Annual report 2011-3

LAPORAN TAHUNAN 2011 ANNUAL REPORT
LAPORAN MANAJEMEN INFORMASI BAGI INVESTOR TINJAUAN OPERASIONAL
Management Report INFORMATION FOR INVESTORS OPERATIONAL PERFORMANCE56 INFORMASI PERUSAHAANIKHTISAR
COMPANY PROFILEHIGHLIGHTS
Grafik
Kinerja
Saham
composition
stock
performance
Company Share Performance
on the Indonesia Stock
Exchange 2010 and 2011
Grafik Kinerja Saham
Perseroan di Bursa Efek
Indonesia 2010 dan 2011
Januari - Desember 2011 JanuarY - DeCember 2011
Januari - Desember 2010 JanuarY - DeCember 2010
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
46,1%
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
0
1000.0
2000.0
3000.0
4000.0
5000.0
6000.0
7000.0
8000.0
9000.0
10000.0
11000.0
12000.0
3.2%
Awal/Opening:
SMGR: Rp 9,450
JCI : 3,703.51
Akhir/Closing:
SMGR: Rp 11,450
JCI : 3,821.99
Price (Rp/share)
21.2%
1-Jan
30
-Dec
1-Jan
30
-Dec
Volume (per’000) - (RHS)SMGR (LHS) JCI (LHS)
SMGR (LHS) JCI (LHS)
Key Market
Current share price
52 week high
52 week low
Market Cap.
11.450
11.450
7.650
67,915bn
1,26
1,26
0,84
7,489
IDR USD
Price (Rp/share)
Volume
10.000
25,2 %
Akhir/Closing:
SMGR: Rp 9,450
JCI : 3,703.51
Awal/Opening:
SMGR: Rp 7,550
JCI : 2,534.35
Key Market Data
Current share price
52 week high
52 week low
Market Cap.
9.450
10.150
7.300
56,052bn
1,05
1,13
0,81
6,228mm
IDR USD
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
46,1%
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
0
1000.0
2000.0
3000.0
4000.0
5000.0
6000.0
7000.0
8000.0
9000.0
10000.0
11000.0
12000.0
3.2%
Awal/Opening:
SMGR: Rp 9,450
JCI : 3,703.51
Akhir/Closing:
SMGR: Rp 11,450
JCI : 3,821.99
Price (Rp/share)
21.2%
1-Jan
30
-Dec
1-Jan
30
-Dec
Volume (per’000) - (RHS)SMGR (LHS) JCI (LHS)
SMGR (LHS) JCI (LHS)
Key Market
Current share price
52 week high
52 week low
Market Cap.
11.450
11.450
7.650
67,915bn
1,26
1,26
0,84
7,489
IDR USD
Price (Rp/share)
Volume
10.000
25,2 %
Akhir/Closing:
SMGR: Rp 9,450
JCI : 3,703.51
Awal/Opening:
SMGR: Rp 7,550
JCI : 2,534.35
Key Market Data
Current share price
52 week high
52 week low
Market Cap.
9.450
10.150
7.300
56,052bn
1,05
1,13
0,81
6,228mm
IDR USD

57
PEMBAHASAN DAN
ANALISIS MANAJEMEN
LAPORAN TATA
KELOLA PERUSAHAAN
LAPORAN TANGGUNG JAWAB
SOSIAL PERUSAHAAN LAIN-LAIN
MANAGEMENT’S DISCUSSION
AND ANALYSIS
CORPORATE
GOVERNANCE REPORT
CORPORATE SOCIAL
RESPONSIBILITY REPORT
OTHERS
PT SEMEN GRESIK (PERSERO) Tbk.
Periode
Period
Tertinggi
Highest
Terendah
Lowest
Penutupan
Closing
Volume (Jumlah Saham)
Volume (No of shares)
Kuartal Pertama
First Quarter
10,000 7,650 9,100 523,353,000
Kuartal Kedua
Second Quarter
9,750 9,200 9,600 341,794,500
Kuartal Ketiga
Third Quarter
10,000 7,700 8,300 487,544,000
Kuartal Keempat
Fourth Quarter
11,450 7,700 11,450 389,988,500
Periode
Period
Tertinggi
Highest
Terendah
Lowest
Penutupan
Closing
Volume (Jumlah Saham)
Volume (No of shares)
Kuartal Pertama
First Quarter
8,100 7,300 7,300 351,400,000
Kuartal Kedua
Second Quarter
9,000 7,700 8,750 721,236,500
Kuartal Ketiga
Third Quarter
9,900 8,600 9,900 481,119,000
Kuartal Keempat
Fourth Quarter
10,150 9,200 9,450 621,337,000
Harga dan Volume Saham per
Kuartal di Bursa Efek Indonesia
(Rupiah)
Company Share Performance
on the Indonesia Stock
Exchange (rupiah)
2010
2011

pembayaran dividen dividend payment
Keterangan
Description
2010 2009 2008 2007 2006
Laba bersih
Net Income
3,633 miliar billion 3,326 miliar billion 2,523 miliar billion 1,775 miliar billion 1,296 miliar billion
Rasio pembayaran dividen
Dividend Pay out Ratio
50% 55% 50% 50% 50%
Dividen Dibayarkan
Dividend paid
1,816,7 miliar billion 1,829.6 miliar billion 1,261 miliar billion 887,7 miliar billion 647.76 miliar billion
Dividen per saham
Dividend per share
306.26 308.45 215.19 149.66 1,092.06
Tanggal pembayaran
Payment date
August 15, 2011 August 5, 2010 August 7, 2009 June 17, 2008 August 7, 2007
kronologi pencatatan saham chronology of share listing
Keterangan
Description
Satuan
Unit
Go Public
Peningkatan
Modal Dasar
Increase of
Authorized
Capital
Right Issue
Peningkatan Modal
Dasar
Increase of
Authorized Capital
Stock Split Share Buyback Share Sellback
Modal dasar
Authorized capital
Saham
Share
500,000,000 741,440,000 741,440,000 2,000,000,000 20,000,000,000 20,000,000,000 20,000,000,000
Modal
ditempatkan dan
disetor
Issued and paid
capital
Saham
Share
148,288,000 148,288,000 593,152,000 593,152,000 5,931,520,000 5,251,120,000 5,931,520,000
Saham yang dibeli
kembali
Treasury stock
Saham
Share
(68,032,000)
Saham dijual
kembali
Share sellback
Saham
Share
68,032,000
Tanggal
pencatatan saham
di BEI
The date of share
listing at IDX
- July 8, 1991 -
June 2, 1995
August, 1995
- 7-Aug-07
Oct 13, 08 -
Jan 09, 09
Oct 6-7, 09
ikhtisar
saham,
pembayaran
dividen dan
kronologi
pencatatan
saham
HIGHLIGHTS
OF STOCKS,
DIVIDENDS AND
STOCK LISTING
HISTORY

59
PEMBAHASAN DAN
ANALISIS MANAJEMEN
LAPORAN TATA
KELOLA PERUSAHAAN
AND ANALYSIS
CORPORATE
GOVERNANCE REPORT
CORPORATE SOCIAL
OTHERS
KOMPOSISI
PEMEGANG
SAHAM
SHAREHOLDER
composition
komposisi pemegang saham
per 31 desember 2011
komposisi pemegang saham
per 31 desember 2010
government RI
SHAREHOLDER COMPOSITION
PER deCember 31, 2011
SHAREHOLDER COMPOSITION
PER deCember 31, 2010
51.01
40.66
8.07
%
%
%
FOREIGN
INSTITUTION
DOMESTIC INSTITUTION
DOMESTIC
INDIVIDUAL 0.25%
*
* FOREIGN
INDIVIDUAL 0.01%
8.92%
DOMESTIC
INSTITUTION
0.01
0.60
%
%
DOMESTIC
INDIVIDUAL
FOREIGN
INDIVIDUAL
government RI
51.01%
39.46%FOREIGN
INSTITUTION

KOMPOSISI
PEMEGANG
SAHAM
SHAREHOLDER
COMPOSITION
Pada tanggal 31 Desember 2011, jumlah saham
yang diterbitkan dan disetor berjumlah
Rp593.152.000.000,-, terdiri atas 5.931.520.000
lembar saham, masing-masing bernilai Rp100 per
lembar. Tabel berikut menjelaskan informasi yang
terkait dengan kepemilikan saham Perseroan per
31 Desember 2011.
As of December 31, 2011, the number of
shares issued and outstanding amounted to
Rp593,152,000,000, consisting of 5,931,520,000
shares, each with a value of Rp100 per share.
The following table explains the information
related to share ownership in the Company per
December 31, 2011.
10 PEMEGANG SAHAM 10 SIGNIFICANT SHAREHOLDERS
No
Nama
Name
Alamat
Address
Jumlah Saham
Amount of Share
%
1.
Pemerintah RI, cq. Menteri Keuangan RI
Pemerintah RI, cq. Menteri Keuangan RI
DirJend Pembinaan BUMN,
Departemen Keuangan RI
DirJend Pembinaan BUMN,
Departemen Keuangan RI
3,025,406,000 51.01
2.
JPMCB-EUROPACIFIC GROWTH FUND -
2157804056
BUT DEUTSCHE BANK AG 216,182,000 3.64
3.
SSB 4545 S/A LAZARD EMERGING MARKETS
EQUITY PORTFOLIO - 2144610244
4. PT JAMSOSTEK (PERSERO) - JHT BANK CIMB NIAGA TBK, PT 90,500,000 1.53
5. JPMCB-NEW WORLD FUND, INC - 2157804145 BUT DEUTSCHE BANK AG 87,146,500 1.47
6. GIC S/A GOVERNMENT OF SINGAPORE
BUT. STANDARD CHARTERED
BANK
72,067,822 1.21
7.
JPMORGAN CHASE BANK NA RE NON-TREATY
CLIENTS - 2157804006
8. BBH BOSTON S/A VANGRD EMG MKTS STK INFD CITIBANK, N.A 52,106,820 0.88
9. PT PRUDENTIAL LIFE ASSURANCE-REF CITIBANK, N.A 43,084,000 0.73
10.
BNYM SA/NV AS CUST OF EMPLOYEES
PROVIDENT FUND
CITIBANK, N.A 43,056,00 0.73
Total Total 3,834,828,309 64.66
2,847 Pemegang Saham Lainnya
Other Shareholders
2,096,691,691 35.34
GRAND TOTAL 5,931,520,000 100.00

61
PEMBAHASAN DAN
ANALISIS MANAJEMEN
LAPORAN TATA
KELOLA PERUSAHAAN
AND ANALYSIS
CORPORATE
GOVERNANCE REPORT
CORPORATE SOCIAL
OTHERS
pemegang saham di luar
pemerintah
non government
shareholder
No.
Pemegang Saham
Shareholder
2011 2010
Perubahan dan Jumlah Saham %
Changes and Amount of Shares %
Jumlah Saham
Amount of Share
%
Jumlah Saham
Amount of Share
%
1.
Lembaga Asing
Foreign Institutions
2,411,652,545 82.99 2,340,534,551 80.54 3
2.
Perorangan Asing
Foreign Individual
625,000 0.02 578,500 0.02 8
3.
Lembaga Domestik
Domestic
Institutions
478,726,833 16.47 529,220,399 18.21 (10)
4.
Perorangan
Domestik
Domestic Individual
15,109,662 0.52 35,780,550 1.23 (58)
Total 2,906,114,000 100.00 2,906,114,000 100.00
Di luar
Pemerintah, saham
SMGR dimiliki oleh
berbagai institusi
asing dengan
total persentase
82,9% saham non
Pemerintah.
Other than the
Government, SMGR
shares are owned
by various foreign
institutions with a
total of 82.9% of
company shares
being in non
Government hands.
16.47%
DOMESTIC
INSTITUTION
0.52%
DOMESTIC
INDIVIDUAL
82.99 % FOREIGN
INSTITUTION
0.02 %* FOREIGN
INDIVIDUAL

STRUKTUR
KEPEMILIKAN
SAHAM
SHARE
OWNERSHIP
STRUCTURE
99.99%
pt semen tonasa
Industri semen
Cement Industry
99.99%
pt semen PADANG
Industri semen
Cement Industry
5 Entitas Anak Non Industri Semen
5 Subsidiaries Non Cement Producers
51.01%
PEMERINTAH REPUBLIK
INDONESIA
THE GOVERNANCE OF
REPUBLIC OF INDONESIA
48.99%
MASYARAKAT
PUBLIC

