Ringkasan Laporan Keuangan | Semen Indonesia
Third Quarter 2016 Results
Jakarta, October 28, 2016
Financial Summary
PT Semen Indonesia (Persero) Tbk.
JSX
: SMGR
Reuters
: SMGR.JK
Bloomberg
: SMGR.IJ
For the 9 month period ended 30 Sep 2016
In Rpbn
Market Capitalisation: Rp59 trillion (US$4.5
billion)
Issued shares since August 07, 2007
5,931,520,000 Shares
Share Price
28 October 2016
As of 4 January 2016
Hi/Lo (6 mo)
Rp9,975
Rp11,125
Rp11,450/Rp8,700
Major Shareholders
Government of Indonesia
Public
Board of Directors
President Director
Finance Director
Production and R&D
Commercial Director
HRD & Legal Director
Strategy & Bus Dev
Engineering & Projects
51.01%
48.99%
– Rizkan Chandra
– Darmawan Junaidi
– Johan Samudra
– Aunur Rosyidi
– Ahyanizzaman
– Budi Siswoyo
– Gatot Kustyadji
Consolidated Subsidiaries
PT Semen Padang
PT Semen Tonasa
PT Semen Gresik
PT Thang Long Cement
PT Kawasan Industri Gresik
PT Industri Kemasan Semen Gresik
PT United Tractors Semen Gresik
PT SGG Energi Prima
PT SGG Prima Beton
PT Krakatau Semen Indonesia
PT Sinergi Informatika Semen Ind
(99.99%)
(99.99%)
(99.23%)
(70.00%)
(65%)
(60%)
(55%)
(97%)
(99,99%)
(50%)
(100%)
9M16
Revenue
Cost revenue
Gross profit
Operating expenses
Pre-tax profit
EBITDA
Net profit after minority interest
EPS (Rp)
19,082
11,509
7,574
(3,705)
3,868
5,130
2,929
494
Ratio
Formula
EBITDA margin (%)
Interest coverage (x)
Debt to equity (%)
Net debt to equity (%)
Debt to assets (%)
EBITDA/revenue
EBITDA/interest expense
Total debt/equity
Total debt minus cash/equity
Total debt/total assets
9M15 Change
19,115
11,602
7,513
(3,411)
4,102
5,207
3,198
539
-0.2%
-0.8%
0.8%
8.6%
-5.7%
-1.5%
-8.4%
-8.4%
9M16
9M15
27
20
18
8
5
27
19
16
5
3
Business Highlights
Revenue was down 0.2% YoY to Rp19,082 billion in
9M16 reflecting increasing competition. Net Income
after minority interest was down 8.4% YoY to Rp2,929
billion in 9M16 (EPS of Rp494/share).
“e e I do esia’s total sales olu e i 9M16 including
Thang Long Cement in Vietnam reached 20.92 million
tonnes (mt) of cement in 9M16, up by 2.8% YoY.
I do esia’ do esti sales olu e as 18.64 million
tonnes 9M16, up 2.4% YoY.
Cost of revenue was down 0.8% YoY to Rp11,509
billion, due to the cost transformation programme and
lower energy costs.
We recorded cash and equivalents of Rp2,748 billion
and total interest bearing debt of Rp5,033 billion as of
as of 30 September 2016, suggesting net debt to equity
of 8%. Debt to EBITDA level was 0.74x as of 30
September 2016.
Website http://www.semenindonesia.com
Contacts Investor Relations
Ami Tantri
Phone: +6221 5261174-5 ext. 5006
Email: ami.tantri@semenindonesia.com
Anto Brillianto
Phone: +6221 5261174-5 ext. 5008
Email: anto.brillianto@semenindonesia.com
Office:
The East Tower 18th floor
Jl.Dr.Ide Anak Agung Gde Agung Kav.E.3.2. No 1
Jakarta 12950 – Indonesia
Phone: + 6221 5261174-5
Fax: +6221 5261176
PT Semen Indonesia (Persero) Tbk. 1
Third Quarter 2016 Results
SEMEN INDONESIA REPORTS UNAUDITED CONSOLIDATED 9M2016 RESULTS
PT “e e I do esia Persero T k. “MGR or the Co pa
a ou ed its unaudited first half
results for the period of nine months ended in September 30, 2016. The Company recorded revenue
and pre-tax profit of Rp19,082 billion and Rp3,868 billion, respectively, for the period of 6M16. Net
income before minority interests was recorded at Rp2,929 billion. The unaudited financial
statements were prepared in accordance with the Indonesian Generally Accepted Accounting
Pri iples. For ore detailed i for atio , please refer to the Co pa ’s Co solidated Fi a ial
Statements as filed with Indonesia Financial Service Authority and the Indonesia Stock Exchange on
October 28, 2016.
