ANALYST MEETING_11 AUG-2011_final. (3.46 mb)
ANALYST MEETING
Corporate Presentation
AUGUST 11, 2011
AGENDA
I.
1 st Half 2011 Results
II. Product ion Perf ormance
III. Progress of St rat egic Proj ect s
IV. Cost Management & Energy Securit y
FINANCIAL SUMMARY: 1H-2011 RESULTS
Description
(Rpbn)
1H2010
1H2011
Change
(%)
Revenue
6, 661
7. 606
14. 2
Cost of revenue
3, 500
4, 110
17. 4
Gross profit
3, 161
3, 496
10. 6
Operating expenses
1, 111
1, 223
10. 1
Operating income
2, 050
2, 273
10. 8
Ebitda
2, 273
2, 528
11. 2
Net Income
1, 627
1, 873
15. 1
2,750
2,500
2,250
2,000
1,750
1,500
1,250
1,000
750
500
250
2,528
2,129
2,273
1,782
1,159
1H-07
1H-08
1H-09
1H-10
1H-11
EBITDA Margin (%)
274
EPS (full amount)
316
15. 1
SMGR Sales Volume
1H-2011
Domestic
EBITDA (Rp billion)
1H-2010
± (%)
9,171,428
8,360,335
9.7
Export
60,860
69,056
(11.8)
TOTAL
9,232,288
8,429,391
9.5
1H-07
1H-08
1H-09
1H-10
1H-11
26. 16
31. 28
31. 45
34. 13
33. 2
NET INCOME (Rp billion)
2000
1800
1600
1400
1200
1000
800
600
400
200
1873
1627
1514
1136
700
1H-07
1H-08
1H-09
1H-10
1H-11
NET INCOME Margin (%)
1H-07
1H-08
1H-09
1H-10
1H-11
15. 79
19. 94
22. 37
24. 43
24. 60
AGENDA
I.
1st Half 2011 Result s
II. Production Performance
III. Progress of St rat egic Proj ect s
IV. Cost Management & Energy Securit y
PLANTS MAINTENANCE SCHEDULES - 2011
REALIZATION
UNIT
1
SEMEN PADANG
• Indarung II
- 670, 000 t on
(1976)
• Indarung III
- 770, 000 t on
(1981)
• Indarung IV
- 1, 620, 000 t on
(1993)
• Indarung V
- 2, 840, 000 t on
(1998)
SEMEN GRESIK
• Tuban I
- 2, 900, 000 t on
(1994)
• Tuban II
- 3, 000, 000 t on
(1997)
• Tuban III
- 3, 100, 000 t on
(1998)
SEMEN TONASA
• Tonasa II
- 610, 000 t on
(1980)
• Tonasa III
- 610, 000 t on
(1985)
• Tonasa IV
- 2, 880, 000 t on
(1996)
Annual maint enance (realizat ion up t o 7M2011)
Annual maint enance (prognoses)
2
3
4
PROGNOSES
5
6
7
8
9
10
11
12
PRODUCTION PERFORMANCE
7M-2011
Unit
• Semen Gresik
• Semen Padang
• Semen Tonasa
TOTAL
Cement Production
Growth (%)
5, 400, 000
5. 3
3, 250, 000
-
2, 050, 000
(3. 6)
10, 700, 000
1. 9
Prognoses Production
Growth (%)
9, 700, 000
9. 6
6, 050, 000
6. 6
3, 750, 000
2. 7
19, 500, 000
7. 3
PROGNOSES 2011
Unit
• Semen Gresik
• Semen Padang
• Semen Tonasa
TOTAL
TARGET 2012
Unit
Cement Production
• Semen Gresik
• Semen Padang
• Semen Tonasa
11, 700, 000
TOTAL
23, 000, 000
6, 200, 000
5, 100, 000
DE-BOTTLENECKING PROJECTS
UNIT
2010
PLANTS
INITIAL CAPACITY
Cement Mill – Indarung III
110 t ph - cement
Cement Mill – Indarung IV
120 t ph - cement
Kiln – Tuban I
7, 500 t pd - clinker
Kiln – Tuban II
7, 600 t pd - clinker
Kiln – Tuban III
7, 800 t pd - clinker
FEB
APR
2011
MAY
AUG
JAN
APR
MAY
130 t ph
150 t ph
8, 500 t pd
8, 200 t pd
8, 200 t pd
9, 000 t pd
AGENDA
I.
