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PUBLIC EXPOSE September 11, 2025
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PUBLIC EXPOSE
• GG Profile
• Management
• Premium Quality Products
• Corporate Sustainability
• Cigarette Industry & GG Volume Development
• Company Financials
• Impact of Excise Duty Increases
• Outlook
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GG PROFILE
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B OA R D O F D I RE C TO RS There have been
no changes to the
Board of Directors
President Director since 2022
SUSILO WONOWIDJOJO
Vice President Director
INDRA GUNAWAN WONOWIDJOJO
Director Director Director Director Director Director Director
ISTATA SONY
HERU HERRY ANDIK HAMDHANY SLAMET
TASWIN SASONO
BUDIMAN SUSIANTO WAHYUDI HALIM BUDIONO
SIDDHARTA RAHMADI
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B OA R D O F C O M M I S S I O N E RS A new Independent
Commissioner
appointed.
President Commissioner
JUNI SETIAWATI WONOWIDJOJO
Independent Commissioner Independent Commissioner Independent Commissioner
FRANK WILLEM GOTAMA HANLIM
VAN GELDER HENGDRATSONATA SUPRIANTO
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P R E M I U M Q UA L I T Y Comprehensive coverage – new variants in the
SKT and SKM segments.
P RO DU C T S
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C O R P O R AT E S U STA I N A B I L I T Y
Corporate Social Responsibility, Company Health & Safety
/ Environmental Responsibility
President Commissioner
J U•N IOngoing
SETIAW programmes:
ATI WONOW social
I D J Oneeds,
JO education, beliefs, greening
• Health, Safety & Environment (HSE) standards maintained (SMK3)
• Electricity/water usage reduced / progress continues on energy
management
• Constant air quality and waste management monitoring
• BLUE PROPER rating from Ministry of Environment & Forestry
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CIGARETTE
INDUSTRY &
GG VOLUME
DEVELOPMENT
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I N D U ST RY SA L E S VO LU M E BY S EG M E N T
( 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 ATA )
Full year 2022 to 2024
258.5 bn
249.3 bn 3.7% increase 244.3 bn Jan-Jun 2024 and 2025
3.7% increase 5.5% decline
4.6%
SPM & SPT 4.6%
4.4%
SKM LT 21.4% 25.5%
23.1%
122.6 bn
112.8 bn
5.7% decline
SKM HT 51.3% 42.8% 41.4% 7.9% decline
4.4%
4.4%
23.6% 22.5%
41.8% 41.0%
27.1% 31.1%
SKT & SKL 22.7%
30.1% 32.1%
2022 2023 2024 Jan-Jun 2024 Jan-Jun 2025
Notes: Figures may not foot due to rounding 9
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INDUSTRY SALES VOLUME: Change Jan-Jun 2025 vs Jan-Jun 2024
(SOURCE: NIELSEN CURRENT MARKET DATA)
Depressed buying power due to stagnant salaries and higher cost
Overall Decline 7.9% of living. The Indonesian economy is not isolated from the impact
of geopolitical tensions.
SKT relatively less affected by weaker buying power. SKT
SKT & SKL Decline 2.1%
remains cheaper due to lower excise duty.
SKM HT Decline 9.7%
SKM segment - higher price increases due to higher excise
duty - remains most impacted in total sales volume.
SKM LT Decline 12.0%
SPM &
Decline 9.6% Less than 5% of the total market.
SPT
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G G VO LU M E D E V E LO P M E N T
Sales mix by volume:
61.4 bn
25.6% decline Full year 2023 and 2024
SKM LT 0.4 0.7% 53.1 bn Jan-Jun 2024 and 2025
13.5% decline
0.3 0.6%
27.8 bn
SKM HT 52.5 85.5% 14.4% decline 23.7 bn
44.7 84.1% 0.2 0.6% 14.9% decline
0.1 0.6%
23.4 83.9%
20.1 85.0%
SKT & SKL 8.4 13.7% 8.1 15.3%
4.3 15.5% 3.4 14.4%
2023 2024 Jan-Jun 2024 Jan-Jun 2025
Notes: Figures may not foot due to rounding 11
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COMPANY
FINANCIALS
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G U DA N G G A R A M P E R F O R M A N C E H I G H L I G H TS
( U N A U D I T E D ) 6 M O N T H S D ATA
Income Statement highlights Jan - Jun
& Margin Analysis (Rp billions Comments
unless otherwise stated) 2024 2025
Down 11.3% primarily due to 14.9% decline in sales volume in line
Sales Revenue 50,019 44,369 President Commissioner
with overall decline in industry volume.
JUNI SETIAWATI WONOWIDJOJO
Cost of Revenue (44,950) (40,581) Down 9.7% in line with lower sales volume.
Gross Profit 5,069 3,788 Lower sales volume and increase in excise duty not accompanied by
Gross Margin (%) 10.1% 8.5% proportional sales price increases.
Operating Expenses (Selling,
3,664 3,419 Down 6.7%. Well contained.
General & Administrative)
Interest Expense 363 219 Debt levels well managed.
