SMGR CORP Presentation June 2015
Together We Build a Better Future
0
BNN
INDONESIA’S CEMENT INDUSTRY: NOW and THE FUTURE
SMGR Corporate Presentation
JUNE 2015
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
5
2014
71.6 mio tons
62.2 mio tons
3.3%
97%
: 59.9 mio tons
: 0.3 mio tons
: 2.2 mio tons2)
1) Based on the Company’s forecast
2) Imported cement & clinker (member non –ASI)
2015F 1)
7
2016F 1)
88.2 mio tons
70.0 mio tons
0.0%
88%
97.7 mio tons
75.5 mio tons
8.0%
86%
59.9 mio tons
2.0 mio tons
2.5 mio tons 2)
65.0 mio tons
4.0 mio tons
1.5 mio tons2)
DOMESTIC CAPACITY (2015)
1. Semen Indonesia
2. Semen Andalas
3. Semen Baturaja
4. Indocement TP
5. Holcim Indonesia
6. Semen Bosowa
7. Semen Kupang
8. Semen Merah Putih
9. Semen Anhui Conch
10. Semen Jui Shin
11. Siam Cement
12. Semen Pan Asia
13. Semen Puger
TOTAL
30.0 mn ton
1.6 mn ton
2.0 mn ton
25.9 mn ton
12.1 mn ton
6.0 mn ton
0.5 mn ton
2.5 mn ton
1.7 mn ton
2.0 mn ton
1.8 mn ton
2
1.8 mn ton
0.3 mn ton
88.2 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
4.8 (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
2.0 (2015)
n.a
Greenfield
40.3
13.1
4,470
TOTAL
Declared Capacity
(mn tons)
Prognose Design
Capacity (mn tons)
Investment
(US$ mn)
Remarks + Local Partner
COMPARISON: CEMENT CONSUMPTION PER CAPITA 2014
201
kg/capita
kg
2,000
1,800
1,819
1,600
1,400
1,200
1,104
1,000
734
800
540
600
505
400
238
200
208
203
0
a
di
In
s
ne
pi
a
si
ne
p
ili
Ph
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)
GDP growth % (RHS)
Domestic consumption (LHS)
60.0
20.0%
17.7%
54.9
50.0
40.0
30.0
20.0
10.0
27.2
5.8%
4.4%
0.0
-10.0
38.1
9.7%
2002
27.5
30.2
5.1%
4.2%
Growth
1.1%
:
2003
5.6%
5.4%
34.2
Growth
: 1.8%
2004
1.1%
2005
2006
40.8
39.1
6.3%
10.0%
6.10%
4.60%
6.6%
4.7%
5.8%
31.5
32.1
14.5%
48.0
11.5%
6.1%
6.50%
6.80%
6.0%
5.10%
5.5%
5.70%
Growth
:
Growth
2.5%
:
Growth
:
Growth
:
9.7%
4.2%
1.8%
6.6%
2007
2008
60.0
58.0
2009
2010
2011
2012
2013
3.3%
5.40%
22.8
Growth
:
0.0%
19.4%
2014 5M2015
-3.80%
-20.0
-30.0
Source: Indonesian Cement Association & BPS Statistic
-10.0%
ARISING INFRASTRUCTURE EXPANSION TREND
Bag and Bulk cement consumption (million tons)
50
44.1 45.7
45
40
39.2
35
32.2
30
25
46.9
22.7 23.7 23.7
21.0
20
25.2 25.5
26.9
32.8
34.2
28.2
20.0
18.1
16.9
17.8
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
13
4.9
0
1997
1999
2001
2003
2005
Bagged Cement
2007
2009
Bulk Cement
2011
2013
5M2015
DOMESTIC MARKET CONSUMPTION (2015)
Bulk
± 22%
Bag
± 78%
•
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
JUNE 2015
MARKET BY GEOGRAPHY
Population Distribution (2014)
Cement Distribution (5M2015)
2
4
3
SP
1
SG
7.4%
7.6%
6
ST
5
6.0%
2.3%
Papua
8.4%
Bali & N T
21.2%
%
Sumatera
21.3%
Kalimantan
Java
55.6%
Domestic Market Share (5M2015
5M2015)
REGION
MARKET SHARE (%)
