|
Report Date : |
12.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ANEKA
TAMBANG TBK (PERSERO) |
|
|
|
|
Registered Office : |
Gedung Aneka Tambang Jalan Let. Jend. T.B.
Simatupang No. 1 Lingkar
Selatan, Tanjung Barat Jakarta 12530 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
15.09.1997 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employees |
2,720 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices
|
Source
: CIA |
P.T. ANEKA TAMBANG TBK (PERSERO)
Head Office
Gedung Aneka Tambang
Jalan Let. Jend. T.B. Simatupang No. 1
Lingkar Selatan, Tanjung Barat
Jakarta 12530
Indonesia
Phones - (021) 7805119 (Hunting)
Fax - (021) 7812822
E-mail - corsec@antam.com
Website - http://www.antam.com
Building Area - 18 storey
Office Space - 2,850 sq. meters
Region - Commercial
Status - Owned
Factories
a. Gold Processing & Purification Unit
Jalan
Raya Bekasi Km. 18
Pulogadung
Jakarta
13010
Phones -
(021) 4757108, 4892108, 4895380
Fax -
(021) 4750665, 4890419
E-mail -
infolm@antam.com
b. Geology Unit
Jalan Pemuda No. 1
Pulogadung
Jakarta 13250
Indonesia
Phone -
(021) 4755380 (hunting)
Fax -
(021) 7459860
c. Iron Sand Mine
Jalan Penyu
Cilacap 53211
Central
Java
Indonesia
Phones -
(0282) 31883, 31884
Fax
- (0282) 31881
d. Gold Mine
Pongkor,
Leuwiliang
Bogor
16650
West Java
Indonesia
Phones -
(0251) 681542 (hunting)
Fax -
(0251) 681543
e. Baoxite Mine
Kijang
Tanjung
Pinang 29151
Riau
Province
Indonesia
Phones -
(0771) 21177, 61520
Fax -
(0771) 61921
f. Nickel Mine and Ferronickel Plant
Pomalaa Site
Kolaka 93652
South East Sulawesi
Indonesia
Phones -
(0405) 21171 (hunting)
Fax -
(0405) 21833
g. Nickel Mine
Gebe
Island
Halmahera
Tengah 97727
North
Maluku
Indonesia
Phones -
(021) 7891234 Ext. 3704
Fax -
(021) 7804589
Branch
New Aoyama Building, East 16101-1
Minami Ayome, 1 Chome
Minato-ku
Tokyo 107
Japan
Phones - (03) 3423 8031
(hunting)
Fax - (03) 3423 8033
Date
of Incorporation :
a. 05 July 1968 as P.N. ANEKA TAMBANG
b. 30 December 1974 as P.T.
ANEKA TAMBANG
c. 15 September 1997 as P.T.ANEKA TAMBANG Tbk (Persero)
Legal
Form :
P.T. Tbk.(Perseroan Terbatas Terbuka) or Public
Listed Company
Company
Reg. No. :
The Ministry
of Law and Human Rights
a. No. AHU-40521.AH.01.02.TH.2008
Dated
11 July 2008
b. No. AHU-39860.AH.01.02.TH.2010
Dated 12 August 2010
c. No. AHU-AH.01.10-25834
Dated 13
October 2010
c. No. AHU-AH.01.10-29278
Dated 17
July 2013
Company
Status :
State Owned Mining Company
Permit
by the Government Department :
a. The
Department of Mining and Energy
- No. 680/DDP/1968
Dated
29 November 1968
- No.
1621/03/M.DJP/1992
Dated
7 May 1992
b. The
Capital Investment Coordinating Board
- No.
1271/Sekr/SP.PMDN/1971
Dated
31 August 1971
- No.
16/II/PMDN/1987
Dated
14 February 1987
- No.
42/II/PMDN/1992
Dated
31 March 1992
- No.
81/II/PMDN/1992
Dated
24 June 1992
Related/Affiliated
Company :
A member Company of the ANEKA TAMBANG Group (see
attachment)
Capital
Structure :
Authorized Capital
- Rp
3,800,000,000,000
Issued Capital -
Rp 953,845,975,000
Paid up Capital -
Rp 953,845,975,000
Shareholders
a. The Government of The Republic of
Indonesia - Rp. 620,000,000,000.- (65%)
b. The publics -
Rp. 333,845,975,000.- (35%)
Lines
of Business :
a. Mineral Mining and Processing
b. Investment Holding
Production
Capacity :
a. Nickel Ores
-
3,650,000 tons p.a.
b. Ferro Nickel - 24,000 tons p.a.
c. Iron Sands
- 425,000 tons p.a.
d. Bauxites
- 800,000 tons p.a.
e. Gold - 60 tons p.a.
f.
