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Lampiran I :
Penjelasan Terkait Laporan Keuangan Perseroan
1. Laporan Keuangan Audit Perseroan per 31 Desember 2025 memperoleh opini Wajar dengan
Pengecualian (Qualified Opinion) serta mencantumkan paragraf Penekanan Suatu Hal
(Emphasis of Matter) terkait ketidakpastian material kelangsungan usaha, agar dijelaskan:
a. Rincian akun atau pos penyajian laporan keuangan yang menjadi dasar pengecualian
(qualification) oleh Auditor Independen, kendala yang dihadapi dalam perolehan bukti
audit yang cukup dan tepat, serta langkah konkrit Manajemen untuk menyelesaikan
permasalahan pada akun-akun tersebut.
Jawaban
Akun yang menjadi dasar pengecualian (kualifikasi) opini oleh auditor adalah terhadap
akun utang bank, dimana terdapat perbedaan saldo menurut pembukuan Perseroan dengan
saldo jawaban konfirmasi Bank dengan rincian:
1. Utang PT Mulia Cipta Teknologi (MCT), entitas anak kepada PT Bank Woori Saudara
Indonesia 1906 Tbk (BWS).
Saldo berdasarkan pembukuan MCT Rp 25.572.935.282
Saldo berdasarkan jawaban konfirmasi Bank Rp 38.429.910.002
Selisih Rp 12.856.974.720
2. Utang Bank Perseroan kepada Bank Negara Indonesia (Persero) Tbk (BNI).
Saldo berdasarkan pembukuan Perseroan Rp 258.861.546.491
Saldo berdasarkan jawaban konfirmasi Bank Rp 274.983.751.307
Selisih Rp 16.122.204.816
Kendala yang dihadapi dalam perolehan bukti audit:
1. Sampai dengan tanggal penyelesaian laporan keuangan tahun buku 2025, manajemen
MCT masih dalam proses melakukan penelusuran aliran dana saldo utang bank, karena
selisih tersebut terjadi di tahun 2023.
2. Sampai dengan tanggal penyelesaian laporan keuangan tahun buku 2025, manajemen
Perseroan masih melakukan rekonsiliasi atas perbedaan pencatatan dengan pihak BNI.
Langkah konkrit yang sedang dan sudah dilakukan manajemen, diantaranya:
- Mengupayakan untuk bisa segera menyelesaikan proses penelusuran aliran dana utang
bank BWS.
- Mengupayakan untuk bisa segera menyelesaikan proses rekonsiliasi saldo utang bank
pihak BNI.
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b. Asumsi kelangsungan usaha (going concern assumptions) yang digunakan Manajemen
dalam menyusun laporan keuangan di tengah akumulasi defisit sebesar -Rp334,02 miliar
dan tergerusnya ekuitas hingga tersisa Rp12,46 miliar (turun 79,52%).
Jawaban
Terlampir pada Proyeksi Arus Kas
c. Strategi operasional dan finansial konkret (action plan) yang disusun Manajemen untuk
memastikan keberlanjutan usaha Perseroan dalam 12 bulan ke depan.
Jawaban
Terlampir pada Proyeksi Arus Kas
d. Dampak opini audit pengecualian dan isu kelangsungan usaha ini terhadap hubungan
bisnis dengan pelanggan utama, kreditor perbankan, dan pemasok bahan baku.
Jawaban
Tidak terdapat dampak opini pengecualian dan isu kelangsungan usaha terhadap hubungan
bisnis dengan pelanggan utama, kreditor, maupun pemasok bahan baku.
2. Berdasarkan penelaahan pada CALK No. 2p dan Catatan 31, Perseroan mencantumkan
kebijakan pengakuan pendapatan serta pengungkapan risiko harga berbasis penjualan batu
bara, syarat pengapalan FOB/CIF, dan coal sales purchase agreement. Mengingat Perseroan
bergerak di bidang industri kertas dan kemasan karton, agar dijelaskan:
a. Faktor penyebab timbulnya ketidaksesuaian pengungkapan tersebut, termasuk apakah
terdapat kesalahan dalam proses penyusunan, penyuntingan, maupun penggunaan
template laporan keuangan.
Jawaban
Ketidaksesuaian pengungkapan tersebut merupakan kesalahan atas penggunaan template
laporan keuangan.
b. Dasar pertimbangan Perseroan dalam mencantumkan kebijakan dan pengungkapan terkait
penjualan batu bara tersebut, mengingat hal tersebut tidak sesuai dengan kegiatan usaha
Perseroan.
Jawaban
Ketidaksesuaian pengungkapan tersebut merupakan kesalahan atas penggunaan template
laporan keuangan.
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c. Ada/tidaknya transaksi, perjanjian, atau aktivitas Perseroan yang berkaitan dengan
penjualan batu bara, syarat FOB/CIF, maupun coal sales purchase agreement yang
mendasari pencantuman pengungkapan tersebut.
Jawaban
Tidak ada, ketidaksesuaian pengungkapan tersebut merupakan kesalahan atas penggunaan
template laporan keuangan.
d. Dampak material dari ketidaksesuaian pengungkapan tersebut terhadap penyajian dan/atau
pengukuran pos Pendapatan, Beban, maupun Nilai Wajar Instrumen Keuangan Perseroan
secara keseluruhan.
Jawaban
Secara keseluruhan tidak terdapat dampak material dari ketidaksesuaian pengungkapan
tersebut.
e. Pengungkapan lain dalam CALK yang berpotensi tidak sesuai dengan kegiatan usaha,
transaksi, maupun kondisi aktual Perseroan, serta langkah yang telah dilakukan Perseroan
untuk memastikan tidak terdapat ketidaksesuaian serupa.
Jawaban
Tidak terdapat pengungkapan lain dalam CALK yang tidak sesuai dengan kegiatan usaha
Perseroan. Kami akan lebih teliti dalam mereviu CALK agat tidak terulang kejadian
serupa.
f. Rencana dan timeline tindakan korektif yang akan dilakukan Perseroan, seperti
penyampaian Keterbukaan Informasi dan/atau revisi CALK, termasuk langkah-langkah
yang akan dilakukan untuk memastikan keandalan dan kesesuaian informasi yang
disampaikan kepada publik.
Jawaban
Kami akan melakukan koreksi atas kesalahan penyajian kebijakan pengakuan pendapatan
serta pengungkapan risiko harga berbasis penjualan batu bara, dsb. Tindakan korektif akan
dilakukan sebelum 30 Oktober 2026.
3. Berdasarkan penelaahan atas posisi piutang usaha pihak ketiga bruto sebesar Rp88,54 miliar
(CKPN Rp61,81 miliar) serta piutang lain-lain berelasi sebesar Rp36,88 miliar, agar dijelaskan:
a. Rincian 5 (lima) debitur piutang usaha terbesar, mencakup nama entitas, nilai piutang,
umur piutang, status penagihan/kebangkrutan, serta konfirmasi ada/tidaknya hubungan
afiliasi terselubung.
