2
1. Semen Padang
5. 9 mn t on 2.
Semen Gresik 9. 0 mn t on
3. Semen Tonasa
4. 1 mn t on 4.
Semen Andal as 1. 6 mn t on
5. Semen Bat uraj a
1. 3 mn t on 6.
Indocement TP 17. 1 mn t on
7. Holcim Indonesi a
8. 5 mn t on 8.
Semen Bosowa 1. 8 mn t on
9. Semen Kupang
0. 5 mn t on
TOTAL 49. 8 mn ton
CEMENT INDUSTRY 2008
2009 2010F
1
CEMENT INDUSTRY AT A GLANCE
•
Production Capacity : 46. 6 mio ton 49. 8 mio ton
51. 7 mio ton
•
Domestic Growth : 11. 5
2. 5 6. 5
•
Domestic Ut ilization : 82 78
80
• Supply
Domestic : 38. 1 mio ton
39. 1 mio ton 42. 0 mio ton
Export : 4. 9 mio tons
4. 0 mio tons 3. 2 mio ton
Import
2
: 1. 5 mio tons 1. 5 mio tons
-
1 Based on Company’ s f orecast 2 Import ed cement by PT Semen Andal as as it s cement pl ant is current ly under
reconst ruct ion
Singapor e Kuala
Lum pur
SMGR
4 4
1 1
5 5
6 6
7 7
2 3
8 8
9 9
CEMENT PLAYERS and CAPACITY
SMGR: 19. 0 mio ton SMGR: 19. 0 mio ton
3 3
COMPARISON: CEMENT CONSUMPTION PER CAPITA 2009
Sour ce: Deut she Bank; CEIC; Bahana Resear ch, Indonesi a Cement Associ at i on
200 400
600 800
1000 1200
C hin
a S
au di
A ra
bia S
in ga
po re
I ta ly
M ala
ys ia
V ie
tn am
U S
A Th
ail an
d Ja
pa n
G er
m an
y I n
dia I n
do ne
sia Ph
ilip in
a
kg capit a
167
kg kg
4
INDONESIA CEMENT CONSUMPTION PER CAPITA 1997 – 2009
123 128
141
96 94
110 125
130 130
140 144
145 152
162 167
20 40
60 80
100 120
140 160
180
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
kg per capita
Sour ce: Indonesi a Cement Associ at i on
4
18 growt h in 12 years
5
Source: Indonesian Cement Associat ion BPS St at ist ic
Growth :
1.1
Growth :
9.7
Growth :
4.2
Growth :
1.8
Growth :
6.6
Growth :
5.8
Growth :
19.4
Domest ic consumpt ion LHS GDP growt h RHS
mio t ons DOMEST IC CEMENT CONSUMPT ION, CEMENT GROWT H, GDP GROWT H AND CONST RUCT ION GROWT H IN
INDONESIA
3 8. 1 3 4 . 2
3 2. 1 31 . 5
30 . 2 2 7 . 5
27 . 2 3 9 . 1
4. 60 6. 1
6. 3
4. 4 5. 4
5. 1 4. 7
5. 6 5 . 8
1. 1 1. 8
6. 6
2 . 5 9 . 7
4. 2 1 1. 5
0. 0 1 0. 0
2 0. 0 3 0. 0
4 0. 0
2 00 2 20 0 3
20 04 2 00 5
2 0 06 2 00 7
20 0 8 2 0 09
0 . 0 1 0. 0
2 0. 0
Cement growt h RHS
6
COMPANY PROFILE
SMGR Corporat e Present at ion December 2010
7
1957 : Inaugurat ion of Gresik I, inst al l ed capacit y of 250, 000 t on cement per annum
1991 : Init ial Publ ic Of f ering, Market Cap IDR0.63t n, resul t ing sharehol ding st ruct ure
post IPO:
●
Government of Republ ic of Indonesia: 73
●
Publ ic: 27
1995 : Acquisit ion of PT Semen Padang Persero and PT Semen Tonasa Persero
1998 : Cemex became a st rat egic part ner, Market Cap IDR4. 9t n
2006 : Bl ue Val l ey Hol dings bought Cemex’ s 24. 9 st ake in SMGR, Market Cap IDR21. 5t n
2010 : In March 31, Bl ue Val l ey Holdings sold 23. 65 of it s st ake ownership in SMGR, Market Cap per March 31, 2010 IDR43. 3t n
2010 : Target ed t ot al inst al l ed capacit y of 19. 50mm t ons, Market Cap per Nov 30, 2010
IDR54. 6t n
Public 48. 99
The Government of t he Republic of Indonesia 51. 01
PT Semen Gresik Persero Tbk. PT Semen Padang
99. 99 PT Semen Tonasa
99. 99
Six subsidiaries Non-cement producers
BRIEF HISTORY BRIEF HISTORY
OWNERSHIP STRUCTURE
1
OWNERSHIP STRUCTURE
1
SMGR IS THE 1 CEMENT COMPANY IN INDONESIA
¹ As of Apri l 09, 2010
0,0 5,0
10,0 15,0
20,0
19 57
19 80
19 80
19 84
19 85
19 86
19 94
19 96
19 97
19 98
20 06
20 07
20 08
20 09
SMGR CAPACITY BUILD-OUT MM TONS SMGR CAPACITY BUILD-OUT MM TONS
Five subsidiaries Non-cement producers
8 8
8
SMGR’ s COMPARATIVE COMPETITIVE ADVANTAGE
