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RINGKASAN LAPORAN PENILAI SUMMARY OF THE APPRAISAL
REPORT
a. IDENTITAS PIHAK YANG 1. IDENTITY OF THE
BERTRANSAKSI TRANSACTING PARTIES
Pihak-pihak yang melakukan transaksi The parties to the transaction are PT
adalah PT Centratama Menara Indonesia Centratama Menara Indonesia (“CMI”)
(“CMI”) sebagai penerbit debt security as the debt security issuer (bond issuer)
(bond issuer) dan EP ID Holdings Pte. and EP ID Holdings Pte. Ltd. (“EPID”)
Ltd. (“EPID”) sebagai pemegang debt as the debt security holder (bond holder).
security (bond holder). Pihak-pihak These transacting parties are affiliated
tersebut yang bertransaksi merupakan with PT Centratama Telekomunikasi
pihak terafiliasi dengan PT Centratama Indonesia Tbk (the “Company”).
Telekomunikasi Indonesia Tbk
(“Perseroan”).
b. OBJEK PENILAIAN 2. VALUATION OBJECT
Objek transaksi adalah Perjanjian Bond The object of the transaction is the Bond
Issuance Instrument antara CMI dan Issuance Instrument Agreement between
EPID dengan nilai maksimum sebesar CMI and EPID with a maximum value
USD 50,000,000 atau setara dengan of USD 50,000,000 or equivalent to
Rp829.400.000.000 yang dilakukan Rp829,400,000,000, to be executed in
secara bertahap dengan tingkat bunga stages, bearing an annual interest rate of
5,16% per tahun serta jatuh tempo pada 5.16% and maturing on September 30,
30 September 2030 (“Objek 2030 (the “Transaction Object”).
Transaksi”).
c. TUJUAN PENILAIAN 3. PURPOSE OF VALUATION
Maksud dan tujuan dari laporan ini The purpose of this report is to provide a
adalah untuk memberikan pendapat fairness opinion on the Bond Issuance
kewajaran atas transaksi Perjanjian Bond Instrument Agreement transaction
Issuance Instrument antara CMI dengan between CMI and EPID, which are
EPID yang merupakan pihak terafiliasi affiliated parties of the Company, and to
dengan Perseroan dan untuk pemenuhan fulfill the requirements of the Financial
Peraturan Otoritas Jasa Keuangan Services Authority Regulation
(“POJK”) Nomor 42/POJK.04/2020 (“POJK”) No. 42/POJK.04/2020
tentang Transaksi Afiliasi Dan Transaksi concerning Affiliated Transactions and
Benturan Kepentingan (“POJK Conflict of Interest Transactions
42/2020”) dan POJK Nomor (“POJK 42/2020”) and OJK Regulation
17/POJK.04/2020 tentang Transaksi No. 17/POJK.04/2020 concerning
Material dan Perubahan Kegiatan Usaha Material Transactions and Change of
(“POJK 17/2020”). Business Activities (“POJK 17/2020”).
d. PENDEKATAN DAN METODE 4. VALUATION APPROACH AND
PENILAIAN METHOD
Kewajaran transaksi dilakukan melalui The fairness assessment of the
analisis yang mencakup hal-hal sebagai transaction is conducted through an
berikut: analysis that includes the following
a. Analisis transaksi matters:
b. Analisis kualitatif dan kuantitatif atas a. Analysis of the transaction
transaksi b. Analysis qualitative and quantitative
of the transaction
c. Analisis kewajaran nilai transaksi
c. Analysis of fairness opinion of the
d. Analisis atas faktor lain yang relevan transaction value
d. Analysis of other relevant factors
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e. ASUMSI DAN KONDISI 5. ASSUMPTIONS AND LIMITING
PEMBATAS CONDITIONS
• Laporan penilaian ini bersifat non- • This appraisal report is a non-
disclaimer opinion. disclaimer opinion.
• Penilai Usaha telah melakukan • The Business Appraiser has
penelahaan atas dokumen-dokumen conducted a review of the
yang digunakan dalam proses penilaian. documents used in the appraisal
• process.
• Data dan informasi yang diperoleh • The data and information obtained
berasal dari sumber yang dapat dipercaya comes from sources that can be
ke akuratannya. trusted for accuracy.
• Penilai mengunakan proyeksi keuangan • Appraisers use financial projections
yang telah disesuaikan oleh yang that have been adjusted to reflect the
mencerminkan kewajaran proyeksi fairness of financial projections
keuangan yang dibuat oleh manajemen made by management with the
dengan kemampuan pencapaiannya ability to achieve them (fiduciary
(fiduciary duty). duty).
