Ringkasan Laporan Keuangan | Semen Indonesia
FY 2016 Results
Jakart a, February 21, 2017
Financial Summary
PT Semen Indonesia (Persero) Tbk.
JSX
: SM GR
Reut ers
: SM GR.JK
Bloomber g
: SM GR.IJ
For the FY2016 ended 31 Dec 2016
In Rpbn
M arket Capit alisat ion – as of February 20,
2017: Rp54,570 billion (US$4.1 billion)
Issued shares – as of August 07, 2007
5,931,520,000 Shares
Share Price
20 Febr uary 2017
As of 4 January 2016
Hi/ Lo (6 mo)
Rp9,200
Rp11,125
Rp11,450/ Rp8,700
M ajor Shareholders
Government of Indonesia
Public
Board of Direct ors
Presi dent Direct or
Finance Direct or
Product ion and R& D
Commer cial Direct or
HRD & Legal Direct or
St rat egy & Bus Dev
Engineer ing & Project s
51.01%
48.99%
– Rizkan Chandra
– Darmaw an Junaidi
– Johan Sam udra
– Aunur Rosyidi
– Ahyanizzaman
– Budi Sisw oyo
– Gat ot Kust yadji
Consolidat ed Subsidiaries
PT Sem en Padang
PT Sem en Tonasa
PT Sem en Gresik
PT Thang Long Cem ent
PT Kawasan Indust ri Gresik
PT Indust ri Kemasan Sem en Gresik
PT Unit ed Tract ors Sem en Gresik
PT SGG Energi Prima
PT SGG Prima Bet on
PT Krakat au Semen Indonesia
PT Sinergi Informat ika Semen Ind
PT Varia Usaha
(99.99%)
(99.99%)
(99.23%)
(70.00%)
(65%)
(60%)
(55%)
(97%)
(99,99%)
(50%)
(100%)
(73.65%)
FY16
Revenue
Cost revenue
Gross profit
Operating expenses
Pre-tax profit
EBITDA
Net profit after minority interest
EPS (Rp)
FY15 Change
26,134
16,278
9,856
(4,629)
5,085
6,741
4,522
26,948
16,302
10,646
(4,700)
5,851
7,390
4,521
762
762
Ratio
Formula
EBITDA margin (%)
Interest coverage (x)
Debt to equity (%)
Net debt to equity (%)
Debt to assets (%)
EBITDA/revenue
EBITDA/interest expense
Total debt/equity
Total debt minus cash/equity
Total debt/total assets
-3.0%
-0.1%
-7.4%
-1.5%
-13.1%
-8.8%
0.0%
0.0%
FY16
FY15
26
19
22
12
6
27
20
15
0
4
Business Highlights
Revenue was down 3% YoY t o Rp26,134 billion in FY16.
Net Incom e af t er minor it y int erest was flat at Rp4,522
billion in FY16. Ther e were increases in ot her income f rom
fair value adjust m ent from st ep acquiit ion and w ast e
t reat ment income; and deferred t ax from asset
revaluat ion, t o support t he bot t om line
Sem en Indonesia’s t ot al sales volume in FY16 including
Thang Long Cem ent in Viet nam reached 29 million t onnes
(mt ) of cement , up by only 0.3% YoY. Indonesia’ domest ic
sales volume w as 25.7 million t onnes FY16, dow n 1.1%
YoY ref lect ing a w eak market .
