Source file signed link, expires in 15 minutes
Extracted text 16
Page 1
Optimizing Capabilities to Lead The Market Public Expose 2024 | PT Semen Indonesia (Persero) Tbk
Page 2
Company Profile Company Lines of
Milestones Business
2022
#1 Integrate PT Semen Baturaja
Largest cement through rights issue
producer in Indonesia transaction
2019
Cement Cement End-to-end
56.5 MT p.a. Acquired PT Holcim
Indonesia to solidify market Manufacturing Downstream Businesses
Largest designed dominance, renamed as
cement production Solusi Bangun Indonesia
Businesses
capacity in Indonesia
2013 ✓ 6+1 Brands, ✓ Readymix ✓ Mining
Transformation to strategic Strong Concrete ✓ Packaging
~50% holding, renamed as Semen presence in ✓ Mortar ✓ Waste
Largest domestic Indonesia Indonesia
✓ Precast Management
market share 2012 ✓ Multipurpose
Acquired Thang Long Cement ✓ Logistic
Cement
Company from Vietnam for ✓ IT Services
Gold & Green global reach ✓ Special
PROPER rating by Application ✓ Industrial Estate
SIG
Indonesia Ministry of 1995 Cement
Environment & Forestry Consolidated with PT Semen
Padang & PT Semen Tonasa,
became largest national
Shareholders cement producer
51% 19% 30% 1991
First SOE to be listed in
Government of Indonesia Jakarta Stock Exchange Green Label certification Self-Declaration of Sustainable production
National Public 1957 from Green Product EcoLabel from Ministry of process from Ministry of
Council Indonesia (GPCI) Environment & Forestry Industry
Foreign Public Established as PT Semen
Gresik
1
Page 3
Extensive Distribution Network across Indonesia & the Region
Integrated Grinding
Production & Vietnam
Cement Plants Packing Plants
Plants
Distribution Facilities Quang Ninh Plant - Vietnam Lhokseumawe Banjarmasin Ho Chi Minh
Capacity: 2.3 MT/Year Malahayati Balikpapan Kuala Indah
Lhoknga Plant Belawan Samarinda Dumai
Cigading
9 7 Capacity: 1.8 MT/Year
Indarung Plant
Dumai
Batam
Makassar
Mamuju
Ciwandan
Gresik
Integrated Plant Ports Capacity: 8 MT/Year Teluk Bayur Palu
Palembang
Bengkulu Biringkassi
Locations Narogong Plant Panjang
Palembang Kendari
Capacity: 6 MT/Year Lampung Bitung
26 8 Rembang Plant
Capacity: 3 MT/Year
Ciwandan
Tanjung Priok
Celukan Bawang
Maluku Utara Ports
Packing Plant Grinding Cilacap Plant Banyuwangi Ambon
Locations Plants Capacity: 3.4 MT/Year Pontianak Sorong
Thang Long Port
Tuban Plant Lhoknga
Capacity SI: 13.5 MT/Year Dumai
Capacity SBI: 3.6 MT/Year Teluk Bayur
Tuban
Pangkep Plant
Gresik
Capacity: 7.4 MT/Year
Biringkasi
Distribution Baturaja Plant
Capacity: 3.9 MT/Year
Channels
North Sulawesi
Aceh
Papua
385 North Sumatra
East Kalimantan
Maluku
Distributors
Central Sulawesi
Southeast Sulawesi
West Kalimantan
>70,000 West Sumatra
South
South
Sulawesi
Sulawesi
Retail
Stores Bengkulu
South Sumatra
Lampung
East Java
Central Java
West Java
2
Page 4
CEMENT SECTOR UPDATE
Industry supply & demand will be driven by potential growth of retail
and infrastructure projects
Domestic cement capacity vs demand Cement Demand Drivers
(MT) Bag (~70% of demand)
Housing Payment Liquidity Facility
119.1 122.1 Property & Housing developments (FLPP)
(K unit)
220
200
179
100.0 CAGR
~1% 9.95 million 167
Estimated annual units 109
CAGR +3 up to 4% pop. growth from Backlog national 78
65.5 58
+3.5% 270 million housing
Indonesia pop. in construction per
+4.3% +3.5% +2%E
50.0 -10.3% -3.3% 2021 2023
2018 2019 2020 2021 2022 2023 2024
