Pt Integra Indocabinet Tbk · IDX:WOOD
Pt Integra Indocabinet Tbk — Q1 2023 Earnings Presentation
87 slides from Pt Integra Indocabinet Tbk's earnings presentation, July 2023
Slide 1: PT Integra Indocabinet Tbk Investor Presentation 1Q23
PT INTEGRA INDOCABINET TBK Integrated Wood-Based Company Investor Presentation 1Q23 Desa Betro, Kecamatan Sedati Sidoarjo 61253 – Indonesia Phone: +62 31 8910434, +62 31 8910435, +62 31 8910436 Faximile: +62 31 8911391 E-mail: corsec.integra@iil.co.id Website: www.integrafurniture.co.id
Slide 2: Table of contents
Table of contents Corporate Business ESG, sustainability Growth Financial Introduction overview overview and safety drivers overview Company profile Milestones Business model and UN Sustainable Opportunity in US Sales order update growth strategy Development Goals protectionism Investment case Corpo
Slide 3: Company profile
Company profile Establishment date 19 May 1989 Listing date 21 June 2017 Security code WOOD IJ Industry, trade, and processing services of wood-based furniture and other wood products, forest concessions, as well as retail Business field and distribution of furniture and home decorations through the
Slide 4: Investment case
Investment case Efficient operations Largest vertically-integrated timber products manufacturer, which results in margin improvement due to cost efficiencies. Immense growth potential Taking advantage of the US-China trade war opportunity and AD & CVD implementation on China’s timber products, Integ
Slide 5: Table of contents
Table of contents Corporate Business ESG, sustainability Growth Financial Introduction overview overview and safety drivers overview Company profile Milestones Business model and UN Sustainable Opportunity in US Sales order update growth strategy Development Goals protectionism Investment case Corpo
Slide 6: Milestones
Milestones Relocation of Interkraft’s factory to an 8-ha site in Lamongan; establishment Establishment of Converted COVID-19 Issued shelf of Woodone Integra Integriya Dekorindo Barecore Challenges; keep registered Bond (wooden doors); Acquisition of (furniture distribution and production growing exp
Slide 7: Corporate structure
Corporate structure PT. INTEGRA INDO LESTARI PUBLIC 71.9% 28.1% Forestry Manufacturing Retail & Distribution PT Narkata Rimba PT Intertrend Utama PT Integriya Dekorindo PT Belayan River Timber PT Interkraft PT Intera Indonesia 7
Slide 8: Board of Commissioners
Board of Commissioners Bing Hartono Poernomosidi Stephanie Kane Ilham President Commissioner (Independent) Commissioner ▪ Commissioner since 1993 ▪ Independent Commissioner since 2016 ▪ Obtained her Bachelor of Marketing and Management degree from ▪ Obtained his Bachelor of Economics degree from Air
Slide 9: Board of Directors
Board of Directors Halim Rusli Widjaja Karli President Director Marketing Director ▪ President Director since 1989 and one of the founders of ▪ Marketing Director since 1991 and one of the founders of the Company the Company ▪ Received his Bachelor of Business Administration degree ▪ Commissioner at
Slide 10: Board of Directors
Board of Directors Syany Tjandra Wang Sutrisno Director of Operations Director of Finance ▪ Director of Operations since 1991 ▪ Finance Director and Independent Director since 2016 ▪ Previously worked at Expeditor International (1991-1993), ▪ Previously served as Director at PT Integra Indo Lestari
Slide 11: Shareholder structure
Shareholder structure As of 31 March 2023: No. Name Number of Shares % of Shares 1 PT Integra Indo Lestari 4,573,835,000 71.0 2 Public float 1,863,665,000 29.0 Total shares 6,437,500,000 100.0 11
Slide 12: Commitment to minority shareholders
Commitment to minority shareholders As a listed Company, we are committed to creating value for minority shareholders and acting in their best interests through: Fair Disclosure The Company is committed to fairly disclosing information to all our shareholders. Voting in General Meeting All our share
Slide 13: Table of contents
