SMGR CORP Presentation Juni 2013

8/12/2019 SMGR CORP Presentation Juni 2013

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Together We Build a Better Future 0


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INDONESIAS CEMENT INDUSTRY: NOW and THE FUTURE

SMGR Corporate Presentation

June 2013


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Together We Build a Better Future

2

1. SEMEN INDONESIA 27.7 mn ton

- Semen Padang : 6.4 mn ton

- Semen Gresik : 14.0 mn ton

- Semen Tonasa : 7.3 mn ton

2. Semen Andalas 2) 1.6 mn ton

3. Semen Baturaja 1.3 mn ton4. Indocement TP 20.5 mn ton

5. Holcim Indonesia 10.4 mn ton

6. Semen Bosowa 3.6 mn ton

7. Semen Kupang 0.5 mn ton

TOTAL 65.6 mn ton

Design Capacity : 60.2 mio tons 65.6 mio tons 74.0 mio tons

Production Capacity : 54.2 mio tons 60.7 mio tons 66.6 mio tons

Domestic Growth : 14.5% 10.0% 9.0%

Domestic Utilization : 98% 100% 99%

Supply

Domestic : 54.9 mio tons 60.5 mio tons 65.9 mio tons

Export : 0.2 mio tons 0.5 mio tons 0.2 mio tonsImport : 0.7 mio tons2) 3.0 mio tons3) 3.0 mio tons3)

1) Based on the Companys forecast

2) Imported cement by PT Semen Andalas (1.0 mio ton) and clinker by Bosawa and Kupang

3) Imported cement & clinker

Singapore

Kuala

Lumpur

SMGR

2

1

3

45

1

1

67

DOMESTIC CAPACITY (2013)

CEMENT INDUSTRY 2012 2013F1) 2014F 1)

CEMENT INDUSTRY AT A GLANCE

2


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000 tons

ton(000)

2012 2013F 2014F 2015F 2016F 2017F

Installed Capacity 60,270 66,420 69,520 79,020 93,070 108,570

Real Production 54,243 61,106 63,958 72,698 79,110 98,073Consumption 54,964 60,460 65,902 71,833 78,298 85,345

Surplus/deficit (721) 646 (1,943) 865 812 12,728

Domestic Utilization 100% 99% 100% 99% 100% 87%

Export 200 200 200 200 200 200

Domestic

Consumption Growth 14.5% 10% 9% 9% 9% 9%

3

DOMESTIC DEMAND VS NATIONAL CAPACITY (2012 2017)

20.000

40.000

60.000

80.000

100.000

120.000

2012 2013F 2014F 2015F 2016F 2017F

Installed Capacity Real Production Consumption


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New Cement Capacity from Potential Foreign and Domestic Players (By 2017)

No Company Targeted PlantLocation

Capacity(mn tons)

Pot. to be impl.(mn tons)

Investment(US$ mn)

Remarks + Local Partner

1 Siam Cement (Thailand) West Java 1.8 1.8 360 Greenfield, Sukabumi

2 CNBM (China) Central Java 2.4 0 350 Greenfield, Semen Grobogan

3 Semen Merah Putih (Wilmar) Banten 11.5 4.5 n.aGreenfield (PT Cemindo Gemilang

Commercial)

4 Anhui Conch Cement (China)

- Tanjung

- Tanah Grogot- Pontianak

- West Papua

Various

- South Kalimantan

- East Kalimantan- West Kalimantan

- West Papua

13.7

3.8

3.83.8

2.4

3.8

2,350

400

600600

750

Greenfield

Greenfield

GreenfieldGreenfield

Greenfield

5 Ultratech Wonogiri, Central Java 4.5 0 827 Greenfield

6 Semen Puger East Java 0.6 0 n.a Upgrading

7 Semen Barru South Sulawesi 3.3 0 470 Greenfield (Barru, South Sulawesi)

8 Semen Panasia Central Java 2.0 2.0 240 Greenfield (Banyumas)

T O T A L 40.3 12.1 4,470

New Cement Capacity from Existing Players (2013 2017)

No Company Targeted Plant Location Capacity(mn tons)

Investment(US$ mn)

Remarks

1 Semen Indonesia Java, Sumatera, Sulawesi 11.5 970 Upgrading + green/brownfield

2 Indocement Java, Kalimantan 8.8 1,560 (E) Cement Mill + brown/greenfield

3 Holcim East Java 3.8 680 (E) Brown/Greenfield

4 Bosowa Java, Sulawesi 7.9 620 Cement Mill + Brownfield

5 Semen Andalas Sumatera 1.6 300 Greenfield

6 Semen Baturaja Sumatera 2.6 325 Greenfield/Brownfield

T O T A L 36.2 4,130

CEMENT CAPACITY COULD ALMOST DOUBLE IN THE NEXT 5 YEARS


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Source: Deutsche, Indonesia Cement Association