Source: BPS & Ministry of Public Works & Housing
Capacity Demand
Bulk (~30% of demand)
This anomaly was mainly contributed from soft bag demand due to a shift in household Infrastructure developments Government Infrastructure Budget
spending priorities and inflation of goods and services (Trillion IDR)
1H24 1H24
Market Share Capacity Share
High Budget Allocation for 401 410 415 423 417 366 392 422
Infrastructure up to 2024 290 317
Semen Indonesia* 49.1% 44.4% Based on National Dev. Plan
Only 4 players
Indocement** 28.8% 27.9% 2020-24
cover ~92%
Conch 7.0% 7.1%
Merah Putih 6.4% 8.7% demand 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Singa Merah 3.2% 5.0% 15 12
Jui Shin 1.9% 1.5% players players Cement Needs for New Capital
Semen Jawa (SCG) 1.8% 1.5% 2021 End of 2023 (Million Ton)
Semen Bima (STAR) 1.8% 1.5%
• Semen Baturaja
23.6 million ton 8.9
Semen Kupang*** 0.0% 0.3% Potential Cement Demand 6.6
integrated into SIG
Semen Serang N/A 0.8% 5.5
• Bosowa leased their for New Capital
Semen Jakarta N/A 1.0% facilities to Indocement 2.7
Hippo N/A 0.4% • Indocement acquired
Semen Grobogan 2024-29 2030-34 2035-39 2040-45
*including Semen Baturaja Source: Demand data up to 2024 from Indonesia Cement Association. Demand forecast from Indonesia Cement Association
**including Semen Bosowa & Semen Grobogan and SIG calculations (~4% CAGR). New Capital investment from E-Monitoring PUPR, Web-based demand estimation, UU RI
***only produce cement, trading by SMGR No.3 2022. 3
Page 5
CEMENT SECTOR UPDATE
Distribution of supply and demand in Indonesia
Sumatra Kalimantan Sulawesi East Indonesia
Capacity (mio ton)
Capacity (mio ton) Capacity (mio ton) Capacity (mio ton)
Indocement (I) 2.6
SIG (I+GP) 14.5 SIG (I) 7.4 Conch (I) 1.5
Conch (I) 3.0 Semen Bosowa (I) 4.2
Merah Putih (GP) 1.9 Total capacity 1.5
Singa Merah (I) 3.0 Conch (I) 2.0
Total capacity 16.4 Demand 2.3
Merah Putih (GP) 1.0 Total capacity 13.6
Demand 14.2 Capacity Demand
Total capacity 9.6 Demand 6.2
Capacity Demand Demand 5.2 Capacity Demand ▲ 5.8%
▼ 3.5%
YoY
Capacity Demand YoY
▲ 5.3% ▲ 21.6% 1.3% 3.5%
13.4% 21.7% YoY YoY 11.1% 9.5%
7.9% 7.9%
Java
Bali Nusra
Capacity (mio ton)
Capacity Capacity (mio ton)
SIG (I+GP) 32.2
Indocement (I) 27.3 Semen Kupang (I) 0.4
Merah Putih (I) 7.8 Total capacity 0.4
Singa Merah (I) 3.0 66% Demand 3.9
Conch (GP) 2.2
Demand Capacity Demand
Semen Bosowa (I) 2.0
▲0.6% ▲ 13.1%
Semen Jawa (I) 1.8
YoY
Supply & demand are imbalance, where some of the supply YoY
Jui Shin (I) 1.8 51.4% capacity are located far from the source of demand, while it is
Semen Bima (I) 1.8 0.3% 6%
costly to distribute cement from the plant.
Others 2.7
Total capacity 80.6
Demand 33.7
Note: Capacity & demand are percentage of FY 2023 of national total capacity & demand, respectively 4
Page 6
1ST HALF INDUSTRY DEMAND & SIG TOPLINE
Despite challenging industry situation, SIG was able to book positive profitability by maintaining our strong
market position and continue focus on operational excellence
Industry demand trend in 1H 2024 SIG sales volume and ASP growth in 1H 2024
Cement demand in 1H-2024 slightly SIG total sales volume contracted by 1.5% ▲ 1.3% YoY
contracted by -0.9%* YoY YoY. Bag
12.6% Fighting Brand Portion
10.7% from total bag volume
To maintain our position, especially
during ASP increase amid retail demand
-0.9% -1.5% contraction.