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Jawaban
Rincian 5 debitur terbesar adalah sebagai berikut:
Belum
Nama
Piutang Jatuh 1 sd 30 31 sd 60 61 sd 90 Diatas 91
Entitas
Tempo
PT
KEMASAN 35.485.600.297 - - - - 35.485.600.297
LESTARI
PT
RAJAWALI
3.513.623.521 - 112.677.809 520.523.334 828.618.431 2.051.803.947
RAHARDJA
MANDIRI
PT KALDU
SARI NABATI 1.061.032.590 200.519.453 876.779.092 2.497.903 3.217.232 10.550.820
INDONESIA
PT ADI
KENCANA
746.920.847 - - - - 746.920.847
MAHKOTA
BUANA
PT ANALISA
DARYA 296.820.376 - - - - 296.820.376
PRIMA
Pihak
Nama Entitas Status penagihan
ketiga/berelasi
Pailit dan sudah dilakukan cadangan
PT KEMASAN LESTARI Pihak ketiga
kerugian penurunan nilai
PT RAJAWALI RAHARDJA
Pihak ketiga Masih dilakukan upaya penagihan
MANDIRI
PT KALDU SARI NABATI Sudah dilakukan pelunasan ditahun
Pihak ketiga
INDONESIA 2026
PT ADI KENCANA
Pihak berelasi Masih dilakukan upaya penagihan
MAHKOTA BUANA
PT ANALISA DARYA PRIMA Pihak ketiga Masih dilakukan upaya penagihan
b. Target nilai realisasi pemulihan kas (cash recovery) dari piutang usaha yang telah jatuh
tempo lebih dari 90 hari (sebesar Rp85,81 miliar) untuk sisa periode tahun 2026.
Jawaban
Target nilai realisasi pemulihan kas dari piutang usaha yang telah jatuh tempo lebih dari
90 hari adalah sebesar 50% dari outstanding piutang usaha.
c. Rincian entitas penerima dana, asal-usul transaksi, skema pembebanan bunga, serta jadwal
pengembalian pokok piutang lain-lain pihak berelasi bruto sebesar Rp36,88 miliar.
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Jawaban
Asal-usul Pembebanan Jadwal
Nama Entitas Nominal
Transaksi Bunga pengembalian
Pemberian
PT MITRA
pinjaman untuk 31 Desember
ADHIKARYA 24.510.682.000 -
peningkatan 2026
PLASINDO
kegiatan usaha
Pemberian
PT GARUDA
pinjaman untuk 31 Desember
PRIMA 12.008.134.124 -
peningkatan 2026
SENTOSA
kegiatan usaha
PT SUMBER Talangan biaya-
31 Desember
MAKMUR biaya 358.526.510 -
2026
LUMINTU administrasi
4. Menindaklanjuti adanya pencatatan Utang Lain-Lain Pihak Berelasi dari pemegang saham
(Shio Alim Susanto) sebesar Rp 9,06 miliar serta jaminan pembelian aval sebesar Rp 2,10
miliar pada pos Aset Lain-Lain, agar dijelaskan:
a. Rincian penggunaan dana atas pinjaman pemegang saham tersebut serta ada/tidaknya
rencana konversi pinjaman menjadi modal (debt to equity swap).
Jawaban
Penggunaan dana pinjaman pemegang saham tersebut adalah untuk kebutuhan modal kerja
MCT dan Perseroan. Berdasarkan pasal 4 perjanjian utang antara MCT, Perseroan dengan
pemegang saham, Pemegang Saham memiliki hak opsi untuk mengkonversi utang, namun
hingga saat ini belum terdapat rencana konversi pinjaman menjadi modal.
b. Detail tagihan utang jaminan untuk pembelian aval kepada Nurudin Muslim sebesar
Rp2.10 miliar, termasuk perjanjian kerjasama operasional pendukungnya.
Jawaban
Tagihan tersebut merupakan Uang Jaminan Pengadaan Barang berupa aval sesuai Surat
Perjanjian Pengadaan Barang (Kontrak Supplier) tanggal 31 Oktober 2023 antara PT
Sriwahana Adityakarta Tbk dengan Sdr. Nurudin Muslim senilai Rp 2.100.000.000,00.
Sesuai Pasal II, PT SWAT sebagai buyer wajib menyerahkan uang jaminan kepada
supplier untuk menjamin kelancaran pasokan aval. Skema pembayaran jaminan dilakukan
bertahap sesuai kesepakatan. Saldo per 31 Des 2023 sebesar Rp 2,1 M masih tercatat
sebagai utang jaminan karena proses pengadaan masih berjalan.
5. Memperhatikan kinerja operasional Perseroan di mana penjualan neto mengalami penurunan
signifikan sebesar 63,04% dari Rp176,49 miliar pada tahun 2024 menjadi Rp65,23 miliar pada
tahun 2025, agar dijelaskan:
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a. Faktor utama penyebab penurunan volume penjualan pada segmen corrugated, paper tube,
dan paper cone.
Jawaban
Penurunan penjualan neto sebesar 63,04% pada tahun 2025 terutama disebabkan oleh
penurunan volume penjualan pada segmen corrugated, paper tube, dan paper cone. Faktor
utama penurunan tersebut adalah kebijakan manajemen yang menerapkan strategi yang
lebih selektif dalam pemilihan pelanggan sebagai bagian dari upaya mitigasi risiko dan
perbaikan kualitas piutang. Perseroan menghentikan kerja sama dengan beberapa
pelanggan yang memiliki riwayat keterlambatan pembayaran dan indikasi kolektibilitas
yang kurang baik untuk menghindari potensi piutang tak tertagih. Sebagai dampaknya,
volume penjualan menurun dalam jangka pendek, namun kebijakan ini diambil untuk
menjaga kesehatan arus kas dan keberlanjutan operasional Perseroan.
b. Faktor pendorong kenaikan penjualan segmen cheise yang meningkat pesat, serta prospek
keberlanjutan segmen ini ke depan.
Jawaban
Peningkatan penjualan pada segmen cheise terutama didorong oleh meningkatnya
permintaan dari pasar ekspor. Segmen ini memiliki potensi harga jual dan margin yang
lebih kompetitif dibandingkan segmen corrugated, paper tube, dan paper cone yang
mengalami penurunan. Sejalan dengan strategi selektif pada segmen lainnya, Perseroan
melakukan pergeseran fokus penjualan ke segmen cheise ekspor yang memiliki risiko
kolektibilitas lebih rendah dan permintaan yang berkelanjutan. Untuk prospek ke depan,
Perseroan menilai segmen cheise ekspor masih memiliki prospek yang positif dan akan
terus dikembangkan sebagai salah satu penopang penjualan, seiring dengan adanya
permintaan yang stabil dari pelanggan ekspor eksisting dan penjajakan pelanggan baru.
c. Tingkat pemanfaatan kapasitas produksi (capacity utilization rate) masing-masing lini
pabrik Perseroan sepanjang tahun 2025 dibandingkan tahun 2024.
Jawaban
Secara keseluruhan lini pabrik terdapat penurunan pemanfaatan kapasitas produksi tahun
2025 dibandingkan dengan tahun 2024.
d. Kendala utama yang menyebabkan penurunan Beban Pokok Penjualan (turun 55,22%)
tidak sebanding dengan penurunan Penjualan Neto (turun 63,04%) sehingga Gross Profit
Margin (GPM) mencatatkan marjin kotor negatif sebesar -59,53% dan Operating Margin
(OPM) sebesar -70,57%.
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Jawaban
Terdapat persaingan harga yang ketat di pasar domestik untuk segmen corrugated, paper
tube, dan paper cone, sehingga Perseroan harus melakukan penyesuaian harga jual yang
berdampak pada penurunan margin.
e. Rencana efisiensi pada Beban Overhead Pabrik yang mencapai Rp74,22 miliar, khususnya
pembebanan penyusutan (Rp27,92 miliar) dan biaya energi (Rp4,80 miliar), serta target
waktu pemulihan marjin operasional menjadi positif.
Jawaban
Biaya pembebanan penyusutan merupakan fixed cost yang tidak dapat dilakukan efisiensi
jika volume produksi tidak ditingkatkan, untuk itu kami akan berusaha untuk meningkatkan
produksi Perseroan di masa mendatang. Kami akan melakukan efisiensi pemakaian energi
untuk menekan biaya overhead pabrik. Target pemulihan marjin operasional agar menjadi
positif diperkirakan pada kuartal IV 2026.
