SMGR CORP Presentation Dec 2014
Together We Build a Better Future
0
INDONESIA’S CEMENT INDUSTRY: NOW and THE FUTURE
SMGR Corporate Presentation
DECEMBER 2014
CEMENT INDUSTRY AT A GLANCE
2
Kuala
Lumpur
Singapore
1
SMGR
3
4
CEMENT INDUSTRY
• Design Capacity
• Production Capacity
• Domestic Growth
• Domestic Utilization
•Supply
Domestic
Export
Import
:
:
:
:
1
1
6
7
5
2013
68.0 mio tons
55.2 mio tons
5.5%
100%
: 58.0 mio tons
: 0.5 mio tons
: 3.3 mio tons2)
2014F 1)
2015F 1)
71.5 mio tons
60.0 mio tons
6.0%
100%
82.2 mio tons
69.8 mio tons
6.0%
94%
61.0 mio tons
0.5 mio tons
3.0 mio tons 3))
65.8 mio tons
0.5 mio tons
3.0 mio tons3)
1) Based on the Company’s forecast
2) Imported cement by PT Semen Andalas (1.0 mio ton) and clinker by Bosawa and Kupang
3) Imported cement & clinker
DOMESTIC CAPACITY (2014)
1. SEMEN INDONESIA
- Semen Padang :
- Semen Gresik :
- Semen Tonasa:
2. Semen Andalas 2)
3. Semen Baturaja
4. Indocement TP
5. Holcim Indonesia
6. Semen Bosowa
7. Semen Kupang
TOTAL
29.5 mn ton
7.3 mn ton
14.4 mn ton
7.8 mn ton
1.6 mn ton
1.3 mn ton
20.5 mn ton
12.1 mn ton
6.0 mn ton
0.5 mn ton
2
71.5 mn ton
ADDITIONAL INSTALLED CAPACITY IN THE NEXT 5 YEARS
New Cement Capacity from Existing Players (2013 – 2017)
No
Company
Targeted Plant
Location
Declared Capacity
(mn tons)
1
Semen
Indonesia
Java, Sumatera,
Sulawesi
11.5
9.0
2
Indocement
Java, Kalimantan
8.8
6.3
1,560 (E)
Cement Mill +
brown/greenfield
3
Holcim
East Java
3.8
3.4
680 (E)
Brown/Greenfield
4
Bosowa
Java, Sulawesi
7.9
3.4
620
Cement Mill + Brownfield
5
Semen Andalas
Sumatera
1.6
0
300
Greenfield
6
Semen Baturaja
Sumatera
2.6
1.5
325
Greenfield/Brownfield
36.2
23.6
TOTAL
Prognose Design Capacity
(mn tons)
Investment
(US$ mn)
970
Remarks
Upgrading +
green/brownfield
4,130
New Cement Capacity from Potential Players (2013 – 2017)
No
Company
Targeted Plant
Location
1
Siam Cement (Thailand)
Sukabumi, West Java
1.8
1.8 (2016)
360
Greenfield
2
CNBM (China)
Central Java
2.4
0
350
Greenfield, Semen Grobogan
3
Semen Merah Putih
Bayah, Lebak, Banten
11.5
3.0 (2016)
600
Greenfield (PT Cemindo Gemilg)
4
Anhui Conch Cement
- Tanjung
- Tanah Grogot
- Pontianak
- West Papua
Various
- South Kalimantan
- East Kalimantan
- West Kalimantan
- West Papua
13.7
3.8
3.8
3.8
2.4
3.0 (2016)
2,350
400
600
600
750
Greenfield
Greenfield
Greenfield
Greenfield
Greenfield
5
Ultratech
Wonogiri, Centr Java
4.5
0
827
Greenfield
6
Semen Puger
East Java
0.6
0
n.a
Upgrading
7
Semen Barru
Barru, South Sulawesi
3.3
0
470
Greenfield (Fajar Group)
8
Semen Panasia
Ajibarang, Central Java
2.0
1.5 (2016)
240
Greenfield
9
Jui Shin Indonesia
Karawang, West Java
1.5
1.5 (2015)
n.a
Greenfield
40.3
10.8
4,470
TOTAL
Declared Capacity
(mn tons)
Prognose Design
Capacity (mn tons)
Investment
(US$ mn)
Remarks + Local Partner
COMPARISON: CEMENT CONSUMPTION PER CAPITA 2013
201
kg/capita
kg
1.800
1.600
1.400
1.200
1.000
800
600
400
229
200
0
a
di
In
p
ili
Ph
a
s
ne
pi
si
ne
do
In
nd
la
ai
Th
re
a
si
ay
al
po
m
na
et
Vi
M
a
ng
Si
a
in
Ch
Source: Deutsche, Indonesia Cement Association
INDONESIA’S ECONOMY AND DOMESTIC CEMENT CONSUMPTION GROWTH
(mio tons)
Cement growth % (RHS)
60.0
GDP growth % (RHS)
Domestic consumption (LHS)
20.0%
17.7%
58.0
54.9
50.0
14.5%
48.0
11.5%
40.0
40.8
38.1
9.7%
30.0
27.2
20.0
27.5
5.8%
30.2
31.5
5.6%
5.1%
32.1
5.4%
4.4%
4.7%
Growth
:
Growth
4.2%
:
5.8%
1.1%
1.1%
0.0
2002
2003
2004
2005
Source: Indonesian Cement Association & BPS Statistic
10.0%
6.3%
Growth
:
1.8% 9.7%
2006
39.1
34.2
6.6%
10.0
54.5
2007
6.10%
6.1%
4.60%
Growth
:
4.2% 2.5%
2008
2009
6.00%
6.50%
6.80%
6.0%
Growth
:
Growth
:
1.8%
6.6%
2010
2011
2012
5.5%
5.70%
Growth
3,4%:
19.4%
2013
11M14
0.0%
ARISING INFRASTRUCTURE EXPANSION TREND
Bag and Bulk cement consumption (million tons)
44.1 45.7
45
42.6
40
39.2
35
32.2
30
25
22.7
21.0
20
23.7 23.7
25.2 25.5
26.9
32.8
34.2
28.2
20.0
18.1
16.9
15
10
6.5
5
1.0
1.9
2.3
3.0
3.5
3.8
5.0
6.0
5.1
6.0
5.9
6.2
6.6
8.8
10.8 12.2
11.7
0
1997
1999
2001
2003
2005
Bagged Cement
2007
Bulk Cement
2009
2011
2013
DOMESTIC MARKET CONSUMPTION (2013)
Bulk
± 21%
Bag
± 79%
•
Ready
Ready-mix
(infrastructure): ± 60%
•
Fabricator (pre-cast,
(pre
fiber cement, cement based industry): ± 35%
•
Projects (mortar, render): ± 5%
•
Housing: ± 90%
•
Cement based industry: ± 10%
Key Drivers of Domestic cement demand:
Source: Internal Research
Retail (residential) sector is the largest
consumer of cement in Indonesia
• National Economic Growth
• Favorable Interest Rate Environment
• Infrastructure Expansion
• Per Capita Consumption increase from
current low levels
DOMESTIC MARKET UPDATE
SMGR Corporate Presentation
DECEMBER 2014
MARKET BY GEOGRAPHY
Population Distribution (2013)
Cement Distribution (11M2014)
2
4
3
SP
1
SG
7.5%
7.5%
6
ST
5
5.6%
2.1%
Papua
Bali & N T
20.8%
%
Kalimantan
Java
56.5%
Domestic Market Share (11M2014
11M2014)
REGION
MARKET SHARE (%)