PERFORMANCE REVIEW
Sales Volume
Semen Indonesia’ sales volume reached 20.92 million tonnes in 9M16, up 2.8% YoY. Strong picked
up happened in August, after Hari Raya in July. Domestic sales volume in Indonesia was 18.64 million
tonnes in 9M16, up 2.4% YoY, while exports from our Indonesia facilities was also up by 7.5% YoY to
0.42 million tonnes in 9M16. Our market share in Indonesia was 41.7% in 9M19.
Our Vietnam plants had better performance with the domestic sales volume in Vietnam rose 15.1%
YoY to 1.34 million tonnes, and export sales volume was down 10.9% YoY to 0.52 million tonnes in
9M16, resulting in a total 6.5% YoY growth to 1.85 million tonnes. This suggested strong demand
pick up in Vietnam. As our exports from Vietnam to the Philipinnes, was gradually replaced by
export volume from Semen Tonasa in South Sulawesi.
Million tonnes
Indonesia
Semen Indonesia
Semen Padang
Semen Tonasa
Total domestic
Exports
Total volume from Indonesia
Vietnam
Domestic Vietnam
Exports
Total volume from Vietnam
Total volume
Source: Company data
Sep-16
Sep-15 Change (%)
9M16
9M15 Change (%)
1.34
0.58
0.50
2.42
0.06
2.48
1.34
0.62
0.49
2.45
0.05
2.49
0.2%
-5.4%
1.4%
-1.0%
34.0%
-0.3%
10.12
4.54
3.99
18.64
0.42
19.07
9.94
4.48
3.79
18.21
0.39
18.60
1.8%
1.2%
5.3%
2.4%
7.5%
2.5%
0.19
0.02
0.21
2.69
0.11
0.07
0.18
2.67
63.5%
-68.0%
15.3%
0.7%
1.34
0.52
1.85
20.92
1.16
0.58
1.74
20.35
15.1%
-10.9%
6.5%
2.8%
Quarterly sales volume
Source: Company data
PT Semen Indonesia (Persero) Tbk. 2
Third Quarter 2016 Results
Revenue
The Co pa ’s total sales re e ue i 9M16 reached Rp19,082 billion, down by only 0.2% YoY from
Rp19,115 billion in 9M15. This was due to decline in volume and selling price as the impact of
increasing competition within the cement industry.
Cost of Revenue and Operating Expenses
The cost of revenue declined by 0.8% YoY to Rp11,509 billion in 9M16, down from Rp11,602 billion
in 9M15. This was primarily due to the decline in energy prices and more efficient operation through
the cost transformation programmes. The unit cash cost of goods sold was around Rp497,000 per
tonne in 9M16, down 5.3% YoY.
The Co pa ’s operati g e pe ses i reased 8.6% to Rp3,705 billion in 9M16, up from Rp3,411
billion in 9M15. Selling expenses increased 13.9% YoY to Rp2,146 billion in 9M16, from Rp1,885
billion in 9M15, primarily from transportation and handling costs and promotion.
General and administrative expenses rose 1.7% YoY to Rp1,555 billion in 9M16, from Rp1,529 billion
in 9M15, due to increases in partnership programme and community development; tax, insurance,
and rental expenses.
Other operating income rose to Rp81 billion in 9M16, from Rp62 billion in 9M15 as sales of scrap
materials increased significantly and declined in foreign exchange loss. We recorded sales of scrap
matreials of Rp15 billion in 9M16, up from Rp0.9 billion in 9M15. Foreign exchange loss declined to
Rp15 billion in 9M16, down from Rp25 billion in 9M15. This was partly offset by the decline in rental
income to Rp13 billion in 9M16, from Rp28 billion in 9M15.
Profitability
Gross profit increased slightly by 0.8% YoY to Rp7,574 billion in 9M16 and gross profit margin was
maintained at 40% or flat YoY. EBITDA was down slightly by 1.5% YoY to Rp5,130 billion in 9M16,
from Rp5,207 billion in 9M15. Our EBITDA margin was 27% in 9M16, flat YoY.
Pre-tax profit declined by 5.7% YoY to Rp3,868 billion in 9M16, down from Rp4,102 billion in 9M15.
Net income after minority interest was down 8.4% YoY to Rp2,929 billion in 9M16.
