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PUBLIC EXPOSE Jakarta, 18 March 2016
AGENDA
Sekilas Indocement
Kondisi Pasar Semen Domestik Saat ini
Laporan Keuangan 2010
Rencana Strategi Investasi
Tinjauan 2011
Indocement at Glance
Current Domestic Market Condition
Financial Update 2015
Investment Plan Strategy
Outlook 2016
Q & A
Corporate Social Responsibility and Awards
2
AGENDA
Sekilas Indocement
Current Domestic Market Condition
Financial Update 2015
Investment Plan Strategy
Outlook 2016
Q & A
Indocement at Glance
Corporate Social Responsibility and Awards
3
INDOCEMENT HISTORY 1985
PT Indocement Tunggal Prakarsa (“Indocement”) incorporated following
merger of 6 companies owning 8 cement plants
1989 Public listing of Indocement on the Indonesia Stock Exchange
1991
Acquired the 9th plant in Palimanan
Completed Surabaya cement terminal
Started ready-mix concrete business
1996-1999 Completed the 10th in Palimanan and 11th plants in Citeureup
2001 HeidelbergCement Group became a major shareholder through its
subsidiary Kimmeridge Enterprise Pte. Ltd.
2003 Kimmeridge Enterprise Pte. Ltd. transferred shares in Indocement to HC
Indocement GmbH
2005 Introduced Portland Composite Cement (“PCC”) product to Indonesian
market
2006 HC SE Asia GmbH, was merged into HeidelbergCement AG which then
controlled 65.14% shares of Indocement
2007 Acquisition of 51% stake in PT Gunung Tua Mandiri
Completed modification of the 8th plant which provided an additional
annual capacity of 600,000 tons of cements
2014 Commissioning of new grinding mill (VRM) at Citeureup in January 2014
Acquired 12th Plant via merger with PT Indo Kodeco Cement 2000
2010
Additional capacity of 1.5 mt cement mills capacity by August 2010 in
Cirebon Factory
2013
On March 25, 2013, the Company has signed the agreement concerning
the equipment supply and engineering with Tianjin Cement Industry Design & Research Institute Co,.Ltd. as part of the construction of a new brownfield project with the capacity of 4.4 mt in Citeureup
Acquisition of PT Tarabatuh Manunggal
2009 Placement of 14.1% HeidelbergCement’s shares in June 2009
4
INDOCEMENT TODAY Leading Indonesian producer of quality & specialty cement products
Second largest cement manufacturer in Indonesia, listed on the
Indonesia Stock Exchange.
Integrated cement operations with a total current production capacity of
20.5mt of cement.
Diversified product range including
PCC, Portland Cement I, II and V, Oil Well Cement, and
The one and only White Cement producer in Indonesia to date.
One of the world’s largest cement producers, HeidelbergCement
Group, is the majority & controlling shareholder – 51%, Salim – 13%
and Public – 36%.
As of December 31, 2015, Indocement’s market capitalization is
approximately at IDR 82 trillion (IDR 22,325/share) - one of the largest
in IDX.
As end of 2015, almost 7,000 employees (Cement 4,805; RMC &
Aggregates 2,123).
Well established “Tiga Roda” brand.
5
BOARD OF COMMISSIONERS & BOARD OF DIRECTORS
Board of
Commissioners
Dr. Albert Scheuer
President
Commissioner
Dr. Lorenz Naeger
Commissioner
Daniel Gauthier
Commissioner
Tedy Djuhar
VP Commissioner,
Independent
Commissioner
I Nyoman Tjager
VP Commissioner,
Independent
Commissioner
Dr. Bernd Scheifele
Commissioner
Board of Directors
Kuky Permana
Independent
Director
Franciscus
Welirang
VP Director
Hasan Imer
Director
Ramakanta
Bhattacharjee
Director
Troy Dartojo
Soputro
Director
Daniel Fritz
Director
Christian
Kartawijaya
President Director
Benny S. Santoso
Director
Daniel Lavalle
Independent
Commissioner
Tju Lie Sukanto
Director
6
INDOCEMENT’S BUSINESS STRUCTURE Cement is the core business comprising over 90% of sales
INDOCEMENT
CEMENT RMC OTHERS
Citeureup Factory
9 plants
Palimanan Factory
2 plants
Tarjun Factory
1 plant
PT Pionirbeton Industri &
PT Indomix Perkasa –
37 batching plants in
Jabodetabek, West Java,
and Central Java –
capacity more than 4.0
million m3.