We recor ded cash and equivalent s of Rp2,848 billion and
t ot al int erest bearing debt of Rp6,260 billion as of as of 31
Decem ber 2016, aft er t he consolidat ion of Varia Usaha,
our subsidiary in cement dist ribut ion and ready mix
concret e businesses. Debt t o EBITDA level was 0.93x as of
31 Decem ber 2016 and net debt t o equit y of 12%.
Websit e ht t p:/ / w w w .sem enindonesia.com
Contacts Investor Relations
Anto Brillianto
Phone: +6221 5261174-5 ext . 5008
Em ail: ant o.br illiant o@sem enindonesia.com
Of fice:
The East Tow er 18th floor
Jl.Dr.Ide Anak Agung Gde Agung Kav.E.3.2. No 1
Jakart a 12950 – Indonesia
Phone: + 6221 5261174-5
Fax: +6221 5261176
PT Semen Indonesia (Persero) Tbk. 1
FY 2016 Results
SEM EN INDONESIA REPORTS AUDITED CONSOLIDATED FY2016 RESULTS
PT Sem en Indonesia (Persero) Tbk. (“ SM GR” or “ the Company” ) announced its audited full year results
for the period of t w elve months ended in December 31, 2016. The Company recorded revenue and
pre-t ax profit of Rp26,134 billion and Rp5,085 billion, respect ively, for the period of FY16. Net incom e
before minority interests w as recorded at Rp4,522 billion. The audited financial statem ents w ere
prepared in accordance w ith the Indonesian Generally Accept ed Accounting Principles. For more
detailed information, please refer to the Company’s Consolidated Financial Statem ents as filed w it h
Indonesia Financial Service Aut hority and t he Indonesia Stock Exchange on February 20, 2017.
PERFORM ANCE REVIEW
Sales Volume
Sem en Indonesia’ sales volume reached 28.87 million tonnes in FY16, up 0.3% YoY. Demand w as rather
slow in the last quarter of 2016. Domest ic sales volum e in Indonesia w as 25.68 million tonnes in FY16,
dow n 1.1% YoY, w hile exports from our Indonesia facilities w as also up by 24.4% YoY t o 0.61 million
tonnes in FY16. Our market share in Indonesia w as 41% in FY16.
Our Vietnam plants had bet t er performance w ith the dom estic sales volum e in Vietnam rose 15.5%
YoY to 1.84 million tonnes, and export sales volum e w as up 0.8% YoY to 0.74 million tonnes in FY16,
resulting in a total 10.9% YoY grow th to 2.59 million tonnes.
M illion tonnes
Dec-16
Dec-15 Change (%)
12M 16
12M 15 Change (%)
Indonesia
Sem en Indonesia
1.16
1.23
-6.0%
13.92
14.00
-0.6%
Sem en Padang
Sem en Tonasa
Tot al domest ic
0.54
0.48
2.18
0.68
0.52
2.43
-19.9%
-7.0%
-10.1%
6.29
5.47
25.68
6.52
5.45
25.97
-3.5%
0.3%
-1.1%
Exports
Tot al volume from Indonesia
0.05
0.03
0.48
2.46
48.7%
-9.4%
0.60
2.23
26.28
26.45
24.4%
-0.6%
Vietnam
Dom estic Vietnam
0.19
0.16
18.1%
1.84
1.60
15.5%
Exports
Tot al volume from Viet nam
0.07
0.26
0.05
0.21
38.8%
23.2%
0.74
2.59
0.74
2.33
10.9%
Tot al volume
2.49
2.67
-6.8%
28.87
28.78
0.3%
0.8%
Source: Company dat a, Indonesia Cement Associat ion
Quarterly sales volume
Source: Company dat a
PT Semen Indonesia (Persero) Tbk. 2
FY 2016 Results
Revenue
The Company’ s total sales revenue in FY16 reached Rp26,134 billion, dow n by only 3% YoY from
Rp26,948 billion in FY15. This w as due to decline in volume and selling price as the impact of increasing
compet ition w ithin the cem ent industry.
Cost of Revenue and Operating Expenses
The cost of revenue declined by 0.1% YoY to Rp16,278 billion in FY16, dow n from Rp16,302 billion in
FY15. This w as primarily due to the decline in energy prices and more efficient operation through the
cost transformation program mes.
The Company’s operat ing expenses w as dow n by 1.5% to Rp4,629 billion in FY16, up from Rp4,700
billion in FY15. Selling expenses increased 2.3% YoY to Rp2,719 billion in FY16, from Rp2,659 billion in
FY15, primarily from transportation and handling costs and promotion.