SMGR
INTP
SMCB
1. JAVA
40.5
38.6
18.4
2. SUMATERA
43.0
14.2
3. KALIMANTAN
50.5
4. SULAWESI
BSWA ANDLS BTRJA
KPG
2.3
-
-
0.1
14.8
3.2
14.9
9.9
-
29.5
11.0
9.1
-
-
-
63.4
12.8
0.8
23.0
-
-
-
5. NUSA TENGGR.
39.1
33.3
5.2
17.3
-
-
4.9
6. EASTERN IND.
57.3
20.3
0.7
21.5
-
-
TOTAL
INDONESIA
43.7
30.2
14.
14.7
5.8
3.1
2.1
5.5%
1.5%
5.8%
Sulawesi
Sumatera
8.4%
0.3
Sumatera
21.3%
Java
57.5.%
MARKET UPDATE - Cement Consumption 11M2014
11M 2014 - SMGR Sales Volume (million tons)
DESCRIPTION
11M-13
11M-14
11M 2014 – Domestic Consumption (mio tons)
CHANGE (%)
DOMESTIC
23,095,160
23,865,709
3.3
Semen Indonesia
12,015,958
12,790,317
6.4
Semen Padang
6,298,093
6,149,075
(2.4)
Semen Tonasa
4,781,108
4,926,317
3.0
317,556
196,684
(38.1)
23,412,716
24,062,393
2.8
EXPORT
GRAND TOTAL
SMGR Sales Type (mio tons)
11M-13
11M-14
Bag
17.6 (76.4%)
18.1 (76.1%)
2.8
Bulk
5.4 (23.6%)
5.6 (23.9%)
4.5
YoY Change
Industry Sales Type (mio tons)
YoY Change
11M-13
11M-14
Bag
41.6 (79.0%)
42.6 (78.3%)
2.4
Bulk
11.0 (21.0%)
11.7 (21.7%)
6.3
*) Source: Indonesia Cement Association, un-audited figures
AREA
11M 2013
11M 2014
CHANGE (%)
Jakarta
4,874,570
5,245,192
7.6
Banten
3,145,866
2,914,662
(7.3)
West Java
7,806,852
8,119,875
4.0
Central Java
6,230,001
6,310,139
1.3
892,129
915,721
2.6
6,711,738
7,295,045
8.7
Total Java
29,661,156
30,800,634
3.8
Sumatera
11,080,958
11,364,558
2.6
Kalimantan
3,980,800
4,077,195
2.4
Sulawesi
3,876,790
4,093,593
5.6
Nusa Tenggara
3,033,322
3,053,935
0.7
Maluku & Papua
1,091,160
1,147,926
5.2
52,724,187
54,537,841
3.4
Export Cement
164,818
219,684
33.3
Export Clinker
396,934
44,878
(88.7)
Total Export
561,752
264,562
(52.9)
53,285,938
54,802,403
2.8
Yogyakarta
East Java
TOTAL
INDONESIA
GRAND TOTAL
COMPANY PROFILE
SMGR Corporate Presentation
DECEMBER 2014
SMGR IS THE #1 CEMENT COMPANY IN INDONESIA
BRIEF HISTORY
1957 : Inauguration of Gresik I, installed capacity of 250,000 ton cement per annum
1991 : Initial Public Offering, Market Cap.: IDR0.63tn, resulting shareholding structure post IPO:
1995
1998
2006
2010
2011
2012
● Government of Republic of Indonesia: 73%
● Public: 27%
: Acquisition of PT Semen Padang (Persero)) and PT Semen Tonasa (Persero)
: Cemex became a strategic partner, Market Cap.: IDR4.9tn
: Blue Valley Holdings bought Cemex’s 24.9% stake in SMGR, Market Cap.: IDR21.5tn
: In March 31, Blue Valley Holdings sold all of its stake ownership in SMGR, Market Cap per April 30, 2010: IDR72.1tn
0mm tons, Market Cap per June 29, 2012: IDR67.0tn
: Total installed capacity of 20.00mm
: Acquisition of Thang Long Cement Vietnam, Total
otal installed capacity of 2.3mm tons, Market Cap Dec 19th, 2012: IDR91.9tn
SMGR CAPACITY BUILD-OUT (Mio TONS)
30,0
consolidated capacity
Post-consolidated
25,0
• Total Installed capacity: 30 million
tons (2013) including TLCC;
20,0
• Market share of Semen Indonesia in
2013 was 44% based on sales volume
15,0
10,0
5,0
• 2013 Revenues amounted to IDR 19.6
trillion (equivalent to EUR 1.2 billion),
with EBITDA margin of 35%
Pre-consolidated capacity
_
_
_
_
_
_
19 70
19 80
19 8
19 4
8
19 5
86
19 90
19 9
19 5
9
19 7
98
20 0
20 6
0
20 7
0
20 8
0
20 9
1
20 0
1
20 1
1
20 2
13
19
57
0,0
FOCUS IN CORE BUSINESS
OWNERSHIP STRUCTURE1
The Government of the Republic of Indonesia
51.01%
Public
48.99%
PT Semen Indonesia (Persero)
(
Tbk.
