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1 Together We Build a Better Future 0 BNN
2 INDONESIA S CEMENT INDUSTRY Y: NOW and THE FUTURE SMGR Corporate Presentation JUNE 2015
3 CEMENT INDUSTRY AT A GLANCE 2 1 Kuala Lumpur Singapore SMGR CEMENT INDUSTRY F 1) Design Capacity : 71.6 mio tons 88.2 mio tons Production Capacity : 62.2 mio tons 70.0 mio tons Domestic Growth : 3.3% 0.0% Domestic Utilization : 97% 88% Supply Domestic : 59.9 mio tons 59.9 mio tons Export : 0.3 mio tons 2.0 mio tons Import : 2.2 mio tons 2) 2.5 mio tons 2) 1) Based on the Company s forecast 2) Imported cement & clinker (member non ASI) F 1) 97.7 mio tons 75.5 mio tons 8.0% 86% 65.0 mio tons 4.0 mio tons 1.5 mio tons 2) DOMESTIC CAPACITY (2015) 1. Semen Indonesia 30.0 mn ton 2. Semen Andalas 1.6 mn ton 3. Semen Baturaja 2.0 mn ton 4. Indocement TP 25.9 mn ton 5. Holcim Indonesia 12.1 mn ton 6. Semen Bosowa 6.0 mn ton 7. Semen Kupang 0.5 mn ton 8. Semen Merah Putih 2.5 mn ton 9. Semen Anhui Conch 1.7 mn ton 10. Semen Jui Shin 2.0 mn ton 11. Siam Cement 1.8 mn ton 12. Semen Pan Asia 1.8 mn ton Semen Puger 0.3 mn ton TOTAL 88.2 mn ton
4 ADDITIONAL INSTALLED CAPACITY IN THE NEXT 5 YEARS New Cement Capacity from Existing Players ( ) No Company Targeted Plant Location 1 Semen Indonesia Java, Sumatera, Sulawesi Declared Capacity (mn tons) Indocement Java, Kalimantan Holcim East Java Bosowa Java, Sulawesi Semen Andalas Sumatera Semen Baturaja Sumatera 2.6 T O T A L 36.2 Prognose Design Capacity (mn tons) Investment (US$ mn) 6.3 1,560 (E) Remarks Upgrading + green/brownfield Cement Mill + brown/greenfield (E) Brown/Greenfield Cement Mill + Brownfield Greenfield Greenfield/Brownfield ,130 New Cement Capacity from Potential Players ( ) No Company Targeted Plant Location Declared Capacity (mn tons) 1 Siam Cement (Thailand) Sukabumi, West Java CNBM (China) Central Java Semen Merah Putih Bayah, Lebak, Banten Anhui Conch Cement - Tanjung - Tanah Grogot - Pontianak - West Papua Various - South Kalimantan - East Kalimantan - West Kalimantan - West Papua Ultratech Wonogiri, Centr Java Semen Puger East Java Semen Barru Barru, South Sulawesi Semen Panasia Ajibarang, Central Java Jui Shin Indonesia Karawang, West Java 1.5 T O T A L 40.3 Prognose Design Capacity (mn tons) Investment (US$ mn) 1.8 (2016) 360 Greenfield Remarks + Local Partner Greenfield, Semen Grobogan 4.8 (2016) 600 Greenfield (PT Cemindo Gemilg) 3.0 (2016) 2, Greenfield Greenfield Greenfield Greenfield Greenfield Greenfield 0 n.a Upgrading Greenfield (Fajar Group) 1.5 (2016) 240 Greenfield 2.0 (2015) n.a Greenfield ,470
5 COMPARISON: CEMENT CONSUMPTION PER CAPITA 2014 kg 2,000 1,800 1,600 1,400 1,819 kg/ /capita 1,200 1,104 1, China Singapore Malaysia Vietn etnam Thailand Indonesia Philippines India Source: Deutsche, Indonesia Cement Association
6 INDONESIA S ECONOMY AND DOMESTIC CEMENT CONSUMPTION GROWTH (mio tons) % 4.4% 4.7% Growth 1.1% : 5.8% Domestic consumption (LHS) 9.7% % % 4.2% Growth : 5.4% 1.8% % 6.6% Growth : 1.1% 9.7% 11.5% % Cement growth % (RHS) GDP growth % (RHS) % Growth 2.5% : M % 6.0% 17.7% % Growth : % 6.80% % 1.8% 6.6% % 5.70% Growth 3.3% : 5.10% 5.40% 22.8 Growth : 19.4% -3.80% 20.0% 10.0% 0.0% % Source: Indonesian Cement Association & BPS Statistic
7 ARISING INFRASTRUCTURE EXPANSION TREND Bag and Bulk cement consumption (million tons) M2015 Bagged Cement Bulk Cement
8 DOMESTIC MARKET CONSUMPTION (2015) Bulk ± 22% Re Fa eady-mix (infrastructure): ± 60% abricator (pre-cast, fiber cement, cement based industry): ± 35% Pr rojects (mortar, render): ± 5% Bag ± 78% H C Housing: ± 90% Cement based industry: ± 10% Source: Internal Research Retail (residential) sector is the largest consumer of cement in Indonesia Key Drivers of Domestic cement demand: National Economic Growth Favorable Interest Rate Environment Infrastructure Expansion Per Capita Consumption increase from current low levels