6. Meninjau kondisi likuiditas dan pengelolaan modal kerja Perseroan di mana saldo kas dan bank
menyusut tajam 71,91% menjadi Rp2,37 miliar (Cash Ratio turun menjadi 0,07) dengan kas
fisik tercatat nihil, agar dijelaskan:
a. Kecukupan arus kas Perseroan untuk membiayai operasional rutin pabrik, pembayaran gaji
karyawan, serta pelunasan kewajiban jangka pendek yang segera jatuh tempo.
Jawaban
Kami akan meningkatkan penagihan piutang usaha hingga menghasilkan cashflow bagi
perusahaan untuk bisa memenuhi kewajiban yang dimaksud.
b. Langkah konkret untuk mengatasi Cash Cycle Perseroan yang membengkak signifikan
dari 146,2 hari menjadi 299,0 hari, khususnya guna mempercepat siklus perputaran
persediaan (Days of Inventory On Hand / DOH 157,1 hari).
Jawaban
Perseroan lebih selektif dalam memilih customer untuk menghindari piutang yang macet
dan ada beberapa customer yang tidak kami lanjutkan kerjasamanya.
c. Rencana penagihan dan mitigasi risiko penagihan piutang (Days Sales Outstanding / DSO
154,5 hari) yang berada di luar skema penjaminan bank, mengingat piutang usaha neto
tercatat sebesar Rp27,61 miliar dan posisi piutang bruto didominasi oleh umur piutang
lebih dari 90 hari sebesar Rp85,81 miliar.
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Jawaban
Perseroan lebih selektif dalam memilih customer untuk menghindari piutang yang macet
dan ada beberapa customer yang tidak kami lanjutkan kerjasamanya.
d. Pertimbangan dan kecukupan penentuan Cadangan Kerugian Penurunan Nilai (CKPN)
piutang usaha yang disesuaikan menjadi Rp61,81 miliar.
Jawaban
Penentuan Cadangan Kerugian Penurunan Nilai (CKPN) piutang usaha sebesar Rp61,81
miliar per 31 Desember 2025 telah dilakukan oleh Perseroan sesuai dengan PSAK 109
mengenai Instrumen Keuangan dengan menggunakan pendekatan Expected Credit Loss
(ECL).Pertimbangan dan dasar penentuan CKPN tersebut adalah sebagai berikut:
- Analisis umur piutang (aging analysis) dan evaluasi kolektibilitas atas masing-masing
pelanggan.
- Data historis tingkat kerugian kredit Perseroan dan pola pembayaran pelanggan dalam
2-3 tahun terakhir.
Faktor forward-looking, termasuk kondisi ekonomi dan industri saat ini yang
mempengaruhi kemampuan bayar pelanggan. Penilaian individual untuk piutang dengan
nilai signifikan dan indikasi penurunan nilai secara spesifik.
7. Sehubungan dengan tingginya posisi liabilitas Perseroan sebesar Rp382,18 miliar yang
didominasi utang perbankan sehingga mendorong Debt to Equity Ratio (DER) membengkak
menjadi 3.066%, agar dijelaskan:
a. Progres dan skema negosiasi restrukturisasi utang bank dengan PT Bank Woori Saudara
Indonesia 1906 Tbk atas penyesuaian jadwal angsuran pokok dan tingkat suku bunga.
Jawaban
MCT dan Perseroan tidak mengajukan restrukturisasi kepada BWS selaku kreditur.
Sampai dengan saat ini MCT dan Perseroan masih mengacu kepada hasil kesepakatan
homologasi.
b. Dampak beban keuangan atas utang bank (tercatat -Rp2,82 miliar) terhadap arus kas keluar
Perseroan.
Jawaban
Terlampir pada Proyeksi Arus Kas
c. Status pengagunan piutang usaha Perseroan yang dijadikan jaminan atas fasilitas kredit
bank dimaksud.
Jawaban
Sesuai dengan kesepakatan homologasi.
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Terkait Kondisi Operasional dan Bisnis Perseroan
8. Berdasarkan pemantauan Bursa atas pemenuhan kewajiban keterbukaan informasi, di mana
saham Perseroan telah dikenakan suspensi sejak 30 Juni 2025 serta tercatat pada Papan
Pemantauan Khusus dengan Notasi Khusus “X” dan “L”, agar dijelaskan:
a. Kendala utama Perseroan sehingga mengalami keterlambatan penyampaian Laporan
Keuangan Auditan 2025 (baru disampaikan 9 September 2026) serta Laporan Keuangan
Interim Triwulan I dan II Tahun 2026.
Jawaban
Kendala utama yang dihadapi Perseroan adalah karena adanya pergantian staf yang
mengerjakan penyusunan laporan keuangan dan proses serah terima data yang kurang
lengkap antara staf lama dengan staf yang menggantikan.
b. Target waktu (timeline) pasti penyelesaian penyampaian Laporan Keuangan Interim
Triwulan I dan II Tahun 2026.
Jawaban
Akhir Oktober 2026 termasuk dengan penyelesaian Laporan Keuangan Interim Triwulan
III.
c. Strategi dan langkah konkrit Manajemen untuk memenuhi seluruh persyaratan pencabutan
suspensi perdagangan saham (unsuspend) serta pemenuhan ketentuan Peraturan Bursa No.
I-N guna mengantisipasi risiko dikenakannya delisting akibat suspensi yang telah berlanjut
lebih dari 14 bulan.
Jawaban
Manajemen sedang dan akan memperbaiki administrasi terkait laporan keuangan yang
belum diselesaikan pada periode tahun sebelumnya termasuk menyelesaikan seluruh
denda terkait keterlambatan penyampaian laporan keuangan dan laporan tahunan.
9. Terkait penanganan perkara hukum tindak pidana pasar modal atas transaksi saham Perseroan
periode Juni–Juli 2018 yang saat ini telah memasuki tahap pelimpahan ke Kejaksaan Negeri
Boyolali dan melibatkan Direktur Utama Perseroan, agar dijelaskan:
a. Dampak penanganan perkara hukum pidana tersebut terhadap kelancaran operasional
harian, hubungan bisnis dengan pelanggan/kreditur, serta reputasi Perseroan.
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Jawaban
Sampai dengan saat ini, penanganan perkara hukum pidana dimaksud tidak mengganggu
secara meterial kelancaran operasional harian Perseroan, hubungan bisnis dan reputasi
Perseroan.
b. Status kepemimpinan dan pelaksanaan tugas harian Direksi mengingat penahanan Direktur
Utama Perseroan oleh pihak Kejaksaan.
Jawaban
Kegiatan operasional dan fungsi manajemen Perseroan tetap dijalankan oleh Direksi dan
jajaran manajemen lainnya sesuai dengan kewenangan, ketentuan anggaran dasar, serta
peraturan perundang-undangan yang berlaku.
c. Langkah konkrit Pemegang Saham Pengendali dan Dewan Komisaris dalam memastikan
efektivitas tata kelola (Good Corporate Governance) serta kelangsungan manajerial
Perseroan (seperti rencana penyelenggaraan RUPSLB pergantian pengurus atau
penunjukan pejabat pengganti).
