Corporat e Present at ion
MAY 2011
WHY SMGR?
WHY SMGR?
±
44%
Domest ic
Market
Share
SP
SG
1
INDONESIA’ S CEMENT INDUSTRY
SMGR Corporat e Present at ion
1.
Semen Padang
6. 1 mn t on
CEMENT INDUSTRY
2009
2010F
2011F
1)
CEMENT INDUSTRY AT A GLANCE
Production Capacity
: 49. 8 mio ton
51. 3 mio ton
54. 0 mio ton
•
Domestic Growth
: 2. 0%
6. 0%
6. 0 – 8. 0%
•
Domestic Utilization
: 77%
79%
81%
•
Total Utilization
: 85%
85%
85%
•
Supply
Domestic
: 38. 5 mio ton
40. 8 mio ton
43. 6 mio ton
Export
: 4. 0 mio tons
2. 9 mio tons
2. 5 mio ton
Import
2): 1. 5 mio tons
1. 5 mio tons
1. 5 mio ton
1) Based on t he Company’ s f orecast
2) Import ed cement by PT Semen Andal as as it s cement pl ant is current l y under
reconst ruct ion
3) Under reconst ruct ion, schedul ed t o compl et e in 2011
4) Semen Kupang does not produce or sel l cement in t he l ast 3 years due t o it s f inancial probl em
THE PLAYERS and CAPACITY (2011
)
3
COMPARISON: CEMENT CONSUMPTION PER CAPITA 2010
Source: UBS; Deut sche, Indonesi a Cement Associ at i on
dia
Ph
ilip
in
a
kg/ capit a
172
kg
Region
Populat ion
4. KALIMANTAN
13, 772, 543
2, 833, 018
206
4, 327
5. BALI & NUSA
TENGGARA
13, 067, 599
2, 326, 931
178
1, 117
6. PAPUA
3, 612, 854
513, 287
142
3, 269
Tot al Indonesia
237, 556, 470
40, 782, 377
172
2, 350
MARKET BY GEOGRAPHY & CEMENT CONSUMPTION PER CAPITA (FY2010)
Papua
Bali & N T
Kalimantan
Sulawesi
Populat ion Dist ribut ion
Populat ion Dist ribut ion
Sumatera
MARKET SHARE (%)
SMGR
INTP
SMCB
BSWA ANDLS
BTRJA
1. JAVA
38. 2
40. 1
19. 3
2. 3
-
0. 04
DOMESTIC MARKET CONSUMPTION
Ret ail (resident ial) sect or is t he largest
consumer of cement in Indonesia
5
Bag
80%
Bulk
20%
Key Drivers of Domest ic cement demand:
•
National Economic Growth
•
Favorable Interest Rate Environment
•
Infrastructure Expansion
•
Per Capita Consumption increase from current low levels
•
Ready-mix (inf rast ruct ure):
±
50%
•
Fabricat or (pre-cast , f iber cement , cement based indust ry):
±
45%
•
Proj ect s (mort ar, render):
±
5%
•
Ready-mix (inf rast ruct ure):
±
50%
•
Fabricat or (pre-cast , f iber cement , cement based indust ry):
±
45%
•
Proj ect s (mort ar, render):
±
5%
•
Housing:
±
90%
•
Cement based indust ry:
±
10%
•
Housing:
±
90%
•
Cement based indust ry:
±
10%
±
±
COMPANY PROFILE
SMGR Corporat e Present at ion
7
1957 : Inaugurat ion of Gresik I, inst al l ed capacit y of 250, 000 t on cement per annum
1991 : Init ial Publ ic Of f ering, Market Cap. : IDR0. 63t n, resul t ing sharehol ding st ruct ure post IPO:
●
Government of Republ ic of Indonesia: 73%
●
Publ ic: 27%
1995 : Acquisit ion of PT Semen Padang (Persero) and PT Semen Tonasa (Persero)
1998 : Cemex became a st rat egic part ner, Market Cap. : IDR4. 9t n
2006 : Bl ue Val l ey Hol dings bought Cemex’ s 24. 9% st ake in SMGR, Market Cap. : IDR21. 5t n
2010 : In March 31, Bl ue Val l ey Hol dings sol d al l of it s st ake ownership in SMGR, Market Cap per March 31, 2010: IDR43. 3t n
2011 : Target ed t ot al inst al l ed capacit y of 20. 20mm t ons, Market Cap per May 04, 2011: IDR56. 4t n
BRIEF HISTORY
BRIEF HISTORY
SMGR IS THE #1 CEMENT COMPANY IN INDONESIA
0,0
5,0
10,0
15,0
20,0
19
57
19
80
19
80
19
84
19
85
19
86
19
94
19
96
19
97
19
98
20
06
20
07
20
08
20
10
20
11
Public
(48. 99%)
The Government of the Republic of Indonesia
(51. 01%)
PT Semen Gresik (Persero) Tbk.