63
PEMBAHASAN DAN
ANALISIS MANAJEMEN
LAPORAN TATA
KELOLA PERUSAHAAN
AND ANALYSIS
CORPORATE
GOVERNANCE REPORT
CORPORATE SOCIAL
OTHERS
KEPEMILIKAN
SAHAM OLEH
DIREKSI
Share
Ownership by
Directors
Seluruh jajaran Direksi tidak memiliki saham
Perseroan, baik secara langsung maupun tidak
langsung. (Lihat juga) “Laporan Tata Kelola,
Kepemilikan Saham Direksi”
None of the Directors own shares in the
Company, either directly or indirectly. (See
also) “Governance Report, Share Ownership by
Directors”
dividen dan
kebijakan
dividen
dividendS
and
dividend
policy
Perseroan membagikan dividen dengan
memperhatikan kondisi keuangan untuk
pengembangan usaha dan imbal hasil bagi para
pemegang saham, namun demikian, sesuai
propektus rightissue tahun 1995, kebijakan rasio
pembagian dividen adalah sebesar 50% dari laba
bersih. Direksi Perseroan, dengan persetujuan
Dewan Komisaris dapat membagikan dividen
interim, sepanjang kondisi keuangan perusahaan
memungkinkan, dan dividen interim yang dibagikan
ini adalah bagian dari dividen final yang jumlahnya
diputuskan dalam RUPS.
Sesuai dengan hasil RUPS tahun 2011, Perseroan
membagi dividen sebesar 50% dari laba bersih
yakni sebesar Rp1.816,6 miliar atau sebesar Rp306,3
persaham. Dengan demikian selama lima tahun
terakhir rata-rata pertumbuhan total dividen yang
dibagikan (CAGR) adalah sebesar 29,4%.
Tabel berikut menunjukkan besaran dividen yang
dibayarkan oleh Perseroan.
The Company pays out dividends with
consideration of the financial condition
required for company to develop and returns
for shareholders, however, in line with
Management policies, the dividend payment
ratio amounts to 50% of net profit. The
Company’s Directors, with the approval of the
Board of Commissioners, may pay out interim
dividends, provided that the company’s financial
condition permits, and that the interim dividend
is less than the final dividend, the amount of
which is decided at the GMS.
In accordance with the AGMS for 2011, the
Company paid out dividends amounting to 50%
of net profit or Rp1,816.6 billion or Rp303.6 per
share. Therefore, the average annual growth rate
(CAGR) paid out over the last five years is 29.4%.
The following table shows the total dividends
paid out by the Company.
Tahun Buku
Fiscal Year
Laba Bersih (Juta Rp)
Net Profit
(Millions of Rp)
Dividen yang
dibagikan (Juta Rp)
Dividend Paid Out
(Millions of Rp)
Dividen per
Saham (Rp)
Dividend per
Share (Rp)
Rasio
Pembayaran %
Dividend Payout
Ratio %
2006 1,295,520 647,760 1,092.06 50
2007 1,775,408 887,711 149.66 50
2008 2,523,544 1,261,772 215.19 50
2009 3,326,488 1,829,568 308.45 55
2010 3,633,220 1,816,609 306.26 50

kondisi
pasar
modal dan
kinerja
saham
perseroan
capital
market
conditions
and
performance
of company
shares
Kondisi Pasar Modal
Kondisi perekonomian global yang tidak menentu
sepanjang tahun 2011 turut berpengaruh terhadap
kinerja bursa saham di seluruh dunia. Bayang-
bayang krisis finansial kawasan Uni Eropa dan
defisit anggaran Amerika Serikat memegang
andil besar pada melambatnya kembali trend
pemulihan ekonomi 2010 global pasca krisis di
awal 2009. Seiring perkembangan krisis finansial
di kawasan Uni Eropa yang semakin merebak di
awal kuartal ke III, seluruh bursa utama di berbagai
belahan dunia bergejolak. Perdagangan saham
berlangsung dengan volatilitas yang tajam dan
berpola bearish. Akibatnya, secara umum indeks
bursa utama diberbagai kawasan mencatatkan
loss di akhir tahun.
Kegiatan transaksi di Bursa Efek Indonesia (BEI)
mulai kuartal ke 3 di tahun 2011 juga mengalami
volatilitas yang tinggi, dengan ritme perdagangan
yang susah diprediksi. Setelah mencatat kenaikan
indeks sebesar 13% dari penutupan Indeks Harga
Saham Gabungan (IHSG) akhir tahun 2010 di angka
3.703 dan mencapai titik tertinggi pada posisi
4.195, di tanggal 2 Agustus 2011, indeks kemudian
mengalami koreksi dengan volatilitas yang tinggi.
Pada tanggal 19September2011 bahkan terjadi
koreksi indeks tertinggi dalam perdagangan
sehari di BEI. Dibuka pada posisi indeks 3.843,
indeks terkoreksi sebesar -15%, turun ke angka
3.428 sebelum akhirnya ditutup pada posisi
di angka 3.426 (terkoreksi 10%). Angka indeks
perdagangan harian terendah terjadi pada tanggal
26 September, pada angka 3.217, untuk kemudian
secara berangsur-angsur, IHSG BEI menguat.
Pada akhir tahun, IHSG ditutup pada posisi 3.822,
atau menguat sebesar 3,2% dari angka penutupan
tahun 2010, sebesar 3.703. Kinerja bursa Indonesia
tersebut termasuk tiga terbaik di dunia, dibawah
Dow-Jones dan Bursa Filipina. Adapun Rata-rata
frekuensi transaksi bursa harian adalah sebesar
117.328 kali transaksi dan rata-rata volume transaksi
bursa harian sebesar 5,30 miliar unit saham.
Dengan raihan tersebut, nilai kapitalisasi pasar
seluruh saham emiten di BEI adalah sebesar
Rp3.537 triliun, naik 9% dari Rp3.247 triiun di akhir
tahun 2010.
Seiring volatilitas yang terjadi di bursa, saham-
saham dalam kelompok bluechips mencatat kinerja
yang bervariasi. Sebagian kecil mencatat kenaikan,
namun lebih banyak yang mengalami penurunan
harga dibandingkan penutupan di tahun 2010 lalu.
Kinerja Saham Perseroan
Saham Perseroan tercatat di Bursa Efek Indonesia
(dahulu BEJ) sejak tahun 1991, sebagai satu-satunya
BUMN industri semen di bursa. Kode perdagangan
saham Perseroan di BEI adalah SMGR. Selain
tercatat di papan utama, saham SMGR tercatat
sebagai anggota dari Jakarta Mining Index, LQ45
kenaikan ihsg
di tahun 2011,
masuk ke dalam
tiga besar bursa
berkinerja terbaik
di seluruh dunia.
Increase on the IDX
in 2011, in the three
best for performance
in the world.
3.2%
STOCK MARKET CONDITION
The uncertain condition of the global economy
during 2011 has affected the performances of
stock markets across the world. The shadows
of the financial crisis in the European Union
and the double deficit in the USA have played a
large part in slowing the trend toward economic
recovery in 2010 after the crisis in early 2009.
As the financial crisis in the European Union
has become increasingly widespread during the
start of Q3, all the major stock exchanges in
every corner of the world were in turmoil. Share
trading continued to be highly volatile and with a
bearish tendency. As a result, many of the main
stock exchanges recorded a loss at year-end.
Transactions on the Indonesia Stock Exchange
starting in Q3/2011 were also very volatile with
a trading rhythm that was difficult to predict.
Having recorded an index increase of 13% on
the closing figure of 3,703 as of end 2010 on the
Jakarta Composite Index (JCI) and reaching the
highest point of 4,195 on August 2, 2011, the index
then experienced a highly volatile correction.
On September 19, 2011, the highest single
day index correction on the Indonesia Stock
Exchange occurred. Opening with an index
position of 3,843, the index corrected falling
15% to 4,428 before finally closing at a position
of 3,426 (a correction of 10%). The lowest daily
trade index figure was on September 26, at 3,217),
after this the JCI gradually strengthened.
As of the end of the year, JCI closed at a position of
3,822, up 3.2% from the 3,703 closing figure for 2010.
The performance of the Indonesia Stock Exchange
was among the three best in the world, below the
Dow Jones and the Philippine Stock Exchange.
The average frequency of daily transactions on the
exchange was 117,328 transactions with an average
daily transaction volume of 5.30 billion share units.
With this achievement, the market capitalization for
all issuers’ shares on the Indonesia Stock Exchange
amounted to Rp3,537 trillion, an increase of 9%
from Rp3,247 trillion as of end 2010.
In line with the volatility on the stock markets,
blue-chip shares recorded a variety of results.
A fraction recorded an increase, however, the
majority fell in price compared to the close
of 2010.
THE PERFORMANCE OF COMPANY
SHARE
The Company’s shares have been listed on the
Indonesia Stock Exchange (IDX) (previously Jakarta
Stock Exchange) since 1991 as the only SOE cement
producer on the exchange. The Company’s trading
code on the IDX is SMGR. As well as being listed on
the main board, SMGR shares are also listed on the

65
PEMBAHASAN DAN
ANALISIS MANAJEMEN
LAPORAN TATA
KELOLA PERUSAHAAN
AND ANALYSIS
CORPORATE
GOVERNANCE REPORT
CORPORATE SOCIAL
OTHERS
(45 saham terlikuid si BEI), Jakarta Islamic Index,
Indeks Bisnis-27 dan Indeks Kompas 100.
Volatilitas pasar modal sepanjang tahun 2011 turut
mempengaruhi pergerakan saham SMGR, baik dari
sisi harga maupun volume transaksi.
Harga penutupan saham semen Gresik di akhir
Desember 2010 adalah Rp 9.450 per saham. Namun
seiring dengan dinamika pasar, harga saham SMGR
pada quartal pertama 2011 sempat turun dan
menyentuhhargaterendahsebesarRp7.650sebelum
akhirnya ditutup pada posisi Rp9.100 per saham.
Volume perdagangan saham SMGR selama kuartal
pertama mancapai 523.353.000 lembar saham.
Pada kuartal II, kondisi pasar modal global maupun
nasional cukup kondusif, menyebabkan terjadinya
peningkatan aktivitas perdagangan di Bursa.
Sentimen positif tersebut membuat, juga berimbas
pada kenaikan saham SMGR sebesar 5,5% menajdi
Rp9.600 persaham diakhir perdagangan kuartal
kedua. Volume saham yang diperdagangkan selama
kuartal ke II ini menurun 34,6% menjadi sebesar
341.794.500 lembar saham.
Pada kuartal ke III sentimen negatif dari
merebaknya krisis finansial di kawasan Eropa
dan defisit ganda Amerika Serikat melanda bursa
saham di seluruh dunia. Pasar berbalik arah
menjadi bearish, bahkan sempat terjadi koreksi
besar-besaran pada seluruh bursa utama di akhir
kuartal ke-3. IHSG sempat mencatat koreksi
hingga 10% dalam perdagangan 1 hari.
Saham Perseroan tidak terlepas dari gejolak
tersebut dan sempat mencatat harga terendah di
Jakarta Mining Index, LQ45 (45 most liquid shares
on the IDX), Jakarta Islamic Index, Bisnis-27 Index
and Kompas 100 Index.
Capital market volatility during 2011 influenced
SMGR share movements, both in price and
transaction volume.
The closing price for Semen Gresik shares at the
end of December 2010 was Rp9,450 per share.
However, in line with the dynamic market, SMGR
shares in Q1/2011 had fallen and reached their
lowest price at Rp7,650 before finally closing
at Rp9,100 per share. The trading volume for
SMGR shares during the first quarter reached
523,353,000 shares.
In Q2, both the global market and national market
conditions were more favorable, prompting an
increase in trading activity on the exchange. The
positive sentiment impacted on SMGR shares
by 5.5%, increasing to Rp9,600 per share by the
end of the second quarter. The volume of shares
traded in Q2 fell 34.6% to 341,794,500 shares.
In Q3, negative sentiment resulting from the
financial crisis in Europe and the double deficit
in the USA affected all the stock markets across
the world. The markets turned back from being
bearish, and even witnessed a large correction
across all the main exchanges at the end of
Q3. The IDX also witnessed a 10% correction in
trading in just one day.
The Company’s shares could not escape the
turmoil and recorded their lowest position

