Jakarta, 30 July 2013
PT Semen Indonesia (Persero) Tbk.
JSX : SMGR
Reuters : SMGR.JK Bloomberg : SMGR.IJ
Market Capitalization – as of June 30, 2013
Rp101,428,992,000
Issued shares – as of August 07, 2007
5,931,520,000 Shares
Share Price (Closing)
2 January 2013 Rp15,950
As of 30 June 2013 Rp17,100
Hi/Lo (6 mo) Rp19,000/Rp15,000
Major Shareholders
Government of Indonesia 51.01%
Public 48.99%
Board of Directors
President Director – Dwi Soetjipto Finance Director – Ahyanizzaman Production Director – Suparni R & D and Operations Director – Suharto Marketing Director – Amat Pria Darma
HR Director – Bambang SSI
Strategy & Bus Dev Director – Erizal Bakar
Consolidated Subsidiaries
PT Semen Padang (99.99%)
PT Semen Tonasa (99.99%)
Thang Long Cement (70.00%)
PT SGG Prima Beton (99.95)
PT SGG Energi Prima (97.0%)
PT Kawasan Industri Gresik (65%) PT Industri Kemasan Semen Gresik (60%) PT United Tractors Semen Gresik (55%)
Website
http://www.semenindonesia.com
Financial Summary
For the 1
sthalf ended June 30, 2013
Description
(Rp bn) 1H-12 1H-13
Change (%)
Revenue 8, 658 11, 422 31. 9
Cost of Revenue 4, 696 6, 275 33. 6
Gross Profit 3, 961 5, 146 29. 9
Operating Expenses 1, 318 1, 779 35. 0
Operating Income 2, 644 3, 366 27. 3
EBITDA 2, 893 3, 858 33. 3
Net Income 2, 103 2, 584 22. 9
EPS (full amount) 355 436 22. 9
Ratio (%) Formula 1H-12 1H-13
Ebitda Margin Ebitda / Revenue 33. 4 33. 8
Interest Coverage (x) Ebitda / Interest Expense 237. 0 24. 9
Total Debt to Equity a) Total Debt / Total Equity 15. 8 22. 2
Total Debt to Asset a) Total Debt / Total Asset 10. 4 15. 5
Business Highlights
• Net Income increased by 22.9% year on year amounting to Rp2,584 billion or equivalent to EPS of Rp436 (full amount).
• Semen Indonesia’s total sales volume in 1H-13 reached 13,27 million tons or an increase of 28.6% year-on-year (including sales volume of TLCC and 47,900 tons cement from Tonasa V commissioning period)
• Domestic sales volume was 12,14 million tons of cement or an increase of 18.0% year on year.
• Semen Indonesia, Semen Padang, Semen Tonasa and TLCC each contributed 50.3%, 26.3%, 19.4% and 3.9% to consolidated revenue. • Cost of revenue per tons in 1H-2013 increased 0.2% than 1H2012 on the
back of management effort to improve efficiency especially in raw material, labor, maintenance, transportation and packaging costs.
• Ebitda increased by 33.3% amounting to Rp3,858 billion year-on-year. • As of 30 June 2013, the Company’s Total Debt amounting to Rp4,136
billiona), with debt-to equity ratio increased to 22.2% from 15.8% in 2012.
Corporate Secretary
PT Semen Indonesia (Persero) Tbk. Gedung Utama SG, 5 Floor, Jl. Veteran, Gresik 61122 – Indonesia
Phone: +62313981732/3981745 Fax: +62313983209 Email: agungw@sg.semenindonesia.com
SEMEN INDONESIA REPORTS UNAUDITED CONSOLIDATED FIRST HALF 2013 RESULTS
PT Semen Indonesia (Persero) Tbk. (“the Company”) announced its unaudited and consolidated 1st half 2013
financial statements. The Company recorded revenue and operating income for the period of Rp11,422 billion and Rp3,366 billion, respectively. Net income was recorded at Rp2,584 billion.
The unaudited financial statements were prepared in accordance with the Indonesian Generally Accepted Accounting Principles. For more detailed information, please refer to the Company’s Consolidated Financial Statements as filed with OJK and the Exchanges on July 29, 2013.
PERFORMANCE REVIEW
Sales Volume
In the first half 2013 domestic cement consumption reached 27.83 million tons or increased by 7.5% compared to the same period 2012 of 25.89 million tons, while exported cement increased from 0.04 million tons to 0.08 million tons but clinker decreased from 0.10 million tons to 0.06 million tons due to high demand in domestic consumption. The total sales volume reached 27.98 million tons or increased by 7.5% compared to the same period 2012 of 26.03 million tons. Java contributed 9.2% growth due to increasing demand on infrastructure activities and supported by favorable interest rate environment which boosted the property sector.
As at the end of June 2013, the total Company’s sales volume recorded 28.6% higher growth year-on-year to 12.23 million tons1), comprising 18.0% of domestic higher growth (12.14 million tons), 170.4% higher growth of
export sales (0.08 million tons), and TLCC’s sales volume of 1.04 million tons. In the first half 2013, the Company’s domestic market share was 43.6%, increased from 39.7% in the same period last year due to additional capacity from Tuban and Tonasa Plant.
