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ANTAM Solid Business Performances, Led to the Company Financial Profitability Improvement in 2020

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ANTAM Solid Business Performances, Led to the Company Financial Profitability Improvement in 2020

ANTAM Posted the 2020’s Annual Net Revenue of Rp27.37 Trillion. Gold Product Became a Largest Contributor of  the Company’s Sales with a Revenue of Rp19.36 Trillion or 71% from the Total Revenue in 2020.

ANTAM’s Gross Profit Amounted to Rp4.48 Trillion in 2020, Rose from the 2019’s Gross Profit of Rp4.45 Trillion.

In 2020, ANTAM’s Operating Profit Hikes 113%, Amounted to Rp2.03 Trillion from the 2019’s Operating Profit of Rp955.61 Billion.

ANTAM has a Strong Commitment Effort to Maintain Positive Growth on Operational and Sales Performance as well as the Implementation of  a Cost Optimization Strategy. These Efforts Were Supporting the Positive Achievement of the ANTAM’s 2020 Net Profit of Rp1.15 Trillion, Rebounded 493% Over the 2019’s Net Profit of Rp193.85 Billion.  

Jakarta, March 15, 2021 - PT Aneka Tambang Tbk (ANTAM; IDX: ANTM; ASX: ATM) is pleased to announce the growth of the Company’s Operational and Financial performance in 2020. This achievement was in line with the Company’s aims to elevate its operational competitiveness through the enhancement of the product’s value added, optimization on production and sales performance as well as taking strategic policies to meet an appropriate cost efficiency approach. Despite the global economic downturn in midst of the new normal era of Covid-19 pandemic within 2020, the Company retains its profitable performance as well as its production and sales performance growth through the implementation of proper health protocols with high consistency throughout its operating area.

During 2020, ANTAM's recorded positive Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of Rp3.19 trillion, a 39% higher than the 2019’s EBITDA level of Rp2.29 trillion. ANTAM consolidates each effort and opportunity to strengthen its operational and financial structure as well as conducted the Company’s business development initiatives to ensure the sustainability of the financial Company’s performance remains solid and profitable. Effective cost control efforts and the implementation of appropriate business strategies supported the achievement of ANTAM’s profitability performance in 2020. The improvement of ANTAM’s profitability is reflecting its 2020 gross profit of Rp4.48 trillion which surpasses the Company’s gross profit of Rp4.45 trillion in 2019. Moreover, in 2020, ANTAM’s operating profit amounted to Rp2.03 trillion, increased significantly by 113% from the Company’s operating profit of Rp995.61 billion in 2019. During 2020, ANTAM’s gross profit margin amounted to 16%, a growth of 275 basis point (bps) year over year (YoY). Meanwhile, ANTAM’s operating profit margin booked at 7% in 2020, a growth of 450bps YoY. The improvement of the Company’s gross and operating profit number elevates ANTAM’s profit for the year in 2020 with a net profit of Rp1.15 trillion, rocketing by 493% from the Company’s 2019 profit for the year of Rp193.85 billion. The 2020 ANTAM’s profit margin reached 4%, a growth of 360bps from the prior year.

The proper implementation of the Company’s operational strategy was also reflecting in the positive profitability of its main commodity that comprised of nickel, gold, and bauxite products. Throughout 2020, the Company was generating a positive inflow of net cash provided from operating activities amounted to Rp2.22 trillion, which arise 36% from the net cash provided from operating activities within the 2019 period of Rp1.63 trillion. Within 2020, the Company posted a net increase in cash and cash equivalents amounted to Rp432.84 billion, a solid achievement compared to the net decrease in cash and cash equivalents in 2019 of Rp614.64 billion.  ANTAM’s solid financial position in 2020 is also supported with a strong cash and cash equivalents level which amounting to Rp3.67 trillion in order to maintain the sustainability of the Company’s operation and development initiatives

Furthermore, ANTAM’s solid financial performances within 2020 were also reflected on the Company’s performance to remain its corporate credit rating from the S&P Global at the “B/outlook stable” rating as well as the ANTAM’s Sustainable Bonds I Year 2011 ratings from PT Pemeringkat Efek Indonesia (PEFINDO) at the “idA/stable outlook”.

