CONSOLIDATED PROFIT AND LOSS STATEMENT

Units 2019 2020 2021 2022E 2023E

Revenue USDm 782 765 953 1,235 1,359
COGS USDm - 664 - 640 - 718 - 820 - 859
Gross profits USDm 118 124 235 415 499
Operating expenses USDm - 14 - 7 - 4 - 5 - 6
Other income USDm 3 7 3 3 3
Other expenses USDm - 18 - 20 - 11 - 11 - 11
Operating profits USDm 90 104 223 401 485
Finance income USDm 5 4 3 - -
Finance costs USDm - 5 - 4 - 5 - -
PBT USDm 89 105 221 401 485
Income tax expenses USDm - 32 - 22 - 55 - 100 - 121
NPAT USDm 57 83 166 301 364

Tax rate % 36% 21% 25% 25% 25%

REVENUE DRIVERS Units 2019 2020 2021 2022E 2023E

Production
Nickel in matte production tons 72,237 65,388 71,927 79,119
YoY growth % % -9.5% 10.0% 10.0%

Inventories
O/B tons 1,836 1,227 - -
Addition (unsold stock) tons - -
Deduction (sold stock) tons - 609 - 1,227 - -
C/B tons 1,227 - - -

Selling price
Realized selling price US$/ton 10,498 14,309 17,171 17,171
LME price US$/ton 13,907 13,773 18,491 22,189 22,189
Premium / (discount) to LME % -24% -23% -23% -23%
LME price YoY growth (%) % -1% 34% 20% 0%

Sales quantity
Nickel in matte production tons 72,237 65,388 71,927 79,119
+/-Nickel in matte inventories tons - 609 - 1,227 - -
=Nickel in matte deliveries tons 72,846 66,615 71,927 79,119
YoY growth (%) % -8.6% 8.0% 10.0%

Revenue
Nickel in matte deliveries tons 72,846 66,615 71,927 79,119
Realized selling price US$ 10,498 14,309 17,171 17,171
Realized revenue US$m 765 953 1,235 1,359
Check - - - -
COST DRIVERS - YOUR JOB TO BREAK D Units 2019 2020 2021 2022E 2023E

COGS - 664 - 640 - 718 - 820 - 859

Depreciation - 133 - 149 - 158 - 204 - 225
Others - 532 - 491 - 560 - 616 - 635
YoY Growth Others % -8% 14% 10% 3%

Opex - 7 - 4 - 5.45 - 5.99

As % of Revenue 1.0% 0.4% 0.4% 0.4%

FINANCE INCOME AND COST Units 2019 2020 2021 2022E 2023E

Finance income - 32 4 3 7 10
Cash level 249.035 388.682 508.327 664.638247 959.0229
Implied interest rate % 1.2% 0.5% 1% 1%

Finance cost of - 5 - 4 - 5
Debt level
Interest level %
2024E 2025E
1,494 1,644
- 901 - 945
594 699
- 7 - 7
3 3
- 11 - 11
579 683
- - CASH * INTEREST IN BANK (DEPOSIT)
- -
579 683
- 145 - 171
434 512

25% 25%

2024E 2025E

87,031 95,735
10.0% 10.0%

- -
- -
- -
- -

17,171 17,171
22,189 22,189
-23% -23%
0% 0%

87,031 95,735
- -
87,031 95,735
10.0% 10.0%

87,031 95,735
17,171 17,171
1,494 1,644
- -
2024E 2025E

- 901 - 945
- 247 - 272
- 654 - 673
3% 3%

- 6.59 - 7.25
0.4% 0.4%

2024E 2025E

13 18
1329.928 1785.807
1% 1%
 BALANCE SHEET
(in USDmn) UNITS 2019 2020 2021
CURRENT ASSETS
Cash and cash equivalents USDm 249.035 388.7 508.3
WC Trade receivables USDm 107.295 60.0 102.0
WC Inventories USDm 147.961 144.5 162.0
WC Corporate income tax USDm 6.988 34.3 0.0
WC Other taxes USDm 71.172 62.1 58.1
WC Prepayment and advances USDm 3.108 3.9 3.5
Other current financial assets USDm 2.754 2.5 2.6
Total current assets USDm 588.3 696.0 836.6

NON CURRENT ASSETS

Restricted cash USDm 15.412 30.6 49.9
Corporate income tax USDm 29.146 2.2 7.8
Other taxes USDm 117.674 102.4 55.1
Non-trade receivables USDm 0.058 0.0
Fixed assets USDm 1467.462 1479.1 1519.0
Other non-current financial assets USDm 4.623 4.3 4.5
Total non-current assets USDm 1634.4 1618.7 1636.3

