FY2021
Bond principal repaid
ANTAM repaid Rp2.1trn of the ten-year Series B bonds in December. This is a financing event, not an operating expense.
ASX: ATM · Five-year financial review
(ASX: ATM) ANTAM Financial Review - FY2021~25
ANTAM’s review combines a growing sales base with a more uneven cash and earnings profile. The key distinctions are between group and owner-attributable profit, accounting earnings and cash generation, and gold product sales versus output from ANTAM’s own mines.
Reading the figures: Monetary tables use Indonesian rupiah, not Australian dollars. Negative amounts are bracketed. Unit corrections are documented in the evidence ledger; underlying extracted records remain unchanged.
FY2025 revenue
Rp84.642trn
Consolidated net sales.
FY2025 group profit
Rp7.920trn
Parent-owner share: Rp7.209trn.
FY2025 operating cash
Rp4.853trn
Not EBITDA or profit.
Closing cash
Rp8.434trn
31 December 2025.
Five years in context
Revenue reached successive highs in FY2024 and FY2025, but the intervening FY2023 decline shows why a simple growth narrative misses the cycle. Group profit and cash generation should be compared separately, with minority ownership identified in the later years.
The FY2024 revenue expansion included substantial domestic gold product sales. Its own-mine gold output was much smaller than product sales, so the sales volume cannot be used to infer extraction rates or depletion of ANTAM’s reserves.
Events behind the numbers
FY2022
Higher reported earnings
Group profit rose above the prior year as the financial series reached a higher revenue and operating-profit level. No unsupported commodity-price attribution is added.
FY2023
Revenue and profit step back
Sales and profit declined from FY2022. Net investing cash was positive and should not be described as negative capital expenditure.
FY2024
Refinery milestone and loan repayment
Mempawah SGAR received its first bauxite injection in September. Investment-loan repayment in December was a separate financing event.
FY2025
Profit and cash recover
The financial series shows higher operating profit and a recovery in year-end cash. Own-mine gold production and gold product sales both declined from FY2024, illustrating why revenue and mine volumes are not interchangeable.
FINANCIAL REVIEW / 01
Sales growth is not the same as profit growth
Costs absorb most sales revenue, so gross and operating profit provide a clearer view of the earnings retained from the revenue base. The FY2025 parent-owner share is below total group profit; total comprehensive income is a different measure again.
Net sales through the cycle
IDR trillion
Net sales
AI-generated presentation · values from Revenue, costs and statutory earnings; no missing values plotted as zero.
Gross, operating and net profit
IDR trillion
Gross profitOperating profitGroup profit after tax
AI-generated presentation · values from Revenue, costs and statutory earnings; no missing values plotted as zero.
Revenue, costs and statutory earnings
IDR trillion
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net sales | 38.446 | 45.930 | 41.048 | 69.192 | 84.642 |
| Cost of sales | (32.087) | (37.720) | (34.733) | (62.694) | (70.961) |
| Gross profit | 6.359 | 8.211 | 6.315 | 6.498 | 13.681 |
| Operating profit | 2.738 | 3.942 | 2.617 | 2.998 | 8.395 |
| Group profit after tax | 1.862 | 3.821 | 3.078 | 3.852 | 7.920 |
| Profit attributable to parent owners | 1.862 | 3.821 | 3.078 | 3.647 | 7.209 |
IDR trillion; negative expenses shown in brackets. Group profit and parent-owner profit diverge with non-controlling interests in FY2024-FY2025. Neither is total comprehensive income.
Source locale uses dots for thousands and commas for decimals. Inconsistent extraction scale labels have been corrected for presentation using cross-referenced financial disclosures, not multiplied literally.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
A larger asset and equity base
The balance sheet expanded over the review, including investments in associates. These are stock measures at year end: neither rising equity nor a higher associate carrying value is an operating cash receipt.
Assets, liabilities and equity
IDR trillion
Total assetsTotal liabilitiesTotal equity
AI-generated presentation · values from Balance sheet and working capital; no missing values plotted as zero.
Balance sheet and working capital
IDR trillion
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 32.916 | 33.637 | 42.851 | 44.523 | 52.530 |
| Total liabilities | 12.079 | 9.925 | 11.686 | 12.323 | 15.931 |
| Total equity | 20.837 | 23.712 | 31.166 | 32.200 | 36.600 |
| Net working capital | 5.166 | 5.723 | 11.488 | 8.221 | 13.339 |
| Investments in associates | 1.770 | 2.708 | 2.568 | 5.426 | 8.999 |
31 December balances. Total liabilities include more than borrowings; net working capital is not cash.
Equity and investments in associates are accounting amounts, not realizable project valuations.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
What changed in liquidity
FY2024 cash declined despite positive operating cash flow because investing and financing absorbed cash. The subsequent year’s closing balance recovered with positive operating cash and net financing inflow. The bridge below preserves exchange effects rather than equating net cash flow with the closing-balance change.
Operating, investing and financing cash
IDR trillion
Operating cash flowInvesting cash flowFinancing cash flow
AI-generated presentation · values from Cash generation and capital deployment; no missing values plotted as zero.
Year-end cash recovery
IDR trillion
Closing cash
AI-generated presentation · values from FY2024-FY2025 cash balance bridge; no missing values plotted as zero.