• Penilai bertanggung jawab atas • The appraiser is responsible for the
pelaksanaan penilaian dan kewajaran implementation of the assessment
proyeksi keuangan yang telah and the fairness of the adjusted
disesuaikan. financial projections.
• Laporan penilaian pendapat kewajaran • This fairness opinion assessment
ini terbuka untuk publik. report is open to the public.
• Penilai bertanggung jawab atas laporan • The appraiser is responsible for the
laporan pendapat kewajaran dan fairness opinion report and value
kesimpulan nilai. conclusions.
• Penilai telah memperoleh informasi atas • The appraiser has obtained
status hukum objek penilaian dari information on the legal status of the
pemberi tugas. object of appraisal from the
assignor.
f. KESIMPULAN 6. CONCLUSION
Transaksi memberikan manfaat bagi The transaction benefits the Company
Perseroan yaitu adanya sumber by providing a source of funding for its
pendanaan bagi anak usaha sehingga subsidiary, allowing the subsidiary
dapat memenuhi kebutuhan operasional (CMI) to meet its operational needs.
anak usaha (CMI).
Sedangkan bagi CMI, transaksi Meanwhile for CMI, the transaction
memberikan manfaat berupa akses ke provides benefits in the form of access to
sumber dana baru di luar perbankan new funding sources outside of banking
untuk diversifikasi pembiayaan dan for financing diversification and funding
fleksibilitas pendanaan yang dapat flexibility that can be adjusted to
disesuaikan dengan kebutuhan operational needs.
operasional.
Namun, transaksi ini juga membawa However, this transaction also carries a
sejumlah risiko, seperti adanya number of risks, such as the obligation to
kewajiban pembayaran bunga dan pokok pay interest and principal, which can add
to CMI financial burden.
Page 3
yang dapat menambah beban keuangan CMI. Analisis kualitatif dilakukan berdasarkan The qualitative analysis conducted SEOJK 17/2020 yang meliputi: based on SEOJK 17/2020 includes: Tinjauan Makro Macro Overview Pertumbuhan ekonomi Indonesia pada Indonesia's economic growth in March Maret 2025 mencapai 4,87% (yoy). 2025 reached 4.87% (yoy). Indonesia's Inflasi Indonesia Maret 2025 sebesar inflation in March 2025 is 1.03%. The 1,03%. Kurs Tengah Nilai Tukar Dollar middle exchange rate of the United Amerika Serikat Terhadap Rupiah Per 31 States Dollar against the Rupiah as of Maret 2025 sebesar Rp16.588. March 31, 2025, is IDR 16,588. Perkembangan Industri Telecommunication Industry Telekomunikasi Development Prospek kinerja sektor industry The outlook for the performance of the telekomunikasi di Indonesia telecommunications industry sector in diperkirakan akan terus menunjukkan Indonesia is expected to continue to tren pertumbuhan yang positif, seiring show a positive growth trend, along with dengan meningkatnya kebutuhan the increasing need for connectivity and konektivitas dan meluasnya proses the widespread process of digitalization digitalisasi di berbagai aspek kehidupan. in various aspects of life. The Perkembangan sektor ini juga akan development of this sector will also be didorong oleh ekspansi bisnis data driven by the expansion of the data center, infrastruktur menara center business, telecommunications telekomunikasi, serta layanan enterprise tower infrastructure, and digital-based berbasis digital. enterprise services. Prospek Usaha Business Prospects Berdasarkan laporan keuangan audit Based on Company's consolidated konsolidasi Perseroan per 31 Maret audited financial statements as of March 2025, Peseroan berhasil membukukan 31, 2025, the Company successfully pendapatan sebesar Rp625 miliar untuk booked revenue of IDR 625 billion for periode tiga bulan yang berakhir pada the three-month period ended on that tanggal tersebut. Untuk CMI, pendapatan date. As for CMI, revenue as of March per 31 maret 2025 berhasil dibukukan 31, 2025, was successfully recorded at sebesar Rp305.245 juta. IDR 305,245 million. Berdasarkan Laporan Tahunan 2024, Based on the 2024 Annual Report, manajemen optimis terhadap prospek management is optimistic about the pertumbuhan progresif dan memperkuat prospect of progressive growth and posisi Perseroan sebagai penyedia strengthening the Company position as menara independen terbesar ketiga di the third largest independent tower Indonesia. Strategi utama yang provider in Indonesia. Key strategies dijalankan mencakup ekspansi ke include expansion into Kalimantan and wilayah Kalimantan dan Indonesia Eastern Indonesia, increasing Timur, peningkatan penyewaan kolokasi, collocation rentals, and optimizing serta optimalisasi produktivitas melalui productivity through system automation otomatisasi sistem dan pengelolaan and effective organizational organisasi yang efektif. Melalui langkah- management. Through these measures, langkah ini, Perseroan memproyeksikan the Company projects a gradual perbaikan kinerja finansial secara improvement in financial performance. bertahap.
