Providing the best value to the stakeholders. Build competencies through human resource development.
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Company at a Glance
On 20 December 2013, the Company signed the deed of joint company PT Krakatau Semen Indonesia KSI,
which was assigned to build waste management plant in the form of slag powder as the raw materials
of cement production. Further on 24 December 2013, the Company
continues its Corporate Transformation process and solidify its role as the Strategic Holding by forming
new subsidiary, PT Semen Gresik. In 2014, the Company continues its business
development programs by commencing the construction of 2 cement mills in Padang and
Rembang, as well as strengthening its information technology by establishing a subsidiary, PT Sinergi
Informatika Semen Indonesia.
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Milestones
Company Information
Year of the Company’s establishment, owned a
production capacity of 250.000 tons per year
design capacity The acquisition of local
cement companies, PT Semen Padang Persero and
PT Semen Tonasa Persero.
Initial Public Offering IPO of the Company, market capitalization
value of Rp0.63 trillion. The Company’s shareholding
structure: Government of Indonesia: 73
Public: 27 Cemex became the strategic
partner, with share ownership of 14.0. The Company’s
shareholding structure became: Government of Indonesia: 51
Public: 35 Cemex: 14.0
Market capitalization value became Rp4.9 trillion
Cemex increased its stake to 26, the shareholding
structure became: Government of Indonesia: 51
Public: 23 Cemex: 26
Market capitalization value became Rp6.6 trillion
1957 1995
1991 1998
1999
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Milestones
Blue Valley Holdings acquired 24.9 stake
of Cemex in SMGR; Market capitalization
value: Rp21.5 trillion. Shareholding structure:
Government of Indonesia: 51
Public: 24.1 Blue Valley: 24.9
Began the stage 2 of new cement mill
construction and 1 power plant.
On 31 March, Blue Valley Holdings,
divested all stakes in SMGR. Market
capitalization value April, 2010:
Rp72.31 trillion. Shareholding
structure: Government of
Indonesia: 51 Public: 49
Capitalization value as of 31 December
2012 at Rp94 trillion, production capacity
installed at 28.5 tons per annum.
Completed the construction of 2
cement mills. The acquisition of
Thang Long Cement Joint Stock Company
TLCC, in Vietnam. Became the Strategic
Holding Company and changed the name to
PT Semen Indonesia Persero Tbk
Established PT Krakatau Semen
Indonesia, a Joint venture company in
waste management of slag powder for raw
materials of cement production. Followed
by the formation of PT Semen Gresik
as a continuation of the Corporate
Transformation process.
Established PT Sinergi Informatika
Semen Indonesia, followed by ground
breaking of cement mill construction
in Rembang and Padang, as well as the
inauguration of two packing plants.
2006 2010
2012 2013
2014
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Company Excellence
The Company has various additional advantages apart from the geographical location of the subsidiaries, covering distribution
networks, raw material inventories, brand image, solid financial fundamentals, and competent human resources
“
“
In addition to various advantages as reported in the previous sections, the Company has other
advantages, which are:
DISTRIBUTION REACH
The excellent distribution network of the Company is propeled by 30 supporting warehouse units, 24
packing plants operating in strategic location, as well as support from 361 national distributors to
ensure the stability of cement supply throughout the Archipelago. TLCC has 78 distributors across North,
Central and South Vietnam.
RAW MATERIALS
The Company’s mining areas have the raw material reserves with the best quality and sizeable amount, to
ensure the long term continuity of cement production in all of the Company’s mills.
BRAND IMAGE
The Company owns three brands closely held in the heart of the customers. The Company recorded the
biggest domestic market share Indonesia, reaching 43.7, a reputation of excellence that reflects the
srength of the Company’s corporate and brand image.
FINANCIAL FUNDAMENTALS
The Company succeeded in manageing strong financial fundamentals, thereby providing wider
opportunity for the Company to expand the production capacity and other relevant business
expansion.
