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Page 1
2025
Annual Report
PT Mandiri Tunas Finance
Strengthening The CORE,
Championing in Captive Ecosystem
mtf.co.id
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Introduction Strengthening the Core, Championing in Captive Ecosystem www.mtf.co.id
Theme Explanation
Strengthening The Core, Championing In Captive Ecosystem
The year 2025 marked an important phase that further ensured that business development consistently adhered
reinforced Mandiri Tunas Finance’s resilience amid the to sustainable principles, further reinforcing its standing as
evolving dynamics of the financing industry. In the face of a Trusted Financing Partner.
intensifying competition, the Company proactively refined
its growth trajectory by maintaining a balanced emphasis The overall strategic direction was pursued in parallel
on performance, profitability, and prudence as guiding with the strengthening of internal capabilities and the
strategic principles. Carefully calibrated policies and implementation of sound governance. The Company not
initiatives were implemented to ensure that every business only accelerated business processes, but also ensured
decision remained anchored in disciplined management, that such acceleration remained supported by consistent
operational excellence, and consistent service quality. service quality and disciplined management. Technology
and data were leveraged in an integrated manner to
While reinforcing the strong foundation that has been ensure that efficiency enhancement progressed alongside
established, Mandiri Tunas Finance reaffirmed its the continued improvement of service relevance. Through
commitment to sharpening core competencies and the development of digital solutions that are increasingly
strengthening its position within the captive ecosystem as adaptive to market needs, the Company strengthened
a strategic pillar. Capability enhancement was positioned engagement with customers and business partners. This
as part of the Company’s priority strategy to safeguard approach reinforced competitiveness while expanding the
business continuity and manage growth in a more focused Company’s capacity to generate sustainable long-term
and resilient manner. Through this approach, the Company values for all stakeholders.
PT Mandiri Tunas Finance
Annual Report 2025 1
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Introduction
About the 2025 Annual Report of
PT Mandiri Tunas Finance
The 2025 Annual Report of PT Mandiri Tunas Finance provides a more transparent picture of the Company’s
has been prepared to enhance information disclosure prospects and strategic direction.
to relevant authorities and to serve as a source of
comprehensive documentation of the Company’s In addition to regulatory compliance, this Annual Report
performance during the year. This Report covers various also aims to assist shareholders and other stakeholders
aspects, including the Company’s profile, operational in understanding Mandiri Tunas Finance’s strategy and
performance, marketing strategy, and Financial progress in creating sustainable value. To that end, the
Statements. In addition, this Report also presents an content of this Report includes aspects of corporate
overview of key financial data over the past five years, governance, including its structure and processes, as well
the Board of Directors and Board of Commissioners as a risk management system that describes the risk profile
Reports, as well as management’s analysis and discussion and its mitigation efforts. To ensure accessibility and
of performance achievements compared to previous reader convenience, the 2025 Annual Report is presented
years. By adopting the concept of best practices and the in two languages, Indonesian and English, in separate
principles of Good Corporate Governance, this Report books with a clear layout and optimal print quality.
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Annual Report 2025
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Strengthening the Core, Championing in Captive Ecosystem www.mtf.co.id
Theme Continuity
2022 2023 2024
Spurring Growing Strong Awakening a New
Performance and Sustainable Spirit Leading
the Market
In 2022, PT Mandiri Tunas Finance seeks to Indonesia’s economy is gradually improving Mandiri Tunas Finance recorded its best
accelerate the improvement of performance thanks to the removal of the Government’s performance in 2024, marked by an increase
that has been realized through a number of Restriction of Community Activities (PPKM) in financing disbursements, revenue, and
strategic initiatives, which are set under the policy in early 2023, which has resulted in an profit for the year. This achievement reflects
theme “Elevate Business to The Next Level”. increased public consumption. Indonesia’s the great support from all stakeholders, as well
The principle of the initiative is an effort to Multifinance industry is also growing fast, as being the foundation and driving energy
achieve business performance that is beyond dominated by investment, working capital, and for the Company in strengthening its position
what has been achieved so far. multipurpose financing. As one of the major as a market leader in the financing industry in
players in the financing industry, Mandiri Tunas Indonesia.
There are at least three initiatives being Finance (MTF) prepares itself to captivate the
undertaken. First, optimizing the captive market market and be the best. The Company’s best performance was supported
business by improving the collaboration model by a series of strategic policies and initiatives
and synergizing with Bank Mandiri through Through the strategy theme “Building New that were implemented consistently throughout
Mandiri Group referrals, both for individual and Foundation to Win the Market”, the Company 2024. These strategies include becoming a top
corporate customers. is committed to building a new foundation in player in all segments as a market expansion
improving its performance in order to win the strategy, maintaining sustainable profitability,
Second, to encourage the acceleration of market. The main foundation of the strategy and improving processes to enhance service
dealership-based business, which is the theme is the development of the Company’s excellence.
Company’s main business activity. To date, internal conditions as a foundation for its growth.
dealers are the Company’s main partners for Various concrete steps were taken by the
channeling financing to customers. There are 3 strategic initiatives that have been Company to implement these strategic
carried out to achieve excellent performance, initiatives. In addition to providing innovative,
Third, business diversification and database namely Growing captive business segments responsive, and customer-oriented services, the
optimization through multipurpose financing originating from Bank Mandiri; Maintaining Company also utilizes digital technology and a
and fintech channeling. The focus of this business segments originating from dealers and customer-centric strategy. More than that, the
strategy is to make a positive contribution. partners; and Optimizing databases to provide Company also continues to strive to provide real
To support the strategy, the Company added value to customers. In addition to these added value, build customer trust, and create a
expanded its marketing network by developing strategic initiatives, the Company’s operational superior and relevant service experience in the
telemarketing teams and agents. development is also carried out in several midst of increasingly fierce competition.
aspects.
The strategic initiatives that have been realized The theme is also a motivation for all elements
have proven to have a positive impact on the One of these aspects is digital transformation, of PT Mandiri Tunas Finance to move forward
Company’s performance, as shown in its better which brings changes to customer behavior. with new energy, overcome various challenges,
growth. The Company believes these results The MTF Mobile facility is the Company’s and create opportunities to achieve competitive
will continue to grow in the future. digitalization program aimed to serve existing advantage. With consistent synergy, dedication,
customers with payments, repayments, and innovation, the Company is optimistic
insurance claims, and other financing-related that it will be able to realize its mission of
needs so as to improve the motor vehicle “Becoming Your Trusted Financing Partner”, as
financing business while maintaining good well as becoming a market leader that excels in
financing quality. business performance and has a positive impact
on society and the financing industry as a whole.
The entire strategy is carried out optimally to
realize MTF’s vision and mission of becoming
Your Trusted Financing Partner, which can
provide fast and easy reliable services to
customers.
PT Mandiri Tunas Finance
Annual Report 2025 3
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Introduction
Best Achievement 2025
Decrease in
Financial Expenses
(8.98 ) %
Current Ratio
1.08x Increase in Equity
Still Above 1x
+
1.07 %
to Rp4,916.5
billion Rupiah
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Annual Report 2025
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Strengthening the Core, Championing in Captive Ecosystem www.mtf.co.id
Interest-Bearing Debt
to Equity Ratio
Dividend
2024
5.79x 2024
348,330 million
Rupiah
2025
4.50x 2025
351,625 million
Rupiah
Debt to Equity Ratio
2024
6.08x
2025
4.70x
PT Mandiri Tunas Finance
Annual Report 2025 5
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Introduction
Table of Contents
Employee Demographics 76
Shareholder Structure and Composition 78
INTRODUCTION
Share Ownership Composition by Key Management 78
Theme Explanation 01
Share Issuance Chronology 82
About the 2025 Annual Report of
02 Chronology of Other Securities Issuance 82
PT Mandiri Tunas Finance
Information on the Structure of the Group and its
Theme Continuity 03
Subsidiaries, Associates, and Joint Venture (JV) and Special 83
Purpose Vehicle (SPV)
Best Achievement 2025 04
Public Accountant 83
Table of Contents 06
Supporting Institutions and Professions 84
PERFORMANCE SUMMARY
Company Website 86
Financial Highlights 08
Operational Area 88
Operations Overview 18
MANAGEMENT DISCUSSION AND ANALYSIS
Share Summary 18
Macroeconomic and Industry Review 98
Corporate Action Information 18
Operational Review 99
Share Dividends 19
Financial Review 106
Bonds 19
Financial Position 106
Awards and Certifications 20
Profit or Loss 108
Event Highlights 22
Cash Flows 110
MANAGEMENT REPORT
Financial Ratios 112
Board of Commissioners’ Report 28
Receivables Collectibility Level 115
Board of Directors’ Report 34
Capital Structure and Capital Management Policy 117
Statement Letter by Members of the Board of
Commissioners Regarding Responsibility for the 42 Dividend Policy 118
2025 Annual Report of PT Mandiri Tunas Finance
Realization of Capital Goods Investment 119
Statement Letter by Members of the Board of
Directors Regarding Responsibility for the 2025 43 Impact of Foreign Exchange Rates 119
Annual Report of PT Mandiri Tunas Finance
Material Information and Facts Occurring After the Date of
119
COMPANY PROFILE the Auditor’s Report
Company’s General Information and Identity 48 Comparison Between Target and Realization 120
Company Logo Meaning 50 Business Prospects 120
Brief Company History 51 Tax Compliance 121
Milestones 54 Employee and/or Management Stock Ownership Program 122
Vision, Mission, Values, and Corporate Culture 58 Material Information Regarding Investment, Expansion,
Divestment, Merger/Consolidation, Acquisition, and Debt/ 122
Line of Business Products and Services 60 Capital Restructuring
Membership in Associations 61 Realization of the Use of Proceeds from Public Offerings 122
Organization Structure 62 Material Transactions Containing Conflicts of Interest and/or
123
Transactions with Affiliated Parties
Profile of the Board of Commissioners 65
Financial Information Containing Extraordinary and Rare
Profile of the Board of Directors 69 126
Events
Profile of Executive Officers (Chief) 72
Spot and Derivative Transactions 126
Head of Division and/or Equivalent Position 75
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Changes in Laws and Regulations Affecting the Company Risk Management Function 221
126
During the Last Financial Year
Internal Audit 226
Changes In Accounting Policies Implemented by the
126 Risk Management System 236
Company in the Last Financial Year
External Auditor/Public Accountant 242
Going Concern Information 127
Internal Control System 243
Company Soundness Level 127
Legal Cases 245
GOOD CORPORATE GOVERNANCE
Administrative Sanctions 246
Good Corporate Governance as the Foundation of an
130
Integrity-Driven Business Information Technology Governance 246
Basis for the Implementation of Good Corporate Governance 131 Code of Conduct 250
Principles of Good Corporate Governance 131 Gratification Control 252
Structure and Mechanisms of Good Corporate Governance 135 Anti-Corruption Policy 253
Structure of Good Corporate Governance 136 Control Over Misuse of Internal Information 254
Mechanisms of Good Corporate Governance 137 Whistleblowing System 254
Socialization and Internalization of Good Corporate Information on Funding for Political Activities 255
138
Governance
Goods and Services Procurement Policy 255
Development of Good Corporate Governance
138 With OJK Regulation No. 48/POJK.05/2024 Concerning
Implementation and Recognition in 2025 261
Good Corporate Governance for Financing Companies
Assessment, Monitoring, and Improvement of Good
138 CORPORATE SOCIAL RESPONSIBILITY
Corporate Governance Implementation
Structure of Good Corporate Governance Organs 142 Corporate Social Responsibility 274
General Meeting of Shareholders 142 Basis for CSR Implementation 274
Board of Commissioners 151 Scope of CSR 274
Independent Commissioner 160 Pillars of CSR 274
Board of Directors 161 Purposes of CSR 275
Transparency of Information Regarding the Board of Strategy of CSR Programs 275
168
Commissioners and the Board of Directors CSR Management Structure 275
Disclosure of Affiliations Between the Board of Directors, Realization of the 2025 CSR Programs 276
the Board of Commissioners, and Major and/or Controlling 169
Shareholders Submission of Separate Sustainability Report 277
Disclosure of Concurrent Positions of the Board of FINANCIAL REPORT
169
Commissioners and the Board of Directors
Financial Report 280
Performance Assessment of the Board of Commissioners and
171
the Board of Directors
Nomination of the Board of Commissioners and the Board of
173
Directors
Remuneration of the Board of Commissioners and the Board
175
of Directors
Board of Commissioners and Directors Meetings 177
Supporting Organs of the Board of Commissioners 184
Nomination and Remuneration Committee 192
Risk Monitoring Committee 197
Supporting Organs of the Board of Directors 203
Committees Under the Board of Directors 203
PT Mandiri Tunas Finance
Annual Report 2025 7
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Performance Summary
Performance
Summary
Rp4.9
Trillion
Equity
Maintaining
Earning Asset
Quality
Amid less favorable economic
conditions, Mandiri Tunas Finance
has been able to maintain the
400
quality of its earning assets Billion Net
throughout the year through Profit
the adoption of a conservative
allowance for impairment losses.
8 PT Mandiri Tunas Finance
Annual Report 2025
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2.4%
Gross
NPF
PT Mandiri Tunas Finance
Annual Report 2025 9
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Performance Summary
Profit (loss) and Other Comprehensive Income
(in millions of rupiah, unless otherwise stated)
Description 2025 2024 2023 2022 2021
Revenue
Consumer Financing 2,884,128 3,453,490 3,000,350 2,437,004 2,081,742
Financial Lease 572,371 678,704 652,751 565,529 461,973
Factoring 1 438 909 9,715 16,637
Deposit in Bank 15,797 17,473 17,134 15,163 11,597
Others - Net 1,163,225 1,429,210 1,110,824 917,741 824,379
Total Revenue 4,635,522 5,579,315 4,781,968 3,945,152 3,396,328
Expenses
Financial Charges (1,742,114) (1,913,946) (1,510,165) (1,249,572) (1,220,816)
Salaries and Benefits (656,012) (775,231) (802,194) (823,406) (567,134)
General and Administration (437,019) (413,178) (349,836) (327,436) (357,084)
Provision for Impairment Losses
Consumer Financing (981,009) (885,498) (726,080) (501,203) (799,678)
Financial Leases (279,480) (83,288) (7,651) (49,601) (71,292)
Factoring (19,428) (14,874) 9,057 (11,063) (430)
Other Receivables (6,850) 10,867 96,127 (18,877) (70,543)
Total Expenses (4,121,912) (4,075,148) (3,290,742) (2,981,158) (3,086,977)
Income Before Final Tax and Income Tax Expense 513,610 1,504,167 1,491,226 963,994 309,351
Income Tax
Final Tax Expenses (3,159) (3,495) (3,427) (3,033) (2,319)
Income Before Income Tax Expense 510,451 1,500,672 1,487,799 960,961 307,032
Income Tax Expense (110,436) (328,590) (326,698) (210,748) (61,152)
Income for the year 400,015 1,172,082 1,161,101 750,213 245,880
Attributed to Owners of the Parent Entity 400,015 1,172,082 1,161,101 750,213 245,880
Attributed to Non-Controlling Interests - - - - -
Other Comprehensive Income - After Tax 3,685 11,010 798 (3,067) 37,435
Total Comprehensive Income for the year 403,700 1,183,092 1,161,899 747,146 283,315
Attributed to Owners of the Parent Entity 403,700 1,183,092 1,161,899 747,146 283,315
Attributed to Non-Controlling Interests - - - - -
Basic Earnings Per Share (Full Rupiah Amount) 160 469 464 300 98
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GDP Growth
2025 5.11
2024 5.03
2023 5.05
2022 5.31
2021 3.69
1 2 3 4 5 6
Bank Indonesia’s Policy Rate
7.00%
5.75% 5.75% 5.75%
5.75%
6.00% 5.50% 5.50%
5.25%
5%
4.75% 4.75% 4.75% 4.75%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25
PT Mandiri Tunas Finance
Annual Report 2025 11
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Performance Summary
Revenue
2025 4,635,522
2024 5,579,315
2023 4,781,968
2022 3,945,152
2021 3,396,328
0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000
Income for the Year
2025 403,700
2024 1,183,092
2023 1,161,899
2022 747,146
2021 283,315
0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000
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Comprehensive Income for the Year
2025 400,015
2024 1,172,082
2023 1,161,101
2022 750,213
2021 245,880
0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000
Earning per Share
2025 160
2024 469
2023 464
2022 300
2021 98
0 100 150 200 250 300 350 400 450 500
PT Mandiri Tunas Finance
Annual Report 2025 13
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Performance Summary
Balance Sheet
(in millions of rupiah, unless otherwise stated)
Description 2025 2024 2023 2022 2021
ASSET
Cash and Cash Equivalent
Cash on hand 4,311 7,999 18,194 13,602 7,748
Cash in Bank
Third Parties 9,402 1,209 1,495 15,553 28,989
Related Parties 981,255 1,282,952 832,451 811,281 203,645
994,968 1,292,160 852,140 840,436 240,382
Consumer Financing Receivables
Third Parties 23,073,407 27,154,596 22,698,175 16,666,569 13,209,267
Related Parties 47,768 41,346 11,542 7,846 7,287
Sub Total 23,121,175 27,195,942 22,709,717 16,674,415 13,216,554
Less: Allowance for Impairment Losses (607,432) (476,763) (347,894) (333,578) (327,003)
22,513,743 26,719,179 22,361,823 16,340,837 12,889,551
Finance Lease Receivables
Third Parties 3,752,434 5,495,587 5,416,865 5,782,025 4,784,845
Less: Allowance for Impairment Losses (127,084) (100,429) (69,293) (138,679) (129,789)
3,625,350 5,395,158 5,347,572 5,643,346 4,655,056
Factoring Receivables
Third Parties 0 34,748 35,758 42,469 153,232
Less: Allowance for Impairment Losses 0 (15,310) (436) (9,493) (930)
0 19,438 35,322 32,976 152,302
Other receivables
Third Parties 183,330 164,173 119,669 89,923 75,047
Related Parties 274,823 369,541 547,483 499,942 463,294
Sub Total 458,153 533,714 667,152 589,865 538,341
Less: Allowance for Impairment Losses (39,661) (33,431) (44,298) (140,425) (121,548)
418,492 500,283 622,854 449,440 416,793
Deferred Tax Assets 70,079 84,726 100,789 116,452 77,750
Derivative Receivables 33,826 45,008 28,933 24,534 273
Fixed Assets 235,303 278,475 283,625 219,763 197,081
Other Assets
Third Parties 116,156 90,202 93,432 60,931 81,856
Related Parties 814 826 902 251 100
Total Assets 28,008,731 34,425,455 29,727,392 23,728,966 18,711,144
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Description 2025 2024 2023 2022 2021
LIABILITIES
Trade Payables 470,341 604,208 1,017,137 702,291 601,051
Other Payables
Third Parties 144,874 160,830 190,916 199,930 183,547
Related Parties 34,346 51,626 56,805 100,736 125,026
Current Tax Liabilities 0 112,491 112,000 125,498 7,506
Derivative Payables 0 12,654 0 0 0
Accrued Expenses
Third Parties 131,197 238,398 257,626 308,087 189,374
Related Parties 8,935 9,543 4,472 3,535 3,333
Borrowings
Third Parties 9,485,748 15,677,665 15,242,400 12,748,612 7,794,675
Related Parties 6,397,590 5,835,461 2,891,252 1,944,839 1,795,735
15,883,338 21,513,126 18,133,652 14,693,451 9,590,410
Unamortized Provision Cost (21,817) (36,930) (36,937) (31,564) (25,056)
15,861,521 21,476,196 18,096,715 14,661,887 9,565,354
Securities Issued
Third Parties 6,048,625 6,050,795 5,252,750 3,876,405 4,877,850
Related Parties 184,000 644,000 443,000 468,500 621,000
6,232,625 6,694,795 5,695,750 4,344,905 5,498,850
Unamortised Issuance Cost (10,726) (12,870) (8,235) (5,668) (6,164)
6,221,899 6,681,925 5,687,515 4,339,237 5,492,686
Employee Benefit Obligation 219,121 213,162 274,546 194,940 148,413
TOTAL LIABILITIES 23,092,234 29,561,033 25,697,732 20,636,141 16,316,290
EQUITY
Share Capital 250,000 250,000 250,000 250,000 250,000
Other Comprehensive Income
Remeasurement of Employee Benefits Obligation - Net 1,102 (7,155) (38,390) (30,198) (32,593)
Cumulative (Loss) Gain on Derivative Instrument for (21,995) (17,423) 2,802 (6,188) (726)
Cash Flow Hedges - Net
Retained Earnings
Appropriated 50,000 50,000 50,000 50,000 50,000
Unappropriated 4,637,390 4,589,000 3,765,248 2,829,211 2,128,173
TOTAL EQUITY 4,916,497 4,864,422 4,029,660 3,092,825 2,394,854
TOTAL LIABILITIES AND EQUITY 28,008,731 34,425,455 29,727,392 23,728,966 18,711,144
PT Mandiri Tunas Finance
Annual Report 2025 15
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Performance Summary
Total Assets
2025 28,008,731
2024 34,425,455
2023 29,727,392
2022 23,728,966
2021 18,711,114
0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000
Total Equity
2025 4,916,497
2024 4,864,442
2023 4,029,660
2022 3,093,825
2021 2,394,854
0 5,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000
Total Liabilities
2025 23.092.234
2024 29.561.033
2023 25.697.732
2022 20.636.141
2021 16.316.290
0 5.000.000 10.000.000 15.000.000 20.000.000 25.000.000 30.000.000 35.000.000
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Total Consumer Financing Receivables
2025 22,513,743
2024 26,719,179
2023 22,361,823
2022 16,340,837
2021 12,889,551
0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000
Cash Flows
(in millions of rupiah, unless otherwise stated)
Description 2025 2024 2023 2022 2021
Cash flows from operating activities 6,200,482 (3,443,243) (4,420,498) (3,190,177) 225,754
Cash flows from investing activities (39,669) (65,844) (118,954) (65,272) (28,439)
Cash flows from financing activities (6,458,005) 3,949,107 4,551,156 3,855,503 (306,736)
Net increase (decrease) in cash and cash equivalents (297,192) 440,020 11,704 600,054 (109,421)
Cash and cash equivalents at beginning of year 1,292,160 852,140 830,436 240,382 349,803
Cash and cash equivalents at end of year 994,968 1,292,160 842,140 840,436 240,382
Financial Ratios
Description Unit 2025 2024 2023 2022 2021
Profitability
Return on Assets % 1.28 3.65 4.34 3.54 1.33
Return on Assets * % 1.83 4.36 5.0 4.05 1.65
Return on Average Assets % 1.65 4.69 5.58 4.54 1.67
Return on Equity % 8.14 24.09 28.81 24.26 10.27
Return on Average Equity % 8.18 26.36 32.6 27.34 10.67
Total revenue/total assets % 16.55 16.21 16.09 16.63 18.15
Income Before Income Tax Expenses / Revenue % 11.08 26.96 31.38 24.43 9.11
Income for the Year/Revenue % 8.63 21.01 24.28 19.02 7.24
Cost efficiency ratio % 37.81 32.26 34.34 43.08 48.99
Current ratio x 1.08 1.24 1.09 1.32 1.04
Earning Assets
Net Financing Receivables Under Management Rp million 51,352,418 60,642,783 53,061,308 45,122,742 39,733,077
Joint Financing Receivables Rp million 24,478,809 27,916,505 24,898,967 22,623,833 21,578,445
Non Performing Finance Ratio % 2.40 1.05 0.70 0.72 0.97
Liquidity
Total Liabilities / Total Asset x 0.82 0.86 0.86 0.87 0.87
Total Liabilities / Total Equity x 4.70 6.08 6.38 6.67 6.81
Interest-Bearing Debt / Total Equity x 4.50 5.79 5.9 6.14 6.29
*) Restated using profit before tax
PT Mandiri Tunas Finance
Annual Report 2025 17
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Performance Summary
Operations Overview
Description 2025 2024 2023 2022 2021
New Contract Volume by Type of Financing (Unit)
New Car 43,476 83,987 86,927 81,265 69,864
Used Car 12,918 25,873 28,166 21,608 15,149
Motorcycle 201 437 378 322 390
Others 1,700 1,489 6,400 35,895 8,721
Total 58,295 111,786 121,871 139,090 94,124
New Contract Value by Type of Financing (Rp million)
New Car 12,949,133 25,582,763 25,493,390 21,710,535 16,354,599
Used Car 2,899,849 5,524,591 5,158,873 3,533,524 2,552,178
Motorcycle 33,757 69,887 47,561 33,479 34,330
Others 3,420,340 3,912,388 1,998,078 2,491,634 1,679,457
Total 19,303,079 35,089,629 32,697,902 27,769,172 20,620,564
Organizational Overview
Total customers 308,130 348,202 338,579 256,192 259,463
Number of branches 125 125 124 99 100
Total employees 3,142 3,384 3,328 3,306 3,236
Average Financing (Rp thousand)
Average new car financing 297,846 304,604 293,274 267,157 234,092
Average used car financing 224,481 213,527 183,160 163,529 168,472
Average motorcycle financing 167,945 159,924 125,823 103,972 88,026
Share Summary
As of the end of 2025, MTF has not issued its shares 4. Information in graphical form presenting at least the
to be held by the public, management, or employees. closing prices based on the Stock Exchange where
Therefore, there is no information related to share trading the shares are listed and share trading volume on the
that includes: Stock Exchange for each quarterly period over the last
1. Market capitalization based on prices on the Stock 2 (two) financial years; and
Exchange where the shares are listed; 5. Information on temporary suspension of share trading
2. Highest, lowest, and closing share prices based on over the last 2 (two) years. The Company has a total of
prices on the Stock Exchange where the shares are 2,500,000,000 shares, with ownership of 1,275,000,000
listed; shares or 51.00% held by PT Bank Mandiri (Persero)
3. Share trading volume on the Stock Exchange where Tbk and 1,225,000,000 shares or 49.00% held by PT
the shares are listed; Tunas Ridean.
Corporate Action Information
Throughout 2025, MTF did not undertake any corporate actions such as stock splits, reverse stock, bonus shares, or
reductions in the nominal value of shares.
18 PT Mandiri Tunas Finance
Annual Report 2025
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Share Dividends
Based on the Resolution of the Shareholders at the Annual General Meeting of Shareholders held on 30 June 2025, the
distribution of final dividends for the 2024 financial year amounting to Rp351,624,818,880 from the 2024 net profit was
approved. The dividend was paid on 11 July 2025.
Description Dividend Payment in 2025 Dividend Payment in 2024
(Dividend for Financial Year 2024) (Dividend for Financial Year 2023)
Total Dividend Distributed (Rp) 351,624,818,880 348,330,295,881
Cash Dividend per Share (Rp) 140.65 139.33
Dividend Payout Ratio (%) 30% 30%
Announcement Date 30-Jun-25 28-Jun-24
Payment Date 11-Jul-25 10-Jul-24
Bonds
In 2025, the Company issued a Public Offering of Continuous Bonds VII Phase I in 2025. The following table presents
bonds that remain outstanding and unpaid as of 31 December 2025. All bonds issued by the Company were conducted
through the Indonesia Stock Exchange. Other than the bonds mentioned above, the Company did not issue any other
securities in any form.
Interest
Issuance Amount Interest
Year Bond Name Payment Issuance Date Maturity Date Status
Rating (Rp million) Rate
Frequency
MTF Continuous Bond V Every 3 (three)
2021 idAA+ 915,150 7.00% p.a 20-May-21 20-May-24 Fully Paid
Phase II Series A months
MTF Continuous Bond V Every 3 (three) Active/
idAA+ 485,700 7.65% p.a 20-May-21 20-May-26
Phase II Series B months Outstanding
MTF Continuous Bond V Every 3 (three)
2022 idAA+ 851,440 5.90% p.a 23-Feb-22 23-Feb-25 Fully Paid
Phase III Series A months
MTF Continuous Bond V Every 3 (three) Active/
idAA+ 376,615 6.75% p.a 23-Feb-22 23-Feb-27
Phase III Series B months Outstanding
MTF Continuous Bond VI Every 3 (three) Active/
2023 idAAA 439,660 6.00% p.a 11-Jul-23 11-Jul-26
Phase I Series A months Outstanding
MTF Continuous Bond VI Every 3 (three) Active/
idAAA 252,075 6.25% p.a 11-Jul-23 11-Jul-28
Phase I Series B months Outstanding
MTF Continuous Bond VI Every 3 (three) Active/
idAAA 804,175 6.50% p.a 27 September 2023 27 September 2026
Phase II Series A months Outstanding
MTF Continuous Bond VI Every 3 (three) Active/
idAAA 326,935 6.75% p.a 27 September 2023 27 September 2028
Phase II Series B months Outstanding
MTF Continuous Bond VI Setiap 3 (tiga) Active/
2024 idAAA 81,590 7.00% p.a 28-May-24 28-May-27
Phase III Series A bulan Outstanding
MTF Continuous Bond VI Every 3 (three) Active/
idAAA 1,081,495 7.25% p.a 28-May-24 28-May-29
Phase III Series B months Outstanding
MTF Continuous Bond VI Every 3 (three) Active/
idAAA 425,735 6.70% p.a 19 November 2024 19 November 2027
Phase IV Series A months Outstanding
MTF Continuous Bond VI Every 3 (three) Active/
idAAA 1,185,375 6.85% p.a 19 November 2024 19 November 2029
Phase IV Series B months Outstanding
MTF Continuous Bond Every 3 (three) Active/
2025 idAAA 313,510 6.15% p.a 08 July 2025 08 July 2026
VII Phase I Series A months Outstanding
MTF Continuous Bond Every 3 (three) Active/
idAAA 236,000 6.50% p.a 08 July 2025 08 July 2028
VII Phase I Series B months Outstanding
MTF Continuous Bond Every 3 (three) Active/
idAAA 225,760 6.70% p.a 08 July 2025 08 July 2030
VII Phase I Series C months Outstanding
PT Mandiri Tunas Finance
Annual Report 2025 19
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Performance Summary
Awards and
Certifications 2025 Industry Awards 2025
06 Indonesia Best Consumer Financing Industry for
Providing Inclusive, Flexible and Competitive Credit
Marketeers Youth Choice Award 2025 Solution Kategori Multifinance
01 Silver Multifinance Company
Award Date January 24, 2025
Award Date July 24, 2025
Organizer Warta Ekonomi
Organizer Marketeers
21st Infobank Multifinance Appreciation 2025
Mandiri Subsidiaries Award
07 The Excellent Performance Multifinance Company
02 The Most Efficient Subsidiary of The Year 2024
(Asset Class >Rp10 Trillion)
Award Date February 7, 2025
Organizer Bank Mandiri Award Date August 1, 2025
Organizer Infobank
Indonesia Digital Innovation Awards
03 The Most Innovative Digitalization of Multifinance 2025 Indonesia Customer Service Quality Award 2025
for Enhancing Performance and Services through Digital 08 Customer Service Quality Award 2025
Technology Adoption predikat Very Good Kategori Car Financing
Award Date March 28, 2025 Award Date November 14, 2025
Organizer Warta Ekonomi Organizer SWA Media Group and Business Digest
Dream Workplace 2025
04 Dream Workplace for Learning Multifinance
Award Date May 25, 2025
Organizer Marketeers
Anugerah ESG 2025
05 “Navigating ESG In Global Economy Uncertainty”
Penghargaan ESG dengan tema “Inisiatif Inovasi
1
Membangun Keuangan Berkelanjutan”
Award Date July 4, 2025
Organizer IDX Channel
2 3
4
5 6
20 PT Mandiri Tunas Finance
Annual Report 2025
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Indonesia Good Corporate Governance Award 2025
09 The Most Trusted Company based on Corporate
12
Governance Perception Index (Skor 85,06)
Award Date November 25, 2025
Organizer SWA Media Group and IICG Anti-Bribery Management System (SMAP)
ISO 37001 : 2016
Validity Period
Top Digital Awards 2025 Until February 2028
10 Top Digital Implementation 2025 #Stars 5,
Authority/Publisher
PT TUV NORD Indonesia
Golden Winner Medallion, Top Leader on Digital
Implementation 2025
Award Date December 4, 2025
Organizer IT Works
Marketeers Digital Marketing Heroes 2025
13
11 Engaging Social Media Marketing Heroes
Sistem Manajemen Keamanan Informasi
Award Date December 11, 2025
(SMKI) ISO 27001 : 2022
Organizer Marketeers
Validity Period
Until May 2026
Authority/Publisher
PT TUV SUD Indonesia
10
11
7
8 9
PT Mandiri Tunas Finance
Annual Report 2025 21
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Performance Summary
Event Highlights 2025
Award:
Marketeers Youth Choice Award 2025,
Silver Multifinance Company
MTF once again demonstrated its existence as a preferred multifinance
company among young customers. Through innovative and flexible
services, MTF received the Silver Award in the Multifinance Company
category at the Marketeers Youth Choice Award 2025. This achievement
reflects MTF’s commitment to supporting the financial needs of the
younger generation.
January 24, 2025
CGV Grand Indonesia, Jakarta
Award:
Mandiri Subsidiaries Award 2024
In recognition of its 2024 performance, MTF once again received
the award of The Most Efficient Subsidiary of The Year 2024 at the
Mandiri Subsidiaries Awards 2024. The award reflects the successful
implementation of efficiency strategies across the year. MTF
Management extends its gratitude to Bank Mandiri and views this
award as encouragement for the Company to continue strengthening
efficiency and resilience in the years ahead.
February 7, 2025
R Hotel Rancamaya, Bogor
Mandiri Tunas Finance Sharing and Break Fasting together with
Orphans
As part of its social responsibility commitment to the community,
MTF provided financial assistance to 25 orphans, with a total amount
of Rp20,000,000. The activity was carried out in conjunction with
a communal iftar gathering, serving as a moment of togetherness
between the Company and the beneficiaries. This program forms
part of the Company’s Social and Environmental Responsibility
(TJSL) initiatives, which focus on enhancing social welfare within the
surrounding community.
March 20, 2025
Graha Mandiri, Jakarta
Award:
Indonesia Digital Innovation Awards (IDIA) 2025
At the Indonesia Digital Innovation Awards 2025, MTF received
recognition for its commitment to developing a technology-based
digital ecosystem to enhance customer service quality. The award
was presented to selected companies considered successful in
implementing digital innovation across various aspects of business
and services with positive impact for society.
March 28, 2025
The Sultan Hotel & Residence, Jakarta
22 PT Mandiri Tunas Finance
Annual Report 2025
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Award:
Dream Workplace for Learning Multifinance
MTF was honored as one of the multifinance companies with the best
learning culture in Indonesia, particularly for the younger generation,
at the Dream Workplace for Learning event. This appreciation reflects
the Company’s commitment to building a work environment that
supports talent development, while continuously encouraging learning
innovation.
May 25, 2025
Grand Atrium Kota Kasablanka, Jakarta
Award:
Appreciation for MTF’s Innovation in Building
Sustainable Finance in 2025
MTF received appreciation for various innovative initiatives in
implementing Environmental, Social, and Governance (ESG) principles
to navigate global economic uncertainty challenges. Under the theme
“Inisiatif Inovasi Membangun Keuangan Berkelanjutan,” MTF was
assessed as having successfully presented programs that generate
positive impact on environmental and social aspects, as well as the
implementation of good corporate governance.
July 4, 2025
Mainhall Bursa Efek Indonesia, Jakarta
MTF Issued Rp2.5 Trillion Bonds
In order to support its business growth, MTF officially issued Sustainable
Bonds VII Phase I Year 2025 amounting to Rp2.5 trillion, with an idAAA
rating from PT Pemeringkat Efek Indonesia (Pefindo). This instrument
forms part of the Company’s Sustainable Bonds VII program, targeting
total proceeds of Rp10 trillion. The proceeds from the bond issuance
will be utilized to support MTF’s financing activities, particularly motor
vehicle financing and working capital financing.
July 8, 2025
Indonesia Stock Exchange, Jakarta
Award:
Indonesia Best Consumer Financing Industry for Providing
Inclusive, Flexible and Competitive Credit Solution
MTF demonstrated its performance in providing inclusive, flexible, and
competitive financing solutions that conforms with the spirit of digital
transformation and Industry 4.0 implementation. At the Industry Award
2025 event under the theme “Strengthening Resilience, Redefining
Standards: Championing Industry 4.0 and the Digital Shift,” MTF was
awarded as Indonesia Best Consumer Financing Industry for Providing
Inclusive, Flexible and Competitive Credit Solution in the Multifinance
category.
July 24, 2025
The Sultan Hotel & Residence, Jakarta
PT Mandiri Tunas Finance
Annual Report 2025 23
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Performance Summary
Award:
21st Infobank Multifinance Appreciation 2025
MTF once again received recognition for its very strong financial
performance and sustainable growth achieved in 2025. The award was
bestowed by Infobank, with the predicate “The Excellent Performance
Multifinance Company (Asset > Rp10 trillion).” This award reflects MTF’s
commitment to maintaining sound financial performance, strengthening
corporate governance, and delivering the best financing services to the
public.
August 1, 2025
Hotel Indonesia Kempinski, Jakarta
MTF Collaboration in Strengthening Academic and Industry Synergy
MTF collaborated with the Undergraduate Management Study
Program, Faculty of Economics and Business Universitas Sebelas Maret
in organizing a Practitioner Lecture for the Finance Interest Course
under the topic “Manajemen Keuangan dalam Praktik Lapangan.” The
lecture was conveyed by Mr. William Francis Indra, Director of MTF, who
shared his insights on the financing industry, financial management in
field practice, and various digital innovations of MTF.
11 October 2025
Conducted online
MTF Mengajar Goes to Campus
MTF collaborated with the Faculty of Economics and Business Universitas
Airlangga (FEB UNAIR) under the theme “Empowering the Future:
Mempersiapkan Karier dan Finansial Sejak Muda.” This program forms
part of MTF’s initiative to educate students on financial literacy and career
readiness, while also providing recruitment opportunities through MTF
Campus Hiring Management Trainee Batch 20. The main session was
delivered directly by Mr. Pinohadi G. Sumardi, President Director of MTF,
followed by MTF Campicnic and Leaderless Group Discussion (LGD).
October 23, 2025
Universitas Airlangga, Surabaya
MTF Participation in the Livin’ Fest 2025 in
10 Major Cities Across Indonesia
MTF provided full support in the implementation of Livin’ Fest 2025 as
part of the 27th anniversary celebration series of Bank Mandiri held across
10 major cities in Indonesia. In this series of activities, MTF strengthened
Mandiri Group synergy through its flagship program, “Mandiri Auto.”
Through this program, visitors at each Livin’ Fest location were able
to access various promotional offers specifically for customers who
October 16-December 14, 2025 submitted financing applications during the event period.
Jakarta Medan, Bandung, Palembang, Semarang,
Balikpapan, Makassar, Denpasar, Jayapura, Surabaya
24 PT Mandiri Tunas Finance
Annual Report 2025
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Award:
Indonesia Customer Service Quality Award 2025
MTF consistently affirms its commitment in delivering practical,
reliable, and relevant services aligned with current public needs. Such
commitment was appreciated in the Indonesia Customer Service
Quality Award 2025, the Car Financing category, with the predicate
Very Good. In this event, MTF was assessed as having the capability
to understand customer needs promptly, provide responsive services,
and utilize technology to create processes that are more efficient and
convenient.
November 14, 2025
Shangri-La Hotel, Jakarta
Award:
The Most Trusted Company at the Indonesia Good Corporate
Governance Award 2025
MTF received the award as “The Most Trusted Company based on
Corporate Governance Perception Index (CGPI)” with a score of
85.06. The award was bestowed based on comprehensive evaluation
of the implementation of GCG principles, covering transparency,
accountability, responsibility, independence, and business management.
This achievement places MTF among companies categorized as Highly
Trusted in the implementation of GCG in Indonesia.
November 25, 2025
Shangri-La Hotel, Jakarta
Perwira MTF Humanitarian Initiative: Assistance for Disaster-
Affected Communities in Sumatra
MTF distributed assistance amounting to Rp172,500,000 to communities
affected by disaster in Sumatra, sourced from donations contributed
by MTF Perwira. This initiative reflects MTF’s solidarity and social
commitment in supporting communities facing difficult circumstances.
The assistance was delivered directly to affected communities in West
Sumatra by the Management and representatives of MTF Perwira. On
the following day, Mr. Pinohadi G. Sumardi, President Director of MTF,
led the assistance distribution in North Sumatra and reaffirmed MTF’s
support for disaster-affected communities.
December 10, 2025
Sumatra Barat dan Sumatra Utara
Award:
Engaging Social Media Marketing Heroes
MTF’s consistency in strengthening digital communication through
social media resulted in recognition in the Engaging Social Media
Marketing Heroes category. The recognition was granted for MTF’s
ability to present creative and interactive social media programs such
as MTF Flash Sale, Unboxing by MTF, FYP with MTF, and Talkin by
MTF. These initiatives were designed to deliver relevant content while
communicating MTF’s products and services in a clear, accessible, and
digital audience-aligned manner.
December 11, 2025
The Ritz-Carlton, Jakarta
PT Mandiri Tunas Finance
Annual Report 2025 25
Page 27
Management Report
Management
Report
4.49x
Gearing
Ratio
Positive
Performance
Amidst
Challenges
Amid the economic challenges
of 2025, Mandiri Tunas Finance
continues to undertake efforts
to maintain its competitiveness
through improvements in process
and service quality, as well as
by strengthening relationships
with customers and business
partners. Supported by prudent
risk management, the Company
has been able to maintain positive
performance throughout the year.
26 PT Mandiri Tunas Finance
2025 Annual Report
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2.40%
Non-
Performing
Financing
(NPF)
PT Mandiri Tunas Finance
2025 Annual Report 27
Page 29
Management Report
Board of
Commissioners’
Report Nugraha Indra Permadi
President Commissioner
28 PT Mandiri Tunas Finance
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The Board of Commissioners has consistently carried
out its supervisory function over the strategic policies
and performance of the Board of Directors to ensure
alignment with the Company’s long-term objectives.
Dear Esteemed Shareholders
and Stakeholders,
We express our gratitude to God Almighty for His by the Shareholders. The assessment is conducted
blessings, as PT Mandiri Tunas Finance (“Mandiri Tunas comprehensively by considering the balance between
Finance” or the “Company”) successfully navigated financial performance, business growth, effectiveness of
through 2025 amid global economic uncertainty and internal processes, and the development of the Company’s
national financing industry dynamics. These conditions long-term capabilities. The KPI framework for the Board of
required the Company to manage its business in a Directors is divided into four main perspectives as follows:
more disciplined, adaptive, and prudent manner, while 1. Financial Perspective, which includes key performance
maintaining a balance between growth, profitability, and indicators such as Net Income, Pre-Provision Operating
risk management. Hence, 2025 represents an important Profit (PPOP), Cost to Income Ratio (%), Cost of Credit
momentum for the Company to strengthen its business (CoC), and Return on Equity (ROE).
fundamentals and ensure a sustainable direction of 2. Customer Perspective, which includes overall financing
business management. disbursement targets as well as the development of
Bank Mandiri’s captive customer base.
The Board of Commissioners has consistently carried out 3. Internal Business Process Perspective, which includes
its supervisory function over the strategic policies and strategic targets such as NPL CLG (%), Finance at
performance of the Board of Directors to ensure alignment Risk, Allowance for Impairment Losses to Finance at
with the Company’s long-term objectives. Through this Risk (FAR Coverage, %), Percentage of Compliance
report, the Board of Commissioners conveys the results with Minimum IT Requirements, and Percentage of
of its supervision and views as a form of accountability to Compliance with Mandiri Subsidiary Management
shareholders and stakeholders. Principles Guideline (MSMPG).
4. Development Perspective, which includes employee
The Board of Commissioners’ productivity and portfolio quality improvement
Assessment of the Performance of initiatives.
the Board of Directors
In assessing the performance of the Board of Directors,
the Board of Commissioners refers to the achievement
of the Key Performance Indicators (KPIs) established
PT Mandiri Tunas Finance
2025 Annual Report 29
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Management Report
In conducting the assessment, the Board of Commissioners Furthermore, the Board of Commissioners observes that
also considered the dynamics and developments of several key performance indicators beyond revenue growth
external conditions faced by Management throughout showed relatively positive results, particularly in operational
the financial year. The Board of Commissioners recognizes efficiency as well as quality of service and customer base.
that the achievement of targets cannot be separated from These achievements affirm that the Company’s operational
external factors, including macroeconomic conditions, foundation and business competitiveness remain on the
industry competition, and changes in consumer behavior. right track and reflect the effectiveness of operational
The evaluation of the Board of Directors’ performance policies implemented by the Board of Directors in
was conducted objectively and comprehensively by taking maintaining resilience amid external pressures.
into account this context, so that the assessment was not
only based on quantitative achievements, but also on Based on the overall evaluation, the Board of Commissioners
the quality of decision-making and the effectiveness of believes that the Company has clear areas for improvement
business management in a challenging environment. as well as positive momentum to drive more optimal target
achievement in the future. The Board of Commissioners
Overall, the Board of Commissioners believes that the emphasizes the importance of strengthening execution
Board of Directors has demonstrated effective leadership in areas related to credit risk management and growth
in managing the Company amid challenging conditions quality optimization to enhance sustainable performance
throughout 2025. The Board of Directors was able to as industry and economic conditions improve.
respond to industry dynamics through necessary measures
to maintain business continuity, manage risks in a measured
manner, and ensure that operational transformation The Board of Commissioners’
processes remained aligned with the Company’s strategic Supervision over Strategy Formulation
direction. The Board of Commissioners encourages the and Implementation
Board of Directors to continue the performance achieved The Board of Commissioners actively supervised the
to generate more optimum results in the coming period. formulation and implementation of Mandiri Tunas Finance’s
strategies throughout 2025, ensuring that the strategic
direction determined by the Board of Directors was
The Board of Commissioners’ View on based on comprehensive assessments of macroeconomic
the Company’s Targets conditions, financing and automotive industry dynamics,
The Board of Commissioners observes that the Company’s and the Company’s risk profile. The Board of Commissioners
performance in 2025 has not fully achieved the ideal observed that government economic stabilization policies
targets, particularly on indicators significantly affected by during 2025—including inflation control, exchange rate
the dynamics of the financing industry and macroeconomic stability, and interest rate policies aimed at maintaining
conditions. From a financial performance standpoint, the stability—helped create a more measurable macro
Company recorded revenue of Rp4.64 trillion in 2025 environment, thereby reducing systemic risks to the
financial year, representing approximately 75,06% of financing sector, although domestic consumption pressure
the established target. Meanwhile, the Company’s net persisted.
profit amounted to Rp400.02 billion, below the initial
target, primarily influenced by declining in new booking The Board of Commissioners considers that the Company’s
and an increase in the provision for impairment losses. 2025 strategy was appropriately formulated and
Nevertheless, the Board of Commissioners considers that implemented in response to challenges in the financing
the Company was able to maintain business continuity and and automotive industries. Strategic focus on strengthening
operational stability through measured cost management portfolio quality, enhancing internal processes, and applying
and disciplined, prudent risk management policies. more measured risk management was deemed aligned with
industry dynamics and market conditions. Various initiatives
The Board of Commissioners assesses that the increase undertaken by the Board of Directors—including enhanced
in credit risk was the primary factor affecting the monitoring, improved collection effectiveness, and recovery
achievement of revenue and profitability targets. Pressure strategy optimization—supported the Company’s efforts to
on financing quality necessitated higher provisioning and maintain performance stability and asset quality.
greater prudence in new financing disbursement, thereby
limiting financial performance acceleration. However, the In carrying out its oversight function over strategy
Board of Commissioners notes that under such conditions, implementation, the Board of Commissioners periodically
the Company maintained performance quality through monitors and evaluates the development of strategic
measured risk management practices, including asset initiatives through Board of Commissioners meetings and
quality control and continuous strengthening of risk joint meetings with the Board of Directors. Throughout
management processes. 2025, six Board of Commissioners meetings and four joint
30 PT Mandiri Tunas Finance
Annual Report 2025
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Strengthening the Core, Championing in Captive Ecosystem www.mtf.co.id
meetings between the Board of Commissioners and the The Board of Commissioners assesses that the Company’s
Board of Directors were held. Through these mechanisms, synergy with the Mandiri Group has been running well
the Board of Commissioners provided guidance and and still has significant room for optimization. Moving
input to the Board of Directors to ensure that strategy forward, the Company is expected to further maximize
implementation remained aligned with the Company’s the business potential derived from the Mandiri Group
long-term objectives and prudent principles. ecosystem by utilizing a more integrated network and
distribution channels, developing potential segments in a
The Board of Commissioners also notes that synergy more structured manner, and strengthening coordination
with Mandiri Group throughout 2025 progressed well and process flows between entities. Optimizing this
and delivered positive contribution to the Company. synergy is believed to increase the business contribution
Collaboration with Authorized Brand Holders (APM) of the Mandiri Group ecosystem in a more sustainable
has also strengthened and become an important manner and positively impact the Company’s medium-term
catalyst in expanding market penetration and improving performance.
financing portfolio quality. Going forward, the Board
of Commissioners encourages the Board of Directors The Board of Commissioners also notes the increasing
to further strengthen strategic cooperation with all demand for electric vehicles throughout 2025 as new
stakeholders and optimize the business ecosystem to brands entered the market at more competitive prices.
support healthier and more sustainable growth. This development reflects both intensifying competition in
the financing industry and a shift in consumer preferences
Overall, the Board of Commissioners believes that the toward more efficient and economical vehicles. The Board
strategic measures undertaken by Mandiri Tunas Finance of Commissioners views this as an opportunity for the
in 2025 have established a strong foundation for long-term Company to adjust its product and financing strategies
performance and growth. The Board of Commissioners will selectively while maintaining its risk profile and internal
continue overseeing the formulation and implementation process readiness.
of the Company’s strategy to ensure it remains adaptive
to changes in the business environment, in line with the In responding to the positive growth trend in the
established risk profile, and is able to create sustainable multipurpose financing industry, the Board of
added value for all stakeholders. Commissioners views the multipurpose financing segment
as having a crucial role in supporting the diversification and
stability of the Company’s portfolio. Expansion strategies
View on Business Prospects through synergy with Bank Mandiri, enhancement and
The Board of Commissioners believes that the Company’s digitalization of internal processes, while upholding
business prospects, as prepared by the Board of Directors, prudential principles and measured risk management,
are appropriately aligned with the uncertain financing are expected to become a driver of more resilient growth
industry conditions. Emphasis on prudent management going forward.
of financing portfolio, alongside strengthened internal
processes and disciplined risk management, reflects a Overall, the Board of Commissioners believes that the
realistic and responsible approach to maintaining business Company’s business prospects remain constructive,
quality. The Board of Commissioners views that this provided that the Board of Directors maintains discipline
strategy demonstrates Mandiri Tunas Finance’s readiness in risk management, enhances quality of execution, as well
to anticipate market changes while selectively exploiting as optimizes ecosystem potential and emerging market
growth opportunities, by prioritizing stability, sustainability, opportunities. With a measured and adaptive approach,
and adaptability as the main pillars of business management. the Board of Commissioners believes that the Company
has an adequate foundation to encourage healthy and
From an external perspective, the Board of Commissioners sustainable business growth amidst the dynamics of the
observes improving global economic prospects and financing industry.
easing international interest rate pressures may enhance
market sentiment and create a more conducive funding
environment. Additionally, developments in the global View on Good Corporate Governance
automotive industry, including the entry of more Throughout 2025, the Board of Commissioners consistently
affordable vehicles from China, may stimulate vehicle exercised its oversight function to ensure that the
market movement. Domestically, projected economic principles of transparency, accountability, responsibility,
improvement in 2026, supported by stable inflation and independence, and fairness were integrated into all
exchange rates, may provide room for financing demand aspects of the Company’s management. It is in line with the
recovery, in line with continuity of government policies Company’s commitment to implementing Good Corporate
supporting automotive industry and adoption of new Governance (GCG) as the main foundation in maintaining
technology vehicles. business sustainability and performance resilience.
PT Mandiri Tunas Finance
Annual Report 2025 31
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Management Report
In addition to macroeconomic policies, the Board Board of Commissioners, such as the Audit Committee,
of Commissioners noted that the implementation of the Nomination and Remuneration Committee, and the
Financial Services Authority Regulation (POJK) No. 44 of Risk Monitoring Committee. Throughout 2025, these
2024 has significant implications for governance in the committees carried out their roles and responsibilities
financing industry, particularly in strengthening customer effectively in accordance with their respective mandates.
data protection. This regulation limits the exchange
of customer information to specific purposes, such as The Audit Committee plays a role in assisting the Board
internal audits and risk management, thus prompting the of Commissioners in overseeing financial reporting,
Company to make comprehensive policy and process effectiveness of the internal control system, compliance
adjustments. The Board of Commissioners assessed that with laws and regulations, and implementation of
the Board of Directors has responded to this provision internal and external audit functions. The Board of
by tightening data governance, strengthening internal Commissioners assesses that the Audit Committee
controls, and improving the quality of risk assessment and has performed its duties effectively through reviewing
management processes through procedural adjustments financial information, monitoring follow-up on audit
and strengthening internal capabilities. These efforts findings, and evaluating compliance and effectiveness of
are considered to have contributed to enhancing the internal control. The recommendations submitted by the
Company’s integrity and reputation among stakeholders. Audit Committee serve as important input for the Board
of Commissioners in ensuring the quality of financial
In carrying out its oversight function, the Board of reporting, the implementation of good corporate
Commissioners also ensures that the Company’s internal governance, and the Company’s compliance.
control and risk management systems operate effectively
and align with the established risk profile. The Board The Nomination and Remuneration Committee
of Commissioners periodically evaluates the adequacy supports the Board of Commissioners in ensuring
of policies, the effectiveness of their implementation, the implementation of nomination and remuneration
as well as the follow-up actions taken on audit findings policies that are transparent, accountable, and aligned
and recommendations for improvement. This approach with the Company’s business development. The Board
ensures that governance serves not only to meet regulatory of Commissioners assesses that the Nomination and
compliance requirements but also as a guiding framework Remuneration Committee has carried out its evaluation
for decision-making and business risk management. and recommendation functions regarding remuneration
policy, structure and composition of the Board of Directors
In recognition of its consistent implementation of GCG and the Board of Commissioners, as well as performance
principles, Mandiri Tunas Finance once again received assessment and development of the Board of Directors
the Indonesia Good Corporate Governance Award with and the Board of Commissioners in accordance with
the predicate “The Most Trusted Company” based on the applicable regulations.
Corporate Governance Perception Index (CGPI). In 2025,
the Company achieved a score of 85.06, an increase from The Risk Monitoring Committee assists the Board of
84.01 in 2024. The Board of Commissioners views this Commissioners in overseeing the implementation of the
achievement as a reflection of effective implementation in Company’s risk management, including the adequacy of
the corporate governance, business processes integrity, and policies, risk identification and mitigation processes, and
the Company’s commitment to strengthening transparency, the alignment of risk management with the established
accountability, and risk management continuously. risk profile. The Board of Commissioners assesses that
the Risk Monitoring Committee has played an active
The Board of Commissioners assesses that the role in reviewing the Company’s risk profile and financial
implementation of GCG at Mandiri Tunas Finance health, and has provided constructive insights and
throughout 2025 has been adequate and continues to recommendations to the Board of Commissioners and the
strengthen, in line with increasing business complexity Board of Directors to strengthen the Company’s business
and regulatory demands. Moving forward, the Board resilience.
of Commissioners will strive to encourage continuous
improvements in quality of governance to ensure that the The Board of Commissioners periodically evaluates the
Company is able to navigate industry dynamics and create performance of these committees, by taking into account
long-term value for all stakeholders. the effectiveness of their duties, the quality of their
recommendations, and their contribution to supporting
the Board of Commissioners’ oversight function. Overall,
Assessment of Committees under the the Board of Commissioners assesses that the committees
Board of Commissioners under the Board of Commissioners have carried out their
In performing its oversight duties effectively, the Board of duties and functions effectively and provided adequate
Commissioners is supported by the committees under the support in strengthening the implementation of Good
32 PT Mandiri Tunas Finance
Annual Report 2025
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Corporate Governance and risk management of Mandiri Closing
Tunas Finance throughout 2025. The Company’s achievements in 2025 were the result of the
support and collaboration of all stakeholders. On behalf of
the Board of Commissioners, we extend our appreciation
Changes in the Composition of the and gratitude to shareholders, business partners, regulators,
Board of Commissioners and all stakeholders for their trust and cooperation with
In 2025, Mandiri Tunas Finance experienced changes in the Mandiri Tunas Finance.
composition of its Board of Commissioners. Based on the
Deed of Extraordinary General Meeting of Shareholders of In particular, we express our appreciation to the Board of
PT Mandiri Tunas Finance No. 101 dated 23 June 2025, Directors and all employees for their hard work, dedication,
the shareholders approved the resignation of Mr. Saptari and commitment in guiding Mandiri Tunas Finance through
as Commissioner effective 25 March 2025. Subsequently, a challenging yet pivotal period in strengthening the
based on the Deed of Annual General Meeting of Company’s business foundation. All initiatives throughout
Shareholders No. 174 dated 30 June 2025, the shareholders 2025 have reflected organizational resilience, management
approved the resignation of Mr. Rico Adisurja Setiawan discipline, and a commitment to the principles of prudence
as President Commissioner of the Company effective 25 and good governance.
July 2025, and appointed Mr. Nugraha Indra Permadi
as President Commissioner of the Company effective The Board of Commissioners believes that the achievements
25 July 2025. and lessons gained throughout 2025 will serve as a solid
foundation for the Company to continue strengthening its
As of 31 December 2025, the composition of the Board of business fundamentals, enhancing competitiveness, and
Commissioners is as follows: contributing sustainably to the growth of the financing
• Nugraha Indra Permadi : President Commissioner industry and long-term value creation for all stakeholders.
• Fendy Eventius Mugni : Independent Commissioner
• Subarna : Independent Commissioner
Jakarta, April 1, 2026
On behalf of PT Mandiri Tunas Finance Board of Commissioners
Nugraha Indra Permadi
President Commissioner
PT Mandiri Tunas Finance
Annual Report 2025 33
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Management Report
Board of
Directors’
Report Pinohadi G. Sumardi
President Director
34 PT Mandiri Tunas Finance
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In 2025, Mandiri Tunas Finance established a
strategic focus on more prudent and measured
portfolio quality management as the primary
foundation for healthy and sustainable growth.
Dear Esteemed Shareholders
and Stakeholders,
Amidst ongoing global and domestic economic encourage businesses and financial sector to continue
uncertainty, 2025 presented both opportunities and prioritizing prudence through measured risk management.
challenges for PT Mandiri Tunas Finance (“Mandiri Tunas
Finance” or the “Company”). In line with the Annual Throughout 2025, Indonesia’s economy demonstrated
Report theme, “Strengthening the Core, Championing relatively strong resilience amid the global economic
in Captive Ecosystem,” the Board of Directors focused slowdown. National economic growth reached 5.11%.
on strengthening business fundamentals, enhancing the Meanwhile, national inflation was recorded at 2.92%, at a
quality of operational and financial performance, and level within Bank Indonesia’s target range of 2.5% ±1%. This
optimizing the captive ecosystem as a sustainable long- stability provided room for economic activity to continue,
term growth driver. although the Board of Directors observed ongoing
pressure on purchasing power, reflected in relatively
This approach was implemented by maintaining a balance moderate household consumption growth and increased
between growth, profitability, and prudence, thus enabling public caution in making financing decisions, particularly
the Company to survive the challenging industry cycle while for durable goods purchases.
laying a stronger foundation for resilient future growth.
Within the financing industry, these macroeconomic
Global and Domestic Economic conditions resulted in a slowdown in national financing
Overview disbursement, particularly in the motor vehicle segment.
The global economy is projected to grow at approximately Throughout 2025, industry-wide motor vehicle financing
3.2% in 2025, slightly lower compared to the previous contracted by approximately 4% year-on-year, in line with
year’s growth of 3.3%. This reflects the ongoing adjustment declining vehicle sales and increased prudence among
process of the global economy following aggressive business players. On the other hand, the Non-Performing
monetary tightening across various countries. On the Financing (NPF) ratio of the financing industry remained
inflation side, global price pressures are expected to relatively stable at around 2.5%, reflecting a shift in industry
continue easing, with global inflation declining from focus from aggressive expansion toward strengthening
around 5.8% in 2024 to approximately 4.2% in 2025, in asset quality and risk discipline.
line with supply chain normalization and monetary policies
that remain tight yet more measured. Amid persistent
geopolitical risks and economic fragmentation, the decline Corporate Strategy and Strategic
in global inflation provides room for policy stabilization, Policies
although global interest rates are expected to remain at PIn 2025, Mandiri Tunas Finance established a strategic
relatively high levels for a longer period. These conditions focus on more prudent and measured portfolio quality
PT Mandiri Tunas Finance
Annual Report 2025 35
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Management Report
management as the primary foundation for healthy and On the information technology side, Mandiri Tunas
sustainable growth. In facing industry pressures, the Finance continued to strengthen IT team capabilities
Company strengthened financing acquisition processes, through technical training, including database design and
risk assessment, and credit controls to ensure that data engineering competencies, as well as enhancing
asset quality remained at an optimal level. Various soft competencies and business acumen to ensure IT
initiatives to enhance monitoring functions, improve functions are increasingly aligned with the Company’s
collection effectiveness, and optimize recovery strategies strategic needs. In line with this, digital transformation in
were consistently implemented to maintain portfolio 2025 was implemented in a structured manner across both
productivity and contribute positively to the Company’s retail and wholesale segments. In the retail segment, the
performance. Company applied robotic process automation to improve
efficiency and process accuracy. Meanwhile, in the
The Company’s strategic policies were further directed wholesale segment, the Company developed automation
toward strengthening business fundamentals through systems covering acquisition processes up to the pre-
improving portfolio quality, implementing disciplined risk disbursement stage. Customer services were also further
management, and optimizing operational processes. The enhanced to improve user convenience and experience
Company expanded its business selectively in segments by adding various features to the MTF Mobile application
with healthy risk profiles through the implementation of in collaboration with third-party partners.
booking mix and risk-based pricing strategies, ensuring
that financing growth remained aligned with portfolio Role of the Board of Directors in
quality. On the operational side, the Company continued to Formulating Strategy and Strategic
strengthen its digital capabilities to accelerate end-to-end Policies
financing processes, enhance decision-making accuracy, The Board of Directors plays an active and central role in
and support collection effectiveness as part of efforts to formulating Mandiri Tunas Finance’s strategies and strategic
maintain portfolio health. The utilization of technology is policies. In carrying out its management function, the Board
directed not only toward process efficiency but also toward continuously evaluates macroeconomic developments,
strengthening the Company’s competitiveness through financing industry trends, and market dynamics to identify
improved service quality, enhanced customer experience, relevant opportunities and risks. The strategy formulation
and integration with various business ecosystems. process is conducted comprehensively by considering
the Company’s performance, business projections, and
In response to the slowdown in the automotive financing acceptable risk profiles, ensuring that the strategies
segment, the Company also implemented diversification established are adaptive and long-term oriented.
and market re-segmentation strategies. This approach
was carried out through adjustments to target markets In this process, the Board of Directors openly receives and
based on risk profiles and expansion into working capital considers input from the Board of Commissioners, while
and multipurpose financing products. This diversification also taking into account the perspectives and interests of
strategy aims to reduce reliance on a single business stakeholders. Synergy with the Mandiri Group is leveraged
segment, open new sources of growth, and create a as part of the strategy to strengthen the business
more balanced and resilient revenue structure against ecosystem, enhance risk management effectiveness, and
industry cycle dynamics. Accordingly, the Company also optimize growth opportunities. All strategy formulation
encouraged stronger synergies within the Mandiri Group and strategic policy decisions are carried out in accordance
ecosystem and expanded revenue sources through with Good Corporate Governance (GCG) principles and
increased contributions from interest margins and fee- prudence, ensuring that each strategic decision not only
based income. supports short-term performance achievement but also
safeguards the Company’s long-term sustainability and
As a key enabler of the implementation of the Company’s resilience.
strategies and strategic policies, the Board ensured
strong support from human capital and information
technology. Human capital development was conducted Process of the Board of Directors in
in a structured manner through competency enhancement Ensuring Strategy Implementation
aligned with job requirements, including training
To ensure that the Company’s strategies and strategic
programs, certifications, coaching and mentoring with
policies are implemented effectively and consistently, the
senior colleagues, and job assignments designed to
Board of Directors carries out continuous monitoring and
strengthen both individual and organizational capabilities.
evaluation processes. The Board of Directors conducts
These development programs were delivered through
periodic reviews with relevant functions through Board of
various learning methods, including face-to-face,
Directors meetings and project committee meetings to
blended learning, and online platforms, to ensure optimal
ensure that strategic initiatives and projects are aligned
effectiveness.
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with the Company’s annual strategic direction. Through The decline in new booking was also reflected in the
this mechanism, the Board of Directors is able to identify number of new booking units, which totaled 58,295 units
developments, challenges, and necessary corrective in 2025, representing a decrease of approximately 47.85%
measures in a timely manner. compared to 111,786 units in 2024. The most significant
declines occurred in new car and used car financing, while
In addition to managerial oversight, the Board of Directors other financing categories were relatively more stable
ensures that the Company’s strategies and strategic compared to the automotive segment. This condition was
policies are communicated clearly and effectively to consistent with the decline in national motor vehicle sales
all employees. Dissemination of corporate strategy is throughout 2025, as well as the Company’s more selective
conducted through regular meetings and cross-level financing policy aimed at maintaining portfolio quality.
organizational forums, ensuring that every member of
the Company understands their role and contribution in From a financial performance perspective, the Company
supporting the achievement of strategic objectives. This recorded revenue of Rp4.64 trillion in 2025, representing
approach aims to build alignment between the Company’s 75.06% of the Rp6.18 trillion target. This achievement
strategic direction and daily operational execution. declined by 16.92% compared to the previous year’s
realization of Rp5.58 trillion. Meanwhile, net profit
In supporting strategy implementation, the Board amounted to Rp400.02 billion, or 65.88% of the Rp607.17
of Directors actively coordinates with the Board of billion target, declining by 65.87% from the Rp1.17
Commissioners to obtain guidance and strategic trillion realized in 2024. The pressure on profitability was
input, while ensuring effective oversight functions. This primarily attributable to lower volume of new booking and
coordination ensures that the strategies and policies increased expenses related to credit risk management.
implemented remain relevant to business dynamics and Nevertheless, the Company maintained disciplined
aligned with Good Corporate Governance principles. cost management and operational stability as part of
Furthermore, the Board of Directors maintains open and its strategy to preserve performance resilience amid
constructive communication with stakeholders, including challenging industry conditions.
employees, business partners, and regulators, to uphold
transparency, strengthen synergy, and ensure that In line with the decline in financing activity, total assets
strategy implementation proceeds in accordance with the in 2025 stood at Rp28.0 trillion, compared to Rp34.4
established objectives. trillion in 2024, reflecting the Company’s prudent
portfolio management policy. From a capital structure
Comparison Between Results and perspective, the Company maintained its gearing ratio
Targets at 4.49 times, representing 78.88% of the 5.95 times
At the beginning of the 2025 financial year, the Company target, demonstrating prudent leverage and liquidity
established a set of operational and financial performance management amid market volatility. In terms of financing
targets as set out in the 2025 Business Plan (RBP). quality, the Gross NPF ratio was recorded at 2.40%, higher
These targets were determined by taking into account than the 0.79% target.
macroeconomic projections, developments in financing
industry policies, and the Company’s growth strategy.
However, economic developments throughout 2025 Challenges and Mitigation Measures
exerted pressure on public purchasing power and overall Mandiri Tunas Finance performance in 2025 was
financing demand within the industry, thereby affecting influenced by various external and internal challenges
the Company’s performance achievement. affecting financing demand and industry dynamics.
Ongoing global economic uncertainty, accompanied by
In terms of new booking, achievement of new booking geopolitical tensions, encouraged cautious consumer
value in 2025 amounted to Rp19.30 trillion, representing behavior in making financing decisions. Domestically,
60.32% of the Rp32.0 trillion target. On a year-on-year Indonesia’s moderate economic growth and relatively
basis, new booking value declined significantly compared stable inflation had not fully supported the recovery of
to 2024, which reached Rp35.09 trillion, in line with the durable goods consumption. These conditions resulted in
slowdown in financing demand across the industry. The weaker financing demand, particularly in the automotive
decline occurred across nearly all financing categories, sector, which is highly sensitive to changes in purchasing
particularly financing for new car, which decreased by power and consumer expectations.
approximately 49.4% in contract value, and financing
for used car, which declined by approximately 47.5%. These pressures were reflected in the decline in national
Motorcycle financing and other financing categories also motor vehicle sales throughout 2025. National car sales were
experienced contraction, reflecting weakened demand contracted compared to the previous year, directly affecting
across various consumer financing segments within the new vehicle financing performance. In addition to demand-
industry. side factors, this dynamic also coincided with intensifying
PT Mandiri Tunas Finance
Annual Report 2025 37
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Management Report
competition within the financing industry, particularly in the To capture these opportunities, Mandiri Tunas Finance
automotive segment, which remains a primary focus for will focus its growth strategy on expanding new sources
most industry players. This situation encouraged financing of growth and enhancing value creation. These efforts
companies to optimize their competitive advantages while include product diversification, expansion of used car
maintaining disciplined margin management. financing, and strengthening multipurpose financing
products to reach broader market segments. The positive
In response to these conditions, the Company adjusted trend in multi-purpose financing throughout 2025
its business management approach while continuing to demonstrates strong potential, supported by the public’s
prioritize a risk-based and prudent framework. The Company need for liquidity and the use of existing assets as a flexible
focused on strengthening business resilience through more source of financing. Going forward, more segmented and
selective portfolio management and reprioritization of customer-driven multi-purpose financing are expected to
growth initiatives, ensuring that it did not merely pursue become a source of resilient growth.
volume but maintained a balance between growth and
performance quality. This approach enabled the Company The Company will also increase contributions from the
to preserve operational and financial stability amid industry corporate segment, optimize business potential across
pressures. various ecosystems especially through synergy with Mandiri
Group, and strengthen relationships with key customers to
In addition, the Company continued to enhance value maximize long-term value generation. All of these initiatives
creation and competitiveness through improvements in are supported by service quality improvements and
process and service quality, optimization of its business accelerated digital-based processes, enabling the Company
ecosystem, and strengthening long-term relationships with to offer financing solutions that are more relevant, efficient,
customers and business partners. These measures form part and competitive.
of the Company’s efforts to sustain performance and build a
stronger foundation to capture growth opportunities in the Entering 2026, the Company has established strategic
future. measures to drive sustainable business growth through
increased new booking while maintaining asset quality. The
Company will focus on balanced booking mix management,
Business Prospects Overview sustainable revenue enhancement through margin
The Board of Directors believes that the Company’s future optimization, fee-based income, and recovery, as well as
business prospects remain positive, although the financing maintaining operational cost ratios at efficient levels. The
industry continues to face various economic and geopolitical implementation of ESG (Environmental, Social, Governance)
challenges. From a macroeconomic perspective, financing principles, strengthening of end-to-end processes through
demand is expected to increase in line with improved a risk-based processing approach, development of the
projections for national economic growth in 2026 and stable digital ecosystem, and enhancement of human capital
inflation. Early signs of recovery are reflected in improving competencies—all form the core foundation for achieving
vehicle sales, which are expected to serve as a catalyst for the Company’s sustainable business prospects.
strengthening the automotive financing market in the coming
year. In addition, the Company’s portfolio diversification Implementation of Good Corporate
strategy provides more balanced growth opportunities and Governance
reduces reliance on a single business segment. The implementation of Good Corporate Governance (GCG)
serves as the primary foundation in maintaining business
From an external perspective, global and domestic sustainability and performance resilience. Accordingly,
developments present constructive opportunities for the throughout 2025, Mandiri Tunas Finance continued to
financing industry. Stabilization of the global economy strengthen GCG implementation in an integrated manner
and easing international interest rate pressures are across its organizational structures, business management
expected to improve market sentiment and create more processes, and oversight mechanisms, in accordance with
competitive funding conditions. At the national level, the POJK No. 48/POJK.05/2024 concerning Good Corporate
continued recovery of Indonesia’s economy is anticipated Governance for Financing Companies. These efforts
to enhance purchasing power and expand financing are aimed at ensuring clarity of roles and accountability
demand, supported by stable inflation and exchange rate among corporate organs, effectiveness of internal
conditions. Government policy support, including the control systems and risk management, and transparency
extension of automotive incentives, increased Domestic in decision-making, so that GCG functions not only as a
Component Level (TKDN), and encouragement of electric compliance instrument but also as a guiding framework
vehicle adoption, is also expected to provide additional for operational and financial management.
stimulus for financing growth in the vehicle sector.
As part of its continuous improvement efforts, the
Company consistently conducted GCG assessments
38 PT Mandiri Tunas Finance
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through internal evaluation mechanisms, including self- Changes in the Composition of the Board
assessments and assessments at the Mandiri Group level, of Directors
as well as external evaluation through participation in the In 2025, Mandiri Tunas Finance did not make any changes to
Corporate Governance Perception Index (CGPI). In 2025, the composition of the Board of Directors. The composition
Mandiri Tunas Finance achieved the “The Most Trusted of the Board of Directors as of 31 December 2025 was as
Company” designation with a score of 85.06 in the follows:
CGPI ranking, reflecting the effectiveness of governance • Pinohadi G. Sumardi : President Director
implementation across transparency, accountability, • R. Eryawan Nurhariadi : Director
responsibility, independence, and business management • William Francis Indra : Director
aspects. The results of these assessments serve as
the basis for implementing measurable improvement Closing
recommendations, ensuring that GCG principles are Amidst the slowdown in the financing industry and
consistently embedded in workplace behavior and challenging economic dynamics, Mandiri Tunas Finance was
decision-making at all organizational levels. able to maintain portfolio quality, operational and financial
performance stability, and financial flexibility through
In line with its governance commitment, Mandiri Tunas disciplined and focused management. These achievements
Finance also integrates sustainability principles into would not have been possible without the support of
its corporate strategy and operations. Sustainability various stakeholders. We express our appreciation to our
implementation includes supporting government shareholders, partners, customers, and employees for
initiatives to reduce emissions, including providing the trust, collaboration, and dedication demonstrated
electric vehicle financing as part of its ESG initiatives. throughout 2025. We also extend our gratitude to the
The Company continues to promote digitalization of Board of Commissioners for their advice and guidance,
processes and documentation to reduce paper usage, which has helped us navigate the Company’s strategic
while strengthening human capital development through direction in capturing future opportunities.
training programs, competency development initiatives,
and scholarships for high-potential talent. In addition, With the foundation that has been established and a strong
the Company provides employee well-being programs vision ahead, the Board of Directors remains confident
through various sports and employee engagement that the Company is on the right path to continue healthy
activities aligned with its core value of “Grow Healthy”, and sustainable growth. We are committed to further
supporting long-term business sustainability and strengthening Mandiri Tunas Finance’s role as a trusted
productivity. financing partner and creating long-term value for all
stakeholders.
Jakarta, April 1, 2026
On Behalf of PT Mandiri Tunas Finance Board of Directors
Pinohadi G. Sumardi
President Director
PT Mandiri Tunas Finance
Annual Report 2025 39
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Management Report
Board of Commissioners
Nugraha Indra Permadi
President Commissioner
Fendy Eventius Mugni
Independent Commissioner Subarna
Independent Commissioner
40 PT Mandiri Tunas Finance
Annual Report 2025
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Strengthening the Core, Championing in Captive Ecosystem www.mtf.co.id
Board of Directors
Pinohadi G. Sumardi
President Director
William Francis Indra
Director R. Eryawan Nurhariadi
Director
PT Mandiri Tunas Finance
Annual Report 2025 41
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Management Report
Statement Letter by Members of the Board of
Commissioners Regarding Responsibility for the
2025 Annual Report of PT Mandiri Tunas Finance
We, the undersigned, hereby declare that all information contained in the Annual
Report of PT Mandiri Tunas Finance for the fiscal year 2025 has been included in its
entirety and we are fully responsible for the accuracy of the contents of the Company’s
Annual Report.
This statement is made in good faith.
Jakarta, April 1, 2026
Board of Commissioners
Nugraha Indra Permadi
President Commissioner
Fendy Eventius Mugni Subarna
Independent Commissioner Independent Commissioner
42 PT Mandiri Tunas Finance
Annual Report 2025
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Statement Letter by Members of the Board of
Directors Regarding Responsibility for the 2025
Annual Report of PT Mandiri Tunas Finance
We, the undersigned, hereby declare that all information contained in the Annual
Report of PT Mandiri Tunas Finance for the fiscal year 2025 has been included in its
entirety and we are fully responsible for the accuracy of the contents of the Company’s
Annual Report.
This statement is made in good faith.
Jakarta, April 1, 2026
Board of Directors
Pinohadi G. Sumardi
President Director
R. Eryawan Nurhariadi William Francis Indra
Director Director
PT Mandiri Tunas Finance
Annual Report 2025 43
Page 45
Management Report
Chief
B. Perana Citra Ketaren
Chief
Afri Feder Fauzi
Chief
Devi Maladianti
Chief
44 PT Mandiri Tunas Finance
Annual Report 2025
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PT Mandiri Tunas Finance
Annual Report 2025 45
Page 47
Company Profile
Company
Profile
3,142
MTF
Perwira
Committed
to Foster Trust
For more than sixteen years, MTF
has served as a trusted partner in
realizing people’s dreams. Hence,
MTF seeks to offer accessible,
innovative and competitive
financing solutions for customers.
4.76
Customer
Satisfaction
46 PT Mandiri Tunas Finance
Annual Report 2025
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5
Business
Activities
PT Mandiri Tunas Finance
Annual Report 2025 47
Page 49
Company Profile
Company’s General Information
and Identity
Company Issued
Name Capital
Rp250,000,000,000
PT Mandiri Tunas Finance (Two Hundred Fifty Billion Rupiah)
Date of Forerunner
Establishment
17 May 1989 PT Tunas Financindo Corporation (1989)
(under the name PT Tunas Financindo Corporation) PT Tunas Financindo Sarana (2000)
Legal Line of
Status Business
Limited Liability Company (PT), Issuer Investment financing, working capital, multipurpose,
and other financing business activities based on the
approval of the Financial Services Authority (OJK).
Legal Basis of
Establishment
Products
Deed No. 262 dated 17 May 1989 of Notary Misahardi
and Services
Wilamarta, S.H., Notary in Jakarta, and approved
Financing through installment purchases, lease
by the Minister of Justice in Decree No.C2-4868.
financing, sale and leaseback arrangements, as well
HT.01.01.TH.89 dated 1 June 1989 and announced
as fund facilities and working capital facilities.
in the State Gazette of the Republic of Indonesia No.
57, Supplement No. 1369 dated 18 July 1989
Business
Network
Authorized
Capital
Rp1,000,000,000,000
125 10
Branch Offices Offices Other than
(One Trillion Rupiah) Branch Offices (KSKC)
48 PT Mandiri Tunas Finance
Annual Report 2025
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Ownership Mobile
App
51 %
49 %
1. MTF Mobile
2. MTF 1Access
3. MTF Mobile Collection
4. MTF Report
PT Bank Mandiri PT Tunas Ridean 5. MTF OSR
(Persero) Tbk
6. HC EAZY
Securities
Code
TUFI
@ Communication
Channels
• Facebook: Mandiri Tunas Finance
Bond Listing • Instagram: @mandiritunasfinance
Exchange • Linkedin: Mandiri Tunas Finance
• Whatsapp: 08111455740
• Twitter: @mandiritunasfin
Indonesia Stock Exchange • Youtube: Mandiri Tunas Finance
• Tiktok: @mandiritunasfinance
• Website: www.mtf.co.id
Customer
Service
Corporate
Email: customer.service@mtf.co.id
Secretary
(Monday-Friday, 08.30-17.30 WIB)
Care Center: 1500059 Dadan Hamdhani
(Monday-Friday, 08.00-17.00 WIB) Email: corporate.secretary@mtf.co.id
Website: www.mtf.co.id
Head Office
Graha Mandiri Lt. 3A Jl. Imam Bonjol No. 61 Menteng, Central Jakarta DKI Jakarta 10310,
Indonesia. Telepon: +62 21 230 5608
PT Mandiri Tunas Finance
Annual Report 2025 49
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Company Profile
Company Logo Meaning
Mandiri Tunas Finance’s brand identity consists of a symbol, logotype,
colors, and a tagline. In simple terms, each item can be explained as follows:
Logo Shape with Lowercase Letters Liquid Gold Waveform
The use of lowercase letters signifies a friendly attitude The liquid waveform is a symbol of financial wealth in
towards all business segments entered by Mandiri Asia that emphasizes agility, progressiveness, forward-
Tunas Finance and shows a great desire to humbly serve looking, excellence, flexibility, and resilience in all future
all customers (customer centric). challenges.
Dark Blue Logotype Gold Yellow (Orange-ish Yellow)
The color blue symbolizes a sense of comfort, calm, and The color gold signifies majesty, glory, prosperity, and
soothing, as well as noble heritage, stability, respect, and wealth. It symbolizes liveliness, creativity, festivity,
reliability. Furthermore, it symbolizes professionalism, friendliness, fun, and comfort.
strong foundation, loyalty, trustworthiness, and high
honor.
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Brief Company History
PT Mandiri Tunas Finance (hereinafter referred to as Mandiri Tunas Finance/
Company) was established on 17 May 1989 under its founding name, PT
Tunas Financindo Corporation, as a motor vehicle financing company
initially focused on consumers from the Tunas Ridean Group dealer network.
PT Mandiri Tunas Finance (hereinafter referred to as Mandiri Company entered a strategic phase in 2009 after PT Bank
Tunas Finance/Company) was established on 17 May 1989 Mandiri (Persero) Tbk acquired 51% of shares previously
under its founding name, PT Tunas Financindo Corporation, owned by PT Tunas Ridean. The acquisition was ratified
as a motor vehicle financing company initially focused on through the Decree of the Minister of Finance Number
consumers from the Tunas Ridean Group dealer network. KEP352/KM.10/2009, resulting in the renaming of PT Tunas
Mandiri Tunas Finance is a financing company that offers Financindo Sarana to PT Tunas Mandiri Finance.
easy, innovative and competitive financing solutions for
customers. The Company provides financing facilities for The combined strengthens of Bank Mandiri, Indonesia’s
new cars and commercial vehicles, as well as multipurpose largest bank by assets, and the Tunas Ridean Group,
financing, serving both consumers and productive purposes an integrated automotive service provider representing
for individuals and corporations. a portfolio of leading automotive brands, significantly
enhance the Company’s funding capacity, distribution
In line with the increasing scale and portfolio of its business, network, and overall business capabilities. This strategic shift
PT Tunas Financindo Corporation changed its name to in shareholding further solidifies the Company’s position
PT Tunas Financindo Sarana in 2000. Furthermore, the within the national automotive financing ecosystem.
PT Mandiri Tunas Finance
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Company Profile
Strengthening Capital Market Funding (GMDP). These programs are designed to sustain a
and Credibility leadership pipeline, enhance internal talent readiness,
To strengthen its long-term funding structure, the and support seamless fulfillment of strategic positions.
Company has issued continuous bond instruments on the
Indonesian Stock Exchange. Starting from Continuous In addition to enhancing ladership capabilities, the
Bonds I Phase I in 2013 to the most recent issuance, Company provides its best talents with technical
Continuous Bonds IV Phase I in 2025, the Company competency training tailored to business needs. This
has consistently received strong credit ratings from a training aims to sharpen data-driven decision-making,
reputable credit rating agency, idAA+ and idAAA. These deepen risk and compliance expertise, refine performance
top-tiers reflect Mandiri Tunas Finance’s robust capacity management, and ensure the technical mastery required
to fulfil its long-term responsibilities, indicating the high for respective roles and levels of responsibilities.
level of trust held by stakeholders across the financing
industry and capital markets. These talent development initiatives are implemented
in parallel with efforts to enhance the quality of internal
Commitment to Customers processes and governance The Company continuously
and Financial Inclusion improves its work systems and procedures, while
Mandiri Tunas Finance’s vision, To Be Your Trusted reinforcing the implementation of the Budaya Perwira
Financing Partner, serves as the fundamental guide for MTF as a foundation for organizational behavior.
the Company in providing accessible, competitive and Additionally, internal control and risk management are
transparent financing services. A diverse range of value- continuously strengthened through various risk mitigation
added products, an extensive branch network across and fraud prevention measures with the aim of upholding
Indonesia, responsive mobile services, and standardized operational integrity and achieving the company’s vision
financing processes are the key pillars in meeting the and mission sustainably.
various needs of customers. The Company has served
as a trusted parner to the community for more than Corporate Synergy and Strengthening
sixteen years, facilitating vehicle ownership, addressing Market Position
consumer financing needs, and supporting business Mandiri Tunas Finance’s growth is driven not only by its
capital development through flexible financing schemes. internal capabilites but also by the strong collaboration
with its two principal shareholders, Bank Mandiri and
In support of financial inclusion and economic Tunas Ridean. This strategic partnership combines the
development, Mandiri Tunas Finance also channels strengths of Indonesia’s largets banking network with a
sustainable financing to the MSME segment and supports well-established automotive network, creating broader
the modernization of operational vehicles and heavy opportunities for the Company. By leveraging Bank
equipment that support the national economic value Mandiri’s extensive network nationwide, the Company is
chain. This role reaffirms the Company’s contributions able to expand its customer base through increasingly
to expanding business opportunities while promoting integrated and sustainable services.
inclusive and sustainable economic growth.
In addition to shareholder support, Mandiri Tunas Finance
Exceptional Performance of the Best Talent continues to boost its market share through long-term
The exceptional performance of Mandiri Tunas Finance’s partnerhips with Sole Brand Holder Agents (ATPMs), dealer
best talents is sustained by focused and integrated networks, and business partners across its marketing
human resource management and development oriented offices. Currently, the Company collaborates with nearly
toward strengthening organizational readiness in all Brand Holder Agents (APMs), enabling it to provide
navigating business volatility. The Company consistently financing solutions for all vehicle brands in line with the
implements a Management Trainee (MT) program as needs of customers. These partnerships reaffirm the high
a strategic recruitment pathway through structured level of trust placed by the industry in the Company’s
education and training for leadership succession. This service quality and operational resilience.
program establishes a foundation for developing Future
Leaders who embody the competencies and values of Mandiri Tunas Finance’s solid foundation, which was built
the Company. on a proven track record, a strong funding structure, high-
quality human resources, and strategic synergies with
Along with that, the company also continues to strengthen shareholders and industry partners, solidifies its position as
its leadership development initiative through a structured a key pillar in the national financing industry. The Company
series of tiered programs, including the Supervisor serves not only as a financing solution provider but also as
Development Program (SDP), Management Development a catalyst for mobility, productivity, and inclusive economic
Program (MDP), Senior Manager Development Program growth. With continuously strengthened capabilities
(SMDP), hingga General Manager Development Program and a commitment to delivering sustainable value,
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Mandiri Tunas Finance moves forward with confidence to services, and make significant contributions to the
achieve stronger performance, offer increasingly relevant future Indonesia’s financing industry.
Chronology of
Name Change
26 June 2009
- Now
18 August
2000 PT Mandiri
Tunas Finance
17 May PT Tunas
1989 Financindo
Sarana
PT Tunas
Financindo
Corporation
Company Establishment (1989) • Name: PT Tunas Financindo Corporation
Name Change to PT Tunas Financindo Sarana (2000) • Legal Basis: Deed No. 49 dated 18 August 2000
• Notary: Adam Kasdarmadji, S.H., M.H.
• Approval from the Minister of Law and Legislation: SK No. C-21195HT.01.04.
TH2000 dated 22 September 2000
Acquisition by PT Bank Mandiri (Persero) Tbk (2009) and Name • Percentage of acquired shares: 51%
Change to PT Mandiri Tunas Finance • Legal basis: Deed No. 181 dated 26 June 2009
• Notary: Dr. Irawan Soerodjo, S.H., MSi.
PT Mandiri Tunas Finance
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Company Profile
Milestones
2009
1. PT Bank Mandiri (Persero) Tbk acquired 51% of
the Company’s shares
2. Change of the Company’s name to
PT Mandiri Tunas Finance
2004-2008 3. Focused on used car financing
The Company opened
20 (twenty) new branch
offices
2010
1. Opened 13 (thirteen) new branches, namely:
• BSD (South Tangerang)
• Pecenongan (Central Jakarta)
• Denpasar
2000 • Pontianak
The Company changed • Kendari
its name to PT Tunas • Palangkaraya
Financindo Sarana • Parepare
• Karawang
• Tarakan
• Kediri
• Tegal
• Bengkulu
• Manado
1995-1997 2. Relocated the Company’s headquarter to Graha
The Company opened Mandiri: Imam Bonjol Street No. 61, Menteng,
7 (seven) new branch Central Jakarta 10310
offices.
1989 2011
Opened 22 (twenty two) • Pondok Gede • Palu
Established as PT Tunas new branches, namely: (West Java) • Madiun
Financindo Corporation, • Rantau Prapat • Mampang Prapatan • Jember
100% owned by Tunas (North Sumatera) (now: Duren Tiga 2 • Gianyar
Ridean Group • Muara Bungo (Jambi) (South Jakarta)) • Kudus
• Padang • Kebon Jeruk (West • Magelang
• Pangkal Pinang Jakarta) • Mataram
• Banda Aceh • Tuban • Gorontalo
(permanently closed) • Tanjung • Bandung 2
• Sukabumi (South Kalimantan) • WTC Mangga Dua
• Serang (permanently closed) (now: Kemayoran
(North Jakarta))
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2012
1. Focused on new car financing
2. Achieved the AA(idn); Stable Outlook from Fitch
Rating Indonesia
3. Bond rating upgraded from idA+ to idAA
(Double A; Stable Outlook) from Pefindo
2013
Opened 9 (nine) new branches, namely:
• Batam
• Bukittinggi
• Duri (Riau)
• Baturaja (South Sumatra)
• Lubuklinggau (South Sumatra)
• Cibubur (West Java)
• Bandarjaya (Lampung)
• Banjarbaru
• Tangerang 2
2014
1. Launched the Mandiri KKB
(Motor Vehicle Loan)
2. Expanded regional offices from
6 (six) regional offices to 9 (nine)
regional offices 2016
3. Opened 11 (eleven) new branch
1. Launched Multipurpose products
offices, namely:
2. Additional payment channel services
• Ujung Batu (Riau)
through retailers
(permanently closed)
3. Pefindo rating increased to idAA+
• Tanjung Pinang (Kepulauan Riau)
4. Opened 3 (three) new branch
(permanently closed)
offices, namely:
• Bontang
• Bandung
• Cibinong (West Java)
• Lebak Bulus (South Jakarta)
• Rangkasbitung (Banten)
• Luwuk (Central Sulawesi)
• Cikarang (West Java)
• Garut
• Pekalongan
• Subang
• Gresik
• Mojokerto
1. Opened 5 (five) new branches, namely:
• Sintang (West Kalimantan)
• Sampit (Central Kalimantan)
• Mamuju
2015 • Kotamobagu (North Sulawesi)
• Kupang
2. Opened 20 (twenty) new satellite offices in
Bank Mandiri branch offices
PT Mandiri Tunas Finance
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Company Profile
Milestones
1. Implemented offshore
syndication to Singapore,
Taiwan & Japan
2. BSM (Bank Syariah Mandiri)
OTO servicing synergy
2017 3. Opened 5 (five) new branch
2022
offices, namely:
• Banyuwangi
1. Launched the MTF 1Access to
• Ketapang (West Kalimantan)
provide Fast & Easy services
• Sorong
2. Pefindo Rating improved to
• Jayapura
idAAA (Triple A)
• Ambon
3. MTF’s best performance
was recorded through the
achievement of Rp750 billion
in net profit
2018
1. Channeling Financial Technology
(Fintech)
2. Working Capital Financing
3. Financing through online dealers
4. Factoring financing
5. Inaugurated the Ungaran branch
2021
office as an implementation of MTF back on track by successfully
Centralized Input Process (SPRINT) delivering positive value to
6. Minimized cost of funds through stakeholders through the
offshore funding and asset purchase achievement of a net profit of
7. Opened 3 new branch offices, Rp245.88 billion.
namely:
• Medan 2
• Pekanbaru 2
• Ungaran (Central Java)
1. Partnered with Mandiri Taspen
2. Launched “Cash Aja”, a new brand
for multipurpose financing
3. Launched the MTF Customer
2020
2019 Experience Lounge in the MTF MTF supported the National
headquarter Economic Recovery (PEN)
4. Launched three regional and/or program, an initiative of the
branch offices, namely: Indonesian Government to
• Regional Office IX-Sulawesi, address the COVID-19 pandemic,
Maluku, and Papua (South Sulawesi) by providing credit restructuring
• Pluit (North Jakarta) facilities to customers, with a total
• Balikpapan restructuring value of Rp13.15
trillion.
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2025
2023
1. Launched the MTF Digital
Service & MTF Mobile as the
latest solution in providing
digital-based customer
services
2. Recorded profit of Rp1.16 1. MTF maintained recognition as The Most
trillion and disbursed financing Efficient Subsidiary of The Year from Bank
of Rp32.69 trillion Mandiri as Holding Group
3. MTF maintained the idAAA 2. Accelerated digitalization initiatives to
Rating from Pefindo expand access to sustainability financing
by leveraging MTF Mobile application,
with a total transaction value reaching
Rp1.06 trillion
3. Strengthened sustainability commitments
through the provision of Environmentally
Friendly Vehicle financing totalling Rp2.29
trillion
4. The Company was recognized as “Very
2024 Trusted” based on the Corporate
Governance Perception Index at the
1. MTF had 125 branch offices Indonesian Good Corporate Governance
across 32 provinces in Indonesia Award 2025
2. Recorded the strongest
performance in history, with
financing disbursements
totalling Rp35.09 trillion and net
profit reaching Rp2.27 trillion
3. MTF continued to maintain its
idAAA Rating from Pefindo
4. Digital transformation in form of
sustainable financing inclusion
through the MTF Mobile
application, with transaction
value of Rp369.15 billion
5. Ongoing commitment to
sustainability by providing
financing for Environmentally
Friendly Vehicles totalling
Rp2.27 trillion
PT Mandiri Tunas Finance
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Company Profile
Vision, Mission, Values,
and Corporate Culture
Vision Mission
To Be Your Trusted Provide Reliable Fast &
Financing Partner Easy Services to Customer
Trust is the foundation that a financing company The Company believes that trust is built through
must uphold, therefore the Company is responsive and reliable service. Through this
committed to continue to foster trust from all mission, the Company continuously strives
of the Company’s customers. The Company to improve the quality and speed of service,
views that sustainable business growth must and ensure that every interaction provides a
pay attention to the needs and perspectives of satisfying experience for customers.
all customers. With this in mind the Company
places itself as a true partner and friend of
customer in every step of their financial journey.
Reviewing Vision
and Mission
The Board of Commissioners and Directors
periodically evaluate the alignment of the vision
and mission to ensure that the established
strategic direction remains in line with the
Company’s long-term objectives. Following
the results of the 2025 review, the Board of
Commissioners and Directors concluded
that the vision and mission remain aligned
with current business dynamics and industry
challenges. Accordingly, the Company opts to
maintain the current vision and mission without
the need for revision.
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Corporate Culture
The Corporate Culture, Known as “Budaya Perwira”, is the
Result of the Implementation of Morality Core Values from
Bank Mandiri (Persero) Tbk and I-Care from PT Tunas Ridean.
Budaya PERWIRA was established on 11 December 2009 the Company’s work culture. These four core values
and rejuvenated on 18 June 2019, as part of an update encompass thirteen core behaviors, which are expected
of the Company’s core values. PERWIRA is an acronym to be consistently implemented by all employees in their
representing Trust, Entrepreneurship, Innovative, and roles in Mandiri Tunas Finance.
Excitement, which form the four core values underpinning
KeWIRausahaan
Consistently developing in a proper manner from
the beginning based on a sense of ownership,
KePERcayaan creating added value and providing best services.
Every employees must have:
Disciplined and responsible, uphold principles 1. Sense of belonging
of truth in thinking, acting, and behave 2. Developing in a proper manner from the
accordingly with what is promised based on beginning
conscience, morals, ethics and rules of the 3. Focus on customer.
Company. Every employee shall uphold the
following values:
1. Having integrity
2. Honest and trustworthy
3. Responsible
4. Committed
KegembiRAan
Fun work atmosphere established on a sense
of togetherness, pride and unyielding spirit.
Every employee must work with:
1. Enthusiasm, agility, perseverance
Inovatif 2. Synergy
3. Excitement
Be open to changes by creating ideas through
continuous learning to develop creative
solutions. Every employees must work with the
following mindset:
1. Adaptability
2. Continuous learning
3. Creativity
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Company Profile
Line of Business Products and Services
Business Activities
In accordance with the latest Articles of Association stipulated with reference to the Regulation of the Financial Services Authority
No. 46 Year 2024 on the Development and Strengthening Financing Companies, Infrastructure Financing Companies, and
Venture Capital Companies, the Company’s business activities as of 31 December 2025 are as follows:
Kegiatan Usaha Keterangan
• Investment Financing Has been executed
• Working Capital Financing Has been executed
• Multipurpose Financing Has been executed
• Other financing business activities based on the approval of the Financial Services Authority Has been executed
Supporting Business Activities
In addition to the business activities as referred to above, the Company may conduct Operating Lease
and/or fee-based activities as long as they do not conflict with the provisions of laws and regulations in the
financial services sector.
Products and Services
In line with the Statement of Financial Accounting Standards (PSAK) 5 (Revised 2009) on ”Operating Segments”,
the Company’s business segments are categorized based on major customer groups and products, namely
Fleet and Retail, as well as other segments for which calculations cannot be allocated into these two segments.
Types of Financing Segments
• Multipurpose Financing • Retail Segment (Individual)
Multipurpose Financing is the financing of goods and The Company provides financing to individual customers,
or services intended for use or consumption and not for primarily for vehicle needs, including new and used
business or productive activities, within an agreed period. passenger cars, as well as multipurpose financing
including cash funds in accordance with prevailing
• Investment Financing regulations. Financing in the retail segment aims to
Investment Financing is the financing of capital goods provide convenience to individual Customers in meeting
along with related services required for business their financing needs through competitive products, as
or investment activities, including rehabilitation, well as offering a variety of product options tailored to
modernization, expansion, or relocation of business or their needs and financial capacity, with installment-based
investment premises, provided to Debtors. payments.
• Working Capital Financing • Corporate Segment
Working Capital Financing is financing to meet The Company provides financing to corporate or
expenditure needs that are consumed within one cycle of institutional customers to support operational needs
the Customer’s business activities, by providing financing and business development, including financing for
limits to Customers on a committed and advised basis. operational vehicles, heavy equipment and machinery,
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as well as employee vehicle ownership programs (COP facility requirements in a more effective and well-planned
or MOP) in accordance with the Company’s schemes manner, while supporting productivity and operational
and policies. Financing in the corporate segment aims sustainability through competitive and flexible financing
to assist companies in fulfilling asset and supporting schemes in line with customer needs.
Membership in Associations
MTF As part of its commitment to good governance, regulatory compliance and proffesional network development,
Mandiri Tunas Finance participates in and contributes to various organizations and associations. As of 31
December 2025, the Company maintained memberships in the following associations:
Organization Name Scope MTF Position MTF’s Role and Contribution
Indonesian Financing Company Contributing to the growth of Indonesia’s
National Member
Association (APPI) economy through the automotive sector.
Encourage healthier, more transparent and
PT Rapi Utama Indonesia
National Member accountable business practices in the financial
(RAPINDO)
services sector.
Chamber of Commerce and As very attractive and strategic partner for
National Member
Industry (KADIN) business trade, and investment activities.
This forum for issuers and public companies
Association of Indonesian Issuers has a big mission in developing the
National Member
(AEI) Indonesian capital market and is required to
bring aaceleration of capital market growth.
The main forum for exchanging ideas on
Financial Services Sector settlement of financing disputes that always
Alternative Dispute Resolution National Member prioritizes mediation efforts with the aim
Institution (LAPS SJK) of achieving peace between MTF and the
disputing parties.
PT Mandiri Tunas Finance
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Company Profile
Organization
Structure
PRESIDENT DIRECTOR
Pinohadi G. Sumardi
Corporate Finance
& Risk Management Director
R. Eryawan Nurhariadi
Chief Risk Management Chief Human Capital
Devi Maladianti & Legal
(Vacant)
Treasury & Finance
Division Retail Risk Human Capital Corporate Audit
Ramdhan Safitri Management Division Division Division
Indra Budi Laksana Makah Indra Purnomo Bayu Mario
Accounting & Tax
Division Operational & HC Learning Division Corporate Secretary
Rina Floriana Rustika Corporate Risk Makah Indra Purnomo Division
Management Division Dadan Hamdhani
Vitriati Hartika T.
Corporate Planning
& Performance
Legal & Litigation
Management Division
Arief Aphrian Lambri
Citra Judith Lupitadevi
Retail Creadit Risk
Division
Ivan Ferdinand Thanta
Corporate Credit Risk
Division
Tri Sakti Yulianto
Executive
Credit Officer
Jekson Benardo
Simanjuntak
Corporate Compliance &
AML-CFT
Prista Vitali S.
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Sales & IT Director
William Francis Indra
Chief AR Management
Chief Marketing Chief Captive Business
& General Service
Afri Feder Fauzi (Vacant)
B. Perana Citra Ketaren
Regional Division Strategic Marketing & Mandiri Liaison 1 Current AR
• Elwis Tunendra Communication Division Division Management Division
• Ari Paisal Rohman Ruly Widyanto Andre Tigor (Vacant)
• Mardi Fahmi
• Puji Biso Santoso
• Sukandar
• Dony Tri Sofyan Adi Marketing Division Mandiri Liaison 2 SAM & Remedial
• Ronald Rajagukguk Camar Sativa Division Management Division
• Gun Gun Wildan Jarnawi Wicaksono Adi
• Irianto Musdiono
Multiguna Division Corporate Fleet Division Recovery
Business & Operation
Andes Saputra Bragent Parlinggoman Management Division
Support Division
Tambunan Indra Budi Laksana
Yeremias
Business Project Unit Executive Credit Operation &
Information (Vacant) General Service Division
Business Officer
Technology Division Yeremias
(Vacant)
Kanda Octaviano
Account Maintenance
Digital Transformation Head
Division Rully Rianto F.
Kanda Octaviano
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Company Profile
Change to the Composition of the
Board of Commissioners and Directors
Change to the Composition of the Board of
Commissioners Therefore, the composition of the Board of Commissioners as
Changes to the composition of the Company’s Board of of 31 December 2025 is as follows:
Commissioners were enacted through shareholder decisions 1. President Commissioner: Nugraha Indra Permadi
in 2025. At the Extraordinary GMS, as stipulated in the Deed 2. Independent Commissioner: Fendy Eventius Mugni
of Meeting Resolution Statement No. 101 dated 23 June 3. Independent Commissioner: Subarna
2025, shareholders approved the resignation of Mr. Saptari
from his position as Commissioner. Change to the Composition of the Board of Directors
As of 31 December 2025, there were no change to the
Furthermore, at the Annual GMS for the 2025 Financial composition of the Board of Directors. Therefore, the
Year recorded in the same deed, shareholders approved composition of the Board of Directors as of 31 December
the resignation of Mr. Rico Adisurja Setiawan from his role 2025 is as follows:
as President Commissioner, and appointed Mr. Nugraha
Indra Permadi as President Commissioner. The appointment 1. President Director: Pinohadi G. Sumardi
became effective upon the approval from the Financial 2. Director: R. Eryawan Nurhariadi
Services Authority (FSA) following the completion of the fit 3. Director: William Francis Indra
and proper test on 17 September 2025.
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Profile of the Board of Commissioners
Nugraha Indra Permadi
President Commissioner
Place and Year of Birth: Bandung, 1974
Age: 51 Years
Citizenship: Indonesia
Domicile: East Jakarta Administrative City
Legal Basis of Appointment
Appointed as President Commissioner of the Company pursuant to Deed of Statement of Resolutions of the Annual
General Meeting of Shareholders No. 174 dated 30 June 2025, made before M. Kholid Artha, S.H., Notary in South
Jakarta, with a term of office until the closing of the Annual General Meeting of Shareholders 2028. His position as
President Commissioner is effective based on the Decree of the Member of the Board of Commissioners of the Financial
Services Authority No. KEP-51/D.06/2025 dated 17 September 2025 concerning the Fit and Proper Test Result of Nugraha
Indra Permadi as candidate for President Commissioner.
Term of Office
25 July 2025 until the closing of the Annual General • Marketing Planning and Development Group
Meeting of Shareholders for Fiscal Year 2027 (First Term) Department Head
PT Tunas Ridean (2005-2006)
Educational Background • Sales Division Area Improvement & Kaizen Project PT
• Master of Science in Civil Engineering from Institut Toyota Astra Motor (2001-2005)
Teknologi Bandung (2002)
• Bachelor of Civil Engineering from Universitas Katolik Concurrent Positions
Parahyangan Bandung (1997) Automotive Director PT Tunas Ridean (2016-2025)
Certifications Affiliate Relationship
Certification of Financing Basis for Commissioners (SPPI) Has no affiliation with other members of the Board of
Commissioners and the Board of Directors, but serves as
Professional Background President Director of PT Tunas Ridean, a shareholder of
• Automotive Director PT Tunas Ridean (2016-2025) the Company.
• Vice Director HR PT Tunas Ridean (2014-2016)
• Chief Operation Officer PT Tunas Dwi Matra (2011- Share Ownership
2013) Does not own any shares of the Company as of 31
• HRD Group Division Head PT Tunas Ridean (2006- December 2025
2011)
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Company Profile
Profile of the Board of Commissioners
Fendy Eventius Mugni
Independent Commissioner
Place and Year of Birth: Pulau Tello, 1972
Age: 53 years
Citizenship: Indonesia
Domicile: Bogor Regency
Legal Basis of Appointment
Appointed as Independent Commissioner of the Company based on Deed of Statement of Extraordinary GMS Resolution
No. 138 dated 28 June 2023, with a term of office until the closing of the Annual GMS 2026. His position as Independent
Commissioner is effective pursuant to the Decree of the Board of Commissioners of the Financial Services Authority No.
13/KDK.06/2023 dated 8 December 2023 concerning the Result of the Fit and Proper Test of Fendy Eventius Mugni as
Independent Commissioner.
Term of Office • Country Manager PT Eflag Solutions Indonesia (2012-
28 June 2023 until the closing of the Annual GMS for 2014)
Financial Year 2025 (First Term) • Project Engineer Nokia Siemens Network Indonesia
(2006-2012)
Educational Background
• Master’s Degree in Energy Sustainability from Concurrent Positions
Universitas Kristen Indonesia (2022) Does not hold concurrent positions
• Bachelor’s Degree in Telecommunication Engineering
from Universitas Kristen Indonesia (2001). Affiliate Relationship
Has no affiliation with other members of the Board of
Certifications Directors, members of the Board of Commissioners, or
• Certification of Financing Basis for Commissioners shareholders.
(SPPI)
• Certification in Audit Committee Practices (CACP) Share Ownership
• Qualified Risk Governance Professional (QRGP) Does not own any shares of the Company as of 31
• Qualified Risk Oversight Professional (QROP) December 2025.
Professional Background Independence Statement
• Independent Commissioner PT Hotel Indonesia Natour He declared his independence on 20 September 2023
(2015-Present) and has not served for more than 2 (two) terms.
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Subarna
Independent Commissioner
Place and Year of Birth: Tasikmalaya, 1968
Age: 57 years
Citizenship: Indonesia
Domicile: Tasikmalaya Regency
Legal Basis of Appointment
Appointed for the first time as Independent Commissioner of the Company based on Deed of Statement of Extraordinary
GMS Resolution No. 16 dated 5 November 2024, with a term of office until the closing of the Annual GMS 2027. His
position as Independent Commissioner is effective pursuant to the Decree of the Board of Commissioners of the Financial
Services Authority No. KEP-9/D.06/2025 dated 14 March 2025 concerning the Result of the Fit and Proper Test of Subarna
as a candidate for Independent Commissioner.
Term of Office Concurrent Positions
5 November 2024 until the closing of the Annual GMS Does not hold concurrent positions
for Financial Year 2026 (First Term)
Affiliate Relationship
Educational Background Has no affiliation with other members of the Board of
• Master in Public Administration from Garut University, Directors, members of the Board of Commissioners, or
West Java (2024) shareholders.
• Bachelor in Economics from Siliwangi University,
West Java (1993) Share Ownership
Does not own any shares of the Company as of 31
Certifications December 2025
• Certification of Financing Basis for Commissioners
(SPPI) Independence Statement
• Qualified Risk Oversight Professional (QROP) He declared his independence on 20 September 2023
and has not served for more than 2 (two) terms.
Professional Background
• Member of the House of Representatives of West Java
XI (2014-2019 and 2019-2024)
• Member of Supervisory Board at PDAM Tirta Sukaputra
(2012-2013)
• Member of Tasikmalaya Regency Parliament (2002-
2011)
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Company Profile
Profile of the Board of Commissioners
Rico Adisurja Setiawan*
President Commissioner
Place and Year of Birth: Jakarta, 1971
Age: 54 years
Citizenship: Indonesia
Domicile: Central Jakarta Administrative City
Legal Basis of Appointment
Appointed for the first time as President Commissioner of the Company based on the Deed of GMS Resolution No. 23 dated 26
April 2017. His position as President Commissioner is effective through a Copy of the Decision of the Members of the Board of
Commissioners of the Financial Services Authority No. KEP-471/NB.11/2017 dated 21 August 2017 concerning the Results of the
Fit and Proper Test of Rico Adisurja Setiawan as a candidate for President Commissioner.
Second appointment as President Commissioner at the Annual GMS on 17 February 2020 based on Deed of GMS Resolution No.
28 dated 25 February 2020. Reappointed for the third period as President Commissioner based on Deed of Resolution of Annual
GMS No. 138 dated 28 June 2023.
Term of Office • Director of Provisions (Asia) Trading Singapore (1998-2001)
• 10 April 2017 until the closing of the 2019 Annual GMS • Commissioner PT Tunas Dwipa Matra (1997-2010)
(First Term) • Director PT Tunas Ridean (1996-1998, 2001-2010)
• 17 February 2020 until the closing of the Annual GMS for • Director PT Tunas Financindo Corporation (now PT Mandiri
Financial Year 2022 (Second Term) Tunas Finance) (1995-1999)
• 27 June 2023 until the closing of the Annual GMS for • Management Consultant Prasetio Utomo Arthur Andersen
Financial Year 2025 (Third Term) (1995-1996).
Educational Background Concurrent Positions
• Master of Business Administration, Woodbury University • Commissioner PT Mandiri Utama Finance (2015-2017)
(1994) • President Commissioner PT Asia Surya Perkasa
• Bachelor of Science, University of Southern California (1992) (2015-present)
• President Commissioner PT Tunas Dwipa Matra
Certifications (2013-present)
Basic Financing Certification for Commissioners (SPPI) • President Director PT Tunas Ridean (2010-present)
Professional Background Affiliate Relationship
• President Commissioner PT Mandiri Tunas Finance (2017- Has no affiliation with other members of the Board of
2025) Commissioners and the Board of Directors, but serves as
• Director PT Tunas Dwipa Matra (2005-2013) President Director of PT Tunas Ridean, a shareholder of the
• Commissioner PT Tunas Financindo Sarana (now PT Mandiri Company.
Tunas Finance) (2005-2009)
• Director PT Tunas Financindo Sarana (now PT Mandiri Tunas Share Ownership
Finance) (2000-2005) Does not own any shares of the Company as of 31 December
• President Director PT Tunas Andalan Pratama (1998-2010) 2025.
*Submitted a Letter of Resignation as President Commissioner to the Shareholders of the Company on 25 June 2025. The resignation became effective as of July 25, 2025 and was
approved by the Shareholders through the Annual GMS for Financial Year 2024 held on 30 June 2025.
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Profile of the Board of Directors
Pinohadi G. Sumardi
President Director
Place and Year of Birth: Bandung, 1970
Age: 55 years
Citizenship: Indonesia
Domicile: South Jakarta Administrative City
Legal Basis of Appointment
Appointed for the first time as Director of the Company based on Deed of Statement of Shareholders Resolutions No. 6
dated 9 October 2020. His position as Director is effective pursuant to the Decree of the Board of Commissioners of the
Financial Services Authority No. KEP-368/NB.11/2020 dated 10 November 2020 concerning the Result of the Fit and
Proper Test of Pinohadi G. Sumardi as a candidate for President Director.
Reappointed for a second term as President Director of the Company based on the Shareholders’ Resolution Outside
the General Meeting of Shareholders to convene the Annual General Meeting of Shareholders (Circular Resolution), as
stipulated in the Deed of Statement of the Annual GMS Resolution No. 138 dated 28 June 2023.
Term of Office
• 9 October 2020 until the closing of the Annual GMS for • General Manager Kantor Cabang Luar Negeri Cayman
Financial Year 2022 (First Term) Islands
• 28 June 2023 until the closing of the Annual GMS for PT Bank Mandiri (Persero) Tbk (2012-2019)
Financial Year 2025 (Second Term) • Banking Book Management Department Head PT Bank
Mandiri (Persero) Tbk (2010-2012)
Educational Background • Foreign Exchange Chief Dealer PT Bank Mandiri
• Master in International Finance Business from IPMI (Persero) Tbk
International Business School (2003) (2004-2010)
• Bachelor’s Degree in Finance Management from
Universitas Padjadjaran Bandung (1993) Concurrent Positions
Does not hold concurrent positions
Certifications
• Risk Management Certification recertification level 5 Affiliate Relationship
• Certification of Financing Expert for Directors (SPPI) Has no affiliation with other members of the Board of
• Banking Risk Management Certification (LSPP) Directors, members of the Board of Commissioners, or
• Treasury Dealer Certification (ACI Forexindo) shareholders.
Professional Background Share Ownership
• International Network & Development Department Does not own any shares of the Company as of 31
Head December 2025
PT Bank Mandiri (Persero) Tbk (2019-2020)
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Company Profile
Profile of the Board of Directors
R. Eryawan Nurhariadi
Director
Place and Year of Birth: Semarang, 1971
Age: 54 years
Citizenship: Indonesia
Domicile: South Jakarta Administrative City
Legal Basis of Appointment
Appointed for the first time as Director of the Company based on Deed of Resolutions No. 15 dated 29 March 2021.
His position as Director is effective pursuant to the Decree of the Board of Commissioners of the Financial Services
Authority No. KEP-44/KDK.05/2021 dated 31 August 2021 concerning the Result of the Fit and Proper Test of R.
Eryawan Nurhariadi as a candidate for Director.
Reappointed for a second term as Director of the Company based on the Deed of Statement of Resolutions of the
Annual GMS No. 236 dated 28 June 2024.
Term of Office
• 29 March 2021 until the closing of the Annual GMS of • Portfolio & Capability Management, SME Banking
the Financial Year 2023 (First Term) Group Banking Department Head PT Bank Mandiri
• 28 June 2024 until the closing of the Annual GMS of (Persero) Tbk (2015-2018)
the financial year 2026 (Second Term) • Sales & Monitoring Business Banking I Group
Department Head PT Bank Mandiri (Persero) Tbk
Educational Background (2008-2015).
• Master in Management from Universitas Katolik
Indonesia Atma Jaya Jakarta (2001) Concurrent Positions
• Bachelor’s Degree in Management Economics from Does not hold concurrent positions
Universitas
Atma Jaya Yogyakarta (1994). Affiliate Relationship
Has no affiliation with other members of the Board of
Certifications Directors, members of the Board of Commissioners, or
• Risk Management Certification recertification level 5 shareholders.
• Certification of Financing Expert for Directors (SPPI)
• Banking Risk Management Certification (LSPP) Share Ownership
Does not own any shares of the Company as of 31
Professional Background December 2025
• Executive Business Officer SME Banking Group PT
Bank Mandiri (Persero) Tbk (2018-2021)
• Supervisory Board of Mandiri Cooperation PT Bank
Mandiri (Persero) Tbk (2020-2021)
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William Francis Indra
Director
Place and Year of Birth: Karawang, 1982
Age: 43 years
Citizenship: Indonesia
Domicile: Tangerang City
Legal Basis of Appointment
Appointed for the first time as Director of the Company based on Deed of Resolutions No. 15 dated 29 March 2021.
His position as Director is effective pursuant to the Decree of the Board of Commissioners of the Financial Services
Authority No. KEP-26/KDK.05/2021 dated 6 July 2021 concerning the Result of the Fit and Proper Test of William
Francis Indra as a candidate for Director.
Reappointed for a second term as Director of the Company based on the Deed of Statement of Resolutions of the
Annual GMS No. 236 dated 28 June 2024.
Term of Office Concurrent Positions
• 29 March 2021 until the closing of the Annual GMS of Does not hold concurrent positions
the Financial Year 2023 (First Term)
• 28 June 2024 until the closing of the Annual GMS of Affiliate Relationship
the financial year 2026 (Second Term) Has no affiliation with other members of the Board of
Directors, members of the Board of Commissioners, or
Educational Background shareholders.
• Master in Management from Universitas Mercu Buana
(2007). Share Ownership
• Bachelor’s Degree in Mathematics from Universitas Does not own any shares of the Company as of 31
Padjadjaran Bandung (2004). December 2025
Certifications
Certification of Financing Expert for Directors (SPPI)
Professional Background
• Chief PT Mandiri Tunas Finance (2016-2021)
• IT & Business Excellence Management Division Head
PT Mandiri Tunas Finance (2013-2016)
• IT Operational & Planning Dept Head PT Mandiri Tunas
Finance
(2010-2013)
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Company Profile
Profile of Executive Officers (Chief)
Bonifatius Perana Citra Ketaren
Chief
Place and Year of Birth: Bogor, 1977
Age: 48 years
Citizenship: Indonesia
Domicile: Bogor City
Legal Basis of Appointment
Served as Chief based on Board of Directors Decree No. 00099/SK-HCP.SVC/HC/VI/2023 dated 30 June 2023.
Educational Background Concurrent Positions
Bachelor’s Degree in Accounting Economics from Does not hold concurrent positions
Universitas Katolik Parahyangan Bandung (2001)
Affiliate Relationship
Certifications Has no affiliation with other members of the Board of
Certification of Financing Expert for Directors (SPPI) Directors, members of the Board of Commissioners, or
shareholders.
Professional Background
• Finance & Accounting Division Head PT Mandiri Tunas Share Ownership
Finance Does not own any shares of the Company as of 31
(2015-2016) December 2025.
• AR Management Division Head PT Mandiri Tunas
Finance (2013-2014)
• AR Performance & Development Department Head PT
Mandiri Tunas Finance (2010-2012)
• Project Manager for Operations PT Mandiri Tunas
Finance (2009-2010)
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Afri Feder Fauzi
Chief
Place and Year of Birth: Kota Bumi, 1981
Age: 44 years
Citizenship: Indonesia
Domicile: South Tangerang City
Legal Basis of Appointment
Served as Chief based on Board of Directors Decree No. 00101/SK-HCP.SVC/HC/VI/2023 dated 30 June 2023.
Educational Background Concurrent Positions
Bachelor’s Degree in Business Administrative Science Does not hold concurrent positions
from Universitas Brawijaya Malang (2004).
Affiliate Relationship
Certifications Has no affiliation with other members of the Board of
Certification of Financing Expert for Directors (SPPI) Directors, members of the Board of Commissioners, or
shareholders.
Professional Background
• Strategic Marketing & Product Division Head PT Share Ownership
Mandiri Tunas Finance (2018-2022) Does not own any shares of the Company as of 31
• Marketing & Product Development Division Head PT December 2025.
Mandiri Tunas Finance (2015-2018)
• Marketing & Product Development Deputy Division
Head PT Mandiri Tunas Finance (2014-2015)
• Dealer Relation Management Department Head PT
Mandiri Tunas Finance (2013-2014)
• Branch Manager PT Mandiri Tunas Finance (2012-2013)
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Company Profile
Profile of Executive Officers (Chief)
Devi Maladianti
Chief
Place and Year of Birth: Jakarta, 1975
Age: 50 tahun
Citizenship: Indonesia
Domicile: East Jakarta Administrative City
Legal Basis of Appointment
Served as Chief based on Decision Letter No. 00022/SK-HCP.SVC/HC/02/2024 dated 1 February 2024.
Educational Background Concurrent Positions
• Master of Business Administration from Institute Does not hold concurrent positions
Teknologi Bandung (2024)
• Bachelor’s Degree in Accounting Economics from Affiliate Relationship
Gunadarma University (2004) Has no affiliation with other members of the Board of
Directors, members of the Board of Commissioners, or
Certifications shareholders
• Risk Management Certification recertification level 5
• Financing Expert Certification for Directors (SPPI) Share Ownership
• Banking Risk Management Certification (LSPP) Does not own any shares of the Company as of 31
December 2025
Professional Background
• Retail Credit Risk System & Strategy Department Head
PT Bank Mandiri (Persero) Tbk (March 2018-2024)
• Anti Fraud Strategy & Prevention Department Head PT
Bank Mandiri (Persero) Tbk (March 2017-2018)
• Anti Fraud StrategyDepartment Head PT Bank Mandiri
(Persero) Tbk (January 2017-March 2017)
• Secured Credit Department Head PT Bank Mandiri
(Persero) Tbk (2016-2017)
• Fraud Risk Strategy Department Head PT Bank Mandiri
(Persero) Tbk (2015-2016)
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Head of Division and/or Equivalent Position
Directorate Position (One Level Below Board of Directors) Name
Under the Supervision of Corporate Audit Division Head Bayu Mario
President Director
Corporate Secretary Division Head Dadan Hamdhani
Chief Human Capital & Legal Human Capital Division Head Makah Indra Purnomo
HC Learning Division Head Makah Indra Purnomo*
Legal & Litigation Division Head Arief Aphrian Lambri
Under the Supervision of Director Corporate Treasury & Finance Division Head Ramdhan Safitri
Finance & Risk Management
Accounting & Tax Division Head Rina Floriana Rustika
Corporate Planning & Performance Management Citra Judith Lupitadevi
Division Head
Retail Credit Risk Division Head Ivan Ferdinand Thanta
Corporate Credit Risk Division Head Tri Sakti Yulianto
Executive Credit Officer Jekson Benardo Simanjuntak
Chief Risk Management Retail Risk Management Division Head Indra Budi Laksana*
Operational & Corporate Risk Management Division Vitriati Hartika T
Head
Under the Supervision of Sales & IT Director Regional Division Head Regional 1 Elwis Tunendra
Regional Division Head Regional 2 Ari Paisal Rohman
Regional Division Head Regional 3 Mardi Fahmi
Regional Division Head Regional 4 Puji Biso Santoso
Regional Division Head Regional 5 Sukandar
Regional Division Head Regional 6 Dony Tri Sofyan Adi
Regional Division Head Regional 7 Ronald Rajagukguk
Regional Division Head Regional 8 Gun Gun Wildan
Regional Division Head Regional 9 Irianto Musdiono
Business & Operation Support Division Head Yeremias
Information Technology Division Head Kanda Octaviano
Digital Transformation Division Head Kanda Octaviano*
Chief Marketing Strategic Marketing & Communication Division Head Ruly Widyanto
Marketing Division Head Camar Sativa
Multiguna Division Head Andes Saputra
Business Project Unit Division Head (Vacant)
Chief Captive Business Mandiri Liaison 1 Division Head Andre Tigor
Mandiri Liaison 2 Division Head Jarnawi
Corporate Fleet Division Head Bragent Parlinggoman Tambunan
Executive Business Officer (Vacant)
Chief AR Management & General Service Current AR Management Division Head (Vacant)
SAM & Remedial Management Division Head Wicaksono Adi
Recovery Management Division Head Indra Budi Laksana
Credit Operation & General Service Division Head Yeremias*
Account Maintenance Head Rully Rianto F
* Concurrent Position
PT Mandiri Tunas Finance
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Company Profile
Employee Demographics
Total Employees
2025 3,142
2024 3,384
2023 3,328
Number of Employees Based on Organization Level/Position
2025 2024 Increase
Organization Level
(Decrease) (%)
M F Total % M F Total %
Commissioner 3 0 3 0.10 4 0 4 0.12 (25.0)
Director 3 0 3 0.10 3 0 3 0.09 0.0
Chief 2 1 3 0.10 3 0 3 0.12 (25.0)
Sub Total 8 1 9 0.29 10 1 11 0.33 (18.2)
Supporting Committee/
4 0 4 0.13 4 0 4 0.12 0.0
Organization
Division Head 29 3 32 1.02 31 3 34 1.00 (5.9)
Deputy Division Head 7 6 13 0.41 7 5 12 0.35 8.3
Manager 217 68 285 9.07 236 72 308 9.10 (7.5)
Supervisor 835 379 1,214 38.64 890 394 1,284 37.94 (5.5)
Staf 1,060 525 1,585 50.45 1,169 562 1,731 51.15 (8.4)
Total 2,160 982 3,142 100 2,357 1,038 3,384 100 (7.15)
Description: M= Male | F= Female
Number of Employees by Region and Division
2025 2024 Increase
Work Location/Placement
M F Total % M F Total % (Decrease) (%)
Corporate Fleet 37 20 57 1.81 40 25 65 1.92 (12.31)
Head Office 316 262 578 18.40 416 278 694 20.51 (16.71)
Regional 1 154 57 211 6.72 158 55 213 6.29 (0.94)
Regional 2 240 73 313 9.96 267 83 350 10.34 (10.57)
Regional 3 230 84 314 9.99 242 89 331 9.78 (5.14)
Regional 4 194 107 301 9.58 197 104 301 8.89 0.00
Regional 5 178 81 259 8.24 180 80 260 7.68 (0.38)
Regional 6 187 60 247 7.86 195 65 260 7.68 (5.00)
Regional 7 273 102 375 11.94 269 107 376 11.11 (0.27)
Regional 8 148 63 211 6.72 172 72 244 7.21 (13.52)
Regional 9 203 73 276 8.78 211 79 290 8.57 (4.83)
Total 2,160 982 3,142 100 2,347 1,037 3,384 100 (7.15)
Description: M= Male | F= Female
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Number of Employees Based on Education Level
2025 2024 Increase
Education Level (Decrease)
M F Total % M F Total % (%)
Doctorate Degree 0 0 0 0 0 0 0 0 0
Master’s Degree 52 20 72 2.29 43 19 62 1.83 16
Bachelor’s Degree 1,552 770 2,322 73.90 1,703 820 2,523 74.56 (8)
Diploma (D3, D2, D1) 308 179 487 15.50 345 183 528 15.6 (8)
High school & equivalent 248 13 261 8.31 256 15 271 8.01 (4)
Total 2,160 982 3,142 100 2,347 1,037 3,384 100 (7.15)
Description: M= Male | F= Female
Number of Employees Based on Employment Status
2025 2024 Increase
Employment Status (Decrease)
M F Total % M F Total % (%)
Contract 349 163 512 16.30 408 191 599 17.70 (14.52)
Permanent 1,811 819 2,630 83.70 1,938 845 2,783 82.24 (5.50)
Probation 0 0 0 0.00 1 1 3 0.06 (100.00)
Total 2,160 982 3,142 100 2,347 1,037 3,384 100 (7.15)
Description: M= Male | F= Female
Number of Employees by Age Range
2025 2024 Increase
Rentang Usia (Decrease)
M F Total % M F Total % (%)
> 50 years 117 28 145 4.61 107 22 129 3.81 12.40
40-49 years 784 201 985 31.35 748 174 922 27.25 6.83
30-39 years 986 512 1,498 47.68 1,129 533 1,662 49.11 (9.87)
20-29 years 273 241 514 16.36 363 308 671 19.83 (23.40)
< 20 years 0 0 0 0 0 0 0 0 0
Total 2,160 982 3,142 100 2,347 1,037 3,384 100 (7.15)
Description: M= Male | F= Female
Number of Employees by Gender
2025 2024 Increase
Gender
Total % Total % (Decrease) (%)
Male 2,160 68.75 2,347 69.36 (7,93)
Female 982 31.25 1,037 30.64 (5,40)
Total 3,142 100 3,384 100 (7.15)
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Company Profile
Number of Employees by Length of Service
2025 2024 Increase
Length of Service (Decrease)
M F Total % M F Total % (%)
> 9 years 1,211 537 1,748 55.63 1,160 513 1,673 49.44 4.48
5-9 years 420 163 583 18.56 542 199 741 21.9 (21.32)
3-5 years 181 139 320 10.18 131 91 222 6.56 44.14
1-3 years 305 124 429 13.66 325 170 495 14.63 (13.33)
< 1 years 43 19 62 1.97 189 64 253 7.48 (75.49)
Total 2,160 982 3,142 100 2,347 1,037 3,384 100 (7.15)
Description: M= Male | F= Female
Shareholder Structure and Composition
Shareholding Composition
1 January 2025 31 December 2025
Number of Nominal Share Number of Nominal Share
Shareholder Shares (Rp) Ownership Shares (Rp) Ownership
Percentage Percentage
(%) (%)
PT Bank Mandiri (Persero) Tbk 1,275,000,000 127,500,000,000 51.00 1,275,000,000 127,500,000,000 51.00
PT Tunas Ridean 1,225,000,000 122,500,000,000 49.00 1,225,000,000 122,500,000,000 49.00
Total 2,500,000,000 250,000,000,000 100.00 2,500,000,000 250,000,000,000 100.00
Share Ownership Composition by Key Management
01/01/2025 31/12/2025
49%
PT Tunas Ridean
PT Bank Mandiri (Persero) Tbk
51%
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Direct and Indirect Share Ownership of Mandiri Tunas Finance by the Board
of Commissioners and Directors
Direct Ownership of Indirect Ownership of
Commissioners and Directors Position
MTF Share MTF Share
Board of Commissioners
Nugraha Indra Permadi President Commissioner None None
Fendy Eventius Mugni Independent Commissioner None None
Subarna Independent Commissioner None None
Board of Directors
Pinohadi G. Sumardi President Director None None
R. Eryawan Nurhariadi Director None None
William Francis Indra Director None None
Information on Major Shareholders and/or Controlling Shareholders Up to the
Ultimate Beneficial Owner
PT Bank Mandiri (Persero) Tbk
PT Bank Mandiri (Persero) Tbk, hereinafter referred to as PT Bank Bumi Daya (Persero), PT Bank Dagang Negara
“Bank Mandiri”, was established on 2 October 1998 in (Persero), PT Bank Ekspor Impor Indonesia (Persero), and
the Republic of Indonesia by Notarial Deed Sutjipto, S.H., PT Bank Pembangunan Indonesia (Persero). On 14 July
No. 10, based on Government Regulation No. 75 of 1998 2003, Bank Mandiri conducted an Initial Public Offering
dated 1 October 1998. Bank Mandiri was established under the stock code “BMRI” of 20% or the equivalent of
through the merger of 4 (four) state-owned banks, namely 4 billion shares.
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Company Profile
As time progressed, supported by extensive experience international service standards through the provision
and well-established capabilities in delivering banking of innovative financial solutions. Bank Mandiri wants
services, particularly in the corporate lending segment, to be recognized for its excellent performance, human
Bank Mandiri continues to be recognized as one of the resources and teamwork.
largest state-owned banks in Indonesia in terms of total
assets, loans, and deposits. 2. Take an active role in driving Indonesia’s long-term
growth and always generate consistently high returns
As a state-owned bank operating amidst the largest for shareholders.
population in the world, Bank Mandiri
consistently focuses on 2 (two) things, namely: To achieve this, Bank Mandiri continuously improves
its position and capabilities in the national banking
1. Commitment to building long-term relationships industry by taking into account rapid technological
based on trust with both business and individual developments, increasingly dynamic customer needs, and
customers. Bank Mandiri serves all customers with the demographics of Indonesian society.
General Information of PT Bank Mandiri (Persero) Tbk
Company Name PT Bank Mandiri (Persero) Tbk
Date of Establishment 2 October 1998
Line of Business Banking
Share Listing Indonesia Stock Exchange, 14 July 2003
Securities Code BMRI
Business Network 1 Head Office
139 Branch Offices
9 Subsidiaries and 4 Indirect Subsidiaries (including 1 third-tier Subsidiary)
2.053 Sub-Branches
12.892 ATMS
7 Overseas Offices (5 Overseas Branches and 2 Subsidiaries)
Number of Employees 38.732 persons per 31 Desember 2025
Financial Performance as of 31 Total Consolidated Assets Rp2,829,948,026
December 2025 (millions Rupiah) Total Consolidated Customer Deposits (including temporary syirkah funds) Rp2,105,764,151
Total Consolidated Equity Rp327,401,998
Total Consolidated Interest and Sharia Income Net Rp106,210,035
Total Consolidated Profit for the Year (attributable to owners of the parent entity) Rp56,293,950
Alamat Kantor Pusat Jl. Jenderal Sudirman Kav. 54-55 | Jakarta 12190-Indonesia
Telp: +6221 5265045 | Fax: +6221 5274477, 527557
Email: corporate.communication@bankmandiri.co.id
Web: www.bankmandiri.co.id
Composition of the Board of Commissioners and Directors of
PT Bank Mandiri (Persero) Tbk as of 31 December 2025
Board of Commissioners Board of Directors
President Commissioner Zulkifli Zaini* President Director Riduan
Vice President Commissioner Rudy Salahuddin R.* Vice President Director Henry Panjaitan
Commissioner Muhammad Yusuf Ateh Director of Operations Timothy Utama
Commissioner Luky Alfirman* Director of Human Capital and Compliance Eka Fitria
Commissioner Yuliot Director of Risk Management Danis Subyantoro
Independent Commissioner Mia Amiati Director of Commercial Banking Totok Priyambodo
Independent Commissioner Bintoro K. Pardewo* Director of Corporate Banking Mochamad Rizaldi
Notes: *Effective upon obtaining approval from the OJK following the Fit and Proper Test. Director of Consumer Banking Saptari
Director of Treasury and International Banking Ari Rizaldi
Director of Finance and Strategy Novita Widya Anggraini
Director of Network and Retail Funding Jan Winston Tambunan
Director of Information Technology Sunarto
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PT Tunas Ridean
PT Tunas Ridean, from now on referred to as “Tunas outlets and after-sales services for major automotive
Group”, is the founding shareholder of the Company. brands through PT Tunas Ridean (Tunas Toyota), PT Tunas
Tunas Group is a family company named Tunas Indonesia Mobilindo Perkasa (Tunas Daihatsu and Tunas Peugeot),
Motor, which has been operating since 1967. In 1980, PT Tunas Mobilindo Parama (Tunas BMW), and PT Tunas
Tunas Group integrated all its business units into a single Dwipa Matra, the main dealer of Honda motorcycles for
holding company, PT Tunas Ridean. The Company was Lampung. The Company through PT Tunas Aset Sarana
then listed on the Indonesia Stock Exchange in 1995 (Tunas Used Car) also operates BMW Premium Selection
through the corporate action of the Initial Public Offering used car sales service.
under the stock code “TURI”.
In 2012, Tunas Group expanded its network of automotive In addition, Tunas Group also operates short-term and
brand sales and after-sales serviceoutlets through the long-term vehicle leasing and fleet management services
acquisition of authorized Isuzu brand dealer PT Rahardja through PT Surya Sudeco (Tunas Rent). PT Surya Sudeco
Ekalancar, now named Tunas Isuzu. In November 2014, PT established a manpower services company named PT
Tunas Dwipa Matra together with a third party established Mitra Asri Pratama and an auction house named PT Mega
PT Asia Surya Perkasa, the main dealer of Honda Armada Sudeco.
motorcycles for the Bangka Belitung region.
In mid-2022, Tunas Group made the decision to go
Today, Tunas Group has become the largest independent private and voluntarily delisted from the Indonesia Stock
automotive group with 169 outlets spread across Exchange. PT Tunas Ridean officially became a private
Indonesia. Tunas Group operates a network of sales company on 6 April 2023.
General Information on PT Tunas Ridean
Company Name PT Tunas Ridean
Date of Establishment 24 July 1980
Line of Business Agency, Distribution, Industry, Trade, and Transportation
Share Listing Indonesia Stock Exchange, 16 May 1995, stock code “TURI” Become
a Private Company on 6 April 2023.
Securities Code TURI
Business Network 1 Head Office
169 outlets spread throughout Indonesia.
Number of Employees 4,033 employees (2025)
Financial Performance as of 31 December 2025 (millions Rupiah) Total Consolidated Assets Rp9,382,974
Total Consolidated Equity Rp6,267,126
Total Consolidated Net Revenue Rp1,457,262
Total Consolidated Profit for the Year Rp725,166
Head Office Address Jl. Raya Pasar Minggu No.7 Jakarta 12740, Indonesia
Telp: +6221 794 4788, 799 5621 v
Fax: +6221 150 0798
Email: info@tunasgroup.com
Web: www.tunasgroup.com
*The figures presented are based on in-house financial data.
Composition of the Board of Commissioners and Directors of
PT Tunas Ridean as of 31 December 2025
Board of Commissioners Board of Directors
President Commissioner Anton Setiawan President Director Rico Adisurja Setiawan
Independent Commissioner Wilfrid Foo Tsu-Jin Director Nugraha Indra Permadi
Commissioner Hong Anton Leoman Director Wong Jie Min Adrian
Commissioner Alfredo Chandra Director Tenny Febyana Halim
Director Ester Tanudjaja
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Company Profile
Share Issuance Chronology
As of the end of 2025, the Company has not listed its shares on the Indonesia Stock Exchange. The Company obtained
its status as an issuer through the issuance of bonds offered to the public. Accordingly, there is no chronology of share
issuance or share listing to be disclosed in this report.
Chronology of Other Securities Issuance
To bolster funding structure in supporting motor vehicle financing activities, the Company continues to develop a
diversified funding strategy. While the Company benefits from solid funding support through a Joint Financing facility from
PT Bank Mandiri (Persero) Tbk, it remains committed to difersifying its funding source to support continuity of business
performance and maintain financial flexibility. Bonds issuances also play a strategic role in strengthening relations with
investors and reinforcing the Company’s position as one of the leading financing companies in Indonesia.
On 8 July 2025, the Company resumed its long-term funding strategy by issuing Continuous Bonds VII Mandiri Tunas
Finance Phase I Year 2025, targeting Rp2.5 trillion. This corporate action reaffirms the Company’s commitment to
maintaining a strong capital structure, strengthening its position within capital markets and ensuring sufficient liquidity to
support the expansion of its financing activities.
Issue Interest
Total Interest Date of Tempo
Year Bonds Credit Payment Status
(Rp Million) Rate Issuance Due Date
Rank Frequency
Continuous Bonds V idAA+ 485,700 7.65% Quarterly 20 May 2021 20 May 2026 Active/
2021
MTF Phase II Series B p.a Outstanding
Continuous Bonds V idAA+ 376,615 6.75% Quarterly 23 February 23 Februari Active/
2022
MTF Phase II Series B p.a 2022 2027 Outstanding
Continuous Bonds VI idAAA 439,660 6.00% Quarterly 11 July 2023 11 July 2026 Active/
MTF Phase I Series A p.a Outstanding
Continuous Bonds VI idAAA 252,075 6.25% Quarterly 11 July 2023 11 July 2028 Active/
MTF Phase I Series B p.a Outstanding
2023 Continuous Bonds VI idAAA 804,175 6.50% Quarterly 27 27 Active/
MTF Phase II Series A p.a September September Outstanding
2023 2026
Continuous Bonds VI idAAA 326,935 6.75% Quarterly 27 27 Active/
MTF Phase II Series B p.a September September Outstanding
2023 2028
Continuous Bonds VI idAAA 81,590 7.00% Quarterly 28 May 2024 28 May 2027 Active/
MTF Phase III Series A p.a Outstanding
Continuous Bonds VI idAAA 1,081,495 7.25% Quarterly 28 May 2024 28 May 2029 Active/
MTF Phase III Series B p.a Outstanding
2024
Continuous Bonds VI idAAA 423,735 6.70% Quarterly 19 November 19 November Active/
MTF Phase IV Series A p.a 2024 2027 Outstanding
Continuous Bonds VI idAAA 1,185,375 6.85% Quarterly 19 November 19 November Active/
MTF Phase IV Series B p.a 2024 2029 Outstanding
Continuous Bonds VII idAAA 313,510 6.15% Quarterly 8 July 2025 18 July 2026 Active/
MTF Phase I Series A p.a Outstanding
Continuous Bonds VII idAAA 236,000 6.50% Quarterly 8 July 2025 8 July 2028 Active/
2025
MTF Phase I Series B p.a Outstanding
Continuous Bonds VII idAAA 225,760 6.70% Quarterly 8 July 2025 8 July 2030 Active/
MTF Phase I Series C p.a Outstanding
Note: The rating results are ratings assigned to bonds at the initial registration of bonds conducted by PEFINDO.
82 PT Mandiri Tunas Finance
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Information on the Structure of the Group
and its Subsidiaries, Associates, and Joint
Venture (JV) and Special Purpose Vehicle
(SPV)
As of the end of 2025, Mandiri Tunas Finance does not percentage of share ownership, information on the line of
have any group structure, subsidiaries, associates, equity business of subsidiaries and/or associates, and information
participation, joint venture (JV), special purpose vehicle on the operating status of subsidiaries and/or associates.
(SPV), or joint operation (KSO). Therefore, there is no In addition, the Company also does not have a group
information on the name of subsidiaries and/or associates, structure and business groups.
