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PUBLIC EXPOSE
August 29, 2024
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PUBLIC EXPOSE
• GG Profile
• Management
• Premium Quality Products
• Corporate Sustainability
• Cigarette Industry & GG Volume Development
• Company Financials
• 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
Independent
Director Director Director Director Director Director Director
ISTATA
HERU HERRY ANDIK HAMDHANY SLAMET SONY
TASWIN
BUDIMAN SUSIANTO WAHYUDI HALIM BUDIONO SASONO
SIDDHARTA
RAHMADI
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B OA R D O F C O M M I S S I O N E RS There were no changes to
Board of Commissioners
President Commissioner
JUNI SETIAWATI WONOWIDJOJO
Commissioner Independent Commissioner Independent Commissioner
LUCAS MULIA FRANK WILLEM GOTAMA
SUHARDJA VAN GELDER HENGDRATSONATA
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P R E M I U M Q UA L I T Y • Comprehensive coverage P RO DU C T S Notes: The numbers stated in the product description are the number of sticks within the packaging 6
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N E W S K T P RO D U C TS
Gudang Garam Merah Gudang Garam De Luxe Surya Nusantara
12 12 12
Notes: The numbers stated in the product description are the number of sticks within the packaging 7
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C O R P O R AT E S U S TA I N A B I L I T Y
Corporate Social Responsibility, Company Health & Safety
/ Environmental Responsibility
President Commissioner
J •U NOngoing
I S E T I Aprogrammes:
W A T I W O N Osocial
W I D J needs,
OJO 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
Dhoho Airport
The inaugural flight into the airport was carried out on April 5th 2024
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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 )
240.3 bn
249.3 bn Full year 2021 to 2023
3.7% gain 226.9 bn Jan-Jun 2023 and 2024
9.1% gain
4.6% 9.0% decline
SPMT 4.5%
4.6%
21.4%
SKM LT 22.1%
20.3%
114.4 bn
8.1% decline
106.1 bn
SKM HT 52.8% 51.3% 48.1% 7.2% decline
4.6%
4.5%
20.9% 18.8%
49.4% 46.6%
SKT 20.6% 22.7% 27.0%
25.2% 30.1%
2021 2022 2023 Jan-Jun 2023 Jan-Jun 2024
Notes: Figures may not foot due to rounding 10
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INDUSTRY SALES VOLUME: Change Jan-Jun 2024 vs Jan-Jun 2023
(SOURCE: NIELSEN CURRENT MARKET DATA)
Overall Decline 7.2% No significant improvement in purchasing power of lower-
middle income consumers given higher cost of living.
SKT Increase 11.0% Price sensitivity continues from 2023, SKT becomes a
cheaper alternative.
SKM HT Decline 12.5% · Higher excise duty across SKM segment
· SKM (HT & LT) being the largest segment of the total
SKM LT Decline 16.4% cigarette market is also the most impacted in total sales
volume.
SPMT Decline 8.9% Less than 5% of the total market, also declining in parallel
with entire market in 2024.
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G G VO LU M E D E V E LO P M E N T
82.5 bn Sales mix by volume:
9.4% decline Full year 2022 and 2023
SKM LT 1.4 1.7% Jan-Jun 2023 and 2024
61.4 bn
25.6% decline
0.4 0.7%
SKM HT 72.5 87.8% 32.5 bn
22.5% decline 27.8 bn
52.5 85.5% 14.4% decline
0.3 0.9%
0.2 0.6%
28.2 86.8%
23.4 83.9%
SKT 8.6 10.4% 8.4 13.7% 4.0 12.3% 4.3 15.5%
2022 2023 Jan-Jun 2023 Jan-Jun 2024
Notes: Figures may not foot due to rounding 12
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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) 2023 2024
Sales Revenue 55,851 50,019 Down 10.4% primarily due to 14.4% decline in sales volume in line
President Commissioner
with overall decline in industry volume; March and May price
J U N I S E T I A W increases
A T I W O have
N O Wnot
I D yet
J O Jcompensated
O for prior excise duty increases.