posisi Rp7.700 sebelum akhirnya ditutup pada harga
sebesar Rp8.600 per-saham di-akhir kuartal ke-3.
Volume perdagangan saham SMGR pada periode
ini meningkat menjadi 487.544.000 lembar saham.
Pada kuartal ke IV, ekspektasi peningkatan
perekonomian dan realisasi proyek-proyek
pembangunan konstruksi membuat harga
saham-saham yang terkait dengan kegiatan
konstruksi meningkat. Untuk SMGR, kondisi
ini berkorelasi positif dengan ekspektasi
penyelesaian pebangunan pabrik baru. Saham
SMGR kembali diburu investor dan kembali
mengalami peningkatan harga, hingga pada akhir
tahun 2011 ditutup pada posisi Rp11.450per saham.
Posisi penutupan ini menunjukkan harga SMGR
meningkat sebesar 21,2% dari posisi penutupan
tahun 2010, yang berada pada angka Rp9.450 per
lembar saham.
Peningkatan tersebut lebih tinggi dari peningkatan
indeks yang hanya sebesar 3,2%, dan lebih tinggi
dari kenaikan harga saham peer industri semen
yang sebesar 7% (INTP) dan minus 3% (SMCB).
Pola pergerakan saham SMGR, seperti ditunjukkan
pada grafik di halaman 58 bergerak searah dengan
grafik pergerakan IHSG.
OPINI PELAKU PASAR MODAL
Berikut adalah kutipan beberapa analis pasar
modal di Indonesia atas kinerja saham dan kinerja
Perseroan. Para pembaca diharapkan memandang
seluruh pendapat tersebut sebagai masukan
ataupun pembanding atas keputusan investasi
yang akan dilakukan. Perseroan menyajikan kutipan
opini semata-mata dalam rangka memberikan
gambaran obyektif dari pihak diluar perusahaan
akan keseluruhan hasil kinerja Perseroan.
FORUM ANALIS
PenyelesaianpabrikbarudiTubandanTonasadalam
waktu dekat akan menambah kapasitas SMGR
sebesar total 5 juta ton per tahun dan membuat
SMGR mampu mengikuti momentum pertumbuhan
permintaan hingga tahun 2013. Penyelesaian
pabrik baru juga mengindikasikan hanya SMGR
yang merealisasikan investasi tambahan kapasitas
sampai tahun 2012. Sehingga memungkinkan SMGR
merebutkembalipangsapasaryangsempatterambil
oleh kompetitor karena kendala keterbatasan
pasokan yang dialami sebelumnya. Kekhawatiran
adanya pendatang baru potensial yang saat ini
tengah melakukan FS membuat produsen eksisting
menahan kenaikan harga, termasuk SMGR. Saat
kunjungan lapangan, Manajemen menyatakan total
volume penjualan tahun 2011 bisa mencapai kisaran
19,6-19,7 juta ton, lebih tinggi dari prediksi kami yang
berkisar 19,1 juta ton.
Kami memberi rating Buy (12 Desember 2011),
dengan target harga Rp 11.700 dan P/E sebesar
12,6x dari harga penutupan saat ini sebesar Rp9.550,
menunjukan potensi kenaikan sebesar 22,5%.
of Rp7,700 before finally closing at Rp8,600
per share at the end of Q3. The trading
volume for SMGR during this period rose to
487,544,000 shares.
In the fourth quarter, expectations of economic
improvement, ratification of the Land Bill
(releasing land for infrastructure requirements)
and the realization of construction projects
saw the price of shares related to construction
rise. For SMGR, this condition correlated with
expectations for the completion of a new plant.
Investors were tracking down SMGR shares and
the share price rose once more, ending 2011 at
a position of Rp11,450 per share. This closing
position demonstrated an increase of 21.2% in
SMGR share price over the closing position in
201 of Rp9,450 per share.
This increase is much greater than the 3.2%
increase of the index and was also higher than
share price increases of cement industry peers
also listed on the IDX. SMGR stock movements,
as shown in the graph on page 58 moved in the
same direction as demonstrated on the graph
showing JCI stock movements.
opinion of stock market
analysts
FollowingaresomequotesregardingtheCompany’s
performance and share performance from several
stock market analysts in Indonesia. The reader
should regard the entirety of this opinion as input
or comparison on investment decisions to be made.
The Company presents these opinion excerpts
solely to provide an objective picture from parties
outside the company regarding the company’s
overall performance.
FORUM ANALYSTS
CompletionofthenewplantsinTubanandTonasa
in the near future will add capacity for SMGR of a
total 5 million tons per year and enable SMGR to
follow momentum resulting from demand growth
until the end of 2013. The completion of these
new plants also indicates that only SMGR will
realize investment in additional capacity in 2012.
This should allow SMGR to claw back some of
the market share taken by its competitors due
to the obstacle of limited supply it experienced.
The worry is that the potential newcomers
currently carrying out feasibility studies will
cause the existing producers to hold onto price
increases, including SMGR. During a site visit,
the Management stated total sales volume for
2011 would reach approximately 19.6-19.7 million
tons, higher than our predication of around 19.1
million tons.
We gave a Buy rating (December 12, 2011), with
a target price of Rp11,700 and P/E of 12.6x from
the current closing price of Rp9,550, showing
potential for a 22.5% increase.
Andy Lesmana ,
Nomura Equity
Researh
harga saham
smgr naik.
SMGR share
price rose.
21.2%

67
PEMBAHASAN DAN
ANALISIS MANAJEMEN
LAPORAN TATA
KELOLA PERUSAHAAN
AND ANALYSIS
CORPORATE
GOVERNANCE REPORT
CORPORATE SOCIAL
OTHERS
Rachman
Koeswanto, PT
Deutsche Bank
Verdhana Indonesia
Kami menilai harga saham SMGR saat ini sudah
cukup baik mengingat perusahan tidak memiliki
ruang untuk meningkatkan harga jual dan adanya
tekanan pada biaya produksi. Selain tingkat
permintaan relatif lemah, harga semen relatif
mendatar disebabkan kekhawatiran para produsen
padapotensipersaingandimasamendatangkarena
adanya rencana investasi baru di sektor ini.
Oleh karena itu, kami (28 Oktober 2011),
merekomendasikan posisi Hold untuk saham ini,
dengan harga saat ini adalah Rp9.400 pada EV/
EBITDA sebesar 7,2x. Target harga dalam 12 bulan
mendatang adalah Rp10.250 persaham.
SMGR akan memiliki share sebesar 42% dari
total kapasitas produksi nasional sebesar 59,4
juta ton di tahun 2012 seiring dengan selesainya
pambangunan 2 unit pabrik baru berkapasitas
total 5 juta ton. Kami juga memprediksi SMGR
akan mampu mencatat pertumbuhan penjualan
14% dan menaikan harga jual sebesar 3,5%
sehingga meningkatkan profitabilitas sebesar
1% diatas raihan tahun 2011. Kami memandang
risiko-risiko utama yang akan dihadapi di tahun
2012 adalah kenaikan harga BBM, listrik dan biaya
distribusi yang akan menekan profitabilitas jika
kenaikan harga jual tidak mencukupi. Kami melihat
SMGR akan mampu meningkatkan kembali pangsa
pasarnya yang sempat turun karena keterbatasan
kapasitas produksi di tahun sebelumnya. Kami
juga melihat saham SMGR saat ini (29 Nov 2011)
pada harga Rp8.850, diperdagangkan dengan P/E
terendah diantara peer industri, yakni sebesar
12,3x dan sudah seharusnya dinilai kembali.
Oleh karenanya kami meningkatkan prospek harga
SMGR, menjadi Rp 12.350 dari harga saat ini (Nov
2011) sebesar Rp8.850 per saham, pada perkiraan
P/E sebesar 16x.
Pemberlakuan Undang-undang Pembebasan
Tanah tanggal 16 Des 2011, membuat kami
memandang SMGR memiliki potensi pertumbuhan
volume penjualan jangka menengah sebesar
14% dari perkiraan sebelumnya, sebesar 8%.
Hal ini memberikan potensi peningkatan total
pendapatan rata-rata sebesar 20% untuk
periode ’12-’16. Kejelasan peraturan pembebasan
tanah diperkirakan akan mendorong realisasi
infrastruktur dan meningkatkan pertumbuhan
properti yang berdampak pada kenaikan
permintaan semen. Realisasi pembangunan pabrik
baru dengan tambahan kpasitas total 5 juta ton
p.a akan membuat SMGR mampu mengikuti
trend pertumbuhan permintaan semen di masa
mendatang, dan meraih kembali pangsa pasarnya
yang sempat turun karena keterbatasan kapasitas.
Dengan dasar tersebut, kami (14 Des 2011)
memandang saham SMGR dengan Outperform
(potensikenaikandiatas10%)dariposisipenutupan
We judge the SMGR share price to be reasonable
considering the company does not have the
scope to increase selling prices and the pressure
on production costs. Alongside a relatively weak
demand, the price of cement is relatively flat
due to the concern from producers regarding
potential competition in the future resulting
from planned new investment in this sector.
For these reasons, we (October 28, 2011)
recommend a Hold position for these shares,
with the current price of Rp9,400 and EV/
EBITDA of 7.2x. The target price in the coming 12
months is Rp10,250 per share.
SMGR will have a 42% share of total national
production capacity amounting to 59.4 million
tons in 2012 with the completion of its 2 new
plants with a total capacity of 5 million tons. We
also predict that SMGR will record sales growth
of 14% and increase its selling price by 3.5%,
thus increasing profitability by 1% over 2011’s
achievements. We consider the main risks for
2012 to be the increase in fuel prices, electricity
and distribution costs, which will pressure
profitability if the increase in sales price is
insufficient. We consider SMGR able to win back
market share that it lost due to limited capacity
in the previous year. We also see SMGR share
currently (November 29, 2011) at Rp8,850, traded
with the lowest P/E of its industry peers at 12.3x
and should be revalued.
For these reasons, we raised the prospect for
the SMGR share price to Rp12,350 from the
current price (November 2011) of Rp8,850 per
share, with an expected P/E of 16x.
The enactment of the Land Law on December
16, 2011 resulted in us viewing SMGR as having
the potential for medium-term sales volume to
increase to 14%, up from previous estimates of
8%. This provides the potential for an average
increase in total revenue of 20% for the 2012-
2016 period. Clarification of the Land Law is
expected to drive infrastructure realization and
increase property growth, thus increasing the
demand for cement. The fruition of the new
plants with a total capacity of 5 million tons per
year will give SMGR the ability to follow trends
for the growing demand for cement in the future
and win back the market share it lost due to
limited capacity.
On this basis, we (December 14, 2011) view
SMGR shares as Outperform (potential to
increase greater than 10%) from the current
Swati Chopra,
Merrill Lynch
Riaz Hyder,
Mcquarrie
Equities Researh

saat ini (13 Des 2011) sebesar Rp.10.750 per saham.
Target harga adalah Rp 12.750 dalam 12 bulan
kedepan berdasar metode DCF, mencerminkan
PER sebesar 12,6x.
Kami yakin perkiraan laba bersih Perseroan
sebesar Rp4,1 triliun akan tercapai. Hal terpenting
dari SMGR adalah di tahun 2012 dan seterusnya
perusahaan akan memiliki tambahan kapasitas
sehingga keterbatasan kemampuan pasok saat ini
akan teratasi.
Dengan demikian, kami (31 Oktober 2011) tetap
merekomendasikan Buy, dengan target harga
saham SMGR Rp11.000 per saham dari harga saat
ini sebesar Rp9.400, menunjukan potensi kenaikan
sebesar 17%. Target harga tersebut mencerminkan
P/E sebesar 14,1x.
SMGR telah merevisi prediksi pertumbuhan
konsumsi dari sekitar 8-10% menjadi minimal
13%. Kami juga melihat minimnya pengaruh
ketidak pastian perekonomian global terhadap
pertumbuhan konsumsi semen di Indonesia. Oleh
karenanya kami memprediksi SMGR mencatat
pertumbuhan volume penjualan domestik sebesar
9% (sebelumnya 6%) di tahun 2011 dan sebesar
12% di tahun 2012. Peningkatan permintaan
mendukung terjadinya kenaikan harga dan SMGR
telah meningkatkan harga jual sekitar 3%. Dilain
pihak harga batubara yang merupakan komponen
biaya produksi utama (sekitar 30%), turun 12% dari
posisi tertingginya di bulan Februari 2011. SMGR
telah menyusun rencana belanja modal dengan
prudent hingga 2015, termasuk penambahan
kapasitas baru mencapai 10 juta ton p.a hingga
tahun 2015.
Kami (18 Oktober 2011) memandang SMGR memiliki
rencana pertumbuhan yang terstruktur, sehingga
memberikan status Outperform pada potensi
kenaian harga SMGR. Harga penutupan saat ini
adalah Rp8.950 dan target harga adalah Rp10.400
dalam 12 bulan kedepan, pada EPS 14x. Hal ini
mengindikasikan potensi kenaikan sebesar 16%.
closing position (December 13, 2011) at Rp10,750
per share. Our target price is Rp12,750 in the
coming 12 months based on the DCF method,
reflecting PER of 12.6x.
We believe that the Company will achieve a
net profit of Rp4.1 trillion. The note of import
for SMGR in 2012 and going forward is that the
company has additional capacity, thus resolving
the problem of limited supply capabilities.
Therefore, we (October 31, 2011) continue to
recommend Buy, with a target price per SMGR
share of Rp11,000 up from the current price of
Rp9,400, showing potential for a 17% increase.
This target price reflects the P/E of 14.1x.
SMGR has revised its consumer growth
prediction from around 8-10% to a minimum
of 13%. We also note the minimal effect of
global economic uncertainty on the growth of
cement consumption in Indonesia. Therefore,
we predict SMGR will record a growth in sales
volume domestically of 9% (previously 6%) in
2011 and 12% in 2012. Rising demand will support
a price increase and SMGR will raise prices by
approximately 3%. Meanwhile, the price of coal,
which is a main production cost component
(approximately 30%) will fall 12% from its highest
position in February 2011. SMGR has devised a
prudent capital expenditure plan through 2015,
including the addition of 10 million tons capacity
per year until 2015.
On October 18, 2011 we viewed SMGR as having
a structured planned growth and have given
an Outperform status for the potential price
increase of SMGR. The current closing price
is Rp8,950 and target price is Rp10,400 in the
coming 12 months, with EPS 14x. This indicates a
potential increase of 16%.
Teguh Hartanto,
Bahana
Di Shui, CLSA