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Keuntungan dan Kerugian Transaksi Advantages and Disadvantages of
Transaction
Keuntungan dan kerugian bagi Perseroan Advantages and disadvantages for the
dan CMI terkait transaksi ini Company and CMI about the transaction
memberikan manfaat berupa tambahan provides benefits in the form of
pendanaan untuk operasional dan additional funding for operations and
pengembangan usaha, diversifikasi business development, diversification of
sumber pembiayaan di luar perbankan, financing sources outside of banking,
fleksibilitas realisasi pendanaan, serta flexibility in funding realization, and
biaya yang lebih kompetitif melalui more competitive costs through
afiliasi. Namun, transaksi ini juga affiliates. However, this transaction also
menimbulkan kewajiban bunga dan gives rise to interest and principal
pokok, serta risiko persepsi negatif dari obligations, as well as the risk of
pemegang saham publik terkait negative perceptions from public
independensi dan tata kelola, namun shareholders regarding independence
transaksi telah dilakukan sesuai dengan and governance, notwithstanding the
ketentuan peraturan perundang- transaction has been carried out in
undangan yang berlaku dan juga accordance with prevailing laws and
memastikan penerapan prinsip tata regulations and ensures the
Kelola Perusahaan yang baik (Good implementation of Good Corporate
Corporate Governance/GCG) dalam Governance/GCG principles in every
setiap proses pengambilan keputusan. decision making process.
Analisis dampak Leverage terhadap The impact of leverage on finances
keuangan dibanding industri sejenis compared to similar industries
Perseroan memiliki rasio DER dikisaran The Company has a DER (Debt-to-
6,30-7,76 x, sedangkan CMI memiliki Equity Ratio) in the range of
rasio DER dikisaran6,87 – 9,17. Oleh 6.30−7.76×, while CMI has a DER in the
karena itu, Perseroan dan CMI memiliki range of 6.87−9.17×. Therefore, the
risiko atas leverage (DER) bila Company and CMI have a leverage risk
dibandingkan dengan kondisi industri (DER) when compared to the relevant
sejenisyang berada pada kisaran 1,02- industry condition, which is in the range
2,77x. of1.02−2.77x.
Analisis likuiditas pada keuangan Liquidity analysis of finances to
untumemastikan pelunasan pinjaman ensure loan repayment
Sesuai dengan POJK17/2020 analisis In accordance with POJK 17/2020,
likuiditas dilakukan untuk mengetahui liquidity analysis is carried out to ensure
bahwa pinjaman dapat dilunasi. that the loan can be repaid.
Sesuai dengan transaksi, CMI In line with the transaction, CMI is the
merupakan pihak yang melakukan borrower, and therefore the liquidity
pinjaman, sehingga analisis likuditas analysis is conducted only for CMI.
yang dilakukan hanya untuk CMI. Based on the financial
Berdasarkan proyeksi keuangan/rencana projections/business plan for the 2025-
bisnis periode 2025-2030 yang disusun 2030 period prepared by CMI’s
oleh manajemen CMI, rata-rata current management, the average current ratio is
ratio adalah 12,44% dan cash ratio 12.44% and the average cash ratio is
sebesar 1,44%. Hal ini menunjukkan 1.44%. This indicates the importance for
pentingnya bagi CMI untuk CMI to optimize its liquidity
mengoptimalkan pengelolaan management, especially after making
likuiditasnya, khususnya setelah principal and interest payments on the
melakukan pembayaran pokok dan loan.
bunga pinjaman.