1st Half 2011 Result s
II. Product ion Perf ormance
III. Progress of Strategic Proj ects
IV. Cost Management & Energy Securit y
PROGRESS OF TUBAN IV CEMENT PLANT
• Design Cap
• Investment Cost
: 2.5 million tpa
: US$304 mio
STATUS DATE
YEAR
2008
QUARTER
1
2
2009
3
4
1
2
2010
3
4
PREPARATION
91.14%
93.60%
M ANAGEM ENT
84.87%
96.71%
1
2
2011
3
4
1
2
2012
3
4
1
2
100%
% Progress
ENGINEERING
100.00%
100.00%
PROCUREM ENT
97.01%
CONSTRUCTION
79.00%
91.07%
97.65%
% Plan
71.61%
91.34%
COM M ISSIONING
9.62%
9.56%
0.00%
–Plan
–Real
3
4
PROGRESS OF TONASA V CEMENT PLANT
• Design Cap
• Investment Cost
: 2.5 million tpa
: US$290 mio
STATUS DATE
YEAR
2008
QUARTER
1
2
3
2009
4
1
2
2010
3
4
PREPARATION
96.43%
98.38%
M ANAGEM ENT
88.09%
92.76 %
ENGINEERING
PROCUREM ENT
CONSTRUCTION
COM M ISSIONING
83.86%
2
3
4
1
2
63.37 %
3.52 %
0.00%
–Plan
1
2
3
89.39 %
97.51 %
3.52 %
4
% Progress
% Plan
93.33%
3
2012
100%
100.00 %
100.00%
98.05%
1
2011
–Real
4
PROGRESS OF POWER PLANT
• Design Cap
• Investment Cost
: 2 x 35 M W
: US$114 mio
STATUS DATE
YEAR
2009
QUARTER
1
2
2010
3
4
1
2
PREPARATION
100.00%
M ANAGEM ENT
63.08%
63.09%
ENGINEERING
85.74%
81.15%
PROCUREM ENT
41.48%
44.36%
2011
3
4
1
2
2012
3
4
1
2
3
4
100%
100.00%
% Progress
39.43%
CONSTRUCTION
20.17%
% Plan
18.06%
38.67%
COM M ISSIONING
0.00%
0%
–Plan
–Real
DESIGN CAPACITY (Mio Ton)
28. 7
26. 2
26.9
8. 7
New
Capacity
23. 0
18. 0
17. 1
1. 8
1.0
19. 0
19. 0
0.7
0,3
20. 2
3. 1
Upgrading
16. 9
Based
Capacity
Export
sales ▪
Domest ic
sales ▪
15. 2
16. 7
17. 8
17, 7
2007
2008
2009
2010
2011F 2012F 2013F 2014F 2015F
AGENDA
I.
1st Half 2011 Result s
II. Product ion Perf ormance
III. Progress of St rat egic Proj ect s
IV. Cost Management & Energy Security
COST MANAGEMENT
Domest ic ASP 2009 - 2011
COGS per t on 2009 - 2011
850000
750000
650000
550000
450000
350000
3M2009
6M2009
9M2009
FY2009
3M2010
6M2010
9M2010
FY2010
3M2011
6M2011
ROADMAP OF CDM PROJECT
ENERGY SECURITY
In order to secure energy, the Company is converting coal calorie value from high
rank to medium – low rank coal which requires new coal mill additional facilities, as
follows:
2011
2013
May
4Q
EQUIPMENT
New Coal Mill – Tuban *)
80 tph
New Coal Mill - Indarung
50 tph
New Coal Mill - Tonasa
80 tph
*) The const ruct ion of new Coal Mill at Tuban wit h design
capacit y of 80 t ph, required t o meet pulverized coal at
Tuban 1, 2, 3 which designed t o consume medium – low
calorie value of coal, as t he current exist ing Coal Mill of
3x50 t ph is not adequat e t o meet cement product ion
capacit y.
