SMGR FY2014 Results F
Full Year 2014 Results
Financial Summary
For the full year ended 31 December 2014
Jakarta, March 09, 2014
PT Semen Indonesia (Persero) Tbk.
JSX
: SMGR
Reuters
: SMGR.JK
Bloomberg
: SMGR.IJ
Description
(Rp bn)
FY-13
FY-14
Change
(%)
Market Capitalization – as of December 31, 2014
Revenue
24,501
26,987
10.1%
Rp 96,090,624,000,000
Cost of Revenue
13,557
15,388
13.5%
Gross Profit
10,944
11,599
6.0%
Operating Expenses
3,881
4,443
14.5%
Operating Income
7,063
7,156
1.3%
EBITDA
8,099
8,303
2.5%
5,370
5,566
3.6%
905
938
3.6%
FY-14
Issued shares – as of August 07, 2007
5,931,520,000 Shares
Share Price (Closing)
2 January 2014
Rp14,500
Net Income
As of 30 December 2014
Rp16,200
Hi/Lo (12 mo)
Rp17,050/Rp13,875
EPS (full amount)
Major Shareholders
Ratio (%)
Formula
FY-13
Government of Indonesia
51.01%
Ebitda Margin
Ebitda / Revenue
33.0
30.8
Public
48.99%
Interest Coverage (x)
Ebitda / Interest Expense
23.8
21.7
Total Debt to Equity
Total Debt / Total Equity
19.6
16.3
Total Debt to Asset
Total Debt / Total Asset
13.3
11.4
Board of Directors
President Director
– Suparni
Finance Director
– Ahyanizzaman
Production Director
– Johan Samudra
R & D and Operations Director – Suharto
Commercial Director
– Amat Pria Dharma
HRD Director
- Gatot Kustyadji
Strategy & Bus Dev Director - Rizkan Chandra
Consolidated Subsidiaries
PT Semen Padang
(99.99%)
PT Semen Tonasa
(99.99%)
PT Semen Gresik
(99.23%)
PT Thang Long Cement
(70.00%)
PT Kawasan Industri Gresik
(65%)
PT Industri Kemasan Semen Gresik
(60%)
PT United Tractors Semen Gresik
(55%)
PT SGG Energi Prima
(97%)
PT SGG Prima Beton
(99,99%)
PT Krakatau Semen Indonesia
(50%)
PT Sinergi Informatika Semen Indonesia (85%)
Website http://www.semenindonesia.com
Business Highlights
• Net Income increased by 3.6% year-on-year amounting to Rp5,566 billion
or equivalent to EPS of Rp938 (full amount).
• Semen Indonesia’s
Indonesia total sales volume in FY14 (incl. Thang Long Cement)
reached 28.5
2 million tons of cement or an increase of 2.6% year-on-year.
• Domestic sales volume in Indonesia posted 26.1 million tons or an
increase of 3.0% year-on-year. Domestic sales account for 94.9% of total
sales.
• COGS per ton in FY-14 experienced an increase of 10.7% above FY-13
mainly due to increase Direct & Supporting Material, Electricity, Depletion
Depreciation & Amortization, and Transportation.
• Ebitda increased by 2.5% amounting to Rp8,303 billion year-on-year, and
Ebitda margin decreased to 30.8% from 33.0% year-on-year.
• As of 31 December 2014, the Company’s LT Liabilities amount to Rp3,913
billion, with debt-to equity ratio decreasing to 16.3% from 19.6%.
Corporate Secretary
PT Semen Indonesia (Persero) Tbk.
Gedung Utama SG, 5 Floor,
Jl. Veteran, Gresik 61122 – Indonesia
Phone: +62313981732/3981745
Fax: +62313983209
Email: agung.wiharto@semenindonesia.com
FY2014 Results
SEMEN INDONESIA REPORTS AUDITED CONSOLIDATED FY2014 RESULTS
PT Semen Indonesia (Persero) Tbk. (“SMGR” or “the Company”) announced its audited and consolidated Full
Year 2014 financial statements. The Company recorded revenue and operating income for the period of
Rp26,987 billion and Rp7,156 billion, respectively. Net income was recorded at Rp5,566 billion.
