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PT ALAMTRI RESOURCES INDONESIA TBK (IDX: ADRO) FY24 EARNINGS
NEWS RELEASE
Jakarta, March 4, 2025 – PT Alamtri Resources Indonesia Tbk (“AlamTri”, IDX: “ADRO”) today
published its consolidated financial performance for the fiscal year ending December 31,
2024 to IDX/FSA.
President Director and Chief Executive Officer, Mr. Garibaldi Thohir commented:
“We remain focused on operational excellence and cost control amidst the evolving macro
landscape. Our dedication to cost leadership is embedded in all aspects of our operations
and reflected in our operational EBITDA margin. With a streamlined organization, we aim to
grow sustainably and seize opportunities in the green economy."
Highlights
• AlamTri recorded a 26% increase in sales of metallurgical coal to 5.62 Mt, however as
metallurgical coal prices declined, our average selling price (ASP) declined by 16%.
• In FY24, AlamTri generated $2,079 million in revenue from continuing operations,
with core earnings of $648 million, and operational EBITDA of $982 million. This
resulted in an operational EBITDA margin of 47%.
• In line with our investment plans, capex increased 36% to $514 million. Capex
spending was mainly for investment in heavy equipment, infrastructure, and
aluminium smelter.
• AlamTri successfully sold most of its shares in PT Adaro Andalan Indonesia Tbk (IDX:
AADI) to its existing shareholders through public offering by existing shareholder
(POES) in December 2024. AlamTri now focuses on developing its metallurgical coal
and minerals processing business through ADMR, as well as on renewable energy
business.
PT ALAMTRI RESOURCES INDONESIA TBK FY25 GUIDANCE
▪ Sales volume: 5.6 Mt – 6.1 Mt of metallurgical coal from ADMR.
▪ Strip ratio: 3.3x.
▪ Capital expenditure: $475 million to $525 million, including our equity investments in
projects related to the industrial park in North Kalimantan.
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ANALYSIS OF FY24 FINANCIAL PERFORMANCE AND POSITION FROM CONTINUING
OPERATIONS
($ Millions, except otherwise stated) FY24 FY23* % Change
Revenue 2,079 2,135 -3%
Cost of Revenue (1,205) (1,268) -5%
Gross Profit 874 868 1%
Operating Income 711 765 -7%
Core Earnings(1) 648 664 -2%
Operational EBITDA(2) 982 1,057 -7%
Total Assets 6,702 10,473 -36%
Total Liabilities 1,331 3,064 -57%
Total Equity 5,371 7,409 -28%
Interest Bearing Debts 548 1,423 -61%
Cash and Cash Equivalents 1,406 3,311 -58%
Net Debt (Cash)(3) (1,486) (1,936) -23%
Capital Expenditure(4) 514 379 36%
Free Cash Flow(5) 366 749 -51%
Earnings Per Share (EPS) in US$ 0.01855 0.01870 -1%
*Represented FY23 figures
1
Profit for the period, excluding non-operational items net of tax (amortization of mining properties, prior year tax assessment,
reversal or addition of provision for decommissioning costs)
2
EBITDA excluding prior year tax assessment, and reversal or addition of provision for decommissioning costs.
3
After deduction of cash and cash equivalent, and current portion of other investments.
4
Capex spending defined as: purchase of fixed assets – proceed from disposal of fixed assets + payment for addition of
mining properties + addition of lease liabilities. Capex including discontinued operations was $840 million in FY24, and $648
million in FY23.
5
Operational EBITDA – taxes – changes in trade receivables, inventories, and trade payables – capital expenditure excluding
lease liabilities
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Financial Ratios
%
FY24 FY23*
Change
Gross Profit Margin (%) 42% 41% 1%
Operating Margin (%) 34% 36% -2%
Operational EBITDA Margin (%) 47% 50% -2%
Net Debt (Cash) to Equity (x) (0.28) (0.26) 6%
Net Debt (Cash) to last 12 months Operational EBITDA (x) (0.76) (1.83) -58%
Cash from Operations to Capex (x) 1.46 1.81 -19%
Operating Segment
Segment Revenue Net Profit
($ Millions) FY24 FY23* % Change FY24 FY23* % Change
Coal mining & trading 1,152 1,084 6% 447 464 -4%
Mining services 970 1,072 -10% 138 117 18%
Others 83 81 2% 65 80 -19%
Elimination (126) (102) 24% (12) (8) 50%
Total 2,079 2,135 -3% 638 653 -2%
AlamTri has sold most of its share ownership in PT Adaro Andalan Indonesia Tbk (IDX: AADI)
and as a result, no longer consolidates the financial statements of AADI and its subsidiaries
upon the completion of the POES. The financial statements for the year ended 31 December
2023 have been represented to reflect the application of SFAS 105: Non-current Assets
Held for Sale and Discontinued Operations.
