INDOPREMIERSECURITIES

EQUITY RESEARCH

PT ANEKA TAMBANG TBK

Update 19 November 2010

Albert Wicaksana Tjong | albert.wicaksana@ipc.co.id | (62-21) 5793 1168

ANTM HOLD Solid 9M10, but stay neutral

Target Price Rp 2,375 We rate ANTM Neutral for year-ahead performance. We rolled over our TP
Consensus (Bloomberg) Rp 2,793 time frame from Dec-10 to Dec-11. We made some revisions to our estimates and
Current Price Rp 2,525 lowered our TP to IDR 2,375 (Previously Rp 2,600) implying 13.4x FY11 earning.
Upside (downside) -5.9% On the counter, ANTM is traded 14.25x FY11 PE, higher than the sector PE
(13.86x FY11). We believe this premium is the short term catalyst from rising
Share Performance
1M 4% gold price. Risk includes changes in the value of IDR vs. USD and commodity
3M 19% price volatility. HOLD
12M 13%
Solid 9M10 performance. ANTM’ solid 9M10’s net earnings growth would
likely to continue, in our view, mainly driven by declining in cost of sales by 27%
Price Chart Y/Y. We also expect that gold business will give significant contribution to overall
earnings in the near term. Higher margin in this business could be the short term
160
140
catalyst for the stock.
120
100 Nickel and bauxite ore will lose its positions as revenue generator. The
80 New Indonesian Mineral and Coal law prohibits Indonesian miners to export non-
60 processed mining products (i.e., ore) by 2014. This regulation will affect ANTM’
40 sales. However for future growth ANTM has four upcoming projects that will use
20 both natural reserves. From four projects, only two that is visible at the moment.
- Chemical Grade Alumina Tayan (CGA) and Smelter Grade Alumina Mempawah
Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10
ANTM JCI Index (SGA) will start construction in early 2011 and the commercial production will
start in 1Q14.
Source: Xxx

Meanwhile, the other two projects are FeNi Halmahera project and Nickel Pig Iron
Mandiono which will refine nickel ore are at risk of postponement in our view
Share Data since it requires significant amount of investment that reach US$ 1.5 bn. We
Out’ shares (b) 9.54x have not factored in these projects into our model due to the aforementioned
Market Cap (Rp b) 24,085 risk.

Major Shareholders Balance sheet clean, FCF generation strong. The company ended 9M10 with
Government 65% IDR 3,273.9bn in cash and debt of IDR 113.8bn. Further, we expect the company
Public 35% to spend IDR 1,500bn in capex vs guidance of IDR 2,352bn, for resulting
FCF/Equity yield of 8% in FY10F (refer to figure 2). The debt consisting of US$
52-WK range (Rp) 2,725 – 1,650 38.25 mn with 2 years loan facility and have already paid back 67% on June
12-m average daily T/O (Rp) 2,204x Xxx2010. We expect these loan will be fully paid this year.

2009A 2010F 2010F 2011F 2011F 2012F

(Old) (New) (Old) (New)
EPS (IDR)
Q1 (Mar) 9.4 9.4A 9.4A
Q2 (Jun) 14.0 14.0A 14.0A
Q3 (Sep) 7.2 7.2A 7.2A
Q4 (Dec) 32.7 28.2 51.7
FY 63.4 128.0 151.4 169.0 177.3 193.0
Bloomberg EPS FY (IDR) 63.4 161.5 189.8 199.1
Revenues FY (IDR bn) 8,711.4 8,375.1 8,728.7 9,801.7 9,752.3 9,630.4

Source: Company data, Bloomberg, IPS estimates

Refer to important disclosures on the last page

 PT Aneka Tambang Tbk

Highlight

We address two main issues that ANTM will face with regard to the new mining Law and ANTM’s upcoming projects. In
relation to the new Indonesian Minerals and Coal Law No. 4 Year 2009, ANTM plans to shut down its commercial
activity on nickel ore and bauxite ore by 2014F since the Law prohibits ore export. This development has prompted us
to revise our forecast because ANTM will no longer exporting nickel ore and bauxite ore after 2014.

