MIRA INFORM REPORT

Report No. :	510936
Report Date :	22.05.2018

IDENTIFICATION DETAILS

Name :	P.T. ANEKA TAMBANG TBK
Formerly Known As :	· P.N. ANEKA TAMBANG · P.T.ANEKA TAMBANG (Persero) Tbk
Registered Office :	Gedung Aneka Tambang, Jl. Letjen TB. Simatupang No. 1, Lingkar Selatan, Tanjung Barat, Jakarta 12530
Country :	Indonesia
Financials (as on) :	31.12.2017 (subject and subsidiaries company)
Date of Incorporation :	05.06.1968
Com. Reg. No.:	AHU-0026147.AH.01.02.Tahun 2017
Legal Form :	P.T. Tbk.(Perseroan Terbatas Terbuka) Or Public Listed Company
Line of Business :	· Mineral Mining and Processing · Investment Holding
No. of Employees :	3,186

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Indonesia	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

INDONESIA - ECONOMIC OVERVIEW

Indonesia, the largest economy in Southeast Asia, has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 33% today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.

Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to development priorities. Indonesia, with the nine other ASEAN members, will continue to move towards participation in the ASEAN Economic Community, though full implementation of economic integration has not yet materialized.

Source : CIA

Company name and summery

Name of Company :

P.T. ANEKA TAMBANG Tbk

A d d r e s s :

Head Office

Gedung Aneka Tambang

Jl. Letjen TB. Simatupang No. 1

Lingkar Selatan, Tanjung Barat

Jakarta 12530

Indonesia

Phones - (62-21) 789 1234 (Hunting)

Fax - (62-21) 789 1224

E-mail - corsec@antam.com

Website - http://www.antam.com

Building Area - 18 storey

Office Space - 2,850 sq. meters

Region - Commercial

Status - Owned

Logam Mulia Precious Metals Refinery Business Unit

Jl. Pemuda – Jl. Raya Bekasi Km.18

Pulogadung, Jakarta 13010

Indonesia

Phones - (62-21) 2998 0900, 475 7108, 489 2108, 489 5380

Fax - (62-21) 475 9665, 489 0419

E-mail - infolm@antam.com

Business Unit and Representative Offices:

a. Southeast Sulawesi Nickel Mining Business Unit

Jl. Jend. Ahmad Yani No. 5

Pomalla, Kolaka 93652

Southeast Sulawesi

Indonesia

Phone - (62-405) 310 171

Fax - (62-405) 310 833

E-mail - infolm@antam.com

b. North Maluku Nickel Mining Business Unit

Jl. Pantai Indah No. 1, Geltoli Buli

Maba, East Halmahera

Indonesia

Phone - (62-21) 781 2736

Email - nkelmalut@antam.com

c. Gold Mining Business Unit

P.O. Box 1, Pos Nanggung

Bogor 16650, West Java

Indonesia

Phone - (62-251) 369 999

Fax - (62-251) 681 543

Email - gold.pongkor@antam.com

d. Bauxite Mining Business Unit

Jl. Trans Kalimantan Km. 2

Dusun Piasak, Desa Pedalaman

Tayan Hilir, Sanggau Regency

West Kalimantan

Indonesia

e. Unit Geomin

Gedung Antam Office Tower B, 10^th Floor

Jl. Letjen TB Simatupang No. 1

Lingkar Selatan, Tanjung Bara

Jakarta 12530

Indonesia

Phone - (62-21) 4789 8888

Fax - (62-21) 4789 9999

Email - geomin@antam.com

f. Makassar Representative Office

Jl. Dr. Sam Ratulangi No. 60

Makassar 90122, South Sulawesi

Indonesia

Phones - (62-411) 872 234, 871 648, 872 012

Fax - (62-411) 872 237

g. Ternate Representative Office

Jl. Batuangus No. 11

Ternate 97727, North Maluku

Indonesia

Phones - (62-921) 22221, 21686

Fax. - (62-921) 22819

h. Tokyo Representative Office

New Aoyama Building, East 1507

1-1, Minami Aoyama, 1-Chome

Minato-Ku, Tokyo 107-0062

Tokyo, Japan

Phone - (03-3423) 8031

Fax - (03-3423) 8033

i. Shanghai Representative Office

6/F, 21 Century Tower

210 Century Avenue

Pudong New Area, Shanghai 200120

People’s Republic of China

Phone - (+86-021) 51720907

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 (Persero) Tbk

d. 29 November 2017 as P.T. ANEKA TAMBANG Tbk

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

d. No. AHU-AH.01.10-29278

Dated 17 July 2013

e. No. AHU-AH.01.03-0927518

Dated 27 April 2015

f. No. AHU-AH.01.03-0140618

Dated 30 May 2017

g. No. AHU-0026147.AH.01.02.Tahun 2017

Dated 13 December 2017

Company Status :

