SMGR CORP Presentation March 2017 for investors UBS R2
(2)
-• Design Capacit y
: 106.3 m t
• Product ion Capacit y : 74.0 m it
• Dom est ic Grow t h
: 5.0%
• Dom est ic Ut ilizat ion: 70%
• Supply
Dom est ic
: 69 m t
Export
: 5 m t
Im port
: 3 m t
Domestic Capacity (2017)
2017F
Cement companies in Indonesia
1. Semen Indonesia
35.5 mt
2. Indocement TP
24.9 mt
3. Lafarge Holcim Indonesia 14.5 mt
4. Semen M erah Put ih
7.5 mt
5. Semen Bosowa
7.0 mt
6. Semen Anhui Conch
4.5 mt
7. Semen Bat uraja
3.8 mt
8. Semen Pan Asia
1.9 mt
9. Siam Cement Group
1.8 mt
10. Semen Jui Shin
1.5 mt
11. Semen Serang (Haohan)
1.2 mt
12. Semen Jakart a
1.0 mt
13. Semen Hippo (Sun Fook)
0.6 mt
14. Semen Kupang 0.3 mt
15. Semen Puger 0.3 mt
TOTAL
106,3 mio ton
* ) Source: SM GR int emal calculat ion
* ) Source: SM GR int emal calculat ion
(3)
3
(4)
Source: Com pany dat a, Indonesia Cem ent Associat ion
Semen Indonesia’ sales volume
M illion t onnes
Jan-17
Jan-16 Cha nge (%)
Indonesia
Semen Indonesia
1.23
1.20
2.7%
Semen Padang
0.44
0.52
-16.0%
Semen Tonasa
0.45
0.43
3.3%
Total domestic
2.12
2.16
-1.7%
Export s
0.07
0.03
91.7%
Total volume from Indonesia
2.18
2.19
-0.3%
Vietnam
Dom est ic Viet nam
0.11
0.11
-4.2%
Export s
0.12
0.03
258.6%
Total volume from Vietnam
0.22
0.14
56.3%
(5)
5
Source: Com pany dat a, Indonesia Cem ent Associat ion
Indonesia cement sales volume
Semen Indonesia:
•
Bag 77%
(-2.3% YoY)
•
Bulk 23%
(+0.4% YoY)
Indust ry:
•
Bag 77.5%
(-3.6% YoY)
•
Bulk 22.5%
(+2.4% YoY)
SM GR sales volume (million tons)
Jan-17
Jan-16
Change (%)
Domestic
Sem en Indonesia
1.23
1.20
2.7%
Sem en Padang
0.44
0.52
-16.0%
Sem en Tonasa
0.45
0.43
3.3%
Total domestic
2.12
2.16
-1.7%
Export
0.07
0.03
91.7%
Total volume
2.18
2.19
-0.3%
Indonesia domest ic sales volume (million tons)
Area
Jan-17
Jan-16
Cha nge (%)
Jakart a
0.39
0.42
(7.6)
Bant en
0.25
0.29
(12.8)
West Java
0.74
0.78
(4.9)
Cent ral Java
0.68
0.64
5.6
Yogyakart a
0.09
0.08
5.2
East Java
0.80
0.75
6.5
Tot al Java
2.95
2.96
(0.6)
Sumat era
1.03
1.10
(6.3)
Kalimant an
0.31
0.36
(13.8)
Sulaw esi
0.43
0.43
(0.1)
Nusa Tenggara
0.31
0.32
(2.7)
M aluku & Papua
0.14
0.12
21.0
Tot al out side Java
2.23
2.33
(4.5)
Tot al Indonesia
5.17
5.29
(2.3)
Export
Cement
0.06
0.03
74.0
Clinker
0.08
0.00
100.0
Tot al export
0.14
0.03
310.0
(6)
Ret ail (resident ial) sector is t he largest consumer of cement
in Indonesia
Bag
77.5%
Bulk
22.5%
•
Ready-mix (infrast ruct ure):
±
60%
•
Fabricat or (pre-cast , fiber cement , cement based indust ry):
±
35%
•
Project s (mortar, render):
±
5%
•
Ready-mix (infrast ruct ure):
±
60%
•
Fabricat or (pre-cast , fiber cement , cement based indust ry):
±
35%
•
Project s (mortar, render):
±
5%
•
Housing:
±
90%
•
Cement based indust ry:
±
10%
•
Housing:
±
90%
•
Cement based indust ry:
±
10%
±
±
Source: Int ernal Research
(7)
7
M arket by Geography
Source: Company dat a, Cent ral Bureau of St at ist ics, Indonesia Cement Associat ion Source: Company dat a, Cent ral Bureau of St at ist ics, Indonesia Cement Associat ion
Domestic M arket Share
Semen Indonesia’ market destinations
(8)
Current overcapacity condition
(9)
9
Source: Com pany dat a, Indonesian Cem ent Associat ion & BPS St at ist ic
(10)
Infrast ruct ure Spending Planned for 2015 – 2019
(USD Bn)
