2
3
4
•
•
•
•
••
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• •
5
6
7
source: Indonesia Cement Association
source: Indonesia Cement Association
Bag cement still represent the largest portion of
Indonesia cement consumption
YTD March 2020
Domestic Sales in Java v.s. Outside of Java
18.9 21.5 24.6 25.3 26.2 27.5 28.2 28.9 30.5 30.9
21.9 26.5
30.3 32.6 33.7 34.5 33.4 37.4
39.0 38.9
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Outside Java Java Growth
source: Indonesia Cement Association
34.2 39.2 44.1 45.7 46.9 47.5 46.8 49.4 50.8 51.0
11.1
6.68.8
10.8 12.2 13 14.5 14.816.9 18.8 18.7
3.8
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
0
10
20
30
40
50
60
70
80
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q '20
Cement demand growth was dominated by the growth of bulk cement to support infrastructure projects
Bag Vol Bulk Vol Growth Bag Growth Bulk Bulk Portion
in million ton
in trillion IDR
in million ton
74.56%
25.44%BULK
BAG
86
114
146
184 178
290
317
388 410 415 419
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
8
9
53.4%
25.6%
5.9%3.6% 3.0% 3.0%
1.7% 2.0% 1.4% 0.4%
SMGR(SMIG +
SBI)
INTP Conch Bosowa MerahPutih
Baturaja Jui Shin SiamCement
STAR SemenKupang
Market Sharesource: Indonesia CementAssociation
52.9%
25.5%
6.7%
3.1% 3.0% 2.5% 2.3% 2.2% 1.5% 0.3%
SMGR(SMIG +
SBI)
INTP Conch Bosowa MerahPutih
Baturaja Jui Shin SiamCement
STAR SemenKupang
Market Share
10source: Indonesia CementAssociation
* Total Group (SMGR) January 2019 excluding SBI sales volume
** One small player not updated yet in March 2020
2020 2019 YoY (%) 2020 2019 YoY (%) 2020 2019 YoY (%)
Semen Indonesia
(include SBI)
Domestic 2,519,214 2,621,574 -3.90% 2,490,257 2,750,342 -9.46% 7,872,294 7,518,380 4.71%
Export 309,605 340,278 -9.01% 389,072 277,489 40.21% 1,020,607 828,685 23.16%
2,828,819 2,961,851 -4.49% 2,879,329 3,027,832 -4.90% 8,892,902 8,347,064 6.54%
TLCC
Domestic 77,337 40,541 90.76% 153,670 131,508 16.85% 303,722 252,246 20.41%
Export 7,001 92,917 -92.47% 65,450 2,033 3119.00% 172,429 153,150 12.59%
84,338 133,457 -36.81% 219,120 133,541 64.08% 476,150 405,396 17.45%
Total Group (SMGR)* 2,913,157 3,095,309 -5.88% 3,098,449 3,161,373 -1.99% 9,369,052 8,752,460 7.04%
Year to DateFEBRUARY MARCH
2020 2019 YoY (%) 2020 2019 YoY (%) 2020 2019 YoY (%)
Jakarta 239,315 235,899 1.45% 288,471 252,376 14.30% 784,662 754,808 3.96%
Banten 245,977 255,599 -3.76% 237,565 269,064 -11.71% 729,755 812,846 -10.22%
West Java 808,061 843,034 -4.15% 811,278 908,929 -10.74% 2,524,760 2,737,637 -7.78%
Central Java 544,592 555,904 -2.03% 539,181 597,674 -9.79% 1,716,106 1,863,367 -7.90%
Yogyakarta 78,051 125,448 -37.78% 70,799 138,971 -49.05% 227,106 386,017 -41.17%
East Java 677,303 652,349 3.83% 610,945 674,999 -9.49% 2,019,370 2,120,293 -4.76%
Total Java 2,593,300 2,668,233 -2.81% 2,558,239 2,842,012 -9.98% 8,001,760 8,674,968 -7.76%
Sumatra 1,038,425 1,022,494 1.56% 1,054,701 1,042,230 1.20% 3,165,869 3,241,944 -2.35%
Kalimantan 367,075 355,594 3.23% 299,715 355,122 -15.60% 1,006,237 1,074,386 -6.34%
Sulawesi 425,892 407,943 4.40% 448,418 464,926 -3.55% 1,336,764 1,335,830 0.07%
Nusa Tenggara 272,361 303,407 -10.23% 295,415 323,918 -8.80% 843,693 917,291 -8.02%
East Indonesia 181,515 126,074 43.97% 160,785 138,004 16.51% 549,415 429,059 28.05%
Total Indonesia 4,878,569 4,883,745 -0.11% 4,817,272 5,166,212 -6.75% 14,903,738 15,673,477 -4.91%