Silvers - 120 tons p.a.
g. Electric Power Plant - 110 MW
Total
Investment :
a. Equity Capital - Rp. 554.5 billion
b. Loan Capital -
Rp. 1,015.7 billion
c. Total Investment - Rp. 1,570.2 billion
Expansion
Unit (Electric Power Plant) :
a. Equity Capital -
Rp. 60.5 billion
b. Loan Capital -
Rp. 334.5 billion
c. Total Investment -
Rp. 395.0 billion
Started
Operation :
July 1968
Brand
Name :
ANTAM
Technical
Assistance :
None
Number
of Employee :
2,720 persons
Marketing
Area :
Domestic (Local) - 80 %
Export (Overseas) - 20%
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. Freeport Indonesia
b. P.T. Prima Lirang Mining
c. P.T. Aneka Metal Mulia
d. P.T. Chodra Kurnia
Agribindo Mining
e. P.T. Horas Nauli
f. P.T. Logam Mulia
g. Etc.
Business
Trend :
Growing
B
a n k e r s :
a. P.T. Bank MANDIRI Tbk
Plaza
Mandiri
Jl. Jend. Gatot Subroto Kav.36-38
Jakarta Pusat
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Wisma BNI 46
Jalan
Jenderal Sudirman Kav.1
Jakarta
Pusat
Indonesia
c. P.T. Bank RAKYAT INDONESIA
Tbk.
BRI
2 Tower
Jalan
Jenderal Sudirman Kav. 44-46
Jakarta
Selatan
Indonesia
d. CITIBANK N.A.
Citibank Landmark Building
Jalan Jenderal Sudirman Kav. 1
Jakarta
Selatan
Indonesia
Auditor
:
Purwantono Suherman & Surya (A member of Ernst
& Young Global Ltd.)
Litigation
:
The Subject has involved in dispute with other
parties (see litigation matter – attachment 2)
Annual
Net Sales :
2009
– Rp. 8,711.4 billion
2010
– Rp. 8,744.3 billion
2011
– Rp. 10,346.4 billion
2012
– Rp. 10,449.9 billion
2013
– Rp. 11,298.3 billion
Net
Profit :
2009
– Rp. 604.3 billion
2010
– Rp. 1,686.9 billion
2011
– Rp. 1,924.7 billion
2012
– Rp. 2,989.0 billion
2013
– Rp. 410.1 billion
Payment
Manner :
Almost Promptly
Financial
Comments :
Healthy
Board
of Management :
President Director - Mr. Ir. Tato Miraza
Directors - a. Mr. Hendra Santika
b. Mr. Djaja Marsukun Tambunan
c. Mr. Tedy Badrujaman
d. Mr. Sutikno
e. Mr. I Made Surata
Board
of Commissioners :
President
Commissioner - Mr.
Raden Sukhyar
Commissioners - a. Mr. Robert
Pakpahan
b. Mr. Velix Vernando Wanggai
c. Mr. Buyung Zaelani
d. Mr. Hikmahanto Juwana
e. Mr. Laode Masihu Kamaluddin
Signatories :
President Director (Mr. Ir. Tato Miraza) or one of the Directors (Mr. Hendra Santika,
Mr. Djaja Marsukun Tambunan, Mr. Tedy Badrujaman, Mr. Sutikno or Mr. I Made
Surata) which must be approved by Board of Commissioners.
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
L o w
Credit Recommendation :
Credit can be
proceeded promptly
Initially name P.N. ANEKA TAMBANG, the
company was established in July 1968 with a legal status of state-owned (P.N.).
It was a merger of 7 state-owned companies namely BPU PERTAMBANGAN, P.N.
TAMBANG EMAS CIKOTOK, P.N. PERTAMBANGAN BAUKSIT KIJANG, P.N. LOGAM MULIA, P.T.
PERTAMBANGAN NIKEL INDONESIA POMALAA, PROYEK PERTAMBANGAN INTAN KALIMANTAN
SELATAN and PROYEK EMAS LOGAM PEKANBARU. In December 1974 its status was
converted into a P.T. (Perseroan Terbatas) or Limited Liability and named P.T.
ANEKA TAMBANG (P.T. ANTAM). On 15 September 1997, some 35% of its shares are
sold to public through the Jakarta Stock Exchange (BEJ) and Surabaya Stock
Exchange (BES). By the same time the word Tbk., (Terbuka) was added behind the
name to comply with the new Law on publicly listed company to become P.T. ANEKA
TEMBANG, Tbk., abbreviated P.T. ANTAM, Tbk.
On 9 August 1999 P.T. ANTAM Tbk., listed its
shares on the Australia Stock Exchange. On 15 September 2002, the authorized
capital was raised to Rp. 1,600,000,000,000 issued and paid up capital to Rp.
953,845,975,000. With this development the composition of its shareholder bas
been changed to become the Government of the Republic of Indonesia (65%) and
Public (35%). P.T. ANTAM Tbk., is a State-Owned Business Enterprise (BUMN)
which technically and operationally comes under the jurisdiction of the
Department of Mines and Energy. The latest amendment of Notarial Deed was made
by Fathiah Helmi, SH., and it was approved by the Ministry of Law and Human
Right in its Decision Letter No. AHU-AH.01.10-29278 dated July 17, 2013.
P.T. ANTAM Tbk. has been operating since
1968 by taking over the whole activities of merged state-owned companies
engaged in nickel, bauxite, iron-sand, gold and silver mining and processing.
