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Number : 087/CLD/HMS/VII/2023
Attachment : 1. Information Disclosure on Affiliated Transactions and Material
Transactions in Connection with Amendment to the Loan
Agreements
2. Fairness Opinion Report on Proposed Transaction - Amendment of
Loan Agreements
3. Statement of the Board of Commisioner and the Board of Director
Re. : Information Disclosure on Affiliated Transactions and Material
Transactions in Connection with Amendment to the Loan Agreements
between PT HM Sampoerna Tbk. (the "Company") and Philip Morris
Finance S.A. ("PM Finance")
Jakarta, July 4, 2023
To.
The Board of Directors of the Indonesia Stock Exchange
Indonesia Stock Exchange Building
Jl. Jend. Sudirman Kav.52-53
Jakarta - 12190
Attn.: Head of Company Evaluation Division I
Dear Sirs,
Pursuant to Financial Services Authority Regulation (“POJK”) No. 17/POJK.04/2020 dated 21
April 2020 concerning Material Transactions and Changes in Main Business Activities, POJK
No. 42/POJK.04/2020 dated July 2, 2020, concerning Affiliated Transactions and Conflict of
Interest Transactions and POJK No. 31/POJK.04/2015 dated December 16, 2015, concerning
Disclosure on Material Information or Facts by Issuers or Public Companies, we hereby
inform you the following:
1. Name of Issuer : PT Hanjaya Mandala Sampoerna Tbk.
2. Business Activity : Cigarette Industry
3. Telephone : 021 – 5151234
4. Facsimile : 021 – 51402481
5. Email address : sampoerna.corporate@sampoerna.com
1. Date of Event : June 30, 2023
2. Type of Material Information : Afiliated transaction and material transaction
or Fact in relation with the amendment of loan
agreements between the Company and PM
Finance (“Transaction”)
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3. Description on the Material : as attached
Information or Fact
4. Impact of the material event, : There is no potential risks which may result in
information or fact to the adverse impacts or disruption of the
Issuer’s operational activity, Company's business sustainability from such
legal, financial condition and events and information to the operational,
business continuity legal, financial condition, or business
continuity of the Company.
5. Other information : The Transaction is an amendment to the
uncommited revolving loan facility made by
and between the Company and PM Finance
dated July 29, 2022, which has been disclosed
by the Company on August 2, 2022.
In connection with the Transaction as defined in the Disclosure of Information above, the
Board of Directors and Board of Commissioners of the Company hereby state that, having
made all reasonable enquiries and to the best of our knowledge and belief, all material
information has been disclosed and such information is not misleading.
Thus, we submit the disclosure in connection with the Transaction.
Thank you for your attention.
Best Regards,
PT HM Sampoerna Tbk.
Signed and sealed
Andy Revianto
Corporate Secretary
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Number : 088/CLD/HMS/VII/2023
Attachment : 1. Information Disclosure on Affiliated Transactions and Material
Transactions in Connection with Amendment to the Loan
Agreements
2. Fairness Opinion Report on Proposed Transaction - Amendment of
Loan Agreements
3. Statement of the Board of Commisioner and the Board of Director
Re. : Information Disclosure on Affiliated Transactions and Material
Transactions in Connection with Amendment to the Loan Agreements
between PT HM Sampoerna Tbk. (the "Company") and Philip Morris
Finance S.A. ("PM Finance")
Jakarta, July 4, 2023
To.
The Financial Services Authority (“OJK”)
Soemitro Djojohadikusumo Building
Jalan Lapangan Banteng Timur No.2-4
Jakarta Pusat - 10710
Dear Sirs,
Pursuant to Financial Services Authority Regulation (“POJK”) No. 17/POJK.04/2020 dated 21
April 2020 concerning Material Transactions and Changes in Main Business Activities, POJK
No. 42/POJK.04/2020 dated July 2, 2020, concerning Affiliated Transactions and Conflict of
Interest Transactions and POJK No. 31/POJK.04/2015 dated December 16, 2015, concerning
Disclosure on Material Information or Facts by Issuers or Public Companies, we hereby
inform you the following:
1. Name of Issuer : PT Hanjaya Mandala Sampoerna Tbk.
2. Business Activity : Cigarette Industry
3. Telephone : 021 – 5151234
4. Facsimile : 021 – 51402481
5. Email address : sampoerna.corporate@sampoerna.com
1. Date of Event : June 30, 2023
2. Type of Material Information : Afiliated transaction and material transaction
or Fact in relation with the amendment of loan
agreements between the Company and PM
Finance (“Transaction”)
3. Description on the Material : as attached
Information or Fact
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4. Impact of the material event, : There is no potential risks which may result in
information or fact to the adverse impacts or disruption of the
Issuer’s operational activity, Company's business sustainability from such
legal, financial condition and events and information to the operational,
business continuity legal, financial condition, or business
continuity of the Company.
5. Other information : The Transaction is an amendment to the
uncommited revolving loan facility made by
and between the Company and PM Finance
dated July 29, 2022, which has been disclosed
by the Company on August 2, 2022.
In connection with the Transaction as defined in the Disclosure of Information above, the
Board of Directors and Board of Commissioners of the Company hereby state that, having
made all reasonable enquiries and to the best of our knowledge and belief, all material
information has been disclosed and such information is not misleading.
Thus, we submit the disclosure in connection with the Transaction.
Thank you for your attention.
Best Regards,
PT HM Sampoerna Tbk.
Signed and sealed
Andy Revianto
Corporate Secretary
2
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DISCLOSURE OF INFORMATION
RELATED TO AFFILIATED TRANSACTIONS AND MATERIAL TRANSACTIONS
THIS DISCLOSURE HAS BEEN MADE TO COMPLY WITH THE FINANCIAL SERVICES AUTHORITY (“OJK”)
REGULATION NO. 17/POJK.04/2020, DATED 20 APRIL 2020, ON MATERIAL TRANSACTIONS AND CHANGES IN
MAIN BUSINESS ACTIVITIES (“POJK 17”) AND NO. 42/POJK.04/2020 DATED 2 JULY 2020 ON AFFILIATED
TRANSACTIONS AND CONFLICT OF INTEREST TRANSACTIONS (“POJK 42”) IN CONNECTION WITH THE
AMENDMENT TO THE AMENDED AND RESTATED INTERCOMPANY LOAN AGREEMENTS.
THE INFORMATION CONTAINED IN THIS DISCLOSURE IS IMPORTANT TO BE READ AND NOTED BY THE
COMPANY’S SHAREHOLDERS. IF YOU FIND DIFFICULTIES IN UNDERSTANDING THE INFORMATION SET FORTH
IN THIS DISCLOSURE, YOU ARE SUGGESTED TO CONSULT WITH YOUR BROKER, INVESTMENT MANAGER,
LEGAL COUNSEL, PUBLIC ACCOUNTANT OR OTHER PROFESSIONAL ADVISORS.
THE BOARD OF DIRECTORS AND THE BOARD OF COMMISSIONERS ARE, JOINTLY AND SEVERALLY, FULLY
RESPONSIBLE FOR THE TRUE AND CORRECTNESS, AND COMPLETENESS OF THE INFORMATION DISCLOSED
HEREIN AND IN ANY ADDITIONAL DISCLOSURE, IF ANY, AND HEREBY CONFIRM THAT THE INFORMATION
CONTAINED IN THIS DISCLOSURE IS CORRECT, AND THERE IS NO SIGNIFICANT, MATERIAL AND RELEVANT
FACT THAT HAS NOT BEEN DISCLOSED OR HAS BEEN REMOVED SUCH THAT THE INFORMATION HEREIN
BECOMING INCORRECT AND/OR MISLEADING.
AFTER CAREFUL EXAMINATION, THE COMPANY'S BOARD OF DIRECTORS AND BOARD OF COMMISSIONERS,
JOINTLY AND SEVERALLY STATES THAT THESE TRANSACTIONS DO NOT CONTAIN ANY CONFLICT OF INTEREST
AS MEANT BY POJK 42.
THE BOARD OF DIRECTORS OF THE COMPANY, BOTH JOINTLY AND SEVERALLY STATES THAT THESE
AFFILIATED TRANSACTIONS HAVE WENT THROUGH ADEQUATE PROCEDURES TO ENSURE THAT THESE
AFFILIATED TRANSACTIONS ARE IMPLEMENTED IN ACCORDANCE WITH THE GENERALLY APPLICABLE
BUSINESS PRACTICES.
PT HANJAYA MANDALA SAMPOERNA Tbk.
(the “Company”)
Domiciled in Surabaya
Business Line:
Cigarette Industry
Head Office:
Jl. Rungkut Industri Raya No. 18, Surabaya 60293, Indonesia
Telephone: 031 – 843 1699, Facsimile: 031 – 843 0986
Factory Location:
Surabaya, Pasuruan, Malang, Karawang, Probolinggo
Representative Office:
One Pacific Place, 18th Floor, Sudirman Central Business District,
Jl. Jend. Sudirman Kav. 52-53,
Jakarta 12190, Indonesia
Telephone: 021 – 515 1234, Facsimile: 021 – 515 2234
This Disclosure of Information is published in Jakarta on July 4, 2023
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DEFINITIONS Capital Market Law: Law No. 8 of 1995 dated 10 November 1995 regarding Capital Market. Disclosure: the disclosure of information related to affiliated transactions as specified in the announcement and/or this Disclosure and any additional information that may or will be made available. Fairness Opinion Report: a report submitted by the Independent Appraiser No. 00059/2.0095- 00/BS/04/0273/1/VI/2023, dated June 28, 2023, regarding Fairness Opinion on the Transactions. Independent Valuer: the public appraiser firm of KJPP Ruky, Safrudin & Rekan, the independent appraiser registered at the OJK that has been appointed by the Company to appraise the fairness of the Transactions. PM Finance: Philip Morris Finance SA, a company duly organized and existing under the laws of Switzerland and engaged in financing and cash-management activities for PM International group companies. PMID: PT Philip Morris Indonesia, the major shareholder of the Company, a limited liability company established under Indonesian laws, engaged in white cigarette industry. PM International: Philip Morris International Inc., a company duly incorporated and organized under the laws of Commonwealth of Virginia, United States of America, which owns, directly or indirectly, 100% issued shares of PM Finance and PMID. POJK 17: The Financial Services Authority Regulation No. 17/POJK.04/2020 dated 21 April 2020 on Material Transactions and Changes in Main Business Activities. POJK 42: The Financial Services Authority Regulation No. 42/POJK.04/2020 dated 2 July 2020 on Affiliated Transactions and Conflict of Interest Transactions. Shareholders of the Company: the shareholders of the Company whose names are registered in the shareholder register book of the Company as issued by the Securities Administration Bureau. The Company: PT Hanjaya Mandala Sampoerna Tbk., a publicly listed company established under the laws of Indonesia, domiciled in Surabaya, Indonesia. The Financial Services Authority or OJK: the independent institution as set forth under Law No. 21 of 2011 regarding the Financial Services Authority (“OJK Law”), who has the regulatory and supervisory duties and authorities over the sectors of banking, capital market, insurance, pension fund, financing and other financial institutions, and as of 31 December 2012, OJK is the institution that has replaced and accepts the rights and obligations to run the regulatory and supervisory functions from Bapepam-LK pursuant to Article 55 of the OJK Law.
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PREFACE
This Disclosure is prepared in connection with the following transactions:
1. Amendment 1 to the Amended and Restated Inter-Company Loan Agreement dated June 30, 2023,
between the Company as borrower and PM Finance as lender (“Amendment of Intercompany Loan
Agreement I”); and
2. Amendment 1 to the Amended and Restated Inter-Company Loan Agreement dated June 30, 2023,
between the Company as lender and PM Finance as borrower (“Amendment of Intercompany Loan
Agreement II”)
(the Amendment of Intercompany Loan Agreement I and the Amendment of Intercompany Loan
Agreement II are each referred to as “Transaction” and together as “Transactions”).
Each Transaction in principle is intended to modify certain provisions of: (i) the Amended and Restated
Inter-Company Loan Agreement dated July 29, 2022, between the Company as the borrower and PM
Finance as the lender; and (ii) the Amended and Restated Inter-Company Loan Agreement dated July 29,
2022, between the Company as the lender and PM Finance as the borrower, the disclosure report of which
was submitted by the Company on August 2, 2022 (jointly referred to as the ”2022 Intercompany Loan
Agreements”).
As a reminder, each Transaction is essentially an uncommitted revolving loan facility that can be utilized
by the Company and PM Finance at any time for general corporate purposes. Therefore, the signing of
each Transaction by the Company and PM Finance does not immediately result in lending activities
between the parties. Such activities will only occur when a formal loan drawdown is made by either party
in accordance with the terms and conditions specified in each of the Transactions.
Each of the Transactions is an affiliated transaction pursuant to POJK 42 and is also a material transaction
pursuant to POJK 17. However, as the maximum amount of the loan facility under the Transactions are
50% (fifty percent) of the Company’s equity based on the latest audited annual financial statements of
the Company at the then-current time and therefore pursuant to Article 6(1). b of POJK 17, the entering
into the Transactions does not require the approval of the independent shareholders.
The Transactions are “Affiliated Transactions” required to be disclosed to the public pursuant to POJK 42.
The Transactions, however, are not “Conflict of Interest Transactions” as defined under POJK 42, based
on the valuation report of the Independent Valuer on fairness of the Transactions, the summary of which
is presented in Section III herein.
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I. DESCRIPTION ON THE TRANSACTIONS
A. Background and Reasons for the Transactions
On September 19, 2015, the Company and PM Finance have entered into certain intercompany loan
agreements (the “2015 Intercompany Loan Agreements”) which were still in effect until September
1, 2025. Pursuant to the 2015 Intercompany Loan Agreements, the Company agreed to receive
and/or provide loan facilities from/to PM Finance for general corporate purposes. The agreements
were approved by the Shareholders of the Company as resolved in the General Meeting of
Shareholders held on September 18, 2015, in accordance with the prevailing capital market
regulations at that time.
On July 29, 2022, the Company and PM Finance subsequently entered into the 2022 Intercompany
Loan Agreements to modify certain provisions of and restate the entirety of the 2015 Intercompany
Loan Agreements, for which the Company has submitted its disclosure report on August 2, 2022.
In order to enhance the wording provisions of the 2022 Intercompany Loan Agreements to provide
greater flexibility in meeting working capital needs and cash-flow management, the Company has
signed Transactions that modify certain specific provisions of each 2022 Intercompany Loan
Agreements. The changes to the provisions of the 2022 Intercompany Loan Agreements include
modifications to the definition of interest and the availability period.
For clarity, the 2022 Intercompany Loan Agreements as amended by the Transactions have replaced
the previous 2015 Intercompany Loan Agreements.
1. Object of the Transactions
The Transactions are pertaining to uncommitted revolving loan facilities through one or more
advances within a certain period, provided that the total amount of the outstanding advances
shall not exceed the maximum loan amount set forth in each of the Transactions.
The main terms of the Transactions are as follows:
i) Availability Period: Up to June 30, 2033, extendable by agreement of the parties.
ii) Loan Facility Value: The maximum amount of the loan facility is 50% (fifty percent) of the
Company’s equity based on the latest annual audited financial statement of the Company
at the then-current time, which solely for first ever reference as at the date of the
Transactions, the current value based on the audited financial statement as of 31 December
2022 is at IDR 14,085,083,713,635 or equivalent to USD 901,733,913 (based on the
exchange rate for the financial statements of the same period), which amount shall not
exceed the maximum level as allowed by the prevailing regulations in Indonesia.
iii) Tenor: Up to 24 months for every advance.
iv) Interest Rate of Amendment of Intercompany Loan Agreement I:
The rate of interest agreed between PM Finance and the Company which shall be the
applicable BSBY rate for advance in USD as published 2 business days prior to the date of
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disbursement of funds by PM Finance to the Company plus a spread agreed between PM
Finance and the Company within the range as outlined below:
(a) Up to 1-month : 31-54 basis points
(b) Up to 3-month : 34-57 basis points
(c) Up to 6-month : 42-65 basis points
The all-in rate (after considering the swaps, as applicable) shall not be higher than the rate
that the Company can obtain from the Reference Banks for a loan of a corresponding term
and currency.
v) Interest Rate of Amendment of Intercompany Loan Agreement II:
The rate of interest agreed between the Company and PM Finance which shall be the
applicable BSBY rate for advance in USD as published 2 business days prior to the date of
disbursement of funds by the Company to PM Finance plus a spread agreed between the
Company and PM Finance within the range as outlined below:
(a) Up to 1-month : 31-54 basis points
(b) Up to 3-month : 34-57 basis points
(c) Up to 3-month : 42-65 basis points
The all-in rate (after considering the swaps, as applicable) shall not be lower than the rate
that the Company can obtain from the Reference Banks for a deposit of a corresponding
term and currency.
