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Page 1
PUBLIC EXPOSE 2025
hartadinata.abadi hartadinataabadi.co.id
June 2025
Page 2
HRTA’s What's Next?
1Q25 Role in Bullion Bank
Financial Highlight Ecosystem
HRTA
Value Chain
Page 3
HRTA VALUE CHAIN
UPSTREAM MIDSTREAM DOWNSTREAM
INPUT INPUT
Gold Ore
From Local
Miners 99,99%
Gold Scrap Casted Bar / Granule Wholesale & Retail
PROCESS PROCESS
Smelting
Gold Refinery Gold Manufacturing Gadaiku (Pawn Business)
PT. Emas Murni Abadi (EMA) PT Hartadinata Abadi, Tbk. (HRTA)
OUTPUT OUTPUT
Gold
Dore Gold Content
99,99% MOMAPAN (Community)
( Gold Content ~<20% ) ( Granule / Bullion ) Jewellery & Gold Bullion
Source Image: Company & Google
Page 4
PRODUCT
#EMASKUMASADEPANKU
Source Image: Company
Page 5
GROWING MARKET SHARE
HRTA Jewellery Sales (Pure Gold Tonnes) HRTA's Jewellery Market Share
100,0 Total Indonesia Gold Demand (Tonnes) % YoY Growth 50,0%
6,00 20,00%
90,0 40,0%
42,9% 18,33% 18,00%
80,0 30,0% 5,00
15,54% 16,00%
70,0 20,3% 24,3%
20,0% 14,47% 14,84%
14,00%
60,0 4,00 13,09%
8,9% 10,0% 12,00%
50,0 6,3% 11,48% 11,49% 10,97%
3,5% 3,00 10,27% 10,00%
0,8% -1,2% 0,0%
40,0 1,4%
-6,9% -8,1% 8,00%
-10,0%
30,0 -14,8% 2,00
6,00%
20,0 -20,0%
-28,1% 4,00%
10,0 -31,0% -30,0% 1,00
50,6 60,8 61,7 88,1 63,4 59,0 59,5 58,8 64,0 54,5 37,6 46,8 49,7 45,7 47,3 13,0 2,00%
0,0 -40,0% 4,43 4,81 5,29 3,82 3,90 4,39 2,57 3,39 0,45
- 0,00%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25
2017 2018 2019 2020 2021 2022 2023 2024 1Q25
16,00 HRTA Sales (Pure Gold Tonnes) HRTA's Market Share 40,00% HRTA Gold Bar Sales (Pure Gold Tonnes) HRTA's Gold Bar Market Share
14,00 34,26% 35,00% 12,00 50,00%
12,00 30,00% 45,08% 45,00%
28,20% 10,00 40,61% 40,00%
10,00 25,00%
35,00%
8,00
8,00 20,00% 30,00%
18,36% 28,22%
15,58% 6,00 25,00%
6,00 15,00%
13,62% 13,06% 20,00%
4,00 9,75% 10,00% 4,00 15,64% 15,00%
7,53% 7,52%
2,00 5,00% 11,15% 10,00%
2,00 7,75%
4,43 4,81 5,32 5,12 6,11 7,75 8,39 13,34 4,44 5,00%
- 0,00% 0,03 1,30 2,21 3,36 5,82 9,95 3,99
2017 2018 2019 2020 2021 2022 2023 2024 1Q25 - 0,23% 0,00%
2019 2020 2021 2022 2023 2024 1Q25
Despite flattening gold demand, HRTA keeps increasing market share, especially in the Gold Bar segment, as we see there is a shifting demand
from jewellery to gold bar since the pandemic.
Source: World Gold Council
Page 6
HRTA 80+ 900+ All Over
partners
partners partners Partners in
wholesalers retail shops INDONESIA
OMNI CHANNELS 93 Retail Stores Coverage area :
HRTA Store
DISTRIBUTION OF
114 Pawn Stores Coverage area :
Pawn Store
GOLD JEWELLERY & PAWN BUSINESS
Digital
Platforms
Page 7
HRTA
OMNI CHANNELS
STRATEGIC PARTNERSHIP & BUSINESS ALLIANCES
Page 8
What's Next?