9 DO OMESTIC MARKET UPDATE SMGR Corporate Presentation JUNE 2015
10 MARKET BY GEOGRAPHY Cement Distribution (5M2015) Population Distribution (2014) 2 SP 1 4 SG ST % 6.0% 2.3% 6 7.6% Sumatera 21.2% Java 55.6% Papua Bali & N T Sulawesi Kalimantan 8.4% 5.8% 5.5% 1.5% Sumatera 21.3% Java 57.5.% Domestic Market Share (5M2015) REGION MARKET SHARE (%) SMGR INTP SMCB BSWA ANDLS BTRJA KPG CG 1. JAVA SUMATERA KALIMANTAN SULAWESI NUSA TENGGR EASTERN IND TOTAL INDONESIA
11 MARKET UPDATE - Cement Consumption 5M2015 5M SMGR Sales Volume (million tons) DESCRIPTION 5M2014 5M2015 CHANGE (%) DOMESTIC 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 (0.6) EXPORT 22, , GRAND TOTAL 10,489,387 10,097,916 (3.7) 5M2015 Domestic Consumption (mio tons) AREA 5M2014 5M2015 CHANGE (%) Jakarta 2,369,820 2,205,871 (6.9) Banten 1,276,761 1,298, West Java 3,575,296 3,277,570 (8.3) Central Java 2,544,369 2,552, Yogyakarta 389, ,609 (8.1) East Java 3,132,778 3,031,792 (3.2) Total Java 13,288,051 12,723,804 (4.2) Sumatera 4,989,864 4,837,917 (3.0) SMGR Sales Type (mio tons) 5M2014 5M2015 YoY Change Bag 7.9 (76.4%) 7.7 (78.1%) (3.2) Bulk 2.4 (23.6%) 2.1 (21.9%) (12.3) Industry Sales Type (mio tons) 5M2014 5M2015 YoY Change Bag 18.7 (78.9%) 17.8 (78.2%) (4.7) 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, Maluku & Papua 542, ,167 (3.5) TOTAL INDONESIA 23,784,864 22,873,372 (3.8) Export Cement 32, , Export Clinker Total Export 32, , GRAND TOTAL 23,817,019 23,078,084 (3.1) Bulk 5.0 (21.1%) 4.9 (21.8%) (0.8) *) Source: Indonesia Cement Association, un-audited figures
12 JUNE 2015 SMGR Corporate Presentation COMPANY PROFILE
13 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: 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 SMGR CAPACITY BUILD-OUT (Mio TONS) 30,0 25,0 20,0 15,0 10,0 5,0 0, Pre-consolidated capacity Post-consolidated capacity Total Installed capacity: 30 million tons (2013) including TLCC; Market share of Semen Indonesia in 2013 was 44% based on sales volume 2013 Revenues amounted to IDR 19.6 trillion (equivalent to EUR 1.2 billion), with EBITDA margin of 35%
14 FOCUS IN CORE BUSINESS OWNERSHIP STRUCTURE 1 The Government of the Republic of Indonesia 51.01% 48.99% Public 99.99% PT Semen Indonesia (Persero) Tbk % 70.00% PT Semen Padang PT Semen Gresik PT Semen Tonasa Thang Long Cement, VN 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 Name 1. UTSG 1. UTSG 2. IKSG 2. IKSG 3. KIG Activities Activities Limestone & Clay Mining Limestone & Clay Mining Packaging Paper Cement Packaging Industrial Estate % Ownership % Ownership 55.00% 55.00% 60.00% 60.00% 65.00% 3. KIG Industrial Estate 4. Swadaya Graha Contractor & Machine Fabricator 25.00% 65.00% 5. Varia Usaha 4. Swadaya Gra Transport and general trading 24.90% Steel fabrication, contractor 25.00% 6. Eternit Gresik 5. Varia Usaha Building materials Transport and general trading 17.60% 24.90% 7. SGG Energy Prima Coal Mining and Trading 6. Eternit Gresik Building materials 97.00% 17.60% 8. SGG Prima Beton Ready Mix Concrete 7. SGG Prima Coal Trading Coal 99.99% 99.99% 9. SISI IT 8. SGG Prima Beton Ready Mix Concrete 85.00% 99.99% ¹ As of Jan, 2014
15 REG GIONAL CEMENT PLAYERS SMGR Corporate Presentation JUNE 2015
16 COMPETITIVENESS OF SEMEN INDONESIA Kiln 1 unit Cement Mill 1 unit Integrated Cement Plant 4 location Kiln 13 Unit Cement Mill 22 Unit Grinding Plant 2 location Grinding Plant 1 unit Cement Mill Warehouse Cement Mill 4 Unit 30 location Packing Plant 23 location Sea Port 12 location Kiln Cement Mill 4 unit 6 unit Kiln Cement Mill 4 unit 9 unit Grinding Plant 3 unit Cement Milll Kiln Cement Mill 4 unit 6 unit
17 REGIONAL CEMENT GROWTH YoY (%) 2014 up to 1Q2015 Source: Exane BNPP, Indonesia Cement Association