Infrastructure Development
Commercial and Industrial
High grow t h in retail, commercial and
inst it ut ional sector in urban and semi-urban area
High grow t h indust ry segment (precast , light brick,
cement fiber, pave, ready mixed concrete)
Housing
Populat ion Grow t h
Rising per Capita Incom e
M ass urbanizat ion
Cement Consumption (kg/ capita)
Rapidly Grow ing
Product ive Populat ion
Key factors supporting domestic cement demand
172
42
106
113
433
Cent ral
Govt
Regional
Govt
SOEs
Privat e
Tot al
Potential M arket
The fourt h largest populat ion in t he world: 240
m illions people (2014)
Demographic Bonus
(11)
11
Arising infrastructure activities
Source: Company dat a, Indonesia Cement Associat ion Source: Company dat a, Indonesia Cement Associat ion
(12)
Strategic Projects
These st rategic project s are to ensure t he
Strategic Proj ects
Capacity
Investment
(US$mn)
Construction
Start up commercial
Start
Completion
Indarung
VI-Sumat era Barat
3. 0
Mt
352
Q2-2013
Q4-2016
April 17
Rembang –
Jawa Tengah
3. 0
Mt
403
Q2-2013
Q4-2016
Await ing f or t he new
environment al permit s
Grinding mil l
Jawa Barat
2. 0
Mt
61. 1
Q2-2015
Q4-2016
2Q17
Wast e Heat Recovery
(13)
13
Integrated Cement Plant
4 location
Kiln
15 Unit
Cement M ill
26 Unit
Grinding Plant
2 location
Cement M ill
4 Unit
Warehouse
30 location
Packing Plant
24 location
Sea Port
12 location
Kiln
1 unit
Cement M ill
1 unit
Kiln
5 unit
Cement M ill
8 unit
Kiln
5 unit
Cement M ill
11 unit
Grinding
Plant
1 unit Cement
M ill
Kiln
4 unit
Cement M ill
6 unit
Grinding
Plant
3 unit Cement
M ill
(14)
Financial Summary – FY 2016
EBITDA
Net profit
In Rpbn
2016
2015
Change
Revenue
26,134
26,948
-3.0%
Cost revenue
16,278
16,302
-0.1%
Gross profit
9,856
10,646
-7.4%
Operat ing expenses
4,629
4,700
-1.5%
Operat ing incom e
5,227
5,946
-12.1%
EBITDA
6,962
7,473
-6.8%
Pre-tax profit
5,085
5,851
-13.1%
Net profit after m inority
4,522
4,521
0.0%
EPS (Rp)
762
762
0.0%
Ratio
EBITDA m argin
26.6%
27.7%
-1.1%
Gross m argin
38%
40%
-2%
Int erest coverage - x
19
20
(1)
Cost ratio
80%
78%
2%
Net debt to equit y
0.12
0.00
12%
Debt t o equity
0.22
0.15
6%
Debt t o EBITDA
0.90
0.54
36%
Receivable turnover - days
54
48
6
(15)
15
Balance Sheet
Cash balance (Rpbn)
Total debt (Rpbn)
(16)
M argin & Returns
Ret urn on Equit y (%)
Ret urn on Asset s (%)
(17)
17
Cost structure
Energy prices in US$/ unit
Cash COGS Rp000/ t
Rp000/ t
2016
2015
Change
Raw m at erials
33
35
-6%
Fuel
97
107
-10%
Elect ricit y
94
101
-6%
Labor
53
49
8%
M aint enance
50
50
0%
Depreciat ion
54
47
14%
GA,t ax,insurance
22
20
10%
Packaging
28
27
3%
Transportat ion
62
82
-24%
Ot hers
67
50
34%
Cost of goods sold
559
568
-2%
Unit cash COGS (US$/ t)
505
520
-3%
Selling expense
93
93
1%
G& A
74
73
2%
Tot al cost
598
591
1%
(18)
EBITDA margin vs utilisation rate
Source: Company dat a Source: Company dat a
(19)
19
EBITDA margin vs oil and coal prices
Source: Company dat a Source: Company dat a
(20)
Development New Industrial Estates is a catalyst for
cement demand
Semen Indonesia
Packing Plant
New Indust rial
Estate Area
(21)
21
Infrastructure Projects (2015 – 2019)
If 1% from total project
value w ere spent for
cement , w e est imate
cement requirement for
t hese project s of around
10-12 mt per annum.
