Together We Build a Better Future 0

BNN
INDONESIA’S CEMENT INDUSTRY: NOW and THE FUTURE
SMGR Corporate Presentation

JANUARY 2015
 CEMENT INDUSTRY AT A GLANCE

2
Kuala
Lumpur
Singapore

1
1
SMGR
3
1 6
4 7
5
DOMESTIC CAPACITY (2014)
CEMENT INDUSTRY 2013 2014F 1) 2015F 1)
1. SEMEN INDONESIA 29.5 mn ton
• Design Capacity : 68.0 mio tons 71.5 mio tons 82.2 mio tons
• Production Capacity : 55.2 mio tons 60.0 mio tons 69.8 mio tons - Semen Padang : 7.3 mn ton
• Domestic Growth : 5.5% 6.0% 6.0% - Semen Gresik : 14.4 mn ton
• Domestic Utilization : 100% 100% 94% - Semen Tonasa: 7.8 mn ton
•Supply 2. Semen Andalas 2) 1.6 mn ton
 Domestic : 58.0 mio tons 61.0 mio tons 65.8 mio tons
3. Semen Baturaja 1.3 mn ton
 Export : 0.5 mio tons 0.5 mio tons 0.5 mio tons
 Import : 3.3 mio tons2) 3.0 mio tons 3)) 3.0 mio tons3) 4. Indocement TP 20.5 mn ton
5. Holcim Indonesia 12.1 mn ton
6. Semen Bosowa 6.0 mn ton
1) Based on the Company’s forecast
7. Semen Kupang 0.5 mn ton
2) Imported cement by PT Semen Andalas (1.0 mio ton) and clinker by Bosawa and Kupang 2
3) Imported cement & clinker TOTAL 71.5 mn ton
 ADDITIONAL INSTALLED CAPACITY IN THE NEXT 5 YEARS
New Cement Capacity from Existing Players (2013 – 2017)
No Company Targeted Plant Declared Capacity Prognose Design Capacity Investment Remarks
Location (mn tons) (mn tons) (US$ mn)
Semen Java, Sumatera, Upgrading +
1 11.5 9.0 970
Indonesia Sulawesi green/brownfield
Cement Mill +
2 Indocement Java, Kalimantan 8.8 6.3 1,560 (E)
brown/greenfield
3 Holcim East Java 3.8 3.4 680 (E) Brown/Greenfield
4 Bosowa Java, Sulawesi 7.9 3.4 620 Cement Mill + Brownfield
5 Semen Andalas Sumatera 1.6 0 300 Greenfield
6 Semen Baturaja Sumatera 2.6 1.5 325 Greenfield/Brownfield
TOTAL 36.2 23.6 4,130
New Cement Capacity from Potential Players (2013 – 2017)
No Company Targeted Plant Declared Capacity Prognose Design Investment Remarks + Local Partner
Location (mn tons) Capacity (mn tons) (US$ mn)
1 Siam Cement (Thailand) Sukabumi, West Java 1.8 1.8 (2016) 360 Greenfield
2 CNBM (China) Central Java 2.4 0 350 Greenfield, Semen Grobogan
3 Semen Merah Putih Bayah, Lebak, Banten 11.5 3.0 (2016) 600 Greenfield (PT Cemindo Gemilg)
4 Anhui Conch Cement Various 13.7 2,350 Greenfield
- Tanjung - South Kalimantan 3.8 400 Greenfield
- Tanah Grogot - East Kalimantan 3.8 3.0 (2016) 600 Greenfield
- Pontianak - West Kalimantan 3.8 600 Greenfield
- West Papua - West Papua 2.4 750 Greenfield
5 Ultratech Wonogiri, Centr Java 4.5 0 827 Greenfield
6 Semen Puger East Java 0.6 0 n.a Upgrading
7 Semen Barru Barru, South Sulawesi 3.3 0 470 Greenfield (Fajar Group)
8 Semen Panasia Ajibarang, Central Java 2.0 1.5 (2016) 240 Greenfield
9 Jui Shin Indonesia Karawang, West Java 1.5 1.5 (2015) n.a Greenfield
TOTAL 40.3 10.8 4,470
 COMPARISON: CEMENT CONSUMPTION PER CAPITA 2013
201

kg/capita
kg
1.800

1.600

1.400

1.200

1.000

800

600

400
229

200

0
Si

Vi

In

Ph
Ch

Th

In
al
ng

et

do

di
ili
ai
in

ay

na

a
p
a

la

ne
a

pi
po

si

nd
m

si

ne
a
re

s
Source: Deutsche, Indonesia Cement Association
INDONESIA’S ECONOMY AND DOMESTIC CEMENT CONSUMPTION GROWTH

