SMGR CORP Presentation April 2014
(2)
INDONESIA’S CEMENT INDUSTRY: NOW and THE FUTURE
SMGR Corporate Presentation
APRIL 2014
(3)
Together We Build a Better Future
2
1. SEMEN INDONESIA
29.5 mn ton
- Semen Padang :
7.3 mn ton
- Semen Gresik :
14.4 mn ton
- Semen Tonasa:
7.8 mn ton
2. Semen Andalas
2)
1.6 mn ton
3. Semen Baturaja
1.3 mn ton
4. Indocement TP
20.5 mn ton
5. Holcim Indonesia
12.1 mn ton
6. Semen Bosowa
6.0 mn ton
7. Semen Kupang
0.5 mn ton
TOTAL
71.5 mn ton
•
Design Capacity
: 68.0 mio tons
71.5 mio tons
82.2 mio tons
•
Production Capacity
: 55.2 mio tons
60.0 mio tons
69.8 mio tons
•
Domestic Growth
: 5.5%
6.0%
6.0%
•
Domestic Utilization
: 100%
100%
94%
•
Supply
Domestic
: 58.0 mio tons
61.0 mio tons
65.8 mio tons
Export
: 0.5 mio tons
0.5 mio tons
0.5 mio tons
Import
: 3.3 mio tons
2)3.0 mio tons
3)3.0 mio tons
3)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
Singapore Kuala
Lumpur
SMGR
2
1
3
4
5
1
1
6
7
DOMESTIC CAPACITY (2014
)
CEMENT INDUSTRY
2013
2014F
1)
2015F
1)
CEMENT INDUSTRY AT A GLANCE
(4)
‘000 tons
ton ‘000
2013
2014F
2015F
2016F
2017F
Installed Capacity
68,000
71,500
82,200
97,800
100,800
Real Production
55,200
62,205
69,870
78,240
85,680
Consumption
58,580
62,095
65,820
69,770
73,956
Surplus/(deficit)
-3,380
110
4,050
8,470
11,724
Domestic Utilization
100%
100%
94%
89%
86%
Export
500
500
500
500
500
Domestic Consumption
Growth
5.5%
6%
6%
6%
6%
DOMESTIC DEMAND VS NATIONAL CAPACITY (2013
–
2017)
0
20.000
40.000
60.000
80.000
100.000
120.000
2013
2014F
2015F
2016F
2017F
(5)
Together We Build a Better Future
4
Source: Deutsche, Indonesia Cement Association229
kg
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
C
hin
a
S
in
ga
po
re
V
ie
tn
am
Th
ail
an
d
In
do
ne
sia
Ph
ilip
pin
es
In
dia
kg/capita
(6)
Source: Indonesian Cement Association & BPS Statistic
Growth
:
1.1%
Growth
:
9.7%
Growth
:
4.2%
Growth
:
1.8%
Growth
:
6.6%
Growth
:
5.8%
Growth
:
19.4%
Domestic consumption (LHS)
GDP growth % (RHS)
(mio tons)
40.8
48.0
54.9
58.0
14.0
39.1
27.2
27.5
30.2
31.5
32.1
34.2
38.1
6.10%
6.00%
5.70%
6.80%
5.6%
4.7%
5.1%
5.4%
4.4%
6.3%
6.1%
4.60%
6.50%
3.7%
5.5%
14.5%
6.0%
11.5%
4.2%
9.7%
2.5%
6.6%
1.8%
1.1%
5.8%
17.7%
0.0
10.0
20.0
30.0
40.0
50.0
60.0
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
1Q2014
0.0%
10.0%
20.0%
Cement growth % (RHS)
(A)
INDONESIA
’S
SOLID ECONOMIC AND DOMESTIC CEMENT CONSUMPTION
(7)
Together We Build a Better Future
21.0
6.5
18.1
1.0
16.9
1.9
20.0
2.3
22.7
3.0
23.7
3.5
23.7
3.8
25.2
5.0
25.5
6.0
26.9
5.1
28.2
6.0
32.2
5.9
32.8
6.2
34.2
6.6
39.2
8.8
44.1
10.8
45.7
12.2
11.1
2.9
0
5
10
15
20
25
30
35
40
45
1997
1999
2001
2003
2005
2007
2009
2011
2013
Bagged Cement