Infrast ruct ure budget cut
Rp7t n for 2016, but not
affect ing main t rans road in
Papua and Java.
Sector
Amount % of total
(Rptn)
Road infrastructure
733
15%
Railway infrast ruct ure
226
5%
Sea transport at ion
591
12%
Air t ransportation
144
3%
Land t ransportation
47
1%
Urban transport at ion
86
2%
Elect ricity infrastructure
1,000
21%
Oil & gas infrastructure
507
11%
Telecom m unication and Inform at ion infrast ruct ure
280
6%
Water resources
451
9%
Drinking and w aste wat er
403
8%
Housing
328
7%
Total
4,796
100%
Annual spending
959
20%
APBN-P 2016
2,083
APBN-P for infrastructure 2016
314
33%
Private portion
645
67%
(22)
Infrastructure Spending in State Budget
Source: M inist ry of Finance
Amount in Rp trillion
2017
2015
APBN APBN-P
APBN APBN-P
Economic infrastructure
336.9
307.1
302.3
280.0
M inistrial spending
161.0
151.2
165.5
196.4
M inistry of Public Work and Public Housing
102.9
94.7
101.7
111.1
M inistry of Transport ation
44.9
39.9
45.5
59.1
M inistry of Agricult ure
2.9
4.1
5.3
8.9
M inistry of Energy and M ineral Resoures
3.8
3.7
4.6
8.1
Non-ministrial spending
2.7
5.9
5.3
6.8
Transfer to Region and Village Fund
133.7
88.0
83.4
41.0
Payment Funding
39.5
62.1
48.3
35.7
Social infrastructure
5.5
5.7
6.5
6.5
Infrastructure support
4.2
4.2
4.4
3.9
M inist ry of Agrarian & Spat ial Planning
0.2
0.3
0.3
1.3
M inist ry of Indust ry
0.6
0.4
0.5
0.3
Total
346.6
317.1
313.5
290.3
(23)
23
Instrastructure funding is priority
The infrast ruct ure is t he
government ’ priorit y
Get s funding priorit y despit e t ax
revenue not achieving t arget
Key risks are more on t he project
risks such as land acquisit ion.
Increasing government ’ debt t o
around US$137bn by end of 2015
Government ’s securit ies also
increased t o around Rp1.37t n by
end of 2015
(24)
BRIEF HISTORY
BRIEF HISTORY
SM GR CAPACITY BUILD-OUT (M M TONS)
SM GR CAPACITY BUILD-OUT (M M TONS)
31,8 mn tons
Semen Indonesia highlights
1957 : Inauguration of Gresik I, installed capacity of
250,000 ton cement per annum
1991 : Initial Public Offering, Market Cap.: IDR0.63tn,
resulting shareholding structure post IPO:
●
Government of Republic of Indonesia: 73%
●
Public: 27%
1995 : Acquisition of PT Semen Padang (Persero) and
PT Semen Tonasa (Persero)
1998 : Cemex became a strategic partner, Market Cap.:
IDR4.9tn
2006 : Blue Valley Holdings bought Cemex’s 24.9%
stake in SMGR, Market Cap.: IDR21.5tn
2010 : In March 31, Blue Valley Holdings sold all of its
stake ownership in SMGR, Market Cap per April 30,
2010: IDR72.1tn
2011 : Total installed capacity of 20.00mm tons, Market
Cap per June 29, 2012: IDR67.0tn
2012 : Acquisition of Thang Long Cement Vietnam, Total
installed capacity of 2.3mm tons, Market Cap Dec 19
th,
2012: IDR91.9tn
2013: Transformed to PT Semen Indonesia (Persero)
Tbk as strategic holding co.