Cost of Revenue (47,918) (44,950) Down 6.2% being a mix of higher cost of excise duty
(despite lower sales volume) and lower cost of raw materials
(in line with lower sales volume).
Gross Profit 7,933 5,069 Due to lower sales volume and higher excise duty cost NOT
Gross Margin (%) 14.2% 10.1% accompanied by proportional sales price increases.
Operating Expenses (Selling, 3,571 3,664 Well contained.
General & Administrative)
Interest Expense 319 363 Well managed.
Profit 3,288 926 Principally the result of a reduction in gross profit and gross margin
Profit Margin (%) 5.9% 1.9% attributable to increased excise duty cost and lower sales volume
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being indicative of stagnant buying power.
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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
While operating expenses, raw materials and
Revenue 124.7 tr other costs are well contained, higher excise duty
119.0 tr is again impacting interim profitability.
73.3 61.6%
Cost of Revenue – 97.6 78.3%
Excise Duty
55.9 tr
50.0 tr
37.0 66.3%
Cost of Revenue - 31.1 26.1% 38.2 76.3%
Others
16.0 12.8%
Operating Expenses 10.9 19.5% 13.5%
5.9% 7.3 6.2% 6.4% 6.8 7.3%
7.3 3.6
Profit 2.8 2.2% 5.3 4.5% 3.3 5.9% 3.7 0.9 1.9%
2022 2023 Jan-Jun 2023 Jan-Jun 2024
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FINANCIAL POSITION: Audited Year End 2023
ASSETS (Unaudited) 30 June 2023 and 2024
Rp billion Year End 2023 30 June 2023 30 June 2024 YOY 30 June
2023/2024 (Δ%)
President Commissioner
Cash 4,256 4,697 3,988 (15.1%)
JUNI SETIAWATI WONOWIDJOJO
Receivables 1,952 2,870 2,184 (23.9%)
Inventories 46,486 41,739 42,248 1.2%
Other Current Assets 1,421 1,385 1,509 9.0%
Total Current Assets 54,115 50,691 49,929 (1.5%)
Fixed & Other Non-Current Assets 38,336 34,167 37,819 10.7%
Total Assets 92,451 84,858 87,748 3.4%
Notes: Figures may not foot due to rounding 16
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FINANCIAL POSITION: Audited Year End 2023
LIABILITIES & EQUITY (Unaudited) 30 June 2023 and 2024
Rp billion Year End 2023 30 June 2023 30 June 2024 YOY 30 June
2023/2024 (Δ%)
Short Term Bank Loans 13,396
President Commissioner 11,583 8,456 (27.0%)
JUNI SETIAWATI WONOWIDJOJO
Payables (including taxes) 1,497 1,934 958 (50.5%)
Excise Duty, VAT & Cigarette Tax Payables 11,885 7,516 12,522 66.6%
Other Liabilities 4,810 4,989 4,023 (19.4%)
Total Liabilities 31,588 26,022 25,959 (0.2%)
Shareholders Equity incl. Retained Earnings 60,863 58,835 61,788 5.0%
Total Liabilities & Shareholders’ Equity 92,451 84,858 87,748 3.4%
Total Liabilities/Equity 51.9% 44.2% 42.0%
Notes: Figures may not foot due to rounding 17
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OUTLOOK
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M AC RO O U T LO O K TOWA R D S 2 0 2 5
1. Buying power in the lower-middle income segment stagnant/showing no
improvement.
2. Gudang Garam’s ongoing prudence in financial management, brand presence, and
quality products supports Company as a major player in the tobacco sector.
3. Positive change will depend upon favourable upcoming excise duty adjustments
and improvement in buying power.
4. Fundamentals remain positive: Indonesia’s young population, improved
infrastructure and vast natural resources.
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PUBLIC EXPOSE
August 29, 2024
THANK YOU
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Names mentioned 3 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Ministry of Environment & Forestry Dhoho Airport
p.8
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