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INDOCEMENT Public Expose FY2020 Financial Result March 19, 2021

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INDOCEMENT Public Expose FY2020 Financial Result March 19, 2021 INDOCEMENT Public Expose FY2020 Financial Result March 19, 2021 Slide 1 Indocement Public Expose 2021 AGENDA Indonesia Cement Industry Financial Update Full Year 2020 Investment Strategy Cement Market Outlook HR, Good Works & Awards Q & A Slide 2 Indocement Public Expose 2021 INDONESIA CEMENT INDUSTRY AT GLANCE Strong footprint in West Java as key advantage for Indocement National Cement Consumption 55.9% 54.2% FY2019 FY2020 Capital City : Jakarta 20.5% 22.0% 8.9% Population : ~271 Million 6.4% 6.3% 8.7% 8.6% 8.5% Indonesia Density : 149/km2 Facts GDP Annual : -2.07%% (2020) Java Sumatera Kalimantan Sulawesi Others GDP Per Capita : USD 3,912 (2020) IDR/USD Rate : ~14,000 No. of Companies : 16 Cement Capacity : ~120 MTY ITP Cement Capacity : 24.9 MTY Cement Domestic Consumption : 62.7MT (2020) Industry Bag - Bulk Ratio : ~75-25 Cement Consumption : ~238 kg/capita Main Players : Semen Indonesia, Indocement, Conch, Bosowa, Cemindo 24.9 MT CEM Capacity 2.8 MT AGG Capacity 9 CEM Terminals 40 RMC Plants Slide 3 Indocement Public Expose 2021 INDONESIA CEMENT LANDSCAPE 2020 Kalimantan: 6.1 Sumatera: 16.9 5% Sulawesi: 14.1 46 49 4% 7% % % 23% 11% 31% 52% Indonesia: 115.2 16% 55% (in million ton per annum) Growth FY2020 -10.4% <=0% East Indonesia: 1.9 >0%<=5% 21% 7… >5%<=10% West Java: 45.7 >10%<=15% 6% 10% Central Java: 8.2 Capacity Distribution (pie charts): 11% 4% East Java: 22.4 >15% 3% 22 Semen Indonesia Hongshi 41 2% % 8%4% Solusi Bangun Indonesia Jui Shin 13% % 4% 37 16% Indocement Semen Kupang 4% 49% % Conch Semen Baturaja 66% Semen Bosowa Semen Semeru Semen Merah Putih Puger Semen Bima Other Slide 4 Siam Cement Indocement Public Expose 2021 INDONESIA CEMENT CAPACITY SHARE Capacity in million tons per annum 114 115 1. Semen Indonesia + SBI (Ex Holcim): 44% 107 111 94 2. Indocement: 21% 76 3. Conch: 10% 76 76 74 76 4. Bosowa: 6% 68 5. Cemindo Gemilang (MP): 5% 64 6. Semen Baturaja: 3% 12 12 12 12 10 7. Panasia: 2% 6 20 21 24 27 4 15 8. Siam Cement: 2% 2015 2016 2017 2018 2019 2020 9. Juishin: 2% Top 2 Incumbents (ITP, SI) 10. Semen Kupang: <1% 2nd Tier Incumbents (SBM, SB, SK, Puger) Puger, Hao Han, Sun Fook and Semen Jakarta: 2% Recent Entrants (MP, JSI, SJW, STA, CCI, HS) (few currently are halted but included for total capacity purpose) *Data above shows Estimated Capacity in mio ton & % Capacity Share Source: Asosiasi Semen Indonesia Capacity grew about 1% in 2020 Slide 5 Indocement Public Expose 2021 CEMENT MARKET EVOLUTION The pandemic slams the market back to a contraction point in 2020 97.9% 95.1% LHI Pandemic 93.2% Economy Indocement 91.9% 92.9% Acquisition Crisis 128.4 88.7% 123.8 125.3 Crisis Acquisition by 87.1% By SIG 120.5 122.4 84.6% 81.8% HeidelbergCement 81.7% 113.9 115.2 78.9% 80.2% 110.6 75.1% 107.1 71.2% 94.3 68.3% 65.7% 63.6% 62.9% 63.0% 61.9% 61.4% 61.4% 59.2% 57.0% 58.0% 57.1% 54.6% 75.9 54.4% 54.1% 69.5 80.8 47.5% 77.0 62.4 42.3% 59.8 73.3 40.1% 69.6 69.9 69.8 54.1 66.3 65.2 50.9 62.0 62.0 62.7 47.5 47.5 47.5 48.7 60.5 47.0 47.0 47.1 46.1 45.5 58.0 45.1 44.9 45.0 55.0 33.6 48.0 40.8 27.3 38.1 38.4 22.6 24.1 Additional Capacity from Existing Demand 31.9 34.2 30.2 31.5 Players (2013-18): 10 MT 25.5 27.5 25.7 27.1 27.5 Capacity 21.5 23.6 22.3 19.1 18.8 Additional Capacity from 8 New Entrants (2013-18): 24.7 MT Utilization 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21f 22f 23f 24f 25f Source: Industrial Ministry & INDONESIA Cement Association CAGR ‘07A-10A ‘10A-13A ‘13A-16A ‘16A-19A ‘19A-22F ’22F-25F and Internal Indocement Projection data Demand 6.1% 12.5% 2.2% 4.1% 0.0% 5.0% Slide 6 Capacity 3.8% 7.1% 14.7% 6.5% 2.4% 0.8% Indocement Public Expose 2021 TOTAL VOLUME FOR 2020 DECLINES -10.4% Despite 2019 growth of +0.7% 7,344 6,819 7,188 7,088 Covid-19 started 6,533 6,777 by mid