10 10
10 10
9.601 12.210
14. 388 14.344
4.001 5. 355
6.774 6.810
1.779 2.234
8. 728
3.328 4.343
4. 489 3.387
2.397 4.970
4. 773 3.867
2.849 3. 633
3.326 2.524
1.775 1.296
2.000 4.000
6.000 8.000
10.000 12.000
14.000 16.000
2006 2007
2008 2009
2010 Re ve nue
Gross Profit Ope rating Profit
Ebitda Ne t Profit
Rp billions CAGR
2006 – 2010
Revenue
13
Cost of Revenue
9
Gross Profit
20
Operating Income
26
EBITDA
22
Net Income
29
Total assets
20
Total Equity
22
SGG HAS EXPERIENCED ROBUST FINANCIAL GROWTH
2010
11 11
STRONG BALANCE SHEET AND RETURNS
Cash balance IDR bn Total debt IDR bn
3. 836 3. 902
5. 283 1. 929
2. 939
2006 2007
2008 2009
2010
660 224
159 180
151
2006 2007
2008 2009
2010
Include short t erm invest ment
Debt EBITDA Return on Assets
20,8 17,3
23,4 23,8
25,7
2006 2007
2008 2009
2010 0,10x
0,03x 0,06x
0,05x 0.13x
2006 2007
2008 2009
2010
3, 0x
The proj ect ed adj ust ed debt EBITDA of 3. 0x and EBITDA Int er est of 3-4x t o mai nt ai n rat i ng l evel f rom Moody’ s Invest ors Servi ce.
12 12
3. 0 2. 7
5. 2 4. 1
3. 2
2006 2007
2008 2009
2010
Average: 3, 6
2.0 1.6
3.2
1. 0
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 on
JSX l i st ed compani es i n
di vi dend yi el d, excl udi ng
Semen Gresi k f or FY2010
2010 DIVIDEND YIELD
1
2010 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
Shares st ock split 1:10 Shares st ock split 1:10
US Sub-prime mort gage crisis
US Sub-prime mort gage crisis
Shares buy back Shares buy back
Blue Valley’s divest ment
Blue Valley’s divest ment
High inflat ion fear High inflat ion fear
No cart el conclusion by
KPPU No cart el
conclusion by KPPU
M arket Cap: Rp21.5T
M arket Cap: Rp56.3T
3980 51605300
5600 5000
4000 3425
4175 3725
4900 6300
7550 7300
8750 9250
8700 9.9009.800
9.200 9.450
7.750 8.400
8.750 9.500
9.450 9.100
8300 9.500
18 05
,52 18
30 ,9
2 21
39 ,2
8 23
59 ,21
27 45
,83 24
47 ,3
23 49
,1 18 32
,5 135 5,4
14 34
,07 20
20 ,7
8 24
67 ,59
25 34
,3 5
27 77
,3 29
13 ,6
8 3.0
69 ,2
8 3.0
81 ,88
3.5 01
,30 3.6
35 ,32
3.5 31
,21 3.7
03 ,5
1 3.4
09 ,1
7 3.4
16 ,7
6 3.5
24 ,48
3.7 41
,81 3.8
13 ,8
6 3.8
88 ,5
6 4.1
30 ,8
3.8 41
,7 3
35 49
,0 3
3.7 90
,8 4
9.600 9.700
3630
1000 2000
3000 4000
5000 6000
7000 8000
9000 10000
28 -D
es -0
6 30
-M ar
-0 7
29 -J
un -0
7 28
-S ep
-0 7
28 -D
es -0
7 31
-M ar
-0 8
30 -Ju
n- 08
29 -S
ep -0
8 30
-D es
-0 8
31 -M
ar -0
9 30
-J un
-0 9
30 -S
ep -0
9 30
-D es
-0 9
31 -M
ar -1
30 -Ju
n- 10
30 -Ju
l-1 31
-A gu
st -1
30 -S
ep -1
29 -O
kt -1
30 -N
op -1
30 -D
es -1
31 -Ja
n- 11
14 -F
eb -1
1 15
-M ar
-1 1
08 -A
pr -1
1 03
5 20
11 30
6 20
11 29
7 20
11 26
8 20
11 30
9 20
11 31
1 20
11
SMGR JCI
SMGR STOCK PRICE HAS CONTINUED TO GROW….
Euro M arket Crisis
Euro M arket Crisis
14
MARKET UPDATE
SMGR Corporat e Present at ion November 2011
MARKET UPDATE Cement Sales FY2010 and 10M2011
DESCRIPTION 2010
2009 CHANGE
DOMESTIC 17, 64
17, 82 1. 0
EXPORT 0. 29
0, 60 52. 9
GRAND TOTAL 17, 93
18, 43 2. 8
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