Public Accountant
The Board of Commissioners holds the authority to carry as the External Auditor to audit the Company’s financial
out the process of appointing a prospective External statements for the financial year ended on 31 December
Auditor in accordance with the Company’s goods and 2025. The GMS also granted authority to the Board of
services procurement procedures. Based on the resolution Commissioners to determine the auditor’s remuneration
of the Annual GMS held on 30 June 2025, the Company in accordance with the prevailing laws and regulations,
appointed Public Accounting Firm Purwanto Susanti & provided that the appointed public accountant is
Surja, a member firm of Ernst & Young Global Limited, registered with the Financial Services Authority.
Kantor Akuntan Publik dan Akuntan Publik 5 Tahun Terakhir
Year Public Accounting Firm Name of Services Provided Fee (Rp) Opinion
Accountant
2025 Purwanto Susanti & Surja Yasir, No. Izin General audit of Financial 1,362,500,000 Present fairly in all material respects
(EY) AP.0703 Statements for fiscal year 2025
STTD.KAP-17/
PM.021/2025
2024 Purwantono, Sungkoro & Yasir, No. Izin General audit of Financial 1,265,400,000 Present fairly in all material respects
Surja (EY) STTD.KAP-03/ AP.0703 Statements for fiscal year 2024
PM.22/2018
2023 Purwantono, Sungkoro & Danil Setiadi General audit of Financial 2,097,900,000 Present fairly in all material respects
Surja (EY) STTD.KAP-03/ Handaja, CPA No Statements for fiscal year 2023
PM.22/2018 Izin AP.1008
2022 Purwantono, Sungkoro & Yovita No. Izin General audit of Financial 1,048,950,000 Present fairly in all material respects
Surja (EY) No. Izin KMK AP.0242 Statements for fiscal year 2022
No. 603/KM.1/2015
2021 Purwantono, Sungkoro & Yovita No. Izin General audit of Financial 1,097,800,000 Present fairly in all material respects
Surja (EY) No. Izin KMK AP.0242 Statements for fiscal year 2021
No. 603/KM.1/2015
Other Services and KAP/Public Accountant Fees in 2025
In 2025, the Public Accounting Firm did not provide any non-audit services to the Company.
PT Mandiri Tunas Finance
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Company Profile
Supporting Institutions and Professions
Stock Trading and Listing
Name PT Bursa Efek Indonesia (BEI)
Address Indonesia Stock Exchange Building
Jl. Jend. Sudirman Kav 52-53
Jakarta 12190, Indonesia
Phone: +62 21 515 0515
Email: callcenter@idx.co.id
Website: www.idx.co.id
Services provided • Trade Information
• Annual Listing Fee
Assignment Period 2025
Custodian
Name PT Kustodian Sentral Efek Indonesia (KSEI)
Address Indonesia Stock Exchange Building
1st Tower 5th Floor
Jl. Jend. Sudirman Kav. 52-53
Jakarta 12190
Phone: +62 21 5299 1099
Fax: +62 21 5299 1199
Email: helpdesk@ksei.co.id
Website: www.ksei.co.id
Services provided Provides services to administer securities that have been issued by securities depository and settlement service providers as well
as distribution of corporate action results.
Assignment Period 2025
Company Rating Agency
Name PT Fitch Rating
Address DBS Bank Tower
24th Floor, Suite 2403
Jl. Prof. Dr. Satrio Kav. 3-5
Jakarta 12940
Services provided Provides an assessment or rating of the Company
Assignment Period 2025
Trustee
Name PT Bank Rakyat Indonesia (Persero) Tbk Trust & Corporate Services of Investment Services Division
Address BRI Tower II 30th Floor
Jl. Jend. Sudirman Kav. 44-46
Jakarta 10210
Services provided Represents the interests of Bondholders
Assignment Period 2025
Securities Rating
Name PT Pemeringkat Efek Indonesia (Pefindo)
Address Equity Tower 30th Floor, Sudirman Central Business District
Jl. Jend. Sudirman Kav. 52-53
Jakarta 12190
Services provided Conducting an assessment or assigning a rating to the bonds issued by the Company
Assignment Period 2025
Underwriter of Securities Issuance
Name PT BNI Sekuritas
Address Sudirman Plaza, Indofood Tower Lantai 16
Jl. Jend. Sudirman Kav. 76-78 Jakarta 12190
Services provided Responsible for organizing Public Offering
Assignment Period 2025
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Underwriter of Securities Issuance
Name PT Aldiracita Sekuritas Indonesia
Address Tekno Tower 9th Floor Jl. H. Fachrudin No. 19
Kebon Sirih, Tanah Abang, Jakarta 10250
Services provided Responsible for organizing Public Offering
Assignment Period 2025
Underwriter of Securities Issuance
Name PT BCA Sekuritas
Address BCA Tower
Grand Indonesia 41st Floor
Jl. M.H. Thamrin No. 1 Jakarta 10310
Services provided Responsible for organizing Public Offering
Assignment Period 2025
Underwriter of Securities Issuance
Name PT Mandiri Sekuritas
Address Menara Mandiri Tower I 25th Floor
Jl. Jend. Sudirman Kav. 54-55
Jakarta 12190
Services provided Responsible for organizing Public Offering
Assignment Period 2025
Underwriter of Securities Issuance
Name PT Trimegah Sekuritas Indonesia Tbk
Address Artha Graha Building 18th and 19th Floor
Jl. Jend. Sudirman Kav. 52-53
Jakarta 12190
Services provided Responsible for organizing Public Offering
Assignment Period 2025
Underwriter of Securities Issuance
Name PT BRI Danareksa Sekuritas
Address BRI Building II 23rd Floor
Jl. Jend. Sudirman Kav. 44-46 Jakarta 10210
Services provided Responsible for organizing Public Offering
Assignment Period 2025
Notaris
Name Notaris & PPAT Ir. Nanette Cahyanie Handari Adi Warsito, S.H.
Address Jl. Panglima Polim V No. 11
Kebayoran Baru
South Jakarta 12160
Services provided The preparation of agreements required in conducting the Continuous Public Offering of Bonds.
Assignment Period 2025
Legal Consultant
Name BM & Partners-Poernomo Idna Yashinta, S.H.
Address Wisma Haroen
Jl. Raya Pasar Minggu No. 2A
Jakarta Selatan
Services provided Conducts legal due diligence on company documents, prepares a comprehensive due diligence report, and provides legal
opinions for the organization of Continuous Public Offering of Bonds.
Assignment Period 2025
Securities Depository Institution
Name PT Rapi Utama Indonesia (RAPINDO)
Address Kota Kasablanka, Jl. Raya Casablanca Tower A, Menteng Dalam, Kec. Tebet, South Jakarta
Daerah Khusus Ibukota Jakarta 12870
Services provided Promoting healthier, more transparent, and accountable business practices within the financial services sector.
Assignment Period 2025
PT Mandiri Tunas Finance
Annual Report 2025 85
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Company Profile
Company Website
To comply with the Financial Services Authority (OJK) information, including periodic reports and corporate
Regulation No. 8/POJK.04/2015 concerning the Website actions, is presented through www.mtf.co.id/korporat
of Issuers or Public Companies, Mandiri Tunas Finance under the supervision of the Corporate Secretary.
provides a corporate website as a means of public
information disclosure. The Company’s website is available The website serves as the Company’s primary channel
in Bahasa Indonesia and English and can be accessed at for delivering information to the public. Through this
www.mtf.co.id. platform, stakeholders can access information regarding
the Company, its corporate activities, and the products
The website is structured into two main platforms. The and services it offers. The Company regularly reviews and
product and service pages are managed by the Strategic updates its website content to ensure that the information
Marketing & Communication Division in coordination with presented remains accurate and aligned with the Company’s
the Business and Operation Support Division. Corporate latest developments.
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Mandiri Tunas Finance Corporate Website Navigation
www.mtf.co.id/korporat
Menu Content
Company Information • MTF History
• Company Organizational Structure
• Shareholding Structure
• Company Group Structure
• Management
• Supporting Profession
• Articles of Association
• Financing Products
• Awards
• Contact Us
Corporate Governance • Governance Practices
• GCG Charter
• Corporate Code of Conduct
• Audit Committee Charter
• Employee Code of Conduct
• Working Guidelines for Committees
• Audit Committee Member
• Nomination and Remuneration Procedure
• Risk Management Policy
• Whistleblowing System Mechanism Policy
• Implementation of the APU PPT and PPPSPM Program
• Information Security Management System (ISMS) Policy
• Anti-Bribery Management System (ABMS) Policy
Investor Information • Prospectus
• Annual Report
• Sustainability Report
• Financial Report
• Overview of Important Financial Data
• Ranking
• GMS
• Bond Information
• Dividend Information
• Information Disclosure
Branch Network Channels to view MTF’s business network coverage across Indonesia
News & CSR • Corporate Activity News
• CSR News
• Video Gallery
• Media Coverage
• Press Conference
Careers Microsite at www.karir.mtf.co.id providing information on job vacancies in the Company.
ESG • Summary
• Report & Document
• Contact & Information
Table of Information Fulfillment on the Company’s Website in accordance
with POJK No. 8/POJK.04/2015
Scope of Information Availability on MTF Website
Shareholder Information up to Ultimate Individual Beneficial Owner
Code of Conduct Guidelines
Information on the General Meeting of Shareholders (GMS), which should include at least the agenda items
discussed during the GMS, a summary of the GMS minutes, and key dates such as the announcement date of
the GMS, the GMS convening date, the GMS date, and the date the summary of the GMS minutes is announced
Separate Annual Financial Statements (last 5 years)
Annual Report for more than the last 5 years
Profile of the Board of Commissioners and Directors
Charters of the Board of Commissioners, Board of Directors, and Committees, Code of Ethics Guidelines, Office
Address, and Whistleblowing System (WBS) Information.
Investor Information
News & CSR
PT Mandiri Tunas Finance
Annual Report 2025 87
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Company Profile
Operational Area
1
Aceh
North Sumatra Medan
Riau Islands
Riau North Kalimantan
8
West Kalimantan East Kalimantan
Jambi 2
West Sumatra
Balikpapan
Bangka Belitung Central kalimantan
Regional 1 Islands
Sumatra Palembang
Bengkulu
• MTF Medan South Sumatra
4
• MTF Medan II 3
• MTF Medan Multiguna
• MTF Rantau Prapat Lampung
5 6
South
Kalimantan
• MTF Batam 7
• MTF Batam Multiguna Jakarta
• MTF Pekanbaru
• MTF Pekanbaru II Duren Central
BSD Tiga 2 Java
• MTF Pekanbaru Multiguna
• MTF Duri Banten Bandung I
Semarang West Nusa
Surabaya II
West Java Tenggara
D. I. Yogyakarta
East Java
Bali
Regional 2
Regional 3 Regional 4 Regional 5
Sumatra
Java Java Java
• MTF Padang
• MTF Padang Multiguna • MTF Pecenongan • MTF Matraman • MTF Karawang
• MTF Bukittinggi • MTF Kelapa Gading • MTF Fatmawati • MTF Sukabumi
• MTF Jambi • MTF Tanjung Duren • MTF Lebak Bulus • MTF Bandung I
• MTF Jambi Multiguna • MTF Kebon Jeruk • MTF Duren Tiga 2 • MTF Bandung II
• MTF Muara Bungo • MTF Kebon Jeruk Multiguna • MTF Duren Tiga Captive • MTF Bandung III
• MTF Bengkulu • MTF Kemayoran • MTF Bekasi • MTF Tasikmalaya
• MTF Palembang • MTF Pluit • MTF Bekasi Multiguna • MTF Cirebon
• MTF Palembang II • MTF Cilegon • MTF Depok • MTF Garut
• MTF Palembang Multiguna • MTF Serang • MTF Cibinong • MTF Karawang Multiguna
• MTF Baturaja • MTF Tangerang • MTF Bogor • MTF Bandung Multiguna
• MTF Lubuklinggau • MTF BSD • MTF Cibubur • MTF Subang
• MTF Bandar Lampung • MTF Bintaro • MTF Cikarang
• MTF Lampung Multiguna • MTF Rangkasbitung • MTF Pondok Gede
• MTF Bandarjaya • MTF BSD Multiguna
• MTF Pangkal Pinang • MTF Serang Multiguna
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Regional Offices Fleet Office
• Regional 1 - MTF Medan • Fleet Makassar
• Regional 2 - MTF Palembang
• Regional 3 - MTF BSD
• Regional 4 - MTF Duren Tiga 2
• Regional 5 - MTF Bandung I
• Regional 6 - MTF Semarang
• Regional 7 - MTF Surabaya II
• Regional 8 - MTF Balikpapan
• Regional 9 - MTF Makassar
North Maluku
North
Sulawesi
Gorontalo
Southwest Papua
Central Sulawesi
West Sulawesi
Papua
9
West Papua
Maluku
South Sulawesi Southeast Sulawesi
Central Papua Papua Highlands
Makassar
South Papua
East Nusa
Tenggara
Regional 6 Regional 7 Regional 8 Regional 9
Java Java, Bali & Kalimantan Sulawesi,
• MTF Tegal Nusa Tenggara • MTF Pontianak
Maluku & Papua
• MTF Purwokerto • MTF Sintang
• MTF Surabaya I • MTF Makassar
• MTF Semarang • MTF Banjarmasin
• MTF Surabaya II • MTF Makassar II
• MTF Ungaran • MTF Banjarbaru
• MTF Malang • MTF Parepare
• MTF Semarang Multiguna • MTF Palangkaraya
• MTF Kediri • MTF Kendari
• MTF Solo • MTF Kotawaringin Timur (Sampit)
• MTF Jember • MTF Manado
• MTF Solo Multiguna • MTF Samarinda
• MTF Madiun • MTF Kotamobagu
• MTF Kudus • MTF Balikpapan
• MTF Tuban • MTF Palu
• MTF Magelang • MTF Tarakan
• MTF Mojokerto • MTF Luwuk
• MTF Pekalongan • MTF Samarinda Multiguna
• MTF Gresik • MTF Mamuju
• MTF Yogyakarta • MTF Banjarmasin Multiguna
• MTF Banyuwangi • MTF Gorontalo
• MTF Yogyakarta Multiguna • MTF Bontang
• MTF Denpasar • MTF Sorong
• MTF Ketapang
• MTF Gianyar • MTF Jayapura
• MTF Pontianak Multiguna
• MTF Surabaya Multiguna • MTF Ambon
• MTF Malang Multiguna • MTF Makassar Multiguna
• MTF Denpasar Multiguna • MTF Manado Multiguna
• MTF Mataram
• MTF Kupang
PT Mandiri Tunas Finance
Annual Report 2025 89
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Company Profile
Branch Offices Address
Province Branch Name Current Address Telephone
Regional 1 MTF Medan I Jalan Ring Road, Kel. Tanjung Sari, Kec. Medan Selayang, Kab. Medan, Provinsi Sumatera (061) 8220915
Utara Selayang Kota Medan Kodepos 20132 (samping Hotel Sahara Viesta), 20232
MTF Medan II Jalan H. Adam Malik, Kelurahan Sekip, Kecamatan Medan Petisah, Kota Medan, Provinsi (061) 4151818
Sumatera Utara
MTF Medan Jl. H. Adam Malik No. 19, Sekip, Kecamatan Medan Petisah, Kota Medan, Sumatera -
Multiguna Utara 20236
MTF Rantau Prapat Kompleks M88 Jalan Sisingamangaraja No. 8I, 8J Kelurahan Bakaran Batu, Kecamatan (0624) 7671497
Rantau Selatan, Kabupaten Labuhan Batu, Provinsi Sumatera Utara
MTF Batam Komplek Ruko Centre Park, Blok A No: 13, Kel. Taman Baloi, Kec. Batam Kota, Propinsi (0778) 464354
Kepulauan Riau
MTF Batam Ruko Centre Park Blok A Nomor 13, RT 001 RW 011, Kelurahan Taman Baloi, Kecamatan -
Multiguna Batam Kota, Kota Batam, Provinsi Kepulauan Riau
MTF Pekan Baru I Jl. Arifin Ahmad, Komplek Platinum Bisnis Center No 25-26, RT 003/RW 011, Kelurahan (0761) 63442
Sidomulyo Timur, Kecamatan Marpoyan Damai, Pekanbaru, Provinsi Riau 28294
MTF Pekan Baru II Jl. Komplek Ruko Royal Platinum Arengka II Nomor 89, Kelurahan Simpang Baru, (0761) 7415380
Kecamatan Tampan, Pekanbaru, Riau
Pekan Baru Jl. Arifin Ahmad, Komplek Platinum Bisnis Center No 25-26, RT 003/RW 011, Kelurahan -
Multiguna Sidomulyo Timur, Kecamatan Marpoyan Damai, Pekanbaru, Provinsi Riau 28294
MTF Bengkalis Jl. Hang Tuah, RT 001/ RW 018, Kel. Air Jamban, Kec. Mandau, Kab. Bengkalis, Riau (0765) 595155
(Duri)
Tanjung Pinang Ruko Grand Bintan Center, Jl. DI Panjaitan KM 9, Kelurahan Air Raja, Kecamatan -
Tanjungpinang Timur, Kota Tanjungpinang, Propinsi Kepulauan Riau.
Fleet MTF Fleet Medan xx xx
Regional 2 Padang JL. S Parman No. 236 A, Kel. Ulak Karang Barat, Kec. Padang Utara, Padang, Propinsi (0751) 4488972
Sumatera Barat
Bukittinggi Jl. By Pass, Kelurahan Aur Kuning, Kecamatan Aur Birugo Tigo Baleh, Kota Bukittinggi, (0752) 7839132
Provinsi Sumatera Barat
Padang Multiguna Jl. S. Parman No. 236A, Ulak Karang, Kelurahan Ulak Karang Utara, Kec. Padang Utara, -
Kota Padang, Provinsi Sumatera Barat
MTF Jambi Jl. Gajah Mada No.82, RT 022/RW 006, Kelurahan Jelutung, Kecamatan Jelutung, Kota (0741) 7550022
Jambi
MTF Jambi Jl. Gajah Mada No.85, RT 022/RW 006, Kelurahan Jelutung, Kecamatan Jelutung, Kota -
Multiguna Jambi
MTF Muara Bungo Jl. Sudirman RT.14 RW.05 Kelurahan Batang Bungo Kecamatan Pasar Muara Bungo, Kab. (0747) 323782
Bungo Prov. Jambi
MTF Bengkulu Jl. Pangeran Natadirja KM. 6,5 No. 29 RT. 02 RW. 01 Kelurahan Jalan Gedang, (0736) 347710
Kecamatan Gading Cempaka, Bengkulu
MTF Palembang Kelurahan 8 Ilir, Kecamatan Ilir Timur II, Kota Palembang, Provinsi Sumatera Selatan (0711) 379724
MTF Palembang II Jl. Radial Komplek Ruko Transmart RT.21 RW.05, Kelurahan Dua Puluh Empat Ilir, (0711) 1772-976
Kecamatan Bukit Kecil, Kota Palembang, Provinsi Sumatera Selatan
MTF Palembang Jl. R. Sukamto Kompleks Ruko PTC Mall Blok G No. 31, Kelurahan 8 Ilir, Kecamatan Ilir -
Multiguna Timur II, Kota Palembang, Provinsi Sumatera Selatan
MTF Ogan Jl. Dr. M. Hatta No. 1067 RT 18/05, Kel. Kemalaraja, Kec. Baturaja Timur, Kab. Ogan (0735) 322026
Komering Ulu Komering Ulu, Prov. Sumatera Selatan
(Baturaja)
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Province Branch Name Current Address Telephone
MTF Lubuk Linggau Jl. Yos Sudarso No. 90, Kelurahan Majapahit, Kecamatan Lubuklinggau Timur/ I, (0733) 732 9631
Lubuklinggau, Sumatera Selatan
MTF Bandar Jl. Pangeran Antasari RT 009/RW 02, Kelurahan Jagabaya III, Kecamatan Way Halim, (0721) 773557
Lampung Kota Bandar Lampung
MTF Lampung Jalan Pangeran Antasari Nomor 110, Kelurahan Jagabaya III, Kecamatan Way Halim, -
Multiguna Bandar Lampung, Provinsi Lampung
MTF Lampung Jl. Proklamator Raya Blok A1 Kel. Yukum Jaya Kec. Terbanggi Besar Kab. Lampung (0725) 529691
Tengah (Bandarjaya) Tengah
MTF Pangkal Pinang Jl. Pulau Bangka Ruko City Hall Blok 7 RT 009/RW 003, Kelurahan Air Itam, Kecamatan (0717) 4256832
Bukit Intan, Kota Pangkal Pinang, Provinsi Kepulauan Bangka Belitung
Regional 3 MTF Pecenongan Jl. Sukardjo Wirjo Pranoto No.2/6, Kel. Kebon Kelapa, Kec. Gambir, Jakarta Pusat, DKI (021) 3847288
Jakarta
MTF Kemayoran Jl. Gunung Sahari Raya Blok C No. 35, Kel. Ancol, Kec. Pademangan, Jakarta Utara (021) 22620253
MTF Kelapa Gading Jl. Boulevard Barat Blok C No.63A, Plaza Kelapa Gading Inkopal, Kel. Kelapa Gading (021) 45851153
Barat, Kec. Kelapa Gading, Jakarta Utara, DKI Jakarta
MTF Tanjung Duren JL. Prof Dr Latumenten, Komplek Ruko Seasons City Blok A No. 28, Kel. Jembatan Besi, (021) 29618062
Kec. Tambora, Kota Jakarta Barat, Provinsi DKI Jakarta
MTF Cilegon Ruko Cilegon Business Square Blok A No. 6-7 RT.05/RW.06, Kel. Kedaleman, Kec (0254) 374909
Cibeber, Kota Cilegon, Provinsi Banten, 42422
MTF Serang Kelurahan Drangong, Kecamatan Taktakan, Kota Serang, Provinsi Banten (0254) 8496152
MTF Tangerang Rukan Business Park Tangerang City, Cikokol Jl. Jendral Sudirman No.1, Kel. Babakan, (021) 29676323
Kec. Tangerang, Kota Tangerang, Provinsi Banten, 15117
MTF Rangkasbitung Jl. Soekarno Hatta/ByPass Perempatan Sumur Buang. Cibadak-Lebak RT. 005 RW. 001, (0252) 209765
Desa Kaduagung Timur, Kecamatan Cibadak, Kabupaten Lebak, Provinsi Banten, 42317
MTF Kebon Jeruk Jl. Meruya Ilir Raya, Komplek Perumahan Rich Palace Nomor 36-40 Blok A-11, Kelurahan (021) 58910034
Srengseng, Kecamatan Kembangan, Jakarta Barat, Provinsi DKI Jakarta.
MTF Pluit Galeri Niaga Mediterania I Jl. Pantai Indah Utara 2, RT.1/RW.16 Kelurahan Kapuk Muara, (021) 5882175
Kecamatan Penjaringan, Kota Jakarta Utara, 14460
MTF BSD Ruko BSD Junction Blok A No. 39-40, Kel. Lengkong Wetan, Kec. Serpong, Kota (021) 5382090
Tangerang Selatan, Provinsi Banten
MTF Bintaro Ruko Emerald Evenue 2 EB/B-09 Jl. Bintaro Utama kel. Perigi Utama Kec. Pondok Aren (021) 22215659
Bintaro Jaya-Tangerang Selatan
MTF BSD Multiguna Ruko BSD Junction Blok A41 Jl. Pahlawan Seribu Kel. Lengkong Wetan, Kec. Serpong- -
Kota Tangerang Selatan 15310
MTF Serang Ruko Ranca Utama, Jalan Raya Serang-Cilegon KM 4, Kp. Ranca Tales, RT 003 RW 004, -
Multiguna Kelurahan Drangong, Kecamatan Taktakan, Kota Serang, Provinsi Banten
MTF Kebon Jeruk Ruko Rich Palace Shop House and Sweet Regency Blok A.11, Jl. Meruya Ilir Raya No. 36- -
Multiguna 40, Kel. Srengseng, Kec. Kembangan, Kota Jakarta Barat, Provinsi DKI Jakarta
Regional 4 MTF Matraman Apartemen Patria Park, Jl. D.I Panjaitan Kavling Nomor 5-6-7 Nomor RK 02 Lantai G-01 (021) 85917920
Rukan MZ Kelurahan Cipinang Cempedak, Kecamatan Jatinegara, Kota Jakarta Timur
MTF Matraman Jl. Jatinegara Timur No 37 Kelurahan Balimester kecamatan Jatinegara RT 008 RW 004 xx
Captive Jakarta Timur.
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Company Profile
Branch Offices Address
Province Branch Name Current Address Telephone
MTF Fatmawati Rukan Plaza 5 Pondok Indah Blok D Nomor 5 Jl. Marga Guna, Kelurahan Gandaria Utara, (021) 27933248
Kecamatan Kebayoran Baru, Kotamadya Jakarta Selatan, Provinsi DKI Jakarta, 12150
MTF Duren Tiga 2 Jl. Duren Tiga, Nomor 29 A-B, RT 005/RW 001, Kelurahan Duren Tiga, Kecamatan (021) 79195795
Pancoran, Jakarta Selatan, DKI Jakarta, 12760
MTF Bekasi Ruko Emerald Summarecon Bekasi Blok UA Nomor 039, type 450, Kel. Margamulya, Kec. (021) 89454997
Bekasi Utara, Kota Bekasi, Jawa Barat.
MTF Bekasi Ruko Grand Kota Bintang C6 RT 04 RW 07, Kelurahan Jaka Sampurna, Kecamatan Bekasi -
Multiguna Barat, Kota Bekasi, Provinsi Jawa Barat
MTF Depok Jl. Margonda Raya No.88 Rukan Depok Mal Blok B No.50, Kemirimuka Beji, Depok (021) 7756733
MTF Cibinong Cibinong City Center, Jl. Tegar Beriman Blok D No. 3B, Kelurahan Pakansari, Kecamatan (021) 29577430
Cibinong, Kabupaten Bogor, Provinsi Jawa Barat, 16915
MTF Cibubur Jalan Cibubur Timesquare B-4/22,23,23A, RT 001/RW 10, Kel. Jati Karya, Kec. Jati (021) 84300687
Sampurna, Kota Bekasi, Provinsi Jawa Barat
MTF Cikarang Komplek Cikarang Central City blok E No. 15 Jl. Raya Cikarang-Cibarusah, Ciantra, (021) 22180581
Cikarang Selatan, Bekasi, Jawa Barat 17550
MTF Lebak Bulus Ruko Bona Indah Business Center Blok B1 Nomor 9X, Jalan Karang Tengah, Kelurahan (021) 27819838
Lebak Bulus, Kecamatan Cilandak, Kota Jakarta Selatan, DKI Jakarta
MTF Pondok Gede Ruko Pondok Gede Plaza Blok B No.1 & 2 Jl. Raya Pondok Gede RT.001/RW.001 Kel. (021) 85508709
Jatiwaringin, Kec.Pondok Gede, Kota Bekasi 17411
MTF Duren Tiga Ruko Mampang Business Park Blok A No. 18, Jalan Hj. Tutty Alawiyah Nomor 301, RT -
Captive 010 RW 003, Kel. Duren Tiga, Kec. Pancoran, Kota Jakarta Selatan, Provinsi DKI Jakarta
MTF Bogor Jl. Siliwangi No. 60 B & B-2, RT 005/RW 004, Kel. Lawanggintung, Kec. Bogor Selatan, (0251) 8371118
Kota Bogor, Provinsi Jawa Barat, 16134
Regional 5 MTF Karawang Blok A Kavling No. 33 Grand Taruma, Desa/Kelurahan Sukamakmur, Kecamatan (021) 58910034
Telukjambe Timur, Kabupaten/Kota Karawang, Provinsi Jawa Barat.
MTF Sukabumi Jl. Jendral Sudirman NO 57F RT 01/05 Kel Sriwidari Kec Gn .Puyuh Kota Sukabumi, (0266) 6223723
43121
MTF Bandung 1 Kopo Plaza Kav. C10-11, Jl. Peta Lingkar Selatan, Bandung, Jawa Barat, 40233 (022) 60401 19
MTF Bandung 2 Jl. BKR No. 141, RT. 004/RW. 003, Kel. Cigereleng, Kec. Regol, Bandung, 40253 (022) 42833444
MTF Bandung 3 Jl. Batununggal Indah IV Nomor 73, Kel Mengger, Kec Bandung Kidul, Kota Bandung, (022) 87306880
Jawa Barat
MTF Tasikmalaya Jl. Yudanegara No. 24, 003/001, Yudanagara, Cihideung, Tasikmalaya, 46121 (0265) 344905
MTF Cirebon Ruko Kesambi Regency Blok A No. 4 Jl. Raya Kesambi, Kel. Kesambi, Kec. Kesambi, (0231) 8308522
Cirebon, Jawa Barat
MTF Garut Pertokoan Intan Bisnis Center (IBC) Blok I No. 27, Kel. Pakuwon, Kec. Garut Kota, Kab. (0262) 544605
Garut, Provinsi Jawa Barat
MTF Subang Jl. Otto Iskandar Dinata Nomor 262, RT 095/RW 026, Kel. Karanganyar, Kec. Subang, (0260) 415869
Kabupaten Subang, Provinsi Jawa Barat
MTF Karawang Ruko Dharmawangsa II Blok A No. 35, Grand Taruma, Kel. Sukamakmur, Kec. Telukjambe -
Multiguna Timur, Kab. Karawang, Provinsi Jawa Barat 41361
MTF Bandung Jalan BKR Nomor 94 RT 003 RW 005, Kelurahan Ancol, Kecamatan Regol, Kota Bandung (0260) 415869
Multiguna
Regional 6 MTF Tegal RUKO Komp. Nirmala Square Blok D/2, Jl. Yos Sudarso, Tegal (0283) 324066
MTF Purwokerto Jl. DI Panjaitan RT 005/002 Karangklesem, Purwokerto Kulon, Purwokerto Selatan, (0281) 642645
Banyumas
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Province Branch Name Current Address Telephone
MTF Semarang Jl. Indraprasta No. 30 A-B, Kel. Pendrikan Kidul, Kec. Semarang Tengah, Kota Semarang, (024) 3589008
50241
MTF Ungaran Mutiara Ungaran Square, Kelurahan Ungaran, Kecamatan Ungaran Barat, Kabupaten (024) 76902099
Semarang, Jawa Tengah
MTF Solo Ruko Adi Sucipto, Jl. Adi Sucipto 167 RT 003/RW 011 Kelurahan Kerten, Kecamatan (0271) 738989
Laweyan, Kota Surakarta, Solo, Jawa Tengah 57143
MTF Kudus Komplek Ruko Sudirman Square, Nomor 101, Kavling B15-B16, Jalan Sudirman, (0291) 4252070
Kelurahan Nganguk, Kecamatan Kota, Kabupaten Kudus, Propinsi Jawa Tengah
MTF Magelang Metro Square, Jl. Mayjend. Bambang Soegeng, Desa Sumberrejo, Kecamatan (0293) 312406
Mertoyudan, Kabupaten Magelang, Provinsi Jawa Tengah
MTF Pekalongan Komplek Ruko Dupan Square, Jl. Dr. Sutomo Blok B2 No. 10, Kelurahan Baros, (0285) 4420100
Kecamatan Pekalongan Timur, Kota Pekalongan, Provinsi Jawa Tengah
MTF Semarang Jalan Indraprasta Nomor 32, Kel. Pendrikan Kidul, Kec. Semarang Tengah, Kota -
Multiguna Semarang
MTF Solo Multiguna Jalan Adi Sucipto RT 001 RW 013, Kelurahan Manahan, Kecamatan Banjarsari, Kota -
Surakarta, Jawa Tengah
MTF Yogyakarta Jl. Ring Road Utara Km 1,5 No 8 Gondangan Ringinsari Maguwoharjo RT 05 RW 50 (0274) 860 9901
Depok Sleman Yogyakarta 55282
MTF Yogyakarta Ruko Sumber Baru Square Kav. W, Jalan Ringroad Utara, Kelurahan Sendangadi, -
Multiguna Kecamatan Mlati, Kabupaten Sleman, Provinsi D.I. Yogyakarta
Regional 7 MTF Surabaya 1 Jl. Mayjend Sungkono No. 149-151 Blok 1-5, Kelurahan Dukuh Pakis, Kecamatan Dukuh (031) 99533640
Pakis, Kota Surabaya, Provinsi Jawa Timur
MTF Surabaya 2 Jl. Raya Tenggilis No 23 Kav 5-6, RT 005/RW 002, Kel. Kendangsari, Kec. Tenggilis (031) 8420450
Mejoyo, Kota Surabaya, Provinsi Jawa Timur
MTF Malang Jl. Tumenggung Suryo No 98 Kav 1, Kelurahan Purwantoro, Kecamatan Blimbing, Kota (0341) 497927
Malang, Jawa Timur
MTF Kediri Desa/Kelurahan Mojoroto, Kec. Mojoroto, Kota Kediri, Provinsi Jawa Timur (0354) 775192
MTF Jember Ruko Gajah Mada Square A9, Jl. Gajah Mada No.187, Kel. Kaliwates, Kec. Kaliwates, (0331) 425959
Jember, Jawa Timur, 68133
MTF Madiun Jl. Mayjen Sungkono RT 037/RW 012, Kel. Nambangan Kidul, Kec. Manguharjo, Kota (0351) 473176
Madiun, Provinsi Jawa Timur
MTF Tuban Jl. Diponegoro No.34 C, Kel. Latsari, Kec. Tuban, Tuban, Jawa Timur, 62314 (0356) 326381
MTF Mojokerto Jl. Bhayangkara No.110, Kelurahan Jagalan, Kecamatan Kranggan, Kota Mojokerto, (0321) 329688
Provinsi Jawa Timur, 61313
MTF Gresik Ruko Kartini Megah Kav. A10, Jl. RA Kartini No. 150-152 RT 003/RW 007, Kelurahan (031) 3985189
Sidomoro, Kecamatan Kebomas, Kabupaten Gresik, Provinsi Jawa Timur.
MTF Banyuwangi Ruko Golden City, Jl. S. Parman, Kelurahan Pakis, Kecamatan Banyuwangi, Kabupaten -
Banyuwangi, Provinsi Jawa Timur
MTF Malang Jalan Tumenggung Suryo Nomor 98, Kelurahan Purwantoro, Kecamatan Blimbing, Kota -
Multiguna Malang, Provinsi Jawa Timur
MTF Surabaya Ruko Mangga Dua Blok B1-05, Kelurahan Jagir, Kecamatan Wonokromo, Kota Surabaya, -
Multiguna Provinsi Jawa Timur
MTF Denpasar Jl. Buluh Indah No. 53 kav. 1, Kel. Pemecutan Kaja, Kec. Denpasar Utara, Bali, 80118 (0361) 8469896
MTF Gianyar Jl. Erlangga No.15 C, Kel. Gianyar, Kec. Gianyar, Gianyar, Bali, 80511 (0361) 944478
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Company Profile
Branch Offices Address
Province Branch Name Current Address Telephone
MTF Denpasar Jl. Raya Cargo No. 16, Kel. Ubung, Kec. Denpasar Utara, Kota Denpasar, Bali -
Multiguna
MTF Mataram Jl. Selaparang No. 47 A-B, Kec. Cakranegara Timur, Mataram, Nusa Tenggara Barat, (0370) 638277
83236
MTF Kupang Jl. Timor Raya KM 6, RT011/RW004 Kel. Oesapa Barat, Kelapa Lima, Kupang, Nusa (0380) 8586290
Tenggara Timur, 85288
Fleet MTF Fleet Surabaya xx xx
Regional 8 MTF Pontianak Jl. Ahmad Yani, Kelurahan Benua Melayu Darat, Kecamatan Pontianak Selatan, Kota (0561) 66555718
Pontianak, Provinsi Kalimantan Barat
MTF Sintang Jl. Sintang-Pontianak, KM.6 Dsn Tunas Jaya Sintang, Desa Balai Agung, Kecamatan (0565) 2022080
Sungai Tebelian, Kabupaten Sintang, Kalimantan Barat, 78614
MTF Ketapang Jl. Gatot Subroto, RT 002 RW 001, Komplek Ruko Grand Rivera No. A1-2, Desa Paya (0534) 3032761
Kumang, Kec. Delta Pawan, Kabupaten Ketapang, Kalimantan Barat 78813
MTF Banjarmasin Jl. Gatot Subroto No. 9A RT 33, Kel. Kuripan, Kec. Banjarmasin Timur, Kota Banjarmasin (0511) 3277145
70235
MTF Banjarbaru Jl. Trikora RT 006 RW 005 Kelurahan Loktabat Selatan, Kecamatan Banjarbaru Selatan, (0511) 4772067
Kota Banjarbaru, Kalimantan Selatan
MTF Banjarmasin Jalan Gatot Subroto No. 9B RT 33, Kelurahan Kuripan, Kecamatan Banjarmasin Timur, -
Multiguna Kota Banjarmasin 70235
MTF Palangkaraya Jl. G. Obos, Kelurahan Menteng, Kecamatan Jekan Raya, Kota Palangka Raya, Provinsi (0536) 3224277
Kalimantan Tengah
MTF Kotawaringin Jl. Mas Tirto Haryono, RT 22 RW 09, Kelurahan Mentawa Baru Hulu, Kecamatan Mentawa (0531) 23216
Timur (Sampit) Baru Ketapang, Kabupaten Kotawaringin Timur, Provinsi Kalimantan Tengah
MTF Samarinda Jalan Wahid Hasyim, Sempaja Selatan, Samarinda Utara, Sempaja Selatan, Samarinda (0541) 7273930
Utara, Kota Samarinda, Kalimantan Timur 75119
MTF Balikpapan Daun Village Blok A 6,8,10 Jalan MT. Haryono, Kelurahan Gunung Bahagia, Kecamatan (0542) 8860744
Balikpapan Selatan, Kalimantan Timur
MTF Tarakan Jl. Yos Soedarso No. 5 RT 14, Kel. Selumit Pantai, Kec. Tarakan Tengah, Tarakan, (0551) 3805972
Kalimantan Timur
MTF Bontang Jl. Bhayangkara, Kel. Gunung Elai, Kec. Bontang Utara, Kota Bontang, Provinsi (0548) 24488
Kalimantan Timur
MTF Samarinda Jl. Dr. Sutomo No. 48, Kelurahan Sidodadi, Kecamatan Samarinda Ulu, Kota Samarinda, -
Multiguna Provinsi Kalimantan Timur
MTF Pontianak Komplek Ruko Mega Mall Jl. Jendral Ahmad Yani Blok B No. 35-36 , Parit Tokaya, -
Multiguna Kecamatan Pontianak Selatan, Kota Pontianak, Provinsi Kalimantan Barat 78115
Regional 9 MTF Makassar I Jalan Citraland Boulevard, Kompleks Citraland Bussinesess Park Blok A1/02 dan A1/03 -
Kelurahan Maccini Sombala, Kecamatan Tamalate, Kota Makassar Provinsi Sulawesi
Selatan
MTF Makassar II Jalan AP Pettarani, Kel. Tidung, Kec. Rappocini, Kota Makassar, Sulawesi Selatan (0411) 467566
MTF Parepare Jl. Sultan Hasanuddin No. 16 A, Kelurahan Ujung Sabang, Kecamatan Ujung, Pare-Pare, (0421) 28622
Sulawesi Selatan, 91114
MTF Makassar Jalan Citraland Boulevard Ruko Business Commercial Park CPI Blok A1 No. 2-3, -
Multiguna Kelurahan Maccini Sombala, Kecamatan Tamalate, Kota Makassar, Provinsi Sulawesi
Selatan
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Province Branch Name Current Address Telephone
MTF Kendari Jl. Brigjen M. Joenoes By Pass Square Blok A Nomor 5, Kelurahan Bende, Kecamatan (0401) 3135093
Kadia, Kota Kendari
MTF Manado Kelurahan Wenang Utara, Kecamatan Wenang, Kotamadya Manado, Provinsi Sulawesi (0431) 8819809
Utara
MTF Kotamobagu Kelurahan Mogolaing, Kecamatan Kotamobagu Barat, Kota Kotamobagu, Provinsi (0434) 2621540
Sulawesi Utara
MTF Manado Jl. Piere Tendean Komplek Marina Plaza Blok C No. 03 & 17, Kel. Wenang Utara, Kec. -
Multiguna Wenang, Kota Manado, Provinsi Sulawesi Utara 95111
MTF Palu Jl. Monginsidi Nomor 24-25, RT 002, RW 006, Kelurahan Lolu Utara, Kecamatan Palu (0451) 454139
Timur, Kota Palu, Provinsi Sulawesi Tengah
MTF Luwuk Jl. Urip Sumoharjo Luwuk Banggai, Sulawesi Tengah (0461) 23128
MTF Gorontalo Jl. Nani Wartabone, Kelurahan Heledulaa Selatan, Kecamatan Kota Timur, Kota (0435) 822315
Gorontalo
MTF Mamuju Komplek Ruko Maleo Town Square Jl. Yos Sudarso No. A1, Kec. Mamuju, Kabupaten (0426) 2324777
Mamuju, Sulawesi Barat 91515
MTF Ambon Kelurahan Rijali, Kecamatan Sirimau, Kota Ambon, Provinsi Maluku (0911) 3829445
MTF Jayapura Jl. Raya Abepura Kotaraja, Kelurahan Vim, Kecamatan Jayapura Selatan, Kota Jayapura, (0967) 5187813
Provinsi Papua
MTF Sorong Ruko Toko Central Samping Bank Papua, Jl. Basuki Rahmat KM.10, Sorong Papua Barat (0951) 3177597
Fleet MTF Fleet Makassar Jalan Lanto Dg Pasewang, Mamajang, Kota Makassar -
Office Addresses Other than Branch Offices (KSKC)
No. Primary Branch KSKC Address
1 Kendari Kolaka Jl. Khairil Anwar No. 1 (Tenant Mall Hotel Sunan Kolaka)
2 Parepare Palopo Jl. Datuk Sulaiman, Kel. Pontap, Kec. Wara Timur, Kota Palopo, Sulawesi Selatan
3 Jakarta Pusat Graha Sultan Jalan Cideng Timur Nomor 23-A, Kelurahan Petojo Utara, Kecamatan Gambir,
Jakarta Pusat.
4 Padang Dharmasraya Jl. Lintas Sumatera Kel. Sungai Gambut, Kec. Pulau Punjung, Dharmasraya
5 Pontianak Singkawang Jl. Yohana Godang Depan Gedung Bantilan Kelurahan Pasiran Kecamatan Singkawang
Barat
6 Kendari Bau-Bau Jl. Lakarambau, Lipu, Kec. Betoambari, Kota Bau-Bau, Sulawesi Tenggara
7 Palembang Prabumulih Jl. Jendral Sudirman Desa Cambai, Kec. Pembantu Lembak Kab. Muara Enim Provinsi
Sumatera Selatan
8 Sampit Pangkalan Bun JL. Ahmad Yani KM 4 Kelurahan Baru Kecamatan Arut Selatan
9 Tarakan Berau Kelurahan Sei Bedungun, Kecamatan Tanjung Redeb, Kabupaten Berau, Provinsi
Kalimantan Timur
10 Bontang Sangatta Perum GPL II Cluster Bintang Jaya, Desa Swarga Bara, Kec. Sangatta Utara, Kab. Kutai
Timur, Provinsi Kalimantan Timur
PT Mandiri Tunas Finance
Annual Report 2025 95
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Management Discussion & Analysis
Management
Discussion &
Analysis
75.06%
Revenue
Prudence as the Achievement
compared to
Key Principle Target
Less favorable economic
conditions were addressed through
more efficient cost management to
ensure that optimal growth could
still be maintained.
The Company applies prudent
principle in managing its financing
activities in order to maintain asset
quality.
96 PT Mandiri Tunas Finance
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1.08x
Current
Ratio
Rp400
billion
Net
Profit
PT Mandiri Tunas Finance
Annual Report 2025 97
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Management Discussion & Analysis
Macroeconomic and Industry Review
Macroeconomic Conditions Financing Industry Conditions
Global economic growth in 2025 is projected at 3.1% The dynamics of the global economy in 2025 also exerted
year-on-year (YoY), reflecting a slowdown amid escalating pressure on domestic economic conditions. The global
geopolitical pressures and trade conflicts triggered by economic slowdown, financial market volatility, and
tariff policies initiated by President Trump. Amid these heightened geopolitical tensions prompted businesses
conditions, Indonesia’s economy has continued to and consumers to adopt a more cautious stance toward
demonstrate resilience, recording Gross Domestic Product investment and consumption. On the other hand, real
(GDP) growth of 5.11% YoY, an increase from 5.03% YoY in inflation tended to increase and remained above the
2024. Household consumption remains the primary driver inflation rate officially recorded by Statistics Indonesia
of Indonesia’s economic growth, although its growth rate (BPS). These conditions led many companies to implement
is slightly below the overall national economic growth efficiency measures, including workforce reductions
rate. (layoffs) and business closures. A significant wave of layoffs
occurred throughout 2025, resulting in a general decline
in purchasing power.
Indonesia’s GDP Growth 2021–2025
The decline in purchasing power subsequently affected
consumer product sales performance, particularly four-
wheeled vehicles, which have long been one of the main
6
5,31 5,11 pillars of national financing. As a result, the financing
5,02
5,05 5,03
5 industry experienced performance contraction throughout
4 3,69
2025. As of November 2025, total new bookings in the
3
2,072 financing industry declined by 4.14% YoY.
1
0 Based on data from the Indonesian Automotive Industry
2019 2020 2021 2022 2023 2024 2025 Association (GAIKINDO), national car sales throughout
2025 reached 803,687 units (wholesales), a decrease of
2019 2020 2021 2022 2023 2024 2025 7.2% YoY compared to 865,723 units in 2024. Meanwhile,
Meanwhile, the inflation rate remained within Bank retail sales (from dealers directly to end consumers)
Indonesia’s target range of 1.5%–3.5%. As of December were recorded at 833,692 units in 2025, down 6.3% YoY
2025, inflation was recorded at 2.92% YoY. In line with compared to 2024.
stable inflation, Bank Indonesia gradually lowered its
benchmark interest rate, reaching 4.75% at the end of Specifically in December 2025, car sales performance
December 2025, representing a cumulative decline of 125 showed significant improvement, with wholesales reaching
basis points compared to December 2024. 94,100 units, an increase of 25.7% YoY. Retail sales in the
same period also rose by 22.7% YoY.
The downward trend in the benchmark interest rate
created relatively conducive conditions for credit and By brand, Japanese manufacturers continued to dominate
financing growth in Indonesia. the market. Toyota, Daihatsu, and Mitsubishi Motors led
Bank Indonesia Benchmark Interest Rate in 2025
%
6 5.75% 5.75% 5.75% 5.75%
5.50% 5.50%
5.25%
5 5%
4.75% 4.75% 4.75% 4.75%
4
3
2
1
0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025
98 PT Mandiri Tunas Finance
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wholesales sales, while Toyota, Daihatsu, and Honda Overall, outstanding financing receivables still grew
recorded the highest retail sales. by 1.07% YoY, with the non-performing loan (NPL)
ratio recorded at 2.47%. From a financial structure
The year 2025 also saw a notable increase in demand for perspective, the industry’s gearing ratio declined from
electric vehicles, driven by the entry of various new brands 2.33x in September 2024 to 2.17x in September 2025,
offering more affordable pricing. This development indicating the implementation of a more conservative
marked a shift in consumer preferences toward more debt management strategy.
efficient and economical vehicles.
Nevertheless, profitability pressures continued to affect
In the motorcycle financing segment, new financing the industry, as reflected in declining profitability ratios.
bookings recorded growth of 1.40% YoY, reflecting Return on Assets (ROA) decreased from 5.35% in June
consumer interest in more affordable vehicles aligned with 2024 to 4.97% in June 2025, while Return on Equity (ROE)
recent purchasing power conditions. fell from 14.46% to 13.43% over the same period..
Operational Review
Overview of Financing Business Performance
Mandiri Tunas Finance’s business activities receive strong and substantial support from its Parent Company. Bank Mandiri
encourages the Company to serve retail and wholesale customers and debtors to meet their financing needs, while also
providing sustainable funding support.
From the shareholder side, Tunas Ridean also supports business penetration within its business group. The Company
benefits from a large captive market driven by the support of its Parent Company. In addition to this strong shareholder
backing, Mandiri Tunas Finance continuously enhances and expands cooperation with all motor vehicle brand holders
(APM), dealer networks, and business partners across all of the Company’s marketing regions to increase its financing
market share.
In general, the financing tenor ranges from 1 (one) to 7 (seven) years, with the most common tenor being 4 (four) years. As
collateral for the financing, the original Motor Vehicle Ownership Certificate (BPKB) is retained and held by the Company
throughout the financing period.
Development of Volume and Value of New Contracts by Type of Financing
Description Volume (unit) Value (Rp million) Increase (Decrease), %
Financing Type 2025 2024 2025 2024 Volume Value
New Car 43,476 83,987 12,949,133 25,582,763 (48.2) (49.4)
Used Car 12,918 25,873 2,899,849 5,524,591 (50.1) (47.5)
Motorcycle 201 437 33,757 69,887 (54.0) (51.7)
Others 1,700 1,489 3,420,340 3,912,388 14.2 (12.6)
Total 58,295 111,786 19,303,079 35,089,629 (47.9) (45.0)
Both in terms of volume and value, there was a decline in new contracts across all financing types, including new cars,
used cars, motorcycles, and others. In terms of value, the largest decrease was recorded in new car contracts, which fell
by 49.4% YoY to Rp12.95 trillion. Nevertheless, new car contracts continued to dominate total financing, accounting for
74.58% in volume and 67.08% in value in 2025.
Total Volume and Value of New Contracts by Contract Source
Description Volume (unit) Value (Rp million) Proportion by volume Proportion by value
Financing Type 2025 2024 2025 2024 2025 2024 2025 2024
Group 6,311 10,076 1,717,196 2,757,227 10.8% 9.0% 8.9% 7.9%
Non Group 51,984 101,710 17,585,882 32,332,402 89.2% 91.0% 91.1% 92.1%
Total 58,295 111,786 19,303,078 35,089,629 100% 100% 100% 100%
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Management Discussion & Analysis
Overview of the Financing Process
In carrying out customer acquisition activities, the reviewing and evaluating financing proposals submitted
Company relies on the role of Sales Officers (SOs). by the SO. Based on the results of this analysis, the
SOs source financing applications from two main financing decision is determined by the authorized party
channels: captive and regular. Captive financing refers in accordance with the prevailing regulations governing
to applications originating from internal sources, such the financing company industry. All decisions are made
as existing customers applying for additional financing in compliance with applicable regulatory requirements,
limits or refinancing facilities, as well as Bank Mandiri’s while also adhering to specific provisions related to
customers. Regular financing, on the other hand, refers customer service standards and consumer protection.
to applications obtained from external parties, such as
automotive dealers and independent agents (wira agents). To enhance service quality, the Company continuously
develops and refines its financing processes by leveraging
Each application that has undergone an initial survey technology. The implementation of such technology is
and preliminary assessment by the SOs is subsequently focused on accelerating the financing process without
submitted to the Credit Head for creditworthiness compromising the application of prudential principles,
analysis. The Company assigns at least one (1) Credit Head thereby enabling the Company to maintain a healthy and
to each branch office. The Credit Head is responsible for sustainable financing portfolio quality.
Retail Financing Acquisition Flow
Initiation & Data Entry Underwriting Golive Post Golive
Application Survey
Channels • Residence survey
• BMRI Referral and geotagging
• Dealer/Showroom • Collect documents
AO / SO
• Multipurpose/ and application
Digital Channel forms that have
been signed by
the customer to
be uploaded to
MTF1Access.
Pre-Survey:
• Collect Customer
& Spouse ID (KTP)
SH / SHD / SHM
for Dukcapil and
PEFINDO checking
• Customer
confirmation for
credit request and
survey appointment
• Internal blacklist
checking,
RAPINDO.
Verification & Checking Credit Analysis
Recommendation & Verification • Income verification
• Data verification in • E-KYC • Credit Scoring
Credit Head
MTF 1Access • Verification of data • Recommendation
• Survey result & survey result for approval or
recommendation information rejection based on
• Request Verification credit analysis in the
by Phone (RVP) system
• PEP (Politically
Exposed Person)
checking
Credit Approval
• Approval based
Pemutus
on credit authority
limits
• Exception approval
is escalated to the
next approval level
Pre-Disbursement Collateral Credit Collateral Post Go Live
• PO issuance to Verification Disbursement handover • Contract copy
Dealer/Showroom • Verification • Disbursement Dealer issues delivery to
• Phone verification to of BPKB to dealer/ a collateral customer
Operations
customer, BAST unit authenticity showroom / handover • Insurance
confirmation (specific with the Customer (for statement letter coverage
for car financing), Regional multipurpose (BPKB) to MTF • Collateral
Downpayment/ Police (for credit) Operations monitoring
disbursement. used • Go Live
• Invoice verification vehicles
with the dealer only)
Collection
Collection
• Collection
• Recovery
of financing
(repossession,
auction, etc)
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Commitment to delivering excellent service is not only the responsibility of the Sales Officer SO, but also of all departments
within the Company’s organization throughout the financing tenor. Improvements to the financing process in order to
enhance service quality to customers are continuously carried out by the Company. In addition, the prudential principle
is consistently upheld, as reflected in the formulation of the Risk Acceptance Criteria (RAC), which serves as a guideline in
customer acquisition.
A financing process that is oriented toward prudential principles and supported by the use of technology forms a strong
foundation for the Company to continue growing rapidly and sustainably.
Overview of the Collection Process
The Company consistently strives to maintain non-performing receivables at a low level. Strong collection performance can only
be achieved through the implementation of a strict and disciplined collection system. Customers are provided with multiple
options for making installment payments, either in cash or through a range of available payment channels.
Furthermore, payment monitoring is conducted by the marketing team prior to the due date and will be transferred to the
collection team if the installment passes the due date. Monitoring of the financing portfolio quality is carried out on an ongoing
basis to anticipate any significant increase in the Non-Performing Financing (NPF) ratio.
Collection Scheme
Marketing Aspect
The Company has implemented various strategic initiatives to maintain stability and drive business growth amid industry
dynamics. One of the measures undertaken is optimizing business sourced from the Parent Company’s captive segment.
In addition, maximizing the utilization of digital technology is viewed as a key foundation for improving service speed and
delivering added value to customers.
This strategy is implemented across all of the Company’s marketing regions, which are divided into Regional I through
Regional IX. Specifically, the marketing strategies formulated to achieve the targets set out in the Annual Business Plan
(RBT) are as follows:
Installment Payment Before • Monitoring by OD -3 to 0 days
Methods Marketing – Collection
Due Date • Reminding Customers via Phone,
SMS/Letter
• Giro / Check
• Autocoll
(Automatic Collection) Collection by Telecollection
• Cash & WhatsApp OD 1 to 7 days
• Bank After
• Payment Channel
Due Date Collection by Field Collection OD 8 to 30 days
Collections and Asset Safeguarding OD > 30 days
• Profit/Loss Report
After Repossession • Letter Information
• Auction Sale
1. Market expansion through increased penetration of 2. The Company continues to enhance the provision
the captive business segment originating from Bank of fast and efficient services to customers through
Mandiri, enhancement of the wholesale financing digitalization across marketing processes, credit
segment along with its supply chain, maintaining processes, and service processes throughout the
growth from dealers and business partners, and financing lifecycle.
expanding sustainable financing that delivers positive
environmental and social impacts while contributing
to economic sustainability.
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Management Discussion & Analysis
In 2025, the Company’s market share in car financing disbursement reached 11.42%, and 6.32% of total industry financing.
The Company’s market share based on total assets of the national financing industry is presented in the table below.
Market Share 2025 2024
Total number of financing companies/institutions* 146* 146
Total industry assets (Rp billion)* 476,271* 503,428
Gotal MTF Assets (Rp billion) 26,873 32,726
Market share based on assets 5.95%* 6.50%
*Data position as of August 2025
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Business Segment Classification
The Company classifies its business segments into two In addition, the Company also classifies its business
main categories: (1) segments based on key customer segments based on geographic regions consisting of
segments and products, and (2) segments based on Regional I (Sumatra), Regional II (Sumatra), Regional III
geographic regions. (Greater Jakarta), Regional IV (Greater Jakarta), Regional
V (West Java), Regional VI (Central Java and Yogyakarta),
Business segmentation based on key customer segments Regional VII (East Java, Bali, Kupang and Mataram), Regional
and products is divided into three segments: retail, fleet, VIII (Kalimantan), and Regional IX (Sulawesi, Ambon, Papua
and others. The retail segment represents consumer and Sorong).
financing aimed at individual customers; the fleet segment
represents consumer financing for corporate customers;
while the others segment includes activities related to
head office operations, such as bank interest income
and general and administrative expenses that cannot be
allocated to the two aforementioned segments. Mandiri Tunas Finance’s Business Segments
MTF’s Business Segment
By Key Customer Segments and Products By Geographic Regions
• Regional I (Sumatra) • Regional VII (East Java,
• Regional II (Sumatra) Bali, NTB & NTT)
• Regional III (Banten & Jakarta) • Regional VIII (Kalimantan)
Retail Fleet Others • Regional IV (Jabodebek) • Regional IX (Sulawesi,
• Regional V (West Java) Maluku & Papua)
• Regional VI (Central Java • Fleet
& D.I. Yogyakarta) • Others
Overview of Performance by Key Customer Segment and Product
Retail Segment
The Retail Segment comprises financing extended offered. Throughout the credit period, such financing
to customers who submit applications through the is insured with the Company’s partner insurance
Company’s branch offices using a credit scoring companies as part of risk mitigation initiatives.
system. Retail financing may be granted for the
purchase of new or used motor vehicles. In retail Included in the reporting of the retail segment are all
financing, administrative fees and insurance premiums operational segment performance indicators that can be
are charged to customers, with amounts adjusted directly attributed to consumer financing for individual
according to the financing tenor and specified customers across the Company’s various operational
separately within the financing products or packages regions.
Revenue and Assets from the Retail Segment
Description
Revenue Asset Increase (Decrease)
2025 (Rp million) 2024 (Rp million) 2025 Rp million) 2024 (Rp million) Revenue (%) Asset (%)
Car 4,112,738 4,976,698 22,888,461 27,573,367 (17.36) (16.99)
Motorcycle 262 179 229 80 46.37 186.25
Total revenue 4,113,000 4,976,877 22,888,690 27,573,447 (17.36) (16.99)
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Management Discussion & Analysis
In 2025, revenue from the retail segment recorded a decrease of 17.4% YoY to Rp4.11 trillion. In addition to revenue, retail
segment assets also declined by 17.0% YoY to Rp22.89 trillion. Similar to revenue, assets from the car category accounted
for the largest proportion of total assets.
Fleet Financing Segment
Fleet Financing represents financing provided to customers managed by the Corporate Fleet Division. Fleet Financing
is extended to a single debtor or a group of obligors, whether corporate entities or individuals, while adhering to the
Financing Exposure Limit provisions. The value of Fleet Financing is set at equal to or greater than Rp5 billion.
Fleet Financing is divided into two types:
1. Investment Financing, which refers to financing for capital goods and related services required to support
business or investment activities, including rehabilitation, modernization, expansion, or business relocation
provided to debtors.
2. Working Capital Financing, which refers to financing provided to meet expenditures that are consumptive within
one business cycle of the customer, through the provision of financing limits to customers on a committed and
advised basis.
Included in the fleet segment reporting are all operational segment performance indicators that can be directly attributed
to financing for corporate customers.
Revenue and Assets from the Fleet Segment
Description Revenue Asset Increase (Decrease)
2025 (Rp
2025 (Rp million) 2024 (Rp million) 2024 (Rp million) Revenue (%) Asset (%)
million)
Car 522,507 602,438 3,458,594 4,776,683 (13.27) (27.59)
Motorcycle 15 0 5 171 - (97.08)
Total revenue 522,522 602,438 3,458,599 4,776,854 (13.27) (27.60)
In 2025, revenue from the Fleet segment, which is largely dominated by car financing, decreased by 13.27% YoY to
Rp522.52 billion. In terms of assets, the decline was relatively more significant, amounting to 27.60% YoY to Rp3.46
trillion.
Compared to the retail segment, the Fleet segment’s contribution to the Company’s total revenue and total assets remains
relatively smaller. The Fleet segment contributed approximately 11.27% to the Company’s total revenue, while the retail
segment accounted for 88.73%. Nevertheless, in terms of growth, the largest revenue decline occurred in the retail
segment compared to the Fleet segment.
Other Segment
The Other segment represents operational segment reporting information related to head office activities, such as bank
interest income and general and administrative expenses that cannot be allocated to the two segments above. Within this
segment, only asset and liability values are recorded as part of head office activities.
Asset and Liabilities from Other Segments
Description 2025 (Rp million) 2024 (Rp million) Increase (Decrease) %
Total Assets 1,661,442 2,075,154 (19,94)
Total Liabilities 21,704,530 28,095,693 (22,75)
Assets in the Other segment recorded a decline in 2025 of 19.94% to Rp1.67 trillion. However, the decrease in assets
was not as significant as the decline in liabilities, which fell by 22.75% YoY to Rp21.7 trillion, primarily due to a significant
reduction in bank borrowings during the year.
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Overview of Performance by Geographic Area
In addition to segmentation based on primary customer groups and products, the Company also presents segment
information based on geographic areas, reflecting the distribution of its financing services across various regions in
Indonesia. The Company classifies the distribution of its retail financing customers into 9 (nine) regions with the following
coverage areas:
Geograhic Regional Coverage
Regional I Covers the areas of Riau Islands, Riau, and North Sumatra.
Regional II Covers the areas of Bengkulu, Jambi, Bangka Belitung Islands, Lampung, West Sumatra, and South Sumatra.
Regional III Covers the areas of Banten (including Tangerang (BSD and Bintaro), Cilegon, Serang, and Lebak (Rangkasbitung)), and DKI Jakarta
(including North Jakarta, West Jakarta, and Central Jakarta)
Regional IV Covers the areas of DKI Jakarta (including East Jakarta and South Jakarta), as well as West Java (including Bekasi, Depok, and Bogor)
Regional V Covers the areas of West Java
Regional VI Covers the areas of Central Java and the Special Region of Yogyakarta
Regional VII Covers the areas of East Java, Bali, West Nusa Tenggara, and East Nusa Tenggara
Regional VIII Covers the area of Kalimantan
Regional IX Covers the areas of Sulawesi, Ambon and Papua
Based on geographic segmentation, all regions recorded declines in revenue and assets in 2025. The largest revenue decline
occurred in Regional VIII (Kalimantan), amounting to 28.8% YoY to Rp658.96 billion. Despite the significant decline, Regional
VIII (Kalimantan) remained the largest revenue contributor, accounting for 14.22% of the Company’s total revenue in 2025.
Conversely, the smallest revenue decline was recorded by Regional I (Sumatra), at 7.1% YoY to Rp396.62 billion, contributing
8.56% to the Company’s total revenue.
In line with the revenue decline, Regional VIII (Kalimantan) also recorded the largest asset decrease, amounting to 29.5% YoY
to Rp4.46 trillion. Meanwhile, the lowest asset decline was again recorded by Regional I (Sumatra), at 3.35% YoY to Rp2.14
trillion.
Revenue and Assets by Geographic Segment
Revenue Asset Increase (Decrease)
Description
2025 2024 2025 2024 Revenue Asset
Regional I (Sumatra) 396,620 427,008 2,138,638 2,215,841 (7.12%) (3.48%)
Regional II (Sumatra) 343,004 402,925 1,799,723 1,975,441 (14.87%) (8.90%)
Regional III (Banten & DKI Jakarta) 556,961 612,308 3,551,533 3,932,290 (9.04%) (9.68%)
Regional IV (Jabodebek) 515,659 589,058 3,336,121 4,000,388 (12.48%) (16.61%)
Regional V (West Java) 325,072 377,534 1,809,009 2,049,049 (13.90%) (11.71%)
Regional VI (Central Java & D. I. Yogyakarta) 287,674 351,305 1,546,060 2,054,319 (18.11%) (24.74%)
Regional VII (East Java, Bali dan Nusa Tenggara) 525,646 622,120 2,950,405 3,578,879 (15.51%) (17.56%)
Regional VIII (Kalimantan) 658,964 924,928 3,148,115 4,465,745 (28.76%) (29.51%)
Regional IX (Sulawesi, Maluku & Papua) 503,400 669,691 2,609,086 3,301,495 (24.83%) (20.97%)
Fleet 522,522 602,438 3,458,599 4,776,854 (13.27%) (27.60%)
Others 0 0 1,661,442 2,075,154 0.0% (19.94%)
Total Revenue 4,635,522 5,579,315 28,008,731 34,425,455 (16.92%) (18.64%)
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Management Discussion & Analysis
Financial Review
The analysis and discussion of financial performance in this annual report refer to the Audited Financial Statements issued
by the Public Accounting Firm Purwanto, Sungkoro & Surja. The presentation and disclosure of the Company’s financial
statements have been prepared in accordance with the Financial Accounting Standards (SAK) in Indonesia, which include
the Statements and Interpretations of Financial Accounting Standards issued by the Financial Accounting Standards
Board of the Indonesian Institute of Accountants.
Financial Position
Statement of Financial Position, December 31, 2025
Increase (Decrease)
Description 2025 2024
Rp %
ASSETS
Cash and cash equivalents 994,968 1,292,160 (297,192) (23.00)
Consumer Financing Receivables 22,513,743 26,719,179 (4,205,436) (15.74)
Finance lease recevaibles 3,625,350 5,395,158 (1,769,808) (32.80)
Factoring Receivables 0 19,438 19,438 -
Other receivables 418,492 500,283 (81,791) (16.35)
Deferred Tax Assets 70,079 84,726 (14,647) (17.29)
Derivative receivables 33,826 45,008 (11,182) (24.84)
Fixed Assets 235,303 278,475 (43,172) (15.50)
Other Assets 116,970 91,028 25,942 28.50
Total Assets 28,008,731 34,425,455 (6,416,724) (18.64)
LIABILITIES
Trade Payables 470,341 604,208 (133,867) (22.16)
Other Payables 179,220 212,456 (33,236) (15.64)
Current tax liabilities - 112,491 (112,491) (100.00)
Accrued expenses 140,132 247,941 (107,809) (43.48)
Borrowings 15,861,521 21,476,196 (5,614,675) (26.14)
Securities issued 6,221,899 6,681,925 (460,026) (6.88)
Employee benefits obligation 219,121 213,162 5,959 2.80
Derivative payables - 12,654 (12,654) (100.00)
Total liabilities 23,092,234 29,561,033 (6,468,799) (21.88)
EQUITY
Issued and Paid Up Capital 250,000 250,000 0 0
Other comprehensive income:
Remeasurement of employee benefits obligation - net 1,102 (7,155) 8,257 (115.40)
Cumulative (loss) gain on derivative instrument for cash flow hedges - net (21,995) (17,423) (4,572) 26.24
Retained Earnings
Appropriated 50,000 50,000 0 0
Unappropriated 4,637,390 4,589,000 48,390 1.05
Total Equity 4,916,497 4,864,422 52,075 1.07
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Assets
The Company’s total assets amounted to Rp28.0 trillion at the end of December 2025, representing a decrease of 18.64%
YoY. The largest decline was recorded in consumer financing, which accounted for 80.38% of total assets. Consumer
financing decreased by 15.74% to Rp22.51 trillion as of the end of December 2025.
Earning Assets
The Company’s earning assets consist of Consumer Financing Receivables, Finance Lease Receivables, and Factoring
Receivables. Consumer Financing Receivables arise from financing provided by the Company to customers for the
purchase of motor vehicles, both cars and motorcycles. Finance Lease Receivables arise from finance lease transactions,
in which the Company provides financing for the use of assets by the lessee over a specified period in accordance with
the agreement, with installment payments made periodically. Factoring Receivables arise from the acquisition or purchase
of short-term receivables owned by other parties, originating from trade or service transactions, in accordance with the
applicable agreement terms.
The majority of the Company’s earning assets consist of consumer financing, which accounts for 92.66% of total gross
earning assets (comprising joint financing and managed financing). Overall receivables can essentially be classified into
managed net financing receivables and Financing Receivables – Joint Financing, as reflected in the following table:
Financing Receivables
Description Increase/ (Decrease)
(Rp million) 2025 2024
Rp %
Net Financing Receivables Under Management 51,352,418 60,642,783 (9,290,365) (15.32)
Joint Financing Receivables 24,478,809 27,916,505 (3,437,696) (12.31)
Non Performing Finance Ratio - Gross (%) 2.40 1.05
Non Performing Finance Ratio - Net (%) 1.47 0.59
Managed net financing receivables account for the largest proportion of the total financing extended by the Company.
However, this amount declined by 15.32% YoY compared to the previous year. Meanwhile, gross non-performing
receivables were recorded at 2.40% in December 2025, increasing from 1.05% in December 2024. The Company
consistently ensures that allowance for impairment losses is established at an adequate level to cover potential losses
arising from non-performing financing.
Liabilities
Total liabilities in 2025 decreased by 21.88% YoY, from Rp29.56 trillion in December 2024 to Rp23.09 trillion in December
2025. This decline was primarily attributable to a reduction in bank borrowings from Rp21.48 trillion in December 2024
to Rp15.86 trillion in December 2025, in line with bank loan repayments made by the Company during the year. Bank
borrowings accounted for 68.69% of the Company’s total liabilities in 2025.
Equity
As of December 2025, the Company’s total equity amounted to Rp4.92 trillion, representing an increase of 1.07% YoY
compared to Rp4.86 trillion at the end of December 2024. The Company distributed dividends amounting to Rp351.62
billion from its 2024 retained earnings in July 2025.
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Management Discussion & Analysis
Profit or Loss
Statement of Profit or Loss for the year ended December 31, 2025.
Increase /(Decrease)
Description 2025 2024
Rp %
Revenue 4,635,522 5,579,315 (943,793) (16.92)
Expenses (4,121,912) (4,075,148) (46,764) 1.15
Income Before Final Tax and Income Tax Expense 513,610 1,504,167 (990,557) (65.85)
Final Tax Expense (3,159) (3,495) 336 (9.61)
Income Before Income Tax Expense 510,451 1,500,672 (990,221) (65.99)
Income Tax Expense (110,436) (328,590) 218,154 (66.39)
Income for the Year 400,015 1,172,082 (772,067) (65.87)
Other Comprehensive Income - net of tax 3,685 11,010 (7,325) (66.53)
Total Comprehensive Income for the Year 403,700 1,183,092 (779,392) (65.88)
Basic Earnings Per Share (full amount) 160 469 (309) (65.88)
Operating Revenue
In 2025, the Company recorded revenue of Rp4.64 trillion, representing a decrease of 16.92% YoY compared to 2024. The
decline was primarily attributable to weaker revenue from consumer financing. Consumer financing revenue remained the
largest contributor to the Company’s total revenue, accounting for 62.22% in 2025.
Revenue from consumer financing amounted to Rp2.88 trillion, reflecting a 16.49% YoY decrease compared to the
previous year. The decline in revenue was in line with the reduction in receivables balances recorded throughout 2025, as
a result of less favorable macroeconomic conditions during the reporting period.
Revenue Breakdown
Increase /(Decrease)
Description 2025 2024
Rp %
Revenue from consumer financing 2,884,128 3,453,490 (569,362) (16.49)
Revenue from financial lease 572,371 678,704 (106,333) (15.67)
Revenue from factoring 1 438 (437) (99.77)
Revenue from deposit in bank 15,797 17,473 (1,676) (9.59)
Others- Net 1,163,225 1,429,210 (265,985) (18.61)
Total revenue 4,635,522 5,579,315 (943,793) (16.92)
Operating Expenses
The Company’s expenses in 2025 slightly increased from Rp4.07 trillion in 2024 to Rp4.12 trillion in 2025. The Company’s
ability to implement efficiency measures is reflected in the 15.38% YoY decrease in salaries and allowances expense in
2025 to Rp656.0 billion. In addition, finance costs also declined as a result of an appropriate funding strategy that enabled
the average borrowing interest rate to decrease in 2025.
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Operating Expenses
Increase /(Decrease)
Description 2025 2024
Rp %
EXPENSES
Financial charges (1,742,114) (1,913,946) 171,832 (8.98)
Salaries and benefits (656,012) (775,231) 119,219 (15.38)
General and Administration (437,019) (413,178) (23,841) 5.77
Provision for impairment losses
Consumer Financing (981,009) (885,498) (95,511) 10.79
Financial leases (279,480) (83,288) (196,192) 235.56
Factoring (19,428) (14,874) (4,554) 30.62
Other receivables (6,850) 10,867 (17,717) (163.03)
Total provisioning for impairment losses (1,286,767) (972,793) (313,974) 32.28
Total expenses (4,121,912) (4,075,148) (46,764) 1.15
Allowance for Impairment Losses
Included in the expense components in 2025 was the allowance for impairment losses. This expense increased significantly
in 2025 to Rp1.29 trillion, representing a 32.28% YoY increase. The largest increase in impairment loss allowance expense
was recorded in finance lease activities, amounting to Rp279.48 billion in 2025 compared to Rp83.29 billion in 2024.
However, the contribution of impairment loss allowance from finance leases accounted for only 21.72% in 2025. A decline
in consumers’ purchasing power has reduced their ability to meet their financial obligations. As a result, the Company
experienced a significant increase in the allowance for impairment losses.
Profit for the Year
Profit before final tax expense and income tax was recorded at Rp513.61 billion in 2025, decreasing by 65.85% YoY
compared to the previous year. This was primarily due to lower revenue resulting from a decline in new financing
disbursements and the increase in impairment loss allowance expense caused by the deterioration in the Company’s
financing quality during the year. Consequently, profit for the year also declined by 65.87% YoY to Rp400.01 billion in
2025.
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Management Discussion & Analysis
Comprehensive Income
Increase /(Decrease)
Description 2025 2024
Rp %
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
Income (loss) for the year 400,015 1,172,082 (772,067) (65.87)
Other Comprehensive Income - net of tax 3,685 11,010 (7,325) (66.53)
Item that will not be reclassified to profit or loss
Remeasurement of employee benefit obligation 10,586 40,044 (29,458) (73.56)
Income tax effect (2,329) (8,809) 6,480 (73.56)
Sub total 8,257 31,235 (22,978) (73.56)
Item that will be reclassified to profit or loss
Effective portion of (loss) gain on hedging instruments in a cash flow hedge (5,862) (25,929) 20,067 (77.39)
Income tax effect 1,290 5,704 (4,414) (77.38)
Sub total (4,572) (20,225) 15,653 (77.39)
Other Comprehensive income net of tax 3,685 11,010 (7,325) (66.53)
Total Comprehensive income for the year 403,700 1,183,092 (779,392) (65.88)
Total Comprehensive Income for the Year
Total comprehensive income for the year amounted to Rp403.70 billion in 2025, representing a 65.88% YoY decrease
compared to the same period in the previous year. This decline was essentially in line with the decrease in profit for the
year recorded in 2025. Despite the decline, the Company still recorded positive other comprehensive income of Rp3.69
billion in 2025.
Cash Flows
Cash flows provide an overview of the Company’s cash receipts and disbursements, consisting of net cash used in
operating activities, net cash used in investing activities, and net cash generated from financing activities.
Summary of Cash Flows
Description Increase /(Decrease)
2025 2024
(in Rupiah) Rp
Cash flows from operating activities 6,200,482 (3,443,243) 9,643,725
Cash flows from investing activities (39,669) (65,844) 26,175
Cash flows from financing activities (6,458,005) 3,949,107 (10,407,112)
Net increase (decrease) in cash and cash equivalents (297,192) 440,020 (737,212)
Cash and cash equivalents at beginning of year 1,292,160 852,140 440,020
Cash and cash equivalents at end of year 994,968 1,292,160 (297,192)
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Cash Flows from Operating Activities
Net cash provided by operating activities in 2025 recorded a surplus of Rp6.20 trillion, compared to a deficit of Rp3.44
trillion in 2024. The surplus was primarily driven by a significant decline in payments to vehicle dealers, in line with the
decrease in financing activities during 2025.
Cash Flows from Operating Activities
Description 2025 2024 Increase /(Decrease)
Cash receipts from customers
Consumer Financing 28,238,850 27,896,386 342,464
Finance lease 3,505,046 4,193,421 (688,375)
Factoring 1 1,445 (1,444)
Joint financing 7,977,268 12,611,438 (4,634,170)
Interest income from Deposit in bank 15,810 13,978 1,832
Late payment penalties 189,030 202,567 (13,537)
Recovery from written-off receivables 158,467 182,787 (24,320)
Receipt of Overpaid Tax Refund 0 0 -
Insurance premiums 885,996 1,791,375 (905,379)
Cash disbursement for
Repayments of joing financing facilities (11,326,335) (9,484,182) (1,842,153)
Payments to car dealers (19,707,347) (36,306,565) 16,599,218
Payments for finance charges (1,751,072) (1,902,137) 151,065
Payment for income tax (223,690) (315,141) 91,451
Payments for salaries and allowances (721,859) (862,249) 140,390
Tax deposit placement (12,040) 0 (12,040)
Payments for general and administrative expenses (354,057) (303,074) (50,983)
Payments to insurance companies (673,586) (1,163,292) 489,706
Net cash used in operating activities 6,200,482 (3,443,243) 9,643,725
Cash Flows from Investing Activities
In 2025, net cash used in investing activities amounted to Rp39.67 billion, lower than Rp65.84 billion in 2024. The
Company reduced its investment in fixed asset acquisitions in 2025 to Rp35.77 billion, compared to Rp54.03 billion in
2024.
Cash Flows from Investing Activities
Description 2025 2024 Increase /(Decrease)
Acquisition of fixed assets (35,768) (54,028) 18,260
Acquisition of right-of-use assets (4,271) (12,126) 7,855
Sales of fixed assets 370 310 60
Net cash used in investing activities (39,669) (65,844) 26,175
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Cash Flows from Financing Activities
Net cash used in financing activities in 2025 recorded a deficit of Rp6.46 trillion, compared to a surplus of Rp3.95 trillion
in 2024. This deficit was primarily attributable to bank loan repayments during the year, which resulted in lower loan
proceeds received in 2025.
Cash Flows from Financing Activities
Description Increase /(Decrease)
2025 2024
(in Rupiah) Rp
Proceeds from borrowings 13,332,264 26,309,467 (12,977,203)
Proceeds from securities issued 775,270 2,772,195 (1,996,925)
Repayment of borrowings (18,956,733) (22,984,649) 4,027,916
Repayments of securities issued (1,237,440) (1,773,150) 535,710
Repayment of securities issuance costs (2,601) (8,764) 6,163
Payment of cash dividends (351,625) (348,330) (3,295)
Payment of lease liabilities (17,140) (17,662) 522
Net cash provided by financing activities (6,458,005) 3,949,107 (10,407,112)
Increase (Decrease) in Net Cash and Year-End Cash and Cash Equivalents
The accumulation of net cash flows from operating, investing, and financing activities resulted in a decrease in cash and
cash equivalents of Rp297.19 billion in 2025. As a result, the year-end cash and cash equivalents position declined from
Rp1.29 trillion in 2024 to Rp994.97 billion in 2025.
Financial Ratios
Financial ratios are intended to assist the Company in analyzing its performance from the perspectives of profitability,
liquidity, and solvency. Profitability ratios provide an overview of the Company’s ability to generate profits; liquidity ratios
measure the Company’s ability to utilize its current assets to meet short-term liabilities; and solvency ratios assess the
Company’s ability to meet its debt obligations.
Profitability Ratios
Description Unit 2025 2024
PROFITABILITY
Return on Assets % 1.28 3.65
Return on Assets *) % 1.83 4.36
Return on Average Assets % 1.65 4.69
Return on Equity % 8.14 24.09
Return on Average Equity % 8.18 26.36
Total Revenue / Total Assets % 16.55 16.21
Profit before income tax/revenue % 11.08 26.96
Net Profit for the Year After Tax / Revenue % 8.63 21.01
Cost Efficiency Ratio % 37.81 32.26
*) Restated based on profit before tax
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Profitability Ratios
Profitability ratios can be measured using various indicators, such as return on assets (ROA), return on equity (ROE), and
other relevant ratios. Based on the average return on assets and average return on equity, both ratios declined in 2025.
The average return on assets decreased from 4.69% in 2024 to 1.65% in 2025, while the average return on equity declined
from 26.36% in 2024 to 8.18% in 2025, in line with the Company’s reduced ability to generate profit amid less favorable
economic conditions during the year.
Liquidity Ratios
Description Unit 2025 2024
LIQUIDITY RATIO
Current Ratio x 1.08 1.24
Cash Ratio x 7.54 9.91
Liquidity Ratios
Liquidity ratios are measured using the current ratio, which compares current assets to current liabilities, and the
cash ratio, which compares cash and cash equivalents to current liabilities. In 2025, the Company’s current ratio was
recorded at 1.08x, declining from 1.24x in 2024. Despite the decrease, this ratio remains sound as it is still above 1x.
Meanwhile, the cash ratio decreased from 9.91x at the end of December 2024 to 7.54x in 2025, in line with the decline
in cash at the end of the 2025 period as previously explained.
In addition to liquidity ratios, liquidity risk can also be assessed through the maturity gap profile between assets and
liabilities. However, as part of the Mandiri Group, the Company receives strong financial support from its Parent Entity
through joint financing schemes and loan facilities, enabling liquidity risk to be well managed.
Maturity Profile of Assets and Liabilities
Based on the maturity gap profile of financial assets and liabilities, the maturity difference between assets and liabilities
was positive across almost all maturity periods, except for the maturity range of more than 6 months up to 1 year. This was
due to the higher amount of loans and debt securities maturing compared to financing receivables due within the same
period. The Company ensures that all of its obligations will be properly fulfilled when they become due.
Less than One More than 6
Description 1- 6 months More than 1 year Recorded Value
month months to 1 year
ASSETS
Cash and Cash Euivalents 990,657 0 0 0 990,657
Consumer financing Receivables 1,000,379 4,706,052 4,998,410 12,416,334 23,121,175
Finance Lease Receivables 213,257 973,591 930,521 1,635,065 3,752,434
Factoring 458,153 0 0 0 458,153
Other Receivables 0 6,238 0 27,588 33,826
Derivative Receivables 31,824 0 0 0 31,824
Total Assets 2,694,270 5,685,881 5,928,931 14,078,987 28,388,069
LIABILITIES
Accounts Payable 470,341 0 0 0 470,341
Other payables 156,641 3,137 2,358 1,413 163,549
Accrued Expenses 3,168 136,964 0 0 140,132
Loans Received 1,422,637 4,463,702 4,503,390 5,471,792 15,861,521
Securities Issued 0 485,584 1,555,915 4,180,400 6,221,899
Total Liabilities 2,052,787 5,089,387 6,061,663 9,653,605 22,857,442
Total Maturity Difference 641,483 596,494 (132,732) 4,425,382 5,530,627
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Management Discussion & Analysis
Maturity Profile of Liabilities Based on Undiscounted Cash Flows
Meanwhile, based on the remaining contractual maturities of financial liabilities calculated using undiscounted cash
flows, the Company’s liabilities are dominated by long-term liabilities, i.e., those with maturities of more than one year,
representing 42.49% of the total carrying amount in 2025. This indicates that the Company’s liquidity risk was well
managed in 2025.
More than 6
Less than one More than 1
Description 1- 6 months months to 1 Total
month year
year
LIABILITIES
Accounts Payable 470,341 0 0 0 470,341
Other payables 156,697 3,196 2,510 1,553 163,956
Accrued Expenses 3,168 136,964 0 0 140,132
Loans Received 1,512,173 4,824,127 4,780,266 5,755,528 16,872,094
Securities Issued 22,970 673,983 1,725,537 4,816,554 7,239,044
Total Liabilities 2,165,349 5,638,270 6,508,313 10,573,635 24,885,567
Solvency Ratios
Solvency ratios are measured through the debt-to-equity ratio and the debt-to-asset ratio. The Company strives to
maintain its debt-to-equity ratio below 10x, which is a generally accepted standard in the financing industry. In 2025, the
debt-to-equity ratio was recorded at 4.70x, decreasing from 6.08x in 2024.
Solvency Ratios
Description Unit 2025 2024
SOLVENCY RATIOS
Interest-bearing Debt to Equity Ratio x 4.50 5.79
Debt to Equity Ratio x 4.70 6.08
Debt to Asset Ratio x 0.82 0.86
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Receivables Collectibility Level
In conducting its business activities, the Company consistently applies the prudential principle. Every financing application
must undergo a thorough financing or credit analysis process and pass through various predetermined approval stages.
The financing portfolio is managed conservatively through the progressive establishment of allowances for all receivables
that have entered the doubtful category. Currently, the Company determines the allowance for doubtful receivables
based on an assessment of receivables quality at the end of each reporting period.
The prudential principle also serves as the foundation for handling non-performing financing. The Company maintains the
quality of its receivables through various measures, including sending payment reminders to customers to ensure timely
fulfillment of their obligations, conducting collection efforts to prevent further deterioration in receivables quality, and
undertaking asset repossession when receivables have entered the non-performing category.
To support receivables management, the Company has established an Account Receivable Management Division
responsible for credit recovery. This division is led by two Account Receivable Division Heads, each overseeing several
Account Receivable Department Heads, as well as a Remedial Head and a Collection Head.
The following table illustrates the amount of receivables and arrears based on the Company’s business activities, namely
consumer financing, finance leases, and factoring.
Consumer Financing
2025 2024 Increase (Decrease)
Description
(Rp) (Rp) Rp %
Consumer Financing Receivables (gross) 54,714,989 64,807,461 (10,092,472) (15.6)
Less:
Joint Financing - gross (27,567,428) (32,019,967) 4,452,539 (13.9)
Consumer Financing Receivables (gross); Direct Financing 27,147,561 32,787,494 (5,639,933) (17.2)
Unearned income on consumer financing: Direct financing (4,026,386) (5,591,552) 1,565,166 (28.0)
Consumer Finance Lease receivables - Net 23,121,175 27,195,942 (4,074,767) (15.0)
Total consumer financing receivables (direct financing) amounted to Rp27,15 trillion in 2025. After deducting unearned
consumer financing income of Rp4.02 trillion, net consumer financing receivables stood at Rp23.12 trillion, representing
a 15.0% year-on-year decline compared to 2024.
Consumer Financing Receivables in Arrears
Description 2025 2024
(in Rupiah) Rp % Rp %
Total Receivables 54,714,989 100 64,807,461 100
Current 51,587,815 94.28 61,649,097 95.13
1- 90 days in arrears 1,951,416 3.57 2,426,559 3.74
91-120 days in arrears 160,902 0.29 232,364 0.36
121- 180 days in arrears 210,447 0.38 239,369 0.37
> 180 days in arrears (non-performing receivables 804,409 1.47 260,072 0.40
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Management Discussion & Analysis
Meanwhile, in terms of consumer financing receivable arrears, total non-performing receivables reached Rp804.41 billion,
increasing from Rp260.07 billion in 2024. As a result, the non-performing financing (NPF) ratio rose from 0.40% in 2024
to 1.47% in 2025.
Finance Lease Receivables
2025 2024 Increase (Decrease)
Description
(Rp) (Rp) Rp %
Finance Lease Receivables (gross) 4,334,665 6,450,469 (2,115,804) (32.8)
Less:
Joint Financing (gross) (6,892) (25,647) 18,755 (73.1)
Guaranteed Residual Value 1,833,852 2,445,103 (611,251) (25.0)
Finance Lease Receivables - gross: Direct Financing 6,161,625 8,869,925 (2,708,300) (30.5)
Unearned lease income on financing: direct financing (2,408,991) (3,374,338) 965,347 (28.6)
Finance lease receivables - Net 3,752,634 5,495,587 (1,742,953) (31.7)
Total net finance lease receivables (own financing) amounted to Rp3.75 trillion in 2025, representing a 31.7% YoY decline
compared to the previous year. Joint financing for this type of receivable remains relatively limited; therefore, the majority
represents direct financing.
Finance Lease Receivable Arrears
Description 2025 2024
(in Rupiah) Rp % Rp %
Total Receivables 4,334,665 100 6,450,469 100
Current 4,085,078 94.24 5,933,063 91.98
1- 90 days in arrears 158,131 3.65 482,074 7.47
91-120 days in arrears 6,648 0.15 10,840 0.17
121- 180 days in arrears 11,201 0.26 14,496 0.22
> 180 days in arrears (non-performing receivables 73,607 1.70 9,996 0.15
Meanwhile, in terms of finance lease receivable arrears, total non-performing receivables amounted to Rp73.61 billion,
increasing from Rp10.0 billion in 2024. As a result, the non-performing financing (NPF) ratio rose from 0.15% in 2024 to
1.70% in 2025.
Factoring Receivables
Description 2025 2024
Total Receivables 0 49,867
Unearned Income on Factoring Receivables 0 (15,119)
Factoring Receivables - Net 0 34,748
Total factoring receivables recorded a nil balance in 2025, indicating that this type of financing has no longer been
disbursed by the Company since 2025. All outstanding receivables had been written off as of the end of December 2025,
resulting in a zero receivables balance.
In addition to analyzing receivables quality based on days past due, the Company also evaluates financing risk exposure
by classifying receivables that are neither past due nor impaired into two categories: (1) High Grade, namely receivables
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that have never experienced arrears; and (2) Standard Grade, namely receivables that have experienced arrears in the past
but, as of the reporting date, have no overdue principal or interest payments.
The classification of receivables quality serves as one of the indicators in determining the level of credit risk and the amount
of allowance for impairment losses recognized in the financial statements, taking into account historical information,
current conditions, and forward-looking economic projections.
Consumer financing receivables and finance lease receivables with installments overdue by more than 90 days are
classified as impaired financial assets. The Company retains the Motor Vehicle Ownership Certificate (BPKB) of financed
vehicles as collateral for consumer financing receivables granted.
The majority of the Company’s receivables fall under the category of “neither past due nor impaired.” The total consumer
financing receivables classified as impaired amounted to Rp841.18 billion in 2025. The Company established an allowance
of Rp774.18 billion in 2025 to cover potential losses arising from non-performing financing.
Financing Risk Exposure Analysis
Neither past due nor impaired Allowance for
Past due but not
Description Impaired Impairment Total
impaired
High Grade Standard Grade Losses
Cash and Cash Equivalents 990,657 - - - - 990,657
Consumer Financing Receivables 10,451,475 11,046,770 983,915 639,015 (607,432) 22,513,743
Finance Lease Receivables 1,596,233 1,862,370 131,306 162,505 (127,084) 3,625,330
Other Receivables 418,492 - - 39,661 (39,661) 418,492
Derivative Receivables 33,826 - - - - 33,826
Other Assets 31,824 - - - - 31,824
Total Assets 13,522,507 12,909,140 1,115,221 841,181 (774,177) 27,613,872
Furthermore, the aging analysis of consumer financing receivables and finance lease receivables that are past due but not
impaired shows that the majority of such financing falls within the 1–30 days past due category, accounting for 57.41% of
the total assets that are past due but not impaired.
Aging Analysis of Financing That Is Past Due but Not Impaired
Description
1-30 days 31-60 days 61-90 days Total
(in Rupiah)
Consumer Financing
586,649 254,434 142,832 983,915
Receivables
Finance Lease Receivables 53,622 43,461 34,223 131,306
Total 640,271 297,895 177,055 1,115,221
Capital Structure and Capital Management
Policy
Capital Structure Policy
The Company’s objective in managing its capital is to safeguard business continuity in order to deliver returns to
shareholders and benefits to other stakeholders, while maintaining an optimal capital structure to reduce the cost of
capital.
In order to maintain or adjust its capital structure, the Company may adjust the amount of dividends paid to shareholders,
provide returns of capital to shareholders, or issue new shares to reduce borrowings/debt. The Company monitors its
capital based on the gearing ratio. This ratio is calculated by dividing net borrowings (including Bonds and Medium-Term
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Management Discussion & Analysis
Notes) by total capital. Total capital is derived from equity as presented in the statement of financial position.
In managing its capital, the Company conducts monthly analyses to ensure compliance with POJK No. 35/POJK.05/2018
dated December 27, 2018 concerning the Operation of Financing Companies, which stipulates, among others, the
following requirements:
1. Minimum paid-up capital of Rp100,000,000,000;
2. Minimum equity of 50.00% of paid-up capital; and
3. A maximum gearing ratio of 10 times, calculated as total borrowings compared to equity and subordinated debt net
of investments, applicable to both foreign and domestic borrowings.
Composition of Borrowings and Equity
Description Composition Composition
2025 2024
(in Rupiah) (%) (%)
Borrowings 15,861,521 58.75 21,476,196 65.05
Securities Issued 6,221,899 23.04 6,681,925 20.23
Total Debt 22,083,420 81.79 28,158,121 85.27
Equity 4,916,497 18.21 4,864,422 14.73
Capital Structure
Equity accounted for 18.21% of total borrowings and equity. This proportion was higher than in 2024, which stood at
14.73%. The Company consistently maintains its capital structure to ensure the achievement of optimal returns.
Dividend Policy
Before the end of each financial year, the Company is required to allocate a certain amount of its net profit to reserves,
and such allocation must continue until the reserves reach at least 20% of the issued and paid-up capital.
Pursuant to Law No. 40 of 2007 concerning Limited Liability Companies, dividend distribution is determined based on a
resolution of the General Meeting of Shareholders (GMS). The appropriation of net profit, including the determination of
the amount allocated to reserves, is decided by the GMS. Unless otherwise determined by the GMS, the entire net profit
after deduction for reserves shall be distributed to shareholders as dividends.
Basis for Dividend Distribution Policy
1. Article 18 paragraph (1) of the Company’s Articles of Association: The Company’s net profit for a financial year as
stated in the balance sheet and profit and loss statement approved by the Annual GMS, and representing a positive
retained earnings balance, shall be allocated in accordance with its intended use as determined by the GMS.
2. Shareholders Agreement Deed No. 5 dated February 6, 2009, Article 14 paragraph (1): Dividends may be distributed
provided there is a positive retained earnings balance and the financial condition of Mandiri Tunas Finance has
taken into account the required reserves in accordance with shareholders’ policies and has achieved its annual profit
target. The dividend payout ratio ranges between 35%–40% of Mandiri Tunas Finance’s net profit, unless otherwise
determined by the GMS.
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Dividend Distribution Chronology
The chronology of the Company’s dividend distributions over the last two financial years is as follows:
Dividend Payments
Dividend Payment in 2025 Dividend Payment in 2024
Description
Share Dividend for Financial Year 2024 Share Dividend for Financial Year 2023
Net Profit (Rp million) 348,072 1,161,101
Total Dividend (Rp) 351,624,818,880 348,330,295,881
Dividend per Share (Rp) 140.65 139.33
Payout Ratio (%) 30 30
Announcement Date 30 June 2025 28 June 2024
Payment Date 11 July 2025 10 July 2024
The Company distributed 30% of the profit recorded in 2024 as dividends, amounting to Rp351.62 billion. The dividend
was distributed on July 11, 2025, to all shareholders, namely PT Bank Mandiri (51%) and PT Tunas Ridean (49%).
Realization of Capital Goods Investment
Capital Expenditure Realization
Types of Capital Goods Target 2025 (Rp million) 2024 (Rp million)
Building Supporting the Company's Business Growth 3,151 682
Office Equipment Supporting the Company's Business Growth 24,848 46,295
Rental Building Renovation Supporting the Company's Business Growth 7,769 7,051
Rights-of-Use Assets Supporting the Company's Business Growth 4,910 17,092
Total 40,678 71,730
Capital expenditure in 2025 amounted to Rp40.68 billion, lower than Rp71.73 billion in 2024. The investment was primarily
allocated to office equipment.
Impact of Foreign Exchange Rates
Transactions denominated in foreign currencies are translated into Indonesian Rupiah using the exchange rates prevailing
at the transaction dates. As of the statement of financial position date, monetary assets and liabilities denominated in
foreign currencies are translated using the exchange rates prevailing at that date. Foreign exchange gains and losses
arising from foreign currency transactions and from the translation of monetary assets and liabilities denominated in
foreign currencies are recognized in the statement of profit or loss and other comprehensive income. As of December
31, 2025, the exchange rate used was the Bank Indonesia middle rate of Rp16,782 per US Dollar (USD), compared to
Rp16,162 per US Dollar as of December 31, 2024.
Material Information and Facts Occurring
After The Date of The Auditor’s Report
There were no material information or events occurring after the date of the auditor’s report that need to be disclosed in
this Annual Report.
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Management Discussion & Analysis
Comparison Between Target and Realization
At the beginning of the 2025 financial year, the Company established several targets to be achieved, as outlined in the
2025 RKAP (Annual Business Plan). The comparison between selected targets and their realization for the 2025 financial
year is presented as follows:
Comparison Between Targets and Realization in 2025
Description 2025 Target 2025 Realization Achievement (%)
New Financing Disbursement (Rp million) 32,000,000 19,303,078 60.32
Outstanding Financing Receivables (Rp million) 38,205,476 26,139,093 68.42
Revenue (Rp million) 6,176,031 4,635,522 75.06
Profit for the year (Rp million) 607,172 400,015 65.88
Gearing Ratio (x) 5.95 4.70 78.88
Gross NPF (%) 0.79% 2.40%
Net NPF (%) 0.43% 1.47%
Net Interest Margin (%) 3.59% 3.05% 84.96
Education and Training Expenses (Rp million) 17,170 12,874 74.98
Less conducive economic conditions resulted in several of the Company’s achievements falling below the established
targets. In terms of financing receivables balance, the Company recorded Rp26.14 trillion, or 68.42% of the targeted
amount. As a result, the revenue recorded in 2025 reached only 75.06% of the target.
Due to the significant increase in the allowance for impairment losses, profit for the year did not meet the established
target, achieving only 65.88% of the target. The higher impairment allowance was driven by the increase in Non-Performing
Financing (NPF), which reached 2.4% at the end of 2025, higher than the 2025 target of 0.79%.
Business Prospects
Entering 2026, the Company has established several targets as set out in the 2026 RKAP (Annual Business Plan), as follows:
2025 Realization and 2026 Projection
Description 2025 Realization 2026 Projection
New Financing Disbursement (Rp million) 19,303,078 17,869,144
Outstanding Financing Receivables (Rp million) 26,139,093 28,328,942
Revenue (Rp million) 4,635,522 3,605,427
Profit for the year (Rp million) 400,015 317,456
Gearing Ratio (x) 4.49 4.56
Gross NPF (%) 2.40% 2.75%
Net NPF (%) 1.47% 1.61%
Net Interest Margin (%) 3.05% 3.09%
Education and Training Expenses (Rp million) 12,874 12,850
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The Company’s business prospects for the upcoming 2. Thrive in Profit
period remain solid, although the industry continues to This pillar focuses on maintaining sustainable
face structural challenges and external volatility. From profitability through the enhancement of Net Interest
a macroeconomic perspective, financing demand is Margin (NIM), more competitive cost of funds
expected to increase in line with improved economic management, and disciplined implementation of
growth projections for 2026 and stable inflation levels. The risk-based pricing and booking mix management.
increase in vehicle sales also serves as an early indicator Strengthening fee-based income performance,
that the potential strengthening of the automotive improving recovery rates, and consistently managing
financing market in the coming year remains significant. the operating expense-to-operating income ratio
(BOPO) are also prioritized to ensure operational
This positive outlook is reinforced by the Company’s efficiency remains at an optimal level.
strategic direction, which is built upon three main pillars: 3. Fast Services
Market Expansion, Thrive in Profit, and Fast Services. This initiative aims to improve the effectiveness of
These strategies are designed to ensure sustainable the Company’s network and business channels, refine
growth, enhance business resilience, and strengthen the risk-based end-to-end processes, enhance financing
Company’s value creation. service level agreements (SLA), and optimize collection
1. Market Expansion functions through AR and recovery transformation.
The expansion of the business base is carried out Productivity improvements across all operational
through the redesign of a segmentation- and risk- functions are also pursued to ensure service speed,
based business model, strengthening both internal process accuracy, and service quality meet established
and external captive ecosystems, optimizing the value standards and stakeholder expectations.
of key customers, and developing new portfolios and
business lines, including used vehicle financing, gold With support from a more stable macroeconomic
financing, and green portfolio initiatives. These efforts environment and the consistent implementation of these
are expected to increase market share, improve three strategic pillars, the Company is well-positioned
acquisition quality, and create more diversified growth to sustain positive performance and achieve sustainable
sources. growth in the coming period.
Tax Compliance
The Company contributes to the state through the to Rp183.15 billion in 2025. This contribution declined
fulfilment of its corporate tax obligations and its role as compared to Rp291.73 billion in 2024, primarily due to
a tax withholding/collecting agent. Corporate Income the decrease in profit recorded by the Company in 2025.
Tax (CIT) represented the largest contribution, amounting
Tax Payments
Increase (Decrease)
Office Tax Regulations 2025 2024
Rp million %
Head
Corporate Income Tax 183,153 291,732 (108,579) (37.22)
office
VAT 82,654 139,164 (56,510) (40.61)
Regional Income Tax with Parent Entity 90,035 130,919 (40,884) (31.23)
Land and Building Tax 159 169 (10) (5.92)
Total 356,001 561,985 205,983 (36.65)
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Management Discussion & Analysis
Employee and/or Management Stock
Ownership Program
As of the end of 2025, the Company does not have an Employee Stock Ownership Program (ESOP) and/or a Management
Stock Ownership Program (MSOP). The Company has also never conducted an Initial Public Offering (IPO) as a corporate
action that would enable share ownership by the public, management, and/or employees. Therefore, there is no
information related to any ESOP/MSOP implementation by the Company.
Material Information Regarding Investment,
Expansion, Divestment, Merger/
Consolidation, Acquisition, and Debt/Capital
Restructuring
There was no material information regarding investment, expansion, divestment, merger, acquisition, and/or debt/capital
restructuring in 2025.
Realization of The Use of Proceeds From
Public Offerings
The following presents the report on the realization of the use of proceeds from the public bond offering conducted by
the Company in 2025.
Realization of the Use of Proceeds from Bonds VII
Description 2025 Realization
Types of Public offering Public Offering of Mandiri Tunas Finance Continuous Bonds VII Phase I Year 2025
Effective Date 25 June 2025
Realized value of Public Offering
775,270,000,000
Proceeds
Total Proceeds 775,270,000,000
Public offering cost 4,350,318,784
Net Proceeds 770,919,681,216
Planned Use of Proceeds
Working Capital 770,919,681,216
Total 770,919,681,216
Realization of Use of Proceeds
Working Capital 770,919,681,216
Total 770,919,681,216
Remaining Proceeds from the Public
0
Offering
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Material Transactions Containing Conflicts of
Interest and/or Transactions With Affiliated
Parties
Conflict of Interest Transactions and/or Transactions with d. One entity is a joint venture of a third entity and the
Affiliated Parties. A Conflict of Interest transaction refers other entity is an associate of the same third entity.
to a situation where there is a difference between the e. The entity is a post-employment benefit plan for
Company’s economic interests and the personal economic the benefit of employees of the Company or an
interests of members of the Board of Directors, members entity related to the Company. If the Company is
of the Board of Commissioners, major shareholders, or the itself such a plan, the sponsoring employers are
Controlling Party, which may be detrimental to the public also related to the Company.
company. f. The entity is controlled or jointly controlled by a
person identified in point (a).
An Affiliated Transaction refers to any activity and/or g. A person identified in point (1)(a) has significant
transaction conducted by the Company or its controlled influence over the entity or is a member of the key
entities with an Affiliate of the Company or an Affiliate of management personnel of the entity (or of a parent
members of the Board of Directors, members of the Board of the entity).
of Commissioners, major shareholders, or the Controlling
Party, including any activity and/or transaction conducted All transactions with related parties have been disclosed in
by the Company or its controlled entities for the benefit the notes to the financial statements.
of such Affiliates.
Fairness and Rationale for the Transactions
In 2025, the Company did not have any conflict of interest In the normal course of business, the Company conducts
transactions. transactions with related parties due to ownership and/or
management relationships. Such related party transactions
Policy on Related Parties are carried out under terms and conditions similar to those
The Company engages in transactions with related parties. applied to non-related parties.
A party is considered related to the Company if:
1. A person or a close member of that person’s family is The Company obtains similar interest rates for bank loan
related to the Company if that person: facilities from related parties and third parties. Likewise,
a. Has control or joint control over the Company; the Company applies similar interest rates to both related
b. Has significant influence over the Company; or parties and third parties in granting consumer financing
c. Is a key management personnel of the Company or receivables.
of the Company’s parent entity.
• Rationale for Conducting the Transactions
2. An entity is related to the Company if any of the All transactions carried out by the Company, including
following conditions apply: those with related parties, are conducted for business
a. The entity and the Company are members of the development purposes.
same business group (meaning that each parent, • Names and Nature of the Related Relationships
subsidiary, and fellow subsidiary is related to the Related parties consist of companies and individuals
others). that have direct or indirect ownership or management
b. One entity is an associate or joint venture of the relationships with the Company. The table below
other entity (or an associate or joint venture of a presents details of the related parties of the Company
member of a business group of which the other along with the nature of the transactions.
entity is a member).
c. Both entities are joint ventures of the same third
party.
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Management Discussion & Analysis
Details of Related Parties
Name of Related Party Nature of Relationship Type/Nature of Transactions
Fund placements, financing cooperation (joint financing disbursement), financing
PT Bank Mandiri (Persero)
Majority Shareholder cooperation (joint financing installments), bank loans, accrued interest, current
Tbk
account services, other receivables, other payables, and finance costs.
PT Tunas Ridean Minority Shareholders Other Receivables
Controlled by Bank Mandiri Pension Other assets, other payables, finance costs, and general and administrative
PT Bumi Daya Plaza
Fund expenses.
Controlled by PT Bank Mandiri (Persero) Placement of current accounts and time deposits, current account services and
PT Bank Mandiri Taspen
Tbk deposit interest, and other assets.
Dana Pensiun Bank
Bank Mandiri as founder Bondholders
Mandiri
PT Surya Sudeco Controlled by PT Tunas Ridean Other payables and finance costs.
PT Bank Rakyat Indonesia Bondholders, placement of current accounts, current account services, and
State-owned enterprise
(Persero) Tbk finance costs.
PT Bank Negara Bondholders, placement of current accounts, current account services, finance
State-owned enterprise
Indonesia (Persero) Tbk costs, and treasury transactions.
PT Asuransi Jasa
State-owned enterprise Claim acceptance receivables and claim acceptance income.
Indonesia (Persero)
PT Sarana Multigriya
State-owned enterprise Accrued expenses, loans, and finance costs.
Finansial (Persero)
Perum Jaminan Kredit
State-owned enterprise Insurance claim receivables, bonds, and other receivables.
Indonesia
PT Bank Tabungan
State-owned enterprise Fund placements, accrued expenses, bank loans, and finance costs.
Negara (Persero) Tbk
PT Kimia Farma Apotek Subsidiary of state-owned enterprise Financing receivables, financing income
PT Kimia Farma
Subsidiary of state-owned enterprise Financing receivables, financing income
Diagnostika
PT Kimia Farma Trading
Subsidiary of state-owned enterprise Financing receivables, financing income
& Distribution
PT Asuransi Jiwa Taspen Subsidiary of state-owned enterprise Bondholders
Group Key Management Group key management personnel Bank
Financing receivables, financing income
Personnel Mandiri
Member of the Board of Commissioners
Key Personnel Employee Benefit
and the Board of Directors
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Realization of Related Party Transactions
Description 2025 2024 Increase (decrease)
(in Rupiah)
Rp % Rp % Rp
ASSET
Cash and Cash Equivalents 931,255 3.3 1,232,952 3.6 (301,697)
Time Deposit 50,000 0.2 50,000 0.1 0
Consumer Financing Receivables 47,768 0.2 41,346 0.1 6,422
Other Receivables 274,823 1.0 369,541 1.1 (94,718)
Prepaid Rent 814 0.0 826 0.0 (12)
Total Assets from Related Parties 1,304,660 4.7 1,694,665 4.9 (390,005)
LIABILITIES
Other Payables 34,346 0.1 51,626 0.2 (17,280)
Accured Expenses 8,935 0.0 9,543 0.0 (608)
Bank borrowings 6,397,590 27.7 5,835,461 19.7 562,129
Securities issued 184,000 0.8 644,000 2.2 (460,000)
Total Laibilities from Related Parties 6,624,871 28.7 6,540,630 22.1 84,241
REVENUE
Consumer Financing 2,837 0.1 2,174 0.0 663
Bank Deposits 14,990 0.3 16,207 0.3 (1,217)
Total Revenue from Related Parties 17,827 0.4 18,381 0.3 (554)
EXPENSES
Salary and Allowance Expenses – Compensation of the Board of 16,837 0.4 34,368 0.8 (17,531)
Commissioners and Board of Directors
Finance Costs 388,859 9.4 306,226 7.5 82,633
General and Administrative Expenses 9,585 0.2 8,488 0.2 1,097
Total Expenses from Related Parties 415,281 10.1 349,082 8.6 66,199
Compliance with Regulations and Provisions Related conducted in accordance with prevailing business practices
to Affiliated Transactions and in compliance with the arm’s length principle.
The affiliated/related party transactions described
above constitute business activities that are conducted Role of the Board of Commissioners and Audit
on a routine, recurring, and/or ongoing basis. These Committee in Ensuring Transactions Are Conducted in
transactions are carried out through proper transaction Accordance with Prevailing Business Practices
review mechanisms and in compliance with applicable The Board of Commissioners and the Audit Committee
regulations. In 2025, there were no affiliated/related have reviewed and approved all affiliated/related party
party transactions and/or conflict of interest transactions transactions carried out by the Company and have
resulting from the implementation of affiliated and/or ensured that such transactions have undergone adequate
conflict of interest transactions that required approval procedures, are conducted in accordance with prevailing
from independent shareholders. business practices, and comply with the arm’s length
principle.
Statement of the Board of Directors that the
Transactions Have Followed Adequate Procedures and Reference to Related Party Transaction Information in
Prevailing Business Practices the Financial Statements
The Board of Directors affirms that all affiliated/related Information on related party transactions is available in the
party transactions of the Company have undergone audited financial statements for 2025, which form part of
adequate procedures to ensure that such transactions are this Annual Report.
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Management Discussion & Analysis
Financial Information Containing
Extraordinary and Rare Events
In 2025, there were no extraordinary or infrequent events or transactions.
Spot and Derivative Transactions
In 2025, there were no spot transactions, while derivative transactions were recorded.
Changes in Laws and Regulations Affecting
the Company During the Last Financial Year
In 2025, the new Criminal Procedure Code (Kitab Undang-Undang Hukum Acara Pidana – KUHAP) was enacted by the
President of the Republic of Indonesia on December 17, 2025. The new KUHAP is stipulated under Law Number 20 of
2025, State Gazette of the Republic of Indonesia Year 2025 Number 188, and will become effective on January 2, 2026.
Several regulations affecting the Company in 2025 include:
1. Law Number 1 of 2023 on the Criminal Code, effective January 2, 2026.
2. Law Number 20 of 2025 on the Criminal Procedure Code, effective January 2, 2026.
3. Law Number 1 of 2025 concerning the Third Amendment to Law Number 19 of 2003 on State-Owned Enterprises,
effective February 24, 2025.
4. Government Regulation Number 28 of 2025 on Risk-Based Business Licensing Implementation, effective June 5,
2025.
5. Regulation of the Minister of Investment and Downstream Industry/Investment Coordinating Board (Permeninves/
BKPM) Number 5 of 2025, effective October 2, 2025.
6. Regulation of the Minister of Law (Permenkum) Number 49 of 2025 on Requirements and Procedures for the
Establishment, Amendment, and Dissolution of Limited Liability Companies, effective December 17, 2025.
Changes In Accounting Policies Implemented
by the Company in the Last Financial Year
The following Financial Accounting Standards, These amendments add and clarify provisions in PSAK
Interpretations, and amendments have been issued by 109 regarding the derecognition of financial liabilities
the Financial Accounting Standards Board (DSAK) of the and clarify the assessment of cash flow characteristics for
Indonesian Institute of Accountants and are relevant to the financial assets with ESG-linked features, non-recourse
Company’s financial reporting but are not yet effective for financial assets, and contractually linked instruments
the 2025 financial statements. such as tranches. The amendments also revise PSAK 107
regarding disclosure requirements for investments in
Effective on or after January 1, 2026 equity instruments measured at fair value through other
PSAK 109: Financial Instruments and PSAK 107: comprehensive income and add provisions related to
Financial Instruments – Disclosures on Classification and financial instruments with contractual terms that modify
Measurement of Financial Instruments the timing or amount of contractual cash flows.
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The amendments are applied retrospectively for annual based on identified “roles” in the primary financial
reporting periods beginning on or after January 1, 2027. statements and notes.
Early adoption is permitted. The Company is currently
assessing the impact of these amendments to determine The amendments are applied retrospectively for annual
their effect on the Company’s financial reporting. reporting periods beginning on or after January 1, 2027.
Early adoption is permitted. The Company is currently
PSAK 118: Presentation and Disclosure of Financial assessing the impact of these amendments to determine
Statements their effect on the Company’s financial reporting.
PSAK 118 replaces PSAK 201 and introduces new
requirements for presentation in the statement of profit Management is still preparing for the implementation of
or loss, including specified totals and subtotals. It also these new standards deemed relevant to the Company
requires disclosure of management-defined performance once they become effective, and their impact on the
measures in the notes and includes new requirements for Company’s financial position and performance is being
aggregation and disaggregation of financial information estimated up to the date of the financial statements.
Going Concern Information
The Company continued to record positive performance in the Company has established allowances for impairment
2025. Financial ratios, both in terms of liquidity and solvency, losses based on careful calculations and in accordance
remained within prudent and manageable thresholds. In with prudent principles. In addition, as part of the Mandiri
response to the rising trend of non-performing financing, Group, the Company continues to mitigate risks that may
partly driven by weakening debtor repayment capacity, affect its business continuity.
Company Soundness Level
The results of the Company Soundness Level (Tingkat Kesehatan/ TKS) assessment of MTF in 2025 are presented in the
table below. The Company obtained a Composite Rating of 2 (PK-2), indicating that the Company is generally in a healthy
condition and is considered capable of withstanding significant adverse impacts from changes in business conditions and
other external factors. Based on the assessment of good corporate governance implementation, risk profile, profitability,
and capital, the Company’s overall rating is sound. Any weaknesses identified are considered less significant.
Soundness Level of Mandiri Tunas Finance
No Assessment Factor Rating
1 Good Corporate Governance 1
2 Risk Profile 2
3 Rentability 3
4 Capital 1
Company Soundness Rating PK – 2
Company Soundness Level Healthy
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Good Corporate Governance
Good
Corporate
Governance
83.10
GCPI Score &
Rating
The Foundation
of an Integrity-
Driven Business
Good Corporate Governance
(GCG) constitutes the primary
foundation for ensuring
transparent, accountable, and
sustainable business management.
0
Corruption
Cases
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6
Board of
Commissioners
and Board of
Directors
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Good Corporate Governance
Good Corporate Governance as the Foundation
of an Integrity-Driven Business
Mandiri Tunas Finance has conducted its business for with operational governance, risk management, and
more than three decades, growing alongside the evolving the fulfilment of corporate obligations. The GCG
dynamics of the national financing industry. Throughout this framework ensures that business decisions are not
journey, the Company recognises that the implementation solely oriented toward short-term performance, but
of Good Corporate Governance (GCG) constitutes the also take into account long-term business sustainability
primary foundation for ensuring transparent, accountable, and accountability to stakeholders. In line with this
and sustainable business management. commitment, Mandiri Tunas Finance systematically
manages its stakeholder relationships through a
The implementation of GCG provides clear direction structured identification and mapping process, as
for the Company in aligning shareholders’ interests presented in the following scheme:
Relationship of Mandiri Tunas Finance with Shareholders and
Stakeholders
Shareholders
BANK MANDIRI TUNAS GROUP
Mandiri Tunas Finance
Shareholders Regulators
Directors & Board of Creditors Debtors
Commissioners
Associations Insurance
Employees
External Auditors Public/Society
Suppliers/Business Partners/Vendors
The implementation of GCG shapes the approach in which 1. To optimise the Company’s value for Stakeholders,
the Company formulates policies, executes business including Shareholders, the Board of Directors,
processes, as well as manages risk and compliance in an the Board of Commissioners, Debtors, Creditors,
integrated framework. The governance structure ensures employees, business partners, and other stakeholders,
that every decision reflects a balanced consideration thereby strengthening the Company’s competitiveness
between business performance achievement, prudent at both national and international levels.
risk management, and the fulfilment of obligations to 2. To enhance corporate management in a professional,
shareholders and regulators. Through this approach, effective, and efficient manner.
GCG functions as a guiding mechanism that maintains 3. To strengthen compliance of the Company’s organs
alignment between strategy, execution, and oversight and their respective structures in making decisions
across all levels of the organisation. and undertaking actions based on high ethical and
moral standards, adherence to prevailing laws and
Specifically, the objectives of GCG implementation within regulations, and awareness of the Company’s social
the Company refer to the Financial Services Authority responsibility toward stakeholders and environmental
regulations concerning Good Corporate Governance, sustainability.
namely: 4. To foster a conducive climate for the development of
national investment.
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5. To build a healthier, reliable, trustworthy, and competitive sustainability amid the evolving dynamics of the financing
company that upholds consumer protection principles. industry.
6. To bolster the Company’s contribution to the national
economy. Mandiri Tunas Finance remains committed to continuously
enhancing its GCG practices. Governance strengthening
Consistent implementation of GCG also reinforces is directed toward improving the quality of decision-
organizational discipline and cultivates a culture of integrity. making, reinforcing business resilience, and ensuring
Through clear designation of roles and responsibilities, the Company’s readiness to respond to regulatory
effective oversight mechanisms, as well as the application developments and changes in the business environment.
of ethical and compliance standards, the Company Through strong and consistent implementation of GCG,
promotes professional conduct across all organizational the Company is confident in its ability to generate
levels. This culture serves as a critical foundation in sustainable long-term value for shareholders and all
maintaining stakeholder trust and supporting business stakeholders.
Basis for the Implementation of Good Corporate
Governance
Mandiri Tunas Finance implements Good Corporate of Risk Management for Financing Institutions, Venture
Governance in accordance with the prevailing laws Capital Companies, Microfinance Institutions, and Other
and regulations governing the financing industry, while Financial Services Institutions; as well as OJK Regulation
actively adopting recent regulatory developments. In this No. 24 of 2019 concerning the Business Plan of Non-
regard, the Company’s governance framework refers to Bank Financial Services Institutions. These regulations
the regulations issued by the Financial Services Authority, serve as the foundation for the Company’s overall
including OJK Regulation No. 48 of 2024 concerning Good business management, risk control, as well as compliance
Governance for Financing Institutions, Venture Capital fulfillment.
Companies, Microfinance Institutions, and Other Financial
Services Institutions (“POJK Tata Kelola”). To further strengthen its commitment to sound governance
practices, Mandiri Tunas Finance also adopts various
In addition, the Company adheres to OJK Regulation No. supporting guidelines and standards. The Company refers
46 of 2024 concerning the Development and Strengthening to the 2021 Indonesian Corporate Governance Guidelines
of Financing Companies, Infrastructure Financing (PUG-KI) issued by the National Committee on Governance
Companies, and Venture Capital Companies; OJK Policy as a reference for national governance practices.
Regulation No. 8 of 2023 concerning the Implementation In addition, the Company adopts international standards,
of Anti-Money Laundering, Counter-Terrorism Financing, including ISO 26000 on Guidance on Social Responsibility
and Counter-Proliferation Financing of Weapons of Mass as well as ISO 37001 on Anti-Bribery Management Systems,
Destruction Programs in the Financial Services Sector; OJK as part of its ongoing efforts to reinforce integrity and
Regulation No. 42 of 2024 concerning the Implementation sustainable governance.
Principles of Good Corporate Governance
In achieving its vision and executing its mission, Mandiri these principles serves as a reference in policy formulation,
Tunas Finance is committed to implementing the principles decision-making, as well as the execution of the Company’s
of Good Corporate Governance as stipulated under the overall business activities. The fundamental GCG principles
provisions of the POJK Tata Kelola. The implementattion of adopted by the Company comprise:
01
Transparency
02
Accountability
03 04 05
Responsibility Independency Fairness
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Good Corporate Governance
The following outlines the implementation of these principles in the Company’s governance practices:
Basic Principle Explanation in Accordance with POJK No. 48 Implementation within the Company
Year 2024
Transparency Transparency encompasses openness in the The Company considers the principle of transparency as openness
decision-making process and openness in the in disclosing relevant material information accurately and in a
disclosure and provision of relevant information timely manner. The Company discloses such material information
that is easily accessible to stakeholders. not only to shareholders but also to all stakeholders. Accordingly,
shareholders and stakeholders are expected to obtain early
awareness of the Company’s business developments. The
implementation of this principle is realized through:
• Preparation and publication of the Annual Report available on
the Company’s website.
• Preparation and explanation of the Company’s business plan.
• Periodic financial reports including quarterly and annual
financial statements.
• Availability of disclosure reports related to the Company’s
business activities.
• All information and data related to the Company that have
been provided on the Company’s website for shareholders and
all stakeholders.
Accountability Accountability encompasses clarity of functions The implementation of the accountability principle is carried out
and the implementation of responsibilities. by the Company by establishing clarity of functions, structures,
systems, and responsibilities of each organ within the Company
so that there is clarity of functions, rights, obligations, authority,
and responsibilities among Employees, the Board of Directors,
the Board of Commissioners, and Shareholders as well as in each
division within the Company
Responsibility Responsibility encompasses the conformity The Company defines the principle of responsibility as compliance
of management with prevailing laws and with both operational procedures and prevailing laws and
regulations and ethical values as well as regulations in every business activity carried out. Responsibility
standards, principles, and practices. is also accompanied by a commitment to conduct business
activities in accordance with sound ethical standards. In addition,
supervision carried out by the Board of Commissioners is further
strengthened over the management conducted by the Board
of Directors so that it can operate effectively, accompanied by
the requirement for the achievement of targets by the Board of
Directors. This principle is implemented through:
• Compliance with the provisions of the Company’s Articles of
Association and prevailing laws and regulations.
• Proper and timely fulfillment of tax obligations.
• Implementation of CSR programs and activities.
• Fulfillment of information disclosure obligations in accordance
with regulations.
Independency Independence encompasses a condition in The Company defines independence as the execution of duties,
which management is conducted independently obligations, and authority of each corporate organ without
and professionally and is free from conflicts of interference from other corporate organs or other parties that is
interest and influence or pressure from any inconsistent with prevailing laws and regulations. Independence
party that is inconsistent with prevailing laws is realized, among others, through mutual respect for the roles
and regulations and ethical values as well as and functions of each Company organ as well as management
standards, principles, and practices. decisions carried out through resolutions of the Board of Directors.
The principle of independence is particularly necessary in
decision-making processes or management policies that must be
conducted objectively and prioritize the interests of the Company.
The implementation of this principle includes:
• Mutual respect for rights, obligations, duties, authority, and
responsibilities among corporate organs.
• Shareholders and the Board of Commissioners do not intervene
in the management of the Company.
• The Board of Commissioners, Board of Directors, and all
employees consistently avoid conflicts of interest in decision-
making.
• Company activities that constitute a conflicts of interest must
first obtain approval from independent shareholders or their
authorized representatives in the GMS as regulated, and comply
with conflict-of-interest regulations.
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Prinsip Dasar Explanation in Accordance with POJK No. 48 Implementation within the Company
Year 2024
Fairness Fairness encompasses equality, balance, The Company defines fairness or justice as equal treatment of
and justice in fulfilling stakeholders’ rights each interested party in accordance with prevailing laws and
arising from agreements, prevailing laws and regulations. In its implementation, among others, the Company
regulations, and ethical values as well as maintains good relationships with employees and avoids
standards, principles, and practices. discriminatory practices and respects employee rights, including
avoiding discrimination related to ethnicity, religion, race, or
gender. This principle is implemented, among others, through
policies ensuring:
• Shareholders are entitled to attend and vote in the GMS in
accordance with prevailing provisions.
• The Company reports information related to business partners
to stakeholders in a fair and transparent manner.
• The Company provides good and safe working conditions
for all employees in accordance with the Company’s capacity
and prevailing laws and regulations, along with periodic
performance evaluations and equal promotion opportunities
for all employees.
As part of strengthening its governance framework, in a balanced manner among parties contributing to the
Mandiri Tunas Finance adopts the 2021 PUG-KI issued by Company’s sustainability. This framework emphasizes
the National Committee on Governance Policy as one of its the importance of role clarity, process quality, as well as
conceptual references in the implementation of corporate outcome orientation in corporate management.
governance. These guidelines provide a comprehensive
perspective on how corporations are managed and All of these principles are embedded in four main pillars
supervised responsibly by positioning the relationship of corporate governance, namely ethical behavior,
among shareholders, management, supervisory bodies, accountability, transparency, and sustainability. These four
as well as other stakeholders within an integrated and pillars establish the core values that guide organizational
interrelated framework. conduct, direct risk management and compliance
practices, as well as maintain balance between business
The principles set out in the PUG-KI are designed to performance and long-term responsibility. The consistent
ensure that corporate management and oversight implementation of these pillars supports the establishment
functions operate effectively, decision-making processes of sound and integrity-driven corporate governance. The
are accountable, and the benefits derived from the four pillars of corporate governance are described as
implementation of corporate governance are distributed follows:
Ethical Behavior In carrying out its activities, the Corporation always prioritizes honesty, treats all parties with respect, fulfill commitments,
as well as build and maintain moral values and trust consistently. The Corporation pays attention to the interests of
shareholders and other stakeholders based on the principles of fairness and equality and is managed independently so
that each organ of the Corporation does not dominate each other and cannot be intervened by other parties.
Accountability The Corporation can be accountable for its performance in a transparent and fair manner. For this reason, the Corporation
must be managed properly, measurably, and in accordance with corporate interests while taking into account the interests
of shareholders and stakeholders. Accountability is a necessary prerequisite for achieving sustainable performance.
Transparency To maintain objectivity in conducting business, the Corporation provides material and relevant information in a manner
that is easily accessible and understood by stakeholders. The Corporation takes the initiative to disclose not only matters
required by laws and regulations, but also matters that are important for decision-making by shareholders, creditors, and
other stakeholders.
Sustainability The Corporation complies with prevailing laws and regulations and is committed to carrying out its responsibilities toward
society and the environment in order to contribute to sustainable development through collaboration with all relevant
stakeholders to improve their quality of life in a way that is aligned with business interests and the sustainable development
agenda.
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Good Corporate Governance
In line with the implementation of the aforementioned management and supervisory functions. The third group
four pillars, the Company also adopts the Eight Indonesian comprises principles governing the parties that benefit
Corporate Governance Principles, which are structured into from the implementation of corporate governance.
three main groups. The first group comprises principles
governing the Company’s management organs, namely Systematically, the first group of principles is reflected
the Board of Directors and the Board of Commissioners. in Principle 1 through Principle 3, the second group is
The second group comprises principles governing the reflected in Principle 4 through Principle 6, and the third
processes and outputs resulting from the execution of group is reflected in Principle 7 and Principle 8.
Principles of
Corporate Definition Explanation
Governance
Principle 1: The Board of Directors and the Board of Commissioners Principle 1 relates to the roles and responsibilities of the Board
Roles and carry out their roles and responsibilities independently of Directors in conducting corporate governance and the
Responsibilities to create sustainable value for the long-term best roles and responsibilities of the Board of Commissioners in
of the Board of interests of the corporation and shareholders, taking supervising the corporate governance carried out by the Board
Directors and Board of into account the interests of stakeholders. of Directors. In addition, this Principle regulates the assessment
Commissioners of the performance of the Board of Directors and the Board of
Commissioners and their respective members, the handling of
conflicts of interest that occur among members of the Board of
Directors and the Board of Commissioners, as well as increasing
the competence of members of the Board of Directors and the
Board of Commissioners.
Principle 2: Board of Commissioners are elected and determined in Principle 2 requires the selection and appointment of members
Composition and such a way that the composition of the Board of Directors of the Board of Directors and members of the Board of Directors.
Remuneration of the as the management organ and the composition The Board of Commissioners is carried out in such a way that the
Board of Directors and of the Board of Commissioners as the supervisory Board of Directors and the Board of Commissioners as respective
Board of Commissioners organ are diverse and each comprises Directors management and supervisory organs have a composition of
and Commissioners who have the commitment, members with the required knowledge, abilities, and expertise
knowledge, ability, experience, and expertise required in accordance with their respective roles. In addition, this
to appropriately fulfill the management role of the Principle emphasizes the importance of remuneration policies to
Board of Directors and the supervisory role of the encourage members of the Board of Directors and members of
Board of Commissioners. Remuneration is designed the Board of Commissioners to prioritize the long-term interests
to effectively align the interests of Directors and of the corporation based on the principle of sustainability, and
Commissioners with the long-term interests of the requires the disclosure of remuneration policies and information
corporation and sustainable value creation. received by the Board of Directors and Board of Commissioners
in transparent and accountable manner.
Principle 3: The Board of Directors and Board of Commissioners Principle 3 emphasizes the importance of close, open,
Working Relationship have a close, open, constructive, professional, and constructive, professional, and mutually trusting working
between Directors and trusting working relationship for the best interest of the relationships between the Board of Directors and the Board of
Board of corporation. Commissioners in achieving the best interests of the corporation.
Commissioners Principle 3 also regulates the need for the Board of Commissioners
to access complete information and the importance of members
of the Board of Directors and the Board of Commissioners to
understand the implications of the ownership structure of the
corporation on the implementation of their role.
Principle 4: The Corporation is committed to acting ethically and Principle 4 requires the corporation to make periodic statements
Ethical Behavior responsibly, upholding the values and culture of the about the corporation’s commitment not only to comply with
organization. applicable laws and regulations, but also to act ethically and
responsibly.
Principle 5: The corporation implements corporate governance Principle 5 requires the Board of Directors to implement gover-
Risk Management, practices that are integrated with the implementation nance, internal control, and risk management systems, as well
Internal Control and of internal control and risk management systems, as as compliance management systems in an integrated manner
Compliance well as an effective compliance management system in as part of the Board of Directors. strategies, management tools,
order to support the achievement of corporate goals, and practices carried out by the corporation in doing responsible
vision, mission, objectives, and performance targets in business as a good corporate citizen. The Board of Commission-
conducting business with integrity. ers monitors and provides input on the effectiveness of the imple-
mentation of governance, internal control, and risk management
systems, as well as corporate compliance management systems
implemented in an integrated manner by the Board of Directors.
Principle 6: The corporation makes accurate and timely disclosures Principle 6 requires corporations to have a governance framework
Disclosure and regarding all material concerning the corporation. that is capable of providing reasonable assurance of accurate
Transparency and timely disclosure of all material matters concerning the
corporation, which include financial condition and performance,
ownership of the corporation, and corporate governance.
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Principles of
Corporate Definition Explanation
Governance
Principle 7: Shareholder The Corporation protects and facilitates the exercise Principle 7 explains the fulfillment of shareholder rights and fair
Rights of shareholder rights and ensures fair treatment of treatment for shareholders, how active cooperation between the
shareholders, including minority shareholders. All corporation and its shareholders is carried out, and the effective
shareholders have the opportunity to obtain effective exercise of some shareholder rights through the GMS.
compensation for violations of their rights.
Principle 8: The corporation recognizes the rights of stakeholders Principle 8 explains the role of the Board of Directors and
Stakeholder Rights set out in the applicable laws and regulations or Board of Commissioners in integrating sustainability aspects
an agreement entered into by the corporation and in the corporate business model, implementing stakeholder
encourages active cooperation with stakeholders in engagement, and ensuring the protection of stakeholders’ rights.
creating wealth, employment, and financially sound The Board of Commissioners monitors the integration of all
business aspects mentioned above by the Board of Directors.
Structure and Mechanisms of Good Corporate Governance
GCG is designed to ensure that the Company is managed and the GCG soft structure. The GCG infrastructure
and supervised effectively, in alignment with prevailing laws comprises the main organs and supporting organs of
and regulations, and oriented toward the protection and the Company that perform management, supervisory,
balance of the interests of all stakeholders. The Company’s as well as control functions. Meanwhile, the GCG soft
GCG structure and mechanisms are established in a layered structure comprises policies, guidelines, and operational
and interrelated manner. At the most fundamental level, the procedures that serve as references in carrying out daily
implementation of GCG is grounded in formal applicable business activities.
laws and regulations, the Company’s Articles of Association,
as well as the Company’s vision, mission, values, and In addition to adhering to internal provisions, the Company
corporate culture. These foundations serve as the primary also refers to other relevant governance guidelines as
reference in establishing the governance infrastructure and reinforcement of its GCG practices. All of these elements
formulating the Company’s operational mechanisms. are then implemented and monitored consistently across
all business activities of Mandiri Tunas Finance to ensure
In its implementation, the Company’s GCG is supported effective management, risk control, as well as compliance
by two main components, namely the GCG infrastructure with GCG principles.
Structure and Governance Processes/Mechanisms
Applicable Laws and Formal Regulations:
• Laws of the Republic of Indonesia
• Ministerial Regulations
• Financial Services Authority (OJK) Regulations
• Indonesia Stock Exchange (IDX) Regulations
Company’s Articles of Association
Vision, Mission, Values, and Corporate Culture
Other References:
• Indonesian Code of Good Corporate Governance 2006
GCG Soft Structure issued by the National Committee on Governance Policy
GCG Infrastructure (Mechanisms: on 17 October 2006 (“Indonesian GCG Code KNKG”)
(Main Organs and Company Policies • ISO 26000 on Guidance on Social Responsibility
Supporting Organs) and Operational • OECD 2004 Principles of Corporate Governance and
Procedures) Asian Corporate Governance Scorecard (ACGS)
Implementation and Monitoring of GCG within
Mandiri Tunas Finance
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Good Corporate Governance
Structure of Good Corporate Governance
As stipulated in POJK No. 46 of 2024, the governance • Board of Directors
structure consists of three Main Corporate Organs, namely: A corporate organ that holds full authority and
• General Meeting of Shareholders (GMS) responsibility for managing the Company for the
A corporate organ that holds authority not granted to benefit of the Company, in accordance with its purposes
the Board of Directors or the Board of Commissioners and objectives, and representing the Company both
within the limits stipulated under Law No. 40 of 2007 inside and outside the court in accordance with the
concerning Limited Liability Companies and/or the provisions of the Articles of Association.
Articles of Association.
• Board of Commissioners In addition to the main organs, the Company has supporting
A corporate organ tasked with conducting general organs that assist the Board of Commissioners and the Board
and/or specific supervision in accordance with the of Directors in carrying out supervisory and management
Articles of Association and providing advice to the functions. The composition of these governance organs is
Board of Directors. presented in the Company’s governance structure chart as
follows:
Corporate Governance Structure of Mandiri Tunas Finance
Transparency Accountability Responsibility Independency Fairness
GMS
Board of Commissioners Board of Directors
Audit Committee Corporate Secretary
Nomination & Remuneration Committee Risk Management
Risk Monitoring Committee Internal Audit
Legal & Litigation
UKK APU PPT
ALCO
Credit Committee
Risk Management Committee
Anti Fraud Committee
Information Technology Steering Committee
External Auditor (Independent Audit)
The successful implementation of GCG within the Meeting of Shareholders, the Board of Directors, and the
Company is largely determined by the clarity of Board of Commissioners are clearly segregated to ensure
relationships and interactions among the Company’s a balance between management functions, supervisory
organs. In accordance with prevailing laws and functions, as well as strategic decision-making.
regulations, the duties and authorities of the General
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In practice, the three corporate organs carry out their Every decision and action taken by the Company’s organs is
respective roles in alignment while upholding the principles grounded in good faith, ethical values, as well as compliance
of collegiality, mutual respect, and recognition of their with prevailing laws and regulations and the Company’s
respective functions and authorities. The interaction among internal policies. Within this framework, the Company
these organs is supported by the existence of supporting also consistently recognizes its social and environmental
organs to ensure that the Company’s management responsibilities as part of responsible governance practices
and supervisory processes operate effectively and in a toward stakeholders and the surrounding environment.
coordinated manner, while consistently prioritizing the
interests of the Company.
Mechanisms of Good Corporate Governance
The GCG mechanisms at Mandiri Tunas Finance Company continuously refines its governance policies
comprise a set of regulations, policies, and procedures forming part of the soft structure so that the policies and
that govern the allocation of responsibilities, authority, procedures implemented remain relevant, effective, and
as well as working relationships among the Company’s aligned with the Company’s operational needs.
governance organs. These mechanisms also regulate the
Company’s pattern of interaction with stakeholders, both In addition to the GCG Policy, the Company has established
internal and external, in order to ensure coordinated and various supporting policies and guidelines, including the
accountable business management in accordance with Code of Conduct, Board Manual, Gratification Control
GCG principles. Guidelines, Whistleblowing System Guidelines, Audit
Committee Charter, Internal Audit Charter, as well as other
As the primary foundation, the Company has established policies and procedures that support the implementation
Articles of Association as well as a Good Corporate of good corporate governance. All of these instruments
Governance Policy that has been formally approved and are designed to strengthen the check-and-balance
serves as a reference in the implementation of governance. mechanism in every business activity and to ensure that
In line with the dynamics of business processes and the Company’s management is conducted consistently in
applicable GCG implementation requirements, the accordance with applicable GCG principles.
Policies and Procedures Establishment
Articles of Association Deed No. 160 dated 29 September 2023 drawn up by Muhammad Kholid Artha, S.H., Notary in Jakarta.
Good Corporate Governance Established through Decree No. 03, effective as of 1 April 2016 and approved by the Board of Directors.
Guidelines
Board Manual (Board of Commissioners Established on 27 August 2015 and signed by the Board of Commissioners.
and Board of Directors Manual)
Code of Conduct (CoC) Established on 11 March 2013.
Audit Committee Charter Updated and ratified on 30 July 2020, signed by all members of the Board of Commissioners.
Nomination and Remuneration Updated and ratified on 15 January 2024, signed by all members of the Board of Commissioners.
Committee Charter
Risk Monitoring Committee Charter Updated and ratified on 14 February 2025, signed by all members of the Board of Commissioners.
Internal Audit Charter Updated and ratified by the Board of Directors and approved by the Board of Commissioners on 30 November
2020.
Corporate Secretary Charter Established through SOP No. 03/PGN/06/2025 issued on 29 December 2025 and approved by the Board of
Directors.
Internal Control System Guidelines • Established through SOP No. 03/PGN/01/2022, effective as of 2 January 2023 and approved by the Board of
Directors.
• Governance Policy No. 04 of 2025 dated 19 June 2025.
Risk Management Guidelines Established through SOP No. 03/PGN/07/2024 issued on 31 December 2025 and revised on 24 March 2025,
approved by the Board of Directors.
Procurement Guidelines Established through SOP No. 02/PGA/01/2023 effective as of 2 January 2024 and revised on 13 January
2025, approved by the Board of Directors.
Gratification Control Guidelines Established through SOP No. 03/PGN/19/2024 effective as of 13 November 2024.
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Socialization and Internalization of Good Corporate
Governance
The implementation of GCG at Mandiri Tunas Finance is During 2025, the Company conducted 2 (two) GCG
strengthened through a continuous internalization process socialization activities through the onboarding of
across all levels of the organization. The Company ensures Management Trainees and independent learning (self-
that the understanding of GCG principles does not merely learning) via the Mandiri Tunas Finance eazylearn platform.
exist as policy, but is consistently implemented in work The implementation of these socialization activities was
behavior and operational decision-making. To this end, designed to reinforce awareness, understanding, as well as
GCG socialization programs are conducted systematically compliance among all Mandiri Tunas Finance personnel with
for employees, both at the time of onboarding and on a the principles of good corporate governance. The details of
periodic basis. these socialization activities are presented as follows:
No. Date Training Material Division/Regional/HC Program
1 24 February 2025 Implementation of Good Corporate Governance Management Trainee Batch 19
2 3-28 November 2025 Implementation of Good Corporate Governance All Divisions and Regional Offices of Mandiri Tunas Finance
Development of Good Corporate Governance
Implementation and Recognition in 2025
In 2025, Mandiri Tunas Finance received the 2025 Indonesia CGPI Awards are organized by The Indonesian Institute for
Good Corporate Governance Award in the category Corporate Governance (IICG) in collaboration with SWA
of Most Trusted Company Based on the Corporate Magazine, with participants comprising publicly listed
Governance Perception Index (CGPI), with a score of companies, State-Owned Enterprises (BUMN), Regional-
85.06. CGPI is a research and rating program assessing Owned Enterprises (BUMD), banking institutions, Islamic
the implementation of GCG in companies through surveys banking institutions, as well as Non-Bank Financial
of governance practices that generate a CGPI score. The Institutions (IKNB).
Assessment, Monitoring, and Improvement of Good
Corporate Governance Implementation
The Company conducts periodic assessments of GCG but also as a means to strengthen the quality of decision-
implementation as part of its evaluation and control making and organizational discipline.
mechanisms over the quality of governance practices.
These assessments are carried out to measure the The assessment of GCG implementation is conducted
Company’s level of compliance with prevailing laws and through two main methods. First, internal assessment
regulations, as well as to evaluate the effectiveness of through the Self-Assessment of Governance for Financing
GCG implementation in supporting sound and sustainable Companies and governance assessment at the Mandiri
business management. Group business group level. Second, external assessment
through the Corporate Governance Perception Index
The results of the GCG assessment serve as the basis for (CGPI) rating conducted by an independent party.
continuous monitoring and refinement of governance The combination of these two methods provides a
policies, structures, as well as mechanisms within the comprehensive overview of the Company’s level of
Company. Through this approach, GCG evaluation GCG implementation from both internal and external
functions not only as a compliance measurement tool, perspectives.
