The Company's total assets reached Rp42.85 trillion, growing 27% compared to FY22
of Rp33.64 trillion.
The cash balance and cash equivalents position at the end of FY23 were Rp9.21 trillion, a significant increase of 106% from FY22 of Rp4.48 trillio
The decrease in ANTAM's interest-bearing debt level in FY23 reached Rp2.5 trillion, 17% lower than at the end of FY22 of Rp3 trillion.
Jakarta, March 28, 2024 - PT Aneka Tambang Tbk (ANTAM; IDX: ANTM; ASX: ATM), a member of PT Mineral Industri Indonesia (Persero) (MIND ID) – the State-Owned Enterprise Holding of the Mining Industry, is pleased to announce its positive financial performance throughout the 2023 financial year (January-December 2023, FY23). The positive growth achievement were reached by ANTAM thought cost management and optimization the performance of its production and sales from main commodities based on nickel, gold, and bauxite amidst global challenges that affect commodity price fluctuations.
ANTAM's profitability performance is reflected in the achievement of net profit for FY23, which reached Rp3.08 trillion. Optimizing the level of production and sales of ANTAM's main commodities supported the accomplishment of FY23 Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), which reached Rp6.55 trillion. ANTAM was able to maintain profitability with FY23 gross profit of Rp6.31 trillion and FY23 operating profit of Rp2.62 trillion. In FY23, ANTAM's basic earnings per share was recorded at Rp128.07 per basic share.
Regarding the Company's financial position, in FY23, ANTAM strengthened its financial structure, as reflected in ANTAM's consolidated equity value of Rp31.17 trillion, growing 31% compared to (January-December 2022, FY22) of Rp23.71 trillion. Throughout FY23, ANTAM recorded the reduction of interest-bearing debt level, which consisted of short-term bank loans and investment loans, amounting to a total of Rp2.5 trillion, down 17% or equivalent Rp501 million from the loan position in end of FY22 amounting to Rp3 trillion. ANTAM's consolidated interest-bearing debt level within 2023 is supported by its idle-cash optimization strategy and efforts to reduce loan interest expenses. During FY23, the Company's total assets reached Rp42.85 trillion, growing 27% compared to FY22 of Rp33.64 trillion.
Implementing the right operational strategy thought account receivable management supported ANTAM's profitability growth in FY23, which was reflected in the Company's net cash flow from operating activities of Rp4.36 trillion. This achievement strengthened ANTAM's financial structure, where the Company recorded a cash and cash equivalents position at the end of the FY23 period of Rp9.21 trillion, a significant increase of 106% from FY22 of Rp4.48 trillion.
Sustainability of ANTAM's Production and Sales Performance in FY23
ANTAM prioritizes implementing good mining practices and operation excellence in the Company's operations. By implementing the safety resilient program, ANTAM can maintain the achievement of "Zero Fatality Accident" in all of ANTAM's mining operations in 2023.
During FY23, ANTAM recorded a net sales value of Rp41.05 trillion, with the dominant contribution coming from domestic net sales, which reached Rp35.37 trillion or equivalent to 86% of ANTAM's total net sales for FY23. This achievement aligns with the Company's strategy to strengthen domestic-based customers for its gold, nickel ore, and bauxite ore products.
In FY23, gold products became the largest contributor to ANTAM's sales, with 64% of the company's total sales and a sales value of Rp26.12 trillion. In FY23, ANTAM recorded a total gold metal production volume from the Company's mines of 1.21 tons, while gold metal sales in FY23 reached 26.13 tons.
According to the Company’s aim to enhance the added value of Logam Mulia gold product in FY23, ANTAM, through the Precious Metal Processing and Refining Business Unit (UBPP) launched thematic gold metal products Chinese New Year Series 2023 AD/2574 Kongzili, Eid al-Fitr Series 2023/1444 Hijri and Merry Christmas Gift Series. The thematic gold products of the Chinese New Year and Eid al-Fitr Series feature the first three-dimensional (3D) gold design in Indonesia. In addition, ANTAM launched the latest thematic silver and gold product series, Indonesian Heritage, to innovate Precious Metal products. The theme 'Indonesian Heritage' was chosen by ANTAM to appreciate and honor the diversity of cultural heritage, as well as to support the uniqueness of several strategic regions in Indonesia.