Mar-20 6,423 6,471 6,526 5,696 6,176 6,233 5,671 6,408 6,416 6,106 6,101 5,624 5,869 - 9.4% - 15.1% 5,205 5,337 +29.3% 5,454 - 13.9% 5,738 5,208 5,195 5,166 - 8.5% 4,884 4,816 4,863 - 14.9% - 12.1% - 7.4% 4,821 4,810 4,597 4,535 2018 -6.9% 3,762 - 5.8% - 5.9% 3,152 3,317 2019 - 39.3% 2020 Fasting Season volume in k ton Holiday 2020 Q1 Q2 Q3 Q4 2020 H1 +31% 2020 H2 Source: Asosiasi Semen Indonesia 27,165 35,576 2019 H1 +38% 2019 H2 29,424 40,569 2018 H1 +31% 2018 H2 30,052 39,489 Slide 7 Indocement Public Expose 2021 JAVA-OUTSIDE & BAG-BULK MARKET Volume in 000 ton Java 82% - Bag Bag 71% - Java Outside Java 18% - Bulk 84% - Bag (-5.4% YoY) Bulk 29% - Outside Java 68% - Java 44% 44% 16% - Bulk (-14.3% YoY) 27% 27% 32% - Outside Java 44% 26% 18,769 18,897 46% 45% 24% 16,938 23% 30,531 30,863 28,885 14,794 14,702 28,194 28,722 73% 74% 73% 76% 56% 56% 56% 54% 55% 77% 51,153 46,845 49,412 50,772 48,040 39,010 39,187 33,446 37,464 34,020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 66% - Bag 70% - Bag (-6.8% YoY) 50% - Java 50% - Java 34% - Bulk 30% - Bulk (-25.4% YoY) 50% - Outside Java 50% - Outside Java • Bag market proves to be more resilient in 2020 with current market portion of 77% vs. YTD 2019 of 73% • Bulk market suffers all year from heavy rainfalls during the first 2 months of 2020 then followed by impact of covid-19 Slide 8 Indocement Public Expose 2021 AGENDA Indonesia Cement Industry Financial Update Full Year 2020 Investment Strategy Cement Market Outlook HR, Good Works & Awards Q & A Slide 9 Indocement Public Expose 2021 FINANCIAL HIGHLIGHT 2019 2020 Resilient Financial Position! Operational Result Decrease -9.7% Decrease -11.0% Net Revenues % decreased more than sales volume due to blend-in effect of consolidation lower average selling price 18,955 15,939.3 14,184.3 Cost of Revenues decreased by 13.1% due to lower volume and 17,108 continuous savings in Fuel & Power Resulted in improvement of Gross Profit by 160bps from 34.5% to 36.1% Sales Volume (k ton) Net Revenues (IDR bio) Operating Income improved by 120bps from 12.0% to 13.2% Financial (IDR bio) Increase +4.9% Decrease -1.6% EBITDA improved by 350bps from 19.6% to 23.1% 3,278.0 3,123.7 1,835.3 1,806.3 Profit for the Year is IDR 1,806.3 bio, -1.6% lower from 2019 but smaller % reduction compared to Revenues due to continuous cost saving efforts Maintain strong Cash Position at IDR 7.7 trn with 0 debt EBITDA Profit for the Year Slide 10 Indocement Public Expose 2021 CONSOLIDATED STATEMENT OF INCOME FY 2020 FY 2019 Variance Description Bio IDR Bio IDR Bio IDR % Total sales volume (thousand tons) 17,108 18,955 -1,847.0 -9.7% • Revenues decreased by -11.0% higher than sales Domestic Sales Volume (thousand tons) 16,926 18,831 -1,904.5 -10.1% Export Sales Volume (thousand tons) 181 124 57.5 46.5% volume decreased of -9.7% due to blend-in effect Net Revenues 14,184.3 15,939.3 -1,755.0 -11.0% 1 of lower overall average selling price by -1.4% Cost of Revenues -9,070.8 -10,439.0 1,368.3 13.1% 2 Gross Profit 5,113.6 5,500.3 -386.8 -7.0% • Cost of Revenues decreased by 13.1% driven % of Net Revenues 36.1% 34.5% mainly by lower volume and: Operating Expenses -3,153.5 -3,503.2 349.7 -10.0% Lower overall fuel & power cost/ton of -10.9%: Other Operating Expense - Net -84.1 -92.0 7.9 -8.6% 3 Operating Income 1,875.9 1,905.1 -29.1 -1.5% Overall lower unit price of coal vs. 2019 % of Net Revenues 13.2% 12.0% Higher usage of LCV coal EBITDA 3,278.0 3,123.7 154.3 4.9% Higher usage of alternative fuels % of Net Revenues 23.1% 19.6% Finance Income - Net 257.4 352.5 -95.1 -27.0% 4 • Lower Other Operating Expense – Net was mainly Share of Net Profit of Associates - Net 15.3 17.2 -1.9 -11.1% due to one-off impairment cost in 2020 Final Tax -0.3 -0.4 0.1 16.0% Profit before Income Tax Expense 2,148.3 2,274.4 -126.1 -5.5% • Lower Finance Income – Net was due to overall Income Tax Expense - Net -342.0 -439.1 97.1 -22.1% lower interest rate vs.
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