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AGENDA
1. COMPANY OVERVIEW
2. INVESTMENT HIGHLIGHTS
3. BUSINESS OPERATION
4. CIGARETTE INDUSTRY OVERVIEW
5. FINANCIAL HIGHLIGHTS
1
COMPANY OVERVIEW
MANAGEMENT
THE MANAGEMENT OF THE COMPANY ARE PROFESSIONALS WITH DEEP UNDERSTANDING & LONG EXPERIENCE ON
CIGARETTE INDUSTRY IN INDONESIA
Ronald Walla President Director
Sugito Winarko Director
Krisna Tanimhardja Director
Trisnawati Trisnajuwana Director
Lucas Firman Djajanto Director
Hendrikus Johan S Unaffiliated Director
Willy Walla President Commissioner
Indahtati Widjajadi Commissioner
Eddy Sugito Independent Commissioner
3
COMPANY OVERVIEW
Ø The Company is among the most well-known cigarette producers in Indonesia, with a wide distribution network covering major markets in Indonesia.
Ø The Company’s production capacity has reached nearly 3 billion cigarettes per year for Hand-rolled Cigarettes (HC) and Machine-made Cigarettes (MC). Currently, the Company’s production capacity utilization rate is at 88%.
Ø The Company’s annual cigarette sales volume growth for the last 3 years (2010 – 2012) has reached 31%
(CAGR) and in nominal value has growth 37% (CAGR). The Company’s sales value has reached IDR 1.2 trillions for year 2012.
Ø The Company has 17 branch offices, 5 stock points and 29 agents, located in various provinces across Indonesia, spanning all the major islands: Sumatra, Java, Kalimantan, Sulawesi, Bali, Nusa Tenggara, Maluku and Papua.
4
VISION AND MISSION
VISION
Becoming a world-class industrial player with premium quality
products and services through continuous improvement driven by
integrity, team-work, continuous development and innovation.
MISSION
• Achieving success through cooperativeness with our stakeholders (consumers, shareholders, employees, distributors, suppliers and public)
• Producing products and services of the highest quality
• Holding responsibility and commitment towards the community and the environment
5
COMPANY MASTERPLAN Other than the aforementioned vision and mission, the Company’s management has devised a masterplan as depicted in the following diagram:
Sustainable Growth Premium Quality Products and Services
Systems & Technology
Development
Human Resources
Development
Product Innovation
Financials
Wismilak Culture and Value Mature Organization
Premium Brand Image Channel Alliances
Product Quality
6
COMPANY MILESTONES
2000 – 2006 (GD & GJ) Ø 2000 : Initiated slim-sized HC cigarettes Ø 2000 : Launch of Wismilak Premium Cigars Ø 2002 : The Bojonegoro facility for HC
production started its operation Ø 2004 : Received AMDAL certification Ø 2005 : Launch of mild-size MC cigarettes Ø 2006 : Achieved an ISO 17025 certification
for its laboratories
2006 – 2008 (WIM) Ø 2006 : Started filter rods production
for regular-size cigarettes Ø 2007 : Invested in new Hauni
machinery Ø 2008 : Started filter rods production
for mild-size cigarettes
1963 PT Gelora Djaja (GD) was established by Lie Koen Lie and Oei Bian Hok in Petemon, Surabaya as HC producers
1979 - 1983 Ø 1979 : PT Putri
Gelora Djaja (PGD) was established
Ø 1983 : PT Gawih Jaya (GJ) was established in Surabaya
1987 – 1988 (GD) Ø GD expanded its
operations into Buntaran
Ø The first production of MC cigarettes
1993 - 1995 Ø 1994 : PT Galan Gelora
Djaja (GGD) was established
Ø 1994 : PT Wismilak Inti Makmur (WIM) was established
Ø 1995 : GJ established its Logistic division
2008 – 2012 Ø 2008 : Commenced
construction of a modern facilities plant at Buntaran
Ø 2010: Launch of Galan Mild Ø 2010 : GJ established its Field
Marketing division Ø 2012 : Divestment of PGJ by
WIM, Launch of Diplomat Mild,
Listing IDX (WIIM)
Now Ø WIM has 4 production lines, with the fourth line
commencing operation on December 2012 Ø GJ has a national coverage encompassing 17
branches, 5 stock points, 29 agents, and managing more than 800 sales arms
Ø GD has both primary and secondary modern facilities with continuous growth
7
CORPORATE STRUCTURE
PT WISMILAK INTI MAKMUR TBK
PT GELORA DJAJA PT GAWIH JAYA
Central Tower Capital Pte.
