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ANTAM's net sales in 2022 (FY22) reached Rp45.93 trillion, growing 19% compared to 2021 (FY21) of Rp38.45 trillion.
FY22 Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) reached Rp7.35 trillion, up 29% from FY21 of Rp5.71 trillion.
The decrease in ANTAM's interest-bearing loan rate in FY22 reached Rp2.86 trillion, to Rp3.01 trillion or 49% lower than the end of FY21 position of Rp5.87 trillion.
ANTAM recorded the all-time high gold sales achievement in FY22, with a gold sales volume of 34.97 tons.
Jakarta, March 26, 2023 - PT Aneka Tambang Tbk (ANTAM; IDX: ANTM; ASX: ATM) member of MIND ID - BUMN Mining Industry Holding, announced the positive financial performance throughout the 2022 financial year (January-December 2022, FY22). The positive growth achievement was supported by ANTAM's efforts to optimize the performance of its production and sales of nickel, gold and bauxite-based product amidst global economic recovery conditions and a positive outlook for base metal and precious metal commodities throughout FY22.
ANTAM's strengthening of profitability performance is reflected in the achievement of profit for the year FY22 which reached Rp3.82 trillion, a significant growth of 105% compared to profit for the year for 2021 (January-December 2021, FY21) of Rp1.86 trillion. Optimizing the level of production and sales of ANTAM's main commodities supported the achievement of FY22 Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) which reached Rp7.35 trillion, increase 29% from FY21 EBITDA of Rp5.71 trillion.
Throughout FY22, ANTAM recorded net sales of Rp45.93 trillion, growing 19% compared to sales in FY21 of Rp38.45 trillion. Amid the challenges of the energy and raw materials rising cost, ANTAM was able to maintain profitability in FY22 gross profit of Rp8.21 trillion, growing 29% year over year (YoY) when compared to FY21 gross profit of Rp6.36 trillion. ANTAM posted an FY22 operating profit of Rp3.94 trillion, growing 44% YoY compared to FY21 of Rp2.74 trillion. ANTAM's total other income net during FY22 reached Rp1.27 trillion, a significant growth from the total other income net FY21 of Rp305 billion. ANTAM's FY22 net profit growth strengthened ANTAM's basic earnings per share value of Rp159.00, growing significantly YoY from the FY21 value of Rp77.47 per basic share.
Regarding the Company's financial position, in FY22, ANTAM strengthened its financial structure, as reflected in ANTAM's consolidated equity value of Rp23.71 trillion, growing 14% YoY from FY21 of Rp20.84 trillion. Throughout the FY22 period, ANTAM's total liabilities were recorded at Rp9.93 trillion, decrease 18% YoY from FY21 of Rp12.08 trillion. The decrease of the total liabilities in FY22 was supported by the Company's ability to reduce interest-bearing debt level within 2022, which consisted of the short-term bank loans and investment loans, amounting to a total of Rp2.86 trillion, down 49% YoY to Rp3.01 trillion from the loan position in end of FY21 amounting to Rp5.87 trillion. During FY22, the Company's total assets reached Rp33.64 trillion, growing 2% compared to FY21 of Rp32.92 trillion. The solidity of the Company’s financial position was also appreciated by independent parties as reflected in ANTAM's 2022 Corporate Credit Rating S&P Global with a rating of "B+/Positive outlook".
Operating Segment Optimization Throughout 2022
Throughout the FY22 period, ANTAM recorded a net sales value of Rp45.93 trillion, with the dominant contribution coming from domestic net sales, which reached Rp36.58 trillion or equivalent 80% of ANTAM's total net sales for the FY22 period. In 2022, ANTAM focused on developing domestic-based customers for its gold, nickel ore, and bauxite product amid a positive appreciation in domestic market demand growth for the base and precious metal commodities and the positive appreciation in commodity prices. In terms of the Company’s operational policy, ANTAM always prioritizes the implementation of good mining principles throughout Company’s operational aspect, including the implementation of ANTAM’s resilient safety program with high consistency to achieve the "Zero Fatality Accident" during 2022.
In the FY22 period, gold products became the largest contributor to total sales, with a proportion of 69% of ANTAM's total sales with an Rp31.63 trillion sales value. During FY22, the gold metal sales volume amounted to 34.97 tons, growing 19% compared to FY21's sales achievement of 29.39 tons. The 2022 gold sales performance marks the all-time high of Company’s gold sales achievement. In terms of gold production, within FY22, the gold metal production from Company’s gold mine achieved 1.27 tons of gold.
In line with the Company’s aims to enhance the added value of Logam Mulia gold products, in October 2022, ANTAM through the Precious Metals Processing and Refining Business Unit launched a new variant gold product of the Indonesian Batik Series III in the form of jewellery and gold bar products which featuring four Indonesian cultural batik motifs of the Batik Bokor Kencono, Batik Huk, Batik Srimanganti, and Batik Mahkota Siger. Besides being packaged in gold bars, these four batik motifs are also present in gold batik jewellery as pendants.
In addition to maintain excellent service to the gold customer, ANTAM applies the terms of online gold transactions through the Logam Mulia website, www.logammulia.com, and the ANTAM official boutique at the online marketplace platform of Tokopedia (“Butik Emas Antam Official” account), Shopee (“Butik Emas Antam Official Shop” account), and TikTok Shop (“Butik Emas Antam” account) in addition to product selling at ANTAM’s Logam Mulia Gold Boutique which located at 12 major cities in Indonesia.