ANTAM’s Solid Operating Segment Performance Supports the 2020 Company’s Profitability
The operational innovation and cost control efforts were becoming the main approached to support the Company’s resilience in 2020. The appropriate and optimal cost control initiatives are carried out to mitigate the impact of external conditions beyond the Company’s control. In order to maintain the Company’s financial performance in 2020, in midst of the Covid-19 global pandemic that affects the international commodity prices, ANTAM has been preparing strategic initiatives that covers the proper efficiency initiatives, prudent on capital expenditure to maintain its business development and optimization effort on production and sales activity.      

In 2020, in relation to the Company’s marketing strategy, ANTAM has been focusing to develop domestic-based customers for its gold and nickel ore product in-line with the positive outlook for commodity demand in the domestic market. During 2020, the revenue from domestic sales activity achieved Rp19.92 trillion or equal to 73% of the Company’s total revenue of Rp27.37 trillion in 2020. The domestic net sales revenue in 2020 increased 68% compared to the domestic revenue of Rp11.86 trillion in 2019.

In 2020, ANTAM recorded a positive result for its nickel segment. The Company’s ferronickel production volume in 2020 reached an all-time high with the production level of 25,970 ton nickel within ferronickel (TNi), higher than the ferronickel production volume of 25,713 TNi in 2019. Moreover, ANTAM’s ferronickel sales volume within 2020 marked at 26,163 TNi. During 2020, the sales of ferronickel were the second largest contributor to ANTAM's revenue, amounting to Rp4.66 trillion or 17% of the Company’s total sales.

Meanwhile in relation to ferronickel cash cost competitiveness, in 2020, ANTAM strengthens its position as one of the global low cost ferronickel producers with a cash cost level of USD3.36 per pound. ANTAM’s cumulative cash cost in 2020 was 17% lower than the 2019 cash cost of USD3.95 per pound.  

On nickel ore commodity, during 2020, the Company’s nickel ore production volume which was produced as ferronickel plant feed ore material as well being sold to domestic market customer amounting to 4.76 million thousand wet metric ton (wmt). Meanwhile, in 2020, ANTAM recorded nickel ore sales, which entirely being absorbed by the domestic customer, with a sales volume of 3.30 million wmt. The contribution of nickel ore sales for the Company’s revenue in 2020 achieved Rp1.87 trillion or 7% of the total revenue. The domestic market appreciation for ANTAM’s nickel segment product is developing throughout 2020. The domestic net sales revenue for ANTAM’s nickel segment (ferronickel and nickel ore commodity) was growing 93% from the 2019 nickel segment revenue of Rp968.16 billion into Rp1.87 trillion in 2020. The positive performance of the nickel segment in 2020 also reflected on the nickel segment operating income of Rp2.22 trillion and the segment profit of the year of Rp1.92 trillion.

The development of the domestic market based strategy was also implemented on ANTAM’s gold marketing strategy in 2020. During 2020, ANTAM’s gold sales volume reached 22,097 kg (710,435 troy oz), meanwhile ANTAM’s gold production volume reached 1,672 kg (53,756 t oz). On the silver commodity, during 2020, the total silver production from the Pongkor and Cibaliung mines posted at 11,992 kg (385,552 t oz) with the silver sales volume reached 14,589 kg (469,047 t oz). The revenue generates silver sales in 2020 amounted to Rp146.45 billion. Moreover, besides the gold and silver product, in 2020, ANTAM was also generating revenue from the purification of precious metals services of Rp167.56 billion. 

The positive appreciation of ANTAM’s gold product in 2020 on the domestic market was reflecting in the domestic net sales revenue for the precious metal and refinery segment that amounted to Rp17.79 trillion, increased by 67% compared to the domestic precious metal and refinery segment revenue of Rp10.66 trillion in 2019. Through the implementation of sound production, sales and cost management strategy, the precious metal and refinery segment marked a positive growth on segment profitability with the achievement of segment’s operating income reached Rp1.45 trillion, growth significantly by 199% compared to 2019 segment’s operating income of Rp486.58 billion. The profit for the year for the precious metal and refinery segment amounted to Rp1.41 trillion, a 170% increase compared to the segment’s profit of the year of Rp521.90 billion in 2019. Moreover, the positive trend of global gold price that was rebounding up to 27% on average during 2020 (compared to 2019 global average price) also brings a positive flavor to ANTAM’s precious metals and refinery segment profitability.

