INDONESIA’S CEMENT INDUSTRY: NOW and THE FUTURE
INDONESIA’S CEMENT INDUSTRY: NOW and THE FUTURE
SMGR Corporate Presentation
JUNE 2014
INDONESIA’S CEMENT INDUSTRY: NOW and THE FUTURE
INDONESIA’S CEMENT INDUSTRY: NOW and THE FUTURE
Singapore Kuala
Lumpur
22
11
CEMENT INDUSTRY AT A GLANCE
SMGR
•
Design Capacity
: 68.0 mio tons
71.5 mio tons
•
Production Capacity : 55.2 mio tons
60.0 mio tons
•
Domestic Growth
: 5.5%
6.0%
•
Domestic Utilization : 100%
100%
CEMENT INDUSTRY
2013
2014F
1)
•
Domestic Utilization : 100%
100%
•
Supply
Domestic
: 58.0 mio tons
61.0 mio tons
Export
: 0.5 mio tons
0.5 mio tons
Import
: 3.3 mio tons
2)3.0 mio tons
3)1) Based on the Company’s forecast
2) Imported cement by PT Semen Andalas (1.0 mio ton) and clinker by Bosawa and
3) Imported cement & clinker
CEMENT INDUSTRY AT A GLANCE
1
66
77
1. SEMEN INDONESIA
29.5 mn ton
- Semen Padang :
7.3 mn ton
- Semen Gresik :
14.4 mn ton
- Semen Tonasa:
7.8 mn ton
82.2 mio tons
69.8 mio tons
6.0%
94%
DOMESTIC CAPACITY (2014
)
2015F
1)
2
- Semen Tonasa:
7.8 mn ton
2. Semen Andalas
2)
1.6 mn ton
3. Semen Baturaja
1.3 mn ton
4. Indocement TP
20.5 mn ton
5. Holcim Indonesia
12.1 mn ton
6. Semen Bosowa
6.0 mn ton
7. Semen Kupang
0.5 mn ton
TOTAL
71.5 mn ton
94%
65.8 mio tons
0.5 mio tons
)
3.0 mio tons
3)kg
kg
1.600
1.800
kg/capita
COMPARISON: CEMENT CONSUMPTION PER CAPITA 201
200
400
600
800
1.000
1.200
1.400
Source: Deutsche, Indonesia Cement Association
0
200
Ch
ina
Sin
gap
ore
Ma
lay
sia
Vie
tna
m
kg/capita
COMPARISON: CEMENT CONSUMPTION PER CAPITA 2013
229
Vie
tna
m
Tha
ilan
d
Ind
one
sia
Phil
ipp
ine
s
INDONESIA’S ECONOMY AND DOMESTIC CEMENT CONSUMPTION GROWTH
Domestic consumption (LHS)
GDP growth % (RHS)
(mio tons)
50.0
60.0
Cement growth % (RHS)
Growth
:
Growth
:
Growth
Growth
:
27.2
27.5
30.2
31.5
32.1
34.2
38.1
Source: Indonesian Cement Association & BPS Statistic
1.1%
9.7%
2002
2003
2004
2005
2006
2007
2008
AND DOMESTIC CEMENT CONSUMPTION GROWTH
GDP growth % (RHS)
48.0
Cement growth % (RHS)
Growth
2008
2009
2010
2011
2012
2013 5M2014
ARISING INFRASTRUCTURE EXPANSION
Bag and Bulk cement consumption (million tons)
40
22.7 23.7 23.7
25.2 25.5
1997
1999
2001
2003
2005
Bagged Cement
INFRASTRUCTURE EXPANSION TREND
Bag and Bulk cement consumption (million tons)
34.2
2005
2007
2009
2011
2013
Bulk
21%
•
Ready
•
Fabricator (pre
•
•
Ready
•
Fabricator (pre
•
±
DOMESTIC MARKET CONSUMPTION
Bag
79%
Key Drivers of Domestic cement demand:
•
Projects (mortar, render):
•
Projects (mortar, render):
•
Housing:
•
Cement based industry:
•
Housing:
•
Cement based industry:
±
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
current low levels
Source: Internal Research
Ready-mix (infrastructure):
±
60%
Fabricator (pre-cast, fiber cement, cement based industry):
±
35%
Ready-mix (infrastructure):
±
60%
Fabricator (pre-cast, fiber cement, cement based industry):
±
35%
DOMESTIC MARKET CONSUMPTION (2013)
Key Drivers of Domestic cement demand:
Projects (mortar, render):
±
5%
Projects (mortar, render):
±
5%
Housing:
±
90%
Cement based industry:
±
10%
Housing:
±
90%
Cement based industry:
±
10%
Key Drivers of Domestic cement demand:
National Economic Growth
Favorable Interest Rate Environment
Infrastructure Expansion
DOMESTIC
DOMESTIC
SMGR Corporate Presentation
JUNE 2014
DOMESTIC MARKET UPDATE
DOMESTIC MARKET UPDATE
REGION
MARKET SHARE (%)