The consolidated financial statements have been audited by KAP Osman Bing Satrio & Eny, a member firm of
Deloitte Touche Tohmatsu Limited, with fairly opinion in all material respect, dated 13 February 2015.
The audited financial statements were prepared in accordance with the Indonesian Generally Accepted
Accounting Principles. For more detailed information, please refer to the Company’s Consolidated Financial
Statements as filed with Indonesia Financial Service Authority and the Indonesia Stock Exchange on March 02,
2015.
PERFORMANCE REVIEW
Sales Volume
Indonesia) reached 59.9 million tons or increased by 3.3%
In the FY2014 domestic cement consumption (Indonesia
compared to the same period 2013 of 58.0 million tons, while exported cement and clinker decreased from 0.575
million tons to 0.265 million tons due to high demand in domestic consumption. The total cement consumption
reached 60.1 million tons or increased by 2.7% compared to the same period 2013 of 58.5 million tons.
As at the end of December 2014, the total Company’s sales volume in Indonesia recorded 2.2% higher growth
year-on-year to 26.3 million tons, comprising 2.8% of domestic higher growth (26.1 million tons) and -40.0% lower
growth of export sales (0.197 million tons).
Sales Volume FY2014 (tons) *
Company
Semen Indonesia
Domestic
Growth
(% yoy)
Growth
(% yoy)
Export
Total
Growth
(% yoy)
13,993,231
5.7
-
-
13,993,231
5.7
Semen Padang
6,742,831
(2.7)
122,903
58.0
6,865,734
(2.0)
Semen Tonasa
5,419,856
2.6
74,381
(70.4)
5,494,237
(0.7)
Total Sales in
Indonesia
26,155,918
2.8
197,284
(40.0)
26,353,202
2.2
1,439,408
10.6
1,036,704
5.2
2,476,112
8.3
59,909,500
3.3
265,162
(53.9)
60,174,662
2.7
Thang Long Cement
Indonesia
Consumption
* Source: Indonesia Cement Association (ASI) & the Company
FY2014
PT Semen Indonesia (Persero) Tbk.
2
FY2014 Results
MARKET BY GEOGRAPHY (FY2014)
Domestic Consumption – Java remains as
the largest market*)
5.6%
2.1%
7.6%
East of Indonesia
7.6%
Nusa Tenggara
2
Sulawesi
4
3
Kalimantan
6
Sumatera
20.9%
Java
56.3%
1
5
*)
Consumption Growth and Domestic Market Share
CEMENT CONSUMPTION GROWTH (in tons)
REGION
*)
JANUARY ─ DECEMBER
2013
2014
MARKET SHARE (%)
REGION
± (%)
1. JAVA
32,704,304
33,732,168
3.1
2. SUMATERA
12,182,616
12,492,536
2.5
3. SULAWESI
4,387,998
4,546,679
3.6
4. KALIMANTAN
4,273,766
4,527,956
5.9
5. NUSA TENGGARA
3,255,259
3,335,787
2.5
6. MALUKU & PAPUA
1,201,093
1,274,374
6.1
TOTAL INDONESIA
58,005,037
59,909,500
3.3
SMGR
INTP
HOLCIM
OTHERS
1. JAVA
40.4
38.8
18.3
2.5
2. SUMATERA
42.9
14.1
14.7
28.3
3. KALIMANTAN
50.2
29.6
11.1
9.1
4. SULAWESI
63.1
13.3
0.9
22.7
5. NUSA TENGGARA
38.8
33.3
5.4
22.5
56.7
20.8
0.7
21.8
43.6
30.3
14.6
11.5
Indoce
6. EASTERN IND.
ment
TOTAL INDONESIA
Source: ASI (Indonesia Cement Association) and the Company
FY2014
PT Semen Indonesia (Persero) Tbk.
3
FY2014 Results
Revenue
The Company’s total sales revenue in FY2014 reported at Rp26,987 billion or an increase of 10.1% year-on-year
from Rp24,501 billion in FY2013. Cement sales contribute 97.6% of Company’s revenue.
