Laporan Tahunan | Semen Indonesia
2008
La p o ra n Ta h u n a n
A n n u a l R e p o rt
Menuju Era Baru
Towards A New Era
Mengembangkan potensi
Perseroan yang semakin kokoh
di masa depan.
Developing an even stronger capability
of the Company in the future.
Efektivitas penerapan strategi
korporasi secara simultan di
tahun 2008 telah mengantarkan
Perseroan ke arah tatanan baru
yang lebih mapan.
Effective simultaneous implementation
of the corporate strategy in 2008 has
brought the Company forward into
a new more established order.
Kendati menghadapi gejolak ekonomi sejak semester kedua, kami
berhasil memantapkan program konsolidasi internal sekaligus
memaksimalkan potensi pertumbuhan perusahaan dengan mencatat
pertumbuhan pendapatan secara signifikan, sehingga memiliki posisi
keuangan yang kokoh. Mantapnya program konsolidasi internal
tersebut, serta persiapan pranata organisasi dan SDM yang mampu
mengakomodasi tantangan masa depan, menandai kesiapan Perseroan
untuk melangkah ke era baru.
Even though encountering economic volatility since the second
semester, we have been successful in establishing internal consolidation
program while maximizing the Company’s capability to grow by
recording a signiicant revenue growth, to ensure possessing a solid
inancial position. Afirmed internal consolidation program as well as
readiness of the organization structure and human capital are capable
in accommodating future challenges, which signiies the Company’s
keenness in gearing up to enter the new era.
PERTUMBUHAN
YANG
BERKELANJUTAN
SUSTAINABLE GROWTH
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
We record continuing growth of
KAMI MENCATAT PERTUMBUHAN
EBITDA YANG BERKELANJUTAN
SEIRING DENGAN PENINGKATAN
PENDAPATAN. DALAM TAHUN
TERAKHIR, PERTUMBUHAN EBITDA
MENINGKAT RATA-RATA 28,7%,
SEMENTARA PENDAPATAN KAMI
MENINGKAT RATA-RATA 19,1%.
PADA TAHUN 2008, EBITDA
MENCAPAI RP3,9 TRILIUN, NAIK
3,8% DAN LABA BERSIH 2,1%.
DI SAMPING ITU, PRODUKSI KAMI
MAMPU MENGIMBANGI
TINGKAT PERTUMBUHAN
KEBUTUHAN NASIONAL.
EBITDA in line with the revenue
increase. During the last ive
years, EBITDA growth has been
increasing at an average of
28.7%, while our revenue rises
at an average of 19.1%. In 2008,
EBITDA reached Rp3.9 trillion,
rose by 3.8% and net income
achieved an amount of Rp2.
trillion, or increased 2.1%.
On the other hand, our
production is capable of fulilling
the growth level of national
demand.
12,210
9,601
8,728
7,32
3,867
6,068
Pendapatan dan
EBITDA
(dalam Rp miliar)
Revenue and EBITDA
(in Rp billions)
2,89
2,23
EBITDA
1,999
1,12
Pendapatan
Revenue
200
Konsumsi Semen
Nasional dan Penjualan
Domestik Perseroan
(dalam juta ton)
200
2006
2008
38.1
3.2
32.1
31.
1.2
30.2
National Cement
Consumption and
Company’s Domestic
Sales Volume
(in million tonnes)
2007
16.7
1.0
13.3
Konsumsi Semen Nasional
National Cement Consumption
1.3
Penjualan Domestik Perseroan
Company’s Domestic Sales Volume
200
200
2006
2007
Laporan Tahunan 2008 Annual Report
2008
PT Semen Gresik (Persero) Tbk
POSISI KEUANGAN
YANG KOKOH
STRONG FINANCIAL POSITION
6
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
PENERAPAN STRATEGI
Consistent implementation
of revenue management,
PENGELOLAAN PENDAPATAN,
capacity management and
KAPASITAS DAN BIAYA SECARA
cost management has been
KONSISTEN TELAH BERHASIL
inancial position. The Company
successful in strengthening our
possesses low exposure to loan
MEMPERKOKOH POSISI
and owns a stronger free cash
low, which establish a conducive
KEUANGAN. PERSEROAN
environment to optimize the
MEMILIKI EKSPOSUR HUTANG
capital structure for future
development of the Company.
YANG RENDAH DAN FREE
CASH FLOW YANG KUAT
SEHINGGA PERSEROAN MEMILIKI
KAPABILITAS YANG UNGGUL
UNTUK PENGEMBANGAN USAHA
DI MASA MENDATANG.
21.3
Kewajiban
terhadap
Ekuitas**
Debt to
Equity**
(dalam/in %)
10.0
.1
200
200
2006
22.
23.6
1
1.0
Return on
Equity
(dalam/in %)
2.
2.2
2007
2008
26.8
31.3
20
16
ROE Perseroan
Company’s ROE
(3)
200
ROE Industri*
Industry’s ROE*
200
200 2006
2007
2008
*Rata-rata industri adalah rata-rata produsen semen yang terdaftar di Bursa Efek Indonesia.
*Industrial average based on IDX listed cement producer.
**Hutang yang memiliki kewajiban bunga komersial.
**Interest bearing debt.
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
7
EKSPANSI YANG
TERUKUR
MEASURED EXPANSION
SELURUH FASILITAS PRODUKSI
All of the production facilities
have been operated at their
TELAH BEROPERASI DENGAN
highest utility rate in domestic
TINGKAT UTILITAS TERTINGGI DI
cement industries. Successful
LINGKUNGAN INDUSTRI SEMEN
of optimization programs
DALAM NEGERI. KEBERHASILAN
implementation of a series
has enabled enhancement of
production capacity to exceed
its initial production capacity.
SERANGKAIAN PROGRAM
In line with the achievement
OPTIMASI TELAH MEMUNGKINKAN
of optimization program, we
have geared up to the new
PENINGKATAN KAPASITAS
capacity construction.
PRODUKSI SEHINGGA MELEBIHI
KAPASITAS PRODUKSI AWAL.
SEIRING PENCAPAIAN PROGRAM
OPTIMASI TERSEBUT, KINI KAMI
SIAP MELANGKAH MENUJU
PEMBANGUNAN KAPASITAS BARU.
8
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
18.0
17.1
16.9
16.9
16.9
Kapasitas
Produksi
Perseroan
(dalam juta ton)
Company’s
Production Capacity
(in million tonnes)
200
200
2006
2007
2008
100.1
98.2
96.2
93.1
83.
Utilisasi Kapasitas
(dalam %)
Capacity
Utilization (in %)
200
200
2006
Laporan Tahunan 2008 Annual Report
2007
2008
PT Semen Gresik (Persero) Tbk
9
PENGELOLAAN
YANG CERMAT
PRUDENT MANAGEMENT
HASIL PERTUMBUHAN KINERJA
Achievement of our continuing
YANG BERKELANJUTAN MERUPAKAN
growth performance relects
the implementation of prudent
CERMINAN DARI PENERAPAN PRINSIP
and astute principles in each
KEHATI-HATIAN DAN KEBIJAKSANAAN
step of planning and operation
DALAM SETIAP LANGKAH
of the Company. Management
PERENCANAAN DAN OPERASIONAL
is aware that everything can
be changed to be better, and
PERSEROAN. MANAJEMEN
that the risk is unavoidable but
BERKEYAKINAN SEGALA SESUATU
can be calculated.
DAPAT DIBUAT LEBIH BAIK, RISIKO
TIDAK TERHINDARKAN TETAPI
We have improved our
Corporate Culture, Code of
DAPAT DIPERHITUNGKAN.
Ethics as well as completed
and strengthened our
KAMI TELAH MENYEMPURNAKAN
business management
procedures and governance
BUDAYA PERUSAHAAN, KODE
as a prerequisite for
ETIK SERTA MERAMPUNGKAN
developing positive
DAN MEMPERKUAT PROSEDUR
sustainable performance.
TATA KELOLA USAHA DAN TATA
LAKSANA SEBAGAI PRANATA BAGI
PENGEMBANGAN KINERJA POSITIF
YANG BERKELANJUTAN.
10
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
11
KESELARASAN
DALAM
PENGELOLAAN
HARMONY IN MANAGEMENT
12
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
1
1
Penghargaan Proper Hijau
2
Kawasan Pabrik Tuban
View of Tuban Plant
Proper Green Award
2
DI MANA KAMI BERADA DI SITU
TANGGUNG JAWAB SOSIAL DAN
LINGKUNGAN KAMI MELEKAT
WE holD oUR SoCIAl
AND ENVIRoNmENTAl
RESPoNSIBIlITy UP To WhERE
WE PUT oUR STEPS IN
PERSEROAN MENERAPKAN KEBIJAKAN
TRIPLE BOTTOM LINE YANG
MENYELARASKAN PENGEMBANGAN
KETIGA ASPEK, YAITU EKONOMI,
SOSIAL DAN LINGKUNGAN. PERHATIAN
TERHADAP PERKEMBANGAN SOSIAL
DAN KELESTARIAN LINGKUNGAN SAMA
PENTINGNYA DENGAN PENCAPAIAN
KINERJA EKONOMI.
The Company implements triple
bottom line policy aligning
harmonious development of the
three aspects to include economy,
social and environment. Attention
to the social development and
environmental preservation is as
important as the achievement of
our business performance.
BERKEMBANGNYA KESEJAHTERAAN
MASYARAKAT DAN MENINGKATNYA
KUALITAS PENGELOLAAN
LINGKUNGAN MERUPAKAN HASIL DARI
PELAKSANAAN KOMITMEN PERSEROAN
ATAS TANGGUNG JAWAB SOSIAL DAN
LINGKUNGAN. PENGHARGAAN DARI
BERBAGAI LEMBAGA INDEPENDEN
ANTARA LAIN INvESTMENT AWARD
DAN PROPER PERINGKAT HIJAU
MERUPAKAN SALAH SATU PENGAKUAN
ATAS KOMITMEN PERSEROAN DALAM
MENERAPKAN PROGRAM TERSEBUT.
Laporan Tahunan 2008 Annual Report
The development of community
welfare and improvement on
quality environmental management
demonstrate the realization of the
Company’s commitment in social
and environmental responsibilities.
Appreciation from several
independent institutions encompass
among others the Investment
Award and Proper Green Rating
signify the acknowledgement of
Company’s commitment in carrying
out the program.