Since no longer exporting nickel ore and bauxite ore, for future growth ANTM has four upcoming projects that will use
both natural reserves. From four projects, only two that is visible at the moment. Both projects which are Chemical
Grade Alumina Tayan (CGA) and Smelter Grade Alumina Mempawah (SGA) will start construction in early 2011 and the
commercial production will start in 1Q14. We view positively on both projects since it will add value to ANTM’s bauxite
reserve and will replace sales of bauxite ore.

Meanwhile, the other two projects are FeNi Halmahera project and Nickel Pig Iron Mandiono which will refine nickel
ore. Both projects are expected to replace nickel ore sales that contributed roughly 20% to the total revenue. The
two projects are at risk of postponement in our view since it requires significant amount of investment that reach US$
1.5 bn. Moreover, we estimate sales downside during the transition because the successful of these projects will takes
about 2-3 years to reach optimal sales level in the new format.

In our model, we have factored in CGA and SGA in 2014F and we have tweaked our gross margin forecast for both
products with 20% and 30% respectively. Meanwhile we downgrade earnings from ferronickel division in 2011F as the
company plans to overhaul FeNi II and the production capacity will decrease to 18K Ton Ni. We have not factored in
the FeNi Halmahera project and Nickel Pig Iron Mandiono since we are questioning the financing schemes for both
projects. Other key takeaway from ANTM management is that the trading coal business will be stopped in 2011F
onwards.

Stock re-rating on Projects completion

CGA and SGA projects will have a total projects cost of US$ 1.45bn with capacity production of 300K ton and 1.2 mt
ton pa, each respectively. So far, both projects is ready for the preliminary development and construction which begin
on 1Q11. We believe, ANTM have a strategic position as it take a minority position especially in SGA project in the first
3 years before become a majority because of heavy amount of investments required.

After the completion, we estimate that CGA and SGA can bring in IDR 3,684bn of the sales turnover in a full-year
operation, which is equal to almost 40 times in the form of bauxite ore prior development. The estimated ROI for both
projects is about 15%.

With earnings from both projects start to kick on the beginning of 2015F, we expect the bottom line would only to
grow by 5% in 2015F, compared with 3% decline in 2014F. We do not expect the company to raise its dividend payout
as a result because the projects take several years to enjoy the return.

Figure2 : ANTM – Cash Flow FY10/FY11 calculation

2010F 2011F
Net Income 1,444.1 1,690.4
D&A 660.3 875.9
Capex (1,436.0) (2,408.2)
Maintenance Capex (342.2) (502.6)
FCF 668.3 158.0
Potential FCF 1,762.2 2,063.7

Beginning of year equity value 8,351.0 9,258.0

FCF Yield 8.0% 1.7%
Potential FCF Yield 21.1% 22.3%

Source: Company reports, IPS estimates

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 PT Aneka Tambang Tbk

Figure3 : Concept of CGA projects Figure4: Concepts of SGA projects

Source: ANTM’s material presentation 2010 Source: ANTM’s material presentation 2010

3Q Result Review

ANTM’s 3Q10 EBITDA increased to IDR 313.2 bn from previously IDR 286.4 bn in the same period last year. The
positive surprise came mainly from margin improvement – 3Q Group EBITDA margin increased to a record of 22.2%.
We believe the strong finish in 4Q10F is expected based the result of combination factors including rising in the
commodity price especially in gold and nickel ore, result in profit margin expansion.

However, ANTM reported consolidated sales of IDR 1,415bn, representing a decline of (24%) versus sales of IDR
1,871bn in the year-ago quarter. The sales decline of (24%) in the quarter was comprised of an (52%) decline in
ferronickel’s sales volume mostly and unfavorable foreign currency exchange to the buyers.

Figure1 : ANTM – Quarterly sales profile

4,000 (IDR bn)

3,500 4Q est.

