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Page 1
PUBLIC
EXPOSE
April 2024
Page 2
HRTA at a
glance
FY23 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
from 0.1 gram micro gold to 1 kg.
DIVERSIFIED BUSINESS STRATEGIC ALLIANCES
An integrated business portfolio encompasses In 2021, collaboration with PT Aneka Tambang Tbk
precious metal refining facilities, gold jewellery included the introduction of the first 24-carat (99.99%)
micro gold, gold bars, and gold jewellery in Indonesia
and ingot production factories, distribution
through its subsidiary, PT Emas Antam Indonesia (EAI).
networks through offline stores and e-
The company has since expanded collaborations with
commerce, and pawning services. trusted financial institutions in Indonesia and global
export partners.
PROVEN TRACK RECORD IPO & TOP 50 FORBES
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 on June 21 2017 and has
succeeded in becoming the best 50
companies from Forbes Indonesia
in 2021.
Page 4
CORPORATE STRUCTURE
Most integrated and well-diversified business model
99% 99%
99%
PT. Aurum Digital Internusa
Refinery Pawn Holding
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
Denny Ong
Fendy Wijaya Finance Director Cuncun Muliawan
Suprihadi Usman Commisoner Production &Operational Director
Independent Commisoner
Ferriyady Hartadinata Sandra Sunanto
Commisoner President 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: 9 ton
Source: Company, Google
Page 7
DIVERSIFIED BUSINESS
s h
Ca
l d
Go
l d
Go l d
Go s h
Ca d
ol
G
Ca
Go s h
ld
The gold shop business uses gold as
a means of payment, so the cash
received will be converted to gold.
Source : Company, Google
Page 8
Latest
Update
FY23 Financial 2024 Business
HRTA at a glance Latest Update Highlight Strategy
Page 9
PRODUCT INNOVATION Where Dedication Meets Innovation
EMASKU® Kencana
Capsule & Bar Jewellery
24k Jewellery
125 Gram 150 Gram
ARDORE® New EmasKITA with
8k - 16k Jewellery
175 Gram 200 Gram
BullionProtect®
Page 10
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
70.0 20.3% 24.3% 15.54% 16.00%
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% 5.29
-6.9% -8.9% 4.81 8.00%
-10.0% 4.43 4.39
30.0 -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 4.00% 7.75% 3.36
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 11
COMPETITIVE PRICING
EmasKITA has a very competitive 'spread' between buying and selling prices.
*Price per gram
Sell Buyback Spread Jual Beli
1,250,000 9.60%
1,200,000
9.40% 9.40%
1,150,000
9.20%
1,100,000
9.00%
8.98%
1,050,000
8.80%
1,000,000 8.72%
8.60%
950,000
8.44% 8.40%
900,000
8.20%
850,000
800,000 8.00%
750,000 7.80%
EmasKITA Emas U Antam Emas LA
Source: Various Sources, as of 25 Mar 2024
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
2018 3 stores 2020 64 stores 2022
82 stores
2019 16 stores 2021 67 stores 2023 91 stores
Page 14
STRATEGIC PARTNERSHIP
LOAN SYNDICATION 2,4 TRILION GOLD INSTALLMENT COLLABORATION
BNI is working with other banks to provide Providing HRTA gold installments
syndicate loans worth IDR 2.4 trillion to customers where gold purchases are made by the
for working capital. institutions every month with a minimum volume.
MICRO GOLD DISTRIBUTION GOLD MINE MATERIAL PROVISION
Collaborating with 1,300+ Alfamart outlets in Collaboration with several renown legal miners
West Java and Greater Jakarta out of a total of
in Indonesia for raw material provision
17,816 Alfamart outlets in 2022, where Alfamart
in regards of export products.
purchases gold for stock every month.
RETAIL PARTNERSHIP EXPORT
• Expansion by opening Pop Up Stores Export cooperation for 22K gold jewellery to 4
at Ranch Market and Matahari Dept Store outlets. Export Partners with estimated volume of up to
• Provide digital gold vouchers with a value of 1 ton per month with contacts from 3 until 12
IDR 100,000 to IDR 5 million, which can be
months
exchanged at the Hartadinata Abadi store.