PT Semen Gresik (Persero) Tbk
13
DAFTAR ISI TABLE OF CONTENTS
Produk, Fasilitas dan Distribusi Product, Fasilities and Distribution
57
Jenis Produk Product Type
60
Fasilitas Pendukung Supporting Facilities
62
Distribusi Distribution
Pengembangan Sumber Daya Manusia
human Resources Development
68
Rekrutmen Recruitment
69
Pelatihan dan Pengembangan Kompetensi
Competence Training and Development
70
Sistim Remunerasi & Kesejahteraan Pegawai
Employee Remuneration and Beneit System
72
Peningkatan Wawasan Knowledge Management
73
Demograi Pegawai Employee Demographic Proile
Prakata: Kinerja dan Pencapaian
Preface: Performance and Achievement
4
Pertumbuhan yang Berkelanjutan Sustainable Growth
6
Posisi Keuangan yang Kokoh Strong Financial Position
8
Ekspansi yang Terukur Measured Expansion
10
Pengelolaan yang Cermat Prudent Management
12
Keselarasan dalam Pembangunan Harmony in Management
Ikhtisar Utama highlights
16
Ikhtisar Keuangan Financial Highlights
18
Ikhtisar Saham Stock Highlights
Pembayaran Dividen Dividend Payment
Kronologi Pencatatan Saham Stock Listing History
19
Kinerja Pergerakan Saham 2008
Share Performance Movement 2008
Kinerja Pergerakan Saham 2007
Share Performance Movement 2007
Komposisi Pemegang Saham 2007 & 2008
Shareholders Composition 2007 & 2008
20
22
Tata Kelola Perusahaan Corporate Governance
Peristiwa Penting 2008 2008 Signiicant Events
Penghargaan Awards
24
Laporan Dewan Komisaris
Report from the Board of Commissioners
30
Laporan Direksi Report from the Board of Directors
Proil Perusahaan Company Proile
41
Sekilas Perseroan Company in Brief
42
visi dan Misi Vision and Mission
43
Kekuatan Perseroan Our Strength
45
Struktur Kepemilikan Saham Share Ownership Structure
46
Struktur Organisasi Organization Structure
48
Proil Manajemen Management Proile
1
Laporan Tahunan 2008 Annual Report
78
Pedoman Tata Kelola Corporate Governance Guidelines
79
Organ Perusahaan Corporate Structure
80
RUPS GMS
88
Dewan Komisaris Board of Commissioners
92
Direksi Board of Directors
99
Komite di bawah Dewan Komisaris
Committees Under the Board of Commissioners
109
Laporan Komite Committees’ Report
118
Proil Anggota Komite Proile of Committee Members
123
Pengelolaan Perusahaan Corporate Management
126
Ketentuan Perusahaan Terkait Praktek GCG
GCG Practices Corporate Regulations
134
Penerapan Prinsip-prinsip Dasar GCG
GCG Basic Principles Implementation
144
Transaksi Hubungan Istimewa dan Perkara Hukum
Related Party Transaction and Litigation
PT Semen Gresik (Persero) Tbk
Analisis dan Pembahasan Manajemen
management’s Discussion & Analysis
147
Kondisi Umum Perekonomian Indonesia
Indonesian Macro Economic Condition
149
Prospek & Kondisi Pasar Semen Domestik
Domestic Market Prospect & Condition
150
Risiko-risiko Usaha Business Risks
152
Strategi dan Hasil Operasional Tahun 2008
Strategic and Operational Results 2008
152
Strategi Operasional Operational Strategy
154
Hasil Operasional Operational Result
154
Bidang Pemasaran dan Distribusi
Marketing and Distribution
158
Bidang Produksi Production
163
Pengelolaan Kapasitas Capacity Management
164
Perkembangan Pembangunan Proyek Strategis
Strategic Project Development Progress
166
Penelitian dan Pengembangan Research and Development
168
Pengembangan Manajemen ICT
ICT Management Development
169
Ulasan Kinerja Keuangan Financial Performance Review
176
Anak Perusahaan Konsolidasi Consolidated Subsidiaries
210
Data Anak Perusahaan Lainnya Other Subsidiaries Data
184
Kejadian Penting Setelah Tanggal Neraca
Subsequent Events
214
Anak Perusahaan dan Ailiasi
Subsidiaries and Afiliated Companies
216
Informasi Pemegang Saham Shareholders Information
218
Referensi terhadap ketentuan Bapepam-LK mengenai format
Laporan Tahunan
Reference to the Bapepam-LK Regulation on the Annual
Report Format
220
Pengesahan Pronouncement
Informasi Perseroan Corporate Information
223
190
Pengelolaan Lingkungan Serta Keselamatan dan
Kesehatan Kerja
Safety, Health and Environmental Management
202
Tanggung Jawab Sosial Social Responsibility
Laporan Keuangan Konsolidasian 2008
Consolidated Financial Statements 2008
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
1
Ikhtisar Utama - Key Highlights
IKHTISAR KEUANGAN
FINANCIAL HIGHLIGHTS
Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain
Expressed in millions of Rupiah, unless otherwise stated
2008
Aktiva Lancar Current Assets
Investasi pada Perusahaan Asosiasi
Investments in Associates
Aset Tetap Fixed Assets
Aktiva Tidak Lancar Lainnya Other Non-Current
Assets
Jumlah Aktiva Total Assets
Kewajiban Lancar Current Liabilities
Kewajiban Tidak Lancar Non-current Liabilities
2007 2006 200 200
7,083,422
5,267,912
4,153,263
3,740,623
2,836,339
59,566
50,259
43,830
43,725
39,005
3,308,878
3,089,622
3,162,919
3,419,589
3,674,298
151,098
107,434
136,407
93,923
116,188
10,602,964
8,515,227
7,496,419
7,297,860
6,665,830
2,092,099
1,445,874
1,460,083
2,165,374
1,777,388
337,149
349,766
455,160
596,374
1,183,355
2,429,249
1,795,640
1,915,243
2,761,748
2,960,743
104,129
92,324
81,562
69,179
62,650
8,069,586
6,627,263
5,499,614
4,466,932
3,642,437
562,830
357,734
190,297
190,840
125,313
4,991,322
3,822,037
2,693,180
1,575,249
1,058,951
Volume Penjualan (Ton) Sales Volume (Tonnes)
17,659,418
16,944,336
16,761,860
16,342,603
15,611,163
Pendapatan Revenue
12,209,846
9,600,801
8,727,858
7,532,208
6,067,558
Beban Pokok Pendapatan Cost of Revenue
6,855,225
5,600,144
5,400,346
4,640,413
4,006,856
Total Kewajiban Total Liabilities
Hak Minoritas Atas Ekuitas Anak Perusahaan
Minority Interest in Equity of Subsidiaries
Jumlah Ekuitas Total Equity
Pengeluaran modal Capital Expenditures
modal Kerja Bersih Net Working Capital
LABA RUGI STATEmENTS oF INComE
laba Kotor Gross Proit
5,354,621
4,000,657
3,327,512
2,891,795
2,060,702
Beban Usaha Operating Expenses
1,967,435
1,603,808
1,548,133
1,352,557
1,095,543
Laba Usaha Operating Income
3,387,186
2,396,848
1,779,379
1,539,238
965,159
laba Bersih Net Income
2,523,544
1,775,408
1,295,520
1,001,772
508,916
EBITDA
3,867,228
2,848,528
2,234,456
1,999,359
1,411,733
Rata-rata Tertimbang Saham Beredar (ribu lembar)*
Weighted Average Number Of Shares Outstanding
(in thousand of shares)*
5,922,179
5,931,520
5,931,520
5,931,520
5,931,520
426
299
218
169
86
Marjin Laba Kotor Gross Proit Margin
43.9%
41.7%
38.1%
38.4%
34.0%
Marjin Laba Usaha Operating Margin
27.7%
25.0%
20.4%
20.4%
15.9%
Marjin Laba Bersih Net margin
20.7%
18.5%
14.8%
13.3%
8.4%
Marjin EBITDA EBITDA Margin
31.7%
29.7%
25.6%
26.5%
23.3%
Laba Bersih per Saham Dasar (dalam Rupiah)*
Basic Earnings per Share (in Rupiah)*
RASIo - RASIo KEUANGAN FINANCIAl RATIoS
147.6 X
245.0 X
27.8 X
12.7 X
5.9 X
Rasio Laba terhadap Ekuitas Return to Equity
31.3%
26.8%
23.6%
22.4%
14.0%
Rasio Laba terhadap Total Aktiva Return to Assets
23.8%
20.8%
17.3%
13.7%
7.6%
338.6%
364.3%
284.5%
172.7%
159.6%
Rasio Kewajiban terhadap Ekuitas Debt to Equity
2.2%
2.4%
4.1%
10.0%
21.3%
Rasio Kewajiban terhadap Aktiva Debt to Assets
1.7%
1.9%
3.0%
6.1%
11.6%
Rasio EBITDA terhadap Bunga Interest Coverage Ratio
Rasio Lancar Current Ratio
**
*
Disesuaikan setelah stock split 1:10
**
*
Adjusted to stock split 1:10
**
16
Total kewajiban yang berefek bunga
Interest bearing debt.
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
volume Penjualan (dalam juta ton) dan
Pendapatan (dalam Rp triliun)
Laba Bersih (dalam Rp miliar)
Net Income (in Rp billions)
Sales Volume (in million tonnes)
and Revenue (in Rp trillions)
volume Penjualan
Sales Volume
Pendapatan
Revenue
2,524
17.7
1,775
16.9
16.8
16.2
15.6
1,296
12.2
1,002
9.6
8.7
509
7.5
6.1
2004
2005
2006
2007
2008
2004
2005
2006
2007
2008
Rasio Beban Pokok Terhadap
Pendapatan (%)
Rasio Beban Usaha Terhadap
Pendapatan (%)
COGS to Revenue (%)
SGA to Revenue (%)
66.0
18.1
61.6
18.0
61.9
17.7
16.7
16.1
58.3
56.1
2004
2005
2006
2007
2008
2004
2005
2006
2007
2008
Rasio Laba Terhadap Total Aset (%)
Rasio EBITDA Terhadap Bunga (X)
Return on Assets (%)
Interest Coverage Ratio (times)
20.8
245.0
ICR Perseroan*
ICR Industri*
23.8
147.6
17.3
13.7
86
58
7.6
27.8
12.7
5.9
2004
2005
2006
2007
2008
11
8
4
2004
2005
2006
2007
2008**
*
Rata-rata industri adalah rata-rata produsen semen yang terdaftar
di Bursa Efek Indonesia.
Industrial average based on cement producer listed in IDX.
**
Efektif sejak Januari 2008 telah diterapkan PSAK 30 (2007).
**
As of January 2008, Indonesian GAAP 30 (2007) has been applied.
*
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
17
Ikhtisar Utama - Key Highlights
IKHTISAR SAHAM
STOCK HIGHLIGHTS
HARGA SAHAM PER TRIWULAN DI BURSA EFEK INDONESIA (Rp)
QUARTERLY STOCK PRICE AT INDONESIA STOCK EXCHANGE (Rp)
2008
Periode Period
2007
Tertinggi highest
Terendah lowest
Tertinggi highest
Terendah lowest
5,800
4,450
4,240
3,500
Triwulan I 1st Quarter
Triwulan II 2nd Quarter
4,850
3,975
5,310
3,800
Triwulan III 3rd Quarter
4,100
3,350
5,570
4,175
Triwulan Iv 4th Quarter
4,175
1,850
6,250
5,200
PEMBAYARAN DIvIDEN
DIVIDEND PAYMENT
Keterangan Description
2007
2006
2005
2004
2003
1,77 miliar
billion
1,296 miliar
billion
1,002 miliar
billion
09 miliar
billion
373 miliar
billion
0%
0%
2.7%
3%
%
Dividen dibayarkan Dividend paid (Rp)
887.7 miliar
billion
67.76 miliar
billion
262.8 miliar
billion
182.20 miliar
billion
170.0 miliar
billion
Dividen per saham Dividend per share
(Rp)
19.66
1,092.06
3.12
307.18
287.1
June 17, 2008
August 7, 2007
August 9, 2006
August 1, 2005
January 18, 2005
Agustus 11, 2004
Laba bersih Net income (Rp)
Rasio Dividen Dividend pay out ratio
Tanggal pembayaran Payment date
KRONOLOGI PENCATATAN SAHAM
CHRONOLOGY OF SHARE LISTING
Go Public
Peningkatan
Modal Dasar
Increase of
Authorized
Capital
Right Issue
Peningkatan
Modal Dasar
Increase of
Authorized
Capital
Stock Split
Pembelian
Kembali
Buy Back
Saham Share
500,000
741,440,000
741,440,000
2,000,000,000
2,000,000,000
2,000,000,000
Modal
ditempatkan dan
disetor
Issued and paid
capital
Saham Share
148,288,000
148,288,000
593,152,000
593,152,000
5,931,520,000
5,931,520,000
Modal saham
yang diperoleh
kembali
Treasury stock
Saham Share
-
-
-
-
-
68,032,000
Tanggal
pencatatan
saham di BEI
The date of
share listing at
IDX
-
July 8, 1991
-
June 2, 1995
August,1995
-
August 7,
2007
October 13,
2008
January 9,
2009
Keterangan
Description
Satuan Unit
Modal dasar
Authorized
capital
18
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
HARGA SAHAM SMGR vS IHSG
SMGR SHARE PRICE VS INDONESIA COMPOSITE INDEX
January - December 2008
9000
Price
(Rp/share)
Volume
(per 1,000)
SMGR
8000
7000
Opening
SMGR: Rp 5,700
IDX : 2,732
IDX
Closing
SMGR: Rp 4,175
IDX : 1,355.40
30.000
25.000
Trading volume
20.000
6000
5000
15.000
4000
3000
10.000
2000
5.000
1000
0
/3
12
12
/1
/3
11
1
0/
/1
9
/1
/1
8
6
7
/2
/2
5
/1
4
/3
3
2
1
/1
/2
6
0
0
Jakarta Composite Index is rebased to Semen Gresik share price
Note: US$ 1 = IDR 11,000 as per Dec 30, 2008
January - December 2007
7,000
Volume
(per 1,000)
Price
(Rp/share)
SMGR
14,000
IDX
12,000
6,000
Trading Volume
5,000
10,000
4,000
8,000
3,000
6,000
2,000
Opening
SMGR: Rp 3,700
IDX : 1,836.52
4,000
Closing
SMGR: Rp 5,600
IDX : 2,745.8
2,000
1,000
0
0
Jan-
Feb-
Apr-
Jun-
Aug-
Oct-
Des-
Jakarta Composite Index is rebased to Semen Gresik share price
Note: US$1= IDR 9,393 as per Dec. 28, 2007; Semen Gresik prices adjusted to stock split
KOMPOSISI PEMEGANG SAHAM
PER 31 DESEMBER 2008
KOMPOSISI PEMEGANG SAHAM
PER 31 DESEMBER 2007
SHAREHOLDERS COMPOSITION
AS OF 31 DECEMBER 2008
SHAREHOLDERS COMPOSITION
AS OF 31 DECEMBER 2007
Domestic
Individual
0.70%
Foreign
Instituions
15.36%
Domestic
Instituions
7.15%
Foreign
Instituions
18.62%
Foreign
Individual
0.02%
Domestic
Instituions
5.13%
Domestic
Individual
0.32%
Foreign
Individual
0.02%
Blue Valley
25.18%
Blue Valley
24.90%
GoI
51.59%
Laporan Tahunan 2008 Annual Report
GoI
51.01%
PT Semen Gresik (Persero) Tbk
19
Ikhtisar Utama - Key Highlights
PERISTIWA PENTING 2008
2008 SIGNIFICANT EvENTS
1
2
3
20
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
1
MEI
2
Rapat Umum Pemegang Saham Tahunan (RUPST) Perseroan
menyetujui perubahan susunan Direksi yang baru menjadi:
Direktur Utama: Dwi Soetjipto; Wakil Direktur Utama: Heru
D. Adhiningrat; Direktur Keuangan: Cholil Hasan; Direktur
Pemasaran: Irwan Suarly; Direktur Produksi: Suparni; Direktur
Litbang & Operasional: Suharto.
Rapat Umum Pemegang Saham Luar Biasa (RUPSLB)
Perseroan, antara lain memutuskan hal-hal sebagai berikut:
1. Penyesuaian terhadap UU No. 0 tahun 2007 yang harus
dipenuhi selambat-lambatnya tanggal 16 Agustus 2008.
2. Perubahan susunan Komisaris Perseroan menjadi:
Komisaris Utama: D. Aditya Sumanagara; Wakil Komisaris
Utama: Darjoto Setyawan; Komisaris: Setia Purwaka;
Komisaris Independen: Achmad Jazidie; Arif Arryman;
Marwoto Hadi Soesastro.
MAY
Resolution of the Annual General Meeting of
Shareholders (AGMS) of the Company for changes in the
Board of Directors composition:
President Director: Dwi Soetjipto; Vice President Director:
Heru D. Adhiningrat; Finance Director: Cholil Hasan;
Marketing Director: Irwan Suarly; Production Director:
Suparni; R&D & Operational Director: Suharto.
3
OKTOBER
JUNE
Extraordinary General Meeting of Shareholders (EGMS)
of the Company, which among others, which among
others resolute the following:
1. Adjustment to requirements of the Act No. 40 year
2007 to be completed by August 16, 2008.
