Rating Summary

November 8, 2024

PT Aneka Tambang Tbk

Credit Rating(s) PT Aneka Tambang Tbk (ANTM) rated idAA with stable outlook
General Obligation (GO) idAA/Stable

The rating reflects the strong likelihood of support from the parent company, PT
Rating Period Mineral Industri Indonesia (Persero) (MIND ID), sizeable reserves and resources, very
April 23, 2024 – April 1, 2025 conservative financial leverage, and vertically integrated mining operations. The rating
is constrained by its exposure to fluctuating commodity prices and adverse weather,
Published Rating History as well as the government regulation dynamics and macroeconomic condition.
SEP 2021 idA/Stable
SEP 2020 idA/Stable We may raise the rating if ANTM generates higher-than-expected revenue and
MAY 2020 idA/Negative EBITDA in the near to medium term by significantly expanding its smelter capacity,
SEP 2019 idA/Stable further integrating its business, as well as monetizing its investment in the electric
SEP 2018 idA-/Stable battery ecosystem, while maintaining a consistently conservative financial profile. The
rating could be lowered if ANTM aggressively finances its expansion with debt
substantially larger than projected without being compensated with stronger business
performance. The rating will also be under pressure if there are signs of diminishing
support from the parent towards ensuring the continued operations of ANTM,
particularly in times of financial difficulty. We may also revisit the rating should there
be any significant development in the litigation case related to gold bar delivery, which
may significantly harm ANTM’s credit profile. The Company has already won the case
in the high court and allocated a provision of around IDR1.2 trillion in 2023.

Founded in July 1968, ANTM is a mining company producing nickel ore, ferronickel,
gold, bauxite, and alumina. As of December 31, 2023, its Common B-Series shares
were owned by MIND ID (65%), the directors (less than 0.1%) and the public (35%).
Government of Indonesia holds one A-Dwiwarna Series shares.

Rating Definition
An obligor rated idAA differs from the highest rated
obligors only to a small degree, and has a very strong
capacity to meet its long-term financial commitments
relative to that of other Indonesian obligors.

Contact Analysts:
fahrinaldi.akbar@pefindo.co.id
martin.pandiangan@pefindo.co.id

http://www.pefindo.com November 2024

 Rating Summary
November 8, 2024

Financial Highlights
As of/for the year ended Dec-2023 Dec-2022 Dec-2021 Dec-2020
(Audited) (Audited) (Audited) (Audited)
Total adjusted assets [IDR bn] 42,737.5 33,535.8 32,805.7 31,614.3
Total adjusted debt [IDR bn] 2,647.6 3,154.7 6,014.9 7,752.8
Total adjusted equity [IDR bn] 31,051.8 23,610.6 20,726.6 18,924.2
Total sales [IDR bn] 41,047.7 45,930.4 38,445.6 27,372.5
EBITDA [IDR bn] 4,131.9 4,800.3 3,628.7 3,131.6
Net income after MI [IDR bn] 3,077.6 3,821.0 1,861.7 1,149.4
EBITDA margin [%] 10.1 10.5 9.4 11.4
Adjusted debt/EBITDA [X] 0.6 0.7 1.7 2.5
Adjusted debt/adjusted equity [X] 0.1 0.1 0.3 0.4
FFO/adjusted debt [%] 119.8 103.7 38.0 30.4
EBITDA/IFCCI [X] 19.2 26.9 12.1 7.6
USD exchange rate [IDR/USD] 15,416 15,731 14,269 14,105

FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense

EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
MI= Minority Interest *annualized

The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have
been reclassified according to PEFINDO’s definitions.

DISCLAIMER
The rating contained in this report or publication is the opinion of PT Pemeringkat Efek Indonesia (PEFINDO) given based on the rating result on the date the rating
was made. The rating is a forward-looking opinion regarding the rated party’s capability to meet its financial obligations fully and on time, based on assumptions
made at the time of rating. The rating is not a recommendation for investors to make investment decisions (whether the decision is to buy, sell, or hold any debt
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http://www.pefindo.com November 2024