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
(25)
25
Semen Indonesia as strategic holding company
99,9%
99,9%
70,0%
55,0%
SP
ST
TLCC
PT Unit ed Tract ors
Sem en Gresik
97,0%
PT SGG Energi Prim a
60,0%
PT Indust ri Kem asan
Sem en Gresik
65,0%
PT Kaw asan Indust ri
Gresik
99,99%
PT SI Bet on
73,65%
PT Varia Usaha
25%
PT Sw adaya Graha
17,6%
99,9%
SG
N
O
N
C
E
M
E
N
T
C
O
M
P
A
N
Y
50,0%
PT Krakat au Sem en
Indonesia
CEM ENT COM PANY
Komposisi Pemegang Saham Per 31
Desember 2016
85%
PT Et ernit Gresik
PT SISI
No
Shareholders
%
1
Government RI
51.01
2
Foreign Inst it ut ion
37.74
3
Foreign Individual
0.03
4
Domest ic Inst it ut ion
9.26
5
Domest ic Individual
1.97
PT SII
(26)
IMPORTANT NOTICE
THIS PRESENTATION IS NOT AND DOES NOT CONSTITUTE OR FORM PART OF, AND IS NOT MADE IN CONNECTION WITH, ANY OFFER FOR SALE OR SUBSCRIPTION OF OR SOLICITATION, RECOMMENDATION OR INVITATION OF ANY OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT, COMMITMENT OR INVESTMENT DECISION WHATSOEVER.
THE SLIDES USED IN THIS PRESENTATION ARE STRICTLY CONFIDENTIAL AND HAVE BEEN PREPARED AS A SUPPORT FOR ORAL DISCUSSIONS ONLY. THE INFORMATION CONTAINED IN THIS PRESENTATION IS BEING PRESENTED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON, IN WHOLE OR IN PART.
This presentation includes forward-looking statements, which are based on current expectations and forecast about future events. Such statements involve known / unknown risks uncertainties and other factors, which could cause actual results to differ materially from historical results or those anticipated. Such factors include, among others:
● economic, social and political conditions in Indonesia, and the impact such conditions have on construction and infrastructure spending in Indonesia; ● the effects of competition;
● the effects of changes in laws, regulations, taxation or accounting standards or practices; ● acquisitions, divestitures and various business opportunities that we may pursue; ● changes or volatility in inflation, interest rates and foreign exchange rates;
● accidents, natural disasters or outbreaks of infectious diseases, such as avian influenza, in our markets; ● labor unrest or other similar situations; and
● the outcome of pending or threatened litigation.
We can give no assurance that our expectations will be attained.
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 omission therefrom which might otherwise arise is hereby expresses disclaimed.
Thank You
M ain Office: M ain Building of Sem en Gresik Jln. Vet eran Gresik 61122 – Indonesia Phone: (62-31) 3981731 -2, 3981745 Fax: (62-31) 3983209, 3972264
Representative Office: The East Building, 18 floor
Jl. Lingkar M ega Kuningan Blok E 3.2 No. 1, JAKARTA – 12950
Telp.: 021 – 5261174, 5261175; Faks : 021 – 5261176
(1)
Infrastructure Projects (2015 – 2019)
If 1% from total project
value w ere spent for
cement , w e est imate
cement requirement for
t hese project s of around
10-12 mt per annum.
Infrast ruct ure budget cut
Rp7t n for 2016, but not
affect ing main t rans road in
Papua and Java.
Sector
Amount % of total
(Rptn)
Road infrastructure
733
15%
Railway infrast ruct ure
226
5%
Sea transport at ion
591
12%
Air t ransportation
144
3%
Land t ransportation
47
1%
Urban transport at ion
86
2%
Elect ricity infrastructure
1,000
21%
Oil & gas infrastructure
507
11%
Telecom m unication and Inform at ion infrast ruct ure
280
6%
Water resources
451
9%
Drinking and w aste wat er
403
8%
Housing
328
7%
Total
4,796
100%
Annual spending
959
20%
APBN-P 2016
2,083
APBN-P for infrastructure 2016
314
33%
Private portion
645
67%
(2)
Infrastructure Spending in State Budget
Amount in Rp trillion
2017
2015
APBN APBN-P
APBN APBN-P
Economic infrastructure
336.9
307.1
302.3
280.0
M inistrial spending
161.0
151.2
165.5
196.4
M inistry of Public Work and Public Housing
102.9
94.7
101.7
111.1
M inistry of Transport ation
44.9
39.9
45.5
59.1
M inistry of Agricult ure
2.9
4.1
5.3
8.9
M inistry of Energy and M ineral Resoures
3.8
3.7
4.6
8.1
Non-ministrial spending
2.7
5.9
5.3
6.8
Transfer to Region and Village Fund
133.7
88.0
83.4
41.0
Payment Funding
39.5
62.1
48.3
35.7
Social infrastructure
5.5
5.7
6.5
6.5
Infrastructure support
4.2
4.2
4.4
3.9
M inist ry of Agrarian & Spat ial Planning
0.2
0.3
0.3
1.3
(3)
Instrastructure funding is priority
The infrast ruct ure is t he
government ’ priorit y
Get s funding priorit y despit e t ax
revenue not achieving t arget
Key risks are more on t he project
risks such as land acquisit ion.