Bulk Cement
Bag and Bulk cement consumption (million tons)
6
Source: Indonesia Cement Association and the Company’s data
(8)
Retail (residential) sector is the largest
consumer of cement in Indonesia
Bag
79%
Bulk
21%
Key Drivers of Domestic cement demand:
•
National Economic Growth
•
Favorable Interest Rate Environment
•
Infrastructure Expansion
•
Per Capita Consumption increase from
current low levels
•
Ready-mix (infrastructure):
±
60%
•
Fabricator (pre-cast, fiber cement, cement based industry):
±
35%
•
Projects (mortar, render):
±
5%
•
Housing:
±
90%
•
Cement based industry:
±
10%
±
±
Source: Internal Research
(9)
Together We Build a Better Future
8
MARKET UPDATE
SMGR Corporate Presentation
(10)
Papua
Bali & N T
Sulawesi
Kalimantan
Population Distribution (2013)
Sumatera
21.3%
Java
57.5.%
8.4%
5.8%
5.5%
1.5%
REGION
MARKET SHARE (%)
SMGR
INTP
SMCB
BSWA ANDLS BTRJA
KPG
1. JAVA
41.1
38.0
18.4
2.0
-
-
0.3
2. SUMATERA
42.3
13.6
13.6
3.0
17.0
10.0
-3. KALIMANTAN
48.4
30.9
11.9
9.0
-
-
-4. SULAWESI
62.5
15.1
1.0
21.0
-
-
-5. NUSA TENGGR.
40.2
35.1
3.7
16.4
-
-
5.0
6. EASTERN IND.
55.9
19.4
0.6
24.0
-
-TOTAL
INDONESIA
43.8
29.9
14.3
5.8
3.5
2.2
0.4
SG
SP
ST
1
2
3
4
5
6
21.1%
8.0%
7.3%
6.2
2.3%
Java
55.0%
Sumatera
Cement Distribution (1Q2014)
Domestic Market Share (1Q2014)
(11)
Together We Build a Better Future
*) Source: Indonesia Cement Association, un-audited figures
10
AREA
1Q 2014
1Q 2013
CHANGE (%)
Jakarta
1,332,130
1,277,629
4.3
Banten
720,425
815,965
(11.7)
West Java
2,151,859
1,916,588
12.3
Central Java
1,455,072
1,489,557
(2.3)
Yogyakarta
224,077
215,851
3.8
East Java
1,857,414
1,704,252
9.0
Total Java
7,740,977
7,419,842
4.3
Sumatera
2,974,672
2,933,155
1.4
Kalimantan
1,125,635
1,081,493
4.1
Sulawesi
1,031,516
936,063
10.2
Nusa Tenggara
878,305
846,884
3.7
Maluku & Papua
324,938
358,583
(9.4)
TOTAL
INDONESIA
14,076,043
13,576,020
3.7
Export Cement
14,955
36,150
(58.6)
Export Clinker
-
-
-Total Export
14,955
36,150
(58.6)
GRAND TOTAL
14,090,998
13,612,170
3.5
1Q 2014
–
Domestic Consumption
DESCRIPTION
1Q-14
1Q-13
CHANGE (%)
DOMESTIC
6,163,140
5,952,091
3.5
Semen Indonesia
3,291,334
3,086,244
6.6
Semen Padang
1,610,926
1,675,494
(3.9)
Semen Tonasa
1,260,880
1,190,353
5.9
EXPORT
14,955
27,350
(45.3)
GRAND TOTAL
6,178,095
5,979,441
3.3
Industry Sales Type (mio tons)
1Q-14
1Q-13
YoY Change
Bag
11.1 (79.3%)
10.8 (79.9%)
3.0%
Bulk
2.9 (20.7%)
2.7 (20.1%)
6.9%
1Q 2014 - SMGR Sales Volume
MARKET UPDATE - Cement Consumption 1Q2014
SMGR Sales Type (mio tons)
1Q-14
1Q-13
YoY Change
Bag
4.7 (76.2%)
4.6 (78.3%)
0.7%
(12)
COMPANY PROFILE
SMGR Corporate Presentation
(13)
Together We Build a Better Future
12
