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Page 1
PUBLIC
EXPOSE
August 2024
Page 2
HRTA at a
glance
1H24 Financial 2024 Business
HRTA at a glance Latest Update Highlight Strategy
Page 3
HRTA AT A GLANCE
The most integrated gold jewellery and gold bar player from midstream to downstream company in Indonesia
INNOVATIVE PRODUCT
Varied and innovative gold products, designed with creativity and technology,
cater to all market segments. Easy and secure gold investment options range
up to 1 kg secured with BullionProtect ®.
DIVERSIFIED BUSINESS GLOBAL DISTRIBUTION
An integrated business portfolio encompasses Since 2023, the company has
precious metal refining facilities, gold jewellery since expanded collaborations
and ingot production factories, distribution with trusted financial institutions
networks through offline stores and e- in Indonesia and global export
commerce, and pawning services. partners.
PROVEN TRACK RECORD IPO & AWARDS
The leading gold jewellery company The only company in the gold
in Indonesia with a track record of jewellery industry that has gone
more than 30 years. public/IPO since 2017 and has
succeeded in becoming the
Jewellery Retailer of The Year in
Indonesia 2024 by Retail Asia and
the best 50 companies from Forbes
Indonesia in 2021.
Page 4
CORPORATE STRUCTURE
Most integrated and well-diversified business model
99% 99% 99%
Refinery Pawn Holding PT. Emas Karya Abadi
99% 99% 99% 99% 99% 99%
Operating in East Java Operating in West Nusa Tenggara Operating in East Nusa Tenggara Operating in Sulawesi Operating in DKI Jakarta
Operating in West Java
Page 5
THE MANAGEMENT
Ferriyady Hartadinata
President Commissioner Yudho Jatmiko
Drs. Suprihadi Usman Fendy Wijaya Sandra Sunanto Business & Operational Director
Commissioner President Director
Independent Commissioner
Denny Ong Cuncun Muliawan
Finance Director Production Director
Page 6
OUR FACTORIES
Pabrik Sukamenak 2
• Capacity: 6 ton Pabrik Sukamenak 5
• Product: 75% Gold Jewellery • Capacity: 4.5 ton
• Product: 70%-75% Gold Jewellery
Pabrik Sukamenak 1
• Capacity: 7,5 ton
• Product: 30%-75% Gold Jewellery
Pabrik Sapphire
• Capacity: 12 ton
• Product: 99.99% Gold
Jewellery
Refinery • & Fine Gold Bar
• Capacity: 12 ton
Source: Company, Google
Page 7
GOLD VALUE CHAIN
UPSTREAM MIDSTREAM DOWNSTREAM
INPUT INPUT
Gold Scrap 99,99% Casted Bar/ Granule
Distribution
60% 40%
Gold Ore From Local Miners
PROCESS PROCESS
Gold Refinery Gold Manufacturing
Pawn Business
Smelting PT. Emas Murni Abadi (EMA) PT. Hartadinata Abadi, Tbk. (HRTA)
OUTPUT OUTPUT
Gold Dore
( Gold Content ~<20% ) Gold Content 99,99% Jewellery & Gold Bullion
( granule / bullion )
Source : Company, Google
Page 8
DIVERSIFIED BUSINESS
The gold shop business uses gold as
a means of payment, so the cash
received will be converted to gold.