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A. Self-Assessment of Governance for Financing Methods for Assessing GCG Implementation within Mandiri
Companies and The Mandiri Bank Group Business Tunas Finance Consist of Two, namely:
Group
The primary assessment of GCG implementation at Mandiri
Tunas Finance is conducted through periodic evaluations
using a Self-Assessment approach. This approach is
designed to reflect the Company’s characteristics, both Self-Assessment
as a financing company required to comply with Financial of Governance
for Financing
Services Authority regulations and as part of the Mandiri External assessment
Companies and
Bank Group Business Group operating within the framework the Mandiri Group through the
Corporate
of financial conglomeration supervision. Business Group
Governance
Perception Index
Basis and Method (CGPI) rating
The GCG assessment through Self-Assessment refers to
three regulatory provisions, namely:
1. Financial Services Authority Circular Letter No. 28/SEOJK.06/2025 concerning the Report on the Implementation
of Good Governance for Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other
Financial Services Institutions. The Circular Letter regulates that the self-assessment must at least cover the following
aspects:
a. Implementation of the duties and authority of shareholders and the GMS;
b. Implementation of the duties, responsibilities, and authority of the Board of Directors;
c. Implementation of the duties, responsibilities, and authority of the Board of Commissioners;
d. Implementation of the duties, responsibilities, and authority of the Sharia Supervisory Board (DPS);
e. Completeness and implementation of committee duties;
f. Implementation of risk management;
g. Implementation of anti-fraud strategies;
h. Implementation of the compliance function;
i. Implementation of internal audit and external audit functions;
j. Handling of conflicts of interest;
k. Implementation of remuneration policies;
l. Information disclosure;
m. Business ethics;
n. Financing policies;
o. Implementation of sustainable finance, including social and environmental responsibility; and
p. Business Plan.
2. Financial Services Authority Regulation No. 48 of 2024 concerning Good Governance for Financing Institutions,
Venture Capital Companies, Microfinance Institutions, and Other Financial Services Institutions, with the following
scope of assessment:
a. Implementation of the duties and responsibilities of the Board of Directors, the Board of Commissioners, and the
Sharia Supervisory Board;
b. Completeness and implementation of committee duties and work units performing internal control functions;
c. Handling of conflicts of interest;
d. Implementation of compliance, internal audit, and external audit functions;
e. Implementation of risk management and internal control systems;
f. Implementation of remuneration policies;
g. Transparency of financial and non-financial conditions;
h. Business plan as an annual work plan and budget as well as long-term plan;
i. Disclosure of share ownership of members of the Board of Directors and the Board of Commissioners reaching
50% or more;
j. Financial relationships and family relationships of members of the Board of Directors;
k. Financial relationships and family relationships of members of the Board of Commissioners;
l. Disclosure of other material matters to OJK.
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3. Financial Services Authority Regulation No. 18/POJK.03/2014 and Financial Services Authority Circular Letter No.
15/SEOJK.03/2015 concerning the Implementation of Integrated Governance for Financial Conglomerates, with the
following scope of assessment:
a. Requirements for prospective members of the Board of Directors and prospective members of the Board of
Commissioners;
b. Requirements for prospective members of the Sharia Supervisory Board;
c. Structure of the Board of Directors and the Board of Commissioners;
d. Structure of the Sharia Supervisory Board;
e. Independence of actions of the Board of Commissioners;
f. Implementation of the management function of Financial Services Institutions (LJK) by the Board of Directors;
g. Implementation of the supervisory function by the Board of Commissioners;
h. Implementation of the supervisory function by the Sharia Supervisory Board;
i. Implementation of the compliance function, internal audit function, and external audit;
j. Implementation of the risk management function;
k. Remuneration policies; and
l. Management of conflicts of interest.
The assessment of GCG implementation is conducted condition of the Company’s GCG implementation and
internally while upholding the principles of independence are accountable. The following are the assessment results
and objectivity, ensuring that the results reflect the actual over the past three consecutive years:
Assessment of GCG Implementation for Financial Years 2023–2025
Criteria 2025 2024 2023
Type of Assessment Self Assessment Self Assessment Self Assessment
Assessor The Company’s Internal The Company’s Internal The Company’s Internal
Implementation Period 1 January 2025 to 31 December 2025 1 January 2024 to 31 December 1 January 2023 to 31 December
2024 2023
Assessment Year Financial Year 2025 Financial Year 2024 Financial Year 2023
Results of the Self-Assessment of Integrated Governance for Financial Years 2023–2025
Year Rating/Score Rating Definition
2025 1 The Financial Conglomerate is assessed to have implemented Integrated Governance in a generally very good
manner. This is reflected in the adequate fulfillment of the principles of Integrated Governance. If there are
weaknesses in the implementation of Integrated Governance, such weaknesses are generally insignificant and
can be promptly rectified by the Main Entity and/or Financial Services Institution (LJK).
2024 1 The Financial Conglomerate is assessed to have implemented Integrated Governance in a generally very good
manner. This is reflected in the adequate fulfillment of the principles of Integrated Governance. If there are
weaknesses in the implementation of Integrated Governance, such weaknesses are generally insignificant and
can be promptly rectified by the Main Entity and/or Financial Services Institution (LJK).
2023 1 The Financial Conglomerate is assessed to have implemented Integrated Governance in a generally very good
manner. This is reflected in the adequate fulfillment of the principles of Integrated Governance. If there are
weaknesses in the implementation of Integrated Governance, such weaknesses are generally insignificant and
can be promptly rectified by the Main Entity and/or Financial Services Institution (LJK).
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Follow-Up Actions on the Results of The CGPI assessment methodology is conducted
GCG Implementation Assessment through two main stages, namely the analysis stage
and the observation stage. The analysis stage is carried
for Financial Year 2025 out through the completion of a self-assessment
The Company’s commitment to the implementation of questionnaire as well as a review of relevant corporate
GCG is reflected in the refinement of three governance documents. Subsequently, the observation stage is
aspects, namely structure, process, and governance conducted through executive management presentations
outcomes. In addition, as part of its commitment to Good and discussions with the Company’s organs to obtain a
Corporate Governance, the Company has refined several more comprehensive understanding of the governance
internal provisions during 2025 following the issuance of practices implemented.
the following regulations:
1. POJK Nomor 48 Tahun 2024 Tentang Tata Kelola The CGPI assessment covers three main dimensions,
yang Baik Bagi Lembaga Pembiayaan, Perusahaan namely governance structure, governance process,
Modal Ventura, Lembaga Keuangan Mikro, dan and governance outcome. The assessment refers to
Lembaga Jasa Keuangan Lainnya; compliance with mandatory GCG provisions as well
2. POJK Nomor 46 Tahun 2024 Tentang Pengembangan as generally accepted best practices. In addition, the
dan Penguatan Perusahaan Pembiayaan, Perusahaan CGPI assessment approach incorporates a stakeholder
Pembiayaan Infrastruktur, dan Perusahaan Modal perspective as an essential element, consistent with the
Ventura; serta importance of balanced and responsible relationships
3. POJK Nomor 42 Tahun 2024 Tentang Penerapan with all stakeholders in maintaining the Company’s
Manajemen Risiko Bagi Lembaga Pembiayaan, business sustainability.
Perusahaan Modal Ventura, Lembaga Keuangan
Mikro, dan Lembaga Jasa Keuangan Lainnya.
Assessment Score
B. External Assessment by The The Company’s CGPI assessment score, which
Corporate Governance Perception demonstrates a consistent upward trend year by year,
reflects the effectiveness of continuous improvements
Index (CGPI) and strengthening of GCG implementation. This
The Company consistently participates in the Corporate improvement indicates measurable enhancements in the
Governance Perception Index (CGPI) survey organized Company’s governance structure, governance process,
by The Indonesian Institute for Corporate Governance. as well as governance outcomes. The development of the
This participation provides an independent external Company’s CGPI scores over the past three consecutive
perspective on the quality of the Company’s Good years is as follows:
Corporate Governance implementation, while also
generating rankings and recommendations that serve as
evaluation inputs for strengthening GCG practices within
the Company.
Results of GCG Implementation Assessment Based on Aspects and Indicators for 2023–2025
2025 2024 2023
Assessment Aspects and Indicators
Weight Final Score Weight Final Score Weight Final Score
Governance Structure Aspect 27,07 22,96 33,33 28,04 33,10 27,70
Governance Process Aspect 36,56 31,06 33,34 28,03 32,81 27,28
Governance Outcome Aspect 36,37 31,04 33,33 27,94 34,09 28,12
Total CGPI Score & Rating 100,00 85,06 100,00 84,01 100,00 83,10
Predicate (Very Trusted) (Trusted) (Trusted)
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Follow-Up on GCG Implementation within the Company. These recommendations form the basis
for strengthening governance aspects that require further
in 2025 refinement. The Areas of Improvement include, among
In 2025, the Company achieved a CGPI assessment score others, the following:
of 85.06 and was classified within the “Very Trusted”
category. The assessment result reflects the quality of 1. The Company needs to continuously enhance its ability
GCG implementation carried out by the Company and to navigate environmental complexity, including VUCA-
indicates that its governance structure, processes, as well as BANI-TUNA-FLUX conditions, creating integration
mechanisms have functioned effectively in accordance with between adaptive structures and performance outcomes
the CGPI assessment framework. that deliver long-term value, thereby advancing toward
modern governance that is resilient, innovative, and highly
This achievement demonstrates the consistency of the roles competitive.
of the Company’s organs and all Mandiri Tunas Finance 2. Enhancing dynamic capabilities through optimization of
personnel in implementing GCG principles in a disciplined resources and business processes internalized through
manner, including in managing change and adjusting sensing, seizing, and transforming capabilities across all
the Company’s business model. The implementation of organizational levels.
GCG serves as a framework ensuring that every business 3. Building dynamic capabilities through strengthening the
management process is conducted in a measurable, governance structure supported by strong, visionary, and
accountable manner and oriented toward value creation for adaptive leadership of the Company’s organs, as well as
stakeholders. continuous employee development.
4. Strengthening collaboration and strategic partnerships
In line with the assessment results, participants also received with all stakeholders within the business and industry
several recommendations identified as Areas of Improvement ecosystem by fostering value-creating relationships for all
(AoI) in order to enhance the quality of GCG implementation parties.
Structure of Good Corporate Governance Organs
The structure of Good Corporate Governance organs at various supporting organs. Supporting organs under the
Mandiri Tunas Finance consists of the General Meeting Board of Directors include the Corporate Secretary, Internal
of Shareholders (GMS), the Board of Commissioners, and Audit, Risk Management function, Compliance Unit, as well
the Board of Directors as the Company’s main organs. as other supporting units and functions in accordance with
The Company adopts a two-tier system, under which the operational needs. Meanwhile, the Board of Commissioners
Board of Commissioners and the Board of Directors have is assisted by the Audit Committee, the Nomination and
clearly separated authority, responsibilities, and functions in Remuneration Committee, as well as the Risk Monitoring
accordance with prevailing laws and regulations as well as the Committee in carrying out its supervisory function.
Company’s Articles of Association.
In addition to these internal mechanisms, the Company also
Within this framework, the Board of Commissioners performs engages independent parties through audits of financial
supervisory and advisory functions toward the Board of statements and other reports conducted by external
Directors, while the Board of Directors is responsible for the auditors. This independent audit process is intended to
management and administration of the Company’s business strengthen internal control and ensure the reliability of the
activities. This separation of functions is intended to maintain Company’s performance and financial information. Overall,
balance between management and supervision and to ensure the governance organ structure has been established and
that the check-and-balance mechanism operates effectively. implemented in accordance with applicable regulations in
Indonesia and supports the consistent implementation of
To strengthen control and enhance the quality of corporate GCG within the Company.
management, the governance structure is supported by
General Meeting of Shareholders
The General Meeting of Shareholders (GMS) is the Articles of Association and prevailing laws and regulations.
Company’s organ holding the highest authority within Through the GMS, Shareholders exercise their rights
the GCG structure. The GMS has the authority to make to provide strategic direction, determine fundamental
decisions on significant matters that are not delegated decisions, as well as evaluate the performance of the
to the Board of Directors or the Board of Commissioners, Board of Directors and the Board of Commissioners in
insofar as such decisions are in accordance with the managing the Company.
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Types of GMS majority and minority shareholders. This principle of equality
is implemented through the provision of adequate and
Based on the provisions of the Limited Liability Company equal information to all Shareholders at the pre-meeting,
Law and the Company’s Articles of Association, the meeting, as well as post-meeting stages of the GMS, in
GMS consists of: accordance with prevailing laws and regulations. As part
1. Annual GMS, namely a regular meeting convened of fulfilling these rights, the Company delivers the GMS
each year, comprising the Annual GMS for invitation to Shareholders no later than 14 days prior to the
Approval of the Annual Report and Ratification GMS date, calculated from the determination of the GMS
of the Financial Statements, as well as the Annual schedule. The delivery of information is intended to ensure
GMS for Ratification of the Company’s Work Plan that Shareholders have sufficient opportunity to understand
and Budget. the agenda and make objective decisions.
2. Extraordinary GMS, namely a meeting convened at
any time if certain matters require discussion and
decision-making that are urgent and significant in Shareholders’ rights include:
nature. 1. Proposing, approving the appointment
and dismissal of members of the Board of
Commissioners and the Board of Directors.
As stipulated in Article 91 of the Limited Liability Company 2. Approving amendments to the Articles of
Law, Shareholders may also adopt resolutions outside a Association, including changes in capital.
physical GMS (“Circular GMS Resolution”), which carry 3. Approving mergers, consolidations, acquisitions,
the same binding legal force as resolutions adopted at a and spin-offs, filing a petition for bankruptcy of
physical GMS. A Circular GMS Resolution is legally valid the Company, as well as dissolution.
provided that all shareholders with voting rights approve 4. Requesting reports and explanations on specific
the resolution in writing by signing the relevant resolution. matters from the Board of Directors and the Board
of Commissioners, subject to prevailing capital
market regulations in Indonesia.
Authority of the GMS 5. Each share carries 1 (one) voting right.
The authority of the GMS includes, among others, the 6. Attending and casting votes in the GMS.
appointment and dismissal of members of the Board of 7. Receiving dividend payments and residual assets
Directors and the Board of Commissioners, determination of from liquidation.
the allocation of management duties and authority among 8. Exercising other rights pursuant to applicable laws
members of the Board of Directors, as well as requesting and regulations.
accountability from the Board of Commissioners and the
Board of Directors for the management of the Company.
In addition, the GMS has the authority to make strategic
decisions concerning amendments to capital structure
Mechanism for Conducting the
and the Articles of Association, determination of profit Company’s GMS
appropriation plans, as well as other corporate actions The implementation of the GMS in 2025 was conducted
including mergers, consolidations, acquisitions, dissolution in accordance with Law No. 40 of 2007 concerning
of the Company, and the establishment of subsidiaries. Limited Liability Companies and the Company’s Articles
of Association as the primary legal basis for convening the
GMS. All stages of the GMS were carried out by upholding
Shareholders of Mandiri Tunas the principles of transparency, accountability, and protection
Finance of Shareholders’ rights.
The Company’s Shareholders exercise their rights and
obligations in accordance with prevailing laws and In order to strengthen governance quality, the Company
regulations as well as the Company’s Articles of Association. also adopts best practices in conducting the GMS, insofar
These rights are exercised through the GMS mechanism as as relevant and aligned with the Company’s characteristics.
the forum for strategic decision-making. As of 31 December These practices include, among others, disclosure of the
2025, the Company’s shareholding structure consisted of GMS agenda, mechanisms for summoning Shareholders,
PT Bank Mandiri (Persero) Tbk holding 51% and PT Tunas granting of proxies, as well as procedures for expressing
Ridean holding 49%. opinions and adopting resolutions during the GMS.
Rights and Responsibilities of
Shareholders
The Company ensures that the rights of Shareholders are
fulfilled on an equal basis, without distinction between
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Implementation of the GMS in 2025
During 2025, the Company convened the GMS 4 (four) times, comprising:
1. 1 (one) Annual General Meeting of Shareholders conducted by circular resolution as documented in Deed of
Shareholders’ Resolution No. 173 and No. 174 dated 30 June 2025. The agenda and resolutions are as follows:
Agenda Resolution and Realization
Approval of the Annual Report and the Supervisory Approved the Company’s Annual Report including the Supervisory Report of the Board of
Report of the Board of Commissioners and Ratification Commissioners for the financial year ended 31 December 2024 and ratified the Company’s
of the Company’s Financial Statements for the Financial Financial Statements for the financial year ended 31 December 2024 which were audited by
Year ended 31 December 2024, including the granting Purwantono, Sungkoro & Surja Public Accounting Firm (a member firm of Ernst & Young Global
of Full Release and Discharge (Volledig Acquit et de Limited), with an opinion of “Presents fairly, in all material respects” as stated in Report No.
Charge) to all members of the Board of Directors and 00025/2.1032/AU.1/07/0703-1/1/I/2025 dated 24 January 2025.
the Board of Commissioners for the management and
supervision carried out during the financial year ended With the approval of the Annual Report including the Supervisory Report of the Board of
31 December 2024, insofar as such actions are reflected Commissioners and the ratification of the Financial Statements for the financial year ended 31
in the Annual Report December 2024, this Circular Resolution grants full release and discharge (volledig acquit et
de charge) to all members of the Board of Directors and the Board of Commissioners for the
management and supervision carried out during the financial year ended 31 December 2024, to
the extent that such actions do not constitute criminal acts and are reflected in the Annual Report
and Financial Statements for the financial year ended 31 December 2024.
Full release and discharge (volledig acquit et de charge) was also granted to Mr. Totok Priyambodo
as Commissioner of the Company for the period from 1 January 2024 to 7 March 2024
Realization: The Company’s Annual Report including the Supervisory Report of the Board of
Commissioners for the financial year ended 31 December 2024 and the Financial Statements for
the financial year ended 31 December 2024 have been submitted to the regulator in accordance
with applicable regulations.
Status: Realized
Approval of the Appropriation of the Company’s Net 1. Approved and determined the appropriation of the Company’s Net Profit for the
Profit for the Financial Year ended 31 December 2024 financial year 2024 amounting to Rp1,172,082,729,599 (one trillion one hundred
seventy two billion eighty two million seven hundred twenty nine thousand five
hundred ninety nine Rupiah) as follows:
a. 30% (thirty percent) of the Company’s net profit or Rp351,624,818,879.7
(three hundred fifty one billion six hundred twenty four million eight
hundred eighteen thousand eight hundred seventy nine point seven Rupiah)
designated as dividends.
b. 70% (seventy percent) of the Company’s net profit or Rp820,457,910,719.3
(eight hundred twenty billion four hundred fifty seven million nine hundred
ten thousand seven hundred nineteen point three Rupiah) designated as
retained earnings
2. Granted authority and power to the Board of Directors to arrange the procedures for
the allocation of such net profit in accordance with prevailing laws and regulations
Realization: The Company has distributed dividends to shareholders in accordance with the
GMS resolution.
Status: Realized
Approval of the Appointment of the Public Accounting 1. Appointed Purwantono, Sungkoro & Surja Public Accounting Firm (a member firm of
Firm and Public Accountant to Audit the Company’s Ernst & Young Global Limited) and Public Accountant Yasir to audit the Company’s
Financial Statements for the Financial Year ending 31 Financial Statements for the financial year ending 31 December 2025.
December 2025 and Determination of Their Fees 2. Granted authority to the Board of Commissioners to determine the honorarium and
other requirements for the appointed Public Accounting Firm and Public Accountant,
as well as to appoint a substitute Public Accounting Firm and/or Public Accountant
in the event that Purwantono, Sungkoro & Surja and/or Public Accountant Yasir are
unable to complete the audit process. Any such change shall be reported to the
shareholders.
Realization: The Public Accounting Firm changed from Purwantono, Sungkoro & Surja to
Purwanto Susanti & Surja. This change has been reported to the regulator. The audited financial
statements for the period ended 31 December 2024 were completed and ratified on 24 January
2025 using Purwanto Susanti & Surja (a member firm of Ernst & Young Global Limited) and Public
Accountant Yasir, CPA.
Status: Realized
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Agenda Resolution and Realization
Determination of Tantiem for Members of the Board of Granted authority to the Board of Commissioners, subject to prior approval from the majority
Directors and Board of Commissioners for the Financial shareholder and acknowledgment by the other controlling shareholder, to determine:
Year ended 31 December 2024 and Determination of a. Tantiem for members of the Board of Directors and Board of Commissioners for the
Salary, Honorarium, Benefits, and Other Allowances for financial year ended 31 December 2024; and
Financial Year 2025 b. Salary of the Board of Directors and honorarium, facilities, benefits, and/or other
allowances for the Board of Commissioners for financial year 2025.
Realization: The determination of remuneration for members of the Board of Commissioners
and Board of Directors was not realized in accordance with Circular Letter from Danantara No.
S-063/DI-BP/VII/2025.
Status: Not Realized
Accountability Report on the Use of Proceeds from the Accepted the Accountability Report on the Use of Proceeds from the Public Offering of
Public Offering of Continuous Bonds VI Mandiri Tunas Continuous Bonds VI Mandiri Tunas Finance Phase III Year 2024 and the Accountability Report
Finance Phase III Year 2024 and Phase IV Year 2024 on the Use of Proceeds from the Public Offering of Continuous Bonds VI Mandiri Tunas Finance
Phase IV Year 2024
Approval of Changes in the Composition of the 1. Approved the resignation of Mr. Rico Adisurja Setiawan as President Commissioner
Company’s Management effective as of 25 July 2025 and expressed appreciation for his contributions during his
tenure as President Commissioner of the Company
2. Menyetujui Approved the appointment of Mr. Nugraha Indra Permadi as President
Commissioner of the Company effective as of 25 July 2025 and ending at the closing of
the 3rd (third) Annual General Meeting of Shareholders following his appointment, to be
held in 2028, without prejudice to the right of the General Meeting of Shareholders to
dismiss him at any time.
The appointment of Mr. Nugraha Indra Permadi shall become effective upon obtaining
approval from the Financial Services Authority (Otoritas Jasa Keuangan) following the Fit
and Proper Test.
3. Declared that effective as of 25 July 2025, the composition of the Board of Commissioners
and the Board of Directors of the Company shall be as follows:
BOARD OF COMMISSIONERS
No Name Position
1 Nugraha Indra Permadi* President Commissioner
2 Fendy Eventius Mugni Independent Commissioner
3 Subarna Independent Commissioner
BOARD OF DIRECTORS
1 Pinohadi Gautama Sumardi President Director
2 R. Eryawan Nurhariadi Director
3 William Francis Indra Director
*Effective upon obtaining approval from the Financial Services Authority following the Fit and Proper Test.
4. Granted authority and power to the Board of Directors to follow up on the changes
in the composition of management as resolved in this Meeting for reporting to the
regulator and other relevant authorities.
Realization: Mr. Nugraha Indra Permadi as President Commissioner has passed the Fit and
Proper Test conducted by the Financial Services Authority, thereby enabling him to carry out his
duties and responsibilities as President Commissioner of the Company.
Status: Realized
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Good Corporate Governance
2. 3 (three) Extraordinary General Meetings of Shareholders as documented in Deed of Shareholders’ Resolution No. 8
dated 11 April 2025, No. 101 dated 23 June 2025, and No. 340 dated 29 December 2025. The agenda and resolutions
are as follows:
Agenda Resolution and Realization
EGMS, 11 April 2025
Plan for the Issuance of Securities of PT Mandiri Tunas Finance (Issuance Approved the issuance of the Company’s Continuous Bonds VII for 2025-2026
of Securities through Public Offering) for 2025-2026 in stages: with a total ceiling of Rp10,000,000,000,000 (ten trillion Rupiah), whereby each
bond issuance shall be carried out after obtaining approval from the Financial
Services Authority
Description Issuance Ceiling* Estimated
Issuance
Continuous Bonds Rp2,500,000,000,000 (two First Semester
VII Phase I Year 2025 trillion five hundred billion of 2025
Rupiah)
Continuous Bonds Rp2,500,000,000,000 (two Second
VII Phase II Year 2025 trillion five hundred billion Semester of
Rupiah) 2025
Continuous Bonds Rp2,500,000,000,000 (two First Semester
VII Phase III Year trillion five hundred billion of 2026
2026 Rupiah)
Continuous Bonds Rp2,500,000,000,000 (two Second
VII Phase IV Year trillion five hundred billion Semester of
2026 Rupiah) 2026
Notes:
*) The nominal value of the bonds to be issued shall be determined and adjusted based
on market conditions at the time of issuance
EGMS, 23 June 2025
Changes in the Composition of the Board of Commissioners. 1. Approved the resignation of Mr. Saptari as Commissioner effective
as of 25 March 2025 and expressed appreciation for his contributions
during his tenure as Commissioner of the Company.
2. Declared that effective as of 25 March 2025, the composition of the
Board of Commissioners of the Company shall be as follows:
Board Of Commissioners
No Name Position
1 Rico Adisurja Setiawan President Commissioner
2 Fendy Eventius Mugni Independent Commissioner
3 Subarna Independent Commissioner
EGMS, 24 December 2025
Approval of Amendments to the Approved amendments to the Company’s Articles of Association as follows:
Company’s Articles of Association 1. Article 11 paragraph (3) letter a, such that Article 11 paragraph (3) letter a shall read:
“The term of office of members of the Board of Directors shall commence from the closing
of the GMS that appoints them or as otherwise determined by the GMS and shall end at
the closing of the 5th (fifth) Annual GMS following their appointment, without prejudice
to the right of the GMS to dismiss members of the Board of Directors at any time prior to
the expiration of their term by stating the reasons therefor. Proposals for the appointment,
dismissal, and/or replacement of members of the Board of Directors to the GMS must
take into account recommendations from the Board of Commissioners or the committee
performing the nomination function”.
2. Article 13 paragraph (2), such that Article 13 paragraph (2) shall read:
“The Board of Directors shall convene a joint meeting with the Board of Commissioners
periodically at least 1 (one) time within 1 (one) month.
The Board of Directors meeting may be convened:
a. At the request of 1 (one) or more members of the Board of Directors;
b. Upon written request from 1 (one) or more members of the Board of Commissioners; or
c. At any time deemed necessary.”
3. Article 14 paragraph (1) letter c, such that Article 14 paragraph (1) letter c shall read:
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Agenda Resolution and Realization
EGMS, 24 December 2025
Approval on the Change of the “1 (one) among the members of the Board of Commissioners shall be appointed as President
Company’s Articles of Association Commissioner and 1 (one) member of the Board of Commissioners shall be appointed as Vice
President Commissioner”.
4. Article 14 paragraph (3) letter a, such that Article 14 paragraph (3) letter a shall read:
“Members of the Board of Commissioners shall be appointed for a term commencing from the
closing of the GMS that appoints them or as otherwise determined by the GMS and ending at the
closing of the 5th (fifth) Annual GMS following their appointment, without prejudice to the right of the
GMS to dismiss members of the Board of Commissioners at any time prior to the expiration of their
term by stating the reasons therefor. Such dismissal shall be effective as of the closing of the GMS,
unless otherwise determined by the GMS”.
5. Article 16, by amending and renumbering certain paragraphs and adding new paragraphs, such that
Article 16 shall read in its entirety as follows:
1) The Board of Commissioners shall convene a meeting at least 1 (one) time within 2 (two) months.
2) The attendance of members of the Board of Commissioners at meetings shall be disclosed in
the Company’s annual report.
3) Meetings as referred to in Article 16 paragraph (1) above must be scheduled for the following
year before the end of the current financial year.
4) The invitation to a Board of Commissioners meeting shall be made by a member of the Board
of Commissioners authorized to act for and on behalf of the Board of Commissioners pursuant
to Article 9 of these Articles of Association.
5) The invitation to a Board of Commissioners meeting shall be delivered by registered mail or by
hand delivery to each member of the Board of Commissioners with acknowledgment of receipt
at least 3 (three) days prior to the meeting, excluding the date of invitation and the date of the
meeting.
6) The invitation must specify the agenda, date, time, and venue of the meeting.
7) Meetings of the Board of Commissioners shall be held at the Company’s domicile or at the
Company’s place of business. If all members of the Board of Commissioners are present or
represented, prior invitation shall not be required and the meeting may be held anywhere and
shall have the authority to adopt valid and binding resolutions.
8) Meetings of the Board of Commissioners shall be chaired by the President Commissioner. In the
event that the President Commissioner is unable to attend or is otherwise unavailable, which
need not be proven to any third party, the meeting shall be chaired by a member of the Board
of Commissioners elected by and from among the members present.
9) A member of the Board of Commissioners may be represented at a meeting only by another
member of the Board of Commissioners based on a Power of Attorney.
10) A meeting of the Board of Commissioners shall be valid and entitled to adopt binding
resolutions if 1 (one) Commissioner nominated by PT Bank Mandiri (Persero) Tbk and 1 (one)
Commissioner nominated by PT Tunas Ridean are present or represented at the meeting.
11) Resolutions at a meeting of the Board of Commissioners shall be adopted based on deliberation
for consensus. If consensus cannot be reached, resolutions shall be adopted by majority vote
validly cast at the meeting, including affirmative votes from at least 1 (one) Commissioner
nominated by PT Bank Mandiri (Persero) Tbk and 1 (one) Commissioner nominated by PT Tunas
Ridean.
12) In the event of a tie vote, the chair of the meeting shall cast the deciding vote.
a. Each member of the Board of Commissioners present shall have 1 (one) vote and 1 (one)
additional vote for each member represented.
b. Voting concerning an individual shall be conducted by unsigned written ballot, whereas
voting on other matters shall be conducted verbally unless the chair determines otherwise
without objection from those present.
c. Blank votes and invalid votes shall be deemed not validly cast and shall not be counted in
determining the total number of votes cast.
13) The Board of Commissioners may adopt valid resolutions without convening a meeting,
provided that all members have been notified in writing and all members provide written
approval by signing the proposed resolution. Such resolution shall have the same legal force as
a resolution validly adopted at a meeting of the Board of Commissioners.
14) The Board of Commissioners shall convene a joint meeting with the Board of Directors
periodically at least 1 (one) time within 1 (one) month.
15) Joint meetings with the Board of Directors shall be chaired by the President Commissioner. If
the President Commissioner is unable to attend, the joint meeting shall be chaired by the Vice
President Commissioner or, if the Vice President Commissioner is unable to attend, by another
Commissioner. Such joint meeting shall not require a quorum.
16) Invitations to meetings of the Board of Commissioners and joint meetings with the Board of
Directors shall be issued by the President Commissioner. If the President Commissioner does
not convene such meeting within 7 (seven) calendar days after receipt of a written request from
1 (one) or more members of the Board of Commissioners, whether jointly or individually, the
requesting member(s) may issue the invitation to all members of the Board of Commissioners
for a Board meeting or to all members of the Board of Commissioners and the Board of
Directors for a joint meeting.
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Good Corporate Governance
Involvement of Independent Parties in Vote Counting
Throughout 2025, the Company’s GMS were conducted electronically in accordance with prevailing laws and regulations
as well as the Company’s Articles of Association. In its implementation, vote counting was carried out in accordance with
the Company’s internal mechanisms and recorded in the minutes of the GMS. Accordingly, no specific independent party
was engaged for vote counting.
GMS in 2024 and Follow-Up Actions
Throughout 2024, the Company held GMS 3 (three) times, namely:
1. 1 (one) Annual General Meeting of Shareholders held circularly as stated in the Deed of Shareholders Resolution
Number 235 and 236 dated 28 June 2024. The agenda and resolutions are as follows:
Agenda Resolutions and Realization
Approval of the Annual Report and the 1. Approve the Company’s Annual Report including Report on the Supervisory Duties of the Company’s
Board of Commissioners Oversight Report Board of Commissioners for the financial year ending on 31 December 2023 and ratified the Company’s
and Ratification of the Company’s Financial Financial Statements for the financial year ending on 31 December 2023 which have been audited
Statements for the financial year 2023, by the Public Accounting Firm Purwantono, Sungkoro & Surja (a member firm of Ernst & Young),
including to release and discharge of with the opinion “Present fairly in all material respects” as stated in report Number 00026/2.1032/
all responsibilities (volledig acquit et de AU.1/09/1008-1/1/I/2024 dated 22 January 2024.
charge) to all members of the Boards of 2. Upon the approval of the Company’s Annual Report including the Report of the Supervisory Duties of
Directors and Commissioners regarding the Board of Commissioners of the Company for the financial year ending on 31 December 2023 and
the management and supervision carried the ratification of the Company’s Financial Statements for the financial year ending on 31 December
out during the financial year 2023, to the 2023, then this Circular Resolution grants full release and discharge of responsibility (volledig acquit
extent that such activities are reflected in et de charge) to all members of the Board of Directors and the Board of Commissioners regarding
the Annual Report. the management and supervision of the Company that have been carried out during the financial
year ending on 31 December 2023, to the extent that such actions were not criminal acts and such
actions are reflected in the Annual Report and Financial Statements for the financial year ending on
31 December 2023.
Realization:
Realization: The Annual Report for the year 2023 was approved on 17 April 2024 by the President
Commissioner and President Director of the Company and the Financial report for the period of 31
December 2023 was approved by the Director of the Company on 22 January 2024. Both reports have
been reported to the regulator in accordance with applicable regulations.
Status: Realized
Approval of the Use of the Company’s Net 1. Approve and determine the use of the Company’s Net Profit for the financial year 2023 amounting to
Profit for the Financial Year ending on 31 Rp1,161,100,986,270 (One trillion hundred sixty one billion one hundred million nine hundred eighty
December 2023. six thousand two hundred seventy Rupiah) as follows:
a. 30% (thirty percent) of the Company’s net profit or Rp348,330,295,881 (three hundred
forty-eight billion three hundred thirty million two hundred ninety-five thousand eight
hundred eighty-one Rupiah) is designated as dividends of the Company.
b. 70% (seventy percent) of the Company’s net profit or Rp812,770,690,389 (eight hundred
twelve billion seven hundred seventy million six hundred ninety thousand three hundred
nine Rupiah) shall be determined as retained earnings of the Company.
2. Grant authority and power to the Board of Directors of The Company to regulate the procedures for
the allocation of the Company’s net profit mentioned above in accordance with the prevailing laws
and regulations.
Realization:
The Company has distributed dividends in accordance with the GMS resolution to the Company’s
shareholders.
Status: Realized
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Agenda Resolutions and Realization
Approval of the appointment of a Public 1. Establish the Public Accounting Firm Purwantono, Sungkoro & Surja (a member firm of Ernst &
Accountant Firm and Public Accountant to Young Global Limited) and Public Accountant Yasir to audit the Company’s Financial Statements
audit the Company’s Financial Statements for the year ending on 31 December 2024.
for the Financial Year ending on 31 2. Grant authority and power to the Board of Commissioners of the Company to determine the
December 2024 and determination of the honorarium and other requirements for the Public Accounting Firm and Public, as well as to
fees/honorarium. determine the Public Accounting Firm and/or Public Accountant replacement in the event
that the Public Accounting Firm Purwantono, Sungkoro & Surja (a member firm of Ernst &
Young Global Limited) and/or Public Accountant Yasir for any reason cannot complete the audit
process of the Company’s Financial Statements for the financial year ending on 31 December
2024. If there is a change of Public Accounting Firm and/or Public Accountant, the Board of
Commissioners provides a report to the Shareholders.
Realization:
The audited financial statements for the period of 31 December 2024 have been completed and endorsed
on 24 January 2025 using the Public Accounting Firm Purwantono, completed and endorsed on 24 January
2025 using the Public Accounting Firm Purwantono, Sungkoro & Surja (a member firm of Ernest & Young
Global Limited) and Public Accountant Sungkoro & Surja (a member firm of Ernest & Young Global Limited)
and Public Accountant Yasir, CPA.
Status: Realized
Determination of Tantiem (performance Grant authority and power to the Board of Commissioners of the Company with prior approval from the
incentive) for Board of Directors and Board majority shareholders and acknowledged by other controlling shareholders to determine:
of Commissioners of the Company for the
financial year ending on 31 December a. Tantiem (performance incentive) for the performance of members of the Board of Directors and
2023, and determination of Salary of Board Commissioners for the financial year ending on 31 December 2023; and
of Directors and Honorarium of Board b. Salaries of members of the Board of Directors and honorarium of members of the Board of
of Commissioners as well as Provision Commissioners as well as provision of facilities, benefits, and/or other allowances for the
of Facilities, Benefits, and/or Other financial year 2024.
Allowances for the financial year 2024.
Realization:
The use of proceeds from the public offering of Continuous Bonds VI Mandiri.
Status: Realized
Accountability Report on the Realization Receive Accountability Report on the Realization of the Use of Proceeds from the Public Offering of
of the Use of Proceeds from the Public Continuous Bonds VI Mandiri Tunas Finance Phase I Year 2023 and Accountability Report on the Realization
Offering of Continuous Bonds VI Mandiri of the Use of Proceeds from the Public Offering of Continuous Bonds VI Mandiri Tunas Finance Phase II
Tunas Finance Phase I Year 2023 and Public Year 2023.
Offering of Continuous Bonds VI Mandiri
Tunas Finance Phase II Year 2023.
Realization:
The use of proceeds from the public offering of Continuous Bonds VI Mandiri Tunas Finance Phases I and II
Year 2023 has been carried out in accordance with the plan of use and has been reported to OJK.
Status: Realized
Approval of Changes in the Company’s 1. Approve the reappointment of:
Management Structure a. Mr. R. Eryawan Nurhariadi as Director of the Company for the second period.
b. b. Mr. William Francis Indra as Director of the Company for the second term.
The above appointment was effective as of the date of the Circular Resolution and would expire
at the closing of the 3rd (third) AGMS after their appointment, which would be held in 2027,
without prejudice to the right of the General Meeting of Shareholders to dismiss them at any
time.
2. Approve the appointment of Mr. Saptari as Commissioner of the Company for the first period
effective from the date of this Circular Resolution and ending at the closing of the 3rd AGMS
since his appointment which will be held in 2027, without prejudice to the right of the General
Meeting of Shareholders to dismiss him at any time. The appointment of Mr. Saptari will be
effective after he has received approval from the Financial Services Authority (OJK) for the fit
and proper test.
3. Resolve that as from the date of this Circular Resolution, the composition of the Company’s
management will be as follows:
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Agenda Resolutions and Realization
No. Name Position
Board of Commissioners
1 Rico Adisurja Setiawan President Commissioner
2 Fendy Eventius Mugni Independent Commissioner
3 Saptari* Commissioner
Board of Directors
1 Pinohadi Gautama Sumardi President Director
2 R. Eryawan Nurhariadi Director
3 William Francis Indra Director
*The appointment is effective upon approval from the Financial Services Authority on the fit and proper test
Realization:
Mr. Saptari as a member of the Board of Commissioners has passed the fit and proper test by the Financial
Services Authority, so that he can carry out his duties and responsibilities as a member of the Board of
Commissioners of the Company.
Status: Realized
Other Agenda 1. Grant authority and power to the Board of Directors with the right of substitution to state the
whole of this Circular Resolution in a separate notarial deed, and to further notify the competent
authorities, as well as to take all and any necessary actions related to such resolution in
accordance with the prevailing laws and regulations, necessary, and for that purpose to appear
as necessary, to make, order to make, and sign the deeds and letters required. In short, do
anything deemed necessary to achieve this purpose, without any exception.
2. The date of this Circular Resolution shall be the date of the last signature of the representative
of the Shareholders stated in this Circular Resolution, in the event that the signature of the
representative of the Shareholders is not given on the same date.
3. This Circular Resolution may be made in several copies which together constitute an integral
part of this Circular Resolution.
Status: Realized
2. 2 (two) Extraordinary General Meetings of Shareholders held circularly as stated in the Deed of Statement of
Shareholders’ Resolution of PT Mandiri Tunas Finance Outside the General Meeting of Shareholders No. 48
dated 5 June 2024, as well as in the Deed of Statement of Shareholders’ Resolution of PT Mandiri Tunas Finance
Outside the General Meeting of Shareholders No. 16 dated 5 November 2024. The agenda and resolutions are
as follows:
EGMS, 5 June 2024
Agenda Resolutions
Changes in the Composition of the 1. Approve the resignation of Mr. Totok Priyambodo as Commissioner of the Company effective since 7 March
Company’s Board of Commissioners. 2024, and acknowledge his contribution of labor and thoughts given during his tenure as Commissioner of
the Company.
2. Declared that as of 7 March 2024, member composition of the Company’s Board of Commissioners is as
follows:
No. Name Position
Board of Commissioners
1 Rico Adisurja Setiawan President Commissioner
2 Fendy Eventius Mugni Independent Commissioner
Other Agenda 1. Grant authority and power to the Board of Directors with the right of substitution to declare the entirety of
this Circular Resolutions in a separate notarial deed, and to then notify it to the authorized parties, and take
all and any actions necessary related to the resolution in accordance with the applicable laws and regulations,
when necessary and for that purpose appear where necessary, make, order to make, and sign necessary
deeds and letters, In short, doing whatever it takes to achieve this purpose, without any exception.
2. The date of this Circular Resolution shall be the date of the last signature of the representative of the
Shareholders stated in this Circular Resolution, in the event that the signature of the representative of the
Shareholders is not given on the same date.
3. This Circular Decision may be made in several copies which together constitute a single unit of this Circular
Decision
Status: Realized
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EGMS, 5 November 2024
Agenda Resolutions
Changes in 1. Approve the appointment of Mr. Subarna as Independent Commissioner of the Company as of the date of This Circular
the Company’s Resolution and expires at the close of the 3rd Annual General Meeting of Shareholders since his appointment, which will be held
Management in 2027, without prejudice to the rights of the Meeting. General Shareholders to dismiss him at any time.
Structure 2. Stating that as of 5 November 2024, the composition of the Company’s management will be as follows:
No. Name Position
Board of Commissioners
1 Rico Adisurja Setiawan President Commissioner
2 Saptari Commissioner
3 Fendy Eventius Mugni Independent Commissioner
4 Subarna* Independent Commissioner
Board of Directors
1 Pinohadi Gautama Sumardi President Director
2 R. Eryawan Nurhariadi Director
3 William Francis Indra Director
*The appointment is effective upon approval from the Financial Services Authority on the fit and proper test
3. Grant authority and power to the Company’s Board of Directors to follow up on the Meeting’s resolutions regarding reporting to
regulators and other relevant agencies.
Other Agenda 1. Grant authority to the Board of Directors of the Company with the right of substitution to declare this Circular Resolution in a
separate notarial deed, and to further notify the authorities, and to take all and any necessary actions in connection with the decision
in accordance with applicable laws and regulations, if necessary and for that purpose to appear where necessary, to make, to order
the making and signing of the necessary deeds and letters. In short, to do anything to achieve the purpose, without any exception.
2. The date of this Circular Resolution shall be the date of the last signature of the Shareholders‘ representative stated in this Circular
Resolution, in the event that the signature of the Shareholders’ representative is not given on the same date.
3. This Circular Resolution can be made in several copies which together constitute a single unit of this Circular Resolution.
Status: Realized
Board of Commissioners Term of Office of the Board of
Commissioners
The Board of Commissioners is an organ of the Company The term of office of the Board of Commissioners is 3
that collectively performs the supervisory function over (three) years as stipulated in the Articles of Association
management policies implemented by the Board of and members may be reappointed for 1 (one) additional
Directors and provides advice regarding the management term, without prejudice to the right of the General Meeting
of the Company. Such supervision includes both general of Shareholders to dismiss members of the Board of
and specific oversight in accordance with the Articles of Commissioners at any time. After their term of office
Association, including monitoring the effectiveness of the ends, members of the Board of Commissioners may be
implementation of GCG throughout the Company and its reappointed by the GMS.
subsidiaries.
The Board of Commissioners is accountable to the
Shareholders to ensure that the Board of Directors Composition and Structure of the
manages the Company in accordance with the approved Board of Commissioners
business plan, complies with prevailing laws and Throughout 2025, the composition of the Board of
regulations, and conducts business activities with integrity Commissioners changed by not extending the term of
and responsibility. In carrying out its supervisory function, office of Mr. Saptari as Commissioner of the Company as of
the Board of Commissioners acts independently and the Extraordinary GMS on 23 June 2025 and not extending
professionally, free from influence or pressure that may the term of office of Mr. Rico Adisurja Setiawan as President
interfere with objective decision-making. Commissioner of the Company as of the Annual GMS on
30 June 2025.
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Good Corporate Governance
Composition of the Board of Commissioners from 1 January 2025-25 July 2025
Name Position Basis of Appointment Term of Office Tenure
Rico Adisurja President Deed of Resolution of the Annual GMS of PT Mandiri Tunas Annual GMS of Financial Year 2023 3rd
Setiawan* Commissioner Finance No. 138 Dated 28 June 2023 made before M. Kholid until the closing of Annual GMS of
Artha, SH, a notary in Jakarta. Financial Year 2026.
Saptari** Commissioner Deed of Resolution of the Annual GMS of PT Mandiri Tunas Annual GMS of Financial Year 2024 1st
Finance No. 236 Dated 28 June 2024 made before M. Kholid until the closing of Annual GMS of
Artha, S.H., a notary in Jakarta. Financial Year 2027.
Fendy Eventius Independent Deed of Resolution of the Annual GMS of PT Mandiri Tunas Annual GMS of Financial Year 2023 1st
Mugni Commissioner Finance No. 138 Dated 28 June 2023 made before M. Kholid until the closing of Annual GMS of
Artha, S.H., a notary in Jakarta. Financial Year 2026.
Subarna Independent Deed of Resolution of the Annual GMS of PT Mandiri Tunas Annual GMS of Financial Year 2024 1st
Commissioner Finance No. 16 Dated 5 November 2024 made before M. until the closing of Annual GMS of
Kholid Artha, S.H., a notary in Jakarta. Financial Year 2027.
*) Resigned on 25 June 2025 as President Commissioner of PT Mandiri Tunas Finance and the resignation was approved through the Annual GMS on 30 June 2025, with the
resignation effective on 25 July 2025.
**) Resigned on 25 March 2025 as Commissioner of PT Mandiri Tunas Finance and the resignation was approved through the Extraordinary GMS on 23 June 2025.
Composition of the Board of Commissioners from 25 July 2025-23 December 2025
Name Position Basis of Appointment Term of Office Tenure
Nugraha Indra President Deed of Resolution of the Annual GMS of PT Mandiri Tunas Annual GMS of Financial Year 1st
Permadi* Commissioner Finance No. 174 Dated 30 June 2025 made before M. Kholid 2025 until the closing of Annual
Artha, S.H., a notary in Jakarta. GMS of Financial Year 2028.
Fendy Eventius Independent Deed of Resolution of the Annual GMS of PT Mandiri Tunas Annual GMS of Financial Year 1st
Mugni Commissioner Finance No. 138 Dated 28 June 2023 made before M. Kholid 2023 until the closing of Annual
Artha, S.H., a notary in Jakarta. GMS of Financial Year 2026.
Subarna Independent Deed of Resolution of the Annual GMS of PT Mandiri Tunas Annual GMS of Financial Year 1st
Commissioner Finance No. 16 Dated 5 November 2024 made before M. 2024 until the closing of Annual
Kholid Artha, S.H., a notary in Jakarta. GMS of Financial Year 2027.
*) Appointed as President Commissioner of PT Mandiri Tunas Finance through the Annual GMS on 30 June 2025, effective as of 25 July 2025.
The profiles of all members of the Board of Commissioners and effective execution of duties and responsibilities
can be found in the Company Profile section of this Annual within the Company.
Report.
The appointment of members of the Board of
Commissioners is carried out through the GMS mechanism
Fit and Proper Test of the Board of in accordance with the Company’s Articles of Association.
Commissioners The implementation of the duties and authority of
In accordance with applicable regulations in the financial members of the Board of Commissioners becomes
services industry, members of the Company’s Board of effective after the respective individual is declared to have
Commissioners as primary parties are required to meet passed the fit and proper assessment by the Financial
fit and proper requirements through an assessment Services Authority, as regulated under OJK Regulation
conducted by the Financial Services Authority. The fit and No. 27/POJK.03/2016 concerning Fit and Proper Test for
proper assessment serves as a prerequisite for the formal Primary Parties of Financial Services Institutions.
Name Position Approval from OJK
Nugraha Indra Permadi President Commissioner Passed, pursuant to OJK Decree No. KEP-51/D.06/2025
Fendy Eventius Mugni Independent Commissioner Passed, pursuant to OJK Decree No.13/KDK.06/2023
Subarna Independent Commissioner Passed, pursuant to OJK Decree No. KEP-9/D.06/2025
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Board of Commissioners Charter
As a working reference, the Board of Commissioners is 6. To provide opinions and recommendations on the
guided by the Board of Commissioners Charter which sets Annual Work Plan and Budget proposed by the Board
out the principles, procedures, and limits of authority of of Directors and to approve such plan in accordance
the Board. The Charter serves as an operational guideline with the Articles of Association.
that explains coordination flows, meeting mechanisms, 7. To promptly report to the GMS if there are indications
supervisory responsibilities, as well as standards of of declining Company performance.
conduct and professionalism that must be observed so
that the supervisory function can be carried out effectively
Obligations of the Board of Commissioners
and transparently. The matters regulated in the Board of
Commissioners Charter include: 1. To comply with applicable laws and regulations, the
• Policy Framework Articles of Association, and resolutions of the GMS,
• Scope of Work and to act professionally.
• Legal Basis 2. To review, approve, and supervise the implementation
• Working Relationship Principles between the Board of of the Company’s Annual Work Plan and Budget
Commissioners and the Board of Directors prepared by the Board of Directors in accordance
• Composition, Term of Office, and Concurrent Positions with applicable regulations and the Articles of
• Duties, Responsibilities, and Obligations of the Board Association.
of Commissioners 3. To provide advice to the Board of Directors in
• Rights and Authorities of the Board of Commissioners managing the Company and not for the benefit of
• Culture and Code of Conduct of the Board of any particular party or group.
Commissioners 4. To review and sign the annual report prepared by the
• Confidentiality and Conflict of Interest Board of Directors.
• Meetings of the Board of Commissioners 5. To prepare a report on the activities of the Board of
• Reporting and Accountability Commissioners as part of the GCG implementation
• Supporting Committees of the Board of Commissioners report and report its supervisory activities to the
• Corporate Secretary to the Board of Commissioners GMS.
6. To report to the Company any share ownership held
Duties, Responsibilities, by the member and/or their family in the Company
or other companies, including any changes thereto.
Obligations, and Authorities of the 7. To provide recommendations to the GMS regarding
Board of Commissioners the appointment of the Public Accounting Firm to
audit the Company’s financial statements.
Duties and Responsibilities of the Board of
8. To follow up on supervisory findings and provide
Commissioners
recommendations to the GMS in the event of
1. To supervise and be responsible for the Company’s deviations from applicable laws and regulations or
management policies and operations in line with the the Articles of Association.
established vision and mission, based on compliance 9. To establish an Audit Committee and, if necessary,
with the prevailing laws and regulations in Indonesia, other committees to support the Board’s duties.
including but not limited to Good Corporate 10. If the Company shows significant deterioration, to
Governance regulations, the Limited Liability convene a GMS immediately to report to shareholders
Company Law, and OJK regulations. and provide recommendations for corrective actions.
2. To provide advice to the Board of Directors regarding 11. To monitor the effectiveness of Good Corporate
the management of the Company. Governance implementation.
3. To ensure that the Board of Directors has followed up
on audit findings and recommendations from Internal
Audit, external auditors, OJK supervision, and/or
other supervisory authorities.
4. To notify the Financial Services Authority within 10
calendar days from the discovery of any violation of
laws and regulations in the financing sector, including
any condition that may endanger the Company’s
business continuity.
5. To review and examine the annual report prepared by
the Board of Directors and to sign the annual report.
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Good Corporate Governance
Authorities of the Board of Commissioners
The Board of Commissioners has the authority to provide 6. Appointing and dismissing the Secretary to the
written approval for the following decisions of the Board Board of Commissioners if deemed necessary.
of Directors: 7. Temporarily suspending members of the Board
of Directors in accordance with the Articles of
1. Borrowing or lending money on behalf of the Association.
Company, excluding withdrawals of Company funds 8. Establishing committees other than the Audit
from banks. Committee in accordance with the Company’s needs.
2. Establishing a new business or participating in 9. Engaging professional advisors for a limited period
another company, domestically or internationally. at the Company’s expense if deemed necessary.
3. Obtaining sufficient access to Company information, 10. Carrying out management actions in certain
including reviewing books, securities, and examining circumstances for a specific period in accordance
Company assets. with the Articles of Association.
4. Requesting explanations from the Board of Directors 11. Exercising other supervisory authorities that do not
and/or other officers regarding matters related to conflict with laws and regulations, the Articles of
Company management. Association, and/or GMS resolutions.
5. Requesting the attendance of Directors and/or other
officers under the Board of Directors at meetings of
the Board of Commissioners.
Decisions Requiring Approval of the
Board of Commissioners
1. Approval of the Long-Term Corporate Plan, the 5. Determination and amendment of strategic risk
Annual Work Plan and Budget, and any amendments management policies, including decisions resulting in
thereto. risk exposure exceeding the Company’s risk appetite
2. Decisions regarding capital participation, and follow-up on significant findings from regulators
establishment, acquisition, or dissolution of entities, and auditors.
strategic cooperation, and material investments or 6. Approval of affiliated party transactions and/
divestments beyond the authority of the Board of or transactions involving conflicts of interest in
Directors. accordance with OJK regulations and applicable laws.
3. Loan withdrawals, issuance of funding instruments, 7. Other strategic decisions which, under the Articles of
and provision of guarantees or other financial Association, OJK regulations, or the Board’s judgment,
commitments of material value that may affect the have a significant impact on the Company’s business
Company’s financial condition. continuity, performance, and reputation.
4. Transfer, collateralization, or charging of Company
assets of material value in accordance with the Articles
of Association and applicable regulations.
Division of Duties and the activities of the Board and ensuring the collective
Responsibilities of the Board of effectiveness of its supervisory function.
Commissioners
To enhance the effectiveness of the supervisory function,
Responsibilities of the President
the Board of Commissioners allocates the scope of
Commissioner
supervisory duties among its members in accordance with
their respective competencies and the Company’s needs. 1. To chair meetings of the Board of Commissioners,
This allocation ensures that supervision is carried out in a coordinate the implementation of its duties and
focused, coordinated, and comprehensive manner. Within responsibilities, and ensure that the Board performs
the structure of the Board of Commissioners, all members, its supervisory function effectively in accordance with
including the President Commissioner, hold equal the Company’s Articles of Association.
standing. The President Commissioner acts as primus 2. To direct and coordinate the supervision of
inter pares, with the primary responsibility of coordinating management policies, the Company’s operations,
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and the performance of the Board of Directors, both • Business processes of Mandiri Tunas Finance
collectively and individually. • Principles of Good Corporate Governance for
3. To oversee the consistent implementation of Good financing companies
Corporate Governance, including compliance with • Risk management practices in financing companies
the Articles of Association, applicable laws and • Internal control and audit implementation of financing
regulations, and OJK provisions relevant to financing companies
companies. • Compliance management of financing companies
4. To ensure that decisions, approvals, and • Anti-fraud management
recommendations of the Board of Commissioners are • Company performance overview of Mandiri Tunas
properly followed up by the Board of Directors. Finance
5. To oversee the effectiveness of the Company’s risk • Annual Work Plan and Budget
management and compliance functions, including • Implementation of APU-PPT and PPPSPM in financing
follow-up on significant findings from OJK, external companies
auditors, and internal auditors.
6. To supervise and coordinate the implementation
of duties of committees under the Board of
Competency Development of the
Commissioners to ensure alignment with supervisory Board of Commissioners
objectives and applicable regulations. The Company supports the competency development of
members of the Board of Commissioners through various
capability enhancement programs, including training,
Orientation Program for New professional certifications, seminars, and workshops
Commissioners relevant to their roles and functions. The Company has a
An orientation program is provided to newly appointed policy regarding the implementation of human resource
members of the Board of Commissioners to ensure development programs from the highest level to the
a comprehensive understanding of the Company’s lowest level as a form of the Company’s commitment to
characteristics. Through this program, new members creating high-quality and competitive human resources.
receive information on the Company’s strategic direction, The policy regarding competency development programs
business plan, core business model, as well as the scope of for the Board of Commissioners is as follows:
duties and responsibilities of the Board of Commissioners 1. Competency development programs are implemented
in accordance with applicable laws and regulations. in order to improve the effectiveness of the Board of
The orientation program is intended to accelerate the Commissioners’ performance.
adaptation process and enable effective contribution from 2. Plans to carry out competency development programs
the beginning of the term of office. must be included in the Work Plan and Budget of the
Board of Commissioners.
The program is coordinated by the Corporate Secretary. 3. Each member of the Board of Commissioners who
The materials include: participates in a competency development program
1. Articles of Association of Mandiri Tunas Finance is required to deliver a presentation to other members
2. Laws and regulations related to Mandiri Tunas of the Board of Commissioners for the purpose of
Finance’s business sharing information and knowledge.
3. Annual Report of Mandiri Tunas Finance 4. The relevant member of the Board of Commissioners
4. Long-Term Corporate Plan is responsible for preparing a report on the
5. Annual Work Plan and Budget implementation of the competency development
6. Work Program of the Board of Commissioners program. The report is submitted to the Board of
7. Key Performance Indicators of the Board of Commissioners.
Commissioners
In 2025, the GMS appointed Nugraha Indra Permadi as
President Commissioner. The orientation program was
conducted on July 3-4, 7, and 17-23, 2025.
The orientation material covered the following topics:
• Duties and responsibilities of Commissioners,
including Independent Commissioners
• Laws and Regulations applicable to financing
companies
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Good Corporate Governance
Details of the training programs and competency development activities attended by members of the Board of
Commissioners during the reporting year are presented in the following table:
Name Training/Seminar Organizer Date
Rico Adisurja Setiawan Digital Transformation: Technology Innovation Trends in the Financial OJK Institute 23 Januariy
Sector
The Role of GRC in Enhancing Investor Confidence and Financial OJK Institute 25 Februariy
Sector Stability
Sustainbility Accounting and Reporting in the Financial Services OJK Institute 06 March
Islamic Financial Product Innovation: The Role of Halal Ethics in OJK Institute 13 March
Expanding Market Penetration
Looking Ahead at the Future of Indonesia’s Gold Market: The OJK Institute 17 April
Strategic Role of Bullion Banks
National Seminar “Will Trade War Create Financial Turmoil?” APPI 06 May
The Strategic Role of the Financial Services Industry in Supporting OJK Institute 08 May
Regional Economic Development
The Domino Effect of Trump Tariffs: Threat or Opportunity for the OJK Institute 15 May
Indonesian Economy?
Customer Experience: Strategies for Success in the Digital Era OJK Institute 22 May
Indonesia Sustainable Finance Diorama OJK Institute 03 June
The Future of Cybersecurity: Threats, Challenge, and Innovations OJK Institute 05 June
Idea Talks Volume 9: Digitalisasi Perbankan dari Dua Sudut Pandang OJK Institute 23 June
Breaking the Scam Chain: Synergy and Consumer Protection OJK Institute 26 June
Strategies in the Financial Sector
Fendy Eventius Mugni National Seminar “Will Trade War Create Financial Turmoil?” APPI 06 May
The Strategic Role of the Financial Services Industry in Supporting OJK Institute 08 May
Regional Economic Developmen
Customer Experience: Strategies for Sucsess in Digital Era OJK Institute 22 May
Secure Strategies for Crypto Asset and Digital Finance Transactions: OJK Institute 19 June
Personal Data Protection and the Impact of Biometric Technology in
Indonesia | OJK Institute
Agentic in in Finance: A new era of autonomous decision-making OJK Institute 03 July
International Seminar Global, ASEAN dan Indonesia Challenge to APPI 11 July
Indonesia Economy
Building The Global Suistanable Islamic Finance Ecosystem OJK Institute 24 July
Mid Year – Capital Market Review 2025: Market Performance OJK Institute 07 August
Evaluation and Forward Investment Strategy
Geopolitical Dynamics and National Resilience: Strategies to OJK Institute 14 August
Strengthen Indonesia’s Economy
Strategies to Enhance Competitiveness and Deepen Islamic Banking OJK Institute 28 August
and Islamic Capital Markets
MSMEs Go Global: Business Scaling Strategies to Enter National and OJK Institute 09 September
International Markets
Latest Money Laundering Schemes and Trends: Identification, OJK Institute 18 September
Mitigation, and Enforcement Strategies
Qualified Risk Oversight Professional Training 17-18 October
IKAI Indonesia
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Name Training/Seminar Organizer Date
Subarna Basic Commissioner Training and Certification LSPPI 23 January
Sustainbility Accounting and Reporting in the Financial Services OJK Institute 06 March
Islamic Financial Product Innovation: The Role of Halal Ethics in OJK Institute 13 March
Expanding Market Penetration
National Seminar “Will Trade War Create Financial Turmoil?” APPI 06 May
Customer Experience : Strategies for Sucsess in Digital Era OJK Institute 22 May
Indonesia Sustainable Finance Diorama OJK Institute 03 June
The Future of Cybersecurity: Threats, Challenge, and Innovations OJK Institute 05 June
Secure Strategies for Crypto Asset and Digital Finance Transactions: OJK Institute 19 June
Personal Data Protection and the Impact of Biometric Technology in
Indonesia
Idea Talks Volume 9: Banking Digitalization from Two Perspectives OJK Institute 23 June
Breaking the Scam Chain: Synergy and Consumer Protection OJK Institute 26 June
Strategies in the Financial Sector
Building the Global Suistanable Islamic Finance Ecosystem OJK Institute 24 July
The Role of the Financial Services Industry in Supporting National OJK Institute 31 July
Strategic Projects: Development of 3 Million Houses
Mid Year – Capital Market Review 2025: Market Performance OJK Institute 07 August
Evaluation and Forward Investment Strategy
Geopolitical Dynamics and National Resilience: Strategies to OJK Institute 14 August
Strengthen Indonesia’s Economy
Achieving Prosperous Retirement: Strategies to Increase Pension OJK Institute 21 August
Participation in the Informal Sector
Strategies to Enhance Competitiveness and Deepen Islamic Banking OJK Institute 28 August
and Islamic Capital Markets
Latest Money Laundering Schemes and Trends: Identification, OJK Institute 18 September
Mitigation, and Enforcement Strategies
Risk Appetite & Risk Culture: Key Pillars in Strengthening Risk OJK Institute 09 October
Management in the Financial Sector
Qualified Risk Oversight Professional Training IKAI Indonesia 17-18 October
Nugraha Indra Basic Training Pelatihan dan Sertifikasi 31 July
Permadi Dasar Komisaris
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Implementation of the Board of Commissioners’ Duties in 2025
The decisions, recommendations, and duties of the Board of Commissioners in 2025 are as follows:
Period Decisions, Recommendations, and Implementation of Duties
Quarter I 2025 • The Board of Commissioners expressed its appreciation to the entire Board of Directors for the achievements
obtained in 2024.
• The Board of Commissioners provided feedback regarding the plan to issue bonds so that bonds may be
added as an alternative funding source for MTF if the indicated rate offered is more competitive than bank
loans.
• The Board of Commissioners encouraged MTF to focus on maintaining quality and strengthening relationships
with Captive Bank Mandiri and Tunas debtors.
• The Board of Commissioners directed that the management shall conduct a breakdown of the components
forming profit in January 2025 in order to identify which components improved and which deteriorated.
Quarter II 2025 • The Board of Commissioners directed that the revision of the 2025 Business Plan shall be submitted in the
form of a summary to the Board of Commissioners, particularly regarding the RKAP figures prior to the signing
of the revised Business Plan by the Board of Commissioners.
• The Board of Commissioners approved the adjustment to the appointment of the Chair of the Audit
Committee, Risk Monitoring Committee, and Nomination and Remuneration Committee of MTF as of June
10, 2025.
• The Board of Commissioners provided feedback that bond issuance shall be utilized to meet Lending targets
in addition to bilateral bank facilities.
• The Board of Commissioners directed that in 2025 the management shall be more aggressive in acquiring
Captive Bank Mandiri debtors. Debtors originating from dealers may still be acquired; however, the
management should implement a grading system for such dealers.
• The Board of Commissioners directed that in the current economic situation, the management needs to
exercise caution in extending financing while waiting for economic conditions to improve.
• The Board of Commissioners directed the management to develop various strategies to continue growing
with good quality. One of management’s strategies to improve MTF’s credit quality is through booking mix,
which is currently considered adequate and needs to be continuously implemented.
• The Board of Commissioners directed the management to maintain CKPN at no less than 100%.
• The Board of Commissioners approved the proposed funding facilities from Bank MUFG, Bank Panin, and
Bank DKI.
Quarter III 2025 • The Board of Commissioners directed that the Management shall conduct checks and provide updates to the
Board of Commissioners regarding MTF’s condition compared to other financing companies, both in terms
of Lending and quality.
• The Board of Commissioners directed that the realization of Human Resources fulfillment shall be aligned with
the Company’s plan.
• The Board of Commissioners directed that reporting of changes in MTF’s network shall be ensured. Branch
closures or mergers shall not be implemented without prior reporting to the regulator, in order to ensure that
MTF does not incur sanctions related to such network updates.
• The Board of Commissioners approved the adjustment to the composition of committees under the
Board of Commissioners, namely the Audit Committee, Risk Monitoring Committee, and Nomination and
Remuneration Committee.
• The Board of Commissioners directed that the Management shall prepare schemes to assist leaders in
conducting monitoring and preventing fraud within their respective teams.
• The Board of Commissioners directed that potential fraud risks shall be anticipated, particularly during periods
of downturn in the automotive sector which may impact the multifinance industry.
• The Board of Commissioners directed that internal Company provisions, including SOPs, shall be updated
periodically as a mitigation measure against fraud within the Company.
• The Board of Commissioners directed that an early detection system for potential fraud shall be prepared in
order to prevent losses to the Company.
• The Board of Commissioners approved the implementation of Literacy and Inclusion activities at MTF as
presented during the Board of Commissioners Meeting.
• The Board of Commissioners directed that internal improvements shall be implemented to prevent recurring
complaints in the future.
• The Board of Commissioners directed that customer education shall be provided so that customer complaints
are submitted through MTF’s official channels, as a mitigation measure to prevent complaints being submitted
through media that may affect MTF’s reputation, such as social media.
• The Board of Commissioners provided feedback that mitigation measures shall be prepared to address
potential high risks if MTF provides financing to the high-margin segment.
• The Board of Commissioners approved the proposed CBC Bank Mandiri credit facility as presented during the
Joint Meeting of the Board of Commissioners and the Board of Directors.
• The Board of Commissioners approved the Compliance and APU PPT & PPPSPM reports as presented during
the Joint Meeting of the Board of Commissioners and the Board of Directors.
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Periode Keputusan, Rekomendasi, dan Pelaksanaan Tugas
Quarter IV 2025 • The Board of Commissioners directed that mitigation measures shall be implemented for employees with
poor SLIK records so that they are not placed in positions related to business activities.
• The Board of Commissioners directed that legal action shall be taken not only for fraud causing significant
losses, but also for fraud causing relatively small losses.
• The Board of Commissioners directed that recurring customer complaints in a particular area or topic shall
be prevented.
• The Board of Commissioners directed that provisions shall be established regarding mitigation measures to
prevent fraud committed by employees, such as block leave policies and limitations on tenure in the same
position.
• The Board of Commissioners directed that Used Car financing shall be coordinated and thoroughly prepared.
• The Board of Commissioners provided feedback that the necessary licensing for Gold Financing activities
shall be ensured.
• The Board of Commissioners directed that business strategies for 2027 and 2028 shall be prepared, as New
Car financing is projected to improve in those years.
Performance Assessment of assessment of the effectiveness of each committee in
carrying out its duties. The assessment is conducted
Committees under the Board based on the established Key Performance Indicators
of Commissioners and Basis for (KPI), so that the evaluation can be performed measurably
Assessment and objectively.
The Board of Commissioners is assisted by committees Based on the assessment results, the Board of
established to support the implementation of its Commissioners concluded that throughout 2025 the
supervisory function in a more focused and in-depth committees under the Board of Commissioners have
manner. Each committee has clearly defined duties, carried out their duties and responsibilities effectively in
responsibilities, and a charter as the basis for performing accordance with their respective roles and mandates. The
its role in a structured and effective manner. assessment of the performance of the committees under
the Board of Commissioners is presented as follows:
To ensure the quality of the committees’ performance,
the Board of Commissioners periodically conducts an
Audit Committee
The Audit Committee has the duties and responsibilities to assist and facilitate the Board of Commissioners in carrying out its supervisory duties
and functions over the system and process of Financial Reporting, the audit process of the Company’s financial statements, the evaluation of the
implementation of the Company’s internal control, the evaluation of internal audit performance, and the supervision of technical and operational
performance as well as compliance with applicable laws and regulations.
Throughout 2025, the Audit Committee has carried out its duties and responsibilities properly. The Audit Committee held 5 (five) meetings and carried
out its duties, among others, as follows:
• Reviewed financial information to be disclosed by the Company to the public and/or the authorities, including financial projections and other
reports related to the Company’s financial information.
• Reviewed examinations conducted by the internal auditor and supervised the implementation of follow-up actions by the Board of Directors on the
findings of the internal auditor.
• Reviewed the Company’s compliance with laws and regulations related to the Company’s business activities.
• Provided an independent opinion in the event of differences of opinion between management and the accountant regarding the services provided.
• Provided recommendations to the Board of Commissioners regarding the appointment of the accountant based on independence, scope of
engagement, and fees.
• Provided recommendations on the improvement of the Company’s internal control system and its implementation.
• Reviewed risk management activities carried out by the Board of Directors, if the Company does not have a risk monitoring function under the
Board of Commissioners.
• Reviewed complaints related to the Company’s accounting and financial reporting process.
• Reviewed and provided advice to the Board of Commissioners regarding potential conflicts of interest of the Company.
• Maintained the confidentiality of the Company’s documents, data, and information.
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Nomination and Remuneration Committee Risk Monitoring Committee
The Nomination and Remuneration Committee has the duties and The Risk Monitoring Committee has the duties and responsibilities to
responsibilities to assist the Board of Commissioners in monitoring, assist the Board of Commissioners in monitoring the implementation
supervising, and assessing the effectiveness of nomination and remuneration of the Company’s risk management, which has been prepared and
within the Company. implemented by the Board of Directors.
Throughout 2025, the Nomination and Remuneration Committee carried out Throughout 2025, the Risk Monitoring Committee carried out its
its duties and responsibilities properly. The Nomination and Remuneration duties and responsibilities properly. The Risk Monitoring Committee
Committee held 3 (three) meetings and carried out its duties, among others, held 5 (five) meetings and carried out its duties, among others, as
as follows: follows:
• Provided recommendations to the Board of Commissioners regarding • Directed risk management policies, strategies, and framework
the remuneration policy for members of the Board of Directors and/or in accordance with the established risk appetite and risk
the Board of Commissioners to be submitted to the GMS. tolerance.
• Evaluated the Company’s remuneration policy, including salaries, • Reviewed the conformity of the Company’s risk management
honorarium, religious holiday allowance (THR), benefits, bonuses, and policies.
tantiem. • Monitored the implementation of duties of the risk
• Provided recommendations to the Board of Commissioners regarding management work unit.
the composition of positions of members of the Board of Directors • Reviewed the risk profile report and/or risk level report.
and/or the Board of Commissioners, the policies and criteria required • Reviewed the Company’s financial soundness level report.
for the nomination of members of the Board of Directors and/or the • Monitored the adequacy of the processes for risk identification,
Board of Commissioners, the names of candidates for members of the measurement, monitoring, control, and the risk management
Board of Directors and/or the Board of Commissioners, and conducted information system.
assessments based on established benchmarks as part of performance
evaluation and capability development of the Board of Directors and/
or the Board of Commissioners.
Independent Commissioner
An Independent Commissioner is a member of the Board Independence Criteria of Independent
of Commissioners who does not have any financial, Commissioners
management, share ownership, or family relationship with The appointment of Independent Commissioners is
other members of the Board of Commissioners, members regulated based on POJK No. 33/2014, with the following
of the Board of Directors, Controlling Shareholders, or criteria:
the Company. This provision ensures that the relevant 1. Not a person who works or has the authority and
individual is able to perform the supervisory function responsibility to plan, lead, control, or supervise the
objectively and free from the influence of any party Company’s activities within the last 6 (six) months,
in accordance with the principles of Good Corporate except for reappointment as an Independent
Governance. Commissioner of the Company in the subsequent
period.
Independent Commissioners play an important role 2. Does not own shares of the Company, either directly
in monitoring the management of the Company or indirectly.
and providing an independent perspective in the 3. Does not have an Affiliation relationship with the
decision-making process at the level of the Board of Commissioners, the Board of Directors, and the Main
Commissioners. In addition, Independent Commissioners Shareholders of the Company.
also represent the interests of minority shareholders and 4. Does not have a business relationship with the
ensure that every supervisory action is carried out without Company, either directly or indirectly. Accordingly,
any conflict of interest that may interfere with the effective the Company’s Independent Commissioners have
implementation of their duties and responsibilities. met the criteria in accordance with the applicable laws
and regulations.
Fendy
Independence Aspects Eventius Subarna
Mugni
Serves as a person who works or has the authority and responsibility to plan, lead, control, or supervise the Company’s x x
activities within the last 6 (six) months, except for reappointment as an Independent Commissioner of the Company in
the subsequent period.
Owns shares of the Company, either directly or indirectly. x x
Has an Affiliation relationship with the Commissioners, the Board of Directors, and the Main Shareholders of the Company. x x
Has a business relationship with the Company, either directly or indirectly. x x
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Composition and Membership of of Commissioners. As of 31 December 2025, the Company
Independent Commissioners within the had 2 (two) Independent Commissioners who have met
Structure of the Company’s Board of the established criteria and have signed independence
Commissioners statements in accordance with the applicable laws and
regulations, which have been submitted to the Financial
Referring to OJK Regulation No. 33/POJK.04/2014, Services Authority as one of the required documents for
the composition of Independent Commissioners must obtaining approval from OJK.
represent at least 30% of the total members of the Board
Independent Commissioner Period and Term of Office
Fendy Eventius Mugni 1st Period, for a term of office commencing from the Annual GMS 2023
Subarna 1st Period, for a term of office commencing from the Extraordinary GMS in November 2024
Board of Directors
The Board of Directors is a governance organ that holds full that each individual is able to carry out responsibilities
authority in managing the Company. The responsibilities in accordance with the established division of duties and
of the Board of Directors include the management of all authority.
operational activities and the implementation of Good
Corporate Governance in accordance with the purposes
and objectives of the Company as stipulated in the Articles Term of Office of the Board of
of Association and applicable laws and regulations. Directors
Referring to the Company’s Articles of Association,
In carrying out its duties, each member of the Board of members of the Board of Directors are appointed and
Directors must ensure alignment with the Company’s dismissed by the GMS for a specified term of 3 (three)
strategy and objectives, uphold the principle of prudence, years.
and act in good faith. The Board of Directors is responsible
for ensuring that all assets, resources, and business
processes of the Company are managed effectively and Composition and Structure of the
in line with the applicable governance principles. The Board of Directors
appointment of members of the Board of Directors is The composition and structure of the Company’s Board of
based on competence and professionalism to ensure Directors are as follows:
Composition of the Board of Directors as of 31 December 2025
Name Position Basis of Appointment Term of Office Tenure
Appointed for the first time as President Director of Mandiri Tunas Finance at the
9 October 2020 until the
Extraordinary GMS (Circular Resolution) based on Deed of Shareholders’ Resolution
closing of the Annual GMS 1st
No. 6 dated 9 October 2020.
Pinohadi President for Financial Year 2022
G. Sumardi Director
Reappointed for the second period as President Director of Mandiri Tunas Finance at 28 June 2023 until the
the Shareholders’ Resolution Outside the GMS to Convene the Annual GMS (Circular closing of the Annual GMS 2nd
Resolution) based on Deed of Annual GMS Resolution No. 138 dated 28 June 2023. for Financial Year 2025
Appointed for the first time as Director of Mandiri Tunas Finance based on the 29 March 2021 until the
Shareholders’ Resolution Outside the GMS to Convene the Annual GMS (Circular closing of the Annual GMS 1st
R. Eryawan Resolution) based on Deed of Annual GMS Resolution No. 15 dated 29 March 2021. for Financial Year 2023
Director
Nurhariadi Reappointed for the second period as Director of Mandiri Tunas Finance at the 28 June 2024 until the
Shareholders’ Resolution Outside the GMS to Convene the Annual GMS based on closing of the Annual GMS 2nd
Deed of Annual GMS Resolution No. 236 dated 28 June 2024. for Financial Year 2026
Appointed for the first time as Director of Mandiri Tunas Finance based on the 29 March 2021 until the
Shareholders’ Resolution Outside the GMS to Convene the Annual GMS (Circular closing of the Annual GMS 1st
William Resolution) based on Deed of Annual GMS Resolution No. 15 dated 29 March 2021. for Financial Year 2023
Francis Director
Indra Reappointed for the second period as Director of Mandiri Tunas Finance at the 28 June 2024 until the
Shareholders’ Resolution Outside the GMS to Convene the Annual GMS based on closing of the Annual GMS 2nd
Deed of Annual GMS Resolution No. 236 dated 28 June 2024. for Financial Year 2026
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Good Corporate Governance
Fit and Proper Test of the Board of Directors
In accordance with the applicable provisions in the financial GMS mechanism in accordance with the Company’s Articles
services industry, members of the Board of Directors as key of Association. Furthermore, the implementation of duties
parties are required to fulfill the fit and proper requirements and authority of members of the Board of Directors becomes
through an assessment process conducted by the Financial effective after the relevant individual has been declared to
Services Authority. The fit and proper assessment constitutes a have passed the fit and proper assessment by the Financial
prerequisite for the effective formal implementation of duties Services Authority, as regulated in OJK Regulation No. 27/
and responsibilities within the Company. The appointment of POJK.03/2016 concerning Fit and Proper Assessment for
members of the Board of Directors is carried out through the Key Parties of Financial Services Institutions..
Fit and Proper Test of the Board of Directors
Name Position Approval from OJK
Pinohadi G. Sumardi President Director Passed, pursuant to OJK Decree No. KEP-368/NB.11/2020 dated 10 November 2020.
R. Eryawan Nurhariadi Director Passed, pursuant to OJK Decree No. KEP-44/KDK.05/2021 dated 31 August 2021.
William Francis Indra Director Passed, pursuant to OJK Decree No. KEP-26/KDK.05/2021 dated 6 July 2021.
Board of Directors Charter 3. Controlling, maintaining, and managing the assets of
The Board of Directors carries out its duties and authority the Company.
based on the Board Manual or Board of Directors Working
Guidelines. The Board Manual was established through
Board of Directors Decree No. 021/SK-DIR/MTF/X/2011,
Collegial Main Duties of the Board
which contains guidelines on the working procedures of Directors
of the Board of Directors and explains the stages of 1. Determining the vision, mission, and strategy of the
activities in a structured, systematic, and comprehensible Company.
manner that can be implemented consistently, to serve 2. Determining Company policies applicable at the
as a reference for the Board of Directors in carrying out corporate level.
their respective duties to achieve the Vision and Mission 3. Determining proposals and amendments to the
of the Company. Long-Term Corporate Plan (RJPP) and the Corporate
Work Plan and Budget (RKAP) in accordance with the
applicable provisions.
Duties, Responsibilities, Authority, 4. Determining performance targets and evaluating the
and Obligations of the Board of performance of the Company, including dividend
Directors policy, through the Company’s organizational
The Board of Directors is fully responsible for carrying out mechanism in accordance with the applicable
all actions related to the management of the Company provisions.
for the interest of and in accordance with the purposes 5. Endeavoring to achieve performance targets used
and objectives of the Company as stipulated in the laws as the basis for assessing the level of soundness
and regulations, the Company’s Articles of Association, in accordance with the performance agreement
and resolutions of the GMS. established in the “GMS Approval of RKAP”.
6. Approving non-routine investment projects
Based on the Board Manual, the duties and responsibilities exceeding the authority of a Director and monitoring
of the Board of Directors include: their implementation.
7. Determining the organizational structure and
appointing Company officials up to certain levels
Main Duties of the Board of as regulated through resolutions of the Board of
Directors Directors.
1. Carrying out all actions related to the management of
the Company for the interest of the Company and in
accordance with the purposes and objectives of the
Responsibilities of the Board of
Company. Directors
2. Representing the Company both inside and outside 1. Fulfilling selected performance measures that are
the Court in all matters and events with limitations as clear, comprehensive, and balanced, both from
stipulated in the laws and regulations, the Articles of financial and non-financial aspects, to determine
Association, and/or resolutions of the GMS. the achievement of the mission and objectives of
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the Company in accordance with the applicable submitting it to the GMS for approval.
provisions. 2. Preparing the Corporate Work Plan and Budget
2. Realizing the implementation of the RJPP and RKAP, (RKAP), and submitting it to the Commissioners and
including the achievement of financial and non- the GMS for approval.
financial targets. 3. Establishing and implementing an accounting system
3. Implementing risk management. in accordance with financial accounting standards,
4. Developing and utilizing information technology. including bookkeeping and administration based on
5. Following up on audit findings from the Internal Audit reliable internal control.
Unit (SPI) and the External Auditor and reporting 4. Providing accountability and all information regarding
them to the Board of Commissioners. the condition and management of the Company in
6. Reporting relevant information to the Board of other reports if requested by the GMS.
Commissioners, including succession/mutation/ 5. Clearly stipulating the duties, responsibilities, and
promotion of key (senior) managers, human capital authority of management at each level.
development programs, accountability of risk 6. Preparing and submitting the Annual Report, signed
management, and performance of information jointly with the Commissioners, to the GMS for
technology utilization. approval.
7. Convening the General Meeting of Shareholders 7. Disclosing share ownership of the Board of Directors
(GMS) and preparing the minutes of the GMS. and/or their families in other companies in the Annual
8. Considering the interests of stakeholders in Report.
accordance with ethical values and the applicable
laws and regulations.
Scope of Division of Duties and
In addition to the duties and responsibilities, the Board Responsibilities of the Board of
of Directors is also granted the right and authority to Directors
determine policies related to the management of the To ensure that the management of the Company is
Company, including policies in the field of employment. carried out effectively, each member of the Board
Employment-related policies are implemented based on of Directors is assigned different responsibilities in
the Company’s internal regulations and the applicable accordance with the established operational fields and
labor laws and regulations. The Board of Directors functions. This division of duties ensures that all aspects
also has the authority to regulate matters related to of the management of the Company are carried out in a
delegation of authority or granting power of attorney for focused and coordinated manner.
the Board of Directors to represent the Company inside
and outside the Court. The division of responsibilities refers to Board of Directors
Decree No. 021/SK-DIR/MTF/X/2011 concerning the
Division of Duties and Authority as well as the Rules of
Obligations of the Board of the Board of Directors, and Board of Directors Decree
Directors No. 003/SK-DIR/MTF/I/2023 dated 3 January 2023
1. Preparing the Long-Term Corporate Plan (RJPP), which concerning the Organizational Structure of PT Mandiri
constitutes a strategic plan containing the targets and Tunas Finance. The division of duties of each member of
objectives to be achieved within a period of 5 (five) the Company’s Board of Directors is as follows:
years, signing it jointly with the Commissioners, and
Directors Responsibilities
Pinohadi PRESIDENT DIRECTORATE
G. Sumardi
1. Carry out the management of the Company in accordance with the Articles of Association and applicable laws and regulations.
2. Set the Key Performance Indicators (KPI) or the Company’s performance targets, conducting supervision and evaluation and
striving for the achievement of KPIs.
3. Determine and decide on decisions related to the Company’s strategy and policies for the medium and long term while still
referring to the Company’s Vision and Mission.
4. Manage the Company’s business growth by monitoring and ensuring financial performance is achieved according to targets
in order to guarantee the sustainability of the Company.
5. Promote the implementation of the principles of Good Corporate Governance (GCG) and direct the implementation of the
Company’s social responsibility activities.
6. Lead and coordinate the implementation of duties from other Directors to ensure the implementation of the Company’s
strategy in accordance with the target.
7. Monitoring and providing direction to the existing work units in the Company to keep running in accordance with the
Company’s plans and strategies.
8. Provide direction on organizational development activities and human resource development for the benefit of the Company
in achieving the Company’s goals and objectives.
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Good Corporate Governance
Directors Responsibilities
R. Eryawan DIRECTORATE OF CORPORATE FINANCE & RISK MANAGEMENT
Nurhariadi
1. Carry out the management of the Company in accordance with the Articles of Association and the provisions of the
applicable laws and regulations.
2. Lead and direct the strategic improvement of the management of finance, accounting and taxation comprehensively in line
with the Vision, Mission, business strategy and financial targets that have been set.
3. Supervise and control the Company’s resources, especially the efficient and effective use of all costs in order to achieve the
targets set in the Company’s Work Plan and Budget (RKAP) and the Company’s Long Term Plan (RJPP).
4. Ensure reports related to finance, accounting and taxation have complied to all obligations and applicable regulations.
5. Establish written and comprehensive credit and risk management policies and strategies includingthe establishment and
approval of overall risk limits.
6. Develop a risk management culture at all levels of the organization.
7. Direct the implementation of the principles of Good Corporate Governance and internal control.
8. Provide direction to organizational development activities and Human Resource (HR) development in accordance with work
units so that the Company has reliable
William DIRECTORATE OF SALES & IT
Francis
Indra 1. Carry out the management of the Company in accordance with the Articles of Association and applicable laws and
regulations.
2. Supervise a smooth flow and organized process of the Company’s activities in accordance with established strategies and
policies.
3. Lead and direct the strategic improvement of marketing, Information Technology (IT) and operational management
comprehensively in line with the Vision, Mission, business strategy and financial targets that have been set.
4. Lead and direct the Region to achieve market share targets (market share) and increase business volume targets.
5. Lead and coordinate the marketing of the Company’s products in the Region aggressively while still applying the
precautionary principle and in accordance with Company’s policies.
6. Establish IT strategy, so as to become a business partner with all work units to provide appropriate technology solutions in
facing business challenges and improving service quality to customers.
7. Direct the implementation of the principles of Good Corporate Governance and internal control.
8. Provide direction to organizational development activities and Human Resources (HR) development in accordance with
work units for the benefit of the Company in achieving the Company’s goals and objectives.
Orientation Program for the Board of conduct any orientation activities or programs for the Board
Directors of Directors.
Training and Competency
To ensure that newly appointed members of the Board
Development Program for the Board of
of Directors are able to immediately perform their roles
effectively, the Company organizes an orientation program
Directors
which includes an in-depth introduction to the Company’s To ensure that the Board of Directors has insights that remain
profile and organizational structure, business strategy, relevant to industry dynamics and business demands, the
service portfolio, as well as operational challenges and Company provides various competency development
priorities. Through this program, new members of the programs. These facilities include training, education,
Board of Directors are expected to understand the business certification, seminars, and other development activities
and governance context of the Company from its first day, that support the strengthening of managerial capacity,
so that alignment of duties and coordination with other leadership, as well as understanding of technological and
members of the Board of Directors can take place more regulatory developments.
quickly and effectively.
The Company’s policy also designs programs to provide
The orientation program for newly appointed members new insights for the Board of Directors to enhance the
of the Board of Directors is conducted by the Corporate Company’s capacity in a competitive business environment,
Secretary. The materials introduced to the new Directors at as well as to provide opportunities to build networks in order
least including the following information: to empower existing resources within the organization,
1. The condition of the Indonesian financial services thereby positioning the Company as a high-performing
industry, particularly non-banking. organization. Capacity and capability enhancement are
2. The Company’s profile. important to ensure that the Board of Directors keeps up
3. The Company’s operations and financial performance. with the latest developments in the industry in which the
4. Organizational structure and Good Corporate Company operates and is always prepared to anticipate
Governance. them for the sustainability and progress of the Company.
The policy regarding competency enhancement programs
In 2025, there was no change in the composition of the for the Board of Directors is as follows:
Board of Directors, therefore, the Company did not 1. Competency development programs are conducted
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to improve the effectiveness of the Board of Directors’ 4. The relevant Director prepares a report on the
performance. implementation of the competency enhancement
2. The program plan must be included in the Work Plan program and submits it to the other members of the
and Budget of the Board of Directors. Board of Directors.
3. Directors who participate in the program are required to
present to other Directors in order to share information The details of training programs and competency
and knowledge. development activities attended by the Board of Directors
during the year are as follows
:
Name Training/Seminar Organizer Date
Pinohadi G. Digital Transformation: Technology Innovation Trends in the Financial Sector OJK Institute 23 January
Sumardi
OJK Policy Direction 2025 and the New Government’s Economic Growth Strategy APPI 04 February
The Role of GRC in Enhancing Investor Confidence and Financial Sector Stability OJK Institute 25 February
Sustainability Accounting and Reporting in the Financial Services OJK Institute 06 March
Mandiri Strategic Thinking Initiatives (mSTI) BMRI 13–14 March
Insurance Revolution: How AI is Transforming Underwriting and Optimizing Business Processes OJK Institute 24 April
The Strategic Role of the Financial Services Industry in Supporting Regional Economic
OJK Institute 08 May
Development
The Domino Effect of Trump Tariffs: Threat or Opportunity for Indonesia’s Economy? OJK Institute 15 May
Customer Experience: Strategies for Success in the Digital Era OJK Institute 22 May
Indonesia Sustainable Finance Diorama OJK Institute 03 June
The Future of Cybersecurity: Threats, Challenges, and Innovations OJK Institute 05 June
Secure Strategies for Crypto Asset and Digital Financial Transactions: Personal Data Protection
OJK Institute 19 June
and the Impact of Biometric Technology in Indonesia
Idea Talks Volume 9: Banking Digitalization from Two Perspectives OJK Institute 23 June
Breaking the Scam Chain: Synergy and Consumer Protection Strategies in the Financial Sector OJK Institute 26 June
International Seminar: Global, ASEAN and Indonesia Challenges to Indonesia’s Economy APPI 11 July
R. Eryawan How to Achieve Peak Performance in 2025 OJK 17 January
Nurhariadi
Digital Transformation: Technology Innovation Trends in the Financial Sector OJK Institute 23 January
The Role of GRC in Enhancing Investor Confidence and Financial Sector Stability OJK Institute 25 February
Sustainability Accounting and Reporting in the Financial Services OJK Institute 06 March
Islamic Financial Product Innovation: The Role of Halal Ethics in Expanding Market Penetration OJK Institute 13 March
Mandiri Strategic Thinking Initiatives (mSTI) BMRI 13–14 March
Insurance Revolution: How AI is Transforming Underwriting and Optimizing Business Processes OJK Institute 24 April
Outlook on the Future of Indonesia’s Gold Market: The Strategic Role of Bullion Banks OJK Institute 17 April
The Domino Effect of Trump Tariffs: Threat or Opportunity for Indonesia’s Economy? OJK Institute 15 May
Customer Experience: Strategies for Success in the Digital Era OJK Institute 22 May
The Future of Cybersecurity: Threats, Challenges, and Innovations OJK Institute 05 June
Secure Strategies for Crypto Asset and Digital Financial Transactions: Personal Data Protection
OJK Institute 19 June
and the Impact of Biometric Technology in Indonesia
Idea Talks Volume 9: Banking Digitalization from Two Perspectives OJK Institute 23 June
Breaking the Scam Chain: Synergy and Consumer Protection Strategies in the Financial Sector OJK Institute 26 June
Agentic AI in Finance: A New Era of Autonomous Decision-Making OJK Institute 03 July
Building the Global Sustainable Islamic Finance Ecosystem OJK Institute 24 July
The Role of the Financial Services Industry in Supporting National Strategic Projects:
OJK Institute 31 July
Development of 3 Million Houses
Mid-Year Capital Market Review 2025: Market Performance Evaluation and Forward Investment
OJK Institute 07 August
Strategy
Achieving a Prosperous Retirement: Strategies to Increase Pension Participation in the Informal Sector OJK Institute 21 August
Strategies to Enhance Competitiveness and Deepen Islamic Banking and Islamic Capital Markets OJK Institute 28 August
Online Seminar: Economic Outlook 2026 APPI 02 September
Sustainable Financing Opportunities in the Indonesian Insurance Industry OJK Institute 02 October
Risk Appetite & Risk Culture: Key Pillars in Strengthening Risk Management in the Financial
OJK Institute 09 October
Sector
The Role of Digital Forensics in Handling and Uncovering Financial Crimes OJK Institute 16 October
National Seminar: Resilience and Turnaround – Indonesia’s Economic Direction APPI 28 October
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Good Corporate Governance
Name Training/Seminar Organizer Date
William Francis How to Achieve Peak Performance in 2025 OJK Institute 17 January
Indra
Digital Transformation: Technology Innovation Trends in the Financial Sector OJK Institute 23 January
The Role of GRC in Enhancing Investor Confidence and Financial Sector Stability OJK Institute 25 February
Sustainability Accounting and Reporting in the Financial Services OJK Institute 06 March
Islamic Financial Product Innovation: The Role of Halal Ethics in Expanding Market Penetration OJK Institute 13 March
Outlook on the Future of Indonesia’s Gold Market: The Strategic Role of Bullion Banks OJK Institute 17 April
Insurance Revolution: How AI is Transforming Underwriting and Optimizing Business Processes OJK Institute 24 April
National Seminar “Will Trade War Create Financial Turmoil?” APPI 06 May
The Domino Effect of Trump Tariffs: Threat or Opportunity for Indonesia’s Economy? OJK Institute 15 May
Customer Experience: Strategies for Success in the Digital Era OJK Institute 22 May
Indonesia Sustainable Finance Diorama OJK Institute 03 June
The Future of Cybersecurity: Threats, Challenges, and Innovations OJK Institute 05 June
Secure Strategies for Crypto Asset and Digital Financial Transactions: Personal Data Protection
and the Impact of Biometric Technology in Indonesia OJK Institute 19 June
Idea Talks Volume 9: Banking Digitalization from Two Perspectives OJK Institute 23 June
Building the Global Sustainable Islamic Finance Ecosystem OJK Institute 24 June
The Role of the Financial Services Industry in Supporting National Strategic Projects:
OJK Institute 31 June
Development of 3 Million Houses
Mid-Year Capital Market Review 2025: Market Performance Evaluation and Forward Investment
OJK Institute 07 August
Strategy
Geopolitical Dynamics and National Resilience: Strategies to Strengthen Indonesia’s Economy OJK Institute 14 August
Achieving a Prosperous Retirement: Strategies to Increase Pension Participation in the Informal
Sector OJK Institute 21 August
Strategies to Enhance Competitiveness and Deepen Islamic Banking and Islamic Capital
OJK Institute 28 August
Markets
Generative AI Transformation: Opportunities of Generative Engine Optimization (GEO) in
Shifting the Dominance of Search Engine Optimization (SEO) OJK Institute 25 September
Sustainable Financing Opportunities in the Indonesian Insurance Industry OJK Institute 02 October
Risk Appetite & Risk Culture: Key Pillars in Strengthening Risk Management in the Financial
OJK Institute 09 October
Sector
The Role of Digital Forensics in Handling and Uncovering Financial Crimes OJK Institute 16 October
National Seminar: Resilience and Turnaround – Indonesia’s Economic Direction APPI 28 October
Implementation of Duties and Responsibilities of the Board of Directors in 2025
Throughout 2025, the Board of Directors carried out its instruments held by the Board of Directors. The decisions
duties and responsibilities, particularly by issuing various and implementation of duties of the Board of Directors in
policies in the fields of operations, finance, as well as 2025 are as follows:
other supporting business functions through the policy
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Decisions, Recommendations, and Implementation of Duties of the Board of
Directors in 2025
Period Decisions, Recommendations, and Implementation of Duties
Quarter I 2025 • Finalized MPI and Direct Impact Project (DIP) 2025.
• Monitored the implementation of the 2025 National Working Meeting.
• Monitored the results of branch investigations and recommendations of the Disciplinary Committee (Palembang
Multiguna and Tanjung Duren).
• Monitored the implementation of Internal Control over Financial Reporting (ICoFR) at MTF.
• Discussed organizational adjustments and management of the Corporate Fleet Division.
• Reviewed the 2025 Regular Retail Strategy.
• Monitored the Quality Threshold and RAC Multiguna 2025.
• Monitored changes in the determination of financing receivables collectibility based on POJK No. 46 of 2024.
• Monitored IIMS 2025 event activities.
• Reviewed Gold Financing.
• Reviewed the Watchlist Strategy of the Corporate Fleet Division.
• Reviewed the 2025 Risk Appetite Statement (RAS).
• Discussed adjustments to RAC for self-employed debtors.
• Discussed the Kick-Off of the Task Force Unit of the Corporate Fleet Division.
• Discussed targets for April–December 2025.
Quarter II 2025 • Finalized the proposed MPI Q2 2025.
• Discussed the relocation plan for the 3rd Floor of the Head Office.
• Discussed the revision of the 2025 Business Plan.
• Reviewed branch network optimization.
• Discussed the results of the Bank Mandiri Retail Audit.
• Discussed the results of the Wholesale & Corporate Audit.
Quarter III 2025 • Monitored BCM Assurance MTF and Testing Readiness Procedure.
• Monitored the results of MTF branch investigations (Samarinda, Pontianak, and Kupang).
• Discussed the realization of the Revised Business Plan (RBT) for Semester I 2025.
• Reviewed the Retail Strategy for Semester II 2025.
• Discussed the revamp of the 5-Year Corporate Plan (Corplan) of MTF.
• Monitored the DMTL Audit of Bank Mandiri for the Corporate Fleet Division.
• Discussed the Self-Assessment of the Risk Maturity Index (RMI).
• Discussed the 2025 Consumer Protection Self-Assessment Reporting.
• Reviewed the organizational structure.
Quarter IV 2025 • Reviewed the 2026 RKAP draft.
• Discussed Human Capital overview and manpower effectiveness.
• Discussed the KPI results of work units and MPI of business units for Semester I 2025.
• Monitored the determination of RKAP targets and internal targets for 2026.
• Discussed the 2026 Annual Business Plan.
• Reviewed the 2026 Strategy Wrap-Up.
• Monitored the implementation of Internal Control over Financial Reporting (ICoFR).
• Reviewed the fulfillment of employee safety equipment at branches.
Performance Assessment of Committees and Supporting Organs under the Board
of Directors
In carrying out its management function, the Board of supported by the Corporate Secretary and Internal Audit
Directors has established committees and work units under functions in ensuring that business management is carried
the Board of Directors in accordance with the Company’s out in alignment with the principles of Good Corporate
business needs and the applicable regulatory provisions. Governance.
The establishment of such committees and work units
aims to support the effectiveness of decision-making, The Board of Directors assessed that throughout 2025, all
strengthen internal control, and enhance the operational committees and work units under the Board of Directors
efficiency of the Company. carried out their duties and responsibilities effectively.
The existence and performance of such committees and
Committees and work units under the Board of Directors work units provided significant support to the Board
include, among others, the Asset and Liability Committee of Directors in managing the Company’s business in a
(ALCO), the Credit Committee, and the Anti-Fraud directed, controlled, and GCG-aligned manner.
Committee. In addition, the Board of Directors is also
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Good Corporate Governance
Transparency of Information Regarding the Board of
Commissioners and the Board of Directors
In carrying out supervisory and management functions, the Such record is maintained in accordance with governance
Board of Commissioners and the Board of Directors are provisions and is updated periodically.
required to maintain independence and avoid potential
conflicts of interest in accordance with the applicable laws Share ownership of members of the Board of Commissioners
and regulations. The Company implements disclosure and the Board of Directors in the Company and in other
regarding aspects that may affect the independence of the companies is disclosed periodically through the share ownership
Company’s organs, including share ownership by members register of members of the Board of Commissioners and the
of the Board of Commissioners and the Board of Directors. Board of Directors. All members of the Board of Commissioners
and the Board of Directors are required to report disclosure of
Disclosure of Share Ownership of The transactions for the purchase and sale of securities to OJK no
later than 10 days after the transaction date.
Board of Commissioners and The Board
of Directors The following presents the transparency of share ownership
As part of efforts to ensure transparency and prevent in the Company by members of the Board of Commissioners
potential conflicts of interest, the Company maintains a and the Board of Directors, and share ownership exceeding
special register containing information on share ownership 5% in other companies by members of the Board of
of members of the Board of Commissioners and the Board Commissioners and the Board of Directors which may cause
of Directors, including ownership by their family members. potential conflicts of interest in decision-making.
Share Ownership of the Board of Commissioners and the Board of Directors as of
31 December 2025
Share Ownership
Name Position
Mandiri Tunas Finance Other Companies
Board of Commissioners
Rico Adisurja Setiawan* President Commissioner x x
Nugraha Indra Permadi** President Commissioner x x
Saptari*** Commissioner x x
Fendy Eventius Mugni Independent Commissioner x x
Subarna Independent Commissioner x x
Board of Directors
Pinohadi G. Sumardi President Director x x
R. Eryawan Nurhariadi Director x x
William Francis Indra Director x x
Notes:
*The resignation of Mr. Rico Adisurja Setiawan as President Commissioner of the Company was accepted by the Shareholders at the Annual General Meeting of Shareholders as
stated in the Deed of Annual GMS Resolution No. 174 dated 30 June 2025.
**Appointed by the Shareholders of the Company based on the Deed of Annual GMS Resolution No. 174 dated 30 June 2025 and has obtained approval from the Financial
Services Authority (OJK) upon passing the fit and proper test on 17 September 2025.
***The resignation of Mr. Saptari as Commissioner of the Company was accepted by the Shareholders at the Extraordinary General Meeting of Shareholders as stated in the Deed
of Extraordinary GMS Resolution No. 101 dated 23 June 2025.
The Company does not have any program or policy stock exchange. Accordingly, there are no shares of the
regarding share ownership by management or employees. Company owned by management or employees.
The Company also does not trade its shares on any
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Disclosure of Affiliations Between the Board of Directors,
the Board of Commissioners, and Major and/or
Controlling Shareholders
Shareholders are legal entities that lawfully own shares of the with the prevailing laws and regulations and the Articles of
Company. The Company’s majority shareholder is PT Bank Association. The Board of Commissioners and the Board
Mandiri (Persero) Tbk, which holds 51.00% of the Company’s of Directors have working guidelines and rules of conduct
shares. Meanwhile, PT Tunas Ridean holds 49.00% of the that set out, among others, their respective responsibilities,
Company’s shares. Both Shareholders act as the Controlling obligations, authorities, and rights.
Shareholders of the Company.
In accordance with the Articles of Association, there are
Disclosure of Affiliated Relationships no family relationships up to the third degree, either by
blood or by marriage, among members of the Board of
Between the Board of Directors, the
Commissioners, or between members of the Board of
Board of Commissioners, and Major/ Commissioners and members of the Board of Directors.
Controlling Shareholders The family relationships among members of the Board of
The Major/Controlling Shareholders, the Board of Commissioners and/or members of the Board of Directors
Commissioners, and the Board of Directors respect each and the Major/Controlling Shareholders are presented in the
other’s duties, responsibilities, and authorities in accordance table below.
Affiliations
Name Position Board of Board of
Shareholders
Commissioners Directors
Rico Adisurja Setiawan* President Commissioner x x v
Nugraha Indra Permadi** President Commissioner x x x
Saptari*** Commissioner x x v
Fendy Eventius Mugni Independent Commissioner x x x
Subarna Independent Commissioner x x x
Pinohadi G. Sumardi President Director x x x
R. Eryawan Nurhariadi Director x x x
William Francis Indra Director x x x
Notes:
*The resignation of Mr. Rico Adisurja Setiawan as President Commissioner of the Company was accepted by the Shareholders at the Annual General Meeting of Shareholders as stated
in the Deed of Statement of Resolutions of the Annual General Meeting of Shareholders No. 174 dated June 30, 2025.
**Appointed by the Shareholders based on the Deed of Statement of Resolutions of the Annual General Meeting of Shareholders No. 174 dated June 30, 2025 and has obtained
approval from the Financial Services Authority (OJK) following the fit and proper test on September 17, 2025.
***The resignation of Mr. Saptari as Commissioner of the Company was accepted by the Shareholders at the Extraordinary General Meeting of Shareholders as stated in the Deed of
Statement of Resolutions of the Extraordinary General Meeting of Shareholders No. 101 dated June 23, 2025.
Disclosure of Concurrent Positions of The Board of
Commissioners and The Board of Directors
In accordance with OJK Regulation No. 30/POJK.05/2014 such position does not result in neglect of duties
as amended by OJK Regulation No. 29/POJK.05/2020 and responsibilities as a member of the Board of
concerning Good Corporate Governance for Financing Commissioners of the Financing Compan.
Companies, concurrent positions of members of the Board
of Commissioners are regulated as follows: As an issuer, members of the Board of Commissioners
1. Members of the Board of Commissioners are prohibited are also subject to OJK Regulation No. 33/POJK.04/2014
from holding concurrent positions as members of the concerning the Board of Directors and the Board of
Board of Commissioners in more than 3 other Financing Commissioners of Issuers or Public Companies, which
Companies. among others stipulates:
2. It is not considered a concurrent position if: 1. A member of the Board of Commissioners may
a. A non-independent member of the Board of concurrently serve as:
Commissioners performs functional duties of a a. A member of the Board of Directors in a maximum
shareholder within its business group; and/or of 2 other issuers or public companies; and
b. A member of the Board of Commissioners holds a b. A member of the Board of Commissioners in a
position in a non-profit organization, provided that maximum of 2 other issuers or public companies.
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Good Corporate Governance
2. If the member of the Board of Commissioners does the provisions regarding concurrent positions of members
not concurrently serve as a member of the Board of of the Board of Directors are regulated as follows:
Directors, he or she may serve as a member of the 1. A member of the Board of Directors may concurrently
Board of Commissioners in a maximum of 4 other serve as:
issuers or public companies. a. A member of the Board of Directors in a maximum
3. A member of the Board of Commissioners may of 1 (one) other issuer or public company;
concurrently serve as a committee member in a b. A member of the Board of Commissioners in
maximum of 5 committees within issuers or public a maximum of 3 (three) other issuers or public
companies where he or she also serves as a member of companies; and/or
the Board of Directors or the Board of Commissioners. c. A member of a committee in a maximum of 5
4. In the event other laws and regulations stipulate (five) committees in issuers or public companies
different provisions regarding concurrent positions, the where the person concerned also serves as a
stricter provision shall prevail. member of the Board of Directors or the Board of
Commissioners.
The same applies to members of the Board of Directors. 2. Concurrent positions may only be held insofar as
The concurrent positions of members of the Company’s they do not conflict with other prevailing laws and
Board of Directors are, among others, regulated under regulations;
OJK Regulation No. 30/POJK.05/2014 concerning Good 3. In the event that other laws and regulations stipulate
Corporate Governance for Financing Companies and OJK provisions regarding concurrent positions that differ
Regulation No. 33/POJK.04/2014 concerning the Board from those set out in this OJK Regulation, the stricter
of Directors and the Board of Commissioners of Issuers or provision shall prevail.
Public Companies.
Concurrent positions as referred to above may only be held
Pursuant to Article 9 of OJK Regulation No. 30/ insofar as they do not conflict with other prevailing laws and
POJK.05/2014, members of the Board of Directors regulations. In the event that other laws and regulations
of a Financing Company are prohibited from holding stipulate provisions regarding concurrent positions that
concurrent positions except as members of the Board differ from those set out in this OJK Regulation, the stricter
of Commissioners in a maximum of 3 other Financing provision shall prevail.
Companies. It is not considered a concurrent position
if a member of the Board of Directors is responsible for Based on the data available to us as of the issuance
supervising investments in subsidiaries engaged in financing date of this Annual Report, all members of the Board of
activities or performs functional duties as a member of the Commissioners and the Board of Directors continue to
Board of Commissioners in a subsidiary controlled by the comply with the provisions on concurrent positions as
Company, provided that such concurrent position does not regulated under OJK Regulation No. 30/POJK.05/2014,
result in neglect of duties and authorities as a member of OJK Regulation No. 29/POJK.05/2020, and OJK Regulation
the Board of Directors. No. 33/POJK.04/2014.
Pursuant to Article 6 of OJK Regulation No. 33/ The following presents the transparency of concurrent
POJK.04/2014 concerning the Board of Directors and the positions of the Company’s Board of Commissioners and
Board of Commissioners of Issuers or Public Companies, Board of Directors as of December 31, 2025.
Management in Other Companies
Name Position
Board of Commissioners Board of Directors Shareholders
Rico Adisurja Setiawan* President Commissioner v v x
Nugraha Indra Permadi** President Commissioner x v x
Saptari*** Commissioner x x v
Fendy Eventius Mugni Independent Commissioner x x x
Subarna Independent Commissioner x x x
Pinohadi G. Sumardi President Director x x x
R. Eryawan Nurhariadi Director x x x
William Francis Indra Director x x x
Notes:
*The resignation of Mr. Rico Adisurja Setiawan as President Commissioner of the Company was accepted by the Shareholders at the Annual General Meeting of Shareholders as stated
in the Deed of Statement of Resolutions of the Annual General Meeting of Shareholders No. 174 dated June 30, 2025.
**Appointed by the Shareholders of the Company based on the Deed of Statement of Resolutions of the Annual General Meeting of Shareholders No. 174 dated June 30, 2025 and has
obtained approval from the Financial Services Authority (OJK) following the fit and proper test on September 17, 2025.
***The resignation of Mr. Saptari as Commissioner of the Company was accepted by the Shareholders at the Extraordinary General Meeting of Shareholders as stated in the Deed of
Statement of Resolutions of the Extraordinary General Meeting of Shareholders No. 101 dated June 23, 2025.
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The Company’s President Commissioner, Nugraha Indra Permadi, holds the following concurrent position:
1. 2016-present: Automotive Director of PT Tunas Ridean Tbk
Diversity in the Composition of the Board of Commissioners and the Board of Directors
The Company currently does not have a formal policy Company’s Board of Commissioners and Board of Directors
specifically governing diversity in the membership of reflects diversity of background, including variation in
the Board of Commissioners and the Board of Directors. age, gender, professional experience, and educational
However, in the appointment process of members of the background. Such diversity supports broader perspectives
Company’s organs, competence, integrity, and relevance in the oversight and decision-making processes and
of experience remain the primary considerations. Although strengthens the effectiveness of collaboration at the level
not stipulated in a separate policy, the composition of the of the Company’s organs.
Name and Position Nationality Age Gender Educational Background Expertise
Board of Commissioners
Nugraha Indra Indonesia 51 Male · Master’s Degree (S2) in Civil Engineering, Institut Teknologi Bandung (2002) Civil Engineering
Permadi (President · Bachelor’s Degree (S1) in Civil Engineering, Universitas Katolik Parahyangan
Commissioner) (1997)
Fendy Eventius Indonesia 53 Male · Master’s Degree (S2) in Electrical Engineering, Sustainable Energy, Telecommunications
Mugni Universitas Kristen Indonesia (2020) and Environmental
(Independent · Bachelor’s Degree (S1) in Electrical Engineering, Telecommunications,
Commissioner) Universitas Kristen Indonesia (2001)
Subarna Indonesia 57 Male · Master’s Degree (S2) in Administrative Science, Universitas Garut (2004) Management and
(Independent · Bachelor’s Degree (S1) in Management, Universitas Siliwangi (1993) Administrative
Commissioner) Science
Board of Directors
Pinohadi G. Indonesia 55 Male · Master’s Degree (S2) in International Finance, IPMI International Business Finance
Sumardi (President School (2003)
Director) · Bachelor’s Degree (S1) in Finance Management, Universitas Padjadjaran
(1993)
R. Eryawan Indonesia 54 Male · Master’s Degree (S2) in Management, Universitas Atma Jaya Jakarta (2001) Economics and
Nurhariadi (Director) · Bachelor’s Degree (S1) in Management Economics, Universitas Atma Jaya Management
Yogyakarta (1994)
William Francis Indonesia 43 Male · Master’s Degree (S2) in Management, Universitas Mercu Buana (2007) Management
Indra (Director) · Bachelor’s Degree (S1) in Mathematics, Universitas Padjadjaran (2004)
Performance Assessment of the Board of
Commissioners and the Board of Directors
Performance Assessment of the Board of Commissioners
The performance assessment of the Board of Commissioners is conducted with reference to the prevailing laws and regulations,
the Company’s Articles of Association, and the Shareholders’ aspirations. The results of the implementation of the duties and
responsibilities of the Board of Commissioners are reported to the Shareholders at the GMS as a form of accountability for the
supervisory function carried out throughout the year.
To ensure continuous improvement, the Board of Commissioners implements a collegial self-assessment mechanism. This
method is used to evaluate the effectiveness of the implementation of the roles and functions of the Board of Commissioners
as a collective organ, rather than to assess the performance of each individual member. Through this approach, each member
is expected to provide constructive input and contribute to enhancing the quality of supervision in the following period.
Procedure for Performance Assessment of the Board of Commissioners
01 02 03 04
Conducting an Assess- Reporting the Results Accountability
Establishing Aspects of of the Performance
ment Using the Self- Accepted/Rejected by
Supervision Assessment Method Assessment of the Board of the GMS
Commissioners in the GMS
1. Risk Profile
2. Good Corporate Governance
3. Profitability Remuneration
4. Capital
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In detail, the performance assessment of the Board of Commissioners is as follows:
Assessment
Indicator Achievement
Weight
The Board of Commissioners holds regular Board of Commissioners Meetings at least 6 (six) times in 1 (one) year. 12.50% 100.00%
The Board of Commissioners holds regular Joint Meetings with the Board of Directors at least 4 (four) times in 1 (one) 12.50% 100.00%
year.
The Board of Commissioners improves its knowledge, skills, and abilities through participation in seminars/training in 12.50% 100.00%
accordance with its field of duties at least 1 (one) time in 1 (one) year.
The Board of Commissioners prepares and submits the Financing Company Business Plan Supervision Report to the 12.50% 100.00%
Regulator periodically 2 (two) times in 1 (one) year.
The Board of Commissioners reviews, evaluates and approves matters that must be approved by the Board of 12.50% 100.00%
Commissioners based on the prevailing laws and regulations and the Company’s Articles of Association.
The Board of Commissioners has ensured that the Board of Directors has followed up on audit findings and 12.50% 100.00%
recommendations from the Internal Audit Division, external auditors, OJK supervision results, and/or supervision
results from other authorities.
The Board of Commissioners ensures the implementation of Good Corporate Governance principles and practices at 12.50% 100.00%
all levels of the organization.
The Board of Commissioners ensures that the Committees under it, namely the Audit Committee, Risk Monitoring 12.50% 100.00%
Committee, Nomination and Remuneration Committee, and Integrated Governance Committee have carried out their
duties and functions properly and effectively in accordance with applicable regulations. The indicators measured in
the implementation of the duties and functions of the committees under the Board of Commissioners are as follows:
• Implementation of Committee Meetings and Committee Work Plan
• Attendance and participation rate in Committee Meetings
• Submission of review results to the Board of Commissioners
Overall, the results of the performance evaluation of the Board of Commissioners in 2025 indicate a very strong
achievement, with all assessment aspects reaching a fulfillment level of up to 100.00%. This achievement reflects the
consistency of the Board of Commissioners in carrying out its supervisory function in accordance with the mandate and
the performance indicators that have been set.
Performance Evaluation of the Board of Directors
The implementation process of the performance The performance evaluation of the Board of Directors
evaluation of the Board of Directors can be seen from is conducted by the Board of Commissioners and the
the achievement of the individual Key Performance GMS in accordance with the prevailing governance
Indicators (KPI) of each Director as well as the collegial provisions. In conducting such evaluation, the Board of
KPI of the Board of Directors, which are assessed by the Commissioners uses the established KPI indicators as
Shareholders through the mechanism of the General the basis for a measurable and objective assessment of
Meeting of Shareholders. The evaluation of the Board of the Board of Directors’ performance. Subsequently, the
Directors’ performance based on KPI achievement has Board of Commissioners and the Board of Directors are
been previously agreed through the GMS mechanism accountable for the implementation of their respective
by the Shareholders, the Board of Commissioners, and duties, responsibilities, and performance achievements
the Board of Directors. The criteria for the performance during 2025 to the Shareholders through the GMS
evaluation of the Board of Directors based on KPI are as mechanism. This process reflects the implementation of
follows: the accountability principle in the management of the
1. Financial Perspective; Company. The results of the performance evaluation of the
2. Customer Perspective; Board of Directors based on the 2025 KPI are presented in
3. Internal Business Process Perspective; the following table:
4. Development Initiatives.
Perspective KPI Weight Size Score
40.0% 20.2
Net Income (Rp. M) 10.0% In accordance with BMRI Target 2.8
PPOP (Pre Provision Operating Profit) (Rp billion) 10.0% In accordance with BMRI Target 5.9
Finance
Return on Equity (ROE) (%) 5.0% In accordance with BMRI Target 1.5
Cost of Credit (CoC) - NJF (%) 5.0% In accordance with BMRI Target 3.0
Cost to Income Ratio (%) 10.0% In accordance with BMRI Target 6.9
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Perspective KPI Weight Size Score
27.5% 26.9
Bade Joint Finance Bank Mandiri (Rp billion) 5.0% In accordance with BMRI Target 4.0
Customer
Captive Financing Portion to All Managed (%) 12.5% In accordance with BMRI Target 15.1
Bade All Managed (Rp. M) 10.0% In accordance with BMRI Target 7.7
20.0% 19.4
NPL JF CLG (%) 5.0% In accordance with BMRI Target 2.7
Finance at Risk (%) 5.0% In accordance with BMRI Target 6.0
Internal Business
Process CKPN to Finance at Risk (FAR Coverage) (%) 5.0% In accordance with BMRI Target 5.7
Compliance with Mandiri Subsidiary Management Principles 2.5% In accordance with BMRI Target 2.5
Guideline (MSMPG) (%)
Fulfillment of Self-Assessment: Minimum IT Requirements (%) 2.5% In accordance with BMRI Target 2.5
12.5% 11.0
Employee Productivity (Rp million) 2.5% In accordance with BMRI Target 0.8
Portfolio Quality Improvement Initiatives
Development
a. Revamp AR Strategy (Recovery All Managed) (Rp billion) 5.0% In accordance with BMRI Target 4.7
b. Improvement of Acquisition Process & Credit Underwriting 5.0% In accordance with BMRI Target 5.5
(Target Average EPD All Managed Retail) (%)
TOTAL 100.0% 77.5
Overall, the results of the performance evaluation of the Board of Directors in 2025 indicate optimal achievement. All
assessment aspects reached a fulfillment level of up to 100.00%, therefore the performance of the Board of Directors
throughout 2025 was assessed as having met the established targets.
Nomination of the Board of Commissioners and the
Board of Directors
The nomination policy for the Company’s Board of Commissioners not accepted by the General
Commissioners and Board of Directors follows the policy Meeting of Shareholders or failed to provide
of PT Bank Mandiri (Persero) Tbk as the Company’s Major/ accountability to the General Meeting of
Controlling Shareholder. Shareholders; and
• Caused a company that obtained a license,
Criteria and Requirements for the Board approval, or registration from the Financial
Services Authority to fail to fulfill its obligation to
of Commissioners submit annual reports and/or financial statements
The criteria for the Board of Commissioners are as follows: to the Financial Services Authority.
1. Have good character, morals, competence, financial 5. Have a commitment to comply with laws and regulations;
reputation, and integrity; 6. Have knowledge and/or expertise in the field required by
2. Have the legal capacity to perform legal acts; the Issuer or Public Company;
3. Pass the fit and proper test as required by the prevailing 7. Have domicile in accordance with the prevailing laws and
laws and regulations; regulations;
4. Within 5 (five) years prior to appointment and during 8. For foreign nationals, must have permits as stipulated by
tenure: the prevailing laws and regulations to reside and work in
a. Have never been declared bankrupt; Indonesia and possess knowledge particularly regarding
b. Have never served as a member of the Board of Indonesia’s economic conditions, culture, and language;
Directors and/or the Board of Commissioners who was 9. Members of the Board of Commissioners are prohibited
declared at fault causing a company to be declared from holding concurrent positions:
bankrupt; a. As a member of the Board of Directors and/or
c. Have never been convicted of a criminal offense executive officer in:
causing loss to state finances and/or related to the i. A company and/or other institution if already
financial sector; and serving as a member of the Board of Commissioners
d. Have never served as a member of the Board of in 2 (two) other companies and/or institutions; or
Directors and/or the Board of Commissioners who ii. More than 1 (one) company and/or other
during tenure: institution if already serving as a member of the
• Failed to convene an annual General Meeting of Board of Commissioners in 1 (one) other company
Shareholders; and/or institution.
• Had his/her accountability as a member of
the Board of Directors and/or the Board of
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Good Corporate Governance
b. As a member of the Board of Commissioners in more a. Active employees or officials of the Financial Services
than 2 (two) other companies and/or institutions; Authority; or
c. In other positions that may create a conflict of interest b. Former employees or officials of the Financial Services
in the execution of duties as a member of the Board Authority if less than 6 (six) months have elapsed since
of Commissioners; and/or leaving the Financial Services Authority;
d. In other positions in accordance with prevailing laws 9. Have a commitment to comply with laws and regulations;
and regulations. and
10. The Company is prohibited from appointing members of 10. Have knowledge and/or expertise in the field required by
the Board of Commissioners originating from: the Company.
a. Active employees or officials of the Financial Services
Authority; or All members of the Board of Directors and the Board of
b. Former employees or officials of the Financial Services Commissioners have fulfilled the applicable formal and
Authority if less than 6 (six) months have elapsed since material requirements. Formal requirements are general in
leaving the Financial Services Authority. nature in accordance with prevailing laws and regulations,
11. Possess certification of expertise in the financing sector while material requirements are specific and adjusted to the
from an institution appointed by the association; Company’s business needs and characteristics.
12. Understand laws and regulations in the financing sector
and other relevant regulations; Nomination Procedure for the Board of Commissioners and
13. Fulfill other criteria stipulated by the regulator and/or the Board of Directors
prevailing laws and regulations. The nomination, appointment, and dismissal mechanism of the
Board of Commissioners and the Board of Directors is carried
Criteria and Requirements for the Board out through a resolution of the Shareholders and becomes
effective through the Fit and Proper Test in accordance with
of Directors OJK regulations as the financial sector regulator. Dismissal of
The criteria for the Board of Directors are as follows: members of the Board of Commissioners and the Board of
1. Have good character, morals, competence, financial Directors may be carried out at any time with the approval of
reputation, and integrity; the Shareholders if declared not meeting the criteria for the
2. Have the legal capacity to perform legal acts; following reasons:
3. All members of the Board of Directors must be domiciled
within the territory of the Republic of Indonesia; 1. Proven inability to fulfill obligations agreed upon in the
4. Pass the fit and proper test as required by the prevailing Management Contract;
laws and regulations; 2. Proven inability to perform duties properly;
5. Have adequate and relevant competence for their 3. Proven violation of prevailing laws and regulations and/
position to carry out duties and responsibilities and be or provisions contained in the Company’s Articles of
able to implement such competence in performing their Association;
duties and responsibilities; 4. Proven involvement in actions detrimental to the Company
6. Within 5 (five) years prior to appointment and during and/or the State;
tenure: 5. Proven commission of actions violating ethics and/or
a. Have never been declared bankrupt; propriety which are obligations of all members of the
b. Have never served as a member of the Board of Board of Directors;
Directors and/or the Board of Commissioners who was 6. Proven guilty based on a court decision having permanent
declared at fault causing a company to be declared legal force;
bankrupt; 7. Resignation.
c. Have never been convicted of a criminal offense
causing loss to state finances and/or related to the Prospective members of the Board of Commissioners and the
financial sector; Board of Directors undergo several stages of selection before
7. Members of the Board of Directors are prohibited from being proposed by the Shareholders authorized to propose
holding concurrent positions: them at the General Meeting of Shareholders. As part of the
a. As Sharia Supervisory Board in the same company; Mandiri Group, the appointment of the Company’s Board
b. As a member of the board of directors and/or executive of Commissioners and Board of Directors refers to Minister
officer in another company and/or institution; of SOEs Regulation No. PER-04/MBU/06/2020 concerning
c. As a member of the board of commissioners in more Amendments to Minister of SOEs Regulation No. PER-03/
than 2 (two) other companies and/or institutions; MBU/2012 regarding Guidelines for the Appointment of
d. In other positions that may create a conflict of interest Members of the Board of Directors and Members of the
in performing duties as a member of the Board of Board of Commissioners of Subsidiaries of State-Owned
Directors; and/or Enterprises. The procedures and mechanisms for selecting
e. In other positions in accordance with prevailing laws prospective members of the Board of Directors are based
and regulations; on the principles of Good Corporate Governance, namely
8. The Company is prohibited from appointing members of Transparency, Independence, Accountability, Responsibility,
the Board of Directors originating from: and Fairness.
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Remuneration of the Board of Commissioners and
the Board of Directors
The determination of remuneration for members of the GMS. Furthermore, as stipulated in Article 96 paragraph
Board of Commissioners and the Board of Directors refers (2), such authority may be delegated by the GMS to the
to resolutions of the Shareholders established through Board of Commissioners in accordance with prevailing
the General Meeting of Shareholders. In the process, provisions.
the Shareholders consider the review prepared by the
Company as the basis for the proposal of the Board of The review for determining the remuneration of the
Commissioners. Board of Commissioners and the Board of Directors is
prepared by considering various relevant aspects as the
In accordance with Article 96 paragraph (1) of Law No. basis for decision-making. The aspects considered in
40 of 2007 concerning Limited Liability Companies, determining such remuneration include, among others,
the amount of salary and allowances of the Board of as follows:
Directors is determined based on a resolution of the
Financial performance
Applicable regulations/
and achievement of Consideration of the
Individual work laws, as well as fairness
the Company’s Key Company’s long-term goals
achievement. with other industries/
Performance Indicators and strategies.
companies.
(KPI).
The Board of Commissioners determines the basis for Procedures for Proposing and
determining remuneration for the Board of Directors based Determining Remuneration of the
on the balance scorecard method using predetermined
parameters.
Boards of Commissioners and Directors
The procedure for determining remuneration for
The performance assessment of the Board of Directors members of the Board of Commissioners and the
in 2025 was carried out based on the balance scorecard Board of Directors of the Company is carried out by
method using the following parameters: the Shareholders through the GMS mechanism. In this
1. Achievement of performance in accordance with the process, the Shareholders consider the results of the
Company’s Work Plan and Budget (RKAP), which study and recommendations prepared by the Company
includes the achievement of target financial figures through the Board of Commissioners and the Nomination
such as financing volume, profitability, joint financing, and Remuneration Committee.
cost efficiency ratio, cost of credit and non-performing
financing receivables. The determination of remuneration for the Board of
2. Refinement and development of financing business Commissioners and the Board of Directors is based on
processes, including credit processes, operational a formula established by the Shareholders through the
processes, marketing processes, and collection GMS. The formula is structured by taking into account
processes. various aspects, including the responsibilities of the
3. Expansion of business network and enhancement of position, performance, as well as the condition and
alliance cooperation. capability of the Company. All decisions related to the
4. Strategic engagement with the group and remuneration of the Board of Commissioners and the
development of cooperation with dealers and Board of Directors are formally resolved through GMS as
showrooms. a manifestation of accountability and fairness principles..
5. Human resource development and corporate
branding enhancement.
Scheme of Procedure for Proposing and Determining Remuneration of the Board of Commissioners and Directors
The Board of Commissioners
considers the recommendations of the Nomination & The Board of Commissioners Shareholders consider recommendations from the
Remuneration submits the remuneration proposal to the shareholders. Board of Commissioners.
Committee.
Recommendations and proposals for remuneration Determination of remuneration for the Board of
for the Boards of Commissioners and Directors by the Commissioners and Board of Directors through the
Nomination & Remuneration Committee to the Board GMS.
of Commissioners.
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Remuneration Structure of the Boards of Commissioners and Directors
The income components of the Board of Commissioners and the Board of Directors consist of Salary/Honorarium,
Allowances, and Facilities. The remuneration components for members of the Board of Commissioners and the Board
of Directors comprise salary or honorarium, allowances and facilities, as well as tantiem or performance incentives as a
form of appreciation for performance achievements. The remuneration structure and components applied to the Board
of Commissioners and the Board of Directors are presented as follows:
Remuneration Structure of the Board of Commissioners Remuneration Structure of the Board of Directors
Honorarium of the Board of Commissioners Salary of the Board of Directors
Fixed income in the form of money received every month because Fixed income in the form of money received every month because of his position as
of his position as a member of the Board of Commissioners of the a member of the Board of Directors of the Company, with the following provisions:
Company, with the following provisions: • The President Director’s salary is set using internal shareholder guidelines.
• The calculation of the President Commissioner’s salary is 45% of • The salaries of the other members of the Board of Directors are determined by
the President Director’s salary; the composition of the Position Factor of 90% of the President Director’s Salary.
• The Commissioner’s salary calculation is 90% of the President • The GMS may determine a different Position Grade Factor with the
Commissioner’s salary provisions as referred to if it is deemed more able to reflect fairness and
reasonableness in the implementation of the responsibilities of each
member of the Board of Directors and the Company’s ability.
Allowance of the Board of Commissioners Allowance of the Board of Directors
Income in the form of money or that can be valued in money received Income in the form of money or which can be valued in money received at a
at a certain time by members of the Board of Commissioners other certain time by members of the Board of Directors other than Salary.
than Honorarium.
Facilities of the Board of Commissioners Facilities of the Board of Directors
Income in the form of facilities and/or benefits and/or guarantees used/ Income in the form of facilities and/or benefits and/or guarantees used/utilized
utilized by members of the Board of Commissioners in the context of by members of the Board of Directors in the context of carrying out their duties,
carrying out their duties, authority, obligations, and responsibilities authority, obligations, and responsibilities based on laws and regulations, which
based on laws and regulations, which can be in the form of: can be in the form of:
• Health Facilities/Insurance • Health Facilities/Insurance
• Legal Aid Facility • Legal Aid Facility
Tantiem/Performance Incentive of the Board of Commissioners Tantiem/Performance Incentive of the Board of Directors
Tantiem is an income that is an award given to members of the Tantiem is granted in addition to Long Term/Incentive (LII) awards.
Board of Commissioners if they earn profits and do not experience • Tantiem is income that is an award given to the Board of Directors if it earns
accumulated losses. a profit and does not experience accumulated losses.
• Performance Incentive is an income that is an award given to • Performance Incentive, which is an award given to members of the Board
members of the Board of Commissioners.. of Directors if there is an increase in performance even though they are still
experiencing losses or accumulated losses.
Transparency of the Remuneration of the Boards of Commissioners and
Directors in 2025
In 2025, the Company determined and realized remuneration for members of the Board of Commissioners and the Board
of Directors in accordance with the resolution of the Shareholders through the General Meeting of Shareholders and the
prevailing provisions. The details of the remuneration of the Board of Commissioners and the Board of Directors during
2025 are presented as follows:
Remuneration Position
Components Board of Commissioners (Rp) Board of Directors (Rp)
Salary/Honorarium 3,042,817,596 6,070,752,000
Allowance 2,097,490,776 4,482,047,667
Health Insurance 148,999,967 158,278,973
Social Security 0 264,933,396
Bonus/Tantiem 0 0
Holiday Bonus 316,711,000 598,214,443
Based on the data on the components of remuneration received by the Board of Commissioners and the Board of
Directors, the following calculation of nominal remuneration based on position is as follows:
Subject Total (Rp)
Total Remuneration of the Board of Commissioners 5,606,019,339
Total Remuneration of the Board of Directors 11,574,226,479
Total Remuneration of the Board of Commissioners and Board of Directors in 2025 17,180,245,818
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Information on Salary Ratio
The salary compared in the salary ratio is the compensation 3. Ratio of the highest and lowest salaries of members of
received by members of the Board of Directors, Board of the Board of Commissioners; and
Commissioners and employees in the last month of the 4. Ratio of the highest salary of members of the Board of
reporting year. The ratio of the highest and lowest salaries, Directors and the highest salary of employees.
in the following comparative scale:
1. Ratio of highest and lowest employee salaries; Information regarding the salary ratio of the Board of
2. Ratio of the highest and lowest salaries of members of Commissioners, Board of Directors, and Employees of the
the Board of Directors; Company is as follows:
Comparison 2025 2024 2023
Ratio of highest and lowest salaries of the Board of Directors 1:1.18 1:1.18 1:1.18
Ratio of highest and lowest salaries of the Board of Commissioner 1:1.12 1:1.69 1:1.36
Ratio of highest salary of members of the Board of Directors and highest salary of employees 1:1.30 1:1.32 1:1.27
Ratio of highest and lowest employee salaries 1:61.82 1:64.37 1:64.37
Board of Commissioners and Directors Meetings
Meetings of the Board of Commissioners
The Board of Commissioners charter stipulates that the request of one or more members of the Board of
meetings of the Board of Commissioners shall be Commissioners, at the request of the Board of Directors,
convened at least 1 (one) time every 2 (two) months. In or upon written request from one or more Shareholders by
such meetings, the Board of Commissioners may invite the specifying the agenda or matters to be discussed.
Board of Directors to provide explanations or discussions
on certain matters in accordance with supervisory needs. As of 31 December 2025, the Board of Commissioners held
6 (six) Internal Meetings of the Board of Commissioners.
In addition to periodic meetings, the Board of The following presents the meeting agendas and minutes,
Commissioners may convene meetings at any time attendance, and recapitulation of the attendance rate of
if deemed necessary. Such meetings may be held at the Board of Commissioners in such meetings.
Recapitulation of Attendance of the Board of Commissioners at Internal
Meetings of the Board of Commissioners
Board of Commissioners Position Number of Mandatory Total Attendance Attendance
Meetings (%)
Rico Adisurja Setiawan* President Commissioner 3 3 100
Nugraha Indra Permadi** President Commissioner 2 2 100
Saptari*** Commissioner 1 1 100
Fendy Eventius Mugni Independent Commissioner 6 5 83
Subarna**** Independent Commissioner 5 5 100
Notes:
*Dismissed at the Annual GMS held on June 30, 2025.
** Took office on 17 September 2025 following the approval of the fit and proper test by OJK.
*** Dismissed at the Extraordinary GMS held on June 23, 2025.
**** Took office on 14 March 2025 upon obtaning approval of the fit and proper test by OJK.
Minutes of Internal Meetings of the Board of Commissioners and Attendance of
the Board of Commissioners
Place & Date Meeting Agenda Meeting Reason of the Board of Com-
Participants missioners’ Absence
Online Meeting, 26 February 2025 Funding Source Plan Board of Commissioners -
2025
Online Meeting, 6 May 2025 Amendment to the 2025 Annual Business Plan Board of Commissioners -
BOD Meeting Room, Floor 3A, 10 Appointment of the Chair of the Audit Board of Commissioners Business Trip
June 202 Committee, Risk Monitoring Committee, and
Nomination and Remuneration Committee
of MTF
PT Mandiri Tunas Finance
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Good Corporate Governance
Place & Date Meeting Agenda Meeting Reason of the Board of Com-
Participants missioners’ Absence
Online Meeting, 28 July 2025 Update on the Realization of the First Board of Commissioners -
Semester 2025 Business Plan
BOD Meeting Room, Floor 3A, 26 · Follow-up on the Board of Commissioners Board of Commissioners -
September 2025 Meeting of June 2025
· Anti-Fraud Report
· Literacy & Inclusion Report
· Customer Complaint Report
BOD Meeting Room, Floor 3A, 26 · Follow-up on the Board of Commissioners Board of Commissioners -
September 2025 Meeting of September 2025
· Anti-Fraud Strategy Report
Recapitulation of the Attendance of the Board of Commissioners at the GMS
All the Company’s GMS in 2025 were conducted as circular, therefore 100% attendance of the Board of Commissioners was
achieved.
Meetings of the Board of Directors
The Board of Directors holds internal meetings on a regular the Board of Directors are adopted based on deliberation
basis, at least 1 (one) time per month, with the monthly to reach consensus. In the event that consensus cannot be
agenda prepared by the Corporate Secretary. Meetings of achieved, resolutions shall be adopted based on majority
the Board of Directors are chaired by the President Director. voting. Meetings of the Board of Directors consist of internal
In the event that the President Director is unable to attend or meetings and meetings attended by the Board of Directors
is otherwise unavailable, which does not need to be proven to discuss various operational and financial management
to any third party, the meeting of the Board of Directors shall aspects of the Company.
be chaired by a member of the Board of Directors elected by
and from among the members present. Throughout 2025, the Board of Directors convened 58
(fifty-eight) meetings. The following presents the meeting
The decision-making mechanism in meetings of the Board agendas and minutes, attendance, and recapitulation of the
of Directors refers to the Working Guidelines. Resolutions of attendance rate of the Board of Directors in such meetings.