1957 : Inauguration of Gresik I, installed capacity of 250,000 ton cement per annum
1991 : Initial Public Offering, Market Cap.: IDR0.63tn, resulting shareholding structure post IPO:
●
Government of Republic of Indonesia: 73%
●
Public: 27%
1995 : Acquisition of PT Semen Padang (Persero) and PT Semen Tonasa (Persero)
1998 : Cemex became a strategic partner, Market Cap.: IDR4.9tn
2006 : Blue Valley Holdings bought
Cemex’s
24.9% stake in SMGR, Market Cap.: IDR21.5tn
2010 : In March 31, Blue Valley Holdings sold all of its stake ownership in SMGR, Market Cap per April 30, 2010: IDR72.1tn
2011 : Total installed capacity of 20.00mm tons, Market Cap per June 29, 2012: IDR67.0tn
2012 : Acquisition of Thang Long Cement Vietnam, Total installed capacity of 2.3mm tons, Market Cap Dec 19
th, 2012: IDR91.9tn
BRIEF HISTORY
0.0
5.0
10.0
15.0
20.0
25.0
30.0
19
57
-
19
70
-
19
80
-
19
84
19
85
19
86
-
19
90
-
19
95
19
97
19
98
-
20
06
20
07
20
08
20
09
20
10
20
11
20
12
SMGR CAPACITY BUILD-OUT (MM TONS)
Pre-consolidated capacity
Post-consolidated capacity
Installed capacity: 25.3 mio tons (2012)
including TLCC
_
_
_
_
_
_
(14)
Public
The Government of the Republic of Indonesia
PT Semen Indonesia (Persero) Tbk.
PT Semen Padang
PT Semen Tonasa
OWNERSHIP STRUCTURE
1¹ As of Jan 1, 2014
51.01%
48.99%
99.99%
99.99%
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
10.00%
Name
Activities
% Ownership
1. UTSG
Limestone & Clay Mining
55.00%
2. IKSG
Cement Packaging
60.00%
3. KIG
Industrial Estate
65.00%
4. Swadaya Gra
Steel fabrication, contractor
25.00%
5. Varia Usaha
Transport and general trading
24.90%
6. Eternit Gresik
Building materials
17.60%
7. SGG Prima Coal Trading Coal
99.99%
8. SGG Prima Beton Ready Mix Concrete
99.99%
Thang Long Cement, VN
70.00%
PT Semen Gresik
Name
Activities
% Ownership
1. UTSG
Limestone & Clay Mining
55.00%
2. IKSG
Packaging Paper
60.00%
3. KIG
Industrial Estate
65.00%
4. Swadaya Graha Contractor & Machine Fabricator 25.00%
5. Varia Usaha
Transport and general trading
24.90%
6. Eternit Gresik
Building materials
17.60%
7. SGG Energy Prima Coal Mining and Trading
97.00%
8. SGG Prima Beton
Ready Mix Concrete
99.99%
FOCUSES IN CORE BUSINESS
(15)
Competitiveness of Semen Indonesia
Integrated Cement Plant
4 location
Kiln
13 Unit
Cement Mill
22 Unit
Grinding Plant
2 location
Cement Mill
4 Unit
Warehouse
30 location
Packing Plant
22 location
Sea Port
11 location
Kiln
1 unit
Cement
Mill
1 unit
Kiln
4 unit
Cement
Mill
6 unit
Kiln
4 unit
Cement
Mill
9 unit
Grinding
Plant
1 unit Cement
Mill
Kiln
4 unit
Cement
Mill
6 unit
Grinding
Plant
3 unit Cement
Mill
(16)
FINANCIAL UPDATE
SMGR Corporate Presentation
(17)
Together We Build a Better Future
16