Company Information
in
Return On Equity ROE
2014 2013
2012
25.7 27.9
23.2
2014 2013
2012
in
Return On Assets ROA
17.4 18.2
16.2
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Business Structure and Subsidiaries
HUMAN RESOURCES
Complemented with the ability of producing high quality cement, the Company also has excellent
Business Structure and Subsidiaries
SEMEN GERSIK
99.2
SWABINA GATRA
1.67
PT KAWASAN INDUSTRI GRESIK KIG
65.0
SGG ENERGI PRIMA
97.0
PT VARIA USAHA
24.95
PT UNITED TRACTORS SEMEN GRESIK UTSG
55.0
PT SGG PRIMA BETON
99.99
PT INDUSTRI KEMASAN SEMEN GRESIK IKSG
60.0
PT SWADAYA GRAHA
25.0
PT BIMA SERAJA ABADI
80.0
APCC
69.93
PT SEPATIM BATAMTAMA
97.0
TLCC
69.36
PT KRAKATAU SEMEN INDONESIA
50.0
PT ETERNIT GRESIK
17.6
PT SISI
85
SEMEN PADANG
99.9
SEMEN TONASA
99.9
THANG LONG CEMENT JOINT STOCK COMPANY
70.0
VARIA USAHA BAHARI
15.97
VARIA USAHA BETON
15.8
VARIA USAHA DHARMA SEGARA
11.98
VARIA USAHA LINTAS SEGARA
14.97
WARU ABADI
24.83
in
Debt to Equity
2014 2013
2012
19.6 22.2
18.6
2014 2013
2012
in
Debt to EBITDA
0.56 0.50
0.6
competent HR in technical engineering field and consultation services in cement industry as well as
relevant industry. Total Employees Development
2014 2013
2012
6,336 6,320
6,659
Excluded the employees of Non-Cement Subsidiaries
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Proyek
•
Manajemen Proyek
•
Organization Structure
Company Information
Director of PUSB
Rizkan Chandra
Director of Production
RD
Johan Samudra
Director of Engineering
Project
Suharto
Business Development
Sumarwanto
Capex Group
M. Ludfi Setyadi
Raw Materials Expansion
Donny A.
RD Technology Product
Teguh Sutrisno
RD Energy Material
Environment
M. Yusuf
RD Product Application
Rudi Hermawan
Technical and Productivity
Heru Sasono
Design
Eko Wiranto
Eng Know. Innovation
Ahmad Aris
Project Services
Durain P.
Project Management
Rembang Project Team: Ari Wardhana, Heru Indra Wijayanto Fardhi Sjahrul Ade Plant Performance Improvement Team: Bambang Tridoso Oktanto
Distribution Improvement Team: Achmed Vaival Istiadi
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••
OOTC
••
Organization Structure
President Director
Suparni
Director of Commercial
Amat Pria Darma
Director of HR Legal
Gatot Kustyadji
Director of Finance
Ahyanizzaman
OOTC
Internal Audit Group
Ginarko Isnubroto
Corporate Secretary
Agung Wiharto
CSR
Wahjudi Heru
Distribution Logistics
Rudi Hartono
Marketing
Tino Darusman
Strategic Procurement
Mat Sulkan
Center of Dynamic
Learning
Guntoro
Strategic Performance
Management
Fuad Salim
HR System Development
Wedo Wiroaji
Finance Group
M. Supriyadi
Legal GRC
M. Soffan Heri
Assets Group
Suhandik
Strategic ICT
Adel Rahadi
Innovation Boards
Indrati
OOTC-Vision Mission : Mufti Arimurti OOTC-Performance Improvement : Soni Asrul Sani
OOTC-Special Project : Agus Subroto
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Operational Areas and Distribution Map
Company Information
Kiln 4 units
Cement Mill
6 units Kiln
4 units Cement
Mill 10 units
Cement Mill
1 unit
Cement Mill
1 unit Kiln
1 unit Cement
Mill 1 unit
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Operational Areas and Distribution Map
Kiln 4 units
Cement Mill
6 units
Integrated Cement Plant 4 Location
Kiln 13 Units
Cement Mill 25 Units
Grinding Plant 2 Location
Supporting Warehouse Spreading
Packing Plant 24 Location
Packing Plant Project 3 Location
Ports 11 Location
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Product Types and Supporting Facilities
Product Types
The Company produces several cement types. Main cement production is Portland Cement Type II-V
Non-OPC. Additionally, the Company also produces specific and mixed cement types, for limited usage.