SMGR
INTP
SMCB
1. JAVA
39.6
38.3
17.7
1.8
-
2. SUMATERA
42.9
12.3
13.8
3.3
14.5
3. KALIMANTAN
51.4
28.7
9.4
7.2
4. SULAWESI
64.5
11.8
1.4
5. NUSA TENGGR.
38.8
29.8
6. EASTERN IND.
55.8
TOTAL
INDONESIA
43.3
BSWA ANDLS BTRJA
KPG
CG
-
-
2.6
11.0
-
2.3
-
-
-
3.3
22.3
-
-
-
-
6.2
14.9
-
-
5.8
4.4
20.3
0.7
23.0
-
-
29.1
13
3.7
5.3
3.1
2.3
1.5%
5.8%
Sulawesi
Sumatera
5.5%
-
0.3
2.5
Java
57.5.%
MARKET UPDATE - Cement Consumption 5M2015
5M2015 - SMGR Sales Volume (million tons)
DESCRIPTION
DOMESTIC
5M2014
5M2015
5M2015 – Domestic Consumption (mio tons)
CHANGE (%)
10,467,232
9,913,735
(5.3)
Semen Indonesia
5,648,678
5,366,198
(5.0)
Semen Padang
2,723,628
2,465,747
(9.5)
Semen Tonasa
2,094,926
2,081,790
22,155
184,181
10,489,387
10,097,916
EXPORT
GRAND TOTAL
(0.6)
731.3
(3.7)
SMGR Sales Type (mio tons)
5M2014
5M2015
Bag
7.9 (76.4%)
7.7 (78.1%)
(3.2)
Bulk
2.4 (23.6%)
2.1 (21.9%)
(12.3)
YoY Change
AREA
5M2015
Bag
18.7 (78.9%)
17.8 (78.2%)
(4.7)
Bulk
5.0 (21.1%)
4.9 (21.8%)
(0.8)
*) Source: Indonesia Cement Association, un-audited figures
YoY Change
CHANGE (%)
2,369,820
2,205,871
(6.9)
Banten
1,276,761
1,298,182
1.7
West Java
3,575,296
3,277,570
(8.3)
Central Java
2,544,369
2,552,779
0.3
389,026
357,609
(8.1)
3,132,778
3,031,792
(3.2)
13,288,051
12,723,804
(4.2)
Sumatera
4,989,864
4,837,917
(3.0)
Kalimantan
1,882,895
1,734,512
(7.9)
Sulawesi
1,763,360
1,687,651
(4.3)
Nusa Tenggara
1,317,726
1,365,322
3.6
542,968
524,167
(3.5)
23,784,864
22,873,372
(3.8)
32,155
204,712
536.6
-
-
-
32,155
204,712
536.6
23,817,019
23,078,084
(3.1)
Yogyakarta
East Java
Total Java
Maluku & Papua
TOTAL
INDONESIA
Export Clinker
5M2014
5M2015
Jakarta
Export Cement
Industry Sales Type (mio tons)
5M2014
Total Export
GRAND TOTAL
COMPANY PROFILE
SMGR Corporate Presentation
JUNE 2015
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
JUNE 2015
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
REGIONAL CEMENT GROWTH YoY (%) – 2014 up to 1Q2015
Source: Exane BNPP, Indonesia Cement Association
STRATEGIC
TRATEGIC POSITION IN THE REGION
Kiln
1 unit
Cement
Mill
1 unit
Kiln
4 unit
Cement
Mill
6 unit
Grinding
Plant
Kiln
4 unit
Cement
Mill
9 unit
1 unit Cement
Mill
Grindin
g Plant
3 unit Cement
Mill
Kiln
4 unit
Cement
Mill
6 unit
FINANCIAL UPDATE
SMGR Corporate Presentation
JUNE 2015
FINANCIAL SUMMARY: 1Q2015 RESULTS
Description
(Rpbn)
1Q2014
1Q2015
Change
(%)
Revenue
6,178
6,340
2,6
Cost of revenue
3,483
3,781
8,5
Gross profit
2,695
2,560
-5,0
995
1,070
7,6
Operating income
1,700
1,489
-12,4
Ebitda
1,998
1,850
-7,4
Operating expenses
Profit attributable to
equity holders of parent