On ANTAM’s bauxite commodity, ANTAM recorded bauxite production volume in 2020, which was used as ore feed for Tayan Chemical Grade Alumina (CGA) plant as well as being sold to the third party customer, amounted to 1.55 million wmt. Moreover, ANTAM recorded a 2020 bauxite ore sales volume of 1.23 million wmt. In 2020, the production volume of CGA products recorded to 93 thousands ton of alumina. The CGA production volume within 2020 reached 83 thousand tons of alumina, rose 17% from the sales volume of 71 thousand tons of alumina in 2019. During 2020, the amount of sales revenue posted by the bauxite and alumina segment reached Rp1.14 trillion or 4% of the Company’s total revenue.

ANTAM’s Downstream Development Project
In line with the Company’s business development strategy through the development of mineral downstream initiative, ANTAM’s main project under development includes The East Halmahera Ferronickel Plant Development Project with a production capacity of 13,500 TNi per annum in North Maluku. On bauxite commodity, ANTAM is currently focusing on the development of Smelter Grade Alumina Refinery (SGAR) plant in Mempawah, West Kalimantan with PT Indonesia Asahan Aluminium (Persero) with an estimated total production capacity of up to 1 million ton SGA per annum (Stage 1).

For more than five decades of experience, ANTAM's operation was supporting the development of mineral downstream industry in Indonesia, especially on nickel, gold and bauxite commodities through the integrated mining operation. ANTAM has a solid nickel and bauxite asset profile. By the end of 2020, ANTAM recorded both nickel ore and bauxite ore resources amounted to 1.44 billion wmt and 586 million wmt respectively. These potential resources are becoming one of the ANTAM’s strengths in order to enhance the Company’s business scale through the development of mineral strategic downstream activity in order to create value added of its mineral products as well increase positive contributions to the state and community.

ANTAM’s Contribution to the Covid-19 Pandemic Prevention
Since the Covid-19 pandemic outbreaks in Indonesia, ANTAM has followed and applied proper health protocol with high consistency throughout its operation area which covers mining, processing plant and office in order to promote the occupational health of employees from Covid-19 disease. In addition, the application of appropriate health protocol with consistency in action promotes the sustainability of the Company’s operation production, sales and development activities in the midst of a pandemic.

ANTAM also synergizes with the stakeholders on pandemics handling transmission in the community. Several initiatives related to Covid-19 prevention in the community have been conducted by the Company and its subsidiaries. Among others, conducted community health socialization, assisted public sanitary apparatus & essential food aid assistance, prepared the ready Covid-19 Hospital in Jakarta as well as distributed the Polymerase Chain Reaction unit and the testing reagent to the Covid-19 Regional Task Force in Bogor, West Java Province and Raja Ampat, West Papua Province. As of  2020, ANTAM has realized a total budget of Rp25.59 billion for assistance support of Covid-19 handling.

ANTAM Shares Positive Performance Within 2020
ANTAM’s shares remain recorded positive performance during 2020. ANTAM shares are actively traded on the Indonesia Stock Exchange for each market day. At the end of December 2020 the closing price of ANTAM’s shares recorded Rp1,935 per share, significantly increased 130% compared to the ANTAM’s shares closing price at Rp840 per share at the end of December 2019.

The positive performance of ANTAM’s shares was also reflected in the average daily trading volume of ANTAM’s shares in 2020 reached 186.23 million shares, which increased 92% compared to the average daily trading volume of ANTAM’s shares in 2019 of 97.23 million shares. Meanwhile the average daily transaction value in 2020 recorded to Rp201.44 billion, increased 119% compared to the average daily transaction value in 2019 of Rp91.84 billion. At the end of December 2020, ANTAM market capitalization amounted to Rp46.50 trillion.

The positive appreciation of ANTAM’s shares was also reflected in the increase of the numbers of the ANTAM’s shares shareholders in 2020. In December 2020, ANTAM’s total shareholders reached 142,007 investors, a significantly increase 114% compared to the total shareholders in December 2019 of 66,466 investors. Moreover, ANTM remains part of the LQ45 and IDX30 index at the Indonesia Stock Exchange (IDX). The LQ45 and IDX30 Index lists companies with the highest liquidity at the Indonesia Stock Exchange.