PT Dian Abadi Perkasa –
99.9% (Cement Distributor)
PT Multi Bangun Galaxy –
99.9% (Terminal-Land
Operation)
PT Pama Indo Mining - 40%
(Mining Services in Tarjun)
PT Bahana Indonor – 99.9%
(Owns 1 ship and 1 floating
terminal)
PT Cibinong Center Industrial
Estate - 50% (Industrial
Estate in Citeureup)
PT Mineral Industry
Sukabumi
99.9% (Trass Quarry)
PT Lintas Bahana Abadi -
49% (Owns 1 floating
terminal)
AGGREGATES
PT Mandiri Sentra
Sejahtera – 99%
(Aggregates Business)
PT Tarabatuh
Manunggal – 99.9%
(Aggregates Business)
7
INDOCEMENT FACTORY AND TERMINAL LOCATIONS
Citeureup Factory
9 plants with
production
capacity of 13.8mt
Tj. Priok Terminal
Palimanan Factory
2 plants with
production capacity
of 4.1mt
Surabaya
Terminal
Lombok Terminal
Tarjun Factory
1 plant with
production capacity
of 2.6mt
Banyuwangi Terminal
Samarinda Terminal
Denpasar Terminal
Cigading Terminal
Sepanjang
Terminal
Citeureup Factory is one of the largest integrated factory complexes in the world.
State-of-art technology with some of the most efficient kilns in operation today.
Current total capacity is 20.5 mt of cement.
Cement distribution using train for some locations.
AGENDA
Indocement at Glance
Current Domestic Market Condition
Financial Update 2015
Investment Plan Strategy
Outlook 2016
Q & A
Current Domestic Market Condition
Corporate Social Responsibility and Awards
9
10
INDONESIAN CEMENT MARKET GROWTH
Large infrastructure projects (MRT, road,
rail, harbor, airport), more expected to
come - MP3EI
Growing middle class with growing
income base
Urbanization
Effects on Demand
Source: ASI Published data
Effects on Supply
A lot of new capacity coming this year and
next year
Increasing gap between supply and demand due to higher growth
in capacity addition vs. growth in demand
40.827.5 31.5 31.9 34.2 38.1 38.430.2 61.059.958.055.048.0
+1.8% +1.5% +0.9%
+5.5%+3.3% +1.8%+4.2%
+11.4%
+17.7%
+6.2%+9.7%+7.0%
+14.5%47.144.9 45.5
72.2
47.1
53.0
48.046.246.1
78.0
64.2
59.3
54.3
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Domestic Consumption Consumption Growth Domestic Capacity
CURRENT TRADING – December 2015 Indocement sales volumes comparison
Indocement’s domestic sales volume in 2015 decreased by 7.7% YoY.
Export sales volume increased by 37% to 213.2 k tons (previous year: 155.7 k tons).
