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For Furtheer Informatio

on please conntact:
Abrun Abu ubakar, Corpporate Secrettary
tel : +62 21
2 2352 8000
fax : + 62
2 21 344 4012
email: corrsec@pttimah h.co.id
www.tima ah.com

PT Tiimah (Pe
ersero) Tbk
T Possted Up Net
N Proffit of Rp 322.3 Billion
B
on ester 2010
n the Firrst Seme

Ist SEMESTER REPORRT - 20110 Business


B Sittuation:
Jakarta, 30
3 August 20110, PT Timah (Persero) Tbkk reported ∗ World prod duction of reffined tin on 2010 is
today’s itss Company pe
erformance on
n first half 2010. estimated 328,500
3 mt, or 2% highher than
the same period in 2009 whicch was
LME Refinned Tin Proce and Stock
323,200 mt.m While World Refined tin
Pe
eriod of Jan 08
8 – Jun 10 (monthly averag
ge)
consumptio on on 2010 iss estimated 345,000
3
mt or 15% % higher than that of th he same
period in 2009 which h was 300,4 400 mt.
(Source: CRU Monitor Augustt 2010)

∗ The highestt refined tin price in LME


E on the
first semesster 2010 w was US$ 19,135/mt
and the loowest was U US$ 14,950/m mt with
the average price of U US$ 17,529 /mt, or
43% higher than that on the same e period
in 2009 of US$
U 12,267/mt.

∗ As part off company strategic plan,


p PT
Timah will limit the a amount of standar
metal saless so the comp
pany can inccrease
the revenue by more
e focusing on
n selling prem
mium metal.

∗ New co oal & mineraal mining law


w No 4 year 2009 has be mplemented on March 2010 and
egun to be im
will be effective on
n September 2012.

∗ During
g semester I-2010, worldd refined tin consumptio
on is 176,300 0 mt, 27% iincrease com
mpare to
the sam
me period in 2009 which was 139,200 mt. (sumbeer : CRU Monitoor August 2010)

Producttion and Sa
ales:

∗ In orde e company iss developing 5 new cutte


er to reduce the dependence of miniing land, the er suction
dredgees that targe
eted for com
mpletion at end
e of 2010 to supportinng Bucket Line Dredge operation
o
whcih amounts to eleven.
e

∗ Tin-in--concentrate production volume fromm offshore mining


m on the
e first semesster is 9,085
5 ton.Sn,
28% increased fro om first half 2009 which was 7,075 to
on.Sn. Moreeover, offsho
ore tin-in-con
ncentrate
producction on the 2Q 2010 is 6,929 ton.S Sn 221% increase compa are to 1Q 20010 which was
w 2,156
ton sn.

pa
age 1 from 7

 
∗ The voolume of tin-in-concentra
ate production from onsshore mining g on the firsst half 2010 is 8,503
ton.Sn or 84% highher than thatt of the same
e period in 2009
2 which was
w 4,618 ton n.Sn.

T
Tin-in-concen
ntarte Producction (ton.Sn
n)

12.000
0

10.000
0

8.000
0

6.000
0

4.000
0

2.000
0

0
Q1.08 Q2
2.08 Q3.08 Q4.08 Q1.09 Q2.09 Q3.0
09 Q4.09 Q
Q1.10 Q2.10
Offshorre 2.546 3.8
839 4.429 3.020 2.566 4.509 6.36
65 4.768 2.156 6.929
Onshore
e 6.178 11..077 10.509 5.469 2.722 1.896 9.10
01 5.773 5.241 3.262

∗ Refined d tin producttion at the end


e of June 2010
2 is 19,5
501 mton wh
hile refined tiin productio
on on the
first se
emester 20099 was 19,378 8 mton.

Refined tin sales on the first sem


mester 2010 was
w 19,760 mton,
m or 18%
% decreased compare to the
same peeriod in 20099 of 24,110 mton.
m

Refined Tiin Sales and Production


(mton)
16.00
00

14.00
00

12.00
00

10.00
00
Metirc Ton 

8.00
00

6.00
00

4.00
00

2.00
00

0
Q1  Q2  Q3  Q4  Q1
1  Q2  Q3  Q4  Q1  Q2

2008 2008 2008 2008 200
09 2009 2009 2009 2010 201
10
Prrod. 11.523 1
11.469 15.114 10.923 10.4
462 8.914 1
14.387 11.321 9.266 10.23
36
Saales 10.156 1
10.798 13.091 12.393 11.0
014 13.307 1
12.343 12.784 9.770 9.99
90

Financial:
∗ Refined tin price
e average recceived by the
e company during
d the firrst half 2010 is US$ 17,529 which
5% higher th
is 45 han that of th
he same periiod in 2009 of
o US$12,087 7.

pa
age 2 from 7

 
∗ Com
mpany consollidation incomme on first semester
s 200 09 is Rp 3,74
49.4 billion or 6% higher than the
sam
me period onn 2009 was Rp3.539,3 billion.
b Incom me from operation adn net income e on first
sem
mester 2010 is
i Rp414.9 billion
b and Rp322.3
R billio
on respective
ely. While inccome from operation
o
and net income on first half 2009 was Rpp 172.8 billio
on and Rp 422.9 billion resspectively.