Recapitulation of Board of Directors Attendance at Board of Directors
Meetings
Board of Directors Position Number of Mandatory Meetings Total Attendance Attendance (%)
Pinohadi G. Sumardi President Director 58 58 100
R. Eryawan Nurhariadi Director 58 57 98
William Francis Indra Director 58 57 98
Minutes of Meeting and Attendance of the Board of Directors
Place & Date Meeting Agenda Meeting Reason of
Participants the Board of
Directors’
Absence
Jakarta, 6 January 2025 BOD General Discussion All Directors -
MTF Head Office
Finalization of MPI and DIP 2025 Proposal
Update on National Working Meeting (Rakernas) 2025 and MTF 16th Anniversary Preparation
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Place & Date Meeting Agenda Meeting Reason of
Participants the Board of
Directors’
Absence
Jakarta, 14 January BOD General Discussion All Directors -
2025 MTF Head Office
Presentation of Investigation Results and Recommendations of the Disciplinary Committee-
MTF Palembang Multiguna Branch
Discussion on ICoFR Implementation Socialization
Update on Organizational Adjustment and Corporate Fleet Management
Update on MTF 16th Anniversary Event
Jakarta, 20 January BOD General Discussion All Directors -
2025 MTF Head Office
Update on Regular Retail Strategy 2025
Discussion on DIP 2025 Initiative Proposal
Jakarta, 30 January BOD General Discussion All Directors -
2025 MTF Head Office
Discussion on Quality Threshold and RAC Multipurpose 2025
Jakarta, 3 February BOD General Discussion All Directors -
2025 MTF Head Office
Discussion on POJK No. 46 of 2024
Discussion on Changes in Determination of Financing Receivables Collectibility based on
POJK No. 46 of 2024
Jakarta, 10 February BOD General Discussion All Directors -
2025 MTF Head Office
Discussion on IIMS 2025 Event
Discussion on Gold Financing
Jakarta, 11 February Presentation of Investigation Results and Recommendations of the Disciplinary Committee- All Directors -
2025 MTF Head Office MTF Tanjung Duren Branch
Jakarta, 17 February BOD General Discussion All Directors -
2025 MTF Head Office
Jakarta, 24 February BOD General Discussion All Directors -
2025 MTF Head Office
Update on Corporate Fleet Watchlist Strategy
Jakarta, 25 February Discussion on Proposed Policy and Forecast for CKPN Calculation All Directors -
2025 MTF Head Office
Jakarta, 3 March 2025 BOD General Discussion All Directors -
MTF Head Office
Jakarta, 10 March 2025 BOD General Discussion All Directors -
MTF Head Office
Jakarta, 11 March 2025 Discussion on Management Letter Response for 2024 All Directors -
MTF Head Office
Jakarta, 17 March 2025 BOD General Discussion All Directors -
MTF Head Office
Discussion on Follow-up of Gap to Goal Meeting – Regional Quality and Fleet Commitment
March 2025
Discussion on Branch Quality
Jakarta, 24 March 2025 BOD General Discussion All Directors -
MTF Head Office
Discussion on Risk Appetite Statement (RAS) 2025
Jakarta, 24 March 2025 Discussion on Adjustment of RAC for Self-Employed Debtors All Directors -
MTF Head Office
Discussion on Kick Off Unit Task Force Corporate Fleet
Discussion on Proposed Target April-December 2025
Jakarta, 8 April 2025 BOD General Discussion All Directors -
MTF Head Office
Jakarta, 14 April 2025 BOD General Discussion All Directors -
MTF Head Office
Discussion on Finalization of MPI Q2 2025 Proposal
Discussion on DIP
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Annual Report 2025 179
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Good Corporate Governance
Place & Date Meeting Agenda Meeting Reason of
Participants the Board of
Directors’
Absence
Jakarta, 21 April 2025 BOD General Discussion All Directors -
MTF Head Office
Jakarta, 28 April 2025 BOD General Discussion All Directors -
MTF Head Office
Discussion on Proposed Financing Rescue Scheme for Corporate Fleet Debtors
Discussion on Homologation Decision Results for Corporate Fleet Debtors
Jakarta, 5 May 2025 BOD General Discussion All Directors -
MTF Head Office
Office Relocation Plan (3rd Floor Head Office)
Discussion on Take Over of ACP Staco Insurance
Update on Adjustment of PKS JF CLG Addendum 20 and Joint Financing Cooperation Offer
Letter
Jakarta, 6 May 2025 Discussion on Revised 2025 Business Plan All Directors -
MTF Head Office
Jakarta, 19 May 2025 BOD General Discussion All Directors -
MTF Head Office
Discussion on DIP
Presentation of Investigation Results and Employee Development Recommendations at MTF
Jakarta, 26 May 2025 BOD General Discussion All Directors -
MTF Head Office
Update on Discussion regarding Joint Financing Cooperation Offer Letter CLG between MTF
and Bank Mandiri
Jakarta, 2 June 2025 BOD General Discussion All Directors -
MTF Head Office
Jakarta, 16 June 2025 BOD General Discussion All Directors -
MTF Head Office
Discussion on Optimization of Branch Network
Jakarta, 23 June 2025 Discussion on Proposed Financing Rescue Scheme for Corporate Fleet Debtors All Directors -
MTF Head Office
BOD General Discussion
BMRI Retail Audit Results
Discussion on Wholesale and Corporate Audit Results
Update on GIIAS 2025
Jakarta, 30 June 2025 BOD General Discussion All Directors -
MTF Head Office
Update on Corporate Fleet Debtor Condition
Jakarta, 7 July 2025 BOD General Discussion All Directors -
MTF Head Office
Discussion on Risk Appetite Statement (RAS) 2025
Discussion and Approval of Peace Proposal Request from Corporate Fleet Debtors to MTF
Jakarta, 15 July 2025 BOD General Discussion All Directors -
MTF Head Office
Update on BCM Assurance MTF and Presentation of Testing Readiness Procedure
Presentation of Investigation Results-MTF Samarinda Multiguna Branch and MTF Kupang
Jakarta, 21 July 2025 BOD General Discussion All Directors -
MTF Head Office
Discussion on Proposed Financing Rescue Scheme for Corporate Fleet Debtors
Presentation of Investigation Results – MTF Pontianak Branch
Discussion on Follow-up Handling of Corporate Fleet Debtors
Jakarta, 28 July 2025 BOD General Discussion All Directors -
MTF Head Office
Discussion on Realization of RBT Semester 1 Year 2025
Update on Retail Strategy Semester 2 Year 2025
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Place & Date Meeting Agenda Meeting Reason of
Participants the Board of
Directors’
Absence
Jakarta, 30 July 2025 Discussion on Proposed Financing Rescue Scheme for Corporate Fleet Debtors All Directors -
MTF Head Office
Jakarta, 4 August 2025 BOD General Discussion All Directors -
MTF Head Office
Discussion on Proposed Revamp of MTF 5-Year Corporate Plan
Update on Corporate Fleet Debtor Handling
Jakarta, 11 August 2025 BOD General Discussion All Directors -
MTF Head Office
Approval Request for Compensation Value of Corporate Fleet Debtor Units
Jakarta, 19 August 2025 BOD General Discussion All Directors Business Trip
MTF Head Office
Jakarta, 25 August 2025 BOD General Discussion All Directors -
MTF Head Office
Update on DMTL Audit Bank Mandiri – Corporate Fleet
Update on Self-Assessment of Risk Maturity Index (RMI)
Jakarta, 28 August 2025 Discussion on Proposed Financing Rescue Scheme for Corporate Fleet Debtors All Directors -
MTF Head Office
Jakarta, 1 September BOD General Discussion All Directors Business Trip
2025 MTF Head Office
Discussion on Proposed Changes to ARMO Incentives
Discussion on Handling of Accounts > 180 DPD by Recovery Head
Jakarta, 9 September BOD General Discussion All Directors -
2025 MTF Head Office
Discussion on Proposed Financing Rescue Scheme for Corporate Fleet Debtors
Update on Self-Assessment Consumer Protection Report 2025 submission to OJK
Jakarta, 15 September BOD General Discussion All Directors -
2025 MTF Head Office
Business and Operation Support Program
Jakarta, 22 September BOD General Discussion All Directors -
2025 MTF Head Office
Jakarta, 29 September BOD General Discussion All Directors -
2025 MTF Head Office
Realization of Business Plan Semester 1 Year 2025
Organizational Structure Proposal
Jakarta, 6 October 2025 BOD General Discussion All Directors -
MTF Head Office
RKAP Draft for 2026
Presentation of Follow-up Report on Settlement of Auction Proceeds Transfer to Bank Mandiri
Jakarta, 14 October BOD General Discussion All Directors -
2025 MTF Head Office
Jakarta, 20 October BOD General Discussion All Directors -
2025 MTF Head Office
Corporate Fleet Division Revamp
Jakarta, 27 October BOD General Discussion All Directors -
2025 MTF Head Office
Discussion on Proposed Financing Rescue Scheme for Corporate Fleet Debtors
Jakarta, 30 October Final Update on Follow-up of Audit on Auction Proceeds Transfer to Bank Mandiri All Directors -
2025 MTF Head Office
Jakarta, 3 November BOD General Discussion All Directors -
2025 MTF Head Office
HR Overview and Manpower Effectiveness
Discussion on KPI Results of Work Units and MPI of Business Units for Semester 1 Year 2025
Jakarta, 10 November BOD General Discussion All Directors -
2025 MTF Head Office
Discussion on Determination of RKAP Targets and Internal Targets 2026
Discussion on New Concept: Gold Financing – Proposal for Gold Financing Concept to
Expand Target Market (Non-Employees)
PT Mandiri Tunas Finance
Annual Report 2025 181
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Good Corporate Governance
Place & Date Meeting Agenda Meeting Reason of
Participants the Board of
Directors’
Absence
Jakarta, 17 November BOD General Discussion All Directors -
2025 MTF Head Office
Discussion on Over Portfolio of Products from One of MTF Insurance Partners
Discussion on OJK Letter
Jakarta, 24 November BOD General Discussion All Directors -
2025 MTF Head Office
Discussion on Response Letter to OJK Supervisory Guidance
Discussion on Annual Business Plan 2026
Jakarta, 26 November Discussion on Annual Business Plan 2026 All Directors -
2025 MTF Head Office
Jakarta, 2 December BOD General Discussion All Directors -
2025 MTF Head Office
2026 Strategy Wrap-up
Jakarta, 8 December BOD General Discussion All Directors -
2025 MTF Head Office
Jakarta, 12 December RKP NJF Regular-Corporate Fleet Debtors (Special RAC Coal Condition) All Directors -
2025 MTF Head Office
Jakarta, 15 December BOD General Discussion All Directors -
2025 MTF Head Office
Discussion on Implementation of Internal Control over Financial Reporting (ICoFR)
Proposal for Fulfillment of Branch Employee Safety Equipment
Jakarta, 22 December BOD General Discussion All Directors -
2025 MTF Head Office
Discussion on Proposed Financing Rescue Scheme for Corporate Fleet Debtors
Jakarta, 29 December Discussion on the Finalization of MPI Proposal for 2026 All Directors -
2025 MTF Head Office RKP NJF for Corporate Fleet Captive Debtots
BOD General (Special Condition for Coal RAC)
Discussion
Recapitulation of the Attendance of the Board of Commissioners at the GMS
All the Company’s GMS in 2025 were conducted as circular, therefore 100% attendance of the Board of Commissioners was
achieved
182 PT Mandiri Tunas Finance
Annual Report 2025
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Joint Meetings of the Board of Commissioners and the Board of Directors
Joint meetings between the Board of Commissioners and Joint meetings are conducted at least 1 (one) time in
the Board of Directors constitute a coordination forum every 4 (four) months or at any time if deemed necessary.
convened to discuss periodic reports of the Board of The minutes of meeting are prepared by the Corporate
Directors and to provide responses, notes, and advice in Secretary and signed by all members of the Board of
the context of carrying out the supervisory function. All Commissioners and the Board of Directors who attend the
results of such discussions are documented in writing in the meeting as a form of accountability and documentation of
minutes of meeting as the basis for follow-up actions by the governance implementation.
Board of Directors.
As of 31 December 2025, joint meetings between the
Resolutions of the joint meeting are pursued based on Board of Commissioners and the Board of Directors were
deliberation to reach consensus. In the event that consensus held 4 (four) times. The following presents the meeting
cannot be achieved, resolutions are adopted based on agendas and minutes, attendance, and recapitulation of
majority voting and are binding to be implemented in the attendance rate of the Board of Commissioners and
accordance with the respective authority of each organ of the Board of Directors in such meetings:
the Company.
Recapitulation of the Board of Directors Attendance at the Joint Meeting
Board of Comissioners Position Total Mandatory Meeting Total Attendance Attendance (%)
Rico Adisurja Setiawan* President Commissioner 2 2 100
Nugraha Indra Permadi** President Commissioner 2 2 100
Saptari*** Commissioner 1 1 100
Fendy Eventius Mugni Independent Commissioner 4 3 75
Subarna**** Independent Commissioner 3 3 100
Pinohadi G. Sumardi President Director 4 4 100
R. Eryawan Nurhariadi Director 4 4 100
William Francis Indra Director 4 4 100
Notes:
*Dismissed at the Annual GMS held on June 30, 2025.
** Took office on 17 September 2025 following the approval of the fit and proper test by OJK.
*** Dismissed at the Extraordinary GMS held on June 23, 2025.
**** Took office on 14 March 2025 upon obtaning approval of the fit and proper test by OJK.
Minutes of the Joint Meeting of the Board of Commissioners and Board of
Directors
Place & Date Meeting Agenda Meeting Reason of
Participants the Board of
Directors’
Absence
Online Meeting, 26 February Update Performance MTF January 2025 Board of Commissioners -
2025 and Board of Directors
BOD Meeting Room, Floor • Follow-Up of February 2025 Board of Commissioners Business Trip
3A, 10 June 2025 Meeting and Board of Directors
• Company Performance May 2025
• Funding Source Plan 2025
BOD Meeting Room, Floor • Company Performance August Board of Commissioners -
3A, 29 September 2025 2025 and Board of Directors
• Funding Source Plan
• Update on Compliance and APU
PPT & PPPSPM First Semester 2025
• Consumer Protection Report
BOD Meeting Room, Floor • Update Company Performance Board of Commissioners -
3A, 24 November 2025 October 2025 and Board of Directors
• Update 2026 RKAP, 2025 ESG
Achievement, and 2026 RAKB
PT Mandiri Tunas Finance
Annual Report 2025 183
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Good Corporate Governance
Supporting Organs of the Board of Commissioners
In carrying out its supervisory duties, the Board of Commissioners is assisted by 3 (three) committees, namely the Audit
Committee, Nomination and Remuneration Committee, and Risk Monitoring Committee.
Board of Commissioners
Nomination & Remuneration
Audit Committee Risk Monitoring Committee
Committee
Audit Committee
The Audit Committee is a committee established by performance and effectiveness of both internal and
the Board of Commissioners to support the supervisory external audit functions.
function over the management of the Company by the 4. Identifying matters that require the attention of the
Board of Directors. Through this committee, the Board of Board of Commissioners, including the Company’s
Commissioners obtains opinions and support in fulfilling compliance with applicable laws and regulations.
its responsibilities, including supervision over the financial
reporting system and process, the audit process of the Criteria of Audit Committee Members
Company’s financial statements, and evaluation of the
implementation of internal control. The Audit Committee Members of the Audit Committee must have adequate
also monitors and evaluates the implementation of duties understanding of the Company’s business activities and
of the Internal Audit Unit and monitors and evaluates the uphold integrity in performing their duties. Members must
Company’s compliance with laws and regulations in the also possess competence, knowledge, and experience
financing sector and regulations issued by the Financial relevant to their scope of duties, as well as good
Services Authority. communication skills to support the effectiveness of the
supervisory function. In addition, members are expected
The establishment of the Audit Committee refers to POJK to have adequate understanding of financial statements,
No. 55/POJK.04/2015 concerning the Establishment and audit processes, and risk management, as well as sufficient
Guidelines for the Implementation of the Work of the Audit knowledge of applicable laws and regulations, including
Committee. All members of the Audit Committee are regulations in the financial services sector and other
appointed and dismissed by the Board of Commissioners related provisions.
and reported to the shareholders.
In general, the Audit Committee is established with the
objective of safeguarding and securing the Company’s The criteria to become a member of the Company’s
business activities in carrying out the oversight function, Audit Committee refer to Article 7 of Financial Services
particularly in improving the quality of financial statements, Authority Regulation No. 55/POJK.04/2025 concerning
the effectiveness of internal control over the management the Establishment and Guidelines for the Implementation
of the Company, and compliance with applicable laws and of the Work of the Audit Committee, as follows:
regulations, especially in relation to: a. must possess high integrity, capability, knowledge,
1. Improving the quality of financial statements. and experience in accordance with their field of work,
2. Ensuring the effectiveness of the internal control and be able to communicate effectively;
system to reduce the opportunity for irregularities in b. must understand financial statements, the Company’s
the management of the Company. business, particularly those related to services or
business activities of the Issuer or Public Company,
3. Overseeing the qualifications and independence of audit processes, risk management, capital market
internal and external audit functions to enhance the regulations, and other related laws and regulations;
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c. must comply with the Audit Committee code of ethics Term of Office
established by the Issuer or Public Company; Members of the Audit Committee are appointed and
d. must be willing to continuously improve competence dismissed by the Board of Commissioners with a term of
through education and training; office not exceeding the term of office of the Board of
e. must have at least 1 (one) member with educational Commissioners as stipulated in the Company’s Articles
background and expertise in accounting and finance; of Association. Members may be reappointed for a
f. must not be a person from a Public Accounting maximum of one subsequent term in accordance with
Firm, Law Firm, Public Appraisal Firm, or other party applicable provisions. In the event of expiration of term
providing assurance services, non-assurance services, of office, gradual replacement, resignation, or dismissal
appraisal services, and or other consulting services to of a member of the Audit Committee, the Chair of the
the relevant Issuer or Public Company within the last 6 Audit Committee is authorized to propose a replacement
(six) months; candidate to the Board of Commissioners. In addition, the
g. must not be a person who works or has authority Chair may propose the determination of honorarium and
and responsibility to plan, lead, control, or supervise allowances for members of the Audit Committee to obtain
the activities of the Issuer or Public Company within approval in accordance with the applicable mechanism.
the last 6 (six) months, except for an Independent
Commissioner; Composition and Structure of the
h. must not own shares directly or indirectly in the Issuer Audit Committee in 2025
or Public Company;
i. in the event that a member of the Audit Committee The establishment of the Company’s Audit Committee
acquires shares of the Issuer or Public Company directly complies with POJK No. 55/POJK.04/2015 concerning
or indirectly due to a legal event, such shares must be the Establishment and Guidelines for the Implementation
transferred to another party within a maximum period of the Work of the Audit Committee. The membership
of 6 (six) months after the acquisition; of the Company’s Audit Committee consists of at least 1
j. must not have any affiliation with members of the (one) Independent Commissioner and 2 (two) members.
Board of Commissioners, members of the Board of The Chair of the Audit Committee is an Independent
Directors, or the Controlling Shareholder of the Issuer Commissioner of the Company and is responsible for
or Public Company; and coordinating the implementation of the duties of the
k. must not have any business relationship, directly or Audit Committee. Members of the Audit Committee are
indirectly, related to the business activities of the Issuer experts who are not employees of the Company and do
or Public Company. not have any financial relationship with the Company.
In 2025, the composition of the Audit Committee is as follows:
Name Position Basis of Appointment Term of Office Tenure
Audit Committee Decree of the Board of Commissioners No. 011/ 26 September 2025-25 1st
Chairman/ SKE-DEKOM/MTF/IX/2025 on the Appointment of September 2028
Fendy Eventius Mugni
Independent Audit Committee Members
Commissioner
Member/ Decree of the Board of Commissioners No. 011/ 26 September 2025-25 1st
Subarna Independent SKE-DEKOM/MTF/IX/2025 on the Appointment of September 2028
Commissioner Audit Committee Members
Decree of the Board of Commissioners No. 011/ 26 September 2025-25 1st
Member/
Marlan Marthias Achmad SKE-DEKOM/MTF/IX/2025 on the Appointment of September 2028
Independent Party
Audit Committee Members
Decree of the Board of Commissioners No. 011/ 26 September 2025-25 2nd
Member/
Indra Riyawan SKE-DEKOM/MTF/IX/2025 on the Appointment of September 2028
Independent Party
Audit Committee Members
Audit Committee Profile
The profile of the Chairman of the Audit Committee, Fendy Eventius Mugni, and the rofile of the member of the
Audit Committee, Subarna, can be seen in the Company Profile chapter in this Annual Report. The profiles of the non-
Commissioner Audit Committee members from independent parties are as follows:
PT Mandiri Tunas Finance
Annual Report 2025 185
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Good Corporate Governance
Indra Riyawan
Audit Committee Member
Age: 48 Years | Citizenship: Indonesia
Domicile: Jakarta
Legal Basis of Appointment
Decree of the Board of Commissioners No. 011/SKE-DEKOM/MTF/IX/2025 on the Appointment of Audit Committee Members
Term of Office Certifications
26 September 2025-25 September 2028 • Qualified Chief Risk Officer (QCRO)
• Certification in Audit Committee Practices
Tenure
2nd Professional Background
• IT Consultant (2020-present)
• Administration Control General Manager PT Tunas Ridean (2017-2020)
Educational Background • Administration General Manager PT Asia Surya Prakasa (2015-2017)
Bachelor in Mechanical Engineering from Institut Sains • Business Process, Administration & GA Manager di PT Tunas Dwipa Matra (2009-2014)
& Teknologi Nasional (2003) • Logistic Planning & Development Officer di PT Toyota Astra Motor (2000-2009)
Concurrent Position
Does not hold concurrent position
Marlan Marthias Achmad
Audit Committee Member
Age: 58 Years | Citizenship: Indonesia
Domicile: Jakarta
Legal Basis of Appointment
Decree of the Board of Commissioners No. 011/SKE-DEKOM/MTF/IX/2025 on the Appointment of Audit Committee Members
Term of Office Certifications
26 September 2025-25 September 2028 Certification in Audit Committee Practices
Tenure Professional Background
1st • Vice President Wholesale Risk Solution PT Bank Mandiri (Persero) Tbk (2022-2023)
• Vice President Risk Management PT Bank Mandiri (Persero) Tbk (2017-2022)
• Regional Chief Executive Officer PT Bank Syariah Mandiri (2015-2017)
Educational Background • Credit Risk Taking Unit Level RCEO PT Bank Syariah Mandiri (2015-2017)
• Master in Management from Universitas Indonusa
• Vice President Consumer Loan PT Bank Mandiri (Persero) Tbk (2014-2015)
Esa Unggul (2005)
• Vice President Audit Manager Retail PT Bank Mandiri (Persero) Tbk (2012-2014)
• Bachelor in Economics from Sekolah Tinggi Ilmu
• Vice President Department Head Operation PT Bank Mandiri (Persero) Tbk (2011-2012)
Ekonomi YAI
Concurrent Position
Does not hold concurrent position
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Independensi Komite Audit
All members of the Audit Committee are professionals the Company has met the criteria of independence,
and have no relationship with the Company in order expertise, experience, and integrity. The transparency
to maintain independence in carrying out their duties of the Audit Committee’s independence is shown in the
and responsibilities. The Audit Committee formed by following table:
Independence Aspect Fendy Subarna Indra Riyawan Marlan
Eventius Marthias
Mugni
Has a financial relationship with the Board of Commissioners and Directors x x x x
Has a management relationship in the Company or in an affiliated company x x x x
Owns shares of the Company x x x x
Has a family relationship with members of the Board of Commissioners, x x x x
members of the Board of Directors and fellow committee members
Notes: V = Available, X = Not available
Audit Committee Charter Duties and Responsibilities of the Audit
The Company has established an Audit Committee Committee
Charter in accordance with POJK No. 55/POJK.04/2015 The duties and responsibilities of the Audit Committee
concerning the Establishment and Guidelines for the as set out in the Audit Committee Charter are as follows:
Implementation of the Work of the Audit Committee
as a working guideline governing the scope, structure, A. General Duties
authority, and operational mechanisms of the Audit The Audit Committee provides opinions to the Board
Committee. The Charter is reviewed periodically to of Commissioners regarding reports or matters
ensure its alignment with business developments, submitted by the Board of Directors, identifies
regulatory changes, and the Company’s supervisory matters requiring the attention of the Board of
needs. Commissioners, and performs other duties related to
the responsibilities of the Board of Commissioners,
The Audit Committee Charter was stipulated pursuant including:
to Decree No. 007/SKE-DEKOM/MTF/II/2025 dated 1. Reviewing financial information to be disclosed
February 13, 2025 and was ratified on February 13, 2025. by the Company to the public and or authorities,
The Charter outlines the position, membership, duties, including financial statements, projections, and
responsibilities, and obligations of the Audit Committee other financial information.
and regulates the working relationship between the Audit 2. Reviewing examinations conducted by the Internal
Committee and the Board of Commissioners, the Board Auditor and overseeing follow-up actions by the
of Directors, Internal Auditors, and External Auditors. Board of Directors on Internal Audit findings.
3. Reviewing the Company’s compliance with laws
Conflict and Code of Conduct and regulations related to its business activities.
The Audit Committee is committed to implementing 4. Providing independent opinions in the event of
the principles of Good Corporate Governance, differences of opinion between management and
namely transparency, accountability, responsibility, the Accountant regarding services rendered.
independence, and fairness, as the foundation in 5. Providing recommendations to the Board of
carrying out its duties and functions. The application of Commissioners regarding the appointment of an
these principles aims to maintain objectivity and prevent Accountant based on independence, scope of
conflicts of interest in the execution of the supervisory assignment, and fees.
function. 6. Providing recommendations regarding
improvements to the Company’s internal control
In performing its duties, the Audit Committee adheres system and its implementation.
to the relevant professional codes of ethics, both those 7. Reviewing risk management activities conducted
inherent to the expertise of each member and the by the Board of Directors if the Company does
professional code of ethics of the Audit Committee. not have a risk monitoring function under the
Compliance with such codes serves as the basis for Board of Commissioners.
maintaining integrity, professionalism, and quality in the 8. Reviewing complaints related to the Company’s
execution of the Audit Committee’s duties within the accounting and financial reporting processes.
Company. 9. Reviewing and providing advice to the Board of
Commissioners regarding potential conflicts of
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interest within the Company. Audit Units.
10. Maintaining the confidentiality of Company b. Monitoring and evaluating the conformity of
documents, data, and information. audit implementation by Public Accounting
B. In addition, the Audit Committee also has the Firms with applicable audit standards.
following duties and responsibilities: c. Monitoring and evaluating the conformity
1. Financial Statements of financial statements with applicable
a. Conducting in-depth review of the Company’s accounting standards.
Annual Work Plan and Budget and Long-Term d. Reporting periodically on monitoring results
Plan of PT Mandiri Tunas Finance. and providing input on matters requiring the
b. Conducting in-depth review of interim and attention of the Board of Commissioners.
annual financial statements, whether audited
or unaudited. In carrying out its function, the Audit Committee
c. Conducting in-depth review of significant supports the implementation of the duties of the Board
changes in balance sheet and profit and loss of Commissioners, namely:
items. 1. Conducting a review of financial information to be
d. Conducting in-depth review of Other Assets issued by the Company such as financial statements,
and Other Liabilities accounts. projections, and other financial information.
e. Conducting in-depth review of realization 2. Conducting a review of the implementation of
reports of the work plan and budget and examinations by internal and external audit.
examining accounts with significant variances. 3. Conducting a review of the Company’s compliance
f. Holding periodic meetings with relevant with laws and regulations related to the Company’s
work units and external auditors auditing PT activities.
Mandiri Tunas Finance to request additional 4. Providing recommendations regarding improvements
information and clarification in accounting and to the Company’s internal control system and its
finance. implementation.
g. Reporting periodically on monitoring results 5. Reporting to the Board of Commissioners various
and providing input on matters requiring the risks faced by the Company and the implementation
attention of the Board of Commissioners. of risk management by the Board of Directors.
2. Internal Control 6. Carrying out duties assigned by the Board of
a. Reviewing and ensuring that the Company Commissioners within the scope of the Audit
has a standardized internal control system in Committee’s duties and obligations.
accordance with prevailing practices. 7. Maintaining the confidentiality of Company
b. Conducting in-depth review of examination documents, data, and information and using them
reports from the Internal Audit Unit and External solely for the purpose of performing duties.
Auditors to ensure proper implementation of
internal control.
c. Holding periodic meetings with work units Authority of the Audit Committee
related to internal control systems and their In addition to its duties and responsibilities, the Audit
implementation. Committee is also granted specific authority to support
d. Monitoring and evaluating follow-up actions the implementation of work in accordance with the Audit
by the Board of Directors on findings of Internal Committee Charter. Such authority includes:
Audit, Public Accountants, and supervisory 1. Communicating with Heads of Work Units and other
results of the Financial Services Authority. parties within PT Mandiri Tunas Finance, as well as
e. Reporting periodically on monitoring results the Public Accounting Firm auditing the Company,
and providing input on matters requiring the to obtain information, clarification, and request
attention of the Board of Commissioners. necessary documents and reports.
3. Compliance 2. Requesting audit reports from internal auditors and
Monitoring and evaluating the Company’s external auditors, as well as other supervisory or
compliance with laws and regulations in the examining institutions.
financing sector and regulations issued by the 3. Requesting Internal Audit and or external auditors to
Financial Services Authority and other relevant conduct special audit or investigations in the event
regulations, including: of strong indications of fraud, legal violations, or
a. Reviewing examination reports related violations of laws and regulations.
to compliance with internal and external 4. Accessing records or information concerning
regulations issued by Internal and External employees, funds, assets, and other Company
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resources related to the implementation of its duties. Meeting of Shareholders (RUPS). In addition, the Audit
5. Performing other authority granted by the Board of Committee also provides recommendations to the
Commissioners. Board of Commissioners regarding the termination of
the Public Accounting Firm.
2. In the event that the AP and or KAP decided by the
Division of Duties and Responsibilities RUPS cannot complete the provision of audit services
The scope of duties of each Audit Committee member for annual historical financial information within the
is as follows: professional engagement period, the appointment
A. The Chairman of the Audit Committee is responsible of a replacement AP and or KAP shall be carried
for coordinating all Committee activities to fulfill out by the Board of Commissioners after obtaining
the Committee’s objectives in accordance with approval from the RUPS by taking into account the
its establishment, including responsibility for the recommendation of the Audit Committee.
following matters: 3. In preparing such recommendation, the Audit
1. Determining the annual work plan. Committee may consider:
2. Determining the annual meeting schedule. a. Independence of the AP and or KAP: reviewing
3. Preparing periodic reports on Committee activities the name and or reputation of the KAP.
and matters deemed necessary to be considered b. Scope of Audit: reviewing the audit planning and
by the Board of Commissioners. scope submitted by the selected or appointed
B. Members of the Audit Committee are responsible, KAP to ensure that such audit planning and scope
among others, to: are in accordance with the Request for Proposal
1. Study meeting materials in advance. and Terms of Reference and have considered all
2. Attend meetings. risks deemed significant.
3. Actively participate and contribute in each c. Audit fees:
Committee meeting. d. Expertise and experience of the AP and or KAP,
and the Audit Team of the KAP.
e. Potential risk arising from the use of the same KAP
Working Relationship of the Audit consecutively for a sufficiently long period of time
Committee and or.
In carrying out its duties and responsibilities, the Audit f. Results of evaluation of the implementation
Committee establishes effective communication with of audit services for annual historical financial
the external auditor, internal auditor, and the Company’s information by the AP and or KAP in the previous
management. Such communication is conducted to period, if any.
support the implementation of the supervisory function 4. Reviewing and ensuring that PT Mandiri Tunas
comprehensively and to ensure the quality of internal Finance has standardized procedures in accordance
control and the reliability of financial reporting. with applicable regulations and provisions in the
selection process of the KAP.
The role of the Audit Committee in relation to the 5. Reviewing and ensuring that the implementation
external auditor includes the following: process of the KAP selection has been carried
1. Conducting a review of the work of the external out properly in accordance with the established
auditor. procedures.
2. Discussing audit results with the external auditor. 6. The Audit Committee conducts an evaluation of the
3. If necessary, the Audit Committee may conduct implementation of audit services for annual historical
discussions on audit results with management, the financial information by the AP and or KAP.
external auditor, and the internal auditor. 7. Conducting periodic communication with the KAP
4. Conducting a review of the performance of the auditing PT Mandiri Tunas Finance to discuss matters
external auditor to ensure the external auditor’s that need to be communicated.
compliance with applicable professional standards, 8. Conducting in-depth review of all significant findings
including the independence of the external auditor. from examinations by the external auditor and other
examining institutions.
The responsibilities of the Audit Committee in relation to 9. Conducting monitoring and evaluation of follow-up
the external auditor are as follows: actions by the auditee on the results of examinations
1. The Audit Committee provides recommendations conducted by the External Auditor.
regarding the appointment of a Public Accountant 10. Reporting periodically on the results of its monitoring
(AP) and Public Accounting Firm (KAP) that will audit and providing input on matters that require the
the Company’s financial statements to the Board attention of the Board of Commissioners.
of Commissioners to be submitted to the General
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The role of the Audit Committee in relation to Internal Audit Committee Report
Audit is: The Audit Committee is responsible to prepare written
1. Evaluating the annual work plan of the Internal Audit reports in the implementation of its work to the Board of
Unit. Commissioners regarding findings and constraints faced
2. Conducting in-depth review of all significant findings by the Company. The reports referred to include:
from internal audit examinations. 1. The Audit Committee must prepare periodic reports
3. Evaluating audit programs and scope in the to the Board of Commissioners regarding the
implementation of the annual work plan of the activities of the Audit Committee, at least once every
Internal Audit Unit. 6 (six) months.
4. Conducting evaluation of the implementation of 2. The Audit Committee must prepare reports to the
audits by the Internal Audit Unit to ensure that the Board of Commissioners for each assignment given
audit program has been carried out with proper and or for each issue identified as requiring the
scope. attention of the Board of Commissioners.
5. Conducting periodic meetings with the Internal Audit 3. The Audit Committee is required to prepare an Annual
Unit to discuss significant audit findings and to provide Report on the implementation of Audit Committee
input deemed necessary in the implementation of activities which is disclosed in the Company’s Annual
examinations by the Internal Audit Unit. Report.
6. Requesting assistance from the Internal Audit Unit to 4. The Audit Committee must prepare a report on the
conduct special examinations or investigations in the evaluation of the implementation of audit services for
event of audit findings and or information related to annual historical financial information by the External
violations of laws and regulations. Auditor no later than 6 (six) months after the end of
7. Reporting periodically on the results of its monitoring the financial year.
and providing input on matters that require the
attention of the Board of Commissioners.
Remuneration Policy
Meanwhile, the role of the Audit Committee in relation to Members of the Audit Committee who are independent
the Company’s Management is: parties receive monthly remuneration, the amount of
1. Evaluating the adequacy of disclosure of material which is determined by the Board of Commissioners with
matters in the Company’s Financial Statements. reference to applicable laws and regulations.
2. Assessing the adequacy of internal control and the
Company’s risk management policies.
3. Assessing the Company’s policies related to
Audit Committee Competency
compliance with applicable internal and external
regulations, code of conduct, and conflict of interest.
Development
4. Ensuring that the Company’s management To support the effectiveness of the implementation of
implements follow-up actions on recommendations its duties, the Company provides various competency
from internal audit and external audit. development programs for members of the Audit
5. Identifying and monitoring issues that require the Committee. These programs include training, seminars,
attention of the Board of Commissioners. and other development activities relevant to supervisory,
6. Inviting the Company’s management to attend Audit audit, and governance needs.
Committee meetings if necessary.
Details of training and competency development activities
attended by the Audit Committee throughout 2025 are
presented in the following table:
Name Training/Seminar Organizer Date
Indra Riyawan The Role of GRC in Enhancing Investor Confidence and Financial Sector Stability OJK Institute 25 February
Sustainability Accounting and Reporting in the Financial Services OJK Institute 6 March
Islamic Financial Product Innovation: The Role of Halal Ethics in Expanding Market Penetration OJK Institute 13 March
Outlook on the Future of Indonesia’s Gold Market: The Strategic Role of Bullion Banks OJK Institute 17 April
The Strategic Role of the Financial Services Industry in Supporting Regional Economic
OJK Institute 8 May
Development
Customer Experience: Strategies for Success in the Digital Era OJK Institute 22 May
Indonesia Sustainable Finance Diorama OJK Institute 3 June
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The Future of Cybersecurity: Threats, Challenges, and Innovations OJK Institute 5 June
Secure Strategies for Crypto Asset and Digital Financial Transactions: Personal Data Protection
OJK Institute 19 June
and the Impact of Biometric Technology in Indonesia
Idea Talks Volume 9: Banking Digitalization from Two Perspectives OJK Institute 23 June
Breaking the Scam Chain: Synergy and Consumer Protection Strategies in the Financial Sector OJK Institute 26 June
Driving Enterprise Value through Strategic Risk Oversight IKAI Indonesia 15 July
Building the Global Sustainable Islamic Finance Ecosystem OJK Institute 24 July
The Role of the Financial Services Industry in Supporting National Strategic Projects:
OJK Institute 31 July
Development of 3 Million Houses
Mid-Year Capital Market Review 2025: Market Performance Evaluation and Forward Investment
OJK Institute 7 August
Strategy
Geopolitical Dynamics and National Resilience: Strategies to Strengthen Indonesia’s Economy OJK Institute 14 August
GRC Summit OJK Institute 21 August
Achieving a Prosperous Retirement: Strategies to Increase Pension Participation in the Informal
OJK Institute 21 August
Sector
Strategies to Enhance Competitiveness and Deepen Islamic Banking and Islamic Capital Markets OJK Institute 28 August
Risk Appetite & Risk Culture: Key Pillars in Strengthening Risk Management in the Financial Sector OJK Institute 9 October
Marlan Islamic Financial Product Innovation: The Role of Halal Ethics in Expanding Market Penetration OJK Institute 13 March
Marthias
Achmad Outlook on the Future of Indonesia’s Gold Market: The Strategic Role of Bullion Banks OJK Institute 17 April
Insurance Revolution: How AI is Transforming the Underwriting and Optimizing Business
OJK Institute 24 April
Processes
The Strategic Role of the Financial Services Industry in Supporting Regional Economic
OJK Institute 8 May
Development
The Domino Effect of Trump Tariffs: Threat or Opportunity for Indonesia’s Economy? OJK Institute 15 May
Customer Experience: Strategies for Success in the Digital Era OJK Institute 22 May
Indonesia Sustainable Finance Diorama OJK Institute 3 June
The Future of Cybersecurity: Threats, Challenges, and Innovations OJK Institute 5 June
Secure Strategies for Crypto Asset and Digital Financial Transactions: Personal Data Protection
and the Impact of Biometric Technology in Indonesia OJK Institute 19 June
Idea Talks Volume 9: Banking Digitalization from Two Perspectives OJK Institute 23 June
Breaking the Scam Chain: Synergy and Consumer Protection Strategies in the Financial Sector OJK Institute 26 June
Agentic AI in Finance: A New Era of Autonomous Decision-Making OJK Institute 3 July
Driving Enterprise Value through Strategic Risk Oversight IKAI Indonesia 15 July
Building the Global Sustainable Islamic Finance Ecosystem OJK Institute 24 July
The Role of the Financial Services Industry in Supporting National Strategic Projects:
Development of 3 Million Houses OJK Institute 31 July
Mid-Year Capital Market Review 2025: Market Performance Evaluation and Forward Investment
OJK Institute 7 August
Strategy
Geopolitical Dynamics and National Resilience: Strategies to Strengthen Indonesia’s Economy OJK Institute 14 August
Achieving a Prosperous Retirement: Strategies to Increase Pension Participation in the Informal
Sector OJK Institute 21 August
Strategies to Enhance Competitiveness and Deepen Islamic Banking and Islamic Capital
OJK Institute 28 August
Markets
Risk Appetite & Risk Culture: Key Pillars in Strengthening Risk Management in the Financial Sector OJK Institute 9 October
Audit Committee Meetings
The Audit Committee holds meetings periodically, both 2. An Audit Committee meeting may be convened
internally and with the Board of Commissioners and the if attended by more than 1/2 (one half) of the total
Board of Directors. The meetings conducted by the Audit members.
Committee are as follows: 3. Resolutions of the Audit Committee meeting are
1. The Audit Committee holds meetings periodically at adopted based on deliberation to reach consensus.
least 1 (one) time in every 3 (three) months. 4. In the event that consensus as referred to in point 6.3
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Good Corporate Governance
is not achieved, decision-making shall be conducted represented by another Committee Member based
based on majority vote. on a power of attorney.
5. The meeting is chaired by the Chair of the Audit 7. A Committee Member may only represent one other
Committee or another Committee Member who is an Committee Member.
Independent Commissioner, if the Chair of the Audit
Committee is unable to attend. As of December 31, 2025, the Audit Committee has
6. In the event that a Committee Member is unable convened 5 (five) meetings with the following details:
to attend for any reason, such attendance may be
Attendance Frequency
Name Position Total Mandatory Meeting Total Attendance Attendance (%)
Fendy Eventius Mugni Chairman 5 4 80
Subarna Member 2 2 100
Indra Riyawan Member 5 5 100
Marlan Marthias Achmad Member 5 5 100
Audit Committee Meeting Minutes and Attendance
Date Agenda Meeting Participants Description
20 January 2025 Closing Meeting Audit Committee MTF-Year End Audit as of December 31, 2024 Audit Committee -
26 February 2025 • Update Information on BMRI Audit Implementation Audit Committee -
• General Audit Results
• Special Audit Results
10 June 2025 • Update Information on BMRI Audit Implementation Audit Committee Business Trip
• General Audit Results
• Special Audit Results
29 September 2025 • Follow-Up of Audit Committee Meeting June 2025 Audit Committee -
• External Audit Results
• Internal Audit Results
24 November 2025 • Follow-Up of Audit Committee Meeting dated 29 September 2025 Audit Committee -
• Update Information on AAP 2025 and AAP Plan 2026
• External Audit Results
• General Audit Results
• Special Audit Results
Brief Report on the Implementation of Duties and Activities of the Audit Committee in
2025
To fulfill the requirements for the implementation of Good Corporate Governance within the Company, the work programs
that constituted the duties and obligations of the Audit Committee in 2025 were as follows:
1. Conducted a review of the internal control system.
2. Conducted a review of the Internal Audit function.
3. Supervised the implementation of External Audit.
4. Reviewed the presentation of public Financial Statements.
5. Conducted Audit Committee Meetings during 2025.
Nomination and Remuneration Committee
The Nomination and Remuneration Committee is a provisions of Law No. 40 of 2007 concerning Limited Liability
committee established by the Board of Commissioners to Companies and OJK Regulation No. 34/POJK.04/2014
provide support in carrying out the supervisory function concerning the Nomination and Remuneration Committee
and to provide recommendations related to the nomination of Issuers or Public Companies.
process and the determination of remuneration for the Board
of Commissioners and the Board of Directors. The Committee The establishment of the Nomination and Remuneration
ensures that all such processes are conducted objectively, Committee was stipulated through the Decree of the Board
transparently, and in accordance with the principles of good of Commissioners No. 010/SKE-DEKOM/MTF/IX/2025
corporate governance. The establishment of the Company’s dated September 26, 2025. Through the Nomination
Nomination and Remuneration Committee refers to the and Remuneration Committee, the nomination and
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remuneration processes for the Company’s management of Commissioners as determined by the Company’s Articles
and other executive organs of the Company can be of Association or the General Meeting of Shareholders.
carried out transparently and accountably in line with the The term of office of Committee members who are not
Company’s business development and ultimately enhance members of the Board of Commissioners may not exceed
the confidence of shareholders and other stakeholders in the the term of office of the Board of Commissioners. The Board
management of the Company. of Commissioners may dismiss at any time any member
of the Committee who is not a member of the Board
Criteria for the Nomination & of Commissioners, if based on the consideration of the
Chairman of the Committee concerned does not perform
Remuneration Committee Members
his duties properly.
Members of the Nomination & Remuneration Committee
must fulfill the ability and experience requirements and Structure and Composition of the
independence requirements, namely:
Nomination & Remuneration Committee
1. Have high integrity, objectivity, and ethics.
2. Have adequate knowledge including applicable rules Members in 2025
and regulations. The Company has established the Nomination and
3. At least one of the committee members must have an Remuneration Committee pursuant to the Decree of the
educational background and or work experience in the Board of Commissioners No. KEP.KOM/01/2014 concerning
field of nomination, employee remuneration, or human the Establishment and Appointment of the Nomination
resources. and Remuneration Committee of PT Mandiri Tunas Finance
4. Able to be independent, namely being able to carry dated November 26, 2014, which was amended by the
out tasks professionally without conflict of interest and Decree of the Board of Commissioners No. KEP.KOM/02/
influence/pressure from any party. II/2020 dated February 17, 2020 concerning changes in
5. Willing to improve competence continuously through the membership of the Nomination and Remuneration
education and training. Committee, subsequently amended by the Decree of the
6. Not an insider of a Legal Consultant Firm, Human Board of Commissioners No. 003/SKE-DEKOM/MTF/X/2024
Resources Consultant Firm, Business Development dated October 21, 2024 concerning the Determination of
Consultant Firm, or other parties that provide assurance Members of the Nomination and Remuneration Committee,
services, non-assurance services, and/or other consulting and most recently amended by the Decree of the Board of
services to the Company within the last 6 (six) months Commissioners No. 010/SKE-DEKOM/MTF/IX/2025 dated
prior to being appointed as a committee member by the September 26, 2025 concerning the Determination of
Board of Commissioners. Members of the Nomination and Remuneration Committee.
Term of Office In 2025, there were changes in the composition and structure
of the Nomination and Remuneration Committee in line with
Committee members are appointed for a certain term changes in the composition of the Board of Commissioners.
of office and may be reappointed. The term of office of a Accordingly, the composition and structure of the Nomination
member of the Board of Commissioners who concurrently and Remuneration Committee as of December 31, 2025 are
serves as a member of the Committee is the same as the as follows:
term of office of their appointment as a member of the Board
Name Position Basis of Appointment Term of Office Tenure
Fendy Eventius Chairman of Nomination and Board of Commissioners Decree Number: 010/SKE- 26 September 2025- 1st
Mugni Remuneration Committee/ DEKOM/MTF/IX/2025 dated 26 September 2025 on 25 September 2028
Independent Commissioner the Determination of Nomination and Remuneration
Committee Members
Nugraha Indra Member of Nomination and Board of Commissioners Decree Number: 010/SKE- 26 September 2025- 1st
Permadi Remuneration Committee/ DEKOM/MTF/IX/2025 dated 26 September 2025 on 25 September 2028
Commissioner the Determination of Nomination and Remuneration
Committee Members
Makah Indra Member of Nomination and Board of Commissioners Decree Number: 010/SKE- 21 October 2024 20 2nd
Purnomo Remuneration Committee/ Head DEKOM/MTF/IX/2025 dated 26 September 2025 on October 2027
of Human Capital Division the Determination of Nomination and Remuneration
Committee Members
Profiles of the Nomination & Remuneration Committee Members
The profile of the Chairman of the Nomination & Remuneration Committee Fendy Eventius Mugni and Nomination &
Remuneration Committee Member Nugraha Indra Permadi can be seen in the Board of Commissioners profile section in
the Company Profile chapter of this Annual Report. The following is the profile of the non-Commissioner membersof the
Nomination & Remuneration Committee.
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Makah Indra Purnomo
Member of Nomination & Remuneration Committee
Age: 45 Years | Citizenship: Indonesia
Domicile: Tegal
Legal Basis for Appointment
Board of Commissioners Decree Number: 010/SKE-DEKOM/MTF/IX/2025 dated 26 September 2025 on the Determination of Nomination and Remuneration
Committee Members
Term of Office Certifications
26 September 2025-25 September 2028 • Basic Managerial Certification
• Certified Human Resources General Manager (CHRGM)
Tenure
2nd
Professional Background
• Human Capital Division Head PT Mandiri Tunas Finance (2022-present)
• Regional Division Head PT Mandiri Tunas Finance (2018-2022)
Educational Background • Branch Manager PT Mandiri Tunas Finance (2010-2018)
Bachelor in Engineering from Universitas Islam Sultan • Branch Manager PT NSS + NSS Finance (2004-2010)
Agung (2004)
Concurrent Position
Does not hold concurrent position
Independence of Nomination &
Remuneration Committee
All members of the Nomination and Remuneration Committee the second degree, either horizontally or vertically with
are professional individuals who meet the requirements of the Board of Commissioners, Board of Directors, or
independence, competence, experience, and integrity in Major/Controlling Shareholders of the Company.
carrying out their duties and responsibilities. The Nomination 3. Has no business relationship, either directly or indirectly
and Remuneration Committee is established to ensure that related to the Company’s business, including not
the nomination and remuneration determination processes receiving compensation from the Company and its
are conducted objectively, transparently, and free from subsidiaries other than compensation for services
conflicts of interest. received in connection with duties as a Committee
Member.
In performing its duties, the Nomination and Remuneration 4. Not an employee of the Public Accounting Firm, Legal
Committee does not have any management, ownership, Consultant Firm, or other Parties that provide audit
financial, or family relationships with the Board of Directors, services, non-audit services, and/or other consulting
the Board of Commissioners, or the Shareholders that may services to the Company within the last 6 (six) months
affect its independence. All activities of the Nomination and before being appointed by the Board of Commissioners.
Remuneration Committee are carried out in accordance with 5. Not a person who has the authority and responsibility
applicable laws and regulations as well as the Company’s to plan, lead, or control the Company within the last
internal policies. 1 (one) year before being appointed by the Board of
Commissioners, except for Committee Members who
In order to act independently, the Company’s Nomination come from the Board of Commissioners.
& Remuneration Committee Members, especially from
independent parties, are required to fulfill the following The Nomination & Remuneration Committee of the
independence criteria: Company has no independent members from outside
1. Does not own shares of the Company, either directly the Company, except Fendi Eventius Mugni who was
or indirectly. In the event that a Committee Member appointed by the Shareholders as an Independent
acquires shares as a result of a legal event, then within a Commissioner and acts as Chairman of the Nomination &
maximum period of 6 (six) months after the acquisition Remuneration Committee. All members of the Nomination
of the shares must transfer them to another party. & Remuneration Committee are professionals selected in
2. Has no family relationship by marriage and descent to accordance with OJK Regulations.
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Nomination and Remuneration 2. Provide recommendations to the Board of Commissioners
Committee Charter regarding policies, and criteria required in the nomination
The Company has established the Nomination and of members of the Board of Directors and/or Board of
Remuneration Committee Charter through Decree No. Commissioners.
003/SKE-DEKOM/MTF/I/2024 dated January 15, 2024 3. Provide recommendations to the Board of Commissioners
as a working guideline governing the structure, authority, regarding the names of candidates for members of the
and operational mechanisms of the Committee. The Board of Directors and/or Board of Commissioners.
Charter serves as the primary reference to ensure that 4. Review, and propose a succession plan for members of
the implementation of the Committee’s duties is carried the Board of Directors and/or Board of Commissioners.
out effectively, accountably, and independently. The 5. Conduct assessments based on benchmarks that have
Nomination and Remuneration Committee Charter been prepared as material for evaluating the performance
is reviewed periodically to align with organizational and capacity development of the Board of Directors and/
developments and the operational dynamics of the or Board of Commissioners.
Company so that it remains relevant in supporting the 6. Provide recommendations to the Board of Commissioners
supervisory function of the Board of Commissioners. regarding performance evaluation policies for members
of the Board of Directors and/ or Board of Commissioners.
The matters regulated in the Nomination and Remuneration 7. Provide recommendations regarding independent
Committee Charter are as follows: parties who will become members of the Board of
1. Duties and Responsibilities of the Committee Commissioners’ supporting Committees.
2. Authority of the Committee 8. Recommend approval of changes to the organizational
3. Committee Meetings structure up to one level below the Board of Directors.
4. Committee Organization
The Nomination and Remuneration Committee Charter
Functions and Authority of Nomination
is reviewed periodically to ensure that the scope of the and Remuneration Committee
guideline remains aligned with the Company’s needs and In the implementation of its work, the Nomination &
other regulations related to the Company’s business. Remuneration Committee is attached to its functions
and authority granted in accordance with the provisions
contained in the Nomination and Remuneration
Duties and Responsibilities of the Committee charter.
Nomination and Remuneration
Committee
Duties and Responsibilities Related to the Remuneration
Functions of the Nomination and
Function Remuneration Committee
1. Evaluate the Company’s remuneration policy which The functions of the Nomination & Remuneration
includes Salary, Honorarium, Holiday Allowance (THR), Committee are as follows:
Benefits (medical, health, loan facility, etc.), Bonus/ 1. Develop, implement, and analyze the nomination
Incentive (for employees), and Tantiem (for Board of criteria and procedures for candidates for the Board
Commissioners and Directors). of Directors and Board of Commissioners, as well as
2. Provide recommendations to the Board of Commissioners procedures for dismissal of the Board of Directors and
regarding remuneration policies for members of the Board of Commissioners.
Board of Directors and/or Board of Commissioners to be 2. Identify candidates for the Board of Directors and Board
submitted to the GMS as well as remuneration policies of Commissioners both from within and outside who
for Executive officers and employees as a whole to be are eligible to be proposed/appointed as Directors or
submitted to the Board of Directors. Board of Commissioners.
3. Ensure that the Company’s remuneration policy is in 3. Develop criteria for assessing the performance of the
accordance with the Company’s financial performance Board of Directors.
and fulfillment of reserves in accordance with applicable 4. Propose an appropriate remuneration system for the
regulations, evaluation of individual work performance, Board of Directors and Board of Commissioners in the
fairness of peer groups within and outside the Company, form of a payroll system, facilities and benefits, options
and the Company’s long-term development strategy. granted, and a pension system.
5. Ensure the implementation of the Company’s compliance
Duties and Responsibilities Related to the Nomination with the provisions and/or regulations of OJK, Ministry
Function of Manpower, and other relevant regulations including
1. Provide recommendations to the Board of Commissioners matters that become decisions of the Company’s GMS.
regarding the composition of the positions of members 6. Support professional human resource development
of the Board of Directors and/or Board of Commissioners. activities.
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Authority of the Nomination and Remuneration Committee
The authority of the Nomination and Remuneration (if needed).
Committee are: 3. The Committee has the authority to communicate
1. The Committee may access records or information directly with employees, including the Board of
about the Company’s employees relating to the Directors and parties related to the implementation of
performance of the Committee’s duties. the Committee’s duties.
2. In exercising the authority as stipulated in point 1 4. If necessary, the Committee may involve experts
above, the Committee cooperates with partners and/or consultants/independent parties outside the
including the Secretary of the Board of Commissioners, Committee or form an ad hoc team that is necessary
the Supporting Committee of the Board of to assist in carrying out its duties at the Company’s
Commissioners, relevant teams at the management expense.
level, especially the Human Resources Development 5. The Committee performs other authority granted by
Division, and other relevant work units of the Company the Board of Commissioners.
Division of Duties and Responsibilities among Nomination and Remuneration
Committee Members
The scope of duties of each member of the Nomination & Remuneration Committee is as follows:
Name Position Description of Duty
Fendy Eventius Mugni Chairman of Nomination • Evaluate the Company’s remuneration policy which includes Salary, Honorarium, Holiday Allowance
& Remuneration (THR), Benefits (medical, health, loan facility, and others), Bonus/Incentive (for employees), and
Committee Tantiem (for Board of Commissioners and Directors).
• Provide recommendations to the Board of Commissioners regarding performance evaluation
policies for members of the Board of Directors and/or Board of Commissioners.
• Provide recommendations to the Board of Commissioners regarding policies, and criteria required
in the nomination of members of the Board of Directors and/or Board of Commissioners.
Nugraha Indra Permadi Member of Nomination • Ensure that the Company’s remuneration policy is in accordance with the Company’s financial
& Remuneration performance and the fulfillment of reserves in accordance with applicable regulations, evaluation
Committee of individual work performance, fairness of peer groups within and outside the Company, and the
Company’s long-term development strategy.
• Review and propose a succession plan for members of the Board of Directors and/or Board of
Commissioners.
• Provide recommendations regarding independent parties who will become members of the Board
of Commissioners’ supporting Committees.
Makah Indra Purnomo Member of Nomination • Provide recommendations to the Board of Commissioners regarding remuneration policies for
& Remuneration members of the Board of Directors and/or Board of Commissioners to be submitted to the GMS
Committee as well as remuneration policies for Executive officers and employees as a whole to be submitted
to the Board of Directors.
• Provide recommendations to the Board of Commissioners regarding the composition of the
positions of members of the Board of Directors and/or Board of Commissioners.
• Recommend approval of changes to the organizational structure up to one level below the Board
of Directors.
Competency Development of the Nomination and Remuneration Committee
Untuk mendukung kelancaran pelaksanaan fungsi nominasi regulasi maupun program lain yang relevan dengan peran
dan remunerasi, Perseroan menyediakan berbagai komite. Rincian pelatihan dan kegiatan peningkatan
program peningkatan kompetensi bagi anggota Komite kompetensi yang diikuti Komite Nominasi dan Remunerasi
Nominasi dan Remunerasi. Kegiatan pengembangan selama tahun 2025 disajikan pada tabel berikut:
tersebut dapat berupa pelatihan, seminar, pembaruan
Training Topic Date Organizer
Certified Human Resources General Manager 24 October 2025 PPM Management
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Nomination & Remuneration Committee Meeting
The Nomination & Remuneration Committee holds properly documented by the Secretary of the Committee.
meetings at least once a year in accordance with the Dissenting opinions in decision-making that occur in
Nomination and Remuneration Committee Work committee meetings must be clearly stated in the minutes
Guidelines. In making decisions in meetings held by the of the meeting along with the reasons for the dissenting
Nomination and Remuneration Committee, deliberation opinions.
and consensus are carried out, as well as taking a majority
vote if there is no consensus. Meanwhile, the results of As of 31 December 2025, the Nomination & Remuneration
the Committee meetings must be set forth in the minutes Committee conducted a total of 3 (three) meetings, with
of the meeting signed by all members present and the minutes and attendance recapitulation as follows.
Recapitulation of Attendance of Nomination & Remuneration Committee Meetings
Board of Comissioners Position Total Mandatory Meeting Total Attendance Attendance (%)
Fendy Eventius Mugni Chairman 3 3 100
Nugraha Indra Permadi Member 1 1 100
Makah Indra Purnomo Member 3 3 100
Meeting Agenda and Attendance of Nomination & Remuneration Committee
Date Agenda Meeting Participant Description
19 March • Remuneration and Tantiem of the Board of Commissioners and Board of Directors of PT • Fendy Eventius Mugni -
2025 Mandiri Tunas Finance • Makah Indra Purnomo
• Changes to AR Job Requirements (AR Structure) of PT Mandiri Tunas Finance
09 July 2025 • Review of Organizational Effectiveness • Fendy Eventius Mugni -
• Update on Payroll Process for the June 2025 Period • Makah Indra Purnomo
• Discussion on Remuneration of the Commissioners of PT Mandiri Tunas Finance
10 December • Follow-up to the Nomination and Remuneration Committee Meeting dated July 9, 2025 • Fendy Eventius Mugni -
2025 • Update on Adjustments to MTF Organizational Structure • Nugraha Indra Permadi
• Nomination of Candidate for Head of Audit Division • Makah Indra Purnomo
• Adjustment of Corporate Fleet STO
Remuneration Policy
The Remuneration Policy of the Nomination & Remuneration Committee follows the policy of PT Bank Mandiri (Persero)
Tbk as the Majority/Controlling Shareholder of the Company.
Brief Report on the Implementation of Duties and Activities of the Nomination &
Remuneration Committee in 2025
In 2025, the Nomination and Remuneration Committee also conducted assessments based on established
convened 3 (three) meetings to discuss the evaluation performance indicators as part of the evaluation of
of remuneration and tantiem policies for the Board of performance and competency development of the
Commissioners and Board of Directors, changes to Board of Directors and or the Board of Commissioners,
job requirements within AR Management, a review of as well as discussions regarding training programs for the
organizational effectiveness, and adjustments to the Company’s management.
Company’s organizational structure. The Committee
Risk Monitoring Committee
The Board of Commissioners established the Risk and adequately, and remain aligned with the Company’s
Monitoring Committee to support the implementation of its risk profile and the complexity of its business activities.
supervisory function over the Company’s risk management
framework as formulated and implemented by the Board of The establishment of the Risk Monitoring Committee is
Directors. The existence of the Risk Monitoring Committee based on the prevailing laws and regulations as well as
is intended to ensure that risk management policies, governance guidelines issued by the Financial Services
frameworks, and practices are implemented consistently Authority for financing companies. The legal basis for the
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Good Corporate Governance
establishment of the Risk Monitoring Committee includes, and experience in accordance with their field of work
among others, the following: and be able to communicate well.
1. OJK Regulation No. 10/POJK.05/2014 concerning 2. At least one of the members of the Risk Monitoring
Risk Level Assessment of Non-Bank Financial Services Committee must have a risk management background.
Institutions. 3. Understand the Company’s business, especially risk
2. OJK Circular Letter No. 4/SEOJK.05/2015 concerning management and laws and regulations related to the
Risk Level Assessment of Financing Companies. financing business.
3. OJK Circular Letter No. 1/SEOJK.05/2016 concerning 4. Have sufficient knowledge to read and understand
Assessment of Financial Health Level of Financing financial reports and reports related to monitoring
Companies. the implementation of risk management policies of
4. OJK Circular Letter No. 10/SEOJK.05/2016 concerning financing companies.
Guidelines for Implementing Risk Management and 5. Willing to improve competency continuously through
Reporting the Results of Self-Assessment of Risk education and training.
Management Implementation for Non-Bank Financial 6. Not a member of the Board of Directors and has integrity
Services Institutions. and knowledge of the business run by the Company.
5. OJK Regulation No. 44/POJK.05/2020 concerning the
Implementation of Risk Management for Non-Bank Term of Office
Financial Services Institutions.
6. OJK Regulation No. 28/POJK.05/2020 concerning Referring to the Decree of the Board of Commissioners
Health Level Assessment of Non-Bank Financial Services No. KEP.KOM/008/2020 dated 31 August 2020 concerning
Institutions. the Establishment and Appointment of the Risk Monitoring
Committee, it is stipulated that the term of office of
Risk Monitoring Committee Member committee members shall not exceed the term of office of
the Board of Commissioners as stipulated in the Articles of
Criteria Association without prejudice to the right of the Board of
Based on the Risk Monitoring Committee Charter, Commissioners to dismiss them at any time. Furthermore,
Committee members must fulfill various criteria and based on the Decree of the Board of Commissioners
requirements. In addition to having independence, Number 012/SKE-DEKOM/MTF/IX/2025 dated 26
members of the Risk Monitoring Committee are required September 2025 concerning the Determination of Risk
to have, among others, integrity and knowledge of the Monitoring Committee Members.
business run by the Company. Membership requirements
of the Risk Monitoring Committee are as follows: The composition of the Risk Monitoring Committee
1. Committee members must have high integrity, ability, members in 2025 is as follows:
Name Position Basis of Appointment Term of Office Tenure
Subarna Chairman of the Decree of the Board of Commissioners Number 012/SKE- 26 September 1st
Risk Monitoring DEKOM/MTF/IX/2025 dated 26 September 2025 concerning 2025-September 2028
Committee/ the Determination of Risk Monitoring Committee Members
Independent
Commissioner
Fendy Eventius Member/Independent Decree of the Board of Commissioners Number 012/SKE- 26 September 2025-25 1st
Mugni Commissioner DEKOM/MTF/IX/2025 dated 26 September 2025 concerning September 2028
the Determination of Risk Monitoring Committee Members
Irwan Tri Nugroho Member/Independent Decree of the Board of Commissioners Number 012/SKE- 26 September 2025-25 2nd
Party DEKOM/MTF/IX/2025 dated 26 September 2025 concerning September 2028
the Determination of Risk Monitoring Committee Members
Indra Riyawan Member/Independent Decree of the Board of Commissioners Number 012/SKE- 26 September 2025-25 2nd
Party DEKOM/MTF/IX/2025 dated 26 September 2025 concerning September 2028
the Determination of Risk Monitoring Committee Members
Profiles of the Risk Monitoring Committee Member
The profile of Subarna as chairman and Fendy Eventius Mugni as member of the Risk Monitoring Committee can be seen
in the Board of Commissioners profile section in the Company Profile Chapter in this Annual Report. The profile of Indra
Riyawan as a member of the Committee can also be seen in the Audit Committee Profile Sub-Chapter. The following is
the profile of non-Commissioner Risk Monitoring Committee members from independent parties.
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Irwan Tri Nugroho
Member of Risk Monitoring Committee
Age: 41 Years | Citizenship: Indonesia
Domicile: Bantul Ragency
Legal Basis of Appointment
Decree of the Board of Commissioners Number 012/SKE-DEKOM/MTF/IX/2025 dated 26 September 2025 concerning the Determination of Risk Monitoring
Committee Members
Term of Office Certifications
26 September 2025-25 September 2028 QCRO Certification
Tenure Professional Background
2nd
• Lecturer in financial management at the Faculty of Economics and Business, Universitas
Sebelas Maret (UNS).
Educational Background • Guest lecturer and researcher at various universities both at home and abroad, Vice
• Doctor in Banking and Finance from the University of President of Programs and International Cooperation at the Indonesian Finance
Limoges, France (2014) Association (IFA).
• Master in Finance from Universitas Gadjah Mada
(2009)
• Bachelor in Management from Universitas Sebelas
Concurrent Position
Maret (2006) Does not hold concurrent position
Independence of the Risk Monitoring maximum period of 6 (six) months after the acquisition
Committee of the shares must transfer them to another party.
2. Has no family relationship by marriage and descent
Members of the Risk Monitoring Committee are to the second degree, either horizontally or vertically
professionals who meet the requirements of independence, with the Board of Commissioners, Board of Directors,
competence, experience, and integrity in carrying out or Major/Controlling Shareholders of the Company.
their duties and responsibilities. The establishment of the 3. Has no business relationship, either directly or
Risk Monitoring Committee is intended to ensure that indirectly related to the Company’s business, including
oversight of risk management is conducted objectively not receiving compensation from the Company and
and free from conflicts of interest. its subsidiaries other than compensation for services
received in connection with duties as a Committee
In performing its role, the Risk Monitoring Committee Member.
does not have any management, ownership, financial, or 4. Not an employee of the Public Accounting Firm,
other relationships with the Company that could affect Legal Consultant Firm, or other Parties that provide
its independence. All members of the Risk Monitoring audit services, non-audit services and or other
Committee carry out their duties in accordance with the consulting services to the Company within the last 6
prevailing laws and regulations as well as the Company’s (six) months before being appointed by the Board of
internal policies. Commissioners.
5. Not a person who has the authority and responsibility
In order to act independently, members of the Company’s to plan, lead, or control the Company within the last
Risk Monitoring Committee, especially from independent 1 (one) year before being appointed by the Board of
parties, are required to fulfill the following independence Commissioners, except for Committee members who
criteria: come from the Board of Commissioners.
1. Does not own shares of the Company, either directly The transparency of the independence of the Risk
or indirectly. In the event that a Committee Member Monitoring Committee is shown in the following table:
acquires shares as a result of a legal event, then within a
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Good Corporate Governance
Independence Aspect Subarna Fendy Indra Irwan Tri
Eventius Riyawan Nugroho
Mugni
Owns shares of the Company, either directly or indirectly x x x x
Has a family relationship with the Board of Commissioners, Board of Directors, or Majority/Controlling x x x x
Shareholders
Has a business relationship, either directly or indirectly related to the Company’s business x x x x
A person who provides audit, non-audit, or other consulting services to the Company within the last x x x x
six months.
A person who has the authority and responsibility to plan, lead or control the activities of the x x x x
Company.
Risk Monitoring Committee Charter
The Risk Monitoring Committee Charter was prepared 3. Monitoring the performance of the Risk Management
and approved by the Board of Commissioners in Jakarta work unit.
on February 14, 2025 based on Decree No. 006/SKE- 4. Reviewing risk profile reports and or risk level reports.
DEKOM/MTF/II/2025. The Charter regulates the position, 5. Reviewing reports on the Company’s financial
membership, authority, duties, and responsibilities of the soundness level.
Risk Monitoring Committee, and sets boundaries as well 6. Monitoring the adequacy of risk identification,
as governs the working relationship between the Risk measurement, monitoring, control processes, and risk
Monitoring Committee and other committees under the management information systems.
Board of Commissioners.
Division of Duties and Responsibilities of
Authority, Duties, and Responsibilities the Risk Monitoring Committee
of the Risk Monitoring Committee The scope of duties of each member of the Risk
The Risk Monitoring Committee has the authority to Monitoring Committee is formulated with reference to
access the Company’s documents, data, and information, the prevailing laws and regulations applicable to Non-
communicate directly with employees including the Board Bank Financial Institutions, including OJK Regulation
of Directors and parties performing internal audit and risk No. 28/POJK.05/2022 concerning the Assessment of
management functions, involve independent parties when Soundness Level of Non-Bank Financial Institutions and
necessary, and exercise other authorities granted by the OJK Regulation No. 44/POJK.05/2020 concerning the
Board of Commissioners. In carrying out its responsibilities, Implementation of Risk Management for Non-Bank
the Risk Monitoring Committee performs, among others, Financial Institutions. In addition, the implementation
the following duties: of the Risk Monitoring Committee’s duties is guided by
1. Directing risk management policies, strategies, and the Risk Monitoring Committee Charter established on
frameworks in line with the established risk appetite February 14, 2025. Based on this framework, the scope
and risk tolerance. of duties of the Risk Monitoring Committee is as follows:
2. Reviewing the conformity between the Company’s risk
management policies and their implementation.
Name Position Job Description
Subarna Chairman of the Risk Monitoring Direct the policy, strategy and risk management framework in accordance with the
Committee risk appetite and risk tolerance.
Fendy Eventius Mugni Member of the Risk Monitoring Monitor the implementation of the duties of the Risk Management work unit
Committee
Irwan Tri Nugroho Member of the Risk Monitoring • Review the Company’s financial health report
Committee • Review the conformity between the Company’s risk management policy and
the implementation of the policy
Indra Riyawan Member of the Risk Monitoring • Review the risk profile report and/or risk level.
Committee • Monitor the adequacy of the identification process as well as measure
monitoring, control, and risk management information system
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Competency Development of the Risk may include training, seminars, regulatory updates, and
Monitoring Committee other programs relevant to the Committee’s role.
To support the effective implementation of the risk
monitoring function, the Company provides various Details of training and competency development activities
competency enhancement programs for members of the attended by the Risk Monitoring Committee during 2025
Risk Monitoring Committee. These development activities are presented in the following table:
Name Training/Seminar Organizer Date
Indra Riyawan The Role of GRC in Enhancing Investor Confidence and Financial Sector Stability OJK Institute 25 February
Sustainability Accounting and Reporting in the Financial Service OJK Institute 6 March
Islamic Financial Product Innovation: The Role of Halal Ethics in Expanding Market Penetration OJK Institute 13 March
Outlook on the Future of Indonesia’s Gold Market: The Strategic Role of Bullion Bank OJK Institute 17 April
The Strategic Role of the Financial Services Industry in Encouraging Regional Economic OJK Institute 8 May
Development
Customer Experience: Strategies for Success in the Digital Era OJK Institute 22 May
Indonesia Sustainable Finance Diorama OJK Institute 3 June
The Future of Cybersecurity: Threats, Challenges, and Innovations OJK Institute 5 June
Secure Strategies for Crypto Asset and Digital Financial Transactions: Personal Data Protection OJK Institute 19 June
and the Impact of Biometric Technology in Indonesia
Idea Talks Volume 9: Banking Digitalization from Two Perspectives OJK Institute 23 June
Breaking the Scam Chain: Synergy and Consumer Protection Strategies in the Financial Sector OJK Institute 26 June
Driving Enterprise Value through Strategic Risk Oversight IKAI Indonesia 15 July
Building the Global Sustainable Islamic Finance Ecosystem OJK Institute 24 July
The Role of the Financial Services Industry in Supporting National Strategic Projects: Development OJK Institute 31 July
of 3 Million Houses
Mid-Year-Capital Market Review 2025: Market Performance Evaluation & Future Investment OJK Institute 7 August
Strategies
Geopolitical Dynamics & National Resilience: Strategies to Strengthen Indonesia’s Economy OJK Institute 14 August
GRC Summit OJK Institute 21 August
Achieving a Prosperous Old Age: Strategies to Increase Pension Participation in the Informal Sector OJK Institute 21 August
Strategies to Enhance Competitiveness and Deepen Islamic Banking & Islamic Capital Markets OJK Institute 28 August
Risk Appetite & Risk Culture: Key Pillars in Strengthening Risk Management in the Financial Sector OJK Institute 9 October
Irwan The Role of GRC in Enhancing Investor Confidence and Financial Sector Stability OJK Institute 25 February
Trinugroho
Outlook on the Future of Indonesia’s Gold Market: The Strategic Role of Bullion Bank OJK Institute 17 April
Insurance Revolution: How AI is Transforming the Underwriting and Optimizing Business Processes OJK Institute 24 April
The Domino Effect of Trump Tariffs: Threat or Opportunity for Indonesia’s Economy? OJK Institute 15 May
The Future of Cybersecurity: Threats, Challenges, and Innovations OJK Institute 5 June
Secure Strategies for Crypto Asset and Digital Financial Transactions: Personal Data Protection OJK Institute 19 June
and the Impact of Biometric Technology in Indonesia
Idea Talks Volume 9: Banking Digitalization from Two Perspectives OJK Institute 23 June
Breaking the Scam Chain: Synergy and Consumer Protection Strategies in the Financial Sector OJK Institute 26 June
Agentic in Finance: A New Era of Autonomous Decision-Making OJK Institute 3 July
The Role of the Financial Services Industry in Supporting National Strategic Projects: Development OJK Institute 31 July
of 3 Million Houses
Mid-Year-Capital Market Review 2025: Market Performance Evaluation & Future Investment OJK Institute 7 August
Strategies
Geopolitical Dynamics & National Resilience: Strategies to Strengthen Indonesia’s Economy OJK Institute 14 August
GRC Summit CRMS 21 August
Achieving a Prosperous Old Age: Strategies to Increase Pension Participation in the Informal OJK Institute 21 August
Sector
Strategies to Enhance Competitiveness and Deepen Islamic Banking & Islamic Capital Markets OJK Institute 28 August
Risk Appetite & Risk Culture: Key Pillars in Strengthening Risk Management in the Financial Sector OJK Institute 9 October
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Good Corporate Governance
of the Risk Monitoring Committee or, in the event the
Risk Monitoring Committee Meetings
Chairman is unable to attend, by a Committee member
The Risk Monitoring Committee convenes meetings appointed in writing.
periodically in accordance with supervisory needs over
the implementation of the Company’s risk management. A meeting of the Risk Monitoring Committee is deemed
Meetings of the Risk Monitoring Committee are held valid if attended by more than ½ (one half) of the total
on a quarterly basis and, in practice, may be conducted members, including at least one Commissioner and one
more frequently as required, including through previously independent party. As of December 31, 2025, the Risk
agreed monthly meetings. In conducting the meetings, Monitoring Committee has held 5 (five) meetings. The
the Chairman invites all members of the Risk Monitoring minutes of meetings and the recapitulation of attendance
Committee as well as relevant members of the Board of of the Risk Monitoring Committee members are presented
Commissioners. The meeting is chaired by the Chairman as follows
Attendance Frequency
Name Position Total Mandatory Meeting Total Attendance Attendance (%)
Subarna Chairman 4 4 100
Fendy Eventius Mugni Member 3 3 100
Irwan Tri Nugroho Member 5 5 100
Indra Riyawan Member 5 5 100
Minutes of Meetings and Attendance of the Risk Monitoring Committee in 2025
Date Agenda Meeting Participant Description
26 February 2025 • Risk Appetite Statement Risk Monitoring -
• Financial Soundness Level as of December 2024 Committee
• Corporate Risk Management
• Operational Risk
10 June 2025 • Risk Appetite Statement Risk Monitoring -
• Retail Restructured Debtor Portfolio Committee
• Corporate Risk Management
• Duties and Responsibilities of the Board of Commissioners
08 July 2025 • Explanation of the June 2025 Payroll Error Incident Risk Monitoring -
• Evaluation of Risk Management Policy in Credit Disbursement and Its Mitigation Committee
• Overview of Coordination of Risk Management Policies across Branch Offices
29 September 2025 • Summary of Risk Monitoring Committee Meetings in July and September 2025 Risk Monitoring -
• Risk Appetite Statement Committee
• Maximum Financing Limit
• Corporate Fleet Portfolio
• Corporate Fleet Restructured Debtor Portfolio
• Presentation on Operational Risk
24 November 2025 • Follow-up to the Risk Monitoring Committee Meeting dated September 29, 2025 Risk Monitoring -
• Risk Maturity Index Assessment Results Committee
• Risk Appetite Statement
• Company Financial Soundness Level
• Corporate Risk
• Restructured Debtor Portfolio
Remuneration Policy
The remuneration policy of the Nomination and Remuneration Committee refers to the policy of PT Bank Mandiri (Persero)
Tbk as the Majority and Controlling Shareholder of the Company.
Brief Report on the Implementation of Duties and Activities of the Risk
Monitoring Committee in 2025
To strengthen risk management within the Company, 4. Reviewing risk profile and or risk level reports.
the work programs carried out by the Risk Monitoring 5. Reviewing reports on the Company’s financial
Committee in 2025 included the following: soundness level.
1. Directing risk management policies, strategies, and 6. Monitoring the adequacy of risk identification,
frameworks in accordance with the established risk measurement, monitoring, control processes, and risk
appetite and risk tolerance. management information systems.
2. Reviewing the alignment of the Company’s risk 7. Discussing the Risk Appetite Statement (RAS).
management policies. 8. Reviewing the Integrated Risk Profile.
3. Monitoring the implementation of duties of the risk
management work unit.
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Supporting Organs of the Board of Directors
In supporting the implementation of Good Corporate comply with regulatory requirements and those formed
Governance principles, the Board of Directors is assisted based on the Company’s business management needs.
by various supporting organs, both those established to These supporting organs are described as follows:
Board Of Directors
Corporate
Secretary
Risk Internal
Management Committees
Audit
Risk Information
Credit Anti-fraud
ALCO Management Technology Steering
Committtee Committee
Committee Committee
Committees Under the Board of Directors
A. Asset And Liability Committee (ALCO)
The Asset and Liability Committee (ALCO) was established liquidity management, interest rate determination, and
to assist the Board of Directors in determining and other aspects associated with the structure of assets and
overseeing the Company’s asset and liability management liabilities, in order to ensure a balance between risk and
strategy. ALCO plays a role in decision-making related to the Company’s financial performance.
ALCO Membership in 2025
Position Served by
Chairman President Director
Permanent Voting Member 1. President Director
2. Corporate Finance & Risk Management Director
3. Sales & IT Director
Permanent Non-Voting Member 1. Chief Risk Management
2. Chief Marketing
3. Chief AR Management & General Service
4. Retail Risk Management Division Head
5. Treasury & Finance Division Head
6. Corporate Planning & Performance Management Division Head
7. Operational & Corporate Risk Management Division Head
8. Strategic Marketing & Communication Division Head
9. Accounting, Tax, & Financial Planning Division Head
Secretary Retail Risk Management Division Head
Secretary Alternative 1 Treasury & Finance Division Head
Secretary Alternative 2 Corporate Planning & Performance Management Division Head
Impermanent Non-Voting Invitee Division Head and/or Department Head related to the material who attended as an invitee
Duties and Responsibilities of ALCO 4. Manage assets and liabilities that are sensitive to
1. Establish, develop, and review Asset & Liability changes in interest rates and manage the impact of
Management (ALM) strategies. these changes to maximize interest income.
2. Evaluate and monitor pricing so that the business can 5. Manage market and liquidity risk as a consideration
be run with the aim of benefiting the Company. for management to determine the level of exposure
3. Monitor the liquidity limit that must be available in to Market Risk and Liquidity Risk.
accordance with the Company’s needs.
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Good Corporate Governance
6. Liaise with other units on financial and budget found in the Board of Directors Profile section in the
planning, new product development, portfolio Company Profile chapter of this Annual Report.
management, capital adequacy and steady growth. 2. Permanent Non-Voting Member
7. Make strategic decisions in the field of asset and The profiles of Devi Maladianti, Afri Feder Fauzi, and
liability management, but not beyond the authority of B. Perana Citra Ketaren as permanent non-voting
the Board of Directors such as setting limits relating to members of the ALCO Committee can be found in
Liquidity Risk and Market Risk in accordance with the the Profile of Chief Executive Officers section in the
overall risk taking policy. Company Profile chapter of this Annual Report. In
addition, the profiles of Vitriati Hartika as permanent
Profiles of ALCO Members non-voting members of the ALCO Committee can be
1. Permanent Voting Member found in the Profile of the Head of Risk Management
The profiles of Pinohadi G. Sumardi, R. Eryawan section of this chapter.
Nurhariadi, and William Francis Indra as permanent
voting members of the ALCO Committee can be The following is the profiles of the non-voting permanent
members of the ALCO Committee.
Age: 51 Years
Ramdhan Safitri Citizenship: Indonesia
Treasury & Finance Division Head Domicile: Bekasi Regency
Legal Basis of Appointmnet
0024/SK-HRS/ HC/I/2016
Educational Background Professional Background
Bachelor in Computer Science majoring in Informatics • Treasury & Finance Division Head PT Mandiri Tunas Finance (2018-present)
Engineering from Universitas Bina Nusantara (1998) • Finance & Accounting Division Head PT Mandiri Tunas Finance (2016-2018)
• Regional Manager PT Mandiri Tunas Finance (2013-2016)
• Information Technology Division Head PT Mandiri Tunas Finance (2009-2013)
Certification • IT Manager PT Mandiri Tunas Finance (2008-2009)
Basic Financing Certification-Managerial (2023)
• Software Manager PT Mandiri Tunas Finance (1997-2008)
Concurrent Position
Does not hold concurrent position
Citra Judith Lupitadevi Age: 41 Years
Corporate Planning & Citizenship: Indonesia
Performance Management Division Head Domicile: South Tangerang
Legal Basis of Appointmnet
00403/SK-HCP.SVC/ HC/01/2018
Educational Background Professional Background
• Master in Technology Management from Institut • Corporate Planning & Performance Management Division Head PT Mandiri Tunas
Teknologi Sepuluh Nopember (2022) Finance (2021-present)
• Bachelor in Economics from Universitas Airlangga • Strategic Business Initiative Division Head PT Mandiri Tunas Finance (2018-2021)
(2009) • Corporate Secretary & Legal Compliance Division Head PT Mandiri Tunas Finance
• Bachelor in Industrial Engineering from Institut (2017-2018)
Teknologi Sepuluh Nopember (2006) • Business Excellence Management Division Head PT Mandiri Tunas Finance (2016-2017)
• Business Initiative Development Department Head PT Mandiri Tunas Finance
Certification (2015-2016)
Basic Financing Certification-Managerial (2023) • New Business Initiative & Alliance Project Manager PT Mandiri Tunas Finance
(2011-2014)
Concurrent Position
Does not hold concurrent position
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Ruly Widyanto Age: 43 Years
Citizenship: Indonesia
Strategic Marketing & Communication
Domicile: Bandung
Division Head
Legal Basis of Appointmnet
00030/SK-HCP.HCS/HC/II/2025
Educational Background Professional Background
Bachelor in Management from Universitas Diponegoro • Strategic Marketing & Communication Division Head PT Mandiri Tunas Finance
(2004) (2025-present)
• Multiguna Division Head PT Mandiri Tunas Finance (2020-2025)
Certification • Operation Support Management Division Head PT Mandiri Tunas Finance (2019-2020)
Basic Financing Certification-Managerial (2024) • Deputy Operation Support Management PT Mandiri Tunas Finance (2019)
• Branch Manager PT Mandiri Tunas Finance (2017-2019)
• Credit Development Department Head PT Mandiri Tunas Finance (2016-2017)
• Branch Manager PT Mandiri Tunas Finance (2014-2016)
• Area Credit Manager PT Mandiri Tunas Finance (2012-2016)
Concurrent Position
Does not hold concurrent position
Rina Floriana Rustika Age: 57 Years
Citizenship: Indonesia
Accounting & Tax Division Head
Domicile: Kota Depok
Legal Basis of Appointmnet
036/PKWT/HC/HO/III/2025
Educational Background Professional Background
Bachelor in Accounting from Universitas Negeri Jakarta • Accounting & Tax Division Head PT Mandiri Tunas Finance (2025-present)
(1991) • Accounting, Tax & Financial Planning Division Head PT Mandiri Tunas Finance (2022-
2025)
Certification • Accounting Department Head PT Mandiri Tunas Finance (2016-2022)
Basic Financing Certification-Managerial (2023)
Concurrent Position
Does not hold concurrent position
ALCO Meeting
ALCO Meeting is a forum for Committee members to the number of Permanent Voting Members appointed.
discuss any policies and strategic decisions concerning Decision-making of ALCO meetings shall be based on
the management of the Company’s assets and liabilities. deliberation to reach a consensus as stated in the minutes
This meeting is held with a frequency of at least once in 1 of the meeting.
(one) month.
As of 31 December 2025, ALCO meetings have been
The meeting is chaired by the Chairman of ALCO, if the held 12 (twelve) times, in accordance with the provisions
Chairman is absent then the meeting may be chaired by and mechanisms applicable in the Company. Some of the
a designated Permanent Voting Member. ALCO meetings discussions held in the ALCO meeting were related:
are considered valid if attended by more than 50% of
PT Mandiri Tunas Finance
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Good Corporate Governance
Place & Date Agenda Participant Attendance Percentage (%)
Jakarta, 22 January 2025 • Economic Outlook & Macroeconomic Forecast for December 2024 100
• Pricing Development for December 2024
• Liquidity Projection for January 2025
Jakarta, 20 February 2025 • Economic Outlook & Macroeconomic Forecast for January 2025 75
• Pricing Development for January 2025
• Liquidity Projection for February 2025
Jakarta, 18 March 2025 • Economic Outlook & Macroeconomic Forecast for February 2025 92
• Pricing Development for February 2025
• Liquidity Projection for March 2025
Jakarta, 24 April 2025 • Economic Outlook & Macroeconomic Forecast for March 2025 92
• Pricing Development for March 2025
• Liquidity Projection for April 2025
Jakarta, 26 May 2025 • Economic Outlook & Macroeconomic Forecast periode April 2025 100
• Perkembangan Pricing periode April 2025
• Proyeksi Likuiditas Mei 2025
Jakarta, 16 June 2025 • Economic Outlook & Macroeconomic Forecast for May 2025 100
• Pricing Development for June 2025
• Liquidity Projection for June 2025
Jakarta, 21 July 2025 • Economic Outlook & Macroeconomic Forecast for June 2025 100
• Pricing Development for June 2025
• Liquidity Projection for July 2025
Jakarta, 28 August 2025 • Economic Outlook & Macroeconomic Forecast for July 2025 92
• Pricing Development for July 2025
• Liquidity Projection for August 2025
Jakarta, 15 September • Economic Outlook & Macroeconomic Forecast for August 2025 92
2025 • Pricing Development for August 2025
• Liquidity Projection for September 2025
Jakarta, 24 October 2025 • Economic Outlook & Macroeconomic Forecast for September 2025 92
• Pricing Development for October 2025
• Liquidity Projection for October 2025
Jakarta, 17 November • Economic Outlook & Macroeconomic Forecast for October 2025 92
2025 • Pricing Development for November 2025
• Liquidity Projection for November 2025
Jakarta, 15 December • Economic Outlook & Macroeconomic Forecast for November 2025 83
2025 • Pricing Development for November 2025
• Liquidity Projection for December 2025
Brief Report on the Implementation of
ALCO Committee Duties in 2025
Throughout 2025, ALCO has performed its functions, as 2. Conducted liquidity analysis, particularly analysis
follows: of sources and projected use of funds.
1. Analyzed and presented the analysis results of 3. Analyzed MTF’s pricing conditions including the
national and global economic conditions for the realization of pricing for each product.
determination of Company strategy. 4. Established a financing strategy to increase
market penetration.
B. Credit Committee
The Credit Committee serves as a financing decision- of the Head Office Credit Committee and the Branch or
making forum established to support the Board of Directors Unit Credit Committee. Members of the Credit Committee
in carrying out the credit approval function in accordance are appointed by the Board of Directors and granted
with the authority limits of each official. Such authority WMP authority according to their respective positions and
is granted through the Decree on Financing Approval functions.
Authority (Wewenang Memutus Pembiayaan or WMP),
which regulates limits and responsibilities within the The Branch Credit Committee for new credit approvals
Company’s credit approval process. consists of the Credit Head, Sales Head, and Branch
Manager. The Credit Head provides recommendations
Membership of the Credit Committee based on analysis results and records decisions in the E-Star
The structure of the Company’s Credit Committee consists system through the Request for Credit Approval (RCA)
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under the Credit Process menu. The Sales Head reviews The Risk Management Committee supports the Board of
rejection decisions made by the Credit Head in accordance Directors, particularly the President Director, in ensuring
with the Four Eye Principle. The Branch Manager holds the that risk management is implemented consistently, in
authority limit to grant credit approval decisions. an integrated manner, and aligned with the Company’s
strategy and risk profile. The risks managed include, among
The Head Office Credit Committee for new credit approvals others, strategic risk, operational risk, credit risk, market risk,
consists of the retail sales function represented by the liquidity risk, legal risk, compliance risk, and reputational
Regional Manager, the credit function represented by the risk.
Area Credit Manager and Credit Management Division
Head, and the Board of Directors. The duties and responsibilities of the Risk Management
Committee are to provide recommendations to the
Duties and Responsibilities of the Credit Committee President Director regarding the implementation of the
In every credit approval decision, the Credit Committee Company’s Risk Management, which include::
must perform its role as a risk control and credit management 1. Formulation of policies, strategies, and guidelines
control mechanism of the Company. This role is intended to for the implementation of Risk Management.
ensure that each financing decision is made prudently, in 2. Improvement or adjustment of Risk Management
a measured manner, and aligned with the Company’s risk implementation based on evaluation results.
management policies. 3. Determination of matters related to business
decisions that deviate from normal procedures.
As a risk management control mechanism, the Credit 4. Preparation of summaries of recommendations,
Committee implies that: follow-ups, and or results of Risk Management
· Each financing approval granted by the Credit implementation.
Committee constitutes a statement that the
approved customer is considered feasible. Membership of the Risk Management Committee
· Each financing approval represents the Credit Chairman:
Committee’s decision to allocate funds to Corporate Finance & Risk Management Director.
financing with risks that have been mitigated.
Permanent Members:
As a credit management control process, the Credit 1. Sales & IT Director
Committee implies that: 2. Chief Bidang Risk Management
· Each approval forms part of the overall credit 3. Retail Risk Management Division Head
process control. 4. Corporate Secretary Division Head
· It determines and ensures that credit granting 5. Operational & Corporate Risk Management
procedures are carried out properly in accordance Division Head
with established procedures. 6. Legal & Litigation Division Head
Profile of Credit Committee Members Non-Permanent Members:
As described in the Membership of the Credit Committee Senior officers invited based on the relevance of the agenda
section, the Company’s Credit Committee structure consists discussed.
of the Head Office Credit Committee and the Branch or
Unit Credit Committee, with members primarily appointed Profile of Risk Management Committee Members
by the Board of Directors and granted authority through The profiles of R. Eryawan Nurhariadi as Chairman, and
WMP determination. Considering that Credit Committee William Francis Indra and Devi Maladianti as permanent
membership is functional and dynamic, and adjusted to the members of the Risk Management Committee, are
organizational structure and prevailing authority limits, the presented in the Profile of Directors and Executive Officers
profiles of individual Credit Committee members are not section under the Company Profile chapter of this Annual
disclosed separately in this report. Report. The profile of Vitriati Hartika as a permanent
member of the Risk Management Committee is presented
in the Risk Management Head Profile section in this chapter.
C. Risk Management Committee The profile of Dadan Hamdhani is presented in detail in the
As the Company’s business scale and operational Corporate Secretary Profile section in this chapter.
complexity continue to grow, the risk profile it faces has
become increasingly diverse and dynamic. To ensure that The following are the profiles of the non-Director permanent
all potential risks are managed in a structured and effective members of the Risk Management Committee.
manner, the Company has established a Risk Management
Committee as a supporting organ of the Board of Directors
in overseeing and managing risks comprehensively.
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Arief Aphrian Lambri Age: 51 Years
Citizenship: Indonesia
Legal & Litigation Division Head Domicile: South Jakarta Administrative City
Legal Basis of Appointmnet
00273/SK-HCP.HCS/HC/I/2025
Educational Background Professional Background
• Master in Notary from Universitas Indonesia (2021) • Legal & Litigation Division PT Mandiri Tunas Finance (2024-present)
• Bachelor in Law from Universitas Indonesia (1999) • Legal Division PT Mandiri Tunas Finance (2022-2024)
• Corsec & Compliance Senior Manager PT Chandra Sakti Utama Leasing (2010-2022)
Certification • Legal & Contract Executive PT ABB Sakti Industri (2009-2010)
Sertifikasi Dasar Pembiayaan-Managerial (2024) • Senior Associate Lawyer Thamrin & Rachman Lawfirm (2006-2009
• Managing Associate Lawyer-Hamdan, Sudjana, Januardi & Partners (2000-2004)
Concurrent Position
Does not hold concurrent position
Risk Management Committee Meeting
1. Risk Management Committee meetings are held 4. The results of the Risk Management Committee
periodically (at least 4 times a year). Meeting are set forth in the minutes of the
2. Risk Management Committee meetings can be meeting signed by all members of the Risk
held if attended by more than ½ (one-half) of Management Committee present.
the members including the Chairman of the Risk
Management Committee. As of 31 Desember 2025, the company has held Risk
3. The meeting is chaired by the Head of Risk Management Committee Meetings as many as 4 (four)
Management, if the Head is unable to attend, times with the summary of the agenda as follows:
the meeting can be chaired by an appointed
member.
Place & Date Agenda Participant Attendance
Percentage (%)
BOD Meeting Room, Floor 3A · Update on POJK No. 42 of 2024 100
Tuesday, 18 March 2025 · Update on trends in complaint reports and negative news coverage
· Update on operational risk quality assurance and long-term action plan
· Risk status and monitoring action plan for Corporate Fleet debtors
BOD Meeting Room, Floor 3A · Risk Appetite Statement (RAS) May 2025 100
Tuesday, 17 June 2025 · Customer complaint trends
· Negative media coverage
· Presentation of quality assurance results and RCSA Q1 2025
· Corporate Fleet dashboard
· Follow-up on External Audit of individual CKPN
· Industry outlook for the nickel and coal sectors
BOD Meeting Room, Floor 3A · Second stress test in 2025 100
Thursday, 25 August 2025 · Corporate Fleet dashboard
· Operational loss
· Business Continuity Management (BCM)
· Trends in customer complaint reports
· Negative media coverage
BOD Meeting Room, Floor 3A · Update on the implementation of readiness procedure testing in the 100
Monday, 3 November 2025 Jayapura area
· Progress of control testing for the retail segment
· Summary of Financial Soundness Level 2025
· Presentation of recovery plan
· Presentation of Risk Maturity Index 2025
· Trends in customer complaint reporting Q3 2025
· Negative media coverage
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Brief Report on the Implementation of Duties of Risk Management Committee
Throughout 2025, the Risk Management Committee performed its functions as follows:
1. Supervised the implementation of risk management policies and procedures
2. Identified potential risks that may affect the company
3. Developed strategies and plans to manage risks, including mitigation, transfer, acceptance, or avoidance of
risks
4. Ensured that risk management strategies are aligned with organizational objectives and strategies
5. Provided regular reports to the Board of Directors on the status of risk and the effectiveness of the risk
management program
6. Ensured that risk information is effectively communicated to all interested parties.
D. Anti-Fraud Committee
In line with the implementation of Financial Services that the Anti-Fraud Strategy is implemented effectively
Authority Regulation No. 12 of 2024 enacted on July and in an integrated manner across all organizational
31, 2024, and the Company’s commitment to Good levels.
Corporate Governance, Mandiri Tunas Finance has
established an Anti-Fraud Committee. The establishment The Anti-Fraud Committee reflects Management’s
of this Committee is intended to assist the Board of commitment to fostering a culture of integrity and
Directors and the Board of Commissioners in ensuring strengthening comprehensive fraud prevention and
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Good Corporate Governance
handling efforts. The membership of the Anti-Fraud Profile of Anti-Fraud Committee Members
Committee is determined by considering the roles The profile of Dadan Hamdhani as Chairman of the Anti-
and functions of work units directly involved in the Fraud Committee is presented in the Corporate Secretary
prevention, detection, investigation, and follow-up of Profile section, and the profile of Bayu Mario as Vice
fraud indications within the Company. Chairman of the Anti-Fraud Committee is presented in the
Internal Audit Head Profile section of this Annual Report.
The composition of the Company’s Anti-Fraud Committee
is as follows: In addition, the profile of Makah Indra Purnomo as a
1. Chairman of the Anti-Fraud Committee: Member of the Anti-Fraud Committee is presented in
Corporate Secretary Division Head the Nomination and Remuneration Committee Member
2. Vice Chairman of the Anti-Fraud Committee: section, the profile of Vitriati Hartika as a Member of
Corporate Audit Division Head the Anti-Fraud Committee is presented in the Risk
3. Members of the Anti-Fraud Committee: Management Head Profile section, and the profile of Arief
a. Human Capital Division Head Aphrian Lambri as a Member of the Anti-Fraud Committee
b. HC Learning Division Head is presented in the Risk Management Committee Member
c. Recovery & Litigation Division Head Profile section in this chapter.
d. Retail Risk Management Division Head
e. Corporate Risk Management Division Head
f. Legal Division Head
Duties and Responsibilities of the Anti-Fraud e. Adequacy of supervision and availability of control
Committee tools.
The Anti-Fraud Committee was established to carry out f. Potential prevention of fraud in the future.
control and oversight functions over the Company’s risk 4. Monitoring compliance with the implementation of
management, particularly in relation to potential and actual work ethics.
fraud incidents. The Committee plays a role in ensuring that 5. Conducting comprehensive and continuous evaluation
any indication and occurrence of fraud detected through of fraud data and incidents.
the Company’s reporting mechanisms are handled properly, 6. Establishing corrective actions, controls, and business
in a coordinated manner, and in accordance with prevailing process improvements to prevent recurrence of fraud
regulations. In performing its duties, the Anti-Fraud incidents.
Committee is responsible for coordinating prevention,
detection, investigation, and follow-up actions related to Anti-Fraud Committee Meetings
fraud incidents, while ensuring the effective implementation In line with its duties and responsibilities, Anti-Fraud
of the Anti-Fraud Strategy within the Company. Committee meetings serve as a forum to discuss all fraud
indications detected through the Company’s fraud detection
The detailed duties and responsibilities of the Anti-Fraud mechanisms, including the Whistleblowing System, Fraud
Committee are as follows: Detection System, and Surprise Audits. Discussions are
1. The Anti-Fraud Committee is directly accountable to conducted with all members of the Anti-Fraud Committee
the President Director. and involve relevant work units based on the characteristics
2. Preparing summaries of the evaluation results of the of the cases discussed.
implementation of the Anti-Fraud Strategy, including
reporting fraud findings as a basis for reporting to the During the meetings, the Anti-Fraud Committee reviews
Board of Directors and the Board of Commissioners. preliminary analysis results along with supporting evidence
3. Discussing fraud incidents by considering factors such to assess the level of risk and materiality of the fraud
as: indications identified. The outcomes of the discussions
a. Root causes of fraud incidents, whether related to form the basis for determining follow-up actions, which may
personnel, systems, procedures, or external parties. include conducting special investigations, recommending
b. Financial impact incurred by both internal and sanctions, and formulating improvement plans to address
external parties. identified control weaknesses.
c. The ability and willingness of the relevant work unit
to comply with applicable provisions. As of 31 December 2025, the Anti-Fraud Committee
d. Frequency and likelihood of recurrence of similar convened 4 (four) meetings in accordance with the
incidents.
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Company’s prevailing mechanisms. The matters discussed E. Information Technology Steering
in the Anti-Fraud Committee meetings included: Committee
1. Discussion of fraud indications detected by the In supporting the effective implementation of the duties
Company’s fraud detection tools. and responsibilities of the Board of Directors, the Company
2. Monitoring and evaluation of fraud cases. has established a committee tasked with assisting the
Board of Directors in providing direction and monitoring
Brief Report on the Implementation of Anti-Fraud the implementation of the framework, policies, and risk
Committee Duties in 2025 management practices related to the use of Information
The Anti-Fraud Committee has carried out its function Technology. The establishment of this committee is
as controller and executor of the Company’s Anti-Fraud intended to ensure that the utilization of Information
Strategy by implementing the 4 pillars of the Anti- Technology is managed in a reliable, secure manner and
Fraud Strategy, aligned with Financial Services Authority aligned with the Company’s strategy and business needs.
Regulation No. 12 of 2024, as detailed below:
The implementation of Information Technology risk
• Pillar 1-Prevention management refers to Financial Services Authority
Implementation of activities to enhance employee Regulation No. 4/POJK.05/2021, as part of the Company’s
awareness of fraud through socialization programs efforts to support business development, maintain service
and anti-fraud publications to internal and external continuity, and ensure sustainable service quality for
stakeholders, as well as integrity declarations by all debtors.
employees of the Company.
• Pillar 2-Detection Duties and Responsibilities of the Information
Utilization of the Company’s fraud detection tools such Technology Steering Committee
as the Whistleblowing System, Fraud Detection System, The duties and responsibilities of the Information
Surprise Audits, and Surveillance System to identify Technology Steering Committee are to provide
fraud indications at an early stage. recommendations to the Board of Directors regarding the
• Pillar 3-Investigation, Reporting, and Sanctions implementation of information technology, which include:
Under this pillar, investigations are conducted when 1. Information Technology development plans aligned
deeper examination of fraud indications identified with business activities.
by the Company’s detection tools is required. The 2. Formulation of Information Technology policies and
Company also reports the implementation of the Anti- procedures.
Fraud Strategy to management, regulators, and other 3. Alignment between the implementation of approved
relevant parties. Sanctions are imposed on employees Information Technology projects and the Information
involved in fraud to create a deterrent effect and prevent Technology development plan.
future occurrences. 4. Alignment of Information Technology with management
• Pillar 4-Monitoring, Evaluation, and Follow-Up information system requirements and business activity
This pillar focuses on monitoring and evaluating overall needs.
weaknesses that may lead to fraud and implementing 5. Effectiveness of risk mitigation related to investments
corrective actions to address such weaknesses and in the information technology sector to ensure such
prevent recurrence. investments contribute to the achievement of business
objectives.
6. Monitoring Information Technology performance and
initiatives to enhance its performance.
7. Resolution of various Information Technology-related
issues that cannot be effectively, efficiently, and timely
resolved by the relevant work units.
8. Adequacy and allocation of Information Technology
resources.
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Good Corporate Governance
Membership of the Information Technology Steering
Committee In addition, the profiles of other permanent members
The membership of the Information Technology Steering of the Information Technology Steering Committee
Committee is as follows: are presented in other sections of this Good Corporate
1. Chairman: Governance chapter. These include the profiles of Ruly
Director of Information Technology Widyanto and Rina Floriana Rustika in the ALCO Member
2. Permanent Members: Profile section, the profile of Vitriati Hartika in the Risk
a. Chief of Risk Management Management Head Profile section, and the profile of
b. Information Technology Division Head Kanda Octaviano in the Information Technology Division
c. Retail Risk Management Division Head Establishment section as the IT Managing Division.
d. Operational & Corporate Risk Management
Division Head Information Technology Steering Committee
e. Strategic Digital Deputy Division Head Meetings
f. Strategic Marketing & Communication Division 1. The Information Technology Steering Committee
Head meetings are conducted periodically, at least 4 times
g. Corporate Planning & Performance Management per year.
Division Head 2. Meetings may be convened if attended by more
h. Information Technology Deputy Division Head than ½ (one half) of the total members, including the
3. Non-Permanent Members: Chairman of the Information Technology Steering
Senior officers invited based on the relevance of the Committee.
agenda discussed. 3. Meetings are chaired by the Chairman, and in the
event the Chairman is unable to attend, the meeting
Profile of the Information Technology Steering may be chaired by an appointed member.
Committee Members 4. The results of the meetings are documented in minutes
The profile of William Francis Indra as Chairman of the signed by all attending members of the Information
Information Technology Steering Committee is presented Technology Steering Committee.
in the Directors Profile section. The profiles of R. Eryawan
Nurhariadi and Devi Maladianti as Permanent Members As of 31 December 2025, the Company has conducted
are presented in the Directors and Executive Officers 4 (four) meetings of the Information Technology Steering
Profile sections under the Company Profile chapter of this Committee with the following summary of agendas:
Annual Report.
Participant Attendance Percentage
Place & Date Agenda
(%)
Graha Mandiri, 25 February 2025 • Update on Infrastructure, Security, and Development Q1 2025
• Update on IT Projects
62.5
• Update on Digitalization Q1 2025
• Update on Risk Profile Q1 2025
Graha Mandiri, 9 April 2025 • Recommendation on IT & Digital Strategic Plan 2025–2027 62.5
Graha Mandiri, 20 August 2025 • Update on IT Projects 2025
• Update on Infrastructure, Security, and Development Q3 2025
100
• Update on Digitalization Q3 2025
• Update on Risk Profile Q3 2025
Graha Mandiri, 11 November 2025 • Realization of IT & Digital Strategic Plan 2025
• Review of IT Infrastructure, Security, and Development Q4 2025
75
• Update on Digitalization Q4 2025
• Update on Risk Profile Q4 2025
Brief Report on the Implementation of the Information Technology Steering Committee’s Tasks in 2025
During 2025, the Information Technology Steering Committee convened 4 (four) meetings to discuss matters related to the
2025-2027 IT and Digital strategic planning, IT and digitalization-related projects, system performance and capacity, as well as
system security.
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F. Corporate Secretary
The Corporate Secretary is a supporting organ of the Board Qualifications of the Corporate Secretary
of Directors that serves as a liaison between the Company The Corporate Secretary is responsible for supporting
and its stakeholders. This role includes managing corporate the consistent maintenance of the Company’s reputation
communications, ensuring the timely and accurate and corporate image through effective, coordinated, and
disclosure of material information, and fulfilling disclosure accountable communication with all stakeholders. This role is
obligations in accordance with regulatory requirements. The carried out as part of the implementation of Good Corporate
Corporate Secretary plays an important role in maintaining Governance, particularly in ensuring relevant information
the Company’s credibility and transparency. disclosure, compliance with applicable regulations, and
smooth coordination among the Company’s organs. To
Authority to Appoint and Dismiss the Corporate Secretary perform this role effectively, the Corporate Secretary must
The appointment and dismissal of the Corporate Secretary meet at least the following requirements:
are carried out based on a resolution of the Board of
Directors with due regard to prevailing laws and regulations, 1. Legally competent to perform legal acts.
namely Financial Services Authority Regulation (POJK) No. 2. Possess knowledge and understanding in the fields of
35 of 2014 concerning Corporate Secretaries of Issuers or law, finance, and corporate governance.
Public Companies Article 3 paragraph (1), as well as the 3. Understand the Company’s business activities.
Company’s internal mechanisms, and are implemented with 4. Possess good communication skills.
the approval of the Board of Commissioners. In performing 5. Domiciled in Indonesia.
his or her duties, the Corporate Secretary is accountable
and reports directly to the President Director. The Corporate
Secretary is prohibited from holding concurrent positions in
other issuers or public companies.
Dadan Hamdhani
Corporate Secretary
Age: 51 Years | Citizenship: Indonesia
Domicile: South Tangerang City
Legal Basis of Appointment
Board of Directors’ Decision Letter No. 00131/SK-HCP.SVC/HC/III/2024
Term of Office Professional Background
Since 1 April 2024 • Corporate Secretary Division Head PT Mandiri Tunas Finance (2024-present)
• Human Capital Learning Division Head PT Mandiri Tunas Finance (2023-2024)
• Human Capital Recruitment & Industrial Relation Department Head PT Mandiri Tunas
Tenure Finance (2020-2023)
1st • Human Resources Operations Department Head PT Mandiri Tunas Finance (2013-2020)
• Human Capital Personnel Department Head PT Wahana Ottomitra Multiartha Tbk
Educational Background (2005-2013)
Bachelor in Law from Universitas Langlangbuana (2002)
Concurrent Position
Certification Does not hold concurrent position
• Human Capital Sertification
• Basic Financing Certification Training-Managerial
• Certified Anti Fraud Governance
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Organizational Structure of the Corporate Secretary
Within the Company’s organizational structure, the managing corporate information, providing administrative
Corporate Secretary is positioned as a supporting function support to the Company’s organs, as well as strengthening
of the Board of Directors and reports directly to the integrity and compliance controls. Through this function,
President Director. This function oversees the Corporate the Company ensures that disclosure obligations and
Communication Department Head, Office of the Board regulatory compliance are implemented in a coordinated
Department Head, and Anti-Fraud Department Head, and consistent manner.
each of whom carries out specific roles in accordance with
the Company’s governance mandate. The number of employees within the Corporate Secretary
Division as of the end of 2025 is as follows:
The placement of the Corporate Secretary within this
structure is intended to ensure effective coordination in
Position Number of Employees (people)
Division Head 1
Deputy Division Head 1
Department Head 2
Section Head 11
Staff - Officer 1
Total 16
Corporate Secretary Charter b. Timely submission of reports to the Financial
To support the implementation of the duties and functions Services Authority;
of the Corporate Secretary, in 2025 the Company c. Organization and documentation of the General
established the Corporate Secretary Charter through SOP Meeting of Shareholders;
No. 03/PGN/06/2025 issued on December 29, 2025 and d. Organization and documentation of meetings
approved by the Board of Directors. of the Board of Directors and or the Board of
Commissioners; and
Functions and Duties of the Corporate Secretary e. Implementation of orientation programs for
The functions, duties, and responsibilities of the Corporate members of the Board of Directors and or the
Secretary are as follows: Board of Commissioners.
i. To act as a liaison between the Company and its
Function Shareholders, the Financial Services Authority,
To plan, coordinate, and control all aspects of the and other Stakeholders.
Company’s activities, including corporate communication, ii. To plan, coordinate, and ensure the
corporate social responsibility, handling of customer implementation of Corporate Actions such as
complaints, corporate actions, regulatory compliance, the General Meeting of Shareholders, Public
and the implementation of Good Corporate Governance, Expose, CSR programs, dividend distribution,
including serving as a liaison with shareholders, and bond or MTN issuance to ensure proper
stakeholders, and regulators to enhance governance and and smooth execution.
regulatory compliance. iii. To ensure that the Company’s articles of
association, licenses, and agreements comply
Duties and Responsibilities with prevailing regulations.
1. To monitor developments in the Capital Market, iv. To supervise and coordinate the whistleblowing
particularly prevailing laws and regulations in the system to enhance the effectiveness of internal
Capital Market sector. control.
2. To provide input to the Board of Directors and the v. To ensure that the People Management
Board of Commissioners to ensure compliance with function within the Corporate Secretary Division
Capital Market laws and regulations. operates effectively.
3. To assist the Board of Directors and the Board
of Commissioners in implementing corporate Competency Development of the Corporate
governance, including: Secretary
a. Disclosure of information to the public, including The Company supports the competency development
the availability of information on the Company’s of the Corporate Secretary through the implementation
website; of various capacity-building programs relevant to the
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functions and responsibilities of the position. Such development aims to maintain the quality of task execution, enhance
coordination effectiveness, and support the sustainable performance of the Corporate Secretary. The competency
development programs attended by the Corporate Secretary Division Head during 2025 are as follows:
Participant Training Type/Material Organizer Date & Place
Dadan In-depth Review of Financial Services Authority Regulation No. 14 of 2019 concerning ICSA 17 June 2025
Hamdhani Amendments to Financial Services Authority Regulation No. 32 of 2015 on Capital
Increases of Public Companies through Pre-emptive Rights
Certified Anti Fraud Governance (Level III) + Master Class LSPMR GRC Management 2-4 July 2025
Implementation of Corporate Secretary Duties in 2025
Throughout 2025, the Corporate Secretary carried out various communication, compliance, and corporate coordination
functions in accordance with the assigned mandate. The main activities conducted during the reporting period included:
1. Organizing the Annual General Meeting of Shareholders for Fiscal Year 2024 and the Extraordinary General Meeting
of Shareholders in 2025.
2. Organizing regular meetings of the Board of Directors and the Board of Commissioners.
3. Submitting mandatory reports of the Company to the regulators.
4. Maintaining relationships with external parties, particularly stakeholders.
5. Organizing Company events, both internal and external.
6. Implementing Corporate Social Responsibility programs, as well as financial literacy and inclusion initiatives.
7. Managing media relations and monitoring media coverage.
8. Managing and updating the Company’s website content.
9. Participating in public award events and sponsorship activities.
10. Reviewing and recommending updates and improvements to the Company’s policies, regulations, and standard
operating procedures to ensure alignment with applicable laws and regulations.
11. Handling customer complaints and preparing mandatory periodic reports
Disclosure of Company Information
The Company is committed to implementing the principle 24, 1996 and Jakarta Stock Exchange Regulation No. I-E.
of information disclosure as part of Good Corporate IV based on Decree of the Board of Directors of PT Bursa
Governance. Throughout fiscal year 2025, the Company Efek Jakarta No. Kep-306/BEJ/07-2004 dated July 19,
consistently disclosed relevant information regarding 2004. Material information disclosures were conducted
its business activities, performance, and policies to through corporate reports and press releases with due
stakeholders in accordance with prevailing regulations. consideration to relevance, accuracy, and regulatory
This commitment is aligned with Bapepam and LK compliance. This approach aims to support transparency,
Regulation No. X.K.1 based on Decree of the Chairman maintain stakeholder trust, and ensure accountability in
of Bapepam and LK No. Kep-86/PM/1996 dated January the management of the Company.
Monthly Financial Reports of Financing Company
Based on Financial Services Authority Regulation No. 3/ Throughout 2025, the Company submitted its Monthly
POJK.05/2013 concerning Monthly Reports of Non-Bank Financial Reports to OJK in a timely manner and in
Financial Institutions and OJK Circular Letter No. 26/ accordance with applicable regulations. The submission
SEOJK.05/2019 concerning Amendments to OJK Circular of Monthly Financial Reports during 2025 is as follows:
Letter No. 3/SEOJK.05/2016 regarding Monthly Reports
of Financing Companies, Financing Companies are
required to submit Monthly Reports to OJK no later than
the 10th of each month.
Report Month Period Year 2025 Report Delivery Date
January 10 February 2025
February 10 March 2025
March 12 April 2025
April 9 May 2025
PT Mandiri Tunas Finance
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Tata Kelola Perusahaan
Report Month Period Year 2025 Report Delivery Date
May 10 June 2025
June 9 July 2025
July 9 August 2025
August 9 September 2025
September 11 October 2025
October 7 November 2025
November 8 December 2025
December 8 January 2026
Media Relations Activities Website Management
The Company maintains professional working In accordance with OJK Regulation No. 8/POJK.04/2015
relationships with the mass media as partners in concerning Websites of Issuers or Public Companies,
disseminating information regarding the Company’s the Company maintains an official website reflecting
condition and business activities. Such relationships its corporate identity, accessible at www.mtf.co.id. The
are managed through structured communication and Company’s website is managed through two platforms,
periodic media activities to ensure that the information namely the products and services website managed
conveyed is accurate, relevant, and consistent. by the Strategic Marketing & Communication Division
and the corporate website managed by the Corporate
Secretary. This division of responsibilities is intended to
Management of Access to Company ensure clarity of functions, consistency of content, and
Information and Data accuracy of information delivered to stakeholders.
The Company provides access to information and data
through its official website at www.mtf.co.id as the The following details present the compliance of the
primary communication channel with stakeholders. The Company’s corporate website www.mtf.co.id/korporat
website is used to deliver relevant information about the with OJK Regulation No. 8/POJK.04/2015 concerning
Company in a structured and accessible manner. The Websites of Issuers or Public Companies.
utilization of the website forms part of the Company’s
efforts to support the implementation of Good Corporate
Governance, particularly in terms of transparency and
accountability, by ensuring the availability of adequate
information for stakeholders.
No POJK No. 8/POJK.04/2015 concerning Website of Issuers or Compliance with MTF Website
Remarks
Public Companies Yes No N/A
General Provisions
1 The Issuer or Public Company has established a Website. Web access via: www. mtf.co.id
and www.mtf.co.id/ korporat/id
2 a. The Website of the Issuer or Public Company has been developed • POJK No. 8/POJK.04/2015
in accordance with prevailing laws and regulations. • POJK No. 31/POJK.04/2015
• POJK No. 29/POJK.04/2016
b. The Website has a web address that reflects the identity of the Yes
Issuer or Public Company.
3 a. The Website of the Issuer or Public Company provides information Yes
in Indonesian and a foreign language, where the foreign language
used is at least English.
b. Information presented in the foreign language contains the same Yes
information as that presented in Indonesian.
1. Presented accurately and not misleading regarding the Yes
condition of the Issuer or Public Company;
2. Presented clearly so that it is easy to understand; and Yes
3. Accessible at all times by all parties. Yes
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No POJK No. 8/POJK.04/2015 concerning Website of Issuers or Compliance with MTF Website
Remarks
Public Companies Yes No N/A
Information Contained on the Website
4 a. The Website contains information regarding the Issuer or Public Yes
Company that is publicly accessible, up-to-date, and current.
b. The information referred to above shall meet the following
requirements:
1. Presented accurately and not misleading regarding the Yes
condition of the Issuer or Public Company;
2. Presented clearly so that it is easy to understand; and Yes
3. Accessible at all times by all parties. Yes
General Information of the Issuer or Public Company
5 Matters that must be disclosed include:
a. Name, address, and contact details of the head office and/ Head office and branch office
or representative offices, and factory address (if any), including addresses are available
telephone number, facsimile number, and email address;
b. Brief history of the Issuer or Public Company; Available
c. Organizational structure of the Issuer or Public Company; Updated as of 6 February 2025
d. The ownership structure of the Issuer or Public Company, including:
1. Description of shareholders and their ownership percentage MTF is a non-public company,
at the end of each month; therefore share ownership
information does not change
2. Information on controlling and major shareholders, directly Available
or indirectly, up to the ultimate individual owner, presented in a
scheme or diagram; and
3. Names of subsidiaries, associated companies, and joint Not applicable as the Company
ventures along with ownership percentage, business activities, does not have subsidiaries
and operational status (if any);
e. The group structure of the Issuer or Public Company in chart
form, at a minimum including companies within the Issuer or Public
Company group that are under the supervision of the Financial
Services Authority;
f. Profiles of the Board of Directors, Board of Commissioners,
committees, and the Corporate Secretary, at a minimum including:
1. photo; -
2. name; -
3. work history, including concurrent positions; -
4. educational background; and -
5. affiliation relationships of members of the Board of Directors -
and the Board of Commissioners with other members of the
Board of Directors and/or the Board of Commissioners, as well
as with shareholders (if any);
g. Name and address:
1. The Public Accountant auditing the financial statements of the -
Issuer or Public Company in the current year;
2. Credit rating agency (if any); -
3. Trustee (if any); and/or -
4. Securities Administration Bureau (if any); and -
h. Articles of Association document. Available
Information for Investors
6 Matters that must be disclosed include:
Information for investors, matters that must be disclosed include:
a. Public Offering Prospectus; Available
b. Annual reports for the last 5 (five) financial years; and Available
c. Financial information, at a minimum includes: Available
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Good Corporate Governance
No POJK No. 8/POJK.04/2015 concerning Website of Issuers or Compliance with MTF Website
Remarks
Public Companies Yes No N/A
1. Annual financial statements for the last 5 (five) financial years; Available
2. Interim financial statements for the last 5 (five) financial years; and Available
3. Summary of key financial data in comparative form for the last 5 Available
(five) financial years, including at least:
a) Revenue; -
b) Gross profit; -
c) Profit (loss); -
d) Profit (loss) attributable to owners of the parent entity and -
non-controlling interests;
e) Total comprehensive income (loss); -
f) Comprehensive income (loss) attributable to owners of the -
parent entity and non-controlling interests;
g) Earnings (loss) per share; -
h) Total assets; -
i) Total liabilities; -
j) Total equity; -
k) Profit (loss) to total assets ratio; -
l) Profit (loss) to equity ratio; -
m) Profit (loss) to revenue ratio; -
n) Current ratio; -
o) Liabilities to equity ratio; -
p) Liabilities to total assets ratio; and -
q) Other financial information and ratios relevant to the -
company and its industry.
d. General Meeting of Shareholders information, at a minimum
includes:
1. Announcements and invitations; -
2. Materials of agenda discussed in the General Meeting of Available
Shareholders;
3. Curriculum vitae of candidates for Board of Directors and There was a change in the Board
Board of Commissioners if there is an agenda for appointment of Commissioners composition at
or replacement; and the GMS in 2025.
4. Summary minutes of the General Meeting of Shareholders;
e. Share information, at a minimum includes:
1. Number of outstanding shares; Data is presented in the form
of shareholding composition
information.
2. Stock split (if any); -
3. Reverse stock (if any); -
4. Bonus shares (if any)); and -
5. Changes in par value (if any). -
f. Bond and/or Sukuk information, at a minimum includes:
1. Outstanding bonds and/or Sukuk; Available
2. Bond and/or Sukuk rating results; -
3. Maturity date; and -
4. Bond interest rate and/or Sukuk yield; -
g. Dividend information; Available
h. Information for investors, media, public, and/or analysts (if any); -
i. Information on corporate actions and actions taken by other
parties (if any), including:
1. Affiliated Transactions and Conflict of Interest Transactions; -
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No POJK No. 8/POJK.04/2015 concerning Website of Issuers or Compliance with MTF Website
Remarks
Public Companies Yes No N/A
2. Material Transactions and changes in core business -
activities;
3. Mergers or consolidations; -
4. Takeover of a public company; -
5. Quasi reorganization; -
6. Share buyback; -
7. Bonus shares distribution; -
8. Tender offer statement; -
9. Share buyback in potential crisis conditions; and -
10. Share ownership program for Board of Directors, Board of -
Commissioners, employees, or controlled parties; and
j. Information or Material Facts other than those already disclosed -
under this Financial Services Authority Regulation.
Corporate Governance Information
7 Matters that must be disclosed include:
a. Charter of the Board of Directors and Board of Available in the information
Commissioners; disclosure section
b. Appointment, dismissal, and/or vacancy of Corporate Available
Secretary (including interim), along with supporting
information;
c. Internal Audit Charter; Available in the information
disclosure section
d. Code of conduct; Available
e. Committee charter; Available
f. Appointment and dismissal of Audit Committee members; Available
g. Nomination and remuneration procedures, if the Available
Nomination and Remuneration Committee is not established);
h. Risk management policy; Available
i. Whistleblowing system policy (if any); Available
j. Anti-corruption policy (if any); -
k. Policy on supplier selection and creditor rights (if any); and -
l. Policy on vendor capability development (if any). -
Corporate Social Responsibility Information
8 a. CSR information includes policies, program types, and costs
incurred by the Issuer or Public Company;
b. The policies, types of programs, and costs as referred to in point
a relate to the following aspects:
1. Environmental aspect; Available
2. Employment practices, occupational health and safety; Available
3. Social and community development; and Available
4. Product responsibility and/or supporting information. Available
9 Information on the Website is consistent with information required Available
under applicable regulations
Customer Service
The Company provides customer service as the primary prompt response, and consistency in handling, as part of
point of contact for customers to obtain information, the Company’s commitment to maintaining service quality
request data, and submit inquiries or complaints regarding and customer trust.
the Company’s services. Through this service, the
Company seeks to ensure a responsive, clear, and reliable Email: customer.service@mtf.co.id
customer experience. Customer service channels are Care Center: 1500059
managed in an integrated manner to support accessibility, (Monday to Friday, 08.00–17.00 WIB)
PT Mandiri Tunas Finance
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Good Corporate Governance
Corporate Social Media
The Company utilizes social media platforms as digital Annual Report
communication channels to build closer and more The Company consistently publishes its Annual Report as
relevant engagement with stakeholders. Through social a comprehensive communication medium regarding its
media, the Company disseminates information regarding performance, strategy, and governance to shareholders
its products, services, and activities, while also providing and other stakeholders. The Annual Report serves as the
space for dialogue as part of its efforts to foster trust and primary medium to present comprehensive, structured,
sustainable stakeholder engagement. and accountable information on the Company’s business
journey throughout one fiscal year. In addition to reflecting
Facebook Fanpage: Mandiri Tunas Finance transparency and accountability, the issuance and
Instagram: @mandiritunasfinance submission of the Annual Report also constitute fulfillment
LinkedIn: Mandiri Tunas Finance of the Company’s regulatory obligations and form one of
Twitter: @mandiritunasfin the prerequisites for the convening of the GMS.
Chatbot MARSHA: +62 811-1455-740 Governance of Internal Information and
YouTube: Mandiri Tunas Finance Data Access
Website: mtf.co.id
The Company manages internal information and data
Mobile Applications access in a structured manner to support the effective
execution of duties, inter-unit collaboration, and the
The Company offers several mobile applications based utilization of various work facilities by employees. Such
on Android and iOS platforms as part of strengthening access management is designed to ensure the availability
digital services for customers and the public. Through of relevant, accurate, and appropriate information while
these applications, the Company provides easier, faster, maintaining data security and proper authorization
and more practical access for users to obtain information controls. To support these needs, the Company provides
and submit motor vehicle financing applications directly various internal channels and media as follows:
via mobile devices.
1. MTF Mobile
2. MTF 1Access
3. MTF Mobile Collection
4. MTF Report
5. MTF OSR
6. HC EAZY
Application Name Function
Estar Core application system used by Mandiri Tunas Finance for all processes, from acquisition to integrated account management.
MTF Mobile Collection Mobile application used by the Collection team to support the customer collection process.
HC Eazy Human Resource Information System (HRIS) application used by Mandiri Tunas Finance employees to access employee data and
manage benefits such as leave requests, attendance, and other HR-related services.
KMS Knowledge Management System used internally as a central information hub, including user guidelines and Q&A related to
company applications.
E-procurement E-procurement application used by the Procurement Department and vendors to submit price quotations during the procurement
process.
Helpdesk System Web-based application used by Mandiri Tunas Finance employees to request IT support for resolving technology-related issues at
Head Office and branch offices.
I-Care Web-based application used by Customer Care to process customer complaints, feedback, and suggestions.
Queuing System Web-based application used at Customer Lounges and branch offices as a queue management system for visiting customers.
Email System Office Office 365 replaced the previous Microsoft Exchange email system and operates on a cloud-based platform, reducing the load
365 on Mandiri Tunas Finance’s internal servers.
Oracle Accounting Application used by the Accounting team to support effective management control and provide real-time visibility of financial
System performance.
MTF 1Access Mobile application for MTF sales officers to accelerate the credit process and facilitate monitoring.
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Application Name Function
MTF Mobile Mobile application that enables MTF customers to access digital services, including payments, BPKB booking and collection, live
chat, insurance claims, and early settlement.
Mobile Report Internal application that provides online and real-time reports via mobile devices, delivering business performance updates and
other key information.
Risk Management Function
Chief
Retail Risk Corporate Risk
Management Management
Division Head Division Head
Data Enterprise Retail Credit Risk Policy &
Operational Risk Corporate Risk BCM & IT Risk
Management & Asset Liquidity Procedure
Department Head Department Head Department Head
Department Head Department Head Department Head
The Company has a Risk Management Division consisting Authority to Appoint and Dismiss the
of the Retail Risk Management function and the Operational Head of Risk Management
& Corporate Risk Management function. Both functions The Head of Risk Management is a Company officer
are responsible for managing various types of risks faced appointed and dismissed by the President Director in
by the Company in a structured manner to minimize accordance with the Company’s internal mechanisms and
potential losses and safeguard business continuity. applicable regulations.
Overview of the Risk Management Profile of the Head of Risk Management
System at Mandiri Tunas Finance
Based on Board of Directors Decree No. 00093/SK-HCP.
The Company has implemented a risk management system SVC/HC/VII/2023 dated 1 August 2023 and Board of
in reference to Financial Services Authority Regulation Directors Decree No. 00017/SK-HCP.SVC/HC/IV/2023
No. 44/POJK.05/2020 concerning the Implementation dated 30 April 2023, the President Director has appointed:
of Risk Management for Non-Bank Financial Institutions.
Risk management is implemented comprehensively and • Indra Budi Laksana as Head of Retail Risk Management
integrated into the Company’s business processes. The Division; and
Risk Management function operates independently • Vitriati Hartika Tapiheroe as Head of Operational &
from business and operational units. In carrying out its Corporate Risk Management Division:
role, this function has adequate access to communicate
risk assessments, changes in risk profile, and risk control
recommendations to the Board of Directors and the Board
of Commissioners as a basis for decision-making.
PT Mandiri Tunas Finance
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Good Corporate Governance
Vitriati Hartika Tapiheroe
Operational & Corporate
Risk Management Division Head
Age: 49 Years | Citizenship: Indonesia
Domicile: South Jakarta Administrative City
Legal Basis of Appointment
Decree of the Board of Directors No. 00056/SK-HCP.SVC/HC/ V/2024
Term of Office • Risk Management Certification One Level Below Board of Directors-Indonesian
Since 2 May 2024 Financing Professional Certification Institute (2023)
• Qualified Chief Risk Officer, Professional Certification Institute-Mitra Kalyana Sejahtera
(2024)
Tenure
1st
Professional Background
• Operational & Corporate Risk Management Division Head PT Mandiri Tunas Finance
Educational Background (2023-present)
Bachelor in Marine Engineering from Institut Teknologi
• Head of Risk-Indonesia Allianz Trade ASEAN, PT Asuransi Allianz Utama Indonesia
Bandung (1997-2002)
(2016-2023)
• Corporate Credit Manager PT Chandra Sakti Utama Leasing (2014-2016)
Certification
• Qualified Chief Risk Officer (QRCO), National
Concurrent Position
Professional Certification Agency (2018)
Does not hold concurrent position
Indra Budi Laksana
Retail Risk Management
Division Head
Age: 49 Yaers | Citizenship: Indonesia
Domicile: South Tangerang City
Legal Basis of Appointment Certification
00307/SK-HCP.HCS/HC/VIII/2025 • Level 3 Banking Risk Management Certification issued by the Banking Professional
Certification Institute (2019)
• Risk Management Certification One Level Below the Board of Directors issued by the
Term of Office Indonesian Financing Professional Certification Institute (2023)
Since 1 August 2023 • Basic Financing Certification-Managerial issued by PT Sertifikasi Profesi Pembiayaan
Indonesia (SPPI) (2023)
• Qualified Chief Risk Officer Certification (2025)
Tenure
2nd
Professional Background
• Recovery Management Division Head PT Mandiri Tunas Finance (2025-present)
Educational Background • Retail Risk Management Division Head PT Mandiri Tunas Finance (2023-2025)
• Master in Communication Science from the Institute • Department Head Micro Productive Collection & Recovery PT Bank Mandiri (Persero) Tbk
of Communication and Business LSPR (2024) (2019-2023)
• Bachelor in International Relations from Universitas • Consumer Collection & Recovery Head PT Bank Mandiri (Persero) Tbk (2017-2019)
Gadjah Mada (1999) • Retail Credit Collection Head PT Bank Mandiri (Persero) Tbk (2015-2017)
• Retail Risk & Collection Center Manager PT Bank Mandiri (Persero) Tbk (2013-2015)
Concurrent Position
Does not hold concurrent position
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Organizational Structure and Position of Risk Management Function
In 2024, the Retail Risk Management Division and Corporate Risk Management Division and Operational & Corporate Risk
Management Division have a total of 136 employees with the following details:
Number of Employees of
Number of Employees of Operational & Number of
Position/Function Retail Risk Management
Corporate Risk Management Division Employees
Division
Division Head 1 1 2
Department Head 3 2 5
Section Head 9 9 18
Staff - Officer 4 5 9
Total 17 17 34
Risk Management Professional Certification
Professional certification is a key element in ensuring the competence and capability of human resources in the field of
risk management. Holding such certifications reflects an adequate understanding of evolving practices, methodologies,
and risk management standards applicable within the financial services industry.
To support the effective implementation of risk management, personnel within the Retail Risk Management Division as
well as the Operational & Corporate Risk Management Division are equipped with relevant professional certifications. The
list of certifications held by both divisions personnel is as follows:
Division Retail Risk Management Operational & Corporate Risk Management
Certificate Type Number of Ratio to Total Number of Ratio to Total
Employees (people) Division Employees Division Employees
Employees (people) (%)
(%)
Risk management professional certificate from the Risk 8 53 13 76
Management Certification Board (BSMR)
Basic Managerial Certification 4 100 3 100
Duties and Responsibilities of Risk Management Function
The duties and responsibilities of the Risk Management Function are:
1. Identify risks inherent in the company’s business activities.
2. Develop a risk measurement method.
3. Monitor the implementation of risk management strategies as well as the overall risk position per risk type and conduct
testing using abnormal condition scenarios using historical data.
4. Provide recommendations to business and operational units.
5. Prepare and submit risk profile reports to the Board of Directors.
6. Periodically review the risk management process and proposals for business development or expansion.
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Good Corporate Governance
Risk Management Competency Development
The Company consistently develops employee competencies, including within the Risk Management function, as part of
its efforts to continuously strengthen the quality of risk management. Competency development is focused on enhancing
understanding, analytical capabilities, and decision-making acumen in the field of risk management. The competency
development activities attended by the Head of Retail Risk Management Division and the Head of Operational &
Corporate Risk Management Division throughout 2025 are as follows:
Name Training/Seminar Organizer Date
Indra Budi QCRO Training CRMS 24-26 February
Laksana
The Domino Effect of Trump Tariffs: Threat or Opportunity for Indonesia’s Economy? OJK Institute 15 May
Customer Experience: Strategies for Success in the Digital Era OJK Institute 22 May
The Urgency of Green Financial Transparency in Financial Services Institutions OJK Institute 26 May
Secure Strategies for Crypto Asset and Digital Financial Transactions: Personal Data OJK Institute 19 June
Protection and the Impact of Biometric Technology in Indonesia
Idea Talks Volume 9: Banking Digitalization from Two Perspectives OJK Institute 23 June
Agentic AI in Finance: A New Era of Autonomous Decision-Making OJK Institute 03 July
Building the Global Sustainable Islamic Finance Ecosystem OJK Institute 24 July
The Role of the Financial Services Industry in Supporting National Strategic Projects: OJK Institute 31 July
Development of 3 Million Houses
Mid-Year Capital Market Review 2025: Market Performance Evaluation and Forward OJK Institute 07 August
Investment Strategy
Geopolitical Dynamics and National Resilience: Strategies to Strengthen Indonesia’s OJK Institute 14 August
Economy
Achieving a Prosperous Retirement: Strategies to Increase Pension Participation in the OJK Institute 21 August
Informal Sector
Strategies to Enhance Competitiveness and Deepen Islamic Banking and Islamic Capital OJK Institute 28 August
Markets
MSMEs Go Global: Strategies to Scale Up Business to Penetrate National and International OJK Institute 09 September
Markets
Latest Trends in Money Laundering Schemes: Strategies for Identification, Mitigation, and OJK Institute 18 September
Enforcement
Generative AI Transformation: Opportunities of Generative Engine Optimization (GEO) in OJK Institute 25 September
Shifting the Dominance of Search Engine Optimization (SEO)
The Sustainable Financing Opportunities in the Indonesian Insurance Industry OJK Institute 02 October
Risk Appetite & Risk Culture: Key Pillars in Strengthening Risk Management in the Financial OJK Institute 09 October
Sector
Fostering Financially Literate Generations: Understanding Economic Dynamics and OJK Institute 11 November
Financial Stability as Pillars of the National Economy
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Name Training/Seminar Organizer Date
Vitriarti Hartika K The Domino Effect of Trump Tariffs: Threat or Opportunity for Indonesia’s Economy? OJK Institute 15 May
Customer Experience: Strategies for Success in the Digital Era OJK Institute 22 May
The Urgency of Green Financial Transparency in Financial Services Institutions OJK Institute 26 May
Risk & Information System Control OJK Institute 30 June-1 July
Agentic AI in Finance: A New Era of Autonomous Decision-Making OJK Institute 03 July
Building the Global Sustainable Islamic Finance Ecosystem OJK Institute 24 July
The Role of the Financial Services Industry in Supporting National Strategic Projects: OJK Institute 31 July
Development of 3 Million Houses
Mid-Year Capital Market Review 2025: Market Performance Evaluation and Forward OJK Institute 07 August
Investment Strategy
Geopolitical Dynamics and National Resilience: Strategies to Strengthen Indonesia’s OJK Institute 14 August
Economy
Achieving a Prosperous Retirement: Strategies to Increase Pension Participation in the OJK Institute 21 August
Informal Sector
Strategies to Enhance Competitiveness and Deepen Islamic Banking and Islamic Capital OJK Institute 28 August
Markets
MSMEs Go Global: Strategies to Scale Up Business to Penetrate National and International OJK Institute 09 September
Markets
Latest Trends in Money Laundering Schemes: Strategies for Identification, Mitigation, and OJK Institute 18 September
Enforcement
Generative AI Transformation: Opportunities of Generative Engine Optimization (GEO) in OJK Institute 25 September
Shifting the Dominance of Search Engine Optimization (SEO)
The Sustainable Financing Opportunities in the Indonesian Insurance Industry OJK Institute 02 October
Risk Appetite & Risk Culture: Key Pillars in Strengthening Risk Management in the Financial OJK Institute 09 October
Sector
The Role of Digital Forensics in Handling and Uncovering Financial Crimes OJK Institute 16 October
Fostering Financially Literate Generations: Understanding Economic Dynamics and OJK Institute 11 November
Financial Stability as Pillars of the National Economy
Brief Report on the Implementation of
Risk Management Function Duties in
2025
Throughout 2025, the Risk Management Function has 7. Maintained Operational Risk management and
carried out the following duties: implemented Business Continuity Management
1. Monitored the Company’s risk profile and managed (BCM), including:
overall risk exposure in determining risk appetite, risk a. Post-check audits through Quality Assurance (QA)
limits, and risk management strategies as outlined in based on established parameters.
the Risk Appetite Statement (RAS). b. Optimization of the Regional Control Officer (RCO)
2. Monitored and evaluated the development and overall function to enhance branch operational control
quality of the portfolio. and monitoring.
3. Maintained the Company’s Financial Soundness c. Alignment of Business Continuity Management
Level at a minimum “healthy” category and prepared (BCM) standards with the parent company.
Financial Soundness reports for submission to the d. Implementation of Business Impact Analysis (BIA)
Board of Directors, Board of Commissioners, and and Risk Threat Assessment (RTA), and formulation
regulators. of Business Continuity Plan (BCP) documents.
4. Conducted periodic stress testing to measure the 8. Actively ensured compliance with the Personal Data
impact of changes in macroeconomic factors on capital Protection Law.
adequacy, liquidity, asset quality, and profitability 9. Conducted risk identification, evaluation, and
based on defined scenarios. mitigation to ensure compliance with ISO 37001 Anti-
5. Performed Risk Maturity Index (RMI) assessments Bribery Management System certification standards.
to measure the extent to which the Company has 10. Supported the implementation of Internal Control over
implemented effective risk management practices. Financial Reporting (ICOFR) to strengthen internal
6. Developed, evaluated, and refined Company policies control over financial reporting.
and procedures. 11. Developed monitoring tools for debtors, particularly
corporate debtors within the Corporate Fleet segment.
PT Mandiri Tunas Finance
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Good Corporate Governance
12. Actively participated in the Corporate Fleet financing risk management policies, have functioned properly
system development project. in implementing the necessary mitigation and risk
management measures. Management has conducted
Risk Management Performance Assessment in 2025 periodic reviews and evaluations of the risk management
Throughout 2025, the Company has maintained and framework to ensure continuous improvement and
implemented an effective risk management system. All alignment with evolving business needs and industry
supporting structures, including governance bodies and dynamics.
Internal Audit
Internal Audit is an integral part of the implementation Appointing and Dismissing the Head of
of Good Corporate Governance and is mandatory in the Internal Audit
management of a Financing Company. The Internal Audit Internal Audit is led by the Corporate Audit Division Head,
function performs independent and objective assurance who is appointed and dismissed by the President Director
and consulting activities, aimed at enhancing value and after obtaining approval from the Board of Commissioners
supporting continuous improvement of the Company’s and taking into account the recommendation of the Audit
operations. Committee.
In carrying out its duties, Internal Audit conducts Authority and Accountability
systematic evaluations of the effectiveness of internal To support the effective implementation of its duties,
controls, the implementation of risk management, and Internal Audit is granted authority and responsibility while
corporate governance processes. These evaluations upholding the principles of independence, objectivity, and
are intended to ensure that the Company’s activities are professionalism. Such authority is intended to ensure that
conducted efficiently, properly controlled, and aligned Internal Audit can carry out its assurance and consulting
with applicable policies and regulations. functions optimally without intervention from the audited
work units.
Organizational Structure and Position of In carrying out its duties, Internal Audit has the authority
Internal Audit to:
Structurally, Internal Audit is positioned one level below 1. Conduct internal audit activities over all work units
the Board of Directors. The Head of Internal Audit reports at the Head Office and Branch Offices within PT
directly to the President Director. The following illustrates Mandiri Tunas Finance in accordance with applicable
the organizational structure and position of Internal Audit, governance.
reflecting its scope of duties, functions, and coordination
within the Company’s organization.
President DIrector
Corporate Audit
Division Head
Corporate Audit Distribution & Distribution &
IT Corporate
Dev. & Assurance Business Audit Support Audit
Audit Dept. Head
Dept. Head Dept. Head Dept. Head
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2. Communicate directly with the Board of Directors 5. Cooperating with the Audit Committee in performing
and the Board of Commissioners through the Audit oversight functions.
Committee. 6. Coordinating activities with external audit activities
3. Hold periodic and incidental meetings with the Board and other assurance-providing units/functions to
of Directors and the Board of Commissioners through achieve comprehensive and optimal audit results.
the Audit Committee. Coordination may include periodic meetings to discuss
4. Communicate and coordinate with external parties, matters deemed important to both parties.
including Regulators and External Auditors. 7. Acting as the System Supervisor for investigative
5. Access all information, records, employees, and, activities, including investigations carried out by work
including but not limited to, employee accounts/ units outside Internal Audit.
records, electronic data/information, resources, and 8. Assisting the President Director and the Board of
other matters deemed necessary in relation to its Commissioners in performing oversight by operationally
duties and functions, provided that the processing of elaborating audit planning, implementation, and
employees’ personal data refers to internal provisions monitoring of audit results.
and applicable laws and regulations on personal data 9. Conducting examinations and assessments of efficiency
protection. and effectiveness in finance, accounting, commercial,
6. Conduct investigative activities into cases/issues in operational, human resources, information technology,
every aspect and element of activities indicated as and other activities through audit.
fraud and violations of the code of conduct within PT 10. Identifying opportunities to improve and enhance
Mandiri Tunas Finance in accordance with applicable efficiency in the use of resources and funds.
governance. 11. Providing recommendations for improvement and
7. Attend strategic meetings without voting rights. objective information regarding audited activities at all
8. Obtain approval and/or request a power of attorney management levels.
with substitution rights from employees when 12. Providing consulting and assurance on strategic
conducting examinations of indications of violations or matters, both at the planning stage and during the
non-compliance, in the form of: implementation of operational activities.
• Account data/information at Bank Mandiri and/or 13. Maintaining the confidentiality of information obtained
other banks. during tenure in accordance with applicable laws and
• Data/information, whether electronic or non- regulations.
electronic.
The responsibilities of Internal Audit include: Profile of the Head of Internal Audit
1. Planning and carrying out internal audit activities with Based on the Board of Directors’ Decree No. 00078/SK-
emphasis on high-risk areas/activities and evaluating HCP.SVC/HC/06/2022 dated June 22, 2022, the President
existing procedures/control systems to obtain Director appointed Bayu Mario as the Head of Internal
assurance that the Company’s objectives and targets Audit of the Company. The appointment was reported to
can be achieved optimally and sustainably. OJK through letter No. 128/MTF-CLC.CCS/VI/2022 dated
2. Undertaking steps to gather information (investigation), June 24, 2022.
report, and submit recommendations/conclusions on
fraud to Management.
3. Developing and implementing programs to evaluate
and improve the quality of Internal Audit.
4. Providing recommendations on audit results and
monitoring follow-up on internal audit, external audit,
and investigation findings.