69
PEMBAHASAN DAN
ANALISIS MANAJEMEN
LAPORAN TATA
KELOLA PERUSAHAAN
AND ANALYSIS
CORPORATE
GOVERNANCE REPORT
CORPORATE SOCIAL
OTHERS
Program ekspansi SMGR berjalan dengan baik,
sehingga Perseroan akan memiliki tambahan
kapasitas total sebesar 5 juta ton di tahun
2012. Tambahan kapasitas ini akan membuat
SMGR mampu mengatasi kendala keterbatasan
pasokan, terutama di pasar luar Jawa yang
tumbuh lebih cepat. Manajemen SMGR
memberi sinyal adanya kenaikan harga sesuai
strategi perusahaan yang lebih mendahulukan
tercapainya peningkatan margin laba dibanding
pangsa pasar. Saat ini SMGR beroperasi dengan
kapasitas penuh dan menguasai pangsa pasar
sebesar 40%. SMGR juga tengah menerapkan
langkah diversifikasi sumber energi, termasuk
menggunakah batubara kalori lebih rendah
dengan tujuan menekan biaya produksi.
Oleh karena itu, kami (18 Agustus 2011) tetap
merekomendasikan Buy pada saham SMGR
dengan target harga sebesar Rp10.300 dalam
3 bulan kedepan, mencerminkan tingkat P/E
sebesar 12,7x.
SMGR’s expansion program is going well and the
Company will have additional total capacity of
5 million tons per year in 2012. This additional
capacity will mean that SMGR is able to handle
the limited supply problem, in particular for
markets outside of Java which grow more rapidly.
The SMGR management has signaled a price
increase in line with the company’s strategy to
further prioritize profit margins ahead of market
share. At this time, SMGR is operating at full
capacity and controls 40% of market share.
SMGR is also is in the midst of applying steps to
diversify energy sources, including using lower
calorie coal to reduce production costs.
For these reasons, we (August 18, 2011) hold
to our Buy recommendation for SMGR shares
with a target price of Rp10,300 in the coming 3
months, reflecting a P/E level of 12.7x.
Chandra Pasaribu,
Danareksa

nama lembaga
dan profesi
penunjang
pasar modal
Names of
Institutions
and Stock
Market
Supporting
Professionals
Auditor
KAP Purwantono, Suherman dan Surja
Anggota Ernst & Young Global Limited
Indonesia Stock Exchange Building
Tower 2, 7th Floor
Jakarta 12190, Indonesia
Ph. : (021) 5289 5000
Fax : (021) 5289 4100
Biro Adminstrasi Efek
PT Datindo Entrycom
Puri Datindo
Belakang Wisma Diners Club
Jl. Jendral Sudirman Kav. 34-35, Jakarta 10220
Tel. (62-21) 5709009
Fax (62-21) 5709026
e-mail : deone@indosat.net.id
www.datindo.com
PT Datindo Entrycom merupakan Biro Administrasi
Efek Saham Perseroan. Semua pertanyaan
pemegang saham terdaftar tentang hal-hal
yang berhubungan dengan status pendaftaran
pemegang saham, dividen, kehilangan atau
kecurian sertifikasi saham, penggantian alamat,
dan hal-hal lainnya dapat dialamatkan ke alamat
tersebut diatas.
Auditor
KAP Purwantono, Suherman dan Surja
Member of Ernst & Young Global Limited
Indonesia Stock Exchange Building
Tower 2, 7th Floor
Jakarta 12190, Indonesia
Ph. : (021) 5289 5000
Fax : (021) 5289 4100
SECURITIES ADMINISTRATION BUREAU
PT Datindo Entrycom
Puri Datindo
Belakang Wisma Diners Club
Jl. Jendral Sudirman Kav. 34-35, Jakarta 10220
Tel. (62-21) 5709009
Fax (62-21) 5709026
e-mail : deone@indosat.net.id
www.datindo.com
PT Datindo Entrycom is the Company’s
Securities Administration Bureau. All questions
from registered shareholders regarding matters
related to registration status of shareholders,
dividends, loss or theft of share certificates,
change in address, and other matters, may be
addressed to the address above.

71
PEMBAHASAN DAN
ANALISIS MANAJEMEN
LAPORAN TATA
KELOLA PERUSAHAAN
AND ANALYSIS
CORPORATE
GOVERNANCE REPORT
CORPORATE SOCIAL
OTHERS
Kantor Notaris
NY. POERBANINGSIH ADI WARSITO, SH
S.K. Men. Keh. R.I Nomor: M-96-HT.03.01-TH 1984,
tertanggal: 7 Desember 1984
S.K. Mendagri Nomor: 141 / DJA /1985, tertanggal:
5 Juni 1985
Jl. Panglima Polim V/11, Kebayoran Baru,
Jakarta 12160
Telp. 7244650 - 7392801 - 7209542 - 7394629 -
7398569
Fax. 7265090
Email: poerbaningsih@yahoo.com;
poerbaningsih@uninet.net.id
Bank
PT Bank Mandiri (Persero) Tbk
PT Bank Negara Indonesia (Persero) Tbk
PT Bank Rakyat Indonesia (Persero) Tbk
PT Bank Central Asia Tbk
NOTARY OFFICE
NY. POERBANINGSIH ADI WARSITO, SH
S.K. Men. Keh. R.I Nomor: M-96-HT.03.01-TH
1984, dated on: 7 Desember 1984
S.K. Mendagri Nomor: 141 / DJA /1985,
dated on: 5 Juni 1985
Jl. Panglima Polim V/11, Kebayoran Baru,
Jakarta 12160
Telp. 7244650 - 7392801 - 7209542 - 7394629 -
7398569
Fax. 7265090
Email: poerbaningsih@yahoo.com;
poerbaningsih@uninet.net.id
Bank
PT Bank Mandiri (Persero) Tbk
PT Bank Negara Indonesia (Persero) Tbk
PT Bank Rakyat Indonesia (Persero) Tbk
PT Bank Central Asia Tbk

Pengelolaan
Lingkungan Hidup
Environmental Management
SMGR uses waste from other industries as an ancillary
raw material in the production process, as well as
fulfilling defined Environmental Quality Standards.
SMGR gunakan limbah industri lain
sebagai bahan baku penolong dalam
proses produksi selain memenuhi
ketentuan BML yang ditetapkan.
P.94
Risiko dan
Manajemen Risiko
Risk and Risk Management
High commitment to protect the Company from
risk, while creating business growth opportunities.
Komitmen tinggi untuk menghindarkan
Perseroan dari risiko sekaligus
menciptakan peluang pertumbuhan usaha.
P.110

73
TINJAUAN OPERASIONAL
Operational Performance
Strategi
Bisnis
Pengelolaan K-3
Business Strategy
HSE Management
Ensuring business growth and best
financial performance.
SMGR provides suitable personal protection
equipment and consistently safeguards the
work environment and occupational safety.
Memastikan pertumbuhan usaha dan
pencapaian kinerja keuangan terbaik.
SMGR menyediakan peralatan
pelindung diri yang memadai
dan konsisten menjaga
kesehatan lingkungan kerja dan
keamanan kerja.
P.74 P.100
Pembangunan
PABRIK baru dan
fasilitas Distribusi
Construction of new plant
and Distribution Facilities
Realizing the Long Term Plan to ensure
sustainable growth and performance.
Realisasi Rencana Jangka Panjang
untuk menjamin pertumbuhan dan
kinerja yang berkesinambungan.
P.79
Pengelolaan
sumber daya
manusia
Human resources Management
Preparing the most talented Human Capital
to ensure the Company is a cement industry
leader in Indonesia and Southeast Asia.
Mempersiapkan Human Capital
bertalenta terbaik untuk memastikan
Perseroan sebagai pemimpin
industri persemenan di Indonesia
dan kawasan Asia Tenggara.
P.84
Inovasi
Perseroan
CORPORATE Innovations
SMGR facilitates and manages its employees'
innovations through the application of well directed
and planned Innovation Management.
SMGR memfasilitasi dan mengelolaan
daya inovasi para pegawai dengan
menerapkan Manajemen Inovasi yang
terarah dan terencana dengan baik.
P.103
Pengembangan
Teknologi
Informasi dan
Komunikasi
Development of Information and
Communication Technology
Specific design and development to support
operational efficiency, increase profitability and
to win competition.
Desain dan pengembangan khusus
guna mendukung efisiensi operasional,
mendukung peningkatan profitabilitas
dan memenangkan persaingan.
P.105

strategi
bisnis
business
strategy
Perseroan telah menyusun strategi bisnis dan
menuangkan dalam rencana kegiatan baik
dalam jangka pendek maupun panjang. Dalam
proses penyusunan strategi tersebut, Perseroan
senantiasa berupaya untuk meraih pertumbuhan
berkelanjutan dan memaksimalkan nilai pemegang
saham dengan mempertimbangkan tingkat risiko
yang dapat diterima.
Berikut adalah uraian ringkas seluruh inisiatif
strategi yang disusun dan diterapkan.
RENCANA STRATEGIS JANGKA
PANJANG
Permintaan semen di Indonesia diproyeksikan
akan tetap tinggi di masa depan karena dipicu oleh
empatfaktorutama.Pertama,adanyapertumbuhan
ekonomi domestik yang berkelanjutan dengan
tingkat pertumbuhan rata-rata diatas 6%. Kedua,
belanja pemerintah pada proyek infrastruktur
yang meningkat dalam lima tahun kedepan akan
menjadi stimulus tersendiri bagi pertumbuhan
permintaan semen. Ketiga, tingkat suku bunga
pinjaman yang kondusif. Keempat, konsumsi
semen per kapita di Indonesia yang masih berada
di bawah rata-rata konsumsi semen di negara
ASEAN yang memberikan peluang pertumbuhan
permintaan semen di masa depan.

Mempertimbangkan potensi pertumbuhan
konsumsi semen tersebut, Perseroan selalu
melakukan review atas 6 kritikal issue yang telah
ditetapkan sebagai landasan strategi pertumbuhan
yang berkelanjutan, yang dapat disampaikan
sebagai berikut.
The Company has developed a business strategy
that contains both short- and long-term actions.
In the process of developing this strategy, the
Company has made every effort to achieve
sustainable growth and maximize value for
shareholders while taking into consideration an
acceptable level of risk.
Following is a brief explanation of all the strategic
initiatives developed and applied.
LONG-TERM STRATEGIC PLAN
The demand for cement in Indonesia is projected
to remain high in future triggered by four main
factors. First, continuing domestic economic
growth with an average growth rate of over 6%.
Second, government spending on infrastructure
projects will increase in the coming five years
and provide its own stimulus for cement demand.
Third, the favorable interest rate for financing.
Fourth, per capita cement demand in Indonesia
is still below average consumption for ASEAN
countries and this provides an opportunity for a
growing demand for cement in the future.
Considering the potential for cement
consumption to grow, the Company continually
reviews its 6 defined critical issues as a
foundation for a sustainable growth strategy,
summarized below.