∗ The company ba alance sheet for period ended


e of 30 June
J 2010, amount
a of total assets Rp
p 5,070.7
on or 4% hig
billio gher, compaared with thee position on 31 Decem mber 2009 which was Rp p 4,855.7
billio
on. Increasee in value off these assets is also acccompanied byb a 61% de ecraese in ta
axes and
roya alties payable
e. Value off taxes paya able and roy yalties payab
ble at 30 Juune 2010 is Rp 32.6
billio
on, and the same
s amount of debt by 31 Desembe er 2009 was Rp 81.8 billio
on.

ate Events
Corpora
∗ On June
J 2010, the corporatte conduct AGMS
A and EGMS,
E and oone result on
n its decisions is the
dete
ermination off devidend, 50%
5 of the net
n profit or Rp. 31.17 per
p share. To otal cash div
vidends is
Rp. 156,875,5000,000.- paid in
i cash on 28
8 July 2010.

∗ % from the dividend of Rp.


65% R 156,875,500,000.- is paid to Republic of Indoonesia govern
nment or
Rp. 101,969,293
3,185.- and 35%
3 is paid to
t public sha
areholder which is Rp. 54
4,906,206,815
5.-

hares [ tins ]
Tins Sh
∗ On the
t first semmester 2010, tin shares price
p fluctuatted on the hiighest positio
on at Rp 2,8
800.- and
the lowestRp 1,8810.- per sha
are. On 30 June
J 2010 thhe closing price was Rp 22.150 slightly
y increase
commpared to the
e opening priice on 4 Januuary 2010 off Rp 2,125.-
∗ Dailyy average trading volumme during firsst half 2010 is 15,555,0113 or 69% de ecreased commpare to
the same period in 2009 of 50,814,558
5 transaction.
∗ Markket Capitaliza
ation on 30 June
J 2010 is Rp 10.82 triilliun.

Tin Sh
hares Info timah [ tins ] Stock Price o
on Quarterly Base
B
Ja
an 2009 – June e 2010
hares
Sh Per 30
0 Juni 2010
0
Govern
nment RI 3.271.470
0.000 65%

Domesstic 977.029
9.239 19%

Foreign 784.520
0.761 16%

Domestic + Foreign 1.761.550


0.000
Outstand
ding Shares 5..033.020.000
0
Market Cap
C Rp
p 10,82 triliun
n
Shares Price Range Rp. 1.81
10 - Rp 2.800
0

pa
age 3 from 7

 
PT. Timah (Persero) Tbk and Subdsidiaries
Summary of Operation Performance on 2nd Quarter and 1st Semester of 2010 and 2009

Quarter II Semester I
2010 2009 2010 2009
Unaudited Unaudited Unaudited Unaudited
Production
Earth Moved - m3
- Onshore 1,154,573 885,365 2,168,077 1,493,903
- Offshore 8,968,309 7,413,723 17,941,535 13,995,195
Total 10,122,882 8,299,088 20,109,612 15,489,098

Tin-in-concentrate – ton sn
- Onshore 3,262 1,896 8,503 4,618
- Offshore 6,929 4,509 9,085 7,075
Total 10,191 6,405 17,588 11,693

Refined - Mton 10,236 8,917 19,501 19,378

Sales
Refined tin sales - Mton 9,990 13,096 19,760 24,110

Inventory
- Ore - ton 1,757 1,707 1,757 1,707
- Slag - ton 6,888 8,412 6,888 8,412
- Refined - Mton 2,722 2,413 2,722 2,413
- Solder - Mton 392 - 198 -

Performance Parameter

Exchange Rate - end - Rp / US$ 9,083 10,225 9,083 10,225


Exchange Rate - Av - Rp / US$ 9,114 10,426 9,192 11,021

Tin Price Received Av - US$/Mton 17,959 12,798 17,529 12,087

Cost per ton (US$/Mton):


Cost per ton – refined - 15,288 9,555 14,118 10,199
Delivered Cost per ton 16,495 11,868 15,123 11,442
Delivered Cash Cost per ton 15,591 11,347 14,289 10,920

Margin per ton - US$ 1,465 930 2,222 645

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PT. Timah (Persero) Tbk and Subsidiaries
Unaudited Consolidated Income Statement
2nd Quarter and 1st Semester 2010 and 2009
(In Billion Rupiah, unless otherwise stated)