SMGR
INTP
SMCB
1. JAVA
41.2
38.2
17.9
Domestic Market Share (5M2014
1. JAVA
41.2
38.2
17.9
2. SUMATERA
42.9
15.2
14.4
3. KALIMANTAN
49.3
30.8
11.3
4. SULAWESI
61.5
15.4
0.9
5. NUSA TENGGR.
40.9
33.9
4.3
6. EASTERN IND.
54.2
21.1
0.7
TOTAL
INDONESIA
44.0
30.5
14.
MARKET BY GEOGRAPHY
Papua
Bali & N T
Sulawesi
Population Distribution (2013)
Population Distribution (2013)
8.4%
5.8%
5.5% 1.5%
5.5% 2.3%
Cement Distribution (5M2014)
Cement Distribution (5M2014)
Sulawesi
Kalimantan
Sumatera
21.3%
Java
57.5.%
5.8%
MARKET SHARE (%)
SMCB BSWA ANDLS BTRJA
KPG
MARKET UPDATE - Cement Consumption
DESCRIPTION
5M-14
5M-13
CHANGE (%)
DOMESTIC
10,467,232
10,017,522
4.5
Semen Indonesia
5,648,678
5,190,159
8.8
Semen Padang
2,723,628
2,796,549
(2.6)
5M 2014 - SMGR Sales Volume
(million tons)
Semen Padang
2,723,628
2,796,549
(2.6)
Semen Tonasa
2,094,926
2,030,813
3.2
EXPORT
22,155
89,907
(75.4)
GRAND TOTAL
10,489,387
10,107,429
3.8
SMGR Sales Type (mio tons)
5M-14
5M-13
YoY Change
Bag
7.9 (76.4%)
7.7 (77.6%)
2.8%
*) Source: Indonesia Cement Association, un-audited figures *) Source: Indonesia Cement Association, un-audited figures
Industry Sales Type (mio tons)
5M-14
5M-13
YoY Change
Bag
18.7 (78.9%)
18.2 (79.5%)
2.9%
Bulk
5.0 (21.1%)
4.7 (20.5%)
6.6%
Bag
7.9 (76.4%)
7.7 (77.6%)
2.8%
Bulk
2.4 (23.6%)
2.2 (22.4%)
10.0%
Cement Consumption 5M2014
AREA
5M 2014
5M 2013
CHANGE (%)
Jakarta
2,369,820
2,177,464
8.8
Banten
1,276,761
1,382,750
(7.7)
West Java
3,575,296
3,288,320
8.7
5M 2014 – Domestic Consumption
(mio tons)
Central Java
2,544,369
2,578,205
(1.3)
Yogyakarta
389,026
368,214
5.7
East Java
3,132,778
2,869,734
9.2
Total Java
13,288,051
12,664,688
4.9
Sumatera
4,989,864
4,932,070
1.2
Kalimantan
1,882,895
1,803,045
4.4
Sulawesi
1,763,360
1,622,599
8.7
Nusa Tenggara
1,317,726
1,355,331
(2.8)
Maluku & Papua
542,968
556,752
(2.5)
Maluku & Papua
542,968
556,752
(2.5)
TOTAL
INDONESIA
23,784,864
22,934,485
3.7
Export Cement
32,155
85,240
(62.3)
Export Clinker
-
21,467
(100.0)
Total Export
32,155
106,707
(69.9)
SMGR Corporate Presentation
JUNE 2014
COMPANY PROFILE
COMPANY PROFILE
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
1998 : Cemex became a strategic partner, Market Cap.: IDR4.9tn
BRIEF HISTORY
BRIEF HISTORY
SMGR IS THE #1 CEMENT COMPANY IN INDONESIA
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
20,0
25,0
30,0
SMGR CAPACITY BUILD-OUT (Mio TONS)
SMGR CAPACITY BUILD-OUT (Mio TONS)
Post-consolidated capacity
Inauguration of Gresik I, installed capacity of 250,000 ton cement per annum
Initial Public Offering, Market Cap.: IDR0.63tn, resulting shareholding structure post IPO:
) and PT Semen Tonasa (Persero)
became a strategic partner, Market Cap.: IDR4.9tn
SMGR IS THE #1 CEMENT COMPANY IN INDONESIA