Source : Company, Google
Page 9
Latest
Update
1H24 Financial 2024 Business
HRTA at a glance Latest Update Highlight Strategy
Page 10
PRODUCT INNOVATION Where Dedication Meets Innovation
EMASKU®
Capsule & Bar
125 Gram 150 Gram
ARDORE® 175 Gram 200 Gram
8k - 16k Jewellery
Page 11
GROWING MARKET SHARE
100.0 Total Indonesia Gold Demand (Tonnes) % YoY Growth 50.0% HRTA Jewellery Sales (Pure Gold Tonnes) HRTA's Jewellery Market Share
90.0 40.0% 6.00 20.00%
42.9% 18.33%
80.0 18.00%
30.0% 5.00
20.3% 24.3% 15.54% 16.00%
70.0
20.0% 14.47% 14.00%
60.0 4.00 13.09%
8.9% 10.0% 12.00%
50.0 6.3% 11.48% 11.49%
0.8% -1.2% 0.0% 3.00 10.36% 10.00%
40.0 1.4%
-6.9% 5.29
-8.9%
-10.0% 4.81 8.00%
30.0 4.43 4.39
-14.8% 2.00 3.82 3.90 6.00%
20.0 -20.0%
2.57 4.00%
-28.1% -30.0% 1.00
10.0 -31.0% 2.00%
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 45.3
0.0 -40.0% - 0.00%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2017 2018 2019 2020 2021 2022 2023
9.00 HRTA Sales (Pure Gold Tonnes) HRTA's Market Share 20.00% HRTA Gold Bar Sales (Pure Gold Tonnes) HRTA's Gold Bar Market Share
18.52% 18.00% 7.00 30.00%
8.00
28.51%
7.00 15.58% 16.00% 6.00 25.00%
13.62% 14.00%
6.00 13.06% 5.00
12.00% 20.00%
5.00
10.00% 4.00
9.75% 8.39 15.64%
4.00 7.75 15.00%
7.53% 7.52% 8.00% 3.00 5.82
3.00 6.11 11.15%
5.32 5.12 6.00% 10.00%
4.43 4.81 2.00
2.00 7.75% 3.36
4.00%
1.00 2.21 5.00%
1.00 2.00% 1.30
0.03
- 0.00% - 0.23% 0.00%
2017 2018 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
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 12
JEWELLERY STORE EXPANSION
Sulawesi (2 stores)
DIY & Central Java (3 stores)
Sumatera (9 stores)
Nusa Tenggara (4 stores)
Greater Jakarta &
West Java (44 stores)
East Java (23 stores)
2017 12 stores 2019 44 stores 2021 68 stores
2023 85 stores
2018 26 stores 2020 65 stores 2022 78 stores
Page 13
PAWN STORE EXPANSION
Sulawesi
NTB
West Java & DKI Jakarta
NTT
East Java
2018 3 stores 2020 64 stores 2022
82 stores
2019 16 stores 2021 67 stores 2023 91 stores
Page 14
ECOSYSTEM OMNI-CHANNELS
DISTRIBUTION OF GOLD JEWELLERY & PAWN BUSINESS DIGITAL PLATFORM & E-COMMERCE
• 80 wholesaler • 95 branches
WHOLESALER’S • 900+ retail shops PAWN UNITS • Coverage area : West Java, East Java, NTT, E-commerce
& RETAIL Physical Gold
• Coverage area : All of NTB, South Sulawesi, DKI Jakarta (Webiste emasku.co.id)
Indonesia
Internal Application
AFFILIATION for Wholesalers
• HRTA’s Store: 85 • 2 stores for upper-middle
• 28 stores for middle-lower segment, segment
HRTA’S jewellery-focused • 2 stores for upper-middle
STORE • Coverage area : West Java, Greater segment Online Pawn Shop
Jakarta, Central Java, East Java, (Beta Version)
Yogyakarta, Lampung, Batam, South • 18 flagship stores, all
Sulawesi product