Total assets USDm 2222.7 2314.7 2472.8

CURRENT LIABILITIES
WC Trade payables USDm 97.408 113.1 122.2
WC Accruals USDm 16.327 22.1 19.8
WC Short-term employee benefit liabilities USDm 15.563 20.5 21.6
WC Taxes payable USDm 1.774 1.8 2.0
WC Lease liabilities USDm 0.947 0.1 1.4
WC Share-based payment liabilities USDm 0.78 0.8 0.0
WC Other current financial liabilities USDm 3.753 2.4 1.3
Total non-current assets USDm 136.6 160.7 168.4

NON CURRENT LIABILITIES

Long-term post-employment benefit liabilities USDm 19.419 26.8 26.3
Deferred tax liabilities USDm 80.49 50.2 42.8
Lease liabilities USDm 0.173 0.0 3.3
Provision for asset retirement USDm 44.361 56.6 77.5
Total non-current assets USDm 144.4 133.6 149.9

Total liabilities USDm 281.0 294.3 318.4

EQUITY
Share capital USDm 136 136 136
Additional paid-in capital USDm 278 278 278
Retained earnings USDm 1527.52 1,606 1,740
Total equities USDm 1,942 2,020 2,154
 Total liabilities and equities USDm 2222.7 2314.6 2472.8

Check 0.0 0.0 0.0

WORKING CAPITAL DRIVERS Units 2019 2020 2021

Revenue USDm 782 765 953
COGS USDm 664 640 718

Working capital days

A Days of trade receivables Days 50.08 28.66 39.05
A Days of inventories Days 81.29 82.36 82.39
A Days of corporate income tax Days 3.26 16.36 -
A Days of other taxes Days 33.22 29.62 22.27
A Days of Prepayment and advances Days 1.45 1.87 1.35
L Days of Trade payables Days 53.52 64.46 62.16
L Days of Accruals Days 8.97 12.60 10.09

Working capital values

A Trade receivables USDm
A Inventories USDm
A Corporate income tax USDm
A Other taxes USDm
A Prepayment and advances USDm
L Trade payables USDm
L Accruals USDm

FIXED ASSETS Units 2019 2020 2021

Assets di harga perolehan
O/B 3,602 3,728 3,851
Additions 171 173 199
Deductions - 46 - 49 - 48
C/B 3,728 3,851 4,002
Accumulated depreciation
O/B - 2,168 - 2,260 - 2,372
Additions - 133 - 149 - 158
Deductions 40 38 46
C/B - 2,260 - 2,372 - 2,483

Net fixed assets 1,467 1,479 1,519

Total asset acquisition - 173 - 199

Cash - 152 - 181
Credit - 20 - 18

Depreciation of the year - 133 - 149 - 158

Depreciation as % of revenue 17.0% 19.5% 16.5%

RETAINED EARNINGS Units 2019 2020 2021

O/B 1,528 1,606
Net profit for the period 83 166
Dividend paid - - 33
Adjustments - 4 1
C/B 1,528 1,606 1,740

Dividend as % of NPAT 0% 20%

 2022E 2023E 2024E 2025E

664.6 959.0 1329.9 1785.8 BALANCING

132.1 145.4 159.9 175.9
185.2 194.0 203.3 213.3
0.0 0.0 0.0 0.0
75.3 82.9 91.2 100.3
4.6 5.0 5.5 6.1
0.0 0.0 0.0 0.0
1061.9 1386.2 1789.8 2281.4

49.9 49.9 49.9 49.9

7.8 7.8 7.8 7.8
55.1 55.1 55.1 55.1
0.0 0.0 0.0 0.0
1,513.75 1,488 1,440 1,367
4.5 4.5 4.5 4.5
1631.0 1605.4 1557.3 1484.5

2692.9 2991.7 3347.2 3765.9

140 146 153 161

23 24 25 26
21.6 21.6 21.6 21.6
2.0 2.0 2.0 2.0
1.4 1.4 1.4 1.4
0.0 0.0 0.0 0.0
1.3 1.3 1.3 1.3
188.7 196.4 204.6 213.4

26.3 26.3 26.3 26.3

2.0 2.0 2.0 2.0
3.3 3.3 3.3 3.3
77.5 77.5 77.5 77.5
109.1 109.1 109.1 109.1

297.8 305.5 313.8 322.5

136 136 136 136

278 278 278 278
1,981 2,272 2,619 3,029
2,395 2,686 3,033 3,443
 2692.9 2991.7 3347.2 3765.9

