GGRM PE2020 Materi Presentasi...Microsoft PowerPoint - GGRM_PE2020_Materi Presentasi Author...
Transcript of GGRM PE2020 Materi Presentasi...Microsoft PowerPoint - GGRM_PE2020_Materi Presentasi Author...
P UBL IC EXP OS E
A U G U S T 2 4 T H, 2 0 2 0
P U B L I C E X P O S E
• GG Profile• Management• Premium Quality Products• Corporate Sustainability
• Cigarette Industry• Company Financials• Outlook
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G G P ROFILE
MANAGEMENT There were no changes to Board of Directors and Board of Commissioners since last year
President Director:
Susilo Wonowidjojo
Directors:
• Heru Budiman
• Herry Susianto
• Buana Susilo
• Istata Taswin Siddharta
• Susanto Widiatmoko
• Andik Wahyudi
• Hamdhany Halim
• Sony Sasono Rahmadi (Independent Director)
President Commissioner:
Juni Setiawati Wonowidjojo
Commissioners:
• Frank Willem van Gelder
(Independent Commissioner)
• Lucas Mulia Suhardja
• Gotama Hengdratsonata
(Independent Commissioner)
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C O R P O R A T E S U S T A I N A B I L I T Y
Corporate Social Responsibility
• Healthy living: house rehabilitation programmes in Probolinggo3rd year in a row
• Supporting local communities and use of local labour• Continuing school renovations and education scholarships
Environmental and Occupational Health & Safety Management
• Health, Safety and Environment (HSE) standards• Water and energy conservation, air quality and waste
management• BLUE PROPER rating from Environment Ministry• Satisfactory accreditation in Occupational Health and Safety
System (SMK3)
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PREMIUM QUALITY PRODUCTS
• Comprehensive coverage• First half overall volume declined 8.8% year
on year
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CIG A RET TE IND US T RY
C I G A R E T T E I N D U S T R Y V O L U M E S B Y S E C T O R( S O U R C E : N I E L S E N C U R R E N T M A R K E T D A T A )
Industry volume performance first 6 months 2020 vs 2019
Overall: down 12.8% Continuing decline since 2015
SKT: down 5.1% SKT market share increases from 16.9% to 18.4%
SKM FF: down 7.2% Market leading segment: 49.5% of market today
SKM LTN: down 23.1% Downtrend in LTN consumption continued in first half 2020
Non Kretek: down 25.9% < 5% of national sales
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INDUSTRY VOLUME( S O U R C E : N I E L S E N C U R R E N T M A R K E T D A T A )
Proportional mix analysis:Full year 2017 to 2019
First Half 2019/2020Plus total sticks for each period
264.0 bn269.8 bn 126.6 bn 110.4 bn258.2 bn
9Notes: Figures may not foot due to rounding
46.5% 49.5%
31.2% 27.6%
16.9% 18.4%
5.3% 4.5%
First half 2019 First half 2020
SPM
SKT
SKM LTN
SKM FF 42.5% 44.8% 47.0%
34.1% 32.5% 30.8%
17.9% 17.6% 16.9%
5.6% 5.2% 5.3%
2017 2018 2019
COMP ANY FINA NCIA LS
PERFORMANCE HIGHLIGHTS( U N A U D I T E D ) 6 M O N T H S D A T A
First Half Comment
Rp billion 2019 2020
Sales revenue 52,745 53,655 1.7%
Volumes (billion sticks) 46,6 42,5 8.8%
Operating expenses (4,051) (3,556) 12.2%
PBIT 5,709 4,938 13.5%
Profit/Total Comprehensive Income 4,281 3,821 10.7%
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GG VOLUME DEVELOPMENTB I L L I O N S T I C K S
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85.2 bn
42.5 bn
95.9 bn
46.6 bn
Notes: Figures may not foot due to rounding
SKT
SKM LTN
SKM FF
7.1 8.1 4.2 2.3
69.9 79.4
38.3 35.8
8.2
8.5
4.2 4.5
2018 2019 First half 2019 First half 2020
49.660.1
68.2
33.5 35.8
13.2
13.9
15.0
7.5 6.5
2.2
3.0
4.5
1.8 2.7
2017 2018 2019 First half 2019 First half 2020
COST GROWTHIn Trillion Rupiah with most recent period to period growth shown as %
Excise duty remains biggest cost factor
Excise
Others
Raw Materials
Cost of Sales
Notes: Figures may not foot due to rounding
6.7%
Rp65.1 tr
(12.6%)
Rp77.1 tr
Rp42.8 tr
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7.3%
13.6%
Rp87.7 tr
Rp45.0 tr
MARGINS FIRST HALF
First HalfComments
2019 2020
Gross Margin 18.9% 16.1% Excise duty up, volume down
Operating Margin 11.3% 9.7% Operating expenses down 12.2%
Net Margin 8.1% 7.1% Increased interest expense
Excise duty, VAT & Cig tax as % of COGS
78.4% 79.5% Remains the largest cost in COGS
Excise duty, VAT & Cig tax (Rp bn)
33,527 35,776 6.7% increase despite 8.8%volume decline
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FINANCIAL POSITION:A S S E T S
Rp billion Full year 2019 1st Half 2019 1st Half 2020 YOY 1st HalfΔ%
Cash 3,572 2,626 8,254 214.3%
Receivables 1,876 2,217 2,869 29.4%
Inventories 42,847 36,746 39,190 6.6%
Other Current Assets 3,786 817 969 18.6%
Total Current Assets 52,081 42,406 51,282 20.9%
Fixed & Other Assets 26,566 24,295 27,877 14.7%
Total Assets 78,647 66,700 79,159 18.7%
Audited 12 months for 2019(Unaudited) 6 months
2019 and 2020
15Notes: Figures may not foot due to rounding
FINANCIAL POSITION:L I A B I L I T I E S & E Q U I T YRp billion Full year 2019 1st Half 2019 1st Half 2020 YOY 1st Half
Δ%
Short term loans 17,216 3,973 8,300 108.9%
Payables (including taxes) 1,788 1,438 1,489 3.6%
Excise duty, VAT & cigarette tax payable
5,085 9,184 11,400 24.1%
Other Liabilities 3,627 7,694 3,218 (58.2%)
Total Liabilities 27,717 22,288 24,407 9.5%
Shareholders equity incl. retained earnings
50,931 44,412 54,752 23.3%
Total Liabilities & Shareholders’ equity 78,647 66,700 79,159 18.7%
Total Liabilities/Equity 54% 50% 45%
Audited 12 months for 2019(Unaudited) 6 months 2019 and 2020
16Notes: Figures may not foot due to rounding
OUT LOOK
OUTLOOK: remaining caut ious in unprecedented t imes
Economy
• GDP growth Q1 2020: +3.0% • Q2 2020: -5.3%
• Bank Indonesia interest rate cuts designed to stimulate economy • Inflation remains low but well-controlled in the midst of falling domestic demand• Global economic uncertainty persisted due to the COVID-19 pandemic and the
continued trade tensions between the US and China
Remaining Cautious
• COVID-19 impacting consumer buying power, especially at lower end• Maintaining consistent quality and availability of our products in the
market• Maintaining solid balance sheet and prudent cost management• Health protocols in place to protect the safety of our employees
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