entity (Net Income)
1,309
-9,1
2,250
2,000
1,750
1,500
1,250
1,000
750
500
250
1,862
1,185
3M-11
1,998
1,850
1,410
3M-12
3M-13
3M-14
3M-15
EBITDA Margin (%)
3M-11
3M-12
3M-13
3M-14
3M-15
33.3%
32.9%
33.6%
32.3%
29.1%
NET INCOME (Rp billion)
EPS (full amount)
Ratio (%)
1,190
EBITDA (Rp billion)
221
Formula
201
-9,1
1Q14
1Q15
Ebitda margin
Ebitda / Revenue
32.34
29,18
Interest coverage (x)
Ebitda / Interest
expense
25.06
25,36
Cost ratio
[COGS + Opex] /
Revenue
Total debt to equity
Total debt / Total
equity
15.62
15,05
Total debt to asset
Total debt / Total asset
11.41
11,04
72.74
1400
1200
1000
800
600
400
200
871
3M-11
76,64
1,236
1,011
3M-12
3M-13
1,309
3M-14
1,190
3M-15
NET INCOME Margin (%)
3M-11
3M-12
3M-13
3M-14
3M-15
24.4%
23.5%
22.3%
21.2%
18.8%
Together We Build a Better Future
STRONG BALANCE SHEET AND RETURNS
Cash balance (IDR bn)
Total debt (IDR bn)
* Include short term investment
3,905
3,682
3,317
4,213
5,032
5,461
3,850
4,083
3,913
3,970
2012
2013
2014
1Q2014
1,871
686
2010
2011
2012
2013
2014
1Q2014
Debt/EBITDA
2010
Return on Assets
2.00x
24.0%
0.35x
0.06x 0.04x
2011
25.8%
0.56x 0.50x
0.47x
23.5% 20.1%
18.2% 17.4% 16.2%
0.14x
2008 2009 2010 2011 2012 2013 2014
2008
2009
2010
2011
2012
2013
2014
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
Dividend (IDR Bio)
3000
2500
1829.5 1816.7
2000
1500
1000
1962.7
2181.2
2416.6
2226.3
REGULAR DIVIDENDS
1216.7
887.7
500
0
2007
2008
2009
2010
2011
2012
2013
2014
SMGR DIVIDEND PAY OUT RATIO IN THE LAST 8 YEARS
Average: 50%
50%
50%
55%
50%
50%
2007
2008
2009
2010
2011
45%
45%
40%
2012
2013
2014
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
JUNE 2015
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
STRATEGIC PROJECTS
Strategic Project
Investment
Capacity
(US$ Mio)
INDARUNG PROJECT
REMBANG PROJECT
MAIN STORAGE
MAIN STORAGE
PREHEATER AREA
PREHEATER AREA
MAIN SITE RAW MILL & PYRO
PROCESSING
RAW MILL AREA
Construction
Start
Completion
Indarung VIWest Sumatera
3.0
mio tons
352
Q2-2013
Q3-2016
Rembang –
Central Java
3.0
mio tons
403
Q2-2013
Q3-2016
Cement Grinding
West Java
2.0
mio tons
61.1
Q2-2015
Q3-2016
Waste Heat
Recovery Power
Generator
30.6 MW
49.3
Q4-2014
Q4-2016
Packing Plant
Pontianak
600,000
tons/year
10.0
Q1-2014
Q3-2015
Packing Plant
Balikpapan
600,000
tons/year
11.0
Q1-2014
Q2-2015
These strategic projects will ensure sustainability of
the Company’s market leadership
INSTALLED CAPACITY (Mio Ton)
41.8
Installed Capacity
30
31.8
32.3
2014
2015F
38.3
38.3
2016F
2017F
25.3
17.1
2007
18
2008
19
19
2009
2010
20.2
2011
2012
2013
2018F
CONCLUSION: WHY SMGR?