99.99%
PT Semen Padang
PT Semen Gresik
Name
Activities
% Ownership
1. Igasar
Cement distribution & Trading
12.00%
2. Sepatim B
General trading, cement packaging 85.00%
3. Bima SA
General trading, cement packaging 80.00%
4. SUPS
Cement Packaging
¹ As of Jan, 2014
10.00%
99.99%
PT Semen Tonasa
70.00%
Thang Long Cement, VN
Name
Activities
% Ownership
Name
Activities
% Ownership
1. UTSG
Limestone & Clay Mining
55.00%
1. UTSG
Limestone & Clay Mining
55.00%
2. IKSG
Packaging Paper
60.00%
2. IKSG
Cement Packaging
60.00%
3. KIG
Industrial Estate
65.00%
3. KIG
Industrial Estate
4. Swadaya Graha
Contractor & Machine Fabricator 25.00%
65.00%
5. Varia Usaha
Transport and general trading
24.90%
25.00%
4. Swadaya Gra Steel fabrication, contractor
6. Eternit Gresik
Building materials
17.60%
Transport and general trading
24.90%
5. Varia Usaha
7. SGG Energy Prima Coal Mining and Trading
97.00%
17.60%
6. Eternit Gresik Building materials
8. SGG Prima Beton Ready Mix Concrete
99.99%
99.99%
7. SGG Prima Coal Trading Coal
9. SISI
IT
85.00%
99.99%
8. SGG Prima Beton Ready Mix Concrete
REGIONAL CEMENT PLAYERS
SMGR Corporate Presentation
DECEMBER 2014
COMPETITIVENESS OF SEMEN INDONESIA
Kiln
1 unit
Cement
Mill
1 unit
Integrated Cement Plant
Kiln
13 Unit
Cement Mill
22 Unit
Grinding Plant
Grinding
Plant
Kiln
4 unit
Cement
Mill
6 unit
Kiln
4 unit
Cement
Mill
9 unit
Cement Mill
1 unit Cement
Mill
Grinding
Plant
3 unit Cement
Mill
4 location
2 location
4 Unit
Warehouse
30 location
Packing Plant
23 location
Sea Port
12 location
Kiln
4 unit
Cement
Mill
6 unit
SUPPLY-DEMAND
DEMAND CEMENT IN SOUTH EAST ASIA
Potential Market
Cap. : 1.5 mio
Cap. : 54.4 mio
Cap. : 5.6 mio
Export :
Clinker : 6.17
Cement: 5.77
Cap. : 75 mio
Cap. : 22 mio
Cap. : 1.0 mio
Cap. : 0.55 mio
Cap. : - mio
Cap. : 66.4 mio
Cap. : 28.9 mio
Source : Global cement
STRATEGIC
TRATEGIC POSITION IN THE REGION
Kiln
1 unit
Cement
Mill
1 unit
Grinding
Plant
1 unit Cement
Mill
NEW TARGET
Kiln
4 unit
Cement
Mill
6 unit
Kiln
4 unit
Cement
Mill
9 unit
Grindin
g Plant
3 unit Cement
Mill
Kiln
4 unit
Cement
Mill
6 unit
FINANCIAL UPDATE
SMGR Corporate Presentation
DECEMBER 2014
FINANCIAL SUMMARY: 9M-2014 RESULTS
Description
(Rpbn)
9M-2013
9M-2014
Change
(%)
EBITDA (Rp billion)
7.000
19,349
11.3
6.000
9,551
10,898
14.1
4.000
7,840
8,451
7.8
2,794
3,341
9.6
5,104
5,209
2.1
Ebitda
5,838
6,090
4.3
Net Income
3,906
4,088
4.7
659
689
4.7
Revenue
Cost of revenue
Gross profit
Operating expenses
Operating income
EPS (full amount)
Ratio (%)
17,391
Formula
9M
2013
9M
2014
Ebitda margin
Ebitda / Revenue
33.6
31.5
Interest coverage (x)
Ebitda / Interest
expense
25.15
25.22
Cost ratio
[COGS + Opex] /
Revenue
Total debt to equity *)
Total debt / Total
equity
20.4
16.7
Total debt to asset *)
Total debt / Total asset
14.5
12.1
*) Total debt calculated from interest bearing debt
71.0
73.6
5.000
5.838
6090
9M13
9M14
4.728
3.546
3.805
9M10
9M11
3.000
2.000
1.000
0
9M12
EBITDA Margin (%)
9M-10
9M-11
9M-12
9M-13
9M-14
34.5%
32.8%
34.6%
33.6%
31.5%
NET INCOME (Rp billion)
5.000
4.500
4.000
3.500
3.000
2.500
2.000
1.500
1.000
500
0
3.389
3.906
4088
2.522
2.761
9M10
9M11 9M2012 9M2013 9M2014
NET INCOME Margin (%)
9M-10
9M-11
9M-12
9M-13
9M-14
24.5%
23.8%
24.8%
22.5%
21.1%
Together We Build a Better Future
STRONG BALANCE SHEET AND RETURNS
Cash balance (IDR bn)
Total debt (IDR bn)
* Include short term investment
3.846
2008
5.283
2009
3.905
2010
3.682
2011
3.317
2012
4.213
2013
Debt/EBITDA
4.083
2012
2013 9M2014
3.912
1.871
3709
9M2014
3.850
686
251
199
2008
2009
2010
2011
Return on Assets
2,00x
0,35x
0,06x
0,04x
2008
2009
0.56x 0,50x
24,0%
2012
2008
25,8%
23,5%
20,1%
18,2%
17,4%
2011
2012
2013
0,14x
2010
2011
2013
2009
2010
The projected adjusted debt/EBITDA of 2.0x to
maintain rating level from Moody’s Investors
Service.