Ltd.
Dipoyono Winarko Gaby Widjajadi Gitawati
Winarko
Gunarwan Winarko
Indahtati Widjajadi Ronald Walla Stephen Walla Sugito Winarko
22,48% 0,97% 9,34% 1,94%
0,97% 7,64% 9,70% 9,70% 7,26%
PUBLIC
99,86% 99,88%
30,00%
PT GALAN GELORA DJAJA
99,88% Inactive
8
INVESTMENT HIGHLIGHTS
INVESTMENT HIGHLIGHTS
Premium brand equity, product and corporate image
Supported by an experienced management team which has been in the cigarette industry for more than 30 years
Solid financial capability with high growth
The promising growth of the Indonesian cigarette
industry
The Company has an extensive distribution network and a strategic
alliance with Tobacco Japan 10
BUSINESS OPERATIONS
MAIN BUSINESS OPERATIONS
PT WISMILAK INTI MAKMUR TBK
Ø Holding Company of of PT Gelora Djaja (cigarette producer) and PT Gawih Jaya (distributor).
Ø Involved in the production of filter rods and OPP sheets, sold to PT Gelora Djaja and other external parties.
PT GELORA DJAJA
Ø Produces Premium Brand cigarettes under the umbrella brand of Wismilak and Galan, in categories:
• HC: Regular dan Slim • MC: Regular dan Mild
Ø Produces Wismilak Premium Cigars since 2000 with the following variety: Robusto, Corona and Petit Corona.
Ø All of PT Gelora Djaja’s products are distributed by PT Gawih Jaya and driven by the innovative Marketing Department team.
PT GAWIH JAYA
Ø Involved in the distribution of cigarette products that are produced by PT Gelora Djaja and other external parties to wholesalers and retailers (traditional and modern outlets).
Ø Maintains products’ attractiveness at outlets (availability, visibility, products freshness, point-of-sales, material etc.) with the support of its Field Marketing division. 12
PRODUCTS
HC
MC CIGARS
CORONA PETIT CORONA ROBUSTO
GALAN KRETEK Available in 12’s and 16’s
GALAN KRETEK SLIM Available in 16’s
WISMILAK SPECIAL Available in 12’s
WISMILAK SLIM Available in 12’s and 16’s
WISMILAK DIPLOMAT Available in 12’s, 16’s,
20’s & 50’s
GALAN MILD Available in 16’s
DIPLOMAT MILD Available in 16’s
13
PRODUCT SALES
• Over 80% of the Company’s sales are from MC cigarettes, while HC cigarettes account for around 10% of the Company’s sales. • Sales of MC Mild products have grown faster than other products.
14
PRODUCTION CAPACITY
15
PRODUCTION VOLUME
16
PRODUCTION PROCESS
17
PRODUCTION FACILITIES
1. Primary & Blending The primary processing is performed in the Jl. Buntaran No. 9 facility, with a total building area of 13.002 m2
2. MC Secondary Processing The MC secondary processing is performed in the Jl. Buntaran No. 9 facility, with a total production area of 3.990 m2.