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Good Corporate Governance
Bayu Mario
Corporate Audit Division Head
Age: 55 Years | Citizenship: Indonesia
Domicile: Tangerang City
Legal Basis of Appointment
Decree of the Board of Directors No. 00078/SK-HCP.SVC/HC/06/2022
Term of Office • Internal Audit Supervisor Certification by the National Professional Certification Agency
(BNSP) (2015)
Since 22 June 2022
• Risk Management Certification Level 3 by the National Professional Certification
Agency (BNSP) (2018)
Tenure • Certified Chartered Accountant (CA) by the Indonesian Institute of Accountants (2021)
2nd • Basic Financing Certification – Managerial (2023)
• ISO 37001 Anti-Bribery Management System (ABMS) Certification (2024)
• Risk Management Certification Level 5 by the National Professional Certification
Educational Background Agency (BNSP) (2025)
Bachelor in Marine Engineering from Institut Teknologi
Bandung (1997-2002)
Professional Background
Certification • Auditor, Quality Assurance & Control, Credit Operation, Mandiri University, PT Bank
Mandiri (Persero) Tbk (1999-2022)
• Qualified Internal Auditor (QIA) certification by the
• Officer Development Program PT Bank Dagang Negara (1996)
Internal Audit Education Foundation (YPIA) (1998)
• Certified Fraud Examiner (CFE) by the Association of
Certified Fraud Examiners (ACFE) (2011) Concurrent Position
Does not hold concurrent position
The number of Internal Audit personnel is determined based on management’s identification and assessment of the
internal control system and the effectiveness of its oversight. As of December 31, 2025, the Internal Audit Unit consisted
of 27 (twenty-seven) employees, with the following placement and scope of duties:
Position/Function Number of Employees (people)
Head of Division 1
Head of Department 4
Lead Auditor 13
IT Audit Analyst 2
Audit Development Section Head 1
MIS Audit Analyst 1
Quality Assurance Analyst 2
Auditor 2
Audit Admin 1
Total 27
The Company is committed to enhancing the level of professional certifications in the field of internal audit.
professional certification among Internal Audit personnel, Such competency development is intended to ensure that
both for employees who already hold professional Internal Audit personnel possess adequate qualifications
certifications and for those who have not yet obtained and capabilities in carrying out assurance and consulting
them. Accordingly, Internal Audit consistently promotes functions in an independent and objective manner. The
competency development through continuous education professional certifications held by Internal Audit personnel
and training programs, including the attainment of in 2025 are as follows:
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Certificate Type Number of Employees (people)
Basic Financing Certification-Managerial 5 (Bayu Mario, Linda Gozali, Indra Riyadi, Rr Maya Widyantikirono,
Kusriadi)
Certified Fraud Examiner (CFE) 1 (Bayu Mario)
Certified Chartered Accountant (CA) 1 (Bayu Mario)
Qualified Internal Audit (QIA) 3 (Linda Gozali, Rr Maya Widyantikirono, Ridwan)
Certified Internal Audit Leader (CIAL) 1 (Indra Riyadi)
Risk Management Certification (BSMR) Level 2 1 (Rr Maya Widyantikirono)
Risk Management Certification (BSMR) Level 2 1 (Bayu Mario)
Internal Audit ISO 37001:2016 Certification 5 (Bayu Mario, Linda Gozali, Ridwan, Prasetyo Mulyo Hartono, Suci)
Certified Public Accountant (CPA) 1 (Handayani)
Information Security Management Systems (Lead Auditor IRCA Certified) ISO 1 (Kusriadi)
27001:2022 Certification
ISO 37001 Anti-Bribery Management System (SMAP) Certification 5 (Bayu Mario, Linda Gozali, Suci Toviny Nur, Prasetyo, Ridwan)
Certified Internal Audit Officer (CIAO) 16 (Dewa Gede Dharma Putra, Nabila Surya Kusumaningtyas, Fikri
Al Barik, Suci Toviny Nur, Artendi Arief Nugroho, Muda Andika Meiza,
Cahyadi, Syaripudin, Handayani Novitasari, Mochamad Farizi, Willy
Ferdinan Hutauruk, Ryan Bagus Setiawan, Sandro Gurning, Prasetyo
Mulyo Hartono, Lukman Calvin Jeremia, Mochtar Kiki)
Internal Audit Charter and Code of 4. The Corporate Audit Division Head reports on
Conduct the independence of the internal audit function
to the Board of Commissioners at least once
In compliance with OJK Regulation No. 56/POJK.04/2015 a year, including any potential impairment to
concerning the Establishment and Guidelines for the independence and the safeguarding measures
Preparation of the Internal Audit Unit Charter, the Company undertaken. This reporting is intended to support
has established an Internal Audit Charter approved by the the organizational independence of Internal Audit
Board of Directors and the Board of Commissioners. The and to ensure the effective conduct of audits as well
Charter serves as the primary reference in carrying out the as the authority to monitor follow-up actions.
duties, responsibilities, and authority of Internal Audit. 5. Internal Auditors report directly to the Corporate
Audit Division Head.
The Internal Audit Charter stipulates independence, 6. In carrying out duties, Internal Audit submits
organizational position, and reporting relationships as reports to the President Director or the Board of
follows: Commissioners. Reports to the President Director
1. Internal Audit is a work unit within the Company’s are copied to the Board of Commissioners, the
organization that assists the President Director Audit Committee, and the Director overseeing the
and the Board of Commissioners in performing compliance function.
oversight functions to achieve the Company’s vision
and mission. Independence of Internal Audit
2. Internal Audit is led by the Corporate Audit Division
Head, who is appointed and dismissed by the Internal Auditors perform their duties independently and
President Director after obtaining approval from in accordance with applicable professional standards.
the Board of Commissioners, taking into account Independence is reflected through the following criteria:
the recommendation of the Audit Committee, and 1. Ability to express views without influence or
reporting to the Regulator. pressure.
3. The Corporate Audit Division Head is positioned 2. Freedom to determine audit methods, scope,
directly under and reports to the President Director. techniques, and approaches.
To support independence and ensure effective audit 3. No involvement in operational activities outside
execution and monitoring of follow-up actions, the internal audit and investigation functions.
Corporate Audit Division Head may communicate 4. No dual roles in operational activities of the
directly with the Board of Directors and the Board Company or its affiliates.
of Commissioners through the Audit Committee
regarding internal audit and investigative activities.
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Good Corporate Governance
Internal Audit Code of Ethics making decisions.
In carrying out their duties and responsibilities, Internal A. Individual Objectivity
Auditors are required to act professionally and comply 1) Internal Auditors must maintain
with the established Code of Ethics. The Code of Ethics professional objectivity when conducting
represents the professional principles of internal auditors Internal Audit activities. Professional
in performing audits, namely: Integrity, Objectivity, objectivity requires Internal Auditors
Competency, Due Professional Care, and Confidentiality. to apply an impartial and unbiased
Internal Auditors are expected to apply the principles of mindset and to make judgments based
the Code of Ethics as follows: on a balanced assessment of all relevant
circumstances.
1. Integrity 2) Internal Auditors must be aware of and
Internal Auditors demonstrate integrity in their manage potential bias.
work and conduct. B. Maintaining Objectivity
A. Honesty and Professional Courage 1) Internal Auditors must identify and
1) Internal Auditors must perform their avoid or mitigate actual, potential, and
work with honesty and professional perceived impairments to objectivity.
courage. 2) Internal Auditors must not accept
2) Internal Auditors must be honest, tangible or intangible items, such
accurate, clear, transparent, and as gifts, rewards, or assistance, that
respectful in all professional relationships could impair or be perceived to impair
and communications. objectivity.
3) Internal Auditors must demonstrate 3) Internal Auditors must avoid conflicts
professional courage by communicating of interest and must not be influenced
truthfully and taking appropriate action by personal interests or the interests of
in all situations. others, including the Board of Directors
B. Organizational Ethical Expectations or other parties with authority, or by
1) Internal Auditors must understand, political or other external factors.
respect, comply with, and contribute to 4) When performing internal audit
the organization’s ethical expectations activities:
and must be able to recognize a. Internal Auditors must not assess
behavior that is inconsistent with such areas for which they were previously
expectations. responsible within at least 1 (one)
2) Internal Auditors must encourage year, known as a cooling-off period.
and promote an ethics-based culture Objectivity cannot be achieved if
within the organization and report any Internal Auditors perform assurance
conditions that are not aligned with the activities over areas for which they
organization’s ethical expectations. had responsibility within the previous
C. Lawful and Ethical Conduct 1 (one) year.
1) Internal Auditors must not engage in any b. If the internal audit function performs
activity that violates the law, discredits assurance activities over an area
the organization or the Internal Audit where the Internal Auditor previously
profession, or may harm the Company. provided consulting services, the
2) Internal Auditors must understand and Corporate Audit Division Head must
comply with laws and regulations relevant ensure that such consulting activities
to the Company and the jurisdictions do not impair individual objectivity.
in which it operates, including making c. If an Internal Auditor performs
disclosures as required. consulting activities related to an
3) If an Internal Auditor identifies a area for which they were previously
violation of law or regulation, the responsible, the Internal Auditor
Internal Auditor must report the incident must disclose potential impairment
to the appropriate authority for proper to objectivity to the requesting party
action. before accepting the engagement.
C. Disclosure of Impairment to Objectivity
2. Objectivity 1) If an Internal Auditor becomes aware
Internal Auditors maintain impartiality and avoid of an impairment that may affect
bias when performing internal audit activities and objectivity, the Internal Auditor must
disclose the matter to the Corporate
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Audit Division Head. If the Corporate activities. Internal Auditors must pursue
Audit Division Head determines that the continuing professional development, including
impairment affects the Internal Auditor’s education and training.
ability to perform duties objectively,
the Corporate Audit Division Head 4. Due Professional Care
must discuss the impairment with Internal Auditors apply due professional care in
the Head of the Client Work Unit, the planning and performing internal audit activities.
Board of Directors, and/or the Board A. Compliance with Global Internal Audit
of Commissioners and determine Standards
appropriate actions to resolve the Internal Auditors must plan and perform
situation. internal audit activities in accordance with the
2) If, after the completion of an Global Internal Audit Standards.
engagement, an impairment is B. Due Professional Care
discovered that affects the reliability Internal Auditors must exercise due
of findings, recommendations, and/ professional care by assessing the nature,
or conclusions, the Corporate Audit circumstances, and requirements of the
Division Head must discuss the matter activities being performed.
with the Head of the Client Work Unit, C. Professional Skepticism
the Board of Directors, the Board of Internal Auditors must apply professional
Commissioners, and/or other affected skepticism when planning and conducting
stakeholders to determine appropriate internal audit activities.
actions.
3) If the objectivity of the Corporate 5. Confidentiality
Audit Division Head is impaired, the Internal Auditors use and protect information
Corporate Audit Division Head must appropriately.
disclose such impairment to the Board A. Use of Information
of Commissioners. Internal Auditors must comply with relevant
policies, procedures, laws, and regulations
3. Competency when using information. Such information
Internal Auditors must possess and apply must not be used for personal gain or in any
the knowledge, skills, and professional manner contrary to or detrimental to the
competencies necessary to perform their roles Company’s objectives.
and responsibilities effectively, efficiently, and B. Protection of Information
in accordance with applicable internal audit 1) Internal Auditors must be aware of their
standards. responsibility to protect information
A. Competency and maintain confidentiality, privacy,
1) Internal Auditors must possess or obtain and ownership of information obtained
the competencies required to fulfill their in the course of providing internal
responsibilities. Required competencies audit services or through professional
include knowledge, skills, and abilities relationships.
appropriate to their position and level 2) Internal Auditors must understand
of experience. Internal Auditors must and comply with policies, procedures,
possess or develop knowledge of the laws, and regulations relating to
Global Internal Audit Standards issued confidentiality, information privacy,
by The IIA. and information security applicable to
2) Internal Auditors may only engage in the Company and the internal audit
internal audit activities in accordance function.
with their competencies or where they 3) Internal Auditors must not disclose
can obtain the necessary competencies. confidential information to unauthorized
3) Internal Auditors must continuously parties unless there is a legal or
develop and apply the competencies professional obligation to do so.
required to fulfill their professional 4) Internal Auditors must manage the risk
responsibilities. of intentional or unintentional disclosure
B. Continuing Professional Development of information.
Internal Auditors must maintain and continuously
develop their competencies to enhance the
effectiveness and quality of internal audit
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Internal Audit Function b. Consulting Function
Internal Audit assists the organization in achieving its In addition to the assurance function, Internal Audit
objectives through internal audit activities, both assurance also performs a consulting function as a strategic
and consulting, in order to provide independent partner in enhancing the effectiveness and efficiency
assessments of internal control, risk management of the Company’s processes and activities. This is
implementation, and governance processes within the conducted through the review and evaluation of risks
Company. and controls, accompanied by recommendations and
suggestions for process and activity improvements.
a. Assurance Function Consulting engagements may be initiated by Internal
The implementation of the assurance function Audit itself or conducted in collaboration with other
is intended to ensure that internal control, risk work units based on requests from management
management, and governance processes have been and business units. The nature and scope of the
carried out by all work units in accordance with the engagement are agreed upon with the client and
Company’s written policies and procedures as well are intended to add value and improve governance
as applicable external regulations. The assurance processes, risk management, and control processes,
function provides an independent assessment without transferring management’s responsibilities to
of governance processes, risk management, and Internal Audit.
control processes to ensure that all work units have
performed their activities in line with Company
policies and external regulatory requirements. In Internal Audit Competency
performing the assurance function, Internal Audit Development
applies a Risk Based Audit (RBA) methodology. Under
this approach, the determination of work units and The Company consistently develops the competency of
activities to be audited, as well as the audit scope, Internal Auditors as part of strengthening the quality of
is based on periodic risk evaluations, focusing on the Internal Audit function. Such development is intended
key risks across all lines of the Company, both within to ensure that Internal Auditors possess adequate
Branch or Regional networks and the Head Office. capabilities to perform assurance and consulting functions
The evaluation considers management concerns, effectively, independently, and professionally, while
Corporate Planning, the Risk Appetite Statement, supporting improved productivity and effectiveness of
Risk Profile, internal and external findings, input from Internal Audit performance.
the second line of defense, past event losses, and
applicable regulations. Information regarding competency development activities
attended by the Head of Internal Audit Division, Division
Heads, Department Heads, Lead Auditors, IT Audit
Specialists, and Auditors throughout 2025 is presented as
follows:
Type of Competency
Training Name Place Date Organizer
Development
Workshop Basic Financing Certification-Managerial Level Jakarta 31 July-1 August Bank Mandiri
2025
Training & Certifications CIAL Certification Jakarta 28 April-2 May CRMS Indonesia
2025
Training & Certifications COBIT 2019 Foundation Certificate Jakarta 21-22 August LPPI
2025
Training & Certifications Internal Control Over Financial Report (ICOFR) Jakarta 23 January 2025 SPPI
Training & Certifications Agentic AI in Finance: A New Era of Autonomous Decision- Jakarta 9 May 2025 CRMS Indonesia
Making
Training & Certifications Building the Global Sustainable Islamic Finance Ecosystem Jakarta 21-22 May 2025 PT Andalan Teknologi
Inovasi
Training & Certifications Customer Experience: Strategies for Success in Digital Era Jakarta 29-30 April 2025 PSHB Indonesia
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Type of Competency
Training Name Place Date Organizer
Development
Webinar Geopolitical Dynamics and National Resilience: Strategies to Jakarta 3 July 2025 OJK Institute
Strengthen Indonesia’s Economy
Webinar The Trump Tariff Domino Effect: Threat or Opportunity for the Jakarta 24 July 2025 OJK Institute
Indonesian Economy
Webinar Idea Talks OJK Institute Volume 7 "Credit Scoring" Jakarta 22 May 2025 OJK Institute
Webinar Idea Talks Volume 9: Banking Digitalization from Two Jakarta 14 August 2025 OJK Institute
Perspectives
Webinar Imboost Your Spirit: Cultivating Positivity for a Balanced and Jakarta 15 May 2025 OJK Institute
Fulfilling Life
Webinar Innovation in Islamic Financial Products: The Role of Halal Jakarta 21 April 2025 OJK Institute
Ethics in Expanding Market Penetration
Webinar Insurance Revolution: How AI is Transforming the Jakarta 23 June 2025 OJK Institute
Underwriting and Optimizing Business Processes
Webinar Breaking the Scam Chain: Synergy and Strategies for Jakarta 14 February 2025 OJK Institute
Consumer Protection in the Financial Sector
Webinar Looking Ahead to the Future of Indonesia’s Gold Market: The Jakarta 13 March 2025 OJK Institute
Strategic Role of Bullion Banks
Webinar Achieving Prosperous Retirement: Strategies to Increase Jakarta 24 April 2025 OJK Institute
Pension Fund Participation in the Informal Sector
Webinar Mid-Year Capital Market Review 2025: Market Performance Jakarta 19 June 2025 OJK Institute
Evaluation and Forward Investment Strategies
Webinar Economic and Financial Outlook for 2025 Jakarta 17 April 2025 OJK Institute
Webinar The Role of Digital Forensics in the Handling and Investigation Jakarta 21 August 2025 OJK Institute
of Financial Crimes
Webinar The Role of GRC in Strengthening Investor Confidence and Jakarta 7 August 2025 OJK Institute
Financial Sector Stability
Webinar The Role of the Financial Services Industry in Supporting Jakarta 20 February 2025 OJK Institute
National Strategic Projects: Development of 3 Million Housing
Units
Webinar The Strategic Role of the Financial Services Industry in Jakarta 16 October 2025 OJK Institute
Advancing Regional Economic Development
Webinar Empowered, Intelligent, and Principled Women Toward Jakarta 25 February 2025 OJK Institute
Golden Indonesia
Webinar Risk Appetite and Risk Culture: Core Pillars in Strengthening Jakarta 31 July 2025 OJK Institute
Risk Management in the Financial Sector
Webinar Safe Strategies for Crypto Asset and Digital Financial Jakarta 8 May 2025 OJK Institute
Transactions: Personal Data Protection and the Impact of
Biometric Technology in Indonesia
Webinar Strategies to Enhance Competitiveness and Deepen Islamic Jakarta 22 April 2025 OJK Institute
Banking and Islamic Capital Markets
Webinar Sustainability Accounting & Reporting in the Financial Services Jakarta 9 October 2025 OJK Institute
Webinar The Future of Cybersecurity: Threats, Challenge, and Jakarta 19 June 2025 OJK Institute
Innovations
Webinar The Sustainable Financing Opportunities in the Indonesian Jakarta 28 August 2025 OJK Institute
Insurance Industry
Webinar Digital Transformation: Technological Innovation Trends in the Jakarta 6 March 2025 OJK Institute
Financial Sector
Webinar Generative AI Transformation: Opportunities for Generative Jakarta 5 June 2025 OJK Institute
Engine Optimization (GEO) in Disrupting the Dominance of
Search Engine Optimization (SEO)
Webinar The Sustainable Financing Opportunities in the Indonesian Jakarta 2 October 2025 OJK Institute
Insurance Industry
Webinar Digital Transformation: Trends in Technological Innovation in Jakarta 23 January 2025 OJK Institute
the Financial Sector
Webinar Generative AI Transformation: Opportunities for Generative Jakarta 25 September OJK Institute
Engine Optimization (GEO) in Shifting the Dominance of 2025
Search Engine Optimization (SEO)
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Type of Competency
Training Name Place Date Organizer
Development
Webinar Latest Trends in Money Laundering Methods and Schemes: Jakarta 31 July 2025 OJK Institute
Strategies for Identification, Mitigation, and Enforcement
Webinar MSMEs Going Global: Strategies to Scale Up Businesses to Jakarta 9 September 2025 OJK Institute
Penetrate National and International Markets
Webinar The Urgency of Green Financial Transparency in Financial Jakarta 26 May 2025 OJK Institute
Services Institutions
Webinar Webinar on Secure Strategies for Crypto Asset and Digital Jakarta 19 June 2025 OJK Institute
Financial Transactions
Webinar Digital Forensics Workshop in the Financial Services Sector Jakarta 28-30 April 2025 OJK Institute
Internal Audit Meetings
Internal Audit actively participates in meetings to discuss the future. In addition, Internal Audit periodically reports
audit and investigation results with relevant work units at audit and investigation results to the Board of Directors,
the Head Office, as well as through internal committee the Audit Committee, and the Board of Commissioners as
forums of the Company, including the Anti-Fraud part of the reporting and escalation mechanism to obtain
Committee and the Employee Disciplinary Committee. direction and support for the necessary follow-up actions.
These meetings are conducted to deliberate on follow-
up plans and corrective actions in response to audit and
investigation findings.
Policies
Internal Audit has established policies and guidelines
Discussions focus on determining corrective measures and to support the implementation of its functions and
preventive actions aimed at strengthening the effectiveness responsibilities, namely:
of the Company’s internal controls and minimizing the 1. Internal Audit Charter
potential recurrence of irregularities or negligence in 2. Internal Audit Standard Operating Procedures
(SOP)
3. Internal Audit Operational Technical Guidelines
(PTO)
4. Information Technology (IT) Audit Operational
Technical Guidelines (PTO)
Meeting Frequency
Board of Directors Board of Commissioners Audit Committee
15 agendas: 6 agendas: 5 agendas:
• 14 January 2025 (2 discussions) • 26 February 2025 • 20 January 2025
• 11 February 2025 • 6 May 2025 • 26 February 2025
• 11 March 2025 • 10 June 2025 • 10 June 2025
• 19 May 2025 • 28 July 2025 • 29 September 2025
• 23 June 2025 (2 discussions) • 26 September 2025 • 24 November 2025
• 15 July 2025 • 24 November 2025
• 21 July 2025
• 25 August 2025 (2 discussions)
• 9 September 2025
• 6 October 2025
• 30 October 2025
• 15 December 2025
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Brief Report on the Implementation of Internal Audit Tasks in 2024
Audit Type Audit Subject Audit Object
General Retail Financing Management Regional Offices & Branch Offices Sampling
Audit
Corporate Fleet Financing Management (Head Office Corporate Fleet Division
and Branch)
Captive/KKB Financing Management Captive Division/KKB
Regional/Branch Captive/KKB
Multifinance Management Regional/Branch Multiguna
Multiguna Division: Head Office dan Graha Sultan
Quick Review Audit Branch Offices Sampling
Retail and Wholesale Restructuring Management Current AR Management Division
SAM & Remedial Division
Credit Management Division
All Regional Offices
Upping Price and Loss on Repossess management Current AR Management Division
All Regional Offices
Inventory management (auction and repossessed Current Account Receivable (CAR) Division
vehicles) All Regional Offices
Cooperation Agreement management at Head Office Legal Division
and Regional/Branch Offices (Dealer & non Dealer) Marketing Division
Operation Division
Business Continuity Management implementation-IT & Operational and Corporate Risk Management Division
Non IT
Vendor Management for accommodation Credit Operation and General Service Procurement Division
Internal Control Over Financial Report (ICoFR) Accounting Division
Risk Management Division
ESG (Environmental Social & Governance) Corporate Planning & Performance Management Division
Implementation All Regional Offices
Audit ITGC-Change Management Information Technology Division
Audit IT Application-VPN One Perwira Information Technology Division
Audit IT Application-MTF1Access Information Technology Division
Audit IT Operation Data Back Up Management Information Technology Division
Mandatory Audit Financial Information Service System reporting (SLIK) Credit Management Division
All Regional Offices
Monthly Financing Company reporting (SILARAS) Accounting, Tax and Financial Planning Division
Compliance Department
Customer Complaint Service Management Customer Care Department
Liquidity Risk Treasury and Finance Division
Implementation of APU PPT and PPPSPM Legal Division Compliance Department
Personal Data Protection implementation (IT & Non IT) Legal Division Compliance Department
All Regional Offices
Implementation of Anti Fraud Strategy Corporate Secretary Division Anti Fraud
Adequacy of Risk Management implementation Risk Retail Risk Division
Maturity Index (RMI)
IT Application audit I Care Information Technology Division
IT Security Audit-Threat Intelligent Information Technology Division
Review of IT Audit function Information Technology Division
Consulting Audit Used Car Portfolio and Financing Divisi Business Project Unit
Management of Suspend Accounts at Branch Regional/Branch
Fiduciary registration for over contract debtors Business and Operation Support Division
Policy on hospitality fund usage Treasury and Finance Division
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Risk Management System
Commitment to Reliable Risk be easily converted into cash without disrupting the
Management Company’s activities and financial condition.
In conducting its business activities, the Company 6. Legal Risk: the risk arising from legal claims and/or
recognizes that the financing industry is exposed to weaknesses in legal aspects.
dynamic risks inherent in all business activities. Therefore, 7. Compliance Risk: the risk arising from the Company’s
the Company implements proactive and integrated risk failure to comply with and/or implement applicable
management to maintain healthy financing growth and laws and regulations.
operations, while ensuring business sustainability remains 8. Reputation Risk: the risk arising from a decline in
within the established risk appetite. stakeholder trust resulting from negative perceptions
of the Company.
Risk management is not positioned merely as a control
function, but as an integral part of the Company’s
strategic decision-making process. The effectiveness of
Establishment of Risk Management
risk management is one of the key factors in achieving Division as the Company’s Risk Manager
business objectives, strengthening competitiveness, and The Company established Retail Risk Management Division
enhancing the Company’s resilience in responding to and Operational & Corporate Risk Management Division to
industry dynamics and external conditions. In line with ensure that risk management is measured and systematic.
the characteristics of its business activities, the Company A complete description of the Risk Management function
faces several inherent risks embedded in its operations, profile and various risk management efforts that have
including the following: been carried out can be seen in the “Risk Management
1. Strategic Risk the risk arising from inaccuracies in Function” section in this chapter.
making and/or implementing strategic decisions
and failure to anticipate changes in the business
environment.
Implementation of the Risk
2. Operational Risk: the risk arising from inadequate and/ Management System
or malfunctioning internal processes, human error, Mandiri Tunas Finance implements a risk management
system failures, and/or external events that affect the system in reference to Financial Services Authority
Company’s operations. Regulation No. 44/POJK.05/2020 concerning the
3. Credit Risk: the risk arising from the failure of other Implementation of Risk Management for Non-Bank
parties to fulfill their obligations to the Company. Financial Services Institutions. The implementation
4. Market Risk: the risk related to positions in assets, of risk management is designed to ensure that all
liabilities, equity, and/or off-balance sheet accounts risks inherent in the Company’s business activities are
including derivative transactions due to overall managed in a structured, measurable manner and aligned
changes in market conditions. with the Company’s risk profile and business strategy.
5. Liquidity Risk: the risk arising from the Company’s Within this framework, the Company’s risk management
inability to meet maturing liabilities from cash flow implementation is supported by four main pillars as
funding sources and/or from liquid assets that can follows:
Risk Management Implementation
Active supervision of the Adequacy of Risk Adequacy of Risk Comprehensive internal
Board of Directors and Management policies identification, control system
Board of Commissioners and procedures and measurement, control, and
determination of risk monitoring processes as
01 02 03 04
limits well as Risk Management
Information System
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Pillar 1 8. Ensuring and establishing clear duties and
The Board of Commissioners carries out its oversight responsibilities for each work unit, so that the Risk
function actively through the Audit Committee, Risk Management function operates independently,
Monitoring Committee, and Nomination and Remuneration as reflected by the separation of functions from
Committee. Active supervision by the Board of Directors operational management units;
is conducted through the Risk Management Committee, 9. Conducting periodic reviews to ensure the
Credit Committee, Asset and Liabilities Committee accuracy of risk assessment methodologies,
(ALCO), Project Committee, and Information Technology the adequacy of Risk Management Information
Steering Committee. System implementation, the appropriateness of
Risk Management policies and procedures, and
The duties, responsibilities, and authorities of the Board the determination of Risk limits.
of Commissioners in relation to active supervision of Risk
Management activities include: Pillar 2
1. Understanding the risks inherent in the Company’s Adequacy of Risk Management Policies and Procedures
functional activities; and Determination of Risk Limits
2. Evaluating and approving the Risk Management The Company formulates risk management-related
policy at least once a year and at any time in the policies that are reviewed periodically and continuously
event of factors significantly affecting business adjusted to current business conditions. These policies
activities; are translated into Standard Operational Procedures
3. Evaluating the Board of Directors regarding the (SOP) and Operational Technical Guidelines (PTO), which
implementation of Risk Management to ensure are disseminated to all employees. The Company has
alignment with the Company’s established also established risk limits in accordance with the level of
policies, strategies, and procedures; risk to be undertaken (risk appetite), risk tolerance, and
4. Evaluating and deciding on requests from the the overall Company strategy, taking into account the
Board of Directors related to transactions and Company’s capital capacity to absorb risk exposure or
Risk limits that require approval from the Board of potential losses. In risk control, limits are used as threshold
Commissioners. parameters to determine the intensity of risk mitigation
measures undertaken by management. The Company
The duties, responsibilities, and authorities of the Board also has policies regarding approval and authorization
of Directors in relation to active supervision of Risk limits for financing transactions as well as non-financing
Management activities include: transactions. The Company’s allowance for impairment
1. Understanding the risks inherent in the Company’s policy is aligned with the provisioning policy of the Parent
functional activities; Company and in accordance with regulatory requirements.
2. Actively supervising and mitigating risks;
3. Formulating written and comprehensive Risk Pillar 3
Management policies and strategies and Adequacy of Risk Identification, Control, and
evaluating them periodically at least once a year Monitoring Processes and the Risk Management
and at any time in the event of factors significantly Information System
affecting business activities; The Company has tools to identify, measure, control,
4. Being responsible for the implementation of and monitor risks periodically. These tools are used
Risk Management policies and the overall risk by the Risk Management function to provide input and
exposure undertaken by the Company, including recommendations to the Board of Directors to ensure that
evaluating and providing direction based on business activities achieve the established targets.
reports submitted by the Risk Management
function and submitting accountability reports to Risk identification is proactive, covering all of the
the Board of Commissioners on a regular basis; Company’s business activities and conducted to analyze
5. Evaluating and deciding on transactions and Risk the sources and potential occurrence of risks and their
limits that require approval from the Board of impacts. The results of risk identification are translated
Directors; into risk parameters to be measured periodically. The
6. Developing a Risk Management culture at all Company then measures risks based on these established
organizational levels; parameters, where monitoring is conducted by work units
7. Ensuring the enhancement of Human Resources independent from the risk owner units. Based on the
competencies related to Risk Management, monitoring results, the Risk Management function together
including through education and training with the relevant work units provides recommendations to
programs, particularly those related to Risk the Board of Directors.
Management systems and processes;
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Good Corporate Governance
To support the processes of risk identification,
Integrated Risk Management with the
measurement, control, and monitoring, the Company
has developed a management information system
Parent Entity
supported by competent Human Resources. The system As a subsidiary of PT Bank Mandiri (Persero) Tbk, the
is developed to support more efficient risk management Company conducts Risk Consolidation with its parent
so that decision-making can be conducted more quickly entity, which serves as evidence of compliance with Bank
while still adhering to the prudential principle. The risk Indonesia Regulation No. 8/6/PBI/2006 dated January 30,
management information system may include information 2006 and OJK Regulation No. 17/POJK.03/2014 dated
such as risk exposure, compliance with Risk Management November 19, 2014 concerning the Implementation of
policies and procedures, realization of Risk Management Integrated Risk Management for Financial Conglomerates.
implementation compared to established targets, and Through such compliance, the Company’s risk
such information is submitted regularly to the Board of management implementation reflects an integrated and
Directors. consistent approach in reviewing, measuring, monitoring,
and managing risks across all components of the
Pillar 4 Company’s group. The progress of this consolidation has
Comprehensive Internal Control System been periodically communicated by Bank Mandiri to the
The Company implements effective risk management regulator.
practices across all work units by applying the three lines
of defense model with the following provisions: 1. First Line, relating to compliance with Bank
1. Business units as the first line of defense Indonesia Regulation No. 8/6/PBI/2006
are responsible for the effectiveness of risk concerning the Implementation of Consolidated
management, consistency in implementing Risk Management for Banks Exercising Control
risk management policies and procedures, and over Subsidiaries.
effective internal control. 2. Second Line, representing the Company’s overall
2. The Risk Management and Compliance units internal approach, covering tools, risk awareness,
as the second line of defense are responsible governance, and risk management information
for developing and monitoring overall risk systems.
management, overseeing the implementation of
policies and procedures carried out by business Various activities carried out in the context of risk
functions, and monitoring overall corporate risk. consolidation include:
3. The Internal Audit unit as the third line of defense 1. Annual Integrated Risk Conference (AIRC)
is responsible for reviewing and evaluating the between the Parent Company and all Subsidiaries;
design and implementation of risk management 2. Integrated Risk Committee Forum (FIRC)
and assessing the adequacy and effectiveness conducted quarterly with Bank Mandiri to discuss
of overall risk management implementation to developments in the Inherent Risk Profile and
ensure that the first and second lines of defense the Quality of Risk Management Implementation
operate effectively. (KPMR) at Mandiri Tunas Finance;
3. Implementation of the Risk Appetite Statement
The internal control system in the implementation of (RAS) jointly with Bank Mandiri as a Risk
risk management includes, among others, the alignment Management tool to measure the level of risk
of the internal control system with risk management acceptable to support business strategy;
implementation. The implementation of risk management, 4. Implementation of integrated stress testing
including the adequacy of policies, procedures, and conducted quarterly by Bank Mandiri with
management information systems, is continuously subsidiaries, using various assumptions and
reviewed and evaluated on a periodic basis. scenarios to anticipate corporate actions under
adverse business conditions;
5. Implementation of a scoring model developed by
Mandiri Tunas Finance and periodically reviewed
by Bank Mandiri;
6. Periodic monitoring of the Company’s liquidity
condition reported to the Parent Company;
7. Periodic Risk Based Bank Rating to assess
developments in corporate governance, risk
profile, capital adequacy, and profitability level of
the Company.
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• Financing Monitoring
Types of Risks Faced and Their
Monitoring in the Corporate Fleet segment is
Management and Mitigation conducted using SIGNAL and SHIELD tools, which are
Of the 8 (eight) inherent risks, there are 4 (four) main risks standardized, structured, and comprehensive methods
faced by the Company, namely credit risk, operational risk, for monitoring corporate debtor performance.
strategic risk, and liquidity risk. The explanation of each Monitoring is conducted periodically through
risk and the related management and mitigation efforts meetings involving the marketing unit as account
are as follows: manager, credit unit, and collection unit. Additionally,
Monthly Performance Reviews are conducted among
1. Credit Risk business, credit, collection, and risk units to monitor
Credit risk arises from financing activities. Credit risk and evaluate Corporate Fleet portfolio performance
management aims to measure, anticipate, and minimize each month.
losses resulting from a debtor’s failure to fulfill obligations.
Retail credit monitoring is conducted at the portfolio
• Financing Provisions level. Portfolio analysis is periodically conducted
Financing provisions are set out in Policies, Standard through meetings involving the marketing unit
Operating Procedures (SOP), and Operational (Branch Manager), credit unit, and collection unit. The
Technical Guidelines (PTO). The Company’s financing Risk Management function also periodically monitors
policy stipulates that financing processes to debtors the quality of credit decisions made by authorized
are conducted by independent parties to ensure the credit officers and provides recommendations to the
application of the prudential principle. Board of Directors.
• Financing Approval As an early warning signal, periodic portfolio
In assessing credit applications, the Company refers to simulations and stress testing are conducted to
regulations and prudential principles based on factors assess changes in portfolio quality in response to
such as repayment capacity, business prospects, and macroeconomic changes. Stress testing results
debtor performance. The Company has implemented provide guidance for the Board of Directors in
mobile surveys to improve credit disbursement anticipating potential macroeconomic conditions.
quality. Retail segment credit processes and credit risk
management are conducted through an integrated • Credit Collection and Recovery
end-to-end process within the MTF1Access and Estar The Company has established collection and recovery
systems. handling policies based on product type and debtor
delinquency days. Collection activities are supported
Decision-making in the retail segment is carried out by an end-to-end Automatic Collection System to
through a credit scoring system recommendation. The ensure compliance with procedures. Employees
credit scoring model is periodically validated to ensure handling collection and collateral execution functions
its accuracy. To accelerate credit decision-making, the hold professional certifications in the collection field.
Company has delegated credit approval authority to They are equipped with mobile collection devices
designated officials based on specific qualifications. with EDC (electronic data capture) machines to ensure
Decision-making in the Corporate Fleet segment is accountability in collection processes.
conducted through circular Financing Analysis Notes
and Financing Committee Meetings in accordance 2. Operational Risk
with the financing facility amount proposed. Operational risk arises from malfunctioning internal
processes, human error, system failures, or external
The Company has also prepared a Portfolio Guideline factors affecting operations. To manage and mitigate
and established industry limits as the basis for operational risk, the Company aligns Risk-based Audit
Corporate Fleet segment business growth direction in methodology through maintenance of a risk library and
2025. The Portfolio Guideline and Industry Limits are implements Operational Risk Management Tools (ORM
aligned with current macroeconomic conditions and Tools), including:
industry prospects for the coming year, enabling the
Company to appropriately select healthy industries
with low risk levels and limit growth in unhealthy
industries with high risk levels.
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Good Corporate Governance
• Quality Assurance (QA) - Disaster Recovery Plan (DRP)
QA is a tool that functions as an Early Detection DRP is a comprehensive plan outlining actions
System (EDS) to detect fraud events at an early stage to be taken before, during, and after an event
for incidents that have the potential to cause losses to that disrupts and causes losses to information
the Company. QA also functions as a post-check audit systems. The objective of DRP is to ensure that
conducted periodically through account sampling the Company’s operational processes continue
reviews and confirmation to debtors via telephone as to run properly when issues occur in information
well as coordination with the PIC of branch work units, systems by utilizing backup systems that have
if necessary, in order to identify any discrepancies in been prepared in advance.
the implementation of established work procedures.
- Emergency Response Plan (ERP)
• Risk Control & Self Assessment (RCSA) ERP is a strategic plan to anticipate and
RCSA is used to identify and assess risks inherent in respond to emergency situations, which
the activities of each work unit, as well as to evaluate must be implemented by a designated team
the quality of controls over such risks implemented responsible for carrying out rescue actions during
by the respective risk owner unit through Top Risk emergencies.
parameters of operational risks that occur. These risk
parameters may change in line with business growth - Business Continuity Plan (BCP)
at MTF. BCP is a plan aimed at maintaining the Company’s
operational continuity in the event of disruptions
• MTF Loss Events Database (MLED) caused by natural or human-induced disasters
The MLED database contains historical event data, that may result in losses. BCP is designed to
recorded based on the date of occurrence, event minimize the impact of disruptions and ensure
description, and contributing risk factors, which that the Company’s operations can continue.
may result in losses or potential operational losses,
whether fraud or non-fraud. Such events are recorded In managing operational risk, each work unit is responsible
periodically by each risk owner work unit. for managing the inherent operational risks within its
respective function. The business unit as risk owner
• Control Testing (CT) represents the first line of defense, the Risk Management
CT represents testing of the effectiveness of work unit as a supporting unit acts as the second line
controls over risks conducted by risk owner work of defense, and Internal Audit serves as the third line of
units, both on-desk and on-site. CT is an important defense.
process that periodically evaluates the adequacy of
controls, identifies potential weaknesses including 3. Strategic Risk
risk mitigation measures, and determines necessary Strategic risk management aims to anticipate potential
corrective actions. failure in achieving the Company’s objectives due
to inadequacy or failure in planning, setting, and
• Issue and Action Management (IAM) implementing strategies, as well as failure to anticipate
IAM represents the recording of follow-up corrective business changes. In managing strategic risk, the Company
actions arising from issues, conditions, or procedural conducts performance reviews and evaluates the
discrepancies identified from various sources, such as formulation of business targets, and undertakes corrective
findings from QA implementation, results of control actions in accordance with the established risk appetite
testing, incidents, or Self Identified Issues. while considering internal and external conditions. In
addition, periodic monitoring is conducted over the
• Business Continuity Management achievement of financing targets, budget realization
To ensure operational continuity during emergency against the budget plan, branch expansion realization,
conditions, the Company has established policies and fulfillment of human resources by the relevant work
containing measures to be taken before, during, units.
and after an emergency event. These policies are
governed under Business Continuity Management
(BCM), which includes the Business Continuity Plan
(BCP), Disaster Recovery Plan (DRP), and Emergency
Response Procedure (ERP), as follows:
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4. Liquidity Risk In managing legal risk, the Company periodically
The Risk Management Work Unit, together with related internalizes a legal risk culture through socialization to all
work units, conducts identification, measurement, employees conducted by the litigation unit and the Risk
control, and monitoring of liquidity risk with the Management function.
objective of minimizing risks arising from the Company’s
failure to provide funding within a certain period. In In managing reputation risk, particularly to mitigate
managing liquidity risk, the Risk Management Work Unit negative media coverage and/or rumors regarding the
establishes limit values for liquidity risk parameters and Company, as well as to mitigate ineffective corporate
conducts periodic liquidity risk stress testing. Liquidity communication strategies, the Company has established a
risk management is supported by the Asset & Liability Corporate Communication unit and a Customer Care unit.
Committee (ALCO) with the objective of monitoring and
projecting all maturing liabilities, assets, and financing
growth, both short-term and long-term. In addition, to
Review on the Effectiveness of the Risk
maintain the availability of funding sources, the Company Management System
maintains relationships with banks, preserves financing The Company’s risk management information system
quality, and safeguards the Company’s reputation. has been functioning effectively and continues to be
developed to ensure the availability of risk information
5. Compliance, Market, Legal, and Reputation Risks that is accurate, complete, relevant, and timely. Such
In addition to credit, operational, strategic, and liquidity information is utilized by the Board of Directors, the Board
risks, the Company also ensures that compliance, market, of Commissioners, and relevant work units as a basis for
legal, and reputation risks are properly managed. All risk assessing, monitoring, and mitigating the risks faced by
parameters have been incorporated into the Company’s the Company.
Risk Appetite Statement (RAS) and are monitored
periodically. In managing compliance risk, the Retail The results of the Company’s risk profile assessment
Risk Management Division and the Corporate Risk throughout 2025 indicate that the main risks inherent
Management Division have established parameters that in business activities can be managed adequately.
are monitored periodically. Compliance risk management This condition reflects that the implementation of risk
is also supported by the Compliance Management management has supported operational stability and the
System (CMS) to prevent non-compliance with internal controlled execution of the Company’s business strategy.
and external regulations.
In managing market risk, the Company implements
Management Statement on the
mitigation measures including setting limits on foreign Adequacy of the Risk Management
currency transaction activities and floating interest rate System
exposures as stipulated in the Risk Appetite Statement, Management assesses that the Company’s Risk
conducting full hedging for foreign currency funding and Management System has been implemented adequately
floating interest rate exposures, and performing stress and effectively. This assessment is based on the
testing to assess the impact of extreme market conditions effectiveness of the risk management function, the
on the Company’s exposure. availability of adequate and timely risk information, and
the level of compliance with established Risk Management
policies and procedures. In addition, the Company’s risk
management system is supported by adequate human
resource quality and reporting mechanisms that enable
continuous monitoring of risk exposure and evaluation of
the achievement of risk management targets.
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Good Corporate Governance
External Auditor/Public Accountant
The Public Accountant acts as an independent party that communicate them to management.
audits the Company’s financial statements and provides an 5. Management, represented by the Board of Directors,
opinion on their conformity with the Financial Accounting acknowledges its responsibility for the financial
Standards applicable in Indonesia. The engagement of statements audited by the Public Accounting Firm in
a public accountant is governed by Financial Services accordance with OJK Regulation No. 75/POJK.04/2017
Authority Regulation No. 9 of 2023 concerning the Use concerning the Responsibility of the Board of Directors
of Public Accountant and Public Accounting Firm Services over Financial Statements.
in Financial Services Activities. The Company appoints 6. Management agrees that the working papers of the
the Public Accounting Firm based on a resolution of the Public Accounting Firm relating to the Company may be
Annual General Meeting of Shareholders, taking into reviewed by relevant authorities or supervisory bodies.
account the recommendation of the Audit Committee as 7. The audit is conducted based on the Professional
approved by the Board of Commissioners. The selection Standards of Public Accountants issued by the
process is conducted in accordance with OJK regulations Indonesian Institute of Certified Public Accountants.
and the Company’s applicable audit service procurement If the Company receives financial assistance from the
procedures. The appointed External Auditor must be free Government of the Republic of Indonesia, the audit will
from any conflict of interest, whether direct or indirect, with be conducted in accordance with the State Financial
the Company. Audit Standards issued by the Audit Board of the
Republic of Indonesia.
Compliance with Indonesian Financial
Accounting Standards Criteria for Public Accountant
Management is responsible for the presentation of the The Company sets out four criteria that must be met by the
Company’s financial statements in compliance with the Public Accounting Firm in the appointment process:
Financial Accounting Standards issued by the Indonesian • Registered with OJK.
Institute of Accountants and Capital Market and Financial • Included among the four largest Public Accounting
Institution Supervisory Agency Regulation No. VIII.G.7, Firms in Indonesia.
Appendix to Decree No. KEP-347/BL/2012 dated June • Affiliated with an international network.
25, 2012 concerning Guidelines for the Presentation and • Experienced in auditing issuers or public companies.
Disclosure of Financial Statements of Issuers or Public
Companies.
Appointment Mechanism of Public
External Audit Procedures and Audit Accountant
Standards
To ensure audit quality and independence, the appointment
1. The audit of the Company’s financial statements is of the Public Accounting Firm is conducted through a
conducted in accordance with professional standards structured and regulatory-compliant mechanism as follows:
of public accountants, covering all audit procedures 1. The Board of Commissioners, through the Audit
deemed necessary based on the circumstances. Committee, conducts the selection process for
2. The audit includes testing and evaluation of the internal the prospective External Auditor and may request
control system and examination, on a test basis, of assistance from the Board of Directors in accordance
evidence supporting the amounts and disclosures with the provisions of goods/services procurement.
in the financial statements. The audit also includes 2. The Board of Commissioners may reappoint the
an assessment of the accounting principles applied, External Auditor based on the evaluation of the auditor’s
significant estimates made by management, and the performance in auditing the financial statements.
overall presentation of the financial statements in 3. The Board of Commissioners submits the reasons for the
accordance with the Statements of Financial Accounting nomination to the GMS and the amount of honorarium/
Standards issued by the Indonesian Institute of service fee proposed for the external auditor.
Accountants. 4. The proposal to GMS may be submitted through
3. As part of the audit process, the Public Accounting a separate letter which is a part of the Board of
Firm conducts inquiries with management regarding Commissioners’ response to the Company’s annual
management representations presented in the financial performance.
statements. 5. The Board of Commissioners evaluates the performance
4. The audit contains inherent risk that material of the external auditor through the Audit Committee in
misstatements or irregularities may occur. If such accordance with prevailing provisions and standards.
matters are identified, the Public Accounting Firm will 6. In the process of appointing or reappointing the external
auditor through the GMS, the Board of Commissioners
242
grants authority to the GMS to determine the auditor.
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Determination of Risk Management
The Board of Commissioners submits a recommendation letter to the GMS
The Board of Commissioners reviews the recommendations of the Audit Committee, conducts discussions with the Board of
Commissioners organs and prospective external auditors/Public Accountants
Audit Committee follow-up:
• Evaluates the implementation of internal and external audits
• Submits a report to the Board of Commissioners
Submission of directions and assignments from the Board of Commissioners to the Audit Committee
Appointment of Public Accounting Firm and Public Accountant in 2025
In 2024, the Company appointed Public Accounting Firm Purwanto, Susanti & Surja (a member firm of Ernst & Young
Global Limited) to audit the financial statements of PT Mandiri Tunas Finance as stipulated in the Annual GMS dated 30
June 2025.
Public Accounting Firm
Name Public Accounting Firm Purwanto Susanti & Surja (EY)
Registered Number STTD.KAP-03/PM.22/2018
Public Accountant Yasir
Registration Number AP.0703
Audit Year 2025
Assignment Period 2025
Audit Services Financial Statements of the Company for the financial year ending on 31 December 2025
Non-Audit/Other Services- There were no other services provided by the Public Accounting Firm.
Fee Rp1,362,500,000
Public Accounting Firm 2021–2025
Year Public Accounting Firm Accountant Name Accounting Firm License Fee (Rp) Opinion
2025 Public Accounting Firm Yasir STTD.KAP-17/ 1,387,500,000 Fair in All Material Respects
Purwanto Susanti & Surja PM.021/2025
2024 Public Accounting Firm Yasir STTD.KAP-03/ 1,265,400,000 Fair in All Material Respects
Purwantono, Sungkoro & Surja PM.22/2018
2023 Public Accounting Firm Danil Setiadi STTD.KAP-03/ 2,097,900,000 Fair in All Material Respects
Purwantono, Sungkoro & Surja Handaja PM.22/2018
2022 Public Accounting Firm Yovita STTD.KAP-03/ 1,048,950,000 Fair in All Material Respects
Purwantono, Sungkoro & Surja PM.22/2018
2021 Public Accounting Firm Yovita STTD.KAP-03/ 1,097,800,000 Fair in All Material Respects
Purwantono, Sungkoro & Surja PM.22/2018
Internal Control System
The Internal Control System constitutes an integrated The implementation of the Internal Control System
process embedded in all of the Company’s activities and covers all stages of activities, from planning, execution,
is implemented on an ongoing basis by management and supervision, to accountability. Through this mechanism, the
all employees to provide reasonable assurance over the Company ensures that operational processes and decision-
achievement of the Company’s objectives. The system making are carried out consistently, in accordance with
is designed to ensure that the Company’s activities are established policies, and in support of optimal performance
conducted in an orderly, controlled, efficient, and effective achievement.
manner.
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Good Corporate Governance
The objectives of implementing the Internal Control System Financial and Operational Control
within the Company are as follows: The Company is committed to presenting reliable, fair,
1. Safeguarding and securing the Company’s assets. and transparent financial and operational information to
2. Ensuring the availability of more accurate reports. all stakeholders in accordance with applicable accounting
3. Enhancing compliance with applicable regulations. standards in Indonesia. This commitment is supported by
4. Reducing the impact of losses arising from irregularities, the implementation of an Internal Control System designed
including fraud and violations of prudential principles. to ensure reliable transaction recording and adequate
5. Improving organizational effectiveness and resource control over all financial and operational activities.
efficiency.
The preparation and presentation of annual financial
Implementation of the Internal Control statements, including the statement of financial position,
System statement of profit or loss, statement of cash flows, and
statement of changes in equity, are conducted to meet
The Internal Control System is applied starting from the stakeholders’ information needs. To ensure quality, the
determination of objectives and strategies across the Company applies policies requiring that every transaction
organization, identification of potential events that may affect be recorded accurately, timely, and supported by adequate
such objectives and strategies, and management of risks documentation.
within established risk appetite limits, to provide reasonable
assurance in achieving the Company’s objectives. The All transactions recorded in the accounting system
framework adopted by the Company refers to global best have undergone approval processes in accordance with
practices, namely the COSO Internal Control Framework, applicable management authority and are recorded in
which includes the following components: line with the Company’s accounting policies. Through this
mechanism, financial statements are prepared to fairly
1. Control Environment, consisting of integrity, ethical reflect the Company’s condition and transactions.
values, and competence of the Board of Commissioners,
Board of Directors, and all employees; management The Board of Directors, Board of Commissioners, and
philosophy and leadership style; the manner in employees involved in financial and operational functions
which authority and responsibilities are executed; are responsible for understanding and implementing the
organizational structure; human resource development; Internal Control System policies and accounting procedures
and the oversight and direction provided by the Board to maintain consistency and effectiveness of controls across
of Commissioners and the Board of Directors. the Company.
2. Risk Management, covering the processes of identifying,
analyzing, assessing, and mitigating or responding to To comprehensively support operational risk control, the
risks relevant to the Company’s business activities. Company has implemented the following:
3. Control Activities, comprising actions taken to ensure 1. Control activities generally involve all employees and
that all Company processes are conducted in line management of Mandiri Tunas Finance at all levels of
with established objectives, including authority and the organization as set out in all policies and procedures
authorization structures, verification, reconciliation, such as:
performance evaluation, segregation of duties, and a. The implementation of Segregation of Duties in the
safeguarding of Company assets. form of separation of functions in carrying out duties
4. Information and Communication Systems, including so that there is no opportunity to commit and hide
activities related to the preparation and delivery of irregularities in carrying out their duties.
reports on Company activities to relevant parties, b. Implementation of the Four Eyes Principle in
covering operational, financial, and regulatory the credit process across all segments, including
compliance information. separation between credit initiator and credit
5. Monitoring, including activities or processes to assess approver functions.
the quality of the internal control system, including the c. Implementation of the Lines of Defense approach for
effectiveness of the Internal Audit function and other layered protection.
organizational units, so that the Internal Control System 2. Control activities according to organizational functions
operates optimally and any deviations are promptly include:
reported to the Board of Directors and the Board of a. Implementation of Top Management Reviews
Commissioners through the Audit Committee. Periodically, the Board of Directors requests
explanations (information) and operational
performance reports from the Head of Work Units
in order to review the realization results compared to
the predetermined targets.
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b. The Operational Performance Review (Functional In 2025, the Company evaluated the adequacy and
Review) is carried out by Internal Audit on the effectiveness of the Internal Control System through:
adequacy and effectiveness of the internal control 1. Implementation of audits in accordance with the Annual
system, risk management and corporate governance. Audit Plan and ad hoc audits to independently assess
Audit activities are carried out for each level of the the adequacy and effectiveness of the system.
Company’s Work Unit and reported to the President 2. Strengthening risk management strategies, including
Director and Audit Committee. a focus on high-quality financing through risk-based
segmentation, strengthening penetration in captive
In relation to compliance with prevailing laws and regulations, markets, enhancement of credit analysis processes and
Mandiri Tunas Finance is committed to always complying credit analyst functions, and improvement of collection
with the prevailing laws and regulations by: processes through accelerated reminders.
3. Enhancement of end-to-end business processes in the
1. Establishing a Compliance Unit responsible for Corporate Fleet segment, from acquisition to collection.
monitoring the compliance of all work units in Mandiri
Tunas Finance. Management Statement on the Adequacy of the Internal
2. Monitoring Reporting Compliance to BI/OJK/other Control System
regulators. Based on reviews and discussions conducted with
3. The Compliance Risk Management strategy is to have a Management, the Audit Committee, Independent Auditors,
policy to always comply with applicable regulations by Internal Audit, and other relevant units, the Board of
proactively conducting prevention (ex-ante) in order to Directors and the Board of Commissioners concluded
minimize the occurrence of violations and taking curative that the Company’s Internal Control System is adequate
action (ex-post) in order to improve. in supporting the identification and management of risks
faced by the Company.
Review of the Effectiveness of the Internal Control System
The Board of Commissioners is responsible for ensuring This assessment reflects that the implemented control
that the Board of Directors monitors the effectiveness of mechanisms have operated effectively in supporting
the Internal Control System implementation. The Board of operational activities and decision-making. Nevertheless,
Commissioners plays an active role in ensuring improvements Mandiri Tunas Finance continuously undertakes
are made to issues that may reduce the effectiveness of the improvements and refinements to further strengthen the
system. The Board of Directors is responsible for establishing effectiveness of the Internal Control System in line with
internal control policies, strategies, and procedures. Both business developments and increasing risk complexity.
the Board of Commissioners and the Board of Directors
are responsible for promoting high ethical standards
and organizational integrity and fostering a culture that
emphasizes the importance of internal control throughout
the Company.
Legal Cases
Information on legal matters and/or legal proceedings involving the Company as well as members or the Board of
Commissioners and Board of Directors throughout 2025, and its comparison with 2024 is as follows:
Legal Issues 2025 2024
Civil Criminal Civil Criminal
Board of Commissioners and Board of Directors 0 0 0 0
Completed and has permanent legal force 0 0 0 0
In the settlement process 0 0 0 0
MTF
Completed and has permanent legal force 27 0 68 0
In the settlement process 49 0 22 0
Total 76 0 90 0
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The following is an explanation of the legal cases faced by the Company throughout 2025:
MTF Position Agency Subject Matter The risks faced by MTF and their impact on MTF
Material (Rp) Imaterial (Rp)
Plaintiff: Junaidi (Debtor) Pengadilan 195,942,000 300,000,000 In this case, MTF’s legal position is considered
Defendant: Mandiri Tunas Finance Negeri strong, as the financed object had been duly
handed over by another party
Administrative Sanctions
In 2025 there were administrative sanctions from the regulator. Against these sanctions the Company has completed the
obligations that must be fulfilled in accordance with the sanctions from the regulator and the Company has also mitigated
risks so that violations do not recur.
Information Technology Governance
Information Technology plays a strategic role in supporting the sustainability and effectiveness of the Company’s business
processes. The utilization of reliable technology enables the Company to consistently deliver products and services to
customers, monitor and evaluate business performance, and support Management decision-making in a timely and data-
driven manner.
The management of Information Technology within the Company is centralized under the Information Technology Division
to ensure alignment between technology utilization, business strategy, and operational needs. Through structured IT
governance, the Company ensures that policies, system development, and information security are managed in a controlled
manner and in line with the Company’s vision and mission.
Basis for IT Management
As part of strengthening Information Technology Technology Division has gradually implemented
Governance, the Company directs its IT management improvement initiatives focused on strengthening
toward a maturity level comparable to industry practices in processes, controls, and overall IT governance, including:
the financing sector, by referring to the COBIT 5 maturity 1. Enhancement and refinement of functions and
level framework. This approach is used as a measurement responsibilities.
tool to assess the consistency, effectiveness, and control of 2. Development of policies and procedures.
IT processes that support the Company’s business activities. 3. Development of performance measurement metrics.
To achieve the targeted maturity level, the Information 4. Procurement of relevant supporting application systems.
5. Conducting IT governance evaluations.
Information Technology Development Roadmap
2025 2026 2027
Optimize & Secure Digital Capabilities Scale Intelligent & Trusted Digital Services Drive Sustainable Digital Value
Establishment of Information Technology Division as IT
Management Division
The Company positions Information Technology as a business In addition to supporting internal requirements, the
enabler that supports the smooth operation of internal users Information Technology Division continuously develops
while driving the achievement of the Company’s business tools and platforms that facilitate customer interaction
objectives. Through the utilization of integrated systems and with Mandiri Tunas Finance, both in accessing services and
technological solutions, the Information Technology Division obtaining information related to the Company’s products
plays a role in ensuring that business processes operate and services.
effectively, reliably, and in alignment with the Company’s
operational needs.
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In carrying out its role as a business support function, the Information Technology Division of Mandiri Tunas Finance is structured
into several departments according to their respective functions and responsibilities, as reflected in the following organizational
structure:
Mandiri Tunas Finance IT Management Structure
Chief
Information
Technology Division
Head
Information
Technology Deputy
Division Head
IT Project IT Software IT Business IT Operation &
IT Security Dept. IT Planning &
Management Development Solution Application Network Dept.
Head Policy Dept. Head
Dept. Head Dept. Head Dept. Head Head
The Company’s IT Division is led by a Division Head. Based on Decision Letter No. 2839/SK-HCP.SVC/HC/
VIII/2017, the Board of Directors appointed Kanda Octaviano to serve as Head of IT Division.
Kanda Octaviano
Information Technology Division Head
Age: 44 Years
Citizenship: Indonesia
Domicile: East Jakarta Administrative City
Legal Basis of Appointment
Decree of the Board of Directors No. 2839/SK-HCP.SVC/HC/VIII/2017
Term of Office Certification
Basic Financing Certification-Managerial (2023)
Since 1 August 2017
Tenure Professional Background
• Information Technology Division Head PT Mandiri Tunas Finance (2016-present)
1st • IT Software Development Department Head PT Mandiri Tunas Finance (2013-2016)
Educational Background Concurrent Position
• Master’s degree in Notarial Law from the University of
Indonesia (2021) Does not hold concurrent position
• Bachelor’s degree in Law from the University of
Indonesia (1999)
Duties and Responsibilities of the IT Division
1. Coordinate, plan, and control IT projects in order to fulfill the Company’s computer-based operational needs.
2. Plan and coordinate the maintenance of IT resources in order to provide support for IT devices and systems.
3. Plan, direct, coordinate, and approve work plans at the department level, as well as monitor and evaluate implementation and coordinate reporting.
4. Direct and coordinate the security of all IT devices including the code of all programs of applications in the company.
5. Plan and coordinate IT operational activities in accordance with service level agreements.
6. Monitor and control infrastructure procurement and maintenance activities in branches & HO.
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Good Corporate Governance
Information Technology Development
To improve services, the Company continues to develop integrated IT to support the Company’s performance through:
DC & DRC Dual Link Branch
DC & DRC Dual Link
PABX CCTV PC & Laptop Mobile Device
(Windows) (Android)
The Company has an integrated system and is supported by a mobile application for the digitalization process so as to
accelerate the customer credit process.
Mobile Collections System Accounting System
Mobile Report HG-EAZY
Mobile Survey Human Capital System
Mobile Marketing Document Management System
Document Gateway System
Channeling System
Development of Information
Technology Management
Throughout 2025, the Company implemented several b. As part of the evaluation and mitigation process
Information Technology management programs as for system and application security, Penetration
follows: Testing for critical applications will continue to be
1. Security conducted for both new and existing applications.
The Company recognizes that system security c. Fulfillment of licenses for Data Loss Prevention
has become a priority, considering the increasing tools and other supporting tools, including:
number of cyberattacks targeting banks and financing - MultiFactor AuthPoint MFA;
companies. Accordingly, the Company has continued - Virtual Private Network (VPN);
to increase investment in security through the - Desktop Management;
following initiatives: - IT Service Management (ITSM).
a. Procurement of security software and tools for
Mobile Applications to protect the Company 2. Infrastructure
from malware and other cyberattacks, including: In the infrastructure aspect, capacity expansion will be
- Authentication for Wireless Access Points carried out gradually for both servers and storage at
and authentication for network devices. the Data Center. The Company also plans to increase
capacity at the Disaster Recovery Center to ensure
system availability.
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a. Enhancement of Server and Storage Capacity 4. Development
In line with the Company’s growing business In terms of system development, the Company carried
and ongoing digitalization process, reliable out the following initiatives:
infrastructure and increased server and storage a. Development of Internal Support Systems
capacity are required, including: The IT Division implemented several initiatives
- Additional storage capacity and supporting to enhance productivity and support quality,
infrastructure at the Data Center; including:
- Upgrade to SQL Server 2022. - Establishment of staging server infrastructure
b. Network to support development processes.
- Replacement of routers and network switches This initiative serves as a quality control
at branches that have reached end of support; mechanism for development results prior to
- Replacement of Core Switch network devices delivery to business users.
at the Data Center and Disaster Recovery b. Support for Internal Business Process Development
Center that have reached end of asset life Support is provided through Change Requests
and principal support; to existing applications as well as new initiatives,
- Replacement of network devices at all including:
branches, including Wi-Fi access points that - Supporting business changes and strategic
have reached end of asset life and support; initiatives;
- Upgrade from PABX to IPPBX. - Supporting synergy with Bank Mandiri and
c. Optimization of Cloud Utilization business partners;
Another strategy is to optimize cloud utilization - Supporting internal projects and strategic
to accelerate digitalization processes and digital projects.
integration with business partners.
3. IT Governance Information Technology Development Expenditure
a. In terms of IT governance, the Company The determination of IT development costs, whether
conducted an ISO-based audit in 2023. The categorized as operational expenditure (Opex) or
Company routinely reviews and improves capital expenditure (Capex), is based on the Company’s
applicable IT SOPs, PTOs, and policies, and operational needs and IT infrastructure procurement and
adjusts them to new regulatory requirements development requirements in accordance with relevant
when necessary. technical recommendations. All planning and realization
b. To enhance competence, skills, knowledge, of such costs are subject to evaluation and approval by
and performance, the Company continuously Management.
conducts training programs and knowledge
sharing for employees. These initiatives aim to IT cost management is carried out in consideration of
strengthen IT operational reliability and improve effectiveness, efficiency, and alignment with the Company’s
service quality to debtors. business needs. The realization of IT investment in 2025,
c. Security awareness initiatives are regularly including its comparison with 2024, is as follows:
conducted through email blasts, desktop
wallpapers, and phishing simulations to
continuously build and enhance security
awareness among employees.
IT Investment in 2025
Subject Total (Rp)
Infrastructure 34,160,183,816
Security 10,751,020,000
Software/License 9,351,800,157
Certification 1,107,800,000
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Comparison of Total IT Investment 2024-2025
Realization (Rp-million) Comparison of
2025 Budget
Subject 2025 Budget 2025 & 2024
2025 2024 Usage
Realization
Total IT Investment 55,370 55,087 61,046 0.5% 91%
Commitment to Mitigating IT Risks IT Development Plan
1. The IT Division conducts Disaster Recovery Plan testing 1. Development of Artificial Intelligence to accelerate
at least once a year involving business divisions, support business processes.
functions, and branch offices. 2. Enhancement of IT governance, standardization, and
2. Conducts security drills to simulate disaster response master data quality.
handling. 3. Strengthening data integration to support data
3. Ensures that the Data Center and Disaster Recovery analytics and decision-making.
Center maintain equivalent system capacity to support 4. Maintaining system capacity to support digitalization
the Company’s operations. initiatives and the Company’s operational activities.
4. Provides continuous development and training for
IT employees to ensure their capabilities remain
aligned with the Company’s needs and technological
advancements.
Code of Conduct
The Code of Conduct serves as a behavioral framework 2025, dissemination was carried out through posters and
designed to clarify ethical standards and work discipline information regarding Code of Conduct acknowledgment
within Mandiri Tunas Finance, and is supported by a distributed via official Company email to all employees on
consistent reward and punishment mechanism. The Code June 5, 2025, and published on the Company’s website at
of Conduct functions as an operational instrument in https://www.mtf.co.id/korporat/id/kode-etik-pegawai.
implementing the Company’s vision, mission, core values,
and corporate culture. Harmonious Relationships with
Stakeholders
Provisions concerning work discipline are regulated under One of the primary objectives of implementing Good
the Company Regulation, which sets out employees’ rights Corporate Governance principles is to build and maintain
and obligations, types of violations, and applicable sanctions. sound relationships between the Company and its
In its implementation, Unit Heads, as representatives of stakeholders. In this context, the Company has formulated
Management, are authorized to provide guidance and the Code of Conduct as a behavioral framework that
enforce discipline in accordance with prevailing provisions. balances the Company’s operational and business interests
The Code of Conduct serves as a guideline for all Mandiri with the interests of stakeholders.
Tunas Finance employees in their interactions with internal
and external parties. The Code of Conduct is designed to ensure that all business
activities are conducted responsibly, ethically, and with due
consideration of their impact on parties involved or affected
The Company periodically evaluates the effectiveness by the Company’s activities. Accordingly, the Code of
of the Code of Conduct implementation and conducts Conduct serves as the foundation for fostering harmonious,
dissemination programs to ensure employees’ understanding respectful, and sustainable relationships between the
and compliance with established behavioral standards. In Company and its stakeholders.
Mandiri Tunas Finance Stakeholders
Consumers/
Shareholders Creditors Suppliers Business Partners
Customers
Government/ Society &
Employees Competitors Mass Media
Regulators Environment
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Vision, Mission Corporate Values and Standard Guidelines for Ethical
Culture Conduct/Code of Ethics
Vision, Mission, and Corporate Values Benefits and Objectives of
and Culture as Panglima Implementing Ethical Standards of
Mandiri Tunas Finance has established its vision and Conduct
mission as the primary strategic foundation in directing The Company consistently implements the Code
the development and management of the Company. The of Conduct so as to provide long-term benefits for
vision and mission serve as key references in formulating shareholders, the Company, the Board of Commissioners
policies, making decisions, and executing business and Board of Directors as well as employees, customers,
activities across all organizational levels. business partners, and the community. The objectives of
the implementation of this Code of Conduct are as follows:
As a follow-up, the Company’s vision and mission are
translated into Corporate Values and Culture, which 1. As a joint commitment to realize the vision and carry
function as behavioral guidelines and a shared framework out the mission in a professional and ethical manner
for all Company personnel. These values and culture by taking into account the interests of stakeholders, so
constitute fundamental policies in building an aligned, that in the end it will realize maximum work standards
consistent organization oriented toward the sustainable for all individuals and remain guided by the rules that
achievement of the Company’s objectives. apply to the Company.
2. Minimize all risks resulting in conflicts of interest and
A comprehensive explanation of the Company’s Vision, lawsuits or litigation processes due to negligence
Mission, Values, and Corporate Culture has been disclosed committed by individuals within the Company.
in detail in the Company Profile chapter. 3. As a means to create a harmonious, synergistic
and mutually beneficial relationship between the
Company’s stakeholders.
Establishment and Contents of Code of 4. In the long run, it encourages the improvement of
Conduct the quality of customer service, the management of
The Company has a Code of Conduct (CoC) which was the Company, the development of the Company’s
established on 11 March 2013. The core points of the value and ultimately leads to the improvement of the
Company’s Code of Ethics is as follows: Company’s reputation.
CHAPTER I-Introduction
• Background
Enforcement of the Code of Conduct for
• Purpose and Objectives All Levels of the Organization
• Benefits The Code of Conduct has been implemented
CHAPTER II- Business Ethics comprehensively since 2013 and applies without
• Scope exception to all employees, management, members of
• Business Ethics and Company Commitment to the Board of Directors, the Board of Commissioners, as
Stakeholders well as Subsidiaries at all levels of position. The Company
CHAPTER III-Work Ethics also conducts periodic reviews of its implementation
• Scope effectiveness to ensure alignment with organizational
• Basic Individual Attitudes-Key Behaviors of PERWIRA developments and business needs.
• Individual Behavior inside and outside the Company
• Behavior as an employer
• Subordinate Behavior
Dissemination and Internalization of the
• Commitment to Special Matters Code of Conduct
CHAPTER IV-Enforcement and Application of The Code of Conduct is disseminated to all employees
Ethical Standards of Conduct at every level of the organization and forms an integral
• Monitoring the Implementation of Ethical Standards part of employment documentation. During the
of Conduct recruitment process, the Code of Conduct is attached to
• Reporting Violations of Ethical Standards of Conduct
• Sanctions for violations of the Code of Conduct
251
CHAPTER V-Closing
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Good Corporate Governance
the employment contract and must be understood and all levels of the Company and providing continuous
signed by new employees, and it is consistently enforced refreshment through:
for existing employees within the Company. a. The Company’s website;
b. Administrative email communication distributed to
All employees are expected to uphold the Company’s all employees;
values and apply the Code of Conduct in the execution c. During the signing of Employment Agreements
of their duties and daily activities. In this context, (PKWT and PKWTT);
dissemination and internalization are regarded as d. Other communication media available within the
essential steps to ensure understanding, compliance, and Company.
consistency of behavior across the Company’s working 2. Conducting evaluations of employees’ understanding,
environment. both during orientation and throughout their
employment period.
As part of its commitment to implementing the Code 3. Periodically reviewing and updating the provisions
of Conduct, the Company carries out dissemination and contained in the Code of Conduct for further
updates in a planned, effective, and comprehensive development and refinement. If more detailed
manner through the following measures: implementing rules are required, they will be stipulated
1. Conducting dissemination of the Code of Conduct to in Company policies and regulations.
Sanctions for Violations
Violations of Company regulations and Code of Conduct committed by employees can be sanctioned:
Total Sanctions Total Sanctions
Sanction Term of Sanctions
2025 2024
Letter of Reprimand 3 (three) months 7 8
First Warning Letter 6 (three) months 328 226
Second Warning Letter 6 (three) months 129 40
Third Warning Letter 6 (three) months 52 11
First and Last Warning Letter 6 (three) months 25 22
Termination of Employee Relations (PHK) - 27 26
Any alleged violation that constitutes a criminal offense will be processed in accordance with applicable laws through the
competent authorities.
Gratification Control
As part of the Company’s commitment to implementing 4. Provide corporate governance that supports the
Good Corporate Governance, Mandiri Tunas Finance has achievement of the Company’s anti-bribery objectives.
established a gratification control policy and Standard 5. Ensure commitment to the fulfillment of Anti-Bribery
Operating Procedures that strictly regulate the prohibition Management System requirements.
of gratification acceptance by all employees. This provision 6. Encourage the improvement of anti-bribery awareness
is enforced to prevent potential conflicts of interest and to all relevant stakeholders.
to ensure that all business activities are conducted with 7. Implement the principle of continuous improvement in
integrity and in accordance with the Company’s ethical the Anti-Bribery Management System.
principles. 8. Provide responsibility, authority, and independence to
the Anti-Bribery Compliance Function (FKAP).
Anti-Bribery Policy 9. Provide strict sanctions to violators of the provisions in
In support of the gratification control program, Mandiri the Anti-Bribery Management System policy.
Tunas Finance has implemented an Anti-Bribery Policy
declared by the Company’s Top Management, which Socialization of the Gratification Policy
includes the following commitments: As part of gratification control efforts, continuous
1. Prohibit bribery and similar practices within the dissemination is carried out to all employees and
Company. stakeholders to enhance awareness among all parties
2. Comply with laws and regulations and other applicable engaged with the Company.
regulations related to anti-bribery.
3. Align the anti-bribery policy with the Company’s Throughout 2025, dissemination activities were conducted
objectives. to employees to increase awareness regarding gratification
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through the Company’s internal communication channels. or refused gratification are required to report such receipt
The dissemination was conducted both through face-to- or refusal to the Company through the Gratification
face sessions and online platforms. Control Unit. Throughout 2025, the Gratification Control
Unit received a total of 6 reports of gratification receipt
Gratification Report in 2025 or refusal. The reported gratifications consisted of food
Employees of Mandiri Tunas Finance who have received and goods.
Anti-Corruption Policy
Mandiri Tunas Finance implements a strict anti-corruption Nepotism, as well as the imposition of sanctions for such
policy as part of its commitment to comply with applicable violations.
laws and regulations and to support the government’s
efforts in combating corruption. The Company prohibits As part of the implementation of the Anti-Corruption
any form of practice that may harm the state, the economy, Policy, the Company has undertaken the following actions:
or the Company, including abuse of authority, bribery, 1. Issued provisions concerning gratification control
unlawful gratification, and other forms of misconduct. within Mandiri Tunas Finance, including a prohibition
on the acceptance of gratification.
All divisions and functions within Mandiri Tunas Finance 2. Established an Anti-Bribery Policy that has been
uphold fair competition, promote equal opportunity agreed upon and approved by Top Management.
based on professionalism and integrity, and apply the
principles of Good Corporate Governance to foster a
healthy business environment. The Anti-Corruption Policy
Anti-Corruption Training and
is supported by the Code of Conduct, Corporate Culture, Socialization for Employees
and Company Regulations, which serve as the Company’s The Company continuously expands the dissemination
core values and reflect compliance with prevailing laws of its anti-corruption commitment to both internal and
and regulations. All Company policies related to anti- external parties through various communication channels.
corruption also regulate actions and conduct that may Throughout 2025, the anti-corruption training and
give rise to conflicts of interest, Corruption, Collusion, and socialization activities conducted are as follows:
Date Location Participants Description
23 January 2025 Branch Office 15 employees Socialization of Anti-Fraud Awareness & Gratification
11 February 2025 Branch Office 29 employees Socialization of Anti-Fraud Awareness & Gratification
13 February 2025 Branch Office 70 employees Socialization of Anti-Fraud Awareness & Gratification
18 February 2025 Branch Office 29 employees Socialization of Anti-Fraud Awareness & Gratification
18 February 2025 Branch Office 10 employees Socialization of Anti-Fraud Awareness & Gratification
19 February 2025 Head Office 18 employees Socialization of Anti-Fraud Awareness & Gratification
21 February 2025 Branch Office 35 employees Socialization of Anti-Fraud Awareness & Gratification
22 April 2025 Branch Office 32 employees Socialization of Anti-Fraud Awareness & Gratification
15 May 2025 Branch Office 14 employees Socialization of Anti-Fraud Awareness & Gratification
11 June2025 Branch Office 28 employees Socialization of Anti-Fraud Awareness & Gratification
12 June 2025 Branch Office 26 employees Socialization of Anti-Fraud Awareness & Gratification
13 June 2025 Head Office 78 employees Socialization of Anti-Fraud Awareness & Gratification
16 June 2025 Branch Office 74 employees Socialization of Anti-Fraud Awareness & Gratification
17 June 2025 Branch Office 29 employees Socialization of Anti-Fraud Awareness & Gratification
11-25 July 2025 Head Office, Regional Office, Branch Office 4,485 employees Socialization of Anti-Fraud Awareness & Gratification
7 August 2025 Branch Office 36 employees Socialization of Anti-Fraud Awareness & Gratification
14 August 2025 Branch Office & Regional Office 44 employees Socialization of Anti-Fraud Awareness & Gratification
14 August 2025 Branch Office 23 employees Socialization of Anti-Fraud Awareness & Gratification
15 August 2025 Branch Office 70 employees Socialization of Anti-Fraud Awareness & Gratification
11 September 2025 Branch Office 55 employees Socialization of Anti-Fraud Awareness & Gratification
2 October 2025 Branch Office 102 employees Socialization of Anti-Fraud Awareness & Gratification
3 October 2025 Branch Office 59 employees Socialization of Anti-Fraud Awareness & Gratification
19 December 2025 Head Office, Regional Office, Branch Office 616 employees Socialization of Anti-Fraud Awareness & Gratification
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Control Over Misuse of Internal Information
The Company does not yet have a specific policy that information and prohibit the use of non-public information
explicitly regulates insider trading, considering that the for personal benefit or for the benefit of other parties.
Company is not a public company and does not have
shares traded in the capital market. Nevertheless, the Through these arrangements, the Company ensures
Company has established controls over the misuse of that no party obtains direct or indirect benefit from the
insider information through its Code of Conduct and Company’s internal information. Accordingly, the principle
internal policies concerning confidentiality of information of preventing insider trading has been substantively
and conflict of interest. These provisions require the Board implemented in accordance with the Company’s
of Directors, Board of Commissioners, and all Company characteristics.
personnel to maintain the confidentiality of internal
Whistleblowing System
In order to implement the 2nd pillar of Mandiri Tunas Scope of Violation Complaint
Finance’s Anti-Fraud Strategy which is in line with Through Halo Perwira, internal employees as well as
the Financial Services Authority regulations, namely external parties, including customers and business partners
detection, the Company has and manages a reporting/ of the Company, may submit reports on alleged violations
Whistleblowing media through the Whistleblowing System to be followed up by the WBS Management. The scope of
(WBS) mechanism called Halo Perwira. Halo Perwira is the reportable complaints includes, among others:
Company’s effort to support Good Corporate Governance 1. Allegations or indications of violation of procedures
and prevent the occurrence of early detection of indications 2. Allegations or indications of fraud that occurred
of fraud, violations or other discrepancies reported by all 3. Allegations or indications of violations of the Company’s
stakeholders in the Company. Code of Conduct
4. Unlawful acts or other unethical acts that damage the
Company either financially or the Company’s reputation.
Customer Customer
Complaint Complaint
Website
Email Customer
HC
WhatsApp Complaint
SMS
Whistleblower Anti Fraud
Fraud & Customer
Non Fraud Complaint
Complaint Channels
Mandiri Tunas Finance has provided communication Each report received through Halo Perwira is processed
channels for reporting acts suspected or indicated as fraud independently by upholding the principles of objectivity,
and/or non-fraud, which will subsequently be followed confidentiality, and prudence. Handling of reports is
up by the Whistleblower management. Reports may be conducted through tracing and verification of the accuracy
submitted through the following channels: of the information submitted by the reporter before being
Website: www.mtf.co.id/id/whistle-blower followed up in accordance with established procedures.
Email: Halo.perwira@mtf.co.id
SMS/Phone/WhatsApp: 081110678057
Complaint Submission and Handling
Complaint Management Authority Mechanism through the Whistleblowing
The management of WBS Halo Perwira is carried out by System
the Anti Fraud Strategy Unit, which is also responsible for The mechanism for submitting complaints and its handling
the implementation of the Company’s Anti Fraud Strategy. is as follows:
The unit acts as the report administrator and ensures that 1. The whistleblower may submit a complaint through the
the complaint handling process is conducted in accordance whistleblowing channels via website, WhatsApp, SMS,
with applicable provisions. and email (1a). If the complaint does not yet meet the
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required reporting elements, the Anti Fraud function whether internal or external parties, remain safe and
will follow up with the whistleblower (1b). protected. Protection is provided by maintaining the
2. The complaint is received by the Anti Fraud confidentiality of the whistleblower’s identity to prevent
Department. If the complaint relates to customer any form of threat, intimidation, or retaliation from any
complaints, it will be forwarded to Customer Care (3a). party.
If the complaint relates to human resources matters, it
will be forwarded to Human Capital (3b). If it relates to
fraud or non-fraud matters, it will be forwarded to the
Rewards and Sanctions
Anti Fraud Department and Corporate Audit Division. Any violation contrary to the Code of Conduct, Company
3. If there are questions or additional information is Regulations, Standard Operating Procedures, and
required, the Anti Fraud function will act as the liaison Technical Operating Guidelines of the Company will be
with the reporter. subject to sanctions in accordance with the Company’s
4. Information regarding the handling or follow-up of the sanction matrix.
complaint will be informed to the whistleblower.
Protection for Whistleblower Complaint Handling Results in 2025
The Company ensures that whistleblower who submit The number of complaints received and processed in 2025
allegations of violations through the WBS Halo Perwira, and the corresponding follow-up actions are as follows:
Whistleblowing Report Status Total in 2025
Reports Received 82
Fraud Indication 10
Not Indicated as Fraud 72
Information on Funding for Political Activities
The Company has established a policy prohibiting the In line with this policy, the Company does not permit Mandiri
involvement of any individual acting on behalf of the Tunas Finance personnel to use the Company’s facilities,
Company in political activities, including the provision of assets, or resources for political campaign purposes, political
funds or donations for any political purpose. This policy is fundraising, or any other form of political participation, as
strictly enforced to safeguard the Company’s independence stipulated in the Company’s Code of Conduct.
and to ensure that business activities remain within a
professional framework and in line with the principles of
Good Corporate Governance.
Goods and Services Procurement Policy
Basic Principles and Provisions for supervision of procurement implementation. All stages
Procurement of Goods and Services are conducted with due consideration to the following
principles:
within the Company
In carrying out the procurement of goods and services, the 1. Efficient, meaning procurement must utilize limited
Company applies the principles of efficiency, accountability, funds and resources to achieve the intended objectives
and transparency to ensure that procurement processes within the shortest possible time and in an accountable
are controlled and accountable. Procurement activities manner.
are conducted in accordance with Company policies and
Standard Operating Procedures that specifically regulate 2. Effective, meaning procurement must align with
procurement procedures. established needs and provide optimal benefits in
accordance with the intended objectives.
Procurement is carried out in a prudent and structured
manner, starting from needs planning, procurement 3. Open and Competitive, meaning procurement must
process, selection and evaluation of suppliers, to be open to qualified suppliers and conducted through
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Good Corporate Governance
1. Effective, meaning that Procurement activities
fair competition among eligible suppliers based on must be in accordance with the needs/plans that
clear and transparent procedures. have been set and can provide optimal benefits
4. Transparent, meaning all provisions and information for the company.
related to procurement, including technical and 2. Efficient, meaning that Procurement activities are
administrative requirements, evaluation procedures, carried out to achieve the quality as specified,
evaluation results, and determination of prospective with the agreed time at the best price level.
suppliers, are open to participating suppliers and the 3. Open and Competitive, meaning that the
public. implementation of Procurement must be open
5. Fair and Non-Discriminatory, meaning equal treatment to providers of goods and services that have
is given to all prospective suppliers and procurement met the requirements and carried out through
does not direct benefits to specific parties by any fair competition among Providers of Goods and
means. Services and meet certain requirements/criteria
6. Accountable, meaning procurement must achieve its based on clear and transparent provisions and
physical, financial, and benefit objectives in accordance procedures.
with applicable principles and regulations. 4. Transparent, meaning that all provisions and
information regarding the implementation
Types of Tender of Procurement, including technical and
administrative requirements, evaluation
Public/Open Tender and Limited Tender procedures, evaluation results, determination of
This method is applied when the estimated tender value prospective providers of goods and services are
exceeds Rp5 billion, with the following stages: open.
• Prequalification announcement 5. Fair and Non-Discriminatory, meaning equal
• Submission of prequalification documents treatment is given to all prospective suppliers
• Evaluation of prequalification documents without directing advantages to specific parties.
• Announcement of prequalification results 6. Accountable, meaning procurement processes,
• Invitation to obtain procurement documents results, and payments must be accountable.
• Tender explanation session 7. Responsible, meaning procurement processes
• Submission and opening of bids are conducted carefully and in compliance with
• Evaluation of bids and preparation of minutes of applicable regulations.
tender results 8. Independent, meaning procurement decisions
• Determination of tender winner are made objectively and free from any external
• Announcement of tender winner pressure.
• Objection process from participants
- Contract signing Procurement Ethics
- Advance payment
All parties involved in procurement, including the
Direct Selection Procurement Implementation Unit, Users, and Suppliers,
Procurement through direct selection is conducted must adhere to the following ethics:
through the following process: 1. Perform duties in an orderly and responsible
• Invitation to suppliers manner to ensure smooth and timely procurement
• Explanation of procurement documents processes.
• Submission and opening of bids 2. Work professionally and independently based
• Evaluation of bids on honesty while maintaining confidentiality
• Technical clarification and negotiation of sensitive documents, such as the Owner’s
• Determination of selected supplier Estimate, to prevent irregularities.
• Appointment of supplier 3. Avoid direct or indirect influence to prevent unfair
• Contract signing competition.
4. Accept and be accountable for decisions made in
Procurement Procedures within the accordance with agreed procedures.
Company 5. Avoid and prevent conflicts of interest.
6. Avoid and prevent waste in procurement
Basic Principles of Procurement activities.
The implementation of the Procurement process must pay 7. Avoid abuse of authority or collusion for personal
attention to the Basic Principles of Procurement, namely: or group benefit that may harm the Company.
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8. Avoid and prevent Corruption, Collusion, and at the end of the financial year for work whose
Nepotism in procurement processes. benefits have been received by MTF (BAST/
9. Not accept gifts or compensation in any form, BAKP has been signed) and re-budgeted for
directly or indirectly. work that has not been received by the User.
4. Bookkeeping Recording of Procurement
Means or Media for the Process of transactions should be in accordance with Mandiri
Procurement of Goods and/or Services Tunas Finance’s Accounting Policy and the
provisions of the Standard Accounting Manuali.
To support procurement processes, Mandiri Tunas Finance
provides an E-Procurement platform accessible at https:// Own Estimate Price (HPS)
procurement.co.id.
Own Estimate Price (HPS) is an analysis of the calculation
The E-Procurement system ensures transparency and of the estimated cost of procurement of goods/services
enables monitoring by the procurement committee. calculated on the basis of the scope and specifications
of goods/services to be procured, by utilizing data
sources that can be used and using appropriate technical
Guidelines for Procurement Cost analysis methods. Every procurement process, except
Allocation direct purchase and online purchase, must have HPS as a
reference in carrying out the price clarification/negotiation
Procurement realization must align with the approved process for an offer and to determine the procurement
annual RKAP, whether categorized under Capital decision maker.
Expenditure or Operational Expenditure.
1. Capital Expenditure HPS must reflect a reasonable and accountable price,
Procurement of movable and immovable fixed the preparation of HPS must have taken into account the
assets classified as investment expenditure is cost of taxes in accordance with applicable regulations,
charged to Capital Expenditure. Criteria include: overhead costs and a reasonable margin/ profit for service
• Not consumable within one year providers. HPS revision can be carried out if it meets one
• Not easily damaged or lost of the following criteria
• Repairable if damaged 1. There are cost components that have not been
• Individually identifiable and codifiable taken into account in the initial HPS
• Acquisition value meets applicable thresholds 2. The negotiation process has been finalized
2. Operational Expenditure (OPEX) with the condition that the negotiated price is
All expenditures for goods and services charged still above the HPS, but it is not possible to re-
to General and Administrative Expenses, labor procure because the number of partners capable
costs, training expenses, promotional expenses, of carrying out the work is limited or does not
and similar costs, with criteria: guarantee the achievement of the target.
• Does not meet investment asset criteria
• Lease-based expenses regardless of technical Submission of Procurement Request
lifespan
• IT application enhancements through change 1. Users submit procurement requests as outlined
requests that do not increase economic in the Memorandum to the Procurement
benefit may be charged to operating Implementation Unit by including information
expenses needed in the procurement process, and
3. Re-budgeting and Reserves attaching the required supporting documents.
If the obligation for the invoice of the Goods and 2. Procurement requests must be approved by the
Services Provider extends beyond the financial Authorized Officer, in accordance with the Goods
year (for example due to payment terms or and Services Submission approval matrix.
retention), then: 3. Ensure budget availability for each procurement.
• For investment expenses, it must be re- 4. Requests for Procurement of Information
budgeted in the following financial year Technology Goods and Services for strategic
period in the amount of the remaining IT projects are submitted to the Procurement
unpaid term for the relevant procurement by Implementation Unit based on strategic IT
the User. initiative decisions set by the authorized
• For exploitation expenses, it must be reserved Committee or Board of Directors Meeting at the
preparation of the RKAP at the beginning of the
year and its amendments in the current year.
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5. The Procurement process can only be carried out procurement work unit/procurement committee and/or
if all requirements related to the Procurement together with the goods/services user must first determine
process have been obtained from the relevant the procurement method/system that is most appropriate
work unit. or suitable for the goods/services concerned, including:
6. The Procurement Unit evaluates each procurement methods, bid submission systems, bid
procurement request submitted to ensure that all evaluation methods and procurement contract systems to
required documents are complete. be used.
7. The timeliness of the procurement process
is carried out according to a predetermined Procurement methods can be carried out using the
schedule. following methods:
• Public auction
• Limited selection
Procurement Process Through Tender • Direct appointment
Process Method • Direct procurement/purchase
• Competition/contest
1. Provide invitations to goods and service providers.
2. Stages of the aanwijzing process. Other procurement methods to be determined under the
3. Bid submission: Regulations of the Board of Directors include the type of
a. Submission of bidding documents by procurement work:
e-tendering through the Company’s • Goods are objects both tangible and intangible.
procurement website https://procurement. • Contracting services are construction work
co.id services or other physical forms whose technical
b. Bidders submit bid documents planning and specifications are determined by
(administrative, technical, price) online by the user of goods/services and the process and
uploading bid documents through https:// implementation are supervised by the user of
procurement.co.id: goods/services or the assigned supervisor.
4. Stages of the clarification and negotiation • Consulting services are professional expertise
process. services that require certain expertise in various
5. Stages to obtain an appropriate price and ensure scientific fields.
technical clarity and accountable costs. • Other services are services that require
6. The stages of the clarification process and certain abilities that prioritize skills (skillware)
further negotiations (if needed) are carried out in a governance system that has been widely
if the technical and cost aspects are still not in recognized in the business world to complete
accordance with the proposed TOR. a job or all work and/or provision of services
7. Determination of the selected goods and services other than Consulting Services, Contracting, and
provider. Goods.
8. The procurement team/procurement
implementation unit proposes a candidate for
the selected goods and services provider to the
team of officials authorized to determine the Binding System and Submission of
goods and services provider by attaching the Bidding Documents
minutes of evaluation and negotiations and other
information to be determined. Method of Binding the Bidding Documents
9. Appointment of goods and services providers. The method of bundling the Bidding Documents must
10. The committee issues a decision letter on the follow the provisions required in the Procurement
appointment of goods/service providers to the Document and the Goods and Services Procurement
selected goods and service providers and issues Work Unit/Procurement Committee at the time of the
notification letters to the losing participants. explanation (aanwijzing) that one of the following 3 (three)
11. Contract signing. methods is used:
1. One-Cover Method
Establishment of Procurement System The One-Cover Method is the submission of
Bidding Documents consisting of administrative
Determination of Procurement Method & Type requirements, technical requirements, and price
Taking into account the type, nature, and value of goods/ bids which are put into 1 (one) sealed cover to
services as well as location conditions and the number of the Goods and Services Procurement Work Unit/
existing goods/services providers, the goods and services Procurement Committee.
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2. Two-Cover Method Documents.
The Two-Cover Method is the submission of iv. The Bidder shall submit the Bidding/
Bidding Documents consisting of administrative Proposal Documents in a sealed and
requirements and technical requirements in a glued cover.
sealed cover I, while the bid price is in a sealed v. On the cover only write: the address of
cover II, then cover I and cover II are put into 1 the service user and the name of the
(one) cover. work package to be carried out in the
3. Two-Stage Method upper left corner of the cover.
The Two-Stage Method is the submission of vi. I f the cover is not glued in accordance with
Bidding Documents consisting of administrative the instructions, the Goods and Services
requirements and technical requirements Procurement Work Unit/Procurement
included in a sealed cover I (stage I), while the bid Committee is not responsible for the
price is included in a sealed cover (stage II), which contents of the bid cover. Offers that are
is submitted in 2 (two) stages separately and at not glued or have writing errors on the
different times. The Two-Stage Method is used for cover of the Bidding Document do not
high-tech, complex and high-risk Goods/Services invalidate the offer.
Procurement or prioritizes the achievement/ vii. If a bidder wishes to withdraw/change/
fulfillment of certain performance criteria of the replace/add to the bidding documents
entire system. that have been placed in the Bidding
Document submission area, it must
The selection of the binding system is made based be done before the closing time for
on consideration of the degree of complexity of submission of the Bidding Documents.
the work to be tendered. b. Submission of bidding documents by
e-tendering digitally through the Company’s
Submission of Bidding Documents procurement website https://procurement.
co.id.
The method of submission and opening of Bidding i. Bidders submit bid documents
Documents shall follow the provisions required in the (administrative, technical, price) online
Procurement Document. The requirements to register, by uploading bid documents through
qualify for registration, and collect Bidding Documents https://procurement.co.id.
with post-qualification requirements and procedures for ii. Bidders submit bid documents
submitting Bidding Documents are as follows: (administration, technical, price) online
1. Bidders who are entitled to submit Bid Documents by uploading bid documents through
are Goods/Services Providers who have passed https://procurement. co.id..
the prequalification and are included in the list iii. Bidding documents that have been
of invited participants. Submission of Bidding uploaded in pdf format will be encrypted
Documents is carried out in the following manner: (password) by the e-procurement system
a. Directly and the password (file certificate) will be
i. Participants directly submit their bidding sent to the bidder.
documents into the bid entry place iv. Bidders are prohibited from providing
provided by the Goods and Services encryption codes (passwords/certificates)
Procurement Work Unit/Procurement before the bid document upload
Committee. deadline.
ii. The latest deadline for the submission v. Bidding documents that cannot be
of bidding documents into the bidding opened during bid opening, either
document submission place must be due to password errors or damage to
in accordance with the provisions in softcopy files sent by the Bidder, are at
the Procurement Document, namely the risk of the Bidder.
before the closing time for submission of vi. Before the upload deadline ends,
Bidding/Proposal Documents. participants may change the bidding
iii. At the end of the document submission document (per required item) and the
deadline, the Goods and Services applicable file is the last uploaded file.
Procurement Work Unit/Procurement vii. After the upload deadline ends, the
Committee declares the submission of Goods and Services Procurement Work
Bidding/Proposal Documents closed, Unit/Procurement Committee requests
rejects late Bidding/Proposal Documents the encryption code (password/file
and rejects additional Bidding/Proposal certificate). The Goods and Services
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Procurement Work Unit/Procurement Types of Auctions
Committee can provide a certain time Public Auction and Limited Auction
limit to submit the encryption code The implementation of this method is carried out if the
(password), if until the specified time tender value is estimated to be more than Rp10 billion
limit the participant does not provide with the following implementation conditions:
the encryption code (password) or the 1. Prequalification announcement
code provided is invalid so that the offer 2. Submission of pre-qualification documents
cannot be opened or evaluated, the offer 3. Evaluation of pre-qualification documents
will be declared void. 4. Determination of pre-qualification announcement
2. Bid Evaluation System. The bid evaluation system 5. Invitation to collect procurement documents
is divided into 2 parts, namely: 6. Bid explanation-submission and opening of bids
a. Bid evaluation system for procurement of 7. Evaluation of bids-preparation of minutes of tender
goods and services consisting of knockout results
system, value system, and cost assessment 8. Determination of the auction winner
system over the economic life; 9. Announcement of winning bidder
b. The bid evaluation system for the 10. Bidder’s rebuttal
procurement of consulting services is divided 11. Contract signing
into quality evaluation system, quality and 12. Advance payment
cost evaluation system, and lowest cost
evaluation system. Direct Selection
The procedure for procuring goods and services using the
Forms and types of work bonds direct selection method is carried out with the
following process:
The form of work bond consists of proof of purchase of Invitation to goods and service providers
goods, SPK, work contract: 1. Providing explanation of procurement documents
1. Types of work bonds consist of lump sum bonds, unit 2. Bid submission-Bid opening
price bonds with volume, combined lump sum and
unit price bonds, acceptance bonds, unit price bonds 3. Bid evaluation
without definite order volumes, staged delivery bonds 4. Technical clarification and negotiation
with maximum volume limits, cost plus fee bonds, and 5. Determination of selected goods and service providers
percentage bonds. 6. Appointment of goods and service providers
2. In the implementation of the procurement of goods 7. Contract signing
and services, it must be realized that there are risks 8. Advance payment
that may arise, including the resignation of the goods
and services provider, failure to perform, the risk of
withdrawing advances, and other risks.
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Conformity with OJK Regulation No. 48/
POJK.05/2024 Concerning Good Corporate
Governance for Financing Companies
In the context of implementing Good Corporate The implementation of Good Corporate Governance
Governance for Financing Institutions as regulated under encompasses the strengthening of the roles and functions
the relevant POJK on Governance, the Company has of the Company’s organs, clarity of authority and
integrated GCG principles into its organizational structure, accountability, the application of internal control and risk
management processes, and oversight mechanisms. The management systems, as well as transparency mechanisms
implementation of governance practices is aligned with that support effective oversight and decision-making.
the characteristics, scale, and complexity of Mandiri Tunas Through this framework, the Company implements the
Finance’s business activities, and supports a risk-based provisions of the applicable POJK on Governance in a
management approach. substantive and integrated manner within its management
practices.
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Regulatory Content as Compliance Principle Status Implementation within Mandiri Tunas Finance
Implementation The principles of Good Corporate Governance include: Important Company information, such as Annual Reports,
of Good transparency, accountability, responsibility, independence, Financial Statements, etc., are available on the Company’s
Corporate equality and fairness. web pages.
Governance
The implementation of Good Corporate Governance aims to: The Company in carrying out its business activities always
• Optimize the value of the Company for Stakeholders, implements good governance in accordance with these
especially Debtors, creditors, and/or other Stakeholders; 5 principles, so that the Company’s objectives for the
• Improve the management of the Company in a professional, implementation of good governance can be achieved
effective, and efficient manner;
• Improve the compliance of the Company’s Organs and
DPS as well as the ranks under them so that in making
decisions and carrying out actions based on high ethics,
compliance with laws and regulations, and awareness of
the Company’s social responsibility towards Stakeholders
and environmental sustainability;
• Realize a Company that is healthier, reliable, trustworthy,
competitive, and meets the principles of consumer
protection; and
• Increase the Company’s contribution to the national
economy.
The implementation of Good Corporate Governance • The Company has a Code of Conduct for the Board of
principles is Commissioners and Board of Directors;
at least realized in: • The Company has a Charter/Guidelines for the Committees
• Implementation of duties and responsibilities of the Board supporting the Board of Commissioners;
of Directors, Board of Commissioners, and DPS; • The Company has a good governance policy which includes
• Completeness and implementation of the duties of arrangements regarding conflicts of interest;
committees and work units that carry out the internal • The Company has a compliance and internal audit function
control function; along with policies and procedures.
• Handling Conflict of Interest; • The Company has a risk management function along with
• Implementation of compliance, internal audit and external policies and internal controls;
audit functions; • The remuneration policy is conducted by the Company’s
• Implementation of risk management and internal control Nomination and Remuneration Committee;
systems; • Transparency of financial and non-financial conditions has
• Implementation of remuneration policy; been implemented by the Company. This is evident in the
• Transparency of financial and non-financial conditions; and company’s website page where financial and non-financial
• Business plan. information is available; and
• The company has a long-term and short-term plan. The
short-term is prepared for 1 year in the form of a business
plan with contents in accordance with OJK regulations.
In conducting business activities, the Company must conduct The Company’s business activities have been adjusted to
its business activities in a healthy manner and comply with all statutory provisions including OJK regulations relating to the
laws and regulations of the financial services industry under finance company industry.
the supervision of the OJK.
The Company shall have adequate standard operations and All business and operational activities of the Company have
procedures for all business activities of the Company as policies and procedures that have been established by the
determined by the Board of Directors. Board of Directors.
General Meeting The Company’s GMS must be held in accordance with the The Company conducts the Annual General Meeting of
of Shareholders provisions of laws and regulations and the Company’s articles Shareholders in accordance with applicable laws.
of association are transparent and accountable.
In making decisions, the GMS must safeguard the interests of GMS resolutions are based on deliberation and consensus of
all parties, especially the interests of debtors, creditors, and all shareholders.
the interests of minority shareholders.
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Regulatory Content as Compliance Principle Status Implementation within Mandiri Tunas Finance
Shareholders Each party that becomes a controlling shareholder of the The Company’s shareholders have passed the fit and proper
Company must fulfill the provisions of the fit and proper assessment as controlling shareholders.
assessment. Provisions regarding the fit and proper
assessment are regulated by OJK Regulation regarding the fit
and proper assessment.
Shareholders must be committed to the development of the The Company conducts GMS as stipulated in the POJK.
Company’s operations.
Shareholders must be committed to the development of the Shareholder commitment is always dedicated to the
Company’s operations. development of the Company’s operations.
The Company’s shareholders are prohibited from interfering The Company’s Shareholders do not interfere with the
with the Company’s operational activities which are the Company’s operational activities as specified in the Limited
responsibility of the Board of Directors in accordance with the Liability Company Law.
provisions of the Company’s Articles of Association and laws
and regulations, except in the context of exercising their rights
and obligations as GMS.
hareholders of the Company who serve as members of the Members of the Company’s Board of Directors and Board of
Board of Directors, members of the Board of Commissioners, Commissioners always put the interests of the Company first
or members of the DPS of the same Company must prioritize and practice the implementation and supervision functions in
the interests of the Company. accordance with statutory provisions.
Board of Companies with assets of more than Rp200,000,000,000.00 The Company has 3 (three) Directors.
Directors must have at least 3 (three) members of the Board of Directors.
All members of the Board of Directors of the Company whose The Company’s shareholders are Indonesian legal entities
shareholders are: owned directly or indirectly by Indonesian citizens, so all
• Indonesian citizen; and/or members of the Company’s Board of Directors are Indonesian
• Indonesian legal entities owned directly or indirectly by citizens.
Indonesian citizens,
• must be an Indonesian citizen.
Companies in which there is direct or indirect foreign There is no foreign ownership in the Company.
ownership must have at least 50% of the members of the
Board of Directors who are Indonesian citizens.
Members of the Company’s Board of Directors must reside in All members of the Board of Directors are domiciled in
the territory of the Republic of Indonesia Indonesia.
Members of the Board of Directors who are foreign nationals No member of the Board of Directors is a foreign national.
must have a residence permit and work permit from the
competent authority.
All members of the Company’s Board of Directors must have All members of the Company’s Board of Directors have
knowledge relevant to their positions. knowledge relevant to their positions and all members of the
Company’s Board of Directors have passed the OJK fit and
proper test.
Members of the Company’s Board of Directors are Members of the Company’s Board of Directors do not hold
prohibited from holding concurrent positions as Directors concurrent positions in other companies.
of other companies except as members of the Board of
Commissioners at a maximum of 3 (three) other companies.
It does not include concurrent positions if a member of the
Board of Directors who is responsible for supervising the
investment in a subsidiary that has a business in the field of
financing, performs functional duties as a member of the
Board of Commissioners in a subsidiary controlled by the
Company, as long as the concurrent position does not result
in the person concerned neglecting the implementation of
duties and authorities as a member of the Board of Directors
of the Company.
Each member of the Company’s Board of Directors must pass a All members of the Board of Directors have passed the fit and
fit and proper assessment. Provisions regarding fit and proper proper assessment as stipulated in POJK.
assessment are regulated by OJK Regulation regarding fit and
proper assessment.
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Members of the Company’s Board of Directors must fulfill the Members of the Board of Directors have met the
following criteria: criteria set by the OJK.
• able to act in good faith, honestly and professionally;
• able to act in the interests of the Company and/or other
Stakeholders;
• putting the interests of the Company and/or other
Stakeholders ahead of personal interests;
• able to make decisions based on independent and
objective judgment for the interests of the Company and
Debtors, creditors, and/or other Stakeholders; and
• able to avoid abuse of his/her authority to obtain undue
personal gain or cause harm to the Company.
The Board of Directors of the Company shall: The Company’s Board of Directors carries out its duties
• comply with laws and regulations, Articles of Association, and responsibilities as mandated in the Law and Articles of
and other internal regulations of the Company in carrying Association
out their duties;
• manage the Company in accordance with its authority and
responsibility;
• be accountable for the implementation of its duties to the
GMS;
• ensure that the Company takes into account the interests
of all parties, especially the interests of Debtors, creditors,
and/or other Stakeholders;
• ensure that information about the Company is provided
to the Board of Commissioners and DPS in a timely and
complete manner; and
• assist and provide facilities and/or resources for the
smooth implementation of the duties and authorities of the
Company Organs and DPS
The Company shall have a member of the Board of Directors The compliance function in the Company is led directly by the
in charge of the compliance function. The compliance function President Director.
is a series of actions or steps to ensure that the policies,
provisions, systems, and procedures, as well as business
activities carried out by the Company are in accordance
with the laws and regulations and ensure the Company’s
compliance with the commitments made by the Company to
the OJK and/or other authorized supervisory authorities.
The Company must have a work unit or employee who carries The Company has a work unit that performs the compliance.
out the compliance function. The work unit or employee is function, namely the Legal Division.
tasked with assisting the Board of Directors in ensuring
compliance with laws and regulations in the field of financing
business and other laws and regulations. The work unit or
employee in question is responsible to the member of the
Board of Directors.
Members of the Company’s Board of Directors are prohibited The Company’s Board of Directors carries out its duties and
from: responsibilities as stipulated in the laws and regulations and
• conducting transactions that have a Conflict of Interest, the Company’s Articles of Association.
with the activities of the Company in which the member of
the Board of Directors serves;
• utilizing their position in the Company where the member
of the Board of Directors serves for personal, family, and/or
other party interests that may harm or reduce the profits of
the Company where the member of the Board of Directors
serves;
• taking and/or receiving personal benefits from the Company
in which the member of the Board of Directors serves other
than the remuneration and facilities determined by the
GMS resolution; and
• fulfilling shareholder requests related to the operational
activities of the Company in which the member of the
Board of Directors serves other than those stipulated in the
GMS.
The Board of Directors of the Company shall hold regular Throughout 2025, the Board of Directors conducted 58 (fifty
Board of Directors meetings at least 1 (one) time in 1 (one) eight) meetings.
month. The Board of Directors of the Company shall attend
the meeting of the Board of Directors at least 50% of the total
meetings of the Board of Directors in a period of 1 (one) year.
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Regulatory Content as Compliance Principle Status Implementation within Mandiri Tunas Finance
The results of the Board of Directors meeting must be stated All meetings of the Board of Directors in 2025 have been
in the minutes of the Board of Directors meeting and well documented in the minutes of the Board of Directors
documented. Dissenting opinions that occur in the decisions meetings, including dissenting opinions if any.
of the Board of Directors meeting must be clearly stated in
the minutes of the Board of Directors meeting along with
the reasons for the dissenting opinions. Members of the
Company’s Board of Directors who are present or absent from
the Board of Directors meeting are entitled to receive a copy
of the minutes of the Board of Directors meeting.
The total of meetings of the Board of Directors that have been The Board of Directors Meetings have been disclosed in the
held and the attendance of each member of the Board of Good Corporate Governance Report.
Directors of the Company must be included in the report on
the implementation of Good Corporate Governance.
The Board of Directors of the Company shall ensure the The Board of Directors of the Company in making decisions
taking of effective, precise, and quick decisions and can act considers all aspects.
independently, having no interests that may interfere with his
or her ability to carry out duties independently and objectively.
Board of Companies with assets of more than Rp200,000,000,000.00 The Company has four members of the Board of Commissioners
Commissioners (two hundred billion rupiah) must have at least 2 (two) and two of them are Independent Commissioners. All
members of the Board of Commissioners. Companies must Commissioners of the Company are domiciled in Indonesia.
have at least 1 (one) member of the Board of Commissioners
domiciled in the territory of the Republic of Indonesia.
Members of the Board of Commissioners with foreign The Company does not have a Board of Commissioners with
citizenship domiciled in the territory of the Republic of foreign nationality.
Indonesia must have: a residence permit; and a work permit,
from the competent authority.
Members of the Board of Commissioners of the Company Members of the Board of Commissioners do not hold
are prohibited from holding concurrent positions as members concurrent positions as Board of Commissioners in other
of the Board of Commissioners in more than 3 (three) other companies.
Companies. It does not include concurrent positions if:
• non-independent member of the Board of Commissioners
performs the functional duties of a shareholder of the
Company in the form of a legal entity in its business group;
and/or
• members of the Board of Commissioners hold positions in
non-profit organizations or institutions,
• provided that the person concerned does not neglect the
performance of duties and responsibilities as a member of
the Company’s Board of Commissioners.
Members of the Board of Commissioners must fulfill the All members of the Board of Commissioners are external
requirement of never being a member of the Board of parties of the Company and were not previously members of
Directors of the same Company within the last 6 (six) months. the Board of Directors of the Company.
Each member of the Company’s Board of Commissioners Each member of the Board of Commissioners has passed the
must pass a fit and proper assessment. Provisions regarding fit and proper test conducted by OJK.
fit and proper assessment are regulated by OJK Regulation
regarding fit and proper assessment.
The Board of Commissioners of the Company shall: The Board of Commissioners carries out its obligations
• carry out supervisory and advisory duties to the Board of as mandated by the Law and the Company’s Articles of
Directors; Association.
• supervise the Board of Directors in maintaining the balance
of interests of all parties;
• prepare the Board of Commissioners activity report which
is part of the Good Corporate Governance implementation
report;
• monitor the effectiveness of the implementation of Good
Corporate Governance;
• provide approval in the event that the Sharia Supervisory
Board requires the assistance of members of committees
whose organizational structure is under the Board of
Commissioners; and
• ensure that the Board of Directors has followed up on
audit findings and recommendations from the Company’s
internal audit unit, external auditors, OJK supervision
results and/or supervision results of other authorities.
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Regulatory Content as Compliance Principle Status Implementation within Mandiri Tunas Finance
Members of the Board of Commissioners of the Company are The Board of Commissioners performs its duties and functions
prohibited from: in accordance with the prevailing laws and regulations and the
• conducting transactions that have a Conflict of Interest with Company’s Articles of Association.
the activities of the Company in which the member of the
Board of Commissioners serves;
• utilizing their position in the Company where the member
of the Board of Commissioners serves for personal, family,
and/or other party interests that may harm or reduce the
profit of the Company where the member of the Board of
Commissioners serves;
• taking and/or receiving personal benefits from the Company
in which the member of the Board of Commissioners
serves, other than the remuneration and facilities stipulated
by the resolution of the GMS; and
• interfering with the Company’s operational activities that
are the responsibility of the Board of Directors.
Members of the Company’s Board of Commissioners are The Board of Directors always provides information to the
entitled to obtain information from the Board of Directors Board of Commissioners in complete and timely manner.
regarding the Company in a complete and timely manner.
Companies with assets of more than Rp200,000,000,000.00 The Company has one Independent Commissioner and meets
must have at least 1 (one) Independent Commissioner. The the requirements required by OJK
Company’s Independent Commissioner must fulfill the
following requirements:
• has no affiliation with members of the Board of Directors,
members of the Board of Commissioners, members of
the DPS, or shareholders of the Company, in the same
Company;
• has never been a member of the Board of Directors, a
member of the Board of Commissioners, a member of the
DPS or held a position 1 (one) level below the Board of
Directors in the same Company or other companies that
have an affiliation with the Company within the last 2 (two)
years;
• understands the laws and regulations in the field of
financing and other relevant laws and regulations;
• has a good knowledge of the financial condition of the
Company in which the Independent Commissioner serves;
• has Indonesian citizenship; and
• domiciled in Indonesia.
Independent Commissioners have the main task of carrying The duties and functions of the Independent Commissioner are
out supervisory functions to voice the interests of debtors, set out in the Code of Conduct of the Board of Commissioners.
creditors and other stakeholders.
Independent Commissioners must report to OJK no later than Throughout 2025, the Independent Commissioner did not
10 calendar days from the discovery of: find any violations and other matters that endangered the
• violation of laws and regulations in the field of financing; Company.
and/or
• circumstances or expected circumstances that may
jeopardize the Company’s business continuity.
The Company is prohibited from dismissing an Independent In 2025, the Company dismissed Rico Adisurja Setiawan from
Commissioner due to the actions of the Independent his position as Commissioner of the Company and appointed
Commissioner in carrying out their duties. Nugraha Indra Permadi.
Companies with total assets of more than The Company’s Board of Commissioners has an audit
Rp200,000,000,000.00 are required to form an audit committee, risk monitoring committee and remuneration
committee, risk monitoring committee and remuneration and and nomination committee in carrying out its duties and
nomination committee. In addition to the above committees, responsibilities.
the Board of Commissioners may form other committees to
support the implementation of the duties of the Board of
Commissioners.
The Audit Committee of the Company shall consist of at least: The Company’s audit committee structure is in accordance
• 1 (one) Independent Commissioner who serves as with OJK regulations.
chairman;
• 1 (one) independent party who has expertise in the field:
1. Audit;
2. Finance;
3. Accounting for Financing Companies or sharia
accounting for Sharia Financing Companies or Financing
Companies that have UUS. who serves as a member.
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The audit committee shall carry out: The Company’s audit committee structure is in accordance
• Monitoring and evaluation of the planning and with OJK regulations.
implementation of the audit; and
• Monitoring the follow-up of audit results in order to assess
the adequacy of the financial reporting process.
The audit committee shall carry out: The Company’s audit committee has carried out monitoring
• Monitoring and evaluation of the planning and and evaluation of audit planning and implementation; and
implementation of audits; and Monitoring of follow-up on audit results in order to assess the
• Monitoring the follow-up of audit results in order to assess adequacy of the financial reporting process.
the adequacy of the financial reporting process.
The implementation that must be carried out by the Audit The Audit Committee has monitored the entire work of the
Committee as above, at least against: internal audit unit, the suitability of the audit implementation
• Implementation of the duties of the internal audit work unit; by the public accounting firm, the conformity of financial
• Conformity of audit implementation by public accounting statements with financial accounting standards, and the
firms with audit standards; implementation of follow-up on the findings of the internal
• Conformity of financial statements with financial accounting audit unit, public accountants, and other external audits.
standards; and
• Implementation of follow-up by the Board of Directors on
the findings of the internal audit unit, public accountant,
and OJK supervision results, in order to provide
recommendations to the Board of Commissioners.
The Audit Committee shall provide recommendations The audit committee has provided recommendations on the
regarding the appointment of public accountants and public appointment of public accountants and public accounting
accounting firms to the Board of Commissioners to be firms to the Board of Commissioners.
submitted to the GMS.
The Risk Monitoring Committee shall consist of at least: The Company’s Risk Monitoring Committee structure is in
• 1 (one) Independent Commissioner who serves as accordance with OJK regulations.
chairman; and
• 1 (one) independent party with expertise in finance and/or
risk management who serves as a member.
The risk monitoring committee shall perform at least: The Company’s risk monitoring committee has
• Evaluation of the conformity between the risk management implemented:
policy and;. • Evaluation of the suitability of the risk management policy
• Monitoring and evaluation of the implementation of with the implementation of the Company’s policy;
the duties of the risk management committee and risk • Monitoring and evaluation of the implementation of
management working unit. the duties of the risk management committee and risk
management working unit.
The remuneration & nomination committee shall consist of at The Company’s remuneration & nomination committee
least: structure is in accordance with OJK regulations.
• 1 (one) Independent Commissioner who serves as
chairman;
• 1 (One) Commissioner;
• 1 (One) official with a position level of 1 (one) level below
the Board of Directors in charge of human resource
management.
Remuneration and nomination committee shall: The Company’s remuneration and nomination committee has:
• Conduct evaluation and recommendations related to • Conducted evaluation and provided recommendations
remuneration policies; and related to remuneration policy;
• Develop and provide recommendations regarding • Developed and provided recommendations related to
nomination policies. nomination policy
Companies with total assets of up to Rp200,000,000,000.00 The Audit Committee is under the supervision of the
must have a function that assists the Board of Commissioners Company’s Board of Commissioners.
in monitoring and ensuring the effectiveness of the internal
control system and the implementation of the duties of
internal auditors and external auditors by monitoring and
evaluating the planning and implementation of audits in
order to assess the adequacy of internal controls including the
financial reporting process.
The Company’s Board of Commissioners shall hold the Board Throughout 2025, the Board of Commissioners held meetings
of Commissioners meeting at least 1 (one) time in 3 (three) 6 (six) times.
months. Members of the Company’s Board of Commissioners
must attend at least 75% of the total Board of Commissioners
meetings in a period of 1 (one) year. The results of the Board
of Commissioners meeting must be stated in the minutes of
the Board of Commissioners meeting and well documented.
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Regulatory Content as Compliance Principle Status Implementation within Mandiri Tunas Finance
Dissenting opinions that occur in the decision of the Board The agenda of the Board of Commissioners meeting is listed
of Commissioners meeting must be clearly stated in the in the Minutes of the Board of Commissioners Meeting.
minutes of the Board of Commissioners meeting along with
the reasons for the dissenting opinions. Members of the Board
of Commissioners of the Company who are present or absent
from the Board of Commissioners meeting are entitled to
receive a copy of the minutes of the Board of Commissioners
meeting.
The total of Board of Commissioners meetings that have The total of meetings has been listed in the Good Corporate
been held and the attendance of each member of the Board Governance
of Commissioners must be included in the Good Corporate
Governance implementation report.
The Company’s Board of Commissioners shall ensure effective, The decisions of the Board of Commissioners are independent
appropriate, and prompt decision-making and be able to act and professional
independently in carrying out its duties.
Sharia Sharia Financing Companies and UUS must have a DPS. N/A The Company does not have a Sharia Supervisory Board.
Supervisory
Board
Transparency Members of the Board of Directors and members of the Board The share ownership of the Board of Directors and Board of
of Share of Commissioners must disclose regarding: Commissioners is disclosed in the register of shareholders.
Ownership • share ownership which reaches 5% (five percent) or more in
the Company where the member of the Board of Directors
and member of the Board of Commissioners serves and/or
in other companies domiciled at home and abroad; and
• financial and family relationships with other members of
the Board of Directors, other members of the Board of
Commissioners, members of the DPS, and/or shareholders
of the Company or business group where the members
of the Board of Directors and members of the Board of
Commissioners serve, to the Company where the members
of the Board of Directors and/or members of the Board of
Commissioners serve and are included in the report on the
implementation of Good Corporate Governance.
External The Company’s external auditor shall be appointed by the The appointment of the External Auditor is in accordance with
Auditor GMS from the external auditor candidates proposed by the the recommendations of the audit committee.
Board of Commissioners based on the recommendation of
the audit committee (if any). The nomination of the external
auditor must be accompanied by:
• the reasons for the nomination and the amount of
honorarium or fees proposed for the external auditor; and
• a statement of undertaking signed by the external auditor,
to be free from the influence of the Board of Directors,
Board of Commissioners, DPS, and interested parties in the
Company and willingness to provide information related to
the results of its audit to OJK.
The Company shall provide all accounting records and The Company is open in providing information and supporting
supporting data to the external auditor so that the external data for external auditors.
auditor can give his opinion on the fairness and conformity of
the Company’s financial statements with applicable auditing
standards.
Remuneration The Company shall implement a remuneration policy for The remuneration policy has been set by the Nomination and
Practices and members of the Board of Directors, members of the Board Remuneration Committee
Policies of Commissioners, DPS, and employees that encourages
prudent behavior in line with the Company’s long-term
interests and fair treatment of debtors, creditors, and/or other
stakeholders. The remuneration policy must pay attention to
at least:
• financial performance and fulfillment of the Company’s
obligations as stipulated in the prevailing laws and
regulations;
• individual work performance;
• fairness with the Company and/or equivalent position level
(peer group); and
• consideration of the Company’s long-term goals and
strategies.
Financing The Company shall develop a financing policy and plan as The Company’s Business Plan contains a financing plan that
Governance outlined in the Company’s annual business plan. The financing has been determined by the Company’s Board of Directors
policy and plan shall be: and socialized to relevant work functions.
• determined by the Board of Directors; and
• socialized to management an related work units
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The Board of Directors shall make financing decisions in a The Company makes a business plan every year.
professional manner and optimize the added value of the
Company’s assets while taking into account the protection of
Debtors and the interests of other Stakeholders.
The company must have a responsible work unit or employee In making decisions, the Board of Directors pay attention to
that: all aspects.
• organizes marketing functions, application of principles
regarding customers, financing analysis, monitoring the
quality of financing receivables, collection, handling Debtor
complaints;
• develops and implements financing quality standards and
procedures; and
• develops and implements internal control systems and
procedures to ensure that the process of providing
financing is carried out in accordance with financing
policies and strategies, and does not violate laws and
regulations. To perform these functions, the Company must
have employees who have knowledge and experience in
the field of financing.
The Company may cooperate with other parties to perform Cooperation with third parties is always set out in a written and
collection functions to Debtors. The Company must put the stamped agreement.
cooperation with other parties in the form of a stamped written
agreement. Cooperation with other parties as intended must
fulfill the following provisions:
• the other party is a legal entity;
• the other party has a license from the authorized agency;
and
• the other party has human resources who have obtained
professional certification in the field of collection from an
institution appointed by the Indonesian finance company
association. The Company is fully responsible for all
impacts arising from cooperation with other parties. The
Company shall periodically evaluate the cooperation with
other parties.
Risk The Company shall implement risk management by identifying Risk Management is managed in one separate division.
Management and assessing, and risk management must be adjusted to
and Internal the objectives, business policies, size, and complexity of the
Control business as well as the Company’s ability. monitor business
risks effectively.
The Board of Directors of the Company shall establish Internal Control is carried out by the Risk Management and
effective and efficient internal controls to provide reasonable Internal Audit Division.
assurance that business activities are carried out in accordance
with business objectives and strategies as well as the articles
of association and other internal rules of the Company, and
laws and regulations.
Internal control includes at least the following: The Company’s internal control has covered matters as
• a disciplined and structured internal control environment stipulated in the provisions of the Financial Services Authority
within the Company;
• business risk assessment and management, which is a
process to identify, analyze, assess, and manage business
risks;
• control activities, namely actions taken in a process
of controlling the Company’s activities at every level
and unit in the Company’s organizational structure,
including regarding authority, authorization, verification,
reconciliation, assessment of work performance, division of
tasks, and security of company assets;
• information and communication system, which is a
process of presenting reports on operational, financial,
and compliance with laws and regulations in the field of
financing business;
• monitoring procedures, namely the process of assessing the
quality of the internal control system including the internal
audit function at each level and unit of the Company’s
organizational structure, so that it can be implemented
optimally; and
• reporting mechanism to the Board of Directors with a copy
to the audit committee, in the event of irregularities in the
quality of the internal control system including the internal
audit function at each level and unit of the Company’s
organizational structure.
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Good Corporate Governance
Regulatory Content as Compliance Principle Status Implementation within Mandiri Tunas Finance
Annual Business The company must prepare an annual business plan. The The Company has developed an annual business plan
Plan annual business plan shall at least include:
• executive summary;
• evaluation of the implementation of the previous period’s
Business Plan;
• vision, mission, and business strategy;
• Policy and management plans, including:
1. Business activity plan;
2. Business development or expansion plan;
3. Capitalization plan;
4. Funding plan;
5. Plans to develop and/or change office networks or
distribution channels;
6. Plans for organizational development, human resources,
and/or information technology; and
7. Activity plan in order to improve financial literacy and
inclusion for finance companies.
• financial statement projections and assumptions used;
• projection of specific ratios and items;
• other information
The Company shall submit its annual business plan to OJK The Annual Business Plan has been reported before the
by 30 November prior to the start of the Business Plan year. specified due date.
The Company is required to submit a Business Plan Realization The business plan realization report has been prepared in
Report on a semi-annual basis to OJK. The semi-annual accordance with the provisions and submitted to OJK within
Business Plan Realization Report includes: the specified time limit.
• explanation of the achievement of the Business Plan;
• explanation of deviations from the realization of the
Business Plan;
• follow-up on the achievement of the Business Plan;
• financial ratios and specific items; and
• other information.
The semi-annual Business Plan Realization Report to OJK The business plan realization report is submitted in accordance
must be submitted no later than 1 month after the end of the with applicable regulations.
relevant semester.
The Company shall submit the Business Plan Supervision The business plan realization report is submitted in accordance
Report on a semi-annual basis to the Financial Services with applicable regulations.
Authority. The business plan supervision report at least
contains the Board of Commissioners’ assessment regarding:
• realization of the business plan both quantitatively and
qualitatively;
• factors affecting the performance of LJKNB; and
• efforts to improve the performance of LJKNB.
The report on the realization of business plan supervision to The business plan realization report is submitted in accordance
OJKmust be submitted with applicable regulations
Information The Company’s communication policy and strategy should The Company communicates with OJK through the Corporate
Disclosure enable the required information to be provided to the OJK in Secretary.
a complete, timely and efficient manner.
The Company shall have a reliable financial reporting system Financial reporting has been done through system regulated
for supervisory and other stakeholder purposes. by OJK and IDX.
The Company must disclose to OJK regarding important The Company conducts information disclosure.
matters, at least including:
• resignation or removal of the external auditor;
• material transactions with related parties;
• ongoing and/or potential Conflicts of Interest; and;
• other material information regarding the Company
Disclosure of important matters is contained in the Good Has been included in the Good Corporate Governance
Corporate Governance implementation report. Report.
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Regulatory Content as Compliance Principle Status Implementation within Mandiri Tunas Finance
Business Ethics The Board of Directors, Board of Commissioners, DPS, and Available in Company Regulations.
employees of the Company are prohibited from offering or
giving anything, either directly or indirectly to other parties, to
influence decision-making related to financing transactions, in
violation of applicable laws and regulations.
The Board of Directors, Board of Commissioners, DPS, and The Board of Directors, Board of Commissioners, DPS, and
employees of the Company are prohibited from accepting employees of the Company have committed not to accept
anything for their personal interests in violation of applicable anything for personal interests, as stated in the Employee
laws and regulations, either directly or indirectly, from anyone, Integrity Pact.
which may affect decision making related to financing
transactions.
The Company shall establish a guideline on ethical behavior, Listed in the Company Regulations.
which contains the value of business ethics, as a guide for the
Company’s Organs and all Company employees.
Reporting The Company must prepare a report on the implementation The Company has prepared a report on the implementation of
of Good Corporate Governance at the end of each financial Good Corporate Governance for OJK.
year. The report on the implementation of Good Corporate
Governance contains at least:
• transparency in the implementation of Good Corporate
Governance that discloses all aspects of the implementation
of the principles of Good Corporate Governance in
accordance with the principles of good corporate
governance; and
• an action plan that includes the necessary corrective
actions and completion time as well as challenges/
obstacles to completion, if there are still deficiencies in
the implementation of Good Corporate Governance. The
Good Corporate Governance implementation report must
be submitted no later than 30 April of the following year.
Sanctions Companies that violate the provisions of this Financial Services The Company does not violate the provisions stipulated in the
Authority Regulation are subject to administrative sanctions in POJK.
the form of written warnings. In the event that the company
violates the provisions of this Financial Services Authority
Regulation, but the violation has been resolved, it is still
subject to administrative sanctions in the form of a written
warning which expires by itself. In the event that the company
has complied with the provisions of the POJK, OJK revokes
the administrative sanction in the form of a written warning.
In the event that OJK has imposed administrative sanctions Throughout 2025 there were no sanctions imposed on the
and the company does not fulfill the provisions that led to the Company regarding the Governance.
imposition of administrative sanctions, OJK may:
• lower the assessment result of the Company’s risk level
orsoundness level; and
• conduct a reassessment of the Company’s principals.
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Corporate Social Responsibility
Corporate
Social
Responsibility
Committed to
Deliver Tangible 4
Sustainability
Contributions Pillars
MTF seeks to make impactful
contributions in supporting
the improvement of education
quality, the implementation of
inclusive social initiatives, and
environmental preservation.
6
CSR
Activities
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8
Contribution
to SDGs
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Corporate Social Responsibility
Corporate Social and
Environmental Responsibility
Mandiri Tunas Finance implements Corporate Social dated 3 March 2023 on Special Assignments and Social
Responsibility (CSR) programs as part of its commitment and Environmental Responsibility Programs of State-
to providing tangible contributions to the community and Owned Enterprises.
the environment surrounding its operational areas. The
implementation of CSR is designed to support sustainable The regulatory framework serves as the reference for the
social and environmental development, strengthen Company in ensuring that the implementation of its CSR
relations with stakeholders, and create measurable positive is conducted in an orderly and accountable manner, in line
impacts for beneficiaries. with applicable regulations.
The Company’s CSR programs are carried out by prioritizing In implementing its CSR, the Company adheres to the
principles of value creation, program sustainability, and following principles:
accountability across the planning, implementation, and 1. Integration, based on risk analysis and business
reporting stages. The programs are focused on efforts to processes that are related to stakeholders;
improve community welfare, strengthen social capacity, 2. Value Creation, by ensuring that CSR programs
and address environmental issues relevant to stakeholder generate meaningful impacts for beneficiaries;
needs. 3. Accountability and Transparency, applied throughout
the planning, implementation, and reporting of
As a financing company and part of Mandiri Group, the programs;
Company views business sustainability as the outcome 4. Collaboration, by involving stakeholders in broadening
of a balanced approach between financial performance, the impacts of programs.
the management of social and environmental impacts,
and the implementation of good corporate governance. Scope of CSR
Within this framework, CSR programs are developed and The scope of the Company’s CSR focuses on social and
implemented in a structured manner to ensure that they are environmental contributions through programs directed at
well-targeted, deliver actual benefits, and are transparently the community and external stakeholders. In general, the
accountable. scope of CSR covers the following aspects:
1. Education and human resource capacity development;
Through the integration of the global Sustainable 2. Social and humanitarian empowerment;
Development Goals (SDGs) framework, MTF seeks to make 3. Community health and well-being;
impactful contributions in supporting the improvement of 4. Environmental stewardship.
education quality, the implementation of inclusive social
initiatives, and environmental preservation. The SDGs This scope is defined based on the Company’s business
integration is the foundation to ensure that each CSR nature and the needs of stakeholders within its operational
program not only addresses community needs but also areas.
consistently contributes to the achievement of sustainable
development purposes. Pillars of CSR
MTF implements structured CSR strategic initiatives based
Basis for CSR Implementation on four principal pillars, namely social, environmental,
The implementation of the Company’s CSR programs is in economic, and legal and governance. These pillars
accordance with applicable laws, including: serve as the foundation for guiding the planning and
1. Law No. 40 of 2007 on Limited Liability Companies as implementation of CSR programs, ensuring that each
has been amended latest by Law No. 6 of 2023 on the initiative delivers sustainable and measurable benefits
Stipulation of Government Regulation in Lieu of Law No. that align with the expectations of stakeholders. This
2 of 2022 on Job Creation; approach is in line with the Regulation of the Minister of
2. Government Regulation No. 47 of 2012 on Social State-Owned Enterprises of the Republic of Indonesia
and Environmental Responsibility of Limited Liability No. PER-1/MBU/03/2023 on Social and Environmental
Companies; Responsibility Programs of State-Owned Enterprises.
3. Regulation of the Minister of State-Owned Enterprises
of the Republic of Indonesia No. PER-1/MBU/03/2023
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Aimed at achieving quality economic growth through
sustainable employment and business opportunities,
Economic
inclusive industrial innovation, adequate infrastructure,
affordable clean energy, and strong partnerships;
Aimed at ensuring the fair and equitable fulfillment of
Social fundamental human rights to enhance the well-being
of society;
Aimed at managing natural resources and
Environmental ecosystems sustainably as the essential foundation
for all life; and
Aimed at achieving legal certainty and effective,
Legal and transparent, accountable, and participatory
Governance governance to uphold security stability and the
rule of law.
Purposes of CSR
The purposes of the implementation of Mandiri Tunas CSR Management Structure
Finance’s CSR programs are as follows: The implementation of the Company’s CSR is
1. Foster harmonious and sustainable relations between coordinated by the Corporate Secretary Division.
the Company and the community through inclusive Meanwhile, the Corporate Communication
and participatory CSR programs; Department, as the responsible work unit, carries
2. Elevate the quality of education and human resource out CSR activities directly, with cross-functional
development; support provided as needed. This management
3. Promote community economic welfare; structure is designed to ensure effective and
4. Actively contribute to environmental conservation accountable planning, execution, and reporting of
efforts. all CSR programs.
Strategy of CSR Programs
The Company develops a range of medium-term CSR Corporate Secretary
Division Head
programs as a structured, measurable, and sustainable
implementation guideline, aiming at delivering concrete
benefits to the community and the environment, while also
supporting the long-term sustainability of the Company’s Corporate
Secretary Deputy
business. The CSR strategy covers four aspects, namely: Division Head
1. Education and human resource capacity development,
through Financial Literacy Education programs and
competency enhancement initiatives;
2. Social empowerment and philanthropic initiatives,
through targeted outreach programs and humanitarian
assistance;
3. Public health and well-being, through preventive Anti Fraud Corporate Office of the Board
Department Communication Department
healthcare programs; Head Department Head Head
4. Environmental stewardship, through education
programs and conservation activities.
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Corporate Social Responsibility
Realization of the 2025 CSR
Programs
Throughout 2025, the Company held various CSR programs
centered on education, social development, environment,
health, and humanitarian fields. These initiatives aimed to
deliver direct benefits to the society and strengthen the
Company’s role as an integral part of community.
The implementation of the Company’s CSR programs
in 2025 referred to the SDGs as a global framework for
sustainable development. Accordingly, each initiative was
conducted not only to address current community needs
but also to achieve long-term inclusive and sustainable
development.
The following table outlines the 2025 CSR realization,
highlighting key achievements and impacts for beneficiaries.
Sustainable Development
Type of CSR Activity Description Achievement
Goals
Sharing and Break Fasting In March 2025, MTF distributed By channeling aid totaling
together with Orphans donations to support Rp20,000,000 to 25 orphans, and
orphans with an allocation of organizing a break fasting together,
Rp20,000,000, in conjunction MTF successfully provided social
with a break fasting together with support to alleviate the basic needs
the beneficiaries. This activity of beneficiaries. This program
reflects the Company’s social underscores the Company’s
commitment to the community dedication to improving social
as part of its CSR program. welfare.
Donations of Sacrificial Through the Mandiri Qurban The qurban implemented in
Animals on Eid al-Adha Pelosok Negeri program held June 2025 successfully delivered
1446 H in June 2025, MTF earmarked measurable benefits to the
Rp89,000,000 to donate a 940 community in remote areas through
kg cow, reflecting the Company’s the distribution of 940 sacrificial beef.
commitment to sharing the
blessings of qurban with the
community.
Virtual Run Perwira MTF In conjuntion with Indonesia’s The Virtual Run Campaign conducted
“17,8 km for Better Independence Day, MTF held in August 2025 successfully
Nature” Campaign the “17.8 km for Better Nature” mobilized 34 employees to support
Virtual Run Campaign in August environmental stewardship by
2025, with 34 employees actively integrating sports with clean-up
participating in the event. This actions along the running route.
initiative combined sports with The program enhanced active
environmental clean-up efforts participation of MTF Perwira, and
along the running route as part strengthened a culture of shared
of the Company’s commitment responsibility and commitment to
to environmental sustainability. nature conservation.
A total of Rp2,456,000 was
allocated to the event.
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Sustainable Development
Type of CSR Activity Description Achievement
Goals
Free Health Screening on To commemorate National The free health screening program
National Consumer Day Consumer Day, MTF provided in September 2025 successfully
a free health screening service benefited 50 customers directly in
to 50 customers who attended the MTF Customer Experience. By
the MTF Customer Experience providing free basic health screening
in September 2025. This service, this program reinforced the
program served as a token of Company’s dedication to customer
appreciation for the loyalty health while simultaneously elevating
and trust of customers who service excellence and fostering
continued to grow alongside customer loyalty.
MTF. The initiative was
implemented with a funding
allocation of Rp3,250,000 as part
of the Company’s commitment
to enhancing service quality and
supporting customer health.
MTF’s Teaching with In October 2025, MTF The MTF Mengajar program
Sebelas Maret University’s partnered with FEB UNS in the conducted in October 2025
FEB MTF Mengajar program. MTF successfully granted access to
Director, Mr. William Francis practical learning for 200 FEB UNS
Indra, served as a keynote students through online lectures.
speaker in a practitioner lecture The participation of MTF Director as
entitled “Manajemen Keuangan a keynote speaker facilitated a direct
dalam Praktik Lapangan” knowledge transfer from an industry
which was attended online by practitioner, providing students with
approximately 200 students. real-world financial management
This program aimed to broaden insights to their career readiness.
students’ practical insights and
support the enhancement of
education quality.
MTF Mengajar and MTF partnered with FEB The combination of the MTF Mengajar
Campicnic with Airlangga UNAIR in two programs, the and the MTF Campicnic in October
University’s FEB MTF Teaching and the MTF 2025 successfully granted access
Campicnic, in October 2025. to practical learning for 200 FEB
MTF President Director, Mr. UNAIR students through a practical
Pinohadi G Sumardi, served lecture conveyed by MTF President
as a keynote speaker in a Director. The presentation on early
practitioner lecture entitled career preparation and financial
”Empowering the Future: management improved students’
Mempersiapkan Karier dan financial literacy and enhanced
Finansial Sejak Muda,” which their comprehension of workforce
was attended by 200 students readines. The initiatives contributed
at the Fadjar Notonegoro Hall. to increasing the quality of education
The initiatives aimed to broaden and the competencies of the young
students’practical insights generation at the university level.
and enhance the quality of
education. The MTF Mengajar
and Campicnic programs were
implemented with a total funding
allocation of Rp9,421,155.
Submission of Separate Sustainability Report
Further comprehensive information on the Company’s sustainability policies and implementations, including the sustai-
nable finance practices, is presented in a separately published Sustainability Report, which forms an integral part of this
Annual Report. The preparation of the Sustainability Report is in accordance with the Regulation of the Financial Services
Authority No. 51/POJK.03/2017 on the Implementation of Sustainable Finance for Financial Services Institutions, Issuers
and Public Companies.
PT Mandiri Tunas Finance
Laporan Tahunan 2025 277
Page 279
Financial
Report
278 PT Mandiri Tunas Finance
2025 Annual Report
Page 280
Page 281
PT Mandiri Tunas Finance Laporan keuangan tanggal 31 Desember 2025 dan untuk tahun yang berakhir pada tanggal tersebut beserta laporan auditor independen/ Financial statements as of 31 December 2025 and for the year then ended with independent auditor’s report
Page 282
Page 283
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
LAPORAN KEUANGAN FINANCIAL STATEMENTS
TANGGAL 31 DESEMBER 2025 AS OF 31 DECEMBER 2025
DAN UNTUK TAHUN YANG BERAKHIR PADA AND FOR THE YEAR THEN ENDED
TANGGAL TERSEBUT WITH INDEPENDENT AUDITOR’S REPORT
BESERTA LAPORAN AUDITOR INDEPENDEN
Daftar Isi Table of Contents
Halaman/
Page
Laporan Auditor Independen Independent Auditor’s Report
Laporan Posisi Keuangan .............................................. 1-2 ...................................... Statement of Financial Position
Laporan Laba Rugi dan Penghasilan Statement of Profit or Loss and
Komprehensif Lain .................................................. 3 ...................................Other Comprehensive Income
Laporan Perubahan Ekuitas .......................................... 4 .....................................Statement of Changes in Equity
Laporan Arus Kas .......................................................... 5-6 ............................................... Statement of Cash Flows
Catatan atas Laporan Keuangan ................................... 7-121 ................................ Notes to the Financial Statements
***************************
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A member firm of Ernst & Young Global Limited
Page 294
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
LAPORAN POSISI KEUANGAN STATEMENT OF FINANCIAL POSITION
Tanggal 31 Desember 2025 As of 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Catatan/ 31 Desember/ 31 Desember/
Notes December 2025 December 2024
ASET ASSETS
2c,2f
Kas dan setara kas 4,27 Cash and cash equivalents
Kas 4.311 7.999 Cash on hand
Kas pada bank Cash in banks
Pihak ketiga 9.402 1.209 Third parties
Pihak berelasi 2s,4,26a 981.255 1.282.952 Related parties
994.968 1.292.160
2c,2d,2g,5,
Piutang pembiayaan konsumen 27,28,29 Consumer financing receivables
Pihak ketiga 23.073.407 27.154.596 Third parties
Pihak berelasi 2s,5,26a 47.768 41.346 Related parties
23.121.175 27.195.942
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai 2j,5 (607.432) (476.763) impairment losses
22.513.743 26.719.179
2c,2d,2h,6,
Piutang sewa pembiayaan 27,28,29 Finance lease receivables
Pihak ketiga 3.752.434 5.495.587 Third parties
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai 2j,6 (127.084) (100.429) impairment losses
3.625.350 5.395.158
2c,2d,2i,7,
Anjak piutang 27,28 Factoring receivables
Pihak ketiga - 34.748 Third parties
Dikurangi: cadangan kerugian Less: allowance for
-
penurunan nilai 2j,7 (15.310) impairment losses
- 19.438
Piutang lain-lain 2c,8,27 Other receivables
Pihak ketiga 183.330 164.173 Third parties
Pihak berelasi 2s,8,26a 274.823 369.541 Related parties
458.153 533.714
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai 2j,8 (39.661) (33.431) impairment losses
418.492 500.283
Aset pajak tangguhan 2m,9c 70.079 84.726 Deferred tax assets
Piutang derivatif 2c,2t,16,27,28 33.826 45.008 Derivative receivables
Aset tetap Fixed assets
(setelah dikurangi akumulasi (net of accumulated
penyusutan masing-masing depreciation of Rp544,301, and
sebesar Rp544.301 dan Rp478.198 Rp478,198 as of
pada tanggal 31 Desember 2025 31 December 2025 and
dan 2024) 2l,10 235.303 278.475 2024, respectively)
2c,2k,11,
Aset lain-lain 27,28 Other assets
Pihak ketiga 116.156 90.202 Third parties
Pihak berelasi 25,11,26a 814 826 Related parties
TOTAL ASET 28.008.731 34.425.455 TOTAL ASSETS
Catatan atas laporan keuangan terlampir merupakan The accompanying notes to the financial statements
bagian yang tidak terpisahkan dari laporan keuangan form an integral part of these financial statements
secara keseluruhan. taken as a whole.