PT Semen Padang
(99. 99%)
PT Semen Tonasa
(99. 99%)
Six subsidiaries
Non-cement producers
OWNERSHIP STRUCTURE
1OWNERSHIP STRUCTURE
1FOCUSES IN CORE BUSINESS
¹ As of Apri l 09, 2010
Five subsidiaries
Non-cement producers
1.
Unit ed Tract or Semen Gresik:
Explorat ion and exploit at ion of land minerals, except oil and
nat ural gas.
2.
Indust ri Kemasan Semen Gresik:
Manuf act uring basic mat erials f or packing and bagging indust ries
t o produce various t ypes of packs or bags of high economic
value.
3.
Kawasan Indust ri Gresik:
Sales of indust rial land sit es, sales of building f or house and shop
purposes, rent out ready-f or-use f act ory buildings, warehouses
rent als, of f ice space rent als and house cum shop rent als
4.
Swadaya Graha:
Developer, const ruct ion cont ract or, mechanical and elect rical
cont ract or, workshop and manuf act ure, st eel f abricat ion, heavy
dut y equipment maint enance, engineering, indust ry and t rade.
5.
Varia Usaha:
Transport at ion services, general t rades, import s – export s,
domest ic int er-island commodit y t ransport at ion, agency,
dist ribut ors and ot her t rading businesses.
6.
Et ernit Gresik:
9
9
Distribution warehouses in all areas of Java, Bali, Sumatra, Kalimantan, Sulawesi and Irian
17 large packing plants
Nationwide distribution network
Operate 4 special sea ports: Padang, Tuban, Gresik, Biringkassi
Total installed cap. EoY 2009: 18.0 mn tons and EoY 2010: 19.0 mn tons
SMGR’s PRODUCTION FACILITIES ARE WELL SUPPORTED BY STRATEGICALLY
LOCATED MARKETING AND DISTRIBUTION FACILITIES
(2011)
T eluk DI Yogyakart a
Lempuyangan Jant i Cent ral Java T egal T asik Malaya Cirebon
Cement Plant
Packing Plant Port
Warehouse
East Java Margomulyo T anj ung Wangi Bangkalan Swabina Aceh
Pelabuhan T uban
Pelabuhan Gresik
Installed Cap.:
6.1 mn tons
Installed Cap.:
10.0 mn tons
Installed Cap.:
4.1 mn tons
SMGR LONG TERM STRATEGIC FOCUS
SMGR
SMGR
THE OVERALL
STRATEGY
COMBINES
6
6
CRITICAL
ELEMENTS
1. Undert ake Capacit y Growt h
2. Manage Energy Securit y
3. Enhance Company Image
4. Move Closer To The Cust omer
5. Enable Corporat e Growt h
11
14. 388
14.344
4.001
2006
2007
2008
2009
2010
Re ve nue
Gross Profit
Ope rating Profit
Ebitda
Ne t Profit
(Rp billions)
CAGR
(2006 – 2010)
Revenue
13%
Gross Profit
20%
Operating Income
26%
EBITDA
22%
Net Income
29%
Total assets
20%
Total Equity
22%
SGG HAS EXPERIENCED ROBUST FINANCIAL GROWTH
STRONG BALANCE SHEET AND RETURNS
Cash balance (IDR bn)
Total debt (IDR bn)
3. 836
3. 902
5. 283
1. 929
2. 939
