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Bag cement still represent the largest portion of Cement demand growth was dominated by the growth of bulk cement Indonesia cement consumption to support infrastructure projects in million ton 80 40.0% 35.0% 70 30.0% 60 18.7 18.8 25.0% 16.9 BULK 14.5 14.8 13 12.2 20.0% 50 10.8 25.37% 15.0% 8.8 40 6.6 10.0% 30 5.0% BAG 51.0 50.8 49.4 46.9 47.5 46.8 45.7 44.1 0.0% 20 39.2 74.63% 34.2 -5.0% 3.7 10 -10.0% 10.9 0 -15.0% source: Indonesia Cement Association 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q'20 Bag Vol Bulk Vol Growth Bag Growth Bulk Bulk Portion source: Indonesia Cement Association Domestic Sales in Java v.s. Outside of Java 419 415 410 in million ton 388 80.0 20.0% 317 70.0 15.0% in trillion IDR 290 60.0 10.0% 50.0 38.9 39.0 37.4 34.5 33.4 33.7 184 178 32.6 40.0 5.0% 30.3 26.5 146 30.0 21.9 114 0.0% 86 20.0 30.9 30.5 28.9 27.5 28.2 -5.0% 26.2 24.6 25.3 10.0 21.5 8.0 18.9 6.7 - -10.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q'20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Outside Java Java Growth source: Indonesia Cement Association 8
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53.3% 44.8% 25.9% 22.7% 7.7% 6.9% 6.6% 5.6% 3.5% 3.2% 3.0% 2.7% 2.5% 2.1% 1.6% 1.6% 1.5% 1.6% 0.3% 0.4% SMGR INTP Conch Bosowa Merah Putih Baturaja Jui Shin Siam STAR Semen (SMIG + SBI) Cement Kupang Market Share Capacity Share 10 10
FEBRUARY MARCH YEAR TO DATE 2020 2019 YoY (% ) 2020 2019 YoY (% ) 2020 2019 YoY (% ) source: Indonesia CementAssociation 11 11
Q1 2020 Q1 2019 Chg YoY in billion IDR (a) (b) (a:b) SMGR Sales Volume (ton) Domestic 7,872,294 7,518,380 4.7% Export 1,020,607 828,685 23.2% TLCC Sales Volume (ton) Domestic 303,722 252,246 20.4% Export 172,429 153,150 12.6% Total Group SMGR (ton) 9,369,052 8,752,460 7.0% 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 12 12 EBITDA/Interest (x) 3.7 2.4 1.3
12,714 40,368 45,000 50.0% 14,000 60.0% 40,000 10,646 55.0% 31.5% 12,000 40.0% 9,856 30,688 9,331 35,000 27,814 50.0% 26,948 26,134 10,000 7,960 30,000 30.0% 39.5% 45.0% 37.7% 8,000 25,000 20.0% 10.3% 40.0% 20,000 31.5% 31.5% 6.4% 5.6% 6,000 30.4% 28.6% 35.0% 15,000 10.0% -0.1% 4,000 -3.0% 30.0% 10,000 0.0% 2,000 8,580 2,704 25.0% 5,000 - -10.0% - 20.0% 2015 2016 2017 2018 2019 Q1 '20 2015 2016 2017 2018 2019 Q1 '20 Revenue Revenue Growth Gross Profit Gross Profit Margin 4,521 4,522 8,699 10,000 60.0% 5,000 50.0% 9,000 4,500 45.0% 7,473 6,962 8,000 50.0% 4,000 40.0% 6,577 3,079 7,000 3,500 35.0% 4,904 2,392 6,000 40.0% 3,000 30.0% 27.7% 17.3% 5,000 2,500 16.8% 25.0% 26.6% 1,621 23.6% 4,000 30.0% 2,000 20.0% 21.4% 21.5% 10.0% 17.6% 3,000 1,500 15.0% 5.8% 5.9% 5.2% 2,000 20.0% 1,000 10.0% 2,022 1,000 500 5.0% 446 - 10.0% - 0.0% 2015 2016 2017 2018 2019 Q1 '20 2015 2016 2017 2018 2019 Q1 '20 EBITDA EBITDA Margin Net Profit Net Profit Margin 13 13
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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 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 18 18 therein or omission therefrom which might otherwise arise is hereby expresses disclaimed.
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