-4.8% -4.3%
1H 2023 2H 2023 1H 2024
1H 2023 2H 2023 1H 2024
Retail segment contracted by -4.4% YoY.
Mainly from bag segment which While in bulk segment recorded positive ▲ 1% YoY
contracted by -4.8% YoY. growth by 6.3% YoY. Bulk
While in bulk segment recorded positive ASP increase in 1H-24
growth by 9.4% YoY. 1H 2023 1H 2024
12.8% 6.3%
1H 2023 1H 2024
9.4%
4.0%
-1.5%
-9.4% -4.3% -4.4% ▲ 4%
-0.9% Bag Bulk Total Export Increase in portion
-4.8%
of Cement Export
-4.8%
-7.8%
Relatively stable market share*
▲ 2%
Bag Bulk Total
1H 2024 50.4% Increase in ASP
*Source: Demand data 2024 from Indonesia Cement Cement Export
Association, exclude volume from last M&A transaction 1H 2023 50.7%
5
Page 7
1ST HALF 2024 PERFORMANCE
Maintaining cost efficiency from operational excellence initiatives and deleveraging
amidst contraction in retail demand
▼ 1% ▲ 9.7%
▼ 0.3%
Lower COGS Total labor cost
exclude labor cost Variable COGS/ton
Increase in total labor cost mainly due to different
From lower fuel cost/ton 2,019
11,632 1,840 calculation method for monthly Income Tax using
11,512 and clinker factor
Average Effective Rate (TER) – Government
regulation PP 58/2023 and Finance Ministerial
regulation No. 168/2023
▼ 1.2% and also contributed by Job Grade and Personal
Fixed COGS absolute Grade adjustments as well as annual leave
exclude labor cost 1H 2023 1H 2024 payments
1H 2023 1H 2024 From efficiency in maintenance
& GA
▼ 3.6% ▼ 11.9%
Operating Expenses Net finance cost
exclude labor cost
1,690
1,630 600 590
580
Decrease in Opex exclude 560 520 Decrease due to repayment
540
labor cost from operational 520 of IDR 3.4 Trillion bond in
500
efficiency initiatives. 480 May 2024
460
440
420
400
1H 2023 1H 2024 1H 2023 1H 2024
6
Page 8
1ST HALF 2024 PERFORMANCE
Maintaining financial resiliency to support deleveraging and resulting strong leverage ratio
Balance Sheet Remain Strong Optimum Cashflow management
▼ 4.6% Rp 1 Trillion ▼ 2 days
▼ 4.6% Relatively high Cashflow from Operations (CFO)
Change in total assets YoY mainly Change in total liabilities & equity Optimized cash conversion
generated in 1H24 despite lower revenue YoY. cycle
contributed by a decrease in lower cash YoY which mainly contributed by full
Higher CFO 1H23 impacted by ~Rp 440 Bio tax
balance due to bond payment. payment of current maturities of
refund and interest compensation from tax
long-term borrowings.