Market destinations and domestic market share
Source: Company data
PT Semen Indonesia (Persero) Tbk. 3
Third Quarter 2016 Results
PROGRESS OF STRATEGIC PROJECTS
The constructions of 2 (two) new cement plants in Rembang, Central Java and Indarung, West
Sumatera, each with designed capacity of 3mtpa (million tonnes per annum), are scheduled for
comissioning in 4Q16. These new plants will add our designed capacity to 38mtpa.
We are also progressing with the Waste Heat Recover Power Generator project (WHRPG) in Tuban
to generate 30MW power, for cost saving purposes and reduce CO2 emissions. The project is
targeted to be completed by the end of this year and operational in 2017.
DISCLAIMER
The information contained in this report has been taken from sources which we deem reliable.
However, none of PT Semen Indonesia (Persero) Tbk and/or its affiliated companies and/or their
respective employees and/or agents make any representation or warranty (express or implied) or
accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the
information and opinions contained in this report or as to any information contained in this report or
any other such information or opinions remaining unchanged after the issue thereof.
We expressly disclaim any responsibility or liability (express or implied) of PT Semen Indonesia
(Persero) Tbk, its affiliated companies and their respective employees and agents whatsoever and
howsoever arising (including, without limitation for any claim, proceedings, action, suits, losses,
expenses, damages or costs) which may be brought against or suffered by any person as a result of
acting in reliance upon the whole or any part of the contents of this report and neither PT Semen
Indonesia (Persero) Tbk, its affiliated companies or their respective employees or agents accepts
liability for any errors, omission or mis-statements, negligent or otherwise, in the report and any
liability in respect of the report or any inaccuracy therein or mission there from which might
otherwise arise is hereby expresses disclaimed.
The information contained in this report is not be taken as any recommendation made by PT Semen
Indonesia (Persero) Tbk or any other person to enter into any agreement with regard to any
investment mentioned in this document. This report is prepared for general circulation. It does not
have regard to the specific person who may receive this report. In considering any investments you
should make your own independent assessment and seek your own professional financial and legal
advice.
PT Semen Indonesia (Persero) Tbk. 4
Third Quarter 2016 Results
PT Semen Indonesia (Persero) Tbk. 5
Third Quarter 2016 Results
PT Semen Indonesia (Persero) Tbk. 6
Third Quarter 2016 Results
PT Semen Indonesia (Persero) Tbk. 7
Third Quarter 2016 Results
PT Semen Indonesia (Persero) Tbk. 8
Third Quarter 2016 Results
PT Semen Indonesia (Persero) Tbk. 9
Jakarta, October 28, 2016
Financial Summary
PT Semen Indonesia (Persero) Tbk.
JSX
: SMGR
Reuters
: SMGR.JK
Bloomberg
: SMGR.IJ
For the 9 month period ended 30 Sep 2016
In Rpbn
Market Capitalisation: Rp59 trillion (US$4.5
billion)
Issued shares since August 07, 2007
5,931,520,000 Shares
Share Price
28 October 2016
As of 4 January 2016
Hi/Lo (6 mo)
Rp9,975
Rp11,125
Rp11,450/Rp8,700
Major Shareholders
Government of Indonesia
Public
Board of Directors
President Director
Finance Director
Production and R&D
Commercial Director
HRD & Legal Director
Strategy & Bus Dev
Engineering & Projects
51.01%
48.99%
– Rizkan Chandra
– Darmawan Junaidi
– Johan Samudra
– Aunur Rosyidi
– Ahyanizzaman
– Budi Siswoyo
– Gatot Kustyadji
Consolidated Subsidiaries
PT Semen Padang
PT Semen Tonasa
PT Semen Gresik
PT Thang Long Cement
PT Kawasan Industri Gresik
PT Industri Kemasan Semen Gresik
PT United Tractors Semen Gresik
PT SGG Energi Prima
PT SGG Prima Beton
PT Krakatau Semen Indonesia
PT Sinergi Informatika Semen Ind
(99.99%)
(99.99%)
(99.23%)
(70.00%)
(65%)
(60%)
(55%)
(97%)
(99,99%)
(50%)
(100%)
9M16
Revenue
Cost revenue
Gross profit
Operating expenses
Pre-tax profit
EBITDA
Net profit after minority interest
EPS (Rp)
19,082
11,509
7,574
(3,705)
3,868
5,130
2,929
494
Ratio
Formula
EBITDA margin (%)
Interest coverage (x)
Debt to equity (%)
Net debt to equity (%)
Debt to assets (%)
EBITDA/revenue
EBITDA/interest expense
Total debt/equity
Total debt minus cash/equity
Total debt/total assets
9M15 Change
19,115
11,602
7,513
(3,411)
4,102
5,207
3,198
539
-0.2%
-0.8%
0.8%
8.6%
-5.7%
-1.5%
-8.4%
-8.4%
9M16
9M15
27
20
18
8
5
27
19
16
5
3
Business Highlights
Revenue was down 0.2% YoY to Rp19,082 billion in
9M16 reflecting increasing competition. Net Income
after minority interest was down 8.4% YoY to Rp2,929
billion in 9M16 (EPS of Rp494/share).