The following are elaboration on cement types and its usage.
Portland Cement Type I
Also known as Ordinary Portland Cement OPC, is a hydraulic cement that widely used in general
construction, such as building construction without specific requirements, among others are residentials,
high-rise buildings, runways and highways.
Portland Cement Type II
Portland Cement Type II is cement that has resistance to sulphate and medium hydration heat. For example
for buildings near the ocean, wetlands, docks, irrigation channels, mass concrete and dams.
Portland Cement Type III
This type of cement is developed for buildings that require a high initial compressive strength after
casting process is done and require fast completion, such as for the construction of highways and
freeways, high-rise buildings and airports.
Portland Cement Type V
Portland Cement Type V is used for the construction of buildings on landwater with high substance of
sulphate and is appropriate for the installation of waste management mills, under water construction,
bridges, tunnels, ports, and nuclear power plants.
Special Blended Cement SBC
A specific cement developed for the mega projects construction such as Surabaya-Madura Suramadu
mega bridge and appropriate for the buildings construction near the seafront, packed in bulks.
Portland Pozzolan Cement PPC
A hydraulic cement produced by grinding the slags, gypsums and pozzolan materials. This cement is used
for general construction and buildings, which requires sulphate resistance and medium hydration heat,
such as bridges, highways, residences, docks, mass concretes, dams, irrigations and plates foundation.
Portland Composite Cement PCC
A hydraulic binder cement produced from grinding the slags, gypsums, and one or more anorganic
materials. The usage of this cement types is appropriate for general concrete construction, as
combination with bricks, plasterings, drainages, construction of specific buildings such as pre-cast
concrete, pre-press concrete and paving blocks.
Super Masonry Cement SMC A cement type that can be used for the construction
of residences and irrigations with concrete structure of maximum K225, also can be used as raw material
for hollow brick concrete roof tiles, paving blocks and tiles production.
Oil Well Cement OWC Class G HRC
A specific cement used for the construction of oil wells and natural gas with the construction of oil
wells under the sea and earth. The production of OWC included Class G, High Sulfat Resistant HSR
or also known as “Basic OWC”. The additives can be added for the use at certain depths and temperatures.
The Portland Cement Type I, PCC, and PPC are available in retail markets, while other types are only
produced by custom orders in certain amount. These products are sold primarily for domestic market
and others for export. Some part of the products are sold in packs form, while the rest in bulks.
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Product Types and Supporting Facilities
Supporting Facilities
SEMEN PADANG
Operates four cement mills, with design capacity of 7.3 million tons cement per annum, located
in Indarung, West Sumatera. Semen Padang also operates eight cement packing plants, which are
in Teluk Bayur, Belawan, Batam, Tanjung Priok, Ciwandan, Malahayati, Lhokseumawe and Dumai, as
well as 14 supporting warehouse units and 1 port.
Teluk Bayur Port
Capacity : 40,000 DWT
Depth : 12.5 m
Length : 150 m
Total Docks : 3
SEMEN GRESIK
Operates four mills with the design capacity of 14.4 million tons cement per annum, located in Tuban,
East Java. Semen Gresik also operates and owned two ports, which are: Semen Gresik Special Ports in
Tuban and Gresik. Semen Gresik operates 11 units of supporting warehouse spreading across Java and
Bali, and operates five packing plants in Ciwandan, Banyuwangi, Sorong, Balikpapan and Dumai.