Together We Build a Better Future
20
REGULAR DIVIDEND PAYMENTS WITH ATTRACTIVE YIELD
Total Dividend Payout
3000
2,416.6
2,181.3
1,962.7
1,829.5 1,816.7
2500
2000
1500
1000
REGULAR DIVIDENDS
Total
Dividend
(IDR billion)
1,261.7
887.7
500
0
2007 2008 2009 2010 2011 2012 2013
SMGR DIVIDEND PAY OUT RATIO IN THE LAST 7 YEARS
Average: 50%
50%
2007
50%
2008
55%
2009
50%
2010
50%
2011
45%
2012
45%
2013
Key determinants of
dividend policy:
• Historical dividend payout
trends
• Comparison with peers
• Projected cash-flows
available for dividends
(after taking into account
potential expansionary
capex etc)
• Analyst and investor
expectations
STRATEGIC PROJECTS
SMGR Corporate Presentation
DECEMBER 2014
SMGR LONG TERM STRATEGIC FOCUS
THE OVERALL
STRATEGY
COMBINES
6 CRITICAL
ELEMENTS
1. Undertake Capacity Growth
2. Manage Energy Security
3. Enhance Company Image
4. Move Closer To The Customer
5. Enable Corporate Growth
6. Manage Key Risks
SMIG
CEMENT PLANTS PROJECTS
New Plants
Location
/Capacity Investment
(mn tons) (US$ mn)
REMBANG PROJECT
MAIN SITE STORAGE
MAIN SUB STATION
CYCLONE PREHEATER
PREHEATER AREA
MAIN SITE RAW MILL & PYRO
PROCESSING
ROTARY KILN AREA
Construction
Start
Completion
Indarung VI-SumBar
3.0
352
2013
Q3-2016
Rembang - Java
3.0
403
2013
Q3-2016
TOTAL CAPEX
6.0
755
Capacity
(mio tons)
Est. Time
Operation
New Cement Mill
1.5
2013 - Q3
Tuban
New Cement Mill
0.9
2014 - Q3
Dumai
Cement Mill
0.4
2014 - Q2
Gresik Plant B
New Cement Mill
1.5
2015 - Q3
Tonasa
New Cement Plant
3.0
2016 - Q3
Indarung
New Cement Plant
3.0
2016 - Q3
Rembang
New Cement Plant
-
-
Plant
INDARUNG PROJECT
Location
Domestic Area
These strategic projects will ensure sustainability of
the Company’s market leadership
INSTALLED CAPACITY (Mio Ton)
Installed Capacity
39,3
25,3
17,1
18
19
19
30
31,8
40,8
33,3
20,2
2007 2008 2009 2010 2011 2012 2013 2014F 2015F 2016F 2017F
CONCLUSION: WHY SMGR?
SMGR Corporate Presentation
DECEMBER 2014
SMGR’s COMPARATIVE & COMPETITIVE ADVANTAGE DRIVES
DRIVE SMGR
TO BE THE MARKET LEADER IN INDONESIA
Outstanding business performance
Strengths of SMGR
Experienced
management
team
Outstanding
business
performance
Favorable
industry
outlook
Conservative
capital
structure and
financial
policies
Outstanding
performance
Robust cash flow
generation
– Leading cement player in Indonesia with over 43.9% market share based on
sales volume for 2Q-2014 and approximately 41% share of total installed
cement capacity (Source: Indonesia Cement Association (“ASI”))
– Strategically plants location is close to key markets throughout the country
– As of Dec 2012, acquired Thang Long Cement Company, Vietnam by 70%
share with installed capacity 2.3 mio tons per annum
– Substantial growth opportunities through expansion and optimization
– Superior distribution network and strong brands recognition
– Long-term
Long
access to raw materials for cement production and coal for fuel
consumption
– Concerns on environmental and Corporate Social Responsibility programs to
ensure sustainable growth.
Favourable industry outlook
– Cement consumption pretty much in-line
in
with Indonesian economic growth
– Real estate and infrastructure projects and favorable interest rates as key
cement demand drivers
– High barriers to entry (plant, distribution and brand investment costs)
– Disciplined investment on supply side
Robust cash flow generation
– Historically strong revenue, margin and price trends
– High plant utilization and strong focus on cost and revenue management
Conservative capital structure and financial policies
– [Investment grade-like
grade
credit metrics]
– Conservative capital structure policy; low use of leverage
– Access to capital markets for expansion initiatives
Experienced management team
– Experienced and successful management team
THANK YOU
IMPORTANT NOTICE
THIS PRESENTATION IS NOT AND DOES NOT CONSTITUTE OR FORM PART OF, AND IS NOT MADE IN CONNECTION WITH, ANY OFFER FOR SALE OR SUBSCRIPTION OF OR SOLICITATION,
RECOMMENDATION OR INVITATION OF ANY OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN
CONNECTION WITH ANY CONTRACT, COMMITMENT OR INVESTMENT DECISION WHATSOEVER.
WHATSOEVER
THE SLIDES USED IN THIS PRESENTATION ARE STRICTLY CONFIDENTIAL AND HAVE BEEN PREPARED AS A SUPPORT FOR ORAL DISCUSSIONS ONLY. THE INFORMATION CONTAINED IN
THIS PRESENTATION IS BEING PRESENTED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON, IN WHOLE OR IN
PART.
This presentation includes forward-looking statements, which are based on current expectations and forecast about future events. Such statements involve known / unknown risks uncertainties
and other factors, which could cause actual results to differ materially from historical results or those anticipated. Such factors include, among others:
●
economic, social and political conditions in Indonesia, and the impact such conditions have on construction and infrastructure
infrastructur spending in Indonesia;
●
the effects of competition;
●
the effects of changes in laws, regulations, taxation or accounting standards or practices;
●
acquisitions, divestitures and various business opportunities that we may pursue;
●
changes or volatility in inflation, interest rates and foreign exchange rates;
●
accidents, natural disasters or outbreaks of infectious diseases, such as avian influenza, in our markets;
●
labor unrest or other similar situations; and
●
the outcome of pending or threatened litigation.
We can give no assurance that our expectations will be attained.
DISCLAIMER
The information contained in this report has been taken from sources which we deem reliable. However, none of PT Semen Indone
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.
informa
(
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,
statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission
omi
therefrom
which might otherwise arise is hereby expresses disclaimed.