1
Page 295
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
LAPORAN POSISI KEUANGAN (lanjutan) STATEMENT OF FINANCIAL POSITION (continued)
Tanggal 31 Desember 2025 As of 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Catatan/ 31 Desember/ 31 Desember/
Notes December 2025 December 2024
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY
LIABILITAS LIABILITIES
Utang usaha 2c,12,27,29 470.341 604.208 Trade payables
Utang lain-lain 2c,13,27 Other payables
Pihak ketiga 144.874 160.830 Third parties
Pihak berelasi 2s,13,26b 34.346 51.626 Related parties
Utang pajak kini 2m,9a - 112.491 Current tax liabilities
Utang derivatif 2c,2t,16,27,28 - 12.654 Derivative payables
Beban yang masih harus dibayar 2c,14,27 Accrued expenses
Pihak ketiga 131.197 238.398 Third parties
Pihak berelasi 2s,14,26b 8.935 9.543 Related parties
Pinjaman yang diterima 2c,2d,2e,15,27,28 Borrowings
Pihak ketiga 9.485.748 15.677.665 Third parties
Pihak berelasi 2s,15,26b 6.397.590 5.835.461 Related parties
15.883.338 21.513.126
Biaya provisi yang belum
diamortisasi 15 (21.817) (36.930) Unamortized provision cost
15.861.521 21.476.196
2c,2d,2r,
Surat berharga yang diterbitkan 17,27,28 Securities issued
Pihak ketiga 6.048.625 6.050.795 Third parties
Pihak berelasi 2s,26b 184.000 644.000 Related parties
6.232.625 6.694.795
Beban emisi yang belum
diamortisasi 17 (10.726) (12.870) Unamortized issuance cost
6.221.899 6.681.925
Liabilitas imbalan kerja karyawan 2n,18 219.121 213.162 Employee benefits obligation
TOTAL LIABILITAS 23.092.234 29.561.033 TOTAL LIABILITIES
EKUITAS EQUITY
Modal saham Share capital
Authorized capital -
Modal dasar - 10.000.000.000 10,000,000,000 ordinary
lembar saham biasa dengan shares with a par value
nilai nominal Rp100 (nilai penuh) of Rp100 (full amount)
per saham per share
Modal ditempatkan dan disetor Issued and fully paid up
penuh - 2.500.000.000 lembar capital - 2,500,000,000
saham 2o,19 250.000 250.000 ordinary shares
Penghasilan komprehensif lain: Other comprehensive income:
Pengukuran kembali
atas liabilitas imbalan Remeasurement of
kerja karyawan - neto 2n,18 1.102 (7.155) employee benefits obligation - net
Kerugian kumulatif
atas instrumen derivatif untuk Cumulative loss on derivative
lindung nilai arus kas - neto 2t,16 (21.995) (17.423) instrument for cash flow hedges - net
Saldo laba Retained earnings
Sudah ditentukan penggunaannya 20 50.000 50.000 Appropriated
Belum ditentukan penggunaannya 4.637.390 4.589.000 Unappropriated
TOTAL EKUITAS 4.916.497 4.864.422 TOTAL EQUITY
TOTAL LIABILITAS DAN EKUITAS 28.008.731 34.425.455 TOTAL LIABILITIES AND EQUITY
Catatan atas laporan keuangan terlampir merupakan The accompanying notes to the financial statements
bagian yang tidak terpisahkan dari laporan keuangan form an integral part of these financial statements
secara keseluruhan. taken as a whole.
2
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The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
LAPORAN LABA RUGI DAN PENGHASILAN STATEMENT OF PROFIT OR LOSS
KOMPREHENSIF LAIN AND OTHER COMPREHENSIVE INCOME
Untuk Tahun yang Berakhir pada Tanggal For the Year Ended
31 Desember 2025 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Tahun yang Berakhir
pada tanggal 31 Desember/
Year ended 31 December
Catatan/
Notes 2025 2024
PENDAPATAN REVENUE
Pembiayaan konsumen 21a,26c 2.884.128 3.453.490 Consumer financing
Sewa pembiayaan 21b 572.371 678.704 Financial lease
Anjak piutang 21c 1 438 Factoring
Simpanan bank 21d,26c 15.797 17.473 Deposit in bank
Lain-lain - neto 21e,26c 1.163.225 1.429.210 Others - net
Total pendapatan 4.635.522 5.579.315 Total revenue
BEBAN EXPENSES
Beban keuangan 2r,2s,22,26d (1.742.114) (1.913.946) Financial charges
Gaji dan tunjangan 2s,23,26d (656.012) (775.231) Salaries and benefits
Umum dan administrasi 24,26d (437.019) (413.178) General and administration
Penyisihan kerugian
penurunan nilai: Provision for impairment losses:
Pembiayaan konsumen 2c,2g,5 (981.009) (885.498) Consumer financing
Sewa pembiayaan 2c,2h,6 (279.480) (83.288) Financial leases
Anjak piutang 2c,2i,7 (19.428) (14.874) Factoring
Piutang lain-lain 2c,8 (6.850) 10.867 Other receivables
Total beban (4.121.912) (4.075.148) Total expenses
LABA SEBELUM BEBAN 513.610 1.504.167 INCOME BEFORE
PAJAK FINAL DAN FINAL TAX AND
PAJAK PENGHASILAN INCOME TAX EXPENSE
BEBAN PAJAK FINAL 2m (3.159) (3.495) FINAL TAX EXPENSE
LABA SEBELUM BEBAN 510.451 1.500.672 INCOME BEFORE
PAJAK PENGHASILAN INCOME TAX EXPENSE
BEBAN PAJAK PENGHASILAN 2m,9b (110.436) (328.590) INCOME TAX EXPENSE
LABA TAHUN BERJALAN 400.015 1.172.082 INCOME FOR THE YEAR
PENGHASILAN KOMPREHENSIF OTHER COMPREHENSIVE
LAIN INCOME
Pos yang tidak akan Item that will not be
direklasifikasi ke laba rugi: reclassified to profit or loss:
Pengukuran kembali
atas liabilitas imbalan kerja Remeasurement of employee
karyawan 2n, 18 10.586 40.044 benefit obligation
Pajak penghasilan terkait (2.329) (8.809) Income tax effect
8.257 31.235
Pos yang akan Item that will be
direklasifikasi ke laba rugi: reclassified to profit or loss:
Bagian efektif dari kerugian Effective portion of loss
instrumen lindung nilai dalam on hedging instruments
rangka lindung nilai arus kas 2t,16 (5.862) (25.929) in a cash flow hedge
Pajak penghasilan terkait 1.290 5.704 Income tax effect
(4.572) (20.225)
Laba penghasilan komprehensif lain- Other comprehensive income
setelah pajak 3.685 11.010 net of tax
TOTAL PENGHASILAN
KOMPREHENSIF TOTAL COMPREHENSIVE
TAHUN BERJALAN 403.700 1.183.092 INCOME FOR THE YEAR
LABA PER SAHAM DASAR BASIC EARNINGS PER SHARE
(Nilai penuh) 2q,25 160 469 (Full amount)
Catatan atas laporan keuangan terlampir merupakan The accompanying notes to the financial statements
bagian yang tidak terpisahkan dari laporan keuangan form an integral part of these financial statements
secara keseluruhan. taken as a whole.
3
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The original financial statements included herein are in the Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
LAPORAN PERUBAHAN EKUITAS STATEMENT OF CHANGES IN EQUITY
Untuk Tahun yang Berakhir pada Tanggal For the Year Ended
31 Desember 2025 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Keuntungan(kerugian)
kumulatif
atas instrumen
derivatif untuk
lindung nilai
arus kas - neto/
Pengukuran kembali Cumulative
atas liabilitas imbalan gain(loss) Saldo laba Saldo laba
kerja karyawan - neto/ on derivative sudah ditentukan belum ditentukan
Remeasurement of instrument for penggunaannya/ penggunaannya/
Catatan/ Modal saham/ employee benefits cash flow Appropriated Unappropriated Ekuitas/
Notes Share capital obligation - net hedges - net retained earnings retained earnings Equity
Saldo 31 Desember 2023 250.000 (38.390 ) 2.802 50.000 3.765.248 4.029.660 Balance 31 December 2023
Pengukuran kembali atas liabilitas Remeasurement of employee
imbalan kerja karyawan - setelah pajak - 31.235 - - - 31.235 benefit obligation - net of tax
Kerugian bersih Net loss
atas instrumen derivatif untuk on derivative instrument
lindung nilai arus kas - - (20.225) - - (20.225) for cash flow hedging
Laba tahun berjalan 2024 - - - - 1.172.082 1.172.082 Income for the year 2024
Dividen yang dibayarkan 20 - - - - (348.330) (348.330) Dividends paid
Saldo 31 Desember 2024 250.000 (7.155 ) (17.423) 50.000 4.589.000 4.864.422 Balance 31 December 2024
Pengukuran kembali atas liabilitas Remeasurement of employee
imbalan kerja karyawan - setelah pajak - 8.257 - - - 8.257 benefit obligation - net of tax
Kerugian bersih Net loss
atas instrumen derivatif untuk on derivative instrument
lindung nilai arus kas - - (4.572) - - (4.572) for cash flow hedging
Laba tahun berjalan 2025 - - - - 400.015 400.015 Income for the year 2025
Dividen yang dibayarkan 20 - - - - (351.625) (351.625) Dividends paid
Saldo 31 Desember 2025 250.000 1.102 (21.995) 50.000 4.637.390 4.916.497 Balance 31 December 2025
Catatan atas laporan keuangan terlampir merupakan bagian yang tidak terpisahkan dari The accompanying notes to the financial statements form an integral part of these
laporan keuangan secara keseluruhan. financial statements taken as a whole.
4
Page 298
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
LAPORAN ARUS KAS STATEMENT OF CASH FLOWS
Untuk Tahun yang Berakhir pada Tanggal For the Year Ended
31 Desember 2025 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Tahun yang Berakhir
pada tanggal 31 Desember/
Year ended 31 December
Catatan/
Notes 2025 2024
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS OPERASI OPERATING ACTIVITIES
Penerimaan kas dari konsumen: Cash receipts from customers:
Pembiayaan konsumen 28.238.850 27.896.386 Consumer financing
Sewa pembiayaan 3.505.046 4.193.421 Finance lease
Anjak piutang 1 1.445 Factoring
Pembiayaan bersama 7.977.268 12.611.438 Joint financing
Pendapatan bunga Interest income from
simpanan bank 15.810 13.978 deposit in bank
Pendapatan penalti 21e 189.030 202.567 Late payment penalties
Penerimaan dari piutang Recovery from
yang telah dihapusbukukan 21e 158.467 182.787 written-off receivables
Premi asuransi 885.996 1.791.375 Insurance premiums
Pengeluaran kas untuk: Cash disbursements for:
Pembayaran fasilitas Repayments of joint
pembiayaan bersama (11.326.335) (9.484.182) financing facilities
Pembayaran kepada
penyalur kendaraan (19.707.347) (36.306.565) Payments to car dealers
Pembayaran beban keuangan (1.751.072) (1.902.137) Payments for finance charges
Pembayaran pajak penghasilan (223.690) (315.141) Payments for income tax
Pembayaran gaji dan Payments for
tunjangan (721.859) (862.249) salaries and allowances
Penempatan deposit pajak (12.040) - Tax deposit placement
Pembayaran beban Payments for general and
umum dan administrasi (354.057) (303.074) administrative expenses
Pembayaran kepada perusahaan Payments to insurance
asuransi (673.586) (1.163.292) companies
Kas neto yang diperoleh (digunakan) Net cash provided (used) in
untuk aktivitas operasi 6.200.482 (3.443.243) operating activities
ARUS KAS DARI AKTIVITAS CASH FLOWS FROM
INVESTASI INVESTING ACTIVITIES
Perolehan aset tetap 10 (35.768) (54.028) Acquisition of fixed assets
Perolehan aset hak guna (4.271) (12.126) Acquisition of right-of-use assets
Penjualan aset tetap 10 370 310 Sales of fixed assets
Kas neto yang digunakan Net cash used in
untuk aktivitas investasi (39.669) (65.844) investing activities
Catatan atas laporan keuangan terlampir merupakan The accompanying notes to the financial statements
bagian yang tidak terpisahkan dari laporan keuangan form an integral part of these financial statements
secara keseluruhan. taken as a whole.
5
Page 299
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
LAPORAN ARUS KAS (lanjutan) STATEMENT OF CASH FLOWS (continued)
Untuk Tahun yang Berakhir pada Tanggal For the Year Ended
31 Desember 2025 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Tahun yang Berakhir
pada tanggal 31 Desember/
Year ended 31 December
Catatan/
Notes 2025 2024
ARUS KAS DARI AKTIVITAS CASH FLOWS FROM
PENDANAAN FINANCING ACTIVITIES
Penerimaan pinjaman 32 13.332.264 26.309.467 Proceeds from borrowings
Penerimaan surat berharga
yang diterbitkan 32 775.270 2.772.195 Proceeds from securities issued
Pembayaran pinjaman 32 (18.956.733) (22.984.649) Repayment of borrowings
Pembayaran surat berharga Repayment of
yang diterbitkan 17,32 (1.237.440) (1.773.150) securities issued
Pembayaran beban emisi Repayment of securities
surat berharga 17 (2.601) (8.764) issuance costs
Pembayaran dividen kas 20 (351.625) (348.330) Payment of cash dividends
Pembayaran utang sewa 32 (17.140) (17.662) Payment of lease liabilities
Kas neto yang (digunakan) diperoleh Net cash (used) provided by
dari aktivitas pendanaan (6.458.005) 3.949.107 financing activities
(Penurunan) kenaikan neto Net (decrease) increase in
kas dan setara kas (297.192) 440.020 cash and cash equivalents
Kas dan setara kas pada Cash and cash equivalents
awal tahun 4 1.292.160 852.140 at beginning of year
Kas dan setara kas pada Cash and cash equivalents
akhir tahun 4 994.968 1.292.160 at end of year
Catatan atas laporan keuangan terlampir merupakan The accompanying notes to the financial statements
bagian yang tidak terpisahkan dari laporan keuangan form an integral part of these financial statements
secara keseluruhan. taken as a whole.
6
Page 300
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM 1. GENERAL INFORMATION
PT Mandiri Tunas Finance (“Perseroan”) didirikan PT Mandiri Tunas Finance (the “Company”) was
dengan nama PT Tunas Financindo Corporation incorporated with the name of PT Tunas Financindo
pada tanggal 17 Mei 1989 berdasarkan Akta Notaris Corporation on 17 May 1989 based on Notarial
Misahardi Wilamarta, S.H., Notaris di Jakarta, Deed of Misahardi Wilamarta, S.H., Notary in
No. 262. Akta pendirian ini disahkan oleh Menteri Jakarta, No. 262. The Company’s Articles of
Kehakiman dalam Surat Keputusan No. C2- Association was approved by the Ministry of Justice
4868.HT.01.01.TH’89 tanggal 1 Juni 1989 serta in its Decision Letter No. C2-4868.HT.01.01.TH’89
diumumkan dalam Lembaran Berita Negara Republik dated 1 June 1989 and were published in the State
Indonesia No. 57, Tambahan No. 1369 tanggal Gazette of the Republic of Indonesia No. 57,
18 Juli 1989. Pada tanggal 18 Agustus 2000, Supplement No. 1369 dated 18 July 1989. On
Perseroan melakukan perubahan nama menjadi 18 August 2000, the Company changed its name to
PT Tunas Financindo Sarana berdasarkan Akta PT Tunas Financindo Sarana based on Notarial
Notaris Adam Kasdarmadji S.H., M.H., Notaris di Deed of Adam Kasdarmadji S.H., M.H., Notary in
Jakarta No. 49. Akta perubahan ini disetujui oleh Jakarta No. 49. This deed was approved by the
Menteri Hukum dan Perundang-Undangan melalui Minister of Law and Regulation in its Decision Letter
Surat Keputusan No. C-21195HT.01.04.TH2000 No. C-21195HT.01.04.TH2000 dated
tanggal 22 September 2000. Pada tanggal 22 September 2000. On 30 November 2007, the
30 November 2007, Perseroan melakukan Company complied its Articles of Association to The
penyesuaian Anggaran Dasar terhadap Undang- Law No. 40 of 2007 concerning Limited Liability
Undang Nomor 40 Tahun 2007 tentang Perseroan Company based on Notarial Deed No. 94 of
Terbatas berdasarkan Akta Notaris No. 94, Herawati, Herawati, S.H., Notary in Jakarta. This deed was
S.H., Notaris di Jakarta. Akta tersebut approved by Minister of Law And Human Rights in
telah disetujui oleh Menteri Hukum dan its Decision Letter No. AHU-06708.AH.01.02.Tahun
Hak Asasi Manusia dalam Surat Keputusan 2008 dated 12 February 2008.
No. AHU-06708.AH.01.02. Tahun 2008 tanggal
12 Februari 2008.
Pada tanggal 26 Juni 2009, Perseroan mengubah On 26 June 2009, the Company changed its name
nama Perseroan menjadi PT Mandiri Tunas Finance to PT Mandiri Tunas Finance based on the
berdasarkan perubahan Anggaran Dasar sesuai amendment of the Articles of Association by the
dengan Akta Notaris No. 181 Dr. Irawan Soerodjo, Notarial Deed No. 181 of Dr. Irawan Soerodjo,
S.H.,Msi., Notaris di Jakarta. Anggaran Dasar S.H.,Msi., Notary in Jakarta. The Articles of
Perseroan telah mengalami beberapa kali Association has been amended from time to time,
perubahan, perubahan terakhir dengan Akta, where in the latest amendment by Deed No. 340
No. 340 tanggal 29 Desember 2025 yang dibuat dated 29 December 2025 made before Muhammad
dihadapan Muhammad Kholid Artha, S.H., Magister Kholid Artha, S.H., Master of Notary, Notary in
Kenotariatan, Notaris di Jakarta, yang telah Jakarta, has obtained approval from the Minister of
memperoleh persetujuan dari Menteri Hukum Law of the Republic of Indonesia as stated in
Republik Indonesia sebagaimana ternyata dalam Decree No. AHU-01.03-0259050 dated
Surat Keputusan No. AHU-01.03-0259050 tanggal 29 December 2025.
29 Desember 2025.
Sesuai dengan Pasal 3 Anggaran Dasar Perseroan, Based on Article 3 of the Company’s Articles of
ruang lingkup kegiatan Perseroan adalah bergerak Association, the scope of activities of the Company
dalam bidang pembiayaan, yang meliputi: comprises of finance activities under:
a. Pembiayaan Investasi a. Investment financing
b. Pembiayaan Modal Kerja b. Working capital financing
c. Pembiayaan Multiguna c. Multi purposes financing
d. Kegiatan usaha pembiayaan lain berdasarkan d. Other financing activities based on the
persetujuan Otoritas Jasa Keuangan approval of Financial Services Authority
e. Sewa operasi (operating lease) dan/atau e. Operating lease and/or fee based activities as
kegiatan berbasis imbal jasa sepanjang tidak long as not contradictory with the regulation in
bertentangan dengan peraturan perundang- financial services sector.
undangan di sektor jasa keuangan.
7
Page 301
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
Kegiatan komersial Perseroan dimulai pada tahun The Company commenced commercial activities in
1989. Perseroan memperoleh ijin usaha sebagai 1989. The Company obtained a business license to
Perseroan pembiayaan dalam bidang sewa guna operate in leasing, factoring and consumer
usaha, anjak piutang dan pembiayaan konsumen dari financing from the Ministry of Finance in its
Menteri Keuangan berdasarkan Surat Keputusan Decision Letter No. 1021/KMK.013/1989 dated
No. 1021/KMK.013/1989 tanggal 7 September 1989, 7 September 1989, as amended by the Decision
sebagaimana diubah dengan Surat Keputusan Letter No. 54/KMK.013/1992 dated 15 January
No. 54/KMK.013/1992 tanggal 15 Januari 1992 dan 1992 and No. 19/KMK.017/2001 dated 19 January
No. 19/KMK.017/2001 tanggal 19 Januari 2001. 2001. The latest amendment was by the Ministry of
Amandemen terakhir diubah dengan Surat Finance Decision Letter No. KEP-352/KM.10/2009
Keputusan Menteri Keuangan dated 29 September 2009. Currently, the Company
No. KEP-352/KM.10/2009 tanggal 29 September is engaged in investing, working capital,
2009. Saat ini, Perseroan bergerak dalam kegiatan multipurpose, factoring and other financing
usaha pembiayaan investasi, modal kerja, multiguna, activities based on the approval of Financial
anjak piutang dan kegiatan usaha lain berdasarkan Services Authority.
persetujuan Otoritas Jasa Keuangan.
Perseroan berdomisili di Jakarta Pusat dan The Company is domiciled in Central Jakarta and
mempunyai 125 kantor cabang dan 10 kantor selain has 125 branches and 10 other branches that are
kantor cabang yang berlokasi dibeberapa tempat di located through other parts of Indonesia.
Indonesia.
Pada tanggal 6 Februari 2009, PT Tunas Ridean dan On 6 February 2009, PT Tunas Ridean and
PT Tunas Mobilindo Parama mengalihkan PT Tunas Mobilindo Parama have transferred their
kepemilikan sahamnya di Perseroan sejumlah ownership in the Company amounting to
masing-masing 650.000.000 lembar saham dan 650,000,000 shares and 625,000,000 shares,
625.000.000 lembar saham atau sebesar 51% dari respectively, representing 51% of total issued and
total saham ditempatkan dan disetor penuh kepada fully paid-up shares, to PT Bank Mandiri (Persero)
PT Bank Mandiri (Persero) Tbk. dengan akta notaris Tbk. by the Notarial Deed No. 8 of Dr. A.
No. 8, Dr. A. Partomuan Pohan, S.H., LL.M., tanggal Partomuan Pohan, S.H., LL.M., dated 6 February
6 Februari 2009. 2009.
Perseroan menerbitkan dan mendaftarkan Obligasi The Company issued and registered the following
Mandiri Tunas Finance ke Bursa Efek Indonesia Mandiri Tunas Finance Bonds in the Indonesia
sebagai berikut: Stock Exchange:
Obligasi/Bonds Tanggal terbit/Issue date Nilai nominal/Nominal value
I
29 Mei/May 2003 500.000
II
22 Juni/June 2004 350.000
III
8 Juli/July 2005 350.000
IV
22 Februari/February 2007 600.000
V
20 Februari/February 2008 600.000
VI
6 Mei/May 2011 600.000
Berkelanjutan I tahap I/ Continuing Bonds I Phase I
5 Juni/June 2013 500.000
Berkelanjutan I tahap II/ Continuing Bonds I Phase II
23 Mei/May 2014 600.000
Berkelanjutan I tahap III/ Continuing Bonds I Phase III
9 Juni/June 2015 150.000
Berkelanjutan II tahap I/ Continuing Bonds II Phase I
18 Desember/December 2015 600.000
Berkelanjutan II tahap II/ Continuing Bonds II Phase II
1 Juni/June 2016 1.400.000
Berkelanjutan III tahap I/ Continuing Bonds III Phase I
7 Oktober/October 2016 500.000
Berkelanjutan III tahap II/ Continuing Bonds III Phase II
8 Mei/May 2017 850.000
Berkelanjutan IV tahap I/ Continuing Bonds IV Phase I
8 Januari/January 2019 1.000.000
Berkelanjutan IV tahap II/ Continuing Bonds IV Phase II
26 Juli/July 2019 2.000.000
Berkelanjutan V tahap I/ Continuing Bonds V Phase I 13 Agustus/August 2020 858.000
Berkelanjutan V tahap II/ Continuing Bonds V Phase II 20 Mei/May 2021 1.400.850
Berkelanjutan V tahap III/ Continuing Bonds V Phase III 23 Februari/February 2022 1.228.055
Berkelanjutan VI tahap I/ Continuing Bonds VI Phase I 27 Juni/June 2023 691.735
Berkelanjutan VI tahap II/Continuing Bonds VI Phase II 27 September/September 2023 1.131.110
Berkelanjutan VI tahap III/Continuing Bonds VI Phase III 28 Mei/May 2024 1.163.085
Berkelanjutan VI tahap IV/ Continuing Bonds VI Phase IV 19 November/November 2024 1.609.110
Berkelanjutan VII tahap I /Continuing Bonds VII Phase I 8 Juli/July 2025 775.270
8
Page 302
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
Pada tanggal 13 Agustus 2020, Perseroan telah On 13 August 2020, the Company issued and
menerbitkan dan mendaftarkan Obligasi registered Mandiri Tunas Finance Continuing
Berkelanjutan V Tahap I Tahun 2020 (”Obligasi Bonds V Phase I Year 2020 (“Continuing Bonds V
Berkelanjutan V Tahap I”) ke Bursa Efek Indonesia. Phase I”) in the Indonesia Stock Exchange. The
Penerbitan Obligasi Berkelanjutan V Tahap I ini serta issuance of Continuing Bonds V Phase I and
Penunjukan Wali Amanat dilakukan berdasarkan appointment of Trustee based on Trusteeship
Akta Perjanjian Perwaliamanatan No. 12 tanggal Agreements No. 12 dated 11 May 2020 were
11 Mei 2020 yang dibuat antara Perseroan dengan signed by the Company and PT Bank Rakyat
PT Bank Rakyat Indonesia (Persero) Tbk, yang Indonesia (Persero) Tbk, as the Trustee for the
bertindak selaku Wali Amanat pemegang Obligasi Continuing Bonds V Phase I.
Berkelanjutan V Tahap I.
Pada tanggal 20 Mei 2021, Perseroan telah On 20 May 2021, the Company issued and
menerbitkan dan mendaftarkan Obligasi registered Mandiri Tunas Finance Continuing
Berkelanjutan V Tahap II Tahun 2021 (”Obligasi Bonds V Phase II Year 2021 (“Continuing Bonds V
Berkelanjutan V Tahap II”) ke Bursa Efek Indonesia. Phase II”) in the Indonesia Stock Exchange. The
Penerbitan Obligasi Berkelanjutan V Tahap II ini serta issuance of Continuing Bonds V Phase II and
Penunjukan Wali Amanat dilakukan berdasarkan appointment of Trustee based on Trusteeship
Akta Perjanjian Perwaliamanatan No. 25 tanggal Agreements No. 25 dated 23 April 2021 were
23 April 2021 yang dibuat antara Perseroan dengan signed by the Company and PT Bank Rakyat
PT Bank Rakyat Indonesia (Persero) Tbk, yang Indonesia (Persero) Tbk, as the Trustee for the
bertindak selaku Wali Amanat pemegang Obligasi Continuing Bonds V Phase II.
Berkelanjutan V Tahap II.
Pada tanggal 23 Februari 2022, Perseroan telah On 23 February 2022, the Company issued and
menerbitkan dan mendaftarkan Obligasi registered Mandiri Tunas Finance Continuing
Berkelanjutan V Tahap III Tahun 2022 (”Obligasi Bonds V Phase III Year 2022 (“Continuing Bonds
Berkelanjutan V Tahap III”) ke Bursa Efek Indonesia. V Phase III”) in the Indonesia Stock Exchange. The
Penerbitan Obligasi Berkelanjutan V Tahap III ini issuance of Continuing Bonds V Phase III and
serta Penunjukan Wali Amanat dilakukan appointment of Trustee based on Trusteeship
berdasarkan Akta Perjanjian Perwaliamanatan No. 1 Agreements No. 1 dated 2 February 2022 were
tanggal 2 Februari 2022 yang dibuat antara signed by the Company and PT Bank Rakyat
Perseroan dengan PT Bank Rakyat Indonesia Indonesia (Persero) Tbk, as the Trustee for the
(Persero) Tbk, yang bertindak selaku Wali Amanat Continuing Bonds V Phase III.
pemegang Obligasi Berkelanjutan V Tahap III.
Pada tanggal 27 Juni 2023, Perseroan telah On 27 June 2023, the Company issued and
menerbitkan dan mendaftarkan Obligasi registered Mandiri Tunas Finance Continuing
Berkelanjutan VI Tahap I Tahun 2023 (”Obligasi Bonds VI Phase I Year 2023 (“Continuing Bonds
Berkelanjutan VI Tahap I”) ke Bursa Efek Indonesia. VI Phase I”) in the Indonesia Stock Exchange. The
Penerbitan Obligasi Berkelanjutan VI Tahap I ini serta issuance of Continuing Bonds VI Phase I and
Penunjukan Wali Amanat dilakukan berdasarkan appointment of Trustee based on Trusteeship
Akta Perjanjian Perwaliamanatan No. 29 tanggal Agreements No. 29 dated 17 March 2023 were
17 Maret 2023 yang dibuat antara Perseroan dengan signed by the Company and PT Bank Rakyat
PT Bank Rakyat Indonesia (Persero) Tbk, yang Indonesia (Persero) Tbk, as the Trustee for the
bertindak selaku Wali Amanat pemegang Obligasi Continuing Bonds VI Phase I.
Berkelanjutan VI Tahap I.
Pada tanggal 27 September 2023, Perseroan telah On 27 September 2023, the Company issued and
menerbitkan dan mendaftarkan Obligasi registered Mandiri Tunas Finance Continuing
Berkelanjutan VI Tahap II Tahun 2023 (”Obligasi Bonds VI Phase II Year 2023 (“Continuing Bonds
Berkelanjutan VI Tahap II”) ke Bursa Efek Indonesia. VI Phase II”) in the Indonesia Stock Exchange. The
Penerbitan Obligasi Berkelanjutan VI Tahap II ini issuance of Continuing Bonds VI Phase II and
serta Penunjukan Wali Amanat dilakukan appointment of Trustee based on Trusteeship
berdasarkan Akta Perjanjian Perwaliamanatan No. 02 Agreements No. 02 dated 6 September 2023 were
tanggal 6 September 2023 yang dibuat antara signed by the Company and PT Bank Rakyat
Perseroan dengan PT Bank Rakyat Indonesia Indonesia (Persero) Tbk, as the Trustee for the
(Persero) Tbk, yang bertindak selaku Wali Amanat Continuing Bonds VI Phase II.
pemegang Obligasi Berkelanjutan VI Tahap II.
9
Page 303
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
Pada tanggal 28 Mei 2024, Perseroan telah On 28 May 2024, the Company issued and
menerbitkan dan mendaftarkan Obligasi registered Mandiri Tunas Finance Continuing
Berkelanjutan VI tahap III tahun 2024 (”Obligasi Bonds VI Phase III Year 2024 (“Continuing Bonds
Berkelanjutan VI Tahap III”) ke Bursa Efek Indonesia. VI Phase III”) in the Indonesia Stock Exchange.
Penerbitan Obligasi Berkelanjutan VI Tahap III ini The issuance of Continuing Bonds VI Phase III and
serta Penunjukan Wali Amanat dilakukan appointment of Trustee based on Trusteeship
berdasarkan Akta Perjanjian Perwaliamanatan No. 17 Agreements No. 17 dated 3 May 2024 were
tanggal 3 Mei 2024 yang dibuat antara Perseroan signed by the Company and PT Bank Rakyat
dengan PT Bank Rakyat Indonesia (Persero) Tbk, Indonesia (Persero) Tbk, as the Trustee for the
yang bertindak selaku Wali Amanat pemegang Continuing Bonds VI Phase III.
Obligasi Berkelanjutan VI Tahap III.
Pada tanggal 19 November 2024, Perseroan telah On 19 November 2024, the Company issued and
menerbitkan dan mendaftarkan Obligasi registered Mandiri Tunas Finance Continuing
Berkelanjutan VI tahap IV tahun 2024 (”Obligasi Bonds VI Phase IV Year 2024 (“Continuing Bonds
Berkelanjutan VI Tahap IV”) ke Bursa Efek Indonesia. VI Phase IV”) in the Indonesia Stock Exchange.
Penerbitan Obligasi Berkelanjutan VI Tahap IV ini The issuance of Continuing Bonds VI Phase IV
serta Penunjukan Wali Amanat dilakukan and appointment of Trustee based on Trusteeship
berdasarkan Akta Perjanjian Perwaliamanatan No. 21 Agreements No. 21 dated 23 October 2024 were
tanggal 23 Oktober 2024 yang dibuat antara signed by the Company and PT Bank Rakyat
Perseroan dengan PT Bank Rakyat Indonesia Indonesia (Persero) Tbk, as the Trustee for the
(Persero) Tbk, yang bertindak selaku Wali Amanat Continuing Bonds VI Phase IV.
pemegang Obligasi Berkelanjutan VI Tahap IV.
Pada tanggal 8 Juli 2025, Perseroan telah On July 8, 2025, the Company issued and
menerbitkan dan mendaftarkan Obligasi registered the Sustainable Bonds VII Phase I Year
Berkelanjutan VII tahap I Tahun 2025 (“Obligasi 2025 (“Sustainable Bonds VII Phase I”) with the
Berkelanjutan VII tahap I”) ke Bursa Efek Indonesia. Indonesia Stock Exchange. The issuance of
Penerbitan Obligasi Berkelanjutan VII tahap I ini serta Sustainable Bonds VII Phase I as well as the
Penunjukan Wali Amanat dilakukan berdasarkan appointment of the Trustee were carried out based
Akta Perjanjian Perwaliamanatan No. 19 tanggal 17 on the Trust Deed Agreement No. 19 dated 17
Maret 2025 yang telah dirubah dengan perubahan March 2025, as amended by the latest amendment
terakhir termuat di dalam Akta Addendum III contained in the Addendum III to the Trust Deed
Perjanjian Perwaliamanatan No. 53 tanggal 23 Juni Agreement No. 53 dated 23 June 2025, entered
2025 yang dibuat antara Perseroan dengan PT Bank into between the Company and PT Bank Rakyat
Rakyat Indonesia (Persero) Tbk, yang bertindak Indonesia (Persero) Tbk, acting as the Trustee for
selaku Wali Amanat pemegang Obligasi the holders of the Sustainable Bonds VII Phase I.
Berkelanjutan VII Tahap I.
Perubahan susunan Direksi dan anggota Dewan The latest change in the composition of Directors
Komisaris yang terakhir dilakukan pada tanggal and the composition of the Board of Commissioner
30 Juni 2025, sebagaimana ternyata dalam Akta was conducted on 30 June 2025 as stated in the
No. 174 yang dibuat oleh Muhammad Kholid Artha, Notary Deed No. 174 of Muhammad Kholid Artha,
Sarjana Hukum, Notaris di Jakarta. Penerimaan Bachelor of Laws, Notary in Jakarta. The
pemberitahuan perubahan data Perseroannya telah notification receipt of the change in the corporate
diterima dan dicatat di dalam database sistem data has been received and recorded in the
administrasi Badan Hukum di Kementerian Hukum database administration system of legal entity in
dan Hak Asasi Manusia Republik Indonesia No. AHU- the Ministry of Laws and Human Rights of the
AH.01.09-0316122 tanggal 25 Juli 2025. Republic of Indonesia No. AHU-AH.01.09-0316122
dated 25 July 2025.
10
Page 304
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
Susunan anggota Dewan Komisaris, Direksi, Komite The members of the Company’s Board of
Audit, Komite Pemantau Resiko, dan Komite Commissioners, Directors, Audit Committee, Risk
Nominasi dan Remunerasi Perseroan adalah Monitoring Committee, and Nomination and
sebagai berikut: Remuneration Committee are as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Dewan Komisaris Board of Commissioners
Komisaris Utama Nugraha Indra Permadib) Rico Adisurja Setiawana) President Commissioner
Komisaris - Saptaric) Commissioner
Komisaris Independen Fendy Eventius Mugni Fendy Eventius Mugni Independent Commissioner
Komisaris Independen Subarna Subarna Independent Commissioner
Direksi Directors
Pinohadi Gautama Pinohadi Gautama
Direktur Utama Sumardi Sumardi President Director
Direktur R. Eryawan Nurhariadi R. Eryawan Nurhariadi Director
Direktur William Francis Indra William Francis Indra Director
Komite Audit Audit Committee
Ketua Fendy Eventius Mugni Fendy Eventius Mugni Chairman
Anggota Subarnad) - Member
Marlan Marthias Marlan Marthias
Anggota Achmad Achmad Member
Anggota Indra Riyawan Indra Riyawan Member
Komite Pemantau Resiko Risk Monitoring Committee
Ketua Subarnad) Fendy Eventius Mugni Chairman
Anggota Fendy Eventius Mugnie) Saptaric) Member
Anggota Indra Riyawan Indra Riyawan Member
Anggota Irwan Tri Nugroho Irwan Tri Nugroho Member
Komite Nominasi dan Remunerasi Nomination and Remuneration Committee
Ketua Fendy Eventius Mugni Fendy Eventius Mugni Chairman
Anggota Nugraha Indra Permadib) Saptaric) Member
Makah Indra Makah Indra
Anggota Purnomo Purnomo Member
a) Pengunduran diri Bapak Rico Adisurja Setiawan sebagai Komisaris a) The resignation of Mr. Rico Adisurja Setiawan from his position as
Utama Perseroan telah diterima oleh para Pemegang Saham dalam President Commissioner of the Company was accepted by the
Rapat Umum Pemegang Saham Tahunan yang termuat di dalam Akta Shareholders at the Annual General Meeting of Shareholders, as stated
Pernyataan Keputusan Rapat Umum Pemegang Saham Tahunan in the Deed of Statement of Resolution of the Annual General Meeting
dengan Nomor 174 tanggal 30 Juni 2025, dimana pengunduran diri of Shareholders No. 174 dated 30 June 2025, with the resignation
terhitung efektif sejak tanggal 25 Juli 2025. becoming effective as of 25 July 2025.
b) Pengangkatan Bapak Nugraha Indra Permadi telah disetujui oleh para b) The appointment of Mr. Nugraha Indra Permadi have been approved by
pemegang saham Perseroan berdasarkan pernyataan keputusan Rapat the Shareholders of the Company based on the Resolution of the Annual
Umum Pemegang Saham Tahunan PT Mandiri Tunas Finance No. 174 General Meeting of Shareholders of PT Mandiri Tunas Finance No. 174
tanggal 30 Juni 2025 yang terhitung efektif sejak tanggal 25 Juli 2025 dan dated 30 June 2025, with the appointment becoming effective as of 25
telah mendapatkan persetujuan Otoritas Jasa Keuangan (OJK) atas July 2025, and has obtained approval from the Financial Services
penilaian kelayakan dan kepatutan (fit and proper test) pada tanggal Authority (OJK) through the fit and proper test on 17 September 2025.
17 September 2025. Bapak Nugraha Adi Permadi telah diangkat sebagai Mr. Nugraha Adi Permadi appointed as a Member of the Nomination and
Anggota Komite Nominasi dan Remunerasi berdasarkan Surat Remuneration Committee pursuant to the Board of Commissioners’
Keputusan Dewan Komisaris Nomor 010/SKE-DEKOM/MTF/IX/2025 Decree No. 010/SKE-DEKOM/MTF/IX/2025 dated 26 September 2025,
tanggal 26 September 2025, yang ditetapkan berdasarkan hasil which was established based on the resolution of the Board of
keputusan Rapat Dewan Komisaris pada tanggal 26 September 2025. Commissioners’ Meeting dated 26 September 2025.
c) Pengunduran diri Bapak Saptari sebagai Komisaris Perseroan telah c) The resignation of Mr. Saptari as Commissioner of the company has
diterima oleh para Pemegang Saham dalam Rapat Umum Pemegang been accepted by the Shareholders at the Extraordinary General
Saham Luar Biasa yang termuat di dalam Akta Pernyataan Keputusan Meeting of Shareholders contained in the Deed of Statement of
Rapat Umum Pemegang Saham Luar Biasa dengan Nomor 101 tanggal Resolution of the Extraordinary General Meeting of Shareholders
23 Juni 2025. Number 101 dated 23 June 2025.
d) Pengangkatan Bapak Subarna sebagai Ketua Komite Pemantau Risiko d) The appointment of Mr. Subarna as Chairman of the Risk Oversight
berdasarkan Surat Keputusan Dewan Komisaris Nomor 008/SKE- Committee pursuant to the Board of Commissioners’ Decree No.
DEKOM/MTF/VI/2025 tanggal 10 Juni 2025, yang ditetapkan 008/SKE-DEKOM/MTF/VI/2025 dated 10 June 2025, which was
berdasarkan hasil keputusan Rapat Dewan Komisaris pada tanggal established based on the resolution of the Board of Commissioners’
10 Juni 2025. Bapak Subarna juga telah diangkat sebagai Anggota Meeting dated 10 June 2025. Mr. Subarna also appointed as a Member
Komite Audit berdasarkan Surat Keputusan Dewan Komisaris Nomor of the Audit Committee pursuant to the Board of Commissioners’ Decree
011/SKE-DEKOM/MTF/IX/2025 tanggal 26 September 2025, yang No. 011/SKE-DEKOM/MTF/IX/2025 dated 26 September 2025, which
ditetapkan berdasarkan hasil keputusan Rapat Dewan Komisaris pada was established based on the resolution of the Board of Commissioners’
tanggal 26 September 2025. Meeting dated 26 September 2025.
e) Pengangkatan Bapak Fendy Eventius Mugni sebagai Anggota Komite e) The appointment of Mr. Fendy Eventius Mugni as a Member of the
Pemantau Risiko berdasarkan Surat Keputusan Dewan Komisaris Nomor Nomination and Remuneration Committee pursuant to the Board of
012/SKE-DEKOM/MTF/IX/2025 tanggal 26 September 2025, yang Commissioners’ Decree No. 010/SKE-DEKOM/MTF/IX/2025 dated 26
ditetapkan berdasarkan hasil keputusan Rapat Dewan Komisaris pada September 2025, which was established based on the resolution of the
tanggal 26 September 2025. Board of Commissioners’ Meeting dated 26 September 2025.
11
Page 305
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
Pembentukan Komite Audit Perseroan telah sesuai The appointment of the Company’s Audit
dengan Peraturan Otoritas Jasa Keuangan Committee is in compliance with Financial Services
No. 55/POJK.04/2015 tanggal 23 Desember 2015 Authority Regulation No. 55/POJK.04/2015 dated
dan Peraturan Otoritas Jasa Keuangan No. 48 Tahun 23 December 2015 and Financial Services
2024 tanggal 30 Desember 2024. Authority Regulation No. 48 Year 2024 dated
30 December 2024.
Pembentukan Komite Nominasi dan Remunerasi The appointment of the Company’s Nomination
Perseroan telah sesuai dengan Peraturan Otoritas and Remuneration Committee is in compliance with
Jasa Keuangan No. 48 Tahun 2024 tanggal Financial Services Authority Regulation No. 48
30 Desember 2024. Tahun 2024 dated 30 December 2024.
Sekretaris Perusahaan Perseroan dan Kepala Divisi The Company’s Corporate Secretary and the Head
Audit Internal Perseroan adalah sebagai berikut: of Internal Audit Division are as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Sekretaris Perusahaan Dadan Hamdhani Dadan Hamdhani Corporate Secretary
Kepala Divisi Audit Internal Bayu Mario Bayu Mario Head of Internal Audit Division
Pembentukan Sekretaris Perusahaan Perseroan The establishment of the Company’s Corporate
telah sesuai dengan Peraturan Otoritas Jasa Secretary is in compliance with Financial Services
Keuangan No. 35/POJK.04/2014 tanggal Authority Regulation No. 35/POJK.04/2014 dated
8 Desember 2014. 8 December 2014.
Pembentukan Divisi Audit Internal Perseroan telah The establishment of the Company’s Internal Audit
sesuai dengan Peraturan Otoritas Jasa Keuangan Division is in compliance with Financial Services
No. 56/POJK.04/2015 tanggal 23 Desember 2015. Authority Regulation No. 56/POJK.04/2015 dated
23 December 2015.
Pada tanggal 31 Desember 2025, Perseroan memiliki As of 31 December 2025, The Company has 3,142
3.142 karyawan (31 Desember 2024: 3.384 employees (31 December 2024: 3,384 employees)
karyawan) (tidak diaudit). (unaudited).
Pada tanggal 31 Desember 2025, entitas induk As of December 31, 2025, the direct holding entity
langsung Perseroan adalah PT Bank Mandiri of the Company is PT Bank Mandiri (Persero) Tbk
(Persero) Tbk dan entitas induk terakhir and the ultimate holding entity of the Company is
Perseroan adalah PT Danantara Asset Management PT Danantara Asset Management (Persero).
(Persero).
Pada tanggal 31 Desember 2024, entitas induk As of December 31, 2024, the direct and ultimate
langsung dan entitas induk terakhir Perseroan adalah holding entity of the Company is PT Bank Mandiri
PT Bank Mandiri (Persero) Tbk, Badan Usaha Milik (Persero) Tbk, state-owned company, owned by the
Negara (BUMN) yang dimiliki oleh Pemerintah Government of the Republic of Indonesia.
Republik Indonesia.
12
Page 306
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
INFORMATION
Kebijakan akuntansi yang material, yang diterapkan The material accounting policies, applied in the
dalam penyusunan laporan keuangan Perseroan preparation of the Company’s financial statements
adalah sebagai berikut: were as follows:
a. Pernyataan kepatuhan a. Statement of compliance
Laporan keuangan disusun dan disajikan sesuai The financial statements have been prepared
dengan Standar Akuntansi Keuangan di and presented in accordance with Indonesian
Indonesia, yang mencakup Pernyataan dan Financial Accounting Standards, which
Interpretasi yang dikeluarkan oleh Dewan include the Statements and Interpretations
Standar Akuntansi Keuangan Ikatan Akuntan issued by the Indonesian Accounting
Indonesia (DSAK-IAI) dan peraturan Bapepam- Standards Board (DSAK-IAI) and Indonesian
LK No. VIII.G.7 lampiran keputusan Ketua Capital Market Supervisory Agency (Bapepam-
Bapepam-LK No. KEP-347/BL/2012 tanggal LK) Regulation No. VIII.G.7 appendix of the
25 Juni 2012 tentang “Pedoman atas Penyajian Decision of the Chairman of Bapepam-LK
dan Pengungkapan Laporan Keuangan Emiten No. KEP-347/BL/2012 dated 25 June 2012
atau Perusahaan Publik”. regarding the “Guidelines on Financial
Statements Presentations and Disclosures for
Issuers or Public Companies”.
b. Dasar penyusunan laporan keuangan b. Basis of preparation of the financial
statements
Laporan keuangan disusun berdasarkan konsep The financial statements have been prepared
akrual, kecuali laporan arus kas, dan on the accrual basis, except for the statement
menggunakan konsep biaya historis kecuali of cash flows, and using the historical cost
seperti yang disebutkan dalam catatan atas concept of accounting, except as disclosed in
laporan keuangan yang relevan. the relevant notes herein.
Laporan arus kas disusun menggunakan metode The statement of cash flows are prepared
langsung dan arus kas dikelompokkan atas based on direct method by classifying cash
dasar aktivitas operasi, investasi dan flows on the basis of operating, investing and
pendanaan. Untuk tujuan laporan arus kas, kas financing activities. For the purposes of the
dan setara kas mencakup kas, kas pada bank statement of cash flows, cash and cash
dan deposito berjangka dengan jangka waktu equivalents include cash on hand, cash in
jatuh tempo tiga bulan atau kurang, sepanjang banks and time deposits with original maturity
tidak digunakan sebagai jaminan atas pinjaman of three months or less, as long as they are not
atau dibatasi penggunaannya. being pledged as collateral for borrowings or
restricted.
Pos-pos dalam Penghasilan Komprehensif The items under Other Comprehensive Income
Lainnya disajikan terpisah antara akun - akun (OCI) are presented separately between items
yang akan direklasifikasikan ke laba rugi dan to be reclassified to profit or loss and those
akun - akun yang tidak akan direklasifikasikan ke items not to be reclassified to profit or loss.
laba rugi.
Dalam penyusunan laporan keuangan sesuai The preparation of financial statements in
dengan standar akuntansi keuangan Indonesia, conformity with Indonesian Financial
dibutuhkan estimasi dan asumsi yang Accounting Standards requires the use of
mempengaruhi: estimates and assumptions that affects:
- nilai aset dan liabilitas dilaporkan dan - the reported amounts of assets and
pengungkapan atas aset dan liabilitas liabilities and disclosure of contingent
kontinjensi pada tanggal laporan keuangan, assets and liabilities at the date of the
dan financial statements, and
- jumlah pendapatan dan beban selama - the reported amounts of revenues and
periode pelaporan. expenses during the reported period.
13
Page 307
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
b. Dasar penyusunan laporan keuangan b. Basis of preparation of the financial
(lanjutan) statements (continued)
Walaupun estimasi ini dibuat berdasarkan Although these estimates are based on
pengetahuan terbaik manajemen atas kejadian management’s best knowledge of current
dan tindakan saat ini, hasil yang timbul mungkin events and activities, actual results may differ
berbeda dengan jumlah yang diestimasi semula. from those estimates.
Mata uang penyajian yang digunakan pada The presentation currency used in the
laporan keuangan adalah Rupiah, yang financial statements is Indonesian Rupiah,
merupakan mata uang fungsional. which is the functional currency of the
Company.
Seluruh angka dalam laporan keuangan ini, The amounts in the financial statements are
kecuali dinyatakan secara khusus, dibulatkan rounded to and stated in millions of Rupiah
menjadi dan disajikan dalam jutaan Rupiah unless otherwise stated.
kecuali dinyatakan lain.
c. Aset dan liabilitas keuangan c. Financial assets and liabilities
Aset keuangan Financial assets
Perseroan menggunakan 2 (dua) dasar untuk The Company uses 2 (two) bases for
mengklasifikasikan aset keuangan yaitu classifying financial assets, namely evaluation
penilaian model bisnis dan penilaian mengenai of the business model and evaluation of
arus kas kontraktual yang diperoleh semata dari contractual cash flows obtained solely from
pembayaran pokok dan bunga. payment of principal and interest.
Penilaian model bisnis Valuation of the business model
Model bisnis ditentukan pada level yang The business model is determined at a level
mencerminkan bagaimana kelompok aset that reflects how groups of financial assets are
keuangan dikelola bersama-sama untuk managed together to achieve certain business
mencapai tujuan bisnis tertentu. objectives.
Penilaian model bisnis dilakukan dengan The evaluation of the business model is carried
mempertimbangkan, tetapi tidak terbatas pada, out by considering, but not limited to, the
hal-hal berikut: following:
Bagaimana kinerja dari model bisnis dan How the performance of the business
aset keuangan yang dimiliki dalam model model and financial assets held in the
bisnis dievaluasi dan dilaporkan kepada business model are evaluated and
personil manajemen kunci Perseroan; reported to the Company's key
management personnel;
Apakah risiko yang memengaruhi kinerja dari What risks affect the performance of the
model bisnis (termasuk aset keuangan yang business model (including financial
dimiliki dalam model bisnis) dan khususnya assets held in the business model) and
bagaimana cara aset keuangan tersebut specifically how the financial assets are
dikelola; dan managed; and
Bagaimana penilaian kinerja pengelola aset How to evaluate the performance of
keuangan (sebagai contoh, apakah penilaian managers of financial assets (for
kinerja berdasarkan nilai wajar dari aset yang example, whether performance
dikelola atau arus kas kontraktual yang appraisals are based on the fair value of
diperoleh); the assets being managed or the
contractual cash flows obtained);
Frekuensi, nilai, dan waktu penjualan yang Expected frequency, value, and timing of
diharapkan. sales.
14
Page 308
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
c. Aset dan liabilitas keuangan (lanjutan) c. Financial assets and liabilities (continued)
Aset keuangan (lanjutan) Financial assets (continued)
Penilaian mengenai arus kas kontraktual yang Evaluation of contractual cash flows obtained
diperoleh semata dari pembayaran pokok dan solely from payment of principal and interest
bunga
Penilaian mengenai arus kas kontraktual yang An assessment of contractual cash flows
diperoleh semata dari pembayaran pokok dan obtained solely from principal and interest
bunga dilakukan dengan mempertimbangkan payments is made by considering contractual
persyaratan kontraktual, termasuk apakah aset terms, including whether financial assets
keuangan mengandung persyaratan kontraktual contain contractual terms that can change the
yang dapat mengubah waktu atau jumlah arus timing or amount of contractual cash flows. In
kas kontraktual. Dalam melakukan penilaian, assessing, the Company considers:
Perseroan mempertimbangkan:
Peristiwa kontinjensi yang akan mengubah Contingency events that will change the
waktu atau jumlah arus kas kontraktual; timing or amount of contractual cash flows;
Fitur leverage; Leverage feature;
Persyaratan pembayaran dimuka dan Terms of advance payment and
perpanjangan kontraktual; contractual extension;
Persyaratan mengenai klaim yang terbatas Requirements regarding limited claims for
atas arus kas yang berasal dari aset spesifik; cash flows from specific assets; and
dan
Fitur yang dapat mengubah nilai waktu dari Features that can change the time value of
elemen uang. the money element.
Perseroan mengklasifikasikan aset The Company classifies its financial assets
keuangannya berdasarkan kategori sebagai according to the following categories at initial
berikut pada saat pengakuan awal: recognition:
Aset keuangan yang diukur pada biaya Financial assets measured at amortized
perolehan diamortisasi; cost;
Aset keuangan yang diukur pada nilai wajar Financial assets measured at fair value
melalui penghasilan komprehensif lain; through other comprehensive income;
Aset keuangan yang diukur pada nilai wajar Financial assets measured at fair value
melalui laba rugi. through profit or loss.
Selama tahun berjalan dan pada tanggal laporan During the year and at the date of statement of
posisi keuangan, Perseroan hanya memiliki aset financial position, the Company only has
keuangan yang diukur pada biaya perolehan financial assets measured at amortized cost
diamortisasi serta derivatif lindung nilai sehingga and hedging derivatives. Therefore, the
kebijakan akuntansi selain klasifikasi aset accounting policies other than the
keuangan yang diukur pada biaya perolehan classifications of financial assets measured at
diamortisasi serta derivatif lindung nilai tidak amortized cost and hedging derivatives are not
diungkapkan. disclosed.
Aset keuangan yang diukur pada biaya Financial assets measured at amortized cost
perolehan diamortisasi
Aset keuangan diukur pada biaya perolehan Financial assets are measured at amortized
diamortisasi jika memenuhi kondisi: cost if they meet the following conditions:
aset keuangan dikelola dalam model bisnis financial assets are managed in a
yang bertujuan untuk memiliki aset business model that aims to have
keuangan dalam rangka mendapatkan arus financial assets in order to obtain
kas kontraktual; dan contractual cash flows; and
persyaratan kontraktual dari aset keuangan the contractual terms of the financial
tersebut memberikan hak pada tanggal asset provide rights on a certain date for
tertentu atas arus kas yang diperoleh semata cash flows obtained solely from payment
dari pembayaran pokok dan bunga (SPPI) of principal and interest (SPPI) on the
dari jumlah pokok terutang. principal amount owed.
15
Page 309
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
c. Aset dan liabilitas keuangan (lanjutan) c. Financial assets and liabilities (continued)
Aset keuangan (lanjutan) Financial assets (continued)
Aset keuangan yang diukur pada biaya Financial assets measured at amortized cost
perolehan diamortisasi (lanjutan) (continued)
Pada saat pengakuan awal, aset keuangan yang Financial assets carried at amortized cost are
diukur pada biaya perolehan diamortisasi diakui initially recognized at fair value plus
pada nilai wajarnya ditambah biaya transaksi transaction costs and administration income
dan pendapatan administrasi dan selanjutnya and subsequently measured at amortized cost
diukur pada biaya perolehan diamortisasi using the effective interest rate method.
dengan menggunakan suku bunga efektif.
Aset keuangan yang diukur pada biaya Financial assets carried at amortized cost
perolehan diamortisasi meliputi kas dan setara consist of cash and cash equivalents,
kas, piutang pembiayaan konsumen, piutang consumer financing receivables, finance lease
sewa pembiayaan, anjak piutang, piutang lain- receivables, factoring receivables, other
lain dan aset lain-lain (piutang karyawan, piutang receivables and other assets (employee
bunga, setoran dalam perjalanan dan uang receivables, interest receivables, deposit in
jaminan). transit and security deposit).
Pendapatan dari aset keuangan yang diukur Income from financial assets measured at
pada biaya perolehan diamortisasi dicatat dalam amortized cost is included in the statement of
laporan laba rugi dan penghasilan komprehensif profit or loss and other comprehensive income
lain dan diakui sebagai “Pendapatan and is reported as “Consumer financing
pembiayaan konsumen”, ”Pendapatan sewa income”, “Finance lease income” and
pembiayaan” dan “Pendapatan anjak piutang”. “Factoring income”.
Dalam hal terjadi penurunan nilai, cadangan In the case of impairment, allowance for
kerugian penurunan nilai dilaporkan sebagai impairment losses is reported as a deduction
pengurang dari nilai tercatat dari aset keuangan from the carrying value of the financial assets
yang diukur pada biaya perolehan diamortisasi, measured at amortized cost and recognized in
dan diakui di dalam laporan laba rugi dan the statement of profit or loss and other
penghasilan komprehensif lain sebagai comprehensive income as “Provision for
“Penyisihan kerugian penurunan nilai”. impairment losses”.
Aset keuangan yang diukur pada nilai wajar Financial assets measured at fair value
melalui laba rugi through profit or loss
Aset keuangan yang diukur pada nilai wajar Financial assets measured at fair value
melalui laba rugi termasuk aset keuangan untuk through profit or loss include financial assets
diperdagangkan dan aset keuangan yang held for trading and financial assets
ditetapkan pada saat pengakuan awal untuk designated upon initial recognition at fair value
diukur pada nilai wajar melalui laba rugi. through profit or loss.
Aset derivatif diklasifikasikan sebagai kelompok Derivative assets are classified as held for
diperdagangkan kecuali mereka ditetapkan trading unless they are designated as effective
sebagai instrumen lindung nilai efektif. Aset hedging instruments. Financial assets at fair
keuangan yang diukur pada nilai wajar melalui value through profit or loss are carried in the
laba rugi disajikan dalam laporan posisi statement of financial position at fair value with
keuangan pada nilai wajar dengan keuntungan gains or losses recognized in the profit or loss.
atau kerugian dari perubahan nilai wajar diakui
dalam laba rugi.
16
Page 310
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
c. Aset dan liabilitas keuangan (lanjutan) c. Financial assets and liabilities (continued)
Aset keuangan (lanjutan) Financial assets (continued)
Pengakuan Recognition
Perseroan menggunakan akuntansi tanggal The Company uses trade date accounting for
perdagangan untuk kontrak reguler ketika regular way contracts when recording financial
mencatat transaksi aset keuangan. assets transactions.
Penurunan nilai dari aset keuangan Impairment of financial assets
Pada setiap tanggal pelaporan, Perseroan At each reporting date, the Company
mengukur penyisihan kerugian penurunan nilai measures the Allowance of impairment losses
instrumen keuangan sejumlah kredit on financial instruments over their lifetime
ekspektasian sepanjang umurnya, jika risiko expectancy, if the credit risk of the financial
kredit atas instrumen keuangan tersebut telah instrument has increased significantly since
meningkat secara signifikan sejak pengakuan initial recognition.
awal.
Jika pada tanggal pelaporan, risiko kredit atas If at the reporting date, the credit risk of the
instrumen keuangan tidak meningkat secara financial instrument has not increased
signifikan sejak pengakuan awal, entitas significantly since initial recognition, the entity
mengukur penyisihan kerugian untuk instrumen measures the allowance of impairment losses
keuangan tersebut sejumlah kerugian for the financial instrument in the amount of the
ekspektasian 12 bulan. Kerugian dimaksud expected 12-month loss. The aforementioned
merepresentasikan kerugian kredit ekspektasian losses represent expected loan losses arising
yang timbul dari peristiwa gagal bayar instrumen from financial instrument defaults that may
keuangan yang mungkin terjadi dalam 12 bulan occur 12 months after the reporting date.
setelah tanggal pelaporan.
Selanjutnya, Perseroan mengelompokkan aset Furthermore, the Company classifies financial
keuangan berdasarkan hasil evaluasi tersebut assets based on the evaluation results which
yang mencerminkan tingkat risiko kredit aset reflects the level of the credit risk of financial
keuangan. assets.
a) Stage 1 a) Stage 1
Pada tanggal evaluasi penurunan nilai, risiko At the evaluation date for impairment, the
kredit atas instrumen keuangan tidak credit risk for financial instruments is not
meningkat secara signifikan sejak increased significantly since initial
pengakuan awal yang dapat dibuktikan recognition as evidenced by no overdue of
dengan tidak terdapat tunggakan lebih dari more than 30 days. For this reason, the
30 hari. Atas hal tersebut, Perseroan akan Company will measure the allowance for
mengukur penyisihan kerugian untuk losses for the financial instrument in the
instrumen keuangan tersebut sejumlah amount of 12-month expected credit
kerugian kredit ekspektasian 12 bulan. losses.
Kerugian kredit ekspektasian 12 bulan The 12-month expected credit loss is part
adalah bagian dari kerugian kredit of the expected credit loss throughout its
ekspektasian sepanjang umurnya yang lifetime that represents an expected credit
merepresentasikan kerugian kredit loss arising from a default on financial
ekspektasian yang timbul dari peristiwa instruments that might occur 12 months
gagal bayar instrumen keuangan yang after reporting date.
mungkin terjadi dalam 12 bulan setelah
tanggal pelaporan.
17
Page 311
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
c. Aset dan liabilitas keuangan (lanjutan) c. Financial assets and liabilities (continued)
Aset keuangan (lanjutan) Financial assets (continued)
Penurunan nilai dari aset keuangan (lanjutan) Impairment of financial assets (continued)
Selanjutnya, Perseroan mengelompokkan aset Furthermore, the Company classifies financial
keuangan berdasarkan hasil evaluasi tersebut assets based on the evaluation results which
yang mencerminkan tingkat risiko kredit aset reflects the level of the credit risk of financial
keuangan. (lanjutan) assets. (continued)
b) Stage 2 b) Stage 2
Pada tanggal evaluasi penurunan nilai, risiko At the evaluation date of impairment, credit
kredit atas instrumen keuangan telah risk on financial instruments has increased
meningkat secara signifikan sejak significantly since initial recognition, which
pengakuan awal yang dapat dibuktikan can be proven by the overdue between
dengan terdapat tunggakan antara 31 hari 31 days and 90 days or there was a
sampai dengan 90 hari atau terjadi restructuring of financial assets that did not
restrukturisasi atas aset keuangan yang result in the recognition of assets
tidak menyebabkan pengakuan aset yang originating from deteriorating financial
berasal dari aset keuangan yang assets, where before restructuring the
memburuk, dimana sebelum restrukturisasi assets were at stage 1 or 2.
aset berada pada stage 1 atau 2.
Atas hal tersebut, Perseroan akan mengukur For this reason, the Company will measure
penyisihan kerugian untuk instrumen the allowance for losses for these financial
keuangan tersebut sejumlah kerugian kredit instruments at the amount of expected
ekspektasian sepanjang umurnya. credit losses over their lifetime.
b) Stage 3 b) Stage 3
Pada tanggal evaluasi penurunan nilai, At the evaluation date of impairment, there
terdapat bukti objektif bahwa instrumen is objective evidence that the financial
keuangan mengalami penurunan nilai yang instruments are impaired, which can be
dapat dibuktikan dengan terdapat tunggakan proven by being in overdue of more than
lebih dari 90 hari atau telah diserahkannya 90 days or motor vehicle collaterals owned
jaminan kendaraan milik konsumen untuk by customers have been submitted for
pelunasan piutang pembiayaan. Atas hal settlement of their financing receivables.
tersebut, Perseroan akan mengukur For this reason, the Company will measure
penyisihan kerugian untuk instrumen the allowance for losses for these financial
keuangan tersebut sejumlah kerugian kredit instruments at the amount of expected
ekspektasian sepanjang umurnya. credit losses over their lifetime.
Tujuan dari persyaratan penurunan nilai adalah The purpose of the impairment requirements is
untuk mengakui kerugian kredit ekspektasian to recognize expected credit losses over the life
sepanjang umurnya atas semua instrumen of all financial instruments that have
keuangan yang telah mengalami peningkatan experienced a significant increase in credit risk
risiko kredit secara signifikan sejak pengakuan since initial recognition - whether assessed
awal - baik dinilai secara individu atau kolektif - individually or collectively - taking into account
dengan mempertimbangkan semua informasi all reasonable and supportable information,
yang wajar dan terdukung, termasuk informasi including estimated future information (forward-
yang bersifat perkiraan masa depan (forward- looking).
looking).
18
Page 312
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
c. Aset dan liabilitas keuangan (lanjutan) c. Financial assets and liabilities (continued)
Aset keuangan (lanjutan) Financial assets (continued)
Penurunan nilai dari aset keuangan (lanjutan) Impairment of financial assets (continued)
Perseroan menerapkan persyaratan penurunan The Company applies an impairment
nilai untuk aset keuangan yang diukur pada biaya requirement for financial assets measured at
perolehan diamortisasi dan aset keuangan yang amortized cost and financial assets measured
diukur pada nilai wajar melalui penghasilan at fair value through other comprehensive
komprehensif lain. income.
Kerugian kredit ekspektasian sepanjang Expected credit losses for the entire lifetime are
umurnya diakui secara kolektif dengan recognized collectively by considering
mempertimbangkan informasi risiko kredit comprehensive credit risk information. The
komprehensif. Informasi risiko kredit comprehensive credit risk information must
komprehensif tersebut harus memasukan tidak include not only arrears information but also all
hanya informasi tunggakan tetapi juga seluruh relevant credit information, including forward-
informasi kredit relevan, termasuk informasi looking macroeconomic information, to
makroekonomi forward-looking, untuk mendekati approach the outcome of recognizing expected
hasil dari pengakuan kerugian kredit credit losses over the life when there is a
ekspektasian sepanjang umurnya ketika terdapat significant increase in credit risk since initial
kenaikan signifikan pada risiko kredit sejak recognition at the level of individual
pengakuan awal pada level instrumen individu. instruments.
Cadangan kerugian penurunan nilai secara Allowance for impairment losses on impaired
individual dihitung dengan menggunakan financial assets that was assessed individually
metode diskonto arus kas (discounted cash is computed using discounted cash flows
flows). Sedangkan cadangan kerugian method. For allowance for impairment losses
penurunan nilai secara kolektif dihitung dengan on impaired financial assets that was assessed
menggunakan metode statistik dari data historis collectively, the Company uses statistical
berupa probability of default di masa lalu, waktu method of the historical data such as the
pengembalian dan jumlah kerugian yang terjadi probability of default, timing of recoveries, the
(Loss Given Default) yang selanjutnya amount of loss incurred (Loss Given Default),
disesuaikan lagi dengan pertimbangan considering management’s judgment of
manajemen terkait kondisi ekonomi dan kredit current economic and credit conditions.
saat ini.
Dalam mengevaluasi penurunan nilai secara In evaluating collective impairment, the
kolektif, Perseroan mengklasifikasikan Company classified financing receivables
segmentasi piutang pembiayaan berdasarkan segmentation based on the similar risk
kesamaan karakteristik risiko. Perseroan characteristics. The Company divide the
membagi segmentasi piutang pembiayaan financing receivables segmentation into
menjadi badan usaha - captive, badan usaha - corporate - captive, corporate - reguler,
reguler, karyawan - captive, karyawan - reguler, employee - captive, employee - reguler,
wirausaha - captive, dan wirausaha - reguler entrepreneur - captive, entrepreneur - reguler
untuk tujuan perhitungan penurunan nilai secara for the purpose of calculating collective
kolektif. impairment.
19
Page 313
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
c. Aset dan liabilitas keuangan (lanjutan) c. Financial assets and liabilities (continued)
Aset keuangan (lanjutan) Financial assets (continued)
Penurunan nilai dari aset keuangan (lanjutan) Impairment of financial assets (continued)
Ketika suatu piutang tidak tertagih, piutang When a receivable is uncollectible, it is written
tersebut dihapus buku dengan menjurnal balik off against the related allowance for
cadangan kerugian penurunan nilai. Piutang impairment losses. Such receivables are
tersebut dapat dihapus buku setelah semua written off after all the necessary procedures
prosedur yang diperlukan telah dilakukan dan have been completed and the amount of the
jumlah kerugian telah ditentukan. Beban loss has been determined. Impairment
penurunan nilai yang terkait dengan pinjaman charges relating to loans and receivables are
yang diberikan dan piutang diklasifikasikan ke classified into “Allowance for impairment
dalam “Cadangan kerugian penurunan nilai”. losses”.
Jika pada periode berikutnya, jumlah kerugian If in the subsequent period, the amount of the
penurunan nilai berkurang dan pengurangan impairment loss decreases and the decrease
tersebut dapat dikaitkan secara obyektif pada can be related objectively to an event occurring
peristiwa yang terjadi setelah penurunan nilai after the impairment was recognized (such as
diakui (seperti meningkatnya peringkat piutang an improvement in the debtor’s receivable
debitur), maka kerugian penurunan nilai yang rating), the previously recognized impairment
sebelumnya diakui harus dipulihkan, dengan loss is reversed by adjusting the allowance for
menyesuaikan akun cadangan kerugian impairment losses. The amount of the
penurunan nilai. Jumlah pemulihan aset impairment reversal is recognized in the
keuangan diakui pada laporan laba rugi dan statement of profit or loss and other
penghasilan komprehensif lain. comprehensive income.
Penerimaan kemudian atas piutang yang telah Subsequent recoveries of receivable written off
dihapusbukukan diakui sebagai pendapatan are recognized as other income upon receipt.
lain-lain pada saat diterima.
Liabilitas keuangan Financial liabilities
Perseroan mengklasifikasikan liabilitas The Company classifies its financial liabilities
keuangan dalam kategori (i) liabilitas keuangan in the category of (i) financial liabilities
yang diukur pada nilai wajar melalui laporan laba measured at fair value through profit or loss
rugi dan (ii) liabilitas keuangan yang diukur pada and (ii) financial liabilities measured at
biaya perolehan diamortisasi. amortized cost.
Selama tahun berjalan dan pada tanggal laporan During the year and at the date of statement of
posisi keuangan, Perseroan tidak memiliki financial position, the Company does not have
liabilitas keuangan yang diukur pada nilai wajar financial liabilities that are measured at fair
melalui laporan laba rugi. Perseroan juga value through profit or loss. The Company has
memiliki utang derivatif yang diakui sebagai derivative payables that are accounted for as
lindung nilai yang efektif. an effective hedge.
Liabilitas keuangan yang diukur pada biaya Financial liabilities measured at amortized cost
perolehan diamortisasi
Pada saat pengakuan awal, liabilitas keuangan Financial liabilities at amortized cost are
yang diukur pada biaya perolehan diamortisasi initially recognized at fair value less transaction
diukur pada nilai wajar dikurangi biaya transaksi. costs.
Setelah pengakuan awal, Perseroan mengukur After initial recognition, the Company
seluruh liabilitas keuangan yang diukur pada measures all financial liabilities at amortized
biaya perolehan diamortisasi dengan cost using effective interest rate method.
menggunakan metode suku bunga efektif.
20
Page 314
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
c. Aset dan liabilitas keuangan (lanjutan) c. Financial assets and liabilities (continued)
Liabilitas keuangan (lanjutan) Financial liabilities (continued)
Liabilitas keuangan yang diukur pada biaya Financial liabilities measured at amortized cost
perolehan diamortisasi (lanjutan) (continued)
Liabilitas keuangan yang diukur pada biaya Financial liabilities measured at amortized cost
perolehan diamortisasi antara lain utang usaha, include trade payables, other payables,
utang lain-lain, beban yang masih harus dibayar, accrued expenses, borrowings, and securities
pinjaman yang diterima, dan surat berharga yang issued.
diterbitkan.
Liabilitas keuangan yang diukur pada nilai wajar Financial liabilities measured at fair value
melalui laba atau rugi through profit or loss
Liabilitas keuangan yang diukur pada nilai wajar Financial liabilities measured at fair value
melalui laba atau rugi mencakup liabilitas through profit or loss include financial liabilities
keuangan yang diklasifikasikan dalam kelompok held for trading and financial liabilities
diperdagangkan dan liabilitas keuangan yang designated upon initial recognition at fair value
pada saat pengakuan awalnya, telah ditetapkan, through profit or loss.
diukur pada nilai wajar melalui laba atau rugi.
Liabilitas keuangan diklasifikasikan dalam Financial liabilities are classified as held for
kelompok diperdagangkan jika diperoleh atau trading if these are incurred for the purpose of
dimiliki untuk tujuan dijual dalam waktu dekat. selling in the near term. Derivative liabilities are
Liabilitas derivatif juga diklasifikasikan dalam also classified as held for trading unless these
kelompok diperdagangkan kecuali derivatif yang are designated as effective hedging
ditetapkan sebagai instrumen lindung nilai yang instruments.
efektif.
Laba atau rugi atas liabilitas keuangan dalam Gains or losses on financial liabilities held for
kelompok diperdagangkan harus diakui dalam trading are recognized in profit or loss.
laba rugi.
Penghentian pengakuan Derecognition
Penghentian pengakuan aset keuangan Financial assets are derecognized when the
dilakukan ketika hak kontraktual atas arus kas contractual rights to receive the cash flows
yang berasal dari aset keuangan tersebut from these assets have ceased to exist or the
berakhir, atau ketika aset keuangan tersebut assets have been transferred and substantially
telah ditransfer dan secara substansial seluruh all the risks and rewards of ownership of the
risiko dan manfaat atas kepemilikan aset assets are also transferred (if substantially all
tersebut telah ditransfer (jika secara substansial the risk and rewards were not transferred, the
seluruh risiko dan manfaat tidak ditransfer, maka Company tests control to ensure that
Perseroan melakukan evaluasi untuk continuing involvement on the basis of any
memastikan keterlibatan berkelanjutan atas retained powers of control does not prevent
kendali yang masih dimiliki tidak mencegah derecognition). Financial liabilities are
penghentian pengakuan). Liabilitas keuangan derecognized when they have been redeemed
dihentikan pengakuannya ketika liabilitas telah or otherwise extinguished.
dilepaskan atau dibatalkan atau kadaluwarsa.
21
Page 315
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
c. Aset dan liabilitas keuangan (lanjutan) c. Financial assets and liabilities (continued)
Penghentian pengakuan (lanjutan) Derecognition (continued)
Penghentian pengakuan piutang pembiayaan Consumer financing receivables that was
konsumen yang mengalami penurunan nilai, impaired are derecognized when the
dilakukan pada saat piutang tersebut receivables have been written off. Doubtful
dihapusbukukan. Penghapusbukuan dilakukan receivables are written off when they have
terhadap piutang yang telah menunggak lebih been overdue for more than 180 days based
dari 180 hari berdasarkan hasil reviu manajemen on the management review (2024: 180 days
(2024: 180 hari secara otomatis) atau ketika automatically) or when management
manajemen menyimpulkan bahwa upaya concludes that collection efforts have been
penagihan telah dilakukan secara memadai sufficiently undertaken but the receivables
namun piutang tidak dapat tertagih secara cannot be fully collected. The write-off of
maksimal. Penghapusbukuan piutang tidak doubtful accounts do not eliminate the right to
merupakan penghapustagihan, sehingga collect and hence are still to be pursued for
kegiatan penagihan tetap dilanjutkan. Penagihan collection continuously. Collections are still
tetap dilakukan dengan cara menagihkan sisa carried out by attempting to recover the
piutang debitur dengan upaya maksimal. remaining debtor receivables to the fullest
extent possible.
Perseroan menerima kendaraan dari konsumen The Company receives motor vehicles from
dan membantu untuk menjual kendaraan customers and assist them in selling their
tersebut sehingga konsumen dapat melunasi motor vehicles so that the customers are able
utang pembiayaan konsumennya. to settle their consumer financing payables.
Konsumen memberi kuasa kepada Perseroan The customers give the right to the Company
untuk menjual kendaraan ataupun melakukan to sell the motor vehicles or take any other
tindakan lainnya dalam upaya penyelesaian actions to settle the outstanding consumer
piutang pembiayaan konsumen bila terjadi financing receivables in the events of default.
wanprestasi terhadap perjanjian pembiayaan. Customers are entitled to the positive
Konsumen berhak atas selisih lebih antara nilai difference between the proceeds from sale of
penjualan dengan saldo piutang pembiayaan the motor vehicles and the outstanding
konsumen. Jika terjadi selisih kurang, kerugian consumer financing receivables. If difference is
yang terjadi dibebankan pada laporan laba rugi negative, the resulting loss is charged to the
dan penghasilan komprehensif lain tahun current year statement of profit or loss and
berjalan. other comprehensive income.
Jaminan kendaraan milik konsumen untuk Motor vehicle collaterals owned by customers
pelunasan piutang pembiayaan konsumen yang for settlement of their consumer financing
belum dihapus buku, dinyatakan sebesar nilai receivables that have not been written off are
tercatat piutang pembiayaan konsumen terkait presented at the carrying value of the related
setelah dikurangi penyisihan kerugian atas consumer financing receivables, less
penurunan nilai. allowance for impairment losses.
Modifikasi atas Arus Kas Aset Keuangan Modification of Cash Flows of Financial
Assets
Penilaian apakah suatu aset keuangan telah An assessment of whether a financial asset
dimodifikasi baik secara substansial maupun has been modified substantially or not is
tidak substansial dilakukan oleh unit bisnis yang carried out by a business unit who authorized
berwenang melakukan modifikasi atau to modify or restructure the financial assets
restrukturisasi aset keuangan pada saat unit when the business unit carries out modification
bisnis tersebut melakukan tindakan modifikasi or restructuring of the financial assets.
atau restrukturisasi atas suatu aset keuangan.
22
Page 316
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
c. Aset dan liabilitas keuangan (lanjutan) c. Financial assets and liabilities (continued)
Modifikasi atas Arus Kas Aset Keuangan Modification of Cash Flows of Financial
(lanjutan) Assets (continued)
Modifikasi aset keuangan dianggap substansial Modifications to financial assets are
dan Perseroan akan berhenti mengakui aset considered substantial and the Company will
keuangan awal ketika: derecognize the original financial assets when:
(a) aset keuangan (atau bagiannya) berakhir, (a) the financial asset (or a portion) expires,
yaitu jika debitur secara hukum dibebaskan that is, if the debtor is legally released from
dari tanggung jawab utama atas aset primary responsibility for the asset (or any
tersebut (atau bagiannya), baik melalui portion), either by legal process or by the
proses hukum maupun oleh kreditur creditor entering into a new credit contract
pembuatan kontrak kredit baru (sebagai (for example, the equity conversion
contoh, opsi equity conversion); atau option); or
(b) terdapat konversi mata uang. (b) there is a currency conversion.
Perseroan kemudian akan mengukur aset The Company will then measure the modified
keuangan yang telah dimodifikasi baik secara financial assets either substantially or not in the
substansial maupun tidak substansial dengan following manner:
cara berikut:
(a) Modifikasi Aset Keuangan yang Substansial (a) Substantial Modification of Financial
Assets
1. Saat arus kas kontraktual atas aset 1. When the contractual cash flows on
keuangan direnegosiasi atau financial assets are renegotiated or
dimodifikasi (antara lain ketika kredit modified (for example, when credit is
direstrukturisasi) dimana renegosiasi restructured) where the renegotiation
atau modifikasi tersebut menghasilkan or modification results in
penghentian pengakuan aset derecognition of the financial asset,
keuangan, Perseroan akan mencatat the Company will record the financial
aset keuangan tersebut sebagai aset asset as a new/modified financial
keuangan baru/modifikasian pada asset on the modification/negotiation
tanggal modifikasi/negosiasi. date.
2. Selisih jumlah tercatat bruto aset 2. The difference between the gross
keuangan awal dengan nilai wajar aset carrying amount of the original
modifikasian diakui di laba rugi. financial asset and the fair value of the
modified asset is recognized in profit
or loss.
3. Pendapatan atau biaya transaksi yang 3. Transaction income or costs incurred
terjadi sehubungan dengan kejadian in connection with a modification
modifikasi diakui sebagai bagian dari event are recognized as part of the
keuntungan atau kerugian atas gain or loss on the modification.
modifikasi tersebut.
4. Selanjutnya, Perseroan melakukan 4. Next, the Company will assess
penilaian apakah aset keuangan whether new/modified financial assets
baru/modifikasian merupakan aset are assets that arise from
yang berasal dari aset keuangan deteriorating financial assets.
memburuk.
5. Pengakuan pendapatan bunga atas 5. The recognition of interest income on
aset yang berasal dari aset keuangan assets originating from deteriorating
memburuk ditentukan berdasarkan financial assets is determined based
suku bunga efektif yang telah on the risk-adjusted effective interest
disesuaikan dengan risiko kredit (risk- rate to discount the cash flows of
adjusted effective interest rate) untuk modified financial assets.
mendiskontokan arus kas aset
keuangan yang telah dimodifikasi.
23
Page 317
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
c. Aset dan liabilitas keuangan (lanjutan) c. Financial assets and liabilities (continued)
Modifikasi atas Arus Kas Aset Keuangan Modification of Cash Flows of Financial
(lanjutan) Assets (continued)
(b) Modifikasi Aset Keuangan yang Tidak (b) Non-Substantial Modification of Financial
Substansial Assets
1. Saat Perseroan melakukan renegosiasi 1. When the Company renegotiates or
atau modifikasi arus kas kontraktual modifies contractual cash flows for
atas aset keuangan (antara lain ketika financial assets (among others, when
kredit direstrukturisasi) yang tidak loans are restructured) that do not
memenuhi kriteria modifikasi aset meet the criteria for substantial
keuangan yang substansial di atas, modification of financial assets above,
maka renegosiasi atau modifikasi the renegotiation or modification does
tersebut tidak menghasilkan not result in derecognition of financial
penghentian pengakuan aset assets.
keuangan.
2. Jumlah tercatat bruto aset keuangan 2. The gross carrying amount of the
dihitung sebesar nilai kini (net present financial asset is computed at the net
value) dari arus kas kontraktual yang present value of modified or
telah dimodifikasi atau direnegosiasi renegotiated contractual cash flows
yang didiskontokan menggunakan suku discounted at the original effective
bunga efektif awal. interest rate.
3. Perseroan kemudian mengakui 3. The Company then recognizes the
keuntungan atau kerugian dari gain or loss from the modification
modifikasi (yaitu sebesar perubahan (namely the change in the gross
jumlah tercatat bruto aset keuangan) carrying amount of the financial asset)
dalam laporan laba rugi sebagai bagian in the income statement as part of
dari cadangan kerugian penurunan allowance for impairment losses.
nilai.
4. Pendapatan atau biaya transaksi yang 4. Transaction income or costs incurred
terjadi sehubungan dengan kejadian in connection with a modification
modifikasi diakui sebagai penyesuaian event are recognized as an
terhadap jumlah tercatat aset keuangan adjustment to the carrying amount of
yang telah dimodifikasi dan diamortisasi the modified financial asset and
selama sisa jangka waktu aset amortized over the remaining term of
keuangan modifikasian tersebut. the modified financial asset.
Saling hapus Offsetting
Aset dan liabilitas keuangan saling hapus Financial assets and liabilities are offset and
disajikan dalam laporan posisi keuangan jika the net amount is presented in the statement
memiliki hak yang berkekuatan hukum untuk of financial position when there is a legally
melakukan saling hapus buku atas jumlah yang enforceable right to offset the recognized
telah diakui tersebut dan berniat untuk amounts and there is intention to settle on a net
menyelesaikan secara neto atau untuk basis or to realize the asset and settle the
merealisasikan aset dan menyelesaikan liability simultaneously. This means that the
liabilitasnya secara simultan. Hak yang right to set off:
berkekuatan hukum berarti:
a. tidak terdapat kontinjensi di masa yang akan a. must not be contingent on a future event,
datang, dan and
b. hak yang berkekuatan hukum pada kondisi- b. must be legally enforceable in all of the
kondisi berikut ini: following circumstances:
i. kegiatan bisnis normal; i. the normal course of business;
ii. kondisi kegagalan usaha; dan ii. the event of default; and
iii. kondisi gagal bayar atau bangkrut. iii. the event of insolvency or bankruptcy.
24
Page 318
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
c. Aset dan liabilitas keuangan (lanjutan) c. Financial assets and liabilities (continued)
Klasifikasi instrumen keuangan Classification of financial instruments
Perseroan mengklasifikasikan instrumen The Company classifies the financial
keuangan ke dalam klasifikasi tertentu yang instruments into classes that reflects the nature
mencerminkan sifat dari informasi dan of information and take into account the
mempertimbangkan karakteristik dari instrumen characteristics of those financial instruments.
keuangan tersebut. Klasifikasi ini dapat dilihat The classifications are shown in the table
pada tabel berikut: below:
Golongan
Kategori yang didefinisikan (ditentukan oleh Perseroan)/
oleh PSAK No.109/ Class (as determined by the Subgolongan/
Category as defined by SFAS No.109 Company) Subclasses
Kas dan setara kas/Cash and cash equivalents
- Kas pada bank/Cash in banks
- Deposito berjangka/Time deposit
Piutang pembiayaan konsumen/Consumer financing receivables
Piutang sewa pembiayaan/Finance lease receivables
Aset keuangan yang diukur Anjak piutang/Factoring receivables
pada biaya perolehan yang
Piutang lain-lain/Other receivables
Aset keuangan/ diamortisasi/Financial assets
Financial at amortized cost
assets Aset lain-lain/Other assets
- Piutang karyawan/Employee receivables
- Piutang bunga/Interest receivables
- Setoran dalam perjalanan/Deposit in transit
- Uang jaminan/Security deposit
Derivatif lindung nilai/ Hedging Lindung nilai atas nilai arus kas/Hedging instruments in cash flow hedges
derivatives - Piutang derivatif/Derivative receivables
Beban yang masih harus dibayar/Accrued expenses
Pinjaman yang diterima/Borrowings
Surat berharga yang diterbitkan/Securities issued
Utang usaha/Trade payables
- Utang kendaraan/Vehicle payables
- Utang asuransi/Insurance payables
Liabilitas keuangan yang diukur Utang lain-lain/Other payables
Liabilitas dengan biaya perolehan - Titipan konsumen/customer deposits
keuangan/ diamortisasi/Financial liabilities - Liabilitas sewa/lease liabilities
Financial at amortized cost - Jasa notaris/notary services
liabilities - Barang dan jasa/goods and services
- Pembiayaan bersama/Joint financing
- Lain-lain/Others
Beban yang masih harus dibayar/Accrued expenses
Pinjaman yang diterima/Borrowings
Surat berharga yang diterbitkan/Securities issued
Derivatif lindung nilai/ Hedging Lindung nilai atas nilai arus kas/Hedging instruments in cash flow hedges
derivatives - Utang derivatif/Derivative payables
25
Page 319
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
d. Penentuan nilai wajar d. Determination of fair value
Nilai wajar adalah harga yang akan diterima Fair value is the price that would be received
untuk menjual suatu aset atau harga yang akan to sell an asset or paid to transfer a liability in
dibayar untuk mengalihkan suatu liabilitas dalam an orderly transaction between market
transaksi teratur antara pelaku pasar pada participants at the measurement date. The fair
tanggal pengukuran. Pengukuran nilai wajar value measurement is based on the
berdasarkan asumsi bahwa transaksi untuk presumption that the transaction to sell the
menjual aset atau mengalihkan liabilitas terjadi asset or transfer the liability takes place either:
di:
pasar utama untuk aset dan liabilitas in the principal market for the asset or
tersebut, atau liability, or
jika terdapat pasar utama, di pasar yang in the absence of the principal market, in
paling menguntungkan untuk aset atau the most advantageous market for the
liabilitas tersebut. asset or liability.
Perseroan harus memiliki akses ke pasar utama The principal or the most advantageous market
atau pasar yang paling menguntungkan tersebut. must be accessible by the Company.
Nilai wajar aset dan liabilitas diukur The fair value of an asset or a liability is
menggunakan asumsi yang akan digunakan measured using the assumptions that market
pelaku pasar ketika menentukan harga aset atau participants would use when pricing the asset
liabilitas tersebut, dengan asumsi bahwa pelaku or liability, assuming that market participants
pasar bertindak dalam kepentingan ekonomi act in their economic best interest.
terbaiknya.
Perseroan menggunakan teknik penilaian yang The Company uses valuation techniques that
sesuai dalam keadaan dan dimana data yang are appropriate in the circumstances and for
memadai tersedia untuk mengukur nilai wajar, which sufficient data are available to measure
memaksimalkan penggunaan input yang tidak fair value, maximizing the use of relevant
dapat diobservasi. observable inputs and minimizing the use of
unobservable inputs.
Semua aset dan liabilitas yang nilai wajarnya All assets and liabilities for which fair value is
diukur atau diungkapkan dalam laporan measured or disclosed in the financial
keuangan dikategorikan dalam hirarki nilai wajar, statements are categorized within the fair value
sebagaimana dijelaskan di bawah ini, hierarchy, described as follows, based on the
berdasarkan tingkatan level input yang terendah lowest level input that is significant to the fair
yang signifikan terhadap pengukuran nilai wajar value measurement as a whole:
secara keseluruhan:
Level 1 - harga kuotasian (tanpa Level 1 - quoted (unadjusted) market
penyesuaian) di pasar aktif untuk aset atau prices in active markets for identical
liabilitas yang identik. assets or liabilities.
Level 2 - teknik penilaian di mana tingkat Level 2 - valuation techniques for which
level input terendah yang signifikan the lowest level input that is significant to
terhadap pengukuran nilai wajar dapat the fair value measurement is directly or
diobservasi baik secara langsung atau tidak indirectly observable.
langsung.
Level 3 - teknik penilaian di mana tingkat Level 3 - valuation techniques for which
level input terendah yang signifikan the lowest level input that is significant to
terhadap pengukuran nilai wajar tidak dapat the fair value measurement is directly or
diobservasi baik secara langsung atau tidak indirectly unobservable.
langsung.
26
Page 320
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
d. Penentuan nilai wajar (lanjutan) d. Determination of fair value (continued)
Untuk aset dan liabilitas yang diukur secara For assets and liabilities that are recognized in
berulang dalam laporan keuangan, Perseroan the financial statements on a recurring basis,
menentukan apakah perpindahan antar level the Company determines whether transfers
hirarki telah terjadi dengan melakukan evaluasi have occurred between levels in hierarchy by
pengelompokan (berdasarkan level input yang reassessing categorization (based on the
terendah yang signifikan terhadap pengukuran lowest level input that is significant to the fair
nilai wajar secara menyeluruh) pada setiap akhir value measurement as a whole) at the end of
periode pelaporan. each reporting period.
e. Penjabaran mata uang asing e. Foreign currency translation
Transaksi dalam mata uang asing dijabarkan ke Transactions denominated in a foreign
mata uang Rupiah dengan menggunakan kurs currency are translated into Rupiah at the
yang berlaku pada tanggal transaksi. Pada exchange rate prevailing at the date of the
tanggal laporan posisi keuangan, aset dan transaction. At the date of statement of
liabilitas moneter dalam mata uang asing financial position, monetary assets and
dijabarkan dengan kurs tengah Bank Indonesia liabilities in foreign currencies are translated at
yang berlaku pada tanggal laporan posisi the exchange rates prevailing at that date as
keuangan. published by Bank Indonesia.
Keuntungan dan kerugian selisih kurs yang Exchange gains and losses arising on
timbul dari transaksi dalam mata uang asing dan transactions in foreign currency and on the
dari penjabaran aset dan liabilitas moneter translation of foreign currency monetary assets
dalam mata uang asing, diakui pada laporan laba and liabilities are recognized in the statement
rugi dan penghasilan komprehensif lain. of profit or loss and other comprehensive
income.
Kurs yang digunakan untuk menjabarkan aset The exchange rates used to translate the
dan liabilitas moneter dalam mata uang asing monetary assets and liabilities denominated in
pada tanggal 31 Desember 2025 dan foreign currencies as of 31 December 2025
2024 adalah sebagai berikut: and 2024 are as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Mata uang Currency
Dolar Amerika Serikat (AS$) 16.782 16.162 United States Dollar (US$)
f. Kas dan setara kas f. Cash and cash equivalents
Kas dan setara kas mencakup kas, kas di bank Cash and cash equivalents include cash on
dan deposito berjangka dengan jangka waktu hand, cash in banks and time deposits with
jatuh tempo tiga bulan atau kurang sejak dari original maturity of three months or less from
tanggal penempatannya, yang tidak dibatasi the date of placement, which are not restricted
penggunaannya, tidak digunakan sebagai and are not pledged as collateral for any
jaminan atas pinjaman dan dapat segera borrowing and that are readily convertible to
dijadikan kas tanpa terjadi perubahan nilai yang known amounts of cash which are subject to
sangat signifikan. insignificant risk of changes in value.
27
Page 321
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
g. Piutang pembiayaan konsumen g. Consumer financing receivables
Piutang pembiayaan konsumen diakui pada Consumer financing receivables are
awalnya dengan nilai wajar ditambah biaya- recognized initially at fair value, added with
biaya transaksi dan dikurangi yield enhancing directly attributable transactions costs and
income yang dapat diatribusikan secara deducted by yield enhancing income, and
langsung dan selanjutnya diukur dengan biaya subsequently measured at amortized cost
perolehan diamortisasi menggunakan metode using the effective interest rate method.
tingkat bunga efektif. Piutang pembiayaan Consumer financing receivables are classified
konsumen diklasifikasikan sebagai aset as financial assets measured at amortized
keuangan yang diukur pada biaya perolehan cost. Refer to Note 2c for the accounting policy
diamortisasi. Lihat Catatan 2c untuk kebijakan for financial assets measured at amortized
akuntansi atas aset keuangan yang diukur pada cost.
biaya perolehan diamortisasi.
Penyelesaian kontrak sebelum masa Early termination is treated as a cancellation of
pembiayaan konsumen berakhir diperlakukan an existing contract and the resulting gain or
sebagai pembatalan kontrak pembiayaan loss is credited or charged to the current year
konsumen dan laba atau rugi yang terjadi diakui statement of profit or loss and other
dalam laporan laba rugi dan penghasilan comprehensive income at the transaction date.
komprehensif lain tahun berjalan pada tanggal
terjadinya transaksi.
Pendapatan pembiayaan konsumen yang belum Unearned consumer financing income is the
diakui merupakan selisih antara jumlah difference between total installments to be
keseluruhan pembayaran angsuran yang akan received from customers and the total
diterima dari konsumen dan jumlah pokok financing which is recognized as income over
pembiayaan yang akan diakui sebagai the term of the contract using the effective
penghasilan sesuai dengan jangka waktu interest rate.
kontrak dengan menggunakan metode tingkat
suku bunga efektif.
Restrukturisasi kredit dapat dilakukan dengan Credit restructuring can be done by over
cara pengalihan kredit, merubah jatuh tempo, contract, change in due date, change in tenor,
merubah tenor, merubah nilai angsuran dan/atau change in installment and/or change in interest
perubahan suku bunga. rate.
Kerugian yang timbul dari restrukturisasi kredit Losses on loan restructuring in respect of
yang berkaitan dengan modifikasi persyaratan modification of the terms of the loans are
kredit hanya diakui bila nilai kini penerimaan kas recognized only if the present value of total
masa depan yang telah ditentukan dalam future cash receipts specified in the new terms
persyaratan kredit yang baru, termasuk of the loans, including both receipt designated
penerimaan yang diperuntukkan sebagai bunga as interest, and those designated as loan
maupun pokok, adalah lebih kecil dari nilai kredit principal, are less than the recorded amounts
yang diberikan yang tercatat sebelum of loans before restructuring in the financial
restrukturisasi di laporan keuangan. statements.
Pembiayaan Bersama Joint financing
Piutang pembiayaan konsumen merupakan Consumer financing receivables are stated at
jumlah piutang setelah dikurangi dengan piutang net of joint financing receivables, unearned
pembiayaan bersama, pendapatan pembiayaan consumer financing income and allowance for
yang belum diakui dan cadangan kerugian impairment losses.
penurunan nilai.
28
Page 322
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
g. Piutang pembiayaan konsumen (lanjutan) g. Consumer financing receivables
(continued)
Pembiayaan Bersama (lanjutan) Joint financing (continued)
Piutang pembiayaan konsumen yang dibiayai Joint financing receivables where the
bersama pihak-pihak lain dimana masing- Company and joint financing providers bear
masing pihak mendapatkan imbalan (rewards) credit risk in accordance with their portion are
dan menanggung risiko kredit sesuai dengan presented on a net basis in the statement of
porsinya disajikan di laporan posisi keuangan financial position. Administration income for
secara bersih. Pendapatan administrasi atas managing joint financing are presented in the
pengelolaan pembiayaan bersama disajikan di statement of profit or loss and other
laporan laba rugi dan penghasilan komprehensif comprehensive income.
lain.
h. Piutang sewa pembiayaan h. Finance lease receivables
Piutang sewa pembiayaan merupakan jumlah Finance lease receivables represent lease
piutang sewa pembiayaan ditambah nilai sisa receivables plus the residual value at the end
yang akan diterima pada akhir masa sewa of the lease period and stated at net of
pembiayaan dikurangi dengan pendapatan sewa unearned lease income, security deposits and
pembiayaan tangguhan, simpanan jaminan dan allowances for impairment losses. The
cadangan kerugian penurunan nilai. Selisih difference between the gross lease receivable
antara nilai piutang usaha bruto dan nilai tunai and the present value of the lease receivable is
piutang diakui sebagai pendapatan sewa recognized as unearned lease income.
pembiayaan tangguhan. Pendapatan sewa Unearned lease income is allocated to current
pembiayaan tangguhan dialokasikan sebagai year statement of profit or loss and other
pendapatan di laporan laba rugi dan penghasilan comprehensive income based on a constant
komprehensif lain tahun berjalan berdasarkan rate of return on the net investment using
suatu tingkat pengembalian konstan atas effective interest rates.
investasi bersih dengan menggunakan suku
bunga efektif.
Penyewa pembiayaan memiliki hak opsi untuk The lessee has the option to purchase the
membeli aset yang disewa-pembiayaankan leased asset at the end of the lease period at
pada akhir masa sewa pembiayaan dengan a price mutually agreed upon at the
harga yang telah disetujui bersama pada saat commencement of the agreement.
dimulainya perjanjian sewa pembiayaan.
Penyelesaian kontrak sebelum masa sewa Early termination is treated as a cancellation of
pembiayaan berakhir diperlakukan sebagai an existing contract and the resulting gain or
pembatalan kontrak sewa dan laba atau rugi loss is credited or charged to the current year
yang timbul diakui dalam laporan laba rugi dan statement of profit or loss and other
penghasilan komprehensif lain tahun berjalan. comprehensive income.
Piutang sewa pembiayaan diklasifikasikan Finance lease receivables are classified as
sebagai aset keuangan yang diukur pada biaya financial assets measured at amortized cost.
perolehan diamortisasi. Lihat Catatan 2c untuk Refer to Note 2c for the accounting policy for
kebijakan akuntansi atas aset keuangan yang financial assets measured at amortized cost.
diukur pada biaya perolehan diamortisasi.
29
Page 323
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
i. Tagihan anjak piutang i. Factoring receivables
Tagihan anjak piutang dicatat berdasarkan Factoring receivables are recorded at the
jumlah yang dibayar oleh Perseroan yang amount paid by the Company which are
dihitung berdasarkan persentase tertentu dari calculated based on certain percentages of the
nilai piutang. Perbedaan antara jumlah yang receivable value. The difference in value
dibayar dan jumlah neto piutang dialihkan between the amounts paid by the Company
merupakan pendapatan belum diakui dan diakui and the net factoring receivable is recognized
sebagai pendapatan selama jangka waktu as unearned income and realized over the
perjanjian dengan menggunakan tingkat suku period of the contract using the effective
bunga efektif (Catatan 2c). interest method (Note 2c).
j. Cadangan kerugian penurunan nilai j. Allowance for impairment losses
Perseroan melakukan perhitungan cadangan The Company calculates the allowance for
kerugian penurunan nilai dengan menggunakan impairment losses using the “expected credit
metode kerugian kredit ekspektasian. Lihat losses” methodology. Refer to Note 2c.
Catatan 2c.
k. Beban dibayar dimuka k. Prepaid expenses
Beban dibayar di muka diamortisasi selama Prepaid expenses are amortized over the
masa manfaat masing-masing biaya dengan periods benefited using the straight-line
menggunakan metode garis lurus. method.
l. Aset tetap, aset hak guna dan liabilitas sewa l. Fixed assets, right-of-use assets and lease
liabilities
Aset tetap Fixed assets
Aset tetap diakui sebesar biaya perolehan dan Fixed assets are stated at cost and
selanjutnya dipertanggungjawabkan dengan subsequently accounted using the cost
menggunakan model biaya (cost method) dan method and stated at cost less accumulated
dinyatakan sebesar nilai perolehan dikurangi depreciation.
dengan akumulasi penyusutan.
Harga perolehan mencakup semua pengeluaran Acquisition cost covers all expenditures that
yang terkait secara langsung dengan perolehan are directly attributable to the acquisition of the
aset tetap. items.
Biaya pengurusan legal hak atas tanah dalam The legal cost of land rights in the form of
bentuk Hak Guna Bangunan (“HGB”) ketika Building Usage Right (Hak Guna Bangunan or
tanah diperoleh pertama kali diakui sebagai “HGB”) when the land was acquired initially is
bagian dari biaya perolehan tanah pada akun recognized as part of the cost of the land under
“Aset Tetap” dan tidak diamortisasi. the “Fixed Assets” account and not amortized.
Sementara biaya pengurusan atas Meanwhile, the extension or the legal renewal
perpanjangan atau pembaruan legal hak atas costs of land rights in the form of HGB is
tanah dalam bentuk HGB diakui sebagai aset recognized as intangible asset and amortized
takberwujud dan diamortisasi sepanjang mana over the shorter of the rights' legal life and
yang lebih pendek antara umur hukum hak dan land's economic life.
umur ekonomi tanah.
30
Page 324
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
l. Aset tetap, aset hak guna dan liabilitas sewa l. Fixed assets, right-of-use assets and lease
(lanjutan) liabilities (continued)
Aset tetap (lanjutan) Fixed assets (continued)
Hak atas tanah tidak diamortisasi. Land rights is not amortized.
Aset dalam penyelesaian dinyatakan sebesar Construction in progress is stated at cost and
biaya perolehan dan akan dipindahkan ke transferred to the respective fixed asset
masing-masing aset tetap yang bersangkutan account when completed and ready for use.
pada saat selesai dan siap digunakan.
Penyusutan aset tetap selain tanah dan Depreciation on fixed assets other than land
bangunan dalam pengerjaan dihitung dengan and construction in progress are calculated
menggunakan metode garis lurus sepanjang using the straight-line method over their
estimasi masa manfaatnya sebagai berikut: estimated useful lives as follows:
Masa manfaat (tahun)/ Persentase/
Golongan Useful life (years) Percentage Classification
Bangunan 20 5,00% Buildings
Perabotan dan peralatan kantor 5 20,00% Furniture and office equipment
Kendaraan 5 20,00% Vehicles
Renovasi bangunan sewa 3-5 20,00% - 33,33% Leasehold improvement
Aset tetap kecuali tanah dan aset dalam Fixed assets except land and construction in
pengerjaan disusutkan sampai dengan nilai progress are depreciated to their residual
sisanya. value.
Biaya-biaya setelah pengakuan awal aset diakui Subsequent costs are included in the asset’s
sebagai bagian dari nilai tercatat aset atau carrying amount or recognized as a separate
sebagai aset yang terpisah, sebagaimana asset, as appropriate, only when it is probable
seharusnya, hanya apabila kemungkinan besar that future economic benefits associated with
Perseroan akan mendapatkan manfaat the item will flow to the Company and the cost
ekonomis di masa depan berkenaan dengan of the item can be measured reliably. Amounts
aset tersebut dan biaya perolehan aset dapat in respect of replaced parts are derecognized.
diukur dengan andal. Nilai yang terkait dengan All other repairs and maintenance are charged
penggantian komponen tidak diakui. Biaya to the statement of profit or loss and other
perbaikan dan pemeliharaan dibebankan ke comprehensive income during the period in
dalam laporan laba rugi dan penghasilan which they are incurred.
komprehensif lain selama periode dimana biaya-
biaya tersebut terjadi.
Nilai residu dan umur manfaat aset ditelaah dan The assets’ residual values and useful lives are
disesuaikan, setiap tanggal laporan posisi reviewed, and adjusted if appropriate, at each
keuangan jika diperlukan. date of statement of financial position.
Apabila aset tetap tidak digunakan lagi atau When assets are retired or otherwise disposed
dijual, maka nilai tercatat dan akumulasi of, their carrying values and the related
penyusutannya dikeluarkan dari laporan accumulated depreciation are eliminated from
keuangan dan keuntungan atau kerugian yang the financial statements and the resulting gain
dihasilkan dari penjualan aset tetap diakui dalam or loss on the disposal of fixed assets is
laporan laba rugi dan penghasilan komprehensif recognized in the statement of profit or loss
lain. and other comprehensive income.
Apabila nilai tercatat aset tetap lebih besar dari When the carrying amount of an asset is
nilai yang dapat diperoleh kembali, nilai tercatat greater than its estimated recoverable amount,
aset diturunkan menjadi sebesar nilai yang dapat it is written down immediately to its recoverable
diperoleh kembali. amount.
31
Page 325
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
l. Aset tetap, aset hak guna dan liabilitas sewa l. Fixed assets, right-of-use assets and lease
(lanjutan) liabilities (continued)
Aset tetap (lanjutan) Fixed assets (continued)
Penilaian dilakukan pada akhir setiap periode An assessment is made at each reporting
pelaporan apakah terdapat indikasi bahwa rugi period as to whether there is any indication that
penurunan nilai yang telah diakui dalam periode previously recognized impairment losses may
sebelumnya mungkin tidak ada lagi atau no longer exist or may have decreased. If such
mungkin telah menurun. Jika indikasi yang indication exists, the recoverable amount is
dimaksud ditemukan, maka entitas estimated.
mengestimasi jumlah terpulihkan aset tersebut.
Kerugian penurunan nilai yang telah diakui A previously recognized impairment losses is
dalam periode sebelumnya dibalik hanya jika reversed only if there has been a change in the
terdapat perubahan asumsi-asumsi yang assumptions used to determine the asset’s
digunakan untuk menentukan jumlah terpulihkan recoverable amount since the last impairment
aset tersebut sejak rugi penurunan nilai terakhir loss was recognized. If that is the case, the
diakui. Dalam hal ini, jumlah tercatat aset carrying amount of the asset is increased to its
dinaikkan ke jumlah terpulihkannya. recoverable amount.
Pembalikan rugi penurunan nilai diakui dalam Reversal of an impairment loss is recognized
laporan laba rugi dan penghasilan komprehensif in the statement of profit or loss and other
lain. Setelah pembalikan tersebut, penyusutan comprehensive income. After such a reversal,
aset tersebut disesuaikan di periode mendatang the depreciation charge on the asset is
untuk mengalokasikan jumlah tercatat aset yang adjusted in future periods to allocate the
direvisi, dikurangi nilai sisanya, dengan dasar asset’s revised carrying amount, less any
yang sistematis selama sisa umur masa residual value, on a systematic basis over its
manfaatnya. remaining useful life.
Aset hak guna dan liabilitas sewa Right-of-use assets and lease liabilities
PSAK No. 116 memperkenalkan model SFAS No. 116 introduces a single lessee
akuntansi penyewa tunggal dan mensyaratkan accounting model and requires a lessee to
penyewa untuk mengakui aset dan liabilitas recognize assets and liabilities for all leases
untuk semua sewa dengan pengecualian sewa with the exemptions of short-term leases and
jangka pendek dan aset dengan nilai rendah. the underlying asset is of low value. A lessee
Penyewa diharuskan untuk mengakui aset hak- is required to recognize a right-of-use asset
guna yang mewakili haknya untuk menggunakan representing its right to use the underlying
aset sewaan dan liabilitas sewa yang mewakili leased asset and a lease liability representing
kewajibannya untuk melakukan pembayaran its obligation to make lease payments. SFAS
sewa. PSAK No. 116 secara substansial masih No. 116 substantially carries forward the lessor
menggunakan persyaratan akuntansi atas accounting requirements in SFAS No. 217
pesewa (lessor) sesuai PSAK No. 217 Sewa. Leases. Accordingly, a lessor continues to
Oleh karena itu, pesewa masih akan classify its leases as operating leases or
menggunakan klasifikasi sewa dalam sewa finance leases, and to account for those two
operasi atau pembiayaan, dan memperlakukan types of leases differently.
transaksi sewa atas kedua tipe sewa tersebut
secara berbeda.
Perseroan mengakui liabilitas sewa, sebagai The Company recognized a lease liability,
pembayaran sewa yang tersisa termasuk atas being the remaining lease payments including
opsi perpanjangan dimana perpanjangan hampir extension options where renewal is reasonably
dapat dipastikan, didiskontokan menggunakan certain, discounted using the incremental
tingkat bunga pinjaman inkremental pada borrowing rate at the date of initial application.
tanggal penerapan awal. Aset hak-guna yang The corresponding right-of-use asset
diakui adalah jumlah yang sama dengan liabilitas recognized was an amount equal to the lease
sewa, yang disesuaikan dengan jumlah liability, adjusted by the amount of prepaid or
pembayaran sewa dibayar dimuka atau terutang accrued lease payments relating to those
terkait sewa tersebut. leases.
32
Page 326
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
l. Aset tetap, aset hak guna dan liabilitas sewa l. Fixed assets, right-of-use assets and lease
(lanjutan) liabilities (continued)
Aset hak guna dan liabilitas sewa (lanjutan) Right-of-use assets and lease liabilities
(continued)
Beban keuangan dicatat dalam laporan laba rugi. Finance expense is recorded in the statement
Aset sewa (disajikan sebagai bagian aset tetap) of income. Leased assets (presented under
disusutkan dengan metode garis lurus selama fixed assets) are depreciated using straight-line
jangka waktu yang lebih pendek antara umur method over the shorter of the estimated useful
manfaat aset sewa dan periode masa sewa, jika life of the assets and the lease term, if there is
tidak ada kepastian yang memadai bahwa no reasonable certainty that the Company will
Perseroan akan mendapatkan hak kepemilikan obtain ownership by the end of the lease term.
pada akhir masa sewa.
m. Perpajakan m. Taxation
Pajak Final Final Tax
Peraturan perpajakan di Indonesia mengatur Tax regulation in Indonesia determined that
beberapa jenis penghasilan dikenakan pajak certain taxable income is subject to final tax.
yang bersifat final. Pajak final yang dikenakan Final tax applied to the gross value of
atas nilai bruto transaksi tetap dikenakan transactions is applied even when the parties
walaupun atas transaksi tersebut pelaku carrying the transaction are recognizing
transaksi mengalami kerugian. losses.
Mengacu pada PSAK No. 212, “Pajak Referring to SFAS No. 212, “Income Tax”, final
Penghasilan”, pajak final tersebut tidak termasuk tax is no longer governed by SFAS No. 212.
dalam lingkup yang diatur oleh PSAK No. 212. Therefore, the Company has decided to present
Oleh karena itu, Perseroan memutuskan untuk all of the final tax arising from interest income as
menyajikan beban pajak final sehubungan separate line item.
dengan pendapatan bunga sebagai pos
tersendiri.
Pajak Kini Current Tax
Aset dan liabilitas pajak kini untuk tahun berjalan Current income tax assets and liabilities for the
diukur sebesar jumlah yang diharapkan dapat current year are measured at the amount
direstitusi dari atau dibayarkan kepada otoritas expected to be recovered from or paid to the
perpajakan. taxation authority.
Beban pajak kini ditentukan berdasarkan laba Current tax expense is determined based on
kena pajak tahun berjalan yang dihitung the taxable profit for the year computed using
berdasarkan tarif pajak yang berlaku. the prevailing tax rates.
Kekurangan/kelebihan pembayaran pajak Underpayment/overpayment of income tax are
penghasilan dicatat sebagai bagian dari “Beban presented as part of “Income Tax Expense” in
Pajak Penghasilan” dalam laporan laba rugi dan the statement of profit or loss and other
penghasilan komprehensif lain. Perseroan juga comprehensive income. The Company also
menyajikan bunga/denda, jika ada, sebagai presented interest/penalty, if any, as part of
bagian dari “Beban Pajak Penghasilan”. “Income Tax Expense”.
Koreksi terhadap liabilitas perpajakan diakui Amendments to tax obligations are recorded
pada saat surat ketetapan pajak diterima atau, when a tax assessment letter is received or, if
jika diajukan keberatan, pada saat keputusan appealed against, when the result of the appeal
atas keberatan ditetapkan. is determined.
33
Page 327
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
m. Perpajakan (lanjutan) m. Taxation (continued)
Pajak Kini (lanjutan) Current Tax (continued)
Aset dan liabilitas pajak tangguhan diakui Deferred tax assets and liabilities are
menggunakan metode posisi keuangan atas recognized using the financial position
konsekuensi pajak pada masa mendatang yang method for the future tax consequences
timbul dari perbedaan jumlah tercatat aset dan attributable to the differences between the
liabilitas menurut laporan keuangan dengan carrying amounts of existing assets and
dasar pengenaan pajak aset dan liabilitas pada liabilities in the financial statements and their
setiap tanggal pelaporan. Liabilitas pajak respective tax bases at each reporting date.
tangguhan diakui untuk semua perbedaan Deferred tax liabilities are recognized for all
temporer kena pajak dan aset pajak tangguhan taxable temporary differences and deferred
diakui untuk perbedaan temporer yang boleh tax assets are recognized for deductible
dikurangkan dan akumulasi rugi fiskal, temporary differences and accumulated fiscal
sepanjang besar kemungkinan perbedaan losses to the extent that it is probable that
temporer yang boleh dikurangkan dan akumulasi taxable profit will be available in future years
rugi fiskal tersebut dapat dimanfaatkan untuk against which the deductible temporary
mengurangi laba kena pajak pada masa depan. differences and accumulated fiscal losses
can be utilized.
Pajak Tangguhan Deferred Tax
Jumlah tercatat aset pajak tangguhan ditelaah The carrying amount of a deferred tax asset is
ulang pada akhir setiap periode pelaporan dan reviewed at the end of each reporting period
diturunkan apabila laba fiskal mungkin tidak and reduced to the extent that it is no longer
memadai untuk mengkompensasi sebagian atau probable that sufficient taxable profit will be
semua manfaat aset pajak tangguhan tersebut. available to allow the benefit of part or all of that
Pada akhir setiap periode pelaporan, Perseroan deferred tax asset to be utilized. At the end of
menilai kembali aset pajak tangguhan yang tidak each reporting period, the Company
diakui. Perseroan mengakui aset pajak reassesses unrecognized deferred tax assets.
tangguhan yang sebelumnya tidak diakui apabila The Company recognizes a previously
besar kemungkinan bahwa laba fiskal pada unrecognized deferred tax assets to the extent
masa depan akan tersedia untuk pemulihannya. that it has become probable that future taxable
profit will allow the deferred tax assets to be
recovered.
Pajak tangguhan dihitung dengan menggunakan Deferred tax is calculated at the tax rates that
tarif pajak yang berlaku atau secara substansial have been enacted or substantively enacted at
telah berlaku pada tanggal pelaporan. the reporting date. Changes in the carrying
Perubahan nilai tercatat aset dan liabilitas pajak amount of deferred tax assets and liabilities due
tangguhan yang disebabkan oleh perubahan to a change in tax rates are charged to current
tarif pajak dibebankan pada usaha tahun year operations, except to the extent that they
berjalan, kecuali untuk transaksi-transaksi yang relate to items previously charged or credited to
sebelumnya telah langsung dibebankan atau equity.
dikreditkan ke ekuitas.
Aset dan liabilitas pajak tangguhan disajikan Deferred tax assets and liabilities are offset in
secara saling hapus dalam laporan posisi the statement of financial position, except if they
keuangan, kecuali aset dan liabilitas pajak are for different legal entities, consistent with the
tangguhan untuk entitas yang berbeda, sesuai presentation of current tax assets and liabilities.
dengan penyajian aset dan liabilitas pajak kini.
n. Imbalan kerja n. Employee benefits
Imbalan kerja jangka pendek Short-term employee benefits
Imbalan kerja jangka pendek diakui pada saat Short-term employee benefits are recognized
terutang kepada karyawan berdasarkan metode when it is payable to the employees based on
akrual. accrual method.
34
Page 328
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
n. Imbalan kerja (lanjutan) n. Employee benefits (continued)
Imbalan kerja jangka pendek (lanjutan) Short-term employee benefits (continued)
Imbalan kerja jangka panjang dan imbalan Long-term employee benefits and post-
pasca-kerja employment benefits
Imbalan kerja jangka panjang dan imbalan Long-term employee benefits and post-
pasca-kerja, seperti pensiun, uang pisah, uang employment employee benefits, such as
penghargaan, dan imbalan lainnya, ditentukan pensions, severance pay, service pay, and other
sesuai dengan Peraturan Perseroan dan benefits are provided in accordance with the
Undang-Undang Ketenagakerjaan yang berlaku. Company’s Regulations and applicable Labor
Law.
Perseroan mencatat penyisihan manfaat untuk The Company made provisions in order to meet
memenuhi imbalan minimum yang harus dibayar the minimum benefits required to be paid to the
kepada karyawan-karyawan sesuai dengan qualified employees under Company’s
peraturan perusahaan, Undang-Undang No. 6 regulation, Law No. 6 Year 2023 and
Tahun 2023 dan Peraturan Pemerintah No. 35 Government Regulation No. 35 of 2021.
tahun 2021.
Karena Undang-Undang Ketenagakerjaan Since Labor Law sets the formula for determining
menentukan rumus tertentu untuk menghitung the minimum amount of benefits, in substance
jumlah minimal imbalan pensiun, pada dasarnya, pension plans under the Labor Law represent
program pensiun berdasarkan Undang-Undang defined benefit plans. A defined benefit plan is a
Ketenagakerjaan adalah program imbalan pasti. pension plan that defines an amount of pension
Program pensiun imbalan pasti adalah program benefit to be provided, usually as a function of
pensiun yang menentukan jumlah imbalan one or more factors such as age, years of service
pensiun yang akan diberikan, biasanya or compensation.
berdasarkan pada satu faktor atau lebih seperti
usia, masa kerja atau kompensasi.
Liabilitas program pensiun imbalan pasti yang The liability recognized in the statement of
diakui di laporan posisi keuangan adalah nilai financial position in respect of defined benefit
kini liabilitas imbalan pasti pada tanggal laporan pension plans is the present value of the defined
posisi keuangan, serta disesuaikan dengan benefit obligation at the date of statement of
keuntungan atau kerugian aktuarial dan biaya financial position, together with adjustments for
jasa lalu yang belum diakui. Nilai kini liabilitas unrecognized actuarial gains or losses and past
imbalan pasti dihitung setiap tahun oleh aktuaris service cost. The present value of defined
independen menggunakan metode projected benefit obligation is calculated annually by an
unit credit. independent actuary using the projected unit
credit method.
Nilai kini liabilitas imbalan pasti ditentukan The present value of the defined benefit
dengan mendiskontokan estimasi arus kas obligation is determined by discounting the
keluar masa depan dengan menggunakan estimated future cash outflows using yields on
tingkat obligasi pemerintah jangka panjang Indonesian Government bonds that are
dalam mata uang yang sama dengan mata uang denominated in the currency in which the
imbalan yang akan dibayarkan dan waktu jatuh benefits will be paid, and that have terms to
tempo yang kurang lebih sama dengan waktu maturity approximating the terms of the related
jatuh tempo imbalan yang bersangkutan. pension liability.
Seluruh biaya jasa lalu diakui pada saat yang All past service costs are recognized at the
lebih dulu antara ketika amandemen/kurtailmen earlier of when the amendment/curtailment
terjadi atau ketika biaya restrukturisasi atau occurs and when the related restructuring or
pemutusan hubungan kerja diakui. termination costs are recognized.
Bunga neto atas imbalan pasti neto merupakan Net interest on the net defined benefit liabilities
komponen pendapatan bunga dari aset program, is the interest income component of plan
biaya bunga atas liabilitas imbalan pasti dan assets, interest expense of defined benefit
bunga atas dampak batas atas dari aset. obligation and interest on the effect of asset
ceiling.
35
Page 329
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
n. Imbalan kerja (lanjutan) n. Employee benefits (continued)
Imbalan kerja jangka panjang dan imbalan Long-term employee benefits and post-
pasca-kerja (lanjutan) employment benefits (continued)
Pengukuran kembali liabilitas imbalan pasti neto Remeasurements of the net defined benefit
terdiri atas: obligation consists of:
- keuntungan dan kerugian aktuarial - actuarial gains and losses
- imbal hasil atas aset program, tidak termasuk - return on plan assets, excluding amount
jumlah yang dimasukkan dalam bunga neto included in net interest on the net defined
atas liabilitas imbalan pasti neto benefit obligation
- setiap perubahan dampak batas atas aset, - any change in effect of the asset ceiling,
tidak termasuk jumlah yang dimasukkan excluding amount included in net interest on
dalam bunga neto atas liabilitas imbalan pasti the net defined benefit obligation.
neto.
Pesangon pemutusan hubungan kerja Termination benefits
Pesangon pemutusan hubungan kerja terutang Termination benefits are payable whenever an
ketika karyawan dihentikan kontrak kerjanya employee’s employment is terminated before
sebelum usia pensiun normal. Perseroan the normal retirement date. The Company
mengakui pesangon pemutusan hubungan kerja recognizes termination benefits when it is
ketika Perseroan menunjukkan komitmennya demonstrably committed to terminate the
untuk memutuskan hubungan kerja dengan employment of current employees according to
karyawan berdasarkan suatu rencana formal a detailed formal plan and the possibility to
terperinci yang kecil kemungkinannya untuk withdraw the plan is low. Benefits falling due
dibatalkan. Pesangon yang akan dibayarkan more than 12 months after statement of
dalam waktu lebih dari 12 bulan setelah tanggal financial position date are discounted to reflect
laporan posisi keuangan didiskontokan untuk its present value.
mencerminkan nilai kini.
o. Saham o. Share capital
Saham biasa diklasifikasikan sebagai ekuitas. Ordinary shares are classified as equity.
p. Dividen p. Dividends
Pembagian dividen final diakui sebagai liabilitas Final dividend distributions are recognized as
dalam laporan keuangan pada tanggal dividen a liability in the financial statements at the date
tersebut disetujui Rapat Umum Pemegang when the dividends are approved in the
Saham Perseroan. Company’s General Meeting of Shareholders.
q. Laba per saham q. Earnings per share
Laba per saham dihitung dengan membagi laba Earnings per share is calculated by dividing
tahun berjalan dengan jumlah rata-rata income for the year by the weighted average
tertimbang saham biasa yang beredar pada number of ordinary shares outstanding during
tahun yang bersangkutan. the year.
36
Page 330
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
r. Surat berharga yang diterbitkan r. Securities issued
Surat berharga yang diterbitkan meliputi Securities issued consist of Medium-Term
Medium-Term Notes dan utang obligasi. Surat Notes and bonds payable. Securities issued
berharga yang diterbitkan diklasifikasikan are classified as financial liabilities at
sebagai liabilitas keuangan yang diukur dengan amortized cost. Incremental costs directly
biaya perolehan diamortisasi. Biaya tambahan attributable to the issuance of securities are
yang dapat diatribusikan secara langsung deducted from the amount of securities issued
dengan penerbitan surat berharga dikurangkan and amortized over the period of the securities
dari jumlah surat berharga yang diterbitkan dan issued using the effective interest rate method.
diamortisasi selama jangka waktu surat berharga Refer to Note 2c for the accounting policy of
yang diterbitkan tersebut dengan menggunakan financial liabilities at amortized cost.
metode suku bunga efektif. Lihat Catatan 2c
untuk kebijakan akuntansi atas liabilitas
keuangan yang diukur dengan biaya perolehan
diamortisasi.
s. Transaksi dengan pihak-pihak berelasi s. Transactions with related parties
Perseroan mempunyai transaksi dengan pihak The Company has transactions with related
berelasi. Definisi pihak berelasi yang dipakai parties. The definition of related parties used is
adalah sebagai berikut: as follows:
Suatu pihak dianggap berelasi dengan The Company considers the following as its
Perseroan jika: related parties:
a. orang atau anggota keluarga dekatnya a. a person or a close member of that
mempunyai relasi dengan entitas pelapor person’s family is related to a reporting
jika orang tersebut: entity if that person:
(i) memiliki pengendalian atau (i) has control or joint control of the
pengendalian bersama atas entitas reporting entity;
pelapor;
(ii) memiliki pengaruh signifikan atas (ii) has significant influence over the
entitas pelapor; atau reporting entity; or
(iii) merupakan personil manajemen kunci (iii) is a member of the key management
entitas pelapor atau entitas induk dari personnel of the reporting entity or of
entitas pelapor. a parent of the reporting entity.
b. suatu entitas berelasi dengan entitas pelapor b. an entity is related to a reporting entity if
jika memenuhi salah satu hal berikut: any of the following conditions applies:
(i) entitas dan entitas pelapor adalah (i) the entity and the reporting entity are
anggota dari kelompok usaha yang members of the same group (which
sama (artinya entitas induk, entitas means that each parent, subsidiary
anak, dan entitas anak berikutnya and fellow subsidiary is related to the
saling berelasi dengan entitas lainnya). others).
(ii) satu entitas adalah entitas asosiasi atau (ii) one entity is an associate or joint
ventura bersama dari entitas lain (atau venture of the other entity (or an
entitas asosiasi atau ventura bersama associate or joint venture of a
yang merupakan anggota suatu member of a group of which the other
kelompok usaha, yang mana entitas entity is a member).
lain tersebut adalah anggotanya).
(iii) kedua entitas tersebut adalah ventura (iii) both entities are joint ventures of the
bersama dari pihak ketiga yang sama. same third party.
(iv) satu entitas adalah ventura bersama (iv) one entity is a joint venture of a third
dari entitas ketiga dan entitas yang lain entity and the other entity is an
adalah entitas asosiasi dari entitas associate of the third entity.
ketiga.
37
Page 331
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
s. Transaksi dengan pihak-pihak berelasi s. Transactions with related parties
(lanjutan) (continued)
Suatu pihak dianggap berelasi dengan The Company considers the following as its
Perseroan jika: (lanjutan) related parties: (continued)
b. suatu entitas berelasi dengan entitas pelapor b. an entity is related to a reporting entity if
jika memenuhi salah satu hal berikut: any of the following conditions applies:
(lanjutan) (continued)
(v) entitas tersebut adalah suatu program (v) the entity is a post-employment
imbalan pascakerja untuk imbalan kerja benefit plan for the benefit of
dari salah satu entitas pelapor atau employees of either the reporting
entitas yang terkait dengan entitas entity or an entity related to the
pelapor. Jika entitas pelapor adalah reporting entity. If the reporting entity
entitas yang menyelenggarakan is itself such a plan, the sponsoring
program tersebut, maka entitas sponsor employers are also related to the
juga berelasi dengan entitas pelapor. reporting entity.
(vi) entitas yang dikendalikan atau (vi) the entity is controlled or jointly
dikendalikan bersama oleh orang yang controlled by a person identified in
diidentifikasi dalam huruf (a). (a).
(vii) orang yang diidentifikasi dalam huruf (vii) a person identified in (a)(i) has
(a)(i) memiliki pengaruh signifikan atas significant influence over the entity or
entitas atau merupakan personil is a member of the key management
manajemen kunci entitas (atau entitas personnel of the entity (or of a parent
induk dari entitas). of the entity).
Seluruh transaksi material dengan pihak-pihak All material transactions with related parties
berelasi telah diungkapkan di catatan atas are disclosed in the notes to the financial
laporan keuangan. statements.
t. Instrumen keuangan derivatif t. Derivative financial instruments
Instrumen derivatif diakui pertama-tama pada Derivative instruments are initially recognized
nilai wajar pada saat kontrak tersebut dilakukan, at fair value on the date the contracts are
dan selanjutnya diukur pada nilai wajarnya. entered into and are subsequently re-
Derivatif dicatat sebagai aset apabila memiliki measured at their fair values. Derivatives are
nilai wajar positif dan sebagai liabilitas apabila carried as assets when the fair value is positive
memiliki nilai wajar negatif. and as liabilities when the fair value is
negative.
Metode pengakuan keuntungan atau kerugian The method of recognizing the fair value gain
dari perubahan nilai wajar tergantung pada or loss depends on whether the derivative is
apakah derivatif tersebut adalah instrumen designated as a hedging instrument and, if so,
lindung nilai, dan sifat dari unsur yang dilindungi the nature of the item being hedged.
nilainya.
Perseroan menggunakan instrumen keuangan The Company uses derivative instruments,
derivatif, pertukaran (swap) mata uang asing dan cross currency and interest rate swaps as part
tingkat suku bunga, sebagai bagian dari aktivitas of its management activities to manage risks of
manajemen untuk melindungi dampak risiko foreign currency and interest rate on the
mata uang asing dan tingkat suku bunga atas Company’s bank loan. The Company applies
pinjaman Perseroan. Perseroan menerapkan cash flow hedge accounting when transactions
akuntansi lindung nilai arus kas pada saat meet the specified criteria for hedge
transaksi tersebut memenuhi kriteria perlakuan accounting treatment.
akuntansi lindung nilai.
38
Page 332
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
t. Instrumen keuangan derivatif (lanjutan) t. Derivative financial instruments
(continued)
Pada saat terjadinya transaksi, Perseroan The Company documents, at the inception of
membuat dokumentasi mengenai hubungan the transaction, the relationship between
antara instrumen lindung nilai dan unsur yang hedging instruments and hedged items, as well
dilindungi nilainya, juga tujuan manajemen risiko as its risk management objective and strategy
dan strategi yang diterapkan dalam melakukan for undertaking hedge transactions. This
transaksi lindung nilai. Proses dokumentasi ini process includes linking all derivatives
menghubungkan derivatif yang ditujukan designated as hedges to specific assets and
sebagai lindung nilai dengan aset dan liabilitas liabilities or to specific firm commitments or
tertentu atau dengan komitmen penuh tertentu forecast transactions.
atau transaksi yang diperkirakan.
Pada saat terjadinya transaksi lindung nilai dan The Company also documents its assessment,
pada periode berikutnya, Perseroan juga both at the hedge inception and on an ongoing
membuat dokumentasi atas penilaian apakah basis, as to whether the derivatives that are
derivatif yang digunakan sebagai transaksi used in hedging transactions are highly
lindung nilai memiliki efektivitas yang tinggi effective in offsetting changes in fair values or
dalam menandingi (offsetting) perubahan nilai cash flows of hedged items.
wajar atau arus kas dari unsur yang dilindungi
nilainya.
Hubungan lindung nilai memenuhi syarat untuk A hedging relationship qualifies for hedge
akuntansi lindung nilai jika memenuhi semua accounting if it meets all of the following
persyaratan efektivitas berikut: effectiveness requirements:
Ada 'hubungan ekonomik' antara item There is ‘an economic relationship’
lindung nilai dan instrumen lindung nilai. between the hedged item and the hedging
instrument.
Pengaruh risiko kredit tidak 'mendominasi The effect of credit risk does not ‘dominate
perubahan nilai' yang dihasilkan dari the value changes’ that result from that
hubungan ekonomik tersebut. economic relationship.
Rasio lindung nilai dari hubungan lindung The hedge ratio of the hedging
nilai adalah rasio yang sama yang relationship is the same as that resulting
dihasilkan dari kuantitas item lindung nilaian from the quantity of the hedged item that
yang aktual digunakan oleh Perseroan
the Company actually hedges and the
melindungi nilai sejumlah kuantitas
instrumen lindung nilaian yang secara quantity of the hedging instrument that the
aktual digunakan oleh Perseroan untuk Company actually uses to hedge that
melindungi sejumlah kuantitas item lindung quantity of hedged item.
nilaian.
Bagian yang efektif atas perubahan nilai wajar The effective portion of changes in the fair
derivatif yang ditujukan dan memenuhi kualifikasi value of derivatives that are designated and
sebagai lindung nilai arus kas, diakui sebagai qualified as cash flow hedges are recognized
“penghasilan komprehensif lain” pada bagian in “other comprehensive income” and reported
ekuitas. Keuntungan atau kerugian atas bagian to equity. The gain or loss relating to the
yang tidak efektif diakui langsung sebagai laba ineffective portion is recognized immediately in
atau rugi. Jumlah akumulasi keuntungan atau profit or loss. Amounts accumulated in equity
kerugian dalam ekuitas dibebankan sebagai laba are recycled to profit or loss in the periods in
atau rugi komprehensif ketika unsur yang which the hedged item will affect net profit.
dilindungi nilainya mempengaruhi laba neto.
39
Page 333
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
t. Instrumen keuangan derivatif (lanjutan) t. Derivative financial instruments
(continued)
Ketika instrumen lindung nilai kadaluwarsa atau When the hedging instrument expires or is
dijual, dihentikan, dilaksanakan, atau tidak lagi sold, terminated, exercised or no longer
memenuhi kriteria akuntansi lindung nilai, qualifies for hedge accounting, the cumulative
keuntungan atau kerugian kumulatif yang amount deferred in equity remains in the “other
ditangguhkan di ekuitas tetap diakui pada comprehensive income” and is subsequently
“penghasilan komprehensif lain” dan transferred to profit or loss when the hedged
direklasifikasi ke laba rugi ketika item yang item is recognized in the statement of profit or
dilindungi nilai diakui dalam laporan laba rugi dan loss and other comprehensive income.
penghasilan komprehensif lain.
u. Pengakuan pendapatan dan beban u. Income and expense recognition
Pendapatan dari pembiayaan konsumen, sewa Income from consumer financing, finance
pembiayaan, anjak piutang, komisi asuransi, lease, factoring, insurance commission,
biaya jasa perantara asuransi, dan pendapatan insurance brokerage fee, and administration
administrasi dari pembiayaan bersama serta income from joint financing and expense for all
beban bunga untuk semua instrumen keuangan interest bearing financial instruments are
dengan interest bearing diakui sesuai dengan recognized over the term of the respective
jangka waktu kontrak berdasarkan metode suku contracts using the effective interest rate
bunga efektif. method.
Metode suku bunga efektif adalah metode yang The effective interest method is a method of
digunakan untuk menghitung biaya perolehan calculating the amortized cost of a financial
diamortisasi dari aset keuangan atau liabilitas asset or a financial liability and of allocating the
keuangan dan metode untuk mengalokasikan interest income or interest expense over the
pendapatan bunga atau beban bunga selama relevant period. The effective interest rate is
periode yang relevan. Suku bunga efektif adalah the rate that exactly discounts estimated future
suku bunga yang secara tepat mendiskontokan cash payments or receipts through the
estimasi pembayaran atau penerimaan kas di expected life of the financial instrument or,
masa datang selama perkiraan umur dari when appropriate, a shorter period to the net
instrumen keuangan, atau jika lebih tepat, carrying amount of the financial asset or
digunakan periode yang lebih singkat untuk financial liability.
memperoleh nilai tercatat bersih dari aset
keuangan atau liabilitas keuangan.
Pada saat menghitung suku bunga efektif, When calculating the effective interest rate, the
Perseroan mengestimasi arus kas dengan Company estimates cash flows considering all
mempertimbangkan seluruh persyaratan contractual terms of the financial instruments
kontraktual dalam instrumen keuangan tersebut, but does not consider future credit losses.
namun tidak mempertimbangkan kerugian kredit These calculations include transaction costs
di masa datang. Perhitungan ini mencakup biaya and administration income.
transaksi dan pendapatan administrasi.
Pendapatan bunga bank dan denda The bank’s interest income and late payment
keterlambatan pembayaran diakui pada saat penalties are recognized upon receipt. Interest
terjadinya. Pendapatan bunga bank disajikan income is presented on a gross basis in the
secara bruto pada laporan laba rugi dan statement of profit or loss and other
penghasilan komprehensif lain. comprehensive income.
Pendapatan dan beban lain diakui pada saat Other Income and expense are recognized as
terjadinya, menggunakan dasar akrual. incurred on an accrual basis.
40
Page 334
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
v. Segmen Operasi v. Operating Segment
Segmen operasi adalah suatu komponen dari An operating segment is a component of an
entitas: entity:
i. yang terlibat dalam aktivitas bisnis yang i. that engages with business activities to
memperoleh pendapatan dan menimbulkan generate income and expenses (including
beban (termasuk pendapatan dan beban income and expenses relating to the
yang terkait dengan transaksi dengan transactions with other components with the
komponen lain dari entitas yang sama); same entity);
ii. yang hasil operasinya dikaji ulang secara ii. whose operating results are observed
berkala oleh kepala operasional untuk regularly by the chief decision maker to
pembuatan keputusan tentang sumber daya make decisions regarding the allocation of
yang dialokasikan pada segmen tersebut dan resources and to evaluate the works; and,
menilai kinerjanya; dan,
iii. yang tersedia informasi keuangan yang dapat iii. for which separate financial information is
dipisahkan. available.
Perseroan menyajikan segmen operasi The Company presents operating segments
berdasarkan informasi yang disiapkan secara based on the information that is internally
internal untuk pengambil keputusan operasional. provided to the chief operating decision maker.
Pengambil keputusan operasional Perseroan The Company’s chief operating decision
adalah Direksi. makers are the Directors.
Segmen operasi Perseroan disajikan The Company discloses the operating
berdasarkan segmen usaha yang terdiri dari segment and presents based on business
Fleet dan ritel (lihat Catatan 30). segment which consists of Fleet and Retail
(refer to Note 30).
w. Perubahan kebijakan akuntansi dan w. Changes in accounting policies and
pengungkapan disclosures
Perseroan telah menerapkan standar akuntansi The Company adopted the following
berikut pada tanggal 1 Januari 2025 yang accounting standards, which are considered
dianggap relevan: relevant, starting on 1 January 2025:
Amandemen PSAK 221: Pengaruh Perubahan Amendment of PSAK 221: Effect of Changes
Kurs Valuta Asing tentang Kekurangan in Foreign Exchange Rates on the Lack of
Ketertukaran Covertibility
Amandemen ini memberikan penegasan atas This amendment provides affirmation of the
pengaturan terkait kondisi ketika suatu mata regulations related to conditions when a
uang tidak tertukarkan serta pengungkapannya. currency is not exchanged and its disclosure.
Amandemen berlaku secara restropektif untuk This amendment applies retrospectively to
periode pelaporan tahunan yang dimulai pada annual reporting periods beginning on or after
atau setelah 1 Januari 2025. Penerapan dini 1 January 2025. Earlier application is permitted.
diperkenankan.
Perseroan telah menganalisa penerapan The Company has assessed that the adoption of
standar akuntansi di atas dan tidak memiliki the above mentioned accounting standards
pengaruh yang signifikan terhadap laporan does not have significant impact to the financial
keuangan. statements.
41
Page 335
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
3. PERTIMBANGAN, ESTIMASI DAN ASUMSI 3. SIGNIFICANT ACCOUNTING JUDGEMENTS,
AKUNTANSI YANG SIGNIFIKAN ESTIMATES AND ASSUMPTIONS
Penyusunan laporan keuangan Perseroan The preparation of the Company’s financial
mengharuskan manajemen untuk membuat statements requires management to make
pertimbangan, estimasi dan asumsi yang judgments, estimates and assumptions that affect
mempengaruhi jumlah yang dilaporkan atas the reported amounts of revenues, expenses,
pendapatan, beban, aset dan liabilitas dan assets and liabilities, and the disclosure of
pengungkapan atas liabilitas kontinjensi, pada akhir contingent liabilities, at the end of the reporting
periode pelaporan. period.
Ketidakpastian mengenai asumsi dan estimasi Uncertainty about these assumptions and
tersebut dapat mengakibatkan penyesuaian material estimates could result in outcomes that require a
terhadap nilai tercatat aset dan liabilitas dalam material adjustment to the carrying amount of the
periode pelaporan berikutnya. asset and liability affected in future periods.
Pertimbangan Judgements
Pertimbangan berikut ini dibuat oleh manajemen The following judgements are made by
dalam rangka penerapan kebijakan akuntansi management in the process of applying the
Perseroan yang memiliki pengaruh paling signifikan Company’s accounting policies that have the most
atas jumlah yang diakui dalam laporan keuangan: significant effects on the amounts recognized in the
financial statements:
Klasifikasi aset dan liabilitas keuangan Classification of financial assets and financial
liabilities
Aset keuangan dan liabilitas keuangan diakui sesuai Financial assets and financial liabilities are
dengan kebijakan akuntansi seperti yang accounted for in accordance with the accounting
diungkapkan pada Catatan 2c. policies as disclosed in Note 2c.
Usaha yang berkelanjutan Going Concern
Manajemen Perseroan telah melakukan penilaian The Company’s management has made an
atas kemampuan Perseroan untuk melanjutkan assessment of the Company’s ability to continue as
kelangsungan usahanya dan berkeyakinan bahwa a going concern and is satisfied that the Company
Perseroan memiliki sumber daya untuk melanjutkan has the resources to continue its business for the
usahanya di masa mendatang. Selain itu, foreseeable future. Furthermore, the management
manajemen tidak mengetahui adanya ketidakpastian is not aware of any material uncertainties that may
material yang dapat menimbulkan keraguan yang cast significant doubt upon the Company’s ability to
signifikan terhadap kemampuan Perseroan untuk continue as a going concern. Therefore, the
melanjutkan kelangsungan usahanya. Oleh karena financial statements continue to be prepared on the
itu, laporan keuangan telah disusun atas dasar usaha going concern basis.
yang berkelanjutan.