2. Changes to the composition of the Board of
Commissioners: President Commissioner: D. Aditya
Sumanagara; Vice President Commissioner: Darjoto
Setyawan; Commissioner: Setia Purwaka; Independent
Commissioners: Achmad Jazidie; Arif Arryman;
Marwoto Hadi Soesastro.
Pembelian Kembali Saham Perseroan (share buyback)
tanggal 13 Oktober 2008 sampai dengan tanggal 9 Januari
2009 sebanyak 68.032.000 lembar saham atau 1,1 % dari
total saham beredar dengan nilai transaksi Rp198,7 miliar
yang dananya diambilkan dari Saldo Laba Perseroan.
OCTOBER
Share buyback by the Company dated October 13, 2008
to January 9, 2009 amounted to 68,032,000 shares or
1.1% from total outstanding shares with a transaction
value of Rp198.7 billion in which the fund was taken
from retained earnings.
JUNI
DESEMBER
Penandatanganan MOU dengan Bank Mandiri
sebagai “Loan Arranger” fasilitas sindikasi
pembiayaan atas rencana proyek-proyek strategis
Perseroan.
DECEMBER
Signing of the MOU with Bank Mandiri as “Loan
Arranger” of the inancing syndication facility
on the Company’s strategic projects.
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
21
Ikhtisar Utama - Key Highlights
PENGHARGAAN 2008
2008 AWARDS
1
April
Memperoleh sertiikat Sistim
Manajemen Keselamatan dan
Kesehatan Kerja OHSAS 18001-2007
April
Obtaining OHSAS 18001-2007
Occupational Safety and Health
Management System Certiicate.
1
2
3
6
Juli
Memperoleh penghargaan Program Penilaian
Peringkat Kinerja Perusahaan Dalam
Pengelolaan Lingkungan Hidup (PROPER)
2006-2007 Peringkat hijau dari Kementerian
Negara Lingkungan Hidup dalam bidang
pengendalian pencemaran air, pengendalian
pencemaran udara, pegelolaan limbah B3,
Amdal, Sistim Manajemen Lingkungan,
Konservasi Sumberdaya dan Community
Development, Participation and Relation.
July
Obtaining 2006-2007 “PROPER” award
Green Rank from the State Ministry
of Environment in the ield of water
pollution control, air pollution control,
B3 waste management, Amdal,
Environmental Management System,
Resources Conservation and Community
Development, Participation and Relation.
9
Oktober 2008
Mendapat penghargaan kategori
Ordinary Excellent pada
International Convention on
Quality Control Circle (ICQCC)
di Bangladesh.
7
8
9
10
11
12
October 2008
Obtaining award for Ordinary
Excellent category at the
International Convention on
Quality Control Circle (ICQCC)
in Bangladesh.
22
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
2
6
10
April
3
Mei
Juni
Memperoleh penghargaan sebagai The
Best Company sektor Industri Kimia
Dasar versi majalah Investor
Perusahaan terbaik untuk kategori favorit
produk semen dan saham blue chip versi
majalah Property & Bank (IPA 2008)
Masuk 10 peringkat BUMN yang
memberikan laba terbesar versi majalah
BUMN Review
April
May
June
Obtaining awards as The Best Company
in the sector of Basic Chemical Industry
from Investor magazine.
“The Best Company” award for
cement product favorite category
and blue chip share from “Property &
Bank” magazine (IPA 2008).
Ranked amongst “Ten Biggest SOE”
providing biggest income, from
“BUMN Review” magazine.
Agustus
7
Agustus
Memperoleh penghargaan dari
Majalah Finance Asia sebagai The
Best Companies 2008 kategori Most
Committed to a strong Dividend
Policy (rank th).
Memperoleh Penghargaan TOP
Brand Award 2008, kategori
Semen dari Frontier Consulting
Group yang bekerjasama dengan
Majalah Marketing.
August
August
Obtaining “The Best Companies
2008” Award (5th Rank) in the
category of Most Committed to
a Strong Dividend Policy, from
Finance Asia magazine.
Obtaining Top Brand Award
2008 accolade in cement
category from Frontier
Consulting Group in cooperation
with the Marketing magazine.
November 2008
Mendapat 2 penghargaan kategori
Excellent pada International
Quality Convention (IQC) di
Bangkok, Thailand.
November 2008
Obtaining two awards for
Excellent category at the
International Quality Convention
(IQC) in Bangkok, Thailand.
11
Desember 2008
Memperoleh Investment Award 2008 dari
BKPM bekerjasama dengan Bisnis Indonesia
dan pihak Independen dengan topik utama
Green Economic and Business, kategori
Perusahaan PMDN Skala Besar Terbaik.
Penghargaan disampaikan oleh Wapres M.
Jusuf Kalla.
December 2008
Obtaining Investment Award 2008
from BKPM in cooperation with Bisnis
Indonesia and independent parties
on “Green Economic and Business”,
category Best Big Scale Regional SOE
Company. The award was given by the
Vice President M.Jusuf Kalla.
Laporan Tahunan 2008 Annual Report
8
September
Memperoleh Indonesia’s Best
Wealth Creators 2008 Awards,
penghargaan yang diberikan kepada
Perusahaan Publik berdasarkan
metode Wealth Added Index
(WAI) dari lembaga pemeringkat
internasional, Stern Stewart & Co.
September
Obtaining Indonesia’s Best
Wealth Creators 2008 Awards,
an accolade given to the public
companies by using Wealth
Added Index (WAI) from
international rating company,
Stern Stewart & Co.
12
Desember 2008
Terpilih sebagai BUMN Terbaik 2008,
kategori Bidang Non Keuangan Sektor
Industri Semen & Pupuk versi Majalah
Investor Business & Capital Markets
bekerjasama dengan Globe Media
Group, pada acara Investor Award 2008.
December 2008
Chosen as the Best BUMN 2008, for
Non Finance Category, Cement &
Fertilizer Industry Sector, version
Investor Business & Capital Markets
magazines in cooperation with Globe
Media Group, at the Investor Award
2008 forum.
PT Semen Gresik (Persero) Tbk
23
D. Aditya Sumanagara
Komisaris Utama
President Commissioner
2
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
LAPORAN
DEWAN
KOMISARIS
REPORT FROM THE BOARD
OF COMMISSIONERS
Pemegang Saham Yang Terhormat,
Dear Our Respected Shareholders,
Semangat dan optimisme tinggi pada awal
tahun 2008, yang dibuktikan dengan kinerja
usaha Perseroan yang terus meningkat harus
berhadapan dengan krisis inansial global
sejak semester kedua, yang mempengaruhi
perekonomian banyak negara, termasuk
Indonesia. Di tengah gejolak krisis dan
tantangan yang melanda semua industri,
termasuk industri semen tersebut, kami
bersyukur bahwa pada tahun 2008 Perseroan
berhasil membukukan kinerja keuangan yang
membesarkan hati.
Vigor and optimism during the
initial year of 2008 as relected in
the ever increasing performance
of the Company had encountered
global inancial crisis since the
second semester, which inluenced
economy in many countries, including
Indonesia. Amid the luctuating crisis
and challenges in the whole industry,
including cement industry, we are
grateful that the Company has been
successful in recording a satisfying
inancial performance.
Volume penjualan meningkat 4,2%, mencapai
total 17,7 juta ton, senilai Rp12,2 triliun, dengan
laba operasional meningkat 41,3% mencapai
Rp3,4 triliun, sedangkan laba bersih naik 42,1%
mencapai Rp2,5 miliar. Kinerja positif tersebut
diikuti dengan peningkatan laba per saham
sebesar 42,4% menjadi Rp426 per lembar.
EBITDA meningkat hingga 35,8 % mencapai
nilai sebesar Rp 3,9 triliun.
Sales volume rose by 4.2%, achieving a
total of 17.7 million tonnes, at a value
of Rp12.2 trilion, with an increase in
operating income by 41.3% to achieve
Rp3.4 trillion, while net income rose by
42.1% to a sum of Rp2.5 billion. Such
positive performance is followed by
42.4% increase in earning per share to
an amount of Rp426 per share. EBITDA
also rose by 35.8 % to reach an amount
of Rp 3.9 trilion.
Kinerja operasional yang baik tersebut
telah meningkatkan likuiditas dan sekaligus
memantapkan posisi Perseroan di posisi rating
nasional Aa2.id dan rating internasional di level
Ba2 dari Moody’s dan rating BB dari Standard &
Poor, kedua yang disebut terakhir dengan status
Stable Outlook. Rating meyakinkan tersebut, yang
menunjukkan tingginya kepercayaan investor,
semakin memperkokoh kemampuan Perseroan
untuk melakukan ekspansi di masa mendatang.
Our good operational performance
has enhanced the liquidity and at the
same time strengthen the Company’s
position in national rating at Aa2.id and
international rating at Ba2 level from
Moody’s and BB rating from Standard
& Poor, and the last two with Stable
Outlook status. The convincing rating
displays high-level trust from investors,
which strengthens the Company’s ability
in conducting expansion in future years.
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
2
Laporan Dewan Komisaris - Report from the Board of Commissioners
Perseroan telah mempersiapkan langkah operasional
dalam mengantisipasi perubahan kondisi di tahun 2009
dan tahun-tahun berikutnya yang tidak mudah diprediksi.
Dewan Komisaris terus memotivasi Direksi untuk secara
intensif mempertajam implementasi strategi operasional
korporasi, yang mencakup revenue, cost and investment
management serta peningkatan keunggulan kompetitif
yang telah dijalankan selama ini. Langkah tersebut
bertujuan untuk mempertahankan pangsa pasar yang
selaras dengan tingkat pertumbuhan konsumsi, sekaligus
meningkatkan marjin operasi, menurunkan beban
biaya bahan bakar, tenaga listrik, transportasi dan biaya
pemeliharaan, serta memaksimalkan optimasi kapasitas.
The Company has prepared its operational steps
in anticipating the recurring changes in 2009
and the following years which is unpredictable.
The Board of Commissioners continuously
motivates the Board of Directors to intensively
leverage its corporate operational strategy,
which covers revenue, cost and investment
management and improve its competitive
excellence rendered for over the years. The
steps aim at maintaining the market share in
accordance with the consumption growth
rate, while improving the operation margin,
reducing the expenses of fuel, electricity power,
transportation and maintenance cost, and at the
same time optimizing the capacity.
Melanjutkan langkah restrukturisasi, kami tengah
menjalankan upaya intensif bersama Pemerintah selaku
pemegang saham pengendali, untuk menuntaskan
rancangan pembentukan holding company. Sementara
itu, pada saat ini telah dilaksanakan tahapan functional
holding yang berhasil mengintegrasikan sejumlah
fungsi penting Perseroan, termasuk di antaranya
bidang pengadaan, pemasaran dan pembangunan
proyek, yang selanjutnya akan diikuti oleh berbagai
fungsi strategis lainnya.
Continuing the restructuring process, we
are conducting intensive measures with the
Government as our controlling shareholder,
to satisfy the formation plan of the holding
company. At the same time, the current
functional holding stage is undergoing
process and has successfully integrated
a number of important functions of the
Company, including among others the ields
of procurement, marketing and project
development, which will further followed by
several other strategic functions.
RUPS Luar Biasa tanggal 10 Desember 2007 telah
mengamanatkan pengamanan rencana pembangunan
pabrik semen dan pembangkit tenaga listrik baru. Namun
di tengah bayang-bayang kondisi krisis perekonomian saat
ini, berdasarkan hasil-hasil kajian dan rekomendasi dari
pihak-pihak yang terkait, kami memandang perlu untuk
melakukan peninjauan kembali Proyek Pembangunan
Pembangkit Tenaga Listrik tersebut. Selain itu, berkaitan
dengan gejolak pasar modal yang mengakibatkan
penurunan harga saham Perseroan hingga jauh di bawah
nilai fundamentalnya, kami kemudian melaksanakan
program Pembelian Kembali Saham (Share Buy-back) dan
mengakhiri program tersebut pada 9 Januari 2009.
Dewan Komisaris dan Direksi Perseroan telah
merampungkan penyusunan Rencana Kerja dan Anggaran
Perusahaan (RKAP) 2009, dengan sasaran target yang
lebih tinggi dari 2008. Kendati kondisi yang dihadapi
diprediksi sarat dengan perubahan dan tantangan, namun
kami meyakini bahwa seiring dengan penerapan strategi
korporasi secara simultan, Perseroan akan mampu meraih
target tinggi yang telah dicanangkan.
Dewan Komisaris dan Direksi juga telah menetapkan
serangkaian inisiatif strategis, antara lain melakukan
restrukturisasi dan memperkuat struktur keuangan Perseroan,
implementasi restrukturisasi korporasi, restrukturisasi bisnis
26
Laporan Tahunan 2008 Annual Report
The Extra-ordinary GMS held at December 10,
2007 had mandated the construction plan of
cement factory and new power generating
plant. However overshadowed by the current
economic crisis, based on the results of analysis
and recommendation from the related parties,
it is deemed necessary for us to conduct
a review to the Power Generating Plant
Construction Project. Moreover, in line with the
volatility of capital market which affecting the
plummete of Company’s shares into far below
its fundamental value, we had subsequently
conducted Share Buy-back program and ended
the program on January 9, 2009.
Both the Board of Commissioners and Directors
of the Company had completed the formulation
of the Company’s Work Plan and Annual Budget
(“RKAP”) in 2009, with a higher target than in
2008. Even though facing a condition which is
predicted to be full of changes and challenges,
however we are sure that in line with
simultaneous implementation of the corporate
strategy, the Company will be able to reach a
higher target as deined.
The Board of Commissioners and Directors have
also determined a series of strategic initiatives,
to include restructuring and strengthening
the Company’s inancial structure, corporate
restructuring implementation, restructuring
PT Semen Gresik (Persero) Tbk
unit dan anak perusahaan, mengembangkan Human
Capital Master Plan di bidang Sumber Daya Manusia, serta
memperkuat sistim Informasi dan Teknologi antara lain melalui
Information Communication and Technology Master Plan
(ICTMP) dan pengesahan serta pelaksanaan Pedoman Good
Corporate Governance.
of business unit and subsidiary companies, as
well as strengthening the Information and
Technololgy system, which among others by way
of Information Communication and Technology
Master Plan and conirming and implementing
the Good Corporate Governance Manual.