State Owned Mining Company

Permits 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

c. The Capital Investment Coordinating Board

- No. 1271/Sekr/SP.PMDN/1971

Dated 31 August 1971

Related/Affiliated Company :

A member company of the ANEKA TAMBANG Group

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital - Rp. 3,800,000,000,000

Issued Capital - Rp. 2,403,076,472,500

Paid up Capital - Rp. 2,403,076,472,500

Shareholders

a. PT. Indonesia Asahan Aluminium (Persero) - Rp. 1,561,999,999,900 (65%)

b. Publics (each below 5% ownership) - Rp. 841,076,472,600 (35%)

BUSINESS ACTIVITIES

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 :

3,186 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

Business Trend :

Fluctuating

BANKER, AUDITOR & LITIGATION

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 :

Tanudiredja, Wibisana, Rintis & Rekan (A member of PWC)

Litigation :

No detrimental filling in our database

FINANCIAL FIGURE

Annual Net Sales :

2012 – Rp. 10,449.9 billion

2013 – Rp. 11,298.3 billion

2014 – Rp. 9,420.6 billion

2015 – Rp. 10,531.5 billion

2016 – Rp. 9,106.3 billion

2017 – Rp. 12,653.6 billion

Net Profit (Loss) :

2012 – Rp. 2,993.1 billion

2013 – Rp. 410.1 billion

2014 – (Rp. 775.2 billion)

2015 – (Rp. 1,440.9 billion)

2016 – Rp. 64.8 billion

2017 – Rp. 136.5 billion

Payment Manner :

Slow

Financial Comments :

Unhealthy

KEY EXECUTIVES

Board of Management :

President Director - Mr. Ari Prabowo Ariotedjo

Directors - a. Mr. Dimas Wikan Pramudhito, BSc, MBA

b. Mr. Ir. Sutrisno S. Tatetdagat, MM

c. Mr. Tatang Hendra, ST, Msi

d. Mr. Ir. Hari Widjajanto, MM

e. Mr. Johan N.B. Nababan, SE.

Board of Commissioners :

President Commissioner - Mr. Fachrul Razi

Commissioners - a. Prof. Robert A. Simanjuntak, SE, MSc, PhD

b. Mr. Ir. Bambang Gatot Ariyono, MM

c. Mr. Zaelani, SE

d. Prof. Dr. Der Soz. Gumilar Rusliwa Somantri

e. Mr. Ir. Anang Sri Kusuwardono

Signatories :

President Director (Mr. Ari Prabowo Ariotedjo) or one of the Directors (Mr. Dimas Wikan Pramudhito, BSc, MBA, Mr. Ir. Sutrisno S. Tatetdagat, MM, Mr. Tatang Hendra, ST, Msi., Mr. Ir. Hari Widjajanto, MM and Mr. Johan N.B. Nababan, SE) which must be approved by Board of Commissioners.

CAPABILITIES

Management Capability :

G o o d

Business Morality :

G o o d

Credit Risk :

Average

OVERALL PERFORMANCE

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 (Persero). 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. (Persero), 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 amendment to Deed was made by Fathiah Helmi, SH., and it was approved by the Minister of Law and Human Right in its Decision Letter No. AHU-AH.01.10-29278 dated July 17, 2013.

On March 31, 2015 in relation to among others, changes of AA in conformity with several regulations such as, Financial Services Authority (FSA) rule No. 32/POJK.04/2014 regarding planning and implementation of the Annual General Meeting of Shareholders (AGMS) of a public company and MSA rule No. 33/POJK.04/2014 regarding the public company’s Board of Commissioners and Directors.

Concurrently, the authorized capital was raised to Rp. 3,800,000,000,000.- of which Rp. 2,403,076,472,500 was issued and paid up. These changes were stated in Notarial Deed No. 67 dated Mach 31, 2015 of Fathiah Helmi SH, and were approved by the Minister of Law and Human Rights of the Republic of Indonesia based on its Decision Letter No. AHU-AH.01.03-0927518 dated April 27, 2015.