Page 15
ECOSYSTEM OMNI-CHANNELS
DISTRIBUTION OF GOLD JEWELLERY & PAWN BUSINESS DIGITAL PLATFORM & E-COMMERCE
• 80 wholesaler • 91 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 & Application)
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 and
BUSINESS product co-branding RETAIL
ALLIANCE PARTNERSHIP
THIRD PARTY
Cooperation with financial
institutions • 22 booths on Matahari Department Store
for the opening of ACC Matahari Department Store
• 1.300 booths++ on Alfamart
for the sales of EmasKita 0,1gr
Export Logistic • 5 pop-up stores partnership on Ranch Market
for the sales of EmasKita and Kencana
LP Commodities, and others
Page 16
FY23
Financial
Highlight
FY23 Financial 2024 Business
HRTA at a glance Latest Update Highlight Strategy
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
340.00
8,000.00
+20.62%
7,000.00 290.00
+32.08%
6,000.00 +30.70%
240.00
5,000.00 +26.56%
+13.32%
4,000.00 +27.91% 190.00
+14.03%
+17.84%
3,000.00 +10.59% +21.65%
140.00
+11.87%
2,000.00
90.00
1,000.00
- 40.00
2017 2018 2019 2020 2021 2022 2023
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
Breakdown Sales with Partners
Gold sold to Stores
Profit or Loss Highlight (IDR bn) 2023 2022 % YoY Gold sold to Wholesaler
Export
Sales 12,857.03 6,918.45 85.84% 0.01% 0.19%
0.14%
0.51% 1.07%
COGS (11,910.29) (6,175.63) 92.86% 100%
7.82%
Gross Profit 946.74 742.82 27.45% 90% 14.99%
GPM 7.36% 10.74% -3.37% 80%
Selling Expense (23.31) (23.12) 0.80% 70%
60% 51.10%
G&A Expense (215.77) (171.60) 25.74%
50%
Other operating income (expense) (9.00) 1.12 -905.02% 90.93%
40%
Operating Income 698.66 549.22 27.21%
30%
OPM 5.43% 7.94% -2.50%
20%
EBITDA 729.35 569.58 28.05% 33.26%
10%
EBITDA margin 5.67% 8.23% -2.56%
0%
Finance Income 2.32 2.22 4.60% 2023 2022
Finance expense (304.82) (217.14) 40.38% Revenue growth was supported by:
• The growth was propelled by the pure gold sales volume,
Other Income (Expense) - (8.11) -100.00% surging by 66.88% YoY to 12.93 tonnes in FY23, up from 7.75
tonnes in FY22.
Net Income att. to parent entity 305.80 253.52 20.62% • Additionally, the average selling price (ASP) experienced a
NPM 2.38% 3.66% -1.29% 12.12% YoY growth, reaching IDR 987,706 in FY23 compared to
IDR 880,922 in FY22;
EPS 66.40 55.05 20.62% • 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
PROFITABILITY &
MANAGEABLE DEBT
Positive trend in profitability and debt management
ROA (%) ROE (%) Int. Bearing Debt/Equity (x)
6.59%
6.08% 1.41
14.72% 15.50%
5.58% 1.25
1.19
12.80%
2021 2022 2023 2021 2022 2023 2021 2022 2023
Page 20
PRODUCTION & UTILIZATION
Production Volume (Kg) Utilization Rate
18,000 *2017-2022 Manufacturing Capacity: 30 tons 45.00%
2023 Manufacture + Refinery Casting Capacity: 39 tons
43.67%
16,000 43.00%
42.24%
14,000 41.00%
12,000 39.00%
10,000 37.00%
36.06%
8,000 35.00%
34.51%
6,000 33.00%
32.08%
31.60%
4,000 31.00%
29.89%
2,000 29.00%
8,968 9,480 10,817 9,625 10,354 13,101 16,475
- 27.00%
2017 2018 2019 2020 2021 2022 2023
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.
Page 21
DIVIDEND POLICY
DPS Dividend Payout Ratio
30.00% 14
26.13% 12
25.00% 25.05% 24.56%
23.74%
21.59% 21.80% 10
20.00%
8
15.00%
6
10.00%
4
5.00% 2
6 7 8 8 10 12
0.00% 0
2017 2018 2019 2020 2021 2022
Consistent dividend distribution every year with a dividend yield of 3% to 5%.
Page 22
Business
Strategy
9M23 Financial 2024 Business
HRTA at a glance Latest Update Highlight Strategy
Page 23
BUSINESS STRATEGY
Short Term Plan Long Term Plan
2024 2025 2026 2027 2028
PROPOSE GOOD DELIVERY LIST LBMA DELEVERAGING
Mengurangi porsi utang
STRENGTHENING & INITIATING COLLABORATION
Kolaborasi dengan strategic partner domestic dan internasional
LOWERING CoF
DIVERSIFYING EXPORT PARTNERS
Refinancing obligasi sebelumnya dengan tingkat bunga
lebih rendah
Memperluas Partner Ekspor IMPROVING CASH FLOW
Meningkatkan arus kas
ENGAGING LOCAL MINERS EXPLORING EQUITY FINANCING
Untuk mengamankan bahan baku Mengembangkan Pembiayaan Ekuitas
BALANCING PRODUCT MIX
Perhiasan & Emas Batangan
GROWING DOMESTIC RETAIL & MARKET CONTRIBUTION
Meningkatkan kontribusi ritel dan pasar dalam negeri
INNOVATING MARKETING CHANNEL
Menginovasikan saluran pemasaran
Page 24
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 7 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT. Aurum Digital Internusa Refinery
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