3,000

2,500

2,000

1,500

1,000

500

-
2002 2003 2004 2005 2006 2007 2008 2009 2010F

1Q 2Q 3Q 4Q

Source: Company reports, IPS estimates

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Table 1: ANTM - Review and Outlook for Average Realized Selling Price for major Products 2009-2012F
Average Realized Price 1Q09 2Q09 3Q09 4Q09 2009 1Q10 2Q10 3Q10 4Q10F 2010F 2011F 2012F
Ferronickel (US$/lb) 4.72 5.66 8.14 7.52 6.63 9.38 9.38 10.24 11.60 10.15 10.35 10.96
Saprolite - Hi grade 39.93 39.40 66.52 70.44
Limonite - Lo grade 19.77 30.27 30.85 32.67
Gold (US$/Toz) 925 923 970 1,094 971 1,122 1,173 1,224 1,281.4 1,200 1,313 1,250
Bauxite 19.50 19.50 19.50 19.50
Silver (US$/Toz) 12.35 14.36 14.14 17.74 15.01 17.14 17.90 19.02 17.94 18.00 18.00 17.00

Table 2: ANTM - Review and Outlook for Sales Volume of Major Products 2009-2012F
Sales Volume 1Q09 2Q09 3Q09 4Q09 2009 1Q10 2Q10 3Q10 4Q10F 2010F 2011F 2012F
Ferronickel (Ton Ni) 1,161 5,914 2,564 4,552 14,191 1,663 8,080 1,223 8,034 19,000 18,000 19,000
Saprolite (Wmt mn) 0.55 0.91 1.01 0.85 3.32 0.91 0.92 0.68 0.99 3.50 3.51 3.80
Limonite (Wmt mn) 0.25 0.63 0.44 0.26 1.58 0.39 0.50 0.66 0.30 1.85 1.92 1.98
Gold (kg) 6,015 1,449 2,611 2,828 12,893 2,048 1,355 1,600 2,977 7,980 8,600 8,100
Bauxite (Wmt mn) 0.06 0.09 0.09 0.21 0.45 0.03 0.11 0.05 0.47 0.66 0.60 0.60
Silver (kg) 24,001 9,718 19,351 34,117 87,187 14,191 10,412 7,649 8,067 40,319 50,376 57,665

Table 3: ANTM - Income Statement 2009-2012F

Income Statement (IDR bn) 1Q09 2Q09 3Q09 4Q09 2009 1Q10 2Q10 3Q10 4Q10F 2010F 2011F 2012F
Ferronickel 136.8 790.8 425.7 752.8 2,106.2 317.0 1,516.3 247.7 1,741.5 3,822.5 3,603.3 3,795.8
Nickel Ore 259.2 440.1 502.0 472.5 1,673.9 532.7 582.8 533.3 94.3 1,743.1 2,567.8 2,748.2
Gold 2,110.5 454.3 814.6 942.1 4,321.5 691.4 474.4 570.3 1,031.5 2,767.7 3,185.6 2,692.0
Bauxite 13.8 16.5 17.2 31.1 78.7 3.6 19.6 11.2 81.3 115.7 102.7 96.8
Silver 110.9 45.92 97.5 175.2 429.4 72.8 55.8 42.0 39.1 209.8 255.8 260.6
Others incl. Coal 4.7 0.8 7.0 0.2 12.7 26.1 4.2 3.2 - 32.9 - -
Services 5.6 7.0 7.2 6.3 26.0 11.5 4.2 7.4 14.0 37.1 37.1 37.1
Sales 2,641.6 1,755.4 1,871.2 2,380.1 8,648.3 1,655.1 2,657.3 1,415.0 3,001.2 8,728.7 9,752.3 9,630.4
% growth 31% -34% 7% 27% -9% -81% 61% -47% 112% 1% 12% -1%

Cost of sales (2,479.5) (1,479.2) (1,571.1) (1,983.5) (7,513.4) (1,180.8) (1,728.1) (999.1) (2,399.3) (6,307.3) (7,015.2) (6,626.8)