Gresik Office:
Semen Indonesia Tower
Jln. Veteran
Gresik 61122 – Indonesia
Phone: (62-31) 3981731 -2, 3981745
Fax: (62-31) 3983209, 3972264
Jakarta Office:
The East Building, 18th Floor,
Jln. DR. Ide Anak Agung Gde Agung Kav. E3.2 No.1,
Mega Kuningan, Jakarta 12950 – Indonesia
Phone : (62-21) 5261174 – 5
Fax
: (62-21) 5261176
www.semenindonesia.com
0
INDONESIA’S CEMENT INDUSTRY: NOW and THE FUTURE
SMGR Corporate Presentation
DECEMBER 2014
CEMENT INDUSTRY AT A GLANCE
2
Kuala
Lumpur
Singapore
1
SMGR
3
4
CEMENT INDUSTRY
• Design Capacity
• Production Capacity
• Domestic Growth
• Domestic Utilization
•Supply
Domestic
Export
Import
:
:
:
:
1
1
6
7
5
2013
68.0 mio tons
55.2 mio tons
5.5%
100%
: 58.0 mio tons
: 0.5 mio tons
: 3.3 mio tons2)
2014F 1)
2015F 1)
71.5 mio tons
60.0 mio tons
6.0%
100%
82.2 mio tons
69.8 mio tons
6.0%
94%
61.0 mio tons
0.5 mio tons
3.0 mio tons 3))
65.8 mio tons
0.5 mio tons
3.0 mio tons3)
1) Based on the Company’s forecast
2) Imported cement by PT Semen Andalas (1.0 mio ton) and clinker by Bosawa and Kupang
3) Imported cement & clinker
DOMESTIC CAPACITY (2014)
1. SEMEN INDONESIA
- Semen Padang :
- Semen Gresik :
- Semen Tonasa:
2. Semen Andalas 2)
3. Semen Baturaja
4. Indocement TP
5. Holcim Indonesia
6. Semen Bosowa
7. Semen Kupang
TOTAL
29.5 mn ton
7.3 mn ton
14.4 mn ton
7.8 mn ton
1.6 mn ton
1.3 mn ton
20.5 mn ton
12.1 mn ton
6.0 mn ton
0.5 mn ton
2
71.5 mn ton
ADDITIONAL INSTALLED CAPACITY IN THE NEXT 5 YEARS
New Cement Capacity from Existing Players (2013 – 2017)
No
Company
Targeted Plant
Location
Declared Capacity
(mn tons)
1
Semen
Indonesia
Java, Sumatera,
Sulawesi
11.5
9.0
2
Indocement
Java, Kalimantan
8.8
6.3
1,560 (E)
Cement Mill +
brown/greenfield
3
Holcim
East Java
3.8
3.4
680 (E)
Brown/Greenfield
4
Bosowa
Java, Sulawesi
7.9
3.4
620
Cement Mill + Brownfield
5
Semen Andalas
Sumatera
1.6
0
300
Greenfield
6
Semen Baturaja
Sumatera
2.6
1.5
325
Greenfield/Brownfield
36.2
23.6
TOTAL
Prognose Design Capacity
(mn tons)
Investment
(US$ mn)
970
Remarks
Upgrading +
green/brownfield
4,130
New Cement Capacity from Potential Players (2013 – 2017)
No
Company
Targeted Plant
Location
1
Siam Cement (Thailand)
Sukabumi, West Java
1.8
1.8 (2016)
360
Greenfield
2
CNBM (China)
Central Java
2.4
0
350
Greenfield, Semen Grobogan
3
Semen Merah Putih
Bayah, Lebak, Banten
11.5
3.0 (2016)
600
Greenfield (PT Cemindo Gemilg)
4
Anhui Conch Cement
- Tanjung
- Tanah Grogot
- Pontianak
- West Papua
Various
- South Kalimantan
- East Kalimantan
- West Kalimantan
- West Papua
13.7
3.8
3.8
3.8
2.4
3.0 (2016)
2,350
400
600
600
750
Greenfield
Greenfield
Greenfield
Greenfield
Greenfield
5
Ultratech
Wonogiri, Centr Java
4.5
0
827
Greenfield
6
Semen Puger
East Java
0.6
0
n.a
Upgrading
7
Semen Barru
Barru, South Sulawesi
3.3
0
470
Greenfield (Fajar Group)
8
Semen Panasia
Ajibarang, Central Java
2.0
1.5 (2016)
240
Greenfield
9
Jui Shin Indonesia
Karawang, West Java
1.5
1.5 (2015)
n.a
Greenfield
40.3
10.8
4,470
TOTAL
Declared Capacity
(mn tons)
Prognose Design
Capacity (mn tons)
Investment
(US$ mn)
Remarks + Local Partner
COMPARISON: CEMENT CONSUMPTION PER CAPITA 2013
201
kg/capita
kg
1.800
1.600
1.400
1.200
1.000
800
600
400
229
200
0
a
di
In
p
ili
Ph
a
s
ne
pi
si
ne
do
In
nd
la
ai
Th
re
a
si
ay
al
po
m
na
et
Vi
M
a
ng
Si
a
in
Ch
Source: Deutsche, Indonesia Cement Association
INDONESIA’S ECONOMY AND DOMESTIC CEMENT CONSUMPTION GROWTH
(mio tons)
Cement growth % (RHS)
60.0
GDP growth % (RHS)
Domestic consumption (LHS)
20.0%
17.7%
58.0
54.9
50.0
14.5%
48.0
11.5%
40.0
40.8
38.1
9.7%
30.0
27.2
20.0
27.5
5.8%
30.2
31.5
5.6%
5.1%
32.1
5.4%
4.4%
4.7%
Growth
:
Growth
4.2%
:
5.8%
1.1%
1.1%
0.0
2002
2003
2004
2005
Source: Indonesian Cement Association & BPS Statistic
10.0%
6.3%
Growth
:
1.8% 9.7%
2006
39.1
34.2
6.6%
10.0
54.5
2007
6.10%
6.1%
4.60%
Growth
:
4.2% 2.5%
2008
2009
6.00%
6.50%
6.80%
6.0%
Growth
:
Growth
:
1.8%
6.6%
2010
2011
2012
5.5%
5.70%
Growth
3,4%:
19.4%
2013
11M14
0.0%
ARISING INFRASTRUCTURE EXPANSION TREND
Bag and Bulk cement consumption (million tons)
44.1 45.7
45
42.6
40
39.2
35
32.2
30
25
22.7
21.0
20
23.7 23.7
25.2 25.5
26.9
32.8
34.2
28.2
20.0
18.1
16.9
15
10
6.5
5
1.0
1.9
2.3
3.0
3.5
3.8
5.0
6.0
5.1
6.0
5.9
6.2
6.6
8.8
10.8 12.2
11.7
0
1997
1999
2001
2003
2005
Bagged Cement
2007
Bulk Cement
2009
2011
2013
DOMESTIC MARKET CONSUMPTION (2013)
Bulk
± 21%
Bag
± 79%
•
Ready
Ready-mix
(infrastructure): ± 60%
•
Fabricator (pre-cast,
(pre
fiber cement, cement based industry): ± 35%
•
Projects (mortar, render): ± 5%
•
Housing: ± 90%
•
Cement based industry: ± 10%
Key Drivers of Domestic cement demand:
Source: Internal Research
Retail (residential) sector is the largest
consumer of cement in Indonesia
• National Economic Growth
• Favorable Interest Rate Environment
• Infrastructure Expansion
• Per Capita Consumption increase from
current low levels
DOMESTIC MARKET UPDATE
SMGR Corporate Presentation
DECEMBER 2014
MARKET BY GEOGRAPHY
Population Distribution (2013)
Cement Distribution (11M2014)
2
4
3
SP
1
SG
7.5%
7.5%
6
ST
5
5.6%
2.1%
Papua
Bali & N T
20.8%
%
Kalimantan
Java
56.5%
Domestic Market Share (11M2014
11M2014)
REGION
MARKET SHARE (%)