General and administrative expenses rose 3.6% YoY to Rp2,163 billion in FY16, from Rp2,088 billion in
FY15, due to increases in part nership program me and communit y development ; depreciation, but
offset by the decline in salaries and compensations.
Other operating income rose to Rp254 billion in FY16, from Rp46 billion in FY15. We recorded Rp127
billion of fair value adjustment arising from step acquisition of Varia Usaha; Rp80 billion income of
w aste treatm ent as w e used oil sludge to replace coal as Exxon w as paying us for taking the oil sludge;
and Rp9.8 billion of gain on sales of fixed assets in FY16 compared to only Rp0.03 billion in FY15.
Profitability
Gross profit w as dow n by 7.4% to Rp9,856 billion in FY16, from Rp10,646 billion in FY15 and gross
profit margin w as dow n 38% in FY16, from 40% in FY15. Our EBITDA margin w as also dow n to 25.8%
in FY16, from 27.4% in FY15.
Pre-t ax profit declined by 13.1% YoY to Rp5,085 billion in FY16, dow n from Rp5,851 billion in FY15.
We recorded Rp736 billion of deferred tax adjustment arising from fixed assets revaluation and Rp219
billion of final tax on fixed assets revaluation in FY16. In addition to the decline in earnings, these
resulted in tax expense of Rp549 billion for FY16, down from Rp1,325 billion in FY15. Consequently,
net incom e aft er minorit y interest w as flat at Rp4,522 billion in FY16.
PT Semen Indonesia (Persero) Tbk. 3
FY 2016 Results
PROGRESS OF STRATEGIC PROJECTS
The constructions of 2 (tw o) new cement plants in Rembang, Cent ral Java and Indarung, West
Sumat era, each w ith designed capacit y of 3m tpa (million tonnes per annum). Indarung new plant is
scheduled for commercial operation in April 2017, w hile Rembang plant remains suspended aw ait ing
for the new enviromental permits to be issued by the Central Java government. These new plants
w ould add our designed capacit y to 38mtpa.
We are also progressing w ith the Waste Heat Recover Pow er Generat or project (WHRPG) in Tuban t o
generate 30M W pow er, for cost saving purposes and reduce CO2 emissions. The project is target ed
to be complet ed by the end of this year and operational in 2017.
DISCLAIM ER
The information contained in this report has been t aken from sources w hich w e deem reliable.
How ever, none of PT Semen Indonesia (Persero) Tbk and/ or its affiliated companies and/ or their
respective employees and/ or agent s make any represent ation or w arrant y (express or implied) or
accepts any responsibility or liability as to, or in relation to, the accuracy or com plet eness of the
information and opinions contained in this report or as to any information cont ained 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 w hatsoever and
how soever arising (including, without limitation for any claim, proceedings, action, suits, losses,
expenses, damages or costs) w hich may be brought against or suffered by any person as a result of
acting in reliance upon the w hole or any part of the cont ents of t his report and neither PT Sem en
Indonesia (Persero) Tbk, its affiliated companies or t heir respective employees or agents accepts
liability for any errors, omission or mis-statements, negligent or otherw ise, in the report and any
liability in respect of the report or any inaccuracy therein or mission there from w hich might otherw ise
arise is hereby expresses disclaimed.
The informat ion contained in this report is not be taken as any recom mendation made by PT Sem en
Indonesia (Persero) Tbk or any ot her person t o enter into any agreem ent w ith regard to any
invest m ent mentioned in this docum ent. This report is prepared for general circulation. It does not
have regard to the specific person w ho may receive t his report. In considering any invest ments you
should make your ow n independent assessm ent and seek your ow n professional financial and legal
advice.
PT Semen Indonesia (Persero) Tbk. 4
FY 2016 Results
PT Semen Indonesia (Persero) Tbk. 5
FY 2016 Results
PT Semen Indonesia (Persero) Tbk. 6
FY 2016 Results
PT Semen Indonesia (Persero) Tbk. 7
FY 2016 Results
PT Semen Indonesia (Persero) Tbk. 8
Jakart a, February 21, 2017
Financial Summary
PT Semen Indonesia (Persero) Tbk.