became a strategic partner, Market Cap.: IDR4.9tn
24.9% stake in SMGR, Market Cap.: IDR21.5tn
In March 31, Blue Valley Holdings sold all of its stake ownership in SMGR, Market Cap per April 30, 2010: IDR72.1tn
0mm tons, Market Cap per June 29, 2012: IDR67.0tn
otal installed capacity of 2.3mm tons, Market Cap Dec 19
th, 2012: IDR91.9tn
consolidated capacity
•
Total Installed capacity: 30 million
tons (2013) including TLCC;
•
Market share of Semen Indonesia in
200
6
200
7
200
8
200
9
201
0
201
1
201
2
201
3
_
•
Market share of Semen Indonesia in
2013 was 44% based on sales volume
•
2013 Revenues amounted to IDR 19.6
The Government of the Republic of Indonesia
OWNERSHIP STRUCTURE
1OWNERSHIP STRUCTURE
151.01%
PT Semen Indonesia (
PT Semen Padang
99.23%
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%
Name
PT Semen Gresik
99.99%
¹ As of Jan, 2014
4. SUPS
Cement Packaging
10.00%
3.
4.
FOCUS IN CORE BUSINESS
PT Semen Indonesia (Persero) Tbk.
PT Semen Tonasa
99.99%
Name
Activities
% Ownership
UTSG
Limestone & Clay Mining
55.00%
IKSG
Cement Packaging
60.00%
KIG
Industrial Estate
Thang Long Cement, VN
70.00%
Name
Activities
% Ownership
UTSG
Limestone & Clay Mining
55.00%
IKSG
Packaging Paper
60.00%
KIG
Industrial Estate
65.00%
KIG
Industrial Estate
65.00%
REGIONAL CEMENT PLAYERS
REGIONAL CEMENT PLAYERS
SMGR Corporate Presentation
JUNE 2014
REGIONAL CEMENT PLAYERS
REGIONAL CEMENT PLAYERS
Kiln
1 unit
Cement
Mill
1 unit
COMPETITIVENESS OF SEMEN INDONESIA
Grinding
Plant
1 unit Cement
Mill
Kiln
4 unit
Cement
Mill
6 unit
Kiln
4 unit
Cement
Mill
9 unit
Grinding
Plant
3 unit Cement
Mill
Integrated Cement Plant
4 location
Kiln
13 Unit
Cement Mill
22 Unit
Grinding Plant
2 location
COMPETITIVENESS OF SEMEN INDONESIA
Cement Mill
4 Unit
Warehouse
30 location
Packing Plant
22 location
Sea Port
11 location
Kiln
4 unit
Cement
Mill
6 unit
Kiln
1 unit
Cement
Mill
1 unit
Grinding
Plant
NEW TARGET
STRATEGIC POSITION IN THE REGION
Kiln
4 unit
Cement
Mill
9 unit
Kiln
4 unit
Cement
Mill
6 unit
Grinding
1 unit Cement
Mill
TRATEGIC POSITION IN THE REGION
Kiln
4 unit
Cement
Mill
6 unit
Grinding
Export :
Clinker : 6.17
Cement: 5.77
Cap. : 5.6 mio
Cap. : 54.4 mio
SUPPLY-DEMAND CEMENT IN SOUTH EAST ASIA
Cement: 5.77
Cap. : 1.0 mio
Cap. : - mio
Cap. : 66.4 mio
Potential Market
Cap. : 1.5 mio
DEMAND CEMENT IN SOUTH EAST ASIA
Cap. : 75 mio
Cap. : 22 mio
Source : Global cement
Cap. : 0.55 mio
mio
20
25
Cement Plant Capacity of Major Player in
South East Asia
MAJOR PLAYERS IN SOUTH EAST ASIA
Lafarge
Cement Plant Capacity (Milion Ton)
•
Setelah merger Holcim dan Lafarge, total kapasitas perusahaan menjadi 63 Juta Ton atau 2
kali lipat kapasitas Semen Indonesia dan memiliki Kapasitas yang dapat memenuhi 34%
konsumsi semen di Asia Tenggara
•