Gresik Special Port
Type : Line Jetty
Length : 290.8 meter
Width : 15.5 meter
Capacity : 10,000 DWT
Depth : 9 M LWS
Tuban Special Port Dock I
Type : Line Jetty
Length : 175 meter
Width : 45.5 meter
Capacity : 7.000 DWT
Depth : 8 M LWS
Dock II
Type : Line Jetty
Length : 225 meter
Width : 45.5 meter
Capacity : 40,000 DWT
Depth : 13 M LWS
SEMEN TONASA
Operates three cement mills, with design capacity of 7.8 million tons cement per annum, located
in Pangkep, South Sulawesi. Semen Tonasa also operates and owned 9 cement packing plants and
supported with the docs, which are in Biringkassi, Makassar, Samarinda, Banjarmasin, Pontianak,
Bitung, Palu, Ambon and Celukan Bawang Bali. Semen Tonasa has 5 units of supporting warehouse.
Biringkassi Port
Type : Line Jetty
Length : 445.5 meter
Capacity : 30.000 DWT
Depth : 13 M LWS
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Company Information
Product Types and Supporting Facilities
THANG LONG CEMENT
Operates one mill, with design capacity of 2.3 million tons cement per annum, located in Quang Ninh
province, has its owned port Thang Long Jetty with the vessels load capacity of up to 30,000 DWT.
Whereas for the sizeable vessels load capacity, the company uses Cai Lan sea port of about 3 km from its
owned port. In addition, TLCC operates grinding mills located on the outskirts of Ho Chi Minh City. TLCC
also has 3 cement packing plants rotary packer.
Thang Long Port
Type : Line Jetty
Length : 160 meter
Capacity : 30,000 DWT
Depth : 9 M LWS
Cai Lan Port
Type : Line Jetty
Length : 826 meter
Capacity : 75,000 DWT
Depth : 12 M LWS
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Office Address and Information Access
Please contact the following address for the request of PT Semen Indonesia Persero Tbk Annual Report,
or other information.
Office Address PT Semen Indonesia Persero Tbk
Semen Indonesia Main Building Jl. Veteran Gresik 61122
Tel. 62-31 3981732 Fax. 62-31 3983209
Or
Jakarta Representative Office
The East Building, 18
th
Floor Jl. DR Ide Anak Agung Gde Agung
Mega Kuningan Business District, Jakarta 12950 Tel. 62-21 5261174-5
Fax. 62-21 5261176 Please contact the following for shareholders
information, latest news, and general information of the Company:
Investor Relations
Jakarta Representative Office
The East Building, 18
th
Floor Jl. DR Ide Anak Agung Gde Agung
Mega Kuningan Business District, Jakarta 12950 Tel. 62-21 5261174-5
Fax. 62-21 5261176 Internet Site
E-mail : www.semenindonesia.com
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Subsidiaries and Affiliated Companies
The Company has subsidiaries, associates and affiliates companies engaged in cement related business, from
cement production, distribution to cement products usage. All companies are in operating status.
Company Information
The Company’s Ownership in Subsidiaries, Associates, and Affiliates Companies
Company Direct
Indirect Activities
PT Semen Padang 99.99
Cement Producer PT Semen Gresik
99.2 Cement Producer
PT Semen Tonasa 99.99
Cement Producer PT Thang Long Joint Stock Company
70.00 Cement Producer
PT Thang Long Joint Stock Company 2 69.36 Through
TLCC Cement Producer
An Phu Cement Joint Stock Company 69,93 Through
TLCC Cement Producer
PT SGG Energi Prima SEP 97.00
Coal mining, trading dan transportation PT SGG Prima Beton SPB
99.99 Ready used concrete production
PT United Tractors Semen Gresik 55
Land mining exploration and exploitation except oil and gas
PT Industri Kemasan Semen Gresik 60
Processing of primary raw materials for packaging or bags into a variety of packaging or
bags with high economic value
PT Kawasan Industri Gresik 65
Selling of industrial lands, selling of home- offices, leasing of ready to use mills, leasing of
warehouses, offices and home-offices
PT Swadaya Graha 25
Developers, civil contractors, mechanical and electrical contractors, workshops and
manufactures, steel fabrications, heavy equipment leasing and maintenance services,