Jawaban
Pemegang saham pengendali bersama dengan Direksi dan Dewan Komisaris terus
melakukan pemantauan terhadap kondisi Perseroan dan memastikan penerapan Good
Corporate Governance (GCG) serta keberlangsungan fungsi manajerial dan operasional
Perseroan tetap berjalan. Langkah-langkah yang dilakukan antara lain:
1. Memastikan pelaksanaan kegiatan operasional dan pengambilan keputusan
Perseroan tetap berjalan sesuai Anggaran Dasar, ketentuan internal dan peraturan
perundang-undangan;
2. Memastikan terdapat kesinambungan pelaksanaan fungsi Direksi melalui
mekanisme pendelegasian kewenangan sesuai ketentuan yang berlaku;
3. Melakukan evaluasi terhadap kebutuhan dan struktur kepengurusan Perseroan
dengan mempertimbangkan kepentingan Perseroan dan seluruh pemangku
kepentingan;
4. Melakukan perbaikan tata kelola (administrasi) Perseroan khususnya penyampaian
Laporan Keuangan Perseroan periode tahun 2024 dan 2025 serta Laporan Tahunan
(annual repport) dan pemaparan publik (public expose) yang belum disampaikan
sebelumnya ;dan
5. Apabila diperlukan dan sesuai ketentuan yang berlaku, Perseroan akan menempuh
mekanisme RUPSLB untuk mengambil keputusan mengenai perubahan atau
pergantian anggota Direksi, termasuk penunjukan pejabat/pengurus pengganti.
Dengan langkah tersebut Perseroan berkomitmen menjaga kesinambungan kegiatan usaha,
efektivitas tata kelola, kepastian pengambilan keputusan, serta tetap berupaya untuk
kepentingan seluruh pemangku kepentingan selama proses hukum berlangsung.
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10. Sehubungan dengan kondisi industri dan faktor eksternal yang dapat memengaruhi kegiatan
usaha Perseroan, agar dijelaskan:
a. Perkembangan kondisi makroekonomi dan industri yang relevan terhadap kegiatan usaha
Perseroan.
Jawaban
Pada tahun 2025, kondisi makroekonomi nasional masih menunjukkan pertumbuhan,
dimana industri pengolahan tumbuh 5,54% dan pada Triwulan II-2025 tumbuh 5,68%
(yoy). Pertumbuhan tersebut secara umum masih mendukung kebutuhan kemasan kardus
sebagai penunjang industri manufaktur dan consumer goods.Namun demikian, dari sisi
industri kemasan kardus, Perseroan menghadapi beberapa tantangan berupa persaingan
harga yang ketat, volatilitas harga bahan baku kertas bekas (waste paper), serta
peningkatan biaya energi dan distribusi yang berdampak pada daya saing dan margin .Di
sisi lain, pertumbuhan e-commerce dan preferensi terhadap kemasan ramah lingkungan
masih membuka peluang permintaan untuk produk kemasan kardus bergelombang, paper
cone, dan paper tube.
b. Perubahan kondisi persaingan usaha yang terjadi selama periode berjalan, termasuk
apabila terdapat perubahan signifikan pada pangsa pasar, pelanggan utama, maupun
tekanan kompetitif.
Jawaban
Selama periode berjalan, Perseroan menghadapi persaingan usaha yang cukup ketat pada
segmen corrugated, paper tube, dan paper cone, terutama terkait tekanan harga jual dan
persaingan dengan produsen sejenis. Kondisi tersebut berdampak pada penurunan pangsa
pasar pada segmen tersebut. Selain itu, terdapat perubahan pada pelanggan utama
sehubungan dengan kebijakan selektif yang diterapkan Perseroan terhadap pelanggan yang
memiliki riwayat pembayaran kurang baik dan berisiko terhadap kolektibilitas piutang
usaha. Akibat kebijakan tersebut, beberapa pelanggan utama pada segmen corrugated,
paper tube, dan paper cone tidak dilanjutkan kerja samanya. Sebagai strategi untuk
menjaga keberlanjutan usaha, Perseroan melakukan pergeseran fokus ke segmen cheise
untuk pasar ekspor yang memiliki tingkat persaingan yang lebih sehat dan permintaan yang
lebih stabil.
c. Strategi Perseroan dalam menghadapi perubahan kondisi pasar dan menjaga keberlanjutan
daya saing usaha.
11
Page 12
Jawaban
- Perseroan berkomitmen memperkuat kinerja ekonomi melalui peningkatan efisiensi
operasional, pengembangan kompetensi dan kualitas sumber daya manusia, serta
mendorong inovasi yang mampu menjawab dinamika kebutuhan pasar. Sejalan dengan
itu, Perseroan terus mengintegrasikan aspek lingkungan melalui optimalisasi
penggunaan energi, pengendalian emisi, dan pengelolaan sumber daya yang lebih
bertanggung jawab.
- Perseroan berupaya membangun lingkungan kerja yang aman, inklusif, dan produktif
sekaligus memberikan kontribusi positif bagi masyarakat di sekitar wilayah
operasional.
11. Apakah setelah periode laporan keuangan terakhir yang disampaikan kepada Bursa terdapat
perolehan kontrak, sumber pendapatan baru, transaksi material, perubahan hubungan usaha,
pendanaan baru, maupun kejadian lainnya yang dapat memengaruhi kondisi keuangan dan
operasional Perseroan? Apabila ada, agar dijelaskan:
a. Latar belakang dan jenis transaksi atau kejadian material tersebut.
Jawaban:
Sampai dengan penyusunan jawaban ini, belum ada perolehan kontrak, sumber pendapatan
baru, transaksi material, perubahan hubungan usaha, pendanaan baru, maupun kejadian
lainnya yang dapat memengaruhi kondisi keuangan dan operasional Perseroan.
b. Pihak-pihak yang terlibat.
Jawaban:
Sampai dengan penyusunan jawaban ini, belum ada perolehan kontrak, sumber pendapatan
baru, transaksi material, perubahan hubungan usaha, pendanaan baru, maupun kejadian
lainnya yang dapat memengaruhi kondisi keuangan dan operasional Perseroan.
c. Nilai transaksi serta dampaknya terhadap laporan keuangan dan kegiatan operasional
Perseroan.
Jawaban:
Sampai dengan penyusunan jawaban ini, belum ada perolehan kontrak, sumber pendapatan
baru, transaksi material, perubahan hubungan usaha, pendanaan baru, maupun kejadian
lainnya yang dapat memengaruhi kondisi keuangan dan operasional Perseroan.
d. Status pelaksanaan transaksi atau kejadian tersebut sampai dengan tanggal tanggapan ini.
12
Page 13
Jawaban:
Sampai dengan penyusunan jawaban ini, belum ada perolehan kontrak, sumber pendapatan
baru, transaksi material, perubahan hubungan usaha, pendanaan baru, maupun kejadian
lainnya yang dapat memengaruhi kondisi keuangan dan operasional Perseroan terhadap
pertanyaan yang ditanyakan.
Jawaban atas pertanyaan nomor 1 s.d. nomor 11 dijawab melalui Form E023 – Tanggapan
Permintaan Penjelasan Bursa (publish)
12. Apakah terdapat perkara hukum, sengketa, potensi kewajiban kontinjensi, atau kejadian hukum
material yang melibatkan Perseroan, Anak Usaha, Direksi, maupun Dewan Komisaris yang
belum diungkapkan dalam laporan keuangan terakhir Perseroan? Apabila ada, agar dijelaskan:
a. Pihak yang terlibat.
b. Pokok perkara atau permasalahan.
c. Status terakhir penyelesaian perkara.
d. Estimasi dampak keuangan maupun operasional terhadap Perseroan.
Jawaban
Jawaban a sampai d:
Sampai dengan penyusunan laporan keuangan terakhir perseroan, tidak terdapat perkara
hukum, sengketa, potensi kewajiban kontinjensi, atau kejadian hukum material lainnya yang
melibatkan Perseroan, Anak Usaha, Direksi, maupun Dewan Komisaris.
