Profile

Industry Sector Mining
Industry Sub Sector Metal & Mineral Mining
Established 05 July 1968
Listed 27 November 1997
Listed Company Code ANTM
Listed Shares 24,030,765,000
Dividend Yes
Major Shareholders (>5%) Indonesia Asahan Aluminium (65%)
Key Subsidiaries Asia Pacific Nickel Pty. Ltd.
Abuki Jaya Stainless Indonesia
Dwimitra Enggang Khatulistiwa
Antam Resourcindo
Indonesia Coal Resources
Mega Citra Utama
Borneo Edo International
Main Commodities

Stock Quote Aneka Tambang - ANTM:

Business Summary

In 1997, Antam conducted its initial public offering (IPO) by listing 35 percent of its shares on the Indonesia Stock Exchange (IDX) in order to raise money for the expansion of its ferronickel business. In 1999, Antam listed its shares in Australia as a foreign exempt entity but augmented its status to the more stringent ASX Listing in 2002.

The scope of Antam's business activities include plantation, agriculture, forestry, property and power plant & energy. Antam intends to foster sustained growth through reliable expansion projects, strategic alliances, increasing quality reserves and adding value by moving away from selling raw materials and instead increase processing activities.

Production Volume Aneka Tambang:

       2011      2012      2013      2014      2015      2016
Ferronickel (TNi)
   19,690    18,372    18,249    16,851    17,211    20,293
High Grade Nickel Ore
(Wmt)
 3,512,151  6,362,606  8,495,415  1,230,879  1,654,796
Low Grade Nickel Ore
(Wmt)
 4,447,006  3,063,011  3,025,797    28,183        —
Total Nickel Ore (Wmt)
 7,959,157  9,425,617 11,521,212  1,259,062  1,654,796
Gold (Kg)
    2,667     2,874     2,562     2,342     2,210     2,207
Silver (Kg)
   19,518    21,547    19,709    17,962    17,319
Bauxite (Wmt)
   32,748   194,190   570,721   267,292   201,517
Coal (Ton)   583,794   607,606   424,574   463,551   518,465

Source: Aneka Tambang, Annual Report 2016

Antam’s nickel business segment consists of ferronickel and nickel ore produced from the company’s nickel mines in Southeast Sulawesi, North Maluku, and ferronickel plants in Southeast Sulawesi. Ferronickel is a processed product, which contains about 80 percent iron and 20 percent nickel. Antam owns three ferronickel plants: FeNi I, FeNi II and FeNi III. Total capacity of the three plants is 26,000 TNi, with an assumption of peak load of 42MW and using nickel ore with 2.38 percent content as feed. About 70 percent of nickel is consumed for the production of stainless steel, while the rest is used for various industrial purposes such as batteries, electronics, aerospace applications and land based gas turbines.

Antam’s gold and refinery business segment consists of gold, silver and precious metals processing and refinery services. Gold and silver are produced through mining activities and gold ore smelting to dore bullion. The gold ore mining is produced at two mining sites; Pongkor (West Java) and Cibaliung (Banten), both being underground mines.

The last operating segment comprises bauxite and coal. Bauxite is produced from Antam’s bauxite mine in Tayan (West Kalimantan). In line with the company's strategy to enter the downstream business, Antam will process bauxite ore in Tayan by establishing a Chemical Grade Alumina (CGA) plant. Antam also plans to build a Smelter Grade Alumina (SGA) plant in Mempawah (West Kalimantan). Coal is produced from its coal mine in Sarolangun, Jambi (Sumatra), which is operated by its sub-subsidiary Citra Tobindo Sukses Perkasa (CTSP). CTSP is a subsidiary Indonesia Coal Resources (ICR) which is owned by Antam. The Sarolangun coal mine has been in production since June 2010 with production level of 607,606 tons in 2012. ICR targets the Sarolangun to produce about 1.2 million tons in 2013. Coal reserves (non-JORC) in the area reach 8.25 million tons, with an average coal quality between 5,300 to 5,500 Kcal/kg.

Financial Highlights Aneka Tambang:

     2015    2016    2017    2018    2019
Net Sales 10,531.5  9,106.3 12,653.6
Net Profit (loss)
(1,440.9)    64.8   136.5
Gross Profit
  195.1   851.8  1,643.9
EBITDA  (733.0)   883.6  
Operating Income  (701.4)     8.2   600.6
Total Assets 30,356.9 29,981.5 30,014.3
Total Liabilities 12,040.1 11,572.7 15,523.9
Earnings per Share¹    (60)     2,7     5,7
Dividend per Share¹      0

 

     2010    2011    2012
   2013    2014
Net Sales  8,744.3 10,346.4 10,449.9 11,298.3  9,420.6
Net Profit (loss)
 1,683.4  1,927.9  2,993.1   409.9  (743.5)
Gross Profit
 2,937.1  3,027.7  2,022.7  1,615.8   793.4
EBITDA  2,800.5  3,100.4  4,631.9  1,021.1   500.4
Operating Income  1,968.6  2,012.9    895.9   421.0  (137.1)
Total Assets 12,218.9 15,201.2 19,708.5 21,865.1 22,044.2
Total Liabilities  2,635.3  4,429.2  6,876.2  9,071.6 10,114.6
Earnings per Share¹   176,77   202,44   314,06     43    (78)
Dividend per Share¹    70,71    90,99    47,09     9,67      0

in billion IDR rupiah except stated otherwise
¹ in IDR rupiah
Source: Aneka Tambang, Annual Report 2017

Projection Future Corporate Earnings Aneka Tambang:

   2016 2017F 2018F 2019F
Net Revenue  9,106  9,200 11,257 12,324
Net Profit    65   118   570   939
P/E Ratio (x)  274,4  150,5   31,2   18,9
P/BV (x)     1     1    0,9    0,9
ROA (%)    0,2    0,4    1,9     3

in billion IDR, unless otherwise stated
Source: Mirae Asset Sekuritas (31/01/2018)

Bonds Highlights

Location

Contact Details

Aneka Tambang Building,
Jalan Letjen TB. Simatupang No. 1
Lingkar Sel. Tanjung Barat, Jakarta
Phone: +62 21 780 5119
Fax: +62 21 781 2822
Email: corsec@antam.com
www.antam.com