The amendment took place on May 2, 2017 in relation to among others, changes of AA in conformity with Minister of State-Owned Entities (“SOE”) Letter No. S-163/MBU/03/2017 dated March 10, 2017 regarding standardization of listed SOE’s AA and concurrently, concerning the change in composition of the Company’s board of Directors and Commissioners. These changes were stated in Notarial Deed No.03 dated May 2, 2017 of M. Nova Faisal, SH., and were approved by the Minister of Law and Human Rights of the Republic of Indonesia based on its Decision Letter No. AHU-AH.01.03-0140618 dated May 30, 2017.

The latest amendment took place on November 29, 2017 in relation to among others, changes of AA regarding changes in ownership and status of the Company from P.T. ANEKA TAMBANG Tbk. (Persero) to P.T. ANEKA TAMBANG Tbk., or P.T. ANTAM Tbk. The Company held an EGMS regarding changes in ownership from the Government of the Republic of Indonesia to P.T. INDONESIA ASAHAN ALUMINIUM (Persero) or P.T. INALUM. The Composition of the ownership of the Company’s issued and fully paid capital as at December 31, 2017 is P.T. INALUM (65%) and Public shareholders (35%). These changes were stated in Notarial Deed No.89 dated November 29, 2017 of Jose Dima Satria, SH., and were approved by the Minister of Law and Human Rights of the Republic of Indonesia based on its Decision Letter No. AHU-0026147.AH.01.02.Tahun 2017 dated December 13, 2017.

P.T. ANTAM Tbk. or (“ANTAM”) 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 loans 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.

In 2016, P.T. ANTAM operated three Electric Smelting Furnace (ESF-2, ESF-3 and ESF-4) with actual production of 20,293 TNi, or 1105 of 2016 production target of 18,500 TNi. For the production of gold, achievements Pongkor gold mine reached 102% of the target , with the realization in 2016 amounted to 1,463 kg (47,037 oz). In 2017, P.T. ANTAM will increase sales of the core commodities particularly ferronickel and gold, while continue strengthening the efficiency and innovations to cope up with the challenges to achieve good returns for its shareholders and stakeholders. For ferronickel, P.T. ANTAM targets production and sales volume in 2017 at 24,100 TNi. For gold, P.T. ANTAM targets production of 2,270 kg (72,982 oz), with total sales of 11,351 kg (364,943 oz).

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 mining, constructing, trading, coal and mineral mining, and agricultural industry. The table of P.T. ANTAM’s subsidiary companies shall be as follows:

(in thousands of Rupiah)

Name of Subsidiary	Lines of Business	Start of Operations	Percentage (%) of Ownership	Total Assets (31 Dec 2017)
Direct Ownership
- Asia Pacific Nickel Pty Ltd.	Investment company	2003	100.00	121,877,063
- PT. Indonesia Coal Resource	Mining Exploration	2010	99.98	70,902,451
- PT. Antam Resourcindo	Mining Exploration	1997	99.98	112,694,067
- PT. Mega Citra Utama	Construction, Trading, etc	--	99.50	114,605,013
- PT. Abuki Jaya Stainless Ind.	Stainless Steel Mfg	--	99.50	49,683,324
- PT. Borneo Edo International	Construction, Trading, etc	--	99.50	37,877,063
- PT. Dwimitra Enggang Khat.	Mining Exploration	--	99.50	3,814,340
- PT. Cibaliung Sumberdaya	Mining Exploration/Construction	2010	99.15	1,040,929,549
- PT. International Mineral Cap	Mineral Mining	2011	99.00	621,360,679
Indirect Ownership
- PT. GAG Nikel	Mining Exploration	--	100.00	124,120,078
- PT. Citra Tobindo Sukses	Coal Mining Exploration	2011	100.00	27,120,078
- PT. Feni Halim	Trading, Construction, etc.	--	100.00	1,080,648,908
- PT. Borneo Edo International Agro	Agricultural Industry	--	100.00	39,436
- PT. Gunung Kendak	Construction, Industry, etc.	--	100.00	6,667,078
- PT. Nusa Karya Arindo	Coal and Mineral Mining	2014	100.00	17,534,726
- PT. Sumberdaya Arindo	Coal and Mineral Mining	--	100.00	31,510,375
- PT. Borneo Alumina Indonesia	Industry, Services and Trade	--	100.00	56,322
- PT. Antam Enerrgi Indonesia	Service, Trade and Industry	--	100.00	143,884
- PT. Kawasan Industri Antam Tmr	Industrial Estate Management	--	100.00	51,000
- PT. Antam Niferra Halim	Coal Mining Exploration	--	100.00	67,975

