Cash flow PT Merdeka Gold Resources Tbk

Equities

EMAS

ID1000211600

Gold

End-of-day quote INDONESIA S.E. Other stock markets 2026-03-11			5-day change	1st Jan Change
8,000.00 ^IDR	0.00%		-1.23%	+44.14%

Mar. 11	PT Merdeka Gold Resources Tbk Reports Earnings Results for the Full Year Ended December 31, 2025	CI
Feb. 16	Nomura Adjusts Merdeka Gold Resources' Price Target to IDR9,125 From IDR5,225, Keeps at Buy	MT

4b002.BIzEgZEcSdRXXA9zh_CJCeCXMybmrph9xPptWhe0Yd0.b8am7NNXcew_alw4zbTZXNjFVRSn3PkPkpEJCFrGFO5g-ZXw9m4r7DQyXg

Published financial data: PT MERDEKA GOLD RESOURCES TBK

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2022	2023	2024	2025
Revenues	-	1.39M	1.75M	132K
Total Revenues	-	1.39M	1.75M	132K
Cost of Goods Sold, Total	-	936K	1.18M	278K
Gross Profit	-	459K	570K	-146K
Selling General & Admin Expenses, Total	1.98M	2.17M	1.02M	9.49M
Other Operating Expenses, Total	1.98M	2.17M	1.02M	9.49M
Operating Income	-1.98M	-1.71M	-450K	-9.63M
Interest Expense, Total	-1.1M	-8.99M	-20.67M	-14.72M
Interest And Investment Income	48.64K	188K	688K	1.21M
Net Interest Expenses	-1.05M	-8.81M	-19.99M	-13.52M
Currency Exchange Gains (Loss)	-228K	55.43K	266K	-
Other Non Operating Income (Expenses)	-154K	331K	-560K	-2.25M
EBT, Excl. Unusual Items	-3.42M	-10.13M	-20.73M	-25.39M
Merger & Related Restructuring Charges	-8.07M	-	-	-
Gain (Loss) On Sale Of Investments	-	-	4.95M	-
Other Unusual Items	-	-	845K	-
EBT, Incl. Unusual Items	-11.48M	-10.13M	-14.93M	-25.39M
Income Tax Expense	-150K	-3.29M	-2.23M	2.1M
Earnings From Continuing Operations	-11.33M	-6.84M	-12.7M	-27.49M
Net Income to Company	-11.33M	-6.84M	-12.7M	-27.49M
Minority Interest	3	671	183	2.21K
Net Income - (IS)	-11.33M	-6.84M	-12.7M	-27.49M
Net Income to Common Incl Extra Items	-11.33M	-6.84M	-12.7M	-27.49M
Net Income to Common Excl. Extra Items	-11.33M	-6.84M	-12.7M	-27.49M
Per Share Items
Net EPS - Basic	-0	-0	-0	-0
Basic EPS - Continuing Operations	-0	-0	-0	-0
Basic Weighted Average Shares Outstanding	14.56B	14.56B	14.56B	14.47B
Net EPS - Diluted	-0	-0	-0	-0
Diluted EPS - Continuing Operations	-0	-0	-0	-0
Diluted Weighted Average Shares Outstanding	14.56B	14.56B	14.56B	14.47B
Normalized Basic EPS	-0	-0	-0	-0
Normalized Diluted EPS	-0	-0	-0	-0
American Depositary Receipts Ratio (ADR)	5	5	5	5
Supplemental Items
EBITDA	-1.95M	-1.71M	577K	-6.19M
EBITA	-1.98M	-1.71M	-450K	-9.63M
EBIT	-1.98M	-1.71M	-450K	-9.63M
Effective Tax Rate - (Ratio)	1.3	32.51	14.96	-8.28
Current Domestic Taxes	-	212K	1.56M	-
Total Current Taxes	-	212K	1.56M	-
Deferred Domestic Taxes	-	-3.51M	-3.79M	-
Total Deferred Taxes	-162K	-3.51M	-3.79M	-
Normalized Net Income	-2.13M	-6.33M	-12.96M	-15.87M
Interest on Long-Term Debt	-	474K	1.54M	-
Supplemental Operating Expense Items
General and Administrative Expenses	250K	155K	158K	9.49M
Maintenance & Repair Expenses, Total	-	169K	301K	-