Selanjutnya untuk mengoptimalkan fungsi pengawasan,
Dewan Komisaris didukung oleh sejumlah Komite yang
dibentuk untuk memperkuat analisis dan akuntabilitas
dari tiap-tiap bidang yang diawasinya, meliputi Komite
Audit, Komite Strategi Manajemen Risiko dan Investasi,
Komite Nominasi dan Remunerasi, Komite Good Corporate
Governance dan Oversight Committee.
Furthermore in optimizing its supervisory
function, the Board of Commissioners is
supported by a number of Committees
established to strengthen the analysis and
accountability of each supervisory aspect,
encompassing the Audit Committee, Risk and
Investment Management Strategy Committee,
Nomination and Remuneration Committee,
Good Corporate Governance Committee and
Oversight Committee.
Kami telah mengamanatkan Direksi untuk terus
meningkatkan praktik Tata Kelola dalam menjalankan
operasional usaha. Kami meyakini bahwa dengan
pelaksanaan best practices, yang dijiwai oleh ruh integritas
dalam implementasi Good Corporate Governance, bukan
saja mendorong kepercayaan masyarakat yang semakin besar
terhadap Perseroan, tetapi juga meningkatkan nilai Perseroan.
Itu sebabnya kami memandang positif langkah Direksi untuk
memperkuat Code of Conduct dan menerapkannya dalam
setiap kegiatan usaha, memperkenalkan dan menggali
kembali budaya korporasi, serta menyusun dan melaksanakan
Pedoman Tata Kelola Perusahaan.
Sebagai bagian dari lembaga industri nasional terkemuka,
kami terus menjaga harmoni antara prestasi kinerja
inansial dan operasional, dengan tanggung jawab sosial
untuk kesejahteraan masyarakat. Komitmen dalam bidang
Corporate Social Responsibility (CSR) terwujud dalam sebuah
blue-print yang mencakup berbagai aspek kehidupan penting
masyarakat, baik dalam segi sosial, ekonomi, pendidikan,
kesehatan maupun kesejahteraan pada umumnya. Berbagai
program CSR Perseroan telah mendapatkan penghargaan di
tingkat nasional.
Kami juga terus mengintensifkan upaya pelestarian
lingkungan dengan menjalankan program-program
penghijauan, khususnya di kawasan operasi penambangan.
Upaya ini menghasilkan tidak sekadar pada keberhasilan
program re-vegetasi dan rehabilitasi daerah pasca tambang,
tetapi juga apresiasi dari Kementerian Lingkungan Hidup,
yang meningkatkan peringkat PROPER Perseroan dari Biru
menjadi hijau. Suatu bukti atas perwujudan komitmen
Go Green dari Perseroan. Di samping itu sebagai bentuk
partisipasi dalam mengatasi efek pemanasan global (global
warming) Perseroan mengimplementasikan program Clean
Development Mechanism (CDM) meliputi aktiitas Proyek
Alternative Fuel dan Waste Heat Recovery Power Generator
dengan sasaran menurunkan emisi CO2.
We have commissioned the Board of Directors
to continually improving the Good Corporate
Governance practices. We are sure that by
implementing the best practices, inspired by
the spirit of integrity in implementing the Good
Corporate Governance, is not only promoting
the community trust to the Company, but also
leveraging the Company values. That’s why
we regard as positive to the Board of Directors
plan in strengthening the Code of Conduct and
implement it in each business activity, introduce
and explore the corporate culture, in addition
to the formulation and implementation of
Corporate Governance Guidelines.
As part of leading national industry
corporations, we are continuously keeping
balance between inancial and operational
performance, with social responsibility for the
community welfare. Commitment in Corporate
Social Responsibility (CSR) is manifested in a
blue-print which covers numerous important
aspects of people’s life, either in social,
economic, education, healthcare or in general
welfare. A number of our CSR programs have
obtain acknowledgements at the national level.
We also keep on intensifying the environmental
preservation measures by conducting regreening
programs, especially in the post mining areas.
This measure produces more than just success
in revegetation and rehabilitation programs
of the post mining areas, but also appreciation
from the State Ministry of Environment,
which elevates the “PROPER” value rating
of the Company, from Blue into Green. The
achievement proves our Go Green commitment
realization of the Company. Apart from that, as
a form of participatory practice in overcoming
global warming effect, the Company
implements Clean Development Mechanism
(CDM) program that conveys of Alternative
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
27
Laporan Dewan Komisaris - Report from the Board of Commissioners
Pada pertengahan tahun 2008, terjadi perubahan dalam
susunan Dewan Komisaris dan Direksi, yaitu penggantian
Komisaris Utama Bapak Rizal Ramli yang digantikan oleh
saya sendiri, D. Aditya Sumanagara dan penggantian Wakil
Direktur Utama Perseroan, Bapak Rudiantara yang digantikan
oleh Bapak Heru D. Adhiningrat. Perubahan komposisi ini
telah disetujui oleh RUPSLB, yang dilaksanakan pada 27 Juni
2008 dan RUPST yang diselenggarakan pada 7 Mei 2008.
Kepada Bapak Rizal Ramli dan Bapak Rudiantara, kami atas
nama Perseroan mengucapkan terima kasih dan penghargaan
yang setinggi-tingginya atas kontribusi penting yang telah
diberikan selama masa jabatannya di Semen Gresik.
Akhir kata, mewakili Dewan Komisaris saya menyampaikan
penghargaan yang setinggi-tingginya kepada seluruh jajaran
Direksi dan pegawai Perseroan atas kerja sama, loyalitas dan
kerja kerasnya dalam memaksimalkan peluang di tengah
gejolak pasar inansial. Dengan dukungan dari para pihak
terkait dan penerapan prinsip kehati-hatian dan tata kelola
yang baik, kami percaya akan pertumbuhan positif Perseroan
secara berkelanjutan di masa-masa mendatang.
Fuel Project and Waste Heat Recovery Power
Generator aiming at reducing CO2 emission.
In the middle of 2008, changes occurred
in the composition of both the Board of
Commissioners and Directors, with the
replacement of President Commissioner Mr Rizal
Ramli, which was replaced by myself, D. Aditya
Sumanagara, and replacement of Vice President
Director of the Company, Mr. Rudiantara, which
was replaced by Mr. Heru D. Adhiningrat. The
composition change was approved by the EGMS
on June 27, 2008 and AGMS to be held on May
7, 2008. To Mr. Rizal Ramli and Mr. Rudiantara,
on behalf of the Company, we extend our
gratitude and highest appreciation for major
contribution rendered during their tenure with
the Company.
Finally, on behalf of the Board of Commissioners
we extend our sincere appreciation to the whole
line of the Boards as well as employees of the
Company for their cooperation, loyality and
hardwork in maximizing opportunities amidst
volatile inancial market.With consistent support
from each related parties and implementation
of prudency and good corporate governance
principles, we are sure of continuing positive
growth of the Company in the upcoming years.
Jakarta, April 2009
D. Aditya Sumanagara
Komisaris Utama
President Commissioner
28
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
5
4
2
3
6
1
1. D. Aditya Sumanagara
Komisaris Utama
President Commissioner
5. Arif Arryman
Komisaris Independen
Independent Commissioner
2. Darjoto Setyawan
Wakil Komisaris Utama
Vice President Commissioner
6. Achmad Jazidie
Komisaris Independen
Independent Commissioner
3. Setia Purwaka
Komisaris
Commissioner
4. marwoto hadi Soesastro
Komisaris Independen
Independent Commissioner
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
29
Dwi Soetjipto
Direktur Utama
President Director
30
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
LAPORAN
DIREKSI
REPORT FROM THE BOARD
OF DIRECTORS
FoKUS PADA STRATEGI oPERASIoNAl UNTUK
mEmPERKoKoh lANDASAN mENUJU ERA BARU
FOCUSING ON OPERATIONAL STRATEGY
TO STRENGTHEN THE FOUNDATION
TOWARDS A NEW ERA
Para Pemegang Saham Perseroan Yang Terhormat,
Dear Our Respected Shareholders,
Dengan mengucap syukur kepada Tuhan Yang
Maha Kuasa, atas nama Direksi, saya dapat
menyampaikan bahwa selama tahun 2008,
Perseroan telah membukukan kinerja usaha
yang menggembirakan meskipun dibayangi
oleh kondisi perekonomian yang menantang.
Pencapaian tersebut membuktikan efektivitas
sinergi operasional sehingga Perseroan mampu
mewujudkan pertumbuhan yang berkelanjutan
sekaligus mempertahankan pangsa pasar yang
dominan dalam industri semen nasional.
By glorifying our praise to God the
Almighty, on behalf of the Board of
Directors, I can report that during the
year 2008, the Company has recorded
a satisfying performance even though
overshadowed by a challenging
economic condition. Such achievement
has conirmed the effectiveness of
operational strategy to enable Semen
Gresik creating a sustainable growth at
the same time maintaining its dominant
market share in national cement industry.
Dengan memfokuskan seluruh potensi
Perseroan pada empat elemen strategi
operasional, yaitu Revenue Management,
Cost Management, Capacity Management
dan Improving Competitive Advantage,
Perseroan berhasil mencatat pendapatan
sebesar Rp12,2 triliun, meningkat 27,2% dan
menghasilkan laba bersih sebesar Rp2,5 triliun
atau naik sebesar 42,1% serta EBITDA sebesar
Rp3,9 triliun atau meningkat sebesar 35,8%
dibanding tahun sebelumnya. EBITDA margin
pun meningkat menjadi 31,7% dari 29,7%
pada tahun sebelumnya.
By focusing our Company’s resources
to the four element of operational
strategies, that consists of Revenue
Management, Cost Management,
Capacity Management and Improving
Competitive Advantage, the Company
has been successful in recording sales
of Rp12.2 trillion, increasing 27.2% and
resulting in net income of Rp2.5 trillion
or rose by 42.1% and EBITDA of Rp3.9
trillion or increasing 35.8% compared
to the previous year. EBITDA margin
also rose by 31.7% from 29.7% in the
preceding year.
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
31
Laporan Direksi - Report from the Board of Directors
Hasil operasional ini membuat kondisi keuangan
Perseroan semakin kuat, sebagaimana terlihat dari
posisi ROE sebesar 31,3%, dan ROA sebesar 23,8%.
Posisi ini lebih besar dari rata-rata industri, yaitu
20% untuk ROE dan 1% untuk ROA. Perseroan
memiliki eksposur hutang yang rendah dan free
cash flow yang kuat sehingga Perseroan memiliki
kapabilitas yang unggul untuk pengembangan usaha
di masa mendatang.
lANDASAN yANG KoKoh mENUJU ERA BARU
Penerapan strategi revenue management yang
konsisten dan diupayakan melalui sinergi yang
intensif mampu menghasilkan kinerja fundamental
yang kokoh. Perseroan memprioritaskan pendapatan
produk dengan harga yang bersaing dan pada segmen
pasar yang memungkinkan penentuan harga dengan
profit optimal. Hasilnya, total volume pendapatan
produk di tahun 2008 mencapai jumlah 17,7 juta ton,
naik % dari volume penjualan tahun 2007 sebesar
16,9 juta ton. volume penjualan tersebut semakin
mengukuhkan posisi Perseroan sebagai market leader
di pasar domestik dengan pangsa pasar 3,7%. Seiring
dengan pencapaian tersebut, proitabilitas Perseroan
meningkat, sebagaimana ditunjukkan oleh besaran
kenaikan pendapatan dan laba bersih sebesar 27%
dan 2%.
Peningkatan proitabilitas merupakan buah
keberhasilan Perseroan dalam menekan peningkatan
biaya produksi melalui strategi cost management
yang diimplementasikan melalui serangkaian program
eisiensi. Kendati menghadapi lonjakan harga BBM dan
batubara yang sangat tinggi pada pertengahan tahun,
upaya pengendalian biaya berhasil menekan kenaikan
Beban Pokok Pendapatan dan Beban Usaha di tahun
2008 pada kisaran Rp6,86 triliun atau meningkat
22,% dan Rp1,97 triliun atau meningkat 22,7%.
Hasil tersebut cukup positif, mengingat kenaikan biaya
energi sebagai komponen biaya yang dominan dalam
proses produksi dapat ditekan sehingga berada di
bawah persentase peningkatan pendapatan.
Hasil akhir dari langkah tersebut adalah meningkatnya
laba usaha menjadi Rp3,39 triliun, naik 1,3%
dibandingkan tahun sebelumnya. Laba bersih
Perseroan di tahun 2008 mencapai Rp2,2 triliun,
naik sebesar 2,1% dari posisi laba bersih tahun 2007
sebesar Rp1,78 triliun.
32
Laporan Tahunan 2008 Annual Report
This operational result created a stronger
inancial condition of the Company, as shown
by ROE position of 31.3%, and ROA of 23.8%.
This position is higher than average industrial
rate, which is 20% for ROE and 14% for ROA.
The Company possesses low exposure to loan
and a strong free cash low that ensures the
Company having an excellent capability for
future development in business.
STRoNGER FoUNDATIoN ToWARDS A
NEW ERA
Consistent implementation of revenue
management strategy which has been put forth
through intensive synergy has enabled creating
a solid fundamental performance. The Company
prioritizes on product sales at competitive prices
and on market segment which enables price
structure with optimum proit. The result, total
volume of product sales in 2008 achieved 17.7
million tonnes, rose by 4% from sales volume in
2007 of 16.9 million tonnes. The achievement
of sales volume has further strengthened
the Company’s position as a market leader in
domestic market with market share of 43.7%.
In line with the achievement, Company’s
proitability increased, as demonstrated by the
rising volume of revenue and net income by
27% and 42%.