According to the financial report of P.T. ANTAM Tbk., audited by Tanudireja, Wibisana, Rintis & Rekan (a member of PwC International), 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 to Rp. 10,449.9 billion with a net profit of Rp. 2,989.0 billion in 2012 and rose again to Rp. 11,298.3 billion with a net profit of Rp. 410.1 billion in 2013. In 2014, its total net sales declined to Rp. 9,420.6 billion with a net loss of Rp. 743.5 billion and rose again to Rp. 10,531.5 billion with a net loss of Rp. 1,440.8 billion in 2015 and declined to Rp. 9,106.3 billion with a net profit of Rp. 64.8 billion in 2016 and rose again to Rp. 12,653.6 billion with a net profit of Rp. 136.5 billion in 2017. Financial statement as of 31 December 2014, 2015, 2016 and 2017, 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.

Since May 2, 2017, the Company’s management is headed by Mr. Arie Prabowo Ariotedjo (52) replaces Mr. Ir. Tedy Badrujaman, MM (53) as president director and CEO of the Company. Mr. Ariotedjo graduated from University of Michigan, USA with Master of Science in Civil Engineering degree (1982) and Purdue University, USA with Bachelor of Science in Civil Engineering degree (1981). In his daily activities, he is assisted by five directors namely Mr. Dimas Wikan Pramudhito, BSc, MBA (36), Mr. Ir. Sutrisno S. Tatetdagat, MM (54), Mr. Tatang Hendra, ST, Msi (48), Mr. Ir. Hari Widjajanto, MM (55) and Mr. Johan N.B. Nababan, SE (52). 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.

Considering the operation of P.T. ANTAM Tbk., declined and loss in the last three years (2014 and 2015) and also the economic condition in the country is still unstable, we recommend to treat prudently in extending any new loan to the company.

Financials

Attachment :

P.T. ANEKA TAMBANG Tbk. AND SUBSIDIARIES

INTERIM CONSOLIDATD STATEMENTS OF FINANCIAL POSITON

Per 31 December 2014, 2015, 2016 and 2017

(In million of Rupiah)