11
15.4
9.6 10.010.7
12.3 11.812.8
17.9 18.0 18.5 17.1
0.140.1 0.220.61.01.62.33.83.2
2.5
0.1
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Domestic Export
29.7%30.6% 30.9%
31.7%30.2% 30.9% 31.5% 32.0%
30.4% 30.4%
27.5%
Market Share
Domestic Consumption Growth & Market Share per Region -
YTD December 2015
12
Regions Year-to-Date (in Tons) 2015-12 2014-12
2015 2014 Inc./Dec. INTP SMGR SMCB INTP SMGR SMCB
Jakarta 5,580,024 5,782,219 -202,195 -3.5% 41.1% 19.0% 25.1% 40.5% 25.2% 27.2%
Banten 3,307,709 3,204,137 103,572 3.2% 45.7% 28.6% 15.4% 45.3% 36.1% 18.6%
West Java 8,933,035 8,842,493 90,542 1.0% 51.6% 23.1% 16.4% 58.3% 24.3% 17.4%
Central Java 7,245,553 6,907,373 338,180 4.9% 36.9% 41.5% 18.2% 40.9% 40.3% 18.8%
Yogyakarta 940,386 998,579 -58,193 -5.8% 20.9% 37.1% 40.7% 25.0% 40.0% 35.0%
East Jawa 8,100,049 7,997,367 102,682 1.3% 13.0% 69.3% 11.9% 13.4% 71.2% 10.4%
Java 34,106,755 33,732,168 374,587 1.1% 36.2% 38.2% 17.7% 38.8% 40.4% 18.3%
Sumatera 13,072,169 12,492,473 579,696 4.6% 10.6% 43.6% 14.6% 14.1% 42.9% 14.7%
Kalimantan 4,087,810 4,546,680 -458,870 -10.1% 27.2% 52.5% 9.7% 29.6% 50.2% 11.1%
Sulawesi 4,879,593 4,527,959 351,634 7.8% 11.2% 62.1% 1.3% 13.3% 63.1% 0.9%
Nusa Tenggara 3,503,499 3,335,788 167,712 5.0% 33.0% 37.0% 5.7% 33.4% 38.9% 5.4%
East Indonesia 1,357,647 1,274,375 83,273 6.5% 18.6% 56.0% 1.2% 20.9% 56.8% 0.7%
Outside Java 26,900,720 26,177,274 723,446 2.8% 16.5% 48.1% 9.6% 19.5% 47.8% 9.8%
Indonesia 61,007,475 59,909,442 1,098,033 1.8% 27.51% 42.6% 14.2% 30.4% 43.7% 14.6%
SALES VOLUME
Domestic Sales Volume
Thousand tons Export Sales Volume
Thousand tons
Decrease of domestic sales volume compared to last year
13
4,2
19
4,5
14
4,1
87
5,0
54
4,2
96
4,6
76
4,2
26
5,3
01
3,947 4,300
3,965
4,870
-
1,000
2,000
3,000
4,000
5,000
6,000
Q1 Q2 Q3 Q4
2013 2014 2015
10
67
10
6
34
17
26
78
35
21
52
74 66
-
20
40
60
80
100
120
Q1 Q2 Q3 Q4
2013 2014 2015
AGENDA
Indocement at Glance
Current Domestic Market Condition
Financial Update 2010
Investment Plan Strategy
Outlook 2016
Q & A
Financial Update 2015
Corporate Social Responsibility and Awards
14
CONSOLIDATED INCOME STATEMENT
15
Q4 2015 Q4 2014 Change
Sales Volume (k Tons)
In Billion IDR
Net Revenues 17,798.1 19,996.3 -11.0%
Cost of Revenues -9,888.9 -10,890.0 -9.2%
Gross Profit 7,909.1 9,106.2
as % of Net Revenues 44.4% 45.5%
Operating Expenses -2,879.7 -3,226.5 -10.7%
Other Operating Income /
(Expenses)27.5 121.1 -77.3%
Operating Income 5,056.9 6,000.9
as % of Net Revenues 28.4% 30.0%
EBITDA 6,010.6 6,879.1
as % of Net Revenues 33.8% 34.4%
Finance Income (Cost) 562.9 790.1 -28.8%
Equity in Net Earnings of
Associated Companies 25.3 24.5 3.3%
Income for the period 4,356.7 5,293.4 -17.7%
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD4,258.6 5,165.5 -17.6%
17,295
-15.7%
-12.6%
18,654 -7.3%
-13.1%
MANUFACTURING COSTS
27%
17%
26%
10%
20%
Fuels
Electricity
Materials
Labour
ManufacturingOverhead
Dependent on macroeconomic drivers:
1. Exchange rate move of IDR vs. USD Approximately 50-60% of costs related
to foreign currency, such as: Fuels,
Materials and Manufacturing
Overheads
2. Coal price Indonesia’s coal reference price (HBA)
decreased by 9% since the beginning
of 2015
3. Electricity Electricity costs policy (PLN Pricing
Policy)
4. Inflation rate Labor and raw material costs follow
Inflation rate trend
Manufacturing Cost at Indocement