Qurter II Semester I
2010 2009 2010 2009
Unaudited Unaudited Unaudited Unaudited

Sales 1.914 1.951.8 3,749.4 3,539.3


Cost of Goods Sold – Non Tin 1.595 1.702.0 3,060.4 3,164.4
Gross Profit 319 249.8 689.1 375.0
Sales Expenses 14 13.8 28.2 30.3
General and Administrative Expense 102 76.1 245.9 171.9
Exploration Expenses (2) - - -
Total Operating Expenses 152 89.9 274.1 196.4
Operating Profit 167.0 159.9 414.9 172.8
Interest Expense and Bank Charge (3.9) (18.0) (9.2) (34.4)
Interest Income 7 4.7 8.9 7.6
Foreign Exchange Gain / (losses), net 0.4 (108.4) (22.8) (95.7)
Miscellanous Income / (expense) (2.2) 36.7 (-) 61.0
Total Other Income / (expense) 0.9 (85.1) (23.0) (61.5)
Equity in net income / (loss) 4.3 (7.2) 11.8 (7.2)
Profit Before Income Tax 172.2 67.7 322.3 104.1
Corporate Income Tax 8 (39.4) (76.1) (61.3)
Profit Before Minority Interest 180.6 28.2 322.3 42.8
Minority Interest (0) (0.0) (0.0) (0.0)
Net Income 180.6 28.2 322.3 42.8
EBITDA 550.2 50.0
Operating Profit Per Share 33 31.8 82.4 34.3
Net Income Per Share 36 5.6 64.0 8.5

Ratio-ratio
Gross Profit to Sales- % 17% 13% 18% 11%
Operating Profit to Sales - % 9% 8% 11% 5%
Profit before tax to Sales. - % 9% 3% 11% 3%

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PT. Timah (Persero) Tbk and Subsidiaries
Balance Sheet
30 June 2010 and 2009
(In Billion Rupiah)
Semester I
Unaudited Unaudited
30-Jun-10 30-Jun-09
Current Asset
Cash and cash equivalents 619.9 433.2
Restricted Cash 63.6 -
Short Term Investment 1.1 1.1
Trade Receivable 496.5 671.4
Other Receivable 89.8 49.6
Tin Inventories 1,265.0 1,050.4
Warehouse Inventories 399.6 471.0
Prepaid Taxes 232.3 326.9
Advances and Prepayment 88.7 119.6
Total Current Assets 3,256.4 3,107.7
Non Current Assets
Inventories, net - 400.8
Due from related parties 0.4 6.5
Other non-current receivables 30.4 12.4
Investmets in associates 139.9 153.5
Deffered tax assets, net 33.5 23.3
Fixed Assets
Costs of fixed assets 3,291.7 2,671.8
Accumulated Depreciations (1,871.1) (1,633.3)
Provision for losses in diminution of value (2.6) (2.6)
Total Fixed Assets 1,418.0 1,035.9
Other Assets 168.8 149.8
Total Non current Assets 1,791.0 1,782.2
Total Assets 5,047.4 4,889.9

Current Liabilities
Short term loan 162.2 495,2
Trade payables 355.2 172.5
Taxes and Royalties Payable 32.8 32.8
Other Payable 588.3 651.7
Total Current Liabilities 1,141.6 1,354.5
Non Current Liabilities
Deffered Taxes 0.6 0.6
Pension & Other post retirements obligation 270.9 277.0
Provision for Environmental Rehabilitation 58.3 79.3
Total Non current Liabilities 329.7 357.0
Minority Interest 0.3 0.3
Equity 3,575.8 3,178.2
Total Liabilities and Equities 5,047.4 4,889.9

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PT. Timah (Persero) Tbk and Subsidiaries
Cash Flow
2nd Quarter and 1st semester 2010 dan 2009
(In Billion Rupiah)
Quarter II Semester I
2010 2009 2010 2009
Unaudited Unaudited Unaudited Unaudited

Cashflows from operating activities :


Cash received from Customer 1,882 1.758.8 3.679.1 3,298.5
Cash paid to supplies and employees (1,433) (881.7) (2623.7) (1,797.0)
Pension Contribution Paid (12) (11.9) (23.5) (23.9)
Cash Generated from Operation 865.2 1.055.4 1,477.7
Interest Received 6 4.5 8.3 7.0
Interest Paid - (19.4) - (36.3)
Tax Refund - 5.5 22.2 34.8
Tax Payment of Current Year (254) (491.1) (477.2) (777.7)
Net Cash Provided from / (used in) Operating
Activities (188.3) 364.6 585.2 705.6

Cashflows from Investing Activities :


Purchase of Fix Assets (114) (144.5) (213.4) (371.1)
Cash Outflow on Acquisition (15) (30.0) (15.0) (30.0)
Disposal of Associate - - - -
Proceed from Disposal of non Operational Assets - - - -
Proceed from Deposits (129.0) (174.5) (228.4) (401.1)

Cashflows from Financing activities :


(Decrease)/Increase in short-term loans, net (123) (41.4) (224.7) 119.1
Divident Paid (5) (436.3) (9.5) (436.3)
Net Cashflows (used in)/provided
fromFinancing Activities (127.8) (477.6) (234.3) (317.2)

Net increase/(decrease) in cash and cash equivalent (68.5) (287.5) 122.4 (12.7)
Cash and cash equivalent at the begining of period 680 735.4 501.9 460.6
Effect of foreign exchange rate fluctuation 8 (14.7) (4.5) (14.7)
Cash and cash equivalent on year end 619.9 433.2 619.9 433.2

Note: consolidated Financial Statement of PT timah (Persero) Tbk and subsidiaries for period ended 30 June 2010 and 2009 is
available at Capital Market Reference Center (KNPM) Indonesia stock Exchange Building (BEI)

***** end of release ******

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