2006
2007
2008
2009
2010
660
224
159
180
151
2006
2007
2008
2009
2010
* Include short t erm invest ment
Debt/ EBITDA
Return on Assets
20,8%
17,3%
23,4%
23,8%
25,7%
2006
2007
2008
2009
2010
0,10x
0,06x
0,05x
0,03x
0.13x
2006
2007
2008
2009
2010
3, 0x
13
13
2. 5%
3. 0%
2. 7%
5. 2%
4. 1%
2005
2006
2007
2008
2009
Average: 3, 5%
1.8%
I NTP
SMCB
SMGR
SMGR DIVIDEND YIELD IN THE LAST 5 YEARS
1)SMGR DIVIDEND YIELD IN THE LAST 5 YEARS
1)*): f or FY2009
2009 DIVIDEND YIELD
1)2009 DIVIDEND YIELD
1)REGULAR DIVIDENDS
REGULAR DIVIDENDS
Key determinants of dividend policy:
•
Historical dividend payout trends
•
Comparison with peers
•
Proj ected cash-flows available for dividends (after taking into account
potential expansionary capex etc)
•
Analyst and investor expectations
•
Shareholder profile
REGULAR DIVIDEND PAYMENTS WITH ATTRACTIVE YIELD
1)shares pri ce
SMGR STOCK PRICE HAS CONTINUED TO GROW….
Shares st ock split
1:10 Shares st ock split
1:10
US Sub-prime mort gage
crisis US Sub-prime
mort gage crisis
Shares buy back Shares buy back
Blue Valley’ s divest ment Blue Valley’ s
divest ment
High inflat ion fear High inflat ion
fear
Market Cap:
Rp21. 5T
Market Cap:
Rp56. 5T
1805,52
1830,92
2139,28
2359,21
2745,83
2447,32349,1
1832,5
1355,41434,07
2020,78
2467,59
2534,35
2777,3
2913,68
3.069,28
3.081,88
15
MARKET UPDATE
SMGR Corporat e Present at ion
MARKET UPDATE (Cement Sales FY2010 and 3M-2011)
*)
DESCRIPTION
2010
2009
CHANGE (%)
DOMESTIC
17, 64
17, 82
(1. 0)
EXPORT
0. 29
0, 60
(52. 9)
GRAND TOTAL
17, 93
18, 43
(2. 8)
FY 2010 - Sales Volume
(million tons)
Java
21, 99
21, 15
4. 0
*) Source: Indonesia Cement Associat ion, un-audit ed figures *) Source: Indonesia Cement Associat ion, un-audit ed figures
DESCRIPTION
2011
2010
CHANGE (%)
DOMESTIC
5, 849, 590
5, 585, 073
5. 0
Yogyakart a
216, 340
184, 219
17. 4
East Java
1, 698, 682
1, 759, 015
(3. 4)
Tot al Java
7, 761, 382
6, 798, 600
14. 2
Sumat era
3, 473, 866
3, 050, 715
13. 9
Kalimant an
1, 000, 256
995, 124
0. 5
Sulawesi
1, 037, 634
1, 032, 000
0. 5
Nusa Tenggara
753, 876
729, 807
3. 3
Maluku & Papua
281, 402
320, 962
(12. 3)
TOTAL INDONESIA
14, 308, 416
12, 927, 208
10. 7
Export Semen
116, 858
144, 197
(19)
Export Clinker
350, 631
744, 714
(52. 9)
Tot al Export
467, 489
888, 911
(47. 4)
GRAND TOTAL
14, 775, 904
13, 816, 119
7. 0
17
FINANCIAL UPDATE
(FY2010)
SMGR Corporat e Present at ion
FINANCIAL SUMMARY: FY2010 RESULTS
EBITDA (Rp bil l ion)
NET INCOME (Rp bil l ion)
NET INCOME (Rp bil l ion)
EBITDA Margin (%)
EBITDA Margin (%)
FY06
FY07