The company has a nickel mining concession in Pomalaa, South Sulawesi and Pulau
Gebe, Maluku, bauxite in Kijang, Bintan, Island, Riau, iron-sand in Cilacap,
Central Java and gold in Pongkor, West Java. The location is equipped with
processing units. P.T. ANTAM Tbk., also has precious metal processing and
purification plant in Jakarta, which also can be used by other companies. P.T.
ANTAM Tbk, is now planning to enlarge its mining and plant in Pomala to
increase production capacity of 13,000 tons ferronickel per year. It’s also to
build a steam and gas electric power station (PLTGU) of 110 MW capacities to
fulfill the expansion plant's requirement. The development of PLTGU is in
cooperation with P.T. PERUSAHAAN LISTRIK NEGARA (P.T. PLN) under the BOT system
(build, operating and transfer) within 20 years period. This expansion project
is known as Ferronickel III project with a total investment of US$ 220 million
(or some Rp. 1,365.2 billion namely for increasing ferronickel capacity of Rp.
970.2 billion and for PLTGU of Rp. 395.0 billion). Actually, that fund is
directly needed for investment of US$ 168.0 million, but including interest
rate along the construction, etc., the total becomes US$ 220.0 million. The
fund is coming from company's capital of US$ 66.0 million, loans from local
bank consortium of US$ 34.0 million and from IKB Deutsche Industriebank,
Germany, of US$ 120.0 million. The loan from Germany with interest of 1.25%
above London Interbank Offered Rate (LIBOR) plus premium country risk of 15%
for 13 years period including grace and risk period.
The development of Ferronickel III project
is tendered and won by contractor TESSAG INDUSTRIE ANLAGEN GmbH, of Germany,
and it is also appointed as financial arranger. The plan has yet realize to
date and the plan of consortium banks’ loans of German was canceled on account
of the appreciation of Euro has been over rate limit agreed by P.T. ANTAM Tbk.,
with RWE SOLUTIONS and MAN B&W as project contractors.
P.T. ANTAM Tbk., owns 72 units of mining concession,
39 units in Java, 11 units in Kalimantan, 7 units in Maluku, 6 units in
Sulawesi, 5 units in Sumatra, 3 units in Nusa Tenggara, and 1 unit in Irian
Jaya. And yet, other feasibility study of mining concession is now being
prepared in cooperation with many foreign and local mining investors. It is
planned to set up a joint venture with the above investors. P.T. ANTAM Tbk.,
also produce precious metal goods, such as, silver wire, metal, nitrate silver,
gold plate, silver plat and amalgam alloy. It also provides mining geology
services. Bauxite, nickel ore and Ferro nickel are exported to Japan, South
Korea, Taiwan, South Africa and European countries, gold and iron-sand for
local consumption. Now, P.T. ANTAM
Tbk., has four main business units including the Southeast Sulawesi Nickel
Mining Business Unit, North Maluku Nickel Mining Business Unit, Pongkor Gold
Mining Business Unit and Logam Mulia Precious Metals Processing and Refinery
Business Unit.
Nickel
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.
In Southeast Sulawesi, the nickel mines are located in Pomalaa and Tapunopaka,
meanwhile in North Maluku the mine is situated in Buli. Also in Pomalaa, ANTAM
runs three ferronickel processing smelters. The Company exports nickel ore with
nickel content ranges from around 1.0% to above 2.0%. While the ferronickel
produced by ANTAM has high or low carbon content, depending on the consumer
demand.
Ferronickel Processing
There are three ferronickel plants owned by
ANTAM: the FeNi I, FeNi II and FeNi III. The 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% content as feed. Nevertheless, for reserves conservation, the Company
usually uses ore feed with content range between 1.8% and 2.0% and with peak
load around 38 MW-40 MW, so the approximated total production of the three
ferronickel plants is 18,000 – 20,000 TNi.
To produce ferronickel, saprolite nickel ore
– which contain minimum 1.8% nickel and maximum 25% iron - were first treated
to become calcine through a process that crushes, dries, heats and adds certain
consumables to reduce acidity, using various machines. The treated nickel
ore are then fed into ANTAM’s smelters at a ratio of about 70-80 tonnes of
nickel ore – depending on the grade of the nickel ore - for every tonne of
nickel contained in ferronickel. This heat base phyrometallurgical technology
is extremely energy intensive and requires an assured power source.
Gold Mining
ANTAM's main gold and silver production is
sourced from its underground gold mines at Pongkor, West Java and Cibaliung,
Banten. Indications of gold deposits at Pongkor were discovered by ANTAM's
Geology Unit in 1981, and production commenced in May 1994 after ANTAM secured
the mining license in 1992. The Cibaliung gold mine was acquired in 2009 from
an Australian company, Arc Exploration and began to operate in 2010. The
Cibaliung mine is operated by ANTAM's subsidiary, PT Cibaliung Sumberdaya.
ANTAM also owns 25% of PT Nusa Halmahera Minerals which operates the Gosong
mine in North Maluku. At the beginning of June 2013 ANTAM received an extension
of forest borrow and use license for Pongkor gold mine until 2021.
As of December 31, 2012, ANTAM’s gold
reserves and resources amount to 9.4 million dmt with contained gold metal of
1.6 million ounces. Meanwhile, As of December 31, 2012, the Gosowong mine has 9.3
million dmt gold reserves and resources with contained gold metal of 3.6
million ounces.