SMGR
INTP
SMCB
1. JAVA
40.5
38.6
18.4
2. SUMATERA
43.0
14.2
3. KALIMANTAN
50.5
4. SULAWESI
BSWA ANDLS BTRJA
KPG
2.3
-
-
0.1
14.8
3.2
14.9
9.9
-
29.5
11.0
9.1
-
-
-
63.4
12.8
0.8
23.0
-
-
-
5. NUSA TENGGR.
39.1
33.3
5.2
17.3
-
-
4.9
6. EASTERN IND.
57.3
20.3
0.7
21.5
-
-
TOTAL
INDONESIA
43.7
30.2
14.
14.7
5.8
3.1
2.1
5.5%
1.5%
5.8%
Sulawesi
Sumatera
8.4%
0.3
Sumatera
21.3%
Java
57.5.%
MARKET UPDATE - Cement Consumption 11M2014
11M 2014 - SMGR Sales Volume (million tons)
DESCRIPTION
11M-13
11M-14
11M 2014 – Domestic Consumption (mio tons)
CHANGE (%)
DOMESTIC
23,095,160
23,865,709
3.3
Semen Indonesia
12,015,958
12,790,317
6.4
Semen Padang
6,298,093
6,149,075
(2.4)
Semen Tonasa
4,781,108
4,926,317
3.0
317,556
196,684
(38.1)
23,412,716
24,062,393
2.8
EXPORT
GRAND TOTAL
SMGR Sales Type (mio tons)
11M-13
11M-14
Bag
17.6 (76.4%)
18.1 (76.1%)
2.8
Bulk
5.4 (23.6%)
5.6 (23.9%)
4.5
YoY Change
Industry Sales Type (mio tons)
YoY Change
11M-13
11M-14
Bag
41.6 (79.0%)
42.6 (78.3%)
2.4
Bulk
11.0 (21.0%)
11.7 (21.7%)
6.3
*) Source: Indonesia Cement Association, un-audited figures
AREA
11M 2013
11M 2014
CHANGE (%)
Jakarta
4,874,570
5,245,192
7.6
Banten
3,145,866
2,914,662
(7.3)
West Java
7,806,852
8,119,875
4.0
Central Java
6,230,001
6,310,139
1.3
892,129
915,721
2.6
6,711,738
7,295,045
8.7
Total Java
29,661,156
30,800,634
3.8
Sumatera
11,080,958
11,364,558
2.6
Kalimantan
3,980,800
4,077,195
2.4
Sulawesi
3,876,790
4,093,593
5.6
Nusa Tenggara
3,033,322
3,053,935
0.7
Maluku & Papua
1,091,160
1,147,926
5.2
52,724,187
54,537,841
3.4
Export Cement
164,818
219,684
33.3
Export Clinker
396,934
44,878
(88.7)
Total Export
561,752
264,562
(52.9)
53,285,938
54,802,403
2.8
Yogyakarta
East Java
TOTAL
INDONESIA
GRAND TOTAL
COMPANY PROFILE
SMGR Corporate Presentation
DECEMBER 2014
SMGR IS THE #1 CEMENT COMPANY IN INDONESIA
BRIEF HISTORY
1957 : Inauguration of Gresik I, installed capacity of 250,000 ton cement per annum
1991 : Initial Public Offering, Market Cap.: IDR0.63tn, resulting shareholding structure post IPO:
1995
1998
2006
2010
2011
2012
● Government of Republic of Indonesia: 73%
● Public: 27%
: Acquisition of PT Semen Padang (Persero)) and PT Semen Tonasa (Persero)
: Cemex became a strategic partner, Market Cap.: IDR4.9tn
: Blue Valley Holdings bought Cemex’s 24.9% stake in SMGR, Market Cap.: IDR21.5tn
: In March 31, Blue Valley Holdings sold all of its stake ownership in SMGR, Market Cap per April 30, 2010: IDR72.1tn
0mm tons, Market Cap per June 29, 2012: IDR67.0tn
: Total installed capacity of 20.00mm
: Acquisition of Thang Long Cement Vietnam, Total
otal installed capacity of 2.3mm tons, Market Cap Dec 19th, 2012: IDR91.9tn
SMGR CAPACITY BUILD-OUT (Mio TONS)
30,0
consolidated capacity
Post-consolidated
25,0
• Total Installed capacity: 30 million
tons (2013) including TLCC;
20,0
• Market share of Semen Indonesia in
2013 was 44% based on sales volume
15,0
10,0
5,0
• 2013 Revenues amounted to IDR 19.6
trillion (equivalent to EUR 1.2 billion),
with EBITDA margin of 35%
Pre-consolidated capacity
_
_
_
_
_
_
19 70
19 80
19 8
19 4
8
19 5
86
19 90
19 9
19 5
9
19 7
98
20 0
20 6
0
20 7
0
20 8
0
20 9
1
20 0
1
20 1
1
20 2
13
19
57
0,0
FOCUS IN CORE BUSINESS
OWNERSHIP STRUCTURE1
The Government of the Republic of Indonesia
51.01%
Public
48.99%
PT Semen Indonesia (Persero)
(
Tbk.