JSX
: SM GR
Reut ers
: SM GR.JK
Bloomber g
: SM GR.IJ
For the FY2016 ended 31 Dec 2016
In Rpbn
M arket Capit alisat ion – as of February 20,
2017: Rp54,570 billion (US$4.1 billion)
Issued shares – as of August 07, 2007
5,931,520,000 Shares
Share Price
20 Febr uary 2017
As of 4 January 2016
Hi/ Lo (6 mo)
Rp9,200
Rp11,125
Rp11,450/ Rp8,700
M ajor Shareholders
Government of Indonesia
Public
Board of Direct ors
Presi dent Direct or
Finance Direct or
Product ion and R& D
Commer cial Direct or
HRD & Legal Direct or
St rat egy & Bus Dev
Engineer ing & Project s
51.01%
48.99%
– Rizkan Chandra
– Darmaw an Junaidi
– Johan Sam udra
– Aunur Rosyidi
– Ahyanizzaman
– Budi Sisw oyo
– Gat ot Kust yadji
Consolidat ed Subsidiaries
PT Sem en Padang
PT Sem en Tonasa
PT Sem en Gresik
PT Thang Long Cem ent
PT Kawasan Indust ri Gresik
PT Indust ri Kemasan Sem en Gresik
PT Unit ed Tract ors Sem en Gresik
PT SGG Energi Prima
PT SGG Prima Bet on
PT Krakat au Semen Indonesia
PT Sinergi Informat ika Semen Ind
PT Varia Usaha
(99.99%)
(99.99%)
(99.23%)
(70.00%)
(65%)
(60%)
(55%)
(97%)
(99,99%)
(50%)
(100%)
(73.65%)
FY16
Revenue
Cost revenue
Gross profit
Operating expenses
Pre-tax profit
EBITDA
Net profit after minority interest
EPS (Rp)
FY15 Change
26,134
16,278
9,856
(4,629)
5,085
6,741
4,522
26,948
16,302
10,646
(4,700)
5,851
7,390
4,521
762
762
Ratio
Formula
EBITDA margin (%)
Interest coverage (x)
Debt to equity (%)
Net debt to equity (%)
Debt to assets (%)
EBITDA/revenue
EBITDA/interest expense
Total debt/equity
Total debt minus cash/equity
Total debt/total assets
-3.0%
-0.1%
-7.4%
-1.5%
-13.1%
-8.8%
0.0%
0.0%
FY16
FY15
26
19
22
12
6
27
20
15
0
4
Business Highlights
Revenue was down 3% YoY t o Rp26,134 billion in FY16.
Net Incom e af t er minor it y int erest was flat at Rp4,522
billion in FY16. Ther e were increases in ot her income f rom
fair value adjust m ent from st ep acquiit ion and w ast e
t reat ment income; and deferred t ax from asset
revaluat ion, t o support t he bot t om line
Sem en Indonesia’s t ot al sales volume in FY16 including
Thang Long Cem ent in Viet nam reached 29 million t onnes
(mt ) of cement , up by only 0.3% YoY. Indonesia’ domest ic
sales volume w as 25.7 million t onnes FY16, dow n 1.1%
YoY ref lect ing a w eak market .