LafargeHolcim dan Semen Indonesia merupakan Perusahaan Semen yang terkemuka di Asia
Tenggara
25
30
35
Cement Plant Capacity of Major Player in
South East Asia after LafargeHolcim Merger
MAJOR PLAYERS IN SOUTH EAST ASIA
SCG
Cement Plant Capacity (Milion Ton)
-5
Cement Plant Capacity (Milion Ton)
Setelah merger Holcim dan Lafarge, total kapasitas perusahaan menjadi 63 Juta Ton atau 2
kali lipat kapasitas Semen Indonesia dan memiliki Kapasitas yang dapat memenuhi 34%
Company
Indonesia
Malaysia
Philip.
Thailand
Heidelberg
Holcim
20,5
9.9
1.2
9.1
16.5
CEMENT PLAYERS IN SOUTH EAST ASIA
Holcim
Lafarge
Cemex
Siam Cement
Semen
Design Capacity 2013 in Mio Ton
Sources : AFCM dan Annual report 2012
Lokasi pabrik Lafarge dan Holcim lebih menyebar dan saling memperkuat
posisi
Thailand
Vietnam
Brunei
Cambodia
Total
16.5
5.2
21.05
41.9
0.55
+ 63
CEMENT PLAYERS IN SOUTH EAST ASIA
23
Heidelberger
Other
7%
Capacity Share of Major Players
CAPACITY SHARE IN SOUTH EAST ASIA
Heidelberger
Dengan merger Lafarge dengan Holcim, maka Kapasitas produksinya mampu memenuhi 34%
konsumsi semen di Asia Tenggara dan meningkat 2 kali kapasitas Semen Indonesia
Heidelberger
12%
Capacity Share of Major Players Post
Merger
CAPACITY SHARE IN SOUTH EAST ASIA
Lafarge
SMGR Corporate Presentation
JUNE 2014
FINANCIAL UPDATE
FINANCIAL UPDATE
FINANCIAL SUMMARY:
Description
(Rpbn)
1Q2013
1Q2014
Change
(%)
Revenue
5,544
6,178
11.4
Cost of revenue
3,059
3,503
14.5
Gross profit
2,485
2,675
7.7
Operating expenses
880
1,021
16.0
Operating income
1,605
1,655
3.1
Ebitda
1,862
1,953
4.9
Profit attributable to
equity holders of parent
entity (Net Income)
1,236
1,303
5.4
EPS (full amount)
208
220
5.4
Ratio (%)
Formula
1Q13
1Q14
Ratio (%)
Formula
1Q13
1Q14
Ebitda margin
Ebitda / Revenue
33.59
31.61
Interest coverage (x)
Ebitda / Interest
expense
24.65
24.50
Cost ratio
[COGS + Opex] /
Revenue
71.16
73.47
Total debt to equity *) Total debt / Total
equity
18.72
18.61
Total debt to asset *)
Total debt / Total asset
13.26
11.96
FINANCIAL SUMMARY: 1Q2014 RESULTS
EBITDA (Rp billion)
1,125
1,185
1,410
1,862 1,953
EBITDA Margin (%)
EBITDA Margin (%)
3M-10
3M-11
3M-12
3M-13
3M-14
34.6%
33.3%
32.9%
33.6%
31.6%
250 500 750
3M-10 3M-11 3M-12 3M-13 3M-14
802
871
NET INCOME (Rp billion)
NET INCOME Margin (%)
NET INCOME Margin (%)
3M-10
3M-11
3M-12
3M-13
3M-14
24.7%
24.4%
23.5%
22.3%
21.1%
802
871
Cash balance (IDR bn)
4.719
4.213
3.905
3.682
3.317
3.846
5.283
* Include short term investment
STRONG BALANCE SHEET AND RETURNS
3.905
3.682
3.317
3.846
2008
2009
2010
2011
2012
2013 1Q2014
Debt/EBITDA
2,00x
0.56x 0,50x
0,06x
0,35x
0,04x
0,14x
0.56x
2008 2009
2010 2011 2012 2013
The projected adjusted debt/EBITDA of 2.0x to
maintain rating level from Moody’s Investors
Service.