engineering, industry and trading agents
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Subsidiaries and Affiliated Companies
The Company’s Ownership in Subsidiaries, Associates, and Affiliates Companies
Company Direct
Indirect Activities
PT Varia Usaha 24.95
Cargo services; general tradings, including imports, exports, export between domestic
inter-islands, also engaged in business as agents, distributors, and other trading business
PT Eternit Gresik 17.51
Producing cement-fibre sheets, pannels and other building materials from cement-fibres
PT Varia Usaha Beton 16.66
Concretes and other building materials industry, which consists of Ready Used Concretes
batching plant mixer truck PT Waru Abadi
23.45 Trading of building materials, cargos tradings,
construction woods processing services PT Varia Usaha Bahari
15.97 Loading and unloading of goods to and from the
vessels, as well as heavy equipment leasing and vehicles rental
PT Varia Usaha Dharma Segara 11.98
Vessels Loading Expedition EMKL, covering: arrangement of imported goods at the port,
inter-island freight handlings, arrangement of export goods through the port, land
transportation for: general cargo, bulk cargo, container, heavy lift
PT Varia Usaha Lintas Segara 14.97
Engaged in shipping business, with the company scopes of: shippings, agents, and vessels
suppliers
PT Swabina Gatra 1.67
Office cleaning services, leasing of building and vehicles, travel agents, production of mineral
water in packaging, as well as tourism park “Giri Wana Tirta”
PT Sepatim Batamtama 97 through SP
General trading, cement packing, contractors, services, and general transportation
PT Bima Sepaja Abadi 80 through SP
General trading and agents, cement packing, and activities related to cement tradings
PT Krakatau Semen Indonesia 50
Production of ground granulated blast furnace slag
PT Sinergi Informatika Semen Indonesia 85
Information System Services
Notes: TLCC was acquired on 18 December 2012, with 2 subsidiaries, which are:
Thang Long Joint Stock Company 2, 99.9 shares owned by TLCC An Phu Cement Joint Stock Company, 99.9 shares owned by TLCC
All subsidiaries are in the preparation process of new cement mills development.
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Information For Investors
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The Company Go Public in 1991, Stock Split 1 : 10 in 2007. Currently, the Company’s share with the tick code of SMGR is included as member of
Jakarta Mining Index, LQ 45 45 most liquid shares in IDX, Jakarta Islamic Index, Indeks Bisnis - 27, Indeks Kompas 100 and Indeks Sri Kehati. Every
year, the Company distributed cash dividend with the amount based on profit earnings and the approval of GMS.
“
“
Share Performance Graphs
102
Share Highlights, Dividend Payout and Share Listing Chronology
103
Shareholders Composition
104
Shareholding Structure
108
Share Ownership by the Board of Commissioners and Board of Directors
108
Dividend and Dividend Policy
109
Capital Market Condition and Company’s Share Performance
110
Name of Capital Market Institutions and Supporting Professions
112
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Information For Investors
Information For Investors
Share Performance of the Company in Indonesia Stock Exchange 2013 and 2014 SMGR Share Price Share price and trading volume Vs IDX Rebased
January – December 2014
SMGR Share Price Share price and trading volume Vs IDX Rebased
January – December 2013
22.000 20.000
18.000 16.000
14.000 12.000
10.000 8.000
6.000 4.000
2.000
1 2 3 3
6 2 10 1
2 3 5 2
9 1 4 1
8 4 7 1
11 3 12 1
12 30
50.000 45.000
40.000 35.000
30.000 25.000
20.000 15.000
10.000 5.000
Awal:
SMGR : Rp 14.150 IHSG : 4.274,17
Volume per ‘000 – RHS
22,3 14,5
Akhir:
SMGR : Rp 16.200 IHSG : 5.226,94
Price Rpshare
SMGR LHS IHSG LHS
Key market data IDR
USD
Current share price 16.200
1,30 52 week high
17.050 1,37
52 week low 13.875
1,12 Market Cap.