EBITDA (Rp billion)
NET INCOME (Rp billion)
EBITDA Margin (%)
FY08
FY09
FY10
FY11
FY12
FY13
31.7
33.2
34.6
33.0
35.0
33.0
NET INCOME Margin (%)
FY08
FY09
FY10
FY11
FY12
FY13
20.7
23.1
25.3
24.0
24.7
21.9
Description
(Rp bn)
FY 2012
FY 2013
Change
(%)
Net Revenue
19,598
25,501
25.0
Cost of Revenue
10,301
13,557
31.6
Gross Profit
9,297
10,944
17.7
Operating
Expenses
3,116
3,881
24.6
Operating Income
6,181
7,063
14.3
EBITDA
2)
6,869
8,099
17.9
Net Income
4,847
5,370
10.8
EPS (Rp)
817
905
10.8
FINANCIAL SUMMARY: FY2013 RESULTS
1,775
2,524
3,326
3,633
3,925
5370
0
1.000
2.000
3.000
4.000
5.000
6.000
2008
2009
2010
2011
2012
2013
2,8493,867 4,773 4,970
5,402 8.099
-500
500
1.500
2.500
3.500
4.500
5.500
6.500
7.500
8.500
2008
2009
2010
2011
2012
2013
Ratio (%)
Formula
2012
2013
Ebitda margin
Ebitda / Revenue
35.0
33.0
Interest coverage
(x)
Ebitda / Interest
expense
65.5
23.8
Cost ratio
[COGS + Opex] /
Revenue
68.8
71.5
Total debt to
equity *)
Total debt / Total
equity
21.2
18.7
Total debt to
asset *)
Total debt / Total
(18)
Cash balance (IDR bn)
Total debt (IDR bn)
3.846
5.283
3.905 3.682
3.317
4.213
2008
2009
2010
2011
2012
2013
251 199 686
1.871
3.850 4.083
2008
2009
2010
2011
2012
2013
* Include short term investment
Debt/EBITDA
Return on Assets
2,00x
0,06x
0,04x
0,14x
0,35x
0.56x
0,50x
2008
2009
2010
2011
2012
2013
The projected adjusted debt/EBITDA of 2.0x to
maintain rating level from Moody’s Investors
Service.
24,0%
25,8%
23,5%
20,1%
18,2%
17,4%
2008
2009
2010
2011
2012
2013
(19)
Together We Build a Better Future
18
50%
50%
55%
50%
50%
45%
2007
2008
2009
2010
2011
2012
Average: 50%
SMGR DIVIDEND PAY OUT RATIO IN THE LAST 6 YEARS
REGULAR DIVIDENDS
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
REGULAR DIVIDEND PAYMENTS WITH ATTRACTIVE YIELD
887,7
1261,7
1829,5 1816,7
1962,7
2181,3
0,0
500,0
1000,0
1500,0
2000,0
2500,0
2007
2008
2009
2010
2011
2012
Total Dividen Pay Out
(20)
STRATEGIC PROJECTS
SMGR Corporate Presentation
(21)
Together We Build a Better Future
20
SMGR
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
(22)
Tuban’s ie
Pyroprocessing Tonasa V
Jetty Extension Area
T
u
b
a
n
T
o
n
a
sa
T
o
n
a
sa
ESP Power Plant
These strategic projects will ensure sustainability of
the Company’s market leadership
Preheater Tuban IV
Raw Mill Dept. Tonasa V
New Plants
Location
Capacity
(mn tons)
Investment
(US$ mn)
Construction
Start
Completed
Indarung VI-SumBar
3.0
352
2013
Q4-2015
Rembang-Java 2
3.0
403
2013
Q2-2016
TOTAL CAPEX
6.0
755
(23)
Together We Build a Better Future
22
17.1
18
19
19
20.2
25.3
30
31.8
33.3
39.3
40.8
2007 2008 2009 2010 2011 2012 2013 2014F 2015F 2016F 2017F
Installed Capacity
(24)
CONCLUSION: WHY SMGR?