Fiscal Period: December	2022	2023	2024	2025
Assets
Cash And Equivalents	5.58M	12.35M	67.33M	45.31M
Total Cash And Short Term Investments	5.58M	12.35M	67.33M	45.31M
Accounts Receivable, Total	-	430K	-	8.92K
Other Receivables	-	-	-	88.91K
Notes Receivable	4.7M	4.7M	-	-
Total Receivables	4.7M	5.13M	-	97.83K
Inventory	114K	610K	573K	10.52M
Prepaid Expenses	112K	752K	541K	-
Other Current Assets, Total	18.5K	843K	3M	5.31M
Total Current Assets	10.53M	19.68M	71.44M	61.23M
Gross Property Plant And Equipment	175M	247M	419M	623M
Accumulated Depreciation	-541K	-1.49M	-5.17M	-
Net Property Plant And Equipment	175M	245M	414M	623M
Goodwill	122K	122K	122K	-
Loans Receivable Long-Term	18.2M	45.48M	-	-
Deferred Tax Assets Long-Term	876K	4.38M	8.62M	7.4M
Other Long-Term Assets, Total	6.49M	13.94M	35.63M	49.23M
Total Assets	211M	329M	530M	741M
Liabilities
Accounts Payable, Total	3.07M	5.24M	10.47M	23.26M
Accrued Expenses, Total	7.87M	20.02M	37.92M	33.99M
Current Portion of Leases	-	3.36M	6.75M	10.58M
Current Income Taxes Payable	147K	321K	892K	-
Other Current Liabilities	-	-	-	25.89K
Total Current Liabilities	11.09M	28.94M	56.04M	67.85M
Long-Term Debt	33.5M	134M	178M	260M
Long-Term Leases	-	10.71M	15.65M	18.62M
Pension & Other Post Retirement Benefits	24.27K	97.55K	645K	1.22M
Deferred Tax Liability Non Current	-	-	6.4M	6.71M
Other Non Current Liabilities	-	-	-	4.9M
Total Liabilities	44.62M	173M	257M	360M
Common Stock, Total	7M	7M	138M	153M
Additional Paid In Capital	173M	168M	168M	302M
Retained Earnings	-14.47M	-21.31M	-34.01M	-61.5M
Treasury Stock	-	-	-	-13.74M
Comprehensive Income and Other	1.27M	1.24M	621K	783K
Total Common Equity	166M	155M	273M	381M
Minority Interest	-160	-859	43.8K	41.61K
Total Equity	166M	155M	273M	381M
Total Liabilities And Equity	211M	329M	530M	741M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	14.56B	14.56B	746M	15.1B
ECS Total Common Shares Outstanding	14.56B	14.56B	746M	15.1B
Book Value / Share	0.01	0.01	0.37	0.03
Tangible Book Value	166M	155M	273M	381M
Tangible Book Value Per Share	0.01	0.01	0.37	0.03
Total Debt	33.5M	148M	200M	290M
Net Debt	27.92M	135M	133M	244M
Minority Interest, Total (Incl. Fin. Div)	-160	-859	43.8K	41.61K
Account Code - Inventory Valuation	-	-	6	-
Inventories - Others	114K	610K	573K	-
Land - (BS)	50.7K	50.7K	50.7K	-
Buildings, Total	30.03K	30.03K	4.01M	-
Machinery, Total	514K	592K	1.84M	-
Full Time Employees	-	-	251	-