As reference, the definition of “Reference Banks” under the Transactions is Deutsche Bank,
HSBC and Standard Chartered Bank and any replacement of any thereof as agreed between
the Company and PM Finance, which shall be a foreign exchange licensed bank operating
in Jakarta, Indonesia.
2. Value of the Transactions
The maximum amount of each of the facilities is 50% (fifty percent) of the equity of the Company
based on the latest annual audited financial statement of the Company at the then-current time.
The current amount based on the audited financial statement as of 31 December 2022 is at IDR
14,085,083,713,635 or equivalent to USD 901,733,913 (based on the exchange rate for the
financial statements of the same period), which amount shall not exceed the maximum level as
allowed by the prevailing regulations in Indonesia.
3. Benefits and Impacts of the Transactions
Potential benefits that may be obtained from the Transactions are the same as those disclosed
in the disclosure report dated August 2, 2022, submitted by the Company, namely:
• No collateralization mechanism;
• Potential lower interest rate when the Company is the borrower;
• Enhanced convenience in the loan procurement process;
• Longer loan period for each withdrawal;
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• Potential of earning higher interest return on its excess funds when the Company is the
lender.
The Board of Directors of the Company believes that the Transactions have no potential risks
which may result in adverse impacts or disruption of the Company's business sustainability.
In view of the above and by entering into these Transactions, the Company will be able to manage
its financial condition better considering that the Amendment of Intercompany Loan Agreement I is
protecting the Company when it acts as the borrower and Amendment of Intercompany Loan
Agreement II is securing the Company’s interests when it acts as the lender.
B. Parties to the Transactions
The parties are the Company and PM Finance.
PM Finance is engaged in financing and cash-management activities for PM International group
companies, and an affiliated company of the major shareholder of the Company, PMID.
To date, PMID holds 92,5% of the Company’s issued shares. The Company and PM Finance have the
same controlling party that is PM International.
Composition of incumbent management members of PM Finance is as follows:
President : Cedric Dufresne
Vice President : Franciscus De Rooij
The chart below shows the affiliate relation between the Company and PM Finance as parties to the
Transactions:
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C. Nature of Affiliated Relation between Parties to the Transactions
As described above, PMID owns 92.5% of the Company’s issued shares, and thus a major shareholder
of the Company. Further PMID and PM Finance are owned (directly or indirectly) and therefore are
controlled by PM International. Based on the foregoing, the Company is an Affiliated Party of PM
Finance pursuant to the Capital Market Law and POJK 42.
II. DESCRIPTION ON THE COMPANY
A. History
The Company is a publicly listed limited liability company established under the laws of the Republic
of Indonesia within the framework of the Indonesian Capital Investments Law. The Company was
established on October 19, 1963 by virtue of Deed No. 69 dated October 19, 1963 which was
amended by Deed No. 46 dated April 15, 1964, both drawn up before Anwar Mahajudin, S.H., Notary
in Surabaya, which have been approved by the Minister of Justice of the Republic of Indonesia by
virtue of his Decree No. J.A.5/59/15 dated April 30, 1964 and have been published in the State
Gazette of the Republic of Indonesia No. 94 dated November 24, 1964, Supplement No. 357. The
articles of association of the Company have been amended several times, lastly by virtue of Deed No.
41 dated June 9, 2022, drawn up before Aulia Taufani, S.H., Notary in the Administrative City of South
Jakarta, which has been approved by the Minister of Law and Human Rights of the Republic of
Indonesia by virtue of his Decree No. AHU-0044445.AH.01.02.TAHUN 2022, dated June 29, 2022.
B. Capital Structure and Shareholding Composition
The capital structure and the shareholding composition of the Company based on Shareholders’
Register of the Company as at June 30, 2023, are as follows:
Authorized Capital: IDR 630,000,000,000 Nominal Value : IDR 4/share
Subscribed and Issued Capital: IDR 465,272,307,600
No Name Number of Nominal Value %
Shares (IDR)
1 Public shareholders holding more than 5% - 107,594,221,125 430,376,884,500 92.5
PMID
2 Other public shareholders 8,723,855,775 34,895,423,100 7.5
Total 116,318,076,900 465,272,307,600 100
C. Management and Supervisory Boards of the Company
The compositions of members of the Board of Commissioners and of the Board of Directors of the
Company pursuant to Deed No. 34 dated April 14, 2023, drawn up before Aulia Taufani, Notary in
Administrative City of South Jakarta, are as follows:
The Board of Commissioners
President Commissioner : John Gledhill
Vice President Commissioner : Paul Norman Janelle
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Independent Commissioner : Justin Guy Mayall
Independent Commissioner : Luthfi Mardiansyah
The Board of Directors
President Director : Vasileios Gkatzelis
Director : The Ivan Cahyadi
Director : Elvira Lianita
Director : Francisca Rahardja
Director : Sharmen Karthigasu
Director : Dina Lombardi
Director : Sergio Colarusso
III. SUMMARY OF OPINION OF THE INDEPENDENT VALUER
To ensure fairness of the Transactions and also to ensure that the Transactions do not have a conflict-of-
interest element, the Company has appointed KJPP Ruky, Safrudin & Rekan as the Independent Valuer
carrying out the assessment of the fairness of the Transactions.
The Independent Valuer states that it has no affiliate relationship either directly or indirectly with the
Company as defined under the Capital Market Law.
Summary of Opinion of the Independent Valuer
(i) Parties involved in the Transaction
The parties involved in the proposed Transactions are the Company as a lender or borrower, and PM
Finance as a lender or borrower.
(ii) Object of Fairness Opinion Analysis
The objects of fairness analysis are the Company's plan to amend intercompany loan arrangements,
respectively as a lender or borrower, with PM Finance.
(iii) Purpose of Fairness Opinion
The purpose of the Fairness Opinion Report is to provide an opinion on the fairness of the Company's
plan to amend the Company’s intercompany loan arrangements with PM Finance, as outlined in this
Disclosure in order to comply with OJK capital market regulations, not for taxation purpose, banking
and not for other forms of transaction plan.
(iv) Assumptions and Disclaimer Limitations
The Fairness Opinion Report is a non-disclaimer opinion, the Independent Valuer has reviewed the
documents used in the process of preparing the Fairness Opinion, data and information obtained
from management of the Company and other reliable sources that can be trusted for accuracy.
The Fairness Opinion Report has been prepared using incremental financial projection provided by
management of the Company by reflecting the fairness of the projections and the ability to achieve
them (fiduciary duty).
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The Independent Valuer is responsible for the implementation of the fairness analysis limited to the
incremental financial projections that have been prepared by the management of the Company,
however the Independent Valuer is not responsible for the Company's ability to achieve those
incremental financial projections or the effect on accounts other than those described in the
incremental financial projections as submitted by the Company.
The Independent Valuer is responsible for the opinions generated in the Fairness Opinion Report.
The Fairness Opinion Report is open to the public, unless there is confidential information that may
affect the Company's operations.
The Independent Valuer has obtained information on the legal status of the parties in the Fairness
Opinion object from the Company.
(v) Methodology For Fairness Analysis
• Proposed Transactions Analysis: identification of parties involved in the proposed Transactions,
and analysis of benefit and risk of the proposed Transactions;
• Qualitative analysis: analysis of background of the proposed Transactions, brief explanation of
the Company and business activities, industry analysis, operational analysis, business prospect,
advantages and disadvantages of the proposed Transactions;
• Quantitative analysis: historical analysis, analysis of proforma financial statements, and
incremental financial projections analysis;
• Analysis of other relevant factors, in the form of analysis of relevant costs and revenues, relevant
non-financial information, that can provide confidence in providing a fairness opinion;
• Analysis on the fairness of the proposed Transactions’ price.
(vi) Fairness Analysis Conclusion
By considering the fairness analysis of the proposed Transactions which includes analysis of the
proposed Transactions, qualitative analysis and quantitative analysis, analysis of the fairness of the
transaction price and other relevant factors, in the Independent Valuer’s opinion, the proposed
Transactions are fair.
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IV. ADDITIONAL INFORMATION
Shareholders who have questions about this Disclosure Information or who wish to have additional
information are invited to contact:
The Corporate Secretary and Investor Relations
PT HANJAYA MANDALA SAMPOERNA Tbk.
One Pacific Place, 18th Floor,
Sudirman Central Business District,
Jl. Jend. Sudirman Kav. 52-53,
Jakarta 12190, Indonesia
Telephone: 021 – 515 1234
Facsimile: 021 – 515 2234
Jakarta, July 4, 2023
The Board of Directors of the Company
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PT Hanjaya Mandala Sampoerna Tbk Laporan Pendapat Kewajaran atas Rencana untuk Melakukan Amandemen atas Perjanjian-Perjanjian Pinjaman Antar Perusahaan yang dibuat oleh PT Hanjaya Mandala Sampoerna Tbk dengan Philip Morris Finance SA / Fairness Opinion Report on the Proposed Plan to Amend the Intercompany Loan Agreements Entered by PT Hanjaya Mandala Sampoerna Tbk with Philip Morris Finance SA 2023
Page 20
Jakarta, 28 Juni 2023 Jakarta, June 28, 2023
No. : 00059/2.0095-00/BS/04/0273/1/VI/2023 No. : 00059/2.0095-00/BS/04/0273/1/VI/2023
Kepada Yth. To.
PT Hanjaya Mandala Sampoerna Tbk PT Hanjaya Mandala Sampoerna Tbk
Jl. Rungkut Industri Raya No. 18 Jl. Rungkut Industri Raya No. 18
Surabaya Surabaya
Jawa Timur Jawa Timur
Perihal : Laporan Pendapat Kewajaran atas Re : Fairness Opinion Report on the
Rencana untuk Melakukan Proposed Plan to Amend the
Amandemen atas Perjanjian- Intercompany Loan Agreements
Perjanjian Pinjaman Antar Entered by PT Hanjaya Mandala
Perusahaan yang dibuat oleh Sampoerna Tbk with Philip Morris
PT Hanjaya Mandala Sampoerna Tbk Finance SA
dengan Philip Morris Finance SA
Dengan Hormat, Dear Sirs,
PT Hanjaya Mandala Sampoerna Tbk PT Hanjaya Mandala Sampoerna Tbk (the
("Perseroan”) berencana melakukan “Company”) plans to amend the definition of
amandemen mengenai definisi bunga dan interest and the availability period in the
jangka waktu ketersediaan dalam perjanjian- intercompany loan agreements entered by the
perjanjian pinjaman antar perusahaan Company with Philip Morris Finance SA (“PM
(intercompany loan) yang dibuat oleh Perseroan Finance”).
dan Philip Morris Finance SA (“PM Finance”).
PM Finance adalah adalah suatu badan usaha PM Finance is a company duly organized and
yang didirikan berdasarkan hukum Swiss dan existing under the laws of Switzerland and
bergerak di kegiatan pendanaan dan engaged in financing and cash management
manajemen kas untuk grup perusahaan Philip activities for the Philip Morris International Inc.
Morris International Inc. (“PMI”), dan (“PMI”) group of companies, and is an affiliated
merupakan perusahaan afiliasi dari pemegang party of PT Philip Morris Indonesia (“PMID”).
saham utama Perseroan, PT Philip Morris Currently, PMID holds 92.5% of the Company's
Indonesia (“PMID”). Saat ini PMID merupakan shares.
pemegang 92,5% saham Perseroan.
Rencana untuk melakukan amandemen atas The proposed plan to amend the intercompany
perjanjian-perjanjian pinjaman antar loan agreements entered by the Company with
perusahaan yang dibuat oleh Perseroan dengan PM Finance, shall be referred to as the
PM Finance, selanjutnya disebut “Rencana "Proposed Transactions”
Transaksi”.
Penjelasan spesifik Rencana Transaksi dapat Detail explanation of the Proposed Transactions
dilihat pada bagian Latar Belakang dalam are explained in the Background section of this
Laporan ini. Report.
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Berdasarkan informasi dari manajemen Based on information from the Company's
Perseroan, Rencana Transaksi termasuk management, the Proposed Transactions are
transaksi afiliasi sebagaimana dimaksud dalam deemed as affiliated transactions as defined in
Peraturan Otoritas Jasa Keuangan Nomor Financial Services Authority Regulation Number
42/POJK.04/2020 tanggal 1 Juli 2020, tentang 42 / POJK.04 / 2020 dated July 1, 2020 re.
Transaksi Afiliasi dan Benturan Kepentingan Affiliated Transactions and Conflict of Interest
Transaksi (“POJK 42”), karena Perseroan dan Transactions (“POJK 42”), because the Company
PM Finance adalah entitas-entitas yang berada and PM Finance are entities under common
dibawah kendali PMI. control of PMI.
Selanjutnya, berdasarkan informasi dari Furthermore, based on information from the
manajemen Perseroan, Rencana Transaksi Company’s management, the Proposed
bukan merupakan transaksi yang mengandung Transactions are not conflict of interest
benturan kepentingan sebagaimana transactions as defined in POJK 42.
didefinisikan dalam POJK 42.
Berdasarkan informasi dari manajemen Based on information from the Company's
Perseroan, Rencana Transaksi merupakan management, the Proposed Transactions are
transaksi material sebagaimana didefinisikan deemed as material transactions, as defined in
dalam Peraturan Otoritas Jasa Keuangan, the Financial Services Authority Regulation,
Nomor 17/POJK.04/2020 tanggal 20 April 2020, Number 17 / POJK.04 / 2020 dated April 20,
tentang Transaksi Material dan Perubahan 2020 re. Material Transactions and Changes in
Kegiatan Usaha (“POJK 17”), karena jumlah Business Activities (“POJK 17”), as the maximum
maksimum fasilitas pinjaman untuk Rencana amount of the loan facility for the Proposed
Transaksi lebih besar dari 20% (dua puluh Transactions is greater than 20% (twenty
persen) dari ekuitas Perseroan berdasarkan percent) of the Company’s equity based on the
laporan keuangan konsolidasian tahunan Company’s latest audited annual consolidated
Perseroan terakhir yang telah diaudit. Namun financial statements. However, the maximum
demikian, jumlah maksimum fasilitas pinjaman amount of the loan facility for the Proposed
untuk Rencana Transaksi dibatasi hingga 50% Transactions is limited to 50% (fifty percent) of
(lima puluh persen) dari ekuitas Perseroan the Company’s equity based on the Company’s
berdasarkan laporan keuangan konsolidasian latest audited annual consolidated financial
tahunan Perseroan terakhir yang telah diaudit. statements.
Sehubungan dengan Rencana Transaksi, In regards to the Proposed Transactions, the
Perseroan telah menunjuk KJPP Ruky, Safrudin Company has appointed KJPP Ruky, Safrudin &
& Rekan (“RSR”) sebagai Penilai Independen Rekan (“RSR”) as an Independent Valuer to
untuk memberikan pendapat kewajaran. provide fairness opinion.
STATUS PENILAI VALUER STATUS
RSR memiliki izin usaha dari Kementerian RSR has a business license from Minister of
Keuangan Republik Indonesia No. 2.11.0095 Finance of the Republic of Indonesia
berdasarkan Surat Keputusan Menteri No. 2.11.0095 based on its Decision Letter
Keuangan Republik Indonesia No.1131/KM.1/2011 dated October 14, 2011.
No. 1131/KM.1/2011 tanggal 14 Oktober 2011.
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Penilai Publik yang menandatangani laporan The Public Valuer who signs the fairness opinion
pendapat kewajaran adalah penilai yang report is a valuer who has the competency in
memiliki kompetensi dalam melakukan analisis conducting the fairness analysis and has
kewajaran serta telah memperoleh izin sebagai obtained a license as a public appraiser from the
penilai publik dari Kementerian Keuangan Minister of Finance of the Republic of Indonesia
Republik Indonesia dan terdaftar sebagai Penilai and is registered as a valuer at the Financial
di Otoritas Jasa Keuangan. Service Authority.
Sesuai Keputusan Menteri Keuangan Republik According to the Decree of Minister of Finance
Indonesia No. 54/KM.1/2010 tertanggal No. 54/KM.1/2010 dated 25 January 2010
25 Januari 2010 mengenai Izin Penilai Yunus N. regarding the Valuer License of Yunus N.
Purwono, MAPPI (Cert.) yang ditetapkan Purwono, MAPPI (Cert) assigned as valuer in
sebagai penilai di Bidang Jasa Penilaian Bisnis Business Valuation Services with (B)
berkualifikasi Penilai Bisnis (B) dengan No. B- qualifications, No.B-1.10.00273 and registered
1.10.00273 dan terdaftar sebagai profesi as capital market supporting professional in OJK
penunjang pasar modal di Otoritas Jasa according to Registered Letter of Capital Market
Keuangan (“OJK”) sesuai dengan Surat Tanda Supporting Professional (Business Valuer) No.