The growth in proitability is a result of the
Company’s accomplishment in controlling the
trend of production cost increase, through cost
management strategy imp
La p o ra n Ta h u n a n
A n n u a l R e p o rt
Menuju Era Baru
Towards A New Era
Mengembangkan potensi
Perseroan yang semakin kokoh
di masa depan.
Developing an even stronger capability
of the Company in the future.
Efektivitas penerapan strategi
korporasi secara simultan di
tahun 2008 telah mengantarkan
Perseroan ke arah tatanan baru
yang lebih mapan.
Effective simultaneous implementation
of the corporate strategy in 2008 has
brought the Company forward into
a new more established order.
Kendati menghadapi gejolak ekonomi sejak semester kedua, kami
berhasil memantapkan program konsolidasi internal sekaligus
memaksimalkan potensi pertumbuhan perusahaan dengan mencatat
pertumbuhan pendapatan secara signifikan, sehingga memiliki posisi
keuangan yang kokoh. Mantapnya program konsolidasi internal
tersebut, serta persiapan pranata organisasi dan SDM yang mampu
mengakomodasi tantangan masa depan, menandai kesiapan Perseroan
untuk melangkah ke era baru.
Even though encountering economic volatility since the second
semester, we have been successful in establishing internal consolidation
program while maximizing the Company’s capability to grow by
recording a signiicant revenue growth, to ensure possessing a solid
inancial position. Afirmed internal consolidation program as well as
readiness of the organization structure and human capital are capable
in accommodating future challenges, which signiies the Company’s
keenness in gearing up to enter the new era.
PERTUMBUHAN
YANG
BERKELANJUTAN
SUSTAINABLE GROWTH
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
We record continuing growth of
KAMI MENCATAT PERTUMBUHAN
EBITDA YANG BERKELANJUTAN
SEIRING DENGAN PENINGKATAN
PENDAPATAN. DALAM TAHUN
TERAKHIR, PERTUMBUHAN EBITDA
MENINGKAT RATA-RATA 28,7%,
SEMENTARA PENDAPATAN KAMI
MENINGKAT RATA-RATA 19,1%.
PADA TAHUN 2008, EBITDA
MENCAPAI RP3,9 TRILIUN, NAIK
3,8% DAN LABA BERSIH 2,1%.
DI SAMPING ITU, PRODUKSI KAMI
MAMPU MENGIMBANGI
TINGKAT PERTUMBUHAN
KEBUTUHAN NASIONAL.
EBITDA in line with the revenue
increase. During the last ive
years, EBITDA growth has been
increasing at an average of
28.7%, while our revenue rises
at an average of 19.1%. In 2008,
EBITDA reached Rp3.9 trillion,
rose by 3.8% and net income
achieved an amount of Rp2.
trillion, or increased 2.1%.
On the other hand, our
production is capable of fulilling
the growth level of national
demand.
12,210
9,601
8,728
7,32
3,867
6,068
Pendapatan dan
EBITDA
(dalam Rp miliar)
Revenue and EBITDA
(in Rp billions)
2,89
2,23
EBITDA
1,999
1,12
Pendapatan
Revenue
200
Konsumsi Semen
Nasional dan Penjualan
Domestik Perseroan
(dalam juta ton)
200
2006
2008
38.1
3.2
32.1
31.
1.2
30.2
National Cement
Consumption and
Company’s Domestic
Sales Volume
(in million tonnes)
2007
16.7
1.0
13.3
Konsumsi Semen Nasional
National Cement Consumption
1.3
Penjualan Domestik Perseroan
Company’s Domestic Sales Volume
200
200
2006
2007
Laporan Tahunan 2008 Annual Report
2008
PT Semen Gresik (Persero) Tbk
POSISI KEUANGAN
YANG KOKOH
STRONG FINANCIAL POSITION
6
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
PENERAPAN STRATEGI
Consistent implementation
of revenue management,
PENGELOLAAN PENDAPATAN,
capacity management and
KAPASITAS DAN BIAYA SECARA
cost management has been
KONSISTEN TELAH BERHASIL
inancial position. The Company
successful in strengthening our
possesses low exposure to loan
MEMPERKOKOH POSISI
and owns a stronger free cash
low, which establish a conducive
KEUANGAN. PERSEROAN
environment to optimize the
MEMILIKI EKSPOSUR HUTANG
capital structure for future
development of the Company.
YANG RENDAH DAN FREE
CASH FLOW YANG KUAT
SEHINGGA PERSEROAN MEMILIKI
KAPABILITAS YANG UNGGUL
UNTUK PENGEMBANGAN USAHA
DI MASA MENDATANG.
21.3
Kewajiban
terhadap
Ekuitas**
Debt to
Equity**
(dalam/in %)
10.0
.1
200
200
2006
22.
23.6
1
1.0
Return on
Equity
(dalam/in %)
2.
2.2
2007
2008
26.8
31.3
20
16
ROE Perseroan
Company’s ROE
(3)
200
ROE Industri*
Industry’s ROE*
200
200 2006
2007
2008
*Rata-rata industri adalah rata-rata produsen semen yang terdaftar di Bursa Efek Indonesia.
*Industrial average based on IDX listed cement producer.
**Hutang yang memiliki kewajiban bunga komersial.
**Interest bearing debt.
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
7
EKSPANSI YANG
TERUKUR
MEASURED EXPANSION
SELURUH FASILITAS PRODUKSI
All of the production facilities
have been operated at their
TELAH BEROPERASI DENGAN
highest utility rate in domestic
TINGKAT UTILITAS TERTINGGI DI
cement industries. Successful
LINGKUNGAN INDUSTRI SEMEN
of optimization programs
DALAM NEGERI. KEBERHASILAN
implementation of a series
has enabled enhancement of
production capacity to exceed
its initial production capacity.
SERANGKAIAN PROGRAM
In line with the achievement
OPTIMASI TELAH MEMUNGKINKAN
of optimization program, we
have geared up to the new
PENINGKATAN KAPASITAS
capacity construction.
PRODUKSI SEHINGGA MELEBIHI
KAPASITAS PRODUKSI AWAL.
SEIRING PENCAPAIAN PROGRAM
OPTIMASI TERSEBUT, KINI KAMI
SIAP MELANGKAH MENUJU
PEMBANGUNAN KAPASITAS BARU.
8
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
18.0
17.1
16.9
16.9
16.9
Kapasitas
Produksi
Perseroan
(dalam juta ton)
Company’s
Production Capacity
(in million tonnes)
200
200
2006
2007
2008
100.1
98.2
96.2
93.1
83.
Utilisasi Kapasitas
(dalam %)
Capacity
Utilization (in %)
200
200
2006
Laporan Tahunan 2008 Annual Report
2007
2008
PT Semen Gresik (Persero) Tbk
9
PENGELOLAAN
YANG CERMAT
PRUDENT MANAGEMENT
HASIL PERTUMBUHAN KINERJA
Achievement of our continuing
YANG BERKELANJUTAN MERUPAKAN
growth performance relects
the implementation of prudent
CERMINAN DARI PENERAPAN PRINSIP
and astute principles in each
KEHATI-HATIAN DAN KEBIJAKSANAAN
step of planning and operation
DALAM SETIAP LANGKAH
of the Company. Management
PERENCANAAN DAN OPERASIONAL
is aware that everything can
be changed to be better, and
PERSEROAN. MANAJEMEN
that the risk is unavoidable but
BERKEYAKINAN SEGALA SESUATU
can be calculated.
DAPAT DIBUAT LEBIH BAIK, RISIKO
TIDAK TERHINDARKAN TETAPI
We have improved our
Corporate Culture, Code of
DAPAT DIPERHITUNGKAN.
Ethics as well as completed
and strengthened our
KAMI TELAH MENYEMPURNAKAN
business management
procedures and governance
BUDAYA PERUSAHAAN, KODE
as a prerequisite for
ETIK SERTA MERAMPUNGKAN
developing positive
DAN MEMPERKUAT PROSEDUR
sustainable performance.
TATA KELOLA USAHA DAN TATA
LAKSANA SEBAGAI PRANATA BAGI
PENGEMBANGAN KINERJA POSITIF
YANG BERKELANJUTAN.
10
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
11
KESELARASAN
DALAM
PENGELOLAAN
HARMONY IN MANAGEMENT
12
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
1
1
Penghargaan Proper Hijau
2
Kawasan Pabrik Tuban
View of Tuban Plant
Proper Green Award
2
DI MANA KAMI BERADA DI SITU
TANGGUNG JAWAB SOSIAL DAN
LINGKUNGAN KAMI MELEKAT
WE holD oUR SoCIAl
AND ENVIRoNmENTAl
RESPoNSIBIlITy UP To WhERE
WE PUT oUR STEPS IN
PERSEROAN MENERAPKAN KEBIJAKAN
TRIPLE BOTTOM LINE YANG
MENYELARASKAN PENGEMBANGAN
KETIGA ASPEK, YAITU EKONOMI,
SOSIAL DAN LINGKUNGAN. PERHATIAN
TERHADAP PERKEMBANGAN SOSIAL
DAN KELESTARIAN LINGKUNGAN SAMA
PENTINGNYA DENGAN PENCAPAIAN
KINERJA EKONOMI.
The Company implements triple
bottom line policy aligning
harmonious development of the
three aspects to include economy,
social and environment. Attention
to the social development and
environmental preservation is as
important as the achievement of
our business performance.
BERKEMBANGNYA KESEJAHTERAAN
MASYARAKAT DAN MENINGKATNYA
KUALITAS PENGELOLAAN
LINGKUNGAN MERUPAKAN HASIL DARI
PELAKSANAAN KOMITMEN PERSEROAN
ATAS TANGGUNG JAWAB SOSIAL DAN
LINGKUNGAN. PENGHARGAAN DARI
BERBAGAI LEMBAGA INDEPENDEN
ANTARA LAIN INvESTMENT AWARD
DAN PROPER PERINGKAT HIJAU
MERUPAKAN SALAH SATU PENGAKUAN
ATAS KOMITMEN PERSEROAN DALAM
MENERAPKAN PROGRAM TERSEBUT.
Laporan Tahunan 2008 Annual Report
The development of community
welfare and improvement on
quality environmental management
demonstrate the realization of the
Company’s commitment in social
and environmental responsibilities.
Appreciation from several
independent institutions encompass
among others the Investment
Award and Proper Green Rating
signify the acknowledgement of
Company’s commitment in carrying
out the program.
