DAFTAR ISICONTENTS
Profil PerseroanCompany Profile 1Ikhtisar Data Keuangan PentingSelected Key Financial Data 2PT Inco Secara RingkasPT Inco in Brief 4Laporan Dewan KomisarisReport of the Board of Commissioners 10Laporan DireksiReport of the Board of Directors 22Perkiraan Cadangan dan Sumber DayaReserves and Resources Estimates 32Laporan Komite AuditAudit Committee Report 42Tata Kelola PerusahaanCorporate Governance 44
Analisis dan Pembahasan ManajemenManagements Discussion and Analysis 62PT Inco dan Lingkungan HidupPT Inco and the Environment 80PT Inco dan Tanggung Jawab Sosial PerusahaanPT Inco and Corporate Social Responsibility 86Informasi bagi Pemegang SahamInvestor Information 95Pemegang Saham PT IncoOwnership of PT Inco 97Manfaat Nikel bagi Kehidupan MasyarakatNickels Contribution to Society 98Pertanggungjawaban terhadap Laporan Tahunan 2006Responsibility for the 2006 Annual Report 101Laporan KeuanganFinancial Statements 104Istilah Pertambangan dan ProsesnyaGlossary of Mining and Processing Terms
Gambar sampul:Kebun pembibitan PT Inco yang bermutu tinggi fasilitas terbesar di industri pertambangan Indonesia.
Cover picture:PT Incos new world-class nursery the largest facility of its kind in the Indonesian mining industry.
VISIONWe will be one of the worlds leading primary nickel producer.
MISIMengembangkan sumberdaya Indonesia yang dipercayakan kepada kami sebaik-baiknya bagi manfaat semua pemangku kepentingan.
MISSIONTo develop Indonesian resources with which we have been entrusted to their full potential for the benefit of all our stakeholders.
VISIMenjadi satu di antara produsen nikel utama terkemuka di dunia.
PT INCO 2006 Annual Report 1
Profi l PerseroanCompany Profi le
PT International Nickel Indonesia Tbk (PT Inco atau Perseroan) merupakan satu di antara produsen nikel terkemuka di dunia. Nikel adalah logam serba guna yang berperan penting meningkatkan taraf hidup dan mendorong pertumbuhan ekonomi. Selama lebih dari tiga dasawarsa sejak penandatanganan Kontrak Karya dengan Pemerintah Indonesia pada tahun 1968, Perseroan telah menyediakan lapangan kerja dan pelatihan, mewujudkan kepedulian terhadap kebutuhan masyarakat sekitar, menghasilkan keuntungan bagi pemegang saham dan memberikan sumbangsih positif terhadap ekonomi Indonesia.
PT Inco menghasilkan nikel dalam matte, yaitu produk setengah jadi yang diolah dari bijih laterit di fasilitas pertambangan dan pengolahan terpadu dekat Sorowako, Sulawesi. Seluruh produksi PT Inco dijual dalam mata uang Dolar Amerika Serikat berdasarkan kontrak-kontrak jangka panjang. Daya saing PT Inco mencakup cadangan badan bijih yang berlimpah, tenaga kerja terampil dan terlatih, pembangkit listrik tenaga air berbiaya rendah, dan pasar yang terjamin untuk produknya.
Per 31 Desember 2006, 60,8 persen saham Perseroan yang tercatat di Bursa Efek Jakarta (BEJ), dimiliki oleh CVRD Inco Limited dari Kanada, salah satu produsen nikel terkemuka di dunia. Pada tahun 2006, CVRD Inco Limited diakuisisi oleh Companhia Vale do Rio Doce (CVRD) dari Brazilia. Sumitomo Metal Mining Co., Ltd. (Sumitomo) sebuah perusahaan tambang dan peleburan penting di Jepang memiliki 20,1 persen. Selain itu, 19,1 persen saham PT Inco dimiliki oleh publik dan pemegang saham lainnya.
Jumlah karyawan per 31 Desember 2006 adalah 3.440. Perseroan memiliki beberapa program pengembangan karyawan seperti pelatihan kerja dan keterampilan, coaching dan manajemen kinerja.
PT International Nickel Indonesia Tbk (PT Inco or the Company) is one of the worlds premier producers of nickel, a versatile metal that is important in improving living standards and fostering economic growth. For more than three decades, since the signing of its Contract of Work with the Indonesian Government in 1968, the Company has provided jobs and training, shown concern for the needs of the communities in which it operates, delivered benefi ts to its shareholders and contributed positively to the Indonesian economy.
PT Inco produces nickel in matte, an intermediate product, from lateritic ores at its integrated mining and processing facilities near Sorowako on the Island of Sulawesi. Its entire production is sold in U.S. Dollars under long-term contracts. PT Incos competitive strengths include abundant ore reserves, a skilled, well-trained workforce, low-cost hydroelectric power and an assured market for its product.
At December 31, 2006, the Company, which is traded on the Jakarta Stock Exchange (JSX), was owned 60.8 per cent by CVRD Inco Limited of Canada, one of the worlds leading nickel producers. In 2006, CVRD Inco Limited was acquired by Companhia Vale do Rio Doce (CVRD) of Brazil. Sumitomo Metal Mining Co., Ltd. (Sumitomo) of Japan, a premier mining and smelting company owns 20.1 per cent. In addition, 19.1 per cent of PT Incos shares were owned by public and other shareholders.