FY08
FY09
FY10
25. 6
29. 7
31. 7
33. 2
34. 6
NET INCOME Margin (%)
NET INCOME Margin (%)
FY06
FY07
FY08
FY09
FY10
14. 8
18. 5
20. 7
23. 1
25. 3
Description
(Rpbn)
FY2009
FY2010
Change
(%)
Revenue
14,388
14,344
(0.3)
Cost of revenue
7,614
7,534
(1.0)
Gross profit
6,774
6,810
0.5
Operating expenses
2,432
2,321
(4.5)
Operating income
4,343
4,489
3.4
Ebitda
4,773
4,970
4.1
Net Income
3,326
3,633
9.2
EPS (full amount)
566
613
8.3
4,970
2006
2007
2008
2009
2010
3,633
19
19
FINANCIAL SUMMARY: 1Q-2011 RESULTS
EBITDA (Rp bil l ion)
NET INCOME (Rp bil l ion)
NET INCOME (Rp bil l ion)
EBITDA Margin (%)
EBITDA Margin (%)
3M-07
3M-08
3M-09
3M-10
3M-11
25. 5%
34. 4%
30. 2%
34. 6%
33. 3%
NET INCOME Margin (%)
NET INCOME Margin (%)
3M-07
3M-08
3M-09
3M-10
3M-11
15. 7%
20. 2%
21. 0%
24. 7%
24. 4%
Description
(Rpbn)
1Q2010
1Q2011
Change
(%)
Revenue
3,247
3,553
9.5
Cost of revenue
1,705
1,910
12.0
Gross profit
1,541
1,644
6.6
Operating expenses
530
586
10.5
Operating income
1,011
1,058
4.6
Ebitda
1,125
1,185
5.3
Net Income
802
871
8.5
EPS (full amount)
135
147
8.5
1.185
3M-07
3M-08
3M-09
3M-10
3M-11
871
STRATEGIC PROJECTS
SMGR Corporat e Present at ion
21
21
Cement Finish Grinding
Preparation Bored Pile
Coal Storage Steel Structure
Jetty Extension Area
T
Sul awesi
2. 5
290
2009
2011
Sub Total
5. 0
594
TOTAL CAPEX
US$ 708mn
STRATEGIC PROJECTS
These st rat egic proj ect s wil l ensure sust ainabil it y of
t he Company’ s market l eadership
Preheater Tuban IV
Progress of Tonasa V Cement Plant Project
Progress of Tuban IV Cement Plant Project
Progress of Pow er Plant Project - Tonasa 2 x 35 M W
PROGRESS OF CEMENT & POWER PLANT PROJECTS – April 30, 2011
Description
Weight
Planning
Actual
Preparat ion
0. 39%
87. 23%
93. 82%
Management
2. 88%
80. 89%
86. 62%
Engineering
3. 83%
100. 00%
100. 00%
Procurement
72. 82%
94. 40%
92. 43%
Const ruct ion
18. 03%
70. 59%
55. 71%
Commissioning
2. 05%
3. 52%
3. 52%
Total
100 %
88. 04%
84. 11%
Description
Weight
Planning
Actual
Preparat ion
0. 12%
84. 56%
87. 57%
Management
5. 58%
76. 63%
88. 68%
Engineering
4. 14%
96. 61%
98. 88%
Procurement
69. 41%
92. 42%
93. 12%
Const ruct ion
18. 77%
65. 89%
56. 11%
Commissioning
1. 97%
2. 41%
3. 03%
Total
100 %
84. 95%
84. 38%
Description
Weight
Planning
Actual
Preparat ion
2. 63%
98. 14%
98. 60%
Management
4. 60%
59. 38%
59. 43%
Engineering
5. 75%
57. 33%
59. 34%
Procurement
55. 13%
23. 03%
23. 02%
Const ruct ion
26. 45%
9. 67%
9. 90%
Commissioning
5. 44%
0. 00%
0. 00%
Total
100%
23. 86%
24. 05%
PRODUCTION CAPACITY (Mio Ton)