223

kg

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

China

Singapore

Malaysia

Vietnam

Thailand

Indonesia

Philippines

India

kg/capita

COMPARISON: CEMENT CONSUMPTION PER CAPITA 2012


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Source: Indonesian Cement Association & BPS Statistic

Growth

:

1.1%

Growth

:

9.7%

Growth

:

4.2%

Growth

:

1.8%

Growth

:

6.6%

Growth

:

5.8%

Growth

:

19.4%

Domestic consumption (LHS) GDP growth % (RHS)

(mio tons)

40.8

48.0

54.9

22.9

39.1

27.2 27.5

30.2 31.5 32.1

34.2

38.1

6.10%

6.00%

6.80%5.6%

4.7%

5.1%5.4%

4.4%

6.3%

6.1%4.60%

6.50%

7.2%

14.5%

6.0%

11.5%

4.2%

9.7%

2.5%

6.6%

1.8%1.1%

5.8%

17.7%

0.0

10.0

20.0

30.0

40.0

50.0

60.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 5M2013

0.0%

10.0%

20.0%Cement growth % (RHS)

(A)

6

INDONESIASSOLID ECONOMIC AND DOMESTIC CEMENT CONSUMPTIONGROWTH


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21.0

6.5

18.1

1.0

16.9

1.9

20.0

2.3

22.7

3.0

23.7

3.5

23.7

3.8

25.2

5.0

25.5

6.0

26.9

5.1

28.2

6.0

32.2

5.9

32.8

6.2

34.2

6.6

39.2

8.8

44.1

10.8

18.2

4.7

0

5

10

15

20

25

30

35

40

45

1997 1999 2001 2003 2005 2007 2009 2011 5M2013

Bagged Cement Bulk Cement

Bag and Bulk cement consumption (million tons)

7Source: Indonesia Cement Association and the Companys data

SO FAR INFRASTRUCTURE EXPANSION RELATIVELY SLOW


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Retail (residential) sector is the largest

consumer of cement in Indonesia

8

Bag

80%

Bulk20%

Key Drivers of Domestic cement demand:

National Economic Growth

Favorable Interest Rate Environment Infrastructure Expansion

Per Capita Consumptionincrease fromcurrent low levels

Ready-mix (infrastructure):60%

Fabricator (pre-cast, fiber cement, cement based industry):35%

Projects (mortar, render):5%

Housing:90% Cement based industry:10%

Source: Internal Research

DOMESTIC MARKET CONSUMPTION (2012)


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MARKET UPDATESMGR Corporate Presentation

June 2013


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Papua

Bali & N T

Kalimantan

Sulawesi

Population Distribution (2012)

Sumatera

21.3% Java

57.5.%

8.4%

5.8% 5.5% 1.5%

10

REGIONMARKET SHARE (%)

SMGR INTP SMCB BSWA ANDLS BTRJA KPG

1. JAVA 39.1 40.5 18.4 2.0 - - -

2. SUMATERA 45.5 13.0 13.8 3.0 16.0 9.0 -

3. SULAWESI 64.1 14.8 0.9 20.0 - - -

4. KALIMANTAN 51.0 28.6 11.3 9.0 - - -

5. NUSA TENGGR. 41.9 31.8 3.7 16.5 - - 6.0

6. EASTERN IND. 53.6 24.3 0.8 21.1 - -

TOTAL

INDONESIA43.7 30.9 14.3 5.3 3.4 1.9 0.3

SG

SP

ST1

2 34

5

6

21.5%

7.1%

7.9%5.9 2.4%

Java

55.2%

Sumatera

Cement Distribution (5M 2013)

Domestic Market Share (5M-2013)

MARKET BY GEOGRAPHY


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*) Source: Indonesia Cement Association, un-audited figures

11

AREA 5M 2013 5M 2012 CHANGE (%)

Jakarta 2,177,464 2,033,529 7.1

Banten 1,382,750 1,256,732 10.0

West Java 3,288,320 3,038,365 8.2

Central Java 2,578,205 2,256,123 14.3

Yogyakarta 368,214 310,430 18.6

East Java 2,869,734 2,647,113 8.4

Total Java 12,664,688 11,542,291 9.7

Sumatera 4,932,070 4,896,337 0.7

Kalimantan 1,803,045 1,678,952 7.4

Sulawesi 1,622,599 1,617,705 0.3

Nusa Tenggara 1,355,331 1,154,576 17.4

Maluku & Papua 556,752 512,975 8.5

TOTALINDONESIA

22,934,485 21,402,837 7.2

Export Cement 85,240 43,508 95.9

Export Clinker 21,467 100,416 (78.6)