Bauxite
Bauxite, the raw material for the production
of alumina, was first discovered in 1924 at Kijang, Bintan Island, in the
province of Riau, in northwestern Indonesia. Bauxite from Bintan Island has
been mined and exported since 1935. In 1968 ANTAM acquired the mine. Thus,
ANTAM is Indonesia’s longest running producer of bauxite. ANTAM exports the
bauxite to alumina producers in Japan and China.
Following the closure of the Kijang bauxite
mine in 2009, ANTAM is currently developing two alumina projects to further add
value to its vast bauxite reserves in Kalimantan. More information on ANTAM’s
alumina projects can be found on our
Development Project section. As of December 31, 2012, ANTAM has
108.8 million wmt of bauxite reserves and 365 million wmt of resources in
Tayan, Mempawah and Munggu Pasir, all are located in Kalimantan.
Coal
ANTAM, through its subsidiary PT Indonesia
Coal Resources, produces coal from the Sarolangun coal mine located in Jambi
Province, Indonesia. The Non-JORC coal reserves currently stands at 8.25 million
tons with the average value of 5,300 until 5,500 Kcal/kg. ANTAM currently sells
its coal to the export as well as domestic markets.
ANTAM's Sarolangun coal mine is an open pit
mine. Mining is conducted through separation between dirt and the rock with
explosives. The overbudern rock is then transported using excavator and trucks.
After the coal layer is seen, it is then split and nmined using excavator for
further transportation using truck.
Besides, P.T. ANTAM Tbk., is also engaged in
the investment holding. P.T. ANTAM Tbk., has ownership interest of more than
50% in the following subsidiaries which are engaged in real estate, property,
hotel, and information technology business.
The table of P.T. ANTAM’s subsidiary companies shall be as follows:
(In
Rp million)
|
Name of Subsidiary |
Lines of Business |
Start of Operations |
Percentage (%) of Ownership |
Total Assets (31 Dec. 2013) |
|
Direct
Ownership |
|
|
|
|
|
- Asia Pacific Nickel Pty Ltd. |
Investment company |
2003 |
100.00 |
85,979.8 |
|
- PT. Indonesia Coal Resource |
Mining Exploration |
2010 |
99.98 |
221,944.8 |
|
- PT. Antam Resourcindo |
Mining Exploration |
1997 |
99.98 |
159,498.7 |
|
- PT. Mega Citra Utama |
Construction, Trading, etc |
-- |
99.50 |
135,562.2 |
|
- PT. Abuki Jaya Stainless Ind. |
Stainless Steel Mfg |
-- |
99.50 |
52,533.2 |
|
- PT. Borneo Edo International |
Construction, Trading, etc |
-- |
99.50 |
43,930.9 |
|
- PT. Dwimitra Enggang Khat. |
Mining Exploration |
-- |
99.50 |
5,140.7 |
|
- PT. Cibaliung Sumberdaya |
Mining Exploration/Construction |
2010 |
99.15 |
1,154,256.0 |
|
- PT. International Mineral Cap |
Mineral Mining |
2011 |
99.00 |
456,223.2 |
|
Indirect
Ownership |
|
|
|
|
|
- PT. GAG Nikel |
Mining Exploration |
-- |
100.00 |
85,400.4 |
|
- PT. Citra Tobindo Sukses |
Coal Mining Exploration |
2011 |
100.00 |
60,913.5 |
|
- PT. Feni Halim |
Trading, Construction, etc. |
-- |
100.00 |
959,817.9 |
|
- PT. Borneo Edo International
Agro |
Agricultural Industry |
-- |
100.00 |
6,658.0 |
|
- PT. Gunung Kendak |
Construction, Industry, etc. |
-- |
100.00 |
5,422.1 |
|
- PT. Nusa Karya Arindo |
Coal and Mineral Mining |
-- |
100.00 |
7,727.8 |
|
- PT. Sumberdaya Arindo |
Coal and Mineral Mining |
-- |
100.00 |
4,616.1 |
In 2013, P.T. ANTAM Tbk., faced several
uncontrollable external factors. The
biggest challenge in 2013 was the bearish environment of commodity prices. The lower price was not expected at the
beginning of 2013, nonetheless, continued concerns over China’s economic growth
resulted in lower base metals prices.
Despite lower sales price, P.T. ANTAM’s total consolidated net sales in
2013 grew 85 from Rp 10.45 trillion in 2012 to Rp 11.30 trillion in 2013. Higher consolidated sales were due to
increased sales volumes of gold and nickel ore.
P.T. ANTAM’s largest contributor to net sales was gold with a
contribution of Rp 4.7 trillion or 42% of P.T. ANTAM’s 2013 total net sales.
Generally, the mining activities for such
minerals as copper, gold, silver, nickel ore, coal and etc. have fluctuated and
for gold have been expanding in the country in the last five years. The trend
has been in line with the weak prices of nickel and bauxite and with the firm
price of gold on the international market. The mineral mining activities in
Indonesia is seen from the total production of minerals as below.