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Analisis Kuantitatif atas Transaksi Quantitative Analysis of the
Transaction
Analisis kuantitatif dilakukan terhadap The quantitative analysis is conducted
Perseroan sebagai perusahaan publik on the Company as a public company
(Emiten) berdasarkan SEOJK17/2020 based on SEOJK 17/2020 and includes:
yang meliputi:
Analisis Kinerja Historis Perseroan Historical Performance Analysis of
(Laporan Keuangan Konsolidasi) the Company (Consolidated Financial
Statement)
Sampai dengan 31 Maret 2025, As of March 31, 2025, the Company
Perseroan mencatat total aset sebesar recorded total assets of IDR 27,693,296
Rp27.693.296 juta, liabilitas million, liabilities of IDR 23,900,774
Rp23.900.774 juta, dan ekuitas million, and equity of IDR 3,792,522
Rp3.792.522 juta, dengan pendapatan million, with operating revenue of IDR
usaha sebesar Rp625.602 juta, rugi tahun 625,602 million, a net loss for the period
berjalan sebesar Rp657.760 juta, serta of IDR 657,760 million, and cash and
kas dan setara kas sebesar Rp533.430 cash equivalents of IDR 533,430
juta yang diperoleh dariarus kas million. This was derived from IDR
operasional Rp553.998 juta, arus 553,998 million in cash flow from
kasinvestasi negatif Rp139.423 juta, dan operating activities, a negative cash flow
arus kas pendanaan negatif Rp339.635 from investing activities of IDR 139,423
juta. million, and a negative cash flow from
financing activities of IDR 339,635
million.
Analisis Dampak Keuangan atas Financial Impact Analysis of the
Transaksi Transaction
Sesuai SEOJK17/2020 analisis dampak In accordance with SEOJK 17/2020, the
keuangan atas transaksi dilakukan financial impact analysis of the
terhadap perusahaan publik (Emiten), transaction is conducted on the public
dalam hal ini dampak keuangan yang company (the Issuer). In this case, the
dianalisis adalah transaksi yang financial impact being analyzed is the
dilakukan oleh CMI dan EPID sebagai transaction carried out by CMI and EPID
pihak terafiliasi terhadap keuangan as affiliated parties on the Company’s
Perseroan. financials.
Selain itu, analisis dampak keuangan Furthermore, the financial impact
juga untuk memberikan informasi terkait analysis also aims to provide
kinerja laporan keuangan baik kepada information regarding the financial
manajemen Perseroan maupun para statement performance to both the
pemegang saham. Berdasarkan informasi Company's management and its
Laporan Posisi Keuangan Konsolidasian shareholders. Based on the Proforma
Proforma yang dibuat oleh manajemen Consolidated Statement of Financial
Perseroan dampak keuangan atas Position prepared by the Company's
transaksi adalah sebagai berikut: management, the financial impact of the
transaction is as follows:
Dampak keuangan terhadap laporan Financial Impact on the Company’s
posisi keuangan Perseroan: Statement of Financial Position:
a. Kas dan Setara Kas a. Cash and Cash Equivalents
Kas dan setara kas mengalami Cash and cash equivalents increased
kenaikan sebesar Rp829.400 juta. by IDR 829,400 million.
b. Utang lain-lain jangka pendek b. Other short-term debt
Page 6
Utang lain-lain jangka pendek Other short-term debt increased by
mengalami kenaikan sebesar IDR 213,985 million due to the
Rp213.985 juta akibat dari beban interest expense of the transaction.
bunga transaksi. c. Other long-term debt
c. Utang lain-lain jangka panjang Other long-term liabilities increased
Utang lain-lain jangka panjang by IDR 829,400 million
mengalami kenaikan sebesar d. Retained earnings
Rp829.400 juta. Retained earnings decreased by IDR
d. Saldo Laba 213.985 million.
Saldo laba mengalami penurunan
sebesar Rp213.985 juta.
Dampak keuangan terhadap laporan laba Financial Impact on the Company’s
rugi Perseroan: Income Statement:
a. Beban Keuangan a. Financial Expenses
Beban keuangan mengalami Financial expenses increased by IDR
kenaikansebesar Rp213.985 juta 213,985 million in connection with
terkait denganpembebanan bunga. interest expenses on debt securities.
b. Rugi Tahun Berjalan b. Current Year Loss
Rugi tahun berjalan Current year loss increased by IDR
mengalamipeningkatan sebesar 213,985 million.
Rp213.985 juta.
Analisis Atas Kewajaran Nilai Analysis on the Fairness of
Transaksi Transaction Value
Analisis Suku Bunga Interest Rate Analysis
Berdasarkan data Statistik Ekonomi dan Based on the Indonesian Economic and
Keuangan Indonesia (SEKI BI) per 31 Financial Statistics (SEKI BI) data as
Maret 2025, rata rata tarif suku bunga of March 31, 2025, the average interest
untuk fasilitas pinjaman modal kerja rate for working capital loan facilities is
adalah sebesar 5,50%. 5.50%.