Total Export 106,707 143,924 (25.9)

GRAND TOTAL 23,041,192 21,546,761 6.9

5M 2013 Domestic Consumption(mio tons)

DESCRIPTION 5M-13 5M-12 CHANGE (%)

DOMESTIC 10,017,522 8,512,926 17.7

Gresik5,190,159

4,259,574 21.8

Padang2,796,549

2,582,087 8.3

Tonasa2,030,813

1,671,265 21.5

EXPORT 89,907 29,246 207.4

GRAND TOTAL 10,107,429 8,542,172 18.3

Industry Sales Type (mio tons)

5M-13 5M-12 YoY Change

Bag 18.2 (79.5%) 17.4 (81.7%) 4.6%

Bulk 4.7 (20.5%) 3.9 (18.3%) 20.5%

5M 2013 - SMGR Sales Volume(million tons)

MARKET UPDATE - Cement Consumption 5M-2013


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COMPANY PROFILESMGR Corporate Presentation

June 2013


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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 Tonasa (Persero)

1998 : Cemex became a strategic partner, Market Cap.: IDR4.9tn

2006 : Blue Valley Holdings bought Cemexs24.9% 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 2.3mm tons, Market Cap Dec 19th, 2012: IDR91.9tn

BRIEF HISTORY

0.0

5.0

10.0

15.0

20.0

25.0

30.0

1957

-

1970

-

1980

-

198419

8519

86 -

1990

-

199519

9719

98 -

200620

0720

0820

0920

1020

1120

12

SMGR CAPACITY BUILD-OUT (MM TONS)

Pre-consolidated capacity

Post-consolidated capacityInstalled capacity: 25.3 mio tons (2012)

including TLCC

_ _ _ _ _ _

SMGR IS THE #1 CEMENT COMPANY IN INDONESIA


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PublicThe Government of the Republic of Indonesia

PT Semen Indonesia (Persero) Tbk.

PT Semen Padang PT Semen Tonasa

OWNERSHIP STRUCTURE1

As of Dec 18, 2012

51.01% 48.99%

99.99% 99.99%

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%

4. SUPS Cement Packaging 10.00%


1. UTSG Limestone & Clay Mining 55.00%

2. IKSG Cement Packaging 60.00%

3. KIG Industrial Estate 65.00%

4. Swadaya Gra Steel fabrication, contractor 25.00%

5. Varia Usaha Transport and general trading 24.90%6. Eternit Gresik Building materials 17.60%

7. SGG Prima Coal Trading Coal 99.99%

8. SGG Prima Beton Ready Mix Concrete 99.99%

Thang Long Cement, VN

70.00%

PT Semen Gresik


1. UTSG Limestone & Clay Mining 55.00%

2. IKSG Packaging Paper 60.00%

3. KIG Industrial Estate 65.00%

4. Swadaya Graha Conyractor & Machine Fabricator 25.00%

5. Varia Usaha Transport and general trading 24.90%

6. Eternit Gresik Building materials 17.60%

7. SGG Energy Prima Coal Mining and Trading 97.00%

8. SGG Prima Beton Ready Mix Concrete 99.99%

FOCUSES IN CORE BUSINESS

SMGR PRODUCTION FACILITIES ARE WELL SUPPORTED BY


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15

Total production 2012: 22.8 mn tons and targetted 2013 domestic: 26.0 mn tons and TLCC: 2.0 mn tons

Operate 8 special sea ports: Padang, Tuban, Gresik, Biringkassi, Dumai, Ciwandan, Banyuwangi and Sorong

20 large packing plants: Aceh, Belawan, Padang, Dumai, Batam, Ciwandan (2 Units), Tanjung Priok, Tuban,Gresik, Banyuwangi, Banjarmasin, Samarinda, Celukan Bawang, Tonasa, Makassar, Palu, Bitung, Ambon andSorong

Supported by warehouses in all areas of Java, Bali, Sumatra, Kalimantan, Sulawesi and Papua