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.
THE SLIDES USED IN THIS PRESENTATION ARE STRICTLY CONFIDENTIAL AND HAVE BEEN PREPARED AS A SUPPORT FOR ORAL DISCUSSIONS ONLY. THE INFORMATION CONTAINED IN
THIS PRESENTATION IS BEING PRESENTED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON, IN WHOLE OR IN
PART.
This presentation includes forward-looking statements, which are based on current expectations and forecast about future events. Such statements involve known / unknown risks uncertainties
and other factors, which could cause actual results to differ materially from historical results or those anticipated. Such factors include, among others:
● economic, social and political conditions in Indonesia, and the impact such conditions have on construction and infrastructure spending in Indonesia;
● the effects of competition;
● the effects of changes in laws, regulations, taxation or accounting standards or practices;
● acquisitions, divestitures and various business opportunities that we may pursue;
● changes or volatility in inflation, interest rates and foreign exchange rates;
● accidents, natural disasters or outbreaks of infectious diseases, such as avian influenza, in our markets;
● labor unrest or other similar situations; and
● the outcome of pending or threatened litigation.
We can give no assurance that our expectations will be attained.
DISCLAIMER
The information contained in this report has been taken from sources which we deem reliable. However, none of PT Semen Gresik (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 Gresik (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 Gresik (Persero) Tbk, its affiliated companies or their respective employees or agents
accepts liability for any errors, omission or mis-statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission therefrom which
might otherwise arise is hereby expresses disclaimed.
Main Office:
Main Building of Semen Gresik
Jln. Veteran Gresik 61122 –
Indonesia
Phone: (62-31) 3981731 -2, 3981745
Fax: (62-31) 3983209, 3972264
Representative Office:
Gedung The East, 18th Floor,
Jln. Lingkar Mega Kuningan Kav. E3.2 No. 1,
Jakarta 12950 – Indonesia
Phone : (62-21) 5261174 – 5
Fax
: (62-21) 5261176
www.semengresik.com
16
Corporate Presentation
AUGUST 11, 2011
AGENDA
I.
1 st Half 2011 Results
II. Product ion Perf ormance
III. Progress of St rat egic Proj ect s
IV. Cost Management & Energy Securit y
FINANCIAL SUMMARY: 1H-2011 RESULTS
Description
(Rpbn)
1H2010
1H2011
Change
(%)
Revenue
6, 661
7. 606
14. 2
Cost of revenue
3, 500
4, 110
17. 4
Gross profit
3, 161
3, 496
10. 6
Operating expenses
1, 111
1, 223
10. 1
Operating income
2, 050
2, 273
10. 8
Ebitda
2, 273
2, 528
11. 2
Net Income
1, 627
1, 873
15. 1
2,750
2,500
2,250
2,000
1,750
1,500
1,250
1,000
750
500
250
2,528
2,129
2,273
1,782
1,159
1H-07
1H-08
1H-09
1H-10
1H-11
EBITDA Margin (%)
274
EPS (full amount)
316
15. 1
SMGR Sales Volume
1H-2011
Domestic
EBITDA (Rp billion)
1H-2010
± (%)
9,171,428
8,360,335
9.7
Export
60,860
69,056
(11.8)
TOTAL
9,232,288
8,429,391
9.5
1H-07
1H-08
1H-09
1H-10
1H-11
26. 16
31. 28
31. 45
34. 13
33. 2
NET INCOME (Rp billion)
2000
1800
1600
1400
1200
1000
800
600
400
200
1873
1627
1514
1136
700
1H-07
1H-08
1H-09
1H-10
1H-11
NET INCOME Margin (%)
1H-07
1H-08
1H-09
1H-10
1H-11
15. 79
19. 94
22. 37
24. 43
24. 60
AGENDA
I.