The Company’s net sales in the domestic market Indonesia in FY2014 amounted to Rp25,611 billion, an increase
of 8.0% compared to the previous year of Rp23,714 billion, while export amounted to Rp514 billion or increase of
20.3% compared to the same period last year. The domestic average selling price increased by 4.9% year-on-year.
Cost of Revenue
The cost of revenue increased by 13.5% from Rp13,557
557 billion in FY2013 to Rp15,388 billion in FY2014, primarily
as a result of increase in direct & supporting material, electricity, depletion depreciation & amortization, and
transportation. COGS per ton in FY2014 recorded Rp539
39,446, increase of 10.7% compared to the same period in
2013.
Gross Profit
Gross profit increased by 6.0% year-on-year amounting to Rp11,599 billion in FY2014. Gross margin decreased
from 44.7 % in 2013 to 43.0% in FY2014.
Operating Expenses
The Company’s operating expenses increased by 14.55% from Rp3,881 billion in 2013 to Rp4,443 billion in 2014
mainly due to an increase in selling expenses of 17.9% (mainly driven by an increase in distribution, promotion and
labor expenses) and general & administration expenses of 15.6% (mainly driven by an increase in labor, office
supplies and partnership and community development program expenses).
EBITDA
Ebitda increased by 2.5% to Rp8,303 billion year-on-year,
year, and Ebitda margin decreased from 33.0% to 30.8% .
Ebitda (Rp billion)
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
6869
4970
8099
8303
5,402
EBITDA Margin (%)
2010
2011
2012
2013
FY10
FY11
FY12
FY13
FY14
34.6
33.0
35.0
33.0
30.8
2014
FY2014
PT Semen Indonesia (Persero) Tbk.
4
FY2014 Results
Net Income
Net income rose 3.6% year-on-year to Rp5,566 billion and net margin decreased 1.3% year-on-year to 20.6% in
FY2014.
Net Income (Rp billion)
7000
6500
6000
5500
5000
4500
4000
3500
3000
2500
2000
1500
1000
500
0
3633
3925
4847
5370
5566
Net Income Margin (%)
2010
2011
2012
2013
FY10
FY11
FY12
FY13
FY14
25.3
24.0
24.7
21.9
20.6
2014
PROGRESS OF STRATEGIC PROJECTS (up to December 31, 2014)
•
The construction of 2 (two) new cement plants in Java and Sumatera with installed capacity of 3 million tons of
cement respectively. The construction of those two integrated cement plants in Java and Sumatera to be
completed in 2016. Progress of Completion Project Cement Plant in Java up to December, 31 2014 = 17.3%
and Cement Plant in Sumatera = 16.7%
***
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 mission there from which might otherwise arise is hereby expresses
disclaimed.
The information contained in this report is not be taken as any recommendation made by PT Semen Indonesia (Persero) Tbk or any
other person to enter into any agreement with regard to any investment mentioned in this document. This report is prepared for general
circulation. It does not have regard to the specific person who may receive this report. In considering any investments you should make
your own independent assessment and seek your own professional financial and legal advice.
FY2014
PT Semen Indonesia (Persero) Tbk.
5
FY2014 Results
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
DECEMBER 31,, 2014 AND DECEMBER 31, 2013
(Expressed in thousands of Rupiah, unless otherwise stated)
FY2014
PT Semen Indonesia (Persero) Tbk.
6
FY2014 Results
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
DECEMBER 31, 2014 AND DECEMBER 31, 201
2013
(Expressed in thousands of Rupiah, except par value per share)
FY2014
PT Semen Indonesia (Persero) Tbk.
7
FY2014 Results
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
2014 AND 2013
FOR THE PERIOD ENDED DECEMBER 31,, 201
(Expressed in thousands of Rupiah, unless otherwise stated)
FY2014
PT Semen Indonesia (Persero) Tbk.
8
FY2014 Results
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIOD ENDED DECEMBER 31, 2014 AND 2013
201
(Expressed in thousands of Rupiah, unless otherwise stated)
***
FY2014
PT Semen Indonesia (Persero) Tbk.
