIS PRESENTATION ARE STRICTLY CONFIDENTIAL AND HAVE BEEN PREPARED AS A SUPPORT FOR ORAL DISCUSSIONS ONLY. THE INFORMATION CONTAINED IN
THIS PRESENTATION IS BEING PRESENTED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON, IN WHOLE OR IN
PART.
This presentation includes forward-looking statements, which are based on current expectations and forecast about future events. Such statements involve known / unknown risks uncertainties
and other factors, which could cause actual results to differ materially from historical results or those anticipated. Such factors include, among others:
●
economic, social and political conditions in Indonesia, and the impact such conditions have on construction and infrastructure spending in Indonesia;
●
the effects of competition;
●
the effects of changes in laws, regulations, taxation or accounting standards or practices;
●
acquisitions, divestitures and various business opportunities that we may pursue;
●
changes or volatility in inflation, interest rates and foreign exchange rates;
●
accidents, natural disasters or outbreaks of infectious diseases, such as avian influenza, in our markets;
●
labor unrest or other similar situations; and
●
the outcome of pending or threatened litigation.
We can give no assurance that our expectations will be attained.
DISCLAIMER
The information contained in this report has been taken from sources which we deem reliable. However, none of PT Semen Indonesia (Persero) Tbk and/or its affiliated companies and/or their
respective employees and/or agents make any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the
information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof.
We expressly disclaim any responsibility or liability (express or implied) of PT Semen Indonesia (Persero) Tbk, its affiliated companies and their respective employees and agents whatsoever
and howsoever arising (including, without limitation for any claim, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a
result of acting in reliance upon the whole or any part of the contents of this report and neither PT Semen Indonesia (Persero) Tbk, its affiliated companies or their respective employees or
agents accepts liability for any errors, omission or mis-statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission therefrom
which might otherwise arise is hereby expresses disclaimed.
Main Office:
Semen Gresik Tower
Jln. Veteran
Gresik 61122 – Indonesia
Phone: (62-31) 3981731 -2, 3981745
Fax: (62-31) 3983209, 3972264
Jakarta Office:
The East Building, 18th Floor,
Jln. DR. Ide Anak Agung Gde Agung Kav. E3.2 No.1,
Mega Kuningan, Jakarta 12950 – Indonesia
Phone : (62-21) 5261174 – 5
Fax
: (62-21) 5261176
www.semenindonesia.com
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