Export Cement 70,450 132,182 -46.70% 55,769 111,065 -49.79% 195,075 316,155 -38.30%
Export Clinker 372,057 475,956 -21.83% 512,192 454,877 12.60% 1,191,579 1,105,463 7.79%
Total Export 442,507 608,138 -27.24% 567,961 565,942 0.36% 1,386,654 1,421,618 -2.46%
Grand Total** 5,321,076 5,491,883 -3.11% 5,385,233 5,732,154 -6.05% 16,290,393 17,095,094 -4.71%
YEAR TO DATEAREA
FEBRUARY MARCH
11
TUBAN PLANT
Cap SI: 14,7 Mt/YrCap LHI : 3,6 Mt/YrPort : 40.000 DWT
INDARUNG PLANT
Cap : 9,4 Mt/Yr
GP Dumai
GP Gresik
PP Lhoksumawe
PP Malahayati
PP Batam
Tl Bayur Port
PP Lampung
PP Pontianak
PP Samarinda
PP Banjarmasin
PP Balikpapan
PP Bitung
PP Palu
PP Mamuju
Biringkassi Port
PP Makassar
PP Kendari
PP Sorong
PP Ambon
PP Banyuwangi
PP Celukan Bawang
PANGKEP PLANT
Cap : 7,4 Mt/Yr
PP Belawan
PP Tj PriokPP Ciwandan SI
PP Maluku Utara
GP Ciwandan
PP Bengkulu
REMBANG
PLANT
Cap : 3 Mt/Yr
NAROGONG PLANT
Cap : 6 Mt/Yr
CILACAP PLANT
Cap : 3,4 Mt/Yr
PP Lhoksumawe
PP Belawan
PP Pontianak
PP Dumai
PP Batam
GP Kuala Indah
PP Lampung
GP Cigading
PP Ciwandan SP
LHOKNGA PLANT
Cap : 1,8 Mt/Yr
Source: Internal SMIG
12
Q1 2020 Q1 2019 Chg YoY
(a) (b) (a:b)
Revenue 8,580 8,127 5.6%
Cost of Revenue 5,876 5,913 -0.6%
Gross Profit 2,704 2,214 22.2%
Operating Expense 1,430 1,122 27.5%
Operating Income 1,274 1,092 16.7%
EBITDA 2,022 1,611 25.5%
Finance Income (Cost) (552) (637) -13.4%
Profit Before Tax 713 454 56.9%
Net Profit Attributable to Owners of Parent Entity 446 268 66.5%
Margin
Gross Profit Margin 31.5% 27.2% 4.3%
Operating Profit Margin 14.9% 13.4% 1.4%
EBITDA Margin 23.6% 19.8% 3.7%
Net Profit Attributable to Owners of Parent Entity Margin 5.2% 3.3% 1.9%
Ratios
ROE 5.3% 3.4% 1.9%
Net Debt to Equity 77.1% 82.8% -5.7%
Debt to EBITDA (x) 3.2 4.7 -1.6
EBITDA/Interest (x) 3.7 2.4 1.3
in billion IDR
13
26,948 26,134 27,814 30,688
40,368
8,580
-0.1% -3.0%
6.4%10.3%
31.5%
5.6%
-10.0%
0.0 %
10. 0%
20. 0%
30. 0%
40. 0%
50. 0%
-
5,00 0
10,0 00
15,0 00
20,0 00
25,0 00
30,0 00
35,0 00
40,0 00
45,0 00
2015 2016 2017 2018 2019 1Q 2020
Revenue Revenue Growth
10,646 9,856
7,960 9,331
12,714
2,704
39.5% 37.7%
28.6% 30.4% 31.5% 31.5%
20. 0%
25. 0%
30. 0%
35. 0%
40. 0%
45. 0%
50. 0%
55. 0%
60. 0%
-
2,00 0
4,00 0
6,00 0
8,00 0
10,0 00
12,0 00
14,0 00
2015 2016 2017 2018 2019 1Q 2020
Gross Profit Gross Profit Margin
7,473 6,962
4,904
6,577
8,699
2,022
27.7% 26.6%
17.6%21.4% 21.5% 23.6%
10. 0%
20. 0%
30. 0%
40. 0%
50. 0%
60. 0%
-
1,00 0
2,00 0
3,00 0
4,00 0
5,00 0
6,00 0
7,00 0
8,00 0
9,00 0
10,0 00
2015 2016 2017 2018 2019 1Q 2020
EBITDA EBITDA Margin
4,521 4,522
1,621
3,079
2,392
446
16.8% 17.3%
5.8%10.0%
5.9% 5.2%
0.0 %
5.0 %
10. 0%
15. 0%
20. 0%
25. 0%
30. 0%
35. 0%
40. 0%
45. 0%
50. 0%
-
500
1,00 0
1,50 0
2,00 0
2,50 0
3,00 0
3,50 0
4,00 0
4,50 0
5,00 0
2015 2016 2017 2018 2019 1Q 2020
Net Profit Net Profit Margin
14
15
IMPORTANT NOTICE
THIS PRESENTATION IS NOT AND DOES NOT CONSTITUTE OR FORM PART OF, AND IS NOT MADE IN CONNECTION WITH, ANY OFFERFOR SALE OR SUBSCRIPTION OF OR SOLICITATION, RECOMMENDATION OR INVITATION OF ANY OFFER TO BUY OR SUBSCRIBE FORANY 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 ORALDISCUSSIONS ONLY. THE INFORMATION CONTAINED IN THIS PRESENTATION IS BEING PRESENTED TO YOU SOLELY FOR YOURINFORMATION 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.
DISCLAIMERThe 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.
16