overpayment. Cash Conversion Cycle
Total Assets (IDR bio) Liabilities & Equity (IDR bio) (Days)
Cashflow from Operations (IDR bio) 35 33
1,595
81,821 78,024 81,821 78,024
1,155 1,022
FY 2023 1H 2024 FY 2023 1H 2024 1H 2023 1H 2023* 1H 2024 1H 2023 1H 2024
*Exclude Tax Refund & interest compensation in 1H23
Discipline liquidity and capital management Continue improved solvability ratio
▲ 0.05x ▼ 14.2% ▼ 0.06x ▼ 0.23x
Higher Current Ratio Change in Interest Bearing Debt Lower Net Debt/Equity Lower Net Debt/EBITDA
from repayment of Bond Rp 3.4
Current Ratio (x) Interest Bearing Debt (IDR bio) Net Debt/Equity (x)
Net Debt/EBITDA (x)
1.28 15,818 0.28
13,564 1.53
1.23 0.22 1.30
FY 2023 1H 2024 1H 2023 1H 2024 1H 2023 1H 2024
FY 2023 1H 2024
7
Page 9
SIG STRATEGY FOCUS
Strengthen the 4 main strategies to create more sustainable values
Revenue Optimization Cost Management
Domestic market Maximize Operational Excellence
Red Ocean export market
“Optimize Micromarket “Optimize SEEC STEC
Up to 8.5 mio ton Up to 8% Coal
profitability” Strategy with price adjustment production (2023-2030)
Specific Specific
Port capacity for export index Electrical Thermal
Modernization of index & cost Clinker factor Energy Energy
reduction Consumption Consumption
retail ecosystem efficiency” reduction
Reduction Reduction
to gain better visibility on +1.9 mio ton upcoming
retail level capacity for export cement “Logistics ~3,000 routes
Type V to West Coast US
Bulk market consolidator” ~88% land and 12% sea routes
maintain leadership in
strategic national projects Land Transport Sea Transport
& IKN through Bina ~9,800 trucks Inbound and outbound
Karya cooperation
Blue Ocean Existing product & Products & solutions Decarbonization
solution development AFR RDF Solar Panel
“Expand the “Reduce ▲ 20% Tonasa ▲ 552 MWp*
Ready mix solution Interlock Brick House
products & Solution emission” Thermal &Tuban Solar Panel Rollout
Green Cement Substitution Rate 2021-2030 Target
businesses” Mortar Soil stabilizer, chemical, 2030 Target
Future RDF plant
facilities
and aggregate
Waste management &
other green solutions
8
Page 10
STRATEGIC INITIATIVES
SIG contribution in IKN supply chain & development
SIG hold ownership of PT. KLN (Karya Logistik
01 Nusantara), a consortium of BUMN Karya amounting to
Providing cement, building materials and cement downstream products
IDR 22.5 billion as of 27 June 2024 to supply building
material products and sustainable solutions for
development projects in IKN through the APBN Project.
Cement Supply Split/Aggregate Supply Sand Supply Housing Solution
supply of cement and - Palu (Central Sulawesi) - Larang, Pasangkayu (West - Precise Interlock Brick
downstream products (Mortar) - Mamuju (West Sulawesi) Sulawesi) - Other Materials
including green cement - Pare-Pare (South Sulawesi) - Palu (Central Sulawesi)
- Grogot (East Kalimantan)
Readymix Master
Solution Provider Developer
SIG collaborates with PT. Bina Karya (Persero) in providing
02 Bina Karya
Green Cement for the IKN project on May 30, 2024. Bina
Karya is a state-owned company under the Ministry of
Finance assigned to manage land in IKN specifically for Non
state budget/APBN. SOE Contractors
Private Investors &
PPP/KPBU
Page 11
STRATEGIC INITIATIVES
Landed Residential Technology with Precise Interlock Brick
Precise Interlock Brick
Specific bricks using environmentally friendly cement and designed with a precise
shape and a hook mechanism between the bricks with specification:
1. Dimensions (L) 25 cm, (W) 12.5 cm, (H) 10 cm
2. Designed with side protrusions to prevent water seepage and hooks
reinforcement between bricks
3. Construction time 1.5 – 2x faster than conventional houses.
4. More earthquake resistant ~20% Cement Type 1 Brick Type
Pasaman 2 Brick
Barat
5. Lower construction cost ~80% Other materials For walls and columns For Beam or Slope
Facilities Location Development Plan: Development Phase Plan:
Plant SBA Aceh
◉ Plant Interlock brick in SIG production Phase 1:
◉ facilities
West Sumatra with a
Interlock brick Plant development in capacity of +500
houses/year
plasma location within radius 200 Km
from SIG production facilities
9 Production locations
Phase 2: in SIG Facilities
8 other SIG core ~4,500 House/Year
◉ locations with capacity of Production Capacity
+500 house/ year, can be replicated as needed
Plant replication duration +4
Semen Padang
◉ Plant SG
Rembang Plant SG - ◉ months
Plant SBI Tuban Phase 3:
Semen Baturaja ◉ ◉◉ Plant ST replication through core
Plant SBI
◉ ◉ Pangkep
plasma program according to
availability of raw materials
Narogong Plant SBI Plant SG and house needs.
Cilacap Gresik 10
Page 12
SUSTAINABLE PRODUCT AND SOLUTIONS
Green cement, environment-friendly cement to support OPC phase out
Inline with the Government Vision Why Green Cement?