Revenue, Average Selling Price, and Production
Revenue from continuing operations constitutes mainly of ADMR and mining services’
revenue. In FY24, we generated revenue of $2,079 million, a 3% decrease compared to
FY23. Our metallurgical coal operations at ADMR achieved 30% and 26% increase in
production and sales volume to 6.63 Mt and 5.62 Mt respectively. The increase in
operational results was offset by a 16% decline in the average selling price (ASP), as
metallurgical coal prices continued to decline. This was driven by the slowdown in China’s
property and infrastructure sectors which led to fluctuating demand for steel and hence
metallurgical coal.
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Cost of Revenue
Cost of revenues declined by 5% y-o-y to $1,205 million. Mining costs increased 27% to
$147 million driven by higher volume. We recorded a 26% increase in overburden removal
volume to 23.55 Mbcm, and recorded a strip ratio of 3.55x, in-line with our FY24 guidance.
Total fuel consumption at our metallurgical coal subsidiaries PT Maruwai Coal (MC) and PT
Lahai Coal (LC) increased by 31% y-o-y driven by higher volume. Coal cash cost per tonne
(excluding royalty) in FY24 decreased by 5% from FY23.
Operating Expenses
Operating expenses in FY24 increased by 49% y-o-y to $140 million in line with our business
growth.
Royalties to the Government and Income Tax Expense
Royalties to the Government in FY24 declined 7% to $147 million, while income tax expense
increased 4% to $172 million.
Operational EBITDA and Core Earnings
AlamTri’s operational EBITDA decreased by 7% to $982 million, and core earnings
decreased by 2% to $648 million. We recorded a robust operational EBITDA margin of 47%
in FY24.
Total Assets
At the end of FY24, total assets declined by 36% to $6,702 million and cash balance
declined by 58% to $1,406 million. Cash accounted for 21% of our total assets. Current
assets declined by 39% to $2,606 million. The current portion of other investments
increased significantly to $628 million, reflecting the fair value of our remaining 15.37% stake
in AADI.
Non-current assets at the end of FY24 were 34% lower than the year ago period at $4,096
million.
Mining Properties
At the end of FY24, mining properties amounted to $547 million, 45% lower than in the
year ago period. Mining properties accounted for 8% of total assets.
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Fixed Assets
Fixed assets balance at the end of FY24 of $1,529 million were 13% lower than at the end
of FY23. As we grow our business, we remain committed to strategic investments in the
aluminium smelter and its ancillary facilities, as well as essential infrastructure projects
and heavy equipment, with significant capital expenditure allocated to these initiatives.
Fixed assets accounted for 23% of total assets.
Total Liabilities
Total liabilities at the end of FY24 were $1,331 million, 57% lower compared to the same
period last year. Current liabilities decreased by 70% y-o-y to $647 million, primarily due to
the maturity of the Senior Notes, which amounted to $697 million, as well as declines of 54%,
53%, and 41% in trade payables, dividends payable, and accrued expenses to $158 million,
$200 million, and $152 million, respectively.
Non-current liabilities decreased by 26% y-o-y to $684 million primarily due to lower
provision for decommissioning, mine rehabilitation, reclamation and closure. Interest
bearing debts declined by 61% y-oy to $548 million.
Equity
At the end of FY24, total equity stood at $5,371 million, representing a decline of 28% y-o-y
on the back of lower retained earnings due to the distribution of additional final cash
dividends in December 2024.
Cash Flows from Operating Activities
Cash flows from operating activities in FY24 increased by 75% to $2,011 million driven by
lower payments of royalties and corporate income taxes. We paid $446 million in corporate
and final income tax, 71% lower y-o-y.
