Jakarta, March 09, 2014
PT Semen Indonesia (Persero) Tbk.
JSX : SMGR
Reuters : SMGR.JK Bloomberg : SMGR.IJ
Market Capitalization – as of December 31, 2014
Rp 96,090,624,000,000
Issued shares – as of August 07, 2007
5,931,520,000 Shares
Share Price (Closing)
2 January 2014 Rp14,500
As of 30 December 2014 Rp16,200
Hi/Lo (12 mo) Rp17,050/Rp13,875
Major Shareholders
Government of Indonesia 51.01%
Public 48.99%
Financial Summary
For the
Cost of Revenue Gross Profit Operating Expenses Operating Income EBITDANet Income EPS (full amount)
Public 48.99%
Board of Directors
President Director – Suparni Finance Director – Ahyanizzaman Production Director – Johan Samudra R & D and Operations Director – Suharto
Commercial Director – Amat Pria Dharma HRD Director - Gatot Kustyadji Strategy & Bus Dev Director - Rizkan Chandra
Consolidated Subsidiaries
PT Semen Padang (99.99%)
PT Semen Tonasa (99.99%)
PT Semen Gresik (99.23%)
PT Thang Long Cement (70.00%)
PT Kawasan Industri Gresik (65%) PT Industri Kemasan Semen Gresik (60%) PT United Tractors Semen Gresik (55%)
PT SGG Energi Prima (97%)
PT SGG Prima Beton (99,99%)
PT Krakatau Semen Indonesia (50%) PT Sinergi Informatika Semen Indonesia (85%)
Interest Coverage (x) Total Debt to Equity Total Debt to Asset
Business Highlights
• Net Income or equivalent • Semen Indonesia
reached 2 • Ebitda increased
Ebitda margin • As of 31
billion, with
Corporate Secretary
PT Semen Indonesia
Full Year 2014 Results
Financial Summary
For the full year ended 31 December 2014
Formula FY-13 FY-14
Ebitda Margin Ebitda / Revenue 33.0 30.8
Ebitda / Interest Expense
Description
FY-13 FY-14 Change (%)
24,501 26,987 10.1%
Cost of Revenue 13,557 15,388 13.5%
Gross Profit 10,944 11,599 6.0%
Operating Expenses 3,881 4,443 14.5%
Operating Income 7,063 7,156 1.3%
8,099 8,303 2.5%
Net Income 5,370 5,566 3.6%
EPS (full amount) 905 938 3.6%
Interest Coverage (x) Ebitda / Interest Expense 23.8 21.7
Total Debt to Equity Total Debt / Total Equity 19.6 16.3
Total Debt to Asset Total Debt / Total Asset 13.3 11.4
Business Highlights
Income increased by 3.6% year-on-year amounting to Rp5,566 billion equivalent to EPS of Rp938 (full amount).
Indonesia’s total sales volume in FY14 (incl. Thang Long Cement) 28.5 million tons of cement or an increase of 2.6% year-on-year. Domestic sales volume in Indonesia posted 26.1 million tons or an
of 3.0% year-on-year. Domestic sales account for 94.9% of total
per ton in FY-14 experienced an increase of 10.7% above FY-13 due to increase Direct & Supporting Material, Electricity, Depletion Depreciation & Amortization, and Transportation.
increased by 2.5% amounting to Rp8,303 billion year-on-year, and margin decreased to 30.8% from 33.0% year-on-year.
December 2014, the Company’s LT Liabilities amount to Rp3,913 with debt-to equity ratio decreasing to 16.3% from 19.6%.
Corporate Secretary
SEMEN INDONESIA REPORTS AUDITED CONSOLIDATED
PT Semen Indonesia (Persero) Tbk. (“SMGR” or “the Year 2014 financial statements. The Company recorded Rp26,987 billion and Rp7,156 billion, respectively. Net income
The consolidated financial statements have been audited Deloitte Touche Tohmatsu Limited, with fairly opinion in
The audited financial statements were prepared in Accounting Principles. For more detailed information, Statements as filed with Indonesia Financial Service Authority 2015.