In addition, to enhance customer service excellence, the Precious Metals Processing and Refining Business Unit introduced ALMIRA (ANTAM Logam Mulia Virtual Assistant), an automated messaging service ready to provide information and services for ANTAM's Precious Metals products. ALMIRA has been on WhatsApp platforms at 0811-1002-002 (chat only) and ANTAM's official social media, Facebook and Instagram.
To add convenience for customers, 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), Blibli (“Butik Emas Antam Official Store” account) and TikTok Shop (“@butikemasantamofficial” account), in addition to product selling at ANTAM’s Logam Mulia Gold Boutique, which is located in 12 major cities in Indonesia.
The nickel segment contribution (ferronickel and nickel-ore) in FY23 reached Rp12.87 trillion, growing 7% Year over Year (YoY) from FY22 sales of Rp12.03 trillion. In FY23, ANTAM's ferronickel production volume reached 21,473 tons of nickel in ferronickel (TNi), with the achievement of ferronickel product sales volume throughout FY23 reaching 20,138 TNi.
Nickel ore products are the second largest contributor to ANTAM's sales, contributing Rp8.32 trillion or 20% of total consolidated sales in FY23. Meanwhile, for nickel ore products, ANTAM's consolidated nickel ore production volume reached 13.45 million wet metric tons (wmt), an increase of 56% compared to the achievement in FY22 of 8.62 million wmt. ANTAM needs to increase nickel ore production to support the increasing domestic demand. ANTAM's consolidated nickel ore sales volume grew positively in FY23 to reach 11.71 million wmt, an increase of 67% compared to FY22 of 7.01 million wmt.
In FY23, the Bauxite and Alumina Segment contributed 4% of ANTAM's total sales, with a sales value reaching Rp1.69 trillion. Throughout FY23, ANTAM's production volume of bauxite ore used as raw material for Chemical Grade Alumina ("CGA") plants and sales to third parties amounted to 2.01 million wmt, growing 22% compared to FY22's 1.65 million wmt. Bauxite sales volume in FY23 was recorded at 1.50 million wmt, an increase of 21% compared to FY22 of 1.24 million wmt. Meanwhile, the production volume of alumina products in FY23 reached 160,940 tons of alumina, growing 6% from FY22 of 151,565 tons of alumina. In FY23, alumina sales volume reached 146,238 tons of alumina, growing 2% compared to FY22 of 143,990 tons of alumina.
Business Development through Strengthening Downstream Minerals
In accordance with ANTAM's commitment to focus on completing the Company's strategic projects in 2023, ANTAM has started the initial stage of operation of the Haltim Ferronickel Plant with a capacity of 13.500 TNi per annum, which was marked by the burner-on or furnace heating process on July 7, 2023. After the burner-on process is conducted, the second stage of the commissioning is the switch-on furnace of the Haltim Ferronickel Plant was held on July 19, 2023. The next stage is the first metal tapping was held on September 12, 2023.
As part of the implementation of realizing the initiative to develop the nickel-based electric vehicle battery industry on December 28, 2023, ANTAM and HongKong CBL Limited ("HKCBL") have completed the divestment transaction of 49% shares in PT Sumberdaya Arindo ("SDA") and divestment transaction of 60% shares in PT Feni Haltim ("FHT") with total cash consideration of Rp7.23 trillion.
The divestment transaction is an important part of the strategic project in developing the ecosystem for an electric vehicle battery (“EV Battery”) industry, in terms of the operating nickel mines to supply nickel ore and development of an industrial park, construction and operation nickel processing and refining plants.
In addition to those two transactions, ANTAM and HKCBL signed an agreement regarding the plan to establish a joint venture company for hydrometallurgical projects ("HPAL JVCO") on December 22, 2023. The above series of transactions between ANTAM and CBL is a form of the Company's business development through integrated nickel minerals downstream development from upstream to downstream. Such transactions will lay an essential foundation for developing the EV Battery Ecosystem in Indonesia.
In terms of downstream development of bauxite commodities, the Company continues to focus on the construction of a Smelter-Grade Alumina Refinery ("SGAR") plant in Mempawah, West Kalimantan, which was developed together with PT Indonesia Asahan Aluminium and has a processing capacity of 1 million tons of SGAR per annum.
The Company's business prospects have advanced through the nickel downstream development initiative for the EV Battery industry chain and the Company's gold commodity business. Also, ANTAM's improvement of financial prospects has led to an increase in S&P Global Ratings' credit rating from B+/outlook positive to BB+/outlook stable.
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