We recor ded cash and equivalent s of Rp2,848 billion and
t ot al int erest bearing debt of Rp6,260 billion as of as of 31
Decem ber 2016, aft er t he consolidat ion of Varia Usaha,
our subsidiary in cement dist ribut ion and ready mix
concret e businesses. Debt t o EBITDA level was 0.93x as of
31 Decem ber 2016 and net debt t o equit y of 12%.
Websit e ht t p:/ / w w w .sem enindonesia.com
Contacts Investor Relations
Anto Brillianto
Phone: +6221 5261174-5 ext . 5008
Em ail: ant o.br illiant o@sem enindonesia.com
Of fice:
The East Tow er 18th floor
Jl.Dr.Ide Anak Agung Gde Agung Kav.E.3.2. No 1
Jakart a 12950 – Indonesia
Phone: + 6221 5261174-5
Fax: +6221 5261176
PT Semen Indonesia (Persero) Tbk. 1
FY 2016 Results
SEM EN INDONESIA REPORTS AUDITED CONSOLIDATED FY2016 RESULTS
PT Sem en Indonesia (Persero) Tbk. (“ SM GR” or “ the Company” ) announced its audited full year results
for the period of t w elve months ended in December 31, 2016. The Company recorded revenue and
pre-t ax profit of Rp26,134 billion and Rp5,085 billion, respect ively, for the period of FY16. Net incom e
before minority interests w as recorded at Rp4,522 billion. The audited financial statem ents w ere
prepared in accordance w ith the Indonesian Generally Accept ed Accounting Principles. For more
detailed information, please refer to the Company’s Consolidated Financial Statem ents as filed w it h
Indonesia Financial Service Aut hority and t he Indonesia Stock Exchange on February 20, 2017.
PERFORM ANCE REVIEW
Sales Volume
Sem en Indonesia’ sales volume reached 28.87 million tonnes in FY16, up 0.3% YoY. Demand w as rather
slow in the last quarter of 2016. Domest ic sales volum e in Indonesia w as 25.68 million tonnes in FY16,
dow n 1.1% YoY, w hile exports from our Indonesia facilities w as also up by 24.4% YoY t o 0.61 million
tonnes in FY16. Our market share in Indonesia w as 41% in FY16.
Our Vietnam plants had bet t er performance w ith the dom estic sales volum e in Vietnam rose 15.5%
YoY to 1.84 million tonnes, and export sales volum e w as up 0.8% YoY to 0.74 million tonnes in FY16,
resulting in a total 10.9% YoY grow th to 2.59 million tonnes.
M illion tonnes
Dec-16
Dec-15 Change (%)
12M 16
12M 15 Change (%)
Indonesia
Sem en Indonesia
1.16
1.23
-6.0%
13.92
14.00
-0.6%
Sem en Padang
Sem en Tonasa
Tot al domest ic
0.54
0.48
2.18
0.68
0.52
2.43
-19.9%
-7.0%
-10.1%
6.29
5.47
25.68
6.52
5.45
25.97
-3.5%
0.3%
-1.1%
Exports
Tot al volume from Indonesia
0.05
0.03
0.48
2.46
48.7%
-9.4%
0.60
2.23
26.28
26.45
24.4%
-0.6%
Vietnam
Dom estic Vietnam
0.19
0.16
18.1%
1.84
1.60
15.5%
Exports
Tot al volume from Viet nam
0.07
0.26
0.05
0.21
38.8%
23.2%
0.74
2.59
0.74
2.33
10.9%
Tot al volume
2.49
2.67
-6.8%
28.87
28.78
0.3%
0.8%
Source: Company dat a, Indonesia Cement Associat ion
Quarterly sales volume
Source: Company dat a
PT Semen Indonesia (Persero) Tbk. 2
FY 2016 Results
Revenue
The Company’ s total sales revenue in FY16 reached Rp26,134 billion, dow n by only 3% YoY from
Rp26,948 billion in FY15. This w as due to decline in volume and selling price as the impact of increasing
compet ition w ithin the cem ent industry.
Cost of Revenue and Operating Expenses
The cost of revenue declined by 0.1% YoY to Rp16,278 billion in FY16, dow n from Rp16,302 billion in
FY15. This w as primarily due to the decline in energy prices and more efficient operation through the
cost transformation program mes.
The Company’s operat ing expenses w as dow n by 1.5% to Rp4,629 billion in FY16, up from Rp4,700
billion in FY15. Selling expenses increased 2.3% YoY to Rp2,719 billion in FY16, from Rp2,659 billion in
FY15, primarily from transportation and handling costs and promotion.