In FY22, the Company’s nickel segment performance was influenced by the global economic volatility and geopolitical tension as well as the COVID-19 pandemic approached in East Asia in the second quarter of 2022. A series of conditions that affect the significant fluctuation of base metal price (nickel) and also the nickel product absorption in both domestic and export markets. During the conditions, ANTAM mitigates each risk and available opportunity on an ongoing basis through the initiatives on market development both in domestic and export customer based to pursue the optimization of nickel segment performance. Ferronickel products are the second largest contributor to ANTAM's sales, contributing Rp6.85 trillion or 15% of FY22's total consolidated sales. Meanwhile, the sales contribution from the Nickel Segment (ferronickel and nickel ore products) in FY22 reached Rp12.03 trillion, growing 12% YoY from FY21 sales of Rp10.74 trillion.
In line with the Company's efforts to improve the operating cost efficiency and reduce greenhouse gas emissions from the operation of ANTAM's ferronickel plant in Kolaka, Southeast Sulawesi, in January 2023, ANTAM and PT Perusahaan Listrik Negara (Persero) (PT PLN) signed a Power Purchase Agreement related to the support of electricity supply for ANTAM's Ferronickel Plant operations.
In the FY22 period, ANTAM's Bauxite and Alumina Segments delivered a positive contribution to the Company’s consolidated profitability. In 2022, apart from export sales, the Company also focus on developing domestic market of bauxite ore. Within FY22, the sales contribution of the Bauxite and Alumina Segment reached Rp1.93 trillion, growing 35% YoY from the FY21 period of Rp1.43 trillion. The segment profitability improvement is also reflected in the net profit for the period for the Bauxite and Alumina Segment in FY22 of Rp310 billion, significantly improved from the segment’s net loss for the period in FY21 of Rp1.48 trillion. In addition, the strengthening of the Bauxite and Alumina Segment performance in FY22 is reflected in PT Indonesia Chemical Alumina, ANTAM’s subsidiary entity that manufactures and markets chemical grade alumina products, financial capability to repay the entire principal amount of bank loans amounting to JPY3.55 billion (equivalent to ±USD26.16 million). Through operation best practice efforts in the bauxite mining and alumina plant operations which are in line with Company’s efforts on product development and enhancing customer bases in domestic and foreign markets, the bauxite and alumina segment will deliver more positive value for ANTAM’s performance.
Business Development Through Strengthening Downstream Initiatives
With regards to the Company's development projects, ANTAM is currently completing the construction phase of the ferronickel plant construction project & the supporting plant facility in East Halmahera, which will have an installed capacity of 13,500 TNi per annum. As a follow-up activity in the implementation of the Power Purchase Agreement (PJBTL) of the electricity supply for the East Halmahera Ferronickel Plant between ANTAM and PT PLN was signed on March 2022. Currently, the electricity procurement phase in the form of PT PLN's Diesel and Gas Power Plant (PLTDG) is being carried out. The first phase of the power plant was switched-on in December 2022. Furthermore, the second phase power plant switch-on is planned to be carried out during the first semester of 2023 which will be followed by a series of commissioning phases of the power plant and ferronickel plant on the second semester of 2023.
As part of implementing the initiative to develop the nickel-based electric vehicle battery industry, on August 23, 2022, the Company held an Extraordinary General Meeting of Shareholders (EGMS) to receive approval from the shareholders for the spin-off of a partial segment of nickel mining business of the Company in East Halmahera, North Maluku to the Company’s Controlled Entity, namely PT Nusa Karya Arindo (NKA) and PT Sumberdaya Arindo (SDA). As a follow-up to the resolution of the EGMS, effective as of September 30 2022, ANTAM completed the partial spin-off process through the signing of a deed of spin-off of partial asset and liability of the Segment of the Company’s Mining Business to PT NKA and PT SDA.
As part of the implementation of the nickel-based electric vehicle battery industry development initiative, in January 16, 2023, the Conditional Share Purchase Agreement (“CSPA”) was signed between ANTAM and Hong Kong CBL Limited (“HKCBL”), a controlled subsidiary of Ningbo Contemporary Brunp Lygend Co. Ltd. (“CBL”), for ANTAM’s partial shares ownership in PT Sumberdaya Arindo. The CSPA signing is an initial step in realizing the implementation of EV Battery Ecosystem Development Project in Indonesia as well as reflecting ANTAM’s commitment to supporting the development of an EV Battery Ecosystem project. Simultaneous with the signing of the CSPA, ANTAM and HKCBL also signed the Conditional Shareholders Agreement. Subsequently, after the Transaction Completion, ANTAM will remain as the controlling shareholder of PT SDA in accordance with the provision of PSAK 65, hence it will not change PT SDA’s status as a consolidated subsidiary of ANTAM’s financial statements.
In addition, in line with ANTAM’s initiative to develop the added value of nickel ore laterite commodity into a raw material for EV Battery manufacturing, in November 2022, ANTAM and CNGR Hong Kong Material Science & Technology Co., Ltd. (CNGR) signed a Framework Agreement for the construction and development of industrial area for the downstreaming of nickel ore into battery raw material. Under the Framework Agreement between ANTAM and CNGR, ANTAM through its subsidiary PT Kawasan Industri Antam Timur (PT KIAT) will develop and manage the industrial park within ANTAM’s Mining Concession Area in Pomalaa, Southeast Sulawesi. Moreover, CNGR through its subsidiary PT Pomalaa New Energy Material (PT PNEM) will develop a nickel laterite ore processing facility into nickel matte, which becomes raw material for electric vehicle batteries, using the OESBF (oxygen-enriched side-blown furnace) technology owned by CNGR. The plan will be built through two development phases with a total production capacity of 80,000 tons of nickel within matte per annum.
In terms of developing the bauxite downstream process, the Company is currently focusing on the construction of the Smelter Grade Alumina Refinery (SGAR) plant in Mempawah, West Kalimantan, which was jointly developed with PT Indonesia Asahan Aluminum (Persero) with a processing capacity of 1 million tons of SGAR per annum.