9
Financial Summary
For the full year ended 31 December 2014
Jakarta, March 09, 2014
PT Semen Indonesia (Persero) Tbk.
JSX
: SMGR
Reuters
: SMGR.JK
Bloomberg
: SMGR.IJ
Description
(Rp bn)
FY-13
FY-14
Change
(%)
Market Capitalization – as of December 31, 2014
Revenue
24,501
26,987
10.1%
Rp 96,090,624,000,000
Cost of Revenue
13,557
15,388
13.5%
Gross Profit
10,944
11,599
6.0%
Operating Expenses
3,881
4,443
14.5%
Operating Income
7,063
7,156
1.3%
EBITDA
8,099
8,303
2.5%
5,370
5,566
3.6%
905
938
3.6%
FY-14
Issued shares – as of August 07, 2007
5,931,520,000 Shares
Share Price (Closing)
2 January 2014
Rp14,500
Net Income
As of 30 December 2014
Rp16,200
Hi/Lo (12 mo)
Rp17,050/Rp13,875
EPS (full amount)
Major Shareholders
Ratio (%)
Formula
FY-13
Government of Indonesia
51.01%
Ebitda Margin
Ebitda / Revenue
33.0
30.8
Public
48.99%
Interest Coverage (x)
Ebitda / Interest Expense
23.8
21.7
Total Debt to Equity
Total Debt / Total Equity
19.6
16.3
Total Debt to Asset
Total Debt / Total Asset
13.3
11.4
Board of Directors
President Director
– Suparni
Finance Director
– Ahyanizzaman
Production Director
– Johan Samudra
R & D and Operations Director – Suharto
Commercial Director
– Amat Pria Dharma
HRD Director
- Gatot Kustyadji
Strategy & Bus Dev Director - Rizkan Chandra
Consolidated Subsidiaries
PT Semen Padang
(99.99%)
PT Semen Tonasa
(99.99%)
PT Semen Gresik
(99.23%)
PT Thang Long Cement
(70.00%)
PT Kawasan Industri Gresik
(65%)
PT Industri Kemasan Semen Gresik
(60%)
PT United Tractors Semen Gresik
(55%)
PT SGG Energi Prima
(97%)
PT SGG Prima Beton
(99,99%)
PT Krakatau Semen Indonesia
(50%)
PT Sinergi Informatika Semen Indonesia (85%)
Website http://www.semenindonesia.com
Business Highlights
• Net Income increased by 3.6% year-on-year amounting to Rp5,566 billion
or equivalent to EPS of Rp938 (full amount).
• Semen Indonesia’s
Indonesia total sales volume in FY14 (incl. Thang Long Cement)
reached 28.5
2 million tons of cement or an increase of 2.6% year-on-year.
• Domestic sales volume in Indonesia posted 26.1 million tons or an
increase of 3.0% year-on-year. Domestic sales account for 94.9% of total
sales.
• COGS per ton in FY-14 experienced an increase of 10.7% above FY-13
mainly due to increase Direct & Supporting Material, Electricity, Depletion
Depreciation & Amortization, and Transportation.
• Ebitda increased by 2.5% amounting to Rp8,303 billion year-on-year, and
Ebitda margin decreased to 30.8% from 33.0% year-on-year.
• As of 31 December 2014, the Company’s LT Liabilities amount to Rp3,913
billion, with debt-to equity ratio decreasing to 16.3% from 19.6%.
Corporate Secretary
PT Semen Indonesia (Persero) Tbk.
Gedung Utama SG, 5 Floor,
Jl. Veteran, Gresik 61122 – Indonesia
Phone: +62313981732/3981745
Fax: +62313983209
Email: agung.wiharto@semenindonesia.com
FY2014 Results
SEMEN INDONESIA REPORTS AUDITED CONSOLIDATED FY2014 RESULTS
PT Semen Indonesia (Persero) Tbk. (“SMGR” or “the Company”) announced its audited and consolidated Full
Year 2014 financial statements. The Company recorded revenue and operating income for the period of
Rp26,987 billion and Rp7,156 billion, respectively. Net income was recorded at Rp5,566 billion.