General and administrative expenses rose 3.6% YoY to Rp2,163 billion in FY16, from Rp2,088 billion in
FY15, due to increases in part nership program me and communit y development ; depreciation, but
offset by the decline in salaries and compensations.
Other operating income rose to Rp254 billion in FY16, from Rp46 billion in FY15. We recorded Rp127
billion of fair value adjustment arising from step acquisition of Varia Usaha; Rp80 billion income of
w aste treatm ent as w e used oil sludge to replace coal as Exxon w as paying us for taking the oil sludge;
and Rp9.8 billion of gain on sales of fixed assets in FY16 compared to only Rp0.03 billion in FY15.
Profitability
Gross profit w as dow n by 7.4% to Rp9,856 billion in FY16, from Rp10,646 billion in FY15 and gross
profit margin w as dow n 38% in FY16, from 40% in FY15. Our EBITDA margin w as also dow n to 25.8%
in FY16, from 27.4% in FY15.
Pre-t ax profit declined by 13.1% YoY to Rp5,085 billion in FY16, dow n from Rp5,851 billion in FY15.
We recorded Rp736 billion of deferred tax adjustment arising from fixed assets revaluation and Rp219
billion of final tax on fixed assets revaluation in FY16. In addition to the decline in earnings, these
resulted in tax expense of Rp549 billion for FY16, down from Rp1,325 billion in FY15. Consequently,
net incom e aft er minorit y interest w as flat at Rp4,522 billion in FY16.
PT Semen Indonesia (Persero) Tbk. 3
FY 2016 Results
PROGRESS OF STRATEGIC PROJECTS
The constructions of 2 (tw o) new cement plants in Rembang, Cent ral Java and Indarung, West
Sumat era, each w ith designed capacit y of 3m tpa (million tonnes per annum). Indarung new plant is
scheduled for commercial operation in April 2017, w hile Rembang plant remains suspended aw ait ing
for the new enviromental permits to be issued by the Central Java government. These new plants
w ould add our designed capacit y to 38mtpa.
We are also progressing w ith the Waste Heat Recover Pow er Generat or project (WHRPG) in Tuban t o
generate 30M W pow er, for cost saving purposes and reduce CO2 emissions. The project is target ed
to be complet ed by the end of this year and operational in 2017.
DISCLAIM ER
The information contained in this report has been t aken from sources w hich w e deem reliable.
How ever, none of PT Semen Indonesia (Persero) Tbk and/ or its affiliated companies and/ or their
respective employees and/ or agent s make any represent ation or w arrant y (express or implied) or
accepts any responsibility or liability as to, or in relation to, the accuracy or com plet eness of the
information and opinions contained in this report or as to any information cont ained 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 w hatsoever and
how soever arising (including, without limitation for any claim, proceedings, action, suits, losses,
expenses, damages or costs) w hich may be brought against or suffered by any person as a result of
acting in reliance upon the w hole or any part of the cont ents of t his report and neither PT Sem en
Indonesia (Persero) Tbk, its affiliated companies or t heir respective employees or agents accepts
liability for any errors, omission or mis-statements, negligent or otherw ise, in the report and any
liability in respect of the report or any inaccuracy therein or mission there from w hich might otherw ise
arise is hereby expresses disclaimed.
The informat ion contained in this report is not be taken as any recom mendation made by PT Sem en
Indonesia (Persero) Tbk or any ot her person t o enter into any agreem ent w ith regard to any
invest m ent mentioned in this docum ent. This report is prepared for general circulation. It does not
have regard to the specific person w ho may receive t his report. In considering any invest ments you
should make your ow n independent assessm ent and seek your ow n professional financial and legal
advice.
PT Semen Indonesia (Persero) Tbk. 4
FY 2016 Results
PT Semen Indonesia (Persero) Tbk. 5
FY 2016 Results
PT Semen Indonesia (Persero) Tbk. 6
FY 2016 Results
PT Semen Indonesia (Persero) Tbk. 7
FY 2016 Results
PT Semen Indonesia (Persero) Tbk. 8