Terdaftar Profesi Penunjang Pasar Modal STTD.PB-12/PM.2/2018.
(Penilai Bisnis) No. STTD.PB-12/PM.2/2018.
PEMBERI TUGAS DAN PENGGUNA LAPORAN THE ASSIGNOR AND THE USER OF THE REPORT
Dalam laporan ini sebagai “Pemberi Tugas” In this report, act as “The Assignor” and “The
serta “Pengguna Laporan”. User of the Report”.
Nama PT Hanjaya Mandala Name
Sampoerna Tbk
Kantor Pusat Jl. Rungkut Industri Raya No. Head Office
18, Surabaya – Jawa Timur
Telepon: (031) 8431699
Kantor Perwakilan Korporasi One Pacific Place Lantai 16-20 Representative Office
Sudirman Central Business
District (SCBD) Lot 3&5,
Jalan Jenderal Sudirman Kav
52-53, Jakarta Selatan 12190
Telepon (021) 515 1234 Telephone
Email contact@sampoerna.com Email
Website www.sampoerna.com Website
Bidang Usaha manufaktur dan perdagangan Business Activities
rokok serta produk tembakau
bebas asap dan produk
mengandung nikotin /
manufacturing and trading
cigarettes as well as smoke-
free tobacco and nicotine-
containing products
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LATAR BELAKANG BACKGROUND
Perseroan merupakan salah satu produsen The Company is a multinational cigarette
rokok multinasional, yang memproduksi, producer, which produces, markets and
memasarkan, dan mendistribusikan sejumlah distributes a number of widely known cigarette
merek rokok yang dikenal secara luas, seperti A brands, such as A Mild, Dji Sam Soe, and others.
Mild, Dji Sam Soe, dan lainnya.
PM Finance adalah adalah suatu badan usaha PM Finance is company duly organized and
yang didirikan berdasarkan hukum Swiss dan existing under the laws of Switzerland and
bergerak di kegiatan pendanaan dan engaged in financing and cash management
manajemen kas untuk grup perusahaan PMI. activities for PMI group of companies.
Perseroan dan PM Finance adalah entitas- The Company and PM Finance are entities under
entitas yang berada dibawah kendali PMI. PMI common control of PMI. PMI through PMID
melalui PMID merupakan pemegang 92,5% holds 92.5% of the Company's shares.
saham Perseroan.
Philip Morris
International Inc.
100%
Philip Morris Global
Philip Morris Finance SA
Brands Inc.
100%
PMID
92,5%
Perseroan
kepemilikan tidak langsung / indirect ownership
kepemilikan langsung / direct ownership
Pada tanggal 19 September 2015, Perseroan On September 19, 2015, the Company and PM
dengan PM Finance telah mengikatkan diri Finance entered into certain intercompany loan
dalam perjanjian-perjanjian pinjaman antar agreements (the “2015 Inter-company Loan
perusahaan (“Perjanjian-perjanjian Pinjaman Agreements”) which were still in effect until
Antar Perusahaan 2015”) yang masih berlaku September 1, 2025, based on which the
hingga tanggal 1 September 2025, berdasarkan Company agreed to receive and/or provide loan
mana Perseroan setuju untuk menerima facilities from/to PM Finance for general
dan/atau menyediakan fasilitas pinjaman corporate purposes. The agreements were
dari/kepada PM Finance untuk keperluan approved by the Shareholders of the Company
korporasi pada umumnya (general corporate as resolved in the General Meeting of
purposes). Seluruh perjanjian tersebut telah Shareholders held on September 18, 2015, in
disetujui oleh para Pemegang Saham Perseroan
sebagaimana diputuskan dalam Rapat Umum
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Pemegang Saham yang diadakan pada tanggal accordance with the then applicable capital
18 September 2015 berdasarkan peraturan- market regulations.
peraturan pasar modal yang berlaku pada saat
itu.
Pada 2022, Perseroan dan PM Finance On 2022, the Company and PM Finance
kemudian mengikatkan diri dalam: (i) subsequently entered into: (i) the Amended and
Perubahan dan Pernyataan Kembali Perjanjian Restated Inter-Company Loan Agreement dated
Pinjaman Antar Perusahaan tertanggal 29 Juli July 29, 2022, between the Company as
2022, antara Perseroan sebagai penerima borrower and PM Finance as lender; and (ii) the
pinjaman dengan PM Finance sebagai pemberi Amended and Restated Inter-Company Loan
pinjaman; dan (ii) Perubahan dan Pernyataan Agreement dated July 29, 2022, between the
Kembali Perjanjian Pinjaman Antar Perusahaan Company as lender and PM Finance as
tertanggal 29 Juli 2022, antara Perseroan borrower, the disclosure report of which was
sebagai pemberi pinjaman dengan PM Finance submitted by the Company on August 2, 2022
sebagai penerima pinjaman, yang laporan (jointly referred to as the “2022 Intercompany
keterbukaan informasinya telah disampaikan Loan Agreements”).
oleh Perseroan pada tanggal 2 Agustus 2022
(secara bersama-sama disebut “Perjanjian-
perjanjian Pinjaman Antar Perusahaan 2022”.
Dalam rangka menyempurnakan bunyi In order to enhance the wording provisions of
ketentuan dari Perjanjian-perjanjian Pinjaman the 2022 Intercompany Loan Agreements to
Antar Perusahaan 2022 agar dapat memberikan provide greater flexibility in meeting working
Fleksibilitas lebih dalam memenuhi kebutuhan capital needs and cash flow management, the
modal kerja dan pengelolaan dana (cash-flow Company wishes to enter into Proposed
management), Perseroan bermaksud untuk Transactions to modify certain specific
mengikatkan diri dalam Rencana Transaksi provisions of each 2022 Intercompany Loan
untuk mengubah beberapa ketentuan tertentu Agreements. The changes to the provisons of
dari setiap Perjanjian-perjanjian Pinjaman Antar the 2022 Intercompany Loan Agreements
Perusahaan 2022. Perubahan terhadap include modifications to the defenition of
ketentuan-ketentuan utama dari Perjanjian- interest and the availability period.
perjanjian Pinjaman Antar Perusahaan 2022
mencakup perubahan ketentuan bunga dan
jangka waktu ketersediaan.
Dalam Perjanjian-perjanjian Pinjaman Antar In the 2022 Intercompany Loan Agreements, the
Perusahaan 2022, Perseroan dan PM Finance Company and PM Finance used the London
menggunakan London Interbank Offered Rate Interbank Offered Rate (“LIBOR”) as a reference
(“LIBOR”) sebagai suku bunga acuan atas suku rate on their intercompany loans interest rates.
bunga pinjaman antar perusahaan mereka.
Namun, Financial Conduct Authority (“FCA”) However, the Financial Conduct Authority
mengumumkan bahwa tarif LIBOR akan (“FCA”) announced that LIBOR rate would be
dihentikan namun masih bisa digunakan hingga discontinued but can still be used until June 30,
30 Juni 2023. 2023.
Dalam rangka menentukan pengganti LIBOR In search of a replacement for USD LIBOR, PMI
USD, PMI telah mempertimbangkan suku bunga took into consideration a risk-free rate such as
bebas risiko seperti Secured Overnight term Secured Overnight Financing Rate
Financing Rate (“SOFR”) serta suku bunga acuan (“SOFR”) as well as credit sensitive benchmark
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yang sensitif terhadap kredit. Karena suku rates. As risk-free rates do not reflect increased
bunga bebas risiko tidak mencerminkan funding costs during times of financial market
peningkatan biaya pendanaan selama masa stress, PMI opted to choose a credit-sensitive
tekanan pasar keuangan, PMI memutuskan rate as LIBOR successor.
untuk memilih suku bunga credit-sensitive
sebagai penerus LIBOR.
Yang paling banyak digunakan dan International The most widely used and International
Organization of Securities Commissions Organization of Securities Commissions
(“IOSCO”) yang sesuai dengan tingkat tolok ukur (“IOSCO”) compliant credit-sensitive
credit-sensitive adalah BSBY® dan Ameribor®. benchmark rates are BSBY® and Ameribor®.
Untuk menentukan tarif yang paling tepat untuk In order to determine the most appropriate rate
PMI (antara BSBY dan Ameribor), PMI for PMI (between BSBY and Ameribor), PMI
melakukan analisis untuk membandingkan BSBY performed analysis to compare BSBY and
dan Ameribor. Analisis dilakukan dengan Ameribor. The analysis is done by comparing
membandingkan “USD LIBOR ke BSBY”- spread “USD LIBOR to BSBY”- spreads per tenor, and
per tenor, dan “USD LIBOR ke Ameribor®” - “USD LIBOR to Ameribor®” - spreads per tenor.
spread per tenor.
Analisis ini dilakukan selama satu tahun This analysis performed over one year of
terhadap data historis yang berakhir pada historical data ending February 28, 2023. The
28 Februari 2023. Hasilnya menunjukkan result demonstrated that:
bahwa:
a. Kurs BSBY® mengikuti kurs LIBOR USD untuk a. BSBY® rates tracked the USD LIBOR rates for
tenor yang sama lebih dekat daripada the same tenors more closely than
Ameribor®. Ameribor®.
b. selisih antara tarif BSBY® dan LIBOR b. the spread between BSBY® and LIBOR rates
konsisten dalam garis tipis dan bahkan tanpa was consistent within a small band and even
penyesuaian selisih, akan tetap memenuhi without any spread adjustment would meet
kriteria yang aman. the safe harbor criteria.
Sehubungan dengan hal tersebut, PMI PMI therefore decided to address the USD
memutuskan untuk mengatasi penghentian LIBOR cessation across the entire organizations
penggunaan LIBOR USD di seluruh kontrak intercompany term loan contracts by replacing
pinjaman berjangka antar perusahaan the USD LIBOR with BSBY® (Bloomberg Short-
organisasi dengan mengganti LIBOR USD Term Bank Yield) as new benchmark/successor
dengan BSBY® (Bloomberg Short-Term Bank rate.
Yield) sebagai tingkat tolak ukur/penerus baru
yang memenuhi syarat.
Berdasarkan informasi yang disampaikan Based on information provided by the
Perseroan, kurs referensi baru yang diusulkan Company, the new proposed reference rate is
adalah Bloomberg Short-Term Bank Yield Bloomberg Short-Term Bank Yield (“BSBY”).
(“BSBY”).
Perseroan dan PM Finance juga berencana The Company and PM Finance also plan to
untuk memperpanjang jangka waktu extend the loan availability period up to
ketersediaan pinjaman sampai tanggal June 30, 2033, from previously only until 2025.
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30 Juni 2033 dari yang sebelumnya hanya
hingga tahun 2025.
Sehubungan dengan hal tersebut di atas, With regard to the above, the Company wishes
Perseroan bermaksud untuk mengikatkan diri to enter into Proposed Transactions with PM
dalam Rencana Transaksi dengan PM Finance Finance which consist of:
yang terdiri dari:
1. Amandemen 1 dari Perubahan dan 1. Amendment 1 to the Amended and
Pernyataan Kembali Perjanjian Pinjaman Restated Inter-Company Loan Agreement
Antar Perusahaan antara Perseroan sebagai between the Company as borrower and PM
penerima pinjaman dengan PM Finance Finance as lender (“Amendment to the
sebagai pemberi pinjaman (“Amandemen Intercompany Loan Agreement I”);
Perjanjian Pinjaman Antar Perusahaan I”);
2. Amandemen 1 dari Perubahan dan 2. Amendment 1 to the Amended and
Pernyataan Kembali Perjanjian Pinjaman Restated Inter-Company Loan Agreement
Antar Perusahaan antara Perseroan sebagai between the Company as lender and PM
pemberi pinjaman dengan PM Finance Finance as borrower (“Amendment to the
sebagai penerima pinjaman (“Amandemen Intercompany Loan Agreement II”)
Perjanjian Pinjaman Antar Perusahaan II”).
Perseroan dan PM Finance adalah entitas- The Company and PM Finance are entities under
entitas yang berada dibawah kendali PMI. common control of PMI. Thus, transactions
Dengan demikian, transaksi antara Perseroan between the Company and PM Finance with
dan PM Finance sehubungan dengan regards to receipt of interest or payment of
penerimaan bunga atau pembayaran bunga interest would be considered as related party
akan dianggap sebagai transaksi pihak berelasi transactions and need to be conducted at arm’s
dan perlu dilakukan secara wajar. length.
TUJUAN PENDAPAT KEWAJARAN PURPOSE OF THE FAIRNESS OPINION
Tujuan Laporan Pendapat Kewajaran ini adalah The purpose of this Fairness Opinion report is to
untuk memberikan opini atas kewajaran provide opinion on the fairness of the Company
rencana Perseroan untuk melakukan plan to amend the definition of interest and the
amandemen mengenai definisi bunga dan availability period in the intercompany loan
jangka waktu ketersediaan dalam perjanjian- agreements entered by the Company with PM
perjanjian pinjaman antar perusahaan yang Finance, as outlined in this report in order to
dibuat oleh Perseroan dan PM Finance, comply with OJK’s capital market regulations,
sebagaimana diuraikan dalam laporan ini dalam not for taxation purpose, banking and not for
rangka memenuhi ketentuan peraturan OJK other forms of transaction plan.
Pasar Modal, tidak untuk perpajakan,
perbankan serta tidak untuk bentuk rencana
transaksi lainnya.
OBYEK ANALISIS PENDAPAT KEWAJARAN OBJECT OF THE FAIRNESS OPINION ANALYSIS
Obyek analisis kewajaran adalah rencana The object of fairness analysis is the Company
Perseroan untuk melakukan amandemen plan to amend the definition of interest and the
mengenai definisi bunga dan jangka waktu availability period in the intercompany loan
ketersediaan dalam perjanjian-perjanjian
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pinjaman antar perusahaan yang dibuat oleh agreements entered by the Company with PM
Perseroan dan PM Finance. Finance.
SIFAT RENCANA TRANSAKSI NATURE OF THE PROPOSED TRANSACTION
Berdasarkan informasi dari manajemen Based on information from the Company's
Perseroan, Rencana Transaksi termasuk management, the Proposed Transactions are
transaksi afiliasi sebagaimana dimaksud dalam deemed as affiliated transactions as defined in
POJK 42, karena Perseroan dan PM Finance the POJK 42, because the Company and PM
adalah entitas-entitas yang berada dibawah Finance are entities under common control of
kendali PMI. PMI.
Philip Morris
International Inc.
100%
Philip Morris Global
Philip Morris Finance SA
Brands Inc.
100%
PMID
92,5%
Perseroan
kepemilikan tidak langsung / indirect ownership
kepemilikan langsung / direct ownership
Selanjutnya, berdasarkan informasi dari Furthermore, based on information from the
manajemen Perseroan, Rencana Transaksi Company’s management, the Proposed
bukan merupakan transaksi yang mengandung Transactions are not conflict of interest
benturan kepentingan sebagaimana transactions as defined in POJK 42.
didefinisikan dalam POJK 42.
Berdasarkan informasi dari manajemen Based on information from the Company's
Perseroan, Rencana Transaksi merupakan management, the Proposed Transactions are
transaksi material sebagaimana didefinisikan deemed as material transactions, as defined in
dalam POJK 17, karena jumlah maksimum the Financial Services Authority Regulation,
fasilitas pinjaman untuk Rencana Transaksi lebih Number 17 / POJK.04 / 2020 dated April 20,
besar dari 20% (dua puluh persen) dari ekuitas 2020 re. Material Transactions and Changes in
Perseroan berdasarkan laporan keuangan Business Activities (“POJK 17”), as the maximum
konsolidasian tahunan Perseroan terakhir yang amount of the loan facility for the Proposed
telah diaudit. Namun demikian, jumlah Transactions is greater than 20% (twenty
maksimum fasilitas pinjaman untuk Rencana percent) of the Company’s equity based on the
Transaksi dibatasi hingga 50% (lima puluh Company’s latest audited annual consolidated
persen) dari ekuitas Perseroan berdasarkan financial statements. However, the maximum
laporan keuangan konsolidasian tahunan amount of the loan facility for the Proposed
Perseroan terakhir yang telah diaudit. Transactions is limited to 50% (fifty percent) of
the Company’s equity based on the Company’s
latest audited annual consolidated financial
statements.