PT Semen Gresik (Persero) Tbk
13
DAFTAR ISI TABLE OF CONTENTS
Produk, Fasilitas dan Distribusi Product, Fasilities and Distribution
57
Jenis Produk Product Type
60
Fasilitas Pendukung Supporting Facilities
62
Distribusi Distribution
Pengembangan Sumber Daya Manusia
human Resources Development
68
Rekrutmen Recruitment
69
Pelatihan dan Pengembangan Kompetensi
Competence Training and Development
70
Sistim Remunerasi & Kesejahteraan Pegawai
Employee Remuneration and Beneit System
72
Peningkatan Wawasan Knowledge Management
73
Demograi Pegawai Employee Demographic Proile
Prakata: Kinerja dan Pencapaian
Preface: Performance and Achievement
4
Pertumbuhan yang Berkelanjutan Sustainable Growth
6
Posisi Keuangan yang Kokoh Strong Financial Position
8
Ekspansi yang Terukur Measured Expansion
10
Pengelolaan yang Cermat Prudent Management
12
Keselarasan dalam Pembangunan Harmony in Management
Ikhtisar Utama highlights
16
Ikhtisar Keuangan Financial Highlights
18
Ikhtisar Saham Stock Highlights
Pembayaran Dividen Dividend Payment
Kronologi Pencatatan Saham Stock Listing History
19
Kinerja Pergerakan Saham 2008
Share Performance Movement 2008
Kinerja Pergerakan Saham 2007
Share Performance Movement 2007
Komposisi Pemegang Saham 2007 & 2008
Shareholders Composition 2007 & 2008
20
22
Tata Kelola Perusahaan Corporate Governance
Peristiwa Penting 2008 2008 Signiicant Events
Penghargaan Awards
24
Laporan Dewan Komisaris
Report from the Board of Commissioners
30
Laporan Direksi Report from the Board of Directors
Proil Perusahaan Company Proile
41
Sekilas Perseroan Company in Brief
42
visi dan Misi Vision and Mission
43
Kekuatan Perseroan Our Strength
45
Struktur Kepemilikan Saham Share Ownership Structure
46
Struktur Organisasi Organization Structure
48
Proil Manajemen Management Proile
1
Laporan Tahunan 2008 Annual Report
78
Pedoman Tata Kelola Corporate Governance Guidelines
79
Organ Perusahaan Corporate Structure
80
RUPS GMS
88
Dewan Komisaris Board of Commissioners
92
Direksi Board of Directors
99
Komite di bawah Dewan Komisaris
Committees Under the Board of Commissioners
109
Laporan Komite Committees’ Report
118
Proil Anggota Komite Proile of Committee Members
123
Pengelolaan Perusahaan Corporate Management
126
Ketentuan Perusahaan Terkait Praktek GCG
GCG Practices Corporate Regulations
134
Penerapan Prinsip-prinsip Dasar GCG
GCG Basic Principles Implementation
144
Transaksi Hubungan Istimewa dan Perkara Hukum
Related Party Transaction and Litigation
PT Semen Gresik (Persero) Tbk
Analisis dan Pembahasan Manajemen
management’s Discussion & Analysis
147
Kondisi Umum Perekonomian Indonesia
Indonesian Macro Economic Condition
149
Prospek & Kondisi Pasar Semen Domestik
Domestic Market Prospect & Condition
150
Risiko-risiko Usaha Business Risks
152
Strategi dan Hasil Operasional Tahun 2008
Strategic and Operational Results 2008
152
Strategi Operasional Operational Strategy
154
Hasil Operasional Operational Result
154
Bidang Pemasaran dan Distribusi
Marketing and Distribution
158
Bidang Produksi Production
163
Pengelolaan Kapasitas Capacity Management
164
Perkembangan Pembangunan Proyek Strategis
Strategic Project Development Progress
166
Penelitian dan Pengembangan Research and Development
168
Pengembangan Manajemen ICT
ICT Management Development
169
Ulasan Kinerja Keuangan Financial Performance Review
176
Anak Perusahaan Konsolidasi Consolidated Subsidiaries
210
Data Anak Perusahaan Lainnya Other Subsidiaries Data
184
Kejadian Penting Setelah Tanggal Neraca
Subsequent Events
214
Anak Perusahaan dan Ailiasi
Subsidiaries and Afiliated Companies
216
Informasi Pemegang Saham Shareholders Information
218
Referensi terhadap ketentuan Bapepam-LK mengenai format
Laporan Tahunan
Reference to the Bapepam-LK Regulation on the Annual
Report Format
220
Pengesahan Pronouncement
Informasi Perseroan Corporate Information
223
190
Pengelolaan Lingkungan Serta Keselamatan dan
Kesehatan Kerja
Safety, Health and Environmental Management
202
Tanggung Jawab Sosial Social Responsibility
Laporan Keuangan Konsolidasian 2008
Consolidated Financial Statements 2008
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
1
Ikhtisar Utama - Key Highlights
IKHTISAR KEUANGAN
FINANCIAL HIGHLIGHTS
Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain
Expressed in millions of Rupiah, unless otherwise stated
2008
Aktiva Lancar Current Assets
Investasi pada Perusahaan Asosiasi
Investments in Associates
Aset Tetap Fixed Assets
Aktiva Tidak Lancar Lainnya Other Non-Current
Assets
Jumlah Aktiva Total Assets
Kewajiban Lancar Current Liabilities
Kewajiban Tidak Lancar Non-current Liabilities
2007 2006 200 200
7,083,422
5,267,912
4,153,263
3,740,623
2,836,339
59,566
50,259
43,830
43,725
39,005
3,308,878
3,089,622
3,162,919
3,419,589
3,674,298
151,098
107,434
136,407
93,923
116,188
10,602,964
8,515,227
7,496,419
7,297,860
6,665,830
2,092,099
1,445,874
1,460,083
2,165,374
1,777,388
337,149
349,766
455,160
596,374
1,183,355
2,429,249
1,795,640
1,915,243
2,761,748
2,960,743
104,129
92,324
81,562
69,179
62,650
8,069,586
6,627,263
5,499,614
4,466,932
3,642,437
562,830
357,734
190,297
190,840
125,313
4,991,322
3,822,037
2,693,180
1,575,249
1,058,951
Volume Penjualan (Ton) Sales Volume (Tonnes)
17,659,418
16,944,336
16,761,860
16,342,603
15,611,163
Pendapatan Revenue
12,209,846
9,600,801
8,727,858
7,532,208
6,067,558
Beban Pokok Pendapatan Cost of Revenue
6,855,225
5,600,144
5,400,346
4,640,413
4,006,856
Total Kewajiban Total Liabilities
Hak Minoritas Atas Ekuitas Anak Perusahaan
Minority Interest in Equity of Subsidiaries
Jumlah Ekuitas Total Equity
Pengeluaran modal Capital Expenditures
modal Kerja Bersih Net Working Capital
LABA RUGI STATEmENTS oF INComE
laba Kotor Gross Proit
5,354,621
4,000,657
3,327,512
2,891,795
2,060,702
Beban Usaha Operating Expenses
1,967,435
1,603,808
1,548,133
1,352,557
1,095,543
Laba Usaha Operating Income
3,387,186
2,396,848
1,779,379
1,539,238
965,159
laba Bersih Net Income
2,523,544
1,775,408
1,295,520
1,001,772
508,916
EBITDA
3,867,228
2,848,528
2,234,456
1,999,359
1,411,733
Rata-rata Tertimbang Saham Beredar (ribu lembar)*
Weighted Average Number Of Shares Outstanding
(in thousand of shares)*
5,922,179
5,931,520
5,931,520
5,931,520
5,931,520
426
299
218
169
86
Marjin Laba Kotor Gross Proit Margin
43.9%
41.7%
38.1%
38.4%
34.0%
Marjin Laba Usaha Operating Margin
27.7%
25.0%
20.4%
20.4%
15.9%
Marjin Laba Bersih Net margin
20.7%
18.5%
14.8%
13.3%
8.4%
Marjin EBITDA EBITDA Margin
31.7%
29.7%
25.6%
26.5%
23.3%
Laba Bersih per Saham Dasar (dalam Rupiah)*
Basic Earnings per Share (in Rupiah)*
RASIo - RASIo KEUANGAN FINANCIAl RATIoS
147.6 X
245.0 X
27.8 X
12.7 X
5.9 X
Rasio Laba terhadap Ekuitas Return to Equity
31.3%
26.8%
23.6%
22.4%
14.0%
Rasio Laba terhadap Total Aktiva Return to Assets
23.8%
20.8%
17.3%
13.7%
7.6%
338.6%
364.3%
284.5%
172.7%
159.6%
Rasio Kewajiban terhadap Ekuitas Debt to Equity
2.2%
2.4%
4.1%
10.0%
21.3%
Rasio Kewajiban terhadap Aktiva Debt to Assets
1.7%
1.9%
3.0%
6.1%
11.6%
Rasio EBITDA terhadap Bunga Interest Coverage Ratio
Rasio Lancar Current Ratio
**
*
Disesuaikan setelah stock split 1:10
**
*
Adjusted to stock split 1:10
**
16
Total kewajiban yang berefek bunga
Interest bearing debt.
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
volume Penjualan (dalam juta ton) dan
Pendapatan (dalam Rp triliun)
Laba Bersih (dalam Rp miliar)
Net Income (in Rp billions)
Sales Volume (in million tonnes)
and Revenue (in Rp trillions)
volume Penjualan
Sales Volume
Pendapatan
Revenue
2,524
17.7
1,775
16.9
16.8
16.2
15.6
1,296
12.2
1,002
9.6
8.7
509
7.5
6.1
2004
2005
2006
2007
2008
2004
2005
2006
2007
2008
Rasio Beban Pokok Terhadap
Pendapatan (%)
Rasio Beban Usaha Terhadap
Pendapatan (%)
COGS to Revenue (%)
SGA to Revenue (%)
66.0
18.1
61.6
18.0
61.9
17.7
16.7
16.1
58.3
56.1
2004
2005
2006
2007
2008
2004
2005
2006
2007
2008
Rasio Laba Terhadap Total Aset (%)
Rasio EBITDA Terhadap Bunga (X)
Return on Assets (%)
Interest Coverage Ratio (times)
20.8
245.0
ICR Perseroan*
ICR Industri*
23.8
147.6
17.3
13.7
86
58
7.6
27.8
12.7
5.9
2004
2005
2006
2007
2008
11
8
4
2004
2005
2006
2007
2008**
*
Rata-rata industri adalah rata-rata produsen semen yang terdaftar
di Bursa Efek Indonesia.
Industrial average based on cement producer listed in IDX.
**
Efektif sejak Januari 2008 telah diterapkan PSAK 30 (2007).
**
As of January 2008, Indonesian GAAP 30 (2007) has been applied.
*
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
17
Ikhtisar Utama - Key Highlights
IKHTISAR SAHAM
STOCK HIGHLIGHTS
HARGA SAHAM PER TRIWULAN DI BURSA EFEK INDONESIA (Rp)
QUARTERLY STOCK PRICE AT INDONESIA STOCK EXCHANGE (Rp)
2008
Periode Period
2007
Tertinggi highest
Terendah lowest
Tertinggi highest
Terendah lowest
5,800
4,450
4,240
3,500
Triwulan I 1st Quarter
Triwulan II 2nd Quarter
4,850
3,975
5,310
3,800
Triwulan III 3rd Quarter
4,100
3,350
5,570
4,175
Triwulan Iv 4th Quarter
4,175
1,850
6,250
5,200
PEMBAYARAN DIvIDEN
DIVIDEND PAYMENT
Keterangan Description
2007
2006
2005
2004
2003
1,77 miliar
billion
1,296 miliar
billion
1,002 miliar
billion
09 miliar
billion
373 miliar
billion
0%
0%
2.7%
3%
%
Dividen dibayarkan Dividend paid (Rp)
887.7 miliar
billion
67.76 miliar
billion
262.8 miliar
billion
182.20 miliar
billion
170.0 miliar
billion
Dividen per saham Dividend per share
(Rp)
19.66
1,092.06
3.12
307.18
287.1
June 17, 2008
August 7, 2007
August 9, 2006
August 1, 2005
January 18, 2005
Agustus 11, 2004
Laba bersih Net income (Rp)
Rasio Dividen Dividend pay out ratio
Tanggal pembayaran Payment date
KRONOLOGI PENCATATAN SAHAM
CHRONOLOGY OF SHARE LISTING
Go Public
Peningkatan
Modal Dasar
Increase of
Authorized
Capital
Right Issue
Peningkatan
Modal Dasar
Increase of
Authorized
Capital
Stock Split
Pembelian
Kembali
Buy Back
Saham Share
500,000
741,440,000
741,440,000
2,000,000,000
2,000,000,000
2,000,000,000
Modal
ditempatkan dan
disetor
Issued and paid
capital
Saham Share
148,288,000
148,288,000
593,152,000
593,152,000
5,931,520,000
5,931,520,000
Modal saham
yang diperoleh
kembali
Treasury stock
Saham Share
-
-
-
-
-
68,032,000
Tanggal
pencatatan
saham di BEI
The date of
share listing at
IDX
-
July 8, 1991
-
June 2, 1995
August,1995
-
August 7,
2007
October 13,
2008
January 9,
2009
Keterangan
Description
Satuan Unit
Modal dasar
Authorized
capital
18
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
HARGA SAHAM SMGR vS IHSG
SMGR SHARE PRICE VS INDONESIA COMPOSITE INDEX
January - December 2008
9000
Price
(Rp/share)
Volume
(per 1,000)
SMGR
8000
7000
Opening
SMGR: Rp 5,700
IDX : 2,732
IDX
Closing
SMGR: Rp 4,175
IDX : 1,355.40
30.000
25.000
Trading volume
20.000
6000
5000
15.000
4000
3000
10.000
2000
5.000
1000
0
/3
12
12
/1
/3
11
1
0/
/1
9
/1
/1
8
6
7
/2
/2
5
/1
4
/3
3
2
1
/1
/2
6
0
0
Jakarta Composite Index is rebased to Semen Gresik share price
Note: US$ 1 = IDR 11,000 as per Dec 30, 2008
January - December 2007
7,000
Volume
(per 1,000)
Price
(Rp/share)
SMGR
14,000
IDX
12,000
6,000
Trading Volume
5,000
10,000
4,000
8,000
3,000
6,000
2,000
Opening
SMGR: Rp 3,700
IDX : 1,836.52
4,000
Closing
SMGR: Rp 5,600
IDX : 2,745.8
2,000
1,000
0
0
Jan-
Feb-
Apr-
Jun-
Aug-
Oct-
Des-
Jakarta Composite Index is rebased to Semen Gresik share price
Note: US$1= IDR 9,393 as per Dec. 28, 2007; Semen Gresik prices adjusted to stock split
KOMPOSISI PEMEGANG SAHAM
PER 31 DESEMBER 2008
KOMPOSISI PEMEGANG SAHAM
PER 31 DESEMBER 2007
SHAREHOLDERS COMPOSITION
AS OF 31 DECEMBER 2008
SHAREHOLDERS COMPOSITION
AS OF 31 DECEMBER 2007
Domestic
Individual
0.70%
Foreign
Instituions
15.36%
Domestic
Instituions
7.15%
Foreign
Instituions
18.62%
Foreign
Individual
0.02%
Domestic
Instituions
5.13%
Domestic
Individual
0.32%
Foreign
Individual
0.02%
Blue Valley
25.18%
Blue Valley
24.90%
GoI
51.59%
Laporan Tahunan 2008 Annual Report
GoI
51.01%
PT Semen Gresik (Persero) Tbk
19
Ikhtisar Utama - Key Highlights
PERISTIWA PENTING 2008
2008 SIGNIFICANT EvENTS
1
2
3
20
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
1
MEI
2
Rapat Umum Pemegang Saham Tahunan (RUPST) Perseroan
menyetujui perubahan susunan Direksi yang baru menjadi:
Direktur Utama: Dwi Soetjipto; Wakil Direktur Utama: Heru
D. Adhiningrat; Direktur Keuangan: Cholil Hasan; Direktur
Pemasaran: Irwan Suarly; Direktur Produksi: Suparni; Direktur
Litbang & Operasional: Suharto.
Rapat Umum Pemegang Saham Luar Biasa (RUPSLB)
Perseroan, antara lain memutuskan hal-hal sebagai berikut:
1. Penyesuaian terhadap UU No. 0 tahun 2007 yang harus
dipenuhi selambat-lambatnya tanggal 16 Agustus 2008.
2. Perubahan susunan Komisaris Perseroan menjadi:
Komisaris Utama: D. Aditya Sumanagara; Wakil Komisaris
Utama: Darjoto Setyawan; Komisaris: Setia Purwaka;
Komisaris Independen: Achmad Jazidie; Arif Arryman;
Marwoto Hadi Soesastro.
MAY
Resolution of the Annual General Meeting of
Shareholders (AGMS) of the Company for changes in the
Board of Directors composition:
President Director: Dwi Soetjipto; Vice President Director:
Heru D. Adhiningrat; Finance Director: Cholil Hasan;
Marketing Director: Irwan Suarly; Production Director:
Suparni; R&D & Operational Director: Suharto.
3
OKTOBER
JUNE
Extraordinary General Meeting of Shareholders (EGMS)
of the Company, which among others, which among
others resolute the following:
1. Adjustment to requirements of the Act No. 40 year
2007 to be completed by August 16, 2008.
2. Changes to the composition of the Board of
Commissioners: President Commissioner: D. Aditya
Sumanagara; Vice President Commissioner: Darjoto
Setyawan; Commissioner: Setia Purwaka; Independent
Commissioners: Achmad Jazidie; Arif Arryman;
Marwoto Hadi Soesastro.