SMGR Corporate Presentation
JUNE 2015
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 FY2014 and approximately 43% 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
BNN
INDONESIA’S CEMENT INDUSTRY: NOW and THE FUTURE
SMGR Corporate Presentation
JUNE 2015
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
5
2014
71.6 mio tons
62.2 mio tons
3.3%
97%
: 59.9 mio tons
: 0.3 mio tons
: 2.2 mio tons2)
1) Based on the Company’s forecast
2) Imported cement & clinker (member non –ASI)
2015F 1)
7
2016F 1)
88.2 mio tons
70.0 mio tons
0.0%
88%
97.7 mio tons
75.5 mio tons
8.0%
86%
59.9 mio tons
2.0 mio tons
2.5 mio tons 2)
65.0 mio tons
4.0 mio tons
1.5 mio tons2)
DOMESTIC CAPACITY (2015)
1. Semen Indonesia
2. Semen Andalas
3. Semen Baturaja
4. Indocement TP
5. Holcim Indonesia
6. Semen Bosowa
7. Semen Kupang
8. Semen Merah Putih
9. Semen Anhui Conch
10. Semen Jui Shin
11. Siam Cement
12. Semen Pan Asia
13. Semen Puger
TOTAL
30.0 mn ton
1.6 mn ton
2.0 mn ton
25.9 mn ton
12.1 mn ton
6.0 mn ton
0.5 mn ton
2.5 mn ton
1.7 mn ton
2.0 mn ton
1.8 mn ton
2
1.8 mn ton
0.3 mn ton
88.2 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
4.8 (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
2.0 (2015)
n.a
Greenfield
40.3
13.1
4,470
TOTAL
Declared Capacity
(mn tons)
Prognose Design
Capacity (mn tons)
Investment
(US$ mn)
Remarks + Local Partner
COMPARISON: CEMENT CONSUMPTION PER CAPITA 2014
201
kg/capita
kg
2,000
1,800
1,819
1,600
1,400
1,200
1,104
1,000
734
800
540
600
505
400
238
200
208
203
0
a
di
In
s
ne
pi
a
si
ne
p
ili
Ph
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)
GDP growth % (RHS)
Domestic consumption (LHS)
60.0
20.0%
17.7%
54.9
50.0
40.0
30.0
20.0
10.0
27.2
5.8%
4.4%
0.0
-10.0
38.1
9.7%
2002
27.5
30.2
5.1%
4.2%
Growth
1.1%
:
2003
5.6%
5.4%
34.2
Growth
: 1.8%
2004
1.1%
2005
2006
40.8
39.1
6.3%
10.0%
6.10%
4.60%
6.6%
4.7%
5.8%
31.5
32.1
14.5%
48.0
11.5%
6.1%
6.50%
6.80%
6.0%
5.10%
5.5%
5.70%
Growth
:
Growth
2.5%
:
Growth
:
Growth
:
9.7%
4.2%
1.8%
6.6%
2007
2008
60.0
58.0
2009
2010
2011
2012
2013
3.3%
5.40%
22.8
Growth
:
0.0%
19.4%
2014 5M2015
-3.80%
-20.0
-30.0
Source: Indonesian Cement Association & BPS Statistic
-10.0%
ARISING INFRASTRUCTURE EXPANSION TREND
Bag and Bulk cement consumption (million tons)
50
44.1 45.7
45
40
39.2
35
32.2
30
25
46.9
22.7 23.7 23.7
21.0
20
25.2 25.5
26.9
32.8
34.2
28.2
20.0
18.1
16.9
17.8
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
13
4.9
0
1997
1999
2001
2003
2005
Bagged Cement
2007
2009
Bulk Cement
2011
2013
5M2015
DOMESTIC MARKET CONSUMPTION (2015)
Bulk
± 22%
Bag
± 78%
•
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
JUNE 2015
MARKET BY GEOGRAPHY
Population Distribution (2014)
Cement Distribution (5M2015)
2
4
3
SP
1
SG
7.4%
7.6%
6
ST
5
6.0%
2.3%
Papua
8.4%
Bali & N T
21.2%
%
Sumatera
21.3%
Kalimantan
Java
55.6%
Domestic Market Share (5M2015
5M2015)
REGION
MARKET SHARE (%)