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Untuk memenuhi ketentuan dalam POJK 42 dan To fulfill the requirement of POJK 42 and POJK
POJK 17, Perseroan telah menunjuk RSR sebagai 17, the Company has appointed RSR as
Penilai Independen untuk memberikan independent valuer to provide Fairness Opinion
Pendapat Kewajaran (”Fairness Opinion”) atas on the Proposed Transactions as informed
Rencana Transaksi sebagaimana diinformasikan above for the shareholders of the Company.
di atas bagi para pemegang saham Perseroan.
RUANG LINGKUP PENDAPAT KEWAJARAN SCOPE OF WORK OF FAIRNESS OPINION
Ruang Lingkup Pendapat Kewajaran akan Scope of work of the Fairness Opinion will be
didasarkan pada analisis atas kewajaran dari based on its fairness analysis of the Proposed
Rencana Transaksi untuk memenuhi ketentuan Transactions in accordance with POJK 42 and
POJK 42 dan POJK 17. POJK 17.
Ruang lingkup Pendapat Kewajaran antara lain : The scope of the Fairness Opinion includes:
indentifikasi masalah (indentifikasi batasan, identification of problems (identification of
maksud, dan tujuan serta objek), pengumpulan boundaries, purposes and objectives and
data dan wawancara, analisis Rencana objects), data collection and interviews,
Transaksi, analisis kewajaran harga, Proposed Transactions analysis, fairness
penyusunan laporan pendapat kewajaran. analysis on the price, preparation of fairness
opinion reports.
PEDOMAN DAN STANDAR PENILAIAN VALUATION GUIDELINES AND STANDARDS
Laporan Pendapat Kewajaran ini disusun sesuai This Fairness Opinion Report was prepared in
dengan Standar Penilaian Indonesia (SPI) Edisi accordance with Indonesia Valuation Standards
VII tahun 2018 dengan Edisi Revisi pada SPI 300, (SPI) 2018 VII Edition with the Revised Edition on
SPI 310, SPI 320, dan SPI 330 yang ditetapkan SPI 300, SPI 310, SPI 320, and SPI 330 set on
pada 1 Maret 2020 dan Kode Etik Penilai March 1, 2020 and Indonesian Valuer Code of
Indonesia (KEPI) seperti yang ditetapkan oleh Ethics (KEPI), as stipulated by the Indonesia
Masyarakat Profesi Penilai Indonesia (MAPPI), Society of Appraisers (MAPPI), POJK 42, POJK
POJK 42, POJK 17, Peraturan Otoritas Jasa 17, Regulation of Financial Services Authority
Keuangan Nomor 35/POJK.04/2020 tentang Number 35/POJK.04/2020 the Valuation and
Penilaian dan Penyajian Laporan Penilaian Bisnis Presentation of Business Valuation Reports in
di Pasar Modal (“POJK 35”) dan Surat Edaran the Capital Market (“POJK 35”) and Financial
Otoritas Jasa Keuangan No. 17/SEOJK.04/2020 Services Authority Circular No.
tentang Pedoman Penilaian dan Penyajian 17/SEOJK.04/2020 concerning Guidelines for
Laporan Penilaian Bisnis di Pasar Modal (“SEOJK Valuation and Presentation of Business
17”). Valuation Reports in the Capital Market (“SEOJK
17”).
TANGGAL PENILAIAN VALUATION DATE
Analisis Pendapat Kewajaran dilakukan per Fairness opinion analysis was performed as of
tanggal 31 Desember 2022, parameter dan December 31, 2022, parameters and financial
laporan keuangan yang digunakan dalam statements used in the analysis were based on
analisis didasarkan pada data per tanggal data as of December 31, 2022.
31 Desember 2022.
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PENGGUNAAN MATA UANG CURRENCY USED
Dalam analisis pendapat kewajaran, mata uang In the fairness opinion analysis, the currency
yang digunakan adalah mata uang Rupiah. used is the Indonesian Rupiah.
KEJADIAN SETELAH TANGGAL PENILAIAN SUBSEQUENT EVENT
Dari tanggal penilaian, yaitu tanggal From the Valuation Date of
31 Desember 2022, sampai dengan tanggal December 31, 2022, until the issuance date of
diterbitkannya laporan pendapat kewajaran ini, this fairness opinion report, there are no
tidak terdapat kejadian penting yang harus important events that must be disclosed.
diungkapkan.
Kami tidak bertanggung jawab untuk We are not responsible to reaffirm or update
menegaskan kembali atau melengkapi our opinion because of events occurred after
pendapat kami karena peristiwa-peristiwa yang the issuance date of this fairness opinion report.
terjadi setelah tanggal laporan pendapat
kewajaran ini.
INDEPENDENSI PENILAI INDEPENDENCE OF THE VALUER
Dalam mempersiapkan Laporan Pendapat In preparing this Fairness Opinion Report we act
Kewajaran ini kami telah bertindak secara independently without conflict of duty where
independen tanpa adanya konflik dan tidak we are independent and not affiliated in any
terafiliasi dengan Perseroan, PM Finance, PMI, way to the Company, PM Finance, PMI, and
dan PMID, ataupun pihak-pihak yang terafiliasi PMID and its affiliated parties. We also have no
dengan perusahaan tersebut. Kami juga tidak personal interests or advantages related to this
mempunyai kepentingan atau keuntungan assignment.
pribadi berkaitan dengan penugasan ini.
Laporan Pendapat Kewajaran ini tidak dilakukan Furthermore, this Fairness Opinion Report has
untuk memberikan keuntungan atau merugikan not been conducted to benefit or disadvantage
pada pihak manapun. Imbalan yang kami terima any party in particular. Our fee for this
adalah sama sekali tidak dipengaruhi oleh opini assignment is not influenced by the opinion on
atas kewajaran Rencana Transaksi yang the fairness of the Proposed Transactions
dihasilkan dari proses analisis kewajaran ini dan resulting from this fairness analysis process and
kami hanya menerima imbalan sesuai yang we only received professional fee as stated in
tercantum pada Purchase Order the Purchase Order No. 5700647085. The
No. 5700647085. Adapun biaya jasa tersebut appraisal service fee complies with the
telah memperhatikan pedoman yang diatur guidelines stipulated by the Association of
oleh Ikatan Kantor Jasa Penilai (IKJPP) MAPPI. Appraisal Service Firms (IKJPP) MAPPI.
SUMBER DATA DAN INFORMASI SOURCE OF DATA AND INFORMATION
Sebagai Penilai Independen dalam As an Independent Valuer in preparing the
mempersiapkan Pendapat Kewajaran atas Fairness Opinion on the Proposed Transactions,
Rencana Transaksi, kami telah menelaah, we have studied, refer and consider data or
mengacu dan mempertimbangkan atas data documents provided by the Company’s
dan dokumen yang disampaikan oleh management as follows:
manajemen Perseroan atas hal-hal sebagai
berikut:
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1. Opini dan Laporan Keuangan 1. Consolidated Opinion and Financial
Konsolidasian Perseroan dan anak Statements of the Company and its
perusahaan untuk tahun yang berakhir subsidiaries for the year ended on
pada 31 Desember 2022, yang telah December 31, 2022 audited by
diaudit oleh KAP Tanudiredja, Wibisana, Registered Public Accountant
Rintis & Rekan dengan opini wajar Tanudiredja, Wibisana, Rintis & Rekan
dalam semua hal yang material dan with fair opinion in all material respect
telah ditandatangani pada tanggal 30 and was signed on March 30, 2023 by
Maret 2023 oleh Jumadi, S.E., CPA, Jumadi, S.E., CPA, with License of Public
dengan Ijin Akuntan Publik No. AP. Accountant No. AP. 0227;
0227;
2. Opini dan Laporan Keuangan 2. Consolidated Opinion and Financial
Konsolidasian Perseroan dan anak Statements of the Company and its
perusahaan untuk tahun yang berakhir subsidiaries for the year ended on
pada 31 Desember 2021, yang telah December 31, 2021 audited by
diaudit oleh KAP Tanudiredja, Wibisana, Registered Public Accountant
Rintis & Rekan dengan opini wajar Tanudiredja, Wibisana, Rintis & Rekan
dalam semua hal yang material dan with fair opinion in all material respect
telah ditandatangani pada tanggal 23 and was signed on March 23, 2022 by
Maret 2022 oleh Jumadi, S.E., CPA, Jumadi, S.E., CPA, with License of Public
dengan Ijin Akuntan Publik No. AP. Accountant No. AP. 0227;
0227;
3. Opini dan Laporan Keuangan 3. Consolidated Opinion and Financial
Konsolidasian Perseroan dan anak Statements of the Company and its
perusahaan untuk tahun yang berakhir subsidiaries for the year ended on
pada 31 Desember 2020, yang telah December 31, 2020 audited by
diaudit oleh KAP Tanudiredja, Wibisana, Registered Public Accountant
Rintis & Rekan dengan opini wajar Tanudiredja, Wibisana, Rintis & Rekan
dalam semua hal yang material dan with fair opinion in all material respect
telah ditandatangani pada tanggal 23 and was signed on March 23, 2021 by
Maret 2021 oleh Drs. Irhoan Drs. Irhoan Tanudiredja, CPA, with
Tanudiredja, CPA, dengan Ijin Akuntan License of Public Accountant No. AP.
Publik No. AP. 0226; 0227;
4. Opini dan Laporan Keuangan 4. Consolidated Opinion and Financial
Konsolidasian Perseroan dan anak Statements of the Company and its
perusahaan untuk tahun yang berakhir subsidiaries for the year ended on
pada 31 Desember 2019, yang telah December 31, 2019 audited by
diaudit oleh KAP Tanudiredja, Wibisana, Registered Public Accountant
Rintis & Rekan dengan opini wajar Tanudiredja, Wibisana, Rintis & Rekan
dalam semua hal yang material dan with fair opinion in all material respect
telah ditandatangani pada tanggal 30 and was signed on March 30, 2020 by
Maret 2020 oleh Nita Skolastika Ruslim, Nita Skolastika Ruslim, CPA, with
CPA, dengan Ijin Akuntan Publik No. AP. License of Public Accountant No. AP.
0232; 0232;
5. Opini dan Laporan Keuangan 5. Consolidated Opinion and Financial
Konsolidasian Perseroan dan anak Statements of the Company and its
perusahaan untuk tahun yang berakhir subsidiaries for the year ended on
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pada 31 Desember 2018, yang telah December 31, 2018 audited by
diaudit oleh KAP Tanudiredja, Wibisana, Registered Public Accountant
Rintis & Rekan dengan opini wajar Tanudiredja, Wibisana, Rintis & Rekan
dalam semua hal yang material dan with fair opinion in all material respect
telah ditandatangani pada tanggal 21 and was signed on March 21, 2019 by
Maret 2019 oleh Andry D Atmadja, SE., Andry D Atmadja, SE., Ak., CPA, with
Ak., CPA, dengan Ijin Akuntan Publik License of Public Accountant No. AP.
No. AP. 0234; 0234;
6. Laporan Tahunan Perseroan tahun 6. The Company’s Annual Report of 2022;
2022;
7. Inkremental Proyeksi Keuangan 7. The Company's Incremental Financial
Perseroan sehubungan dengan Projection with regard to the Proposed
Rencana Transaksi sebagai pemberi Transactions as lender for the years
pinjaman untuk tahun 2023 – 2027 yang 2023 – 2027 prepared by the
disiapkan oleh manajemen Perseroan; Company’s management;
8. Inkremental Proyeksi Keuangan 8. The Company's Incremental Financial
Perseroan sehubungan dengan Projection with regard to the Proposed
Rencana Transaksi sebagai penerima Transactions as borrower for the years
pinjaman untuk tahun 2023 – 2027 yang 2023 – 2027 prepared by the
disiapkan oleh manajemen Perseroan; Company’s management;
9. Laporan Keuangan Konsolidasian 9. Consolidated Proforma Financial
Proforma Perseroan per 31 Desember Statements of the Company as of
2022 untuk Rencana Transaksi sebagai December 31, 2022 for the Proposed
pemberi pinjaman, yang telah disiapkan Transactions as lender, which has been
oleh manajemen Perseroan; prepared by the Company’s
management;
10. Laporan Keuangan Konsolidasian 10. Consolidated Proforma Financial
Proforma Perseroan per 31 Desember Statements of the Company as of
2022 untuk Rencana Transaksi sebagai December 31, 2022 for the Proposed
penerima pinjaman, yang telah Transactions as borrower, which has
disiapkan oleh manajemen Perseroan; been prepared by the Company’s
management;
11. Loan Benchmarking Analysis oleh 11. Loan Benchmarking Analysis by Deloitte
Deloitte Touche Solutions (“DTS”) pada Touche Solutions (“DTS”) on June, 2023;
Juni 2023 ;
12. Draft Amendment 1 and Restatement 12. Draft Amendment 1 and Restatement of
of Inter-company Loan Agreement Inter-company Loan Agreement
antara Perseroan dan PM Finance between the Company and PM Finance
dengan Perseroan sebagai penerima with the Company as the borrower,
pinjaman, yang telah disediakan oleh which has been provided by the
manajemen Perseroan; Company’s management;
13. Draft Amendment 1 and Restatement of 13. Draft Amendment 1 and Restatement of
Inter-company Loan Agreement antara Inter-company Loan Agreement
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Perseroan dan PM Finance dengan between the Company and PM Finance
Perseroan sebagai pemberi pinjaman, with the Company as the lender, which
yang telah disediakan oleh manajemen has been provided by the Company’s
Perseroan; management;
14. Draft Keterbukaan Informasi Perseroan; 14. Draft Information Disclosure of the
Company;
Atas data yang telah disampaikan tersebut, For the submitted data, we have received a
kami telah menerima Representation Letter dari Representation Letter from the Company's
manajemen Perseroan management No. HMS/OTH/VI/23/603 dated
No. HMS/OTH/VI/23/603 tertanggal June 27, 2023 in regards to Fairness Opinion
27 Juni 2023 sehubungan dengan penugasan assignment;
Pendapat Kewajaran;
Kami telah melakukan wawancara dan diskusi We have conducted an interviews and
melalui video conference pada tanggal 19 Juni discussions via video conference on June 19,
2023 dengan perwakilan dari manajemen 2023 with the Company’s management
Perseroan yaitu Irene Patricia Limas – Manajer representative, Irene Patricia Limas, Tax
Departemen Pajak Perseroan, sehubungan Manager Operation, with regard to the fairness
dengan penugasan Pendapat Kewajaran; opinion assignment;
Kami juga menggunakan berbagai sumber We also use various sources of information
informasi baik berdasarkan media cetak dan either printed and electronic media such as
elektronik, seperti Bank Indonesia, dan Bursa Bank Indonesia, and the Indonesia Stock
Efek Indonesia serta hasil analisis lain yang kami Exchange and other analysis results that we
anggap relevan dengan penugasan pendapat consider relevant to the assignment of fairness
kewajaran. opinions.
ASUMSI DAN KONDISI PEMBATAS ASSUMPTIONS AND DISCLAIMER LIMITATIONS
Asumsi Assumptions
Laporan Pendapat Kewajaran ini bersifat non- This Fairness Opinion Report is a non-disclaimer
disclaimer opinion, kami telah melakukan opinion, we have reviewed the documents used
penelaahan atas dokumen-dokumen yang in the process of preparing the fairness opinion,
digunakan dalam proses penyusunan pendapat data and information obtained from both
kewajaran, data dan informasi yang diperoleh management of the Company and other reliable
berasal baik dari manajemen Perseroan sources that can be trusted for accuracy.
maupun dari sumber lain yang dapat dipercaya
keakuratannya.
Laporan Pendapat Kewajaran ini disusun This Fairness Opinion Report has been prepared
dengan menggunakan Inkremental Proyeksi using incremental Financial Projection provided
Keuangan yang disiapkan oleh manajemen by management of the Company by reflecting
Perseroan dengan mencerminkan kewajaran the fairness of the projections and the ability to
proyeksi dan kemampuan pencapaiannya achieve them (fiduciary duty).
(fiduciary duty).
Kami bertanggung jawab atas pelaksanaan We are responsible for the implementation of
analisis kewajaran terbatas pada inkremental the fairness analysis limited to the incremental
proyeksi keuangan yang telah disiapkan financial projections that have been prepared
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manajemen Perseroan, namun kami tidak by the management of the Company, however
bertanggung jawab atas kemampuan we are not responsible for the Company's ability
pencapaian inkremental proyeksi keuangan to achieve those incremental financial
tersebut atau pengaruhnya terhadap akun projections or the effect on accounts other than
selain yang dijelaskan dalam inkremental those described in the incremental financial
proyeksi keuangan sebagaimana disampaikan projections as submitted by the Company.
oleh Perseroan.