HRTA’s
Role in Bullion Bank
1Q25 Ecosystem
Financial Highlight
HRTA
Value Chain
Page 9
GOLD PRICE IN USD VS IDR
Comparison of the average of gold price growth in rupiah and in USD from 2010 - 2024
Daily Average Price (in IDR/gram) Daily Average Price (in USD/troyounce) % growth (in IDR/gram) % Growth (in USD/troyounce)
33,00% 30,78%
1.400.000,0 3.000,0 28,20% 27,82%
27,12%
1.216.366,6 23,78%
22,83%
1.200.000,0 23,00%
2.500,0
2.386,2
1.000.000,0
2.000,0 13,44%
13,00% 10,73%
7,69% 9,73%
800.000,0
7,03% 7,20% 9,13% 7,83%
1.500,0 6,13%
1.225,4 3,96%
600.000,0 2,42% 3,34%
3,00% 1,41% 0,92% 1,63%
0,15%
1.000,0 0,72%
400.000,0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
357.515,2 -0,14%
500,0 -7,00% -6,20%
200.000,0
-8,39%
-10,28%
0,0 0,0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 -17,00% -15,41%
The price of Gold in Rupiah is more resilient than in USD. This can be observed in the period of 2013, when the average international
gold price decreased by -15.41%, gold prices in Rupiah only decreased by -6.2%. Moreover, in 2014, when the international gold price
decreased significantly in 2014/2015, the gold price in Rupiah grew positively driven by the weakening of the Rupiah exchange rate
against the USD. In the long term, the price of gold continues to increase.
Source : World Gold Council
Page 10
SOLID PERFORMANCE
20.000,00 Revenue in IDR bn (LHS) Net Income in IDR bn (RHS)
+41.78%
18.000,00 540,00
16.000,00
+44.60%
14.000,00 +85.84% 440,00
12.000,00
340,00
10.000,00 +20.62%
+32.08%
8.000,00 +30.70% +68.97% 240,00
+26.56%
6.000,00 +13.32%
+27.91%
+14.03% +45.82%
4.000,00 140,00
2.000,00
- 40,00
2020 2021 2022 2023 2024 1Q24 1Q25
HRTA managed to record solid growth even during the pandemic period where up to FY24, the Company's
financial performance recorded an all time high. Annual revenue grew by 34.52% (CAGR 2020 - 2024) and net
profit increased by 20.90% (CAGR 2020 - 2024).
Page 11
30%
INCOME STATEMENT
20%
10%
9.21%
0% 0.68%
1Q25 1Q24
Revenue
Refining Services
Loan interest and administration revenues from pawn business
Breakdown
Sales with Partners
Gold sold to Stores
Gold sold to Wholesaler
Export
0,03% 0,42% 0,03% 0,32%
17,17% 16,66%
73,75%
81,69%
9,21%
0,68%
1Q25 1Q24
Revenue growth was supported by:
• The growth was mainly driven by a 18.77% YoY increase
in pure gold sales volume, which reached 4.47 tonnes
in 1Q25, up from 3.76 tonnes in 1Q24.
• The average selling price (ASP) rose by 41.19% YoY to
IDR 1,501,205 in 1Q25, compared to IDR 1,063,254 in 1Q24.
Page 12
PROFITABILITY & MANAGEABLE
DEBT
Positive trend in profitability and debt management
ROE (%) Int. Bearing Debt/Equity (x)
ROA (%)
9,37% 1,45 1,47
1,41
23,96%
7,42%
6,08% 18,82%
15,50%
2023 2024 1Q25 2023 2024 1Q25 2023 2024 1Q25
Page 13
PRODUCTION & UTILIZATION
25.000 Production Volume (Kg) Utilization Rate 47,00%
45,69%
45,00%
43,67%
20.000 *2017-2022 Manufacturing Capacity: 30 tons 43,00%
42,24%
2023 Manufacture + Refinery Casting Capacity: 39 tons
2024 Capacity: 42 tons 41,00%
2025 Capacity: 48 tons 40,00%
15.000 39,00%
37,00%
36,06%
10.000 35,00%
34,51%
33,00%
32,08%
31,60%
5.000 31,00%
29,89%
29,00%
8.968 9.480 10.817 9.625 10.354 13.101 16.475 19.191 4.799
- 27,00%
2017 2018 2019 2020 2021 2022 2023 2024 1Q25
Production volume in FY24 increased by 16.48% YoY to 19,19 ton of jewellery and gold bar, driving the utilization rate to
reach 45.69% with additional 12 ton capacity from the newly operating refinery casting facility. While the refining capacity
in FY25E is expanded to 18 ton.
Page 14
DIVIDEND POLICY
DPS (IDR) Dividend Payout Ratio
30,00% 16
26,13% 14
25,00% 25,05% 24,56%
23,74%
21,80% 22,59% 12
21,59%
20,00%
10
15,00% 8
6
10,00%
4
5,00%
2
6 7 8 8 10 12 15
0,00% 0
2017 2018 2019 2020 2021 2022 2023
Consistent dividend distribution every year with a dividend yield of 3% to 5%.
Page 15
What's Next?