Increasing government ’ debt t o
around US$137bn by end of 2015
Government ’s securit ies also
increased t o around Rp1.37t n by
end of 2015
(4)
BRIEF HISTORY
BRIEF HISTORY
SM GR CAPACITY BUILD-OUT (M M TONS)
SM GR CAPACITY BUILD-OUT (M M TONS)
31,8 mn tons
Semen Indonesia highlights
1957 : Inauguration of Gresik I, installed capacity of
250,000 ton cement per annum
1991 : Initial Public Offering, Market Cap.: IDR0.63tn,
resulting shareholding structure post IPO:
●
Government of Republic of Indonesia: 73%
●
Public: 27%
1995 : Acquisition of PT Semen Padang (Persero) and
PT Semen Tonasa (Persero)
1998 : Cemex became a strategic partner, Market Cap.:
IDR4.9tn
2006 : Blue Valley Holdings bought Cemex’s 24.9%
stake in SMGR, Market Cap.: IDR21.5tn
2010 : In March 31, Blue Valley Holdings sold all of its
stake ownership in SMGR, Market Cap per April 30,
2010: IDR72.1tn
2011 : Total installed capacity of 20.00mm tons, Market
Cap per June 29, 2012: IDR67.0tn
2012 : Acquisition of Thang Long Cement Vietnam, Total
installed capacity of 2.3mm tons, Market Cap Dec 19
th,
2012: IDR91.9tn
2013: Transformed to PT Semen Indonesia (Persero)
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
(5)
Semen Indonesia as strategic holding company
99,9%
99,9%
70,0%
55,0%
SP
ST
TLCC
PT Unit ed Tract ors
Sem en Gresik
97,0%
PT SGG Energi Prim a
60,0%
PT Indust ri Kem asan
Sem en Gresik
65,0%
PT Kaw asan Indust ri
Gresik
99,99%
PT SI Bet on
73,65%
PT Varia Usaha
25%
PT Sw adaya Graha
17,6%
99,9%
SG
N
O
N
C
E
M
E
N
T
C
O
M
P
A
N
Y
50,0%
PT Krakat au Sem en
Indonesia
CEM ENT COM PANY
Komposisi Pemegang Saham Per 31
Desember 2016
85%
PT Et ernit Gresik
PT SISI
No
Shareholders
%
1
Government RI
51.01
2
Foreign Inst it ut ion
37.74
3
Foreign Individual
0.03
4
Domest ic Inst it ut ion
9.26
(6)
IMPORTANT NOTICE
THIS PRESENTATION IS NOT AND DOES NOT CONSTITUTE OR FORM PART OF, AND IS NOT MADE IN CONNECTION WITH, ANY OFFER FOR SALE OR SUBSCRIPTION OF OR SOLICITATION, RECOMMENDATION OR INVITATION OF ANY OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT, COMMITMENT OR INVESTMENT DECISION WHATSOEVER.
THE SLIDES USED IN THIS PRESENTATION ARE STRICTLY CONFIDENTIAL AND HAVE BEEN PREPARED AS A SUPPORT FOR ORAL DISCUSSIONS ONLY. THE INFORMATION CONTAINED IN THIS PRESENTATION IS BEING PRESENTED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON, IN WHOLE OR IN PART.
This presentation includes forward-looking statements, which are based on current expectations and forecast about future events. Such statements involve known / unknown risks uncertainties and other factors, which could cause actual results to differ materially from historical results or those anticipated. Such factors include, among others:
● economic, social and political conditions in Indonesia, and the impact such conditions have on construction and infrastructure spending in Indonesia; ● the effects of competition;
● the effects of changes in laws, regulations, taxation or accounting standards or practices; ● acquisitions, divestitures and various business opportunities that we may pursue; ● changes or volatility in inflation, interest rates and foreign exchange rates;
● accidents, natural disasters or outbreaks of infectious diseases, such as avian influenza, in our markets; ● labor unrest or other similar situations; and
● the outcome of pending or threatened litigation.
We can give no assurance that our expectations will be attained.
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 omission therefrom which might otherwise arise is hereby expresses disclaimed.
Thank You
M ain Office:
M ain Building of Sem en Gresik Jln. Vet eran Gresik 61122 – Indonesia Phone: (62-31) 3981731 -2, 3981745 Fax: (62-31) 3983209, 3972264
Representative Office: The East Building, 18 floor
Jl. Lingkar M ega Kuningan Blok E 3.2 No. 1, JAKARTA – 12950