Stabilization of Indonesian Rupiah and decrease of energy cost will be good catalyst for
cement industry
16
OPERATIONAL EFFICIENCY IMPROVEMENTS IN 2015
Operating the most EFFICIENT Kiln:
Kiln 1 & 2 (the oldest plants and inefficient)
have not operated for 7-8 months during low
demand
VRM was fully commissioned in 2015
Prioritizing supply to the closest market to
cement factories and terminals:
To save logistics cost, cement is supplied to the
closest location to factories and terminals (Java,
South Sumatera, Kalimantan and Lombok)
Adding bulk cement supply in Java
1
2
These initiatives have further enhanced margins
17
AGENDA
Indocement at Glance
Current Domestic Market Condition
Financial Update 2015
Investment Plan Strategy
Outlook 2016
Corporate Social Responsibility and Awards
Q & A
Investment Plan Strategy
18
1 brownfield project with capacity of 4.4 mio ton and investment cost of Rp5.5–6 trillion (first
clinker by end of Q1/2016)
1 unit Aero Derivative Gas Turbine (ADGT) to supply 73 MW (including power supply from
Steam Turbine) to Citeureup Factory with electricity cost cheaper than current PLN cost
(ADGT & Steam Turbine will run in full by Q3/2016)
1 cement and packing terminal in Pontianak to strengthen bagged cement supply in West
Kalimantan area (ready by Q2/2016)
2 greenfield or brownfield projects with each capacity of 2.5 mio ton one in Central Java and
one outside Java are under preparation by taking into account market condition
16.6 30-33 17.1 18.6 20.6 25
2005 2007 2010 2014 2016 2020/2025
Million Tons
+ 0.6 mt + 1.5 mt
+ 1.9 mt + 4.4 mt
+ 5-8 mt
Strategically well positioned to capitalize on further demand
CAPACITY EXPANSION & GAS TURBINE POWER SUPPLY TO
PARTICIPATE IN INDUSTRY GROWTH
READY-MIX CONCRETE EXPANSION • Strengthening Ready-Mix Concrete business
particularly high-grade quality in order to meet the
increase demand of infrastructure development in
Indonesia.
• Current focus is on infrastructure projects and its
domino-effect on development of residential,
industrial area and high rise building.
• In 31 December 2015, sales volume decreased by
14.4% YoY due to slowing down of construction
activities across nation and lower economic growth
generally.
• Pionirbeton, a subsidiary, is the market leader in
RMC business.
20
800630 683
930 9561,221
2,429
4,430
3,947
3,3773,517
100
400
700
1,000
1,300
1,600
1,900
2,200
2,500
2,800
3,100
3,400
3,700
4,000
4,300
4,600
4,900
20052006
20072008
20092010
20112012
20132014
2015
000m3
AGENDA
Indocement at Glance
Current Domestic Market Condition
Financial Update 2015
Investment Plan Strategy
Outlook 2011
Q & A
Outlook 2016
Corporate Social Responsibility and Awards
21
Outlook for 2016
Market Condition
• National market 2016 estimated to grow about 3%-5%.
• Strong concrete and bulk cement demand anticipated due to Government's infra projects.
Secured concrete market by signing exclusive and long-term contract of andesite and
sand supply from Ketapang and Belitung.
• Several new market players expected to enter the market.
• Possible price pressure in weak quarters but stabilizing trend in stronger months.
Indocement
• P14 will be ramped up quickly to capitalize on cost savings.
• Clinker exports will be done in low demand periods.
• Lower Capex spending due to finalization of our brownfield project P14.
• Strong balance sheet with no gearing provides sufficient headroom for leading the market
well especially in our home market.