24. 5
26. 8
27, 7
17, 7
17. 8
16. 7
15. 2
1. 0
0. 7
0, 3
1. 8
2007
2008
2009
2010
2011F 2012F 2013F 2014F 2015F
17. 1
18. 0
19. 0
19. 0
Export
sal es
▪
Domest ic
sal es
▪
Export
sal es
▪
Domest ic
sal es
▪
23
20. 2
29, 8
Based
Capacity
Based
Capacity
Up-grading
Up-grading
New
Capacity
New
Capacity
ENVIRONMENTAL FOCUS
SMGR Corporat e Present at ion
25
25
Generate revenue
Emissions reduction programs
Carbon credits trading
Environment al
Management
Reduce operating expense
Energy efficiency programs
Technology-driven cost savings
Promote company image
Domestic capacity expansion
Investment communities
SMGR IS FOCUSED ON DRIVING VALUE THROUGH AN
ENVIRONMENTALLY-SUSTAINABLE BUSINESS PLATFORM
1. Alternative Fuel
The use of al t ernat ive f uel is t he company’ st rat egy pl an in order t o improve non
renewabl e energy ef f iciency as wel l as consume f riendl y environment al energy.
2. Waste Heat Recovery Power Generator
Ut il ize exhaust (wast e gas) f rom pre-heat er &
cool er t o produce el ect ricit y (power pl ant ).
3. Shifting Coal Consumption from
High-Medium CV to Low CV by 2011
4. Environmental Management System:
FUTURE OF INDONESIA’ S CEMENT INDUSTRY
SMGR Corporat e Present at ion
27
27
Pessimist
: 5. 5%
Moderate
: 6. 5%
Optimist
: 7. 0
%
Annual Growth Rates
NATIONAL DEMAND IS FORECAST TO RISE TO 142mm TONS BY 2030
Indonesia Cement Market Growth 2010-2030
43
46
49
2010
2015
2020
2025
2030
Pessimist
Moderate
Optimist
DEMAND IN 2010-2030 WILL INCREASINGLY SHIFT TO THE OUTER ISLANDS
SMGR wit h it s wide geographical presence is well posit ioned t o t ap t he growt h
t hroughout Indonesia
Malaysia
Timor Leste Malaysia
Malaysia
Timor Leste Timor Leste Timor Leste
22
50
10
39
3
20
3
16
1
6
2
11
Kalimantan
17 MT (618%)
Sulawesi
13 MT (406%)
Bali
9 MT (403%)
Java
28 MT (130%)
Sumatera
29 MT (310%)
East of Indonesia
5 MT (625%)
2010
2030
Key
Figures are in MT
2020
20
8
7
2
5
34
29
29
Tr anspor tati on 2,458
Rai l ways 11,960
Tol l r oads 15,248
Po wer 3,695 W ater resour ces 779
Proj ect Value by Sector (US$ million) 2010-2014
Toll Road
Proj ect Status
No. of
proj ects
Proj ect
value
(USD mio)
Length
(Km)
Cement
demand
(MT)
Proj ect s Ready For Offer
3
1, 000
135
405
Priorit y Proj ect s
8
2, 474
342
1, 026
Pot ent ial Proj ect s
19
11, 774
857
2, 571
TOTAL
30
15, 248
1, 334
4, 002
Source: Nat i onal Devel opment Pl anni ng Agency/ Redwi ng est i mat es
INDONESIA PLANS TO INVEST HEAVILY IN INFRASTRUCTURE – PARTICULARLY
TOLL-ROADS
TOTAL VALUE:
US$34, 140 mn
CONCLUSION: WHY SMGR?