• To support Indonesia's commitment to control global climate change Eco-friendly cement produced using environmentally friendly materials and
• In line with PUPR Minister Instruction Number: 04/IN/M/2020" concerning "Use of processed using the latest technology allowing lower carbon emissions
Non-Ordinary Portland Cement for the construction work in the Ministry of Civil Work Lower CO2 More energy efficient More environmentally
and Public Housing”. Emission in production friendly process
• In line with Minister of PUPR Regulation Number: 21 of 2021 concerning Green compared to OPC
Building Performance Assessment. Supporting circular Increase the use of
Support Carbon
• Align with Minister of Industry Regulation Number: 26 of 2024 regarding Mandatory Emission Reduction economy: enhancing domestic components
Implementation of Indonesia National Standard (SNI) in Cement Product. the use of AFR (TKDN) & complies with
Targets
SNI
HIGH STRENGTH SEA-WATER RESISTANT CHLORIDE & WASTE HIGH MASS CASTING CEMENT NON-STRUCTURAL
Product MULTI PURPOSE CEMENT
CEMENT CEMENT RESISTANT AND SOIL STABILIZER CEMENT
Mass casting
Medium – High Quality Sea-water resistant Concrete with high resistant in Special cement
Function General Construction and soil stabilization
Cement Cement chloride & waste conditions for non-structural application
on land & sea
Lower CO2
32% 29% 22% 16% 38% 37%
Emissions than OPC
TKDN Value 96.95% 96.99% 94.57% 94.46% 89.98% 92.1%
1.PLTA Peusangan 2021 1.Salatiga Toll 2017 1.Suramadu Bridge 2009 1. Dermaga Sanur 2022 1. State Border Post 1. Residential
2.Sidan Dam 2021 2.Batang Industrial 2.Youtefa Bridge 2015 2. PLTU Bolaang Natuna 2022 2. Wall/partition
3.Kijing Port 2021 Area 2021-2024 3.Tol Bali Mandara 2012 Mongondow 2015 2. Makasar New Port 3. Other non- structural
4.Syamsudin Noor Airport 2019 3.Thamrin Nine Tower 2022 4.Dermaga Sorong elements
Flyover Purwosari 2020 Holtekamp Bridge 2019 Bogowonto Flood Patimban Port 2022 Walling
Mandalika Circuit 2021
Control 2023
Projects
Kendal Industrial Park 2016 Sabo Dam Merapi 2020 Bali Mandara Toll 2012
11
Page 13
SIG cooperation with Taiheiyo Cement Corporation (TCC) for US export market
West Coast USA experiencing overdemand cement market even when in financial crisis, with average imported cement ~23 million tons
for the last 5 years, underlies initiatives between SIG with TCC through offtake agreement to export Type V cement.
USA Cement Demand
Current
▲ 17 % In Million Metric Tons Korea
Export Origin Country - 2023 Japan
CAGR Imported 28 29
23 8%
Cement 16 17
11 13 14 15 15% Turkey USA
6
8 19% Vietnam
Demand Canada
CAGR
+2.8%
Vietnam
Mexico
30% Greece
92 99 103 105 108 110 113 116 120 121 121
20% Mexico Currently, TCC exported to US market from
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
8% Japan, Korea & Vietnam.
Demand Imports
US Market Situation West Coast - TCC US Situation
✓ 70% of demand from Ready-Mix Future
business. ✓ TCC in west coast market experienced
✓ West Coast area rely on imported supply shortage since 2010, similar
cement due to lack of production with the total US market
capacity.
✓ Even during financial crisis, TCC still Vietnam USA
✓ Import portion account for 24% of total needs to import cement. In 2022 TCC
US demand with assumed production imported around 2 million tons, ~7%
capacity ~90-95 MT/year. from the total imported cement.
✓ Major cement exporter came from TCC will shift the export activities to be
Turkey, Canada, Mexico, Greece, ✓ TCC mainly export from Japan, Korea supplied by SIG/SBI facilities & some portion
Vietnam, South Korea, Colombia & UAE. and Vietnam. of Vietnam.
TCC to switch source of West Coast cement demand fulfillment from Japan, Korea & some part of Vietnam to SIG/SBI
with minimum offtake 500k tons/year, with better pricing for SIG than exporting clinker.