13. Fakta/informasi material/kejadian penting yang dapat berpengaruh signifikan terhadap
Perseroan serta dipandang dapat mempengaruhi fluktuasi perdagangan saham Perseroan yang
belum diungkapkan kepada publik dan wajib untuk segera diungkapkan kepada publik.
Jawaban
Sampai dengan penyusunan laporan keuangan terakhir perseroan, tidak terdapat
fakta/informasi material/kejadian penting yang dapat berpengaruh signifikan terhadap
Perseroan serta dipandang dapat mempengaruhi fluktuasi perdagangan saham Perseroan.
13
Page 14
PT SRIWAHANA ADITYAKARTA TBK
Proyeksi Arus Kas September 2026 sd Desember 2027
Awal Periode 01/09/26 01/10/26 01/11/26 01/12/26 01/01/27 01/02/27 01/03/27 01/04/27 01/05/27 01/06/27 01/07/27 01/08/27 01/09/27 01/10/27 01/11/27 01/12/27
Akhir Periode 30/09/26 31/10/26 30/11/26 31/12/26 31/01/27 28/02/27 31/03/27 30/04/27 31/05/27 30/06/27 31/07/27 31/08/27 30/09/27 31/10/27 30/11/27 31/12/27
Kas / Bank pada Awal Periode 22.748.600 75.139.700 4.366.518.993 13.828.097.581 10.153.184.559 10.038.830.904 10.187.126.602 10.638.800.055 11.160.489.012 12.086.689.275 13.479.849.103 15.411.961.146 18.120.666.226 21.546.958.686 25.801.070.375 31.010.027.295
Kas / Bank pada Akhir Periode 75.139.700 4.366.518.993 13.828.097.581 10.153.184.559 10.038.830.904 10.187.126.602 10.638.800.055 11.160.489.012 12.086.689.275 13.479.849.103 15.411.961.146 18.120.666.226 21.546.958.686 25.801.070.375 31.010.027.295 37.320.194.659
Bulan Sep'26 Oct'26 Nov'26 Dec'26 Jan'27 Feb'27 Mar'27 Apr'27 May'27 Jun'27 Jul'27 Aug'27 Sep'27 Oct'27 Nov'27 Dec'27
Pendapatan
Pelanggan 102.374.800 3.251.270.000 3.738.960.500 4.299.804.575 4.944.775.261 5.686.491.550 6.539.465.283 7.520.385.075 8.648.442.837 9.945.709.262 11.437.565.652 13.153.200.499 15.126.180.574 17.395.107.660 20.004.373.809 23.005.029.881
Lain-lain 0 5.000.000.000 10.000.000.000 0 0 0 0 0 0 0 0 0 0 0 0 0
Pembayaran
Angsuran Bank 0 -1.621.961.607 -1.621.961.607 -1.621.961.607 -1.621.961.607 -1.621.961.607 -1.621.961.607 -1.902.294.623 -1.902.294.623 -1.902.294.623 -1.902.294.623 -1.902.294.623 -1.902.294.623 -1.902.294.623 -1.902.294.623 -1.902.294.623
Operasional -49.983.700 -200.000.000 -220.000.000 -242.000.000 -266.200.000 -292.820.000 -322.102.000 -354.312.200 -389.743.420 -428.717.762 -471.589.538 -518.748.492 -570.623.341 -627.685.675 -690.454.243 -759.499.667
Produksi 0 -1.625.635.000 -1.869.480.250 -2.149.902.288 -2.472.387.631 -2.843.245.775 -3.269.732.642 -3.760.192.538 -4.324.221.418 -4.972.854.631 -5.718.782.826 -6.576.600.250 -7.563.090.287 -8.697.553.830 -10.002.186.905 -11.502.514.940
Pemasok 0 -154.654.400 -154.654.400 -154.654.400 -154.654.400 -154.654.400 -154.654.400 -154.654.400 -154.654.400 -154.654.400 -154.654.400 0 0 0 0 0
Pajak 0 -357.639.700 -411.285.655 -472.978.503 -543.925.279 -625.514.071 -719.341.181 -827.242.358 -951.328.712 -1.094.028.019 -1.258.132.222 -1.446.852.055 -1.663.879.863 -1.913.461.843 -2.200.481.119 -2.530.553.287
Denda 0 0 0 -3.333.220.800 0 0 0 0 0 0 0 0 0 0 0 0
Proyeksi Arus Kas Bersih 52.391.100 4.291.379.293 9.461.578.588 -3.674.913.023 -114.353.655 148.295.698 451.673.454 521.688.957 926.200.264 1.393.159.828 1.932.112.043 2.708.705.080 3.426.292.460 4.254.111.689 5.208.956.920 6.310.167.364
Page 15
Appendix I
Explanation Regarding the Company's Financial Statements
1. The Company’s Audited Financial Statements as of December 31, 2025, received a Qualified
Opinion and included an Emphasis of Matter paragraph regarding material uncertainty
regarding the Company’s going concern, please explain:
a. Details of the accounts or items in the financial statements that formed the basis for the
qualification by the Independent Auditor, the challenges faced in obtaining sufficient and
appropriate audit evidence, and the concrete steps taken by Management to resolve the issues
in those accounts.
Answer
The account forming the basis for the auditor’s qualified opinion is the bank debt account,
where there is a discrepancy between the balance recorded in the Company’s books and
the balance confirmed by the bank, with the following details:
1. Liabilities of PT Mulia Cipta Teknologi (MCT), a subsidiary, to PT Bank Woori
Saudara Indonesia 1906 Tbk (BWS).
Balance based on MCT bookkeeping IDR 25.572.935.282
Balance based on the Bank’s Confirmation IDR 38.429.910.002
Difference IDR 12.856.974.720
2. The Company’s bank loan from Bank Negara Indonesia (Persero) Tbk (BNI).
Balance based on the corporate bookkeeping IDR 258.861.546.491
Balance based on the Bank’s confirmation IDR 274.983.751.307
Difference IDR 16.122.204.816
Challenges encountered in obtaining audit evidence:
1. As of the completion date of the financial statements for the 2025 fiscal year, MCT
management is still in the process of tracing the flow of funds related to the bank debt
balance, as the discrepancy occurred in 2023.
2. As of the completion date of the financial statements for fiscal year 2025, the
Company’s management was still reconciling the recording discrepancies with BNI.
Concrete steps currently being taken and already taken by management include:
- Striving to promptly complete the process of tracing the flow of funds related to the
BWS bank debt.
- Working to promptly complete the reconciliation process for the bank debt balance
with BNI.
1
Page 16
b. The going concern assumptions used by management in preparing the financial statements
amid an accumulated deficit of -IDR 334.02 billion and a decline in equity to IDR 12.46
billion (down 79.52%).
Answer
Attached to the Cash Flow Projection
c. The specific operational and financial strategies (action plan) formulated by Management
to ensure the Company’s business continuity over the next 12 months.
Answer
Attached to the Cash Flow Projection
d. The impact of the qualified audit opinion and these going concern issues on business
relationships with major customers, banking creditors, and raw material suppliers.
Answer
The qualified audit opinion and going concern issue have no impact on business
relationships with major customers, banking creditors, and raw material suppliers.
2. Based on a review of Notes to Financial Statements (NtFS) No. 2p and Note 31, the Company
discloses its revenue recognition policy as well as disclosures regarding price risks based
on coal sales, FOB/CIF shipping terms, and coal sales and purchase agreements. Given that
the Company operates in the paper and cardboard packaging industry, please explain:
a. The factors causing these disclosure discrepancies, including whether there were errors in
the preparation, editing, or use of financial statement templates.