Fiscal Period: December	2022	2023	2024	2025
Net Income	-11.33M	-6.84M	-12.7M	-27.49M
Depreciation & Amortization - CF	35.61K	951K	3.53M	-
Depreciation & Amortization, Total	35.61K	951K	3.53M	-
Other Operating Activities, Total	3.72M	-10.45M	2.27M	8.42M
Cash from Operations	-7.58M	-16.34M	-6.9M	-19.07M
Capital Expenditure	-10.88M	-57.41M	-97.98M	-183M
Cash Acquisitions	-	-	-8.06M	-
Other Investing Activities, Total	-9.46M	-27.28M	-	-
Cash from Investing	-20.35M	-84.7M	-106M	-183M
Long-Term Debt Issued, Total	33.5M	110M	159M	583M
Total Debt Issued	33.5M	110M	159M	583M
Long-Term Debt Repaid, Total	-	-1.15M	-105M	-494M
Total Debt Repaid	-	-1.15M	-105M	-494M
Issuance of Common Stock	-	-	131M	284M
Repurchase of Common Stock	-	-	-	-141M
Other Financing Activities, Total	-	-609K	-16.45M	-50.01M
Cash from Financing	33.5M	108M	168M	182M
Foreign Exchange Rate Adjustments	-133K	-178K	-61.91K	-2.48M
Net Change in Cash	5.44M	6.77M	54.98M	-22.03M
Supplemental Items
Cash Income Tax Paid (Refund)	-	-	1.82M	-
Levered Free Cash Flow	-	-51.04M	-80.73M	-202M
Unlevered Free Cash Flow	-	-45.42M	-67.81M	-192M
Change In Net Working Capital	-	-12.11M	-26.93M	3.83M
Net Debt Issued / Repaid	33.5M	109M	53.32M	89.81M