Production Growth of Some Minerals
in Indonesia, 2002 – 2013
|
Year |
Tin Ore Concentrate (Ton) |
Cooper Ore
Concentrate (Ton) |
Nickel Ore (Ton) |
Bauxite (Ton) |
Coal (Ton) |
Gold (Kg) |
Silver (Kg) |
|
2002 |
88,142 |
3,786,695 |
4,366,235 |
1,283,485 |
103,060,426 |
142,238 |
288,806 |
|
2003 |
71,695 |
3,238,306 |
4,395,429 |
1,262,595 |
114,610,123 |
141,019 |
285,205 |
|
2004 |
70,338 |
2,810,333 |
4,118,980 |
1,330,827 |
126,850,806 |
92,444 |
262,932 |
|
2005 |
78,404 |
3,553,808 |
3,706,998 |
2,502,616 |
152,722,438 |
142,894 |
326,993 |
|
2006 |
80,933 |
2,938,009 |
4,353,833 |
7,270,072 |
181,060,907 |
93,176 |
270,153 |
|
2007 |
66,137 |
2,814,952 |
7,118,436 |
11,663,144 |
174,832,673 |
117,851 |
268,967 |
|
2008 |
47,626 |
2,340,100 |
6,557,103 |
16,791,368 |
181,569,985 |
62,695 |
302,292 |
|
2009 |
44,941 |
3,484,122 |
5,806,887 |
14,720,320 |
209,344,688 |
126,963 |
321,127 |
|
2010 |
40,188 |
3,463,771 |
5,972,841 |
27,410,375 |
224,677,000 |
106,316 |
288,717 |
|
2011 |
40,199 |
2,700,826 |
6,336,634 |
40,643,852 |
291,164,557 |
77,722 |
227,173 |
|
2012 |
44,202 |
2,385,121 |
8,571,383 |
31,443,325 |
361,028,398 |
69,291 |
247,827 |
|
2013 * |
17,202 |
1,673,345 |
7,824,018 |
35,713,570 |
249,826,115 |
63,581 |
99,675 |
According to the financial report of P.T.
ANTAM Tbk., audited by Purwantono, Suherman & Surya (a member of Ernst
& Young Global Ltd.), the total net sales of the company in 2010 amounted
to Rp. 8,744.3 billion with a net profit of Rp. 1,686.9 billion, increased to
Rp. 10,346.4 billion with a net profit of Rp. 1,924.7 billion in 2011 and rose
again to Rp. 10,449.9 billion with a net profit of Rp. 2,989.0 billion in
2012. In 2013, its net sales rose again
to Rp. 11,298.3 billion with a net profit of Rp. 410.1 billion. Total assets of P.T. ANTAM Tbk., in 2013
amounted to Rp. 21,865.1 billion.
Financial statement as of 31 December 2010, 2011, 2012 and 2013, are
attached.
So far we did not hear that the P.T. ANTAM
Tbk. has been black listed by Bank Indonesia (Central Bank) or having
detrimental cases being settled in local district court. The company usually pays its debts punctually
to suppliers.
Since April 2013, the Company’s management
is headed by Mr. Ir. Tato Miraza (46) replacing Mr. Ir. Alwin Syah Loebis (59)
as president director. Mr. Miraza joined
PT. ANTAM Tbk., in 1992 and was appointed as President Director on April 30,
2013. He graduated with a degree in Metallurgical Engineering, Bandung
Institute of Technology, in 1991 and received a Master degree in Management
from Prasetiya Mulia. In his daily
activities, he is assisted by five directors namely Mr. Hendra Santika (51),
Mr. Djaja Marsukun Tambunan (49), Mr. Tedy Badrujaman (48), Mr. Sutikno (54)
and Mr. I Made Surata (53). The
management maintains wide relation with home and overseas private businessmen
as well as with the government sector.
So far, we did not hear that the company’s management involved in the
business malpractices or detrimental cases that settled in the country and the
company has not registered with the black list of Bank of Indonesia.
P.T. ANEKA TAMBANG Tbk., or P.T. ANTAM Tbk.,
is appraised to be good for business transaction. However, in view of the economic condition in
the country is still unstable, we recommend to treat prudently in extending any
new loan to the company.
