Company Presentation PT Steel Pipe Industry of Indonesia Tbk Date: As of 31 st March 2018 1
Disclaimer These materials have been prepared by PT Steel Pipe Industry of Indonesia (“SPINDO” or the “Company”) solely for informational purposes, and unless marked otherwise, are strictly confidential and may not be taken away, reproduced or redistributed to any other person. By attending this presentation, participants agree not to remove this document from the conference room where such documents are provided without express written consent from the Company. Participants agree further not to photograph, copy or otherwise reproduce these materials at any point of time during the presentation or while in your possession. By attending this presentation, you are agreeing to be bound by the foregoing restrictions. Any failure to comply with these restrictions may result in a violation of applicable laws and commencement of legal proceedings against you. It is not the Company’s intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company’s financial position or prospects. The information contained in these materials has not been independently verified and is subject to verification, completion and change without notice. The information contained in these materials is current as of the date hereof and are subject to change without notice, and its accuracy is not guaranteed. The Company is not under any obligation to update or keep current the information contained in these materials subsequent to the date hereof. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company, or any of its directors and affiliates or any other person, as to, and no reliance should be placed for any purposes whatsoever on, the fairness, accuracy, completeness or correctness of, or any errors or omissions in, the information contained in these materials. Neither the Company, its directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever materials. Neither the Company, its directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of these materials or their contents or otherwise arising in connection therewith. These materials contain historical information of the Company which should not be regarded as an indication of future performance or results. These materials may also contain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. These forward- looking statements reflect the Company’s current views with respect to future events and are not a guarantee of future performance or results. Actual results, performance or achievements of the Company may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future, and must be read together with such assumptions. Predictions, projections or forecasts of the economy or economic trends of the markets are not necessarily indicative of the future or likely performance of the Company, and the forecast financial performance of the Company is not guaranteed. No reliance should be placed on these forward-looking statements, if any. 2
Financial Overview Income Statement (IDR bn) 2014 2015 2016 2017 Revenue 3.367 3.584 3.259 3.663 Gross Profit 564 773 699 563 Net Income 214 159 103 9 Balance Sheet (IDR bn) 2014 2015 2016 2017 Current Assets 3.580 2.993 3.278 3.432 Non Current Asset 1.863 2.455 2.764 2.838 Total Asset 5.443 5.448 6.042 6.269 Current Liabilities 2.636 2.328 2.827 2.280 Non Current Liabilities 502 567 570 1.149 Total Liabilities 3.138 2.895 3.397 3.428 Total Equity 2.305 2.553 2.645 2.841 Ratios 2014 2015 2016 2017 Gross Margin 16,8% 21,6% 21,4% 15,4% Net Profit Margin 6,4% 4,4% 3,2% 0,2% Return on Asset 3,9% 2,9% 1,7% 0,1% Return on Equity 9,3% 6,2% 3,9% 0,3% Current Ratio 1,4x 1,3x 1,2 1,5 Liabilities to Equity 1,4x 1,1x 1,3 1,2 Liabilities to Asset 0,6x 0,5x 0,6 0,5 3
Company Overview 4