PERFORMANCE REVIEW
Sales Volume
In the FY2014 domestic cement consumption (Indonesia compared to the same period 2013 of 58.0 million tons,
Company Domestic Growth(% yoy)
Semen Indonesia 13,993,231 5.7
Semen Padang 6,742,831 (2.7)
Semen Tonasa 5,419,856 2.6
Total Sales in
Indonesia 26,155,918 2.8
Thang Long Cement 1,439,408 10.6 Indonesia
Consumption 59,909,500 3.3
Sales Volume FY2014 (tons) *
* Source: Indonesia Cement Association (ASI) & the Company
compared to the same period 2013 of 58.0 million tons, million tons to 0.265 million tons due to high demand reached 60.1 million tons or increased by 2.7% compared
As at the end of December 2014, the total Company’s year-on-year to 26.3 million tons, comprising 2.8% of domestic growth of export sales (0.197 million tons).
FY2014 Results
REPORTS AUDITED CONSOLIDATED FY2014 RESULTS
“the Company”) announced its audited and consolidated Full recorded revenue and operating income for the period of
income was recorded at Rp5,566 billion.
audited by KAP Osman Bing Satrio & Eny, a member firm of in all material respect, dated 13 February 2015.
in accordance with the Indonesian Generally Accepted information, please refer to the Company’s Consolidated Financial Authority and the Indonesia Stock Exchange on March 02,
Indonesia) reached 59.9 million tons or increased by 3.3% tons, while exported cement and clinker decreased from 0.575
Export Growth(% yoy) Total Growth(% yoy)
- - 13,993,231 5.7
122,903 58.0 6,865,734 (2.0)
74,381 (70.4) 5,494,237 (0.7)
197,284 (40.0) 26,353,202 2.2
1,036,704 5.2 2,476,112 8.3
265,162 (53.9) 60,174,662 2.7 tons, while exported cement and clinker decreased from 0.575 in domestic consumption. The total cement consumption compared to the same period 2013 of 58.5 million tons.
MARKET BY GEOGRAPHY (FY2014)
Domestic Consumption – Java remains as
the largest market
*)1
2
3
4
6
*)Source: ASI (Indonesia Cement Association) and the Company *)Source: ASI (Indonesia Cement Association) and the Company
Consumption Growth and Domestic Market Share
1
5
REGION JANUARY ─ DECEMBER
2013 2014 ± (%)
1.JAVA 32,704,304 33,732,168
2.SUMATERA 12,182,616 12,492,536
3.SULAWESI 4,387,998 4,546,679
4.KALIMANTAN 4,273,766 4,527,956
5.NUSA TENGGARA 3,255,259 3,335,787
6.MALUKU & PAPUA 1,201,093 1,274,374
TOTAL INDONESIA 58,005,037 59,909,500
CEMENT CONSUMPTION GROWTH (in tons)
FY2014 Results
Java remains as
20.9% 7.6%
7.6%
5.6% 2.1%
East of Indonesia
Nusa Tenggara
REGION MARKET SHARE (%)
SMGR INTP HOLCIM OTHERS
1.JAVA 40.4 38.8 18.3 2.5
2.SUMATERA 42.9 14.1 14.7 28.3
3.KALIMANTAN 50.2 29.6 11.1 9.1
4.SULAWESI 63.1 13.3 0.9 22.7
5.NUSA TENGGARA 38.8 33.3 5.4 22.5
6.EASTERN IND. 56.7 20.8 0.7 21.8
TOTAL INDONESIA 43.6 30.3 14.6 11.5
Consumption Growth and Domestic Market Share
*)Revenue
The Company’s total sales revenue in FY2014 reported from Rp24,501 billion in FY2013. Cement sales contribute
The Company’s net sales in the domestic market Indonesia of 8.0% compared to the previous year of Rp23,714 billion, 20.3% compared to the same period last year. The domestic
Cost of Revenue
The cost of revenue increased by 13.5% from Rp13,557 as a result of increase in direct & supporting material, transportation. COGS per ton in FY2014 recorded Rp539 2013.