18 STRATEGIC POSITION IN THE REGION Kiln Cement Mill 1 unit 1 unit Grinding Plant 1 unit Cement Mill Kiln 4 unit Kiln 4 unit Cement Mill 6 unit Cement Mill 6 unit Kiln Cement Mill 4 unit 9 unit Grindin g Plant 3 unit Cement Mill
19 JUNE 2015 SMGR Corporate Presentation FINANCIAL UPDATE
20 FINANCIAL SUMMARY: 1Q2015 RESULTS Description (Rpbn) 1Q2014 1Q2015 Change (%) EBITDA (Rp billion) Revenue 6,178 6,340 2,6 Cost of revenue 3,483 3,781 8,5 Gross profit 2,695 2,560-5,0 Operating expenses 995 1,070 7,6 Operating income 1,700 1,489-12,4 2,250 2,000 1,750 1,500 1,250 1, ,862 1,998 1,850 1,410 1,185 3M-11 3M-12 3M-13 3M-14 3M-15 Ebitda 1,998 1,850-7,4 Profit attributable to equity holders of parent entity (Net Income) 1,309 1,190-9,1 EPS (full amount) ,1 Ratio (%) Formula 1Q14 1Q15 Ebitda margin Ebitda / Revenue ,18 Interest coverage (x) Cost ratio Total debt to equity Ebitda / Interest expense [COGS + Opex] / Revenue Total debt / Total equity , , ,05 Total debt to asset Total debt / Total asset ,04 EBITDA Margin (%) 3M-11 3M-12 3M-13 3M-14 3M % 32.9% 33.6% 32.3% 29.1% NET INCOME (Rp billion) NET INCOME Margin (%) 1,011 1,236 1,309 1,190 3M-11 3M-12 3M-13 3M-14 3M-15 3M-11 3M-12 3M-13 3M-14 3M % 23.5% 22.3% 21.2% 18.8% Together We Build a Better Future
21 STRONG BALANCE SHEET AND RETURNS Cash balance (IDR bn) * Include short term investment Total debt (IDR bn) 3,905 3,682 3,317 4,213 5,032 5, ,871 3,850 4,083 3,913 3, Q Q2014 Debt/EBITDA Return on Assets 2.00x 0.06x 0.04x 0.14x 0.35x 0.56x 0.50x 0.47x 24.0% 25.8% 23.5% 20.1% 18.2% 17.4% 16.2% The projected adjusted debt/ebitda of 2.0x to maintain rating level from Moody s Investors Service. Together We Build a Better Future 20
22 REGULAR DIVIDEND PAYMENTS 3000 Dividend (IDR Bio) Average: 50% SMGR DIVIDEND PAY OUT RATIO IN THE LAST 8 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 50% 50% 55% 50% 50% 45% 45% 40%
23 JUNE 2015 SMGR Corporate Presentation STRATEGIC PROJECTS
24 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
25 STRATEGIC PROJECTS INDARUNG PROJECT REMBANG PROJECT Strategic Project Capacity Investment (US$ Mio) Construction Start Completion Indarung VI- West Sumatera 3.0 mio tons 352 Q Q Rembang Central Java Cement Grinding West Java 3.0 mio tons 2.0 mio tons 403 Q Q Q Q MAIN STORAGE MAIN STORAGE Waste Heat Recovery Power Generator 30.6 MW 49.3 Q Q Packing Plant Pontianak 600,000 tons/year 10.0 Q Q Packing Plant Balikpapan 600,000 tons/year 11.0 Q Q PREHEATER AREA PREHEATER AREA These strategic projects will ensure sustainability of the Company s market leadership MAIN SITE RAW MILL & PYRO PROCESSING RAW MILL AREA
26 INSTALLED CAPACITY (Mio Ton) Installed Capacity F 2016F 2017F 2018F
27 CONCLUSION: WHY SMGR? SMGR Corporate Presentation JUNE 2015
28 SMGR s COMPARATIVE & COMPETITIVE ADVANTAGE DRIVES SMGR TO BE THE MARKET LEADER IN INDONESIA Strengths of SMGR Experienced management team Conservative capital structure and financial policies Outstanding business performance Robust cash flow generation Favorable industry outlook Outstanding performance Outstanding business performance 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% sh hare 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 favorable interest rates as key cement demand drivers High barriers to entry (plant, distribution and brand investment costs) Disciplined investment on supply side Rob bust 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
29 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. Gresik Office: Jakarta Office: Semen Indonesia Tower The East Building, 18 th Floor, Jln. Veteran Jln. DR. Ide Anak Agung Gde Agung Kav. E3.2 No.1, Gresik Indonesia Mega Kuningan, Jakarta Indonesia Phone: (62-31) , Phone : (62-21) Fax: (62-31) , Fax : (62-21)
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