Largest Steel Pipe Producer in Indonesia PT Steel Pipe Industry of Indonesia (“Spindo”) was founded by CV · Sales Channels & Key Customers Gayantara, C.Itoh & Company Limited and Kawasaki Steel Corporation in 1971 as a foreign investment co and subsequently transformed into a Direct Sales* domestic investment company in 1993 Leading manufacturer of steel pipe products and considered as the · largest in Indonesia by production capacity. As of March 2017, total production capacity stood at more than 50k MT/ month Product portfolio consists of diverse range of customized (or “made-to- · order”) and standardized (or “made-for-stock”)carbon and stainless steel pipes and pipe-related products Key end-user markets include 1) construction, infrastructure and utilities 2) · oil & gas 3)furniture and 4) automotive Indirect Sales Products sold under premium “Tetsura” and “Spindo” brand. 98.7% of · revenues generated domestically Other components of revenue include 1) steel-pipe services such as · coating, shearing, slitting 2) laboratory quality control testing and 3) scrap Distributors Agents sales Well Recognised for Industry Excellence Simplified Value Chain Quality SNI Marking ISO 9001:2008 SPINDO Assurance Test Certification API Certification Cutting of steel coil to Carbon steel width, bending, Steel pipe and stainless followed by welding products steel coils the seam at the wedges Source: Company filings 5 * Select customers only
Company Milestones 1990s 2000s 1990: Ibnu Susanto acquired 90% of the shares in 2005: Established our Karawang facility • • our Company 2007: Obtained ISO TS Quality Management • 1991: PT Radjin established our Pasuruan facility, System for automotive pipes in the Karawang • which marked the beginning of our capability to facility produce spiral welded pipes 2009: Became approved supplier of Yamaha • 1996: Obtained API 5L 0313 certification for our (one of the top 10 bike manufacturing • spiral welding process companies globally) 1998: Merged with PT Radjin, with PT Steel Pipe • Industry of Indonesia being the surviving company 2010s 2010s 2000s 1970s 1971: Established as a foreign investment 2010s company incorporated 1990s 2011: Obtained Occupational Health and Safety Management System in Indonesia by PT • ("OHSAS") certification Gayantara, Itochu Corporation and 2013: Reg S Initial Public Offering of our Company on 28 January 2013, • Kawasaki Steel raised US$88m Corporation 2014: Commenced operations of our Sidoarjo plant 1970s • 2015: Official opening of our Karawang expansion plant • 2015: Signing of memorandum of understanding for procurement of raw • material between our Company, JFE Steel Corporation ("JFE") and Marubeni-Itochu Steel Inc. ("MISI") 2016: Selected as Best 40 Companies by the Indonesian Analyst • Association and became a member of the Kompas 100 index 2016: Commenced operation of warehouses in Bandung and Jakarta • 2017: Commenced operation of warehouse in Samarinda, Kalimantan • Source: Company filings 6
Our People Board of Comissioners Mr. Wardana Hudianto Mr. Soesilo Widjaja has held the position as President Commissioner of PT SPINDO, Tbk. Since has held his position as Independent Commissioner of PT 1997. He has also held the position as Commissioner of PT. Cakra Bhakti SPINDO, Tbk. since April 2012 and member of audit Para Putra since 2003, which previously holds 93.8 percent of the Issued committee. Previously, he worked as General Manager of share capital in our Company. From 1993 to 1998, he was the President PT SPINDO, Tbk from 1997 to 2008 and Assistant General Commissioner of PT. Radjin, Surabaya, which merged with our company in Manager of PT Indonesia Steel Tube Works, an Indonesian 1998. steel manufacturing company from 1973 to 1994. Mr. Makmur Widjaja has held the position as Vice President Commissioner and an Independent Commissioner of PT SPINDO, Tbk. since April 2012, and member of audit committee. He has also held the position as President Commissioner of PT. Makinta Securities since August 2009. He completed his education at the Faculty of Economics, Parahyangan Catholic University, Bandung in the Faculty of Economics, Parahyangan Catholic University, Bandung in 1985 Masters of Management from the Prasetya Mulya Business School in 1992. Mrs. Endang Fifi Susanto has held the position asCommissioner of PT SPINDO, Tbk. since 2003. She previously was General Manager of PT. Saranacentral Bajatama, Tbk. from 1995 to 1998, and Senior Staff of Hans Tuanakota & Mustofa, Public Accountant from 1993 to 1995. She obtained Bachelors of Commerce from University of Western, Australia in 1992. Mrs. Ingewati/Kong Ay Ing has held the position as Commissioner of PT SPINDO, Tbk. since 2003. She is the spouse of the late Tjahjono Tedjokoesoemo, one of the founders of the original PT SPINDO, Tbk.
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