Estimasi dan Asumsi Estimates and Assumptions
a. Cadangan kerugian penurunan nilai a. Allowance for impairment losses
PSAK 109 mensyaratkan penyertaan informasi SFAS 109 requires inclusion of information
tentang kejadian masa lalu, kondisi saat ini dan about past events, current conditions and
perkiraan kondisi ekonomi masa depan. forecasts of future economic conditions. The
Perkiraan perubahan dalam kerugian kredit yang estimates of changes in expected credit losses
diharapkan harus mencerminkan, dan secara should reflect, and be directionally consistent
langsung konsisten dengan, perubahan dalam with, changes in related observable data from
data terkait yang diobservasi dari periode ke period to period. The calculation of collective
periode. Perhitungan kerugian kredit expected credit losses of financial assets
ekspektasian secara kolektif atas aset keuangan requires estimation of forward looking
membutuhkan estimasi forward looking dari Probability of Default (PD), Loss Given Default
Probability of Default (PD), Loss Given Default (LGD) and Exposure at Default (EAD) (refer to
(LGD) dan Exposure at Default (EAD) (lihat Note 2c).
Catatan 2c).
42
Page 336
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
3. PERTIMBANGAN, ESTIMASI DAN ASUMSI 3. SIGNIFICANT ACCOUNTING JUDGEMENTS,
AKUNTANSI YANG SIGNIFIKAN (lanjutan) ESTIMATES AND ASSUMPTIONS (continued)
Estimasi dan Asumsi (lanjutan) Estimates and Assumptions (continued)
b. Imbalan kerja b. Post-employment benefits
Perhitungan aktuaria menggunakan asumsi- The actuarial valuation involves making
asumsi seperti tingkat diskonto, tingkat assumptions about discount rate, expected
pengembalian investasi, tingkat kenaikan gaji, rate of return, on investments, future salary
tingkat kematian, tingkat pengunduran diri dan increases, mortality rate, resignation rate and
lain-lain. Perubahan asumsi ini akan others. Any changes in these assumptions will
mempengaruhi jumlah tercatat liabilitas imbalan impact the carrying amount of employee
kerja (lihat Catatan 2n). benefits obligations (refer to Note 2n).
c. Penyusutan dan estimasi umur manfaat aset c. Depreciation and estimated useful lives of
tetap fixed assets
Biaya perolehan aset tetap disusutkan dengan The costs of fixed assets are depreciated on a
menggunakan metode garis lurus berdasarkan straight-line method over their estimated useful
estimasi masa manfaat ekonomisnya. lives. Management properly estimates the
Manajemen mengestimasi masa manfaat useful lives of these fixed assets as disclosed
ekonomis aset tetap seperti diungkapkan pada in Note 2l. These are common life
Catatan 2l. Ini adalah umur yang secara umum expectancies applied in the industries where
diharapkan dalam industri dimana Perseroan the Company conducts its businesses.
menjalankan bisnisnya. Perubahan tingkat Changes in the expected level of usage and
pemakaian dan perkembangan teknologi dapat technological development could impact the
mempengaruhi masa manfaat ekonomis dan economic useful lives and the residual values
nilai sisa aset, dan karenanya biaya penyusutan of these assets, and therefore future
masa depan mungkin direvisi. depreciation charges could be revised.
d. Pajak penghasilan d. Income tax
Pertimbangan signifikan dilakukan dalam Significant judgment is involved in determining
menentukan provisi atas pajak penghasilan provision for corporate income tax. There are
badan. Terdapat transaksi dan perhitungan certain transaction and computation for which
tertentu yang penentuan pajak akhirnya adalah the ultimate tax determination is uncertain
tidak pasti sepanjang kegiatan usaha normal. during the ordinary course of business. The
Perseroan mengakui liabilitas atas pajak Company recognizes liabilities for expected
penghasilan badan berdasarkan estimasi corporate income tax issues based on
apakah terdapat tambahan pajak penghasilan estimates of whether additional corporate
badan. income tax will be due.
e. Pajak tangguhan e. Deferred tax assets
Aset pajak tangguhan diakui atas jumlah pajak Deferred tax assets are recognized for the
penghasilan terpulihkan (recoverable) pada future recoverable taxable income arising from
periode mendatang sebagai akibat perbedaan temporary difference.
temporer yang boleh dikurangkan.
Justifikasi manajemen diperlukan untuk Management judgment is required to
menentukan jumlah aset pajak tangguhan yang determine the amount of deferred tax assets
dapat diakui, sesuai dengan waktu yang tepat that can be recognized, based upon the likely
dan tingkat laba fiskal di masa mendatang timing or level of future taxable profits together
sejalan dengan strategi rencana perpajakan ke with future strategic planning (Note 2m).
depan (Catatan 2m).
43
Page 337
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
3. PERTIMBANGAN, ESTIMASI DAN ASUMSI 3. SIGNIFICANT ACCOUNTING JUDGEMENTS,
AKUNTANSI YANG SIGNIFIKAN (lanjutan) ESTIMATES AND ASSUMPTIONS (continued)
Estimasi dan Asumsi (lanjutan) Estimates and Assumptions (continued)
f. Nilai wajar instrumen keuangan f. Fair values of financial instruments
Dalam menentukan nilai wajar aset keuangan In determining the fair value for financial assets
dan liabilitas yang tidak mempunyai harga pasar, and financial liabilities for which there is no
Perseroan menggunakan teknik penilaian observable market price, the Company uses
seperti yang dijelaskan dalam Catatan 2c. Untuk the valuation techniques as described in
instrumen keuangan yang jarang Note 2c. For financial instruments that are
diperdagangkan dan memiliki informasi harga traded infrequently and a lack of price
yang terbatas, nilai wajar menjadi kurang objektif transparency, fair value is less objective and
dan membutuhkan berbagai tingkat penilaian requires varying degrees of judgement
tergantung pada likuiditas, konsentrasi, faktor depending on liquidity, concentration,
ketidakpastian pasar, asumsi harga dan risiko uncertainty of market factors, pricing
lainnya. assumptions and other risks affecting the
specific instrument.
Masukan (input) untuk model ini berasal dari The input for this model comes from
data pasar yang bisa diamati. Bila data pasar observable market data. When observable
yang bisa diamati tersebut tidak tersedia, market data is not available, management
manajemen mempertimbangkan masukan dan considers necessary inputs and assumptions
asumsi diperlukan untuk menentukan nilai wajar. to determine the fair value. The above
Pertimbangan tersebut mencakup feedback considerations include liquidity and volatility
model atas likuiditas volatilitas untuk transaksi feedback model for derivative transactions and
derivatif dan tingkat diskonto yang berjangka long term discount rate, the level of early
waktu panjang, tingkat pelunasan dipercepat dan payment and the level of default assumption.
asumsi tingkat gagal bayar.
g. Penetapan masa sewa untuk kontrak sewa g. Determination of the lease term for lease
dengan opsi pembaruan dan penghentian contracts with renewal and termination
(Perseroan sebagai penyewa) options (The Company as a lessee)
Perseroan menentukan masa sewa sebagai The Company determines the lease term as
periode sewa yang tidak dapat dibatalkan, serta the noncancellable term of the lease, together
periode yang dicakup oleh opsi untuk with any periods covered by an option to
memperpanjang sewa, jika penyewa cukup pasti extend the lease if it is reasonably certain to be
untuk mengeksekusi opsi tersebut, dan periode exercised, or any periods covered by an option
yang dicakup oleh opsi untuk menghentikan to terminate the lease, if it is reasonably certain
sewa, jika penyewa cukup pasti untuk tidak not to be exercised.
mengeksekusi opsi tersebut.
Perseroan memiliki beberapa kontrak sewa The Company has several lease contracts that
dengan opsi perpanjangan dan opsi include extension and termination options. The
penghentian. Perseroan menerapkan Company applies judgement in evaluating
pertimbangan dalam mengevaluasi apakah whether it is reasonably certain whether or not
penyewa cukup pasti untuk mengeksekusi opsi to exercise the option to renew or terminate the
pembaruan atau penghentian sewa tersebut. lease. That is, it considers all relevant factors
Perseroan mempertimbangkan semua faktor- that create an economic incentive for it to
faktor relevan yang menciptakan insentif exercise either the renewal or termination.
ekonomi jika Perseroan mengeksekusi opsi After the commencement date, the Company
pembaruan atau penghentian tersebut. Setelah reassesses the lease term if there is a
dimulainya masa sewa, Perseroan menilai significant event or change in circumstances
kembali masa sewa jika terdapat peristiwa atau that is within its control that affects its ability to
perubahan signifikan pada lingkungan dalam exercise or not to exercise the option to renew
kendalinya yang mempengaruhi kemampuan or to terminate (e.g., construction of significant
Perseroan untuk mengeksekusi atau tidak leasehold improvements or significant
mengeksekusi opsi pembaruan atau customisation of the leased asset).
penghentian sewa (misalnya, konstruksi dari
pengembangan prasarana yang signifikan atau
penyesuaian signifikan dari aset sewa).
44
Page 338
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
4. KAS DAN SETARA KAS 4. CASH AND CASH EQUIVALENTS
31 Desember/ 31 Desember/
December 2025 December 2024
Kas 4.311 7.999 Cash on hand
Kas pada bank Cash in banks
Pihak ketiga Third parties
Rupiah Rupiah
PT Bank Maspion Indonesia Tbk 8.983 17 PT Bank Maspion Indonesia Tbk
PT Bank Central Asia Tbk 88 806 PT Bank Central Asia Tbk
PT Bank Permata Tbk 49 56 PT Bank Permata Tbk
PT Bank OCBC NISP Tbk 21 22 PT Bank OCBC NISP Tbk
PT Bank Pan Indonesia Tbk 19 30 PT Bank Pan Indonesia Tbk
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Jawa Barat dan Banten Tbk 19 18 Jawa Barat and Banten Tbk
PT Bank DKI 18 18 PT Bank DKI
PT Bank QNB Indonesia Tbk 18 16 PT Bank QNB Indonesia Tbk
PT China Construction Bank PT China Construction Bank
Indonesia Tbk 18 19 Indonesia Tbk
PT Bank of India Indonesia Tbk 17 17 PT Bank of India Indonesia Tbk
MUFG Bank, Ltd., Cabang Jakarta 16 16 MUFG Bank, Ltd.,Jakarta Branch
PT Bank Mizuho Indonesia 16 16 PT Bank Mizuho Indonesia
PT Bank Maybank Indonesia Tbk 15 16 PT Bank Maybank Indonesia Tbk
PT Bank Danamon Indonesia Tbk 15 18 PT Bank Danamon Indonesia Tbk
PT Bank CIMB Niaga Tbk 15 15 PT Bank CIMB Niaga Tbk
PT Bank UOB Indonesia 15 16 PT Bank UOB Indonesia
PT Bank CTBC Indonesia 15 9 PT Bank CTBC Indonesia
PT Bank DBS Indonesia 14 15 PT Bank DBS Indonesia
PT Bank SMBC Indonesia Tbk 14 17 PT Bank SMBC Indonesia Tbk
PT Bank ANZ Indonesia 10 10 PT Bank ANZ Indonesia
PT Bank HSBC Indonesia 7 9 PT Bank HSBC Indonesia
PT Bank Oke Indonesia Tbk - 17 PT Bank Oke Indonesia Tbk
PT Bank KEB Hana Indonesia - 16 PT Bank KEB Hana Indonesia
9.402 1.209
Pihak berelasi Related parties
Rupiah Rupiah
PT Bank Mandiri (Persero) Tbk 931.125 1.232.725 PT Bank Mandiri (Persero) Tbk
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk 93 205 (Persero) Tbk
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk 16 16 (Persero) Tbk
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 15 - (Persero) Tbk
PT Bank Mandiri Taspen 6 6 PT Bank Mandiri Taspen
931.255 1.232.952
Deposito berjangka Time deposits
Pihak Berelasi Related Parties
Rupiah Rupiah
PT Bank Mandiri Taspen 50.000 50.000 PT Bank Mandiri Taspen
994.968 1.292.160
45
Page 339
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
4. KAS DAN SETARA KAS (lanjutan) 4. CASH AND CASH EQUIVALENTS (continued)
Jangka waktu deposito berjangka yang dimiliki oleh The period of time deposits held by the Company is
Perseroan adalah satu bulan. one month.
Tingkat suku bunga per tahun deposito berjangka The interest rates per annum for time deposits and
dan giro dalam mata uang Rupiah pada tanggal current accounts as of 31 December 2025 and
31 Desember 2025 dan 2024, berkisar sebagai 2024, are as follows:
berikut:
31 Desember/ 31 Desember/
December 2025 December 2024
Deposito 5,00% 5,50% Time deposits
Giro 0,00% - 2,00% 0,00% - 2,75% Current accounts
Penempatan deposito pada PT Bank Mandiri Taspen Placement of time deposit at PT Bank Mandiri
sebesar Rp50.000 adalah penempatan atas dana Taspen amounting to Rp50,000 represents the
hasil usaha yang berasal dari laba neto Perseroan placement of the funds derived from the Company’s
seperti yang dipersyaratkan oleh Undang-Undang net income as required by Law No. 40 Year 2007
No. 40 Tahun 2007 pasal 70 tentang “Perseroan article 70 concerning “Limited Liability Companies”
Terbatas” yaitu kewajiban Perseroan untuk whereby the Company shall make a reserve up to a
melakukan pencadangan hingga mencapai paling least 20% of the issued and fully paid up capital.
sedikit 20% dari modal ditempatkan dan disetor
penuh.
Lihat Catatan 26a untuk rincian saldo dan transaksi Refer to Note 26a for details of balances and
dengan pihak berelasi. transaction with related parties.
5. PIUTANG PEMBIAYAAN KONSUMEN 5. CONSUMER FINANCING RECEIVABLES
31 Desember/ 31 Desember/
December 2025 December 2024
Piutang pembiayaan konsumen - bruto 54.714.989 64.807.461 Consumer financing receivables - gross
Dikurangi: Less:
Pembiayaan bersama - bruto: Joint financing - gross:
Rupiah Rupiah
Pihak berelasi (27.567.428) (32.019.967) Related parties
Piutang pembiayaan konsumen - bruto: Consumer financing receivables - gross:
Pembiayaan sendiri 27.147.561 32.787.494 Direct financing
Dikurangi: Less:
Pendapatan pembiayaan konsumen Unearned income
yang belum diakui on consumer financing
Rupiah Rupiah
Pihak ketiga (7.121.145) (9.717.413) Third parties
Dikurangi: Less:
Pendapatan yang belum diakui dari
pembiayaan bersama - bruto: Unearned joint financing - gross:
Rupiah Rupiah
Pihak berelasi 3.094.759 4.125.861 Related parties
Pendapatan pembiayaan Unearned income on consumer
konsumen yang belum diakui: financing:
Pembiayaan sendiri (4.026.386) (5.591.552) Direct financing
Piutang pembiayaan konsumen 23.121.175 27.195.942 Consumer finance receivables
Dikurangi: Less:
Cadangan kerugian penurunan nilai (607.432) (476.763) Allowance for impairment losses
Neto 22.513.743 26.719.179 Net
46
Page 340
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
5. PIUTANG PEMBIAYAAN KONSUMEN (lanjutan) 5. CONSUMER FINANCING RECEIVABLES
(continued)
Perubahan nilai tercatat piutang pembiayaan The changes in the carrying value of consumer
konsumen dengan klasifikasi biaya diamortisasi financing receivables classified as amortized costs
berdasarkan stage untuk tahun yang berakhir by stage for the year ended 31 December 2025 and
31 Desember 2025 dan 2024, adalah sebagai berikut: 2024, are as follows:
31 Desember/December 2025
Stage 1 Stage 2 Stage 3 Total
Biaya perolehan diamortisasi Amortized cost
Saldo awal 25.481.457 1.330.626 383.859 27.195.942 Beginning balance
Pengalihan ke kerugian kredit ekspektasian Transfer to the 12-month expected
12 bulan (stage 1) 294.636 (290.891) (3.745) - credit loss (stage 1)
Pengalihan ke piutang yang tidak Transfer to receivables
mengalami penurunan nilai (stage 2) (996.653) 1.001.964 (5.311) - which are not impaired (stage 2)
Pengalihan ke piutang yang Transfer to receivables
mengalami penurunan nilai (stage 3) (1.316.882) (540.430) 1.857.312 - which are impaired (stage 3)
Total saldo awal setelah pengalihan 23.462.558 1.501.269 2.232.115 27.195.942 Total beginning balance after transfer
Pengukuran kembali bersih nilai tercatat (8.557.115) (178.253) (831.077) (9.566.445) Net remeasurement of carrying value
Aset keuangan baru yang New financial assets
diterbitkan atau dibeli 9.809.438 43.412 91.370 9.944.220 originated or purchased
Aset keuangan yang dihentikan
pengakuannya (3.538.109) (61.040) (3.053) (3.602.202) Derecognized financial assets
Aset keuangan yang dihapusbuku - - (850.340) (850.340) Financial assets written-off
Total penurunan tahun berjalan (2.285.786) (195.881) (1.593.100) (4.074.767) Total deduction during the year
Saldo akhir 21.176.772 1.305.388 639.015 23.121.175 Ending balance
31 Desember/December 2024
Stage 1 Stage 2 Stage 3 Total
Biaya perolehan diamortisasi Amortized cost
Saldo awal 22.178.620 353.641 177.456 22.709.717 Beginning balance
Pengalihan ke kerugian kredit ekspektasian Transfer to the 12-month expected
12 bulan (stage 1) 829.430 (728.475) (100.955) - credit loss (stage 1)
Pengalihan ke piutang yang tidak Transfer to receivables
mengalami penurunan nilai (stage 2) (2.619.261) 2.676.572 (57.311) - which are not impaired (stage 2)
Pengalihan ke piutang yang Transfer to receivables
mengalami penurunan nilai (stage 3) (409.107) (559.810) 968.917 - which are impaired (stage 3)
Total saldo awal setelah pengalihan 19.979.682 1.741.928 988.107 22.709.717 Total beginning balance after transfer
Pengukuran kembali bersih nilai tercatat (4.841.324) (23.207) (26.829) (4.891.360) Net remeasurement of carrying value
Aset keuangan baru yang New financial assets
diterbitkan atau dibeli 12.470.680 68.025 11.534 12.550.239 originated or purchased
Aset keuangan yang dihentikan
pengakuannya (2.102.516) (304.674) (8.835) (2.416.025) Derecognized financial assets
Aset keuangan yang dihapusbuku (25.065) (151.446) (580.118) (756.629) Financial assets written-off
Total penambahan (penurunan) Total addition (deduction)
tahun berjalan 5.501.775 (411.302) (604.248) 4.486.225 during the year
Saldo akhir 25.481.457 1.330.626 383.859 27.195.942 Ending balance
Seluruh kontrak pembiayaan yang disalurkan All consumer financing contracts provided by
Perseroan adalah untuk kendaraan bermotor, Company are for motor vehicles, multipurpose,
multiguna, investasi, dan modal kerja. investment, and working capital.
Jangka waktu kontrak pembiayaan yang disalurkan The period of consumer financing contracts for
oleh Perseroan atas kendaraan bermotor berkisar motor vehicles ranged between 12 - 96 months.
antara 12 - 96 bulan.
47
Page 341
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
5. PIUTANG PEMBIAYAAN KONSUMEN (lanjutan) 5. CONSUMER FINANCING RECEIVABLES
(continued)
Piutang pembiayaan konsumen - bruto sesuai Consumer financing receivables - gross based on
dengan tanggal jatuh temponya sebagai berikut: maturity date, are as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Telah jatuh tempo Overdue
1 - 30 hari 1.128.593 1.444.482 1 - 30 days
31 - 60 hari 517.667 605.226 31 - 60 days
61 - 90 hari 305.156 376.851 61 - 90 days
> 90 hari 1.175.758 731.805 > 90 days
Belum jatuh tempo Not yet due
2025 - 22.056.373 2025
2026 20.459.786 18.625.263 2026
2027 16.114.441 12.221.779 2027
2028 9.591.113 6.430.374 2028
2029 dan seterusnya 5.422.475 2.315.308 2029 and on forward
54.714.989 64.807.461
Kisaran suku bunga yang dikenakan kepada The range of interest rates charged to customers as
konsumen pada tanggal 31 Desember 2025 dan of 31 December 2025 and 2024, are as follows:
2024, berkisar sebagai berikut:
31 Desember/ 31 Desember/
December 2025 December 2024
Mobil 0% - 30,5% 0% - 28,65% Car
Sepeda Motor 0% - 19,6% 0% - 19,55% Motorcycle
Multiguna 6,52% - 29,74% 6,07% - 31,46% Multipurpose
Modal Kerja 6,75% - 11,25% 7,80% - 11,75% Working Capital
Analisa umur piutang pembiayaan konsumen - bruto The aging analysis of consumer financing
adalah sebagai berikut: receivables - gross, is as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Belum jatuh tempo 51.587.815 61.649.097 Current
Lewat jatuh tempo: Overdue:
1 - 90 hari 1.951.416 2.426.559 1 - 90 days
91 - 120 hari 160.902 232.364 91 - 120 days
121 - 180 hari 210.447 239.369 121 - 180 days
> 180 hari 804.409 260.072 > 180 days
54.714.989 64.807.461
Mutasi cadangan kerugian penurunan nilai untuk The movements in the allowance for impairment
tahun yang berakhir pada tanggal 31 Desember 2025 losses for years ended 31 December 2025 and
dan 2024 adalah sebagai berikut: 2024, are as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Saldo awal 476.763 347.894 Beginning balance
Penyisihan untuk tahun berjalan 981.009 885.498 Provision for the year
Penghapusan piutang (850.340) (756.629) Receivables written-off
Saldo akhir 607.432 476.763 Ending balance
48
Page 342
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
5. PIUTANG PEMBIAYAAN KONSUMEN (lanjutan) 5. CONSUMER FINANCING RECEIVABLES
(continued)
Mutasi cadangan kerugian penurunan nilai untuk The movements in the allowance for impairment
tahun yang berakhir pada tanggal 31 Desember 2025 losses for years ended 31 December 2025 and
dan 2024 adalah sebagai berikut: (lanjutan) 2024, are as follows: (continued)
31 Desember/December 2025
Stage 1 Stage 2 Stage 3 Total
Saldo awal 203.327 113.175 160.261 476.763 Beginning balance
Pengalihan ke: Transfer to:
Kerugian kredit ekspektasian 12 bulan The 12-month expected credit loss
(stage 1) 17.937 (16.684) (1.253) - (stage 1)
Kerugian kredit ekspektasian sepanjang
umurnya - tidak mengalami Lifetime expected credit losses -
penurunan nilai (stage 2) (13.102) 14.820 (1.718) - not credit-impairment (stage 2)
Kerugian kredit ekspektasian sepanjang
umurnya - mengalami Lifetime expected credit losses -
penurunan nilai (stage 3) (24.957) (68.182) 93.139 - credit-impairment (stage 3)
Total saldo awal setelah pengalihan 183.205 43.129 250.429 476.763 Total beginning balance after transfer
Pengukuran kembali bersih Net remeasurement
penyisihan kerugian (22.754) 133.500 848.985 959.731 of loss allowance
Aset keuangan baru yang New financial assets
diterbitkan atau dibeli 43.184 244 826 44.254 originated or purchased
Aset keuangan yang dihentikan
pengakuannya (17.023) (4.888) (1.065) (22.976) Derecognized financial assets
Total pembentukan tahun berjalan 3.407 128.856 848.746 981.009 Total build-up during the year
Aset keuangan yang dihapusbuku - - (850.340) (850.340) Financial assets written-off
Saldo akhir 186.612 171.985 248.835 607.432 Ending balance
31 Desember/December 2024
Stage 1 Stage 2 Stage 3 Total
Saldo awal 223.097 68.044 56.753 347.894 Beginning balance
Pengalihan ke: Transfer to:
Kerugian kredit ekspektasian 12 bulan The 12-month expected credit loss
(stage 1) 64.916 (49.957) (14.959) - (stage 1)
Kerugian kredit ekspektasian sepanjang
umurnya - tidak mengalami Lifetime expected credit losses -
penurunan nilai (stage 2) (83.925) 90.548 (6.623) - not credit-impairment (stage 2)
Kerugian kredit ekspektasian sepanjang
umurnya - mengalami Lifetime expected credit losses -
penurunan nilai (stage 3) (11.828) (34.919) 46.747 - credit-impairment (stage 3)
Total saldo awal setelah pengalihan 192.260 73.716 81.918 347.894 Total beginning balance after transfer
Pengukuran kembali bersih Net remeasurement
penyisihan kerugian (28.181) 264.107 843.978 1.079.904 of loss allowance
Aset keuangan baru yang New financial assets
diterbitkan atau dibeli 98.219 26.015 7.425 131.659 originated or purchased
Aset keuangan yang dihentikan
pengakuannya (33.906) (99.217) (192.942) (326.065) Derecognized financial assets
Total pembentukan tahun berjalan 36.132 190.905 658.461 885.498 Total build-up during the year
Aset keuangan yang dihapusbuku (25.065) (151.446) (580.118) (756.629) Financial assets written-off
Saldo akhir 203.327 113.175 160.261 476.763 Ending balance
Seluruh piutang pembiayaan konsumen pada tanggal All consumer financing receivables as of
31 Desember 2025 dan 2024 dievaluasi secara 31 December 2025 and 2024 are collectively and
kolektif dan individual terhadap penurunan nilai. individually evaluated for impairment.
Piutang pembiayaan konsumen yang diberikan Consumer financing receivables that provided with
fasilitas restrukturisasi selama tahun berjalan pada restructuring facilities during the year as of
tanggal 31 Desember 2025 dan 2024 adalah sebesar 31 December 2025 and 2024 is 6.72% and 3.06%
6,72% dan 3,06% dari saldo piutang pembiayaan of the balance of consumer financing receivables.
konsumen.
49
Page 343
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
5. PIUTANG PEMBIAYAAN KONSUMEN (lanjutan) 5. CONSUMER FINANCING RECEIVABLES
(continued)
Pada tanggal 31 Desember 2025, piutang As of 31 December 2025, total consumer financing
pembiayaan konsumen yang digunakan sebagai receivables pledged as collateral for borrowings
jaminan atas pinjaman yang diterima oleh Perseroan and bonds payable as disclosed respectively in
dan utang obligasi seperti yang masing-masing Notes 15 and 17 amounted to Rp6,146,072
dijelaskan pada Catatan 15 dan 17 adalah sejumlah (31 December 2024: Rp11,267,678).
Rp6.146.072 (31 Desember 2024: Rp11.267.678).
Manajemen berkeyakinan bahwa cadangan kerugian Management believes that the allowance for
penurunan nilai tersebut adalah cukup untuk impairment losses is sufficient to cover any possible
menutupi kemungkinan kerugian dari tidak losses from uncollectible consumer financing
tertagihnya piutang pembiayaan konsumen. receivables.
Lihat Catatan 26a untuk rincian saldo dan transaksi Refer to Note 26a for details of balances and
pihak berelasi. transactions with related parties.
6. PIUTANG SEWA PEMBIAYAAN 6. FINANCE LEASE RECEIVABLES
31 Desember/ 31 Desember/
December 2025 December 2024
Piutang sewa pembiayaan Finance lease receivables
Piutang sewa pembiayaan - bruto 4.334.665 6.450.469 Finance lease receivables - gross
Dikurangi: Less:
Pembiayaan bersama - bruto: Joint financing - gross:
Rupiah Rupiah
Pihak berelasi (6.892) (25.647) Related parties
Nilai sisa yang terjamin 1.833.652 2.445.103 Guaranteed residual value
Piutang sewa pembiayaan - bruto: Finance lease receivables - gross:
Pembiayaan sendiri 6.161.425 8.869.925 Direct financing
Dikurangi: Less:
Pendapatan sewa pembiayaan Unearned income
yang belum diakui: on finance lease receivables:
Rupiah Rupiah
Pihak ketiga (576.091) (932.482) Third parties
Simpanan jaminan (1.833.652) (2.445.103) Security deposit
Dikurangi: Less:
Pendapatan yang belum diakui dari
pembiayaan bersama - bruto: Unearned joint financing - gross:
Rupiah Rupiah
Pihak berelasi 752 3.247 Related parties
Pendapatan sewa Unearned lease income
pembiayaan yang belum diakui: financing:
Pembiayaan sendiri (2.408.991) (3.374.338) Direct financing
Piutang sewa pembiayaan 3.752.434 5.495.587 Finance lease receivables
Dikurangi: Less:
Cadangan kerugian penurunan nilai (127.084) (100.429) Allowance for impairment losses
Neto 3.625.350 5.395.158 Net
50
Page 344
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. PIUTANG SEWA PEMBIAYAAN (lanjutan) 6. FINANCE LEASE RECEIVABLES (continued)
Perubahan nilai tercatat piutang sewa pembiayaan The changes in the carrying value of finance lease
dengan klasifikasi biaya diamortisasi berdasarkan receivables classified as amortized costs by stage
stage untuk tahun yang berakhir 31 Desember 2025 for the year ended 31 December 2025 and 2024,
dan 2024, adalah sebagai berikut: are as follows:
31 Desember/December 2025
Stage 1 Stage 2 Stage 3 Total
Biaya perolehan diamortisasi Amortized cost
Saldo awal 4.952.560 373.483 169.544 5.495.587 Beginning balance
Pengalihan ke kerugian kredit ekspektasian Transfer to the 12-month expected
12 bulan (stage 1) 98.342 (97.513) (829) - credit loss (stage 1)
Pengalihan ke piutang yang tidak Transfer to receivables
mengalami penurunan nilai (stage 2) (199.049) 199.588 (539) - which are not impaired (stage 2)
Pengalihan ke piutang yang Transfer to receivables
mengalami penurunan nilai (stage 3) (160.545) (158.979) 319.524 - which are impaired (stage 3)
Total saldo awal setelah pengalihan 4.691.308 316.579 487.700 5.495.587 Total beginning balance after transfer
Pengukuran kembali bersih nilai tercatat (1.649.216) (4.501) (59.973) (1.713.690) Net remeasurement of carrying value
Aset keuangan baru yang New financial assets
diterbitkan atau dibeli 1.461.461 13.296 18.296 1.493.053 originated or purchased
Aset keuangan yang dihentikan
pengakuannya (1.188.245) (50.773) (30.673) (1.269.691) Derecognized financial assets
Aset keuangan yang dihapusbuku - - (252.825) (252.825) Financial assets written-off
Total penurunan tahun berjalan (1.376.000) (41.978) (325.175) (1.743.153) Total deduction during the year
Saldo akhir 3.315.308 274.601 162.525 3.752.434 Ending balance
31 Desember/December 2024
Stage 1 Stage 2 Stage 3 Total
Biaya perolehan diamortisasi Amortized cost
Saldo awal 5.292.101 105.683 19.081 5.416.865 Beginning balance
Pengalihan ke kerugian kredit ekspektasian Transfer to the 12-month expected
12 bulan (stage 1) 122.320 (98.355) (23.965) - credit loss (stage 1)
Pengalihan ke piutang yang tidak Transfer to receivables
mengalami penurunan nilai (stage 2) (687.876) 693.949 (6.073) - which are not impaired (stage 2)
Pengalihan ke piutang yang Transfer to receivables
mengalami penurunan nilai (stage 3) (47.202) (182.021) 229.223 - which are impaired (stage 3)
Total saldo awal setelah pengalihan 4.679.343 519.256 218.266 5.416.865 Total beginning balance after transfer
Pengukuran kembali bersih nilai tercatat (1.609.348) (16.052) (3.370) (1.628.770) Net remeasurement of carrying value
Aset keuangan baru yang New financial assets
diterbitkan atau dibeli 2.777.078 89.069 2.472 2.868.619 originated or purchased
Aset keuangan yang dihentikan
pengakuannya (892.180) (212.684) (4.111) (1.108.975) Derecognized financial assets
Aset keuangan yang dihapusbuku (2.333) (6.106) (43.713) (52.152) Financial assets written-off
Total penambahan (penurunan) Total addition (deduction)
tahun berjalan 273.217 (145.773) (48.722) 78.722 during the year
Saldo akhir 4.952.560 373.483 169.544 5.495.587 Ending balance
Jangka waktu kontrak pembiayaan yang disalurkan The period of consumer financing contracts for
oleh Perseroan atas kendaraan bermotor dan alat motor vehicles and heavy equipment ranged
berat berkisar antara 12 - 120 bulan. between 12 - 120 months.
51
Page 345
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. PIUTANG SEWA PEMBIAYAAN (lanjutan) 6. FINANCE LEASE RECEIVABLES (continued)
Piutang sewa pembiayaan - bruto sesuai dengan Finance lease receivables - gross based on
tanggal jatuh temponya sebagai berikut: maturity date, are as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Telah jatuh tempo Overdue
1 - 30 hari 64.068 84.962 1 - 30 days
31 - 60 hari 53.341 104.557 31 - 60 days
61 - 90 hari 40.722 292.555 61 - 90 days
> 90 hari 91.456 35.332 > 90 days
Belum jatuh tempo Not yet due
2025 - 2.720.676 2025
2026 2.130.568 2.063.533 2026
2027 1.281.449 884.978 2027
2028 485.712 205.768 2028
2029 dan seterusnya 187.349 58.108 2029 and on forward
4.334.665 6.450.469
Mutasi cadangan kerugian penurunan nilai untuk The movements in the allowance for impairment
tahun yang berakhir pada tanggal 31 Desember 2025 losses for years ended 31 December 2025 and
dan 2024 adalah sebagai berikut: 2024, are as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Saldo awal 100.429 69.293 Beginning balance
Penyisihan untuk tahun berjalan 279.480 83.288 Provision for the year
Penghapusan piutang (252.825) (52.152) Receivables written-off
Saldo akhir 127.084 100.429 Ending balance
Mutasi cadangan kerugian penurunan nilai untuk The movements in the allowance for impairment
tahun yang berakhir pada tanggal 31 Desember 2025 losses for years ended 31 December 2025 and
dan 2024 adalah sebagai berikut: 2024, are as follows:
31 Desember/December 2025
Stage 1 Stage 2 Stage 3 Total
Saldo awal 27.295 26.670 46.464 100.429 Beginning balance
Pengalihan ke: Transfer to:
Kerugian kredit ekspektasian 12 bulan The 12-month expected credit loss
(stage 1) 8.500 (8.255) (245) - (stage 1)
Kerugian kredit ekspektasian sepanjang
umurnya - tidak mengalami Lifetime expected credit losses -
penurunan nilai (stage 2) (1.488) 1.662 (174) - not credit-impaired (stage 2)
Kerugian kredit ekspektasian sepanjang
umurnya - mengalami Lifetime expected credit losses -
penurunan nilai (stage 3) (1.805) (13.902) 15.707 - credit-impaired (stage 3)
Total saldo awal setelah pengalihan 32.502 6.175 61.752 100.429 Total beginning balance after transfer
Pengukuran kembali bersih Net remeasurement
penyisihan kerugian (6.559) 25.558 274.945 293.944 of loss allowance
Aset keuangan baru yang New financial assets
diterbitkan atau dibeli 4.281 63 69 4.413 originated or purchased
Aset keuangan yang dihentikan
pengakuannya (5.550) (1.933) (11.394) (18.877) Derecognized financial assets
Total pembentukan tahun berjalan (7.828) 23.688 263.620 279.480 Total build-up during the year
Aset keuangan yang dihapusbuku - - (252.825) (252.825) Financial assets written-off
Saldo akhir 24.674 29.863 72.547 127.084 Ending balance
52
Page 346
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. PIUTANG SEWA PEMBIAYAAN (lanjutan) 6. FINANCE LEASE RECEIVABLES (continued)
Mutasi cadangan kerugian penurunan nilai untuk The movements in the allowance for impairment
tahun yang berakhir pada tanggal 31 Desember 2025 losses for years ended 31 December 2025 and
dan 2024 adalah sebagai berikut: (lanjutan) 2024, are as follows: (continued)
31 Desember/December 2024
Stage 1 Stage 2 Stage 3 Total
Saldo awal 45.187 18.883 5.223 69.293 Beginning balance
Pengalihan ke: Transfer to:
Kerugian kredit ekspektasian 12 bulan The 12-month expected credit loss
(stage 1) 6.926 (5.039) (1.887) - (stage 1)
Kerugian kredit ekspektasian sepanjang
umurnya - tidak mengalami Lifetime expected credit losses -
penurunan nilai (stage 2) (7.626) 8.151 (525) - not credit-impaired (stage 2)
Kerugian kredit ekspektasian sepanjang
umurnya - mengalami Lifetime expected credit losses -
penurunan nilai (stage 3) (2.700) (6.906) 9.606 - credit-impaired (stage 3)
Total saldo awal setelah pengalihan 41.787 15.089 12.417 69.293 Total beginning balance after transfer
Pengukuran kembali bersih Net remeasurement
penyisihan kerugian (7.307) 34.079 91.897 118.669 of loss allowance
Aset keuangan baru yang New financial assets
diterbitkan atau dibeli 14.115 24.930 1.596 40.641 originated or purchased
Aset keuangan yang dihentikan
pengakuannya (18.967) (41.322) (15.733) (76.022) Derecognized financial assets
Total pembentukan tahun berjalan (12.159) 17.687 77.760 83.288 Total build-up during the year
Aset keuangan yang dihapusbuku (2.333) (6.106) (43.713) (52.152) Financial assets written-off
Saldo akhir 27.295 26.670 46.464 100.429 Ending balance
Seluruh piutang sewa pembiayaan pada tanggal All finance lease receivables as of
31 Desember 2025 dan 2024 dievaluasi secara 31 December 2025 and 2024 are collectively and
kolektif dan individual terhadap penurunan nilai. individually evaluated for impairment.
Piutang sewa pembiayaan yang diberikan fasilitas Finance lease receivables that provided with
restrukturisasi selama tahun berjalan pada tanggal restructuring facilities during the year as of
31 Desember 2025 dan 2024 adalah sebesar 12,60% 31 December 2025 and 2024 is 12.60% and
dan 11,46% dari saldo piutang pembiayaan 11.46% of the balance of consumer financing
konsumen. receivables.
Kisaran suku bunga yang dikenakan kepada The range of interest rates charged to customers as
konsumen pada tanggal 31 Desember 2025 dan of 31 December 2025 and 2024, are as follows:
2024, berkisar sebagai berikut:
31 Desember/ 31 Desember/
December 2025 December 2024
Mobil 7,67% - 28,86% 11,52% - 25,52% Car
Alat berat 9,00% - 15,00% 10,00% - 13,50% Heavy equipment
Mesin 9,00% - 12,75% 12,51% Machine
Analisa umur piutang sewa pembiayaan - bruto The aging analysis of finance lease receivables -
adalah sebagai berikut: gross, are as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Belum jatuh tempo 4.085.078 5.933.063 Current
Lewat jatuh tempo: Overdue:
1 - 90 hari 158.131 482.074 1 - 90 days
91 - 120 hari 6.648 10.840 91 - 120 days
121 - 180 hari 11.201 14.496 121 - 180 days
> 180 hari 73.607 9.996 > 180 days
4.334.665 6.450.469
53
Page 347
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. PIUTANG SEWA PEMBIAYAAN (lanjutan) 6. FINANCE LEASE RECEIVABLES (continued)
Pada tanggal 31 Desember 2025, piutang sewa As of 31 December 2025, total finance lease
pembiayaan yang digunakan sebagai jaminan atas receivables pledged as collateral for borrowings
pinjaman yang diterima oleh Perseroan dan utang and bonds payable as disclosed respectively in
obligasi seperti yang dijelaskan masing-masing pada Note 15 and 17 amounted to Rp634,664
Catatan 15 dan 17 adalah sejumlah Rp634.664 (31 December 2023: Rp1,583,867).
(31 Desember 2024: Rp1.583.867).
Manajemen berpendapat bahwa jumlah cadangan Management believes that the existing allowance
kerugian penurunan nilai yang dibentuk adalah cukup for impairment losses is adequate to cover possible
untuk menutup kerugian yang mungkin timbul akibat losses arising from uncollectible finance lease
tidak tertagihnya piutang sewa pembiayaan. receivables.
7. ANJAK PIUTANG 7. FACTORING RECEIVABLES
Perseroan mengadakan perjanjian anjak piutang The Company has entered into factoring
dengan jaminan. Anjak piutang adalah sebagai agreements with recourse. Factoring receivables
berikut: are as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Anjak piutang - bruto: - 49.867 Factoring receivables - gross:
Dikurangi: Less:
Pendapatan anjak piutang Unearned income
yang belum diakui: on factoring receivables:
Rupiah Rupiah
Pihak ketiga - (15.119) Third parties
Anjak piutang - 34.748 Factoring receivables
Dikurangi: Less:
Cadangan kerugian penurunan nilai - (15.310) Allowance for impairments losses
Neto - 19.438 Net
Perubahan nilai tercatat anjak piutang dengan The changes in the carrying value of factoring
klasifikasi diamortisasi berdasarkan stage untuk receivables classified as amortized by stage for the
tahun yang berakhir 31 Desember 2025 dan 2024, year ended 31 December 2025 and 2024, are as
adalah sebagai berikut: follows:
31 Desember/December 2025
Stage 1 Stage 2 Stage 3 Total
Biaya perolehan diamortisasi Amortized cost
Saldo awal - - 34.748 34.748 Beginning balance
Pengalihan ke kerugian kredit ekspektasian Transfer to the 12-month expected
12 bulan (stage 1) - - - - credit loss (stage 1)
Pengalihan ke piutang yang tidak Transfer to receivables
mengalami penurunan nilai (stage 2) - - - - which are not impaired (stage 2)
Pengalihan ke piutang yang Transfer to receivables
mengalami penurunan nilai (stage 3) - - - - which are impaired (stage 3)
Total saldo awal setelah pengalihan - - 34.748 34.748 Total beginning balance after transfer
Aset keuangan yang dihentikan
pengakuannya - - (10) (10) Derecognized financial assets
Aset keuangan yang dihapusbuku - (34.738) (34.738) Financial assets written-off
Total pengurangan Total deduction
tahun berjalan - - (34.748) (34.748) during the year
Saldo akhir - - - - Ending balance
54
Page 348
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. ANJAK PIUTANG (lanjutan) 7. FACTORING RECEIVABLES (continued)
Perubahan nilai tercatat anjak piutang dengan The changes in the carrying value of factoring
klasifikasi diamortisasi berdasarkan stage untuk receivables classified as amortized by stage for the
tahun yang berakhir 31 Desember 2025 dan 2024, year ended 31 December 2025 and 2024, are as
adalah sebagai berikut: (lanjutan) follows: (continued)
31 Desember/December 2024
Stage 1 Stage 2 Stage 3 Total
Biaya perolehan diamortisasi Amortized cost
Saldo awal 35.758 - - 35.758 Beginning balance
Pengalihan ke kerugian kredit ekspektasian Transfer to the 12-month expected
12 bulan (stage 1) - - - - credit loss (stage 1)
Pengalihan ke piutang yang tidak Transfer to receivables
mengalami penurunan nilai (stage 2) - - - - which are not impaired (stage 2)
Pengalihan ke piutang yang Transfer to receivables
mengalami penurunan nilai (stage 3) (34.748) - 34.748 - which are impaired (stage 3)
Total saldo awal setelah pengalihan 1.010 - 34.748 35.758 Total beginning balance after transfer
Pengukuran kembali bersih nilai tercatat (1.010) - - (1.010) Net remeasurement of carrying value
Total pengurangan Total deduction
tahun berjalan (1.010) - - (1.010) during the year
Saldo akhir - - 34.748 34.748 Ending balance
Anjak piutang - bruto sesuai dengan tanggal jatuh Factoring receivables - gross based on maturity
temponya sebagai berikut: date, are as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Telah jatuh tempo Overdue
> 90 hari - 49.867 > 90 days
- 49.867
Mutasi cadangan kerugian penurunan nilai untuk The movements in the allowance for impairment
tahun yang berakhir pada tanggal 31 Desember 2025 losses for years ended 31 December 2025 and
dan 2024 adalah sebagai berikut: 2024, are as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Saldo awal 15.310 436 Beginning balance
Penyisihan untuk tahun berjalan 19.428 14.874 Provision for the year
Penghapusan piutang (34.738) - Receivables written-off
Saldo akhir - 15.310 Ending balance
55
Page 349
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. ANJAK PIUTANG (lanjutan) 7. FACTORING RECEIVABLES (continued)
Mutasi cadangan kerugian penurunan nilai untuk The movements in the allowance for impairment
tahun yang berakhir pada tanggal 31 Desember 2025 losses for years ended 31 December 2025 and
dan 2024 adalah sebagai berikut: (lanjutan) 2024, are as follows: (continued)
31 Desember/December 2025
Stage 1 Stage 2 Stage 3 Total
- -
Saldo awal 15.310 15.310 Beginning balance
Pengalihan ke: Transfer to:
Kerugian kredit ekspektasian 12 bulan The 12-month expected credit loss
(stage1) - - - - (stage 1)
Kerugian kredit ekspektasian sepanjang
umurnya - tidak mengalami Lifetime expected credit losses -
penurunan nilai (stage 2) - - - - not credit-impaired (stage 2)
Kerugian kredit ekspektasian sepanjang
umurnya - mengalami Lifetime expected credit losses -
penurunan nilai (stage 3) - - - - credit-impaired (stage 3)
Total saldo awal setelah pengalihan - - 15.310 15.310 Total beginning balance after transfer
Pengukuran kembali bersih Net remeasurement
penyisihan kerugian - - 19.428 19.428 of loss allowance
Total pembentukan tahun berjalan 34.738 34.738 Total build-up during the year
Aset keuangan yang dihapusbuku (34.738) (34.738) Financial assets written-off
Saldo akhir - - - - Ending balance
31 Desember/December 2024
Stage 1 Stage 2 Stage 3 Total
Saldo awal 436 - - 436 Beginning balance
Pengalihan ke: Transfer to:
Kerugian kredit ekspektasian 12 bulan The 12-month expected credit loss
(stage1) - - - - (stage 1)
Kerugian kredit ekspektasian sepanjang
umurnya - tidak mengalami Lifetime expected credit losses -
penurunan nilai (stage 2) - - - - not credit-impaired (stage 2)
Kerugian kredit ekspektasian sepanjang
umurnya - mengalami Lifetime expected credit losses -
penurunan nilai (stage 3) (436) 436 credit-impaired (stage 3)
Total saldo awal setelah pengalihan - - 436 436 Total beginning balance after transfer
Pengukuran kembali bersih Net remeasurement
penyisihan kerugian - - 14.874 14.874 of loss allowance
Total pembentukan tahun berjalan - - 14.874 14.874 Total build-up during the year
- -
Saldo akhir 15.310 15.310 Ending balance
Anjak piutang yang direstrukturisasi pada tanggal The percentage of restructured factoring
31 Desember 2025 adalah sebesar nihil dari saldo receivables as of 31 December 2025
anjak piutang - bruto (31 Desember 2024: 100%). is nil of the factoring receivables balance - gross
(31 December 2024: 100%).
Kisaran suku bunga yang dikenakan kepada Range of interest rates charged to customers for
konsumen untuk tahun yang berakhir pada tanggal the years ended 31 December 2025 and 2024, are
31 Desember 2025 dan 2024 adalah sebagai berikut: as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Anjak piutang - 7,59% Factoring receivables
56
Page 350
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. ANJAK PIUTANG (lanjutan) 7. FACTORING RECEIVABLES (continued)
Analisa umur anjak piutang - bruto adalah sebagai The aging analysis of factoring receivables - gross,
berikut: is as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Lewat jatuh tempo: Overdue:
91 - 120 hari - 49.867 91 - 120 days
- 49.867
Manajemen berpendapat bahwa jumlah cadangan Management believes that the existing allowance
kerugian penurunan nilai yang dibentuk adalah cukup for impairment losses is adequate to cover possible
untuk menutup kerugian yang mungkin timbul akibat losses arising from uncollectible factoring
tidak tertagihnya anjak piutang. receivables.
8. PIUTANG LAIN-LAIN 8. OTHER RECEIVABLES
31 Desember/ 31 Desember/
December 2025 December 2024
Pihak ketiga Third parties
Piutang asuransi 119.207 96.235 Insurance receivables
Piutang administrasi akseptasi 41.381 48.999 Acceptance administration receivables
Piutang penjualan kendaraan Receivables from sales of
jaminan 15.012 14.441 collateral vehicle
Lain-lain 7.730 4.498 Others
183.330 164.173
Pihak berelasi Related parties
Piutang pembiayaan bersama 272.337 366.435 Joint financing receivables
Piutang administrasi akseptasi 2.486 2.486 Acceptance admnistration receivables
Lain-lain - 620 Others
274.823 369.541
Piutang lain-lain 458.153 533.714 Other receivables
Dikurangi: Less:
Cadangan kerugian penurunan nilai (39.661) (33.431) Allowance for impairment losses
418.492 500.283
Piutang pembiayaan bersama merupakan piutang Joint financing receivables represent receivables
yang telah dijanjikan secara bersama untuk dibiayai, that have been jointly promised to be financed, but
namun belum ditagihkan ke pemberi pembiayaan have not been billed to the joint financing provider.
bersama.
Lihat Catatan 26a untuk rincian saldo dan transaksi Refer to Note 26a for details of balances and
dengan pihak berelasi. transactions with related parties.
57
Page 351
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
8. PIUTANG LAIN-LAIN (lanjutan) 8. OTHER RECEIVABLES (continued)
Mutasi cadangan kerugian penurunan nilai untuk The movements in the allowance for impairment
tahun yang berakhir pada tanggal 31 Desember 2025 losses for years ended 31 December 2025 and
dan 2024 adalah sebagai berikut: 2024, are as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Saldo awal 33.431 44.298 Beginning balance
Penyisihan Provision
(pembalikan) untuk tahun berjalan 6.850 (10.867) (reversal) for the year
Penghapusan piutang (620) - Receivable written-off
Saldo akhir 39.661 33.431 Ending balance
Manajemen berkeyakinan bahwa cadangan kerugian Management believes that the allowance for
penurunan nilai adalah cukup untuk menutupi impairment losses is sufficient to cover any possible
kemungkinan kerugian dari tidak tertagihnya piutang. losses from uncollectible receivables.
9. PERPAJAKAN 9. TAXATION
a. Utang pajak kini a. Current tax liabilities
31 Desember/ 31 Desember/
December 2025 December 2024
Pasal 25 - 25.364 Article 25
Pasal 29 - 87.127 Article 29
Saldo akhir - 112.491 Ending balance
b. Beban pajak b. Tax expense
Tahun yang Berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Kini 96.828 315.632 Current
Tangguhan (lihat Catatan 9c) 13.608 12.958 Deferred (refer to Note 9c)
110.436 328.590
Rekonsiliasi antara beban pajak penghasilan The reconciliation between income tax expense
dengan hasil perkalian laba akuntansi sebelum and the theoretical tax amount on the Company’s
pajak penghasilan dan tarif pajak yang berlaku income before income tax and the applicable tax
adalah sebagai berikut: rate is as follows:
Tahun yang Berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Laba sebelum beban pajak Income before final tax and
final dan pajak penghasilan 513.610 1.504.167 income tax expense
Pajak dihitung pada tarif pajak 112.994 330.917 Tax calculated at tax rates
Penghasilan bunga dikenakan Interest income subjected to
pajak final (3.475) (3.844) final tax
Beban yang tidak dapat
dikurangkan 917 1.517 Non-deductible expenses
Beban pajak 110.436 328.590 Tax expense
58
Page 352
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
9. PERPAJAKAN (lanjutan) 9. TAXATION (continued)
b. Beban pajak (lanjutan) b. Tax expense (continued)
Rekonsiliasi antara laba sebelum beban pajak Reconciliation between income before income
penghasilan menurut laporan laba rugi dan tax expense, as shown in the statement of profit
penghasilan komprehensif lain dengan or loss and other comprehensive income, and
penghasilan kena pajak adalah sebagai berikut: estimated taxable income is as follows:
Tahun yang Berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Laba sebelum beban pajak 513.610 1.504.167 Income before final tax and
final dan pajak penghasilan income tax expense
Koreksi fiskal: Fiscal corrections:
Beda temporer Temporary differences
Penyisihan bonus (74.618) (27.319) Provision for bonus
Penyisihan imbalan kerja karyawan 16.546 (21.340) Provision for employee benefits
Penyisihan kerugian penurunan nilai Provision for impairment losses on
atas piutang lain-lain 6.230 (10.704) other receivables
Selisih antara nilai buku aset Difference in net book value
tetap komersial dan fiskal (3.724) (1.199) between commercial and fiscal
Transaksi aset hak guna (182) 860 Right-of-use asset transactions
Penyisihan penghapusan Provision for write-off
customer deposit (6.106) 802 on customer deposit
(61.854) (58.900)
Beda tetap Permanent differences
Beban yang tidak dapat dikurangkan 4.167 6.895 Non-deductible expenses
Penghasilan bunga dikenakan
pajak final (15.797) (17.473) Interest income subjected to final tax
(11.630) (10.578)
Penghasilan kena pajak 440.126 1.434.689 Taxable income
Beban pajak 96.828 315.632 Tax expense
Dikurangi: Less:
Pasal 23 (12.632) (18.739) Article 23
Pasal 25 (98.567) (209.766) Article 25
(Piutang) utang pajak Corporate income
penghasilan badan (14.371) 87.127 tax (receivable) payable
Berdasarkan Undang-Undang Republik Based on Law of the Republic of Indonesia No.
Indonesia No. 7 Tahun 2021 tanggal 7 year 2021 dated October 9, 2021 concerning
29 Oktober 2021 tentang Harmonisasi Harmonization of Tax Regulations has
Peraturan Perpajakan menetapkan tarif pajak stipulated the income tax rate for domestic
penghasilan wajib pajak dalam negeri dan taxpayers and business establishments of 22%
bentuk usaha tetap sebesar 22% yang mulai which will be effective from the Fiscal Year 2022
berlaku pada tahun pajak 2022 dan seterusnya. onwards.
Perhitungan pajak penghasilan badan untuk The above calculation of corporate income tax
tahun yang berakhir pada 31 Desember 2025 for the year ended 31 December 2025 will be
tersebut di atas akan menjadi dasar dalam used as basis for filing the Annual Tax Return
pengisian Surat Pemberitahuan Tahunan (“SPT”) of Corporate Income Tax.
(“SPT”) Pajak Penghasilan Badan.
Perhitungan pajak penghasilan badan untuk The calculation of corporate income tax for the
tahun yang berakhir pada 31 Desember 2024 year ended 31 December 2024 is same as the
sama dengan Surat Pemberitahuan Tahunan Annual Tax Return filed by the Company to the
yang disampaikan Perseroan ke Kantor Tax Office.
Pelayanan Pajak.
59
Page 353
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
9. PERPAJAKAN (lanjutan) 9. TAXATION (continued)
c. Aset (liabilitas) pajak tangguhan – neto c. Deferred tax assets (liabilities) – net
31 Desember/December 2025
Manfaat
(beban) pajak
tangguhan/
Saldo awal/ Deferred tax Saldo akhir/
Beginning income Ending
balance (expenses) balance
Aset (liabilitas) pajak
tangguhan dampak dari Deferred tax asset (liabilities)
laporan laba rugi effect from profit or loss
Penyisihan kerugian penurunan Provision for impairment losses on
nilai atas piutang lain-lain 7.355 1.370 8.725 other receivables
Selisih antara nilai buku Difference in net book value
aset tetap komersial of fixed assets between
dan fiskal (1.655) (819) (2.474) commercial and fiscal
Penyisihan imbalan Provision for employee
kerja karyawan 44.879 3.640 48.519 benefits
Penyisihan bonus 24.710 (16.416) 8.294 Provision for bonus
Penyisihan penghapusan Provision for write-off
customer deposit 1.890 (1.343) 547 on customer deposit
Transaksi aset hak guna 616 (40) 576 Right-of-use asset transactions
Aset pajak tangguhan Deferred tax assets effect
dampak dari penghasilan from other comprehensive
komprehensif lain income
Pengukuran kembali atas
liabilitas imbalan 2.017 (2.329) (312) Remeasurement of employee
kerja karyawan benefits obligation
Keuntungan bersih
atas instrumen derivatif untuk Net gain on derivative
lindung nilai arus kas 4.914 1.290 6.204 instrument for cash flow hedging
84.726 (14.647) 70.079
31 Desember/December 2024
Manfaat
(beban) pajak
tangguhan/
Saldo awal/ Deferred tax Saldo akhir/
Beginning income Ending
balance (expenses) balance
Aset (liabilitas) pajak
tangguhan dampak dari Deferred tax asset (liabilities)
laporan laba rugi effect from profit or loss
Penyisihan kerugian penurunan Provision for impairment losses on
nilai atas piutang lain-lain 9.710 (2.355) 7.355 other receivables
Selisih antara nilai buku Difference in net book value
aset tetap komersial of fixed assets between
dan fiskal (1.392) (263) (1.655) commercial and fiscal
Penyisihan imbalan Provision for employee
kerja karyawan 49.574 (4.695) 44.879 benefits
Penyisihan bonus 30.720 (6.010) 24.710 Provision for bonus
Penyisihan penghapusan Provision for write-off
customer deposit 1.714 176 1.890 on customer deposit
Transaksi aset hak guna 427 189 616 Right-of-use asset transactions
Aset pajak tangguhan Deferred tax assets effect
dampak dari penghasilan from other comprehensive
komprehensif lain income
Pengukuran kembali atas
liabilitas imbalan Remeasurement of employee
kerja karyawan 10.826 (8.809) 2.017 benefits obligation
Keuntungan (kerugian) bersih
atas instrumen derivatif untuk Net gain (loss) on derivative
lindung nilai arus kas (790) 5.704 4.914 instrument for cash flow hedging
100.789 (16.063) 84.726
60
Page 354
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
9. PERPAJAKAN (lanjutan) 9. TAXATION (continued)
d. Surat ketetapan pajak d. Tax assessment letter
Tahun pajak 2021 Fiscal year 2021
Pada tanggal 18 Oktober 2024, Perseroan On 18 October 2024, the Company received
menerima Surat Permintaan Penjelasan atas the Request Letter for Explanation of Data
Data dan/atau Keterangan (SP2DK) dari and/or Information (SP2DK) from Directorate
Direktorat Jendral Pajak (“DJP”) atas Pajak General of Taxes (“DJP”) on Income Tax
Penghasilan Pasal 21, Pasal 23, Pasal 4 (2), Article 21, Article 23, Article 4 (2), Corporate
Pahak Penghasilan Badan, dan Pajak Income Tax, and Value Added Tax (VAT). The
Pertambahan Nilai (PPN) untuk tahun pajak Company has provided response to DJP on
2021. Perseroan telah mengirimkan tanggapan 18 December 2024 and has made payment for
kepada DJP pada tanggal 18 Desember 2024 the tax underpayment on 16 January 2025
dan telah melakukan pembayaran atas kurang amounting to Rp409.
bayar pajak pada tanggal 16 Januari 2025
sebesar Rp409.
Tahun pajak 2022 Fiscal year 2022
Pada tanggal 18 Juli 2025, Perseroan menerima On 18 July 2025, the Company received the
Surat Permintaan Penjelasan atas Data dan/atau Request Letter for Explanation of Data and/or
Keterangan (SP2DK) dari Direktorat Jendral Information (SP2DK) from Directorate General
Pajak (“DJP”) atas Pajak Penghasilan Pasal 21, of Taxes (“DJP”) on Income Tax Article 21,
Pasal 23, Pasal 4 (2), Pajak Penghasilan Badan, Article 23, Article 4 (2), Corporate Income Tax,
dan Pajak Pertambahan Nilai (PPN) untuk tahun and Value Added Tax (VAT). The Company
pajak 2022. Perseroan telah mengirimkan has provided response to DJP on
tanggapan kepada DJP pada tanggal 7 Oktober 7 October 2025 and has made payment for the
2025 dan telah melakukan pembayaran atas tax underpayment on 19 December 2025
kurang bayar pajak pada tanggal 19 Desember amounting to Rp271.
2025 sebesar Rp271.
e. Administrasi e. Administration
Berdasarkan Undang-Undang Perpajakan yang Under the Taxation Laws of Indonesia, the
berlaku di Indonesia, Perseroan menghitung, Company submits tax returns on the basis of
menetapkan dan membayar sendiri besarnya self-assessment. The Director General of
jumlah pajak yang terutang. Direktur Jenderal Taxes may assess or amend taxes within a
Pajak dapat menetapkan atau mengubah certain period. For the fiscal years of 2008 and
liabilitas pajak dalam jangka waktu tertentu. onwards, the period is within five years from the
Untuk tahun pajak 2008 dan seterusnya, jangka time the tax becomes due.
waktunya adalah lima tahun sejak saat
terutangnya pajak.
Dampak Penerapan Pilar 2 Organization for The impact of Pillar 2 of Organization for
Economic Co-operation and Development Economic Co-operation and Development
("OECD") ("OECD")
Berdasarkan Peraturan Menteri Keuangan Based on the Regulation of the Minister of
Republik Indonesia Nomor 136 Tahun 2024 Finance of the Republic of Indonesia Number
("PMK-136") tentang Pengenaan Pajak 136 Year 2024 ("PMK-136") concerning the
Minimum Global Berdasarkan Kesepakatan Imposition of Global Minimum Tax Based on
Internasional, ketentuan pengenaan pajak International Agreements, the provisions for
minimum global akan mulai berlaku di the imposition of global minimum tax will come
Indonesia, yurisdiksi di mana Perseroan into force in Indonesia, the jurisdiction where
didirikan, pada tanggal 1 Januari 2025. PMK-136 the Company is incorporated, on 1 January
dihitung untuk periode fiskal tahunan yang 2025. PMK-136 is calculated for the annual
berakhir di 31 Desember 2025, berdasarkan fiscal period ending on 31 December 2025,
penilaian yang telah dilakukan menyeluruh based on the assessment that has been carried
secara Grup PT Bank Mandiri (Persero) Tbk, out comprehensively as a Group of PT Bank
Perseroan diestimasikan tidak memiliki Mandiri (Persero) Tbk, the Company is not
tambahan pajak penghasilan Pilar Dua. expected to have Pillar Two income taxes
exposure.
61
Page 355
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
10. ASET TETAP 10. FIXED ASSETS
31 Desember/December 2025
1 Januari / Penambahan/ (Pengurangan)/ 31 Desember/
January 2025 Additions (Deductions) December 2025
Aset tetap Fixed assets
Kepemilikan langsung Direct ownership
Harga perolehan Cost
Tanah 48.570 - - 48.570 Land
Bangunan 53.678 3.151 - 56.829 Buildings
Kendaraan 28 - - 28 Vehicles
Perabotan dan peralatan kantor 371.998 24.848 (17.747) 379.099 Furniture and office equipment
Renovasi bangunan sewa 77.156 7.769 - 84.925 Leasehold improvement
551.430 35.768 (17.747) 569.451
Aset hak guna 205.243 4.910 - 210.153 Right-of-use assets
756.673 40.678 (17.747) 779.604
Akumulasi penyusutan Accumulated depreciation
Bangunan (23.302) (2.648) - (25.950) Buildings
Kendaraan (27) - - (27) Vehicles
Perabot dan peralatan kantor (258.845) (39.848) 17.685 (281.008) Furniture and office equipment
Renovasi bangunan sewa (58.991) (11.024) - (70.015) Leasehold improvement
(341.165) (53.520) 17.685 (377.000)
Aset hak guna (137.033) (30.268) - (167.301) Right-of-use assets
(478.198) (83.788) 17.685 (544.301)
Nilai buku neto 278.475 235.303 Net book value
31 Desember/December 2024
1 Januari / Penambahan/ (Pengurangan)/ 31 Desember/
January 2024 Additions (Deductions) December 2024
Aset tetap Fixed assets
Kepemilikan langsung Direct ownership
Harga perolehan Cost
Tanah 48.570 - - 48.570 Land
Bangunan 52.996 682 - 53.678 Buildings
Kendaraan 28 - - 28 Vehicles
Perabotan dan peralatan kantor 334.445 46.295 (8.742) 371.998 Furniture and office equipment
Renovasi bangunan sewa 70.105 7.051 - 77.156 Leasehold improvement
506.144 54.028 (8.742) 551.430
Aset hak guna 187.541 17.702 - 205.243 Right-of-use assets
693.685 71.730 (8.742) 756.673
Akumulasi penyusutan Accumulated depreciation
Bangunan (20.746) (2.556) - (23.302) Buildings
Kendaraan (27) - - (27) Vehicles
Perabot dan peralatan kantor (231.510) (36.031) 8.696 (258.845) Furniture and office equipment
Renovasi bangunan sewa (50.621) (8.370) - (58.991) Leasehold improvement
(302.904) (46.957) 8.696 (341.165)
Aset hak guna (107.156) (29.877) - (137.033) Right-of-use assets
(410.060) (76.834) 8.696 (478.198)
Nilai buku neto 283.625 278.475 Net book value
Seluruh aset tetap kepemilikan langsung kecuali Directly owned fixed assets, except for land, are
tanah, telah diasuransikan dengan pihak PT Zurich insured with a party, PT Zurich Asuransi Indonesia
Asuransi Indonesia Tbk dengan jumlah Tbk, for a sum insured of Rp446,902 and
pertanggungan asuransi sebesar Rp446.902 dan Rp459,600 as of 31 December 2025 and 2024
Rp459.600 pada tanggal 31 Desember 2025 dan respectively, which according to the management,
2024 yang menurut manajemen cukup untuk is sufficient to cover possible losses due to fire,
menutupi kemungkinan kerugian karena kebakaran, flood, public disorder/riots and earthquake.
kebanjiran, huru-hara dan gempa bumi.
62
Page 356
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
10. ASET TETAP (lanjutan) 10. FIXED ASSETS (continued)
Tanah Perseroan berupa sertifikat Hak Guna Land is held in the form of certificates of Hak Guna
Bangunan (“HGB”) yang mempunyai masa manfaat Bangunan (“HGB”) which have useful lives of 20 to
selama 20 sampai dengan 30 tahun yang akan jatuh 30 years and will be due between 24 September
tempo antara 24 September 2025 sampai dengan 2025 to 2 February 2053. Management was on the
2 Februari 2053. Manajemen sedang melakukan process of extending HGB which has useful life
perpanjangan atas HGB yang memiliki masa manfaat ended on 24 September 2025. Management
yang berakhir pada 24 September 2025. Manajemen believes that the HGB can be renewed or extended
berpendapat bahwa HGB tersebut dapat diperbaharui upon expiration.
atau diperpanjang pada saat jatuh tempo.
Rincian keuntungan atas pelepasan aset tetap Details of gain on disposal of fixed assets are as
adalah sebagai berikut: follows:
Tahun yang Berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Hasil pelepasan aset tetap 370 310 Proceed from disposal of fixed assets
Nilai buku aset tetap (50) (47) Book value
Laba atas pelepasan aset tetap 320 263 Gain on disposal of fixed assets
Kerugian atau keuntungan atas pelepasan aset tetap Loss or gain on disposal of fixed assets is
diakui sebagai bagian dari “pendapatan lain-lain” recognized as part of “other income” in the
pada laporan laba rugi dan penghasilan statement of profit or loss and other comprehensive
komprehensif lain. income.
Manajemen berpendapat tidak terdapat indikasi Management believes that there is no impairment
penurunan nilai atas aset tetap yang dimiliki on the Company’s fixed assets as of 31 December
Perseroan masing-masing pada tanggal 2025 and 2024, respectively.
31 Desember 2025 dan 2024.
Pada 31 Desember 2025 dan 2024, jumlah bruto dari As of 31 December 2025 and 2024, the gross
aset tetap yang telah disusutkan penuh dan masih amount of fixed assets which have been fully
digunakan adalah masing-masing sebesar depreciated and still being used amounted to
Rp233.921 dan Rp239.911. Rp233,921 and Rp239,911 respectively.
Tidak ada aset tetap yang dijadikan jaminan pada There were no fixed assets pledged as collateral as
tanggal 31 Desember 2025 dan 2024. of 31 December 2025 and 2024.
Aset hak guna pada tanggal 31 Desember 2025 dan Right-of-use of assets as of 31 Desember 2025 and
2024 adalah sebagai berikut: 2024 are as follows:
31 Desember/December 2025
1 Januari/ Penambahan/ (Pengurangan)/ 31 Desember/
January 2025 Additions (Deductions) December 2025
Biaya perolehan Cost
Bangunan 178.281 4.283 - 182.564 Buildings
Kendaraan 26.962 627 - 27.589 Vehicles
205.243 4.910 - 210.153
Akumulasi penyusutan Accumulated depreciation
Bangunan (119.186) (25.067 ) - (144.253) Buildings
Kendaraan (17.847) (5.201) - (23.048) Vehicles
(137.033) (30.268) - (167.301)
Nilai buku neto 68.210 42.852 Net book value
63
Page 357
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
10. ASET TETAP (lanjutan) 10. FIXED ASSETS (continued)
Aset hak guna per 31 Desember 2025 dan 2024 Right-of-use of assets as of 31 Desember 2025 and
adalah sebagai berikut: (lanjutan) 2024 are as follows: (continued)
31 Desember/December 2024
1 Januari/ Penambahan/ (Pengurangan)/ 31 Desember/
January 2024 Additions (Deductions) December 2024
Biaya perolehan Cost
Bangunan 161.902 16.379 - 178.281 Buildings
Kendaraan 25.639 1.323 - 26.962 Vehicles
187.541 17.702 - 205.243
Akumulasi penyusutan Accumulated depreciation
Bangunan (94.854) (24.332) - (119.186) Buildings
Kendaraan (12.302) (5.545) - (17.847) Vehicles
(107.156) (29.877) - (137.033)
Nilai buku neto 80.385 68.210 Net book value
Perseroan menyewa beberapa aset termasuk The Company had rent a number of assets which
bangunan dan kendaraan. Jangka waktu masa sewa include buildings and vehicles. The period of lease
berkisar 1 - 5 tahun. term ranged between 1 - 5 years.
11. ASET LAIN-LAIN 11. OTHER ASSETS
31 Desember/ 31 Desember/
December 2025 December 2024
Pihak ketiga Third parties
Setoran dalam perjalanan 27.837 31.585 Deposit in transit
Uang muka 19.207 16.200 Advance payments
Tagihan Pajak Penghasilan Income Tax Receivables
(lihat Catatan 9) 14.371 - (refer to note 9)
Deposit Pajak Penghasilan 12.039 - Income Tax Deposit
Biaya provisi dibayar di muka 8.169 1.625 Prepaid provision cost
Uang jaminan 2.597 2.597 Security deposits
Piutang karyawan 1.265 1.218 Employee Receivables
Biaya jasa penerbitan obligasi 408 393 Prepaid bonds issuance cost
Asuransi dibayar di muka 218 499 Prepaid insurance
Sewa dibayar di muka 56 83 Prepaid rent
Lain-lain 29.989 36.002 Other
116.156 90.202
Pihak berelasi Related parties
Sewa dibayar di muka 689 689 Prepaid rent
Piutang bunga deposito 125 137 Interest receivables - time deposits
814 826
116.970 91.028
Lain-lain merupakan pemeliharaan dan perawatan Others mainly represent repairment and
sistem teknologi informasi, dan biaya dibayar dimuka. maintenance of information technology system, and
prepaid expenses.
Lihat Catatan 26a untuk rincian saldo dan transaksi Refer to Note 26a for details of balances and
pihak berelasi. transactions with related parties.
64
Page 358
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
12. UTANG USAHA 12. TRADE PAYABLES
31 Desember/ 31 Desember/
December 2025 December 2024
Pihak ketiga Third parties
Utang kendaraan 381.683 460.788 Vehicle payables
Utang asuransi 88.658 143.420 Insurance payables
470.341 604.208
Utang usaha merupakan utang kepada pemasok atas Trade payables represent payables to suppliers for
pembiayaan kendaraan bermotor dan utang kepada motor vehicle financing and payables to insurance
perusahaan asuransi yang berkaitan dengan companies in relation to motor vehicle financing and
pembiayaan kendaraan bermotor dan alat berat. heavy equipment
13. UTANG LAIN-LAIN 13. OTHER PAYABLES
31 Desember/ 31 Desember/
December 2025 December 2024
Pihak ketiga Third parties
Titipan konsumen 109.857 126.235 Customer deposits
PPN keluaran 14.149 13.637 VAT out
Liabilitas pajak Tax liabilities
Pasal 21 915 847 Article 21
Pasal 23 601 772 Article 23
PPh final 6 101 Final tax
Liabilitas sewa 3.236 6.478 Lease liabilities
Jasa notaris 1.160 983 Notary service
Barang dan jasa 1.452 111 Goods and services
Lain-lain 13.498 11.666 Others
144.874 160.830
Pihak berelasi Related parties
Liabilitas sewa 12.780 24.353 Lease liabilities
Pembiayaan bersama 21.566 27.033 Joint financing
Lain-lain - 240 Others
34.346 51.626
179.220 212.456
Jumlah beban bunga atas liabilitas sewa masing- The balances of interest expense from lease
masing sebesar Rp1.674 dan Rp2.724 untuk tahun liabilities amounted to Rp1,674 and Rp2,724 for the
yang berakhir 31 Desember 2025 dan 2024. years ended 31 December 2025 and 2024,
respectively.
Analisis jatuh tempo utang lain-lain terkait sewa The maturity analysis of other payables related to
adalah sebagai berikut: lease is as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
1 tahun 14.568 16.464 1 year
2 tahun 1.380 13.121 2 years
3 tahun 68 1.201 3 years
4 tahun - 45 4 years
Total 16.016 30.831 Total
65
Page 359
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
13. UTANG LAIN-LAIN (lanjutan) 13. OTHER PAYABLES (continued)
Pembiayaan bersama adalah porsi cicilan Joint financing represents the portion of installment
pembayaran piutang pembiayaan yang telah diterima payments for financing receivables that have been
dari konsumen namun belum dibayarkan kepada received from customers but have not been paid to
pemberi pembiayaan bersama. joint financing providers.
Lain-lain terutama terdiri dari utang kepada pihak Others mainly consist of payables to third parties
ketiga yang berkaitan dengan utang asuransi dan related to insurance payable and vehicle license
biaya biro jasa Surat Tanda Nomor Kendaraan. service fee.
Lihat Catatan 26b untuk rincian saldo dan transaksi Refer to Note 26b for details of balances and
pihak berelasi. transactions with related parties.
14. BEBAN YANG MASIH HARUS DIBAYAR 14. ACCRUED EXPENSES
31 Desember/ 31 Desember/
December 2025 December 2024
Pihak ketiga Third parties
Bunga yang masih harus dibayar 77.257 98.917 Accrued interest
Gaji dan tunjangan 40.176 122.406 Salaries and allowances
Perbaikan dan pemeliharaan 3.689 1.031 Repairs and maintenance
Telepon 2.835 2.732 Telephone
Jasa profesional 2.111 1.230 Professional fee
Listrik dan air 333 386 Utilities
Promosi 116 109 Promotion
Lain-lain 4.680 11.587 Others
131.197 238.398
Pihak berelasi Related parties
Bunga yang masih harus dibayar 8.935 9.543 Accrued interest
140.132 247.941
Lain-lain terutama terdiri dari beban yang masih Others mainly consist of entertainment, stamps,
harus dibayar terkait jamuan, materai, alat tulis stationary, printing, travelling and training.
kantor, cetakan, perjalanan dinas dan pelatihan.
Lihat Catatan 26b untuk rincian saldo dan transaksi Refer to Note 26b for details of balances and
pihak berelasi. transactions with related parties.
15. PINJAMAN YANG DITERIMA 15. BORROWINGS
31 Desember/ 31 Desember/
December 2025 December 2024
Revolving Revolving
Pinjaman bank 6.087.198 3.930.565 Bank loans
Non-revolving Non-revolving
Pinjaman bank 9.005.123 16.018.744 Bank loans
Pinjaman lembaga keuangan Financial institution
non-bank 791.017 1.563.817 non-bank loans
15.883.338 21.513.126
Biaya provisi yang belum diamortisasi (21.817) (36.930) Unamortized provision cost
15.861.521 21.476.196
66
Page 360
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
15. PINJAMAN YANG DITERIMA (lanjutan) 15. BORROWINGS (continued)
Jumlah fasilitas/ Jumlah pinjaman/ Jatuh tempo fasilitas/
Facility amount Loan amount Maturity date of the facility
31 Desember/ 31 Desember/ 31 Desember/ 31 Desember/ 31 Desember/ 31 Desember/
December 2025 December 2024 December 2025 December 2024 December 2025 December 2024
Pinjaman bank/Bank loans
Revolving
Rupiah
Pihak ketiga/Third parties
Juni/
PT Bank Central Asia Tbk 500.000 - - - Juni 2026 -
Juli/
PT Bank HSBC Indonesia 250.000 - - - July 2026 -
Mei/
PT Bank UOB Indonesia 300.000 - - - May 2026 -
November/
PT Bank OCBC NISP Tbk 200.000 - - - November 2026 -
Juni/
PT Bank ANZ Indonesia 335.640 - - - June 2026 -
Juni/
251.730 - - - June 2026 -
MUFG Bank, Ltd., Cabang Jakarta Februari/
MUFG Bank, Ltd., Jakarta Branch 1.317.387 - 500.000 - February 2026 -
April/ April
PT Bank SMBC Indonesia Tbk 300.000 300.000 - - April 2026 April 2025
Desember
PT Bank CTBC Indonesia 50.000 - - - December 2026 -
Agustus/
PT Bank Danamon Indonesia Tbk 150.000 - - - August 2026 -
3.654.757 300.000 500.000 -
Pihak berelasi/Related parties
Juni/
PT Bank Negara Indonesia Persero Tbk 1.000.000 - - - June 2026 -
Desember/ Desember/
PT Bank Mandiri (Persero) Tbk 400.000 400.000 160.000 240.000 December 2027 December 2027
Januari/ Januari/
375.000 375.000 156.250 231.250 January 2028 January 2028
Desember/ Desember/
200.000 200.000 119.999 160.000 December 2028 December 2028
September/ September/
97.000 97.000 53.350 72.750 September 2028 September 2028
Juli/ Juli/
7.000 7.000 3.617 5.016 July 2028 July 2028
Desember/ Desember
9.000 9.000 5.400 7.200 December 2028 December 2028
Januari/ Januari/
600.000 600.000 370.000 490.000 Januari 2029 January 2029
Februari/ Februari/
100.000 100.000 63.334 83.333 February 2029 February 2029
April/
- 100.000 - 33.333 - April 2025
Mei/
- 148.000 - 61.667 - May 2025
Juni/ Juni/
100.000 100.000 50.000 83.333 June 2027 June 2027
Juli/ Juli/
100.000 100.000 52.778 86.111 July 2027 July 2027
Agustus/ Agustus/
100.000 100.000 55.556 88.889 August 2027 August 2027
Agustus/ Agustus/
30.000 30.000 16.667 26.667 August 2027 August 2027
September/ September/
500.000 500.000 291.667 458.333 September 2027 September 2027
September/ September/
700.000 700.000 525.000 665.000 September 2029 September 2029
Maret/ Maret/
18.000 18.000 11.700 15.300 March 2029 March 2029
April/ April/
11.400 11.400 7.600 9.880 April 2029 April 2029
Oktober/ Oktober/
550.000 550.000 389.583 527.085 October 2028 October 2028
Oktober/ Oktober/
300.000 300.000 212.500 287.500 October 2028 October 2028
November/ November/
100.000 100.000 72.917 97.918 November 2028 November 2028
Desember/ Desember/
200.000 200.000 149.999 200.000 December 2028 December 2028
September/
- 200.000 - - - September 2028
Maret/
35.500 - 30.175 - March 2030 -
67
Page 361
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
15. PINJAMAN YANG DITERIMA (lanjutan) 15. BORROWINGS (continued)
Jumlah fasilitas/ Jumlah pinjaman/ Jatuh tempo fasilitas/
Facility amount Loan amount Maturity date of the facility
31 Desember/ 31 Desember/ 31 Desember/ 31 Desember/ 31 Desember/ 31 Desember/
December 2025 December 2024 December 2025 December 2024 December 2025 December 2024
Pinjaman bank (lanjutan)/
Bank loans (continued)
Revolving (lanjutan/continued)
Rupiah (lanjutan/continued)
Pihak berelasi (lanjutan)
/Related parties (continued)
Januari/
PT Bank Mandiri (Persero) Tbk 120.000 - 92.500 - January 2029 -
(lanjutan) Februari/
100.000 - 79.167 - February 2029 -
Maret/
100.000 - 81.250 - March 2029 -
Juli/
100.000 - 91.667 - July 2030 -
April/
100.000 - 83.334 - April 2029 -
Mei/
100.000 - 85.417 - May 2029 -
Juni/
100.000 - 87.500 - June 2029 -
Agustus/
100.000 - 88.889 - August 2028 -
September/
400.000 - 299.999 - September 2026 -
Juli/
26.600 - 24.383 - July 2030 -
September/
42.500 - - - September 2026 -
September/
300.000 - - - September 2026 -
Oktober/
600.000 - 500.000 - October 2026 -
November/
300.000 - 275.000 - November 2026 -
Desember/
1.000.000 - 1.000.000 - December 2026 -
9.022.000 4.945.400 5.587.198 3.930.565
Jumlah/Total revolving 12.676.757 5.245.400 6.087.198 3.930.565
Non-revolving
Rupiah
Pihak ketiga/Third parties
PT Bank Central Asia Tbk Februari/
- 500.000 - 27.778 - February 2025
Juni/
- 600.000 - 100.000 - June 2025
Oktober/
- 400.000 - 111.111 - October 2025
Juli/
- 1.500.000 - 291.667 - July 2025
November/
- 1.000.000 - 305.556 - November 2025
Januari/ Januari/
500.000 500.000 135.417 260.417 January 2027 January 2027
Maret/ Maret/
500.000 500.000 41.667 208.333 March 2026 March 2026
Juni/ Juni/
1.600.000 1.600.000 266.667 800.000 June 2026 June 2026
September/ September/
500.000 500.000 125.000 291.667 September 2026 September 2026
Desember/ Desember/
1.000.000 1.000.000 333.333 666.667 December 2026 December 2026
Desember/ Desember/
400.000 400.000 133.333 266.667 December 2026 December 2026
Desember/ Desember/
500.000 500.000 166.667 333.333 December 2026 December 2026
Juni/ Juni/
1.000.000 1.000.000 500.000 833.333 June 2027 June 2027
Juni/ Juni/
1.000.000 1.000.000 500.000 833.333 June 2027 June 2027
Agustus/ Agustus/
1.000.000 1.000.000 555.555 888.889 August 2027 August 2027
Desember/ Desember/
700.000 700.000 466.666 700.000 December 2027 December 2027
September/
1.300.000 - 1.191.667 - September 2028 -
Januari/
5.000.000 - - - January 2027 -
68
Page 362
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
15. PINJAMAN YANG DITERIMA (lanjutan) 15. BORROWINGS (continued)
Jumlah fasilitas/ Jumlah pinjaman/ Jatuh tempo fasilitas/
Facility amount Loan amount Maturity date of the facility
31 Desember/ 31 Desember/ 31 Desember/ 31 Desember/ 31 Desember/ 31 Desember/
December 2025 December 2024 December 2025 December 2024 December 2025 December 2024
Pinjaman bank (lanjutan)/
Bank loans (continued)
Non-revolving (lanjutan/continued)
Rupiah (lanjutan/continued)
Pihak ketiga (lanjutan)
/Third parties (continued)
Maret/
PT Bank UOB Indonesia - 260.000 - 25.000 - March 2025
September/
- 260.000 - 75.000 - September 2025
Januari/
PT Bank Danamon Indonesia Tbk - 500.000 - 13.889 - January 2025
Oktober/
- 1.000.000 - 277.778 - October 2025
Desember/
1.000.000 - - - December 2026 -
PT Bank Pan Indonesia Tbk Mei/
- 1.000.000 - 138.889 - May 2025
November/
- 1.000.000 - 305.555 - November 2025
Maret/ Maret/
500.000 500.000 41.667 208.333 March 2026 March 2026
April/ April/
500.000 500.000 55.556 222.222 April 2026 April 2026
April/
1.000.000 - - - April 2026 -
Oktober/ Oktober/
1.000.000 1.000.000 277.778 611.111 October 2026 October 2026
Mei/ Mei
1.000.000 1.000.000 472.222 805.555 May 2027 May 2027
September/ September/
1.000.000 1.000.000 583.333 916.667 September 2027 September 2027
Maret/
1.000.000 - 750.000 - March 2028 -
Maret/
PT Bank DKI - 200.000 - 18.072 - March 2025
Maret/ Maret/
1.000.000 1.000.000 394.320 768.601 March 2027 March 2027
Maret/
PT Bank CIMB Niaga Tbk - 500.000 - 41.667 - March 2025
Maret/ Maret/
400.000 400.000 33.333 166.667 March 2026 March 2026
Agustus/
PT Bank QNB Indonesia Tbk - 300.000 - 166.667 - August 2026
Juni/
PT Bank Permata Tbk - 400.000 - 66.667 - June 2025
Desember/
500.000 - - - December 2025* -
Juni/
PT Bank Oke Indonesia Tbk - 500.000 - 89.851 - June 2025
Juli/
PT Bank China Construction Bank Indonesia Tbk - 430.000 - 89.921 - July 2025
November/
- 300.000 - 198.331 - November 2026
Januari/
300.000 - 214.626 - January 2028 -
PT Bank Pembangunan Daerah Agustus/
Jawa Barat dan Banten Tbk - 500.000 - 277.778 - August 2026
Agustus/
PT Bank of India Indonesia Tbk - 500.000 - 277.778 - Agustus 2026
Januari/ Januari/
PT Bank Maybank Indonesia Tbk 750.000 750.000 270.833 520.833 January 2027 January 2027
April/ April/
PT Bank Maspion Indonesia Tbk 300.000 300.000 133.333 233.333 April 2027 April 2027
Maret/
PT Bank CTBC Indonesia 200.000 - 150.000 - March 2028 -
Mei/
PT Bank DBS Indonesia 500.000 - - - May 2026 -
25.950.000 26.800.000 7.792.973 13.434.916
Mata uang asing/Foreign currency
Pihak ketiga/Third parties
Februari/ Februari/
PT Bank Mizuho Indonesia 756.250 756.250 69.925 336.708 February 2026 February 2026
September/
1.678.200 - - - September 2026 -
MUFG Bank, Ltd., Cabang Jakarta April/
MUFG Bank, Ltd., Jakarta Branch - 409.459 - 76.770 - April 2025
*) Masih dalam proses perpanjangan fasilitas *) Still in the process of extending the facility
69
Page 363
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
15. PINJAMAN YANG DITERIMA (lanjutan) 15. BORROWINGS (continued)
Jumlah fasilitas/ Jumlah pinjaman/ Jatuh tempo fasilitas/
Facility amount Loan amount Maturity date of the facility
31 Desember/ 31 Desember/ 31 Desember/ 31 Desember/ 31 Desember/ 31 Desember/
December 2025 December 2024 December 2025 December 2024 December 2025 December 2024
Pinjaman bank (lanjutan)/
Bank loans (continued)
Non-revolving (lanjutan/continued)
Mata uang asing (lanjuran)/
Foreign currency (continued)
Pihak ketiga (lanjutan)/
Third parties (continued)
Februari/ Februari/
PT Bank Danamon Indonesia Tbk 1.000.000 1.000.000 414.897 742.057 February 2027 February 2027
Juli/ Juli/
500.000 500.000 273.032 429.016 July 2027 July 2027
Juli/ Juli/
PT Bank Permata Tbk 400.000 400.000 241.343 365.243 July 2027 July 2027
Agustus/ Agustus/
315.000 315.000 193.578 292.955 August 2027 August 2027
4.649.450 3.380.709 1.192.775 2.242.749
Rupiah
Pihak berelasi/Related parties
Mei/
PT Bank Mandiri (Persero) Tbk - 400.000 - 47.065 - May 2025
Desember/
- 450.000 - 112.500 - December 2025
Oktober/ Oktober/
93.000 93.000 19.375 42.625 October 2026 October 2026
Oktober/
PT Bank Tabungan Negara (Persero) Tbk - 500.000 - 138.889 - October 2025
93.000 1.443.000 19.375 341.079
Pinjaman Lembaga keuangan non-bank/
Financial institution non-bank loans
PT Sarana Multigriya Juli/ Juli/
Finansial (Persero) 600.000 600.000 91.053 331.723 July 2026 July 2026
Maret/ Maret/
500.000 500.000 212.350 384.368 March 2027 March 2027
Juni/ Juni/
1.000.000 1.000.000 487.614 847.726 June 2027 June 2027
2.100.000 2.100.000 791.017 1.563.817
Jumlah/Total non-revolving 32.792.450 33.723.709 9.796.140 17.582.561
Jumlah/Total 45.469.207 38.969.109 15.883.338 21.513.126
Saldo pinjaman bank dan lembaga keuangan non Bank loans and non-bank financial institution loans
bank sesuai dengan tanggal jatuh temponya sebagai balance based on maturity date follows:
berikut:
31 Desember/ 31 Desember/
December 2025 December 2024
Tahun Year
2025 - 10.782.999 2025
2026 10.403.474 7.135.356 2026
2027 4.023.629 2.875.481 2027
2028 dan sesudahnya 1.456.235 719.290 2028 and there after
15.883.338 21.513.126
70
Page 364
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
15. PINJAMAN YANG DITERIMA (lanjutan) 15. BORROWINGS (continued)
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, the Company
Perseroan memiliki fasilitas pinjaman yang belum has undrawn loan facilities with details as follows:
ditarik dengan rincian sebagai berikut:
31 Desember/December 2025
Jumlah fasilitas
yang belum
ditarik/
Nama bank/ Jenis pinjaman/ Nomor perjanjian/ Tanggal perjanjian/ Jumlah fasilitas/ Undrawn facility Jatuh tempo fasilitas/
Bank name Loan type Agreement number Agreement date Facility amount amount Maturity date facility
Revolving:
PT Bank Mandiri (Persero) Tbk Pinjaman Kredit Modal Kerja 187 29 September/ 5.825.000 320.677 21 September/
Executing 15 September 2025 September 2026
Working Capital Facility15
Pinjaman Kredit Modal Kerja WCO.KP/772/KMK/2022 22 September/ 150.000 67.125 21 September/
Auto Loan Pegawai/ September 2025 September 2026
Working Capital Facility
Auto Loan Employee 22 September/ 21 September/
Pinjaman Kredit Modal Kerja 188 September 2025 300.000 300.000 September 2026
Revolving
PT Bank ANZ Indonesia Fasilitas Modal Kerja/ 085/FA/ANZ/AMD/VI/2025 30 Juni/ 251.730 251.730 30 Juni/
Working Capital Facility June 2025 June 2026
Fasilitas Kredit Berulang 084/FA/ANZ/AMD/VI/2025 30 Juni/ 335.640 335.640 30 Juni/
Tanpa Komitmen June 2025 June 2026
Uncommitted Revolving
Credit Facility
PT Bank Danamon Indonesia Tbk Fasilitas Modal Kerja/ B.735/ARO/EB/1025 30 Oktober/ 150.000 150.000 30 Agustus/
Working Capital Facility October 2025 August 2026
MUFG Bank, Ltd., Cabang Jakarta/ Fasilitas Pinjaman Jangka Pendek
MUFG Bank, Ltd., Jakarta Branch Tanpa Komitmen 2025-0012271 24 Juli/ 1.317.387 817.387 28 Februari/
Uncommitted Short Term July 2025 February 2026
Loan Facility
PT Bank OCBC NISP Tbk Fasilitas Demand Loan/ 447/ILS-JKT/PK/X/2025 27 Oktober/ 200.000 200.000 10 November/
Demand Loan Facility October 2025 November 2026
PT Bank Central Asia Tbk Pinjaman Berjangka 114 23 Juli/ 500.000 500.000 11 Juni/
Money Market/ July 2025 June 2026
PT Bank SMBC Indonesia Tbk Loan on Note BTPN/NS/0095 30 April/ 300.000 300.000 30 April/
April 2025 April 2026
PT Bank HSBC Indonesia Pinjaman Berulang I/ JAK/210416/U/00547045 17 Juni/ 250.000 250.000 31 Juli/
Revolving Loan I June 2021 July 2026
PT Bank UOB Indonesia Revolving Credit Facility 680/05/2025 14 Mei/May 2025 300.000 300.000 29 Mei/May 2026
16 Oktober/ 7 Desember/
PT Bank CTBC Indonesia Short Term Loan 479/ADD/X/2025 October 2025 50.000 50.000 December 2026
PT Bank Negara Indonesia Fasilitas Kredit Modal Kerja/ 26 Juni/ 26 Juni/
(Persero) Tbk Working Capital Credit Facility 31 June 2025 1.000.000 1.000.000 June 2026
Jumlah/Total revolving 10.929.757 4.842.559
Non-revolving:
23 Juli/ 1 Januari/
PT Bank Central Asia Tbk Installment Loan 20 114 July 2025 5.000.000 5.000.000 January 2027
24 September/ 24 September/
PT Bank Mizuho Indonesia Term Loan 956/AMD/MZH/0925 September 2025 1.678.200 1.678.200 September 2026
26 Agustus/ 16 Mei/
PT Bank DBS Indonesia Amortized Term Loan 206/PFPA-DBSI/VIII/1-2/2025 August 2025 500.000 500.000 May 2026
12 Desember/ 17 Desember/
PT Bank Danamon Indonesia Tbk Term Loan 7 391/PP/EB/1225 December 2025 1.000.000 1.000.000 December 2026
30 Juni/ 30 Desember/
PT Bank Permata Tbk Term Loan 3 32 June 2025 500.000 500.000 December 2025*
3 Oktober/ 3 April/
PT Bank Panin Tbk Pinjaman Tetap 26 04 October 2025 1.000.000 1.000.000 April 2026
Jumlah/Total non-revolving 9.678.200 9.678.200
Jumlah/Total 20.607.957 14.520.759
*) Masih dalam proses perpanjangan fasilitas *) Still in the process of extending the facility
71
Page 365
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
15. PINJAMAN YANG DITERIMA (lanjutan) 15. BORROWINGS (continued)
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, the Company
Perseroan memiliki fasilitas pinjaman yang belum has undrawn loan facilities with details as follows:
ditarik dengan rincian sebagai berikut: (lanjutan) (continued)
31 Desember/December 2024
Jumlah fasilitas
yang belum
ditarik/
Nama bank/ Jenis pinjaman/ Nomor perjanjian/ Tanggal perjanjian/ Jumlah fasilitas/ Undrawn facility Jatuh tempo fasilitas/
Bank name Loan type Agreement number Agreement date Facility amount amount Maturity date facility
Revolving:
PT Bank Mandiri (Persero) Tbk Pinjaman Kredit Modal Kerja 167 23 September/ 3.925.000 31.833 23 September/
Executing 15 September 2024 September 2025
Working Capital Facility15
Pinjaman Kredit Modal Kerja 169 23 September/ 150.000 112.603 23 September/
Auto Loan Pegawai/ September 2024 September 2025
Working Capital Facility
Auto Loan Employee 23 September/ 23 September/
Pinjaman Kredit Modal Kerja 168 September 2024 200.000 200.000 September 2025
Revolving
PT Bank ANZ Indonesia Fasilitas Modal Kerja/ 1300/FA/ANZ/AMD/ 27 Juni/ 242.430 242.430 30 Juni/
Working Capital Facility VI/2024 June 2024 June 2025
Fasilitas Kredit Berulang 1299/FA/ANZ/AMD/VI/2024 27 Juni/ 323.240 323.240 30 Juni/
Tanpa Komitmen June 2024 June 2025
Uncommitted Revolving
Credit Facility
PT Bank Danamon Indonesia Tbk Fasilitas Modal Kerja/ B.756/ARO/EB/1024 17 Desember/ 150.000 150.000 30 Agustus/
Working Capital Facility December 2024 August 2025
MUFG Bank, Ltd., Cabang Jakarta/ Fasilitas Pinjaman Jangka Pendek
MUFG Bank, Ltd., Jakarta Branch Tanpa Komitmen 2024-0002527 27 Mei/ 808.100 808.100 28 Februari/
Uncommitted Short Term May 2024 February 2025
Loan Facility
PT Bank OCBC NISP Tbk Fasilitas Demand Loan/ 506/ILS-JKT/PK/X/2024 8 November/ 200.000 200.000 10 November/
Demand Loan Facility November 2024 November 2025
PT Bank Central Asia Tbk Pinjaman Berjangka 67 21 Mei/ 553.000 553.000 11 Maret/
Money Market/ May 2024 March 2025
PT Bank Permata Tbk Money Market Loan/ 0845/MM/ADD/IV/2024/CG6 19 April/ 100.000 100.000 15 Februari/
Money Market Loan April 2024 February 2025
PT Bank HSBC Indonesia Pinjaman Berulang I/ JAK/210416/U/00547045 17 Juni/ 250.000 250.000 31 Juli/
Revolving Loan I June 2021 July 2025
PT Bank CTBC Indonesia Pinjaman Jangka Pendek/ 472/ADD/XII/2024 18 Desember/ 200.000 200.000 7 Desember/
Short Term Loan December 2024 December 2025
PT Bank Rakyat Indonesia Kredit Jangka Pendek/ 70 24 Oktober/ 100.000 100.000 24 Oktober/
(Persero) Tbk Short Term Loan October 2024 October 2025
PT Bank SMBC Indonesia Tbk
(dahulu/formerly
PT Bank BTPN Tbk) Loan on Note BTPN/NS/0095 13 Mei/May 2024 300.000 300.000 30 April/April 2025
PT Bank UOB Indonesia Revolving Credit Facility 883/06/2024 25 Juni/June 2024 300.000 300.000 29 Mei/May 2025
Jumlah/Total revolving 7.801.770 3.871.206
Non-revolving:
21 Mei/ 31 Desember/
PT Bank Central Asia Tbk Installment Loan 19 67 May 2024 5.000.000 1.300.000 December 2025
Pinjaman Berjangka/ 19 September/ 25 September/
PT Bank Mizuho Indonesia Term Loan 927/AMD/MZH/0924 September 2024 1.616.200 1.616.200 September 2025
16 Mei/ 16 Mei/
PT Bank DBS Indonesia Amortized Term Loan 118/PFP-DBSI/V/1-2/2024 May 2024 500.000 500.000 May 2025
25 November/ 25 Mei/
PT Bank Pan Indonesia Tbk Pinjaman Tetap 25 64 November 2024 1.000.000 1.000.000 May 2025
17 Desember/ 17 Desember/
PT Bank Danamon Indonesia Tbk Term Loan 7 191 December 2024 1.500.000 1.500.000 December 2025
Jumlah/Total non-revolving 9.616.200 5.916.200
Jumlah/Total 17.417.970 9.787.406
72
Page 366
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
15. PINJAMAN YANG DITERIMA (lanjutan) 15. BORROWINGS (continued)
Pinjaman bank dalam rupiah di atas dikenakan The bank loans denominated in Rupiah bear interest
bunga antara 4,80% - 7,60% dan 6,00% - 7,60% rates ranging between 4.80% - 7.60% and 6.00% -
pada tahun yang berakhir pada tanggal 31 Desember 7.60% for the year ended 31 December 2025 and
2025 dan 2024. Pinjaman bank dalam mata uang 2024. The bank loans denominated in foreign
asing dikenakan bunga currency bear interest of USD-SOFR+0.60%-1.08%
USD-SOFR+0,60%-1,08% per tahun dan per annum and SOFR+0.60%-1.20% per annum for
USD-SOFR+0,60%-1,20% per tahun pada tahun the year ended 31 December 2025 and 2024,
yang berakhir pada tanggal 31 Desember 2025 dan respectively.
2024.
Selama tahun yang berakhir pada tanggal During the years, ended 31 December 2025 and
31 Desember 2025 dan 2024, Perseroan telah 2024, the Company has paid the loan principal and
melakukan pembayaran cicilan pokok dan bunga interest installments on schedule.
pinjaman sesuai jadwal yang ditetapkan.
Pinjaman-pinjaman ini dijamin dengan piutang These loans are secured by consumer financing
pembiayaan konsumen sejumlah Rp4.709.317 pada receivables amounting to Rp4,709,317 as of
tanggal 31 Desember 2025 (31 Desember 2024: 31 December 2025 (31 December 2024:
Rp9.259.955) dan piutang sewa pembiayaan Rp9,259,955) and finance lease receivables
sejumlah Rp460.323 pada tanggal amounting to Rp460,323 as of 31 December 2025
31 Desember 2025 (31 Desember 2024: (31 December 2024: Rp1,238,030).
Rp1.238.030).
Fasilitas pinjaman dari beberapa bank mensyaratkan The loan facilities from those banks require the
Perseroan untuk memberikan pemberitahuan tertulis Company to provide a written notice in respect of
dalam hal pembagian dividen, perubahan modal dan dividend payments, changes of capital and
pemegang saham, perubahan susunan direksi dan shareholders, changes of directors and
komisaris, perubahan bisnis utama, investasi dan commissioners, changes of main business,
perolehan pinjaman baru dari bank lain. investment and obtaining new loan facilities from
other banks.
Dalam perjanjian pinjaman tersebut, Perseroan juga Under the loan agreements, the Company is also
diwajibkan untuk memenuhi persyaratan keuangan obliged to comply with financial covenants such as
seperti rasio jumlah utang bunga terhadap ekuitas gearing ratio not exceeding 10:1 and other reporting
tidak melebihi rasio 10:1 dan kewajiban obligations. As of 31 December 2025 and
penyampaian laporan lainnya. Pada tanggal 2024, the Company has complied with the terms and
31 Desember 2025 dan 2024, Perseroan telah conditions set forth in the bank loan agreement.
memenuhi persyaratan dan kondisi yang tertuang di
dalam perjanjian pinjaman bank.
Fasilitas-fasilitas pinjaman ini dipergunakan untuk The loan facilities are used for the Company’s
modal kerja kegiatan usaha Perseroan. working capital.
Lihat Catatan 26b untuk rincian saldo dan transaksi Refer to Note 26b for details of balances and
dengan pihak berelasi. transactions with related parties.
16. INSTRUMEN KEUANGAN DERIVATIF 16. DERIVATIVE FINANCIAL INSTRUMENTS
31 Desember/December 2025
Jumlah nosional Nilai wajar/Fair values
mata uang asing
(jumlah penuh)/ Piutang Utang
Notional amount in derivatif/ derivatif/
foreign currency Derivative Derivative
Instrumen (full amount) receivables payables Instruments
Terkait nilai tukar Foreign exchange and
dan suku bunga interest rate related
Swap mata uang asing dan Cross currency swaps and
suku bunga interest rate
PT Bank Mizuho Indonesia USD 4.166.674 6.238 - PT Bank Mizuho Indonesia
PT Bank Danamon Indonesia Tbk USD 24.722.752 18.437 - PT Bank Danamon Indonesia Tbk
PT Bank Danamon Indonesia Tbk USD 16.269.352 2.955 - PT Bank Danamon Indonesia Tbk
PT Bank Permata Tbk USD 14.381.099 1.393 - PT Bank Permata Tbk
PT Bank Permata Tbk USD 11.534.840 4.803 - PT Bank Permata Tbk
33.826 -
73
Page 367
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
16. INSTRUMEN KEUANGAN DERIVATIF (lanjutan) 16. DERIVATIVE FINANCIAL INSTRUMENTS
(continued)
31 Desember/December 2024
Jumlah nosional Nilai wajar/Fair values
mata uang asing
(jumlah penuh)/ Piutang Utang
Notional amount in derivatif/ derivatif/
foreign currency Derivative Derivative
Instrumen (full amount) receivables payables Instruments
Terkait nilai tukar Foreign exchange and
dan suku bunga interest rate related
Swap mata uang asing dan Cross currency swaps and
suku bunga interest rate
MUFG Bank,Ltd.,Cabang Jakarta USD 4.750.000 7.979 - MUFG Bank,Ltd.,Jakarta Branch
PT Bank Mizuho Indonesia USD 20.833.338 22.045 - PT Bank Mizuho Indonesia
PT Bank Danamon Indonesia Tbk USD 45.913.682 14.014 - PT Bank Danamon Indonesia Tbk
PT Bank Danamon Indonesia Tbk USD 26.544.732 - 6.579 PT Bank Danamon Indonesia Tbk
PT Bank Permata Tbk USD 22.598.870 - 6.075 PT Bank Permata Tbk
PT Bank Permata Tbk USD 18.126.177 970 - PT Bank Permata Tbk
45.008 12.654
Perseroan menghadapi risiko pasar, terutama karena The Company is exposed to market risks, primarily
perubahan kurs mata uang asing dan tingkat bunga to changes in foreign currency exchange and
mengambang, dan menggunakan instrumen derivatif floating interest rates, and uses derivative
untuk lindung nilai atas risiko tersebut sebagai bagian instruments to hedge these risks as part of its risk
dari manajemen risiko. Perseroan tidak memiliki atau management activities. The Company does not
menerbitkan instrumen derivatif untuk tujuan-tujuan hold or issue derivative instruments for trading
diperdagangkan. purposes.
Selisih nilai wajar instrumen derivatif yang ditujukan The fair value difference of derivative instruments
sebagai lindung nilai arus kas dan rugi selisih kurs designated as cash flow hedges and foreign
atas utang bank dalam mata uang asing neto setelah exchange loss of bank loan denominated in foreign
pajak dicatat pada penghasilan komprehensif lain currency net of taxes were reported as other
sebesar (Rp4.572) dan (Rp20.225) pada comprehensive income amounting to (Rp4,572)
31 Desember 2025 dan 2024. Saldo kerugian and (Rp20,225) in 31 December 2025 and 2024.
kumulatif yang timbul dari perubahan nilai wajar Cumulative losses from the changes in fair value of
instrumen derivatif tersebut disajikan sebagai derivative instrument are presented as “Cumulative
”Kerugian) kumulatif atas instrumen derivatif untuk gain (loss) on derivative instrument for cash flow
lindung nilai arus kas - neto” pada ekuitas masing- hedges - net” a in the equity amounted to
masing sebesar (Rp21.995) dan (Rp17.423) pada (Rp21,995) and (Rp17,423) as of 31 December
tanggal 31 Desember 2025 dan 2024. 2025 and 2024, respectively.
MUFG Bank, Ltd., Cabang Jakarta MUFG Bank, Ltd., Jakarta Branch
Perseroan melakukan kontrak swap mata uang dan The Company entered into cross currency swap
suku bunga dengan MUFG Bank, Ltd., Cabang contracts and interest rate swap contracts with
Jakarta dengan rincian sebagai berikut: MUFG Bank, Ltd., Jakarta Branch with details as
follows:
Dasar pinjaman/ Nilai kontrak/ Tanggal perjanjian/ Tanggal jatuh tempo/ Jenis kontrak swap/
Underlying loan Contract value Agreement date Maturity date Type of swap contract
11 Maret/ 11 April/ Swap mata uang dan suku bunga/
Bilateral Loan/Bilateral Loan USD28.500.000 March 2022 April 2025 Cross currency interest rate swaps
Perseroan membayar angsuran pokok dan bunga The Company pays installments of principal and
setiap 3 (tiga) bulan dengan tingkat suku bunga tetap interest every 3 (three) months at annual fixed rate
sebesar 6,00% dan menerima dengan tingkat suku by 6.00% and receives a floating rate of SOFR
bunga mengambang SOFR Compound + 1,20% Compound +1.20% in USD for cross-currency and
dalam USD untuk kontrak swap mata uang dan suku interest rate swap.
bunga.
Perseroan telah melunasi utang dengan MUFG The Company has paid off to MUFG Bank, Ltd.,
Bank, Ltd., Cabang Jakarta pada tanggal 11 April Jakarta Branch on 11 April 2025.
2025.
74
Page 368
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
16. INSTRUMEN KEUANGAN DERIVATIF (lanjutan) 16. DERIVATIVE FINANCIAL INSTRUMENTS
(continued)
PT Bank Mizuho Indonesia PT Bank Mizuho Indonesia
Perseroan melakukan kontrak swap mata uang dan The Company entered into cross currency swap
suku bunga dengan PT Bank Mizuho Indonesia contracts and interest rate swap contracts with
dengan rincian sebagai berikut: PT Bank Mizuho Indonesia as follows:
Dasar pinjaman/ Nilai kontrak/ Tanggal perjanjian/ Tanggal jatuh tempo/ Jenis kontrak swap/
Underlying loan Contract value Agreement date Maturity date Type of swap contract
Bilateral loan/ 8 April/ 13 Februari/ Swap mata uang dan suku bunga/
Bilateral loan USD50.000.000 April 2022 February 2026 Cross currency interest rate swaps
Perseroan membayar angsuran pokok dan bunga The Company pays installments of principal and
setiap 3 (tiga) bulan dengan tingkat suku bunga tetap interest every 3 (three) months at annual fixed rate
dan menerima dengan tingkat bunga mengambang and has received a floating rate of SOFR
SOFR Compound +1,08% dalam USD untuk kontrak Compound +1.08% in USD for cross-currency and
swap mata uang dan suku bunga. interest rate swap.
PT Bank Danamon Indonesia Tbk PT Bank Danamon Indonesia Tbk
Perseroan melakukan kontrak swap mata uang dan The Company entered into cross currency swap
suku bunga dengan PT Bank Danamon Indonesia contracts and interest rate swap contracts with
Tbk dengan rincian sebagai berikut: PT Bank Danamon Indonesia Tbk with details as
follows:
Dasar pinjaman/ Nilai kontrak/ Tanggal perjanjian/ Tanggal jatuh tempo/ Jenis kontrak swap/
Underlying loan Contract value Agreement date Maturity date Type of swap contract
13 November/ 12 Februari/ Swap mata uang dan suku bunga/
Bilateral Loan/Bilateral Loan USD63.572.791 November 2023 February 2027 Cross currency interest rate swaps
13 November/ 23 Juli/ Swap mata uang dan suku bunga/
Bilateral Loan/Bilateral Loan USD30.826.140 November 2023 July 2027 Cross currency interest rate swaps
Perseroan membayar angsuran pokok dan bunga The Company pays installments of principal and
setiap bulan dengan tingkat suku bunga tetap dan interest every month at annual fixed rate and
menerima dengan tingkat suku bunga mengambang receives a floating rate of Term SOFR + 0.69%
masing-masing Term SOFR + 0,69% dan Term and Term SOFR + 0.60% each in USD for cross-
SOFR + 0,60% dalam USD untuk kontrak swap mata currency and interest rate swap.
uang dan suku bunga.
PT Bank Permata Tbk PT Bank Permata Tbk
Perseroan melakukan kontrak swap mata uang dan The Company entered into cross currency swap
suku bunga dengan PT Bank Permata Tbk dengan contracts and interest rate swap contracts with
rincian sebagai berikut: PT Bank Permata Tbk with details as follows:
Dasar pinjaman/ Nilai kontrak/ Tanggal perjanjian/ Tanggal jatuh tempo/ Jenis kontrak swap/
Underlying loan Contract value Agreement date Maturity date Type of swap contract
12 April/ 24 Juli/ Swap mata uang dan suku bunga/
Bilateral Loan/Bilateral Loan USD24.653.312 April 2023 July 2027 Cross currency interest rate swaps
12 April/ 14 Agustus/ Swap mata uang dan suku bunga/
Bilateral Loan/Bilateral Loan USD19.774.011 April 2023 August 2027 Cross currency interest rate swaps
Perseroan membayar angsuran pokok dan bunga The Company pays installments of principal and
setiap 3 (tiga) bulan dengan tingkat suku bunga tetap interest every 3 (three) months at annual fixed rate
dan menerima dengan tingkat suku bunga and receives a floating rate of Term SOFR +
mengambang masing-masing Term SOFR + 0,60% 0.60% and Term SOFR + 0.63% in USD for cross-
dan Term SOFR + 0,63% dalam USD untuk kontrak currency and interest rate swap.
swap mata uang dan suku bunga.
75
Page 369
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
16. INSTRUMEN KEUANGAN DERIVATIF (lanjutan) 16. DERIVATIVE FINANCIAL INSTRUMENTS
(continued)
Kontrak swap mata uang dan suku bunga Perseroan The Company’s cross currency and interest rate
telah memenuhi kriteria dan berlaku efektif sebagai swap contracts are designated as effective cash
lindung nilai arus kas. Oleh karenanya, nilai wajar flow hedge. Therefore, the fair value of the
instrumen lindung nilai disajikan pada penghasilan hedging instrument is presented under other
komprehensif lainnya di bagian ekuitas. Aset atau comprehensive income in the equity section. The
liabilitas terkait yang timbul dari transaksi swap related assets or liabilities arising from the swap
tersebut disajikan pada piutang atau utang derivatif. transaction is presented under derivative
receivables or payables.
17. SURAT BERHARGA YANG DITERBITKAN 17. SECURITIES ISSUED
31 Desember/ 31 Desember/
December 2025 December 2024
Obligasi Berkelanjutan V Tahap I - 386.000 Continuing Bonds V Phase I
Obligasi Berkelanjutan V Tahap II 485.700 485.700 Continuing Bonds V Phase II
Obligasi Berkelanjutan V Tahap III 376.615 1.228.055 Continuing Bonds V Phase III
Obligasi Berkelanjutan VI Tahap I 691.735 691.735 Continuing Bonds VI Phase I
Obligasi Berkelanjutan VI Tahap II 1.131.110 1.131.110 Continuing Bonds VI Phase II
Obligasi Berkelanjutan VI Tahap III 1.163.085 1.163.085 Continuing Bonds VI Phase III
Obligasi Berkelanjutan VI Tahap IV 1.609.110 1.609.110 Continuing Bonds VI Phase IV
Obligasi Berkelanjutan VII Tahap I 775.270 - Continuing Bonds VI Phase IV
6.232.625 6.694.795
Dikurangi: Less:
Beban emisi yang belum diamortisasi: Unamortized issuance cost:
Saldo awal (12.870) (8.235) Beginning balance
Penambahan (2.601) (8.764) Additions
Amortisasi (lihat Catatan 22) 4.745 4.129 Amortization (refer to Note 22)
(10.726) (12.870)
Total 6.221.899 6.681.925 Total
Surat berharga yang diterbitkan sesuai dengan jatuh Securities issued based on maturity profile, are as
temponya sebagai berikut: follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Tahun Year
2025 - 1.237.440 2025
2026 2.043.045 1.729.535 2026
2027 881.940 881.940 2027
2028 dan sesudahnya 3.307.640 2.845.880 2028 and there after
6.232.625 6.694.795
Obligasi Berkelanjutan V Continuing Bonds V
Obligasi Berkelanjutan V Mandiri Tunas Finance Mandiri Tunas Finance Continuing Bonds V
Tahap I Tahun 2020 Phase I Year 2020
Pada tanggal 13 Agustus 2020 Perseroan telah On 13 August 2020, the Company issued Mandiri
menerbitkan Obligasi Berkelanjutan V Mandiri Tunas Tunas Finance Continuing Bonds V Phase I Year
Finance Tahap I Tahun 2020 (”Obligasi 2020 (“Continuing Bonds V Phase I”) with details as
Berkelanjutan V Tahap I”) dengan rincian sebagai follows:
berikut:
Tingkat bunga
tetap per tahun/
Obligasi/ Nilai nominal/ Fixed interest Jatuh tempo/ Cicilan pokok Obligasi/
Bonds Nominal value rate per annum Due date Bonds principal installment
Seri/Series B 386.000 8,60% 13 Agustus/ Pembayaran penuh pada saat jatuh
August 2025 tempo/Bullet payment on due date
76
Page 370
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
17. SURAT BERHARGA YANG DITERBITKAN 17. SECURITIES ISSUED (continued)
(lanjutan)
Obligasi Berkelanjutan V (lanjutan) Continuing Bonds V (continued)
Obligasi Berkelanjutan V Mandiri Tunas Finance Mandiri Tunas Finance Continuing Bonds V
Tahap I Tahun 2020 (lanjutan) Phase I Year 2020 (continued)
Obligasi tersebut dijamin dengan piutang These bonds are secured by the Company’s
pembiayaan konsumen Perseroan sebesar minimum consumer financing receivables for a minimum
60% untuk Obligasi Berkelanjutan V Tahap I dari amount of 60% of the nominal value of Continuing
pokok obligasi terutang. Pada tanggal Bonds V Phase I. As of 31 December 2024, the
31 Desember 2024, piutang pembiayaan konsumen amount of consumer financing receivables that are
yang dijaminkan adalah sejumlah Rp199.812, pledged as security for bonds payable is
sedangkan piutang sewa pembiayaan yang Rp199,812, while finance lease receivables that are
dijaminkan adalah sejumlah Rp31.788 (lihat Catatan pledged is Rp31,788 (refer to Note 5 and 6).
5 dan 6).
Jika jumlah piutang pembiayaan konsumen kurang If the amount of consumer financing receivables is
dari yang dipersyaratkan, maka akan dipenuhi dari less than the requirement, the Company has to
uang tunai yang ditempatkan pada rekening place sufficient cash into an escrow account
penampungan atas nama Perseroan yang ditunjuk established by PT Bank Rakyat Indonesia (Persero)
oleh PT Bank Rakyat Indonesia (Persero) Tbk selaku Tbk as trustee for Continuing Bonds V Phase I.
wali amanat untuk Obligasi Berkelanjutan V Tahap I.
Dalam perjanjian perwaliamanatan juga diatur The trustee agreement provides several negative
beberapa pembatasan yang harus dipenuhi oleh covenants to the Company, among others,
Perseroan, antara lain memberikan jaminan fidusia collateral with fiduciary transfer of consumer
berupa piutang pembiayaan konsumen dan rasio financing receivables and debt to equity ratio not to
jumlah pinjaman terhadap ekuitas tidak melebihi exceed 10:1. Moreover, during the year that the
rasio 10:1. Selain itu, selama pokok obligasi belum bond principals are still outstanding, the Company
dilunasi, Perseroan tidak diperkenankan, antara lain is not allowed to, among others, merge unless
melakukan penggabungan usaha kecuali dilakukan performed on the same business and to sell or
pada bidang usaha yang sama serta menjual atau assign more than 50% of the Company’s asset,
mengalihkan lebih dari 50% aset Perseroan kecuali except for the Company’s normal business
untuk kegiatan usaha Perseroan sehari-hari. transactions.
Perseroan telah memenuhi batasan-batasan yang The Company has complied with the covenants on
diwajibkan dalam perjanjian tersebut diatas. the trustee agreements.
PT Pefindo telah menetapkan peringkat idAA+ PT Pefindo has rated the Continuing Bonds as
(Double A Plus) terhadap Obligasi Berkelanjutan V idAA+ (Double A plus) of Continuing Bonds V Phase
Tahap I sesuai dengan suratnya No. RC-537/PEF- I based on its report No. RC-537/PEF-DIR/V/2020
DIR/V/2020 tanggal 8 Mei 2020 untuk periode 8 Mei dated 8 May 2020 for the period 8 May 2020 until
2020 sampai dengan 1 Mei 2021. 1 May 2021.
PT Pefindo telah menetapkan kembali peringkat PT Pefindo has rated the Continuing Bonds as
idAAA (Triple A) terhadap Obligasi Berkelanjutan V idAAA (Triple A) of Continuing Bonds V Phase I
Tahap I terakhir sesuai dengan suratnya No. RC- with the latest based on its report No. RC-199/PEF-
199/PEF-DIR/III/2025 tanggal 5 Maret 2025 untuk DIR/III/2025 dated 5 March 2025 for the period
periode 5 Maret 2025 sampai dengan 1 Maret 2026. 5 March 2025 until 1 March 2026.
Perseroan telah melunasi utang obligasi The company has paid off continuing Bonds V
berkelanjutan V tahap I seri B sebesar Rp386.000 Phase I serie B in the amount Rp386,000 on
pada tanggal 11 Agustus 2025. 11 August 2025.
77
Page 371
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
17. SURAT BERHARGA YANG DITERBITKAN 17. SECURITIES ISSUED (continued)
(lanjutan)
Obligasi Berkelanjutan V (lanjutan) Continuing Bonds V (continued)
Obligasi Berkelanjutan V Mandiri Tunas Finance Mandiri Tunas Finance Continuing Bonds V
Tahap II Tahun 2021 Phase II Year 2021
Pada tanggal 20 Mei 2021 Perseroan telah On 20 May 2021, the Company issued Mandiri
menerbitkan Obligasi Berkelanjutan V Mandiri Tunas Tunas Finance Continuing Bonds V Phase II Year
Finance Tahap II Tahun 2021 (”Obligasi 2021 (“Continuing Bonds V Phase II”) with details
Berkelanjutan V Tahap II”) dengan rincian sebagai as follows:
berikut:
Tingkat bunga
tetap per tahun/
Obligasi/ Nilai nominal/ Fixed interest Jatuh tempo/ Cicilan pokok Obligasi/
Bonds Nominal value rate per annum Due date Bonds principal installment
Seri/Series B 485.700 7,65% 20 Mei/ Pembayaran penuh pada saat jatuh
May 2026 tempo/Bullet payment on due date
Obligasi tersebut dijamin dengan piutang pembiayaan These bonds are secured by the Company’s
konsumen Perseroan sebesar minimum 60% untuk consumer financing receivables for a minimum
Obligasi Berkelanjutan V Tahap II dari pokok obligasi amount of 60% of the nominal value of Continuing
terutang. Pada tanggal 31 Desember 2025 dan Bonds V Phase II. As of 31 December 2025 and
31 Desember 2024, piutang pembiayaan konsumen 2024, the amount of consumer financing
yang dijaminkan adalah masing-masing sejumlah receivables that are pledged as security for bonds
Rp274.274 dan Rp271.358 sedangkan piutang sewa payable is Rp274,274 and Rp271,358, respectively,
pembiayaan yang dijaminkan adalah masing-masing while the amount of finance lease receivables that
sejumlah Rp17.146 dan Rp20.062 (lihat Catatan 5 dan are pledged is Rp17,146 and Rp20,062,
6). respectively (refer to Note 5 and 6).
Jika jumlah piutang pembiayaan konsumen kurang If the amount of consumer financing receivables is
dari yang dipersyaratkan, maka akan dipenuhi dari less than the requirement, the Company has to
uang tunai yang ditempatkan pada rekening place sufficient cash into an escrow account
penampungan atas nama Perseroan yang ditunjuk established by PT Bank Rakyat Indonesia (Persero)
oleh PT Bank Rakyat Indonesia (Persero) Tbk selaku Tbk as trustee for Continuing Bonds V Phase II.
wali amanat untuk Obligasi Berkelanjutan V Tahap II.
Dalam perjanjian perwaliamanatan juga diatur The trustee agreement provides several negative
beberapa pembatasan yang harus dipenuhi oleh covenants to the Company, among others,
Perseroan, antara lain memberikan jaminan fidusia collateral with fiduciary transfer of consumer
berupa piutang pembiayaan konsumen dan rasio financing receivables and debt to equity ratio not to
jumlah pinjaman terhadap ekuitas tidak melebihi rasio exceed 10:1. Moreover, during the year that the
10:1. Selain itu, selama pokok obligasi belum dilunasi, bond principals are still outstanding, the Company
Perseroan tidak diperkenankan, antara lain is not allowed to, among others, merge unless
melakukan penggabungan usaha kecuali dilakukan performed on the same business and to sell or
pada bidang usaha yang sama serta menjual atau assign more than 50% of the Company’s asset,
mengalihkan lebih dari 50% aset Perseroan kecuali except for the Company’s normal business
untuk kegiatan usaha Perseroan sehari-hari. transactions.
Perseroan telah memenuhi batasan-batasan yang The Company has complied with the covenants as
diwajibkan dalam perjanjian tersebut diatas. required by the above trustee agreements.
PT Pefindo telah menetapkan peringkat idAA+ PT Pefindo has rated the Continuing Bonds as
(Double A Plus) terhadap Obligasi Berkelanjutan V idAA+ (Double A plus) of Continuing Bonds V Phase
Tahap II sesuai dengan suratnya No. RC-498/PEF- II based on its report No. RC-498/PEF-DIR/V/2021
DIR/V/2021 tanggal 6 Mei 2021 untuk periode dated 6 May 2021 for the period 6 May 2021 until
6 Mei 2021 sampai dengan 1 Mei 2022. 1 May 2022.
PT Pefindo telah menetapkan kembali peringkat PT Pefindo has rated the Continuing Bonds as
idAAA (Triple A) terhadap Obligasi Berkelanjutan V idAAA (Triple A) of Continuing Bonds V Phase II
Tahap II terakhir sesuai dengan suratnya No. RC- with the latest based on its report No. RC-199/PEF-
199/PEF-DIR/III/2025 tanggal 5 Maret 2025 untuk DIR/III/2025 dated 5 March 2025 for the period
periode 5 Maret 2025 sampai dengan 1 Maret 2026. 5 March 2025 until 1 March 2026.
78
Page 372
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
17. SURAT BERHARGA YANG DITERBITKAN 17. SECURITIES ISSUED (continued)
(lanjutan)
Obligasi Berkelanjutan V (lanjutan) Continuing Bonds V (continued)
Obligasi Berkelanjutan V Mandiri Tunas Finance Mandiri Tunas Finance Continuing Bonds V
Tahap III Tahun 2022 Phase III Year 2022
Pada tanggal 23 Februari 2022, Perseroan telah On 23 February 2022, the Company issued Mandiri
menerbitkan Obligasi Berkelanjutan V Mandiri Tunas Tunas Finance Continuing Bonds V Phase III Year
Finance Tahap III Tahun 2022 (”Obligasi 2022 (“Continuing Bonds V Phase III”) with details
Berkelanjutan V Tahap III”) dengan rincian sebagai as follows:
berikut:
Tingkat bunga
tetap per tahun/
Obligasi/ Nilai nominal/ Fixed interest Jatuh tempo/ Cicilan pokok Obligasi/
Bonds Nominal value rate per annum Due date Bonds principal installment
Seri/Series A 851.440 5,90% 23 Februari/ Pembayaran penuh pada saat jatuh
February 2025 tempo/Bullet payment on due date
Seri/Series B 376.615 6,75% 23 Februari/ Pembayaran penuh pada saat jatuh
February 2027 tempo/Bullet payment on due date
Obligasi tersebut dijamin dengan piutang pembiayaan These bonds are secured by the Company’s
konsumen Perseroan sebesar minimum 60% untuk consumer financing receivables for a minimum
Obligasi Berkelanjutan V Tahap III dari pokok obligasi amount of 60% of the nominal value of Continuing
terutang. Pada tanggal 31 Desember 2025 dan 2024, Bonds V Phase III. As of 31 December 2025 and
piutang pembiayaan konsumen yang dijaminkan 2024, the amount of consumer financing receivables
adalah sejumlah Rp196.276 dan Rp650.305 that are pledged as security for bonds payable is
sedangkan piutang sewa pembiayaan yang Rp196,276 and Rp650,305 while the amount of
dijaminkan adalah sejumlah Rp29.693 dan Rp86.528 finance lease receivables that are pledged is
(lihat Catatan 5 dan 6). Rp29,693 and Rp86,528 (refer to Note 5 and 6).
Jika jumlah piutang pembiayaan konsumen kurang If the amount of consumer financing receivables is
dari yang dipersyaratkan, maka akan dipenuhi dari less than the requirement, the Company has to
uang tunai yang ditempatkan pada rekening place sufficient cash into an escrow account
penampungan atas nama Perseroan yang ditunjuk established by PT Bank Rakyat Indonesia (Persero)
oleh PT Bank Rakyat Indonesia (Persero) Tbk selaku Tbk as trustee for Continuing Bonds V Phase III.
wali amanat untuk Obligasi Berkelanjutan V Tahap III.
Dalam perjanjian perwaliamanatan juga diatur The trustee agreement provides several negative
beberapa pembatasan yang harus dipenuhi oleh covenants to the Company, among others, collateral
Perseroan, antara lain memberikan jaminan fidusia with fiduciary transfer of consumer financing
berupa piutang pembiayaan konsumen dan rasio receivables and debt to equity ratio not to exceed
jumlah pinjaman terhadap ekuitas tidak melebihi rasio 10:1. Moreover, during the year that the bond
10:1. Selain itu, selama pokok obligasi belum dilunasi, principals are still outstanding, the Company is not
Perseroan tidak diperkenankan, antara lain melakukan allowed to, among others, merge unless performed
penggabungan usaha kecuali dilakukan pada bidang on the same business and to sell or assign more
usaha yang sama serta menjual atau mengalihkan than 50% of the Company’s asset, except for the
lebih dari 50% aset Perseroan kecuali untuk kegiatan Company’s normal business transactions.
usaha Perseroan sehari-hari.
Perseroan telah memenuhi batasan-batasan yang The Company has complied with the covenants as
diwajibkan dalam perjanjian tersebut diatas. required by the above trustee agreements.
PT Pefindo telah menetapkan peringkat idAA+ PT Pefindo has rated the Continuing Bonds as
(Double A Plus) terhadap Obligasi Berkelanjutan V idAA+ (Double A Plus) of Continuing Bonds V
Tahap III sesuai dengan suratnya No. RC-498/PEF- Phase III based on its report No. RC-498/PEF-
DIR/V/2021 tanggal 6 Mei 2021 untuk periode 6 Mei DIR/V/2021 dated 6 May 2021 for the period
2021 sampai dengan 1 Mei 2022. 6 May 2021 until 1 May 2022.
79
Page 373
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
17. SURAT BERHARGA YANG DITERBITKAN 17. SECURITIES ISSUED (continued)
(lanjutan)
Obligasi Berkelanjutan V (lanjutan) Continuing Bonds V (continued)
Obligasi Berkelanjutan V Mandiri Tunas Finance Mandiri Tunas Finance Continuing Bonds V
Tahap III Tahun 2022 (lanjutan) Phase III Year 2022 (continued)
PT Pefindo telah menetapkan kembali peringkat idAAA PT Pefindo has rated the Continuing Bonds as
(Triple A) terhadap Obligasi Berkelanjutan V Tahap III idAAA (Triple A) of Continuing Bonds V Phase III
terakhir sesuai dengan suratnya No. RC-199/PEF- with the latest based on its report No. RC-199/PEF-
DIR/III/2025 tanggal 5 Maret 2025 untuk periode DIR/III/2025 dated 5 March 2025 for the period
5 Maret 2025 sampai dengan 1 Maret 2026. 5 March 2025 until 1 March 2026.
Perseroan telah melunasi utang obligasi Berkelanjutan The company has paid off continuing Bonds V
V Tahap III seri A sebesar Rp851.440 pada tanggal Phase III serie A in the amount Rp851,440 on
20 Februari 2025. 20 February 2025.
Obligasi Berkelanjutan VI Continuing Bonds VI
Obligasi Berkelanjutan VI Mandiri Tunas Finance Mandiri Tunas Finance Continuing Bonds VI
Tahap I Tahun 2023 Phase I Year 2023
Pada tanggal 11 Juli 2023, Perseroan telah On 11 July 2023, the Company issued Mandiri
menerbitkan Obligasi Berkelanjutan V Mandiri Tunas Tunas Finance Continuing Bonds VI Phase I Year
Finance Tahap I Tahun 2023 (”Obligasi Berkelanjutan 2023 (“Continuing Bonds V Phase I”) with details
VI Tahap I”) dengan rincian sebagai berikut: as follows:
Tingkat bunga
tetap per tahun/
Obligasi/ Nilai nominal/ Fixed interest Jatuh tempo/ Cicilan pokok Obligasi/
Bonds Nominal value rate per annum Due date Bonds principal installment
Seri/Series A 439.660 6,00% 11 Juli/ Pembayaran penuh pada saat jatuh
July 2026 tempo/Bullet payment on due date
Seri/Series B 252.075 6,25% 11 Juli/ Pembayaran penuh pada saat jatuh
July 2028 tempo/Bullet payment on due date
Obligasi tersebut dijamin dengan piutang pembiayaan These bonds are secured by the Company’s
konsumen Perseroan sebesar minimum 60% untuk consumer financing receivables for a minimum
Obligasi Berkelanjutan VI Tahap I dari pokok obligasi amount of 60% of the nominal value of Continuing
terutang. Pada tanggal 31 Desember 2025 dan 2024, Bonds VI Phase I. As of 31 December 2025 and
piutang pembiayaan konsumen yang dijaminkan 2024, the amount of consumer financing
adalah sejumlah Rp369.703 dan Rp281.591 receivables that are pledged as security for bonds
sedangkan piutang sewa pembiayaan yang payable is Rp369,703 and Rp281,591 while the
dijaminkan adalah sejumlah Rp45.338 dan amount of finance lease receivables that are
Rp133.450 (lihat Catatan 5 dan 6). pledged is Rp45,338 and Rp133,450 (refer to Note
5 and 6).
Jika jumlah piutang pembiayaan konsumen kurang If the amount of consumer financing receivables is
dari yang dipersyaratkan, maka akan dipenuhi dari less than the requirement, the Company has to
uang tunai yang ditempatkan pada rekening place sufficient cash into an escrow account
penampungan atas nama Perseroan yang ditunjuk established by PT Bank Rakyat Indonesia
oleh PT Bank Rakyat Indonesia (Persero) Tbk selaku (Persero) Tbk as trustee for Continuing Bonds VI
wali amanat untuk Obligasi Berkelanjutan VI Tahap I. Phase I.
Dalam perjanjian perwaliamanatan juga diatur The trustee agreement provides several negative
beberapa pembatasan yang harus dipenuhi oleh covenants to the Company, among others,
Perseroan, antara lain memberikan jaminan fidusia collateral with fiduciary transfer of consumer
berupa piutang pembiayaan konsumen dan rasio financing receivables and debt to equity ratio not to
jumlah pinjaman terhadap ekuitas tidak melebihi rasio exceed 10:1. Moreover, during the year that the
10:1. Selain itu, selama pokok obligasi belum dilunasi, bond principals are still outstanding, the Company
Perseroan tidak diperkenankan, antara lain is not allowed to, among others, merge unless
melakukan penggabungan usaha kecuali dilakukan performed on the same business and to sell or
pada bidang usaha yang sama serta menjual atau assign more than 50% of the Company’s asset,
mengalihkan lebih dari 50% aset Perseroan kecuali except for the Company’s normal business
untuk kegiatan usaha Perseroan sehari-hari. transactions.
80
Page 374
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
17. SURAT BERHARGA YANG DITERBITKAN 17. SECURITIES ISSUED (continued)
(lanjutan)
Obligasi Berkelanjutan VI (lanjutan) Continuing Bonds VI (continued)
Obligasi Berkelanjutan VI Mandiri Tunas Finance Mandiri Tunas Finance Continuing Bonds VI
Tahap I Tahun 2023 (lanjutan) Phase I Year 2023 (continued)
Perseroan telah memenuhi batasan-batasan yang The Company has complied with the covenants as
diwajibkan dalam perjanjian tersebut diatas. required by the trustee agreements.
PT Pefindo telah menetapkan peringkat idAAA (Triple PT Pefindo has rated the Continuing Bonds as
A) terhadap Obligasi Berkelanjutan VI Tahap I sesuai idAAA (Triple A) of Continuing Bonds VI Phase I
dengan suratnya No. RC-235/PEF-DIR/III/2023 based on its report No. RC-235/PEF-DIR/III/2023
tanggal 16 Maret 2023 untuk periode dated 16 March 2023 for the period 16 March 2023
16 Maret 2023 sampai dengan 1 Maret 2024. until 1 March 2024.
PT Pefindo telah menetapkan kembali peringkat PT Pefindo has rated the Continuing Bonds as
idAAA (Triple A) terhadap Obligasi Berkelanjutan VI idAAA (Triple A) of Continuing Bonds VI Phase I
Tahap I terakhir sesuai dengan suratnya No. RC- with the latest based on its report No. RC-199/PEF-
199/PEF-DIR/III/2025 tanggal 5 Maret 2025 untuk DIR/III/2025 dated 5 March 2025 for the period
periode 5 Maret 2025 sampai dengan 1 Maret 2026. 5 March 2025 until 1 March 2026.
\
Obligasi Berkelanjutan VI Mandiri Tunas Finance Mandiri Tunas Finance Continuing Bonds VI
Tahap II Tahun 2023 Phase II Year 2023
Pada tanggal 27 September 2023 Perseroan telah On 27 September 2023, the Company issued
menerbitkan Obligasi Berkelanjutan VI Mandiri Tunas Mandiri Tunas Finance Continuing Bonds VI Phase
Finance Tahap II Tahun 2023 (”Obligasi II Year 2023 (“Continuing Bonds V Phase II”) with
Berkelanjutan VI Tahap II”) dengan rincian sebagai details as follows:
berikut:
Tingkat bunga
tetap per tahun/
Obligasi/ Nilai nominal/ Fixed interest Jatuh tempo/ Cicilan pokok Obligasi/
Bonds Nominal value rate per annum Due date Bonds principal installment
Seri/Series A 804.175 6,50% 27 September/ Pembayaran penuh pada saat jatuh
September 2026 tempo/Bullet payment on due date
Seri/Series B 326.935 6,75% 27 September/ Pembayaran penuh pada saat jatuh
September 2028 tempo/Bullet payment on due date
Obligasi tersebut dijamin dengan piutang pembiayaan These bonds are secured by the Company’s
konsumen Perseroan sebesar minimum 60% untuk consumer financing receivables for a minimum
Obligasi Berkelanjutan VI Tahap II dari pokok obligasi amount of 60% of the nominal value of Continuing
terutang. Pada tanggal 31 Desember 2025 dan 2024, Bonds VI Phase II. As of 31 December 2025 and
piutang pembiayaan konsumen yang dijaminkan 2024, the amount of consumer financing
adalah sejumlah Rp596.502 dan Rp604.657 receivables that are pledged as security for bonds
sedangkan piutang sewa pembiayaan yang payable is Rp596,502 and Rp604,657 while the
dijaminkan adalah sejumlah Rp82.164 dan Rp74.009 amount of finance lease receivables that are
(lihat Catatan 5 dan 6). pledged is Rp82,164 and Rp74,009 (refer to Note 5
and 6).
Jika jumlah piutang pembiayaan konsumen kurang If the amount of consumer financing receivables is
dari yang dipersyaratkan, maka akan dipenuhi dari less than the requirement, the Company has to
uang tunai yang ditempatkan pada rekening place sufficient cash into an escrow account
penampungan atas nama Perseroan yang ditunjuk established by PT Bank Rakyat Indonesia
oleh PT Bank Rakyat Indonesia (Persero) Tbk selaku (Persero) Tbk as trustee for Continuing Bonds VI
wali amanat untuk Obligasi Berkelanjutan VI Tahap II. Phase II.
81
Page 375
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
17. SURAT BERHARGA YANG DITERBITKAN 17. SECURITIES ISSUED (continued)
(lanjutan)
Obligasi Berkelanjutan VI (lanjutan) Continuing Bonds VI (continued)
Obligasi Berkelanjutan VI Mandiri Tunas Finance Mandiri Tunas Finance Continuing Bonds VI
Tahap II Tahun 2023 (lanjutan) Phase II Year 2023 (lanjutan)
Dalam perjanjian perwaliamanatan juga diatur The trustee agreement provides several negative
beberapa pembatasan yang harus dipenuhi oleh covenants to the Company, among others,
Perseroan, antara lain memberikan jaminan fidusia collateral with fiduciary transfer of consumer
berupa piutang pembiayaan konsumen dan rasio financing receivables and debt to equity ratio not to
jumlah pinjaman terhadap ekuitas tidak melebihi rasio exceed 10:1. Moreover, during the year that the
10:1. Selain itu, selama pokok obligasi belum dilunasi, bond principals are still outstanding, the Company
Perseroan tidak diperkenankan, antara lain is not allowed to, among others, merge unless
melakukan penggabungan usaha kecuali dilakukan performed on the same business and to sell or
pada bidang usaha yang sama serta menjual atau assign more than 50% of the Company’s asset,
mengalihkan lebih dari 50% aset Perseroan kecuali except for the Company’s normal business
untuk kegiatan usaha Perseroan sehari-hari. transactions.
Perseroan telah memenuhi batasan-batasan yang The Company has complied with the covenants as
diwajibkan dalam perjanjian tersebut diatas. required by the trustee agreements.
PT Pefindo telah menetapkan peringkat idAAA (Triple PT Pefindo has rated the Continuing Bonds as
A) terhadap Obligasi Berkelanjutan VI Tahap II sesuai idAAA (Triple A) of Continuing Bonds VI Phase II
dengan suratnya No. RC-235/PEF-DIR/III/2023 based on its report No. RC-235/PEF-DIR/III/2023
tanggal 16 Maret 2023 untuk periode 16 Maret 2023 dated 16 March 2023 for the period 16 March 2023
sampai dengan 1 Maret 2024. until 1 March 2024.
PT Pefindo telah menetapkan kembali peringkat PT Pefindo has rated the Continuing Bonds as
idAAA (Triple A) terhadap Obligasi Berkelanjutan VI idAAA (Triple A) of Continuing Bonds VI Phase II
Tahap II terakhir sesuai dengan suratnya No. RC- with the latest based on its report No. RC-199/PEF-
199/PEF-DIR/III/2025 tanggal 5 Maret 2025 untuk DIR/III/2025 dated 5 March 2025 for the period 5
periode 5 Maret 2025 sampai dengan 1 Maret 2026. March 2025 until 1 March 2026.
Obligasi Berkelanjutan VI Mandiri Tunas Finance Mandiri Tunas Finance Continuing Bonds VI
Tahap III Tahun 2024 Phase III Year 2024
Pada tanggal 28 Mei 2024 Perseroan telah On 28 May 2024, the Company issued Mandiri
menerbitkan Obligasi Berkelanjutan VI Mandiri Tunas Finance Continuing Bonds VI Phase III Year
Tunas Finance Tahap III Tahun 2024 (”Obligasi 2024 (“Continuing Bonds VI Phase III”) with details
Berkelanjutan VI Tahap III”) dengan rincian sebagai as follows:
berikut:
Tingkat bunga
tetap per tahun/
Obligasi/ Nilai nominal/ Fixed interest Jatuh tempo/ Cicilan pokok Obligasi/
Bonds Nominal value rate per annum Due date Bonds principal installment
Seri/Series A 81.590 7,00% 28 Mei/ Pembayaran penuh pada saat jatuh
May 2027 tempo/Bullet payment on due date
Seri/Series B 1.081.495 7,25% 28 Mei/ Pembayaran penuh pada saat jatuh
May 2029 tempo/Bullet payment on due date
Obligasi tersebut tidak dijamin dengan jaminan These bonds are not secured by any special
khusus. collateral.
