2

3

4

5

•

•

•

•

••

•

•

•

•

•

•

•

•

•

•

•

•

•

•

• •

6

7

8

source: Indonesia Cement Association

source: Indonesia Cement Association

Bag cement still represent the largest portion of

Indonesia cement consumption

Domestic Sales in Java v.s. Outside of Java

18.9 21.5 24.6 25.3 26.2 27.5 28.2 28.9

30.5 30.9

6.7

21.9 26.5

30.3 32.6 33.7 34.5 33.4

37.4 39.0 38.9

8.0

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q'20

Outside Java Java Growth

source: Indonesia Cement Association

34.2 39.244.1 45.7 46.9 47.5 46.8 49.4

50.8 51.0

10.9

6.68.8

10.8 12.213 14.5 14.8

16.9 18.8 18.7

3.7

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

0

10

20

30

40

50

60

70

80

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q'20

Cement demand growth was dominated by the growth of bulk cement to support infrastructure projects

Bag Vol Bulk Vol Growth Bag Growth Bulk Bulk Portion

in million ton

in trillion IDR

in million ton

74.63%

25.37%BULK

BAG

86

114

146

184 178

290

317

388 410 415

419

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

9

10

53.3%

25.9%

5.6%3.2% 3.0% 2.7% 2.5% 2.1% 1.5%

0.3%

44.8%

22.7%

7.7%6.6% 6.9%

3.5%1.6% 1.6% 1.6%

0.4%

SMGR(SMIG + SBI)

INTP Conch Bosowa Merah Putih Baturaja Jui Shin SiamCement

STAR SemenKupang

Market Share Capacity Share

11

source: Indonesia CementAssociation

2020 2019 YoY (% ) 2020 2019 YoY (% ) 2020 2019 YoY (% )

YEAR TO DATEFEBRUARY MARCH

12

Q1 2020 Q1 2019 Chg YoY

(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

EBITDA/Interest (x) 3.7 2.4 1.3

in billion IDR

13

26,948 26,134 27,814 30,688

40,368

8,580

-0.1% -3.0%

6.4%10.3%

31.5%

5.6%

-10.0%

0.0 %

10. 0%

20. 0%

30. 0%

40. 0%

50. 0%

-

5,00 0

10,0 00

15,0 00

20,0 00

25,0 00

30,0 00

35,0 00

40,0 00

45,0 00

2015 2016 2017 2018 2019 Q1 '20

Revenue Revenue Growth

10,646 9,856

7,960 9,331

12,714

2,704

39.5% 37.7%

28.6% 30.4%31.5% 31.5%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

45. 0%

50. 0%

55. 0%

60. 0%

-

2,00 0

4,00 0

6,00 0

8,00 0

10,0 00

12,0 00

14,0 00

2015 2016 2017 2018 2019 Q1 '20

Gross Profit Gross Profit Margin

7,473 6,962

4,904

6,577

8,699

2,022

27.7% 26.6%

17.6%21.4% 21.5% 23.6%

10. 0%

20. 0%

30. 0%

40. 0%

50. 0%

60. 0%

-

1,00 0

2,00 0

3,00 0

4,00 0

5,00 0

6,00 0

7,00 0

8,00 0

9,00 0

10,0 00

2015 2016 2017 2018 2019 Q1 '20

EBITDA EBITDA Margin

4,521 4,522

1,621

3,079

2,392

446

16.8% 17.3%

5.8%10.0%

5.9% 5.2%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

45. 0%

50. 0%

-

500

1,00 0

1,50 0

2,00 0

2,50 0

3,00 0

3,50 0

4,00 0

4,50 0

5,00 0

2015 2016 2017 2018 2019 Q1 '20

Net Profit Net Profit Margin

14

15

16

17

18

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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;

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19