SMGR Corporat e Present at ion
31
31
31
SMGR’s COMPARATIVE & COMPETITIVE ADVANTAGE HAS DRIVEN SMGR TO BE
THE MARKET LEADER IN INDONESIA
Out st anding performance Experienced
management t eam
Conservat ive capit al st ruct ure
and financial policies
Outstanding business performance
–
Leading cement pl ayer in Indonesia wit h over 43% market share based on
sal es vol ume f or 2010 and approximat el y 37% share of t ot al inst al l ed
cement capacit y (Source: Indonesia Cement Associat ion (“ ASI” ))
–
St rat egical l y l ocat ed pl ant s proximat e t o key market s t hroughout t he
count ry
–
Subst ant ial growt h opport unit ies t hrough expansion and opt imizat ion
–
Superior dist ribut ion net work and st rong brands recognit ion
–
Long-t erm access t o raw mat erial s f or cement product ion and coal f or f uel
consumpt ion
–
Concerns on environment al and Corporat e Social Responsibil it y programs t o
ensure sust ainabl e growt h.
Favourable industry outlook
–
Cement consumpt ion pret t y much in-l ine wit h Indonesian economic growt h
–
Real est at e and inf rast ruct ure proj ect s and decl ining int erest rat es key
demand drivers
–
High barriers t o ent ry (pl ant , dist ribut ion and brand invest ment cost s)
–
Discipl ined invest ment on suppl y side
Robust cash flow generation
–
Hist orical l y st rong revenue, margin and price t rends
–
High pl ant ut il izat ion and st rong f ocus on cost and revenue management
Conservative capital structure and financial policies
–
[ Invest ment grade-l ike credit met rics]
–
Conservat ive capit al st ruct ure pol icy; l ow use of l everage
–
Access t o capit al market s f or expansion init iat ives
Experienced management team
–
Experienced and successf ul management t eam
APPENDIX
SMGR Corporat e Present at ion
21. 0
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Bag Consumpt i on
Bul k Consumpt i on
SO FAR INFRASTRUCTURE EXPANSION HAS BEEN RELATIVELY SLOW
Bag and Bul k cement consumpt ion 1997 – 2010 (mil l ion t ons)
33
INDONESIA CEMENT CONSUMPTION PER CAPITA (1997 – 2010)
123
128
141
96
94
110
125
130 130
140
144 145
152
162
167
172
0
20
40
60
80
100
120
140
160
180
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
kg/ per capita
Source: Indonesi a Cement Associ at i on
It was onl y back in 2004
ASIAN
Economics
Crisis
ASIAN
Economics
35
Source: Indonesian Cement Associat ion & BPS St at ist ic
INDONESIA HAS EXPERIENCED SOLID ECONOMIC AND DOMEST IC CEMENT
CONSUMPT ION GROWT H
Growth
Domest ic consumpt ion (LHS)
GDP growt h % (RHS)
(mio t ons)
36
IN ADDITION TO CEMENT DEMAND FROM TOLL ROAD PROJECTS, THE MULTIPLIER
EFFECT WILL FURTHER STRENGTHEN RETAIL CEMENT DEMAND
Riau
480,000
W. Java
507,000
Lampung
600,000
S. Sumatera
216,000
N. Sumatera
408,000
Jabotabek
264,000
E. Java
693,000
C. Java
507,000
Bali
24,000
W. Sumatera
165,000
N. Sulawesi
138,000
Potential cement demand : Toll road projects 2010 to 2014
Source: Nat i onal Devel opment Pl anni ng Agency/ Redwi ng est i mat es
37
37
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, 18
thFloor,
Jln. Lingkar Mega Kuningan Kav. E3.2 No. 1,
Jakarta 12950 – Indonesia
Phone : (62-21) 5261174 – 5
Fax
: (62-21) 5261176
www.semengresik.com
THANK YOU
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.