Gross profit 162.1 276.2 300.1 396.6 1,134.9 474.3 929.2 415.9 601.9 2,421.3 2,737.1 3,003.6
Gross margin, % 6% 16% 16% 17% 13% 29% 35% 29% 20% 28% 28% 31%

SG&A & Other Oper. Exp (107.4) (140.9) (152.3) (209.9) (610.5) (131.0) (186.8) (234.6) (71.7) (624.1) (697.3) (688.6)

Operating income 54.7 144.3 138.2 250.3 587.5 343.3 745.3 179.8 528.8 1,797.2 2,039.8 2,315.1

Forex gain (loss) 11.1 (92.4) (102.0) (103.8) (287.1) (76.6) (21.7) (42.8) 19.4 (121.8) (56.8) (149.2)
Interest income (expense) - Net 34.6 42.6 23.2 3.7 104.1 14.8 8.1 11.3 85.3 119.5 94.9 102.2
Other non-operating - Net 6.42 73.67 22.85 276.49 379.4 (10.62) 29.53 113.56 (9.0) 123.5 165.8 169.3
Total Interest & other exp 52.2 23.9 (56.0) 176.4 196.5 (72.4) 15.9 82.0 95.6 121.2 203.8 122.3

Earnings before income taxes 106.9 168.2 82.3 426.7 784.0 270.9 761.2 261.9 624.5 1,918.5 2,243.6 2,437.3

Income tax exp (18.4) (38.9) (14.8) (116.8) (188.8) (76.6) (21.7) (42.8) (338.5) (479.6) (560.9) (609.3)
Tax rate -17% -23% -18% -27% -24% -28% -3% -16% -54% -25% -25% -25%
Source: Company reports, IPS estimates.
Minority Interest 1.4 4.6 1.4 1.7 9.1 1.3 0.0 6.0 (2.1) 5.2 7.7 10.4
Net earnings 89.9 133.9 68.9 311.6 604.3 201.9 554.4 194.2 493.6 1,444.1 1,690.4 1,838.4

EPS (reported) 9.4 14.0 7.2 32.7 63.4 21.2 58.1 20.4 51.7 151.4 177.3 192.8
Source: Company reports, IPS estimates

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 PT Aneka Tambang Tbk

Valuation, Rating, and Target Price Analysis

We rate ANTM Neutral for year-ahead performance. We expect ANTM to report solid 2010 earnings because the
pace of growth seen in 2Q that could pick up in 4Q. If the price of gold continues to increase in 4Q10F, 12M10’s
revenue would reach of IDR 8,727bn. The current 9M10’s result is 65.6% of our FY forecast and 66.1% of consensus.
ANTM is on track to meet our FY forecast.

We roll over our Dec-11 price target for ANTM to IDR 2,375 per share from IDR 2,600 on Dec-10. We
expect ANTM to report solid 2010 earnings, including various factors that may lead gold to spike in price for shorter
periods of time. In formulating our price target we have replace the revenue from bauxite (raw material) to the
Smelter Grade alumina (SGA) & Chemical Grade Alumina (CGA) forms and stop the commercial activity for nickel ore
division start in 2014F onwards. ANTM shares currently trade at an EV/EBITDA multiple of 8.4x versus peer group
range of 8.4x-12.2x (an average of 10.3x). ANTM shares have historically traded below the average for its peer group
due to the company’s concentration in the ferronickel and gold division, but favorable trends in its key market could
propel the stock towards the upper end of its normalized trading range.