Kami bertanggung jawab atas opini yang We are responsible for the opinions generated
dihasilkan dalam Laporan Pendapat Kewajaran. in the Fairness Opinion Report.
Laporan Pendapat Kewajaran bersifat terbuka The Fairness Opinion Report is open to the
untuk publik, kecuali terdapat informasi yang public, unless there is confidential information
bersifat rahasia yang dapat mempengaruhi that may affect the Company's operations.
operasional Perseroan.
Kami telah memperoleh informasi atas status We have obtained information on the legal
hukum para pihak dalam objek Pendapat status of the parties in the Fairness Opinion
Kewajaran dari Perseroan. object from the Company.
Kondisi Pembatas Disclaimer Limitations
Pendapat Kewajaran ini disusun berdasarkan This fairness opinion is prepared based on the
pada prinsip integritas informasi dan data. integrity of the information and data. In
Dalam menyusun Pendapat Kewajaran ini, kami preparing this fairness opinion, we have relied
melandaskan dan berdasarkan pada sumber and based on the information and data
data dan informasi sebagaimana diberikan prepared by the Company’s management,
manajemen Perseroan, yang mana berdasarkan which we deem to be true, complete, reliable
hakekat kewajaran adalah benar, lengkap, and not misleading.
dapat diandalkan, serta tidak menyesatkan.
Kami tidak melakukan audit ataupun uji tuntas We do not carry out audit or due diligence in
secara mendetail atas penjelasan maupun data- detail on the explanations and data provided by
data yang diberikan oleh manajemen the Company’s management, both verbal and
Perseroan, baik lisan maupun tulisan. Dengan written, hence we shall not be liable or
demikian kami tidak dapat memberikan jaminan responsible for the correctness and
atau bertanggung-jawab terhadap kebenaran completeness from those explanations and
dan kelengkapan dari informasi atau penjelasan information.
tersebut.
Sebagai dasar bagi kami untuk melakukan As basis for us to conduct the analysis in
analisis dalam mempersiapkan Pendapat preparing Fairness Opinion on the Proposed
Kewajaran atas Rencana Transaksi, kami Transactions, we use data as stated in the Data
menggunakan data-data sebagaimana and Information Sources section as material for
tercantum pada bagian Sumber Data dan consideration, calculation and analysis.
Informasi sebagai bahan penelahaan,
perhitungan dan analisis.
Berdasarkan analisis DTS, dengan tidak adanya Based on analysis by DTS, in the absence of
pedoman teknis transisi LIBOR dari ketentuan technical guidance on LIBOR transitions from
Indonesia Transfer Pricing, dokumentasi Indonesia Transfer Pricing provisions, such
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tersebut dapat digunakan untuk mendukung documentation can be used to support selection
pemilihan BSBY sebagai tingkat referensi of BSBY as alternative reference rate. However,
alternatif. Namun, perlu dicatat bahwa jika DJP it should be noted that should the DGT establish
menetapkan peraturan atau pedoman teknis new rules or technical guidelines regarding
baru mengenai transisi LIBOR di masa LIBOR transition in the future, there is possibility
mendatang, ada kemungkinan analisis tersebut the analysis may need to be revisited to align
perlu ditinjau kembali agar selaras dengan with Indonesian transfer pricing provisions.
ketentuan transfer pricing Indonesia.
Segala perubahan terhadap data tersebut di Any changes to the underlying data used may
atas dapat mempengaruhi hasil Penilaian kami significantly affect our Valuation results.
secara material. Oleh karena itu, kami tidak Therefore, we do not accept any responsibility
dapat menerima tanggung jawab atas for potential differences in the conclusions
kemungkinan terjadinya perbedaan kesimpulan resulting from such changes of the underlying
yang disebabkan perubahan data tersebut. data.
Pendapat Kewajaran ini disusun hanya dengan The Fairness Opinion is based on the Company’s
mempertimbangkan sudut pandang pemegang shareholders point of view only and does not
saham Perseroan dan tidak mempertimbangkan reflect other stakeholder’s point of view or any
sudut pandang stakeholders lain serta aspek- other aspects.
aspek lainnya.
Organisasi Kesehatan Dunia (WHO) telah resmi The World Health Organization (WHO) has
mengumumkan bahwa Coronavirus Disease officially announced that the Coronavirus
(COVID-19) sebagai pandemi global. Hal ini Disease (COVID-19) as a global pandemic. This
diumumkan pada tanggal 11 Maret 2020, was announced on March 11, 2020, as reported
sebagaimana diberitakan dalam situs resmi on the official WHO website through
WHO melalui konferensi pers di kantor pusat a press conference at WHO headquarters in
WHO di Jenewa1. Geneva1.
Pada tanggal 30 Desember 2022, pemerintah On December 30, 2022, the government
resmi mencabut Pemberlakuan Pembatasan officially revoked the Implementation of
Kegiatan Masyarakat (“PPKM”) di seluruh Restricting Community Activities ("PPKM") in all
wilayah Indonesia namun Kementerian regions of Indonesia, but the Ministry of Health
Kesehatan (“Kemenkes”) menyatakan tanggap ("Kemenkes") stated that the emergency
darurat penyebaran COVID-19 di Indonesia response to the spread of COVID-19 in Indonesia
belum dicabut.2 had not been revoked2.
Pandemi COVID-19 secara tidak langsung COVID-19 pandemic indirectly affected global
berpengaruh terhadap perekonomian global and Indonesia economy, and subsequently
dan Indonesia dan selanjutnya berpotensi would affect companies' business operation in
mempengaruhi kegiatan operasional bisnis Indonesia. However, the impact of the COVID-
perusahaan di Indonesia. Namun demikian, 19 pandemic on the Company's operations
pengaruh pandemi COVID-19 terhadap cannot be determined at this time.
operasional Perseroan belum dapat ditentukan
untuk saat ini.
1
https://www.who.int/dg/speeches/detail/who-director-general-s-opening-remarks-at-the-media-briefing-on-
covid-19---11-march-2020
2
2) https://www.cnnindonesia.com/nasional/20230509165533-20-947348/kemenkes-status-darurat-covid-
19-indonesia-belum-dicabut
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Penyelesaian wabah COVID-19 akan bergantung The solution of the COVID-19 depends on the
pada efektivitas kebijakan atau peraturan yang effectiveness of the policies or regulations
dikeluarkan oleh Pemerintah Republik issued by the Government of Republic of
Indonesia serta tingkat kedisiplinan masyarakat Indonesia as well as public disciplinary in
dalam menerapkan kebijakan tersebut. implementing those policies. Indonesia
Demikian pula pertumbuhan ekonomi economic growth after COVID-19 pandemic
Indonesia pasca wabah COVID-19 tergantung depends on macroeconomic policies proposed
kebijakan ekonomi makro yang diajukan oleh by the government.
pemerintah.
Pendapat Kewajaran ini disusun dengan The Fairness Opinion was prepared by
mempertimbangkan kondisi pasar dan considering the market and economic
perekonomian, kondisi umum bisnis dan condition, general condition of business and
keuangan, serta peraturan pemerintah pada financial, and government regulations as of the
tanggal Penilaian ini dikeluarkan. date of this Valuation.
Sesuai dengan Tujuan Pendapat Kewajaran, In accordance with the Purpose of the Fairness
maka laporan kewajaran hanya terbatas pada Opinion, the fairness report is only limited to the
Rencana Transaksi. Proposed Transactions.
Dengan ini kami menyatakan bahwa penugasan We hereby stated that our assignment do not
kami tidak termasuk menganalisis transaksi- include analyzing transactions outside Purposes
transaksi di luar Tujuan Pendapat Kewajaran of the Fairness Opinion that may available to the
yang mungkin tersedia bagi Perseroan serta Company and the implications of those
pengaruh dari transaksi tersebut terhadap transactions to the Purposes of the Fairness
Tujuan Pendapat Kewajaran, dan juga bukan Opinion, and not the most probable and
merupakan analisis penggunaan yang paling optimum analysis from the Purposes of the
mungkin dan optimal dari Tujuan Pendapat Fairness Opinion.
Kewajaran.
Kami ingin menekankan bahwa hasil analisis dan We would like to emphasize that the result of
penelaahan kami secara khusus hanya terbatas our analysis and review is specifically limited to
pada aspek finansial atas Rencana Transaksi, financial aspects of the Proposed Transactions.
kami tidak melakukan penelitian atas We do not research over the legality of the
keabsahan Rencana Transaksi dari segi hukum Proposed Transactions in term of legal and tax
dan implikasi aspek perpajakan dari Rencana aspects of implication of the Proposed
Transaksi tersebut, karena hal tersebut berada Transactions, because it is outside the scope of
di luar lingkup penugasan kami. our assignment.
Penggunaan atas sebagian atau keseluruhan The use of part or all of the report must obtain
dari laporan harus mendapatkan persetujuan approval from the Company's management
dari manajemen Perseroan mengingat considering the possibility of confidential
kemungkinan adanya informasi yang bersifat information and may affect the competition and
rahasia dan dapat mempengaruhi kompetisi the Company's operations.
dan operasional Perseroan.
Mengingat bahwa ada kemungkinan terjadinya Considering that there is a possibility of a time
perbedaan waktu dari tanggal laporan ini difference from the date of this report and the
dengan pelaksanaan Rencana Transaksi, maka implementation of the Proposed Transactions,
kesimpulan laporan kewajaran yang the conclusion of the fairness report that is
diinformasikan tersebut di atas, hanya berlaku informed above, only applies if there are no
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apabila tidak ada perubahan signifikan yang significant changes that will have a material
akan berdampak material terhadap kewajaran impact on the fairness of the Proposed
dari Rencana Transaksi. Perubahan tersebut Transactions. These changes include changes
termasuk perubahan baik secara internal pada both internally at each company and externally
masing-masing perusahaan maupun secara covering: market and economic conditions,
eksternal meliputi: kondisi pasar dan general business and financial conditions, as
perekonomian, kondisi umum bisnis dan well as Indonesian government regulations after
keuangan, serta peraturan pemerintah the issuance date of this report. If after the
Indonesia setelah tanggal laporan ini issuance date of this report, the above changes
dikeluarkan. Bila mana setelah tanggal laporan occur, then the fairness opinion on this
ini dikeluarkan terjadi perubahan tersebut di Proposed Transactions may differ
atas, maka pendapat kewajaran atas Rencana
Transaksi ini mungkin berbeda.
Tingkat Kedalaman Investigasi Depth Level of Investigation
Dalam melakukan penugasan, tidak ada batas There are no limitation or restriction in
atau pembatasan dalam melakukan inspeksi, conducting inspection, review, calculation and
penelaahan, penghitungan dan analisis. analysis in performing this assignment.
Perseroan telah menyediakan inkremental The Company has provided incremental
proyeksi keuangan, apabila terdapat perubahan financial projections, if there are changes to the
pada proyeksi keuangan Perseroan, dapat Company's financial projections, it can affect
mempengaruhi analisis kewajaran. Kami tidak the fairness analysis. We do not make
melakukan penyesuaian atas asumsi adjustments to the incremental assumptions of
inkremental proyeksi keuangan Perseroan, dan the Company's financial projections, and we are
kami tidak bertanggung jawab terhadap not responsible for the achievements and are
pencapaiannya dan tidak bertanggung jawab not responsible if there are differences between
jika terdapat perbedaan antara proyeksi the financial projections without and with the
keuangan tanpa dan dengan Rencana Transaksi. Proposed Transactions.
RSR telah melakukan wawancara dan diskusi RSR has conducted interview and discussion via
melalui video conference dengan manajemen video conference with the Company’s
Perseroan, namun RSR tidak melakukan inspeksi management, however, RSR did not conduct
lapangan ke lokasi operasional Perseroan field inspections to the Company's operational
sehubungan dengan penugasan Pendapat locations in connection with the assignment of
Kewajaran. the Fairness Opinion.
PERSYARATAN ATAS PERSETUJUAN UNTUK REQUIREMENTS OF APPROVAL FOR
PUBLIKASI PUBLICATION
Laporan Pendapat Kewajaran bersifat terbuka The Fairness Opinion Report is open to the
untuk publik, kecuali terdapat informasi yang public, unless there is confidential information
bersifat rahasia yang dapat mempengaruhi that may affect the Company's operations.
operasional Perseroan.
METODOLOGI PENGKAJIAN KEWAJARAN METHODOLOGY FOR FAIRNESS ANALYSIS
Dalam menilai kewajaran Rencana Transaksi, In evaluating the fairness of the Proposed
kami menggunakan metodologi analisis sebagai Transactions, we used the following
berikut: methodology analysis:
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1. Analisis Rencana Transaksi berupa 1. Proposed Transactions Analysis:
identifikasi pihak-pihak yang terlibat identification of parties involved in the
dalam Rencana Transaksi, analisis Proposed Transactions, and analysis of
manfaat dan risiko Rencana Transaksi; benefit and risk of the Proposed
Transactions;
2. Analisis Kualitatif berupa analisis 2. Qualitative analysis: analysis of
terhadap alasan dan latar belakang background of the Proposed
Rencana Transaksi, riwayat singkat Transactions, brief explanation of the
Perseroan dan kegiatan usaha, analisis Company and business activities,
industri, analisis operasional dan industry analysis, operational analysis,
prospek usaha Perseroan, keuntungan business prospect, advantages and
dan kerugian Rencana Transaksi; disadvantages of the Proposed
Transactions;
3. Analisis Kuantitatif berupa analisis 3. Quantitative analysis: historical
kinerja historis, analisis proforma analysis, analysis of proforma financial
laporan keuangan, dan analisis statements, and incremental financial
inkremental proyeksi keuangan; projections analysis;
4. Analisis atas faktor lain yang relevan, 4. Analysis of other relevant factors, in the
berupa analisis biaya dan pendapatan form of analysis of relevant costs and
yang relevan, informasi non keuangan revenues, relevant non-financial
yang relevan yang dapat memberikan information that can provide
keyakinan dalam memberikan opini confidence in providing a fairness
kewajaran; opinion;
5. Analisis Kewajaran Harga Rencana 5. Analysis on the Fairness of the Proposed
Transaksi; Transactions Price;
ANALISIS KEWAJARAN FAIRNESS ANALYSIS
1. Analisis Rencana Transaksi 1. Proposed Transactions Analysis
a) Pihak-pihak yang terkait dalam Rencana a) The parties involved in the Proposed
Transaksi adalah Perseroan sebagai Transactions is the Company as a lender or
pemberi pinjaman atau penerima borrower, and PM Finance as a lender or
pinjaman, dan PM Finance sebagai borrower.
pemberi pinjaman atau penerima
pinjaman.
b) Berdasarkan informasi dari manajemen b) Based on information from the Company's
Perseroan, Rencana Transaksi termasuk management, the Proposed Transactions
Transaksi Afiliasi sebagaimana dimaksud are deemed as affiliated transactions as
dalam POJK 42, karena Perseroan dan PM defined in the POJK 42, because the
Finance adalah entitas-entitas yang Company and PM Finance are entities
berada dibawah kendali PMI. under common control of PMI.
Selanjutnya, berdasarkan informasi dari Furthermore, based on information from
manajemen Perseroan, Rencana the Company’s management, the
Transaksi bukan merupakan transaksi Proposed Transactions are not conflict of
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yang mengandung benturan kepentingan interest transactions as defined in POJK
sebagaimana didefinisikan dalam POJK 42.
42.