Answer
This discrepancy in disclosure resulted from an error in the use of the financial statement
template.
b. The basis for the Company’s decision to include policies and disclosures related to coal
sales, given that this is not consistent with the Company’s business activities.
Answer
This disclosure discrepancy is an error resulting from the use of the financial statement
template.
2
Page 17
c. Whether or not there are any transactions, agreements, or activities of the Company related
to coal sales, FOB/CIF terms, or a coal sales and purchase agreement that underlie
the inclusion of such disclosures.
Answer
None; the discrepancy in the disclosure is due to an error in the use of the financial
statement template.
d. The material impact of this disclosure discrepancy on the presentation and/or
measurement of the Company’s Revenue, Expenses, and Fair Value of Financial
Instruments as a whole.
Answer
Overall, there is no material impact from this disclosure discrepancy.
e. Other disclosures in the Notes to Financial Statements (NtFS) that may not align with the
Company’s business activities, transactions, or actual conditions, as well as the steps
the Company has taken to ensure there are no similar discrepancies.
Answer
There are no other disclosures in the Notes to Financial Statements (NtFS) that are
inconsistent with the Company's business activities. We will be mo re thorough in
reviewing the Notes to Financial Statements (NtFS) to prevent similar incidents from
recurring.
f. The Company’s plan and timeline for corrective actions, such as the submission of a Public
Disclosure and/or revision of the Notes to Financial Statements (NtFS), including steps to
be taken to ensure the reliability and accuracy of information disclosed to the public.
Answer
We will correct the errors in the presentation of the revenue recognition policy as well
as the disclosure of price risks related to coal sales, etc. Corrective actions will be taken
by October 30, 2026.
3. Based on a review of the gross third-party trade receivables position of IDR 88.54 billion (AIL
IDR 61.81 billion) and related-party other receivables of IDR36.88 billion, please provide an
explanation:
a. Details of the 5 (five) largest trade debtors, including entity name, receivable amount,
aging of receivables, collection/bankruptcy status, and confirmation regarding the
existence or absence of undisclosed affiliate relationships.
3
Page 18
Answer
The details of the five largest borrowers are as follows:
Entity Accounts Not Yet
1 to 30 31 t0 60 61 to 90 Above 91
Name Receivable Due
PT
KEMASAN 35.485.600.297 - - - - 35.485.600.297
LESTARI
PT
RAJAWALI
3.513.623.521 - 112.677.809 520.523.334 828.618.431 2.051.803.947
RAHARDJA
MANDIRI
PT KALDU
SARI NABATI 1.061.032.590 200.519.453 876.779.092 2.497.903 3.217.232 10.550.820
INDONESIA
PT ADI
KENCANA
746.920.847 - - - - 746.920.847
MAHKOTA
BUANA
PT ANALISA
DARYA 296.820.376 - - - - 296.820.376
PRIMA
Third
Entity Name party/related Billing status
party
Bankrupt, and an allowance for
PT KEMASAN LESTARI Third party
impairment losses has been recognized
PT RAJAWALI RAHARDJA
Third party Collection efforts are still underway
MANDIRI
PT KALDU SARI NABATI
Third party Full payment was made in 2026
INDONESIA
PT ADI KENCANA
Related parties Collection efforts are still underway
MAHKOTA BUANA
PT ANALISA DARYA PRIMA Third party Collection efforts are still underway
b. Target for realized cash recovery from trade receivables overdue by more than 90 days
(amounting to IDR 85.81 billion) for the remainder of 2026.
Answer
The target for actual cash recovery from trade receivables past due by more than 90 days
is 50% of the outstanding trade receivables.
c. Details of fund-receiving entities, transaction origins, interest charging schemes, and
repayment schedules for gross other receivables from related parties amounting to IDR
36.88 billion.
4
Page 19
Answer
Origin Charge to Schedule
Entity Name Amount
Transaction Interest Repayment
Provision of
PT MITRA
loans for December 31,
ADHIKARYA 24.510.682.000 -
business 2026
PLASINDO
expansion
Provision of
PT GARUDA
loans for December 31,
PRIMA 12.008.134.124 -
business 2026
SENTOSA
expansion
Advance
PT SUMBER
payment of December 31,
MAKMUR 358.526.510 -
administrative 2026
LUMINTU
costs
4. Regarding the recorded "Other Related Party Liabilities" due to a shareholder (Shio Alim
Susanto) amounting to IDR 9.06 billion and the aval purchase guarantee of IDR 2.10 billion
recorded under "Other Assets," an explanation is required:
a. Details regarding the use of funds from the shareholder loan, as well as whether or not
there is a plan to convert the loan into equity (debt to equity swap).
Answer
The shareholder loan proceeds are intended to meet the working capital requirements of
MCT and the Company. Pursuant to Article 4 of the loan agreement between MCT, the
Company, and the shareholder, the shareholder holds an option to convert the debt;
however, there are currently no plans to convert the loan into equity.
b. Details of the guarantee liability for the aval purchase from Nurudin Muslim amounting
to IDR 2.10 billion, including the supporting operational cooperation agreement.
Answer
The outstanding amount represents a security deposit for the procurement of aval (waste
paper/scrap), in accordance with the Goods Procurement Agreement (Supplier Contract)
dated October 31, 2023, between PT Sriwahana Adityakarta Tbk and Mr. Nurudin Muslim,
totaling IDR 2,100,000,000.00. Under Article II, PT SWAT, acting as the buyer, is
required to provide a security deposit to the supplier to ensure the smooth supply of aval.
The deposit payment follows a phased schedule as agreed upon. The balance of IDR 2.1
billion as of December 31, 2023, remains recorded as a security deposit liability because
the procurement process is still ongoing.
5. With regard to the Company's operational performance, where net sales experienced a
significant decline of 63.04% from IDR 176.49 billion in 2024 to IDR 65.23 billion in 2025
please provide an explanation:
5
Page 20
a. Key factors contributing to the decline in sales volume in the corrugated, paper tube, and
paper cone segments.
Answer
The 63,04% decline in net sales in 2025 was primarily driven by reduced sales volumes in
the corrugated, paper tube, and paper cone segments. The main factor behind this decline
was a management decision to adopt a more selective approach to customer acquisition as
part of efforts to mitigate risk and improve the quality of receivables. The Company
discontinued business with certain customers who had a history of late payments and
showed signs of poor collectibility, in order to avoid potential bad debts. While this resulted
in a short-term drop in sales volume, the policy was implemented to safeguard the
Company's cash flow health and operational sustainability.
b. Factors driving the rapid sales growth of the cheise segment, as well as the segment's future
sustainability prospects.
Answer
The increase in sales within the cheise segment was primarily driven by rising demand from
export markets. This segment offers more competitive selling prices and margins compared
to the corrugated, paper tube, and paper cone segments, which experienced declines. In line
with a selective strategy for other segments, the Company shifted its sales focus toward the
export cheise segment, which entails lower collectibility risk and offers sustained demand.
Looking ahead, the Company views the export cheise segment as having positive prospects
and intends to continue developing it as a key sales driver, supported by stable demand
from existing export customers and efforts to secure new ones.
c. Capacity utilization rate of each of the Company’s production lines throughout 2025
compared to 2024.
Answer
Overall, there is a decline in production capacity utilization across the factory lines in 2025
compared to 2024.
d. A key issue was that the decline in Cost of Goods Sold (down 55.22%) was not
commensurate with the decline in Net Sales (down 63.04%), resulting in a negative Gross
Profit Margin (GPM) of -59.53% and an Operating Margin (OPM) of -70.57%.