12
Page 14
Closing Remarks
Cement industry still has attractive growth potential, in line with Indonesia's high and growing population, the housing
backlog and infrastructure development initiatives in Indonesia.
SIG has competitive advantage to be benefitted most from the potential future demand growth, supported by:
- extensive distribution and production facilities,
- capabilities to develop innovative products & solutions,
- strategic partner that have capabilities in building material products & solutions.
SIG has strong financial resiliency shown by:
- ability to deleverage high debt level post-SBI acquisition from total IBD Rp ~30 Trillion in 1H 2019 to Rp ~13.5 Trillion
in 1H 2024.
- Strong leverage ratio with Net Debt to EBITDA Ratio at 1.3x and Net Debt-to-Equity Ratio 0.22x.
- improvement in credit rating from idAA+/positive to idAAA/stable.
SIG also focus on the sustainability aspect by setting sustainable long-term target and initiatives that in line with the
operational excellence initiatives, where the achievement is relatively on track with the target.
Our focus on 4 main strategies is expected to support our capability in achieving sustainable and improved profitability.
13
Page 15
IMPORTANT NOTICE
THIS PRESENTATION IS NOT AND DOES NOT CONSTITUTE OR FORM PART OF, AND IS NOT MADE IN CONNECTION WITH, ANY OFFER FOR SALE OR SUBSCRIPTION OF OR
SOLICITATION, RECOMMENDATION OR INVITATION OF ANY OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF
OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT, COMMITMENT OR INVESTMENT DECISION WHATSOEVER.
This presentation includes forward-looking statements, which are based on current expectations and forecast about future events. Such statements involve known / unknown risks
uncertainties and other factors, which could cause actual results to differ materially from historical results or those anticipated. Such factors include, among others:
• economic, social and political conditions in Indonesia, and the impact such conditions have on construction and infrastructure spending in Indonesia;
• the effects of competition;
• the effects of changes in laws, regulations, taxation or accounting standards or practices;
• acquisitions, divestitures and various business opportunities that we may pursue;
• changes or volatility in inflation, interest rates and foreign exchange rates;
• accidents, natural disasters or outbreaks of infectious diseases, such as avian influenza, in our markets;
• labor unrest or other similar situations; and
• the outcome of pending or threatened litigation.
We can give no assurance that our expectations will be attained.
DISCLAIMER
This information contained in this report has been taken from sources which we deem reliable. However, none of PT Semen Indonesia (Persero) Tbk and/or its affiliated companies and/or
their respective employees and/or agents make any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or
completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the
issue thereof.
We expressly disclaim any responsibility or liability (express or implied) of PT Semen Indonesia (Persero) Tbk, its affiliated companies and their respective employees and agents whatsoever
and howsoever arising (including, without limitation for any claim, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as
a result of acting in reliance upon the whole or any part of the contents of this report and neither PT Semen Indonesia (Persero) Tbk, its affiliated companies or their respective employees or
agents accepts liability for any errors, omission or mis-statements, negligent or otherwise, in this report and any liability in respect of the report or any inaccuracy therein or omission
therefrom which might otherwise arise is hereby expresses disclaimed.
14
Page 16
“Leading the industry transformation towards
sustainability”
@semenindonesia Semen Indonesia Semen Indonesia @semenku
PT Semen Indonesia (Persero) Tbk.
South Quarter, Tower A, Floor 19-20
Jl. RA. Kartini Kav. 8, Jakarta Selatan 12430, Indonesia
Names mentioned 17 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Semen Baturaja Largest
p.2
unresolved
org
PT Holcim Indonesia
p.2
unresolved
org
PT Semen Padang
p.2
unresolved
org
PT Semen Tonasa
p.2
unresolved
org
Ministry of Council Indonesia
p.2
unresolved
org
PT Semen Gresik
p.2
unresolved
org
Ministry of Public Works & Housing Capacity
p.4
unresolved
org
PT. KLN
p.10
unresolved
org
PT. Bina Karya (Persero)
p.10
unresolved
org
Ministry of Finance
p.10
unresolved
org
Ministry of Civil Work
p.12
unresolved
org
Minister of PUPR Regulation
p.12
unresolved
org
Minister of Industry Regulation
p.12
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
No extraction attempted yet.