Berdasarkan informasi dari manajemen Based on information from the Company's
Perseroan, Rencana Transaksi merupakan management, the Proposed Transactions
transaksi material sebagaimana are deemed as material transaction, as
didefinisikan dalam POJK 17, karena defined in the POJK 17, as the maximum
jumlah maksimum fasilitas pinjaman amount of the loan facility for the
untuk Rencana Transaksi lebih besar dari Proposed Transactions is greater than 20%
20% (dua puluh persen) dari ekuitas (twenty percent) of the Company’s equity
Perseroan berdasarkan laporan keuangan based on the Company’s latest audited
konsolidasian tahunan Perseroan terakhir annual consolidated financial statements.
yang telah diaudit. Namun demikian, However, the maximum amount of the
jumlah maksimum fasilitas pinjaman loan facility for the Proposed Transactions
untuk Rencana Transaksi dibatasi hingga is limited to 50% (fifty percent) of the
50% (lima puluh persen) dari ekuitas Company’s equity based on the
Perseroan berdasarkan laporan keuangan Company’s latest audited annual
konsolidasian tahunan Perseroan terakhir consolidated financial statements
yang telah diaudit
c) Analisis perjanjian dan persyaratan atas c) Analysis of the agreement and terms of
Rencana Transaksi dilakukan terhadap the Proposed Transactions is carried out
draft Amandemen Perjanjian-perjanjian on the draft Amendments to the
Pinjaman Antar Perusahaan, yang telah Intercompany Loan Agreements, which
disediakan manajemen Perseroan. has been provided by the Company's
management.
d) Analisis Manfaat dan Risiko d) Analysis of the Benefits and Risks
Manfaat yang diharapkan diterima oleh The benefits expected to be received by
Perseroan berdasarkan penjelasan the Company based on the explanation of
manajemen Perseroan adalah : the Company's management are:
• Tidak ada mekanisme pemberian • No collateralization mechanism
jaminan
• Potensi suku bunga lebih rendah pada • Potential lower interest rate when the
saat Perseroan bertindak sebagai Company is the borrower
penerima pinjaman.
• Peningkatan kemudahan dalam • Enhanced convenience in the loan
proses peminjaman procurement process
• Jangka waktu pinjaman yang lebih • Longer loan period for each withdrawal
lama untuk setiap penarikan
• Potensi memperoleh pengembalian • Potential of earning higher interest
bunga yang lebih tinggi untuk return on its excess funds when the
kelebihan dana pada saat Perseroan Company is the lender.
bertindak sebagai pemberi pinjaman
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Direksi Perseroan berkeyakinan bahwa The Board of Directors of the Company
Rencana Transaksi tidak memiliki potensi believes that the Proposed Transactions
risiko yang akan memberikan dampak have no potential risks which may result in
yang merugikan atau gangguan terhadap adverse impacts or disruption of the
keberlanjutan usaha Perseroan. Company's business sustainability.
2. Analisis Kualitatif 2. Qualitative Analysis
a) Riwayat perusahaan dan sifat kegiatan a) Company history and nature of business
usaha activities
Perseroan didirikan di Indonesia The Company was established in
berdasarkan Akta Notaris Anwar Indonesia based on Notarial Deed No. 69
Mahajudin, S.H., No. 69 tanggal dated 19 October 1963 by Anwar
19 Oktober 1963. Akta Pendirian Mahajudin, S.H. The Company’s Deed of
Perseroan disahkan oleh Menteri Establishment was approved by the
Kehakiman Republik Indonesia dalam Minister of Justice of the Republic of
Surat Keputusan No. J.A.5/59/15 tanggal Indonesia by virtue of Decision Letter
30 April 1964 dan telah diumumkan No. J.A.5 /59/15 dated April 30, 1964 and
dalam Berita Negara Republik Indonesia has been published in the State Gazette of
No. 94 tanggal 24 November 1964, the Republic of Indonesia No. 94 dated 24
Tambahan No. 357. November 1964, Supplement No. 357.
Anggaran Dasar Perseroan telah The articles of association of the Company
mengalami beberapa kali perubahan, have been amended several times, lastly
yang terakhir berdasarkan Akta No. 41 by virtue of Deed No. 41 dated 9 June
tanggal 9 Juni 2022, yang dibuat di 2022, drawn up before Aulia Taufani, S.H.,
hadapan Aulia Taufani, S.H., Notaris di Notary in the Administrative City of South
Kota Administrasi Jakarta Selatan, yang Jakarta, which has been approved by the
telah disetujui oleh Menteri Hukum dan Minister of Law and Human Rights of the
Hak Asasi Manusia Republik Indonesia Republic of Indonesia by virtue of his
berdasarkan Keputusannya No. AHU- Decree No. AHU-
0044445.AH.01.02.TAHUN 2022 tanggal 0044445.AH.01.02.TAHUN 2022, dated 29
29 Juni 2022. June 2022.
Perseroan berkedudukan di Surabaya, The Company is domiciled in Surabaya,
dengan kantor pusat berlokasi di Jl. with the head office located at Jl. Rungkut
Rungkut Industri Raya No. 18, Surabaya, Industri Raya No. 18, Surabaya, and has
serta memiliki pabrik yang berlokasi di factories located in Surabaya, Pasuruan,
Surabaya, Pasuruan, Malang, Karawang, Malang, Karawang, and Probolinggo. The
dan Probolinggo. Perseroan juga memiliki company also has a corporate
kantor perwakilan korporasi di Jakarta. representative office in Jakarta.
Ruang lingkup kegiatan Perseroan terdiri The scope of activities of the Company
dari usaha manufaktur dan perdagangan consists of manufacturing and trading
rokok serta produk tembakau bebas asap cigarettes as well as smoke-free tobacco
dan produk mengandung nikotin. and nicotine-containing products.
Kegiatan produksi rokok secara komersial The Company started its commercial
dimulai pada tahun 1913 di Surabaya operations in 1913 in Surabaya, as a home
sebagai industri rumah tangga. Pada industry. In 1930, this home industry was
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tahun 1930, industri rumah tangga officially organised under the name of
tersebut secara resmi dibentuk dengan NVBM Handel Maatschapij Sampoerna.
nama NVBM Handel Maatschapij
Sampoerna.
b) Analisis Industri b) Industry Analysis
Berdasarkan data S&P Capital IQ, Based on S&P Capital IQ data, there are
terdapat beberapa perusahaan tembakau several largest tobacco companies in the
terbesar di dunia berdasarkan nilai pasar, world based on market value, including
diantaranya Philip Morris International Philip Morris International (“PMI”),
(“PMI”), British American Tobacco British American Tobacco (“BAT”), Altria
(“BAT”), Altria Group (“AG”), ITC Limited Group (“AG”), ITC Limited (“ITC”), Japan
(“ITC”), Japan Tobacco (“JTI”) dan Tobacco (“JTI”) and Imperial Brands
Imperial Brands (“IB”). (“IB”).
Tingginya pendapatan dapat menjadi The high income can be an indicator of
indikator besarnya pangsa pasar industri the large market share of the world
rokok dunia. Hal ini juga dapat ditunjukan cigarette industry. This can also be shown
melalui besarnya nilai ekspor dan impor through the large value of exports and
pada negara-negara di kawasan ekonomi imports in countries in the Southeast
Asia Tenggara, termasuk di Indonesia. Asian economic region, including
Indonesia.
Berdasarkan data Kementerian Based on data from the Ministry of Trade
Perdagangan Republik Indonesia, nilai of the Republic of Indonesia, the export
ekspor dan impor produk tembakau and import values of tobacco products
dengan Harmonized System (HS) Code 24 with the Harmonized System (HS) Code
selama tahun 2018-2021 mengalami 24, during 2018-2021 has experienced a
fluktuatif peningkatan. Rata-rata fluctuating increase. The average
peningkatan nilai ekspor pertahun selama increased in export value per year during
periode tersebut dengan CAGR sebesar this period with a CAGR of 2.46%.
2,46%. Sementara nilai impor meningkat Meanwhile, the import value increased
sebesar 0,62%. by 0.62%.
Pada tahun 2022, seiring dengan In 2022, along with the improvement of
membaiknya pandemi COVID-19, the COVID-19 pandemic, the Company
Perseroan mengalami kenaikan volume experienced an increase in sales volume
jumlah penjualan dari sebanyak 82,8 from 82.8 billion sticks in 2021 to 86.8
miliar batang pada tahun 2021 menjadi billion cigarettes, or equivalent to 28.0%
sebanyak 86,8 miliar batang rokok atau market share.
setara dengan 28,0% pangsa pasar.
Potensi ekonomis pasar industri The economic potential of the tobacco
tembakau dan rokok di Indonesia cukup and cigarette industry market in
besar. Hal ini sejalan dengan peningkatan Indonesia is quite large. This is in line with
jumlah masyarakat golongan orang the increase in the number of adults who
dewasa yang menjadi target konsumen are the target consumers for tobacco and
bagi produsen tembakau dan rokok di cigarette manufacturers in Indonesia. The
Indonesia. Pemerintah Indonesia Indonesian government is aware of this,
menyadari hal tersebut sehingga diambil so it has taken steps to reduce the
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langkah untuk dapat mengurangi potensi potential increase in the number of
bertambahnya jumlah perokok di smokers in Indonesia, one of the
Indonesia, salah satu respon ditunjukan responses is shown by the
melalui penerapan tarif baru cukai hasil implementation of a new tobacco
tembakau (CHT) oleh Kementerian product excise rate (CHT) by the Ministry
Keuangan pada 1 Januari 2023. of Finance on January 1, 2023.
c) Analisis Operasional dan Prospek Usaha c) Operational Analysis and Business
Perseroan Prospects of the Company
Perseroan telah memulai kegiatan The Company has started production
produksi sejak tahun 1913 sebagai activities since 1913 as a home industry
industri rumah tangga dan disahkan and was estabilished as a company by the
sebagai perusahaan oleh Menteri Minister of Justice of the Republic of
Kehakiman Republik Indonesia pada Indonesia in 1963. Subsequently, The
tahun 1963. Selanjutnya, Perseroan Company made a public offering and also
melakukan penawaran umum serta traded its shares at the Jakarta Stock
mencatatkan sahamnya di Bursa Efek Exchange (now Indonesia Stock
Jakarta (sekarang Bursa Efek Indonesia), Exchange) as a public company in 1990.
sebagai perusahaan publik pada tahun With its business success, in 2005, the
1990. Seiring keberhasilan usahanya, Company was acquired by PT Philip
pada tahun 2005 Perseroan diakuisisi Morris Indonesia and inaugurated an
oleh PT Philip Morris Indonesia, serta SKM manufacturing Machine-Made
meresmikan pabrik Sigaret Kretek Mesin Kretek (SKM) in 2008.
(SKM) pada tahun 2008.
Perseroan dan Anak Perusahaan The Company and its Subsidiaries
menghasilkan dan mendistribusi produk produce and distribute cigarette products
rokok yang dapat dikelompokkan menjadi that can be grouped into several
beberapa kategori sebagai berikut Sigaret categories as follows: Hand-Rolled Kretek
Kretek Tangan (SKT), Sigaret Kretek Mesin Cigarettes (SKT), Machine-Made Kretek
Kadar Tinggi (SKM HT), Sigaret Kretek High Tar (SKM HT), Machine-Made Kretek
Mesin Kadar Rendah (SKM LT) dan Sigaret Low Tar (SKM LT) and White (SPM) and
Putih Mesin (SPM) dan Sigaret Putih Hand White Cigarette (SPT).
Tangan (SPT).
Selama tahun 2018-2022, penjualan From 2018-2022, the Company’s
Perseroan secara konsolidasian consolidated sales experienced
mengalami pertumbuhan fluktuatif fluctuating growth with a Compound
dengan Compound Annual Growth Rate Annual Growth Rate (CAGR) of 1.03%,
(CAGR) sebesar 1,03%, yaitu dari sebesar from Rp106,742 billion in 2018 to
Rp106.742 miliar pada tahun 2018 Rp111,211 billion in 2022.
menjadi sebesar Rp111.211 miliar pada
tahun 2022.
Pada tahun 2022, segmen SKM menjadi In 2022, the SKM segment became the
kontributor terbesar pada penjualan largest contributor to the sales of the
Perseroan dan Anak Perusahaan dengn Company and its Subsidiaries with a
porsi sebesar 65,256%. Diposisi kedua, portion of 65.256%. In second place, the
segmen SKT dengan kontribusi penjualan SKT segment with a sales contribution of
sebesar 24,458%. 24.458%.
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Selanjutnya, segmen SPM memberikan Furthermore, the SPM segment
kontribusi penjualan sebesar 8,345% contributed 8.345% to sales in 2022.
pada tahun 2022.
Sementara itu, segmen Ekspor, SPT dan Meanwhile, the Export, SPT and Others
Lainnya pada tahun 2022 memberikan segments in 2021 contributed sales with
kontribusi penjualan dengan porsi a share of 0.200%, 0.766% and 0.975%,
masing-masing sebesar 0,200%, 0,766% respectively.
dan 0,975%.
Produk rokok Perseroan diproduksi The Company produces its cigarettes in 6
melalui 6 (enam) fasilitas produksi yang (six) owned manufacturing facilities
dimiliki Perseroan yaitu 2 (dua) fasilitas including: 2 (two) Machine-Made Kretek
produksi SKM yang berlokasi di Pasuruan Cigarette (SKM) production facilities in
(Jawa Timur) dan Karawang (Jawa Barat) Pasuruan (East Java) and Karawang (West
serta 4 (empat) fasilitas produksi SKT Java) and 4 (four) Hand-Rolled Kretek
yang berlokasi di Malang, Probolonggo, Cigarette (SKT) production facilities
dan 2 (dua) fasilitas produksi SKT lainya di located in Malang, Probolonggo, and 2
Surabaya. Selain itu, Perseroan juga (two) other SKT production facilities in
bekerja sama dengan 38 Mitra Produksi Surabaya. The Company also partners
Sigaret (MPS) dengan total pekerja with 38 Third Party Operators (TPOs) with
kurang lebih 45.600 pelinting untuk a total workforce of approximately
menghasilkan produk SKT. 45,600 hand-rollers to produce SKT
products.
Perseroan juga memiliki Fasilitas produksi The Company also a has smoke-free
produk bebas asap (smoke-free product product (SFP) production facility located
/SFP) yang berlokasi di Karawang. in Karawang. The Company has 7 (seven)
Perseroan memiliki 7 (tujuh) kantor branch offices divided by zones of North
cabang yang terbagi berdasarkan zona Sumatra, South Sumatra, West Java,
Sumatera Utara, Sumatera Selatan, Jawa Jakarta, Central Java, East Java and East
Barat, Jakarta, Jawa Tengah, Jawa Timur, Indonesia.
dan Indonesia Timur.
d) Keuntungan dan Kerugian d) Advantages and Disadvantages
Keuntungan yang diharapkan diperoleh The advantage that is expected to be
Perseroan dengan melaksanakan obtained by the Company by
Rencana Transaksi adalah pengelolaan implementing the Proposed Transactions
kondisi keuangan yang lebih baik dengan is the ability to manage its financial
mengoptimalkan manajemen kas condition better by optimizing the
Perseroan. Company's cash management.
Kerugian sehubungan dengan Rencana The disadvantages in regards with the
Transaksi adalah biaya-biaya untuk Proposed Transactions are the
konsultan independen yang timbul independent consultant costs incurred
sehubungan dengan persiapan awal with regard to the initial preparation of
Rencana Transaksi. the Proposed Transactions.
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3. Analisis Kuantitatif 3. Quantitative Analysis
a) Analisis Kinerja Historis a) Historical Performance Analysis
Ikhtisar data keuangan penting Perseroan Financial highlights of the Company
berdasarkan pada Laporan Keuangan based on Consolidated Financial
Konsolidasian Perseroan dan Anak Statements of the Company and
Perusahaan untuk tahun-tahun yang subsidiaries for the years ended
berakhir pada tanggal 31 Desember 2018- December 31, 2018-2022 which have
2022 yang telah diaudit oleh KAP been audited by KAP Tanudiredja,
Tanudiredja, Wibisana, Rintis & Rekan Wibisana, Rintis & Rekan with a fair
dengan pendapat wajar dalam semua hal opinion in all material respects.
yang material.
Penjualan bersih Perseroan secara The Company's consolidated net revenue
konsolidasian selama tahun 2018-2022 for 2018-2022 at a Compound Annual
secara Compound Annual Growth Rate Growth Rate (“CAGR”) has increased by
(“CAGR”) mengalami peningkatan 1.03%.
sebesar 1,03%.
Pada tahun 2022, penjualan bersih In 2022, the Company's consolidated net
Perseroan secara konsolidasian tercatat revenue was recorded at Rp111,211
sebesar Rp111.211 miliar, meningkat billion, an increase of 12.5% compared to
sebesar 12,5% dibandingkan tahun 2021, 2021, mainly from increases in prices and
terutama berasal dari kenaikan harga sales volume.
serta volume penjualan.
Beban pokok penjualan konsolidasian The Company's consolidated cost of
Perseroan selama tahun 2018-2022 goods sold in 2018-2022, experienced a
mengalami pertumbuhan fluktuatif fluctuating increase with a CAGR of
secara CAGR sebesar 3,73%. Pada tahun 3.73%. In 2022, the Company’s
2022, beban pokok penjualan Perseroan consolidated cost of goods sold was
secara konsolidasian tercatat sebesar recorded at Rp94,053 billion, an increase
Rp94.053 miliar meningkat sebesar 14,6% of 14.6% compared to 2021, mainly
dibandingkan tahun 2021, terutama driven by an excise tax increase coupled
berasal dari kenaikan cukai yang diiringi with sales volume growth.
dengan pertumbuhan volume penjualan.
