PT Holcim Indonesia Tbk Annual Results 2010
Jakarta, March 31st 2011. Holcim Indonesia today published its 2010 financial statements, ahead of the company’s Annual General Meeting of Shareholders (AGMS) to be held April 18th 2011.
PT Holcim Indonesia Tbk Annual Results 2010
Investing for Growth
- Record domestic sales, sound underlying earnings
- Balance sheet strength, strong cash & increased equity
- Return to dividends after quasi reorganization
- Ground breaking for new greenfield plant in Tuban, East Java
Jakarta, March 31st 2011. Holcim Indonesia today published its 2010 financial statements, ahead of the company’s Annual General Meeting of Shareholders (AGMS) to be held April 18th 2011.
Holcim’s President Director, Eamon Ginley commented, “We closed 2010 in good financial health, with a strong balance sheet and record monthly sales levels - a trend continuing through the first two months of 2011. Formal groundbreaking for our new 1.7 million tonne plant near Tuban, East Java, took place December 15th 2010, the first greenfield site for a modern fully intergrated cement plant in Indonesia in more than a decade. The Tuban plant will complete our footprint in Java, the main cement market in Indonesia.”
Today Holcim is the largest branded building materials network that includes specialist distributors, some 8,000 retailers, over 9,100 Holcim-trained masons and not least, just under 300 Solusi Rumah outlets – where customers can find home designs, the building materials they need, construction expertise and even introductions to obtain mortgage finance. All under one roof.
Sales and Profit performance
Sales for 2010, were at just under Rp 6 trillion and included domestic growth of 4 per cent to Rp 5.45 trillion. Net income for the year was Rp 828 billion or Rp 108 per share, slightly lower than in 2009. Rupiah appreciation against the US Dollar in 2009 contributed unsually large exchange gains, inflating earnings before tax. This feature was absent in 2010 while consistent efforts to reduce debt contributed to a substantial 48 per cent reduction in interest expenses. The Company’s gearing (the level of debt to equity) has reduced over the last five years from 1.8 to just 0.3 in 2010.
A resumption of dividends
During the year a quasi reorganisation was undertaken to reflect current asset values and eliminate a deficit, which was a legacy from past indebtedness incurred before Holcim acquired majority control. The reorganisation and deficit elimination has ensured the company is now free to resume dividend payments under capital market regulations, subject to formal shareholder approval at the AGMS.
Ends.
About PT Holcim Indonesia Tbk
PT Holcim Indonesia Tbk is a publicly listed company where majority of its shares (80.65%) held by Holderfin BV Ltd, the subsidiary company of Holcim Ltd, based in Switzerland. PT Holcim Indonesia Tbk is one of the biggest cement companies in Indonesia with the unique advantage of integrated businesses in ready-mixed concrete and aggregates.
Holcim Indonesia with its 2,400 employees, is part of Holcim Group, one of the world's leading suppliers of cement and aggregates (crushed stone, sand and gravel) as well as downstream activities such as ready-mix concrete and asphalt including services. The Group holds majority and minority interests in more than 70 countries on all continents
Contact following address for further information:
Rusli Setiawan
Relationship Management Director
PT. Holcim Indonesia Tbk.
Phone : 62 62 5296011
e-mail : rusli.setiawan@holcim.com
website : www. holcim.co.id