SMGR
INTP
SMCB
1. JAVA
39.6
38.3
17.7
1.8
-
2. SUMATERA
42.9
12.3
13.8
3.3
14.5
3. KALIMANTAN
51.4
28.7
9.4
7.2
4. SULAWESI
64.5
11.8
1.4
5. NUSA TENGGR.
38.8
29.8
6. EASTERN IND.
55.8
TOTAL
INDONESIA
43.3
BSWA ANDLS BTRJA
KPG
CG
-
-
2.6
11.0
-
2.3
-
-
-
3.3
22.3
-
-
-
-
6.2
14.9
-
-
5.8
4.4
20.3
0.7
23.0
-
-
29.1
13
3.7
5.3
3.1
2.3
1.5%
5.8%
Sulawesi
Sumatera
5.5%
-
0.3
2.5
Java
57.5.%
MARKET UPDATE - Cement Consumption 5M2015
5M2015 - SMGR Sales Volume (million tons)
DESCRIPTION
DOMESTIC
5M2014
5M2015
5M2015 – Domestic Consumption (mio tons)
CHANGE (%)
10,467,232
9,913,735
(5.3)
Semen Indonesia
5,648,678
5,366,198
(5.0)
Semen Padang
2,723,628
2,465,747
(9.5)
Semen Tonasa
2,094,926
2,081,790
22,155
184,181
10,489,387
10,097,916
EXPORT
GRAND TOTAL
(0.6)
731.3
(3.7)
SMGR Sales Type (mio tons)
5M2014
5M2015
Bag
7.9 (76.4%)
7.7 (78.1%)
(3.2)
Bulk
2.4 (23.6%)
2.1 (21.9%)
(12.3)
YoY Change
AREA
5M2015
Bag
18.7 (78.9%)
17.8 (78.2%)
(4.7)
Bulk
5.0 (21.1%)
4.9 (21.8%)
(0.8)
*) Source: Indonesia Cement Association, un-audited figures
YoY Change
CHANGE (%)
2,369,820
2,205,871
(6.9)
Banten
1,276,761
1,298,182
1.7
West Java
3,575,296
3,277,570
(8.3)
Central Java
2,544,369
2,552,779
0.3
389,026
357,609
(8.1)
3,132,778
3,031,792
(3.2)
13,288,051
12,723,804
(4.2)
Sumatera
4,989,864
4,837,917
(3.0)
Kalimantan
1,882,895
1,734,512
(7.9)
Sulawesi
1,763,360
1,687,651
(4.3)
Nusa Tenggara
1,317,726
1,365,322
3.6
542,968
524,167
(3.5)
23,784,864
22,873,372
(3.8)
32,155
204,712
536.6
-
-
-
32,155
204,712
536.6
23,817,019
23,078,084
(3.1)
Yogyakarta
East Java
Total Java
Maluku & Papua
TOTAL
INDONESIA
Export Clinker
5M2014
5M2015
Jakarta
Export Cement
Industry Sales Type (mio tons)
5M2014
Total Export
GRAND TOTAL
COMPANY PROFILE
SMGR Corporate Presentation
JUNE 2015
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
JUNE 2015
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
REGIONAL CEMENT GROWTH YoY (%) – 2014 up to 1Q2015
Source: Exane BNPP, Indonesia Cement Association
STRATEGIC
TRATEGIC POSITION IN THE REGION
Kiln
1 unit
Cement
Mill
1 unit
Kiln
4 unit
Cement
Mill
6 unit
Grinding
Plant
Kiln
4 unit
Cement
Mill
9 unit
1 unit Cement
Mill
Grindin
g Plant
3 unit Cement
Mill
Kiln
4 unit
Cement
Mill
6 unit
FINANCIAL UPDATE
SMGR Corporate Presentation
JUNE 2015
FINANCIAL SUMMARY: 1Q2015 RESULTS
Description
(Rpbn)
1Q2014
1Q2015
Change
(%)
Revenue
6,178
6,340
2,6
Cost of revenue
3,483
3,781
8,5
Gross profit
2,695
2,560
-5,0
995
1,070
7,6
Operating income
1,700
1,489
-12,4
Ebitda
1,998
1,850
-7,4
Operating expenses
Profit attributable to
equity holders of parent
entity (Net Income)
1,309
-9,1
2,250
2,000
1,750
1,500
1,250
1,000
750
500
250