HRTA’s
Role in Bullion Bank
1Q25 Ecosystem
Financial Highlight
HRTA
Value Chain
Page 16
Bullion Bank BSI Gold
Cooperation with Bank
Syariah Indonesia (BSI)
on launching BSI Gold
OVERVIEW
Cost of Fund Efficiency LBMA Certification
•
In the process to acquire
• LBMA certification for
bullion product
•
Page 17
Global Background & Context
Gold Production (in tonnes)
Export gold dore USD +5 billion/tahun
140,0 131,8 132,5
120,0
108,2
100,9
100,0 92,3
80,0
Indonesia is ranked 7th
largest gold producer in the Import gold Bullion USD +2 billion/year
60,0
world in 2023 with gold
40,0 production of 132.5 tons. Indonesia is at the bottom of the gold chain despite having high gold
20,0
reserves and gold production, and still imports gold bullion products
worth USD +2 billion per year despite exporting gold worth USD
0,0
2019 2020 2021 2022 2023
+5 billion per year.
Indonesia's per capita gold Indonesia has 120 small-scale gold
consumption is still low at 0.35 mining locations with a total of +1 million
grams/capita (ranked 22nd in the miners, as well as a jewellery industry
world), so it is necessary to increase (large-medium scale 83 companies, small
public and industrial preference for scale 36,000 companies). Lack of
gold. However, it is estimated that financing for gold industry players
there are currently 1,800+ tons of gold causes dependence on overseas gold
stock in Indonesia that have not been hub/exchange banks.
monetized.
Source : Kementerian Perekonomian Indonesia, Metal Focus
Page 18
Global vs Indonesia Paradox
• The world's central banks have continued to purchase 1,000
tons of physical gold bullion since 2022. The gold accumulation
action of the world's central banks is expected to continue in 2025
amid the uncertainty of global economic and geopolitical conditions.
In 2024, the largest gold purchases were made by emerging market
banks such as The National Bank of Poland (NBP) which purchased
90 tons, the Central Bank of Turkey (CBRT) 75 tons, The Reserve
Bank of India (RBI) 73 tons and The People's Bank of China (PBoC)
40 tons.
• Amid the trend of accumulated purchases by emerging market banks
almost all over the world, Indonesia's gold reserves have not
changed much in the last 5 years at 78.6 tons. The value of the
gold reserves is only equivalent to ~4% of Indonesia's total foreign
exchange reserves, which is much lower than the average of the
world's Central Banks which reaches above 20%.
Sumber: World Gold Council, Refinitiv, Metal Focus
Page 19
China Policy Becomes
Bullion Bank Catalyst
Potential Bullion Demand
from Indonesian Financial
Pilot Project China 2025 Institutions
• Ten Chinese Insurance companies including PICC Property & Casualty Co.
Bank Umum** 12.147,17
and China Life Insurance Co., two of China's largest companies will be able
Asuransi* 1.976,98
to invest as much as 1% of their assets in gold bullion by February 2025.
• The funds to be invested will reach 200 billion yuan or equivalent to USD27.4 Bank Syariah*** 911,10
billion. Asset Management* 839,39
• The policy shift in China could be a signal that authorities are aware of the Dana Pensiun* 382,54
lack of investment options in Asia's largest economy, and the need for
BPR** 200,16
alternatives amid the property downturn and economic downturn.
BPKH* 171,65
• China's policies will affect the demand for gold bullion globally and have a
positive effect on the potential increase in world gold prices. This policy in the 0 2000 4000 6000 8000 10000 12000 14000
future can influence and be adopted by other emerging market countries. • The total asset value of Indonesia's major financial institutions reached
• Bank Bullion Indonesia should be able to maximize its role in IDR16.628 trillion in 2024.
• Assuming 1% of the asset value can be allocated to purchase
advancing the Bullion ecosystem in Indonesia and avoid Gold Outflow bullion, there is a potential of IDR166.28 trillion for new bullion
from Indonesia to other countries. demand that can be accommodated by Bullion Bank Indonesia.
*Data December 2024, **September 2024, ***November 2024
Source: Bloomberg, OJK
Page 20
BULLION BANK INDONESIA
2
1st 2nd FUNCTIONS
License License
Jan 6, 2025
OF BULLION BANK INDONESIA
Targeted in 1H25
MAIN
PLAYERS
Gold Gold Gold Gold Others
Deposits & Saving Custody Trading Financing Financial Services
BACKGROUND
THE ESTABLISHMENT
1. Indonesia’s Rich Gold Resources : Indonesia is the 8th biggest gold MIN CAPITAL MIN Gold
REQUIREMENT
(IDR TN) TRANSACTION Standard
producer in the world with 110 tonnes production in 2023;
14
(gold in gram)
2. Strengthening the National Foreign Reserves : Compared to other OF BULLION BANK
countries, Indonesia’s gold reserves (80.6 metric tons) make up only ~3% of total
foreign reserves, which is lower than the global average (15-20%). A bullion bank
INDONESIA
500
could help increase Indonesia’s gold reserves and reduce dependence on foreign
currencies like the USD.
