10/5/2011. 1. PUBLIC EXPOSE. PT Gudang Garam Tbk. The Ritz Carlton Pacific
Place, Jakarta. 6 October 2011. 1 ...
10/5/2011
PUBLIC EXPOSE PT Gudang Garam Tbk The Ritz Carlton Pacific Place, Jakarta 6 October 2011 1
1
10/5/2011
Today’s Presentation Overview Gudang Garam and the Kretek Sector GG Performance Q2: 2010 vs 2011
2
2
10/5/2011
A selection of our brands From Full Flavour to Light and Mild
3
3
10/5/2011
Industry Growth: Gudang Garam & Kretek Industry Gudang Garam Market Share (%) (Company estimates)
Y/E 2010
Q2 2010
Q2 2011
22.0%
22.1%
18.9%
Industry Production Volumes (billion sticks) Compiled from GAPPRI/Company data 281
SKT
94
292
93
133 SKM
187
2009
199
2010
140
44
45
89
95
Q2 2010
Q2 2011 4
4
10/5/2011
Gudang Garam: Product Mix SKM
SKT
Q2 2011
84
16
Q2 2010
83
17
2010
83
17
2009
84
16
2008
86
14
2007
87
13
2006
88
12
2005
88
12
2004
87
13
2003 2002
84 82
16 18
2001
80
20
2000
81
19
All figures compiled from Company Data and GAPPRI statistics
SKT was maintained at 16% of sales mix thereby continued contributing positively to profitability.
5
5
10/5/2011
Sales & Operating Profit Q2 2010 and 2011 Q2 10 (unaudited) Rp (billion) Sales
Q2 11 (unaudited) Rp (billion)
Δ 10-11
18,001
19,845
10.2%
(13,961)
(15,068)
7.9%
4,040
4,778
18.3%
10,622
10,493
(1.2%)
Operating Profit
2,523
3,164
25.4%
Total Comprehensive Income
1,822
2,325
27.6%
Cost of Sales Gross Profit Excise
Source: Company annual reports, published unaudited figures
6
6
10/5/2011
Sales & Margin Development 2010 (audited)
Sales Cost of Sales Gross Profit Excise % of Cost of Sales
Q2 10 (unaudited)
Q2 11 (unaudited)
Rp (billion)
% of Sales
Rp (billion)
% of Sales
Rp (billion)
% of Sales
37,692
100%
18,001
100%
19,845
100%
(28,826)
76.5%
(13,961)
77.6%
(15,068)
75.9%
8,866
23.5%
4,040
22.4%
4,778
24.1%
72%
76%
70%
Margin improvement Excise proportionately reduced Source: Company annual reports, published unaudited figures
7
7
10/5/2011
Net Income 2010 and Q2 2011 2010 (audited) Rp (billion) Sales
% of Sales
Q2 10 (Unaudited) Rp (billion)
Q2 11 (Unaudited)
% of Sales
Rp (billion)
% of Sales
37,692
100%
18,001
100%
19,845
100%
Gross Profit
8,866
23.5%
4,040
22.4%
4,778
24.1%
Operating Profit
5,858
15.5%
2,523
14.0%
3,164
15.9%
Net Interest
(206)
(0.5%)
(98)
(0.5%)
(71)
(0.4%)
(10)
0%
(3)
0%
(12)
0%
(1,417)
(3.8%)
(609)
(3.4%)
(775)
(3.9%)
4,215
11.2%
1,822
10.1%
2,325
11.7%
FX Gain / Loss Income Tax Total Comprehensive Income
Source: Company annual reports, published unaudited figures
8
8
10/5/2011
Financial Highlights - Assets Unaudited summary figures as published Rp billion Cash
Q2 2010
Q2 2011
∆%
Note
1,372
1,999
46 Stronger cash flow from sales
Receivables
902
1,062
18
Inventories
16,882
18,897
12
393
508
29
19,549
22,466
15
7,750
8,272
7
27,299
30,738
13
Other
Fixed & other assets Total assets
9
9
10/5/2011
Financial Highlights - Liabilities Unaudited summary figures as published Rp billion Short term loans
Q2 2010
Q2 2011
∆%
Note
1,476
1,104
396
560
41
Excise duty and VAT payables
3,888
4,197
8
Other
2,612
2,926
12
Payables (including taxes)
(25) Routine working capital needs.
Shareholders equity incl. retained earnings
18,928
21,952
16
Total Liabilities & Shareholders’ equity
27,299
30,738
13
Shareholders equity includes net profit reinvested as retained earnings. A dividend of Rp1,693 billion (Rp880 per share) was declared in the RUPS and paid in full in August 2011 from 2010 earnings.
10
10
10/5/2011
Operating highlights Promotions: momentum has been maintained since World Cup consumer campaign during 2010 – but focus in 2011 towards retailer – investing in sales support, retail performance awards and incentives Presence: continuous efforts to strengthen and develop our market reach and channel distribution Pipeline: LTN products continue to gain ground from modest base 11
11
10/5/2011
Operating highlights Tobacco legislation: expecting further changes relating to higher excise, advertising controls, and health education and awareness Excise further increases Industry is a major employer – direct as well as farming community CSR – annual programmes – disaster relief 12
12
10/5/2011
PUBLIC EXPOSE PT Gudang Garam Tbk
Thank you 13
13