(mio tons)

60.0 Cement growth % (RHS) 20.0%

17.7% 60.0
Domestic consumption (LHS) GDP growth % (RHS) 58.0
54.9
50.0

48.0 14.5%

40.0 11.5%
40.8
38.1 39.1
9.7% 34.2
30.0 32.1 10.0%
31.5
30.2
27.2 27.5
6.3% 6.10% 6.00%
20.0 5.8% 5.4% 6.50%
5.1% 5.6% 6.80%
4.60%
6.6% 6.1% 6.0% 5.5%
Growth Growth Growth 5.70%
10.0
Growth
4.7% Growth Growth Growth
4.4%
: 4.2% : : :
: : :
2,8%
5.8% 4.2% 2.5% 1.8% 6.6%
1.1% 1.1% 1.8% 9.7% 19.4%
0.0 0.0%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Source: Indonesian Cement Association & BPS Statistic

 ARISING INFRASTRUCTURE EXPANSION TREND

Bag and Bulk cement consumption (million tons)

45 44.1 45.7 46.9

40 39.2

35 34.2
32.8
32.2

30 28.2
26.9
25.2 25.5
25 22.7
23.7 23.7
21.0
20.0
20 18.1
16.9

15
10.8 12.2 13
10 8.8
6.6
6.5 6.0 6.0 5.9 6.2
5.0 5.1
5 3.0 3.5 3.8
2.3
1.0 1.9
0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Bagged Cement Bulk Cement

 DOMESTIC MARKET CONSUMPTION (2014)

Bulk • Ready
Ready-mix (infrastructure): ± 60%
± 22%
• Fabricator (pre-cast,
(pre fiber cement, cement based industry): ± 35%

• Projects (mortar, render): ± 5%

Bag • Housing: ± 90%

± 78%
• Cement based industry: ± 10%

Key Drivers of Domestic cement demand:

Source: Internal Research
Retail (residential) sector is the largest
consumer of cement in Indonesia
• National Economic Growth
• Favorable Interest Rate Environment
• Infrastructure Expansion
• Per Capita Consumption increase from
current low levels
 DOMESTIC MARKET UPDATE
SMGR Corporate Presentation

JANUARY 2015
 MARKET BY GEOGRAPHY

Cement Distribution (FY2014) Population Distribution (2013)

5.6% 2.1% Papua 5.5% 1.5%

2 4 7.6% 8.4%
3 Bali & N T

SP 6 7.6%
Sulawesi 5.8%

1
ST  Sumatera
Sumatera Kalimantan
5 21.3% Java
SG Java
20.9%
%
57.5.%
56.3%

Domestic Market Share (FY2014

FY2014)
MARKET SHARE (%)
REGION
SMGR INTP SMCB BSWA ANDLS BTRJA KPG

1. JAVA 40.4 38.8 18.3 2.3 - - 0.1

2. SUMATERA 42.9 14.1 14.7 3.2 15.0 10.1 -

3. KALIMANTAN 50.2 29.6 11.1 9.1 - - -

4. SULAWESI 63.1 13.3 0.9 22.7 - - -

5. NUSA TENGGR. 38.8 33.3 5.4 17.2 - - 5.1

6. EASTERN IND. 56.7 20.8 0.7 21.6 - -

TOTAL
43.7 30.3 14.
14.6 5.8 3.1 2.1 0.3
INDONESIA
 MARKET UPDATE - Cement Consumption FY2014

FY 2014 - SMGR Sales Volume (million tons) FY 2014 – Domestic Consumption (mio tons)
AREA FY 2013 FY 2014 CHANGE (%)
DESCRIPTION FY-13 FY-14 CHANGE (%)
Jakarta 5,379,767 5,782,219 7.5
DOMESTIC 25,449,714 26,155,918 2.8
Banten 3,474,592 3,204,137 (7.8)
Semen Indonesia 13,239,252 13,993,231 5.7
West Java 8,615,161 8,842,494 2.6
Semen Padang 6,927,490 6,742,831 (2.7)
Central Java 6,848,260 6,907,373 0.9
Semen Tonasa 5,282,971 5,419,856 2.6 Yogyakarta 986,157 998,579 1.3