6
Page 21
Answer
There is intense price competition in the domestic market for the corrugated, paper tube,
and paper cone segments, requiring the Company to adjust selling prices, which has
resulted in a decline in margins.
e. Efficiency plan for Factory Overhead costs totaling IDR 74.22 billion—specifically
regarding depreciation charges (IDR 27.92 billion) and energy costs (IDR 4.80 billion)—
as well as the target timeframe for restoring the operating margin to positive territory.
Answer
Depreciation charges represent a fixed cost that cannot be reduced through efficiency
measures unless production volume is increased; therefore, we will strive to boost the
Company's production in the future. We will implement energy efficiency measures to curb
factory overhead costs. The operating margin is projected to return to positive territory by
the fourth quarter of 2026.
6. Review the Company's liquidity position and working capital management—specifically the
sharp 71.91% decline in cash and bank balances to IDR 2.37 billion (with the Cash Ratio falling
to 0.07) and a recorded physical cash balance of nil and provide an explanation:
a. Sufficiency of the Company's cash flow to fund routine plant operations, employee salary
payments, and the settlement of short-term obligations due in the near term.
Answer
We will step up the collection of accounts receivable to generate cash flow for the
company, enabling it to meet the obligations in question.
b. Concrete measures to address the Company’s cash cycle, which has expanded significantly
from 146.2 days to 299.0 days, particularly to accelerate the inventory turnover cycle
(Days of Inventory On Hand / DOH of 157.1 days).
Answer
The Company is more selective in choosing customers to avoid bad debts, and we have
discontinued business relationships with several customers.
c. Collection plan and mitigation strategy for receivables (Days Sales Outstanding / DSO of
154.5 days) falling outside the bank guarantee scheme, given that net trade receivables are
recorded at IDR 27.61 billion and the gross receivables position is dominated by balances
outstanding for more than 90 days, amounting to IDR 85.81 billion.
7
Page 22
Answer
The Company is more selective in choosing customers to avoid bad debts, and we have
discontinued business relationships with several customers.
d. The appropriateness and adequacy of the determination of the Allowance for Impairment
Losses (AIL) on trade receivables, adjusted to IDR 61.81 billion.
Answer
The Company determined the Allowance for Impairment Losses (AIL) on trade
receivables, amounting to IDR 61.81 billion as of December 31, 2025, in accordance with
PSAK 109 regarding Financial Instruments, utilizing the Expected Credit Loss (ECL)
approach. The considerations and basis for determining the CKPN are as follows:
- Accounts receivable aging analysis and evaluation of collectibility for each customer.
- Historical data on the Company's credit loss rates and customer payment patterns over
the past 2–3 years.
Forward-looking factors, including current economic and industry conditions that affect
customers' ability to pay. Individual assessment for receivables of significant value and
specific indications of impairment.
7. Please provide an explanation regarding the Company's high liability position of IDR 382.18
billio dominated by bank debt which caused the Debt-to-Equity Ratio (DER) to surge to
3,066%:
a. Progress and scheme of the bank debt restructuring negotiation with PT Bank Woori
Saudara Indonesia 1906 Tbk regarding the adjustment of the principal installment schedule
and interest rate.
Answer
MCT and the Company have not proposed a restructuring to BWS, the creditor. To date,
MCT and the Company continue to adhere to the terms of the homologation agreement.
b. Impact of financial charges on bank loans (recorded at -IDR2.82 billion) on the Company's
cash outflows.
Answer
Attached to the Cash Flow Projection
c. Status of the pledging of the Company’s trade receivables as collateral for the said bank
credit facility.
Answer
In accordance with the homologation agreement.
8
Page 23
Regarding the Company's Operational and Business Conditions
8. Based on the Exchange’s monitoring of compliance with information disclosure obligations
whereby the Company’s shares have been suspended since June 30, 2025, and are listed on the
Special Monitoring Board with Special Notations “X” and “L” please provide an explanation:
a. The primary obstacles faced by the Company that resulted in the delayed submission of
the 2025 Audited Financial Statements (submitted only on September 9, 2026) as well as
the Interim Financial Statements for the First and Second Quarters of 2026.
Answer
The primary challenge faced by the Company stems from staff turnover involving those
responsible for preparing financial statements, as well as an incomplete data handover
process between the outgoing and incoming staff.
b. Definitive timeline for the completion and submission of the Interim Financial Statements
for the First and Second Quarters of 2026.
Answer
The end of October 2026, including the finalization of the Third Quarter Interim Financial
Statements.
c. Management's strategies and concrete steps to meet all requirements for lifting the stock
trading suspension (unsuspend) and to comply with the provisions of Exchange Regulation
No. I-N, in order to mitigate the risk of delisting resulting from a suspension that has
persisted for more than 14 months.
Answer
Management is currently addressing, and will continue to address, administrative matters
regarding financial reports that were not finalized in the previous period, including the
settlement of all penalties associated with the delayed submission of financial statements
and annual reports.
9. Please provide an explanation regarding the handling of the capital market criminal case
concerning the Company's share transactions during the June–July 2018 period which currently
involves the Company's President Director and has reached the stage of case referral to the
Boyolali District Attorney's Office:
a. The impact of the handling of said criminal case on daily operational continuity, business
relationships with customers/creditors, and the Company's reputation.
9
Page 24
Answer
To date, the handling of the aforementioned criminal case has not materially disrupted the
Company's daily operations, business relationships, or reputation.
b. Leadership status and the execution of daily duties by the Board of Directors, in light of
the detention of the Company’s President Director by the Prosecutor's Office.
Answer
The Company’s operational activities and management functions continue to be carried
out by the Board of Directors and other management personnel in accordance with their
authority, the provisions of the Articles of Association, and applicable laws and
regulations.
c. Concrete steps taken by the Controlling Shareholder and the Board of Commissioners to
ensure the effectiveness of governance (Good Corporate Governance) and the continuity
of the Company's management (such as plans to hold an Extraordinary General Meeting
of Shareholders to replace management or the appointment of a replacement official).
Answer
The controlling shareholder, together with the Board of Directors and the Board of
Commissioners, continues to monitor the Company's condition and ensure the
implementation of Good Corporate Governance (GCG) as well as the continuity of the
Company's managerial and operational functions. Measures taken include:
1. nsure that the Company’s operational activities and decision-making processes
continue in accordance with the Articles of Association, internal policies, and
applicable laws and regulations;
2. Ensure the continuity of the Board of Directors' functions through a mechanism of
delegated authority in accordance with applicable regulations;
3. Evaluate the Company’s management needs and structure, taking into account the
interests of the Company and all stakeholders;
4. Improve the Company’s governance (administration), specifically regarding the
submission of the Company’s Financial Statements for the 2024 and 2025 periods,
as well as the Annual Report and the conduct of the public expose that had not
previously been submitted; and
5. If necessary and in accordance with applicable regulations, the Company will
utilize the Extraordinary General Meeting of Shareholders (EGMS) mechanism to
make decisions regarding changes or replacements of members of the Board of
Directors, including the appointment of substitute officials or management
personnel.
Through this measure, the Company is committed to maintaining business continuity,
effective governance, and certainty in decision-making, while continuing to act in the best
interests of all stakeholders throughout the legal proceedings.
10
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10. Please explain matters regarding industry conditions and external factors that may affect the
Company's business activities:
a. Developments in macroeconomic and industry conditions relevant to the Company's
business activities.
Answer
In 2025, national macroeconomic conditions continued to show growth, with the
manufacturing industry expanding by 5.54% overall and by 5.68% (year-on-year) in the
second quarter. This growth generally sustained the demand for cardboard packaging,
which supports the manufacturing and consumer goods sectors. However, the cardboard
packaging industry faced several challenges, including intense price competition, volatility
in waste paper raw material costs, and rising energy and distribution expenses—all of
which impacted competitiveness and margins. Conversely, the growth of e-commerce and
the preference for eco-friendly packaging continued to create demand opportunities for
corrugated cardboard packaging, paper cones, and paper tubes.
b. Changes in business competition conditions occurring during the current period, including
any significant changes in market share, key customers, or competitive pressures.