Total debt (IDR bn)
3.838
4.083
3.850
1.871
STRONG BALANCE SHEET AND RETURNS
251
199
686
1.871
2008
2009
2010
2011
2012
2013 1Q2014
Return on Assets
24,0%
25,8%
23,5%
20,1%
17,4%
18,2%
24,0%
23,5%
20,1%
REGULAR DIVIDEND PAYMENTS WITH ATTRACTIVE YIELD
1,829.5 1,816.7
1,962.7
2,181.3
2,416.6
2000
2500
3000
Total Dividend Payout
Average: 50%
SMGR DIVIDEND PAY OUT RATIO IN THE LAST 7 YEARS
SMGR DIVIDEND PAY OUT RATIO IN THE LAST 7 YEARS
887.7
2007 2008 2009 2010 2011 2012 2013
Total
Dividend
(IDR billion)
50%
50%
55%
50%
50%
45%
45%
2007
2008
2009
2010
2011
2012
2013
Average: 50%
REGULAR DIVIDENDS
REGULAR DIVIDENDS
REGULAR DIVIDEND PAYMENTS WITH ATTRACTIVE YIELD
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
(IDR billion)
•
Analyst and investor
SMGR Corporate Presentation
JUNE 2014
STRATEGIC PROJECTS
STRATEGIC PROJECTS
SMGR LONG TERM STRATEGIC FOCUS
THE OVERALL
1. Undertake Capacity Growth
THE OVERALL
STRATEGY
COMBINES
66
CRITICAL
ELEMENTS
1. Undertake Capacity Growth
2. Manage Energy Security
3. Enhance Company Image
4. Move Closer To The Customer
5. Enable Corporate Growth
ELEMENTS
6. Manage Key Risks
SMGR LONG TERM STRATEGIC FOCUS
Undertake Capacity Growth
Undertake Capacity Growth
Manage Energy Security
Enhance Company Image
Move Closer To The Customer
Enable Corporate Growth
New Plants
Location
(mn tons)
Capacity
Investment
(US$ mn)
Construction
Start
Completed
Indarung VI-SumBar
3.0
352
2013
Q4-2015
Rembang-Java 2
3.0
403
2013
Q2-2016
TOTAL CAPEX
6.0
755
These strategic projects will ensure sustainability of
the Company’s market leadership
CEMENT PLANTS PROJECTS
Tu
ba
n
Tu
ba
n
Construction
Completed
2015
Tuban’s view
Pyroprocessing Tonasa V
To
na
sa
To
na
sa
Preheater Tuban IV
Raw Mill Dept. Tonasa V
2016
Jetty Extension Area
To
na
sa
To
na
sa
ESP Power Plant
INSTALLED CAPACITY (Mio Ton)
Installed Capacity
17,1
18
19
19
20,2
25,3
2007 2008 2009 2010 2011 2012
INSTALLED CAPACITY (Mio Ton)
39,3 40,8
Installed Capacity
25,3
30
31,8 33,3
39,3 40,8
CONCLUSION: WHY SMGR?
CONCLUSION: WHY SMGR?
SMGR Corporate Presentation
JUNE 2014
CONCLUSION: WHY SMGR?
CONCLUSION: WHY SMGR?