Cooperation for the provision
of gold raw materials
BUSINESS RETAIL
ALLIANCE PARTNERSHIP
THIRD PARTY
Cooperation with financial
institutions
• 22 booths on Matahari Department Store
for the opening of ACC Matahari Department
Store
Export Logistic
• 5 pop-up stores partnership on Ranch Market
LP Commodities, and others
Page 15
1H24
Financial
Highlight
1H24 Financial 2024 Business
HRTA at a glance Latest Update Highlight Strategy
Page 16
GOLD PRICE IN USD VS IDR
Comparison of the average of gold price growth in rupiah and in USD from 2010 - 2023
Daily Average Price (in IDR/gram) Daily Average Price (in USD/troyounce) % growth (in IDR/gram) % Growth (in USD/troyounce)
33.00% 30.78%
1,000,000.0 951,612.7 2,500.0
28.20%
27.12%
900,000.0
23.78%
800,000.0 2,000.0 23.00%
1,942.6
700,000.0
13.44%
600,000.0 1,500.0 13.00%
7.69% 10.73%
9.73%
500,000.0 1,225.4 7.03% 7.20% 9.13% 7.83%
6.13%
400,000.0 1,000.0 3.96%
2.42% 3.34% 1.63%
3.00% 1.41% 0.92% 0.15%
300,000.0 357,515.2 0.72%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 -0.14%
2021 2022 2023
200,000.0 500.0
-7.00% -6.20%
100,000.0
-8.39%
-10.28%
0.0 0.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
-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 17
SOLID PERFORMANCE
Revenue in IDR bn (LHS) Net Income in IDR bn (RHS)
10,000.00
+85.84% 390.00
9,000.00
+33.46% 340.00
8,000.00
+20.62%
7,000.00 +32.08% 290.00
6,000.00 +30.70%
+26.56% 240.00
5,000.00
+10.83%
+27.91% +13.32% 190.00
4,000.00
+17.84% +14.03%
3,000.00 +21.65% 140.00
2,000.00
90.00
1,000.00
- 40.00
2019 2020 2021 2022 2023 1H23 1H24
HRTA managed to record solid growth during the pandemic period where up to FY23, the Company's financial
performance recorded an all time high. Annual revenue grew by 26.48% (CAGR 2017 - 2023) and net profit
increased by 15.68% (CAGR 2017 - 2023).
Page 18
20%
33.26%
INCOME STATEMENT
10%
0%
2023 2022
Difference in fair valuation of trade receivables (<1%)
Revenue Refining Services
Loan interest and administration revenues from pawn business
Sales with Partners
Breakdown Gold sold to Stores
Gold sold to Wholesaler
Export
0.09%
0.02% 0.02%
0.45% 0.48%
100%
90% 16.88% 12.64%
80%
70%
60%
50%
40% 82.62% 86.80%
30%
20%
10%
0%
1H24 1H23
Revenue growth was supported by:
• This growth was mainly attributed to a 19.22% YoY increase in
the sales volume of pure gold, rising to 7.42 tonnes in 1H24
from 6.23 tonnes in 1H23.
• Additionally, the average selling price (ASP) saw an 12.02% YoY
rise, reaching IDR 1,104,944 in 1H24 compared to IDR 986,389 in
1H23.
• Export activities that began in March 2023 contributes to the
surge of the volume.
• Note that export margin is lower than that of the local sales.
Therefore, there will be a trade off between Sales growth and
Margins.