Nationwide distribution networks

SMGRs PRODUCTION FACILITIES ARE WELL SUPPORTED BY

STRATEGICALLY LOCATED MARKETING AND DISTRIBUTION FACILITIES

TelukBayur

Sumatera

Kalimantan

SulawesiMaluku

Papua

LombokBaliJava

Batam

Ciwandan

Tanjung Priok Jakarta

Samarinda

Banjarmasin

Palu

Bitung

Ambon

Makassar

Biringkasi

Bali

TabananDenpasar

Singarajan

DI YogyakartaLempuyangan

Janti

Central JavaTegalPurwokertoKudus

MagelangSolo/Palur

Alas TuwoMojopahitSayung

West JavaSerangTangerangBogorCibitungBandungTasik MalayaCirebonNarogong

Belawan

Singapore

Kuala Lumpur

Tuban

Surabaya

Cement Plant

Packing Plant

Port

Warehouse

East JavaMargomulyoTanjung WangiBangkalanSwabina

Aceh

Pelabuhan Tuban

Pelabuhan Gresik

Instal led Cap.:

6.4 mn tons

Instal led Cap.:

14.0 mn tons

Instal led Cap.:

7.3 mn tons

Gresik

SorongPontianak


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FINANCIAL UPDATESMGR Corporate Presentation

June 2013


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EBITDA (Rp billion)

NET INCOME (Rp billion)

EBITDA Margin (%)

FY07 FY08 FY09 FY10 FY11 FY12

29.7 31.7 33.2 34.6 33.0 35.0

NET INCOME Margin (%)

FY07 FY08 FY09 FY10 FY11 FY12

18.5 20.7 23.1 25.3 24.0 24.7

4,9704,7733,867

2,849

2,234

6.869

0

1.000

2.000

3.000

4.0005.000

6.000

7.000

2007 2008 2009 2010 2011 2012

4847

3,6333,326

2,524

1,775

1,296

0

1.000

2.000

3.000

4.000

5.000

2007 2008 2009 2010 2011 2012

Description

(Rp bn)FY 2011 FY 2012

Change(%)

Net Revenue 16,379 19,598 19.7

Cost of Revenue 8,892 10,300 15.8

Gross Profit 7,487 9,297 24.2

Operating Expenses 2,595 3,116 20.1

Operating Income 4,892 6,181 26.4

EBITDA2) 5,402 6,869 27.2

Net Income 3,925 4,847 23.5

EPS (Rp) 662 817 23.5

FINANCIAL SUMMARY: FY2012 RESULTS


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Description

(Rp bn)

1Q

20121Q

2013Change

(%)

Net Revenue 4.284 5,584 29.4

Cost of Revenue 2,362 3,058 29.5

Gross Profit 1,922 2,484 29.3

Operating Expenses 669 879 31.6

Operating Income 1,254 1,605 28.0

EBITDA 1,410 1,862 32.0

Net Income 1,011 1,236 22.3

EPS (Rp) 170 208 22.3

Ratio (%) Formula1Q

2012

1Q2013

Ebitda margin Ebitda / Revenue 32.9 33.6

Interest coverage (x) Ebitda / Interest expense 258.3 24.7

Cost ratio [COGS + Opex] / Revenue 70,7 71,2

Total debt to equity *) Total debt / Total equity 48.5 44.0

Total debt to asset *) Total debt / Total asset 29,7 31.7

*) Total debt calculated from interest bearing debt

FINANCIAL HIGHLIGHT 1Q 2013


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Cash balance (IDR bn) Total debt (IDR bn)

3,90533173,6823,846

5,283

2008 2009 2010 2011 2012

3,850

251 199 686

1,871

2008 2009 2010 2011 2012

* Include short term investment

Debt/EBITDA Return on Assets

0,06x

2,00x

0,35x

0,04x

0,14x

0.56x

2008 2009 2010 2011 2012

The projected adjusted debt/EBITDA of 2.0x andoperating margin below 20-%23% to maintain ratinglevel from Moodys Investors Service.

18.2%24.0%

25.8%23.5%

20.1%

2008 2009 2010 2011 2012

19

STRONG BALANCE SHEET AND RETURNS


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50% 50% 55% 50% 45%50%

2007 2008 2009 2010 2011 2012

Average: 50%

SMGR DIVIDEND PAY OUT RATIO IN THE LAST 6 YEARS

REGULAR DIVIDENDS

Key determinants ofdividend policy:

Historical dividend payouttrends

Comparison with peersProjected cash-flows

available for dividends(after taking into account

potential expansionarycapex etc)

