PT Antam (Persero) Tbk

Economic Performance

During the first nine months of 2015, ANTAM's loss attributable to the parent company increased by 43.1% compared to the loss income of the same period in 2014 to Rp(1,038.0) billion. The loss per share (LPS) of the period recorded at Rp(108.87) compared to nine months of 2014 LPS of Rp(61.92). The decrease was mainly due to higher cost of goods sold and loss on differences in foreign currency. Pursuant to ASX listing, ANTAM's first nine months of 2015 results were limited reviewed by PWC.

During the nine month of 2015, ANTAM's sales reached Rp9.0 trillion, a 55% increase over the same period of 2014 due to higher sales volumes of gold and ferronickel. Gold was the largest contributor to ANTAM's total net sales with Rp6.6 trillion contribution or 74% of total net sales. ANTAM's gold sales revenue in the nine month of 2015 rose 125% over the same period of 2014 to 11,498 kg. ANTAM's gold was sold in domestic market altogether, reflecting the sustained strong domestic demand of the commodity.

Through various efficiency efforts, as at the end of October 2015, ANTAM was able to save Rp51 billion or 129.9% of 2014 target of Rp39.2 billion. ANTAM will strengthen its efficiency programs amidst bearish commodity price condition. ANTAM implements efficiency and cost reduction programs across the company's line of business. The largest savings came from the improvement initiatives at ANTAM's business units, notably from production process improvement and modification of production equipments at Pomalaa ferronickel smelters.

ANTAM's financial condition remained solid. ANTAM's cash and cash equivalents amounted to Rp2.8 trillion as of September 30, 2015. with current ratio of 1.62.

In 9M15, ANTAM's contribution to the state amounted to Rp282.48 billion in which Rp143.42 billion came from tax contribution and Rp139.06 billion came from non tax contribution.

On fourth quarter in 2015, The Government of Indonesia has injected Rp3.5 trillion to Antam to exercise its rights in the rights issue transaction. The injection of the government capital proves that the government strongly supports the mining industry in Indonesia and is a form of government support to the Minerals and Coal Mining Law that encourages the industry to produce products with high added value.

From the total maximum proceeds of Rp5.4 trillion from the rights issue, Rp3.5 trillion will be used for the completion of the construction of a ferronickel plant in East Halmahera project Phase I, which will increase the production capacity of ferronickel by 13,500-15,000 tons of nickel contained in ferronickel (TNi) per year. While the rest will be used to finance working capital related to ANTAM’s operating activities as well as the company’s business development initiatives related to increased production capacity.

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