First Half 2013 PT Semen Indonesia (Persero) Tbk. 2
Company Domestic Growth(% yoy) Export Growth(% yoy) Total Growth(% yoy)
Semen Indonesia 6,288,695 22.1 - - 6,288,695 22.1
Semen Padang 3,395,026 8.0 42,557 100 3,437,583 9.4
Semen Tonasa 2,461,505 23.3 47,350 42.4 2,508,855 23.7
Total 12,145,227 18.0 89,907 170.4 12,235,134 18.5
Industry 27,834,897 7.5 150,524 1.8 27,985,421 7.5
SMGR Sales Volume 1H-2013 (tons) 2)
1) Including cement from commissioning period (1Q2013) of 47,900 tons
2)Source: The company data and Indonesian Cement Association excluding TLCC
The Company exported small volume of cement to Timor Leste, which was part of Indonesia’s province in the past, and considered as domestic market and also exported small volume to Srilanka and Mauritius.
MARKET BY GEOGRAPHY (1H-2013)
Domestic Consumption – Java remains as the largest market*)
Consumption Growth and Domestic Market Share*)
*)
Sour ce: ASI (Indonesi a Cement Associ at i on)
*)
Sour ce: ASI (Indonesi a Cement Associ at i on)
REGION JANUARY ─ JUNE
2013 2012 ± (%)
1.JAVA 15,460,021 14,160,011 9.2
2.SUMATERA 5,978,116 5,821,758 2.7
3.SULAWESI 1,986,582 1,893,028 4.9
4.KALIMANTAN 2,147,972 1,981,115 8.4
5.NUSA TENGGARA 1,623,084 1,451,110 11.9
6.MALUKU & PAPUA 639,123 584,503 9.3
TOTAL INDONESIA 27,834,897 25,891,526 7.5
CEMENT CONSUMPTION GROWTH (in tons)
Papua
Cement Distribution (6M 2013)
Cement Distribution (6M 2013)
SMGR INTP SMCB BSWA ANDLS BTRJ KPG
1. JAVA 39. 0 40. 5 18. 5 2. 0 - -
Net Revenues
The Company’s revenue in 1H13 reported at Rp11,422 billion or increasing 31.9% year-on-year from Rp 8,658 billion. Cement sales contribute 98.90% of revenue and others 1.10%.
The Company’s net sales in the domestic market in 1H-13 amounting to Rp10,910 billion, an increase of 26.5% compared to the previous year of Rp8,627 billion, while export amounting to Rp512 billion from Rp30 billion, an increase of 1607% on-year. The domestic average net selling price experienced an increase of 2.4% year-on-year, while the export average selling price decreased 18.2% due to changing term of delivery.
Cost of Revenue
The cost of revenue increased by 33.6% from Rp4,696 billion in 1H-12 to Rp6,275 billion in 1H-13, primarily as a result of an increase in electricity tariff and depreciation of 2 new plants. The overall COGS per ton in 1H-13 was around Rp472,650, or an increased of 0.2% compared to the same period of 2012.
Operating Expenses
The Company’s operating expenses increased by 35.0% from Rp1,318 billion in 2012 to Rp1,779 billion in 2013, mainly due to the increase in sales volume as the result of the increase of 36.5 % in the selling expense, and 27.1% in general and administration expenses.
Gross Profit
Gross profit increased by 29.9% year-on-year amounting to Rp5,146 billion in 1H-2013. Gross margin bit decreased from 45.8% in 2012 to 45.1% in 2013.
EBITDA
Ebitda increased by 33.3% to Rp3,858 billion year-on-year, and Ebitda margin increased by 0.4% to 33.8%.
Ebitda (Rp billion)
1H-09 1H-10 1H-11 1H-12 1H-13
EBITDA Margin (%)
1H-09 1H-10 1H-11 1H-12 1H-13
31. 5% 34. 1% 33. 2% 33. 4% 33. 8%
Net Income
Net income rose 22.9% year-on-year to Rp2,584 billion and net profit margin slightly decreased 1.7% year-on-year to 22.6% in 1H-13.
Net Income (Rp billion)
2584
1H-09 1H-10 1H-11 1H-12 1H-2013
Net Income Margin (%)
1H-09 1H-10 1H-11 1H-12 1H-13
22. 3% 24. 4% 24. 6% 24. 3% 22. 6%
ADDITIONAL INFORMATION
• The 3.0 million tons of Tonasa V cement plant in Sulawesi completed in October 2012. Having comissioning period November 2012 until January 2013 . Entering commercial production since 1st February 2013. Some main equipments such as Cement Grinding and Packaging (Packer) has been operated (commissioning) since 2Q2012.
• The 3.0 million tons of Tuban IV cement plant in Java completed in April 2012. Having commissioning period in May and June 2012. Entering commercial production since 1st July 2012.
• The 2 x 35 MW of power plant in Sulawesi completed in 21 May 2013.
• Shareholders approved to build 2 new cement plants, each 3 million tons capacity in Sumatera (brown-field project, completion by 2Q-2016) and in Java (green-field project, completion by 3Q-2016) with total estimated cost of US$755 billion.
***
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 mission there from which might otherwise arise is hereby expresses disclaimed.
The information contained in this report is not be taken as any recommendation made by PT Semen Indonesia (Persero) Tbk or any other person to enter into any agreement with regard to any investment mentioned in this document. This report is prepared for general circulation. It does not have regard to the specific person who may receive this report. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice.