MARKET SHARE + 45
MARKET LEADER
MARKET LEADER
9 9
Distribution warehouses in all areas of Java, Bali, Sumatra, Kalimantan, Sulawesi and Irian
14 large packing plants
Nationwide distribution network
Operate 4 special sea ports: Padang, Tuban, Gresik, Biringkassi
Total installed cap. EoY 2008: 18.0 mn tons and EoY 2009: 19.0 mn tons
2009
T eluk Bayur
Sumat era Kalimant an
Sulawesi Maluku
Papua
Lombok Bali
Java
Bat am
Ciwandan T anj ung Priok
Jakart a
Samarinda
Banj armasin Palu
Bit ung
Ambon Makassar
Biringkasi
Bali T abanan
Denpasar Singaraj an
DI Yogyakart a Lempuyangan
Jant i
Cent ral Java T egal
Purwokert o Kudus
Magelang Solo Palur
Alas T uwo Moj opahit
Sayung
West Java Serang
T angerang Bogor
Cibit ung Bandung
T asik Malaya Cirebon
Narogong
Belawan
Singapore Kuala Lumpur
T uban
Surabaya
Cement Plant Packing Plant
Port War ehouse
East Java Margomulyo
T anj ung Wangi Bangkalan
Swabina
Aleh
Pelabuhan T uban Pelabuhan Gresik
Installed Cap.: 5.9 mn tons
Installed Cap.: 9.0 mn tons
Installed Cap.: 4.1 mn tons
10 10
10
8728 9601
12209 14.387
3328 4001
5354 6. 774
1539 1999
7532
2892 3387
4.342 2397
1779 4. 772
3867 2848
2234 3.326
2523 1775
1296 1002
2000 4000
6000 8000
10000 12000
14000 16000
2005 2006
2007 2008
2009 Re ve nue
Gross Profit Ope rating Profit
Ebitda Ne t Profit
Rp billions
CAGR
2005 – 2009
Revenue
18
Gross Profit
24
Operating Income
30
EBITDA
24
Net Income
35
Total assets
15
Total Equity
23
SGG HAS EXPERIENCED ROBUST FINANCIAL GROWTH
11 11
STRONG BALANCE SHEET AND RETURNS
Cash balance IDR bn Total debt IDR bn
2. 939 5. 282
3. 836 1. 424
1. 929
2005 2006
2007 2008
2009
CAGR 05—09
39
151 854
224 159
180
2005 2006
2007 2008
2009
CAGR 05 —09 -35
Include short t erm invest ment
Debt EBITDA
0,10x 0,40x
0,03x 0,06x
0,05x 2005
2006 2007
2008 2009
Return on Assets
17,3 13,7
25,7 20,8
23,8
2005 2006
2007 2008
2009
12 12
2. 5 3.0
2.7 5. 2
4.1
2005 2006
2007 2008
2009
Average: 3, 5
1.8 1.1
4.1
JSX Top-20
I NTP SMCB
SMGR
SMGR DIVIDEND YIELD IN THE LAST 5 YEARS
1
SMGR DIVIDEND YIELD IN THE LAST 5 YEARS
1
: Based on
medi an of Top-20
Bi ggest Market
Capi t al i zat i o n JSX l i st ed
compani es i n di vi dend
yi el d, excl udi ng
Semen Gresi k f or FY2009
2009 DIVIDEND YIELD
1
2009 DIVIDEND YIELD
1
REGULAR DIVIDENDS REGULAR DIVIDENDS
Key determinants of dividend policy:
•
Historical dividend payout trends
•
Comparison with peers
•
Proj ected cash-flows available for dividends after taking into account potential expansionary capex etc
•
Analyst and investor expectations
•
Shareholder profile
REGULAR DIVIDEND PAYMENTS WITH ATTRACTIVE YIELD
1
shares pri ce based on
cl osi ng pri ce at t he end of year
13
3980 5160 5300
5600 5000
4000 3425
4175 3725
4900 6300
7550 7300
8750 9250
8700 9,900 9,800
9,200
1805.521830.92 2139.28
2359.21 2745.83
2447.3 2349.1 1832.5
1355.4 1434.07 2020.78
2467.592534.35 2777.3 2913.68
3,069.283,081.88 3,501.303,635.323,531.21
3630
1000 2000
3000 4000
5000 6000
7000 8000
9000 10000
28- Dec-06
30- Mar-07
29- Jun-07
28- Sep-07
28- Dec-07
31- Mar-08
30- Jun-08
29- Sep-08
30- Dec-08
31- Mar-09
30- Jun-09
30- Sep-09
30- Dec-09
31- Mar-10
30- Jun-10
30-Jul- 10
31- Aug-
10 30-
Sep-10 29-
Oct-10 30-
Nov-10
SMGR JCI
SMGR STOCK PRICE HAS CONTINUED TO OUTPERFORM JCI
14
MARKET UPDATE
11M2010
SMGR Corporat e Present at ion December 2010
MARKET UPDAT E Cement Sales 11M2010
DESCRIPTION 11M2010
11M2009 CHANGE
DOMESTIC 15. 90
16. 17 1. 7
EXPORT 0. 24
0. 61 59. 8
GRAND TOTAL 16. 15
16. 78 3. 8