Table of contents Corporate Business ESG, sustainability Growth Financial Introduction overview overview and safety drivers overview Company profile Milestones Business model and UN Sustainable Opportunity in US Sales order update growth strategy Development Goals protectionism Investment case Corpo
Slide 14: Business model and growth strategy
Business model and growth strategy 2023 business plan Financial Strategy US-China Trade War & Anti- ▪ Providing financial support to Dumping Opportunities ensure growth ▪ Improving financial structure WOOD should benefit from wooden ▪ More competitive financing cost products impacted by the Anti-Dum
Slide 15: Business model and growth strategy
Business model and growth strategy Strategy in facing 2023 challenges Increasing competitiveness WOOD is making sure both material and labor costs are competitive versus those of regional competitors by moving to more efficient levels of production processes Preparing material resources WOOD is prep
Slide 16: Business model and growth strategy: Middlemen
Business model and growth strategy Forest Successful Foundation: Manufacturer • Our strategy is to help our customers to be successful by cutting all the middlemen in current existing supply chain • The creation of synergetic Broker partnership between vertically integrated wooden manufacturer and l
Slide 17: Business model and growth strategy
Business model and growth strategy Non Competing Non Affiliated Company Customers Non affiliated to Integra Group Penetrating on non competing to existing customers Minimizing Fixed Cost Less Sensitive Product Own Brand on E-Commerce Channel • Only Sales and Marketing initial set up Starting with do
Slide 18: Product portfolio
Product portfolio Knock-down furniture Fully-assembled furniture Building components Millwork Plywood Wall paneling Window blinds Doors 18
Slide 19: Product portfolio: Knocked Down Furniture
Product portfolio Knocked Down Furniture Photo courtesy of TARGET 19
Slide 20: Product portfolio: Knocked Down Furniture
Product portfolio Knocked Down Furniture Photo courtesy of TARGET 20
Slide 21: Product portfolio: Fully Assembled Furniture
Product portfolio Fully Assembled Furniture 21
Slide 22: Product portfolio: Fully Assembled Furniture
Product portfolio Fully Assembled Furniture 22
Slide 23: Product portfolio: Baby Furniture
Product portfolio Baby Furniture 23
Slide 24: Product portfolio: Bunk Bed Furniture
Product portfolio Bunk Bed Furniture 24
Slide 25: Product portfolio: Natural Fiber Furniture
Product portfolio Natural Fiber Furniture Photo courtesy of TARGET & IKEA 25
Slide 26: Product portfolio: Kitchen Cabinet
Product portfolio Kitchen Cabinet 26
Slide 27: Product portfolio: Vanity Cabinet
Product portfolio Vanity Cabinet 27
Slide 28: Product portfolio: Government projects
Product portfolio Government projects: Mid-low housing and Government projects: boarding house furniture School furniture On Friday, 04 January 2019, Indonesian President Jokowi Widodo inaugurated 3 apartment towers, in which one was a student apartment named “STKIP PGRI” in Tulungagung, East Jakart
Slide 29: Product portfolio: Millwork Products
Product portfolio Millwork Products 29
Slide 30: Product portfolio: Hobby Board / Laminated Board
Product portfolio Hobby Board /Laminated Board 30
Slide 31: Product portfolio: Plywood & LVL
Product portfolio Plywood & LVL 31
Slide 32: Product portfolio: Truck Flooring
Product portfolio Truck Flooring 32
Slide 33: Product portfolio
Product portfolio 04,04, 4;44;% (re lr (NG (I ‘ DOK 33
Slide 34: Vertically-integrated operations
Vertically-integrated operations Forestry (FSC Certified) o Logs (Shorea / Meranti) o 2 forestry concessions of over 163,425 ha Forest mgmt, planning, with capacity of 90,000 m3 per year Forest resources Heavy equipment Logs pond and and harvesting and infrastructure grading Distribution & Retail o
Slide 35: Value chain
Value chain Forestry Manufacturing Log yard Fully-assembled Knock down Building furniture furniture components Dry sawn timber Dry sawn timber Dry sawn timber Sawmill process warehouse warehouse warehouse Wet sawn timber Processing Processing Processing warehouse Sanding Final sanding Packing Kiln d