EXPORT 328,756 197,284 (40.0) East Java 7,400,367 7,997,366 8.1

Total Java 32,704,304 33,732,168 3.1

GRAND TOTAL 25,778,470 26,353,202 2.2
Sumatera 12,182,616 12,492,536 2.5
SMGR Sales Type (mio tons) Kalimantan 4,387,998 4,546,679 3.6

Sulawesi 4,273,766 4,527,956 5.9

FY-13 FY-14 YoY Change
Nusa Tenggara 3,255,259 3,335,787 2.5
Bag 19.4 (76.4%) 19.6 (76.0%) 2.3
Maluku & Papua 1,201,093 1,274,374 6.1
Bulk 6.0 (23.6%) 6.2 (24.0%) 4.1 TOTAL
58,005,037 59,909,500 3.3
INDONESIA
Industry Sales Type (mio tons)
Export Cement 178,418 220,284 23.5

FY-13 FY-14 YoY Change Export Clinker 396,934 44,878 (88.7)

Total Export 575,352 265,162 (53.9)
Bag 45.7 (78.8%) 46.8 (78.2%) 2.5
GRAND TOTAL 58,580,388 60,174,662 2.7
Bulk 12.2 (21.2%) 13.0 (21.8%) 6.0

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

 COMPANY PROFILE
SMGR Corporate Presentation

JANUARY 2015
 SMGR IS THE #1 CEMENT COMPANY IN INDONESIA

BRIEF HISTORY
 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 Cemex’s 24.9% 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
0mm tons, Market Cap per June 29, 2012: IDR67.0tn
 2012 : Acquisition of Thang Long Cement Vietnam, Total otal installed capacity of 2.3mm tons, Market Cap Dec 19th, 2012: IDR91.9tn

SMGR CAPACITY BUILD-OUT (Mio TONS)

30,0
Post-consolidated
consolidated capacity
25,0
• Total Installed capacity: 30 million
tons (2013) including TLCC;
20,0
• Market share of Semen Indonesia in
2013 was 44% based on sales volume
15,0
• 2013 Revenues amounted to IDR 19.6
trillion (equivalent to EUR 1.2 billion),
10,0 Pre-consolidated capacity
with EBITDA margin of 35%

5,0
_ _ _ _ _ _
0,0
19 5
86

90

19 5
98

20 6
20 7

20 9
70

80

19 4

19 7

20 8

20 0
20 1
20 2
13
57
19 -

19 -

19 -

19 -

19 -

20 -
8

0
8

0
9

1
1
1
19
 FOCUS IN CORE BUSINESS

OWNERSHIP STRUCTURE1

The Government of the Republic of Indonesia Public

51.01% 48.99%

PT Semen Indonesia (Persero)

( Tbk.

99.99% 99.99% 70.00%

PT Semen Padang PT Semen Gresik PT Semen Tonasa Thang Long Cement, VN

Name Activities % Ownership Name Activities % Ownership

1. Igasar Cement distribution & Trading 12.00% Name Activities % Ownership
1. UTSG Limestone & Clay Mining 55.00%
2. Sepatim B General trading, cement packaging 85.00% 1. UTSG Limestone & Clay Mining 55.00%
2. IKSG Packaging Paper 60.00%
3. Bima SA General trading, cement packaging 80.00% 2. IKSG Cement Packaging 60.00%
3. KIG Industrial Estate 65.00%
4. SUPS Cement Packaging 10.00% 3. KIG Industrial Estate
4. Swadaya Graha Contractor & Machine Fabricator 25.00%
65.00%
5. Varia Usaha Transport and general trading 24.90%
4. Swadaya Gra Steel fabrication, contractor 25.00%
6. Eternit Gresik Building materials 17.60%
5. Varia Usaha Transport and general trading 24.90%
7. SGG Energy Prima Coal Mining and Trading 97.00%
6. Eternit Gresik Building materials 17.60%
8. SGG Prima Beton Ready Mix Concrete 99.99%
7. SGG Prima Coal Trading Coal 99.99%
9. SISI IT 85.00%
8. SGG Prima Beton Ready Mix Concrete 99.99%

¹ As of Jan, 2014
 REGIONAL CEMENT PLAYERS
SMGR Corporate Presentation

JANUARY 2015
 COMPETITIVENESS OF SEMEN INDONESIA
Kiln 1 unit
Cement
1 unit
Mill Integrated Cement Plant 4 location
Kiln 13 Unit
Cement Mill 22 Unit
Grinding Plant 2 location
Cement Mill 4 Unit
Grinding 1 unit Cement
Plant Mill Warehouse 30 location
Packing Plant 23 location
Sea Port 12 location