Pada tahun 2022, laba tahun berjalan In 2022, the Company’s consolidated
Perseroan secara konsolidasian tercatat profit for the year was recorded at
sebesar Rp6.324 miliar, menurun sebesar Rp6,324 billion, decreased 11.40%
11,40% dibandingkan tahun 2021 sebagai compared to 2021, reflecting the impact
dampak kenaikan cukai dua digit dan of a double-digit excise tax increase and
ketidakmampuan untuk membebankan inability to fully pass-on the increase on a
kenaikan tersebut untuk jangka waktu full year basis, coupled with higher
satu tahun penuh, ditambah dengan operating expenses mainly to support
kenaikan biaya operasional terutama digitalization and organic volume growth.
untuk mendukung digitalisasi dan
pertumbuhan volume secara organik.
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Selama tahun 2018-2022, rata-rata During 2018-2022, the average margin of
margin laba tahun berjalan Perseroan consolidated profit for the year of the
secara konsolidasian tercatat sebesar Company was recorded as 9.56%.
9,56%.
Jumlah aset Perseroan secara The Company’s consolidated total assets
konsolidasian selama tahun 2018-2022 during 2018-2022 experienced a
mengalami fluktuatif peningkatan secara fluctuating increase with a CAGR of
CAGR sebesar 4,13%. Pada tahun 2022, 4.13%. In 2022, the Company's
jumlah aset Perseroan secara consolidated total assets were recorded
konsolidasian tercatat sebesar Rp54.787 at Rp54,787 billion, an increase of 3.20%
miliar, meningkat sebesar 3,20% dari from 2021, reflecting higher non-current
tahun 2021 yang mencerminkan assets mainly driven by higher fixed
peningkatan aset tidak lancar terutama assets and advance for Property, Plant
disebabkan peningkatan aset tetap serta and Equipment. There are no significant
uang muka untuk Properti, Pabrik dan changes in current assets compared to
Peralatan. Dibandingkan dengan tahun 2021.
2021, tidak ada perubahan aset lancar
yang signifikan.
Jumlah liabilitas Perseroan secara The Company’s consolidated total
konsolidasian selama tahun 2018-2022 liabilities during 2018-2022 experienced a
mengalami peningkatan secara CAGR fluctuating increase at a CAGR of 24.04%.
sebesar 24,04%. Pada tahun 2022, jumlah In 2022, the Company’s consolidated
liabilitas Perseroan secara konsolidasian total liabilities were recorded at Rp26,617
tercatat sebesar Rp26.617 miliar, billion, increased 11.37% compared to
meningkat sebesar 11,37% dari tahun 2021, due mainly to the increase in
2021 terutama disebabkan oleh kenaikan current liabilities driven by higher other
liabilitas jangka pendek yang disebabkan tax payables coupled with trade payables
oleh meningkatnya utang pajak lainnya to third parties.
ditambah dengan utang usaha kepada
pihak ketiga.
Jumlah ekuitas Perseroan secara The Company’s consolidated total equity
konsolidasian selama tahun 2018-2022 during 2018-2022 experienced a
mengalami fluktuatif penurunan secara fluctuating increase at a CAGR of 5.52%.
CAGR sebesar 5,52%. Pada tahun 2022, In 2022, the Company’s consolidated
jumlah ekuitas Perseroan secara total equity was recorded at
konsolidasian tercatat sebesar Rp28.170 billion, decreased 3.50%
Rp28.170 miliar, menurun sebesar 3,50% compared to 2021, mainly reflecting the
dari tahun 2021 terutama disebabkan decreased retained earnings.
penurunan laba ditahan.
Selama tahun 2018-2022, rata-rata rasio During 2018-2022, the Company's
ROA, ROE dan ROIC konsolidasian average consolidated ROA, ROE and ROIC
Perseroan masing-masing sebesar ratios were 19,65%, 30,40% and 28,30%,
19,65%, 30,40% dan 28,30%. Pada tahun respectively. In 2022, the Company's
2022, rasio ROA, dan ROE konsolidasian consolidated ROA, and ROE ratios are
Perseroan masing-masing sebesar 11,54%, and 22,45%, respectively.
11,54%, dan 22,45%.
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b) Analisis terhadap Proforma Perseroan b) Analysis of the Company's Proforma based
dilakukan berdasarkan Laporan Keuangan on Proforma Consolidated Financial
Konsolidasian Proforma Perseroan per 31 Statements of the Company as of
Desember 2022, yang telah disiapkan December 31, 2022, which has been
oleh manajemen Perseroan. prepared by the Company’s management.
Rencana Transaksi dengan Perseroan Proposed Transaction with the Company
sebagai pemberi pinjaman as the Lender
• Proforma penjualan bersih dan • The Company's net sales and cost of
beban pokok penjualan Perseroan goods sold proforma did not change
tidak mengalami perubahan with the implementation of the
sehubungan dengan pelaksanaan Company's proposed plan to provide
rencana Perseroan untuk loan to affiliated parties.
memberikan pinjaman kepada pihak
terafiliasi.
• Proforma penghasilan keuangan • The Company's financial income
Perseroan mengalami peningkatan proforma has increased by 0.628%,
sebesar 0,628%, yang berasal dari from interest income obtained by
penghasilan bunga yang diperoleh the Company by providing loans to
Perseroan dengan memberikan affiliated parties compared to if the
pinjaman kepada pihak terafiliasi Company deposited funds with
dibandingkan jika Perseroan banks in Indonesia.
menyimpan dana pada pihak
perbankan di Indonesia.
• Proforma laba bersih Perseroan • The Company's net profit proforma
mengalami peningkatan sebesar has increased by 0.036%, from the
0,036%, yang berasal dari increase in the Company's financial
peningkatan penghasilan keuangan income.
Perseroan.
• Proforma Aset Tidak Lancar • The Company's Non-Current Assets
Perseroan tidak mengalami Proforma did not change with the
perubahan sehubungan dengan implementation of the Company's
pelaksanaan rencana Perseroan proposed plan to provide loan to
untuk memberikan pinjaman kepada affiliated parties.
pihak terafiliasi.
• Secara keseluruhan, proforma • Overall, the Company's Total Assets
Jumlah Aset Perseroan mengalami Proforma has increased by 0.005%,
peningkatan sebesar 0,005% with the implementation of the
sehubungan dengan pelaksanaan Company's proposed plan to provide
rencana Perseroan untuk loan to affiliated parties.
memberikan pinjaman kepada pihak
terafiliasi.
• Proforma Liabilitas Jangka Pendek • The Company's Short-Term
Perseroan mengalami peningkatan Liabilities Proforma has increased by
sebesar 0,003% yang berasal dari 0.003%, derived from tax payables.
utang pajak.
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• Proforma Liabilitas Jangka Panjang • The Company's Long-Term Liability
Perseroan tidak mengalami Proforma did not change with the
perubahan sehubungan dengan implementation of the Company's
pelaksanaan rencana Perseroan proposed plan to provide loan to
untuk memberikan pinjaman kepada affiliated parties.
pihak terafiliasi.
• Secara keseluruhan, proforma • Overall, the Company's Total Liability
Jumlah Liabilitas Perseroan Proforma has increased by 0.002%,
mengalami peningkatan sebesar with the implementation of the
0,002% sehubungan dengan Company's proposed plan to provide
pelaksanaan rencana Perseroan loan to affiliated parties.
untuk memberikan pinjaman kepada
pihak terafiliasi.
• Proforma Ekuitas Perseroan • The Company's Equity Proforma has
mengalami peningkatan sebesar increased by 0.008%, from an
0,008% yang berasal dari saldo laba increase in unappropiated retained
yang belum dicadangkan earnings with regard to the increase
sehubungan dengan peningkatan in the Company's net profit
laba bersih Perseroan.
Rencana Transaksi dengan Perseroan Proposed Transaction with the Company
sebagai penerima pinjaman as the borrower
• Proforma penjualan bersih dan • The Company's net sales and cost of
beban pokok penjualan Perseroan goods sold proforma remain the
tidak mengalami perubahan same with the implementation of
sehubungan dengan pelaksanaan the Company's proposed loan to
rencana pinjaman Perseroan kepada affiliated parties
pihak terafiliasi.
• Proforma beban keuangan • The Company's finance cost
Perseroan mengalami penurunan proforma has decreased by 0.169%
sebesar 0,169% yang berasal dari from the savings in interest expense
penghematan beban bunga yang obtained by the Company by
diperoleh Perseroan dengan receiving loans from affiliated
menerima pinjaman dari pihak parties compared to if the Company
terafiliasi dibandingkan jika received loans from banks in
Perseroan menerima pinjaman pihak Indonesia.
perbankan di Indonesia.
• Proforma laba bersih Perseroan • The Company's net profit proforma
mengalami peningkatan sebesar has increased from a decrease by
0,001% yang berasal dari penurunan 0.001% in the Company's finance
beban keuangan Perseroan. cost.
• Proforma Aset Lancar Perseroan • The Company's Current Assets
mengalami peningkatan sebesar proforma has increased by 0.0002%,
0,0002%, terutama berasal dari mainly from the increase in cash and
peningkatan kas dan setara kas. cash equivalents.
• Proforma Aset Tidak Lancar • The Company's Non-Current Assets
Perseroan tidak mengalami proforma remain the same with the
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perubahan sehubungan dengan implementation of the Company's
pelaksanaan rencana pinjaman proposed loan to affiliated parties.
Perseroan kepada pihak terafiliasi.
• Proforma Jumlah Aset Perseroan • The Company's Total Assets
mengalami peningkatan sebesar proforma has increased by
0,00016%, sehubungan dengan 0.00016%, with the implementation
pelaksanaan rencana pinjaman of the Company's proposed loan to
Perseroan kepada pihak terafiliasi. affiliated parties.
• Proforma Liabilitas Jangka Pendek • The Company's Short-Term
Perseroan mengalami peningkatan Liabilities Proforma has increased by
sebesar 0,0001%, yang berasal dari 0.0001%, derived from tax payables.
utang pajak.
• Proforma Liabilitas Jangka Panjang • The Company's Long-Term Liability
Perseroan tidak mengalami Proforma remain the same with the
perubahan sehubungan dengan implementation of the Company's
pelaksanaan rencana pinjaman proposed loan to affiliated parties.
Perseroan kepada pihak terafiliasi.
• Proforma Jumlah Liabilitas • The Company's Total Liability
Perseroan mengalami peningkatan Proforma has increased by 0.00007%
sebesar 0,00007%, sehubungan with the implementation of the
dengan pelaksanaan rencana Company's proposed loan to
pinjaman Perseroan kepada pihak affiliated parties.
terafiliasi.
• Proforma Ekuitas Perseroan • The Company's Equity Proforma has
mengalami peningkatan sebesar increased by 0.0002% from
0,0002%, yang berasal dari saldo unappropiated retained earnings
laba yang belum dicadangkan with regard to the increase in the
sehubungan dengan peningkatan Company's net profit
laba bersih Perseroan.
c) Analisis Inkremental atas Rencana c) Incremental analysis of the Proposed
Transaksi dilakukan untuk mengukur nilai Transactions is carried out to measure the
tambah dari Rencana Transaksi untuk added value of the Proposed Transactions
periode 2023–2027. for the period of 2023–2027.
Rencana Transaksi dengan Perseroan Proposed Transaction with the Company
sebagai pemberi pinjaman as the Lender
• Inkremental penjualan bersih dan • The Company's incremental net sales
beban pokok penjualan Perseroan and cost of goods sold for the period
selama periode 2023-2027 2023-2027 are projected to remain
diproyeksikan tidak mengalami the same with the implementation of
perubahan sehubungan dengan the Company's proposed plan to
pelaksanaan rencana Perseroan provide loan to affiliated parties.
untuk memberikan pinjaman kepada
pihak terafiliasi.
• Inkremental penghasilan keuangan • The Company's incremental finance
Perseroan selama periode 2023- income for the period 2023-2027 is
xxvii
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2027 diproyeksikan mengalami projected to increase with an
peningkatan dengan peningkatan increase in 2027 projected at
pada tahun 2027 diproyeksikan Rp85,020 million, from interest
sebesar Rp85.020 juta yang berasal income obtained by the Company by
dari penghasilan bunga yang providing loans to affiliated parties
diperoleh Perseroan dengan compared to if the Company
memberikan pinjaman kepada pihak deposited funds with banks in
terafiliasi dibandingkan jika Indonesia.
Perseroan menyimpan dana pada
pihak perbankan di Indonesia.
• Inkremental laba bersih Perseroan • The Company's incremental net
selama periode 2023-2027 profit for the period 2023-2027 is
diproyeksikan mengalami projected to increase, with an
peningkatan dengan peningkatan increase in 2027 projected at
pada tahun 2027 diproyeksikan Rp66,316 million, from the increase
sebesar Rp66.316 juta yang berasal in the Company's financial income.
dari peningkatan penghasilan
keuangan Perseroan.
• Inkremental jumlah aset Perseroan • The Company's incremental total
untuk periode 2023-2027 assets for the period 2023-2027 is
diproyeksikan mengalami projected to increase, with an
peningkatan dengan peningkatan increase in 2027 projected at
pada tahun 2027 diproyeksikan Rp66,316 million from an increase in
sebesar Rp66.316 juta yang berasal cash and cash equivalents.
dari peningkatan kas dan setara kas.
• Inkremental jumlah liabilitas • The Company's incremental total
Perseroan pada 2023 diproyeksikan liabilities in 2023 is projected to
mengalami peningkatan sebesar increase to Rp18,704 million derived
Rp18.704 juta yang berasal hutang from tax payables. The Company's
pajak. Inkremental jumlah liabilitas incremental total liabilities for the
Perseroan untuk periode 2024-2027 period 2024-2027 is projected to
diproyeksikan tidak mengalami remain the same with the
perubahan sehubungan dengan implementation of the Company's
pelaksanaan rencana Perseroan proposed plan to provide loan to
untuk memberikan pinjaman kepada affiliated parties.
pihak terafiliasi.
• Inkremental jumlah ekuitas • The Company's incremental total
Perseroan untuk periode 2023-2027 equity for the period 2023-2027 is
diproyeksikan mengalami projected to increase with an
peningkatan dengan peningkatan increase in 2027 projected at
pada tahun 2027 diproyeksikan Rp66,316 million from an increase in
sebesar Rp66.316 juta yang berasal unappropriated retained earnings.
dari peningkatan saldo laba yang
belum dicadangkan.
xxviii
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Rencana Transaksi dengan Perseroan Proposed Transaction with the Company
sebagai penerima pinjaman as the borrower
• Inkremental penjualan bersih dan • The Company's incremental net sales
beban pokok penjualan Perseroan and cost of goods sold for the period
selama periode 2023-2027 2023-2027 are projected to remain
diproyeksikan tidak mengalami the same with the implementation of
perubahan sehubungan dengan the Company's proposed loan to
pelaksanaan rencana pinjaman affiliated parties.
Perseroan kepada pihak terafiliasi.
• Inkremental beban keuangan • The Company's incremental finance
Perseroan selama periode 2023- cost for the period 2023-2027 is
2027 diproyeksikan mengalami projected to decreased with a
penurunan dengan penurunan pada decrease in 2027 projected at Rp407
tahun 2027 diproyeksikan sebesar million, from the savings in interest
Rp407 juta yang berasal dari expense obtained by the Company by
penghematan beban bunga yang receiving loans from affiliated parties
diperoleh Perseroan dengan compared to if the Company received
menerima pinjaman dari pihak loans from banks in Indonesia.
terafiliasi dibandingkan jika
Perseroan menerima pinjaman pihak
perbankan di Indonesia.
• Inkremental laba bersih Perseroan • The Company's incremental net
selama periode 2023-2027 profit for the period 2023-2027 is
diproyeksikan mengalami projected to increase with an
peningkatan dengan peningkatan increase in 2027 projected at Rp317
pada tahun 2027 diproyeksikan million, from a decrease in the
sebesar Rp317 juta yang berasal dari Company's finance cost.
penurunan beban keuangan
Perseroan.
• inkremental jumlah aset Perseroan • The Company's incremental total
untuk periode 2023-2027 assets for the period 2023-2027 is
diproyeksikan mengalami projected to increase with increase in
peningkatan dengan peningkatan 2027 projected at Rp317 million from
pada tahun 2027 diproyeksikan an increase in cash and cash
sebesar Rp317 juta yang berasal dari equivalent.
peningkatan kas dan setara kas.