1st Half 2011 Result s
II. Production Performance
III. Progress of St rat egic Proj ect s
IV. Cost Management & Energy Securit y
PLANTS MAINTENANCE SCHEDULES - 2011
REALIZATION
UNIT
1
SEMEN PADANG
• Indarung II
- 670, 000 t on
(1976)
• Indarung III
- 770, 000 t on
(1981)
• Indarung IV
- 1, 620, 000 t on
(1993)
• Indarung V
- 2, 840, 000 t on
(1998)
SEMEN GRESIK
• Tuban I
- 2, 900, 000 t on
(1994)
• Tuban II
- 3, 000, 000 t on
(1997)
• Tuban III
- 3, 100, 000 t on
(1998)
SEMEN TONASA
• Tonasa II
- 610, 000 t on
(1980)
• Tonasa III
- 610, 000 t on
(1985)
• Tonasa IV
- 2, 880, 000 t on
(1996)
Annual maint enance (realizat ion up t o 7M2011)
Annual maint enance (prognoses)
2
3
4
PROGNOSES
5
6
7
8
9
10
11
12
PRODUCTION PERFORMANCE
7M-2011
Unit
• Semen Gresik
• Semen Padang
• Semen Tonasa
TOTAL
Cement Production
Growth (%)
5, 400, 000
5. 3
3, 250, 000
-
2, 050, 000
(3. 6)
10, 700, 000
1. 9
Prognoses Production
Growth (%)
9, 700, 000
9. 6
6, 050, 000
6. 6
3, 750, 000
2. 7
19, 500, 000
7. 3
PROGNOSES 2011
Unit
• Semen Gresik
• Semen Padang
• Semen Tonasa
TOTAL
TARGET 2012
Unit
Cement Production
• Semen Gresik
• Semen Padang
• Semen Tonasa
11, 700, 000
TOTAL
23, 000, 000
6, 200, 000
5, 100, 000
DE-BOTTLENECKING PROJECTS
UNIT
2010
PLANTS
INITIAL CAPACITY
Cement Mill – Indarung III
110 t ph - cement
Cement Mill – Indarung IV
120 t ph - cement
Kiln – Tuban I
7, 500 t pd - clinker
Kiln – Tuban II
7, 600 t pd - clinker
Kiln – Tuban III
7, 800 t pd - clinker
FEB
APR
2011
MAY
AUG
JAN
APR
MAY
130 t ph
150 t ph
8, 500 t pd
8, 200 t pd
8, 200 t pd
9, 000 t pd
AGENDA
I.
1st Half 2011 Result s
II. Product ion Perf ormance
III. Progress of Strategic Proj ects
IV. Cost Management & Energy Securit y
PROGRESS OF TUBAN IV CEMENT PLANT
• Design Cap
• Investment Cost
: 2.5 million tpa
: US$304 mio
STATUS DATE
YEAR
2008
QUARTER
1
2
2009
3
4
1
2
2010
3
4
PREPARATION
91.14%
93.60%
M ANAGEM ENT
84.87%
96.71%
1
2
2011
3
4
1
2
2012
3
4
1
2
100%
% Progress
ENGINEERING
100.00%
100.00%
PROCUREM ENT
97.01%
CONSTRUCTION
79.00%
91.07%
97.65%
% Plan
71.61%
91.34%
COM M ISSIONING
9.62%
9.56%
0.00%
–Plan
–Real
3
4
PROGRESS OF TONASA V CEMENT PLANT
• Design Cap
• Investment Cost
: 2.5 million tpa
: US$290 mio
STATUS DATE
YEAR
2008
QUARTER
1
2
3
2009
4
1
2
2010
3
4
PREPARATION
96.43%
98.38%
M ANAGEM ENT
88.09%
92.76 %
ENGINEERING
PROCUREM ENT
CONSTRUCTION
COM M ISSIONING
83.86%
2
3
4
1
2
63.37 %
3.52 %
0.00%
–Plan
1
2
3
89.39 %
97.51 %
3.52 %
4
% Progress
% Plan
93.33%
3
2012
100%
100.00 %
100.00%
98.05%
1
2011
–Real
4
PROGRESS OF POWER PLANT
• Design Cap
• Investment Cost
: 2 x 35 M W
: US$114 mio
STATUS DATE
YEAR
2009
QUARTER
1
2
2010
3
4
1
2
PREPARATION
100.00%
M ANAGEM ENT
63.08%
63.09%
ENGINEERING
85.74%
81.15%
PROCUREM ENT
41.48%
44.36%
2011
3
4
1
2
2012
3
4
1
2
3
4
100%
100.00%
% Progress
39.43%
CONSTRUCTION
20.17%
% Plan
18.06%
38.67%
COM M ISSIONING
0.00%
0%
–Plan
–Real
DESIGN CAPACITY (Mio Ton)
28. 7
26. 2
26.9
8. 7
New
Capacity
23. 0
18. 0
17. 1
1. 8
1.0
19. 0
19. 0
0.7
0,3
20. 2
3. 1
Upgrading
16. 9
Based
Capacity
Export
sales ▪
Domest ic
sales ▪
15. 2
16. 7
17. 8
17, 7
2007
2008
2009
2010
2011F 2012F 2013F 2014F 2015F
AGENDA
I.