96.090bn 7.7242mm
22.000 20.000
18.000 16.000
14.000 12.000
10.000 8.000
6.000 4.000
2.000
1 2 3 1
6 3 10 1
2 1 5 1
9 2 4 1
8 1 7 1
11 1 12 2
12 30
50.000 45.000
40.000 35.000
30.000 25.000
20.000 15.000
10.000 5.000
Awal: SMGR : Rp 15.850
IHSG : 4.316,68 Volume per ‘000 – RHS
-1,0
-10,7
Akhir: SMGR : Rp 14.150
IHSG : 4.274,17 Price Rpshare
SMGR LHS IHSG LHS
Key market data IDR
USD
Current share price 14.150
1,16 52 week high
19.000 1,56
52 week low 12.000
0,98 Market Cap.
83.931bn 6.885mm
Jakarta Composite Index is rebased to Semen Indonesia share price Note: US 1 = IDR 12,189 as per Dec 31, 2013 middle rate BI
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Share Highlights, Dividend Payout and dan Share Listing Chronology
SHARE HIGHLIGHTS
Share Price and Volume per Quarter in Indonesia Stock Exchange Rupiah
Period 2014
Market Cap. Opening
Highest Lowest
Closing Shares
Volume Rp billion
1st Quarter 14,500
16,500 13,875
15,800 5,931,520,000
520,311,400 93,718
2nd Quarter 16,500
17,000 14,275
15,075 5,931,520,000
578,076,605 89,418
3rd Quarter 15,075
17,050 15,025
15,425 5,931,520,000
444,139,700 91,494
4th Quarter 15,150
16,675 14,625
16,200 5,931,520,000
368,610,500 96,091
Period 2013
Market Cap.
Opening Highest
Lowest Closing
Shares Volume
Rp billion
1st Quarter 15,950
18,450 15,000
17,700 5,931,520,000
426,058,000 104,988
2nd Quarter 17,950
19,000 15,300
17,100 5,931,520,000
603,532,000 101,429
3rd Quarter 16,900
17,050 12,000
13,000 5,931,520,000
689,679,100 77,110
4th Quarter 13,300
14,700 12,600
14,150 5,931,520,000
466,588,000 83,931
SHARE LISTING CHRONOLOGY
The Company listed its shares firstly through the Initial Public Offering IPO or ‘Go Public’ in Jakarta
Stock Exchange now IDX on 8 July 1991. Since the IPO up to the reporting year of 2014, the Company
has recorded 3 corporate actions that lead to changes in the number of issued shares, namely:
• Rights Issue on 2 June 1995 that changed the total shares from 148,288,000 shares to 593,152,000
shares, accompanied by changes in the value of the authorized capital and paid-up capital.
• Stock Split 1:10 on 7 August 2007 that changed the total shares to 5,931,520,000 shares.
• Shares Buy-back and sellback between 13 October 2008 to 9 January 2009 for buy back
and 6-7 October 2009 for sell back, which at the end did not changed the total issued shares.
The corporate actions related to the shares is summarized in the following table.
Description Unit
Go Public 8 July 1991
Authorized Capital
Increment Rights Issue
Authorized Capital
Increment Stock Split
Share Buyback Share Sellback
As of 31 Dec 2014
Authorized Capital
Share 500,000,000
741,440,000 2,000,000,000
2,000,000,000 2,000,000,000
2,000,000,000 2,000,000,000
2,000,000,000 Issued and
Paid-up Capital
Share 148,288,000
148,288,000 593,152,000
593,152,000 5,931,520,000
5,251,200,000 5,931,520,000
5,931,520,000 Share Buyback
Share 68,032,000
Share Sellback Share
68,032,000
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CHRONOLOGY OF OTHER STOCK LISTING
The Company did not has any other stock listing.
SHAREHOLDERS COMPOSITION Shareholders Composition As of 31 December 2014
MANAGEMENTEMPLOYEES STOCK OPTION PROGRAMS MSOPESOP
The Company never entered into Management Stock Ownership Programme MSOP nor Employee Stock
Ownership Programme ESOP.
Excluded of the Government, in 2014 SMGR shares ownership was acquired by several foreign institutions with the total ownership of
78,76
of non-government shares.