82
Page 376
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
17. SURAT BERHARGA YANG DITERBITKAN 17. SECURITIES ISSUED (continued)
(lanjutan)
Obligasi Berkelanjutan VI (lanjutan) Continuing Bonds VI (continued)
Obligasi Berkelanjutan VI Mandiri Tunas Finance Mandiri Tunas Finance Continuing Bonds VI
Tahap III Tahun 2024 (lanjutan) Phase III Year 2024 (continued)
Dalam perjanjian perwaliamanatan juga diatur The trustee agreement provides several negative
beberapa pembatasan yang harus dipenuhi oleh covenants to the Company, debt to equity ratio not
Perseroan, rasio jumlah pinjaman terhadap ekuitas to exceed 10:1. Moreover, during the year that the
tidak melebihi rasio 10:1. Selain itu, selama pokok bond principals are still outstanding, the Company
obligasi belum dilunasi, Perseroan tidak is not allowed to, among others, merge unless
diperkenankan, antara lain melakukan performed on the same business and to sell or
penggabungan usaha kecuali dilakukan pada bidang assign more than 50% of the Company’s asset,
usaha yang sama serta menjual atau mengalihkan except for the Company’s normal business
lebih dari 50% aset Perseroan kecuali untuk kegiatan transactions.
usaha Perseroan sehari-hari.
Perseroan telah memenuhi batasan-batasan yang The Company has complied with the covenants as
diwajibkan dalam perjanjian tersebut diatas. required by the trustee agreements.
PT Pefindo telah menetapkan kembali peringkat PT Pefindo has rated the Continuing Bonds as
idAAA (Triple A) terhadap Obligasi Berkelanjutan VI idAAA (Triple A) of Continuing Bonds IV Phase III
Tahap III terakhir sesuai dengan suratnya No. RTG- with the latest based on its report No. RTG-
132/PEF-DIR/V/2024 tanggal 3 Mei 2024 untuk 132/PEF-DIR/V/2024 dated 3 May 2024 for the
periode 6 Maret 2024 sampai dengan 1 Maret 2025. period 6 March 2024 until 1 March 2025.
PT Pefindo telah menetapkan kembali peringkat PT Pefindo has rated the Continuing Bonds as
idAAA (Triple A) terhadap Obligasi Berkelanjutan VI idAAA (Triple A) of Continuing Bonds VII Phase III
Tahap III terakhir sesuai dengan suratnya No. RC- with the latest based on its report No. RC-199/PEF-
199/PEF-DIR/III/2025 tanggal 5 Maret 2025 untuk DIR/III/2025 dated 5 March 2025 for the period 5
periode 5 Maret 2025 sampai dengan 1 Maret 2026. March 2025 until 1 March 2026.
Obligasi Berkelanjutan VI Mandiri Tunas Finance Mandiri Tunas Finance Continuing Bonds VI
Tahap IV Tahun 2024 Phase IV Year 2024
Pada tanggal 19 November 2024 Perseroan telah On 19 November 2024, the Company issued
menerbitkan Obligasi Berkelanjutan VI Mandiri Mandiri Tunas Finance Continuing Bonds VI Phase
Tunas Finance Tahap IV Tahun 2024 (”Obligasi IV Year 2024 (“Continuing Bonds VI Phase IV”) with
Berkelanjutan VI Tahap IV”) dengan rincian sebagai details as follows:
berikut:
Tingkat bunga
tetap per tahun/
Obligasi/ Nilai nominal/ Fixed interest Jatuh tempo/ Cicilan pokok Obligasi/
Bonds Nominal value rate per annum Due date Bonds principal installment
Seri/Series A 423.735 6,70% 19 November/ Pembayaran penuh pada saat jatuh
November 2027 tempo/Bullet payment on due date
Seri/Series B 1.185.375 6,85% 19 November/ Pembayaran penuh pada saat jatuh
November 2029 tempo/Bullet payment on due date
Obligasi tersebut tidak dijamin dengan jaminan These bonds are not secured by any special
khusus. collateral.
Dalam perjanjian perwaliamanatan juga diatur The trustee agreement provides several negative
beberapa pembatasan yang harus dipenuhi oleh covenants to the Company, debt to equity ratio not
Perseroan, rasio jumlah pinjaman terhadap ekuitas to exceed 10:1. Moreover, during the year that the
tidak melebihi rasio 10:1. Selain itu, selama pokok bond principals are still outstanding, the Company
obligasi belum dilunasi, Perseroan tidak is not allowed to, among others, merge unless
diperkenankan, antara lain melakukan penggabungan performed on the same business and to sell or
usaha kecuali dilakukan pada bidang usaha yang assign more than 50% of the Company’s asset,
sama serta menjual atau mengalihkan lebih dari 50% except for the Company’s normal business
aset Perseroan kecuali untuk kegiatan usaha transactions.
Perseroan sehari-hari.
83
Page 377
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
17. SURAT BERHARGA YANG DITERBITKAN 17. SECURITIES ISSUED (continued)
(lanjutan)
Obligasi Berkelanjutan VI (lanjutan) Continuing Bonds VI (continued)
Obligasi Berkelanjutan VI Mandiri Tunas Finance Mandiri Tunas Finance Continuing Bonds VI
Tahap IV Tahun 2024 (lanjutan) Phase IV Year 2024 (continued)
Perseroan telah memenuhi batasan-batasan yang The Company has complied with the covenants as
diwajibkan dalam perjanjian tersebut diatas. required by the trustee agreements.
PT Pefindo telah menetapkan kembali peringkat PT Pefindo has rated the Continuing Bonds as
idAAA (Triple A) terhadap Obligasi Berkelanjutan VI idAAA (Triple A) of Continuing Bonds VI Phase IV
Tahap IV terakhir sesuai dengan suratnya No. RTG- with the latest based on its report No. RTG-
363/PEF-DIR/X/2024 tanggal 8 Oktober 2024 untuk 363/PEF-DIR/X/2024 dated 8 October 2024 for the
periode 6 Maret 2024 sampai dengan 1 Maret 2025. period 6 March 2024 until 1 March 2025.
PT Pefindo telah menetapkan kembali peringkat PT Pefindo has rated the Continuing Bonds as
idAAA (Triple A) terhadap Obligasi Berkelanjutan VI idAAA (Triple A) of Continuing Bonds VI Phase IV
Tahap IV terakhir sesuai dengan suratnya No. RC- with the latest based on its report No. RC-199/PEF-
199/PEF-DIR/III/2025 tanggal 5 Maret 2025 untuk DIR/III/2025 dated 5 March 2025 for the period
periode 5 Maret 2025 sampai dengan 1 Maret 2026. 5 March 2025 until 1 March 2026.
Obligasi Berkelanjutan VII Continuing Bonds VII
Obligasi Berkelanjutan VII Mandiri Tunas Finance Mandiri Tunas Finance Continuing Bonds VII
Tahap I Tahun 2025 Phase I Year 2025
Pada tanggal 8 Juli 2025 Perseroan telah On 8 July 2025, the Company issued Mandiri Tunas
menerbitkan Obligasi Berkelanjutan VII Mandiri Finance Continuing Bonds VII Phase I Year 2025
Tunas Finance Tahap I Tahun 2025 (”Obligasi (“Continuing Bonds VII Phase I”) with details as
Berkelanjutan VI Tahap I”) dengan rincian sebagai follows:
berikut :
Tingkat bunga
tetap per tahun/
Obligasi/ Nilai nominal/ Fixed interest Jatuh tempo/ Cicilan pokok Obligasi/
Bonds Nominal value rate per annum Due date Bonds principal installment
Seri/Series A 313.510 6,15% 18 Juli/July 2026 Pembayaran penuh pada saat jatuh
tempo/Bullet payment on due date
Seri/Series B 236.000 6,50% 8 Juli/July 2028 Pembayaran penuh pada saat jatuh
tempo/Bullet payment on due date
Seri/Series C 225.760 6,70% 8 Juli/July 2030 Pembayaran penuh pada saat jatuh
tempo/Bullet payment on due date
Obligasi tersebut tidak dijamin dengan jaminan These bonds are not secured by any special
khusus. collateral.
Dalam perjanjian perwaliamanatan juga diatur The trustee agreement provides several negative
beberapa pembatasan yang harus dipenuhi oleh covenants to the Company, debt to equity ratio not
Perseroan, rasio jumlah pinjaman terhadap ekuitas to exceed 10:1. Moreover, during the year that the
tidak melebihi rasio 10:1. Selain itu, selama pokok bond principals are still outstanding, the Company
obligasi belum dilunasi, Perseroan tidak is not allowed to, among others, merge unless
diperkenankan, antara lain melakukan penggabungan performed on the same business and to sell or
usaha kecuali dilakukan pada bidang usaha yang assign more than 50% of the Company’s asset,
sama serta menjual atau mengalihkan lebih dari 50% except for the Company’s normal business
aset Perseroan kecuali untuk kegiatan usaha transactions.
Perseroan sehari-hari.
Perseroan telah memenuhi batasan-batasan yang The Company has complied with the covenants as
diwajibkan dalam perjanjian tersebut diatas. required by the trustee agreements.
84
Page 378
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
17. SURAT BERHARGA YANG DITERBITKAN 17. SECURITIES ISSUED (continued)
(lanjutan)
Obligasi Berkelanjutan VII (lanjutan) Continuing Bonds VII (continued)
Obligasi Berkelanjutan VII Mandiri Tunas Finance Mandiri Tunas Finance Continuing Bonds VII
Tahap I Tahun 2025 (lanjutan) Phase I Year 2025 (continued)
PT Pefindo telah menetapkan peringkat idAAA (Triple PT Pefindo has rated the Bonds as idAAA (Triple A)
A) terhadap Obligasi Berkelanjutan VI Tahap I terakhir of Continuing Bonds VI Phase IV with the latest
sesuai dengan suratnya No. RC-198/PEF-DIR/III/2025 based on its report No. RC-198/PEF-DIR/III/2025
tanggal 5 Maret 2025 untuk periode dated 5 March 2025 for the period 5 March 2025
5 Maret 2025 sampai dengan 1 Maret 2026. until 1 March 2026.
Lihat Catatan 26b untuk rincian saldo dan transaksi Refer to Note 26b for details of balances and
pihak berelasi. transactions with related parties.
18. LIABILITAS IMBALAN KERJA KARYAWAN 18. EMPLOYEE BENEFITS OBLIGATION
Liabilitas imbalan kerja terdiri dari: Employee benefits liabilities consist of:
31 Desember/ 31 Desember/
December 2025 December 2024
Liabilitas program imbalan pasti 164.381 160.595 Defined benefit plan liabilities
Liabilitas jangka panjang lainnya 54.740 52.567 Other long-term benefit liabilities
Total 219.121 213.162 Total
a. Liabilitas program imbalan pasti a. Defined benefit plan liabilities
Jumlah yang diakui dalam laporan laba rugi dan The amounts recognized in the statement of
penghasilan komprehensif lain untuk program profit or loss and other comprehensive income
imbalan pasti adalah sebagai berikut: for defined benefit plan, are as follows:
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Biaya jasa kini 17.970 21.606 Current service costs
Biaya bunga 10.860 11.328 Interest costs
Biaya jasa lalu (129) (43.499) Past service costs
28.701 (10.565)
Biaya pesangon pemutusan
hubungan kerja 3.718 1.593 Termination expense
Total 32.419 (8.972) Total
Mutasi liabilitas imbalan kerja karyawan pada The movements in employee benefits obligation
laporan posisi keuangan untuk program imbalan in the statement of financial position for defined
pasti adalah sebagai berikut: benefit plan, are as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Saldo awal 160.595 217.954 Beginning balance
Penyisihan pada laba rugi 32.419 (8.972) Provision in profit or loss
Penyisihan pada penghasilan Provision in other
komprehensif lain (10.586) (40.044) comprehensive income
Pembayaran tahun berjalan (18.047) (8.343) Payment during the year
Saldo akhir 164.381 160.595 Ending balance
85
Page 379
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. LIABILITAS IMBALAN KERJA KARYAWAN 18. EMPLOYEE BENEFITS OBLIGATION (continued)
(lanjutan)
a. Liabilitas program imbalan pasti (lanjutan) a. Defined benefit plan liabilities (continued)
Mutasi nilai kini kewajiban imbalan kerja karyawan The movements of present value of employee
yang diakui pada laporan posisi keuangan untuk benefit obligation presented in the statement of
program imbalan pasti adalah sebagai berikut: financial position for defined benefit plan, are as
follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Saldo awal 160.595 217.954 Beginning balance
Biaya jasa kini 17.970 21.606 Current service costs
Biaya bunga 10.860 11.328 Interest costs
Biaya jasa lalu (129) (43.499) Past service costs
Pembayaran tahun berjalan (18.047) (8.343) Payments during the year
Biaya pesangon pemutusan
hubungan kerja 3.718 1.593 Termination
Keuntungan pada Actuarial gains
kewajiban aktuaria: on obligation:
Perbedaan historis (6.843) (2.031) Experience adjustment
Asumsi keuangan (3.743) (38.013) Financial assumption
Saldo akhir 164.381 160.595 Ending balance
Mutasi (keuntungan) kerugian aktuarial yang The movements in the balance of actuarial (gain)
diakui sebagai penghasilan komprehensif lain loss charged to other comprehensive income for
untuk program imbalan pasti, bruto pajak defined benefit plan, gross deferred tax, are as
tangguhan sebagai berikut: follows:
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Saldo awal 9.172 49.216 Beginning balance
Keuntungan aktuarial Actuaria gains
yang diakui sebagai penghasilan charged to other
komprehensif lain (10.586) (40.044) comprehensive income
Saldo akhir (1.414) 9.172 Ending balance
b. Liabilitas jangka panjang lainnya b. Other long-term liabilities
Jumlah yang diakui dalam laporan laba rugi dan The amounts recognized in the statement of
penghasilan komprehensif lain untuk liabilitas profit or loss and other comprehensive income
jangka panjang lainnya adalah sebagai berikut: for other long-term liabilities, are as follows:
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Biaya jasa kini 5.290 6.528 Current service costs
Biaya bunga 3.385 3.465 Interest costs
Biaya jasa lalu 224 566 Past service costs
Kerugian (keuntungan) pada Actuarial losses (gains)
kewajiban aktuaria: on obligation:
Perbedaan historis (3.520) 1.030 Experience adjustment
Asumsi keuangan 170 (6.960) Financial assumption
Total 5.549 4.629 Total
86
Page 380
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. LIABILITAS IMBALAN KERJA KARYAWAN 18. EMPLOYEE BENEFITS OBLIGATION (continued)
(lanjutan)
b. Liabilitas jangka panjang lainnya (lanjutan) b. Other long-term liabilities (continued)
Mutasi liabilitas imbalan kerja karyawan pada The movements in employee benefits obligation
laporan posisi keuangan untuk liabilitas jangka in the statement of financial position for other
panjang lainnya adalah sebagai berikut: long-term liabilities, are as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Saldo awal 52.567 56.592 Beginning balance
Penyisihan pada laba rugi 5.549 4.629 Provision in profit or loss
Pembayaran tahun berjalan (3.376) (8.654) Payment during the year
Saldo akhir 54.740 52.567 Ending balance
Mutasi nilai kini kewajiban imbalan kerja karyawan The movements of present value of employee
yang diakui pada laporan posisi keuangan untuk benefit obligation presented in the statement of
liabilitas jangka panjang lainnya adalah sebagai financial position for other-long term liabilities,
berikut: are as follows:
31 Desember/ 31 Desember/
December 2025 December 2024
Saldo awal 52.567 56.592 Beginning balance
Biaya jasa kini 5.290 6.528 Current service costs
Biaya bunga 3.385 3.465 Interest costs
Biaya jasa lalu 224 566 Past service costs
Pembayaran tahun berjalan (3.376) (8.654) Payments during the year
Biaya pembayaran imbalan Payment of Other long-term
jangka panjang lainnya - - benefits cost payment
Kerugian (keuntungan) pada Actuarial losses (gains)
kewajiban aktuaria: on obligation:
Perbedaan historis (3.520) 1.030 Experience adjustment
Asumsi keuangan 170 (6.960) Financial assumption
Saldo akhir 54.740 52.567 Ending balance
Liabilitas imbalan kerja karyawan pada tanggal The employee benefits obligation as of
31 Desember 2025 dan 2024 didasarkan atas 31 December 2025 and 2024 are based on the
estimasi perhitungan aktuaria yang tercantum pada estimated actuarial calculation of Steven & Mourits
laporan Steven & Mourits dengan menggunakan using the projected unit credit method in its report
metode projected unit credit dalam laporan dated 2 January 2026 and 2 January 2025,
aktuarianya tanggal 2 Januari 2026 dan 2 Januari respectively. The principal actuarial assumptions
2025. Asumsi-asumsi dasar yang digunakan aktuaris used by the independent actuary were as follows:
independen adalah sebagai berikut:
31 Desember/ 31 Desember/
December 2025 December 2024
6,30% per tahun/ 7,10% per tahun/
Tingkat diskonto tetap - karyawan permanen per annum per annum Discount rate - permanent employees
4,70% per tahun/ 6,85% per tahun/
Tingkat diskonto tetap - karyawan kontrak per annum per annum Discount rate - contract employees
Tingkat kenaikan gaji 4% per tahun/per annum 5% per tahun/per annum Salary increment rate
Tingkat kematian TMI 4 TMI 4 Rate of mortality
Tingkat cacat 10% dari/from TMI 4 10% dari/from TMI 4 Rate of disability
Tingkat pengunduran diri 7% per tahun pada usia 7% per tahun pada usia Rate of resignations
sampai dengan 40 tahun sampai dengan 40 tahun
dan berkurang hingga dan berkurang hingga
0,00% pada usia 55 tahun/ 0,00% pada usia 55 tahun/
7% per annum up to 40 7% per annum up to 40
years old and decrease years old and decrease
linearly up to 0.00% at linearly up to 0.00% at
55 years old 55 years old
87
Page 381
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. LIABILITAS IMBALAN KERJA KARYAWAN 18. EMPLOYEE BENEFITS OBLIGATION (continued)
(lanjutan)
Liabilitas imbalan kerja karyawan pada tanggal The employee benefits obligation as of
31 Desember 2025 dan 2024 didasarkan atas 31 December 2025 and 2024 are based on the
estimasi perhitungan aktuaria yang tercantum pada estimated actuarial calculation of Steven & Mourits
laporan Steven & Mourits dengan menggunakan using the projected unit credit method in its report
metode projected unit credit dalam laporan dated 2 January 2026 and 2 January 2025,
aktuarianya tanggal 2 Januari 2026 dan 2 Januari respectively. The principal actuarial assumptions
2025. Asumsi-asumsi dasar yang digunakan aktuaris used by the independent actuary were as follows:
independen adalah sebagai berikut: (lanjutan) (continued)
31 Desember/ 31 Desember/
December 2025 December 2024
Tingkat pensiun Karyawan yang bergabung Karyawan yang bergabung Rate of retirements
sejak 1 September 2021, sejak 1 September 2021,
usia pensiun 56 tahun atau usia pensiun 56 tahun atau
46 tahun berdasarkan level/ 46 tahun berdasarkan level/
Employee who join since Employee who join since
1 September 2021, normal 1 September 2021, normal
retirement age 56 years or retirement age 56 years or
46 years based on level. 46 years based on level.
Karyawan yang bergabung Karyawan yang bergabung
sebelum 1 September 2021, sebelum 1 September 2021,
usia pensiun 55 tahun atau usia pensiun 55 tahun atau
56 tahun berdasarkan level/ 56 tahun berdasarkan level/
Employee who join before Employee who join before
1 September 2021, normal 1 September 2021, normal
retirement age 55 years or retirement age 55 years or
56 years based on level. 56 years based on level.
Tabel berikut menunjukkan sensitivitas atas The following table demonstrates the sensitivity to
kemungkinan perubahan tingkat diskonto dan tingkat a reasonably possible change in discount rates and
kenaikan gaji sebesar 1%, dengan variabel lain salary increment rate of 1%, with all other variables
dianggap tetap, terhadap nilai kewajiban imbalan held constant, of the present value of employee
kerja karyawan: (tidak diaudit) benefits obligation: (unaudited)
31 Desember/December 2025
Tingkat diskonto/ Tingkat kenaikan gaji/
Discount rate Salary increment rate
Kenaikan/ Penurunan/ Kenaikan/ Penurunan/
Increase Decrease Increase Decrease
Dampak pada nilai kini kewajiban Effect on present value of
imbalan kerja karyawan (14.701) 15.215 16.439 (16.068) employee benefit obligation
31 Desember/December 2024
Tingkat diskonto/ Tingkat kenaikan gaji/
Discount rate Salary increment rate
Kenaikan/ Penurunan/ Kenaikan/ Penurunan/
Increase Decrease Increase Decrease
Dampak pada nilai kini kewajiban (14.285) 16.033 17.295 (15.716) Effect on present value of
imbalan kerja karyawan employee benefit obligation
Analisa profil jatuh tempo pembayaran imbalan kerja The maturity profile analysis of the employee
karyawan pada tanggal 31 Desember 2025 dan 2024: benefits payments as of 31 December 2025 and
(tidak diaudit) 2024, is as follows: (unaudited)
31 Desember/ 31 Desember/
December 2025 December 2024
1 tahun 29.830 24.524 1 years
2 - 5 tahun 76.085 73.067 2 - 5 years
Lebih dari 5 tahun 297.147 326.643 More than 5 years
Saldo akhir 403.062 424.234 Ending balance
88
Page 382
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. LIABILITAS IMBALAN KERJA KARYAWAN 18. EMPLOYEE BENEFITS OBLIGATION (continued)
(lanjutan)
Durasi rata-rata tertimbang dari nilai kini kewajiban The weighted average duration of the present value
imbalan kerja karyawan untuk karyawan permanen di of employee benefits obligation for permanent
akhir periode pelaporan tanggal 31 Desember 2025 employees at the end of reporting period as of
dan 2024 masing-masing adalah 10,17 dan 10,92 31 December 2025 and 2024 is 10.17 and
tahun (tidak diaudit). 10.92 years, respectively (unaudited).
Durasi rata-rata tertimbang dari nilai kini kewajiban The weighted average duration of the present value
imbalan kerja karyawan untuk karyawan kontrak di of employee benefits obligation for contract
akhir periode pelaporan tanggal 31 Desember 2025 employees at the end of reporting period as of
dan 2024 adalah 0,58 tahun (tidak diaudit). 31 December 2025 and 2024 is 0.58 years
(unaudited).
19. MODAL SAHAM 19. SHARE CAPITAL
Komposisi pemegang saham Perseroan pada The composition of the Company’s shareholders as
tanggal 31 Desember 2025 dan 2024 adalah sebagai of 31 December 2025 and 2024, is as follows:
berikut:
Jumlah Persentase
saham/ kepemilikan/
Number of Nilai/ Percentage of
Pemegang saham shares Value ownership (%) Shareholders
PT Bank Mandiri (Persero) Tbk 1.275.000.000 127.500 51,00 PT Bank Mandiri (Persero) Tbk
PT Tunas Ridean 1.225.000.000 122.500 49,00 PT Tunas Ridean
2.500.000.000 250.000 100,00
20. PENGGUNAAN LABA 20. PROFIT DISTRIBUTIONS
Cadangan wajib telah dibentuk sesuai dengan A general reserve has been established in
Undang-undang No. 40/2007 mengenai Perseroan accordance with the Indonesian Limited Company
Terbatas, yang mengharuskan perseroan Indonesia Law No. 40/2007 which requires Indonesian
untuk membuat penyisihan cadangan wajib untuk companies to set up a general reserve amounting
ditentukan penggunaannya sebesar sekurang- to at least 20.00% of the Company’s issued and
kurangnya 20,00% dari jumlah modal Perseroan paid up share capital. There is no set period of time
yang ditempatkan dan disetor penuh. Undang- over which this amount should be accumulated.
undang tersebut tidak mengatur jangka waktu untuk The balance of the general reserve as of
mencapai cadangan wajib minimum tersebut. Saldo 31 December 2025 and 2024 is Rp50,000.
cadangan wajib pada tanggal 31 Desember 2025 dan
2024 adalah Rp50.000.
Rapat Umum Pemegang Saham Tahunan tanggal The Annual General Shareholder Meeting on
30 Juni 2025 memutuskan untuk menyetujui 30 June 2025 resolved to approve the declaration
pembagian dividen final tahun 2024 sejumlah of 2024 final dividends amounting to Rp351,625
Rp351.625 dari laba neto tahun 2024. from the 2024 net income.
Rapat Umum Pemegang Saham Tahunan tanggal The Annual General Shareholder Meeting on
28 Juni 2024 memutuskan untuk menyetujui 28 June 2024 resolved to approve the declaration
pembagian dividen final tahun 2023 sejumlah of 2023 final dividends amounting to Rp348,330
Rp348.330 dari laba neto tahun 2023. from the 2023 net income.
89
Page 383
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
21. PENDAPATAN 21. REVENUE
a. Pembiayaan konsumen a. Consumer financing
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Pihak ketiga Third parties
Pendapatan Consumer
pembiayaan konsumen 2.194.586 2.432.482 financing income
Pendapatan administrasi dari Administration income from joint
pembiayaan bersama 539.746 700.020 financing
Amortisasi biaya transaksi dan Amortization of transaction cost
yield enhancing income 121.761 305.839 and yield enhancing income
Pendapatan dari piutang Income
yang mengalami penurunan nilai 25.198 12.975 from impaired asset
2.881.291 3.451.316
Pihak berelasi Related parties
Realisasi pendapatan Realized consumer
pembiayaan konsumen 2.837 2.174 financing income
2.884.128 3.453.490
Lihat Catatan 26c untuk rincian saldo dan Refer to Note 26c for details of balances and
transaksi pihak berelasi. transactions with related parties.
b. Sewa pembiayaan b. Finance lease
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Pihak ketiga Third parties
Pendapatan Financial
sewa pembiayaan 620.252 711.767 lease income
Amortisasi biaya transaksi dan Amortization of transaction cost
yield enhancing income (47.882) (33.401) and yield enhancing income
Pendapatan administrasi dari Administration income from joint
pembiayaan bersama 1 338 financing
572.371 678.704
c. Anjak piutang c. Factoring
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Pihak ketiga Third parties
Pendapatan Financial
anjak piutang 1 437 factoring income
Pendapatan dari piutang Income
yang mengalami penurunan nilai - 1 from impaired asset
1 438
90
Page 384
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
21. PENDAPATAN (lanjutan) 21. REVENUE (continued)
d. Simpanan bank d. Deposit in bank
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Pihak ketiga Third parties
Rekening koran 807 1.266 Current accounts
Pihak berelasi Related parties
Deposito berjangka Time deposits
dan rekening koran 14.990 16.207 and current accounts
15.797 17.473
Lihat Catatan 26c untuk rincian saldo dan Refer to Note 26c for details of balances and
transaksi dengan pihak berelasi. transactions with related parties.
e. Lain-lain e. Others
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Pihak ketiga Third parties
Pendapatan administrasi
akseptasi 217.282 383.225 Acceptance administration income
Pendapatan atas penerimaan
biaya tarik 211.595 133.122 Income from repossess fee
Komisi asuransi 198.129 340.820 Insurance commissions
Pendapatan penalti 189.030 202.567 Penalty income
Penerimaan kembali piutang yang Recovery from writen off
telah dihapusbukukan 158.467 182.787 receivables
Pendapatan penagihan 40.971 31.205 Collection income
Lain-lain 147.751 155.484 Others
1.163.225 1.429.210
Komisi asuransi merupakan komisi yang diterima Insurance commissions represent
dari perusahaan asuransi terkait penutupan commissions from insurance companies in
asuransi atas kegiatan pembiayaan konsumen. relation to insurance coverage for consumer
Pendapatan administrasi akseptasi merupakan financing activities. Acceptance administration
pendapatan yang diterima Perseroan income represents income received by the
sehubungan dengan kepengurusan administrasi Company in relation to handling the
penerimaan asuransi. Utang kepada administrative insurance acceptance. The
perusahaan asuransi dicatat sebagai utang related payables to insurance companies are
usaha di laporan posisi keuangan (lihat recorded as trade payables in the statement of
Catatan 12). financial position (refer to Note 12).
Lain-lain merupakan pendapatan dari Others represent income for refund of
pengembalian premi asuransi atas kendaraan insurance premium for the auctioned vehicles,
yang telah dilelang, administrasi dari administration from auction registration, and
pendaftaran lelang, dan administrasi dari administration from installment payment via
pembayaran angsuran melalui loket payment point.
pembayaran.
91
Page 385
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
22. BEBAN KEUANGAN 22. FINANCE CHARGES
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Pihak ketiga Third parties
Bunga pinjaman yang diterima 900.552 1.152.592 Interest on borrowings
Bunga utang obligasi 424.624 386.154 Interest on bonds payable
Administrasi bank dan provisi bank 19.296 66.401 Bank administration and bank provision
Amortisasi biaya emisi Amortization of bonds payable
utang obligasi (lihat Catatan 17) 4.745 4.129 issuance cost (refer to Note 17)
Rugi (laba) selisih kurs 1.351 (4.003) Foreign exchange loss (gain)
Lain-lain 2.687 2.447 Others
1.353.255 1.607.720
Pihak berelasi Related parties
Bunga pinjaman yang diterima 387.518 304.021 Interest on borrowings
Bunga liabilitas sewa 1.341 2.205 Interest on lease liabilities
388.859 306.226
1.742.114 1.913.946
Lihat Catatan 26d untuk rincian saldo dan transaksi Refer to Note 26d for details of balances and
pihak berelasi. transactions with related parties.
23. BEBAN GAJI DAN TUNJANGAN 23. SALARIES AND BENEFITS EXPENSES
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Pihak ketiga Third parties
Gaji dan tunjangan 609.803 745.206 Salaries and allowances
Imbalan pasca kerja dan Post-employment and
jangka panjang lainnya 16.546 (5.936) other long-term benefits
Biaya pesangon dan pembayaran imbalan Termination expense and other
jangka panjang lainnya 12.826 1.593 long-term benefits cost payment
639.175 740.863
Pihak berelasi Related parties
Gaji dan tunjangan 16.837 21.926 Salaries and allowances
Tantiem - 12.442 Tantiem
16.837 34.368
656.012 775.231
Lihat Catatan 26d untuk rincian saldo dan transaksi Refer to Note 26d for details of balances and
pihak berelasi. transactions with related parties.
92
Page 386
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
24. BEBAN UMUM DAN ADMINISTRASI 24. GENERAL AND ADMINISTRATIVE EXPENSES
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Pihak ketiga Third parties
Biaya penagihan 184.423 142.018 Collection fee
Penyusutan aset tetap Depreciation of fixed assets
(lihat Catatan 10) 53.532 46.957 (refer to Note 10)
Perbaikan dan pemeliharaan 46.026 40.019 Repairs and maintenance
Penyusutan aset hak guna Depreciation of right-of-use assets
(lihat Catatan 10) 30.268 29.877 (refer to Note 10)
Jasa pihak ketiga 22.736 22.585 Third parties service
Komunikasi 14.574 17.128 Communications
Rekrutmen dan pelatihan 12.874 21.270 Recruitment and training
Iuran OJK 12.503 18.432 OJK fees
Perjalanan dinas 10.314 12.437 Travelling
Keamanan 10.033 10.726 Security
Listrik dan air 7.377 7.964 Utilities
Jasa profesional 6.129 7.031 Professional fees
Alat tulis dan cetakan 4.176 5.598 Stationaries and printing
Sewa 1.681 2.689 Rent
Jamuan bisnis 1.934 3.581 Corporate entertainment
Lain-lain 8.854 16.378 Others
Total 427.434 404.690 Total
Pihak berelasi Related parties
Sewa 9.585 8.488 Rent
Total 437.019 413.178 Total
Lain-lain merupakan beban perijinan, piknik Others represent legal, corporate event,
perayaan, iklan, asuransi, sumbangan, publikasi, advertising, insurance expenses, donation,
ekspedisi, koran dan majalah. publication, expedition, newspaper and magazine.
25. LABA PER SAHAM 25. EARNINGS PER SHARE
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Laba tahun berjalan 400.015 1.172.082 Income for the year
Number of ordinary shares
Jumlah saham biasa yang beredar outstanding (in thousands)
(dalam ribuan) (lihat Catatan 19) 2.500.000 2.500.000 (refer to Note 19)
Laba per saham dasar Basic earnings per share
(nilai penuh) 160 469 (full amount)
93
Page 387
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
26. SALDO DAN TRANSAKSI DENGAN PIHAK 26. BALANCES AND TRANSACTIONS WITH
BERELASI RELATED PARTIES
Sifat hubungan dengan pihak berelasi adalah The nature of relationships with related parties are
sebagai berikut: as follows:
Sifat hubungan dengan pihak berelasi/
Pihak berelasi/Related parties Nature of relationship with the related parties
PT Bank Mandiri (Persero) Tbk Pemegang saham mayoritas/Controlling shareholder
PT Tunas Ridean Pemegang saham minoritas/Minority shareholder
PT Bumi Daya Plaza Dikendalikan oleh Dana Pensiun Bank Mandiri/
Controlled by Dana Pensiun Bank Mandiri
PT Bank Mandiri Taspen Dikendalikan oleh PT Bank Mandiri (Persero) Tbk/
Controlled by PT Bank Mandiri (Persero) Tbk
Dana Pensiun Bank Mandiri Bank Mandiri sebagai pendiri/Bank Mandiri as founder
PT Surya Sudeco Dikendalikan oleh PT Tunas Ridean/
Controlled by PT Tunas Ridean
PT Bank Rakyat Indonesia (Persero) Tbk Badan usaha milik negara/State-owned company
PT Bank Negara Indonesia (Persero) Tbk Badan usaha milik negara/State-owned company
PT Asuransi Jasa Indonesia (Persero) Badan usaha milik negara/State-owned company
PT Sarana Multigriya Finansial (Persero) Badan usaha milik negara/State-owned company
Perum Jaminan Kredit Indonesia Badan usaha milik negara/State-owned company
PT Bank Tabungan Negara (Persero) Tbk Badan usaha milik negara/State-owned company
PT Kimia Farma Apotek Entitas anak dari badan usaha milik negara/
Subsidiary of state-owned company
PT Kimia Farma Diagnostika Entitas anak dari badan usaha milik negara/
Subsidiary of state-owned company
PT Kimia Farma Trading & Distribution Entitas anak dari badan usaha milik negara/
Subsidiary of state-owned company
PT Asuransi Jiwa Taspen Entitas anak dari badan usaha milik negara/
Subsidiary of state-owned company
Personil manajemen kunci Grup Personil manajemen kunci Group Bank Mandiri/
Key management personnel of Bank Mandiri Group
Karyawan kunci Anggota Dewan Komisaris dan Direksi/
Members of Boards of Commissioners and Director
Dalam kegiatan normal usaha, Perseroan melakukan In the normal course of business, the Company
transaksi dengan pihak berelasi karena hubungan enters into certain transactions with parties which
kepemilikan dan/atau kepengurusan. are related to the management and/or owned by the
same ultimate shareholder.
Seluruh transaksi yang signifikan dengan pihak-pihak All significant transactions with related parties are
berelasi dilakukan dengan persyaratan dan kondisi conducted under commercial terms and condition
usaha pada umumnya yang mungkin tidak sama which may not be similar to those conducted with
sebagaimana dilakukan dengan pihak ketiga third parties (Note 2s).
(Catatan 2s).
94
Page 388
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
26. SALDO DAN TRANSAKSI DENGAN PIHAK 26. BALANCES AND TRANSACTIONS WITH
BERELASI (lanjutan) RELATED PARTIES (continued)
a. Aset a. Assets
31 Desember/ 31 Desember/
December 2025 December 2024
Kas dan setara kas Cash and cash equivalents
Kas pada bank (lihat Catatan 4) Cash in banks (refer to Note 4)
PT Bank Mandiri (Persero) Tbk 931.125 1.232.725 PT Bank Mandiri (Persero) Tbk
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk 93 205 (Persero) Tbk
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk 16 16 (Persero) Tbk
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 15 - (Persero) Tbk
PT Bank Mandiri Taspen 6 6 PT Bank Mandiri Taspen
931.255 1.232.952
Deposito berjangka (lihat Catatan 4) Time deposits (refer to Note 4)
PT Bank Mandiri Taspen 50.000 50.000 PT Bank Mandiri Taspen
Piutang pembiayaan konsumen Consumer financing receivable
(lihat Catatan 5) (refer to Note 5)
Personel manajemen kunci Grup 43.883 34.043 Group’s key management personnel
PT Kimia Farma Trading PT Kimia Farma Trading
& Distribution 3.367 5.294 & Distribution
PT Kimia Farma Apotek 518 1.985 PT Kimia Farma Apotek
PT Kimia Farma Diagnostika - 24 PT Kimia Farma Diagnostika
47.768 41.346
Piutang lain-lain Other receivables
(lihat Catatan 8) (refer to Note 8)
PT Bank Mandiri (Persero) Tbk 272.337 366.435 PT Bank Mandiri (Persero) Tbk
PT Asuransi Jasa PT Asuransi Jasa
Indonesia (Persero) 2.161 2.161 Indonesia (Persero)
Perum Jaminan Kredit Indonesia 325 325 Perum Jaminan Kredit Indonesia
PT Tunas Ridean - 620 PT Tunas Ridean
274.823 369.541
Aset lain-lain Other assets
(lihat Catatan 11) (refer to Note 11)
PT Bumi Daya Plaza 689 689 PT Bumi Daya Plaza
PT Bank Mandiri Taspen 125 137 PT Bank Mandiri Taspen
814 826
Total aset Total assets associated with
kepada pihak berelasi 1.304.660 1.694.665 related parties
Persentase terhadap total aset 4,66% 4,92% Percentage to total assets
Piutang lain-lain pihak berelasi kepada PT Tunas Other related party receivables from PT Tunas
Ridean, Perum Jaminan Kredit Indonesia, dan Ridean, Perum Jaminan Kredit Indonesia, and
PT Asuransi Jasa Indonesia (Persero) terutama PT Asuransi Jasa Indonesia (Persero) are in
berhubungan dengan transaksi usaha. respect of trade activities.
Piutang lain-lain pihak berelasi kepada PT Bank Other related party receivables from PT Bank
Mandiri (Persero) Tbk merupakan pembayaran Mandiri (Persero) Tbk represent payments to
ke dealer untuk porsi pembiayaan bersama yang dealers for joint financing portion which was
dibayarkan terlebih dahulu oleh Perseroan. paid in advance by the Company.
95
Page 389
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
26. SALDO DAN TRANSAKSI DENGAN PIHAK 26. BALANCES AND TRANSACTIONS WITH
BERELASI (lanjutan) RELATED PARTIES (continued)
a. Aset (lanjutan) a. Assets (continued)
Manajemen berkeyakinan bahwa cadangan Management believes that the allowance for
kerugian penurunan nilai untuk piutang impairment losses of consumer financing
pembiayaan konsumen dan piutang lain-lain - receivables and other receivables - related
pihak berelasi adalah cukup untuk menutupi party is sufficient to cover any possible losses
kemungkinan kerugian dari tidak tertagihnya from uncollectible accounts.
piutang tersebut.
b. Liabilitas b. Liabilities
31 Desember/ 31 Desember/
December 2025 December 2024
Utang lain-lain (lihat Catatan 13) Other payables (refer to Note 13)
PT Bank Mandiri (Persero) Tbk 21.566 27.033 PT Bank Mandiri (Persero) Tbk
PT Bumi Daya Plaza 9.922 19.084 PT Bumi Daya Plaza
PT Surya Sudeco 2.858 5.269 PT Surya Sudeco
PT Tunas Ridean - 240 PT Tunas Ridean
34.346 51.626
Beban yang masih
harus dibayar (lihat Catatan 14) Accrued expenses (refer to Note 14)
PT Bank Mandiri (Persero) Tbk 7.423 6.399 PT Bank Mandiri (Persero) Tbk
PT Sarana Multigriya Finansial PT Sarana Multigriya Finansial
(Persero) 1.512 2.827 (Persero)
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk - 317 (Persero) Tbk
8.935 9.543
Pinjaman (lihat Catatan 15) Borrowings (refer to Note 15)
PT Bank Mandiri (Persero) Tbk 5.606.573 4.132.755 PT Bank Mandiri (Persero) Tbk
PT Sarana Multigriya Finansial PT Sarana Multigriya Finansial
(Persero) 791.017 1.563.817 (Persero)
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk - 138.889 (Persero) Tbk
6.397.590 5.835.461
Surat berharga yang diterbitkan Securities issued
(lihat Catatan 17) (refer to Note 17)
Dana Pensiun Bank Mandiri 184.000 194.000 Dana Pensiun Bank Mandiri
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk - 350.000 (Persero) Tbk
PT Asuransi Jiwa Taspen - 100.000 PT Asuransi Jiwa Taspen
184.000 644.000
Total liabilitas kepada pihak Total liabilities associated
berelasi 6.624.871 6.540.630 with related parties
Persentase terhadap total liabilitas 28,69% 22,13% Percentage to total liabilities
Utang lain-lain kepada pihak berelasi terutama Other payables to related parties are mainly in
berhubungan dengan utang angsuran pokok respect of payables related with installments
termasuk bunga kepada pemberi pembiayaan including interest to joint financing principals
bersama dan sewa. providers and lease.
96
Page 390
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
26. SALDO DAN TRANSAKSI DENGAN PIHAK 26. BALANCES AND TRANSACTIONS WITH
BERELASI (lanjutan) RELATED PARTIES (continued)
c. Pendapatan c. Revenue
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Pembiayaan konsumen Consumer financing
(lihat Catatan 21a) (refer to Note 21a)
Personil manajemen kunci Grup 2.433 1.569 Group’s key management personnel
PT Kimia Farma Trading PT Kimia Farma Trading
& Distribution 311 380 & Distribution
PT Kimia Farma Apotek 93 212 PT Kimia Farma Apotek
PT Kimia Farma Diagnostika - 13 PT Kimia Farma Diagnostika
2.837 2.174
Simpanan Bank (lihat Catatan 21d) Deposit in bank (refer to Note 21d)
PT Bank Mandiri (Persero) Tbk 12.283 13.511 PT Bank Mandiri (Persero) Tbk
PT Bank Mandiri Taspen 2.706 2.694 PT Bank Mandiri Taspen
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk 1 2 (Persero) Tbk
14.990 16.207
Total pendapatan dari Total revenue associated
pihak berelasi 17.827 18.381 with related parties
Persentase terhadap total
pendapatan 0,38% 0,33% Percentage to total revenue
Pendapatan bunga simpanan bank berkaitan Interest income from deposit in bank to related
dengan penempatan dana kepada pihak berelasi parties has interest rates 0.00% - 5.50% in
dengan tingkat bunga masing-masing sebesar 2025 and 2024, respectively.
0,00% - 5,50% pada tahun 2025 dan 2024.
d. Beban d. Expenses
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Beban keuangan Financial charges
(lihat Catatan 22) (refer to Note 22)
PT Bank Mandiri (Persero) Tbk 298.175 198.370 PT Bank Mandiri (Persero) Tbk
PT Sarana Multigriya Finansial PT Sarana Multigriya Finansial
(Persero) 85.247 89.565 (Persero)
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk 4.096 15.581 (Persero) Tbk
PT Bumi Daya Plaza 1.065 1.731 PT Bumi Daya Plaza
PT Surya Sudeco 276 474 PT Surya Sudeco
PT Bank Rakyat Indonesia - 505 PT Bank Rakyat Indonesia
388.859 306.226
97
Page 391
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
26. SALDO DAN TRANSAKSI DENGAN PIHAK 26. BALANCES AND TRANSACTIONS WITH
BERELASI (lanjutan) RELATED PARTIES (continued)
d. Beban (lanjutan) d. Expenses (continued)
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Beban gaji dan tunjangan Salaries and benefits
(lihat Catatan 23) (refer to Note 23)
Kompensasi Dewan Boards of Commissioners and
Komisaris dan Direksi Directors remuneration
Dewan Komisaris Board of Commissioners
Imbalan kerja jangka pendek: Short-term employee benefits:
Gaji dan tunjangan 5.495 5.450 Salaries and allowances
Tantiem - 2.992 Tantiem
Direksi Directors
Imbalan kerja jangka pendek: Short-term employee benefits:
Gaji dan tunjangan 11.342 16.476 Salaries and allowances
Tantiem - 9.450 Tantiem
16.837 34.368
Beban umum dan administrasi General and administrative expense
(lihat Catatan 24) (refer to Note 24)
PT Bumi Daya Plaza 9.585 8.488 PT Bumi Daya Plaza
Total beban kepada pihak Total expenses associated
berelasi 415.281 349.082 with related parties
Persentase terhadap total beban 10,08% 8,57% Percentage to total expenses
27. MANAJEMEN RISIKO 27. RISK MANAGEMENT
Risiko pasar Market risk
Risiko pasar merupakan risiko yang terutama Market risk is the risk which is primarily caused by
disebabkan karena perubahan tingkat suku bunga, the changes in interest rates, exchange rate of
nilai tukar mata uang Rupiah, harga komoditas dan Rupiah currency, commodity prices and the price of
harga modal atau pinjaman, yang dapat membawa capital or loans, in which the Company may be
risiko bagi Perseroan. Dalam perencanaan usaha exposed to. In the Company's business planning,
Perseroan, risiko pasar yang memiliki dampak market risk with direct impact to the Company is in
langsung kepada Perseroan adalah dalam hal terms of interest rates management.
pengelolaan tingkat bunga.
Perubahan tingkat bunga acuan akan menjadi risiko Changes in interest rates would become a risk at
pada saat perubahannya, terutama ketika tingkat the point of change, especially when the interest
bunga dinaikkan, yang menyebabkan kerugian bagi rate increases, which would cause losses to the
Perseroan sehingga dapat menyebabkan risiko kredit Company, hence resulting in increased Company's
Perseroan meningkat. Untuk itu, Perseroan credit risk. Therefore, the Company consistently
menerapkan pengelolaan tingkat bunga tetap secara implements fixed interest rate management by
konsisten dengan menyesuaikan tingkat bunga kredit making adjustments on lending interest rate and
terhadap tingkat bunga pinjaman dan beban dana. cost of funds.
Sumber pendanaan Perseroan yang terbesar berasal The largest source of funding for the Company
dari skema pembiayaan bersama dengan PT Bank comes from a joint financing scheme with PT Bank
Mandiri (Persero) Tbk dengan tingkat bunga tetap Mandiri (Persero) Tbk with fixed interest rate and
dan jangka waktu yang sama dengan piutang same period with the consumer financing
pembiayaan konsumen. receivables.
98
Page 392
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
27. MANAJEMEN RISIKO (lanjutan) 27. RISK MANAGEMENT (continued)
Risiko pasar (lanjutan) Market risk (continued)
Perseroan juga menerbitkan obligasi yang sebagian The Company’s source of funding is also derived
besar mempunyai jangka waktu yang panjang, yaitu from the issuance of bonds mostly for long-term, i.e.
3 (tiga) - 5 (lima) tahun dengan tingkat bunga tetap for 3 (three) - 5 (five) years, with fixed interest rates
serta sejumlah kecil pinjaman dari bank swasta and as well as a small number of loans from the
nasional dan asing dengan tingkat bunga tetap dan national and foreign private banks with fixed and
mengambang. floating interest rates.
Dengan pola aktivitas usaha yang dijalankan With the pattern of business activity currently
Perseroan saat ini, risiko pasar Perseroan adalah operated by the Company, the market risk of the
minimal. Perseroan tidak mempunyai kegiatan usaha Company is minimal. The Company does not have
pembiayaan konsumen dalam mata uang asing. consumer financing business in foreign currency.
Tabel berikut menggambarkan rincian aset dan The following tables summarize the Company’s
liabilitas keuangan Perseroan yang dikelompokkan financial assets and liabilities categorized by the
menurut mana yang lebih awal antara tanggal earlier of contractual repricing or maturity dates to
repricing atau tanggal jatuh tempo kontraktual untuk see the impact of changes in interest rates (gross):
melihat dampak perubahan tingkat suku bunga
(bruto):
31 Desember/December 2025
Tingkat bunga tetap/Fixed interest rate
Lebih dari
1 tahun
Bunga Lebih dari 3 sampai 2 Tidak
mengambang Kurang dari 1 1 bulan bulan sampai 1 tahun/ Lebih dari dikenakan
<3 bulan/ bulan/Less sampai 3 bulan/ tahun/Over 3 Over 1 2 tahun/ bunga/No
Floating Rate < 3 than 1 month months year to 2 Over 2 interest rate
months 1 month to 3 months to 1 year years years charges Total
Aset keuangan Financial assets
Kas pada bank 990.657 - - - - - - 990.657 Cash in banks
Consumer financing
Piutang pembiayaan konsumen - 1.000.379 1.931.981 7.772.481 6.447.323 5.969.011 - 23.121.175 receivables
Piutang sewa pembiayaan - 213.257 408.370 1.495.742 1.092.398 542.667 - 3.752.434 Finance lease receivables
Piutang lain lain - - - - - - 458.153 458.153 Other receivables
Piutang derivatif - - 6.238 - 27.588 - - 33.826 Derivative receivables
Aset lain-lain*) - - - - - - 31.824 31.824 Other assets*)
Jumlah aset keuangan 990.657 1.213.636 2.346.589 9.268.223 7.567.309 6.511.678 489.977 28.388.069 Total financial assets
Liabilitas keuangan Financial liabilities
Utang usaha - - - - - - 470.341 470.341 Trade payables
Utang lain-lain**) - 8.987 2.089 3.492 1.380 68 147.533 163.549 Other payables**)
Beban yang masih harus
dibayar - 3.168 136.964 - - - - 140.132 Accrued expenses
Pinjaman yang diterima - 1.422.637 1.875.408 7.091.684 4.017.887 1.453.905 - 15.861.521 Borrowings
Surat berharga yang diterbitkan - - - 2.041.499 880.739 3.299.661 - 6.221.899 Securities issued
Jumlah liabilitas keuangan - 1.434.792 2.014.461 9.136.675 4.900.006 4.753.634 617.874 22.857.442 Total financial liabilities
Total interest
Jumlah selisih penilaian bunga 990.657 (221.156) 332.128 131.548 2.667.303 1.758.044 (127.897) 5.530.627 repricing gap
*) Aset lain-lain terdiri dari piutang karyawan, piutang bunga, *) Other assets consists of employee receivables, interest
setoran dalam perjalanan, dan setoran jaminan. receivables, deposit in transit, and security deposit
**) Utang lain-lain terdiri dari titipan konsumen, liabilitas sewa, jasa notaris, **) Other payables consists of customer deposits, lease liabilities,
barang dan jasa, pembiayaan bersama, dan lain-lain. notary services, goods and services, joint financing, and others
31 Desember/December 2024
Tingkat bunga tetap/Fixed interest rate
Lebih dari
1 tahun
Bunga Lebih dari 3 sampai 2 Tidak
mengambang Kurang dari 1 1 bulan bulan sampai 1 tahun/ Lebih dari dikenakan
<3 bulan/ bulan/Less sampai 3 bulan/ tahun/Over 3 Over 1 2 tahun/ bunga/No
Floating Rate < 3 than 1 month months year to 2 Over 2 interest rate
months 1 month to 3 months to 1 year years years charges Total
Aset keuangan Financial assets
Kas pada bank 1.284.161 - - - - - - 1.284.161 Cash in banks
Consumer financing
Piutang pembiayaan konsumen - 1.088.517 2.036.881 8.285.549 7.766.536 8.018.459 - 27.195.942 receivables
Piutang sewa pembiayaan - 283.951 539.896 2.013.111 1.745.649 912.980 5.495.587 Finance lease receivables
Anjak piutang - 577 1.158 5.213 6.950 20.850 - 34.748 Factoring receivables
Piutang lain lain - - - - - - 533.714 533.714 Other receivables
Piutang derivatif - - - 7.979 22.045 14.984 - 45.008 Derivative receivables
Aset lain-lain*) - - - - - - 35.537 35.537 Other assets*)
Jumlah aset keuangan 1.284.161 1.373.045 2.577.935 10.311.852 9.541.180 8.967.273 569.251 34.624.697 Total financial assets
*) Aset lain-lain terdiri dari piutang karyawan, piutang bunga, *) Other assets consists of employee receivables, interest
setoran dalam perjalanan, dan setoran jaminan. receivables, deposit in transit, and security deposit
99
Page 393
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
27. MANAJEMEN RISIKO (lanjutan) 27. RISK MANAGEMENT (continued)
Risiko pasar (lanjutan) Market risk (continued)
Tabel berikut menggambarkan rincian aset dan The following tables summarize the Company’s
liabilitas keuangan Perseroan yang dikelompokkan financial assets and liabilities categorized by the
menurut mana yang lebih awal antara tanggal earlier of contractual repricing or maturity dates to
repricing atau tanggal jatuh tempo kontraktual untuk see the impact of changes in interest rates (gross):
melihat dampak perubahan tingkat suku bunga (continued)
(bruto): (lanjutan)
31 Desember/December 2024
Tingkat bunga tetap/Fixed interest rate
Lebih dari
1 tahun
Bunga Lebih dari 3 sampai 2 Tidak
mengambang Kurang dari 1 1 bulan bulan sampai 1 tahun/ Lebih dari dikenakan
<3 bulan/ bulan/Less sampai 3 bulan/ tahun/Over 3 Over 1 2 tahun/ bunga/No
Floating Rate < 3 than 1 month months year to 2 Over 2 interest rate
months 1 month to 3 months to 1 year years years charges Total
Liabilitas keuangan Financial liabilities
Utang usaha - - - - - - 604.208 604.208 Trade payables
Utang lain-lain**) - 9.062 2.265 5.137 13.121 1.246 166.268 197.099 Other payables**)
Utang derivatif - - - - - 12.654 - 12.654 Derivative payable
Beban yang masih harus
dibayar - 3.118 244.823 - - - - 247.941 Accrued expenses
Pinjaman yang diterima - 1.055.825 2.023.080 7.686.394 7.123.001 3.587.896 - 21.476.196 Borrowings
Surat berharga yang diterbitkan - - 851.315 385.860 1.727.057 3.717.693 - 6.681.925 Securities issued
Jumlah liabilitas keuangan - 1.068.005 3.121.483 8.077.391 8.863.179 7.319.489 770.476 29.220.023 Total financial liabilities
Total interest
Jumlah selisih penilaian bunga 1.284.161 305.040 (543.548) 2.234.461 678.001 1.647.784 (201.225) 5.404.674 repricing gap
**) Utang lain-lain terdiri dari titipan konsumen, liabilitas sewa, jasa notaris, **) Other payables consists of customer deposits, lease liabilities,
barang dan jasa, pembiayaan bersama, dan lain-lain. notary services, goods and services, joint financing, and others
Perusahaan memiliki pinjaman dalam mata uang The Company has loans in foreign currency and the
asing, dalam hal ini Perusahaan sudah melakukan Company has already anticipated the currency risk
antisipasi terhadap risiko nilai tukar dengan telah by implementing hedging policy for loans in foreign
menetapkan kebijakan lindung nilai untuk pinjaman currency.
yang diterima dalam mata uang asing.
Risiko kredit Credit risk
Pengelolaan risiko kredit perseroan diarahkan untuk The Company’s credit risk management is directed
meningkatkan keseimbangan antara ekspansi kredit to improve the balance between healthy credit
yang sehat dengan pengelolaan kredit secara expansion with a prudent credit management to
prudent agar terhindar dari penurunan kualitas atau avoid the decline in the quality or being Non
menjadi Non Performing Loan (NPL), serta Performing Loan (NPL), as well as, capital
mengelola penggunaan modal untuk memperoleh management to earn optimal return. It starts from
return yang optimal. Dimulai dari proses awal the process of receiving credit applications
penerimaan aplikasi kredit yang selektif dan ditangani selectively and handling them with prudence
dengan prinsip kehati-hatian, yang mana aplikasi principle, where the credit application would go
kredit akan melalui proses survey dan analisa kredit through survey and credit analysis process before
sebelum disetujui oleh Komite Kredit. Perseroan juga being approved by the Credit Committee. The
menerapkan Pedoman Penerapan Prinsip Mengenal Company also implemented the Manual for
Nasabah dan ketentuan uang muka kendaraan Implementation of Know Your Customer Principles
sesuai dengan Peraturan Otoritas Jasa Keuangan. down payment regulation as regulated in Financial
Services Authority Regulation.
Untuk setiap kategori aset keuangan, Perseroan For each financial asset category, the Company
harus mengungkapkan eksposur maksimum should disclose maximum exposure to credit risk
terhadap risiko kredit dan analisa konsentrasi risiko and concentration of credit risk analysis.
kredit.
100
Page 394
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
27. MANAJEMEN RISIKO (lanjutan) 27. RISK MANAGEMENT (continued)
Risiko kredit (lanjutan) Credit risk (continued)
i. Eksposur maksimum terhadap risiko kredit i. Maximum exposure to credit risk
Nilai tercatat dari aset keuangan Perseroan The carrying amount of the Company’s
selain piutang sewa pembiayaan dan piutang financial assets other than finance lease
pembiayaan konsumen menggambarkan receivables and consumer financing
eksposur maksimum atas risiko tersebut. Dalam receivables represent the maximum exposure
hal piutang pembiayaan konsumen dan sewa of credit. In case of consumer financing and
pembiayaan, Perseroan menggunakan agunan finance lease receivables, the Company uses
untuk meminimalkan risiko kredit. Perseroan the collateral to minimize the credit risk. The
menetapkan jenis dan nilai agunan yang diterima Company determined the type and value of
antara lain tanah, bangunan dan Bukti Pemilikan collaterals accepted such as land, buildings,
Kendaraan Bermotor (BPKB) atas kendaraan and Certificate of Ownership of the vehicles
yang dibiayai Perseroan. Apabila terjadi default financed by the Company. In times of default,
(gagal bayar), Perseroan akan menggunakan the Company will use the collateral as the last
agunan tersebut sebagai pilihan terakhir untuk resort in recovering the obligation of the
pemenuhan kewajiban counterparty. counterparty.
Konsentrasi risiko kredit timbul ketika sejumlah Concentrations of credit risk arise when a
pelanggan bergerak dalam aktivitas usaha yang number of customers are engaged in similar
sama atau aktivitas dalam wilayah geografis business activities or activities within the same
yang sama, atau ketika mereka memiliki geographic region, or when they have similar
karakteristik yang sejenis yang akan characteristics that would cause their ability to
menyebabkan kemampuan untuk memenuhi meet contractual obligations to be similarly
kewajiban kontraktualnya sama-sama affected by changes in economic or other
dipengaruhi oleh perubahan kondisi ekonomi conditions.
atau yang lainnya.
Perseroan bergerak di bidang usaha The Company is currently engaged in
pembiayaan konsumen yang pelanggannya consumer financing business in which the
kebanyakan adalah individu dan tidak customers are mainly individuals and they are
terkonsentrasi pada wilayah geografis tertentu. not concentrated in the specific geographic
region.
ii. Analisis konsentrasi risiko kredit ii. Concentration of credit risk analysis
Tabel berikut menggambarkan jumlah risiko The following tables set out the total credit risk
kredit dan konsentrasi risiko aset keuangan and risk concentration of financial assets of the
konsumen yang dimiliki Perseroan (bruto): Company (gross):
a. Sektor geografis a. Geographical sector
31 Desember/December 2025
Lainnya/
Jawa Bali Sumatera Kalimantan Sulawesi Others Total
Kas pada bank 988.017 756 737 1.042 105 990.657 Cash in banks
Piutang pembiayaan Consumer financing
konsumen 13.898.240 3.645.191 3.060.891 2.253.298 263.555 23.121.175 receivables
Piutang sewa pembiayaan 2.995.738 380.124 204.894 156.207 15.471 3.752.434 Finance lease receivables
Piutang lain-lain 458.153 - - - - 458.153 Other receivables
Piutang derivatif 33.826 - - - - 33.826 Derivative receivables
Aset lain-lain*) 3.069 105 32 11 28.607 31.824 Other assets*)
18.377.043 4.026.176 3.266.554 2.410.558 307.738 28.388.069
31 Desember/December 2024
Lainnya/
Jawa Bali Sumatera Kalimantan Sulawesi Others Total
Kas pada bank 1.280.516 772 1.957 785 131 1.284.161 Cash in banks
Piutang pembiayaan Consumer financing
konsumen 16.044.381 3.819.498 4.211.717 2.769.230 351.116 27.195.942 receivables
Piutang sewa pembiayaan 4.513.905 421.539 330.577 197.720 31.846 5.495.587 Finance lease receivables
Anjak piutang 34.748 - - - - 34.748 Factoring receivables
Piutang lain-lain 533.714 - - - - 533.714 Other receivables
Piutang derivatif 45.008 - - - - 45.008 Derivative receivables
Aset lain-lain*) 4.082 - 27 34 31.394 35.537 Other assets*)
22.456.354 4.241.809 4.544.278 2.967.769 414.487 34.624.697
*) Aset lain-lain terdiri dari piutang karyawan, piutang bunga, *) Other assets consists of employee receivables, interest
setoran dalam perjalanan, dan setoran jaminan. receivables, deposit in transit, and security deposit
**) Utang lain-lain terdiri dari titipan konsumen, liabilitas sewa, jasa notaris, **) Other payables consists of customer deposits, lease liabilities,
barang dan jasa, pembiayaan bersama, dan lain-lain. notary services, goods and services, joint financing, and others
101
Page 395
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
27. MANAJEMEN RISIKO (lanjutan) 27. RISK MANAGEMENT (continued)
Risiko kredit (lanjutan) Credit risk (continued)
ii. Analisis konsentrasi risiko kredit (lanjutan) ii. Concentration of credit risk analysis
(continued)
Tabel berikut menggambarkan jumlah risiko The following tables set out the total credit risk
kredit dan konsentrasi risiko aset keuangan and risk concentration of financial assets of the
konsumen yang dimiliki Perseroan (bruto): Company (gross): (continued)
(lanjutan)
b. Sektor industri b. Industry sector
31 Desember/December 2025
Lembaga
Keuangan/
Financial Konsumen/ Lain-lain/
Institution Customers Others Total
Kas pada bank 990.657 - - 990.657 Cash in banks
Piutang pembiayaan Consumer financing
konsumen - 23.121.175 - 23.121.175 receivables
Piutang sewa pembiayaan - 3.752.434 - 3.752.434 Finance lease receivables
Piutang lain-lain - - 458.153 458.153 Other receivables
Piutang derivatif 33.826 - - 33.826 Derivative receivables
Aset lain-lain*) - - 31.824 31.824 Other assets*)
1.024.483 26.873.609 489.977 28.388.069
31 Desember/December 2024
Lembaga
Keuangan/
Financial Konsumen/ Lain-lain/
Institution Customers Others Total
Kas pada bank 1.284.161 - - 1.284.161 Cash in banks
Piutang pembiayaan Consumer financing
konsumen - 27.195.942 - 27.195.942 receivables
Piutang sewa pembiayaan - 5.495.587 - 5.495.587 Finance lease receivables
Anjak piutang - 34.748 - 34.748 Factoring receivables
Piutang lain-lain - - 533.714 533.714 Other receivables
Piutang derivatif 45.008 - - 45.008 Derivative receivables
Aset lain-lain*) - - 35.537 35.537 Other assets*)
1.329.169 32.726.277 569.251 34.624.697
*) Aset lain-lain terdiri dari piutang karyawan, piutang bunga, *) Other assets consists of employee receivables, interest
setoran dalam perjalanan, dan uang jaminan. receivables, deposit in transit, and security deposit
**) Utang lain-lain terdiri dari titipan konsumen, liabilitas sewa, jasa notaris, **) Other payables consists of customer deposits, lease liabilities,
barang dan jasa, pembiayaan bersama, dan lain-lain. notary services, goods and services, joint financing, and others
c. Berdasarkan kualitas kredit dari aset c. Based on quality of financial assets
keuangan
Pada tanggal 31 Desember 2025 dan 2024 As of 31 December 2025 and 2024, credit
eksposur risiko kredit atas aset keuangan risk exposure of financial assets is divided
terbagi atas: into:
31 Desember/December 2025
Cadangan
Jatuh tempo kerugian
dan tidak penurunan
Belum jatuh tempo dan mengalami Mengalami nilai/
tidak mengalami penurunan penurunan Allowance for
penurunan nilai/ Neither nilai/Past due nilai/ impairment
past due nor impaired but not impaired Impaired losses Total
High grade Standard grade
Kas pada bank 990.657 - - - - 990.657 Cash in banks
Piutang pembiayaan Consumer financing
Konsumen - neto 10.451.475 11.046.770 983.915 639.015 (607.432 ) 22.513.743 receivables - net
Piutang Sewa Finance Lease
Pembiayaan - neto 1.596.233 1.862.370 131.306 162.525 (127.084 ) 3.625.350 receivables - net
Piutang lain-lain 418.492 - - 39.661 (39.661) 418.492 Other receivables
Piutang derivatif 33.826 - - - - 33.826 Derivative receivables
Aset lain-lain*) 31.824 - - - - 31.824 Other assets*)
13.522.507 12.909.140 1.115.221 841.201 (774.177 ) 27.613.892
*) Aset lain-lain terdiri dari piutang karyawan, piutang bunga, *) Other assets consists of employee receivables, interest
setoran dalam perjalanan, dan setoran jaminan. receivables, deposit in transit, and security deposit
102
Page 396
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
27. MANAJEMEN RISIKO (lanjutan) 27. RISK MANAGEMENT (continued)
Risiko kredit (lanjutan) Credit risk (continued)
ii. Analisis konsentrasi risiko kredit (lanjutan) ii. Concentration of credit risk analysis
(continued)
Tabel berikut menggambarkan jumlah risiko The following tables set out the total credit risk
kredit dan konsentrasi risiko aset keuangan and risk concentration of financial assets of the
konsumen yang dimiliki Perseroan (bruto): Company (gross): (continued)
(lanjutan)
c. Berdasarkan kualitas kredit dari aset c. Based on quality of financial assets
keuangan (lanjutan) (continued)
Pada tanggal 31 Desember 2025 dan 2024 As of 31 December 2025 and 2024, credit
eksposur risiko kredit atas aset keuangan risk exposure of financial assets is divided
terbagi atas: (lanjutan) into: (continued)
31 Desember/December 2024
Cadangan
Jatuh tempo kerugian
dan tidak penurunan
Belum jatuh tempo dan mengalami Mengalami nilai/
tidak mengalami penurunan penurunan Allowance for
penurunan nilai/ Neither nilai/Past due nilai/ impairment
past due nor impaired but not impaired Impaired losses Total
High grade Standard grade
Kas pada bank 1.284.161 - - - - 1.284.161 Cash in banks
Piutang pembiayaan Consumer financing
Konsumen - neto 12.906.523 12.847.266 1.058.294 383.859 (476.763 ) 26.719.179 receivables – net
Piutang Sewa Finance Lease
Pembiayaan - neto 3.193.341 2.050.542 220.493 31.211 (100.429 ) 5.395.158 receivables - net
Anjak piutang - neto - - - 34.748 (15.310) 19.438 Factoring receivables - net
Piutang lain-lain 500.283 - - 33.431 (33.431) 500.283 Other receivables
Piutang derivatif 45.008 - - - - 45.008 Derivative receivables
Aset lain-lain*) 35.537 - - - - 35.537 Other assets*)
17.964.853 14.897.808 1.278.787 483.249 (625.933 ) 33.998.764
*) Aset lain-lain terdiri dari piutang karyawan, piutang bunga, *) Other assets consists of employee receivables, interest
setoran dalam perjalanan, dan setoran jaminan. receivables, deposit in transit, and security deposit
Penjelasan pembagian kualitas kredit yang The explanation of loan under quality
diberikan yang belum jatuh tempo dan tidak “neither past due nor impaired” were as
mengalami penurunan nilai: follows:
- High grade, yaitu tidak pernah mengalami - High grade, which never have past
tunggakan sebelumnya. due in the past.
- Standard grade, yaitu pernah mengalami - Standard grade, which have past due
tunggakan sebelumnya, namun sampai in the past but until now there has not
saat ini belum terdapat keterlambatan been overdue in payment of principal
dalam pembayaran cicilan pokok dan and interest.
bunga.
Piutang pembiayaan konsumen, piutang Consumer financing, finance lease and
sewa pembiayaan dan anjak piutang yang factoring receivables which installments
pembayaran angsurannya menunggak lebih are overdue for more than 90 days are
dari 90 hari diklasifikasikan sebagai aset classified as impaired financial assets.
keuangan yang mengalami penurunan nilai.
Sebagai jaminan atas piutang pembiayaan As collateral to the consumer financing
konsumen yang diberikan, Perseroan receivables, the Company receives the
menerima jaminan dari konsumen berupa Certificates of Ownership (“BPKB”) of the
Bukti Pemilikan Kendaraan Bermotor motor vehicles financed by the Company,
(“BPKB”) atas kendaraan bermotor yang corporate guarantee, and personal
dibiayai Perseroan, jaminan perusahaan guarantee.
dan jaminan pribadi.
103
Page 397
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
27. MANAJEMEN RISIKO (lanjutan) 27. RISK MANAGEMENT (continued)
Risiko kredit (lanjutan) Credit risk (continued)
ii. Analisis konsentrasi risiko kredit (lanjutan) ii. Concentration of credit risk analysis
(continued)
c. Berdasarkan kualitas kredit dari aset c. Based on quality of financial assets
keuangan (lanjutan) (continued)
Tabel berikut menunjukkan aging analysis The following table summarizes the aging
terhadap piutang pembiayaan konsumen, analysis of consumer financing
piutang sewa pembiayaan dan anjak receivables, finance lease receivables and
piutang yang telah jatuh tempo tetapi tidak factoring receivables which are past due
mengalami penurunan nilai. but not impaired.
31 Desember/December 2025
1-30 hari/days 31-60 hari/days 61-90 hari/days Total
Piutang pembiayaan Consumer financing
konsumen 586.649 254.434 142.832 983.915 receivables
Piutang sewa pembiayaan 53.622 43.461 34.223 131.306 Finance lease receivables
640.271 297.895 177.055 1.115.221
31 Desember/December 2024
1-30 hari/days 31-60 hari/days 61-90 hari/days Total
Piutang pembiayaan Consumer financing
konsumen 676.249 245.933 136.112 1.058.294 receivables
Piutang sewa pembiayaan 74.197 92.487 53.809 220.493 Finance lease receivables
750.446 338.420 189.921 1.278.787
Risiko likuiditas Liquidity risk
Risiko likuiditas merupakan risiko, bilamana Liquidity risk is the risk when the Company does not
Perseroan tidak memiliki sumber keuangan yang have sufficient financial resources to discharge its
mencukupi untuk memenuhi kewajibannya yang telah matured liabilities. As the Company receives strong
jatuh tempo. Mengingat Perseroan memperoleh financial support from Parent Company through
dukungan keuangan yang kuat dari Entitas Induk joint financing scheme and borrowings facility, this
melalui skema pembiayaan bersama dan fasilitas risk could be managed properly. The management
pinjaman yang diterima, maka risiko ini dapat dikelola evaluates and monitors cash-in flows and cash-out
dengan baik. Manajemen melakukan evaluasi dan flows to ensure the availability of fund to settle the
pengawasan atas arus kas masuk dan arus kas obligations that are due.
keluar untuk memastikan tersedianya dana untuk
memenuhi kebutuhan pembayaran liabilitas yang
jatuh tempo.
Tabel berikut menggambarkan profil perbedaan jatuh The following table summarizes the maturity gap
tempo atas aset dan liabilitas keuangan Perseroan profile of the Company’s financial assets and
pada tanggal 31 Desember 2025 dan 2024: liabilities as of 31 December 2025 and 2024:
31 Desember 2025/December 2025
Lebih dari 6
Kurang dari bulan sampai Lebih dari
satu bulan/ 1 tahun/More 1 tahun/
Less than 1-6 bulan/ than 6 months More than
one month months up to 1 year 1 year JumlahTotal
ASET ASSETS
Kas pada bank 990.657 - - - 990.657 Cash in banks
Piutang pembiayaan konsumen 1.000.379 4.706.052 4.998.410 12.416.334 23.121.175 Consumer financing receivables
Piutang sewa pembiayaan 213.257 973.591 930.521 1.635.065 3.752.434 Finance lease receivables
Piutang lain-lain 458.153 - - - 458.153 Other receivables
Piutang derivative - 6.238 - 27.588 33.826 Derivative receivables
Aset lain-lain*) 31.824 - - - 31.824 Other assets*)
Jumlah aset 2.694.270 5.685.881 5.928.931 14.078.987 28.388.069 Total assets
*) Aset lain-lain terdiri dari piutang karyawan, piutang bunga, *) Other assets consists of employee receivables, interest
setoran dalam perjalanan, dan uang jaminan. receivables, deposit in transit, and security deposit
104
Page 398
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
27. MANAJEMEN RISIKO (lanjutan) 27. RISK MANAGEMENT (continued)
Risiko likuiditas (lanjutan) Liquidity risk (continued)
Tabel berikut menggambarkan profil perbedaan jatuh The following table summarizes the maturity gap
tempo atas aset dan liabilitas keuangan Perseroan profile of the Company’s financial assets and
pada tanggal 31 Desember 2025 dan 2024: liabilities as of 31 December 2025 and 2024:
31 Desember 2025/December 2025
Lebih dari 6
Kurang dari bulan sampai Lebih dari
satu bulan/ 1 tahun/More 1 tahun/
Less than 1-6 bulan/ than 6 months More than
one month months up to 1 year 1 year JumlahTotal
LIABILITAS LIABILITIES
Utang usaha 470.341 - - - 470.341 Trade payables
Utang lain-lain**) 156.641 3.137 2.358 1.413 163.549 Other payables**)
Beban yang masih harus dibayar 3.168 136.964 - - 140.132 Accrued expense
Pinjaman yang diterima 1.422.637 4.463.702 4.503.390 5.471.792 15.861.521 Borrowings
Surat berharga yang diterbitkan - 485.584 1.555.915 4.180.400 6.221.899 Securities issued
Total liabilitas 2.052.787 5.089.387 6.061.663 9.653.605 22.857.442 Total liabilities
Total perbedaan jatuh tempo 641.483 596.494 (132.732) 4.425.382 5.530.627 Total maturity gap
**) Utang lain-lain terdiri dari titipan konsumen, liabilitas sewa, jasa notaris, **) Other payables consists of customer deposits, lease liabilities,
barang dan jasa, pembiayaan bersama, dan lain-lain. notary services, goods and services, joint financing, and others
31 Desember 2024/December 2024
Lebih dari 6
Kurang dari bulan sampai Lebih dari
satu bulan/ 1 tahun/More 1 tahun/
Less than 1-6 bulan/ than 6 months More than
one month months up to 1 year 1 year JumlahTotal
ASET ASSETS
Kas pada bank 1.284.161 - - - 1.284.161 Cash in banks
Piutang pembiayaan konsumen 1.088.517 4.967.787 5.354.643 15.784.995 27.195.942 Consumer financing receivables
Piutang sewa pembiayaan 283.951 1.285.641 1.267.366 2.658.629 5.495.587 Finance lease receivables
Anjak piutang 577 2.896 3.475 27.800 34.748 Factoring receivables
Piutang lain-lain 533.714 - - - 533.714 Other receivables
Piutang derivative - 7.979 - 37.029 45.008 Derivative receivables
Aset lain-lain*) 35.537 - - - 35.537 Other assets*)
Jumlah aset 3.226.457 6.264.303 6.625.484 18.508.453 34.624.697 Total assets
LIABILITAS LIABILITIES
Utang usaha 604.208 - - - 604.208 Trade payables
Utang lain-lain**) 175.682 3.749 3.676 13.992 197.099 Other payables**)
Utang derivatif - - - 12.654 12.654 Derivative payable
Beban yang masih harus dibayar 3.118 244.823 - - 247.941 Accrued expense
Pinjaman yang diterima 1.055.825 4.915.936 4.793.538 10.710.897 21.476.196 Borrowings
Surat berharga yang diterbitkan - 851.315 385.860 5.444.750 6.681.925 Securities issued
Total liabilitas 1.838.833 6.015.823 5.183.074 16.182.293 29.220.023 Total liabilities
Total perbedaan jatuh tempo 1.387.624 248.480 1.442.410 2.326.160 5.404.674 Total maturity gap
*) Aset lain-lain terdiri dari piutang karyawan, piutang bunga, *) Other assets consists of employee receivables, interest
setoran dalam perjalanan, dan uang jaminan. receivables, deposit in transit, and security deposit
**) Utang lain-lain terdiri dari titipan konsumen, liabilitas sewa, jasa notaris, **) Other payables consists of customer deposits, lease liabilities,
barang dan jasa, pembiayaan bersama, dan lain-lain. notary services, goods and services, joint financing, and others
105
Page 399
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
27. MANAJEMEN RISIKO (lanjutan) 27. RISK MANAGEMENT (continued)
Risiko likuiditas (lanjutan) Liquidity risk (continued)
Tabel di bawah ini menunjukkan sisa jatuh tempo The tables below show the remaining contractual
kontraktual dari liabilitas keuangan berdasarkan maturities of financial liabilities based on
pada undiscounted cash flows pada tanggal undiscounted cash flows as of 31 December 2025
31 Desember 2025 dan 2024: and 2024:
31 Desember/December 2025
Lebih dari 6
Kurang dari sampai 1 Lebih dari
satu bulan/ tahun/More than 1 tahun/
Less than 1-6 bulan/ 6 months More than
one month months up to 1 year 1 year Total
LIABILITAS LIABILITIES
Utang usaha 470.341 - - - 470.341 Trade payables
Utang lain-lain**) 156.697 3.196 2.510 1.553 163.956 Other payables**)
Beban yang
masih harus dibayar 3.168 136.964 - - 140.132 Accrued expenses
Pinjaman yang diterima 1.512.173 4.824.127 4.780.266 5.755.528 16.872.094 Borrowings
Surat berharga yang diterbitkan 22.970 673.983 1.725.537 4.816.554 7.239.044 Securities issued
Total 2.165.349 5.638.270 6.508.313 10.573.635 24.885.567 Total
31 Desember/December 2024
Lebih dari 6
Kurang dari sampai 1 Lebih dari
satu bulan/ tahun/More than 1 tahun/
Less than 1-6 bulan/ 6 months More than
one month months up to 1 year 1 year Total
LIABILITAS LIABILITIES
Utang usaha 604.208 - - - 604.208 Trade payables
Utang lain-lain**) 175.370 4.149 3.890 15.414 198.823 Other payables**)
Utang derivatif - - - 12.654 12.654 Derivative payables
Beban yang
masih harus dibayar 3.118 244.823 - - 247.941 Accrued expenses
Pinjaman yang diterima 1.182.159 5.452.681 5.266.390 11.393.597 23.294.827 Borrowings
Surat berharga yang diterbitkan 10.534 1.056.443 580.679 6.335.280 7.982.936 Securities issued
Total 1.975.389 6.758.096 5.850.959 17.756.945 32.341.389 Total
**) Utang lain-lain terdiri dari titipan konsumen, liabilitas sewa, jasa notaris, **) Other payables consists of customer deposits, lease liabilities,
barang dan jasa, pembiayaan bersama, dan lain-lain. notary services, goods and services, joint financing, and others
Manajemen permodalan Capital management
Tujuan Perseroan dalam mengelola permodalannya The Company’s objectives when managing capital
adalah menjaga kelangsungan usaha Perseroan are to safeguard the Company’s ability to continue
untuk dapat memberikan hasil kepada pemegang as a going concern in order to provide returns for
saham dan manfaat kepada pemangku kepentingan shareholders and benefits for other stakeholders
lainnya, dan memelihara optimalisasi struktur and to maintain an optimal capital structure to
permodalan untuk mengurangi biaya modal. reduce the cost of capital.
Dalam rangka memelihara atau menyesuaikan In order to maintain or adjust the capital structure,
struktur permodalan, Perseroan dapat menyesuaikan the Company may adjust the amount of dividends
jumlah dividen yang dibayarkan kepada pemegang paid to shareholders, return capital to shareholders
saham, imbalan hasil modal kepada pemegang or issue new shares to reduce debt.
saham atau menerbitkan saham baru untuk
mengurangi pinjaman.
Perseroan telah memenuhi jumlah minimum modal The Company has met the minimum amount of
disetor dan rasio ekuitas minimum. paid-in capital and minimum equity ratio.
Konsisten dengan pelaku industri lainnya, Perseroan Consistent with other players in the industry, the
memonitor permodalan berdasarkan gearing ratio. Company monitors capital on the basis of the
Rasio ini dihitung dari nilai bersih pinjaman (termasuk gearing ratio. This ratio is calculated as net debt
obligasi dan medium-term notes) dibagi dengan (including bonds payable and medium-term notes)
jumlah modal. Jumlah modal diambil dari ekuitas divided by total capital. Total capital is calculated as
yang tercantum dalam laporan posisi keuangan. equity shown in the statements of financial position.
106
Page 400
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
27. MANAJEMEN RISIKO (lanjutan) 27. RISK MANAGEMENT (continued)
Manajemen permodalan (lanjutan) Capital management (continued)
Dalam mengelola permodalan, Perseroan melakukan In managing capital, the Company conducts
analisa secara bulanan untuk memastikan bahwa monthly analysis to ensure that the Company
Perseroan tetap mengikuti POJK complies with the POJK No. 35/POJK.05/2018
No. 35/POJK.05/2018 tanggal 27 Desember 2018 dated 27 December 2018 regarding Finance
tentang Penyelenggaraan Usaha Perusahaan Companies as last amended No. 46 Year 2024
Pembiayaan sebagaimana diubah terakhir menjadi regarding Development and Strengthening of
No. 46 Tahun 2024 tentang Pengembangan dan Multifinance Company, Infrastructure Multifinance
Penguatan Perusahaan Pembiayaan, Perusahaan Company, and Venture Capital Company which
Pembiayaan Infrastruktur, dan Perusahaan Modal have some provisions as follows:
Ventura yang diantaranya mengatur ketentuan
sebagai berikut:
- Modal disetor Perseroan minimum sebesar - The Company's paid-up capital of minimum
Rp100.000; Rp100,000;
- Ekuitas Perseroan minimum sebesar 50,00% dari - The Company's equity amounting to minimum
modal disetor; 50.00% of paid-up capital;
- Jumlah pinjaman yang diterima Perseroan - The amount of the Company's borrowings to
dibandingkan modal sendiri dan utang subordinasi equity and subordinated loan deducted by
dikurangi penyertaan (gearing ratio) ditetapkan investment (gearing ratio) is maximum 10 times,
setinggi-tingginya 10 kali, baik untuk pinjaman luar both for off-shore and on-shore domestic loans.
negeri maupun dalam negeri.
Perseroan senantiasa menjaga jumlah maksimum The Company always maintains the maximum
gearing ratio lebih kecil dari ketentuan yang amount of gearing ratio at lower level than the
ditetapkan melalui analisa alternatif pembiayaan baik applicable regulation by performing an analysis to
melalui pinjaman bank, penerbitan obligasi ataupun determine financing alternative whether through the
optimalisasi dana joint financing. Perseroan juga bank loans, bonds issuance or joint financing fund
menghitung biaya dana dari alternatif pembiayaan optimization. The Company also calculates the cost
yang dipilih untuk memastikan biaya dana tersebut of fund of each financing alternative selected by the
dapat menghasilkan pendapatan maksimum bagi Company to ensure it could generate a maximum
Perseroan. income for the Company.
28. NILAI WAJAR ASET DAN LIABILITAS 28. FAIR VALUE OF FINANCIAL ASSETS AND
KEUANGAN LIABILITIES
Pada tanggal 31 Desember 2025 dan 2024, nilai As of 31 December 2025 and 2024, the carrying
tercatat dari aset dan liabilitas keuangan Perseroan value of the Company’s financial assets and
memiliki nilai yang hampir sama dengan nilai liabilities approximates their fair value except for the
wajarnya kecuali untuk instrumen berikut: following financial instruments:
31 Desember/December 31, 2025
Liabilitas
keuangan
yang diukur
dengan biaya
perolehan
diamortisasi/
Biaya Financial
perolehan Liabilities at Nilai tercatat/
diamortiasi/ amortized carrying Nilai wajar/
Amortized cost cost value fair value
ASET KEUANGAN FINANCIAL ASSETS
Aset yang nilai wajarnya Assets for which
diungkapkan fair value are disclosed
Piutang pembiayaan Consumer Financing
konsumen - neto 22.513.743 - 22.513.743 22.536.284 receivables - net
Piutang sewa pembiayaan - neto 3.625.350 - 3.625.350 3.381.502 Finance lease receivables - net
Total aset keuangan 26.139.093 - 26.139.093 25.917.786 Total financial assets
107
Page 401
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
28. NILAI WAJAR ASET DAN LIABILITAS 28. FAIR VALUE OF FINANCIAL ASSETS AND
KEUANGAN (lanjutan) LIABILITIES (continued)
Pada tanggal 31 Desember 2025 dan 2024, nilai As of 31 December 2025 and 2024, the carrying
tercatat dari aset dan liabilitas keuangan Perseroan value of the Company’s financial assets and
memiliki nilai yang hampir sama dengan nilai liabilities approximates their fair value except for the
wajarnya kecuali untuk instrumen berikut: (lanjutan) following financial instruments: (continued)
31 Desember/December 31, 2025
Liabilitas
keuangan
yang diukur
dengan biaya
perolehan
diamortisasi/
Biaya Financial
perolehan Liabilities at Nilai tercatat/
diamortiasi/ amortized carrying Nilai wajar/
Amortized cost cost value fair value
LIABILITAS KEUANGAN FINANCIAL LIABILITIES
Liabilitas yang nilai wajarnya Liabilities for which
diungkapkan fair value are disclosed
Pinjaman yang diterima - 15.861.521 15.861.521 15.952.265 Borrowings
Surat berharga yang diterbitkan - 6.221.899 6.221.899 6.359.493 Securities issued
Total liabilitas keuangan - 22.083.420 22.083.420 22.311.758 Total financial liabilities
31 Desember/December 31, 2024
Liabilitas
keuangan
yang diukur
dengan biaya
perolehan
diamortisasi/
Biaya Financial
perolehan Liabilities at Nilai tercatat/
diamortiasi/ amortized carrying Nilai wajar/
Amortized cost cost value fair value
ASET KEUANGAN FINANCIAL ASSETS
Aset yang nilai wajarnya Assets for which
diungkapkan fair value are disclosed
Piutang pembiayaan Consumer Financing
konsumen - neto 26.719.179 - 26.719.179 27.480.723 receivables - net
Piutang sewa pembiayaan - neto 5.395.158 - 5.395.158 5.156.218 Finance lease receivables - net
Anjak piutang - neto 19.438 - 19.438 19.438 Factoring receivables - net
Total aset keuangan 32.133.775 - 32.133.775 32.656.379 Total financial assets
LIABILITAS KEUANGAN FINANCIAL LIABILITIES
Liabilitas yang nilai wajarnya Liabilities for which
diungkapkan fair value are disclosed
Pinjaman yang diterima - 21.476.196 21.476.196 21.511.119 Borrowings
Surat berharga yang diterbitkan - 6.681.925 6.681.925 6.629.061 Securities issued
Total liabilitas keuangan - 28.158.121 28.158.121 28.140.180 Total financial liabilities
Tabel di bawah ini menyajikan analisa atas instrumen The tables below present the analysis of the above
keuangan tersebut sesuai dengan masing-masing financial instruments by the level in the fair value
tingkat dalam hirarki nilai wajar: hierarchy:
31 Desember/December 2025
Nilai tercatat/ Tingkat 1/ Tingkat 2/ Tingkat 3/
Carrying value Level 1 Level 2 Level 3 Total
ASET KEUANGAN FINANCIAL ASSETS
Aset yang nilai wajarnya Assets for which
diungkapkan fair value are disclosed
Piutang pembiayaan Consumer financing
konsumen - neto 22.513.743 - 22.500.384 35.900 22.536.284 receivables - net
Piutang sewa Finance lease
pembiayaan - neto 3.625.350 - 3.289.361 92.141 3.381.502 receivables -net
Total aset keuangan 26.139.093 - 25.789.745 128.041 25.917.786 Total financial assets
108
Page 402
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
28. NILAI WAJAR ASET DAN LIABILITAS 28. FAIR VALUE OF FINANCIAL ASSETS AND
KEUANGAN (lanjutan) LIABILITIES (continued)
Tabel di bawah ini menyajikan analisa atas instrumen The tables below present the analysis of the above
keuangan tersebut sesuai dengan masing-masing financial instruments by the level in the fair value
tingkat dalam hirarki nilai wajar: (lanjutan) hierarchy: (continued)
31 Desember/December 2025
Nilai tercatat/ Tingkat 1/ Tingkat 2/ Tingkat 3/
Carrying value Level 1 Level 2 Level 3 Total
LIABILITAS KEUANGAN FINANCIAL LIABILITIES
Liabilitas yang nilai wajarnya Liabilities for which
diungkapkan fair value are disclosed
Pinjaman yang diterima 15.861.521 - 15.952.265 - 15.952.265 Borrowings
Surat berharga yang diterbitkan 6.221.899 - 6.359.493 - 6.359.493 Securities issued
Total liabilitas keuangan 22.083.420 - 22.311.758 - 22.311.758 Total financial liabilities
31 Desember/December 2024
Nilai tercatat/ Tingkat 1/ Tingkat 2/ Tingkat 3/
Carrying value Level 1 Level 2 Level 3 Total
ASET KEUANGAN FINANCIAL ASSETS
Aset yang nilai wajarnya Assets for which
diungkapkan fair value are disclosed
Piutang pembiayaan Consumer financing
konsumen - neto 26.719.179 - 27.480.723 - 27.480.723 receivables - net
Piutang sewa Finance lease
pembiayaan - neto 5.395.158 - 4.981.123 175.095 5.156.218 receivables -net
Anjak piutang - neto 19.438 - - 19.438 19.438 Factoring receivables - net
Total aset keuangan 32.133.775 - 32.461.846 194.533 32.656.379 Total financial assets
LIABILITAS KEUANGAN FINANCIAL LIABILITIES
Liabilitas yang nilai wajarnya Liabilities for which
diungkapkan fair value are disclosed
Pinjaman yang diterima 21.476.196 - 21.511.119 - 21.511.119 Borrowings
Surat berharga yang diterbitkan 6.681.925 - 6.629.061 - 6.629.061 Securities issued
Total liabilitas keuangan 28.158.121 - 28.140.180 - 28.140.180 Total financial liabilities
Metode dan asumsi yang digunakan untuk estimasi The following methods and assumptions are used
nilai wajar adalah sebagai berikut: to estimate the fair values:
Nilai wajar kas dan setara kas, piutang lain-lain, aset The fair value of cash and cash equivalents, other
lain-lain, utang usaha, beban bunga yang masih receivables, other assets, trade payables, accrued
harus dibayar dan utang lain-lain termasuk utang lain- interest expenses and other payables including
lain terkait sewa mendekati nilai tercatat karena other payables related to lease approximate their
jangka waktu jatuh tempo yang singkat atas carrying amounts largely due to short-term
instrumen keuangan tersebut. maturities of these instruments.
Nilai wajar piutang pembiayaan konsumen, piutang The fair value of consumer financing receivables,
sewa pembiayaan, anjak piutang, piutang derivatif, finance lease receivables, factoring receivables,
utang derivatif, pinjaman dan surat berharga yang derivative receivables, derivative payables,
diterbitkan dinilai menggunakan diskonto arus kas borrowings, and securities issued are determined
berdasarkan tingkat suku bunga pasar pada tanggal by discounting cash flows using market interest rate
31 Desember 2025 dan 2024. as of 31 December 2025 and 2024.
Perseroan tidak memiliki perpindahan di antara The Company has no transfer between hierarchy
tingkat hirarki pada tahun 2025 dan 2024. level in 2025 and 2024.
109
Page 403
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
29. PERJANJIAN KERJASAMA 29. COOPERATION AGREEMENTS
Pembiayaan Bersama Joint financing
Perseroan mempunyai perjanjian kerjasama The Company entered into a joint financing
pembiayaan Bersama dan Perjanjian Kerjasama agreement and signed a Customer Asset Purchase
Pengambilalihan Piutang Pembiayaan dengan Agreement with PT Bank Mandiri (Persero) Tbk.
PT Bank Mandiri (Persero) Tbk. Berdasarkan Based on the agreements, the amount of funds to
perjanjian, porsi fasilitas pembiayaan yang akan be financed by each party is a minimum of 1.00%
diberikan untuk konsumen dari masing-masing pihak from the Company and a maximum of 99.00% from
adalah minimal 1,00% dari Perseroan dan maksimal joint financing providers.
99,00% dari pemberi pembiayaan bersama.
Perjanjian ini telah mengalami beberapa kali The agreement was amended several times. The
perubahan. Perubahan terakhir melalui amandemen latest of which is the amendment of the Joint
Perjanjian Kerjasama Kendaraan Bermotor dan Financing agreement and a Customer Asset
Perjanjian Kerjasama Pengambilalihan Piutang Purchase Agreement between PT Mandiri Tunas
Pembiayaan antara PT Mandiri Tunas Finance dan Finance and PT Bank Mandiri (Persero) Tbk dated
PT Bank Mandiri (Persero) Tbk tertanggal 21 Juli 21 July 2025, with deed no. 23 and 24, with the total
2025 dengan No. Akta 23 dan 24, dengan fasilitas joint financing facility to Rp27,000,000 with the
pembiayaan bersama sebesar Rp27.000.000 dengan portion of joint financing facility minimum of 1.00%
porsi fasilitas pembiayaan bersama sebesar minimal from the Company and maximum of 99.00% from
1,00% dari Perseroan dan maksimal 99,00% dari joint financing providers, where the Company bears
pemberi pembiayaan bersama, dimana Perseroan the credit risk and receive income in accordance
menanggung risiko kredit dan menerima pendapatan with the financing portion. The agreement is valid up
sesuai dengan porsi pembiayaannya. Perjanjian ini to 28 February 2026.
berlaku sampai dengan tanggal 28 Februari 2026.
Pada tanggal 21 Februari 2022, Perseroan dan On 21 February 2022, the Company and PT Bank
PT Bank Mandiri (Persero) Tbk menandatangani Mandiri (Persero) Tbk signed a Joint Financing
Perjanjian Kerjasama Pembiayaan Bersama dengan Cooperation Agreement with Deed No. 20 to
Akta No. 20 untuk pembiayaan Passenger Vehicle, Passenger Vehicle, Commercial Vehicle and Heavy
Commercial Vehicle, dan Heavy Equipment kepada Equipment financing to Bank Mandiri commercial
debitur komersial Bank Mandiri yang mana Perjanjian debtors, where this Agreement has been amended
ini telah diubah dengan perubahan terakhir termuat with the latest amendment contained in Addendum
dalam Addendum V (Kelima) Perjanjian Pembiayaan V (Fifth) to the Joint Financing Agreement (Joint
Bersama (Joint Financing) Reguler antara PT Bank Financing) Regular between PT Bank Mandiri
Mandiri (Persero) Tbk dengan PT Mandiri Tunas (Persero) Tbk and PT Mandiri Tunas Finance dated
Finance tertanggal 13 Maret 2025 dengan No. 13 March 2025 No.006/PKS-LLI/MTF/III/2025, with
006/PKS-LLI/MTF/III/2025, dengan fasilitas a joint financing facility of IDR 10,000,000 with a
pembiayaan bersama sebesar Rp10.000.000 dengan minimum share of the joint financing facility of
porsi fasilitas pembiayaan bersama sebesar minimal 1.00% from the Company and a maximum of
1,00% dari Perseroan dan maksimal 99,00% dari 99.00% from the joint financing provider, where the
pemberi pembiayaan bersama, dimana Perseroan Company bears the credit risk and receive income
menanggung risiko kredit dan menerima pendapatan in accordance with the financing portion. This
sesuai dengan porsi pembiayaannya. Perjanjian ini agreement has been extended until 20 February
telah diperpanjang sampai dengan tanggal 2026.
20 Februari 2026.
Saldo pembiayaan bersama porsi PT Bank Mandiri Balance of joint financing portion of PT Bank Mandiri
(Persero) Tbk yang dikelola oleh Perseroan pada (Persero) Tbk managed by the Company as of 31
tanggal 31 Desember 2025 dan 2024 adalah sebagai December 2025 and 2024 are as follows:
berikut:
31 Desember/ 31 Desember/
December 2025 December 2024
Piutang pembiayaan konsumen 24.472.669 27.894.106 Consumer financing receivables
Piutang sewa pembiayaan 6.140 22.400 Finance lease receivables
Rata - rata jangka pembiayaan (tahun) 1-5 1-5 Average of financing period (years)
110
Page 404
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
29. PERJANJIAN KERJASAMA (lanjutan) 29. COOPERATION AGREEMENTS (continued)
Asuransi Insurance
Dalam menjalankan usahanya, Perseroan bekerja In the course of business, the Company entered
sama dengan, PT Asuransi Bina Dana Arta Tbk, into insurance agreements with PT Asuransi Bina
PT Asuransi Central Asia, PT Zurich Asuransi Dana Arta Tbk, PT Asuransi Central Asia,
Indonesia Tbk, PT Asuransi Artarindo, PT Asuransi PT Zurich Asuransi Indonesia Tbk, PT Asuransi
Wahana Tata, PT Asuransi Sahabat Artha Proteksi, Artarindo, PT Asuransi Wahana Tata, PT Asuransi
PT Asuransi Cakrawala Proteksi Indonesia, Sahabat Artha Proteksi, PT Asuransi Cakrawala
PT Asuransi Candi Utama, PT Asuransi Maximus Proteksi Indonesia, PT Asuransi Candi Utama,
Graha Persada Tbk, PT Multi Artha Guna Tbk (MAG), PT Asuransi Maximus Graha Persada Tbk,
PT AXA Insurance Indonesia, PT Asuransi Umum PT Multi Artha Guna Tbk (MAG), PT AXA Insurance
Mega, PT Asuransi Mega Pratama, PT MNC Asuransi Indonesia, PT Asuransi Umum Mega, PT Asuransi
Indonesia, PT Asuransi Mitra Pelindung Mustika Mega Pratama, PT MNC Asuransi Indonesia,
(MPM), PT Pan Pacific Insurance, PT Asuransi Raksa PT Asuransi Mitra Pelindung Mustika (MPM),
Pratikara, PT Asuransi Ramayana, PT Asuransi PT Pan Pacific Insurance, PT Asuransi Raksa
Sinar Mas, PT Asuransi Total Bersama (TOB), Pratikara, PT Asuransi Ramayana, PT Asuransi
PT Asuransi Tugu Pratama Indonesia Tbk, PT AXA Sinar Mas, PT Asuransi Total Bersama (TOB),
Mandiri Financial Services, PT Asuransi Ciputra PT Asuransi Tugu Pratama Indonesia Tbk, PT AXA
Indonesia, PT Asuransi Astra Buana, PT Sunday Mandiri Financial Services, PT Asuransi Ciputra
Insurance Indonesia, PT Heksa Solution Insurance, Indonesia, PT Asuransi Astra Buana, PT Sunday
PT Jamkrida Jakarta, PT Avrist General Insurance, Insurance Indonesia, PT Heksa Solution Insurance,
PT Asuransi Jasaraharja Putera, dan PT Asuransi PT Jamkrida Jakarta, PT Avrist General Insurance,
Harta Aman Pratama Tbk. PT Asuransi Jasaraharja Putera, and PT Asuransi
Harta Aman Pratama Tbk.
Sewa Gedung Building rental
Pada tanggal 31 Agustus 2009, Perseroan On 31 August 2009, the Company signed an office
menandatangani perjanjian sewa ruangan kantor space rental agreement with PT Bumi Daya Plaza
dengan PT Bumi Daya Plaza yang tidak dapat which is non-cancellable for the period of five years
dibatalkan untuk periode lima tahun. Perjanjian and will expire in 2014. The Company is required to
tersebut akan berakhir pada tahun 2014 dengan pay in advance of Rp507 for each quarter. The tariff
ketentuan pembayaran di muka sebesar Rp507 untuk will be reviewed on annual basis with a maximum
setiap jangka waktu 3 bulan dan akan ditinjau kembali tariff increase of 5.00% per annum.
setiap satu tahun sekali dengan kenaikan tarif
maksimal sebesar 5,00% per tahun.
Perjanjian ini telah mengalami beberapa kali The agreement was amended several times. On 15
perubahan. Pada tanggal 15 Februari 2022, February 2022, the Company is renewing this office
Perseroan memperpanjang perjanjian sewa ruangan space rental agreement for the period of 5 years
kantor ini dengan masa sewa 5 tahun dari 1 Januari from 1 January 2022 until 31 December 2026 in
2022 sampai dengan 31 Desember 2026 dengan which the Company is required to pay in advance
ketentuan pembayaran di muka sebesar Rp12.899 an amount of Rp12,899 for each year.
per tahun.
Pada tanggal 27 Januari dan 22 Juni 2023, terdapat On 27 January and 22 June 2023, there was an
addendum perjanjian penambahan obyek sewa addendum agreement to addition rental office
kantor ini dengan PT Bumi Daya Plaza yang tidak space with PT Bumi Daya Plaza which is non-
dapat dibatalkan. Perjanjian tersebut akan berakhir cancellable until 31 December 2026 and 31 August
pada 31 Desember 2026 dan 31 Agustus 2026 2026 in which the Company is required to pay the
dengan ketentuan tambahan pembayaran di muka addition in advance an amount of Rp240 and
sebesar masing-masing Rp240 dan Rp2.366 per Rp2,366 for each year, respectively.
tahun.
111
Page 405
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
29. PERJANJIAN KERJASAMA (lanjutan) 29. COOPERATION AGREEMENTS (continued)
Sewa Gedung (lanjutan) Building rental (continued)
Pada tanggal 28 November 2023, terdapat On 28 November 2023, there was an addendum
addendum perjanjian penambahan obyek sewa agreement to addition rental office space with
kantor ini dengan PT Bumi Daya Plaza yang tidak PT Bumi Daya Plaza which is non-cancellable until
dapat dibatalkan. Perjanjian tersebut akan berakhir 31 December 2026 in which the Company is
pada 31 Desember 2026 dengan ketentuan required to pay the addition in advance an amount
tambahan pembayaran di muka sebesar Rp2.131 per of Rp2,131 for each year.
tahun.
Pada tanggal 13 Februari 2025, terdapat addendum On 13 February 2025, there was an addendum
perjanjian penambahan obyek sewa kantor ini agreement to addition rental office space with
dengan PT Bumi Daya Plaza yang tidak dapat PT Bumi Daya Plaza which is non-cancellable until
dibatalkan. Perjanjian tersebut akan berakhir pada 31 December 2026 in which the Company is
31 Desember 2026 dengan ketentuan tambahan required to pay the addition in advance an amount
pembayaran di muka sebesar Rp2.131 per tahun. of Rp2,131 for each year.
30. SEGMEN OPERASI 30. OPERATING SEGMENT
Segmen operasi Perseroan dibagi berdasarkan The Company’s operating segments represent the
kelompok nasabah utama dan produk yang disebut, Company’s key customer and product groups
Fleet dan ritel. Dalam menentukan hasil segmen, namely, Fleet and Retail. In determining the
beberapa akun aset dan liabilitas serta pendapatan segment results, certain assets and liabilities and
dan biaya yang terkait diatribusikan ke masing- related revenues and expenses are attributed to
masing segmen berdasarkan kebijakan pelaporan each segment based on internal management
internal manajemen. reporting policies.
Ringkasan berikut menjelaskan operasi masing- The following summary describes the operations in
masing segmen dalam pelaporan segmen each of the Company’s reportable segments:
Perseroan:
- Fleet - Fleet
Termasuk dalam pelaporan segmen fleet adalah Included in the fleet segment reporting are
seluruh indikator penilaian segmen operasi yang operating segments assessment indicators
secara nyata dapat diatribusikan sebagai bagian that can actually be attributed as part of
dari pembiayaan untuk nasabah korporasi. financing to corporate customers.
- Ritel - Retail
Termasuk dalam pelaporan segmen ritel adalah Included in the retail segment reporting are
seluruh indikator penilaian segmen operasi yang operating segments assessment indicators that
secara nyata dapat diatribusikan sebagai bagian can actually be attributed as part of consumer
dari pembiayaan konsumen untuk nasabah financing to individual customers at Region I
individu di Regional I dan II (Sumatera), Regional and II (Sumatera), Region III and IV
III dan IV (Jabodetabek), Regional V (Jawa (Jabodetabek), Region V (Jawa Barat), Region
Barat), Regional VI (Jawa Tengah, Yogyakarta), VI (Jawa Tengah, Yogyakarta), Region VII
Regional VII (Jawa Timur, Bali, Kupang, (Jawa Timur, Bali, Kupang, Mataram), Region
Mataram), Regional VIII (Kalimantan) dan VIII (Kalimantan), and Region IX (Sulawesi,
Regional IX (Sulawesi, Ambon, Papua, Sorong). Ambon Papua, Sorong).
- Lain-lain - Others
Termasuk dalam pelaporan segmen lain-lain Included in the other segment reporting is
adalah informasi pelaporan segmen operasi reporting segment information associated with
terkait dengan aktivitas kantor pusat. head office activities.
112
Page 406
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. SEGMEN OPERASI (lanjutan) 30. OPERATING SEGMENT (continued)
Informasi mengenai hasil dari masing-masing bisnis Information regarding the results of each reportable
segmen disajikan di bawah ini. Kinerja diukur segment is included below. Performance is
berdasarkan laba segmen sebelum pajak measured based on segment profit before income
penghasilan, sebagaimana dilaporkan dalam laporan tax, as included in the internal management reports
internal manajemen yang ditelaah oleh manajemen that are reviewed by the Company’s management.
Perseroan. Keuntungan segmen digunakan untuk Segment profit is used to measure performance of
mengukur kinerja dimana manajemen berkeyakinan that business segment as management believes
bahwa informasi tersebut paling relevan dalam that such information is the most relevant in
mengevaluasi hasil segmen tersebut relatif terhadap evaluating the results of those segments relative to
entitas lain yang beroperasi dalam industri tersebut. other entities that operate within these industries.
31 Desember/December 2025
Ritel/Retail Fleet/Fleet
Mobil/ Motor/ Mobil/ Motor/ Lain-lain/ Jumlah/ Information by
Informasi segmen usaha Car Motorcycle Car Motorcycle Others Total business segments
Pendapatan Revenue
Pembiayaan konsumen 2.672.727 - 211.401 - - 2.884.128 Consumer financing
Sewa pembiayaan 329.563 - 242.808 - - 572.371 Financial lease
Anjak piutang - - 1 - - 1 Factoring
Simpanan bank 13.552 - 2.245 - - 15.797 Deposit in bank
Lain-lain - neto 1.096.896 262 66.052 15 - 1.163.225 Others - net
Total pendapatan 4.112.738 262 522.507 15 - 4.635.522 Total revenue
Beban Expenses
Beban keuangan (1.501.160) - (240.954) - - (1.742.114 ) Financial charges
Beban gaji dan tunjangan (604.299) - (51.713) - - (656.012 ) Salaries and benefits
Beban umum dan
administrasi (408.852) (109) (28.058) - - (437.019 ) General and administration
Penyisihan kerugian Provision for
penurunan nilai (950.341) - (336.426) - - (1.286.767 ) impairment losses
Total beban (3.464.652) (109) (657.151) - (4.121.912 ) Total expenses
Laba sebelum beban Income before
pajak final dan pajak final tax and income
penghasilan 648.086 153 (134.644) 15 - 513.610 tax expense
Total aset 22.888.461 229 3.458.594 5 1.661.442 28.008.731 Total assets
Total liabilitas 991.631 1.099 394.951 23 21.704.530 23.092.234 Total liabilities
31 Desember/December 2024
Ritel/Retail Fleet/Fleet
Mobil/ Motor/ Mobil/ Motor/ Lain-lain/ Jumlah/ Information by
Informasi segmen usaha Car Motorcycle Car Motorcycle Others Total business segments
Pendapatan Revenue
Pembiayaan konsumen 3.254.869 - 198.621 - - 3.453.490 Consumer financing
Sewa pembiayaan 344.551 - 334.153 - - 678.704 Financial lease
Anjak piutang - - 438 - - 438 Factoring
Simpanan bank 14.757 - 2.716 - - 17.473 Deposit in bank
Lain-lain - neto 1.362.521 179 66.510 - - 1.429.210 Others - net
Total pendapatan 4.976.698 179 602.438 - - 5.579.315 Total revenue
Beban Expenses
Beban keuangan (1.614.655) - (299.291) - - (1.913.946) Financial charges
Beban gaji dan tunjangan (727.512) (17) (47.702) - - (775.231) Salaries and benefits
Beban umum dan
administrasi (390.024) (40) (23.114) - - (413.178) General and administration
Penyisihan kerugian Provision for
penurunan nilai (866.741) (5) (106.047) - - (972.793) impairment losses
Total beban (3.598.932) (62) (476.154) - - (4.075.148) Total expenses
Laba sebelum beban Income before
pajak final dan pajak final tax and income
penghasilan 1.377.766 117 126.284 - - 1.504.167 tax expense
Total aset 27.573.367 80 4.776.683 171 2.075.154 34.425.455 Total assets
Total liabilitas 1.107.576 1.217 356.510 37 28.095.693 29.561.033 Total liabilities
113
Page 407
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. SEGMEN OPERASI (lanjutan) 30. OPERATING SEGMENT (continued)
Informasi wilayah geografis adalah sebagai berikut: Geographical information is as follows:
Tahun yang Berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Pendapatan Revenue
Regional I (Sumatera) 396.620 427.008 Region I (Sumatera)
Regional II (Sumatera) 343.004 402.925 Region II (Sumatera)
Regional III (Jabodetabek) 556.961 612.308 Region III (Jabodetabek)
Regional IV (Jabodetabek) 515.659 589.058 Region IV (Jabodetabek)
Regional V (Jawa Barat) 325.072 377.534 Region V (Jawa Barat)
Regional VI Region VI
(Jawa Tengah, Yogyakarta) 287.674 351.305 (Jawa Tengah, Yogyakarta)
Regional VII (Jawa Timur, Region VII (Jawa Timur,
Bali, Kupang, Mataram) 525.646 622.120 Bali, Kupang,Mataram)
Regional VIII (Kalimantan) 658.964 924.928 Region VIII (Kalimantan)
Regional IX (Sulawesi, Region IX (Sulawesi,
Ambon, Papua, Sorong) 503.400 669.691 Ambon, Papua, Sorong)
Fleet 522.522 602.438 Fleet
Total pendapatan 4.635.522 5.579.315 Total revenue
Beban Expenses
Regional I (Sumatera) (317.490) (302.507) Region I (Sumatera)
Regional II (Sumatera) (280.996) (353.683) Region II (Sumatera)
Regional III (Jabodetabek) (462.938) (459.425) Region III (Jabodetabek)
Regional IV (Jabodetabek) (436.075) (459.268) Region IV (Jabodetabek)
Regional V (Jawa Barat) (262.348) (284.752) Region V (Jawa Barat)
Regional VI Region VI
(Jawa Tengah, Yogyakarta) (262.627) (268.241) (Jawa Tengah, Yogyakarta)
Regional VII (Jawa Timur, Region VII (Jawa Timur,
Bali, Kupang, Mataram) (373.728) (430.027) Bali, Kupang, Mataram)
Regional VIII (Kalimantan) (622.234) (572.000) Region VIII (Kalimantan)
Regional IX (Sulawesi, Region IX (Sulawesi,
Ambon, Papua, Sorong) (446.325) (469.091) Ambon, Papua, Sorong)
Fleet (657.151) (476.154) Fleet
Total beban (4.121.912) (4.075.148) Total expenses
Laba sebelum beban pajak Income before final tax and
final dan pajak penghasilan 513.610 1.504.167 income tax expense
114
Page 408
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. SEGMEN OPERASI (lanjutan) 30. OPERATING SEGMENT (continued)
Informasi wilayah geografis adalah sebagai berikut: Geographical information is as follows: (continued)
(lanjutan)
31 Desember/ 31 Desember/
December 2025 December 2024
Aset Assets
Regional I (Sumatera) 2.138.638 2.215.841 Region I (Sumatera)
Regional II (Sumatera) 1.799.723 1.975.441 Region II (Sumatera)
Regional III (Jabodetabek) 3.551.533 3.932.290 Region III (Jabodetabek)
Regional IV (Jabodetabek) 3.336.121 4.000.388 Region IV (Jabodetabek)
Regional V (Jawa Barat) 1.809.009 2.049.049 Region V (Jawa Barat)
Regional VI Region VI
(Jawa Tengah, Yogyakarta) 1.546.060 2.054.319 (Jawa Tengah, Yogyakarta)
Regional VII (Jawa Timur, Region VII (Jawa Timur,
Bali, Kupang, Mataram) 2.950.405 3.578.879 Bali, Kupang,Mataram)
Regional VIII (Kalimantan) 3.148.115 4.465.745 Region VIII (Kalimantan)
Regional IX (Sulawesi, Region IX (Sulawesi,
Ambon, Papua, Sorong) 2.609.086 3.301.495 Ambon, Papua, Sorong)
Fleet 3.458.599 4.776.854 Fleet
Lain-lain 1.661.442 2.075.154 Others
Total aset 28.008.731 34.425.455 Total assets
31 Desember/ 31 Desember/
December 2025 December 2024
Liabilitas Liabilities
Regional I (Sumatera) 108.478 110.927 Region I (Sumatera)
Regional II (Sumatera) 110.635 117.457 Region II (Sumatera)
Regional III (Jabodetabek) 116.322 129.492 Region III (Jabodetabek)
Regional IV (Jabodetabek) 115.999 147.267 Region IV (Jabodetabek)
Regional V (Jawa Barat) 85.259 86.294 Region V (Jawa Barat)
Regional VI Region VI
(Jawa Tengah, Yogyakarta) 83.179 81.283 (Jawa Tengah, Yogyakarta)
Regional VII (Jawa Timur, Region VII (Jawa Timur,
Bali, Kupang,Mataram) 115.240 120.645 Bali, Kupang,Mataram)
Regional VIII (Kalimantan) 142.614 200.127 Region VIII (Kalimantan)
Regional IX (Sulawesi, Region IX (Sulawesi,
Ambon, Papua, Sorong) 115.004 115.301 Ambon, Papua, Sorong)
Fleet 394.974 356.547 Fleet
Lain-lain 21.704.530 28.095.693 Others
Total liabilitas 23.092.234 29.561.033 Total liabilities
31. LIABILITAS KONTINJENSI 31. CONTINGENT LIABILITIES
Pada tanggal 31 Desember 2025 dan 2024 The Company does not have any significant
Perseroan tidak mempunyai liabilitas kontinjensi yang contingent liabilities as of 31 December 2025 and
signifikan. 2024.
115
Page 409
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. TAMBAHAN INFORMASI ARUS KAS 32. SUPPLEMENTARY CASH FLOW INFORMATION
Rekonsiliasi liabilitas yang timbul dari aktivitas The reconciliation of liabilities that arise from
pendanaan adalah sebagai berikut: financing activities are as follows:
Perubahan non kas/
Non-cash activities
Pergerakan
valuta asing/
1 Januari/ Arus Kas/ Movement of Lainnya/ 31 Desember/
January 2025 Cash Flows foreign currency Others December 2025
Pinjaman yang diterima 21.513.126 (5.624.469) (5.319) - 15.883.338 Borrowings
Surat berharga yang diterbitkan 6.694.795 (462.170) - - 6.232.625 Securities issued
Liabilitas sewa 30.831 (17.140) - 2.325 16.016 Lease liabilities
Total liabilitas dari Total liabilities from
aktivitas pendanaan 28.238.752 (6.103.779) (5.319) 2.325 22.131.979 financing activities
Perubahan non kas/
Non-cash activities
Pergerakan
valuta asing/
1 Januari/ Arus Kas/ Movement of Lainnya/ 31 Desember/
January 2024 Cash Flows foreign currency Others December 2024
Pinjaman yang diterima 18.133.652 3.324.818 54.656 - 21.513.126 Borrowings
Surat berharga yang diterbitkan 5.695.750 999.045 - - 6.694.795 Securities issued
Liabilitas sewa 40.193 (17.662) - 8.300 30.831 Lease liabilities
Total liabilitas dari Total liabilities from
aktivitas pendanaan 23.869.595 4.306.201 54.656 8.300 28.238.752 financing activities
33. STANDAR AKUNTANSI YANG TELAH DISAHKAN 33. ACCOUNTING STANDARDS ISSUED BUT NOT
NAMUN BELUM BERLAKU EFEKTIF YET EFFECTIVE
Berikut ini adalah beberapa Standar Akuntansi The following are several Financial Accounting
Keuangan, Interpretasi Standar Akuntansi Keuangan Standards, Interpretations of Financial Accounting
dan amandemen yang telah disahkan oleh Dewan Standards and amendment issued by the
Standar Akuntansi Keuangan (DSAK) yang Indonesian Financial Accounting Standards Board
dipandang relevan terhadap pelaporan keuangan (DSAK) that are considered relevant to the financial
Perseroan namun belum berlaku efektif untuk laporan reporting of the Company but are not yet effective
keuangan tahun 2025: for 2025 financial statements:
Mulai efektif pada atau setelah tanggal Effective beginning on or after January 1,
1 Januari 2026 2026
PSAK 109: Instrumen Keuangan dan PSAK 107 SFAS 109: Financial Instruments and SFAS 107
Instrumen Keuangan: Pengungkapan tentang Financial Instruments: Disclosures about
Klasifikasi dan Pengukuran Instrumen Keuangan Classification and Measurement of Financial
Instruments
Amandemen ini menambahkan dan mengklarifikasi This amendment adds and clarifies the provisions
ketentuan dalam PSAK 109 terkait penghentian in SFAS 109 regarding the derecognition of
pengakuan liabilitas keuangan, serta mengklarifikasi financial liabilities, as well as clarifying the
penilaian karakteristik arus kas untuk aset keuangan assessment of cash flow characteristics for financial
dengan fitur ESG-linked, aset keuangan dengan fitur assets with ESG-linked features, financial assets
non-recourse, dan instrumen yang terikat secara with non-recourse features, and contractually
kontraktual seperti tranche. Amandemen ini juga bound instruments such as tranches. This
mengubah ketentuan dalam PSAK 107 terkait amendment also changes the provisions in SFAS
persyaratan pengungkapan investasi pada instrumen 107 related to disclosure requirements for
ekuitas yang diukur pada nilai wajar melalui investments in equity instruments measured at fair
penghasilan komprehensif lain dan menambah value through other comprehensive income and
ketentuan terkait instrumen keuangan dengan adds provisions related to financial instruments with
persyaratan kontraktual yang mengubah waktu atau contractual requirements that change the timing or
jumlah arus kas kontraktual. amount of contractual cash flows.
116
Page 410
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
33. STANDAR AKUNTANSI YANG TELAH DISAHKAN 33. ACCOUNTING STANDARDS ISSUED BUT NOT
NAMUN BELUM BERLAKU EFEKTIF (lanjutan) YET EFFECTIVE (continued)
Berikut ini adalah beberapa Standar Akuntansi The following are several Financial Accounting
Keuangan, Interpretasi Standar Akuntansi Keuangan Standards, Interpretations of Financial Accounting
dan amandemen yang telah disahkan oleh Dewan Standards and amendment issued by the
Standar Akuntansi Keuangan (DSAK) yang Indonesian Financial Accounting Standards Board
dipandang relevan terhadap pelaporan keuangan (DSAK) that are considered relevant to the financial
Perseroan namun belum berlaku efektif untuk laporan reporting of the Company but are not yet effective
keuangan tahun 2025: (lanjutan) for 2025 financial statements: (continued)
Mulai efektif pada atau setelah tanggal Effective beginning on or after 1 January 2026
1 Januari 2026 (lanjutan) (continued)
PSAK 109: Instrumen Keuangan dan PSAK 107 SFAS 109: Financial Instruments and SFAS 107
Instrumen Keuangan: Pengungkapan tentang Financial Instruments: Disclosures about
Klasifikasi dan Pengukuran Instrumen Keuangan Classification and Measurement of Financial
(lanjutan) Instruments (continued)
Amandemen berlaku secara retrospektif untuk The amendment applies retrospectively to annual
periode pelaporan tahunan yang dimulai pada atau reporting periods beginning on or after 1 January
setelah 1 Januari 2026. Penerapan dini 2026. Earlier application is permitted. The
diperkenankan. Perseroan saat ini sedang menilai Company is currently assessing the impact of the
dampak dari amandemen tersebut untuk menentukan amendment to determine the impact they will have
dampaknya terhadap pelaporan keuangan on the Company’s financial reporting.
Perseroan.
Mulai efektif pada atau setelah tanggal Effective beginning on or after 1 January 2027
1 Januari 2027
PSAK 118: Penyajian dan Pengungkapan Laporan SFAS 118: Presentation and Disclosure in Financial
Keuangan Statements
PSAK 118 menggantikan PSAK 201, SFAS 118 which replaces SFAS 201, introduces
memperkenalkan persyaratan baru untuk penyajian new requirements for presentation within the
dalam laporan laba rugi, termasuk total dan subtotal statement of profit or loss, including specified totals
yang ditentukan. PSAK ini juga mengharuskan and subtotals. It also requires disclosure of
pengungkapan ukuran kinerja yang ditentukan oleh management-defined performance measures in the
manajemen dalam catatan dan mencakup notes and includes new requirements for
persyaratan baru untuk agregasi dan disaggregasi aggregation and disaggregation of financial
informasi keuangan berdasarkan 'peran' yang information based on the identified ‘roles’ of the
diidentifikasi dari laporan keuangan utama dan primary financial statements and the notes.
catatan.
Amandemen berlaku secara retrospektif untuk The amendment applies retrospectively to annual
periode pelaporan tahunan yang dimulai pada atau reporting periods beginning on or after 1 January
setelah 1 Januari 2027. Penerapan dini 2027. Earlier application is permitted. The
diperkenankan. Perseroan saat ini sedang menilai Company is currently assessing the impact of the
dampak dari amandemen tersebut untuk menentukan amendment to determine the impact they will have
dampaknya terhadap pelaporan keuangan on the Company’s financial reporting.
Perseroan.
Manajemen masih melakukan persiapan dalam The management intends to adopt these new
penerapan standar baru tersebut yang standards that are considered relevant to the
dipertimbangkan relevan terhadap Perseroan pada Company when they become effective, and the
saat efektif, dan pengaruhnya terhadap posisi dan impact to the financial position and performance of
kinerja keuangan Perseroan masih diestimasi sampai the Company is still being estimated until the report
tanggal laporan keuangan. date.
117
Page 411
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
34. PENGUNGKAPAN INFORMASI TAMBAHAN 34. ADDITIONAL DISCLOSURE ON NOTES TO THE
DALAM CATATAN ATAS LAPORAN KEUANGAN FINANCIAL STATEMENTS
Informasi tambahan berikut merupakan The following additional information is an additional
pengungkapan informasi tambahan dalam catatan disclosure on notes to the financial statement that
atas laporan keungan yang tidak dipersyaratkan are not required by Financial Accounting Standards
oleh Standar Akuntansi Keuangan di Indonesia. in Indonesia. The disclosure of this additional
Pengungkapan informasi tambahan ini untuk information is to comply with Financial Services
memenuhi regulasi dari Otoritas Jasa Keuangan Authority regulation and is not audited.
dan tidak diaudit.
Piutang Pembiayaan Konsumen Consumer Financing Receivables
Saldo piutang pembiayaan konsumen pada tanggal Investment in consumer financing receivables
31 Desember 2025 dan 2024 berdasarkan ruang balance as of 31 December 2025 and 2024 based
lingkup kegiatan Perusahaan adalah sebagai on the scope of activities of the Company are as
berikut: follows:
31 Desember/December
2025 2024
Pembiayaan investasi 10.589.286 12.645.256 Investment financing
Pembiayaan modal kerja 80.173 207.676 Working capital financing
Pembiayaan multiguna 12.451.716 14.343.010 Multipurpose financing
Piutang pembiayaan konsumen 23.121.175 27.195.942 Consumer finance receivables
Saldo piutang pembiayaan konsumen pada tanggal Investment in consumer financing receivables
31 Desember 2025 dan 2024 berdasarkan balance as of 31 December 2025 and 2024 based
kolektabilitas sesuai peraturan OJK: on collectability in accordance with OJK
regulations:
31 Desember/ 31 Desember/
December 2025 December 2024
Lancar 21.503.758 25.762.387 Current
Dalam perhatian khusus 1.051.172 1.155.232 Special mention
Kurang lancar 61.651 86.721 Substandard
Diragukan 69.761 75.230 Doubtful
Macet 434.833 116.372 Loss
23.121.175 27.195.942
Piutang Sewa Pembiayaan Finance Lease Receivables
Saldo piutang sewa pembiayaan pada tanggal Investment in finance lease receivables balance as
31 Desember 2025 dan 2024 berdasarkan ruang of 31 December 2025 and 2024 based on the
lingkup kegiatan Perusahaan adalah sebagai scope of activities of the Company are as follows:
berikut:
31 Desember/December
2025 2024
Pembiayaan investasi 1.799.939 4.661.003 Investment financing
Pembiayaan modal kerja 1.945.450 818.790 Working capital financing
Pembiayaan multiguna 7.045 15.794 Multipurpose financing
Piutang sewa pembiayaan 3.752.434 5.495.587 Finance lease receivables
118
Page 412
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
34. PENGUNGKAPAN INFORMASI TAMBAHAN 34. ADDITIONAL DISCLOSURE ON NOTES TO THE
DALAM CATATAN ATAS LAPORAN KEUANGAN FINANCIAL STATEMENTS (continued)
(lanjutan)
Piutang Sewa Pembiayaan (lanjutan) Finance Lease Receivables (continued)
Saldo piutang sewa pembiayaan pada tanggal Investment in finance lease receivables balance as
31 Desember 2025 dan 2024 berdasarkan of 31 December 2025 and 2024 based on
kolektabilitas sesuai peraturan OJK: collectability in accordance with OJK regulations:
31 Desember/ 31 Desember/
December 2025 December 2024
Lancar 3.536.508 5.077.246 Current
Dalam perhatian khusus 137.793 387.432 Special mention
Kurang lancar 5.397 9.340 Substandard
Diragukan 9.603 12.563 Doubtful
Macet 63.133 9.006 Loss
3.752.434 5.495.587
Anjak Piutang Factoring Receivables
Saldo anjak piutang pada tanggal 31 Desember Investment in factoring receivables balance as of
2025 dan 2024 berdasarkan ruang lingkup kegiatan 31 December 2025 and 2024 based on the scope
Perusahaan adalah sebagai berikut: of activities of the Company are as follows:
31 Desember/December
2025 2024
Pembiayaan modal kerja - 34.748 Working capital financing
Anjak piutang - 34.748 Factoring receivables
Saldo anjak piutang pada tanggal 31 Desember 2025 Investment in factoring receivables balance as of
dan 2024 berdasarkan kolektabilitas sesuai peraturan 31 December 2025 and 2024 based on collectability
OJK: in accordance with OJK regulations:
31 Desember/ 31 Desember/
December 2025 December 2023
Kurang lancar - 34.748 Substandard
- 34.748
119
Page 413
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
34. PENGUNGKAPAN INFORMASI TAMBAHAN 34. ADDITIONAL DISCLOSURE ON NOTES TO THE
DALAM CATATAN ATAS LAPORAN KEUANGAN FINANCIAL STATEMENTS (continued)
(lanjutan)
Informasi lainnya Other information
Berdasarkan Peraturan Otoritas Jasa Keuangan Based on POJK No. 35/POJK.05/2018 dated
No.35/POJK.05/2018 tanggal 27 Desember 2018 27 December 2018 regarding “The Business
tentang ”Penyelenggaraan Usaha Perusahaan Operation of a Multifinance Company” as last
Pembiayaan” sebagaimana telah diubah menjadi No. amended to No. 46 Year 2024 regarding
46 Tahun 2024 tentang ”Pengembangan dan “Development and Strengthening of Multifinance
Penguatan Perusahaan Pembiayaan, Perusahaan Company, Infrastructure Multifinance Company,
Pembiayaan Infrastruktur, dan Perusahaan Modal and Venture Capital Company, the Company has
Ventura”, Perseroan telah memenuhi jumlah minimal complied the minimum amount of equity and Limits
ekuitas dan Batas Maksimum Pemberian for Giving Financing. The Company has calculated
Pembiayaan. Perseroan telah menghitung beberapa ratio as follows
rasio antara lain:
31 Desember/ 31 Desember/
Persyaratan/ 31 December 31 December
Requirements 2025 2024
Gearing ratio max. 10x 4,49x 5,79x Gearing ratio
Rasio permodalan min. 10% 26,73% 20,21% Capital ratio
Rasio modal inti Core capital to fully paid
terhadap modal disetor min. 50% 1.966,60% 1.945,77% capital ratio
Rasio Non-Performing Non-Performing
Finance - neto max. 5% 1,47% 0,59% Finance - net
Rasio Non-Performing Non-Performing
Finance - gross - 2,40% 1,05% Finance - gross
Rasio piutang pembiayaan neto Net financing to
terhadap total aset min. 40% 93,32% 93,34% asset ratio
Rasio saldo piutang pembiayaan Net financing receivables
Neto terhadap total pendanaan - 118,37% 114,12% to total funding ratio
Rasio saldo piutang pembiayaan Balance of receivables for investment
investasi dan pembiayaan financing and working capital
modal kerja terhadap total financing to total balance of the
saldo piutang pembiayaan min. 10% 53,64% 56,12% financing receivables
Rasio penyertaan langsung - 0,00% 0,00% Direct participation ratio
35. PERISTIWA SETELAH AKHIR PERIODE 35. EVENTS AFTER THE END OF REPORTING
PELAPORAN PERIOD
Perubahan Susunan Dewan Komisaris Changes in Board Commisioners
Perubahan susunan Direksi dan anggota Dewan The latest change in the composition of Directors
Komisaris yang terakhir dilakukan pada tanggal and the composition of the Board of Commissioner
7 Januari 2026, sebagaimana ternyata dalam Akta was conducted on 7 January 2026 as stated in the
Pernyataan Keputusan Rapat Umum Pemegang Deed of Statement of Resolutions of the
Saham Luar Biasa PT Mandiri Tunas Finance No. 7 Extraordinary General Meeting of Sharholder of
yang dibuat oleh Doktor Muhammad Kholid Artha, PT Mandiri Tunas Finance No. 7 of Dr. Muhammad
Sarjana Hukum, Magister Kenotariatan, Notaris di Kholid Artha, Bachelor of Laws, Master of Notarial
Jakarta. Sampai dengan tanggal penyelesaian Law, Notary in Jakarta. As of the date of completion
laporan keuangan, penerimaan pemberitahuan of the financial statements, the notification receipt
perubahan data Perseroannya masih dalam proses of the change in the corporate data was still in
di Kementerian Hukum Republik Indonesia. process by Ministry of Laws of the Republic of
Indonesia.
Susunan anggota Dewan Komisaris adalah sebagai The members of the Company’s Board of
berikut: Commissioners are as follows:
January 2026
Dewan Komisaris Board of Commissioners
Komisaris Utama Muchammad Romahurmuziy President Commissioner
Wakil Komisaris Utama Nugraha Indra Permadi Vice President Commissioner
Komisaris Independen Fendy Eventius Mugni Independent Commissioner
Komisaris Independen Subarna Independent Commissioner
120
Page 414
The original financial statements included herein are in the
Indonesian language.
PT MANDIRI TUNAS FINANCE PT MANDIRI TUNAS FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan Untuk Tahun As of 31 December 2025
yang Berakhir Pada Tanggal Tersebut and for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
35. PERISTIWA SETELAH AKHIR PERIODE 35. EVENTS AFTER THE END OF REPORTING
PELAPORAN (lanjutan) PERIOD (continued)
Perubahan Susunan Dewan Komisaris (lanjutan) Changes in Board Commisioners (continued)
Pengangkatan Bapak Muchammad Romahurmuziy The appointment of Mr. Muchammad
sebagai komisaris utama berlaku efektif setelah Romahurmuziy as President Commisioner
mendapatkan persetujuan Otoritas Jasa Keuangan becoming effective after obtaining approval from
(OJK) atas penilaian kelayakan dan kepatutan the Financial Services Authority (OJK) through the
(fit and proper test). fit and proper test.
Perubahan Kepala Divisi Audit Internal Perseroan Changes of the Head of Internal Audit Division
Pada tanggal 5 Januari 2026, Perseroan On 5 January 2026, the Company appointed Vina
mengangkat Vina Ratnasari Dewi sebagai Kepala Ratnasari Dewi as Head of Internal Audit Division in
Divisi Audit Internal sesuai dengan Surat Keputusan accordance with Decree No. 000001/SK-
No. 000001/SK-HCP.HCS/HC/I/2026. HCP.HCS/HC/I/2026.
36. PENYELESAIAN LAPORAN KEUANGAN 36. COMPLETION OF THE FINANCIAL
STATEMENTS
Manajemen Perseroan bertanggung jawab atas The management of the Company is responsible for
penyusunan dan penyajian wajar laporan keuangan the preparation and fair presentation of these
ini sesuai dengan Standar Akuntansi Keuangan di financial statements in accordance with Indonesian
Indonesia, yang diselesaikan dan disetujui oleh Financial Accounting Standards which were
Direksi Perseroan untuk diterbitkan pada tanggal completed and authorized for issuance by the
5 Februari 2026. Board of Directors on 5 February 2026.
121
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Page 418
PT Mandiri Tunas Finance Graha Mandiri Lt. 3A Website: www.mtf.co.id Jl. Imam Bonjol No.61 E-mail: customer.service@mtf.co.id Jakarta 10310 Telephone: (62-21) 2305608 2025 Annual Report Strengthening The CORE, Championing in Captive Ecosystem
Names mentioned 176 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Mandiri Tunas Finance Strengthening The CORE
p.1
unresolved
org
PT Mandiri Tunas Finance Annual
p.2 ×108
unresolved
org
PT Mandiri Tunas Finance Information
p.7
unresolved
org
PT Mandiri Tunas Finance Realization
p.7
unresolved
org
PT Mandiri Tunas Finance Material Information
p.7
unresolved
org
Bank Indonesia
p.12 ×4
unresolved
org
Bank Indonesia’s Policy Rate
p.12
unresolved
org
Indonesia Stock Exchange
p.20 ×12
unresolved
org
PT TUV NORD Indonesia Golden Winner Medallion
p.22
unresolved
org
PT TUV SUD Indonesia
p.22
unresolved
org
PT Pemeringkat Efek Indonesia
p.24 ×2
unresolved
person
Pinohadi G. Sumardi
p.25 ×2
unresolved
org
Financial Services Authority
p.33 ×14
unresolved
org
PT Mandiri Tunas Finance Board
p.34 ×2
unresolved
org
Bank Indonesia’s
p.36
unresolved
org
PT Mandiri Tunas Finance We
p.43 ×2
unresolved
org
PT Tunas Financindo Corporation
p.49 ×7
unresolved
org
(under the name PT Tunas Financindo Corporation)
p.49
unresolved
org
PT Tunas Financindo Sarana
p.49 ×5
unresolved
org
Services Wilamarta
p.49
unresolved
org
Minister of Justice
p.49
unresolved
org
Branch Offices
p.49
unresolved
org
PT Tunas Ridean
· Company Name
p.50 ×23
unresolved
org
MTF OSR (Persero) Tbk
p.50
unresolved
org
PT Bank Tunas Finance
p.52
unresolved
org
Mandiri (Persero) Tbk
p.52 ×3
unresolved
org
Minister of Finance
p.52
unresolved
org
PT Tunas
p.54 ×3
unresolved
org
PT Tunas Financindo Corporation Name
p.54
unresolved
person
Adam Kasdarmadji
p.54
unresolved
org
Minister of Law and Legislation
p.54
unresolved
org
Madiun Financindo Corporation
p.55
unresolved
org
Bank Syariah Mandiri
p.57
unresolved
org
PT Tunas Ridean. Budaya PERWIRA
p.60
unresolved
org
PT Rapi Utama Indonesia National
p.62
unresolved
person
M. Kholid Artha
· Notaris
p.66
unresolved
org
PT Tunas Dwi Matra
p.66
unresolved
org
PT Eflag Solutions Indonesia
p.67
unresolved
org
PT Tunas Dwipa Matra
p.69 ×3
unresolved
org
PT Mandiri Financial Year
p.69
unresolved
org
PT Mandiri Utama Finance
p.69
unresolved
org
PT Asia Surya Perkasa
p.69 ×2
unresolved
org
PT Tunas Dwipa Matra Certifications
p.69
unresolved
org
PT Mandiri Tunas
p.69 ×2
unresolved
org
PT Tunas Andalan Pratama
p.69
unresolved
—
Makah Indra Purnomo
p.76
unresolved
—
Ramdhan Safitri
p.76
unresolved
—
Indra Budi Laksana*
p.76
unresolved
person
Regional Division Head Regional
· Director
p.76
unresolved
—
Elwis Tunendra
p.76
unresolved
—
Ruly Widyanto
p.76
unresolved
—
Andre Tigor
p.76
unresolved
org
PT Bank Bumi Daya (Persero)
p.80
unresolved
org
PT Bank Dagang Negara
p.80
unresolved
org
PT Bank Ekspor Impor Indonesia (Persero)
p.80
unresolved
person
Notarial Deed Sutjipto
p.80
unresolved
org
PT Bank Pembangunan Indonesia (Persero)
p.80
unresolved
person
Bintoro K. Pardewo
· Commissioner
p.81
unresolved
org
PT Tunas Tunas Group
p.82 ×2
unresolved
org
PT Tunas Mobilindo Parama
p.82
unresolved
org
PT Tunas Aset Sarana
p.82
unresolved
org
PT Rahardja
p.82
unresolved
org
PT Surya Sudeco
p.82 ×2
unresolved
org
PT Surya Sudeco Ekalancar
p.82
unresolved
org
PT Mega
p.82
unresolved
org
PT Tunas Ridean Company Name
p.82
unresolved
person
Anton Setiawan
· President Commissioner
p.82 ×2
unresolved
person
Wilfrid Foo Tsu-Jin
· Commissioner
p.82
unresolved
person
Hong Anton Leoman
· Commissioner
p.82
unresolved
person
Wong Jie Min Adrian
· Director
p.82
unresolved
person
Alfredo Chandra
· Commissioner
p.82
unresolved
person
Tenny Febyana Halim
· Director
p.82
unresolved
person
Ester Tanudjaja
· Director
p.82
unresolved
org
Young Global Limited
p.84
unresolved
person
Handaja
p.84
unresolved
—
Assignment Period
p.85 ×14
unresolved
org
PT Kustodian Sentral Efek Indonesia
p.85
unresolved
org
PT Fitch Rating
p.85
unresolved
org
PT Aldiracita Sekuritas Indonesia
p.86
unresolved
person
H. Fachrudin
p.86
unresolved
person
H. Thamrin
p.86
unresolved
org
PT BRI Danareksa Sekuritas
p.86
unresolved
person
PPAT Ir. Nanette Cahyanie Handari Adi Warsito
p.86 ×2
unresolved
org
BM & Partners
p.86
unresolved
person
Partners-Poernomo Idna Yashinta
p.86
unresolved
org
PT Rapi Utama Indonesia
p.86
unresolved
—
Annual Report 2025
p.86
unresolved
person
H. Adam Malik
p.91 ×2
unresolved
person
Dr. M. Hatta
p.91
unresolved
person
Hj. Tutty Alawiyah
p.93
unresolved
org
Bank Papua
p.96
unresolved
org
Bank Indonesia Benchmark Interest Rate
p.99
unresolved
org
PT MANDIRI TUNAS FINANCE CATATAN ATAS
p.303 ×7
unresolved
org
Indonesia (Persero) Tbk
p.303 ×3
unresolved
org
Kementerian
p.303
unresolved
org
Ministry of Laws and Human Rights
p.303
unresolved
person
Nugraha Indra Permadib
· Komisaris Utama
p.304 ×2
unresolved
person
Subarnad
· Anggota
p.304 ×2
unresolved
—
Marlan Marthi
· Anggota
p.304
unresolved
person
Achmad
· Anggota
p.304
unresolved
person
Indra Riyawan
· Anggota
p.304 ×2
unresolved
person
Fendy Eventius Mugnie
· Anggota
p.304
unresolved
person
Irwan Tri Nugroho
· Anggota
p.304
unresolved
person
Nugraha Adi Permadi
p.304 ×2
unresolved
—
Pengangkatan Bapak Subarna
· Ketua
p.304
unresolved
—
Pengangkatan Bapak Fendy Eventius Mugni
· Anggota
p.304 ×24
unresolved
org
Dana Pensiun Bank Mandiri
p.387 ×2
unresolved
org
PT Bank Mandiri Taspen
p.387
unresolved
org
PT Asuransi Jasa Indonesia (Persero)
p.387
unresolved
org
PT Kimia Farma Apotek
p.387
unresolved
org
PT Kimia Farma Diagnostika
p.387
unresolved
org
PT Kimia Farma Trading
p.387
unresolved
org
PT Asuransi Jiwa Taspen
p.387
unresolved
org
Bank Mandiri Group Karyawan
p.387
unresolved
person
Dr. Muhammad Sarjana
p.413
unresolved
org
Kementerian Hukum Republik Indonesia.
p.413
unresolved
org
Ministry of Laws
p.413
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