1st Half 2011 Result s
II. Product ion Perf ormance
III. Progress of St rat egic Proj ect s
IV. Cost Management & Energy Security
COST MANAGEMENT
Domest ic ASP 2009 - 2011
COGS per t on 2009 - 2011
850000
750000
650000
550000
450000
350000
3M2009
6M2009
9M2009
FY2009
3M2010
6M2010
9M2010
FY2010
3M2011
6M2011
ROADMAP OF CDM PROJECT
ENERGY SECURITY
In order to secure energy, the Company is converting coal calorie value from high
rank to medium – low rank coal which requires new coal mill additional facilities, as
follows:
2011
2013
May
4Q
EQUIPMENT
New Coal Mill – Tuban *)
80 tph
New Coal Mill - Indarung
50 tph
New Coal Mill - Tonasa
80 tph
*) The const ruct ion of new Coal Mill at Tuban wit h design
capacit y of 80 t ph, required t o meet pulverized coal at
Tuban 1, 2, 3 which designed t o consume medium – low
calorie value of coal, as t he current exist ing Coal Mill of
3x50 t ph is not adequat e t o meet cement product ion
capacit y.
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.
THE SLIDES USED IN THIS PRESENTATION ARE STRICTLY CONFIDENTIAL AND HAVE BEEN PREPARED AS A SUPPORT FOR ORAL DISCUSSIONS ONLY. THE INFORMATION CONTAINED IN
THIS PRESENTATION IS BEING PRESENTED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON, IN WHOLE OR IN
PART.
This presentation includes forward-looking statements, which are based on current expectations and forecast about future events. Such statements involve known / unknown risks uncertainties
and other factors, which could cause actual results to differ materially from historical results or those anticipated. Such factors include, among others:
● economic, social and political conditions in Indonesia, and the impact such conditions have on construction and infrastructure spending in Indonesia;
● the effects of competition;
● the effects of changes in laws, regulations, taxation or accounting standards or practices;
● acquisitions, divestitures and various business opportunities that we may pursue;
● changes or volatility in inflation, interest rates and foreign exchange rates;
● accidents, natural disasters or outbreaks of infectious diseases, such as avian influenza, in our markets;
● labor unrest or other similar situations; and
● the outcome of pending or threatened litigation.
We can give no assurance that our expectations will be attained.
DISCLAIMER
The information contained in this report has been taken from sources which we deem reliable. However, none of PT Semen Gresik (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 Gresik (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 Gresik (Persero) Tbk, its affiliated companies or their respective employees or agents
accepts liability for any errors, omission or mis-statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission therefrom which
might otherwise arise is hereby expresses disclaimed.
Main Office:
Main Building of Semen Gresik
Jln. Veteran Gresik 61122 –
Indonesia
Phone: (62-31) 3981731 -2, 3981745
Fax: (62-31) 3983209, 3972264
Representative Office:
Gedung The East, 18th Floor,
Jln. Lingkar Mega Kuningan Kav. E3.2 No. 1,
Jakarta 12950 – Indonesia
Phone : (62-21) 5261174 – 5
Fax
: (62-21) 5261176
www.semengresik.com
16