SMGR Corporate Presentation
(25)
Together We Build a Better Future
24
Outstanding performanceExperienced
management
team
Conservative
capital
structure and
financial
policies
Robust cash flow
generation
Outstanding
business
performance
Favorable
industry
outlook
Outstanding business performance
–
Leading cement player in Indonesia with over 44% market share based on
sales volume for 1Q2014 and approximately 42% 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 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 with Indonesian economic growth
–
Real estate and infrastructure projects and declining interest rates key
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 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
Strengths of SMGR
SMGR’s COMPARATIVE & COMPETITIVE ADVANTAGE DRIVE
S SMGR TO BE
(26)
Main Office: Semen Gresik Tower Jln. Veteran Gresik 61122 –Indonesia Phone: (62-31) 3981731 -2, 3981745 Fax: (62-31) 3983209, 3972264
Jakarta Office:
The East Building, 18thFloor,
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
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 Indonesia (Persero) Tbk and/or its affiliated companies and/or their respective employees and/or agents make any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof.
We expressly disclaim any responsibility or liability (express or implied) of PT Semen Indonesia (Persero) Tbk, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claim, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this report and neither PT Semen Indonesia (Persero) Tbk, its affiliated companies or their respective employees or agents accepts liability for any errors, omission or mis-statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission therefrom which might otherwise arise is hereby expresses disclaimed.
(1)
SMGR
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
(2)
Tuban’s ie
Pyroprocessing Tonasa V
T
u
b
a
n
T
o
n
a
sa
T
o
n
a
sa
Preheater Tuban IV
Raw Mill Dept. Tonasa V
New Plants
Location
Capacity
(mn tons)
Investment
(US$ mn)
Construction
Start
Completed
Indarung VI-SumBar
3.0
352
2013
Q4-2015
Rembang-Java 2
3.0
403
2013
Q2-2016
TOTAL CAPEX
6.0
755
(3)
17.1
18
19
19
20.2
25.3
30
31.8
33.3
39.3
40.8
2007 2008 2009 2010 2011 2012 2013 2014F 2015F 2016F 2017F
Installed Capacity
(4)
CONCLUSION: WHY SMGR?
SMGR Corporate Presentation
APRIL 2014
(5)
Outstanding performance
Experienced
management
team
Conservative
capital
structure and
financial
policies
Robust cash flow
generation
Outstanding
business
performance
Favorable
industry
outlook
Outstanding business performance
–
Leading cement player in Indonesia with over 44% market share based on
sales volume for 1Q2014 and approximately 42% 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 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 with Indonesian economic growth
–
Real estate and infrastructure projects and declining interest rates key
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 credit metrics]
–
Conservative capital structure policy; low use of leverage
–
Access to capital markets for expansion initiatives
Experienced management team
Strengths of SMGR
SMGR’s COMPARATIVE & COMPETITIVE ADVANTAGE DRIVE
S SMGR TO BE
THE MARKET LEADER IN INDONESIA
(6)
Main Office: Semen Gresik Tower Jln. Veteran Gresik 61122 –Indonesia Phone: (62-31) 3981731 -2, 3981745 Fax: (62-31) 3983209, 3972264
Jakarta Office:
The East Building, 18thFloor,
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
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 Indonesia (Persero) Tbk and/or its affiliated companies and/or their respective employees and/or agents make any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof.
We expressly disclaim any responsibility or liability (express or implied) of PT Semen Indonesia (Persero) Tbk, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claim, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this report and neither PT Semen Indonesia (Persero) Tbk, its affiliated companies or their respective employees or agents accepts liability for any errors, omission or mis-statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission therefrom which might otherwise arise is hereby expresses disclaimed.