Page 19
GOLD BACKED
BALANCE SHEET
A solid liquidity position in fulfilling the Company's obligations
Current Assets (IDR bn) Non-Current Assets (IDR bn)
Cash : Rp286,79 billion
Cash+ Raw
Materials
Raw Material:
341.45 Rp1,39 trillion = Rp1,67 trillion
-> Cash & cash Total Liabilities:
eqv Rp2,75 trillion
94% Total Inventory:
Rp3,32 trillion
Bond:
Rp599,11 billion
represents current Total Inventory +
assets of total assets of Pawn OS + AR
Pawn Outstanding:
IDR 5,23 trillion Rp363,84 billion = Rp4,53 trillion Bank Loan:
in 1H24 -> Gold
Rp2,16 trillion
Account Receivable:
Rp849,29 billion
4,883.77
CURRENT ASSETS TOTAL LIABILITIES
1H24 1H24
Page 20
PROFITABILITY &
MANAGEABLE DEBT
Positive trend in profitability and debt management
ROA (%) ROE (%) Int. Bearing Debt/Equity (x)
7.87% 1.41
1.31
19.50%
6.59% 1.19
6.08%
15.50%
14.72%
2022 2023 1H24 2022 2023 1H24 2022 2023 1H24
Page 21
PRODUCTION & UTILIZATION
Production Volume (Kg) Utilization Rate
18,000 47.00%
2017-2022 Manufacturing Capacity: 30 tons
2023 Manufacture + Refinery Casting Capacity: 39 tons
16,000 45.13% 45.00%
2024 Capacity: 42 tons
43.67%
43.00%
14,000 42.24%
41.00%
12,000
39.00%
10,000
37.00%
8,000 36.06%
35.00%
34.51%
6,000
33.00%
32.08%
4,000 31.60%
31.00%
29.89%
2,000 29.00%
8,968 9,480 10,817 9,625 10,354 13,101 16,475 9,477
- 27.00%
2017 2018 2019 2020 2021 2022 2023 1H24
Production volume in FY23 increased by 25.75% YoY to 16,47 ton of jewellery and gold bar, driving the utilization rate to
reach 42.24% in FY23 with additional 9 ton capacity from the newly operating refinery casting facility. While the refining
capacity in FY24E is expanded to 12 ton.
Page 22
DIVIDEND POLICY
DPS (IDR) Dividend Payout Ratio
30.00% 16
26.13% 14
25.00% 25.05% 24.56%
23.74%
22.59% 12
21.59% 21.80%
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 23
OPERATING PERFORMANCE &
VALUATION
Chow Tai Fook Titan Co Ltd PNJ HRTA
Operating and Efficiency* Hongkong/China India Vietnam Indonesia
ROA (%) 6.15 13.48 13.26 6.08
ROE (%) 16.31 30.73 19.06 15.50
Gross Margin (%) 22.36 24.81 18.23 7.36
Operating Margin (%) 8.07 11.08 7.39 5.43
Net Margin (%) 5.69 8.04 5.34 2.38
Cash Conversion Cycle 296.09 171.73 127.83 127.95
Growth (average 3 year)*
Revenue (%) 18.60 24.47 25.84 48.16
Net Income (%) 22.89 29.36 14.89 21.55
Valuation**
PER (x) 19.01 92.07 19.80 5.76
PBV (x) 4.78 25.64 3.35 0.83
P/S (x) 1.28 6.73 1.21 0.16
*Annualized 2023
** As of March 25th 2024 Source : morningstar.com, Company
Page 24
Business
Strategy
1H24 Financial 2024 Business
HRTA at a glance Latest Update Highlight Strategy
Page 25
BUSINESS STRATEGY
Short Term Plan Long Term Plan
2024 2025 2026 2027 2028
PROPOSE GOOD DELIVERY LIST LBMA DELEVERAGING
Reducing the portion of debt
STRENGTHENING & INITIATING COLLABORATION
LOWERING CoF DIVERSIFYING EXPORT PARTNERS
Refinancing previous bonds at lower interest rates Expanding export partnerships IMPROVING CASH FLOW
Increasing cash flow
ENGAGING LOCAL MINERS EXPLORING EQUITY FINANCING
To secure raw materials Developing equity financing
BALANCING PRODUCT MIX
Gold jewellery & gold bar
GROWING DOMESTIC RETAIL & MARKET CONTRIBUTION
Increasing contribution to retail and domestic markets
INNOVATING MARKETING CHANNEL
Innovating marketing channels
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.
www.hartadinataabadi.co.id
investor.relations@hartadinataabadi.co.id
@hartadinataabadi
Names mentioned 9 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT. Emas Karya Abadi
p.4
unresolved
person
Yudho Jatmiko
· President Commissioner
p.5 ×2
unresolved
person
Drs. Suprihadi Usman
p.5
unresolved
org
PT. Emas Murni Abadi
p.7
unresolved
org
Titan Co Ltd
p.23
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