3. Research & Development The R&D takes place in the Jl. Buntaran No. 9 facility, on an area of 2500 m2, complete with laboratories with machinery such as the Smocking Machine (Linear from Cerulean, Rotary from Borgwaldt) also the Auto Analyzer dan the Gas Chromatography machine. The R&D division is also responsible for the quality assurance of the Company’s products.
Production of Filter Rods and OPP Sheets are performed in the Jl. Buntaran No. 9A facility, with a total building area of 3.024 m2. The annual production capacity is 800 million regular size filter rods, 1,2 billion mild size filter rods, and 88 million OPP Sheets.
HC Secondary Processing, with a total production area of 8.352 m2.
HC Secondary Processing, with a total production area of 1.380 m2.
JL. SRATUREJO No. 99, BOJONEGORO
JL. BUNTARAN NO. 9, SURABAYA JL. BUNTARAN NO. 9A,
SURABAYA
JL. BUNTARAN NO. 18, SURABAYA
18
DISTRIBUTION AND MARKETING Ø PT Gawih Jaya, a subsidiary of the Company specializing in the marketing and distribution of cigarettes, in entirely responsible for
the marketing and distribution of the Company’s products.
Ø The distribution of the Company’s products uses both land and water ways, starting from the Company’s finished goods warehouses in the Surabaya and Bojonegoro facilities.
SALES SCHEME – TRADITIONAL MARKETS SALES SCHEME – MODERN TRADE
PT GAWIH JAYA
AGENT
WHOLESALER
SEMI WHOLESALER
RETAILERS : SHOPS, STORES, KIOSKS, STANDS, TAVERNS, STALLS
CONSUMERS
WHOLESALER SEMI WHOLESALER
SPG PROGRAM
PT GAWIH JAYA
HYPERMARKETS, SUPERMARKETS, CONVENIENCE STORES, OTHER MODERN IMMEDIATE CONSUMPTIONS
CONSUMERS
19
The Company’s marketing area encompasses all the major Indonesian islands: Sumatra, Java, Kalimantan, Sulawesi, Bali, Nusa Tenggara, Maluku and Papua. The Company’s marketing network includes 17 branch offices, 5 stock points and 29 selling agents.
Medan
SUMATRA
Banda Aceh
Padang Sidimpuan
Padang
Pekanbaru
Jambi
Palembang
Lampung Nabire
Ambon
Ternate
MALUKU
SULAWESI
Manado Toli-Toli
Palu
Pare-Pare
Makasar
Bau-Bau
Sumbawa Besar
Kota Baru
KALIMANTAN
Balikpapan
Samarinda
Berau
Tarakan
Palangkaraya
Sampit Pangkalan Bun
Pontianak
Tanjung Pandang
Mataram
Bali
Jakarta* Cirebon
Bandung Yogyakarta
Solo
Semarang
Pati
Malang Jember
Surabaya*
Pamekasan Bogor
Tanjung Pinang
Purwokerto
Banjarmasin
JAWA
NUSA TENGGARA
Kendari
PAPUA
MARKETING AREAS
Tangerang
Pematang Siantar
Batam
Pangkalan Baru
* 2 (two) branch offices in Jakarta
Legend:
Branch offices
Agents
Stock points
20
BUSINESS STRATEGIES As one of the biggest cigarette producers in Indonesia, the Company has a multitude of opportunities in several cigarette markets in the country. Therefore, the Company has made a continuous effort to improve and develop its business by implementing several strategies, which generally include:
Improving the quality, marketing, and
distribution systems of the Company’s
products.
Continuously improving the quality of its human resources in order to
anticipate and to prepare for future developments in
the industry.
Improving the internal and external
communication relations which are essential to the Company’s performance
& growth.
Focusing on HC & MC cigarette products, with special attention on the
growth of the mild MC sector, but also opening up to opportunities in the MC regular and HC sectors.