Table4: ANTM’s DCF Valuation Summary (IDR bn)

2011F 2012F 2013F 2014F 2015F
EBIT 1,930.8 2,248.7 2,437.3 2,813.1 2,727.8
Less: Taxes on EBIT 562.2 609.3 703.3 681.9 714.3
Less: Capex (2,408.2) (817.6) (442.9) (447.0) (475.8)
Plus: Depreciation 875.9 948.6 987.5 1,026.5 1,068.1
Less: Changes in WC (215.4) 184.7 406.5 (266.7) (96.9)
FCFF (61.2) 2,143.7 3,060.8 2,358.7 2,638.3
Terminal growth rate 5.0%
WACC 15.35%
PV of FCF (2011-2015F) 6,176.4
PV of terminal value 15,116.5
Implied EV 21,293.0
Less: Net debt (2011F) (1,357.1)
Implied Equity Value 22,650.0
Shares outstanding (mn) 9,538.5
Fair value per share (IDR) 2,375.0

Source: IPS estimates

Table5: ANTM’s estimates change summary (IDR bn)

IDR bn 2010F 2011F 2012F
NEW
Revenue 8,728.7 9,752.3 9,630.4
Gross profit 2,421.3 2,737.1 3,003.6
SG&A costs (624.1) (697.3) (688.6)
EBITDA 2,591.0 3,124.5 3,385.9
EBIT 1,930.8 2,248.7 2,437.3
Net income 1,444.1 1,690.4 1,838.4
OLD
Revenue 8,375.1 9,801.7 10,413.6
Gross profit 2,101.6 2,624.2 2,911.3
SG&A costs (598.8) (700.8) (744.6)
EBITDA 2,369.3 2,955.9 3,393.4
EBIT 1,632.4 2,141.2 2,498.0
Net income 1,219.4 1,609.3 1,884.2
DIFF (%)
Revenue 4% -1% -8%
Gross profit 15% 4% 3%
SG&A costs 4% -1% -8%
EBITDA 9% 6% 0%
EBIT 18% 5% -2%
Net income 18% 5% -2%

Source: IPS estimates

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Risk to Our Rating

Volatility of Commodities price. We view managing its high exposure to volatile the commodities price over the
short and long-term as key strategic issue for management. The impact, of course, will exacerbate the pressure on
operating margin thus potentially depressing net profit.

ANTM has high exposure in delay the project. The FeNi Halmahera project and Nickel Pig Iron Mandiodo project
are at risk of postponement in our view since it take a significant amount of investment that reach US$ 1.5 bn. Both
projects will be used to refine the nickel ore. We also see the sales downside during the transition because the
successful the project will takes about 2-3 years to reach optimal sales level in the new format.

Aggressive expansion raises forecast risk. Apart from the gestation projects as explained above, aggressive
expansion can solidify ANTM market position especially in China. It poses a downside risk to medium term earnings. In
this case, sales development becomes more critical given new products penetration to the market and high fixed cost
charges. In this case, we have to track how the new products are marketable closely. CGA & SGA would be the good
test case, we think.

Figure5 : ANTM – Price to book band chart

6,000 5.5x

5,000 4.5x

4,000 3.7x

3.0x
3,000
TP

2.0x
2,000
1.5x

1,000 1.0x

0
Date Jul-06 Feb-07 Sep-07 Apr-08 Nov-08 Jun-09 Jan-10 Aug-10

Source: Bloomberg, company data, IPS estimates

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Nickel Price and Outlook

Demand and Supply projection favor an extended period for nickel price strength over the next two years. We have
increased forecast for 2011F and 2012F by 4.2% and 10.4% to US$ 10.4/lb and US$ 11.02/lb, respectively. We remain
bullish on nickel as it supported by recovery strength on the stainless steel market in Asia.

Higher production of nickel in China, the world’s largest consumer signaling improved of the local demand and may
probably will climb to more than 11 mn tons this year from 8.8 mn tons in 2009. As the global economy recovers from
its worst postwar recession, we expect 2011 onwards may fueling demand for stainless steel industries and
consequently the nickel market.