Tarif bunga transaksi berada pada Based on the table above, the interest
kisaran batas bawah dan batas atas +/- rate of the transaction falls within the +/-
7,5% sesuai ketentuan POJK 35/2020. 7.5% range of the upper and lower
limits, in accordance with the provisions
of POJK 35/2020.
Analisis Kelayakan Rencana Feasibility Analysis of the
Penggunaan Dana Transaction
1. Analisis kelayakan transaksi 1. A feasibility analysis of the transaction
dilakukan untuk mengetahui was conducted to determine its viability
kelayakan dengan menghitung nilai by calculating the Net Present
kini (Net Present Value/NPV) dari Value/NPV of the average market
rata-rata tarif bunga pasar dengan interest rate compared to the
tarif bunga transaksi. Hasil transaction's interest rate. The results of
perhitungan menunjukkan bahwa the calculation show that the feasibility
analisis kelayakan transaksi analysis of the transaction yielded a
menghasilkan NPV positif sebesar positive NPV of IDR 12.003 million.
Rp12.003 juta.
Page 7
2. Analisis kemampuan pengembalian 2. An analysis of the company's loan
pinjaman yang dilihat berdasarkan repayment capability, based on CMI's
proyeksi arus kas CMI, menunjukkan cash flow projections, shows that the
pengembalian pinjaman dilakukan loan repayment will be made at the end
pada akhir periode proyeksi atau of the projection period, or in the year
tahun 2030. 2030.
Analisis atas Faktor Lain yang Analysis of Other Relevant Factors
Relevan
Analisis Inkremental Incremental Analysis
Analisis inkremental dilakukan dengan An incremental analysis is conducted by
membandingkan sebelum dan setelah comparing the financial projections of
transaksi dari rencana bisnis CMI dalam CMI's business plan before and after the
proyeksi keuangan. Berdasarkan analisis transaction. The analysis shows that the
menunjukkan bahwa transaksi memberi transaction provides better performance
kinerja yang lebih baik bagi CMI for CMI compared to not proceeding
dibandingkan tanpa transaksi, hal ini with the transaction. This is reflected in
tercatat pada penurunan beban keuangan the reduction in financial expenses and
dan penurunan rugi tahun berjalan. the reduction in current-year losses.
Analisis Sesitivitas Sensitivity Analysis
Analisis sensitivitas dilakukan untuk A sensitivity analysis is performed to
mengetahui seberapa sensitive dampak determine how sensitive CMI's financial
kenaikan tarif bunga terhadap kinerja performance is to an increase in interest
keuangan CMI. Berdasarkan analisis rates. Based on the analysis conducted,
yang dilakukan dapat diperoleh bahwa it can be concluded that CMI's financial
kinerja keuangan CMI sensitive terhadap performance is sensitive to an increase
kenaikan rata-rata tarif bunga pasar yang in the average market interest rate,
berdampak pada kenaikan beban which leads to an increase in financial
keuangan dan rugi tahun berjalan. expenses and current-year losses.
Dengan mempertimbangkan analisis kewajaran Based on the fairness analysis of the transaction,
atas transaksi yang dilakukan meliputi analisis which includes a transaction analysis, a
transaksi, analisis kualitatif dan analisis qualitative and quantitative analysis of the
transaction, a fairness analysis of the transaction
kuantitatif atas transaksi, analisis kewajaran nilai
value by comparing the transaction interest rate
transaksi berupa perbandingan tarif bunga with the average market interest rate, as well as
transaksi dengan rata-rata tarif bunga pasar, serta an analysis of other relevant factors, we are of
analisis atas faktor lain yang relevan, maka kami the opinion that the transaction is Fair.
berpendapat, transaksi adalah Wajar.
Names mentioned 6 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Centratama Telekomunikasi
p.1
unresolved
org
PT Centratama
p.1
unresolved
org
Indonesia Tbk
p.1
Extraction attempts how the parser did, and what it refused
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12 Sep 2026 22:35
Raw output
{'appraiser_exempt': None,
'appraiser_name': '',
'assets': [{'area_sqm': None,
'category': 'OTHER',
'description': 'adalah Perjanjian Bond The object of the '
'transaction is the Bond'}],
'currency': None,
'fact_type': '',
'issuer_name': '',
'kind': 'CONFLICT',
'kjpp_name': '',
'letter_number': '',
'object_text': 'adalah Perjanjian Bond The object of the transaction is the '
'Bond',
'object_truncated': True,
'parties': [],
'pct_of_equity': None,
'reference_period': '',
'requires_rups': None,
'rups_date': None,
'ticker': '',
'transaction_date': None,
'valuation_date': None,
'value': None}