99.99%
PT Semen Padang
PT Semen Gresik
Name
Activities
% Ownership
1. Igasar
Cement distribution & Trading
12.00%
2. Sepatim B
General trading, cement packaging 85.00%
3. Bima SA
General trading, cement packaging 80.00%
4. SUPS
Cement Packaging
¹ As of Jan, 2014
10.00%
99.99%
PT Semen Tonasa
70.00%
Thang Long Cement, VN
Name
Activities
% Ownership
Name
Activities
% Ownership
1. UTSG
Limestone & Clay Mining
55.00%
1. UTSG
Limestone & Clay Mining
55.00%
2. IKSG
Packaging Paper
60.00%
2. IKSG
Cement Packaging
60.00%
3. KIG
Industrial Estate
65.00%
3. KIG
Industrial Estate
4. Swadaya Graha
Contractor & Machine Fabricator 25.00%
65.00%
5. Varia Usaha
Transport and general trading
24.90%
25.00%
4. Swadaya Gra Steel fabrication, contractor
6. Eternit Gresik
Building materials
17.60%
Transport and general trading
24.90%
5. Varia Usaha
7. SGG Energy Prima Coal Mining and Trading
97.00%
17.60%
6. Eternit Gresik Building materials
8. SGG Prima Beton Ready Mix Concrete
99.99%
99.99%
7. SGG Prima Coal Trading Coal
9. SISI
IT
85.00%
99.99%
8. SGG Prima Beton Ready Mix Concrete
REGIONAL CEMENT PLAYERS
SMGR Corporate Presentation
DECEMBER 2014
COMPETITIVENESS OF SEMEN INDONESIA
Kiln
1 unit
Cement
Mill
1 unit
Integrated Cement Plant
Kiln
13 Unit
Cement Mill
22 Unit
Grinding Plant
Grinding
Plant
Kiln
4 unit
Cement
Mill
6 unit
Kiln
4 unit
Cement
Mill
9 unit
Cement Mill
1 unit Cement
Mill
Grinding
Plant
3 unit Cement
Mill
4 location
2 location
4 Unit
Warehouse
30 location
Packing Plant
23 location
Sea Port
12 location
Kiln
4 unit
Cement
Mill
6 unit
SUPPLY-DEMAND
DEMAND CEMENT IN SOUTH EAST ASIA
Potential Market
Cap. : 1.5 mio
Cap. : 54.4 mio
Cap. : 5.6 mio
Export :
Clinker : 6.17
Cement: 5.77
Cap. : 75 mio
Cap. : 22 mio
Cap. : 1.0 mio
Cap. : 0.55 mio
Cap. : - mio
Cap. : 66.4 mio
Cap. : 28.9 mio
Source : Global cement
STRATEGIC
TRATEGIC POSITION IN THE REGION
Kiln
1 unit
Cement
Mill
1 unit
Grinding
Plant
1 unit Cement
Mill
NEW TARGET
Kiln
4 unit
Cement
Mill
6 unit
Kiln
4 unit
Cement
Mill
9 unit
Grindin
g Plant
3 unit Cement
Mill
Kiln
4 unit
Cement
Mill
6 unit
FINANCIAL UPDATE
SMGR Corporate Presentation
DECEMBER 2014
FINANCIAL SUMMARY: 9M-2014 RESULTS
Description
(Rpbn)
9M-2013
9M-2014
Change
(%)
EBITDA (Rp billion)
7.000
19,349
11.3
6.000
9,551
10,898
14.1
4.000
7,840
8,451
7.8
2,794
3,341
9.6
5,104
5,209
2.1
Ebitda
5,838
6,090
4.3
Net Income
3,906
4,088
4.7
659
689
4.7
Revenue
Cost of revenue
Gross profit
Operating expenses
Operating income
EPS (full amount)
Ratio (%)
17,391
Formula
9M
2013
9M
2014
Ebitda margin
Ebitda / Revenue
33.6
31.5
Interest coverage (x)
Ebitda / Interest
expense
25.15
25.22
Cost ratio
[COGS + Opex] /
Revenue
Total debt to equity *)
Total debt / Total
equity
20.4
16.7
Total debt to asset *)
Total debt / Total asset
14.5
12.1
*) Total debt calculated from interest bearing debt
71.0
73.6
5.000
5.838
6090
9M13
9M14
4.728
3.546
3.805
9M10
9M11
3.000
2.000
1.000
0
9M12
EBITDA Margin (%)
9M-10
9M-11
9M-12
9M-13
9M-14
34.5%
32.8%
34.6%
33.6%
31.5%
NET INCOME (Rp billion)
5.000
4.500
4.000
3.500
3.000
2.500
2.000
1.500
1.000
500
0
3.389
3.906
4088
2.522
2.761
9M10
9M11 9M2012 9M2013 9M2014
NET INCOME Margin (%)
9M-10
9M-11
9M-12
9M-13
9M-14
24.5%
23.8%
24.8%
22.5%
21.1%
Together We Build a Better Future
STRONG BALANCE SHEET AND RETURNS
Cash balance (IDR bn)
Total debt (IDR bn)
* Include short term investment
3.846
2008
5.283
2009
3.905
2010
3.682
2011
3.317
2012
4.213
2013
Debt/EBITDA
4.083
2012
2013 9M2014
3.912
1.871
3709
9M2014
3.850
686
251
199
2008
2009
2010
2011
Return on Assets
2,00x
0,35x
0,06x
0,04x
2008
2009
0.56x 0,50x
24,0%
2012
2008
25,8%
23,5%
20,1%
18,2%
17,4%
2011
2012
2013
0,14x
2010
2011
2013
2009
2010
The projected adjusted debt/EBITDA of 2.0x to
maintain rating level from Moody’s Investors
Service.