P.T. ANEKA TAMBANG Tbk. AND SUBSIDIARIES
INTERIM
CONSOLIDATD STATEMENTS OF FINANCIAL POSITON
Per 31 December
2010, 2011, 2012 and 2013
(in Rp million)
|
D e s c r i p t i
o n |
31 December |
|||
|
2013 |
2012 |
2011 |
2010 |
|
|
ASSETS |
|
|
|
|
|
A. Current
Assets |
|
|
|
|
|
- Cash and cash equivalent |
2,792,737.8 |
3,868,574.8 |
5,639,678.6 |
4,229,101.5 |
|
- Trade receivables |
|
|
|
|
|
* Third parties |
1,152,368.7 |
1,721,967.4 |
1,246,689.0 |
1,577,633.1 |
|
* Related parties |
318.0 |
459.0 |
653.6 |
2,250.8 |
|
- Other receivables |
37,004.8 |
124,491.6 |
100,077.9 |
113,378.6 |
|
- Inventories |
2,445,933.9 |
1,449,967.9 |
1,687,897.3 |
1,229,283.1 |
|
- Prepaid taxes |
555,601.7 |
329,114.5 |
271,282.0 |
211,824.8 |
|
- Prepaid expense |
65,105.7 |
50,518.3 |
55,390.7 |
39,889.9 |
|
- Other current assets |
31,366.4 |
101,757.8 |
106,350.7 |
110,150.3 |
|
Total
Current Assets |
7,080,437.2 |
7,646,851.2 |
9,108,019.8 |
7,513,512.1 |
|
B. Non Current
Assets |
|
|
|
|
|
- Restricted cash |
100,997.0 |
74,878.2 |
82,576.3 |
95,711.6 |
|
- Investment in
available-for sale |
33,732.2 |
-- |
35,668.3 |
35,668.3 |
|
- Investment in associates
- net |
3,582,548.7 |
3,956,042.9 |
173,259.7 |
128,927.3 |
|
- Investment in jointly
controlled entity - net |
1,350,639.2 |
1,154,405.0 |
1,035,900.8 |
97,166.1 |
|
- Property, plant and
equipment |
6,700,155.6 |
4,663,449.3 |
2,980,742.7 |
2,822,659.5 |
|
- Mining properties |
858,785.9 |
666,238.6 |
428,425.7 |
388,475.6 |
|
- Exploration and
evaluation assets |
709,712.6 |
754,404.1 |
713,782.9 |
524,962.7 |
|
- Deferred charges |
40,396.2 |
31,587.5 |
47,758.9 |
31,679.1 |
|
- Estimated claims for tax
refund |
722,498.1 |
476,176.6 |
2,362.8 |
12,502.5 |
|
- Goodwill |
179,941.2 |
185,374.0 |
185,374.0 |
85,452.4 |
|
- Deferred tax assets |
433,034.8 |
36,211.7 |
371,457.1 |
407,752.1 |
|
- Deferred environmental and
reclamation cost |
-- |
1,047.9 |
1,218.5 |
1,626.0 |
|
- Other Non-current assets |
72,238.7 |
61,874.0 |
34,687.5 |
72,794.6 |
|
Total
Non Current Assets |
14,784,680.2 |
12,061,689.7 |
6,093,215.3 |
4,705,377.7 |
|
TOTAL ASSETS = TOTAL LIABILITY AND EQUITY |
21,865,117.4 |
19,708,540.9 |
15,201,235.1 |
12,218,889.8 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
C. Current
Liabilities |
|
|
|
|
|
- Trade payables |
|
|
|
|
|
* Third Parties |
471,822.2 |
378,228.4 |
250,646.3 |
243,430.1 |
|
* Related Parties |
75,257.8 |
38,725.1 |
6,948.2 |
21,227.0 |
|
- Accrued expenses |
331,623.9 |
414,007.0 |
244,796.1 |
220,608.2 |
|
- Short-term employee
benefits liability |
41,599.4 |
123,170.9 |
134,786.2 |
158,002.3 |
|
- Taxes payable |
180,599.8 |
150,007.9 |
87,685.1 |
411,767.7 |
|
- Advances from customers |
84,136.2 |
189,619.6 |
67,439.8 |
61,506.4 |
|
- Short-term bank loan |
2,469,800.0 |
1,663,900.0 |
8,000.0 |
-- |
|
- Current maturities of long-term
liabilities |
|
|
|
|
|
* Bank loans |
98,426.2 |
-- |
-- |
768,730.5 |
|
- Provision for
environmental and reclamation cost |
30,337.4 |
45,990.8 |
22,697.7 |
24,791.2 |
|
- Other payables |
71,908.9 |
37,756.6 |
23,447.1 |
23,997.7 |
|
Total
Current Liabilities |
3,855,511.6 |
3,041,406.2 |
846,446.5 |
1,934,081.1 |
|
D. Non Current
Liabilities |
|
|
|
|
|
- Long term liabilities -
net |
-- |
-- |
-- |
-- |
|
- Provision for environmental
and reclamation cost |
239,345.5 |
205,728.5 |
199,780.9 |
200,855.6 |
|
- Bonds payable |
2,993,510.4 |
2,992,844.0 |
2,992,235.9 |
-- |
|
- Investment loan |
1,223,734.2 |
-- |
-- |
-- |
|
- Pension and other post-retirement
obligation |
568,114.1 |
336,835.0 |
387,787.2 |
497,766.5 |
|
- Deferred tax liabilities |
-- |
296,357.9 |
-- |
-- |
|
- Other non-current
liabilities |
191,414.0 |
3,053.3 |
2,941.0 |
2,636.2 |
|
Total Non Current Liabilities |
5,216,118.2 |
3,834,818.7 |
3,582,745.0 |
701,258.3 |
|
|
|
|
|
|
|
E. EQUITY |
|
|
|
|
|
- Issued and fully paid up
capital |
953,846.0 |
953,846.0 |
953,846.0 |
953,846.0 |
|
- Additional paid-in
capital |
29,704.9 |
29,704.9 |
2,526.3 |
2,526.3 |
|
- Difference in foreign
currency translation |
54,994.8 |
103,200.3 |
107,291.4 |
110,444.0 |
|
- Difference arising from
restructuring |
-- |
21,334.6 |
21,334.6 |
21,334.6 |