The total number of employees at December 31, 2006 was 3,440. The Company has a number of programmes in place to develop its workforce, including job and skills training exercises, coaching and performance management.
Kelestarian lingkungan merupakan hal yang sangat penting bagi
Perseroan. Kami percaya bahwa keberhasilan yang diraih haruslah
berjalan seiring dengan upaya menjaga kelestarian alam dan
pembinaan masyarakat dalam lingkungan kami.
Environmental protection is a top priority for PT Inco. We
regard our concern for the environment as a reflection of
good corporate citizenship and a prerequisite to the continuing
success of our business.
PT INCO Laporan Tahunan 20062
Dalam ribuan $ (KECUALI ANGKA PER SAHAM, PER KILOGRAM DAN PER PON)$ in thousands (EXCEPT PER SHARE, PER KILOGRAM AND PER POUND)
2006 20051 20041 20031 20021
Produksi nikel dalam matteNickel in matte production- juta pon pounds (millions) 157,9 168,4 159,1 154,8 131,2 - ribu ton tonnes (thousands) 71,7 76,4 72,2 70,2 59,5
Penjualan nikel dalam matteNickel in matte deliveries- juta pon pounds (millions) 160,7 167,8 159,8 155,5 136,6 - ribu ton tonnes (thousands) 72,9 76,1 72,5 70,5 61,9
Harga jual rata-rataAverage realized price - per pon per pound $ 8,33 $ 5,20 $ 4,88 $ 3,23 $ 2,32- per kilogram per kilogram $ 18,36 $ 11,46 $ 10,77 $ 7,12 $ 5,11
Penjualan Sales $ 1.337.735 $ 885.087 $ 792.083 $ 509.028 $ 321.048
Laba Bersih Net Earnings $ 513.358 $ 267.754 $ 284.431 $ 104.185 $ 30.282
Laba Bersih per sahamNet Earnings per share $ 0,52 $ 0,27 $ 0,29 $ 0,10* $ 0,03*
Jumlah EkuitasTotal Shareholders Equity $ 1.682.778 $ 1.278.720 $ 1.144.085 $ 860.915 $ 771.117
Jumlah Aktiva Total Assets $ 2.122.732 $ 1.649.665 $ 1.619.914 $ 1.294.566 $ 1.216.833
Investasi barang modalCash capital expenditures $ 109.999 $ 105.751 $ 98.613 $ 35.981 $ 30.794
Harga saham pada akhir tahunStock price at year-end Rp 31.000 Rp 13.150 Rp 11.550 Rp 8.725* Rp 919*
Return on capital employed (%)2
Return on capital employed (%)2 49,1 29,2 34,5 14,0 4,2
Harga nilai buku (kali)3
Price to book value (times)3 2,01 1,04 1,08 1,18 0,13
Jumlah karyawan tetap pada akhir tahunPermanent employees at year-end 3.440 3.368 3.341 2.982 2.626
Ikhtisar Data Keuangan PentingSelected Key Financial Data
PT INCO 2006 Annual Report 3
Laba BersihNet Earnings
Indeks Biaya ProduksiIndexed Production Costs
PenjualanSales
Produksi Nikel dalam MatteProduction of Nickel in Matte
2002
2003
2004
2005
2006
131
155
159
158
168
(Jutaan Pon Millions of Pounds) (Jutaan Dolar US$ Millions)
(Jutaan Dolar US$ Millions) (2002=100)
2002
2003
2004
2005
2006
321
509
792
885
1.338
2002
2003
2004
2005
2006
301
1
1
1
104
284
268
513
2002
2003
2004
2005
2006
100
119
137
171
227
PT INCO Laporan Tahunan 20064
EXCELLENT FINANCIAL RESULTS
Sales rose 51 per cent to $1.34 billion in 2006 from $885 million in 2005. Net earnings increased 92 per cent to $513 million in 2006 from $268 million last year and earnings per share almost doubled to $0.52 from $0.27 in 2005.
PRODUCTION REMAINS STRONG
Notwithstanding a furnace transformer fi re and much lower than average rainfall in the second half of the year, we surpassed the 150 million pound nameplate capacity of our facilities by producing 157.9 million pounds of nickel in matte, compared to a record 168.4 million pounds in 2005. Our 2006 result was just slightly below the 159.1 million pounds we produced in 2004, the second best annual output in our history.
No injuries resulted from the fi re and within two and a half months we returned to record production rates. We would be well positioned in 2007 to break all of our production records if not for the ongoing drought we are experiencing. As a result, our nickel in matte target output in 2007 is 155-to-165 million pounds, depending on rainfall levels during the rest of the year.
ACHIEVING FINANCIAL MILESTONES
PT Inco borrowed $421 million in 1996 from international lenders, plus $88 million from Inco Limited, to fi nance a major expansion of production capacity. Three years later the project was completed and operating. With a fi nal payment of $38.4 million, we retired all of this debt at the end of the 2006 fi rst quarter.
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