The consolidated financial statements have been audited by KAP Osman Bing Satrio & Eny, a member firm of
Deloitte Touche Tohmatsu Limited, with fairly opinion in all material respect, dated 13 February 2015.
The audited financial statements were prepared in accordance with the Indonesian Generally Accepted
Accounting Principles. For more detailed information, please refer to the Company’s Consolidated Financial
Statements as filed with Indonesia Financial Service Authority and the Indonesia Stock Exchange on March 02,
2015.
PERFORMANCE REVIEW
Sales Volume
Indonesia) reached 59.9 million tons or increased by 3.3%
In the FY2014 domestic cement consumption (Indonesia
compared to the same period 2013 of 58.0 million tons, while exported cement and clinker decreased from 0.575
million tons to 0.265 million tons due to high demand in domestic consumption. The total cement consumption
reached 60.1 million tons or increased by 2.7% compared to the same period 2013 of 58.5 million tons.
As at the end of December 2014, the total Company’s sales volume in Indonesia recorded 2.2% higher growth
year-on-year to 26.3 million tons, comprising 2.8% of domestic higher growth (26.1 million tons) and -40.0% lower
growth of export sales (0.197 million tons).
Sales Volume FY2014 (tons) *
Company
Semen Indonesia
Domestic
Growth
(% yoy)
Growth
(% yoy)
Export
Total
Growth
(% yoy)
13,993,231
5.7
-
-
13,993,231
5.7
Semen Padang
6,742,831
(2.7)
122,903
58.0
6,865,734
(2.0)
Semen Tonasa
5,419,856
2.6
74,381
(70.4)
5,494,237
(0.7)
Total Sales in
Indonesia
26,155,918
2.8
197,284
(40.0)
26,353,202
2.2
1,439,408
10.6
1,036,704
5.2
2,476,112
8.3
59,909,500
3.3
265,162
(53.9)
60,174,662
2.7
Thang Long Cement
Indonesia
Consumption
* Source: Indonesia Cement Association (ASI) & the Company
FY2014
PT Semen Indonesia (Persero) Tbk.
2
FY2014 Results
MARKET BY GEOGRAPHY (FY2014)
Domestic Consumption – Java remains as
the largest market*)
5.6%
2.1%
7.6%
East of Indonesia
7.6%
Nusa Tenggara
2
Sulawesi
4
3
Kalimantan
6
Sumatera
20.9%
Java
56.3%
1
5
*)
Consumption Growth and Domestic Market Share
CEMENT CONSUMPTION GROWTH (in tons)
REGION
*)
JANUARY ─ DECEMBER
2013
2014
MARKET SHARE (%)
REGION
± (%)
1. JAVA
32,704,304
33,732,168
3.1
2. SUMATERA
12,182,616
12,492,536
2.5
3. SULAWESI
4,387,998
4,546,679
3.6
4. KALIMANTAN
4,273,766
4,527,956
5.9
5. NUSA TENGGARA
3,255,259
3,335,787
2.5
6. MALUKU & PAPUA
1,201,093
1,274,374
6.1
TOTAL INDONESIA
58,005,037
59,909,500
3.3
SMGR
INTP
HOLCIM
OTHERS
1. JAVA
40.4
38.8
18.3
2.5
2. SUMATERA
42.9
14.1
14.7
28.3
3. KALIMANTAN
50.2
29.6
11.1
9.1
4. SULAWESI
63.1
13.3
0.9
22.7
5. NUSA TENGGARA
38.8
33.3
5.4
22.5
56.7
20.8
0.7
21.8
43.6
30.3
14.6
11.5
Indoce
6. EASTERN IND.
ment
TOTAL INDONESIA
Source: ASI (Indonesia Cement Association) and the Company
FY2014
PT Semen Indonesia (Persero) Tbk.
3
FY2014 Results
Revenue
The Company’s total sales revenue in FY2014 reported at Rp26,987 billion or an increase of 10.1% year-on-year
from Rp24,501 billion in FY2013. Cement sales contribute 97.6% of Company’s revenue.