Gross Profit
Gross profit increased by 6.0% year-on-year amounting from 44.7 % in 2013 to 43.0% in FY2014.
Operating Expenses
The Company’s operating expenses increased by 14.5 mainly due to an increase in selling expenses of 17.9% labor expenses) and general & administration expenses supplies and partnership and community development program
EBITDA
Ebitda increased by 2.5% to Rp8,303 billion year-on-year,
Ebitda (Rp billion)
8303
2010 2011 2012 2013 2014
FY2014 Results
reported at Rp26,987 billion or an increase of 10.1% year-on-year contribute 97.6% of Company’s revenue.
Indonesia in FY2014 amounted to Rp25,611 billion, an increase billion, while export amounted to Rp514 billion or increase of domestic average selling price increased by 4.9% year-on-year.
557 billion in FY2013 to Rp15,388 billion in FY2014, primarily material, electricity, depletion depreciation & amortization, and 39,446, increase of 10.7% compared to the same period in
amounting to Rp11,599 billion in FY2014. Gross margin decreased
5% from Rp3,881 billion in 2013 to Rp4,443 billion in 2014 (mainly driven by an increase in distribution, promotion and expenses of 15.6% (mainly driven by an increase in labor, office
program expenses).
year, and Ebitda margin decreased from 33.0% to 30.8% .
EBITDA Margin (%)
Net Income
Net income rose 3.6% year-on-year to Rp5,566 billion and FY2014.
Net Income (Rp billion)
5566
2010 2011 2012 2013 2014
PROGRESS OF STRATEGIC PROJECTS (up to December
• The construction of 2 (two) new cement plants in Java cement respectively. The construction of those two
DISCLAIMER
The information contained in this report has been taken from sources (Persero) Tbk and/or its affiliated companies and/or their respective (express or implied) or accepts any responsibility or liability as to, or opinions contained in this report or as to any information contained unchanged after the issue thereof.
We expressly disclaim any responsibility or liability (express or implied) and their respective employees and agents whatsoever and howsoever action, suits, losses, expenses, damages or costs) which may be reliance upon the whole or any part of the contents of this report and or their respective employees or agents accepts liability for any errors, and any liability in respect of the report or any inaccuracy therein or disclaimed.
The information contained in this report is not be taken as any recommendation other person to enter into any agreement with regard to any investment circulation. It does not have regard to the specific person who may your own independent assessment and seek your own professional
cement respectively. The construction of those two completed in 2016. Progress of Completion Project Cement and Cement Plant in Sumatera = 16.7%
***
FY2014 Results
and net margin decreased 1.3% year-on-year to 20.6% in
Net Income Margin (%)
FY10 FY11 FY12 FY13 FY14 25.3 24.0 24.7 21.9 20.6
December 31, 2014)
Java and Sumatera with installed capacity of 3 million tons of integrated cement plants in Java and Sumatera to be
DISCLAIMER
sources which we deem reliable. However, none of PT Semen Indonesia respective employees and/or agents make any representation or warranty or in relation to, the accuracy or completeness of the information and contained in this report or any other such information or opinions remaining
implied) of PT Semen Indonesia (Persero) Tbk, its affiliated companies howsoever arising (including, without limitation for any claim, proceedings, be brought against or suffered by any person as a result of acting in and neither PT Semen Indonesia (Persero) Tbk, its affiliated companies errors, omission or mis-statements, negligent or otherwise, in the report or mission there from which might otherwise arise is hereby expresses
recommendation made by PT Semen Indonesia (Persero) Tbk or any investment mentioned in this document. This report is prepared for general receive this report. In considering any investments you should make professional financial and legal advice.
