Pub-Exp2003 GG Slides

8/7/2019 Pub-Exp2003 GG Slides

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PT GUDANG GARAM Tbk

PUBLIC EXPOSE

Jakarta Stock Exchange

Wednesday, 12 November 2003


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Industry overview 2003

Third Quarter 2003: Financial and

Operating Performance Outlook


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Industry Overview


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177.0

199.7198.8

135.4136.8149.8150.6

2000 2001 2002 2003

FY Q3

(volume billion sticks)

Year on Year: 11.4%(equiv.

22bn sticks) decline

Q3 on Q31%

(equiv.1.5 bn

sticks) decline


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7265

58 58 56 56 56 58

28 3542 42 44 44 44 42

0

'97 '98 '99 '00 '01 '02 Q3 '02 Q3 '03

SKM SKT

196 196 199 199 177 137 135191

Shiftbackto SKMdespiteexciseincreases

TotalAnnualproductionin

Billionsticks

9months

Precrisis,

SKMdominated

the industry

Shiftbackto SKM


6/19

(all figures : billion sticks unless % indicated) Sept-02 Sept-03

Total kretek market down 1% 136.8 135.4

Gudang Garam volumes up 47.9 50.4

Gudang Garam market share up 35% 37.2%

Total SKM up 2% 77.1 78.7

Gudang Garam volumes up 38.8 41.9

Gudang Garam market share up 50.4% 53.2%

Total SKT down 5% 59.7 56.7

Gudang Garam volumes down 9.1 8.5

Gudang Garam market share steady 15% 15%

All figures compiled from GAAPRI statistics


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All figures : % 2001 2002 Q3 02 Q3 03

Gudang Garam 33.8 34. 35. 37.2

Djarum 17.2 19.2 18.9 19.1

Sampoerna 19.4 21.8 21.4 19.1

Bentoel .7 .7 .7 .5

Others 29. 24.3 23.9 24.1

Small producers lose share : GG makes slight improvement



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2001 2002 Q3 02 Q3 03

Gudang Garam 47.3 49.3 5 .4 53.3

Djarum 1 .3 11.8 1 .9 13.9

Sampoerna 12.4 13. 13.4 14.

Others 28.9 24.9 24.3 18.1

GG gains continue

Smaller producers lose share



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2001 2002 Q3 02 Q3 03

Gudang Garam 16.2 14.8 15.2 14.9

Djarum 26. 28.5 29.3 26.2

Sampoerna 28.3 32.7 31.7 26.1

Others 28.9 23.6 23.4 32.3

GG share steady in upper SKT market which is stabilising

Swings reflect price sensitivity & variable buying power

at low end of market



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Third Quarter Financial &

Operating Performance


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0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

1999 2000 2001 2002 2003

Sales - September Sales - End Year

in millionRupiah

Source: Company annual reports, published unaudited figures


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Sep-03 Sep-02Rp B % of sales Rp B % of sales

Sales 17,904.4 100% 16,069.4 100%

Cost of Sales (14,429.8) -80.6% (12,442.5) -77.4%Gross Profit 3,474.6 19.4% 3,626.9 22.6%

Operating Expenses (1,117.2) -6.2% (987.0) -6.1%

Operating Profit 2,357.4 13.2% 2,639.9 16.4%

Impact of Excise DutyIncrease S,G+A expenses up

(freight, marketing,

fees &depreciation)

(unaudited figures)


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3Q02 3Q01 Increase

Sales 17,904.4 16,069.4 11.4%

Excise & VAT 10,503.8 8,397.5 25.0%

Raa e r ia ls

2 2 % (2 6 % )

Dire c a r

2 % (2 % )

E x c i s e

& V A T 7 3 %

(6 8 % )

Othe r s 3 %

(3 % )

3Q03 (3Q02 f r c parative p rp ses state in rackets)

Una ite Rp n


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Sep-03 Sep-02% of sales % of sale

Sales 17,904.4 100% 16,069.4 100%

Gross Profit 3,474.6 19.4% 3,626.9 22.6%

Operating Profit 2,357.5 13.2% 2,639.9 16.4%

Net interest (230.6) -1.3% (291.3) -1.8%

FX Gain / (Loss) (13.4) -0.1% (2.1) 0.0%

Tax & Minorities (640.8) -3.6% (711.7) -4.4%

Miscellaneous Income 4.2 0.0% 4.2 0.0%(856.0) -4.8% (997.3) -6.2%

Net Income 1,501.5 8.4% 1,642.6 10.2%

(unaudited figures in Rp billion)


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Outlook


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Economy: positive signs

Budget 2004: Government deficittarget reduced

Non excise tax revenues up 112%October 2003 vs October 2002

Economic Growth estimates 2004revised up 4.5% 4.8%


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January 2001 January 2002 January 2003

Rp.2,45 Rp.4, Rp.4,8

Recent increases:

January 2001 January 2002 January 2003

Rp.3,4 Rp.5, Rp.5,9

SKT Gudang Garam Merah (Banderol Price)

SKM Gudang Garam International 12 sticks (Banderol Price)


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Traditional brands continue to enjoy goodsupport

GG lights growth: as expected

Last price increase was March 2003

Ongoing Brand Strategy: add further choice

12 stick variants SSS series launched

Nusantara


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PT GUDANG GARAM Tbk

PUBLIC EXPOSE

Jakarta Stock Exchange

Wednesday, 12 November 2003

Documents

Pub-Exp2003 GG Slides