Fiscal Period: December	2022	2023	2024	2025
Profitability
Return on Assets	-	-0.4	-0.07	-0.95
Return on Total Capital	-	-0.43	-0.07	-1.05
Return On Equity %	-	-4.25	-5.93	-8.41
Return on Common Equity	-	-4.25	-5.93	-8.41
Margin Analysis
Gross Profit Margin %	-	32.9	32.55	-110.63
SG&A Margin	-	155.63	58.26	7.19K
EBITDA Margin %	-	-122.34	33	-4.69K
EBITA Margin %	-	-122.73	-25.71	-7.3K
EBIT Margin %	-	-122.73	-25.71	-7.3K
Income From Continuing Operations Margin %	-	-490.35	-725.87	-20.83K
Net Income Margin %	-	-490.3	-725.86	-20.83K
Net Avail. For Common Margin %	-	-490.3	-725.86	-20.83K
Normalized Net Income Margin	-	-454.06	-740.46	-12.02K
Levered Free Cash Flow Margin	-	-3.66K	-4.61K	-153K
Unlevered Free Cash Flow Margin	-	-3.26K	-3.88K	-146K
Asset Turnover
Asset Turnover	-	0.01	0	0
Fixed Assets Turnover	-	0.01	0.01	0
Inventory Turnover (Average Inventory)	-	2.59	2	0.05
Short Term Liquidity
Current Ratio	0.95	0.68	1.27	0.9
Quick Ratio	0.5	0.44	1.2	0.67
Operating Cash Flow to Current Liabilities	-0.68	-0.56	-0.12	-0.28
Days Outstanding Inventory (Average Inventory)	-	141.2	183.42	7.28K
Average Days Payable Outstanding	-	1.06K	2.52K	602.32
Long Term Solvency
Total Debt/Equity	20.14	95.22	73.38	76.02
Total Debt / Total Capital	16.76	48.77	42.32	43.19
LT Debt/Equity	20.14	93.05	70.9	73.25
Long-Term Debt / Total Capital	16.76	47.67	40.9	41.61
Total Liabilities / Total Assets	21.15	52.78	48.46	48.57
EBIT / Interest Expense	-1.81	-0.19	-0.02	-0.65
EBITDA / Interest Expense	-1.77	-0.08	0.15	-0.42
(EBITDA - Capex) / Interest Expense	-11.68	-6.47	-4.59	-12.82
Total Debt / EBITDA	-17.19	-194.42	65.12	-46.75
Net Debt / EBITDA	-14.33	-178.17	43.23	-39.44
Total Debt / (EBITDA - Capex)	-2.61	-2.54	-2.11	-1.53
Net Debt / (EBITDA - Capex)	-2.18	-2.33	-1.4	-1.29
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	-	25.49	-92.46
Gross Profit, 1 Yr. Growth %	-	-	24.15	-125.63
EBITDA, 1 Yr. Growth %	-	-12.46	-133.85	-1.17K
EBITA, 1 Yr. Growth %	-	-13.76	-73.71	2.04K
EBIT, 1 Yr. Growth %	-	-13.76	-73.71	2.04K
Earnings From Cont. Operations, 1 Yr. Growth %	-	-39.68	85.76	116.49
Net Income, 1 Yr. Growth %	-	-39.69	85.77	116.48
Normalized Net Income, 1 Yr. Growth %	-	196.54	104.64	22.48
Diluted EPS Before Extra, 1 Yr. Growth %	-	-39.72	85.93	117.89
Inventory, 1 Yr. Growth %	-	435.69	-6.08	1.74K
Net Property, Plant and Equip., 1 Yr. Growth %	-	40.24	68.92	50.46
Total Assets, 1 Yr. Growth %	-	55.8	61.18	39.82
Tangible Book Value, 1 Yr. Growth %	-	-6.7	75.96	39.59
Common Equity, 1 Yr. Growth %	-	-6.7	75.9	39.53
Cash From Operations, 1 Yr. Growth %	-	115.43	-57.77	176.4
Capital Expenditures, 1 Yr. Growth %	-	427.52	70.66	86.33
Levered Free Cash Flow, 1 Yr. Growth %	-	-	58.15	149.74
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-	49.28	183.75
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	-	-	-69.24
Gross Profit, 2 Yr. CAGR %	-	-	-	-43.59
EBITDA, 2 Yr. CAGR %	-	-	-45.56	90.56
EBITA, 2 Yr. CAGR %	-	-	-52.39	137.25
EBIT, 2 Yr. CAGR %	-	-	-52.39	137.25
Earnings From Cont. Operations, 2 Yr. CAGR %	-	-	5.85	100.54
Net Income, 2 Yr. CAGR %	-	-	5.85	100.54
Normalized Net Income, 2 Yr. CAGR %	-	-	146.34	58.32
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	5.87	101.28
Accounts Receivable, 2 Yr. CAGR %	-	-	-	-85.59
Inventory, 2 Yr. CAGR %	-	-	124.3	315.2
Net Property, Plant and Equip., 2 Yr. CAGR %	-	-	53.91	59.42
Total Assets, 2 Yr. CAGR %	-	-	58.47	50.12
Tangible Book Value, 2 Yr. CAGR %	-	-	28.13	56.72
Common Equity, 2 Yr. CAGR %	-	-	28.11	56.66
Cash From Operations, 2 Yr. CAGR %	-	-	-4.61	8.04
Capital Expenditures, 2 Yr. CAGR %	-	-	200.04	78.32
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	-	98.74
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	-	105.81
Compound Annual Growth Rate Over Three Years
EBITDA, 3 Yr. CAGR %	-	-	-	47.04
EBITA, 3 Yr. CAGR %	-	-	-	69.32
EBIT, 3 Yr. CAGR %	-	-	-	69.32
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	-	34.36
Net Income, 3 Yr. CAGR %	-	-	-	34.36
Normalized Net Income, 3 Yr. CAGR %	-	-	-	95.16
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-	34.67
Inventory, 3 Yr. CAGR %	-	-	-	352
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	-	52.75
Total Assets, 3 Yr. CAGR %	-	-	-	51.99
Tangible Book Value, 3 Yr. CAGR %	-	-	-	31.84
Common Equity, 3 Yr. CAGR %	-	-	-	31.81
Cash From Operations, 3 Yr. CAGR %	-	-	-	35.99
Capital Expenditures, 3 Yr. CAGR %	-	-	-	155.98