Answer
During the period under review, the Company faced intense business competition in the
corrugated, paper tube, and paper cone segments, particularly regarding selling price
pressures and rivalry with other manufacturers. These conditions resulted in a decline in
market share within those segments. Furthermore, there were changes regarding key
customers due to the Company's selective policy concerning clients with poor payment
histories that posed risks to trade receivable collectability. As a result of this policy,
business relationships with several key customers in the corrugated, paper tube, and paper
cone segments were discontinued. To ensure business sustainability, the Company shifted
its focus to the cheese segment for the export market, which offers healthier competition
and more stable demand.
c. The Company’s strategy for addressing changing market conditions and maintaining the
sustainability of its business competitiveness.
Answer
- The Company is committed to strengthening its economic performance by enhancing
operational efficiency, developing human resource competencies and quality, and
driving innovation that addresses dynamic market needs. In tandem with this, the
Company continues to integrate environmental considerations through optimized
energy use, emission controls, and more responsible resource management.
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- The Company strives to build a safe, inclusive, and productive work environment while
making a positive contribution to the communities surrounding its operational areas
11. Have there been any contract acquisitions, new revenue sources, material transactions, changes
in business relationships, new financing, or other events occurring after the most recent
financial reporting period submitted to the Exchange that could affect the Company's financial
and operational condition? If so, please provide an explanation:
a. Background and nature of the material transaction or event.
Answer:
As of the preparation of this Response, there have been no contract awards, new revenue
sources, material transactions, changes in business relationships, new financing, or other
events that could affect the Company's financial and operational condition.
b. Parties involved.
Answer:
As of the preparation of this response, there have been no contract awards, new sources of
revenue, material transactions, changes in business relationships, new financing, or other
events that could affect the Company's financial and operational condition.
c. Transaction value and its impact on the Company's financial statements and operational
activities.
Answer:
As of the preparation of this response, there have been no contract awards, new sources of
revenue, material transactions, changes in business relationships, new financing, or other
events that could affect the Company's financial and operational condition.
d. Status of the implementation of the transaction or event as of the date of this response.
Answer:
As of the preparation of this Response, there have been no contract awards, new revenue
sources, material transactions, changes in business relationships, new financing, or other
events affecting the Company's financial and operational condition in relation to the
inquiries made.
The responses to questions 1 through 11 are provided via Form E023 – Response to Exchange
Request for Clarification (published)
12
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12. Are there any legal matters, disputes, potential contingent liabilities, or material legal events
involving the Company, its Subsidiaries, the Board of Directors, or the Board of
Commissioners that have not been disclosed in the Company's latest financial statements? If
so, please provide an explanation:
a. Parties involved.
b. Core subject matter or issue.
c. Latest status of case resolution.
d. Estimation of the financial and operational impact on the Company.
Answer
Response to points (a) through (d):
As of the preparation of the Company's latest financial statements, there are no legal cases,
disputes, potential contingent liabilities, or other material legal events involving the Company,
its subsidiaries, the Board of Directors, or the Board of Commissioners.
13. Material facts/information or significant events that could have a significant impact on the
Company and are deemed capable of influencing fluctuations in the trading of the Company's
shares, which have not yet been disclosed to the public and must be immediately disclosed to
the public.
Answer
As of the preparation of the Company's latest financial statements, there are no material facts,
information, or significant events that could materially affect the Company or are deemed likely
to influence fluctuations in the trading of the Company's shares.
13
Page 28
PT SRIWAHANA ADITYAKARTA TBK
Cash Flow Projections September 2026 to December 2027
Period Beginning 01/09/26 01/10/26 01/11/26 01/12/26 01/01/27 01/02/27 01/03/27 01/04/27 01/05/27 01/06/27 01/07/27 01/08/27 01/09/27 01/10/27 01/11/27 01/12/27
Period Ending 30/09/26 31/10/26 30/11/26 31/12/26 31/01/27 28/02/27 31/03/27 30/04/27 31/05/27 30/06/27 31/07/27 31/08/27 30/09/27 31/10/27 30/11/27 31/12/27
Cash / Bank at Beginning of Period 22.748.600 75.139.700 4.366.518.993 13.828.097.581 10.153.184.559 10.038.830.904 10.187.126.602 10.638.800.055 11.160.489.012 12.086.689.275 13.479.849.103 15.411.961.146 18.120.666.226 21.546.958.686 25.801.070.375 31.010.027.295
Cash / Bank at End of Period 75.139.700 4.366.518.993 13.828.097.581 10.153.184.559 10.038.830.904 10.187.126.602 10.638.800.055 11.160.489.012 12.086.689.275 13.479.849.103 15.411.961.146 18.120.666.226 21.546.958.686 25.801.070.375 31.010.027.295 37.320.194.659
Month Sep'26 Oct'26 Nov'26 Dec'26 Jan'27 Feb'27 Mar'27 Apr'27 May'27 Jun'27 Jul'27 Aug'27 Sep'27 Oct'27 Nov'27 Dec'27
Receipts
Customers 102.374.800 3.251.270.000 3.738.960.500 4.299.804.575 4.944.775.261 5.686.491.550 6.539.465.283 7.520.385.075 8.648.442.837 9.945.709.262 11.437.565.652 13.153.200.499 15.126.180.574 17.395.107.660 20.004.373.809 23.005.029.881
Others 0 5.000.000.000 10.000.000.000 0 0 0 0 0 0 0 0 0 0 0 0 0
Paid
Installment 0 -1.621.961.607 -1.621.961.607 -1.621.961.607 -1.621.961.607 -1.621.961.607 -1.621.961.607 -1.902.294.623 -1.902.294.623 -1.902.294.623 -1.902.294.623 -1.902.294.623 -1.902.294.623 -1.902.294.623 -1.902.294.623 -1.902.294.623
Operational -49.983.700 -200.000.000 -220.000.000 -242.000.000 -266.200.000 -292.820.000 -322.102.000 -354.312.200 -389.743.420 -428.717.762 -471.589.538 -518.748.492 -570.623.341 -627.685.675 -690.454.243 -759.499.667
Production 0 -1.625.635.000 -1.869.480.250 -2.149.902.288 -2.472.387.631 -2.843.245.775 -3.269.732.642 -3.760.192.538 -4.324.221.418 -4.972.854.631 -5.718.782.826 -6.576.600.250 -7.563.090.287 -8.697.553.830 -10.002.186.905 -11.502.514.940
Supplier 0 -154.654.400 -154.654.400 -154.654.400 -154.654.400 -154.654.400 -154.654.400 -154.654.400 -154.654.400 -154.654.400 -154.654.400 0 0 0 0 0
Tax 0 -357.639.700 -411.285.655 -472.978.503 -543.925.279 -625.514.071 -719.341.181 -827.242.358 -951.328.712 -1.094.028.019 -1.258.132.222 -1.446.852.055 -1.663.879.863 -1.913.461.843 -2.200.481.119 -2.530.553.287
Fines 0 0 0 -3.333.220.800 0 0 0 0 0 0 0 0 0 0 0 0
Net Cash Flow Projections 52.391.100 4.291.379.293 9.461.578.588 -3.674.913.023 -114.353.655 148.295.698 451.673.454 521.688.957 926.200.264 1.393.159.828 1.932.112.043 2.708.705.080 3.426.292.460 4.254.111.689 5.208.956.920 6.310.167.364
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