• inkremental jumlah liabilitas • The Company's incremental total
Perseroan pada 2023 diproyeksikan liabilities in 2023 is projected to
mengalami peningkatan dengan increase with a projected increase of
peningkatan diproyeksikan sebesar Rp89 million derived from tax
Rp89 juta yang berasal hutang pajak. payables. The Company's
Inkremental jumlah liabilitas incremental total liabilities for the
Perseroan untuk periode 2024-2027 period 2024-2027 is projected to
diproyeksikan tidak mengalami remain the same with the
perubahan sehubungan dengan implementation of the Company's
pelaksanaan rencana pinjaman proposed loan to affiliated parties .
Perseroan kepada pihak terafiliasi.
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• inkremental jumlah ekuitas • The Company's incremental total
Perseroan untuk periode 2023-2027 equity for the period 2023-2027 is
diproyeksikan mengalami projected to increase with increase in
peningkatan dengan peningkatan 2027 projected at Rp317 million from
pada tahun 2027 diproyeksikan unappropiated retained earnings
sebesar Rp317 juta yang berasal dari with regard to the increase in the
peningkatan saldo laba yang belum Company's net profit.
dicadangkan sehubungan dengan
peningkatan laba bersih Perseroan.
4. Analisis Atas Faktor Lain Yang Relevan 4. Analysis Of Other Relevant Factors
Berdasarkan keterangan yang diperoleh dari Based on information provided by the
manajemen Perseroan, tidak terdapat biaya Company's management, there are no
atau pendapatan yang relevan yang significant relevant costs or revenues related
signifikan terkait dengan Rencana Transaksi, to the Proposed Transactions, other than
selain yang telah diungkapkan dalam those disclosed in the Fairness Opinion
Laporan Pendapat Kewajaran. Report.
5. Analisis Kewajaran Harga Rencana Transaksi 5. Analysis on the Fairness of the Proposed
Transactions Price
Berdasarkan Draft Amandemen Perjanjian- Based on the Draft Amendments to the
perjanjian Pinjaman Antar Perusahaan Intercompany Loan Agreements between the
antara Perseroan dan PM Finance, tingkat Company and PM Finance, applicable interest
bunga yang berlaku adalah : rate are :
Perseroan sebagai Pihak Penerima The Company as the Borrower
Pinjaman
Suku bunga yang disepakati antara PM The rate of interest agreed between PM
Finance dan Perseroan yang merupakan Finance and the Company which shall be the
suku bunga Bloomberg Short-Term Bank applicable Bloomberg Short-Term Bank Yield
Yield (“BSBY”) yang berlaku untuk Penarikan (“BSBY”) rate for advance in USD as published
dalam USD sebagaimana dipublikasikan 2 2 business days prior to the date of
hari kerja sebelum tanggal pencairan dana disbursement of funds by PM Finance to the
oleh PM Finance kepada Perseroan Company plus a spread agreed between PM
ditambah dengan selisih yang disepakati Finance and the Company within the range of:
antara PM Finance dan Perseroan dalam i) 31-54 basis points for up to 1-month tenor,
rentang: i) 31-54 basis poin untuk tenor ii) 34-57 basis points for up to 3-month tenor,
hingga 1 bulan, ii) 34-57 basis poin untuk iii) 42-65 basis points for up to 6-month tenor.
tenor hingga 3 bulan, iii) 42-65 basis poin
untuk tenor hingga 6 bulan.
Tingkat suku bunga secara keseluruhan The all-in rate (after considering the swaps, as
(setelah mempertimbangkan swap, applicable) shall not be higher than the rate
sebagaimana berlaku) tidak boleh lebih that the Borrower can obtain from the
tinggi dari hasil yang dapat diperoleh oleh Reference Banks for a loan of a corresponding
Penerima Pinjaman dari Bank Referensi term and currency.
untuk pinjaman dengan jangka waktu dan
mata uang yang sesuai.
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Perseroan sebagai Pemberi Pinjaman The Company as the Lender
Suku bunga yang disepakati antara PM The rate of interest agreed between PM
Finance dan Perseroan yang merupakan Finance and the Company which shall be the
suku bunga BSBY yang berlaku untuk applicable BSBY rate for advance in USD as
penarikan dalam USD sebagaimana published 2 business days prior to the date of
dipublikasikan 2 hari kerja sebelum tanggal disbursement of funds by the Company to PM
pencairan dana oleh Perseroan kepada PM Finance plus a spread agreed between the
Finance ditambah dengan selisih yang Company and PM Finance within the range of:
disepakati antara Perseroan dan PM Finance i) 31-54 basis points for up to 1-month tenor,
dalam rentang: i) 31-54 basis poin untuk ii) 34-57 basis points for up to 3-month tenor,
tenor hingga 1 bulan, ii) 34-57 basis poin iii) 42-65 basis points for up to 6-month tenor.
untuk tenor hingga 3 bulan, iii) 42-65 basis
poin untuk tenor hingga 6 bulan.
Tingkat suku bunga secara keseluruhan The all-in rate (after considering the swaps, as
(setelah mempertimbangkan swap, applicable) shall not be lower than the rate
sebagaimana berlaku) tidak boleh lebih that the Company can obtain from the
rendah dari hasil yang dapat diperoleh oleh Reference Banks for a deposit of a
Perseroan dari Bank Referensi untuk corresponding term and currency.
deposito dengan jangka waktu dan mata
uang yang sesuai.
Benchmarking Analysis Benchmarking Analysis
Berdasarkan Loan Benchmarking Analysis Based on the Loan Benchmarking Analysis by
oleh Deloitte Touche Solutions (“DTS”) pada Deloitte Touche Solutions (“DTS”) on June,
Juni 2023, DTS melakukan analisis 2023, DTS perform a benchmarking analysis
benchmarking untuk menentukan kisaran to determine a range of interest rates for its
suku bunga pinjaman jangka pendek antar intercompany short-term loans that will be in
perusahaan yang akan sesuai dengan prinsip accordance with the arm’s length principle.
kewajaran.
Dalam menentukan tingkat bunga pinjaman In determining the arm’s length interest rate
antar perusahaan yang wajar, metode of intercompany loans, the external
Comparable Uncontrolled Price (CUP) Comparable Uncontrolled Price method
eksternal dipilih sebagai metode penetapan (CUP) was selected as the most appropriate
transfer pricing yang paling tepat. transfer pricing method.
Berdasarkan Loan Benchmarking Analysis Based on the Loan Benchmarking Analysis by
oleh DTS, terhadap margin pinjaman yang DTS on the comparable loans margin,
sebanding, menghasilkan kisaran “inter- resulting in an "inter-quartile" range between
quartile” antara 31 basis poin (“bps”) hingga 31 basis points (“bps”) to 65 bps with a
65 bps dengan median 33 bps hingga 44 bps. median of 33 bps to 44 bps.
Berdasarkan analisis yang dilakukan di atas, Based on the analysis carried out above, the
margin pinjaman yang diajukan sesuai draft proposed margins in the draft Amendments
Amandemen Perjanjian-perjanjian Pinjaman to the Intercompany Loan Agreements
Antar Perusahaan antara Perseroan dan PM between the Company and PM Finance,
Finance, yaitu: i) 31-54 basis poin untuk which are: i) 31-54 basis points for up to
tenor hingga 1 bulan, ii) 34-57 basis poin 1- month tenor, ii) 34-57 basis points for up to
untuk tenor hingga 3 bulan, iii) 42-65 basis 3-month tenor, iii) 42-65 basis points for up to
poin untuk tenor hingga 6 bulan, adalah 6-month tenor are fair because they are in the
xxxi
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wajar karena berada dalam kisaran “inter- “inter-quartile” range of the Loan
quartile” hasil Loan Benchmarking Analysis Benchmarking Analysis result from DTS.
dari DTS.
KESIMPULAN CONCLUSION
Dengan mempertimbangkan analisis kewajaran By considering the fairness analysis of the
atas Rencana Transaksi yang dilakukan meliputi Proposed Transactions which includes analysis
analisis terhadap Rencana Transaksi, analisis of the Proposed Transactions, qualitative
kualitatif dan analisis kuantitatif, analisis atas analysis and quantitative analysis, analysis of
kewajaran harga transaksi serta faktor lain yang the fairness of the transaction price and other
relevan, maka, menurut pendapat RSR, Rencana relevant factors, in RSR's opinion, the Proposed
Transaksi adalah wajar. Transactions are fair.
PENUTUP CLOSING
Laporan pendapat kewajaran ini harus This fairness opinion report should be read in
dipandang sebagai satu kesatuan dan conjuction with the full text of the report and
penggunaan sebagian analisis dan informasi the use of part of the analysis and information
tanpa mempertimbangkan keseluruhan without considering the overall information and
informasi dan analisis dapat menyebabkan analysis may lead to misleading view.
pandangan yang menyesatkan.
Kami tidak bertanggung jawab untuk We assume no responsibility to reaffirm or
menegaskan kembali atau melengkapi complete our opinion for any events and
pendapat kami karena peristiwa-peristiwa yang circumtances occurred after the valuation date
terjadi setelah tanggal Laporan Pendapat of this Fairness Opinion Report.
Kewajaran ini.
Hormat kami, KJPP Ruky, Safrudin & Rekan Yours faithfully,
Rekan Senior Yunus N. Purwono, MAPPI Senior Partner
(Cert.)
Penilai Bisnis Business Valuer
Izin Penilai Publik B-1.10.00273 Registered Public Valuer
License
STTD OJK No. STTD.PB-12/PM.2/2018 STTD OJK No.
MAPPI 06-S-01990 MAPPI
xxxii
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PERNYATAAN PENILAI/
STATEMENT of THE VALUER(s)
Dalam batas kemampuan dan keyakinan kami To the best of our capability and knowledge as
sebagai Penilai, kami yang bertanda tangan di (an) independent Valuer(s), we the undersigned
bawah ini menerangkan bahwa: state that:
1. Dalam mempersiapkan Laporan 1. In preparing this Fairness Opinion
Pendapat Kewajaran ini kami telah Report we act independently without
bertindak secara independen tanpa conflict of duty where we are
adanya konflik dan tidak terafiliasi independent and not affiliated in any
dengan Perseroan, PM Finance, dan way to the Company, PM Finance, and
PMID, ataupun pihak-pihak yang PMID and its affiliated parties. We also
terafiliasi dengan perusahaan tersebut. have no personal interests or
Kami juga tidak mempunyai advantages related to this assignment.
kepentingan atau keuntungan pribadi
berkaitan dengan penugasan ini.
2. Laporan Pendapat Kewajaran ini tidak 2. Furthermore, this Fairness Opinion
dilakukan untuk memberikan Report has not been conducted to
keuntungan atau merugikan pada pihak benefit or disadvantage any party in
manapun. Imbalan yang kami terima particular. Our fee for this assignment is
adalah sama sekali tidak dipengaruhi not influenced by the opinion on the
oleh opini atas kewajaran Rencana fairness of the Proposed Transactions
Transaksi yang dihasilkan dari proses resulting from this fairness analysis
analisis kewajaran ini dan kami hanya process and we only received
menerima imbalan sesuai yang professional fee as stated in the
tercantum pada Purchase Order Purchase Order No. 5700647085. The
No. 5700647085. Adapun biaya jasa appraisal service fee complies with the
tersebut telah memperhatikan guidelines stipulated by the Association
pedoman yang diatur oleh Ikatan Kantor of Appraisal Service Firms (IKJPP)
Jasa Penilai (IKJPP) MAPPI. MAPPI.
3. Penilai bertanggung jawab atas opini 3. The Valuer(s) is responsible for the
Laporan Pendapat Kewajaran; opinion in the Fairness Opinion Report;
4. Pendapat Kewajaran dilaksanakan per 4. This Fairness Opinion was conducted as
tanggal 31 Desember 2022, parameter of December 31, 2022, all parameters
dan laporan keuangan yang digunakan and financial statements used in the
dalam analisis didasarkan pada data per analysis were based on data as of
tanggal 31 Desember 2022; December 31, 2022;
5. Penugasan pendapat kewajaran telah 5. This fairness opinion assignment has
dilakukan dengan pemahaman been carried out with understanding of
terhadap Obyek Analisis Pendapat the Object of Fairness Opinion on the
Kewajaran pada Tanggal Penilaian dan Valuation Date, and the analysis has
analisis telah dilakukan sesuai dengan been carried out in accordance to the
Tujuan Pendapat Kewajaran Purpose of Fairness Opinion as stated in
this Report;
xxxiii
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sebagaimana diungkapkan dalam
Laporan ini;
6. Laporan Pendapat Kewajaran ini disusun 6. This Fairness Opinion Report is prepared
sesuai dengan ketentuan-ketentuan in accordance with the standards
dalam Standar Penilaian Indonesia (SPI) stipulated in Indonesian Valuation
Edisi VII 2018, Kode Etik Penilai Standard 2018 (SPI) VII Edition, Ethics
Indonesia (KEPI), POJK 42, POJK 35 dan Code of Indonesian Valuation (KEPI),
SEOJK 17; POJK 42, POJK 35 and SEOJK 17;
7. Opini yang dihasilkan dalam penugasan 7. The opinion concluded in this
ini telah disajikan sebagai Kesimpulan assignment has been presented as the
pada Laporan Pendapat Kewajaran ini; Conclusion in this Fairness Opinion
Report;
8. Lingkup pekerjaan telah diungkapkan 8. The scope of work has been disclosed in
pada ruang lingkup dan data-data yang the scope of work and the analyzed
dianalisis serta data ekonomi dan data, as well as the economy and
industri yang diungkapkan dalam industrial data stated in this Fairness
Laporan Pendapat Kewajaran ini pada Opinion Report i.e the Source of Data
Sumber Data diperoleh dari berbagai were obtained from various sources
sumber yang diyakini dapat which we believe can be accounted;
dipertanggungjawabkan;
9. Laporan ini menjelaskan semua asumsi 9. This Report explained all assumption
dan syarat-syarat pembatasan yang and limiting condition affecting the
mempengaruhi analisis, pendapat dan analysis, opinion and conclusion stated
kesimpulan yang tertera dalam in this Report;
Penilaian ini;
10. Pernyataan yang menjadi dasar analisis, 10. Statements which are basis of analysis,
pendapat dan kesimpulan yang opinion and conclusion detailed in this
diuraikan di dalam Laporan ini adalah Report are true, in accordance with our
benar, sesuai dengan pemahaman best understanding. RSR has conducted
terbaik. RSR telah melakukan interviews and discussions via video
wawancara dan diskusi melalui video conference with the Company's
conference dengan manajemen management, Mrs. Lysa Sugowati, Tax
Perseroan, yaitu Ibu Lysa Sugowati – Head Division, however, RSR did not
Kepala Bagian Pajak Perseroan, namun conduct field inspections to the
RSR tidak melakukan inspeksi lapangan Company's operational locations in
ke lokasi operasional Perseroan connection with the assignment of the
sehubungan dengan penugasan Fairness Opinion;
Pendapat Kewajaran;
11. Dalam melakukan penugasan ini, Penilai 11. In conducting this assignment, the
telah memenuhi persyaratan Valuer(s) has fulfilled the required
pendidikan profesional dalam professional education in preparing
menyiapkan Laporan Pendapat Fairness Opinion Report; and
Kewajaran; dan
xxxiv
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12. Tidak seorangpun, kecuali yang 12. No one except those stated in this
disebutkan dalam Laporan ini, telah report has provided professional
menyediakan bantuan profesional assistance in preparing this Fairness
dalam menyiapkan Laporan Pendapat Opinion Report.
Kewajaran.
Jakarta, 2023 Jakarta, 2023
Signing Partner
Rekan Senior Yunus N. Purwono, MAPPI Senior Partner
(Cert.)
Penilai Bisnis Business Valuer
Izin Penilai Publik B-1.10.00273 Registered Public Valuer
License
STTD OJK No. STTD.PB-12/PM.2/2018 STTD OJK No.
MAPPI 06-S-01990 MAPPI
Reviewer
Penilai Nursatrio Valuer
MAPPI 12-T-03901 MAPPI
Register No. RMK-2017.00645 Register No.
Valuer
Penilai Ari Kurnia Valuer
MAPPI 11-T-03180 MAPPI
Register No. RMK-2017.00649 Register No.
xxxv
Page 56
Valuer
Penilai Agustya Valuer
MAPPI 18- P-08359 MAPPI
Register No. RMK-2021.04059 Register No.
xxxvi
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12 Sep 2026 22:10
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