Cash Flows from Investing Activities
The company reported $1,437 million in cash flows provided from investing activities, 347%
increase from FY23, mainly driven by the $2,181 million cash inflow from the sale of AADI’s
shares through POES. Purchase of fixed assets increased 45% to $813 million in line with our
investments plan.
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Capital Expenditure
Capital expenditure in FY24 increased by 36% to $514 million. The capital expenditure spent
in the period was mainly for purchases and replacement of heavy equipment, investments
in the aluminum smelter and its ancillary facilities, as well as investments in infrastructure to
support volume growth.
Cash Flows from Financing Activities
In FY24, cash flows used in financing activities increased by 173% to $3,637 million, mainly
due to higher dividend payment and repayments of senior notes.
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ALAMTRI FY24 ACTIVITIES REPORT
FY24 HIGHLIGHTS
• AlamTri delivered on its FY24 operational guidance, achieving sales volume of 5.62
million tonnes (Mt) of metallurgical coal from MC and LC, subsidiaries of PT Adaro
Minerals Indonesia Tbk (ADMR).
• From its two mines, ADMR achieved a production volume of 6.63 Mt and an
overburden removal volume of 23.55 million bank cubic meters (Mbcm), reflecting
increases of 30% and 26%, respectively, compared to FY23.
• PT Saptaindra Sejati’s coal transport volume increased by 6% to 64.76 Mt, while
overburden removal volume decreased by 10% to 201.53 Mbcm.
SUMMARY OF FY24 OPERATIONS
4Q24 vs. 4Q24 vs. FY24 vs.
Units 4Q24 3Q24 4Q23 FY24 FY23
3Q24 4Q23 FY23
PT Adaro Minerals Indonesia Tbk
Production Volume Mt 1.80 1.85 -3% 1.13 60% 6.63 5.11 30%
Sales Volume Mt 1.83 1.20 52% 1.45 26% 5.62 4.46 26%
Overburden Removal Volume Mbcm 6.46 6.72 -4% 4.89 32% 23.55 18.70 26%
Strip Ratio x 3.59 3.63 -1% 4.33 -17% 3.55 3.66 -3%
PT Saptaindra Sejati
Overburden Removal Volume Mbcm 50.39 58.39 -14% 56.24 -10% 201.53 223.08 -10%
Coal Transport Volume Mt 15.22 17.28 -12% 14.04 8% 64.76 60.91 6%
METALLURGICAL COAL AND MINERALS
PT Adaro Minerals Indonesia Tbk (IDX: ADMR)
• ADMR achieved its FY24 metallurgical coal sales volume target, recording a volume
of 5.62 Mt. This represents a 26% increase compared to FY23, driven by strong
customer demand.
• Metallurgical coal production volume in FY24 reached 6.63 Mt, a 30% increase over
FY23. Overburden removal volume in FY24 increased by 26% to 23.55 Mbcm, leading
to a strip ratio of 3.55x, in line with its FY24 strip ratio guidance of 3.6x.
• ADMR has expanded its presence in the domestic market, with Indonesia
contributing the largest share of its sales at 32% in FY24. In the seaborne market,
Japan remained as the largest export destination, accounting for 29% of sales during
the period.
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4Q24 vs. 4Q24 vs. FY24 vs.
Units 4Q24 3Q24 4Q23 FY24 FY23
3Q24 4Q23 FY23
Overburden Removal Mbcm 6.46 6.72 -4% 4.89 32% 23.55 18.70 26%
Maruwai Mbcm 5.70 5.58 2% 3.02 89% 19.92 15.22 31%
Lahai Mbcm 0.76 1.14 -34% 1.87 -60% 3.63 3.49 4%
Production Volume Mt 1.80 1.85 -3% 1.13 59% 6.63 5.11 30%
Maruwai Mt 1.72 1.73 -1% 0.93 86% 6.24 4.83 29%
Lahai Mt 0.08 0.12 -33% 0.20 -60% 0.39 0.28 41%
Sales Volume Mt 1.83 1.20 52% 1.45 26% 5.62 4.46 26%
Maruwai Mt 1.65 1.13 46% 1.25 31% 5.20 4.26 22%
Lahai Mt 0.18 0.07 151% 0.20 -7% 0.42 0.20 115%
FY24 SALES BY DESTINATION
Malaysia
2% India
7%
China
Indonesia
16%
32%
South Korea
14%
Japan
29%
PT Kalimantan Aluminium Industry (KAI)
• In 4Q24, the work for the aluminium smelter area focused on the construction of
foundation and steel structure for anode and electrolysis plants. On the jetty area,
KAI focused on installing the conveyor belt structure and constructing the office
building while the construction of raw material berthing area has been completed.