D e s c r i p t i o n	31 December
	2017	2016	2015	2014
ASSETS
A. Current Assets
- Cash and cash equivalent	5,550,677.0	7,623,385.4	8,086,634.4	2,618,920.3
- Trade receivables
* Third parties	969,035.6	640,813.9	340,924.3	1,046,094.8
* Related parties	2,132.6	193,357.0	107,087.9	21,525.4
- Other receivables	406,182.0	156,313.9	130,132.4	31,318.0
- Inventories	1,257,785.1	1,388,415.5	1,752,584.6	1,761,888.2
- Prepaid taxes	504,992.0	463,678.7	694,244.8	712,394.3
- Prepaid expense	88,645.4	85,572.3	76,226.8	72,758.7
- Other current assets	222,489.2	78,684.8	64,991.4	78,220.1
Total Current Assets	9,001,938.8	10,630,221.6	11,252,826.6	6,343,109.9
B. Non Current Assets
- Restricted cash	21,570.1	20,137.5	3,481.0	11,428.6
- Other receivables, net	389,426.1	--	--	--
- Investment in available-for sale	1,421,481.0	514,361.4	481,963.8	37,027.7
- Investment in associates - net	1,690,633.4	2,080,115.9	1,992,516.0	2,687,171.6
- Investment in jointly controlled entity - net	835,350.0	1,136,694.8	1,481,625.8	1,438,385.4
- Property, plant and equipment	14,092,994.8	12,958,946.0	12,267,804.2	8,699,660.1
- Mining properties	933,832.0	853,515.8	863,973.2	893,941.5
- Exploration and evaluation assets	665,322.5	799,356.7	743,551.1	687,064.5
- Deferred charges	25,463.9	18,230.0	50,279.5	39,365.9
- Estimated claims for tax refund	247,306.6	249,466.4	303,728.3	467,572.3
- Goodwill	101,759.4	101,759.4	101,759.4	133,651.5
- Deferred tax assets	306,609.0	560,641.2	732,082.5	476,980.5
- Other Non-current assets	280,585.9	58,089.1	81,249.4	88,724.3
Total Non Current Assets	21,012,334.7	19,351,314.2	19,104,024.3	15,660,973.7
TOTAL ASSETS = TOTAL LIABILITY AND EQUITY	30,014,273.5	29,981,535.8	30,356,850.9	22,004,083.7
LIABILITIES AND EQUITY
C. Current Liabilities
- Trade payables
* Third Parties	327,219.3	419,910.1	547,034.3	448,654.4
* Related Parties	479,165.9	165,815.8	177,060.5	238,821.8
- Accrued expenses	388,295.1	214,649.4	251,599.6	161,623.7
- Short-term employee benefits liability	27,736.8	17,682.3	8,516.1	19,893.6
- Taxes payable	36,268.9	61,481.6	62,779.0	120,169.7
- Advances from customers	115,294.7	135,083.0	42,126.9	46,541.4
- Short-term bank loan	2,715,620.0	2,687,200.0	2,808,100.0	2,528,041.4
- Current maturities of long-term liabilities
* Bank loans	486,104.0	568,006.9	379,707.4	224,231.0
- Provision for environmental and reclamation cost	17,508.4	20,018.9	20,018.9	19,260.6
- Other payables	59,654.3	62,465.5	42,387.5	55,679.8
Total Current Liabilities	5,552,461.6	4,352,313.6	4,339,330.4	3,862,917.3
D. Non Current Liabilities
- Bonds payable	2,097,246.6	2,995,896.3	2,995,030.8	2,994,237.5
- Investment loans, net current maturities	3,200,350.6	3,653,536.1	3,927,468.7	2,268,658.2
- Provision for environmental and reclamation cost	258,351.7	200,973.8	232,701.9	220,243.6
- Pension and other post-retirement obligation	411,697.5	366,320.9	347,239.3	419,260.3
- Other non-current liabilities	3,762.0	3,699.4	198,360.9	188,849.8
Total Non Current Liabilities	5,971,408.3	7,220,426.6	7,700,801.5	6,091,249.5
E. EQUITY
- Issued and fully paid up capital	2,403,076.5	2,403,076.5	2,403,076.5	953,846.0
- Additional paid-in capital	3,934,833.1	3,934,833.1	3,934,833.1	29,817.6
- Difference in foreign currency translation	56,100.2	79,035.5	55,081.2	55,102.0
- Currently translation	2,330,655.3	2,330,655.3	2,330,655.3	--
- Retained Earnings
* Appropriated	11,613,209.8	11,613,209.8	11,613,209.8	11,613,209.8
* Un-appropriated	(1,847,488.7)	(1,927,961.1)	(2,020,161.9)	(722,440.3)
- Treasury stock	--	--	--	--
- Total equity attributable to owners of the parent	18,490,386.1	18,408,774.7	18,316,693.9	12,049,890.7
- Non-controlling interests	17.4	20.9	25.1	26.2
Total Equity	18,490,403.5	18,408,795.6	18,316,719.0	12,049,916.9
INCOME STATEMENT
a. Net Sales	12,653,619.2	9,106,260.8	10,531,504.8	9,420,630.9
b. Cost of Goods Sold	(11,009,726.8)	(8,254,466.2)	(10,336,364.2)	(8,627,269.8)
c. Gross Profit	1,643,892.4	851,794.6	195,140.6	793,361.2
d. Operational Expenses	(1,043,286.1)	(843,638.5)	(896,579.1)	(930,423.9)
e. Operational Profit (Loss)	600,606.3	8,156.1	(701,438.5)	(137,062.7)
f. Other Income (Expenses)	(146,209.8)	229,135.5	(967,335.4)	(653,729.8)
g. Profit (Loss) Before Income Tax	454,396.5	237,291.6	(1,668,773.9)	(790,792.6)
h. Income Tax Benefit (Expense)	(317,893.3)	(172,485.4)	227,921.0	47,263.0
i. Profit (Loss) For the Period	136,503.3	64,806.2	(1,440,852.9)	(743.529.6)

Notes: Audited by Tanudiredja, Wibisana, Rintis and Rekan (A member of PWC)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.09
UK Pound	1	INR 91.91
Euro	1	INR 79.93
IDR	1	INR 0.0048

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	KET

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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