1,862
1,185
3M-11
1,998
1,850
1,410
3M-12
3M-13
3M-14
3M-15
EBITDA Margin (%)
3M-11
3M-12
3M-13
3M-14
3M-15
33.3%
32.9%
33.6%
32.3%
29.1%
NET INCOME (Rp billion)
EPS (full amount)
Ratio (%)
1,190
EBITDA (Rp billion)
221
Formula
201
-9,1
1Q14
1Q15
Ebitda margin
Ebitda / Revenue
32.34
29,18
Interest coverage (x)
Ebitda / Interest
expense
25.06
25,36
Cost ratio
[COGS + Opex] /
Revenue
Total debt to equity
Total debt / Total
equity
15.62
15,05
Total debt to asset
Total debt / Total asset
11.41
11,04
72.74
1400
1200
1000
800
600
400
200
871
3M-11
76,64
1,236
1,011
3M-12
3M-13
1,309
3M-14
1,190
3M-15
NET INCOME Margin (%)
3M-11
3M-12
3M-13
3M-14
3M-15
24.4%
23.5%
22.3%
21.2%
18.8%
Together We Build a Better Future
STRONG BALANCE SHEET AND RETURNS
Cash balance (IDR bn)
Total debt (IDR bn)
* Include short term investment
3,905
3,682
3,317
4,213
5,032
5,461
3,850
4,083
3,913
3,970
2012
2013
2014
1Q2014
1,871
686
2010
2011
2012
2013
2014
1Q2014
Debt/EBITDA
2010
Return on Assets
2.00x
24.0%
0.35x
0.06x 0.04x
2011
25.8%
0.56x 0.50x
0.47x
23.5% 20.1%
18.2% 17.4% 16.2%
0.14x
2008 2009 2010 2011 2012 2013 2014
2008
2009
2010
2011
2012
2013
2014
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
Dividend (IDR Bio)
3000
2500
1829.5 1816.7
2000
1500
1000
1962.7
2181.2
2416.6
2226.3
REGULAR DIVIDENDS
1216.7
887.7
500
0
2007
2008
2009
2010
2011
2012
2013
2014
SMGR DIVIDEND PAY OUT RATIO IN THE LAST 8 YEARS
Average: 50%
50%
50%
55%
50%
50%
2007
2008
2009
2010
2011
45%
45%
40%
2012
2013
2014
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
JUNE 2015
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
STRATEGIC PROJECTS
Strategic Project
Investment
Capacity
(US$ Mio)
INDARUNG PROJECT
REMBANG PROJECT
MAIN STORAGE
MAIN STORAGE
PREHEATER AREA
PREHEATER AREA
MAIN SITE RAW MILL & PYRO
PROCESSING
RAW MILL AREA
Construction
Start
Completion
Indarung VIWest Sumatera
3.0
mio tons
352
Q2-2013
Q3-2016
Rembang –
Central Java
3.0
mio tons
403
Q2-2013
Q3-2016
Cement Grinding
West Java
2.0
mio tons
61.1
Q2-2015
Q3-2016
Waste Heat
Recovery Power
Generator
30.6 MW
49.3
Q4-2014
Q4-2016
Packing Plant
Pontianak
600,000
tons/year
10.0
Q1-2014
Q3-2015
Packing Plant
Balikpapan
600,000
tons/year
11.0
Q1-2014
Q2-2015
These strategic projects will ensure sustainability of
the Company’s market leadership
INSTALLED CAPACITY (Mio Ton)
41.8
Installed Capacity
30
31.8
32.3
2014
2015F
38.3
38.3
2016F
2017F
25.3
17.1
2007
18
2008
19
19
2009
2010
20.2
2011
2012
2013
2018F
CONCLUSION: WHY SMGR?
SMGR Corporate Presentation
JUNE 2015
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 FY2014 and approximately 43% 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