21
COMPETITIVENESS ADVANTAGE
PREMIUM QUALITY AND INNOVATIVE PRODUCTS
SEGMENTED PRODUCT AND MARKET ORIENTED
EXTENSIVE DISTRIBUTION NETWORK
STRONG PREMIUM BRAND & CORPORATE IMAGE
22
AWARDS & ACHIEVEMENTS
THE OFFICE OF SUPERVISION & SERVICES TYPE A2 JUANDA
Most Active Tobacco Company (3rd Category) (2007)
INDONESIAN MUSEUM OF RECORDS
Initiator and Organizer of Indonesia’s Largest Cigar (2010)
SWA QASA MIX
The Most Powerfull Distribution Performance (2009)
Below are some of the Company’s awards and achievements over the years:
NATIONAL ACCREDITATION COMMITTEE
Sertifikasi ISO 10725 (2009) : - LP-327-IDN - LK-108-IDN
23
CIGARETTE INDUSTRY OVERVIEW
INDONESIAN DEMOGRAPHY
INDONESIAN POPULATION PROPORTION OF SMOKERS
65
70
75
80
85
90
Population Over 15 Years Old by Gender
(in million of people)
Men Women
Source : BPS
63%
37%
Men
Source : Basic Heallth Research
5%
95%
Women
Smoker
Proportion of Smokers vs Non-smokers by Gender in 2010
25
CIGARETTE CONSUMPTION
Ø Indonesian cigarette consumptions have increased at a CAGR of 4.2% between 2006 – 2011 Ø Generally, people spend around 5-7% of their monthly income to buy cigarettes Ø Indonesian cigarette price is lowest compared to its regional peers at USD 0.7 per pack
Low Price, Inelastic Demand
Source : cigarettesprice.net Source: Euromonitor International
220 238 240 247 252 270
0
100
200
300
2006 2007 2008 2009 2010 2011
Indonesian Cigarette Consumptions (in billion sticks)
26
0.7 3 2.2 2 1.6
9
0 2 4 6 8 10
Average Price of Cigarette in the Region (in US Dollar)
MARKET SHARE
MARKET SHARE OF COMPANY PRODUCTS
Company MC to Total MC
Major cities in Central Java 5%
Major cities in East Java 4%
North Sumatera 11%
Company HC to Total HC
Medan 10%
Yogyakarta 5%
Malang 3%
Pontianak 5%
Company Cigars to Total Premium Cigars 16%
Traded Filter 25%
27
FINANCIAL HIGHLIGHTS
CIGARETTE & FILTER SALES
Ø The rapid increase in consolidated sales for the year 2011 was primarily due to positive response from consumers following the launch of several MC products in earlier years.
Ø Most of filter sales were sales of regular filters.
CONSOLIDATED NET SALES (IDR Billions)
RAPID INCREASE IN CIGARETTE SALES
COMPOSITION OF NET CONSOLIDATED SALES (IDR Billions)
CONTRIBUTION OF NET CONSOLIDATED SALES
CIGARETTE AND FILTER SALES
30
INCOME STATEMENT HIGHLIGHTS
EBITDA (IDR Billions)
31
INCOME STATEMENT HIGHLIGHTS
COMPREHENSIVE NET INCOME(IDR Billions)
32
COMPREHENSIVE NET INCOME Excluding Profit Sales Land & Building
(IDR Billions)
BALANCE SHEET HIGHLIGHTS
Ø The biggest components of the Company’s assets are the inventory, mainly comprising of raw materials, and the fixed assets.
Ø The Asset and Equity increase in December 2012 was primarily caused by IPO fund raised net IDR 366 billions.
ASSET & EQUITY (IDR Billions)
33
FINANCIAL RATIOS
34
“BERSAMA MERAIH SUKSES”
PT WISMILAK INTI MAKMUR TBK Grha Wismilak Jl. Dr. Sutomo 27 Surabaya 60264 Telepon : +62 31 2952899 Faksimili : +62 31 2952800 Website : www.wismilak.com
THANK YOU