Kiln 4 unit
Cement
6 unit
Mill

Kiln 4 unit Kiln 4 unit

Cement Cement
9 unit 6 unit
Mill Grinding 3 unit Cement Mill
Plant Mill
 SUPPLY-DEMAND
DEMAND CEMENT IN SOUTH EAST ASIA

Potential Market
Cap. : 54.4 mio Cap. : 1.5 mio
Cap. : 5.6 mio
Export :
Clinker : 6.17
Cement: 5.77
Cap. : 75 mio

Cap. : 1.0 mio Cap. : 22 mio

Cap. : 0.55 mio

Cap. : - mio
Cap. : 66.4 mio
Cap. : 28.9 mio
Source : Global cement
 STRATEGIC
TRATEGIC POSITION IN THE REGION

Kiln 1 unit
Cement Grinding 1 unit Cement
1 unit
Mill Plant Mill

NEW TARGET

Kiln 4 unit
Cement
6 unit
Kiln 4 unit Mill

Cement
6 unit
Mill

Kiln 4 unit
Grindin 3 unit Cement
Cement g Plant Mill
9 unit
Mill
 FINANCIAL UPDATE
SMGR Corporate Presentation

JANUARY 2015
 FINANCIAL SUMMARY: 9M-2014 RESULTS
Description 9M-2013 9M-2014 Change EBITDA (Rp billion)
(Rpbn) (%)
7.000 6090
5.838
Revenue 17,391 19,349 11.3 6.000
4.728
5.000
9,551 10,898 14.1 3.546 3.805
Cost of revenue 4.000
3.000
Gross profit 7,840 8,451 7.8 2.000
1.000
2,794 3,341 9.6
Operating expenses 0
9M10 9M11 9M12 9M13 9M14
5,104 5,209 2.1 EBITDA Margin (%)
Operating income
9M-10 9M-11 9M-12 9M-13 9M-14
Ebitda 5,838 6,090 4.3
34.5% 32.8% 34.6% 33.6% 31.5%
Net Income 3,906 4,088 4.7

EPS (full amount)

659 689 4.7 NET INCOME (Rp billion)
5.000
4.500 3.906 4088
4.000 3.389
9M 9M 3.500 2.761
Ratio (%) Formula 3.000 2.522
2013 2014 2.500
2.000
1.500
Ebitda margin Ebitda / Revenue 33.6 31.5 1.000
500
Ebitda / Interest 0
Interest coverage (x) 25.15 25.22
expense
9M10 9M11 9M2012 9M2013 9M2014
[COGS + Opex] /
Cost ratio 71.0 73.6 NET INCOME Margin (%)
Revenue
Total debt / Total 9M-10 9M-11 9M-12 9M-13 9M-14
Total debt to equity *) 20.4 16.7
equity
24.5% 23.8% 24.8% 22.5% 21.1%
Total debt to asset *) Total debt / Total asset 14.5 12.1
Together We Build a Better Future
*) Total debt calculated from interest bearing debt
STRONG BALANCE SHEET AND RETURNS

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

* Include short term investment

3.850 4.083 3.912

5.283
3.846 3.905 3.682 4.213 3709 1.871
3.317
686
251 199

2008 2009 2010 2011 2012 2013 9M2014 2008 2009 2010 2011 2012 2013 9M2014

Debt/EBITDA Return on Assets

2,00x

25,8%
0.56x 0,50x 24,0% 23,5%
20,1% 18,2% 17,4%
0,35x
0,14x
0,06x 0,04x

2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013

The projected adjusted debt/EBITDA of 2.0x to

maintain rating level from Moody’s Investors
Service.

Together We Build a Better Future 20

 REGULAR DIVIDEND PAYMENTS WITH ATTRACTIVE YIELD

Total Dividend Payout

3000
2,416.6
2500 2,181.3
1,962.7
2000 1,829.5 1,816.7 REGULAR DIVIDENDS
Total
1500 1,261.7 Dividend
Key determinants of
(IDR billion) dividend policy:
887.7
1000 • Historical dividend payout
500 trends
• Comparison with peers
0 • Projected cash-flows
2007 2008 2009 2010 2011 2012 2013
available for dividends
(after taking into account
SMGR DIVIDEND PAY OUT RATIO IN THE LAST 7 YEARS potential expansionary
capex etc)
Average: 50%
• Analyst and investor
expectations