0.0 0.0 0.0 0.0

2022E 2023E 2024E 2025E

1,235 1,359 1,494 1,644
820 859 901 945

39.05 39.05 39.05 39.05

82.39 82.39 82.39 82.39
- - - -
22.27 22.27 22.27 22.27
1.35 1.35 1.35 1.35
62.16 62.16 62.16 62.16
10.09 10.09 10.09 10.09

132 145 160 176

185 194 203 213
- - - -
75 83 91 100
5 5 6 6
140 146 153 161
23 24 25 26

2022E 2023E 2024E 2025E

4,002 4,201 4,400 4,599

199 199 199 199
0 0 0 0
4,201 4,400 4,599 4,798

- 2,483 - 2,687 - 2,912 - 3,159

- 204.20 - 224.62 - 247.09 - 271.79
0 0 0 0
- 2,687 - 2,912 - 3,159 - 3,431

1,514 1,488 1,440 1,367

- 199 - 199 - 199 - 199

- 199 - 199 - 199 - 199
0 0 0 0

- 204.20 - 224.62 - 247.09 - 271.79

16.5% 16.5% 16.5% 16.5%

2022E 2023E 2024E 2025E

 1,740 1,981 2,272 2,619
301 364 434 512
- 60 - 73 - 87 - 102
- - - -
1,981 2,272 2,619 3,029

20% 20% 20% 20%

 CASH FLOW STATEMENT - INDIRECT METHOD
(in USDmn) UNITS 2020 2021 2022E 2023E
Operating income / EBIT 104 223 401 485
+ Depreciation 149.1 157.6 204.2 224.6
- Taxes -21.8 -54.8 -100.3 -121.3
+ /- Changes in working capital 56.1 -13.2 -48.7 -22.3
A Trade receivables 47.3 -41.9 -30.2 -13.2
A Inventories 3.5 -17.5 -23.2 -8.8
A Taxes -18.2 38.2 -17.2 -7.5
A Prepayment and advances -0.8 0.4 -1.0 -0.5
A Others assets 0.2 -0.1 2.6 0.0
L Trade payables 15.7 9.1 17.5 6.6
L Accruals 5.8 -2.3 2.8 1.1
L Short-term employee benefit liabilities 4.9 1.2 0.0 0.0
L Taxes payable 0.0 0.2 0.0 0.0
L Lease liabilities -0.9 1.4 0.0 0.0
L Share-based payment liabilities 0.0 -0.8 0.0 0.0
L Other current financial liabilities -1.4 -1.1 0.0 0.0
Others (balancing from FS) 5.2 22.1 -2.6 0.0
Cash flow from operating activities 292.4 334.6 456.3 566.1

Capex -152.1 -180.7 -199.0 -199.0

Disposal of assets 1.3 0.4 0.0 0.0
Others -40.8 0.0
Cash flow from investing activities -150.8 -180.2 -239.8 -199.0

Stock subscription from NCI 0.0 0.0 0.0 0.0

Payments of dividends 0.0 -33.1 -60.2 -72.8
Payments of lease liabilities -1.5 -1.3 0.0 0.0
Payments of finance cost -0.2 -0.1 0.0 0.0
Cash flow from financing activities -1.7 -34.5 -60.2 -72.8

Net changes in cash flow 139.9 119.9 156.3 294.4

Effect of exchange rate changes -0.2 -0.2 - -
O/B cash 249.0 388.7 508.3 664.6
C/B cash 249.035 388.7 508.3 664.6 959.0
Check 0 0 0 0
BALANCE SHEET DRIVERS 2020 2021 2022E 2023E
Revenue
Volume
Price

YoY growth (%)

Volume
2024E 2025E
579 683
247.1 271.8
-144.7 -170.8
-24.5 -26.9
-14.5 -16.0
-9.4 -10.0
-8.3 -9.1
-0.5 -0.6
0.0 0.0
7.1 7.5
1.1 1.2
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
656.7 757.4

-199.0 -199.0
0.0 0.0
0.0 0.0
-199.0 -199.0

0.0 0.0
-86.8 -102.5
0.0 0.0
0.0 0.0
-86.8 -102.5

370.9 455.9
- -
959.0 1329.9
1329.9 1785.8
0 0
2024E 2025E
FCFE
FCFF

Net Income