Alamtri Resources Indonesia

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Business Summary

Alamtri Resources Indonesia has grown into a major energy producer with businesses in the coal mining and services, renewable and non-renewable energy, utilities, minerals, mineral processing and supporting infrastructure sectors run by subsidiaries. In 2022, to streamline its business structure, the company reclassified its subsidiaries into three pillars of growth, namely Adaro Energy, Adaro Minerals and Adaro Green.

Adaro Energy, the company’s largest business pillar, operates its pit to power supply chain from the main locations in Indonesian coal rich provinces of South Sumatra, South, East and Central Kalimantan and Australia. The company’s flagship thermal coal products are produced by its largest subsidiary PT Adaro Indonesia and trademarked Envirocoal to represent the coal’s very low-pollutant characteristics, while its Australian coal operations produce hard coking coal from Queensland. To support coal operations, the company has subsidiaries providing mining services and other services such as logistics, stevedoring, land management, water treatment and forestry. The endmost section of the Adaro Energy pillar is the power generation business, which comprises Adaro’s coal-fired power plants that supply power to Adaro coal operations and to PLN.

Adaro Minerals, the company’s second pillar, currently consists of metallurgical coal assets across the spectrum, from semisoft coking coal to premium-hard coking coal in Central and East Kalimantan and minerals and mineral processing businesses being prepared to operate in North Kalimantan. Metallurgical coal is an important component in steel production. The mineral processing business is prepared to be an important part of Indonesia’s green economy.

Adaro Green is the company’s newest pillar that manifests its serious intention to take part in Indonesia’s green economy. Under this pillar, Adaro Energy Indonesia is currently preparing renewable energy businesses through hydropower, wind power, and solar power projects to build bigger and greener Adaro.

Alamtri Resources Indonesia's Operational Highlights:

	2019	2020	2021	2022	2023
Coal Production volume (million metric tons)	58.0	54.5	52.7	62.9	65.9
Coal Sales volume (million metric tons)	59.2	54.1	51.6	61.3	65.7
Overburden Removal (Mbcm)	272.1	209.5	218.9	235.7	286.3
Actual Strip Ratio (x)	4.7	3.8	4.1	3.7	4.3

	2014	2015	2016	2017	2018
Coal Production volume (million metric tons)	56.2	51.5	52.6	51.8	54.0
Coal Sales volume (million metric tons)	57.0	53.1	54.1	51.8	54.4
Overburden Removal (Mbcm)	319.1	267.0	234.1	238.7	273.6
Actual Strip Ratio (x)	5.8	5.2	4.5	4.6	5.1

	2009	2010	2011	2012	2013
Coal Production volume (million metric tons)	40.6	42.2	47.7	47.2	52.3
Coal Sales volume (million metric tons)	41.4	43.8	50.8	48.6	53.5
Overburden Removal (Mbcm)	208.5	225.9	299.3	331.5	294.9
Actual Strip Ratio (x)	n/a	5.4	5.9	6.4	5.8

^{Source: Adaro Energy, Annual Reports}

Alamtri Resources Indonesia's Financial Highlights:

	2019	2020	2021	2022	2023
Net Revenue	3,457	2,535	3,993	8,102	6,518
Net Income	435	159	1,028	2,831	1,855
Gross Profit	965	577	1,770	4,653	2,537
Operating EBITDA	1,207	883	2,104	5,030	2,554
Operating Income	618	285	1,528	4,308	2,155
Total Assets	7,217	6,382	7,587	10,782	10,473
Total Liabilities	3,234	2,430	3,129	4,255	3,064
Earnings per Share¹	0.01264	0.00459	0.02927	0.08032	0.05309
Dividend per Share¹	0.00782	0.00459	0.00209	0.03126	0.01300

	2014	2015	2016	2017	2018
Net Revenue	3,325	2,684	2,524	3,258	3,620
Net Income	183	151	341	536	478
Gross Profit	719	543	685	1,141	1,210
EBITDA	888	730	893	1,315	1,408
Operating Income	490	332	588	952	892
Total Assets	6,414	5,959	6,522	6,814	7,061
Total Liabilities	3,154	2,606	2,736	2,723	2,758
Earnings per Share¹	0.006	0.005	0.010	0.015	0.013
Dividend per Share¹	0.00236	0.00236	0.00316	0.00782	0.00626

	2009	2010	2011	2012	2013
Net Revenue	2,591	2,718	3,987	3,722	3,285
Net Income	417	247	552	383	232
Gross Profit	1,057	829	1,428	1,043	744
EBITDA	1,067	883	1,472	1,111	860
Operating Income	898	638	1,131	836	539
Total Assets	4,530	4,470	5,659	6,692	6,696
Total Liabilities	2,648	2,438	3,217	3,697	3,522
Earnings per Share¹	0,01297	0.00773	0.01721	0.01205	0.00731
Dividend per Share	29.00²	30.35²	0.00810¹	0.00336¹	0.00235¹

^{in million USD, unless otherwise stated
¹ in USD
² in IDR rupiah
Sources: Adaro Energy, Annual Reports}