75
PEMBAHASAN DAN
ANALISIS MANAJEMEN
LAPORAN TATA
KELOLA PERUSAHAAN
AND ANALYSIS
CORPORATE
GOVERNANCE REPORT
CORPORATE SOCIAL
OTHERS
1. Pertumbuhan Kapasitas
2. Pengamanan Energi
3. Penguatan Citra Korporasi
4. Pemenuhan Kebutuhan Konsumen
5. Penguatan Faktor Penunjang
6. Pengendalian Risiko Utama
Uraian dan Implementasi
1. Pertumbuhan Kapasitas:
Untuk memenuhi pertumbuhan permintaan
semen di Indonesia, Perseroan berupaya
untuk mengembangkan kapasitas, melalui
pertumbuhan organik maupun non-organik.
Dalam rangka merealisasikan pertumbuhan
organik, saat ini Perseroan sedang dalam tahap
penyelesaian pembangunan pabrik baru di Jawa
dan di Sulawesi dengan kapasitas total 5 juta ton
per tahun. Perseroan juga melakukan program
upgrading fasilitas pabrik yang ada untuk
meningkatkan yield dan kapasitas produksi.
Perseroan juga senantiasa melakukan kajian
terkait peluang untuk mengembangkan
kepasitas melalui pertumbuhan non-organik
baik di dalam maupun di luar negeri.
2. Pengamanan Energi:
Perseroan telah melaksanakan dan senantiasa
melakukan evaluasi pengamanan energi
secara prudent, untuk menjamin keamanan
pasokan batubara dan menjaga keseimbangan
antara pasokan listrik dari pihak ketiga
dengan pembangkit listrik milik sendiri.
Untuk mengamankan kebutuhan batubara,
Perseroan melakukan kontrak pengadaan
jangka panjang yang ditinjau setiap periode
1. Capacity Growth
2. Energy Security
3. Strengthening The Corporate Image
4. Fulfilling Consumer Requirements
5. Strengthening Supporting Factors
6. Managing Prime Risks
Description and Implementation
1. Capacity Growth:
To fulfill the growing demand for cement in
Indonesia, the Company has made efforts to
expand capacity through both organic and
non-organic growth. To realize organic growth,
at this time the Company is in the final stages
of building new plants in Java and Sulawesi
with a total capacity of 5 million tons per year.
The Company is also carrying out a factory
facility upgrading program to improve yields
and production capacity.
The Company also always studies
opportunities to grow capacity through
non-organic growth both domestically and
overseas.
2. Energy Security:
The Company has implemented and is always
evaluating the prudence of its energy security,
ensuring the security of its coal supply and
maintaining a balance between third-party
electricity supply and its own power plant.
To secure coal demand, the Company’s
long-term procurement contract, which is
periodically reviewed, carefully considers
Kapasitas
produksi
Perseroan akan
senantiasa
ditingkatkan
secara terukur
dan terencana
sejalan dengan
PErtumbuhan
permintaan semen.
The Company’s
production capacity
will continue to
rise in a measured
and planned way
in line with cement
demand growth.

tertentu, dan mempertimbangkan dengan
seksama pengelolaan lahan tambang yang akan
dilaksanakan oleh entitas anak.
Untuk mengamankan pasokan energi listrik,
Perseroan saat ini membangun pembangkit
listrik berkapasitas 2x35 MW berbahan bakar
batubara di Sulawesi untuk kebutuhan pabrik
baru di lokasi tersebut.
3. Penguatan Citra Korporasi.
Dalam rangka penguatan citra korporasi,
Perseroan telah melaksanaan program-program
sebagai berikut:
• Clean Development Mechanism (CDM) yang
meliputi: pemanfaatan panas buang untuk
pembangkit listrik (waste heat recovery
power generator), bahan bakar alternatif,
penggunaan alternatif bahan baku.
• Pengelolaan Tanggung Jawab Sosial dan
Lingkungan yang berkesinambungan.
• Meningkatkan kualitas penerapan Tata
Kelola Perusahaan.
4. Pemenuhan kebutuhan konsumen.
Dalam rangka memenuhi kebutuhan konsumen,
Perseroan telah melaksanakan berbagai
program pengembangan produk yang sesuai
dengan kebutuhan konsumen dengan menjaga
kualitas produk. Disamping itu Perseroan juga
telah mengembangkan jaringan distribusi untuk
menjamin kelancaran pasokan. Perseroan
berupaya meningkatkan kepuasan dan loyalitas
konsumen yang telah terjaga baik, melalui
pemahaman atas kebutuhan produk dan
jaminan pasokan untuk mengokohkan citra
merek Perseroan.
5. Penguatan Faktor Penunjang:
Untuk mendukung pengembangan usaha,
Perseroan telah melakukan penyempurnaan
atas seluruh sarana pendukung aktifitas
Perseroanuntukmenjadikatalissecaralangsung
dalam mempercepat pertumbuhan bisnis yang
meliputi: organization capital, information
capital dan human capital.
6. Pengendalian Risiko Utama:
Prinsip kehati-hatian (Prudent Management)
senantiasa menjadi dasar bagi Perseroan dalam
menjalankan aktifitas bisnis. Berdasarkan hal
tersebut Perseroan menerapkan pengelolaan
risiko pada setiap aspek bisnis yang dijalankan
melalui pemantauan dan mitigasi atas setiap
risiko utama sehingga mampu memaksimumkan
efektifitas operasional Perseroan.
Dari seluruh kerangka strategi yang telah disusun,
Perseroan berkeyakinan dapat menyelaraskan
penerapannya ke dalam kegiatan jangka pendek
melalui empat fokus pengelolan strategi – revenue
management, cost management, capacity
managementdanincreasingcompetitiveadvantage
– untuk mendukung percepatan pertumbuhan
dalam 10 tahun kedepan dan seterusnya.
mine management implemented by its
subsidiary.

To secure its supply of electricity, the
Company is currently building a coal-fired
power plant with a 2 x 35 MW capacity in
Sulawesi to meet the demands of the new
plant at that location.
3. Strengthening The Corporate Image:
To strengthen the corporate image, the
Company has implemented the following
programs:
• Clean Development Mechanism (CDM)
which includes: waste heat recovery
power generators, alternative fuels, use of
alternative raw materials.
• Sustainable Social Responsibility and
Environmental Management.
• Improving the quality of Corporate
Governance implementation.
4. Fulfilling Consumer Requirements:
To fulfill consumer requirements, the
Company has implemented various product
development programs to suit consumer
requirements and maintain product quality.
As well as this, the Company has also
developed its distribution network to ensure
smooth supply. The Company is making
efforts to improve customer satisfaction and
loyalty, which is already well maintained, by
understanding product needs and ensuring
supply to strengthen the Company’s image.
5. Strengthen Supporting Factors:
To support business development, the
Company has improved all of its supporting
facilities as a direct catalyst to accelerate
business growth, covering organization capital,
information capital and human capital.
6. Managing Prime Risks:
The principle of prudence (Prudent
Management) has always been the basis for
the Company in implementing its business
activities. Based on this, the Company applies
risk management to every aspect of business
by monitoring and mitigating every prime
risk so as to maximize the effectiveness of
Company operations.
Of all the framework strategies developed,
the Company believes that it can align their
implementation into its short-term activities
through four strategic management focus points
– revenue management, cost management,
capacitymanagementandincreasingcompetitive
advantage – to support accelerated growth in the
coming 10 years and further into the future.

77
PEMBAHASAN DAN
ANALISIS MANAJEMEN
LAPORAN TATA
KELOLA PERUSAHAAN
AND ANALYSIS
CORPORATE
GOVERNANCE REPORT
CORPORATE SOCIAL
OTHERS
FOKUS PENGELOLAAN STRATEGIS
Perseroan menyelaraskan penerapan strategi
pengembangan jangka panjang tersebut kedalam
kegiatan jangka pendek melalui empat fokus
pengelolan strategi – revenue management, cost
management, capacity management dan increasing
competitive advantage – untuk mendukung
percepatan pertumbuhan.
Revenue Management
Strategi ini sangat erat dengan kegiatan pemasaran
Perseroan. Dengan strategi revenue management,
pola dan strategi pemasaran selalu ditinjau ulang,
sebaran penjualan produk diutamakan pada
daerah yang memberikan marjin laba usaha optimal
melalui program optimasi distribusi sehingga
daerah pemasaran dan pola angkutan disesuaikan.
Cost Management
Dengan strategi ini management memfokuskan
pada upaya efisiensi biaya melalui pengelolaan
bahan baku, kemasan, energi, pemeliharaan,
pola distribusi dan moda pengangkutan sehingga
produk Perseroan memiliki daya saing maksimal.
Pemilihan jenis bahan bakar dan pola angkutan
produk dibenahi untuk menekan pengaruh
kenaikan biaya produksi yang signifikan.
Capacity Management
Peningkatan kapasitas produksi dilaksanakan
dan dirancang secara seksama baik untuk
pembangunan pabrik baru maupun up-grading
existing fasilitas produksi. Hal ini menjadikan
Perseroan mampu memenuhi permintaan pasar
yang meningkat dan dapat menjaga kestabilan
operasi dengan tingkat utilisasi yang tinggi.
Increasing Competitive Advantage
Untuk meningkatkan keunggulan bersaing,
Perseroan melaksanakan implementasi program-
program restrukturisasi korporasi, restrukturisasi
entitas anak, pengembangan kompetensi SDM dan
penyempurnaan Information and Communication
Technology.
PROGRAM SINERGI
Perseroanmelaksanakansinergiuntukmemanfaatkan
keunggulan geografis dari letak fasilitas produksi
Perseroanyangtersebarditigawilayahpertumbuhan
utamaIndonesia,sehinggamemilikidayajangkaulebih
luas. Sinergi yang meliputi berbagai bidang termasuk
engineering, pengadaan, produksi, pemasaran,
distribusi dan keuangan ini memungkinkan
penekanan biaya operasional Perseroan sehingga
lebih meningkatkan daya saing.
Program Sinergi pada awalnya juga dimaksudkan
sebagai bagian upaya Perseroan untuk ekspansi
daerah pemasaran dan meningkatkan kinerja.
Kini dengan berhasilnya program pengembangan
kapasitas melalui program debottlenecking dan
semakindekatnyapenyelesaianpembangunanpabrik
baru. Sinergi seluruh aspek operasional maupun
keuangan semakin ditingkatkan untuk meningkatkan
efisiensi dan kinerja keuangan Perseroan.
STRATEGIC MANAGEMENT FOCUS
The Company harmonizes the application of its
long-term strategic development into short-term
activities with four strategic management focus
points – revenue management, cost management,
capacity management and increasing competitive
advantage – to support accelerated growth.
Revenue Management
This strategy is closely related to the Company’s
marketing activities. Through revenue
management, marketing patterns and strategies
are always reviewed and distribution of products
for sale is prioritized to areas with optimum
profit margins through a distribution optimization
program ensuring that regional marketing and
transportation patterns can be adapted.
Cost Management
This strategy enables the management to focus on
cost efficiency efforts through the management of raw
materials, packaging, energy, maintenance, distribution
patterns and transportation methods, ensuring
that the Company’s products have the greatest
competitive edge. Selecting the type of fuel and
product transportation pattern allows the pressure of
productioncostincreasestobeaddressed.
Capacity Management
Increased production capacity is carefully
implemented and planned with development of
new plants and upgrading of existing production
facilities. This allows the Company to fulfill rising
market demand and maintain stable operations
with high utilization levels.
Increasing Competitive Advantage
To increase its competitive advantage, the
Company implements corporate restructuring
programs, subsidiary restructuring, development
of HR competencies and improvements to
Information and Communication Technology.
SYNERGY PROGRAM
The Company has implemented synergy to
take advantage of the geographical location of
its production facilities spread across three of
Indonesia’s main growth areas, thus enabling a
greater reach. Synergies involve various fields,
including engineering, production, marketing,
distribution and finances and allow for a
reduction in the Company’s operational costs
and improve its competitiveness.
The Synergy Program was initially intended to
be part of the Company’s regional marketing
expansionandperformanceimprovementprogram.
Now, with the success of its capacity development
program through debottlenecking and the rapidly
approaching completion of its new plants, synergy
of all operational aspects, including finances, are
being increased to maximize efficiency and the
Company’s financial performance.