“e e I do esia’s total sales olu e i 9M16 including
Thang Long Cement in Vietnam reached 20.92 million
tonnes (mt) of cement in 9M16, up by 2.8% YoY.
I do esia’ do esti sales olu e as 18.64 million
tonnes 9M16, up 2.4% YoY.
Cost of revenue was down 0.8% YoY to Rp11,509
billion, due to the cost transformation programme and
lower energy costs.
We recorded cash and equivalents of Rp2,748 billion
and total interest bearing debt of Rp5,033 billion as of
as of 30 September 2016, suggesting net debt to equity
of 8%. Debt to EBITDA level was 0.74x as of 30
September 2016.
Website http://www.semenindonesia.com
Contacts Investor Relations
Ami Tantri
Phone: +6221 5261174-5 ext. 5006
Email: ami.tantri@semenindonesia.com
Anto Brillianto
Phone: +6221 5261174-5 ext. 5008
Email: anto.brillianto@semenindonesia.com
Office:
The East Tower 18th floor
Jl.Dr.Ide Anak Agung Gde Agung Kav.E.3.2. No 1
Jakarta 12950 – Indonesia
Phone: + 6221 5261174-5
Fax: +6221 5261176
PT Semen Indonesia (Persero) Tbk. 1
Third Quarter 2016 Results
SEMEN INDONESIA REPORTS UNAUDITED CONSOLIDATED 9M2016 RESULTS
PT “e e I do esia Persero T k. “MGR or the Co pa
a ou ed its unaudited first half
results for the period of nine months ended in September 30, 2016. The Company recorded revenue
and pre-tax profit of Rp19,082 billion and Rp3,868 billion, respectively, for the period of 6M16. Net
income before minority interests was recorded at Rp2,929 billion. The unaudited financial
statements were prepared in accordance with the Indonesian Generally Accepted Accounting
Pri iples. For ore detailed i for atio , please refer to the Co pa ’s Co solidated Fi a ial
Statements as filed with Indonesia Financial Service Authority and the Indonesia Stock Exchange on
October 28, 2016.
PERFORMANCE REVIEW
Sales Volume
Semen Indonesia’ sales volume reached 20.92 million tonnes in 9M16, up 2.8% YoY. Strong picked
up happened in August, after Hari Raya in July. Domestic sales volume in Indonesia was 18.64 million
tonnes in 9M16, up 2.4% YoY, while exports from our Indonesia facilities was also up by 7.5% YoY to
0.42 million tonnes in 9M16. Our market share in Indonesia was 41.7% in 9M19.
Our Vietnam plants had better performance with the domestic sales volume in Vietnam rose 15.1%
YoY to 1.34 million tonnes, and export sales volume was down 10.9% YoY to 0.52 million tonnes in
9M16, resulting in a total 6.5% YoY growth to 1.85 million tonnes. This suggested strong demand
pick up in Vietnam. As our exports from Vietnam to the Philipinnes, was gradually replaced by
export volume from Semen Tonasa in South Sulawesi.
Million tonnes
Indonesia
Semen Indonesia
Semen Padang
Semen Tonasa
Total domestic
Exports
Total volume from Indonesia
Vietnam
Domestic Vietnam
Exports
Total volume from Vietnam
Total volume
Source: Company data
Sep-16
Sep-15 Change (%)
9M16
9M15 Change (%)
1.34
0.58
0.50
2.42
0.06
2.48
1.34
0.62
0.49
2.45
0.05
2.49
0.2%
-5.4%
1.4%
-1.0%
34.0%
-0.3%
10.12
4.54
3.99
18.64
0.42
19.07
9.94
4.48
3.79
18.21
0.39
18.60
1.8%
1.2%
5.3%
2.4%
7.5%
2.5%
0.19
0.02
0.21
2.69
0.11
0.07
0.18
2.67
63.5%
-68.0%
15.3%
0.7%
1.34
0.52
1.85
20.92
1.16
0.58
1.74
20.35
15.1%
-10.9%
6.5%
2.8%
Quarterly sales volume
Source: Company data
PT Semen Indonesia (Persero) Tbk. 2
Third Quarter 2016 Results
Revenue
The Co pa ’s total sales re e ue i 9M16 reached Rp19,082 billion, down by only 0.2% YoY from
Rp19,115 billion in 9M15. This was due to decline in volume and selling price as the impact of
increasing competition within the cement industry.