Profit 926 120 Reflects lower volume indicative of stagnant buying power and
Profit Margin (%) 1.9% 0.3% availability of cheaper alternatives, therefore lower profitability.
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I N CO M E STAT E M E N T: K E Y C O M P O N E N T S
ALL SHOWN AS % OF REVENUE
Revenue 119.0 tr As buying power remains depressed, the
benefits of zero excise increases for 2025
have yet to fully contribute towards
98.7 tr
recovery in profitability.
Cost of Revenue – 73.3 61.6%
Excise Duty
73.6 74.6%
50.0 tr
44.4 tr
Cost of Revenue - 38.2 76.3%
Others 31.1 26.1% 32.9 74.1%
15.6 15.9%
Operating Expenses 13.5% 17.3%
7.3 6.2% 7.8% 6.8 7.7
7.7 7.3% 7.7%
Profit 5.3 4.5% 1.0 1.0% 3.7 0.9 1.9% 3.4 0.1 0.3%
2023 2024 Jan-Jun 2024 Jan-Jun 2025 14
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FINANCIAL POSITION: Audited Year End 2024
ASSETS (Unaudited) 30 June 2024 and 2025
Rp billion Year End 2024 30 June 2024 30 June 2025 YOY 30 June
2024/2025 (Δ%)
President Commissioner
Cash 3,706 3,988 3,970 (0.4%)
JUNI SETIAWATI WONOWIDJOJO
Receivables 1,841 2,184 1,670 (23.6%)
Inventories 40,426 42,248 37,034 (12.3%)
Other Current Assets 1,618 1,509 567 (62.4%)
Total Current Assets 47,591 49,929 43,241 (13.4%)
Fixed & Other Non-Current Assets 37,348 37,819 36,560 (3.3%)
Total Assets 84,939 87,748 79,801 (9.1%)
Notes: Figures may not foot due to rounding 15
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FINANCIAL POSITION: Audited Year End 2024
LIABILITIES & EQUITY (Unaudited) 30 June 2024 and 2025
Rp billion Year End 2024 30 June 2024 30 June 2025 YOY 30 June
2024/2025 (Δ%)
Short Term Bank Loans 9,375
President Commissioner 8,456 5,205 (38.4%)
JUNI SETIAWATI WONOWIDJOJO
Payables (including taxes) 1,337 958 633 (33.9%)
Excise Duty, VAT & Cigarette Tax Payables 8,407 12,522 8,844 (29.4%)
Other Liabilities 3,904 4,023 4,044 0.5%
Total Liabilities 23,023 25,959 18,726 (27.9%)
Shareholders Equity incl. Retained Earnings 61,917 61,788 61,075 (1.2%)
Total Liabilities & Shareholders’ Equity 84,939 87,748 79,801 (9.1%)
Total Liabilities/Equity 37.2% 42.0% 30.7%
Notes: Figures may not foot due to rounding 16
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IMPACT OF EXCISE
DUTY INCREASES
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E XC I S E D U T Y DI F F E R E N T I A L S : between SKM & SKT
Excise duty (Tier 1 producers) for SKM have grown faster than for SKT: rising from a difference of
1.9 times to 2.9 times higher: a cumulative increase of over 100% between 2019 and 2024.
Excise Duty, VAT & Cigarette Tax per 12 stick pack in Rp. 18,935
16,976
15,267
13,274
11,624
9,221 9,221
8,316
6,250 6,623
5,466 5,466 5,903
4,499 4,893 4,893
2017 2018 2019 2020 2021 2022 2023 2024
Source: Company Annual Reports SKM SKT 18
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T H E I M PAC T O F E XC I S E D U T Y I N C R EA S ES
• Excise duty differentials: excise duty on SKM Tier 1 producers has doubled
over 5 years (2019 to 2024), driving up cigarette prices at a time when
buying power has remained depressed resulting in a decline in industry
volume by 5% (based on Nielsen data).
• Increased cigarette prices are causing consumers – particularly those with
middle-lower incomes to migrate to cheaper alternatives such as the SKT
segment, products from smaller producers and cigarettes without excise
duty.
• SKT market share has grown from 17% to 31% of a smaller market over 5
years (2019 to 2024) (based on Nielsen data).
• Government excise revenue targets in 2023 and 2024 were not achieved.
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OUTLOOK
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O UT LO O K
1. Stagnant buying power has impacted the ability of producers to adjust for the
significant increases in excise duty. Increasing prices to recover profitability when
buying power continues to be depressed risks market share as smokers will migrate to
cheaper alternatives. Gudang Garam has introduced new SKT variants in 2024.
2. A zero increase in excise duty for 2025 is welcomed after a cumulative increase of over
100% in excise duty over the post COVID period. Prudent future excise duty
adjustments, containment of cigarettes without excise duty and betterment of buying
power will help the recovery of the cigarette industry.
3. Indonesia is experiencing slower economic growth, and, going forward, is not immune
to geopolitical conditions.
4. Gudang Garam is committed to full regulatory compliance, sound corporate
governance and consistent, reliable supply of quality products to customers throughout
Indonesia.
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PUBLIC EXPOSE
THANK YOU
22
Names mentioned 3 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Ministry of Environment & Forestry
p.7
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