Slide 36: Geographic footprint and key customers
Geographic footprint and key customers A-America, Inc. Safavieh American Woodcrafters H&M Top 10 Furniture The Home Depot Export 2022 Flexsteel Alpine Furniture Inc Kohler Target Store Cotsco Wholesale Corporation - 200 400 600 800 1,000 in IDR (bn) DW DISTRIBUTION HALO WOODS, LLC COMPOSITE TECHNOLO
Slide 37: Production capacity
Production capacity Installed capacity (in m3) Integra Indocabinet Intera Interkraft Intertrend Total BC: BC: BC: BC: BC: Year Furniture BC: FJLB Furniture Furniture Furniture Wooden Furniture BC Millwork Millwork Millwork Plywood Blind 2018 19,688 43,000 6,125 35,833 7,088 8,750 25,927 - 22,000 41,
Slide 38: Production area
Production area Area utilization (in ha) Integra Indocabinet Intera Interkraft Intertrend WII Total BC: BC: BC: BC: Products Furniture BC: FJLB Furniture Furniture Furniture Wooden Doors Millwork Millwork Plywood Blind Betro, 16 5 - 2 - - - - - 2 25 Sidoarjo Gedangan, - - 2.6 - - - - - - - 2.6 Sidoa
Slide 39: Production facilities: PT Integra Indocabinet
Production facilities PT Integra Indocabinet Address: Sidoarjo Area: 21 ha No. of employees: 1,268 39
Slide 40: Production facilities: PT Intera Indonesia
Production facilities PT Intera Indonesia Address: Sidoarjo Area: 7.6 ha No. of employees: 166 40
Slide 41: Production facilities: PT Interkraft
Production facilities PT Interkraft Address: Lamongan Area: 10 ha No. of employees: 428 41
Slide 42: Production facilities: PT Intertrend Utama
Production facilities PT Intertrend Utama Address: Sidoarjo Area: 14 ha No. of employees: 419 42
Slide 43: Impact of COVID-19
Impact of COVID-19 ▪ Safety and prevention efforts to protect our employees, such as: ▪ Public service announcements on sanitation and general recommendation to minimize contact and transmission ▪ Temperature checks upon entry ▪ Sanitation, protection and immune boosters ▪ Early social distancing tr
Slide 44: Table of contents
Table of contents Corporate Business ESG, sustainability Growth Financial Introduction overview overview and safety drivers overview Company profile Milestones Business model and UN Sustainable Opportunity in US Sales order update growth strategy Development Goals protectionism Investment case Corpo
Slide 45: UN Sustainable Development Goals
UN Sustainable Development Goals Following the Company’s sustainability strategies and initiatives, we contribute to the following SDGs: ▪ Equal remuneration ▪ Recycle and reuse ▪ Given large ▪ Energy efficiency ▪ Source only legal and for women and men. our water. opportunity to through usage of ce
Slide 46: Preserving our environment
Preserving our environment Sustainable sourcing Our core principle in managing two of our forest concessions is to conduct responsible tropical natural management in line with both FSC and National guidelines to maintain our status as the well-managed tropical natural forest. Hence, we obtained both
Slide 47: Preserving our environment
Preserving our environment Climate We believe climate change poses a threat to our planet and its impact has become more visible. At Integra, we address this issue through energy efficiency by reducing energy usage. In our manufacturing division, in line with our spirit to realize a zero-waste strat
Slide 48: Preserving our environment
Preserving our environment Manufacturing Health & Safety We place health & safety as our first priority to realize Zero Accident strategy in our working environment. Moreover, to be a supplier for international buyers, providing healthy & safe working environment at our production facilities is esse
Slide 49: Nurturing our talent
Nurturing our talent 100% No. of employees Retention rate No. of trainings FY2021 2073 67 Competitive Benefits At Integra, we value our employees who become part of our family and grow with the company. Understanding the economic growth and increasing inflation, we provide wages and benefits that me
Slide 50: Governance