|
- Retained Earnings |
|
|
|
|
|
* Appropriated |
11,295,503.1 |
8,751,356.4 |
7,768,131.7 |
6,825,427.7 |
|
* Un-appropriated |
462,790.7 |
2,997,564.7 |
1,932,339.3 |
1,683,400.0 |
|
- Treasury stock |
(3,377.5) |
(3,377.5) |
(13,435.1) |
(13,435.1) |
|
- Net equity attributable to owners of the
parent |
12,793,461.9 |
12,832,293.7 |
10,772,034.1 |
9,583,543.4 |
|
- Non-controlling interests
|
25.6 |
22.4 |
9.4 |
7.0 |
|
Total Equity |
12,793,487.5 |
12,832,316.1 |
10,772,043.6 |
9,583,550.4 |
|
INCOME STATEMENT |
|
|
|
|
|
a. Net Sales |
11,298,321.5 |
10,449,885.5 |
10,346,433.4 |
8,744,300.2 |
|
b. Cost of Goods Sold |
(9,682,520.8) |
(8,427,157.6) |
(7,318,735.2) |
(5,807,220.1) |
|
c. Gross Profit |
1,615,800.7 |
2,022,728.0 |
3,027,698.2 |
2,937,080.1 |
|
d. Operational Expenses |
(1,194,769.0 |
(1,126,863.9) |
(1,014,819.7) |
(968,494.0) |
|
e. Operational Profit |
421,031.7 |
895,864.1 |
2,012,878.4 |
1,968,586.1 |
|
f. Other Income (Expenses) |
(553,962.1) |
2,999,631.0 |
555,903.0 |
304,037.6 |
|
g. Profit Before Income Tax |
(132,930.4) |
3,895,495.1 |
2,568,781.4 |
2,272,623.7 |
|
h. Income Tax Benefit (Expense)
|
542,877.8 |
(902,379.3) |
(640,889.4) |
(597,699.3) |
|
i. Profit before Minority
Interest |
409,947.4 |
2,993,115.7 |
1,927,892.0 |
1,674,924.4 |
|
j. Other Comprehensive Income
(Expenses) |
191.3 |
(4,091.1) |
(3,152.6) |
12,015.5 |
|
k. Net Profit |
410,138.7 |
2,989,024.6 |
1,924,739.4 |
1,686,939.9 |
Notes:
31 December 2010, 2011, 2012 and 2013 Audited by Purwantono, Suherman and Surya
(A member of Ernst & Young Global Ltd)
Litigation Maters
and Withdrawal of Mining Authorization
1. Withdrawal of
Mining Authorizations
On
March 2, 2010, the Company received the Legal Opinion from Zulfadli Soewito Law
Office regarding the Company’s mining exploitation authorization at Obi Island.
Based on the Legal Opinion, it is stated, among others, that:
1. SK No. 323 is a decision which is
only to explain the legal circumstances and can not be
implemented by the Ambon State Administrative Court.
2.
The Head of the District of South Halmahera can not require the Company to
leave the
mining area by using SK No. 323.
3.
By using SK No. 323 which is only to explain the legal circumstances, the Head
of the District
of South Halmahera can not issue IUP in the
Company’s mining area at Obi Island.
4. The cancellation of the Company’s
mining exploitation authorization only can be made by the
Director General of General Mining of the Department of Energy and
Mineral Resources of
the Republic of Indonesia on behalf of the Ministry of Energy and
Mineral Resources of the
Republic of Indonesia (MESDM), and the Company has been granted special permit
by
MESDM, and the special permit on the Company’s mining exploitation
authorization can not
be cancelled by anyone until the end of the period, which is 2028.
Legal Issues Related to Mining
Authorizations
The Company’s exploration mining
authorization for nickel mining at Langgikima and Boenaga, Southeast Sulawesi
has been withdrawn by the Decision Letter No. 545/199 dated September 14, 2007
of the Head of the District of North Konawe. The Company received the decision
letter on May 4, 2008, after receiving the Letter No. 545/326 dated April 14,
2008 of the Head of the District of North Konawe.
2. Reduction of Mining Authorizations
a.
The
area of the Company’s exploitation mining authorizations for nickel mining at
Tapunopaka and Bahubulu Island in Southeast Sulawesi has been reduced from
6,213 hectares, which include Tapunopaka and Bahubulu, to 5,000 hectares only
for Bahubulu based on the Decision Letter No. 153 Year 2008 dated March 17,
2008 of the Head of the District of North Konawe (SK No. 153). Based on this
reduction, the Company has lost potential revenues from nickel ore of about
83.2 million tons.
On August 11, 2008, the Company
received the Legal Opinion from Soemadipradja & Taher Law Office regarding
the withdrawal of the mining authorizations in Tapunopaka and Bahubulu Island.
Based on the Legal Opinion, the Decision Letter of the Head of the District is
against the prevailing law and, accordingly, the Company still has the right to
conduct mining activities in those areas.
