EVALUATION OF THE BOARD OF DIRECTORS’ PERFORMANCE IN 2013

1. EVALUATION OF THE BOARD OF DIRECTORS’ PERFORMANCE IN 2013

1.1 Corporate Performance in 2013

ANTAM successfully met the challenges in 2013 with satisfactory operating performance despite the Company’s lower financial performance in 2013 compared to 2012. In 2013, ferronickel production amounted to 18,249 tonnes of contained nickel in ferronickel (TNi) or 101.38% of the internal target of 18,000 TNi. However, ferronickel sales only amounted to 14,441 TNi or 80% of internal target due to management’s policy in lowering sales volume in anticipation of improved selling price. ANTAM’s production and sales of nickel ore achieved a historic high, amounting to 11,521,212 wmt and 9,711,081 wmt, respectively. Production volume of nickel ore increased in 2013 by 22.23% over 2012, whilst sales volume of nickel ore in 2013 rose 21.32% over 2012. Gold sales in 2013 increased 34% over 2012 to 9,391 kg due to higher demand. The sale of gold were supported by the opening of five gold boutiques/outlets which were part of the Company’s strategy to expand the market. We appreciated the management’s innovation and breakthrough. Despite maximum operating performance, the selling prices of ANTAM’s commodities were recorded at lower level. The downward trend of commodity prices which

“The implementation of ANTAM’s GCG Road Map reflects our efforts in placing GCG as the Company’s operational foundation.”

Laporan Dewan Komisaris Mengelola Realitas

dan Laporan Direksi

Analisis & Pembahasan

Mengatasi Ketidakpastian Report from the Board

Manajemen

Managing Reality of Commissioners and

Proyek-Proyek Pertumbuhan Entitas Ventura Bersama Overcoming Uncertainty

Sumber Daya Manusia

Management’s

Report from the Board of Directors

Human Resources

Discussion & Analysis

Development Projects

Joint Venture Entities

Laporan Dewan Komisaris

Report from The Board of Commissioners

rendahnya harga komoditas, ANTAM melakukan berbagai commenced in 2012 continued into 2013. In anticipation upaya untuk dapat meningkatkan volume penjualan yang

of low commodity prices, ANTAM strived to increase telah memberikan dampak terhadap peningkatan nilai

sales volume, resulting in an 8% rise in sales over 2012 to penjualan 8% dari tahun sebelumnya menjadi Rp11,30

Rp11.30 trillion.

triliun.

Di sisi lain kami ingin menyampaikan keprihatinan yang On a different note, we would like to extend our deepest mendalam atas terjadinya kecelakaan tambang baik yang

regrets and condolences on the occurrence of mining bersifat ringan, berat maupun fatal di seluruh jajaran

accidents, whether they were minor, heavy or fatal. We ANTAM, dengan permintaan untuk lebih memberikan

requested management to enhance safety concerns over perhatian dan kepeduliannya terhadap pencegahan

unsafe act and unsafe conditions at the work space. We unsafe act dan unsafe condition di lingkungan tempat kerja

also encouraged management to remain consistent in masing-masing, dan konsisten dalam penerapan Sistem

the implementation of Occupational Health and Safety Manajemen Keselamatan dan Kesehatan Kerja (SMK3) di

Management System in the future. masa mendatang.

1.2 Achievement in Managing Reality, Managing Reality, Overcoming Uncertainty

1.2 Keberhasilan untuk mendukung tema

Overcoming Uncertainty Theme

Dengan menyadari besarnya tantangan yang dihadapi In light of the Company’s challenges in 2013, the Board tahun 2013 ini, maka Dewan Komisaris dapat memahami

of Commissioners recognised the theme for 2013 Annual Annual Report ANTAM untuk Tahun Buku 2013 mengambil

Report as Managing Reality, Overcoming Uncertainty. The tema “Managing Reality, Overcoming Uncertainty”, yang

theme reflected the Company’s achievements in meeting merefleksikan bahwa dalam tahun 2013 ANTAM berhasil

the challenges of bearish commodity prices environment mengatasi suatu tantangan berupa rendahnya harga

amidst the Company’s growing needs to funds its komoditas unggulan tambang di saat ANTAM sangat

development projects to support growth. membutuhkan dana untuk membiayai proyek-proyek untuk meningkatkan pertumbuhannya.

Di tengah-tengah tantangan yang demikian beratnya, In light of these challenges, ANTAM successfully recorded ANTAM berhasil melewati tahun 2013 dengan masih

higher sales in 2013. Nonetheless, ANTAM’s Income mencetak kenaikan nilai penjualan tetapi laba tahun

for the Year Attributable to Owners of the Parent of berjalan yang dapat diatribusikan kepada pemilik

Rp409.94 billion was 86.3% lower over 2012 comparable entititas induk ANTAM tercatat hanya sebesar Rp409,94

performance. The lower profit was due to the fair value miliar, yakni turun sebesar 86,3% dibandingkan dengan

adjustment approach due to the acquisition of additional tahun sebelumnya yang disebabkan terutama oleh

interest in PT NHM as well as lower commodity prices. In adanya penyesuaian atas keuntungan nilai wajar transaksi

light of lower financial performance, the experience in investasi pada PT NHM pada tahun sebelumnya dan

meeting these challenges should better prepare ANTAM penurunan harga komoditas. Disela-sela turunnya kinerja

in anticipation of the implementation of ore export ban keuangan, ANTAM dapat memanfaatkan pengalaman

since January 12, 2014 due to the implementation of yang sangat berharga tersebut sebagai kekuatan dalam

Law No. 4 Year 2009 on Mineral and Coal Mining which menghadapi tahun 2014 yang tantangannya lebih berat, berupa hilangnya peluang penjualan raw material bijih

90 PERUSAHAAN PERSEROAN (PERSERO) PT ANEKA TAMBANG Tbk Laporan Tahunan 2013

www.antam.com

Laporan Aktivitas Eksplorasi dan Estimasi Cadangan Bijih dan Sumber Daya Mineral

Tanggung Jawab Laporan Keuangan Exploration Activity Report and

Sosial Perusahaan Konsolidasian Estimation of Ore Reserves and

Corporate Social Consolidated Mineral Resources

Tata Kelola Perusahaan

Manajemen Risiko

Informasi bagi Investor

Corporate Governance

Risk Management

Information for Investors

Responsibility Financial Report

nikel dan bijih bauksit akibat diberlakukannya Undang- prohibits sales of raw material of nickel ore and bauxite Undang No. 4 tahun 2009 tentang Pertambangan Mineral

ore. The implementation of the ore export ban policy will dan Batubara yang melarang ekspor bijih mentah sejak

be a challenge for ANTAM as the loss of nickel ore sales tanggal 12 Januari tahun 2014 sehingga akan menurunkan

may lower revenue significantly by 30%-40%. pendapatan Perseroan secara cukup signifikan sekitar 30%-40%.

2. CHANGING OF THE MEMBERSHIP OF MEKANISME PENGAWASAN DEWAN

2. PERUBAHAN KOMPOSISI DAN