Analyst and investorexpectations

Shareholder profile

REGULAR DIVIDEND PAYMENTS WITH ATTRACTIVE YIELD

887,7

1261,7

1829,5 1816,71962,7

2181,3

0,0

500,0

1000,0

1500,0

2000,0

2500,0

2007 2008 2009 2010 2011 2012

Total Dividen Pay Out

total dividen (IDR billion)


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STRATEGIC PROJECTSSMGR Corporate Presentation

June 2013


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SMGR

THE OVERALL

STRATEGY

COMBINES

6 CRITICAL

ELEMENTS

1. Undertake Capacity Growth

2. Manage Energy Security

3. Enhance Company Image

4. Move Closer To The Customer

5. Enable Corporate Growth

6. Manage Key Risks

SMGR LONG TERM STRATEGIC FOCUS


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Tubans view

Pyroprocessing Tonasa V

Jetty Extension Area

T

uban

Tonasa

Ton

asa

ESP Power Plant

These strategic projects will ensure sustainability of

the Companys market leadership

Preheater Tuban IV

Raw Mill Dept. Tonasa V

New PlantsLocation

Capacity(mn tons)

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

CEMENT PLANTS PROJECTS

INSTALLED CAPACITY (Mi T )


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17,1 18 19 19

20,225,3

30 31,8 33,3

39,3 40,8

2007 2008 2009 2010 2011 2012 2013 2014F 2015F 2016F 2017F

Installed Capacity

INSTALLED CAPACITY (Mio Ton)

SEMEN INDONESIA POTENTIAL SYNERGIES


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2

3

1

Packing plants

Sea port

Warehouses

SMGR's exis ting p lant locations

TLCCExisting p lants

TLCCExpansion projects

Potential synergies in:

-Investment

-Production,

-Marketing,

-Procurement,

-etc.

25

SEMEN INDONESIA POTENTIAL SYNERGIES

SGG HOLISTIC TRANSFORMATION


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1995 2003-5Thn

20111991

GO PUBLIC

The process of consolidation of

SP, SG and ST through theacquisition method.

Implementation of

Synergy & Practice GCGprogram consistently.

BusinessExpansion

IPO (SG became the

first state-ownedEnterprise to gopublic on IDX).

1 2 3 4

Background changes Company Name:PT Semen Gresik (Persero). Tbk PT Semen Indonesia (Persero) Tbk.

Post-AcquisitionConsolidated

and Synergy

BusinessExpansion

SG

Operating Holding Functional Holding Strategic Holding

1. Creates Strategic Holding, to Enhance Competitiveness and to Increase Bargaining Power2. Separates and Optimize the Role or Function of Holding and Operating Co.3. Tax Considerations, in order to implement the Best Form of Holding4. Support the Future Company Vision5. Faces Challenging Environment and Business Competition6. Optimize Performance through increased Consolidation and Synergy

Operating Company

Independent Company

26

SGG HOLISTIC TRANSFORMATION


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CONCLUSION: WHY SMGR?SMGR Corporate Presentation

June 2013

27

SMGRs COMPARATIVE & COMPETITIVE ADVANTAGE DRIVES SMGR TO BE


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Outstandingperformance

Experiencedmanagement

team

Conservativecapital

structure andfinancialpolicies

Robust cash flowgeneration

Outstandingbusiness

performance

Favorable

industryoutlook

Outstanding business performance Leading cement player in Indonesia with over 43.% market share based on

sales volume for 4M-2013 and approximately 41% share of total installedcement 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

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 fuelconsumption

Concerns on environmental and Corporate Social Responsibility programs toensure sustainable growth.

Favourable industry outlook Cement consumption pretty much in-line with Indonesian economic growth

Real estate and infrastructure projects and declining interest rates keydemand drivers

High barriers to entry (plant, distribution and brand investment costs)

Disciplined investment on supply side

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 Experienced and successful management team

Strengths of SMGR

SMGR s COMPARATIVE & COMPETITIVE ADVANTAGE DRIVES SMGR TO BETHE MARKET LEADER IN INDONESIA

THANK YOU


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Main Office:

Semen Gresik Tower

Jln. Veteran

Gresik 61122Indonesia

Phone: (62-31) 3981731 -2, 3981745Fax: (62-31) 3983209, 3972264

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

5Fax : (62-21) 5261176

www.semenindonesia.com

THANK YOUIMPORTANT 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 INCONNECTION 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 INTHIS 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 uncertaintiesand 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 theirrespective 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 theinformation 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 whatsoeverand 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 aresult 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 oragents 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 omission therefromwhich might otherwise arise is hereby expresses disclaimed.

SMGR CORP Presentation Juni 2013

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Transcript of SMGR CORP Presentation Juni 2013