Company Profile of Timah: Indonesia's Leading Tin Producer and Exporter
Indonesia Investments added a preliminary company profile of Timah (TINS), an Indonesian manufacturer and exporter of tin. The company, a state-controlled enterprise (SOE), has an integrated tin mining business ranging from exploration, mining, processing to marketing. The company is one of the largest integrated tin mining companies in the world and accounts for eight percent of total global tin production. Recently, the company has been eager to expand to Myanmar in order to increase production volumes.
In the first half of 2013, Timah's revenues declined 32 percent to IDR 2.79 trillion, while its net profits plunged 60 percent to IDR 137.1 billion compared to the same period last year.
Click here to continue to Timah's company profile
Timah's Operational Highlights:
| 2008 | 2009 | 2010 | 2011 | 2012 | |
| Numbers of Concession (unit) |
114 | 110 | 115 | 117 | 117 |
| Mining Area (hectare) | 522,460 | 591,325 | 512,764 | 513,042 | 512,655 |
| Tin Reserves (ton) | 276,147 | 347,502 | 373,978 | 387,967 | 250,323 |
| Tin-in-Concentrate Produced (ton Sn) |
47,074 | 37,701 | 37,615 | 37,487 | 29,776 |
| Tin Metal Produced (ton) |
49,029 | 45,086 | 40,413 | 38,132 | 29,512 |
| Average Tin Price Received (USD/ton) |
14,474 | 18,692 | 19,981 | 26,714 | 21,505 |
Source: Timah, Annual Report 2012
Timah's Financial Highlights:
| 2008 | 2009 | 2010 | 2011 | 2012 | |
| Operating Revenue/Sales | 9,053.1 | 7,709.9 | 8,339.3 | 8,479.6 | 7,822.6 |
| Gross Profit | 2,718.6 | 1,153.0 | 1,924.1 | 1,973.3 | 1,324.1 |
| Net Income | 1,342.3 | 313.8 | 947.9 | 896.8 | 431.6 |
| Operating Income |
2,070.2 | 688.5 | 1,310.8 | 1,317.6 | 1,068.8 |
| Income before Tax | 2,108.9 | 549.2 | 1,127.3 | 1,268.1 | 642.6 |
| Total Assets | 5,785.0 | 4,855.7 | 5,881.1 | 6,569.8 | 6,101.0 |
| Total Liabilities | 1,964.1 | 1,425.3 | 1,678.0 | 1,972.0 | 1,542.8 |
| Earnings per Share¹ | 267 | 62 | 188 | 178 | 86 |
| Cash Dividend per Share¹ | 133 | 31 | 94 | 89 | 43 |
| P/E Ratio (x) | – | – | – | 8,9 | 18,4 |
in billion IDR rupiah unless otherwise stated
¹ in IDR rupiah
Source: Timah, Annual Report 2012
Future Projection Timah's Financial Highlights:
| 2011 | 2012 | 2013F | 2014F | 2015F | |
| Operating Revenue/Sales | 8,479.6 | 7,822.6 | 6,537.0 | 8,899.0 | 10,082.0 |
| EBITDA |
1,581.0 | 1,073.0 | 1,061.0 | 1,661.0 | 2,020.0 |
| Net Income | 896.8 | 431.6 | 435.0 | 822.0 | 1,093.0 |
| Earnings per Share¹ | 178 | 86 | 86 | 163 | 217 |
| P/E Ratio (x) | 8,9 | 18,4 | 18,3 | 9,7 | 7,3 |
in billion IDR rupiah unless otherwise stated
¹ in IDR rupiah
Source: Kim Eng Securities
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