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ANTAM Keeps on Recorded Positive Performance in 2019

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Jakarta, April 16, 2020 - PT Aneka Tambang Tbk (ANTAM; IDX: ANTM; ASX: ATM) is pleased to announce the positive result of the Company’s operation, sales and financial performance for year 2019  (FY19). ANTAM’s books audited net sales of Rp32.72 trillion in line with the solid growth of the Company’s main commodities production and sales performance in 2019. During FY19, ANTAM’s ferronickel production reached 25,713 tons nickel within ferronickel (TNi), increase 3% from 2018 (FY18) ferronickel production volume. Meanwhile, ANTAM’s ferronickel sales volume reached 26,212 TNi, a 9% growing year over year (YoY). In FY19, ferronickel sales was the second largest contributor to the Company’s net sales, amounting Rp4.87 trillion or equal to 15% of total sales.

In FY19, on gold commodity, ANTAM’s gold sales volume recorded to 34,016 kg (1,093,639 troy oz),  significantly increased by 22% YoY. ANTAM booked a sales from gold amounting to Rp22.46 trillion or represent 69% of total FY19 net sales. On the production side, ANTAM recorded gold production volume of 1,963 kg (63,111 troy oz) during FY19.   

On nickel ore commodity, ANTAM recorded total production volume of nickel ore in FY19 amounted to 8.70 million wet metric ton (wmt) with a sales volume of 7.6 million wmt. ANTAM posted revenue from nickel ore sales of Rp3.70 trillion or represent 11% of total FY19 net sales. In FY19, bauxite commodity also brought positive contribution to ANTAM’s net revenue figures. In FY19, bauxite ore production recorded at 1.73 million wmt with a sales volume figure of 1.66 million wmt. The revenue derived from bauxite sales amounted Rp758 billion for FY19.       

In FY19, ANTAM’s gross profit amounted to Rp4.45 trillion and operating profit recorded at Rp955 billion. Whereas, the Company’s cost of the goods sold in FY19 maintained at Rp28.27 trillion and operating expenses achieved Rp3.49 trillion. The Company’s cost structure is in line with the growth of production and sales volume. The cost structure is also consolidating the expenses from the Company’s subsidiaries.     

Following the completion of the acquisition process of PT Indonesia Chemical Alumina (PT ICA) shares by ANTAM, in 2019, the PT ICA’s financial statements include among others of sales account, cost of goods sold and operating expenses has fully consolidated on ANTAM’s financial statement. In FY19, in line with a strategy to enhance the alumina operation performance, as much as 104 thousand tons of alumina was produced by PT ICA. Meanwhile the alumina sales volume achieved 71 thousand tons. The alumina production and sales level were growing significantly in FY19 if compared with the FY18 alumina production and sales volume of 13 thousand tons and 8 thousand tons respectively. In midst of challenging condition within FY19 to achieve plant operation stability as well as product marketing aspect under the fluctuating of global selling price condition, the Company optimist on the near future, the alumina product will deliver a better positive contribution to the Company’s financial consolidated performance.          

In FY19, ANTAM posted net other expenses totaling to Rp268 billion which were attributable by finance income and cost, foreign exchange losses, share of loss of associates and joint venture and net other income. In FY19, the Company’s posted audited profit for the year of Rp194 billion with the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) level of Rp2.3 trillion.         

With cash and equivalent of Rp3.64 trillion, ANTAM has a solid financial position to support the Company’s main business development initiatives. The construction progress of ANTAM’s strategic project the East Halmahera Ferronickel Plant Development Project (P3FH) has achieved 97.75% up to FY19. After the completion, the P3FH will have annual ferronickel production name plate capacity of 13,500 TNi.  In line with Company’s efforts to increase the added value of its bauxite mineral resources, ANTAM is currently focusing on the development of Smelter Grade Alumina Refinery (SGAR) plant with PT INALUM (Persero) with an estimated total production capacity of up to 1 million ton SGA per annum (Stage 1). In line with the Company business development strategies, ANTAM also aims to enter into a partnership and build a mutual beneficiary relationship in the development of metals processing downstream projects especially on nickel, gold and bauxite commodity, including the recent initiative strategic partnership between ANTAM and Shandong Xinhai through the signing of the Head of Agreement (HoA) on development of 4 x 48 MW nickel smelter facility through Rotary Kiln Electric Furnace technology with total nameplate capacity of 40,000 TNi. Under the HoA, the parties will cooperate and work together on the preparation of preliminary feasibility study and prepare for other relevant activities with regard to the preparation of the partnership implementation.    

In the audited of ANTAM Consolidated Financial Statement for the year ended December 31, 2019, The Company set forth the restatements on the previous consolidated statement of financial position, profit or loss and other comprehensive income and consolidated statement of changes in equity for the years ended December 31, 2018. The restatement of the consolidated financial statement is primarily related to the disclosure of equity accounting of investments in foreign currency, impairment of long-lived assets, capitalization of certain expenditures, inventories, provision for environmental and reclamation costs and certain taxation accounts. In addition, the reclassifications were also conducted on certain accounts in the previous financial year to conform with the 2019 presentation.

The 2019 achievement serves as the basis to improve the Company’s performance for a better outcome in 2020 through various business innovation efforts and optimizing the Company’s resources by prioritizing an efficient operating costs management strategy in order to create positive value for the shareholders and stakeholders.