PROSPEK 2012 DAN STRATEGI BISNIS
DI TAHUN 2012
Memasuki tahun 2012, walaupun perekonomian
global masih dihadapkan pada ancaman krisis
sebagai akibat masih berlarutnya kondisi di
kawasan Uni Eropa dan defisit Amerika, namun
banyak analis memproyeksikan ekonomi dunia,
terutama kawasan Asia Pasifik akan tetap tumbuh
sekalipun dengan tingkat yang sedikit lebih rendah.
Demikian pula dengan perekonomian Indonesia
yang diproyeksikan oleh akan tumbuh pada kisaran
6,4%-6,5%, menggambarkan tetap baiknya prospek
bisnis 2012 di Indonesia. Kestabilan perekonomian
makro, naiknya peringkat utang luar negeri menjadi
“investment grade” dan kestabilan suku bunga
yang semakin favorable membuat optimisme para
ekonom tetap tinggi, kendati Indonesia dihadapkan
pada semakin rendahnya produksi minyak bumi
ditengah meningkatnya harga dalam beberapa
bulan terakhir.
Secara Industri, Perseroan memproyeksikan
pertumbuhan permintaan semen domestik pada
kisaran 8,0%, setelah pada tahun 2011 lalu sempat
melonjak sebesar 17,7%. Proyeksi ini sangat wajar,
mengingatpertumbuhanekonomiyangmendukung
pasar retail dan semakin banyaknya rencana
realisasi proyek-proyek konstruksi baik bangunan
real estate maupun infrastruktur. Meningkatnya
kebutuhan semen di tahun 2012 menjanjikan
peluang yang besar bagi Perseroan untuk meraih
kinerja yang lebih baik lagi.
Disamping itu, proyeksi tingkat suku bunga SBI
dari Departemen Keuangan RI sebesar 6,0% turut
mendukung iklim investasi yang semakin baik.
Dengan tingkat suku bungatersebut,diproyeksikan
penjualan kredit perumahan akan semakin tinggi.
Demikian pula dengan realisasi proyek-proyek
konstruksi yang akan memperoleh dukungan dana
dengan biaya yang relatif murah.
Dengan seluruh gambaran ringkas membaiknya
prospek indikator-indikator tersebut, Perseroan
mempersiapkan rencana, target dan strategi
operasionaltahun2012yangmemungkinkandiraihnya
peluang dan kinerja operasional secara optimal.
Perseroan akan tetap konsekuen menjalankan
empat elemen fokus pengelolaan strategi, Revenue
management, Cost management, Capacity
Management dan Increasing competitive advantage.
Perseroan juga akan semakin meningkatkan peran
dukungan Teknologi Informasi dalam menjalankan
seluruh inisiatif strategi tersebut.
Penyelesaian unit pabrik baru dan keberhasilan
program debottlenecking memiliki implikasi positif
bagi Perseroan, berupa terbukanya peluang
untuk mengikuti dinamika peningkatan konsumsi
semen dalam negeri dan kembali meningkatkan
pangsa pasar. Perseroan juga berinisiatif untuk
mengintensifkanProgramSinergidengandukungan
teknologi informasi agar mendapatkan efisiensi
distribusi dan operasional pemeliharaan yang
semakin rendah sehingga semakin meningkatkan
kinerja keuangan.
PROSPECTS AND BUSINESS
STRATEGY IN 2012
As we enter 2012, even though the global
economy is facing the threat of crisis as a
result of the spreading conditions from the
European Union and the deficit in America,
many analysts are projecting that the world
economy, in particular in the Asia Pacific region,
will grow, even if at lower levels. Similarly, this
is the conclusion for the Indonesian economy,
which is predicted to grow at around 6.4-6.5%
demonstrating the continuance of Indonesia’s
healthy business prospects in 2012. The stability
of macroeconomic factors, the improvement
in the state foreign debt rating to “investment
grade” and the stability of favorable interest
rates have encouraged economists to remain
optimistic, even though Indonesia is facing lower
natural gas production in the midst of rising
prices over the last few months.
With regards to the industry, the Company
projects growth in domestic demand for cement
at around 8.0%, after the surge in 2011 of 17.7%.
This projection is very reasonable considering
economic growth supports the retail market
along with the increasing number of construction
projects being realized for real estate and
infrastructure. Rising demand for cement in 2012
promises great opportunities for the Company
to achieve even better performance.
Alongside this, the RI Ministry of Finance
is predicting SBI interest rates of 6%, also
supporting an improving investment climate.
With this level of interest rate, it is predicted
that sales of housing financing will increase. This
will in turn see the realization of construction
projects as relatively cheap financing support
is attainable.
With all these improving indicators, the
Company has prepared a plan, target and
operational strategy for 2012 that facilitates
it achieving opportunities and optimum
operational performance. The Company will
continue to consistently execute its four focuses
of strategic management, Revenue management,
Cost management, Capacity Management
and Increasing Competitive Advantage. The
Company will also increase the support role
of Information Technology in carrying out all of
these strategic initiatives.
The completion of its new plants and the success
of the debottlenecking program have positive
implications for the Company in the form of
opening up opportunities to follow the dynamic
increase in domestic cement consumption
and taking back market share. The Company
has also taken the initiative of intensifying its
Synergy Program with the support of information
technology to achieve efficient distribution
and operations with lower maintenance, thus
increasing financial performance.

79
PEMBAHASAN DAN
ANALISIS MANAJEMEN
LAPORAN TATA
KELOLA PERUSAHAAN
AND ANALYSIS
CORPORATE
GOVERNANCE REPORT
CORPORATE SOCIAL
OTHERS
PEMBANGUNAN
PABRIK DAN
FASILITAS
DISTRIBUSI
BUILDING
PRODUCTION
AND
DISTRIBUTION
FACILITIES
Perseroan
merancang dan
merealisasikan
pembangunan
fasilitas produksi
maupun distribusi
dengan seksama
dan telah
memperhitungkan
seluruh faktor
risiko untuk
menjamin
pertumbuhan
usaha yang
berkelanjutan.
The Company
designs and realizes
construction of
production and
distribution facilities
with care and has
factored in all risk
factors to ensure
sustainable business
growth.
Dalam rangka mengembangkan usaha, Perseroan
merealisasikan berbagai rencana investasi dengan
tujuan meningkatkan kapasitas produksi maupun
untuk mendukung efisiensi distribusi. Untuk
meningkatkan kapasitas produksi, Perseroan
menempuh dua cara, yakni membangun pabrik
baru dalam skema pembangunan proyek strategis
dan menjalankan program debottlenecking. Untuk
mendukung efisiensi dan memperluas cakupan
pasar, Perseroan memprioritaskan pembangunan
packing plant, di-ikuti dengan peningkatan
fasilitas pelabuhan, gudang penyangga dan
mengembangkan teknologi informasi untuk
mendukung distribusi produknya.
Perkembangan Pembangunan
Proyek Strategis
Pembangunan Pabrik Semen di Jawa
Sesuai dengan keputusan RUPSLB pada 10
Desember 2007 tentang pembangunan pabrik
semen baru di Pulau Jawa dan Pulau Sulawesi,
perkembangan proyek pabrik semen di Pulau
Jawa yang terletak di Kabupaten Tuban, Jawa
Timur mendekati tahap penyelesaian. Pada akhir
tahun 2011, pembangunan pabrik Tuban IV dengan
kapasitas 2,5 juta ton per tahun tersebut telah
mencapai 97,6%, dengan rincian progres sebagai
berikut:
Perkembangan Pembangunan Pabrik Semen di Jawa
Description Weight %
31-Dec-2011
Planning % Actual %
Preparation 0.12 100.00 100.00
Management 5.58 100.00 99.18
Engineering 4.14 100.00 100.00
Procurement 69.41 100.00 99.83
Construction 18.77 100.00 91.83
Commissioning 1.97 21.60 66.95
Total 100 98.46 97.65
Proyek Pabrik Tuban IV pada akhir tahun 2011
telah menunjukkan penyelesaian beberapa
fasilitas pabrik seperti cement silo, cement
packing, dan gudang-gudang penyimpanan raw
material serta sudah dilakukannya test percobaan
dengan menggunakan material untuk fasilitas
tersebut, sedangkan beberapa fasilitas antara lain
seperti Crusher, Mill, Preheater, dan Kiln telah
diselesaikan pada bulan Februari 2012.
Sampai laporan ini dibuat pada April 2012, proyek
Pembangunan Pabrik Semen Tuban IV telah
menyelesaikan pembangunannya dan memasuki
tahap ujicoba produksi (commissioning). Pabrik
Tuban IV diharapkan beroperasi secara komersial
pada semester dua tahun 2012.
Pembangunan Pabrik Semen di Sulawesi
Pembangunan pabrik semen di Pulau Sulawesi
yang terletak di Kabupaten Pangkep, Sulawesi
Selatan mengalami keterlambatan penyelesaian
dari rencana akhir tahun 2011 menjadi akhir
To develop its business, the Company has
realized various planned investments with
the aim of increasing production capacity and
supporting distribution efficiency. To increase
production capacity, the Company has taken
two paths, i.e. building new plants as per its
strategic building scheme and implementing a
debottlenecking program. To support efficiency
and expand market reach, the Company has
prioritized building packing plants, followed by
increased port and buffer warehouse facilities
and developments in information technology to
support product distribution.
DevelopmentsintheStrategic
Building Project
Cement Plant Construction in Java
In accordance with the decision of the EGM on
December 10, 2007 regarding the construction
ofnewcementplantsonJavaIslandandSulawesi
Island, we are nearing completion of the cement
plant in Java, which is located in Tuban Regency,
East Java. As of end 2011, construction of the
Tuban IV plant with its capacity of 2.5 million
tons per year had reached 97.6% completion
with details of its progress as follows:
Building Developments for the Cement Plant in Java
The Tuban IV Plant Project as of end 2011 had
seen completion of various plant facilities,
including the cement silo, cement packing and
a warehouse for raw material storage, as well as
trials using materials for those facilities, while
various other facilities such as the Crusher, Mill,
Pre-heater and Kiln have been completed at
February 2012.
At the time this report was made at April 2012,
the Tuban IV Plant Project had completed all
construction process and currently entering
commissioning stages. It is expected that the
Tuban IV Plant will commence commercial
operations in half 2/ 2102.
Cement Plant Construction in Sulawesi
Construction completion of the cement plant
in Sulawesi, located in Pangkep Regency, South
Sulawesi, has been delayed from its planned end
of 2011 to the end of the first quarter of 2012. As

semester I tahun 2012. Pada akhir tahun 2011
Pembangunan Pabrik semen Tonasa V dengan
kapasitas 2,5 juta telah mencapai 93,6%, dengan
rincian sebagai berikut:
Perkembangan Pembangunan Pabrik Semen di Sulawesi
Description Weight %
31-Dec-2011
Planning % Actual %
Preparation 0.98 100.00 100.00
Management 3.43 100.00 98.19
Engineering 4.53 100.00 100.00
Procurement 60.40 100.00 99.26
Construction 28.67 100.00 78.86
Total 100 100.00 93.65
Perseroan telah melakukan identifikasi
permasalahan atas keterlambatan proyek pabrik
baru Tonasa V yang disebabkan antara lain:
1. kondisi cuaca yang mengakibatkan penundaan
pengangkutan peralatan pabrik dari luar
pulau Sulawesi dan juga berdampak pada
penundaan pelaksanaan pekerjaan konstruksi
di lokasi proyek;
2. ketersediaan tenaga kerja pelaksana proyek
yang secara kuantitas belum dapat memenuhi
kebutuhansesuairencanasehinggapelaksanaan
pekerjaan konstruksi mengalami keterlambatan.
Perseroantelahmelakukanlangkah-langkahtindak
lanjut untuk dapat mempercepat penyelesaian
pabrik baru Tonasa V.
of end 2011, construction of the Tonasa V cement
plant with 2.5 million tons capacity had reached
93.6% completion with the following details:
Building Developments for the Cement Plant in Sulawesi
The Company identified the causes for delays in
the new Tonasa V plant project, which include:
1. Weather conditions resulted in transportation
postponements for plant equipment from
outside Sulawesi and had a delaying effect on
construction at the project;
2. Insufficient labor for planned project
implementation resulting in construction
work being delayed.
The Company has taken steps to resolve these
problems and accelerate completion of the new
Tonasa V plant.

81
PEMBAHASAN DAN
ANALISIS MANAJEMEN
LAPORAN TATA
KELOLA PERUSAHAAN
AND ANALYSIS
CORPORATE
GOVERNANCE REPORT
CORPORATE SOCIAL
OTHERS
Sampai dengan Maret 2012, perkembangan pabrik
semen baru di Sulawesi mencapai 96,04% dan
diharapkan dapat diselesaikan pada kuartal ketiga
tahun 2012.
Pembangunan Pembangkit Listrik di Sulawesi
Untuk memenuhi peningkatan kebutuhan daya
listrik untuk pabrik baru tersebut, Perseroan
melakukan pembangunan pembangkit listrik di
Kabupaten Pangkep, Sulawesi Selatan dengan
kapasitas 2 x 35 MW. Pada akhir tahun 2011
penyelesaian pembangunan pembangkit listrik
tersebut telah mencapai 68.6%. Detail progres
dapat dilihat pada tabel berikut:
Perkembangan Pembangunan Pembangkit Listrik
di Sulawesi
Keterangan
Description
Berat
Weight %
31-Dec-2011
Planning % Actual %
Preparation 2.63 100.00 100.00
Management 4.60 70.68 72.17
Engineering 5.75 99.77 98.62
Procurement 55.13 85.86 82.25
Construction 26.45 51.63 43.98
Total 100 72.61 68.61
Sampai dengan akhir bulan Maret 2012,
penyelesaian proyek pembangkit listrik telah
mencapai 82,91% dan diharapkan dapat
diselesaikan pada kuartal ketiga tahun 2012.
Proyek UPGRADING
Upgrading merupakan upaya modifikasi atau
penggantian peralatan produksi yang ada untuk
meningkatkan kapasitasnya. Perseroan melakukan
langkah upgrading fasilitas pabrik yang ada yang
dilakukan secara bertahap sejak tahun 2008 dan
direncanakan selesai seluruhnya pada tahun 2012.
Peralatan yang ditingkatkan kapasitasnya meliputi
area pyroprocess, coal dan cement grinding.
Pada tahun 2011, penyelesaian peningkatan
kapasitas pabrik Semen Gresik Group meliputi:
Semen Gresik
Upgrading Pabrik Tuban.
Untuk pabrik Tuban 1 Perseroan telah melakukan
final acceptance test. Sedangkan untuk pabrik Tuban
2 dan 3, melaksanakan modifikasi main burner, inlet
cooler dan membangun coal mill baru. Hasil yang
diperoleh adalah kapasitas desain berubah menjadi:
- Tuban 1, dari kapasitas 7.500 ton per hari (tpd)
menjadi 9.000 tpd
- Tuban 2, dari kapasitas 7.800 tpd menjadi 8.500
tpd
- Tuban 3, dari kapasitas 7.800 tpd menjadi 8.500
tpd
As of March 2012, development of the new
plant in Sulawesi had reached 96.04% and was
expected to be completed by third quarter of
2012.
Construction of a Power Plant in Sulawesi
To fulfill increasing needs for electrical power for
the new plants, the Company has built a power
plant in Pangkep regency, South Sulawesi, with a
capacity of 2 x 35 MW. As of end 2011, the power
plant had reached 68.6% completion. Progress
details are shown in the following table:
Building Developments for the Power Plant in Sulawesi
As of March 2012, development of the new
power plant in Sulawesi had reached 82.91% and
was expected to be completed by the end of the
third quarter of 2012.
UPGRADING Project
Upgrading is part of the efforts to modify or
change existing production equipment to
improve capacity. The Company has been
gradually implementing upgrading steps at its
existing plants since 2008 and completion is
planned for 2012. Equipment with upgraded
capacity is in the areas of pyroprocessing, coal
and cement grinding.
In 2011, completion of capacity improvements in
Semen Gresik Group plants included:
Semen Gresik
Upgrading Tuban Plant
The Company has conducted its final acceptance test
on Tuban 1 plant. While in Tuban 2 and 3 modifications
are being undertaken on the main burner and inlet
cooler, and a new coal mill is being built. These
modificationshavechangeddesignedcapacity:
- Tuban 1, from a capacity of 7,500 tons per day
(tpd) to 9,000 tpd
- Tuban 2, from a capacity of 7,800 tpd to
8,500 tpd
- Tuban 3, from a capacity of 7,800 tpd to
8,500 tpd