On October 28, 2008, based on the
Decision Letter No. 10/G/2008/PTUNK of the Kendari State Administrative Court
(“SK-PTUN No.10G”), SK No. 153 was cancelled.
In November 2008, the Head of the
District of North Konawe appealed the decision of SK PTUN No. 10G to the
Makassar High State Administrative Court.
On March 3, 2009, based on its
Decision Letter, the Makassar High State Administrative Court No. 10/
B.TUN/2009/PT.TUN.MKs (“SK PTUN No. 10”) decided to cancel the decision of SK
PTUN No. 10G.
On April 24, 2009, the Company
appealed to the Supreme Court regarding the decision of SK PTUN No. 10.
On January 11, 2010, the Company
received the certain Decision Letter No. 4 Year 2010 of the Head of the
District of North Konawe regarding cancellation of SK No. 153, SK No. 5 Year
2010 about Revocation of Permit issued by the Head of the District of North
Konawe on the Company’s KP, and SK No. 6 Year 2010 about the Cancellation of SK
of the Head of the District of North Konawe No. 267 Year 2007 dated September
29, 2007 about granting of KP Exploration (KW 07 STP 034), and received IUP for
some mining areas in North Konawe, Southeast Sulawesi; SK No. 11 Year 2010
regarding the granting of Exploration Mining Right (KW 07 APR ER 002) for Sawa,
Lembo, and Lasolo mining districts, valid until January 11, 2014, SK No. 12
Year 2010 regarding the granting of Exploration Mining Right (KW 99 NPP 024)
for Asera mining district, valid until January 11, 2014, SK No. 13 Year 2010
regarding the granting of Operation Production Mining Right (KW 99 NPP 001) for
Molawe mining district, valid until January 11, 2030, SK No. 14 Year 2010
regarding the granting of Exploration Mining Right (KW 99 STP 057b) for Lasolo
mining district, valid until January 11, 2014.
On January 27, 2010, the Company
received the Legal Opinion from Mayasari Law Office regarding the Company
mining exploitation authorization in Tapunopaka. Based on the Legal Opinion, SK
No. 153 is against the prevailing law and, accordingly, the Company still has
the right to conduct mining activities in those areas.
On February 10, 2010, the Company
received an announcement from the Kendari State Administrative Court regarding the
result of the appeal to the Supreme Court.The announcement states that based on
its Decision Letter No. 284K/TUN/2008 dated December 16, 2009 (“MA 2009”), the
Supreme Court dismissed the suit filed by the Company regarding the
cancellation of SK No. 153. As of March 2, 2010, the Company has not received
the MA 2009 but the management believes the Company can maintain the mining
authorizations which are legally owned by the Company. Prior to the
abovementioned Supreme Court ruling, however, on January 11, 2010, SK No. 153
has been cancelled by the Head of the District of North Konawe and the Company
has received IUP (previously known as KP) for the mining areas.
a. Based on the Decision Letter No. 2356 Year
2007 dated September 29, 2007 of the Head of the District of North Konawe, the
mining authorization has been issued which covers the same area with the
Company’s nickel exploration mining authorization in Mandiodo, Southeast
Sulawesi.
b. Based on the Decision Letter No. 92 dated
April 13, 2007 and the Decision Letter No. 204 dated July 6, 2007 of the Head
of the District of Kolaka, the new mining authorizations have been issued to
other companies in the north and central mine areas at Pomalaa, Southeast
Sulawesi that are owned by the Company through its mining authorizations No.
KW.98PP0214 and KW.98PP0216, respectively.
As of the completion date of the
consolidated financial statements on April, 2010, the management is working on
the above matters including pursuing legal actions to maintain the mining
authorizations which are legally owned by the Company. Regarding the withdrawal
of the Company’s mining exploitation authorization at Obi Island, the
management is still and will continue working on the settlement by approaching
the Government body with higher authority than the Head of District and is
considering proposing Judicial Review (Peninjauan Kembali) to the Supreme Court
if no solution can be reached. In addition, based on Geographical System
Information of the Department of Energy and Mineral Resources of the Republic
of Indonesia, a special permit which has been issued to the Company based on
the Letter No. 1150/30/MEM.B/2008 dated February 13, 2008 of the Ministry of
Energy and Mineral Resources of the Republic of Indonesia is still under the Company’s
name and valid up to 2028 and because of the status of the mining area as
property of the Government of Indonesia, the Company has been prioritized to
have the IUP Operation and Production based on the Law No 4 Year 2009 regarding
mining and coal (UU Minerba).
Management believes that the allowance
for deferred exploration and development expenditures is adequate to cover
decline in value of deferred exploration and development expenditures and that
the Company will be able to maintain its mining authorizations.
PP No. 23 regulates further provisions
concerning preferential treatment of minerals and/or coal for domestic
purposes; procedures for granting the IUP, Special Mining Right (“IUPK”) and
People Mining Right (“IPR”); implementation of community development and
empowerment; the procedures for reporting the results of exploration and
production operations and the share divestment of IUP holder and IUPK holder
whose shares are owned by foreign shareholders.(***)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.33 |
|
|
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.80.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.