Governance Integra adheres to the following good corporate governance (GCG) principles: Transparency Accountability Responsibility Independence Fairness Ease of access to Clarity of functions, Compliance in the Professionally managed Fair and equal treatment complete, accurate and structure, systems
Slide 51: Governance
Governance Governance structure General Meeting of Shareholders GMS – The Government regulation no.40/2007 on Limited Liability Companies (GMS) require a company to held GMS and placed it as the highest organ in the Company structure. Both BOC and BOD are responsible to the GMS. The latest GMS was h
Slide 52: Governance
Governance Whistleblowing policy The violation reporting system or also known as the Whistleblowing System was established in order to encourage the employees to report violations based on a reward system. The approach used by the Company to maintain management discipline aligns with the Company’s i
Slide 53: Certifications and awards
Certifications and awards Forest Stewardship Council is an international BSCI is an initiative of the Foreign Trade Association SVLK certification is required by Indonesian law non-governmental organization dedicated to (FTA), the leading business association of European and for all wood products ex
Slide 54: COVID-19 safety and prevention efforts
COVID-19 safety and prevention efforts Public services announcements Temperature checks upon entry PSAs are put on public & visible spaces to outline sanitation and general recommendations to minimize contact and transmission. Sanitation, protection and immune boosters Social distancing training and
Slide 55: Indonesia Climate Agenda
Indonesia Climate Agenda GHG Emission Reduction Target NDC Sector (MTonCO2e) Indonesian Emission Long-Term Strategy Paris Agreement and Reduction for Low Carbon & National Determined Target Contribution (NDC) FORESTRY ENERGY & WASTE AGRICULTURE IPPU Climate Resilience TRANSPORTATION 2030 29% 497 314
Slide 56: COP26 Outcomes
COP26 Outcomes The COP26 in Glasgow has finalize the Paris Rulebook which is a set of decisions that provides details about the implementation of the Paris Agreement. One of the major achievements was regarding the Article 6 of Paris Agreement which will unlock the potential of international emissio
Slide 57: Carbon Market
Carbon Market A carbon credit is a unit of exchange that businesses, organizations and individuals can use to offset their greenhouse gas emissions. One carbon credit is equivalent to one metric ton of greenhouse gases removed from the atmosphere. A carbon credit and a carbon offset are synonymous t
Slide 58: Voluntary Carbon Market Size
Voluntary Carbon Market Size Voluntary carbon market size (USDmn) Voluntary Carbon Market grew by 190% in 2021 to just under $1bn Voluntary Carbon Market Demand (MtCO2e) Voluntary Carbon Market retirements grew by 70% in 2021 to 161Mt. Half of this growth came from demand for REDD+ projects, and one
Slide 59: Voluntary Carbon Market Size
Voluntary Carbon Market Size According to Trove Research, a specialist data, analysis and advisory firm that focused on climate policy, carbon markets and the energy transition, the voluntary carbon market could reach USD10-25bn (more than 20x) in 2030 from USD0.4bn in 2020. Voluntary Carbon Offset
Slide 60: Carbon Market
Carbon Market • While compliance markets are currently limited to carbon credits from a specific region, voluntary carbon credits are significantly more fluid, unrestrained by boundaries set by nation-states or political unions. • Total size of the voluntary CO2eq market is much smaller, and the pri
Slide 61: Carbon Prices
Carbon Prices Carbon Prices as of April 2022 Integra current forest area of 163,425ha Tropical Forest from Logged to Protected Forest has the potential emission reduction of 2.1 MtCO2e per year. Additionally, the Company also acquired forest concession area of 18,130ha with potential emission reduct
Slide 62: Table of contents
Table of contents Corporate Business ESG, sustainability Growth Financial Introduction overview overview and safety drivers overview Company profile Milestones Business model and UN Sustainable Opportunity in US Sales order update growth strategy Development Goals protectionism Investment case Corpo