Pabrik
Plant
Kapasitas Awal kiln
(tpd)
Initial Kiln Capacity
(tpd)
Kapasitas Produksi Hasil Proses Upgrading
Production Capacity After Upgrading (tpd)
Tahun 2009 2010 2011
Tuban I 7,500 7,700 7,900 8,500
Tuban II 7,800 7,800 7,900 8,000
Tuban III 7,800 7,800 7,900 8,000

Perseroan saat ini tengah membangun vertical
finish mill dengan realisasi pembangunan mencapai
50% dengan target penyelesaian tahun 2012.
Perseroan juga telah menyelesaikan kontrak
pengadaan peralatan utama dalam rangka realisasi
pembangunan 1 unit cement mill baru berkapasitas
250 ton/hari yang ditargetkan selesai di tahun 2013.
Semen Padang
Peningkatan kapasitas juga dilakukan di Pabrik
Semen Padang dengan target produksi semen
menjadi sebesar 6,5 juta ton, dilakukan secara
bertahap mulai tahun 2008 sampai dengan tahun
2011. Peningkatan pabrik di Padang telah selesai,
sehingga kapasitas produksi padang kini menjadi
sebesar 6,5 juta ton per tahun.
Pembangunan Packing Plant
Untuk mendukung sarana distribusi, Perseroan
saat ini telah mengoperasikan 19 unit packing
plant yang tersebar di seluruh wilayah Indonesia.
Pada tahun 2011 Perseroan telah menyelesaikan
tambahan 2 packing plant. Hingga tahun 2016
Perseroan merencanakan tambahan 13 unit
packing plant. Tujuan pembangunan packing plant
tersebut adalah:
The Company is currently in the midst of building
a vertical finish mill, which is at 50% completion
and is targeted for completion in 2012. The
Company has also completed a major equipment
procurement contract to support construction of
1 new cement mill with a capacity of 250 tons per
day with completion targeted for 2013.
Semen Padang
Increased cement production capacity has
also been targeted at Semen Padang plant
increasing to 6.5 million tons and has been
implemented in stages from 2008 until 2011.
Improvements at the plant in Padang have been
completed and capacity has now achieved 6.5
million tons per year.
Packing Plant Construction
To support its distribution facilities, the
Company currently operates 19 packing plants
spread across Indonesia. In 2011, the Company
completed an additional 2 packing plants. Until
2016, the Company plans to add a further 13
packing plants. The purpose of these additional
packing plants is:

83
PEMBAHASAN DAN
ANALISIS MANAJEMEN
LAPORAN TATA
KELOLA PERUSAHAAN
AND ANALYSIS
CORPORATE
GOVERNANCE REPORT
CORPORATE SOCIAL
OTHERS
• Efisiensi biaya transportasi, distribusi dan
pengantongan.
• Menjamin kontinuitas pasokan semen di wilayah
pemasaran Perseroan.
Penyelesaian pembangunan pabrik baru
dan fasilitas pendukung distribusi tersebut
membuat Perseroan semakin siap menyambut
peluang peningkatan permintaan domestik dan
meningkatkan pangsa pasar di masa mendatang.
Upgrading, Upaya Mensiasati
• Improved efficiency in transportation,
distribution and packaging costs.
• Guaranteeing continuity of cement supply in
all the Company’s marketing areas.
Completion of the new plants and distribution
facilities will ensure the Company is ready to
welcome the challenges of increasing demand
for cement domestically and to improve its
market share in the coming years.
Keterbatasan Kapasitas
Mulai tahun 2006 Perseroan telah beroperasi
hingga 96% dari kapasitas desain awal. Perseroan
telah merencanakan pembangunan pabrik baru
sejak tahun 2006, dengan realisasi pembangunan
ditargetkan dimulai pada tahun 2008. Kondisi
ektsternal yang tidak memungkinkan membuat
Perseroan menunda realisasi tersebut. Namun
demikian penambahan kapasitas harus tetap
dilakukan, mengingat pada tahun 2007 beberapa
unit produksi Perseroan telah beroperasi diatas
100% kapasitas desain awal.
Dengan mempergunakan kemampuan rancang
bangun SDM yang dimiliki, mulai tahun 2007
Perseroan meluncurkan program debottlenecking,
yakni rekayasa rancang bangun dari unit yang
telah ada agar kapasitas-nya bisa ditingkatkan
dari kapasitas desain awal. Rancang bangun unit
dilakukan pada bagian-bagian tertentu dari unit
pabrik eksisting dan diterapkan pada unit-unit
pabrik di Tuban dan di Indarung, Padang. Setelah
4 tahun program ini dijalankan, maka kapasitas
produksi Perseroan berkembang menjadi 20 juta
ton, sebagai berikut:

Kapasitas Desain Awal (2006)
Initial Design Capacity (2006)
Hasil Upgrading (2011)
After Upgrading (2011)
Unit Pabrik Tuban Tuban Plant Unit 8,200 9,400
Unit Pabrik Indarung Indarung Plant Unit 5,240 6,300
Unit Tonasa Tonasa Unit 3,480 4,300
Total 16,920 20,000
Satuan : 000 ton/tahun Units: 000 ton/year
Secara umum Proyek Peningkatan Kapasitas
Pabrik tersebut memerlukan investasi sebesar
USD34,9 per ton semen, jumlah ini jauh dibawah
investasi untuk pembangunan pabrik baru sekitar
USD120,0 per ton semen di lokasi yang sudah ada
(brown field project).
Upgrading, Efforts to Anticipate Capacity Limitations
Starting in 2006, the Company was operating
at 96% capacity of the initial design. The
Company had been planning on building new
plants since 2006, with construction targeted
to commence in 2008. External conditions
prompted the Company to postpone this
achievement. However, additional capacity was
still essential, considering that in 2007 several of
the Company’s production units were operating
at above 100% of initial design capacity.
Making the most of its Human Resources’ design
and construction abilities, in 2007 the Company
launched its debottlenecking program, i.e.
reengineering designs of existing units so that
capacity could be increased over that of the
initial design. Design and construction of these
units was implemented in certain areas from
existing plant units and applied in the Tuban and
Indarung plant units in Padang. Four years after
the commencement of this program, production
capacity in the Company had grown to 20 million
tons, as follows:
In general, the Plant Capacity upgrading Project
has required investment of US$34.9 per ton of
cement; this total is far below investment required
to construct a new plant at approximately US$120
per ton of cement in current locations (brown field
projects).

Perseroan melaksanakan program pengelolaan
dan pengembangan kompetensi Human Capital
(HC) sejalan dengan rencana pengembangan
usaha. Human Capital dikelola dengan
menggunakan sistem manajemen HC berbasis
kompetensi, sehingga kualitas HC perusahaan
dapat ditingkatkan sejalan dengan kebutuhan
organisasi dan tantangan usaha yang dihadapi
oleh perusahaan baik di pasar domestik maupun
di pasar global.
Sebagai bagian dari pengembangan usaha jangka
panjang, Perseroan menyusun Human Capital
Master Plan (HCMP) yang terstandarisasi,
terintegrasi dan terimplementasi dengan baik
dengan tujuan terciptanya HC Perseroan dengan
karakter utama yang disebut: GREAT, HC yang
memiliki karakter Global Orientation Mind,
Reliable in Strategic way, Enthusiasm to innovate,
Accord in harmony, Toward Good Business
Ethics. HCMP juga diharapkan melahirkan para
“CONCRETE LEADER” yang mampu Create
the vision, Organize dan develop the people,
Negotiate in strategic way, Change Leader, Result
driven, Emphaty to motivate others, Tactical in
solving problems, Endurance.
Melalui HCMP seperti tergambar di bawah,
Perseroan mengembangkan HC untuk menjamin
tercapainya visi dan misi perusahaan.
PENGELOLAAN
SUMBER DAYA
MANUSIA
HUMAN capital
management
The Company implements a Human Capital (HC)
management and competency development
program in line with its business development
plan. Human Capital is managed using an HC
Management System based on competency,
such that the company’s HC quality can be
increased in line with organizational needs and
business challenges faced by the company both
domestically and in the global market.
As a part of its long-term business development,
the Company has developed a Human Capital
Master Plan (HCMP), which is well standardized,
integrated and implemented and aims to create
Company Human Capital for which the main
characteristic is: GREAT, a Global Orientation
Mind,ReliableinStrategicways,havingEnthusiasm
to innovate, Accord in harmony, Toward Good
Business Ethics. HCMP is also expected to give
birth to “CONCRETE LEADERS” who are able to
Create the vision, Organize and develop people,
Negotiate in strategic ways, be Change Leaders,
Results driven, have Empathy to motivate
others, be Tactical in solving problems, and have
Endurance.
Through HCMP, as demonstrated below, the
Company develops HC to guarantee the
achievement of the company vision and mission.
Implementasi
HCMP Tahap kedua,
introduksi budaya
Perusahaan dan
pembentukan
karakter
baru menuju
pengelolaan Human
Capital industri
persemenan
berkelas
internasional.
Phase two
implementation of
HCMP introduced the
Corporate Culture
and formed new
characteristics to create
international class
Human Capital in the
cement industry.

85
PEMBAHASAN DAN
ANALISIS MANAJEMEN
LAPORAN TATA
KELOLA PERUSAHAAN
AND ANALYSIS
CORPORATE
GOVERNANCE REPORT
CORPORATE SOCIAL
OTHERS
SETTING HUMAN CAPITAL
FOUNDATION
GROWTH &
STRENGTHENING
EXCELLENT PERFORMANCE WORLD CLASS
ORGANIZATION
2009-2010 2011 2012 2013
PROCESS
Group Corporate•
Alignment
Corporate Structure•
Alignment
HC Optimization• HC International standard•
HCM System Foundation•
set-up & standardization
Improved HCM System• HCM System•
enchancement
International Standard•
Organization
Leadership Development•
Pilot
Competency Model•
set-up
High Performance HC•
System elaboration
High Performance HC•
System
Build Performance based•
remuneration system
Excellent culture•
Internalization
Performance based•
cultutre development
OUTCOME
Alignment Process in•
Organization
Standardized organization• High Performance•
Culture
Company of Cgoice•
Standardizeed HCM•
System
Standardized HC•
management processes
Improved Employee•
Performance &
Productivity
Employer of Choice•
Standardized HCM•
System
Implementasi HCMP
Tahun 2011 merupakan tahap kedua implementasi
HCMP yang disebut growth & strengthening,
dan telah berhasil memperkuat pondasi yang
telah dilaksanakan tahun sebelumnya. Beberapa
program utama yang diselesaikan mencakup:
• HRIS (Human Resource Information System)
Perseroan telah mengimplementasikan HRIS
tahap I, dengan submodul: Organization
Management, Personnel Administration, Time
Management dan Payroll. Implementasi HRIS
tahap I ini membuat pekerjaan administrasi
kepegawaian menjadi terintegrasi.
Integrasi sistem personnel administration
dan payroll system dengan standar yang
telah baku pada tiga operating company
(opsco) akan memudahkan pemeliharaan
data pegawai dan pelaksanaan layanan
20%
90%
100%
71,5%
HCMP Implementation
The year 2011 saw stage two of HCMP
implementation, growth & strengthening, which
is successfully strengthening the foundation
created in previous years. Several main programs
have been completed, including:
• HRIS (Human Resource Information System)
The Company has implemented stage I
HRIS, with the sub modules: Organization
Management, Personnel Administration, Time
Management and Payroll. Implementation
of HRIS stage I resulted in integration of
employment administration.
Integration of the personnel administration
and payroll systems with standards already
standardized at the three Operating
Companies (OpsCo) will facilitate the
maintenance of employee data and the