Figure6 : World Steel Production

140,000 ('000 ton)

120,000

100,000

80,000

60,000

40,000

20,000

0
Nov-09
May-09

May-10
Dec-09
Apr-09

Jun-09

Jul-09

Aug-09

Oct-09

Jan-10

Feb-10

Mar-10

Apr-10

Jun-10

Jul-10

Aug-10
Sep-09

Sep-10
China Asia ex-China EU27 Others

Source: World Steel Association

Figure7: Nickel prices vs Inventory levels at LME

180,000 Mton US$/ton 60,000

160,000
50,000
140,000

120,000 40,000

100,000
30,000
80,000

60,000 20,000

40,000
10,000
20,000

- -
Nov-05
May-94

May-07
Dec-92
Jan-90

Jun-91

Jul-01

Jan-03

Jun-04
Oct-95

Apr-97

Feb-00

Oct-08

Mar-10
Sep-98

Inventory (LHS) Nickel Price (RHS)

Source: Bloomberg

So far this year, the gold price has surge up to US$ 1,425/ton oz, putting it on track for its tenth successive year of
gain by end-2010. Most definite answer for gold price fluctuation is that the investors seek refuge from an uncertain
global economic outlook. Two of the most bullish factors in the gold market expectations is that U.S. Fed Reserve that
may rely more on inflation-stoking quantitative easing measures, and news that China aims for the gold market to
expand. Therefore, we increase our forecast on the gold price by 14.1% and 4.1% to US$ 1,313/ton oz and US$
1,250/ton oz in 2011F and 2012F, respectively.

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INCOME STATEMENT (IDR bn) Q309 Q409 Q110 Q210 Q310 QoQ% YoY% 2010F 3Q10/2010F Consensus 3Q10/Consensus
3Q10/Consensus

Revenue 1,861.7 2,443.7 1,655.1 2,660.2 1,413.5 -47% -24% 8,728.7 16% 8,661.7 16%

COGS (1,571.1) (1,983.5) (1,180.8) (1,728.1) (999.1) -42% -36% (6,307.3) 16%

Gross profit 290.6 460.2 474.3 932.1 414.4 -56% 43% 2,421.3 17%

Gross profit margin 16% 19% 29% 35% 29% 28%

Operating Expense (152.3) (209.9) (131.0) (186.8) (234.6) 26% 54% (624.1) 38%

Operating profit 138.2 250.3 343.3 745.3 179.8 -76% 30% 1,797.2 10% 1,955.1 9%

Operating profit margin 7% 10% 21% 28% 13% 21%

Interest income 32.7 12.8 18.3 11.6 13.8 19% -58% 131.8 10%

Interest expense (9.5) (9.1) (3.5) (3.5) (2.5) -28% -73% (12.3) 20%

Forex gain (loss) (102.0) (103.8) (76.6) (21.7) (42.8) 97% -58% (121.8) 35%

Other 22.9 276.5 (10.6) 29.5 113.6 285% 397% 123.5 92%

Total other income (exp) (56.0) 176.4 (72.4) 15.9 82.0 415% -247% 121.2 68%

Pretax profit 82.3 426.7 270.9 761.2 261.9 -66% 218% 1,918.5 14% 2,121.8 12%

Income tax (14.8) (116.8) (70.3) (206.9) (73.6) -64% 398% (479.6) 9%

Minority interest 1.4 1.7 1.3 0.0 6.0 5.2 114%

Net profit 68.9 311.6 201.9 554.4 194.2 -65% 182% 1,444.1 13% 1,570.1 12%

Net margin 4% 13% 12% 21% 14% 17%

Source: Company, Bloomberg and IPS calculation

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Income statement 2008 2009 2010F