AGENDA
Indocement at Glance
Current Domestic Market Condition
Financial Update 2015
Investment Plan Strategy
Outlook 2011
Q & A
Outlook 2016
Corporate Social Responsibility and Awards
23
Corporate Social Responsibility (CSR)
5-Pillars: CSR Program Applications
Fostering, Scholarship, Production Training, SMEs Training, Learning
Facilities, School Library, Indocement Apprentice School, Truck Operator
Training, Cooperation with Other Institutions, Skill Training
Mobile Clinic, Health Education, Providing Additional Food/Supplement,
Clean Water Infrastructure, Cataract Operation
SMEs Rolling Capital, Upgrade Current Business, Local Purchase
Social Activity Aid, Culture, Religion, Sport and Infrastructure
Building/Improvement, RUTILAHU
Community Security, Linmas Training, Linmas Uniform Aid, Limnas
Coordination Meeting
SDP Training Center and Community Empowerment (P3M), Bioenergy, BMT,
IWEC, UPK
Resilience of climate change (Ministry of Environment and Forestry), includes: Resilience of Environment, Food Security, Resilience of Water, Resilience of Public Health
Villages that receive PROKLIM from BLHD of West Java Province
Achievement of Proklim Program
Currently, Proklim development is progressing at Randakari, Ciwandan Sub-district, Cilegon, with main activity
“Bank Sampah Berkah Lestari “ and “Kelompok Rumah Pangan”.
No Location Village Sub-district Regency/City Province
Biogas Use
Compost House
Water Conversion Optimization of Irrigation
Limited Land Utilization Rain Water Utilization
Fishery Bio-pore Campaign Infiltration Well Clean Water
Animal Husbandry Compost Processing
Mushroom Cultivation
Municipal Management
Fishery Cultivation
Water Pond
Fishery Product
Achievement of Proklim Program
Agricultural Product
Indocement supports SMP
Bantarjati – Citeureup, Bogor,
and SMPN 1 Gempol, Cirebon,
to embody “Adiwiyata” school
that cares and has environment
culture.
● Awareness
● Knowledge
● Attitude
● Skill
● Participation
Achievement of “Adiwiyata” Program Commitment and persistance of all components in
both schools eventually resulting an achievement in
ADIWIYATA NATIONAL LEVEL
Achievement of “Adiwiyata” Programaa
Adiwiyata school is also demanded to implement “influence program” for other schools
Mangrove Conservation at Langadai Village, is a community care in preserving ecological balance, particularly for marine biota. The community has realized the imporant role of mangrove as an education and tourism object which provides economic benefit for surrounding. The area of mangrove is about 4 hectars.
Mangrove Conservation at Langadai Village, South
Kalimantan
Mangrove Conservation at Langadai Village, South
Kalimantan
Mangrove fruits process training to become food has been provided to small enterprises and housewives. To ensure the sustainability of this conservation program, other programs have been integrated, such as: • Endangered animal sanctuary “IWEC”
– for wildlife area of bekantan. • Waste Bank “Andesia” – to maintain
cleanliness and handycraft materials.
Batik Ciwaringin Cooperative
Ciwaringin Batik Cooperative was re-
developed in 2012 to support economy
and autonomy at Ciwaringin Village,
Ciwaringin Sub-district, Cirebon
Regency.
● Previously, local craftsman had
various obstacles, such as limited
production, bad quality and promotion
difficulty.
● Currently, there are 43 craftsman who
carry out Cirebon “Traditional Batik
Painting”.
● Using natural colors. Research is
cooperated with Gadjah Mada
University.
● The quality has been recognized in
national and overseas, routinely
participate in various exhibitions.
Batik Ciwaringin Cooperative
PKBL is a lending program to the business
partners for additional capital to improve their
business.
● Indocement has cooperated with Bank
Mandiri (2008 – 2013) and Bank BRI (2005
– present) for this program.
● Indocement recommends visible SMEs to
obtain additional capital.
● Together with banks, Indocement is also
assisting.
● Total loans disbursed reaches Rp8.7 billion.
● Non-Performance Loan (NPL) for 2015 has
reached 10%.
● 710 SMES successfully joined, spread over
on four location (Citeureup, Palimanan,
Tarjun & others non-plant areas of
operation).