kepegawaian lainnya, sehingga mengubah
cakupan pengelolaan manajemen bidang
SDM dari hal-hal yang bersifat operasional
menjadi lebih bersifat strategis.
Standardisasi sistem manajemen SDM juga
memungkinkan pelaksanaan perpindahan SDM
bertalenta tinggi dari satu opsco ke opsco
lainnya dengan lebih mudah.
• Reward Management
Perseroan telah menyelesaikan dan
mengimplementasikan standardisasi job
grading sebagai dasar pelaksanaan reward
management system dengan menggunakan
Hay reference level, walau masih memerlukan
tahap sosialisasi yag lebih intensif. Melalui
reward system berdasar job value tersebut
Perseroan berharap akan terjadi peningkatan
kesetaraan internal dan terbentuk reward
strategy yang kompetitif.
Selain meletakkan dasar grading system,
Perseroan juga telah mendesain standarisasi
struktur remunerasi di seluruh opsco.
Didukung dengan HRIS maka standarisasi
tersebut memudahkan proses administrasi
kepersonaliaan terutama terkait tour of duty
bagi pegawai ke seluruh opsco.
Sejalan dengan standardisasi struktur
remunerasi dilakukan juga upaya pembentukan
performance based culture – dengan model
insentif berdasarkan kinerja. Dalam sub proyek
EmployeePerformanceManagement,Perseroan
menetapkan standardisasi penilaian pegawai
dengan berdasarkan kriteria KPI dan kriteria
Kompetensi. Hasil penilaian kedua kriteria akan
mendasari keputusan penetapan merit increase
dan pemberian insentif. Melalui cara tersebut
diharapkan akan terbentuk perilaku karyawan
yang selaras dengan KPI perusahaan.
• Manpower Planning
Sejalan dengan implementasi Rencana Jangka
Panjang Perusahaan (RJPP), Perseroan
melakukan review terhadap perencanaan SDM,
dengan tujuan memvalidasi alignment kualifikasi,
jumlahdanpenambahanSDMagarsesuaidengan
perkembangan usaha. Untuk memperkuat
validitas review, Perseroan melakukan workload
Analysis di jajaran kepengurusan. Melalui upaya
tersebut, Perseroan kemudian merumuskan
jumlah optimal SDM pendukung operasional
perusahaan pada masa depan dalam dokumen
Manpower Planning sampai dengan tahun 2030.
• Manajemen Kinerja
Padatahun2010,Perseroantelahmenyelesaikan
kerangkamanajemenKeyPerformanceIndicator
(KPI) sebagai upaya penjaminan pencapaian
target dalam operasionalisasi strategi
perusahaan, sebagai salah satu subproyek
dalam rangka implementasi Performance
Management System di seluruh opsco. Pada
implementation of other employee services,
thus changing the scope of HR management
from an operational nature to a more
strategic nature.
Standardization of the HR management
system will also allow for highly talented
human capital to be transferred from one
operating company to another more easily.
• Reward Management
TheCompanyhascompletedandimplemented
standardized Job Grading as a basis to
implement a reward management system
using the Hay Reference Level, even though
this still requires intensive dissemination.
With a reward system based on job value,
the Company hopes to see an increase in
internal equality and the establishment of a
competitive reward strategy.
Having laid the foundation for the grading
system, the Company has also designed
a standardized remuneration structure
for all opsco. Supported by HRIS, this
standardization facilitates personnel
administration, in particular related to tours of
duty, for employees at all opsco.
In line with the remuneration standardization,
efforts have also been made to create a
performance-based culture, with an incentive
model based on performance. In the sub project,
Employee Performance Management, the
Companyhasstandardizedemployeeevaluations
based on KPI criteria and Competency criteria.
The results of evaluation on these two criteria
will form the basis for decisions related to merit
increases and provision of incentives. It is hoped
that this method will shape employee behavior
consistent with company KPI.
• Manpower Planning
In line with the implementation of the Company
Long-Term Plan (RJPP), the Company has
reviewed its HR planning with the aim of
validating alignment qualifications, as well as
total and additional manpower required in line
with business developments. To strengthen
the validity of the review, the Company used
Workload Analysis for the management levels.
Through this work, the Company was then able
to calculate the optimum number of employees
to support operations in the future and
document it in Manpower Planning to 2030.
• Performance Management
In 2010, the Company completed its Key
Performance Indicator (KPI) management
framework as part of its efforts to achieve
company strategic targets, one of its sub
projectsintheimplementationofPerformance
Management Systems in all opsco. In 2011, the

87
PEMBAHASAN DAN
ANALISIS MANAJEMEN
LAPORAN TATA
KELOLA PERUSAHAAN
AND ANALYSIS
CORPORATE
GOVERNANCE REPORT
CORPORATE SOCIAL
OTHERS
tahun 2011 Perseroan telah menyelesaikan
penyusunan kerangka peta strategi dan KPI yang
mengadopsi model balanced score card (BSC).
Selanjutnya pada tahun 2012 mendatang
implementasi sepenuhnya Performance
Management System tersebut akan didukung
dengan aplikasi sistem informasi. Dengan
demikian seluruh strategi perusahaan dapat
dilaksanakan secara sistematis dan tersusun
menurut hierarki organisasi yang berjenjang
untuk mendukung pencapaian tujuan
perusahaan, baik dalam jangka pendek maupun
jangka panjang.
• Budaya Korporasi
Salah satu subproyek yang penting yang telah
berhasil diselesaikan di tahun 2011 adalah
perumusan kembali Budaya Korporasi Semen
Gresik Group (SGG), yaitu CHAMPS dengan
komponen:
Compete with sinergized and clear vision
Having spirit of Continuous Learning
Act with high accountability
Meet Customer Expectation
Perform ethically with high integrity
Strengthening Teamwork
Nilai-nilai unggul Budaya korporasi tersebut
akanmendasarisetiaplangkahoperasionalyang
ditempuh Perseroan dalam rangka menjalankan
strategi dan mencapai visinya. Sosialisasi dan
internalisasi budaya perusahaan tersebut akan
mulai dilaksanakan pada tahun 2012.
• Pelatihan dan Pengembangan
Untuk menjamin terciptanya GREAT Human
Capital, Perseroan menyelenggarakan program
pendidikan dan pelatihan, yang dikelompokkan
menjadi tiga kelompok besar diklat: Teknis,
Umum dan Kepemimpinan. Pembentukan
GREAT HUMAN CAPITAL melalui diklat
umum didasarkan pada Kompetensi Inti,
yakni: team work, continuous learning, service
orientation dan proffessionalism. Diklat umum
yang dikombinasikan dengan pernilain kinerja
pegawaiberdasarkanpadakompetensi tersebut
diharapkan akan membentuk budaya dan
perilaku yang mencerminkan dan menumbuh
kembangkan karakter dalam CHAMPS yang
membentuk GREAT Human Capital.
Selain diklat umum dilakukan diklat teknis dalam
rangka mencetak pegawai yang kompeten di
bidangnya. Kompetensi teknis inti perusahaan
berupa Produksi Semen, Engineering dan
pengembangan bidang Persemenan merupakan
area utama diklat teknis.
• Pengembangan Kepemimpinan
Program pengembangan Kepemimpinan
Perseroan dibagi dalam beberapa jenjang
manajerial, yaitu: Supervisory Management
Course (SMC) untuk tingkat Kepala Regu,
General Management Course (GMC) untuk
Company also completed preparation of
its strategy map and KPI, which adopts the
balanced score card (BSC) model.
Subsequently, in 2012, implementation of
the full Performance Management System
will be supported by an information system
application. Thus, the Company’s overall
strategy can be implemented systematically
and in a structured manner according to
a tiered organization hierarchy to support
achievement of company targets, both in the
short and long term.
• Corporate Culture
An important sub project that has been
successfully completed in 2011 was the
reformation of the Semen Gresik Group
Corporate Culture, or CHAMPS, with the
following components:
Compete with synergized and clear vision
Having the spirit of Continuous Learning
Act with high accountability
Meet Customer Expectations
Perform ethically with high integrity
Strengthening Teamwork

The superior values of the Corporate Culture
will underpin each operational step taken
by the Company in the implementation of
its strategy and achievement of its vision.
Dissemination and internalization of the
Corporate Culture will start in 2012.
• Training and Development
To ensure the creation of GREAT Human
Capital, the Company organizes education
and training programs that are divided into
three main groups, i.e. Technical, General and
Leadership Training & Development. The
formation of GREAT Human Capital through
general training and development is based on
Core Competencies, i.e.: teamwork, continuous
learning,serviceorientationandprofessionalism.
General training and development combined
with employee performance evaluations based
on Competencies are hoped to create a culture
and behavior that reflects and imbues character
development in CHAMPS to form GREAT
Human Capital.
As well as General Training and Development,
Technical Training and Development is also
available to create employees competent
in their field. Core technical competencies
are in the fields of Cement Production,
Engineering and Cement Development.
• Leadership Development
The program to develop Company Leaders
is divided into several managerial levels:
Supervisory Management Course (SMC)
for Team Leaders, General Management
Course (GMC) for Section Heads, Middle
Penyelesaian
kerangka
manajemen KPI dan
adopsi Balanced
Scorecard sebagai
dasar implementasi
Performance
Management
System yang
menyeluruh.
Completion of the
KPI management
framework and
adoption of the
Balanced Scorecard
as the basis for
implementation
of the overall
Performance
Management
System.

tingkat Kepala Seksi, Middle Management
Course (MMC) untuk tingkat Kepala Bagian
dan Advanced Management Course (AMC)
untuk tingkat Kepala Departemen.
Melalui program berjenjang tersebut
Perseroan menyusun leadership development
yang merupakan salah satu fokus HCMP,
sebagai acuan bagi program pengembangan
kepemimpinan yang memiliki kompetensi inti
maupun kompetensi kepemimpinan.
Kompetensi kepemimpinan yang dikembangkan
Perseroan mencakup: adaptability, problem
solving, change leadership, visionary leadership,
planning organizing dan developing people.
Melalui program pengembangan kepemimpinan,
diharapkan proses suksesi kepemimpinan
Perseroan dapat terpelihara dengan baik
Selanjutnya pada tahun 2012 Perseroan akan
melanjutkan implementasi HCMP tahap II yaitu
growth & strengthening dengan target terjadinya
akselerasi kemampuan dan kinerja HC secara
signifikan guna mendukung pencapaian tujuan
termasuk mempersiapkan HC Perseroan dalam
menyambut terbukanya peluang dari naiknya
permintaan semen domestik guna meningkatkan
kembali pangsa pasar dengan dukungan pabrik
baru dan fasilitas pendukung lainnya.
Pelaksanaan Program
Pelatihan dan Pengembangan
Sebagaimana telah dijelaskan pada uraian
implementasi HCMP di atas, Perseroan
merencanakan pengembangan kompetensi
sesuai dengan kebutuhan organisasi dan potensi
pegawai. Sebagai realisasi pelaksanaan program
pelatihan dan pengembangan, pada tahun 2011
Perseroan telah menyelenggarakan berbagai
program pelatihan internal dan eksternal yang
diikuti oleh pegawai dari berbagai tingkat jabatan.
Jenis pelatihan yang diselenggarakan juga
beragam sesuai dengan kebutuhan dan sesuai
dengan program pengembangan kompetensi
yang telah ditetapkan.
Pada tahun 2011, Perseroan menyelenggarakan
serangkain program pelatihan yang diikuti oleh
total 16.175 peserta dari jumlah 5.419 pegawai.
Dengan demikian, seorang pegawai bisa mengikuti
lebih dari satu jenis pelatihan dalam rangka
meningkatkan kompetensinya.
Alokasi dana untuk pelaksanaan pelatihan dan
pendidikan adalah sebesar Rp18,8 miliar atau rata-
rata sebesar Rp3,5 juta per pegawai, dengan resume
jenis pelatihan dan jumlah peserta sebagai berikut.
Management Course (MMC) for Division
Heads and Advanced Management Course
(AMC) for Heads of Department.
Through this layered program, the Company
has leadership development as one of the
focuses of HCMP, as well as a reference for
leadership development programs with core
competencies and leadership competency.
Leadership competencies developed by the
Company cover: adaptability, problem solving,
change in leadership, visionary leadership,
planning organizing and developing people.
Through this leadership program it is hoped
that succession within Company leadership
will be well managed.
Further, in 2012, the Company will continue with
theimplementationofHCMPphaseII,growthand
strengthening, targeting significantly accelerated
human capital abilities and performance to
support the achievement of objectives, including
preparing the Company’s HC to welcome the
opportunities provided through increased
demand for cement domestically and to increase
market share with the support of the new plants
and other supporting facilities.
Training and Development
Program Implementation
As explained in the above description of HCMP
implementation, the Company plans competency
developments in accordance with organizational
needs and employee potential. In realization of
this, through its education and training program in
2011, the Company organized various internal and
external training programs in which employees
of various levels took part. There were also a
variety of types of training program in line with
requirements and established competency
development programs.
In 2011, the Company organized a range of
training programs with 16,175 participants or a
total of 5,419 employees. Thus, employees could
take part in more than one type of training to
increase their competencies.
Funding allocated for training and education
amounted to Rp18.8 billion, or an average of Rp3.5
million per employee, with a summary of types of
training and number of participants as follows:

Annual report 2011-3

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Annual report 2011-3