SERVICES
PT Saptaindra Sejati (SIS)
• In FY24, SIS’s coal transport volume increased 6% y-o-y to 64.76 Mt while
overburden removal volume declined 10% y-o-y to 201.53 Mbcm.
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• SIS offers a broad range of services to mining companies under AADI and ADMR
including overburden stripping, coal mining, coal transportation, fuel transportation,
heavy equipment rental, and other services.
4Q24 vs. 4Q24 vs. FY24 vs.
Units 4Q24 3Q24 4Q23 FY24 FY23
3Q24 4Q23 FY23
Overburden Removal Volume Mbcm 50.39 58.39 -14% 56.24 -10% 201.53 223.08 -10%
Coal Transport Volume Mt 15.22 17.28 -12% 14.04 8% 64.76 60.91 6%
CLEAN ENERGY
We continue to advance our green initiatives. MSW’s Solar PV in Kelanis produced 203.382
MWh in 4Q24, reaching a total of 835.027 MWh for 2024. We also implement a biomass co-
firing program at MSW. In 4Q24, this biomass co-firing program successfully reduced
approximately 1,226.90 tons of CO2 equivalent, contributing to a total reduction of 6,421.12
tons of CO2 equivalent for the year.
OTHERS
Our power plants maintained a strong performance in 4Q24. PT Makmur Sejahtera Wisesa
(MSW) achieved an availability factor of 99.82% for the quarter, bringing the 2024 average
to 92.92%, surpassing the target of 90.42%. Availability factor for PT Tanjung Power
Indonesia (TPI) in 4Q24 was 78.11%, while the 2024 average was 83.60%. PT Bhimasena
Power Indonesia (BPI) availability factor in 4Q24 was 94.29%, bringing its average
availability factor for 2024 to 85.06%.
###
These materials have been prepared by PT Alamtri Resources Indonesia Tbk (the “Company”, “AlamTri”, “ADRO”)
and have not been independently verified. No representation or warranty, expressed or implied, is made and no
reliance should be placed on the accuracy, fairness or completeness of the information presented or contained
in these materials. The Company or any of its affiliates, advisers or representatives accepts no liability
whatsoever for any loss howsoever arising from any information presented or contained in these materials. The
information presented or contained in these materials is subject to change without notice and its accuracy is not
guaranteed.
These materials contain statements that constitute forward-looking statements. These statements include
descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to
the consolidated results of operations and financial condition of the Company. These statements can be
recognized by the use of words such as “expects,” “plan,” “will,” “estimates,” “projects,” “intends,” or words of
similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks
and uncertainties, and actual results may differ from those in the forward-looking statements as a result of
various factors and assumptions. The Company has no obligation and does not undertake to revise forward-
looking statements to reflect future events or circumstances.
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These materials are for information purposes only and do not constitute or form part of an offer, solicitation or
invitation of any offer to buy or subscribe for any securities of the Company, in any jurisdiction, nor should it or
any part of it form the basis of, or be relied upon in any connection with, any contract, commitment or investment
decision whatsoever. Any decision to purchase or subscribe for any securities of the Company should be made
after seeking appropriate professional advice.
For further information please contact:
Investors
Danuta Komar | Danuta.Komar@alamtri.com
Media
Febriati Nadira | Febriati.Nadira@alamtri.com
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Names mentioned 13 people and organisations named in the text · linked when the evidence is strong
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PT Maruwai Coal
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PT Lahai Coal
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PT Saptaindra Sejati’s
p.7
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PT Saptaindra Sejati Overburden Removal Volume Mbcm
p.7
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PT Saptaindra Sejati
p.8
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PT Makmur Sejahtera Wisesa
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PT Tanjung Power Indonesia
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PT Bhimasena Power Indonesia
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