3. Enhancing Gold-Based Financial Services : Indonesia has a high
•
domestic demand for gold for investment, jewellery, and religious purposes (e.g., BENEFITS •
Huge demand for kilobar product EMASKU®
Providing gold financing, hedging, easier access to raw
zakat and hajj savings). Moreover, gold is widely used in Islamic finance (such as FOR HRTA material and global market access.
gold-backed sukuk, savings, and loans).
Page 21
Potential Value of Gold Business Ecosystem
in Indonesia
Upstream
Midstream
Gold Mining Production
Manufacturing Production
INDONESIA
INDONESIA
Total Production (2023) Downstream
X Total Production (2024)
ASP in Ton (2023) X
ASP in Ton (2024) Total Gold Demand
INDONESIA
(2024)
132.5 x Rp960,8 bn 190 x Rp1.240 bn Rp58,6 T
4 7 , 3 TON Pure Gold
Bullion, gold coin and jewellery
ton ton
RP55.9 T
Value from Upstream 960,4 TON jewellery
Export Market
Value from Midstream
Rp126,83 tn Value from Downstream
Rp235,6 tn
RP114,5 T
Source: Company, World Gold Council , Badan Pusat Statistik
Page 22
Economic Impact of Bullion Bank in
Indonesia
(increased gold production) IDR 53 trillion (+0.75%)
GDP Opening New Job GDP Consumption Investment
(Impact from Gold Business Opportunities (Impact from Money Supply) (Impact from Money Supply) (Impact from Money Supply)
Rp 201 tn 800.000 (increased Rp
gold22,9 tn
production) Rp 22,8 tn Rp 16,2 tn
•
• Optimizing the gold supply chain will increase GDP (+1.3%) and new jobs (+800 thousand)
•
Source : Kementerian Perekonomian Indonesia
Page 23
HRTA's Position in the Gold Business
Value Chain
UPSTREAM
MIDSTREAM
OFFTAKER FROM MINING
(REFINERY) DOWNSTREAM
LARGEST DISTRIBUTION FROM BOTH
DOMESTIC AND INTERNATIONAL
GOLD JEWELLERY AND GOLD BAR
MANUFACTURING FACTORY
Page 24
HRTA’s What's Next?
Role in Bullion Bank
1Q25 Ecosystem
Financial Highlight
HRTA
Value Chain
Page 25
BULLION BANK INDONESIA LBMA CERTIFICATION STRENGTHENING HRTA’S BRAND IMAGE ENGAGING LOCAL MINERS AUTHENTIC DESIGN AND INNOVATION INTEGRATED FACTORY
Page 26
Disclaimer
By attending this presentation, you are agreeing to be bound by the restrictions set out below. Any failure to comply with these restrictions may constitute a violation of applicable securities
laws. The information and opinions contained in this presentation are intended solely for your personal reference and are strictly confidential. The information and opinions contained in
this presentation have not been independently verified, and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on the fairness, accuracy,
completeness or correctness of, the information or opinions contained herein. It is not the intention to provide, and you may not rely on this presentation as providing, a complete or
comprehensive analysis of the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of the company or its subsidiaries. The
information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. The company (including any of its
affiliates, advisors and representatives) shall have any responsibility or liability whatsoever (in negligence or otherwise) for the accuracy or completeness of, or any errors or omissions in,
any information or opinions contained herein nor for any loss howsoever arising from any use of this presentation.
In addition, the information contained in this presentation contains projections and forward-looking statements that reflect the company's current views with respect to future events and
financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies
as well as various risks and these may change over time and in many cases are outside the control of the company and its directors. No assurance can be given that future events will
occur, that projections will be achieved, or that the company's assumptions are correct. Actual results may differ materially from those forecast and projected.
This presentation is not and does not constitute or form part of any offer, invitation or recommendation to purchase or subscribe for any securities and no part of it shall form the basis of
or be relied upon in connection with any contract, commitment or investment decision in relation thereto. This presentation may not be used or relied upon by any other party, or for any
other purpose, and may not be reproduced, disseminated or quoted without the prior written consent of the company.
hartadinata.abadi
hartadinataabadi.co.id
investor.relations@hartadinataabadi.co.id
Names mentioned 12 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Bank Financial Highlight
p.2
unresolved
org
PT. Emas Murni Abadi
p.3
unresolved
org
Kementerian Perekonomian Indonesia
p.17 ×2
unresolved
org
Bank Catalyst Potential Bullion Demand
p.19
unresolved
org
Bank Syariah
p.19
unresolved
org
Bank Bullion Indonesia
p.19
unresolved
org
Bank Indonesia
p.19 ×5
unresolved
org
Pusat Statistik
p.21
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