2010F 2011F
2011F 2012F
2012F Cashflow analysis 2008 2009 2010F
2010F 2011F
2011F 2012F
2012F
Year-
Year-end 31 Dec (Rp bn) Year-
Year-end 31 Dec (Rp bn)
Sales 9,592.0 8,711.4 8,728.7 9,752.3 9,630.4 CFs from operation
COGS (6,940.8) (7,513.4) (6,307.3) (7,015.2) (6,626.8) Net profit 1,368.1 604.3 1,444.1 1,690.4 1,838.4
Gross profit 2,651.2 1,198.0 2,421.3 2,737.1 3,003.6 Depreciation/amortz. 487.6 544.6 660.3 875.9 948.6
EBITDA 2,453.7 1,375.7 2,591.0 3,124.5 3,385.9 Change in working capitals 869.1 2.3 (235.6) (215.4) 184.7
Operating expense (937.9) (610.5) (624.1) (697.3) (688.6) CFs from operation 1,462.1 1,091.4 1,936.5 2,269.0 2,975.0
Operating profit 1,713.3 587.5 1,797.2 2,039.8 2,315.1
Pre-tax profit 1,915.8 784.0 1,918.5 2,243.6 2,437.3 CFs from investments (392.3) (525.6) (1,436.0) (2,408.2) (817.6)
Income tax – net (546.7) (188.8) (479.6) (560.9) (609.3)
Minority interest (0.9) 9.1 5.2 7.7 10.4 CFs from financing activ. (2,529.5) (1,076.4) (436.2) (1,341.7) (576.1)
Net profit 1,368.1 604.3 1,444.1 1,690.4 1,838.4 Net inc/(dec) in cash (1,459.7) (510.6) 64.4 (1,480.9) 1,581.3
EPS (Rp) 143 63 151 177 193 Cash at end period 3,284.2 2,773.6 2,837.9 1,357.1 2,938.4
*) after adjusting quasi reorganization DPS (Rp) 57.4 25.3 60.6 70.9 77.1

Balance sheet 2008 2009 2010F

2010F 2011F
2011F 2012F
2012F Key ratio analysis 2008 2009 2010F
2010F 2011F
2011F 2012F
2012F
As at 31 Dec (Rp bn) Year-
Year-end 31 Dec
Assets Profitability
Cash and equiv 3,442.8 2,897.3 2,961.6 1,480.8 3,062.1 Gross Margin 28% 14% 28% 28% 31%
Receivables 726.1 1,030.9 992.1 1,107.1 1,049.7 EBIT margin 18% 7% 21% 21% 24%
Inventories 1,391.5 1,170.5 1,371.8 1,484.4 1,355.8 EBITDA margin 26% 16% 30% 32% 35%
Others 259.2 338.1 318.7 404.6 415.5 Pre-tax Margin 20% 9% 22% 23% 25%
Total current assets 5,819.5 5,436.8 5,644.3 4,476.9 5,883.1 Net Income margin 14% 7% 17% 17% 19%
Net fixed assets 2,890.5 2,890.6 3,666.4 5,198.7 5,067.7 ROE (%) 16% 7% 17% 17% 17%
Other assets 1,535.0 1,612.5 1,652.2 2,259.9 2,196.7 ROA (%) 12% 6% 14% 15% 15%
Total assets 10,245.0 9,940.0 10,962.8 11,935.4 13,147.4
Growth
Liabilities and equities Revenue -20% -9% 0% 12% -1%
Payables 178.1 229.4 156.3 168.5 167.3 Operating Profit -73% -58% 132% 16% 8%
ST. debt and curr. maturity 255.5 239.7 229.2 - - EBITDA -69% -44% 88% 21% 8%
Other current liabilities 224.7 243.9 292.2 296.3 310.4 Net Income -73% -56% 139% 17% 9%
LT. debt 558.5 239.7 - - -
Other long term liabilities 817.2 726.9 947.6 1,012.0 1,044.9 Solvability
Total Liabilities 2,131.0 1,748.1 1,658.6 1,512.9 1,556.8 Current ratio (x) 2.6 2.5 2.9 3.6 4.6
Minority Interest 50.9 42.9 46.3 51.9 57.7 Quick ratio (x) 0.7 0.9 1.5 2.0 3.0
Shareholders' equity 8,063.1 8,148.9 9,258.0 10,370.7 11,533.0 Debt to equity (x) 0.1 0.1 0.0 0.0 0.0
BVPS (Rp) 845 854 971 1,087 1,209 Interest cov. (x) 34.0 12.5 146.0 400.2 -

9
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