Pembelian Kembali Saham Perseroan (share buyback)
tanggal 13 Oktober 2008 sampai dengan tanggal 9 Januari
2009 sebanyak 68.032.000 lembar saham atau 1,1 % dari
total saham beredar dengan nilai transaksi Rp198,7 miliar
yang dananya diambilkan dari Saldo Laba Perseroan.
OCTOBER
Share buyback by the Company dated October 13, 2008
to January 9, 2009 amounted to 68,032,000 shares or
1.1% from total outstanding shares with a transaction
value of Rp198.7 billion in which the fund was taken
from retained earnings.
JUNI
DESEMBER
Penandatanganan MOU dengan Bank Mandiri
sebagai “Loan Arranger” fasilitas sindikasi
pembiayaan atas rencana proyek-proyek strategis
Perseroan.
DECEMBER
Signing of the MOU with Bank Mandiri as “Loan
Arranger” of the inancing syndication facility
on the Company’s strategic projects.
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
21
Ikhtisar Utama - Key Highlights
PENGHARGAAN 2008
2008 AWARDS
1
April
Memperoleh sertiikat Sistim
Manajemen Keselamatan dan
Kesehatan Kerja OHSAS 18001-2007
April
Obtaining OHSAS 18001-2007
Occupational Safety and Health
Management System Certiicate.
1
2
3
6
Juli
Memperoleh penghargaan Program Penilaian
Peringkat Kinerja Perusahaan Dalam
Pengelolaan Lingkungan Hidup (PROPER)
2006-2007 Peringkat hijau dari Kementerian
Negara Lingkungan Hidup dalam bidang
pengendalian pencemaran air, pengendalian
pencemaran udara, pegelolaan limbah B3,
Amdal, Sistim Manajemen Lingkungan,
Konservasi Sumberdaya dan Community
Development, Participation and Relation.
July
Obtaining 2006-2007 “PROPER” award
Green Rank from the State Ministry
of Environment in the ield of water
pollution control, air pollution control,
B3 waste management, Amdal,
Environmental Management System,
Resources Conservation and Community
Development, Participation and Relation.
9
Oktober 2008
Mendapat penghargaan kategori
Ordinary Excellent pada
International Convention on
Quality Control Circle (ICQCC)
di Bangladesh.
7
8
9
10
11
12
October 2008
Obtaining award for Ordinary
Excellent category at the
International Convention on
Quality Control Circle (ICQCC)
in Bangladesh.
22
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
2
6
10
April
3
Mei
Juni
Memperoleh penghargaan sebagai The
Best Company sektor Industri Kimia
Dasar versi majalah Investor
Perusahaan terbaik untuk kategori favorit
produk semen dan saham blue chip versi
majalah Property & Bank (IPA 2008)
Masuk 10 peringkat BUMN yang
memberikan laba terbesar versi majalah
BUMN Review
April
May
June
Obtaining awards as The Best Company
in the sector of Basic Chemical Industry
from Investor magazine.
“The Best Company” award for
cement product favorite category
and blue chip share from “Property &
Bank” magazine (IPA 2008).
Ranked amongst “Ten Biggest SOE”
providing biggest income, from
“BUMN Review” magazine.
Agustus
7
Agustus
Memperoleh penghargaan dari
Majalah Finance Asia sebagai The
Best Companies 2008 kategori Most
Committed to a strong Dividend
Policy (rank th).
Memperoleh Penghargaan TOP
Brand Award 2008, kategori
Semen dari Frontier Consulting
Group yang bekerjasama dengan
Majalah Marketing.
August
August
Obtaining “The Best Companies
2008” Award (5th Rank) in the
category of Most Committed to
a Strong Dividend Policy, from
Finance Asia magazine.
Obtaining Top Brand Award
2008 accolade in cement
category from Frontier
Consulting Group in cooperation
with the Marketing magazine.
November 2008
Mendapat 2 penghargaan kategori
Excellent pada International
Quality Convention (IQC) di
Bangkok, Thailand.
November 2008
Obtaining two awards for
Excellent category at the
International Quality Convention
(IQC) in Bangkok, Thailand.
11
Desember 2008
Memperoleh Investment Award 2008 dari
BKPM bekerjasama dengan Bisnis Indonesia
dan pihak Independen dengan topik utama
Green Economic and Business, kategori
Perusahaan PMDN Skala Besar Terbaik.
Penghargaan disampaikan oleh Wapres M.
Jusuf Kalla.
December 2008
Obtaining Investment Award 2008
from BKPM in cooperation with Bisnis
Indonesia and independent parties
on “Green Economic and Business”,
category Best Big Scale Regional SOE
Company. The award was given by the
Vice President M.Jusuf Kalla.
Laporan Tahunan 2008 Annual Report
8
September
Memperoleh Indonesia’s Best
Wealth Creators 2008 Awards,
penghargaan yang diberikan kepada
Perusahaan Publik berdasarkan
metode Wealth Added Index
(WAI) dari lembaga pemeringkat
internasional, Stern Stewart & Co.
September
Obtaining Indonesia’s Best
Wealth Creators 2008 Awards,
an accolade given to the public
companies by using Wealth
Added Index (WAI) from
international rating company,
Stern Stewart & Co.
12
Desember 2008
Terpilih sebagai BUMN Terbaik 2008,
kategori Bidang Non Keuangan Sektor
Industri Semen & Pupuk versi Majalah
Investor Business & Capital Markets
bekerjasama dengan Globe Media
Group, pada acara Investor Award 2008.
December 2008
Chosen as the Best BUMN 2008, for
Non Finance Category, Cement &
Fertilizer Industry Sector, version
Investor Business & Capital Markets
magazines in cooperation with Globe
Media Group, at the Investor Award
2008 forum.
PT Semen Gresik (Persero) Tbk
23
D. Aditya Sumanagara
Komisaris Utama
President Commissioner
2
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
LAPORAN
DEWAN
KOMISARIS
REPORT FROM THE BOARD
OF COMMISSIONERS
Pemegang Saham Yang Terhormat,
Dear Our Respected Shareholders,
Semangat dan optimisme tinggi pada awal
tahun 2008, yang dibuktikan dengan kinerja
usaha Perseroan yang terus meningkat harus
berhadapan dengan krisis inansial global
sejak semester kedua, yang mempengaruhi
perekonomian banyak negara, termasuk
Indonesia. Di tengah gejolak krisis dan
tantangan yang melanda semua industri,
termasuk industri semen tersebut, kami
bersyukur bahwa pada tahun 2008 Perseroan
berhasil membukukan kinerja keuangan yang
membesarkan hati.
Vigor and optimism during the
initial year of 2008 as relected in
the ever increasing performance
of the Company had encountered
global inancial crisis since the
second semester, which inluenced
economy in many countries, including
Indonesia. Amid the luctuating crisis
and challenges in the whole industry,
including cement industry, we are
grateful that the Company has been
successful in recording a satisfying
inancial performance.
Volume penjualan meningkat 4,2%, mencapai
total 17,7 juta ton, senilai Rp12,2 triliun, dengan
laba operasional meningkat 41,3% mencapai
Rp3,4 triliun, sedangkan laba bersih naik 42,1%
mencapai Rp2,5 miliar. Kinerja positif tersebut
diikuti dengan peningkatan laba per saham
sebesar 42,4% menjadi Rp426 per lembar.
EBITDA meningkat hingga 35,8 % mencapai
nilai sebesar Rp 3,9 triliun.
Sales volume rose by 4.2%, achieving a
total of 17.7 million tonnes, at a value
of Rp12.2 trilion, with an increase in
operating income by 41.3% to achieve
Rp3.4 trillion, while net income rose by
42.1% to a sum of Rp2.5 billion. Such
positive performance is followed by
42.4% increase in earning per share to
an amount of Rp426 per share. EBITDA
also rose by 35.8 % to reach an amount
of Rp 3.9 trilion.
Kinerja operasional yang baik tersebut
telah meningkatkan likuiditas dan sekaligus
memantapkan posisi Perseroan di posisi rating
nasional Aa2.id dan rating internasional di level
Ba2 dari Moody’s dan rating BB dari Standard &
Poor, kedua yang disebut terakhir dengan status
Stable Outlook. Rating meyakinkan tersebut, yang
menunjukkan tingginya kepercayaan investor,
semakin memperkokoh kemampuan Perseroan
untuk melakukan ekspansi di masa mendatang.
Our good operational performance
has enhanced the liquidity and at the
same time strengthen the Company’s
position in national rating at Aa2.id and
international rating at Ba2 level from
Moody’s and BB rating from Standard
& Poor, and the last two with Stable
Outlook status. The convincing rating
displays high-level trust from investors,
which strengthens the Company’s ability
in conducting expansion in future years.
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
2
Laporan Dewan Komisaris - Report from the Board of Commissioners
Perseroan telah mempersiapkan langkah operasional
dalam mengantisipasi perubahan kondisi di tahun 2009
dan tahun-tahun berikutnya yang tidak mudah diprediksi.
Dewan Komisaris terus memotivasi Direksi untuk secara
intensif mempertajam implementasi strategi operasional
korporasi, yang mencakup revenue, cost and investment
management serta peningkatan keunggulan kompetitif
yang telah dijalankan selama ini. Langkah tersebut
bertujuan untuk mempertahankan pangsa pasar yang
selaras dengan tingkat pertumbuhan konsumsi, sekaligus
meningkatkan marjin operasi, menurunkan beban
biaya bahan bakar, tenaga listrik, transportasi dan biaya
pemeliharaan, serta memaksimalkan optimasi kapasitas.
The Company has prepared its operational steps
in anticipating the recurring changes in 2009
and the following years which is unpredictable.
The Board of Commissioners continuously
motivates the Board of Directors to intensively
leverage its corporate operational strategy,
which covers revenue, cost and investment
management and improve its competitive
excellence rendered for over the years. The
steps aim at maintaining the market share in
accordance with the consumption growth
rate, while improving the operation margin,
reducing the expenses of fuel, electricity power,
transportation and maintenance cost, and at the
same time optimizing the capacity.
Melanjutkan langkah restrukturisasi, kami tengah
menjalankan upaya intensif bersama Pemerintah selaku
pemegang saham pengendali, untuk menuntaskan
rancangan pembentukan holding company. Sementara
itu, pada saat ini telah dilaksanakan tahapan functional
holding yang berhasil mengintegrasikan sejumlah
fungsi penting Perseroan, termasuk di antaranya
bidang pengadaan, pemasaran dan pembangunan
proyek, yang selanjutnya akan diikuti oleh berbagai
fungsi strategis lainnya.
Continuing the restructuring process, we
are conducting intensive measures with the
Government as our controlling shareholder,
to satisfy the formation plan of the holding
company. At the same time, the current
functional holding stage is undergoing
process and has successfully integrated
a number of important functions of the
Company, including among others the ields
of procurement, marketing and project
development, which will further followed by
several other strategic functions.
RUPS Luar Biasa tanggal 10 Desember 2007 telah
mengamanatkan pengamanan rencana pembangunan
pabrik semen dan pembangkit tenaga listrik baru. Namun
di tengah bayang-bayang kondisi krisis perekonomian saat
ini, berdasarkan hasil-hasil kajian dan rekomendasi dari
pihak-pihak yang terkait, kami memandang perlu untuk
melakukan peninjauan kembali Proyek Pembangunan
Pembangkit Tenaga Listrik tersebut. Selain itu, berkaitan
dengan gejolak pasar modal yang mengakibatkan
penurunan harga saham Perseroan hingga jauh di bawah
nilai fundamentalnya, kami kemudian melaksanakan
program Pembelian Kembali Saham (Share Buy-back) dan
mengakhiri program tersebut pada 9 Januari 2009.
Dewan Komisaris dan Direksi Perseroan telah
merampungkan penyusunan Rencana Kerja dan Anggaran
Perusahaan (RKAP) 2009, dengan sasaran target yang
lebih tinggi dari 2008. Kendati kondisi yang dihadapi
diprediksi sarat dengan perubahan dan tantangan, namun
kami meyakini bahwa seiring dengan penerapan strategi
korporasi secara simultan, Perseroan akan mampu meraih
target tinggi yang telah dicanangkan.
Dewan Komisaris dan Direksi juga telah menetapkan
serangkaian inisiatif strategis, antara lain melakukan
restrukturisasi dan memperkuat struktur keuangan Perseroan,
implementasi restrukturisasi korporasi, restrukturisasi bisnis
26
Laporan Tahunan 2008 Annual Report
The Extra-ordinary GMS held at December 10,
2007 had mandated the construction plan of
cement factory and new power generating
plant. However overshadowed by the current
economic crisis, based on the results of analysis
and recommendation from the related parties,
it is deemed necessary for us to conduct
a review to the Power Generating Plant
Construction Project. Moreover, in line with the
volatility of capital market which affecting the
plummete of Company’s shares into far below
its fundamental value, we had subsequently
conducted Share Buy-back program and ended
the program on January 9, 2009.
Both the Board of Commissioners and Directors
of the Company had completed the formulation
of the Company’s Work Plan and Annual Budget
(“RKAP”) in 2009, with a higher target than in
2008. Even though facing a condition which is
predicted to be full of changes and challenges,
however we are sure that in line with
simultaneous implementation of the corporate
strategy, the Company will be able to reach a
higher target as deined.
The Board of Commissioners and Directors have
also determined a series of strategic initiatives,
to include restructuring and strengthening
the Company’s inancial structure, corporate
restructuring implementation, restructuring
PT Semen Gresik (Persero) Tbk
unit dan anak perusahaan, mengembangkan Human
Capital Master Plan di bidang Sumber Daya Manusia, serta
memperkuat sistim Informasi dan Teknologi antara lain melalui
Information Communication and Technology Master Plan
(ICTMP) dan pengesahan serta pelaksanaan Pedoman Good
Corporate Governance.
of business unit and subsidiary companies, as
well as strengthening the Information and
Technololgy system, which among others by way
of Information Communication and Technology
Master Plan and conirming and implementing
the Good Corporate Governance Manual.