The Company’s net sales in the domestic market Indonesia in FY2014 amounted to Rp25,611 billion, an increase
of 8.0% compared to the previous year of Rp23,714 billion, while export amounted to Rp514 billion or increase of
20.3% compared to the same period last year. The domestic average selling price increased by 4.9% year-on-year.
Cost of Revenue
The cost of revenue increased by 13.5% from Rp13,557
557 billion in FY2013 to Rp15,388 billion in FY2014, primarily
as a result of increase in direct & supporting material, electricity, depletion depreciation & amortization, and
transportation. COGS per ton in FY2014 recorded Rp539
39,446, increase of 10.7% compared to the same period in
2013.
Gross Profit
Gross profit increased by 6.0% year-on-year amounting to Rp11,599 billion in FY2014. Gross margin decreased
from 44.7 % in 2013 to 43.0% in FY2014.
Operating Expenses
The Company’s operating expenses increased by 14.55% from Rp3,881 billion in 2013 to Rp4,443 billion in 2014
mainly due to an increase in selling expenses of 17.9% (mainly driven by an increase in distribution, promotion and
labor expenses) and general & administration expenses of 15.6% (mainly driven by an increase in labor, office
supplies and partnership and community development program expenses).
EBITDA
Ebitda increased by 2.5% to Rp8,303 billion year-on-year,
year, and Ebitda margin decreased from 33.0% to 30.8% .
Ebitda (Rp billion)
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
6869
4970
8099
8303
5,402
EBITDA Margin (%)
2010
2011
2012
2013
FY10
FY11
FY12
FY13
FY14
34.6
33.0
35.0
33.0
30.8
2014
FY2014
PT Semen Indonesia (Persero) Tbk.
4
FY2014 Results
Net Income
Net income rose 3.6% year-on-year to Rp5,566 billion and net margin decreased 1.3% year-on-year to 20.6% in
FY2014.
Net Income (Rp billion)
7000
6500
6000
5500
5000
4500
4000
3500
3000
2500
2000
1500
1000
500
0
3633
3925
4847
5370
5566
Net Income Margin (%)
2010
2011
2012
2013
FY10
FY11
FY12
FY13
FY14
25.3
24.0
24.7
21.9
20.6
2014
PROGRESS OF STRATEGIC PROJECTS (up to December 31, 2014)
•
The construction of 2 (two) new cement plants in Java and Sumatera with installed capacity of 3 million tons of
cement respectively. The construction of those two integrated cement plants in Java and Sumatera to be
completed in 2016. Progress of Completion Project Cement Plant in Java up to December, 31 2014 = 17.3%
and Cement Plant in Sumatera = 16.7%
***
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 mission there from which might otherwise arise is hereby expresses
disclaimed.
The information contained in this report is not be taken as any recommendation made by PT Semen Indonesia (Persero) Tbk or any
other person to enter into any agreement with regard to any investment mentioned in this document. This report is prepared for general
circulation. It does not have regard to the specific person who may receive this report. In considering any investments you should make
your own independent assessment and seek your own professional financial and legal advice.
FY2014
PT Semen Indonesia (Persero) Tbk.
5
FY2014 Results
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
DECEMBER 31,, 2014 AND DECEMBER 31, 2013
(Expressed in thousands of Rupiah, unless otherwise stated)
FY2014
PT Semen Indonesia (Persero) Tbk.
6
FY2014 Results
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
DECEMBER 31, 2014 AND DECEMBER 31, 201
2013
(Expressed in thousands of Rupiah, except par value per share)
FY2014
PT Semen Indonesia (Persero) Tbk.
7
FY2014 Results
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
2014 AND 2013
FOR THE PERIOD ENDED DECEMBER 31,, 201
(Expressed in thousands of Rupiah, unless otherwise stated)
FY2014
PT Semen Indonesia (Persero) Tbk.
8
FY2014 Results
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIOD ENDED DECEMBER 31, 2014 AND 2013
201
(Expressed in thousands of Rupiah, unless otherwise stated)
***
FY2014
PT Semen Indonesia (Persero) Tbk.
9