50% 50% 55% 50% 50%

45% 45%

2007 2008 2009 2010 2011 2012 2013

 STRATEGIC PROJECTS
SMGR Corporate Presentation

JANUARY 2015
 SMGR LONG TERM STRATEGIC FOCUS

1. Undertake Capacity Growth

THE OVERALL
2. Manage Energy Security
STRATEGY SMIG
3. Enhance Company Image
COMBINES
4. Move Closer To The Customer
6 CRITICAL
5. Enable Corporate Growth
ELEMENTS
6. Manage Key Risks
 CEMENT PLANTS PROJECTS

INDARUNG PROJECT REMBANG PROJECT

Construction
New Plants /Capacity Investment
Location (mn tons) (US$ mn)
Start Completion

Indarung VI-SumBar 3.0 352 2013 Q3-2016

Rembang - Java 3.0 403 2013 Q3-2016

TOTAL CAPEX 6.0 755 MAIN SITE STORAGE MAIN SUB STATION

Capacity Est. Time

Plant Location
(mio tons) Operation

New Cement Mill 1.5 2013 - Q3 Tuban

Cement Mill 0.4 2014 - Q2 Gresik Plant B
New Cement Mill 0.9 2015 – Q1 Dumai
CYCLONE PREHEATER PREHEATER AREA
New Cement Plant 3.0 2016 - Q3 Indarung
New Cement Plant 3.0 2016 - Q3 Rembang

New Cement Plant - - Domestic Area

These strategic projects will ensure sustainability of

the Company’s market leadership MAIN SITE RAW MILL & PYRO ROTARY KILN AREA
PROCESSING
 INSTALLED CAPACITY (Mio Ton)

Installed Capacity

39,3 40,8

31,8 33,3
30
25,3
19 19 20,2
17,1 18

2007 2008 2009 2010 2011 2012 2013 2014F 2015F 2016F 2017F
 CONCLUSION: WHY SMGR?
SMGR Corporate Presentation

JANUARY 2015
SMGR’s COMPARATIVE & COMPETITIVE ADVANTAGE DRIVES
DRIVE SMGR
TO BE THE MARKET LEADER IN INDONESIA

 Outstanding business performance

– Leading cement player in Indonesia with over 43.9% market share based on
Strengths of SMGR sales volume for 2Q-2014 and approximately 41% share of total installed
cement 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
Outstanding – Substantial growth opportunities through expansion and optimization
business – Superior distribution network and strong brands recognition
Experienced performance – Long-term
Long access to raw materials for cement production and coal for fuel
management consumption
team
– Concerns on environmental and Corporate Social Responsibility programs to
ensure sustainable growth.
Favorable
industry  Favourable industry outlook
outlook
Outstanding – Cement consumption pretty much in-line
in with Indonesian economic growth
Conservative performance – Real estate and infrastructure projects and favorable interest rates as key
capital cement demand drivers
structure and
– High barriers to entry (plant, distribution and brand investment costs)
financial
policies – Disciplined investment on supply side
Robust cash flow  Robust cash flow generation
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
grade 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
 THANK YOU
IMPORTANT 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 IN
CONNECTION WITH ANY CONTRACT, COMMITMENT OR INVESTMENT DECISION WHATSOEVER.
WHATSOEVER
THE SLIDES USED IN THIS PRESENTATION ARE STRICTLY CONFIDENTIAL AND HAVE BEEN PREPARED AS A SUPPORT FOR ORAL DISCUSSIONS ONLY. THE INFORMATION CONTAINED IN
THIS 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 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
infrastructur 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
Indone (Persero) Tbk and/or its affiliated companies and/or their
respective 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 the
information and opinions contained in this report or as to any information contained in this report or any other such information
informa 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 whatsoever
and 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 a
result 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 or
agents accepts liability for any errors, omission or mis-statements,
statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission
omi therefrom
which might otherwise arise is hereby expresses disclaimed.
Gresik Office: Jakarta Office:
Semen Indonesia Tower The East Building, 18th Floor,
Jln. Veteran Jln. DR. Ide Anak Agung Gde Agung Kav. E3.2 No.1,
Gresik 61122 – Indonesia Mega Kuningan, Jakarta 12950 – Indonesia
Phone: (62-31) 3981731 -2, 3981745 Phone : (62-21) 5261174 – 5
Fax: (62-31) 3983209, 3972264 Fax : (62-21) 5261176
www.semenindonesia.com