Slide 63: Opportunity in US protectionism
Opportunity in US protectionism In addition to US trade war tariffs implemented on imported Chinese products which started in 06 July 2018, China also faced additional anti-dumping (AD) and anti-subsidy (CVD) duties that cause its products becoming less competitive compared to the other countries. W
Slide 64: Opportunity in US protectionism
Opportunity in US protectionism US Imposed AD and CVD on Chinese wood moldings and millwork products On 16 February 2021, the US Commerce Department Issued final Antidumping and Antisubsidy Determinations on Wood Moldings and Millwork Products from China (21,22). DOC imposed final antidumping duties
Slide 65: Opportunity in US protectionism
Opportunity in US protectionism US-imposed AD and CVD duties on Chinese wooden cabinets and vanities products US imports of wooden cabinets and vanities product from China reach USD4.7b in 2018 but dropped significantly in 2020 to USD1.7bn or drop by -45.5% y/y. As of 06 March 2019, the American Kit
Slide 66: Export tariff to US
Export tariff to US China Others Potential Products Market Trade war Anti dumping duty Anti subsidy duty General GSP tariff Wood Mouldings 25% 45.49 - 231.60% 20.56% - 252.29% 3.2% Free USD1.9bn & Millwork Wooden Cabinets 25% 48.5% - 262.18% 20.93% - 293.45% Free Free USD11.1bn & Vanities Hardwood 2
Slide 67: Export to US
Export to US BC Exporter to US (in USDmn) 1000 826 800 612 600 400 139 183 142 138 200 115 98 67 53 0 Brazil Indonesia China Malaysia Vietnam 2021 2022 Plywood Exporter to US (in USDmn) 1000 840 796 800 664 638 638 600 514 431 405 400 248 200 132 0 Brazil Indonesia China Malaysia Vietnam 2021 2022 6
Slide 68: Market Share in US
Market Share in US Market Share in US (as of 12M22) Products China Vietnam Malaysia Brazil Indonesia Wooden Furniture 11.7% 38.3% 8.6% 1.8% 5.3% Wood Mouldings & Millwork 5.5% 3.9% 4.6% 32.8% 7.3% Hardwood Plywood 13.8% 28.2% 8.8% 17.8% 29.7% Market Share in US (as of 2021) Products China Vietnam Ma
Slide 69: Opportunity in US-China tensions
Opportunity in US-China tensions ▪ As of 2022, US wooden furniture imports grew by 13.6% YoY with Indonesia contribution grew from 5.1% in 2021 to 5.3% in 2022. Additionally Indonesia wooden furniture exports to US recorded the strong growth of 18.4% YoY. ▪ US wooden furniture imports have showed a
Slide 70: Opportunity in US-China tensions
Opportunity in US-China tensions Wooden Furniture Exporters to US (in USDmn) 8,000 7,410 7,000 6,251 6,000 5,516 5,292 5,134 5,000 4,597 4,228 4,000 3,243 3,442 3,537 2,947 3,000 2,563 2,245 2,165 2,000 1,381 1,451 1,652 619450 695471 733498 923 629 863 961 1,000 519 - 2016 2017 2018 2019 2020 2021
Slide 71: Global furniture trading
Global furniture trading Major furniture importing countries (in USDmn), 2014-2022 40,000 ▪ US remains the leading furniture importer with the value of USD36.2bn imported in 2022, which grew by 13.0% y/y 30,000 ▪ The largest value of furniture type imported is the wooden 20,000 furniture which accou
Slide 72: Business outlook
Business outlook Integra will continue to benefit from: ▪ Market expansion ▪ Anti-Dumping and Anti-Subsidy tariffs implementation on Chinese exports (particularly wood-based products) by the US will remain as an open opportunity for Integra to keep expanding its market share in US market. ▪ Limited
Slide 73: Table of contents
Table of contents Corporate Business ESG, sustainability Growth Financial Introduction overview overview and safety drivers overview Company profile Milestones Business model and UN Sustainable Opportunity in US Sales order update growth strategy Development Goals protectionism Investment case Corpo
Slide 74: 3M23 Earnings Result
3M23 Earnings Result Revenue Op. profit (IDRbn) (IDRbn) -68% YoY 0.3% QoQ -71.1% 206.9% 3,000 400 322 YoY QoQ 2,500 300 1,976 2,000 200 93 93 1,500 100 1,000 633 631 633 - 500 1Q22 1Q23 4Q22 1Q23 -100 -87 - -200 1Q22 1Q23 4Q22 1Q23 Net profit (IDRbn) -87.9% YoY 120% QoQ 300 207 • Q1 2023 revenue IDR
Slide 75: Sales by segment 3M23 vs 3M22