Community Development Partnership Program (PKBL)
Number of SMEs
One of the product
of SMEs in the field
of handicrafts
CSR Programs at Pati up to middle of 2015, among others:
“Srikandi Cooperative”, Tambakromo Village has total 470 members.
Preservation of “Pancur Cave” at Jimbaran Village, Kayen Districts, as a tourist
spot managed by local community.
Conservation and water resources management at Brati dan Maitan villages.
“Srikandi Cooperative” “Pancur Cave” Water Sources
CSR Programs at Pati, Central Java
Another CSR Programs…
• 17 February - Indocement received an award from Indonesia Journalist Association (PWI) from
Bogor Regency for good contribution to the local media.
• 6 May - Three of Indocement’s cultivated villages in Citeureup Factory, received Proklim Awards
from the Ministry of Environment of Republic of Indonesia.
• 4 June - Indocement received awards for five categories at “Indonesia Green Awards 2015”,
namely:
• Developing New and Renewable Energy
• Developing Integrated Waste Processing
• Saving Water Resources
• Developing Biodiversity
• Pioneer of Pollution Prevention
• 10 June - Indocement received its 10th “Corporate Image Award 2015” for Cement category.
• 10 June - Indocement triumphed as a “Care National Company” from Pakuan Raya Daily.
• 1 July - Semen Tiga Roda received its 9th “Top Brand Award" for Cement category and Mortar
category for its Mortar TR30.
• 23 July - Indocement won six awards in “Culture Based Community Empowerment Exhibition
(GPMB) Awards 2015” for categories: − Platinum Award, SDGs Goal 4 − Gold Award, SDGs Goal 2 − Gold Award, SDGs Goal 3 − Gold Award, SDGs Goal 14 − Silver Award, SDGs Goal 4 − Best 3, Individual Category
• 7 August - Indocement received an award from West Java Province Government as an Active
Company for Participating in the Empowerment of Medium & Small Scale Business (UMKM) in
Bogor Regency during 2015.
Awards 2015
• 11 August - Indocement received an award from the National Search & Rescue Agency
(Basarnas) of West Java Province for its active participation during the search of avalanche
victims of Gunung Kuda, Cirebon Regency.
• 20 August - Indocement’s Citeureup Factory and Palimanan Factory received Gold Plaque
and Gold Certificate Reward from the Police Force of Indonesia for achieving certification of
Security Management System (SMP).
• 25 August - Indocement received an award in "Warta Ekonomi Top 10 Social Business
Innovation Companies Awards 2015”.
• 30 September – Semen Tiga Roda received “Indonesia Best Brand Platinum Awards 2015”
from SWA Magazine and MARS.
• 8 October - Indocement received two awards in the International Convention Quality Control
Circle (ICQCC), namely: Gold and Best Performance.
• 8 October - Indocement Wildlife Education Center (IWEC) received Indonesia Biodiversity
Award from Center of Study and Biodiversity Conservation of Indonesia.
• 16 November - Indocement received “Top 50 Public Listed Companies” award in the 7th IICD
Corporate Governance Conference and Award.
• 25 November - Indocement, for the second time, achieved “Best of the Best 2015” of top 50
public companies from Forbes Magazine.
• 26 November - Indocement received an award of Dutiful Taxpayer in 2015 from the
Directorate General of Taxation Regional Office, DJP Central and South Kalimantan Tax
Office, Batulicin.
• 4 December - Indocement received an award of Dutiful Taxpayer 2015 from the Tax Office
Cileungsi, Bogor.
Awards 2015
• 14 December - National Adiwiyata Awards for Indocement Cultivated Schools, SMP Bantarjati,
Klapanunggal Sub-district, Bogor Regency and SMPN 01 Gempol, West Palimanan Sub-district,
Cirebon Regency.
• 15 December - Indocement triumphed “The Best Disclosure On Waste Utilization“ on
Sustainability Reporting Awards 2015 conducted by National Center for Sustainability Reporting.
• 16 December - Three of Indocement factories received Level 5 of “Green Industry Awards” from
the Ministry of Industry of Republic of Indonesia.
Awards 2015
Thank you