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Assumption201920202021202220232024F2025F2026F2027F2028F
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Gold Price ($)
 1,517.00 1,899.00 1,829.00 1,823.00 2,062.00 2,624.00 2,946.92 3,309.58 3,716.88 4,174.30
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% of growth25%-4%-0.33%13%27%12%12%12%12%
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Nickel Price ($)
 12,449.00 17,626.00 24,949.00 30,378.00 18,888.00 22,055.01 25,753.04 30,071.13 35,113.25 41,000.79
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% of growth42%42%22%-38%17%17%17%17%17%
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Bauxite and Aluminum United States - Import Price Index (End Use)
125.2156.3223.1213.1192 217.53 246.46 279.24 316.37 358.45
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% of growth25%43%-4%-10%13%13%13%13%13%
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Silver Price ($)
17.80326.43922.524.24225.379 28.30 31.56 35.19 39.24 43.76
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% of growth49%-15%8%5%12%12%12%12%12%
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Coal Price ($)
66.91984.596171.72402.78145.2 217.80 326.71 490.07 735.12 1,102.70
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% of growth26%103%135%-64%50%50%50%50%50%
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ANTM Income Statement
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ANTM REVENUE (in millions of Rp)201920202021202220232024F2025F2026F2027F2028F
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Products:
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Gold
 22,465,765 19,357,248 25,942,456 31,625,437 26,123,157 35,682,601 40,073,875 45,005,561 50,544,164 56,764,375
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% of gold price1480934%1019339%1418396%1734802%1266884%1359855%1359855%1359855%1359855%1359855%
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% of growth-14%34%22%-17%37%12%12%12%12%
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Ferrnickel
 4,871,431 4,658,105 6,356,301 6,854,254 8,316,606 6,533,742 7,629,275 8,908,498 10,402,213 12,146,384
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% of nickel price39131%26427%25477%22563%44031%29625%29625%29625%29625%29625%
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% of growth-4%36%8%21%-21%17%17%17%17%
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Nickel ore
 3,705,971 1,868,852 4,383,787 5,169,124 4,556,398 3,821,750 4,462,555 5,210,805 6,084,516 7,104,726
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% of nickel price29769%10603%17571%17016%24123%17328%17328%17328%17328%17328%
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% of growth-50%135%18%-12%-16%17%17%17%17%
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Bauxite ore
 758,048 583,452 931,807 1,313,356 1,224,099 1,112,039 1,259,926 1,427,480 1,617,316 1,832,398
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% of Bauxite and Aluminum United States - Import Price Index (End Use)605470%373290%417663%616310%637552%511204%511204%511204%511204%511204%
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% of growth-23%60%41%-7%-9%13%13%13%13%
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Alumnia
 547,333 557,242 502,808 618,487 466,964 606,558 687,223 778,614 882,160 999,476
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% of Bauxite and Aluminum United States - Import Price Index (End Use)437167%356521%225373%290233%243210%278834%278834%278834%278834%278834%
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% of growth2%-10%23%-24%30%13%13%13%13%
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Silver
 151,962 146,453 115,555 120,349 105,081 158.95 177.24 197.64 220.39 245.76
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% of silver price1221%831%463%396%556%562%562%562%562%562%
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% of growth-4%-21%4%-13%-100%12%12%12%12%
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Coal
 50,407 32,719 11,751 - - 24,786 37,179 55,770 83,656 125,487
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% of coal price75325%38677%6843%0%0%11380%11380%11380%11380%11380%
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% of growth-35%-64%-100%0%0%50%50%50%50%
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Other precious metals
 2,213 832 544 265 41 17 7 3 1 1
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% of growth-62%-35%-51%-85%-58%-58%-58%-58%-58%
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Service:
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Purification of precious metals
 165,412 167,560 200586 229,084 255,347 285,146 318,423 355,582 397,079 443,418
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% of growth1%20%14%11%12%12%12%12%12%
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Revenue
 32,718,543 27,372,461 38,445,595 45,930,356 41,047,693 48,066,799 54,468,640 61,742,512 70,011,327 79,416,510
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Cost of Goods Sold
 (28,271,386) (22,896,684) (32,086,534) (37,719,837) (34,733,015) (40,400,747) (45,781,574) (51,895,355) (58,845,398) (66,750,571)
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% of revenue-86%-84%-83%-82%-85%-84%-84%-84%-84%-84%
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Gross Profit
 4,447,156 4,475,777 6,359,061 8,210,519 6,314,678 7,666,052 8,687,066 9,847,157 11,165,930 12,665,939
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Operating Expense:
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General and administrative
 (2,047,136) (1,910,404) (2,542,548) (3,351,019) (2,863,958) (3,280,317) (3,717,210) (4,213,615) (4,777,920) (5,419,777)
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% of revenue-6.26%-6.98%-6.61%-7.30%-6.98%-6.82%-6.82%-6.82%-6.82%-6.82%
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Selling and marketing
 (1,444,406) (533,070) (1,078,369) (917,629) (833,826) (1,268,604) (1,437,565) (1,629,541) (1,847,775) (2,096,002)
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% of revenue-4.41%-1.95%-2.80%-2.00%-2.03%-2.64%-2.64%-2.64%-2.64%-2.64%
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Operating Profit
 955,615 2,032,303 2,738,144 3,941,871 2,616,894 3,117,132 3,532,291 4,004,001 4,540,234 5,150,160
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Other (expenses)/income:
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Share of loss of associates and joint venture
 (88,099) 128,509 452,624 931,107 1,518,500 852,705 1,187,250 1,653,049 2,301,596 3,204,591
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% of investment in asociates-11.83%11.99%25.57%34.38%59.13%23.85%23.85%23.85%23.85%23.85%
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Finance income
 120,446 110,380 89,738 85,299 172,182 296,063 412,219 573,946 799,125 1,112,649
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% of investment in asociates16.18%10.30%5.07%3.15%6.70%8.28%8.28%8.28%8.28%8.28%
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Finance costs
 (233,361) (565,452) (359,094) (381,088) (215,144) (213,735) (215,767) (224,363) (238,948) (259,219)
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% of long term loans-4.79%-12.68%-7.49%-16.78%-11.42%-10.63%-10.63%-10.63%-10.63%-10.63%
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Foreign exchange (losses)/gains, net
 (235,718) (134,409) 60,599 563,790 (221,372) 6,578 55,037 92,926 99,392 6,512
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average
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Other income, net
 168,151 69,848 61,498 73,792 (16,579) 100,877 114,312 129,578 146,931 166,670
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% of revenue0.51%0.26%0.16%0.16%-0.04%0.21%0.21%0.21%0.21%0.21%
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Profit Before Income Tax
 687,034 1,641,178 3,043,509 5,214,771 3,854,481 4,159,620 5,085,342 6,229,137 7,648,330 9,381,362
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Income tax expense
 (493,182) (491,824) (1,181,769) (1,393,807) (776,833) (915,116) (1,118,775) (1,370,410) (1,682,633) (2,063,900)
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22%22%22%22%22%
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Profit for The Year
 193,852 1,149,354 1,861,740 3,820,964 3,077,648 3,244,503 3,966,567 4,858,727 5,965,698 7,317,463
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ANTM Balance Sheet
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ASSETS
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Current Assets