Outstanding business performance
–
Leading cement player in Indonesia with over
sales volume for
cement capacity (Source: Indonesia Cement Association (“ASI”))
–
Strategically
–
As of Dec 2012, acquired Thang Long Cement Company, Vietnam by 70%
share with installed capacity 2.3 mio tons per annum
Strengths of SMGR
SMGR’s COMPARATIVE & COMPETITIVE ADVANTAGE DRIVE
BE THE MARKET LEADER IN INDONESIA
Outstanding
structure and
financial
policies
Robust cash flow
Outstanding
share with installed capacity 2.3 mio tons per annum
–
Substantial growth opportunities through expansion and optimization
–
Superior distribution network and strong brands recognition
–
Long
consumption
–
Concerns on environmental and Corporate Social Responsibility programs to
ensure sustainable growth.
Favourable industry outlook
–
Cement consumption pretty much in
–
Real estate and infrastructure projects and declining interest rates key
demand drivers
–
High barriers to entry (plant, distribution and brand investment costs)
–
Disciplined investment on supply side
Robust cash flow generation
Robust cash flow
generation
Robust 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
–
Conservative capital structure policy; low use of leverage
–
Access to capital markets for expansion initiatives
Experienced management team
–
Experienced and successful management team
Outstanding business performance
Leading cement player in Indonesia with over 43.8% market share based on
sales volume for 10M-2013 and approximately 41% 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%
share with installed capacity 2.3 mio tons per annum
SMGR’s COMPARATIVE & COMPETITIVE ADVANTAGE DRIVES SMGR TO
BE THE MARKET LEADER IN INDONESIA
share 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 declining interest rates key
demand drivers
High barriers to entry (plant, distribution and brand investment costs)
Disciplined investment on supply side
Robust cash flow generation
Robust 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
IMPORTANT NOTICE THIS PRESENTATION IS NOT AND DOES NOT CONSTITUTE OR FORM PART OF, AND IS NOT MADE RECOMMENDATION OR INVITATION OF ANY OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITIES CONNECTION WITH ANY CONTRACT, COMMITMENT OR INVESTMENT DECISION WHATSOEVER
THE SLIDES USED IN THIS PRESENTATION ARE STRICTLY CONFIDENTIAL AND HAVE BEEN PREPARED THIS PRESENTATION IS BEING PRESENTED TO YOU SOLELY FOR YOUR INFORMATION AND
PART.
This presentation includes forward-looking statements, which are based on current expectations and other factors, which could cause actual results to differ materially from historical results or those
● economic, social and political conditions in Indonesia, and the impact such conditions have on construction and infrastructur
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● 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 Indone respective employees and/or agents make any representation or warranty (express or implied) or accepts any responsibility or information and opinions contained in this report or as to any information contained in this report or any other such informa We expressly disclaim any responsibility or liability (express or implied) of PT Semen Indonesia (
and howsoever arising (including, without limitation for any claim, proceedings, action, suits, losses, expenses, damages or result of acting in reliance upon the whole or any part of the contents of this report and neither PT Semen Indonesia (
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 omi which might otherwise arise is hereby expresses disclaimed.
Gresik Office: Semen Indonesia Tower Jln. Veteran Gresik 61122 – Indonesia Phone: (62-31) 3981731 -2, 3981745 Fax: (62-31) 3983209, 3972264
www.semenindonesia.com
IMPORTANT NOTICEMADE IN CONNECTION WITH, ANY OFFER FOR SALE OR SUBSCRIPTION OF OR SOLICITATION, SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN WHATSOEVER.
PREPARED AS A SUPPORT FOR ORAL DISCUSSIONS ONLY. THE INFORMATION CONTAINED IN AND MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON, IN WHOLE OR IN expectations and forecast about future events. Such statements involve known / unknown risks uncertainties
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;
THANK YOU
THANK YOU
accidents, natural disasters or outbreaks of infectious diseases, such as avian influenza, in our markets;
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
statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission therefrom
Jakarta Office:
The East Building, 18thFloor,
Jln. DR. Ide Anak Agung Gde Agung Kav. E3.2 No.1, Mega Kuningan, Jakarta 12950 – Indonesia
Phone : (62-21) 5261174 – 5 Fax : (62-21) 5261176