Sales by segment 3M23 vs 3M22 1.8% 1.7% Forestry Forestry 95.2% 2.1% 96.2% 3.1% Manufacturing Manufacturing Manufacturing Manufacturing (export) (domestic) (export) (domestic) 3M23 3M22 Segment 3M23 3M22 Growth Manufacture Export 603,020,337,658 1,900,165,851,575 -68.3% Furniture 382,800,020,715 459
Slide 76: Sales by region 3M23 vs 3M22
Sales by region 3M23 VS 3M22 3M23 89.70% 3.80% 4.80% 3M22 93.30% 1.80% 3.80% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% in IDR 3M23 3M22 Growth America 568,323,438,925 1,843,315,987,572 -69.2% Asia 24,233,413,081 34,991,343,242 -30.7% Europe 10,463,485,652 21,858,520,760 -52.1% Others - - - Indones
Slide 77: Financial highlights
Financial highlights in IDR’b 2017 2018 2019 2020 2021 2022 3M23 • Sales of Building Component was Sales 1,734 2,101 2,136 2,929 5,416 4,527 633 significantly impacted in 2022 (-27%) due to the high mortgage rate in USA Gross profit 561 739 744 986 1,917 1,408 198 • Sales of Furniture in 2022 still
Slide 78: Balance sheet
Balance sheet in IDR’b 2016 2017 2018 2019 2020 2021 2022 Cash & ST investments 30,450 54,484 64,216 22,265 40,487 116,906 267,210 Inventories 893,017 1,172,715 1,431,983 1,739,014 2,065,822 2,603,605 2,515,305 Account receivable 187,912 165,131 460,194 928,901 686,716 705,994 352,116 Others 216,324
Slide 79: Capex and production capacity
Capex and production capacity Capex (IDR’m) FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Manufacturing 201,382 97% 270,633 98.8% 95,763 99.5% 100,163 85.7% 91,505 76.5% Forestry 5,675 2% 813 0.3% 42 0.0% 14,238 14.3% 28,046 23,5% Commerce 5,273 1% 2,385 0.9% 401 0.4% - - - - Total 212,330 273,831 96,206
Slide 80: Capital structure
Capital structure Debt IDR facilities USD facilities Total debt in IDR Short term debt facility 1,420,415,123,125 8,000,000 1,461,304,681,504 Long term debt facility 553,678,586,463 - 553,678,586,463 Bonds 450,000,000,000 - 450,000,000,000 Sukuk 150,000,000,000 - 150,000,000,000 Total debt facility
Slide 81: What's About Now?
What’s About Now? Total Sales per Quartal 2,500 1,976 2,000 1,895 1,500 1,381 1,237 1,160 1,084 1,000 904 728 751 759 668 652 632 633 469 437 473 493 485 431 482 500 - 2018 2019 2020 2021 2022 2023 Q1 Q2 Q3 Q4 Total Ekspor per Quartal 2,000 1,900 1,773 1,800 1,600 1,400 1,302 1,192 1,200 1,103 1,000
Slide 82: What's About Now?
What’s About Now? Sales per Segment 4,000 3,531 3,500 3,000 2,594 2,500 2,000 1,793 1,791 1,563 1,500 1,360 1,162 1,243 1,036 1,000 526 558 581 500 333 397 132 40 139 56 141 226 48 119 43 92 - - 11 - - 2017 2018 2019 2020 2021 2022 1Q23 Furniture Building Component Forestry Trading
Slide 83: U.S. Housing Starts and Building Permits declined fourth in a row
U.S. Housing Starts and Building Permits together declined fourth in a row Month over month (Dec 22 vs Nov 22) • According to the US Census Bureau and the US Department of Housing and Urban Development, residential building permits declined 1.6% to a seasonally adjusted rate of 1,330,000 permits in
Slide 84: U.S. Housing Starts and Building Permits
U.S. Housing Starts and Building Permits Annual (2022 vs 2021) • US residential building permits declined 5.0% year over year to 1,649,400 units in 2022. Permits for single unit structures declined 12.9% while permits for structures with 2 to 4 units were down 0.7%. Permits for structures with 5 uni
Slide 85: What US Market Indicators Say?
What US Market Indicators Say? ✓ Building Permits: Privately‐owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,491,000. This is 5.2 percent above the revised April rate of 1,417,000, but is 12.7 percent below the May 2022 rate of 1,708,000. ✓ Ho
Slide 86: 2023 Earnings guidance
2023 Earnings guidance 10% sales growth y/y 10-12% net profit margin 10-15% EPS growth y/y Integra allocated IDR150bn capex in 2023 for expansion and maintenance capex 86
Slide 87: THANK YOU!
THANK YOU! Desa Betro, Kecamatan Sedati Sidoarjo 61253 – Indonesia Phone: +62 31 8910434, +62 31 8910435, +62 31 8910436 Faximile: +62 31 8911391 E-mail: corsec.integra@iil.co.id Website: www.integrafurniture.co.id
PT Integra Indocabinet — Q1 2023 Earnings Presentation on 6ix