Selanjutnya untuk mengoptimalkan fungsi pengawasan,
Dewan Komisaris didukung oleh sejumlah Komite yang
dibentuk untuk memperkuat analisis dan akuntabilitas
dari tiap-tiap bidang yang diawasinya, meliputi Komite
Audit, Komite Strategi Manajemen Risiko dan Investasi,
Komite Nominasi dan Remunerasi, Komite Good Corporate
Governance dan Oversight Committee.
Furthermore in optimizing its supervisory
function, the Board of Commissioners is
supported by a number of Committees
established to strengthen the analysis and
accountability of each supervisory aspect,
encompassing the Audit Committee, Risk and
Investment Management Strategy Committee,
Nomination and Remuneration Committee,
Good Corporate Governance Committee and
Oversight Committee.
Kami telah mengamanatkan Direksi untuk terus
meningkatkan praktik Tata Kelola dalam menjalankan
operasional usaha. Kami meyakini bahwa dengan
pelaksanaan best practices, yang dijiwai oleh ruh integritas
dalam implementasi Good Corporate Governance, bukan
saja mendorong kepercayaan masyarakat yang semakin besar
terhadap Perseroan, tetapi juga meningkatkan nilai Perseroan.
Itu sebabnya kami memandang positif langkah Direksi untuk
memperkuat Code of Conduct dan menerapkannya dalam
setiap kegiatan usaha, memperkenalkan dan menggali
kembali budaya korporasi, serta menyusun dan melaksanakan
Pedoman Tata Kelola Perusahaan.
Sebagai bagian dari lembaga industri nasional terkemuka,
kami terus menjaga harmoni antara prestasi kinerja
inansial dan operasional, dengan tanggung jawab sosial
untuk kesejahteraan masyarakat. Komitmen dalam bidang
Corporate Social Responsibility (CSR) terwujud dalam sebuah
blue-print yang mencakup berbagai aspek kehidupan penting
masyarakat, baik dalam segi sosial, ekonomi, pendidikan,
kesehatan maupun kesejahteraan pada umumnya. Berbagai
program CSR Perseroan telah mendapatkan penghargaan di
tingkat nasional.
Kami juga terus mengintensifkan upaya pelestarian
lingkungan dengan menjalankan program-program
penghijauan, khususnya di kawasan operasi penambangan.
Upaya ini menghasilkan tidak sekadar pada keberhasilan
program re-vegetasi dan rehabilitasi daerah pasca tambang,
tetapi juga apresiasi dari Kementerian Lingkungan Hidup,
yang meningkatkan peringkat PROPER Perseroan dari Biru
menjadi hijau. Suatu bukti atas perwujudan komitmen
Go Green dari Perseroan. Di samping itu sebagai bentuk
partisipasi dalam mengatasi efek pemanasan global (global
warming) Perseroan mengimplementasikan program Clean
Development Mechanism (CDM) meliputi aktiitas Proyek
Alternative Fuel dan Waste Heat Recovery Power Generator
dengan sasaran menurunkan emisi CO2.
We have commissioned the Board of Directors
to continually improving the Good Corporate
Governance practices. We are sure that by
implementing the best practices, inspired by
the spirit of integrity in implementing the Good
Corporate Governance, is not only promoting
the community trust to the Company, but also
leveraging the Company values. That’s why
we regard as positive to the Board of Directors
plan in strengthening the Code of Conduct and
implement it in each business activity, introduce
and explore the corporate culture, in addition
to the formulation and implementation of
Corporate Governance Guidelines.
As part of leading national industry
corporations, we are continuously keeping
balance between inancial and operational
performance, with social responsibility for the
community welfare. Commitment in Corporate
Social Responsibility (CSR) is manifested in a
blue-print which covers numerous important
aspects of people’s life, either in social,
economic, education, healthcare or in general
welfare. A number of our CSR programs have
obtain acknowledgements at the national level.
We also keep on intensifying the environmental
preservation measures by conducting regreening
programs, especially in the post mining areas.
This measure produces more than just success
in revegetation and rehabilitation programs
of the post mining areas, but also appreciation
from the State Ministry of Environment,
which elevates the “PROPER” value rating
of the Company, from Blue into Green. The
achievement proves our Go Green commitment
realization of the Company. Apart from that, as
a form of participatory practice in overcoming
global warming effect, the Company
implements Clean Development Mechanism
(CDM) program that conveys of Alternative
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
27
Laporan Dewan Komisaris - Report from the Board of Commissioners
Pada pertengahan tahun 2008, terjadi perubahan dalam
susunan Dewan Komisaris dan Direksi, yaitu penggantian
Komisaris Utama Bapak Rizal Ramli yang digantikan oleh
saya sendiri, D. Aditya Sumanagara dan penggantian Wakil
Direktur Utama Perseroan, Bapak Rudiantara yang digantikan
oleh Bapak Heru D. Adhiningrat. Perubahan komposisi ini
telah disetujui oleh RUPSLB, yang dilaksanakan pada 27 Juni
2008 dan RUPST yang diselenggarakan pada 7 Mei 2008.
Kepada Bapak Rizal Ramli dan Bapak Rudiantara, kami atas
nama Perseroan mengucapkan terima kasih dan penghargaan
yang setinggi-tingginya atas kontribusi penting yang telah
diberikan selama masa jabatannya di Semen Gresik.
Akhir kata, mewakili Dewan Komisaris saya menyampaikan
penghargaan yang setinggi-tingginya kepada seluruh jajaran
Direksi dan pegawai Perseroan atas kerja sama, loyalitas dan
kerja kerasnya dalam memaksimalkan peluang di tengah
gejolak pasar inansial. Dengan dukungan dari para pihak
terkait dan penerapan prinsip kehati-hatian dan tata kelola
yang baik, kami percaya akan pertumbuhan positif Perseroan
secara berkelanjutan di masa-masa mendatang.
Fuel Project and Waste Heat Recovery Power
Generator aiming at reducing CO2 emission.
In the middle of 2008, changes occurred
in the composition of both the Board of
Commissioners and Directors, with the
replacement of President Commissioner Mr Rizal
Ramli, which was replaced by myself, D. Aditya
Sumanagara, and replacement of Vice President
Director of the Company, Mr. Rudiantara, which
was replaced by Mr. Heru D. Adhiningrat. The
composition change was approved by the EGMS
on June 27, 2008 and AGMS to be held on May
7, 2008. To Mr. Rizal Ramli and Mr. Rudiantara,
on behalf of the Company, we extend our
gratitude and highest appreciation for major
contribution rendered during their tenure with
the Company.
Finally, on behalf of the Board of Commissioners
we extend our sincere appreciation to the whole
line of the Boards as well as employees of the
Company for their cooperation, loyality and
hardwork in maximizing opportunities amidst
volatile inancial market.With consistent support
from each related parties and implementation
of prudency and good corporate governance
principles, we are sure of continuing positive
growth of the Company in the upcoming years.
Jakarta, April 2009
D. Aditya Sumanagara
Komisaris Utama
President Commissioner
28
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
5
4
2
3
6
1
1. D. Aditya Sumanagara
Komisaris Utama
President Commissioner
5. Arif Arryman
Komisaris Independen
Independent Commissioner
2. Darjoto Setyawan
Wakil Komisaris Utama
Vice President Commissioner
6. Achmad Jazidie
Komisaris Independen
Independent Commissioner
3. Setia Purwaka
Komisaris
Commissioner
4. marwoto hadi Soesastro
Komisaris Independen
Independent Commissioner
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
29
Dwi Soetjipto
Direktur Utama
President Director
30
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
LAPORAN
DIREKSI
REPORT FROM THE BOARD
OF DIRECTORS
FoKUS PADA STRATEGI oPERASIoNAl UNTUK
mEmPERKoKoh lANDASAN mENUJU ERA BARU
FOCUSING ON OPERATIONAL STRATEGY
TO STRENGTHEN THE FOUNDATION
TOWARDS A NEW ERA
Para Pemegang Saham Perseroan Yang Terhormat,
Dear Our Respected Shareholders,
Dengan mengucap syukur kepada Tuhan Yang
Maha Kuasa, atas nama Direksi, saya dapat
menyampaikan bahwa selama tahun 2008,
Perseroan telah membukukan kinerja usaha
yang menggembirakan meskipun dibayangi
oleh kondisi perekonomian yang menantang.
Pencapaian tersebut membuktikan efektivitas
sinergi operasional sehingga Perseroan mampu
mewujudkan pertumbuhan yang berkelanjutan
sekaligus mempertahankan pangsa pasar yang
dominan dalam industri semen nasional.
By glorifying our praise to God the
Almighty, on behalf of the Board of
Directors, I can report that during the
year 2008, the Company has recorded
a satisfying performance even though
overshadowed by a challenging
economic condition. Such achievement
has conirmed the effectiveness of
operational strategy to enable Semen
Gresik creating a sustainable growth at
the same time maintaining its dominant
market share in national cement industry.
Dengan memfokuskan seluruh potensi
Perseroan pada empat elemen strategi
operasional, yaitu Revenue Management,
Cost Management, Capacity Management
dan Improving Competitive Advantage,
Perseroan berhasil mencatat pendapatan
sebesar Rp12,2 triliun, meningkat 27,2% dan
menghasilkan laba bersih sebesar Rp2,5 triliun
atau naik sebesar 42,1% serta EBITDA sebesar
Rp3,9 triliun atau meningkat sebesar 35,8%
dibanding tahun sebelumnya. EBITDA margin
pun meningkat menjadi 31,7% dari 29,7%
pada tahun sebelumnya.
By focusing our Company’s resources
to the four element of operational
strategies, that consists of Revenue
Management, Cost Management,
Capacity Management and Improving
Competitive Advantage, the Company
has been successful in recording sales
of Rp12.2 trillion, increasing 27.2% and
resulting in net income of Rp2.5 trillion
or rose by 42.1% and EBITDA of Rp3.9
trillion or increasing 35.8% compared
to the previous year. EBITDA margin
also rose by 31.7% from 29.7% in the
preceding year.
Laporan Tahunan 2008 Annual Report
PT Semen Gresik (Persero) Tbk
31
Laporan Direksi - Report from the Board of Directors
Hasil operasional ini membuat kondisi keuangan
Perseroan semakin kuat, sebagaimana terlihat dari
posisi ROE sebesar 31,3%, dan ROA sebesar 23,8%.
Posisi ini lebih besar dari rata-rata industri, yaitu
20% untuk ROE dan 1% untuk ROA. Perseroan
memiliki eksposur hutang yang rendah dan free
cash flow yang kuat sehingga Perseroan memiliki
kapabilitas yang unggul untuk pengembangan usaha
di masa mendatang.
lANDASAN yANG KoKoh mENUJU ERA BARU
Penerapan strategi revenue management yang
konsisten dan diupayakan melalui sinergi yang
intensif mampu menghasilkan kinerja fundamental
yang kokoh. Perseroan memprioritaskan pendapatan
produk dengan harga yang bersaing dan pada segmen
pasar yang memungkinkan penentuan harga dengan
profit optimal. Hasilnya, total volume pendapatan
produk di tahun 2008 mencapai jumlah 17,7 juta ton,
naik % dari volume penjualan tahun 2007 sebesar
16,9 juta ton. volume penjualan tersebut semakin
mengukuhkan posisi Perseroan sebagai market leader
di pasar domestik dengan pangsa pasar 3,7%. Seiring
dengan pencapaian tersebut, proitabilitas Perseroan
meningkat, sebagaimana ditunjukkan oleh besaran
kenaikan pendapatan dan laba bersih sebesar 27%
dan 2%.
Peningkatan proitabilitas merupakan buah
keberhasilan Perseroan dalam menekan peningkatan
biaya produksi melalui strategi cost management
yang diimplementasikan melalui serangkaian program
eisiensi. Kendati menghadapi lonjakan harga BBM dan
batubara yang sangat tinggi pada pertengahan tahun,
upaya pengendalian biaya berhasil menekan kenaikan
Beban Pokok Pendapatan dan Beban Usaha di tahun
2008 pada kisaran Rp6,86 triliun atau meningkat
22,% dan Rp1,97 triliun atau meningkat 22,7%.
Hasil tersebut cukup positif, mengingat kenaikan biaya
energi sebagai komponen biaya yang dominan dalam
proses produksi dapat ditekan sehingga berada di
bawah persentase peningkatan pendapatan.
Hasil akhir dari langkah tersebut adalah meningkatnya
laba usaha menjadi Rp3,39 triliun, naik 1,3%
dibandingkan tahun sebelumnya. Laba bersih
Perseroan di tahun 2008 mencapai Rp2,2 triliun,
naik sebesar 2,1% dari posisi laba bersih tahun 2007
sebesar Rp1,78 triliun.
32
Laporan Tahunan 2008 Annual Report
This operational result created a stronger
inancial condition of the Company, as shown
by ROE position of 31.3%, and ROA of 23.8%.
This position is higher than average industrial
rate, which is 20% for ROE and 14% for ROA.
The Company possesses low exposure to loan
and a strong free cash low that ensures the
Company having an excellent capability for
future development in business.
STRoNGER FoUNDATIoN ToWARDS A
NEW ERA
Consistent implementation of revenue
management strategy which has been put forth
through intensive synergy has enabled creating
a solid fundamental performance. The Company
prioritizes on product sales at competitive prices
and on market segment which enables price
structure with optimum proit. The result, total
volume of product sales in 2008 achieved 17.7
million tonnes, rose by 4% from sales volume in
2007 of 16.9 million tonnes. The achievement
of sales volume has further strengthened
the Company’s position as a market leader in
domestic market with market share of 43.7%.
In line with the achievement, Company’s
proitability increased, as demonstrated by the
rising volume of revenue and net income by
27% and 42%.
The growth in proitability is a result of the
Company’s accomplishment in controlling the
trend of production cost increase, through cost
management strategy imp