Together We Build a Better Future
20
REGULAR DIVIDEND PAYMENTS WITH ATTRACTIVE YIELD
Total Dividend Payout
3000
2,416.6
2,181.3
1,962.7
1,829.5 1,816.7
2500
2000
1500
1000
REGULAR DIVIDENDS
Total
Dividend
(IDR billion)
1,261.7
887.7
500
0
2007 2008 2009 2010 2011 2012 2013
SMGR DIVIDEND PAY OUT RATIO IN THE LAST 7 YEARS
Average: 50%
50%
2007
50%
2008
55%
2009
50%
2010
50%
2011
45%
2012
45%
2013
Key determinants of
dividend policy:
• Historical dividend payout
trends
• Comparison with peers
• Projected cash-flows
available for dividends
(after taking into account
potential expansionary
capex etc)
• Analyst and investor
expectations
STRATEGIC PROJECTS
SMGR Corporate Presentation
DECEMBER 2014
SMGR LONG TERM STRATEGIC FOCUS
THE OVERALL
STRATEGY
COMBINES
6 CRITICAL
ELEMENTS
1. Undertake Capacity Growth
2. Manage Energy Security
3. Enhance Company Image
4. Move Closer To The Customer
5. Enable Corporate Growth
6. Manage Key Risks
SMIG
CEMENT PLANTS PROJECTS
New Plants
Location
/Capacity Investment
(mn tons) (US$ mn)
REMBANG PROJECT
MAIN SITE STORAGE
MAIN SUB STATION
CYCLONE PREHEATER
PREHEATER AREA
MAIN SITE RAW MILL & PYRO
PROCESSING
ROTARY KILN AREA
Construction
Start
Completion
Indarung VI-SumBar
3.0
352
2013
Q3-2016
Rembang - Java
3.0
403
2013
Q3-2016
TOTAL CAPEX
6.0
755
Capacity
(mio tons)
Est. Time
Operation
New Cement Mill
1.5
2013 - Q3
Tuban
New Cement Mill
0.9
2014 - Q3
Dumai
Cement Mill
0.4
2014 - Q2
Gresik Plant B
New Cement Mill
1.5
2015 - Q3
Tonasa
New Cement Plant
3.0
2016 - Q3
Indarung
New Cement Plant
3.0
2016 - Q3
Rembang
New Cement Plant
-
-
Plant
INDARUNG PROJECT
Location
Domestic Area
These strategic projects will ensure sustainability of
the Company’s market leadership
INSTALLED CAPACITY (Mio Ton)
Installed Capacity
39,3
25,3
17,1
18
19
19
30
31,8
40,8
33,3
20,2
2007 2008 2009 2010 2011 2012 2013 2014F 2015F 2016F 2017F
CONCLUSION: WHY SMGR?
SMGR Corporate Presentation
DECEMBER 2014
SMGR’s COMPARATIVE & COMPETITIVE ADVANTAGE DRIVES
DRIVE SMGR
TO BE THE MARKET LEADER IN INDONESIA
Outstanding business performance
Strengths of SMGR
Experienced
management
team
Outstanding
business
performance
Favorable
industry
outlook
Conservative
capital
structure and
financial
policies
Outstanding
performance
Robust cash flow
generation
– Leading cement player in Indonesia with over 43.9% market share based on
sales volume for 2Q-2014 and approximately 41% share of total installed
cement capacity (Source: Indonesia Cement Association (“ASI”))
– Strategically plants location is close to key markets throughout the country
– As of Dec 2012, acquired Thang Long Cement Company, Vietnam by 70%
share with installed capacity 2.3 mio tons per annum
– Substantial growth opportunities through expansion and optimization
– Superior distribution network and strong brands recognition
– Long-term
Long
access to raw materials for cement production and coal for fuel
consumption
– Concerns on environmental and Corporate Social Responsibility programs to
ensure sustainable growth.
Favourable industry outlook
– Cement consumption pretty much in-line
in
with Indonesian economic growth
– Real estate and infrastructure projects and favorable interest rates as key
cement demand drivers
– High barriers to entry (plant, distribution and brand investment costs)
– Disciplined investment on supply side
Robust cash flow generation
– Historically strong revenue, margin and price trends
– High plant utilization and strong focus on cost and revenue management
Conservative capital structure and financial policies
– [Investment grade-like
grade
credit metrics]
– Conservative capital structure policy; low use of leverage
– Access to capital markets for expansion initiatives
Experienced management team
– Experienced and successful management team
THANK YOU
IMPORTANT NOTICE
THIS PRESENTATION IS NOT AND DOES NOT CONSTITUTE OR FORM PART OF, AND IS NOT MADE IN CONNECTION WITH, ANY OFFER FOR SALE OR SUBSCRIPTION OF OR SOLICITATION,
RECOMMENDATION OR INVITATION OF ANY OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN
CONNECTION WITH ANY CONTRACT, COMMITMENT OR INVESTMENT DECISION WHATSOEVER.
WHATSOEVER
THE SLIDES USED IN THIS PRESENTATION ARE STRICTLY CONFIDENTIAL AND HAVE BEEN PREPARED AS A SUPPORT FOR ORAL DISCUSSIONS ONLY. THE INFORMATION CONTAINED IN
THIS PRESENTATION IS BEING PRESENTED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON, IN WHOLE OR IN
PART.
This presentation includes forward-looking statements, which are based on current expectations and forecast about future events. Such statements involve known / unknown risks uncertainties
and other factors, which could cause actual results to differ materially from historical results or those anticipated. Such factors include, among others:
●
economic, social and political conditions in Indonesia, and the impact such conditions have on construction and infrastructure
infrastructur spending in Indonesia;
●
the effects of competition;
●
the effects of changes in laws, regulations, taxation or accounting standards or practices;
●
acquisitions, divestitures and various business opportunities that we may pursue;
●
changes or volatility in inflation, interest rates and foreign exchange rates;
●
accidents, natural disasters or outbreaks of infectious diseases, such as avian influenza, in our markets;
●
labor unrest or other similar situations; and
●
the outcome of pending or threatened litigation.
We can give no assurance that our expectations will be attained.
DISCLAIMER
The information contained in this report has been taken from sources which we deem reliable. However, none of PT Semen Indone
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.
informa
(
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,
statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission
omi
therefrom
which might otherwise arise is hereby expresses disclaimed.
Gresik Office:
Semen Indonesia Tower
Jln. Veteran
Gresik 61122 – Indonesia
Phone: (62-31) 3981731 -2, 3981745
Fax: (62-31) 3983209, 3972264
Jakarta Office:
The East Building, 18th Floor,
Jln. DR. Ide Anak Agung Gde Agung Kav. E3.2 No.1,
Mega Kuningan, Jakarta 12950 – Indonesia
Phone : (62-21) 5261174 – 5
Fax
: (62-21) 5261176
www.semenindonesia.com