Shareholders Composition
As of 31 December 2014
Shareholders Composition of Non-Government
As of 31 December 2014
51,01
78.76 38,59
0.02 0.01
19.85 9.73
1.37 0.67
Government of RI
Foreign Institutions
Foreign Institutions
Foreign Individuals
Foreign Individuals
Domestic Institutions
Domestic Institutions
Domestic Individuals
Domestic Individuals
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Shareholders Composition As of 31 December 2013
20 Biggest Shareholders
On 31 December 2014, the total shares issued and paid- up was amounted to Rp593,152,000,000, consist of
5,931,520,000 shares, each valued at Rp100 per share.
Shareholders Composition
As of 31 December 2013
Shareholders Composition of Non-Government
As of 31 December 2013
51.01
77.99 38.21
0.02 0.01
20.26 9.93
1.73 0.85
Government RI
Foreign Institutions
Foreign Institutions
Foreign Individuals
Foreign Individuals
Domestic Institutions
Domestic Institutions
Domestic Individuals
Domestic Individuals
In 2014 the Company recorded 6,596 investors as shareholders. The following table illustrated the
information related to the share ownerships of the Company as of 31 December 2014.
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No. Investors
Account Holders Total Shares
1 Government of RI, cq. Finance Ministry of RI DirGen SOEs Mentoring, Finance Dept of RI
3,035,405,000 51.01
2 JPMCB-OPPENHEIMER DEVELOPING MARKET FUND- 2157804215
BUT DEUTSCHE BANK AG 159,847,300
2.69 3 BPJS Ketenagakerjaan-JHT
BANK RAKYAT INDONESIA PERSERO, PT 156,661,700
2.64 4 GIC SA GOVERNMENT OF SINGAPORE
BUT. STANDARD CHARTERED BANK 127,036,632
2.14 5 BNYM SANV AS CUST OF EMPLOYEES PROVIDENT
FUND-2039844119 BUT DEUTSCHE BANK AG
122,253,600 2.06
6 SSB 4545 SA LAZARD EMERGING MARKET EQUITY PORTFOLIO - 214461
BUT DEUTSCHE BANK AG 84,078,000
1.42 7 JPMCB-STICHTING DEPOSITARY APG EME MRKT EQ
POOL - 2157804478 BUT DEUTSCHE BANK AG
77,220,954 1.30
8 HSBC BANK PLC SA SAUDI ARABIAN MONETARY AGENCY
The Hongkong and Shanghai Banking Corporation L 58,765,745
0.99 9 BBH BOSTON SA VANGRD EMG MKTS STK INFD
CITIBANK, N.A 55,845,304
0.94 10 PT PRUDENTIAL LIFE ASSURANCE-REF
CITIBANK, N.A 41,091,300
0.69 11 BBH LUXEMBOURG SA GENESIS EM MKTS INV CO
CITIBANK, N.A 38,419,222
0.65 12 GIC SA MONETARY AUTHORITY OF SINGAPORE
BUT. STANDARD CHARTERED BANK 38,407,632
0.65 13 SSB 1LND THE GENESIS GROUP TRUST FOR EMPLOYEE
BENEFIT PLANS-2144 BUT DEUTSCHE BANK AG
35,132,443 0.59
14 PT Taspen Persero - THT BANK MANDIRI, PT - CUSTODY
33,405,200 0.56
15 THE BANK OF NEW YORK MELLON DR The Hongkong and Shanghai Banking Corporation L
32,091,080 0.54
16 DB SPORE DCS AC T NAVIS ASIA NAVIGATOR MASTER FUND-864134131
BUT DEUTSCHE BANK AG 27,608,200
0.47 17 PT AIA FINL - UL EQUITY
CITIBANK, N.A 26,474,600
0.45 18 JPMORGAN CHASE BANK NA RE NON-TREATY CLIENTS
- 2157804006 BUT DEUTSCHE BANK AG
24,370,892 0.41
19 SSB OBIH SA ISHARES MSCI EMERGING MARKETS ETF- 2144609616
BUT DEUTSCHE BANK AG 24,220,700
0.41 20 JPMCB-JPMORGAN EMERGING MARKET EQUITY FUND-
2157804201 BUT DEUTSCHE BANK AG
22,520,900 0.38
Total 4,210,857,400