Cash generation and capital deployment
IDR trillion
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating cash flow | 5.043 | 4.108 | 4.357 | 3.681 | 4.853 |
| Investing cash flow | (1.730) | (0.783) | 2.865 | (2.637) | (1.507) |
| Financing cash flow | (2.222) | (4.078) | (2.428) | (5.721) | 0.300 |
Signed net cash flows, not gross investment or dividend payments. Positive FY2023 investing cash is an inflow; positive FY2025 financing is an inflow despite the generic “used in” extracted heading.
FY2021 operating cash uses the statutory cash-flow record of Rp5.043trn, corroborated by the later financial summary. A conflicting narrative extraction of Rp3.99trn is not substituted.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2024-FY2025 cash balance bridge
IDR trillion
| Metric | FY2024 | FY2025 |
|---|---|---|
| Opening cash | 9.209 | 4.752 |
| Net cash flow | (4.677) | 3.646 |
| Exchange effect | 0.220 | 0.036 |
| Closing cash | 4.752 | 8.434 |
Detailed statement amounts are IDR millions, converted to trillions. Closing cash includes exchange effects; the bridge is not an earnings reconciliation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Gold sales and own-mine production answer different questions
ANTAM’s gold sales include a much broader product business than output from its own mines. The 2025 report separately identifies actual operations and 2026 targets. Keeping both distinctions visible avoids interpreting a sales target as historical mine production.
Own-mine gold production
tonnes of gold
Own-mine gold production
AI-generated presentation · values from Gold: mine output versus product sales; no missing values plotted as zero.
Ferronickel: FY2025 production versus FY2026 target
TNi
Ferronickel production
AI-generated presentation · values from Actual FY2025 volumes and explicitly forward-looking FY2026 targets; no missing values plotted as zero.
Gold: mine output versus product sales
tonnes of gold
| Metric | FY2024 | FY2025 |
|---|---|---|
| Own-mine gold production | 1.02 | 0.743 |
| Gold product sales | 43.78 | 37.365 |
The two rows have different operating scopes. Product sales divided by own-mine production is not a recovery ratio or reserve-depletion measure. FY2024 is retained at the precision of the saved extraction; FY2025 kilograms are converted to tonnes.
Source: FY2024 saved extraction; FY2025 operations narrative in the existing parsed annual report (DB page 299, source locators retained).
Actual FY2025 volumes and explicitly forward-looking FY2026 targets
Units by metric: TNi = tonnes of nickel contained; kg = kilograms
| Metric | FY2025 actual | FY2026 target |
|---|---|---|
| Ferronickel productionTNi | 16,064 | 18,367 |
| Ferronickel salesTNi | 10,528 | 18,349 |
| Own-mine gold productionkg | 743 | 837 |
| Gold product saleskg | 37,365 | 40,837 |
FY2026 values are issuer targets disclosed in the FY2025 report, not realised output or an update of subsequent performance.
The original table uses two grouped headers, each with production and sales subcolumns. Its surrounding narrative confirms the mapping. English thousands separators are used here; Indonesian dots in the source are not decimal fractions.
Source: ANTAM FY2025 Annual Report, Operational Targets for 2026; DB table 01a066f5-27dc-7ecb-ad90-2bf0fa06e587 and stored parsed narrative.
Reading the figures
- Financial presentation corrects inconsistent inferred currency scales in the extraction; Indonesian number punctuation is interpreted explicitly. The original records are preserved.
- Financial highlights are taken from the FY2025 five-year comparison; original-year statements and claims are used for corroboration. This is not a new original-document audit.
- FY2025 operating-volume mapping has been corrected: 16,064 TNi ferronickel and 743 kg own-mine gold are actual production; 18,349 TNi and 40,837 kg are FY2026 sales targets. The 2026 targets are not included in the five-year financial results.
- Issuer EBITDA is available but not mixed into statutory profit or used as a cash proxy. No reconciliation not supplied in the selected evidence is invented.
- Residual volume issues were checked against the selected DB tables and existing parsed original on 28 September 2026. No PDF download, reparsing, web financial research or MiniMax call. Published, primary-author review rather than an independent audit.
Annual-report source registry
- ANTAM - Annual Report to shareholders Year 2021Existing annual extraction; FY2025 financial highlights include historical comparatives.
- ANTAM - Annual Report to shareholdersExisting annual extraction; FY2025 financial highlights include historical comparatives.
- ANTAM - Annual Report to shareholdersExisting annual extraction; FY2025 financial highlights include historical comparatives.
- ANTAM - Annual Report to shareholdersExisting annual extraction; FY2025 financial highlights include historical comparatives.
- ANTAM - Annual Report to shareholdersExisting annual extraction; FY2025 financial highlights include historical comparatives. Residual production/sales mapping checked in the existing parsed original: operational targets narrative and grouped-column table; parse_content_id 2078954, plus gold operating-scope page_text 12433779.
Prepared from the existing year-by-year extractions and saved corrections, supplemented by a specifically authorised DB-table and existing parsed-text lookup for residual issues on 28 September 2026. No PDFs were downloaded or reparsed and no financial web research was used. The lookup log and source locators are retained; this is not an independent audit.
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AI-led method
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