Cost of Revenue and Operating Expenses
The cost of revenue declined by 0.8% YoY to Rp11,509 billion in 9M16, down from Rp11,602 billion
in 9M15. This was primarily due to the decline in energy prices and more efficient operation through
the cost transformation programmes. The unit cash cost of goods sold was around Rp497,000 per
tonne in 9M16, down 5.3% YoY.
The Co pa ’s operati g e pe ses i reased 8.6% to Rp3,705 billion in 9M16, up from Rp3,411
billion in 9M15. Selling expenses increased 13.9% YoY to Rp2,146 billion in 9M16, from Rp1,885
billion in 9M15, primarily from transportation and handling costs and promotion.
General and administrative expenses rose 1.7% YoY to Rp1,555 billion in 9M16, from Rp1,529 billion
in 9M15, due to increases in partnership programme and community development; tax, insurance,
and rental expenses.
Other operating income rose to Rp81 billion in 9M16, from Rp62 billion in 9M15 as sales of scrap
materials increased significantly and declined in foreign exchange loss. We recorded sales of scrap
matreials of Rp15 billion in 9M16, up from Rp0.9 billion in 9M15. Foreign exchange loss declined to
Rp15 billion in 9M16, down from Rp25 billion in 9M15. This was partly offset by the decline in rental
income to Rp13 billion in 9M16, from Rp28 billion in 9M15.
Profitability
Gross profit increased slightly by 0.8% YoY to Rp7,574 billion in 9M16 and gross profit margin was
maintained at 40% or flat YoY. EBITDA was down slightly by 1.5% YoY to Rp5,130 billion in 9M16,
from Rp5,207 billion in 9M15. Our EBITDA margin was 27% in 9M16, flat YoY.
Pre-tax profit declined by 5.7% YoY to Rp3,868 billion in 9M16, down from Rp4,102 billion in 9M15.
Net income after minority interest was down 8.4% YoY to Rp2,929 billion in 9M16.
Market destinations and domestic market share
Source: Company data
PT Semen Indonesia (Persero) Tbk. 3
Third Quarter 2016 Results
PROGRESS OF STRATEGIC PROJECTS
The constructions of 2 (two) new cement plants in Rembang, Central Java and Indarung, West
Sumatera, each with designed capacity of 3mtpa (million tonnes per annum), are scheduled for
comissioning in 4Q16. These new plants will add our designed capacity to 38mtpa.
We are also progressing with the Waste Heat Recover Power Generator project (WHRPG) in Tuban
to generate 30MW power, for cost saving purposes and reduce CO2 emissions. The project is
targeted to be completed by the end of this year and operational in 2017.
DISCLAIMER
The information contained in this report has been taken from sources which we deem reliable.
However, none of PT Semen Indonesia (Persero) Tbk and/or its affiliated companies and/or their
respective employees and/or agents make any representation or warranty (express or implied) or
accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the
information and opinions contained in this report or as to any information contained in this report or
any other such information or opinions remaining unchanged after the issue thereof.
We expressly disclaim any responsibility or liability (express or implied) of PT Semen Indonesia
(Persero) Tbk, its affiliated companies and their respective employees and agents whatsoever and
howsoever arising (including, without limitation for any claim, proceedings, action, suits, losses,
expenses, damages or costs) which may be brought against or suffered by any person as a result of
acting in reliance upon the whole or any part of the contents of this report and neither PT Semen
Indonesia (Persero) Tbk, its affiliated companies or their respective employees or agents accepts
liability for any errors, omission or mis-statements, negligent or otherwise, in the report and any
liability in respect of the report or any inaccuracy therein or mission there from which might
otherwise arise is hereby expresses disclaimed.
The information contained in this report is not be taken as any recommendation made by PT Semen
Indonesia (Persero) Tbk or any other person to enter into any agreement with regard to any
investment mentioned in this document. This report is prepared for general circulation. It does not
have regard to the specific person who may receive this report. In considering any investments you
should make your own independent assessment and seek your own professional financial and legal
advice.
PT Semen Indonesia (Persero) Tbk. 4
Third Quarter 2016 Results
PT Semen Indonesia (Persero) Tbk. 5
Third Quarter 2016 Results
PT Semen Indonesia (Persero) Tbk. 6
Third Quarter 2016 Results
PT Semen Indonesia (Persero) Tbk. 7
Third Quarter 2016 Results
PT Semen Indonesia (Persero) Tbk. 8
Third Quarter 2016 Results
PT Semen Indonesia (Persero) Tbk. 9